| 变量 | ADF检验 | P值 | 1%临界值 | 5%临界值 | 10%临界值 |
| LNM2 | −0.126892 | 0.9304 | −3.920350 | −3.065585 | −2.673459 |
| LNVOLUME | 0.079956 | 0.9532 | −3.920350 | −3.065585 | −2.673459 |
| DLNM2 | −4.176487 | 0.2213 | −3.959148 | −3.081002 | −2.681330 |
| DLNVOLUME | −4.294018 | 0.0172 | −4.121990 | −3.144920 | −2.713751 |
| D2LNM2 | −4.956495 | 0.0019 | −4.004425 | −3.988960 | −2.690439 |
| D2LNVOLUME | −6.861933 | 0.0002 | −4.200056 | −3.175352 | −2.728985 |