표 3 ADF 단위근 검정결과

시기	변수	수준변수				1차 차분변수
		Trend & Intercept		None		Trend & Intercept		None
		t-statistic	p-value	t-statistic	p-value	t-statistic	p-value	t-statistic	p-value
2008∼2023년	Unsold	-1.7029	0.7464	-1.7252	0.0801	-8.0383	0.0000	-7.9095	0.0000
	Sales	-3.6557	0.0279	0.7892	0.8825	-2.6954	0.2398	-2.5210	0.0117
	Jeonse	-3.1497	0.0980	1.2966	0.9506	-3.8926	0.0142	-3.4538	0.0006
	Interest	-1.6445	0.7716	-1.1256	0.2362	-7.8332	0.0000	-7.7003	0.0000
	M2	-0.9335	0.9490	4.0061	1.0000	-8.2251	0.0000	-1.8335	0.0637
	CPI	-0.9096	0.9517	2.8284	0.9989	-3.7827	0.0196	-2.3762	0.0173
	ER	-2.9411	0.1521	0.4660	0.8144	-10.3028	0.0000	-10.3245	0.0000
	LP	-1.5773	0.7982	-0.7781	0.3779	-2.7704	0.2103	-2.5315	0.0114

시기	변수	수준변수				1차 차분변수
		Trend & Intercept		None		Trend & Intercept		None
		t-statistic	p-value	t-statistic	p-value	t-statistic	p-value	t-statistic	p-value
2008 ∼ 2010년	Unsold	-5.2187	0.0010	-0.9671	0.2915	-2.7889	0.2113	-1.9905	0.0460
	Sales	-4.5820	0.0044	0.8875	0.8955	-5.7176	0.0004	-1.3217	0.1392
	Jeonse	-1.3923	0.8452	1.3894	0.9559	-5.0509	0.0021	-1.4582	0.1328
	Interest	-3.6835	0.0374	-1.1241	0.2318	-3.6036	0.0449	-3.5514	0.0008
	M2	-2.0004	0.5808	10.3093	1.0000	-5.3407	0.0006	-1.4272	0.1403
	CPI	-4.6592	0.0036	2.6943	0.9976	-4.5325	0.0071	-2.9602	0.0043
	ER	-3.0438	0.1377	0.1575	0.7251	-2.9048	0.1743	-4.3985	0.0001
	LP	-3.0431	0.1355	-1.0545	0.2576	-6.9688	0.0000	-7.0907	0.0000

시기	변수	수준변수		1차 차분변수		2차 차분변수
		Trend & Intercept		Trend & Intercept		Trend & Intercept
		t-statistic	p-value	t-statistic	p-value	t-statistic	p-value
2021∼2023년	Unsold	-2.4771	0.3365	-2.1734	0.4880	-6.3987	0.0000
	Sales	-2.7549	0.2229	-0.8319	0.9521	-5.3985	0.0006
	Jeonse	-3.1872	0.1044	-1.5962	0.7721	-3.8049	0.0294
	Interest	-1.3807	0.8481	-3.3996	0.0687	-6.3996	0.0000
	M2	-2.2135	0.4670	-3.0186	0.1425	-6.0811	0.0001
	CPI	-1.3652	0.8532	-3.5826	0.0469	-6.4424	0.0000
	ER	-2.5131	0.3202	-4.9338	0.0021	-5.6510	0.0004
	LP	-2.9945	0.1484	-6.1672	0.0001	-9.6697	0.0000

ADF, augmented Dickey-Fuller; CPI, consumer price index; ER, exchange rate; LP, license performance.