1. Smoothness test<br>First of all, we carried out the unit root test of LLC and ADF, including 8 variables including the selected stock in the A-share market and the Hong Kong stock market, and the results significantly rejected the original assumption that all the variables were stable.<br>2. Relevance test<br>In order to reduce the distortion caused by the high correlation of explanatory variables to regression results, we further examine and analyze the correlation of all variables:
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