53 NTU Management Review Vol. 31 No. 1 Apr. 2021 表5 VECM 估計結果 Cointegrating Eq: CointEq1 DR(-1) SR(-1) C 1 -0.685103 (0.14335) [ -4.77916] -1.629723 Error Correction: dDR dSR CointEq1 (α) dDR (-1) dDR (-2) dSR (-1) dSR (-2) -0.434685*** (0.16465) [-2.64011] -0.531150*** (0.15147) [ -3.50669] -0.363985*** (0.11762) [-3.09452] -0.213188** (0.09074) [-2.34932] -0.119147* (0.06825) [-1.74573] 1.493747*** (0.28811) [5.18469] -1.306582*** (0.26505) [ -4.92964] -0.777375*** (0.20582) [-3.77693] 0.101635 (0.15879) [ 0.64007] -0.017943 (0.11943) [-0.15024] 註：***、**、* 代表係數值分別在1%、5%及10%之顯著水準異於0。 表6 議價率與銷售率Granger 因果關係檢定 Dependent variable: dDR Excluded Chi-sq df Prob. dSR 5.567016 2 0.0618* All 5.567016 2 0.0618 Dependent variable: dSR Excluded Chi-sq df Prob. dDR 24.72901 2 0.0000*** All 24.72901 2 0.0000 註：***、**、* 代表係數值分別在1%、5%及10%之顯著水準異於0。
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