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

He Ruiya

Table 3 Time test results of the co-integration relation between direct financing and innovation effect

Trace test Maximum characteristic root test Number of the co-integration assumed Eigenvalue Trace statistic Test level at 5% Probability value Statistical level of maximum eigenvalue Test level at 5% Probability value None* 0.9163 81.32 47.86 0.0000 44.65 27.58 0.0001 At most 1* 0.6986 36.67 29.79 0.0069 21.59 21.13 0.0431 At most 2* 0.3567 15.08 15.49 0.0577 7.94 14.26 0.3846 At most 3* .03273 7.13 3.84 0.0075 7.13 3.84 0.0075