Effects of Sci-Tech Innovation and Financial Capital Integration based on SVAR Model

He Ruiya

Table 2 Time series and unit root test of first-order difference sequence

Variable ADF test (T,C,L) Critical value Smooth or not? LNSC -2.745153 (t, c, 0) -3.277364*** NO LD -2.469108 (t, c, 1) -3.286909*** NO LNM -2.861176 (t, c, 1) -3.324976*** NO LNX -2.180352 (t, c, 0) -2.655194*** NO LNEX -1.527875 (t, c, 3) -3.310349*** NO DLNSC -6.500128 (0, c, 1) -4.571559* YES DLND -2.709937 (0, c, 0) -3.040391** YES DLNM -5.475011 (0, c, 0) -4.571559* YES DLNX -5.732749 (0, c, 0) -2.690439*** YES DLNEX -2.954303 (0, c, 0) -3.040391** YES