id	sid	tid	token	lemma	pos
ajfa-12382	1	1	asian	asian	ADJ
ajfa-12382	1	2	journal	journal	PROPN
ajfa-12382	1	3	of	of	ADP
ajfa-12382	1	4	finance	finance	PROPN
ajfa-12382	1	5	&	&	CCONJ
ajfa-12382	1	6	accounting	accounting	PROPN
ajfa-12382	1	7	issn	issn	PROPN
ajfa-12382	1	8	1946	1946	NUM
ajfa-12382	1	9	-	-	PUNCT
ajfa-12382	1	10	052x	052x	PROPN
ajfa-12382	1	11	2017	2017	NUM
ajfa-12382	1	12	,	,	PUNCT
ajfa-12382	1	13	vol	vol	NOUN
ajfa-12382	1	14	.	.	NOUN
ajfa-12382	1	15	9	9	NUM
ajfa-12382	1	16	,	,	PUNCT
ajfa-12382	1	17	no	no	INTJ
ajfa-12382	1	18	.	.	NOUN
ajfa-12382	1	19	2	2	NUM
ajfa-12382	1	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	1	21	352	352	NUM
ajfa-12382	1	22	institutional	institutional	ADJ
ajfa-12382	1	23	reforms	reform	NOUN
ajfa-12382	1	24	and	and	CCONJ
ajfa-12382	1	25	development	development	NOUN
ajfa-12382	1	26	of	of	ADP
ajfa-12382	1	27	corporate	corporate	ADJ
ajfa-12382	1	28	governance	governance	NOUN
ajfa-12382	1	29	and	and	CCONJ
ajfa-12382	1	30	banking	banking	NOUN
ajfa-12382	1	31	system	system	NOUN
ajfa-12382	1	32	in	in	ADP
ajfa-12382	1	33	china	china	PROPN
ajfa-12382	1	34	ratnam	ratnam	PROPN
ajfa-12382	1	35	vijayakumaran	vijayakumaran	PROPN
ajfa-12382	1	36	(	(	PUNCT
ajfa-12382	1	37	corresponding	correspond	VERB
ajfa-12382	1	38	author	author	NOUN
ajfa-12382	1	39	)	)	PUNCT
ajfa-12382	1	40	*	*	PROPN
ajfa-12382	1	41	department	department	PROPN
ajfa-12382	1	42	of	of	ADP
ajfa-12382	1	43	financial	financial	ADJ
ajfa-12382	1	44	management	management	NOUN
ajfa-12382	1	45	faculty	faculty	NOUN
ajfa-12382	1	46	of	of	ADP
ajfa-12382	1	47	management	management	NOUN
ajfa-12382	1	48	studies	study	NOUN
ajfa-12382	1	49	and	and	CCONJ
ajfa-12382	1	50	commerce	commerce	PROPN
ajfa-12382	1	51	university	university	PROPN
ajfa-12382	1	52	of	of	ADP
ajfa-12382	1	53	jaffna	jaffna	PROPN
ajfa-12382	1	54	,	,	PUNCT
ajfa-12382	1	55	sri	sri	PROPN
ajfa-12382	1	56	lanka	lanka	PROPN
ajfa-12382	1	57	sunitha	sunitha	PROPN
ajfa-12382	1	58	vijayakumaran	vijayakumaran	PROPN
ajfa-12382	1	59	department	department	PROPN
ajfa-12382	1	60	of	of	ADP
ajfa-12382	1	61	management	management	NOUN
ajfa-12382	1	62	studies	study	VERB
ajfa-12382	1	63	the	the	DET
ajfa-12382	1	64	open	open	ADJ
ajfa-12382	1	65	university	university	PROPN
ajfa-12382	1	66	of	of	ADP
ajfa-12382	1	67	sri	sri	PROPN
ajfa-12382	1	68	lanka	lanka	PROPN
ajfa-12382	1	69	,	,	PUNCT
ajfa-12382	1	70	sri	sri	PROPN
ajfa-12382	1	71	lanka	lanka	PROPN
ajfa-12382	1	72	received	receive	VERB
ajfa-12382	1	73	:	:	PUNCT
ajfa-12382	1	74	july	july	PROPN
ajfa-12382	1	75	3	3	NUM
ajfa-12382	1	76	,	,	PUNCT
ajfa-12382	1	77	2017	2017	NUM
ajfa-12382	1	78	accepted	accept	VERB
ajfa-12382	1	79	:	:	PUNCT
ajfa-12382	1	80	nov	nov	PROPN
ajfa-12382	1	81	.	.	PROPN
ajfa-12382	1	82	2	2	NUM
ajfa-12382	1	83	,	,	PUNCT
ajfa-12382	1	84	2017	2017	NUM
ajfa-12382	1	85	published	publish	VERB
ajfa-12382	1	86	:	:	PUNCT
ajfa-12382	1	87	december	december	PROPN
ajfa-12382	1	88	1	1	NUM
ajfa-12382	1	89	,	,	PUNCT
ajfa-12382	1	90	2017	2017	NUM
ajfa-12382	1	91	doi:10.5296	doi:10.5296	NOUN
ajfa-12382	1	92	/	/	SYM
ajfa-12382	1	93	ajfa.v9i2.12382	ajfa.v9i2.12382	NUM
ajfa-12382	1	94	url	url	NOUN
ajfa-12382	1	95	:	:	PUNCT
ajfa-12382	1	96	https://doi.org/10.5296/ajfa.v9i2.12382	https://doi.org/10.5296/ajfa.v9i2.12382	X
ajfa-12382	1	97	abstract	abstract	NOUN
ajfa-12382	1	98	the	the	DET
ajfa-12382	1	99	aim	aim	NOUN
ajfa-12382	1	100	of	of	ADP
ajfa-12382	1	101	this	this	DET
ajfa-12382	1	102	paper	paper	NOUN
ajfa-12382	1	103	is	be	AUX
ajfa-12382	1	104	to	to	PART
ajfa-12382	1	105	review	review	VERB
ajfa-12382	1	106	china‟s	china‟	VERB
ajfa-12382	1	107	institutional	institutional	ADJ
ajfa-12382	1	108	reforms	reform	NOUN
ajfa-12382	1	109	and	and	CCONJ
ajfa-12382	1	110	consequent	consequent	ADJ
ajfa-12382	1	111	development	development	NOUN
ajfa-12382	1	112	of	of	ADP
ajfa-12382	1	113	chinese	chinese	ADJ
ajfa-12382	1	114	corporate	corporate	ADJ
ajfa-12382	1	115	governance	governance	NOUN
ajfa-12382	1	116	system	system	NOUN
ajfa-12382	1	117	and	and	CCONJ
ajfa-12382	1	118	financial	financial	ADJ
ajfa-12382	1	119	system	system	NOUN
ajfa-12382	1	120	.	.	PUNCT
ajfa-12382	2	1	as	as	ADP
ajfa-12382	2	2	part	part	NOUN
ajfa-12382	2	3	of	of	ADP
ajfa-12382	2	4	the	the	DET
ajfa-12382	2	5	wider	wide	ADJ
ajfa-12382	2	6	economic	economic	ADJ
ajfa-12382	2	7	reform	reform	NOUN
ajfa-12382	2	8	initiated	initiate	VERB
ajfa-12382	2	9	since	since	SCONJ
ajfa-12382	2	10	the	the	DET
ajfa-12382	2	11	late	late	ADJ
ajfa-12382	2	12	1970s	1970	NOUN
ajfa-12382	2	13	,	,	PUNCT
ajfa-12382	2	14	the	the	DET
ajfa-12382	2	15	chinese	chinese	ADJ
ajfa-12382	2	16	government	government	NOUN
ajfa-12382	2	17	has	have	AUX
ajfa-12382	2	18	adopted	adopt	VERB
ajfa-12382	2	19	various	various	ADJ
ajfa-12382	2	20	measures	measure	NOUN
ajfa-12382	2	21	aimed	aim	VERB
ajfa-12382	2	22	at	at	ADP
ajfa-12382	2	23	reforming	reform	VERB
ajfa-12382	2	24	state	state	NOUN
ajfa-12382	2	25	owned	own	VERB
ajfa-12382	2	26	enterprises	enterprise	NOUN
ajfa-12382	2	27	(	(	PUNCT
ajfa-12382	2	28	soes	soe	NOUN
ajfa-12382	2	29	)	)	PUNCT
ajfa-12382	2	30	.	.	PUNCT
ajfa-12382	3	1	these	these	PRON
ajfa-12382	3	2	mainly	mainly	ADV
ajfa-12382	3	3	include	include	VERB
ajfa-12382	3	4	managerial	managerial	ADJ
ajfa-12382	3	5	autonomy	autonomy	NOUN
ajfa-12382	3	6	,	,	PUNCT
ajfa-12382	3	7	a	a	DET
ajfa-12382	3	8	management	management	NOUN
ajfa-12382	3	9	responsibility	responsibility	NOUN
ajfa-12382	3	10	system	system	NOUN
ajfa-12382	3	11	,	,	PUNCT
ajfa-12382	3	12	corporatization	corporatization	NOUN
ajfa-12382	3	13	and	and	CCONJ
ajfa-12382	3	14	partial	partial	ADJ
ajfa-12382	3	15	privatization	privatization	NOUN
ajfa-12382	3	16	of	of	ADP
ajfa-12382	3	17	former	former	ADJ
ajfa-12382	3	18	soes	soe	NOUN
ajfa-12382	3	19	.	.	PUNCT
ajfa-12382	4	1	in	in	ADP
ajfa-12382	4	2	addition	addition	NOUN
ajfa-12382	4	3	,	,	PUNCT
ajfa-12382	4	4	the	the	DET
ajfa-12382	4	5	chinese	chinese	ADJ
ajfa-12382	4	6	government	government	NOUN
ajfa-12382	4	7	took	take	VERB
ajfa-12382	4	8	various	various	ADJ
ajfa-12382	4	9	steps	step	NOUN
ajfa-12382	4	10	to	to	PART
ajfa-12382	4	11	enhance	enhance	VERB
ajfa-12382	4	12	the	the	DET
ajfa-12382	4	13	efficiency	efficiency	NOUN
ajfa-12382	4	14	of	of	ADP
ajfa-12382	4	15	the	the	DET
ajfa-12382	4	16	banking	banking	NOUN
ajfa-12382	4	17	sector	sector	NOUN
ajfa-12382	4	18	.	.	PUNCT
ajfa-12382	5	1	the	the	DET
ajfa-12382	5	2	analysis	analysis	NOUN
ajfa-12382	5	3	shows	show	VERB
ajfa-12382	5	4	that	that	SCONJ
ajfa-12382	5	5	china‟s	china‟	VERB
ajfa-12382	5	6	efforts	effort	NOUN
ajfa-12382	5	7	to	to	PART
ajfa-12382	5	8	improve	improve	VERB
ajfa-12382	5	9	the	the	DET
ajfa-12382	5	10	corporate	corporate	ADJ
ajfa-12382	5	11	sector	sector	NOUN
ajfa-12382	5	12	through	through	ADP
ajfa-12382	5	13	its	its	PRON
ajfa-12382	5	14	own	own	ADJ
ajfa-12382	5	15	unique	unique	ADJ
ajfa-12382	5	16	gradual	gradual	ADJ
ajfa-12382	5	17	and	and	CCONJ
ajfa-12382	5	18	piecemeal	piecemeal	ADJ
ajfa-12382	5	19	approach	approach	NOUN
ajfa-12382	5	20	has	have	AUX
ajfa-12382	5	21	been	be	AUX
ajfa-12382	5	22	successful	successful	ADJ
ajfa-12382	5	23	in	in	ADP
ajfa-12382	5	24	terms	term	NOUN
ajfa-12382	5	25	of	of	ADP
ajfa-12382	5	26	introducing	introduce	VERB
ajfa-12382	5	27	a	a	DET
ajfa-12382	5	28	formal	formal	ADJ
ajfa-12382	5	29	governance	governance	NOUN
ajfa-12382	5	30	structure	structure	NOUN
ajfa-12382	5	31	for	for	ADP
ajfa-12382	5	32	the	the	DET
ajfa-12382	5	33	corporate	corporate	ADJ
ajfa-12382	5	34	sector	sector	NOUN
ajfa-12382	5	35	,	,	PUNCT
ajfa-12382	5	36	liberalizing	liberalize	VERB
ajfa-12382	5	37	its	its	PRON
ajfa-12382	5	38	financial	financial	ADJ
ajfa-12382	5	39	sector	sector	NOUN
ajfa-12382	5	40	,	,	PUNCT
ajfa-12382	5	41	improving	improve	VERB
ajfa-12382	5	42	governance	governance	NOUN
ajfa-12382	5	43	of	of	ADP
ajfa-12382	5	44	state	state	NOUN
ajfa-12382	5	45	owned	own	VERB
ajfa-12382	5	46	banks	bank	NOUN
ajfa-12382	5	47	,	,	PUNCT
ajfa-12382	5	48	and	and	CCONJ
ajfa-12382	5	49	most	most	ADV
ajfa-12382	5	50	importantly	importantly	ADV
ajfa-12382	5	51	,	,	PUNCT
ajfa-12382	5	52	developing	develop	VERB
ajfa-12382	5	53	the	the	DET
ajfa-12382	5	54	private	private	ADJ
ajfa-12382	5	55	sector	sector	NOUN
ajfa-12382	5	56	as	as	ADP
ajfa-12382	5	57	the	the	DET
ajfa-12382	5	58	back	back	ADJ
ajfa-12382	5	59	bone	bone	NOUN
ajfa-12382	5	60	of	of	ADP
ajfa-12382	5	61	the	the	DET
ajfa-12382	5	62	economy	economy	NOUN
ajfa-12382	5	63	.	.	PUNCT
ajfa-12382	6	1	keywords	keyword	NOUN
ajfa-12382	6	2	:	:	PUNCT
ajfa-12382	7	1	china	china	PROPN
ajfa-12382	7	2	,	,	PUNCT
ajfa-12382	7	3	economic	economic	ADJ
ajfa-12382	7	4	reform	reform	NOUN
ajfa-12382	7	5	,	,	PUNCT
ajfa-12382	7	6	corporate	corporate	ADJ
ajfa-12382	7	7	governance	governance	NOUN
ajfa-12382	7	8	,	,	PUNCT
ajfa-12382	7	9	ownership	ownership	NOUN
ajfa-12382	7	10	structure	structure	NOUN
ajfa-12382	7	11	,	,	PUNCT
ajfa-12382	7	12	banking	banking	NOUN
ajfa-12382	7	13	system	system	NOUN
ajfa-12382	7	14	,	,	PUNCT
ajfa-12382	7	15	private	private	ADJ
ajfa-12382	7	16	sector	sector	NOUN
ajfa-12382	7	17	jel	jel	PROPN
ajfa-12382	7	18	classification	classification	PROPN
ajfa-12382	7	19	:	:	PUNCT
ajfa-12382	7	20	d02	d02	PROPN
ajfa-12382	7	21	,	,	PUNCT
ajfa-12382	7	22	d73	d73	PROPN
ajfa-12382	7	23	,	,	PUNCT
ajfa-12382	7	24	g18	g18	PROPN
ajfa-12382	7	25	,	,	PUNCT
ajfa-12382	7	26	g21	g21	PROPN
ajfa-12382	7	27	,	,	PUNCT
ajfa-12382	7	28	g30	g30	PROPN
ajfa-12382	7	29	,	,	PUNCT
ajfa-12382	7	30	g38	g38	NOUN
ajfa-12382	7	31	,	,	PUNCT
ajfa-12382	7	32	h11	h11	PROPN
ajfa-12382	7	33	,	,	PUNCT
ajfa-12382	7	34	o16	o16	PROPN
ajfa-12382	7	35	,	,	PUNCT
ajfa-12382	7	36	p27	p27	PROPN
ajfa-12382	7	37	,	,	PUNCT
ajfa-12382	7	38	p31	p31	PROPN
ajfa-12382	7	39	asian	asian	PROPN
ajfa-12382	7	40	journal	journal	PROPN
ajfa-12382	7	41	of	of	ADP
ajfa-12382	7	42	finance	finance	PROPN
ajfa-12382	7	43	&	&	CCONJ
ajfa-12382	7	44	accounting	accounting	PROPN
ajfa-12382	7	45	issn	issn	PROPN
ajfa-12382	7	46	1946	1946	NUM
ajfa-12382	7	47	-	-	PUNCT
ajfa-12382	7	48	052x	052x	PROPN
ajfa-12382	7	49	2017	2017	NUM
ajfa-12382	7	50	,	,	PUNCT
ajfa-12382	7	51	vol	vol	NOUN
ajfa-12382	7	52	.	.	NOUN
ajfa-12382	7	53	9	9	NUM
ajfa-12382	7	54	,	,	PUNCT
ajfa-12382	7	55	no	no	INTJ
ajfa-12382	7	56	.	.	NOUN
ajfa-12382	7	57	2	2	NUM
ajfa-12382	7	58	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	7	59	353	353	NUM
ajfa-12382	7	60	1	1	NUM
ajfa-12382	7	61	.	.	PUNCT
ajfa-12382	8	1	introduction	introduction	NOUN
ajfa-12382	8	2	it	it	PRON
ajfa-12382	8	3	is	be	AUX
ajfa-12382	8	4	generally	generally	ADV
ajfa-12382	8	5	accepted	accept	VERB
ajfa-12382	8	6	that	that	SCONJ
ajfa-12382	8	7	china‟s	china‟	VERB
ajfa-12382	8	8	economic	economic	ADJ
ajfa-12382	8	9	success	success	NOUN
ajfa-12382	8	10	is	be	AUX
ajfa-12382	8	11	the	the	DET
ajfa-12382	8	12	result	result	NOUN
ajfa-12382	8	13	of	of	ADP
ajfa-12382	8	14	its	its	PRON
ajfa-12382	8	15	economic	economic	ADJ
ajfa-12382	8	16	reform	reform	NOUN
ajfa-12382	8	17	initiated	initiate	VERB
ajfa-12382	8	18	in	in	ADP
ajfa-12382	8	19	1978	1978	NUM
ajfa-12382	8	20	,	,	PUNCT
ajfa-12382	8	21	which	which	PRON
ajfa-12382	8	22	is	be	AUX
ajfa-12382	8	23	gradually	gradually	ADV
ajfa-12382	8	24	transforming	transform	VERB
ajfa-12382	8	25	the	the	DET
ajfa-12382	8	26	central	central	ADJ
ajfa-12382	8	27	-	-	PUNCT
ajfa-12382	8	28	command	command	NOUN
ajfa-12382	8	29	economic	economic	ADJ
ajfa-12382	8	30	system	system	NOUN
ajfa-12382	8	31	into	into	ADP
ajfa-12382	8	32	a	a	DET
ajfa-12382	8	33	market	market	NOUN
ajfa-12382	8	34	-	-	PUNCT
ajfa-12382	8	35	based	base	VERB
ajfa-12382	8	36	economy	economy	NOUN
ajfa-12382	8	37	.	.	PUNCT
ajfa-12382	9	1	in	in	ADP
ajfa-12382	9	2	the	the	DET
ajfa-12382	9	3	initial	initial	ADJ
ajfa-12382	9	4	stage	stage	NOUN
ajfa-12382	9	5	of	of	ADP
ajfa-12382	9	6	the	the	DET
ajfa-12382	9	7	transition	transition	NOUN
ajfa-12382	9	8	,	,	PUNCT
ajfa-12382	9	9	the	the	DET
ajfa-12382	9	10	government	government	NOUN
ajfa-12382	9	11	paid	pay	VERB
ajfa-12382	9	12	little	little	ADJ
ajfa-12382	9	13	attention	attention	NOUN
ajfa-12382	9	14	to	to	ADP
ajfa-12382	9	15	providing	provide	VERB
ajfa-12382	9	16	institutional	institutional	ADJ
ajfa-12382	9	17	infrastructures	infrastructure	NOUN
ajfa-12382	9	18	that	that	PRON
ajfa-12382	9	19	were	be	AUX
ajfa-12382	9	20	necessary	necessary	ADJ
ajfa-12382	9	21	for	for	SCONJ
ajfa-12382	9	22	the	the	DET
ajfa-12382	9	23	capital	capital	NOUN
ajfa-12382	9	24	market	market	NOUN
ajfa-12382	9	25	to	to	PART
ajfa-12382	9	26	function	function	VERB
ajfa-12382	9	27	properly	properly	ADV
ajfa-12382	9	28	(	(	PUNCT
ajfa-12382	9	29	note	note	NOUN
ajfa-12382	9	30	1	1	NUM
ajfa-12382	9	31	)	)	PUNCT
ajfa-12382	9	32	.	.	PUNCT
ajfa-12382	10	1	although	although	SCONJ
ajfa-12382	10	2	the	the	DET
ajfa-12382	10	3	transition	transition	NOUN
ajfa-12382	10	4	necessitated	necessitate	VERB
ajfa-12382	10	5	the	the	DET
ajfa-12382	10	6	establishment	establishment	NOUN
ajfa-12382	10	7	of	of	ADP
ajfa-12382	10	8	an	an	DET
ajfa-12382	10	9	almost	almost	ADV
ajfa-12382	10	10	entirely	entirely	ADV
ajfa-12382	10	11	new	new	ADJ
ajfa-12382	10	12	set	set	NOUN
ajfa-12382	10	13	of	of	ADP
ajfa-12382	10	14	institutions	institution	NOUN
ajfa-12382	10	15	,	,	PUNCT
ajfa-12382	10	16	china‟s	china‟	VERB
ajfa-12382	10	17	political	political	ADJ
ajfa-12382	10	18	system	system	NOUN
ajfa-12382	10	19	inhibited	inhibit	VERB
ajfa-12382	10	20	the	the	DET
ajfa-12382	10	21	development	development	NOUN
ajfa-12382	10	22	of	of	ADP
ajfa-12382	10	23	legal	legal	ADJ
ajfa-12382	10	24	institutions	institution	NOUN
ajfa-12382	10	25	and	and	CCONJ
ajfa-12382	10	26	the	the	DET
ajfa-12382	10	27	evolution	evolution	NOUN
ajfa-12382	10	28	of	of	ADP
ajfa-12382	10	29	local	local	ADJ
ajfa-12382	10	30	governmental	governmental	ADJ
ajfa-12382	10	31	authorities	authority	NOUN
ajfa-12382	10	32	.	.	PUNCT
ajfa-12382	11	1	nevertheless	nevertheless	ADV
ajfa-12382	11	2	,	,	PUNCT
ajfa-12382	11	3	its	its	PRON
ajfa-12382	11	4	desire	desire	NOUN
ajfa-12382	11	5	to	to	PART
ajfa-12382	11	6	integrate	integrate	VERB
ajfa-12382	11	7	globally	globally	ADV
ajfa-12382	11	8	has	have	AUX
ajfa-12382	11	9	resulted	result	VERB
ajfa-12382	11	10	in	in	ADP
ajfa-12382	11	11	the	the	DET
ajfa-12382	11	12	gradual	gradual	ADJ
ajfa-12382	11	13	development	development	NOUN
ajfa-12382	11	14	of	of	ADP
ajfa-12382	11	15	legal	legal	ADJ
ajfa-12382	11	16	institutions	institution	NOUN
ajfa-12382	11	17	,	,	PUNCT
ajfa-12382	11	18	the	the	DET
ajfa-12382	11	19	decentralization	decentralization	NOUN
ajfa-12382	11	20	of	of	ADP
ajfa-12382	11	21	political	political	ADJ
ajfa-12382	11	22	institutions	institution	NOUN
ajfa-12382	11	23	,	,	PUNCT
ajfa-12382	11	24	the	the	DET
ajfa-12382	11	25	liberalization	liberalization	NOUN
ajfa-12382	11	26	of	of	ADP
ajfa-12382	11	27	the	the	DET
ajfa-12382	11	28	financial	financial	ADJ
ajfa-12382	11	29	system	system	NOUN
ajfa-12382	11	30	,	,	PUNCT
ajfa-12382	11	31	development	development	NOUN
ajfa-12382	11	32	of	of	ADP
ajfa-12382	11	33	financial	financial	ADJ
ajfa-12382	11	34	markets	market	NOUN
ajfa-12382	11	35	and	and	CCONJ
ajfa-12382	11	36	the	the	DET
ajfa-12382	11	37	widespread	widespread	ADJ
ajfa-12382	11	38	growth	growth	NOUN
ajfa-12382	11	39	of	of	ADP
ajfa-12382	11	40	the	the	DET
ajfa-12382	11	41	private	private	ADJ
ajfa-12382	11	42	sector	sector	NOUN
ajfa-12382	11	43	.	.	PUNCT
ajfa-12382	12	1	unlike	unlike	ADP
ajfa-12382	12	2	most	most	ADJ
ajfa-12382	12	3	former	former	ADJ
ajfa-12382	12	4	centrally	centrally	ADV
ajfa-12382	12	5	planned	plan	VERB
ajfa-12382	12	6	economies	economy	NOUN
ajfa-12382	12	7	,	,	PUNCT
ajfa-12382	12	8	china	china	PROPN
ajfa-12382	12	9	has	have	AUX
ajfa-12382	12	10	adopted	adopt	VERB
ajfa-12382	12	11	a	a	DET
ajfa-12382	12	12	gradual	gradual	ADJ
ajfa-12382	12	13	and	and	CCONJ
ajfa-12382	12	14	piecemeal	piecemeal	ADJ
ajfa-12382	12	15	approach	approach	NOUN
ajfa-12382	12	16	instead	instead	ADV
ajfa-12382	12	17	of	of	ADP
ajfa-12382	12	18	the	the	DET
ajfa-12382	12	19	overnight	overnight	ADJ
ajfa-12382	12	20	privatization	privatization	NOUN
ajfa-12382	12	21	of	of	ADP
ajfa-12382	12	22	soes	soe	NOUN
ajfa-12382	12	23	.	.	PUNCT
ajfa-12382	13	1	as	as	ADP
ajfa-12382	13	2	part	part	NOUN
ajfa-12382	13	3	of	of	ADP
ajfa-12382	13	4	the	the	DET
ajfa-12382	13	5	wider	wide	ADJ
ajfa-12382	13	6	economic	economic	ADJ
ajfa-12382	13	7	reform	reform	NOUN
ajfa-12382	13	8	,	,	PUNCT
ajfa-12382	13	9	in	in	ADP
ajfa-12382	13	10	the	the	DET
ajfa-12382	13	11	1980s	1980	NOUN
ajfa-12382	13	12	,	,	PUNCT
ajfa-12382	13	13	the	the	DET
ajfa-12382	13	14	chinese	chinese	ADJ
ajfa-12382	13	15	government	government	NOUN
ajfa-12382	13	16	adopted	adopt	VERB
ajfa-12382	13	17	various	various	ADJ
ajfa-12382	13	18	measures	measure	NOUN
ajfa-12382	13	19	aimed	aim	VERB
ajfa-12382	13	20	at	at	ADP
ajfa-12382	13	21	reforming	reform	VERB
ajfa-12382	13	22	state	state	NOUN
ajfa-12382	13	23	owned	own	VERB
ajfa-12382	13	24	enterprises	enterprise	NOUN
ajfa-12382	13	25	(	(	PUNCT
ajfa-12382	13	26	soes	soe	NOUN
ajfa-12382	13	27	)	)	PUNCT
ajfa-12382	13	28	.	.	PUNCT
ajfa-12382	14	1	these	these	DET
ajfa-12382	14	2	measures	measure	NOUN
ajfa-12382	14	3	included	include	VERB
ajfa-12382	14	4	increasing	increase	VERB
ajfa-12382	14	5	managers‟	managers‟	NOUN
ajfa-12382	14	6	decision	decision	NOUN
ajfa-12382	14	7	making	make	VERB
ajfa-12382	14	8	autonomy	autonomy	NOUN
ajfa-12382	14	9	,	,	PUNCT
ajfa-12382	14	10	introducing	introduce	VERB
ajfa-12382	14	11	financial	financial	ADJ
ajfa-12382	14	12	incentives	incentive	NOUN
ajfa-12382	14	13	,	,	PUNCT
ajfa-12382	14	14	and	and	CCONJ
ajfa-12382	14	15	bringing	bring	VERB
ajfa-12382	14	16	in	in	ADP
ajfa-12382	14	17	performance	performance	NOUN
ajfa-12382	14	18	contracts	contract	NOUN
ajfa-12382	14	19	between	between	ADP
ajfa-12382	14	20	the	the	DET
ajfa-12382	14	21	government	government	NOUN
ajfa-12382	14	22	and	and	CCONJ
ajfa-12382	14	23	soes	soe	NOUN
ajfa-12382	14	24	,	,	PUNCT
ajfa-12382	14	25	which	which	PRON
ajfa-12382	14	26	were	be	AUX
ajfa-12382	14	27	mainly	mainly	ADV
ajfa-12382	14	28	aimed	aim	VERB
ajfa-12382	14	29	at	at	ADP
ajfa-12382	14	30	giving	give	VERB
ajfa-12382	14	31	more	more	ADJ
ajfa-12382	14	32	latitude	latitude	NOUN
ajfa-12382	14	33	to	to	ADP
ajfa-12382	14	34	soe	soe	PROPN
ajfa-12382	14	35	management	management	NOUN
ajfa-12382	14	36	in	in	ADP
ajfa-12382	14	37	managing	manage	VERB
ajfa-12382	14	38	their	their	PRON
ajfa-12382	14	39	firms	firm	NOUN
ajfa-12382	14	40	and	and	CCONJ
ajfa-12382	14	41	at	at	ADP
ajfa-12382	14	42	aligning	align	VERB
ajfa-12382	14	43	the	the	DET
ajfa-12382	14	44	goals	goal	NOUN
ajfa-12382	14	45	of	of	ADP
ajfa-12382	14	46	soe	soe	PROPN
ajfa-12382	14	47	management	management	NOUN
ajfa-12382	14	48	with	with	ADP
ajfa-12382	14	49	those	those	PRON
ajfa-12382	14	50	of	of	ADP
ajfa-12382	14	51	the	the	DET
ajfa-12382	14	52	government	government	NOUN
ajfa-12382	14	53	(	(	PUNCT
ajfa-12382	14	54	naughton	naughton	PROPN
ajfa-12382	14	55	,	,	PUNCT
ajfa-12382	14	56	1995	1995	NUM
ajfa-12382	14	57	;	;	PUNCT
ajfa-12382	14	58	shirley	shirley	PROPN
ajfa-12382	14	59	and	and	CCONJ
ajfa-12382	14	60	xu	xu	PROPN
ajfa-12382	14	61	,	,	PUNCT
ajfa-12382	14	62	2001	2001	NUM
ajfa-12382	14	63	;	;	PUNCT
ajfa-12382	14	64	su	su	PROPN
ajfa-12382	14	65	2005	2005	NUM
ajfa-12382	14	66	)	)	PUNCT
ajfa-12382	14	67	.	.	PUNCT
ajfa-12382	15	1	these	these	DET
ajfa-12382	15	2	reforms	reform	NOUN
ajfa-12382	15	3	measures	measure	NOUN
ajfa-12382	15	4	were	be	AUX
ajfa-12382	15	5	successful	successful	ADJ
ajfa-12382	15	6	to	to	ADP
ajfa-12382	15	7	a	a	DET
ajfa-12382	15	8	certain	certain	ADJ
ajfa-12382	15	9	extent	extent	NOUN
ajfa-12382	15	10	by	by	ADP
ajfa-12382	15	11	reducing	reduce	VERB
ajfa-12382	15	12	the	the	DET
ajfa-12382	15	13	role	role	NOUN
ajfa-12382	15	14	of	of	ADP
ajfa-12382	15	15	governmental	governmental	ADJ
ajfa-12382	15	16	intervention	intervention	NOUN
ajfa-12382	15	17	in	in	ADP
ajfa-12382	15	18	the	the	DET
ajfa-12382	15	19	management	management	NOUN
ajfa-12382	15	20	of	of	ADP
ajfa-12382	15	21	soes	soe	NOUN
ajfa-12382	15	22	and	and	CCONJ
ajfa-12382	15	23	by	by	ADP
ajfa-12382	15	24	improving	improve	VERB
ajfa-12382	15	25	their	their	PRON
ajfa-12382	15	26	productivity	productivity	NOUN
ajfa-12382	15	27	(	(	PUNCT
ajfa-12382	15	28	groves	grove	NOUN
ajfa-12382	15	29	,	,	PUNCT
ajfa-12382	15	30	hong	hong	PROPN
ajfa-12382	15	31	,	,	PUNCT
ajfa-12382	15	32	mcmillan	mcmillan	NOUN
ajfa-12382	15	33	,	,	PUNCT
ajfa-12382	15	34	and	and	CCONJ
ajfa-12382	15	35	naughton	naughton	PROPN
ajfa-12382	15	36	,	,	PUNCT
ajfa-12382	15	37	1994	1994	NUM
ajfa-12382	15	38	;	;	PUNCT
ajfa-12382	15	39	li	li	PROPN
ajfa-12382	15	40	,	,	PUNCT
ajfa-12382	15	41	1997	1997	NUM
ajfa-12382	15	42	)	)	PUNCT
ajfa-12382	15	43	.	.	PUNCT
ajfa-12382	16	1	nonetheless	nonetheless	ADV
ajfa-12382	16	2	,	,	PUNCT
ajfa-12382	16	3	the	the	DET
ajfa-12382	16	4	rights	right	NOUN
ajfa-12382	16	5	and	and	CCONJ
ajfa-12382	16	6	responsibilities	responsibility	NOUN
ajfa-12382	16	7	of	of	ADP
ajfa-12382	16	8	soe	soe	ADJ
ajfa-12382	16	9	stakeholders	stakeholder	NOUN
ajfa-12382	16	10	and	and	CCONJ
ajfa-12382	16	11	management	management	NOUN
ajfa-12382	16	12	were	be	AUX
ajfa-12382	16	13	still	still	ADV
ajfa-12382	16	14	ill	ill	ADV
ajfa-12382	16	15	-	-	PUNCT
ajfa-12382	16	16	defined	define	VERB
ajfa-12382	16	17	.	.	PUNCT
ajfa-12382	17	1	furthermore	furthermore	ADV
ajfa-12382	17	2	,	,	PUNCT
ajfa-12382	17	3	as	as	SCONJ
ajfa-12382	17	4	the	the	DET
ajfa-12382	17	5	reform	reform	NOUN
ajfa-12382	17	6	efforts	effort	NOUN
ajfa-12382	17	7	implemented	implement	VERB
ajfa-12382	17	8	thus	thus	ADV
ajfa-12382	17	9	far	far	ADV
ajfa-12382	17	10	had	have	AUX
ajfa-12382	17	11	not	not	PART
ajfa-12382	17	12	resulted	result	VERB
ajfa-12382	17	13	in	in	ADP
ajfa-12382	17	14	sufficient	sufficient	ADJ
ajfa-12382	17	15	improvements	improvement	NOUN
ajfa-12382	17	16	in	in	ADP
ajfa-12382	17	17	soe	soe	ADJ
ajfa-12382	17	18	performance	performance	NOUN
ajfa-12382	17	19	,	,	PUNCT
ajfa-12382	17	20	the	the	DET
ajfa-12382	17	21	government	government	NOUN
ajfa-12382	17	22	could	could	AUX
ajfa-12382	17	23	not	not	PART
ajfa-12382	17	24	finance	finance	VERB
ajfa-12382	17	25	all	all	DET
ajfa-12382	17	26	soes	soe	NOUN
ajfa-12382	17	27	itself	itself	PRON
ajfa-12382	17	28	(	(	PUNCT
ajfa-12382	17	29	aivazian	aivazian	PROPN
ajfa-12382	17	30	,	,	PUNCT
ajfa-12382	17	31	ge	ge	PROPN
ajfa-12382	17	32	,	,	PUNCT
ajfa-12382	17	33	and	and	CCONJ
ajfa-12382	17	34	qiu	qiu	PROPN
ajfa-12382	17	35	,	,	PUNCT
ajfa-12382	17	36	2005	2005	NUM
ajfa-12382	17	37	;	;	PUNCT
ajfa-12382	17	38	jiang	jiang	PROPN
ajfa-12382	17	39	,	,	PUNCT
ajfa-12382	17	40	yue	yue	PROPN
ajfa-12382	17	41	,	,	PUNCT
ajfa-12382	17	42	and	and	CCONJ
ajfa-12382	17	43	zhao	zhao	NOUN
ajfa-12382	17	44	,	,	PUNCT
ajfa-12382	17	45	2009	2009	NUM
ajfa-12382	17	46	)	)	PUNCT
ajfa-12382	17	47	.	.	PUNCT
ajfa-12382	18	1	therefore	therefore	ADV
ajfa-12382	18	2	,	,	PUNCT
ajfa-12382	18	3	it	it	PRON
ajfa-12382	18	4	sought	seek	VERB
ajfa-12382	18	5	to	to	PART
ajfa-12382	18	6	corporatize	corporatize	VERB
ajfa-12382	18	7	and	and	CCONJ
ajfa-12382	18	8	partially	partially	ADV
ajfa-12382	18	9	privatize	privatize	VERB
ajfa-12382	18	10	former	former	ADJ
ajfa-12382	18	11	soes	soe	NOUN
ajfa-12382	18	12	while	while	SCONJ
ajfa-12382	18	13	retaining	retain	VERB
ajfa-12382	18	14	its	its	PRON
ajfa-12382	18	15	status	status	NOUN
ajfa-12382	18	16	as	as	ADP
ajfa-12382	18	17	the	the	DET
ajfa-12382	18	18	controlling	control	VERB
ajfa-12382	18	19	shareholder	shareholder	NOUN
ajfa-12382	18	20	(	(	PUNCT
ajfa-12382	18	21	walter	walter	NOUN
ajfa-12382	18	22	and	and	CCONJ
ajfa-12382	18	23	howie	howie	NOUN
ajfa-12382	18	24	,	,	PUNCT
ajfa-12382	18	25	2003	2003	NUM
ajfa-12382	18	26	)	)	PUNCT
ajfa-12382	18	27	.	.	PUNCT
ajfa-12382	19	1	the	the	DET
ajfa-12382	19	2	latter	latter	ADJ
ajfa-12382	19	3	two	two	NUM
ajfa-12382	19	4	measures	measure	NOUN
ajfa-12382	19	5	of	of	ADP
ajfa-12382	19	6	soe	soe	ADJ
ajfa-12382	19	7	reforms	reform	NOUN
ajfa-12382	19	8	mainly	mainly	ADV
ajfa-12382	19	9	hinge	hinge	VERB
ajfa-12382	19	10	on	on	ADP
ajfa-12382	19	11	the	the	DET
ajfa-12382	19	12	western	western	ADJ
ajfa-12382	19	13	-	-	PUNCT
ajfa-12382	19	14	style	style	NOUN
ajfa-12382	19	15	modern	modern	ADJ
ajfa-12382	19	16	corporate	corporate	ADJ
ajfa-12382	19	17	system	system	NOUN
ajfa-12382	19	18	,	,	PUNCT
ajfa-12382	19	19	which	which	PRON
ajfa-12382	19	20	is	be	AUX
ajfa-12382	19	21	essentially	essentially	ADV
ajfa-12382	19	22	characterized	characterize	VERB
ajfa-12382	19	23	by	by	ADP
ajfa-12382	19	24	the	the	DET
ajfa-12382	19	25	separation	separation	NOUN
ajfa-12382	19	26	of	of	ADP
ajfa-12382	19	27	ownership	ownership	NOUN
ajfa-12382	19	28	and	and	CCONJ
ajfa-12382	19	29	control	control	NOUN
ajfa-12382	19	30	.	.	PUNCT
ajfa-12382	20	1	this	this	PRON
ajfa-12382	20	2	suggests	suggest	VERB
ajfa-12382	20	3	that	that	SCONJ
ajfa-12382	20	4	modern	modern	ADJ
ajfa-12382	20	5	chinese	chinese	ADJ
ajfa-12382	20	6	firms	firm	NOUN
ajfa-12382	20	7	are	be	AUX
ajfa-12382	20	8	inevitably	inevitably	ADV
ajfa-12382	20	9	subject	subject	ADJ
ajfa-12382	20	10	to	to	ADP
ajfa-12382	20	11	the	the	DET
ajfa-12382	20	12	issues	issue	NOUN
ajfa-12382	20	13	of	of	ADP
ajfa-12382	20	14	incentive	incentive	NOUN
ajfa-12382	20	15	incompatibility	incompatibility	NOUN
ajfa-12382	20	16	and	and	CCONJ
ajfa-12382	20	17	information	information	NOUN
ajfa-12382	20	18	asymmetry	asymmetry	NOUN
ajfa-12382	20	19	,	,	PUNCT
ajfa-12382	20	20	which	which	PRON
ajfa-12382	20	21	often	often	ADV
ajfa-12382	20	22	arise	arise	VERB
ajfa-12382	20	23	between	between	ADP
ajfa-12382	20	24	managers	manager	NOUN
ajfa-12382	20	25	and	and	CCONJ
ajfa-12382	20	26	owners	owner	NOUN
ajfa-12382	20	27	.	.	PUNCT
ajfa-12382	21	1	lin	lin	PROPN
ajfa-12382	21	2	,	,	PUNCT
ajfa-12382	21	3	fang	fang	X
ajfa-12382	21	4	,	,	PUNCT
ajfa-12382	21	5	and	and	CCONJ
ajfa-12382	21	6	li	li	PROPN
ajfa-12382	21	7	(	(	PUNCT
ajfa-12382	21	8	1998	1998	NUM
ajfa-12382	21	9	)	)	PUNCT
ajfa-12382	21	10	suggest	suggest	VERB
ajfa-12382	21	11	that	that	SCONJ
ajfa-12382	21	12	as	as	ADP
ajfa-12382	21	13	a	a	DET
ajfa-12382	21	14	consequence	consequence	NOUN
ajfa-12382	21	15	of	of	ADP
ajfa-12382	21	16	this	this	PRON
ajfa-12382	21	17	,	,	PUNCT
ajfa-12382	21	18	china‟s	china‟	VERB
ajfa-12382	21	19	soes	soe	NOUN
ajfa-12382	21	20	may	may	AUX
ajfa-12382	21	21	face	face	VERB
ajfa-12382	21	22	agency	agency	NOUN
ajfa-12382	21	23	problems	problem	NOUN
ajfa-12382	21	24	,	,	PUNCT
ajfa-12382	21	25	such	such	ADJ
ajfa-12382	21	26	as	as	ADP
ajfa-12382	21	27	moral	moral	ADJ
ajfa-12382	21	28	hazard	hazard	NOUN
ajfa-12382	21	29	and	and	CCONJ
ajfa-12382	21	30	managerial	managerial	ADJ
ajfa-12382	21	31	slacks	slack	NOUN
ajfa-12382	21	32	and	and	CCONJ
ajfa-12382	21	33	discretion	discretion	NOUN
ajfa-12382	21	34	.	.	PUNCT
ajfa-12382	22	1	therefore	therefore	ADV
ajfa-12382	22	2	,	,	PUNCT
ajfa-12382	22	3	giving	give	VERB
ajfa-12382	22	4	appropriate	appropriate	ADJ
ajfa-12382	22	5	incentives	incentive	NOUN
ajfa-12382	22	6	to	to	ADP
ajfa-12382	22	7	the	the	DET
ajfa-12382	22	8	management	management	NOUN
ajfa-12382	22	9	becomes	become	VERB
ajfa-12382	22	10	critical	critical	ADJ
ajfa-12382	22	11	in	in	ADP
ajfa-12382	22	12	firms	firm	NOUN
ajfa-12382	22	13	in	in	ADP
ajfa-12382	22	14	order	order	NOUN
ajfa-12382	22	15	to	to	PART
ajfa-12382	22	16	mitigate	mitigate	VERB
ajfa-12382	22	17	heightened	heightened	ADJ
ajfa-12382	22	18	agency	agency	NOUN
ajfa-12382	22	19	problem	problem	NOUN
ajfa-12382	22	20	and	and	CCONJ
ajfa-12382	22	21	to	to	PART
ajfa-12382	22	22	motivate	motivate	VERB
ajfa-12382	22	23	managers	manager	NOUN
ajfa-12382	22	24	to	to	PART
ajfa-12382	22	25	pursue	pursue	VERB
ajfa-12382	22	26	profit	profit	NOUN
ajfa-12382	22	27	maximization	maximization	NOUN
ajfa-12382	22	28	objectives	objective	NOUN
ajfa-12382	22	29	(	(	PUNCT
ajfa-12382	22	30	chow	chow	NOUN
ajfa-12382	22	31	,	,	PUNCT
ajfa-12382	22	32	1997	1997	NUM
ajfa-12382	22	33	;	;	PUNCT
ajfa-12382	22	34	xu	xu	PROPN
ajfa-12382	22	35	,	,	PUNCT
ajfa-12382	22	36	zhu	zhu	PROPN
ajfa-12382	22	37	,	,	PUNCT
ajfa-12382	22	38	and	and	CCONJ
ajfa-12382	22	39	li	li	PROPN
ajfa-12382	22	40	,	,	PUNCT
ajfa-12382	22	41	2005	2005	NUM
ajfa-12382	22	42	)	)	PUNCT
ajfa-12382	22	43	.	.	PUNCT
ajfa-12382	23	1	furthermore	furthermore	ADV
ajfa-12382	23	2	,	,	PUNCT
ajfa-12382	23	3	the	the	DET
ajfa-12382	23	4	chinese	chinese	ADJ
ajfa-12382	23	5	government	government	NOUN
ajfa-12382	23	6	traditionally	traditionally	ADV
ajfa-12382	23	7	wanted	want	VERB
ajfa-12382	23	8	to	to	PART
ajfa-12382	23	9	retain	retain	VERB
ajfa-12382	23	10	some	some	DET
ajfa-12382	23	11	control	control	NOUN
ajfa-12382	23	12	in	in	ADP
ajfa-12382	23	13	the	the	DET
ajfa-12382	23	14	companies	company	NOUN
ajfa-12382	23	15	,	,	PUNCT
ajfa-12382	23	16	in	in	ADP
ajfa-12382	23	17	part	part	NOUN
ajfa-12382	23	18	through	through	ADP
ajfa-12382	23	19	partial	partial	ADJ
ajfa-12382	23	20	retained	retain	VERB
ajfa-12382	23	21	ownership	ownership	NOUN
ajfa-12382	23	22	.	.	PUNCT
ajfa-12382	24	1	this	this	PRON
ajfa-12382	24	2	led	lead	VERB
ajfa-12382	24	3	to	to	ADP
ajfa-12382	24	4	further	further	ADJ
ajfa-12382	24	5	conflicts	conflict	NOUN
ajfa-12382	24	6	between	between	ADP
ajfa-12382	24	7	politicians	politician	NOUN
ajfa-12382	24	8	/	/	SYM
ajfa-12382	24	9	controlling	control	VERB
ajfa-12382	24	10	shareholders	shareholder	NOUN
ajfa-12382	24	11	and	and	CCONJ
ajfa-12382	24	12	firms	firm	NOUN
ajfa-12382	24	13	(	(	PUNCT
ajfa-12382	24	14	shleifer	shleifer	NOUN
ajfa-12382	24	15	and	and	CCONJ
ajfa-12382	24	16	vishny	vishny	PROPN
ajfa-12382	24	17	,	,	PUNCT
ajfa-12382	24	18	1994	1994	NUM
ajfa-12382	24	19	;	;	PUNCT
ajfa-12382	24	20	young	young	ADJ
ajfa-12382	24	21	,	,	PUNCT
ajfa-12382	24	22	peng	peng	PROPN
ajfa-12382	24	23	,	,	PUNCT
ajfa-12382	24	24	ahlstrom	ahlstrom	PROPN
ajfa-12382	24	25	,	,	PUNCT
ajfa-12382	24	26	bruton	bruton	PROPN
ajfa-12382	24	27	,	,	PUNCT
ajfa-12382	24	28	and	and	CCONJ
ajfa-12382	24	29	jiang	jiang	PROPN
ajfa-12382	24	30	,	,	PUNCT
ajfa-12382	24	31	2008	2008	NUM
ajfa-12382	24	32	)	)	PUNCT
ajfa-12382	24	33	.	.	PUNCT
ajfa-12382	25	1	furthermore	furthermore	ADV
ajfa-12382	25	2	,	,	PUNCT
ajfa-12382	25	3	government	government	NOUN
ajfa-12382	25	4	ownership	ownership	NOUN
ajfa-12382	25	5	and	and	CCONJ
ajfa-12382	25	6	control	control	NOUN
ajfa-12382	25	7	weaken	weaken	VERB
ajfa-12382	25	8	the	the	DET
ajfa-12382	25	9	effectiveness	effectiveness	NOUN
ajfa-12382	25	10	of	of	ADP
ajfa-12382	25	11	other	other	ADJ
ajfa-12382	25	12	governance	governance	NOUN
ajfa-12382	25	13	mechanisms	mechanism	NOUN
ajfa-12382	25	14	aimed	aim	VERB
ajfa-12382	25	15	at	at	ADP
ajfa-12382	25	16	providing	provide	VERB
ajfa-12382	25	17	incentives	incentive	NOUN
ajfa-12382	25	18	for	for	ADP
ajfa-12382	25	19	asian	asian	ADJ
ajfa-12382	25	20	journal	journal	NOUN
ajfa-12382	25	21	of	of	ADP
ajfa-12382	25	22	finance	finance	PROPN
ajfa-12382	25	23	&	&	CCONJ
ajfa-12382	25	24	accounting	accounting	PROPN
ajfa-12382	25	25	issn	issn	PROPN
ajfa-12382	25	26	1946	1946	NUM
ajfa-12382	25	27	-	-	PUNCT
ajfa-12382	25	28	052x	052x	PROPN
ajfa-12382	25	29	2017	2017	NUM
ajfa-12382	25	30	,	,	PUNCT
ajfa-12382	25	31	vol	vol	NOUN
ajfa-12382	25	32	.	.	NOUN
ajfa-12382	26	1	9	9	NUM
ajfa-12382	26	2	,	,	PUNCT
ajfa-12382	26	3	no	no	NOUN
ajfa-12382	26	4	.	.	NOUN
ajfa-12382	26	5	2	2	NUM
ajfa-12382	26	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	26	7	354	354	NUM
ajfa-12382	26	8	managers	manager	NOUN
ajfa-12382	26	9	(	(	PUNCT
ajfa-12382	26	10	kato	kato	PROPN
ajfa-12382	26	11	and	and	CCONJ
ajfa-12382	26	12	long	long	ADJ
ajfa-12382	26	13	,	,	PUNCT
ajfa-12382	26	14	2006a	2006a	NUM
ajfa-12382	26	15	,	,	PUNCT
ajfa-12382	26	16	b	b	NOUN
ajfa-12382	26	17	and	and	CCONJ
ajfa-12382	26	18	2011	2011	NUM
ajfa-12382	26	19	;	;	PUNCT
ajfa-12382	26	20	tian	tian	ADJ
ajfa-12382	26	21	and	and	CCONJ
ajfa-12382	26	22	estrin	estrin	NOUN
ajfa-12382	26	23	,	,	PUNCT
ajfa-12382	26	24	2007	2007	NUM
ajfa-12382	26	25	)	)	PUNCT
ajfa-12382	26	26	.	.	PUNCT
ajfa-12382	27	1	despite	despite	SCONJ
ajfa-12382	27	2	these	these	DET
ajfa-12382	27	3	problems	problem	NOUN
ajfa-12382	27	4	,	,	PUNCT
ajfa-12382	27	5	the	the	DET
ajfa-12382	27	6	chinese	chinese	ADJ
ajfa-12382	27	7	government	government	NOUN
ajfa-12382	27	8	has	have	AUX
ajfa-12382	27	9	taken	take	VERB
ajfa-12382	27	10	several	several	ADJ
ajfa-12382	27	11	steps	step	NOUN
ajfa-12382	27	12	to	to	PART
ajfa-12382	27	13	improve	improve	VERB
ajfa-12382	27	14	the	the	DET
ajfa-12382	27	15	corporate	corporate	ADJ
ajfa-12382	27	16	governance	governance	NOUN
ajfa-12382	27	17	of	of	ADP
ajfa-12382	27	18	firms	firm	NOUN
ajfa-12382	27	19	as	as	ADV
ajfa-12382	27	20	well	well	ADV
ajfa-12382	27	21	as	as	ADP
ajfa-12382	27	22	banks	bank	NOUN
ajfa-12382	27	23	in	in	ADP
ajfa-12382	27	24	recent	recent	ADJ
ajfa-12382	27	25	years	year	NOUN
ajfa-12382	27	26	.	.	PUNCT
ajfa-12382	28	1	in	in	ADP
ajfa-12382	28	2	sections	section	NOUN
ajfa-12382	28	3	2	2	NUM
ajfa-12382	28	4	and	and	CCONJ
ajfa-12382	28	5	3	3	NUM
ajfa-12382	28	6	,	,	PUNCT
ajfa-12382	28	7	we	we	PRON
ajfa-12382	28	8	discuss	discuss	VERB
ajfa-12382	28	9	the	the	DET
ajfa-12382	28	10	important	important	ADJ
ajfa-12382	28	11	institutional	institutional	ADJ
ajfa-12382	28	12	developments	development	NOUN
ajfa-12382	28	13	,	,	PUNCT
ajfa-12382	28	14	namely	namely	ADV
ajfa-12382	28	15	corporate	corporate	ADJ
ajfa-12382	28	16	governance	governance	NOUN
ajfa-12382	28	17	system	system	NOUN
ajfa-12382	28	18	and	and	CCONJ
ajfa-12382	28	19	banking	banking	NOUN
ajfa-12382	28	20	system	system	NOUN
ajfa-12382	28	21	,	,	PUNCT
ajfa-12382	28	22	respectively	respectively	ADV
ajfa-12382	28	23	,	,	PUNCT
ajfa-12382	28	24	that	that	PRON
ajfa-12382	28	25	are	be	AUX
ajfa-12382	28	26	underpinning	underpin	VERB
ajfa-12382	28	27	the	the	DET
ajfa-12382	28	28	growth	growth	NOUN
ajfa-12382	28	29	of	of	ADP
ajfa-12382	28	30	the	the	DET
ajfa-12382	28	31	corporate	corporate	ADJ
ajfa-12382	28	32	sector	sector	NOUN
ajfa-12382	28	33	in	in	ADP
ajfa-12382	28	34	china	china	PROPN
ajfa-12382	28	35	.	.	PUNCT
ajfa-12382	29	1	section	section	NOUN
ajfa-12382	29	2	4	4	NUM
ajfa-12382	29	3	discusses	discuss	VERB
ajfa-12382	29	4	present	present	ADJ
ajfa-12382	29	5	state	state	NOUN
ajfa-12382	29	6	of	of	ADP
ajfa-12382	29	7	the	the	DET
ajfa-12382	29	8	private	private	ADJ
ajfa-12382	29	9	sector	sector	NOUN
ajfa-12382	29	10	in	in	ADP
ajfa-12382	29	11	china	china	PROPN
ajfa-12382	29	12	and	and	CCONJ
ajfa-12382	29	13	section	section	PROPN
ajfa-12382	29	14	5	5	NUM
ajfa-12382	29	15	concludes	conclude	VERB
ajfa-12382	29	16	.	.	PUNCT
ajfa-12382	30	1	2	2	X
ajfa-12382	30	2	.	.	X
ajfa-12382	30	3	corporate	corporate	ADJ
ajfa-12382	30	4	governance	governance	NOUN
ajfa-12382	30	5	system	system	NOUN
ajfa-12382	30	6	in	in	ADP
ajfa-12382	30	7	china	china	PROPN
ajfa-12382	30	8	in	in	ADP
ajfa-12382	30	9	this	this	DET
ajfa-12382	30	10	section	section	NOUN
ajfa-12382	30	11	,	,	PUNCT
ajfa-12382	30	12	we	we	PRON
ajfa-12382	30	13	discuss	discuss	VERB
ajfa-12382	30	14	the	the	DET
ajfa-12382	30	15	evolution	evolution	NOUN
ajfa-12382	30	16	of	of	ADP
ajfa-12382	30	17	corporate	corporate	ADJ
ajfa-12382	30	18	governance	governance	NOUN
ajfa-12382	30	19	of	of	ADP
ajfa-12382	30	20	chinese	chinese	ADJ
ajfa-12382	30	21	listed	list	VERB
ajfa-12382	30	22	corporations	corporation	NOUN
ajfa-12382	30	23	,	,	PUNCT
ajfa-12382	30	24	with	with	ADP
ajfa-12382	30	25	particular	particular	ADJ
ajfa-12382	30	26	emphasis	emphasis	NOUN
ajfa-12382	30	27	on	on	ADP
ajfa-12382	30	28	ownership	ownership	NOUN
ajfa-12382	30	29	structure	structure	NOUN
ajfa-12382	30	30	and	and	CCONJ
ajfa-12382	30	31	board	board	NOUN
ajfa-12382	30	32	structure	structure	NOUN
ajfa-12382	30	33	.	.	PUNCT
ajfa-12382	31	1	2.1	2.1	NUM
ajfa-12382	31	2	.	.	PUNCT
ajfa-12382	31	3	evolution	evolution	NOUN
ajfa-12382	31	4	of	of	ADP
ajfa-12382	31	5	corporations	corporation	NOUN
ajfa-12382	31	6	and	and	CCONJ
ajfa-12382	31	7	financial	financial	ADJ
ajfa-12382	31	8	markets	market	NOUN
ajfa-12382	31	9	the	the	DET
ajfa-12382	31	10	history	history	NOUN
ajfa-12382	31	11	of	of	ADP
ajfa-12382	31	12	modern	modern	ADJ
ajfa-12382	31	13	corporations	corporation	NOUN
ajfa-12382	31	14	in	in	ADP
ajfa-12382	31	15	china	china	PROPN
ajfa-12382	31	16	is	be	AUX
ajfa-12382	31	17	very	very	ADV
ajfa-12382	31	18	short	short	ADJ
ajfa-12382	31	19	compared	compare	VERB
ajfa-12382	31	20	to	to	ADP
ajfa-12382	31	21	other	other	ADJ
ajfa-12382	31	22	developing	develop	VERB
ajfa-12382	31	23	countries	country	NOUN
ajfa-12382	31	24	.	.	PUNCT
ajfa-12382	32	1	starting	start	VERB
ajfa-12382	32	2	from	from	ADP
ajfa-12382	32	3	1984	1984	NUM
ajfa-12382	32	4	,	,	PUNCT
ajfa-12382	32	5	stock	stock	NOUN
ajfa-12382	32	6	companies	company	NOUN
ajfa-12382	32	7	have	have	AUX
ajfa-12382	32	8	appeared	appear	VERB
ajfa-12382	32	9	in	in	ADP
ajfa-12382	32	10	china	china	PROPN
ajfa-12382	32	11	,	,	PUNCT
ajfa-12382	32	12	but	but	CCONJ
ajfa-12382	32	13	formal	formal	ADJ
ajfa-12382	32	14	trading	trading	NOUN
ajfa-12382	32	15	did	do	AUX
ajfa-12382	32	16	not	not	PART
ajfa-12382	32	17	start	start	VERB
ajfa-12382	32	18	until	until	ADP
ajfa-12382	32	19	the	the	DET
ajfa-12382	32	20	early	early	ADJ
ajfa-12382	32	21	1990s	1990s	NUM
ajfa-12382	32	22	.	.	PUNCT
ajfa-12382	33	1	beijing	beijing	PROPN
ajfa-12382	33	2	tianquao	tianquao	PROPN
ajfa-12382	33	3	co	co	PROPN
ajfa-12382	33	4	,	,	PUNCT
ajfa-12382	33	5	ltd	ltd	PROPN
ajfa-12382	33	6	which	which	PRON
ajfa-12382	33	7	was	be	AUX
ajfa-12382	33	8	established	establish	VERB
ajfa-12382	33	9	in	in	ADP
ajfa-12382	33	10	1984	1984	NUM
ajfa-12382	33	11	became	become	VERB
ajfa-12382	33	12	the	the	DET
ajfa-12382	33	13	first	first	ADJ
ajfa-12382	33	14	joint	joint	ADJ
ajfa-12382	33	15	stock	stock	NOUN
ajfa-12382	33	16	corporation	corporation	NOUN
ajfa-12382	33	17	in	in	ADP
ajfa-12382	33	18	china	china	PROPN
ajfa-12382	33	19	.	.	PUNCT
ajfa-12382	34	1	in	in	ADP
ajfa-12382	34	2	the	the	DET
ajfa-12382	34	3	same	same	ADJ
ajfa-12382	34	4	year	year	NOUN
ajfa-12382	34	5	,	,	PUNCT
ajfa-12382	34	6	shangai	shangai	PROPN
ajfa-12382	34	7	feilo	feilo	PROPN
ajfa-12382	34	8	acoustics	acoustics	PROPN
ajfa-12382	34	9	co.	co.	PROPN
ajfa-12382	34	10	,	,	PUNCT
ajfa-12382	34	11	ltd	ltd	PROPN
ajfa-12382	34	12	was	be	AUX
ajfa-12382	34	13	the	the	DET
ajfa-12382	34	14	first	first	ADJ
ajfa-12382	34	15	chinese	chinese	ADJ
ajfa-12382	34	16	corporation	corporation	NOUN
ajfa-12382	34	17	that	that	PRON
ajfa-12382	34	18	publicly	publicly	ADV
ajfa-12382	34	19	offered	offer	VERB
ajfa-12382	34	20	shares	share	NOUN
ajfa-12382	34	21	to	to	ADP
ajfa-12382	34	22	the	the	DET
ajfa-12382	34	23	market	market	NOUN
ajfa-12382	34	24	(	(	PUNCT
ajfa-12382	34	25	csrc	csrc	NOUN
ajfa-12382	34	26	,	,	PUNCT
ajfa-12382	34	27	2006	2006	NUM
ajfa-12382	34	28	)	)	PUNCT
ajfa-12382	34	29	.	.	PUNCT
ajfa-12382	35	1	the	the	DET
ajfa-12382	35	2	establishment	establishment	NOUN
ajfa-12382	35	3	of	of	ADP
ajfa-12382	35	4	the	the	DET
ajfa-12382	35	5	two	two	NUM
ajfa-12382	35	6	stock	stock	NOUN
ajfa-12382	35	7	markets	market	NOUN
ajfa-12382	35	8	in	in	ADP
ajfa-12382	35	9	shanghai	shanghai	PROPN
ajfa-12382	35	10	in	in	ADP
ajfa-12382	35	11	1990	1990	NUM
ajfa-12382	35	12	and	and	CCONJ
ajfa-12382	35	13	in	in	ADP
ajfa-12382	35	14	shenzhen	shenzhen	PROPN
ajfa-12382	35	15	in	in	ADP
ajfa-12382	35	16	1991	1991	NUM
ajfa-12382	35	17	with	with	ADP
ajfa-12382	35	18	the	the	DET
ajfa-12382	35	19	objective	objective	NOUN
ajfa-12382	35	20	of	of	ADP
ajfa-12382	35	21	promoting	promote	VERB
ajfa-12382	35	22	the	the	DET
ajfa-12382	35	23	reform	reform	NOUN
ajfa-12382	35	24	of	of	ADP
ajfa-12382	35	25	soes	soe	NOUN
ajfa-12382	35	26	was	be	AUX
ajfa-12382	35	27	one	one	NUM
ajfa-12382	35	28	of	of	ADP
ajfa-12382	35	29	the	the	DET
ajfa-12382	35	30	most	most	ADV
ajfa-12382	35	31	significant	significant	ADJ
ajfa-12382	35	32	economic	economic	ADJ
ajfa-12382	35	33	reforms	reform	NOUN
ajfa-12382	35	34	in	in	ADP
ajfa-12382	35	35	china	china	PROPN
ajfa-12382	35	36	.	.	PUNCT
ajfa-12382	36	1	the	the	DET
ajfa-12382	36	2	government	government	NOUN
ajfa-12382	36	3	has	have	AUX
ajfa-12382	36	4	thereby	thereby	ADV
ajfa-12382	36	5	been	be	AUX
ajfa-12382	36	6	successful	successful	ADJ
ajfa-12382	36	7	in	in	ADP
ajfa-12382	36	8	encouraging	encourage	VERB
ajfa-12382	36	9	enterprises	enterprise	NOUN
ajfa-12382	36	10	,	,	PUNCT
ajfa-12382	36	11	especially	especially	ADV
ajfa-12382	36	12	soes	soe	NOUN
ajfa-12382	36	13	to	to	PART
ajfa-12382	36	14	raise	raise	VERB
ajfa-12382	36	15	funds	fund	NOUN
ajfa-12382	36	16	by	by	ADP
ajfa-12382	36	17	issuing	issue	VERB
ajfa-12382	36	18	stocks	stock	NOUN
ajfa-12382	36	19	and	and	CCONJ
ajfa-12382	36	20	corporate	corporate	ADJ
ajfa-12382	36	21	bonds	bond	NOUN
ajfa-12382	36	22	(	(	PUNCT
ajfa-12382	36	23	chi	chi	NOUN
ajfa-12382	36	24	and	and	CCONJ
ajfa-12382	36	25	young	young	ADJ
ajfa-12382	36	26	,	,	PUNCT
ajfa-12382	36	27	2007	2007	NUM
ajfa-12382	36	28	)	)	PUNCT
ajfa-12382	36	29	.	.	PUNCT
ajfa-12382	37	1	moreover	moreover	ADV
ajfa-12382	37	2	,	,	PUNCT
ajfa-12382	37	3	the	the	DET
ajfa-12382	37	4	government	government	NOUN
ajfa-12382	37	5	has	have	AUX
ajfa-12382	37	6	been	be	AUX
ajfa-12382	37	7	seeking	seek	VERB
ajfa-12382	37	8	to	to	PART
ajfa-12382	37	9	improve	improve	VERB
ajfa-12382	37	10	the	the	DET
ajfa-12382	37	11	operating	operating	NOUN
ajfa-12382	37	12	performance	performance	NOUN
ajfa-12382	37	13	,	,	PUNCT
ajfa-12382	37	14	and	and	CCONJ
ajfa-12382	37	15	the	the	DET
ajfa-12382	37	16	corporate	corporate	ADJ
ajfa-12382	37	17	governance	governance	NOUN
ajfa-12382	37	18	of	of	ADP
ajfa-12382	37	19	soes	soe	NOUN
ajfa-12382	37	20	through	through	ADP
ajfa-12382	37	21	continuous	continuous	ADJ
ajfa-12382	37	22	economic	economic	ADJ
ajfa-12382	37	23	and	and	CCONJ
ajfa-12382	37	24	share	share	NOUN
ajfa-12382	37	25	-	-	PUNCT
ajfa-12382	37	26	ownership	ownership	NOUN
ajfa-12382	37	27	reforms	reform	NOUN
ajfa-12382	37	28	.	.	PUNCT
ajfa-12382	38	1	consequently	consequently	ADV
ajfa-12382	38	2	,	,	PUNCT
ajfa-12382	38	3	chinese	chinese	ADJ
ajfa-12382	38	4	capital	capital	NOUN
ajfa-12382	38	5	markets	market	NOUN
ajfa-12382	38	6	have	have	AUX
ajfa-12382	38	7	seen	see	VERB
ajfa-12382	38	8	a	a	DET
ajfa-12382	38	9	rapid	rapid	ADJ
ajfa-12382	38	10	development	development	NOUN
ajfa-12382	38	11	in	in	ADP
ajfa-12382	38	12	terms	term	NOUN
ajfa-12382	38	13	of	of	ADP
ajfa-12382	38	14	the	the	DET
ajfa-12382	38	15	number	number	NOUN
ajfa-12382	38	16	of	of	ADP
ajfa-12382	38	17	listed	list	VERB
ajfa-12382	38	18	companies	company	NOUN
ajfa-12382	38	19	,	,	PUNCT
ajfa-12382	38	20	trading	trading	NOUN
ajfa-12382	38	21	volume	volume	NOUN
ajfa-12382	38	22	,	,	PUNCT
ajfa-12382	38	23	and	and	CCONJ
ajfa-12382	38	24	total	total	ADJ
ajfa-12382	38	25	market	market	NOUN
ajfa-12382	38	26	capitalization	capitalization	NOUN
ajfa-12382	38	27	.	.	PUNCT
ajfa-12382	39	1	by	by	ADP
ajfa-12382	39	2	early	early	ADJ
ajfa-12382	39	3	2004	2004	NUM
ajfa-12382	39	4	,	,	PUNCT
ajfa-12382	39	5	china‟s	china‟	VERB
ajfa-12382	39	6	stock	stock	NOUN
ajfa-12382	39	7	markets	market	NOUN
ajfa-12382	39	8	emerged	emerge	VERB
ajfa-12382	39	9	as	as	ADP
ajfa-12382	39	10	the	the	DET
ajfa-12382	39	11	eighth	eighth	ADJ
ajfa-12382	39	12	largest	large	ADJ
ajfa-12382	39	13	emerging	emerge	VERB
ajfa-12382	39	14	market	market	NOUN
ajfa-12382	39	15	in	in	ADP
ajfa-12382	39	16	the	the	DET
ajfa-12382	39	17	world	world	NOUN
ajfa-12382	39	18	with	with	ADP
ajfa-12382	39	19	about	about	ADV
ajfa-12382	39	20	1300	1300	NUM
ajfa-12382	39	21	listed	list	VERB
ajfa-12382	39	22	firms	firm	NOUN
ajfa-12382	39	23	and	and	CCONJ
ajfa-12382	39	24	a	a	DET
ajfa-12382	39	25	market	market	NOUN
ajfa-12382	39	26	capitalization	capitalization	NOUN
ajfa-12382	39	27	of	of	ADP
ajfa-12382	39	28	over	over	ADP
ajfa-12382	39	29	$	$	SYM
ajfa-12382	39	30	550	550	NUM
ajfa-12382	39	31	billion	billion	NUM
ajfa-12382	39	32	(	(	PUNCT
ajfa-12382	39	33	chen	chen	PROPN
ajfa-12382	39	34	,	,	PUNCT
ajfa-12382	39	35	2005	2005	NUM
ajfa-12382	39	36	)	)	PUNCT
ajfa-12382	39	37	.	.	PUNCT
ajfa-12382	40	1	as	as	SCONJ
ajfa-12382	40	2	can	can	AUX
ajfa-12382	40	3	been	be	AUX
ajfa-12382	40	4	seen	see	VERB
ajfa-12382	40	5	in	in	ADP
ajfa-12382	40	6	table	table	NOUN
ajfa-12382	40	7	1	1	NUM
ajfa-12382	40	8	,	,	PUNCT
ajfa-12382	40	9	total	total	ADJ
ajfa-12382	40	10	number	number	NOUN
ajfa-12382	40	11	of	of	ADP
ajfa-12382	40	12	listed	list	VERB
ajfa-12382	40	13	companies	company	NOUN
ajfa-12382	40	14	has	have	AUX
ajfa-12382	40	15	been	be	AUX
ajfa-12382	40	16	increasing	increase	VERB
ajfa-12382	40	17	continuously	continuously	ADV
ajfa-12382	40	18	every	every	DET
ajfa-12382	40	19	year	year	NOUN
ajfa-12382	40	20	since	since	SCONJ
ajfa-12382	40	21	2000	2000	NUM
ajfa-12382	40	22	and	and	CCONJ
ajfa-12382	40	23	at	at	ADP
ajfa-12382	40	24	the	the	DET
ajfa-12382	40	25	end	end	NOUN
ajfa-12382	40	26	of	of	ADP
ajfa-12382	40	27	2010	2010	NUM
ajfa-12382	40	28	,	,	PUNCT
ajfa-12382	40	29	a	a	DET
ajfa-12382	40	30	total	total	NOUN
ajfa-12382	40	31	of	of	ADP
ajfa-12382	40	32	2063	2063	NUM
ajfa-12382	40	33	companies	company	NOUN
ajfa-12382	40	34	were	be	AUX
ajfa-12382	40	35	listed	list	VERB
ajfa-12382	40	36	on	on	ADP
ajfa-12382	40	37	the	the	DET
ajfa-12382	40	38	two	two	NUM
ajfa-12382	40	39	chinese	chinese	ADJ
ajfa-12382	40	40	stock	stock	NOUN
ajfa-12382	40	41	exchanges	exchange	NOUN
ajfa-12382	40	42	.	.	PUNCT
ajfa-12382	41	1	the	the	DET
ajfa-12382	41	2	total	total	ADJ
ajfa-12382	41	3	market	market	NOUN
ajfa-12382	41	4	capitalization	capitalization	NOUN
ajfa-12382	41	5	of	of	ADP
ajfa-12382	41	6	these	these	DET
ajfa-12382	41	7	companies	company	NOUN
ajfa-12382	41	8	was	be	AUX
ajfa-12382	41	9	26.54	26.54	NUM
ajfa-12382	41	10	trillion	trillion	NUM
ajfa-12382	41	11	rmb	rmb	NOUN
ajfa-12382	41	12	.	.	PUNCT
ajfa-12382	42	1	the	the	DET
ajfa-12382	42	2	combined	combined	ADJ
ajfa-12382	42	3	market	market	NOUN
ajfa-12382	42	4	capitalization	capitalization	NOUN
ajfa-12382	42	5	of	of	ADP
ajfa-12382	42	6	these	these	DET
ajfa-12382	42	7	two	two	NUM
ajfa-12382	42	8	stock	stock	NOUN
ajfa-12382	42	9	exchanges	exchange	NOUN
ajfa-12382	42	10	in	in	ADP
ajfa-12382	42	11	2010	2010	NUM
ajfa-12382	42	12	accounted	account	VERB
ajfa-12382	42	13	for	for	ADP
ajfa-12382	42	14	about	about	ADV
ajfa-12382	42	15	66.69	66.69	NUM
ajfa-12382	42	16	%	%	NOUN
ajfa-12382	42	17	of	of	ADP
ajfa-12382	42	18	china‟s	china‟	VERB
ajfa-12382	42	19	gdp	gdp	NOUN
ajfa-12382	42	20	(	(	PUNCT
ajfa-12382	42	21	csrc	csrc	PROPN
ajfa-12382	42	22	,	,	PUNCT
ajfa-12382	42	23	2010	2010	NUM
ajfa-12382	42	24	)	)	PUNCT
ajfa-12382	42	25	.	.	PUNCT
ajfa-12382	43	1	at	at	ADP
ajfa-12382	43	2	the	the	DET
ajfa-12382	43	3	end	end	NOUN
ajfa-12382	43	4	of	of	ADP
ajfa-12382	43	5	2013	2013	NUM
ajfa-12382	43	6	,	,	PUNCT
ajfa-12382	43	7	a	a	DET
ajfa-12382	43	8	total	total	NOUN
ajfa-12382	43	9	of	of	ADP
ajfa-12382	43	10	2489	2489	NUM
ajfa-12382	43	11	companies	company	NOUN
ajfa-12382	43	12	were	be	AUX
ajfa-12382	43	13	listed	list	VERB
ajfa-12382	43	14	on	on	ADP
ajfa-12382	43	15	the	the	DET
ajfa-12382	43	16	two	two	NUM
ajfa-12382	43	17	chinese	chinese	ADJ
ajfa-12382	43	18	stock	stock	NOUN
ajfa-12382	43	19	exchanges	exchange	NOUN
ajfa-12382	43	20	.	.	PUNCT
ajfa-12382	44	1	now	now	ADV
ajfa-12382	44	2	china	china	PROPN
ajfa-12382	44	3	is	be	AUX
ajfa-12382	44	4	the	the	DET
ajfa-12382	44	5	world‟s	world‟s	NOUN
ajfa-12382	44	6	second	second	ADV
ajfa-12382	44	7	largest	large	ADJ
ajfa-12382	44	8	stock	stock	NOUN
ajfa-12382	44	9	market	market	NOUN
ajfa-12382	44	10	after	after	ADP
ajfa-12382	44	11	the	the	DET
ajfa-12382	44	12	us	us	PROPN
ajfa-12382	44	13	in	in	ADP
ajfa-12382	44	14	terms	term	NOUN
ajfa-12382	44	15	of	of	ADP
ajfa-12382	44	16	combined	combined	ADJ
ajfa-12382	44	17	market	market	NOUN
ajfa-12382	44	18	capitalization	capitalization	NOUN
ajfa-12382	44	19	.	.	PUNCT
ajfa-12382	45	1	yet	yet	ADV
ajfa-12382	45	2	,	,	PUNCT
ajfa-12382	45	3	the	the	DET
ajfa-12382	45	4	number	number	NOUN
ajfa-12382	45	5	of	of	ADP
ajfa-12382	45	6	privately	privately	ADV
ajfa-12382	45	7	-	-	PUNCT
ajfa-12382	45	8	owned	own	VERB
ajfa-12382	45	9	listed	list	VERB
ajfa-12382	45	10	companies	company	NOUN
ajfa-12382	45	11	was	be	AUX
ajfa-12382	45	12	negligible	negligible	ADJ
ajfa-12382	45	13	until	until	ADP
ajfa-12382	45	14	1998	1998	NUM
ajfa-12382	45	15	,	,	PUNCT
ajfa-12382	45	16	but	but	CCONJ
ajfa-12382	45	17	boomed	boom	VERB
ajfa-12382	45	18	thereafter	thereafter	ADV
ajfa-12382	45	19	.	.	PUNCT
ajfa-12382	46	1	the	the	DET
ajfa-12382	46	2	chinese	chinese	ADJ
ajfa-12382	46	3	stock	stock	NOUN
ajfa-12382	46	4	markets	market	NOUN
ajfa-12382	46	5	exhibit	exhibit	VERB
ajfa-12382	46	6	some	some	DET
ajfa-12382	46	7	prominent	prominent	ADJ
ajfa-12382	46	8	characteristics	characteristic	NOUN
ajfa-12382	46	9	when	when	SCONJ
ajfa-12382	46	10	compared	compare	VERB
ajfa-12382	46	11	to	to	PART
ajfa-12382	46	12	mature	mature	VERB
ajfa-12382	46	13	financial	financial	ADJ
ajfa-12382	46	14	markets	market	NOUN
ajfa-12382	46	15	(	(	PUNCT
ajfa-12382	46	16	gordon	gordon	PROPN
ajfa-12382	46	17	and	and	CCONJ
ajfa-12382	46	18	li	li	PROPN
ajfa-12382	46	19	,	,	PUNCT
ajfa-12382	46	20	1999	1999	NUM
ajfa-12382	46	21	)	)	PUNCT
ajfa-12382	46	22	.	.	PUNCT
ajfa-12382	47	1	for	for	ADP
ajfa-12382	47	2	example	example	NOUN
ajfa-12382	47	3	,	,	PUNCT
ajfa-12382	47	4	the	the	DET
ajfa-12382	47	5	state	state	NOUN
ajfa-12382	47	6	or	or	CCONJ
ajfa-12382	47	7	government	government	NOUN
ajfa-12382	47	8	plays	play	VERB
ajfa-12382	47	9	a	a	DET
ajfa-12382	47	10	dual	dual	ADJ
ajfa-12382	47	11	role	role	NOUN
ajfa-12382	47	12	as	as	ADP
ajfa-12382	47	13	an	an	DET
ajfa-12382	47	14	owner	owner	NOUN
ajfa-12382	47	15	of	of	ADP
ajfa-12382	47	16	firms	firm	NOUN
ajfa-12382	47	17	(	(	PUNCT
ajfa-12382	47	18	dominance	dominance	NOUN
ajfa-12382	47	19	owners	owner	NOUN
ajfa-12382	47	20	)	)	PUNCT
ajfa-12382	47	21	and	and	CCONJ
ajfa-12382	47	22	regulatory	regulatory	ADJ
ajfa-12382	47	23	agency	agency	NOUN
ajfa-12382	47	24	.	.	PUNCT
ajfa-12382	48	1	while	while	SCONJ
ajfa-12382	48	2	dividend	dividend	NOUN
ajfa-12382	48	3	income	income	NOUN
ajfa-12382	48	4	in	in	ADP
ajfa-12382	48	5	china	china	PROPN
ajfa-12382	48	6	is	be	AUX
ajfa-12382	48	7	subject	subject	ADJ
ajfa-12382	48	8	to	to	ADP
ajfa-12382	48	9	graduated	graduate	VERB
ajfa-12382	48	10	tax	tax	NOUN
ajfa-12382	48	11	rates	rate	NOUN
ajfa-12382	48	12	based	base	VERB
ajfa-12382	48	13	on	on	ADP
ajfa-12382	48	14	the	the	DET
ajfa-12382	48	15	length	length	NOUN
ajfa-12382	48	16	of	of	ADP
ajfa-12382	48	17	time	time	NOUN
ajfa-12382	48	18	the	the	DET
ajfa-12382	48	19	shares	share	NOUN
ajfa-12382	48	20	have	have	AUX
ajfa-12382	48	21	been	be	AUX
ajfa-12382	48	22	held	hold	VERB
ajfa-12382	48	23	,	,	PUNCT
ajfa-12382	48	24	capital	capital	NOUN
ajfa-12382	48	25	gains	gain	NOUN
ajfa-12382	48	26	are	be	AUX
ajfa-12382	48	27	generally	generally	ADV
ajfa-12382	48	28	taxed	tax	VERB
ajfa-12382	48	29	at	at	ADP
ajfa-12382	48	30	the	the	DET
ajfa-12382	48	31	corporate	corporate	ADJ
ajfa-12382	48	32	income	income	NOUN
ajfa-12382	48	33	rate	rate	NOUN
ajfa-12382	48	34	.	.	PUNCT
ajfa-12382	49	1	asian	asian	ADJ
ajfa-12382	49	2	journal	journal	PROPN
ajfa-12382	49	3	of	of	ADP
ajfa-12382	49	4	finance	finance	PROPN
ajfa-12382	49	5	&	&	CCONJ
ajfa-12382	49	6	accounting	accounting	PROPN
ajfa-12382	49	7	issn	issn	PROPN
ajfa-12382	49	8	1946	1946	NUM
ajfa-12382	49	9	-	-	PUNCT
ajfa-12382	49	10	052x	052x	PROPN
ajfa-12382	49	11	2017	2017	NUM
ajfa-12382	49	12	,	,	PUNCT
ajfa-12382	49	13	vol	vol	NOUN
ajfa-12382	49	14	.	.	NOUN
ajfa-12382	49	15	9	9	NUM
ajfa-12382	49	16	,	,	PUNCT
ajfa-12382	49	17	no	no	NOUN
ajfa-12382	49	18	.	.	NOUN
ajfa-12382	49	19	2	2	NUM
ajfa-12382	49	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	49	21	355	355	NUM
ajfa-12382	49	22	table	table	NOUN
ajfa-12382	49	23	1	1	NUM
ajfa-12382	49	24	.	.	PUNCT
ajfa-12382	50	1	important	important	ADJ
ajfa-12382	50	2	features	feature	NOUN
ajfa-12382	50	3	of	of	ADP
ajfa-12382	50	4	chinese	chinese	ADJ
ajfa-12382	50	5	stock	stock	NOUN
ajfa-12382	50	6	markets	market	NOUN
ajfa-12382	50	7	year	year	NOUN
ajfa-12382	50	8	no	no	INTJ
ajfa-12382	50	9	.	.	PUNCT
ajfa-12382	51	1	of	of	ADP
ajfa-12382	51	2	listed	list	VERB
ajfa-12382	51	3	companies	company	NOUN
ajfa-12382	51	4	no	no	INTJ
ajfa-12382	51	5	.	.	PUNCT
ajfa-12382	52	1	of	of	ADP
ajfa-12382	52	2	foreign	foreign	ADJ
ajfa-12382	52	3	-	-	PUNCT
ajfa-12382	52	4	invested	invest	VERB
ajfa-12382	52	5	companies	company	NOUN
ajfa-12382	52	6	(	(	PUNCT
ajfa-12382	52	7	b	b	NOUN
ajfa-12382	52	8	-	-	PUNCT
ajfa-12382	52	9	shares	share	NOUN
ajfa-12382	52	10	)	)	PUNCT
ajfa-12382	52	11	no	no	INTJ
ajfa-12382	52	12	.	.	NOUN
ajfa-12382	53	1	of	of	ADP
ajfa-12382	53	2	overseas	overseas	ADJ
ajfa-12382	53	3	listed	list	VERB
ajfa-12382	53	4	companies	company	NOUN
ajfa-12382	53	5	total	total	VERB
ajfa-12382	53	6	outstanding	outstanding	ADJ
ajfa-12382	53	7	shares	share	NOUN
ajfa-12382	53	8	(	(	PUNCT
ajfa-12382	53	9	100	100	NUM
ajfa-12382	53	10	mn	mn	PROPN
ajfa-12382	53	11	shares	share	NOUN
ajfa-12382	53	12	)	)	PUNCT
ajfa-12382	53	13	total	total	ADJ
ajfa-12382	53	14	market	market	NOUN
ajfa-12382	53	15	capitalization	capitalization	NOUN
ajfa-12382	53	16	(	(	PUNCT
ajfa-12382	53	17	100	100	NUM
ajfa-12382	53	18	million	million	NUM
ajfa-12382	53	19	yuan	yuan	NOUN
ajfa-12382	53	20	)	)	PUNCT
ajfa-12382	53	21	total	total	ADJ
ajfa-12382	53	22	turnover	turnover	NOUN
ajfa-12382	53	23	(	(	PUNCT
ajfa-12382	53	24	100	100	NUM
ajfa-12382	53	25	million	million	NUM
ajfa-12382	53	26	yuan	yuan	NOUN
ajfa-12382	53	27	)	)	PUNCT
ajfa-12382	53	28	2000	2000	NUM
ajfa-12382	53	29	1088	1088	NUM
ajfa-12382	53	30	114	114	NUM
ajfa-12382	53	31	52	52	NUM
ajfa-12382	53	32	3792	3792	NUM
ajfa-12382	53	33	48091	48091	NUM
ajfa-12382	53	34	60827	60827	NUM
ajfa-12382	53	35	2001	2001	NUM
ajfa-12382	53	36	1160	1160	NUM
ajfa-12382	53	37	112	112	NUM
ajfa-12382	53	38	60	60	NUM
ajfa-12382	53	39	5218	5218	NUM
ajfa-12382	53	40	43522	43522	NUM
ajfa-12382	53	41	38305	38305	NUM
ajfa-12382	53	42	2002	2002	NUM
ajfa-12382	53	43	1224	1224	NUM
ajfa-12382	53	44	111	111	NUM
ajfa-12382	53	45	75	75	NUM
ajfa-12382	53	46	5875	5875	NUM
ajfa-12382	53	47	38329	38329	NUM
ajfa-12382	53	48	27990	27990	NUM
ajfa-12382	53	49	2003	2003	NUM
ajfa-12382	53	50	1287	1287	NUM
ajfa-12382	53	51	111	111	NUM
ajfa-12382	53	52	93	93	NUM
ajfa-12382	53	53	6428	6428	NUM
ajfa-12382	53	54	42458	42458	NUM
ajfa-12382	53	55	32115	32115	NUM
ajfa-12382	53	56	2004	2004	NUM
ajfa-12382	53	57	1377	1377	NUM
ajfa-12382	53	58	110	110	NUM
ajfa-12382	53	59	111	111	NUM
ajfa-12382	53	60	7149	7149	NUM
ajfa-12382	53	61	37056	37056	NUM
ajfa-12382	53	62	42334	42334	NUM
ajfa-12382	53	63	2005	2005	NUM
ajfa-12382	53	64	1381	1381	NUM
ajfa-12382	53	65	109	109	NUM
ajfa-12382	53	66	122	122	NUM
ajfa-12382	53	67	7630	7630	NUM
ajfa-12382	53	68	32430	32430	NUM
ajfa-12382	53	69	31663	31663	NUM
ajfa-12382	53	70	2006	2006	NUM
ajfa-12382	53	71	1434	1434	NUM
ajfa-12382	53	72	109	109	NUM
ajfa-12382	53	73	143	143	NUM
ajfa-12382	53	74	14926	14926	NUM
ajfa-12382	53	75	89404	89404	NUM
ajfa-12382	53	76	90487	90487	NUM
ajfa-12382	53	77	2007	2007	NUM
ajfa-12382	53	78	1550	1550	NUM
ajfa-12382	53	79	109	109	NUM
ajfa-12382	53	80	148	148	NUM
ajfa-12382	53	81	22417	22417	NUM
ajfa-12382	53	82	327141	327141	NUM
ajfa-12382	53	83	460556	460556	NUM
ajfa-12382	53	84	2008	2008	NUM
ajfa-12382	53	85	1625	1625	NUM
ajfa-12382	53	86	109	109	NUM
ajfa-12382	53	87	153	153	NUM
ajfa-12382	53	88	24523	24523	NUM
ajfa-12382	53	89	121366	121366	NUM
ajfa-12382	53	90	267113	267113	NUM
ajfa-12382	53	91	2009	2009	NUM
ajfa-12382	53	92	1718	1718	NUM
ajfa-12382	53	93	108	108	NUM
ajfa-12382	53	94	159	159	NUM
ajfa-12382	53	95	26163	26163	NUM
ajfa-12382	53	96	243939	243939	NUM
ajfa-12382	53	97	535987	535987	NUM
ajfa-12382	53	98	2010	2010	NUM
ajfa-12382	53	99	2063	2063	NUM
ajfa-12382	53	100	108	108	NUM
ajfa-12382	53	101	165	165	NUM
ajfa-12382	53	102	33184	33184	NUM
ajfa-12382	53	103	265423	265423	NUM
ajfa-12382	53	104	545634	545634	NUM
ajfa-12382	53	105	2011	2011	NUM
ajfa-12382	53	106	2342	2342	NUM
ajfa-12382	53	107	108	108	NUM
ajfa-12382	53	108	171	171	NUM
ajfa-12382	53	109	36096	36096	NUM
ajfa-12382	53	110	214758	214758	NUM
ajfa-12382	53	111	421650	421650	NUM
ajfa-12382	53	112	2012	2012	NUM
ajfa-12382	53	113	2494	2494	NUM
ajfa-12382	53	114	107	107	NUM
ajfa-12382	53	115	179	179	NUM
ajfa-12382	53	116	38395	38395	NUM
ajfa-12382	53	117	230358	230358	NUM
ajfa-12382	53	118	314667	314667	NUM
ajfa-12382	53	119	2013	2013	NUM
ajfa-12382	53	120	2489	2489	NUM
ajfa-12382	53	121	106	106	NUM
ajfa-12382	53	122	185	185	NUM
ajfa-12382	53	123	40569	40569	NUM
ajfa-12382	53	124	239077	239077	NUM
ajfa-12382	53	125	468729	468729	NUM
ajfa-12382	54	1	sources	source	NOUN
ajfa-12382	54	2	:	:	PUNCT
ajfa-12382	54	3	annual	annual	ADJ
ajfa-12382	54	4	reports	report	NOUN
ajfa-12382	54	5	of	of	ADP
ajfa-12382	54	6	csrc	csrc	NOUN
ajfa-12382	54	7	furthermore	furthermore	ADV
ajfa-12382	54	8	,	,	PUNCT
ajfa-12382	54	9	china‟s	china‟	VERB
ajfa-12382	54	10	securities	security	NOUN
ajfa-12382	54	11	market	market	NOUN
ajfa-12382	54	12	is	be	AUX
ajfa-12382	54	13	open	open	ADJ
ajfa-12382	54	14	to	to	ADP
ajfa-12382	54	15	foreign	foreign	ADJ
ajfa-12382	54	16	investors	investor	NOUN
ajfa-12382	54	17	.	.	PUNCT
ajfa-12382	55	1	while	while	SCONJ
ajfa-12382	55	2	international	international	ADJ
ajfa-12382	55	3	investors	investor	NOUN
ajfa-12382	55	4	were	be	AUX
ajfa-12382	55	5	for	for	ADP
ajfa-12382	55	6	the	the	DET
ajfa-12382	55	7	first	first	ADJ
ajfa-12382	55	8	time	time	NOUN
ajfa-12382	55	9	allowed	allow	VERB
ajfa-12382	55	10	to	to	PART
ajfa-12382	55	11	invest	invest	VERB
ajfa-12382	55	12	in	in	ADP
ajfa-12382	55	13	china‟s	china‟	VERB
ajfa-12382	55	14	b	b	NUM
ajfa-12382	55	15	share	share	NOUN
ajfa-12382	55	16	market	market	NOUN
ajfa-12382	55	17	in	in	ADP
ajfa-12382	55	18	1992	1992	NUM
ajfa-12382	55	19	,	,	PUNCT
ajfa-12382	55	20	after	after	ADP
ajfa-12382	55	21	ten	ten	NUM
ajfa-12382	55	22	years	year	NOUN
ajfa-12382	55	23	,	,	PUNCT
ajfa-12382	55	24	foreign	foreign	ADJ
ajfa-12382	55	25	institutions	institution	NOUN
ajfa-12382	55	26	have	have	AUX
ajfa-12382	55	27	been	be	AUX
ajfa-12382	55	28	allowed	allow	VERB
ajfa-12382	55	29	to	to	PART
ajfa-12382	55	30	invest	invest	VERB
ajfa-12382	55	31	directly	directly	ADV
ajfa-12382	55	32	into	into	ADP
ajfa-12382	55	33	china‟s	china‟	VERB
ajfa-12382	55	34	a	a	DET
ajfa-12382	55	35	share	share	NOUN
ajfa-12382	55	36	market	market	NOUN
ajfa-12382	55	37	via	via	ADP
ajfa-12382	55	38	the	the	DET
ajfa-12382	55	39	qualified	qualified	ADJ
ajfa-12382	55	40	foreign	foreign	ADJ
ajfa-12382	55	41	institutional	institutional	ADJ
ajfa-12382	55	42	investor	investor	NOUN
ajfa-12382	55	43	(	(	PUNCT
ajfa-12382	55	44	qfii	qfii	ADJ
ajfa-12382	55	45	)	)	PUNCT
ajfa-12382	55	46	scheme	scheme	NOUN
ajfa-12382	55	47	(	(	PUNCT
ajfa-12382	55	48	note	note	NOUN
ajfa-12382	55	49	2	2	NUM
ajfa-12382	55	50	)	)	PUNCT
ajfa-12382	55	51	.	.	PUNCT
ajfa-12382	56	1	as	as	SCONJ
ajfa-12382	56	2	can	can	AUX
ajfa-12382	56	3	been	be	AUX
ajfa-12382	56	4	seen	see	VERB
ajfa-12382	56	5	in	in	ADP
ajfa-12382	56	6	table	table	NOUN
ajfa-12382	56	7	2	2	NUM
ajfa-12382	56	8	,	,	PUNCT
ajfa-12382	56	9	with	with	ADP
ajfa-12382	56	10	the	the	DET
ajfa-12382	56	11	opening	opening	NOUN
ajfa-12382	56	12	of	of	ADP
ajfa-12382	56	13	chinese	chinese	ADJ
ajfa-12382	56	14	economy	economy	NOUN
ajfa-12382	56	15	for	for	ADP
ajfa-12382	56	16	foreign	foreign	ADJ
ajfa-12382	56	17	investors	investor	NOUN
ajfa-12382	56	18	,	,	PUNCT
ajfa-12382	56	19	there	there	PRON
ajfa-12382	56	20	has	have	AUX
ajfa-12382	56	21	been	be	AUX
ajfa-12382	56	22	a	a	DET
ajfa-12382	56	23	steady	steady	ADJ
ajfa-12382	56	24	growth	growth	NOUN
ajfa-12382	56	25	in	in	ADP
ajfa-12382	56	26	number	number	NOUN
ajfa-12382	56	27	of	of	ADP
ajfa-12382	56	28	qfiis	qfiis	NOUN
ajfa-12382	56	29	(	(	PUNCT
ajfa-12382	56	30	from	from	ADP
ajfa-12382	56	31	27	27	NUM
ajfa-12382	56	32	to	to	ADP
ajfa-12382	56	33	106	106	NUM
ajfa-12382	56	34	)	)	PUNCT
ajfa-12382	56	35	and	and	CCONJ
ajfa-12382	56	36	approved	approve	VERB
ajfa-12382	56	37	investment	investment	NOUN
ajfa-12382	56	38	quotas	quota	NOUN
ajfa-12382	56	39	in	in	ADP
ajfa-12382	56	40	usd	usd	NOUN
ajfa-12382	56	41	billion	billion	NUM
ajfa-12382	56	42	(	(	PUNCT
ajfa-12382	56	43	from	from	ADP
ajfa-12382	56	44	24	24	NUM
ajfa-12382	56	45	usd	usd	NOUN
ajfa-12382	56	46	billion	billion	NUM
ajfa-12382	56	47	to	to	ADP
ajfa-12382	56	48	19.72	19.72	NUM
ajfa-12382	56	49	usd	usd	NOUN
ajfa-12382	56	50	billion	billion	NUM
ajfa-12382	56	51	)	)	PUNCT
ajfa-12382	56	52	.	.	PUNCT
ajfa-12382	57	1	we	we	PRON
ajfa-12382	57	2	can	can	AUX
ajfa-12382	57	3	also	also	ADV
ajfa-12382	57	4	observe	observe	VERB
ajfa-12382	57	5	that	that	SCONJ
ajfa-12382	57	6	the	the	DET
ajfa-12382	57	7	total	total	ADJ
ajfa-12382	57	8	assets	asset	NOUN
ajfa-12382	57	9	held	hold	VERB
ajfa-12382	57	10	by	by	ADP
ajfa-12382	57	11	the	the	DET
ajfa-12382	57	12	qfiis	qfiis	NOUN
ajfa-12382	57	13	have	have	AUX
ajfa-12382	57	14	steadily	steadily	ADV
ajfa-12382	57	15	increased	increase	VERB
ajfa-12382	57	16	from	from	ADP
ajfa-12382	57	17	2004	2004	NUM
ajfa-12382	57	18	to	to	ADP
ajfa-12382	57	19	2010	2010	NUM
ajfa-12382	57	20	except	except	SCONJ
ajfa-12382	57	21	in	in	ADP
ajfa-12382	57	22	2008	2008	NUM
ajfa-12382	57	23	.	.	PUNCT
ajfa-12382	58	1	furthermore	furthermore	ADV
ajfa-12382	58	2	,	,	PUNCT
ajfa-12382	58	3	among	among	ADP
ajfa-12382	58	4	qfiis	qfiis	ADJ
ajfa-12382	58	5	commercial	commercial	ADJ
ajfa-12382	58	6	banks	bank	NOUN
ajfa-12382	58	7	accounted	account	VERB
ajfa-12382	58	8	for	for	ADP
ajfa-12382	58	9	about	about	ADV
ajfa-12382	58	10	29	29	NUM
ajfa-12382	58	11	%	%	NOUN
ajfa-12382	58	12	in	in	ADP
ajfa-12382	58	13	2007	2007	NUM
ajfa-12382	58	14	and	and	CCONJ
ajfa-12382	58	15	20	20	NUM
ajfa-12382	58	16	%	%	NOUN
ajfa-12382	58	17	in	in	ADP
ajfa-12382	58	18	2010	2010	NUM
ajfa-12382	58	19	(	(	PUNCT
ajfa-12382	58	20	note	note	NOUN
ajfa-12382	58	21	3	3	NUM
ajfa-12382	58	22	)	)	PUNCT
ajfa-12382	58	23	.	.	PUNCT
ajfa-12382	59	1	furthermore	furthermore	ADV
ajfa-12382	59	2	,	,	PUNCT
ajfa-12382	59	3	since	since	SCONJ
ajfa-12382	59	4	2001	2001	NUM
ajfa-12382	59	5	,	,	PUNCT
ajfa-12382	59	6	eligible	eligible	ADJ
ajfa-12382	59	7	foreign	foreign	ADJ
ajfa-12382	59	8	companies	company	NOUN
ajfa-12382	59	9	can	can	AUX
ajfa-12382	59	10	offer	offer	VERB
ajfa-12382	59	11	and	and	CCONJ
ajfa-12382	59	12	list	list	VERB
ajfa-12382	59	13	shares	share	NOUN
ajfa-12382	59	14	in	in	ADP
ajfa-12382	59	15	china‟s	china‟	VERB
ajfa-12382	59	16	markets	market	NOUN
ajfa-12382	59	17	.	.	PUNCT
ajfa-12382	60	1	a	a	DET
ajfa-12382	60	2	further	further	ADJ
ajfa-12382	60	3	significant	significant	ADJ
ajfa-12382	60	4	development	development	NOUN
ajfa-12382	60	5	was	be	AUX
ajfa-12382	60	6	that	that	SCONJ
ajfa-12382	60	7	since	since	SCONJ
ajfa-12382	60	8	2002	2002	NUM
ajfa-12382	60	9	foreign	foreign	ADJ
ajfa-12382	60	10	companies	company	NOUN
ajfa-12382	60	11	are	be	AUX
ajfa-12382	60	12	also	also	ADV
ajfa-12382	60	13	allowed	allow	VERB
ajfa-12382	60	14	to	to	PART
ajfa-12382	60	15	take	take	VERB
ajfa-12382	60	16	over	over	ADP
ajfa-12382	60	17	chinese	chinese	ADJ
ajfa-12382	60	18	listed	list	VERB
ajfa-12382	60	19	companies	company	NOUN
ajfa-12382	60	20	.	.	PUNCT
ajfa-12382	61	1	international	international	ADJ
ajfa-12382	61	2	investors‟	investors‟	NUM
ajfa-12382	61	3	participation	participation	NOUN
ajfa-12382	61	4	has	have	AUX
ajfa-12382	61	5	helped	help	VERB
ajfa-12382	61	6	to	to	PART
ajfa-12382	61	7	promote	promote	VERB
ajfa-12382	61	8	chinese	chinese	ADJ
ajfa-12382	61	9	capital	capital	NOUN
ajfa-12382	61	10	markets	market	NOUN
ajfa-12382	61	11	.	.	PUNCT
ajfa-12382	62	1	at	at	ADP
ajfa-12382	62	2	the	the	DET
ajfa-12382	62	3	same	same	ADJ
ajfa-12382	62	4	time	time	NOUN
ajfa-12382	62	5	,	,	PUNCT
ajfa-12382	62	6	it	it	PRON
ajfa-12382	62	7	has	have	AUX
ajfa-12382	62	8	brought	bring	VERB
ajfa-12382	62	9	into	into	ADP
ajfa-12382	62	10	the	the	DET
ajfa-12382	62	11	capital	capital	NOUN
ajfa-12382	62	12	market	market	NOUN
ajfa-12382	62	13	long	long	ADJ
ajfa-12382	62	14	-	-	PUNCT
ajfa-12382	62	15	term	term	NOUN
ajfa-12382	62	16	funds	fund	NOUN
ajfa-12382	62	17	,	,	PUNCT
ajfa-12382	62	18	which	which	PRON
ajfa-12382	62	19	are	be	AUX
ajfa-12382	62	20	helpful	helpful	ADJ
ajfa-12382	62	21	for	for	ADP
ajfa-12382	62	22	the	the	DET
ajfa-12382	62	23	growth	growth	NOUN
ajfa-12382	62	24	of	of	ADP
ajfa-12382	62	25	chinese	chinese	ADJ
ajfa-12382	62	26	corporations	corporation	NOUN
ajfa-12382	62	27	,	,	PUNCT
ajfa-12382	62	28	as	as	ADV
ajfa-12382	62	29	well	well	ADV
ajfa-12382	62	30	as	as	ADP
ajfa-12382	62	31	advanced	advanced	ADJ
ajfa-12382	62	32	investment	investment	NOUN
ajfa-12382	62	33	philosophies	philosophy	NOUN
ajfa-12382	62	34	and	and	CCONJ
ajfa-12382	62	35	good	good	ADJ
ajfa-12382	62	36	expertise	expertise	NOUN
ajfa-12382	62	37	(	(	PUNCT
ajfa-12382	62	38	csrc	csrc	NOUN
ajfa-12382	62	39	,	,	PUNCT
ajfa-12382	62	40	2006	2006	NUM
ajfa-12382	62	41	)	)	PUNCT
ajfa-12382	62	42	.	.	PUNCT
ajfa-12382	63	1	asian	asian	ADJ
ajfa-12382	63	2	journal	journal	PROPN
ajfa-12382	63	3	of	of	ADP
ajfa-12382	63	4	finance	finance	PROPN
ajfa-12382	63	5	&	&	CCONJ
ajfa-12382	63	6	accounting	accounting	PROPN
ajfa-12382	63	7	issn	issn	PROPN
ajfa-12382	63	8	1946	1946	NUM
ajfa-12382	63	9	-	-	PUNCT
ajfa-12382	63	10	052x	052x	PROPN
ajfa-12382	63	11	2017	2017	NUM
ajfa-12382	63	12	,	,	PUNCT
ajfa-12382	63	13	vol	vol	NOUN
ajfa-12382	63	14	.	.	NOUN
ajfa-12382	63	15	9	9	NUM
ajfa-12382	63	16	,	,	PUNCT
ajfa-12382	63	17	no	no	NOUN
ajfa-12382	63	18	.	.	NOUN
ajfa-12382	63	19	2	2	NUM
ajfa-12382	63	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	63	21	356	356	NUM
ajfa-12382	63	22	table	table	NOUN
ajfa-12382	63	23	2	2	NUM
ajfa-12382	63	24	.	.	PUNCT
ajfa-12382	63	25	qualified	qualified	ADJ
ajfa-12382	63	26	foreign	foreign	ADJ
ajfa-12382	63	27	institutional	institutional	ADJ
ajfa-12382	63	28	investors	investor	NOUN
ajfa-12382	63	29	(	(	PUNCT
ajfa-12382	63	30	qfii	qfii	PROPN
ajfa-12382	63	31	)	)	PUNCT
ajfa-12382	63	32	in	in	ADP
ajfa-12382	63	33	china	china	PROPN
ajfa-12382	63	34	2004	2004	NUM
ajfa-12382	63	35	-	-	SYM
ajfa-12382	63	36	2010	2010	NUM
ajfa-12382	63	37	year	year	NOUN
ajfa-12382	63	38	qfii	qfii	ADJ
ajfa-12382	63	39	licensed	license	VERB
ajfa-12382	63	40	foreign	foreign	ADJ
ajfa-12382	63	41	institutions	institution	NOUN
ajfa-12382	63	42	approved	approve	VERB
ajfa-12382	63	43	investment	investment	NOUN
ajfa-12382	63	44	quotas	quota	NOUN
ajfa-12382	63	45	in	in	ADP
ajfa-12382	63	46	usd	usd	NOUN
ajfa-12382	63	47	billion	billion	NUM
ajfa-12382	63	48	total	total	ADJ
ajfa-12382	63	49	qfii	qfii	ADJ
ajfa-12382	63	50	assets	asset	NOUN
ajfa-12382	63	51	securities	security	NOUN
ajfa-12382	63	52	held	hold	VERB
ajfa-12382	63	53	by	by	ADP
ajfa-12382	63	54	qfii	qfii	ADJ
ajfa-12382	63	55	percentage	percentage	NOUN
ajfa-12382	63	56	of	of	ADP
ajfa-12382	63	57	securities	security	NOUN
ajfa-12382	63	58	to	to	ADP
ajfa-12382	63	59	total	total	ADJ
ajfa-12382	63	60	assets	asset	NOUN
ajfa-12382	63	61	2004	2004	NUM
ajfa-12382	63	62	27	27	NUM
ajfa-12382	63	63	3.7	3.7	NUM
ajfa-12382	63	64	24	24	NUM
ajfa-12382	63	65	16.2	16.2	NUM
ajfa-12382	63	66	66.6	66.6	NUM
ajfa-12382	63	67	%	%	NOUN
ajfa-12382	63	68	2005	2005	NUM
ajfa-12382	63	69	34	34	NUM
ajfa-12382	63	70	5.6	5.6	NUM
ajfa-12382	63	71	39	39	NUM
ajfa-12382	63	72	34.7	34.7	NUM
ajfa-12382	63	73	90	90	NUM
ajfa-12382	63	74	%	%	NOUN
ajfa-12382	63	75	2006	2006	NUM
ajfa-12382	63	76	44	44	NUM
ajfa-12382	63	77	7.3	7.3	NUM
ajfa-12382	63	78	196	196	NUM
ajfa-12382	63	79	137	137	NUM
ajfa-12382	63	80	70	70	NUM
ajfa-12382	63	81	%	%	NOUN
ajfa-12382	63	82	2007	2007	NUM
ajfa-12382	63	83	52	52	NUM
ajfa-12382	63	84	9.995	9.995	NUM
ajfa-12382	63	85	258.8	258.8	NUM
ajfa-12382	63	86	175.5	175.5	NUM
ajfa-12382	63	87	61.4	61.4	NUM
ajfa-12382	63	88	%	%	NOUN
ajfa-12382	63	89	2008	2008	NUM
ajfa-12382	63	90	76	76	NUM
ajfa-12382	63	91	13.405	13.405	NUM
ajfa-12382	63	92	178.78	178.78	NUM
ajfa-12382	63	93	104.78	104.78	NUM
ajfa-12382	63	94	58.6	58.6	NUM
ajfa-12382	63	95	%	%	NOUN
ajfa-12382	63	96	2009	2009	NUM
ajfa-12382	63	97	94	94	NUM
ajfa-12382	63	98	16.67	16.67	NUM
ajfa-12382	63	99	289.9	289.9	NUM
ajfa-12382	63	100	237	237	NUM
ajfa-12382	63	101	81.8	81.8	NUM
ajfa-12382	63	102	%	%	NOUN
ajfa-12382	63	103	2010	2010	NUM
ajfa-12382	63	104	106	106	NUM
ajfa-12382	63	105	19.72	19.72	NUM
ajfa-12382	63	106	297.1	297.1	NUM
ajfa-12382	63	107	265.8	265.8	NUM
ajfa-12382	63	108	89.5	89.5	NUM
ajfa-12382	63	109	%	%	NOUN
ajfa-12382	63	110	source	source	NOUN
ajfa-12382	63	111	:	:	PUNCT
ajfa-12382	63	112	csrc	csrc	PROPN
ajfa-12382	63	113	annual	annual	ADJ
ajfa-12382	63	114	reports	report	NOUN
ajfa-12382	63	115	2004	2004	NUM
ajfa-12382	63	116	-	-	SYM
ajfa-12382	63	117	2010	2010	NUM
ajfa-12382	63	118	2.2	2.2	NUM
ajfa-12382	63	119	.	.	PUNCT
ajfa-12382	64	1	the	the	DET
ajfa-12382	64	2	company	company	NOUN
ajfa-12382	64	3	law	law	NOUN
ajfa-12382	64	4	and	and	CCONJ
ajfa-12382	64	5	the	the	DET
ajfa-12382	64	6	chinese	chinese	ADJ
ajfa-12382	64	7	securities	securities	PROPN
ajfa-12382	64	8	regulations	regulations	PROPN
ajfa-12382	64	9	commission	commission	VERB
ajfa-12382	64	10	the	the	DET
ajfa-12382	64	11	institutional	institutional	ADJ
ajfa-12382	64	12	framework	framework	NOUN
ajfa-12382	64	13	for	for	ADP
ajfa-12382	64	14	corporate	corporate	ADJ
ajfa-12382	64	15	governance	governance	NOUN
ajfa-12382	64	16	in	in	ADP
ajfa-12382	64	17	china	china	PROPN
ajfa-12382	64	18	mainly	mainly	ADV
ajfa-12382	64	19	draws	draw	VERB
ajfa-12382	64	20	from	from	ADP
ajfa-12382	64	21	both	both	CCONJ
ajfa-12382	64	22	the	the	DET
ajfa-12382	64	23	1994	1994	NUM
ajfa-12382	64	24	company	company	NOUN
ajfa-12382	64	25	law	law	NOUN
ajfa-12382	64	26	of	of	ADP
ajfa-12382	64	27	the	the	DET
ajfa-12382	64	28	people‟s	people‟s	PROPN
ajfa-12382	64	29	republic	republic	NOUN
ajfa-12382	64	30	of	of	ADP
ajfa-12382	64	31	china	china	PROPN
ajfa-12382	64	32	and	and	CCONJ
ajfa-12382	64	33	the	the	DET
ajfa-12382	64	34	chinese	chinese	PROPN
ajfa-12382	64	35	securities	securities	PROPN
ajfa-12382	64	36	regulations	regulations	PROPN
ajfa-12382	64	37	commission	commission	PROPN
ajfa-12382	64	38	(	(	PUNCT
ajfa-12382	64	39	csrc	csrc	PROPN
ajfa-12382	64	40	)	)	PUNCT
ajfa-12382	64	41	.	.	PUNCT
ajfa-12382	65	1	the	the	DET
ajfa-12382	65	2	1994	1994	NUM
ajfa-12382	65	3	company	company	NOUN
ajfa-12382	65	4	law	law	NOUN
ajfa-12382	65	5	improved	improve	VERB
ajfa-12382	65	6	property	property	NOUN
ajfa-12382	65	7	rights	right	NOUN
ajfa-12382	65	8	by	by	ADP
ajfa-12382	65	9	establishing	establish	VERB
ajfa-12382	65	10	the	the	DET
ajfa-12382	65	11	firm	firm	NOUN
ajfa-12382	65	12	as	as	ADP
ajfa-12382	65	13	a	a	DET
ajfa-12382	65	14	legal	legal	ADJ
ajfa-12382	65	15	entity	entity	NOUN
ajfa-12382	65	16	that	that	PRON
ajfa-12382	65	17	owns	own	VERB
ajfa-12382	65	18	assets	asset	NOUN
ajfa-12382	65	19	.	.	PUNCT
ajfa-12382	66	1	furthermore	furthermore	ADV
ajfa-12382	66	2	,	,	PUNCT
ajfa-12382	66	3	the	the	DET
ajfa-12382	66	4	company	company	NOUN
ajfa-12382	66	5	law	law	NOUN
ajfa-12382	66	6	facilitated	facilitate	VERB
ajfa-12382	66	7	the	the	DET
ajfa-12382	66	8	restructuring	restructuring	NOUN
ajfa-12382	66	9	of	of	ADP
ajfa-12382	66	10	traditional	traditional	ADJ
ajfa-12382	66	11	large	large	ADJ
ajfa-12382	66	12	and	and	CCONJ
ajfa-12382	66	13	medium	medium	ADJ
ajfa-12382	66	14	sized	sized	ADJ
ajfa-12382	66	15	soes	soe	NOUN
ajfa-12382	66	16	as	as	ADP
ajfa-12382	66	17	legal	legal	ADJ
ajfa-12382	66	18	entities	entity	NOUN
ajfa-12382	66	19	,	,	PUNCT
ajfa-12382	66	20	and	and	CCONJ
ajfa-12382	66	21	the	the	DET
ajfa-12382	66	22	establishment	establishment	NOUN
ajfa-12382	66	23	of	of	ADP
ajfa-12382	66	24	a	a	DET
ajfa-12382	66	25	modern	modern	ADJ
ajfa-12382	66	26	corporate	corporate	ADJ
ajfa-12382	66	27	system	system	NOUN
ajfa-12382	66	28	by	by	ADP
ajfa-12382	66	29	standardizing	standardize	VERB
ajfa-12382	66	30	the	the	DET
ajfa-12382	66	31	organization	organization	NOUN
ajfa-12382	66	32	and	and	CCONJ
ajfa-12382	66	33	the	the	DET
ajfa-12382	66	34	behavior	behavior	NOUN
ajfa-12382	66	35	of	of	ADP
ajfa-12382	66	36	the	the	DET
ajfa-12382	66	37	companies	company	NOUN
ajfa-12382	66	38	.	.	PUNCT
ajfa-12382	67	1	it	it	PRON
ajfa-12382	67	2	defines	define	VERB
ajfa-12382	67	3	the	the	DET
ajfa-12382	67	4	functions	function	NOUN
ajfa-12382	67	5	and	and	CCONJ
ajfa-12382	67	6	responsibilities	responsibility	NOUN
ajfa-12382	67	7	of	of	ADP
ajfa-12382	67	8	shareholders	shareholder	NOUN
ajfa-12382	67	9	,	,	PUNCT
ajfa-12382	67	10	board	board	NOUN
ajfa-12382	67	11	of	of	ADP
ajfa-12382	67	12	directors	director	NOUN
ajfa-12382	67	13	,	,	PUNCT
ajfa-12382	67	14	and	and	CCONJ
ajfa-12382	67	15	board	board	NOUN
ajfa-12382	67	16	of	of	ADP
ajfa-12382	67	17	supervisors	supervisor	NOUN
ajfa-12382	67	18	.	.	PUNCT
ajfa-12382	68	1	in	in	ADP
ajfa-12382	68	2	2006	2006	NUM
ajfa-12382	68	3	,	,	PUNCT
ajfa-12382	68	4	a	a	DET
ajfa-12382	68	5	fundamental	fundamental	ADJ
ajfa-12382	68	6	review	review	NOUN
ajfa-12382	68	7	of	of	ADP
ajfa-12382	68	8	chinese	chinese	ADJ
ajfa-12382	68	9	company	company	NOUN
ajfa-12382	68	10	law	law	NOUN
ajfa-12382	68	11	was	be	AUX
ajfa-12382	68	12	enacted	enact	VERB
ajfa-12382	68	13	,	,	PUNCT
ajfa-12382	68	14	creating	create	VERB
ajfa-12382	68	15	two	two	NUM
ajfa-12382	68	16	types	type	NOUN
ajfa-12382	68	17	of	of	ADP
ajfa-12382	68	18	limited	limited	ADJ
ajfa-12382	68	19	companies	company	NOUN
ajfa-12382	68	20	:	:	PUNCT
ajfa-12382	68	21	the	the	DET
ajfa-12382	68	22	limited	limited	ADJ
ajfa-12382	68	23	liability	liability	NOUN
ajfa-12382	68	24	companies	company	NOUN
ajfa-12382	68	25	(	(	PUNCT
ajfa-12382	68	26	llc	llc	PROPN
ajfa-12382	68	27	private	private	ADJ
ajfa-12382	68	28	companies	company	NOUN
ajfa-12382	68	29	)	)	PUNCT
ajfa-12382	68	30	and	and	CCONJ
ajfa-12382	68	31	the	the	DET
ajfa-12382	68	32	joint	joint	ADJ
ajfa-12382	68	33	stock	stock	NOUN
ajfa-12382	68	34	company	company	NOUN
ajfa-12382	68	35	(	(	PUNCT
ajfa-12382	68	36	jsc	jsc	PROPN
ajfa-12382	68	37	public	public	ADJ
ajfa-12382	68	38	companies	company	NOUN
ajfa-12382	68	39	)	)	PUNCT
ajfa-12382	68	40	.	.	PUNCT
ajfa-12382	69	1	this	this	PRON
ajfa-12382	69	2	brought	bring	VERB
ajfa-12382	69	3	the	the	DET
ajfa-12382	69	4	legal	legal	ADJ
ajfa-12382	69	5	context	context	NOUN
ajfa-12382	69	6	much	much	ADV
ajfa-12382	69	7	in	in	ADP
ajfa-12382	69	8	line	line	NOUN
ajfa-12382	69	9	with	with	ADP
ajfa-12382	69	10	the	the	DET
ajfa-12382	69	11	company	company	NOUN
ajfa-12382	69	12	law	law	NOUN
ajfa-12382	69	13	of	of	ADP
ajfa-12382	69	14	other	other	ADJ
ajfa-12382	69	15	countries	country	NOUN
ajfa-12382	69	16	.	.	PUNCT
ajfa-12382	70	1	the	the	DET
ajfa-12382	70	2	enterprise	enterprise	NOUN
ajfa-12382	70	3	bankruptcy	bankruptcy	NOUN
ajfa-12382	70	4	law	law	NOUN
ajfa-12382	70	5	was	be	AUX
ajfa-12382	70	6	introduced	introduce	VERB
ajfa-12382	70	7	only	only	ADV
ajfa-12382	70	8	in	in	ADP
ajfa-12382	70	9	november	november	PROPN
ajfa-12382	70	10	1988	1988	NUM
ajfa-12382	70	11	for	for	ADP
ajfa-12382	70	12	an	an	DET
ajfa-12382	70	13	initial	initial	ADJ
ajfa-12382	70	14	trial	trial	NOUN
ajfa-12382	70	15	period	period	NOUN
ajfa-12382	70	16	.	.	PUNCT
ajfa-12382	71	1	in	in	ADP
ajfa-12382	71	2	april	april	PROPN
ajfa-12382	71	3	1991	1991	NUM
ajfa-12382	71	4	,	,	PUNCT
ajfa-12382	71	5	the	the	DET
ajfa-12382	71	6	civil	civil	ADJ
ajfa-12382	71	7	procedural	procedural	ADJ
ajfa-12382	71	8	law	law	NOUN
ajfa-12382	71	9	,	,	PUNCT
ajfa-12382	71	10	which	which	PRON
ajfa-12382	71	11	established	establish	VERB
ajfa-12382	71	12	the	the	DET
ajfa-12382	71	13	bankruptcy	bankruptcy	NOUN
ajfa-12382	71	14	procedure	procedure	NOUN
ajfa-12382	71	15	for	for	ADP
ajfa-12382	71	16	companies	company	NOUN
ajfa-12382	71	17	,	,	PUNCT
ajfa-12382	71	18	was	be	AUX
ajfa-12382	71	19	enacted	enact	VERB
ajfa-12382	71	20	.	.	PUNCT
ajfa-12382	72	1	yet	yet	ADV
ajfa-12382	72	2	,	,	PUNCT
ajfa-12382	72	3	due	due	ADP
ajfa-12382	72	4	to	to	ADP
ajfa-12382	72	5	that	that	DET
ajfa-12382	72	6	fact	fact	NOUN
ajfa-12382	72	7	that	that	SCONJ
ajfa-12382	72	8	most	most	ADJ
ajfa-12382	72	9	of	of	ADP
ajfa-12382	72	10	the	the	DET
ajfa-12382	72	11	firms	firm	NOUN
ajfa-12382	72	12	were	be	AUX
ajfa-12382	72	13	owned	own	VERB
ajfa-12382	72	14	by	by	ADP
ajfa-12382	72	15	the	the	DET
ajfa-12382	72	16	government	government	NOUN
ajfa-12382	72	17	or	or	CCONJ
ajfa-12382	72	18	government	government	NOUN
ajfa-12382	72	19	agents	agent	NOUN
ajfa-12382	72	20	which	which	PRON
ajfa-12382	72	21	have	have	VERB
ajfa-12382	72	22	social	social	ADJ
ajfa-12382	72	23	and	and	CCONJ
ajfa-12382	72	24	political	political	ADJ
ajfa-12382	72	25	objectives	objective	NOUN
ajfa-12382	72	26	such	such	ADJ
ajfa-12382	72	27	as	as	ADP
ajfa-12382	72	28	maintaining	maintain	VERB
ajfa-12382	72	29	employment	employment	NOUN
ajfa-12382	72	30	,	,	PUNCT
ajfa-12382	72	31	the	the	DET
ajfa-12382	72	32	number	number	NOUN
ajfa-12382	72	33	of	of	ADP
ajfa-12382	72	34	bankruptcies	bankruptcy	NOUN
ajfa-12382	72	35	was	be	AUX
ajfa-12382	72	36	very	very	ADV
ajfa-12382	72	37	low	low	ADJ
ajfa-12382	72	38	compared	compare	VERB
ajfa-12382	72	39	to	to	ADP
ajfa-12382	72	40	international	international	ADJ
ajfa-12382	72	41	standards	standard	NOUN
ajfa-12382	72	42	(	(	PUNCT
ajfa-12382	72	43	cao	cao	NOUN
ajfa-12382	72	44	,	,	PUNCT
ajfa-12382	72	45	1998	1998	NUM
ajfa-12382	72	46	)	)	PUNCT
ajfa-12382	72	47	.	.	PUNCT
ajfa-12382	73	1	a	a	DET
ajfa-12382	73	2	new	new	ADJ
ajfa-12382	73	3	corporate	corporate	ADJ
ajfa-12382	73	4	bankruptcy	bankruptcy	NOUN
ajfa-12382	73	5	law	law	NOUN
ajfa-12382	73	6	was	be	AUX
ajfa-12382	73	7	enacted	enact	VERB
ajfa-12382	73	8	in	in	ADP
ajfa-12382	73	9	2007	2007	NUM
ajfa-12382	73	10	,	,	PUNCT
ajfa-12382	73	11	which	which	PRON
ajfa-12382	73	12	applied	apply	VERB
ajfa-12382	73	13	to	to	ADP
ajfa-12382	73	14	soes	soe	NOUN
ajfa-12382	73	15	,	,	PUNCT
ajfa-12382	73	16	foreign	foreign	ADJ
ajfa-12382	73	17	investment	investment	NOUN
ajfa-12382	73	18	enterprises	enterprise	NOUN
ajfa-12382	73	19	,	,	PUNCT
ajfa-12382	73	20	and	and	CCONJ
ajfa-12382	73	21	domestic	domestic	ADJ
ajfa-12382	73	22	companies	company	NOUN
ajfa-12382	73	23	.	.	PUNCT
ajfa-12382	74	1	yet	yet	ADV
ajfa-12382	74	2	,	,	PUNCT
ajfa-12382	74	3	tomasic	tomasic	PROPN
ajfa-12382	74	4	and	and	CCONJ
ajfa-12382	74	5	zhang	zhang	PROPN
ajfa-12382	74	6	(	(	PUNCT
ajfa-12382	74	7	2012	2012	NUM
ajfa-12382	74	8	)	)	PUNCT
ajfa-12382	74	9	note	note	NOUN
ajfa-12382	74	10	that	that	PRON
ajfa-12382	74	11	china‟s	china‟	VERB
ajfa-12382	74	12	bankruptcy	bankruptcy	NOUN
ajfa-12382	74	13	judges	judge	NOUN
ajfa-12382	74	14	are	be	AUX
ajfa-12382	74	15	extremely	extremely	ADV
ajfa-12382	74	16	cautious	cautious	ADJ
ajfa-12382	74	17	in	in	ADP
ajfa-12382	74	18	the	the	DET
ajfa-12382	74	19	implementation	implementation	NOUN
ajfa-12382	74	20	of	of	ADP
ajfa-12382	74	21	the	the	DET
ajfa-12382	74	22	new	new	ADJ
ajfa-12382	74	23	law‟s	law‟s	NUM
ajfa-12382	74	24	reorganization	reorganization	NOUN
ajfa-12382	74	25	provisions	provision	NOUN
ajfa-12382	74	26	due	due	ADP
ajfa-12382	74	27	to	to	ADP
ajfa-12382	74	28	the	the	DET
ajfa-12382	74	29	political	political	ADJ
ajfa-12382	74	30	considerations	consideration	NOUN
ajfa-12382	74	31	.	.	PUNCT
ajfa-12382	75	1	the	the	DET
ajfa-12382	75	2	establishment	establishment	NOUN
ajfa-12382	75	3	of	of	ADP
ajfa-12382	75	4	the	the	DET
ajfa-12382	75	5	two	two	NUM
ajfa-12382	75	6	stock	stock	NOUN
ajfa-12382	75	7	exchanges	exchange	NOUN
ajfa-12382	75	8	was	be	AUX
ajfa-12382	75	9	an	an	DET
ajfa-12382	75	10	important	important	ADJ
ajfa-12382	75	11	milestone	milestone	NOUN
ajfa-12382	75	12	toward	toward	ADP
ajfa-12382	75	13	the	the	DET
ajfa-12382	75	14	development	development	NOUN
ajfa-12382	75	15	and	and	CCONJ
ajfa-12382	75	16	implementation	implementation	NOUN
ajfa-12382	75	17	of	of	ADP
ajfa-12382	75	18	the	the	DET
ajfa-12382	75	19	rule	rule	NOUN
ajfa-12382	75	20	of	of	ADP
ajfa-12382	75	21	law	law	NOUN
ajfa-12382	75	22	and	and	CCONJ
ajfa-12382	75	23	in	in	ADP
ajfa-12382	75	24	securing	secure	VERB
ajfa-12382	75	25	property	property	NOUN
ajfa-12382	75	26	rights	right	NOUN
ajfa-12382	75	27	for	for	ADP
ajfa-12382	75	28	private	private	ADJ
ajfa-12382	75	29	enterprises	enterprise	NOUN
ajfa-12382	75	30	.	.	PUNCT
ajfa-12382	76	1	yet	yet	ADV
ajfa-12382	76	2	,	,	PUNCT
ajfa-12382	76	3	in	in	ADP
ajfa-12382	76	4	the	the	DET
ajfa-12382	76	5	early	early	ADJ
ajfa-12382	76	6	1990s	1990	NOUN
ajfa-12382	76	7	,	,	PUNCT
ajfa-12382	76	8	local	local	ADJ
ajfa-12382	76	9	leaders	leader	NOUN
ajfa-12382	76	10	retained	retain	VERB
ajfa-12382	76	11	a	a	DET
ajfa-12382	76	12	significant	significant	ADJ
ajfa-12382	76	13	influence	influence	NOUN
ajfa-12382	76	14	over	over	ADP
ajfa-12382	76	15	the	the	DET
ajfa-12382	76	16	listing	listing	NOUN
ajfa-12382	76	17	process	process	NOUN
ajfa-12382	76	18	and	and	CCONJ
ajfa-12382	76	19	the	the	DET
ajfa-12382	76	20	enforcement	enforcement	NOUN
ajfa-12382	76	21	of	of	ADP
ajfa-12382	76	22	secondary	secondary	ADJ
ajfa-12382	76	23	market	market	NOUN
ajfa-12382	76	24	regulation	regulation	NOUN
ajfa-12382	76	25	,	,	PUNCT
ajfa-12382	76	26	but	but	CCONJ
ajfa-12382	76	27	in	in	ADP
ajfa-12382	76	28	the	the	DET
ajfa-12382	76	29	late	late	ADJ
ajfa-12382	76	30	1990s	1990	NOUN
ajfa-12382	76	31	,	,	PUNCT
ajfa-12382	76	32	the	the	DET
ajfa-12382	76	33	china	china	PROPN
ajfa-12382	76	34	security	security	PROPN
ajfa-12382	76	35	regulatory	regulatory	ADJ
ajfa-12382	76	36	commission	commission	NOUN
ajfa-12382	76	37	(	(	PUNCT
ajfa-12382	76	38	csrc	csrc	PROPN
ajfa-12382	76	39	)	)	PUNCT
ajfa-12382	76	40	was	be	AUX
ajfa-12382	76	41	able	able	ADJ
ajfa-12382	76	42	to	to	PART
ajfa-12382	76	43	consolidate	consolidate	VERB
ajfa-12382	76	44	its	its	PRON
ajfa-12382	76	45	influence	influence	NOUN
ajfa-12382	76	46	.	.	PUNCT
ajfa-12382	77	1	the	the	DET
ajfa-12382	77	2	stock	stock	NOUN
ajfa-12382	77	3	market	market	NOUN
ajfa-12382	77	4	regained	regain	VERB
ajfa-12382	77	5	the	the	DET
ajfa-12382	77	6	confidence	confidence	NOUN
ajfa-12382	77	7	of	of	ADP
ajfa-12382	77	8	public	public	ADJ
ajfa-12382	77	9	investors	investor	NOUN
ajfa-12382	77	10	and	and	CCONJ
ajfa-12382	77	11	has	have	AUX
ajfa-12382	77	12	enjoyed	enjoy	VERB
ajfa-12382	77	13	rapid	rapid	ADJ
ajfa-12382	77	14	expansion	expansion	NOUN
ajfa-12382	77	15	since	since	SCONJ
ajfa-12382	77	16	then	then	ADV
ajfa-12382	77	17	.	.	PUNCT
ajfa-12382	78	1	csrc	csrc	PROPN
ajfa-12382	78	2	is	be	AUX
ajfa-12382	78	3	responsible	responsible	ADJ
ajfa-12382	78	4	for	for	ADP
ajfa-12382	78	5	monitoring	monitor	VERB
ajfa-12382	78	6	stock	stock	NOUN
ajfa-12382	78	7	exchange	exchange	NOUN
ajfa-12382	78	8	activities	activity	NOUN
ajfa-12382	78	9	and	and	CCONJ
ajfa-12382	78	10	its	its	PRON
ajfa-12382	78	11	main	main	ADJ
ajfa-12382	78	12	asian	asian	ADJ
ajfa-12382	78	13	journal	journal	NOUN
ajfa-12382	78	14	of	of	ADP
ajfa-12382	78	15	finance	finance	PROPN
ajfa-12382	78	16	&	&	CCONJ
ajfa-12382	78	17	accounting	accounting	PROPN
ajfa-12382	79	1	issn	issn	PROPN
ajfa-12382	79	2	1946	1946	NUM
ajfa-12382	79	3	-	-	PUNCT
ajfa-12382	79	4	052x	052x	PROPN
ajfa-12382	79	5	2017	2017	NUM
ajfa-12382	79	6	,	,	PUNCT
ajfa-12382	79	7	vol	vol	NOUN
ajfa-12382	79	8	.	.	NOUN
ajfa-12382	79	9	9	9	NUM
ajfa-12382	79	10	,	,	PUNCT
ajfa-12382	79	11	no	no	INTJ
ajfa-12382	79	12	.	.	NOUN
ajfa-12382	79	13	2	2	NUM
ajfa-12382	79	14	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	79	15	357	357	NUM
ajfa-12382	79	16	objective	objective	NOUN
ajfa-12382	79	17	is	be	AUX
ajfa-12382	79	18	to	to	PART
ajfa-12382	79	19	protect	protect	VERB
ajfa-12382	79	20	investors	investor	NOUN
ajfa-12382	79	21	.	.	PUNCT
ajfa-12382	80	1	from	from	ADP
ajfa-12382	80	2	time	time	NOUN
ajfa-12382	80	3	to	to	ADP
ajfa-12382	80	4	time	time	NOUN
ajfa-12382	80	5	,	,	PUNCT
ajfa-12382	80	6	the	the	DET
ajfa-12382	80	7	csrc	csrc	NOUN
ajfa-12382	80	8	,	,	PUNCT
ajfa-12382	80	9	along	along	ADP
ajfa-12382	80	10	with	with	ADP
ajfa-12382	80	11	other	other	ADJ
ajfa-12382	80	12	authorities	authority	NOUN
ajfa-12382	80	13	,	,	PUNCT
ajfa-12382	80	14	has	have	AUX
ajfa-12382	80	15	issued	issue	VERB
ajfa-12382	80	16	supplemental	supplemental	ADJ
ajfa-12382	80	17	regulations	regulation	NOUN
ajfa-12382	80	18	,	,	PUNCT
ajfa-12382	80	19	administrative	administrative	ADJ
ajfa-12382	80	20	rules	rule	NOUN
ajfa-12382	80	21	,	,	PUNCT
ajfa-12382	80	22	guidelines	guideline	NOUN
ajfa-12382	80	23	and	and	CCONJ
ajfa-12382	80	24	codes	code	NOUN
ajfa-12382	80	25	(	(	PUNCT
ajfa-12382	80	26	e.g.	e.g.	ADV
ajfa-12382	80	27	the	the	DET
ajfa-12382	80	28	provisional	provisional	ADJ
ajfa-12382	80	29	regulations	regulation	NOUN
ajfa-12382	80	30	on	on	ADP
ajfa-12382	80	31	public	public	ADJ
ajfa-12382	80	32	offering	offering	NOUN
ajfa-12382	80	33	and	and	CCONJ
ajfa-12382	80	34	trading	trading	NOUN
ajfa-12382	80	35	,	,	PUNCT
ajfa-12382	80	36	and	and	CCONJ
ajfa-12382	80	37	the	the	DET
ajfa-12382	80	38	measures	measure	NOUN
ajfa-12382	80	39	on	on	ADP
ajfa-12382	80	40	the	the	DET
ajfa-12382	80	41	administration	administration	NOUN
ajfa-12382	80	42	of	of	ADP
ajfa-12382	80	43	futures	future	NOUN
ajfa-12382	80	44	exchanges	exchange	NOUN
ajfa-12382	80	45	)	)	PUNCT
ajfa-12382	80	46	.	.	PUNCT
ajfa-12382	81	1	in	in	ADP
ajfa-12382	81	2	2001	2001	NUM
ajfa-12382	81	3	,	,	PUNCT
ajfa-12382	81	4	the	the	DET
ajfa-12382	81	5	china	china	PROPN
ajfa-12382	81	6	security	security	PROPN
ajfa-12382	81	7	regulatory	regulatory	ADJ
ajfa-12382	81	8	commission	commission	NOUN
ajfa-12382	81	9	(	(	PUNCT
ajfa-12382	81	10	csrc	csrc	PROPN
ajfa-12382	81	11	)	)	PUNCT
ajfa-12382	81	12	formulated	formulate	VERB
ajfa-12382	81	13	some	some	DET
ajfa-12382	81	14	basic	basic	ADJ
ajfa-12382	81	15	norms	norm	NOUN
ajfa-12382	81	16	of	of	ADP
ajfa-12382	81	17	corporate	corporate	ADJ
ajfa-12382	81	18	governance	governance	NOUN
ajfa-12382	81	19	,	,	PUNCT
ajfa-12382	81	20	aiming	aim	VERB
ajfa-12382	81	21	at	at	ADP
ajfa-12382	81	22	protecting	protect	VERB
ajfa-12382	81	23	minority	minority	NOUN
ajfa-12382	81	24	shareholders	shareholder	NOUN
ajfa-12382	81	25	from	from	ADP
ajfa-12382	81	26	controlling	control	VERB
ajfa-12382	81	27	shareholders‟	shareholders‟	NOUN
ajfa-12382	81	28	expropriation	expropriation	NOUN
ajfa-12382	81	29	.	.	PUNCT
ajfa-12382	82	1	the	the	DET
ajfa-12382	82	2	guideline	guideline	NOUN
ajfa-12382	82	3	also	also	ADV
ajfa-12382	82	4	discourages	discourage	VERB
ajfa-12382	82	5	the	the	DET
ajfa-12382	82	6	combination	combination	NOUN
ajfa-12382	82	7	of	of	ADP
ajfa-12382	82	8	the	the	DET
ajfa-12382	82	9	positions	position	NOUN
ajfa-12382	82	10	of	of	ADP
ajfa-12382	82	11	chairperson	chairperson	NOUN
ajfa-12382	82	12	of	of	ADP
ajfa-12382	82	13	the	the	DET
ajfa-12382	82	14	board	board	NOUN
ajfa-12382	82	15	of	of	ADP
ajfa-12382	82	16	directors	director	NOUN
ajfa-12382	82	17	and	and	CCONJ
ajfa-12382	82	18	general	general	ADJ
ajfa-12382	82	19	manager	manager	NOUN
ajfa-12382	82	20	(	(	PUNCT
ajfa-12382	82	21	ceo	ceo	NOUN
ajfa-12382	82	22	duality	duality	NOUN
ajfa-12382	82	23	)	)	PUNCT
ajfa-12382	82	24	.	.	PUNCT
ajfa-12382	83	1	in	in	ADP
ajfa-12382	83	2	2002	2002	NUM
ajfa-12382	83	3	,	,	PUNCT
ajfa-12382	83	4	a	a	DET
ajfa-12382	83	5	code	code	NOUN
ajfa-12382	83	6	of	of	ADP
ajfa-12382	83	7	corporate	corporate	ADJ
ajfa-12382	83	8	governance	governance	NOUN
ajfa-12382	83	9	for	for	ADP
ajfa-12382	83	10	listed	list	VERB
ajfa-12382	83	11	companies	company	NOUN
ajfa-12382	83	12	was	be	AUX
ajfa-12382	83	13	formulated	formulate	VERB
ajfa-12382	83	14	for	for	ADP
ajfa-12382	83	15	the	the	DET
ajfa-12382	83	16	first	first	ADJ
ajfa-12382	83	17	time	time	NOUN
ajfa-12382	83	18	by	by	ADP
ajfa-12382	83	19	the	the	DET
ajfa-12382	83	20	csrc	csrc	NOUN
ajfa-12382	83	21	.	.	PUNCT
ajfa-12382	84	1	this	this	DET
ajfa-12382	84	2	prescribed	prescribe	VERB
ajfa-12382	84	3	basic	basic	ADJ
ajfa-12382	84	4	principles	principle	NOUN
ajfa-12382	84	5	for	for	ADP
ajfa-12382	84	6	the	the	DET
ajfa-12382	84	7	protection	protection	NOUN
ajfa-12382	84	8	of	of	ADP
ajfa-12382	84	9	investors‟	investors‟	PROPN
ajfa-12382	84	10	rights	right	NOUN
ajfa-12382	84	11	,	,	PUNCT
ajfa-12382	84	12	as	as	ADV
ajfa-12382	84	13	well	well	ADV
ajfa-12382	84	14	as	as	ADP
ajfa-12382	84	15	basic	basic	ADJ
ajfa-12382	84	16	rules	rule	NOUN
ajfa-12382	84	17	and	and	CCONJ
ajfa-12382	84	18	standards	standard	NOUN
ajfa-12382	84	19	for	for	ADP
ajfa-12382	84	20	directors	director	NOUN
ajfa-12382	84	21	,	,	PUNCT
ajfa-12382	84	22	supervisors	supervisor	NOUN
ajfa-12382	84	23	,	,	PUNCT
ajfa-12382	84	24	and	and	CCONJ
ajfa-12382	84	25	senior	senior	ADJ
ajfa-12382	84	26	management	management	NOUN
ajfa-12382	84	27	.	.	PUNCT
ajfa-12382	85	1	the	the	DET
ajfa-12382	85	2	code	code	NOUN
ajfa-12382	85	3	was	be	AUX
ajfa-12382	85	4	intended	intend	VERB
ajfa-12382	85	5	to	to	PART
ajfa-12382	85	6	be	be	AUX
ajfa-12382	85	7	the	the	DET
ajfa-12382	85	8	major	major	ADJ
ajfa-12382	85	9	measuring	measure	VERB
ajfa-12382	85	10	standard	standard	NOUN
ajfa-12382	85	11	for	for	ADP
ajfa-12382	85	12	the	the	DET
ajfa-12382	85	13	evaluation	evaluation	NOUN
ajfa-12382	85	14	of	of	ADP
ajfa-12382	85	15	listed	list	VERB
ajfa-12382	85	16	companies‟	companies‟	PRON
ajfa-12382	85	17	corporate	corporate	ADJ
ajfa-12382	85	18	governance	governance	NOUN
ajfa-12382	85	19	structure	structure	NOUN
ajfa-12382	85	20	.	.	PUNCT
ajfa-12382	86	1	2.3	2.3	NUM
ajfa-12382	86	2	.	.	PUNCT
ajfa-12382	86	3	ownership	ownership	NOUN
ajfa-12382	86	4	structure	structure	NOUN
ajfa-12382	86	5	until	until	ADP
ajfa-12382	86	6	2005	2005	NUM
ajfa-12382	86	7	,	,	PUNCT
ajfa-12382	86	8	chinese	chinese	ADJ
ajfa-12382	86	9	corporations	corporation	NOUN
ajfa-12382	86	10	could	could	AUX
ajfa-12382	86	11	issue	issue	VERB
ajfa-12382	86	12	non	non	ADJ
ajfa-12382	86	13	-	-	ADJ
ajfa-12382	86	14	tradable	tradable	ADJ
ajfa-12382	86	15	and	and	CCONJ
ajfa-12382	86	16	tradable	tradable	ADJ
ajfa-12382	86	17	shares	share	NOUN
ajfa-12382	86	18	.	.	PUNCT
ajfa-12382	87	1	thus	thus	ADV
ajfa-12382	87	2	,	,	PUNCT
ajfa-12382	87	3	the	the	DET
ajfa-12382	87	4	equity	equity	NOUN
ajfa-12382	87	5	structure	structure	NOUN
ajfa-12382	87	6	of	of	ADP
ajfa-12382	87	7	most	most	ADV
ajfa-12382	87	8	listed	list	VERB
ajfa-12382	87	9	companies	company	NOUN
ajfa-12382	87	10	was	be	AUX
ajfa-12382	87	11	segmented	segment	VERB
ajfa-12382	87	12	,	,	PUNCT
ajfa-12382	87	13	being	be	AUX
ajfa-12382	87	14	characterized	characterize	VERB
ajfa-12382	87	15	by	by	ADP
ajfa-12382	87	16	the	the	DET
ajfa-12382	87	17	co	co	NOUN
ajfa-12382	87	18	-	-	ADJ
ajfa-12382	87	19	existing	exist	VERB
ajfa-12382	87	20	of	of	ADP
ajfa-12382	87	21	exchange	exchange	NOUN
ajfa-12382	87	22	-	-	PUNCT
ajfa-12382	87	23	tradable	tradable	ADJ
ajfa-12382	87	24	shares	share	NOUN
ajfa-12382	87	25	held	hold	VERB
ajfa-12382	87	26	mainly	mainly	ADV
ajfa-12382	87	27	by	by	ADP
ajfa-12382	87	28	public	public	ADJ
ajfa-12382	87	29	investors	investor	NOUN
ajfa-12382	87	30	,	,	PUNCT
ajfa-12382	87	31	and	and	CCONJ
ajfa-12382	87	32	largely	largely	ADV
ajfa-12382	87	33	stated	state	VERB
ajfa-12382	87	34	-	-	PUNCT
ajfa-12382	87	35	owned	own	VERB
ajfa-12382	87	36	nontradable	nontradable	ADJ
ajfa-12382	87	37	shares	share	NOUN
ajfa-12382	87	38	,	,	PUNCT
ajfa-12382	87	39	which	which	PRON
ajfa-12382	87	40	could	could	AUX
ajfa-12382	87	41	only	only	ADV
ajfa-12382	87	42	be	be	AUX
ajfa-12382	87	43	transferred	transfer	VERB
ajfa-12382	87	44	through	through	ADP
ajfa-12382	87	45	negotiation	negotiation	NOUN
ajfa-12382	87	46	among	among	ADP
ajfa-12382	87	47	designated	designate	VERB
ajfa-12382	87	48	parties	party	NOUN
ajfa-12382	87	49	.	.	PUNCT
ajfa-12382	88	1	this	this	DET
ajfa-12382	88	2	structure	structure	NOUN
ajfa-12382	88	3	stemmed	stem	VERB
ajfa-12382	88	4	mainly	mainly	ADV
ajfa-12382	88	5	from	from	ADP
ajfa-12382	88	6	a	a	DET
ajfa-12382	88	7	lack	lack	NOUN
ajfa-12382	88	8	of	of	ADP
ajfa-12382	88	9	consensus	consensus	NOUN
ajfa-12382	88	10	among	among	ADP
ajfa-12382	88	11	policy	policy	NOUN
ajfa-12382	88	12	-	-	PUNCT
ajfa-12382	88	13	makers	maker	NOUN
ajfa-12382	88	14	on	on	ADP
ajfa-12382	88	15	the	the	DET
ajfa-12382	88	16	corporate	corporate	ADJ
ajfa-12382	88	17	shareholding	shareholding	NOUN
ajfa-12382	88	18	structure	structure	NOUN
ajfa-12382	88	19	in	in	ADP
ajfa-12382	88	20	the	the	DET
ajfa-12382	88	21	early	early	ADJ
ajfa-12382	88	22	years	year	NOUN
ajfa-12382	88	23	,	,	PUNCT
ajfa-12382	88	24	a	a	DET
ajfa-12382	88	25	lack	lack	NOUN
ajfa-12382	88	26	of	of	ADP
ajfa-12382	88	27	clarity	clarity	NOUN
ajfa-12382	88	28	over	over	ADP
ajfa-12382	88	29	the	the	DET
ajfa-12382	88	30	role	role	NOUN
ajfa-12382	88	31	and	and	CCONJ
ajfa-12382	88	32	functions	function	NOUN
ajfa-12382	88	33	of	of	ADP
ajfa-12382	88	34	the	the	DET
ajfa-12382	88	35	securities	security	NOUN
ajfa-12382	88	36	market	market	NOUN
ajfa-12382	88	37	,	,	PUNCT
ajfa-12382	88	38	and	and	CCONJ
ajfa-12382	88	39	a	a	DET
ajfa-12382	88	40	lack	lack	NOUN
ajfa-12382	88	41	of	of	ADP
ajfa-12382	88	42	awareness	awareness	NOUN
ajfa-12382	88	43	of	of	ADP
ajfa-12382	88	44	how	how	SCONJ
ajfa-12382	88	45	to	to	PART
ajfa-12382	88	46	manage	manage	VERB
ajfa-12382	88	47	state	state	NOUN
ajfa-12382	88	48	assets	asset	NOUN
ajfa-12382	88	49	through	through	ADP
ajfa-12382	88	50	capital	capital	NOUN
ajfa-12382	88	51	markets	market	NOUN
ajfa-12382	88	52	.	.	PUNCT
ajfa-12382	89	1	chinese	chinese	ADJ
ajfa-12382	89	2	corporations	corporation	NOUN
ajfa-12382	89	3	typically	typically	ADV
ajfa-12382	89	4	issue	issue	VERB
ajfa-12382	89	5	non	non	ADJ
ajfa-12382	89	6	-	-	ADJ
ajfa-12382	89	7	tradable	tradable	ADJ
ajfa-12382	89	8	shares	share	NOUN
ajfa-12382	89	9	to	to	ADP
ajfa-12382	89	10	soes	soe	NOUN
ajfa-12382	89	11	,	,	PUNCT
ajfa-12382	89	12	and	and	CCONJ
ajfa-12382	89	13	other	other	ADJ
ajfa-12382	89	14	state	state	NOUN
ajfa-12382	89	15	owned	own	VERB
ajfa-12382	89	16	legal	legal	ADJ
ajfa-12382	89	17	persons	person	NOUN
ajfa-12382	89	18	and	and	CCONJ
ajfa-12382	89	19	tradable	tradable	ADJ
ajfa-12382	89	20	shares	share	NOUN
ajfa-12382	89	21	to	to	ADP
ajfa-12382	89	22	public	public	ADJ
ajfa-12382	89	23	investors	investor	NOUN
ajfa-12382	89	24	.	.	PUNCT
ajfa-12382	90	1	chinese	chinese	ADJ
ajfa-12382	90	2	listed	list	VERB
ajfa-12382	90	3	firms	firm	NOUN
ajfa-12382	90	4	have	have	AUX
ajfa-12382	90	5	traditionally	traditionally	ADV
ajfa-12382	90	6	issued	issue	VERB
ajfa-12382	90	7	four	four	NUM
ajfa-12382	90	8	types	type	NOUN
ajfa-12382	90	9	of	of	ADP
ajfa-12382	90	10	tradable	tradable	ADJ
ajfa-12382	90	11	shares	share	NOUN
ajfa-12382	90	12	;	;	PUNCT
ajfa-12382	90	13	each	each	PRON
ajfa-12382	90	14	with	with	ADP
ajfa-12382	90	15	its	its	PRON
ajfa-12382	90	16	own	own	ADJ
ajfa-12382	90	17	unique	unique	ADJ
ajfa-12382	90	18	characteristics	characteristic	NOUN
ajfa-12382	90	19	.	.	PUNCT
ajfa-12382	91	1	china‟s	china‟	VERB
ajfa-12382	91	2	mainland	mainland	NOUN
ajfa-12382	91	3	companies	company	NOUN
ajfa-12382	91	4	issue	issue	VERB
ajfa-12382	91	5	a	a	DET
ajfa-12382	91	6	-	-	PUNCT
ajfa-12382	91	7	share	share	NOUN
ajfa-12382	91	8	and	and	CCONJ
ajfa-12382	91	9	b	b	NOUN
ajfa-12382	91	10	-	-	PUNCT
ajfa-12382	91	11	share	share	NOUN
ajfa-12382	91	12	in	in	ADP
ajfa-12382	91	13	shanghai	shanghai	PROPN
ajfa-12382	91	14	and	and	CCONJ
ajfa-12382	91	15	shenzhen	shenzhen	PROPN
ajfa-12382	91	16	.	.	PUNCT
ajfa-12382	92	1	a	a	DET
ajfa-12382	92	2	-	-	PUNCT
ajfa-12382	92	3	shares	share	NOUN
ajfa-12382	92	4	are	be	AUX
ajfa-12382	92	5	denominated	denominate	VERB
ajfa-12382	92	6	in	in	ADP
ajfa-12382	92	7	local	local	ADJ
ajfa-12382	92	8	currency	currency	NOUN
ajfa-12382	92	9	(	(	PUNCT
ajfa-12382	92	10	rmb	rmb	NOUN
ajfa-12382	92	11	)	)	PUNCT
ajfa-12382	92	12	mainly	mainly	ADV
ajfa-12382	92	13	for	for	ADP
ajfa-12382	92	14	the	the	DET
ajfa-12382	92	15	domestic	domestic	ADJ
ajfa-12382	92	16	investors	investor	NOUN
ajfa-12382	92	17	.	.	PUNCT
ajfa-12382	93	1	b	b	X
ajfa-12382	93	2	-	-	PUNCT
ajfa-12382	93	3	shares	share	NOUN
ajfa-12382	93	4	which	which	PRON
ajfa-12382	93	5	are	be	AUX
ajfa-12382	93	6	traded	trade	VERB
ajfa-12382	93	7	in	in	ADP
ajfa-12382	93	8	u.s	u.s	PROPN
ajfa-12382	93	9	.	.	PROPN
ajfa-12382	93	10	dollars	dollar	NOUN
ajfa-12382	93	11	are	be	AUX
ajfa-12382	93	12	mainly	mainly	ADV
ajfa-12382	93	13	for	for	ADP
ajfa-12382	93	14	overseas	overseas	ADJ
ajfa-12382	93	15	investors	investor	NOUN
ajfa-12382	93	16	.	.	PUNCT
ajfa-12382	94	1	mainland	mainland	NOUN
ajfa-12382	94	2	companies	company	NOUN
ajfa-12382	94	3	issue	issue	VERB
ajfa-12382	94	4	h	h	NOUN
ajfa-12382	94	5	-	-	PUNCT
ajfa-12382	94	6	share	share	NOUN
ajfa-12382	94	7	in	in	ADP
ajfa-12382	94	8	hong	hong	PROPN
ajfa-12382	94	9	kong	kong	PROPN
ajfa-12382	94	10	,	,	PUNCT
ajfa-12382	94	11	and	and	CCONJ
ajfa-12382	94	12	n	n	CCONJ
ajfa-12382	94	13	-	-	PUNCT
ajfa-12382	94	14	shares	share	NOUN
ajfa-12382	94	15	(	(	PUNCT
ajfa-12382	94	16	american	american	ADJ
ajfa-12382	94	17	depository	depository	NOUN
ajfa-12382	94	18	receipts	receipt	NOUN
ajfa-12382	94	19	adrs	adr	NOUN
ajfa-12382	94	20	)	)	PUNCT
ajfa-12382	94	21	in	in	ADP
ajfa-12382	94	22	the	the	DET
ajfa-12382	94	23	us	us	PROPN
ajfa-12382	94	24	.	.	PUNCT
ajfa-12382	95	1	before	before	ADP
ajfa-12382	95	2	the	the	DET
ajfa-12382	95	3	2005	2005	NUM
ajfa-12382	95	4	reform	reform	NOUN
ajfa-12382	95	5	,	,	PUNCT
ajfa-12382	95	6	only	only	ADV
ajfa-12382	95	7	one	one	NUM
ajfa-12382	95	8	third	third	NOUN
ajfa-12382	95	9	of	of	ADP
ajfa-12382	95	10	total	total	ADJ
ajfa-12382	95	11	shares	share	NOUN
ajfa-12382	95	12	issued	issue	VERB
ajfa-12382	95	13	by	by	ADP
ajfa-12382	95	14	the	the	DET
ajfa-12382	95	15	companies	company	NOUN
ajfa-12382	95	16	were	be	AUX
ajfa-12382	95	17	tradable	tradable	ADJ
ajfa-12382	95	18	.	.	PUNCT
ajfa-12382	96	1	the	the	DET
ajfa-12382	96	2	rest	rest	NOUN
ajfa-12382	96	3	were	be	AUX
ajfa-12382	96	4	non	non	ADJ
ajfa-12382	96	5	-	-	ADJ
ajfa-12382	96	6	tradable	tradable	ADJ
ajfa-12382	96	7	,	,	PUNCT
ajfa-12382	96	8	which	which	PRON
ajfa-12382	96	9	significantly	significantly	ADV
ajfa-12382	96	10	affected	affect	VERB
ajfa-12382	96	11	the	the	DET
ajfa-12382	96	12	liquidity	liquidity	NOUN
ajfa-12382	96	13	of	of	ADP
ajfa-12382	96	14	the	the	DET
ajfa-12382	96	15	china‟s	china‟	VERB
ajfa-12382	96	16	stock	stock	NOUN
ajfa-12382	96	17	markets	market	NOUN
ajfa-12382	96	18	.	.	PUNCT
ajfa-12382	97	1	2.3.1	2.3.1	X
ajfa-12382	97	2	.	.	PUNCT
ajfa-12382	98	1	the	the	DET
ajfa-12382	98	2	2005	2005	NUM
ajfa-12382	98	3	split	split	ADJ
ajfa-12382	98	4	share	share	NOUN
ajfa-12382	98	5	structure	structure	NOUN
ajfa-12382	98	6	reform	reform	NOUN
ajfa-12382	98	7	in	in	ADP
ajfa-12382	98	8	2005	2005	NUM
ajfa-12382	98	9	,	,	PUNCT
ajfa-12382	98	10	the	the	DET
ajfa-12382	98	11	csrc	csrc	NOUN
ajfa-12382	98	12	launched	launch	VERB
ajfa-12382	98	13	trial	trial	NOUN
ajfa-12382	98	14	reforms	reform	NOUN
ajfa-12382	98	15	of	of	ADP
ajfa-12382	98	16	non	non	ADJ
ajfa-12382	98	17	-	-	ADJ
ajfa-12382	98	18	tradable	tradable	ADJ
ajfa-12382	98	19	shares	share	NOUN
ajfa-12382	98	20	(	(	PUNCT
ajfa-12382	98	21	referred	refer	VERB
ajfa-12382	98	22	to	to	AUX
ajfa-12382	98	23	hereafter	hereafter	ADV
ajfa-12382	98	24	as	as	ADP
ajfa-12382	98	25	the	the	DET
ajfa-12382	98	26	reform	reform	NOUN
ajfa-12382	98	27	)	)	PUNCT
ajfa-12382	98	28	,	,	PUNCT
ajfa-12382	98	29	with	with	ADP
ajfa-12382	98	30	the	the	DET
ajfa-12382	98	31	objective	objective	NOUN
ajfa-12382	98	32	of	of	ADP
ajfa-12382	98	33	releasing	release	VERB
ajfa-12382	98	34	the	the	DET
ajfa-12382	98	35	market	market	NOUN
ajfa-12382	98	36	from	from	ADP
ajfa-12382	98	37	the	the	DET
ajfa-12382	98	38	historical	historical	ADJ
ajfa-12382	98	39	hangover	hangover	NOUN
ajfa-12382	98	40	that	that	PRON
ajfa-12382	98	41	afflicted	afflict	VERB
ajfa-12382	98	42	it	it	PRON
ajfa-12382	98	43	,	,	PUNCT
ajfa-12382	98	44	and	and	CCONJ
ajfa-12382	98	45	better	well	ADV
ajfa-12382	98	46	protecting	protect	VERB
ajfa-12382	98	47	the	the	DET
ajfa-12382	98	48	investors	investor	NOUN
ajfa-12382	98	49	.	.	PUNCT
ajfa-12382	99	1	following	follow	VERB
ajfa-12382	99	2	the	the	DET
ajfa-12382	99	3	positive	positive	ADJ
ajfa-12382	99	4	results	result	NOUN
ajfa-12382	99	5	of	of	ADP
ajfa-12382	99	6	the	the	DET
ajfa-12382	99	7	trial	trial	NOUN
ajfa-12382	99	8	,	,	PUNCT
ajfa-12382	99	9	a	a	DET
ajfa-12382	99	10	full	full	ADJ
ajfa-12382	99	11	-	-	PUNCT
ajfa-12382	99	12	scale	scale	NOUN
ajfa-12382	99	13	reform	reform	NOUN
ajfa-12382	99	14	campaign	campaign	NOUN
ajfa-12382	99	15	was	be	AUX
ajfa-12382	99	16	soon	soon	ADV
ajfa-12382	99	17	carried	carry	VERB
ajfa-12382	99	18	out	out	ADP
ajfa-12382	99	19	among	among	ADP
ajfa-12382	99	20	listed	list	VERB
ajfa-12382	99	21	companies	company	NOUN
ajfa-12382	99	22	.	.	PUNCT
ajfa-12382	100	1	specifically	specifically	ADV
ajfa-12382	100	2	,	,	PUNCT
ajfa-12382	100	3	the	the	DET
ajfa-12382	100	4	non	non	ADJ
ajfa-12382	100	5	-	-	ADJ
ajfa-12382	100	6	tradable	tradable	ADJ
ajfa-12382	100	7	shares	share	NOUN
ajfa-12382	100	8	were	be	AUX
ajfa-12382	100	9	floated	float	VERB
ajfa-12382	100	10	through	through	ADP
ajfa-12382	100	11	the	the	DET
ajfa-12382	100	12	open	open	ADJ
ajfa-12382	100	13	markets	market	NOUN
ajfa-12382	100	14	.	.	PUNCT
ajfa-12382	101	1	the	the	DET
ajfa-12382	101	2	reform	reform	NOUN
ajfa-12382	101	3	aimed	aim	VERB
ajfa-12382	101	4	to	to	PART
ajfa-12382	101	5	gradually	gradually	ADV
ajfa-12382	101	6	eliminate	eliminate	VERB
ajfa-12382	101	7	the	the	DET
ajfa-12382	101	8	difference	difference	NOUN
ajfa-12382	101	9	between	between	ADP
ajfa-12382	101	10	the	the	DET
ajfa-12382	101	11	two	two	NUM
ajfa-12382	101	12	types	type	NOUN
ajfa-12382	101	13	of	of	ADP
ajfa-12382	101	14	shares	share	NOUN
ajfa-12382	101	15	and	and	CCONJ
ajfa-12382	101	16	to	to	PART
ajfa-12382	101	17	balance	balance	VERB
ajfa-12382	101	18	the	the	DET
ajfa-12382	101	19	interest	interest	NOUN
ajfa-12382	101	20	between	between	ADP
ajfa-12382	101	21	the	the	DET
ajfa-12382	101	22	two	two	NUM
ajfa-12382	101	23	categories	category	NOUN
ajfa-12382	101	24	of	of	ADP
ajfa-12382	101	25	shareholders	shareholder	NOUN
ajfa-12382	101	26	in	in	ADP
ajfa-12382	101	27	a	a	DET
ajfa-12382	101	28	market	market	NOUN
ajfa-12382	101	29	-	-	PUNCT
ajfa-12382	101	30	oriented	orient	VERB
ajfa-12382	101	31	way	way	NOUN
ajfa-12382	101	32	.	.	PUNCT
ajfa-12382	102	1	in	in	ADP
ajfa-12382	102	2	order	order	NOUN
ajfa-12382	102	3	to	to	PART
ajfa-12382	102	4	make	make	VERB
ajfa-12382	102	5	government	government	NOUN
ajfa-12382	102	6	-	-	PUNCT
ajfa-12382	102	7	owned	own	VERB
ajfa-12382	102	8	shares	share	NOUN
ajfa-12382	102	9	legally	legally	ADV
ajfa-12382	102	10	tradable	tradable	ADJ
ajfa-12382	102	11	,	,	PUNCT
ajfa-12382	102	12	state	state	NOUN
ajfa-12382	102	13	shareholders	shareholder	NOUN
ajfa-12382	102	14	were	be	AUX
ajfa-12382	102	15	required	require	VERB
ajfa-12382	102	16	to	to	PART
ajfa-12382	102	17	compensate	compensate	VERB
ajfa-12382	102	18	tradable	tradable	ADJ
ajfa-12382	102	19	shareholders	shareholder	NOUN
ajfa-12382	102	20	through	through	ADP
ajfa-12382	102	21	a	a	DET
ajfa-12382	102	22	share	share	NOUN
ajfa-12382	102	23	conversion	conversion	NOUN
ajfa-12382	102	24	process	process	NOUN
ajfa-12382	102	25	.	.	PUNCT
ajfa-12382	103	1	this	this	PRON
ajfa-12382	103	2	was	be	AUX
ajfa-12382	103	3	achieved	achieve	VERB
ajfa-12382	103	4	through	through	ADP
ajfa-12382	103	5	fair	fair	ADJ
ajfa-12382	103	6	negotiations	negotiation	NOUN
ajfa-12382	103	7	between	between	ADP
ajfa-12382	103	8	holders	holder	NOUN
ajfa-12382	103	9	of	of	ADP
ajfa-12382	103	10	non	non	ADJ
ajfa-12382	103	11	-	-	ADJ
ajfa-12382	103	12	tradable	tradable	ADJ
ajfa-12382	103	13	shares	share	NOUN
ajfa-12382	103	14	and	and	CCONJ
ajfa-12382	103	15	tradable	tradable	ADJ
ajfa-12382	103	16	shares	share	NOUN
ajfa-12382	103	17	.	.	PUNCT
ajfa-12382	104	1	the	the	DET
ajfa-12382	104	2	compensation	compensation	NOUN
ajfa-12382	104	3	was	be	AUX
ajfa-12382	104	4	decided	decide	VERB
ajfa-12382	104	5	at	at	ADP
ajfa-12382	104	6	asian	asian	ADJ
ajfa-12382	104	7	journal	journal	PROPN
ajfa-12382	104	8	of	of	ADP
ajfa-12382	104	9	finance	finance	PROPN
ajfa-12382	104	10	&	&	CCONJ
ajfa-12382	104	11	accounting	accounting	PROPN
ajfa-12382	104	12	issn	issn	PROPN
ajfa-12382	104	13	1946	1946	NUM
ajfa-12382	104	14	-	-	PUNCT
ajfa-12382	104	15	052x	052x	PROPN
ajfa-12382	104	16	2017	2017	NUM
ajfa-12382	104	17	,	,	PUNCT
ajfa-12382	104	18	vol	vol	NOUN
ajfa-12382	104	19	.	.	NOUN
ajfa-12382	105	1	9	9	NUM
ajfa-12382	105	2	,	,	PUNCT
ajfa-12382	105	3	no	no	NOUN
ajfa-12382	105	4	.	.	NOUN
ajfa-12382	105	5	2	2	NUM
ajfa-12382	105	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	105	7	358	358	NUM
ajfa-12382	105	8	shareholders‟	shareholders‟	NOUN
ajfa-12382	105	9	meetings	meeting	NOUN
ajfa-12382	105	10	,	,	PUNCT
ajfa-12382	105	11	without	without	ADP
ajfa-12382	105	12	any	any	DET
ajfa-12382	105	13	government	government	NOUN
ajfa-12382	105	14	intervention	intervention	NOUN
ajfa-12382	105	15	.	.	PUNCT
ajfa-12382	106	1	the	the	DET
ajfa-12382	106	2	reform	reform	NOUN
ajfa-12382	106	3	effectively	effectively	ADV
ajfa-12382	106	4	diluted	dilute	VERB
ajfa-12382	106	5	the	the	DET
ajfa-12382	106	6	government	government	NOUN
ajfa-12382	106	7	-	-	PUNCT
ajfa-12382	106	8	owned	own	VERB
ajfa-12382	106	9	share	share	NOUN
ajfa-12382	106	10	portion	portion	NOUN
ajfa-12382	106	11	,	,	PUNCT
ajfa-12382	106	12	attenuating	attenuate	VERB
ajfa-12382	106	13	government	government	NOUN
ajfa-12382	106	14	-	-	PUNCT
ajfa-12382	106	15	related	relate	VERB
ajfa-12382	106	16	agency	agency	NOUN
ajfa-12382	106	17	costs	cost	NOUN
ajfa-12382	106	18	.	.	PUNCT
ajfa-12382	107	1	as	as	ADP
ajfa-12382	107	2	of	of	ADP
ajfa-12382	107	3	december	december	PROPN
ajfa-12382	107	4	31	31	NUM
ajfa-12382	107	5	,	,	PUNCT
ajfa-12382	107	6	2007	2007	NUM
ajfa-12382	107	7	,	,	PUNCT
ajfa-12382	107	8	1,298	1,298	NUM
ajfa-12382	107	9	listed	list	VERB
ajfa-12382	107	10	companies	company	NOUN
ajfa-12382	107	11	,	,	PUNCT
ajfa-12382	107	12	which	which	PRON
ajfa-12382	107	13	represented	represent	VERB
ajfa-12382	107	14	98	98	NUM
ajfa-12382	107	15	%	%	NOUN
ajfa-12382	107	16	of	of	ADP
ajfa-12382	107	17	the	the	DET
ajfa-12382	107	18	total	total	ADJ
ajfa-12382	107	19	listed	list	VERB
ajfa-12382	107	20	companies	company	NOUN
ajfa-12382	107	21	subject	subject	ADJ
ajfa-12382	107	22	to	to	ADP
ajfa-12382	107	23	the	the	DET
ajfa-12382	107	24	reforms	reform	NOUN
ajfa-12382	107	25	,	,	PUNCT
ajfa-12382	107	26	had	have	AUX
ajfa-12382	107	27	either	either	CCONJ
ajfa-12382	107	28	initiated	initiate	VERB
ajfa-12382	107	29	or	or	CCONJ
ajfa-12382	107	30	completed	complete	VERB
ajfa-12382	107	31	the	the	DET
ajfa-12382	107	32	process	process	NOUN
ajfa-12382	107	33	of	of	ADP
ajfa-12382	107	34	non	non	ADJ
ajfa-12382	107	35	-	-	ADJ
ajfa-12382	107	36	tradable	tradable	ADJ
ajfa-12382	107	37	share	share	NOUN
ajfa-12382	107	38	reform	reform	NOUN
ajfa-12382	107	39	.	.	PUNCT
ajfa-12382	108	1	additionally	additionally	ADV
ajfa-12382	108	2	,	,	PUNCT
ajfa-12382	108	3	all	all	DET
ajfa-12382	108	4	new	new	ADJ
ajfa-12382	108	5	ipos	ipos	NOUN
ajfa-12382	108	6	taking	take	VERB
ajfa-12382	108	7	place	place	NOUN
ajfa-12382	108	8	since	since	SCONJ
ajfa-12382	108	9	mid-2006	mid-2006	NOUN
ajfa-12382	108	10	no	no	ADV
ajfa-12382	108	11	longer	long	ADV
ajfa-12382	108	12	have	have	VERB
ajfa-12382	108	13	non	non	ADJ
ajfa-12382	108	14	-	-	ADJ
ajfa-12382	108	15	tradable	tradable	ADJ
ajfa-12382	108	16	shares	share	NOUN
ajfa-12382	108	17	.	.	PUNCT
ajfa-12382	109	1	the	the	DET
ajfa-12382	109	2	non	non	ADJ
ajfa-12382	109	3	-	-	ADJ
ajfa-12382	109	4	tradable	tradable	ADJ
ajfa-12382	109	5	share	share	NOUN
ajfa-12382	109	6	reform	reform	NOUN
ajfa-12382	109	7	successfully	successfully	ADV
ajfa-12382	109	8	resolved	resolve	VERB
ajfa-12382	109	9	problems	problem	NOUN
ajfa-12382	109	10	such	such	ADJ
ajfa-12382	109	11	as	as	ADP
ajfa-12382	109	12	the	the	DET
ajfa-12382	109	13	dual	dual	ADJ
ajfa-12382	109	14	-	-	PUNCT
ajfa-12382	109	15	pricing	pricing	NOUN
ajfa-12382	109	16	of	of	ADP
ajfa-12382	109	17	shares	share	NOUN
ajfa-12382	109	18	of	of	ADP
ajfa-12382	109	19	the	the	DET
ajfa-12382	109	20	same	same	ADJ
ajfa-12382	109	21	listed	list	VERB
ajfa-12382	109	22	company	company	NOUN
ajfa-12382	109	23	.	.	PUNCT
ajfa-12382	110	1	it	it	PRON
ajfa-12382	110	2	restored	restore	VERB
ajfa-12382	110	3	the	the	DET
ajfa-12382	110	4	pricing	pricing	NOUN
ajfa-12382	110	5	functions	function	NOUN
ajfa-12382	110	6	of	of	ADP
ajfa-12382	110	7	the	the	DET
ajfa-12382	110	8	capital	capital	NOUN
ajfa-12382	110	9	market	market	NOUN
ajfa-12382	110	10	,	,	PUNCT
ajfa-12382	110	11	greatly	greatly	ADV
ajfa-12382	110	12	improved	improve	VERB
ajfa-12382	110	13	market	market	NOUN
ajfa-12382	110	14	efficiency	efficiency	NOUN
ajfa-12382	110	15	and	and	CCONJ
ajfa-12382	110	16	paved	pave	VERB
ajfa-12382	110	17	the	the	DET
ajfa-12382	110	18	way	way	NOUN
ajfa-12382	110	19	for	for	ADP
ajfa-12382	110	20	further	further	ADJ
ajfa-12382	110	21	improvements	improvement	NOUN
ajfa-12382	110	22	in	in	ADP
ajfa-12382	110	23	the	the	DET
ajfa-12382	110	24	corporate	corporate	ADJ
ajfa-12382	110	25	governance	governance	NOUN
ajfa-12382	110	26	and	and	CCONJ
ajfa-12382	110	27	development	development	NOUN
ajfa-12382	110	28	of	of	ADP
ajfa-12382	110	29	the	the	DET
ajfa-12382	110	30	capital	capital	NOUN
ajfa-12382	110	31	market	market	NOUN
ajfa-12382	110	32	.	.	PUNCT
ajfa-12382	111	1	table	table	NOUN
ajfa-12382	111	2	3	3	NUM
ajfa-12382	111	3	reports	report	VERB
ajfa-12382	111	4	the	the	DET
ajfa-12382	111	5	evolution	evolution	NOUN
ajfa-12382	111	6	of	of	ADP
ajfa-12382	111	7	the	the	DET
ajfa-12382	111	8	ownership	ownership	NOUN
ajfa-12382	111	9	structure	structure	NOUN
ajfa-12382	111	10	,	,	PUNCT
ajfa-12382	111	11	board	board	NOUN
ajfa-12382	111	12	structure	structure	NOUN
ajfa-12382	111	13	of	of	ADP
ajfa-12382	111	14	chinese	chinese	ADJ
ajfa-12382	111	15	listed	list	VERB
ajfa-12382	111	16	firms	firm	NOUN
ajfa-12382	111	17	over	over	ADP
ajfa-12382	111	18	the	the	DET
ajfa-12382	111	19	period	period	NOUN
ajfa-12382	111	20	2003	2003	NUM
ajfa-12382	111	21	-	-	SYM
ajfa-12382	111	22	2010	2010	NUM
ajfa-12382	111	23	.	.	PUNCT
ajfa-12382	112	1	we	we	PRON
ajfa-12382	112	2	observe	observe	VERB
ajfa-12382	112	3	a	a	DET
ajfa-12382	112	4	persistent	persistent	ADJ
ajfa-12382	112	5	decrease	decrease	NOUN
ajfa-12382	112	6	in	in	ADP
ajfa-12382	112	7	state	state	NOUN
ajfa-12382	112	8	ownership	ownership	NOUN
ajfa-12382	112	9	and	and	CCONJ
ajfa-12382	112	10	legal	legal	ADJ
ajfa-12382	112	11	person	person	NOUN
ajfa-12382	112	12	ownership	ownership	NOUN
ajfa-12382	112	13	throughout	throughout	ADP
ajfa-12382	112	14	the	the	DET
ajfa-12382	112	15	sample	sample	NOUN
ajfa-12382	112	16	period	period	NOUN
ajfa-12382	112	17	.	.	PUNCT
ajfa-12382	113	1	in	in	ADP
ajfa-12382	113	2	particular	particular	ADJ
ajfa-12382	113	3	,	,	PUNCT
ajfa-12382	113	4	state	state	NOUN
ajfa-12382	113	5	ownership	ownership	NOUN
ajfa-12382	113	6	which	which	PRON
ajfa-12382	113	7	accounted	account	VERB
ajfa-12382	113	8	on	on	ADP
ajfa-12382	113	9	average	average	ADJ
ajfa-12382	113	10	for	for	ADP
ajfa-12382	113	11	one	one	NUM
ajfa-12382	113	12	third	third	NOUN
ajfa-12382	113	13	of	of	ADP
ajfa-12382	113	14	total	total	ADJ
ajfa-12382	113	15	shares	share	NOUN
ajfa-12382	113	16	decreased	decrease	VERB
ajfa-12382	113	17	from	from	ADP
ajfa-12382	113	18	35.9	35.9	NUM
ajfa-12382	113	19	%	%	NOUN
ajfa-12382	113	20	in	in	ADP
ajfa-12382	113	21	2003	2003	NUM
ajfa-12382	113	22	to	to	ADP
ajfa-12382	113	23	8.3	8.3	NUM
ajfa-12382	113	24	%	%	NOUN
ajfa-12382	113	25	in	in	ADP
ajfa-12382	113	26	2010	2010	NUM
ajfa-12382	113	27	.	.	PUNCT
ajfa-12382	114	1	we	we	PRON
ajfa-12382	114	2	can	can	AUX
ajfa-12382	114	3	observe	observe	VERB
ajfa-12382	114	4	similar	similar	ADJ
ajfa-12382	114	5	trend	trend	NOUN
ajfa-12382	114	6	for	for	ADP
ajfa-12382	114	7	legal	legal	ADJ
ajfa-12382	114	8	person	person	NOUN
ajfa-12382	114	9	ownership	ownership	NOUN
ajfa-12382	114	10	which	which	PRON
ajfa-12382	114	11	decreased	decrease	VERB
ajfa-12382	114	12	from	from	ADP
ajfa-12382	114	13	21.9	21.9	NUM
ajfa-12382	114	14	%	%	NOUN
ajfa-12382	114	15	in	in	ADP
ajfa-12382	114	16	2003	2003	NUM
ajfa-12382	114	17	to	to	ADP
ajfa-12382	114	18	0.086	0.086	NUM
ajfa-12382	114	19	%	%	NOUN
ajfa-12382	114	20	in	in	ADP
ajfa-12382	114	21	2010	2010	NUM
ajfa-12382	114	22	.	.	PUNCT
ajfa-12382	115	1	in	in	ADP
ajfa-12382	115	2	contrast	contrast	NOUN
ajfa-12382	115	3	,	,	PUNCT
ajfa-12382	115	4	shares	share	NOUN
ajfa-12382	115	5	owned	own	VERB
ajfa-12382	115	6	by	by	ADP
ajfa-12382	115	7	top	top	ADJ
ajfa-12382	115	8	management	management	NOUN
ajfa-12382	115	9	increased	increase	VERB
ajfa-12382	115	10	from	from	ADP
ajfa-12382	115	11	0.4	0.4	NUM
ajfa-12382	115	12	%	%	NOUN
ajfa-12382	115	13	in	in	ADP
ajfa-12382	115	14	2003	2003	NUM
ajfa-12382	115	15	to	to	ADP
ajfa-12382	115	16	0.8	0.8	NUM
ajfa-12382	115	17	%	%	NOUN
ajfa-12382	115	18	in	in	ADP
ajfa-12382	115	19	2010	2010	NUM
ajfa-12382	115	20	.	.	PUNCT
ajfa-12382	116	1	table	table	NOUN
ajfa-12382	116	2	3	3	NUM
ajfa-12382	116	3	.	.	PUNCT
ajfa-12382	117	1	evolution	evolution	NOUN
ajfa-12382	117	2	of	of	ADP
ajfa-12382	117	3	the	the	DET
ajfa-12382	117	4	ownership	ownership	NOUN
ajfa-12382	117	5	structure	structure	NOUN
ajfa-12382	117	6	and	and	CCONJ
ajfa-12382	117	7	board	board	NOUN
ajfa-12382	117	8	structure	structure	NOUN
ajfa-12382	117	9	year	year	NOUN
ajfa-12382	117	10	2003	2003	NUM
ajfa-12382	117	11	2004	2004	NUM
ajfa-12382	117	12	2005	2005	NUM
ajfa-12382	117	13	2006	2006	NUM
ajfa-12382	117	14	2007	2007	NUM
ajfa-12382	117	15	2008	2008	NUM
ajfa-12382	117	16	2009	2009	NUM
ajfa-12382	117	17	2010	2010	NUM
ajfa-12382	117	18	state	state	NOUN
ajfa-12382	117	19	ownership	ownership	NOUN
ajfa-12382	118	1	0.359	0.359	NUM
ajfa-12382	118	2	0.344	0.344	NUM
ajfa-12382	118	3	0.333	0.333	NUM
ajfa-12382	118	4	0.284	0.284	NUM
ajfa-12382	118	5	0.248	0.248	NUM
ajfa-12382	118	6	0.210	0.210	NUM
ajfa-12382	118	7	0.114	0.114	NUM
ajfa-12382	118	8	0.083	0.083	NUM
ajfa-12382	118	9	legal	legal	ADJ
ajfa-12382	118	10	person	person	NOUN
ajfa-12382	118	11	ownership	ownership	NOUN
ajfa-12382	118	12	0.219	0.219	NUM
ajfa-12382	118	13	0.224	0.224	NUM
ajfa-12382	118	14	0.215	0.215	NUM
ajfa-12382	118	15	0.186	0.186	NUM
ajfa-12382	118	16	0.156	0.156	NUM
ajfa-12382	118	17	0.129	0.129	NUM
ajfa-12382	118	18	0.094	0.094	NUM
ajfa-12382	118	19	0.086	0.086	NUM
ajfa-12382	118	20	managerial	managerial	ADJ
ajfa-12382	118	21	ownership	ownership	NOUN
ajfa-12382	118	22	0.004	0.004	NUM
ajfa-12382	118	23	0.011	0.011	NUM
ajfa-12382	118	24	0.013	0.013	NUM
ajfa-12382	118	25	0.019	0.019	NUM
ajfa-12382	118	26	0.030	0.030	NUM
ajfa-12382	118	27	0.036	0.036	NUM
ajfa-12382	118	28	0.048	0.048	NUM
ajfa-12382	118	29	0.080	0.080	NUM
ajfa-12382	118	30	foreign	foreign	ADJ
ajfa-12382	118	31	ownership	ownership	NOUN
ajfa-12382	118	32	0.044	0.044	NUM
ajfa-12382	118	33	0.041	0.041	NUM
ajfa-12382	118	34	0.042	0.042	NUM
ajfa-12382	118	35	0.042	0.042	NUM
ajfa-12382	118	36	0.043	0.043	NUM
ajfa-12382	118	37	0.038	0.038	NUM
ajfa-12382	118	38	0.029	0.029	NUM
ajfa-12382	118	39	0.035	0.035	NUM
ajfa-12382	118	40	board	board	NOUN
ajfa-12382	118	41	size	size	NOUN
ajfa-12382	118	42	9.814	9.814	NUM
ajfa-12382	118	43	9.658	9.658	NUM
ajfa-12382	118	44	9.580	9.580	NUM
ajfa-12382	118	45	9.405	9.405	NUM
ajfa-12382	118	46	9.343	9.343	NUM
ajfa-12382	118	47	9.203	9.203	NUM
ajfa-12382	118	48	9.089	9.089	NUM
ajfa-12382	118	49	9.027	9.027	NUM
ajfa-12382	118	50	proportion	proportion	NOUN
ajfa-12382	118	51	of	of	ADP
ajfa-12382	118	52	independent	independent	ADJ
ajfa-12382	118	53	directors	director	NOUN
ajfa-12382	118	54	0.327	0.327	NOUN
ajfa-12382	118	55	0.342	0.342	NUM
ajfa-12382	118	56	0.347	0.347	NUM
ajfa-12382	118	57	0.351	0.351	NUM
ajfa-12382	118	58	0.356	0.356	NUM
ajfa-12382	118	59	0.357	0.357	NUM
ajfa-12382	118	60	0.359	0.359	NUM
ajfa-12382	118	61	0.360	0.360	NUM
ajfa-12382	118	62	source	source	NOUN
ajfa-12382	118	63	:	:	PUNCT
ajfa-12382	118	64	the	the	DET
ajfa-12382	118	65	china	china	PROPN
ajfa-12382	118	66	stock	stock	PROPN
ajfa-12382	118	67	market	market	PROPN
ajfa-12382	118	68	accounting	accounting	NOUN
ajfa-12382	118	69	database	database	NOUN
ajfa-12382	118	70	(	(	PUNCT
ajfa-12382	118	71	csmar	csmar	PROPN
ajfa-12382	118	72	)	)	PUNCT
ajfa-12382	118	73	another	another	DET
ajfa-12382	118	74	important	important	ADJ
ajfa-12382	118	75	outcome	outcome	NOUN
ajfa-12382	118	76	related	relate	VERB
ajfa-12382	118	77	to	to	ADP
ajfa-12382	118	78	the	the	DET
ajfa-12382	118	79	2005	2005	NUM
ajfa-12382	118	80	reform	reform	NOUN
ajfa-12382	118	81	is	be	AUX
ajfa-12382	118	82	that	that	SCONJ
ajfa-12382	118	83	listed	list	VERB
ajfa-12382	118	84	companies	company	NOUN
ajfa-12382	118	85	have	have	AUX
ajfa-12382	118	86	been	be	AUX
ajfa-12382	118	87	allowed	allow	VERB
ajfa-12382	118	88	to	to	PART
ajfa-12382	118	89	incentivize	incentivize	VERB
ajfa-12382	118	90	their	their	PRON
ajfa-12382	118	91	managers	manager	NOUN
ajfa-12382	118	92	with	with	ADP
ajfa-12382	118	93	shares	share	NOUN
ajfa-12382	118	94	and	and	CCONJ
ajfa-12382	118	95	stock	stock	NOUN
ajfa-12382	118	96	options	option	NOUN
ajfa-12382	118	97	.	.	PUNCT
ajfa-12382	119	1	in	in	ADP
ajfa-12382	119	2	january	january	PROPN
ajfa-12382	119	3	2006	2006	NUM
ajfa-12382	119	4	,	,	PUNCT
ajfa-12382	119	5	the	the	DET
ajfa-12382	119	6	csrc	csrc	NOUN
ajfa-12382	119	7	issued	issue	VERB
ajfa-12382	119	8	“	"	PUNCT
ajfa-12382	119	9	the	the	DET
ajfa-12382	119	10	administrative	administrative	ADJ
ajfa-12382	119	11	rules	rule	NOUN
ajfa-12382	119	12	of	of	ADP
ajfa-12382	119	13	equity	equity	NOUN
ajfa-12382	119	14	compensation	compensation	NOUN
ajfa-12382	119	15	of	of	ADP
ajfa-12382	119	16	listed	list	VERB
ajfa-12382	119	17	companies	company	NOUN
ajfa-12382	119	18	”	"	PUNCT
ajfa-12382	119	19	,	,	PUNCT
ajfa-12382	119	20	which	which	PRON
ajfa-12382	119	21	allow	allow	VERB
ajfa-12382	119	22	the	the	DET
ajfa-12382	119	23	companies	company	NOUN
ajfa-12382	119	24	that	that	PRON
ajfa-12382	119	25	have	have	AUX
ajfa-12382	119	26	successfully	successfully	ADV
ajfa-12382	119	27	completed	complete	VERB
ajfa-12382	119	28	their	their	PRON
ajfa-12382	119	29	split	split	ADJ
ajfa-12382	119	30	-	-	PUNCT
ajfa-12382	119	31	share	share	NOUN
ajfa-12382	119	32	-	-	PUNCT
ajfa-12382	119	33	reforms	reform	NOUN
ajfa-12382	119	34	to	to	PART
ajfa-12382	119	35	adopt	adopt	VERB
ajfa-12382	119	36	equity	equity	NOUN
ajfa-12382	119	37	based	base	VERB
ajfa-12382	119	38	compensation	compensation	NOUN
ajfa-12382	119	39	plans	plan	NOUN
ajfa-12382	119	40	for	for	ADP
ajfa-12382	119	41	their	their	PRON
ajfa-12382	119	42	managers	manager	NOUN
ajfa-12382	119	43	.	.	PUNCT
ajfa-12382	120	1	according	accord	VERB
ajfa-12382	120	2	to	to	ADP
ajfa-12382	120	3	these	these	DET
ajfa-12382	120	4	measures	measure	NOUN
ajfa-12382	120	5	,	,	PUNCT
ajfa-12382	120	6	equity	equity	NOUN
ajfa-12382	120	7	incentives	incentive	NOUN
ajfa-12382	120	8	include	include	VERB
ajfa-12382	120	9	restricted	restrict	VERB
ajfa-12382	120	10	stocks	stock	NOUN
ajfa-12382	120	11	and	and	CCONJ
ajfa-12382	120	12	stock	stock	NOUN
ajfa-12382	120	13	option	option	NOUN
ajfa-12382	120	14	plans	plan	NOUN
ajfa-12382	120	15	.	.	PUNCT
ajfa-12382	121	1	this	this	PRON
ajfa-12382	121	2	also	also	ADV
ajfa-12382	121	3	provided	provide	VERB
ajfa-12382	121	4	a	a	DET
ajfa-12382	121	5	strong	strong	ADJ
ajfa-12382	121	6	incentive	incentive	NOUN
ajfa-12382	121	7	for	for	SCONJ
ajfa-12382	121	8	the	the	DET
ajfa-12382	121	9	top	top	ADJ
ajfa-12382	121	10	managers	manager	NOUN
ajfa-12382	121	11	of	of	ADP
ajfa-12382	121	12	listed	list	VERB
ajfa-12382	121	13	companies	company	NOUN
ajfa-12382	121	14	to	to	PART
ajfa-12382	121	15	complete	complete	VERB
ajfa-12382	121	16	the	the	DET
ajfa-12382	121	17	reform	reform	NOUN
ajfa-12382	121	18	at	at	ADP
ajfa-12382	121	19	the	the	DET
ajfa-12382	121	20	earliest	early	ADJ
ajfa-12382	121	21	possible	possible	ADJ
ajfa-12382	121	22	in	in	ADP
ajfa-12382	121	23	order	order	NOUN
ajfa-12382	121	24	to	to	PART
ajfa-12382	121	25	participate	participate	VERB
ajfa-12382	121	26	in	in	ADP
ajfa-12382	121	27	the	the	DET
ajfa-12382	121	28	new	new	ADJ
ajfa-12382	121	29	incentive	incentive	NOUN
ajfa-12382	121	30	scheme	scheme	NOUN
ajfa-12382	121	31	.	.	PUNCT
ajfa-12382	122	1	it	it	PRON
ajfa-12382	122	2	is	be	AUX
ajfa-12382	122	3	expected	expect	VERB
ajfa-12382	122	4	that	that	SCONJ
ajfa-12382	122	5	in	in	ADP
ajfa-12382	122	6	addition	addition	NOUN
ajfa-12382	122	7	to	to	ADP
ajfa-12382	122	8	increasing	increase	VERB
ajfa-12382	122	9	the	the	DET
ajfa-12382	122	10	income	income	NOUN
ajfa-12382	122	11	standards	standard	NOUN
ajfa-12382	122	12	of	of	ADP
ajfa-12382	122	13	the	the	DET
ajfa-12382	122	14	management	management	NOUN
ajfa-12382	122	15	,	,	PUNCT
ajfa-12382	122	16	granting	grant	VERB
ajfa-12382	122	17	them	they	PRON
ajfa-12382	122	18	stocks	stock	NOUN
ajfa-12382	122	19	or	or	CCONJ
ajfa-12382	122	20	equity	equity	NOUN
ajfa-12382	122	21	options	option	NOUN
ajfa-12382	122	22	helps	helps	AUX
ajfa-12382	122	23	align	align	VERB
ajfa-12382	122	24	their	their	PRON
ajfa-12382	122	25	interest	interest	NOUN
ajfa-12382	122	26	with	with	ADP
ajfa-12382	122	27	those	those	PRON
ajfa-12382	122	28	of	of	ADP
ajfa-12382	122	29	the	the	DET
ajfa-12382	122	30	shareholders	shareholder	NOUN
ajfa-12382	122	31	and	and	CCONJ
ajfa-12382	122	32	with	with	ADP
ajfa-12382	122	33	the	the	DET
ajfa-12382	122	34	long	long	ADJ
ajfa-12382	122	35	-	-	PUNCT
ajfa-12382	122	36	term	term	NOUN
ajfa-12382	122	37	development	development	NOUN
ajfa-12382	122	38	of	of	ADP
ajfa-12382	122	39	the	the	DET
ajfa-12382	122	40	enterprise	enterprise	NOUN
ajfa-12382	122	41	(	(	PUNCT
ajfa-12382	122	42	note	note	NOUN
ajfa-12382	122	43	4	4	NUM
ajfa-12382	122	44	)	)	PUNCT
ajfa-12382	122	45	.	.	PUNCT
ajfa-12382	123	1	yet	yet	ADV
ajfa-12382	123	2	,	,	PUNCT
ajfa-12382	123	3	state	state	NOUN
ajfa-12382	123	4	ownership	ownership	NOUN
ajfa-12382	123	5	and	and	CCONJ
ajfa-12382	123	6	control	control	NOUN
ajfa-12382	123	7	in	in	ADP
ajfa-12382	123	8	former	former	ADJ
ajfa-12382	123	9	soes	soe	NOUN
ajfa-12382	123	10	hinders	hinder	VERB
ajfa-12382	123	11	the	the	DET
ajfa-12382	123	12	use	use	NOUN
ajfa-12382	123	13	of	of	ADP
ajfa-12382	123	14	modern	modern	ADJ
ajfa-12382	123	15	governance	governance	NOUN
ajfa-12382	123	16	mechanisms	mechanism	NOUN
ajfa-12382	123	17	such	such	ADJ
ajfa-12382	123	18	as	as	ADP
ajfa-12382	123	19	managerial	managerial	ADJ
ajfa-12382	123	20	ownership	ownership	NOUN
ajfa-12382	123	21	(	(	PUNCT
ajfa-12382	123	22	conyon	conyon	NOUN
ajfa-12382	123	23	and	and	CCONJ
ajfa-12382	123	24	he	he	PRON
ajfa-12382	123	25	,	,	PUNCT
ajfa-12382	123	26	2011	2011	NUM
ajfa-12382	123	27	;	;	PUNCT
ajfa-12382	123	28	kato	kato	PROPN
ajfa-12382	123	29	and	and	CCONJ
ajfa-12382	123	30	long	long	ADJ
ajfa-12382	123	31	,	,	PUNCT
ajfa-12382	123	32	2011	2011	NUM
ajfa-12382	123	33	;	;	PUNCT
ajfa-12382	123	34	r.vijayakumaran	r.vijayakumaran	ADJ
ajfa-12382	123	35	,	,	PUNCT
ajfa-12382	123	36	2014	2014	NUM
ajfa-12382	123	37	;	;	PUNCT
ajfa-12382	123	38	dixon	dixon	PROPN
ajfa-12382	123	39	,	,	PUNCT
ajfa-12382	123	40	guariglia	guariglia	PROPN
ajfa-12382	123	41	and	and	CCONJ
ajfa-12382	123	42	vijayakumaran	vijayakumaran	NOUN
ajfa-12382	123	43	,	,	PUNCT
ajfa-12382	123	44	2015	2015	NUM
ajfa-12382	123	45	;	;	PUNCT
ajfa-12382	123	46	s.vijayakumaran	s.vijayakumaran	PRON
ajfa-12382	123	47	,	,	PUNCT
ajfa-12382	123	48	2016	2016	NUM
ajfa-12382	123	49	)	)	PUNCT
ajfa-12382	123	50	.	.	PUNCT
ajfa-12382	124	1	however	however	ADV
ajfa-12382	124	2	,	,	PUNCT
ajfa-12382	124	3	after	after	ADP
ajfa-12382	124	4	three	three	NUM
ajfa-12382	124	5	decades	decade	NOUN
ajfa-12382	124	6	of	of	ADP
ajfa-12382	124	7	reform	reform	NOUN
ajfa-12382	124	8	,	,	PUNCT
ajfa-12382	124	9	managerial	managerial	ADJ
ajfa-12382	124	10	ownership	ownership	NOUN
ajfa-12382	124	11	has	have	AUX
ajfa-12382	124	12	emerged	emerge	VERB
ajfa-12382	124	13	as	as	ADP
ajfa-12382	124	14	one	one	NUM
ajfa-12382	124	15	of	of	ADP
ajfa-12382	124	16	asian	asian	ADJ
ajfa-12382	124	17	journal	journal	NOUN
ajfa-12382	124	18	of	of	ADP
ajfa-12382	124	19	finance	finance	PROPN
ajfa-12382	124	20	&	&	CCONJ
ajfa-12382	124	21	accounting	accounting	PROPN
ajfa-12382	124	22	issn	issn	PROPN
ajfa-12382	124	23	1946	1946	NUM
ajfa-12382	124	24	-	-	PUNCT
ajfa-12382	124	25	052x	052x	PROPN
ajfa-12382	124	26	2017	2017	NUM
ajfa-12382	124	27	,	,	PUNCT
ajfa-12382	124	28	vol	vol	NOUN
ajfa-12382	124	29	.	.	NOUN
ajfa-12382	125	1	9	9	NUM
ajfa-12382	125	2	,	,	PUNCT
ajfa-12382	125	3	no	no	INTJ
ajfa-12382	125	4	.	.	NOUN
ajfa-12382	125	5	2	2	NUM
ajfa-12382	125	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	125	7	359	359	NUM
ajfa-12382	125	8	the	the	DET
ajfa-12382	125	9	important	important	ADJ
ajfa-12382	125	10	governance	governance	NOUN
ajfa-12382	125	11	mechanisms	mechanism	NOUN
ajfa-12382	125	12	at	at	ADP
ajfa-12382	125	13	least	least	ADJ
ajfa-12382	125	14	in	in	ADP
ajfa-12382	125	15	non	non	ADJ
ajfa-12382	125	16	-	-	ADJ
ajfa-12382	125	17	state	state	ADJ
ajfa-12382	125	18	/	/	SYM
ajfa-12382	125	19	private	private	ADJ
ajfa-12382	125	20	chinese	chinese	ADJ
ajfa-12382	125	21	listed	list	VERB
ajfa-12382	125	22	firms	firm	NOUN
ajfa-12382	125	23	(	(	PUNCT
ajfa-12382	125	24	conyon	conyon	NOUN
ajfa-12382	125	25	and	and	CCONJ
ajfa-12382	125	26	he	he	PRON
ajfa-12382	125	27	,	,	PUNCT
ajfa-12382	125	28	2011	2011	NUM
ajfa-12382	125	29	;	;	PUNCT
ajfa-12382	125	30	walder	walder	NOUN
ajfa-12382	125	31	,	,	PUNCT
ajfa-12382	125	32	2011	2011	NUM
ajfa-12382	125	33	;	;	PUNCT
ajfa-12382	125	34	r.vijayakumaran	r.vijayakumaran	ADJ
ajfa-12382	125	35	,	,	PUNCT
ajfa-12382	125	36	2014	2014	NUM
ajfa-12382	125	37	;	;	PUNCT
ajfa-12382	125	38	dixon	dixon	PROPN
ajfa-12382	125	39	,	,	PUNCT
ajfa-12382	125	40	guariglia	guariglia	PROPN
ajfa-12382	125	41	and	and	CCONJ
ajfa-12382	125	42	vijayakumaran	vijayakumaran	NOUN
ajfa-12382	125	43	,	,	PUNCT
ajfa-12382	125	44	2015	2015	NUM
ajfa-12382	125	45	;	;	PUNCT
ajfa-12382	125	46	s.vijayakumaran	s.vijayakumaran	PRON
ajfa-12382	125	47	,	,	PUNCT
ajfa-12382	125	48	2016	2016	NUM
ajfa-12382	125	49	)	)	PUNCT
ajfa-12382	125	50	.	.	PUNCT
ajfa-12382	126	1	for	for	ADP
ajfa-12382	126	2	example	example	NOUN
ajfa-12382	126	3	,	,	PUNCT
ajfa-12382	126	4	dixon	dixon	PROPN
ajfa-12382	126	5	et	et	PROPN
ajfa-12382	126	6	al	al	PROPN
ajfa-12382	126	7	.	.	PROPN
ajfa-12382	127	1	(	(	PUNCT
ajfa-12382	127	2	2015	2015	NUM
ajfa-12382	127	3	)	)	PUNCT
ajfa-12382	127	4	show	show	VERB
ajfa-12382	127	5	that	that	SCONJ
ajfa-12382	127	6	share	share	NOUN
ajfa-12382	127	7	ownership	ownership	NOUN
ajfa-12382	127	8	by	by	ADP
ajfa-12382	127	9	managers	manager	NOUN
ajfa-12382	127	10	in	in	ADP
ajfa-12382	127	11	private	private	ADJ
ajfa-12382	127	12	chinese	chinese	ADJ
ajfa-12382	127	13	firms	firm	NOUN
ajfa-12382	127	14	increases	increase	VERB
ajfa-12382	127	15	their	their	PRON
ajfa-12382	127	16	incentive	incentive	NOUN
ajfa-12382	127	17	to	to	PART
ajfa-12382	127	18	involve	involve	VERB
ajfa-12382	127	19	in	in	ADP
ajfa-12382	127	20	risk	risk	NOUN
ajfa-12382	127	21	taking	take	VERB
ajfa-12382	127	22	activities	activity	NOUN
ajfa-12382	127	23	such	such	ADJ
ajfa-12382	127	24	as	as	ADP
ajfa-12382	127	25	international	international	ADJ
ajfa-12382	127	26	expansion	expansion	NOUN
ajfa-12382	127	27	.	.	PUNCT
ajfa-12382	128	1	similarly	similarly	ADV
ajfa-12382	128	2	,	,	PUNCT
ajfa-12382	128	3	r.	r.	PROPN
ajfa-12382	128	4	vijayakumaran	vijayakumaran	PROPN
ajfa-12382	128	5	(	(	PUNCT
ajfa-12382	128	6	2014	2014	NUM
ajfa-12382	128	7	)	)	PUNCT
ajfa-12382	128	8	provides	provide	VERB
ajfa-12382	128	9	evidence	evidence	NOUN
ajfa-12382	128	10	that	that	SCONJ
ajfa-12382	128	11	managerial	managerial	ADJ
ajfa-12382	128	12	ownership	ownership	NOUN
ajfa-12382	128	13	works	work	VERB
ajfa-12382	128	14	as	as	ADP
ajfa-12382	128	15	an	an	DET
ajfa-12382	128	16	effective	effective	ADJ
ajfa-12382	128	17	governance	governance	NOUN
ajfa-12382	128	18	mechanism	mechanism	NOUN
ajfa-12382	128	19	only	only	ADV
ajfa-12382	128	20	for	for	SCONJ
ajfa-12382	128	21	private	private	ADJ
ajfa-12382	128	22	firms	firm	NOUN
ajfa-12382	128	23	to	to	PART
ajfa-12382	128	24	mitigate	mitigate	VERB
ajfa-12382	128	25	asymmetric	asymmetric	ADJ
ajfa-12382	128	26	information	information	NOUN
ajfa-12382	128	27	problem	problem	NOUN
ajfa-12382	128	28	and	and	CCONJ
ajfa-12382	128	29	thus	thus	ADV
ajfa-12382	128	30	mitigate	mitigate	VERB
ajfa-12382	128	31	financial	financial	ADJ
ajfa-12382	128	32	constraints	constraint	NOUN
ajfa-12382	128	33	faced	face	VERB
ajfa-12382	128	34	by	by	ADP
ajfa-12382	128	35	them	they	PRON
ajfa-12382	128	36	and	and	CCONJ
ajfa-12382	128	37	,	,	PUNCT
ajfa-12382	128	38	similarly	similarly	ADV
ajfa-12382	128	39	,	,	PUNCT
ajfa-12382	128	40	to	to	PART
ajfa-12382	128	41	provide	provide	VERB
ajfa-12382	128	42	managers	manager	NOUN
ajfa-12382	128	43	with	with	ADP
ajfa-12382	128	44	incentive	incentive	NOUN
ajfa-12382	128	45	to	to	PART
ajfa-12382	128	46	align	align	VERB
ajfa-12382	128	47	their	their	PRON
ajfa-12382	128	48	interests	interest	NOUN
ajfa-12382	128	49	with	with	ADP
ajfa-12382	128	50	those	those	PRON
ajfa-12382	128	51	of	of	ADP
ajfa-12382	128	52	shareholders	shareholder	NOUN
ajfa-12382	128	53	and	and	CCONJ
ajfa-12382	128	54	reduce	reduce	VERB
ajfa-12382	128	55	agency	agency	NOUN
ajfa-12382	128	56	costs	cost	NOUN
ajfa-12382	128	57	in	in	ADP
ajfa-12382	128	58	their	their	PRON
ajfa-12382	128	59	firms	firm	NOUN
ajfa-12382	128	60	.	.	PUNCT
ajfa-12382	129	1	in	in	ADP
ajfa-12382	129	2	a	a	DET
ajfa-12382	129	3	similar	similar	ADJ
ajfa-12382	129	4	vein	vein	NOUN
ajfa-12382	129	5	,	,	PUNCT
ajfa-12382	129	6	s.	s.	PROPN
ajfa-12382	129	7	vijayakumaran	vijayakumaran	PROPN
ajfa-12382	129	8	(	(	PUNCT
ajfa-12382	129	9	2016	2016	NUM
ajfa-12382	129	10	)	)	PUNCT
ajfa-12382	129	11	finds	find	VERB
ajfa-12382	129	12	that	that	SCONJ
ajfa-12382	129	13	managerial	managerial	ADJ
ajfa-12382	129	14	ownership	ownership	NOUN
ajfa-12382	129	15	provides	provide	VERB
ajfa-12382	129	16	managers	manager	NOUN
ajfa-12382	129	17	with	with	ADP
ajfa-12382	129	18	incentive	incentive	NOUN
ajfa-12382	129	19	to	to	PART
ajfa-12382	129	20	use	use	VERB
ajfa-12382	129	21	more	more	ADJ
ajfa-12382	129	22	debt	debt	NOUN
ajfa-12382	129	23	capital	capital	NOUN
ajfa-12382	129	24	in	in	ADP
ajfa-12382	129	25	the	the	DET
ajfa-12382	129	26	capital	capital	NOUN
ajfa-12382	129	27	structure	structure	NOUN
ajfa-12382	129	28	of	of	ADP
ajfa-12382	129	29	their	their	PRON
ajfa-12382	129	30	firms	firm	NOUN
ajfa-12382	129	31	.	.	PUNCT
ajfa-12382	130	1	2.4	2.4	NUM
ajfa-12382	130	2	.	.	PUNCT
ajfa-12382	130	3	board	board	NOUN
ajfa-12382	130	4	of	of	ADP
ajfa-12382	130	5	directors	director	NOUN
ajfa-12382	130	6	in	in	ADP
ajfa-12382	130	7	accordance	accordance	NOUN
ajfa-12382	130	8	with	with	ADP
ajfa-12382	130	9	company	company	NOUN
ajfa-12382	130	10	law	law	NOUN
ajfa-12382	130	11	,	,	PUNCT
ajfa-12382	130	12	chinese	chinese	ADJ
ajfa-12382	130	13	firms	firm	NOUN
ajfa-12382	130	14	operate	operate	VERB
ajfa-12382	130	15	under	under	ADP
ajfa-12382	130	16	a	a	DET
ajfa-12382	130	17	two	two	NUM
ajfa-12382	130	18	-	-	PUNCT
ajfa-12382	130	19	tier	tier	NOUN
ajfa-12382	130	20	board	board	NOUN
ajfa-12382	130	21	structure	structure	NOUN
ajfa-12382	130	22	,	,	PUNCT
ajfa-12382	130	23	with	with	ADP
ajfa-12382	130	24	a	a	DET
ajfa-12382	130	25	board	board	NOUN
ajfa-12382	130	26	of	of	ADP
ajfa-12382	130	27	directors	director	NOUN
ajfa-12382	130	28	(	(	PUNCT
ajfa-12382	130	29	management	management	NOUN
ajfa-12382	130	30	board	board	NOUN
ajfa-12382	130	31	)	)	PUNCT
ajfa-12382	130	32	and	and	CCONJ
ajfa-12382	130	33	a	a	DET
ajfa-12382	130	34	board	board	NOUN
ajfa-12382	130	35	of	of	ADP
ajfa-12382	130	36	supervisors	supervisor	NOUN
ajfa-12382	130	37	(	(	PUNCT
ajfa-12382	130	38	with	with	ADP
ajfa-12382	130	39	employees	employee	NOUN
ajfa-12382	130	40	and	and	CCONJ
ajfa-12382	130	41	others	other	NOUN
ajfa-12382	130	42	like	like	ADP
ajfa-12382	130	43	the	the	DET
ajfa-12382	130	44	german	german	ADJ
ajfa-12382	130	45	model	model	NOUN
ajfa-12382	130	46	)	)	PUNCT
ajfa-12382	130	47	.	.	PUNCT
ajfa-12382	131	1	the	the	DET
ajfa-12382	131	2	board	board	NOUN
ajfa-12382	131	3	of	of	ADP
ajfa-12382	131	4	directors	director	NOUN
ajfa-12382	131	5	is	be	AUX
ajfa-12382	131	6	responsible	responsible	ADJ
ajfa-12382	131	7	for	for	ADP
ajfa-12382	131	8	the	the	DET
ajfa-12382	131	9	strategic	strategic	ADJ
ajfa-12382	131	10	operations	operation	NOUN
ajfa-12382	131	11	of	of	ADP
ajfa-12382	131	12	the	the	DET
ajfa-12382	131	13	firm	firm	NOUN
ajfa-12382	131	14	.	.	PUNCT
ajfa-12382	132	1	one	one	NUM
ajfa-12382	132	2	of	of	ADP
ajfa-12382	132	3	the	the	DET
ajfa-12382	132	4	important	important	ADJ
ajfa-12382	132	5	legal	legal	ADJ
ajfa-12382	132	6	rights	right	NOUN
ajfa-12382	132	7	of	of	ADP
ajfa-12382	132	8	shareholders	shareholder	NOUN
ajfa-12382	132	9	is	be	AUX
ajfa-12382	132	10	the	the	DET
ajfa-12382	132	11	right	right	NOUN
ajfa-12382	132	12	to	to	PART
ajfa-12382	132	13	elect	elect	VERB
ajfa-12382	132	14	the	the	DET
ajfa-12382	132	15	board	board	NOUN
ajfa-12382	132	16	of	of	ADP
ajfa-12382	132	17	directors	director	NOUN
ajfa-12382	132	18	,	,	PUNCT
ajfa-12382	132	19	which	which	PRON
ajfa-12382	132	20	have	have	VERB
ajfa-12382	132	21	certain	certain	ADJ
ajfa-12382	132	22	rights	right	NOUN
ajfa-12382	132	23	and	and	CCONJ
ajfa-12382	132	24	duties	duty	NOUN
ajfa-12382	132	25	in	in	ADP
ajfa-12382	132	26	regard	regard	NOUN
ajfa-12382	132	27	to	to	ADP
ajfa-12382	132	28	the	the	DET
ajfa-12382	132	29	incumbent	incumbent	ADJ
ajfa-12382	132	30	management	management	NOUN
ajfa-12382	132	31	.	.	PUNCT
ajfa-12382	133	1	in	in	ADP
ajfa-12382	133	2	the	the	DET
ajfa-12382	133	3	united	united	PROPN
ajfa-12382	133	4	states	states	PROPN
ajfa-12382	133	5	,	,	PUNCT
ajfa-12382	133	6	the	the	DET
ajfa-12382	133	7	boards	board	NOUN
ajfa-12382	133	8	of	of	ADP
ajfa-12382	133	9	directors	director	NOUN
ajfa-12382	133	10	,	,	PUNCT
ajfa-12382	133	11	which	which	PRON
ajfa-12382	133	12	rely	rely	VERB
ajfa-12382	133	13	heavily	heavily	ADV
ajfa-12382	133	14	on	on	ADP
ajfa-12382	133	15	directors	director	NOUN
ajfa-12382	133	16	from	from	ADP
ajfa-12382	133	17	outside	outside	ADP
ajfa-12382	133	18	a	a	DET
ajfa-12382	133	19	firm	firm	NOUN
ajfa-12382	133	20	,	,	PUNCT
ajfa-12382	133	21	have	have	VERB
ajfa-12382	133	22	enormous	enormous	ADJ
ajfa-12382	133	23	power	power	NOUN
ajfa-12382	133	24	in	in	ADP
ajfa-12382	133	25	appropriating	appropriate	VERB
ajfa-12382	133	26	and	and	CCONJ
ajfa-12382	133	27	dismissing	dismiss	VERB
ajfa-12382	133	28	top	top	ADJ
ajfa-12382	133	29	executives	executive	NOUN
ajfa-12382	133	30	and	and	CCONJ
ajfa-12382	133	31	in	in	ADP
ajfa-12382	133	32	determining	determine	VERB
ajfa-12382	133	33	their	their	PRON
ajfa-12382	133	34	compensation	compensation	NOUN
ajfa-12382	133	35	.	.	PUNCT
ajfa-12382	134	1	in	in	ADP
ajfa-12382	134	2	japan	japan	PROPN
ajfa-12382	134	3	,	,	PUNCT
ajfa-12382	134	4	creditor	creditor	NOUN
ajfa-12382	134	5	financial	financial	ADJ
ajfa-12382	134	6	institutions	institution	NOUN
ajfa-12382	134	7	,	,	PUNCT
ajfa-12382	134	8	which	which	PRON
ajfa-12382	134	9	are	be	AUX
ajfa-12382	134	10	often	often	ADV
ajfa-12382	134	11	large	large	ADJ
ajfa-12382	134	12	shareholders	shareholder	NOUN
ajfa-12382	134	13	as	as	ADV
ajfa-12382	134	14	well	well	ADV
ajfa-12382	134	15	,	,	PUNCT
ajfa-12382	134	16	often	often	ADV
ajfa-12382	134	17	dispatch	dispatch	VERB
ajfa-12382	134	18	directors	director	NOUN
ajfa-12382	134	19	to	to	PART
ajfa-12382	134	20	monitor	monitor	VERB
ajfa-12382	134	21	managerial	managerial	ADJ
ajfa-12382	134	22	decision	decision	NOUN
ajfa-12382	134	23	makings	making	NOUN
ajfa-12382	134	24	.	.	PUNCT
ajfa-12382	135	1	china‟s	china‟	VERB
ajfa-12382	135	2	commercial	commercial	ADJ
ajfa-12382	135	3	law	law	NOUN
ajfa-12382	135	4	also	also	ADV
ajfa-12382	135	5	identifies	identify	VERB
ajfa-12382	135	6	the	the	DET
ajfa-12382	135	7	board	board	NOUN
ajfa-12382	135	8	of	of	ADP
ajfa-12382	135	9	directors	director	NOUN
ajfa-12382	135	10	as	as	ADP
ajfa-12382	135	11	the	the	DET
ajfa-12382	135	12	top	top	ADJ
ajfa-12382	135	13	level	level	NOUN
ajfa-12382	135	14	decision	decision	NOUN
ajfa-12382	135	15	-	-	PUNCT
ajfa-12382	135	16	making	make	VERB
ajfa-12382	135	17	body	body	NOUN
ajfa-12382	135	18	of	of	ADP
ajfa-12382	135	19	a	a	DET
ajfa-12382	135	20	company	company	NOUN
ajfa-12382	135	21	.	.	PUNCT
ajfa-12382	136	1	directors	director	NOUN
ajfa-12382	136	2	are	be	AUX
ajfa-12382	136	3	appointed	appoint	VERB
ajfa-12382	136	4	at	at	ADP
ajfa-12382	136	5	general	general	PROPN
ajfa-12382	136	6	shareholders‟	shareholders‟	PROPN
ajfa-12382	136	7	meetings	meeting	NOUN
ajfa-12382	136	8	.	.	PUNCT
ajfa-12382	137	1	in	in	ADP
ajfa-12382	137	2	practice	practice	NOUN
ajfa-12382	137	3	,	,	PUNCT
ajfa-12382	137	4	however	however	ADV
ajfa-12382	137	5	,	,	PUNCT
ajfa-12382	137	6	the	the	DET
ajfa-12382	137	7	authority	authority	NOUN
ajfa-12382	137	8	and	and	CCONJ
ajfa-12382	137	9	prestige	prestige	NOUN
ajfa-12382	137	10	of	of	ADP
ajfa-12382	137	11	china‟s	china‟	VERB
ajfa-12382	137	12	boards	board	NOUN
ajfa-12382	137	13	were	be	AUX
ajfa-12382	137	14	comparatively	comparatively	ADV
ajfa-12382	137	15	low	low	ADJ
ajfa-12382	137	16	relative	relative	ADJ
ajfa-12382	137	17	to	to	ADP
ajfa-12382	137	18	those	those	PRON
ajfa-12382	137	19	in	in	ADP
ajfa-12382	137	20	other	other	ADJ
ajfa-12382	137	21	countries	country	NOUN
ajfa-12382	137	22	.	.	PUNCT
ajfa-12382	138	1	this	this	PRON
ajfa-12382	138	2	is	be	AUX
ajfa-12382	138	3	because	because	SCONJ
ajfa-12382	138	4	the	the	DET
ajfa-12382	138	5	majority	majority	NOUN
ajfa-12382	138	6	of	of	ADP
ajfa-12382	138	7	listed	list	VERB
ajfa-12382	138	8	firms	firm	NOUN
ajfa-12382	138	9	were	be	AUX
ajfa-12382	138	10	controlled	control	VERB
ajfa-12382	138	11	by	by	ADP
ajfa-12382	138	12	the	the	DET
ajfa-12382	138	13	state	state	NOUN
ajfa-12382	138	14	and	and	CCONJ
ajfa-12382	138	15	thus	thus	ADV
ajfa-12382	138	16	almost	almost	ADV
ajfa-12382	138	17	90	90	NUM
ajfa-12382	138	18	%	%	NOUN
ajfa-12382	138	19	of	of	ADP
ajfa-12382	138	20	the	the	DET
ajfa-12382	138	21	board	board	NOUN
ajfa-12382	138	22	members	member	NOUN
ajfa-12382	138	23	of	of	ADP
ajfa-12382	138	24	these	these	DET
ajfa-12382	138	25	firms	firm	NOUN
ajfa-12382	138	26	were	be	AUX
ajfa-12382	138	27	government	government	NOUN
ajfa-12382	138	28	officials	official	NOUN
ajfa-12382	138	29	who	who	PRON
ajfa-12382	138	30	lacked	lack	VERB
ajfa-12382	138	31	the	the	DET
ajfa-12382	138	32	necessary	necessary	ADJ
ajfa-12382	138	33	knowledge	knowledge	NOUN
ajfa-12382	138	34	or	or	CCONJ
ajfa-12382	138	35	experience	experience	NOUN
ajfa-12382	138	36	(	(	PUNCT
ajfa-12382	138	37	su	su	NOUN
ajfa-12382	138	38	,	,	PUNCT
ajfa-12382	138	39	2005	2005	NUM
ajfa-12382	138	40	)	)	PUNCT
ajfa-12382	138	41	.	.	PUNCT
ajfa-12382	139	1	in	in	ADP
ajfa-12382	139	2	2002	2002	NUM
ajfa-12382	139	3	,	,	PUNCT
ajfa-12382	139	4	the	the	DET
ajfa-12382	139	5	csrc	csrc	NOUN
ajfa-12382	139	6	issued	issue	VERB
ajfa-12382	139	7	guidelines	guideline	NOUN
ajfa-12382	139	8	for	for	ADP
ajfa-12382	139	9	introducing	introduce	VERB
ajfa-12382	139	10	independent	independent	ADJ
ajfa-12382	139	11	directors	director	NOUN
ajfa-12382	139	12	in	in	ADP
ajfa-12382	139	13	the	the	DET
ajfa-12382	139	14	boards	board	NOUN
ajfa-12382	139	15	of	of	ADP
ajfa-12382	139	16	listed	list	VERB
ajfa-12382	139	17	companies	company	NOUN
ajfa-12382	139	18	.	.	PUNCT
ajfa-12382	140	1	in	in	ADP
ajfa-12382	140	2	particular	particular	ADJ
ajfa-12382	140	3	,	,	PUNCT
ajfa-12382	140	4	each	each	DET
ajfa-12382	140	5	listed	list	VERB
ajfa-12382	140	6	company	company	NOUN
ajfa-12382	140	7	was	be	AUX
ajfa-12382	140	8	required	require	VERB
ajfa-12382	140	9	to	to	PART
ajfa-12382	140	10	have	have	VERB
ajfa-12382	140	11	at	at	ADV
ajfa-12382	140	12	least	least	ADV
ajfa-12382	140	13	two	two	NUM
ajfa-12382	140	14	independent	independent	ADJ
ajfa-12382	140	15	directors	director	NOUN
ajfa-12382	140	16	,	,	PUNCT
ajfa-12382	140	17	and	and	CCONJ
ajfa-12382	140	18	by	by	ADP
ajfa-12382	140	19	june	june	PROPN
ajfa-12382	140	20	2003	2003	NUM
ajfa-12382	140	21	at	at	ADP
ajfa-12382	140	22	least	least	ADJ
ajfa-12382	140	23	one	one	NUM
ajfa-12382	140	24	-	-	PUNCT
ajfa-12382	140	25	third	third	NOUN
ajfa-12382	140	26	of	of	ADP
ajfa-12382	140	27	the	the	DET
ajfa-12382	140	28	board	board	NOUN
ajfa-12382	140	29	had	have	VERB
ajfa-12382	140	30	to	to	PART
ajfa-12382	140	31	be	be	AUX
ajfa-12382	140	32	made	make	VERB
ajfa-12382	140	33	up	up	ADP
ajfa-12382	140	34	by	by	ADP
ajfa-12382	140	35	independent	independent	ADJ
ajfa-12382	140	36	directors	director	NOUN
ajfa-12382	140	37	(	(	PUNCT
ajfa-12382	140	38	including	include	VERB
ajfa-12382	140	39	at	at	ADV
ajfa-12382	140	40	least	least	ADV
ajfa-12382	140	41	one	one	NUM
ajfa-12382	140	42	professional	professional	ADJ
ajfa-12382	140	43	in	in	ADP
ajfa-12382	140	44	accounting	accounting	NOUN
ajfa-12382	140	45	)	)	PUNCT
ajfa-12382	140	46	.	.	PUNCT
ajfa-12382	141	1	independent	independent	ADJ
ajfa-12382	141	2	directors	director	NOUN
ajfa-12382	141	3	could	could	AUX
ajfa-12382	141	4	be	be	AUX
ajfa-12382	141	5	nominated	nominate	VERB
ajfa-12382	141	6	by	by	ADP
ajfa-12382	141	7	the	the	DET
ajfa-12382	141	8	board	board	NOUN
ajfa-12382	141	9	of	of	ADP
ajfa-12382	141	10	directors	director	NOUN
ajfa-12382	141	11	,	,	PUNCT
ajfa-12382	141	12	the	the	DET
ajfa-12382	141	13	board	board	NOUN
ajfa-12382	141	14	of	of	ADP
ajfa-12382	141	15	supervisors	supervisor	NOUN
ajfa-12382	141	16	,	,	PUNCT
ajfa-12382	141	17	or	or	CCONJ
ajfa-12382	141	18	any	any	DET
ajfa-12382	141	19	shareholder	shareholder	NOUN
ajfa-12382	141	20	holding	hold	VERB
ajfa-12382	141	21	5	5	NUM
ajfa-12382	141	22	percent	percent	NOUN
ajfa-12382	141	23	of	of	ADP
ajfa-12382	141	24	the	the	DET
ajfa-12382	141	25	shares	share	NOUN
ajfa-12382	141	26	.	.	PUNCT
ajfa-12382	142	1	according	accord	VERB
ajfa-12382	142	2	to	to	ADP
ajfa-12382	142	3	the	the	DET
ajfa-12382	142	4	guidelines	guideline	NOUN
ajfa-12382	142	5	,	,	PUNCT
ajfa-12382	142	6	the	the	DET
ajfa-12382	142	7	independent	independent	ADJ
ajfa-12382	142	8	directors	director	NOUN
ajfa-12382	142	9	were	be	AUX
ajfa-12382	142	10	expected	expect	VERB
ajfa-12382	142	11	to	to	PART
ajfa-12382	142	12	play	play	VERB
ajfa-12382	142	13	a	a	DET
ajfa-12382	142	14	better	well	ADJ
ajfa-12382	142	15	monitoring	monitoring	NOUN
ajfa-12382	142	16	role	role	NOUN
ajfa-12382	142	17	than	than	ADP
ajfa-12382	142	18	non	non	ADJ
ajfa-12382	142	19	-	-	ADJ
ajfa-12382	142	20	executive	executive	ADJ
ajfa-12382	142	21	directors	director	NOUN
ajfa-12382	142	22	,	,	PUNCT
ajfa-12382	142	23	being	be	AUX
ajfa-12382	142	24	more	more	ADV
ajfa-12382	142	25	“	"	PUNCT
ajfa-12382	142	26	independent	independent	ADJ
ajfa-12382	142	27	”	"	PUNCT
ajfa-12382	142	28	.	.	PUNCT
ajfa-12382	143	1	they	they	PRON
ajfa-12382	143	2	were	be	AUX
ajfa-12382	143	3	not	not	PART
ajfa-12382	143	4	allowed	allow	VERB
ajfa-12382	143	5	to	to	PART
ajfa-12382	143	6	“	"	PUNCT
ajfa-12382	143	7	hold	hold	VERB
ajfa-12382	143	8	posts	post	NOUN
ajfa-12382	143	9	in	in	ADP
ajfa-12382	143	10	the	the	DET
ajfa-12382	143	11	company	company	NOUN
ajfa-12382	143	12	other	other	ADJ
ajfa-12382	143	13	than	than	ADP
ajfa-12382	143	14	the	the	DET
ajfa-12382	143	15	position	position	NOUN
ajfa-12382	143	16	of	of	ADP
ajfa-12382	143	17	director	director	NOUN
ajfa-12382	143	18	”	"	PUNCT
ajfa-12382	143	19	and	and	CCONJ
ajfa-12382	143	20	were	be	AUX
ajfa-12382	143	21	asked	ask	VERB
ajfa-12382	143	22	to	to	PART
ajfa-12382	143	23	“	"	PUNCT
ajfa-12382	143	24	maintain	maintain	VERB
ajfa-12382	143	25	no	no	DET
ajfa-12382	143	26	relations	relation	NOUN
ajfa-12382	143	27	with	with	ADP
ajfa-12382	143	28	the	the	DET
ajfa-12382	143	29	listed	list	VERB
ajfa-12382	143	30	company	company	NOUN
ajfa-12382	143	31	and	and	CCONJ
ajfa-12382	143	32	its	its	PRON
ajfa-12382	143	33	major	major	ADJ
ajfa-12382	143	34	shareholders	shareholder	NOUN
ajfa-12382	143	35	that	that	PRON
ajfa-12382	143	36	might	might	AUX
ajfa-12382	143	37	prevent	prevent	VERB
ajfa-12382	143	38	them	they	PRON
ajfa-12382	143	39	from	from	ADP
ajfa-12382	143	40	making	make	VERB
ajfa-12382	143	41	objective	objective	ADJ
ajfa-12382	143	42	judgment	judgment	NOUN
ajfa-12382	143	43	independently	independently	ADV
ajfa-12382	143	44	.	.	PUNCT
ajfa-12382	143	45	”	"	PUNCT
ajfa-12382	144	1	independent	independent	ADJ
ajfa-12382	144	2	directors	director	NOUN
ajfa-12382	144	3	were	be	AUX
ajfa-12382	144	4	required	require	VERB
ajfa-12382	144	5	to	to	PART
ajfa-12382	144	6	provide	provide	VERB
ajfa-12382	144	7	independent	independent	ADJ
ajfa-12382	144	8	opinions	opinion	NOUN
ajfa-12382	144	9	on	on	ADP
ajfa-12382	144	10	substantial	substantial	ADJ
ajfa-12382	144	11	decisions	decision	NOUN
ajfa-12382	144	12	,	,	PUNCT
ajfa-12382	144	13	such	such	ADJ
ajfa-12382	144	14	as	as	ADP
ajfa-12382	144	15	the	the	DET
ajfa-12382	144	16	nomination	nomination	NOUN
ajfa-12382	144	17	,	,	PUNCT
ajfa-12382	144	18	appointment	appointment	NOUN
ajfa-12382	144	19	or	or	CCONJ
ajfa-12382	144	20	removal	removal	NOUN
ajfa-12382	144	21	of	of	ADP
ajfa-12382	144	22	directors	director	NOUN
ajfa-12382	144	23	,	,	PUNCT
ajfa-12382	144	24	the	the	DET
ajfa-12382	144	25	appointment	appointment	NOUN
ajfa-12382	144	26	or	or	CCONJ
ajfa-12382	144	27	removal	removal	NOUN
ajfa-12382	144	28	of	of	ADP
ajfa-12382	144	29	senior	senior	ADJ
ajfa-12382	144	30	managers	manager	NOUN
ajfa-12382	144	31	,	,	PUNCT
ajfa-12382	144	32	the	the	DET
ajfa-12382	144	33	compensation	compensation	NOUN
ajfa-12382	144	34	of	of	ADP
ajfa-12382	144	35	directors	director	NOUN
ajfa-12382	144	36	and	and	CCONJ
ajfa-12382	144	37	senior	senior	ADJ
ajfa-12382	144	38	managers	manager	NOUN
ajfa-12382	144	39	,	,	PUNCT
ajfa-12382	144	40	substantial	substantial	ADJ
ajfa-12382	144	41	asian	asian	ADJ
ajfa-12382	144	42	journal	journal	NOUN
ajfa-12382	144	43	of	of	ADP
ajfa-12382	144	44	finance	finance	PROPN
ajfa-12382	144	45	&	&	CCONJ
ajfa-12382	144	46	accounting	accounting	PROPN
ajfa-12382	144	47	issn	issn	PROPN
ajfa-12382	144	48	1946	1946	NUM
ajfa-12382	144	49	-	-	PUNCT
ajfa-12382	144	50	052x	052x	PROPN
ajfa-12382	144	51	2017	2017	NUM
ajfa-12382	144	52	,	,	PUNCT
ajfa-12382	144	53	vol	vol	NOUN
ajfa-12382	144	54	.	.	NOUN
ajfa-12382	144	55	9	9	NUM
ajfa-12382	144	56	,	,	PUNCT
ajfa-12382	144	57	no	no	INTJ
ajfa-12382	144	58	.	.	NOUN
ajfa-12382	144	59	2	2	NUM
ajfa-12382	144	60	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	144	61	360	360	NUM
ajfa-12382	144	62	connected	connected	ADJ
ajfa-12382	144	63	transactions	transaction	NOUN
ajfa-12382	144	64	(	(	PUNCT
ajfa-12382	144	65	with	with	ADP
ajfa-12382	144	66	a	a	DET
ajfa-12382	144	67	value	value	NOUN
ajfa-12382	144	68	higher	high	ADJ
ajfa-12382	144	69	than	than	ADP
ajfa-12382	144	70	rmb3	rmb3	PROPN
ajfa-12382	144	71	million	million	NUM
ajfa-12382	144	72	or	or	CCONJ
ajfa-12382	144	73	5	5	NUM
ajfa-12382	144	74	%	%	NOUN
ajfa-12382	144	75	of	of	ADP
ajfa-12382	144	76	latest	late	ADJ
ajfa-12382	144	77	audited	audit	VERB
ajfa-12382	144	78	net	net	ADJ
ajfa-12382	144	79	asset	asset	NOUN
ajfa-12382	144	80	value	value	NOUN
ajfa-12382	144	81	)	)	PUNCT
ajfa-12382	144	82	,	,	PUNCT
ajfa-12382	144	83	and	and	CCONJ
ajfa-12382	144	84	other	other	ADJ
ajfa-12382	144	85	issues	issue	NOUN
ajfa-12382	144	86	deemed	deem	VERB
ajfa-12382	144	87	substantial	substantial	ADJ
ajfa-12382	144	88	.	.	PUNCT
ajfa-12382	145	1	as	as	SCONJ
ajfa-12382	145	2	can	can	AUX
ajfa-12382	145	3	be	be	AUX
ajfa-12382	145	4	seen	see	VERB
ajfa-12382	145	5	in	in	ADP
ajfa-12382	145	6	table	table	NOUN
ajfa-12382	145	7	3	3	NUM
ajfa-12382	145	8	,	,	PUNCT
ajfa-12382	145	9	we	we	PRON
ajfa-12382	145	10	observe	observe	VERB
ajfa-12382	145	11	a	a	DET
ajfa-12382	145	12	slight	slight	ADJ
ajfa-12382	145	13	decrease	decrease	NOUN
ajfa-12382	145	14	in	in	ADP
ajfa-12382	145	15	the	the	DET
ajfa-12382	145	16	number	number	NOUN
ajfa-12382	145	17	of	of	ADP
ajfa-12382	145	18	board	board	NOUN
ajfa-12382	145	19	of	of	ADP
ajfa-12382	145	20	directors	director	NOUN
ajfa-12382	145	21	listed	list	VERB
ajfa-12382	145	22	firms	firm	NOUN
ajfa-12382	145	23	over	over	ADP
ajfa-12382	145	24	the	the	DET
ajfa-12382	145	25	period	period	NOUN
ajfa-12382	145	26	2003	2003	NUM
ajfa-12382	145	27	-	-	SYM
ajfa-12382	145	28	2010	2010	NUM
ajfa-12382	145	29	with	with	ADP
ajfa-12382	145	30	the	the	DET
ajfa-12382	145	31	number	number	NOUN
ajfa-12382	145	32	of	of	ADP
ajfa-12382	145	33	board	board	NOUN
ajfa-12382	145	34	of	of	ADP
ajfa-12382	145	35	directors	director	NOUN
ajfa-12382	145	36	declined	decline	VERB
ajfa-12382	145	37	from	from	ADP
ajfa-12382	145	38	9.814	9.814	NUM
ajfa-12382	145	39	in	in	ADP
ajfa-12382	145	40	2003	2003	NUM
ajfa-12382	145	41	to	to	ADP
ajfa-12382	145	42	9.027	9.027	NUM
ajfa-12382	145	43	in	in	ADP
ajfa-12382	145	44	2010	2010	NUM
ajfa-12382	145	45	.	.	PUNCT
ajfa-12382	146	1	by	by	ADP
ajfa-12382	146	2	contrast	contrast	NOUN
ajfa-12382	146	3	,	,	PUNCT
ajfa-12382	146	4	we	we	PRON
ajfa-12382	146	5	observe	observe	VERB
ajfa-12382	146	6	a	a	DET
ajfa-12382	146	7	steady	steady	ADJ
ajfa-12382	146	8	increase	increase	NOUN
ajfa-12382	146	9	in	in	ADP
ajfa-12382	146	10	the	the	DET
ajfa-12382	146	11	proportion	proportion	NOUN
ajfa-12382	146	12	of	of	ADP
ajfa-12382	146	13	independent	independent	ADJ
ajfa-12382	146	14	directors	director	NOUN
ajfa-12382	146	15	of	of	ADP
ajfa-12382	146	16	companies	company	NOUN
ajfa-12382	146	17	which	which	PRON
ajfa-12382	146	18	increased	increase	VERB
ajfa-12382	146	19	from	from	ADP
ajfa-12382	146	20	0.327	0.327	NUM
ajfa-12382	146	21	%	%	NOUN
ajfa-12382	146	22	in	in	ADP
ajfa-12382	146	23	2003	2003	NUM
ajfa-12382	146	24	to	to	ADP
ajfa-12382	146	25	0.36	0.36	NUM
ajfa-12382	146	26	%	%	NOUN
ajfa-12382	146	27	in	in	ADP
ajfa-12382	146	28	2010	2010	NUM
ajfa-12382	146	29	.	.	PUNCT
ajfa-12382	147	1	yet	yet	ADV
ajfa-12382	147	2	,	,	PUNCT
ajfa-12382	147	3	in	in	ADP
ajfa-12382	147	4	practice	practice	NOUN
ajfa-12382	147	5	,	,	PUNCT
ajfa-12382	147	6	many	many	ADJ
ajfa-12382	147	7	independent	independent	ADJ
ajfa-12382	147	8	directors	director	NOUN
ajfa-12382	147	9	in	in	ADP
ajfa-12382	147	10	china	china	PROPN
ajfa-12382	147	11	are	be	AUX
ajfa-12382	147	12	,	,	PUNCT
ajfa-12382	147	13	however	however	ADV
ajfa-12382	147	14	,	,	PUNCT
ajfa-12382	147	15	appointed	appoint	VERB
ajfa-12382	147	16	by	by	ADP
ajfa-12382	147	17	controlling	control	VERB
ajfa-12382	147	18	shareholders	shareholder	NOUN
ajfa-12382	147	19	and	and	CCONJ
ajfa-12382	147	20	their	their	PRON
ajfa-12382	147	21	independence	independence	NOUN
ajfa-12382	147	22	from	from	ADP
ajfa-12382	147	23	the	the	DET
ajfa-12382	147	24	management	management	NOUN
ajfa-12382	147	25	is	be	AUX
ajfa-12382	147	26	not	not	PART
ajfa-12382	147	27	certain	certain	ADJ
ajfa-12382	147	28	(	(	PUNCT
ajfa-12382	147	29	clarke	clarke	PROPN
ajfa-12382	147	30	,	,	PUNCT
ajfa-12382	147	31	2003	2003	NUM
ajfa-12382	147	32	;	;	PUNCT
ajfa-12382	147	33	su	su	PROPN
ajfa-12382	147	34	,	,	PUNCT
ajfa-12382	147	35	2005	2005	NUM
ajfa-12382	147	36	)	)	PUNCT
ajfa-12382	147	37	.	.	PUNCT
ajfa-12382	148	1	2.5	2.5	NUM
ajfa-12382	148	2	.	.	PUNCT
ajfa-12382	148	3	board	board	NOUN
ajfa-12382	148	4	of	of	ADP
ajfa-12382	148	5	supervisors	supervisor	NOUN
ajfa-12382	148	6	the	the	DET
ajfa-12382	148	7	main	main	ADJ
ajfa-12382	148	8	functions	function	NOUN
ajfa-12382	148	9	of	of	ADP
ajfa-12382	148	10	the	the	DET
ajfa-12382	148	11	supervisors	supervisor	NOUN
ajfa-12382	148	12	are	be	AUX
ajfa-12382	148	13	to	to	PART
ajfa-12382	148	14	oversee	oversee	VERB
ajfa-12382	148	15	finances	finance	NOUN
ajfa-12382	148	16	,	,	PUNCT
ajfa-12382	148	17	ensure	ensure	VERB
ajfa-12382	148	18	diligent	diligent	ADJ
ajfa-12382	148	19	actions	action	NOUN
ajfa-12382	148	20	of	of	ADP
ajfa-12382	148	21	the	the	DET
ajfa-12382	148	22	directors	director	NOUN
ajfa-12382	148	23	and	and	CCONJ
ajfa-12382	148	24	senior	senior	ADJ
ajfa-12382	148	25	management	management	NOUN
ajfa-12382	148	26	,	,	PUNCT
ajfa-12382	148	27	and	and	CCONJ
ajfa-12382	148	28	report	report	VERB
ajfa-12382	148	29	any	any	DET
ajfa-12382	148	30	impropriety	impropriety	NOUN
ajfa-12382	148	31	,	,	PUNCT
ajfa-12382	148	32	abuse	abuse	NOUN
ajfa-12382	148	33	of	of	ADP
ajfa-12382	148	34	discretionary	discretionary	ADJ
ajfa-12382	148	35	power	power	NOUN
ajfa-12382	148	36	,	,	PUNCT
ajfa-12382	148	37	or	or	CCONJ
ajfa-12382	148	38	action	action	NOUN
ajfa-12382	148	39	that	that	PRON
ajfa-12382	148	40	affects	affect	VERB
ajfa-12382	148	41	the	the	DET
ajfa-12382	148	42	firm	firm	NOUN
ajfa-12382	148	43	.	.	PUNCT
ajfa-12382	149	1	the	the	DET
ajfa-12382	149	2	company	company	NOUN
ajfa-12382	149	3	law	law	NOUN
ajfa-12382	149	4	does	do	AUX
ajfa-12382	149	5	not	not	PART
ajfa-12382	149	6	specify	specify	VERB
ajfa-12382	149	7	the	the	DET
ajfa-12382	149	8	proportion	proportion	NOUN
ajfa-12382	149	9	of	of	ADP
ajfa-12382	149	10	representatives	representative	NOUN
ajfa-12382	149	11	of	of	ADP
ajfa-12382	149	12	shareholders	shareholder	NOUN
ajfa-12382	149	13	or	or	CCONJ
ajfa-12382	149	14	employees	employee	NOUN
ajfa-12382	149	15	on	on	ADP
ajfa-12382	149	16	the	the	DET
ajfa-12382	149	17	board	board	NOUN
ajfa-12382	149	18	of	of	ADP
ajfa-12382	149	19	supervisors	supervisor	NOUN
ajfa-12382	149	20	,	,	PUNCT
ajfa-12382	149	21	except	except	SCONJ
ajfa-12382	149	22	that	that	SCONJ
ajfa-12382	149	23	at	at	ADV
ajfa-12382	149	24	least	least	ADJ
ajfa-12382	149	25	a	a	PRON
ajfa-12382	149	26	third	third	NOUN
ajfa-12382	149	27	should	should	AUX
ajfa-12382	149	28	be	be	AUX
ajfa-12382	149	29	worker	worker	NOUN
ajfa-12382	149	30	representatives	representative	NOUN
ajfa-12382	149	31	.	.	PUNCT
ajfa-12382	150	1	moreover	moreover	ADV
ajfa-12382	150	2	,	,	PUNCT
ajfa-12382	150	3	whilst	whilst	SCONJ
ajfa-12382	150	4	the	the	DET
ajfa-12382	150	5	supervisory	supervisory	ADJ
ajfa-12382	150	6	board	board	NOUN
ajfa-12382	150	7	in	in	ADP
ajfa-12382	150	8	the	the	DET
ajfa-12382	150	9	german	german	ADJ
ajfa-12382	150	10	model	model	NOUN
ajfa-12382	150	11	sits	sit	VERB
ajfa-12382	150	12	between	between	ADP
ajfa-12382	150	13	the	the	DET
ajfa-12382	150	14	shareholders	shareholder	NOUN
ajfa-12382	150	15	and	and	CCONJ
ajfa-12382	150	16	the	the	DET
ajfa-12382	150	17	management	management	NOUN
ajfa-12382	150	18	board	board	NOUN
ajfa-12382	150	19	and	and	CCONJ
ajfa-12382	150	20	can	can	AUX
ajfa-12382	150	21	appoint	appoint	VERB
ajfa-12382	150	22	board	board	NOUN
ajfa-12382	150	23	of	of	ADP
ajfa-12382	150	24	directors	director	NOUN
ajfa-12382	150	25	,	,	PUNCT
ajfa-12382	150	26	in	in	ADP
ajfa-12382	150	27	the	the	DET
ajfa-12382	150	28	chinese	chinese	ADJ
ajfa-12382	150	29	model	model	NOUN
ajfa-12382	150	30	,	,	PUNCT
ajfa-12382	150	31	the	the	DET
ajfa-12382	150	32	supervisory	supervisory	ADJ
ajfa-12382	150	33	board	board	NOUN
ajfa-12382	150	34	does	do	AUX
ajfa-12382	150	35	not	not	PART
ajfa-12382	150	36	have	have	VERB
ajfa-12382	150	37	the	the	DET
ajfa-12382	150	38	power	power	NOUN
ajfa-12382	150	39	to	to	PART
ajfa-12382	150	40	hire	hire	VERB
ajfa-12382	150	41	and	and	CCONJ
ajfa-12382	150	42	fire	fire	NOUN
ajfa-12382	150	43	directors	director	NOUN
ajfa-12382	150	44	.	.	PUNCT
ajfa-12382	151	1	consequently	consequently	ADV
ajfa-12382	151	2	,	,	PUNCT
ajfa-12382	151	3	the	the	DET
ajfa-12382	151	4	supervisory	supervisory	ADJ
ajfa-12382	151	5	power	power	NOUN
ajfa-12382	151	6	of	of	ADP
ajfa-12382	151	7	chinese	chinese	ADJ
ajfa-12382	151	8	supervisory	supervisory	ADJ
ajfa-12382	151	9	boards	board	NOUN
ajfa-12382	151	10	is	be	AUX
ajfa-12382	151	11	relatively	relatively	ADV
ajfa-12382	151	12	soft	soft	ADJ
ajfa-12382	151	13	and	and	CCONJ
ajfa-12382	151	14	seeks	seek	VERB
ajfa-12382	151	15	to	to	PART
ajfa-12382	151	16	act	act	VERB
ajfa-12382	151	17	through	through	ADP
ajfa-12382	151	18	influence	influence	NOUN
ajfa-12382	151	19	.	.	PUNCT
ajfa-12382	152	1	commentators	commentator	NOUN
ajfa-12382	152	2	point	point	VERB
ajfa-12382	152	3	out	out	ADP
ajfa-12382	152	4	that	that	SCONJ
ajfa-12382	152	5	chinese	chinese	ADJ
ajfa-12382	152	6	supervisory	supervisory	ADJ
ajfa-12382	152	7	boards	board	NOUN
ajfa-12382	152	8	are	be	AUX
ajfa-12382	152	9	often	often	ADV
ajfa-12382	152	10	ineffective	ineffective	ADJ
ajfa-12382	152	11	,	,	PUNCT
ajfa-12382	152	12	and	and	CCONJ
ajfa-12382	152	13	have	have	VERB
ajfa-12382	152	14	little	little	ADJ
ajfa-12382	152	15	influence	influence	NOUN
ajfa-12382	152	16	on	on	ADP
ajfa-12382	152	17	firms‟	firms‟	NOUN
ajfa-12382	152	18	activities	activity	NOUN
ajfa-12382	152	19	,	,	PUNCT
ajfa-12382	152	20	since	since	SCONJ
ajfa-12382	152	21	their	their	PRON
ajfa-12382	152	22	members	member	NOUN
ajfa-12382	152	23	have	have	VERB
ajfa-12382	152	24	low	low	ADJ
ajfa-12382	152	25	education	education	NOUN
ajfa-12382	152	26	and	and	CCONJ
ajfa-12382	152	27	professional	professional	ADJ
ajfa-12382	152	28	experience	experience	NOUN
ajfa-12382	152	29	and	and	CCONJ
ajfa-12382	152	30	their	their	PRON
ajfa-12382	152	31	meetings	meeting	NOUN
ajfa-12382	152	32	are	be	AUX
ajfa-12382	152	33	not	not	PART
ajfa-12382	152	34	well	well	ADV
ajfa-12382	152	35	attended	attend	VERB
ajfa-12382	152	36	(	(	PUNCT
ajfa-12382	152	37	dahya	dahya	PROPN
ajfa-12382	152	38	,	,	PUNCT
ajfa-12382	152	39	karbhari	karbhari	PROPN
ajfa-12382	152	40	,	,	PUNCT
ajfa-12382	152	41	xiao	xiao	PROPN
ajfa-12382	152	42	,	,	PUNCT
ajfa-12382	152	43	yang	yang	PROPN
ajfa-12382	152	44	,	,	PUNCT
ajfa-12382	152	45	2003	2003	NUM
ajfa-12382	152	46	;	;	PUNCT
ajfa-12382	152	47	tong	tong	PROPN
ajfa-12382	152	48	,	,	PUNCT
ajfa-12382	152	49	2003	2003	NUM
ajfa-12382	152	50	;	;	PUNCT
ajfa-12382	152	51	tricker	tricker	X
ajfa-12382	152	52	,	,	PUNCT
ajfa-12382	152	53	2009	2009	NUM
ajfa-12382	152	54	)	)	PUNCT
ajfa-12382	152	55	.	.	PUNCT
ajfa-12382	153	1	2.6	2.6	NUM
ajfa-12382	153	2	.	.	PUNCT
ajfa-12382	153	3	comparisons	comparison	NOUN
ajfa-12382	153	4	of	of	ADP
ajfa-12382	153	5	the	the	DET
ajfa-12382	153	6	chinese	chinese	ADJ
ajfa-12382	153	7	corporate	corporate	ADJ
ajfa-12382	153	8	governance	governance	NOUN
ajfa-12382	153	9	system	system	NOUN
ajfa-12382	153	10	with	with	ADP
ajfa-12382	153	11	that	that	PRON
ajfa-12382	153	12	of	of	ADP
ajfa-12382	153	13	developed	develop	VERB
ajfa-12382	153	14	countries	country	NOUN
ajfa-12382	153	15	there	there	PRON
ajfa-12382	153	16	is	be	VERB
ajfa-12382	153	17	divergence	divergence	NOUN
ajfa-12382	153	18	of	of	ADP
ajfa-12382	153	19	corporate	corporate	ADJ
ajfa-12382	153	20	governance	governance	NOUN
ajfa-12382	153	21	systems	system	NOUN
ajfa-12382	153	22	around	around	ADP
ajfa-12382	153	23	the	the	DET
ajfa-12382	153	24	world	world	NOUN
ajfa-12382	153	25	.	.	PUNCT
ajfa-12382	154	1	in	in	ADP
ajfa-12382	154	2	the	the	DET
ajfa-12382	154	3	developed	developed	ADJ
ajfa-12382	154	4	world	world	NOUN
ajfa-12382	154	5	,	,	PUNCT
ajfa-12382	154	6	one	one	NUM
ajfa-12382	154	7	of	of	ADP
ajfa-12382	154	8	the	the	DET
ajfa-12382	154	9	most	most	ADV
ajfa-12382	154	10	prominent	prominent	ADJ
ajfa-12382	154	11	distinctions	distinction	NOUN
ajfa-12382	154	12	has	have	AUX
ajfa-12382	154	13	been	be	AUX
ajfa-12382	154	14	made	make	VERB
ajfa-12382	154	15	between	between	ADP
ajfa-12382	154	16	the	the	DET
ajfa-12382	154	17	anglo	anglo	ADJ
ajfa-12382	154	18	-	-	PUNCT
ajfa-12382	154	19	american	american	ADJ
ajfa-12382	154	20	market	market	NOUN
ajfa-12382	154	21	based	base	VERB
ajfa-12382	154	22	corporate	corporate	ADJ
ajfa-12382	154	23	governance	governance	NOUN
ajfa-12382	154	24	model	model	NOUN
ajfa-12382	154	25	(	(	PUNCT
ajfa-12382	154	26	also	also	ADV
ajfa-12382	154	27	known	know	VERB
ajfa-12382	154	28	as	as	ADP
ajfa-12382	154	29	principal	principal	ADJ
ajfa-12382	154	30	-	-	PUNCT
ajfa-12382	154	31	agent	agent	NOUN
ajfa-12382	154	32	model	model	NOUN
ajfa-12382	154	33	or	or	CCONJ
ajfa-12382	154	34	shareholder	shareholder	NOUN
ajfa-12382	154	35	model	model	NOUN
ajfa-12382	154	36	)	)	PUNCT
ajfa-12382	154	37	which	which	PRON
ajfa-12382	154	38	characterizes	characterize	VERB
ajfa-12382	154	39	the	the	DET
ajfa-12382	154	40	us	us	PROPN
ajfa-12382	154	41	and	and	CCONJ
ajfa-12382	154	42	uk	uk	PROPN
ajfa-12382	154	43	,	,	PUNCT
ajfa-12382	154	44	and	and	CCONJ
ajfa-12382	154	45	the	the	DET
ajfa-12382	154	46	network	network	NOUN
ajfa-12382	154	47	based	base	VERB
ajfa-12382	154	48	models	model	NOUN
ajfa-12382	154	49	(	(	PUNCT
ajfa-12382	154	50	stakeholder	stakeholder	NOUN
ajfa-12382	154	51	)	)	PUNCT
ajfa-12382	154	52	,	,	PUNCT
ajfa-12382	154	53	which	which	PRON
ajfa-12382	154	54	operates	operate	VERB
ajfa-12382	154	55	in	in	ADP
ajfa-12382	154	56	germany	germany	PROPN
ajfa-12382	154	57	and	and	CCONJ
ajfa-12382	154	58	japan	japan	PROPN
ajfa-12382	154	59	(	(	PUNCT
ajfa-12382	154	60	ahmadjian	ahmadjian	PROPN
ajfa-12382	154	61	and	and	CCONJ
ajfa-12382	154	62	robbins	robbin	NOUN
ajfa-12382	154	63	,	,	PUNCT
ajfa-12382	154	64	2005	2005	NUM
ajfa-12382	154	65	)	)	PUNCT
ajfa-12382	154	66	.	.	PUNCT
ajfa-12382	155	1	the	the	DET
ajfa-12382	155	2	main	main	ADJ
ajfa-12382	155	3	features	feature	NOUN
ajfa-12382	155	4	of	of	ADP
ajfa-12382	155	5	the	the	DET
ajfa-12382	155	6	former	former	ADJ
ajfa-12382	155	7	are	be	AUX
ajfa-12382	155	8	diffuse	diffuse	ADJ
ajfa-12382	155	9	ownership	ownership	NOUN
ajfa-12382	155	10	,	,	PUNCT
ajfa-12382	155	11	a	a	DET
ajfa-12382	155	12	separation	separation	NOUN
ajfa-12382	155	13	of	of	ADP
ajfa-12382	155	14	ownership	ownership	NOUN
ajfa-12382	155	15	and	and	CCONJ
ajfa-12382	155	16	control	control	NOUN
ajfa-12382	155	17	,	,	PUNCT
ajfa-12382	155	18	and	and	CCONJ
ajfa-12382	155	19	external	external	ADJ
ajfa-12382	155	20	market	market	NOUN
ajfa-12382	155	21	-	-	PUNCT
ajfa-12382	155	22	based	base	VERB
ajfa-12382	155	23	financing	financing	NOUN
ajfa-12382	155	24	and	and	CCONJ
ajfa-12382	155	25	discipline	discipline	NOUN
ajfa-12382	155	26	,	,	PUNCT
ajfa-12382	155	27	while	while	SCONJ
ajfa-12382	155	28	the	the	DET
ajfa-12382	155	29	latter	latter	ADJ
ajfa-12382	155	30	features	feature	VERB
ajfa-12382	155	31	concentrated	concentrated	ADJ
ajfa-12382	155	32	ownership	ownership	NOUN
ajfa-12382	155	33	,	,	PUNCT
ajfa-12382	155	34	insider	insider	NOUN
ajfa-12382	155	35	control	control	NOUN
ajfa-12382	155	36	,	,	PUNCT
ajfa-12382	155	37	and	and	CCONJ
ajfa-12382	155	38	coordinated	coordinated	ADJ
ajfa-12382	155	39	networks	network	NOUN
ajfa-12382	155	40	of	of	ADP
ajfa-12382	155	41	firms	firm	NOUN
ajfa-12382	155	42	and	and	CCONJ
ajfa-12382	155	43	financial	financial	ADJ
ajfa-12382	155	44	institutions	institution	NOUN
ajfa-12382	155	45	.	.	PUNCT
ajfa-12382	156	1	more	more	ADV
ajfa-12382	156	2	specifically	specifically	ADV
ajfa-12382	156	3	,	,	PUNCT
ajfa-12382	156	4	the	the	DET
ajfa-12382	156	5	government	government	NOUN
ajfa-12382	156	6	is	be	AUX
ajfa-12382	156	7	not	not	PART
ajfa-12382	156	8	very	very	ADV
ajfa-12382	156	9	involved	involved	ADJ
ajfa-12382	156	10	in	in	ADP
ajfa-12382	156	11	the	the	DET
ajfa-12382	156	12	corporate	corporate	ADJ
ajfa-12382	156	13	governance	governance	NOUN
ajfa-12382	156	14	system	system	NOUN
ajfa-12382	156	15	in	in	ADP
ajfa-12382	156	16	the	the	DET
ajfa-12382	156	17	us	us	PROPN
ajfa-12382	156	18	.	.	PUNCT
ajfa-12382	157	1	by	by	ADP
ajfa-12382	157	2	contrast	contrast	NOUN
ajfa-12382	157	3	,	,	PUNCT
ajfa-12382	157	4	banks	bank	NOUN
ajfa-12382	157	5	and	and	CCONJ
ajfa-12382	157	6	workers	worker	NOUN
ajfa-12382	157	7	play	play	VERB
ajfa-12382	157	8	a	a	DET
ajfa-12382	157	9	crucial	crucial	ADJ
ajfa-12382	157	10	role	role	NOUN
ajfa-12382	157	11	in	in	ADP
ajfa-12382	157	12	germany‟s	germany‟s	ADJ
ajfa-12382	157	13	governance	governance	NOUN
ajfa-12382	157	14	system	system	NOUN
ajfa-12382	157	15	.	.	PUNCT
ajfa-12382	158	1	they	they	PRON
ajfa-12382	158	2	provide	provide	VERB
ajfa-12382	158	3	a	a	DET
ajfa-12382	158	4	substantial	substantial	ADJ
ajfa-12382	158	5	amount	amount	NOUN
ajfa-12382	158	6	of	of	ADP
ajfa-12382	158	7	loans	loan	NOUN
ajfa-12382	158	8	to	to	ADP
ajfa-12382	158	9	corporations	corporation	NOUN
ajfa-12382	158	10	,	,	PUNCT
ajfa-12382	158	11	own	own	VERB
ajfa-12382	158	12	their	their	PRON
ajfa-12382	158	13	shares	share	NOUN
ajfa-12382	158	14	,	,	PUNCT
ajfa-12382	158	15	and	and	CCONJ
ajfa-12382	158	16	intervene	intervene	VERB
ajfa-12382	158	17	in	in	ADP
ajfa-12382	158	18	their	their	PRON
ajfa-12382	158	19	corporate	corporate	ADJ
ajfa-12382	158	20	governance	governance	NOUN
ajfa-12382	158	21	through	through	ADP
ajfa-12382	158	22	the	the	DET
ajfa-12382	158	23	appointment	appointment	NOUN
ajfa-12382	158	24	of	of	ADP
ajfa-12382	158	25	directors	director	NOUN
ajfa-12382	158	26	or	or	CCONJ
ajfa-12382	158	27	the	the	DET
ajfa-12382	158	28	general	general	ADJ
ajfa-12382	158	29	monitoring	monitoring	NOUN
ajfa-12382	158	30	of	of	ADP
ajfa-12382	158	31	their	their	PRON
ajfa-12382	158	32	performance	performance	NOUN
ajfa-12382	158	33	.	.	PUNCT
ajfa-12382	159	1	additionally	additionally	ADV
ajfa-12382	159	2	,	,	PUNCT
ajfa-12382	159	3	in	in	ADP
ajfa-12382	159	4	china	china	PROPN
ajfa-12382	159	5	,	,	PUNCT
ajfa-12382	159	6	state	state	NOUN
ajfa-12382	159	7	ownership	ownership	NOUN
ajfa-12382	159	8	uniquely	uniquely	ADV
ajfa-12382	159	9	provides	provide	VERB
ajfa-12382	159	10	another	another	DET
ajfa-12382	159	11	corporate	corporate	ADJ
ajfa-12382	159	12	governance	governance	NOUN
ajfa-12382	159	13	model	model	NOUN
ajfa-12382	159	14	with	with	ADP
ajfa-12382	159	15	its	its	PRON
ajfa-12382	159	16	traditional	traditional	ADJ
ajfa-12382	159	17	ideology	ideology	NOUN
ajfa-12382	159	18	of	of	ADP
ajfa-12382	159	19	employees	employee	NOUN
ajfa-12382	159	20	being	be	AUX
ajfa-12382	159	21	masters	master	NOUN
ajfa-12382	159	22	of	of	ADP
ajfa-12382	159	23	the	the	DET
ajfa-12382	159	24	enterprises	enterprise	NOUN
ajfa-12382	159	25	.	.	PUNCT
ajfa-12382	160	1	in	in	ADP
ajfa-12382	160	2	particular	particular	ADJ
ajfa-12382	160	3	,	,	PUNCT
ajfa-12382	160	4	many	many	ADJ
ajfa-12382	160	5	listed	list	VERB
ajfa-12382	160	6	companies	company	NOUN
ajfa-12382	160	7	in	in	ADP
ajfa-12382	160	8	china	china	PROPN
ajfa-12382	160	9	are	be	AUX
ajfa-12382	160	10	still	still	ADV
ajfa-12382	160	11	heavily	heavily	ADV
ajfa-12382	160	12	influenced	influence	VERB
ajfa-12382	160	13	by	by	ADP
ajfa-12382	160	14	the	the	DET
ajfa-12382	160	15	government	government	NOUN
ajfa-12382	160	16	,	,	PUNCT
ajfa-12382	160	17	asian	asian	ADJ
ajfa-12382	160	18	journal	journal	NOUN
ajfa-12382	160	19	of	of	ADP
ajfa-12382	160	20	finance	finance	PROPN
ajfa-12382	160	21	&	&	CCONJ
ajfa-12382	160	22	accounting	accounting	PROPN
ajfa-12382	160	23	issn	issn	PROPN
ajfa-12382	160	24	1946	1946	NUM
ajfa-12382	160	25	-	-	PUNCT
ajfa-12382	160	26	052x	052x	PROPN
ajfa-12382	160	27	2017	2017	NUM
ajfa-12382	160	28	,	,	PUNCT
ajfa-12382	160	29	vol	vol	NOUN
ajfa-12382	160	30	.	.	NOUN
ajfa-12382	161	1	9	9	NUM
ajfa-12382	161	2	,	,	PUNCT
ajfa-12382	161	3	no	no	INTJ
ajfa-12382	161	4	.	.	NOUN
ajfa-12382	161	5	2	2	NUM
ajfa-12382	161	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	161	7	361	361	NUM
ajfa-12382	161	8	which	which	PRON
ajfa-12382	161	9	controls	control	VERB
ajfa-12382	161	10	them	they	PRON
ajfa-12382	161	11	directly	directly	ADV
ajfa-12382	161	12	through	through	ADP
ajfa-12382	161	13	share	share	NOUN
ajfa-12382	161	14	ownership	ownership	NOUN
ajfa-12382	161	15	,	,	PUNCT
ajfa-12382	161	16	or	or	CCONJ
ajfa-12382	161	17	indirectly	indirectly	ADV
ajfa-12382	161	18	by	by	ADP
ajfa-12382	161	19	allocating	allocate	VERB
ajfa-12382	161	20	capital	capital	NOUN
ajfa-12382	161	21	to	to	ADP
ajfa-12382	161	22	them	they	PRON
ajfa-12382	161	23	at	at	ADP
ajfa-12382	161	24	favorable	favorable	ADJ
ajfa-12382	161	25	rates	rate	NOUN
ajfa-12382	161	26	through	through	ADP
ajfa-12382	161	27	state	state	NOUN
ajfa-12382	161	28	-	-	PUNCT
ajfa-12382	161	29	owned	own	VERB
ajfa-12382	161	30	banks	bank	NOUN
ajfa-12382	161	31	.	.	PUNCT
ajfa-12382	162	1	thus	thus	ADV
ajfa-12382	162	2	,	,	PUNCT
ajfa-12382	162	3	to	to	ADP
ajfa-12382	162	4	some	some	DET
ajfa-12382	162	5	extent	extent	NOUN
ajfa-12382	162	6	,	,	PUNCT
ajfa-12382	162	7	the	the	DET
ajfa-12382	162	8	chinese	chinese	ADJ
ajfa-12382	162	9	government	government	NOUN
ajfa-12382	162	10	supplements	supplement	VERB
ajfa-12382	162	11	the	the	DET
ajfa-12382	162	12	market	market	NOUN
ajfa-12382	162	13	-	-	PUNCT
ajfa-12382	162	14	based	base	VERB
ajfa-12382	162	15	economy	economy	NOUN
ajfa-12382	162	16	.	.	PUNCT
ajfa-12382	163	1	3	3	X
ajfa-12382	163	2	.	.	X
ajfa-12382	163	3	china	china	PROPN
ajfa-12382	163	4	’s	’s	PART
ajfa-12382	163	5	banking	banking	NOUN
ajfa-12382	163	6	system	system	NOUN
ajfa-12382	163	7	and	and	CCONJ
ajfa-12382	163	8	bond	bond	NOUN
ajfa-12382	163	9	market	market	NOUN
ajfa-12382	163	10	unlike	unlike	ADP
ajfa-12382	163	11	in	in	ADP
ajfa-12382	163	12	developed	develop	VERB
ajfa-12382	163	13	countries	country	NOUN
ajfa-12382	163	14	,	,	PUNCT
ajfa-12382	163	15	in	in	ADP
ajfa-12382	163	16	china	china	PROPN
ajfa-12382	163	17	alternative	alternative	ADJ
ajfa-12382	163	18	governance	governance	NOUN
ajfa-12382	163	19	mechanisms	mechanism	NOUN
ajfa-12382	163	20	,	,	PUNCT
ajfa-12382	163	21	such	such	ADJ
ajfa-12382	163	22	as	as	ADP
ajfa-12382	163	23	reputation	reputation	NOUN
ajfa-12382	163	24	and	and	CCONJ
ajfa-12382	163	25	personal	personal	ADJ
ajfa-12382	163	26	relationship	relationship	NOUN
ajfa-12382	163	27	(	(	PUNCT
ajfa-12382	163	28	also	also	ADV
ajfa-12382	163	29	known	know	VERB
ajfa-12382	163	30	as	as	ADP
ajfa-12382	163	31	quanxi	quanxi	NOUN
ajfa-12382	163	32	(	(	PUNCT
ajfa-12382	163	33	note	note	NOUN
ajfa-12382	163	34	5	5	NUM
ajfa-12382	163	35	)	)	PUNCT
ajfa-12382	163	36	in	in	ADP
ajfa-12382	163	37	china	china	PROPN
ajfa-12382	163	38	)	)	PUNCT
ajfa-12382	163	39	play	play	VERB
ajfa-12382	163	40	crucial	crucial	ADJ
ajfa-12382	163	41	role	role	NOUN
ajfa-12382	163	42	in	in	ADP
ajfa-12382	163	43	the	the	DET
ajfa-12382	163	44	financing	financing	NOUN
ajfa-12382	163	45	of	of	ADP
ajfa-12382	163	46	firms	firm	NOUN
ajfa-12382	163	47	,	,	PUNCT
ajfa-12382	163	48	especially	especially	ADV
ajfa-12382	163	49	in	in	ADP
ajfa-12382	163	50	the	the	DET
ajfa-12382	163	51	development	development	NOUN
ajfa-12382	163	52	of	of	ADP
ajfa-12382	163	53	entrepreneurial	entrepreneurial	ADJ
ajfa-12382	163	54	firms	firm	NOUN
ajfa-12382	163	55	.	.	PUNCT
ajfa-12382	164	1	as	as	SCONJ
ajfa-12382	164	2	allen	allen	PROPN
ajfa-12382	164	3	,	,	PUNCT
ajfa-12382	164	4	qian	qian	PROPN
ajfa-12382	164	5	,	,	PUNCT
ajfa-12382	164	6	and	and	CCONJ
ajfa-12382	164	7	qian	qian	PROPN
ajfa-12382	164	8	(	(	PUNCT
ajfa-12382	164	9	2005	2005	NUM
ajfa-12382	164	10	)	)	PUNCT
ajfa-12382	164	11	discuss	discuss	NOUN
ajfa-12382	164	12	,	,	PUNCT
ajfa-12382	164	13	out	out	ADP
ajfa-12382	164	14	of	of	ADP
ajfa-12382	164	15	three	three	NUM
ajfa-12382	164	16	sectors	sector	NOUN
ajfa-12382	164	17	in	in	ADP
ajfa-12382	164	18	china	china	PROPN
ajfa-12382	164	19	,	,	PUNCT
ajfa-12382	164	20	namely	namely	ADV
ajfa-12382	164	21	,	,	PUNCT
ajfa-12382	164	22	state	state	NOUN
ajfa-12382	164	23	sector	sector	NOUN
ajfa-12382	164	24	(	(	PUNCT
ajfa-12382	164	25	soes	soe	NOUN
ajfa-12382	164	26	)	)	PUNCT
ajfa-12382	164	27	,	,	PUNCT
ajfa-12382	164	28	listed	list	VERB
ajfa-12382	164	29	sector	sector	NOUN
ajfa-12382	164	30	and	and	CCONJ
ajfa-12382	164	31	unlisted	unliste	VERB
ajfa-12382	164	32	private	private	ADJ
ajfa-12382	164	33	sector	sector	NOUN
ajfa-12382	164	34	,	,	PUNCT
ajfa-12382	164	35	the	the	DET
ajfa-12382	164	36	former	former	ADJ
ajfa-12382	164	37	two	two	NUM
ajfa-12382	164	38	sectors	sector	NOUN
ajfa-12382	164	39	use	use	VERB
ajfa-12382	164	40	the	the	DET
ajfa-12382	164	41	formal	formal	ADJ
ajfa-12382	164	42	financing	financing	NOUN
ajfa-12382	164	43	channels	channel	NOUN
ajfa-12382	164	44	,	,	PUNCT
ajfa-12382	164	45	such	such	ADJ
ajfa-12382	164	46	as	as	ADP
ajfa-12382	164	47	bank	bank	NOUN
ajfa-12382	164	48	financing	financing	NOUN
ajfa-12382	164	49	and	and	CCONJ
ajfa-12382	164	50	equity	equity	NOUN
ajfa-12382	164	51	and	and	CCONJ
ajfa-12382	164	52	bond	bond	NOUN
ajfa-12382	164	53	markets	market	NOUN
ajfa-12382	164	54	for	for	ADP
ajfa-12382	164	55	financing	financing	NOUN
ajfa-12382	164	56	investment	investment	NOUN
ajfa-12382	164	57	,	,	PUNCT
ajfa-12382	164	58	while	while	SCONJ
ajfa-12382	164	59	a	a	DET
ajfa-12382	164	60	large	large	ADJ
ajfa-12382	164	61	number	number	NOUN
ajfa-12382	164	62	of	of	ADP
ajfa-12382	164	63	private	private	ADJ
ajfa-12382	164	64	firms	firm	NOUN
ajfa-12382	164	65	with	with	ADP
ajfa-12382	164	66	arguably	arguably	ADV
ajfa-12382	164	67	poor	poor	ADJ
ajfa-12382	164	68	applicable	applicable	ADJ
ajfa-12382	164	69	legal	legal	ADJ
ajfa-12382	164	70	and	and	CCONJ
ajfa-12382	164	71	financial	financial	ADJ
ajfa-12382	164	72	sectors	sector	NOUN
ajfa-12382	164	73	use	use	VERB
ajfa-12382	164	74	the	the	DET
ajfa-12382	164	75	quanxi	quanxi	NOUN
ajfa-12382	164	76	system	system	NOUN
ajfa-12382	164	77	to	to	PART
ajfa-12382	164	78	finance	finance	VERB
ajfa-12382	164	79	the	the	DET
ajfa-12382	164	80	investment	investment	NOUN
ajfa-12382	164	81	activities	activity	NOUN
ajfa-12382	164	82	which	which	PRON
ajfa-12382	164	83	contribute	contribute	VERB
ajfa-12382	164	84	to	to	ADP
ajfa-12382	164	85	the	the	DET
ajfa-12382	164	86	most	most	ADJ
ajfa-12382	164	87	of	of	ADP
ajfa-12382	164	88	the	the	DET
ajfa-12382	164	89	growth	growth	NOUN
ajfa-12382	164	90	of	of	ADP
ajfa-12382	164	91	china‟s	china‟	VERB
ajfa-12382	164	92	economy	economy	NOUN
ajfa-12382	164	93	.	.	PUNCT
ajfa-12382	165	1	yet	yet	ADV
ajfa-12382	165	2	,	,	PUNCT
ajfa-12382	165	3	recent	recent	ADJ
ajfa-12382	165	4	studies	study	NOUN
ajfa-12382	165	5	suggest	suggest	VERB
ajfa-12382	165	6	that	that	SCONJ
ajfa-12382	165	7	following	follow	VERB
ajfa-12382	165	8	the	the	DET
ajfa-12382	165	9	liberalization	liberalization	NOUN
ajfa-12382	165	10	of	of	ADP
ajfa-12382	165	11	china‟s	china‟	VERB
ajfa-12382	165	12	financial	financial	ADJ
ajfa-12382	165	13	system	system	NOUN
ajfa-12382	165	14	and	and	CCONJ
ajfa-12382	165	15	the	the	DET
ajfa-12382	165	16	improvement	improvement	NOUN
ajfa-12382	165	17	in	in	ADP
ajfa-12382	165	18	the	the	DET
ajfa-12382	165	19	corporate	corporate	ADJ
ajfa-12382	165	20	governance	governance	NOUN
ajfa-12382	165	21	of	of	ADP
ajfa-12382	165	22	the	the	DET
ajfa-12382	165	23	banking	banking	NOUN
ajfa-12382	165	24	sector	sector	NOUN
ajfa-12382	165	25	,	,	PUNCT
ajfa-12382	165	26	chinese	chinese	ADJ
ajfa-12382	165	27	banks	bank	NOUN
ajfa-12382	165	28	play	play	VERB
ajfa-12382	165	29	an	an	DET
ajfa-12382	165	30	important	important	ADJ
ajfa-12382	165	31	role	role	NOUN
ajfa-12382	165	32	in	in	ADP
ajfa-12382	165	33	monitoring	monitor	VERB
ajfa-12382	165	34	corporate	corporate	ADJ
ajfa-12382	165	35	activities	activity	NOUN
ajfa-12382	165	36	and	and	CCONJ
ajfa-12382	165	37	improving	improve	VERB
ajfa-12382	165	38	the	the	DET
ajfa-12382	165	39	efficiency	efficiency	NOUN
ajfa-12382	165	40	of	of	ADP
ajfa-12382	165	41	corporations	corporation	NOUN
ajfa-12382	165	42	.	.	PUNCT
ajfa-12382	166	1	in	in	ADP
ajfa-12382	166	2	this	this	DET
ajfa-12382	166	3	study	study	NOUN
ajfa-12382	166	4	,	,	PUNCT
ajfa-12382	166	5	since	since	SCONJ
ajfa-12382	166	6	our	our	PRON
ajfa-12382	166	7	focus	focus	NOUN
ajfa-12382	166	8	is	be	AUX
ajfa-12382	166	9	on	on	ADP
ajfa-12382	166	10	the	the	DET
ajfa-12382	166	11	listed	list	VERB
ajfa-12382	166	12	firms	firm	NOUN
ajfa-12382	166	13	it	it	PRON
ajfa-12382	166	14	is	be	AUX
ajfa-12382	166	15	important	important	ADJ
ajfa-12382	166	16	to	to	PART
ajfa-12382	166	17	have	have	VERB
ajfa-12382	166	18	an	an	DET
ajfa-12382	166	19	insight	insight	NOUN
ajfa-12382	166	20	about	about	ADP
ajfa-12382	166	21	the	the	DET
ajfa-12382	166	22	chinese	chinese	ADJ
ajfa-12382	166	23	banking	banking	NOUN
ajfa-12382	166	24	system	system	NOUN
ajfa-12382	166	25	,	,	PUNCT
ajfa-12382	166	26	and	and	CCONJ
ajfa-12382	166	27	recent	recent	ADJ
ajfa-12382	166	28	reforms	reform	NOUN
ajfa-12382	166	29	so	so	SCONJ
ajfa-12382	166	30	as	as	SCONJ
ajfa-12382	166	31	to	to	PART
ajfa-12382	166	32	clearly	clearly	ADV
ajfa-12382	166	33	understand	understand	VERB
ajfa-12382	166	34	their	their	PRON
ajfa-12382	166	35	implications	implication	NOUN
ajfa-12382	166	36	for	for	ADP
ajfa-12382	166	37	the	the	DET
ajfa-12382	166	38	firms‟	firms‟	NOUN
ajfa-12382	166	39	corporate	corporate	ADJ
ajfa-12382	166	40	governance	governance	NOUN
ajfa-12382	166	41	and	and	CCONJ
ajfa-12382	166	42	financing	financing	NOUN
ajfa-12382	166	43	of	of	ADP
ajfa-12382	166	44	investment	investment	NOUN
ajfa-12382	166	45	.	.	PUNCT
ajfa-12382	167	1	before	before	ADP
ajfa-12382	167	2	1978	1978	NUM
ajfa-12382	167	3	,	,	PUNCT
ajfa-12382	167	4	china‟s	china‟	VERB
ajfa-12382	167	5	financial	financial	ADJ
ajfa-12382	167	6	system	system	NOUN
ajfa-12382	167	7	was	be	AUX
ajfa-12382	167	8	a	a	DET
ajfa-12382	167	9	mono	mono	NOUN
ajfa-12382	167	10	-	-	PUNCT
ajfa-12382	167	11	bank	bank	NOUN
ajfa-12382	167	12	system	system	NOUN
ajfa-12382	167	13	with	with	ADP
ajfa-12382	167	14	only	only	ADV
ajfa-12382	167	15	one	one	NUM
ajfa-12382	167	16	bank	bank	NOUN
ajfa-12382	167	17	-	-	PUNCT
ajfa-12382	167	18	the	the	DET
ajfa-12382	167	19	people‟s	people‟s	PROPN
ajfa-12382	167	20	bank	bank	PROPN
ajfa-12382	167	21	of	of	ADP
ajfa-12382	167	22	china	china	PROPN
ajfa-12382	167	23	(	(	PUNCT
ajfa-12382	167	24	pboc	pboc	NOUN
ajfa-12382	167	25	)	)	PUNCT
ajfa-12382	167	26	,	,	PUNCT
ajfa-12382	167	27	which	which	PRON
ajfa-12382	167	28	played	play	VERB
ajfa-12382	167	29	both	both	CCONJ
ajfa-12382	167	30	the	the	DET
ajfa-12382	167	31	role	role	NOUN
ajfa-12382	167	32	of	of	ADP
ajfa-12382	167	33	central	central	ADJ
ajfa-12382	167	34	bank	bank	PROPN
ajfa-12382	167	35	and	and	CCONJ
ajfa-12382	167	36	commercial	commercial	ADJ
ajfa-12382	167	37	bank	bank	NOUN
ajfa-12382	167	38	.	.	PUNCT
ajfa-12382	168	1	beginning	begin	VERB
ajfa-12382	168	2	in	in	ADP
ajfa-12382	168	3	the	the	DET
ajfa-12382	168	4	late	late	ADJ
ajfa-12382	168	5	1970s	1970	NOUN
ajfa-12382	168	6	,	,	PUNCT
ajfa-12382	168	7	there	there	PRON
ajfa-12382	168	8	was	be	VERB
ajfa-12382	168	9	a	a	DET
ajfa-12382	168	10	structural	structural	ADJ
ajfa-12382	168	11	but	but	CCONJ
ajfa-12382	168	12	gradual	gradual	ADJ
ajfa-12382	168	13	change	change	NOUN
ajfa-12382	168	14	in	in	ADP
ajfa-12382	168	15	the	the	DET
ajfa-12382	168	16	banking	banking	NOUN
ajfa-12382	168	17	sector	sector	NOUN
ajfa-12382	168	18	.	.	PUNCT
ajfa-12382	169	1	in	in	ADP
ajfa-12382	169	2	1978	1978	NUM
ajfa-12382	169	3	,	,	PUNCT
ajfa-12382	169	4	in	in	ADP
ajfa-12382	169	5	line	line	NOUN
ajfa-12382	169	6	with	with	ADP
ajfa-12382	169	7	economic	economic	ADJ
ajfa-12382	169	8	reforms	reform	NOUN
ajfa-12382	169	9	,	,	PUNCT
ajfa-12382	169	10	the	the	DET
ajfa-12382	169	11	pboc	pboc	NOUN
ajfa-12382	169	12	was	be	AUX
ajfa-12382	169	13	split	split	VERB
ajfa-12382	169	14	into	into	ADP
ajfa-12382	169	15	four	four	NUM
ajfa-12382	169	16	state	state	NOUN
ajfa-12382	169	17	-	-	PUNCT
ajfa-12382	169	18	owned	own	VERB
ajfa-12382	169	19	banks(known	banks(known	PROPN
ajfa-12382	169	20	as	as	ADP
ajfa-12382	169	21	the	the	DET
ajfa-12382	169	22	big	big	ADJ
ajfa-12382	169	23	four),with	four),with	PUNCT
ajfa-12382	169	24	a	a	DET
ajfa-12382	169	25	multi	multi	ADJ
ajfa-12382	169	26	-	-	ADJ
ajfa-12382	169	27	layered	layered	ADJ
ajfa-12382	169	28	system	system	NOUN
ajfa-12382	169	29	that	that	PRON
ajfa-12382	169	30	separates	separate	VERB
ajfa-12382	169	31	central	central	ADJ
ajfa-12382	169	32	banking	banking	NOUN
ajfa-12382	169	33	functions	function	NOUN
ajfa-12382	169	34	and	and	CCONJ
ajfa-12382	169	35	commercial	commercial	ADJ
ajfa-12382	169	36	lending	lending	NOUN
ajfa-12382	169	37	.	.	PUNCT
ajfa-12382	170	1	these	these	PRON
ajfa-12382	170	2	were	be	AUX
ajfa-12382	170	3	:	:	PUNCT
ajfa-12382	170	4	the	the	DET
ajfa-12382	170	5	pboc	pboc	NOUN
ajfa-12382	170	6	which	which	PRON
ajfa-12382	170	7	has	have	AUX
ajfa-12382	170	8	become	become	VERB
ajfa-12382	170	9	china‟s	china‟	VERB
ajfa-12382	170	10	central	central	ADJ
ajfa-12382	170	11	bank	bank	NOUN
ajfa-12382	170	12	;	;	PUNCT
ajfa-12382	170	13	the	the	DET
ajfa-12382	170	14	bank	bank	NOUN
ajfa-12382	170	15	of	of	ADP
ajfa-12382	170	16	china	china	PROPN
ajfa-12382	170	17	(	(	PUNCT
ajfa-12382	170	18	boc	boc	PROPN
ajfa-12382	170	19	)	)	PUNCT
ajfa-12382	170	20	which	which	PRON
ajfa-12382	170	21	specialized	specialize	VERB
ajfa-12382	170	22	in	in	ADP
ajfa-12382	170	23	transactions	transaction	NOUN
ajfa-12382	170	24	related	relate	VERB
ajfa-12382	170	25	to	to	ADP
ajfa-12382	170	26	foreign	foreign	ADJ
ajfa-12382	170	27	trade	trade	NOUN
ajfa-12382	170	28	and	and	CCONJ
ajfa-12382	170	29	investment	investment	NOUN
ajfa-12382	170	30	;	;	PUNCT
ajfa-12382	170	31	the	the	DET
ajfa-12382	170	32	people‟s	people‟s	NOUN
ajfa-12382	170	33	construction	construction	PROPN
ajfa-12382	170	34	bank	bank	PROPN
ajfa-12382	170	35	of	of	ADP
ajfa-12382	170	36	china	china	PROPN
ajfa-12382	170	37	(	(	PUNCT
ajfa-12382	170	38	pcbc	pcbc	PROPN
ajfa-12382	170	39	)	)	PUNCT
ajfa-12382	170	40	which	which	PRON
ajfa-12382	170	41	specialized	specialize	VERB
ajfa-12382	170	42	in	in	ADP
ajfa-12382	170	43	transactions	transaction	NOUN
ajfa-12382	170	44	related	relate	VERB
ajfa-12382	170	45	to	to	ADP
ajfa-12382	170	46	fixed	fix	VERB
ajfa-12382	170	47	investment	investment	NOUN
ajfa-12382	170	48	;	;	PUNCT
ajfa-12382	170	49	and	and	CCONJ
ajfa-12382	170	50	the	the	DET
ajfa-12382	170	51	agriculture	agriculture	PROPN
ajfa-12382	170	52	bank	bank	PROPN
ajfa-12382	170	53	of	of	ADP
ajfa-12382	170	54	china	china	PROPN
ajfa-12382	170	55	(	(	PUNCT
ajfa-12382	170	56	abc	abc	PROPN
ajfa-12382	170	57	)	)	PUNCT
ajfa-12382	170	58	which	which	PRON
ajfa-12382	170	59	specialized	specialize	VERB
ajfa-12382	170	60	in	in	ADP
ajfa-12382	170	61	all	all	DET
ajfa-12382	170	62	banking	banking	NOUN
ajfa-12382	170	63	business	business	NOUN
ajfa-12382	170	64	in	in	ADP
ajfa-12382	170	65	rural	rural	ADJ
ajfa-12382	170	66	area	area	NOUN
ajfa-12382	170	67	.	.	PUNCT
ajfa-12382	171	1	additionally	additionally	ADV
ajfa-12382	171	2	,	,	PUNCT
ajfa-12382	171	3	in	in	ADP
ajfa-12382	171	4	1984	1984	NUM
ajfa-12382	171	5	,	,	PUNCT
ajfa-12382	171	6	the	the	DET
ajfa-12382	171	7	industrial	industrial	ADJ
ajfa-12382	171	8	and	and	CCONJ
ajfa-12382	171	9	commercial	commercial	ADJ
ajfa-12382	171	10	bank	bank	PROPN
ajfa-12382	171	11	of	of	ADP
ajfa-12382	171	12	china	china	PROPN
ajfa-12382	171	13	(	(	PUNCT
ajfa-12382	171	14	icbc	icbc	PROPN
ajfa-12382	171	15	)	)	PUNCT
ajfa-12382	171	16	was	be	AUX
ajfa-12382	171	17	established	establish	VERB
ajfa-12382	171	18	to	to	PART
ajfa-12382	171	19	take	take	VERB
ajfa-12382	171	20	over	over	ADP
ajfa-12382	171	21	all	all	DET
ajfa-12382	171	22	commercial	commercial	ADJ
ajfa-12382	171	23	transactions	transaction	NOUN
ajfa-12382	171	24	(	(	PUNCT
ajfa-12382	171	25	deposit	deposit	NOUN
ajfa-12382	171	26	-	-	PUNCT
ajfa-12382	171	27	taking	taking	NOUN
ajfa-12382	171	28	and	and	CCONJ
ajfa-12382	171	29	lending	lending	NOUN
ajfa-12382	171	30	business	business	NOUN
ajfa-12382	171	31	)	)	PUNCT
ajfa-12382	171	32	of	of	ADP
ajfa-12382	171	33	the	the	DET
ajfa-12382	171	34	pboc	pboc	NOUN
ajfa-12382	171	35	.	.	PUNCT
ajfa-12382	172	1	icb	icb	PROPN
ajfa-12382	172	2	quickly	quickly	ADV
ajfa-12382	172	3	became	become	VERB
ajfa-12382	172	4	china‟s	china‟	VERB
ajfa-12382	172	5	largest	large	ADJ
ajfa-12382	172	6	bank	bank	NOUN
ajfa-12382	172	7	accounting	accounting	NOUN
ajfa-12382	172	8	for	for	ADP
ajfa-12382	172	9	half	half	NOUN
ajfa-12382	172	10	of	of	ADP
ajfa-12382	172	11	all	all	DET
ajfa-12382	172	12	bank	bank	NOUN
ajfa-12382	172	13	lending	lending	NOUN
ajfa-12382	172	14	and	and	CCONJ
ajfa-12382	172	15	it	it	PRON
ajfa-12382	172	16	is	be	AUX
ajfa-12382	172	17	still	still	ADV
ajfa-12382	172	18	the	the	DET
ajfa-12382	172	19	leading	lead	VERB
ajfa-12382	172	20	bank	bank	NOUN
ajfa-12382	172	21	in	in	ADP
ajfa-12382	172	22	china	china	PROPN
ajfa-12382	172	23	(	(	PUNCT
ajfa-12382	172	24	cull	cull	NOUN
ajfa-12382	172	25	and	and	CCONJ
ajfa-12382	172	26	xu	xu	PROPN
ajfa-12382	172	27	,	,	PUNCT
ajfa-12382	172	28	2003	2003	NUM
ajfa-12382	172	29	)	)	PUNCT
ajfa-12382	172	30	.	.	PUNCT
ajfa-12382	173	1	since	since	SCONJ
ajfa-12382	173	2	1984	1984	NUM
ajfa-12382	173	3	,	,	PUNCT
ajfa-12382	173	4	the	the	DET
ajfa-12382	173	5	chinese	chinese	ADJ
ajfa-12382	173	6	banking	banking	NOUN
ajfa-12382	173	7	system	system	NOUN
ajfa-12382	173	8	has	have	AUX
ajfa-12382	173	9	been	be	AUX
ajfa-12382	173	10	undergoing	undergo	VERB
ajfa-12382	173	11	a	a	DET
ajfa-12382	173	12	series	series	NOUN
ajfa-12382	173	13	of	of	ADP
ajfa-12382	173	14	further	further	ADJ
ajfa-12382	173	15	reforms	reform	NOUN
ajfa-12382	173	16	,	,	PUNCT
ajfa-12382	173	17	with	with	ADP
ajfa-12382	173	18	the	the	DET
ajfa-12382	173	19	objective	objective	NOUN
ajfa-12382	173	20	of	of	ADP
ajfa-12382	173	21	making	make	VERB
ajfa-12382	173	22	the	the	DET
ajfa-12382	173	23	big	big	ADJ
ajfa-12382	173	24	four	four	NUM
ajfa-12382	173	25	as	as	ADP
ajfa-12382	173	26	real	real	ADJ
ajfa-12382	173	27	enterprises	enterprise	NOUN
ajfa-12382	173	28	.	.	PUNCT
ajfa-12382	174	1	since	since	SCONJ
ajfa-12382	174	2	1985	1985	NUM
ajfa-12382	174	3	,	,	PUNCT
ajfa-12382	174	4	these	these	DET
ajfa-12382	174	5	banks	bank	NOUN
ajfa-12382	174	6	have	have	AUX
ajfa-12382	174	7	been	be	AUX
ajfa-12382	174	8	permitted	permit	VERB
ajfa-12382	174	9	to	to	PART
ajfa-12382	174	10	engage	engage	VERB
ajfa-12382	174	11	in	in	ADP
ajfa-12382	174	12	business	business	NOUN
ajfa-12382	174	13	outside	outside	ADP
ajfa-12382	174	14	of	of	ADP
ajfa-12382	174	15	their	their	PRON
ajfa-12382	174	16	designated	designate	VERB
ajfa-12382	174	17	economic	economic	ADJ
ajfa-12382	174	18	sector	sector	NOUN
ajfa-12382	174	19	.	.	PUNCT
ajfa-12382	175	1	furthermore	furthermore	ADV
ajfa-12382	175	2	,	,	PUNCT
ajfa-12382	175	3	in	in	ADP
ajfa-12382	175	4	1994	1994	NUM
ajfa-12382	175	5	,	,	PUNCT
ajfa-12382	175	6	three	three	NUM
ajfa-12382	175	7	wholly	wholly	ADV
ajfa-12382	175	8	state	state	NOUN
ajfa-12382	175	9	-	-	PUNCT
ajfa-12382	175	10	owned	own	VERB
ajfa-12382	175	11	policy	policy	NOUN
ajfa-12382	175	12	banks	bank	NOUN
ajfa-12382	175	13	were	be	AUX
ajfa-12382	175	14	established	establish	VERB
ajfa-12382	175	15	to	to	PART
ajfa-12382	175	16	take	take	VERB
ajfa-12382	175	17	over	over	ADP
ajfa-12382	175	18	the	the	DET
ajfa-12382	175	19	policy	policy	NOUN
ajfa-12382	175	20	lending	lending	NOUN
ajfa-12382	175	21	functions	function	NOUN
ajfa-12382	175	22	from	from	ADP
ajfa-12382	175	23	the	the	DET
ajfa-12382	175	24	four	four	NUM
ajfa-12382	175	25	state	state	NOUN
ajfa-12382	175	26	owned	own	VERB
ajfa-12382	175	27	banks	bank	NOUN
ajfa-12382	175	28	(	(	PUNCT
ajfa-12382	175	29	note	note	NOUN
ajfa-12382	175	30	6	6	NUM
ajfa-12382	175	31	)	)	PUNCT
ajfa-12382	175	32	.	.	PUNCT
ajfa-12382	176	1	from	from	ADP
ajfa-12382	176	2	that	that	DET
ajfa-12382	176	3	point	point	NOUN
ajfa-12382	176	4	onwards	onwards	ADV
ajfa-12382	176	5	,	,	PUNCT
ajfa-12382	176	6	the	the	DET
ajfa-12382	176	7	big	big	ADJ
ajfa-12382	176	8	four	four	NUM
ajfa-12382	176	9	were	be	AUX
ajfa-12382	176	10	known	know	VERB
ajfa-12382	176	11	as	as	ADP
ajfa-12382	176	12	commercial	commercial	ADJ
ajfa-12382	176	13	banks	bank	NOUN
ajfa-12382	176	14	and	and	CCONJ
ajfa-12382	176	15	were	be	AUX
ajfa-12382	176	16	expected	expect	VERB
ajfa-12382	176	17	to	to	PART
ajfa-12382	176	18	operate	operate	VERB
ajfa-12382	176	19	in	in	ADP
ajfa-12382	176	20	accordance	accordance	NOUN
ajfa-12382	176	21	with	with	ADP
ajfa-12382	176	22	market	market	NOUN
ajfa-12382	176	23	principles	principle	NOUN
ajfa-12382	176	24	.	.	PUNCT
ajfa-12382	177	1	the	the	DET
ajfa-12382	177	2	state	state	NOUN
ajfa-12382	177	3	-	-	PUNCT
ajfa-12382	177	4	owned	own	VERB
ajfa-12382	177	5	commercial	commercial	ADJ
ajfa-12382	177	6	banks	bank	NOUN
ajfa-12382	177	7	have	have	AUX
ajfa-12382	177	8	also	also	ADV
ajfa-12382	177	9	been	be	AUX
ajfa-12382	177	10	subject	subject	ADJ
ajfa-12382	177	11	to	to	ADP
ajfa-12382	177	12	reform	reform	NOUN
ajfa-12382	177	13	in	in	ADP
ajfa-12382	177	14	terms	term	NOUN
ajfa-12382	177	15	of	of	ADP
ajfa-12382	177	16	managerial	managerial	ADJ
ajfa-12382	177	17	and	and	CCONJ
ajfa-12382	177	18	mechanistic	mechanistic	ADJ
ajfa-12382	177	19	aspects	aspect	NOUN
ajfa-12382	177	20	.	.	PUNCT
ajfa-12382	178	1	for	for	ADP
ajfa-12382	178	2	example	example	NOUN
ajfa-12382	178	3	,	,	PUNCT
ajfa-12382	178	4	the	the	DET
ajfa-12382	178	5	asian	asian	ADJ
ajfa-12382	178	6	journal	journal	NOUN
ajfa-12382	178	7	of	of	ADP
ajfa-12382	178	8	finance	finance	PROPN
ajfa-12382	178	9	&	&	CCONJ
ajfa-12382	178	10	accounting	accounting	PROPN
ajfa-12382	178	11	issn	issn	PROPN
ajfa-12382	178	12	1946	1946	NUM
ajfa-12382	178	13	-	-	PUNCT
ajfa-12382	178	14	052x	052x	PROPN
ajfa-12382	178	15	2017	2017	NUM
ajfa-12382	178	16	,	,	PUNCT
ajfa-12382	178	17	vol	vol	NOUN
ajfa-12382	178	18	.	.	NOUN
ajfa-12382	178	19	9	9	NUM
ajfa-12382	178	20	,	,	PUNCT
ajfa-12382	178	21	no	no	INTJ
ajfa-12382	178	22	.	.	NOUN
ajfa-12382	178	23	2	2	NUM
ajfa-12382	178	24	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	178	25	362	362	NUM
ajfa-12382	178	26	importance	importance	NOUN
ajfa-12382	178	27	of	of	ADP
ajfa-12382	178	28	risk	risk	NOUN
ajfa-12382	178	29	management	management	NOUN
ajfa-12382	178	30	has	have	AUX
ajfa-12382	178	31	been	be	AUX
ajfa-12382	178	32	reinforced	reinforce	VERB
ajfa-12382	178	33	and	and	CCONJ
ajfa-12382	178	34	their	their	PRON
ajfa-12382	178	35	managers	manager	NOUN
ajfa-12382	178	36	are	be	AUX
ajfa-12382	178	37	held	hold	VERB
ajfa-12382	178	38	responsible	responsible	ADJ
ajfa-12382	178	39	for	for	ADP
ajfa-12382	178	40	their	their	PRON
ajfa-12382	178	41	lending	lending	NOUN
ajfa-12382	178	42	decisions	decision	NOUN
ajfa-12382	178	43	.	.	PUNCT
ajfa-12382	179	1	other	other	ADJ
ajfa-12382	179	2	subsequent	subsequent	ADJ
ajfa-12382	179	3	developments	development	NOUN
ajfa-12382	179	4	made	make	VERB
ajfa-12382	179	5	during	during	ADP
ajfa-12382	179	6	the	the	DET
ajfa-12382	179	7	1990s	1990s	NUM
ajfa-12382	179	8	,	,	PUNCT
ajfa-12382	179	9	include	include	VERB
ajfa-12382	179	10	the	the	DET
ajfa-12382	179	11	transformation	transformation	NOUN
ajfa-12382	179	12	of	of	ADP
ajfa-12382	179	13	urban	urban	ADJ
ajfa-12382	179	14	credit	credit	NOUN
ajfa-12382	179	15	cooperatives	cooperative	NOUN
ajfa-12382	179	16	into	into	ADP
ajfa-12382	179	17	commercial	commercial	ADJ
ajfa-12382	179	18	banks	bank	NOUN
ajfa-12382	179	19	,	,	PUNCT
ajfa-12382	179	20	permitting	permit	VERB
ajfa-12382	179	21	non	non	ADJ
ajfa-12382	179	22	-	-	ADJ
ajfa-12382	179	23	state	state	ADJ
ajfa-12382	179	24	commercial	commercial	ADJ
ajfa-12382	179	25	banks	bank	NOUN
ajfa-12382	179	26	,	,	PUNCT
ajfa-12382	179	27	and	and	CCONJ
ajfa-12382	179	28	introducing	introduce	VERB
ajfa-12382	179	29	standard	standard	ADJ
ajfa-12382	179	30	accounting	accounting	NOUN
ajfa-12382	179	31	and	and	CCONJ
ajfa-12382	179	32	prudential	prudential	ADJ
ajfa-12382	179	33	norms	norm	NOUN
ajfa-12382	179	34	.	.	PUNCT
ajfa-12382	180	1	furthermore	furthermore	ADV
ajfa-12382	180	2	,	,	PUNCT
ajfa-12382	180	3	because	because	SCONJ
ajfa-12382	180	4	of	of	ADP
ajfa-12382	180	5	the	the	DET
ajfa-12382	180	6	large	large	ADJ
ajfa-12382	180	7	volume	volume	NOUN
ajfa-12382	180	8	of	of	ADP
ajfa-12382	180	9	policy	policy	NOUN
ajfa-12382	180	10	loans	loan	NOUN
ajfa-12382	180	11	and	and	CCONJ
ajfa-12382	180	12	weak	weak	ADJ
ajfa-12382	180	13	internal	internal	ADJ
ajfa-12382	180	14	controls	control	NOUN
ajfa-12382	180	15	,	,	PUNCT
ajfa-12382	180	16	by	by	ADP
ajfa-12382	180	17	the	the	DET
ajfa-12382	180	18	late	late	ADJ
ajfa-12382	180	19	1990s	1990	NOUN
ajfa-12382	180	20	,	,	PUNCT
ajfa-12382	180	21	the	the	DET
ajfa-12382	180	22	accumulated	accumulate	VERB
ajfa-12382	180	23	large	large	ADJ
ajfa-12382	180	24	non	non	ADJ
ajfa-12382	180	25	-	-	ADJ
ajfa-12382	180	26	performing	performing	ADJ
ajfa-12382	180	27	loans	loan	NOUN
ajfa-12382	180	28	(	(	PUNCT
ajfa-12382	180	29	npls	npls	NOUN
ajfa-12382	180	30	)	)	PUNCT
ajfa-12382	180	31	of	of	ADP
ajfa-12382	180	32	the	the	DET
ajfa-12382	180	33	big	big	ADJ
ajfa-12382	180	34	four	four	NUM
ajfa-12382	180	35	state	state	NOUN
ajfa-12382	180	36	owned	own	VERB
ajfa-12382	180	37	commercial	commercial	ADJ
ajfa-12382	180	38	banks	bank	NOUN
ajfa-12382	180	39	and	and	CCONJ
ajfa-12382	180	40	their	their	PRON
ajfa-12382	180	41	insolvency	insolvency	NOUN
ajfa-12382	180	42	had	have	AUX
ajfa-12382	180	43	become	become	VERB
ajfa-12382	180	44	important	important	ADJ
ajfa-12382	180	45	issue	issue	NOUN
ajfa-12382	180	46	for	for	ADP
ajfa-12382	180	47	the	the	DET
ajfa-12382	180	48	government	government	NOUN
ajfa-12382	180	49	.	.	PUNCT
ajfa-12382	181	1	in	in	ADP
ajfa-12382	181	2	1998	1998	NUM
ajfa-12382	181	3	,	,	PUNCT
ajfa-12382	181	4	the	the	DET
ajfa-12382	181	5	government	government	NOUN
ajfa-12382	181	6	therefore	therefore	ADV
ajfa-12382	181	7	injected	inject	VERB
ajfa-12382	181	8	rmb	rmb	PROPN
ajfa-12382	181	9	27	27	NUM
ajfa-12382	181	10	billion	billion	NUM
ajfa-12382	181	11	of	of	ADP
ajfa-12382	181	12	capital	capital	NOUN
ajfa-12382	181	13	into	into	ADP
ajfa-12382	181	14	the	the	DET
ajfa-12382	181	15	four	four	NUM
ajfa-12382	181	16	state	state	NOUN
ajfa-12382	181	17	-	-	PUNCT
ajfa-12382	181	18	owned	own	VERB
ajfa-12382	181	19	banks	bank	NOUN
ajfa-12382	181	20	and	and	CCONJ
ajfa-12382	181	21	transferred	transfer	VERB
ajfa-12382	181	22	the	the	DET
ajfa-12382	181	23	npls	npls	NOUN
ajfa-12382	181	24	to	to	ADP
ajfa-12382	181	25	four	four	NUM
ajfa-12382	181	26	newly	newly	ADV
ajfa-12382	181	27	established	establish	VERB
ajfa-12382	181	28	asset	asset	NOUN
ajfa-12382	181	29	management	management	NOUN
ajfa-12382	181	30	companies	company	NOUN
ajfa-12382	181	31	.	.	PUNCT
ajfa-12382	182	1	to	to	PART
ajfa-12382	182	2	enhance	enhance	VERB
ajfa-12382	182	3	the	the	DET
ajfa-12382	182	4	efficiency	efficiency	NOUN
ajfa-12382	182	5	of	of	ADP
ajfa-12382	182	6	the	the	DET
ajfa-12382	182	7	banking	banking	NOUN
ajfa-12382	182	8	sector	sector	NOUN
ajfa-12382	182	9	by	by	ADP
ajfa-12382	182	10	increasing	increase	VERB
ajfa-12382	182	11	competition	competition	NOUN
ajfa-12382	182	12	among	among	ADP
ajfa-12382	182	13	banks	bank	NOUN
ajfa-12382	182	14	,	,	PUNCT
ajfa-12382	182	15	in	in	ADP
ajfa-12382	182	16	1986	1986	NUM
ajfa-12382	182	17	,	,	PUNCT
ajfa-12382	182	18	the	the	DET
ajfa-12382	182	19	chinese	chinese	ADJ
ajfa-12382	182	20	government	government	NOUN
ajfa-12382	182	21	began	begin	VERB
ajfa-12382	182	22	to	to	PART
ajfa-12382	182	23	establish	establish	VERB
ajfa-12382	182	24	new	new	ADJ
ajfa-12382	182	25	banks	bank	NOUN
ajfa-12382	182	26	,	,	PUNCT
ajfa-12382	182	27	known	know	VERB
ajfa-12382	182	28	as	as	ADP
ajfa-12382	182	29	joint	joint	ADJ
ajfa-12382	182	30	-	-	PUNCT
ajfa-12382	182	31	equity	equity	NOUN
ajfa-12382	182	32	banks	bank	NOUN
ajfa-12382	182	33	and	and	CCONJ
ajfa-12382	182	34	city	city	NOUN
ajfa-12382	182	35	banks	bank	NOUN
ajfa-12382	182	36	(	(	PUNCT
ajfa-12382	182	37	note	note	NOUN
ajfa-12382	182	38	7	7	NUM
ajfa-12382	182	39	)	)	PUNCT
ajfa-12382	182	40	.	.	PUNCT
ajfa-12382	183	1	by	by	ADP
ajfa-12382	183	2	the	the	DET
ajfa-12382	183	3	end	end	NOUN
ajfa-12382	183	4	of	of	ADP
ajfa-12382	183	5	2004	2004	NUM
ajfa-12382	183	6	,	,	PUNCT
ajfa-12382	183	7	five	five	NUM
ajfa-12382	183	8	of	of	ADP
ajfa-12382	183	9	the	the	DET
ajfa-12382	183	10	11	11	NUM
ajfa-12382	183	11	domestic	domestic	ADJ
ajfa-12382	183	12	joint	joint	ADJ
ajfa-12382	183	13	-	-	PUNCT
ajfa-12382	183	14	equity	equity	NOUN
ajfa-12382	183	15	banks	bank	NOUN
ajfa-12382	183	16	were	be	AUX
ajfa-12382	183	17	publicly	publicly	ADV
ajfa-12382	183	18	listed	list	VERB
ajfa-12382	183	19	on	on	ADP
ajfa-12382	183	20	china‟s	china‟	VERB
ajfa-12382	183	21	stock	stock	NOUN
ajfa-12382	183	22	exchanges	exchange	NOUN
ajfa-12382	183	23	.	.	PUNCT
ajfa-12382	184	1	however	however	ADV
ajfa-12382	184	2	,	,	PUNCT
ajfa-12382	184	3	because	because	SCONJ
ajfa-12382	184	4	the	the	DET
ajfa-12382	184	5	largest	large	ADJ
ajfa-12382	184	6	shareholders	shareholder	NOUN
ajfa-12382	184	7	in	in	ADP
ajfa-12382	184	8	most	most	ADJ
ajfa-12382	184	9	of	of	ADP
ajfa-12382	184	10	joint	joint	ADJ
ajfa-12382	184	11	-	-	PUNCT
ajfa-12382	184	12	equity	equity	NOUN
ajfa-12382	184	13	banks	bank	NOUN
ajfa-12382	184	14	are	be	AUX
ajfa-12382	184	15	usually	usually	ADV
ajfa-12382	184	16	soes	soe	NOUN
ajfa-12382	184	17	,	,	PUNCT
ajfa-12382	184	18	they	they	PRON
ajfa-12382	184	19	are	be	AUX
ajfa-12382	184	20	indirectly	indirectly	ADV
ajfa-12382	184	21	controlled	control	VERB
ajfa-12382	184	22	by	by	ADP
ajfa-12382	184	23	the	the	DET
ajfa-12382	184	24	government	government	NOUN
ajfa-12382	184	25	(	(	PUNCT
ajfa-12382	184	26	note	note	VERB
ajfa-12382	184	27	8)	8)	NUM
ajfa-12382	184	28	.	.	PUNCT
ajfa-12382	184	29	until	until	ADP
ajfa-12382	184	30	2004	2004	NUM
ajfa-12382	184	31	,	,	PUNCT
ajfa-12382	184	32	the	the	DET
ajfa-12382	184	33	big	big	ADJ
ajfa-12382	184	34	four	four	NUM
ajfa-12382	184	35	were	be	AUX
ajfa-12382	184	36	soes	soe	NOUN
ajfa-12382	184	37	solely	solely	ADV
ajfa-12382	184	38	owned	own	VERB
ajfa-12382	184	39	by	by	ADP
ajfa-12382	184	40	the	the	DET
ajfa-12382	184	41	chinese	chinese	ADJ
ajfa-12382	184	42	government	government	NOUN
ajfa-12382	184	43	.	.	PUNCT
ajfa-12382	185	1	yet	yet	ADV
ajfa-12382	185	2	,	,	PUNCT
ajfa-12382	185	3	in	in	ADP
ajfa-12382	185	4	2005	2005	NUM
ajfa-12382	185	5	,	,	PUNCT
ajfa-12382	185	6	the	the	DET
ajfa-12382	185	7	government	government	NOUN
ajfa-12382	185	8	started	start	VERB
ajfa-12382	185	9	to	to	PART
ajfa-12382	185	10	privatize	privatize	VERB
ajfa-12382	185	11	these	these	DET
ajfa-12382	185	12	banks	bank	NOUN
ajfa-12382	185	13	through	through	ADP
ajfa-12382	185	14	the	the	DET
ajfa-12382	185	15	recruitment	recruitment	NOUN
ajfa-12382	185	16	of	of	ADP
ajfa-12382	185	17	strategic	strategic	ADJ
ajfa-12382	185	18	investors	investor	NOUN
ajfa-12382	185	19	(	(	PUNCT
ajfa-12382	185	20	by	by	ADP
ajfa-12382	185	21	providing	provide	VERB
ajfa-12382	185	22	minority	minority	NOUN
ajfa-12382	185	23	foreign	foreign	ADJ
ajfa-12382	185	24	ownership	ownership	NOUN
ajfa-12382	185	25	stakes	stake	NOUN
ajfa-12382	185	26	)	)	PUNCT
ajfa-12382	185	27	and	and	CCONJ
ajfa-12382	185	28	by	by	ADP
ajfa-12382	185	29	listing	list	VERB
ajfa-12382	185	30	them	they	PRON
ajfa-12382	185	31	on	on	ADP
ajfa-12382	185	32	the	the	DET
ajfa-12382	185	33	stock	stock	NOUN
ajfa-12382	185	34	exchange	exchange	NOUN
ajfa-12382	185	35	.	.	PUNCT
ajfa-12382	186	1	the	the	DET
ajfa-12382	186	2	china	china	PROPN
ajfa-12382	186	3	banking	banking	PROPN
ajfa-12382	186	4	regulatory	regulatory	ADJ
ajfa-12382	186	5	commission	commission	PROPN
ajfa-12382	186	6	(	(	PUNCT
ajfa-12382	186	7	cbrc	cbrc	NOUN
ajfa-12382	186	8	)	)	PUNCT
ajfa-12382	186	9	and	and	CCONJ
ajfa-12382	186	10	the	the	DET
ajfa-12382	186	11	central	central	ADJ
ajfa-12382	186	12	huijin	huijin	NOUN
ajfa-12382	186	13	investment	investment	NOUN
ajfa-12382	186	14	company	company	NOUN
ajfa-12382	186	15	were	be	AUX
ajfa-12382	186	16	set	set	VERB
ajfa-12382	186	17	up	up	ADP
ajfa-12382	186	18	in	in	ADP
ajfa-12382	186	19	2002	2002	NUM
ajfa-12382	186	20	in	in	ADP
ajfa-12382	186	21	order	order	NOUN
ajfa-12382	186	22	to	to	PART
ajfa-12382	186	23	provide	provide	VERB
ajfa-12382	186	24	closer	close	ADJ
ajfa-12382	186	25	scrutiny	scrutiny	NOUN
ajfa-12382	186	26	and	and	CCONJ
ajfa-12382	186	27	better	well	ADJ
ajfa-12382	186	28	monitoring	monitoring	NOUN
ajfa-12382	186	29	of	of	ADP
ajfa-12382	186	30	banking	banking	NOUN
ajfa-12382	186	31	activities	activity	NOUN
ajfa-12382	186	32	,	,	PUNCT
ajfa-12382	186	33	and	and	CCONJ
ajfa-12382	186	34	to	to	PART
ajfa-12382	186	35	facilitate	facilitate	VERB
ajfa-12382	186	36	restructuring	restructuring	NOUN
ajfa-12382	186	37	,	,	PUNCT
ajfa-12382	186	38	reform	reform	NOUN
ajfa-12382	186	39	,	,	PUNCT
ajfa-12382	186	40	and	and	CCONJ
ajfa-12382	186	41	initial	initial	ADJ
ajfa-12382	186	42	public	public	ADJ
ajfa-12382	186	43	offerings	offering	NOUN
ajfa-12382	186	44	of	of	ADP
ajfa-12382	186	45	state	state	NOUN
ajfa-12382	186	46	-	-	PUNCT
ajfa-12382	186	47	owned	own	VERB
ajfa-12382	186	48	banks	bank	NOUN
ajfa-12382	186	49	,	,	PUNCT
ajfa-12382	186	50	respectively	respectively	ADV
ajfa-12382	186	51	another	another	DET
ajfa-12382	186	52	important	important	ADJ
ajfa-12382	186	53	aspect	aspect	NOUN
ajfa-12382	186	54	of	of	ADP
ajfa-12382	186	55	the	the	DET
ajfa-12382	186	56	chinese	chinese	ADJ
ajfa-12382	186	57	banking	banking	NOUN
ajfa-12382	186	58	system	system	NOUN
ajfa-12382	186	59	is	be	AUX
ajfa-12382	186	60	the	the	DET
ajfa-12382	186	61	entry	entry	NOUN
ajfa-12382	186	62	of	of	ADP
ajfa-12382	186	63	foreign	foreign	ADJ
ajfa-12382	186	64	banks	bank	NOUN
ajfa-12382	186	65	which	which	PRON
ajfa-12382	186	66	predominantly	predominantly	ADV
ajfa-12382	186	67	takes	take	VERB
ajfa-12382	186	68	place	place	NOUN
ajfa-12382	186	69	through	through	ADP
ajfa-12382	186	70	setting	set	VERB
ajfa-12382	186	71	up	up	ADP
ajfa-12382	186	72	branches	branch	NOUN
ajfa-12382	186	73	directly	directly	ADV
ajfa-12382	186	74	.	.	PUNCT
ajfa-12382	187	1	prior	prior	ADV
ajfa-12382	187	2	to	to	ADP
ajfa-12382	187	3	1993	1993	NUM
ajfa-12382	187	4	,	,	PUNCT
ajfa-12382	187	5	foreign	foreign	ADJ
ajfa-12382	187	6	banks	bank	NOUN
ajfa-12382	187	7	were	be	AUX
ajfa-12382	187	8	only	only	ADV
ajfa-12382	187	9	allowed	allow	VERB
ajfa-12382	187	10	to	to	PART
ajfa-12382	187	11	establish	establish	VERB
ajfa-12382	187	12	branches	branch	NOUN
ajfa-12382	187	13	in	in	ADP
ajfa-12382	187	14	certain	certain	ADJ
ajfa-12382	187	15	cities	city	NOUN
ajfa-12382	187	16	to	to	PART
ajfa-12382	187	17	conduct	conduct	VERB
ajfa-12382	187	18	foreign	foreign	ADJ
ajfa-12382	187	19	-	-	PUNCT
ajfa-12382	187	20	currency	currency	NOUN
ajfa-12382	187	21	business	business	NOUN
ajfa-12382	187	22	with	with	ADP
ajfa-12382	187	23	foreign	foreign	ADJ
ajfa-12382	187	24	firms	firm	NOUN
ajfa-12382	187	25	and	and	CCONJ
ajfa-12382	187	26	citizens	citizen	NOUN
ajfa-12382	187	27	.	.	PUNCT
ajfa-12382	188	1	from	from	ADP
ajfa-12382	188	2	1993	1993	NUM
ajfa-12382	188	3	onwards	onward	NOUN
ajfa-12382	188	4	,	,	PUNCT
ajfa-12382	188	5	however	however	ADV
ajfa-12382	188	6	,	,	PUNCT
ajfa-12382	188	7	the	the	DET
ajfa-12382	188	8	government	government	NOUN
ajfa-12382	188	9	started	start	VERB
ajfa-12382	188	10	lifting	lift	VERB
ajfa-12382	188	11	restrictions	restriction	NOUN
ajfa-12382	188	12	on	on	ADP
ajfa-12382	188	13	foreign	foreign	ADJ
ajfa-12382	188	14	bank	bank	NOUN
ajfa-12382	188	15	lending	lending	NOUN
ajfa-12382	188	16	and	and	CCONJ
ajfa-12382	188	17	allowed	allow	VERB
ajfa-12382	188	18	foreign	foreign	ADJ
ajfa-12382	188	19	banks	bank	NOUN
ajfa-12382	188	20	in	in	ADP
ajfa-12382	188	21	china	china	PROPN
ajfa-12382	188	22	to	to	PART
ajfa-12382	188	23	conduct	conduct	VERB
ajfa-12382	188	24	both	both	DET
ajfa-12382	188	25	foreignand	foreignand	ADJ
ajfa-12382	188	26	local	local	ADJ
ajfa-12382	188	27	-	-	PUNCT
ajfa-12382	188	28	currency	currency	NOUN
ajfa-12382	188	29	business	business	NOUN
ajfa-12382	188	30	with	with	ADP
ajfa-12382	188	31	foreign	foreign	ADJ
ajfa-12382	188	32	firms	firm	NOUN
ajfa-12382	188	33	and	and	CCONJ
ajfa-12382	188	34	citizens	citizen	NOUN
ajfa-12382	188	35	,	,	PUNCT
ajfa-12382	188	36	and	and	CCONJ
ajfa-12382	188	37	to	to	PART
ajfa-12382	188	38	conduct	conduct	VERB
ajfa-12382	188	39	foreign	foreign	ADJ
ajfa-12382	188	40	-	-	PUNCT
ajfa-12382	188	41	currency	currency	NOUN
ajfa-12382	188	42	business	business	NOUN
ajfa-12382	188	43	with	with	ADP
ajfa-12382	188	44	domestic	domestic	ADJ
ajfa-12382	188	45	firms	firm	NOUN
ajfa-12382	188	46	.	.	PUNCT
ajfa-12382	189	1	there	there	PRON
ajfa-12382	189	2	were	be	VERB
ajfa-12382	189	3	190	190	NUM
ajfa-12382	189	4	foreign	foreign	ADJ
ajfa-12382	189	5	bank	bank	NOUN
ajfa-12382	189	6	branches	branch	NOUN
ajfa-12382	189	7	in	in	ADP
ajfa-12382	189	8	china	china	PROPN
ajfa-12382	189	9	in	in	ADP
ajfa-12382	189	10	2001	2001	NUM
ajfa-12382	189	11	(	(	PUNCT
ajfa-12382	189	12	lin	lin	PROPN
ajfa-12382	189	13	,	,	PUNCT
ajfa-12382	189	14	2011	2011	NUM
ajfa-12382	189	15	)	)	PUNCT
ajfa-12382	189	16	.	.	PUNCT
ajfa-12382	190	1	following	follow	VERB
ajfa-12382	190	2	its	its	PRON
ajfa-12382	190	3	accession	accession	NOUN
ajfa-12382	190	4	to	to	ADP
ajfa-12382	190	5	the	the	DET
ajfa-12382	190	6	world	world	NOUN
ajfa-12382	190	7	trade	trade	NOUN
ajfa-12382	190	8	organization	organization	NOUN
ajfa-12382	190	9	(	(	PUNCT
ajfa-12382	190	10	wto	wto	PROPN
ajfa-12382	190	11	)	)	PUNCT
ajfa-12382	190	12	in	in	ADP
ajfa-12382	190	13	december	december	PROPN
ajfa-12382	190	14	2001	2001	NUM
ajfa-12382	190	15	,	,	PUNCT
ajfa-12382	190	16	china	china	PROPN
ajfa-12382	190	17	has	have	AUX
ajfa-12382	190	18	further	far	ADV
ajfa-12382	190	19	opened	open	VERB
ajfa-12382	190	20	up	up	ADP
ajfa-12382	190	21	its	its	PRON
ajfa-12382	190	22	banking	banking	NOUN
ajfa-12382	190	23	sector	sector	NOUN
ajfa-12382	190	24	to	to	ADP
ajfa-12382	190	25	foreign	foreign	ADJ
ajfa-12382	190	26	banks	bank	NOUN
ajfa-12382	190	27	in	in	ADP
ajfa-12382	190	28	full	full	ADJ
ajfa-12382	190	29	scale	scale	NOUN
ajfa-12382	190	30	in	in	ADP
ajfa-12382	190	31	the	the	DET
ajfa-12382	190	32	following	follow	VERB
ajfa-12382	190	33	five	five	NUM
ajfa-12382	190	34	-	-	PUNCT
ajfa-12382	190	35	year	year	NOUN
ajfa-12382	190	36	period	period	NOUN
ajfa-12382	190	37	.	.	PUNCT
ajfa-12382	191	1	foreign	foreign	ADJ
ajfa-12382	191	2	banks	bank	NOUN
ajfa-12382	191	3	in	in	ADP
ajfa-12382	191	4	13	13	NUM
ajfa-12382	191	5	cities	city	NOUN
ajfa-12382	191	6	were	be	AUX
ajfa-12382	191	7	allowed	allow	VERB
ajfa-12382	191	8	to	to	PART
ajfa-12382	191	9	conduct	conduct	VERB
ajfa-12382	191	10	local	local	ADJ
ajfa-12382	191	11	-	-	PUNCT
ajfa-12382	191	12	currency	currency	NOUN
ajfa-12382	191	13	business	business	NOUN
ajfa-12382	191	14	with	with	ADP
ajfa-12382	191	15	domestic	domestic	ADJ
ajfa-12382	191	16	firms	firm	NOUN
ajfa-12382	191	17	from	from	ADP
ajfa-12382	191	18	2003	2003	NUM
ajfa-12382	191	19	onwards	onwards	ADP
ajfa-12382	191	20	.	.	PUNCT
ajfa-12382	192	1	large	large	ADJ
ajfa-12382	192	2	foreign	foreign	ADJ
ajfa-12382	192	3	banks	bank	NOUN
ajfa-12382	192	4	were	be	AUX
ajfa-12382	192	5	allowed	allow	VERB
ajfa-12382	192	6	to	to	PART
ajfa-12382	192	7	acquire	acquire	VERB
ajfa-12382	192	8	significant	significant	ADJ
ajfa-12382	192	9	stake	stake	NOUN
ajfa-12382	192	10	and	and	CCONJ
ajfa-12382	192	11	become	become	VERB
ajfa-12382	192	12	strategic	strategic	ADJ
ajfa-12382	192	13	partners	partner	NOUN
ajfa-12382	192	14	of	of	ADP
ajfa-12382	192	15	major	major	ADJ
ajfa-12382	192	16	state	state	NOUN
ajfa-12382	192	17	-	-	PUNCT
ajfa-12382	192	18	owned	own	VERB
ajfa-12382	192	19	banks	bank	NOUN
ajfa-12382	192	20	(	(	PUNCT
ajfa-12382	192	21	note	note	NOUN
ajfa-12382	192	22	9	9	NUM
ajfa-12382	192	23	)	)	PUNCT
ajfa-12382	192	24	.	.	PUNCT
ajfa-12382	193	1	by	by	ADP
ajfa-12382	193	2	2006	2006	NUM
ajfa-12382	193	3	,	,	PUNCT
ajfa-12382	193	4	there	there	PRON
ajfa-12382	193	5	were	be	VERB
ajfa-12382	193	6	over	over	ADP
ajfa-12382	193	7	300	300	NUM
ajfa-12382	193	8	foreign	foreign	ADJ
ajfa-12382	193	9	bank	bank	NOUN
ajfa-12382	193	10	branches	branch	NOUN
ajfa-12382	193	11	in	in	ADP
ajfa-12382	193	12	china	china	PROPN
ajfa-12382	193	13	.	.	PUNCT
ajfa-12382	194	1	despite	despite	SCONJ
ajfa-12382	194	2	many	many	ADJ
ajfa-12382	194	3	policy	policy	NOUN
ajfa-12382	194	4	and	and	CCONJ
ajfa-12382	194	5	regulatory	regulatory	ADJ
ajfa-12382	194	6	changes	change	NOUN
ajfa-12382	194	7	have	have	AUX
ajfa-12382	194	8	been	be	AUX
ajfa-12382	194	9	initiated	initiate	VERB
ajfa-12382	194	10	from	from	ADP
ajfa-12382	194	11	early	early	ADJ
ajfa-12382	194	12	part	part	NOUN
ajfa-12382	194	13	of	of	ADP
ajfa-12382	194	14	the	the	DET
ajfa-12382	194	15	1980	1980	NUM
ajfa-12382	194	16	,	,	PUNCT
ajfa-12382	194	17	empirical	empirical	ADJ
ajfa-12382	194	18	researches	research	NOUN
ajfa-12382	194	19	carried	carry	VERB
ajfa-12382	194	20	out	out	ADP
ajfa-12382	194	21	in	in	ADP
ajfa-12382	194	22	the	the	DET
ajfa-12382	194	23	first	first	ADJ
ajfa-12382	194	24	half	half	NOUN
ajfa-12382	194	25	of	of	ADP
ajfa-12382	194	26	the	the	DET
ajfa-12382	194	27	2000s	2000	NOUN
ajfa-12382	194	28	such	such	ADJ
ajfa-12382	194	29	as	as	ADP
ajfa-12382	194	30	by	by	ADP
ajfa-12382	194	31	bandt	bandt	NOUN
ajfa-12382	194	32	and	and	CCONJ
ajfa-12382	194	33	li	li	PROPN
ajfa-12382	194	34	(	(	PUNCT
ajfa-12382	194	35	2003	2003	NUM
ajfa-12382	194	36	)	)	PUNCT
ajfa-12382	194	37	and	and	CCONJ
ajfa-12382	194	38	cull	cull	NOUN
ajfa-12382	194	39	and	and	CCONJ
ajfa-12382	194	40	xu	xu	PROPN
ajfa-12382	194	41	(	(	PUNCT
ajfa-12382	194	42	2003	2003	NUM
ajfa-12382	194	43	)	)	PUNCT
ajfa-12382	194	44	show	show	VERB
ajfa-12382	194	45	that	that	SCONJ
ajfa-12382	194	46	the	the	DET
ajfa-12382	194	47	chinese	chinese	ADJ
ajfa-12382	194	48	banking	banking	NOUN
ajfa-12382	194	49	system	system	NOUN
ajfa-12382	194	50	discriminates	discriminate	VERB
ajfa-12382	194	51	against	against	ADP
ajfa-12382	194	52	private	private	ADJ
ajfa-12382	194	53	firms	firm	NOUN
ajfa-12382	194	54	and	and	CCONJ
ajfa-12382	194	55	private	private	ADJ
ajfa-12382	194	56	enterprises	enterprise	NOUN
ajfa-12382	194	57	are	be	AUX
ajfa-12382	194	58	generally	generally	ADV
ajfa-12382	194	59	significantly	significantly	ADV
ajfa-12382	194	60	less	less	ADV
ajfa-12382	194	61	likely	likely	ADJ
ajfa-12382	194	62	to	to	PART
ajfa-12382	194	63	obtain	obtain	VERB
ajfa-12382	194	64	loans	loan	NOUN
ajfa-12382	194	65	and	and	CCONJ
ajfa-12382	194	66	receive	receive	VERB
ajfa-12382	194	67	smaller	small	ADJ
ajfa-12382	194	68	loans	loan	NOUN
ajfa-12382	194	69	and	and	CCONJ
ajfa-12382	194	70	are	be	AUX
ajfa-12382	194	71	subject	subject	ADJ
ajfa-12382	194	72	to	to	ADP
ajfa-12382	194	73	higher	high	ADJ
ajfa-12382	194	74	loan	loan	NOUN
ajfa-12382	194	75	standards	standard	NOUN
ajfa-12382	194	76	.	.	PUNCT
ajfa-12382	195	1	bandt	bandt	NOUN
ajfa-12382	195	2	and	and	CCONJ
ajfa-12382	195	3	li	li	PROPN
ajfa-12382	195	4	(	(	PUNCT
ajfa-12382	195	5	2003	2003	NUM
ajfa-12382	195	6	)	)	PUNCT
ajfa-12382	195	7	further	far	ADV
ajfa-12382	195	8	argue	argue	VERB
ajfa-12382	195	9	that	that	SCONJ
ajfa-12382	195	10	asian	asian	ADJ
ajfa-12382	195	11	journal	journal	NOUN
ajfa-12382	195	12	of	of	ADP
ajfa-12382	195	13	finance	finance	PROPN
ajfa-12382	195	14	&	&	CCONJ
ajfa-12382	195	15	accounting	accounting	PROPN
ajfa-12382	195	16	issn	issn	PROPN
ajfa-12382	195	17	1946	1946	NUM
ajfa-12382	195	18	-	-	PUNCT
ajfa-12382	195	19	052x	052x	PROPN
ajfa-12382	195	20	2017	2017	NUM
ajfa-12382	195	21	,	,	PUNCT
ajfa-12382	195	22	vol	vol	NOUN
ajfa-12382	195	23	.	.	NOUN
ajfa-12382	195	24	9	9	NUM
ajfa-12382	195	25	,	,	PUNCT
ajfa-12382	195	26	no	no	NOUN
ajfa-12382	195	27	.	.	NOUN
ajfa-12382	195	28	2	2	NUM
ajfa-12382	195	29	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-12382	195	30	363	363	NUM
ajfa-12382	195	31	the	the	DET
ajfa-12382	195	32	chinese	chinese	PROPN
ajfa-12382	195	33	government‟s	government‟s	PROPN
ajfa-12382	195	34	majority	majority	NOUN
ajfa-12382	195	35	ownership	ownership	NOUN
ajfa-12382	195	36	of	of	ADP
ajfa-12382	195	37	banks	bank	NOUN
ajfa-12382	195	38	inevitably	inevitably	ADV
ajfa-12382	195	39	lead	lead	VERB
ajfa-12382	195	40	to	to	ADP
ajfa-12382	195	41	less	less	ADV
ajfa-12382	195	42	efficient	efficient	ADJ
ajfa-12382	195	43	resource	resource	NOUN
ajfa-12382	195	44	allocation	allocation	NOUN
ajfa-12382	195	45	and	and	CCONJ
ajfa-12382	195	46	specially	specially	ADV
ajfa-12382	195	47	capital	capital	ADJ
ajfa-12382	195	48	allocation	allocation	NOUN
ajfa-12382	195	49	is	be	AUX
ajfa-12382	195	50	biased	bias	VERB
ajfa-12382	195	51	in	in	ADP
ajfa-12382	195	52	favor	favor	NOUN
ajfa-12382	195	53	of	of	ADP
ajfa-12382	195	54	soes	soe	NOUN
ajfa-12382	195	55	.	.	PUNCT
ajfa-12382	196	1	since	since	SCONJ
ajfa-12382	196	2	bank	bank	NOUN
ajfa-12382	196	3	managers	manager	NOUN
ajfa-12382	196	4	benefit	benefit	VERB
ajfa-12382	196	5	only	only	ADV
ajfa-12382	196	6	marginally	marginally	ADV
ajfa-12382	196	7	from	from	ADP
ajfa-12382	196	8	higher	high	ADJ
ajfa-12382	196	9	bank	bank	NOUN
ajfa-12382	196	10	profitability	profitability	NOUN
ajfa-12382	196	11	,	,	PUNCT
ajfa-12382	196	12	they	they	PRON
ajfa-12382	196	13	prefer	prefer	VERB
ajfa-12382	196	14	to	to	PART
ajfa-12382	196	15	lend	lend	VERB
ajfa-12382	196	16	to	to	ADP
ajfa-12382	196	17	state	state	NOUN
ajfa-12382	196	18	-	-	PUNCT
ajfa-12382	196	19	related	relate	VERB
ajfa-12382	196	20	firms	firm	NOUN
ajfa-12382	196	21	because	because	SCONJ
ajfa-12382	196	22	they	they	PRON
ajfa-12382	196	23	enjoy	enjoy	VERB
ajfa-12382	196	24	the	the	DET
ajfa-12382	196	25	perks	perk	NOUN
ajfa-12382	196	26	of	of	ADP
ajfa-12382	196	27	their	their	PRON
ajfa-12382	196	28	relationships	relationship	NOUN
ajfa-12382	196	29	with	with	ADP
ajfa-12382	196	30	local	local	ADJ
ajfa-12382	196	31	government	government	NOUN
ajfa-12382	196	32	officials	official	NOUN
ajfa-12382	196	33	,	,	PUNCT
ajfa-12382	196	34	who	who	PRON
ajfa-12382	196	35	,	,	PUNCT
ajfa-12382	196	36	for	for	ADP
ajfa-12382	196	37	example	example	NOUN
ajfa-12382	196	38	,	,	PUNCT
ajfa-12382	196	39	can	can	AUX
ajfa-12382	196	40	use	use	VERB
ajfa-12382	196	41	their	their	PRON
ajfa-12382	196	42	political	political	ADJ
ajfa-12382	196	43	power	power	NOUN
ajfa-12382	196	44	to	to	PART
ajfa-12382	196	45	help	help	AUX
ajfa-12382	196	46	arrange	arrange	VERB
ajfa-12382	196	47	a	a	DET
ajfa-12382	196	48	job	job	NOUN
ajfa-12382	196	49	for	for	ADP
ajfa-12382	196	50	a	a	DET
ajfa-12382	196	51	bank	bank	NOUN
ajfa-12382	196	52	manager‟s	manager‟s	NOUN
ajfa-12382	196	53	relative	relative	NOUN
ajfa-12382	196	54	,	,	PUNCT
ajfa-12382	196	55	or	or	CCONJ
ajfa-12382	196	56	facilitate	facilitate	VERB
ajfa-12382	196	57	their	their	PRON
ajfa-12382	196	58	entry	entry	NOUN
ajfa-12382	196	59	into	into	ADP
ajfa-12382	196	60	the	the	DET
ajfa-12382	196	61	chinese	chinese	ADJ
ajfa-12382	196	62	communist	communist	PROPN
ajfa-12382	196	63	party	party	PROPN
ajfa-12382	196	64	.	.	PUNCT
ajfa-12382	197	1	yet	yet	ADV
ajfa-12382	197	2	,	,	PUNCT
ajfa-12382	197	3	more	more	ADV
ajfa-12382	197	4	recent	recent	ADJ
ajfa-12382	197	5	research	research	NOUN
ajfa-12382	197	6	argues	argue	VERB
ajfa-12382	197	7	that	that	SCONJ
ajfa-12382	197	8	participation	participation	NOUN
ajfa-12382	197	9	of	of	ADP
ajfa-12382	197	10	foreign	foreign	ADJ
ajfa-12382	197	11	capital	capital	NOUN
ajfa-12382	197	12	and	and	CCONJ
ajfa-12382	197	13	management	management	NOUN
ajfa-12382	197	14	in	in	ADP
ajfa-12382	197	15	state	state	NOUN
ajfa-12382	197	16	banks	bank	NOUN
ajfa-12382	197	17	,	,	PUNCT
ajfa-12382	197	18	listing	list	VERB
ajfa-12382	197	19	of	of	ADP
ajfa-12382	197	20	state	state	NOUN
ajfa-12382	197	21	banks	bank	NOUN
ajfa-12382	197	22	and	and	CCONJ
ajfa-12382	197	23	many	many	ADJ
ajfa-12382	197	24	other	other	ADJ
ajfa-12382	197	25	city	city	NOUN
ajfa-12382	197	26	commercial	commercial	ADJ
ajfa-12382	197	27	banks	bank	NOUN
ajfa-12382	197	28	on	on	ADP
ajfa-12382	197	29	stock	stock	NOUN
ajfa-12382	197	30	exchanges	exchange	NOUN
ajfa-12382	197	31	from	from	ADP
ajfa-12382	197	32	mid-2000	mid-2000	NOUN
ajfa-12382	197	33	,	,	PUNCT
ajfa-12382	197	34	has	have	AUX
ajfa-12382	197	35	exerted	exert	VERB
ajfa-12382	197	36	external	external	ADJ
ajfa-12382	197	37	market	market	NOUN
ajfa-12382	197	38	pressure	pressure	NOUN
ajfa-12382	197	39	on	on	ADP
ajfa-12382	197	40	banks	bank	NOUN
ajfa-12382	197	41	to	to	PART
ajfa-12382	197	42	follow	follow	VERB
ajfa-12382	197	43	commercial	commercial	ADJ
ajfa-12382	197	44	judgment	judgment	NOUN
ajfa-12382	197	45	and	and	CCONJ
ajfa-12382	197	46	prudence	prudence	NOUN
ajfa-12382	197	47	in	in	ADP
ajfa-12382	197	48	their	their	PRON
ajfa-12382	197	49	lending	lending	NOUN
ajfa-12382	197	50	practices	practice	NOUN
ajfa-12382	197	51	(	(	PUNCT
ajfa-12382	197	52	jia	jia	PROPN
ajfa-12382	197	53	,	,	PUNCT
ajfa-12382	197	54	2009	2009	NUM
ajfa-12382	197	55	and	and	CCONJ
ajfa-12382	197	56	lin	lin	PROPN
ajfa-12382	197	57	,	,	PUNCT
ajfa-12382	197	58	2011	2011	NUM
ajfa-12382	197	59	)	)	PUNCT
ajfa-12382	197	60	(	(	PUNCT
ajfa-12382	197	61	note	note	NOUN
ajfa-12382	197	62	10	10	NUM
ajfa-12382	197	63	)	)	PUNCT
ajfa-12382	197	64	.	.	PUNCT
ajfa-12382	198	1	qin	qin	PROPN
ajfa-12382	198	2	(	(	PUNCT
ajfa-12382	198	3	2007	2007	NUM
ajfa-12382	198	4	)	)	PUNCT
ajfa-12382	198	5	argues	argue	VERB
ajfa-12382	198	6	that	that	SCONJ
ajfa-12382	198	7	china‟s	china‟	VERB
ajfa-12382	198	8	accession	accession	NOUN
ajfa-12382	198	9	to	to	ADP
ajfa-12382	198	10	wto	wto	PROPN
ajfa-12382	198	11	has	have	AUX
ajfa-12382	198	12	made	make	VERB
ajfa-12382	198	13	its	its	PRON
ajfa-12382	198	14	foreign	foreign	ADJ
ajfa-12382	198	15	trade	trade	NOUN
ajfa-12382	198	16	and	and	CCONJ
ajfa-12382	198	17	investment	investment	NOUN
ajfa-12382	198	18	regime	regime	NOUN
ajfa-12382	198	19	much	much	ADV
ajfa-12382	198	20	more	more	ADV
ajfa-12382	198	21	liberalized	liberalized	ADJ
ajfa-12382	198	22	and	and	CCONJ
ajfa-12382	198	23	less	less	ADJ
ajfa-12382	198	24	opaque	opaque	ADJ
ajfa-12382	198	25	than	than	ADP
ajfa-12382	198	26	a	a	DET
ajfa-12382	198	27	decade	decade	NOUN
ajfa-12382	198	28	ago	ago	ADV
ajfa-12382	198	29	,	,	PUNCT
ajfa-12382	198	30	specially	specially	ADV
ajfa-12382	198	31	by	by	ADP
ajfa-12382	198	32	institutionalizing	institutionalize	VERB
ajfa-12382	198	33	the	the	DET
ajfa-12382	198	34	process	process	NOUN
ajfa-12382	198	35	of	of	ADP
ajfa-12382	198	36	china	china	PROPN
ajfa-12382	198	37	's	's	PART
ajfa-12382	198	38	domestic	domestic	ADJ
ajfa-12382	198	39	reform	reform	NOUN
ajfa-12382	198	40	externally	externally	ADV
ajfa-12382	198	41	through	through	ADP
ajfa-12382	198	42	the	the	DET
ajfa-12382	198	43	force	force	NOUN
ajfa-12382	198	44	of	of	ADP
ajfa-12382	198	45	wto	wto	PROPN
ajfa-12382	198	46	obligations	obligation	NOUN
ajfa-12382	198	47	.	.	PUNCT
ajfa-12382	199	1	consistent	consistent	ADJ
ajfa-12382	199	2	with	with	ADP
ajfa-12382	199	3	these	these	DET
ajfa-12382	199	4	developments	development	NOUN
ajfa-12382	199	5	,	,	PUNCT
ajfa-12382	199	6	firth	firth	PROPN
ajfa-12382	199	7	et	et	PROPN
ajfa-12382	199	8	al	al	PROPN
ajfa-12382	199	9	.	.	PROPN
ajfa-12382	200	1	(	(	PUNCT
ajfa-12382	200	2	2009	2009	NUM
ajfa-12382	200	3	)	)	PUNCT
ajfa-12382	200	4	provide	provide	VERB
ajfa-12382	200	5	evidence	evidence	NOUN
ajfa-12382	200	6	that	that	SCONJ
ajfa-12382	200	7	chinese	chinese	ADJ
ajfa-12382	200	8	banks	bank	NOUN
ajfa-12382	200	9	provide	provide	VERB
ajfa-12382	200	10	loans	loan	NOUN
ajfa-12382	200	11	to	to	ADP
ajfa-12382	200	12	financially	financially	ADV
ajfa-12382	200	13	healthier	healthy	ADJ
ajfa-12382	200	14	and	and	CCONJ
ajfa-12382	200	15	better	well	ADV
ajfa-12382	200	16	-	-	PUNCT
ajfa-12382	200	17	governed	govern	VERB
ajfa-12382	200	18	firms	firm	NOUN
ajfa-12382	200	19	.	.	PUNCT
ajfa-12382	201	1	ayyagari	ayyagari	ADJ
ajfa-12382	201	2	,	,	PUNCT
ajfa-12382	201	3	demirguc	demirguc	PROPN
ajfa-12382	201	4	-	-	PUNCT
ajfa-12382	201	5	kunt	kunt	PROPN
ajfa-12382	201	6	,	,	PUNCT
ajfa-12382	201	7	and	and	CCONJ
ajfa-12382	201	8	maksimovic	maksimovic	PROPN
ajfa-12382	201	9	(	(	PUNCT
ajfa-12382	201	10	2008	2008	NUM
ajfa-12382	201	11	)	)	PUNCT
ajfa-12382	201	12	suggest	suggest	VERB
ajfa-12382	201	13	that	that	SCONJ
ajfa-12382	201	14	unlike	unlike	ADP
ajfa-12382	201	15	financing	financing	NOUN
ajfa-12382	201	16	from	from	ADP
ajfa-12382	201	17	alternative	alternative	ADJ
ajfa-12382	201	18	channels	channel	NOUN
ajfa-12382	201	19	,	,	PUNCT
ajfa-12382	201	20	financing	financing	NOUN
ajfa-12382	201	21	from	from	ADP
ajfa-12382	201	22	china‟s	china‟	VERB
ajfa-12382	201	23	formal	formal	ADJ
ajfa-12382	201	24	financial	financial	ADJ
ajfa-12382	201	25	system	system	NOUN
ajfa-12382	201	26	(	(	PUNCT
ajfa-12382	201	27	e.g.	e.g.	ADV
ajfa-12382	201	28	,	,	PUNCT
ajfa-12382	201	29	bank	bank	NOUN
ajfa-12382	201	30	financing	financing	NOUN
ajfa-12382	201	31	)	)	PUNCT
ajfa-12382	201	32	is	be	AUX
ajfa-12382	201	33	associated	associate	VERB
ajfa-12382	201	34	with	with	ADP
ajfa-12382	201	35	faster	fast	ADJ
ajfa-12382	201	36	firm	firm	ADJ
ajfa-12382	201	37	growth	growth	NOUN
ajfa-12382	201	38	.	.	PUNCT
ajfa-12382	202	1	generally	generally	ADV
ajfa-12382	202	2	,	,	PUNCT
ajfa-12382	202	3	recent	recent	ADJ
ajfa-12382	202	4	studies	study	NOUN
ajfa-12382	202	5	based	base	VERB
ajfa-12382	202	6	on	on	ADP
ajfa-12382	202	7	china‟s	china‟	VERB
ajfa-12382	202	8	financial	financial	ADJ
ajfa-12382	202	9	system	system	NOUN
ajfa-12382	202	10	conclude	conclude	VERB
ajfa-12382	202	11	that	that	SCONJ
ajfa-12382	202	12	chinese	chinese	ADJ
ajfa-12382	202	13	banks	bank	NOUN
ajfa-12382	202	14	exercise	exercise	VERB
ajfa-12382	202	15	commercial	commercial	ADJ
ajfa-12382	202	16	judgment	judgment	NOUN
ajfa-12382	202	17	and	and	CCONJ
ajfa-12382	202	18	prudence	prudence	NOUN
ajfa-12382	202	19	in	in	ADP
ajfa-12382	202	20	their	their	PRON
ajfa-12382	202	21	lending	lending	NOUN
ajfa-12382	202	22	and	and	CCONJ
ajfa-12382	202	23	are	be	AUX
ajfa-12382	202	24	becoming	become	VERB
ajfa-12382	202	25	more	more	ADV
ajfa-12382	202	26	efficient	efficient	ADJ
ajfa-12382	202	27	in	in	ADP
ajfa-12382	202	28	allocating	allocate	VERB
ajfa-12382	202	29	credit	credit	NOUN
ajfa-12382	202	30	to	to	ADP
ajfa-12382	202	31	private	private	ADJ
ajfa-12382	202	32	firms	firm	NOUN
ajfa-12382	202	33	.	.	PUNCT
ajfa-12382	203	1	thus	thus	ADV
ajfa-12382	203	2	,	,	PUNCT
ajfa-12382	203	3	chinese	chinese	PROPN
ajfa-12382	203	4	banks‟	banks‟	CCONJ
ajfa-12382	203	5	traditional	traditional	ADJ
ajfa-12382	203	6	lending	lending	NOUN
ajfa-12382	203	7	bias	bias	NOUN
ajfa-12382	203	8	in	in	ADP
ajfa-12382	203	9	favor	favor	NOUN
ajfa-12382	203	10	of	of	ADP
ajfa-12382	203	11	state	state	NOUN
ajfa-12382	203	12	-	-	PUNCT
ajfa-12382	203	13	owned	own	VERB
ajfa-12382	203	14	enterprises	enterprise	NOUN
ajfa-12382	203	15	is	be	AUX
ajfa-12382	203	16	less	less	ADV
ajfa-12382	203	17	likely	likely	ADJ
ajfa-12382	203	18	to	to	PART
ajfa-12382	203	19	prevail	prevail	VERB
ajfa-12382	203	20	.	.	PUNCT
ajfa-12382	204	1	in	in	ADP
ajfa-12382	204	2	china	china	PROPN
ajfa-12382	204	3	,	,	PUNCT
ajfa-12382	204	4	the	the	DET
ajfa-12382	204	5	corporate	corporate	ADJ
ajfa-12382	204	6	bonds	bond	NOUN
ajfa-12382	204	7	market	market	NOUN
ajfa-12382	204	8	lags	lag	VERB
ajfa-12382	204	9	behind	behind	ADP
ajfa-12382	204	10	the	the	DET
ajfa-12382	204	11	development	development	NOUN
ajfa-12382	204	12	of	of	ADP
ajfa-12382	204	13	the	the	DET
ajfa-12382	204	14	equity	equity	NOUN
ajfa-12382	204	15	market	market	NOUN
ajfa-12382	204	16	.	.	PUNCT
ajfa-12382	205	1	although	although	SCONJ
ajfa-12382	205	2	bonds	bond	NOUN
ajfa-12382	205	3	were	be	AUX
ajfa-12382	205	4	first	first	ADV
ajfa-12382	205	5	issued	issue	VERB
ajfa-12382	205	6	in	in	ADP
ajfa-12382	205	7	1986	1986	NUM
ajfa-12382	205	8	,	,	PUNCT
ajfa-12382	205	9	the	the	DET
ajfa-12382	205	10	corporate	corporate	ADJ
ajfa-12382	205	11	bond	bond	NOUN
ajfa-12382	205	12	market	market	NOUN
ajfa-12382	205	13	has	have	AUX
ajfa-12382	205	14	only	only	ADV
ajfa-12382	205	15	begun	begin	VERB
ajfa-12382	205	16	to	to	PART
ajfa-12382	205	17	expand	expand	VERB
ajfa-12382	205	18	after	after	ADP
ajfa-12382	205	19	2000	2000	NUM
ajfa-12382	205	20	,	,	PUNCT
ajfa-12382	205	21	when	when	SCONJ
ajfa-12382	205	22	new	new	ADJ
ajfa-12382	205	23	rules	rule	NOUN
ajfa-12382	205	24	governing	govern	VERB
ajfa-12382	205	25	issuance	issuance	NOUN
ajfa-12382	205	26	were	be	AUX
ajfa-12382	205	27	implemented	implement	VERB
ajfa-12382	205	28	.	.	PUNCT
ajfa-12382	206	1	local	local	ADJ
ajfa-12382	206	2	firms	firm	NOUN
ajfa-12382	206	3	,	,	PUNCT
ajfa-12382	206	4	besides	besides	SCONJ
ajfa-12382	206	5	the	the	DET
ajfa-12382	206	6	giant	giant	ADJ
ajfa-12382	206	7	soes	soe	NOUN
ajfa-12382	206	8	,	,	PUNCT
ajfa-12382	206	9	are	be	AUX
ajfa-12382	206	10	also	also	ADV
ajfa-12382	206	11	encouraged	encourage	VERB
ajfa-12382	206	12	to	to	PART
ajfa-12382	206	13	issue	issue	VERB
ajfa-12382	206	14	corporate	corporate	ADJ
ajfa-12382	206	15	bonds	bond	NOUN
ajfa-12382	206	16	and	and	CCONJ
ajfa-12382	206	17	market	market	NOUN
ajfa-12382	206	18	forces	force	NOUN
ajfa-12382	206	19	increasingly	increasingly	ADV
ajfa-12382	206	20	determine	determine	VERB
ajfa-12382	206	21	the	the	DET
ajfa-12382	206	22	spread	spread	NOUN
ajfa-12382	206	23	on	on	ADP
ajfa-12382	206	24	bonds	bond	NOUN
ajfa-12382	206	25	.	.	PUNCT
ajfa-12382	207	1	yet	yet	ADV
ajfa-12382	207	2	,	,	PUNCT
ajfa-12382	207	3	china‟s	china‟	VERB
ajfa-12382	207	4	bond	bond	NOUN
ajfa-12382	207	5	market	market	NOUN
ajfa-12382	207	6	is	be	AUX
ajfa-12382	207	7	still	still	ADV
ajfa-12382	207	8	very	very	ADV
ajfa-12382	207	9	small	small	ADJ
ajfa-12382	207	10	compared	compare	VERB
ajfa-12382	207	11	to	to	ADP
ajfa-12382	207	12	its	its	PRON
ajfa-12382	207	13	huge	huge	ADJ
ajfa-12382	207	14	banking	banking	NOUN
ajfa-12382	207	15	scoter	scoter	NOUN
ajfa-12382	207	16	.	.	PUNCT
ajfa-12382	208	1	4	4	X
ajfa-12382	208	2	.	.	X
ajfa-12382	208	3	growth	growth	NOUN
ajfa-12382	208	4	of	of	ADP
ajfa-12382	208	5	the	the	DET
ajfa-12382	208	6	chinese	chinese	ADJ
ajfa-12382	208	7	private	private	ADJ
ajfa-12382	208	8	sector	sector	NOUN
ajfa-12382	208	9	one	one	NUM
ajfa-12382	208	10	of	of	ADP
ajfa-12382	208	11	the	the	DET
ajfa-12382	208	12	most	most	ADV
ajfa-12382	208	13	significant	significant	ADJ
ajfa-12382	208	14	changes	change	NOUN
ajfa-12382	208	15	in	in	ADP
ajfa-12382	208	16	china‟s	china‟	VERB
ajfa-12382	208	17	economy	economy	NOUN
ajfa-12382	208	18	brought	bring	VERB
ajfa-12382	208	19	about	about	ADP
ajfa-12382	208	20	by	by	ADP
ajfa-12382	208	21	the	the	DET
ajfa-12382	208	22	market	market	NOUN
ajfa-12382	208	23	-	-	PUNCT
ajfa-12382	208	24	oriented	orient	VERB
ajfa-12382	208	25	reforms	reform	NOUN
ajfa-12382	208	26	is	be	AUX
ajfa-12382	208	27	the	the	DET
ajfa-12382	208	28	emergence	emergence	NOUN
ajfa-12382	208	29	of	of	ADP
ajfa-12382	208	30	a	a	DET
ajfa-12382	208	31	significant	significant	ADJ
ajfa-12382	208	32	private	private	ADJ
ajfa-12382	208	33	sector	sector	NOUN
ajfa-12382	208	34	.	.	PUNCT
ajfa-12382	209	1	consequently	consequently	ADV
ajfa-12382	209	2	,	,	PUNCT
ajfa-12382	209	3	the	the	DET
ajfa-12382	209	4	country	country	NOUN
ajfa-12382	209	5	has	have	AUX
ajfa-12382	209	6	gradually	gradually	ADV
ajfa-12382	209	7	shifted	shift	VERB
ajfa-12382	209	8	away	away	ADV
ajfa-12382	209	9	from	from	ADP
ajfa-12382	209	10	the	the	DET
ajfa-12382	209	11	complete	complete	ADJ
ajfa-12382	209	12	reliance	reliance	NOUN
ajfa-12382	209	13	on	on	ADP
ajfa-12382	209	14	state	state	NOUN
ajfa-12382	209	15	-	-	PUNCT
ajfa-12382	209	16	owned	own	VERB
ajfa-12382	209	17	and	and	CCONJ
ajfa-12382	209	18	collective	collective	ADJ
ajfa-12382	209	19	enterprises	enterprise	NOUN
ajfa-12382	209	20	,	,	PUNCT
ajfa-12382	209	21	towards	towards	ADP
ajfa-12382	209	22	a	a	DET
ajfa-12382	209	23	mixed	mixed	ADJ
ajfa-12382	209	24	economy	economy	NOUN
ajfa-12382	209	25	.	.	PUNCT
ajfa-12382	210	1	private	private	ADJ
ajfa-12382	210	2	enterprises	enterprise	NOUN
ajfa-12382	210	3	now	now	ADV
ajfa-12382	210	4	play	play	VERB
ajfa-12382	210	5	a	a	DET
ajfa-12382	210	6	major	major	ADJ
ajfa-12382	210	7	role	role	NOUN
ajfa-12382	210	8	in	in	ADP
ajfa-12382	210	9	promoting	promote	VERB
ajfa-12382	210	10	exports	export	NOUN
ajfa-12382	210	11	,	,	PUNCT
ajfa-12382	210	12	growth	growth	NOUN
ajfa-12382	210	13	,	,	PUNCT
ajfa-12382	210	14	innovation	innovation	NOUN
ajfa-12382	210	15	,	,	PUNCT
ajfa-12382	210	16	and	and	CCONJ
ajfa-12382	210	17	employment	employment	NOUN
ajfa-12382	210	18	in	in	ADP
ajfa-12382	210	19	china	china	PROPN
ajfa-12382	210	20	.	.	PUNCT
ajfa-12382	211	1	the	the	DET
ajfa-12382	211	2	development	development	NOUN
ajfa-12382	211	3	of	of	ADP
ajfa-12382	211	4	the	the	DET
ajfa-12382	211	5	private	private	ADJ
ajfa-12382	211	6	sector	sector	NOUN
ajfa-12382	211	7	was	be	AUX
ajfa-12382	211	8	considered	consider	VERB
ajfa-12382	211	9	as	as	ADP
ajfa-12382	211	10	an	an	DET
ajfa-12382	211	11	important	important	ADJ
ajfa-12382	211	12	element	element	NOUN
ajfa-12382	211	13	of	of	ADP
ajfa-12382	211	14	the	the	DET
ajfa-12382	211	15	unique	unique	ADJ
ajfa-12382	211	16	chinese	chinese	ADJ
ajfa-12382	211	17	„	„	PUNCT
ajfa-12382	211	18	„	„	PUNCT
ajfa-12382	211	19	dual	dual	ADJ
ajfa-12382	211	20	-	-	PUNCT
ajfa-12382	211	21	track	track	NOUN
ajfa-12382	211	22	”	"	PUNCT
ajfa-12382	211	23	approach	approach	NOUN
ajfa-12382	211	24	to	to	ADP
ajfa-12382	211	25	economic	economic	ADJ
ajfa-12382	211	26	reform	reform	NOUN
ajfa-12382	211	27	.	.	PUNCT
ajfa-12382	212	1	in	in	ADP
ajfa-12382	212	2	addition	addition	NOUN
ajfa-12382	212	3	to	to	ADP
ajfa-12382	212	4	officially	officially	ADV
ajfa-12382	212	5	recognizing	recognize	VERB
ajfa-12382	212	6	private	private	ADJ
ajfa-12382	212	7	enterprises	enterprise	NOUN
ajfa-12382	212	8	in	in	ADP
ajfa-12382	212	9	1988	1988	NUM
ajfa-12382	212	10	,	,	PUNCT
ajfa-12382	212	11	in	in	ADP
ajfa-12382	212	12	the	the	DET
ajfa-12382	212	13	1990s	1990	NOUN
ajfa-12382	212	14	,	,	PUNCT
ajfa-12382	212	15	government	government	NOUN
ajfa-12382	212	16	policies	policy	NOUN
ajfa-12382	212	17	began	begin	VERB
ajfa-12382	212	18	to	to	PART
ajfa-12382	212	19	encourage	encourage	VERB
ajfa-12382	212	20	the	the	DET
ajfa-12382	212	21	transformation	transformation	NOUN
ajfa-12382	212	22	of	of	ADP
ajfa-12382	212	23	soes	soe	NOUN
ajfa-12382	212	24	and	and	CCONJ
ajfa-12382	212	25	collectives	collective	NOUN
ajfa-12382	212	26	firms	firm	NOUN
ajfa-12382	212	27	into	into	ADP
ajfa-12382	212	28	private	private	ADJ
ajfa-12382	212	29	enterprises	enterprise	NOUN
ajfa-12382	212	30	(	(	PUNCT
ajfa-12382	212	31	hasan	hasan	PROPN
ajfa-12382	212	32	,	,	PUNCT
ajfa-12382	212	33	wachtel	wachtel	NOUN
ajfa-12382	212	34	,	,	PUNCT
ajfa-12382	212	35	and	and	CCONJ
ajfa-12382	212	36	zhou	zhou	PROPN
ajfa-12382	212	37	,	,	PUNCT
ajfa-12382	212	38	2009	2009	NUM
ajfa-12382	212	39	)	)	PUNCT
ajfa-12382	212	40	.	.	PUNCT
ajfa-12382	213	1	the	the	DET
ajfa-12382	213	2	government	government	NOUN
ajfa-12382	213	3	has	have	AUX
ajfa-12382	213	4	also	also	ADV
ajfa-12382	213	5	granted	grant	VERB
ajfa-12382	213	6	approval	approval	NOUN
ajfa-12382	213	7	for	for	SCONJ
ajfa-12382	213	8	banks	bank	NOUN
ajfa-12382	213	9	to	to	PART
ajfa-12382	213	10	lend	lend	VERB
ajfa-12382	213	11	to	to	ADP
ajfa-12382	213	12	private	private	ADJ
ajfa-12382	213	13	businesses	business	NOUN
ajfa-12382	213	14	,	,	PUNCT
ajfa-12382	213	15	thus	thus	ADV
ajfa-12382	213	16	promoting	promote	VERB
ajfa-12382	213	17	the	the	DET
ajfa-12382	213	18	growth	growth	NOUN
ajfa-12382	213	19	of	of	ADP
ajfa-12382	213	20	numerous	numerous	ADJ
ajfa-12382	213	21	smalland	smalland	NOUN
ajfa-12382	213	22	medium	medium	ADJ
ajfa-12382	213	23	-	-	PUNCT
ajfa-12382	213	24	sized	sized	ADJ
ajfa-12382	213	25	firms	firm	NOUN
ajfa-12382	213	26	.	.	PUNCT
ajfa-12382	214	1	further	far	ADV
ajfa-12382	214	2	,	,	PUNCT
ajfa-12382	214	3	the	the	DET
ajfa-12382	214	4	chinese	chinese	ADJ
ajfa-12382	214	5	private	private	ADJ
ajfa-12382	214	6	sector	sector	NOUN
ajfa-12382	214	7	was	be	AUX
ajfa-12382	214	8	formally	formally	ADV
ajfa-12382	214	9	accepted	accept	VERB
ajfa-12382	214	10	as	as	ADP
ajfa-12382	214	11	an	an	DET
ajfa-12382	214	12	integral	integral	ADJ
ajfa-12382	214	13	part	part	NOUN
ajfa-12382	214	14	of	of	ADP
ajfa-12382	214	15	the	the	DET
ajfa-12382	214	16	economy	economy	NOUN
ajfa-12382	214	17	in	in	ADP
ajfa-12382	214	18	1999	1999	NUM
ajfa-12382	214	19	by	by	ADP
ajfa-12382	214	20	an	an	DET
ajfa-12382	214	21	amendment	amendment	NOUN
ajfa-12382	214	22	to	to	ADP
ajfa-12382	214	23	the	the	DET
ajfa-12382	214	24	constitution	constitution	NOUN
ajfa-12382	214	25	.	.	PUNCT
ajfa-12382	215	1	as	as	ADP
ajfa-12382	215	2	in	in	ADP
ajfa-12382	215	3	the	the	DET
ajfa-12382	215	4	western	western	ADJ
ajfa-12382	215	5	countries	country	NOUN
ajfa-12382	215	6	,	,	PUNCT
ajfa-12382	215	7	the	the	DET
ajfa-12382	215	8	private	private	ADJ
ajfa-12382	215	9	sector	sector	NOUN
ajfa-12382	215	10	is	be	AUX
ajfa-12382	215	11	considered	consider	VERB
ajfa-12382	215	12	as	as	SCONJ
ajfa-12382	215	13	the	the	DET
ajfa-12382	215	14	major	major	ADJ
ajfa-12382	215	15	engine	engine	NOUN
ajfa-12382	215	16	of	of	ADP
ajfa-12382	215	17	china‟s	china‟	VERB
ajfa-12382	215	18	rapid	rapid	ADJ
ajfa-12382	215	19	asian	asian	ADJ
ajfa-12382	215	20	journal	journal	NOUN
ajfa-12382	215	21	of	of	ADP
ajfa-12382	215	22	finance	finance	PROPN
ajfa-12382	215	23	&	&	CCONJ
ajfa-12382	215	24	accounting	accounting	PROPN
ajfa-12382	215	25	issn	issn	PROPN
ajfa-12382	215	26	1946	1946	NUM
ajfa-12382	215	27	-	-	PUNCT
ajfa-12382	215	28	052x	052x	PROPN
ajfa-12382	215	29	2017	2017	NUM
ajfa-12382	215	30	,	,	PUNCT
ajfa-12382	215	31	vol	vol	NOUN
ajfa-12382	215	32	.	.	NOUN
ajfa-12382	216	1	9	9	NUM
ajfa-12382	216	2	,	,	PUNCT
ajfa-12382	216	3	no	no	NOUN
ajfa-12382	216	4	.	.	NOUN
ajfa-12382	216	5	2	2	NUM
ajfa-12382	216	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	216	7	364	364	NUM
ajfa-12382	216	8	growth	growth	NOUN
ajfa-12382	216	9	(	(	PUNCT
ajfa-12382	216	10	allen	allen	PROPN
ajfa-12382	216	11	et	et	PROPN
ajfa-12382	216	12	al	al	PROPN
ajfa-12382	216	13	.	.	PROPN
ajfa-12382	216	14	,	,	PUNCT
ajfa-12382	216	15	2005	2005	NUM
ajfa-12382	216	16	)	)	PUNCT
ajfa-12382	216	17	.	.	PUNCT
ajfa-12382	217	1	in	in	ADP
ajfa-12382	217	2	2004	2004	NUM
ajfa-12382	217	3	,	,	PUNCT
ajfa-12382	217	4	the	the	DET
ajfa-12382	217	5	national	national	PROPN
ajfa-12382	217	6	congress	congress	PROPN
ajfa-12382	217	7	approved	approve	VERB
ajfa-12382	217	8	a	a	DET
ajfa-12382	217	9	constitutional	constitutional	ADJ
ajfa-12382	217	10	amendment	amendment	NOUN
ajfa-12382	217	11	to	to	PART
ajfa-12382	217	12	protect	protect	VERB
ajfa-12382	217	13	private	private	ADJ
ajfa-12382	217	14	property	property	NOUN
ajfa-12382	217	15	rights	right	NOUN
ajfa-12382	217	16	,	,	PUNCT
ajfa-12382	217	17	granting	grant	VERB
ajfa-12382	217	18	“	"	PUNCT
ajfa-12382	217	19	private	private	ADJ
ajfa-12382	217	20	property	property	NOUN
ajfa-12382	217	21	”	"	PUNCT
ajfa-12382	217	22	an	an	DET
ajfa-12382	217	23	equal	equal	ADJ
ajfa-12382	217	24	legal	legal	ADJ
ajfa-12382	217	25	status	status	NOUN
ajfa-12382	217	26	to	to	ADP
ajfa-12382	217	27	“	"	PUNCT
ajfa-12382	217	28	public	public	ADJ
ajfa-12382	217	29	property	property	NOUN
ajfa-12382	217	30	”	"	PUNCT
ajfa-12382	217	31	.	.	PUNCT
ajfa-12382	218	1	firth	firth	PROPN
ajfa-12382	218	2	et	et	PROPN
ajfa-12382	218	3	al	al	PROPN
ajfa-12382	218	4	.	.	PROPN
ajfa-12382	218	5	(	(	PUNCT
ajfa-12382	218	6	2009	2009	NUM
ajfa-12382	218	7	)	)	PUNCT
ajfa-12382	218	8	,	,	PUNCT
ajfa-12382	218	9	based	base	VERB
ajfa-12382	218	10	on	on	ADP
ajfa-12382	218	11	data	datum	NOUN
ajfa-12382	218	12	from	from	ADP
ajfa-12382	218	13	the	the	DET
ajfa-12382	218	14	national	national	PROPN
ajfa-12382	218	15	bureau	bureau	PROPN
ajfa-12382	218	16	of	of	ADP
ajfa-12382	218	17	statistics	statistic	NOUN
ajfa-12382	218	18	,	,	PUNCT
ajfa-12382	218	19	note	note	VERB
ajfa-12382	218	20	that	that	SCONJ
ajfa-12382	218	21	the	the	DET
ajfa-12382	218	22	private	private	ADJ
ajfa-12382	218	23	sector	sector	NOUN
ajfa-12382	218	24	accounted	account	VERB
ajfa-12382	218	25	for	for	ADP
ajfa-12382	218	26	roughly	roughly	ADV
ajfa-12382	218	27	50	50	NUM
ajfa-12382	218	28	%	%	NOUN
ajfa-12382	218	29	of	of	ADP
ajfa-12382	218	30	gnp	gnp	PROPN
ajfa-12382	218	31	in	in	ADP
ajfa-12382	218	32	2005	2005	NUM
ajfa-12382	218	33	,	,	PUNCT
ajfa-12382	218	34	and	and	CCONJ
ajfa-12382	218	35	was	be	AUX
ajfa-12382	218	36	expected	expect	VERB
ajfa-12382	218	37	to	to	PART
ajfa-12382	218	38	rise	rise	VERB
ajfa-12382	218	39	to	to	ADP
ajfa-12382	218	40	at	at	ADV
ajfa-12382	218	41	least	least	ADV
ajfa-12382	218	42	75	75	NUM
ajfa-12382	218	43	%	%	NOUN
ajfa-12382	218	44	by	by	ADP
ajfa-12382	218	45	2010	2010	NUM
ajfa-12382	218	46	.	.	PUNCT
ajfa-12382	219	1	as	as	ADP
ajfa-12382	219	2	for	for	ADP
ajfa-12382	219	3	the	the	DET
ajfa-12382	219	4	listed	list	VERB
ajfa-12382	219	5	companies	company	NOUN
ajfa-12382	219	6	,	,	PUNCT
ajfa-12382	219	7	during	during	ADP
ajfa-12382	219	8	the	the	DET
ajfa-12382	219	9	last	last	ADJ
ajfa-12382	219	10	decade	decade	NOUN
ajfa-12382	219	11	there	there	PRON
ajfa-12382	219	12	have	have	AUX
ajfa-12382	219	13	been	be	AUX
ajfa-12382	219	14	significant	significant	ADJ
ajfa-12382	219	15	changes	change	NOUN
ajfa-12382	219	16	in	in	ADP
ajfa-12382	219	17	ownership	ownership	NOUN
ajfa-12382	219	18	structure	structure	NOUN
ajfa-12382	219	19	.	.	PUNCT
ajfa-12382	220	1	in	in	ADP
ajfa-12382	220	2	particular	particular	ADJ
ajfa-12382	220	3	,	,	PUNCT
ajfa-12382	220	4	walder	walder	NOUN
ajfa-12382	220	5	(	(	PUNCT
ajfa-12382	220	6	2011	2011	NUM
ajfa-12382	220	7	)	)	PUNCT
ajfa-12382	220	8	reports	report	VERB
ajfa-12382	220	9	that	that	SCONJ
ajfa-12382	220	10	the	the	DET
ajfa-12382	220	11	private	private	ADJ
ajfa-12382	220	12	control	control	NOUN
ajfa-12382	220	13	of	of	ADP
ajfa-12382	220	14	listed	list	VERB
ajfa-12382	220	15	corporations	corporation	NOUN
ajfa-12382	220	16	in	in	ADP
ajfa-12382	220	17	china	china	PROPN
ajfa-12382	220	18	increased	increase	VERB
ajfa-12382	220	19	from	from	ADP
ajfa-12382	220	20	6.5	6.5	NUM
ajfa-12382	220	21	%	%	NOUN
ajfa-12382	220	22	in	in	ADP
ajfa-12382	220	23	1999	1999	NUM
ajfa-12382	220	24	to	to	ADP
ajfa-12382	220	25	35	35	NUM
ajfa-12382	220	26	%	%	NOUN
ajfa-12382	220	27	in	in	ADP
ajfa-12382	220	28	2007	2007	NUM
ajfa-12382	220	29	.	.	PUNCT
ajfa-12382	221	1	similarly	similarly	ADV
ajfa-12382	221	2	,	,	PUNCT
ajfa-12382	221	3	vijayakumaran	vijayakumaran	NOUN
ajfa-12382	221	4	(	(	PUNCT
ajfa-12382	221	5	2014	2014	NUM
ajfa-12382	221	6	)	)	PUNCT
ajfa-12382	221	7	observes	observe	VERB
ajfa-12382	221	8	that	that	SCONJ
ajfa-12382	221	9	the	the	DET
ajfa-12382	221	10	proportion	proportion	NOUN
ajfa-12382	221	11	of	of	ADP
ajfa-12382	221	12	private	private	ADJ
ajfa-12382	221	13	controlled	control	VERB
ajfa-12382	221	14	listed	list	VERB
ajfa-12382	221	15	firms	firm	NOUN
ajfa-12382	221	16	has	have	AUX
ajfa-12382	221	17	increased	increase	VERB
ajfa-12382	221	18	from	from	ADP
ajfa-12382	221	19	26.76	26.76	NUM
ajfa-12382	221	20	%	%	NOUN
ajfa-12382	221	21	in	in	ADP
ajfa-12382	221	22	2005	2005	NUM
ajfa-12382	221	23	to	to	ADP
ajfa-12382	221	24	around	around	ADV
ajfa-12382	221	25	40	40	NUM
ajfa-12382	221	26	%	%	NOUN
ajfa-12382	221	27	in	in	ADP
ajfa-12382	221	28	2010	2010	NUM
ajfa-12382	221	29	.	.	PUNCT
ajfa-12382	222	1	by	by	ADP
ajfa-12382	222	2	contrast	contrast	NOUN
ajfa-12382	222	3	,	,	PUNCT
ajfa-12382	222	4	the	the	DET
ajfa-12382	222	5	proportion	proportion	NOUN
ajfa-12382	222	6	of	of	ADP
ajfa-12382	222	7	state	state	NOUN
ajfa-12382	222	8	-	-	PUNCT
ajfa-12382	222	9	controlled	control	VERB
ajfa-12382	222	10	firms	firm	NOUN
ajfa-12382	222	11	has	have	AUX
ajfa-12382	222	12	declined	decline	VERB
ajfa-12382	222	13	from	from	ADP
ajfa-12382	222	14	70.32	70.32	NUM
ajfa-12382	222	15	%	%	NOUN
ajfa-12382	222	16	to	to	ADP
ajfa-12382	222	17	56.73	56.73	NUM
ajfa-12382	222	18	%	%	NOUN
ajfa-12382	222	19	over	over	ADP
ajfa-12382	222	20	the	the	DET
ajfa-12382	222	21	same	same	ADJ
ajfa-12382	222	22	time	time	NOUN
ajfa-12382	222	23	period	period	NOUN
ajfa-12382	222	24	.	.	PUNCT
ajfa-12382	223	1	as	as	SCONJ
ajfa-12382	223	2	discussed	discuss	VERB
ajfa-12382	223	3	in	in	ADP
ajfa-12382	223	4	conyon	conyon	NOUN
ajfa-12382	223	5	and	and	CCONJ
ajfa-12382	223	6	he	he	PRON
ajfa-12382	223	7	(	(	PUNCT
ajfa-12382	223	8	2012	2012	NUM
ajfa-12382	223	9	)	)	PUNCT
ajfa-12382	223	10	,	,	PUNCT
ajfa-12382	223	11	this	this	DET
ajfa-12382	223	12	trend	trend	NOUN
ajfa-12382	223	13	can	can	AUX
ajfa-12382	223	14	be	be	AUX
ajfa-12382	223	15	explained	explain	VERB
ajfa-12382	223	16	by	by	ADP
ajfa-12382	223	17	the	the	DET
ajfa-12382	223	18	growing	grow	VERB
ajfa-12382	223	19	number	number	NOUN
ajfa-12382	223	20	of	of	ADP
ajfa-12382	223	21	firms	firm	NOUN
ajfa-12382	223	22	coming	come	VERB
ajfa-12382	223	23	to	to	ADP
ajfa-12382	223	24	the	the	DET
ajfa-12382	223	25	exchange	exchange	NOUN
ajfa-12382	223	26	as	as	ADP
ajfa-12382	223	27	private	private	ADJ
ajfa-12382	223	28	controlled	control	VERB
ajfa-12382	223	29	firms	firm	NOUN
ajfa-12382	223	30	,	,	PUNCT
ajfa-12382	223	31	and	and	CCONJ
ajfa-12382	223	32	by	by	ADP
ajfa-12382	223	33	the	the	DET
ajfa-12382	223	34	2005	2005	NUM
ajfa-12382	223	35	split	split	ADJ
ajfa-12382	223	36	share	share	NOUN
ajfa-12382	223	37	reform	reform	NOUN
ajfa-12382	223	38	,	,	PUNCT
ajfa-12382	223	39	which	which	PRON
ajfa-12382	223	40	converted	convert	VERB
ajfa-12382	223	41	previously	previously	ADV
ajfa-12382	223	42	non	non	ADJ
ajfa-12382	223	43	tradable	tradable	ADJ
ajfa-12382	223	44	state	state	NOUN
ajfa-12382	223	45	and	and	CCONJ
ajfa-12382	223	46	legal	legal	ADJ
ajfa-12382	223	47	person	person	NOUN
ajfa-12382	223	48	shares	share	VERB
ajfa-12382	223	49	to	to	ADP
ajfa-12382	223	50	tradable	tradable	ADJ
ajfa-12382	223	51	shares	share	NOUN
ajfa-12382	223	52	.	.	PUNCT
ajfa-12382	224	1	this	this	PRON
ajfa-12382	224	2	clearly	clearly	ADV
ajfa-12382	224	3	shows	show	VERB
ajfa-12382	224	4	that	that	SCONJ
ajfa-12382	224	5	with	with	ADP
ajfa-12382	224	6	the	the	DET
ajfa-12382	224	7	deepening	deepening	NOUN
ajfa-12382	224	8	of	of	ADP
ajfa-12382	224	9	china‟s	china‟	VERB
ajfa-12382	224	10	market	market	NOUN
ajfa-12382	224	11	reforms	reform	NOUN
ajfa-12382	224	12	,	,	PUNCT
ajfa-12382	224	13	private	private	ADJ
ajfa-12382	224	14	controlled	control	VERB
ajfa-12382	224	15	firms	firm	NOUN
ajfa-12382	224	16	are	be	AUX
ajfa-12382	224	17	becoming	become	VERB
ajfa-12382	224	18	more	more	ADV
ajfa-12382	224	19	and	and	CCONJ
ajfa-12382	224	20	more	more	ADV
ajfa-12382	224	21	common	common	ADJ
ajfa-12382	224	22	in	in	ADP
ajfa-12382	224	23	china	china	PROPN
ajfa-12382	224	24	.	.	PUNCT
ajfa-12382	225	1	these	these	DET
ajfa-12382	225	2	changes	change	NOUN
ajfa-12382	225	3	suggest	suggest	VERB
ajfa-12382	225	4	that	that	SCONJ
ajfa-12382	225	5	reforms	reform	NOUN
ajfa-12382	225	6	are	be	AUX
ajfa-12382	225	7	making	make	VERB
ajfa-12382	225	8	rapid	rapid	ADJ
ajfa-12382	225	9	progress	progress	NOUN
ajfa-12382	225	10	and	and	CCONJ
ajfa-12382	225	11	are	be	AUX
ajfa-12382	225	12	in	in	ADP
ajfa-12382	225	13	line	line	NOUN
ajfa-12382	225	14	with	with	ADP
ajfa-12382	225	15	what	what	PRON
ajfa-12382	225	16	would	would	AUX
ajfa-12382	225	17	be	be	AUX
ajfa-12382	225	18	expected	expect	VERB
ajfa-12382	225	19	in	in	ADP
ajfa-12382	225	20	a	a	DET
ajfa-12382	225	21	market	market	NOUN
ajfa-12382	225	22	-	-	PUNCT
ajfa-12382	225	23	based	base	VERB
ajfa-12382	225	24	economy	economy	NOUN
ajfa-12382	225	25	.	.	PUNCT
ajfa-12382	226	1	5	5	X
ajfa-12382	226	2	.	.	X
ajfa-12382	226	3	conclusion	conclusion	NOUN
ajfa-12382	226	4	the	the	DET
ajfa-12382	226	5	above	above	ADJ
ajfa-12382	226	6	analysis	analysis	NOUN
ajfa-12382	226	7	shows	show	VERB
ajfa-12382	226	8	that	that	PRON
ajfa-12382	226	9	china‟s	china‟	VERB
ajfa-12382	226	10	efforts	effort	NOUN
ajfa-12382	226	11	to	to	PART
ajfa-12382	226	12	improve	improve	VERB
ajfa-12382	226	13	the	the	DET
ajfa-12382	226	14	corporate	corporate	ADJ
ajfa-12382	226	15	sector	sector	NOUN
ajfa-12382	226	16	through	through	ADP
ajfa-12382	226	17	its	its	PRON
ajfa-12382	226	18	own	own	ADJ
ajfa-12382	226	19	unique	unique	ADJ
ajfa-12382	226	20	gradual	gradual	ADJ
ajfa-12382	226	21	and	and	CCONJ
ajfa-12382	226	22	piecemeal	piecemeal	ADJ
ajfa-12382	226	23	approach	approach	NOUN
ajfa-12382	226	24	has	have	AUX
ajfa-12382	226	25	been	be	AUX
ajfa-12382	226	26	successful	successful	ADJ
ajfa-12382	226	27	in	in	ADP
ajfa-12382	226	28	terms	term	NOUN
ajfa-12382	226	29	of	of	ADP
ajfa-12382	226	30	introducing	introduce	VERB
ajfa-12382	226	31	a	a	DET
ajfa-12382	226	32	formal	formal	ADJ
ajfa-12382	226	33	governance	governance	NOUN
ajfa-12382	226	34	structure	structure	NOUN
ajfa-12382	226	35	for	for	ADP
ajfa-12382	226	36	the	the	DET
ajfa-12382	226	37	corporate	corporate	ADJ
ajfa-12382	226	38	sector	sector	NOUN
ajfa-12382	226	39	,	,	PUNCT
ajfa-12382	226	40	liberalizing	liberalize	VERB
ajfa-12382	226	41	its	its	PRON
ajfa-12382	226	42	financial	financial	ADJ
ajfa-12382	226	43	sector	sector	NOUN
ajfa-12382	226	44	,	,	PUNCT
ajfa-12382	226	45	improving	improve	VERB
ajfa-12382	226	46	governance	governance	NOUN
ajfa-12382	226	47	of	of	ADP
ajfa-12382	226	48	state	state	NOUN
ajfa-12382	226	49	owned	own	VERB
ajfa-12382	226	50	banks	bank	NOUN
ajfa-12382	226	51	,	,	PUNCT
ajfa-12382	226	52	and	and	CCONJ
ajfa-12382	226	53	most	most	ADV
ajfa-12382	226	54	importantly	importantly	ADV
ajfa-12382	226	55	,	,	PUNCT
ajfa-12382	226	56	developing	develop	VERB
ajfa-12382	226	57	the	the	DET
ajfa-12382	226	58	private	private	ADJ
ajfa-12382	226	59	sector	sector	NOUN
ajfa-12382	226	60	as	as	ADP
ajfa-12382	226	61	the	the	DET
ajfa-12382	226	62	back	back	ADJ
ajfa-12382	226	63	bone	bone	NOUN
ajfa-12382	226	64	of	of	ADP
ajfa-12382	226	65	the	the	DET
ajfa-12382	226	66	economy	economy	NOUN
ajfa-12382	226	67	.	.	PUNCT
ajfa-12382	227	1	furthermore	furthermore	ADV
ajfa-12382	227	2	,	,	PUNCT
ajfa-12382	227	3	there	there	PRON
ajfa-12382	227	4	have	have	AUX
ajfa-12382	227	5	been	be	AUX
ajfa-12382	227	6	significant	significant	ADJ
ajfa-12382	227	7	improvements	improvement	NOUN
ajfa-12382	227	8	in	in	ADP
ajfa-12382	227	9	the	the	DET
ajfa-12382	227	10	political	political	ADJ
ajfa-12382	227	11	and	and	CCONJ
ajfa-12382	227	12	legal	legal	ADJ
ajfa-12382	227	13	environment	environment	NOUN
ajfa-12382	227	14	.	.	PUNCT
ajfa-12382	228	1	as	as	SCONJ
ajfa-12382	228	2	discussed	discuss	VERB
ajfa-12382	228	3	in	in	ADP
ajfa-12382	228	4	hasan	hasan	PROPN
ajfa-12382	228	5	et	et	PROPN
ajfa-12382	228	6	al	al	PROPN
ajfa-12382	228	7	.	.	PROPN
ajfa-12382	229	1	(	(	PUNCT
ajfa-12382	229	2	2009	2009	NUM
ajfa-12382	229	3	)	)	PUNCT
ajfa-12382	229	4	,	,	PUNCT
ajfa-12382	229	5	the	the	DET
ajfa-12382	229	6	chinese	chinese	ADJ
ajfa-12382	229	7	political	political	ADJ
ajfa-12382	229	8	system	system	NOUN
ajfa-12382	229	9	is	be	AUX
ajfa-12382	229	10	becoming	becoming	AUX
ajfa-12382	229	11	increasingly	increasingly	ADV
ajfa-12382	229	12	structured	structure	VERB
ajfa-12382	229	13	with	with	ADP
ajfa-12382	229	14	regularized	regularize	VERB
ajfa-12382	229	15	decision	decision	NOUN
ajfa-12382	229	16	-	-	PUNCT
ajfa-12382	229	17	making	making	NOUN
ajfa-12382	229	18	subject	subject	NOUN
ajfa-12382	229	19	to	to	ADP
ajfa-12382	229	20	the	the	DET
ajfa-12382	229	21	rule	rule	NOUN
ajfa-12382	229	22	of	of	ADP
ajfa-12382	229	23	law	law	NOUN
ajfa-12382	229	24	while	while	SCONJ
ajfa-12382	229	25	the	the	DET
ajfa-12382	229	26	legal	legal	ADJ
ajfa-12382	229	27	environment	environment	NOUN
ajfa-12382	229	28	has	have	AUX
ajfa-12382	229	29	also	also	ADV
ajfa-12382	229	30	improved	improve	VERB
ajfa-12382	229	31	,	,	PUNCT
ajfa-12382	229	32	with	with	ADP
ajfa-12382	229	33	the	the	DET
ajfa-12382	229	34	laws	law	NOUN
ajfa-12382	229	35	being	be	AUX
ajfa-12382	229	36	enacted	enact	VERB
ajfa-12382	229	37	nationally	nationally	ADV
ajfa-12382	229	38	and	and	CCONJ
ajfa-12382	229	39	locally	locally	ADV
ajfa-12382	229	40	to	to	PART
ajfa-12382	229	41	protect	protect	VERB
ajfa-12382	229	42	property	property	NOUN
ajfa-12382	229	43	rights	right	NOUN
ajfa-12382	229	44	.	.	PUNCT
ajfa-12382	230	1	despite	despite	SCONJ
ajfa-12382	230	2	the	the	DET
ajfa-12382	230	3	widespread	widespread	ADJ
ajfa-12382	230	4	adoption	adoption	NOUN
ajfa-12382	230	5	of	of	ADP
ajfa-12382	230	6	western	western	ADJ
ajfa-12382	230	7	corporate	corporate	ADJ
ajfa-12382	230	8	governance	governance	NOUN
ajfa-12382	230	9	practices	practice	NOUN
ajfa-12382	230	10	and	and	CCONJ
ajfa-12382	230	11	the	the	DET
ajfa-12382	230	12	development	development	NOUN
ajfa-12382	230	13	of	of	ADP
ajfa-12382	230	14	the	the	DET
ajfa-12382	230	15	private	private	ADJ
ajfa-12382	230	16	sector	sector	NOUN
ajfa-12382	230	17	in	in	ADP
ajfa-12382	230	18	china	china	PROPN
ajfa-12382	230	19	,	,	PUNCT
ajfa-12382	230	20	the	the	DET
ajfa-12382	230	21	effectiveness	effectiveness	NOUN
ajfa-12382	230	22	of	of	ADP
ajfa-12382	230	23	their	their	PRON
ajfa-12382	230	24	corporate	corporate	ADJ
ajfa-12382	230	25	governance	governance	NOUN
ajfa-12382	230	26	practices	practice	NOUN
ajfa-12382	230	27	has	have	VERB
ajfa-12382	230	28	yet	yet	ADV
ajfa-12382	230	29	to	to	PART
ajfa-12382	230	30	be	be	AUX
ajfa-12382	230	31	fully	fully	ADV
ajfa-12382	230	32	evaluated	evaluate	VERB
ajfa-12382	230	33	.	.	PUNCT
ajfa-12382	231	1	references	reference	NOUN
ajfa-12382	231	2	ahmadjian	ahmadjian	PROPN
ajfa-12382	231	3	,	,	PUNCT
ajfa-12382	231	4	c.	c.	PROPN
ajfa-12382	231	5	l.	l.	PROPN
ajfa-12382	231	6	,	,	PUNCT
ajfa-12382	231	7	&	&	CCONJ
ajfa-12382	231	8	robbins	robbins	PROPN
ajfa-12382	231	9	,	,	PUNCT
ajfa-12382	231	10	g.	g.	PROPN
ajfa-12382	231	11	e.	e.	PROPN
ajfa-12382	231	12	(	(	PUNCT
ajfa-12382	231	13	2005	2005	NUM
ajfa-12382	231	14	)	)	PUNCT
ajfa-12382	231	15	.	.	PUNCT
ajfa-12382	232	1	a	a	DET
ajfa-12382	232	2	clash	clash	NOUN
ajfa-12382	232	3	of	of	ADP
ajfa-12382	232	4	capitalisms	capitalism	NOUN
ajfa-12382	232	5	:	:	PUNCT
ajfa-12382	232	6	foreign	foreign	ADJ
ajfa-12382	232	7	shareholders	shareholder	NOUN
ajfa-12382	232	8	and	and	CCONJ
ajfa-12382	232	9	corporate	corporate	ADJ
ajfa-12382	232	10	restructuring	restructuring	NOUN
ajfa-12382	232	11	in	in	ADP
ajfa-12382	232	12	1990s	1990s	PROPN
ajfa-12382	232	13	japan	japan	PROPN
ajfa-12382	232	14	.	.	PUNCT
ajfa-12382	233	1	american	american	ADJ
ajfa-12382	233	2	sociological	sociological	PROPN
ajfa-12382	233	3	review	review	PROPN
ajfa-12382	233	4	,	,	PUNCT
ajfa-12382	233	5	70(3	70(3	NOUN
ajfa-12382	233	6	)	)	PUNCT
ajfa-12382	233	7	,	,	PUNCT
ajfa-12382	233	8	451	451	NUM
ajfa-12382	233	9	-	-	SYM
ajfa-12382	233	10	471	471	NUM
ajfa-12382	233	11	.	.	PUNCT
ajfa-12382	234	1	https://doi.org/10.1177/000312240507000305	https://doi.org/10.1177/000312240507000305	PROPN
ajfa-12382	234	2	aivazian	aivazian	ADJ
ajfa-12382	234	3	,	,	PUNCT
ajfa-12382	234	4	v.a	v.a	PROPN
ajfa-12382	234	5	,	,	PUNCT
ajfa-12382	234	6	ge	ge	PROPN
ajfa-12382	234	7	,	,	PUNCT
ajfa-12382	234	8	y.	y.	PROPN
ajfa-12382	234	9	,	,	PUNCT
ajfa-12382	234	10	&	&	CCONJ
ajfa-12382	234	11	qiu	qiu	PROPN
ajfa-12382	234	12	,	,	PUNCT
ajfa-12382	234	13	j.	j.	PROPN
ajfa-12382	234	14	(	(	PUNCT
ajfa-12382	234	15	2005	2005	NUM
ajfa-12382	234	16	)	)	PUNCT
ajfa-12382	234	17	.	.	PUNCT
ajfa-12382	235	1	can	can	AUX
ajfa-12382	235	2	corporatization	corporatization	NOUN
ajfa-12382	235	3	improve	improve	VERB
ajfa-12382	235	4	the	the	DET
ajfa-12382	235	5	performance	performance	NOUN
ajfa-12382	235	6	of	of	ADP
ajfa-12382	235	7	state	state	NOUN
ajfa-12382	235	8	-	-	PUNCT
ajfa-12382	235	9	owned	own	VERB
ajfa-12382	235	10	enterprises	enterprise	NOUN
ajfa-12382	235	11	even	even	ADV
ajfa-12382	235	12	without	without	ADP
ajfa-12382	235	13	privatization	privatization	NOUN
ajfa-12382	235	14	?	?	PUNCT
ajfa-12382	236	1	journal	journal	NOUN
ajfa-12382	236	2	of	of	ADP
ajfa-12382	236	3	corporate	corporate	ADJ
ajfa-12382	236	4	finance	finance	NOUN
ajfa-12382	236	5	,	,	PUNCT
ajfa-12382	236	6	11	11	NUM
ajfa-12382	236	7	,	,	PUNCT
ajfa-12382	236	8	791	791	NUM
ajfa-12382	236	9	-	-	SYM
ajfa-12382	236	10	808	808	NUM
ajfa-12382	236	11	.	.	PUNCT
ajfa-12382	236	12	https://doi.org/10.1016/j.jcorpfin.2004.11.001	https://doi.org/10.1016/j.jcorpfin.2004.11.001	PROPN
ajfa-12382	236	13	allen	allen	PROPN
ajfa-12382	236	14	,	,	PUNCT
ajfa-12382	236	15	f.	f.	PROPN
ajfa-12382	236	16	,	,	PUNCT
ajfa-12382	236	17	qian	qian	PROPN
ajfa-12382	236	18	,	,	PUNCT
ajfa-12382	236	19	j.	j.	PROPN
ajfa-12382	236	20	,	,	PUNCT
ajfa-12382	236	21	and	and	CCONJ
ajfa-12382	236	22	qian	qian	PROPN
ajfa-12382	236	23	,	,	PUNCT
ajfa-12382	236	24	m.	m.	NOUN
ajfa-12382	236	25	(	(	PUNCT
ajfa-12382	236	26	2005).law	2005).law	NOUN
ajfa-12382	236	27	,	,	PUNCT
ajfa-12382	236	28	finance	finance	NOUN
ajfa-12382	236	29	,	,	PUNCT
ajfa-12382	236	30	and	and	CCONJ
ajfa-12382	236	31	economic	economic	ADJ
ajfa-12382	236	32	growth	growth	NOUN
ajfa-12382	236	33	in	in	ADP
ajfa-12382	236	34	china	china	PROPN
ajfa-12382	236	35	.	.	PUNCT
ajfa-12382	237	1	journal	journal	PROPN
ajfa-12382	237	2	of	of	ADP
ajfa-12382	237	3	financial	financial	ADJ
ajfa-12382	237	4	economics	economic	NOUN
ajfa-12382	237	5	,	,	PUNCT
ajfa-12382	237	6	77	77	NUM
ajfa-12382	237	7	,	,	PUNCT
ajfa-12382	237	8	57	57	NUM
ajfa-12382	237	9	-	-	SYM
ajfa-12382	237	10	16	16	NUM
ajfa-12382	237	11	.	.	PUNCT
ajfa-12382	238	1	http://dx.doi.org/10.1016/j.jfineco.2004.06.010	http://dx.doi.org/10.1016/j.jfineco.2004.06.010	PROPN
ajfa-12382	238	2	https://doi.org/10.1177/000312240507000305	https://doi.org/10.1177/000312240507000305	ADP
ajfa-12382	238	3	https://doi.org/10.1016/j.jcorpfin.2004.11.001	https://doi.org/10.1016/j.jcorpfin.2004.11.001	VERB
ajfa-12382	238	4	asian	asian	ADJ
ajfa-12382	238	5	journal	journal	NOUN
ajfa-12382	238	6	of	of	ADP
ajfa-12382	238	7	finance	finance	PROPN
ajfa-12382	238	8	&	&	CCONJ
ajfa-12382	238	9	accounting	accounting	PROPN
ajfa-12382	238	10	issn	issn	PROPN
ajfa-12382	238	11	1946	1946	NUM
ajfa-12382	238	12	-	-	PUNCT
ajfa-12382	238	13	052x	052x	PROPN
ajfa-12382	238	14	2017	2017	NUM
ajfa-12382	238	15	,	,	PUNCT
ajfa-12382	238	16	vol	vol	NOUN
ajfa-12382	238	17	.	.	NOUN
ajfa-12382	238	18	9	9	NUM
ajfa-12382	238	19	,	,	PUNCT
ajfa-12382	238	20	no	no	NOUN
ajfa-12382	238	21	.	.	NOUN
ajfa-12382	238	22	2	2	NUM
ajfa-12382	238	23	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	238	24	365	365	NUM
ajfa-12382	238	25	ayyagari	ayyagari	ADJ
ajfa-12382	238	26	,	,	PUNCT
ajfa-12382	238	27	m.	m.	NOUN
ajfa-12382	238	28	,	,	PUNCT
ajfa-12382	238	29	demirguc	demirguc	PROPN
ajfa-12382	238	30	-	-	PUNCT
ajfa-12382	238	31	kunt	kunt	PROPN
ajfa-12382	238	32	,	,	PUNCT
ajfa-12382	238	33	a.	a.	NOUN
ajfa-12382	238	34	,	,	PUNCT
ajfa-12382	238	35	&	&	CCONJ
ajfa-12382	238	36	maksimovic	maksimovic	PROPN
ajfa-12382	238	37	,	,	PUNCT
ajfa-12382	238	38	v.	v.	PROPN
ajfa-12382	238	39	(	(	PUNCT
ajfa-12382	238	40	2008	2008	NUM
ajfa-12382	238	41	)	)	PUNCT
ajfa-12382	238	42	.	.	PUNCT
ajfa-12382	239	1	how	how	SCONJ
ajfa-12382	239	2	well	well	ADV
ajfa-12382	239	3	do	do	AUX
ajfa-12382	239	4	institutional	institutional	ADJ
ajfa-12382	239	5	theories	theory	NOUN
ajfa-12382	239	6	explain	explain	VERB
ajfa-12382	239	7	firms‟	firms‟	NOUN
ajfa-12382	239	8	perceptions	perception	NOUN
ajfa-12382	239	9	of	of	ADP
ajfa-12382	239	10	property	property	NOUN
ajfa-12382	239	11	rights	right	NOUN
ajfa-12382	239	12	?	?	PUNCT
ajfa-12382	240	1	review	review	NOUN
ajfa-12382	240	2	of	of	ADP
ajfa-12382	240	3	financial	financial	ADJ
ajfa-12382	240	4	studies	study	NOUN
ajfa-12382	240	5	,	,	PUNCT
ajfa-12382	240	6	21	21	NUM
ajfa-12382	240	7	,	,	PUNCT
ajfa-12382	240	8	1833	1833	NUM
ajfa-12382	240	9	-	-	SYM
ajfa-12382	240	10	1871	1871	NUM
ajfa-12382	240	11	.	.	PUNCT
ajfa-12382	241	1	https://doi.org/10.1093/rfs/hhl032	https://doi.org/10.1093/rfs/hhl032	PROPN
ajfa-12382	241	2	berle	berle	PROPN
ajfa-12382	241	3	,	,	PUNCT
ajfa-12382	241	4	a.	a.	NOUN
ajfa-12382	241	5	a.	a.	PROPN
ajfa-12382	241	6	,	,	PUNCT
ajfa-12382	241	7	&	&	CCONJ
ajfa-12382	241	8	means	means	PROPN
ajfa-12382	241	9	,	,	PUNCT
ajfa-12382	241	10	g.c	g.c	PROPN
ajfa-12382	241	11	.	.	PROPN
ajfa-12382	241	12	(	(	PUNCT
ajfa-12382	241	13	1932	1932	NUM
ajfa-12382	241	14	)	)	PUNCT
ajfa-12382	241	15	.	.	PUNCT
ajfa-12382	242	1	the	the	DET
ajfa-12382	242	2	modern	modern	ADJ
ajfa-12382	242	3	corporation	corporation	NOUN
ajfa-12382	242	4	and	and	CCONJ
ajfa-12382	242	5	private	private	ADJ
ajfa-12382	242	6	property	property	NOUN
ajfa-12382	242	7	,	,	PUNCT
ajfa-12382	242	8	new	new	PROPN
ajfa-12382	242	9	york	york	PROPN
ajfa-12382	242	10	:	:	PUNCT
ajfa-12382	242	11	macmillan	macmillan	PROPN
ajfa-12382	242	12	publishing	publishing	PROPN
ajfa-12382	242	13	co.	co.	PROPN
ajfa-12382	242	14	brainard	brainard	PROPN
ajfa-12382	242	15	,	,	PUNCT
ajfa-12382	242	16	l.	l.	PROPN
ajfa-12382	242	17	,	,	PUNCT
ajfa-12382	242	18	&	&	CCONJ
ajfa-12382	242	19	fenby	fenby	PROPN
ajfa-12382	242	20	,	,	PUNCT
ajfa-12382	242	21	j.	j.	PROPN
ajfa-12382	242	22	(	(	PUNCT
ajfa-12382	242	23	2007).chinese	2007).chinese	NUM
ajfa-12382	242	24	takeout	takeout	NOUN
ajfa-12382	242	25	.	.	PUNCT
ajfa-12382	243	1	wall	wall	PROPN
ajfa-12382	243	2	street	street	PROPN
ajfa-12382	243	3	journal	journal	PROPN
ajfa-12382	243	4	,	,	PUNCT
ajfa-12382	243	5	20	20	NUM
ajfa-12382	243	6	feb	feb	NOUN
ajfa-12382	243	7	.	.	PROPN
ajfa-12382	243	8	,	,	PUNCT
ajfa-12382	243	9	a17	a17	PROPN
ajfa-12382	243	10	.	.	PUNCT
ajfa-12382	244	1	brandt	brandt	PROPN
ajfa-12382	244	2	,	,	PUNCT
ajfa-12382	244	3	l.	l.	PROPN
ajfa-12382	244	4	,	,	PUNCT
ajfa-12382	244	5	&	&	CCONJ
ajfa-12382	244	6	li	li	PROPN
ajfa-12382	244	7	,	,	PUNCT
ajfa-12382	244	8	h.	h.	PROPN
ajfa-12382	244	9	(	(	PUNCT
ajfa-12382	244	10	2003	2003	NUM
ajfa-12382	244	11	)	)	PUNCT
ajfa-12382	244	12	.	.	PUNCT
ajfa-12382	245	1	bank	bank	NOUN
ajfa-12382	245	2	discrimination	discrimination	NOUN
ajfa-12382	245	3	in	in	ADP
ajfa-12382	245	4	transition	transition	NOUN
ajfa-12382	245	5	economies	economy	NOUN
ajfa-12382	245	6	:	:	PUNCT
ajfa-12382	245	7	ideology	ideology	NOUN
ajfa-12382	245	8	,	,	PUNCT
ajfa-12382	245	9	information	information	NOUN
ajfa-12382	245	10	,	,	PUNCT
ajfa-12382	245	11	or	or	CCONJ
ajfa-12382	245	12	incentives	incentive	NOUN
ajfa-12382	245	13	?	?	PUNCT
ajfa-12382	246	1	journal	journal	NOUN
ajfa-12382	246	2	of	of	ADP
ajfa-12382	246	3	comparative	comparative	ADJ
ajfa-12382	246	4	economics	economic	NOUN
ajfa-12382	246	5	,	,	PUNCT
ajfa-12382	246	6	31(3	31(3	NUM
ajfa-12382	246	7	)	)	PUNCT
ajfa-12382	246	8	,	,	PUNCT
ajfa-12382	246	9	387	387	NUM
ajfa-12382	246	10	-	-	SYM
ajfa-12382	246	11	413	413	NUM
ajfa-12382	246	12	.	.	PUNCT
ajfa-12382	247	1	https://doi.org/10.1016/s0147-5967(03)00080-5	https://doi.org/10.1016/s0147-5967(03)00080-5	PROPN
ajfa-12382	247	2	cao	cao	PROPN
ajfa-12382	247	3	,	,	PUNCT
ajfa-12382	247	4	s.	s.	PROPN
ajfa-12382	247	5	(	(	PUNCT
ajfa-12382	247	6	1998	1998	NUM
ajfa-12382	247	7	)	)	PUNCT
ajfa-12382	247	8	.	.	PUNCT
ajfa-12382	248	1	bankruptcy	bankruptcy	NOUN
ajfa-12382	248	2	law	law	NOUN
ajfa-12382	248	3	in	in	ADP
ajfa-12382	248	4	china.harvard	china.harvard	PROPN
ajfa-12382	248	5	china	china	PROPN
ajfa-12382	248	6	review	review	PROPN
ajfa-12382	248	7	,	,	PUNCT
ajfa-12382	248	8	1	1	NUM
ajfa-12382	248	9	,	,	PUNCT
ajfa-12382	248	10	36	36	NUM
ajfa-12382	248	11	-	-	SYM
ajfa-12382	248	12	39	39	NUM
ajfa-12382	248	13	.	.	PUNCT
ajfa-12382	249	1	chen	chen	PROPN
ajfa-12382	249	2	,	,	PUNCT
ajfa-12382	249	3	j.j	j.j	PROPN
ajfa-12382	249	4	.	.	PROPN
ajfa-12382	249	5	(	(	PUNCT
ajfa-12382	249	6	2005	2005	NUM
ajfa-12382	249	7	)	)	PUNCT
ajfa-12382	249	8	.	.	PUNCT
ajfa-12382	250	1	corporatization	corporatization	NOUN
ajfa-12382	250	2	of	of	ADP
ajfa-12382	250	3	china‟s	china‟	VERB
ajfa-12382	250	4	state	state	NOUN
ajfa-12382	250	5	-	-	PUNCT
ajfa-12382	250	6	owned	own	VERB
ajfa-12382	250	7	enterprises	enterprise	NOUN
ajfa-12382	250	8	and	and	CCONJ
ajfa-12382	250	9	corporate	corporate	ADJ
ajfa-12382	250	10	governance	governance	NOUN
ajfa-12382	250	11	.	.	PUNCT
ajfa-12382	251	1	challenges	challenge	NOUN
ajfa-12382	251	2	for	for	ADP
ajfa-12382	251	3	china	china	PROPN
ajfa-12382	251	4	's	's	PART
ajfa-12382	251	5	development	development	NOUN
ajfa-12382	251	6	:	:	PUNCT
ajfa-12382	251	7	an	an	DET
ajfa-12382	251	8	enterprise	enterprise	NOUN
ajfa-12382	251	9	perspective	perspective	NOUN
ajfa-12382	251	10	,	,	PUNCT
ajfa-12382	251	11	4	4	NUM
ajfa-12382	251	12	,	,	PUNCT
ajfa-12382	251	13	58	58	NUM
ajfa-12382	251	14	.	.	PUNCT
ajfa-12382	252	1	chen	chen	PROPN
ajfa-12382	252	2	,	,	PUNCT
ajfa-12382	252	3	s	s	PROPN
ajfa-12382	252	4	,	,	PUNCT
ajfa-12382	252	5	sun	sun	NOUN
ajfa-12382	252	6	,	,	PUNCT
ajfa-12382	252	7	s.y.j	s.y.j	NOUN
ajfa-12382	252	8	.	.	PUNCT
ajfa-12382	252	9	,	,	PUNCT
ajfa-12382	252	10	&	&	CCONJ
ajfa-12382	252	11	donghui	donghui	PROPN
ajfa-12382	252	12	,	,	PUNCT
ajfa-12382	252	13	wu	wu	PROPN
ajfa-12382	252	14	.	.	PUNCT
ajfa-12382	253	1	(	(	PUNCT
ajfa-12382	253	2	2010	2010	NUM
ajfa-12382	253	3	)	)	PUNCT
ajfa-12382	253	4	.	.	PUNCT
ajfa-12382	254	1	client	client	NOUN
ajfa-12382	254	2	importance	importance	NOUN
ajfa-12382	254	3	,	,	PUNCT
ajfa-12382	254	4	institutional	institutional	ADJ
ajfa-12382	254	5	improvements	improvement	NOUN
ajfa-12382	254	6	,	,	PUNCT
ajfa-12382	254	7	and	and	CCONJ
ajfa-12382	254	8	audit	audit	NOUN
ajfa-12382	254	9	quality	quality	NOUN
ajfa-12382	254	10	in	in	ADP
ajfa-12382	254	11	china	china	PROPN
ajfa-12382	254	12	:	:	PUNCT
ajfa-12382	254	13	an	an	DET
ajfa-12382	254	14	office	office	NOUN
ajfa-12382	254	15	and	and	CCONJ
ajfa-12382	254	16	individual	individual	ADJ
ajfa-12382	254	17	auditor	auditor	NOUN
ajfa-12382	254	18	level	level	NOUN
ajfa-12382	254	19	analysis	analysis	NOUN
ajfa-12382	254	20	.	.	PUNCT
ajfa-12382	255	1	the	the	DET
ajfa-12382	255	2	accounting	accounting	NOUN
ajfa-12382	255	3	review	review	NOUN
ajfa-12382	255	4	,	,	PUNCT
ajfa-12382	255	5	85	85	NUM
ajfa-12382	255	6	,	,	PUNCT
ajfa-12382	255	7	127	127	NUM
ajfa-12382	255	8	-	-	SYM
ajfa-12382	255	9	158	158	NUM
ajfa-12382	255	10	.	.	PUNCT
ajfa-12382	256	1	https://doi.org/10.2308/accr.2010.85.1.127	https://doi.org/10.2308/accr.2010.85.1.127	NOUN
ajfa-12382	256	2	chi	chi	PROPN
ajfa-12382	256	3	,	,	PUNCT
ajfa-12382	256	4	j.	j.	PROPN
ajfa-12382	256	5	,	,	PUNCT
ajfa-12382	256	6	&	&	CCONJ
ajfa-12382	256	7	young	young	ADJ
ajfa-12382	256	8	,	,	PUNCT
ajfa-12382	256	9	m.	m.	NOUN
ajfa-12382	256	10	(	(	PUNCT
ajfa-12382	256	11	2007	2007	NUM
ajfa-12382	256	12	)	)	PUNCT
ajfa-12382	256	13	.	.	PUNCT
ajfa-12382	257	1	corporate	corporate	ADJ
ajfa-12382	257	2	governance	governance	NOUN
ajfa-12382	257	3	and	and	CCONJ
ajfa-12382	257	4	regulation	regulation	NOUN
ajfa-12382	257	5	in	in	ADP
ajfa-12382	257	6	china	china	PROPN
ajfa-12382	257	7	:	:	PUNCT
ajfa-12382	257	8	openness	openness	NOUN
ajfa-12382	257	9	and	and	CCONJ
ajfa-12382	257	10	challenges	challenge	NOUN
ajfa-12382	257	11	,	,	PUNCT
ajfa-12382	257	12	21	21	NUM
ajfa-12382	257	13	,	,	PUNCT
ajfa-12382	257	14	361	361	NUM
ajfa-12382	257	15	-	-	SYM
ajfa-12382	257	16	365	365	NUM
ajfa-12382	257	17	.	.	PUNCT
ajfa-12382	258	1	https://doi.org/10.1016/j.ribaf.2006.12.003	https://doi.org/10.1016/j.ribaf.2006.12.003	PROPN
ajfa-12382	258	2	chow	chow	PROPN
ajfa-12382	258	3	,	,	PUNCT
ajfa-12382	258	4	g.	g.	PROPN
ajfa-12382	258	5	(	(	PUNCT
ajfa-12382	258	6	1997	1997	NUM
ajfa-12382	258	7	)	)	PUNCT
ajfa-12382	258	8	.	.	PUNCT
ajfa-12382	259	1	challenges	challenge	NOUN
ajfa-12382	259	2	of	of	ADP
ajfa-12382	259	3	china	china	PROPN
ajfa-12382	259	4	's	's	PART
ajfa-12382	259	5	economic	economic	ADJ
ajfa-12382	259	6	system	system	NOUN
ajfa-12382	259	7	for	for	ADP
ajfa-12382	259	8	economic	economic	ADJ
ajfa-12382	259	9	theory	theory	NOUN
ajfa-12382	259	10	.	.	PUNCT
ajfa-12382	260	1	american	american	PROPN
ajfa-12382	260	2	economic	economic	PROPN
ajfa-12382	260	3	review	review	PROPN
ajfa-12382	260	4	,	,	PUNCT
ajfa-12382	260	5	87(2	87(2	NUM
ajfa-12382	260	6	)	)	PUNCT
ajfa-12382	260	7	,	,	PUNCT
ajfa-12382	260	8	321	321	NUM
ajfa-12382	260	9	-	-	SYM
ajfa-12382	260	10	327	327	NUM
ajfa-12382	260	11	.	.	PUNCT
ajfa-12382	261	1	http://www.jstor.org/stable/2950939	http://www.jstor.org/stable/2950939	PROPN
ajfa-12382	261	2	clarke	clarke	PROPN
ajfa-12382	261	3	,	,	PUNCT
ajfa-12382	261	4	d.	d.	PROPN
ajfa-12382	261	5	(	(	PUNCT
ajfa-12382	261	6	2003	2003	NUM
ajfa-12382	261	7	)	)	PUNCT
ajfa-12382	261	8	.	.	PUNCT
ajfa-12382	262	1	corporate	corporate	ADJ
ajfa-12382	262	2	governance	governance	NOUN
ajfa-12382	262	3	in	in	ADP
ajfa-12382	262	4	china	china	PROPN
ajfa-12382	262	5	:	:	PUNCT
ajfa-12382	262	6	an	an	DET
ajfa-12382	262	7	overview	overview	NOUN
ajfa-12382	262	8	.	.	PUNCT
ajfa-12382	263	1	china	china	PROPN
ajfa-12382	263	2	economic	economic	PROPN
ajfa-12382	263	3	review	review	PROPN
ajfa-12382	263	4	,	,	PUNCT
ajfa-12382	263	5	14	14	NUM
ajfa-12382	263	6	,	,	PUNCT
ajfa-12382	263	7	494	494	NUM
ajfa-12382	263	8	-	-	SYM
ajfa-12382	263	9	507	507	NUM
ajfa-12382	263	10	.	.	PUNCT
ajfa-12382	264	1	https://doi.org/10.1016/j.chieco.2003.09.019	https://doi.org/10.1016/j.chieco.2003.09.019	NUM
ajfa-12382	264	2	conyon	conyon	NOUN
ajfa-12382	264	3	,	,	PUNCT
ajfa-12382	264	4	m.	m.	NOUN
ajfa-12382	264	5	,	,	PUNCT
ajfa-12382	264	6	&	&	CCONJ
ajfa-12382	264	7	he	he	PRON
ajfa-12382	264	8	,	,	PUNCT
ajfa-12382	264	9	l.	l.	PROPN
ajfa-12382	264	10	(	(	PUNCT
ajfa-12382	264	11	2011	2011	NUM
ajfa-12382	264	12	)	)	PUNCT
ajfa-12382	264	13	.	.	PUNCT
ajfa-12382	265	1	executive	executive	PROPN
ajfa-12382	265	2	compensation	compensation	NOUN
ajfa-12382	265	3	and	and	CCONJ
ajfa-12382	265	4	corporate	corporate	ADJ
ajfa-12382	265	5	governance	governance	NOUN
ajfa-12382	265	6	in	in	ADP
ajfa-12382	265	7	china	china	PROPN
ajfa-12382	265	8	.	.	PUNCT
ajfa-12382	266	1	journal	journal	PROPN
ajfa-12382	266	2	of	of	ADP
ajfa-12382	266	3	corporate	corporate	ADJ
ajfa-12382	266	4	finance	finance	NOUN
ajfa-12382	266	5	,	,	PUNCT
ajfa-12382	266	6	17	17	NUM
ajfa-12382	266	7	,	,	PUNCT
ajfa-12382	266	8	1158	1158	NUM
ajfa-12382	266	9	-	-	SYM
ajfa-12382	266	10	1175	1175	NUM
ajfa-12382	266	11	.	.	PUNCT
ajfa-12382	267	1	https://doi.org/10.1016/j.jcorpfin.2011.04.006	https://doi.org/10.1016/j.jcorpfin.2011.04.006	NOUN
ajfa-12382	267	2	conyon	conyon	NOUN
ajfa-12382	267	3	,	,	PUNCT
ajfa-12382	267	4	m.	m.	NOUN
ajfa-12382	267	5	,	,	PUNCT
ajfa-12382	267	6	&	&	CCONJ
ajfa-12382	267	7	he	he	PRON
ajfa-12382	267	8	,	,	PUNCT
ajfa-12382	267	9	l.	l.	PROPN
ajfa-12382	267	10	(	(	PUNCT
ajfa-12382	267	11	2012	2012	NUM
ajfa-12382	267	12	)	)	PUNCT
ajfa-12382	267	13	.	.	PUNCT
ajfa-12382	268	1	ceo	ceo	NOUN
ajfa-12382	268	2	compensation	compensation	NOUN
ajfa-12382	268	3	and	and	CCONJ
ajfa-12382	268	4	corporate	corporate	ADJ
ajfa-12382	268	5	governance	governance	NOUN
ajfa-12382	268	6	in	in	ADP
ajfa-12382	268	7	china	china	PROPN
ajfa-12382	268	8	,	,	PUNCT
ajfa-12382	268	9	corporate	corporate	ADJ
ajfa-12382	268	10	governance	governance	NOUN
ajfa-12382	268	11	:	:	PUNCT
ajfa-12382	268	12	an	an	DET
ajfa-12382	268	13	international	international	ADJ
ajfa-12382	268	14	review	review	NOUN
ajfa-12382	268	15	,	,	PUNCT
ajfa-12382	268	16	20(6	20(6	NOUN
ajfa-12382	268	17	)	)	PUNCT
ajfa-12382	268	18	,	,	PUNCT
ajfa-12382	268	19	575	575	NUM
ajfa-12382	268	20	-	-	SYM
ajfa-12382	268	21	592	592	NUM
ajfa-12382	268	22	.	.	PUNCT
ajfa-12382	269	1	https://doi.org/10.1111/j.1467-8683.2012.00935.x	https://doi.org/10.1111/j.1467-8683.2012.00935.x	VERB
ajfa-12382	269	2	csrc	csrc	PROPN
ajfa-12382	269	3	.	.	PUNCT
ajfa-12382	270	1	(	(	PUNCT
ajfa-12382	270	2	2006	2006	NUM
ajfa-12382	270	3	)	)	PUNCT
ajfa-12382	270	4	.	.	PUNCT
ajfa-12382	271	1	annual	annual	ADJ
ajfa-12382	271	2	report	report	NOUN
ajfa-12382	271	3	,	,	PUNCT
ajfa-12382	271	4	people‟s	people‟s	PROPN
ajfa-12382	271	5	republic	republic	NOUN
ajfa-12382	271	6	of	of	ADP
ajfa-12382	271	7	china	china	PROPN
ajfa-12382	271	8	:	:	PUNCT
ajfa-12382	271	9	china	china	PROPN
ajfa-12382	271	10	securities	securities	PROPN
ajfa-12382	271	11	regulatory	regulatory	PROPN
ajfa-12382	271	12	commission	commission	PROPN
ajfa-12382	271	13	.	.	PUNCT
ajfa-12382	271	14	csrc	csrc	PROPN
ajfa-12382	271	15	.	.	PUNCT
ajfa-12382	272	1	(	(	PUNCT
ajfa-12382	272	2	2010	2010	NUM
ajfa-12382	272	3	)	)	PUNCT
ajfa-12382	272	4	.	.	PUNCT
ajfa-12382	273	1	annual	annual	ADJ
ajfa-12382	273	2	report	report	NOUN
ajfa-12382	273	3	,	,	PUNCT
ajfa-12382	273	4	people‟s	people‟s	PROPN
ajfa-12382	273	5	republic	republic	NOUN
ajfa-12382	273	6	of	of	ADP
ajfa-12382	273	7	china	china	PROPN
ajfa-12382	273	8	:	:	PUNCT
ajfa-12382	273	9	china	china	PROPN
ajfa-12382	273	10	securities	securities	PROPN
ajfa-12382	273	11	regulatory	regulatory	PROPN
ajfa-12382	273	12	commission	commission	PROPN
ajfa-12382	273	13	.	.	PUNCT
ajfa-12382	274	1	cull	cull	PROPN
ajfa-12382	274	2	,	,	PUNCT
ajfa-12382	274	3	r.	r.	PROPN
ajfa-12382	274	4	,	,	PUNCT
ajfa-12382	274	5	&	&	CCONJ
ajfa-12382	274	6	xu	xu	PROPN
ajfa-12382	274	7	,	,	PUNCT
ajfa-12382	274	8	l.c	l.c	PROPN
ajfa-12382	274	9	.	.	PROPN
ajfa-12382	274	10	(	(	PUNCT
ajfa-12382	274	11	2003	2003	NUM
ajfa-12382	274	12	)	)	PUNCT
ajfa-12382	274	13	.	.	PUNCT
ajfa-12382	275	1	who	who	PRON
ajfa-12382	275	2	gets	get	VERB
ajfa-12382	275	3	credit	credit	NOUN
ajfa-12382	275	4	?	?	PUNCT
ajfa-12382	276	1	the	the	DET
ajfa-12382	276	2	behavior	behavior	NOUN
ajfa-12382	276	3	of	of	ADP
ajfa-12382	276	4	bureaucrats	bureaucrat	NOUN
ajfa-12382	276	5	and	and	CCONJ
ajfa-12382	276	6	state	state	NOUN
ajfa-12382	276	7	banks	bank	NOUN
ajfa-12382	276	8	in	in	ADP
ajfa-12382	276	9	allocating	allocate	VERB
ajfa-12382	276	10	credit	credit	NOUN
ajfa-12382	276	11	to	to	ADP
ajfa-12382	276	12	chinese	chinese	ADJ
ajfa-12382	276	13	state	state	NOUN
ajfa-12382	276	14	-	-	PUNCT
ajfa-12382	276	15	owned	own	VERB
ajfa-12382	276	16	enterprises	enterprise	NOUN
ajfa-12382	276	17	.	.	PUNCT
ajfa-12382	277	1	journal	journal	PROPN
ajfa-12382	277	2	of	of	ADP
ajfa-12382	277	3	development	development	NOUN
ajfa-12382	277	4	economics	economic	NOUN
ajfa-12382	277	5	,	,	PUNCT
ajfa-12382	277	6	71	71	NUM
ajfa-12382	277	7	,	,	PUNCT
ajfa-12382	277	8	533	533	NUM
ajfa-12382	277	9	-	-	SYM
ajfa-12382	277	10	559	559	NUM
ajfa-12382	277	11	.	.	PUNCT
ajfa-12382	278	1	https://doi.org/10.1016/s0304-3878(03)00039-7	https://doi.org/10.1016/s0304-3878(03)00039-7	PROPN
ajfa-12382	278	2	cull	cull	PROPN
ajfa-12382	278	3	,	,	PUNCT
ajfa-12382	278	4	r.	r.	PROPN
ajfa-12382	278	5	,	,	PUNCT
ajfa-12382	278	6	&	&	CCONJ
ajfa-12382	278	7	xu	xu	PROPN
ajfa-12382	278	8	,	,	PUNCT
ajfa-12382	278	9	l.c	l.c	PROPN
ajfa-12382	278	10	.	.	PROPN
ajfa-12382	278	11	(	(	PUNCT
ajfa-12382	278	12	2005	2005	NUM
ajfa-12382	278	13	)	)	PUNCT
ajfa-12382	278	14	.	.	PUNCT
ajfa-12382	279	1	institutions	institution	NOUN
ajfa-12382	279	2	,	,	PUNCT
ajfa-12382	279	3	ownership	ownership	NOUN
ajfa-12382	279	4	,	,	PUNCT
ajfa-12382	279	5	and	and	CCONJ
ajfa-12382	279	6	finance	finance	NOUN
ajfa-12382	279	7	.	.	PUNCT
ajfa-12382	280	1	the	the	DET
ajfa-12382	280	2	determinants	determinant	NOUN
ajfa-12382	280	3	of	of	ADP
ajfa-12382	280	4	profit	profit	NOUN
ajfa-12382	280	5	reinvestment	reinvestment	NOUN
ajfa-12382	280	6	among	among	ADP
ajfa-12382	280	7	chinese	chinese	ADJ
ajfa-12382	280	8	firms	firm	NOUN
ajfa-12382	280	9	.	.	PUNCT
ajfa-12382	281	1	journal	journal	NOUN
ajfa-12382	281	2	of	of	ADP
ajfa-12382	281	3	financial	financial	ADJ
ajfa-12382	281	4	economics	economic	NOUN
ajfa-12382	281	5	,	,	PUNCT
ajfa-12382	281	6	77	77	NUM
ajfa-12382	281	7	,	,	PUNCT
ajfa-12382	281	8	117	117	NUM
ajfa-12382	281	9	-	-	SYM
ajfa-12382	281	10	146	146	NUM
ajfa-12382	281	11	.	.	PUNCT
ajfa-12382	282	1	https://doi.org/10.1016/j.jfineco.2004.05.010	https://doi.org/10.1016/j.jfineco.2004.05.010	NOUN
ajfa-12382	282	2	https://doi.org/10.1093/rfs/hhl032	https://doi.org/10.1093/rfs/hhl032	PROPN
ajfa-12382	282	3	https://doi.org/10.1016/s0147-5967(03)00080-5	https://doi.org/10.1016/s0147-5967(03)00080-5	PROPN
ajfa-12382	282	4	https://doi.org/10.2308/accr.2010.85.1.127	https://doi.org/10.2308/accr.2010.85.1.127	PROPN
ajfa-12382	282	5	https://doi.org/10.1016/j.ribaf.2006.12.003	https://doi.org/10.1016/j.ribaf.2006.12.003	NOUN
ajfa-12382	282	6	https://doi.org/10.1016/j.chieco.2003.09.019	https://doi.org/10.1016/j.chieco.2003.09.019	PROPN
ajfa-12382	282	7	https://doi.org/10.1016/j.jcorpfin.2011.04.006	https://doi.org/10.1016/j.jcorpfin.2011.04.006	NOUN
ajfa-12382	282	8	https://doi.org/10.1111/j.1467-8683.2012.00935.x	https://doi.org/10.1111/j.1467-8683.2012.00935.x	ADJ
ajfa-12382	282	9	https://doi.org/10.1016/s0304-3878(03)00039-7	https://doi.org/10.1016/s0304-3878(03)00039-7	ADJ
ajfa-12382	282	10	https://doi.org/10.1016/j.jfineco.2004.05.010	https://doi.org/10.1016/j.jfineco.2004.05.010	ADJ
ajfa-12382	282	11	asian	asian	ADJ
ajfa-12382	282	12	journal	journal	NOUN
ajfa-12382	282	13	of	of	ADP
ajfa-12382	282	14	finance	finance	PROPN
ajfa-12382	282	15	&	&	CCONJ
ajfa-12382	282	16	accounting	accounting	PROPN
ajfa-12382	282	17	issn	issn	PROPN
ajfa-12382	282	18	1946	1946	NUM
ajfa-12382	282	19	-	-	PUNCT
ajfa-12382	282	20	052x	052x	PROPN
ajfa-12382	282	21	2017	2017	NUM
ajfa-12382	282	22	,	,	PUNCT
ajfa-12382	282	23	vol	vol	NOUN
ajfa-12382	282	24	.	.	NOUN
ajfa-12382	282	25	9	9	NUM
ajfa-12382	282	26	,	,	PUNCT
ajfa-12382	282	27	no	no	INTJ
ajfa-12382	282	28	.	.	NOUN
ajfa-12382	282	29	2	2	NUM
ajfa-12382	282	30	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	282	31	366	366	NUM
ajfa-12382	282	32	dixon	dixon	PROPN
ajfa-12382	282	33	,	,	PUNCT
ajfa-12382	282	34	r.	r.	PROPN
ajfa-12382	282	35	,	,	PUNCT
ajfa-12382	282	36	guariglia	guariglia	PROPN
ajfa-12382	282	37	,	,	PUNCT
ajfa-12382	282	38	a.	a.	NOUN
ajfa-12382	282	39	,	,	PUNCT
ajfa-12382	282	40	&	&	CCONJ
ajfa-12382	282	41	vijayakumaran	vijayakumaran	PROPN
ajfa-12382	282	42	,	,	PUNCT
ajfa-12382	282	43	r.	r.	PROPN
ajfa-12382	282	44	(	(	PUNCT
ajfa-12382	282	45	2015	2015	NUM
ajfa-12382	282	46	)	)	PUNCT
ajfa-12382	282	47	.	.	PUNCT
ajfa-12382	283	1	managerial	managerial	ADJ
ajfa-12382	283	2	ownership	ownership	NOUN
ajfa-12382	283	3	,	,	PUNCT
ajfa-12382	283	4	corporate	corporate	ADJ
ajfa-12382	283	5	governance	governance	NOUN
ajfa-12382	283	6	and	and	CCONJ
ajfa-12382	283	7	firms	firm	NOUN
ajfa-12382	283	8	'	'	PART
ajfa-12382	283	9	exporting	export	VERB
ajfa-12382	283	10	decisions	decision	NOUN
ajfa-12382	283	11	:	:	PUNCT
ajfa-12382	283	12	evidence	evidence	NOUN
ajfa-12382	283	13	from	from	ADP
ajfa-12382	283	14	chinese	chinese	ADJ
ajfa-12382	283	15	listed	list	VERB
ajfa-12382	283	16	companies	company	NOUN
ajfa-12382	283	17	.	.	PUNCT
ajfa-12382	284	1	the	the	DET
ajfa-12382	284	2	european	european	PROPN
ajfa-12382	284	3	journal	journal	PROPN
ajfa-12382	284	4	of	of	ADP
ajfa-12382	284	5	finance	finance	NOUN
ajfa-12382	284	6	,	,	PUNCT
ajfa-12382	284	7	1	1	NUM
ajfa-12382	284	8	-	-	SYM
ajfa-12382	284	9	39	39	NUM
ajfa-12382	284	10	.	.	PUNCT
ajfa-12382	285	1	https://doi	https://doi	PROPN
ajfa-12382	285	2	/	/	SYM
ajfa-12382	285	3	abs/10.1080/1351847x.2015.1025990	abs/10.1080/1351847x.2015.1025990	PROPN
ajfa-12382	285	4	dahya	dahya	PROPN
ajfa-12382	285	5	,	,	PUNCT
ajfa-12382	285	6	j.	j.	PROPN
ajfa-12382	285	7	,	,	PUNCT
ajfa-12382	285	8	karbhari	karbhari	PROPN
ajfa-12382	285	9	,	,	PUNCT
ajfa-12382	285	10	y.	y.	PROPN
ajfa-12382	285	11	,	,	PUNCT
ajfa-12382	285	12	xiao	xiao	PROPN
ajfa-12382	285	13	,	,	PUNCT
ajfa-12382	285	14	j.	j.	PROPN
ajfa-12382	285	15	,	,	PUNCT
ajfa-12382	285	16	&	&	CCONJ
ajfa-12382	285	17	yang	yang	PROPN
ajfa-12382	285	18	,	,	PUNCT
ajfa-12382	285	19	m.	m.	NOUN
ajfa-12382	285	20	(	(	PUNCT
ajfa-12382	285	21	2003).the	2003).the	DET
ajfa-12382	285	22	usefulness	usefulness	NOUN
ajfa-12382	285	23	of	of	ADP
ajfa-12382	285	24	the	the	DET
ajfa-12382	285	25	supervisory	supervisory	ADJ
ajfa-12382	285	26	board	board	NOUN
ajfa-12382	285	27	report	report	NOUN
ajfa-12382	285	28	in	in	ADP
ajfa-12382	285	29	china	china	PROPN
ajfa-12382	285	30	.	.	PUNCT
ajfa-12382	286	1	corporate	corporate	ADJ
ajfa-12382	286	2	governance	governance	NOUN
ajfa-12382	286	3	:	:	PUNCT
ajfa-12382	286	4	an	an	DET
ajfa-12382	286	5	international	international	ADJ
ajfa-12382	286	6	review	review	NOUN
ajfa-12382	286	7	,	,	PUNCT
ajfa-12382	286	8	11(4	11(4	NUM
ajfa-12382	286	9	)	)	PUNCT
ajfa-12382	286	10	,	,	PUNCT
ajfa-12382	286	11	308321	308321	NUM
ajfa-12382	286	12	.	.	PUNCT
ajfa-12382	287	1	https://doi.org/10.1111/1467-8683.00329	https://doi.org/10.1111/1467-8683.00329	PROPN
ajfa-12382	287	2	firth	firth	PROPN
ajfa-12382	287	3	,	,	PUNCT
ajfa-12382	287	4	m.	m.	NOUN
ajfa-12382	287	5	,	,	PUNCT
ajfa-12382	287	6	lin	lin	PROPN
ajfa-12382	287	7	,	,	PUNCT
ajfa-12382	287	8	c.	c.	PROPN
ajfa-12382	287	9	,	,	PUNCT
ajfa-12382	287	10	liu	liu	PROPN
ajfa-12382	287	11	,	,	PUNCT
ajfa-12382	287	12	p.	p.	PROPN
ajfa-12382	287	13	,	,	PUNCT
ajfa-12382	287	14	&	&	CCONJ
ajfa-12382	287	15	wong	wong	PROPN
ajfa-12382	287	16	,	,	PUNCT
ajfa-12382	287	17	s.	s.	PROPN
ajfa-12382	287	18	m.	m.	PROPN
ajfa-12382	287	19	(	(	PUNCT
ajfa-12382	287	20	2009	2009	NUM
ajfa-12382	287	21	)	)	PUNCT
ajfa-12382	287	22	.	.	PUNCT
ajfa-12382	288	1	inside	inside	ADP
ajfa-12382	288	2	the	the	DET
ajfa-12382	288	3	black	black	ADJ
ajfa-12382	288	4	box	box	PROPN
ajfa-12382	288	5	:	:	PUNCT
ajfa-12382	288	6	bank	bank	NOUN
ajfa-12382	288	7	credit	credit	NOUN
ajfa-12382	288	8	allocation	allocation	NOUN
ajfa-12382	288	9	in	in	ADP
ajfa-12382	288	10	china‟s	china‟	VERB
ajfa-12382	288	11	private	private	ADJ
ajfa-12382	288	12	sector	sector	NOUN
ajfa-12382	288	13	.	.	PUNCT
ajfa-12382	289	1	journal	journal	NOUN
ajfa-12382	289	2	of	of	ADP
ajfa-12382	289	3	banking	banking	NOUN
ajfa-12382	289	4	&	&	CCONJ
ajfa-12382	289	5	finance	finance	PROPN
ajfa-12382	289	6	,	,	PUNCT
ajfa-12382	289	7	33(6	33(6	PROPN
ajfa-12382	289	8	)	)	PUNCT
ajfa-12382	289	9	,	,	PUNCT
ajfa-12382	289	10	1144	1144	NUM
ajfa-12382	289	11	-	-	SYM
ajfa-12382	289	12	1155	1155	NUM
ajfa-12382	289	13	.	.	PUNCT
ajfa-12382	290	1	https://doi.org/10.1016/j.jbankfin.2008.12.008	https://doi.org/10.1016/j.jbankfin.2008.12.008	NOUN
ajfa-12382	290	2	groves	grove	NOUN
ajfa-12382	290	3	,	,	PUNCT
ajfa-12382	290	4	t.	t.	PROPN
ajfa-12382	290	5	,	,	PUNCT
ajfa-12382	290	6	hong	hong	PROPN
ajfa-12382	290	7	,	,	PUNCT
ajfa-12382	290	8	y.	y.	PROPN
ajfa-12382	290	9	,	,	PUNCT
ajfa-12382	290	10	mcmillan	mcmillan	PROPN
ajfa-12382	290	11	,	,	PUNCT
ajfa-12382	290	12	j.	j.	PROPN
ajfa-12382	290	13	,	,	PUNCT
ajfa-12382	290	14	&	&	CCONJ
ajfa-12382	290	15	naughton	naughton	PROPN
ajfa-12382	290	16	,	,	PUNCT
ajfa-12382	290	17	b.	b.	PROPN
ajfa-12382	290	18	(	(	PUNCT
ajfa-12382	290	19	1994	1994	NUM
ajfa-12382	290	20	)	)	PUNCT
ajfa-12382	290	21	.	.	PUNCT
ajfa-12382	291	1	autonomy	autonomy	NOUN
ajfa-12382	291	2	and	and	CCONJ
ajfa-12382	291	3	incentives	incentive	NOUN
ajfa-12382	291	4	in	in	ADP
ajfa-12382	291	5	chinese	chinese	ADJ
ajfa-12382	291	6	state	state	NOUN
ajfa-12382	291	7	enterprises	enterprise	NOUN
ajfa-12382	291	8	.	.	PUNCT
ajfa-12382	292	1	quarterly	quarterly	ADJ
ajfa-12382	292	2	journal	journal	NOUN
ajfa-12382	292	3	of	of	ADP
ajfa-12382	292	4	economics	economic	NOUN
ajfa-12382	292	5	,	,	PUNCT
ajfa-12382	292	6	109	109	NUM
ajfa-12382	292	7	,	,	PUNCT
ajfa-12382	292	8	181	181	NUM
ajfa-12382	292	9	-	-	SYM
ajfa-12382	292	10	209	209	NUM
ajfa-12382	292	11	.	.	PUNCT
ajfa-12382	293	1	https://doi.org/10.2307/2118432	https://doi.org/10.2307/2118432	X
ajfa-12382	294	1	hasan	hasan	PROPN
ajfa-12382	294	2	,	,	PUNCT
ajfa-12382	294	3	i.	i.	PROPN
ajfa-12382	294	4	,	,	PUNCT
ajfa-12382	294	5	wachtel	wachtel	NOUN
ajfa-12382	294	6	,	,	PUNCT
ajfa-12382	294	7	p.	p.	NOUN
ajfa-12382	294	8	,	,	PUNCT
ajfa-12382	294	9	&	&	CCONJ
ajfa-12382	294	10	zhou	zhou	PROPN
ajfa-12382	294	11	,	,	PUNCT
ajfa-12382	294	12	m.	m.	NOUN
ajfa-12382	294	13	(	(	PUNCT
ajfa-12382	294	14	2009	2009	NUM
ajfa-12382	294	15	)	)	PUNCT
ajfa-12382	294	16	.	.	PUNCT
ajfa-12382	295	1	institutional	institutional	ADJ
ajfa-12382	295	2	development	development	NOUN
ajfa-12382	295	3	,	,	PUNCT
ajfa-12382	295	4	financial	financial	ADJ
ajfa-12382	295	5	deepening	deepening	NOUN
ajfa-12382	295	6	and	and	CCONJ
ajfa-12382	295	7	economic	economic	ADJ
ajfa-12382	295	8	growth	growth	NOUN
ajfa-12382	295	9	:	:	PUNCT
ajfa-12382	295	10	evidence	evidence	NOUN
ajfa-12382	295	11	from	from	ADP
ajfa-12382	295	12	china	china	PROPN
ajfa-12382	295	13	.	.	PUNCT
ajfa-12382	296	1	journal	journal	PROPN
ajfa-12382	296	2	of	of	ADP
ajfa-12382	296	3	banking	banking	NOUN
ajfa-12382	296	4	and	and	CCONJ
ajfa-12382	296	5	finance	finance	NOUN
ajfa-12382	296	6	,	,	PUNCT
ajfa-12382	296	7	33	33	NUM
ajfa-12382	296	8	,	,	PUNCT
ajfa-12382	296	9	157	157	NUM
ajfa-12382	296	10	-	-	SYM
ajfa-12382	296	11	170	170	NUM
ajfa-12382	296	12	.	.	PUNCT
ajfa-12382	297	1	jia	jia	PROPN
ajfa-12382	297	2	,	,	PUNCT
ajfa-12382	297	3	c.	c.	PROPN
ajfa-12382	297	4	x.	x.	PROPN
ajfa-12382	297	5	,	,	PUNCT
ajfa-12382	297	6	(	(	PUNCT
ajfa-12382	297	7	2009	2009	NUM
ajfa-12382	297	8	)	)	PUNCT
ajfa-12382	297	9	.	.	PUNCT
ajfa-12382	298	1	the	the	DET
ajfa-12382	298	2	effect	effect	NOUN
ajfa-12382	298	3	of	of	ADP
ajfa-12382	298	4	ownership	ownership	NOUN
ajfa-12382	298	5	on	on	ADP
ajfa-12382	298	6	the	the	DET
ajfa-12382	298	7	prudential	prudential	ADJ
ajfa-12382	298	8	behavior	behavior	NOUN
ajfa-12382	298	9	of	of	ADP
ajfa-12382	298	10	banks	bank	NOUN
ajfa-12382	298	11	–	–	PUNCT
ajfa-12382	298	12	the	the	DET
ajfa-12382	298	13	case	case	NOUN
ajfa-12382	298	14	of	of	ADP
ajfa-12382	298	15	china	china	PROPN
ajfa-12382	298	16	.	.	PUNCT
ajfa-12382	299	1	journal	journal	PROPN
ajfa-12382	299	2	of	of	ADP
ajfa-12382	299	3	banking	banking	NOUN
ajfa-12382	299	4	&	&	CCONJ
ajfa-12382	299	5	finance	finance	PROPN
ajfa-12382	299	6	,	,	PUNCT
ajfa-12382	299	7	33	33	NUM
ajfa-12382	299	8	,	,	PUNCT
ajfa-12382	299	9	pp	pp	ADJ
ajfa-12382	299	10	.	.	PUNCT
ajfa-12382	300	1	77–87	77–87	NUM
ajfa-12382	300	2	.	.	PUNCT
ajfa-12382	301	1	https://doi.org/10.1016/j.jbankfin.2007.03.017	https://doi.org/10.1016/j.jbankfin.2007.03.017	PROPN
ajfa-12382	301	2	jiang	jiang	PROPN
ajfa-12382	301	3	,	,	PUNCT
ajfa-12382	301	4	g.	g.	PROPN
ajfa-12382	301	5	,	,	PUNCT
ajfa-12382	301	6	yue	yue	PROPN
ajfa-12382	301	7	,	,	PUNCT
ajfa-12382	301	8	h.	h.	PROPN
ajfa-12382	301	9	,	,	PUNCT
ajfa-12382	301	10	and	and	CCONJ
ajfa-12382	301	11	zhao	zhao	PROPN
ajfa-12382	301	12	,	,	PUNCT
ajfa-12382	301	13	l.	l.	PROPN
ajfa-12382	301	14	(	(	PUNCT
ajfa-12382	301	15	2009).a	2009).a	NUM
ajfa-12382	301	16	re	re	NOUN
ajfa-12382	301	17	-	-	NOUN
ajfa-12382	301	18	examination	examination	NOUN
ajfa-12382	301	19	of	of	ADP
ajfa-12382	301	20	china‟s	china‟	NOUN
ajfa-12382	301	21	share	share	NOUN
ajfa-12382	301	22	issue	issue	NOUN
ajfa-12382	301	23	privatization	privatization	NOUN
ajfa-12382	301	24	.	.	PUNCT
ajfa-12382	302	1	journal	journal	NOUN
ajfa-12382	302	2	of	of	ADP
ajfa-12382	302	3	banking	banking	NOUN
ajfa-12382	302	4	and	and	CCONJ
ajfa-12382	302	5	finance	finance	NOUN
ajfa-12382	302	6	,	,	PUNCT
ajfa-12382	302	7	33	33	NUM
ajfa-12382	302	8	,	,	PUNCT
ajfa-12382	302	9	2322	2322	NUM
ajfa-12382	302	10	-	-	SYM
ajfa-12382	302	11	2332	2332	NUM
ajfa-12382	302	12	.	.	PUNCT
ajfa-12382	303	1	https://doi.org/10.1016/j.jbankfin.2009.06.008	https://doi.org/10.1016/j.jbankfin.2009.06.008	NOUN
ajfa-12382	303	2	kato	kato	PROPN
ajfa-12382	303	3	,	,	PUNCT
ajfa-12382	303	4	t.	t.	PROPN
ajfa-12382	303	5	,	,	PUNCT
ajfa-12382	303	6	&	&	CCONJ
ajfa-12382	303	7	long	long	ADV
ajfa-12382	303	8	,	,	PUNCT
ajfa-12382	303	9	c.	c.	NOUN
ajfa-12382	303	10	(	(	PUNCT
ajfa-12382	303	11	2006a	2006a	NUM
ajfa-12382	303	12	)	)	PUNCT
ajfa-12382	303	13	.	.	PUNCT
ajfa-12382	304	1	ceo	ceo	NOUN
ajfa-12382	304	2	turnover	turnover	NOUN
ajfa-12382	304	3	,	,	PUNCT
ajfa-12382	304	4	firm	firm	ADJ
ajfa-12382	304	5	performance	performance	NOUN
ajfa-12382	304	6	,	,	PUNCT
ajfa-12382	304	7	and	and	CCONJ
ajfa-12382	304	8	enterprise	enterprise	NOUN
ajfa-12382	304	9	reform	reform	NOUN
ajfa-12382	304	10	in	in	ADP
ajfa-12382	304	11	china	china	PROPN
ajfa-12382	304	12	:	:	PUNCT
ajfa-12382	304	13	evidence	evidence	NOUN
ajfa-12382	304	14	from	from	ADP
ajfa-12382	304	15	micro	micro	PROPN
ajfa-12382	304	16	data	data	PROPN
ajfa-12382	304	17	.	.	PUNCT
ajfa-12382	305	1	journal	journal	PROPN
ajfa-12382	305	2	of	of	ADP
ajfa-12382	305	3	comparative	comparative	ADJ
ajfa-12382	305	4	economics	economic	NOUN
ajfa-12382	305	5	,	,	PUNCT
ajfa-12382	305	6	34	34	NUM
ajfa-12382	305	7	,	,	PUNCT
ajfa-12382	305	8	796−817	796−817	NOUN
ajfa-12382	305	9	.	.	PUNCT
ajfa-12382	305	10	https://doi.org/10.1016/j.jce.2006.08.002	https://doi.org/10.1016/j.jce.2006.08.002	PROPN
ajfa-12382	305	11	kato	kato	PROPN
ajfa-12382	305	12	,	,	PUNCT
ajfa-12382	305	13	t.	t.	PROPN
ajfa-12382	305	14	,	,	PUNCT
ajfa-12382	305	15	&	&	CCONJ
ajfa-12382	305	16	long	long	ADV
ajfa-12382	305	17	,	,	PUNCT
ajfa-12382	305	18	c.	c.	NOUN
ajfa-12382	305	19	(	(	PUNCT
ajfa-12382	305	20	2006b	2006b	NUM
ajfa-12382	305	21	)	)	PUNCT
ajfa-12382	305	22	.	.	PUNCT
ajfa-12382	306	1	executive	executive	ADJ
ajfa-12382	306	2	turnover	turnover	NOUN
ajfa-12382	306	3	and	and	CCONJ
ajfa-12382	306	4	firm	firm	ADJ
ajfa-12382	306	5	performance	performance	NOUN
ajfa-12382	306	6	in	in	ADP
ajfa-12382	306	7	china	china	PROPN
ajfa-12382	306	8	.	.	PUNCT
ajfa-12382	307	1	american	american	PROPN
ajfa-12382	307	2	economic	economic	PROPN
ajfa-12382	307	3	review	review	PROPN
ajfa-12382	307	4	,	,	PUNCT
ajfa-12382	307	5	96	96	NUM
ajfa-12382	307	6	,	,	PUNCT
ajfa-12382	307	7	363−367	363−367	PROPN
ajfa-12382	307	8	.	.	PROPN
ajfa-12382	307	9	https://doi.org/10.1257/000282806777212576	https://doi.org/10.1257/000282806777212576	PROPN
ajfa-12382	307	10	kato	kato	PROPN
ajfa-12382	307	11	,	,	PUNCT
ajfa-12382	307	12	t.	t.	PROPN
ajfa-12382	307	13	,	,	PUNCT
ajfa-12382	307	14	&	&	CCONJ
ajfa-12382	307	15	long	long	ADV
ajfa-12382	307	16	,	,	PUNCT
ajfa-12382	307	17	c.	c.	PROPN
ajfa-12382	307	18	(	(	PUNCT
ajfa-12382	307	19	2011	2011	NUM
ajfa-12382	307	20	)	)	PUNCT
ajfa-12382	307	21	.	.	PUNCT
ajfa-12382	308	1	tournaments	tournament	NOUN
ajfa-12382	308	2	and	and	CCONJ
ajfa-12382	308	3	managerial	managerial	ADJ
ajfa-12382	308	4	incentives	incentive	NOUN
ajfa-12382	308	5	in	in	ADP
ajfa-12382	308	6	china‟s	china‟	VERB
ajfa-12382	308	7	listed	list	VERB
ajfa-12382	308	8	firms	firm	NOUN
ajfa-12382	308	9	:	:	PUNCT
ajfa-12382	308	10	new	new	ADJ
ajfa-12382	308	11	evidence	evidence	NOUN
ajfa-12382	308	12	.	.	PUNCT
ajfa-12382	309	1	china	china	PROPN
ajfa-12382	309	2	economic	economic	PROPN
ajfa-12382	309	3	review	review	PROPN
ajfa-12382	309	4	,	,	PUNCT
ajfa-12382	309	5	22(1	22(1	NUM
ajfa-12382	309	6	)	)	PUNCT
ajfa-12382	309	7	,	,	PUNCT
ajfa-12382	309	8	1	1	NUM
ajfa-12382	309	9	-	-	SYM
ajfa-12382	309	10	10	10	NUM
ajfa-12382	309	11	.	.	PUNCT
ajfa-12382	310	1	https://doi.org/10.1016/j.chieco.2010.08.001	https://doi.org/10.1016/j.chieco.2010.08.001	NUM
ajfa-12382	310	2	li	li	PROPN
ajfa-12382	310	3	,	,	PUNCT
ajfa-12382	310	4	w.	w.	PROPN
ajfa-12382	310	5	(	(	PUNCT
ajfa-12382	310	6	1997	1997	NUM
ajfa-12382	310	7	)	)	PUNCT
ajfa-12382	310	8	.	.	PUNCT
ajfa-12382	311	1	the	the	DET
ajfa-12382	311	2	impact	impact	NOUN
ajfa-12382	311	3	of	of	ADP
ajfa-12382	311	4	economic	economic	ADJ
ajfa-12382	311	5	reform	reform	NOUN
ajfa-12382	311	6	on	on	ADP
ajfa-12382	311	7	the	the	DET
ajfa-12382	311	8	performance	performance	NOUN
ajfa-12382	311	9	of	of	ADP
ajfa-12382	311	10	chinese	chinese	ADJ
ajfa-12382	311	11	state	state	NOUN
ajfa-12382	311	12	enterprises	enterprise	NOUN
ajfa-12382	311	13	,	,	PUNCT
ajfa-12382	311	14	1980	1980	NUM
ajfa-12382	311	15	-	-	SYM
ajfa-12382	311	16	1989	1989	NUM
ajfa-12382	311	17	.	.	PUNCT
ajfa-12382	312	1	journal	journal	NOUN
ajfa-12382	312	2	of	of	ADP
ajfa-12382	312	3	political	political	ADJ
ajfa-12382	312	4	economy	economy	NOUN
ajfa-12382	312	5	,	,	PUNCT
ajfa-12382	312	6	105	105	NUM
ajfa-12382	312	7	,	,	PUNCT
ajfa-12382	312	8	1080	1080	NUM
ajfa-12382	312	9	-	-	SYM
ajfa-12382	312	10	1106	1106	NUM
ajfa-12382	312	11	.	.	PUNCT
ajfa-12382	313	1	https://doi.org/10.1086/262106	https://doi.org/10.1086/262106	NOUN
ajfa-12382	313	2	lin	lin	PROPN
ajfa-12382	313	3	,	,	PUNCT
ajfa-12382	313	4	h.	h.	PROPN
ajfa-12382	313	5	(	(	PUNCT
ajfa-12382	313	6	2011	2011	NUM
ajfa-12382	313	7	)	)	PUNCT
ajfa-12382	313	8	.	.	PUNCT
ajfa-12382	314	1	foreign	foreign	ADJ
ajfa-12382	314	2	bank	bank	NOUN
ajfa-12382	314	3	entry	entry	NOUN
ajfa-12382	314	4	and	and	CCONJ
ajfa-12382	314	5	firms‟	firms‟	NOUN
ajfa-12382	314	6	access	access	NOUN
ajfa-12382	314	7	to	to	ADP
ajfa-12382	314	8	bank	bank	NOUN
ajfa-12382	314	9	credit	credit	NOUN
ajfa-12382	314	10	:	:	PUNCT
ajfa-12382	314	11	evidence	evidence	NOUN
ajfa-12382	314	12	from	from	ADP
ajfa-12382	314	13	china	china	PROPN
ajfa-12382	314	14	.	.	PUNCT
ajfa-12382	315	1	journal	journal	PROPN
ajfa-12382	315	2	of	of	ADP
ajfa-12382	315	3	banking	banking	NOUN
ajfa-12382	315	4	&	&	CCONJ
ajfa-12382	315	5	finance	finance	PROPN
ajfa-12382	315	6	,	,	PUNCT
ajfa-12382	315	7	35	35	NUM
ajfa-12382	315	8	,	,	PUNCT
ajfa-12382	315	9	1000	1000	NUM
ajfa-12382	315	10	-	-	SYM
ajfa-12382	315	11	1010	1010	NUM
ajfa-12382	315	12	.	.	PUNCT
ajfa-12382	316	1	https://doi.org/10.1016/j.jbankfin.2010.09.015	https://doi.org/10.1016/j.jbankfin.2010.09.015	PROPN
ajfa-12382	316	2	lin	lin	PROPN
ajfa-12382	316	3	,	,	PUNCT
ajfa-12382	316	4	j	j	PROPN
ajfa-12382	316	5	,	,	PUNCT
ajfa-12382	316	6	y.	y.	PROPN
ajfa-12382	316	7	,	,	PUNCT
ajfa-12382	316	8	fang	fang	PROPN
ajfa-12382	316	9	,	,	PUNCT
ajfa-12382	316	10	c.	c.	PROPN
ajfa-12382	316	11	,	,	PUNCT
ajfa-12382	316	12	&	&	CCONJ
ajfa-12382	316	13	li	li	PROPN
ajfa-12382	316	14	,	,	PUNCT
ajfa-12382	316	15	z.	z.	PROPN
ajfa-12382	316	16	(	(	PUNCT
ajfa-12382	316	17	1998	1998	NUM
ajfa-12382	316	18	)	)	PUNCT
ajfa-12382	316	19	.	.	PUNCT
ajfa-12382	317	1	competition	competition	NOUN
ajfa-12382	317	2	,	,	PUNCT
ajfa-12382	317	3	policy	policy	NOUN
ajfa-12382	317	4	burdens	burden	NOUN
ajfa-12382	317	5	,	,	PUNCT
ajfa-12382	317	6	and	and	CCONJ
ajfa-12382	317	7	state	state	NOUN
ajfa-12382	317	8	-	-	PUNCT
ajfa-12382	317	9	owned	own	VERB
ajfa-12382	317	10	enterprise	enterprise	NOUN
ajfa-12382	317	11	reform	reform	NOUN
ajfa-12382	317	12	.	.	PUNCT
ajfa-12382	318	1	american	american	PROPN
ajfa-12382	318	2	economic	economic	PROPN
ajfa-12382	318	3	review	review	PROPN
ajfa-12382	318	4	,	,	PUNCT
ajfa-12382	318	5	88(2	88(2	NUM
ajfa-12382	318	6	)	)	PUNCT
ajfa-12382	318	7	,	,	PUNCT
ajfa-12382	318	8	422	422	NUM
ajfa-12382	318	9	-	-	SYM
ajfa-12382	318	10	27	27	NUM
ajfa-12382	318	11	.	.	PUNCT
ajfa-12382	319	1	http://www.jstor.org/stable/116960	http://www.jstor.org/stable/116960	PROPN
ajfa-12382	319	2	qin	qin	PROPN
ajfa-12382	319	3	,	,	PUNCT
ajfa-12382	319	4	j	j	PROPN
ajfa-12382	319	5	,	,	PUNCT
ajfa-12382	319	6	y.	y.	PROPN
ajfa-12382	319	7	(	(	PUNCT
ajfa-12382	319	8	2007	2007	NUM
ajfa-12382	319	9	)	)	PUNCT
ajfa-12382	319	10	.	.	PUNCT
ajfa-12382	320	1	trade	trade	NOUN
ajfa-12382	320	2	,	,	PUNCT
ajfa-12382	320	3	investment	investment	NOUN
ajfa-12382	320	4	and	and	CCONJ
ajfa-12382	320	5	beyond	beyond	ADP
ajfa-12382	320	6	:	:	PUNCT
ajfa-12382	320	7	the	the	DET
ajfa-12382	320	8	impact	impact	NOUN
ajfa-12382	320	9	of	of	ADP
ajfa-12382	320	10	wto	wto	PROPN
ajfa-12382	320	11	accession	accession	NOUN
ajfa-12382	320	12	on	on	ADP
ajfa-12382	320	13	china‟s	china‟	VERB
ajfa-12382	320	14	legal	legal	ADJ
ajfa-12382	320	15	system	system	NOUN
ajfa-12382	320	16	.	.	PUNCT
ajfa-12382	321	1	the	the	DET
ajfa-12382	321	2	china	china	PROPN
ajfa-12382	321	3	quarterly	quarterly	PROPN
ajfa-12382	321	4	,	,	PUNCT
ajfa-12382	321	5	191	191	NUM
ajfa-12382	321	6	,	,	PUNCT
ajfa-12382	321	7	720	720	NUM
ajfa-12382	321	8	-	-	SYM
ajfa-12382	321	9	741	741	NUM
ajfa-12382	321	10	.	.	PUNCT
ajfa-12382	322	1	https://doi.org/10.1017/s0305741007001695	https://doi.org/10.1017/s0305741007001695	NUM
ajfa-12382	322	2	https://doi.org/10.1111/1467-8683.00329	https://doi.org/10.1111/1467-8683.00329	ADJ
ajfa-12382	322	3	https://doi.org/10.1016/j.jbankfin.2008.12.008	https://doi.org/10.1016/j.jbankfin.2008.12.008	NOUN
ajfa-12382	322	4	https://doi.org/10.2307/2118432	https://doi.org/10.2307/2118432	NOUN
ajfa-12382	322	5	https://doi.org/10.1016/j.jbankfin.2007.03.017	https://doi.org/10.1016/j.jbankfin.2007.03.017	ADP
ajfa-12382	322	6	https://doi.org/10.1016/j.jbankfin.2009.06.008	https://doi.org/10.1016/j.jbankfin.2009.06.008	NOUN
ajfa-12382	322	7	https://doi.org/10.1016/j.jce.2006.08.002	https://doi.org/10.1016/j.jce.2006.08.002	NOUN
ajfa-12382	322	8	https://doi.org/10.1257/000282806777212576	https://doi.org/10.1257/000282806777212576	NOUN
ajfa-12382	322	9	https://doi.org/10.1016/j.chieco.2010.08.001	https://doi.org/10.1016/j.chieco.2010.08.001	PROPN
ajfa-12382	322	10	https://doi.org/10.1086/262106	https://doi.org/10.1086/262106	NOUN
ajfa-12382	322	11	https://doi.org/10.1016/j.jbankfin.2010.09.015	https://doi.org/10.1016/j.jbankfin.2010.09.015	PROPN
ajfa-12382	322	12	https://doi.org/10.1017/s0305741007001695	https://doi.org/10.1017/s0305741007001695	NUM
ajfa-12382	322	13	asian	asian	ADJ
ajfa-12382	322	14	journal	journal	NOUN
ajfa-12382	322	15	of	of	ADP
ajfa-12382	322	16	finance	finance	PROPN
ajfa-12382	322	17	&	&	CCONJ
ajfa-12382	322	18	accounting	accounting	PROPN
ajfa-12382	322	19	issn	issn	PROPN
ajfa-12382	322	20	1946	1946	NUM
ajfa-12382	322	21	-	-	PUNCT
ajfa-12382	322	22	052x	052x	PROPN
ajfa-12382	322	23	2017	2017	NUM
ajfa-12382	322	24	,	,	PUNCT
ajfa-12382	322	25	vol	vol	NOUN
ajfa-12382	322	26	.	.	NOUN
ajfa-12382	322	27	9	9	NUM
ajfa-12382	322	28	,	,	PUNCT
ajfa-12382	322	29	no	no	NOUN
ajfa-12382	322	30	.	.	NOUN
ajfa-12382	322	31	2	2	NUM
ajfa-12382	322	32	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-12382	322	33	367	367	NUM
ajfa-12382	322	34	naughton	naughton	PROPN
ajfa-12382	322	35	,	,	PUNCT
ajfa-12382	322	36	b.	b.	PROPN
ajfa-12382	322	37	(	(	PUNCT
ajfa-12382	322	38	1995	1995	NUM
ajfa-12382	322	39	)	)	PUNCT
ajfa-12382	322	40	.	.	PUNCT
ajfa-12382	323	1	growing	grow	VERB
ajfa-12382	323	2	out	out	ADP
ajfa-12382	323	3	of	of	ADP
ajfa-12382	323	4	the	the	DET
ajfa-12382	323	5	plan	plan	NOUN
ajfa-12382	323	6	:	:	PUNCT
ajfa-12382	323	7	chinese	chinese	ADJ
ajfa-12382	323	8	economic	economic	ADJ
ajfa-12382	323	9	reform	reform	NOUN
ajfa-12382	323	10	,	,	PUNCT
ajfa-12382	323	11	1978	1978	NUM
ajfa-12382	323	12	-	-	SYM
ajfa-12382	323	13	1993	1993	NUM
ajfa-12382	323	14	.	.	PUNCT
ajfa-12382	324	1	new	new	PROPN
ajfa-12382	324	2	york	york	PROPN
ajfa-12382	324	3	:	:	PUNCT
ajfa-12382	324	4	cambridge	cambridge	PROPN
ajfa-12382	324	5	university	university	PROPN
ajfa-12382	324	6	press	press	NOUN
ajfa-12382	324	7	.	.	PUNCT
ajfa-12382	325	1	https://doi.org/10.1017/cbo9780511664335	https://doi.org/10.1017/cbo9780511664335	PROPN
ajfa-12382	325	2	north	north	PROPN
ajfa-12382	325	3	,	,	PUNCT
ajfa-12382	325	4	d.	d.	PROPN
ajfa-12382	325	5	c.	c.	PROPN
ajfa-12382	325	6	(	(	PUNCT
ajfa-12382	325	7	1990	1990	NUM
ajfa-12382	325	8	)	)	PUNCT
ajfa-12382	325	9	.	.	PUNCT
ajfa-12382	326	1	a	a	DET
ajfa-12382	326	2	transaction	transaction	NOUN
ajfa-12382	326	3	cost	cost	NOUN
ajfa-12382	326	4	theory	theory	NOUN
ajfa-12382	326	5	of	of	ADP
ajfa-12382	326	6	politics	politic	NOUN
ajfa-12382	326	7	.	.	PUNCT
ajfa-12382	327	1	journal	journal	PROPN
ajfa-12382	327	2	of	of	ADP
ajfa-12382	327	3	theoretical	theoretical	ADJ
ajfa-12382	327	4	politics	politic	NOUN
ajfa-12382	327	5	,	,	PUNCT
ajfa-12382	327	6	2(4	2(4	NUM
ajfa-12382	327	7	)	)	PUNCT
ajfa-12382	327	8	,	,	PUNCT
ajfa-12382	327	9	355	355	NUM
ajfa-12382	327	10	-	-	SYM
ajfa-12382	327	11	367	367	NUM
ajfa-12382	327	12	.	.	PUNCT
ajfa-12382	328	1	https://doi.org/10.1177/0951692890002004001	https://doi.org/10.1177/0951692890002004001	VERB
ajfa-12382	329	1	north	north	NOUN
ajfa-12382	329	2	,	,	PUNCT
ajfa-12382	329	3	d.	d.	PROPN
ajfa-12382	329	4	c.	c.	PROPN
ajfa-12382	329	5	(	(	PUNCT
ajfa-12382	329	6	1994	1994	NUM
ajfa-12382	329	7	)	)	PUNCT
ajfa-12382	329	8	.	.	PUNCT
ajfa-12382	330	1	institutions	institution	NOUN
ajfa-12382	330	2	matter	matter	VERB
ajfa-12382	330	3	.	.	PUNCT
ajfa-12382	331	1	economic	economic	ADJ
ajfa-12382	331	2	history	history	NOUN
ajfa-12382	331	3	,	,	PUNCT
ajfa-12382	331	4	9411004	9411004	NUM
ajfa-12382	331	5	.	.	PUNCT
ajfa-12382	332	1	shirley	shirley	PROPN
ajfa-12382	332	2	,	,	PUNCT
ajfa-12382	332	3	m.	m.	NOUN
ajfa-12382	332	4	,	,	PUNCT
ajfa-12382	332	5	&	&	CCONJ
ajfa-12382	332	6	xu	xu	PROPN
ajfa-12382	332	7	,	,	PUNCT
ajfa-12382	332	8	l.	l.	PROPN
ajfa-12382	332	9	c.	c.	PROPN
ajfa-12382	332	10	(	(	PUNCT
ajfa-12382	332	11	2001).the	2001).the	DET
ajfa-12382	332	12	empirical	empirical	ADJ
ajfa-12382	332	13	effects	effect	NOUN
ajfa-12382	332	14	of	of	ADP
ajfa-12382	332	15	performance	performance	NOUN
ajfa-12382	332	16	contracts	contract	NOUN
ajfa-12382	332	17	.	.	PUNCT
ajfa-12382	333	1	journal	journal	NOUN
ajfa-12382	333	2	of	of	ADP
ajfa-12382	333	3	law	law	NOUN
ajfa-12382	333	4	,	,	PUNCT
ajfa-12382	333	5	economics	economic	NOUN
ajfa-12382	333	6	,	,	PUNCT
ajfa-12382	333	7	and	and	CCONJ
ajfa-12382	333	8	organization	organization	NOUN
ajfa-12382	333	9	,	,	PUNCT
ajfa-12382	333	10	17(1	17(1	NUM
ajfa-12382	333	11	)	)	PUNCT
ajfa-12382	333	12	,	,	PUNCT
ajfa-12382	333	13	168	168	NUM
ajfa-12382	333	14	-	-	SYM
ajfa-12382	333	15	200	200	NUM
ajfa-12382	333	16	.	.	PUNCT
ajfa-12382	334	1	https://doi.org/10.1093/jleo/17.1.168	https://doi.org/10.1093/jleo/17.1.168	NOUN
ajfa-12382	334	2	shleifer	shleifer	PROPN
ajfa-12382	334	3	,	,	PUNCT
ajfa-12382	334	4	a.	a.	NOUN
ajfa-12382	334	5	,	,	PUNCT
ajfa-12382	334	6	&	&	CCONJ
ajfa-12382	334	7	vishny	vishny	PROPN
ajfa-12382	334	8	,	,	PUNCT
ajfa-12382	334	9	r.	r.	PROPN
ajfa-12382	334	10	(	(	PUNCT
ajfa-12382	334	11	1994).politicians	1994).politicians	NUM
ajfa-12382	334	12	and	and	CCONJ
ajfa-12382	334	13	firms	firm	NOUN
ajfa-12382	334	14	.	.	PUNCT
ajfa-12382	335	1	quarterly	quarterly	ADJ
ajfa-12382	335	2	journal	journal	NOUN
ajfa-12382	335	3	of	of	ADP
ajfa-12382	335	4	economics	economic	NOUN
ajfa-12382	335	5	,	,	PUNCT
ajfa-12382	335	6	109	109	NUM
ajfa-12382	335	7	,	,	PUNCT
ajfa-12382	335	8	995	995	NUM
ajfa-12382	335	9	-	-	SYM
ajfa-12382	335	10	1025	1025	NUM
ajfa-12382	335	11	.	.	PUNCT
ajfa-12382	336	1	https://doi.org/10.2307/2118354	https://doi.org/10.2307/2118354	X
ajfa-12382	337	1	su	su	PROPN
ajfa-12382	337	2	,	,	PUNCT
ajfa-12382	337	3	d.	d.	PROPN
ajfa-12382	337	4	(	(	PUNCT
ajfa-12382	337	5	2005	2005	NUM
ajfa-12382	337	6	)	)	PUNCT
ajfa-12382	337	7	.	.	PUNCT
ajfa-12382	338	1	corporate	corporate	ADJ
ajfa-12382	338	2	finance	finance	NOUN
ajfa-12382	338	3	and	and	CCONJ
ajfa-12382	338	4	state	state	NOUN
ajfa-12382	338	5	enterprise	enterprise	NOUN
ajfa-12382	338	6	reform	reform	NOUN
ajfa-12382	338	7	in	in	ADP
ajfa-12382	338	8	china	china	PROPN
ajfa-12382	338	9	.	.	PUNCT
ajfa-12382	339	1	china	china	PROPN
ajfa-12382	339	2	economic	economic	PROPN
ajfa-12382	339	3	review	review	PROPN
ajfa-12382	339	4	,	,	PUNCT
ajfa-12382	339	5	16	16	NUM
ajfa-12382	339	6	,	,	PUNCT
ajfa-12382	339	7	118	118	NUM
ajfa-12382	339	8	-	-	SYM
ajfa-12382	339	9	148	148	NUM
ajfa-12382	339	10	.	.	PUNCT
ajfa-12382	340	1	https://doi.org/10.1016/j.chieco.2004.09.003	https://doi.org/10.1016/j.chieco.2004.09.003	PROPN
ajfa-12382	340	2	tian	tian	PROPN
ajfa-12382	340	3	,	,	PUNCT
ajfa-12382	340	4	l.	l.	PROPN
ajfa-12382	340	5	,	,	PUNCT
ajfa-12382	340	6	&	&	CCONJ
ajfa-12382	340	7	estrin	estrin	PROPN
ajfa-12382	340	8	,	,	PUNCT
ajfa-12382	340	9	s.	s.	PROPN
ajfa-12382	340	10	(	(	PUNCT
ajfa-12382	340	11	2007	2007	NUM
ajfa-12382	340	12	)	)	PUNCT
ajfa-12382	340	13	.	.	PUNCT
ajfa-12382	341	1	debt	debt	NOUN
ajfa-12382	341	2	financing	financing	NOUN
ajfa-12382	341	3	,	,	PUNCT
ajfa-12382	341	4	soft	soft	ADJ
ajfa-12382	341	5	budget	budget	NOUN
ajfa-12382	341	6	constraints	constraint	NOUN
ajfa-12382	341	7	,	,	PUNCT
ajfa-12382	341	8	and	and	CCONJ
ajfa-12382	341	9	government	government	NOUN
ajfa-12382	341	10	ownership	ownership	NOUN
ajfa-12382	341	11	:	:	PUNCT
ajfa-12382	341	12	evidence	evidence	NOUN
ajfa-12382	341	13	from	from	ADP
ajfa-12382	341	14	china	china	PROPN
ajfa-12382	341	15	.	.	PUNCT
ajfa-12382	342	1	economics	economic	NOUN
ajfa-12382	342	2	of	of	ADP
ajfa-12382	342	3	transition	transition	NOUN
ajfa-12382	342	4	,	,	PUNCT
ajfa-12382	342	5	15(3	15(3	NUM
ajfa-12382	342	6	)	)	PUNCT
ajfa-12382	342	7	,	,	PUNCT
ajfa-12382	342	8	461	461	NUM
ajfa-12382	342	9	-	-	SYM
ajfa-12382	342	10	481	481	NUM
ajfa-12382	342	11	.	.	PUNCT
ajfa-12382	342	12	https://doi.org/10.1111/j.1468-0351.2007.00292.x	https://doi.org/10.1111/j.1468-0351.2007.00292.x	PROPN
ajfa-12382	342	13	tomasic	tomasic	PROPN
ajfa-12382	342	14	,	,	PUNCT
ajfa-12382	342	15	r.	r.	PROPN
ajfa-12382	342	16	,	,	PUNCT
ajfa-12382	342	17	&	&	CCONJ
ajfa-12382	342	18	zhang	zhang	PROPN
ajfa-12382	342	19	,	,	PUNCT
ajfa-12382	342	20	z.	z.	PROPN
ajfa-12382	342	21	(	(	PUNCT
ajfa-12382	342	22	2012).china‟s	2012).china‟s	NUM
ajfa-12382	342	23	enterprise	enterprise	NOUN
ajfa-12382	342	24	bankruptcy	bankruptcy	NOUN
ajfa-12382	342	25	law	law	NOUN
ajfa-12382	342	26	.	.	PUNCT
ajfa-12382	343	1	law	law	NOUN
ajfa-12382	343	2	and	and	CCONJ
ajfa-12382	343	3	policy	policy	NOUN
ajfa-12382	343	4	for	for	ADP
ajfa-12382	343	5	china	china	PROPN
ajfa-12382	343	6	’s	’s	PART
ajfa-12382	343	7	market	market	NOUN
ajfa-12382	343	8	socialism	socialism	NOUN
ajfa-12382	343	9	,	,	PUNCT
ajfa-12382	343	10	80	80	NUM
ajfa-12382	343	11	,	,	PUNCT
ajfa-12382	343	12	55	55	NUM
ajfa-12382	343	13	.	.	PUNCT
ajfa-12382	344	1	tong	tong	PROPN
ajfa-12382	344	2	,	,	PUNCT
ajfa-12382	344	3	d.	d.	PROPN
ajfa-12382	344	4	(	(	PUNCT
ajfa-12382	344	5	2003).the	2003).the	DET
ajfa-12382	344	6	state	state	NOUN
ajfa-12382	344	7	of	of	ADP
ajfa-12382	344	8	corporate	corporate	ADJ
ajfa-12382	344	9	governance	governance	NOUN
ajfa-12382	344	10	in	in	ADP
ajfa-12382	344	11	china	china	PROPN
ajfa-12382	344	12	.	.	PUNCT
ajfa-12382	345	1	paper	paper	PROPN
ajfa-12382	345	2	presented	present	VERB
ajfa-12382	345	3	at	at	ADP
ajfa-12382	345	4	the	the	DET
ajfa-12382	345	5	american	american	PROPN
ajfa-12382	345	6	accounting	accounting	PROPN
ajfa-12382	345	7	association	association	PROPN
ajfa-12382	345	8	conference	conference	PROPN
ajfa-12382	345	9	,	,	PUNCT
ajfa-12382	345	10	hawaii	hawaii	PROPN
ajfa-12382	345	11	.	.	PUNCT
ajfa-12382	346	1	tricker	tricker	PROPN
ajfa-12382	346	2	,	,	PUNCT
ajfa-12382	346	3	r.	r.	PROPN
ajfa-12382	346	4	(	(	PUNCT
ajfa-12382	346	5	2009	2009	NUM
ajfa-12382	346	6	)	)	PUNCT
ajfa-12382	346	7	.	.	PUNCT
ajfa-12382	347	1	corporate	corporate	ADJ
ajfa-12382	347	2	governance	governance	NOUN
ajfa-12382	347	3	:	:	PUNCT
ajfa-12382	347	4	principles	principle	NOUN
ajfa-12382	347	5	,	,	PUNCT
ajfa-12382	347	6	policies	policy	NOUN
ajfa-12382	347	7	,	,	PUNCT
ajfa-12382	347	8	and	and	CCONJ
ajfa-12382	347	9	practices	practice	NOUN
ajfa-12382	347	10	,	,	PUNCT
ajfa-12382	347	11	university	university	NOUN
ajfa-12382	347	12	press	press	NOUN
ajfa-12382	347	13	,	,	PUNCT
ajfa-12382	347	14	oxford	oxford	PROPN
ajfa-12382	347	15	.	.	PUNCT
ajfa-12382	348	1	young	young	ADJ
ajfa-12382	348	2	,	,	PUNCT
ajfa-12382	348	3	m.	m.	NOUN
ajfa-12382	348	4	n.	n.	PROPN
ajfa-12382	348	5	,	,	PUNCT
ajfa-12382	348	6	peng	peng	PROPN
ajfa-12382	348	7	,	,	PUNCT
ajfa-12382	348	8	m.w	m.w	PROPN
ajfa-12382	348	9	.	.	PROPN
ajfa-12382	348	10	,	,	PUNCT
ajfa-12382	348	11	ahlstrom	ahlstrom	PROPN
ajfa-12382	348	12	,	,	PUNCT
ajfa-12382	348	13	d.	d.	PROPN
ajfa-12382	348	14	,	,	PUNCT
ajfa-12382	348	15	bruton	bruton	PROPN
ajfa-12382	348	16	,	,	PUNCT
ajfa-12382	348	17	g.	g.	PROPN
ajfa-12382	348	18	d.	d.	PROPN
ajfa-12382	348	19	,	,	PUNCT
ajfa-12382	348	20	&	&	CCONJ
ajfa-12382	348	21	jiang	jiang	PROPN
ajfa-12382	348	22	,	,	PUNCT
ajfa-12382	348	23	y.	y.	PROPN
ajfa-12382	348	24	(	(	PUNCT
ajfa-12382	348	25	2008	2008	NUM
ajfa-12382	348	26	)	)	PUNCT
ajfa-12382	348	27	.	.	PUNCT
ajfa-12382	349	1	corporate	corporate	ADJ
ajfa-12382	349	2	governance	governance	NOUN
ajfa-12382	349	3	in	in	ADP
ajfa-12382	349	4	emerging	emerge	VERB
ajfa-12382	349	5	economies	economy	NOUN
ajfa-12382	349	6	:	:	PUNCT
ajfa-12382	349	7	a	a	DET
ajfa-12382	349	8	review	review	NOUN
ajfa-12382	349	9	of	of	ADP
ajfa-12382	349	10	the	the	DET
ajfa-12382	349	11	principal	principal	ADJ
ajfa-12382	349	12	-	-	PUNCT
ajfa-12382	349	13	principal	principal	NOUN
ajfa-12382	349	14	perspective	perspective	NOUN
ajfa-12382	349	15	.	.	PUNCT
ajfa-12382	350	1	journal	journal	PROPN
ajfa-12382	350	2	of	of	ADP
ajfa-12382	350	3	management	management	NOUN
ajfa-12382	350	4	studies	study	NOUN
ajfa-12382	350	5	,	,	PUNCT
ajfa-12382	350	6	45(1	45(1	NOUN
ajfa-12382	350	7	)	)	PUNCT
ajfa-12382	350	8	,	,	PUNCT
ajfa-12382	350	9	196	196	NUM
ajfa-12382	350	10	-	-	SYM
ajfa-12382	350	11	220	220	NUM
ajfa-12382	350	12	.	.	PUNCT
ajfa-12382	351	1	https://doi.org/10.1111/j.1467-6486.2007.00752.x	https://doi.org/10.1111/j.1467-6486.2007.00752.x	PROPN
ajfa-12382	351	2	vijayakumaran	vijayakumaran	PROPN
ajfa-12382	351	3	,	,	PUNCT
ajfa-12382	351	4	r.	r.	PROPN
ajfa-12382	351	5	(	(	PUNCT
ajfa-12382	351	6	2014	2014	NUM
ajfa-12382	351	7	)	)	PUNCT
ajfa-12382	351	8	.	.	PUNCT
ajfa-12382	352	1	corporate	corporate	ADJ
ajfa-12382	352	2	governance	governance	NOUN
ajfa-12382	352	3	and	and	CCONJ
ajfa-12382	352	4	corporate	corporate	ADJ
ajfa-12382	352	5	finance	finance	NOUN
ajfa-12382	352	6	:	:	PUNCT
ajfa-12382	352	7	evidence	evidence	NOUN
ajfa-12382	352	8	from	from	ADP
ajfa-12382	352	9	chinese	chinese	ADJ
ajfa-12382	352	10	listed	list	VERB
ajfa-12382	352	11	companies	company	NOUN
ajfa-12382	352	12	.	.	PUNCT
ajfa-12382	353	1	(	(	PUNCT
ajfa-12382	353	2	unpublished	unpublished	ADJ
ajfa-12382	353	3	doctoral	doctoral	ADJ
ajfa-12382	353	4	dissertation	dissertation	NOUN
ajfa-12382	353	5	)	)	PUNCT
ajfa-12382	353	6	durham	durham	PROPN
ajfa-12382	353	7	university	university	PROPN
ajfa-12382	353	8	,	,	PUNCT
ajfa-12382	353	9	durham	durham	PROPN
ajfa-12382	353	10	.	.	PUNCT
ajfa-12382	354	1	http://etheses.dur.ac.uk/10965/	http://etheses.dur.ac.uk/10965/	PROPN
ajfa-12382	354	2	vijayakumaran	vijayakumaran	PROPN
ajfa-12382	354	3	,	,	PUNCT
ajfa-12382	354	4	s.	s.	PROPN
ajfa-12382	354	5	(	(	PUNCT
ajfa-12382	354	6	2016	2016	NUM
ajfa-12382	354	7	)	)	PUNCT
ajfa-12382	354	8	.	.	PUNCT
ajfa-12382	355	1	leverage	leverage	NOUN
ajfa-12382	355	2	and	and	CCONJ
ajfa-12382	355	3	debt	debt	NOUN
ajfa-12382	355	4	maturity	maturity	NOUN
ajfa-12382	355	5	of	of	ADP
ajfa-12382	355	6	chinese	chinese	ADJ
ajfa-12382	355	7	listed	list	VERB
ajfa-12382	355	8	firms	firm	NOUN
ajfa-12382	355	9	:	:	PUNCT
ajfa-12382	355	10	determinants	determinant	NOUN
ajfa-12382	355	11	and	and	CCONJ
ajfa-12382	355	12	effects	effect	NOUN
ajfa-12382	355	13	on	on	ADP
ajfa-12382	355	14	corporate	corporate	ADJ
ajfa-12382	355	15	performance	performance	NOUN
ajfa-12382	355	16	.	.	PUNCT
ajfa-12382	356	1	(	(	PUNCT
ajfa-12382	356	2	unpublished	unpublished	ADJ
ajfa-12382	356	3	doctoral	doctoral	ADJ
ajfa-12382	356	4	dissertation	dissertation	NOUN
ajfa-12382	356	5	)	)	PUNCT
ajfa-12382	356	6	durham	durham	PROPN
ajfa-12382	356	7	university	university	PROPN
ajfa-12382	356	8	,	,	PUNCT
ajfa-12382	356	9	durham	durham	PROPN
ajfa-12382	356	10	.	.	PUNCT
ajfa-12382	357	1	http://etheses.dur.ac.uk/11897/	http://etheses.dur.ac.uk/11897/	ADJ
ajfa-12382	357	2	walder	walder	NOUN
ajfa-12382	357	3	,	,	PUNCT
ajfa-12382	357	4	a.	a.	NOUN
ajfa-12382	357	5	(	(	PUNCT
ajfa-12382	357	6	2011	2011	NUM
ajfa-12382	357	7	)	)	PUNCT
ajfa-12382	357	8	.	.	PUNCT
ajfa-12382	358	1	from	from	ADP
ajfa-12382	358	2	control	control	NOUN
ajfa-12382	358	3	to	to	ADP
ajfa-12382	358	4	ownership	ownership	NOUN
ajfa-12382	358	5	:	:	PUNCT
ajfa-12382	358	6	china‟s	china‟	VERB
ajfa-12382	358	7	managerial	managerial	ADJ
ajfa-12382	358	8	revolution	revolution	NOUN
ajfa-12382	358	9	.	.	PUNCT
ajfa-12382	359	1	management	management	NOUN
ajfa-12382	359	2	and	and	CCONJ
ajfa-12382	359	3	organization	organization	NOUN
ajfa-12382	359	4	review	review	PROPN
ajfa-12382	359	5	,	,	PUNCT
ajfa-12382	359	6	7(1	7(1	NUM
ajfa-12382	359	7	)	)	PUNCT
ajfa-12382	359	8	,	,	PUNCT
ajfa-12382	359	9	19	19	NUM
ajfa-12382	359	10	-	-	SYM
ajfa-12382	359	11	38	38	NUM
ajfa-12382	359	12	.	.	PUNCT
ajfa-12382	360	1	http://dx.doi.org/10.1111/j.1740-8784.2009.00171.x	http://dx.doi.org/10.1111/j.1740-8784.2009.00171.x	PROPN
ajfa-12382	360	2	walter	walter	PROPN
ajfa-12382	360	3	,	,	PUNCT
ajfa-12382	360	4	c.	c.	PROPN
ajfa-12382	360	5	,	,	PUNCT
ajfa-12382	360	6	&	&	CCONJ
ajfa-12382	360	7	howie	howie	PROPN
ajfa-12382	360	8	,	,	PUNCT
ajfa-12382	360	9	f.	f.	PROPN
ajfa-12382	360	10	(	(	PUNCT
ajfa-12382	360	11	2003	2003	NUM
ajfa-12382	360	12	)	)	PUNCT
ajfa-12382	360	13	.	.	PUNCT
ajfa-12382	361	1	privatizing	privatize	VERB
ajfa-12382	361	2	china	china	PROPN
ajfa-12382	361	3	.	.	PUNCT
ajfa-12382	362	1	john	john	PROPN
ajfa-12382	362	2	wiley	wiley	PROPN
ajfa-12382	362	3	&	&	CCONJ
ajfa-12382	362	4	sons	sons	PROPN
ajfa-12382	362	5	(	(	PUNCT
ajfa-12382	362	6	asia	asia	PROPN
ajfa-12382	362	7	)	)	PUNCT
ajfa-12382	362	8	pte	pte	PROPN
ajfa-12382	362	9	ltd	ltd	PROPN
ajfa-12382	362	10	.	.	PROPN
ajfa-12382	362	11	,	,	PUNCT
ajfa-12382	362	12	singapore	singapore	PROPN
ajfa-12382	362	13	.	.	PUNCT
ajfa-12382	363	1	xu	xu	PROPN
ajfa-12382	363	2	l.	l.	PROPN
ajfa-12382	363	3	,	,	PUNCT
ajfa-12382	363	4	zhu	zhu	PROPN
ajfa-12382	363	5	,	,	PUNCT
ajfa-12382	363	6	t.	t.	PROPN
ajfa-12382	363	7	,	,	PUNCT
ajfa-12382	363	8	&	&	CCONJ
ajfa-12382	363	9	li	li	PROPN
ajfa-12382	363	10	,	,	PUNCT
ajfa-12382	363	11	y	y	PROPN
ajfa-12382	363	12	-	-	PUNCT
ajfa-12382	363	13	m.	m.	NOUN
ajfa-12382	363	14	(	(	PUNCT
ajfa-12382	363	15	2005	2005	NUM
ajfa-12382	363	16	)	)	PUNCT
ajfa-12382	363	17	.	.	PUNCT
ajfa-12382	364	1	politician	politician	PROPN
ajfa-12382	364	2	control	control	PROPN
ajfa-12382	364	3	,	,	PUNCT
ajfa-12382	364	4	agency	agency	NOUN
ajfa-12382	364	5	problems	problem	NOUN
ajfa-12382	364	6	and	and	CCONJ
ajfa-12382	364	7	ownership	ownership	NOUN
ajfa-12382	364	8	reform	reform	NOUN
ajfa-12382	364	9	:	:	PUNCT
ajfa-12382	364	10	evidence	evidence	NOUN
ajfa-12382	364	11	from	from	ADP
ajfa-12382	364	12	china	china	PROPN
ajfa-12382	364	13	.	.	PUNCT
ajfa-12382	365	1	economics	economic	NOUN
ajfa-12382	365	2	of	of	ADP
ajfa-12382	365	3	transition	transition	NOUN
ajfa-12382	365	4	,	,	PUNCT
ajfa-12382	365	5	13(1	13(1	NUM
ajfa-12382	365	6	)	)	PUNCT
ajfa-12382	365	7	,	,	PUNCT
ajfa-12382	365	8	1	1	NUM
ajfa-12382	365	9	-	-	SYM
ajfa-12382	365	10	24	24	NUM
ajfa-12382	365	11	.	.	PUNCT
ajfa-12382	365	12	https://doi.org/10.1017/cbo9780511664335	https://doi.org/10.1017/cbo9780511664335	PROPN
ajfa-12382	365	13	https://doi.org/10.1177/0951692890002004001	https://doi.org/10.1177/0951692890002004001	PART
ajfa-12382	365	14	https://doi.org/10.1093/jleo/17.1.168	https://doi.org/10.1093/jleo/17.1.168	PUNCT
ajfa-12382	365	15	https://doi.org/10.2307/2118354	https://doi.org/10.2307/2118354	NOUN
ajfa-12382	365	16	https://doi.org/10.1016/j.chieco.2004.09.003	https://doi.org/10.1016/j.chieco.2004.09.003	NOUN
ajfa-12382	365	17	https://doi.org/10.1111/j.1468-0351.2007.00292.x	https://doi.org/10.1111/j.1468-0351.2007.00292.x	PROPN
ajfa-12382	365	18	https://doi.org/10.1111/j.1467-6486.2007.00752.x	https://doi.org/10.1111/j.1467-6486.2007.00752.x	PROPN
ajfa-12382	365	19	http://etheses.dur.ac.uk/10965/	http://etheses.dur.ac.uk/10965/	PROPN
ajfa-12382	365	20	asian	asian	PROPN
ajfa-12382	365	21	journal	journal	PROPN
ajfa-12382	365	22	of	of	ADP
ajfa-12382	365	23	finance	finance	PROPN
ajfa-12382	365	24	&	&	CCONJ
ajfa-12382	365	25	accounting	accounting	PROPN
ajfa-12382	365	26	issn	issn	PROPN
ajfa-12382	365	27	1946	1946	NUM
ajfa-12382	365	28	-	-	PUNCT
ajfa-12382	365	29	052x	052x	PROPN
ajfa-12382	365	30	2017	2017	NUM
ajfa-12382	365	31	,	,	PUNCT
ajfa-12382	365	32	vol	vol	NOUN
ajfa-12382	365	33	.	.	NOUN
ajfa-12382	366	1	9	9	NUM
ajfa-12382	366	2	,	,	PUNCT
ajfa-12382	366	3	no	no	INTJ
ajfa-12382	366	4	.	.	NOUN
ajfa-12382	366	5	2	2	NUM
ajfa-12382	366	6	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-12382	366	7	368	368	NUM
ajfa-12382	366	8	notes	note	NOUN
ajfa-12382	366	9	note	note	VERB
ajfa-12382	366	10	1	1	NUM
ajfa-12382	366	11	.	.	PUNCT
ajfa-12382	367	1	hereby	hereby	ADV
ajfa-12382	367	2	,	,	PUNCT
ajfa-12382	367	3	we	we	PRON
ajfa-12382	367	4	denote	denote	VERB
ajfa-12382	367	5	with	with	ADP
ajfa-12382	367	6	institutions	institution	NOUN
ajfa-12382	367	7	those	those	DET
ajfa-12382	367	8	formal	formal	ADJ
ajfa-12382	367	9	constraints	constraint	NOUN
ajfa-12382	367	10	such	such	ADJ
ajfa-12382	367	11	as	as	ADP
ajfa-12382	367	12	rules	rule	NOUN
ajfa-12382	367	13	,	,	PUNCT
ajfa-12382	367	14	laws	law	NOUN
ajfa-12382	367	15	,	,	PUNCT
ajfa-12382	367	16	and	and	CCONJ
ajfa-12382	367	17	regulations	regulation	NOUN
ajfa-12382	367	18	,	,	PUNCT
ajfa-12382	367	19	as	as	ADV
ajfa-12382	367	20	well	well	ADV
ajfa-12382	367	21	as	as	ADP
ajfa-12382	367	22	informal	informal	ADJ
ajfa-12382	367	23	constrains	constrain	NOUN
ajfa-12382	367	24	such	such	ADJ
ajfa-12382	367	25	as	as	ADP
ajfa-12382	367	26	norms	norm	NOUN
ajfa-12382	367	27	of	of	ADP
ajfa-12382	367	28	behavior	behavior	NOUN
ajfa-12382	367	29	,	,	PUNCT
ajfa-12382	367	30	conventions	convention	NOUN
ajfa-12382	367	31	,	,	PUNCT
ajfa-12382	367	32	self	self	NOUN
ajfa-12382	367	33	-	-	PUNCT
ajfa-12382	367	34	imposed	impose	VERB
ajfa-12382	367	35	codes	code	NOUN
ajfa-12382	367	36	of	of	ADP
ajfa-12382	367	37	conduct	conduct	NOUN
ajfa-12382	367	38	,	,	PUNCT
ajfa-12382	367	39	and	and	CCONJ
ajfa-12382	367	40	enforcement	enforcement	NOUN
ajfa-12382	367	41	mechanisms	mechanism	NOUN
ajfa-12382	367	42	,	,	PUNCT
ajfa-12382	367	43	which	which	PRON
ajfa-12382	367	44	structure	structure	VERB
ajfa-12382	367	45	human	human	ADJ
ajfa-12382	367	46	interaction	interaction	NOUN
ajfa-12382	367	47	to	to	PART
ajfa-12382	367	48	reduce	reduce	VERB
ajfa-12382	367	49	uncertainty	uncertainty	NOUN
ajfa-12382	367	50	and	and	CCONJ
ajfa-12382	367	51	provide	provide	VERB
ajfa-12382	367	52	incentives	incentive	NOUN
ajfa-12382	367	53	(	(	PUNCT
ajfa-12382	367	54	north	north	NOUN
ajfa-12382	367	55	,	,	PUNCT
ajfa-12382	367	56	1990	1990	NUM
ajfa-12382	367	57	,	,	PUNCT
ajfa-12382	367	58	1994	1994	NUM
ajfa-12382	367	59	)	)	PUNCT
ajfa-12382	367	60	.	.	PUNCT
ajfa-12382	368	1	without	without	ADP
ajfa-12382	368	2	institutions	institution	NOUN
ajfa-12382	368	3	,	,	PUNCT
ajfa-12382	368	4	markets	market	VERB
ajfa-12382	368	5	neither	neither	CCONJ
ajfa-12382	368	6	develop	develop	VERB
ajfa-12382	368	7	nor	nor	CCONJ
ajfa-12382	368	8	function	function	VERB
ajfa-12382	368	9	properly	properly	ADV
ajfa-12382	368	10	.	.	PUNCT
ajfa-12382	369	1	note	note	VERB
ajfa-12382	369	2	2	2	NUM
ajfa-12382	369	3	.	.	PUNCT
ajfa-12382	370	1	this	this	PRON
ajfa-12382	370	2	was	be	AUX
ajfa-12382	370	3	a	a	DET
ajfa-12382	370	4	program	program	NOUN
ajfa-12382	370	5	that	that	PRON
ajfa-12382	370	6	permitted	permit	VERB
ajfa-12382	370	7	,	,	PUNCT
ajfa-12382	370	8	on	on	ADP
ajfa-12382	370	9	a	a	DET
ajfa-12382	370	10	selective	selective	ADJ
ajfa-12382	370	11	basis	basis	NOUN
ajfa-12382	370	12	,	,	PUNCT
ajfa-12382	370	13	certain	certain	ADJ
ajfa-12382	370	14	licensed	licensed	ADJ
ajfa-12382	370	15	global	global	ADJ
ajfa-12382	370	16	institutional	institutional	ADJ
ajfa-12382	370	17	investors	investor	NOUN
ajfa-12382	370	18	to	to	PART
ajfa-12382	370	19	participate	participate	VERB
ajfa-12382	370	20	in	in	ADP
ajfa-12382	370	21	china‟s	china‟	VERB
ajfa-12382	370	22	mainland	mainland	NOUN
ajfa-12382	370	23	stock	stock	NOUN
ajfa-12382	370	24	exchanges	exchange	NOUN
ajfa-12382	370	25	by	by	ADP
ajfa-12382	370	26	buying	buy	VERB
ajfa-12382	370	27	and	and	CCONJ
ajfa-12382	370	28	selling	sell	VERB
ajfa-12382	370	29	yuan	yuan	NOUN
ajfa-12382	370	30	-	-	PUNCT
ajfa-12382	370	31	denominated	denominate	VERB
ajfa-12382	370	32	“	"	PUNCT
ajfa-12382	370	33	a	a	DET
ajfa-12382	370	34	”	"	PUNCT
ajfa-12382	370	35	shares	share	NOUN
ajfa-12382	370	36	.	.	PUNCT
ajfa-12382	371	1	foreign	foreign	ADJ
ajfa-12382	371	2	access	access	NOUN
ajfa-12382	371	3	to	to	ADP
ajfa-12382	371	4	these	these	DET
ajfa-12382	371	5	shares	share	NOUN
ajfa-12382	371	6	is	be	AUX
ajfa-12382	371	7	limited	limit	VERB
ajfa-12382	371	8	by	by	ADP
ajfa-12382	371	9	specified	specify	VERB
ajfa-12382	371	10	quotas	quota	NOUN
ajfa-12382	371	11	that	that	PRON
ajfa-12382	371	12	determine	determine	VERB
ajfa-12382	371	13	the	the	DET
ajfa-12382	371	14	amount	amount	NOUN
ajfa-12382	371	15	of	of	ADP
ajfa-12382	371	16	money	money	NOUN
ajfa-12382	371	17	that	that	PRON
ajfa-12382	371	18	the	the	DET
ajfa-12382	371	19	licensed	licensed	ADJ
ajfa-12382	371	20	foreign	foreign	ADJ
ajfa-12382	371	21	investors	investor	NOUN
ajfa-12382	371	22	are	be	AUX
ajfa-12382	371	23	permitted	permit	VERB
ajfa-12382	371	24	to	to	PART
ajfa-12382	371	25	invest	invest	VERB
ajfa-12382	371	26	in	in	ADP
ajfa-12382	371	27	china	china	PROPN
ajfa-12382	371	28	's	's	PART
ajfa-12382	371	29	capital	capital	NOUN
ajfa-12382	371	30	markets	market	NOUN
ajfa-12382	371	31	.	.	PUNCT
ajfa-12382	372	1	note	note	VERB
ajfa-12382	372	2	3	3	NUM
ajfa-12382	372	3	.	.	PUNCT
ajfa-12382	372	4	other	other	ADJ
ajfa-12382	372	5	main	main	ADJ
ajfa-12382	372	6	qfiis	qfiis	NOUN
ajfa-12382	372	7	include	include	VERB
ajfa-12382	372	8	investment	investment	NOUN
ajfa-12382	372	9	management	management	NOUN
ajfa-12382	372	10	firms	firm	NOUN
ajfa-12382	372	11	,	,	PUNCT
ajfa-12382	372	12	brokers	broker	NOUN
ajfa-12382	372	13	(	(	PUNCT
ajfa-12382	372	14	securities	security	NOUN
ajfa-12382	372	15	companies	company	NOUN
ajfa-12382	372	16	)	)	PUNCT
ajfa-12382	372	17	and	and	CCONJ
ajfa-12382	372	18	investment	investment	NOUN
ajfa-12382	372	19	banks	bank	NOUN
ajfa-12382	372	20	,	,	PUNCT
ajfa-12382	372	21	insurance	insurance	NOUN
ajfa-12382	372	22	companies	company	NOUN
ajfa-12382	372	23	..	..	PUNCT
ajfa-12382	373	1	note	note	VERB
ajfa-12382	373	2	4	4	NUM
ajfa-12382	373	3	.	.	PUNCT
ajfa-12382	374	1	although	although	SCONJ
ajfa-12382	374	2	these	these	DET
ajfa-12382	374	3	changes	change	NOUN
ajfa-12382	374	4	were	be	AUX
ajfa-12382	374	5	gradual	gradual	ADJ
ajfa-12382	374	6	and	and	CCONJ
ajfa-12382	374	7	evolutionary	evolutionary	ADJ
ajfa-12382	374	8	compared	compare	VERB
ajfa-12382	374	9	with	with	ADP
ajfa-12382	374	10	those	those	PRON
ajfa-12382	374	11	experienced	experience	VERB
ajfa-12382	374	12	in	in	ADP
ajfa-12382	374	13	other	other	ADJ
ajfa-12382	374	14	transition	transition	NOUN
ajfa-12382	374	15	countries	country	NOUN
ajfa-12382	374	16	,	,	PUNCT
ajfa-12382	374	17	walder	walder	NOUN
ajfa-12382	374	18	(	(	PUNCT
ajfa-12382	374	19	2011	2011	NUM
ajfa-12382	374	20	,	,	PUNCT
ajfa-12382	374	21	p.	p.	NOUN
ajfa-12382	374	22	23	23	NUM
ajfa-12382	374	23	)	)	PUNCT
ajfa-12382	374	24	refers	refer	VERB
ajfa-12382	374	25	to	to	ADP
ajfa-12382	374	26	this	this	PRON
ajfa-12382	374	27	as	as	ADP
ajfa-12382	374	28	a	a	DET
ajfa-12382	374	29	chinese	chinese	ADJ
ajfa-12382	374	30	version	version	NOUN
ajfa-12382	374	31	of	of	ADP
ajfa-12382	374	32	“	"	PUNCT
ajfa-12382	374	33	managerial	managerial	ADJ
ajfa-12382	374	34	revolution	revolution	NOUN
ajfa-12382	374	35	”	"	PUNCT
ajfa-12382	374	36	.	.	PUNCT
ajfa-12382	375	1	it	it	PRON
ajfa-12382	375	2	should	should	AUX
ajfa-12382	375	3	be	be	AUX
ajfa-12382	375	4	noted	note	VERB
ajfa-12382	375	5	,	,	PUNCT
ajfa-12382	375	6	however	however	ADV
ajfa-12382	375	7	,	,	PUNCT
ajfa-12382	375	8	that	that	SCONJ
ajfa-12382	375	9	the	the	DET
ajfa-12382	375	10	rise	rise	NOUN
ajfa-12382	375	11	in	in	ADP
ajfa-12382	375	12	managerial	managerial	ADJ
ajfa-12382	375	13	ownership	ownership	NOUN
ajfa-12382	375	14	has	have	AUX
ajfa-12382	375	15	been	be	AUX
ajfa-12382	375	16	slower	slow	ADJ
ajfa-12382	375	17	in	in	ADP
ajfa-12382	375	18	china	china	PROPN
ajfa-12382	375	19	compared	compare	VERB
ajfa-12382	375	20	to	to	ADP
ajfa-12382	375	21	market	market	NOUN
ajfa-12382	375	22	economies	economy	NOUN
ajfa-12382	375	23	(	(	PUNCT
ajfa-12382	375	24	walder	walder	NOUN
ajfa-12382	375	25	,	,	PUNCT
ajfa-12382	375	26	2011	2011	NUM
ajfa-12382	375	27	;	;	PUNCT
ajfa-12382	375	28	2011	2011	NUM
ajfa-12382	375	29	;	;	PUNCT
ajfa-12382	376	1	conyon	conyon	NOUN
ajfa-12382	376	2	and	and	CCONJ
ajfa-12382	376	3	he	he	PRON
ajfa-12382	376	4	,	,	PUNCT
ajfa-12382	376	5	2012	2012	NUM
ajfa-12382	376	6	)	)	PUNCT
ajfa-12382	376	7	.	.	PUNCT
ajfa-12382	377	1	note	note	VERB
ajfa-12382	377	2	5	5	NUM
ajfa-12382	377	3	.	.	PUNCT
ajfa-12382	378	1	guanxi	guanxi	NOUN
ajfa-12382	378	2	(	(	PUNCT
ajfa-12382	378	3	literally	literally	ADV
ajfa-12382	378	4	means	mean	VERB
ajfa-12382	378	5	relationship	relationship	NOUN
ajfa-12382	378	6	or	or	CCONJ
ajfa-12382	378	7	connection	connection	NOUN
ajfa-12382	378	8	)	)	PUNCT
ajfa-12382	378	9	“	"	PUNCT
ajfa-12382	378	10	(	(	PUNCT
ajfa-12382	378	11	in	in	ADP
ajfa-12382	378	12	china	china	PROPN
ajfa-12382	378	13	)	)	PUNCT
ajfa-12382	378	14	the	the	DET
ajfa-12382	378	15	system	system	NOUN
ajfa-12382	378	16	of	of	ADP
ajfa-12382	378	17	social	social	ADJ
ajfa-12382	378	18	networks	network	NOUN
ajfa-12382	378	19	and	and	CCONJ
ajfa-12382	378	20	influential	influential	ADJ
ajfa-12382	378	21	relationships	relationship	NOUN
ajfa-12382	378	22	which	which	PRON
ajfa-12382	378	23	facilitate	facilitate	VERB
ajfa-12382	378	24	business	business	NOUN
ajfa-12382	378	25	and	and	CCONJ
ajfa-12382	378	26	other	other	ADJ
ajfa-12382	378	27	dealings	dealing	NOUN
ajfa-12382	378	28	”	"	PUNCT
ajfa-12382	378	29	(	(	PUNCT
ajfa-12382	378	30	online	online	PROPN
ajfa-12382	378	31	oxford	oxford	PROPN
ajfa-12382	378	32	dictionary	dictionary	PROPN
ajfa-12382	378	33	)	)	PUNCT
ajfa-12382	378	34	.	.	PUNCT
ajfa-12382	379	1	note	note	VERB
ajfa-12382	379	2	6	6	NUM
ajfa-12382	379	3	.	.	PUNCT
ajfa-12382	380	1	these	these	PRON
ajfa-12382	380	2	are	be	AUX
ajfa-12382	380	3	the	the	DET
ajfa-12382	380	4	state	state	PROPN
ajfa-12382	380	5	development	development	PROPN
ajfa-12382	380	6	bank	bank	PROPN
ajfa-12382	380	7	,	,	PUNCT
ajfa-12382	380	8	the	the	DET
ajfa-12382	380	9	agricultural	agricultural	PROPN
ajfa-12382	380	10	development	development	PROPN
ajfa-12382	380	11	bank	bank	PROPN
ajfa-12382	380	12	of	of	ADP
ajfa-12382	380	13	china	china	PROPN
ajfa-12382	380	14	,	,	PUNCT
ajfa-12382	380	15	and	and	CCONJ
ajfa-12382	380	16	the	the	DET
ajfa-12382	380	17	export	export	NOUN
ajfa-12382	380	18	and	and	CCONJ
ajfa-12382	380	19	import	import	PROPN
ajfa-12382	380	20	bank	bank	PROPN
ajfa-12382	380	21	of	of	ADP
ajfa-12382	380	22	china	china	PROPN
ajfa-12382	380	23	.	.	PUNCT
ajfa-12382	381	1	note	note	VERB
ajfa-12382	381	2	7	7	NUM
ajfa-12382	381	3	.	.	PUNCT
ajfa-12382	382	1	the	the	DET
ajfa-12382	382	2	first	first	ADJ
ajfa-12382	382	3	joint	joint	ADJ
ajfa-12382	382	4	-	-	PUNCT
ajfa-12382	382	5	equity	equity	NOUN
ajfa-12382	382	6	bank	bank	NOUN
ajfa-12382	382	7	was	be	AUX
ajfa-12382	382	8	the	the	DET
ajfa-12382	382	9	bank	bank	NOUN
ajfa-12382	382	10	of	of	ADP
ajfa-12382	382	11	communication	communication	NOUN
ajfa-12382	382	12	.	.	PUNCT
ajfa-12382	383	1	note	note	VERB
ajfa-12382	383	2	8	8	NUM
ajfa-12382	383	3	.	.	PUNCT
ajfa-12382	384	1	the	the	DET
ajfa-12382	384	2	china	china	PROPN
ajfa-12382	384	3	minsheng	minsheng	PROPN
ajfa-12382	384	4	bank	bank	PROPN
ajfa-12382	384	5	was	be	AUX
ajfa-12382	384	6	the	the	DET
ajfa-12382	384	7	only	only	ADJ
ajfa-12382	384	8	joint	joint	ADJ
ajfa-12382	384	9	-	-	PUNCT
ajfa-12382	384	10	equity	equity	NOUN
ajfa-12382	384	11	private	private	ADJ
ajfa-12382	384	12	bank	bank	NOUN
ajfa-12382	384	13	wholly	wholly	ADV
ajfa-12382	384	14	owned	own	VERB
ajfa-12382	384	15	by	by	ADP
ajfa-12382	384	16	private	private	ADJ
ajfa-12382	384	17	shareholders	shareholder	NOUN
ajfa-12382	384	18	in	in	ADP
ajfa-12382	384	19	china	china	PROPN
ajfa-12382	384	20	.	.	PUNCT
ajfa-12382	385	1	note	note	VERB
ajfa-12382	385	2	9	9	NUM
ajfa-12382	385	3	.	.	X
ajfa-12382	386	1	for	for	ADP
ajfa-12382	386	2	example	example	NOUN
ajfa-12382	386	3	,	,	PUNCT
ajfa-12382	386	4	the	the	DET
ajfa-12382	386	5	hongkong	hongkong	PROPN
ajfa-12382	386	6	and	and	CCONJ
ajfa-12382	386	7	shanghai	shanghai	PROPN
ajfa-12382	386	8	banking	banking	PROPN
ajfa-12382	386	9	corporation	corporation	PROPN
ajfa-12382	386	10	(	(	PUNCT
ajfa-12382	386	11	hsbc	hsbc	PROPN
ajfa-12382	386	12	)	)	PUNCT
ajfa-12382	386	13	acquired	acquire	VERB
ajfa-12382	386	14	a	a	DET
ajfa-12382	386	15	19.9	19.9	NUM
ajfa-12382	386	16	%	%	NOUN
ajfa-12382	386	17	stake	stake	NOUN
ajfa-12382	386	18	of	of	ADP
ajfa-12382	386	19	the	the	DET
ajfa-12382	386	20	bank	bank	NOUN
ajfa-12382	386	21	of	of	ADP
ajfa-12382	386	22	communication	communication	NOUN
ajfa-12382	386	23	.	.	PUNCT
ajfa-12382	387	1	the	the	DET
ajfa-12382	387	2	bank	bank	PROPN
ajfa-12382	387	3	of	of	ADP
ajfa-12382	387	4	america	america	PROPN
ajfa-12382	387	5	and	and	CCONJ
ajfa-12382	387	6	the	the	DET
ajfa-12382	387	7	royal	royal	PROPN
ajfa-12382	387	8	bank	bank	PROPN
ajfa-12382	387	9	of	of	ADP
ajfa-12382	387	10	scotland	scotland	PROPN
ajfa-12382	387	11	have	have	AUX
ajfa-12382	387	12	become	become	VERB
ajfa-12382	387	13	strategic	strategic	ADJ
ajfa-12382	387	14	partners	partner	NOUN
ajfa-12382	387	15	of	of	ADP
ajfa-12382	387	16	the	the	DET
ajfa-12382	387	17	china	china	PROPN
ajfa-12382	387	18	construction	construction	PROPN
ajfa-12382	387	19	bank	bank	PROPN
ajfa-12382	387	20	and	and	CCONJ
ajfa-12382	387	21	the	the	DET
ajfa-12382	387	22	bank	bank	NOUN
ajfa-12382	387	23	of	of	ADP
ajfa-12382	387	24	china	china	PROPN
ajfa-12382	387	25	,	,	PUNCT
ajfa-12382	387	26	respectively	respectively	ADV
ajfa-12382	387	27	note	note	VERB
ajfa-12382	387	28	10	10	NUM
ajfa-12382	387	29	.	.	PUNCT
ajfa-12382	388	1	we	we	PRON
ajfa-12382	388	2	can	can	AUX
ajfa-12382	388	3	observe	observe	VERB
ajfa-12382	388	4	similar	similar	ADJ
ajfa-12382	388	5	development	development	NOUN
ajfa-12382	388	6	in	in	ADP
ajfa-12382	388	7	the	the	DET
ajfa-12382	388	8	behaviour	behaviour	NOUN
ajfa-12382	388	9	of	of	ADP
ajfa-12382	388	10	auditors	auditor	NOUN
ajfa-12382	388	11	in	in	ADP
ajfa-12382	388	12	china	china	PROPN
ajfa-12382	388	13	,	,	PUNCT
ajfa-12382	388	14	for	for	ADP
ajfa-12382	388	15	example	example	NOUN
ajfa-12382	388	16	,	,	PUNCT
ajfa-12382	388	17	chen	chen	PROPN
ajfa-12382	388	18	et	et	PROPN
ajfa-12382	388	19	al	al	PROPN
ajfa-12382	388	20	.	.	PROPN
ajfa-12382	389	1	(	(	PUNCT
ajfa-12382	389	2	2010	2010	NUM
ajfa-12382	389	3	)	)	PUNCT
ajfa-12382	389	4	who	who	PRON
ajfa-12382	389	5	investigate	investigate	VERB
ajfa-12382	389	6	the	the	DET
ajfa-12382	389	7	relation	relation	NOUN
ajfa-12382	389	8	between	between	ADP
ajfa-12382	389	9	client	client	NOUN
ajfa-12382	389	10	importance	importance	NOUN
ajfa-12382	389	11	and	and	CCONJ
ajfa-12382	389	12	audit	audit	NOUN
ajfa-12382	389	13	quality	quality	NOUN
ajfa-12382	389	14	,	,	PUNCT
ajfa-12382	389	15	suggest	suggest	VERB
ajfa-12382	389	16	that	that	SCONJ
ajfa-12382	389	17	auditors	auditor	NOUN
ajfa-12382	389	18	in	in	ADP
ajfa-12382	389	19	china	china	PROPN
ajfa-12382	389	20	are	be	AUX
ajfa-12382	389	21	more	more	ADV
ajfa-12382	389	22	likely	likely	ADJ
ajfa-12382	389	23	to	to	PART
ajfa-12382	389	24	compromise	compromise	VERB
ajfa-12382	389	25	audit	audit	NOUN
ajfa-12382	389	26	quality	quality	NOUN
ajfa-12382	389	27	for	for	ADP
ajfa-12382	389	28	economically	economically	ADV
ajfa-12382	389	29	important	important	ADJ
ajfa-12382	389	30	clients	client	NOUN
ajfa-12382	389	31	when	when	SCONJ
ajfa-12382	389	32	the	the	DET
ajfa-12382	389	33	institutions	institution	NOUN
ajfa-12382	389	34	for	for	ADP
ajfa-12382	389	35	investor	investor	NOUN
ajfa-12382	389	36	protection	protection	NOUN
ajfa-12382	389	37	are	be	AUX
ajfa-12382	389	38	weak	weak	ADJ
ajfa-12382	389	39	.	.	PUNCT
ajfa-12382	390	1	however	however	ADV
ajfa-12382	390	2	,	,	PUNCT
ajfa-12382	390	3	with	with	ADP
ajfa-12382	390	4	the	the	DET
ajfa-12382	390	5	institutional	institutional	ADJ
ajfa-12382	390	6	improvements	improvement	NOUN
ajfa-12382	390	7	in	in	ADP
ajfa-12382	390	8	china	china	PROPN
ajfa-12382	390	9	,	,	PUNCT
ajfa-12382	390	10	auditors	auditor	NOUN
ajfa-12382	390	11	become	become	VERB
ajfa-12382	390	12	more	more	ADV
ajfa-12382	390	13	concerned	concerned	ADJ
ajfa-12382	390	14	about	about	ADP
ajfa-12382	390	15	litigation	litigation	NOUN
ajfa-12382	390	16	risks	risk	NOUN
ajfa-12382	390	17	and	and	CCONJ
ajfa-12382	390	18	regulatory	regulatory	ADJ
ajfa-12382	390	19	sanctions	sanction	NOUN
ajfa-12382	390	20	instead	instead	ADV
ajfa-12382	390	21	of	of	ADP
ajfa-12382	390	22	their	their	PRON
ajfa-12382	390	23	economic	economic	ADJ
ajfa-12382	390	24	incentives	incentive	NOUN
ajfa-12382	390	25	.	.	PUNCT
ajfa-12382	391	1	*	*	PUNCT
ajfa-12382	391	2	this	this	DET
ajfa-12382	391	3	paper	paper	NOUN
ajfa-12382	391	4	was	be	AUX
ajfa-12382	391	5	written	write	VERB
ajfa-12382	391	6	while	while	SCONJ
ajfa-12382	391	7	dr	dr	PROPN
ajfa-12382	391	8	.	.	PROPN
ajfa-12382	391	9	r.	r.	PROPN
ajfa-12382	391	10	vijayakumaran	vijayakumaran	PROPN
ajfa-12382	391	11	was	be	AUX
ajfa-12382	391	12	a	a	DET
ajfa-12382	391	13	uk	uk	PROPN
ajfa-12382	391	14	commonwealth	commonwealth	PROPN
ajfa-12382	391	15	doctoral	doctoral	PROPN
ajfa-12382	391	16	scholar	scholar	NOUN
ajfa-12382	391	17	at	at	ADP
ajfa-12382	391	18	durham	durham	PROPN
ajfa-12382	391	19	university	university	PROPN
ajfa-12382	391	20	business	business	NOUN
ajfa-12382	391	21	school	school	NOUN
ajfa-12382	391	22	,	,	PUNCT
ajfa-12382	391	23	uk	uk	PROPN
ajfa-12382	391	24	and	and	CCONJ
ajfa-12382	391	25	dr	dr	PROPN
ajfa-12382	391	26	.	.	PROPN
ajfa-12382	391	27	s.	s.	PROPN
ajfa-12382	391	28	vijayakumaran	vijayakumaran	PROPN
ajfa-12382	391	29	was	be	AUX
ajfa-12382	391	30	a	a	DET
ajfa-12382	391	31	doctoral	doctoral	ADJ
ajfa-12382	391	32	scholar	scholar	NOUN
ajfa-12382	391	33	at	at	ADP
ajfa-12382	391	34	durham	durham	PROPN
ajfa-12382	391	35	university	university	PROPN
ajfa-12382	391	36	business	business	NOUN
ajfa-12382	391	37	school	school	NOUN
ajfa-12382	391	38	.	.	PUNCT