표 9 VAR 분석 결과
| 변수 | 종속변수 |
| fund_ave | d_rent | d_kospi | d_interest | d_credit | d_bond |
| fund_ave(-1) | 0.075 (0.689) | 0.149* (0.066) | -0.011 (0.646) | 0.023 (0.576) | -0.179 (0.348) | 0.048 (0.153) |
| fund_ave(-2) | -0.331* (0.100) | 0.197** (0.028) | 0.012 (0.617) | -0.071 (0.124) | -0.317 (0.132) | 0.041 (0.265) |
| d_rent(-1) | 0.172 (0.662) | 0.029 (0.864) | -0.042 (0.371) | -0.034 (0.691) | 0.029 (0.943) | -0.054 (0.439) |
| d_rent(-2) | -0.087 (0.816) | -0.011 (0.948) | -0.035 (0.437) | -0.088 (0.293) | -0.046 (0.904) | -0.054 (0.416) |
| d_kospi(-1) | -0.724 (0.581) | 0.122 (0.827) | -0.836*** (0.000) | -0.608** (0.043) | -0.077 (0.954) | -0.247 (0.291) |
| d_kospi(-2) | -0.520 (0.682) | 1.031* (0.064) | -0.581*** (0.000) | -0.492* (0.087) | 0.704 (0.587) | -0.264 (0.245) |
| d_interest(-1) | -0.633 (0.443) | -0.451 (0.203) | -0.011 (0.915) | -0.038 (0.832) | -1.092 (0.196) | -0.003 (0.981) |
| d_interest(-2) | 1.214* (0.097) | 0.391 (0.207) | -0.096 (0.262) | 0.418** (0.012) | -1.193*** (0.005) | -0.027 (0.828) |
| d_credit(-1) | -0.111 (0.283) | 0.024 (0.582) | -0.001 (0.979) | 0.007 (0.741) | -0.706*** (0.000) | 0.019 (0.286) |
| d_credit(-2) | -0.074 (0.409) | -0.025 (0.511) | -0.005 (0.619) | -0.022 (0.261) | -0.649*** (0.000) | 0.019 (0.225) |
| d_bond(-1) | -1.916* (0.096) | 0.549 (0.258) | 0.061 (0.648) | 0.425* (0.096) | 3.355*** (0.006) | 0.648*** (0.002) |
| d_bond(-2) | 1.199 (0.256) | -0.653 (0.150) | 0.063 (0.609) | -0.286 (0.223) | -0.411 (0.701) | -0.043 (0.265) |
| const | 0.723** (0.026) | 0.051 (0.704) | 0.007 (0.836) | 0.094 (0.182) | 3.308*** (0.000) | -0.104* (0.067) |
| trend | -0.034*** (0.002) | 0.001 (0.888) | 0.001 (0.863) | -0.001 (0.546) | -0.078*** (0.000) | 0.003** (0.049) |
| RSE | 0.298 | 0.247 | 0.068 | 0.128 | 0.3901 | 0.102 |
| R-squared | 0.617 | 0.627 | 0.612 | 0.592 | 0.838 | 0.657 |
| F-statistic | 2.503 | 0.973 | 4.104 | 1.641 | 13.17 | 2.141 |
| p-value | 0.011 | 0.041 | 0.001 | 0.023 | 0.000 | 0.039 |
주 : p<0.1,
p<0.05,
p<0.01.