id	sid	tid	token	lemma	pos
fbem-10239	1	1	frontiers	frontier	NOUN
fbem-10239	1	2	in	in	ADP
fbem-10239	1	3	business	business	NOUN
fbem-10239	1	4	,	,	PUNCT
fbem-10239	1	5	economics	economic	NOUN
fbem-10239	1	6	and	and	CCONJ
fbem-10239	1	7	management	management	NOUN
fbem-10239	1	8	issn	issn	PROPN
fbem-10239	1	9	:	:	PUNCT
fbem-10239	1	10	2766	2766	NUM
fbem-10239	1	11	-	-	PUNCT
fbem-10239	1	12	824x	824x	NUM
fbem-10239	1	13	|	|	ADJ
fbem-10239	1	14	vol	vol	NOUN
fbem-10239	1	15	.	.	PROPN
fbem-10239	2	1	10	10	NUM
fbem-10239	2	2	,	,	PUNCT
fbem-10239	2	3	no	no	INTJ
fbem-10239	2	4	.	.	NOUN
fbem-10239	2	5	1	1	NUM
fbem-10239	2	6	,	,	PUNCT
fbem-10239	2	7	2023	2023	NUM
fbem-10239	2	8	174	174	NUM
fbem-10239	2	9	will	will	AUX
fbem-10239	2	10	the	the	DET
fbem-10239	2	11	regulation	regulation	NOUN
fbem-10239	2	12	of	of	ADP
fbem-10239	2	13	exchange	exchange	NOUN
fbem-10239	2	14	inquiry	inquiry	NOUN
fbem-10239	2	15	letters	letter	NOUN
fbem-10239	2	16	affect	affect	VERB
fbem-10239	2	17	the	the	DET
fbem-10239	2	18	investment	investment	NOUN
fbem-10239	2	19	efficiency	efficiency	NOUN
fbem-10239	2	20	of	of	ADP
fbem-10239	2	21	enterprises	enterprise	NOUN
fbem-10239	2	22	?	?	PUNCT
fbem-10239	3	1	sen	sen	PROPN
fbem-10239	3	2	lu1	lu1	PROPN
fbem-10239	3	3	,	,	PUNCT
fbem-10239	3	4	hanyu	hanyu	PROPN
fbem-10239	3	5	qian1	qian1	PROPN
fbem-10239	3	6	,	,	PUNCT
fbem-10239	3	7	*	*	SYM
fbem-10239	3	8	1	1	NUM
fbem-10239	3	9	department	department	NOUN
fbem-10239	3	10	of	of	ADP
fbem-10239	3	11	finance	finance	NOUN
fbem-10239	3	12	,	,	PUNCT
fbem-10239	3	13	anhui	anhui	PROPN
fbem-10239	3	14	university	university	PROPN
fbem-10239	3	15	of	of	ADP
fbem-10239	3	16	finance	finance	NOUN
fbem-10239	3	17	and	and	CCONJ
fbem-10239	3	18	economics	economic	NOUN
fbem-10239	3	19	,	,	PUNCT
fbem-10239	3	20	bengbu	bengbu	NOUN
fbem-10239	3	21	,	,	PUNCT
fbem-10239	3	22	co	co	NOUN
fbem-10239	3	23	233030	233030	NUM
fbem-10239	3	24	,	,	PUNCT
fbem-10239	3	25	china	china	PROPN
fbem-10239	3	26	*	*	PUNCT
fbem-10239	3	27	corresponding	correspond	VERB
fbem-10239	3	28	author	author	NOUN
fbem-10239	3	29	:	:	PUNCT
fbem-10239	3	30	hanyu	hanyu	PROPN
fbem-10239	3	31	qian	qian	PROPN
fbem-10239	3	32	(	(	PUNCT
fbem-10239	3	33	email	email	NOUN
fbem-10239	3	34	:	:	PUNCT
fbem-10239	3	35	2029622099@qq.com	2029622099@qq.com	NUM
fbem-10239	3	36	)	)	PUNCT
fbem-10239	3	37	abstract	abstract	NOUN
fbem-10239	3	38	:	:	PUNCT
fbem-10239	3	39	exchange	exchange	NOUN
fbem-10239	3	40	inquiry	inquiry	NOUN
fbem-10239	3	41	letter	letter	NOUN
fbem-10239	3	42	is	be	AUX
fbem-10239	3	43	an	an	DET
fbem-10239	3	44	important	important	ADJ
fbem-10239	3	45	and	and	CCONJ
fbem-10239	3	46	innovative	innovative	ADJ
fbem-10239	3	47	regulatory	regulatory	ADJ
fbem-10239	3	48	method	method	NOUN
fbem-10239	3	49	,	,	PUNCT
fbem-10239	3	50	and	and	CCONJ
fbem-10239	3	51	the	the	DET
fbem-10239	3	52	efficiency	efficiency	NOUN
fbem-10239	3	53	of	of	ADP
fbem-10239	3	54	corporate	corporate	ADJ
fbem-10239	3	55	investment	investment	NOUN
fbem-10239	3	56	decision	decision	NOUN
fbem-10239	3	57	-	-	PUNCT
fbem-10239	3	58	making	making	NOUN
fbem-10239	3	59	and	and	CCONJ
fbem-10239	3	60	theft	theft	NOUN
fbem-10239	3	61	has	have	AUX
fbem-10239	3	62	not	not	PART
fbem-10239	3	63	been	be	AUX
fbem-10239	3	64	studied	study	VERB
fbem-10239	3	65	.	.	PUNCT
fbem-10239	4	1	theoretically	theoretically	ADV
fbem-10239	4	2	,	,	PUNCT
fbem-10239	4	3	inquiry	inquiry	NOUN
fbem-10239	4	4	letter	letter	NOUN
fbem-10239	4	5	regulation	regulation	NOUN
fbem-10239	4	6	may	may	AUX
fbem-10239	4	7	have	have	VERB
fbem-10239	4	8	a	a	DET
fbem-10239	4	9	positive	positive	ADJ
fbem-10239	4	10	and	and	CCONJ
fbem-10239	4	11	negative	negative	ADJ
fbem-10239	4	12	opposite	opposite	ADJ
fbem-10239	4	13	effect	effect	NOUN
fbem-10239	4	14	on	on	ADP
fbem-10239	4	15	the	the	DET
fbem-10239	4	16	efficiency	efficiency	NOUN
fbem-10239	4	17	of	of	ADP
fbem-10239	4	18	a	a	DET
fbem-10239	4	19	company	company	NOUN
fbem-10239	4	20	's	's	PART
fbem-10239	4	21	investment	investment	NOUN
fbem-10239	4	22	.	.	PUNCT
fbem-10239	5	1	based	base	VERB
fbem-10239	5	2	on	on	ADP
fbem-10239	5	3	this	this	PRON
fbem-10239	5	4	,	,	PUNCT
fbem-10239	5	5	this	this	DET
fbem-10239	5	6	paper	paper	NOUN
fbem-10239	5	7	adopts	adopt	VERB
fbem-10239	5	8	the	the	DET
fbem-10239	5	9	multi	multi	ADJ
fbem-10239	5	10	-	-	ADJ
fbem-10239	5	11	period	period	ADJ
fbem-10239	5	12	double	double	ADJ
fbem-10239	5	13	difference	difference	NOUN
fbem-10239	5	14	model	model	NOUN
fbem-10239	5	15	used	use	VERB
fbem-10239	5	16	by	by	ADP
fbem-10239	5	17	a	a	DET
fbem-10239	5	18	-	-	PUNCT
fbem-10239	5	19	share	share	NOUN
fbem-10239	5	20	non	non	ADJ
fbem-10239	5	21	-	-	ADJ
fbem-10239	5	22	financial	financial	ADJ
fbem-10239	5	23	listed	list	VERB
fbem-10239	5	24	companies	company	NOUN
fbem-10239	5	25	in	in	ADP
fbem-10239	5	26	shanghai	shanghai	PROPN
fbem-10239	5	27	and	and	CCONJ
fbem-10239	5	28	shenzhen	shenzhen	PROPN
fbem-10239	5	29	from	from	ADP
fbem-10239	5	30	2014	2014	NUM
fbem-10239	5	31	to	to	ADP
fbem-10239	5	32	2021	2021	NUM
fbem-10239	5	33	,	,	PUNCT
fbem-10239	5	34	and	and	CCONJ
fbem-10239	5	35	empirical	empirical	ADJ
fbem-10239	5	36	research	research	NOUN
fbem-10239	5	37	finds	find	VERB
fbem-10239	5	38	that	that	SCONJ
fbem-10239	5	39	the	the	DET
fbem-10239	5	40	inefficient	inefficient	ADJ
fbem-10239	5	41	investment	investment	NOUN
fbem-10239	5	42	of	of	ADP
fbem-10239	5	43	companies	company	NOUN
fbem-10239	5	44	receiving	receive	VERB
fbem-10239	5	45	inquiry	inquiry	NOUN
fbem-10239	5	46	letters	letter	NOUN
fbem-10239	5	47	from	from	ADP
fbem-10239	5	48	exchanges	exchange	NOUN
fbem-10239	5	49	has	have	AUX
fbem-10239	5	50	significantly	significantly	ADV
fbem-10239	5	51	improved	improve	VERB
fbem-10239	5	52	,	,	PUNCT
fbem-10239	5	53	and	and	CCONJ
fbem-10239	5	54	the	the	DET
fbem-10239	5	55	inquiry	inquiry	NOUN
fbem-10239	5	56	letter	letter	NOUN
fbem-10239	5	57	system	system	NOUN
fbem-10239	5	58	of	of	ADP
fbem-10239	5	59	exchanges	exchange	NOUN
fbem-10239	5	60	has	have	AUX
fbem-10239	5	61	reduced	reduce	VERB
fbem-10239	5	62	the	the	DET
fbem-10239	5	63	investment	investment	NOUN
fbem-10239	5	64	efficiency	efficiency	NOUN
fbem-10239	5	65	of	of	ADP
fbem-10239	5	66	companies	company	NOUN
fbem-10239	5	67	.	.	PUNCT
fbem-10239	6	1	keywords	keyword	NOUN
fbem-10239	6	2	:	:	PUNCT
fbem-10239	6	3	inquiry	inquiry	NOUN
fbem-10239	6	4	letter	letter	NOUN
fbem-10239	6	5	supervision	supervision	NOUN
fbem-10239	6	6	,	,	PUNCT
fbem-10239	6	7	business	business	NOUN
fbem-10239	6	8	investment	investment	NOUN
fbem-10239	6	9	efficiency	efficiency	NOUN
fbem-10239	6	10	,	,	PUNCT
fbem-10239	6	11	non	non	ADJ
fbem-10239	6	12	-	-	ADJ
fbem-10239	6	13	administrative	administrative	ADJ
fbem-10239	6	14	punitive	punitive	ADJ
fbem-10239	6	15	supervision	supervision	NOUN
fbem-10239	6	16	.	.	PUNCT
fbem-10239	7	1	1	1	X
fbem-10239	7	2	.	.	X
fbem-10239	7	3	introduction	introduction	NOUN
fbem-10239	7	4	investment	investment	NOUN
fbem-10239	7	5	behavior	behavior	NOUN
fbem-10239	7	6	is	be	AUX
fbem-10239	7	7	one	one	NUM
fbem-10239	7	8	of	of	ADP
fbem-10239	7	9	the	the	DET
fbem-10239	7	10	important	important	ADJ
fbem-10239	7	11	decisionmaking	decisionmake	VERB
fbem-10239	7	12	behaviors	behavior	NOUN
fbem-10239	7	13	of	of	ADP
fbem-10239	7	14	modern	modern	ADJ
fbem-10239	7	15	corporate	corporate	ADJ
fbem-10239	7	16	enterprises	enterprise	NOUN
fbem-10239	7	17	,	,	PUNCT
fbem-10239	7	18	the	the	DET
fbem-10239	7	19	efficiency	efficiency	NOUN
fbem-10239	7	20	of	of	ADP
fbem-10239	7	21	investment	investment	NOUN
fbem-10239	7	22	behavior	behavior	NOUN
fbem-10239	7	23	reflects	reflect	VERB
fbem-10239	7	24	the	the	DET
fbem-10239	7	25	deviation	deviation	NOUN
fbem-10239	7	26	between	between	ADP
fbem-10239	7	27	enterprise	enterprise	NOUN
fbem-10239	7	28	investment	investment	NOUN
fbem-10239	7	29	decision	decision	NOUN
fbem-10239	7	30	and	and	CCONJ
fbem-10239	7	31	the	the	DET
fbem-10239	7	32	optimal	optimal	ADJ
fbem-10239	7	33	investment	investment	NOUN
fbem-10239	7	34	level	level	NOUN
fbem-10239	7	35	,	,	PUNCT
fbem-10239	7	36	and	and	CCONJ
fbem-10239	7	37	the	the	DET
fbem-10239	7	38	study	study	NOUN
fbem-10239	7	39	of	of	ADP
fbem-10239	7	40	investment	investment	NOUN
fbem-10239	7	41	efficiency	efficiency	NOUN
fbem-10239	7	42	has	have	VERB
fbem-10239	7	43	a	a	DET
fbem-10239	7	44	profound	profound	ADJ
fbem-10239	7	45	impact	impact	NOUN
fbem-10239	7	46	on	on	ADP
fbem-10239	7	47	enterprise	enterprise	NOUN
fbem-10239	7	48	resource	resource	NOUN
fbem-10239	7	49	allocation	allocation	NOUN
fbem-10239	7	50	and	and	CCONJ
fbem-10239	7	51	longterm	longterm	NOUN
fbem-10239	7	52	market	market	NOUN
fbem-10239	7	53	value	value	NOUN
fbem-10239	7	54	.	.	PUNCT
fbem-10239	8	1	the	the	DET
fbem-10239	8	2	early	early	ADJ
fbem-10239	8	3	research	research	NOUN
fbem-10239	8	4	on	on	ADP
fbem-10239	8	5	investment	investment	NOUN
fbem-10239	8	6	efficiency	efficiency	NOUN
fbem-10239	8	7	is	be	AUX
fbem-10239	8	8	based	base	VERB
fbem-10239	8	9	on	on	ADP
fbem-10239	8	10	the	the	DET
fbem-10239	8	11	theoretical	theoretical	ADJ
fbem-10239	8	12	framework	framework	NOUN
fbem-10239	8	13	of	of	ADP
fbem-10239	8	14	neoclassical	neoclassical	ADJ
fbem-10239	8	15	economics	economic	NOUN
fbem-10239	8	16	,	,	PUNCT
fbem-10239	8	17	ignoring	ignore	VERB
fbem-10239	8	18	the	the	DET
fbem-10239	8	19	impact	impact	NOUN
fbem-10239	8	20	of	of	ADP
fbem-10239	8	21	internal	internal	ADJ
fbem-10239	8	22	governance	governance	NOUN
fbem-10239	8	23	structure	structure	NOUN
fbem-10239	8	24	and	and	CCONJ
fbem-10239	8	25	external	external	ADJ
fbem-10239	8	26	regulatory	regulatory	ADJ
fbem-10239	8	27	factors	factor	NOUN
fbem-10239	8	28	on	on	ADP
fbem-10239	8	29	investment	investment	NOUN
fbem-10239	8	30	efficiency	efficiency	NOUN
fbem-10239	8	31	.	.	PUNCT
fbem-10239	9	1	with	with	ADP
fbem-10239	9	2	the	the	DET
fbem-10239	9	3	development	development	NOUN
fbem-10239	9	4	of	of	ADP
fbem-10239	9	5	information	information	NOUN
fbem-10239	9	6	economics	economic	NOUN
fbem-10239	9	7	and	and	CCONJ
fbem-10239	9	8	behavioral	behavioral	ADJ
fbem-10239	9	9	finance	finance	NOUN
fbem-10239	9	10	,	,	PUNCT
fbem-10239	9	11	more	more	ADJ
fbem-10239	9	12	research	research	NOUN
fbem-10239	9	13	has	have	AUX
fbem-10239	9	14	been	be	AUX
fbem-10239	9	15	carried	carry	VERB
fbem-10239	9	16	out	out	ADP
fbem-10239	9	17	on	on	ADP
fbem-10239	9	18	investment	investment	NOUN
fbem-10239	9	19	efficiency	efficiency	NOUN
fbem-10239	9	20	based	base	VERB
fbem-10239	9	21	on	on	ADP
fbem-10239	9	22	the	the	DET
fbem-10239	9	23	perspectives	perspective	NOUN
fbem-10239	9	24	of	of	ADP
fbem-10239	9	25	information	information	NOUN
fbem-10239	9	26	asymmetry	asymmetry	NOUN
fbem-10239	9	27	and	and	CCONJ
fbem-10239	9	28	principal	principal	NOUN
fbem-10239	9	29	-	-	PUNCT
fbem-10239	9	30	agent	agent	NOUN
fbem-10239	9	31	.	.	PUNCT
fbem-10239	10	1	non	non	ADJ
fbem-10239	10	2	-	-	ADJ
fbem-10239	10	3	administrative	administrative	ADJ
fbem-10239	10	4	punitive	punitive	ADJ
fbem-10239	10	5	supervision	supervision	NOUN
fbem-10239	10	6	is	be	AUX
fbem-10239	10	7	an	an	DET
fbem-10239	10	8	innovation	innovation	NOUN
fbem-10239	10	9	and	and	CCONJ
fbem-10239	10	10	exploration	exploration	NOUN
fbem-10239	10	11	in	in	ADP
fbem-10239	10	12	the	the	DET
fbem-10239	10	13	form	form	NOUN
fbem-10239	10	14	of	of	ADP
fbem-10239	10	15	external	external	ADJ
fbem-10239	10	16	supervision	supervision	NOUN
fbem-10239	10	17	,	,	PUNCT
fbem-10239	10	18	and	and	CCONJ
fbem-10239	10	19	its	its	PRON
fbem-10239	10	20	impact	impact	NOUN
fbem-10239	10	21	on	on	ADP
fbem-10239	10	22	the	the	DET
fbem-10239	10	23	investment	investment	NOUN
fbem-10239	10	24	efficiency	efficiency	NOUN
fbem-10239	10	25	of	of	ADP
fbem-10239	10	26	enterprises	enterprise	NOUN
fbem-10239	10	27	has	have	AUX
fbem-10239	10	28	not	not	PART
fbem-10239	10	29	received	receive	VERB
fbem-10239	10	30	academic	academic	ADJ
fbem-10239	10	31	attention	attention	NOUN
fbem-10239	10	32	.	.	PUNCT
fbem-10239	11	1	as	as	ADP
fbem-10239	11	2	an	an	DET
fbem-10239	11	3	innovative	innovative	ADJ
fbem-10239	11	4	form	form	NOUN
fbem-10239	11	5	of	of	ADP
fbem-10239	11	6	supervision	supervision	NOUN
fbem-10239	11	7	,	,	PUNCT
fbem-10239	11	8	the	the	DET
fbem-10239	11	9	supervision	supervision	NOUN
fbem-10239	11	10	mode	mode	NOUN
fbem-10239	11	11	of	of	ADP
fbem-10239	11	12	exchange	exchange	NOUN
fbem-10239	11	13	inquiry	inquiry	NOUN
fbem-10239	11	14	letter	letter	NOUN
fbem-10239	11	15	supervision	supervision	NOUN
fbem-10239	11	16	makes	make	VERB
fbem-10239	11	17	use	use	NOUN
fbem-10239	11	18	of	of	ADP
fbem-10239	11	19	the	the	DET
fbem-10239	11	20	advantage	advantage	NOUN
fbem-10239	11	21	of	of	ADP
fbem-10239	11	22	the	the	DET
fbem-10239	11	23	exchange	exchange	NOUN
fbem-10239	11	24	in	in	ADP
fbem-10239	11	25	the	the	DET
fbem-10239	11	26	front	front	ADJ
fbem-10239	11	27	line	line	NOUN
fbem-10239	11	28	of	of	ADP
fbem-10239	11	29	market	market	NOUN
fbem-10239	11	30	supervision	supervision	NOUN
fbem-10239	11	31	,	,	PUNCT
fbem-10239	11	32	and	and	CCONJ
fbem-10239	11	33	sends	send	VERB
fbem-10239	11	34	letters	letter	NOUN
fbem-10239	11	35	to	to	ADP
fbem-10239	11	36	listed	list	VERB
fbem-10239	11	37	companies	company	NOUN
fbem-10239	11	38	from	from	ADP
fbem-10239	11	39	time	time	NOUN
fbem-10239	11	40	to	to	ADP
fbem-10239	11	41	time	time	NOUN
fbem-10239	11	42	to	to	PART
fbem-10239	11	43	inquire	inquire	VERB
fbem-10239	11	44	about	about	ADP
fbem-10239	11	45	information	information	NOUN
fbem-10239	11	46	disclosure	disclosure	NOUN
fbem-10239	11	47	issues	issue	NOUN
fbem-10239	11	48	in	in	ADP
fbem-10239	11	49	the	the	DET
fbem-10239	11	50	process	process	NOUN
fbem-10239	11	51	of	of	ADP
fbem-10239	11	52	operation	operation	NOUN
fbem-10239	11	53	and	and	CCONJ
fbem-10239	11	54	requires	require	VERB
fbem-10239	11	55	the	the	DET
fbem-10239	11	56	company	company	NOUN
fbem-10239	11	57	to	to	PART
fbem-10239	11	58	reply	reply	VERB
fbem-10239	11	59	to	to	ADP
fbem-10239	11	60	the	the	DET
fbem-10239	11	61	letter	letter	NOUN
fbem-10239	11	62	within	within	ADP
fbem-10239	11	63	the	the	DET
fbem-10239	11	64	specified	specify	VERB
fbem-10239	11	65	time	time	NOUN
fbem-10239	11	66	,	,	PUNCT
fbem-10239	11	67	which	which	PRON
fbem-10239	11	68	has	have	VERB
fbem-10239	11	69	the	the	DET
fbem-10239	11	70	characteristics	characteristic	NOUN
fbem-10239	11	71	of	of	ADP
fbem-10239	11	72	flexibility	flexibility	NOUN
fbem-10239	11	73	and	and	CCONJ
fbem-10239	11	74	flexibility	flexibility	NOUN
fbem-10239	11	75	,	,	PUNCT
fbem-10239	11	76	low	low	ADJ
fbem-10239	11	77	cost	cost	NOUN
fbem-10239	11	78	and	and	CCONJ
fbem-10239	11	79	easy	easy	ADJ
fbem-10239	11	80	operation	operation	NOUN
fbem-10239	11	81	,	,	PUNCT
fbem-10239	11	82	and	and	CCONJ
fbem-10239	11	83	plays	play	VERB
fbem-10239	11	84	an	an	DET
fbem-10239	11	85	important	important	ADJ
fbem-10239	11	86	role	role	NOUN
fbem-10239	11	87	that	that	PRON
fbem-10239	11	88	can	can	AUX
fbem-10239	11	89	not	not	PART
fbem-10239	11	90	be	be	AUX
fbem-10239	11	91	ignored	ignore	VERB
fbem-10239	11	92	in	in	ADP
fbem-10239	11	93	improving	improve	VERB
fbem-10239	11	94	the	the	DET
fbem-10239	11	95	level	level	NOUN
fbem-10239	11	96	of	of	ADP
fbem-10239	11	97	information	information	NOUN
fbem-10239	11	98	disclosure	disclosure	NOUN
fbem-10239	11	99	and	and	CCONJ
fbem-10239	11	100	maintaining	maintain	VERB
fbem-10239	11	101	the	the	DET
fbem-10239	11	102	order	order	NOUN
fbem-10239	11	103	of	of	ADP
fbem-10239	11	104	the	the	DET
fbem-10239	11	105	capital	capital	NOUN
fbem-10239	11	106	market	market	NOUN
fbem-10239	11	107	.	.	PUNCT
fbem-10239	12	1	so	so	ADV
fbem-10239	12	2	,	,	PUNCT
fbem-10239	12	3	is	be	AUX
fbem-10239	12	4	there	there	PRON
fbem-10239	12	5	a	a	DET
fbem-10239	12	6	correlation	correlation	NOUN
fbem-10239	12	7	between	between	ADP
fbem-10239	12	8	the	the	DET
fbem-10239	12	9	regulatory	regulatory	ADJ
fbem-10239	12	10	meeting	meeting	NOUN
fbem-10239	12	11	of	of	ADP
fbem-10239	12	12	exchange	exchange	NOUN
fbem-10239	12	13	inquiry	inquiry	NOUN
fbem-10239	12	14	letters	letter	NOUN
fbem-10239	12	15	and	and	CCONJ
fbem-10239	12	16	the	the	DET
fbem-10239	12	17	efficiency	efficiency	NOUN
fbem-10239	12	18	of	of	ADP
fbem-10239	12	19	corporate	corporate	ADJ
fbem-10239	12	20	investment	investment	NOUN
fbem-10239	12	21	?	?	PUNCT
fbem-10239	13	1	if	if	SCONJ
fbem-10239	13	2	so	so	ADV
fbem-10239	13	3	,	,	PUNCT
fbem-10239	13	4	what	what	PRON
fbem-10239	13	5	are	be	AUX
fbem-10239	13	6	the	the	DET
fbem-10239	13	7	effects	effect	NOUN
fbem-10239	13	8	and	and	CCONJ
fbem-10239	13	9	mechanisms	mechanism	NOUN
fbem-10239	13	10	of	of	ADP
fbem-10239	13	11	action	action	NOUN
fbem-10239	13	12	between	between	ADP
fbem-10239	13	13	the	the	DET
fbem-10239	13	14	two	two	NUM
fbem-10239	13	15	?	?	PUNCT
fbem-10239	14	1	based	base	VERB
fbem-10239	14	2	on	on	ADP
fbem-10239	14	3	this	this	PRON
fbem-10239	14	4	,	,	PUNCT
fbem-10239	14	5	this	this	DET
fbem-10239	14	6	paper	paper	NOUN
fbem-10239	14	7	selects	select	VERB
fbem-10239	14	8	the	the	DET
fbem-10239	14	9	regulatory	regulatory	ADJ
fbem-10239	14	10	data	datum	NOUN
fbem-10239	14	11	of	of	ADP
fbem-10239	14	12	a	a	DET
fbem-10239	14	13	-	-	PUNCT
fbem-10239	14	14	share	share	NOUN
fbem-10239	14	15	listed	list	VERB
fbem-10239	14	16	companies	company	NOUN
fbem-10239	14	17	and	and	CCONJ
fbem-10239	14	18	inquiry	inquiry	NOUN
fbem-10239	14	19	letters	letter	NOUN
fbem-10239	14	20	on	on	ADP
fbem-10239	14	21	the	the	DET
fbem-10239	14	22	shanghai	shanghai	PROPN
fbem-10239	14	23	stock	stock	PROPN
fbem-10239	14	24	exchange	exchange	PROPN
fbem-10239	14	25	and	and	CCONJ
fbem-10239	14	26	shenzhen	shenzhen	PROPN
fbem-10239	14	27	stock	stock	PROPN
fbem-10239	14	28	exchange	exchange	PROPN
fbem-10239	14	29	from	from	ADP
fbem-10239	14	30	2014	2014	NUM
fbem-10239	14	31	to	to	ADP
fbem-10239	14	32	2020	2020	NUM
fbem-10239	14	33	,	,	PUNCT
fbem-10239	14	34	and	and	CCONJ
fbem-10239	14	35	uses	use	VERB
fbem-10239	14	36	a	a	DET
fbem-10239	14	37	multi	multi	ADJ
fbem-10239	14	38	-	-	ADJ
fbem-10239	14	39	period	period	ADJ
fbem-10239	14	40	double	double	ADJ
fbem-10239	14	41	difference	difference	NOUN
fbem-10239	14	42	model	model	NOUN
fbem-10239	14	43	to	to	PART
fbem-10239	14	44	study	study	VERB
fbem-10239	14	45	the	the	DET
fbem-10239	14	46	impact	impact	NOUN
fbem-10239	14	47	of	of	ADP
fbem-10239	14	48	inquiry	inquiry	NOUN
fbem-10239	14	49	letter	letter	NOUN
fbem-10239	14	50	supervision	supervision	NOUN
fbem-10239	14	51	on	on	ADP
fbem-10239	14	52	the	the	DET
fbem-10239	14	53	investment	investment	NOUN
fbem-10239	14	54	efficiency	efficiency	NOUN
fbem-10239	14	55	of	of	ADP
fbem-10239	14	56	enterprises	enterprise	NOUN
fbem-10239	14	57	.	.	PUNCT
fbem-10239	15	1	the	the	DET
fbem-10239	15	2	study	study	NOUN
fbem-10239	15	3	shows	show	VERB
fbem-10239	15	4	that	that	SCONJ
fbem-10239	15	5	the	the	DET
fbem-10239	15	6	regulation	regulation	NOUN
fbem-10239	15	7	of	of	ADP
fbem-10239	15	8	exchange	exchange	NOUN
fbem-10239	15	9	inquiry	inquiry	NOUN
fbem-10239	15	10	letters	letter	NOUN
fbem-10239	15	11	has	have	VERB
fbem-10239	15	12	a	a	DET
fbem-10239	15	13	significant	significant	ADJ
fbem-10239	15	14	negative	negative	ADJ
fbem-10239	15	15	impact	impact	NOUN
fbem-10239	15	16	on	on	ADP
fbem-10239	15	17	the	the	DET
fbem-10239	15	18	investment	investment	NOUN
fbem-10239	15	19	efficiency	efficiency	NOUN
fbem-10239	15	20	of	of	ADP
fbem-10239	15	21	enterprises	enterprise	NOUN
fbem-10239	15	22	,	,	PUNCT
fbem-10239	15	23	and	and	CCONJ
fbem-10239	15	24	the	the	DET
fbem-10239	15	25	investment	investment	NOUN
fbem-10239	15	26	efficiency	efficiency	NOUN
fbem-10239	15	27	of	of	ADP
fbem-10239	15	28	companies	company	NOUN
fbem-10239	15	29	receiving	receive	VERB
fbem-10239	15	30	exchange	exchange	NOUN
fbem-10239	15	31	inquiry	inquiry	NOUN
fbem-10239	15	32	letters	letter	NOUN
fbem-10239	15	33	is	be	AUX
fbem-10239	15	34	significantly	significantly	ADV
fbem-10239	15	35	reduced	reduce	VERB
fbem-10239	15	36	.	.	PUNCT
fbem-10239	16	1	2	2	X
fbem-10239	16	2	.	.	X
fbem-10239	16	3	literature	literature	NOUN
fbem-10239	16	4	review	review	VERB
fbem-10239	16	5	2.1	2.1	NUM
fbem-10239	16	6	.	.	PUNCT
fbem-10239	17	1	regulatory	regulatory	ADJ
fbem-10239	17	2	effect	effect	NOUN
fbem-10239	17	3	of	of	ADP
fbem-10239	17	4	exchange	exchange	NOUN
fbem-10239	17	5	inquiry	inquiry	NOUN
fbem-10239	17	6	letters	letter	NOUN
fbem-10239	17	7	existing	exist	VERB
fbem-10239	17	8	studies	study	NOUN
fbem-10239	17	9	at	at	ADP
fbem-10239	17	10	home	home	ADV
fbem-10239	17	11	and	and	CCONJ
fbem-10239	17	12	abroad	abroad	ADV
fbem-10239	17	13	agree	agree	VERB
fbem-10239	17	14	that	that	SCONJ
fbem-10239	17	15	the	the	DET
fbem-10239	17	16	inquiry	inquiry	NOUN
fbem-10239	17	17	letter	letter	NOUN
fbem-10239	17	18	supervision	supervision	NOUN
fbem-10239	17	19	system	system	NOUN
fbem-10239	17	20	improves	improve	VERB
fbem-10239	17	21	the	the	DET
fbem-10239	17	22	regulatory	regulatory	ADJ
fbem-10239	17	23	function	function	NOUN
fbem-10239	17	24	of	of	ADP
fbem-10239	17	25	exchanges	exchange	NOUN
fbem-10239	17	26	,	,	PUNCT
fbem-10239	17	27	and	and	CCONJ
fbem-10239	17	28	the	the	DET
fbem-10239	17	29	dynamics	dynamic	NOUN
fbem-10239	17	30	of	of	ADP
fbem-10239	17	31	public	public	ADJ
fbem-10239	17	32	inquiry	inquiry	NOUN
fbem-10239	17	33	letters	letter	NOUN
fbem-10239	17	34	further	far	ADV
fbem-10239	17	35	strengthen	strengthen	VERB
fbem-10239	17	36	the	the	DET
fbem-10239	17	37	external	external	ADJ
fbem-10239	17	38	supervision	supervision	NOUN
fbem-10239	17	39	mechanism	mechanism	NOUN
fbem-10239	17	40	of	of	ADP
fbem-10239	17	41	listed	list	VERB
fbem-10239	17	42	companies	company	NOUN
fbem-10239	17	43	,	,	PUNCT
fbem-10239	17	44	which	which	PRON
fbem-10239	17	45	is	be	AUX
fbem-10239	17	46	a	a	DET
fbem-10239	17	47	strong	strong	ADJ
fbem-10239	17	48	regulatory	regulatory	ADJ
fbem-10239	17	49	measure	measure	NOUN
fbem-10239	17	50	for	for	ADP
fbem-10239	17	51	exchanges	exchange	NOUN
fbem-10239	17	52	to	to	ADP
fbem-10239	17	53	listed	list	VERB
fbem-10239	17	54	companies	company	NOUN
fbem-10239	17	55	(	(	PUNCT
fbem-10239	17	56	yang	yang	PROPN
fbem-10239	17	57	&	&	CCONJ
fbem-10239	17	58	li	li	PROPN
fbem-10239	17	59	,	,	PUNCT
fbem-10239	17	60	2018[1	2018[1	NUM
fbem-10239	17	61	]	]	PUNCT
fbem-10239	17	62	)	)	PUNCT
fbem-10239	17	63	.	.	PUNCT
fbem-10239	18	1	the	the	DET
fbem-10239	18	2	academic	academic	ADJ
fbem-10239	18	3	research	research	NOUN
fbem-10239	18	4	on	on	ADP
fbem-10239	18	5	the	the	DET
fbem-10239	18	6	economic	economic	ADJ
fbem-10239	18	7	impact	impact	NOUN
fbem-10239	18	8	of	of	ADP
fbem-10239	18	9	exchange	exchange	NOUN
fbem-10239	18	10	inquiry	inquiry	NOUN
fbem-10239	18	11	letter	letter	NOUN
fbem-10239	18	12	supervision	supervision	NOUN
fbem-10239	18	13	is	be	AUX
fbem-10239	18	14	mainly	mainly	ADV
fbem-10239	18	15	divided	divide	VERB
fbem-10239	18	16	into	into	ADP
fbem-10239	18	17	two	two	NUM
fbem-10239	18	18	categories	category	NOUN
fbem-10239	18	19	:	:	PUNCT
fbem-10239	18	20	one	one	NUM
fbem-10239	18	21	is	be	AUX
fbem-10239	18	22	the	the	DET
fbem-10239	18	23	impact	impact	NOUN
fbem-10239	18	24	of	of	ADP
fbem-10239	18	25	inquiry	inquiry	NOUN
fbem-10239	18	26	letter	letter	NOUN
fbem-10239	18	27	supervision	supervision	NOUN
fbem-10239	18	28	on	on	ADP
fbem-10239	18	29	the	the	DET
fbem-10239	18	30	internal	internal	ADJ
fbem-10239	18	31	governance	governance	NOUN
fbem-10239	18	32	of	of	ADP
fbem-10239	18	33	the	the	DET
fbem-10239	18	34	company	company	NOUN
fbem-10239	18	35	,	,	PUNCT
fbem-10239	18	36	and	and	CCONJ
fbem-10239	18	37	the	the	DET
fbem-10239	18	38	other	other	ADJ
fbem-10239	18	39	is	be	AUX
fbem-10239	18	40	the	the	DET
fbem-10239	18	41	impact	impact	NOUN
fbem-10239	18	42	on	on	ADP
fbem-10239	18	43	the	the	DET
fbem-10239	18	44	external	external	ADJ
fbem-10239	18	45	affiliates	affiliate	NOUN
fbem-10239	18	46	of	of	ADP
fbem-10239	18	47	the	the	DET
fbem-10239	18	48	company	company	NOUN
fbem-10239	18	49	.	.	PUNCT
fbem-10239	19	1	from	from	ADP
fbem-10239	19	2	the	the	DET
fbem-10239	19	3	perspective	perspective	NOUN
fbem-10239	19	4	of	of	ADP
fbem-10239	19	5	internal	internal	ADJ
fbem-10239	19	6	governance	governance	NOUN
fbem-10239	19	7	and	and	CCONJ
fbem-10239	19	8	economic	economic	ADJ
fbem-10239	19	9	effects	effect	NOUN
fbem-10239	19	10	,	,	PUNCT
fbem-10239	19	11	the	the	DET
fbem-10239	19	12	supervision	supervision	NOUN
fbem-10239	19	13	of	of	ADP
fbem-10239	19	14	inquiry	inquiry	NOUN
fbem-10239	19	15	letters	letter	NOUN
fbem-10239	19	16	improves	improve	VERB
fbem-10239	19	17	the	the	DET
fbem-10239	19	18	level	level	NOUN
fbem-10239	19	19	of	of	ADP
fbem-10239	19	20	information	information	NOUN
fbem-10239	19	21	disclosure	disclosure	NOUN
fbem-10239	19	22	of	of	ADP
fbem-10239	19	23	listed	list	VERB
fbem-10239	19	24	companies	company	NOUN
fbem-10239	19	25	(	(	PUNCT
fbem-10239	19	26	huang	huang	PROPN
fbem-10239	19	27	&	&	CCONJ
fbem-10239	19	28	chang	chang	PROPN
fbem-10239	19	29	,	,	PUNCT
fbem-10239	19	30	2021[2	2021[2	NUM
fbem-10239	19	31	]	]	PUNCT
fbem-10239	19	32	)	)	PUNCT
fbem-10239	19	33	,	,	PUNCT
fbem-10239	19	34	reduces	reduce	VERB
fbem-10239	19	35	the	the	DET
fbem-10239	19	36	level	level	NOUN
fbem-10239	19	37	of	of	ADP
fbem-10239	19	38	information	information	NOUN
fbem-10239	19	39	asymmetry	asymmetry	NOUN
fbem-10239	19	40	(	(	PUNCT
fbem-10239	19	41	di	di	X
fbem-10239	19	42	&	&	CCONJ
fbem-10239	19	43	wang	wang	PROPN
fbem-10239	19	44	,	,	PUNCT
fbem-10239	19	45	2019[3	2019[3	NUM
fbem-10239	19	46	]	]	X
fbem-10239	19	47	)	)	PUNCT
fbem-10239	19	48	,	,	PUNCT
fbem-10239	19	49	further	far	ADV
fbem-10239	19	50	improves	improve	VERB
fbem-10239	19	51	accounting	accounting	NOUN
fbem-10239	19	52	robustness	robustness	NOUN
fbem-10239	19	53	(	(	PUNCT
fbem-10239	19	54	shi	shi	PROPN
fbem-10239	19	55	et	et	PROPN
fbem-10239	19	56	al	al	PROPN
fbem-10239	19	57	.	.	PROPN
fbem-10239	19	58	,	,	PUNCT
fbem-10239	19	59	2021[4	2021[4	NUM
fbem-10239	19	60	]	]	PUNCT
fbem-10239	19	61	)	)	PUNCT
fbem-10239	19	62	,	,	PUNCT
fbem-10239	19	63	and	and	CCONJ
fbem-10239	19	64	in	in	ADP
fbem-10239	19	65	terms	term	NOUN
fbem-10239	19	66	of	of	ADP
fbem-10239	19	67	executive	executive	ADJ
fbem-10239	19	68	incentive	incentive	NOUN
fbem-10239	19	69	and	and	CCONJ
fbem-10239	19	70	management	management	NOUN
fbem-10239	19	71	,	,	PUNCT
fbem-10239	19	72	companies	company	NOUN
fbem-10239	19	73	that	that	PRON
fbem-10239	19	74	receive	receive	VERB
fbem-10239	19	75	inquiry	inquiry	NOUN
fbem-10239	19	76	letters	letter	NOUN
fbem-10239	19	77	from	from	ADP
fbem-10239	19	78	exchanges	exchange	NOUN
fbem-10239	19	79	have	have	AUX
fbem-10239	19	80	reduced	reduce	VERB
fbem-10239	19	81	sensitivity	sensitivity	NOUN
fbem-10239	19	82	to	to	ADP
fbem-10239	19	83	executive	executive	NOUN
fbem-10239	19	84	compensation	compensation	NOUN
fbem-10239	19	85	performance	performance	NOUN
fbem-10239	19	86	(	(	PUNCT
fbem-10239	19	87	he	he	PRON
fbem-10239	19	88	&	&	CCONJ
fbem-10239	19	89	fang	fang	PROPN
fbem-10239	19	90	,	,	PUNCT
fbem-10239	19	91	2021[5	2021[5	NUM
fbem-10239	19	92	]	]	PUNCT
fbem-10239	19	93	)	)	PUNCT
fbem-10239	19	94	,	,	PUNCT
fbem-10239	19	95	overcompensation	overcompensation	NOUN
fbem-10239	19	96	is	be	AUX
fbem-10239	19	97	suppressed	suppress	VERB
fbem-10239	19	98	(	(	PUNCT
fbem-10239	19	99	liu	liu	PROPN
fbem-10239	19	100	&	&	CCONJ
fbem-10239	19	101	bai	bai	PROPN
fbem-10239	19	102	,	,	PUNCT
fbem-10239	19	103	2021[6	2021[6	NOUN
fbem-10239	19	104	]	]	X
fbem-10239	19	105	)	)	PUNCT
fbem-10239	19	106	,	,	PUNCT
fbem-10239	19	107	and	and	CCONJ
fbem-10239	19	108	are	be	AUX
fbem-10239	19	109	more	more	ADV
fbem-10239	19	110	prone	prone	ADJ
fbem-10239	19	111	to	to	ADP
fbem-10239	19	112	executive	executive	ADJ
fbem-10239	19	113	changes	change	NOUN
fbem-10239	19	114	(	(	PUNCT
fbem-10239	19	115	deng	deng	PROPN
fbem-10239	19	116	et	et	PROPN
fbem-10239	19	117	al	al	PROPN
fbem-10239	19	118	.	.	PROPN
fbem-10239	19	119	,	,	PUNCT
fbem-10239	20	1	2020[7	2020[7	NUM
fbem-10239	20	2	]	]	X
fbem-10239	20	3	）	）	PUNCT
fbem-10239	20	4	。	。	PROPN
fbem-10239	20	5	lin	lin	PROPN
fbem-10239	20	6	et	et	PROPN
fbem-10239	20	7	al	al	PROPN
fbem-10239	20	8	.	.	PUNCT
fbem-10239	21	1	(	(	PUNCT
fbem-10239	21	2	2021)[8	2021)[8	NUM
fbem-10239	21	3	]	]	PUNCT
fbem-10239	21	4	believes	believe	VERB
fbem-10239	21	5	that	that	SCONJ
fbem-10239	21	6	companies	company	NOUN
fbem-10239	21	7	receiving	receive	VERB
fbem-10239	21	8	inquiry	inquiry	NOUN
fbem-10239	21	9	letters	letter	NOUN
fbem-10239	21	10	will	will	AUX
fbem-10239	21	11	increase	increase	VERB
fbem-10239	21	12	the	the	DET
fbem-10239	21	13	allocation	allocation	NOUN
fbem-10239	21	14	of	of	ADP
fbem-10239	21	15	their	their	PRON
fbem-10239	21	16	financial	financial	ADJ
fbem-10239	21	17	assets	asset	NOUN
fbem-10239	21	18	in	in	ADP
fbem-10239	21	19	the	the	DET
fbem-10239	21	20	short	short	ADJ
fbem-10239	21	21	term	term	NOUN
fbem-10239	21	22	,	,	PUNCT
fbem-10239	21	23	resulting	result	VERB
fbem-10239	21	24	in	in	ADP
fbem-10239	21	25	enterprises	enterprise	NOUN
fbem-10239	21	26	"	"	PUNCT
fbem-10239	21	27	turning	turn	VERB
fbem-10239	21	28	from	from	ADP
fbem-10239	21	29	real	real	ADV
fbem-10239	21	30	to	to	ADP
fbem-10239	21	31	virtual	virtual	ADJ
fbem-10239	21	32	"	"	PUNCT
fbem-10239	21	33	,	,	PUNCT
fbem-10239	21	34	ma	ma	PROPN
fbem-10239	21	35	(	(	PUNCT
fbem-10239	21	36	2021)[9	2021)[9	PROPN
fbem-10239	21	37	]	]	PUNCT
fbem-10239	21	38	found	find	VERB
fbem-10239	21	39	that	that	SCONJ
fbem-10239	21	40	inquiry	inquiry	NOUN
fbem-10239	21	41	regulatory	regulatory	ADJ
fbem-10239	21	42	measures	measure	NOUN
fbem-10239	21	43	have	have	AUX
fbem-10239	21	44	limited	limit	VERB
fbem-10239	21	45	regulatory	regulatory	ADJ
fbem-10239	21	46	effects	effect	NOUN
fbem-10239	21	47	on	on	ADP
fbem-10239	21	48	improving	improve	VERB
fbem-10239	21	49	the	the	DET
fbem-10239	21	50	quality	quality	NOUN
fbem-10239	21	51	of	of	ADP
fbem-10239	21	52	earnings	earning	NOUN
fbem-10239	21	53	,	,	PUNCT
fbem-10239	21	54	and	and	CCONJ
fbem-10239	21	55	he	he	PRON
fbem-10239	21	56	&	&	CCONJ
fbem-10239	21	57	fang	fang	PROPN
fbem-10239	21	58	(	(	PUNCT
fbem-10239	21	59	2022)[9	2022)[9	PROPN
fbem-10239	21	60	]	]	PUNCT
fbem-10239	21	61	found	find	VERB
fbem-10239	21	62	that	that	SCONJ
fbem-10239	21	63	inquiry	inquiry	NOUN
fbem-10239	21	64	letters	letter	NOUN
fbem-10239	21	65	increase	increase	VERB
fbem-10239	21	66	the	the	DET
fbem-10239	21	67	company	company	NOUN
fbem-10239	21	68	's	's	PART
fbem-10239	21	69	overall	overall	ADJ
fbem-10239	21	70	information	information	NOUN
fbem-10239	21	71	uncertainty	uncertainty	NOUN
fbem-10239	21	72	by	by	ADP
fbem-10239	21	73	measuring	measure	VERB
fbem-10239	21	74	analysts	analyst	NOUN
fbem-10239	21	75	'	'	PART
fbem-10239	21	76	forecast	forecast	NOUN
fbem-10239	21	77	periodization	periodization	NOUN
fbem-10239	21	78	and	and	CCONJ
fbem-10239	21	79	errors	error	NOUN
fbem-10239	21	80	.	.	PUNCT
fbem-10239	22	1	from	from	ADP
fbem-10239	22	2	the	the	DET
fbem-10239	22	3	perspective	perspective	NOUN
fbem-10239	22	4	of	of	ADP
fbem-10239	22	5	the	the	DET
fbem-10239	22	6	impact	impact	NOUN
fbem-10239	22	7	of	of	ADP
fbem-10239	22	8	external	external	ADJ
fbem-10239	22	9	correlation	correlation	NOUN
fbem-10239	22	10	of	of	ADP
fbem-10239	22	11	enterprises	enterprise	NOUN
fbem-10239	22	12	,	,	PUNCT
fbem-10239	22	13	most	most	ADJ
fbem-10239	22	14	studies	study	NOUN
fbem-10239	22	15	believe	believe	VERB
fbem-10239	22	16	that	that	SCONJ
fbem-10239	22	17	inquiry	inquiry	NOUN
fbem-10239	22	18	letters	letter	NOUN
fbem-10239	22	19	have	have	VERB
fbem-10239	22	20	an	an	DET
fbem-10239	22	21	early	early	ADJ
fbem-10239	22	22	warning	warning	NOUN
fbem-10239	22	23	effect	effect	NOUN
fbem-10239	22	24	(	(	PUNCT
fbem-10239	22	25	zhang	zhang	X
fbem-10239	22	26	et	et	PROPN
fbem-10239	22	27	al	al	PROPN
fbem-10239	22	28	.	.	PROPN
fbem-10239	22	29	,	,	PUNCT
fbem-10239	22	30	2018[10	2018[10	NUM
fbem-10239	22	31	]	]	PUNCT
fbem-10239	22	32	;	;	PUNCT
fbem-10239	22	33	fu	fu	PROPN
fbem-10239	22	34	et	et	PROPN
fbem-10239	22	35	al	al	PROPN
fbem-10239	22	36	.	.	PROPN
fbem-10239	22	37	,	,	PUNCT
fbem-10239	22	38	2021[11	2021[11	NUM
fbem-10239	22	39	]	]	PUNCT
fbem-10239	22	40	)	)	PUNCT
fbem-10239	22	41	,	,	PUNCT
fbem-10239	22	42	and	and	CCONJ
fbem-10239	22	43	the	the	DET
fbem-10239	22	44	supervision	supervision	NOUN
fbem-10239	22	45	that	that	PRON
fbem-10239	22	46	attracted	attract	VERB
fbem-10239	22	47	media	medium	NOUN
fbem-10239	22	48	and	and	CCONJ
fbem-10239	22	49	public	public	ADJ
fbem-10239	22	50	attention	attention	NOUN
fbem-10239	22	51	after	after	ADP
fbem-10239	22	52	public	public	ADJ
fbem-10239	22	53	disclosure	disclosure	NOUN
fbem-10239	22	54	combined	combine	VERB
fbem-10239	22	55	forces	force	NOUN
fbem-10239	22	56	,	,	PUNCT
fbem-10239	22	57	and	and	CCONJ
fbem-10239	22	58	the	the	DET
fbem-10239	22	59	order	order	NOUN
fbem-10239	22	60	of	of	ADP
fbem-10239	22	61	the	the	DET
fbem-10239	22	62	capital	capital	NOUN
fbem-10239	22	63	market	market	NOUN
fbem-10239	22	64	was	be	AUX
fbem-10239	22	65	maintained	maintain	VERB
fbem-10239	22	66	,	,	PUNCT
fbem-10239	22	67	but	but	CCONJ
fbem-10239	22	68	the	the	DET
fbem-10239	22	69	inquiry	inquiry	NOUN
fbem-10239	22	70	175	175	NUM
fbem-10239	22	71	letter	letter	NOUN
fbem-10239	22	72	also	also	ADV
fbem-10239	22	73	reduced	reduce	VERB
fbem-10239	22	74	the	the	DET
fbem-10239	22	75	reputation	reputation	NOUN
fbem-10239	22	76	of	of	ADP
fbem-10239	22	77	the	the	DET
fbem-10239	22	78	receiving	receive	VERB
fbem-10239	22	79	company	company	NOUN
fbem-10239	22	80	(	(	PUNCT
fbem-10239	22	81	di	di	X
fbem-10239	22	82	&	&	CCONJ
fbem-10239	22	83	han	han	PROPN
fbem-10239	22	84	,	,	PUNCT
fbem-10239	22	85	2021[12	2021[12	NUM
fbem-10239	22	86	]	]	NUM
fbem-10239	22	87	)	)	PUNCT
fbem-10239	22	88	,	,	PUNCT
fbem-10239	22	89	making	make	VERB
fbem-10239	22	90	the	the	DET
fbem-10239	22	91	companies	company	NOUN
fbem-10239	22	92	supervised	supervise	VERB
fbem-10239	22	93	by	by	ADP
fbem-10239	22	94	the	the	DET
fbem-10239	22	95	exchange	exchange	NOUN
fbem-10239	22	96	inquiry	inquiry	NOUN
fbem-10239	22	97	letter	letter	NOUN
fbem-10239	22	98	face	face	VERB
fbem-10239	22	99	higher	high	ADJ
fbem-10239	22	100	audit	audit	NOUN
fbem-10239	22	101	fees	fee	NOUN
fbem-10239	22	102	(	(	PUNCT
fbem-10239	22	103	chen	chen	PROPN
fbem-10239	22	104	et	et	PROPN
fbem-10239	22	105	al	al	PROPN
fbem-10239	22	106	.	.	PROPN
fbem-10239	22	107	,	,	PUNCT
fbem-10239	22	108	2018[13	2018[13	NUM
fbem-10239	22	109	]	]	PUNCT
fbem-10239	22	110	;	;	PUNCT
fbem-10239	22	111	shen	shen	PROPN
fbem-10239	22	112	&	&	CCONJ
fbem-10239	22	113	jing	jing	PROPN
fbem-10239	22	114	,	,	PUNCT
fbem-10239	22	115	2020[14	2020[14	PROPN
fbem-10239	22	116	]	]	X
fbem-10239	22	117	)	)	PUNCT
fbem-10239	22	118	,	,	PUNCT
fbem-10239	22	119	borrowing	borrowing	NOUN
fbem-10239	22	120	costs	cost	NOUN
fbem-10239	22	121	,	,	PUNCT
fbem-10239	22	122	financing	financing	NOUN
fbem-10239	22	123	constraints	constraint	NOUN
fbem-10239	22	124	(	(	PUNCT
fbem-10239	22	125	di	di	X
fbem-10239	22	126	et	et	PROPN
fbem-10239	22	127	al	al	PROPN
fbem-10239	22	128	.	.	PROPN
fbem-10239	22	129	,	,	PUNCT
fbem-10239	22	130	2020[15	2020[15	NUM
fbem-10239	22	131	]	]	PUNCT
fbem-10239	22	132	)	)	PUNCT
fbem-10239	22	133	.	.	PUNCT
fbem-10239	23	1	2.2	2.2	NUM
fbem-10239	23	2	.	.	PUNCT
fbem-10239	24	1	enterprise	enterprise	NOUN
fbem-10239	24	2	investment	investment	NOUN
fbem-10239	24	3	efficiency	efficiency	NOUN
fbem-10239	24	4	the	the	DET
fbem-10239	24	5	early	early	ADJ
fbem-10239	24	6	research	research	NOUN
fbem-10239	24	7	on	on	ADP
fbem-10239	24	8	enterprise	enterprise	NOUN
fbem-10239	24	9	investment	investment	NOUN
fbem-10239	24	10	efficiency	efficiency	NOUN
fbem-10239	24	11	at	at	ADP
fbem-10239	24	12	home	home	NOUN
fbem-10239	24	13	and	and	CCONJ
fbem-10239	24	14	abroad	abroad	ADV
fbem-10239	24	15	is	be	AUX
fbem-10239	24	16	based	base	VERB
fbem-10239	24	17	on	on	ADP
fbem-10239	24	18	neoclassical	neoclassical	ADJ
fbem-10239	24	19	investment	investment	NOUN
fbem-10239	24	20	theory	theory	NOUN
fbem-10239	24	21	,	,	PUNCT
fbem-10239	24	22	which	which	PRON
fbem-10239	24	23	believes	believe	VERB
fbem-10239	24	24	that	that	SCONJ
fbem-10239	24	25	investment	investment	NOUN
fbem-10239	24	26	efficiency	efficiency	NOUN
fbem-10239	24	27	is	be	AUX
fbem-10239	24	28	the	the	DET
fbem-10239	24	29	adjustment	adjustment	NOUN
fbem-10239	24	30	problem	problem	NOUN
fbem-10239	24	31	of	of	ADP
fbem-10239	24	32	optimal	optimal	ADJ
fbem-10239	24	33	capital	capital	NOUN
fbem-10239	24	34	stock	stock	NOUN
fbem-10239	24	35	,	,	PUNCT
fbem-10239	24	36	which	which	PRON
fbem-10239	24	37	depends	depend	VERB
fbem-10239	24	38	on	on	ADP
fbem-10239	24	39	the	the	DET
fbem-10239	24	40	marginal	marginal	ADJ
fbem-10239	24	41	cost	cost	NOUN
fbem-10239	24	42	and	and	CCONJ
fbem-10239	24	43	marginal	marginal	ADJ
fbem-10239	24	44	value	value	NOUN
fbem-10239	24	45	of	of	ADP
fbem-10239	24	46	enterprise	enterprise	NOUN
fbem-10239	24	47	investment	investment	NOUN
fbem-10239	24	48	.	.	PUNCT
fbem-10239	25	1	with	with	ADP
fbem-10239	25	2	the	the	DET
fbem-10239	25	3	deepening	deepening	NOUN
fbem-10239	25	4	of	of	ADP
fbem-10239	25	5	research	research	NOUN
fbem-10239	25	6	,	,	PUNCT
fbem-10239	25	7	the	the	DET
fbem-10239	25	8	existing	exist	VERB
fbem-10239	25	9	literature	literature	NOUN
fbem-10239	25	10	analyzes	analyze	VERB
fbem-10239	25	11	the	the	DET
fbem-10239	25	12	important	important	ADJ
fbem-10239	25	13	factors	factor	NOUN
fbem-10239	25	14	affecting	affect	VERB
fbem-10239	25	15	the	the	DET
fbem-10239	25	16	investment	investment	NOUN
fbem-10239	25	17	efficiency	efficiency	NOUN
fbem-10239	25	18	of	of	ADP
fbem-10239	25	19	enterprises	enterprise	NOUN
fbem-10239	25	20	based	base	VERB
fbem-10239	25	21	on	on	ADP
fbem-10239	25	22	the	the	DET
fbem-10239	25	23	perspectives	perspective	NOUN
fbem-10239	25	24	of	of	ADP
fbem-10239	25	25	information	information	NOUN
fbem-10239	25	26	asymmetry	asymmetry	NOUN
fbem-10239	25	27	,	,	PUNCT
fbem-10239	25	28	financing	financing	NOUN
fbem-10239	25	29	constraints	constraint	NOUN
fbem-10239	25	30	,	,	PUNCT
fbem-10239	25	31	agency	agency	NOUN
fbem-10239	25	32	problems	problem	NOUN
fbem-10239	25	33	and	and	CCONJ
fbem-10239	25	34	irrational	irrational	ADJ
fbem-10239	25	35	behavior	behavior	NOUN
fbem-10239	25	36	.	.	PUNCT
fbem-10239	26	1	from	from	ADP
fbem-10239	26	2	the	the	DET
fbem-10239	26	3	perspective	perspective	NOUN
fbem-10239	26	4	of	of	ADP
fbem-10239	26	5	information	information	NOUN
fbem-10239	26	6	asymmetry	asymmetry	NOUN
fbem-10239	26	7	and	and	CCONJ
fbem-10239	26	8	financing	financing	NOUN
fbem-10239	26	9	constraints	constraint	NOUN
fbem-10239	26	10	,	,	PUNCT
fbem-10239	26	11	information	information	NOUN
fbem-10239	26	12	asymmetry	asymmetry	NOUN
fbem-10239	26	13	will	will	AUX
fbem-10239	26	14	increase	increase	VERB
fbem-10239	26	15	the	the	DET
fbem-10239	26	16	financing	financing	NOUN
fbem-10239	26	17	cost	cost	NOUN
fbem-10239	26	18	of	of	ADP
fbem-10239	26	19	enterprises	enterprise	NOUN
fbem-10239	26	20	,	,	PUNCT
fbem-10239	26	21	and	and	CCONJ
fbem-10239	26	22	when	when	SCONJ
fbem-10239	26	23	the	the	DET
fbem-10239	26	24	financing	financing	NOUN
fbem-10239	26	25	cost	cost	NOUN
fbem-10239	26	26	is	be	AUX
fbem-10239	26	27	too	too	ADV
fbem-10239	26	28	high	high	ADJ
fbem-10239	26	29	,	,	PUNCT
fbem-10239	26	30	there	there	PRON
fbem-10239	26	31	may	may	AUX
fbem-10239	26	32	be	be	AUX
fbem-10239	26	33	insufficient	insufficient	ADJ
fbem-10239	26	34	investment	investment	NOUN
fbem-10239	26	35	and	and	CCONJ
fbem-10239	26	36	affect	affect	VERB
fbem-10239	26	37	investment	investment	NOUN
fbem-10239	26	38	efficiency	efficiency	NOUN
fbem-10239	26	39	(	(	PUNCT
fbem-10239	26	40	myers	myer	NOUN
fbem-10239	26	41	,	,	PUNCT
fbem-10239	26	42	1977[16	1977[16	NUM
fbem-10239	26	43	]	]	PUNCT
fbem-10239	26	44	)	)	PUNCT
fbem-10239	26	45	.	.	PUNCT
fbem-10239	27	1	shao	shao	PROPN
fbem-10239	27	2	&	&	CCONJ
fbem-10239	27	3	hu	hu	PROPN
fbem-10239	27	4	(	(	PUNCT
fbem-10239	27	5	2022)[17	2022)[17	PROPN
fbem-10239	27	6	]	]	PUNCT
fbem-10239	27	7	found	find	VERB
fbem-10239	27	8	that	that	SCONJ
fbem-10239	27	9	fintech	fintech	NOUN
fbem-10239	27	10	can	can	AUX
fbem-10239	27	11	improve	improve	VERB
fbem-10239	27	12	the	the	DET
fbem-10239	27	13	investment	investment	NOUN
fbem-10239	27	14	efficiency	efficiency	NOUN
fbem-10239	27	15	of	of	ADP
fbem-10239	27	16	enterprises	enterprise	NOUN
fbem-10239	27	17	by	by	ADP
fbem-10239	27	18	alleviating	alleviate	VERB
fbem-10239	27	19	the	the	DET
fbem-10239	27	20	financing	financing	NOUN
fbem-10239	27	21	constraints	constraint	NOUN
fbem-10239	27	22	generated	generate	VERB
fbem-10239	27	23	by	by	ADP
fbem-10239	27	24	information	information	NOUN
fbem-10239	27	25	asymmetry	asymmetry	NOUN
fbem-10239	27	26	.	.	PUNCT
fbem-10239	28	1	zhang	zhang	PROPN
fbem-10239	28	2	&	&	CCONJ
fbem-10239	28	3	li	li	PROPN
fbem-10239	28	4	(	(	PUNCT
fbem-10239	28	5	2021)[18	2021)[18	X
fbem-10239	28	6	]	]	X
fbem-10239	28	7	studies	study	VERB
fbem-10239	28	8	the	the	DET
fbem-10239	28	9	impact	impact	NOUN
fbem-10239	28	10	of	of	ADP
fbem-10239	28	11	heterogeneity	heterogeneity	NOUN
fbem-10239	28	12	of	of	ADP
fbem-10239	28	13	different	different	ADJ
fbem-10239	28	14	financing	financing	NOUN
fbem-10239	28	15	constraints	constraint	NOUN
fbem-10239	28	16	on	on	ADP
fbem-10239	28	17	the	the	DET
fbem-10239	28	18	investment	investment	NOUN
fbem-10239	28	19	efficiency	efficiency	NOUN
fbem-10239	28	20	of	of	ADP
fbem-10239	28	21	enterprises	enterprise	NOUN
fbem-10239	28	22	.	.	PUNCT
fbem-10239	29	1	ye	ye	PRON
fbem-10239	29	2	et	et	PROPN
fbem-10239	29	3	al	al	PROPN
fbem-10239	29	4	.	.	PUNCT
fbem-10239	30	1	(	(	PUNCT
fbem-10239	30	2	2020)[19	2020)[19	PROPN
fbem-10239	30	3	]	]	X
fbem-10239	30	4	believes	believe	VERB
fbem-10239	30	5	that	that	SCONJ
fbem-10239	30	6	information	information	NOUN
fbem-10239	30	7	sharing	sharing	NOUN
fbem-10239	30	8	improves	improve	VERB
fbem-10239	30	9	corporate	corporate	ADJ
fbem-10239	30	10	debt	debt	NOUN
fbem-10239	30	11	financing	financing	NOUN
fbem-10239	30	12	and	and	CCONJ
fbem-10239	30	13	improves	improve	VERB
fbem-10239	30	14	corporate	corporate	ADJ
fbem-10239	30	15	investment	investment	NOUN
fbem-10239	30	16	efficiency	efficiency	NOUN
fbem-10239	30	17	.	.	PUNCT
fbem-10239	31	1	from	from	ADP
fbem-10239	31	2	the	the	DET
fbem-10239	31	3	perspective	perspective	NOUN
fbem-10239	31	4	of	of	ADP
fbem-10239	31	5	principal	principal	ADJ
fbem-10239	31	6	-	-	PUNCT
fbem-10239	31	7	agent	agent	NOUN
fbem-10239	31	8	and	and	CCONJ
fbem-10239	31	9	internal	internal	ADJ
fbem-10239	31	10	governance	governance	NOUN
fbem-10239	31	11	,	,	PUNCT
fbem-10239	31	12	due	due	ADP
fbem-10239	31	13	to	to	ADP
fbem-10239	31	14	the	the	DET
fbem-10239	31	15	separation	separation	NOUN
fbem-10239	31	16	of	of	ADP
fbem-10239	31	17	ownership	ownership	NOUN
fbem-10239	31	18	and	and	CCONJ
fbem-10239	31	19	control	control	NOUN
fbem-10239	31	20	,	,	PUNCT
fbem-10239	31	21	the	the	DET
fbem-10239	31	22	interests	interest	NOUN
fbem-10239	31	23	of	of	ADP
fbem-10239	31	24	investors	investor	NOUN
fbem-10239	31	25	and	and	CCONJ
fbem-10239	31	26	managers	manager	NOUN
fbem-10239	31	27	are	be	AUX
fbem-10239	31	28	inconsistent	inconsistent	ADJ
fbem-10239	31	29	in	in	ADP
fbem-10239	31	30	modern	modern	ADJ
fbem-10239	31	31	corporate	corporate	ADJ
fbem-10239	31	32	enterprises	enterprise	NOUN
fbem-10239	31	33	,	,	PUNCT
fbem-10239	31	34	and	and	CCONJ
fbem-10239	31	35	managers	manager	NOUN
fbem-10239	31	36	'	'	PART
fbem-10239	31	37	investment	investment	NOUN
fbem-10239	31	38	decisions	decision	NOUN
fbem-10239	31	39	may	may	AUX
fbem-10239	31	40	be	be	AUX
fbem-10239	31	41	based	base	VERB
fbem-10239	31	42	on	on	ADP
fbem-10239	31	43	maximizing	maximize	VERB
fbem-10239	31	44	self	self	NOUN
fbem-10239	31	45	-	-	PUNCT
fbem-10239	31	46	returns	return	NOUN
fbem-10239	31	47	rather	rather	ADV
fbem-10239	31	48	than	than	ADP
fbem-10239	31	49	maximizing	maximize	VERB
fbem-10239	31	50	corporate	corporate	ADJ
fbem-10239	31	51	returns	return	NOUN
fbem-10239	31	52	,	,	PUNCT
fbem-10239	31	53	resulting	result	VERB
fbem-10239	31	54	in	in	ADP
fbem-10239	31	55	inefficient	inefficient	ADJ
fbem-10239	31	56	investment	investment	NOUN
fbem-10239	31	57	of	of	ADP
fbem-10239	31	58	enterprises	enterprise	NOUN
fbem-10239	31	59	.	.	PUNCT
fbem-10239	32	1	gu	gu	NOUN
fbem-10239	32	2	&	&	CCONJ
fbem-10239	32	3	zhang(2021)[20	zhang(2021)[20	PROPN
fbem-10239	32	4	]	]	PUNCT
fbem-10239	32	5	believes	believe	VERB
fbem-10239	32	6	that	that	SCONJ
fbem-10239	32	7	the	the	DET
fbem-10239	32	8	quality	quality	NOUN
fbem-10239	32	9	of	of	ADP
fbem-10239	32	10	internal	internal	ADJ
fbem-10239	32	11	control	control	NOUN
fbem-10239	32	12	can	can	AUX
fbem-10239	32	13	alleviate	alleviate	VERB
fbem-10239	32	14	the	the	DET
fbem-10239	32	15	agency	agency	NOUN
fbem-10239	32	16	cost	cost	NOUN
fbem-10239	32	17	of	of	ADP
fbem-10239	32	18	enterprises	enterprise	NOUN
fbem-10239	32	19	and	and	CCONJ
fbem-10239	32	20	promote	promote	VERB
fbem-10239	32	21	the	the	DET
fbem-10239	32	22	improvement	improvement	NOUN
fbem-10239	32	23	of	of	ADP
fbem-10239	32	24	enterprise	enterprise	NOUN
fbem-10239	32	25	investment	investment	NOUN
fbem-10239	32	26	efficiency	efficiency	NOUN
fbem-10239	32	27	.	.	PUNCT
fbem-10239	33	1	gu	gu	PROPN
fbem-10239	33	2	&	&	CCONJ
fbem-10239	33	3	di	di	PROPN
fbem-10239	33	4	(	(	PUNCT
fbem-10239	33	5	2021)[21	2021)[21	PROPN
fbem-10239	33	6	]	]	PUNCT
fbem-10239	33	7	found	find	VERB
fbem-10239	33	8	that	that	SCONJ
fbem-10239	33	9	executive	executive	ADJ
fbem-10239	33	10	pay	pay	NOUN
fbem-10239	33	11	stickiness	stickiness	NOUN
fbem-10239	33	12	has	have	VERB
fbem-10239	33	13	a	a	DET
fbem-10239	33	14	negative	negative	ADJ
fbem-10239	33	15	impact	impact	NOUN
fbem-10239	33	16	on	on	ADP
fbem-10239	33	17	corporate	corporate	ADJ
fbem-10239	33	18	investment	investment	NOUN
fbem-10239	33	19	efficiency	efficiency	NOUN
fbem-10239	33	20	.	.	PUNCT
fbem-10239	34	1	yao	yao	PROPN
fbem-10239	34	2	&	&	CCONJ
fbem-10239	34	3	zhang	zhang	PROPN
fbem-10239	34	4	(	(	PUNCT
fbem-10239	34	5	2021)[22	2021)[22	PROPN
fbem-10239	34	6	]	]	PUNCT
fbem-10239	34	7	found	find	VERB
fbem-10239	34	8	that	that	SCONJ
fbem-10239	34	9	salary	salary	NOUN
fbem-10239	34	10	controls	control	VERB
fbem-10239	34	11	discourage	discourage	VERB
fbem-10239	34	12	overinvestment	overinvestment	ADJ
fbem-10239	34	13	.	.	PUNCT
fbem-10239	35	1	from	from	ADP
fbem-10239	35	2	the	the	DET
fbem-10239	35	3	perspective	perspective	NOUN
fbem-10239	35	4	of	of	ADP
fbem-10239	35	5	behavioral	behavioral	ADJ
fbem-10239	35	6	finance	finance	NOUN
fbem-10239	35	7	,	,	PUNCT
fbem-10239	35	8	the	the	DET
fbem-10239	35	9	existing	exist	VERB
fbem-10239	35	10	literature	literature	NOUN
fbem-10239	35	11	mainly	mainly	ADV
fbem-10239	35	12	focuses	focus	VERB
fbem-10239	35	13	on	on	ADP
fbem-10239	35	14	the	the	DET
fbem-10239	35	15	background	background	NOUN
fbem-10239	35	16	of	of	ADP
fbem-10239	35	17	policy	policy	NOUN
fbem-10239	35	18	makers	maker	NOUN
fbem-10239	35	19	and	and	CCONJ
fbem-10239	35	20	the	the	DET
fbem-10239	35	21	influence	influence	NOUN
fbem-10239	35	22	of	of	ADP
fbem-10239	35	23	behavior	behavior	NOUN
fbem-10239	35	24	on	on	ADP
fbem-10239	35	25	the	the	DET
fbem-10239	35	26	investment	investment	NOUN
fbem-10239	35	27	efficiency	efficiency	NOUN
fbem-10239	35	28	of	of	ADP
fbem-10239	35	29	enterprises	enterprise	NOUN
fbem-10239	35	30	.	.	PUNCT
fbem-10239	36	1	fan	fan	PROPN
fbem-10239	36	2	&	&	CCONJ
fbem-10239	36	3	liu	liu	PROPN
fbem-10239	36	4	(	(	PUNCT
fbem-10239	36	5	2022)[23	2022)[23	NOUN
fbem-10239	36	6	]	]	PUNCT
fbem-10239	36	7	found	find	VERB
fbem-10239	36	8	that	that	SCONJ
fbem-10239	36	9	managers	manager	NOUN
fbem-10239	36	10	'	'	PART
fbem-10239	36	11	overconfidence	overconfidence	NOUN
fbem-10239	36	12	leads	lead	VERB
fbem-10239	36	13	to	to	ADP
fbem-10239	36	14	overinvestment	overinvestment	ADJ
fbem-10239	36	15	and	and	CCONJ
fbem-10239	36	16	makes	make	VERB
fbem-10239	36	17	investment	investment	NOUN
fbem-10239	36	18	efficiency	efficiency	NOUN
fbem-10239	36	19	lower	low	ADJ
fbem-10239	36	20	,	,	PUNCT
fbem-10239	36	21	liao	liao	PROPN
fbem-10239	36	22	&	&	CCONJ
fbem-10239	36	23	liu	liu	PROPN
fbem-10239	36	24	(	(	PUNCT
fbem-10239	36	25	2022)[24	2022)[24	PROPN
fbem-10239	36	26	]	]	X
fbem-10239	36	27	based	base	VERB
fbem-10239	36	28	on	on	ADP
fbem-10239	36	29	"	"	PUNCT
fbem-10239	36	30	imprint	imprint	NOUN
fbem-10239	36	31	theory	theory	NOUN
fbem-10239	36	32	"	"	PUNCT
fbem-10239	36	33	found	find	VERB
fbem-10239	36	34	that	that	SCONJ
fbem-10239	36	35	executives	executive	NOUN
fbem-10239	36	36	'	'	PART
fbem-10239	36	37	reform	reform	NOUN
fbem-10239	36	38	and	and	CCONJ
fbem-10239	36	39	opening	opening	NOUN
fbem-10239	36	40	up	up	ADP
fbem-10239	36	41	experience	experience	NOUN
fbem-10239	36	42	improves	improve	VERB
fbem-10239	36	43	corporate	corporate	ADJ
fbem-10239	36	44	investment	investment	NOUN
fbem-10239	36	45	efficiency	efficiency	NOUN
fbem-10239	36	46	,	,	PUNCT
fbem-10239	36	47	and	and	CCONJ
fbem-10239	36	48	he	he	PRON
fbem-10239	36	49	&	&	CCONJ
fbem-10239	36	50	li	li	PROPN
fbem-10239	36	51	(	(	PUNCT
fbem-10239	36	52	2021)[25	2021)[25	PROPN
fbem-10239	36	53	]	]	X
fbem-10239	36	54	found	find	VERB
fbem-10239	36	55	that	that	SCONJ
fbem-10239	36	56	the	the	DET
fbem-10239	36	57	existence	existence	NOUN
fbem-10239	36	58	of	of	ADP
fbem-10239	36	59	social	social	ADJ
fbem-10239	36	60	relationships	relationship	NOUN
fbem-10239	36	61	between	between	ADP
fbem-10239	36	62	corporate	corporate	ADJ
fbem-10239	36	63	ceos	ceo	NOUN
fbem-10239	36	64	and	and	CCONJ
fbem-10239	36	65	cfos	cfos	PROPN
fbem-10239	36	66	is	be	AUX
fbem-10239	36	67	conducive	conducive	ADJ
fbem-10239	36	68	to	to	ADP
fbem-10239	36	69	decision	decision	NOUN
fbem-10239	36	70	-	-	PUNCT
fbem-10239	36	71	making	make	VERB
fbem-10239	36	72	communication	communication	NOUN
fbem-10239	36	73	and	and	CCONJ
fbem-10239	36	74	improves	improve	VERB
fbem-10239	36	75	investment	investment	NOUN
fbem-10239	36	76	efficiency	efficiency	NOUN
fbem-10239	36	77	.	.	PUNCT
fbem-10239	37	1	reviewing	review	VERB
fbem-10239	37	2	the	the	DET
fbem-10239	37	3	existing	exist	VERB
fbem-10239	37	4	literature	literature	NOUN
fbem-10239	37	5	,	,	PUNCT
fbem-10239	37	6	it	it	PRON
fbem-10239	37	7	can	can	AUX
fbem-10239	37	8	be	be	AUX
fbem-10239	37	9	seen	see	VERB
fbem-10239	37	10	that	that	SCONJ
fbem-10239	37	11	the	the	DET
fbem-10239	37	12	research	research	NOUN
fbem-10239	37	13	on	on	ADP
fbem-10239	37	14	the	the	DET
fbem-10239	37	15	investment	investment	NOUN
fbem-10239	37	16	efficiency	efficiency	NOUN
fbem-10239	37	17	of	of	ADP
fbem-10239	37	18	enterprises	enterprise	NOUN
fbem-10239	37	19	focuses	focus	VERB
fbem-10239	37	20	on	on	ADP
fbem-10239	37	21	factors	factor	NOUN
fbem-10239	37	22	such	such	ADJ
fbem-10239	37	23	as	as	ADP
fbem-10239	37	24	corporate	corporate	ADJ
fbem-10239	37	25	governance	governance	NOUN
fbem-10239	37	26	and	and	CCONJ
fbem-10239	37	27	external	external	ADJ
fbem-10239	37	28	correlation	correlation	NOUN
fbem-10239	37	29	,	,	PUNCT
fbem-10239	37	30	and	and	CCONJ
fbem-10239	37	31	financing	financing	NOUN
fbem-10239	37	32	constraints	constraint	NOUN
fbem-10239	37	33	,	,	PUNCT
fbem-10239	37	34	agency	agency	NOUN
fbem-10239	37	35	costs	cost	NOUN
fbem-10239	37	36	,	,	PUNCT
fbem-10239	37	37	and	and	CCONJ
fbem-10239	37	38	management	management	NOUN
fbem-10239	37	39	behaviors	behavior	NOUN
fbem-10239	37	40	will	will	AUX
fbem-10239	37	41	all	all	PRON
fbem-10239	37	42	affect	affect	VERB
fbem-10239	37	43	the	the	DET
fbem-10239	37	44	investment	investment	NOUN
fbem-10239	37	45	efficiency	efficiency	NOUN
fbem-10239	37	46	of	of	ADP
fbem-10239	37	47	enterprises	enterprise	NOUN
fbem-10239	37	48	.	.	PUNCT
fbem-10239	38	1	as	as	ADP
fbem-10239	38	2	an	an	DET
fbem-10239	38	3	important	important	ADJ
fbem-10239	38	4	non	non	ADJ
fbem-10239	38	5	-	-	ADJ
fbem-10239	38	6	administrative	administrative	ADJ
fbem-10239	38	7	punitive	punitive	ADJ
fbem-10239	38	8	regulatory	regulatory	ADJ
fbem-10239	38	9	measure	measure	NOUN
fbem-10239	38	10	,	,	PUNCT
fbem-10239	38	11	there	there	PRON
fbem-10239	38	12	are	be	VERB
fbem-10239	38	13	few	few	ADJ
fbem-10239	38	14	literature	literature	NOUN
fbem-10239	38	15	on	on	ADP
fbem-10239	38	16	the	the	DET
fbem-10239	38	17	relationship	relationship	NOUN
fbem-10239	38	18	between	between	ADP
fbem-10239	38	19	the	the	DET
fbem-10239	38	20	innovative	innovative	ADJ
fbem-10239	38	21	"	"	PUNCT
fbem-10239	38	22	flexible	flexible	ADJ
fbem-10239	38	23	supervision	supervision	NOUN
fbem-10239	38	24	"	"	PUNCT
fbem-10239	38	25	method	method	NOUN
fbem-10239	38	26	of	of	ADP
fbem-10239	38	27	inquiry	inquiry	NOUN
fbem-10239	38	28	letter	letter	NOUN
fbem-10239	38	29	supervision	supervision	NOUN
fbem-10239	38	30	and	and	CCONJ
fbem-10239	38	31	investment	investment	NOUN
fbem-10239	38	32	efficiency	efficiency	NOUN
fbem-10239	38	33	.	.	PUNCT
fbem-10239	39	1	3	3	X
fbem-10239	39	2	.	.	X
fbem-10239	39	3	theoretical	theoretical	ADJ
fbem-10239	39	4	analysis	analysis	NOUN
fbem-10239	39	5	and	and	CCONJ
fbem-10239	39	6	research	research	NOUN
fbem-10239	39	7	hypotheses	hypothesis	NOUN
fbem-10239	39	8	3.1	3.1	NUM
fbem-10239	39	9	.	.	PUNCT
fbem-10239	40	1	institutional	institutional	ADJ
fbem-10239	40	2	background	background	NOUN
fbem-10239	40	3	the	the	DET
fbem-10239	40	4	widespread	widespread	ADJ
fbem-10239	40	5	regulatory	regulatory	ADJ
fbem-10239	40	6	adoption	adoption	NOUN
fbem-10239	40	7	of	of	ADP
fbem-10239	40	8	inquiry	inquiry	NOUN
fbem-10239	40	9	letters	letter	NOUN
fbem-10239	40	10	began	begin	VERB
fbem-10239	40	11	with	with	ADP
fbem-10239	40	12	the	the	DET
fbem-10239	40	13	adoption	adoption	NOUN
fbem-10239	40	14	of	of	ADP
fbem-10239	40	15	opinion	opinion	NOUN
fbem-10239	40	16	letters	letter	NOUN
fbem-10239	40	17	by	by	ADP
fbem-10239	40	18	the	the	DET
fbem-10239	40	19	sec	sec	PROPN
fbem-10239	40	20	after	after	ADP
fbem-10239	40	21	the	the	DET
fbem-10239	40	22	sarbanes	sarbanes	PROPN
fbem-10239	40	23	-	-	PUNCT
fbem-10239	40	24	oxley	oxley	ADJ
fbem-10239	40	25	act	act	NOUN
fbem-10239	40	26	of	of	ADP
fbem-10239	40	27	2002	2002	NUM
fbem-10239	40	28	.	.	PUNCT
fbem-10239	41	1	china	china	PROPN
fbem-10239	41	2	's	's	PART
fbem-10239	41	3	first	first	ADJ
fbem-10239	41	4	inquiry	inquiry	NOUN
fbem-10239	41	5	letter	letter	NOUN
fbem-10239	41	6	was	be	AUX
fbem-10239	41	7	released	release	VERB
fbem-10239	41	8	in	in	ADP
fbem-10239	41	9	2007	2007	NUM
fbem-10239	41	10	(	(	PUNCT
fbem-10239	41	11	chen	chen	PROPN
fbem-10239	41	12	et	et	PROPN
fbem-10239	41	13	al	al	PROPN
fbem-10239	41	14	.	.	PROPN
fbem-10239	41	15	,	,	PUNCT
fbem-10239	41	16	2018[26	2018[26	NUM
fbem-10239	41	17	]	]	NUM
fbem-10239	41	18	)	)	PUNCT
fbem-10239	41	19	,	,	PUNCT
fbem-10239	41	20	and	and	CCONJ
fbem-10239	41	21	under	under	ADP
fbem-10239	41	22	the	the	DET
fbem-10239	41	23	background	background	NOUN
fbem-10239	41	24	of	of	ADP
fbem-10239	41	25	the	the	DET
fbem-10239	41	26	implementation	implementation	NOUN
fbem-10239	41	27	of	of	ADP
fbem-10239	41	28	the	the	DET
fbem-10239	41	29	information	information	NOUN
fbem-10239	41	30	disclosure	disclosure	NOUN
fbem-10239	41	31	through	through	ADP
fbem-10239	41	32	train	train	NOUN
fbem-10239	41	33	reform	reform	NOUN
fbem-10239	41	34	in	in	ADP
fbem-10239	41	35	2013	2013	NUM
fbem-10239	41	36	,	,	PUNCT
fbem-10239	41	37	shenzhen	shenzhen	PROPN
fbem-10239	41	38	and	and	CCONJ
fbem-10239	41	39	shanghai	shanghai	PROPN
fbem-10239	41	40	began	begin	VERB
fbem-10239	41	41	to	to	PART
fbem-10239	41	42	disclose	disclose	VERB
fbem-10239	41	43	the	the	DET
fbem-10239	41	44	issuance	issuance	NOUN
fbem-10239	41	45	of	of	ADP
fbem-10239	41	46	inquiry	inquiry	NOUN
fbem-10239	41	47	letters	letter	NOUN
fbem-10239	41	48	and	and	CCONJ
fbem-10239	41	49	enterprise	enterprise	NOUN
fbem-10239	41	50	reply	reply	NOUN
fbem-10239	41	51	letters	letter	NOUN
fbem-10239	41	52	to	to	ADP
fbem-10239	41	53	the	the	DET
fbem-10239	41	54	public	public	NOUN
fbem-10239	41	55	in	in	ADP
fbem-10239	41	56	2014	2014	NUM
fbem-10239	41	57	and	and	CCONJ
fbem-10239	41	58	2015	2015	NUM
fbem-10239	41	59	respectively	respectively	ADV
fbem-10239	41	60	.	.	PUNCT
fbem-10239	42	1	3.2	3.2	NUM
fbem-10239	42	2	.	.	PUNCT
fbem-10239	43	1	theoretical	theoretical	ADJ
fbem-10239	43	2	analysis	analysis	NOUN
fbem-10239	43	3	inquiry	inquiry	NOUN
fbem-10239	43	4	letter	letter	NOUN
fbem-10239	43	5	supervision	supervision	NOUN
fbem-10239	43	6	is	be	AUX
fbem-10239	43	7	a	a	DET
fbem-10239	43	8	non	non	ADJ
fbem-10239	43	9	-	-	ADJ
fbem-10239	43	10	administrative	administrative	ADJ
fbem-10239	43	11	penalty	penalty	NOUN
fbem-10239	43	12	supervision	supervision	NOUN
fbem-10239	43	13	method	method	NOUN
fbem-10239	43	14	for	for	SCONJ
fbem-10239	43	15	exchanges	exchange	NOUN
fbem-10239	43	16	to	to	PART
fbem-10239	43	17	perform	perform	VERB
fbem-10239	43	18	front	front	ADJ
fbem-10239	43	19	-	-	PUNCT
fbem-10239	43	20	line	line	NOUN
fbem-10239	43	21	regulatory	regulatory	ADJ
fbem-10239	43	22	duties	duty	NOUN
fbem-10239	43	23	,	,	PUNCT
fbem-10239	43	24	aiming	aim	VERB
fbem-10239	43	25	to	to	PART
fbem-10239	43	26	improve	improve	VERB
fbem-10239	43	27	the	the	DET
fbem-10239	43	28	level	level	NOUN
fbem-10239	43	29	of	of	ADP
fbem-10239	43	30	information	information	NOUN
fbem-10239	43	31	disclosure	disclosure	NOUN
fbem-10239	43	32	of	of	ADP
fbem-10239	43	33	listed	list	VERB
fbem-10239	43	34	companies	company	NOUN
fbem-10239	43	35	and	and	CCONJ
fbem-10239	43	36	maintain	maintain	VERB
fbem-10239	43	37	the	the	DET
fbem-10239	43	38	order	order	NOUN
fbem-10239	43	39	of	of	ADP
fbem-10239	43	40	the	the	DET
fbem-10239	43	41	capital	capital	NOUN
fbem-10239	43	42	market	market	NOUN
fbem-10239	43	43	.	.	PUNCT
fbem-10239	44	1	the	the	DET
fbem-10239	44	2	investment	investment	NOUN
fbem-10239	44	3	efficiency	efficiency	NOUN
fbem-10239	44	4	of	of	ADP
fbem-10239	44	5	enterprises	enterprise	NOUN
fbem-10239	44	6	is	be	AUX
fbem-10239	44	7	affected	affect	VERB
fbem-10239	44	8	by	by	ADP
fbem-10239	44	9	many	many	ADJ
fbem-10239	44	10	internal	internal	ADJ
fbem-10239	44	11	and	and	CCONJ
fbem-10239	44	12	external	external	ADJ
fbem-10239	44	13	factors	factor	NOUN
fbem-10239	44	14	,	,	PUNCT
fbem-10239	44	15	so	so	ADV
fbem-10239	44	16	will	will	AUX
fbem-10239	44	17	the	the	DET
fbem-10239	44	18	supervision	supervision	NOUN
fbem-10239	44	19	of	of	ADP
fbem-10239	44	20	exchange	exchange	NOUN
fbem-10239	44	21	inquiry	inquiry	NOUN
fbem-10239	44	22	letters	letter	NOUN
fbem-10239	44	23	affect	affect	VERB
fbem-10239	44	24	the	the	DET
fbem-10239	44	25	investment	investment	NOUN
fbem-10239	44	26	efficiency	efficiency	NOUN
fbem-10239	44	27	of	of	ADP
fbem-10239	44	28	enterprises	enterprise	NOUN
fbem-10239	44	29	?	?	PUNCT
fbem-10239	45	1	this	this	DET
fbem-10239	45	2	paper	paper	NOUN
fbem-10239	45	3	will	will	AUX
fbem-10239	45	4	theorize	theorize	VERB
fbem-10239	45	5	the	the	DET
fbem-10239	45	6	positive	positive	ADJ
fbem-10239	45	7	and	and	CCONJ
fbem-10239	45	8	negative	negative	ADJ
fbem-10239	45	9	impact	impact	NOUN
fbem-10239	45	10	effects	effect	NOUN
fbem-10239	45	11	.	.	PUNCT
fbem-10239	46	1	on	on	ADP
fbem-10239	46	2	the	the	DET
fbem-10239	46	3	one	one	NUM
fbem-10239	46	4	hand	hand	NOUN
fbem-10239	46	5	,	,	PUNCT
fbem-10239	46	6	the	the	DET
fbem-10239	46	7	regulation	regulation	NOUN
fbem-10239	46	8	of	of	ADP
fbem-10239	46	9	exchange	exchange	NOUN
fbem-10239	46	10	inquiry	inquiry	NOUN
fbem-10239	46	11	letters	letter	NOUN
fbem-10239	46	12	may	may	AUX
fbem-10239	46	13	have	have	VERB
fbem-10239	46	14	a	a	DET
fbem-10239	46	15	positive	positive	ADJ
fbem-10239	46	16	impact	impact	NOUN
fbem-10239	46	17	on	on	ADP
fbem-10239	46	18	the	the	DET
fbem-10239	46	19	investment	investment	NOUN
fbem-10239	46	20	efficiency	efficiency	NOUN
fbem-10239	46	21	of	of	ADP
fbem-10239	46	22	enterprises	enterprise	NOUN
fbem-10239	46	23	.	.	PUNCT
fbem-10239	47	1	the	the	DET
fbem-10239	47	2	inquiry	inquiry	NOUN
fbem-10239	47	3	letter	letter	NOUN
fbem-10239	47	4	supervision	supervision	NOUN
fbem-10239	47	5	of	of	ADP
fbem-10239	47	6	the	the	DET
fbem-10239	47	7	exchange	exchange	NOUN
fbem-10239	47	8	enquires	enquire	NOUN
fbem-10239	47	9	and	and	CCONJ
fbem-10239	47	10	supervises	supervise	VERB
fbem-10239	47	11	the	the	DET
fbem-10239	47	12	potential	potential	ADJ
fbem-10239	47	13	problems	problem	NOUN
fbem-10239	47	14	existing	exist	VERB
fbem-10239	47	15	in	in	ADP
fbem-10239	47	16	the	the	DET
fbem-10239	47	17	financial	financial	ADJ
fbem-10239	47	18	statements	statement	NOUN
fbem-10239	47	19	,	,	PUNCT
fbem-10239	47	20	annual	annual	ADJ
fbem-10239	47	21	reports	report	NOUN
fbem-10239	47	22	and	and	CCONJ
fbem-10239	47	23	announcements	announcement	NOUN
fbem-10239	47	24	of	of	ADP
fbem-10239	47	25	enterprises	enterprise	NOUN
fbem-10239	47	26	(	(	PUNCT
fbem-10239	47	27	chen	chen	PROPN
fbem-10239	47	28	et	et	PROPN
fbem-10239	47	29	al	al	PROPN
fbem-10239	47	30	,	,	PUNCT
fbem-10239	47	31	2018[26	2018[26	NUM
fbem-10239	47	32	]	]	NUM
fbem-10239	47	33	)	)	PUNCT
fbem-10239	47	34	,	,	PUNCT
fbem-10239	47	35	and	and	CCONJ
fbem-10239	47	36	the	the	DET
fbem-10239	47	37	inquiry	inquiry	NOUN
fbem-10239	47	38	matters	matter	NOUN
fbem-10239	47	39	include	include	VERB
fbem-10239	47	40	matters	matter	NOUN
fbem-10239	47	41	that	that	PRON
fbem-10239	47	42	do	do	AUX
fbem-10239	47	43	not	not	PART
fbem-10239	47	44	comply	comply	VERB
fbem-10239	47	45	with	with	ADP
fbem-10239	47	46	regulatory	regulatory	ADJ
fbem-10239	47	47	standards	standard	NOUN
fbem-10239	47	48	and	and	CCONJ
fbem-10239	47	49	norms	norm	NOUN
fbem-10239	47	50	in	in	ADP
fbem-10239	47	51	the	the	DET
fbem-10239	47	52	company	company	NOUN
fbem-10239	47	53	's	's	PART
fbem-10239	47	54	operation	operation	NOUN
fbem-10239	47	55	and	and	CCONJ
fbem-10239	47	56	corporate	corporate	ADJ
fbem-10239	47	57	governance	governance	NOUN
fbem-10239	47	58	,	,	PUNCT
fbem-10239	47	59	which	which	PRON
fbem-10239	47	60	may	may	AUX
fbem-10239	47	61	directly	directly	ADV
fbem-10239	47	62	involve	involve	VERB
fbem-10239	47	63	the	the	DET
fbem-10239	47	64	company	company	NOUN
fbem-10239	47	65	's	's	PART
fbem-10239	47	66	investment	investment	NOUN
fbem-10239	47	67	,	,	PUNCT
fbem-10239	47	68	and	and	CCONJ
fbem-10239	47	69	the	the	DET
fbem-10239	47	70	company	company	NOUN
fbem-10239	47	71	may	may	AUX
fbem-10239	47	72	adjust	adjust	VERB
fbem-10239	47	73	its	its	PRON
fbem-10239	47	74	investment	investment	NOUN
fbem-10239	47	75	decisions	decision	NOUN
fbem-10239	47	76	to	to	PART
fbem-10239	47	77	improve	improve	VERB
fbem-10239	47	78	investment	investment	NOUN
fbem-10239	47	79	efficiency	efficiency	NOUN
fbem-10239	47	80	after	after	ADP
fbem-10239	47	81	receiving	receive	VERB
fbem-10239	47	82	the	the	DET
fbem-10239	47	83	inquiry	inquiry	NOUN
fbem-10239	47	84	letter	letter	NOUN
fbem-10239	47	85	.	.	PUNCT
fbem-10239	48	1	based	base	VERB
fbem-10239	48	2	on	on	ADP
fbem-10239	48	3	the	the	DET
fbem-10239	48	4	principal	principal	ADJ
fbem-10239	48	5	-	-	PUNCT
fbem-10239	48	6	agent	agent	NOUN
fbem-10239	48	7	problem	problem	NOUN
fbem-10239	48	8	,	,	PUNCT
fbem-10239	48	9	the	the	DET
fbem-10239	48	10	company	company	NOUN
fbem-10239	48	11	's	's	PART
fbem-10239	48	12	management	management	NOUN
fbem-10239	48	13	may	may	AUX
fbem-10239	48	14	invest	invest	VERB
fbem-10239	48	15	the	the	DET
fbem-10239	48	16	company	company	NOUN
fbem-10239	48	17	's	's	PART
fbem-10239	48	18	cash	cash	NOUN
fbem-10239	48	19	flow	flow	NOUN
fbem-10239	48	20	in	in	ADP
fbem-10239	48	21	personal	personal	ADJ
fbem-10239	48	22	income	income	NOUN
fbem-10239	48	23	maximization	maximization	NOUN
fbem-10239	48	24	projects	project	NOUN
fbem-10239	48	25	when	when	SCONJ
fbem-10239	48	26	making	make	VERB
fbem-10239	48	27	investment	investment	NOUN
fbem-10239	48	28	decisions	decision	NOUN
fbem-10239	48	29	,	,	PUNCT
fbem-10239	48	30	resulting	result	VERB
fbem-10239	48	31	in	in	ADP
fbem-10239	48	32	inefficient	inefficient	ADJ
fbem-10239	48	33	investment	investment	NOUN
fbem-10239	48	34	of	of	ADP
fbem-10239	48	35	the	the	DET
fbem-10239	48	36	company	company	NOUN
fbem-10239	48	37	.	.	PUNCT
fbem-10239	49	1	the	the	DET
fbem-10239	49	2	purpose	purpose	NOUN
fbem-10239	49	3	of	of	ADP
fbem-10239	49	4	regulatory	regulatory	ADJ
fbem-10239	49	5	inquiries	inquiry	NOUN
fbem-10239	49	6	is	be	AUX
fbem-10239	49	7	to	to	PART
fbem-10239	49	8	improve	improve	VERB
fbem-10239	49	9	the	the	DET
fbem-10239	49	10	level	level	NOUN
fbem-10239	49	11	of	of	ADP
fbem-10239	49	12	information	information	NOUN
fbem-10239	49	13	disclosure	disclosure	NOUN
fbem-10239	49	14	of	of	ADP
fbem-10239	49	15	listed	list	VERB
fbem-10239	49	16	companies	company	NOUN
fbem-10239	49	17	,	,	PUNCT
fbem-10239	49	18	enhance	enhance	VERB
fbem-10239	49	19	information	information	NOUN
fbem-10239	49	20	transparency	transparency	NOUN
fbem-10239	49	21	,	,	PUNCT
fbem-10239	49	22	reduce	reduce	VERB
fbem-10239	49	23	the	the	DET
fbem-10239	49	24	asymmetry	asymmetry	NOUN
fbem-10239	49	25	of	of	ADP
fbem-10239	49	26	internal	internal	ADJ
fbem-10239	49	27	and	and	CCONJ
fbem-10239	49	28	external	external	ADJ
fbem-10239	49	29	information	information	NOUN
fbem-10239	49	30	of	of	ADP
fbem-10239	49	31	the	the	DET
fbem-10239	49	32	company	company	NOUN
fbem-10239	49	33	,	,	PUNCT
fbem-10239	49	34	and	and	CCONJ
fbem-10239	49	35	protect	protect	VERB
fbem-10239	49	36	the	the	DET
fbem-10239	49	37	interests	interest	NOUN
fbem-10239	49	38	of	of	ADP
fbem-10239	49	39	investors	investor	NOUN
fbem-10239	49	40	.	.	PUNCT
fbem-10239	50	1	stimulate	stimulate	VERB
fbem-10239	50	2	external	external	ADJ
fbem-10239	50	3	stakeholders	stakeholder	NOUN
fbem-10239	50	4	to	to	PART
fbem-10239	50	5	supervise	supervise	VERB
fbem-10239	50	6	the	the	DET
fbem-10239	50	7	company	company	NOUN
fbem-10239	50	8	's	's	PART
fbem-10239	50	9	internal	internal	ADJ
fbem-10239	50	10	operating	operating	NOUN
fbem-10239	50	11	conditions	condition	NOUN
fbem-10239	50	12	,	,	PUNCT
fbem-10239	50	13	restrain	restrain	VERB
fbem-10239	50	14	management	management	NOUN
fbem-10239	50	15	's	's	PART
fbem-10239	50	16	opportunistic	opportunistic	ADJ
fbem-10239	50	17	behavior	behavior	NOUN
fbem-10239	50	18	,	,	PUNCT
fbem-10239	50	19	alleviate	alleviate	VERB
fbem-10239	50	20	agency	agency	NOUN
fbem-10239	50	21	problems	problem	NOUN
fbem-10239	50	22	,	,	PUNCT
fbem-10239	50	23	and	and	CCONJ
fbem-10239	50	24	optimize	optimize	VERB
fbem-10239	50	25	management	management	NOUN
fbem-10239	50	26	's	's	PART
fbem-10239	50	27	investment	investment	NOUN
fbem-10239	50	28	decisions	decision	NOUN
fbem-10239	50	29	.	.	PUNCT
fbem-10239	51	1	from	from	ADP
fbem-10239	51	2	the	the	DET
fbem-10239	51	3	perspective	perspective	NOUN
fbem-10239	51	4	of	of	ADP
fbem-10239	51	5	the	the	DET
fbem-10239	51	6	company	company	NOUN
fbem-10239	51	7	's	's	PART
fbem-10239	51	8	internal	internal	ADJ
fbem-10239	51	9	governance	governance	NOUN
fbem-10239	51	10	,	,	PUNCT
fbem-10239	51	11	after	after	ADP
fbem-10239	51	12	receiving	receive	VERB
fbem-10239	51	13	the	the	DET
fbem-10239	51	14	inquiry	inquiry	NOUN
fbem-10239	51	15	letter	letter	NOUN
fbem-10239	51	16	,	,	PUNCT
fbem-10239	51	17	the	the	DET
fbem-10239	51	18	company	company	NOUN
fbem-10239	51	19	needs	need	VERB
fbem-10239	51	20	to	to	PART
fbem-10239	51	21	reply	reply	VERB
fbem-10239	51	22	to	to	ADP
fbem-10239	51	23	the	the	DET
fbem-10239	51	24	questions	question	NOUN
fbem-10239	51	25	involved	involve	VERB
fbem-10239	51	26	in	in	ADP
fbem-10239	51	27	the	the	DET
fbem-10239	51	28	inquiry	inquiry	NOUN
fbem-10239	51	29	letter	letter	NOUN
fbem-10239	51	30	within	within	ADP
fbem-10239	51	31	a	a	DET
fbem-10239	51	32	certain	certain	ADJ
fbem-10239	51	33	period	period	NOUN
fbem-10239	51	34	of	of	ADP
fbem-10239	51	35	time	time	NOUN
fbem-10239	51	36	,	,	PUNCT
fbem-10239	51	37	and	and	CCONJ
fbem-10239	51	38	the	the	DET
fbem-10239	51	39	reply	reply	NOUN
fbem-10239	51	40	explanation	explanation	NOUN
fbem-10239	51	41	exists	exist	VERB
fbem-10239	51	42	in	in	ADP
fbem-10239	51	43	the	the	DET
fbem-10239	51	44	company	company	NOUN
fbem-10239	51	45	's	's	PART
fbem-10239	51	46	information	information	NOUN
fbem-10239	51	47	disclosure	disclosure	NOUN
fbem-10239	51	48	,	,	PUNCT
fbem-10239	51	49	and	and	CCONJ
fbem-10239	51	50	the	the	DET
fbem-10239	51	51	company	company	NOUN
fbem-10239	51	52	can	can	AUX
fbem-10239	51	53	self	self	NOUN
fbem-10239	51	54	-	-	PUNCT
fbem-10239	51	55	check	check	NOUN
fbem-10239	51	56	and	and	CCONJ
fbem-10239	51	57	correct	correct	VERB
fbem-10239	51	58	itself	itself	PRON
fbem-10239	51	59	in	in	ADP
fbem-10239	51	60	this	this	DET
fbem-10239	51	61	process	process	NOUN
fbem-10239	51	62	,	,	PUNCT
fbem-10239	51	63	which	which	PRON
fbem-10239	51	64	can	can	AUX
fbem-10239	51	65	improve	improve	VERB
fbem-10239	51	66	the	the	DET
fbem-10239	51	67	company	company	NOUN
fbem-10239	51	68	's	's	PART
fbem-10239	51	69	comprehensive	comprehensive	ADJ
fbem-10239	51	70	governance	governance	NOUN
fbem-10239	51	71	ability	ability	NOUN
fbem-10239	51	72	and	and	CCONJ
fbem-10239	51	73	reduce	reduce	VERB
fbem-10239	51	74	inefficient	inefficient	ADJ
fbem-10239	51	75	investment	investment	NOUN
fbem-10239	51	76	caused	cause	VERB
fbem-10239	51	77	by	by	ADP
fbem-10239	51	78	irrational	irrational	ADJ
fbem-10239	51	79	behavior	behavior	NOUN
fbem-10239	51	80	and	and	CCONJ
fbem-10239	51	81	cognitive	cognitive	ADJ
fbem-10239	51	82	bias	bias	NOUN
fbem-10239	51	83	.	.	PUNCT
fbem-10239	52	1	from	from	ADP
fbem-10239	52	2	the	the	DET
fbem-10239	52	3	perspective	perspective	NOUN
fbem-10239	52	4	of	of	ADP
fbem-10239	52	5	irrational	irrational	ADJ
fbem-10239	52	6	behavior	behavior	NOUN
fbem-10239	52	7	of	of	ADP
fbem-10239	52	8	management	management	NOUN
fbem-10239	52	9	,	,	PUNCT
fbem-10239	52	10	inquiry	inquiry	NOUN
fbem-10239	52	11	letters	letter	NOUN
fbem-10239	52	12	may	may	AUX
fbem-10239	52	13	correct	correct	VERB
fbem-10239	52	14	the	the	DET
fbem-10239	52	15	behavior	behavior	NOUN
fbem-10239	52	16	of	of	ADP
fbem-10239	52	17	overconfident	overconfident	ADJ
fbem-10239	52	18	executives	executive	NOUN
fbem-10239	52	19	that	that	PRON
fbem-10239	52	20	lead	lead	VERB
fbem-10239	52	21	to	to	ADP
fbem-10239	52	22	overinvestment	overinvestment	ADJ
fbem-10239	52	23	,	,	PUNCT
fbem-10239	52	24	and	and	CCONJ
fbem-10239	52	25	improve	improve	VERB
fbem-10239	52	26	the	the	DET
fbem-10239	52	27	efficiency	efficiency	NOUN
fbem-10239	52	28	of	of	ADP
fbem-10239	52	29	corporate	corporate	ADJ
fbem-10239	52	30	investment	investment	NOUN
fbem-10239	52	31	.	.	PUNCT
fbem-10239	53	1	on	on	ADP
fbem-10239	53	2	the	the	DET
fbem-10239	53	3	other	other	ADJ
fbem-10239	53	4	hand	hand	NOUN
fbem-10239	53	5	,	,	PUNCT
fbem-10239	53	6	the	the	DET
fbem-10239	53	7	regulation	regulation	NOUN
fbem-10239	53	8	of	of	ADP
fbem-10239	53	9	exchange	exchange	NOUN
fbem-10239	53	10	inquiry	inquiry	NOUN
fbem-10239	53	11	letters	letter	NOUN
fbem-10239	53	12	may	may	AUX
fbem-10239	53	13	have	have	VERB
fbem-10239	53	14	a	a	DET
fbem-10239	53	15	negative	negative	ADJ
fbem-10239	53	16	impact	impact	NOUN
fbem-10239	53	17	on	on	ADP
fbem-10239	53	18	the	the	DET
fbem-10239	53	19	investment	investment	NOUN
fbem-10239	53	20	efficiency	efficiency	NOUN
fbem-10239	53	21	of	of	ADP
fbem-10239	53	22	enterprises	enterprise	NOUN
fbem-10239	53	23	.	.	PUNCT
fbem-10239	54	1	first	first	ADV
fbem-10239	54	2	,	,	PUNCT
fbem-10239	54	3	the	the	DET
fbem-10239	54	4	inquiry	inquiry	NOUN
fbem-10239	54	5	letter	letter	NOUN
fbem-10239	54	6	is	be	AUX
fbem-10239	54	7	an	an	DET
fbem-10239	54	8	innovative	innovative	ADJ
fbem-10239	54	9	regulatory	regulatory	ADJ
fbem-10239	54	10	system	system	NOUN
fbem-10239	54	11	,	,	PUNCT
fbem-10239	54	12	and	and	CCONJ
fbem-10239	54	13	the	the	DET
fbem-10239	54	14	regulatory	regulatory	ADJ
fbem-10239	54	15	means	mean	NOUN
fbem-10239	54	16	are	be	AUX
fbem-10239	54	17	176	176	NUM
fbem-10239	54	18	soft	soft	ADJ
fbem-10239	54	19	and	and	CCONJ
fbem-10239	54	20	gentle	gentle	ADJ
fbem-10239	54	21	compared	compare	VERB
fbem-10239	54	22	with	with	ADP
fbem-10239	54	23	the	the	DET
fbem-10239	54	24	regulatory	regulatory	ADJ
fbem-10239	54	25	letter	letter	NOUN
fbem-10239	54	26	,	,	PUNCT
fbem-10239	54	27	warning	warning	NOUN
fbem-10239	54	28	letter	letter	NOUN
fbem-10239	54	29	,	,	PUNCT
fbem-10239	54	30	disciplinary	disciplinary	ADJ
fbem-10239	54	31	action	action	NOUN
fbem-10239	54	32	,	,	PUNCT
fbem-10239	54	33	etc	etc	X
fbem-10239	54	34	.	.	X
fbem-10239	54	35	,	,	PUNCT
fbem-10239	54	36	but	but	CCONJ
fbem-10239	54	37	still	still	ADV
fbem-10239	54	38	have	have	VERB
fbem-10239	54	39	the	the	DET
fbem-10239	54	40	role	role	NOUN
fbem-10239	54	41	of	of	ADP
fbem-10239	54	42	risk	risk	NOUN
fbem-10239	54	43	early	early	ADJ
fbem-10239	54	44	warning	warning	NOUN
fbem-10239	54	45	(	(	PUNCT
fbem-10239	54	46	fu	fu	NOUN
fbem-10239	54	47	et	et	PROPN
fbem-10239	54	48	al	al	PROPN
fbem-10239	54	49	.	.	PROPN
fbem-10239	54	50	,	,	PUNCT
fbem-10239	54	51	2021[11	2021[11	NUM
fbem-10239	54	52	]	]	PUNCT
fbem-10239	54	53	)	)	PUNCT
fbem-10239	54	54	.	.	PUNCT
fbem-10239	55	1	convey	convey	VERB
fbem-10239	55	2	to	to	ADP
fbem-10239	55	3	the	the	DET
fbem-10239	55	4	market	market	NOUN
fbem-10239	55	5	that	that	PRON
fbem-10239	55	6	the	the	DET
fbem-10239	55	7	company	company	NOUN
fbem-10239	55	8	receiving	receive	VERB
fbem-10239	55	9	the	the	DET
fbem-10239	55	10	inquiry	inquiry	NOUN
fbem-10239	55	11	letter	letter	NOUN
fbem-10239	55	12	has	have	VERB
fbem-10239	55	13	deficiencies	deficiency	NOUN
fbem-10239	55	14	in	in	ADP
fbem-10239	55	15	corporate	corporate	ADJ
fbem-10239	55	16	governance	governance	NOUN
fbem-10239	55	17	and	and	CCONJ
fbem-10239	55	18	information	information	NOUN
fbem-10239	55	19	disclosure	disclosure	NOUN
fbem-10239	55	20	,	,	PUNCT
fbem-10239	55	21	and	and	CCONJ
fbem-10239	55	22	that	that	SCONJ
fbem-10239	55	23	there	there	PRON
fbem-10239	55	24	are	be	VERB
fbem-10239	55	25	certain	certain	ADJ
fbem-10239	55	26	problems	problem	NOUN
fbem-10239	55	27	in	in	ADP
fbem-10239	55	28	the	the	DET
fbem-10239	55	29	company	company	NOUN
fbem-10239	55	30	's	's	PART
fbem-10239	55	31	fundamentals	fundamental	NOUN
fbem-10239	55	32	.	.	PUNCT
fbem-10239	56	1	external	external	ADJ
fbem-10239	56	2	investors	investor	NOUN
fbem-10239	56	3	receive	receive	VERB
fbem-10239	56	4	early	early	ADJ
fbem-10239	56	5	warning	warning	NOUN
fbem-10239	56	6	signs	sign	NOUN
fbem-10239	56	7	to	to	PART
fbem-10239	56	8	reduce	reduce	VERB
fbem-10239	56	9	or	or	CCONJ
fbem-10239	56	10	not	not	PART
fbem-10239	56	11	invest	invest	VERB
fbem-10239	56	12	in	in	ADP
fbem-10239	56	13	the	the	DET
fbem-10239	56	14	company	company	NOUN
fbem-10239	56	15	;	;	PUNCT
fbem-10239	56	16	banks	bank	NOUN
fbem-10239	56	17	face	face	VERB
fbem-10239	56	18	more	more	ADV
fbem-10239	56	19	stringent	stringent	ADJ
fbem-10239	56	20	lending	lending	NOUN
fbem-10239	56	21	conditions	condition	NOUN
fbem-10239	56	22	for	for	ADP
fbem-10239	56	23	companies	company	NOUN
fbem-10239	56	24	that	that	PRON
fbem-10239	56	25	receive	receive	VERB
fbem-10239	56	26	inquiry	inquiry	NOUN
fbem-10239	56	27	letters	letter	NOUN
fbem-10239	56	28	,	,	PUNCT
fbem-10239	56	29	rising	rise	VERB
fbem-10239	56	30	corporate	corporate	ADJ
fbem-10239	56	31	borrowing	borrowing	NOUN
fbem-10239	56	32	costs	cost	NOUN
fbem-10239	56	33	,	,	PUNCT
fbem-10239	56	34	and	and	CCONJ
fbem-10239	56	35	enterprises	enterprise	NOUN
fbem-10239	56	36	facing	face	VERB
fbem-10239	56	37	multi	multi	ADJ
fbem-10239	56	38	-	-	ADJ
fbem-10239	56	39	party	party	ADJ
fbem-10239	56	40	financing	financing	NOUN
fbem-10239	56	41	constraints	constraint	NOUN
fbem-10239	56	42	,	,	PUNCT
fbem-10239	56	43	resulting	result	VERB
fbem-10239	56	44	in	in	ADP
fbem-10239	56	45	lower	low	ADJ
fbem-10239	56	46	investment	investment	NOUN
fbem-10239	56	47	efficiency	efficiency	NOUN
fbem-10239	56	48	due	due	ADP
fbem-10239	56	49	to	to	ADP
fbem-10239	56	50	insufficient	insufficient	ADJ
fbem-10239	56	51	investment	investment	NOUN
fbem-10239	56	52	.	.	PUNCT
fbem-10239	57	1	the	the	DET
fbem-10239	57	2	number	number	NOUN
fbem-10239	57	3	of	of	ADP
fbem-10239	57	4	media	medium	NOUN
fbem-10239	57	5	coverage	coverage	NOUN
fbem-10239	57	6	of	of	ADP
fbem-10239	57	7	companies	company	NOUN
fbem-10239	57	8	receiving	receive	VERB
fbem-10239	57	9	inquiry	inquiry	NOUN
fbem-10239	57	10	letters	letter	NOUN
fbem-10239	57	11	has	have	AUX
fbem-10239	57	12	increased	increase	VERB
fbem-10239	57	13	,	,	PUNCT
fbem-10239	57	14	and	and	CCONJ
fbem-10239	57	15	the	the	DET
fbem-10239	57	16	negative	negative	ADJ
fbem-10239	57	17	image	image	NOUN
fbem-10239	57	18	of	of	ADP
fbem-10239	57	19	the	the	DET
fbem-10239	57	20	company	company	NOUN
fbem-10239	57	21	has	have	AUX
fbem-10239	57	22	spread	spread	VERB
fbem-10239	57	23	among	among	ADP
fbem-10239	57	24	external	external	ADJ
fbem-10239	57	25	affiliates	affiliate	NOUN
fbem-10239	57	26	,	,	PUNCT
fbem-10239	57	27	worsening	worsen	VERB
fbem-10239	57	28	the	the	DET
fbem-10239	57	29	credit	credit	NOUN
fbem-10239	57	30	risk	risk	NOUN
fbem-10239	57	31	of	of	ADP
fbem-10239	57	32	the	the	DET
fbem-10239	57	33	company	company	NOUN
fbem-10239	57	34	(	(	PUNCT
fbem-10239	57	35	he	he	PRON
fbem-10239	57	36	&	&	CCONJ
fbem-10239	57	37	fang	fang	X
fbem-10239	57	38	,	,	PUNCT
fbem-10239	57	39	2022[27	2022[27	NUM
fbem-10239	57	40	]	]	PUNCT
fbem-10239	57	41	;	;	PUNCT
fbem-10239	57	42	di	di	X
fbem-10239	57	43	&	&	CCONJ
fbem-10239	57	44	han	han	PROPN
fbem-10239	57	45	,	,	PUNCT
fbem-10239	57	46	2021[12	2021[12	NUM
fbem-10239	57	47	]	]	NUM
fbem-10239	57	48	)	)	PUNCT
fbem-10239	57	49	,	,	PUNCT
fbem-10239	57	50	further	far	ADV
fbem-10239	57	51	reducing	reduce	VERB
fbem-10239	57	52	investment	investment	NOUN
fbem-10239	57	53	efficiency	efficiency	NOUN
fbem-10239	57	54	.	.	PUNCT
fbem-10239	58	1	second	second	ADV
fbem-10239	58	2	,	,	PUNCT
fbem-10239	58	3	receiving	receive	VERB
fbem-10239	58	4	an	an	DET
fbem-10239	58	5	inquiry	inquiry	NOUN
fbem-10239	58	6	letter	letter	NOUN
fbem-10239	58	7	will	will	AUX
fbem-10239	58	8	increase	increase	VERB
fbem-10239	58	9	the	the	DET
fbem-10239	58	10	company	company	NOUN
fbem-10239	58	11	's	's	PART
fbem-10239	58	12	operating	operating	NOUN
fbem-10239	58	13	costs	cost	NOUN
fbem-10239	58	14	and	and	CCONJ
fbem-10239	58	15	management	management	NOUN
fbem-10239	58	16	expenses	expense	NOUN
fbem-10239	58	17	,	,	PUNCT
fbem-10239	58	18	reduce	reduce	VERB
fbem-10239	58	19	the	the	DET
fbem-10239	58	20	proportion	proportion	NOUN
fbem-10239	58	21	of	of	ADP
fbem-10239	58	22	investment	investment	NOUN
fbem-10239	58	23	cash	cash	NOUN
fbem-10239	58	24	flow	flow	NOUN
fbem-10239	58	25	,	,	PUNCT
fbem-10239	58	26	and	and	CCONJ
fbem-10239	58	27	reduce	reduce	VERB
fbem-10239	58	28	investment	investment	NOUN
fbem-10239	58	29	efficiency	efficiency	NOUN
fbem-10239	58	30	.	.	PUNCT
fbem-10239	59	1	in	in	ADP
fbem-10239	59	2	terms	term	NOUN
fbem-10239	59	3	of	of	ADP
fbem-10239	59	4	internal	internal	ADJ
fbem-10239	59	5	costs	cost	NOUN
fbem-10239	59	6	,	,	PUNCT
fbem-10239	59	7	companies	company	NOUN
fbem-10239	59	8	that	that	PRON
fbem-10239	59	9	receive	receive	VERB
fbem-10239	59	10	inquiry	inquiry	NOUN
fbem-10239	59	11	letters	letter	NOUN
fbem-10239	59	12	significantly	significantly	ADV
fbem-10239	59	13	improve	improve	VERB
fbem-10239	59	14	the	the	DET
fbem-10239	59	15	quality	quality	NOUN
fbem-10239	59	16	of	of	ADP
fbem-10239	59	17	internal	internal	ADJ
fbem-10239	59	18	control	control	NOUN
fbem-10239	59	19	(	(	PUNCT
fbem-10239	59	20	nie	nie	PROPN
fbem-10239	59	21	ping	ping	PROPN
fbem-10239	59	22	,	,	PUNCT
fbem-10239	59	23	2021[28	2021[28	NUM
fbem-10239	59	24	]	]	PUNCT
fbem-10239	59	25	)	)	PUNCT
fbem-10239	59	26	and	and	CCONJ
fbem-10239	59	27	accounting	account	VERB
fbem-10239	59	28	robustness	robustness	NOUN
fbem-10239	59	29	(	(	PUNCT
fbem-10239	59	30	shi	shi	PROPN
fbem-10239	59	31	et	et	PROPN
fbem-10239	59	32	al	al	PROPN
fbem-10239	59	33	.	.	PROPN
fbem-10239	59	34	,	,	PUNCT
fbem-10239	59	35	2021[4	2021[4	NUM
fbem-10239	59	36	]	]	PUNCT
fbem-10239	59	37	)	)	PUNCT
fbem-10239	59	38	,	,	PUNCT
fbem-10239	59	39	and	and	CCONJ
fbem-10239	59	40	changes	change	NOUN
fbem-10239	59	41	in	in	ADP
fbem-10239	59	42	the	the	DET
fbem-10239	59	43	scale	scale	NOUN
fbem-10239	59	44	of	of	ADP
fbem-10239	59	45	organizational	organizational	ADJ
fbem-10239	59	46	management	management	NOUN
fbem-10239	59	47	and	and	CCONJ
fbem-10239	59	48	operation	operation	NOUN
fbem-10239	59	49	may	may	AUX
fbem-10239	59	50	increase	increase	VERB
fbem-10239	59	51	the	the	DET
fbem-10239	59	52	cost	cost	NOUN
fbem-10239	59	53	expenditure	expenditure	NOUN
fbem-10239	59	54	of	of	ADP
fbem-10239	59	55	enterprises	enterprise	NOUN
fbem-10239	59	56	.	.	PUNCT
fbem-10239	60	1	in	in	ADP
fbem-10239	60	2	terms	term	NOUN
fbem-10239	60	3	of	of	ADP
fbem-10239	60	4	external	external	ADJ
fbem-10239	60	5	costs	cost	NOUN
fbem-10239	60	6	,	,	PUNCT
fbem-10239	60	7	the	the	DET
fbem-10239	60	8	supervision	supervision	NOUN
fbem-10239	60	9	of	of	ADP
fbem-10239	60	10	inquiry	inquiry	NOUN
fbem-10239	60	11	letters	letter	NOUN
fbem-10239	60	12	significantly	significantly	ADV
fbem-10239	60	13	increases	increase	VERB
fbem-10239	60	14	the	the	DET
fbem-10239	60	15	audit	audit	NOUN
fbem-10239	60	16	fees	fee	NOUN
fbem-10239	60	17	of	of	ADP
fbem-10239	60	18	enterprises	enterprise	NOUN
fbem-10239	60	19	(	(	PUNCT
fbem-10239	60	20	shen	shen	PROPN
fbem-10239	60	21	&	&	CCONJ
fbem-10239	60	22	jing	jing	PROPN
fbem-10239	60	23	,	,	PUNCT
fbem-10239	60	24	2020[14	2020[14	PROPN
fbem-10239	60	25	]	]	PUNCT
fbem-10239	60	26	)	)	PUNCT
fbem-10239	60	27	and	and	CCONJ
fbem-10239	60	28	the	the	DET
fbem-10239	60	29	cost	cost	NOUN
fbem-10239	60	30	of	of	ADP
fbem-10239	60	31	debt	debt	NOUN
fbem-10239	60	32	(	(	PUNCT
fbem-10239	60	33	hu	hu	PROPN
fbem-10239	60	34	et	et	PROPN
fbem-10239	60	35	al	al	PROPN
fbem-10239	60	36	.	.	PROPN
fbem-10239	60	37	,	,	PUNCT
fbem-10239	60	38	2020[29	2020[29	NUM
fbem-10239	60	39	]	]	NUM
fbem-10239	60	40	)	)	PUNCT
fbem-10239	60	41	,	,	PUNCT
fbem-10239	60	42	and	and	CCONJ
fbem-10239	60	43	under	under	ADP
fbem-10239	60	44	certain	certain	ADJ
fbem-10239	60	45	circumstances	circumstance	NOUN
fbem-10239	60	46	of	of	ADP
fbem-10239	60	47	total	total	ADJ
fbem-10239	60	48	funds	fund	NOUN
fbem-10239	60	49	,	,	PUNCT
fbem-10239	60	50	the	the	DET
fbem-10239	60	51	available	available	ADJ
fbem-10239	60	52	funds	fund	NOUN
fbem-10239	60	53	for	for	ADP
fbem-10239	60	54	investment	investment	NOUN
fbem-10239	60	55	are	be	AUX
fbem-10239	60	56	further	far	ADV
fbem-10239	60	57	compressed	compress	VERB
fbem-10239	60	58	,	,	PUNCT
fbem-10239	60	59	resulting	result	VERB
fbem-10239	60	60	in	in	ADP
fbem-10239	60	61	a	a	DET
fbem-10239	60	62	decline	decline	NOUN
fbem-10239	60	63	in	in	ADP
fbem-10239	60	64	investment	investment	NOUN
fbem-10239	60	65	efficiency	efficiency	NOUN
fbem-10239	60	66	.	.	PUNCT
fbem-10239	61	1	third	third	ADJ
fbem-10239	61	2	,	,	PUNCT
fbem-10239	61	3	from	from	ADP
fbem-10239	61	4	the	the	DET
fbem-10239	61	5	perspective	perspective	NOUN
fbem-10239	61	6	of	of	ADP
fbem-10239	61	7	behavioral	behavioral	ADJ
fbem-10239	61	8	finance	finance	NOUN
fbem-10239	61	9	,	,	PUNCT
fbem-10239	61	10	inquiry	inquiry	NOUN
fbem-10239	61	11	letter	letter	NOUN
fbem-10239	61	12	regulation	regulation	NOUN
fbem-10239	61	13	may	may	AUX
fbem-10239	61	14	lead	lead	VERB
fbem-10239	61	15	to	to	ADP
fbem-10239	61	16	mood	mood	NOUN
fbem-10239	61	17	swings	swing	NOUN
fbem-10239	61	18	in	in	ADP
fbem-10239	61	19	management	management	NOUN
fbem-10239	61	20	or	or	CCONJ
fbem-10239	61	21	investment	investment	NOUN
fbem-10239	61	22	decision	decision	NOUN
fbem-10239	61	23	-	-	PUNCT
fbem-10239	61	24	makers	maker	NOUN
fbem-10239	61	25	,	,	PUNCT
fbem-10239	61	26	resulting	result	VERB
fbem-10239	61	27	in	in	ADP
fbem-10239	61	28	cognitive	cognitive	ADJ
fbem-10239	61	29	biases	bias	NOUN
fbem-10239	61	30	that	that	PRON
fbem-10239	61	31	make	make	VERB
fbem-10239	61	32	corporate	corporate	ADJ
fbem-10239	61	33	investment	investment	NOUN
fbem-10239	61	34	less	less	ADV
fbem-10239	61	35	efficient	efficient	ADJ
fbem-10239	61	36	.	.	PUNCT
fbem-10239	62	1	in	in	ADP
fbem-10239	62	2	the	the	DET
fbem-10239	62	3	face	face	NOUN
fbem-10239	62	4	of	of	ADP
fbem-10239	62	5	sudden	sudden	ADJ
fbem-10239	62	6	inquiry	inquiry	NOUN
fbem-10239	62	7	letter	letter	NOUN
fbem-10239	62	8	supervision	supervision	NOUN
fbem-10239	62	9	,	,	PUNCT
fbem-10239	62	10	management	management	NOUN
fbem-10239	62	11	may	may	AUX
fbem-10239	62	12	tend	tend	VERB
fbem-10239	62	13	to	to	PART
fbem-10239	62	14	make	make	VERB
fbem-10239	62	15	irrational	irrational	ADJ
fbem-10239	62	16	conservative	conservative	ADJ
fbem-10239	62	17	decisions	decision	NOUN
fbem-10239	62	18	,	,	PUNCT
fbem-10239	62	19	miss	miss	VERB
fbem-10239	62	20	investment	investment	NOUN
fbem-10239	62	21	opportunities	opportunity	NOUN
fbem-10239	62	22	,	,	PUNCT
fbem-10239	62	23	and	and	CCONJ
fbem-10239	62	24	reduce	reduce	VERB
fbem-10239	62	25	the	the	DET
fbem-10239	62	26	investment	investment	NOUN
fbem-10239	62	27	efficiency	efficiency	NOUN
fbem-10239	62	28	of	of	ADP
fbem-10239	62	29	enterprises	enterprise	NOUN
fbem-10239	62	30	.	.	PUNCT
fbem-10239	63	1	based	base	VERB
fbem-10239	63	2	on	on	ADP
fbem-10239	63	3	the	the	DET
fbem-10239	63	4	theoretical	theoretical	ADJ
fbem-10239	63	5	analysis	analysis	NOUN
fbem-10239	63	6	of	of	ADP
fbem-10239	63	7	the	the	DET
fbem-10239	63	8	above	above	ADJ
fbem-10239	63	9	diametrically	diametrically	ADV
fbem-10239	63	10	opposed	opposed	ADJ
fbem-10239	63	11	effects	effect	NOUN
fbem-10239	63	12	,	,	PUNCT
fbem-10239	63	13	the	the	DET
fbem-10239	63	14	following	follow	VERB
fbem-10239	63	15	competitive	competitive	ADJ
fbem-10239	63	16	hypotheses	hypothesis	NOUN
fbem-10239	63	17	are	be	AUX
fbem-10239	63	18	proposed	propose	VERB
fbem-10239	63	19	:	:	PUNCT
fbem-10239	63	20	ha	ha	INTJ
fbem-10239	63	21	:	:	PUNCT
fbem-10239	63	22	under	under	ADP
fbem-10239	63	23	other	other	ADJ
fbem-10239	63	24	conditions	condition	NOUN
fbem-10239	63	25	,	,	PUNCT
fbem-10239	63	26	companies	company	NOUN
fbem-10239	63	27	that	that	PRON
fbem-10239	63	28	receive	receive	VERB
fbem-10239	63	29	inquiry	inquiry	NOUN
fbem-10239	63	30	letters	letter	NOUN
fbem-10239	63	31	from	from	ADP
fbem-10239	63	32	exchanges	exchange	NOUN
fbem-10239	63	33	have	have	VERB
fbem-10239	63	34	significantly	significantly	ADV
fbem-10239	63	35	higher	high	ADJ
fbem-10239	63	36	investment	investment	NOUN
fbem-10239	63	37	efficiency	efficiency	NOUN
fbem-10239	63	38	than	than	ADP
fbem-10239	63	39	companies	company	NOUN
fbem-10239	63	40	that	that	PRON
fbem-10239	63	41	do	do	VERB
fbem-10239	63	42	not	not	PART
fbem-10239	63	43	.	.	PUNCT
fbem-10239	64	1	hb	hb	NOUN
fbem-10239	64	2	:	:	PUNCT
fbem-10239	64	3	under	under	ADP
fbem-10239	64	4	other	other	ADJ
fbem-10239	64	5	conditions	condition	NOUN
fbem-10239	64	6	,	,	PUNCT
fbem-10239	64	7	companies	company	NOUN
fbem-10239	64	8	that	that	PRON
fbem-10239	64	9	receive	receive	VERB
fbem-10239	64	10	inquiry	inquiry	NOUN
fbem-10239	64	11	letters	letter	NOUN
fbem-10239	64	12	from	from	ADP
fbem-10239	64	13	exchanges	exchange	NOUN
fbem-10239	64	14	have	have	VERB
fbem-10239	64	15	significantly	significantly	ADV
fbem-10239	64	16	lower	low	ADJ
fbem-10239	64	17	investment	investment	NOUN
fbem-10239	64	18	efficiency	efficiency	NOUN
fbem-10239	64	19	than	than	ADP
fbem-10239	64	20	companies	company	NOUN
fbem-10239	64	21	that	that	PRON
fbem-10239	64	22	do	do	VERB
fbem-10239	64	23	not	not	PART
fbem-10239	64	24	.	.	PUNCT
fbem-10239	65	1	4	4	X
fbem-10239	65	2	.	.	X
fbem-10239	65	3	research	research	NOUN
fbem-10239	65	4	design	design	NOUN
fbem-10239	65	5	4.1	4.1	NUM
fbem-10239	65	6	.	.	PUNCT
fbem-10239	66	1	model	model	NOUN
fbem-10239	66	2	design	design	NOUN
fbem-10239	66	3	since	since	SCONJ
fbem-10239	66	4	not	not	PART
fbem-10239	66	5	all	all	DET
fbem-10239	66	6	companies	company	NOUN
fbem-10239	66	7	receive	receive	VERB
fbem-10239	66	8	inquiry	inquiry	NOUN
fbem-10239	66	9	letters	letter	NOUN
fbem-10239	66	10	from	from	ADP
fbem-10239	66	11	exchanges	exchange	NOUN
fbem-10239	66	12	,	,	PUNCT
fbem-10239	66	13	and	and	CCONJ
fbem-10239	66	14	the	the	DET
fbem-10239	66	15	timing	timing	NOUN
fbem-10239	66	16	of	of	ADP
fbem-10239	66	17	receiving	receive	VERB
fbem-10239	66	18	inquiry	inquiry	NOUN
fbem-10239	66	19	letters	letter	NOUN
fbem-10239	66	20	varies	vary	VERB
fbem-10239	66	21	among	among	ADP
fbem-10239	66	22	companies	company	NOUN
fbem-10239	66	23	,	,	PUNCT
fbem-10239	66	24	in	in	ADP
fbem-10239	66	25	order	order	NOUN
fbem-10239	66	26	to	to	PART
fbem-10239	66	27	study	study	VERB
fbem-10239	66	28	the	the	DET
fbem-10239	66	29	causal	causal	ADJ
fbem-10239	66	30	relationship	relationship	NOUN
fbem-10239	66	31	between	between	ADP
fbem-10239	66	32	the	the	DET
fbem-10239	66	33	inquiry	inquiry	NOUN
fbem-10239	66	34	regulatory	regulatory	ADJ
fbem-10239	66	35	system	system	NOUN
fbem-10239	66	36	and	and	CCONJ
fbem-10239	66	37	the	the	DET
fbem-10239	66	38	investment	investment	NOUN
fbem-10239	66	39	efficiency	efficiency	NOUN
fbem-10239	66	40	of	of	ADP
fbem-10239	66	41	enterprises	enterprise	NOUN
fbem-10239	66	42	,	,	PUNCT
fbem-10239	66	43	this	this	DET
fbem-10239	66	44	paper	paper	NOUN
fbem-10239	66	45	adopts	adopt	VERB
fbem-10239	66	46	a	a	DET
fbem-10239	66	47	multi	multi	ADJ
fbem-10239	66	48	-	-	ADJ
fbem-10239	66	49	period	period	ADJ
fbem-10239	66	50	double	double	ADJ
fbem-10239	66	51	difference	difference	NOUN
fbem-10239	66	52	model	model	NOUN
fbem-10239	66	53	,	,	PUNCT
fbem-10239	66	54	controls	control	VERB
fbem-10239	66	55	both	both	CCONJ
fbem-10239	66	56	the	the	DET
fbem-10239	66	57	fixed	fix	VERB
fbem-10239	66	58	effect	effect	NOUN
fbem-10239	66	59	of	of	ADP
fbem-10239	66	60	the	the	DET
fbem-10239	66	61	year	year	NOUN
fbem-10239	66	62	and	and	CCONJ
fbem-10239	66	63	the	the	DET
fbem-10239	66	64	fixed	fix	VERB
fbem-10239	66	65	effect	effect	NOUN
fbem-10239	66	66	of	of	ADP
fbem-10239	66	67	the	the	DET
fbem-10239	66	68	industry	industry	NOUN
fbem-10239	66	69	,	,	PUNCT
fbem-10239	66	70	draws	draw	VERB
fbem-10239	66	71	on	on	ADP
fbem-10239	66	72	he	he	PRON
fbem-10239	66	73	&	&	CCONJ
fbem-10239	66	74	fang	fang	PROPN
fbem-10239	66	75	(	(	PUNCT
fbem-10239	66	76	2021)[5	2021)[5	PROPN
fbem-10239	66	77	]	]	PUNCT
fbem-10239	66	78	,	,	PUNCT
fbem-10239	66	79	and	and	CCONJ
fbem-10239	66	80	establishes	establish	VERB
fbem-10239	66	81	a	a	DET
fbem-10239	66	82	model	model	NOUN
fbem-10239	66	83	(	(	PUNCT
fbem-10239	66	84	1	1	NUM
fbem-10239	66	85	)	)	PUNCT
fbem-10239	66	86	to	to	PART
fbem-10239	66	87	verify	verify	VERB
fbem-10239	66	88	the	the	DET
fbem-10239	66	89	hypothesis	hypothesis	NOUN
fbem-10239	66	90	:	:	PUNCT
fbem-10239	66	91	𝐼𝑛𝑒𝑓𝑓𝑖𝑛𝑣	𝐼𝑛𝑒𝑓𝑓𝑖𝑛𝑣	NOUN
fbem-10239	66	92	𝛼	𝛼	NOUN
fbem-10239	66	93	𝛼	𝛼	PROPN
fbem-10239	66	94	𝑃𝑜𝑠𝑡	𝑃𝑜𝑠𝑡	PROPN
fbem-10239	66	95	𝛼	𝛼	ADP
fbem-10239	66	96	𝐶𝑜𝑛𝑡𝑟𝑜𝑙	𝐶𝑜𝑛𝑡𝑟𝑜𝑙	PROPN
fbem-10239	66	97	𝑌𝑒𝑎𝑟𝐹𝐸	𝑌𝑒𝑎𝑟𝐹𝐸	PROPN
fbem-10239	66	98	𝐹𝑖𝑟𝑚𝐹𝐸	𝐹𝑖𝑟𝑚𝐹𝐸	NOUN
fbem-10239	66	99	𝜀	𝜀	X
fbem-10239	66	100	(	(	PUNCT
fbem-10239	66	101	1	1	NUM
fbem-10239	66	102	)	)	PUNCT
fbem-10239	66	103	where	where	SCONJ
fbem-10239	66	104	the	the	DET
fbem-10239	66	105	subscript	subscript	NOUN
fbem-10239	66	106	i	i	PRON
fbem-10239	66	107	represents	represent	VERB
fbem-10239	66	108	the	the	DET
fbem-10239	66	109	company	company	NOUN
fbem-10239	66	110	and	and	CCONJ
fbem-10239	66	111	t	t	PROPN
fbem-10239	66	112	represents	represent	VERB
fbem-10239	66	113	the	the	DET
fbem-10239	66	114	year	year	NOUN
fbem-10239	66	115	.	.	PUNCT
fbem-10239	67	1	ineffinv	ineffinv	NOUN
fbem-10239	67	2	is	be	AUX
fbem-10239	67	3	the	the	DET
fbem-10239	67	4	explanatory	explanatory	ADJ
fbem-10239	67	5	variable	variable	NOUN
fbem-10239	67	6	that	that	PRON
fbem-10239	67	7	indicates	indicate	VERB
fbem-10239	67	8	the	the	DET
fbem-10239	67	9	efficiency	efficiency	NOUN
fbem-10239	67	10	of	of	ADP
fbem-10239	67	11	the	the	DET
fbem-10239	67	12	company	company	NOUN
fbem-10239	67	13	's	's	PART
fbem-10239	67	14	investment	investment	NOUN
fbem-10239	67	15	.	.	PUNCT
fbem-10239	68	1	post	post	NOUN
fbem-10239	68	2	is	be	AUX
fbem-10239	68	3	an	an	DET
fbem-10239	68	4	explanatory	explanatory	ADJ
fbem-10239	68	5	variable	variable	NOUN
fbem-10239	68	6	that	that	PRON
fbem-10239	68	7	represents	represent	VERB
fbem-10239	68	8	whether	whether	SCONJ
fbem-10239	68	9	it	it	PRON
fbem-10239	68	10	is	be	AUX
fbem-10239	68	11	being	be	AUX
fbem-10239	68	12	treated	treat	VERB
fbem-10239	68	13	or	or	CCONJ
fbem-10239	68	14	not	not	PART
fbem-10239	68	15	.	.	PUNCT
fbem-10239	69	1	control	control	NOUN
fbem-10239	69	2	represents	represent	VERB
fbem-10239	69	3	a	a	DET
fbem-10239	69	4	series	series	NOUN
fbem-10239	69	5	of	of	ADP
fbem-10239	69	6	control	control	NOUN
fbem-10239	69	7	variables	variable	NOUN
fbem-10239	69	8	,	,	PUNCT
fbem-10239	69	9	and	and	CCONJ
fbem-10239	69	10	yearfe	yearfe	NOUN
fbem-10239	69	11	and	and	CCONJ
fbem-10239	69	12	firmfe	firmfe	PROPN
fbem-10239	69	13	represent	represent	VERB
fbem-10239	69	14	the	the	DET
fbem-10239	69	15	year	year	NOUN
fbem-10239	69	16	and	and	CCONJ
fbem-10239	69	17	firm	firm	ADJ
fbem-10239	69	18	fixed	fix	VERB
fbem-10239	69	19	effects	effect	NOUN
fbem-10239	69	20	,	,	PUNCT
fbem-10239	69	21	respectively	respectively	ADV
fbem-10239	69	22	.	.	PUNCT
fbem-10239	70	1	this	this	DET
fbem-10239	70	2	paper	paper	NOUN
fbem-10239	70	3	focuses	focus	VERB
fbem-10239	70	4	on	on	ADP
fbem-10239	70	5	the	the	DET
fbem-10239	70	6	coefficient	coefficient	NOUN
fbem-10239	70	7	of	of	ADP
fbem-10239	70	8	post	post	NOUN
fbem-10239	70	9	,	,	PUNCT
fbem-10239	70	10	which	which	PRON
fbem-10239	70	11	reflects	reflect	VERB
fbem-10239	70	12	the	the	DET
fbem-10239	70	13	impact	impact	NOUN
fbem-10239	70	14	of	of	ADP
fbem-10239	70	15	inquiry	inquiry	NOUN
fbem-10239	70	16	supervision	supervision	NOUN
fbem-10239	70	17	on	on	ADP
fbem-10239	70	18	the	the	DET
fbem-10239	70	19	investment	investment	NOUN
fbem-10239	70	20	efficiency	efficiency	NOUN
fbem-10239	70	21	of	of	ADP
fbem-10239	70	22	enterprises	enterprise	NOUN
fbem-10239	70	23	by	by	ADP
fbem-10239	70	24	judging	judge	VERB
fbem-10239	70	25	the	the	DET
fbem-10239	70	26	size	size	NOUN
fbem-10239	70	27	,	,	PUNCT
fbem-10239	70	28	direction	direction	NOUN
fbem-10239	70	29	and	and	CCONJ
fbem-10239	70	30	significance	significance	NOUN
fbem-10239	70	31	of	of	ADP
fbem-10239	70	32	𝛼	𝛼	PRON
fbem-10239	70	33	in	in	ADP
fbem-10239	70	34	this	this	DET
fbem-10239	70	35	model	model	NOUN
fbem-10239	70	36	.	.	PUNCT
fbem-10239	71	1	4.2	4.2	NUM
fbem-10239	71	2	.	.	PUNCT
fbem-10239	72	1	variable	variable	ADJ
fbem-10239	72	2	definition	definition	NOUN
fbem-10239	72	3	4.2.1	4.2.1	NOUN
fbem-10239	72	4	.	.	PUNCT
fbem-10239	73	1	variable	variable	NOUN
fbem-10239	73	2	to	to	PART
fbem-10239	73	3	be	be	AUX
fbem-10239	73	4	explained	explain	VERB
fbem-10239	73	5	:	:	PUNCT
fbem-10239	73	6	ineffinv	ineffinv	ADJ
fbem-10239	73	7	in	in	ADP
fbem-10239	73	8	this	this	DET
fbem-10239	73	9	paper	paper	NOUN
fbem-10239	73	10	,	,	PUNCT
fbem-10239	73	11	the	the	DET
fbem-10239	73	12	variable	variable	NOUN
fbem-10239	73	13	is	be	AUX
fbem-10239	73	14	explained	explain	VERB
fbem-10239	73	15	as	as	ADP
fbem-10239	73	16	enterprise	enterprise	NOUN
fbem-10239	73	17	investment	investment	NOUN
fbem-10239	73	18	efficiency	efficiency	NOUN
fbem-10239	73	19	,	,	PUNCT
fbem-10239	73	20	and	and	CCONJ
fbem-10239	73	21	the	the	DET
fbem-10239	73	22	model	model	NOUN
fbem-10239	73	23	is	be	AUX
fbem-10239	73	24	constructed	construct	VERB
fbem-10239	73	25	by	by	ADP
fbem-10239	73	26	drawing	draw	VERB
fbem-10239	73	27	on	on	ADP
fbem-10239	73	28	the	the	DET
fbem-10239	73	29	practices	practice	NOUN
fbem-10239	73	30	of	of	ADP
fbem-10239	73	31	richardson	richardson	PROPN
fbem-10239	73	32	(	(	PUNCT
fbem-10239	73	33	2006)[30	2006)[30	PROPN
fbem-10239	73	34	]	]	X
fbem-10239	73	35	,	,	PUNCT
fbem-10239	73	36	liu	liu	PROPN
fbem-10239	73	37	&	&	CCONJ
fbem-10239	73	38	ye	ye	PROPN
fbem-10239	73	39	(	(	PUNCT
fbem-10239	73	40	2013)[31	2013)[31	X
fbem-10239	73	41	]	]	X
fbem-10239	73	42	,	,	PUNCT
fbem-10239	73	43	gu	gu	PROPN
fbem-10239	73	44	&	&	CCONJ
fbem-10239	73	45	di	di	PROPN
fbem-10239	73	46	(	(	PUNCT
fbem-10239	73	47	2021)[21	2021)[21	PROPN
fbem-10239	73	48	]	]	PUNCT
fbem-10239	73	49	,	,	PUNCT
fbem-10239	73	50	and	and	CCONJ
fbem-10239	73	51	the	the	DET
fbem-10239	73	52	absolute	absolute	ADJ
fbem-10239	73	53	value	value	NOUN
fbem-10239	73	54	of	of	ADP
fbem-10239	73	55	the	the	DET
fbem-10239	73	56	residual	residual	ADJ
fbem-10239	73	57	term	term	NOUN
fbem-10239	73	58	is	be	AUX
fbem-10239	73	59	regressed	regress	VERB
fbem-10239	73	60	as	as	ADP
fbem-10239	73	61	a	a	DET
fbem-10239	73	62	measure	measure	NOUN
fbem-10239	73	63	of	of	ADP
fbem-10239	73	64	enterprise	enterprise	NOUN
fbem-10239	73	65	investment	investment	NOUN
fbem-10239	73	66	efficiency	efficiency	NOUN
fbem-10239	73	67	:	:	PUNCT
fbem-10239	73	68	𝑙𝑛𝑣	𝑙𝑛𝑣	NOUN
fbem-10239	73	69	𝛽	𝛽	NOUN
fbem-10239	73	70	𝛽	𝛽	PROPN
fbem-10239	73	71	𝑇𝑄	𝑇𝑄	PROPN
fbem-10239	73	72	𝛽	𝛽	PROPN
fbem-10239	73	73	𝐿𝑒𝑣	𝐿𝑒𝑣	PROPN
fbem-10239	73	74	𝛽	𝛽	PROPN
fbem-10239	73	75	𝐶𝑎𝑠ℎ	𝐶𝑎𝑠ℎ	PROPN
fbem-10239	73	76	𝛽	𝛽	PROPN
fbem-10239	73	77	𝐴𝑔𝑒	𝐴𝑔𝑒	PROPN
fbem-10239	73	78	𝛽	𝛽	PROPN
fbem-10239	73	79	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-10239	73	80	𝛽	𝛽	PROPN
fbem-10239	73	81	𝑙𝑛𝑣	𝑙𝑛𝑣	VERB
fbem-10239	73	82	∑𝑌𝑒𝑎𝑟	∑𝑌𝑒𝑎𝑟	NOUN
fbem-10239	74	1	∑𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	∑𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	ADV
fbem-10239	74	2	𝛿	𝛿	ADJ
fbem-10239	74	3	2	2	NUM
fbem-10239	74	4	where	where	SCONJ
fbem-10239	74	5	the	the	DET
fbem-10239	74	6	subscript	subscript	NOUN
fbem-10239	74	7	i	i	PRON
fbem-10239	74	8	represents	represent	VERB
fbem-10239	74	9	the	the	DET
fbem-10239	74	10	company	company	NOUN
fbem-10239	74	11	and	and	CCONJ
fbem-10239	74	12	t	t	PROPN
fbem-10239	74	13	represents	represent	VERB
fbem-10239	74	14	the	the	DET
fbem-10239	74	15	year	year	NOUN
fbem-10239	74	16	;	;	PUNCT
fbem-10239	74	17	the	the	DET
fbem-10239	74	18	subscript	subscript	NOUN
fbem-10239	74	19	is	be	AUX
fbem-10239	74	20	t	t	NOUN
fbem-10239	74	21	for	for	ADP
fbem-10239	74	22	the	the	DET
fbem-10239	74	23	current	current	ADJ
fbem-10239	74	24	year	year	NOUN
fbem-10239	74	25	's	's	PART
fbem-10239	74	26	index	index	NOUN
fbem-10239	74	27	,	,	PUNCT
fbem-10239	74	28	and	and	CCONJ
fbem-10239	74	29	the	the	DET
fbem-10239	74	30	subscript	subscript	NOUN
fbem-10239	74	31	is	be	AUX
fbem-10239	74	32	t-1	t-1	PROPN
fbem-10239	74	33	for	for	ADP
fbem-10239	74	34	the	the	DET
fbem-10239	74	35	previous	previous	ADJ
fbem-10239	74	36	year	year	NOUN
fbem-10239	74	37	's	's	PART
fbem-10239	74	38	index	index	NOUN
fbem-10239	74	39	;	;	PUNCT
fbem-10239	74	40	𝑙𝑛𝑣	𝑙𝑛𝑣	NOUN
fbem-10239	74	41	is	be	AUX
fbem-10239	74	42	the	the	DET
fbem-10239	74	43	scale	scale	NOUN
fbem-10239	74	44	of	of	ADP
fbem-10239	74	45	new	new	ADJ
fbem-10239	74	46	capital	capital	NOUN
fbem-10239	74	47	investment	investment	NOUN
fbem-10239	74	48	in	in	ADP
fbem-10239	74	49	the	the	DET
fbem-10239	74	50	t	t	NOUN
fbem-10239	74	51	year	year	NOUN
fbem-10239	74	52	of	of	ADP
fbem-10239	74	53	the	the	DET
fbem-10239	74	54	i	i	PROPN
fbem-10239	74	55	enterprise	enterprise	NOUN
fbem-10239	74	56	,	,	PUNCT
fbem-10239	74	57	which	which	PRON
fbem-10239	74	58	is	be	AUX
fbem-10239	74	59	equal	equal	ADJ
fbem-10239	74	60	to	to	ADP
fbem-10239	74	61	the	the	DET
fbem-10239	74	62	ratio	ratio	NOUN
fbem-10239	74	63	of	of	ADP
fbem-10239	74	64	the	the	DET
fbem-10239	74	65	difference	difference	NOUN
fbem-10239	74	66	between	between	ADP
fbem-10239	74	67	the	the	DET
fbem-10239	74	68	sum	sum	NOUN
fbem-10239	74	69	of	of	ADP
fbem-10239	74	70	the	the	DET
fbem-10239	74	71	sum	sum	NOUN
fbem-10239	74	72	of	of	ADP
fbem-10239	74	73	intangible	intangible	ADJ
fbem-10239	74	74	assets	asset	NOUN
fbem-10239	74	75	,	,	PUNCT
fbem-10239	74	76	fixed	fix	VERB
fbem-10239	74	77	assets	asset	NOUN
fbem-10239	74	78	and	and	CCONJ
fbem-10239	74	79	construction	construction	NOUN
fbem-10239	74	80	in	in	ADP
fbem-10239	74	81	progress	progress	NOUN
fbem-10239	74	82	at	at	ADP
fbem-10239	74	83	the	the	DET
fbem-10239	74	84	end	end	NOUN
fbem-10239	74	85	of	of	ADP
fbem-10239	74	86	the	the	DET
fbem-10239	74	87	year	year	NOUN
fbem-10239	74	88	and	and	CCONJ
fbem-10239	74	89	the	the	DET
fbem-10239	74	90	total	total	ADJ
fbem-10239	74	91	value	value	NOUN
fbem-10239	74	92	of	of	ADP
fbem-10239	74	93	the	the	DET
fbem-10239	74	94	above	above	ADJ
fbem-10239	74	95	assets	asset	NOUN
fbem-10239	74	96	at	at	ADP
fbem-10239	74	97	the	the	DET
fbem-10239	74	98	end	end	NOUN
fbem-10239	74	99	of	of	ADP
fbem-10239	74	100	the	the	DET
fbem-10239	74	101	previous	previous	ADJ
fbem-10239	74	102	year	year	NOUN
fbem-10239	74	103	to	to	ADP
fbem-10239	74	104	the	the	DET
fbem-10239	74	105	average	average	ADJ
fbem-10239	74	106	asset	asset	NOUN
fbem-10239	74	107	balance	balance	NOUN
fbem-10239	74	108	of	of	ADP
fbem-10239	74	109	the	the	DET
fbem-10239	74	110	current	current	ADJ
fbem-10239	74	111	year	year	NOUN
fbem-10239	74	112	,	,	PUNCT
fbem-10239	74	113	and	and	CCONJ
fbem-10239	74	114	𝑙𝑛𝑣	𝑙𝑛𝑣	NOUN
fbem-10239	74	115	is	be	AUX
fbem-10239	74	116	the	the	DET
fbem-10239	74	117	scale	scale	NOUN
fbem-10239	74	118	of	of	ADP
fbem-10239	74	119	new	new	ADJ
fbem-10239	74	120	capital	capital	NOUN
fbem-10239	74	121	investment	investment	NOUN
fbem-10239	74	122	in	in	ADP
fbem-10239	74	123	the	the	DET
fbem-10239	74	124	t-1	t-1	PROPN
fbem-10239	74	125	year	year	NOUN
fbem-10239	74	126	of	of	ADP
fbem-10239	74	127	the	the	DET
fbem-10239	74	128	i	i	PROPN
fbem-10239	74	129	enterprise	enterprise	NOUN
fbem-10239	74	130	;	;	PUNCT
fbem-10239	74	131	tq	tq	ADV
fbem-10239	74	132	stands	stand	VERB
fbem-10239	74	133	for	for	ADP
fbem-10239	74	134	enterprise	enterprise	NOUN
fbem-10239	74	135	growth	growth	NOUN
fbem-10239	74	136	and	and	CCONJ
fbem-10239	74	137	is	be	AUX
fbem-10239	74	138	measured	measure	VERB
fbem-10239	74	139	by	by	ADP
fbem-10239	74	140	tobin	tobin	PROPN
fbem-10239	74	141	's	's	PART
fbem-10239	74	142	q	q	NOUN
fbem-10239	74	143	-	-	PUNCT
fbem-10239	74	144	value	value	NOUN
fbem-10239	74	145	;	;	PUNCT
fbem-10239	74	146	lev	lev	NOUN
fbem-10239	74	147	represents	represent	VERB
fbem-10239	74	148	the	the	DET
fbem-10239	74	149	level	level	NOUN
fbem-10239	74	150	of	of	ADP
fbem-10239	74	151	corporate	corporate	ADJ
fbem-10239	74	152	leverage	leverage	NOUN
fbem-10239	74	153	,	,	PUNCT
fbem-10239	74	154	measured	measure	VERB
fbem-10239	74	155	by	by	ADP
fbem-10239	74	156	the	the	DET
fbem-10239	74	157	gearing	gearing	NOUN
fbem-10239	74	158	ratio	ratio	NOUN
fbem-10239	74	159	;	;	PUNCT
fbem-10239	74	160	cash	cash	NOUN
fbem-10239	74	161	represents	represent	VERB
fbem-10239	74	162	the	the	DET
fbem-10239	74	163	cash	cash	NOUN
fbem-10239	74	164	holding	hold	VERB
fbem-10239	74	165	rate	rate	NOUN
fbem-10239	74	166	of	of	ADP
fbem-10239	74	167	the	the	DET
fbem-10239	74	168	enterprise	enterprise	NOUN
fbem-10239	74	169	,	,	PUNCT
fbem-10239	74	170	measured	measure	VERB
fbem-10239	74	171	by	by	ADP
fbem-10239	74	172	the	the	DET
fbem-10239	74	173	ratio	ratio	NOUN
fbem-10239	74	174	of	of	ADP
fbem-10239	74	175	the	the	DET
fbem-10239	74	176	cash	cash	NOUN
fbem-10239	74	177	assets	asset	NOUN
fbem-10239	74	178	of	of	ADP
fbem-10239	74	179	the	the	DET
fbem-10239	74	180	enterprise	enterprise	NOUN
fbem-10239	74	181	to	to	ADP
fbem-10239	74	182	the	the	DET
fbem-10239	74	183	total	total	ADJ
fbem-10239	74	184	assets	asset	NOUN
fbem-10239	74	185	;	;	PUNCT
fbem-10239	74	186	age	age	NOUN
fbem-10239	74	187	indicates	indicate	VERB
fbem-10239	74	188	the	the	DET
fbem-10239	74	189	number	number	NOUN
fbem-10239	74	190	of	of	ADP
fbem-10239	74	191	years	year	NOUN
fbem-10239	74	192	the	the	DET
fbem-10239	74	193	company	company	NOUN
fbem-10239	74	194	has	have	AUX
fbem-10239	74	195	been	be	AUX
fbem-10239	74	196	listed	list	VERB
fbem-10239	74	197	;	;	PUNCT
fbem-10239	74	198	size	size	NOUN
fbem-10239	74	199	represents	represent	VERB
fbem-10239	74	200	the	the	DET
fbem-10239	74	201	size	size	NOUN
fbem-10239	74	202	of	of	ADP
fbem-10239	74	203	the	the	DET
fbem-10239	74	204	enterprise	enterprise	NOUN
fbem-10239	74	205	,	,	PUNCT
fbem-10239	74	206	measured	measure	VERB
fbem-10239	74	207	by	by	ADP
fbem-10239	74	208	the	the	DET
fbem-10239	74	209	logarithm	logarithm	NOUN
fbem-10239	74	210	of	of	ADP
fbem-10239	74	211	the	the	DET
fbem-10239	74	212	total	total	ADJ
fbem-10239	74	213	assets	asset	NOUN
fbem-10239	74	214	of	of	ADP
fbem-10239	74	215	the	the	DET
fbem-10239	74	216	enterprise	enterprise	NOUN
fbem-10239	74	217	;	;	PUNCT
fbem-10239	74	218	yearfe	yearfe	ADJ
fbem-10239	74	219	and	and	CCONJ
fbem-10239	74	220	industryfe	industryfe	ADV
fbem-10239	74	221	represent	represent	VERB
fbem-10239	74	222	the	the	DET
fbem-10239	74	223	year	year	NOUN
fbem-10239	74	224	of	of	ADP
fbem-10239	74	225	control	control	NOUN
fbem-10239	74	226	and	and	CCONJ
fbem-10239	74	227	the	the	DET
fbem-10239	74	228	fixed	fix	VERB
fbem-10239	74	229	effect	effect	NOUN
fbem-10239	74	230	of	of	ADP
fbem-10239	74	231	the	the	DET
fbem-10239	74	232	industry	industry	NOUN
fbem-10239	74	233	.	.	PUNCT
fbem-10239	75	1	the	the	DET
fbem-10239	75	2	residual	residual	ADJ
fbem-10239	75	3	obtained	obtain	VERB
fbem-10239	75	4	by	by	ADP
fbem-10239	75	5	regression	regression	NOUN
fbem-10239	75	6	to	to	ADP
fbem-10239	75	7	model	model	NOUN
fbem-10239	75	8	(	(	PUNCT
fbem-10239	75	9	2	2	NUM
fbem-10239	75	10	)	)	PUNCT
fbem-10239	75	11	is	be	AUX
fbem-10239	75	12	the	the	DET
fbem-10239	75	13	degree	degree	NOUN
fbem-10239	75	14	of	of	ADP
fbem-10239	75	15	deviation	deviation	NOUN
fbem-10239	75	16	between	between	ADP
fbem-10239	75	17	the	the	DET
fbem-10239	75	18	investment	investment	NOUN
fbem-10239	75	19	scale	scale	NOUN
fbem-10239	75	20	of	of	ADP
fbem-10239	75	21	the	the	DET
fbem-10239	75	22	enterprise	enterprise	NOUN
fbem-10239	75	23	and	and	CCONJ
fbem-10239	75	24	the	the	DET
fbem-10239	75	25	optimal	optimal	ADJ
fbem-10239	75	26	investment	investment	NOUN
fbem-10239	75	27	scale	scale	NOUN
fbem-10239	75	28	.	.	PUNCT
fbem-10239	76	1	when	when	SCONJ
fbem-10239	76	2			NUM
fbem-10239	76	3	<	<	X
fbem-10239	76	4	0	0	NUM
fbem-10239	76	5	,	,	PUNCT
fbem-10239	76	6	it	it	PRON
fbem-10239	76	7	means	mean	VERB
fbem-10239	76	8	that	that	SCONJ
fbem-10239	76	9	the	the	DET
fbem-10239	76	10	investment	investment	NOUN
fbem-10239	76	11	is	be	AUX
fbem-10239	76	12	insufficient	insufficient	ADJ
fbem-10239	76	13	in	in	ADP
fbem-10239	76	14	the	the	DET
fbem-10239	76	15	year	year	NOUN
fbem-10239	76	16	,	,	PUNCT
fbem-10239	76	17	and	and	CCONJ
fbem-10239	76	18	when	when	SCONJ
fbem-10239	76	19			NUM
fbem-10239	76	20	>	>	X
fbem-10239	76	21	0	0	NUM
fbem-10239	76	22	,	,	PUNCT
fbem-10239	76	23	it	it	PRON
fbem-10239	76	24	means	mean	VERB
fbem-10239	76	25	that	that	SCONJ
fbem-10239	76	26	the	the	DET
fbem-10239	76	27	investment	investment	NOUN
fbem-10239	76	28	is	be	AUX
fbem-10239	76	29	overinvested	overinveste	VERB
fbem-10239	76	30	in	in	ADP
fbem-10239	76	31	the	the	DET
fbem-10239	76	32	year	year	NOUN
fbem-10239	76	33	.	.	PUNCT
fbem-10239	77	1	take	take	VERB
fbem-10239	77	2	the	the	DET
fbem-10239	77	3	absolute	absolute	ADJ
fbem-10239	77	4	value	value	NOUN
fbem-10239	77	5	for	for	ADP
fbem-10239	77	6	the	the	DET
fbem-10239	77	7	regression	regression	NOUN
fbem-10239	77	8	residuals	residual	NOUN
fbem-10239	77	9	,	,	PUNCT
fbem-10239	77	10	expressed	express	VERB
fbem-10239	77	11	as	as	ADP
fbem-10239	77	12	ineffinv	ineffinv	NOUN
fbem-10239	77	13	.	.	PUNCT
fbem-10239	78	1	ineffinv	ineffinv	NOUN
fbem-10239	78	2	is	be	AUX
fbem-10239	78	3	the	the	DET
fbem-10239	78	4	inverse	inverse	NOUN
fbem-10239	78	5	of	of	ADP
fbem-10239	78	6	investment	investment	NOUN
fbem-10239	78	7	efficiency	efficiency	NOUN
fbem-10239	78	8	.	.	PUNCT
fbem-10239	79	1	when	when	SCONJ
fbem-10239	79	2	ineffinv	ineffinv	NOUN
fbem-10239	79	3	is	be	AUX
fbem-10239	79	4	larger	large	ADJ
fbem-10239	79	5	,	,	PUNCT
fbem-10239	79	6	it	it	PRON
fbem-10239	79	7	means	mean	VERB
fbem-10239	79	8	that	that	SCONJ
fbem-10239	79	9	the	the	DET
fbem-10239	79	10	scale	scale	NOUN
fbem-10239	79	11	of	of	ADP
fbem-10239	79	12	inefficient	inefficient	ADJ
fbem-10239	79	13	investment	investment	NOUN
fbem-10239	79	14	is	be	AUX
fbem-10239	79	15	larger	large	ADJ
fbem-10239	79	16	,	,	PUNCT
fbem-10239	79	17	and	and	CCONJ
fbem-10239	79	18	the	the	DET
fbem-10239	79	19	investment	investment	NOUN
fbem-10239	79	20	efficiency	efficiency	NOUN
fbem-10239	79	21	of	of	ADP
fbem-10239	79	22	enterprises	enterprise	NOUN
fbem-10239	79	23	is	be	AUX
fbem-10239	79	24	lower	low	ADJ
fbem-10239	79	25	.	.	PUNCT
fbem-10239	80	1	4.2.2	4.2.2	X
fbem-10239	80	2	.	.	PUNCT
fbem-10239	80	3	explanatory	explanatory	ADJ
fbem-10239	80	4	variable	variable	NOUN
fbem-10239	80	5	:	:	PUNCT
fbem-10239	80	6	post	post	VERB
fbem-10239	80	7	drawing	draw	VERB
fbem-10239	80	8	on	on	ADP
fbem-10239	80	9	the	the	DET
fbem-10239	80	10	practice	practice	NOUN
fbem-10239	80	11	of	of	ADP
fbem-10239	80	12	chen	chen	PROPN
fbem-10239	80	13	yunsen	yunsen	PROPN
fbem-10239	80	14	(	(	PUNCT
fbem-10239	80	15	2019)[32	2019)[32	NOUN
fbem-10239	80	16	]	]	X
fbem-10239	80	17	,	,	PUNCT
fbem-10239	80	18	this	this	DET
fbem-10239	80	19	paper	paper	NOUN
fbem-10239	80	20	sets	set	VERB
fbem-10239	80	21	the	the	DET
fbem-10239	80	22	explanatory	explanatory	ADJ
fbem-10239	80	23	variable	variable	ADJ
fbem-10239	80	24	post	post	NOUN
fbem-10239	80	25	according	accord	VERB
fbem-10239	80	26	to	to	ADP
fbem-10239	80	27	the	the	DET
fbem-10239	80	28	exchange	exchange	NOUN
fbem-10239	80	29	inquiry	inquiry	NOUN
fbem-10239	80	30	letters	letter	NOUN
fbem-10239	80	31	received	receive	VERB
fbem-10239	80	32	by	by	ADP
fbem-10239	80	33	different	different	ADJ
fbem-10239	80	34	listed	list	VERB
fbem-10239	80	35	companies	company	NOUN
fbem-10239	80	36	in	in	ADP
fbem-10239	80	37	different	different	ADJ
fbem-10239	80	38	years	year	NOUN
fbem-10239	80	39	,	,	PUNCT
fbem-10239	80	40	and	and	CCONJ
fbem-10239	80	41	if	if	SCONJ
fbem-10239	80	42	it	it	PRON
fbem-10239	80	43	is	be	AUX
fbem-10239	80	44	the	the	DET
fbem-10239	80	45	observed	observe	VERB
fbem-10239	80	46	value	value	NOUN
fbem-10239	80	47	of	of	ADP
fbem-10239	80	48	the	the	DET
fbem-10239	80	49	company	company	NOUN
fbem-10239	80	50	in	in	ADP
fbem-10239	80	51	the	the	DET
fbem-10239	80	52	year	year	NOUN
fbem-10239	80	53	and	and	CCONJ
fbem-10239	80	54	subsequent	subsequent	ADJ
fbem-10239	80	55	years	year	NOUN
fbem-10239	80	56	when	when	SCONJ
fbem-10239	80	57	the	the	DET
fbem-10239	80	58	inquiry	inquiry	NOUN
fbem-10239	80	59	letter	letter	NOUN
fbem-10239	80	60	is	be	AUX
fbem-10239	80	61	first	first	ADV
fbem-10239	80	62	received	receive	VERB
fbem-10239	80	63	,	,	PUNCT
fbem-10239	80	64	post	post	NOUN
fbem-10239	80	65	is	be	AUX
fbem-10239	80	66	1	1	NUM
fbem-10239	80	67	,	,	PUNCT
fbem-10239	80	68	otherwise	otherwise	ADV
fbem-10239	80	69	it	it	PRON
fbem-10239	80	70	is	be	AUX
fbem-10239	80	71	0	0	NUM
fbem-10239	80	72	.	.	PUNCT
fbem-10239	81	1	4.2.3	4.2.3	NUM
fbem-10239	81	2	.	.	PUNCT
fbem-10239	82	1	control	control	NOUN
fbem-10239	82	2	variables	variable	NOUN
fbem-10239	82	3	referring	refer	VERB
fbem-10239	82	4	to	to	ADP
fbem-10239	82	5	zhuang	zhuang	PROPN
fbem-10239	82	6	&	&	CCONJ
fbem-10239	82	7	duan	duan	PROPN
fbem-10239	82	8	(	(	PUNCT
fbem-10239	82	9	2022)[33	2022)[33	PROPN
fbem-10239	82	10	]	]	X
fbem-10239	82	11	,	,	PUNCT
fbem-10239	82	12	gu	gu	NOUN
fbem-10239	82	13	&	&	CCONJ
fbem-10239	82	14	zhang(2021)[20	zhang(2021)[20	PROPN
fbem-10239	82	15	]	]	PUNCT
fbem-10239	82	16	,	,	PUNCT
fbem-10239	82	17	etc	etc	X
fbem-10239	82	18	.	.	X
fbem-10239	82	19	,	,	PUNCT
fbem-10239	82	20	this	this	DET
fbem-10239	82	21	paper	paper	NOUN
fbem-10239	82	22	sets	set	VERB
fbem-10239	82	23	a	a	DET
fbem-10239	82	24	series	series	NOUN
fbem-10239	82	25	of	of	ADP
fbem-10239	82	26	variables	variable	NOUN
fbem-10239	82	27	that	that	SCONJ
fbem-10239	82	28	177	177	NUM
fbem-10239	82	29	will	will	AUX
fbem-10239	82	30	affect	affect	VERB
fbem-10239	82	31	the	the	DET
fbem-10239	82	32	investment	investment	NOUN
fbem-10239	82	33	efficiency	efficiency	NOUN
fbem-10239	82	34	of	of	ADP
fbem-10239	82	35	enterprises	enterprise	NOUN
fbem-10239	82	36	from	from	ADP
fbem-10239	82	37	the	the	DET
fbem-10239	82	38	three	three	NUM
fbem-10239	82	39	levels	level	NOUN
fbem-10239	82	40	of	of	ADP
fbem-10239	82	41	enterprise	enterprise	NOUN
fbem-10239	82	42	basic	basic	ADJ
fbem-10239	82	43	situation	situation	NOUN
fbem-10239	82	44	,	,	PUNCT
fbem-10239	82	45	enterprise	enterprise	NOUN
fbem-10239	82	46	financial	financial	ADJ
fbem-10239	82	47	status	status	NOUN
fbem-10239	82	48	,	,	PUNCT
fbem-10239	82	49	and	and	CCONJ
fbem-10239	82	50	enterprise	enterprise	NOUN
fbem-10239	82	51	decision	decision	NOUN
fbem-10239	82	52	-	-	PUNCT
fbem-10239	82	53	making	make	VERB
fbem-10239	82	54	independence	independence	NOUN
fbem-10239	82	55	,	,	PUNCT
fbem-10239	82	56	as	as	SCONJ
fbem-10239	82	57	follows	follow	VERB
fbem-10239	82	58	:	:	PUNCT
fbem-10239	82	59	the	the	DET
fbem-10239	82	60	basic	basic	ADJ
fbem-10239	82	61	situation	situation	NOUN
fbem-10239	82	62	of	of	ADP
fbem-10239	82	63	the	the	DET
fbem-10239	82	64	enterprise	enterprise	NOUN
fbem-10239	82	65	includes	include	VERB
fbem-10239	82	66	the	the	DET
fbem-10239	82	67	size	size	NOUN
fbem-10239	82	68	of	of	ADP
fbem-10239	82	69	the	the	DET
fbem-10239	82	70	enterprise	enterprise	NOUN
fbem-10239	82	71	(	(	PUNCT
fbem-10239	82	72	size	size	NOUN
fbem-10239	82	73	)	)	PUNCT
fbem-10239	82	74	and	and	CCONJ
fbem-10239	82	75	the	the	DET
fbem-10239	82	76	listing	list	VERB
fbem-10239	82	77	age	age	NOUN
fbem-10239	82	78	of	of	ADP
fbem-10239	82	79	the	the	DET
fbem-10239	82	80	enterprise	enterprise	NOUN
fbem-10239	82	81	(	(	PUNCT
fbem-10239	82	82	age	age	NOUN
fbem-10239	82	83	)	)	PUNCT
fbem-10239	82	84	;	;	PUNCT
fbem-10239	82	85	the	the	DET
fbem-10239	82	86	financial	financial	ADJ
fbem-10239	82	87	status	status	NOUN
fbem-10239	82	88	of	of	ADP
fbem-10239	82	89	the	the	DET
fbem-10239	82	90	enterprise	enterprise	NOUN
fbem-10239	82	91	includes	include	VERB
fbem-10239	82	92	the	the	DET
fbem-10239	82	93	assetliability	assetliability	NOUN
fbem-10239	82	94	ratio	ratio	NOUN
fbem-10239	82	95	(	(	PUNCT
fbem-10239	82	96	lev	lev	NOUN
fbem-10239	82	97	)	)	PUNCT
fbem-10239	82	98	,	,	PUNCT
fbem-10239	82	99	cash	cash	NOUN
fbem-10239	82	100	holding	hold	VERB
fbem-10239	82	101	ratio	ratio	NOUN
fbem-10239	82	102	(	(	PUNCT
fbem-10239	82	103	cash	cash	NOUN
fbem-10239	82	104	)	)	PUNCT
fbem-10239	82	105	,	,	PUNCT
fbem-10239	82	106	and	and	CCONJ
fbem-10239	82	107	corporate	corporate	ADJ
fbem-10239	82	108	growth	growth	NOUN
fbem-10239	82	109	(	(	PUNCT
fbem-10239	82	110	tq	tq	NOUN
fbem-10239	82	111	)	)	PUNCT
fbem-10239	82	112	;	;	PUNCT
fbem-10239	82	113	the	the	DET
fbem-10239	82	114	independence	independence	NOUN
fbem-10239	82	115	of	of	ADP
fbem-10239	82	116	corporate	corporate	ADJ
fbem-10239	82	117	decisionmaking	decisionmaking	NOUN
fbem-10239	82	118	includes	include	VERB
fbem-10239	82	119	the	the	DET
fbem-10239	82	120	proportion	proportion	NOUN
fbem-10239	82	121	of	of	ADP
fbem-10239	82	122	independent	independent	ADJ
fbem-10239	82	123	directors	director	NOUN
fbem-10239	82	124	(	(	PUNCT
fbem-10239	82	125	inde	inde	PROPN
fbem-10239	82	126	)	)	PUNCT
fbem-10239	82	127	,	,	PUNCT
fbem-10239	82	128	the	the	DET
fbem-10239	82	129	shareholding	shareholding	NOUN
fbem-10239	82	130	ratio	ratio	NOUN
fbem-10239	82	131	of	of	ADP
fbem-10239	82	132	the	the	DET
fbem-10239	82	133	largest	large	ADJ
fbem-10239	82	134	shareholder	shareholder	NOUN
fbem-10239	82	135	(	(	PUNCT
fbem-10239	82	136	top1	top1	PROPN
fbem-10239	82	137	)	)	PUNCT
fbem-10239	82	138	,	,	PUNCT
fbem-10239	82	139	the	the	DET
fbem-10239	82	140	virtual	virtual	ADJ
fbem-10239	82	141	variable	variable	ADJ
fbem-10239	82	142	chairman	chairman	NOUN
fbem-10239	82	143	and	and	CCONJ
fbem-10239	82	144	general	general	ADJ
fbem-10239	82	145	manager	manager	NOUN
fbem-10239	82	146	in	in	ADP
fbem-10239	82	147	one	one	NUM
fbem-10239	82	148	(	(	PUNCT
fbem-10239	82	149	direco	direco	NOUN
fbem-10239	82	150	,	,	PUNCT
fbem-10239	82	151	when	when	SCONJ
fbem-10239	82	152	the	the	DET
fbem-10239	82	153	chairman	chairman	NOUN
fbem-10239	82	154	is	be	AUX
fbem-10239	82	155	also	also	ADV
fbem-10239	82	156	the	the	DET
fbem-10239	82	157	general	general	ADJ
fbem-10239	82	158	manager	manager	NOUN
fbem-10239	82	159	,	,	PUNCT
fbem-10239	82	160	the	the	DET
fbem-10239	82	161	value	value	NOUN
fbem-10239	82	162	is	be	AUX
fbem-10239	82	163	1	1	NUM
fbem-10239	82	164	,	,	PUNCT
fbem-10239	82	165	otherwise	otherwise	ADV
fbem-10239	82	166	it	it	PRON
fbem-10239	82	167	is	be	AUX
fbem-10239	82	168	0	0	NUM
fbem-10239	82	169	)	)	PUNCT
fbem-10239	82	170	,	,	PUNCT
fbem-10239	82	171	in	in	ADP
fbem-10239	82	172	addition	addition	NOUN
fbem-10239	82	173	to	to	ADP
fbem-10239	82	174	setting	set	VERB
fbem-10239	82	175	the	the	DET
fbem-10239	82	176	year	year	NOUN
fbem-10239	82	177	and	and	CCONJ
fbem-10239	82	178	industry	industry	NOUN
fbem-10239	82	179	dummy	dummy	ADJ
fbem-10239	82	180	variables	variable	NOUN
fbem-10239	82	181	.	.	PUNCT
fbem-10239	83	1	table	table	NOUN
fbem-10239	83	2	1	1	NUM
fbem-10239	83	3	describes	describe	VERB
fbem-10239	83	4	the	the	DET
fbem-10239	83	5	definitions	definition	NOUN
fbem-10239	83	6	of	of	ADP
fbem-10239	83	7	the	the	DET
fbem-10239	83	8	main	main	ADJ
fbem-10239	83	9	variables	variable	NOUN
fbem-10239	83	10	in	in	ADP
fbem-10239	83	11	this	this	DET
fbem-10239	83	12	topic	topic	NOUN
fbem-10239	83	13	.	.	PUNCT
fbem-10239	84	1	table	table	NOUN
fbem-10239	84	2	1	1	NUM
fbem-10239	84	3	.	.	PUNCT
fbem-10239	85	1	definitions	definition	NOUN
fbem-10239	85	2	of	of	ADP
fbem-10239	85	3	major	major	ADJ
fbem-10239	85	4	variables	variable	NOUN
fbem-10239	85	5	variable	variable	ADJ
fbem-10239	85	6	category	category	NOUN
fbem-10239	85	7	variable	variable	ADJ
fbem-10239	85	8	symbol	symbol	NOUN
fbem-10239	85	9	variable	variable	ADJ
fbem-10239	85	10	name	name	NOUN
fbem-10239	85	11	variable	variable	ADJ
fbem-10239	85	12	description	description	NOUN
fbem-10239	85	13	the	the	PRON
fbem-10239	85	14	being	be	AUX
fbem-10239	85	15	explained	explain	VERB
fbem-10239	85	16	variable	variable	ADJ
fbem-10239	85	17	ineffinv	ineffinv	NOUN
fbem-10239	85	18	investment	investment	NOUN
fbem-10239	85	19	efficiency	efficiency	NOUN
fbem-10239	85	20	the	the	DET
fbem-10239	85	21	absolute	absolute	ADJ
fbem-10239	85	22	value	value	NOUN
fbem-10239	85	23	of	of	ADP
fbem-10239	85	24	its	its	PRON
fbem-10239	85	25	residuals	residual	NOUN
fbem-10239	85	26	is	be	AUX
fbem-10239	85	27	calculated	calculate	VERB
fbem-10239	85	28	according	accord	VERB
fbem-10239	85	29	to	to	ADP
fbem-10239	85	30	model	model	NOUN
fbem-10239	85	31	(	(	PUNCT
fbem-10239	85	32	2	2	NUM
fbem-10239	85	33	)	)	PUNCT
fbem-10239	85	34	.	.	PUNCT
fbem-10239	86	1	explanatory	explanatory	ADJ
fbem-10239	86	2	variables	variable	NOUN
fbem-10239	86	3	post	post	VERB
fbem-10239	86	4	letter	letter	NOUN
fbem-10239	86	5	of	of	ADP
fbem-10239	86	6	inquiry	inquiry	NOUN
fbem-10239	86	7	the	the	DET
fbem-10239	86	8	value	value	NOUN
fbem-10239	86	9	of	of	ADP
fbem-10239	86	10	the	the	DET
fbem-10239	86	11	year	year	NOUN
fbem-10239	86	12	in	in	ADP
fbem-10239	86	13	which	which	PRON
fbem-10239	86	14	the	the	DET
fbem-10239	86	15	company	company	NOUN
fbem-10239	86	16	receives	receive	VERB
fbem-10239	86	17	the	the	DET
fbem-10239	86	18	exchange	exchange	NOUN
fbem-10239	86	19	inquiry	inquiry	NOUN
fbem-10239	86	20	letter	letter	NOUN
fbem-10239	86	21	and	and	CCONJ
fbem-10239	86	22	subsequent	subsequent	ADJ
fbem-10239	86	23	years	year	NOUN
fbem-10239	86	24	is	be	AUX
fbem-10239	86	25	1	1	NUM
fbem-10239	86	26	,	,	PUNCT
fbem-10239	86	27	otherwise	otherwise	ADV
fbem-10239	86	28	it	it	PRON
fbem-10239	86	29	is	be	AUX
fbem-10239	86	30	0	0	NUM
fbem-10239	86	31	control	control	NOUN
fbem-10239	86	32	variables	variable	NOUN
fbem-10239	86	33	size	size	NOUN
fbem-10239	86	34	enterprise	enterprise	NOUN
fbem-10239	86	35	size	size	NOUN
fbem-10239	86	36	the	the	DET
fbem-10239	86	37	logarithm	logarithm	NOUN
fbem-10239	86	38	of	of	ADP
fbem-10239	86	39	the	the	DET
fbem-10239	86	40	company	company	NOUN
fbem-10239	86	41	's	's	PART
fbem-10239	86	42	total	total	ADJ
fbem-10239	86	43	assets	asset	NOUN
fbem-10239	86	44	at	at	ADP
fbem-10239	86	45	the	the	DET
fbem-10239	86	46	end	end	NOUN
fbem-10239	86	47	of	of	ADP
fbem-10239	86	48	the	the	DET
fbem-10239	86	49	year	year	NOUN
fbem-10239	86	50	age	age	NOUN
fbem-10239	86	51	the	the	DET
fbem-10239	86	52	age	age	NOUN
fbem-10239	86	53	at	at	ADP
fbem-10239	86	54	which	which	PRON
fbem-10239	86	55	the	the	DET
fbem-10239	86	56	company	company	NOUN
fbem-10239	86	57	is	be	AUX
fbem-10239	86	58	listed	list	VERB
fbem-10239	86	59	year	year	NOUN
fbem-10239	86	60	of	of	ADP
fbem-10239	86	61	observation	observation	NOUN
fbem-10239	86	62	the	the	DET
fbem-10239	86	63	year	year	NOUN
fbem-10239	86	64	the	the	DET
fbem-10239	86	65	company	company	NOUN
fbem-10239	86	66	was	be	AUX
fbem-10239	86	67	founded	found	VERB
fbem-10239	86	68	industry	industry	NOUN
fbem-10239	86	69	the	the	DET
fbem-10239	86	70	industry	industry	NOUN
fbem-10239	86	71	in	in	ADP
fbem-10239	86	72	which	which	PRON
fbem-10239	86	73	the	the	DET
fbem-10239	86	74	business	business	NOUN
fbem-10239	86	75	is	be	AUX
fbem-10239	86	76	located	locate	VERB
fbem-10239	86	77	industry	industry	NOUN
fbem-10239	86	78	dummy	dummy	ADJ
fbem-10239	86	79	variables	variable	NOUN
fbem-10239	86	80	,	,	PUNCT
fbem-10239	86	81	set	set	VERB
fbem-10239	86	82	according	accord	VERB
fbem-10239	86	83	to	to	ADP
fbem-10239	86	84	the	the	DET
fbem-10239	86	85	sfc	sfc	NOUN
fbem-10239	86	86	's	's	PART
fbem-10239	86	87	2012	2012	NUM
fbem-10239	86	88	industry	industry	NOUN
fbem-10239	86	89	classification	classification	NOUN
fbem-10239	86	90	code	code	NOUN
fbem-10239	86	91	lev	lev	NOUN
fbem-10239	86	92	gearing	gear	VERB
fbem-10239	86	93	ratio	ratio	NOUN
fbem-10239	86	94	total	total	ADJ
fbem-10239	86	95	liabilities	liability	NOUN
fbem-10239	86	96	/	/	SYM
fbem-10239	86	97	total	total	ADJ
fbem-10239	86	98	assets	asset	NOUN
fbem-10239	86	99	cash	cash	NOUN
fbem-10239	86	100	cash	cash	NOUN
fbem-10239	86	101	holding	hold	VERB
fbem-10239	86	102	ratio	ratio	NOUN
fbem-10239	86	103	company	company	NOUN
fbem-10239	86	104	cash	cash	NOUN
fbem-10239	86	105	assets	asset	NOUN
fbem-10239	86	106	/	/	SYM
fbem-10239	86	107	total	total	ADJ
fbem-10239	86	108	assets	asset	NOUN
fbem-10239	86	109	tq	tq	ADP
fbem-10239	86	110	ability	ability	NOUN
fbem-10239	86	111	to	to	PART
fbem-10239	86	112	grow	grow	VERB
fbem-10239	86	113	tobin	tobin	PROPN
fbem-10239	86	114	q	q	PROPN
fbem-10239	86	115	value	value	NOUN
fbem-10239	86	116	inde	inde	NOUN
fbem-10239	86	117	percentage	percentage	NOUN
fbem-10239	86	118	of	of	ADP
fbem-10239	86	119	independent	independent	ADJ
fbem-10239	86	120	directors	director	NOUN
fbem-10239	86	121	number	number	NOUN
fbem-10239	86	122	of	of	ADP
fbem-10239	86	123	independent	independent	ADJ
fbem-10239	86	124	directors	director	NOUN
fbem-10239	86	125	/	/	SYM
fbem-10239	86	126	total	total	ADJ
fbem-10239	86	127	number	number	NOUN
fbem-10239	86	128	of	of	ADP
fbem-10239	86	129	board	board	NOUN
fbem-10239	86	130	members	member	NOUN
fbem-10239	86	131	top1	top1	VERB
fbem-10239	86	132	the	the	DET
fbem-10239	86	133	shareholding	shareholding	NOUN
fbem-10239	86	134	ratio	ratio	NOUN
fbem-10239	86	135	of	of	ADP
fbem-10239	86	136	the	the	DET
fbem-10239	86	137	largest	large	ADJ
fbem-10239	86	138	shareholder	shareholder	NOUN
fbem-10239	86	139	direco	direco	NOUN
fbem-10239	86	140	two	two	NUM
fbem-10239	86	141	powers	power	NOUN
fbem-10239	86	142	in	in	ADP
fbem-10239	86	143	one	one	NUM
fbem-10239	86	144	whether	whether	SCONJ
fbem-10239	86	145	the	the	DET
fbem-10239	86	146	chairman	chairman	NOUN
fbem-10239	86	147	concurrently	concurrently	ADV
fbem-10239	86	148	serves	serve	VERB
fbem-10239	86	149	as	as	ADP
fbem-10239	86	150	the	the	DET
fbem-10239	86	151	general	general	ADJ
fbem-10239	86	152	manager	manager	NOUN
fbem-10239	86	153	,	,	PUNCT
fbem-10239	86	154	1	1	NUM
fbem-10239	86	155	is	be	AUX
fbem-10239	86	156	taken	take	VERB
fbem-10239	86	157	concurrently	concurrently	ADV
fbem-10239	86	158	,	,	PUNCT
fbem-10239	86	159	and	and	CCONJ
fbem-10239	86	160	0	0	NUM
fbem-10239	86	161	is	be	AUX
fbem-10239	86	162	taken	take	VERB
fbem-10239	86	163	if	if	SCONJ
fbem-10239	86	164	he	he	PRON
fbem-10239	86	165	does	do	AUX
fbem-10239	86	166	not	not	PART
fbem-10239	86	167	concurrently	concurrently	ADV
fbem-10239	86	168	serve	serve	VERB
fbem-10239	86	169	as	as	ADP
fbem-10239	86	170	the	the	DET
fbem-10239	86	171	general	general	ADJ
fbem-10239	86	172	manager	manager	NOUN
fbem-10239	86	173	4.3	4.3	NUM
fbem-10239	86	174	.	.	PUNCT
fbem-10239	87	1	data	datum	NOUN
fbem-10239	87	2	this	this	DET
fbem-10239	87	3	paper	paper	NOUN
fbem-10239	87	4	selects	select	VERB
fbem-10239	87	5	the	the	DET
fbem-10239	87	6	data	datum	NOUN
fbem-10239	87	7	of	of	ADP
fbem-10239	87	8	a	a	DET
fbem-10239	87	9	-	-	PUNCT
fbem-10239	87	10	share	share	NOUN
fbem-10239	87	11	listed	list	VERB
fbem-10239	87	12	companies	company	NOUN
fbem-10239	87	13	in	in	ADP
fbem-10239	87	14	shanghai	shanghai	PROPN
fbem-10239	87	15	and	and	CCONJ
fbem-10239	87	16	shenzhen	shenzhen	PROPN
fbem-10239	87	17	from	from	ADP
fbem-10239	87	18	2014	2014	NUM
fbem-10239	87	19	to	to	ADP
fbem-10239	87	20	2021	2021	NUM
fbem-10239	87	21	as	as	ADP
fbem-10239	87	22	a	a	DET
fbem-10239	87	23	research	research	NOUN
fbem-10239	87	24	sample	sample	NOUN
fbem-10239	87	25	.	.	PUNCT
fbem-10239	88	1	at	at	ADP
fbem-10239	88	2	the	the	DET
fbem-10239	88	3	same	same	ADJ
fbem-10239	88	4	time	time	NOUN
fbem-10239	88	5	,	,	PUNCT
fbem-10239	88	6	the	the	DET
fbem-10239	88	7	following	follow	VERB
fbem-10239	88	8	processing	processing	NOUN
fbem-10239	88	9	was	be	AUX
fbem-10239	88	10	carried	carry	VERB
fbem-10239	88	11	out	out	ADP
fbem-10239	88	12	:	:	PUNCT
fbem-10239	88	13	companies	company	NOUN
fbem-10239	88	14	in	in	ADP
fbem-10239	88	15	the	the	DET
fbem-10239	88	16	financial	financial	ADJ
fbem-10239	88	17	sector	sector	NOUN
fbem-10239	88	18	,	,	PUNCT
fbem-10239	88	19	st	st	PROPN
fbem-10239	88	20	and	and	CCONJ
fbem-10239	88	21	st	st	PROPN
fbem-10239	88	22	*	*	PROPN
fbem-10239	88	23	companies	company	NOUN
fbem-10239	88	24	were	be	AUX
fbem-10239	88	25	excluded	exclude	VERB
fbem-10239	88	26	,	,	PUNCT
fbem-10239	88	27	and	and	CCONJ
fbem-10239	88	28	companies	company	NOUN
fbem-10239	88	29	with	with	ADP
fbem-10239	88	30	missing	miss	VERB
fbem-10239	88	31	data	datum	NOUN
fbem-10239	88	32	were	be	AUX
fbem-10239	88	33	excluded	exclude	VERB
fbem-10239	88	34	,	,	PUNCT
fbem-10239	88	35	resulting	result	VERB
fbem-10239	88	36	in	in	ADP
fbem-10239	88	37	2615	2615	NUM
fbem-10239	88	38	valid	valid	ADJ
fbem-10239	88	39	observations	observation	NOUN
fbem-10239	88	40	.	.	PUNCT
fbem-10239	89	1	the	the	DET
fbem-10239	89	2	annual	annual	ADJ
fbem-10239	89	3	reports	report	NOUN
fbem-10239	89	4	,	,	PUNCT
fbem-10239	89	5	financial	financial	ADJ
fbem-10239	89	6	statements	statement	NOUN
fbem-10239	89	7	,	,	PUNCT
fbem-10239	89	8	and	and	CCONJ
fbem-10239	89	9	basic	basic	ADJ
fbem-10239	89	10	information	information	NOUN
fbem-10239	89	11	of	of	ADP
fbem-10239	89	12	listed	list	VERB
fbem-10239	89	13	companies	company	NOUN
fbem-10239	89	14	are	be	AUX
fbem-10239	89	15	all	all	PRON
fbem-10239	89	16	derived	derive	VERB
fbem-10239	89	17	from	from	ADP
fbem-10239	89	18	csmar	csmar	PROPN
fbem-10239	89	19	database	database	NOUN
fbem-10239	89	20	.	.	PUNCT
fbem-10239	90	1	the	the	DET
fbem-10239	90	2	shanghai	shanghai	PROPN
fbem-10239	90	3	stock	stock	PROPN
fbem-10239	90	4	exchange	exchange	PROPN
fbem-10239	90	5	and	and	CCONJ
fbem-10239	90	6	shenzhen	shenzhen	PROPN
fbem-10239	90	7	stock	stock	PROPN
fbem-10239	90	8	exchange	exchange	PROPN
fbem-10239	90	9	have	have	AUX
fbem-10239	90	10	issued	issue	VERB
fbem-10239	90	11	public	public	ADJ
fbem-10239	90	12	inquiry	inquiry	NOUN
fbem-10239	90	13	letters	letter	NOUN
fbem-10239	90	14	on	on	ADP
fbem-10239	90	15	their	their	PRON
fbem-10239	90	16	official	official	ADJ
fbem-10239	90	17	websites	website	NOUN
fbem-10239	90	18	since	since	SCONJ
fbem-10239	90	19	2014	2014	NUM
fbem-10239	90	20	,	,	PUNCT
fbem-10239	90	21	and	and	CCONJ
fbem-10239	90	22	this	this	DET
fbem-10239	90	23	article	article	NOUN
fbem-10239	90	24	manually	manually	ADV
fbem-10239	90	25	collates	collate	VERB
fbem-10239	90	26	the	the	DET
fbem-10239	90	27	relevant	relevant	ADJ
fbem-10239	90	28	data	datum	NOUN
fbem-10239	90	29	of	of	ADP
fbem-10239	90	30	listed	list	VERB
fbem-10239	90	31	companies	company	NOUN
fbem-10239	90	32	receiving	receive	VERB
fbem-10239	90	33	inquiry	inquiry	NOUN
fbem-10239	90	34	letters	letter	NOUN
fbem-10239	90	35	from	from	ADP
fbem-10239	90	36	exchanges	exchange	NOUN
fbem-10239	90	37	to	to	PART
fbem-10239	90	38	obtain	obtain	VERB
fbem-10239	90	39	inquiry	inquiry	NOUN
fbem-10239	90	40	letters	letter	NOUN
fbem-10239	90	41	and	and	CCONJ
fbem-10239	90	42	regulatory	regulatory	ADJ
fbem-10239	90	43	data	datum	NOUN
fbem-10239	90	44	.	.	PUNCT
fbem-10239	91	1	this	this	DET
fbem-10239	91	2	article	article	NOUN
fbem-10239	91	3	is	be	AUX
fbem-10239	91	4	processed	process	VERB
fbem-10239	91	5	using	use	VERB
fbem-10239	91	6	stata	stata	NOUN
fbem-10239	91	7	15.0	15.0	NUM
fbem-10239	91	8	software	software	NOUN
fbem-10239	91	9	.	.	PUNCT
fbem-10239	92	1	5	5	X
fbem-10239	92	2	.	.	X
fbem-10239	92	3	analysis	analysis	NOUN
fbem-10239	92	4	of	of	ADP
fbem-10239	92	5	empirical	empirical	ADJ
fbem-10239	92	6	results	result	NOUN
fbem-10239	92	7	5.1	5.1	NUM
fbem-10239	92	8	.	.	PUNCT
fbem-10239	93	1	descriptive	descriptive	ADJ
fbem-10239	93	2	statistics	statistic	NOUN
fbem-10239	93	3	table	table	NOUN
fbem-10239	93	4	2	2	NUM
fbem-10239	93	5	reports	report	VERB
fbem-10239	93	6	the	the	DET
fbem-10239	93	7	full	full	ADJ
fbem-10239	93	8	sample	sample	NOUN
fbem-10239	93	9	of	of	ADP
fbem-10239	93	10	major	major	ADJ
fbem-10239	93	11	variables	variable	NOUN
fbem-10239	93	12	and	and	CCONJ
fbem-10239	93	13	descriptive	descriptive	ADJ
fbem-10239	93	14	statistics	statistic	NOUN
fbem-10239	93	15	grouped	group	VERB
fbem-10239	93	16	by	by	ADP
fbem-10239	93	17	inquiry	inquiry	NOUN
fbem-10239	93	18	letter	letter	NOUN
fbem-10239	93	19	received	receive	VERB
fbem-10239	93	20	.	.	PUNCT
fbem-10239	94	1	the	the	DET
fbem-10239	94	2	mean	mean	ADJ
fbem-10239	94	3	value	value	NOUN
fbem-10239	94	4	of	of	ADP
fbem-10239	94	5	post	post	NOUN
fbem-10239	94	6	is	be	AUX
fbem-10239	94	7	0.1995	0.1995	NUM
fbem-10239	94	8	,	,	PUNCT
fbem-10239	94	9	indicating	indicate	VERB
fbem-10239	94	10	that	that	SCONJ
fbem-10239	94	11	19.95	19.95	NUM
fbem-10239	94	12	%	%	NOUN
fbem-10239	94	13	of	of	ADP
fbem-10239	94	14	the	the	DET
fbem-10239	94	15	observations	observation	NOUN
fbem-10239	94	16	in	in	ADP
fbem-10239	94	17	the	the	DET
fbem-10239	94	18	whole	whole	ADJ
fbem-10239	94	19	sample	sample	NOUN
fbem-10239	94	20	have	have	AUX
fbem-10239	94	21	received	receive	VERB
fbem-10239	94	22	an	an	DET
fbem-10239	94	23	inquiry	inquiry	NOUN
fbem-10239	94	24	letter	letter	NOUN
fbem-10239	94	25	,	,	PUNCT
fbem-10239	94	26	and	and	CCONJ
fbem-10239	94	27	the	the	DET
fbem-10239	94	28	mean	mean	NOUN
fbem-10239	94	29	of	of	ADP
fbem-10239	94	30	investment	investment	NOUN
fbem-10239	94	31	inefficiency	inefficiency	NOUN
fbem-10239	94	32	is	be	AUX
fbem-10239	94	33	higher	high	ADJ
fbem-10239	94	34	and	and	CCONJ
fbem-10239	94	35	the	the	DET
fbem-10239	94	36	standard	standard	ADJ
fbem-10239	94	37	deviation	deviation	NOUN
fbem-10239	94	38	is	be	AUX
fbem-10239	94	39	larger	large	ADJ
fbem-10239	94	40	than	than	ADP
fbem-10239	94	41	that	that	PRON
fbem-10239	94	42	of	of	ADP
fbem-10239	94	43	the	the	DET
fbem-10239	94	44	unquestioned	unquestioned	ADJ
fbem-10239	94	45	sample	sample	NOUN
fbem-10239	94	46	.	.	PUNCT
fbem-10239	95	1	table	table	NOUN
fbem-10239	95	2	2	2	NUM
fbem-10239	95	3	.	.	PUNCT
fbem-10239	95	4	descriptive	descriptive	ADJ
fbem-10239	95	5	statistics	statistic	NOUN
fbem-10239	95	6	of	of	ADP
fbem-10239	95	7	variables	variable	NOUN
fbem-10239	95	8	variable	variable	ADJ
fbem-10239	95	9	mean	mean	PROPN
fbem-10239	95	10	min	min	PROPN
fbem-10239	95	11	max	max	PROPN
fbem-10239	95	12	standard	standard	PROPN
fbem-10239	95	13	deviation	deviation	NOUN
fbem-10239	95	14	ineffinv	ineffinv	VERB
fbem-10239	95	15	0.046	0.046	NUM
fbem-10239	95	16	0	0	NUM
fbem-10239	95	17	0.724	0.724	NUM
fbem-10239	95	18	0.054	0.054	NUM
fbem-10239	95	19	post	post	VERB
fbem-10239	95	20	0.199	0.199	NUM
fbem-10239	95	21	0	0	NUM
fbem-10239	95	22	1	1	NUM
fbem-10239	95	23	0.399	0.399	NUM
fbem-10239	95	24	size	size	NOUN
fbem-10239	95	25	21.787	21.787	NUM
fbem-10239	95	26	19.713	19.713	NUM
fbem-10239	95	27	27.476	27.476	NUM
fbem-10239	95	28	1.021	1.021	NUM
fbem-10239	95	29	age	age	NOUN
fbem-10239	95	30	3.270	3.270	NUM
fbem-10239	95	31	2	2	NUM
fbem-10239	95	32	7	7	NUM
fbem-10239	95	33	1.230	1.230	NUM
fbem-10239	95	34	lev	lev	NOUN
fbem-10239	95	35	0.372	0.372	NUM
fbem-10239	95	36	0.0269	0.0269	NUM
fbem-10239	95	37	1.434	1.434	NUM
fbem-10239	95	38	0.173	0.173	NUM
fbem-10239	95	39	cash	cash	NOUN
fbem-10239	95	40	0.174	0.174	NUM
fbem-10239	95	41	0.0025	0.0025	NUM
fbem-10239	95	42	0.709	0.709	NUM
fbem-10239	95	43	0.1134	0.1134	NUM
fbem-10239	95	44	tq	tq	ADP
fbem-10239	95	45	2.223	2.223	NUM
fbem-10239	95	46	0.764	0.764	NUM
fbem-10239	95	47	22.573	22.573	NUM
fbem-10239	95	48	1.638	1.638	NUM
fbem-10239	95	49	inde	inde	NOUN
fbem-10239	95	50	0.379	0.379	NUM
fbem-10239	95	51	0.200	0.200	NUM
fbem-10239	95	52	0.75	0.75	NUM
fbem-10239	95	53	0.052	0.052	NUM
fbem-10239	95	54	top1	top1	PROPN
fbem-10239	95	55	36.622	36.622	NUM
fbem-10239	95	56	4.078	4.078	NUM
fbem-10239	95	57	81.104	81.104	NUM
fbem-10239	95	58	14.044	14.044	NUM
fbem-10239	95	59	direco	direco	NOUN
fbem-10239	95	60	0.415	0.415	NUM
fbem-10239	95	61	0	0	NUM
fbem-10239	95	62	1	1	NUM
fbem-10239	95	63	0.493	0.493	NUM
fbem-10239	95	64	5.2	5.2	NUM
fbem-10239	95	65	.	.	PUNCT
fbem-10239	96	1	baseline	baseline	PROPN
fbem-10239	96	2	regression	regression	PROPN
fbem-10239	96	3	table	table	NOUN
fbem-10239	96	4	3	3	NUM
fbem-10239	96	5	reports	report	VERB
fbem-10239	96	6	the	the	DET
fbem-10239	96	7	regression	regression	NOUN
fbem-10239	96	8	of	of	ADP
fbem-10239	96	9	exchange	exchange	NOUN
fbem-10239	96	10	inquiry	inquiry	NOUN
fbem-10239	96	11	letter	letter	NOUN
fbem-10239	96	12	regulation	regulation	NOUN
fbem-10239	96	13	on	on	ADP
fbem-10239	96	14	corporate	corporate	ADJ
fbem-10239	96	15	investment	investment	NOUN
fbem-10239	96	16	efficiency	efficiency	NOUN
fbem-10239	96	17	using	use	VERB
fbem-10239	96	18	the	the	DET
fbem-10239	96	19	multiperiod	multiperiod	NOUN
fbem-10239	96	20	double	double	ADJ
fbem-10239	96	21	difference	difference	NOUN
fbem-10239	96	22	model	model	NOUN
fbem-10239	96	23	.	.	PUNCT
fbem-10239	97	1	the	the	DET
fbem-10239	97	2	coefficient	coefficient	NOUN
fbem-10239	97	3	for	for	ADP
fbem-10239	97	4	handling	handle	VERB
fbem-10239	97	5	inquiries	inquiry	NOUN
fbem-10239	97	6	(	(	PUNCT
fbem-10239	97	7	post	post	NOUN
fbem-10239	97	8	)	)	PUNCT
fbem-10239	97	9	is	be	AUX
fbem-10239	97	10	0.0118	0.0118	NUM
fbem-10239	97	11	,	,	PUNCT
fbem-10239	97	12	which	which	PRON
fbem-10239	97	13	is	be	AUX
fbem-10239	97	14	significantly	significantly	ADV
fbem-10239	97	15	positive	positive	ADJ
fbem-10239	97	16	at	at	ADP
fbem-10239	97	17	a	a	DET
fbem-10239	97	18	significance	significance	NOUN
fbem-10239	97	19	level	level	NOUN
fbem-10239	97	20	of	of	ADP
fbem-10239	97	21	1	1	NUM
fbem-10239	97	22	%	%	NOUN
fbem-10239	97	23	,	,	PUNCT
fbem-10239	97	24	indicating	indicate	VERB
fbem-10239	97	25	that	that	SCONJ
fbem-10239	97	26	the	the	DET
fbem-10239	97	27	company	company	NOUN
fbem-10239	97	28	's	's	PART
fbem-10239	97	29	inefficient	inefficient	ADJ
fbem-10239	97	30	investment	investment	NOUN
fbem-10239	97	31	and	and	CCONJ
fbem-10239	97	32	investment	investment	NOUN
fbem-10239	97	33	efficiency	efficiency	NOUN
fbem-10239	97	34	of	of	ADP
fbem-10239	97	35	the	the	DET
fbem-10239	97	36	company	company	NOUN
fbem-10239	97	37	receiving	receive	VERB
fbem-10239	97	38	the	the	DET
fbem-10239	97	39	inquiry	inquiry	NOUN
fbem-10239	97	40	letter	letter	NOUN
fbem-10239	97	41	processing	processing	NOUN
fbem-10239	97	42	has	have	AUX
fbem-10239	97	43	increased	increase	VERB
fbem-10239	97	44	.	.	PUNCT
fbem-10239	98	1	the	the	DET
fbem-10239	98	2	regression	regression	NOUN
fbem-10239	98	3	results	result	VERB
fbem-10239	98	4	support	support	VERB
fbem-10239	98	5	the	the	DET
fbem-10239	98	6	hypothesis	hypothesis	NOUN
fbem-10239	98	7	that	that	PRON
fbem-10239	98	8	hb	hb	PROPN
fbem-10239	98	9	,	,	PUNCT
fbem-10239	98	10	inquiry	inquiry	NOUN
fbem-10239	98	11	letter	letter	NOUN
fbem-10239	98	12	regulation	regulation	NOUN
fbem-10239	98	13	has	have	VERB
fbem-10239	98	14	a	a	DET
fbem-10239	98	15	negative	negative	ADJ
fbem-10239	98	16	impact	impact	NOUN
fbem-10239	98	17	on	on	ADP
fbem-10239	98	18	corporate	corporate	ADJ
fbem-10239	98	19	investment	investment	NOUN
fbem-10239	98	20	efficiency	efficiency	NOUN
fbem-10239	98	21	.	.	PUNCT
fbem-10239	99	1	178	178	NUM
fbem-10239	99	2	table	table	NOUN
fbem-10239	99	3	3	3	NUM
fbem-10239	99	4	.	.	PUNCT
fbem-10239	99	5	baseline	baseline	PROPN
fbem-10239	99	6	regression	regression	PROPN
fbem-10239	99	7	results	result	VERB
fbem-10239	99	8	variable	variable	ADJ
fbem-10239	99	9	(	(	PUNCT
fbem-10239	99	10	1	1	NUM
fbem-10239	99	11	)	)	PUNCT
fbem-10239	99	12	(	(	PUNCT
fbem-10239	99	13	2	2	X
fbem-10239	99	14	)	)	PUNCT
fbem-10239	99	15	ineffinv	ineffinv	ADJ
fbem-10239	99	16	ineffinv	ineffinv	NOUN
fbem-10239	99	17	post	post	NOUN
fbem-10239	99	18	0.0112	0.0112	NUM
fbem-10239	99	19	*	*	NOUN
fbem-10239	99	20	*	*	PUNCT
fbem-10239	99	21	*	*	X
fbem-10239	100	1	0.0118	0.0118	NUM
fbem-10239	100	2	*	*	PUNCT
fbem-10239	100	3	*	*	PUNCT
fbem-10239	100	4	*	*	PUNCT
fbem-10239	100	5	(	(	PUNCT
fbem-10239	100	6	0.00126	0.00126	NUM
fbem-10239	100	7	)	)	PUNCT
fbem-10239	100	8	(	(	PUNCT
fbem-10239	100	9	0.00127	0.00127	NUM
fbem-10239	100	10	)	)	PUNCT
fbem-10239	100	11	controls	control	NOUN
fbem-10239	100	12	yes	yes	INTJ
fbem-10239	100	13	yes	yes	INTJ
fbem-10239	100	14	fixed	fix	VERB
fbem-10239	100	15	effect	effect	NOUN
fbem-10239	100	16	year	year	NOUN
fbem-10239	100	17	/	/	SYM
fbem-10239	100	18	firm	firm	ADJ
fbem-10239	100	19	year	year	NOUN
fbem-10239	100	20	/	/	SYM
fbem-10239	100	21	firm	firm	ADJ
fbem-10239	100	22	observations	observation	NOUN
fbem-10239	100	23	2615	2615	NUM
fbem-10239	100	24	2615	2615	NUM
fbem-10239	100	25	r	r	NOUN
fbem-10239	100	26	-	-	PUNCT
fbem-10239	100	27	squared	square	VERB
fbem-10239	100	28	0.074	0.074	NUM
fbem-10239	100	29	0.100	0.100	NUM
fbem-10239	100	30	5.3	5.3	NUM
fbem-10239	100	31	.	.	PUNCT
fbem-10239	101	1	parallel	parallel	ADJ
fbem-10239	101	2	trend	trend	NOUN
fbem-10239	101	3	test	test	NOUN
fbem-10239	101	4	the	the	DET
fbem-10239	101	5	premise	premise	NOUN
fbem-10239	101	6	of	of	ADP
fbem-10239	101	7	the	the	DET
fbem-10239	101	8	double	double	ADJ
fbem-10239	101	9	difference	difference	NOUN
fbem-10239	101	10	model	model	NOUN
fbem-10239	101	11	is	be	AUX
fbem-10239	101	12	that	that	SCONJ
fbem-10239	101	13	each	each	DET
fbem-10239	101	14	sample	sample	NOUN
fbem-10239	101	15	has	have	VERB
fbem-10239	101	16	the	the	DET
fbem-10239	101	17	same	same	ADJ
fbem-10239	101	18	change	change	NOUN
fbem-10239	101	19	trend	trend	NOUN
fbem-10239	101	20	before	before	ADP
fbem-10239	101	21	processing	processing	NOUN
fbem-10239	101	22	,	,	PUNCT
fbem-10239	101	23	so	so	CCONJ
fbem-10239	102	1	the	the	DET
fbem-10239	102	2	model	model	NOUN
fbem-10239	102	3	(	(	PUNCT
fbem-10239	102	4	3	3	X
fbem-10239	102	5	)	)	PUNCT
fbem-10239	102	6	is	be	AUX
fbem-10239	102	7	constructed	construct	VERB
fbem-10239	102	8	for	for	ADP
fbem-10239	102	9	parallel	parallel	ADJ
fbem-10239	102	10	trend	trend	NOUN
fbem-10239	102	11	testing	testing	NOUN
fbem-10239	102	12	:	:	PUNCT
fbem-10239	102	13	𝐼𝑛𝑒𝑓𝑓𝑖𝑛𝑣	𝐼𝑛𝑒𝑓𝑓𝑖𝑛𝑣	NOUN
fbem-10239	102	14	𝛼	𝛼	PART
fbem-10239	102	15	𝛽	𝛽	NOUN
fbem-10239	102	16	∑	∑	PUNCT
fbem-10239	102	17	𝑃𝑜𝑠𝑡	𝑃𝑜𝑠𝑡	PROPN
fbem-10239	102	18	𝑛	𝑛	ADP
fbem-10239	102	19	𝛾𝐶𝑜𝑛𝑡𝑟𝑜𝑙	𝛾𝐶𝑜𝑛𝑡𝑟𝑜𝑙	PROPN
fbem-10239	102	20	𝑌𝑒𝑎𝑟𝐹𝐸	𝑌𝑒𝑎𝑟𝐹𝐸	PROPN
fbem-10239	102	21	𝐹𝑖𝑟𝑚𝐹𝐸	𝐹𝑖𝑟𝑚𝐹𝐸	NOUN
fbem-10239	102	22	𝜀	𝜀	X
fbem-10239	102	23	(	(	PUNCT
fbem-10239	102	24	3	3	NUM
fbem-10239	102	25	)	)	PUNCT
fbem-10239	102	26	among	among	ADP
fbem-10239	102	27	them	they	PRON
fbem-10239	102	28	,	,	PUNCT
fbem-10239	102	29	post(n	post(n	NOUN
fbem-10239	102	30	)	)	PUNCT
fbem-10239	102	31	is	be	AUX
fbem-10239	102	32	the	the	DET
fbem-10239	102	33	dummy	dummy	ADJ
fbem-10239	102	34	variable	variable	NOUN
fbem-10239	102	35	divided	divide	VERB
fbem-10239	102	36	by	by	ADP
fbem-10239	102	37	the	the	DET
fbem-10239	102	38	parallel	parallel	ADJ
fbem-10239	102	39	trend	trend	NOUN
fbem-10239	102	40	test	test	NOUN
fbem-10239	102	41	time	time	NOUN
fbem-10239	102	42	window	window	NOUN
fbem-10239	102	43	,	,	PUNCT
fbem-10239	102	44	and	and	CCONJ
fbem-10239	102	45	this	this	DET
fbem-10239	102	46	paper	paper	NOUN
fbem-10239	102	47	sets	set	VERB
fbem-10239	102	48	5	5	NUM
fbem-10239	102	49	time	time	NOUN
fbem-10239	102	50	windows	window	NOUN
fbem-10239	102	51	,	,	PUNCT
fbem-10239	102	52	which	which	PRON
fbem-10239	102	53	are	be	AUX
fbem-10239	102	54	2	2	NUM
fbem-10239	102	55	years	year	NOUN
fbem-10239	102	56	before	before	ADP
fbem-10239	102	57	the	the	DET
fbem-10239	102	58	first	first	ADJ
fbem-10239	102	59	receipt	receipt	NOUN
fbem-10239	102	60	of	of	ADP
fbem-10239	102	61	the	the	DET
fbem-10239	102	62	inquiry	inquiry	NOUN
fbem-10239	102	63	letter	letter	NOUN
fbem-10239	102	64	,	,	PUNCT
fbem-10239	102	65	1	1	NUM
fbem-10239	102	66	year	year	NOUN
fbem-10239	102	67	,	,	PUNCT
fbem-10239	102	68	current	current	ADJ
fbem-10239	102	69	year	year	NOUN
fbem-10239	102	70	,	,	PUNCT
fbem-10239	102	71	next	next	ADJ
fbem-10239	102	72	year	year	NOUN
fbem-10239	102	73	,	,	PUNCT
fbem-10239	102	74	and	and	CCONJ
fbem-10239	102	75	2	2	NUM
fbem-10239	102	76	years	year	NOUN
fbem-10239	102	77	after	after	ADP
fbem-10239	102	78	receiving	receive	VERB
fbem-10239	102	79	the	the	DET
fbem-10239	102	80	inquiry	inquiry	NOUN
fbem-10239	102	81	letter	letter	NOUN
fbem-10239	102	82	,	,	PUNCT
fbem-10239	102	83	and	and	CCONJ
fbem-10239	102	84	the	the	DET
fbem-10239	102	85	value	value	NOUN
fbem-10239	102	86	of	of	ADP
fbem-10239	102	87	the	the	DET
fbem-10239	102	88	company	company	NOUN
fbem-10239	102	89	is	be	AUX
fbem-10239	102	90	1	1	NUM
fbem-10239	102	91	in	in	ADP
fbem-10239	102	92	n	n	NUM
fbem-10239	102	93	years	year	NOUN
fbem-10239	102	94	before	before	ADP
fbem-10239	102	95	the	the	DET
fbem-10239	102	96	first	first	ADJ
fbem-10239	102	97	receipt	receipt	NOUN
fbem-10239	102	98	of	of	ADP
fbem-10239	102	99	the	the	DET
fbem-10239	102	100	inquiry	inquiry	NOUN
fbem-10239	102	101	letter	letter	NOUN
fbem-10239	102	102	,	,	PUNCT
fbem-10239	102	103	otherwise	otherwise	ADV
fbem-10239	102	104	it	it	PRON
fbem-10239	102	105	is	be	AUX
fbem-10239	102	106	0	0	NUM
fbem-10239	102	107	.	.	PUNCT
fbem-10239	103	1	the	the	DET
fbem-10239	103	2	remaining	remain	VERB
fbem-10239	103	3	variable	variable	ADJ
fbem-10239	103	4	settings	setting	NOUN
fbem-10239	103	5	are	be	AUX
fbem-10239	103	6	the	the	DET
fbem-10239	103	7	same	same	ADJ
fbem-10239	103	8	as	as	ADP
fbem-10239	103	9	for	for	ADP
fbem-10239	103	10	model	model	NOUN
fbem-10239	103	11	(	(	PUNCT
fbem-10239	103	12	1	1	NUM
fbem-10239	103	13	)	)	PUNCT
fbem-10239	103	14	.	.	PUNCT
fbem-10239	104	1	by	by	ADP
fbem-10239	104	2	examining	examine	VERB
fbem-10239	104	3	the	the	DET
fbem-10239	104	4	coefficient	coefficient	NOUN
fbem-10239	104	5	changes	change	NOUN
fbem-10239	104	6	of	of	ADP
fbem-10239	104	7	post(n	post(n	NOUN
fbem-10239	104	8	)	)	PUNCT
fbem-10239	104	9	in	in	ADP
fbem-10239	104	10	different	different	ADJ
fbem-10239	104	11	years	year	NOUN
fbem-10239	104	12	before	before	ADP
fbem-10239	104	13	and	and	CCONJ
fbem-10239	104	14	after	after	ADP
fbem-10239	104	15	receiving	receive	VERB
fbem-10239	104	16	the	the	DET
fbem-10239	104	17	inquiry	inquiry	NOUN
fbem-10239	104	18	letter	letter	NOUN
fbem-10239	104	19	,	,	PUNCT
fbem-10239	104	20	it	it	PRON
fbem-10239	104	21	is	be	AUX
fbem-10239	104	22	judged	judge	VERB
fbem-10239	104	23	whether	whether	SCONJ
fbem-10239	104	24	the	the	DET
fbem-10239	104	25	parallel	parallel	ADJ
fbem-10239	104	26	trend	trend	NOUN
fbem-10239	104	27	test	test	NOUN
fbem-10239	104	28	is	be	AUX
fbem-10239	104	29	passed	pass	VERB
fbem-10239	104	30	.	.	PUNCT
fbem-10239	105	1	figure	figure	NOUN
fbem-10239	105	2	1	1	NUM
fbem-10239	105	3	.	.	PUNCT
fbem-10239	105	4	parallel	parallel	ADJ
fbem-10239	105	5	trend	trend	NOUN
fbem-10239	105	6	test	test	NOUN
fbem-10239	105	7	figure	figure	NOUN
fbem-10239	105	8	1	1	NUM
fbem-10239	105	9	shows	show	VERB
fbem-10239	105	10	the	the	DET
fbem-10239	105	11	change	change	NOUN
fbem-10239	105	12	of	of	ADP
fbem-10239	105	13	post	post	ADJ
fbem-10239	105	14	coefficient	coefficient	NOUN
fbem-10239	105	15	in	in	ADP
fbem-10239	105	16	different	different	ADJ
fbem-10239	105	17	time	time	NOUN
fbem-10239	105	18	windows	window	NOUN
fbem-10239	105	19	,	,	PUNCT
fbem-10239	105	20	it	it	PRON
fbem-10239	105	21	can	can	AUX
fbem-10239	105	22	be	be	AUX
fbem-10239	105	23	seen	see	VERB
fbem-10239	105	24	that	that	SCONJ
fbem-10239	105	25	the	the	DET
fbem-10239	105	26	regression	regression	NOUN
fbem-10239	105	27	coefficient	coefficient	NOUN
fbem-10239	105	28	in	in	ADP
fbem-10239	105	29	the	the	DET
fbem-10239	105	30	2	2	NUM
fbem-10239	105	31	years	year	NOUN
fbem-10239	105	32	before	before	ADP
fbem-10239	105	33	receiving	receive	VERB
fbem-10239	105	34	the	the	DET
fbem-10239	105	35	inquiry	inquiry	NOUN
fbem-10239	105	36	letter	letter	NOUN
fbem-10239	105	37	and	and	CCONJ
fbem-10239	105	38	the	the	DET
fbem-10239	105	39	first	first	ADJ
fbem-10239	105	40	1	1	NUM
fbem-10239	105	41	year	year	NOUN
fbem-10239	105	42	is	be	AUX
fbem-10239	105	43	positive	positive	ADJ
fbem-10239	105	44	but	but	CCONJ
fbem-10239	105	45	not	not	PART
fbem-10239	105	46	significant	significant	ADJ
fbem-10239	105	47	,	,	PUNCT
fbem-10239	105	48	the	the	DET
fbem-10239	105	49	size	size	NOUN
fbem-10239	105	50	of	of	ADP
fbem-10239	105	51	the	the	DET
fbem-10239	105	52	coefficient	coefficient	NOUN
fbem-10239	105	53	increases	increase	VERB
fbem-10239	105	54	in	in	ADP
fbem-10239	105	55	the	the	DET
fbem-10239	105	56	year	year	NOUN
fbem-10239	105	57	of	of	ADP
fbem-10239	105	58	receiving	receive	VERB
fbem-10239	105	59	the	the	DET
fbem-10239	105	60	inquiry	inquiry	NOUN
fbem-10239	105	61	letter	letter	NOUN
fbem-10239	105	62	,	,	PUNCT
fbem-10239	105	63	the	the	DET
fbem-10239	105	64	coefficient	coefficient	NOUN
fbem-10239	105	65	size	size	NOUN
fbem-10239	105	66	and	and	CCONJ
fbem-10239	105	67	statistical	statistical	ADJ
fbem-10239	105	68	significance	significance	NOUN
fbem-10239	105	69	in	in	ADP
fbem-10239	105	70	the	the	DET
fbem-10239	105	71	year	year	NOUN
fbem-10239	105	72	after	after	ADP
fbem-10239	105	73	receiving	receive	VERB
fbem-10239	105	74	the	the	DET
fbem-10239	105	75	inquiry	inquiry	NOUN
fbem-10239	105	76	letter	letter	NOUN
fbem-10239	105	77	increase	increase	VERB
fbem-10239	105	78	significantly	significantly	ADV
fbem-10239	105	79	,	,	PUNCT
fbem-10239	105	80	and	and	CCONJ
fbem-10239	105	81	the	the	DET
fbem-10239	105	82	company	company	NOUN
fbem-10239	105	83	's	's	PART
fbem-10239	105	84	investment	investment	NOUN
fbem-10239	105	85	inefficiency	inefficiency	NOUN
fbem-10239	105	86	is	be	AUX
fbem-10239	105	87	significantly	significantly	ADV
fbem-10239	105	88	improved	improve	VERB
fbem-10239	105	89	.	.	PUNCT
fbem-10239	106	1	it	it	PRON
fbem-10239	106	2	shows	show	VERB
fbem-10239	106	3	that	that	SCONJ
fbem-10239	106	4	the	the	DET
fbem-10239	106	5	company	company	NOUN
fbem-10239	106	6	's	's	PART
fbem-10239	106	7	investment	investment	NOUN
fbem-10239	106	8	efficiency	efficiency	NOUN
fbem-10239	106	9	changes	change	NOUN
fbem-10239	106	10	significantly	significantly	ADV
fbem-10239	106	11	before	before	ADV
fbem-10239	106	12	and	and	CCONJ
fbem-10239	106	13	after	after	ADP
fbem-10239	106	14	receiving	receive	VERB
fbem-10239	106	15	the	the	DET
fbem-10239	106	16	inquiry	inquiry	NOUN
fbem-10239	106	17	letter	letter	NOUN
fbem-10239	106	18	,	,	PUNCT
fbem-10239	106	19	and	and	CCONJ
fbem-10239	106	20	through	through	ADP
fbem-10239	106	21	the	the	DET
fbem-10239	106	22	parallel	parallel	ADJ
fbem-10239	106	23	trend	trend	NOUN
fbem-10239	106	24	test	test	NOUN
fbem-10239	106	25	,	,	PUNCT
fbem-10239	106	26	the	the	DET
fbem-10239	106	27	double	double	ADJ
fbem-10239	106	28	difference	difference	NOUN
fbem-10239	106	29	model	model	NOUN
fbem-10239	106	30	of	of	ADP
fbem-10239	106	31	benchmark	benchmark	ADJ
fbem-10239	106	32	regression	regression	NOUN
fbem-10239	106	33	is	be	AUX
fbem-10239	106	34	effective	effective	ADJ
fbem-10239	106	35	,	,	PUNCT
fbem-10239	106	36	and	and	CCONJ
fbem-10239	106	37	the	the	DET
fbem-10239	106	38	supervision	supervision	NOUN
fbem-10239	106	39	of	of	ADP
fbem-10239	106	40	the	the	DET
fbem-10239	106	41	inquiry	inquiry	NOUN
fbem-10239	106	42	letter	letter	NOUN
fbem-10239	106	43	does	do	AUX
fbem-10239	106	44	inhibit	inhibit	VERB
fbem-10239	106	45	the	the	DET
fbem-10239	106	46	company	company	NOUN
fbem-10239	106	47	's	's	PART
fbem-10239	106	48	investment	investment	NOUN
fbem-10239	106	49	efficiency	efficiency	NOUN
fbem-10239	106	50	.	.	PUNCT
fbem-10239	107	1	6	6	X
fbem-10239	107	2	.	.	X
fbem-10239	107	3	conclusion	conclusion	NOUN
fbem-10239	107	4	this	this	DET
fbem-10239	107	5	paper	paper	NOUN
fbem-10239	107	6	examines	examine	VERB
fbem-10239	107	7	the	the	DET
fbem-10239	107	8	impact	impact	NOUN
fbem-10239	107	9	of	of	ADP
fbem-10239	107	10	the	the	DET
fbem-10239	107	11	innovative	innovative	ADJ
fbem-10239	107	12	flexible	flexible	ADJ
fbem-10239	107	13	regulatory	regulatory	ADJ
fbem-10239	107	14	system	system	NOUN
fbem-10239	107	15	of	of	ADP
fbem-10239	107	16	exchange	exchange	NOUN
fbem-10239	107	17	inquiry	inquiry	NOUN
fbem-10239	107	18	letter	letter	NOUN
fbem-10239	107	19	supervision	supervision	NOUN
fbem-10239	107	20	on	on	ADP
fbem-10239	107	21	the	the	DET
fbem-10239	107	22	investment	investment	NOUN
fbem-10239	107	23	efficiency	efficiency	NOUN
fbem-10239	107	24	of	of	ADP
fbem-10239	107	25	enterprises	enterprise	NOUN
fbem-10239	107	26	.	.	PUNCT
fbem-10239	108	1	based	base	VERB
fbem-10239	108	2	on	on	ADP
fbem-10239	108	3	the	the	DET
fbem-10239	108	4	20142021	20142021	NUM
fbem-10239	108	5	non	non	ADJ
fbem-10239	108	6	-	-	ADJ
fbem-10239	108	7	financial	financial	ADJ
fbem-10239	108	8	a	a	DET
fbem-10239	108	9	-	-	PUNCT
fbem-10239	108	10	share	share	NOUN
fbem-10239	108	11	listed	list	VERB
fbem-10239	108	12	companies	company	NOUN
fbem-10239	108	13	in	in	ADP
fbem-10239	108	14	shanghai	shanghai	PROPN
fbem-10239	108	15	and	and	CCONJ
fbem-10239	108	16	shenzhen	shenzhen	PROPN
fbem-10239	108	17	across	across	ADP
fbem-10239	108	18	the	the	DET
fbem-10239	108	19	country	country	NOUN
fbem-10239	108	20	,	,	PUNCT
fbem-10239	108	21	the	the	DET
fbem-10239	108	22	multi	multi	ADJ
fbem-10239	108	23	-	-	ADJ
fbem-10239	108	24	period	period	ADJ
fbem-10239	108	25	double	double	ADJ
fbem-10239	108	26	difference	difference	NOUN
fbem-10239	108	27	model	model	NOUN
fbem-10239	108	28	is	be	AUX
fbem-10239	108	29	used	use	VERB
fbem-10239	108	30	to	to	PART
fbem-10239	108	31	find	find	VERB
fbem-10239	108	32	that	that	SCONJ
fbem-10239	108	33	the	the	DET
fbem-10239	108	34	inefficient	inefficient	ADJ
fbem-10239	108	35	investment	investment	NOUN
fbem-10239	108	36	of	of	ADP
fbem-10239	108	37	companies	company	NOUN
fbem-10239	108	38	receiving	receive	VERB
fbem-10239	108	39	exchange	exchange	NOUN
fbem-10239	108	40	inquiry	inquiry	NOUN
fbem-10239	108	41	letters	letter	NOUN
fbem-10239	108	42	has	have	AUX
fbem-10239	108	43	significantly	significantly	ADV
fbem-10239	108	44	improved	improve	VERB
fbem-10239	108	45	,	,	PUNCT
fbem-10239	108	46	and	and	CCONJ
fbem-10239	108	47	the	the	DET
fbem-10239	108	48	exchange	exchange	NOUN
fbem-10239	108	49	inquiry	inquiry	NOUN
fbem-10239	108	50	letter	letter	NOUN
fbem-10239	108	51	system	system	NOUN
fbem-10239	108	52	has	have	AUX
fbem-10239	108	53	reduced	reduce	VERB
fbem-10239	108	54	the	the	DET
fbem-10239	108	55	investment	investment	NOUN
fbem-10239	108	56	efficiency	efficiency	NOUN
fbem-10239	108	57	of	of	ADP
fbem-10239	108	58	companies	company	NOUN
fbem-10239	108	59	.	.	PUNCT
fbem-10239	109	1	the	the	DET
fbem-10239	109	2	conclusion	conclusion	NOUN
fbem-10239	109	3	of	of	ADP
fbem-10239	109	4	this	this	DET
fbem-10239	109	5	paper	paper	NOUN
fbem-10239	109	6	has	have	VERB
fbem-10239	109	7	the	the	DET
fbem-10239	109	8	following	follow	VERB
fbem-10239	109	9	theoretical	theoretical	ADJ
fbem-10239	109	10	value	value	NOUN
fbem-10239	109	11	.	.	PUNCT
fbem-10239	110	1	on	on	ADP
fbem-10239	110	2	the	the	DET
fbem-10239	110	3	one	one	NUM
fbem-10239	110	4	hand	hand	NOUN
fbem-10239	110	5	,	,	PUNCT
fbem-10239	110	6	it	it	PRON
fbem-10239	110	7	enriches	enrich	VERB
fbem-10239	110	8	the	the	DET
fbem-10239	110	9	research	research	NOUN
fbem-10239	110	10	on	on	ADP
fbem-10239	110	11	the	the	DET
fbem-10239	110	12	perspective	perspective	NOUN
fbem-10239	110	13	of	of	ADP
fbem-10239	110	14	underinvestment	underinvestment	ADJ
fbem-10239	110	15	from	from	ADP
fbem-10239	110	16	the	the	DET
fbem-10239	110	17	perspective	perspective	NOUN
fbem-10239	110	18	of	of	ADP
fbem-10239	110	19	investment	investment	NOUN
fbem-10239	110	20	inefficiency	inefficiency	NOUN
fbem-10239	110	21	.	.	PUNCT
fbem-10239	111	1	for	for	ADP
fbem-10239	111	2	a	a	DET
fbem-10239	111	3	long	long	ADJ
fbem-10239	111	4	time	time	NOUN
fbem-10239	111	5	,	,	PUNCT
fbem-10239	111	6	academia	academia	NOUN
fbem-10239	111	7	has	have	AUX
fbem-10239	111	8	focused	focus	VERB
fbem-10239	111	9	on	on	ADP
fbem-10239	111	10	the	the	DET
fbem-10239	111	11	impact	impact	NOUN
fbem-10239	111	12	of	of	ADP
fbem-10239	111	13	overinvestment	overinvestment	NOUN
fbem-10239	111	14	and	and	CCONJ
fbem-10239	111	15	ignored	ignore	VERB
fbem-10239	111	16	the	the	DET
fbem-10239	111	17	inefficiency	inefficiency	NOUN
fbem-10239	111	18	of	of	ADP
fbem-10239	111	19	investment	investment	NOUN
fbem-10239	111	20	caused	cause	VERB
fbem-10239	111	21	by	by	ADP
fbem-10239	111	22	underinvestment	underinvestment	NOUN
fbem-10239	111	23	.	.	PUNCT
fbem-10239	112	1	this	this	DET
fbem-10239	112	2	paper	paper	NOUN
fbem-10239	112	3	finds	find	VERB
fbem-10239	112	4	that	that	SCONJ
fbem-10239	112	5	under	under	ADP
fbem-10239	112	6	the	the	DET
fbem-10239	112	7	current	current	ADJ
fbem-10239	112	8	downward	downward	ADJ
fbem-10239	112	9	pressure	pressure	NOUN
fbem-10239	112	10	of	of	ADP
fbem-10239	112	11	the	the	DET
fbem-10239	112	12	economy	economy	NOUN
fbem-10239	112	13	and	and	CCONJ
fbem-10239	112	14	the	the	DET
fbem-10239	112	15	difficulties	difficulty	NOUN
fbem-10239	112	16	in	in	ADP
fbem-10239	112	17	enterprise	enterprise	NOUN
fbem-10239	112	18	investment	investment	NOUN
fbem-10239	112	19	and	and	CCONJ
fbem-10239	112	20	financing	financing	NOUN
fbem-10239	112	21	,	,	PUNCT
fbem-10239	112	22	the	the	DET
fbem-10239	112	23	majority	majority	NOUN
fbem-10239	112	24	of	of	ADP
fbem-10239	112	25	investment	investment	NOUN
fbem-10239	112	26	inefficient	inefficient	ADJ
fbem-10239	112	27	enterprises	enterprise	NOUN
fbem-10239	112	28	caused	cause	VERB
fbem-10239	112	29	by	by	ADP
fbem-10239	112	30	insufficient	insufficient	ADJ
fbem-10239	112	31	investment	investment	NOUN
fbem-10239	112	32	are	be	AUX
fbem-10239	112	33	located	locate	VERB
fbem-10239	112	34	,	,	PUNCT
fbem-10239	112	35	so	so	CCONJ
fbem-10239	112	36	it	it	PRON
fbem-10239	112	37	is	be	AUX
fbem-10239	112	38	urgent	urgent	ADJ
fbem-10239	112	39	to	to	PART
fbem-10239	112	40	study	study	VERB
fbem-10239	112	41	the	the	DET
fbem-10239	112	42	influencing	influence	VERB
fbem-10239	112	43	factors	factor	NOUN
fbem-10239	112	44	of	of	ADP
fbem-10239	112	45	insufficient	insufficient	ADJ
fbem-10239	112	46	investment	investment	NOUN
fbem-10239	112	47	of	of	ADP
fbem-10239	112	48	enterprises	enterprise	NOUN
fbem-10239	112	49	and	and	CCONJ
fbem-10239	112	50	alleviate	alleviate	VERB
fbem-10239	112	51	insufficient	insufficient	ADJ
fbem-10239	112	52	investment	investment	NOUN
fbem-10239	112	53	.	.	PUNCT
fbem-10239	113	1	this	this	DET
fbem-10239	113	2	paper	paper	NOUN
fbem-10239	113	3	focuses	focus	VERB
fbem-10239	113	4	on	on	ADP
fbem-10239	113	5	underinvestment	underinvestment	ADJ
fbem-10239	113	6	,	,	PUNCT
fbem-10239	113	7	studies	study	VERB
fbem-10239	113	8	the	the	DET
fbem-10239	113	9	impact	impact	NOUN
fbem-10239	113	10	of	of	ADP
fbem-10239	113	11	inquiry	inquiry	NOUN
fbem-10239	113	12	supervision	supervision	NOUN
fbem-10239	113	13	on	on	ADP
fbem-10239	113	14	enterprise	enterprise	NOUN
fbem-10239	113	15	investment	investment	NOUN
fbem-10239	113	16	efficiency	efficiency	NOUN
fbem-10239	113	17	,	,	PUNCT
fbem-10239	113	18	and	and	CCONJ
fbem-10239	113	19	expands	expand	VERB
fbem-10239	113	20	the	the	DET
fbem-10239	113	21	relevant	relevant	ADJ
fbem-10239	113	22	research	research	NOUN
fbem-10239	113	23	on	on	ADP
fbem-10239	113	24	enterprise	enterprise	NOUN
fbem-10239	113	25	investment	investment	NOUN
fbem-10239	113	26	efficiency	efficiency	NOUN
fbem-10239	113	27	.	.	PUNCT
fbem-10239	114	1	on	on	ADP
fbem-10239	114	2	the	the	DET
fbem-10239	114	3	other	other	ADJ
fbem-10239	114	4	hand	hand	NOUN
fbem-10239	114	5	,	,	PUNCT
fbem-10239	114	6	it	it	PRON
fbem-10239	114	7	provides	provide	VERB
fbem-10239	114	8	new	new	ADJ
fbem-10239	114	9	perspectives	perspective	NOUN
fbem-10239	114	10	and	and	CCONJ
fbem-10239	114	11	conclusions	conclusion	NOUN
fbem-10239	114	12	for	for	ADP
fbem-10239	114	13	the	the	DET
fbem-10239	114	14	economic	economic	ADJ
fbem-10239	114	15	consequences	consequence	NOUN
fbem-10239	114	16	of	of	ADP
fbem-10239	114	17	inquiry	inquiry	NOUN
fbem-10239	114	18	letter	letter	NOUN
fbem-10239	114	19	regulation	regulation	NOUN
fbem-10239	114	20	.	.	PUNCT
fbem-10239	115	1	the	the	DET
fbem-10239	115	2	effectiveness	effectiveness	NOUN
fbem-10239	115	3	of	of	ADP
fbem-10239	115	4	regulatory	regulatory	ADJ
fbem-10239	115	5	inquiries	inquiry	NOUN
fbem-10239	115	6	remains	remain	VERB
fbem-10239	115	7	questionable	questionable	ADJ
fbem-10239	115	8	in	in	ADP
fbem-10239	115	9	academia	academia	NOUN
fbem-10239	115	10	,	,	PUNCT
fbem-10239	115	11	and	and	CCONJ
fbem-10239	115	12	the	the	DET
fbem-10239	115	13	results	result	NOUN
fbem-10239	115	14	of	of	ADP
fbem-10239	115	15	this	this	DET
fbem-10239	115	16	paper	paper	NOUN
fbem-10239	115	17	show	show	VERB
fbem-10239	115	18	that	that	SCONJ
fbem-10239	115	19	for	for	ADP
fbem-10239	115	20	underinvested	underinvested	ADJ
fbem-10239	115	21	firms	firm	NOUN
fbem-10239	115	22	,	,	PUNCT
fbem-10239	115	23	the	the	DET
fbem-10239	115	24	regulation	regulation	NOUN
fbem-10239	115	25	of	of	ADP
fbem-10239	115	26	inquiry	inquiry	NOUN
fbem-10239	115	27	letters	letter	NOUN
fbem-10239	115	28	exacerbates	exacerbate	VERB
fbem-10239	115	29	underinvestment	underinvestment	ADJ
fbem-10239	115	30	and	and	CCONJ
fbem-10239	115	31	reduces	reduce	VERB
fbem-10239	115	32	investment	investment	NOUN
fbem-10239	115	33	efficiency	efficiency	NOUN
fbem-10239	115	34	.	.	PUNCT
fbem-10239	116	1	however	however	ADV
fbem-10239	116	2	,	,	PUNCT
fbem-10239	116	3	due	due	ADP
fbem-10239	116	4	to	to	ADP
fbem-10239	116	5	time	time	NOUN
fbem-10239	116	6	and	and	CCONJ
fbem-10239	116	7	space	space	NOUN
fbem-10239	116	8	constraints	constraint	NOUN
fbem-10239	116	9	,	,	PUNCT
fbem-10239	116	10	the	the	DET
fbem-10239	116	11	specific	specific	ADJ
fbem-10239	116	12	mechanism	mechanism	NOUN
fbem-10239	116	13	of	of	ADP
fbem-10239	116	14	action	action	NOUN
fbem-10239	116	15	of	of	ADP
fbem-10239	116	16	this	this	DET
fbem-10239	116	17	negative	negative	ADJ
fbem-10239	116	18	effect	effect	NOUN
fbem-10239	116	19	has	have	AUX
fbem-10239	116	20	not	not	PART
fbem-10239	116	21	been	be	AUX
fbem-10239	116	22	studied	study	VERB
fbem-10239	116	23	,	,	PUNCT
fbem-10239	116	24	and	and	CCONJ
fbem-10239	116	25	subsequent	subsequent	ADJ
fbem-10239	116	26	studies	study	NOUN
fbem-10239	116	27	can	can	AUX
fbem-10239	116	28	be	be	AUX
fbem-10239	116	29	based	base	VERB
fbem-10239	116	30	on	on	ADP
fbem-10239	116	31	this	this	PRON
fbem-10239	116	32	.	.	PUNCT
fbem-10239	117	1	acknowledgment	acknowledgment	NOUN
fbem-10239	117	2	this	this	DET
fbem-10239	117	3	work	work	NOUN
fbem-10239	117	4	was	be	AUX
fbem-10239	117	5	supported	support	VERB
fbem-10239	117	6	in	in	ADP
fbem-10239	117	7	part	part	NOUN
fbem-10239	117	8	by	by	ADP
fbem-10239	117	9	the	the	DET
fbem-10239	117	10	postgraduate	postgraduate	NOUN
fbem-10239	117	11	research	research	NOUN
fbem-10239	117	12	innovation	innovation	NOUN
fbem-10239	117	13	fund	fund	NOUN
fbem-10239	117	14	project	project	NOUN
fbem-10239	117	15	of	of	ADP
fbem-10239	117	16	anhui	anhui	PROPN
fbem-10239	117	17	university	university	PROPN
fbem-10239	117	18	of	of	ADP
fbem-10239	117	19	finance	finance	NOUN
fbem-10239	117	20	and	and	CCONJ
fbem-10239	117	21	economics	economic	NOUN
fbem-10239	117	22	(	(	PUNCT
fbem-10239	117	23	number	number	NOUN
fbem-10239	117	24	:	:	PUNCT
fbem-10239	117	25	acyc2021244	acyc2021244	PROPN
fbem-10239	117	26	)	)	PUNCT
fbem-10239	117	27	.	.	PUNCT
fbem-10239	118	1	the	the	DET
fbem-10239	118	2	authors	author	NOUN
fbem-10239	118	3	sincerely	sincerely	ADV
fbem-10239	118	4	thank	thank	VERB
fbem-10239	118	5	anonymous	anonymous	ADJ
fbem-10239	118	6	referees	referee	NOUN
fbem-10239	118	7	for	for	ADP
fbem-10239	118	8	their	their	PRON
fbem-10239	118	9	valuable	valuable	ADJ
fbem-10239	118	10	comments	comment	NOUN
fbem-10239	118	11	and	and	CCONJ
fbem-10239	118	12	recommendations	recommendation	NOUN
fbem-10239	118	13	.	.	PUNCT
fbem-10239	119	1	references	reference	NOUN
fbem-10239	119	2	[	[	X
fbem-10239	119	3	1	1	X
fbem-10239	119	4	]	]	PUNCT
fbem-10239	119	5	yang	yang	PROPN
fbem-10239	119	6	h	h	PROPN
fbem-10239	119	7	,	,	PUNCT
fbem-10239	119	8	li	li	PROPN
fbem-10239	119	9	j.	j.	PROPN
fbem-10239	119	10	market	market	PROPN
fbem-10239	119	11	response	response	NOUN
fbem-10239	119	12	to	to	ADP
fbem-10239	119	13	inquiry	inquiry	NOUN
fbem-10239	119	14	regulation	regulation	NOUN
fbem-10239	119	15	:	:	PUNCT
fbem-10239	119	16	an	an	DET
fbem-10239	119	17	empirical	empirical	ADJ
fbem-10239	119	18	analysis	analysis	NOUN
fbem-10239	119	19	based	base	VERB
fbem-10239	119	20	on	on	ADP
fbem-10239	119	21	szse	szse	NOUN
fbem-10239	119	22	data[j	data[j	NOUN
fbem-10239	119	23	]	]	PUNCT
fbem-10239	119	24	.	.	PUNCT
fbem-10239	120	1	journal	journal	PROPN
fbem-10239	120	2	of	of	ADP
fbem-10239	120	3	beijing	beijing	PROPN
fbem-10239	120	4	technology	technology	PROPN
fbem-10239	120	5	and	and	CCONJ
fbem-10239	120	6	business	business	NOUN
fbem-10239	120	7	university	university	NOUN
fbem-10239	120	8	(	(	PUNCT
fbem-10239	120	9	social	social	ADJ
fbem-10239	120	10	science	science	NOUN
fbem-10239	120	11	edition	edition	PROPN
fbem-10239	120	12	)	)	PUNCT
fbem-10239	120	13	,	,	PUNCT
fbem-10239	120	14	2018,33(02):84	2018,33(02):84	NOUN
fbem-10239	120	15	-	-	SYM
fbem-10239	120	16	93	93	NUM
fbem-10239	120	17	.	.	PUNCT
fbem-10239	121	1	[	[	X
fbem-10239	121	2	2	2	X
fbem-10239	121	3	]	]	X
fbem-10239	121	4	huang	huang	PROPN
fbem-10239	121	5	h	h	PROPN
fbem-10239	121	6	,	,	PUNCT
fbem-10239	121	7	chang	chang	PROPN
fbem-10239	121	8	l.	l.	PROPN
fbem-10239	121	9	an	an	DET
fbem-10239	121	10	empirical	empirical	ADJ
fbem-10239	121	11	test	test	NOUN
fbem-10239	121	12	on	on	ADP
fbem-10239	121	13	the	the	DET
fbem-10239	121	14	impact	impact	NOUN
fbem-10239	121	15	of	of	ADP
fbem-10239	121	16	inquiry	inquiry	NOUN
fbem-10239	121	17	supervision	supervision	NOUN
fbem-10239	121	18	on	on	ADP
fbem-10239	121	19	information	information	NOUN
fbem-10239	121	20	disclosure	disclosure	NOUN
fbem-10239	121	21	of	of	ADP
fbem-10239	121	22	listed	list	VERB
fbem-10239	121	23	companies[j	companies[j	NOUN
fbem-10239	121	24	]	]	PUNCT
fbem-10239	121	25	.	.	PUNCT
fbem-10239	122	1	statistics	statistic	NOUN
fbem-10239	122	2	and	and	CCONJ
fbem-10239	122	3	decision	decision	NOUN
fbem-10239	122	4	,	,	PUNCT
fbem-10239	122	5	2021,37(04):150	2021,37(04):150	NUM
fbem-10239	122	6	-	-	SYM
fbem-10239	122	7	153	153	NUM
fbem-10239	122	8	.	.	PUNCT
fbem-10239	123	1	[	[	X
fbem-10239	123	2	3	3	X
fbem-10239	123	3	]	]	X
fbem-10239	123	4	zhai	zhai	PROPN
fbem-10239	123	5	s	s	PROPN
fbem-10239	123	6	,	,	PUNCT
fbem-10239	123	7	wang	wang	PROPN
fbem-10239	123	8	m.	m.	PROPN
fbem-10239	123	9	does	do	AUX
fbem-10239	123	10	non	non	ADJ
fbem-10239	123	11	-	-	ADJ
fbem-10239	123	12	punitive	punitive	ADJ
fbem-10239	123	13	regulation	regulation	NOUN
fbem-10239	123	14	improve	improve	VERB
fbem-10239	123	15	the	the	DET
fbem-10239	123	16	quality	quality	NOUN
fbem-10239	123	17	of	of	ADP
fbem-10239	123	18	corporate	corporate	ADJ
fbem-10239	123	19	performance	performance	NOUN
fbem-10239	123	20	forecasts	forecast	NOUN
fbem-10239	123	21	:	:	PUNCT
fbem-10239	123	22	evidence	evidence	NOUN
fbem-10239	123	23	from	from	ADP
fbem-10239	123	24	financial	financial	ADJ
fbem-10239	123	25	reporting	reporting	NOUN
fbem-10239	123	26	inquiry	inquiry	NOUN
fbem-10239	123	27	letters[j	letters[j	NOUN
fbem-10239	123	28	]	]	PUNCT
fbem-10239	123	29	.	.	PUNCT
fbem-10239	124	1	journal	journal	PROPN
fbem-10239	124	2	of	of	ADP
fbem-10239	124	3	shanxi	shanxi	PROPN
fbem-10239	124	4	university	university	PROPN
fbem-10239	124	5	of	of	ADP
fbem-10239	124	6	finance	finance	NOUN
fbem-10239	124	7	and	and	CCONJ
fbem-10239	124	8	economics	economic	NOUN
fbem-10239	124	9	,	,	PUNCT
fbem-10239	124	10	2019,41(04):92	2019,41(04):92	NUM
fbem-10239	124	11	-	-	SYM
fbem-10239	124	12	107	107	NUM
fbem-10239	124	13	.	.	PUNCT
fbem-10239	125	1	[	[	X
fbem-10239	125	2	4	4	X
fbem-10239	125	3	]	]	X
fbem-10239	125	4	shi	shi	PROPN
fbem-10239	125	5	x	x	PROPN
fbem-10239	125	6	,	,	PUNCT
fbem-10239	125	7	chen	chen	PROPN
fbem-10239	125	8	w	w	PROPN
fbem-10239	125	9	,	,	PUNCT
fbem-10239	125	10	liu	liu	PROPN
fbem-10239	125	11	f.	f.	PROPN
fbem-10239	125	12	stock	stock	PROPN
fbem-10239	125	13	exchange	exchange	PROPN
fbem-10239	125	14	inquiry	inquiry	NOUN
fbem-10239	125	15	regulation	regulation	NOUN
fbem-10239	125	16	and	and	CCONJ
fbem-10239	125	17	accounting	accounting	NOUN
fbem-10239	125	18	robustness[j	robustness[j	PROPN
fbem-10239	125	19	]	]	PUNCT
fbem-10239	125	20	.	.	PUNCT
fbem-10239	126	1	economic	economic	ADJ
fbem-10239	126	2	management	management	NOUN
fbem-10239	126	3	,	,	PUNCT
fbem-10239	126	4	2021	2021	NUM
fbem-10239	126	5	,	,	PUNCT
fbem-10239	126	6	43(12	43(12	NUM
fbem-10239	126	7	):	):	PUNCT
fbem-10239	126	8	170	170	NUM
fbem-10239	126	9	-	-	SYM
fbem-10239	126	10	186	186	NUM
fbem-10239	126	11	.	.	PUNCT
fbem-10239	127	1	[	[	X
fbem-10239	127	2	5	5	X
fbem-10239	127	3	]	]	PUNCT
fbem-10239	127	4	he	he	PRON
fbem-10239	127	5	h	h	NOUN
fbem-10239	127	6	,	,	PUNCT
fbem-10239	127	7	fang	fang	PROPN
fbem-10239	127	8	j.	j.	PROPN
fbem-10239	127	9	does	do	AUX
fbem-10239	127	10	the	the	DET
fbem-10239	127	11	regulation	regulation	NOUN
fbem-10239	127	12	of	of	ADP
fbem-10239	127	13	exchange	exchange	NOUN
fbem-10239	127	14	inquiry	inquiry	NOUN
fbem-10239	127	15	letters	letter	NOUN
fbem-10239	127	16	affect	affect	VERB
fbem-10239	127	17	the	the	DET
fbem-10239	127	18	performance	performance	NOUN
fbem-10239	127	19	sensitivity	sensitivity	NOUN
fbem-10239	127	20	of	of	ADP
fbem-10239	127	21	executive	executive	ADJ
fbem-10239	127	22	compensation	compensation	NOUN
fbem-10239	128	1	[	[	X
fbem-10239	128	2	j	j	X
fbem-10239	128	3	]	]	X
fbem-10239	128	4	.	.	PUNCT
fbem-10239	129	1	economic	economic	ADJ
fbem-10239	129	2	management	management	NOUN
fbem-10239	129	3	,	,	PUNCT
fbem-10239	129	4	2021,43(08):177	2021,43(08):177	NUM
fbem-10239	129	5	-	-	SYM
fbem-10239	129	6	192	192	NUM
fbem-10239	129	7	.	.	PUNCT
fbem-10239	130	1	-4	-4	INTJ
fbem-10239	131	1	.0	.0	NUM
fbem-10239	131	2	0	0	PUNCT
fbem-10239	132	1	e	e	NOUN
fbem-10239	132	2	-1	-1	ADP
fbem-10239	132	3	2	2	NUM
fbem-10239	132	4	-2	-2	NOUN
fbem-10239	132	5	.0	.0	NUM
fbem-10239	132	6	0	0	PUNCT
fbem-10239	133	1	e	e	X
fbem-10239	133	2	-1	-1	ADP
fbem-10239	134	1	2	2	NUM
fbem-10239	134	2	0	0	NUM
fbem-10239	134	3	2	2	NUM
fbem-10239	134	4	.0	.0	NUM
fbem-10239	134	5	0	0	PUNCT
fbem-10239	135	1	e	e	NOUN
fbem-10239	135	2	-1	-1	NOUN
fbem-10239	135	3	2	2	NUM
fbem-10239	135	4	4	4	NUM
fbem-10239	135	5	.0	.0	NUM
fbem-10239	135	6	0	0	PUNCT
fbem-10239	135	7	e	e	NOUN
fbem-10239	135	8	-1	-1	PROPN
fbem-10239	135	9	2	2	NUM
fbem-10239	135	10	t-2	t-2	PROPN
fbem-10239	135	11	t-1	t-1	PROPN
fbem-10239	135	12	t	t	PROPN
fbem-10239	135	13	t+1	t+1	PROPN
fbem-10239	135	14	t+2	t+2	NUM
fbem-10239	135	15	99	99	NUM
fbem-10239	135	16	95	95	NUM
fbem-10239	135	17	90	90	NUM
fbem-10239	135	18	80	80	NUM
fbem-10239	135	19	70	70	NUM
fbem-10239	135	20	179	179	NUM
fbem-10239	136	1	[	[	X
fbem-10239	136	2	6	6	NUM
fbem-10239	136	3	]	]	X
fbem-10239	136	4	liu	liu	PROPN
fbem-10239	136	5	z	z	PROPN
fbem-10239	136	6	,	,	PUNCT
fbem-10239	136	7	bai	bai	PROPN
fbem-10239	136	8	w.	w.	PROPN
fbem-10239	136	9	do	do	AUX
fbem-10239	136	10	financial	financial	ADJ
fbem-10239	136	11	reporting	reporting	NOUN
fbem-10239	136	12	inquiry	inquiry	NOUN
fbem-10239	136	13	letters	letter	NOUN
fbem-10239	136	14	affect	affect	VERB
fbem-10239	136	15	executive	executive	ADJ
fbem-10239	136	16	overcompensation	overcompensation	NOUN
fbem-10239	136	17	?	?	PUNCT
fbem-10239	137	1	[	[	X
fbem-10239	137	2	j	j	X
fbem-10239	137	3	]	]	X
fbem-10239	137	4	.	.	PUNCT
fbem-10239	138	1	journal	journal	PROPN
fbem-10239	138	2	of	of	ADP
fbem-10239	138	3	finance	finance	NOUN
fbem-10239	138	4	and	and	CCONJ
fbem-10239	138	5	economics	economic	NOUN
fbem-10239	138	6	,	,	PUNCT
fbem-10239	138	7	2021(05):102	2021(05):102	NOUN
fbem-10239	138	8	-	-	SYM
fbem-10239	138	9	109	109	NUM
fbem-10239	138	10	.	.	PUNCT
fbem-10239	139	1	[	[	X
fbem-10239	139	2	7	7	X
fbem-10239	139	3	]	]	X
fbem-10239	139	4	deng	deng	PROPN
fbem-10239	139	5	y	y	PROPN
fbem-10239	139	6	,	,	PUNCT
fbem-10239	139	7	lu	lu	PROPN
fbem-10239	139	8	c	c	NOUN
fbem-10239	139	9	,	,	PUNCT
fbem-10239	139	10	lan	lan	PROPN
fbem-10239	139	11	t	t	PROPN
fbem-10239	139	12	,	,	PUNCT
fbem-10239	139	13	et	et	PROPN
fbem-10239	139	14	al	al	PROPN
fbem-10239	139	15	.	.	PUNCT
fbem-10239	139	16	non	non	ADJ
fbem-10239	139	17	-	-	ADJ
fbem-10239	139	18	punitive	punitive	ADJ
fbem-10239	139	19	regulation	regulation	NOUN
fbem-10239	139	20	and	and	CCONJ
fbem-10239	139	21	corporate	corporate	ADJ
fbem-10239	139	22	risk	risk	NOUN
fbem-10239	139	23	taking	taking	NOUN
fbem-10239	139	24	:	:	PUNCT
fbem-10239	139	25	evidence	evidence	NOUN
fbem-10239	139	26	based	base	VERB
fbem-10239	139	27	on	on	ADP
fbem-10239	139	28	financial	financial	ADJ
fbem-10239	139	29	reporting	reporting	NOUN
fbem-10239	139	30	inquiry	inquiry	NOUN
fbem-10239	139	31	letters	letter	NOUN
fbem-10239	139	32	[	[	X
fbem-10239	139	33	j	j	X
fbem-10239	139	34	]	]	X
fbem-10239	139	35	.	.	PUNCT
fbem-10239	140	1	journal	journal	PROPN
fbem-10239	140	2	of	of	ADP
fbem-10239	140	3	finance	finance	NOUN
fbem-10239	140	4	and	and	CCONJ
fbem-10239	140	5	economics	economic	NOUN
fbem-10239	140	6	,	,	PUNCT
fbem-10239	140	7	2021	2021	NUM
fbem-10239	140	8	,	,	PUNCT
fbem-10239	140	9	47(08	47(08	NUM
fbem-10239	140	10	):	):	PUNCT
fbem-10239	140	11	123	123	NUM
fbem-10239	140	12	-	-	SYM
fbem-10239	140	13	138	138	NUM
fbem-10239	140	14	.	.	PUNCT
fbem-10239	141	1	[	[	X
fbem-10239	141	2	8	8	NUM
fbem-10239	141	3	]	]	X
fbem-10239	141	4	lin	lin	PROPN
fbem-10239	141	5	h	h	PROPN
fbem-10239	141	6	,	,	PUNCT
fbem-10239	141	7	he	he	PRON
fbem-10239	141	8	y	y	PROPN
fbem-10239	141	9	,	,	PUNCT
fbem-10239	141	10	liu	liu	PROPN
fbem-10239	141	11	j.	j.	PROPN
fbem-10239	141	12	financial	financial	PROPN
fbem-10239	141	13	report	report	PROPN
fbem-10239	141	14	inquiry	inquiry	NOUN
fbem-10239	141	15	letter	letter	NOUN
fbem-10239	141	16	pressure	pressure	NOUN
fbem-10239	141	17	and	and	CCONJ
fbem-10239	141	18	corporate	corporate	ADJ
fbem-10239	141	19	financialization[j	financialization[j	NOUN
fbem-10239	141	20	]	]	X
fbem-10239	141	21	.	.	PUNCT
fbem-10239	142	1	accounting	accounting	NOUN
fbem-10239	142	2	research	research	NOUN
fbem-10239	142	3	,	,	PUNCT
fbem-10239	142	4	2021	2021	NUM
fbem-10239	142	5	(	(	PUNCT
fbem-10239	142	6	09	09	NUM
fbem-10239	142	7	):	):	PUNCT
fbem-10239	142	8	65	65	NUM
fbem-10239	142	9	-	-	SYM
fbem-10239	142	10	76	76	NUM
fbem-10239	142	11	.	.	PUNCT
fbem-10239	143	1	[	[	X
fbem-10239	143	2	9	9	NUM
fbem-10239	143	3	]	]	X
fbem-10239	143	4	ma	ma	PROPN
fbem-10239	143	5	y.	y.	PROPN
fbem-10239	143	6	can	can	AUX
fbem-10239	143	7	exchange	exchange	VERB
fbem-10239	143	8	annual	annual	ADJ
fbem-10239	143	9	report	report	NOUN
fbem-10239	143	10	inquiry	inquiry	NOUN
fbem-10239	143	11	improve	improve	VERB
fbem-10239	143	12	the	the	DET
fbem-10239	143	13	earnings	earning	NOUN
fbem-10239	143	14	quality	quality	NOUN
fbem-10239	143	15	of	of	ADP
fbem-10239	143	16	listed	list	VERB
fbem-10239	143	17	companies?——empirical	companies?——empirical	ADJ
fbem-10239	143	18	analysis	analysis	NOUN
fbem-10239	143	19	based	base	VERB
fbem-10239	143	20	on	on	ADP
fbem-10239	143	21	szse	szse	NOUN
fbem-10239	143	22	data[j	data[j	NOUN
fbem-10239	143	23	]	]	PUNCT
fbem-10239	143	24	.	.	PUNCT
fbem-10239	144	1	journal	journal	PROPN
fbem-10239	144	2	of	of	ADP
fbem-10239	144	3	nanjing	nanjing	PROPN
fbem-10239	144	4	audit	audit	PROPN
fbem-10239	144	5	university	university	PROPN
fbem-10239	144	6	,	,	PUNCT
fbem-10239	144	7	2021,18(02):69	2021,18(02):69	PROPN
fbem-10239	144	8	-	-	SYM
fbem-10239	144	9	78	78	NUM
fbem-10239	144	10	.	.	PUNCT
fbem-10239	145	1	[	[	X
fbem-10239	145	2	10	10	NUM
fbem-10239	145	3	]	]	X
fbem-10239	145	4	zhang	zhang	PROPN
fbem-10239	145	5	j	j	PROPN
fbem-10239	145	6	,	,	PUNCT
fbem-10239	145	7	tang	tang	PROPN
fbem-10239	145	8	x	x	PROPN
fbem-10239	145	9	,	,	PUNCT
fbem-10239	145	10	li	li	PROPN
fbem-10239	145	11	g.	g.	PROPN
fbem-10239	145	12	can	can	AUX
fbem-10239	145	13	preventive	preventive	ADJ
fbem-10239	145	14	regulation	regulation	NOUN
fbem-10239	145	15	curb	curb	VERB
fbem-10239	145	16	the	the	DET
fbem-10239	145	17	risk	risk	NOUN
fbem-10239	145	18	of	of	ADP
fbem-10239	145	19	stock	stock	NOUN
fbem-10239	145	20	price	price	NOUN
fbem-10239	145	21	crash	crash	NOUN
fbem-10239	145	22	?	?	PUNCT
fbem-10239	145	23	—	—	PUNCT
fbem-10239	145	24	—	—	PUNCT
fbem-10239	145	25	research	research	NOUN
fbem-10239	145	26	based	base	VERB
fbem-10239	145	27	on	on	ADP
fbem-10239	145	28	inquiry	inquiry	NOUN
fbem-10239	145	29	letter	letter	NOUN
fbem-10239	145	30	of	of	ADP
fbem-10239	145	31	exchange	exchange	NOUN
fbem-10239	145	32	annual	annual	ADJ
fbem-10239	145	33	report[j	report[j	NOUN
fbem-10239	145	34	]	]	PUNCT
fbem-10239	145	35	.	.	PUNCT
fbem-10239	146	1	journal	journal	PROPN
fbem-10239	146	2	of	of	ADP
fbem-10239	146	3	management	management	NOUN
fbem-10239	146	4	science	science	NOUN
fbem-10239	146	5	,	,	PUNCT
fbem-10239	146	6	2018,21(10):112	2018,21(10):112	PROPN
fbem-10239	146	7	-	-	SYM
fbem-10239	146	8	126	126	NUM
fbem-10239	146	9	.	.	PUNCT
fbem-10239	147	1	[	[	X
fbem-10239	147	2	11	11	NUM
fbem-10239	147	3	]	]	X
fbem-10239	147	4	fu	fu	NOUN
fbem-10239	147	5	x	x	NOUN
fbem-10239	147	6	,	,	PUNCT
fbem-10239	147	7	cui	cui	PROPN
fbem-10239	147	8	y	y	PROPN
fbem-10239	147	9	,	,	PUNCT
fbem-10239	147	10	zhao	zhao	PROPN
fbem-10239	147	11	l.	l.	PROPN
fbem-10239	147	12	does	do	AUX
fbem-10239	147	13	the	the	DET
fbem-10239	147	14	regulatory	regulatory	ADJ
fbem-10239	147	15	inquiry	inquiry	NOUN
fbem-10239	147	16	letter	letter	NOUN
fbem-10239	147	17	have	have	VERB
fbem-10239	147	18	risk	risk	NOUN
fbem-10239	147	19	early	early	ADJ
fbem-10239	147	20	warning	warning	NOUN
fbem-10239	147	21	effect?——based	effect?——base	VERB
fbem-10239	147	22	on	on	ADP
fbem-10239	147	23	the	the	DET
fbem-10239	147	24	evidence	evidence	NOUN
fbem-10239	147	25	of	of	ADP
fbem-10239	147	26	stock	stock	NOUN
fbem-10239	147	27	exchange	exchange	NOUN
fbem-10239	147	28	restructuring	restructure	VERB
fbem-10239	147	29	inquiry	inquiry	NOUN
fbem-10239	147	30	letter[j	letter[j	NOUN
fbem-10239	147	31	]	]	PUNCT
fbem-10239	147	32	.	.	PUNCT
fbem-10239	148	1	securities	security	NOUN
fbem-10239	148	2	market	market	PROPN
fbem-10239	148	3	herald	herald	PROPN
fbem-10239	148	4	,	,	PUNCT
fbem-10239	148	5	2020(08):12	2020(08):12	NUM
fbem-10239	148	6	-	-	SYM
fbem-10239	148	7	21	21	NUM
fbem-10239	148	8	.	.	PUNCT
fbem-10239	149	1	[	[	X
fbem-10239	149	2	12	12	NUM
fbem-10239	149	3	]	]	PUNCT
fbem-10239	149	4	zhai	zhai	PROPN
fbem-10239	149	5	s	s	PROPN
fbem-10239	149	6	,	,	PUNCT
fbem-10239	149	7	han	han	PROPN
fbem-10239	149	8	x.	x.	PROPN
fbem-10239	149	9	does	do	AUX
fbem-10239	149	10	financial	financial	ADJ
fbem-10239	149	11	inquiry	inquiry	NOUN
fbem-10239	149	12	supervision	supervision	NOUN
fbem-10239	149	13	improve	improve	VERB
fbem-10239	149	14	the	the	DET
fbem-10239	149	15	efficiency	efficiency	NOUN
fbem-10239	149	16	of	of	ADP
fbem-10239	149	17	capital	capital	NOUN
fbem-10239	149	18	market	market	NOUN
fbem-10239	149	19	pricing[j	pricing[j	NOUN
fbem-10239	149	20	]	]	PUNCT
fbem-10239	149	21	.	.	PUNCT
fbem-10239	150	1	journal	journal	PROPN
fbem-10239	150	2	of	of	ADP
fbem-10239	150	3	modern	modern	ADJ
fbem-10239	150	4	economics	economic	NOUN
fbem-10239	150	5	,	,	PUNCT
fbem-10239	150	6	2021(05):47	2021(05):47	NUM
fbem-10239	150	7	-	-	SYM
fbem-10239	150	8	55	55	NUM
fbem-10239	150	9	.	.	PUNCT
fbem-10239	151	1	[	[	X
fbem-10239	151	2	13	13	NUM
fbem-10239	151	3	]	]	X
fbem-10239	151	4	chen	chen	PROPN
fbem-10239	151	5	s	s	PROPN
fbem-10239	151	6	,	,	PUNCT
fbem-10239	151	7	zhang	zhang	PROPN
fbem-10239	151	8	r	r	PROPN
fbem-10239	151	9	,	,	PUNCT
fbem-10239	151	10	chen	chen	PROPN
fbem-10239	151	11	s.	s.	PROPN
fbem-10239	151	12	does	do	AUX
fbem-10239	151	13	the	the	DET
fbem-10239	151	14	inquiry	inquiry	NOUN
fbem-10239	151	15	letter	letter	NOUN
fbem-10239	151	16	of	of	ADP
fbem-10239	151	17	stock	stock	NOUN
fbem-10239	151	18	exchange	exchange	PROPN
fbem-10239	151	19	annual	annual	ADJ
fbem-10239	151	20	report	report	NOUN
fbem-10239	151	21	affect	affect	VERB
fbem-10239	151	22	audit	audit	NOUN
fbem-10239	151	23	fees?——based	fees?——base	VERB
fbem-10239	151	24	on	on	ADP
fbem-10239	151	25	empirical	empirical	ADJ
fbem-10239	151	26	evidence	evidence	NOUN
fbem-10239	151	27	of	of	ADP
fbem-10239	151	28	listed	list	VERB
fbem-10239	151	29	companies	company	NOUN
fbem-10239	151	30	in	in	ADP
fbem-10239	151	31	shanghai	shanghai	PROPN
fbem-10239	151	32	and	and	CCONJ
fbem-10239	151	33	shenzhen	shenzhen	PROPN
fbem-10239	151	34	stock	stock	PROPN
fbem-10239	151	35	markets[j	markets[j	PROPN
fbem-10239	151	36	]	]	PUNCT
fbem-10239	151	37	.	.	PUNCT
fbem-10239	152	1	economic	economic	ADJ
fbem-10239	152	2	latitude	latitude	NOUN
fbem-10239	152	3	,	,	PUNCT
fbem-10239	152	4	2018	2018	NUM
fbem-10239	152	5	,	,	PUNCT
fbem-10239	152	6	35	35	NUM
fbem-10239	152	7	(	(	PUNCT
fbem-10239	152	8	04	04	NUM
fbem-10239	152	9	):	):	PUNCT
fbem-10239	152	10	158	158	NUM
fbem-10239	152	11	-	-	SYM
fbem-10239	152	12	164	164	NUM
fbem-10239	152	13	.	.	PUNCT
fbem-10239	153	1	[	[	X
fbem-10239	153	2	14	14	NUM
fbem-10239	153	3	]	]	X
fbem-10239	153	4	shen	shen	NOUN
fbem-10239	154	1	p	p	X
fbem-10239	154	2	,	,	PUNCT
fbem-10239	154	3	jing	jing	PROPN
fbem-10239	154	4	r.	r.	PROPN
fbem-10239	154	5	annual	annual	ADJ
fbem-10239	154	6	report	report	NOUN
fbem-10239	154	7	inquiry	inquiry	NOUN
fbem-10239	154	8	letter	letter	NOUN
fbem-10239	154	9	,	,	PUNCT
fbem-10239	154	10	audit	audit	NOUN
fbem-10239	154	11	pricing	pricing	NOUN
fbem-10239	154	12	and	and	CCONJ
fbem-10239	154	13	audit	audit	NOUN
fbem-10239	154	14	delay[j	delay[j	NOUN
fbem-10239	154	15	]	]	PUNCT
fbem-10239	154	16	.	.	PUNCT
fbem-10239	155	1	journal	journal	PROPN
fbem-10239	155	2	of	of	ADP
fbem-10239	155	3	nanjing	nanjing	PROPN
fbem-10239	155	4	audit	audit	PROPN
fbem-10239	155	5	university	university	NOUN
fbem-10239	155	6	,	,	PUNCT
fbem-10239	155	7	2020,17(02):1	2020,17(02):1	PROPN
fbem-10239	155	8	-	-	SYM
fbem-10239	155	9	10	10	NUM
fbem-10239	155	10	.	.	PUNCT
fbem-10239	156	1	[	[	X
fbem-10239	156	2	15	15	X
fbem-10239	156	3	]	]	X
fbem-10239	156	4	zhai	zhai	PROPN
fbem-10239	156	5	s	s	PROPN
fbem-10239	156	6	,	,	PUNCT
fbem-10239	156	7	wang	wang	PROPN
fbem-10239	156	8	m	m	PROPN
fbem-10239	156	9	,	,	PUNCT
fbem-10239	156	10	mao	mao	PROPN
fbem-10239	156	11	w.	w.	PROPN
fbem-10239	156	12	financial	financial	PROPN
fbem-10239	156	13	report	report	PROPN
fbem-10239	156	14	inquiry	inquiry	NOUN
fbem-10239	156	15	letter	letter	NOUN
fbem-10239	156	16	and	and	CCONJ
fbem-10239	156	17	financing	financing	NOUN
fbem-10239	156	18	constraints	constraint	NOUN
fbem-10239	156	19	of	of	ADP
fbem-10239	156	20	listed	list	VERB
fbem-10239	156	21	companies[j	companies[j	NOUN
fbem-10239	156	22	]	]	PUNCT
fbem-10239	156	23	.	.	PUNCT
fbem-10239	157	1	financial	financial	PROPN
fbem-10239	157	2	forum	forum	PROPN
fbem-10239	157	3	,	,	PUNCT
fbem-10239	157	4	2020,25(10):46	2020,25(10):46	NOUN
fbem-10239	157	5	-	-	SYM
fbem-10239	157	6	57	57	NUM
fbem-10239	157	7	.	.	PUNCT
fbem-10239	158	1	[	[	X
fbem-10239	158	2	16	16	NUM
fbem-10239	158	3	]	]	X
fbem-10239	158	4	myers	myers	PROPN
fbem-10239	158	5	s	s	PART
fbem-10239	158	6	c.	c.	PROPN
fbem-10239	158	7	determinants	determinant	NOUN
fbem-10239	158	8	of	of	ADP
fbem-10239	158	9	corporate	corporate	ADJ
fbem-10239	158	10	borrowing[j	borrowing[j	NOUN
fbem-10239	158	11	]	]	PUNCT
fbem-10239	158	12	.	.	PUNCT
fbem-10239	159	1	journal	journal	PROPN
fbem-10239	159	2	of	of	ADP
fbem-10239	159	3	financial	financial	ADJ
fbem-10239	159	4	economics	economic	NOUN
fbem-10239	159	5	,	,	PUNCT
fbem-10239	159	6	1977,5(2):147	1977,5(2):147	PROPN
fbem-10239	159	7	-	-	PUNCT
fbem-10239	159	8	175	175	NUM
fbem-10239	159	9	.	.	PUNCT
fbem-10239	160	1	[	[	X
fbem-10239	160	2	17	17	NUM
fbem-10239	160	3	]	]	X
fbem-10239	160	4	shao	shao	PROPN
fbem-10239	160	5	x	x	PROPN
fbem-10239	160	6	,	,	PUNCT
fbem-10239	160	7	hu	hu	PROPN
fbem-10239	160	8	ming	ming	PROPN
fbem-10239	160	9	.	.	PUNCT
fbem-10239	160	10	can	can	AUX
fbem-10239	160	11	fintech	fintech	NOUN
fbem-10239	160	12	help	help	VERB
fbem-10239	160	13	companies	company	NOUN
fbem-10239	160	14	invest	invest	VERB
fbem-10239	160	15	more	more	ADV
fbem-10239	160	16	efficiently	efficiently	ADV
fbem-10239	160	17	?	?	PUNCT
fbem-10239	161	1	an	an	DET
fbem-10239	161	2	empirical	empirical	ADJ
fbem-10239	161	3	study	study	NOUN
fbem-10239	161	4	based	base	VERB
fbem-10239	161	5	on	on	ADP
fbem-10239	161	6	china	china	PROPN
fbem-10239	161	7	's	's	PART
fbem-10239	161	8	a	a	DET
fbem-10239	161	9	-	-	PUNCT
fbem-10239	161	10	share	share	NOUN
fbem-10239	161	11	listed	list	VERB
fbem-10239	161	12	enterprises[j	enterprises[j	PROPN
fbem-10239	161	13	]	]	PUNCT
fbem-10239	161	14	.	.	PUNCT
fbem-10239	162	1	learning	learning	NOUN
fbem-10239	162	2	and	and	CCONJ
fbem-10239	162	3	practice	practice	NOUN
fbem-10239	162	4	,	,	PUNCT
fbem-10239	162	5	2022(03):38	2022(03):38	NUM
fbem-10239	162	6	-	-	SYM
fbem-10239	162	7	46	46	NUM
fbem-10239	162	8	.	.	PUNCT
fbem-10239	163	1	[	[	X
fbem-10239	163	2	18	18	NUM
fbem-10239	163	3	]	]	X
fbem-10239	163	4	zhang	zhang	PROPN
fbem-10239	163	5	j	j	PROPN
fbem-10239	163	6	,	,	PUNCT
fbem-10239	163	7	li	li	PROPN
fbem-10239	163	8	b.	b.	PROPN
fbem-10239	163	9	asset	asset	PROPN
fbem-10239	163	10	reversibility	reversibility	NOUN
fbem-10239	163	11	,	,	PUNCT
fbem-10239	163	12	collateral	collateral	ADJ
fbem-10239	163	13	channel	channel	NOUN
fbem-10239	163	14	and	and	CCONJ
fbem-10239	163	15	enterprise	enterprise	NOUN
fbem-10239	163	16	investment	investment	NOUN
fbem-10239	163	17	efficiency	efficiency	NOUN
fbem-10239	163	18	:	:	PUNCT
fbem-10239	163	19	from	from	ADP
fbem-10239	163	20	the	the	DET
fbem-10239	163	21	perspective	perspective	NOUN
fbem-10239	163	22	of	of	ADP
fbem-10239	163	23	heterogeneity	heterogeneity	NOUN
fbem-10239	163	24	of	of	ADP
fbem-10239	163	25	financing	finance	VERB
fbem-10239	163	26	constraints[j	constraints[j	PROPN
fbem-10239	163	27	]	]	PUNCT
fbem-10239	163	28	.	.	PUNCT
fbem-10239	164	1	economic	economic	ADJ
fbem-10239	164	2	management	management	NOUN
fbem-10239	164	3	,	,	PUNCT
fbem-10239	164	4	2021,43(05):159	2021,43(05):159	PROPN
fbem-10239	164	5	-	-	SYM
fbem-10239	164	6	175	175	NUM
fbem-10239	164	7	.	.	PUNCT
fbem-10239	165	1	[	[	X
fbem-10239	165	2	19	19	NUM
fbem-10239	165	3	]	]	PUNCT
fbem-10239	165	4	ye	ye	PROPN
fbem-10239	165	5	s	s	PROPN
fbem-10239	165	6	,	,	PUNCT
fbem-10239	165	7	huang	huang	PROPN
fbem-10239	165	8	j	j	PROPN
fbem-10239	165	9	,	,	PUNCT
fbem-10239	165	10	liao	liao	PROPN
fbem-10239	165	11	f.	f.	PROPN
fbem-10239	165	12	information	information	PROPN
fbem-10239	165	13	sharing	sharing	NOUN
fbem-10239	165	14	,	,	PUNCT
fbem-10239	165	15	financing	financing	NOUN
fbem-10239	165	16	mode	mode	NOUN
fbem-10239	165	17	and	and	CCONJ
fbem-10239	165	18	enterprise	enterprise	NOUN
fbem-10239	165	19	investment	investment	NOUN
fbem-10239	165	20	efficiency[j	efficiency[j	NOUN
fbem-10239	165	21	]	]	PUNCT
fbem-10239	165	22	.	.	PUNCT
fbem-10239	166	1	journal	journal	PROPN
fbem-10239	166	2	of	of	ADP
fbem-10239	166	3	jiangxi	jiangxi	PROPN
fbem-10239	166	4	university	university	PROPN
fbem-10239	166	5	of	of	ADP
fbem-10239	166	6	finance	finance	NOUN
fbem-10239	166	7	and	and	CCONJ
fbem-10239	166	8	economics	economic	NOUN
fbem-10239	166	9	,	,	PUNCT
fbem-10239	166	10	2020(04):40	2020(04):40	NUM
fbem-10239	166	11	-	-	SYM
fbem-10239	166	12	52	52	NUM
fbem-10239	166	13	.	.	PUNCT
fbem-10239	167	1	[	[	X
fbem-10239	167	2	20	20	NUM
fbem-10239	167	3	]	]	SYM
fbem-10239	167	4	gu	gu	NOUN
fbem-10239	167	5	h	h	PROPN
fbem-10239	167	6	,	,	PUNCT
fbem-10239	167	7	zhang	zhang	PROPN
fbem-10239	167	8	y.	y.	PROPN
fbem-10239	167	9	internal	internal	PROPN
fbem-10239	167	10	control	control	PROPN
fbem-10239	167	11	quality	quality	NOUN
fbem-10239	167	12	,	,	PUNCT
fbem-10239	167	13	capital	capital	NOUN
fbem-10239	167	14	structure	structure	NOUN
fbem-10239	167	15	and	and	CCONJ
fbem-10239	167	16	bank	bank	NOUN
fbem-10239	167	17	risk	risk	NOUN
fbem-10239	167	18	taking	taking	NOUN
fbem-10239	167	19	:	:	PUNCT
fbem-10239	167	20	the	the	DET
fbem-10239	167	21	moderating	moderate	VERB
fbem-10239	167	22	role	role	NOUN
fbem-10239	167	23	of	of	ADP
fbem-10239	167	24	monetary	monetary	ADJ
fbem-10239	167	25	policy	policy	NOUN
fbem-10239	167	26	and	and	CCONJ
fbem-10239	167	27	equity	equity	NOUN
fbem-10239	167	28	concentration[j	concentration[j	PROPN
fbem-10239	167	29	]	]	PUNCT
fbem-10239	167	30	.	.	PUNCT
fbem-10239	168	1	research	research	NOUN
fbem-10239	168	2	of	of	ADP
fbem-10239	168	3	economics	economic	NOUN
fbem-10239	168	4	and	and	CCONJ
fbem-10239	168	5	management	management	NOUN
fbem-10239	168	6	,	,	PUNCT
fbem-10239	168	7	2021,42(11):57	2021,42(11):57	NUM
fbem-10239	168	8	-	-	SYM
fbem-10239	168	9	73	73	NUM
fbem-10239	168	10	.	.	PUNCT
fbem-10239	169	1	[	[	X
fbem-10239	169	2	21	21	NUM
fbem-10239	169	3	]	]	X
fbem-10239	169	4	gu	gu	NOUN
fbem-10239	169	5	h	h	PROPN
fbem-10239	169	6	,	,	PUNCT
fbem-10239	169	7	zhai	zhai	PROPN
fbem-10239	169	8	l.	l.	PROPN
fbem-10239	169	9	executive	executive	PROPN
fbem-10239	169	10	compensation	compensation	PROPN
fbem-10239	169	11	stickiness	stickiness	NOUN
fbem-10239	169	12	,	,	PUNCT
fbem-10239	169	13	risk	risk	NOUN
fbem-10239	169	14	taking	taking	NOUN
fbem-10239	169	15	and	and	CCONJ
fbem-10239	169	16	enterprise	enterprise	NOUN
fbem-10239	169	17	investment	investment	NOUN
fbem-10239	169	18	efficiency	efficiency	NOUN
fbem-10239	169	19	:	:	PUNCT
fbem-10239	169	20	the	the	DET
fbem-10239	169	21	moderating	moderate	VERB
fbem-10239	169	22	role	role	NOUN
fbem-10239	169	23	of	of	ADP
fbem-10239	169	24	managers	manager	NOUN
fbem-10239	169	25	'	'	PART
fbem-10239	169	26	power	power	NOUN
fbem-10239	169	27	and	and	CCONJ
fbem-10239	169	28	financing	financing	NOUN
fbem-10239	169	29	constraints[j	constraints[j	PROPN
fbem-10239	169	30	]	]	PUNCT
fbem-10239	169	31	.	.	PUNCT
fbem-10239	170	1	securities	security	NOUN
fbem-10239	170	2	market	market	PROPN
fbem-10239	170	3	herald	herald	PROPN
fbem-10239	170	4	,	,	PUNCT
fbem-10239	170	5	2021(01):33	2021(01):33	NUM
fbem-10239	170	6	-	-	SYM
fbem-10239	170	7	43	43	NUM
fbem-10239	170	8	.	.	PUNCT
fbem-10239	171	1	[	[	X
fbem-10239	171	2	22	22	NUM
fbem-10239	171	3	]	]	X
fbem-10239	171	4	yao	yao	PROPN
fbem-10239	171	5	w	w	PROPN
fbem-10239	171	6	,	,	PUNCT
fbem-10239	171	7	zhang	zhang	PROPN
fbem-10239	171	8	x.	x.	PROPN
fbem-10239	171	9	promotion	promotion	PROPN
fbem-10239	171	10	incentive	incentive	NOUN
fbem-10239	171	11	,	,	PUNCT
fbem-10239	171	12	salary	salary	NOUN
fbem-10239	171	13	control	control	NOUN
fbem-10239	171	14	and	and	CCONJ
fbem-10239	171	15	investment	investment	NOUN
fbem-10239	171	16	efficiency[j	efficiency[j	NOUN
fbem-10239	171	17	]	]	PUNCT
fbem-10239	171	18	.	.	PUNCT
fbem-10239	172	1	journal	journal	PROPN
fbem-10239	172	2	of	of	ADP
fbem-10239	172	3	xinjiang	xinjiang	PROPN
fbem-10239	172	4	university	university	PROPN
fbem-10239	172	5	(	(	PUNCT
fbem-10239	172	6	philosophy	philosophy	NOUN
fbem-10239	172	7	,	,	PUNCT
fbem-10239	172	8	humanities	humanity	NOUN
fbem-10239	172	9	and	and	CCONJ
fbem-10239	172	10	social	social	ADJ
fbem-10239	172	11	sciences	sciences	PROPN
fbem-10239	172	12	edition	edition	NOUN
fbem-10239	172	13	)	)	PUNCT
fbem-10239	172	14	,	,	PUNCT
fbem-10239	172	15	2021,49(02):10	2021,49(02):10	NUM
fbem-10239	172	16	-	-	SYM
fbem-10239	172	17	18	18	NUM
fbem-10239	172	18	.	.	PUNCT
fbem-10239	173	1	[	[	X
fbem-10239	173	2	23	23	NUM
fbem-10239	173	3	]	]	X
fbem-10239	173	4	fan	fan	PROPN
fbem-10239	173	5	b	b	PROPN
fbem-10239	173	6	,	,	PUNCT
fbem-10239	173	7	liu	liu	PROPN
fbem-10239	173	8	z.	z.	PROPN
fbem-10239	173	9	overconfidence	overconfidence	NOUN
fbem-10239	173	10	of	of	ADP
fbem-10239	173	11	managers	manager	NOUN
fbem-10239	173	12	,	,	PUNCT
fbem-10239	173	13	equity	equity	NOUN
fbem-10239	173	14	pledge	pledge	NOUN
fbem-10239	173	15	and	and	CCONJ
fbem-10239	173	16	investment	investment	NOUN
fbem-10239	173	17	efficiency	efficiency	NOUN
fbem-10239	173	18	of	of	ADP
fbem-10239	173	19	controlling	control	VERB
fbem-10239	173	20	shareholders[j	shareholders[j	NOUN
fbem-10239	173	21	]	]	PUNCT
fbem-10239	173	22	.	.	PUNCT
fbem-10239	174	1	journal	journal	PROPN
fbem-10239	174	2	of	of	ADP
fbem-10239	174	3	harbin	harbin	PROPN
fbem-10239	174	4	university	university	PROPN
fbem-10239	174	5	of	of	ADP
fbem-10239	174	6	commerce	commerce	PROPN
fbem-10239	174	7	(	(	PUNCT
fbem-10239	174	8	social	social	ADJ
fbem-10239	174	9	science	science	NOUN
fbem-10239	174	10	edition	edition	NOUN
fbem-10239	174	11	)	)	PUNCT
fbem-10239	174	12	,	,	PUNCT
fbem-10239	174	13	2022(02):85	2022(02):85	NUM
fbem-10239	174	14	-	-	SYM
fbem-10239	174	15	96	96	NUM
fbem-10239	174	16	.	.	PUNCT
fbem-10239	175	1	[	[	X
fbem-10239	175	2	24	24	NUM
fbem-10239	175	3	]	]	X
fbem-10239	175	4	liao	liao	PROPN
fbem-10239	175	5	j	j	PROPN
fbem-10239	175	6	,	,	PUNCT
fbem-10239	175	7	liu	liu	PROPN
fbem-10239	175	8	x.	x.	PROPN
fbem-10239	175	9	senior	senior	ADJ
fbem-10239	175	10	executives	executive	NOUN
fbem-10239	175	11	'	'	PART
fbem-10239	175	12	reform	reform	NOUN
fbem-10239	175	13	and	and	CCONJ
fbem-10239	175	14	opening	opening	NOUN
fbem-10239	175	15	up	up	ADP
fbem-10239	175	16	experience	experience	NOUN
fbem-10239	175	17	and	and	CCONJ
fbem-10239	175	18	enterprise	enterprise	NOUN
fbem-10239	175	19	investment	investment	NOUN
fbem-10239	175	20	efficiency[j	efficiency[j	NOUN
fbem-10239	175	21	]	]	PUNCT
fbem-10239	175	22	.	.	PUNCT
fbem-10239	176	1	journal	journal	PROPN
fbem-10239	176	2	of	of	ADP
fbem-10239	176	3	industrial	industrial	ADJ
fbem-10239	176	4	engineering	engineering	NOUN
fbem-10239	176	5	and	and	CCONJ
fbem-10239	176	6	engineering	engineering	NOUN
fbem-10239	176	7	management	management	NOUN
fbem-10239	176	8	,	,	PUNCT
fbem-10239	176	9	2022,36(02):61	2022,36(02):61	NOUN
fbem-10239	176	10	-	-	SYM
fbem-10239	176	11	72	72	NUM
fbem-10239	176	12	.	.	PUNCT
fbem-10239	177	1	[	[	X
fbem-10239	177	2	25	25	NUM
fbem-10239	177	3	]	]	PUNCT
fbem-10239	177	4	he	he	PRON
fbem-10239	177	5	k	k	PROPN
fbem-10239	177	6	,	,	PUNCT
fbem-10239	177	7	li	li	PROPN
fbem-10239	177	8	n.	n.	PROPN
fbem-10239	177	9	participation	participation	NOUN
fbem-10239	177	10	of	of	ADP
fbem-10239	177	11	related	related	ADJ
fbem-10239	177	12	securities	security	NOUN
fbem-10239	177	13	firms	firm	NOUN
fbem-10239	177	14	in	in	ADP
fbem-10239	177	15	equity	equity	NOUN
fbem-10239	177	16	pledge	pledge	NOUN
fbem-10239	177	17	and	and	CCONJ
fbem-10239	177	18	investment	investment	NOUN
fbem-10239	177	19	decision	decision	NOUN
fbem-10239	177	20	of	of	ADP
fbem-10239	177	21	public	public	ADJ
fbem-10239	177	22	funds[j	funds[j	NOUN
fbem-10239	177	23	]	]	PUNCT
fbem-10239	177	24	.	.	PUNCT
fbem-10239	178	1	journal	journal	PROPN
fbem-10239	178	2	of	of	ADP
fbem-10239	178	3	shanghai	shanghai	PROPN
fbem-10239	178	4	university	university	PROPN
fbem-10239	178	5	of	of	ADP
fbem-10239	178	6	international	international	ADJ
fbem-10239	178	7	business	business	NOUN
fbem-10239	178	8	and	and	CCONJ
fbem-10239	178	9	economics	economic	NOUN
fbem-10239	178	10	,	,	PUNCT
fbem-10239	178	11	2023,30(03):106	2023,30(03):106	NUM
fbem-10239	178	12	-	-	SYM
fbem-10239	178	13	124	124	NUM
fbem-10239	178	14	.	.	PUNCT
fbem-10239	179	1	[	[	X
fbem-10239	179	2	26	26	NUM
fbem-10239	179	3	]	]	X
fbem-10239	179	4	chen	chen	PROPN
fbem-10239	179	5	y	y	PROPN
fbem-10239	179	6	,	,	PUNCT
fbem-10239	179	7	deng	deng	PROPN
fbem-10239	179	8	y	y	PROPN
fbem-10239	179	9	,	,	PUNCT
fbem-10239	179	10	li	li	PROPN
fbem-10239	179	11	z.	z.	PROPN
fbem-10239	179	12	does	do	AUX
fbem-10239	179	13	non	non	ADJ
fbem-10239	179	14	-	-	ADJ
fbem-10239	179	15	punitive	punitive	ADJ
fbem-10239	179	16	regulation	regulation	NOUN
fbem-10239	179	17	have	have	VERB
fbem-10239	179	18	information	information	NOUN
fbem-10239	179	19	content	content	NOUN
fbem-10239	179	20	?	?	PUNCT
fbem-10239	179	21	—	—	PUNCT
fbem-10239	179	22	—	—	PUNCT
fbem-10239	179	23	evidence	evidence	NOUN
fbem-10239	179	24	based	base	VERB
fbem-10239	179	25	on	on	ADP
fbem-10239	179	26	inquiry	inquiry	NOUN
fbem-10239	179	27	letters[j	letters[j	NOUN
fbem-10239	179	28	]	]	PUNCT
fbem-10239	179	29	.	.	PUNCT
fbem-10239	180	1	journal	journal	PROPN
fbem-10239	180	2	of	of	ADP
fbem-10239	180	3	financial	financial	ADJ
fbem-10239	180	4	research	research	NOUN
fbem-10239	180	5	,	,	PUNCT
fbem-10239	180	6	2018(04):155	2018(04):155	NUM
fbem-10239	180	7	-	-	SYM
fbem-10239	180	8	171	171	NUM
fbem-10239	180	9	.	.	PUNCT
fbem-10239	181	1	[	[	X
fbem-10239	181	2	27	27	NUM
fbem-10239	181	3	]	]	PUNCT
fbem-10239	181	4	he	he	PRON
fbem-10239	181	5	h	h	NOUN
fbem-10239	181	6	,	,	PUNCT
fbem-10239	181	7	fang	fang	PROPN
fbem-10239	181	8	j.	j.	PROPN
fbem-10239	181	9	supervision	supervision	PROPN
fbem-10239	181	10	of	of	ADP
fbem-10239	181	11	inquiry	inquiry	NOUN
fbem-10239	181	12	letter	letter	NOUN
fbem-10239	181	13	and	and	CCONJ
fbem-10239	181	14	improvement	improvement	NOUN
fbem-10239	181	15	of	of	ADP
fbem-10239	181	16	bank	bank	NOUN
fbem-10239	181	17	credit	credit	NOUN
fbem-10239	181	18	decision[j	decision[j	PROPN
fbem-10239	181	19	]	]	PUNCT
fbem-10239	181	20	.	.	PUNCT
fbem-10239	182	1	economic	economic	ADJ
fbem-10239	182	2	theory	theory	NOUN
fbem-10239	182	3	and	and	CCONJ
fbem-10239	182	4	economic	economic	ADJ
fbem-10239	182	5	management	management	NOUN
fbem-10239	182	6	,	,	PUNCT
fbem-10239	182	7	2022,42(03):67	2022,42(03):67	NUM
fbem-10239	182	8	-	-	SYM
fbem-10239	182	9	84	84	NUM
fbem-10239	182	10	.	.	PUNCT
fbem-10239	183	1	[	[	X
fbem-10239	183	2	28	28	NUM
fbem-10239	183	3	]	]	X
fbem-10239	183	4	nie	nie	PROPN
fbem-10239	183	5	p	p	PROPN
fbem-10239	183	6	,	,	PUNCT
fbem-10239	183	7	pan	pan	PROPN
fbem-10239	183	8	z	z	PROPN
fbem-10239	183	9	,	,	PUNCT
fbem-10239	183	10	xiao	xiao	PROPN
fbem-10239	183	11	h.	h.	PROPN
fbem-10239	183	12	can	can	AUX
fbem-10239	183	13	inquiry	inquiry	NOUN
fbem-10239	183	14	letter	letter	NOUN
fbem-10239	183	15	supervision	supervision	NOUN
fbem-10239	183	16	improve	improve	VERB
fbem-10239	183	17	the	the	DET
fbem-10239	183	18	quality	quality	NOUN
fbem-10239	183	19	of	of	ADP
fbem-10239	183	20	internal	internal	ADJ
fbem-10239	183	21	control	control	NOUN
fbem-10239	183	22	of	of	ADP
fbem-10239	183	23	companies	company	NOUN
fbem-10239	183	24	?	?	PUNCT
fbem-10239	183	25	—	—	PUNCT
fbem-10239	183	26	—	—	PUNCT
fbem-10239	183	27	evidence	evidence	NOUN
fbem-10239	183	28	from	from	ADP
fbem-10239	183	29	the	the	DET
fbem-10239	183	30	inquiry	inquiry	NOUN
fbem-10239	183	31	of	of	ADP
fbem-10239	183	32	annual	annual	ADJ
fbem-10239	183	33	reports	report	NOUN
fbem-10239	183	34	of	of	ADP
fbem-10239	183	35	shanghai	shanghai	PROPN
fbem-10239	183	36	and	and	CCONJ
fbem-10239	183	37	shenzhen	shenzhen	PROPN
fbem-10239	183	38	stock	stock	PROPN
fbem-10239	183	39	exchanges[j	exchanges[j	PROPN
fbem-10239	183	40	]	]	PUNCT
fbem-10239	183	41	.	.	PUNCT
fbem-10239	184	1	accounting	accounting	NOUN
fbem-10239	184	2	research	research	PROPN
fbem-10239	184	3	,	,	PUNCT
fbem-10239	184	4	2020,398(12):153170	2020,398(12):153170	PROPN
fbem-10239	184	5	.	.	PUNCT
fbem-10239	185	1	[	[	X
fbem-10239	185	2	29	29	NUM
fbem-10239	185	3	]	]	SYM
fbem-10239	185	4	hu	hu	PROPN
fbem-10239	185	5	n	n	PROPN
fbem-10239	185	6	,	,	PUNCT
fbem-10239	185	7	cao	cao	PROPN
fbem-10239	185	8	n	n	PROPN
fbem-10239	185	9	,	,	PUNCT
fbem-10239	185	10	zhou	zhou	PROPN
fbem-10239	185	11	n	n	CCONJ
fbem-10239	185	12	,	,	PUNCT
fbem-10239	185	13	et	et	PROPN
fbem-10239	185	14	al	al	PROPN
fbem-10239	185	15	.	.	PUNCT
fbem-10239	185	16	regulatory	regulatory	ADJ
fbem-10239	185	17	information	information	NOUN
fbem-10239	185	18	disclosure	disclosure	NOUN
fbem-10239	185	19	and	and	CCONJ
fbem-10239	185	20	creditor	creditor	NOUN
fbem-10239	185	21	pricing	pricing	NOUN
fbem-10239	185	22	decision	decision	NOUN
fbem-10239	185	23	:	:	PUNCT
fbem-10239	185	24	evidence	evidence	NOUN
fbem-10239	185	25	based	base	VERB
fbem-10239	185	26	on	on	ADP
fbem-10239	185	27	inquiry	inquiry	NOUN
fbem-10239	185	28	letter	letter	NOUN
fbem-10239	185	29	of	of	ADP
fbem-10239	185	30	annual	annual	ADJ
fbem-10239	185	31	report	report	NOUN
fbem-10239	185	32	of	of	ADP
fbem-10239	185	33	shanghai	shanghai	PROPN
fbem-10239	185	34	and	and	CCONJ
fbem-10239	185	35	shenzhen	shenzhen	PROPN
fbem-10239	185	36	stock	stock	PROPN
fbem-10239	185	37	exchange[j	exchange[j	PROPN
fbem-10239	185	38	]	]	PUNCT
fbem-10239	185	39	.	.	PUNCT
fbem-10239	186	1	accounting	accounting	NOUN
fbem-10239	186	2	research	research	NOUN
fbem-10239	186	3	,	,	PUNCT
fbem-10239	186	4	2020(03):54	2020(03):54	NUM
fbem-10239	186	5	-	-	SYM
fbem-10239	186	6	65	65	NUM
fbem-10239	186	7	.	.	PUNCT
fbem-10239	187	1	[	[	X
fbem-10239	187	2	30	30	NUM
fbem-10239	187	3	]	]	X
fbem-10239	187	4	richardson	richardson	PROPN
fbem-10239	187	5	s.	s.	PROPN
fbem-10239	187	6	over	over	ADP
fbem-10239	187	7	-	-	PUNCT
fbem-10239	187	8	investment	investment	NOUN
fbem-10239	187	9	of	of	ADP
fbem-10239	187	10	free	free	ADJ
fbem-10239	187	11	cash	cash	NOUN
fbem-10239	187	12	flow[j	flow[j	NOUN
fbem-10239	187	13	]	]	PUNCT
fbem-10239	187	14	.	.	PUNCT
fbem-10239	188	1	review	review	NOUN
fbem-10239	188	2	of	of	ADP
fbem-10239	188	3	accounting	accounting	NOUN
fbem-10239	188	4	studies	study	NOUN
fbem-10239	188	5	,	,	PUNCT
fbem-10239	188	6	2006,11(2):159	2006,11(2):159	PROPN
fbem-10239	188	7	-	-	SYM
fbem-10239	188	8	189	189	NUM
fbem-10239	188	9	.	.	PUNCT
fbem-10239	189	1	[	[	X
fbem-10239	189	2	31	31	NUM
fbem-10239	189	3	]	]	X
fbem-10239	189	4	liu	liu	PROPN
fbem-10239	189	5	x	x	PROPN
fbem-10239	189	6	,	,	PUNCT
fbem-10239	189	7	ye	ye	PROPN
fbem-10239	189	8	k.	k.	PROPN
fbem-10239	189	9	will	will	AUX
fbem-10239	189	10	corporate	corporate	ADJ
fbem-10239	189	11	tax	tax	NOUN
fbem-10239	189	12	avoidance	avoidance	NOUN
fbem-10239	189	13	affect	affect	VERB
fbem-10239	189	14	investment	investment	NOUN
fbem-10239	189	15	efficiency	efficiency	NOUN
fbem-10239	189	16	?	?	PUNCT
fbem-10239	190	1	[	[	X
fbem-10239	190	2	j	j	X
fbem-10239	190	3	]	]	X
fbem-10239	190	4	.	.	PUNCT
fbem-10239	191	1	accounting	accounting	NOUN
fbem-10239	191	2	research	research	NOUN
fbem-10239	191	3	,	,	PUNCT
fbem-10239	191	4	2013(06):47	2013(06):47	NUM
fbem-10239	191	5	-	-	SYM
fbem-10239	191	6	53	53	NUM
fbem-10239	191	7	.	.	PUNCT
fbem-10239	192	1	[	[	X
fbem-10239	192	2	32	32	NUM
fbem-10239	192	3	]	]	X
fbem-10239	192	4	chen	chen	PROPN
fbem-10239	192	5	y	y	PROPN
fbem-10239	192	6	,	,	PUNCT
fbem-10239	192	7	deng	deng	PROPN
fbem-10239	192	8	y	y	PROPN
fbem-10239	192	9	,	,	PUNCT
fbem-10239	192	10	li	li	PROPN
fbem-10239	192	11	z.	z.	PROPN
fbem-10239	192	12	research	research	PROPN
fbem-10239	192	13	on	on	ADP
fbem-10239	192	14	the	the	DET
fbem-10239	192	15	effectiveness	effectiveness	NOUN
fbem-10239	192	16	of	of	ADP
fbem-10239	192	17	frontline	frontline	NOUN
fbem-10239	192	18	supervision	supervision	NOUN
fbem-10239	192	19	of	of	ADP
fbem-10239	192	20	stock	stock	NOUN
fbem-10239	192	21	exchanges	exchange	NOUN
fbem-10239	192	22	:	:	PUNCT
fbem-10239	192	23	evidence	evidence	NOUN
fbem-10239	192	24	based	base	VERB
fbem-10239	192	25	on	on	ADP
fbem-10239	192	26	financial	financial	ADJ
fbem-10239	192	27	reporting	reporting	NOUN
fbem-10239	192	28	inquiry	inquiry	NOUN
fbem-10239	192	29	letters[j	letters[j	NOUN
fbem-10239	192	30	]	]	PUNCT
fbem-10239	192	31	.	.	PUNCT
fbem-10239	193	1	management	management	NOUN
fbem-10239	193	2	world	world	NOUN
fbem-10239	193	3	,	,	PUNCT
fbem-10239	193	4	2019,35(03):169	2019,35(03):169	NOUN
fbem-10239	193	5	-	-	SYM
fbem-10239	193	6	185	185	NUM
fbem-10239	193	7	.	.	PUNCT
fbem-10239	194	1	[	[	X
fbem-10239	194	2	33	33	NUM
fbem-10239	194	3	]	]	X
fbem-10239	194	4	zhuang	zhuang	PROPN
fbem-10239	194	5	x	x	PROPN
fbem-10239	194	6	,	,	PUNCT
fbem-10239	194	7	duan	duan	PROPN
fbem-10239	194	8	j.	j.	PROPN
fbem-10239	194	9	social	social	PROPN
fbem-10239	194	10	responsibility	responsibility	NOUN
fbem-10239	194	11	,	,	PUNCT
fbem-10239	194	12	environmental	environmental	ADJ
fbem-10239	194	13	uncertainty	uncertainty	NOUN
fbem-10239	194	14	and	and	CCONJ
fbem-10239	194	15	enterprise	enterprise	NOUN
fbem-10239	194	16	investment	investment	NOUN
fbem-10239	194	17	efficiency	efficiency	NOUN
fbem-10239	194	18	:	:	PUNCT
fbem-10239	194	19	analysis	analysis	NOUN
fbem-10239	194	20	of	of	ADP
fbem-10239	194	21	insurance	insurance	NOUN
fbem-10239	194	22	effect	effect	NOUN
fbem-10239	194	23	and	and	CCONJ
fbem-10239	194	24	heterogeneity	heterogeneity	NOUN
fbem-10239	194	25	impact	impact	NOUN
fbem-10239	194	26	of	of	ADP
fbem-10239	194	27	business	business	NOUN
fbem-10239	194	28	stability[j	stability[j	NOUN
fbem-10239	194	29	]	]	PUNCT
fbem-10239	194	30	.	.	PUNCT
fbem-10239	195	1	contemporary	contemporary	ADJ
fbem-10239	195	2	economic	economic	ADJ
fbem-10239	195	3	science	science	NOUN
fbem-10239	195	4	,	,	PUNCT
fbem-10239	195	5	2022	2022	NUM
fbem-10239	195	6	,	,	PUNCT
fbem-10239	195	7	44	44	NUM
fbem-10239	195	8	(	(	PUNCT
fbem-10239	195	9	02	02	NUM
fbem-10239	195	10	):	):	PUNCT
fbem-10239	195	11	36	36	NUM
fbem-10239	195	12	-	-	SYM
fbem-10239	195	13	50	50	NUM
fbem-10239	195	14	.	.	PUNCT