id	sid	tid	token	lemma	pos
fbem-1073	1	1	frontiers	frontier	NOUN
fbem-1073	1	2	in	in	ADP
fbem-1073	1	3	business	business	NOUN
fbem-1073	1	4	,	,	PUNCT
fbem-1073	1	5	economics	economic	NOUN
fbem-1073	1	6	and	and	CCONJ
fbem-1073	1	7	management	management	NOUN
fbem-1073	1	8	issn	issn	PROPN
fbem-1073	1	9	:	:	PUNCT
fbem-1073	1	10	2766	2766	NUM
fbem-1073	1	11	-	-	PUNCT
fbem-1073	1	12	824x	824x	NUM
fbem-1073	1	13	|	|	ADJ
fbem-1073	1	14	vol	vol	NOUN
fbem-1073	1	15	.	.	PROPN
fbem-1073	2	1	4	4	NUM
fbem-1073	2	2	,	,	PUNCT
fbem-1073	2	3	no	no	INTJ
fbem-1073	2	4	.	.	NOUN
fbem-1073	2	5	3	3	NUM
fbem-1073	2	6	,	,	PUNCT
fbem-1073	2	7	2022	2022	NUM
fbem-1073	2	8	48	48	NUM
fbem-1073	2	9	enterprise	enterprise	NOUN
fbem-1073	2	10	value	value	NOUN
fbem-1073	2	11	assessment	assessment	NOUN
fbem-1073	2	12	based	base	VERB
fbem-1073	2	13	on	on	ADP
fbem-1073	2	14	esg	esg	PROPN
fbem-1073	2	15	evaluation	evaluation	NOUN
fbem-1073	2	16	shuyue	shuyue	NOUN
fbem-1073	2	17	li1	li1	NOUN
fbem-1073	2	18	,	,	PUNCT
fbem-1073	2	19	a	a	DET
fbem-1073	2	20	1department	1department	NUM
fbem-1073	2	21	of	of	ADP
fbem-1073	2	22	economic	economic	ADJ
fbem-1073	2	23	management	management	NOUN
fbem-1073	2	24	,	,	PUNCT
fbem-1073	2	25	north	north	NOUN
fbem-1073	2	26	china	china	PROPN
fbem-1073	2	27	electric	electric	PROPN
fbem-1073	2	28	power	power	PROPN
fbem-1073	2	29	university	university	PROPN
fbem-1073	2	30	,	,	PUNCT
fbem-1073	2	31	baoding	baoding	PROPN
fbem-1073	2	32	071003	071003	NUM
fbem-1073	2	33	,	,	PUNCT
fbem-1073	3	1	china	china	PROPN
fbem-1073	3	2	a1299626588@qq.com	a1299626588@qq.com	X
fbem-1073	3	3	abstract	abstract	NOUN
fbem-1073	3	4	:	:	PUNCT
fbem-1073	3	5	this	this	DET
fbem-1073	3	6	paper	paper	NOUN
fbem-1073	3	7	expounds	expound	VERB
fbem-1073	3	8	the	the	DET
fbem-1073	3	9	concept	concept	NOUN
fbem-1073	3	10	and	and	CCONJ
fbem-1073	3	11	evaluation	evaluation	NOUN
fbem-1073	3	12	indicators	indicator	NOUN
fbem-1073	3	13	of	of	ADP
fbem-1073	3	14	esg	esg	PROPN
fbem-1073	3	15	and	and	CCONJ
fbem-1073	3	16	discusses	discuss	VERB
fbem-1073	3	17	the	the	DET
fbem-1073	3	18	impact	impact	NOUN
fbem-1073	3	19	of	of	ADP
fbem-1073	3	20	esg	esg	NOUN
fbem-1073	3	21	evaluation	evaluation	NOUN
fbem-1073	3	22	indicators	indicator	NOUN
fbem-1073	3	23	on	on	ADP
fbem-1073	3	24	the	the	DET
fbem-1073	3	25	expected	expect	VERB
fbem-1073	3	26	future	future	ADJ
fbem-1073	3	27	cash	cash	NOUN
fbem-1073	3	28	flow	flow	NOUN
fbem-1073	3	29	and	and	CCONJ
fbem-1073	3	30	discount	discount	NOUN
fbem-1073	3	31	rate	rate	NOUN
fbem-1073	3	32	in	in	ADP
fbem-1073	3	33	the	the	DET
fbem-1073	3	34	enterprise	enterprise	NOUN
fbem-1073	3	35	valuation	valuation	NOUN
fbem-1073	3	36	model	model	NOUN
fbem-1073	3	37	,	,	PUNCT
fbem-1073	3	38	which	which	PRON
fbem-1073	3	39	is	be	AUX
fbem-1073	3	40	helpful	helpful	ADJ
fbem-1073	3	41	for	for	ADP
fbem-1073	3	42	asset	asset	NOUN
fbem-1073	3	43	evaluation	evaluation	NOUN
fbem-1073	3	44	professionals	professional	NOUN
fbem-1073	3	45	to	to	PART
fbem-1073	3	46	conduct	conduct	VERB
fbem-1073	3	47	enterprise	enterprise	NOUN
fbem-1073	3	48	value	value	NOUN
fbem-1073	3	49	evaluation	evaluation	NOUN
fbem-1073	3	50	more	more	ADV
fbem-1073	3	51	scientifically	scientifically	ADV
fbem-1073	3	52	.	.	PUNCT
fbem-1073	4	1	keywords	keyword	NOUN
fbem-1073	4	2	:	:	PUNCT
fbem-1073	4	3	environmental	environmental	ADJ
fbem-1073	4	4	,	,	PUNCT
fbem-1073	4	5	social	social	ADJ
fbem-1073	4	6	,	,	PUNCT
fbem-1073	4	7	governance	governance	NOUN
fbem-1073	4	8	,	,	PUNCT
fbem-1073	4	9	income	income	NOUN
fbem-1073	4	10	approach	approach	NOUN
fbem-1073	4	11	,	,	PUNCT
fbem-1073	4	12	business	business	NOUN
fbem-1073	4	13	valuation	valuation	NOUN
fbem-1073	4	14	.	.	PUNCT
fbem-1073	5	1	1	1	X
fbem-1073	5	2	.	.	X
fbem-1073	5	3	esg	esg	NOUN
fbem-1073	5	4	concepts	concept	NOUN
fbem-1073	5	5	and	and	CCONJ
fbem-1073	5	6	evaluation	evaluation	NOUN
fbem-1073	5	7	indicators	indicator	NOUN
fbem-1073	5	8	with	with	ADP
fbem-1073	5	9	the	the	DET
fbem-1073	5	10	rapid	rapid	ADJ
fbem-1073	5	11	development	development	NOUN
fbem-1073	5	12	of	of	ADP
fbem-1073	5	13	china	china	PROPN
fbem-1073	5	14	's	's	PART
fbem-1073	5	15	economy	economy	NOUN
fbem-1073	5	16	,	,	PUNCT
fbem-1073	5	17	esg	esg	NOUN
fbem-1073	5	18	evaluation	evaluation	NOUN
fbem-1073	5	19	has	have	AUX
fbem-1073	5	20	become	become	VERB
fbem-1073	5	21	an	an	DET
fbem-1073	5	22	important	important	ADJ
fbem-1073	5	23	basis	basis	NOUN
fbem-1073	5	24	for	for	ADP
fbem-1073	5	25	investors	investor	NOUN
fbem-1073	5	26	,	,	PUNCT
fbem-1073	5	27	corporate	corporate	ADJ
fbem-1073	5	28	managers	manager	NOUN
fbem-1073	5	29	and	and	CCONJ
fbem-1073	5	30	other	other	ADJ
fbem-1073	5	31	market	market	NOUN
fbem-1073	5	32	participants	participant	NOUN
fbem-1073	5	33	to	to	PART
fbem-1073	5	34	measure	measure	VERB
fbem-1073	5	35	the	the	DET
fbem-1073	5	36	sustainability	sustainability	NOUN
fbem-1073	5	37	of	of	ADP
fbem-1073	5	38	enterprises	enterprise	NOUN
fbem-1073	5	39	,	,	PUNCT
fbem-1073	5	40	which	which	PRON
fbem-1073	5	41	has	have	VERB
fbem-1073	5	42	an	an	DET
fbem-1073	5	43	important	important	ADJ
fbem-1073	5	44	impact	impact	NOUN
fbem-1073	5	45	on	on	ADP
fbem-1073	5	46	the	the	DET
fbem-1073	5	47	valuation	valuation	NOUN
fbem-1073	5	48	of	of	ADP
fbem-1073	5	49	enterprises	enterprise	NOUN
fbem-1073	5	50	.	.	PUNCT
fbem-1073	6	1	therefore	therefore	ADV
fbem-1073	6	2	,	,	PUNCT
fbem-1073	6	3	it	it	PRON
fbem-1073	6	4	is	be	AUX
fbem-1073	6	5	necessary	necessary	ADJ
fbem-1073	6	6	for	for	SCONJ
fbem-1073	6	7	asset	asset	NOUN
fbem-1073	6	8	valuation	valuation	NOUN
fbem-1073	6	9	professionals	professional	NOUN
fbem-1073	6	10	to	to	PART
fbem-1073	6	11	consider	consider	VERB
fbem-1073	6	12	the	the	DET
fbem-1073	6	13	impact	impact	NOUN
fbem-1073	6	14	of	of	ADP
fbem-1073	6	15	esg	esg	NOUN
fbem-1073	6	16	evaluation	evaluation	NOUN
fbem-1073	6	17	when	when	SCONJ
fbem-1073	6	18	valuing	value	VERB
fbem-1073	6	19	enterprises	enterprise	NOUN
fbem-1073	6	20	.	.	PUNCT
fbem-1073	7	1	1.1	1.1	NUM
fbem-1073	7	2	.	.	PUNCT
fbem-1073	8	1	esg	esg	PROPN
fbem-1073	8	2	concepts	concept	NOUN
fbem-1073	8	3	esg	esg	PROPN
fbem-1073	8	4	is	be	AUX
fbem-1073	8	5	the	the	DET
fbem-1073	8	6	abbreviation	abbreviation	NOUN
fbem-1073	8	7	of	of	ADP
fbem-1073	8	8	environmental	environmental	ADJ
fbem-1073	8	9	,	,	PUNCT
fbem-1073	8	10	social	social	ADJ
fbem-1073	8	11	responsibility	responsibility	NOUN
fbem-1073	8	12	and	and	CCONJ
fbem-1073	8	13	corporate	corporate	ADJ
fbem-1073	8	14	governance	governance	NOUN
fbem-1073	8	15	.	.	PUNCT
fbem-1073	9	1	esg	esg	PROPN
fbem-1073	9	2	investment	investment	NOUN
fbem-1073	9	3	refers	refer	VERB
fbem-1073	9	4	to	to	ADP
fbem-1073	9	5	the	the	DET
fbem-1073	9	6	investment	investment	NOUN
fbem-1073	9	7	philosophy	philosophy	NOUN
fbem-1073	9	8	and	and	CCONJ
fbem-1073	9	9	evaluation	evaluation	NOUN
fbem-1073	9	10	criteria	criterion	NOUN
fbem-1073	9	11	in	in	ADP
fbem-1073	9	12	which	which	PRON
fbem-1073	9	13	investors	investor	NOUN
fbem-1073	9	14	incorporate	incorporate	VERB
fbem-1073	9	15	esg	esg	NOUN
fbem-1073	9	16	evaluation	evaluation	NOUN
fbem-1073	9	17	indicators	indicator	NOUN
fbem-1073	9	18	into	into	ADP
fbem-1073	9	19	the	the	DET
fbem-1073	9	20	investment	investment	NOUN
fbem-1073	9	21	decision	decision	NOUN
fbem-1073	9	22	-	-	PUNCT
fbem-1073	9	23	making	make	VERB
fbem-1073	9	24	process	process	NOUN
fbem-1073	9	25	.	.	PUNCT
fbem-1073	10	1	on	on	ADP
fbem-1073	10	2	the	the	DET
fbem-1073	10	3	basis	basis	NOUN
fbem-1073	10	4	of	of	ADP
fbem-1073	10	5	considering	consider	VERB
fbem-1073	10	6	traditional	traditional	ADJ
fbem-1073	10	7	financial	financial	ADJ
fbem-1073	10	8	information	information	NOUN
fbem-1073	10	9	,	,	PUNCT
fbem-1073	10	10	non	non	ADJ
fbem-1073	10	11	-	-	ADJ
fbem-1073	10	12	financial	financial	ADJ
fbem-1073	10	13	indicators	indicator	NOUN
fbem-1073	10	14	such	such	ADJ
fbem-1073	10	15	as	as	ADP
fbem-1073	10	16	environment	environment	NOUN
fbem-1073	10	17	,	,	PUNCT
fbem-1073	10	18	social	social	ADJ
fbem-1073	10	19	responsibility	responsibility	NOUN
fbem-1073	10	20	and	and	CCONJ
fbem-1073	10	21	corporate	corporate	ADJ
fbem-1073	10	22	governance	governance	NOUN
fbem-1073	10	23	are	be	AUX
fbem-1073	10	24	also	also	ADV
fbem-1073	10	25	included	include	VERB
fbem-1073	10	26	in	in	ADP
fbem-1073	10	27	the	the	DET
fbem-1073	10	28	decisionmaking	decisionmake	VERB
fbem-1073	10	29	basis	basis	NOUN
fbem-1073	10	30	.	.	PUNCT
fbem-1073	11	1	specifically	specifically	ADV
fbem-1073	11	2	:	:	PUNCT
fbem-1073	11	3	e	e	NOUN
fbem-1073	11	4	stands	stand	VERB
fbem-1073	11	5	for	for	ADP
fbem-1073	11	6	environment	environment	NOUN
fbem-1073	11	7	,	,	PUNCT
fbem-1073	11	8	which	which	PRON
fbem-1073	11	9	refers	refer	VERB
fbem-1073	11	10	to	to	ADP
fbem-1073	11	11	indicators	indicator	NOUN
fbem-1073	11	12	related	relate	VERB
fbem-1073	11	13	to	to	ADP
fbem-1073	11	14	the	the	DET
fbem-1073	11	15	quality	quality	NOUN
fbem-1073	11	16	of	of	ADP
fbem-1073	11	17	the	the	DET
fbem-1073	11	18	natural	natural	ADJ
fbem-1073	11	19	environment	environment	NOUN
fbem-1073	11	20	and	and	CCONJ
fbem-1073	11	21	ecological	ecological	ADJ
fbem-1073	11	22	cycles	cycle	NOUN
fbem-1073	11	23	.	.	PUNCT
fbem-1073	12	1	s	s	PART
fbem-1073	12	2	stands	stand	VERB
fbem-1073	12	3	for	for	ADP
fbem-1073	12	4	social	social	ADJ
fbem-1073	12	5	responsibility	responsibility	NOUN
fbem-1073	12	6	(	(	PUNCT
fbem-1073	12	7	social	social	ADJ
fbem-1073	12	8	)	)	PUNCT
fbem-1073	12	9	,	,	PUNCT
fbem-1073	12	10	which	which	PRON
fbem-1073	12	11	refers	refer	VERB
fbem-1073	12	12	to	to	ADP
fbem-1073	12	13	indicators	indicator	NOUN
fbem-1073	12	14	related	relate	VERB
fbem-1073	12	15	to	to	ADP
fbem-1073	12	16	the	the	DET
fbem-1073	12	17	rights	right	NOUN
fbem-1073	12	18	,	,	PUNCT
fbem-1073	12	19	benefits	benefit	NOUN
fbem-1073	12	20	and	and	CCONJ
fbem-1073	12	21	interests	interest	NOUN
fbem-1073	12	22	of	of	ADP
fbem-1073	12	23	any	any	DET
fbem-1073	12	24	society	society	NOUN
fbem-1073	12	25	,	,	PUNCT
fbem-1073	12	26	reflected	reflect	VERB
fbem-1073	12	27	in	in	ADP
fbem-1073	12	28	external	external	ADJ
fbem-1073	12	29	leadership	leadership	NOUN
fbem-1073	12	30	,	,	PUNCT
fbem-1073	12	31	employees	employee	NOUN
fbem-1073	12	32	,	,	PUNCT
fbem-1073	12	33	customers	customer	NOUN
fbem-1073	12	34	,	,	PUNCT
fbem-1073	12	35	shareholders	shareholder	NOUN
fbem-1073	12	36	and	and	CCONJ
fbem-1073	12	37	communities	community	NOUN
fbem-1073	12	38	.	.	PUNCT
fbem-1073	13	1	g	g	PROPN
fbem-1073	13	2	stands	stand	VERB
fbem-1073	13	3	for	for	ADP
fbem-1073	13	4	governance	governance	NOUN
fbem-1073	13	5	,	,	PUNCT
fbem-1073	13	6	which	which	PRON
fbem-1073	13	7	refers	refer	VERB
fbem-1073	13	8	to	to	ADP
fbem-1073	13	9	indicators	indicator	NOUN
fbem-1073	13	10	related	relate	VERB
fbem-1073	13	11	to	to	ADP
fbem-1073	13	12	corporate	corporate	ADJ
fbem-1073	13	13	governance	governance	NOUN
fbem-1073	13	14	.	.	PUNCT
fbem-1073	14	1	the	the	DET
fbem-1073	14	2	focus	focus	NOUN
fbem-1073	14	3	is	be	AUX
fbem-1073	14	4	on	on	ADP
fbem-1073	14	5	the	the	DET
fbem-1073	14	6	corporate	corporate	ADJ
fbem-1073	14	7	governance	governance	NOUN
fbem-1073	14	8	structure	structure	NOUN
fbem-1073	14	9	,	,	PUNCT
fbem-1073	14	10	market	market	NOUN
fbem-1073	14	11	transactions	transaction	NOUN
fbem-1073	14	12	,	,	PUNCT
fbem-1073	14	13	intellectual	intellectual	ADJ
fbem-1073	14	14	property	property	NOUN
fbem-1073	14	15	and	and	CCONJ
fbem-1073	14	16	other	other	ADJ
fbem-1073	14	17	corporate	corporate	ADJ
fbem-1073	14	18	compliance	compliance	NOUN
fbem-1073	14	19	management	management	NOUN
fbem-1073	14	20	of	of	ADP
fbem-1073	14	21	project	project	NOUN
fbem-1073	14	22	investment	investment	NOUN
fbem-1073	14	23	entities	entity	NOUN
fbem-1073	14	24	.	.	PUNCT
fbem-1073	15	1	1.2	1.2	NUM
fbem-1073	15	2	.	.	PUNCT
fbem-1073	15	3	esg	esg	NOUN
fbem-1073	15	4	evaluation	evaluation	NOUN
fbem-1073	15	5	indicators	indicator	NOUN
fbem-1073	15	6	as	as	SCONJ
fbem-1073	15	7	the	the	DET
fbem-1073	15	8	esg	esg	PROPN
fbem-1073	15	9	investment	investment	NOUN
fbem-1073	15	10	concept	concept	NOUN
fbem-1073	15	11	has	have	AUX
fbem-1073	15	12	received	receive	VERB
fbem-1073	15	13	more	more	ADJ
fbem-1073	15	14	and	and	CCONJ
fbem-1073	15	15	more	more	ADJ
fbem-1073	15	16	attention	attention	NOUN
fbem-1073	15	17	from	from	ADP
fbem-1073	15	18	stakeholders	stakeholder	NOUN
fbem-1073	15	19	,	,	PUNCT
fbem-1073	15	20	a	a	DET
fbem-1073	15	21	succession	succession	NOUN
fbem-1073	15	22	of	of	ADP
fbem-1073	15	23	institutions	institution	NOUN
fbem-1073	15	24	have	have	AUX
fbem-1073	15	25	focused	focus	VERB
fbem-1073	15	26	on	on	ADP
fbem-1073	15	27	the	the	DET
fbem-1073	15	28	construction	construction	NOUN
fbem-1073	15	29	of	of	ADP
fbem-1073	15	30	esg	esg	NOUN
fbem-1073	15	31	evaluation	evaluation	NOUN
fbem-1073	15	32	systems	system	NOUN
fbem-1073	15	33	.	.	PUNCT
fbem-1073	16	1	in	in	ADP
fbem-1073	16	2	general	general	ADJ
fbem-1073	16	3	,	,	PUNCT
fbem-1073	16	4	the	the	DET
fbem-1073	16	5	evaluation	evaluation	NOUN
fbem-1073	16	6	of	of	ADP
fbem-1073	16	7	esg	esg	PROPN
fbem-1073	16	8	mainly	mainly	ADV
fbem-1073	16	9	comes	come	VERB
fbem-1073	16	10	from	from	ADP
fbem-1073	16	11	two	two	NUM
fbem-1073	16	12	types	type	NOUN
fbem-1073	16	13	of	of	ADP
fbem-1073	16	14	institutions	institution	NOUN
fbem-1073	16	15	:	:	PUNCT
fbem-1073	16	16	one	one	NUM
fbem-1073	16	17	is	be	AUX
fbem-1073	16	18	the	the	DET
fbem-1073	16	19	rating	rating	NOUN
fbem-1073	16	20	system	system	NOUN
fbem-1073	16	21	based	base	VERB
fbem-1073	16	22	on	on	ADP
fbem-1073	16	23	investment	investment	NOUN
fbem-1073	16	24	-	-	PUNCT
fbem-1073	16	25	related	relate	VERB
fbem-1073	16	26	enterprises	enterprise	NOUN
fbem-1073	16	27	;	;	PUNCT
fbem-1073	16	28	the	the	DET
fbem-1073	16	29	other	other	ADJ
fbem-1073	16	30	is	be	AUX
fbem-1073	16	31	the	the	DET
fbem-1073	16	32	evaluation	evaluation	NOUN
fbem-1073	16	33	system	system	NOUN
fbem-1073	16	34	based	base	VERB
fbem-1073	16	35	on	on	ADP
fbem-1073	16	36	university	university	NOUN
fbem-1073	16	37	research	research	NOUN
fbem-1073	16	38	institutions	institution	NOUN
fbem-1073	16	39	[	[	X
fbem-1073	16	40	1	1	NUM
fbem-1073	16	41	]	]	PUNCT
fbem-1073	16	42	.	.	PUNCT
fbem-1073	17	1	referring	refer	VERB
fbem-1073	17	2	to	to	ADP
fbem-1073	17	3	the	the	DET
fbem-1073	17	4	general	general	ADJ
fbem-1073	17	5	practice	practice	NOUN
fbem-1073	17	6	of	of	ADP
fbem-1073	17	7	mainstream	mainstream	NOUN
fbem-1073	17	8	rating	rating	NOUN
fbem-1073	17	9	agencies	agency	NOUN
fbem-1073	17	10	at	at	ADP
fbem-1073	17	11	home	home	NOUN
fbem-1073	17	12	and	and	CCONJ
fbem-1073	17	13	abroad	abroad	ADV
fbem-1073	17	14	,	,	PUNCT
fbem-1073	17	15	esg	esg	NOUN
fbem-1073	17	16	evaluation	evaluation	NOUN
fbem-1073	17	17	indicators	indicator	NOUN
fbem-1073	17	18	can	can	AUX
fbem-1073	17	19	be	be	AUX
fbem-1073	17	20	divided	divide	VERB
fbem-1073	17	21	into	into	ADP
fbem-1073	17	22	three	three	NUM
fbem-1073	17	23	levels	level	NOUN
fbem-1073	17	24	.	.	PUNCT
fbem-1073	18	1	the	the	DET
fbem-1073	18	2	first	first	ADJ
fbem-1073	18	3	level	level	NOUN
fbem-1073	18	4	adopts	adopt	VERB
fbem-1073	18	5	an	an	DET
fbem-1073	18	6	internationally	internationally	ADV
fbem-1073	18	7	accepted	accept	VERB
fbem-1073	18	8	conceptual	conceptual	ADJ
fbem-1073	18	9	framework	framework	NOUN
fbem-1073	18	10	.	.	PUNCT
fbem-1073	19	1	the	the	DET
fbem-1073	19	2	first	first	ADJ
fbem-1073	19	3	level	level	NOUN
fbem-1073	19	4	indicators	indicator	NOUN
fbem-1073	19	5	are	be	AUX
fbem-1073	19	6	the	the	DET
fbem-1073	19	7	three	three	NUM
fbem-1073	19	8	dimensions	dimension	NOUN
fbem-1073	19	9	of	of	ADP
fbem-1073	19	10	environment	environment	NOUN
fbem-1073	19	11	,	,	PUNCT
fbem-1073	19	12	society	society	NOUN
fbem-1073	19	13	and	and	CCONJ
fbem-1073	19	14	corporate	corporate	ADJ
fbem-1073	19	15	governance	governance	NOUN
fbem-1073	19	16	.	.	PUNCT
fbem-1073	20	1	secondary	secondary	ADJ
fbem-1073	20	2	indicators	indicator	NOUN
fbem-1073	20	3	are	be	AUX
fbem-1073	20	4	categorised	categorise	VERB
fbem-1073	20	5	under	under	ADP
fbem-1073	20	6	environmental	environmental	ADJ
fbem-1073	20	7	,	,	PUNCT
fbem-1073	20	8	social	social	ADJ
fbem-1073	20	9	and	and	CCONJ
fbem-1073	20	10	corporate	corporate	ADJ
fbem-1073	20	11	governance	governance	NOUN
fbem-1073	20	12	,	,	PUNCT
fbem-1073	20	13	such	such	ADJ
fbem-1073	20	14	as	as	ADP
fbem-1073	20	15	environmental	environmental	ADJ
fbem-1073	20	16	objectives	objective	NOUN
fbem-1073	20	17	,	,	PUNCT
fbem-1073	20	18	environmental	environmental	ADJ
fbem-1073	20	19	management	management	NOUN
fbem-1073	20	20	,	,	PUNCT
fbem-1073	20	21	negative	negative	ADJ
fbem-1073	20	22	environmental	environmental	ADJ
fbem-1073	20	23	events	event	NOUN
fbem-1073	20	24	,	,	PUNCT
fbem-1073	20	25	etc	etc	X
fbem-1073	20	26	.	.	X
fbem-1073	20	27	for	for	ADP
fbem-1073	20	28	the	the	DET
fbem-1073	20	29	environment	environment	NOUN
fbem-1073	20	30	.	.	PUNCT
fbem-1073	21	1	for	for	ADP
fbem-1073	21	2	social	social	ADJ
fbem-1073	21	3	responsibility	responsibility	NOUN
fbem-1073	21	4	,	,	PUNCT
fbem-1073	21	5	secondary	secondary	ADJ
fbem-1073	21	6	indicators	indicator	NOUN
fbem-1073	21	7	are	be	AUX
fbem-1073	21	8	set	set	VERB
fbem-1073	21	9	for	for	ADP
fbem-1073	21	10	employee	employee	NOUN
fbem-1073	21	11	management	management	NOUN
fbem-1073	21	12	,	,	PUNCT
fbem-1073	21	13	supply	supply	NOUN
fbem-1073	21	14	chain	chain	NOUN
fbem-1073	21	15	management	management	NOUN
fbem-1073	21	16	,	,	PUNCT
fbem-1073	21	17	customer	customer	NOUN
fbem-1073	21	18	management	management	NOUN
fbem-1073	21	19	and	and	CCONJ
fbem-1073	21	20	community	community	NOUN
fbem-1073	21	21	management	management	NOUN
fbem-1073	21	22	.	.	PUNCT
fbem-1073	22	1	for	for	ADP
fbem-1073	22	2	corporate	corporate	ADJ
fbem-1073	22	3	governance	governance	NOUN
fbem-1073	22	4	,	,	PUNCT
fbem-1073	22	5	secondary	secondary	ADJ
fbem-1073	22	6	indicators	indicator	NOUN
fbem-1073	22	7	are	be	AUX
fbem-1073	22	8	set	set	VERB
fbem-1073	22	9	for	for	ADP
fbem-1073	22	10	business	business	NOUN
fbem-1073	22	11	ethics	ethic	NOUN
fbem-1073	22	12	,	,	PUNCT
fbem-1073	22	13	management	management	NOUN
fbem-1073	22	14	capability	capability	NOUN
fbem-1073	22	15	and	and	CCONJ
fbem-1073	22	16	so	so	ADV
fbem-1073	22	17	on	on	ADV
fbem-1073	22	18	.	.	PUNCT
fbem-1073	23	1	tertiary	tertiary	ADJ
fbem-1073	23	2	indicators	indicator	NOUN
fbem-1073	23	3	are	be	AUX
fbem-1073	23	4	indicators	indicator	NOUN
fbem-1073	23	5	covering	cover	VERB
fbem-1073	23	6	specific	specific	ADJ
fbem-1073	23	7	matters	matter	NOUN
fbem-1073	23	8	,	,	PUNCT
fbem-1073	23	9	for	for	ADP
fbem-1073	23	10	example	example	NOUN
fbem-1073	23	11	,	,	PUNCT
fbem-1073	23	12	environmental	environmental	ADJ
fbem-1073	23	13	aspects	aspect	NOUN
fbem-1073	23	14	may	may	AUX
fbem-1073	23	15	include	include	VERB
fbem-1073	23	16	water	water	NOUN
fbem-1073	23	17	pollution	pollution	NOUN
fbem-1073	23	18	,	,	PUNCT
fbem-1073	23	19	noise	noise	NOUN
fbem-1073	23	20	pollution	pollution	NOUN
fbem-1073	23	21	,	,	PUNCT
fbem-1073	23	22	energy	energy	NOUN
fbem-1073	23	23	consumption	consumption	NOUN
fbem-1073	23	24	,	,	PUNCT
fbem-1073	23	25	etc	etc	X
fbem-1073	23	26	.	.	X
fbem-1073	23	27	social	social	ADJ
fbem-1073	23	28	responsibility	responsibility	NOUN
fbem-1073	23	29	aspects	aspect	NOUN
fbem-1073	23	30	may	may	AUX
fbem-1073	23	31	include	include	VERB
fbem-1073	23	32	specific	specific	ADJ
fbem-1073	23	33	indicators	indicator	NOUN
fbem-1073	23	34	such	such	ADJ
fbem-1073	23	35	as	as	ADP
fbem-1073	23	36	labor	labor	NOUN
fbem-1073	23	37	policy	policy	NOUN
fbem-1073	23	38	,	,	PUNCT
fbem-1073	23	39	employee	employee	NOUN
fbem-1073	23	40	policy	policy	NOUN
fbem-1073	23	41	,	,	PUNCT
fbem-1073	23	42	supply	supply	NOUN
fbem-1073	23	43	chain	chain	NOUN
fbem-1073	23	44	responsibility	responsibility	NOUN
fbem-1073	23	45	management	management	NOUN
fbem-1073	23	46	,	,	PUNCT
fbem-1073	23	47	etc	etc	X
fbem-1073	23	48	.	.	X
fbem-1073	23	49	corporate	corporate	ADJ
fbem-1073	23	50	governance	governance	NOUN
fbem-1073	23	51	aspects	aspect	NOUN
fbem-1073	23	52	include	include	VERB
fbem-1073	23	53	executive	executive	ADJ
fbem-1073	23	54	remuneration	remuneration	NOUN
fbem-1073	23	55	,	,	PUNCT
fbem-1073	23	56	ownership	ownership	NOUN
fbem-1073	23	57	and	and	CCONJ
fbem-1073	23	58	control	control	NOUN
fbem-1073	23	59	,	,	PUNCT
fbem-1073	23	60	accounting	accounting	NOUN
fbem-1073	23	61	system	system	NOUN
fbem-1073	23	62	,	,	PUNCT
fbem-1073	23	63	etc	etc	X
fbem-1073	23	64	.	.	X
fbem-1073	24	1	2	2	X
fbem-1073	24	2	.	.	X
fbem-1073	24	3	the	the	DET
fbem-1073	24	4	impact	impact	NOUN
fbem-1073	24	5	of	of	ADP
fbem-1073	24	6	esg	esg	PROPN
fbem-1073	24	7	on	on	ADP
fbem-1073	24	8	business	business	NOUN
fbem-1073	24	9	valuation	valuation	NOUN
fbem-1073	24	10	in	in	ADP
fbem-1073	24	11	business	business	NOUN
fbem-1073	24	12	valuation	valuation	NOUN
fbem-1073	24	13	,	,	PUNCT
fbem-1073	24	14	the	the	DET
fbem-1073	24	15	income	income	NOUN
fbem-1073	24	16	approach	approach	NOUN
fbem-1073	24	17	is	be	AUX
fbem-1073	24	18	a	a	DET
fbem-1073	24	19	method	method	NOUN
fbem-1073	24	20	of	of	ADP
fbem-1073	24	21	estimating	estimate	VERB
fbem-1073	24	22	the	the	DET
fbem-1073	24	23	expected	expect	VERB
fbem-1073	24	24	earnings	earning	NOUN
fbem-1073	24	25	of	of	ADP
fbem-1073	24	26	a	a	DET
fbem-1073	24	27	business	business	NOUN
fbem-1073	24	28	at	at	ADP
fbem-1073	24	29	a	a	DET
fbem-1073	24	30	specific	specific	ADJ
fbem-1073	24	31	time	time	NOUN
fbem-1073	24	32	in	in	ADP
fbem-1073	24	33	the	the	DET
fbem-1073	24	34	future	future	NOUN
fbem-1073	24	35	,	,	PUNCT
fbem-1073	24	36	selecting	select	VERB
fbem-1073	24	37	a	a	DET
fbem-1073	24	38	suitable	suitable	ADJ
fbem-1073	24	39	discount	discount	NOUN
fbem-1073	24	40	rate	rate	NOUN
fbem-1073	24	41	and	and	CCONJ
fbem-1073	24	42	reducing	reduce	VERB
fbem-1073	24	43	it	it	PRON
fbem-1073	24	44	to	to	ADP
fbem-1073	24	45	the	the	DET
fbem-1073	24	46	current	current	ADJ
fbem-1073	24	47	amount	amount	NOUN
fbem-1073	24	48	of	of	ADP
fbem-1073	24	49	capital	capital	NOUN
fbem-1073	24	50	or	or	CCONJ
fbem-1073	24	51	investment	investment	NOUN
fbem-1073	24	52	.	.	PUNCT
fbem-1073	25	1	the	the	DET
fbem-1073	25	2	essence	essence	NOUN
fbem-1073	25	3	of	of	ADP
fbem-1073	25	4	enterprise	enterprise	NOUN
fbem-1073	25	5	valuation	valuation	NOUN
fbem-1073	25	6	is	be	AUX
fbem-1073	25	7	to	to	PART
fbem-1073	25	8	assess	assess	VERB
fbem-1073	25	9	the	the	DET
fbem-1073	25	10	profitability	profitability	NOUN
fbem-1073	25	11	of	of	ADP
fbem-1073	25	12	an	an	DET
fbem-1073	25	13	asset	asset	NOUN
fbem-1073	25	14	complex	complex	NOUN
fbem-1073	25	15	such	such	ADJ
fbem-1073	25	16	as	as	ADP
fbem-1073	25	17	a	a	DET
fbem-1073	25	18	business	business	NOUN
fbem-1073	25	19	.	.	PUNCT
fbem-1073	26	1	the	the	DET
fbem-1073	26	2	income	income	NOUN
fbem-1073	26	3	approach	approach	NOUN
fbem-1073	26	4	is	be	AUX
fbem-1073	26	5	therefore	therefore	ADV
fbem-1073	26	6	the	the	DET
fbem-1073	26	7	preferred	preferred	ADJ
fbem-1073	26	8	method	method	NOUN
fbem-1073	26	9	of	of	ADP
fbem-1073	26	10	enterprise	enterprise	NOUN
fbem-1073	26	11	value	value	NOUN
fbem-1073	26	12	assessment	assessment	NOUN
fbem-1073	26	13	.	.	PUNCT
fbem-1073	27	1	under	under	ADP
fbem-1073	27	2	the	the	DET
fbem-1073	27	3	income	income	NOUN
fbem-1073	27	4	approach	approach	NOUN
fbem-1073	27	5	,	,	PUNCT
fbem-1073	27	6	the	the	DET
fbem-1073	27	7	two	two	NUM
fbem-1073	27	8	key	key	ADJ
fbem-1073	27	9	parameters	parameter	NOUN
fbem-1073	27	10	for	for	ADP
fbem-1073	27	11	valuation	valuation	NOUN
fbem-1073	27	12	are	be	AUX
fbem-1073	27	13	the	the	DET
fbem-1073	27	14	expected	expect	VERB
fbem-1073	27	15	future	future	ADJ
fbem-1073	27	16	cash	cash	NOUN
fbem-1073	27	17	flows	flow	NOUN
fbem-1073	27	18	and	and	CCONJ
fbem-1073	27	19	the	the	DET
fbem-1073	27	20	discount	discount	NOUN
fbem-1073	27	21	rate	rate	NOUN
fbem-1073	27	22	.	.	PUNCT
fbem-1073	28	1	2.1	2.1	NUM
fbem-1073	28	2	.	.	PUNCT
fbem-1073	29	1	the	the	DET
fbem-1073	29	2	impact	impact	NOUN
fbem-1073	29	3	of	of	ADP
fbem-1073	29	4	esg	esg	PROPN
fbem-1073	29	5	on	on	ADP
fbem-1073	29	6	expected	expect	VERB
fbem-1073	29	7	future	future	ADJ
fbem-1073	29	8	cash	cash	NOUN
fbem-1073	29	9	flows	flow	NOUN
fbem-1073	29	10	when	when	SCONJ
fbem-1073	29	11	integrating	integrate	VERB
fbem-1073	29	12	esg	esg	NOUN
fbem-1073	29	13	evaluation	evaluation	NOUN
fbem-1073	29	14	into	into	ADP
fbem-1073	29	15	financial	financial	ADJ
fbem-1073	29	16	forecasts	forecast	NOUN
fbem-1073	29	17	in	in	ADP
fbem-1073	29	18	a	a	DET
fbem-1073	29	19	discounted	discount	VERB
fbem-1073	29	20	cash	cash	NOUN
fbem-1073	29	21	flow	flow	NOUN
fbem-1073	29	22	(	(	PUNCT
fbem-1073	29	23	dcf	dcf	PROPN
fbem-1073	29	24	)	)	PUNCT
fbem-1073	29	25	model	model	NOUN
fbem-1073	29	26	,	,	PUNCT
fbem-1073	29	27	a	a	DET
fbem-1073	29	28	quantitative	quantitative	ADJ
fbem-1073	29	29	adjustment	adjustment	NOUN
fbem-1073	29	30	for	for	ADP
fbem-1073	29	31	financial	financial	ADJ
fbem-1073	29	32	impact	impact	NOUN
fbem-1073	29	33	is	be	AUX
fbem-1073	29	34	required	require	VERB
fbem-1073	29	35	to	to	PART
fbem-1073	29	36	be	be	AUX
fbem-1073	29	37	consistent	consistent	ADJ
fbem-1073	29	38	with	with	ADP
fbem-1073	29	39	other	other	ADJ
fbem-1073	29	40	valuation	valuation	NOUN
fbem-1073	29	41	drivers	driver	NOUN
fbem-1073	29	42	.	.	PUNCT
fbem-1073	30	1	a	a	DET
fbem-1073	30	2	straightforward	straightforward	ADJ
fbem-1073	30	3	way	way	NOUN
fbem-1073	30	4	to	to	PART
fbem-1073	30	5	calculate	calculate	VERB
fbem-1073	30	6	the	the	DET
fbem-1073	30	7	key	key	ADJ
fbem-1073	30	8	esg	esg	NOUN
fbem-1073	30	9	factors	factor	NOUN
fbem-1073	30	10	is	be	AUX
fbem-1073	30	11	by	by	ADP
fbem-1073	30	12	adjusting	adjust	VERB
fbem-1073	30	13	for	for	ADP
fbem-1073	30	14	free	free	ADJ
fbem-1073	30	15	cash	cash	NOUN
fbem-1073	30	16	flow	flow	NOUN
fbem-1073	30	17	(	(	PUNCT
fbem-1073	30	18	fcf	fcf	NOUN
fbem-1073	30	19	)	)	PUNCT
fbem-1073	30	20	.	.	PUNCT
fbem-1073	31	1	the	the	DET
fbem-1073	31	2	formula	formula	NOUN
fbem-1073	31	3	for	for	ADP
fbem-1073	31	4	calculating	calculate	VERB
fbem-1073	31	5	free	free	ADJ
fbem-1073	31	6	cash	cash	NOUN
fbem-1073	31	7	flow	flow	NOUN
fbem-1073	31	8	is	be	AUX
fbem-1073	31	9	:	:	PUNCT
fbem-1073	31	10	free	free	ADJ
fbem-1073	31	11	cash	cash	NOUN
fbem-1073	31	12	flow	flow	NOUN
fbem-1073	31	13	=	=	SYM
fbem-1073	31	14	ebit	ebit	NOUN
fbem-1073	31	15	taxes	taxis	NOUN
fbem-1073	31	16	+	+	CCONJ
fbem-1073	31	17	depreciation	depreciation	NOUN
fbem-1073	31	18	and	and	CCONJ
fbem-1073	31	19	amortization	amortization	NOUN
fbem-1073	31	20	changes	change	NOUN
fbem-1073	31	21	in	in	ADP
fbem-1073	31	22	working	work	VERB
fbem-1073	31	23	capital	capital	NOUN
fbem-1073	31	24	capital	capital	NOUN
fbem-1073	31	25	expenditure	expenditure	NOUN
fbem-1073	31	26	.	.	PUNCT
fbem-1073	32	1	when	when	SCONJ
fbem-1073	32	2	applying	apply	VERB
fbem-1073	32	3	esg	esg	NOUN
fbem-1073	32	4	adjustments	adjustment	NOUN
fbem-1073	32	5	to	to	ADP
fbem-1073	32	6	cash	cash	NOUN
fbem-1073	32	7	flows	flow	NOUN
fbem-1073	32	8	,	,	PUNCT
fbem-1073	32	9	the	the	DET
fbem-1073	32	10	significance	significance	NOUN
fbem-1073	32	11	of	of	ADP
fbem-1073	32	12	individual	individual	ADJ
fbem-1073	32	13	esg	esg	PROPN
fbem-1073	32	14	evaluations	evaluation	NOUN
fbem-1073	32	15	will	will	AUX
fbem-1073	32	16	vary	vary	VERB
fbem-1073	32	17	from	from	ADP
fbem-1073	32	18	industry	industry	NOUN
fbem-1073	32	19	to	to	ADP
fbem-1073	32	20	industry	industry	NOUN
fbem-1073	32	21	and	and	CCONJ
fbem-1073	32	22	company	company	NOUN
fbem-1073	32	23	to	to	ADP
fbem-1073	32	24	company	company	NOUN
fbem-1073	32	25	.	.	PUNCT
fbem-1073	33	1	therefore	therefore	ADV
fbem-1073	33	2	,	,	PUNCT
fbem-1073	33	3	a	a	DET
fbem-1073	33	4	specific	specific	ADJ
fbem-1073	33	5	analysis	analysis	NOUN
fbem-1073	33	6	of	of	ADP
fbem-1073	33	7	specific	specific	ADJ
fbem-1073	33	8	items	item	NOUN
fbem-1073	33	9	is	be	AUX
fbem-1073	33	10	required	require	VERB
fbem-1073	33	11	and	and	CCONJ
fbem-1073	33	12	an	an	DET
fbem-1073	33	13	item	item	NOUN
fbem-1073	33	14	-	-	PUNCT
fbem-1073	33	15	byitem	byitem	NOUN
fbem-1073	33	16	assessment	assessment	NOUN
fbem-1073	33	17	is	be	AUX
fbem-1073	33	18	carried	carry	VERB
fbem-1073	33	19	out	out	ADP
fbem-1073	33	20	.	.	PUNCT
fbem-1073	34	1	a	a	DET
fbem-1073	34	2	frequent	frequent	ADJ
fbem-1073	34	3	problem	problem	NOUN
fbem-1073	34	4	in	in	ADP
fbem-1073	34	5	implementing	implement	VERB
fbem-1073	34	6	esg	esg	NOUN
fbem-1073	34	7	-	-	PUNCT
fbem-1073	34	8	related	relate	VERB
fbem-1073	34	9	adjustments	adjustment	NOUN
fbem-1073	34	10	is	be	AUX
fbem-1073	34	11	the	the	DET
fbem-1073	34	12	ambiguity	ambiguity	NOUN
fbem-1073	34	13	of	of	ADP
fbem-1073	34	14	49	49	NUM
fbem-1073	34	15	determining	determine	VERB
fbem-1073	34	16	future	future	ADJ
fbem-1073	34	17	cash	cash	NOUN
fbem-1073	34	18	flows	flow	NOUN
fbem-1073	34	19	[	[	X
fbem-1073	34	20	2	2	NUM
fbem-1073	34	21	]	]	PUNCT
fbem-1073	34	22	.	.	PUNCT
fbem-1073	35	1	there	there	PRON
fbem-1073	35	2	is	be	VERB
fbem-1073	35	3	no	no	DET
fbem-1073	35	4	single	single	ADJ
fbem-1073	35	5	,	,	PUNCT
fbem-1073	35	6	uniformly	uniformly	ADV
fbem-1073	35	7	applicable	applicable	ADJ
fbem-1073	35	8	formula	formula	NOUN
fbem-1073	35	9	for	for	ADP
fbem-1073	35	10	adjusting	adjust	VERB
fbem-1073	35	11	esg	esg	PROPN
fbem-1073	35	12	evaluations	evaluation	NOUN
fbem-1073	35	13	for	for	ADP
fbem-1073	35	14	cash	cash	NOUN
fbem-1073	35	15	flows	flow	NOUN
fbem-1073	35	16	.	.	PUNCT
fbem-1073	36	1	identifying	identify	VERB
fbem-1073	36	2	individual	individual	ADJ
fbem-1073	36	3	esg	esg	PROPN
fbem-1073	36	4	factors	factor	NOUN
fbem-1073	36	5	and	and	CCONJ
fbem-1073	36	6	quantifying	quantify	VERB
fbem-1073	36	7	them	they	PRON
fbem-1073	36	8	on	on	ADP
fbem-1073	36	9	an	an	DET
fbem-1073	36	10	item	item	NOUN
fbem-1073	36	11	-	-	PUNCT
fbem-1073	36	12	by	by	ADP
fbem-1073	36	13	-	-	PUNCT
fbem-1073	36	14	item	item	NOUN
fbem-1073	36	15	basis	basis	NOUN
fbem-1073	36	16	can	can	AUX
fbem-1073	36	17	avoid	avoid	VERB
fbem-1073	36	18	excessive	excessive	ADJ
fbem-1073	36	19	cash	cash	NOUN
fbem-1073	36	20	flow	flow	NOUN
fbem-1073	36	21	adjustments	adjustment	NOUN
fbem-1073	36	22	.	.	PUNCT
fbem-1073	37	1	2.1.1	2.1.1	X
fbem-1073	37	2	.	.	PUNCT
fbem-1073	37	3	environmental	environmental	ADJ
fbem-1073	37	4	environmental	environmental	PROPN
fbem-1073	37	5	protection	protection	NOUN
fbem-1073	37	6	requires	require	VERB
fbem-1073	37	7	companies	company	NOUN
fbem-1073	37	8	to	to	PART
fbem-1073	37	9	maximise	maximise	VERB
fbem-1073	37	10	the	the	DET
fbem-1073	37	11	interests	interest	NOUN
fbem-1073	37	12	of	of	ADP
fbem-1073	37	13	shareholders	shareholder	NOUN
fbem-1073	37	14	with	with	ADP
fbem-1073	37	15	due	due	ADJ
fbem-1073	37	16	regard	regard	NOUN
fbem-1073	37	17	to	to	ADP
fbem-1073	37	18	the	the	DET
fbem-1073	37	19	carrying	carry	VERB
fbem-1073	37	20	capacity	capacity	NOUN
fbem-1073	37	21	of	of	ADP
fbem-1073	37	22	the	the	DET
fbem-1073	37	23	natural	natural	ADJ
fbem-1073	37	24	environment	environment	NOUN
fbem-1073	37	25	,	,	PUNCT
fbem-1073	37	26	which	which	PRON
fbem-1073	37	27	means	mean	VERB
fbem-1073	37	28	that	that	SCONJ
fbem-1073	37	29	companies	company	NOUN
fbem-1073	37	30	need	need	VERB
fbem-1073	37	31	to	to	PART
fbem-1073	37	32	balance	balance	VERB
fbem-1073	37	33	the	the	DET
fbem-1073	37	34	relationship	relationship	NOUN
fbem-1073	37	35	between	between	ADP
fbem-1073	37	36	profitability	profitability	NOUN
fbem-1073	37	37	,	,	PUNCT
fbem-1073	37	38	growth	growth	NOUN
fbem-1073	37	39	and	and	CCONJ
fbem-1073	37	40	environmental	environmental	ADJ
fbem-1073	37	41	standards	standard	NOUN
fbem-1073	37	42	.	.	PUNCT
fbem-1073	38	1	activities	activity	NOUN
fbem-1073	38	2	undertaken	undertake	VERB
fbem-1073	38	3	by	by	ADP
fbem-1073	38	4	companies	company	NOUN
fbem-1073	38	5	considering	consider	VERB
fbem-1073	38	6	environmental	environmental	ADJ
fbem-1073	38	7	assessment	assessment	NOUN
fbem-1073	38	8	may	may	AUX
fbem-1073	38	9	have	have	VERB
fbem-1073	38	10	some	some	DET
fbem-1073	38	11	impact	impact	NOUN
fbem-1073	38	12	on	on	ADP
fbem-1073	38	13	the	the	DET
fbem-1073	38	14	forecast	forecast	NOUN
fbem-1073	38	15	of	of	ADP
fbem-1073	38	16	future	future	ADJ
fbem-1073	38	17	free	free	ADJ
fbem-1073	38	18	cash	cash	NOUN
fbem-1073	38	19	flows	flow	NOUN
fbem-1073	38	20	(	(	PUNCT
fbem-1073	38	21	see	see	VERB
fbem-1073	38	22	table	table	NOUN
fbem-1073	38	23	1	1	NUM
fbem-1073	38	24	)	)	PUNCT
fbem-1073	38	25	.	.	PUNCT
fbem-1073	39	1	table	table	NOUN
fbem-1073	39	2	1	1	NUM
fbem-1073	39	3	.	.	PUNCT
fbem-1073	39	4	impact	impact	NOUN
fbem-1073	39	5	of	of	ADP
fbem-1073	39	6	environment	environment	NOUN
fbem-1073	39	7	on	on	ADP
fbem-1073	39	8	free	free	ADJ
fbem-1073	39	9	cash	cash	NOUN
fbem-1073	39	10	flows	flow	VERB
fbem-1073	39	11	cash	cash	NOUN
fbem-1073	39	12	flow	flow	NOUN
fbem-1073	39	13	items	item	NOUN
fbem-1073	39	14	impact	impact	NOUN
fbem-1073	39	15	ebit	ebit	PROPN
fbem-1073	39	16	1	1	NUM
fbem-1073	39	17	.	.	PUNCT
fbem-1073	40	1	environmental	environmental	ADJ
fbem-1073	40	2	regulations	regulation	NOUN
fbem-1073	40	3	may	may	AUX
fbem-1073	40	4	increase	increase	VERB
fbem-1073	40	5	corporate	corporate	ADJ
fbem-1073	40	6	cash	cash	NOUN
fbem-1073	40	7	inflows	inflow	NOUN
fbem-1073	40	8	.	.	PUNCT
fbem-1073	41	1	for	for	ADP
fbem-1073	41	2	example	example	NOUN
fbem-1073	41	3	,	,	PUNCT
fbem-1073	41	4	enterprises	enterprise	NOUN
fbem-1073	41	5	over	over	ADV
fbem-1073	41	6	-	-	PUNCT
fbem-1073	41	7	abate	abate	VERB
fbem-1073	41	8	and	and	CCONJ
fbem-1073	41	9	sell	sell	VERB
fbem-1073	41	10	the	the	DET
fbem-1073	41	11	remaining	remain	VERB
fbem-1073	41	12	carbon	carbon	NOUN
fbem-1073	41	13	emission	emission	NOUN
fbem-1073	41	14	allowances	allowance	NOUN
fbem-1073	41	15	or	or	CCONJ
fbem-1073	41	16	abatement	abatement	NOUN
fbem-1073	41	17	credits	credit	NOUN
fbem-1073	41	18	they	they	PRON
fbem-1073	41	19	have	have	AUX
fbem-1073	41	20	earned	earn	VERB
fbem-1073	41	21	to	to	ADP
fbem-1073	41	22	enterprises	enterprise	NOUN
fbem-1073	41	23	with	with	ADP
fbem-1073	41	24	high	high	ADJ
fbem-1073	41	25	abatement	abatement	NOUN
fbem-1073	41	26	costs	cost	NOUN
fbem-1073	41	27	through	through	ADP
fbem-1073	41	28	trading[3	trading[3	PROPN
fbem-1073	41	29	]	]	PUNCT
fbem-1073	41	30	,	,	PUNCT
fbem-1073	41	31	increasing	increase	VERB
fbem-1073	41	32	corporate	corporate	ADJ
fbem-1073	41	33	cash	cash	NOUN
fbem-1073	41	34	inflows	inflow	NOUN
fbem-1073	41	35	.	.	PUNCT
fbem-1073	42	1	2	2	X
fbem-1073	42	2	.	.	X
fbem-1073	42	3	environmental	environmental	ADJ
fbem-1073	42	4	protection	protection	NOUN
fbem-1073	42	5	measures	measure	NOUN
fbem-1073	42	6	lead	lead	VERB
fbem-1073	42	7	to	to	ADP
fbem-1073	42	8	higher	high	ADJ
fbem-1073	42	9	costs	cost	NOUN
fbem-1073	42	10	and	and	CCONJ
fbem-1073	42	11	increase	increase	VERB
fbem-1073	42	12	corporate	corporate	ADJ
fbem-1073	42	13	cash	cash	NOUN
fbem-1073	42	14	outflows	outflow	NOUN
fbem-1073	42	15	.	.	PUNCT
fbem-1073	43	1	for	for	ADP
fbem-1073	43	2	example	example	NOUN
fbem-1073	43	3	,	,	PUNCT
fbem-1073	43	4	the	the	DET
fbem-1073	43	5	addition	addition	NOUN
fbem-1073	43	6	of	of	ADP
fbem-1073	43	7	dust	dust	NOUN
fbem-1073	43	8	removal	removal	NOUN
fbem-1073	43	9	and	and	CCONJ
fbem-1073	43	10	desulphurisation	desulphurisation	NOUN
fbem-1073	43	11	equipment	equipment	NOUN
fbem-1073	43	12	will	will	AUX
fbem-1073	43	13	increase	increase	VERB
fbem-1073	43	14	the	the	DET
fbem-1073	43	15	cost	cost	NOUN
fbem-1073	43	16	of	of	ADP
fbem-1073	43	17	environmental	environmental	ADJ
fbem-1073	43	18	protection	protection	NOUN
fbem-1073	43	19	for	for	ADP
fbem-1073	43	20	electricity	electricity	NOUN
fbem-1073	43	21	enterprises	enterprise	NOUN
fbem-1073	43	22	.	.	PUNCT
fbem-1073	44	1	taxes	taxis	NOUN
fbem-1073	44	2	1	1	NUM
fbem-1073	44	3	.	.	PUNCT
fbem-1073	45	1	the	the	DET
fbem-1073	45	2	purchase	purchase	NOUN
fbem-1073	45	3	of	of	ADP
fbem-1073	45	4	environmental	environmental	ADJ
fbem-1073	45	5	protection	protection	NOUN
fbem-1073	45	6	equipment	equipment	NOUN
fbem-1073	45	7	may	may	AUX
fbem-1073	45	8	result	result	VERB
fbem-1073	45	9	in	in	ADP
fbem-1073	45	10	a	a	DET
fbem-1073	45	11	reduction	reduction	NOUN
fbem-1073	45	12	in	in	ADP
fbem-1073	45	13	tax	tax	NOUN
fbem-1073	45	14	.	.	PUNCT
fbem-1073	46	1	for	for	ADP
fbem-1073	46	2	example	example	NOUN
fbem-1073	46	3	,	,	PUNCT
fbem-1073	46	4	if	if	SCONJ
fbem-1073	46	5	enterprises	enterprise	NOUN
fbem-1073	46	6	purchase	purchase	VERB
fbem-1073	46	7	and	and	CCONJ
fbem-1073	46	8	use	use	VERB
fbem-1073	46	9	state	state	NOUN
fbem-1073	46	10	-	-	PUNCT
fbem-1073	46	11	mandated	mandate	VERB
fbem-1073	46	12	environmental	environmental	ADJ
fbem-1073	46	13	protection	protection	NOUN
fbem-1073	46	14	and	and	CCONJ
fbem-1073	46	15	water	water	NOUN
fbem-1073	46	16	conservation	conservation	NOUN
fbem-1073	46	17	equipment	equipment	NOUN
fbem-1073	46	18	,	,	PUNCT
fbem-1073	46	19	10	10	NUM
fbem-1073	46	20	%	%	NOUN
fbem-1073	46	21	of	of	ADP
fbem-1073	46	22	the	the	DET
fbem-1073	46	23	investment	investment	NOUN
fbem-1073	46	24	may	may	AUX
fbem-1073	46	25	be	be	AUX
fbem-1073	46	26	deducted	deduct	VERB
fbem-1073	46	27	from	from	ADP
fbem-1073	46	28	the	the	DET
fbem-1073	46	29	taxable	taxable	ADJ
fbem-1073	46	30	amount	amount	NOUN
fbem-1073	46	31	for	for	ADP
fbem-1073	46	32	that	that	DET
fbem-1073	46	33	year	year	NOUN
fbem-1073	46	34	.	.	PUNCT
fbem-1073	47	1	2	2	X
fbem-1073	47	2	.	.	X
fbem-1073	47	3	tax	tax	NOUN
fbem-1073	47	4	breaks	break	NOUN
fbem-1073	47	5	for	for	ADP
fbem-1073	47	6	environmental	environmental	ADJ
fbem-1073	47	7	protection	protection	NOUN
fbem-1073	47	8	enterprises	enterprise	NOUN
fbem-1073	47	9	may	may	AUX
fbem-1073	47	10	result	result	VERB
fbem-1073	47	11	in	in	ADP
fbem-1073	47	12	a	a	DET
fbem-1073	47	13	reduction	reduction	NOUN
fbem-1073	47	14	in	in	ADP
fbem-1073	47	15	tax	tax	NOUN
fbem-1073	47	16	.	.	PUNCT
fbem-1073	48	1	for	for	ADP
fbem-1073	48	2	example	example	NOUN
fbem-1073	48	3	,	,	PUNCT
fbem-1073	48	4	in	in	ADP
fbem-1073	48	5	2019	2019	NUM
fbem-1073	48	6	,	,	PUNCT
fbem-1073	48	7	four	four	NUM
fbem-1073	48	8	departments	department	NOUN
fbem-1073	48	9	,	,	PUNCT
fbem-1073	48	10	namely	namely	ADV
fbem-1073	48	11	the	the	DET
fbem-1073	48	12	ministry	ministry	PROPN
fbem-1073	48	13	of	of	ADP
fbem-1073	48	14	finance	finance	PROPN
fbem-1073	48	15	,	,	PUNCT
fbem-1073	48	16	the	the	DET
fbem-1073	48	17	general	general	ADJ
fbem-1073	48	18	administration	administration	NOUN
fbem-1073	48	19	of	of	ADP
fbem-1073	48	20	taxation	taxation	NOUN
fbem-1073	48	21	,	,	PUNCT
fbem-1073	48	22	the	the	DET
fbem-1073	48	23	national	national	ADJ
fbem-1073	48	24	development	development	PROPN
fbem-1073	48	25	and	and	CCONJ
fbem-1073	48	26	reform	reform	NOUN
fbem-1073	48	27	commission	commission	PROPN
fbem-1073	48	28	and	and	CCONJ
fbem-1073	48	29	the	the	DET
fbem-1073	48	30	ministry	ministry	PROPN
fbem-1073	48	31	of	of	ADP
fbem-1073	48	32	ecology	ecology	NOUN
fbem-1073	48	33	and	and	CCONJ
fbem-1073	48	34	environment	environment	NOUN
fbem-1073	48	35	,	,	PUNCT
fbem-1073	48	36	jointly	jointly	ADV
fbem-1073	48	37	issued	issue	VERB
fbem-1073	48	38	the	the	DET
fbem-1073	48	39	announcement	announcement	NOUN
fbem-1073	48	40	on	on	ADP
fbem-1073	48	41	the	the	DET
fbem-1073	48	42	income	income	NOUN
fbem-1073	48	43	tax	tax	NOUN
fbem-1073	48	44	policy	policy	NOUN
fbem-1073	48	45	of	of	ADP
fbem-1073	48	46	third	third	ADJ
fbem-1073	48	47	party	party	NOUN
fbem-1073	48	48	enterprises	enterprise	NOUN
fbem-1073	48	49	engaged	engage	VERB
fbem-1073	48	50	in	in	ADP
fbem-1073	48	51	pollution	pollution	NOUN
fbem-1073	48	52	prevention	prevention	NOUN
fbem-1073	48	53	and	and	CCONJ
fbem-1073	48	54	control	control	NOUN
fbem-1073	48	55	,	,	PUNCT
fbem-1073	48	56	which	which	PRON
fbem-1073	48	57	imposes	impose	VERB
fbem-1073	48	58	a	a	DET
fbem-1073	48	59	reduced	reduced	ADJ
fbem-1073	48	60	corporate	corporate	ADJ
fbem-1073	48	61	income	income	NOUN
fbem-1073	48	62	tax	tax	NOUN
fbem-1073	48	63	rate	rate	NOUN
fbem-1073	48	64	of	of	ADP
fbem-1073	48	65	15	15	NUM
fbem-1073	48	66	%	%	NOUN
fbem-1073	48	67	on	on	ADP
fbem-1073	48	68	eligible	eligible	ADJ
fbem-1073	48	69	third	third	ADJ
fbem-1073	48	70	party	party	NOUN
fbem-1073	48	71	enterprises	enterprise	NOUN
fbem-1073	48	72	engaged	engage	VERB
fbem-1073	48	73	in	in	ADP
fbem-1073	48	74	pollution	pollution	NOUN
fbem-1073	48	75	prevention	prevention	NOUN
fbem-1073	48	76	and	and	CCONJ
fbem-1073	48	77	control	control	NOUN
fbem-1073	48	78	.	.	PUNCT
fbem-1073	49	1	changes	change	NOUN
fbem-1073	49	2	in	in	ADP
fbem-1073	49	3	working	work	VERB
fbem-1073	49	4	capital	capital	NOUN
fbem-1073	49	5	a	a	DET
fbem-1073	49	6	company	company	NOUN
fbem-1073	49	7	's	's	PART
fbem-1073	49	8	environmental	environmental	ADJ
fbem-1073	49	9	performance	performance	NOUN
fbem-1073	49	10	may	may	AUX
fbem-1073	49	11	affect	affect	VERB
fbem-1073	49	12	its	its	PRON
fbem-1073	49	13	working	working	NOUN
fbem-1073	49	14	capital	capital	NOUN
fbem-1073	49	15	,	,	PUNCT
fbem-1073	49	16	driven	drive	VERB
fbem-1073	49	17	by	by	ADP
fbem-1073	49	18	supply	supply	NOUN
fbem-1073	49	19	chain	chain	NOUN
fbem-1073	49	20	compulsion	compulsion	NOUN
fbem-1073	49	21	.	.	PUNCT
fbem-1073	50	1	for	for	ADP
fbem-1073	50	2	example	example	NOUN
fbem-1073	50	3	,	,	PUNCT
fbem-1073	50	4	raw	raw	ADJ
fbem-1073	50	5	material	material	NOUN
fbem-1073	50	6	suppliers	supplier	NOUN
fbem-1073	50	7	may	may	AUX
fbem-1073	50	8	impose	impose	VERB
fbem-1073	50	9	carbon	carbon	NOUN
fbem-1073	50	10	compliance	compliance	NOUN
fbem-1073	50	11	requirements	requirement	NOUN
fbem-1073	50	12	on	on	ADP
fbem-1073	50	13	companies	company	NOUN
fbem-1073	50	14	,	,	PUNCT
fbem-1073	50	15	increasing	increase	VERB
fbem-1073	50	16	the	the	DET
fbem-1073	50	17	price	price	NOUN
fbem-1073	50	18	of	of	ADP
fbem-1073	50	19	raw	raw	ADJ
fbem-1073	50	20	materials	material	NOUN
fbem-1073	50	21	for	for	ADP
fbem-1073	50	22	non	non	ADJ
fbem-1073	50	23	-	-	ADJ
fbem-1073	50	24	compliant	compliant	ADJ
fbem-1073	50	25	companies	company	NOUN
fbem-1073	50	26	.	.	PUNCT
fbem-1073	51	1	capital	capital	NOUN
fbem-1073	51	2	expenditure	expenditure	NOUN
fbem-1073	51	3	new	new	ADJ
fbem-1073	51	4	technologies	technology	NOUN
fbem-1073	51	5	and	and	CCONJ
fbem-1073	51	6	equipment	equipment	NOUN
fbem-1073	51	7	may	may	AUX
fbem-1073	51	8	lead	lead	VERB
fbem-1073	51	9	to	to	ADP
fbem-1073	51	10	increased	increase	VERB
fbem-1073	51	11	capital	capital	NOUN
fbem-1073	51	12	expenditure	expenditure	NOUN
fbem-1073	51	13	by	by	ADP
fbem-1073	51	14	companies	company	NOUN
fbem-1073	51	15	.	.	PUNCT
fbem-1073	52	1	for	for	ADP
fbem-1073	52	2	example	example	NOUN
fbem-1073	52	3	,	,	PUNCT
fbem-1073	52	4	companies	company	NOUN
fbem-1073	52	5	invest	invest	VERB
fbem-1073	52	6	in	in	ADP
fbem-1073	52	7	and	and	CCONJ
fbem-1073	52	8	implement	implement	VERB
fbem-1073	52	9	carbon	carbon	NOUN
fbem-1073	52	10	sequestration	sequestration	NOUN
fbem-1073	52	11	technologies	technology	NOUN
fbem-1073	52	12	to	to	PART
fbem-1073	52	13	reduce	reduce	VERB
fbem-1073	52	14	carbon	carbon	NOUN
fbem-1073	52	15	emissions	emission	NOUN
fbem-1073	52	16	.	.	PUNCT
fbem-1073	53	1	2.1.2	2.1.2	X
fbem-1073	53	2	.	.	PUNCT
fbem-1073	53	3	social	social	ADJ
fbem-1073	53	4	social	social	ADJ
fbem-1073	53	5	responsibility	responsibility	NOUN
fbem-1073	53	6	emphasises	emphasise	VERB
fbem-1073	53	7	the	the	DET
fbem-1073	53	8	need	need	NOUN
fbem-1073	53	9	for	for	SCONJ
fbem-1073	53	10	companies	company	NOUN
fbem-1073	53	11	to	to	PART
fbem-1073	53	12	maximise	maximise	VERB
fbem-1073	53	13	profits	profit	NOUN
fbem-1073	53	14	while	while	SCONJ
fbem-1073	53	15	also	also	ADV
fbem-1073	53	16	taking	take	VERB
fbem-1073	53	17	responsibility	responsibility	NOUN
fbem-1073	53	18	for	for	ADP
fbem-1073	53	19	their	their	PRON
fbem-1073	53	20	stakeholders	stakeholder	NOUN
fbem-1073	53	21	such	such	ADJ
fbem-1073	53	22	as	as	ADP
fbem-1073	53	23	consumers	consumer	NOUN
fbem-1073	53	24	,	,	PUNCT
fbem-1073	53	25	employees	employee	NOUN
fbem-1073	53	26	,	,	PUNCT
fbem-1073	53	27	shareholders	shareholder	NOUN
fbem-1073	53	28	and	and	CCONJ
fbem-1073	53	29	communities	community	NOUN
fbem-1073	53	30	.	.	PUNCT
fbem-1073	54	1	the	the	DET
fbem-1073	54	2	activities	activity	NOUN
fbem-1073	54	3	carried	carry	VERB
fbem-1073	54	4	out	out	ADP
fbem-1073	54	5	by	by	ADP
fbem-1073	54	6	a	a	DET
fbem-1073	54	7	company	company	NOUN
fbem-1073	54	8	may	may	AUX
fbem-1073	54	9	have	have	VERB
fbem-1073	54	10	some	some	DET
fbem-1073	54	11	impact	impact	NOUN
fbem-1073	54	12	on	on	ADP
fbem-1073	54	13	the	the	DET
fbem-1073	54	14	forecast	forecast	NOUN
fbem-1073	54	15	of	of	ADP
fbem-1073	54	16	future	future	ADJ
fbem-1073	54	17	free	free	ADJ
fbem-1073	54	18	cash	cash	NOUN
fbem-1073	54	19	flows	flow	NOUN
fbem-1073	54	20	when	when	SCONJ
fbem-1073	54	21	considering	consider	VERB
fbem-1073	54	22	social	social	ADJ
fbem-1073	54	23	responsibility	responsibility	NOUN
fbem-1073	54	24	evaluation	evaluation	NOUN
fbem-1073	54	25	(	(	PUNCT
fbem-1073	54	26	see	see	VERB
fbem-1073	54	27	table	table	NOUN
fbem-1073	54	28	2	2	NUM
fbem-1073	54	29	)	)	PUNCT
fbem-1073	54	30	.	.	PUNCT
fbem-1073	55	1	table	table	NOUN
fbem-1073	55	2	2	2	NUM
fbem-1073	55	3	.	.	PUNCT
fbem-1073	55	4	impact	impact	NOUN
fbem-1073	55	5	of	of	ADP
fbem-1073	55	6	social	social	ADJ
fbem-1073	55	7	responsibility	responsibility	NOUN
fbem-1073	55	8	on	on	ADP
fbem-1073	55	9	free	free	ADJ
fbem-1073	55	10	cash	cash	NOUN
fbem-1073	55	11	flow	flow	NOUN
fbem-1073	55	12	cash	cash	NOUN
fbem-1073	55	13	flow	flow	NOUN
fbem-1073	55	14	items	item	NOUN
fbem-1073	55	15	impact	impact	NOUN
fbem-1073	55	16	ebit	ebit	NOUN
fbem-1073	55	17	1	1	NUM
fbem-1073	55	18	.	.	PUNCT
fbem-1073	56	1	there	there	PRON
fbem-1073	56	2	is	be	VERB
fbem-1073	56	3	a	a	DET
fbem-1073	56	4	link	link	NOUN
fbem-1073	56	5	between	between	ADP
fbem-1073	56	6	a	a	DET
fbem-1073	56	7	company	company	NOUN
fbem-1073	56	8	's	's	PART
fbem-1073	56	9	social	social	ADJ
fbem-1073	56	10	responsibility	responsibility	NOUN
fbem-1073	56	11	performance	performance	NOUN
fbem-1073	56	12	and	and	CCONJ
fbem-1073	56	13	product	product	NOUN
fbem-1073	56	14	sales	sale	NOUN
fbem-1073	56	15	.	.	PUNCT
fbem-1073	57	1	for	for	ADP
fbem-1073	57	2	example	example	NOUN
fbem-1073	57	3	,	,	PUNCT
fbem-1073	57	4	consumers	consumer	NOUN
fbem-1073	57	5	are	be	AUX
fbem-1073	57	6	more	more	ADV
fbem-1073	57	7	likely	likely	ADJ
fbem-1073	57	8	to	to	PART
fbem-1073	57	9	buy	buy	VERB
fbem-1073	57	10	products	product	NOUN
fbem-1073	57	11	from	from	ADP
fbem-1073	57	12	companies	company	NOUN
fbem-1073	57	13	with	with	ADP
fbem-1073	57	14	a	a	DET
fbem-1073	57	15	strong	strong	ADJ
fbem-1073	57	16	sense	sense	NOUN
fbem-1073	57	17	of	of	ADP
fbem-1073	57	18	social	social	ADJ
fbem-1073	57	19	responsibility	responsibility	NOUN
fbem-1073	57	20	,	,	PUNCT
fbem-1073	57	21	while	while	SCONJ
fbem-1073	57	22	negative	negative	ADJ
fbem-1073	57	23	news	news	NOUN
fbem-1073	57	24	often	often	ADV
fbem-1073	57	25	has	have	VERB
fbem-1073	57	26	a	a	DET
fbem-1073	57	27	damaging	damaging	ADJ
fbem-1073	57	28	effect	effect	NOUN
fbem-1073	57	29	on	on	ADP
fbem-1073	57	30	product	product	NOUN
fbem-1073	57	31	sales	sale	NOUN
fbem-1073	57	32	leading	lead	VERB
fbem-1073	57	33	to	to	ADP
fbem-1073	57	34	slow	slow	VERB
fbem-1073	57	35	sales	sale	NOUN
fbem-1073	57	36	and	and	CCONJ
fbem-1073	57	37	a	a	DET
fbem-1073	57	38	significant	significant	ADJ
fbem-1073	57	39	drop	drop	NOUN
fbem-1073	57	40	in	in	ADP
fbem-1073	57	41	corporate	corporate	ADJ
fbem-1073	57	42	profits	profit	NOUN
fbem-1073	57	43	.	.	PUNCT
fbem-1073	58	1	2	2	X
fbem-1073	58	2	.	.	X
fbem-1073	58	3	a	a	DET
fbem-1073	58	4	company	company	NOUN
fbem-1073	58	5	's	's	PART
fbem-1073	58	6	concern	concern	NOUN
fbem-1073	58	7	for	for	ADP
fbem-1073	58	8	its	its	PRON
fbem-1073	58	9	employees	employee	NOUN
fbem-1073	58	10	may	may	AUX
fbem-1073	58	11	have	have	VERB
fbem-1073	58	12	a	a	DET
fbem-1073	58	13	positive	positive	ADJ
fbem-1073	58	14	effect	effect	NOUN
fbem-1073	58	15	on	on	ADP
fbem-1073	58	16	profits	profit	NOUN
fbem-1073	58	17	.	.	PUNCT
fbem-1073	59	1	for	for	ADP
fbem-1073	59	2	example	example	NOUN
fbem-1073	59	3	,	,	PUNCT
fbem-1073	59	4	companies	company	NOUN
fbem-1073	59	5	that	that	PRON
fbem-1073	59	6	respect	respect	VERB
fbem-1073	59	7	their	their	PRON
fbem-1073	59	8	employees	employee	NOUN
fbem-1073	59	9	and	and	CCONJ
fbem-1073	59	10	are	be	AUX
fbem-1073	59	11	concerned	concerned	ADJ
fbem-1073	59	12	about	about	ADP
fbem-1073	59	13	their	their	PRON
fbem-1073	59	14	well	well	ADV
fbem-1073	59	15	-	-	PUNCT
fbem-1073	59	16	being	being	NOUN
fbem-1073	59	17	usually	usually	ADV
fbem-1073	59	18	achieve	achieve	VERB
fbem-1073	59	19	higher	high	ADJ
fbem-1073	59	20	employee	employee	NOUN
fbem-1073	59	21	productivity	productivity	NOUN
fbem-1073	59	22	,	,	PUNCT
fbem-1073	59	23	which	which	PRON
fbem-1073	59	24	is	be	AUX
fbem-1073	59	25	essential	essential	ADJ
fbem-1073	59	26	for	for	ADP
fbem-1073	59	27	improving	improve	VERB
fbem-1073	59	28	productivity	productivity	NOUN
fbem-1073	59	29	,	,	PUNCT
fbem-1073	59	30	achieving	achieve	VERB
fbem-1073	59	31	revenue	revenue	NOUN
fbem-1073	59	32	growth	growth	NOUN
fbem-1073	59	33	and	and	CCONJ
fbem-1073	59	34	increasing	increase	VERB
fbem-1073	59	35	profits	profit	NOUN
fbem-1073	59	36	.	.	PUNCT
fbem-1073	60	1	taxes	taxis	NOUN
fbem-1073	60	2	the	the	DET
fbem-1073	60	3	purchase	purchase	NOUN
fbem-1073	60	4	of	of	ADP
fbem-1073	60	5	safety	safety	NOUN
fbem-1073	60	6	equipment	equipment	NOUN
fbem-1073	60	7	by	by	ADP
fbem-1073	60	8	a	a	DET
fbem-1073	60	9	business	business	NOUN
fbem-1073	60	10	may	may	AUX
fbem-1073	60	11	result	result	VERB
fbem-1073	60	12	in	in	ADP
fbem-1073	60	13	a	a	DET
fbem-1073	60	14	reduction	reduction	NOUN
fbem-1073	60	15	in	in	ADP
fbem-1073	60	16	tax	tax	NOUN
fbem-1073	60	17	.	.	PUNCT
fbem-1073	61	1	for	for	ADP
fbem-1073	61	2	example	example	NOUN
fbem-1073	61	3	,	,	PUNCT
fbem-1073	61	4	10	10	NUM
fbem-1073	61	5	%	%	NOUN
fbem-1073	61	6	of	of	ADP
fbem-1073	61	7	the	the	DET
fbem-1073	61	8	investment	investment	NOUN
fbem-1073	61	9	in	in	ADP
fbem-1073	61	10	specialised	specialised	ADJ
fbem-1073	61	11	safety	safety	NOUN
fbem-1073	61	12	equipment	equipment	NOUN
fbem-1073	61	13	can	can	AUX
fbem-1073	61	14	be	be	AUX
fbem-1073	61	15	credited	credit	VERB
fbem-1073	61	16	against	against	ADP
fbem-1073	61	17	the	the	DET
fbem-1073	61	18	tax	tax	NOUN
fbem-1073	61	19	payable	payable	NOUN
fbem-1073	61	20	.	.	PUNCT
fbem-1073	62	1	changes	change	NOUN
fbem-1073	62	2	in	in	ADP
fbem-1073	62	3	working	work	VERB
fbem-1073	62	4	capital	capital	NOUN
fbem-1073	62	5	the	the	DET
fbem-1073	62	6	measures	measure	NOUN
fbem-1073	62	7	taken	take	VERB
fbem-1073	62	8	by	by	ADP
fbem-1073	62	9	companies	company	NOUN
fbem-1073	62	10	to	to	PART
fbem-1073	62	11	be	be	AUX
fbem-1073	62	12	more	more	ADV
fbem-1073	62	13	socially	socially	ADV
fbem-1073	62	14	responsible	responsible	ADJ
fbem-1073	62	15	can	can	AUX
fbem-1073	62	16	increase	increase	VERB
fbem-1073	62	17	working	work	VERB
fbem-1073	62	18	capital	capital	NOUN
fbem-1073	62	19	.	.	PUNCT
fbem-1073	63	1	for	for	ADP
fbem-1073	63	2	example	example	NOUN
fbem-1073	63	3	,	,	PUNCT
fbem-1073	63	4	in	in	ADP
fbem-1073	63	5	order	order	NOUN
fbem-1073	63	6	to	to	PART
fbem-1073	63	7	reduce	reduce	VERB
fbem-1073	63	8	the	the	DET
fbem-1073	63	9	risk	risk	NOUN
fbem-1073	63	10	of	of	ADP
fbem-1073	63	11	workplace	workplace	NOUN
fbem-1073	63	12	injuries	injury	NOUN
fbem-1073	63	13	and	and	CCONJ
fbem-1073	63	14	fatalities	fatality	NOUN
fbem-1073	63	15	,	,	PUNCT
fbem-1073	63	16	companies	company	NOUN
fbem-1073	63	17	provide	provide	VERB
fbem-1073	63	18	more	more	ADJ
fbem-1073	63	19	training	training	NOUN
fbem-1073	63	20	to	to	ADP
fbem-1073	63	21	their	their	PRON
fbem-1073	63	22	employees	employee	NOUN
fbem-1073	63	23	and	and	CCONJ
fbem-1073	63	24	install	install	VERB
fbem-1073	63	25	more	more	ADJ
fbem-1073	63	26	safety	safety	NOUN
fbem-1073	63	27	measures	measure	NOUN
fbem-1073	63	28	and	and	CCONJ
fbem-1073	63	29	inspections	inspection	NOUN
fbem-1073	63	30	in	in	ADP
fbem-1073	63	31	the	the	DET
fbem-1073	63	32	workplace	workplace	NOUN
fbem-1073	63	33	,	,	PUNCT
fbem-1073	63	34	which	which	PRON
fbem-1073	63	35	increases	increase	VERB
fbem-1073	63	36	operating	operating	NOUN
fbem-1073	63	37	costs	cost	NOUN
fbem-1073	63	38	.	.	PUNCT
fbem-1073	64	1	2.1.3	2.1.3	X
fbem-1073	64	2	.	.	PUNCT
fbem-1073	64	3	governance	governance	NOUN
fbem-1073	64	4	corporate	corporate	ADJ
fbem-1073	64	5	governance	governance	NOUN
fbem-1073	64	6	requires	require	VERB
fbem-1073	64	7	that	that	SCONJ
fbem-1073	64	8	in	in	ADP
fbem-1073	64	9	order	order	NOUN
fbem-1073	64	10	to	to	PART
fbem-1073	64	11	achieve	achieve	VERB
fbem-1073	64	12	the	the	DET
fbem-1073	64	13	purpose	purpose	NOUN
fbem-1073	64	14	of	of	ADP
fbem-1073	64	15	maximising	maximise	VERB
fbem-1073	64	16	economic	economic	ADJ
fbem-1073	64	17	and	and	CCONJ
fbem-1073	64	18	social	social	ADJ
fbem-1073	64	19	benefits	benefit	NOUN
fbem-1073	64	20	,	,	PUNCT
fbem-1073	64	21	enterprises	enterprise	NOUN
fbem-1073	64	22	should	should	AUX
fbem-1073	64	23	improve	improve	VERB
fbem-1073	64	24	the	the	DET
fbem-1073	64	25	level	level	NOUN
fbem-1073	64	26	of	of	ADP
fbem-1073	64	27	corporate	corporate	ADJ
fbem-1073	64	28	governance	governance	NOUN
fbem-1073	64	29	in	in	ADP
fbem-1073	64	30	their	their	PRON
fbem-1073	64	31	daily	daily	ADJ
fbem-1073	64	32	operation	operation	NOUN
fbem-1073	64	33	and	and	CCONJ
fbem-1073	64	34	management	management	NOUN
fbem-1073	64	35	process	process	NOUN
fbem-1073	64	36	,	,	PUNCT
fbem-1073	64	37	improve	improve	VERB
fbem-1073	64	38	their	their	PRON
fbem-1073	64	39	governance	governance	NOUN
fbem-1073	64	40	structure	structure	NOUN
fbem-1073	64	41	,	,	PUNCT
fbem-1073	64	42	pay	pay	VERB
fbem-1073	64	43	attention	attention	NOUN
fbem-1073	64	44	to	to	ADP
fbem-1073	64	45	whether	whether	SCONJ
fbem-1073	64	46	the	the	DET
fbem-1073	64	47	internal	internal	ADJ
fbem-1073	64	48	control	control	NOUN
fbem-1073	64	49	system	system	NOUN
fbem-1073	64	50	is	be	AUX
fbem-1073	64	51	operating	operate	VERB
fbem-1073	64	52	effectively	effectively	ADV
fbem-1073	64	53	and	and	CCONJ
fbem-1073	64	54	coordinate	coordinate	VERB
fbem-1073	64	55	the	the	DET
fbem-1073	64	56	relationship	relationship	NOUN
fbem-1073	64	57	between	between	ADP
fbem-1073	64	58	the	the	DET
fbem-1073	64	59	company	company	NOUN
fbem-1073	64	60	and	and	CCONJ
fbem-1073	64	61	all	all	DET
fbem-1073	64	62	stakeholders	stakeholder	NOUN
fbem-1073	64	63	,	,	PUNCT
fbem-1073	64	64	so	so	ADV
fbem-1073	64	65	50	50	NUM
fbem-1073	64	66	as	as	SCONJ
fbem-1073	64	67	to	to	PART
fbem-1073	64	68	ensure	ensure	VERB
fbem-1073	64	69	scientific	scientific	ADJ
fbem-1073	64	70	and	and	CCONJ
fbem-1073	64	71	efficient	efficient	ADJ
fbem-1073	64	72	decision	decision	NOUN
fbem-1073	64	73	-	-	PUNCT
fbem-1073	64	74	making	making	NOUN
fbem-1073	64	75	and	and	CCONJ
fbem-1073	64	76	improve	improve	VERB
fbem-1073	64	77	the	the	DET
fbem-1073	64	78	company	company	NOUN
fbem-1073	64	79	's	's	PART
fbem-1073	64	80	sustainable	sustainable	ADJ
fbem-1073	64	81	development	development	NOUN
fbem-1073	64	82	.	.	PUNCT
fbem-1073	65	1	the	the	DET
fbem-1073	65	2	level	level	NOUN
fbem-1073	65	3	of	of	ADP
fbem-1073	65	4	corporate	corporate	ADJ
fbem-1073	65	5	governance	governance	NOUN
fbem-1073	65	6	of	of	ADP
fbem-1073	65	7	a	a	DET
fbem-1073	65	8	company	company	NOUN
fbem-1073	65	9	may	may	AUX
fbem-1073	65	10	have	have	VERB
fbem-1073	65	11	an	an	DET
fbem-1073	65	12	impact	impact	NOUN
fbem-1073	65	13	on	on	ADP
fbem-1073	65	14	the	the	DET
fbem-1073	65	15	forecast	forecast	NOUN
fbem-1073	65	16	of	of	ADP
fbem-1073	65	17	future	future	ADJ
fbem-1073	65	18	free	free	ADJ
fbem-1073	65	19	cash	cash	NOUN
fbem-1073	65	20	flows	flow	NOUN
fbem-1073	65	21	(	(	PUNCT
fbem-1073	65	22	see	see	VERB
fbem-1073	65	23	table	table	NOUN
fbem-1073	65	24	3	3	NUM
fbem-1073	65	25	)	)	PUNCT
fbem-1073	65	26	.	.	PUNCT
fbem-1073	66	1	table	table	NOUN
fbem-1073	66	2	3	3	NUM
fbem-1073	66	3	.	.	PUNCT
fbem-1073	66	4	impact	impact	NOUN
fbem-1073	66	5	of	of	ADP
fbem-1073	66	6	corporate	corporate	ADJ
fbem-1073	66	7	governance	governance	NOUN
fbem-1073	66	8	on	on	ADP
fbem-1073	66	9	free	free	ADJ
fbem-1073	66	10	cash	cash	NOUN
fbem-1073	66	11	flow	flow	NOUN
fbem-1073	66	12	cash	cash	NOUN
fbem-1073	66	13	flow	flow	NOUN
fbem-1073	66	14	items	item	NOUN
fbem-1073	66	15	impact	impact	NOUN
fbem-1073	66	16	ebit	ebit	NOUN
fbem-1073	66	17	1	1	NUM
fbem-1073	66	18	.	.	PUNCT
fbem-1073	67	1	a	a	DET
fbem-1073	67	2	high	high	ADJ
fbem-1073	67	3	level	level	NOUN
fbem-1073	67	4	of	of	ADP
fbem-1073	67	5	corporate	corporate	ADJ
fbem-1073	67	6	governance	governance	NOUN
fbem-1073	67	7	and	and	CCONJ
fbem-1073	67	8	a	a	DET
fbem-1073	67	9	more	more	ADV
fbem-1073	67	10	perfect	perfect	ADJ
fbem-1073	67	11	governance	governance	NOUN
fbem-1073	67	12	structure	structure	NOUN
fbem-1073	67	13	are	be	AUX
fbem-1073	67	14	conducive	conducive	ADJ
fbem-1073	67	15	to	to	ADP
fbem-1073	67	16	increasing	increase	VERB
fbem-1073	67	17	profits	profit	NOUN
fbem-1073	67	18	.	.	PUNCT
fbem-1073	68	1	for	for	ADP
fbem-1073	68	2	example	example	NOUN
fbem-1073	68	3	,	,	PUNCT
fbem-1073	68	4	through	through	ADP
fbem-1073	68	5	the	the	DET
fbem-1073	68	6	corresponding	corresponding	ADJ
fbem-1073	68	7	incentive	incentive	NOUN
fbem-1073	68	8	policy	policy	NOUN
fbem-1073	68	9	,	,	PUNCT
fbem-1073	68	10	the	the	DET
fbem-1073	68	11	interests	interest	NOUN
fbem-1073	68	12	of	of	ADP
fbem-1073	68	13	management	management	NOUN
fbem-1073	68	14	and	and	CCONJ
fbem-1073	68	15	corporate	corporate	ADJ
fbem-1073	68	16	profits	profit	NOUN
fbem-1073	68	17	are	be	AUX
fbem-1073	68	18	linked	link	VERB
fbem-1073	68	19	together	together	ADV
fbem-1073	68	20	to	to	PART
fbem-1073	68	21	maintain	maintain	VERB
fbem-1073	68	22	the	the	DET
fbem-1073	68	23	consistency	consistency	NOUN
fbem-1073	68	24	of	of	ADP
fbem-1073	68	25	the	the	DET
fbem-1073	68	26	interests	interest	NOUN
fbem-1073	68	27	of	of	ADP
fbem-1073	68	28	shareholders	shareholder	NOUN
fbem-1073	68	29	and	and	CCONJ
fbem-1073	68	30	management	management	NOUN
fbem-1073	68	31	,	,	PUNCT
fbem-1073	68	32	prompting	prompt	VERB
fbem-1073	68	33	management	management	NOUN
fbem-1073	68	34	to	to	PART
fbem-1073	68	35	be	be	AUX
fbem-1073	68	36	more	more	ADV
fbem-1073	68	37	responsible	responsible	ADJ
fbem-1073	68	38	in	in	ADP
fbem-1073	68	39	their	their	PRON
fbem-1073	68	40	daily	daily	ADJ
fbem-1073	68	41	operations	operation	NOUN
fbem-1073	68	42	to	to	PART
fbem-1073	68	43	improve	improve	VERB
fbem-1073	68	44	corporate	corporate	ADJ
fbem-1073	68	45	profits	profit	NOUN
fbem-1073	68	46	through	through	ADP
fbem-1073	68	47	scientific	scientific	ADJ
fbem-1073	68	48	management	management	NOUN
fbem-1073	68	49	strategies	strategy	NOUN
fbem-1073	68	50	.	.	PUNCT
fbem-1073	69	1	2	2	X
fbem-1073	69	2	.	.	X
fbem-1073	69	3	a	a	DET
fbem-1073	69	4	sound	sound	ADJ
fbem-1073	69	5	internal	internal	ADJ
fbem-1073	69	6	control	control	NOUN
fbem-1073	69	7	system	system	NOUN
fbem-1073	69	8	plays	play	VERB
fbem-1073	69	9	an	an	DET
fbem-1073	69	10	important	important	ADJ
fbem-1073	69	11	role	role	NOUN
fbem-1073	69	12	in	in	ADP
fbem-1073	69	13	reducing	reduce	VERB
fbem-1073	69	14	the	the	DET
fbem-1073	69	15	business	business	NOUN
fbem-1073	69	16	risks	risk	NOUN
fbem-1073	69	17	and	and	CCONJ
fbem-1073	69	18	saving	save	VERB
fbem-1073	69	19	costs	cost	NOUN
fbem-1073	69	20	of	of	ADP
fbem-1073	69	21	the	the	DET
fbem-1073	69	22	enterprise	enterprise	NOUN
fbem-1073	69	23	[	[	X
fbem-1073	69	24	4	4	NUM
fbem-1073	69	25	]	]	PUNCT
fbem-1073	69	26	.	.	PUNCT
fbem-1073	70	1	the	the	DET
fbem-1073	70	2	existence	existence	NOUN
fbem-1073	70	3	of	of	ADP
fbem-1073	70	4	loopholes	loophole	NOUN
fbem-1073	70	5	in	in	ADP
fbem-1073	70	6	internal	internal	ADJ
fbem-1073	70	7	controls	control	NOUN
fbem-1073	70	8	may	may	AUX
fbem-1073	70	9	increase	increase	VERB
fbem-1073	70	10	product	product	NOUN
fbem-1073	70	11	costs	cost	NOUN
fbem-1073	70	12	and	and	CCONJ
fbem-1073	70	13	lead	lead	VERB
fbem-1073	70	14	to	to	ADP
fbem-1073	70	15	lower	low	ADJ
fbem-1073	70	16	corporate	corporate	ADJ
fbem-1073	70	17	profits	profit	NOUN
fbem-1073	70	18	.	.	PUNCT
fbem-1073	71	1	for	for	ADP
fbem-1073	71	2	example	example	NOUN
fbem-1073	71	3	,	,	PUNCT
fbem-1073	71	4	the	the	DET
fbem-1073	71	5	material	material	PROPN
fbem-1073	71	6	procurement	procurement	NOUN
fbem-1073	71	7	department	department	PROPN
fbem-1073	71	8	has	have	VERB
fbem-1073	71	9	the	the	DET
fbem-1073	71	10	practice	practice	NOUN
fbem-1073	71	11	of	of	ADP
fbem-1073	71	12	misrepresenting	misrepresent	VERB
fbem-1073	71	13	inflated	inflated	ADJ
fbem-1073	71	14	raw	raw	ADJ
fbem-1073	71	15	material	material	NOUN
fbem-1073	71	16	prices	price	NOUN
fbem-1073	71	17	,	,	PUNCT
fbem-1073	71	18	which	which	PRON
fbem-1073	71	19	makes	make	VERB
fbem-1073	71	20	the	the	DET
fbem-1073	71	21	company	company	NOUN
fbem-1073	71	22	's	's	PART
fbem-1073	71	23	raw	raw	ADJ
fbem-1073	71	24	material	material	NOUN
fbem-1073	71	25	purchase	purchase	NOUN
fbem-1073	71	26	prices	price	NOUN
fbem-1073	71	27	higher	high	ADJ
fbem-1073	71	28	than	than	ADP
fbem-1073	71	29	the	the	DET
fbem-1073	71	30	actual	actual	ADJ
fbem-1073	71	31	purchase	purchase	NOUN
fbem-1073	71	32	prices	price	NOUN
fbem-1073	71	33	,	,	PUNCT
fbem-1073	71	34	resulting	result	VERB
fbem-1073	71	35	in	in	ADP
fbem-1073	71	36	increased	increase	VERB
fbem-1073	71	37	costs	cost	NOUN
fbem-1073	71	38	.	.	PUNCT
fbem-1073	72	1	taxes	taxis	NOUN
fbem-1073	72	2	1	1	NUM
fbem-1073	72	3	.	.	PUNCT
fbem-1073	73	1	enterprises	enterprise	NOUN
fbem-1073	73	2	do	do	AUX
fbem-1073	73	3	not	not	PART
fbem-1073	73	4	carry	carry	VERB
fbem-1073	73	5	out	out	ADP
fbem-1073	73	6	reasonable	reasonable	ADJ
fbem-1073	73	7	tax	tax	NOUN
fbem-1073	73	8	planning	planning	NOUN
fbem-1073	73	9	,	,	PUNCT
fbem-1073	73	10	resulting	result	VERB
fbem-1073	73	11	in	in	ADP
fbem-1073	73	12	an	an	DET
fbem-1073	73	13	increase	increase	NOUN
fbem-1073	73	14	in	in	ADP
fbem-1073	73	15	taxes	taxis	NOUN
fbem-1073	73	16	.	.	PUNCT
fbem-1073	74	1	2	2	X
fbem-1073	74	2	.	.	X
fbem-1073	74	3	enterprises	enterprise	NOUN
fbem-1073	74	4	are	be	AUX
fbem-1073	74	5	fined	fine	VERB
fbem-1073	74	6	for	for	ADP
fbem-1073	74	7	violating	violate	VERB
fbem-1073	74	8	laws	law	NOUN
fbem-1073	74	9	and	and	CCONJ
fbem-1073	74	10	regulations	regulation	NOUN
fbem-1073	74	11	or	or	CCONJ
fbem-1073	74	12	for	for	ADP
fbem-1073	74	13	mismanagement	mismanagement	NOUN
fbem-1073	74	14	resulting	result	VERB
fbem-1073	74	15	in	in	ADP
fbem-1073	74	16	incidents	incident	NOUN
fbem-1073	74	17	of	of	ADP
fbem-1073	74	18	corruption	corruption	NOUN
fbem-1073	74	19	resulting	result	VERB
fbem-1073	74	20	in	in	ADP
fbem-1073	74	21	additional	additional	ADJ
fbem-1073	74	22	taxes	taxis	NOUN
fbem-1073	74	23	,	,	PUNCT
fbem-1073	74	24	leading	lead	VERB
fbem-1073	74	25	to	to	ADP
fbem-1073	74	26	an	an	DET
fbem-1073	74	27	increase	increase	NOUN
fbem-1073	74	28	in	in	ADP
fbem-1073	74	29	taxes	taxis	NOUN
fbem-1073	74	30	.	.	PUNCT
fbem-1073	75	1	capital	capital	NOUN
fbem-1073	75	2	expenditure	expenditure	NOUN
fbem-1073	75	3	management	management	NOUN
fbem-1073	75	4	's	's	PART
fbem-1073	75	5	incompetence	incompetence	NOUN
fbem-1073	75	6	and	and	CCONJ
fbem-1073	75	7	poor	poor	ADJ
fbem-1073	75	8	decision	decision	NOUN
fbem-1073	75	9	-	-	PUNCT
fbem-1073	75	10	making	making	NOUN
fbem-1073	75	11	may	may	AUX
fbem-1073	75	12	result	result	VERB
fbem-1073	75	13	in	in	ADP
fbem-1073	75	14	the	the	DET
fbem-1073	75	15	enterprise	enterprise	NOUN
fbem-1073	75	16	incurring	incur	VERB
fbem-1073	75	17	unnecessary	unnecessary	ADJ
fbem-1073	75	18	capital	capital	NOUN
fbem-1073	75	19	expenditure	expenditure	NOUN
fbem-1073	75	20	.	.	PUNCT
fbem-1073	76	1	2.2	2.2	NUM
fbem-1073	76	2	.	.	PUNCT
fbem-1073	76	3	impact	impact	NOUN
fbem-1073	76	4	of	of	ADP
fbem-1073	76	5	esg	esg	PROPN
fbem-1073	76	6	on	on	ADP
fbem-1073	76	7	discount	discount	NOUN
fbem-1073	76	8	rate	rate	NOUN
fbem-1073	76	9	in	in	ADP
fbem-1073	76	10	addition	addition	NOUN
fbem-1073	76	11	to	to	ADP
fbem-1073	76	12	adjusting	adjust	VERB
fbem-1073	76	13	for	for	ADP
fbem-1073	76	14	free	free	ADJ
fbem-1073	76	15	cash	cash	NOUN
fbem-1073	76	16	flows	flow	NOUN
fbem-1073	76	17	in	in	ADP
fbem-1073	76	18	an	an	DET
fbem-1073	76	19	income	income	NOUN
fbem-1073	76	20	approach	approach	NOUN
fbem-1073	76	21	valuation	valuation	NOUN
fbem-1073	76	22	,	,	PUNCT
fbem-1073	76	23	asset	asset	NOUN
fbem-1073	76	24	valuers	valuer	NOUN
fbem-1073	76	25	should	should	AUX
fbem-1073	76	26	also	also	ADV
fbem-1073	76	27	include	include	VERB
fbem-1073	76	28	esgrelated	esgrelate	VERB
fbem-1073	76	29	risks	risk	NOUN
fbem-1073	76	30	in	in	ADP
fbem-1073	76	31	the	the	DET
fbem-1073	76	32	discount	discount	NOUN
fbem-1073	76	33	rate	rate	NOUN
fbem-1073	76	34	.	.	PUNCT
fbem-1073	77	1	2.2.1	2.2.1	NUM
fbem-1073	77	2	.	.	PUNCT
fbem-1073	78	1	esg	esg	NOUN
fbem-1073	78	2	performance	performance	NOUN
fbem-1073	78	3	can	can	AUX
fbem-1073	78	4	influence	influence	VERB
fbem-1073	78	5	the	the	DET
fbem-1073	78	6	discount	discount	NOUN
fbem-1073	78	7	rate	rate	NOUN
fbem-1073	78	8	through	through	ADP
fbem-1073	78	9	the	the	DET
fbem-1073	78	10	level	level	NOUN
fbem-1073	78	11	of	of	ADP
fbem-1073	78	12	risk	risk	NOUN
fbem-1073	78	13	in	in	ADP
fbem-1073	78	14	the	the	DET
fbem-1073	78	15	income	income	NOUN
fbem-1073	78	16	approach	approach	NOUN
fbem-1073	78	17	,	,	PUNCT
fbem-1073	78	18	the	the	DET
fbem-1073	78	19	weighted	weight	VERB
fbem-1073	78	20	average	average	ADJ
fbem-1073	78	21	cost	cost	NOUN
fbem-1073	78	22	of	of	ADP
fbem-1073	78	23	capital	capital	NOUN
fbem-1073	78	24	(	(	PUNCT
fbem-1073	78	25	waac	waac	NOUN
fbem-1073	78	26	)	)	PUNCT
fbem-1073	78	27	model	model	NOUN
fbem-1073	78	28	is	be	AUX
fbem-1073	78	29	generally	generally	ADV
fbem-1073	78	30	adopted	adopt	VERB
fbem-1073	78	31	to	to	PART
fbem-1073	78	32	calculate	calculate	VERB
fbem-1073	78	33	the	the	DET
fbem-1073	78	34	cost	cost	NOUN
fbem-1073	78	35	of	of	ADP
fbem-1073	78	36	capital	capital	NOUN
fbem-1073	78	37	for	for	ADP
fbem-1073	78	38	enterprise	enterprise	NOUN
fbem-1073	78	39	value	value	NOUN
fbem-1073	78	40	.	.	PUNCT
fbem-1073	79	1	based	base	VERB
fbem-1073	79	2	on	on	ADP
fbem-1073	79	3	the	the	DET
fbem-1073	79	4	theory	theory	NOUN
fbem-1073	79	5	of	of	ADP
fbem-1073	79	6	risk	risk	NOUN
fbem-1073	79	7	-	-	PUNCT
fbem-1073	79	8	return	return	NOUN
fbem-1073	79	9	equilibrium	equilibrium	NOUN
fbem-1073	79	10	,	,	PUNCT
fbem-1073	79	11	high	high	ADJ
fbem-1073	79	12	risk	risk	NOUN
fbem-1073	79	13	is	be	AUX
fbem-1073	79	14	generally	generally	ADV
fbem-1073	79	15	associated	associate	VERB
fbem-1073	79	16	with	with	ADP
fbem-1073	79	17	high	high	ADJ
fbem-1073	79	18	return	return	NOUN
fbem-1073	79	19	so	so	ADV
fbem-1073	79	20	in	in	ADP
fbem-1073	79	21	a	a	DET
fbem-1073	79	22	sense	sense	NOUN
fbem-1073	79	23	waac	waac	NOUN
fbem-1073	79	24	can	can	AUX
fbem-1073	79	25	reflect	reflect	VERB
fbem-1073	79	26	the	the	DET
fbem-1073	79	27	level	level	NOUN
fbem-1073	79	28	of	of	ADP
fbem-1073	79	29	risk	risk	NOUN
fbem-1073	79	30	faced	face	VERB
fbem-1073	79	31	by	by	ADP
fbem-1073	79	32	a	a	DET
fbem-1073	79	33	company	company	NOUN
fbem-1073	79	34	.	.	PUNCT
fbem-1073	80	1	when	when	SCONJ
fbem-1073	80	2	a	a	DET
fbem-1073	80	3	company	company	NOUN
fbem-1073	80	4	's	's	PART
fbem-1073	80	5	esg	esg	NOUN
fbem-1073	80	6	score	score	NOUN
fbem-1073	80	7	performs	perform	VERB
fbem-1073	80	8	poorly	poorly	ADV
fbem-1073	80	9	,	,	PUNCT
fbem-1073	80	10	adding	add	VERB
fbem-1073	80	11	the	the	DET
fbem-1073	80	12	risk	risk	NOUN
fbem-1073	80	13	premium	premium	NOUN
fbem-1073	80	14	due	due	ADP
fbem-1073	80	15	to	to	ADP
fbem-1073	80	16	esg	esg	PROPN
fbem-1073	80	17	factors	factor	NOUN
fbem-1073	80	18	to	to	ADP
fbem-1073	80	19	the	the	DET
fbem-1073	80	20	discount	discount	NOUN
fbem-1073	80	21	rate	rate	NOUN
fbem-1073	80	22	reduces	reduce	VERB
fbem-1073	80	23	the	the	DET
fbem-1073	80	24	firm	firm	NOUN
fbem-1073	80	25	's	's	PART
fbem-1073	80	26	valuation	valuation	NOUN
fbem-1073	80	27	.	.	PUNCT
fbem-1073	81	1	the	the	DET
fbem-1073	81	2	opposite	opposite	NOUN
fbem-1073	81	3	is	be	AUX
fbem-1073	81	4	true	true	ADJ
fbem-1073	81	5	for	for	ADP
fbem-1073	81	6	companies	company	NOUN
fbem-1073	81	7	with	with	ADP
fbem-1073	81	8	good	good	ADJ
fbem-1073	81	9	esg	esg	PROPN
fbem-1073	81	10	performance	performance	NOUN
fbem-1073	81	11	.	.	PUNCT
fbem-1073	82	1	2.2.2	2.2.2	X
fbem-1073	82	2	.	.	X
fbem-1073	82	3	esg	esg	NOUN
fbem-1073	82	4	performance	performance	NOUN
fbem-1073	82	5	can	can	AUX
fbem-1073	82	6	influence	influence	VERB
fbem-1073	82	7	the	the	DET
fbem-1073	82	8	discount	discount	NOUN
fbem-1073	82	9	rate	rate	NOUN
fbem-1073	82	10	by	by	ADP
fbem-1073	82	11	changing	change	VERB
fbem-1073	82	12	the	the	DET
fbem-1073	82	13	capital	capital	NOUN
fbem-1073	82	14	structure	structure	NOUN
fbem-1073	82	15	the	the	DET
fbem-1073	82	16	capital	capital	NOUN
fbem-1073	82	17	structure	structure	NOUN
fbem-1073	82	18	of	of	ADP
fbem-1073	82	19	companies	company	NOUN
fbem-1073	82	20	with	with	ADP
fbem-1073	82	21	different	different	ADJ
fbem-1073	82	22	esg	esg	NOUN
fbem-1073	82	23	performance	performance	NOUN
fbem-1073	82	24	may	may	AUX
fbem-1073	82	25	vary	vary	VERB
fbem-1073	82	26	.	.	PUNCT
fbem-1073	83	1	according	accord	VERB
fbem-1073	83	2	to	to	ADP
fbem-1073	83	3	wacc	wacc	PROPN
fbem-1073	83	4	=	=	PUNCT
fbem-1073	83	5	(	(	PUNCT
fbem-1073	83	6	e	e	NOUN
fbem-1073	83	7	/	/	SYM
fbem-1073	83	8	v	v	NOUN
fbem-1073	83	9	)	)	PUNCT
fbem-1073	83	10	x	x	SYM
fbem-1073	83	11	re	re	ADP
fbem-1073	83	12	+	+	CCONJ
fbem-1073	83	13	(	(	PUNCT
fbem-1073	83	14	d	d	X
fbem-1073	83	15	/	/	SYM
fbem-1073	83	16	v	v	NOUN
fbem-1073	83	17	)	)	PUNCT
fbem-1073	83	18	x	x	PROPN
fbem-1073	83	19	rd	rd	NOUN
fbem-1073	83	20	x	x	SYM
fbem-1073	83	21	(	(	PUNCT
fbem-1073	83	22	1	1	NUM
fbem-1073	83	23	tc	tc	NUM
fbem-1073	83	24	)	)	PUNCT
fbem-1073	83	25	,	,	PUNCT
fbem-1073	83	26	the	the	DET
fbem-1073	83	27	value	value	NOUN
fbem-1073	83	28	of	of	ADP
fbem-1073	83	29	waac	waac	NOUN
fbem-1073	83	30	will	will	AUX
fbem-1073	83	31	be	be	AUX
fbem-1073	83	32	affected	affect	VERB
fbem-1073	83	33	by	by	ADP
fbem-1073	83	34	the	the	DET
fbem-1073	83	35	capital	capital	NOUN
fbem-1073	83	36	structure	structure	NOUN
fbem-1073	83	37	,	,	PUNCT
fbem-1073	83	38	where	where	SCONJ
fbem-1073	83	39	e	e	NOUN
fbem-1073	83	40	/	/	SYM
fbem-1073	83	41	v	v	NOUN
fbem-1073	83	42	refers	refer	VERB
fbem-1073	83	43	to	to	ADP
fbem-1073	83	44	equity	equity	NOUN
fbem-1073	83	45	as	as	ADP
fbem-1073	83	46	a	a	DET
fbem-1073	83	47	percentage	percentage	NOUN
fbem-1073	83	48	of	of	ADP
fbem-1073	83	49	total	total	ADJ
fbem-1073	83	50	financing	financing	NOUN
fbem-1073	83	51	,	,	PUNCT
fbem-1073	83	52	d	d	X
fbem-1073	83	53	/	/	SYM
fbem-1073	83	54	v	v	PROPN
fbem-1073	83	55	refers	refer	VERB
fbem-1073	83	56	to	to	ADP
fbem-1073	83	57	debt	debt	NOUN
fbem-1073	83	58	as	as	ADP
fbem-1073	83	59	a	a	DET
fbem-1073	83	60	percentage	percentage	NOUN
fbem-1073	83	61	of	of	ADP
fbem-1073	83	62	total	total	ADJ
fbem-1073	83	63	financing	financing	NOUN
fbem-1073	83	64	,	,	PUNCT
fbem-1073	83	65	re	re	VERB
fbem-1073	83	66	is	be	AUX
fbem-1073	83	67	the	the	DET
fbem-1073	83	68	cost	cost	NOUN
fbem-1073	83	69	of	of	ADP
fbem-1073	83	70	equity	equity	NOUN
fbem-1073	83	71	,	,	PUNCT
fbem-1073	83	72	rd	rd	PROPN
fbem-1073	83	73	is	be	AUX
fbem-1073	83	74	the	the	DET
fbem-1073	83	75	cost	cost	NOUN
fbem-1073	83	76	of	of	ADP
fbem-1073	83	77	debt	debt	NOUN
fbem-1073	83	78	and	and	CCONJ
fbem-1073	83	79	tc	tc	NOUN
fbem-1073	83	80	is	be	AUX
fbem-1073	83	81	the	the	DET
fbem-1073	83	82	corporate	corporate	ADJ
fbem-1073	83	83	tax	tax	NOUN
fbem-1073	83	84	rate	rate	NOUN
fbem-1073	83	85	.	.	PUNCT
fbem-1073	84	1	companies	company	NOUN
fbem-1073	84	2	with	with	ADP
fbem-1073	84	3	good	good	ADJ
fbem-1073	84	4	esg	esg	PROPN
fbem-1073	84	5	performance	performance	NOUN
fbem-1073	84	6	may	may	AUX
fbem-1073	84	7	prefer	prefer	VERB
fbem-1073	84	8	debt	debt	NOUN
fbem-1073	84	9	financing	financing	NOUN
fbem-1073	84	10	over	over	ADP
fbem-1073	84	11	equity	equity	NOUN
fbem-1073	84	12	financing	financing	NOUN
fbem-1073	84	13	,	,	PUNCT
fbem-1073	84	14	reducing	reduce	VERB
fbem-1073	84	15	the	the	DET
fbem-1073	84	16	cost	cost	NOUN
fbem-1073	84	17	of	of	ADP
fbem-1073	84	18	capital	capital	NOUN
fbem-1073	84	19	for	for	ADP
fbem-1073	84	20	the	the	DET
fbem-1073	84	21	firm	firm	NOUN
fbem-1073	84	22	.	.	PUNCT
fbem-1073	85	1	a	a	DET
fbem-1073	85	2	company	company	NOUN
fbem-1073	85	3	's	's	PART
fbem-1073	85	4	good	good	ADJ
fbem-1073	85	5	esg	esg	PROPN
fbem-1073	85	6	performance	performance	NOUN
fbem-1073	85	7	facilitates	facilitate	VERB
fbem-1073	85	8	the	the	DET
fbem-1073	85	9	issuance	issuance	NOUN
fbem-1073	85	10	of	of	ADP
fbem-1073	85	11	green	green	ADJ
fbem-1073	85	12	bonds	bond	NOUN
fbem-1073	85	13	.	.	PUNCT
fbem-1073	86	1	as	as	ADP
fbem-1073	86	2	an	an	DET
fbem-1073	86	3	example	example	NOUN
fbem-1073	86	4	,	,	PUNCT
fbem-1073	86	5	the	the	DET
fbem-1073	86	6	hong	hong	PROPN
fbem-1073	86	7	kong	kong	PROPN
fbem-1073	86	8	government	government	NOUN
fbem-1073	86	9	has	have	AUX
fbem-1073	86	10	launched	launch	VERB
fbem-1073	86	11	the	the	DET
fbem-1073	86	12	government	government	NOUN
fbem-1073	86	13	green	green	PROPN
fbem-1073	86	14	bond	bond	NOUN
fbem-1073	86	15	program	program	NOUN
fbem-1073	86	16	(	(	PUNCT
fbem-1073	86	17	ggbp	ggbp	NOUN
fbem-1073	86	18	)	)	PUNCT
fbem-1073	86	19	since	since	SCONJ
fbem-1073	86	20	2018	2018	NUM
fbem-1073	86	21	to	to	PART
fbem-1073	86	22	fund	fund	VERB
fbem-1073	86	23	green	green	ADJ
fbem-1073	86	24	bond	bond	NOUN
fbem-1073	86	25	issuance	issuance	NOUN
fbem-1073	86	26	to	to	PART
fbem-1073	86	27	support	support	VERB
fbem-1073	86	28	the	the	DET
fbem-1073	86	29	development	development	NOUN
fbem-1073	86	30	of	of	ADP
fbem-1073	86	31	companies	company	NOUN
fbem-1073	86	32	with	with	ADP
fbem-1073	86	33	good	good	ADJ
fbem-1073	86	34	esg	esg	PROPN
fbem-1073	86	35	performance	performance	NOUN
fbem-1073	86	36	.	.	PUNCT
fbem-1073	87	1	green	green	ADJ
fbem-1073	87	2	bonds	bond	NOUN
fbem-1073	87	3	are	be	AUX
fbem-1073	87	4	issued	issue	VERB
fbem-1073	87	5	to	to	PART
fbem-1073	87	6	enable	enable	VERB
fbem-1073	87	7	green	green	ADJ
fbem-1073	87	8	enterprises	enterprise	NOUN
fbem-1073	87	9	to	to	PART
fbem-1073	87	10	broaden	broaden	VERB
fbem-1073	87	11	their	their	PRON
fbem-1073	87	12	access	access	NOUN
fbem-1073	87	13	to	to	ADP
fbem-1073	87	14	finance	finance	NOUN
fbem-1073	87	15	and	and	CCONJ
fbem-1073	87	16	reduce	reduce	VERB
fbem-1073	87	17	their	their	PRON
fbem-1073	87	18	financing	financing	NOUN
fbem-1073	87	19	costs	cost	NOUN
fbem-1073	87	20	.	.	PUNCT
fbem-1073	88	1	the	the	DET
fbem-1073	88	2	funds	fund	NOUN
fbem-1073	88	3	raised	raise	VERB
fbem-1073	88	4	by	by	ADP
fbem-1073	88	5	issuing	issue	VERB
fbem-1073	88	6	green	green	ADJ
fbem-1073	88	7	bonds	bond	NOUN
fbem-1073	88	8	can	can	AUX
fbem-1073	88	9	better	well	ADV
fbem-1073	88	10	serve	serve	VERB
fbem-1073	88	11	the	the	DET
fbem-1073	88	12	green	green	ADJ
fbem-1073	88	13	industry	industry	NOUN
fbem-1073	88	14	.	.	PUNCT
fbem-1073	89	1	therefore	therefore	ADV
fbem-1073	89	2	,	,	PUNCT
fbem-1073	89	3	the	the	DET
fbem-1073	89	4	coupon	coupon	NOUN
fbem-1073	89	5	rate	rate	NOUN
fbem-1073	89	6	of	of	ADP
fbem-1073	89	7	green	green	ADJ
fbem-1073	89	8	bonds	bond	NOUN
fbem-1073	89	9	is	be	AUX
fbem-1073	89	10	relatively	relatively	ADV
fbem-1073	89	11	low	low	ADJ
fbem-1073	89	12	compared	compare	VERB
fbem-1073	89	13	to	to	ADP
fbem-1073	89	14	ordinary	ordinary	ADJ
fbem-1073	89	15	bonds	bond	NOUN
fbem-1073	89	16	[	[	X
fbem-1073	89	17	5	5	NUM
fbem-1073	89	18	]	]	PUNCT
fbem-1073	89	19	.	.	PUNCT
fbem-1073	90	1	2.2.3	2.2.3	X
fbem-1073	90	2	.	.	X
fbem-1073	90	3	avoid	avoid	VERB
fbem-1073	90	4	double	double	ADJ
fbem-1073	90	5	measurement	measurement	NOUN
fbem-1073	90	6	if	if	SCONJ
fbem-1073	90	7	an	an	DET
fbem-1073	90	8	appraiser	appraiser	NOUN
fbem-1073	90	9	has	have	AUX
fbem-1073	90	10	already	already	ADV
fbem-1073	90	11	taken	take	VERB
fbem-1073	90	12	esg	esg	NOUN
fbem-1073	90	13	risk	risk	NOUN
fbem-1073	90	14	into	into	ADP
fbem-1073	90	15	account	account	NOUN
fbem-1073	90	16	when	when	SCONJ
fbem-1073	90	17	forecasting	forecast	VERB
fbem-1073	90	18	a	a	DET
fbem-1073	90	19	company	company	NOUN
fbem-1073	90	20	's	's	PART
fbem-1073	90	21	cash	cash	NOUN
fbem-1073	90	22	flows	flow	NOUN
fbem-1073	90	23	,	,	PUNCT
fbem-1073	90	24	then	then	ADV
fbem-1073	90	25	the	the	DET
fbem-1073	90	26	discount	discount	NOUN
fbem-1073	90	27	rate	rate	NOUN
fbem-1073	90	28	calculation	calculation	NOUN
fbem-1073	90	29	needs	need	VERB
fbem-1073	90	30	to	to	PART
fbem-1073	90	31	avoid	avoid	VERB
fbem-1073	90	32	double	double	ADJ
fbem-1073	90	33	-	-	PUNCT
fbem-1073	90	34	measurement	measurement	NOUN
fbem-1073	90	35	and	and	CCONJ
fbem-1073	90	36	relevant	relevant	ADJ
fbem-1073	90	37	factors	factor	NOUN
fbem-1073	90	38	that	that	PRON
fbem-1073	90	39	are	be	AUX
fbem-1073	90	40	already	already	ADV
fbem-1073	90	41	reflected	reflect	VERB
fbem-1073	90	42	in	in	ADP
fbem-1073	90	43	the	the	DET
fbem-1073	90	44	value	value	NOUN
fbem-1073	90	45	of	of	ADP
fbem-1073	90	46	the	the	DET
fbem-1073	90	47	business	business	NOUN
fbem-1073	90	48	can	can	AUX
fbem-1073	90	49	be	be	AUX
fbem-1073	90	50	disregarded	disregard	VERB
fbem-1073	90	51	[	[	PUNCT
fbem-1073	90	52	6	6	NUM
fbem-1073	90	53	]	]	PUNCT
fbem-1073	90	54	.	.	PUNCT
fbem-1073	91	1	for	for	ADP
fbem-1073	91	2	example	example	NOUN
fbem-1073	91	3	,	,	PUNCT
fbem-1073	91	4	if	if	SCONJ
fbem-1073	91	5	a	a	DET
fbem-1073	91	6	company	company	NOUN
fbem-1073	91	7	is	be	AUX
fbem-1073	91	8	in	in	ADP
fbem-1073	91	9	an	an	DET
fbem-1073	91	10	industry	industry	NOUN
fbem-1073	91	11	that	that	PRON
fbem-1073	91	12	would	would	AUX
fbem-1073	91	13	normally	normally	ADV
fbem-1073	91	14	be	be	AUX
fbem-1073	91	15	affected	affect	VERB
fbem-1073	91	16	by	by	ADP
fbem-1073	91	17	esg	esg	PROPN
fbem-1073	91	18	,	,	PUNCT
fbem-1073	91	19	such	such	ADJ
fbem-1073	91	20	as	as	ADP
fbem-1073	91	21	the	the	DET
fbem-1073	91	22	automotive	automotive	ADJ
fbem-1073	91	23	industry	industry	NOUN
fbem-1073	91	24	,	,	PUNCT
fbem-1073	91	25	the	the	DET
fbem-1073	91	26	beta	beta	NOUN
fbem-1073	91	27	(	(	PUNCT
fbem-1073	91	28	a	a	DET
fbem-1073	91	29	measure	measure	NOUN
fbem-1073	91	30	of	of	ADP
fbem-1073	91	31	risk	risk	NOUN
fbem-1073	91	32	)	)	PUNCT
fbem-1073	91	33	component	component	NOUN
fbem-1073	91	34	of	of	ADP
fbem-1073	91	35	the	the	DET
fbem-1073	91	36	industry	industry	NOUN
fbem-1073	91	37	can	can	AUX
fbem-1073	91	38	be	be	AUX
fbem-1073	91	39	considered	consider	VERB
fbem-1073	91	40	to	to	PART
fbem-1073	91	41	already	already	ADV
fbem-1073	91	42	include	include	VERB
fbem-1073	91	43	esg	esg	PROPN
fbem-1073	91	44	risk	risk	NOUN
fbem-1073	91	45	due	due	ADP
fbem-1073	91	46	to	to	ADP
fbem-1073	91	47	the	the	DET
fbem-1073	91	48	entry	entry	NOUN
fbem-1073	91	49	of	of	ADP
fbem-1073	91	50	hybrid	hybrid	NOUN
fbem-1073	91	51	and	and	CCONJ
fbem-1073	91	52	electric	electric	ADJ
fbem-1073	91	53	vehicle	vehicle	NOUN
fbem-1073	91	54	competitors	competitor	NOUN
fbem-1073	91	55	.	.	PUNCT
fbem-1073	92	1	in	in	ADP
fbem-1073	92	2	this	this	DET
fbem-1073	92	3	case	case	NOUN
fbem-1073	92	4	,	,	PUNCT
fbem-1073	92	5	as	as	SCONJ
fbem-1073	92	6	the	the	DET
fbem-1073	92	7	environmental	environmental	ADJ
fbem-1073	92	8	impact	impact	NOUN
fbem-1073	92	9	is	be	AUX
fbem-1073	92	10	already	already	ADV
fbem-1073	92	11	reflected	reflect	VERB
fbem-1073	92	12	in	in	ADP
fbem-1073	92	13	the	the	DET
fbem-1073	92	14	industry	industry	NOUN
fbem-1073	92	15	beta	beta	NOUN
fbem-1073	92	16	,	,	PUNCT
fbem-1073	92	17	the	the	DET
fbem-1073	92	18	asset	asset	NOUN
fbem-1073	92	19	valuation	valuation	NOUN
fbem-1073	92	20	professional	professional	NOUN
fbem-1073	92	21	should	should	AUX
fbem-1073	92	22	combine	combine	VERB
fbem-1073	92	23	industry	industry	NOUN
fbem-1073	92	24	and	and	CCONJ
fbem-1073	92	25	company	company	NOUN
fbem-1073	92	26	specific	specific	ADJ
fbem-1073	92	27	characteristics	characteristic	NOUN
fbem-1073	92	28	with	with	ADP
fbem-1073	92	29	esg	esg	NOUN
fbem-1073	92	30	adjustments	adjustment	NOUN
fbem-1073	92	31	in	in	ADP
fbem-1073	92	32	expected	expect	VERB
fbem-1073	92	33	future	future	ADJ
fbem-1073	92	34	free	free	ADJ
fbem-1073	92	35	cash	cash	NOUN
fbem-1073	92	36	flows	flow	NOUN
fbem-1073	92	37	and	and	CCONJ
fbem-1073	92	38	carefully	carefully	ADV
fbem-1073	92	39	consider	consider	VERB
fbem-1073	92	40	adding	add	VERB
fbem-1073	92	41	an	an	DET
fbem-1073	92	42	additional	additional	ADJ
fbem-1073	92	43	premium	premium	NOUN
fbem-1073	92	44	or	or	CCONJ
fbem-1073	92	45	discount	discount	NOUN
fbem-1073	92	46	to	to	ADP
fbem-1073	92	47	the	the	DET
fbem-1073	92	48	discount	discount	NOUN
fbem-1073	92	49	rate	rate	NOUN
fbem-1073	92	50	.	.	PUNCT
fbem-1073	93	1	3	3	X
fbem-1073	93	2	.	.	X
fbem-1073	93	3	conclusions	conclusion	NOUN
fbem-1073	93	4	3.1	3.1	NUM
fbem-1073	93	5	.	.	PUNCT
fbem-1073	93	6	establishing	establish	VERB
fbem-1073	93	7	an	an	DET
fbem-1073	93	8	esg	esg	NOUN
fbem-1073	93	9	information	information	NOUN
fbem-1073	93	10	disclosure	disclosure	NOUN
fbem-1073	93	11	system	system	NOUN
fbem-1073	93	12	and	and	CCONJ
fbem-1073	93	13	improving	improve	VERB
fbem-1073	93	14	the	the	DET
fbem-1073	93	15	quality	quality	NOUN
fbem-1073	93	16	of	of	ADP
fbem-1073	93	17	esg	esg	PROPN
fbem-1073	93	18	information	information	NOUN
fbem-1073	93	19	disclosure	disclosure	NOUN
fbem-1073	93	20	although	although	SCONJ
fbem-1073	93	21	china	china	PROPN
fbem-1073	93	22	's	's	PART
fbem-1073	93	23	esg	esg	PROPN
fbem-1073	93	24	information	information	NOUN
fbem-1073	93	25	disclosure	disclosure	NOUN
fbem-1073	93	26	framework	framework	NOUN
fbem-1073	93	27	has	have	AUX
fbem-1073	93	28	been	be	AUX
fbem-1073	93	29	initially	initially	ADV
fbem-1073	93	30	formed	form	VERB
fbem-1073	93	31	,	,	PUNCT
fbem-1073	93	32	the	the	DET
fbem-1073	93	33	quantity	quantity	NOUN
fbem-1073	93	34	and	and	CCONJ
fbem-1073	93	35	quality	quality	NOUN
fbem-1073	93	36	of	of	ADP
fbem-1073	93	37	esg	esg	PROPN
fbem-1073	93	38	information	information	NOUN
fbem-1073	93	39	disclosure	disclosure	NOUN
fbem-1073	93	40	of	of	ADP
fbem-1073	93	41	listed	list	VERB
fbem-1073	93	42	companies	company	NOUN
fbem-1073	93	43	need	need	VERB
fbem-1073	93	44	to	to	PART
fbem-1073	93	45	be	be	AUX
fbem-1073	93	46	further	far	ADV
fbem-1073	93	47	improved	improve	VERB
fbem-1073	93	48	.	.	PUNCT
fbem-1073	94	1	the	the	DET
fbem-1073	94	2	lack	lack	NOUN
fbem-1073	94	3	of	of	ADP
fbem-1073	94	4	an	an	DET
fbem-1073	94	5	esg	esg	PROPN
fbem-1073	94	6	indicator	indicator	NOUN
fbem-1073	94	7	system	system	NOUN
fbem-1073	94	8	will	will	AUX
fbem-1073	94	9	lead	lead	VERB
fbem-1073	94	10	to	to	ADP
fbem-1073	94	11	differences	difference	NOUN
fbem-1073	94	12	in	in	ADP
fbem-1073	94	13	the	the	DET
fbem-1073	94	14	information	information	NOUN
fbem-1073	94	15	disclosed	disclose	VERB
fbem-1073	94	16	by	by	ADP
fbem-1073	94	17	listed	list	VERB
fbem-1073	94	18	companies	company	NOUN
fbem-1073	94	19	,	,	PUNCT
fbem-1073	94	20	thus	thus	ADV
fbem-1073	94	21	increasing	increase	VERB
fbem-1073	94	22	the	the	DET
fbem-1073	94	23	difficulty	difficulty	NOUN
fbem-1073	94	24	and	and	CCONJ
fbem-1073	94	25	inaccuracy	inaccuracy	NOUN
fbem-1073	94	26	of	of	ADP
fbem-1073	94	27	enterprise	enterprise	NOUN
fbem-1073	94	28	valuation	valuation	NOUN
fbem-1073	94	29	by	by	ADP
fbem-1073	94	30	asset	asset	NOUN
fbem-1073	94	31	appraisers	appraiser	NOUN
fbem-1073	94	32	.	.	PUNCT
fbem-1073	95	1	an	an	DET
fbem-1073	95	2	operable	operable	ADJ
fbem-1073	95	3	and	and	CCONJ
fbem-1073	95	4	widely	widely	ADV
fbem-1073	95	5	applicable	applicable	ADJ
fbem-1073	95	6	disclosure	disclosure	NOUN
fbem-1073	95	7	guideline	guideline	NOUN
fbem-1073	95	8	can	can	AUX
fbem-1073	95	9	reduce	reduce	VERB
fbem-1073	95	10	the	the	DET
fbem-1073	95	11	cost	cost	NOUN
fbem-1073	95	12	of	of	ADP
fbem-1073	95	13	disclosure	disclosure	NOUN
fbem-1073	95	14	and	and	CCONJ
fbem-1073	95	15	improve	improve	VERB
fbem-1073	95	16	the	the	DET
fbem-1073	95	17	comparability	comparability	NOUN
fbem-1073	95	18	of	of	ADP
fbem-1073	95	19	information	information	NOUN
fbem-1073	95	20	disclosed	disclose	VERB
fbem-1073	95	21	by	by	ADP
fbem-1073	95	22	listed	list	VERB
fbem-1073	95	23	companies	company	NOUN
fbem-1073	95	24	.	.	PUNCT
fbem-1073	96	1	therefore	therefore	ADV
fbem-1073	96	2	,	,	PUNCT
fbem-1073	96	3	it	it	PRON
fbem-1073	96	4	is	be	AUX
fbem-1073	96	5	necessary	necessary	ADJ
fbem-1073	96	6	for	for	SCONJ
fbem-1073	96	7	china	china	PROPN
fbem-1073	96	8	to	to	PART
fbem-1073	96	9	construct	construct	VERB
fbem-1073	96	10	a	a	DET
fbem-1073	96	11	comprehensive	comprehensive	ADJ
fbem-1073	96	12	esg	esg	NOUN
fbem-1073	96	13	information	information	NOUN
fbem-1073	96	14	disclosure	disclosure	NOUN
fbem-1073	96	15	system	system	NOUN
fbem-1073	96	16	to	to	PART
fbem-1073	96	17	guide	guide	VERB
fbem-1073	96	18	and	and	CCONJ
fbem-1073	96	19	regulate	regulate	VERB
fbem-1073	96	20	esg	esg	PROPN
fbem-1073	96	21	information	information	NOUN
fbem-1073	96	22	disclosure	disclosure	NOUN
fbem-1073	96	23	and	and	CCONJ
fbem-1073	96	24	improve	improve	VERB
fbem-1073	96	25	the	the	DET
fbem-1073	96	26	quality	quality	NOUN
fbem-1073	96	27	of	of	ADP
fbem-1073	96	28	corporate	corporate	ADJ
fbem-1073	96	29	esg	esg	PROPN
fbem-1073	96	30	information	information	NOUN
fbem-1073	96	31	disclosure	disclosure	NOUN
fbem-1073	96	32	.	.	PUNCT
fbem-1073	97	1	3.2	3.2	NUM
fbem-1073	97	2	.	.	PUNCT
fbem-1073	98	1	enhance	enhance	VERB
fbem-1073	98	2	the	the	DET
fbem-1073	98	3	capacity	capacity	NOUN
fbem-1073	98	4	of	of	ADP
fbem-1073	98	5	asset	asset	NOUN
fbem-1073	98	6	valuation	valuation	NOUN
fbem-1073	98	7	professionals	professional	NOUN
fbem-1073	98	8	and	and	CCONJ
fbem-1073	98	9	actively	actively	ADV
fbem-1073	98	10	explore	explore	VERB
fbem-1073	98	11	new	new	ADJ
fbem-1073	98	12	developments	development	NOUN
fbem-1073	98	13	in	in	ADP
fbem-1073	98	14	enterprise	enterprise	NOUN
fbem-1073	98	15	valuation	valuation	NOUN
fbem-1073	98	16	at	at	ADP
fbem-1073	98	17	present	present	ADJ
fbem-1073	98	18	,	,	PUNCT
fbem-1073	98	19	major	major	ADJ
fbem-1073	98	20	economies	economy	NOUN
fbem-1073	98	21	around	around	ADP
fbem-1073	98	22	the	the	DET
fbem-1073	98	23	world	world	NOUN
fbem-1073	98	24	have	have	AUX
fbem-1073	98	25	put	put	VERB
fbem-1073	98	26	forward	forward	ADV
fbem-1073	98	27	sustainable	sustainable	ADJ
fbem-1073	98	28	development	development	NOUN
fbem-1073	98	29	strategies	strategy	NOUN
fbem-1073	98	30	,	,	PUNCT
fbem-1073	98	31	which	which	PRON
fbem-1073	98	32	are	be	AUX
fbem-1073	98	33	highly	highly	ADV
fbem-1073	98	34	compatible	compatible	ADJ
fbem-1073	98	35	with	with	ADP
fbem-1073	98	36	esg	esg	PROPN
fbem-1073	98	37	concepts	concept	NOUN
fbem-1073	98	38	.	.	PUNCT
fbem-1073	99	1	asset	asset	NOUN
fbem-1073	99	2	valuation	valuation	NOUN
fbem-1073	99	3	professionals	professional	NOUN
fbem-1073	99	4	should	should	AUX
fbem-1073	99	5	actively	actively	ADV
fbem-1073	99	6	explore	explore	VERB
fbem-1073	99	7	and	and	CCONJ
fbem-1073	99	8	practice	practice	VERB
fbem-1073	99	9	the	the	DET
fbem-1073	99	10	integration	integration	NOUN
fbem-1073	99	11	of	of	ADP
fbem-1073	99	12	esg	esg	PROPN
fbem-1073	99	13	valuation	valuation	NOUN
fbem-1073	99	14	into	into	ADP
fbem-1073	99	15	the	the	DET
fbem-1073	99	16	enterprise	enterprise	NOUN
fbem-1073	99	17	value	value	NOUN
fbem-1073	99	18	assessment	assessment	NOUN
fbem-1073	99	19	process	process	NOUN
fbem-1073	99	20	,	,	PUNCT
fbem-1073	99	21	strive	strive	VERB
fbem-1073	99	22	51	51	NUM
fbem-1073	99	23	to	to	PART
fbem-1073	99	24	enhance	enhance	VERB
fbem-1073	99	25	their	their	PRON
fbem-1073	99	26	professional	professional	ADJ
fbem-1073	99	27	capabilities	capability	NOUN
fbem-1073	99	28	and	and	CCONJ
fbem-1073	99	29	build	build	VERB
fbem-1073	99	30	a	a	DET
fbem-1073	99	31	comprehensive	comprehensive	ADJ
fbem-1073	99	32	and	and	CCONJ
fbem-1073	99	33	complete	complete	ADJ
fbem-1073	99	34	esg	esg	PROPN
fbem-1073	99	35	valuation	valuation	NOUN
fbem-1073	99	36	system	system	NOUN
fbem-1073	99	37	and	and	CCONJ
fbem-1073	99	38	valuation	valuation	NOUN
fbem-1073	99	39	guidelines	guideline	NOUN
fbem-1073	99	40	,	,	PUNCT
fbem-1073	99	41	so	so	SCONJ
fbem-1073	99	42	as	as	SCONJ
fbem-1073	99	43	to	to	PART
fbem-1073	99	44	better	well	ADV
fbem-1073	99	45	provide	provide	VERB
fbem-1073	99	46	objective	objective	ADJ
fbem-1073	99	47	and	and	CCONJ
fbem-1073	99	48	fair	fair	ADJ
fbem-1073	99	49	value	value	NOUN
fbem-1073	99	50	assessment	assessment	NOUN
fbem-1073	99	51	services	service	NOUN
fbem-1073	99	52	.	.	PUNCT
fbem-1073	100	1	references	reference	NOUN
fbem-1073	100	2	[	[	X
fbem-1073	100	3	1	1	NUM
fbem-1073	100	4	]	]	X
fbem-1073	100	5	wang	wang	PROPN
fbem-1073	100	6	shanshan	shanshan	PROPN
fbem-1073	100	7	,	,	PUNCT
fbem-1073	100	8	zhang	zhang	PROPN
fbem-1073	100	9	han	han	PROPN
fbem-1073	100	10	.	.	PUNCT
fbem-1073	100	11	research	research	NOUN
fbem-1073	100	12	on	on	ADP
fbem-1073	100	13	the	the	DET
fbem-1073	100	14	development	development	NOUN
fbem-1073	100	15	of	of	ADP
fbem-1073	100	16	esg	esg	PROPN
fbem-1073	100	17	evaluation	evaluation	NOUN
fbem-1073	100	18	practice	practice	NOUN
fbem-1073	100	19	in	in	ADP
fbem-1073	100	20	china[j	china[j	PROPN
fbem-1073	100	21	]	]	PUNCT
fbem-1073	100	22	.	.	PUNCT
fbem-1073	101	1	contemporary	contemporary	ADJ
fbem-1073	101	2	manager	manager	NOUN
fbem-1073	101	3	,	,	PUNCT
fbem-1073	101	4	2020(04):6	2020(04):6	NUM
fbem-1073	101	5	-	-	SYM
fbem-1073	101	6	10	10	NUM
fbem-1073	101	7	.	.	PUNCT
fbem-1073	102	1	[	[	X
fbem-1073	102	2	2	2	NUM
fbem-1073	102	3	]	]	PUNCT
fbem-1073	102	4	yang	yang	PROPN
fbem-1073	102	5	zheng	zheng	PROPN
fbem-1073	102	6	,	,	PUNCT
fbem-1073	102	7	li	li	PROPN
fbem-1073	102	8	yonggang	yonggang	PROPN
fbem-1073	102	9	.	.	PUNCT
fbem-1073	103	1	the	the	DET
fbem-1073	103	2	importance	importance	NOUN
fbem-1073	103	3	of	of	ADP
fbem-1073	103	4	environmental	environmental	ADJ
fbem-1073	103	5	,	,	PUNCT
fbem-1073	103	6	social	social	ADJ
fbem-1073	103	7	responsibility	responsibility	NOUN
fbem-1073	103	8	and	and	CCONJ
fbem-1073	103	9	corporate	corporate	ADJ
fbem-1073	103	10	governance	governance	NOUN
fbem-1073	103	11	(	(	PUNCT
fbem-1073	103	12	esg	esg	NOUN
fbem-1073	103	13	)	)	PUNCT
fbem-1073	103	14	on	on	ADP
fbem-1073	103	15	corporate	corporate	ADJ
fbem-1073	103	16	valuation	valuation	NOUN
fbem-1073	103	17	and	and	CCONJ
fbem-1073	103	18	value	value	NOUN
fbem-1073	103	19	investment	investment	NOUN
fbem-1073	103	20	:	:	PUNCT
fbem-1073	103	21	an	an	DET
fbem-1073	103	22	example	example	NOUN
fbem-1073	103	23	from	from	ADP
fbem-1073	103	24	the	the	DET
fbem-1073	103	25	extractive	extractive	ADJ
fbem-1073	103	26	industry[j	industry[j	NOUN
fbem-1073	103	27	]	]	PUNCT
fbem-1073	103	28	.	.	PUNCT
fbem-1073	104	1	china	china	PROPN
fbem-1073	104	2	asset	asset	PROPN
fbem-1073	104	3	appraisal	appraisal	NOUN
fbem-1073	104	4	,	,	PUNCT
fbem-1073	104	5	2022(03):15	2022(03):15	NUM
fbem-1073	104	6	-	-	SYM
fbem-1073	104	7	23	23	NUM
fbem-1073	104	8	.	.	PUNCT
fbem-1073	105	1	[	[	X
fbem-1073	105	2	3	3	X
fbem-1073	105	3	]	]	X
fbem-1073	105	4	liu	liu	PROPN
fbem-1073	105	5	yumin	yumin	PROPN
fbem-1073	105	6	.	.	PUNCT
fbem-1073	106	1	esg	esg	PROPN
fbem-1073	106	2	performance	performance	NOUN
fbem-1073	106	3	of	of	ADP
fbem-1073	106	4	power	power	NOUN
fbem-1073	106	5	companies	company	NOUN
fbem-1073	106	6	in	in	ADP
fbem-1073	106	7	the	the	DET
fbem-1073	106	8	context	context	NOUN
fbem-1073	106	9	of	of	ADP
fbem-1073	106	10	"	"	PUNCT
fbem-1073	106	11	double	double	ADJ
fbem-1073	106	12	carbon	carbon	NOUN
fbem-1073	106	13	"	"	PUNCT
fbem-1073	106	14	and	and	CCONJ
fbem-1073	106	15	the	the	DET
fbem-1073	106	16	development	development	NOUN
fbem-1073	106	17	prospect	prospect	NOUN
fbem-1073	106	18	of	of	ADP
fbem-1073	106	19	china	china	PROPN
fbem-1073	106	20	's	's	PART
fbem-1073	106	21	carbon	carbon	NOUN
fbem-1073	106	22	market	market	NOUN
fbem-1073	106	23	:	:	PUNCT
fbem-1073	106	24	a	a	DET
fbem-1073	106	25	forecast	forecast	NOUN
fbem-1073	106	26	and	and	CCONJ
fbem-1073	106	27	analysis	analysis	NOUN
fbem-1073	106	28	of	of	ADP
fbem-1073	106	29	gcl	gcl	NOUN
fbem-1073	106	30	energy	energy	NOUN
fbem-1073	106	31	as	as	ADP
fbem-1073	106	32	an	an	DET
fbem-1073	106	33	example[j	example[j	NOUN
fbem-1073	106	34	]	]	PUNCT
fbem-1073	106	35	.	.	PUNCT
fbem-1073	107	1	shanghai	shanghai	PROPN
fbem-1073	107	2	business	business	PROPN
fbem-1073	107	3	,	,	PUNCT
fbem-1073	107	4	2022(03):229	2022(03):229	NUM
fbem-1073	107	5	-	-	SYM
fbem-1073	107	6	232	232	NUM
fbem-1073	107	7	.	.	PUNCT
fbem-1073	108	1	[	[	X
fbem-1073	108	2	4	4	X
fbem-1073	108	3	]	]	X
fbem-1073	108	4	chen	chen	PROPN
fbem-1073	108	5	xia	xia	PROPN
fbem-1073	108	6	,	,	PUNCT
fbem-1073	108	7	ma	ma	PROPN
fbem-1073	108	8	lianfu	lianfu	PROPN
fbem-1073	108	9	.	.	PUNCT
fbem-1073	109	1	research	research	NOUN
fbem-1073	109	2	on	on	ADP
fbem-1073	109	3	the	the	DET
fbem-1073	109	4	relationship	relationship	NOUN
fbem-1073	109	5	between	between	ADP
fbem-1073	109	6	corporate	corporate	ADJ
fbem-1073	109	7	governance	governance	NOUN
fbem-1073	109	8	level	level	NOUN
fbem-1073	109	9	,	,	PUNCT
fbem-1073	109	10	corporate	corporate	ADJ
fbem-1073	109	11	growth	growth	NOUN
fbem-1073	109	12	and	and	CCONJ
fbem-1073	109	13	enterprise	enterprise	NOUN
fbem-1073	109	14	value	value	NOUN
fbem-1073	109	15	:	:	PUNCT
fbem-1073	109	16	an	an	DET
fbem-1073	109	17	internal	internal	ADJ
fbem-1073	109	18	control	control	NOUN
fbem-1073	109	19	perspective[j	perspective[j	PROPN
fbem-1073	109	20	]	]	PUNCT
fbem-1073	109	21	.	.	PUNCT
fbem-1073	110	1	forecasting	forecasting	NOUN
fbem-1073	110	2	,	,	PUNCT
fbem-1073	110	3	2015	2015	NUM
fbem-1073	110	4	,	,	PUNCT
fbem-1073	110	5	34(06	34(06	NUM
fbem-1073	110	6	):	):	PUNCT
fbem-1073	110	7	28	28	NUM
fbem-1073	110	8	-	-	SYM
fbem-1073	110	9	32	32	NUM
fbem-1073	110	10	+	+	NOUN
fbem-1073	110	11	50	50	NUM
fbem-1073	110	12	.	.	PUNCT
fbem-1073	111	1	[	[	X
fbem-1073	111	2	5	5	X
fbem-1073	111	3	]	]	PUNCT
fbem-1073	111	4	wang	wang	PROPN
fbem-1073	111	5	ge	ge	PROPN
fbem-1073	111	6	,	,	PUNCT
fbem-1073	111	7	zhao	zhao	PROPN
fbem-1073	111	8	yuchi	yuchi	PROPN
fbem-1073	111	9	.	.	PUNCT
fbem-1073	112	1	risk	risk	NOUN
fbem-1073	112	2	management	management	NOUN
fbem-1073	112	3	of	of	ADP
fbem-1073	112	4	commercial	commercial	ADJ
fbem-1073	112	5	banks	bank	NOUN
fbem-1073	112	6	'	'	PART
fbem-1073	112	7	green	green	ADJ
fbem-1073	112	8	bonds	bond	NOUN
fbem-1073	112	9	in	in	ADP
fbem-1073	112	10	the	the	DET
fbem-1073	112	11	context	context	NOUN
fbem-1073	112	12	of	of	ADP
fbem-1073	112	13	"	"	PUNCT
fbem-1073	112	14	double	double	ADJ
fbem-1073	112	15	carbon"[j	carbon"[j	PROPN
fbem-1073	112	16	]	]	PUNCT
fbem-1073	112	17	.	.	PUNCT
fbem-1073	113	1	business	business	NOUN
fbem-1073	113	2	economics	economic	NOUN
fbem-1073	113	3	,	,	PUNCT
fbem-1073	113	4	2022(06	2022(06	NUM
fbem-1073	113	5	):	):	PUNCT
fbem-1073	113	6	170	170	NUM
fbem-1073	113	7	-	-	SYM
fbem-1073	113	8	171	171	NUM
fbem-1073	113	9	+	+	NOUN
fbem-1073	113	10	175	175	NUM
fbem-1073	113	11	.	.	PUNCT
fbem-1073	114	1	[	[	X
fbem-1073	114	2	6	6	NUM
fbem-1073	114	3	]	]	X
fbem-1073	114	4	shi	shi	PROPN
fbem-1073	114	5	yichen	yichen	NOUN
fbem-1073	114	6	,	,	PUNCT
fbem-1073	114	7	zhao	zhao	PROPN
fbem-1073	114	8	longtu	longtu	PROPN
fbem-1073	114	9	,	,	PUNCT
fbem-1073	114	10	zhu	zhu	PROPN
fbem-1073	114	11	yimu	yimu	NOUN
fbem-1073	114	12	.	.	PUNCT
fbem-1073	115	1	the	the	DET
fbem-1073	115	2	use	use	NOUN
fbem-1073	115	3	of	of	ADP
fbem-1073	115	4	esg	esg	NOUN
fbem-1073	115	5	factors	factor	NOUN
fbem-1073	115	6	in	in	ADP
fbem-1073	115	7	enterprise	enterprise	NOUN
fbem-1073	115	8	valuation	valuation	NOUN
fbem-1073	116	1	[	[	X
fbem-1073	116	2	j	j	X
fbem-1073	116	3	]	]	X
fbem-1073	116	4	.	.	PUNCT
fbem-1073	117	1	financial	financial	ADJ
fbem-1073	117	2	vertical,2021(07):23	vertical,2021(07):23	NOUN
fbem-1073	117	3	-	-	PUNCT
fbem-1073	117	4	31	31	NUM
fbem-1073	117	5	.	.	PUNCT