Variable | ADF | 1% Level | 5% Level | 10% Level | Prob.* | Stationary |
The stock index returns (ZY) | −18.54282 | −2.570021 | −1.941516 | −1.616235 | 0.0000 | stationary |
Total funds raised (TFR) | −5.090882 | −2.570204 | −1.941542 | −1.616218 | 0.0000 | stationary |
Leading macro-economic boomimg index (LMBI) | −5.357458 | −2.570066 | −1.941522 | −1.616231 | 0.0000 | stationary |
Net currency supply (NCS) | −4.424414 | −2.570066 | −1.941522 | −1.616231 | 0.0000 | stationary |
Foreign exchange reserves increment (FERI) | −5.897008 | −2.570021 | −1.941516 | −1.616235 | 0.0000 | stationary |
Market turnover (MTO) | −4.387741 | −3.444436 | −2.867645 | −2.570085 | 0.0004 | stationary |
CSI 500 index yield sign (DUM) | −19.31714 | −3.444404 | −2.867631 | −2.570077 | 0.0000 | stationary |