| 变量 | 模型12 | 模型13 | 模型14 | 模型15 | 模型16 | 模型17 |
|---|---|---|---|---|---|---|
| C(2, 3, 3, 2) | CS(2, 1, 0, 0) | CY(1, 0, 0, 3) | C(1, 0, 3, 0) | CS(2, 1, 1, 0) | CY(1, 1, 1, 1) | |
| 长期系数 | ||||||
| TVI | -0.037* | -0.013*** | 0.048** | |||
| HI | -1.220 | 13.163*** | -8.613*** | |||
| AI | 4.077 | 8.050*** | 17.473** | |||
| TVE | -0.016** | -0.004 | -0.014** | |||
| HE | 14.051 | 27.968*** | -8.324 | |||
| AE | 4.663** | 1.699* | 3.714** | |||
| 短期系数 | ||||||
| ∆TVIt | 0.068*** | 0.013 | ||||
| ∆TVIt-1 | 0.017** | 0.030*** | ||||
| ∆TVIt-2 | 0.038*** | |||||
| ∆HIt | 3.386* | -15.410*** | ||||
| ∆HIt-1 | 1.482 | -11.556*** | ||||
| ∆HIt-2 | -5.959*** | -7.109*** | ||||
| ∆AIt | -6.100** | -3.377 | -13.138** | |||
| ∆AIt-1 | 2.624* | -8.828** | ||||
| ∆AIt-2 | -3.754* | |||||
| ∆TVEt | -0.029*** | 0.040*** | ||||
| ∆HEt | -1.017 | -20.901*** | 14.202** | |||
| ∆HIt-1 | -6.112 | |||||
| ∆HIt-2 | -13.989* | |||||
| ∆AEt | -3.660** | |||||
| ECMt-1 | -0.635*** | -1.458*** | -0.760*** | -0.866*** | -0.854*** | -0.573*** |
| Adj-R2 | 0.909 | 0.782 | 0.629 | 0.575 | 0.811 | 0.830 |
