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

He Ruiya

Table 4 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* 0.9587 100.59 47.86 0.0000 57.34 27.58 0.0000 At most 1* 0.8517 43.24 29.79 0.0008 34.34 21.13 0.0004 At most 2* 0.3012 8.89 15.49 0.3751 6.45 14.26 0.3751 At most 3* 0.1270 2.44 3.84 0.1179 2.44 3.84 0.1179