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