표 11. 경기국면별 뉴스지수 효과 분석 결과

구분	Y1=건설수주			Y2=건설착공			Y3=건설기성
	계수값	t값	p값	계수값	t값	p값	계수값	t값	p값
L1.	−0.880	−9.910	0.000***	−0.399	−4.060	0.000***	−0.993	−11.950	0.000***
L2.	−0.883	−8.420	0.000***	−0.254	−2.780	0.007***	−1.065	−11.830	0.000***
L3.	−0.685	−7.680	0.000***	−0.298	−2.740	0.007***	−0.695	−6.870	0.000***
L4.	−0.620	−8.940	0.000***	−0.318	−4.350	0.000***	−0.785	−10.290	0.000***
L5.	−0.483	−7.220	0.000***	−0.214	−2.790	0.006	−0.696	−11.180	0.000***
L1.d_여신금리	0.641	2.560	0.012**	0.248	1.280	0.204	0.109	1.240	0.219
L2.d_여신금리	−0.237	−1.050	0.298	−0.239	−1.080	0.284	0.027	0.260	0.799
L3.d_여신금리	−0.260	−1.030	0.305	−0.323	−1.670	0.099*	−0.005	−0.070	0.946
LD.광공업지수	0.003	0.390	0.696	−0.018	−5.910	0.000***	0.004	1.700	0.093*
L2D.광공업지수	0.005	0.820	0.414	−0.022	−6.640	0.000***	0.001	0.390	0.700
L3D.광공업지수	0.001	0.120	0.903	−0.012	−2.320	0.022**	−0.003	−1.320	0.188
L1부정정서_Recov	−0.136	−2.430	0.017**	−0.043	−0.690	0.492	−0.024	−1.100	0.274
L2부정정서_Recov	0.068	0.900	0.370	0.121	4.100	0.000***	0.016	0.710	0.480
L3부정정서_Recov	0.076	1.230	0.222	−0.056	−1.410	0.162	0.021	1.310	0.194
L1부정정서_Boom	−0.145	−3.650	0.000***	−0.044	−0.750	0.454	−0.010	−0.570	0.573
L2부정정서_Boom	0.045	0.580	0.563	0.075	2.530	0.013**	0.003	0.160	0.876
L3부정정서_Boom	0.111	2.070	0.041**	−0.010	−0.270	0.791	0.018	1.020	0.312
L1부정정서_Reces	−0.194	−4.850	0.000***	−0.083	−1.500	0.137	−0.037	−2.080	0.040**
L2부정정서_Reces	0.062	0.710	0.482	0.133	5.290	0.000***	0.005	0.280	0.781
L3부정정서_Reces	0.139	2.230	0.028**	−0.031	−0.790	0.431	0.029	1.750	0.083*
L1부정정서_Downtn	−0.120	−2.360	0.020**	−0.064	−1.100	0.273	−0.033	−2.040	0.044**
L2부정정서_Downtn	0.053	0.720	0.475	0.162	6.240	0.000***	0.024	1.210	0.228
L3부정정서_Downtn	0.084	1.110	0.271	−0.076	−1.940	0.055*	0.013	0.650	0.520
_cons	−0.032	−0.100	0.922	−0.113	−0.710	0.477	−0.015	−0.310	0.758

주: 은 각 10%, 5%, 1% 유의수준에서 귀무가설을 기각할 수 있음을 의미.