id	sid	tid	token	lemma	pos
fbem-11468	1	1	frontiers	frontier	NOUN
fbem-11468	1	2	in	in	ADP
fbem-11468	1	3	business	business	NOUN
fbem-11468	1	4	,	,	PUNCT
fbem-11468	1	5	economics	economic	NOUN
fbem-11468	1	6	and	and	CCONJ
fbem-11468	1	7	management	management	NOUN
fbem-11468	1	8	issn	issn	PROPN
fbem-11468	1	9	:	:	PUNCT
fbem-11468	1	10	2766	2766	NUM
fbem-11468	1	11	-	-	PUNCT
fbem-11468	1	12	824x	824x	NUM
fbem-11468	1	13	|	|	ADJ
fbem-11468	1	14	vol	vol	NOUN
fbem-11468	1	15	.	.	PROPN
fbem-11468	2	1	10	10	NUM
fbem-11468	2	2	,	,	PUNCT
fbem-11468	2	3	no	no	INTJ
fbem-11468	2	4	.	.	NOUN
fbem-11468	2	5	3	3	NUM
fbem-11468	2	6	,	,	PUNCT
fbem-11468	2	7	2023	2023	NUM
fbem-11468	2	8	153	153	NUM
fbem-11468	2	9	divestiture	divestiture	NOUN
fbem-11468	2	10	,	,	PUNCT
fbem-11468	2	11	managerial	managerial	ADJ
fbem-11468	2	12	ability	ability	NOUN
fbem-11468	2	13	and	and	CCONJ
fbem-11468	2	14	corporate	corporate	ADJ
fbem-11468	2	15	financial	financial	ADJ
fbem-11468	2	16	flexibility	flexibility	NOUN
fbem-11468	2	17	jiarui	jiarui	PROPN
fbem-11468	2	18	cui	cui	PROPN
fbem-11468	2	19	,	,	PUNCT
fbem-11468	2	20	yan	yan	PROPN
fbem-11468	2	21	zhao	zhao	PROPN
fbem-11468	2	22	,	,	PUNCT
fbem-11468	2	23	qian	qian	PROPN
fbem-11468	2	24	li	li	PROPN
fbem-11468	2	25	department	department	PROPN
fbem-11468	2	26	of	of	ADP
fbem-11468	2	27	accounting	accounting	PROPN
fbem-11468	2	28	,	,	PUNCT
fbem-11468	2	29	anhui	anhui	PROPN
fbem-11468	2	30	university	university	PROPN
fbem-11468	2	31	of	of	ADP
fbem-11468	2	32	finance	finance	NOUN
fbem-11468	2	33	and	and	CCONJ
fbem-11468	2	34	economics	economic	NOUN
fbem-11468	2	35	,	,	PUNCT
fbem-11468	2	36	bengbu	bengbu	NOUN
fbem-11468	2	37	,	,	PUNCT
fbem-11468	2	38	233030	233030	NUM
fbem-11468	2	39	,	,	PUNCT
fbem-11468	2	40	china	china	PROPN
fbem-11468	2	41	abstract	abstract	NOUN
fbem-11468	2	42	:	:	PUNCT
fbem-11468	3	1	divestment	divestment	NOUN
fbem-11468	3	2	is	be	AUX
fbem-11468	3	3	an	an	DET
fbem-11468	3	4	effective	effective	ADJ
fbem-11468	3	5	way	way	NOUN
fbem-11468	3	6	to	to	PART
fbem-11468	3	7	allocate	allocate	VERB
fbem-11468	3	8	resources	resource	NOUN
fbem-11468	3	9	in	in	ADP
fbem-11468	3	10	the	the	DET
fbem-11468	3	11	capital	capital	NOUN
fbem-11468	3	12	market	market	NOUN
fbem-11468	3	13	.	.	PUNCT
fbem-11468	4	1	in	in	ADP
fbem-11468	4	2	recent	recent	ADJ
fbem-11468	4	3	years	year	NOUN
fbem-11468	4	4	,	,	PUNCT
fbem-11468	4	5	the	the	DET
fbem-11468	4	6	frequency	frequency	NOUN
fbem-11468	4	7	and	and	CCONJ
fbem-11468	4	8	scale	scale	NOUN
fbem-11468	4	9	of	of	ADP
fbem-11468	4	10	divestment	divestment	NOUN
fbem-11468	4	11	of	of	ADP
fbem-11468	4	12	listed	list	VERB
fbem-11468	4	13	companies	company	NOUN
fbem-11468	4	14	in	in	ADP
fbem-11468	4	15	china	china	PROPN
fbem-11468	4	16	continue	continue	VERB
fbem-11468	4	17	to	to	PART
fbem-11468	4	18	increase	increase	VERB
fbem-11468	4	19	.	.	PUNCT
fbem-11468	5	1	based	base	VERB
fbem-11468	5	2	on	on	ADP
fbem-11468	5	3	a	a	DET
fbem-11468	5	4	sample	sample	NOUN
fbem-11468	5	5	of	of	ADP
fbem-11468	5	6	a	a	DET
fbem-11468	5	7	-	-	PUNCT
fbem-11468	5	8	share	share	NOUN
fbem-11468	5	9	listed	list	VERB
fbem-11468	5	10	companies	company	NOUN
fbem-11468	5	11	in	in	ADP
fbem-11468	5	12	shanghai	shanghai	PROPN
fbem-11468	5	13	and	and	CCONJ
fbem-11468	5	14	shenzhen	shenzhen	PROPN
fbem-11468	5	15	from	from	ADP
fbem-11468	5	16	2011	2011	NUM
fbem-11468	5	17	to	to	ADP
fbem-11468	5	18	2020	2020	NUM
fbem-11468	5	19	,	,	PUNCT
fbem-11468	5	20	this	this	DET
fbem-11468	5	21	paper	paper	NOUN
fbem-11468	5	22	examines	examine	VERB
fbem-11468	5	23	the	the	DET
fbem-11468	5	24	relationship	relationship	NOUN
fbem-11468	5	25	between	between	ADP
fbem-11468	5	26	divestment	divestment	NOUN
fbem-11468	5	27	and	and	CCONJ
fbem-11468	5	28	corporate	corporate	ADJ
fbem-11468	5	29	financial	financial	ADJ
fbem-11468	5	30	flexibility	flexibility	NOUN
fbem-11468	5	31	from	from	ADP
fbem-11468	5	32	the	the	DET
fbem-11468	5	33	perspective	perspective	NOUN
fbem-11468	5	34	of	of	ADP
fbem-11468	5	35	corporate	corporate	ADJ
fbem-11468	5	36	governance	governance	NOUN
fbem-11468	5	37	,	,	PUNCT
fbem-11468	5	38	and	and	CCONJ
fbem-11468	5	39	examines	examine	VERB
fbem-11468	5	40	the	the	DET
fbem-11468	5	41	moderating	moderate	VERB
fbem-11468	5	42	effect	effect	NOUN
fbem-11468	5	43	of	of	ADP
fbem-11468	5	44	managerial	managerial	ADJ
fbem-11468	5	45	ability	ability	NOUN
fbem-11468	5	46	on	on	ADP
fbem-11468	5	47	the	the	DET
fbem-11468	5	48	relationship	relationship	NOUN
fbem-11468	5	49	.	.	PUNCT
fbem-11468	6	1	the	the	DET
fbem-11468	6	2	results	result	NOUN
fbem-11468	6	3	show	show	VERB
fbem-11468	6	4	that	that	SCONJ
fbem-11468	6	5	divestment	divestment	NOUN
fbem-11468	6	6	is	be	AUX
fbem-11468	6	7	significantly	significantly	ADV
fbem-11468	6	8	positively	positively	ADV
fbem-11468	6	9	correlated	correlate	VERB
fbem-11468	6	10	with	with	ADP
fbem-11468	6	11	corporate	corporate	ADJ
fbem-11468	6	12	financial	financial	ADJ
fbem-11468	6	13	flexibility	flexibility	NOUN
fbem-11468	6	14	,	,	PUNCT
fbem-11468	6	15	and	and	CCONJ
fbem-11468	6	16	the	the	DET
fbem-11468	6	17	management	management	NOUN
fbem-11468	6	18	ability	ability	NOUN
fbem-11468	6	19	can	can	AUX
fbem-11468	6	20	promote	promote	VERB
fbem-11468	6	21	its	its	PRON
fbem-11468	6	22	positive	positive	ADJ
fbem-11468	6	23	effect	effect	NOUN
fbem-11468	6	24	.	.	PUNCT
fbem-11468	7	1	further	further	ADJ
fbem-11468	7	2	research	research	NOUN
fbem-11468	7	3	finds	find	VERB
fbem-11468	7	4	that	that	SCONJ
fbem-11468	7	5	financial	financial	ADJ
fbem-11468	7	6	constraints	constraint	NOUN
fbem-11468	7	7	play	play	VERB
fbem-11468	7	8	a	a	DET
fbem-11468	7	9	significant	significant	ADJ
fbem-11468	7	10	intermediary	intermediary	ADJ
fbem-11468	7	11	role	role	NOUN
fbem-11468	7	12	in	in	ADP
fbem-11468	7	13	the	the	DET
fbem-11468	7	14	impact	impact	NOUN
fbem-11468	7	15	of	of	ADP
fbem-11468	7	16	divestment	divestment	NOUN
fbem-11468	7	17	on	on	ADP
fbem-11468	7	18	financial	financial	ADJ
fbem-11468	7	19	flexibility	flexibility	NOUN
fbem-11468	7	20	,	,	PUNCT
fbem-11468	7	21	that	that	ADV
fbem-11468	7	22	is	is	ADV
fbem-11468	7	23	,	,	PUNCT
fbem-11468	7	24	divestment	divestment	NOUN
fbem-11468	7	25	can	can	AUX
fbem-11468	7	26	promote	promote	VERB
fbem-11468	7	27	the	the	DET
fbem-11468	7	28	improvement	improvement	NOUN
fbem-11468	7	29	of	of	ADP
fbem-11468	7	30	financial	financial	ADJ
fbem-11468	7	31	flexibility	flexibility	NOUN
fbem-11468	7	32	by	by	ADP
fbem-11468	7	33	alleviating	alleviate	VERB
fbem-11468	7	34	financial	financial	ADJ
fbem-11468	7	35	constraints	constraint	NOUN
fbem-11468	7	36	.	.	PUNCT
fbem-11468	8	1	keywords	keyword	NOUN
fbem-11468	8	2	:	:	PUNCT
fbem-11468	8	3	divestment	divestment	NOUN
fbem-11468	8	4	,	,	PUNCT
fbem-11468	8	5	financial	financial	ADJ
fbem-11468	8	6	constraints	constraint	NOUN
fbem-11468	8	7	,	,	PUNCT
fbem-11468	8	8	financial	financial	ADJ
fbem-11468	8	9	flexibility	flexibility	NOUN
fbem-11468	8	10	,	,	PUNCT
fbem-11468	8	11	managerial	managerial	ADJ
fbem-11468	8	12	ability	ability	NOUN
fbem-11468	8	13	.	.	PUNCT
fbem-11468	9	1	1	1	X
fbem-11468	9	2	.	.	X
fbem-11468	9	3	introduction	introduction	NOUN
fbem-11468	9	4	divestment	divestment	NOUN
fbem-11468	9	5	is	be	AUX
fbem-11468	9	6	an	an	DET
fbem-11468	9	7	effective	effective	ADJ
fbem-11468	9	8	way	way	NOUN
fbem-11468	9	9	for	for	SCONJ
fbem-11468	9	10	enterprises	enterprise	NOUN
fbem-11468	9	11	to	to	PART
fbem-11468	9	12	adjust	adjust	VERB
fbem-11468	9	13	industrial	industrial	ADJ
fbem-11468	9	14	structure	structure	NOUN
fbem-11468	9	15	and	and	CCONJ
fbem-11468	9	16	optimize	optimize	VERB
fbem-11468	9	17	asset	asset	NOUN
fbem-11468	9	18	quality	quality	NOUN
fbem-11468	9	19	.	.	PUNCT
fbem-11468	10	1	it	it	PRON
fbem-11468	10	2	is	be	AUX
fbem-11468	10	3	also	also	ADV
fbem-11468	10	4	an	an	DET
fbem-11468	10	5	important	important	ADJ
fbem-11468	10	6	way	way	NOUN
fbem-11468	10	7	for	for	SCONJ
fbem-11468	10	8	enterprises	enterprise	NOUN
fbem-11468	10	9	to	to	PART
fbem-11468	10	10	operate	operate	VERB
fbem-11468	10	11	contractionary	contractionary	ADJ
fbem-11468	10	12	capital	capital	NOUN
fbem-11468	10	13	.	.	PUNCT
fbem-11468	11	1	at	at	ADP
fbem-11468	11	2	present	present	ADJ
fbem-11468	11	3	,	,	PUNCT
fbem-11468	11	4	china	china	PROPN
fbem-11468	11	5	is	be	AUX
fbem-11468	11	6	faced	face	VERB
fbem-11468	11	7	with	with	ADP
fbem-11468	11	8	the	the	DET
fbem-11468	11	9	dual	dual	ADJ
fbem-11468	11	10	dilemmas	dilemma	NOUN
fbem-11468	11	11	caused	cause	VERB
fbem-11468	11	12	by	by	ADP
fbem-11468	11	13	the	the	DET
fbem-11468	11	14	new	new	ADJ
fbem-11468	11	15	round	round	NOUN
fbem-11468	11	16	of	of	ADP
fbem-11468	11	17	scientific	scientific	ADJ
fbem-11468	11	18	and	and	CCONJ
fbem-11468	11	19	technological	technological	ADJ
fbem-11468	11	20	revolution	revolution	NOUN
fbem-11468	11	21	and	and	CCONJ
fbem-11468	11	22	industrial	industrial	ADJ
fbem-11468	11	23	transformation	transformation	NOUN
fbem-11468	11	24	,	,	PUNCT
fbem-11468	11	25	such	such	ADJ
fbem-11468	11	26	as	as	ADP
fbem-11468	11	27	the	the	DET
fbem-11468	11	28	interruption	interruption	NOUN
fbem-11468	11	29	of	of	ADP
fbem-11468	11	30	industrial	industrial	ADJ
fbem-11468	11	31	chain	chain	NOUN
fbem-11468	11	32	,	,	PUNCT
fbem-11468	11	33	the	the	DET
fbem-11468	11	34	interruption	interruption	NOUN
fbem-11468	11	35	of	of	ADP
fbem-11468	11	36	supply	supply	NOUN
fbem-11468	11	37	of	of	ADP
fbem-11468	11	38	key	key	ADJ
fbem-11468	11	39	products	product	NOUN
fbem-11468	11	40	,	,	PUNCT
fbem-11468	11	41	the	the	DET
fbem-11468	11	42	lack	lack	NOUN
fbem-11468	11	43	of	of	ADP
fbem-11468	11	44	core	core	NOUN
fbem-11468	11	45	technology	technology	NOUN
fbem-11468	11	46	of	of	ADP
fbem-11468	11	47	domestic	domestic	ADJ
fbem-11468	11	48	enterprises	enterprise	NOUN
fbem-11468	11	49	,	,	PUNCT
fbem-11468	11	50	and	and	CCONJ
fbem-11468	11	51	the	the	DET
fbem-11468	11	52	serious	serious	ADJ
fbem-11468	11	53	competition	competition	NOUN
fbem-11468	11	54	of	of	ADP
fbem-11468	11	55	industrial	industrial	ADJ
fbem-11468	11	56	chain	chain	NOUN
fbem-11468	11	57	homogeneity	homogeneity	NOUN
fbem-11468	11	58	.	.	PUNCT
fbem-11468	12	1	it	it	PRON
fbem-11468	12	2	is	be	AUX
fbem-11468	12	3	an	an	DET
fbem-11468	12	4	issue	issue	NOUN
fbem-11468	12	5	that	that	SCONJ
fbem-11468	12	6	the	the	DET
fbem-11468	12	7	chinese	chinese	ADJ
fbem-11468	12	8	government	government	NOUN
fbem-11468	12	9	and	and	CCONJ
fbem-11468	12	10	enterprises	enterprise	NOUN
fbem-11468	12	11	must	must	AUX
fbem-11468	12	12	consider	consider	VERB
fbem-11468	12	13	together	together	ADV
fbem-11468	12	14	to	to	PART
fbem-11468	12	15	build	build	VERB
fbem-11468	12	16	a	a	DET
fbem-11468	12	17	more	more	ADV
fbem-11468	12	18	riskresistant	riskresistant	ADJ
fbem-11468	12	19	supply	supply	NOUN
fbem-11468	12	20	chain	chain	NOUN
fbem-11468	12	21	.	.	PUNCT
fbem-11468	13	1	according	accord	VERB
fbem-11468	13	2	to	to	ADP
fbem-11468	13	3	csmar	csmar	PROPN
fbem-11468	13	4	database	database	NOUN
fbem-11468	13	5	,	,	PUNCT
fbem-11468	13	6	from	from	ADP
fbem-11468	13	7	2011	2011	NUM
fbem-11468	13	8	to	to	ADP
fbem-11468	13	9	2020	2020	NUM
fbem-11468	13	10	,	,	PUNCT
fbem-11468	13	11	the	the	DET
fbem-11468	13	12	frequency	frequency	NOUN
fbem-11468	13	13	of	of	ADP
fbem-11468	13	14	divestment	divestment	NOUN
fbem-11468	13	15	of	of	ADP
fbem-11468	13	16	chinese	chinese	ADJ
fbem-11468	13	17	a	a	DET
fbem-11468	13	18	-	-	PUNCT
fbem-11468	13	19	share	share	NOUN
fbem-11468	13	20	listed	list	VERB
fbem-11468	13	21	companies	company	NOUN
fbem-11468	13	22	soared	soar	VERB
fbem-11468	13	23	from	from	ADP
fbem-11468	13	24	1607	1607	NUM
fbem-11468	13	25	to	to	ADP
fbem-11468	13	26	6219	6219	NUM
fbem-11468	13	27	,	,	PUNCT
fbem-11468	13	28	and	and	CCONJ
fbem-11468	13	29	the	the	DET
fbem-11468	13	30	annual	annual	ADJ
fbem-11468	13	31	transaction	transaction	NOUN
fbem-11468	13	32	amount	amount	NOUN
fbem-11468	13	33	rose	rise	VERB
fbem-11468	13	34	from	from	ADP
fbem-11468	13	35	128.57	128.57	NUM
fbem-11468	13	36	billion	billion	NUM
fbem-11468	13	37	yuan	yuan	NOUN
fbem-11468	13	38	to	to	ADP
fbem-11468	13	39	1020.61	1020.61	NUM
fbem-11468	13	40	billion	billion	NUM
fbem-11468	13	41	yuan	yuan	NOUN
fbem-11468	13	42	.	.	PUNCT
fbem-11468	14	1	in	in	ADP
fbem-11468	14	2	addition	addition	NOUN
fbem-11468	14	3	,	,	PUNCT
fbem-11468	14	4	the	the	DET
fbem-11468	14	5	meaning	meaning	NOUN
fbem-11468	14	6	of	of	ADP
fbem-11468	14	7	divestment	divestment	NOUN
fbem-11468	14	8	itself	itself	PRON
fbem-11468	14	9	has	have	AUX
fbem-11468	14	10	also	also	ADV
fbem-11468	14	11	changed	change	VERB
fbem-11468	14	12	.	.	PUNCT
fbem-11468	15	1	previously	previously	ADV
fbem-11468	15	2	,	,	PUNCT
fbem-11468	15	3	only	only	ADV
fbem-11468	15	4	enterprises	enterprise	NOUN
fbem-11468	15	5	with	with	ADP
fbem-11468	15	6	poor	poor	ADJ
fbem-11468	15	7	performance	performance	NOUN
fbem-11468	15	8	would	would	AUX
fbem-11468	15	9	use	use	VERB
fbem-11468	15	10	divestment	divestment	NOUN
fbem-11468	15	11	to	to	PART
fbem-11468	15	12	improve	improve	VERB
fbem-11468	15	13	their	their	PRON
fbem-11468	15	14	performance	performance	NOUN
fbem-11468	15	15	;	;	PUNCT
fbem-11468	15	16	tang	tang	NOUN
fbem-11468	15	17	and	and	CCONJ
fbem-11468	15	18	li	li	PROPN
fbem-11468	15	19	(	(	PUNCT
fbem-11468	15	20	2016	2016	NUM
fbem-11468	15	21	)	)	PUNCT
fbem-11468	16	1	[	[	X
fbem-11468	16	2	1	1	X
fbem-11468	16	3	]	]	PUNCT
fbem-11468	16	4	found	find	VERB
fbem-11468	16	5	that	that	SCONJ
fbem-11468	16	6	now	now	ADV
fbem-11468	16	7	divestment	divestment	NOUN
fbem-11468	16	8	has	have	AUX
fbem-11468	16	9	become	become	VERB
fbem-11468	16	10	a	a	DET
fbem-11468	16	11	new	new	ADJ
fbem-11468	16	12	starting	starting	NOUN
fbem-11468	16	13	point	point	NOUN
fbem-11468	16	14	for	for	ADP
fbem-11468	16	15	the	the	DET
fbem-11468	16	16	transformation	transformation	NOUN
fbem-11468	16	17	and	and	CCONJ
fbem-11468	16	18	upgrading	upgrading	NOUN
fbem-11468	16	19	of	of	ADP
fbem-11468	16	20	chinese	chinese	ADJ
fbem-11468	16	21	enterprises	enterprise	NOUN
fbem-11468	16	22	.	.	PUNCT
fbem-11468	17	1	most	most	ADJ
fbem-11468	17	2	of	of	ADP
fbem-11468	17	3	the	the	DET
fbem-11468	17	4	existing	exist	VERB
fbem-11468	17	5	studies	study	NOUN
fbem-11468	17	6	on	on	ADP
fbem-11468	17	7	divestment	divestment	NOUN
fbem-11468	17	8	take	take	NOUN
fbem-11468	17	9	enterprises	enterprise	NOUN
fbem-11468	17	10	in	in	ADP
fbem-11468	17	11	europe	europe	PROPN
fbem-11468	17	12	and	and	CCONJ
fbem-11468	17	13	the	the	DET
fbem-11468	17	14	united	united	PROPN
fbem-11468	17	15	states	states	PROPN
fbem-11468	17	16	as	as	ADP
fbem-11468	17	17	research	research	NOUN
fbem-11468	17	18	samples	sample	NOUN
fbem-11468	17	19	;	;	PUNCT
fbem-11468	17	20	the	the	DET
fbem-11468	17	21	research	research	NOUN
fbem-11468	17	22	content	content	NOUN
fbem-11468	17	23	mainly	mainly	ADV
fbem-11468	17	24	focuses	focus	VERB
fbem-11468	17	25	on	on	ADP
fbem-11468	17	26	the	the	DET
fbem-11468	17	27	motivation	motivation	NOUN
fbem-11468	17	28	and	and	CCONJ
fbem-11468	17	29	economic	economic	ADJ
fbem-11468	17	30	consequences	consequence	NOUN
fbem-11468	17	31	of	of	ADP
fbem-11468	17	32	divestment	divestment	NOUN
fbem-11468	17	33	.	.	PUNCT
fbem-11468	18	1	guo	guo	PROPN
fbem-11468	18	2	et	et	PROPN
fbem-11468	18	3	al	al	PROPN
fbem-11468	18	4	.	.	PROPN
fbem-11468	18	5	(	(	PUNCT
fbem-11468	18	6	2020	2020	NUM
fbem-11468	18	7	)	)	PUNCT
fbem-11468	19	1	[	[	X
fbem-11468	19	2	2	2	X
fbem-11468	19	3	]	]	PUNCT
fbem-11468	19	4	generally	generally	ADV
fbem-11468	19	5	believe	believe	VERB
fbem-11468	19	6	that	that	SCONJ
fbem-11468	19	7	divestment	divestment	NOUN
fbem-11468	19	8	is	be	AUX
fbem-11468	19	9	not	not	PART
fbem-11468	19	10	only	only	ADV
fbem-11468	19	11	a	a	DET
fbem-11468	19	12	strategic	strategic	ADJ
fbem-11468	19	13	adjustment	adjustment	NOUN
fbem-11468	19	14	based	base	VERB
fbem-11468	19	15	on	on	ADP
fbem-11468	19	16	long	long	ADJ
fbem-11468	19	17	-	-	PUNCT
fbem-11468	19	18	term	term	NOUN
fbem-11468	19	19	development	development	NOUN
fbem-11468	19	20	.	.	PUNCT
fbem-11468	20	1	yan	yan	PROPN
fbem-11468	20	2	and	and	CCONJ
fbem-11468	20	3	li	li	PROPN
fbem-11468	20	4	(	(	PUNCT
fbem-11468	20	5	2014)[3	2014)[3	NUM
fbem-11468	20	6	]	]	PUNCT
fbem-11468	20	7	believe	believe	VERB
fbem-11468	20	8	that	that	SCONJ
fbem-11468	20	9	divestment	divestment	NOUN
fbem-11468	20	10	is	be	AUX
fbem-11468	20	11	also	also	ADV
fbem-11468	20	12	a	a	DET
fbem-11468	20	13	short	short	ADJ
fbem-11468	20	14	-	-	PUNCT
fbem-11468	20	15	term	term	NOUN
fbem-11468	20	16	behavior	behavior	NOUN
fbem-11468	20	17	of	of	ADP
fbem-11468	20	18	real	real	ADJ
fbem-11468	20	19	earnings	earning	NOUN
fbem-11468	20	20	management	management	NOUN
fbem-11468	20	21	.	.	PUNCT
fbem-11468	21	1	although	although	SCONJ
fbem-11468	21	2	the	the	DET
fbem-11468	21	3	divestment	divestment	NOUN
fbem-11468	21	4	scale	scale	NOUN
fbem-11468	21	5	of	of	ADP
fbem-11468	21	6	chinese	chinese	ADJ
fbem-11468	21	7	enterprises	enterprise	NOUN
fbem-11468	21	8	is	be	AUX
fbem-11468	21	9	expanding	expand	VERB
fbem-11468	21	10	rapidly	rapidly	ADV
fbem-11468	21	11	,	,	PUNCT
fbem-11468	21	12	the	the	DET
fbem-11468	21	13	research	research	NOUN
fbem-11468	21	14	on	on	ADP
fbem-11468	21	15	chinese	chinese	ADJ
fbem-11468	21	16	enterprises	enterprise	NOUN
fbem-11468	21	17	'	'	PART
fbem-11468	21	18	divestment	divestment	NOUN
fbem-11468	21	19	is	be	AUX
fbem-11468	21	20	not	not	PART
fbem-11468	21	21	very	very	ADV
fbem-11468	21	22	abundant	abundant	ADJ
fbem-11468	21	23	.	.	PUNCT
fbem-11468	22	1	the	the	DET
fbem-11468	22	2	research	research	NOUN
fbem-11468	22	3	in	in	ADP
fbem-11468	22	4	china	china	PROPN
fbem-11468	22	5	mainly	mainly	ADV
fbem-11468	22	6	focuses	focus	VERB
fbem-11468	22	7	on	on	ADP
fbem-11468	22	8	the	the	DET
fbem-11468	22	9	impact	impact	NOUN
fbem-11468	22	10	of	of	ADP
fbem-11468	22	11	divestment	divestment	NOUN
fbem-11468	22	12	on	on	ADP
fbem-11468	22	13	corporate	corporate	ADJ
fbem-11468	22	14	financial	financial	ADJ
fbem-11468	22	15	performance	performance	NOUN
fbem-11468	22	16	,	,	PUNCT
fbem-11468	22	17	and	and	CCONJ
fbem-11468	22	18	there	there	PRON
fbem-11468	22	19	are	be	VERB
fbem-11468	22	20	also	also	ADV
fbem-11468	22	21	a	a	DET
fbem-11468	22	22	few	few	ADJ
fbem-11468	22	23	studies	study	NOUN
fbem-11468	22	24	on	on	ADP
fbem-11468	22	25	the	the	DET
fbem-11468	22	26	perspective	perspective	NOUN
fbem-11468	22	27	of	of	ADP
fbem-11468	22	28	earnings	earning	NOUN
fbem-11468	22	29	management	management	NOUN
fbem-11468	22	30	around	around	ADP
fbem-11468	22	31	divestment	divestment	NOUN
fbem-11468	22	32	,	,	PUNCT
fbem-11468	22	33	such	such	ADJ
fbem-11468	22	34	as	as	ADP
fbem-11468	22	35	xu	xu	PROPN
fbem-11468	22	36	(	(	PUNCT
fbem-11468	22	37	2012	2012	NUM
fbem-11468	22	38	)	)	PUNCT
fbem-11468	23	1	[	[	X
fbem-11468	23	2	4	4	NUM
fbem-11468	23	3	]	]	PUNCT
fbem-11468	23	4	,	,	PUNCT
fbem-11468	23	5	and	and	CCONJ
fbem-11468	23	6	xue	xue	PROPN
fbem-11468	23	7	et	et	PROPN
fbem-11468	23	8	al	al	PROPN
fbem-11468	23	9	.	.	PROPN
fbem-11468	23	10	(	(	PUNCT
fbem-11468	23	11	2022	2022	NUM
fbem-11468	23	12	)	)	PUNCT
fbem-11468	24	1	[	[	X
fbem-11468	24	2	5	5	NUM
fbem-11468	24	3	]	]	PUNCT
fbem-11468	24	4	regarded	regard	VERB
fbem-11468	24	5	the	the	DET
fbem-11468	24	6	divestment	divestment	NOUN
fbem-11468	24	7	as	as	ADP
fbem-11468	24	8	a	a	DET
fbem-11468	24	9	corporate	corporate	ADJ
fbem-11468	24	10	strategy	strategy	NOUN
fbem-11468	24	11	.	.	PUNCT
fbem-11468	25	1	in	in	ADP
fbem-11468	25	2	fact	fact	NOUN
fbem-11468	25	3	,	,	PUNCT
fbem-11468	25	4	china	china	PROPN
fbem-11468	25	5	is	be	AUX
fbem-11468	25	6	a	a	DET
fbem-11468	25	7	very	very	ADV
fbem-11468	25	8	good	good	ADJ
fbem-11468	25	9	scene	scene	NOUN
fbem-11468	25	10	to	to	PART
fbem-11468	25	11	study	study	VERB
fbem-11468	25	12	divestment	divestment	NOUN
fbem-11468	25	13	and	and	CCONJ
fbem-11468	25	14	corporate	corporate	ADJ
fbem-11468	25	15	strategic	strategic	ADJ
fbem-11468	25	16	decision	decision	NOUN
fbem-11468	25	17	making	making	NOUN
fbem-11468	25	18	.	.	PUNCT
fbem-11468	26	1	therefore	therefore	ADV
fbem-11468	26	2	,	,	PUNCT
fbem-11468	26	3	it	it	PRON
fbem-11468	26	4	is	be	AUX
fbem-11468	26	5	important	important	ADJ
fbem-11468	26	6	to	to	PART
fbem-11468	26	7	explore	explore	VERB
fbem-11468	26	8	the	the	DET
fbem-11468	26	9	strategic	strategic	ADJ
fbem-11468	26	10	motivations	motivation	NOUN
fbem-11468	26	11	of	of	ADP
fbem-11468	26	12	divestment	divestment	NOUN
fbem-11468	26	13	and	and	CCONJ
fbem-11468	26	14	broaden	broaden	VERB
fbem-11468	26	15	the	the	DET
fbem-11468	26	16	research	research	NOUN
fbem-11468	26	17	perspective	perspective	NOUN
fbem-11468	26	18	of	of	ADP
fbem-11468	26	19	its	its	PRON
fbem-11468	26	20	economic	economic	ADJ
fbem-11468	26	21	consequences	consequence	NOUN
fbem-11468	26	22	in	in	ADP
fbem-11468	26	23	the	the	DET
fbem-11468	26	24	chinese	chinese	ADJ
fbem-11468	26	25	context	context	NOUN
fbem-11468	26	26	.	.	PUNCT
fbem-11468	27	1	xue	xue	PROPN
fbem-11468	27	2	et	et	PROPN
fbem-11468	27	3	al	al	PROPN
fbem-11468	27	4	.	.	PROPN
fbem-11468	28	1	(	(	PUNCT
fbem-11468	28	2	2021	2021	NUM
fbem-11468	28	3	)	)	PUNCT
fbem-11468	29	1	[	[	X
fbem-11468	29	2	6	6	NUM
fbem-11468	29	3	]	]	PUNCT
fbem-11468	29	4	pointed	point	VERB
fbem-11468	29	5	that	that	SCONJ
fbem-11468	29	6	although	although	SCONJ
fbem-11468	29	7	chinese	chinese	ADJ
fbem-11468	29	8	enterprises	enterprise	NOUN
fbem-11468	29	9	have	have	AUX
fbem-11468	29	10	been	be	AUX
fbem-11468	29	11	actively	actively	ADV
fbem-11468	29	12	participating	participate	VERB
fbem-11468	29	13	in	in	ADP
fbem-11468	29	14	restructuring	restructuring	NOUN
fbem-11468	29	15	,	,	PUNCT
fbem-11468	29	16	divestment	divestment	NOUN
fbem-11468	29	17	is	be	AUX
fbem-11468	29	18	still	still	ADV
fbem-11468	29	19	a	a	DET
fbem-11468	29	20	relatively	relatively	ADV
fbem-11468	29	21	little	little	ADV
fbem-11468	29	22	-	-	PUNCT
fbem-11468	29	23	studied	study	VERB
fbem-11468	29	24	field	field	NOUN
fbem-11468	29	25	.	.	PUNCT
fbem-11468	30	1	enterprises	enterprise	NOUN
fbem-11468	30	2	in	in	ADP
fbem-11468	30	3	developed	develop	VERB
fbem-11468	30	4	countries	country	NOUN
fbem-11468	30	5	have	have	AUX
fbem-11468	30	6	widely	widely	ADV
fbem-11468	30	7	used	use	VERB
fbem-11468	30	8	divestment	divestment	NOUN
fbem-11468	30	9	in	in	ADP
fbem-11468	30	10	asset	asset	NOUN
fbem-11468	30	11	restructuring	restructuring	NOUN
fbem-11468	30	12	,	,	PUNCT
fbem-11468	30	13	and	and	CCONJ
fbem-11468	30	14	have	have	VERB
fbem-11468	30	15	a	a	DET
fbem-11468	30	16	relatively	relatively	ADV
fbem-11468	30	17	complete	complete	ADJ
fbem-11468	30	18	theoretical	theoretical	ADJ
fbem-11468	30	19	system	system	NOUN
fbem-11468	30	20	and	and	CCONJ
fbem-11468	30	21	framework	framework	NOUN
fbem-11468	30	22	.	.	PUNCT
fbem-11468	31	1	however	however	ADV
fbem-11468	31	2	,	,	PUNCT
fbem-11468	31	3	the	the	DET
fbem-11468	31	4	economic	economic	ADJ
fbem-11468	31	5	theories	theory	NOUN
fbem-11468	31	6	of	of	ADP
fbem-11468	31	7	western	western	ADJ
fbem-11468	31	8	developed	develop	VERB
fbem-11468	31	9	countries	country	NOUN
fbem-11468	31	10	on	on	ADP
fbem-11468	31	11	divestment	divestment	NOUN
fbem-11468	31	12	motivation	motivation	NOUN
fbem-11468	31	13	and	and	CCONJ
fbem-11468	31	14	positive	positive	ADJ
fbem-11468	31	15	value	value	NOUN
fbem-11468	31	16	effect	effect	NOUN
fbem-11468	31	17	may	may	AUX
fbem-11468	31	18	not	not	PART
fbem-11468	31	19	be	be	AUX
fbem-11468	31	20	equally	equally	ADV
fbem-11468	31	21	applicable	applicable	ADJ
fbem-11468	31	22	to	to	ADP
fbem-11468	31	23	emerging	emerge	VERB
fbem-11468	31	24	economies	economy	NOUN
fbem-11468	31	25	.	.	PUNCT
fbem-11468	32	1	the	the	DET
fbem-11468	32	2	possible	possible	ADJ
fbem-11468	32	3	contributions	contribution	NOUN
fbem-11468	32	4	of	of	ADP
fbem-11468	32	5	this	this	DET
fbem-11468	32	6	paper	paper	NOUN
fbem-11468	32	7	are	be	AUX
fbem-11468	32	8	as	as	SCONJ
fbem-11468	32	9	follows	follow	VERB
fbem-11468	32	10	:	:	PUNCT
fbem-11468	32	11	first	first	ADV
fbem-11468	32	12	,	,	PUNCT
fbem-11468	32	13	from	from	ADP
fbem-11468	32	14	the	the	DET
fbem-11468	32	15	perspective	perspective	NOUN
fbem-11468	32	16	of	of	ADP
fbem-11468	32	17	corporate	corporate	ADJ
fbem-11468	32	18	governance	governance	NOUN
fbem-11468	32	19	,	,	PUNCT
fbem-11468	32	20	this	this	DET
fbem-11468	32	21	paper	paper	NOUN
fbem-11468	32	22	deeply	deeply	ADV
fbem-11468	32	23	analyzes	analyze	VERB
fbem-11468	32	24	the	the	DET
fbem-11468	32	25	impact	impact	NOUN
fbem-11468	32	26	of	of	ADP
fbem-11468	32	27	divestment	divestment	NOUN
fbem-11468	32	28	on	on	ADP
fbem-11468	32	29	financial	financial	ADJ
fbem-11468	32	30	flexibility	flexibility	NOUN
fbem-11468	32	31	,	,	PUNCT
fbem-11468	32	32	and	and	CCONJ
fbem-11468	32	33	deepen	deepen	VERB
fbem-11468	32	34	the	the	DET
fbem-11468	32	35	research	research	NOUN
fbem-11468	32	36	on	on	ADP
fbem-11468	32	37	the	the	DET
fbem-11468	32	38	economic	economic	ADJ
fbem-11468	32	39	consequences	consequence	NOUN
fbem-11468	32	40	of	of	ADP
fbem-11468	32	41	divestment	divestment	NOUN
fbem-11468	32	42	.	.	PUNCT
fbem-11468	33	1	second	second	ADJ
fbem-11468	33	2	,	,	PUNCT
fbem-11468	33	3	we	we	PRON
fbem-11468	33	4	incorporate	incorporate	VERB
fbem-11468	33	5	managerial	managerial	ADJ
fbem-11468	33	6	ability	ability	NOUN
fbem-11468	33	7	and	and	CCONJ
fbem-11468	33	8	corporate	corporate	ADJ
fbem-11468	33	9	financing	financing	NOUN
fbem-11468	33	10	constraints	constraint	NOUN
fbem-11468	33	11	into	into	ADP
fbem-11468	33	12	the	the	DET
fbem-11468	33	13	study	study	NOUN
fbem-11468	33	14	of	of	ADP
fbem-11468	33	15	divestment	divestment	NOUN
fbem-11468	33	16	,	,	PUNCT
fbem-11468	33	17	and	and	CCONJ
fbem-11468	33	18	examine	examine	VERB
fbem-11468	33	19	their	their	PRON
fbem-11468	33	20	moderating	moderate	VERB
fbem-11468	33	21	and	and	CCONJ
fbem-11468	33	22	mediating	mediate	VERB
fbem-11468	33	23	effects	effect	NOUN
fbem-11468	33	24	respectively	respectively	ADV
fbem-11468	33	25	,	,	PUNCT
fbem-11468	33	26	which	which	PRON
fbem-11468	33	27	expands	expand	VERB
fbem-11468	33	28	the	the	DET
fbem-11468	33	29	research	research	NOUN
fbem-11468	33	30	scope	scope	NOUN
fbem-11468	33	31	of	of	ADP
fbem-11468	33	32	micro	micro	PROPN
fbem-11468	33	33	firm	firm	ADJ
fbem-11468	33	34	behavior	behavior	NOUN
fbem-11468	33	35	and	and	CCONJ
fbem-11468	33	36	provides	provide	VERB
fbem-11468	33	37	theoretical	theoretical	ADJ
fbem-11468	33	38	support	support	NOUN
fbem-11468	33	39	for	for	ADP
fbem-11468	33	40	improving	improve	VERB
fbem-11468	33	41	corporate	corporate	ADJ
fbem-11468	33	42	financial	financial	ADJ
fbem-11468	33	43	flexibility	flexibility	NOUN
fbem-11468	33	44	.	.	PUNCT
fbem-11468	34	1	2	2	X
fbem-11468	34	2	.	.	X
fbem-11468	34	3	theoretical	theoretical	ADJ
fbem-11468	34	4	analysis	analysis	NOUN
fbem-11468	34	5	and	and	CCONJ
fbem-11468	34	6	research	research	NOUN
fbem-11468	34	7	hypotheses	hypothesis	NOUN
fbem-11468	34	8	2.1	2.1	NUM
fbem-11468	34	9	.	.	PUNCT
fbem-11468	35	1	divestment	divestment	NOUN
fbem-11468	35	2	and	and	CCONJ
fbem-11468	35	3	corporate	corporate	ADJ
fbem-11468	35	4	financial	financial	ADJ
fbem-11468	35	5	flexibility	flexibility	NOUN
fbem-11468	35	6	enterprise	enterprise	NOUN
fbem-11468	35	7	financing	financing	NOUN
fbem-11468	35	8	theory	theory	NOUN
fbem-11468	35	9	refers	refer	VERB
fbem-11468	35	10	to	to	ADP
fbem-11468	35	11	the	the	DET
fbem-11468	35	12	financial	financial	ADJ
fbem-11468	35	13	activities	activity	NOUN
fbem-11468	35	14	of	of	ADP
fbem-11468	35	15	raising	raise	VERB
fbem-11468	35	16	and	and	CCONJ
fbem-11468	35	17	concentrating	concentrate	VERB
fbem-11468	35	18	capital	capital	NOUN
fbem-11468	35	19	economically	economically	ADV
fbem-11468	35	20	and	and	CCONJ
fbem-11468	35	21	effectively	effectively	ADV
fbem-11468	35	22	through	through	ADP
fbem-11468	35	23	certain	certain	ADJ
fbem-11468	35	24	channels	channel	NOUN
fbem-11468	35	25	and	and	CCONJ
fbem-11468	35	26	financial	financial	ADJ
fbem-11468	35	27	markets	market	NOUN
fbem-11468	35	28	and	and	CCONJ
fbem-11468	35	29	using	use	VERB
fbem-11468	35	30	certain	certain	ADJ
fbem-11468	35	31	methods	method	NOUN
fbem-11468	35	32	to	to	PART
fbem-11468	35	33	meet	meet	VERB
fbem-11468	35	34	the	the	DET
fbem-11468	35	35	needs	need	NOUN
fbem-11468	35	36	of	of	ADP
fbem-11468	35	37	production	production	NOUN
fbem-11468	35	38	and	and	CCONJ
fbem-11468	35	39	operation	operation	NOUN
fbem-11468	35	40	,	,	PUNCT
fbem-11468	35	41	foreign	foreign	ADJ
fbem-11468	35	42	investment	investment	NOUN
fbem-11468	35	43	and	and	CCONJ
fbem-11468	35	44	capital	capital	NOUN
fbem-11468	35	45	structure	structure	NOUN
fbem-11468	35	46	adjustment	adjustment	NOUN
fbem-11468	35	47	.	.	PUNCT
fbem-11468	36	1	divestiture	divestiture	NOUN
fbem-11468	36	2	of	of	ADP
fbem-11468	36	3	assets	asset	NOUN
fbem-11468	36	4	can	can	AUX
fbem-11468	36	5	solve	solve	VERB
fbem-11468	36	6	the	the	DET
fbem-11468	36	7	financial	financial	ADJ
fbem-11468	36	8	crisis	crisis	NOUN
fbem-11468	36	9	of	of	ADP
fbem-11468	36	10	enterprises	enterprise	NOUN
fbem-11468	36	11	by	by	ADP
fbem-11468	36	12	revitalizing	revitalize	VERB
fbem-11468	36	13	idle	idle	ADJ
fbem-11468	36	14	assets	asset	NOUN
fbem-11468	36	15	and	and	CCONJ
fbem-11468	36	16	taking	take	VERB
fbem-11468	36	17	cash	cash	NOUN
fbem-11468	36	18	.	.	PUNCT
fbem-11468	37	1	for	for	ADP
fbem-11468	37	2	those	those	DET
fbem-11468	37	3	companies	company	NOUN
fbem-11468	37	4	with	with	ADP
fbem-11468	37	5	excessive	excessive	ADJ
fbem-11468	37	6	financial	financial	ADJ
fbem-11468	37	7	leverage	leverage	NOUN
fbem-11468	37	8	or	or	CCONJ
fbem-11468	37	9	poor	poor	ADJ
fbem-11468	37	10	operating	operating	NOUN
fbem-11468	37	11	performance	performance	NOUN
fbem-11468	37	12	,	,	PUNCT
fbem-11468	37	13	asset	asset	NOUN
fbem-11468	37	14	sales	sale	NOUN
fbem-11468	37	15	are	be	AUX
fbem-11468	37	16	a	a	DET
fbem-11468	37	17	relatively	relatively	ADV
fbem-11468	37	18	cheap	cheap	ADJ
fbem-11468	37	19	source	source	NOUN
fbem-11468	37	20	of	of	ADP
fbem-11468	37	21	financing	financing	NOUN
fbem-11468	37	22	if	if	SCONJ
fbem-11468	37	23	debt	debt	NOUN
fbem-11468	37	24	and	and	CCONJ
fbem-11468	37	25	equity	equity	NOUN
fbem-11468	37	26	financing	financing	NOUN
fbem-11468	37	27	is	be	AUX
fbem-11468	37	28	expensive	expensive	ADJ
fbem-11468	37	29	.	.	PUNCT
fbem-11468	38	1	zhang	zhang	PROPN
fbem-11468	38	2	and	and	CCONJ
fbem-11468	38	3	wang	wang	PROPN
fbem-11468	38	4	(	(	PUNCT
fbem-11468	38	5	2013	2013	NUM
fbem-11468	38	6	)	)	PUNCT
fbem-11468	39	1	[	[	X
fbem-11468	39	2	7	7	X
fbem-11468	39	3	]	]	PUNCT
fbem-11468	39	4	found	find	VERB
fbem-11468	39	5	that	that	SCONJ
fbem-11468	39	6	for	for	ADP
fbem-11468	39	7	companies	company	NOUN
fbem-11468	39	8	in	in	ADP
fbem-11468	39	9	financial	financial	ADJ
fbem-11468	39	10	distress	distress	NOUN
fbem-11468	39	11	,	,	PUNCT
fbem-11468	39	12	divestment	divestment	NOUN
fbem-11468	39	13	is	be	AUX
fbem-11468	39	14	an	an	DET
fbem-11468	39	15	effective	effective	ADJ
fbem-11468	39	16	way	way	NOUN
fbem-11468	39	17	to	to	PART
fbem-11468	39	18	avoid	avoid	VERB
fbem-11468	39	19	bankruptcy	bankruptcy	NOUN
fbem-11468	39	20	.	.	PUNCT
fbem-11468	40	1	in	in	ADP
fbem-11468	40	2	order	order	NOUN
fbem-11468	40	3	to	to	PART
fbem-11468	40	4	avoid	avoid	VERB
fbem-11468	40	5	underinvestment	underinvestment	NOUN
fbem-11468	40	6	caused	cause	VERB
fbem-11468	40	7	by	by	ADP
fbem-11468	40	8	debt	debt	NOUN
fbem-11468	40	9	overhang	overhang	NOUN
fbem-11468	40	10	,	,	PUNCT
fbem-11468	40	11	companies	company	NOUN
fbem-11468	40	12	can	can	AUX
fbem-11468	40	13	sell	sell	VERB
fbem-11468	40	14	assets	asset	NOUN
fbem-11468	40	15	to	to	PART
fbem-11468	40	16	reduce	reduce	VERB
fbem-11468	40	17	leverage	leverage	NOUN
fbem-11468	40	18	ratio	ratio	NOUN
fbem-11468	40	19	,	,	PUNCT
fbem-11468	40	20	154	154	NUM
fbem-11468	40	21	and	and	CCONJ
fbem-11468	40	22	the	the	DET
fbem-11468	40	23	cash	cash	NOUN
fbem-11468	40	24	obtained	obtain	VERB
fbem-11468	40	25	from	from	ADP
fbem-11468	40	26	asset	asset	NOUN
fbem-11468	40	27	divestment	divestment	NOUN
fbem-11468	40	28	can	can	AUX
fbem-11468	40	29	effectively	effectively	ADV
fbem-11468	40	30	ease	ease	VERB
fbem-11468	40	31	the	the	DET
fbem-11468	40	32	financing	financing	NOUN
fbem-11468	40	33	constraints	constraint	NOUN
fbem-11468	40	34	of	of	ADP
fbem-11468	40	35	enterprises	enterprise	NOUN
fbem-11468	40	36	.	.	PUNCT
fbem-11468	41	1	zhang	zhang	PROPN
fbem-11468	41	2	and	and	CCONJ
fbem-11468	41	3	chen	chen	PROPN
fbem-11468	41	4	(	(	PUNCT
fbem-11468	41	5	2022	2022	NUM
fbem-11468	41	6	)	)	PUNCT
fbem-11468	42	1	[	[	X
fbem-11468	42	2	8	8	NUM
fbem-11468	42	3	]	]	PUNCT
fbem-11468	42	4	found	find	VERB
fbem-11468	42	5	that	that	SCONJ
fbem-11468	42	6	when	when	SCONJ
fbem-11468	42	7	the	the	DET
fbem-11468	42	8	cost	cost	NOUN
fbem-11468	42	9	of	of	ADP
fbem-11468	42	10	external	external	ADJ
fbem-11468	42	11	financing	financing	NOUN
fbem-11468	42	12	is	be	AUX
fbem-11468	42	13	high	high	ADJ
fbem-11468	42	14	,	,	PUNCT
fbem-11468	42	15	divestment	divestment	NOUN
fbem-11468	42	16	can	can	AUX
fbem-11468	42	17	help	help	VERB
fbem-11468	42	18	enterprises	enterprise	NOUN
fbem-11468	42	19	recover	recover	VERB
fbem-11468	42	20	funds	fund	NOUN
fbem-11468	42	21	and	and	CCONJ
fbem-11468	42	22	optimize	optimize	VERB
fbem-11468	42	23	the	the	DET
fbem-11468	42	24	allocation	allocation	NOUN
fbem-11468	42	25	of	of	ADP
fbem-11468	42	26	resources	resource	NOUN
fbem-11468	42	27	.	.	PUNCT
fbem-11468	43	1	therefore	therefore	ADV
fbem-11468	43	2	,	,	PUNCT
fbem-11468	43	3	li	li	PROPN
fbem-11468	43	4	et	et	PROPN
fbem-11468	43	5	al	al	PROPN
fbem-11468	43	6	.	.	PROPN
fbem-11468	43	7	(	(	PUNCT
fbem-11468	43	8	2019	2019	NUM
fbem-11468	43	9	)	)	PUNCT
fbem-11468	44	1	[	[	X
fbem-11468	44	2	9	9	NUM
fbem-11468	44	3	]	]	PUNCT
fbem-11468	44	4	support	support	NOUN
fbem-11468	44	5	the	the	DET
fbem-11468	44	6	idea	idea	NOUN
fbem-11468	44	7	that	that	SCONJ
fbem-11468	44	8	divestment	divestment	NOUN
fbem-11468	44	9	is	be	AUX
fbem-11468	44	10	an	an	DET
fbem-11468	44	11	important	important	ADJ
fbem-11468	44	12	source	source	NOUN
fbem-11468	44	13	of	of	ADP
fbem-11468	44	14	enterprise	enterprise	NOUN
fbem-11468	44	15	r&d	r&d	NOUN
fbem-11468	44	16	investment	investment	NOUN
fbem-11468	44	17	.	.	PUNCT
fbem-11468	45	1	guo	guo	PROPN
fbem-11468	45	2	and	and	CCONJ
fbem-11468	45	3	guo	guo	PROPN
fbem-11468	45	4	(	(	PUNCT
fbem-11468	45	5	2020	2020	NUM
fbem-11468	45	6	)	)	PUNCT
fbem-11468	46	1	[	[	X
fbem-11468	46	2	10	10	NUM
fbem-11468	46	3	]	]	PUNCT
fbem-11468	46	4	pointed	point	VERB
fbem-11468	46	5	that	that	SCONJ
fbem-11468	46	6	both	both	CCONJ
fbem-11468	46	7	the	the	DET
fbem-11468	46	8	enterprises	enterprise	NOUN
fbem-11468	46	9	with	with	ADP
fbem-11468	46	10	poor	poor	ADJ
fbem-11468	46	11	performance	performance	NOUN
fbem-11468	46	12	base	base	NOUN
fbem-11468	46	13	and	and	CCONJ
fbem-11468	46	14	the	the	DET
fbem-11468	46	15	enterprises	enterprise	NOUN
fbem-11468	46	16	with	with	ADP
fbem-11468	46	17	good	good	ADJ
fbem-11468	46	18	performance	performance	NOUN
fbem-11468	46	19	are	be	AUX
fbem-11468	46	20	usually	usually	ADV
fbem-11468	46	21	inclined	inclined	ADJ
fbem-11468	46	22	to	to	PART
fbem-11468	46	23	partially	partially	ADV
fbem-11468	46	24	divest	divest	VERB
fbem-11468	46	25	their	their	PRON
fbem-11468	46	26	assets	asset	NOUN
fbem-11468	46	27	to	to	PART
fbem-11468	46	28	maintain	maintain	VERB
fbem-11468	46	29	the	the	DET
fbem-11468	46	30	stable	stable	ADJ
fbem-11468	46	31	and	and	CCONJ
fbem-11468	46	32	sustainable	sustainable	ADJ
fbem-11468	46	33	operation	operation	NOUN
fbem-11468	46	34	of	of	ADP
fbem-11468	46	35	the	the	DET
fbem-11468	46	36	enterprises	enterprise	NOUN
fbem-11468	46	37	.	.	PUNCT
fbem-11468	47	1	enterprises	enterprise	NOUN
fbem-11468	47	2	can	can	AUX
fbem-11468	47	3	often	often	ADV
fbem-11468	47	4	take	take	VERB
fbem-11468	47	5	the	the	DET
fbem-11468	47	6	initiative	initiative	NOUN
fbem-11468	47	7	to	to	PART
fbem-11468	47	8	use	use	VERB
fbem-11468	47	9	their	their	PRON
fbem-11468	47	10	resources	resource	NOUN
fbem-11468	47	11	and	and	CCONJ
fbem-11468	47	12	technological	technological	ADJ
fbem-11468	47	13	advantages	advantage	NOUN
fbem-11468	47	14	to	to	PART
fbem-11468	47	15	systematically	systematically	ADV
fbem-11468	47	16	and	and	CCONJ
fbem-11468	47	17	accurately	accurately	ADV
fbem-11468	47	18	evaluate	evaluate	VERB
fbem-11468	47	19	the	the	DET
fbem-11468	47	20	operating	operating	NOUN
fbem-11468	47	21	situation	situation	NOUN
fbem-11468	47	22	,	,	PUNCT
fbem-11468	47	23	and	and	CCONJ
fbem-11468	47	24	choose	choose	VERB
fbem-11468	47	25	to	to	PART
fbem-11468	47	26	divest	divest	VERB
fbem-11468	47	27	businesses	business	NOUN
fbem-11468	47	28	and	and	CCONJ
fbem-11468	47	29	resources	resource	NOUN
fbem-11468	47	30	that	that	PRON
fbem-11468	47	31	are	be	AUX
fbem-11468	47	32	no	no	ADV
fbem-11468	47	33	longer	long	ADV
fbem-11468	47	34	suitable	suitable	ADJ
fbem-11468	47	35	for	for	ADP
fbem-11468	47	36	the	the	DET
fbem-11468	47	37	overall	overall	ADJ
fbem-11468	47	38	development	development	NOUN
fbem-11468	47	39	plan	plan	NOUN
fbem-11468	47	40	of	of	ADP
fbem-11468	47	41	the	the	DET
fbem-11468	47	42	enterprise	enterprise	NOUN
fbem-11468	47	43	and	and	CCONJ
fbem-11468	47	44	are	be	AUX
fbem-11468	47	45	not	not	PART
fbem-11468	47	46	profitable	profitable	ADJ
fbem-11468	47	47	.	.	PUNCT
fbem-11468	48	1	in	in	ADP
fbem-11468	48	2	addition	addition	NOUN
fbem-11468	48	3	,	,	PUNCT
fbem-11468	48	4	companies	company	NOUN
fbem-11468	48	5	with	with	ADP
fbem-11468	48	6	a	a	DET
fbem-11468	48	7	good	good	ADJ
fbem-11468	48	8	performance	performance	NOUN
fbem-11468	48	9	foundation	foundation	NOUN
fbem-11468	48	10	,	,	PUNCT
fbem-11468	48	11	even	even	ADV
fbem-11468	48	12	if	if	SCONJ
fbem-11468	48	13	they	they	PRON
fbem-11468	48	14	have	have	VERB
fbem-11468	48	15	the	the	DET
fbem-11468	48	16	motivation	motivation	NOUN
fbem-11468	48	17	to	to	PART
fbem-11468	48	18	achieve	achieve	VERB
fbem-11468	48	19	organizational	organizational	ADJ
fbem-11468	48	20	change	change	NOUN
fbem-11468	48	21	through	through	ADP
fbem-11468	48	22	divestitures	divestiture	NOUN
fbem-11468	48	23	,	,	PUNCT
fbem-11468	48	24	are	be	AUX
fbem-11468	48	25	likely	likely	ADJ
fbem-11468	48	26	to	to	PART
fbem-11468	48	27	implement	implement	VERB
fbem-11468	48	28	low	low	ADJ
fbem-11468	48	29	to	to	ADP
fbem-11468	48	30	medium	medium	ADJ
fbem-11468	48	31	risk	risk	NOUN
fbem-11468	48	32	divestitures	divestiture	NOUN
fbem-11468	48	33	to	to	PART
fbem-11468	48	34	avoid	avoid	VERB
fbem-11468	48	35	possible	possible	ADJ
fbem-11468	48	36	damage	damage	NOUN
fbem-11468	48	37	to	to	ADP
fbem-11468	48	38	the	the	DET
fbem-11468	48	39	business	business	NOUN
fbem-11468	48	40	.	.	PUNCT
fbem-11468	49	1	as	as	ADP
fbem-11468	49	2	a	a	DET
fbem-11468	49	3	result	result	NOUN
fbem-11468	49	4	,	,	PUNCT
fbem-11468	49	5	well	well	ADV
fbem-11468	49	6	-	-	PUNCT
fbem-11468	49	7	performing	perform	VERB
fbem-11468	49	8	companies	company	NOUN
fbem-11468	49	9	often	often	ADV
fbem-11468	49	10	use	use	VERB
fbem-11468	49	11	divestitures	divestiture	NOUN
fbem-11468	49	12	as	as	ADP
fbem-11468	49	13	a	a	DET
fbem-11468	49	14	means	means	NOUN
fbem-11468	49	15	of	of	ADP
fbem-11468	49	16	fine	fine	ADV
fbem-11468	49	17	-	-	PUNCT
fbem-11468	49	18	tuning	tune	VERB
fbem-11468	49	19	their	their	PRON
fbem-11468	49	20	management	management	NOUN
fbem-11468	49	21	and	and	CCONJ
fbem-11468	49	22	financial	financial	ADJ
fbem-11468	49	23	resources	resource	NOUN
fbem-11468	49	24	,	,	PUNCT
fbem-11468	49	25	while	while	SCONJ
fbem-11468	49	26	avoiding	avoid	VERB
fbem-11468	49	27	full	full	ADJ
fbem-11468	49	28	divestitures	divestiture	NOUN
fbem-11468	49	29	.	.	PUNCT
fbem-11468	50	1	in	in	ADP
fbem-11468	50	2	addition	addition	NOUN
fbem-11468	50	3	,	,	PUNCT
fbem-11468	50	4	enterprises	enterprise	NOUN
fbem-11468	50	5	with	with	ADP
fbem-11468	50	6	poor	poor	ADJ
fbem-11468	50	7	performance	performance	NOUN
fbem-11468	50	8	face	face	NOUN
fbem-11468	50	9	the	the	DET
fbem-11468	50	10	urgent	urgent	ADJ
fbem-11468	50	11	need	need	NOUN
fbem-11468	50	12	to	to	PART
fbem-11468	50	13	raise	raise	VERB
fbem-11468	50	14	funds	fund	NOUN
fbem-11468	50	15	,	,	PUNCT
fbem-11468	50	16	and	and	CCONJ
fbem-11468	50	17	financing	financing	NOUN
fbem-11468	50	18	constraints	constraint	NOUN
fbem-11468	50	19	prevent	prevent	VERB
fbem-11468	50	20	them	they	PRON
fbem-11468	50	21	from	from	ADP
fbem-11468	50	22	raising	raise	VERB
fbem-11468	50	23	funds	fund	NOUN
fbem-11468	50	24	in	in	ADP
fbem-11468	50	25	the	the	DET
fbem-11468	50	26	capital	capital	NOUN
fbem-11468	50	27	market	market	NOUN
fbem-11468	50	28	.	.	PUNCT
fbem-11468	51	1	therefore	therefore	ADV
fbem-11468	51	2	,	,	PUNCT
fbem-11468	51	3	it	it	PRON
fbem-11468	51	4	is	be	AUX
fbem-11468	51	5	of	of	ADP
fbem-11468	51	6	little	little	ADJ
fbem-11468	51	7	significance	significance	NOUN
fbem-11468	51	8	to	to	PART
fbem-11468	51	9	divest	divest	VERB
fbem-11468	51	10	some	some	DET
fbem-11468	51	11	businesses	business	NOUN
fbem-11468	51	12	with	with	ADP
fbem-11468	51	13	small	small	ADJ
fbem-11468	51	14	scale	scale	NOUN
fbem-11468	51	15	and	and	CCONJ
fbem-11468	51	16	limited	limited	ADJ
fbem-11468	51	17	financial	financial	ADJ
fbem-11468	51	18	returns	return	NOUN
fbem-11468	51	19	,	,	PUNCT
fbem-11468	51	20	which	which	PRON
fbem-11468	51	21	does	do	AUX
fbem-11468	51	22	not	not	PART
fbem-11468	51	23	meet	meet	VERB
fbem-11468	51	24	the	the	DET
fbem-11468	51	25	current	current	ADJ
fbem-11468	51	26	urgent	urgent	ADJ
fbem-11468	51	27	needs	need	NOUN
fbem-11468	51	28	,	,	PUNCT
fbem-11468	51	29	but	but	CCONJ
fbem-11468	51	30	needs	need	VERB
fbem-11468	51	31	to	to	PART
fbem-11468	51	32	divest	divest	VERB
fbem-11468	51	33	important	important	ADJ
fbem-11468	51	34	assets	asset	NOUN
fbem-11468	51	35	and	and	CCONJ
fbem-11468	51	36	even	even	ADV
fbem-11468	51	37	core	core	ADJ
fbem-11468	51	38	assets	asset	NOUN
fbem-11468	51	39	on	on	ADP
fbem-11468	51	40	a	a	DET
fbem-11468	51	41	large	large	ADJ
fbem-11468	51	42	scale	scale	NOUN
fbem-11468	51	43	.	.	PUNCT
fbem-11468	52	1	thus	thus	ADV
fbem-11468	52	2	access	access	NOUN
fbem-11468	52	3	to	to	ADP
fbem-11468	52	4	a	a	DET
fbem-11468	52	5	large	large	ADJ
fbem-11468	52	6	amount	amount	NOUN
fbem-11468	52	7	of	of	ADP
fbem-11468	52	8	financial	financial	ADJ
fbem-11468	52	9	resources	resource	NOUN
fbem-11468	52	10	to	to	PART
fbem-11468	52	11	avoid	avoid	VERB
fbem-11468	52	12	the	the	DET
fbem-11468	52	13	risk	risk	NOUN
fbem-11468	52	14	of	of	ADP
fbem-11468	52	15	bankruptcy	bankruptcy	NOUN
fbem-11468	52	16	.	.	PUNCT
fbem-11468	53	1	but	but	CCONJ
fbem-11468	53	2	at	at	ADP
fbem-11468	53	3	the	the	DET
fbem-11468	53	4	same	same	ADJ
fbem-11468	53	5	time	time	NOUN
fbem-11468	53	6	,	,	PUNCT
fbem-11468	53	7	there	there	PRON
fbem-11468	53	8	is	be	VERB
fbem-11468	53	9	also	also	ADV
fbem-11468	53	10	a	a	DET
fbem-11468	53	11	high	high	ADJ
fbem-11468	53	12	risk	risk	NOUN
fbem-11468	53	13	of	of	ADP
fbem-11468	53	14	major	major	ADJ
fbem-11468	53	15	disruption	disruption	NOUN
fbem-11468	53	16	and	and	CCONJ
fbem-11468	53	17	significant	significant	ADJ
fbem-11468	53	18	changes	change	NOUN
fbem-11468	53	19	in	in	ADP
fbem-11468	53	20	corporate	corporate	ADJ
fbem-11468	53	21	boundaries	boundary	NOUN
fbem-11468	53	22	due	due	ADP
fbem-11468	53	23	to	to	ADP
fbem-11468	53	24	large	large	ADJ
fbem-11468	53	25	-	-	PUNCT
fbem-11468	53	26	scale	scale	NOUN
fbem-11468	53	27	divestments	divestment	NOUN
fbem-11468	53	28	of	of	ADP
fbem-11468	53	29	important	important	ADJ
fbem-11468	53	30	assets	asset	NOUN
fbem-11468	53	31	.	.	PUNCT
fbem-11468	54	1	in	in	ADP
fbem-11468	54	2	addition	addition	NOUN
fbem-11468	54	3	,	,	PUNCT
fbem-11468	54	4	such	such	ADJ
fbem-11468	54	5	divestments	divestment	NOUN
fbem-11468	54	6	carry	carry	VERB
fbem-11468	54	7	significant	significant	ADJ
fbem-11468	54	8	opportunity	opportunity	NOUN
fbem-11468	54	9	costs	cost	NOUN
fbem-11468	54	10	and	and	CCONJ
fbem-11468	54	11	risk	risk	VERB
fbem-11468	54	12	the	the	DET
fbem-11468	54	13	elimination	elimination	NOUN
fbem-11468	54	14	of	of	ADP
fbem-11468	54	15	valuable	valuable	ADJ
fbem-11468	54	16	resources	resource	NOUN
fbem-11468	54	17	that	that	PRON
fbem-11468	54	18	may	may	AUX
fbem-11468	54	19	provide	provide	VERB
fbem-11468	54	20	value	value	NOUN
fbem-11468	54	21	in	in	ADP
fbem-11468	54	22	the	the	DET
fbem-11468	54	23	future	future	NOUN
fbem-11468	54	24	,	,	PUNCT
fbem-11468	54	25	either	either	CCONJ
fbem-11468	54	26	to	to	PART
fbem-11468	54	27	meet	meet	VERB
fbem-11468	54	28	current	current	ADJ
fbem-11468	54	29	use	use	NOUN
fbem-11468	54	30	or	or	CCONJ
fbem-11468	54	31	as	as	ADP
fbem-11468	54	32	part	part	NOUN
fbem-11468	54	33	of	of	ADP
fbem-11468	54	34	an	an	DET
fbem-11468	54	35	ongoing	ongoing	ADJ
fbem-11468	54	36	restructuring	restructuring	NOUN
fbem-11468	54	37	.	.	PUNCT
fbem-11468	55	1	based	base	VERB
fbem-11468	55	2	on	on	ADP
fbem-11468	55	3	the	the	DET
fbem-11468	55	4	above	above	ADJ
fbem-11468	55	5	analysis	analysis	NOUN
fbem-11468	55	6	,	,	PUNCT
fbem-11468	55	7	this	this	DET
fbem-11468	55	8	paper	paper	NOUN
fbem-11468	55	9	puts	put	VERB
fbem-11468	55	10	forward	forward	ADV
fbem-11468	55	11	hypothesis	hypothesis	NOUN
fbem-11468	55	12	1	1	NUM
fbem-11468	55	13	:	:	PUNCT
fbem-11468	55	14	h1	h1	NOUN
fbem-11468	55	15	:	:	PUNCT
fbem-11468	55	16	divestment	divestment	NOUN
fbem-11468	55	17	is	be	AUX
fbem-11468	55	18	positively	positively	ADV
fbem-11468	55	19	correlated	correlate	VERB
fbem-11468	55	20	with	with	ADP
fbem-11468	55	21	corporate	corporate	ADJ
fbem-11468	55	22	financial	financial	ADJ
fbem-11468	55	23	flexibility	flexibility	NOUN
fbem-11468	55	24	.	.	PUNCT
fbem-11468	56	1	2.2	2.2	NUM
fbem-11468	56	2	.	.	PUNCT
fbem-11468	56	3	divestment	divestment	NOUN
fbem-11468	56	4	,	,	PUNCT
fbem-11468	56	5	managerial	managerial	ADJ
fbem-11468	56	6	ability	ability	NOUN
fbem-11468	56	7	and	and	CCONJ
fbem-11468	56	8	corporate	corporate	ADJ
fbem-11468	56	9	financial	financial	ADJ
fbem-11468	56	10	flexibility	flexibility	NOUN
fbem-11468	56	11	according	accord	VERB
fbem-11468	56	12	to	to	ADP
fbem-11468	56	13	the	the	DET
fbem-11468	56	14	transaction	transaction	NOUN
fbem-11468	56	15	cost	cost	NOUN
fbem-11468	56	16	theory	theory	NOUN
fbem-11468	56	17	,	,	PUNCT
fbem-11468	56	18	the	the	DET
fbem-11468	56	19	marginal	marginal	ADJ
fbem-11468	56	20	benefits	benefit	NOUN
fbem-11468	56	21	of	of	ADP
fbem-11468	56	22	enterprise	enterprise	NOUN
fbem-11468	56	23	diversification	diversification	NOUN
fbem-11468	56	24	tend	tend	VERB
fbem-11468	56	25	to	to	PART
fbem-11468	56	26	decrease	decrease	VERB
fbem-11468	56	27	as	as	SCONJ
fbem-11468	56	28	enterprises	enterprise	NOUN
fbem-11468	56	29	move	move	VERB
fbem-11468	56	30	away	away	ADV
fbem-11468	56	31	from	from	ADP
fbem-11468	56	32	the	the	DET
fbem-11468	56	33	core	core	NOUN
fbem-11468	56	34	business	business	NOUN
fbem-11468	56	35	,	,	PUNCT
fbem-11468	56	36	but	but	CCONJ
fbem-11468	56	37	some	some	DET
fbem-11468	56	38	enterprises	enterprise	NOUN
fbem-11468	56	39	will	will	AUX
fbem-11468	56	40	still	still	ADV
fbem-11468	56	41	diversify	diversify	VERB
fbem-11468	56	42	due	due	ADP
fbem-11468	56	43	to	to	ADP
fbem-11468	56	44	some	some	DET
fbem-11468	56	45	reasons	reason	NOUN
fbem-11468	56	46	,	,	PUNCT
fbem-11468	56	47	such	such	ADJ
fbem-11468	56	48	as	as	ADP
fbem-11468	56	49	managers	manager	NOUN
fbem-11468	56	50	'	'	PART
fbem-11468	56	51	pursuit	pursuit	NOUN
fbem-11468	56	52	of	of	ADP
fbem-11468	56	53	their	their	PRON
fbem-11468	56	54	own	own	ADJ
fbem-11468	56	55	interests	interest	NOUN
fbem-11468	56	56	,	,	PUNCT
fbem-11468	56	57	market	market	NOUN
fbem-11468	56	58	fluctuations	fluctuation	NOUN
fbem-11468	56	59	,	,	PUNCT
fbem-11468	56	60	and	and	CCONJ
fbem-11468	56	61	environmental	environmental	ADJ
fbem-11468	56	62	changes	change	NOUN
fbem-11468	56	63	such	such	ADJ
fbem-11468	56	64	as	as	ADP
fbem-11468	56	65	the	the	DET
fbem-11468	56	66	loss	loss	NOUN
fbem-11468	56	67	of	of	ADP
fbem-11468	56	68	information	information	NOUN
fbem-11468	56	69	and	and	CCONJ
fbem-11468	56	70	control	control	NOUN
fbem-11468	56	71	.	.	PUNCT
fbem-11468	57	1	therefore	therefore	ADV
fbem-11468	57	2	,	,	PUNCT
fbem-11468	57	3	if	if	SCONJ
fbem-11468	57	4	over	over	ADV
fbem-11468	57	5	-	-	PUNCT
fbem-11468	57	6	diversified	diversify	VERB
fbem-11468	57	7	companies	company	NOUN
fbem-11468	57	8	return	return	VERB
fbem-11468	57	9	to	to	ADP
fbem-11468	57	10	their	their	PRON
fbem-11468	57	11	main	main	ADJ
fbem-11468	57	12	business	business	NOUN
fbem-11468	57	13	,	,	PUNCT
fbem-11468	57	14	performance	performance	NOUN
fbem-11468	57	15	will	will	AUX
fbem-11468	57	16	improve	improve	VERB
fbem-11468	57	17	.	.	PUNCT
fbem-11468	58	1	agency	agency	NOUN
fbem-11468	58	2	theory	theory	NOUN
fbem-11468	58	3	holds	hold	VERB
fbem-11468	58	4	that	that	SCONJ
fbem-11468	58	5	divestiture	divestiture	NOUN
fbem-11468	58	6	is	be	AUX
fbem-11468	58	7	a	a	DET
fbem-11468	58	8	remedy	remedy	NOUN
fbem-11468	58	9	for	for	ADP
fbem-11468	58	10	the	the	DET
fbem-11468	58	11	problems	problem	NOUN
fbem-11468	58	12	caused	cause	VERB
fbem-11468	58	13	by	by	ADP
fbem-11468	58	14	inadequate	inadequate	ADJ
fbem-11468	58	15	corporate	corporate	ADJ
fbem-11468	58	16	governance	governance	NOUN
fbem-11468	58	17	.	.	PUNCT
fbem-11468	59	1	proxy	proxy	ADJ
fbem-11468	59	2	conflicts	conflict	NOUN
fbem-11468	59	3	between	between	ADP
fbem-11468	59	4	a	a	DET
fbem-11468	59	5	company	company	NOUN
fbem-11468	59	6	's	's	PART
fbem-11468	59	7	management	management	NOUN
fbem-11468	59	8	and	and	CCONJ
fbem-11468	59	9	shareholders	shareholder	NOUN
fbem-11468	59	10	may	may	AUX
fbem-11468	59	11	cause	cause	VERB
fbem-11468	59	12	management	management	NOUN
fbem-11468	59	13	to	to	PART
fbem-11468	59	14	be	be	AUX
fbem-11468	59	15	reluctant	reluctant	ADJ
fbem-11468	59	16	to	to	PART
fbem-11468	59	17	divest	divest	VERB
fbem-11468	59	18	certain	certain	ADJ
fbem-11468	59	19	assets	asset	NOUN
fbem-11468	59	20	,	,	PUNCT
fbem-11468	59	21	thereby	thereby	ADV
fbem-11468	59	22	locking	lock	VERB
fbem-11468	59	23	up	up	ADP
fbem-11468	59	24	significant	significant	ADJ
fbem-11468	59	25	shareholder	shareholder	NOUN
fbem-11468	59	26	value	value	NOUN
fbem-11468	59	27	within	within	ADP
fbem-11468	59	28	the	the	DET
fbem-11468	59	29	company	company	NOUN
fbem-11468	59	30	and	and	CCONJ
fbem-11468	59	31	creating	create	VERB
fbem-11468	59	32	a	a	DET
fbem-11468	59	33	discrepancy	discrepancy	NOUN
fbem-11468	59	34	between	between	ADP
fbem-11468	59	35	the	the	DET
fbem-11468	59	36	actual	actual	ADJ
fbem-11468	59	37	and	and	CCONJ
fbem-11468	59	38	potential	potential	ADJ
fbem-11468	59	39	value	value	NOUN
fbem-11468	59	40	of	of	ADP
fbem-11468	59	41	the	the	DET
fbem-11468	59	42	company	company	NOUN
fbem-11468	59	43	's	's	PART
fbem-11468	59	44	stock	stock	NOUN
fbem-11468	59	45	.	.	PUNCT
fbem-11468	60	1	companies	company	NOUN
fbem-11468	60	2	that	that	PRON
fbem-11468	60	3	do	do	VERB
fbem-11468	60	4	divestitures	divestiture	NOUN
fbem-11468	60	5	generally	generally	ADV
fbem-11468	60	6	have	have	VERB
fbem-11468	60	7	fewer	few	ADJ
fbem-11468	60	8	agency	agency	NOUN
fbem-11468	60	9	problems	problem	NOUN
fbem-11468	60	10	and	and	CCONJ
fbem-11468	60	11	are	be	AUX
fbem-11468	60	12	seen	see	VERB
fbem-11468	60	13	as	as	ADP
fbem-11468	60	14	correcting	correct	VERB
fbem-11468	60	15	ineffective	ineffective	ADJ
fbem-11468	60	16	internal	internal	ADJ
fbem-11468	60	17	and	and	CCONJ
fbem-11468	60	18	external	external	ADJ
fbem-11468	60	19	control	control	NOUN
fbem-11468	60	20	mechanisms	mechanism	NOUN
fbem-11468	60	21	.	.	PUNCT
fbem-11468	61	1	the	the	DET
fbem-11468	61	2	occurrence	occurrence	NOUN
fbem-11468	61	3	of	of	ADP
fbem-11468	61	4	divestitures	divestiture	NOUN
fbem-11468	61	5	is	be	AUX
fbem-11468	61	6	conducive	conducive	ADJ
fbem-11468	61	7	to	to	ADP
fbem-11468	61	8	improving	improve	VERB
fbem-11468	61	9	corporate	corporate	ADJ
fbem-11468	61	10	governance	governance	NOUN
fbem-11468	61	11	,	,	PUNCT
fbem-11468	61	12	and	and	CCONJ
fbem-11468	61	13	companies	company	NOUN
fbem-11468	61	14	with	with	ADP
fbem-11468	61	15	agency	agency	NOUN
fbem-11468	61	16	problems	problem	NOUN
fbem-11468	61	17	will	will	AUX
fbem-11468	61	18	release	release	VERB
fbem-11468	61	19	value	value	NOUN
fbem-11468	61	20	for	for	ADP
fbem-11468	61	21	shareholders	shareholder	NOUN
fbem-11468	61	22	when	when	SCONJ
fbem-11468	61	23	reversing	reverse	VERB
fbem-11468	61	24	these	these	DET
fbem-11468	61	25	harmful	harmful	ADJ
fbem-11468	61	26	behaviors	behavior	NOUN
fbem-11468	61	27	.	.	PUNCT
fbem-11468	62	1	according	accord	VERB
fbem-11468	62	2	to	to	ADP
fbem-11468	62	3	the	the	DET
fbem-11468	62	4	principal	principal	ADJ
fbem-11468	62	5	-	-	PUNCT
fbem-11468	62	6	agent	agent	NOUN
fbem-11468	62	7	theory	theory	NOUN
fbem-11468	62	8	,	,	PUNCT
fbem-11468	62	9	the	the	DET
fbem-11468	62	10	contractual	contractual	ADJ
fbem-11468	62	11	relationship	relationship	NOUN
fbem-11468	62	12	will	will	AUX
fbem-11468	62	13	be	be	AUX
fbem-11468	62	14	formed	form	VERB
fbem-11468	62	15	after	after	SCONJ
fbem-11468	62	16	the	the	DET
fbem-11468	62	17	shareholders	shareholder	NOUN
fbem-11468	62	18	give	give	VERB
fbem-11468	62	19	the	the	DET
fbem-11468	62	20	decision	decision	NOUN
fbem-11468	62	21	-	-	PUNCT
fbem-11468	62	22	making	make	VERB
fbem-11468	62	23	right	right	NOUN
fbem-11468	62	24	to	to	ADP
fbem-11468	62	25	the	the	DET
fbem-11468	62	26	managers	manager	NOUN
fbem-11468	62	27	.	.	PUNCT
fbem-11468	63	1	the	the	DET
fbem-11468	63	2	managers	manager	NOUN
fbem-11468	63	3	will	will	AUX
fbem-11468	63	4	always	always	ADV
fbem-11468	63	5	consider	consider	VERB
fbem-11468	63	6	the	the	DET
fbem-11468	63	7	operating	operating	NOUN
fbem-11468	63	8	cost	cost	NOUN
fbem-11468	63	9	when	when	SCONJ
fbem-11468	63	10	they	they	PRON
fbem-11468	63	11	divest	divest	VERB
fbem-11468	63	12	the	the	DET
fbem-11468	63	13	company	company	NOUN
fbem-11468	63	14	's	's	PART
fbem-11468	63	15	assets	asset	NOUN
fbem-11468	63	16	,	,	PUNCT
fbem-11468	63	17	because	because	SCONJ
fbem-11468	63	18	reducing	reduce	VERB
fbem-11468	63	19	the	the	DET
fbem-11468	63	20	operating	operating	NOUN
fbem-11468	63	21	cost	cost	NOUN
fbem-11468	63	22	is	be	AUX
fbem-11468	63	23	an	an	DET
fbem-11468	63	24	important	important	ADJ
fbem-11468	63	25	means	mean	NOUN
fbem-11468	63	26	to	to	PART
fbem-11468	63	27	improve	improve	VERB
fbem-11468	63	28	the	the	DET
fbem-11468	63	29	financial	financial	ADJ
fbem-11468	63	30	flexibility	flexibility	NOUN
fbem-11468	63	31	of	of	ADP
fbem-11468	63	32	the	the	DET
fbem-11468	63	33	enterprise	enterprise	NOUN
fbem-11468	63	34	.	.	PUNCT
fbem-11468	64	1	the	the	DET
fbem-11468	64	2	loss	loss	NOUN
fbem-11468	64	3	assets	asset	NOUN
fbem-11468	64	4	will	will	AUX
fbem-11468	64	5	be	be	AUX
fbem-11468	64	6	stripped	strip	VERB
fbem-11468	64	7	in	in	ADP
fbem-11468	64	8	exchange	exchange	NOUN
fbem-11468	64	9	for	for	ADP
fbem-11468	64	10	profits	profit	NOUN
fbem-11468	64	11	,	,	PUNCT
fbem-11468	64	12	so	so	SCONJ
fbem-11468	64	13	that	that	SCONJ
fbem-11468	64	14	the	the	DET
fbem-11468	64	15	enterprise	enterprise	NOUN
fbem-11468	64	16	is	be	AUX
fbem-11468	64	17	updated	update	VERB
fbem-11468	64	18	internally	internally	ADV
fbem-11468	64	19	,	,	PUNCT
fbem-11468	64	20	and	and	CCONJ
fbem-11468	64	21	the	the	DET
fbem-11468	64	22	bad	bad	ADJ
fbem-11468	64	23	assets	asset	NOUN
fbem-11468	64	24	of	of	ADP
fbem-11468	64	25	the	the	DET
fbem-11468	64	26	enterprise	enterprise	NOUN
fbem-11468	64	27	will	will	AUX
fbem-11468	64	28	be	be	AUX
fbem-11468	64	29	stripped	strip	VERB
fbem-11468	64	30	to	to	PART
fbem-11468	64	31	"	"	PUNCT
fbem-11468	64	32	slim	slim	VERB
fbem-11468	64	33	down	down	ADV
fbem-11468	64	34	"	"	PUNCT
fbem-11468	64	35	for	for	ADP
fbem-11468	64	36	the	the	DET
fbem-11468	64	37	enterprise	enterprise	NOUN
fbem-11468	64	38	,	,	PUNCT
fbem-11468	64	39	so	so	SCONJ
fbem-11468	64	40	that	that	SCONJ
fbem-11468	64	41	the	the	DET
fbem-11468	64	42	immediate	immediate	ADJ
fbem-11468	64	43	effect	effect	NOUN
fbem-11468	64	44	gives	give	VERB
fbem-11468	64	45	the	the	DET
fbem-11468	64	46	enterprise	enterprise	NOUN
fbem-11468	64	47	a	a	DET
fbem-11468	64	48	rebirth	rebirth	NOUN
fbem-11468	64	49	opportunity	opportunity	NOUN
fbem-11468	64	50	,	,	PUNCT
fbem-11468	64	51	to	to	PART
fbem-11468	64	52	seize	seize	VERB
fbem-11468	64	53	the	the	DET
fbem-11468	64	54	opportunity	opportunity	NOUN
fbem-11468	64	55	to	to	PART
fbem-11468	64	56	boost	boost	VERB
fbem-11468	64	57	the	the	DET
fbem-11468	64	58	confidence	confidence	NOUN
fbem-11468	64	59	of	of	ADP
fbem-11468	64	60	the	the	DET
fbem-11468	64	61	enterprise	enterprise	NOUN
fbem-11468	64	62	development	development	NOUN
fbem-11468	64	63	in	in	ADP
fbem-11468	64	64	the	the	DET
fbem-11468	64	65	short	short	ADJ
fbem-11468	64	66	term	term	NOUN
fbem-11468	64	67	,	,	PUNCT
fbem-11468	64	68	which	which	PRON
fbem-11468	64	69	will	will	AUX
fbem-11468	64	70	inevitably	inevitably	ADV
fbem-11468	64	71	increase	increase	VERB
fbem-11468	64	72	the	the	DET
fbem-11468	64	73	planning	planning	NOUN
fbem-11468	64	74	of	of	ADP
fbem-11468	64	75	long	long	ADJ
fbem-11468	64	76	-	-	PUNCT
fbem-11468	64	77	term	term	NOUN
fbem-11468	64	78	performance	performance	NOUN
fbem-11468	64	79	,	,	PUNCT
fbem-11468	64	80	and	and	CCONJ
fbem-11468	64	81	will	will	AUX
fbem-11468	64	82	inevitably	inevitably	ADV
fbem-11468	64	83	improve	improve	VERB
fbem-11468	64	84	its	its	PRON
fbem-11468	64	85	financial	financial	ADJ
fbem-11468	64	86	flexibility	flexibility	NOUN
fbem-11468	64	87	.	.	PUNCT
fbem-11468	65	1	based	base	VERB
fbem-11468	65	2	on	on	ADP
fbem-11468	65	3	the	the	DET
fbem-11468	65	4	above	above	ADJ
fbem-11468	65	5	analysis	analysis	NOUN
fbem-11468	65	6	,	,	PUNCT
fbem-11468	65	7	this	this	DET
fbem-11468	65	8	paper	paper	NOUN
fbem-11468	65	9	puts	put	VERB
fbem-11468	65	10	forward	forward	ADV
fbem-11468	65	11	hypothesis	hypothesis	NOUN
fbem-11468	65	12	2	2	NUM
fbem-11468	65	13	:	:	PUNCT
fbem-11468	65	14	h2	h2	NOUN
fbem-11468	65	15	:	:	PUNCT
fbem-11468	65	16	when	when	SCONJ
fbem-11468	65	17	other	other	ADJ
fbem-11468	65	18	conditions	condition	NOUN
fbem-11468	65	19	are	be	AUX
fbem-11468	65	20	given	give	VERB
fbem-11468	65	21	,	,	PUNCT
fbem-11468	65	22	managerial	managerial	ADJ
fbem-11468	65	23	ability	ability	NOUN
fbem-11468	65	24	will	will	AUX
fbem-11468	65	25	promote	promote	VERB
fbem-11468	65	26	the	the	DET
fbem-11468	65	27	relationship	relationship	NOUN
fbem-11468	65	28	between	between	ADP
fbem-11468	65	29	divestment	divestment	NOUN
fbem-11468	65	30	and	and	CCONJ
fbem-11468	65	31	financial	financial	ADJ
fbem-11468	65	32	flexibility	flexibility	NOUN
fbem-11468	65	33	.	.	PUNCT
fbem-11468	66	1	3	3	X
fbem-11468	66	2	.	.	X
fbem-11468	66	3	research	research	NOUN
fbem-11468	66	4	design	design	PROPN
fbem-11468	66	5	3.1	3.1	NUM
fbem-11468	66	6	.	.	PUNCT
fbem-11468	66	7	sample	sample	NOUN
fbem-11468	66	8	selection	selection	NOUN
fbem-11468	66	9	and	and	CCONJ
fbem-11468	66	10	data	datum	NOUN
fbem-11468	66	11	sources	source	NOUN
fbem-11468	66	12	this	this	DET
fbem-11468	66	13	paper	paper	NOUN
fbem-11468	66	14	takes	take	VERB
fbem-11468	66	15	a	a	DET
fbem-11468	66	16	-	-	PUNCT
fbem-11468	66	17	share	share	NOUN
fbem-11468	66	18	listed	list	VERB
fbem-11468	66	19	companies	company	NOUN
fbem-11468	66	20	in	in	ADP
fbem-11468	66	21	shenzhen	shenzhen	PROPN
fbem-11468	66	22	and	and	CCONJ
fbem-11468	66	23	shanghai	shanghai	PROPN
fbem-11468	66	24	from	from	ADP
fbem-11468	66	25	2011	2011	NUM
fbem-11468	66	26	to	to	ADP
fbem-11468	66	27	2020	2020	NUM
fbem-11468	66	28	as	as	ADP
fbem-11468	66	29	the	the	DET
fbem-11468	66	30	research	research	NOUN
fbem-11468	66	31	sample	sample	NOUN
fbem-11468	66	32	,	,	PUNCT
fbem-11468	66	33	and	and	CCONJ
fbem-11468	66	34	the	the	DET
fbem-11468	66	35	original	original	ADJ
fbem-11468	66	36	data	datum	NOUN
fbem-11468	66	37	are	be	AUX
fbem-11468	66	38	from	from	ADP
fbem-11468	66	39	csmar	csmar	PROPN
fbem-11468	66	40	database	database	NOUN
fbem-11468	66	41	.	.	PUNCT
fbem-11468	67	1	based	base	VERB
fbem-11468	67	2	on	on	ADP
fbem-11468	67	3	previous	previous	ADJ
fbem-11468	67	4	studies	study	NOUN
fbem-11468	67	5	,	,	PUNCT
fbem-11468	67	6	samples	sample	NOUN
fbem-11468	67	7	are	be	AUX
fbem-11468	67	8	further	far	ADV
fbem-11468	67	9	screened	screen	VERB
fbem-11468	67	10	according	accord	VERB
fbem-11468	67	11	to	to	ADP
fbem-11468	67	12	the	the	DET
fbem-11468	67	13	following	follow	VERB
fbem-11468	67	14	criteria	criterion	NOUN
fbem-11468	67	15	:	:	PUNCT
fbem-11468	67	16	(	(	PUNCT
fbem-11468	67	17	1	1	X
fbem-11468	67	18	)	)	PUNCT
fbem-11468	67	19	st	st	PROPN
fbem-11468	67	20	,	,	PUNCT
fbem-11468	67	21	st	st	PROPN
fbem-11468	67	22	*	*	PROPN
fbem-11468	67	23	,	,	PUNCT
fbem-11468	67	24	financial	financial	ADJ
fbem-11468	67	25	and	and	CCONJ
fbem-11468	67	26	insurance	insurance	NOUN
fbem-11468	67	27	listed	list	VERB
fbem-11468	67	28	companies	company	NOUN
fbem-11468	67	29	are	be	AUX
fbem-11468	67	30	excluded	exclude	VERB
fbem-11468	67	31	;	;	PUNCT
fbem-11468	67	32	(	(	PUNCT
fbem-11468	67	33	2	2	X
fbem-11468	67	34	)	)	PUNCT
fbem-11468	67	35	only	only	ADV
fbem-11468	67	36	the	the	DET
fbem-11468	67	37	listed	list	VERB
fbem-11468	67	38	companies	company	NOUN
fbem-11468	67	39	whose	whose	DET
fbem-11468	67	40	trading	trading	NOUN
fbem-11468	67	41	status	status	NOUN
fbem-11468	67	42	is	be	AUX
fbem-11468	67	43	the	the	DET
fbem-11468	67	44	seller	seller	NOUN
fbem-11468	67	45	are	be	AUX
fbem-11468	67	46	examined	examine	VERB
fbem-11468	67	47	;	;	PUNCT
fbem-11468	67	48	(	(	PUNCT
fbem-11468	67	49	3	3	X
fbem-11468	67	50	)	)	PUNCT
fbem-11468	67	51	excluding	exclude	VERB
fbem-11468	67	52	the	the	DET
fbem-11468	67	53	samples	sample	NOUN
fbem-11468	67	54	of	of	ADP
fbem-11468	67	55	related	related	ADJ
fbem-11468	67	56	party	party	NOUN
fbem-11468	67	57	transactions	transaction	NOUN
fbem-11468	67	58	,	,	PUNCT
fbem-11468	67	59	unsuccessful	unsuccessful	ADJ
fbem-11468	67	60	transactions	transaction	NOUN
fbem-11468	67	61	and	and	CCONJ
fbem-11468	67	62	major	major	ADJ
fbem-11468	67	63	asset	asset	NOUN
fbem-11468	67	64	reorganization	reorganization	NOUN
fbem-11468	67	65	;	;	PUNCT
fbem-11468	67	66	(	(	PUNCT
fbem-11468	67	67	4	4	X
fbem-11468	67	68	)	)	PUNCT
fbem-11468	67	69	excluding	exclude	VERB
fbem-11468	67	70	the	the	DET
fbem-11468	67	71	data	datum	NOUN
fbem-11468	67	72	with	with	ADP
fbem-11468	67	73	missing	miss	VERB
fbem-11468	67	74	divestment	divestment	NOUN
fbem-11468	67	75	data	datum	NOUN
fbem-11468	67	76	and	and	CCONJ
fbem-11468	67	77	divestment	divestment	NOUN
fbem-11468	67	78	amount	amount	NOUN
fbem-11468	67	79	less	less	ADJ
fbem-11468	67	80	than	than	ADP
fbem-11468	67	81	rmb	rmb	PROPN
fbem-11468	67	82	5	5	NUM
fbem-11468	67	83	million	million	NUM
fbem-11468	67	84	;	;	PUNCT
fbem-11468	67	85	(	(	PUNCT
fbem-11468	67	86	5	5	X
fbem-11468	67	87	)	)	PUNCT
fbem-11468	67	88	the	the	DET
fbem-11468	67	89	total	total	ADJ
fbem-11468	67	90	amount	amount	NOUN
fbem-11468	67	91	of	of	ADP
fbem-11468	67	92	multiple	multiple	ADJ
fbem-11468	67	93	divestments	divestment	NOUN
fbem-11468	67	94	in	in	ADP
fbem-11468	67	95	the	the	DET
fbem-11468	67	96	current	current	ADJ
fbem-11468	67	97	year	year	NOUN
fbem-11468	67	98	shall	shall	AUX
fbem-11468	67	99	be	be	AUX
fbem-11468	67	100	the	the	DET
fbem-11468	67	101	total	total	ADJ
fbem-11468	67	102	amount	amount	NOUN
fbem-11468	67	103	of	of	ADP
fbem-11468	67	104	divestments	divestment	NOUN
fbem-11468	67	105	in	in	ADP
fbem-11468	67	106	the	the	DET
fbem-11468	67	107	current	current	ADJ
fbem-11468	67	108	year	year	NOUN
fbem-11468	67	109	;	;	PUNCT
fbem-11468	67	110	(	(	PUNCT
fbem-11468	67	111	6	6	X
fbem-11468	67	112	)	)	PUNCT
fbem-11468	67	113	reduce	reduce	VERB
fbem-11468	67	114	the	the	DET
fbem-11468	67	115	interference	interference	NOUN
fbem-11468	67	116	of	of	ADP
fbem-11468	67	117	outliers	outlier	NOUN
fbem-11468	67	118	,	,	PUNCT
fbem-11468	67	119	winsorized	winsorize	VERB
fbem-11468	67	120	all	all	DET
fbem-11468	67	121	variables	variable	NOUN
fbem-11468	67	122	by	by	ADP
fbem-11468	67	123	1	1	NUM
fbem-11468	67	124	%	%	NOUN
fbem-11468	67	125	and	and	CCONJ
fbem-11468	67	126	99	99	NUM
fbem-11468	67	127	%	%	NOUN
fbem-11468	67	128	,	,	PUNCT
fbem-11468	67	129	and	and	CCONJ
fbem-11468	67	130	finally	finally	ADV
fbem-11468	67	131	obtained	obtain	VERB
fbem-11468	67	132	3087	3087	NUM
fbem-11468	67	133	data	datum	NOUN
fbem-11468	67	134	.	.	PUNCT
fbem-11468	68	1	3.2	3.2	NUM
fbem-11468	68	2	.	.	PUNCT
fbem-11468	69	1	variable	variable	ADJ
fbem-11468	69	2	measurement	measurement	NOUN
fbem-11468	69	3	3.2.1	3.2.1	NUM
fbem-11468	69	4	.	.	PUNCT
fbem-11468	69	5	explained	explain	VERB
fbem-11468	69	6	variable	variable	NOUN
fbem-11468	69	7	:	:	PUNCT
fbem-11468	69	8	financial	financial	ADJ
fbem-11468	69	9	flexibility	flexibility	NOUN
fbem-11468	69	10	(	(	PUNCT
fbem-11468	69	11	ff	ff	NOUN
fbem-11468	69	12	)	)	PUNCT
fbem-11468	69	13	enterprises	enterprise	NOUN
fbem-11468	69	14	mainly	mainly	ADV
fbem-11468	69	15	obtain	obtain	VERB
fbem-11468	69	16	financial	financial	ADJ
fbem-11468	69	17	flexibility	flexibility	NOUN
fbem-11468	69	18	through	through	ADP
fbem-11468	69	19	three	three	NUM
fbem-11468	69	20	ways	way	NOUN
fbem-11468	69	21	,	,	PUNCT
fbem-11468	69	22	namely	namely	ADV
fbem-11468	69	23	,	,	PUNCT
fbem-11468	69	24	holding	hold	VERB
fbem-11468	69	25	cash	cash	NOUN
fbem-11468	69	26	,	,	PUNCT
fbem-11468	69	27	maintaining	maintain	VERB
fbem-11468	69	28	debt	debt	NOUN
fbem-11468	69	29	financing	financing	NOUN
fbem-11468	69	30	ability	ability	NOUN
fbem-11468	69	31	and	and	CCONJ
fbem-11468	69	32	equity	equity	NOUN
fbem-11468	69	33	financing	financing	NOUN
fbem-11468	69	34	ability	ability	NOUN
fbem-11468	69	35	,	,	PUNCT
fbem-11468	69	36	so	so	ADV
fbem-11468	69	37	corporate	corporate	ADJ
fbem-11468	69	38	financial	financial	ADJ
fbem-11468	69	39	flexibility	flexibility	NOUN
fbem-11468	69	40	can	can	AUX
fbem-11468	69	41	be	be	AUX
fbem-11468	69	42	generally	generally	ADV
fbem-11468	69	43	divided	divide	VERB
fbem-11468	69	44	into	into	ADP
fbem-11468	69	45	three	three	NUM
fbem-11468	69	46	types	type	NOUN
fbem-11468	69	47	:	:	PUNCT
fbem-11468	69	48	cash	cash	NOUN
fbem-11468	69	49	flexibility	flexibility	NOUN
fbem-11468	69	50	,	,	PUNCT
fbem-11468	69	51	debt	debt	NOUN
fbem-11468	69	52	financing	financing	NOUN
fbem-11468	69	53	flexibility	flexibility	NOUN
fbem-11468	69	54	and	and	CCONJ
fbem-11468	69	55	equity	equity	NOUN
fbem-11468	69	56	financing	financing	NOUN
fbem-11468	69	57	flexibility	flexibility	NOUN
fbem-11468	69	58	.	.	PUNCT
fbem-11468	70	1	combined	combine	VERB
fbem-11468	70	2	with	with	ADP
fbem-11468	70	3	china	china	PROPN
fbem-11468	70	4	's	's	PART
fbem-11468	70	5	institutional	institutional	ADJ
fbem-11468	70	6	background	background	NOUN
fbem-11468	70	7	,	,	PUNCT
fbem-11468	70	8	this	this	DET
fbem-11468	70	9	paper	paper	NOUN
fbem-11468	70	10	draws	draw	VERB
fbem-11468	70	11	on	on	ADP
fbem-11468	70	12	zeng	zeng	PROPN
fbem-11468	70	13	et	et	PROPN
fbem-11468	70	14	al	al	PROPN
fbem-11468	70	15	.	.	PROPN
fbem-11468	71	1	(	(	PUNCT
fbem-11468	71	2	2013	2013	NUM
fbem-11468	71	3	)	)	PUNCT
fbem-11468	72	1	[	[	X
fbem-11468	72	2	11	11	NUM
fbem-11468	72	3	]	]	PUNCT
fbem-11468	72	4	to	to	PART
fbem-11468	72	5	measure	measure	VERB
fbem-11468	72	6	financial	financial	ADJ
fbem-11468	72	7	flexibility	flexibility	NOUN
fbem-11468	72	8	as	as	SCONJ
fbem-11468	72	9	follows	follow	VERB
fbem-11468	72	10	:	:	PUNCT
fbem-11468	72	11	financial	financial	ADJ
fbem-11468	72	12	flexibility	flexibility	NOUN
fbem-11468	72	13	=	=	NOUN
fbem-11468	72	14	cash	cash	NOUN
fbem-11468	72	15	flexibility	flexibility	NOUN
fbem-11468	72	16	+	+	CCONJ
fbem-11468	72	17	debt	debt	NOUN
fbem-11468	72	18	financing	financing	NOUN
fbem-11468	72	19	flexibility	flexibility	NOUN
fbem-11468	72	20	,	,	PUNCT
fbem-11468	72	21	where	where	SCONJ
fbem-11468	72	22	cash	cash	NOUN
fbem-11468	72	23	flexibility	flexibility	NOUN
fbem-11468	72	24	=	=	SYM
fbem-11468	72	25	corporate	corporate	ADJ
fbem-11468	72	26	cash	cash	NOUN
fbem-11468	72	27	ratio	ratio	NOUN
fbem-11468	72	28	industry	industry	NOUN
fbem-11468	72	29	cash	cash	NOUN
fbem-11468	72	30	ratio	ratio	NOUN
fbem-11468	72	31	,	,	PUNCT
fbem-11468	72	32	debt	debt	NOUN
fbem-11468	72	33	financing	financing	NOUN
fbem-11468	72	34	flexibility	flexibility	NOUN
fbem-11468	72	35	=	=	NOUN
fbem-11468	72	36	max	max	X
fbem-11468	72	37	(	(	PUNCT
fbem-11468	72	38	0	0	NUM
fbem-11468	72	39	,	,	PUNCT
fbem-11468	72	40	industry	industry	NOUN
fbem-11468	72	41	average	average	ADJ
fbem-11468	72	42	debt	debt	NOUN
fbem-11468	72	43	ratio	ratio	NOUN
fbem-11468	72	44	corporate	corporate	ADJ
fbem-11468	72	45	debt	debt	NOUN
fbem-11468	72	46	ratio	ratio	NOUN
fbem-11468	72	47	)	)	PUNCT
fbem-11468	72	48	.	.	PUNCT
fbem-11468	73	1	the	the	DET
fbem-11468	73	2	reason	reason	NOUN
fbem-11468	73	3	why	why	SCONJ
fbem-11468	73	4	this	this	DET
fbem-11468	73	5	paper	paper	NOUN
fbem-11468	73	6	does	do	AUX
fbem-11468	73	7	not	not	PART
fbem-11468	73	8	consider	consider	VERB
fbem-11468	73	9	the	the	DET
fbem-11468	73	10	flexibility	flexibility	NOUN
fbem-11468	73	11	of	of	ADP
fbem-11468	73	12	equity	equity	NOUN
fbem-11468	73	13	financing	financing	NOUN
fbem-11468	73	14	is	be	AUX
fbem-11468	73	15	that	that	SCONJ
fbem-11468	73	16	under	under	ADP
fbem-11468	73	17	the	the	DET
fbem-11468	73	18	institutional	institutional	ADJ
fbem-11468	73	19	background	background	NOUN
fbem-11468	73	20	of	of	ADP
fbem-11468	73	21	china	china	PROPN
fbem-11468	73	22	,	,	PUNCT
fbem-11468	73	23	the	the	DET
fbem-11468	73	24	qualification	qualification	NOUN
fbem-11468	73	25	,	,	PUNCT
fbem-11468	73	26	time	time	NOUN
fbem-11468	73	27	and	and	CCONJ
fbem-11468	73	28	quantity	quantity	NOUN
fbem-11468	73	29	of	of	ADP
fbem-11468	73	30	equity	equity	NOUN
fbem-11468	73	31	refinancing	refinancing	NOUN
fbem-11468	73	32	of	of	ADP
fbem-11468	73	33	listed	list	VERB
fbem-11468	73	34	companies	company	NOUN
fbem-11468	73	35	are	be	AUX
fbem-11468	73	36	strictly	strictly	ADV
fbem-11468	73	37	controlled	control	VERB
fbem-11468	73	38	by	by	ADP
fbem-11468	73	39	china	china	PROPN
fbem-11468	73	40	securities	securities	PROPN
fbem-11468	73	41	regulatory	regulatory	PROPN
fbem-11468	73	42	commission	commission	PROPN
fbem-11468	73	43	,	,	PUNCT
fbem-11468	73	44	and	and	CCONJ
fbem-11468	73	45	few	few	ADJ
fbem-11468	73	46	companies	company	NOUN
fbem-11468	73	47	have	have	VERB
fbem-11468	73	48	the	the	DET
fbem-11468	73	49	right	right	NOUN
fbem-11468	73	50	to	to	PART
fbem-11468	73	51	decide	decide	VERB
fbem-11468	73	52	when	when	SCONJ
fbem-11468	73	53	and	and	CCONJ
fbem-11468	73	54	how	how	SCONJ
fbem-11468	73	55	much	much	ADJ
fbem-11468	73	56	equity	equity	NOUN
fbem-11468	73	57	securities	security	NOUN
fbem-11468	73	58	to	to	PART
fbem-11468	73	59	issue	issue	VERB
fbem-11468	73	60	,	,	PUNCT
fbem-11468	73	61	so	so	CCONJ
fbem-11468	73	62	few	few	ADJ
fbem-11468	73	63	companies	company	NOUN
fbem-11468	73	64	have	have	VERB
fbem-11468	73	65	the	the	DET
fbem-11468	73	66	flexibility	flexibility	NOUN
fbem-11468	73	67	of	of	ADP
fbem-11468	73	68	equity	equity	NOUN
fbem-11468	73	69	financing	financing	NOUN
fbem-11468	73	70	.	.	PUNCT
fbem-11468	74	1	3.2.2	3.2.2	X
fbem-11468	74	2	.	.	PUNCT
fbem-11468	74	3	explanatory	explanatory	ADJ
fbem-11468	74	4	variable	variable	NOUN
fbem-11468	74	5	:	:	PUNCT
fbem-11468	74	6	divestment	divestment	NOUN
fbem-11468	74	7	of	of	ADP
fbem-11468	74	8	assets	asset	NOUN
fbem-11468	74	9	(	(	PUNCT
fbem-11468	74	10	div	div	PROPN
fbem-11468	74	11	)	)	PUNCT
fbem-11468	74	12	referring	refer	VERB
fbem-11468	74	13	to	to	ADP
fbem-11468	74	14	the	the	DET
fbem-11468	74	15	method	method	NOUN
fbem-11468	74	16	of	of	ADP
fbem-11468	74	17	guo	guo	PROPN
fbem-11468	74	18	and	and	CCONJ
fbem-11468	74	19	wang	wang	PROPN
fbem-11468	74	20	(	(	PUNCT
fbem-11468	74	21	2022	2022	NUM
fbem-11468	74	22	)	)	PUNCT
fbem-11468	75	1	[	[	X
fbem-11468	75	2	12	12	NUM
fbem-11468	75	3	]	]	PUNCT
fbem-11468	75	4	,	,	PUNCT
fbem-11468	75	5	this	this	DET
fbem-11468	75	6	155	155	NUM
fbem-11468	75	7	paper	paper	NOUN
fbem-11468	75	8	measures	measure	NOUN
fbem-11468	75	9	the	the	DET
fbem-11468	75	10	divestment	divestment	NOUN
fbem-11468	75	11	scale	scale	NOUN
fbem-11468	75	12	by	by	ADP
fbem-11468	75	13	dividing	divide	VERB
fbem-11468	75	14	the	the	DET
fbem-11468	75	15	amount	amount	NOUN
fbem-11468	75	16	of	of	ADP
fbem-11468	75	17	divestment	divestment	NOUN
fbem-11468	75	18	transactions	transaction	NOUN
fbem-11468	75	19	in	in	ADP
fbem-11468	75	20	each	each	DET
fbem-11468	75	21	year	year	NOUN
fbem-11468	75	22	by	by	ADP
fbem-11468	75	23	the	the	DET
fbem-11468	75	24	total	total	ADJ
fbem-11468	75	25	assets	asset	NOUN
fbem-11468	75	26	at	at	ADP
fbem-11468	75	27	the	the	DET
fbem-11468	75	28	end	end	NOUN
fbem-11468	75	29	of	of	ADP
fbem-11468	75	30	the	the	DET
fbem-11468	75	31	period	period	NOUN
fbem-11468	75	32	.	.	PUNCT
fbem-11468	76	1	3.2.3	3.2.3	X
fbem-11468	76	2	.	.	X
fbem-11468	76	3	control	control	NOUN
fbem-11468	76	4	variables	variable	NOUN
fbem-11468	76	5	referring	refer	VERB
fbem-11468	76	6	to	to	ADP
fbem-11468	76	7	previous	previous	ADJ
fbem-11468	76	8	studies	study	NOUN
fbem-11468	76	9	,	,	PUNCT
fbem-11468	76	10	this	this	DET
fbem-11468	76	11	paper	paper	NOUN
fbem-11468	76	12	controls	control	VERB
fbem-11468	76	13	common	common	ADJ
fbem-11468	76	14	factors	factor	NOUN
fbem-11468	76	15	such	such	ADJ
fbem-11468	76	16	as	as	ADP
fbem-11468	76	17	enterprise	enterprise	NOUN
fbem-11468	76	18	size	size	NOUN
fbem-11468	76	19	,	,	PUNCT
fbem-11468	76	20	financial	financial	ADJ
fbem-11468	76	21	leverage	leverage	NOUN
fbem-11468	76	22	,	,	PUNCT
fbem-11468	76	23	cash	cash	NOUN
fbem-11468	76	24	flow	flow	NOUN
fbem-11468	76	25	,	,	PUNCT
fbem-11468	76	26	board	board	NOUN
fbem-11468	76	27	size	size	NOUN
fbem-11468	76	28	,	,	PUNCT
fbem-11468	76	29	listing	list	VERB
fbem-11468	76	30	age	age	NOUN
fbem-11468	76	31	and	and	CCONJ
fbem-11468	76	32	ownership	ownership	NOUN
fbem-11468	76	33	concentration	concentration	NOUN
fbem-11468	76	34	.	.	PUNCT
fbem-11468	77	1	in	in	ADP
fbem-11468	77	2	addition	addition	NOUN
fbem-11468	77	3	,	,	PUNCT
fbem-11468	77	4	year	year	NOUN
fbem-11468	77	5	and	and	CCONJ
fbem-11468	77	6	industry	industry	NOUN
fbem-11468	77	7	fixed	fix	VERB
fbem-11468	77	8	effects	effect	NOUN
fbem-11468	77	9	are	be	AUX
fbem-11468	77	10	also	also	ADV
fbem-11468	77	11	controlled	control	VERB
fbem-11468	77	12	.	.	PUNCT
fbem-11468	78	1	3.2.4	3.2.4	X
fbem-11468	78	2	.	.	PUNCT
fbem-11468	79	1	mediating	mediate	VERB
fbem-11468	79	2	variable	variable	NOUN
fbem-11468	79	3	:	:	PUNCT
fbem-11468	79	4	financing	financing	NOUN
fbem-11468	79	5	constraints	constraint	NOUN
fbem-11468	79	6	(	(	PUNCT
fbem-11468	79	7	fc	fc	INTJ
fbem-11468	79	8	)	)	PUNCT
fbem-11468	79	9	the	the	DET
fbem-11468	79	10	construction	construction	NOUN
fbem-11468	79	11	process	process	NOUN
fbem-11468	79	12	of	of	ADP
fbem-11468	79	13	fc	fc	PROPN
fbem-11468	79	14	index	index	NOUN
fbem-11468	79	15	model	model	NOUN
fbem-11468	79	16	is	be	AUX
fbem-11468	79	17	as	as	SCONJ
fbem-11468	79	18	follows	follow	VERB
fbem-11468	79	19	:	:	PUNCT
fbem-11468	79	20	(	(	PUNCT
fbem-11468	79	21	1	1	X
fbem-11468	79	22	)	)	PUNCT
fbem-11468	79	23	the	the	DET
fbem-11468	79	24	three	three	NUM
fbem-11468	79	25	variables	variable	NOUN
fbem-11468	79	26	of	of	ADP
fbem-11468	79	27	company	company	NOUN
fbem-11468	79	28	size	size	NOUN
fbem-11468	79	29	,	,	PUNCT
fbem-11468	79	30	company	company	NOUN
fbem-11468	79	31	age	age	NOUN
fbem-11468	79	32	and	and	CCONJ
fbem-11468	79	33	cash	cash	NOUN
fbem-11468	79	34	dividend	dividend	NOUN
fbem-11468	79	35	payout	payout	NOUN
fbem-11468	79	36	rate	rate	NOUN
fbem-11468	79	37	are	be	AUX
fbem-11468	79	38	standardized	standardize	VERB
fbem-11468	79	39	by	by	ADP
fbem-11468	79	40	year	year	NOUN
fbem-11468	79	41	.	.	PUNCT
fbem-11468	80	1	②	②	NUM
fbem-11468	80	2	according	accord	VERB
fbem-11468	80	3	to	to	ADP
fbem-11468	80	4	the	the	DET
fbem-11468	80	5	mean	mean	ADJ
fbem-11468	80	6	value	value	NOUN
fbem-11468	80	7	of	of	ADP
fbem-11468	80	8	standardized	standardized	ADJ
fbem-11468	80	9	variables	variable	NOUN
fbem-11468	80	10	,	,	PUNCT
fbem-11468	80	11	the	the	DET
fbem-11468	80	12	listed	list	VERB
fbem-11468	80	13	companies	company	NOUN
fbem-11468	80	14	are	be	AUX
fbem-11468	80	15	ranked	rank	VERB
fbem-11468	80	16	(	(	PUNCT
fbem-11468	80	17	ascending	ascend	VERB
fbem-11468	80	18	order	order	NOUN
fbem-11468	80	19	)	)	PUNCT
fbem-11468	80	20	,	,	PUNCT
fbem-11468	80	21	and	and	CCONJ
fbem-11468	80	22	the	the	DET
fbem-11468	80	23	upper	upper	ADJ
fbem-11468	80	24	and	and	CCONJ
fbem-11468	80	25	lower	low	ADJ
fbem-11468	80	26	tertiles	tertile	NOUN
fbem-11468	80	27	are	be	AUX
fbem-11468	80	28	used	use	VERB
fbem-11468	80	29	as	as	ADP
fbem-11468	80	30	the	the	DET
fbem-11468	80	31	cut	cut	VERB
fbem-11468	80	32	-	-	PUNCT
fbem-11468	80	33	off	off	ADP
fbem-11468	80	34	points	point	NOUN
fbem-11468	80	35	of	of	ADP
fbem-11468	80	36	financial	financial	ADJ
fbem-11468	80	37	constraints	constraint	NOUN
fbem-11468	80	38	to	to	PART
fbem-11468	80	39	determine	determine	VERB
fbem-11468	80	40	the	the	DET
fbem-11468	80	41	dummy	dummy	ADJ
fbem-11468	80	42	variable	variable	NOUN
fbem-11468	80	43	of	of	ADP
fbem-11468	80	44	financial	financial	ADJ
fbem-11468	80	45	constraints	constraint	NOUN
fbem-11468	80	46	(	(	PUNCT
fbem-11468	80	47	qufc	qufc	NOUN
fbem-11468	80	48	)	)	PUNCT
fbem-11468	80	49	.	.	PUNCT
fbem-11468	81	1	among	among	ADP
fbem-11468	81	2	them	they	PRON
fbem-11468	81	3	,	,	PUNCT
fbem-11468	81	4	the	the	DET
fbem-11468	81	5	listed	list	VERB
fbem-11468	81	6	companies	company	NOUN
fbem-11468	81	7	with	with	ADP
fbem-11468	81	8	more	more	ADJ
fbem-11468	81	9	than	than	ADP
fbem-11468	81	10	66.7	66.7	NUM
fbem-11468	81	11	%	%	NOUN
fbem-11468	81	12	quantile	quantile	NOUN
fbem-11468	81	13	are	be	AUX
fbem-11468	81	14	defined	define	VERB
fbem-11468	81	15	as	as	ADP
fbem-11468	81	16	low	low	ADJ
fbem-11468	81	17	financial	financial	ADJ
fbem-11468	81	18	constraints	constraint	NOUN
fbem-11468	81	19	group	group	NOUN
fbem-11468	81	20	,	,	PUNCT
fbem-11468	81	21	qufc=0	qufc=0	PROPN
fbem-11468	81	22	;	;	PUNCT
fbem-11468	81	23	the	the	DET
fbem-11468	81	24	listed	list	VERB
fbem-11468	81	25	companies	company	NOUN
fbem-11468	81	26	with	with	ADP
fbem-11468	81	27	less	less	ADJ
fbem-11468	81	28	than	than	ADP
fbem-11468	81	29	/33.3	/33.3	NOUN
fbem-11468	81	30	%	%	NOUN
fbem-11468	81	31	quantile	quantile	NOUN
fbem-11468	81	32	are	be	AUX
fbem-11468	81	33	defined	define	VERB
fbem-11468	81	34	as	as	ADP
fbem-11468	81	35	high	high	ADJ
fbem-11468	81	36	financial	financial	ADJ
fbem-11468	81	37	constraints	constraint	NOUN
fbem-11468	81	38	group	group	NOUN
fbem-11468	81	39	,	,	PUNCT
fbem-11468	81	40	qufc=1	qufc=1	PROPN
fbem-11468	81	41	.	.	PUNCT
fbem-11468	81	42	③	③	NUM
fbem-11468	81	43	logit	logit	NOUN
fbem-11468	81	44	regression	regression	NOUN
fbem-11468	81	45	is	be	AUX
fbem-11468	81	46	carried	carry	VERB
fbem-11468	81	47	out	out	ADP
fbem-11468	81	48	according	accord	VERB
fbem-11468	81	49	to	to	ADP
fbem-11468	81	50	formula	formula	NOUN
fbem-11468	81	51	(	(	PUNCT
fbem-11468	81	52	1	1	NUM
fbem-11468	81	53	)	)	PUNCT
fbem-11468	81	54	,	,	PUNCT
fbem-11468	81	55	and	and	CCONJ
fbem-11468	81	56	the	the	DET
fbem-11468	81	57	fitting	fitting	ADJ
fbem-11468	81	58	value	value	NOUN
fbem-11468	81	59	is	be	AUX
fbem-11468	81	60	the	the	DET
fbem-11468	81	61	fc	fc	PROPN
fbem-11468	81	62	index	index	NOUN
fbem-11468	81	63	of	of	ADP
fbem-11468	81	64	financial	financial	ADJ
fbem-11468	81	65	constraints	constraint	NOUN
fbem-11468	81	66	.	.	PUNCT
fbem-11468	82	1	𝑃	𝑃	NOUN
fbem-11468	82	2	𝑄𝑈𝐹𝐶	𝑄𝑈𝐹𝐶	NOUN
fbem-11468	82	3	𝐼	𝐼	PROPN
fbem-11468	82	4	𝑍𝐹𝐶	𝑍𝐹𝐶	PROPN
fbem-11468	82	5	,	,	PUNCT
fbem-11468	82	6	𝑒	𝑒	PROPN
fbem-11468	82	7	，	，	PROPN
fbem-11468	82	8	𝐼	𝐼	PROPN
fbem-11468	82	9	𝑒	𝑒	PROPN
fbem-11468	82	10	，	，	ADJ
fbem-11468	82	11	1	1	NUM
fbem-11468	82	12	𝑍𝐹𝐶	𝑍𝐹𝐶	NOUN
fbem-11468	82	13	,	,	PUNCT
fbem-11468	82	14	𝛽	𝛽	NOUN
fbem-11468	82	15	𝛽	𝛽	PROPN
fbem-11468	82	16	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-11468	82	17	,	,	PUNCT
fbem-11468	82	18	𝛽	𝛽	PROPN
fbem-11468	82	19	𝐿𝑒𝑣	𝐿𝑒𝑣	PROPN
fbem-11468	82	20	,	,	PUNCT
fbem-11468	82	21	𝛽	𝛽	PROPN
fbem-11468	82	22	𝐶𝑎𝑠ℎ𝐷𝑖𝑣	𝐶𝑎𝑠ℎ𝐷𝑖𝑣	PROPN
fbem-11468	82	23	𝑇𝐴	𝑇𝐴	PROPN
fbem-11468	82	24	,	,	PUNCT
fbem-11468	82	25	𝛽	𝛽	PROPN
fbem-11468	82	26	𝑀𝐵	𝑀𝐵	PROPN
fbem-11468	82	27	,	,	PUNCT
fbem-11468	82	28	𝛽	𝛽	PROPN
fbem-11468	82	29	𝑁𝑊𝐶	𝑁𝑊𝐶	PROPN
fbem-11468	82	30	𝑇𝐴	𝑇𝐴	PROPN
fbem-11468	82	31	,	,	PUNCT
fbem-11468	82	32	𝛽	𝛽	NOUN
fbem-11468	82	33	𝐸𝐵𝐼𝑇	𝐸𝐵𝐼𝑇	ADJ
fbem-11468	82	34	𝑇𝐴	𝑇𝐴	NOUN
fbem-11468	82	35	,	,	PUNCT
fbem-11468	82	36	2	2	NUM
fbem-11468	82	37	where	where	SCONJ
fbem-11468	82	38	,	,	PUNCT
fbem-11468	82	39	size	size	NOUN
fbem-11468	82	40	is	be	AUX
fbem-11468	82	41	the	the	DET
fbem-11468	82	42	size	size	NOUN
fbem-11468	82	43	of	of	ADP
fbem-11468	82	44	the	the	DET
fbem-11468	82	45	enterprise	enterprise	NOUN
fbem-11468	82	46	;	;	PUNCT
fbem-11468	82	47	lev	lev	NOUN
fbem-11468	82	48	is	be	AUX
fbem-11468	82	49	the	the	DET
fbem-11468	82	50	debt	debt	NOUN
fbem-11468	82	51	ratio	ratio	NOUN
fbem-11468	82	52	;	;	PUNCT
fbem-11468	82	53	cashdiv	cashdiv	PROPN
fbem-11468	82	54	is	be	AUX
fbem-11468	82	55	the	the	DET
fbem-11468	82	56	cash	cash	NOUN
fbem-11468	82	57	dividend	dividend	NOUN
fbem-11468	82	58	paid	pay	VERB
fbem-11468	82	59	by	by	ADP
fbem-11468	82	60	the	the	DET
fbem-11468	82	61	enterprise	enterprise	NOUN
fbem-11468	82	62	in	in	ADP
fbem-11468	82	63	the	the	DET
fbem-11468	82	64	current	current	ADJ
fbem-11468	82	65	year	year	NOUN
fbem-11468	82	66	;	;	PUNCT
fbem-11468	82	67	mb	mb	X
fbem-11468	82	68	is	be	AUX
fbem-11468	82	69	the	the	DET
fbem-11468	82	70	price	price	NOUN
fbem-11468	82	71	-	-	PUNCT
fbem-11468	82	72	to	to	ADP
fbem-11468	82	73	-	-	PUNCT
fbem-11468	82	74	book	book	NOUN
fbem-11468	82	75	ratio	ratio	NOUN
fbem-11468	82	76	of	of	ADP
fbem-11468	82	77	the	the	DET
fbem-11468	82	78	enterprise	enterprise	NOUN
fbem-11468	82	79	;	;	PUNCT
fbem-11468	82	80	nwc	nwc	PROPN
fbem-11468	82	81	is	be	AUX
fbem-11468	82	82	net	net	ADJ
fbem-11468	82	83	working	working	NOUN
fbem-11468	82	84	capital	capital	NOUN
fbem-11468	82	85	;	;	PUNCT
fbem-11468	82	86	ebit	ebit	NOUN
fbem-11468	82	87	is	be	AUX
fbem-11468	82	88	earnings	earning	NOUN
fbem-11468	82	89	before	before	ADP
fbem-11468	82	90	interest	interest	NOUN
fbem-11468	82	91	and	and	CCONJ
fbem-11468	82	92	taxes	taxis	NOUN
fbem-11468	82	93	;	;	PUNCT
fbem-11468	82	94	ta	ta	X
fbem-11468	82	95	is	be	AUX
fbem-11468	82	96	total	total	ADJ
fbem-11468	82	97	assets	asset	NOUN
fbem-11468	82	98	.	.	PUNCT
fbem-11468	83	1	3.2.5	3.2.5	X
fbem-11468	83	2	.	.	X
fbem-11468	83	3	moderating	moderate	VERB
fbem-11468	83	4	variable	variable	NOUN
fbem-11468	83	5	:	:	PUNCT
fbem-11468	83	6	manager	manager	NOUN
fbem-11468	83	7	ability	ability	NOUN
fbem-11468	83	8	(	(	PUNCT
fbem-11468	83	9	firm	firm	ADJ
fbem-11468	83	10	efficiency	efficiency	NOUN
fbem-11468	83	11	)	)	PUNCT
fbem-11468	83	12	.	.	PUNCT
fbem-11468	84	1	this	this	DET
fbem-11468	84	2	paper	paper	NOUN
fbem-11468	84	3	will	will	AUX
fbem-11468	84	4	use	use	VERB
fbem-11468	84	5	data	datum	NOUN
fbem-11468	84	6	envelopment	envelopment	ADJ
fbem-11468	84	7	analysis	analysis	NOUN
fbem-11468	84	8	(	(	PUNCT
fbem-11468	84	9	dea	dea	NOUN
fbem-11468	84	10	)	)	PUNCT
fbem-11468	84	11	to	to	PART
fbem-11468	84	12	measure	measure	VERB
fbem-11468	84	13	the	the	DET
fbem-11468	84	14	managerial	managerial	ADJ
fbem-11468	84	15	ability	ability	NOUN
fbem-11468	84	16	of	of	ADP
fbem-11468	84	17	chinese	chinese	ADJ
fbem-11468	84	18	listed	list	VERB
fbem-11468	84	19	companies	company	NOUN
fbem-11468	84	20	,	,	PUNCT
fbem-11468	84	21	that	that	ADV
fbem-11468	84	22	is	is	ADV
fbem-11468	84	23	,	,	PUNCT
fbem-11468	84	24	using	use	VERB
fbem-11468	84	25	dea	dea	NOUN
fbem-11468	84	26	to	to	PART
fbem-11468	84	27	calculate	calculate	VERB
fbem-11468	84	28	the	the	DET
fbem-11468	84	29	managerial	managerial	ADJ
fbem-11468	84	30	ability	ability	NOUN
fbem-11468	84	31	by	by	ADP
fbem-11468	84	32	separating	separate	VERB
fbem-11468	84	33	the	the	DET
fbem-11468	84	34	influence	influence	NOUN
fbem-11468	84	35	of	of	ADP
fbem-11468	84	36	managers	manager	NOUN
fbem-11468	84	37	on	on	ADP
fbem-11468	84	38	corporate	corporate	ADJ
fbem-11468	84	39	efficiency	efficiency	NOUN
fbem-11468	84	40	from	from	ADP
fbem-11468	84	41	the	the	DET
fbem-11468	84	42	total	total	ADJ
fbem-11468	84	43	efficiency	efficiency	NOUN
fbem-11468	84	44	of	of	ADP
fbem-11468	84	45	enterprises	enterprise	NOUN
fbem-11468	84	46	.	.	PUNCT
fbem-11468	85	1	on	on	ADP
fbem-11468	85	2	the	the	DET
fbem-11468	85	3	basis	basis	NOUN
fbem-11468	85	4	of	of	ADP
fbem-11468	85	5	avoiding	avoid	VERB
fbem-11468	85	6	missing	miss	VERB
fbem-11468	85	7	samples	sample	NOUN
fbem-11468	85	8	,	,	PUNCT
fbem-11468	85	9	this	this	DET
fbem-11468	85	10	method	method	NOUN
fbem-11468	85	11	can	can	AUX
fbem-11468	85	12	simply	simply	ADV
fbem-11468	85	13	and	and	CCONJ
fbem-11468	85	14	intuitively	intuitively	ADV
fbem-11468	85	15	calculate	calculate	VERB
fbem-11468	85	16	the	the	DET
fbem-11468	85	17	operating	operating	NOUN
fbem-11468	85	18	efficiency	efficiency	NOUN
fbem-11468	85	19	of	of	ADP
fbem-11468	85	20	large	large	ADJ
fbem-11468	85	21	sample	sample	NOUN
fbem-11468	85	22	companies	company	NOUN
fbem-11468	85	23	,	,	PUNCT
fbem-11468	85	24	which	which	PRON
fbem-11468	85	25	has	have	AUX
fbem-11468	85	26	been	be	AUX
fbem-11468	85	27	supported	support	VERB
fbem-11468	85	28	by	by	ADP
fbem-11468	85	29	a	a	DET
fbem-11468	85	30	large	large	ADJ
fbem-11468	85	31	amount	amount	NOUN
fbem-11468	85	32	of	of	ADP
fbem-11468	85	33	literature	literature	NOUN
fbem-11468	85	34	in	in	ADP
fbem-11468	85	35	the	the	DET
fbem-11468	85	36	field	field	NOUN
fbem-11468	85	37	of	of	ADP
fbem-11468	85	38	financial	financial	ADJ
fbem-11468	85	39	accounting	accounting	NOUN
fbem-11468	85	40	.	.	PUNCT
fbem-11468	86	1	it	it	PRON
fbem-11468	86	2	can	can	AUX
fbem-11468	86	3	be	be	AUX
fbem-11468	86	4	divided	divide	VERB
fbem-11468	86	5	into	into	ADP
fbem-11468	86	6	two	two	NUM
fbem-11468	86	7	steps	step	NOUN
fbem-11468	86	8	:	:	PUNCT
fbem-11468	86	9	first	first	ADV
fbem-11468	86	10	,	,	PUNCT
fbem-11468	86	11	calculate	calculate	VERB
fbem-11468	86	12	the	the	DET
fbem-11468	86	13	total	total	ADJ
fbem-11468	86	14	efficiency	efficiency	NOUN
fbem-11468	86	15	of	of	ADP
fbem-11468	86	16	companies	company	NOUN
fbem-11468	86	17	by	by	ADP
fbem-11468	86	18	industry	industry	NOUN
fbem-11468	86	19	;	;	PUNCT
fbem-11468	86	20	secondly	secondly	ADV
fbem-11468	86	21	,	,	PUNCT
fbem-11468	86	22	the	the	DET
fbem-11468	86	23	contribution	contribution	NOUN
fbem-11468	86	24	value	value	NOUN
fbem-11468	86	25	of	of	ADP
fbem-11468	86	26	managers	manager	NOUN
fbem-11468	86	27	is	be	AUX
fbem-11468	86	28	separated	separate	VERB
fbem-11468	86	29	.	.	PUNCT
fbem-11468	87	1	(	(	PUNCT
fbem-11468	87	2	3	3	X
fbem-11468	87	3	)	)	PUNCT
fbem-11468	87	4	table	table	NOUN
fbem-11468	87	5	1	1	NUM
fbem-11468	87	6	.	.	PUNCT
fbem-11468	88	1	definition	definition	NOUN
fbem-11468	88	2	of	of	ADP
fbem-11468	88	3	variables	variable	NOUN
fbem-11468	88	4	variable	variable	ADJ
fbem-11468	88	5	name	name	NOUN
fbem-11468	88	6	variable	variable	ADJ
fbem-11468	88	7	symbol	symbol	NOUN
fbem-11468	88	8	variable	variable	ADJ
fbem-11468	88	9	explanation	explanation	NOUN
fbem-11468	88	10	financial	financial	ADJ
fbem-11468	88	11	flexibility	flexibility	NOUN
fbem-11468	88	12	ff	ff	NOUN
fbem-11468	88	13	cash	cash	NOUN
fbem-11468	88	14	flexible	flexible	ADJ
fbem-11468	88	15	+	+	CCONJ
fbem-11468	88	16	debt	debt	NOUN
fbem-11468	88	17	flexible	flexible	ADJ
fbem-11468	88	18	divestiture	divestiture	NOUN
fbem-11468	88	19	div	div	PROPN
fbem-11468	88	20	divestiture	divestiture	PROPN
fbem-11468	88	21	transaction	transaction	NOUN
fbem-11468	88	22	amount	amount	NOUN
fbem-11468	88	23	/	/	SYM
fbem-11468	88	24	total	total	ADJ
fbem-11468	88	25	assets	asset	NOUN
fbem-11468	88	26	at	at	ADP
fbem-11468	88	27	the	the	DET
fbem-11468	88	28	end	end	NOUN
fbem-11468	88	29	of	of	ADP
fbem-11468	88	30	each	each	DET
fbem-11468	88	31	year	year	NOUN
fbem-11468	88	32	financing	financing	NOUN
fbem-11468	88	33	constraints	constraint	NOUN
fbem-11468	88	34	fc	fc	PROPN
fbem-11468	88	35	fc	fc	PROPN
fbem-11468	88	36	index	index	PROPN
fbem-11468	88	37	managerial	managerial	ADJ
fbem-11468	88	38	ability	ability	NOUN
fbem-11468	88	39	firm_efficiency	firm_efficiency	NOUN
fbem-11468	88	40	refer	refer	VERB
fbem-11468	88	41	to	to	ADP
fbem-11468	88	42	dermerjia	dermerjia	PROPN
fbem-11468	88	43	et	et	PROPN
fbem-11468	88	44	al	al	PROPN
fbem-11468	88	45	.	.	PROPN
fbem-11468	89	1	(	(	PUNCT
fbem-11468	89	2	2012	2012	NUM
fbem-11468	89	3	)	)	PUNCT
fbem-11468	89	4	size	size	NOUN
fbem-11468	89	5	of	of	ADP
fbem-11468	89	6	enterprise	enterprise	NOUN
fbem-11468	89	7	size	size	NOUN
fbem-11468	89	8	natural	natural	ADJ
fbem-11468	89	9	logarithm	logarithm	NOUN
fbem-11468	89	10	of	of	ADP
fbem-11468	89	11	a	a	DET
fbem-11468	89	12	firm	firm	NOUN
fbem-11468	89	13	's	's	PART
fbem-11468	89	14	total	total	ADJ
fbem-11468	89	15	assets	asset	NOUN
fbem-11468	89	16	at	at	ADP
fbem-11468	89	17	the	the	DET
fbem-11468	89	18	end	end	NOUN
fbem-11468	89	19	of	of	ADP
fbem-11468	89	20	the	the	DET
fbem-11468	89	21	year	year	NOUN
fbem-11468	89	22	firm	firm	ADJ
fbem-11468	89	23	age	age	NOUN
fbem-11468	89	24	age	age	NOUN
fbem-11468	89	25	(	(	PUNCT
fbem-11468	89	26	year	year	NOUN
fbem-11468	89	27	of	of	ADP
fbem-11468	89	28	the	the	DET
fbem-11468	89	29	year	year	NOUN
fbem-11468	89	30	year	year	NOUN
fbem-11468	89	31	of	of	ADP
fbem-11468	89	32	listing	list	VERB
fbem-11468	89	33	+1	+1	PROPN
fbem-11468	89	34	)	)	PUNCT
fbem-11468	89	35	take	take	VERB
fbem-11468	89	36	the	the	DET
fbem-11468	89	37	natural	natural	ADJ
fbem-11468	89	38	logarithm	logarithm	NOUN
fbem-11468	89	39	net	net	ADJ
fbem-11468	89	40	profit	profit	NOUN
fbem-11468	89	41	margin	margin	NOUN
fbem-11468	89	42	on	on	ADP
fbem-11468	89	43	total	total	ADJ
fbem-11468	89	44	assets	asset	NOUN
fbem-11468	89	45	roa	roa	PROPN
fbem-11468	89	46	net	net	ADJ
fbem-11468	89	47	profit	profit	NOUN
fbem-11468	89	48	/	/	SYM
fbem-11468	90	1	total	total	ADJ
fbem-11468	90	2	assets	asset	NOUN
fbem-11468	90	3	at	at	ADP
fbem-11468	90	4	year	year	NOUN
fbem-11468	90	5	-	-	PUNCT
fbem-11468	90	6	end	end	NOUN
fbem-11468	90	7	asset	asset	NOUN
fbem-11468	90	8	-	-	PUNCT
fbem-11468	90	9	liability	liability	NOUN
fbem-11468	90	10	ratio	ratio	NOUN
fbem-11468	90	11	lev	lev	NOUN
fbem-11468	90	12	total	total	ADJ
fbem-11468	90	13	year	year	NOUN
fbem-11468	90	14	-	-	PUNCT
fbem-11468	90	15	end	end	NOUN
fbem-11468	90	16	liabilities	liability	NOUN
fbem-11468	90	17	/	/	SYM
fbem-11468	90	18	total	total	ADJ
fbem-11468	90	19	year	year	NOUN
fbem-11468	90	20	-	-	PUNCT
fbem-11468	90	21	end	end	NOUN
fbem-11468	90	22	assets	asset	NOUN
fbem-11468	90	23	cash	cash	NOUN
fbem-11468	90	24	flow	flow	NOUN
fbem-11468	90	25	ratio	ratio	NOUN
fbem-11468	90	26	cf	cf	NOUN
fbem-11468	90	27	operating	operate	VERB
fbem-11468	90	28	cash	cash	NOUN
fbem-11468	90	29	flow	flow	NOUN
fbem-11468	90	30	/	/	SYM
fbem-11468	90	31	total	total	ADJ
fbem-11468	90	32	assets	asset	NOUN
fbem-11468	90	33	number	number	NOUN
fbem-11468	90	34	of	of	ADP
fbem-11468	90	35	directors	director	NOUN
fbem-11468	90	36	board	board	VERB
fbem-11468	90	37	natural	natural	ADJ
fbem-11468	90	38	logarithm	logarithm	NOUN
fbem-11468	90	39	of	of	ADP
fbem-11468	90	40	the	the	DET
fbem-11468	90	41	number	number	NOUN
fbem-11468	90	42	of	of	ADP
fbem-11468	90	43	board	board	NOUN
fbem-11468	90	44	members	member	NOUN
fbem-11468	90	45	proportion	proportion	NOUN
fbem-11468	90	46	of	of	ADP
fbem-11468	90	47	independent	independent	ADJ
fbem-11468	90	48	directors	director	NOUN
fbem-11468	90	49	indep	indep	NOUN
fbem-11468	90	50	independent	independent	ADJ
fbem-11468	90	51	directors	director	NOUN
fbem-11468	90	52	divided	divide	VERB
fbem-11468	90	53	by	by	ADP
fbem-11468	90	54	the	the	DET
fbem-11468	90	55	number	number	NOUN
fbem-11468	90	56	of	of	ADP
fbem-11468	90	57	directors	director	NOUN
fbem-11468	90	58	shareholding	shareholde	VERB
fbem-11468	90	59	ratio	ratio	NOUN
fbem-11468	90	60	of	of	ADP
fbem-11468	90	61	the	the	DET
fbem-11468	90	62	largest	large	ADJ
fbem-11468	90	63	shareholder	shareholder	NOUN
fbem-11468	90	64	top1	top1	NOUN
fbem-11468	90	65	number	number	NOUN
fbem-11468	90	66	of	of	ADP
fbem-11468	90	67	shares	share	NOUN
fbem-11468	90	68	held	hold	VERB
fbem-11468	90	69	by	by	ADP
fbem-11468	90	70	the	the	DET
fbem-11468	90	71	largest	large	ADJ
fbem-11468	90	72	shareholder	shareholder	NOUN
fbem-11468	90	73	/	/	SYM
fbem-11468	90	74	total	total	ADJ
fbem-11468	90	75	number	number	NOUN
fbem-11468	90	76	of	of	ADP
fbem-11468	90	77	shares	share	NOUN
fbem-11468	90	78	year	year	NOUN
fbem-11468	90	79	year	year	NOUN
fbem-11468	90	80	industry	industry	NOUN
fbem-11468	90	81	ind	ind	NOUN
fbem-11468	90	82	sec	sec	PROPN
fbem-11468	90	83	2012	2012	NUM
fbem-11468	90	84	industry	industry	NOUN
fbem-11468	90	85	classification	classification	NOUN
fbem-11468	90	86	3.3	3.3	NUM
fbem-11468	90	87	.	.	PUNCT
fbem-11468	91	1	model	model	NOUN
fbem-11468	91	2	design	design	NOUN
fbem-11468	91	3	this	this	DET
fbem-11468	91	4	paper	paper	NOUN
fbem-11468	91	5	constructs	construct	VERB
fbem-11468	91	6	the	the	DET
fbem-11468	91	7	following	follow	VERB
fbem-11468	91	8	model	model	NOUN
fbem-11468	91	9	to	to	PART
fbem-11468	91	10	test	test	VERB
fbem-11468	91	11	the	the	DET
fbem-11468	91	12	relationship	relationship	NOUN
fbem-11468	91	13	between	between	ADP
fbem-11468	91	14	divestment	divestment	NOUN
fbem-11468	91	15	and	and	CCONJ
fbem-11468	91	16	corporate	corporate	ADJ
fbem-11468	91	17	financial	financial	ADJ
fbem-11468	91	18	flexibility	flexibility	NOUN
fbem-11468	91	19	:	:	PUNCT
fbem-11468	91	20	𝐹𝐹	𝐹𝐹	PROPN
fbem-11468	91	21	𝛼	𝛼	VERB
fbem-11468	91	22	𝛼	𝛼	NOUN
fbem-11468	91	23	𝐷𝑖𝑣	𝐷𝑖𝑣	PROPN
fbem-11468	91	24	,	,	PUNCT
fbem-11468	91	25	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-11468	91	26	𝐼𝑛𝑑	𝐼𝑛𝑑	PROPN
fbem-11468	91	27	𝑌𝑒𝑎𝑟	𝑌𝑒𝑎𝑟	PROPN
fbem-11468	91	28	𝜀	𝜀	PROPN
fbem-11468	91	29	,	,	PUNCT
fbem-11468	91	30	4	4	NUM
fbem-11468	91	31	where	where	SCONJ
fbem-11468	91	32	,	,	PUNCT
fbem-11468	91	33	ff	ff	NOUN
fbem-11468	91	34	represents	represent	VERB
fbem-11468	91	35	financial	financial	ADJ
fbem-11468	91	36	flexibility	flexibility	NOUN
fbem-11468	91	37	,	,	PUNCT
fbem-11468	91	38	div	div	PROPN
fbem-11468	91	39	represents	represent	VERB
fbem-11468	91	40	divestment	divestment	NOUN
fbem-11468	91	41	,	,	PUNCT
fbem-11468	91	42	controls	control	NOUN
fbem-11468	91	43	represents	represent	VERB
fbem-11468	91	44	control	control	NOUN
fbem-11468	91	45	variable	variable	NOUN
fbem-11468	91	46	,	,	PUNCT
fbem-11468	91	47	and	and	CCONJ
fbem-11468	91	48	ε	ε	PROPN
fbem-11468	91	49	is	be	AUX
fbem-11468	91	50	random	random	ADJ
fbem-11468	91	51	disturbance	disturbance	NOUN
fbem-11468	91	52	term	term	NOUN
fbem-11468	91	53	.	.	PUNCT
fbem-11468	92	1	4	4	X
fbem-11468	92	2	.	.	X
fbem-11468	92	3	empirical	empirical	ADJ
fbem-11468	92	4	results	result	NOUN
fbem-11468	92	5	and	and	CCONJ
fbem-11468	92	6	analysis	analysis	NOUN
fbem-11468	92	7	4.1	4.1	NUM
fbem-11468	92	8	.	.	PUNCT
fbem-11468	93	1	descriptive	descriptive	ADJ
fbem-11468	93	2	statistics	statistic	NOUN
fbem-11468	93	3	table	table	NOUN
fbem-11468	93	4	2	2	NUM
fbem-11468	93	5	shows	show	VERB
fbem-11468	93	6	the	the	DET
fbem-11468	93	7	results	result	NOUN
fbem-11468	93	8	of	of	ADP
fbem-11468	93	9	descriptive	descriptive	ADJ
fbem-11468	93	10	statistics	statistic	NOUN
fbem-11468	93	11	.	.	PUNCT
fbem-11468	94	1	among	among	ADP
fbem-11468	94	2	them	they	PRON
fbem-11468	94	3	,	,	PUNCT
fbem-11468	94	4	the	the	DET
fbem-11468	94	5	mean	mean	ADJ
fbem-11468	94	6	value	value	NOUN
fbem-11468	94	7	of	of	ADP
fbem-11468	94	8	ff	ff	NOUN
fbem-11468	94	9	is	be	AUX
fbem-11468	94	10	−	−	PROPN
fbem-11468	94	11	0.032	0.032	NUM
fbem-11468	94	12	,	,	PUNCT
fbem-11468	94	13	the	the	DET
fbem-11468	94	14	standard	standard	ADJ
fbem-11468	94	15	deviation	deviation	NOUN
fbem-11468	94	16	is	be	AUX
fbem-11468	94	17	0.113	0.113	NUM
fbem-11468	94	18	,	,	PUNCT
fbem-11468	94	19	the	the	DET
fbem-11468	94	20	minimum	minimum	NOUN
fbem-11468	94	21	value	value	NOUN
fbem-11468	94	22	and	and	CCONJ
fbem-11468	94	23	the	the	DET
fbem-11468	94	24	maximum	maximum	ADJ
fbem-11468	94	25	value	value	NOUN
fbem-11468	94	26	are	be	AUX
fbem-11468	94	27	−	−	NUM
fbem-11468	94	28	0.045	0.045	NUM
fbem-11468	94	29	and	and	CCONJ
fbem-11468	94	30	0.331	0.331	NUM
fbem-11468	94	31	respectively	respectively	ADV
fbem-11468	94	32	,	,	PUNCT
fbem-11468	94	33	indicating	indicate	VERB
fbem-11468	94	34	that	that	SCONJ
fbem-11468	94	35	there	there	PRON
fbem-11468	94	36	are	be	VERB
fbem-11468	94	37	significant	significant	ADJ
fbem-11468	94	38	differences	difference	NOUN
fbem-11468	94	39	in	in	ADP
fbem-11468	94	40	the	the	DET
fbem-11468	94	41	financial	financial	ADJ
fbem-11468	94	42	flexibility	flexibility	NOUN
fbem-11468	94	43	of	of	ADP
fbem-11468	94	44	enterprises	enterprise	NOUN
fbem-11468	94	45	.	.	PUNCT
fbem-11468	95	1	the	the	DET
fbem-11468	95	2	mean	mean	ADJ
fbem-11468	95	3	value	value	NOUN
fbem-11468	95	4	of	of	ADP
fbem-11468	95	5	div	div	PROPN
fbem-11468	95	6	is	be	AUX
fbem-11468	95	7	0.040	0.040	NUM
fbem-11468	95	8	,	,	PUNCT
fbem-11468	95	9	the	the	DET
fbem-11468	95	10	standard	standard	ADJ
fbem-11468	95	11	deviation	deviation	NOUN
fbem-11468	95	12	is	be	AUX
fbem-11468	95	13	0.061	0.061	NUM
fbem-11468	95	14	,	,	PUNCT
fbem-11468	95	15	the	the	DET
fbem-11468	95	16	minimum	minimum	ADJ
fbem-11468	95	17	value	value	NOUN
fbem-11468	95	18	is	be	AUX
fbem-11468	95	19	0.001	0.001	NUM
fbem-11468	95	20	,	,	PUNCT
fbem-11468	95	21	and	and	CCONJ
fbem-11468	95	22	the	the	DET
fbem-11468	95	23	maximum	maximum	ADJ
fbem-11468	95	24	value	value	NOUN
fbem-11468	95	25	is	be	AUX
fbem-11468	95	26	0.355	0.355	NUM
fbem-11468	95	27	,	,	PUNCT
fbem-11468	95	28	indicating	indicate	VERB
fbem-11468	95	29	that	that	SCONJ
fbem-11468	95	30	there	there	PRON
fbem-11468	95	31	is	be	VERB
fbem-11468	95	32	a	a	DET
fbem-11468	95	33	significant	significant	ADJ
fbem-11468	95	34	gap	gap	NOUN
fbem-11468	95	35	in	in	ADP
fbem-11468	95	36	the	the	DET
fbem-11468	95	37	degree	degree	NOUN
fbem-11468	95	38	of	of	ADP
fbem-11468	95	39	divestment	divestment	NOUN
fbem-11468	95	40	of	of	ADP
fbem-11468	95	41	enterprises	enterprise	NOUN
fbem-11468	95	42	.	.	PUNCT
fbem-11468	96	1	156	156	NUM
fbem-11468	96	2	table	table	NOUN
fbem-11468	96	3	2	2	NUM
fbem-11468	96	4	.	.	PUNCT
fbem-11468	96	5	descriptive	descriptive	ADJ
fbem-11468	96	6	statistical	statistical	ADJ
fbem-11468	96	7	results	result	NOUN
fbem-11468	96	8	of	of	ADP
fbem-11468	96	9	divestment	divestment	NOUN
fbem-11468	96	10	enterprises	enterprise	NOUN
fbem-11468	96	11	variable	variable	NOUN
fbem-11468	96	12	n	n	ADV
fbem-11468	96	13	mean	mean	VERB
fbem-11468	96	14	sd	sd	ADP
fbem-11468	96	15	ff	ff	NOUN
fbem-11468	96	16	3087	3087	NUM
fbem-11468	96	17	0.032	0.032	NUM
fbem-11468	96	18	0.113	0.113	NUM
fbem-11468	96	19	div	div	NOUN
fbem-11468	96	20	3087	3087	NUM
fbem-11468	96	21	0.042	0.042	NUM
fbem-11468	96	22	0.061	0.061	NUM
fbem-11468	96	23	lev	lev	NOUN
fbem-11468	96	24	3087	3087	NUM
fbem-11468	96	25	0.475	0.475	NUM
fbem-11468	96	26	0.203	0.203	NUM
fbem-11468	96	27	roa	roa	NOUN
fbem-11468	96	28	3087	3087	NUM
fbem-11468	96	29	0.025	0.025	NUM
fbem-11468	96	30	0.070	0.070	NUM
fbem-11468	96	31	cf	cf	NOUN
fbem-11468	96	32	3087	3087	NUM
fbem-11468	96	33	0.035	0.035	NUM
fbem-11468	96	34	0.068	0.068	NUM
fbem-11468	96	35	board	board	NOUN
fbem-11468	96	36	3087	3087	NUM
fbem-11468	96	37	2.126	2.126	NUM
fbem-11468	96	38	0.206	0.206	NUM
fbem-11468	96	39	indep	indep	NOUN
fbem-11468	96	40	3087	3087	NUM
fbem-11468	96	41	0.377	0.377	NUM
fbem-11468	96	42	0.054	0.054	NUM
fbem-11468	96	43	top1	top1	PROPN
fbem-11468	96	44	3087	3087	NUM
fbem-11468	96	45	0.314	0.314	NUM
fbem-11468	96	46	0.141	0.141	NUM
fbem-11468	96	47	age	age	NOUN
fbem-11468	96	48	3087	3087	NUM
fbem-11468	96	49	2.410	2.410	NUM
fbem-11468	96	50	0.675	0.675	NUM
fbem-11468	96	51	variable	variable	ADJ
fbem-11468	96	52	min	min	NOUN
fbem-11468	96	53	p50	p50	NOUN
fbem-11468	96	54	max	max	PROPN
fbem-11468	96	55	ff	ff	VERB
fbem-11468	96	56	0.267	0.267	NUM
fbem-11468	96	57	0.045	0.045	NUM
fbem-11468	96	58	0.331	0.331	NUM
fbem-11468	96	59	div	div	NOUN
fbem-11468	96	60	0.001	0.001	NUM
fbem-11468	96	61	0.019	0.019	NUM
fbem-11468	96	62	0.355	0.355	NUM
fbem-11468	96	63	lev	lev	NOUN
fbem-11468	96	64	0.066	0.066	NUM
fbem-11468	96	65	0.475	0.475	NUM
fbem-11468	96	66	0.929	0.929	NUM
fbem-11468	96	67	roa	roa	NOUN
fbem-11468	96	68	0.301	0.301	NUM
fbem-11468	96	69	0.026	0.026	NUM
fbem-11468	96	70	0.205	0.205	NUM
fbem-11468	96	71	cf	cf	NOUN
fbem-11468	96	72	0.179	0.179	NUM
fbem-11468	96	73	0.035	0.035	NUM
fbem-11468	96	74	0.248	0.248	NUM
fbem-11468	96	75	board	board	NOUN
fbem-11468	96	76	1.609	1.609	NUM
fbem-11468	96	77	2.197	2.197	NUM
fbem-11468	96	78	2.708	2.708	NUM
fbem-11468	96	79	indep	indep	NOUN
fbem-11468	96	80	0.333	0.333	NUM
fbem-11468	96	81	0.364	0.364	NUM
fbem-11468	96	82	0.571	0.571	NUM
fbem-11468	96	83	top1	top1	PROPN
fbem-11468	96	84	0.075	0.075	NUM
fbem-11468	96	85	0.293	0.293	NUM
fbem-11468	96	86	0.708	0.708	NUM
fbem-11468	96	87	age	age	NOUN
fbem-11468	96	88	0.000	0.000	NUM
fbem-11468	96	89	2.565	2.565	NUM
fbem-11468	96	90	3.296	3.296	NUM
fbem-11468	96	91	4.2	4.2	NUM
fbem-11468	96	92	.	.	PUNCT
fbem-11468	97	1	correlation	correlation	NOUN
fbem-11468	97	2	analysis	analysis	NOUN
fbem-11468	97	3	the	the	DET
fbem-11468	97	4	results	result	NOUN
fbem-11468	97	5	of	of	ADP
fbem-11468	97	6	correlation	correlation	NOUN
fbem-11468	97	7	coefficient	coefficient	NOUN
fbem-11468	97	8	are	be	AUX
fbem-11468	97	9	shown	show	VERB
fbem-11468	97	10	in	in	ADP
fbem-11468	97	11	table	table	NOUN
fbem-11468	97	12	4	4	NUM
fbem-11468	97	13	.	.	PUNCT
fbem-11468	97	14	asset	asset	NOUN
fbem-11468	97	15	divestiture	divestiture	NOUN
fbem-11468	97	16	is	be	AUX
fbem-11468	97	17	positively	positively	ADV
fbem-11468	97	18	correlated	correlate	VERB
fbem-11468	97	19	with	with	ADP
fbem-11468	97	20	the	the	DET
fbem-11468	97	21	financial	financial	ADJ
fbem-11468	97	22	flexibility	flexibility	NOUN
fbem-11468	97	23	of	of	ADP
fbem-11468	97	24	enterprises	enterprise	NOUN
fbem-11468	97	25	(	(	PUNCT
fbem-11468	97	26	r=0.079,p<0.01	r=0.079,p<0.01	PROPN
fbem-11468	97	27	)	)	PUNCT
fbem-11468	97	28	,	,	PUNCT
fbem-11468	97	29	which	which	PRON
fbem-11468	97	30	lays	lay	VERB
fbem-11468	97	31	a	a	DET
fbem-11468	97	32	good	good	ADJ
fbem-11468	97	33	foundation	foundation	NOUN
fbem-11468	97	34	for	for	ADP
fbem-11468	97	35	the	the	DET
fbem-11468	97	36	next	next	ADJ
fbem-11468	97	37	hypothesis	hypothesis	NOUN
fbem-11468	97	38	test	test	NOUN
fbem-11468	97	39	.	.	PUNCT
fbem-11468	98	1	the	the	DET
fbem-11468	98	2	vif	vif	PROPN
fbem-11468	98	3	test	test	NOUN
fbem-11468	98	4	of	of	ADP
fbem-11468	98	5	the	the	DET
fbem-11468	98	6	main	main	ADJ
fbem-11468	98	7	variables	variable	NOUN
fbem-11468	98	8	was	be	AUX
fbem-11468	98	9	conducted	conduct	VERB
fbem-11468	98	10	in	in	ADP
fbem-11468	98	11	this	this	DET
fbem-11468	98	12	paper	paper	NOUN
fbem-11468	98	13	.	.	PUNCT
fbem-11468	99	1	the	the	DET
fbem-11468	99	2	vif	vif	NOUN
fbem-11468	99	3	value	value	NOUN
fbem-11468	99	4	of	of	ADP
fbem-11468	99	5	each	each	DET
fbem-11468	99	6	variable	variable	NOUN
fbem-11468	99	7	was	be	AUX
fbem-11468	99	8	less	less	ADJ
fbem-11468	99	9	than	than	ADP
fbem-11468	99	10	10	10	NUM
fbem-11468	99	11	,	,	PUNCT
fbem-11468	99	12	the	the	DET
fbem-11468	99	13	maximum	maximum	ADJ
fbem-11468	99	14	value	value	NOUN
fbem-11468	99	15	was	be	AUX
fbem-11468	99	16	1.42	1.42	NUM
fbem-11468	99	17	,	,	PUNCT
fbem-11468	99	18	the	the	DET
fbem-11468	99	19	minimum	minimum	ADJ
fbem-11468	99	20	value	value	NOUN
fbem-11468	99	21	was	be	AUX
fbem-11468	99	22	1.03	1.03	NUM
fbem-11468	99	23	,	,	PUNCT
fbem-11468	99	24	and	and	CCONJ
fbem-11468	99	25	the	the	DET
fbem-11468	99	26	mean	mean	ADJ
fbem-11468	99	27	value	value	NOUN
fbem-11468	99	28	was	be	AUX
fbem-11468	99	29	1.20	1.20	NUM
fbem-11468	99	30	,	,	PUNCT
fbem-11468	99	31	indicating	indicate	VERB
fbem-11468	99	32	that	that	SCONJ
fbem-11468	99	33	the	the	DET
fbem-11468	99	34	results	result	NOUN
fbem-11468	99	35	were	be	AUX
fbem-11468	99	36	less	less	ADV
fbem-11468	99	37	affected	affect	VERB
fbem-11468	99	38	by	by	ADP
fbem-11468	99	39	multicollinearity	multicollinearity	NOUN
fbem-11468	99	40	.	.	PUNCT
fbem-11468	100	1	table	table	NOUN
fbem-11468	100	2	3	3	NUM
fbem-11468	100	3	.	.	PUNCT
fbem-11468	100	4	correlation	correlation	NOUN
fbem-11468	100	5	analysis	analysis	NOUN
fbem-11468	100	6	results	result	NOUN
fbem-11468	100	7	of	of	ADP
fbem-11468	100	8	divestitured	divestiture	VERB
fbem-11468	100	9	enterprises	enterprise	NOUN
fbem-11468	100	10	ff	ff	ADP
fbem-11468	100	11	div	div	PROPN
fbem-11468	100	12	lev	lev	PROPN
fbem-11468	100	13	roa	roa	PROPN
fbem-11468	100	14	ff	ff	PROPN
fbem-11468	100	15	1	1	NUM
fbem-11468	100	16	div	div	X
fbem-11468	100	17	0.079	0.079	NUM
fbem-11468	100	18	*	*	PUNCT
fbem-11468	100	19	*	*	PUNCT
fbem-11468	100	20	*	*	PUNCT
fbem-11468	100	21	1	1	NUM
fbem-11468	100	22	lev	lev	NOUN
fbem-11468	100	23	0.193	0.193	NUM
fbem-11468	100	24	*	*	PUNCT
fbem-11468	100	25	*	*	PUNCT
fbem-11468	100	26	*	*	PUNCT
fbem-11468	100	27	0.096	0.096	NUM
fbem-11468	100	28	*	*	PUNCT
fbem-11468	100	29	*	*	PUNCT
fbem-11468	100	30	*	*	PUNCT
fbem-11468	100	31	1	1	NUM
fbem-11468	100	32	roa	roa	NOUN
fbem-11468	100	33	0.211	0.211	NUM
fbem-11468	100	34	*	*	PUNCT
fbem-11468	100	35	*	*	PUNCT
fbem-11468	100	36	*	*	PUNCT
fbem-11468	100	37	0.026	0.026	NUM
fbem-11468	100	38	0.335	0.335	NUM
fbem-11468	100	39	*	*	PUNCT
fbem-11468	100	40	*	*	PUNCT
fbem-11468	100	41	*	*	PUNCT
fbem-11468	100	42	1	1	NUM
fbem-11468	100	43	cf	cf	NOUN
fbem-11468	100	44	0.134	0.134	NUM
fbem-11468	100	45	*	*	PUNCT
fbem-11468	100	46	*	*	PUNCT
fbem-11468	100	47	*	*	PUNCT
fbem-11468	100	48	0.072	0.072	NUM
fbem-11468	100	49	*	*	PUNCT
fbem-11468	100	50	*	*	PUNCT
fbem-11468	100	51	*	*	PUNCT
fbem-11468	100	52	0.160	0.160	NUM
fbem-11468	100	53	*	*	PUNCT
fbem-11468	100	54	*	*	PUNCT
fbem-11468	100	55	*	*	NOUN
fbem-11468	100	56	0.294	0.294	NUM
fbem-11468	100	57	*	*	PUNCT
fbem-11468	100	58	*	*	PUNCT
fbem-11468	100	59	*	*	PROPN
fbem-11468	100	60	board	board	NOUN
fbem-11468	100	61	0.043	0.043	NUM
fbem-11468	100	62	*	*	PUNCT
fbem-11468	100	63	*	*	PUNCT
fbem-11468	100	64	0.086	0.086	NUM
fbem-11468	100	65	*	*	PUNCT
fbem-11468	100	66	*	*	PUNCT
fbem-11468	100	67	*	*	PUNCT
fbem-11468	100	68	0.136	0.136	NUM
fbem-11468	100	69	*	*	PUNCT
fbem-11468	100	70	*	*	PUNCT
fbem-11468	100	71	*	*	PUNCT
fbem-11468	100	72	0.047	0.047	NUM
fbem-11468	100	73	*	*	PUNCT
fbem-11468	100	74	*	*	PUNCT
fbem-11468	100	75	*	*	PROPN
fbem-11468	100	76	indep	indep	NOUN
fbem-11468	100	77	0.005	0.005	NUM
fbem-11468	100	78	0.035	0.035	NUM
fbem-11468	100	79	*	*	PUNCT
fbem-11468	100	80	*	*	PUNCT
fbem-11468	100	81	0.007	0.007	NUM
fbem-11468	100	82	0.045	0.045	NUM
fbem-11468	100	83	*	*	PUNCT
fbem-11468	100	84	*	*	PUNCT
fbem-11468	100	85	top1	top1	PROPN
fbem-11468	100	86	0.124	0.124	NUM
fbem-11468	100	87	*	*	PUNCT
fbem-11468	100	88	*	*	PUNCT
fbem-11468	100	89	*	*	PUNCT
fbem-11468	100	90	0.018	0.018	NUM
fbem-11468	100	91	0.066	0.066	NUM
fbem-11468	100	92	*	*	PUNCT
fbem-11468	100	93	*	*	PUNCT
fbem-11468	100	94	*	*	PUNCT
fbem-11468	100	95	0.140	0.140	NUM
fbem-11468	100	96	*	*	PUNCT
fbem-11468	100	97	*	*	PUNCT
fbem-11468	100	98	*	*	PUNCT
fbem-11468	100	99	age	age	NOUN
fbem-11468	100	100	0.043	0.043	NUM
fbem-11468	100	101	*	*	PUNCT
fbem-11468	100	102	*	*	PUNCT
fbem-11468	101	1	0.038	0.038	NUM
fbem-11468	101	2	*	*	PUNCT
fbem-11468	101	3	*	*	PUNCT
fbem-11468	101	4	0.277	0.277	NUM
fbem-11468	101	5	*	*	PUNCT
fbem-11468	101	6	*	*	PUNCT
fbem-11468	101	7	*	*	X
fbem-11468	101	8	0.109	0.109	NUM
fbem-11468	101	9	*	*	PUNCT
fbem-11468	101	10	*	*	PUNCT
fbem-11468	101	11	*	*	PUNCT
fbem-11468	101	12	cf	cf	PROPN
fbem-11468	101	13	board	board	PROPN
fbem-11468	101	14	indep	indep	NOUN
fbem-11468	101	15	top1	top1	PROPN
fbem-11468	101	16	age	age	NOUN
fbem-11468	101	17	cf	cf	PROPN
fbem-11468	101	18	1	1	NUM
fbem-11468	101	19	board	board	NOUN
fbem-11468	101	20	0.058	0.058	NUM
fbem-11468	101	21	*	*	PUNCT
fbem-11468	101	22	*	*	PUNCT
fbem-11468	101	23	*	*	SYM
fbem-11468	101	24	1	1	NUM
fbem-11468	101	25	indep	indep	NOUN
fbem-11468	101	26	0.019	0.019	NUM
fbem-11468	101	27	0.510	0.510	NUM
fbem-11468	101	28	*	*	PUNCT
fbem-11468	102	1	*	*	PUNCT
fbem-11468	102	2	*	*	PUNCT
fbem-11468	102	3	1	1	NUM
fbem-11468	102	4	top1	top1	PROPN
fbem-11468	102	5	0.060	0.060	NUM
fbem-11468	102	6	*	*	PUNCT
fbem-11468	102	7	*	*	PUNCT
fbem-11468	102	8	*	*	PUNCT
fbem-11468	102	9	0.002	0.002	NUM
fbem-11468	102	10	0.038	0.038	NUM
fbem-11468	102	11	*	*	PUNCT
fbem-11468	102	12	*	*	SYM
fbem-11468	102	13	1	1	NUM
fbem-11468	102	14	age	age	NOUN
fbem-11468	102	15	0.063	0.063	NUM
fbem-11468	102	16	*	*	PUNCT
fbem-11468	102	17	*	*	PUNCT
fbem-11468	102	18	*	*	PUNCT
fbem-11468	102	19	0.094	0.094	NUM
fbem-11468	102	20	*	*	PUNCT
fbem-11468	102	21	*	*	PUNCT
fbem-11468	102	22	*	*	PUNCT
fbem-11468	102	23	0.013	0.013	NUM
fbem-11468	102	24	0.088	0.088	NUM
fbem-11468	102	25	*	*	PUNCT
fbem-11468	102	26	*	*	PUNCT
fbem-11468	102	27	*	*	SYM
fbem-11468	102	28	1	1	NUM
fbem-11468	102	29	note	note	NOUN
fbem-11468	102	30	:	:	PUNCT
fbem-11468	102	31	*	*	PUNCT
fbem-11468	102	32	,	,	PUNCT
fbem-11468	102	33	*	*	PUNCT
fbem-11468	102	34	*	*	PUNCT
fbem-11468	102	35	and	and	CCONJ
fbem-11468	102	36	*	*	PUNCT
fbem-11468	102	37	*	*	PUNCT
fbem-11468	102	38	*	*	PUNCT
fbem-11468	102	39	indicate	indicate	VERB
fbem-11468	102	40	significance	significance	NOUN
fbem-11468	102	41	at	at	ADP
fbem-11468	102	42	the	the	DET
fbem-11468	102	43	level	level	NOUN
fbem-11468	102	44	of	of	ADP
fbem-11468	102	45	10	10	NUM
fbem-11468	102	46	%	%	NOUN
fbem-11468	102	47	,	,	PUNCT
fbem-11468	102	48	5	5	NUM
fbem-11468	102	49	%	%	NOUN
fbem-11468	102	50	and	and	CCONJ
fbem-11468	102	51	1	1	NUM
fbem-11468	102	52	%	%	NOUN
fbem-11468	102	53	,	,	PUNCT
fbem-11468	102	54	respectively	respectively	ADV
fbem-11468	102	55	;	;	PUNCT
fbem-11468	102	56	t	t	X
fbem-11468	102	57	-	-	PUNCT
fbem-11468	102	58	values	value	NOUN
fbem-11468	102	59	of	of	ADP
fbem-11468	102	60	robust	robust	ADJ
fbem-11468	102	61	standard	standard	ADJ
fbem-11468	102	62	errors	error	NOUN
fbem-11468	102	63	are	be	AUX
fbem-11468	102	64	in	in	ADP
fbem-11468	102	65	parentheses	parenthesis	NOUN
fbem-11468	102	66	.	.	PUNCT
fbem-11468	102	67	same	same	ADJ
fbem-11468	102	68	below	below	ADV
fbem-11468	102	69	.	.	PUNCT
fbem-11468	103	1	4.3	4.3	NUM
fbem-11468	103	2	.	.	PUNCT
fbem-11468	104	1	regression	regression	VERB
fbem-11468	104	2	analysis	analysis	NOUN
fbem-11468	104	3	this	this	DET
fbem-11468	104	4	paper	paper	NOUN
fbem-11468	104	5	uses	use	VERB
fbem-11468	104	6	dual	dual	ADJ
fbem-11468	104	7	fixed	fix	VERB
fbem-11468	104	8	effects	effect	NOUN
fbem-11468	104	9	of	of	ADP
fbem-11468	104	10	year	year	NOUN
fbem-11468	104	11	and	and	CCONJ
fbem-11468	104	12	industry	industry	NOUN
fbem-11468	104	13	for	for	ADP
fbem-11468	104	14	regression	regression	NOUN
fbem-11468	104	15	.	.	PUNCT
fbem-11468	105	1	the	the	DET
fbem-11468	105	2	ff	ff	PROPN
fbem-11468	105	3	coefficient	coefficient	NOUN
fbem-11468	105	4	of	of	ADP
fbem-11468	105	5	column	column	NOUN
fbem-11468	105	6	(	(	PUNCT
fbem-11468	105	7	1	1	X
fbem-11468	105	8	)	)	PUNCT
fbem-11468	105	9	in	in	ADP
fbem-11468	105	10	table	table	NOUN
fbem-11468	105	11	3	3	NUM
fbem-11468	105	12	is	be	AUX
fbem-11468	105	13	0.210	0.210	NUM
fbem-11468	105	14	,	,	PUNCT
fbem-11468	105	15	significant	significant	ADJ
fbem-11468	105	16	at	at	ADP
fbem-11468	105	17	the	the	DET
fbem-11468	105	18	level	level	NOUN
fbem-11468	105	19	of	of	ADP
fbem-11468	105	20	1	1	NUM
fbem-11468	105	21	%	%	NOUN
fbem-11468	105	22	,	,	PUNCT
fbem-11468	105	23	indicating	indicate	VERB
fbem-11468	105	24	that	that	SCONJ
fbem-11468	105	25	there	there	PRON
fbem-11468	105	26	is	be	VERB
fbem-11468	105	27	a	a	DET
fbem-11468	105	28	positive	positive	ADJ
fbem-11468	105	29	correlation	correlation	NOUN
fbem-11468	105	30	between	between	ADP
fbem-11468	105	31	divestment	divestment	NOUN
fbem-11468	105	32	and	and	CCONJ
fbem-11468	105	33	corporate	corporate	ADJ
fbem-11468	105	34	financial	financial	ADJ
fbem-11468	105	35	flexibility	flexibility	NOUN
fbem-11468	105	36	.	.	PUNCT
fbem-11468	106	1	the	the	DET
fbem-11468	106	2	regression	regression	NOUN
fbem-11468	106	3	results	result	NOUN
fbem-11468	106	4	of	of	ADP
fbem-11468	106	5	column	column	NOUN
fbem-11468	106	6	(	(	PUNCT
fbem-11468	106	7	2	2	X
fbem-11468	106	8	)	)	PUNCT
fbem-11468	106	9	show	show	VERB
fbem-11468	106	10	that	that	SCONJ
fbem-11468	106	11	the	the	DET
fbem-11468	106	12	coefficient	coefficient	NOUN
fbem-11468	106	13	between	between	ADP
fbem-11468	106	14	div	div	PROPN
fbem-11468	106	15	and	and	CCONJ
fbem-11468	106	16	ff	ff	PROPN
fbem-11468	106	17	is	be	AUX
fbem-11468	106	18	0.141	0.141	NUM
fbem-11468	106	19	,	,	PUNCT
fbem-11468	106	20	which	which	PRON
fbem-11468	106	21	is	be	AUX
fbem-11468	106	22	significant	significant	ADJ
fbem-11468	106	23	at	at	ADP
fbem-11468	106	24	the	the	DET
fbem-11468	106	25	level	level	NOUN
fbem-11468	106	26	of	of	ADP
fbem-11468	106	27	1	1	NUM
fbem-11468	106	28	%	%	NOUN
fbem-11468	106	29	,	,	PUNCT
fbem-11468	106	30	and	and	CCONJ
fbem-11468	106	31	the	the	DET
fbem-11468	106	32	coefficient	coefficient	NOUN
fbem-11468	106	33	of	of	ADP
fbem-11468	106	34	the	the	DET
fbem-11468	106	35	interaction	interaction	NOUN
fbem-11468	106	36	term	term	NOUN
fbem-11468	106	37	between	between	ADP
fbem-11468	106	38	div	div	PROPN
fbem-11468	106	39	and	and	CCONJ
fbem-11468	106	40	firm_efficiency	firm_efficiency	NOUN
fbem-11468	106	41	is	be	AUX
fbem-11468	106	42	0.263	0.263	PRON
fbem-11468	106	43	,	,	PUNCT
fbem-11468	106	44	which	which	PRON
fbem-11468	106	45	is	be	AUX
fbem-11468	106	46	significant	significant	ADJ
fbem-11468	106	47	at	at	ADP
fbem-11468	106	48	the	the	DET
fbem-11468	106	49	level	level	NOUN
fbem-11468	106	50	of	of	ADP
fbem-11468	106	51	10	10	NUM
fbem-11468	106	52	%	%	NOUN
fbem-11468	106	53	,	,	PUNCT
fbem-11468	106	54	indicating	indicate	VERB
fbem-11468	106	55	that	that	SCONJ
fbem-11468	106	56	the	the	DET
fbem-11468	106	57	managerial	managerial	ADJ
fbem-11468	106	58	ability	ability	NOUN
fbem-11468	106	59	positively	positively	ADV
fbem-11468	106	60	regulates	regulate	VERB
fbem-11468	106	61	the	the	DET
fbem-11468	106	62	relationship	relationship	NOUN
fbem-11468	106	63	between	between	ADP
fbem-11468	106	64	them	they	PRON
fbem-11468	106	65	.	.	PUNCT
fbem-11468	107	1	to	to	PART
fbem-11468	107	2	sum	sum	VERB
fbem-11468	107	3	up	up	ADP
fbem-11468	107	4	,	,	PUNCT
fbem-11468	107	5	the	the	DET
fbem-11468	107	6	above	above	ADJ
fbem-11468	107	7	hypotheses	hypothesis	NOUN
fbem-11468	107	8	are	be	AUX
fbem-11468	107	9	all	all	ADV
fbem-11468	107	10	valid	valid	ADJ
fbem-11468	107	11	.	.	PUNCT
fbem-11468	108	1	157	157	NUM
fbem-11468	108	2	table	table	NOUN
fbem-11468	108	3	4	4	NUM
fbem-11468	108	4	.	.	PUNCT
fbem-11468	108	5	main	main	ADJ
fbem-11468	108	6	regression	regression	NOUN
fbem-11468	108	7	results	result	NOUN
fbem-11468	108	8	of	of	ADP
fbem-11468	108	9	divestment	divestment	NOUN
fbem-11468	108	10	and	and	CCONJ
fbem-11468	108	11	financial	financial	ADJ
fbem-11468	108	12	flexibility	flexibility	NOUN
fbem-11468	108	13	variables	variable	NOUN
fbem-11468	108	14	(	(	PUNCT
fbem-11468	108	15	1	1	X
fbem-11468	108	16	)	)	PUNCT
fbem-11468	108	17	ff	ff	NOUN
fbem-11468	108	18	(	(	PUNCT
fbem-11468	108	19	2	2	NUM
fbem-11468	108	20	)	)	PUNCT
fbem-11468	108	21	ff	ff	NOUN
fbem-11468	108	22	div	div	NOUN
fbem-11468	108	23	0.210	0.210	NUM
fbem-11468	108	24	*	*	PUNCT
fbem-11468	109	1	*	*	PUNCT
fbem-11468	109	2	*	*	PUNCT
fbem-11468	109	3	(	(	PUNCT
fbem-11468	109	4	6.09	6.09	NUM
fbem-11468	109	5	)	)	PUNCT
fbem-11468	109	6	0.141	0.141	NUM
fbem-11468	109	7	*	*	PUNCT
fbem-11468	110	1	*	*	PUNCT
fbem-11468	110	2	*	*	PUNCT
fbem-11468	110	3	(	(	PUNCT
fbem-11468	110	4	4.570	4.570	NUM
fbem-11468	110	5	)	)	PUNCT
fbem-11468	110	6	firm_efficiency	firm_efficiency	NOUN
fbem-11468	111	1	0.076	0.076	NUM
fbem-11468	111	2	*	*	PUNCT
fbem-11468	112	1	*	*	PUNCT
fbem-11468	112	2	*	*	PUNCT
fbem-11468	112	3	(	(	PUNCT
fbem-11468	112	4	6.113	6.113	NUM
fbem-11468	112	5	)	)	PUNCT
fbem-11468	112	6	div×firm_efficiency	div×firm_efficiency	VERB
fbem-11468	112	7	0.263	0.263	NUM
fbem-11468	112	8	*	*	PUNCT
fbem-11468	112	9	(	(	PUNCT
fbem-11468	112	10	1.728	1.728	NUM
fbem-11468	112	11	)	)	PUNCT
fbem-11468	112	12	lev	lev	NOUN
fbem-11468	112	13	0.545	0.545	NUM
fbem-11468	112	14	*	*	PUNCT
fbem-11468	113	1	*	*	PUNCT
fbem-11468	113	2	*	*	PUNCT
fbem-11468	113	3	(	(	PUNCT
fbem-11468	113	4	43.09	43.09	NUM
fbem-11468	113	5	)	)	PUNCT
fbem-11468	113	6	0.141	0.141	NUM
fbem-11468	113	7	*	*	PUNCT
fbem-11468	114	1	*	*	PUNCT
fbem-11468	114	2	*	*	PUNCT
fbem-11468	114	3	(	(	PUNCT
fbem-11468	114	4	12.60	12.60	NUM
fbem-11468	114	5	)	)	PUNCT
fbem-11468	114	6	roa	roa	NOUN
fbem-11468	114	7	0.002	0.002	NUM
fbem-11468	114	8	(	(	PUNCT
fbem-11468	114	9	0.04	0.04	NUM
fbem-11468	114	10	)	)	PUNCT
fbem-11468	114	11	0.114	0.114	NUM
fbem-11468	115	1	*	*	PUNCT
fbem-11468	116	1	*	*	PUNCT
fbem-11468	116	2	*	*	PUNCT
fbem-11468	116	3	(	(	PUNCT
fbem-11468	116	4	3.640	3.640	NUM
fbem-11468	116	5	)	)	PUNCT
fbem-11468	116	6	cf	cf	NOUN
fbem-11468	116	7	0.102	0.102	NUM
fbem-11468	116	8	*	*	PUNCT
fbem-11468	117	1	*	*	PUNCT
fbem-11468	117	2	*	*	PUNCT
fbem-11468	117	3	(	(	PUNCT
fbem-11468	117	4	2.95	2.95	NUM
fbem-11468	117	5	)	)	PUNCT
fbem-11468	117	6	0.157	0.157	NUM
fbem-11468	117	7	*	*	PUNCT
fbem-11468	118	1	*	*	PUNCT
fbem-11468	118	2	*	*	PUNCT
fbem-11468	118	3	(	(	PUNCT
fbem-11468	118	4	5.202	5.202	NUM
fbem-11468	118	5	)	)	PUNCT
fbem-11468	118	6	board	board	NOUN
fbem-11468	118	7	0.029	0.029	NUM
fbem-11468	118	8	*	*	PUNCT
fbem-11468	119	1	*	*	PUNCT
fbem-11468	119	2	(	(	PUNCT
fbem-11468	119	3	2.34	2.34	NUM
fbem-11468	119	4	)	)	PUNCT
fbem-11468	119	5	0.042	0.042	NUM
fbem-11468	119	6	*	*	PUNCT
fbem-11468	120	1	*	*	PUNCT
fbem-11468	120	2	*	*	PUNCT
fbem-11468	120	3	(	(	PUNCT
fbem-11468	120	4	3.845	3.845	NUM
fbem-11468	120	5	)	)	PUNCT
fbem-11468	120	6	indep	indep	NOUN
fbem-11468	120	7	0.079	0.079	NUM
fbem-11468	120	8	*	*	PUNCT
fbem-11468	120	9	(	(	PUNCT
fbem-11468	120	10	1.70	1.70	NUM
fbem-11468	120	11	)	)	PUNCT
fbem-11468	120	12	0.129	0.129	NUM
fbem-11468	121	1	*	*	PUNCT
fbem-11468	122	1	*	*	PUNCT
fbem-11468	122	2	*	*	PUNCT
fbem-11468	122	3	(	(	PUNCT
fbem-11468	122	4	3.222	3.222	NUM
fbem-11468	122	5	)	)	PUNCT
fbem-11468	122	6	top1	top1	NOUN
fbem-11468	122	7	0.053	0.053	NUM
fbem-11468	122	8	*	*	PUNCT
fbem-11468	123	1	*	*	PUNCT
fbem-11468	123	2	*	*	PUNCT
fbem-11468	123	3	(	(	PUNCT
fbem-11468	123	4	3.33	3.33	NUM
fbem-11468	123	5	)	)	PUNCT
fbem-11468	123	6	0.042	0.042	NUM
fbem-11468	123	7	*	*	PUNCT
fbem-11468	124	1	*	*	PUNCT
fbem-11468	124	2	*	*	PUNCT
fbem-11468	124	3	(	(	PUNCT
fbem-11468	124	4	2.999	2.999	NUM
fbem-11468	124	5	)	)	PUNCT
fbem-11468	124	6	age	age	NOUN
fbem-11468	124	7	0.001	0.001	NUM
fbem-11468	124	8	(	(	PUNCT
fbem-11468	124	9	0.27	0.27	NUM
fbem-11468	124	10	)	)	PUNCT
fbem-11468	124	11	0.010	0.010	NUM
fbem-11468	124	12	*	*	PUNCT
fbem-11468	125	1	*	*	PUNCT
fbem-11468	125	2	*	*	PUNCT
fbem-11468	125	3	(	(	PUNCT
fbem-11468	125	4	3.059	3.059	NUM
fbem-11468	125	5	)	)	PUNCT
fbem-11468	125	6	constant	constant	ADJ
fbem-11468	125	7	0.174	0.174	NUM
fbem-11468	125	8	*	*	PUNCT
fbem-11468	126	1	*	*	PUNCT
fbem-11468	126	2	*	*	PUNCT
fbem-11468	126	3	(	(	PUNCT
fbem-11468	126	4	4.47	4.47	NUM
fbem-11468	126	5	)	)	PUNCT
fbem-11468	126	6	0.152	0.152	NUM
fbem-11468	127	1	*	*	PUNCT
fbem-11468	128	1	*	*	PUNCT
fbem-11468	128	2	*	*	PUNCT
fbem-11468	128	3	(	(	PUNCT
fbem-11468	128	4	4.493	4.493	NUM
fbem-11468	128	5	)	)	PUNCT
fbem-11468	128	6	observations	observation	NOUN
fbem-11468	128	7	3133	3133	NUM
fbem-11468	128	8	2976	2976	NUM
fbem-11468	128	9	r	r	NOUN
fbem-11468	128	10	-	-	PUNCT
fbem-11468	128	11	squared	square	VERB
fbem-11468	128	12	0.460	0.460	NUM
fbem-11468	128	13	0.239	0.239	NUM
fbem-11468	128	14	ajusted	ajusted	ADJ
fbem-11468	128	15	r2	r2	PROPN
fbem-11468	128	16	0.223	0.223	NUM
fbem-11468	128	17	f	f	PROPN
fbem-11468	128	18	test	test	NOUN
fbem-11468	128	19	0	0	NUM
fbem-11468	129	1	t	t	PROPN
fbem-11468	129	2	-	-	PUNCT
fbem-11468	129	3	statistics	statistic	NOUN
fbem-11468	129	4	in	in	ADP
fbem-11468	129	5	parentheses	parenthesis	NOUN
fbem-11468	129	6	*	*	PUNCT
fbem-11468	129	7	*	*	PUNCT
fbem-11468	129	8	*	*	PUNCT
fbem-11468	129	9	p<0.01	p<0.01	PROPN
fbem-11468	129	10	,	,	PUNCT
fbem-11468	129	11	*	*	PUNCT
fbem-11468	129	12	*	*	PUNCT
fbem-11468	129	13	p<0.05	p<0.05	NOUN
fbem-11468	129	14	,	,	PUNCT
fbem-11468	129	15	*	*	PUNCT
fbem-11468	129	16	p<0.1	p<0.1	NUM
fbem-11468	129	17	4.4	4.4	NUM
fbem-11468	129	18	.	.	PUNCT
fbem-11468	130	1	robustness	robustness	NOUN
fbem-11468	130	2	test	test	NOUN
fbem-11468	130	3	4.4.1	4.4.1	NUM
fbem-11468	130	4	.	.	PUNCT
fbem-11468	131	1	surrogate	surrogate	ADJ
fbem-11468	131	2	variables	variable	NOUN
fbem-11468	131	3	considering	consider	VERB
fbem-11468	131	4	the	the	DET
fbem-11468	131	5	robustness	robustness	NOUN
fbem-11468	131	6	of	of	ADP
fbem-11468	131	7	the	the	DET
fbem-11468	131	8	conclusion	conclusion	NOUN
fbem-11468	131	9	,	,	PUNCT
fbem-11468	131	10	the	the	DET
fbem-11468	131	11	explained	explain	VERB
fbem-11468	131	12	variable	variable	ADJ
fbem-11468	131	13	ff	ff	NOUN
fbem-11468	131	14	is	be	AUX
fbem-11468	131	15	measured	measure	VERB
fbem-11468	131	16	by	by	ADP
fbem-11468	131	17	the	the	DET
fbem-11468	131	18	equal	equal	ADV
fbem-11468	131	19	-	-	PUNCT
fbem-11468	131	20	weighted	weight	VERB
fbem-11468	131	21	average	average	ADJ
fbem-11468	131	22	market	market	NOUN
fbem-11468	131	23	value	value	NOUN
fbem-11468	131	24	of	of	ADP
fbem-11468	131	25	financial	financial	ADJ
fbem-11468	131	26	flexibility	flexibility	NOUN
fbem-11468	131	27	,	,	PUNCT
fbem-11468	131	28	which	which	PRON
fbem-11468	131	29	is	be	AUX
fbem-11468	131	30	replaced	replace	VERB
fbem-11468	131	31	by	by	ADP
fbem-11468	131	32	the	the	DET
fbem-11468	131	33	weighted	weight	VERB
fbem-11468	131	34	total	total	ADJ
fbem-11468	131	35	market	market	NOUN
fbem-11468	131	36	value	value	NOUN
fbem-11468	131	37	of	of	ADP
fbem-11468	131	38	financial	financial	ADJ
fbem-11468	131	39	flexibility	flexibility	NOUN
fbem-11468	131	40	.	.	PUNCT
fbem-11468	132	1	it	it	PRON
fbem-11468	132	2	can	can	AUX
fbem-11468	132	3	be	be	AUX
fbem-11468	132	4	seen	see	VERB
fbem-11468	132	5	that	that	SCONJ
fbem-11468	132	6	the	the	DET
fbem-11468	132	7	regression	regression	NOUN
fbem-11468	132	8	results	result	NOUN
fbem-11468	132	9	are	be	AUX
fbem-11468	132	10	still	still	ADV
fbem-11468	132	11	robust	robust	ADJ
fbem-11468	132	12	.	.	PUNCT
fbem-11468	133	1	table	table	NOUN
fbem-11468	133	2	5	5	NUM
fbem-11468	133	3	.	.	PUNCT
fbem-11468	134	1	the	the	DET
fbem-11468	134	2	regression	regression	NOUN
fbem-11468	134	3	results	result	NOUN
fbem-11468	134	4	of	of	ADP
fbem-11468	134	5	distinguishing	distinguish	VERB
fbem-11468	134	6	property	property	NOUN
fbem-11468	134	7	rights	right	NOUN
fbem-11468	134	8	variables	variable	NOUN
fbem-11468	134	9	(	(	PUNCT
fbem-11468	134	10	1	1	X
fbem-11468	134	11	)	)	PUNCT
fbem-11468	134	12	ff	ff	NOUN
fbem-11468	134	13	div	div	X
fbem-11468	134	14	0.190	0.190	NUM
fbem-11468	134	15	*	*	PUNCT
fbem-11468	135	1	*	*	PUNCT
fbem-11468	135	2	*	*	PUNCT
fbem-11468	135	3	(	(	PUNCT
fbem-11468	135	4	4.879	4.879	NUM
fbem-11468	135	5	)	)	PUNCT
fbem-11468	135	6	firm_efficiency	firm_efficiency	NOUN
fbem-11468	136	1	0.0680	0.0680	NUM
fbem-11468	137	1	*	*	PUNCT
fbem-11468	137	2	*	*	PUNCT
fbem-11468	137	3	*	*	PUNCT
fbem-11468	137	4	(	(	PUNCT
fbem-11468	137	5	4.329	4.329	NUM
fbem-11468	137	6	)	)	PUNCT
fbem-11468	137	7	div×firm_efficiency	div×firm_efficiency	NOUN
fbem-11468	137	8	0.254	0.254	NUM
fbem-11468	137	9	(	(	PUNCT
fbem-11468	137	10	1.322	1.322	NUM
fbem-11468	137	11	)	)	PUNCT
fbem-11468	137	12	lev	lev	NOUN
fbem-11468	137	13	0.610	0.610	NUM
fbem-11468	138	1	*	*	PUNCT
fbem-11468	139	1	*	*	PUNCT
fbem-11468	139	2	*	*	PUNCT
fbem-11468	139	3	(	(	PUNCT
fbem-11468	139	4	43.24	43.24	NUM
fbem-11468	139	5	)	)	PUNCT
fbem-11468	139	6	roa	roa	PROPN
fbem-11468	139	7	0.00376	0.00376	NUM
fbem-11468	139	8	(	(	PUNCT
fbem-11468	139	9	0.0953	0.0953	NUM
fbem-11468	139	10	)	)	PUNCT
fbem-11468	139	11	cf	cf	NOUN
fbem-11468	139	12	0.110	0.110	NUM
fbem-11468	139	13	*	*	PUNCT
fbem-11468	140	1	*	*	PUNCT
fbem-11468	140	2	*	*	PUNCT
fbem-11468	140	3	(	(	PUNCT
fbem-11468	140	4	2.888	2.888	NUM
fbem-11468	140	5	)	)	PUNCT
fbem-11468	140	6	board	board	NOUN
fbem-11468	140	7	0.0378	0.0378	NUM
fbem-11468	141	1	*	*	PUNCT
fbem-11468	142	1	*	*	PUNCT
fbem-11468	142	2	*	*	PUNCT
fbem-11468	142	3	(	(	PUNCT
fbem-11468	142	4	2.759	2.759	NUM
fbem-11468	142	5	)	)	PUNCT
fbem-11468	142	6	indep	indep	NOUN
fbem-11468	142	7	0.125	0.125	NUM
fbem-11468	142	8	*	*	PUNCT
fbem-11468	142	9	*	*	PUNCT
fbem-11468	142	10	(	(	PUNCT
fbem-11468	142	11	2.475	2.475	NUM
fbem-11468	142	12	)	)	PUNCT
fbem-11468	142	13	top1	top1	NOUN
fbem-11468	142	14	0.0468	0.0468	NUM
fbem-11468	143	1	*	*	PUNCT
fbem-11468	144	1	*	*	PUNCT
fbem-11468	144	2	*	*	PUNCT
fbem-11468	144	3	(	(	PUNCT
fbem-11468	144	4	2.672	2.672	NUM
fbem-11468	144	5	)	)	PUNCT
fbem-11468	144	6	age	age	NOUN
fbem-11468	144	7	0.00657	0.00657	NUM
fbem-11468	144	8	*	*	PUNCT
fbem-11468	144	9	(	(	PUNCT
fbem-11468	144	10	1.698	1.698	NUM
fbem-11468	144	11	)	)	PUNCT
fbem-11468	144	12	constant	constant	ADJ
fbem-11468	144	13	0.148	0.148	NUM
fbem-11468	144	14	*	*	PUNCT
fbem-11468	145	1	*	*	PUNCT
fbem-11468	145	2	*	*	PUNCT
fbem-11468	145	3	(	(	PUNCT
fbem-11468	145	4	3.461	3.461	NUM
fbem-11468	145	5	)	)	PUNCT
fbem-11468	145	6	observations	observation	NOUN
fbem-11468	145	7	2976	2976	NUM
fbem-11468	145	8	r	r	NOUN
fbem-11468	145	9	-	-	PUNCT
fbem-11468	145	10	squared	square	VERB
fbem-11468	145	11	0.515	0.515	NUM
fbem-11468	145	12	ajusted	ajusted	ADJ
fbem-11468	145	13	r2	r2	NOUN
fbem-11468	146	1	0.505	0.505	NUM
fbem-11468	146	2	f	f	PROPN
fbem-11468	146	3	test	test	NOUN
fbem-11468	146	4	0	0	NUM
fbem-11468	147	1	t	t	PROPN
fbem-11468	147	2	-	-	PUNCT
fbem-11468	147	3	statistics	statistic	NOUN
fbem-11468	147	4	in	in	ADP
fbem-11468	147	5	parentheses	parenthesis	NOUN
fbem-11468	147	6	*	*	PUNCT
fbem-11468	147	7	*	*	PUNCT
fbem-11468	147	8	*	*	PUNCT
fbem-11468	147	9	p<0.01	p<0.01	PROPN
fbem-11468	147	10	,	,	PUNCT
fbem-11468	147	11	*	*	PUNCT
fbem-11468	147	12	*	*	PUNCT
fbem-11468	147	13	p<0.05	p<0.05	NOUN
fbem-11468	147	14	,	,	PUNCT
fbem-11468	147	15	*	*	SYM
fbem-11468	147	16	p<0.1	p<0.1	NUM
fbem-11468	147	17	158	158	NUM
fbem-11468	147	18	4.4.2	4.4.2	NUM
fbem-11468	147	19	.	.	PUNCT
fbem-11468	148	1	reduce	reduce	VERB
fbem-11468	148	2	the	the	DET
fbem-11468	148	3	sample	sample	NOUN
fbem-11468	148	4	size	size	NOUN
fbem-11468	148	5	the	the	DET
fbem-11468	148	6	novel	novel	ADJ
fbem-11468	148	7	coronavirus	coronavirus	NOUN
fbem-11468	148	8	pandemic	pandemic	ADJ
fbem-11468	148	9	has	have	AUX
fbem-11468	148	10	brought	bring	VERB
fbem-11468	148	11	unprecedented	unprecedented	ADJ
fbem-11468	148	12	external	external	ADJ
fbem-11468	148	13	environmental	environmental	ADJ
fbem-11468	148	14	risks	risk	NOUN
fbem-11468	148	15	to	to	ADP
fbem-11468	148	16	enterprise	enterprise	NOUN
fbem-11468	148	17	operations	operation	NOUN
fbem-11468	148	18	.	.	PUNCT
fbem-11468	149	1	in	in	ADP
fbem-11468	149	2	order	order	NOUN
fbem-11468	149	3	to	to	PART
fbem-11468	149	4	eliminate	eliminate	VERB
fbem-11468	149	5	this	this	DET
fbem-11468	149	6	impact	impact	NOUN
fbem-11468	149	7	,	,	PUNCT
fbem-11468	149	8	371	371	NUM
fbem-11468	149	9	samples	sample	NOUN
fbem-11468	149	10	in	in	ADP
fbem-11468	149	11	2020	2020	NUM
fbem-11468	149	12	were	be	AUX
fbem-11468	149	13	removed	remove	VERB
fbem-11468	149	14	from	from	ADP
fbem-11468	149	15	this	this	DET
fbem-11468	149	16	paper	paper	NOUN
fbem-11468	149	17	for	for	ADP
fbem-11468	149	18	re	re	NOUN
fbem-11468	149	19	-	-	NOUN
fbem-11468	149	20	regression	regression	NOUN
fbem-11468	149	21	.	.	PUNCT
fbem-11468	150	1	table	table	NOUN
fbem-11468	150	2	6	6	NUM
fbem-11468	150	3	shows	show	VERB
fbem-11468	150	4	that	that	SCONJ
fbem-11468	150	5	the	the	DET
fbem-11468	150	6	regression	regression	NOUN
fbem-11468	150	7	results	result	NOUN
fbem-11468	150	8	are	be	AUX
fbem-11468	150	9	basically	basically	ADV
fbem-11468	150	10	consistent	consistent	ADJ
fbem-11468	150	11	with	with	ADP
fbem-11468	150	12	the	the	DET
fbem-11468	150	13	above	above	ADJ
fbem-11468	150	14	.	.	PUNCT
fbem-11468	151	1	table	table	NOUN
fbem-11468	151	2	6	6	NUM
fbem-11468	151	3	.	.	PUNCT
fbem-11468	151	4	main	main	ADJ
fbem-11468	151	5	regression	regression	NOUN
fbem-11468	151	6	results	result	NOUN
fbem-11468	151	7	of	of	ADP
fbem-11468	151	8	divestment	divestment	NOUN
fbem-11468	151	9	and	and	CCONJ
fbem-11468	151	10	financial	financial	ADJ
fbem-11468	151	11	flexibility	flexibility	NOUN
fbem-11468	151	12	variables	variable	NOUN
fbem-11468	151	13	(	(	PUNCT
fbem-11468	151	14	1	1	X
fbem-11468	151	15	)	)	PUNCT
fbem-11468	151	16	ff	ff	NOUN
fbem-11468	151	17	div	div	X
fbem-11468	151	18	0.139	0.139	NUM
fbem-11468	151	19	*	*	PUNCT
fbem-11468	151	20	*	*	PUNCT
fbem-11468	151	21	*	*	PUNCT
fbem-11468	151	22	(	(	PUNCT
fbem-11468	151	23	4.246	4.246	NUM
fbem-11468	151	24	)	)	PUNCT
fbem-11468	151	25	firm_efficiency	firm_efficiency	NOUN
fbem-11468	152	1	0.0752	0.0752	NUM
fbem-11468	152	2	*	*	PUNCT
fbem-11468	152	3	*	*	PUNCT
fbem-11468	152	4	*	*	PUNCT
fbem-11468	152	5	(	(	PUNCT
fbem-11468	152	6	5.810	5.810	NUM
fbem-11468	152	7	)	)	PUNCT
fbem-11468	152	8	interact	interact	VERB
fbem-11468	152	9	0.305	0.305	NUM
fbem-11468	152	10	*	*	PUNCT
fbem-11468	152	11	(	(	PUNCT
fbem-11468	152	12	1.922	1.922	NUM
fbem-11468	152	13	)	)	PUNCT
fbem-11468	152	14	lev	lev	NOUN
fbem-11468	152	15	-0.136	-0.136	PUNCT
fbem-11468	152	16	*	*	PUNCT
fbem-11468	152	17	*	*	PUNCT
fbem-11468	152	18	*	*	PUNCT
fbem-11468	152	19	(	(	PUNCT
fbem-11468	152	20	-11.66	-11.66	PROPN
fbem-11468	152	21	)	)	PUNCT
fbem-11468	152	22	roa	roa	NOUN
fbem-11468	152	23	0.0773	0.0773	NUM
fbem-11468	152	24	*	*	PUNCT
fbem-11468	152	25	*	*	PUNCT
fbem-11468	152	26	(	(	PUNCT
fbem-11468	152	27	2.296	2.296	NUM
fbem-11468	152	28	)	)	PUNCT
fbem-11468	152	29	cf	cf	NOUN
fbem-11468	152	30	0.163	0.163	NUM
fbem-11468	152	31	*	*	PUNCT
fbem-11468	152	32	*	*	PUNCT
fbem-11468	152	33	*	*	PUNCT
fbem-11468	152	34	(	(	PUNCT
fbem-11468	152	35	5.143	5.143	NUM
fbem-11468	152	36	)	)	PUNCT
fbem-11468	152	37	board	board	NOUN
fbem-11468	152	38	0.0401	0.0401	PRON
fbem-11468	152	39	*	*	PUNCT
fbem-11468	152	40	*	*	PUNCT
fbem-11468	152	41	*	*	PUNCT
fbem-11468	152	42	(	(	PUNCT
fbem-11468	152	43	3.537	3.537	NUM
fbem-11468	152	44	)	)	PUNCT
fbem-11468	152	45	indep	indep	NOUN
fbem-11468	152	46	0.117	0.117	NUM
fbem-11468	152	47	*	*	PUNCT
fbem-11468	152	48	*	*	PUNCT
fbem-11468	152	49	*	*	PUNCT
fbem-11468	152	50	(	(	PUNCT
fbem-11468	152	51	2.752	2.752	NUM
fbem-11468	152	52	)	)	PUNCT
fbem-11468	152	53	top1	top1	PROPN
fbem-11468	152	54	0.0337	0.0337	NUM
fbem-11468	152	55	*	*	PUNCT
fbem-11468	152	56	*	*	PUNCT
fbem-11468	152	57	(	(	PUNCT
fbem-11468	152	58	2.319	2.319	NUM
fbem-11468	152	59	)	)	PUNCT
fbem-11468	152	60	age	age	NOUN
fbem-11468	152	61	-0.00864	-0.00864	NOUN
fbem-11468	153	1	*	*	PUNCT
fbem-11468	153	2	*	*	PUNCT
fbem-11468	153	3	*	*	PUNCT
fbem-11468	153	4	(	(	PUNCT
fbem-11468	153	5	-2.672	-2.672	NOUN
fbem-11468	153	6	)	)	PUNCT
fbem-11468	153	7	constant	constant	ADJ
fbem-11468	153	8	-0.141	-0.141	NOUN
fbem-11468	153	9	*	*	PUNCT
fbem-11468	153	10	*	*	PUNCT
fbem-11468	153	11	*	*	PUNCT
fbem-11468	153	12	(	(	PUNCT
fbem-11468	153	13	-3.958	-3.958	NUM
fbem-11468	153	14	)	)	PUNCT
fbem-11468	153	15	observations	observation	NOUN
fbem-11468	153	16	2,611	2,611	NUM
fbem-11468	153	17	r	r	NOUN
fbem-11468	153	18	-	-	PUNCT
fbem-11468	153	19	squared	square	VERB
fbem-11468	153	20	0.220	0.220	NUM
fbem-11468	153	21	ajusted	ajusted	ADJ
fbem-11468	153	22	r2	r2	NOUN
fbem-11468	153	23	0.202	0.202	NUM
fbem-11468	153	24	f	f	PROPN
fbem-11468	153	25	test	test	NOUN
fbem-11468	153	26	0	0	NUM
fbem-11468	154	1	t	t	PROPN
fbem-11468	154	2	-	-	PUNCT
fbem-11468	154	3	statistics	statistic	NOUN
fbem-11468	154	4	in	in	ADP
fbem-11468	154	5	parentheses	parenthesis	NOUN
fbem-11468	154	6	*	*	PUNCT
fbem-11468	154	7	*	*	PUNCT
fbem-11468	154	8	*	*	PUNCT
fbem-11468	154	9	p<0.01	p<0.01	PROPN
fbem-11468	154	10	,	,	PUNCT
fbem-11468	154	11	*	*	PUNCT
fbem-11468	154	12	*	*	PUNCT
fbem-11468	154	13	p<0.05	p<0.05	NOUN
fbem-11468	154	14	,	,	PUNCT
fbem-11468	154	15	*	*	SYM
fbem-11468	154	16	p<0.1	p<0.1	NUM
fbem-11468	154	17	table	table	NOUN
fbem-11468	154	18	7	7	NUM
fbem-11468	154	19	.	.	PUNCT
fbem-11468	154	20	main	main	ADJ
fbem-11468	154	21	regression	regression	NOUN
fbem-11468	154	22	results	result	NOUN
fbem-11468	154	23	of	of	ADP
fbem-11468	154	24	divestment	divestment	NOUN
fbem-11468	154	25	and	and	CCONJ
fbem-11468	154	26	financial	financial	ADJ
fbem-11468	154	27	flexibility	flexibility	NOUN
fbem-11468	154	28	variables	variable	NOUN
fbem-11468	154	29	(	(	PUNCT
fbem-11468	154	30	1	1	X
fbem-11468	154	31	)	)	PUNCT
fbem-11468	154	32	state	state	NOUN
fbem-11468	154	33	-	-	PUNCT
fbem-11468	154	34	owned	own	VERB
fbem-11468	154	35	enterprises	enterprise	NOUN
fbem-11468	154	36	(	(	PUNCT
fbem-11468	154	37	2	2	NUM
fbem-11468	154	38	)	)	PUNCT
fbem-11468	154	39	non	non	ADJ
fbem-11468	154	40	-	-	ADJ
fbem-11468	154	41	state	state	NOUN
fbem-11468	154	42	-	-	PUNCT
fbem-11468	154	43	owned	own	VERB
fbem-11468	154	44	enterprises	enterprise	NOUN
fbem-11468	154	45	div	div	X
fbem-11468	154	46	0.0774	0.0774	NUM
fbem-11468	154	47	(	(	PUNCT
fbem-11468	154	48	1.436	1.436	NUM
fbem-11468	154	49	)	)	PUNCT
fbem-11468	154	50	0.189	0.189	NUM
fbem-11468	154	51	*	*	PUNCT
fbem-11468	155	1	*	*	PUNCT
fbem-11468	155	2	*	*	PUNCT
fbem-11468	155	3	(	(	PUNCT
fbem-11468	155	4	4.966	4.966	NUM
fbem-11468	155	5	)	)	PUNCT
fbem-11468	155	6	firm_efficiency	firm_efficiency	NOUN
fbem-11468	156	1	0.0754	0.0754	NUM
fbem-11468	157	1	*	*	PUNCT
fbem-11468	158	1	*	*	PUNCT
fbem-11468	158	2	*	*	PUNCT
fbem-11468	158	3	(	(	PUNCT
fbem-11468	158	4	3.918	3.918	NUM
fbem-11468	158	5	)	)	PUNCT
fbem-11468	159	1	0.0777	0.0777	NUM
fbem-11468	160	1	*	*	PUNCT
fbem-11468	161	1	*	*	PUNCT
fbem-11468	161	2	*	*	PUNCT
fbem-11468	161	3	(	(	PUNCT
fbem-11468	161	4	4.736	4.736	NUM
fbem-11468	161	5	)	)	PUNCT
fbem-11468	161	6	div×firm_efficiency	div×firm_efficiency	NOUN
fbem-11468	161	7	0.182	0.182	NOUN
fbem-11468	161	8	(	(	PUNCT
fbem-11468	161	9	0.741	0.741	NUM
fbem-11468	161	10	)	)	PUNCT
fbem-11468	161	11	0.368	0.368	NUM
fbem-11468	161	12	*	*	PUNCT
fbem-11468	161	13	(	(	PUNCT
fbem-11468	161	14	1.897	1.897	NUM
fbem-11468	161	15	)	)	PUNCT
fbem-11468	161	16	lev	lev	NOUN
fbem-11468	161	17	0.0884	0.0884	NUM
fbem-11468	162	1	*	*	PUNCT
fbem-11468	163	1	*	*	PUNCT
fbem-11468	163	2	*	*	PUNCT
fbem-11468	163	3	(	(	PUNCT
fbem-11468	163	4	4.943	4.943	NUM
fbem-11468	163	5	)	)	PUNCT
fbem-11468	163	6	0.172	0.172	NUM
fbem-11468	164	1	*	*	PUNCT
fbem-11468	165	1	*	*	PUNCT
fbem-11468	165	2	*	*	PUNCT
fbem-11468	165	3	(	(	PUNCT
fbem-11468	165	4	11.82	11.82	NUM
fbem-11468	165	5	)	)	PUNCT
fbem-11468	165	6	roa	roa	NOUN
fbem-11468	165	7	0.184	0.184	NUM
fbem-11468	165	8	*	*	PUNCT
fbem-11468	166	1	*	*	PUNCT
fbem-11468	166	2	*	*	PUNCT
fbem-11468	166	3	(	(	PUNCT
fbem-11468	166	4	2.730	2.730	NUM
fbem-11468	166	5	)	)	PUNCT
fbem-11468	166	6	0.0728	0.0728	NUM
fbem-11468	167	1	*	*	PUNCT
fbem-11468	167	2	*	*	PUNCT
fbem-11468	167	3	(	(	PUNCT
fbem-11468	167	4	2.001	2.001	NUM
fbem-11468	167	5	)	)	PUNCT
fbem-11468	167	6	cf	cf	NOUN
fbem-11468	167	7	0.119	0.119	NUM
fbem-11468	168	1	*	*	PUNCT
fbem-11468	168	2	*	*	PUNCT
fbem-11468	168	3	(	(	PUNCT
fbem-11468	168	4	2.507	2.507	NUM
fbem-11468	168	5	)	)	PUNCT
fbem-11468	168	6	0.199	0.199	NUM
fbem-11468	169	1	*	*	PUNCT
fbem-11468	170	1	*	*	PUNCT
fbem-11468	170	2	*	*	PUNCT
fbem-11468	170	3	(	(	PUNCT
fbem-11468	170	4	5.119	5.119	NUM
fbem-11468	170	5	)	)	PUNCT
fbem-11468	170	6	board	board	NOUN
fbem-11468	170	7	0.00245	0.00245	NUM
fbem-11468	170	8	(	(	PUNCT
fbem-11468	170	9	0.153	0.153	NUM
fbem-11468	170	10	)	)	PUNCT
fbem-11468	170	11	0.0635	0.0635	NUM
fbem-11468	171	1	*	*	PUNCT
fbem-11468	172	1	*	*	PUNCT
fbem-11468	172	2	*	*	PUNCT
fbem-11468	172	3	(	(	PUNCT
fbem-11468	172	4	4.166	4.166	NUM
fbem-11468	172	5	)	)	PUNCT
fbem-11468	172	6	indep	indep	NOUN
fbem-11468	172	7	0.0209	0.0209	NUM
fbem-11468	172	8	(	(	PUNCT
fbem-11468	172	9	0.360	0.360	NUM
fbem-11468	172	10	)	)	PUNCT
fbem-11468	172	11	0.244	0.244	NUM
fbem-11468	173	1	*	*	PUNCT
fbem-11468	174	1	*	*	PUNCT
fbem-11468	174	2	*	*	PUNCT
fbem-11468	174	3	(	(	PUNCT
fbem-11468	174	4	4.330	4.330	NUM
fbem-11468	174	5	)	)	PUNCT
fbem-11468	174	6	top1	top1	PROPN
fbem-11468	174	7	0.00378	0.00378	NUM
fbem-11468	174	8	(	(	PUNCT
fbem-11468	174	9	0.168	0.168	NUM
fbem-11468	174	10	)	)	PUNCT
fbem-11468	174	11	0.0417	0.0417	NUM
fbem-11468	175	1	*	*	PUNCT
fbem-11468	175	2	*	*	PUNCT
fbem-11468	175	3	(	(	PUNCT
fbem-11468	175	4	2.191	2.191	NUM
fbem-11468	175	5	)	)	PUNCT
fbem-11468	175	6	age	age	NOUN
fbem-11468	175	7	0.0243	0.0243	NUM
fbem-11468	176	1	*	*	PUNCT
fbem-11468	177	1	*	*	PUNCT
fbem-11468	177	2	*	*	PUNCT
fbem-11468	177	3	(	(	PUNCT
fbem-11468	177	4	3.643	3.643	NUM
fbem-11468	177	5	)	)	PUNCT
fbem-11468	178	1	0.0110	0.0110	NUM
fbem-11468	178	2	*	*	PUNCT
fbem-11468	179	1	*	*	PUNCT
fbem-11468	179	2	*	*	PUNCT
fbem-11468	179	3	(	(	PUNCT
fbem-11468	179	4	2.777	2.777	NUM
fbem-11468	179	5	)	)	PUNCT
fbem-11468	179	6	constant	constant	ADJ
fbem-11468	179	7	0.0346	0.0346	NUM
fbem-11468	179	8	(	(	PUNCT
fbem-11468	179	9	0.657	0.657	NUM
fbem-11468	179	10	)	)	PUNCT
fbem-11468	179	11	0.236	0.236	NUM
fbem-11468	180	1	*	*	PUNCT
fbem-11468	180	2	*	*	PUNCT
fbem-11468	180	3	*	*	PUNCT
fbem-11468	180	4	(	(	PUNCT
fbem-11468	180	5	4.847	4.847	NUM
fbem-11468	180	6	)	)	PUNCT
fbem-11468	180	7	observations	observation	NOUN
fbem-11468	180	8	1073	1073	NUM
fbem-11468	180	9	1901	1901	NUM
fbem-11468	180	10	r	r	NOUN
fbem-11468	180	11	-	-	PUNCT
fbem-11468	180	12	squared	square	VERB
fbem-11468	180	13	0.251	0.251	NUM
fbem-11468	180	14	0.273	0.273	NUM
fbem-11468	180	15	ajusted	ajusted	ADJ
fbem-11468	180	16	r2	r2	NOUN
fbem-11468	180	17	0.249	0.249	NUM
fbem-11468	180	18	0.249	0.249	NUM
fbem-11468	180	19	f	f	PROPN
fbem-11468	180	20	test	test	NOUN
fbem-11468	180	21	0	0	NUM
fbem-11468	180	22	0	0	NUM
fbem-11468	180	23	t	t	PROPN
fbem-11468	180	24	-	-	PUNCT
fbem-11468	180	25	statistics	statistic	NOUN
fbem-11468	180	26	in	in	ADP
fbem-11468	180	27	parentheses	parenthesis	NOUN
fbem-11468	180	28	*	*	PUNCT
fbem-11468	180	29	*	*	PUNCT
fbem-11468	180	30	*	*	PUNCT
fbem-11468	180	31	p<0.01	p<0.01	PROPN
fbem-11468	180	32	,	,	PUNCT
fbem-11468	180	33	*	*	PUNCT
fbem-11468	180	34	*	*	PUNCT
fbem-11468	180	35	p<0.05	p<0.05	NOUN
fbem-11468	180	36	,	,	PUNCT
fbem-11468	180	37	*	*	SYM
fbem-11468	180	38	p<0.1	p<0.1	NUM
fbem-11468	180	39	159	159	NUM
fbem-11468	180	40	4.5	4.5	NUM
fbem-11468	180	41	.	.	PUNCT
fbem-11468	181	1	further	far	ADV
fbem-11468	181	2	tests	test	VERB
fbem-11468	181	3	4.5.1	4.5.1	NUM
fbem-11468	181	4	.	.	PUNCT
fbem-11468	182	1	heterogeneity	heterogeneity	PROPN
fbem-11468	182	2	test	test	NOUN
fbem-11468	182	3	xu	xu	PROPN
fbem-11468	182	4	and	and	CCONJ
fbem-11468	182	5	wu	wu	PROPN
fbem-11468	182	6	(	(	PUNCT
fbem-11468	182	7	2021	2021	NUM
fbem-11468	182	8	)	)	PUNCT
fbem-11468	183	1	[	[	X
fbem-11468	183	2	13	13	NUM
fbem-11468	183	3	]	]	PUNCT
fbem-11468	183	4	and	and	CCONJ
fbem-11468	183	5	zhang	zhang	PROPN
fbem-11468	183	6	et	et	PROPN
fbem-11468	183	7	al	al	PROPN
fbem-11468	183	8	.	.	PROPN
fbem-11468	184	1	(	(	PUNCT
fbem-11468	184	2	2019	2019	NUM
fbem-11468	184	3	)	)	PUNCT
fbem-11468	185	1	[	[	X
fbem-11468	185	2	14	14	NUM
fbem-11468	185	3	]	]	PUNCT
fbem-11468	185	4	found	find	VERB
fbem-11468	185	5	that	that	SCONJ
fbem-11468	185	6	corporate	corporate	ADJ
fbem-11468	185	7	characteristics	characteristic	NOUN
fbem-11468	185	8	are	be	AUX
fbem-11468	185	9	important	important	ADJ
fbem-11468	185	10	factors	factor	NOUN
fbem-11468	185	11	that	that	PRON
fbem-11468	185	12	affect	affect	VERB
fbem-11468	185	13	the	the	DET
fbem-11468	185	14	economic	economic	ADJ
fbem-11468	185	15	consequences	consequence	NOUN
fbem-11468	185	16	of	of	ADP
fbem-11468	185	17	divestment	divestment	NOUN
fbem-11468	185	18	.	.	PUNCT
fbem-11468	186	1	it	it	PRON
fbem-11468	186	2	can	can	AUX
fbem-11468	186	3	be	be	AUX
fbem-11468	186	4	seen	see	VERB
fbem-11468	186	5	that	that	SCONJ
fbem-11468	186	6	divestment	divestment	NOUN
fbem-11468	186	7	by	by	ADP
fbem-11468	186	8	state	state	NOUN
fbem-11468	186	9	-	-	PUNCT
fbem-11468	186	10	owned	own	VERB
fbem-11468	186	11	enterprises	enterprise	NOUN
fbem-11468	186	12	can	can	AUX
fbem-11468	186	13	not	not	PART
fbem-11468	186	14	effectively	effectively	ADV
fbem-11468	186	15	improve	improve	VERB
fbem-11468	186	16	the	the	DET
fbem-11468	186	17	financial	financial	ADJ
fbem-11468	186	18	flexibility	flexibility	NOUN
fbem-11468	186	19	,	,	PUNCT
fbem-11468	186	20	while	while	SCONJ
fbem-11468	186	21	divestment	divestment	NOUN
fbem-11468	186	22	by	by	ADP
fbem-11468	186	23	nonstate	nonstate	ADJ
fbem-11468	186	24	-	-	PUNCT
fbem-11468	186	25	owned	own	VERB
fbem-11468	186	26	enterprises	enterprise	NOUN
fbem-11468	186	27	can	can	AUX
fbem-11468	186	28	effectively	effectively	ADV
fbem-11468	186	29	improve	improve	VERB
fbem-11468	186	30	the	the	DET
fbem-11468	186	31	financial	financial	ADJ
fbem-11468	186	32	flexibility	flexibility	NOUN
fbem-11468	186	33	of	of	ADP
fbem-11468	186	34	enterprises	enterprise	NOUN
fbem-11468	186	35	.	.	PUNCT
fbem-11468	187	1	4.5.2	4.5.2	NUM
fbem-11468	187	2	.	.	PUNCT
fbem-11468	187	3	mechanism	mechanism	NOUN
fbem-11468	187	4	checking	check	VERB
fbem-11468	187	5	according	accord	VERB
fbem-11468	187	6	to	to	ADP
fbem-11468	187	7	the	the	DET
fbem-11468	187	8	previous	previous	ADJ
fbem-11468	187	9	analysis	analysis	NOUN
fbem-11468	187	10	,	,	PUNCT
fbem-11468	187	11	the	the	DET
fbem-11468	187	12	alleviation	alleviation	NOUN
fbem-11468	187	13	of	of	ADP
fbem-11468	187	14	financing	financing	NOUN
fbem-11468	187	15	constraints	constraint	NOUN
fbem-11468	187	16	plays	play	VERB
fbem-11468	187	17	an	an	DET
fbem-11468	187	18	important	important	ADJ
fbem-11468	187	19	role	role	NOUN
fbem-11468	187	20	in	in	ADP
fbem-11468	187	21	the	the	DET
fbem-11468	187	22	process	process	NOUN
fbem-11468	187	23	of	of	ADP
fbem-11468	187	24	divestment	divestment	NOUN
fbem-11468	187	25	.	.	PUNCT
fbem-11468	188	1	therefore	therefore	ADV
fbem-11468	188	2	,	,	PUNCT
fbem-11468	188	3	this	this	DET
fbem-11468	188	4	paper	paper	NOUN
fbem-11468	188	5	takes	take	VERB
fbem-11468	188	6	corporate	corporate	ADJ
fbem-11468	188	7	financing	financing	NOUN
fbem-11468	188	8	constraints	constraint	NOUN
fbem-11468	188	9	(	(	PUNCT
fbem-11468	188	10	fc	fc	INTJ
fbem-11468	188	11	)	)	PUNCT
fbem-11468	188	12	as	as	ADP
fbem-11468	188	13	an	an	DET
fbem-11468	188	14	intermediary	intermediary	ADJ
fbem-11468	188	15	variable	variable	NOUN
fbem-11468	188	16	to	to	PART
fbem-11468	188	17	test	test	VERB
fbem-11468	188	18	the	the	DET
fbem-11468	188	19	mechanism	mechanism	NOUN
fbem-11468	188	20	.	.	PUNCT
fbem-11468	189	1	it	it	PRON
fbem-11468	189	2	can	can	AUX
fbem-11468	189	3	be	be	AUX
fbem-11468	189	4	seen	see	VERB
fbem-11468	189	5	from	from	ADP
fbem-11468	189	6	column	column	NOUN
fbem-11468	189	7	(	(	PUNCT
fbem-11468	189	8	2	2	NUM
fbem-11468	189	9	)	)	PUNCT
fbem-11468	189	10	of	of	ADP
fbem-11468	189	11	table	table	NOUN
fbem-11468	189	12	7	7	NUM
fbem-11468	189	13	that	that	PRON
fbem-11468	189	14	divestment	divestment	NOUN
fbem-11468	189	15	div	div	NOUN
fbem-11468	189	16	is	be	AUX
fbem-11468	189	17	negatively	negatively	ADV
fbem-11468	189	18	correlated	correlate	VERB
fbem-11468	189	19	with	with	ADP
fbem-11468	189	20	financial	financial	ADJ
fbem-11468	189	21	constraints	constraint	NOUN
fbem-11468	189	22	fc	fc	PROPN
fbem-11468	189	23	,	,	PUNCT
fbem-11468	189	24	and	and	CCONJ
fbem-11468	189	25	the	the	DET
fbem-11468	189	26	correlation	correlation	NOUN
fbem-11468	189	27	coefficient	coefficient	NOUN
fbem-11468	189	28	is	be	AUX
fbem-11468	189	29	−	−	PROPN
fbem-11468	189	30	0.053	0.053	NUM
fbem-11468	189	31	,	,	PUNCT
fbem-11468	189	32	which	which	PRON
fbem-11468	189	33	is	be	AUX
fbem-11468	189	34	significant	significant	ADJ
fbem-11468	189	35	at	at	ADP
fbem-11468	189	36	the	the	DET
fbem-11468	189	37	level	level	NOUN
fbem-11468	189	38	of	of	ADP
fbem-11468	189	39	5	5	NUM
fbem-11468	189	40	%	%	NOUN
fbem-11468	189	41	.	.	PUNCT
fbem-11468	190	1	column	column	NOUN
fbem-11468	190	2	(	(	PUNCT
fbem-11468	190	3	3	3	X
fbem-11468	190	4	)	)	PUNCT
fbem-11468	190	5	shows	show	VERB
fbem-11468	190	6	that	that	SCONJ
fbem-11468	190	7	divestment	divestment	NOUN
fbem-11468	190	8	div	div	NOUN
fbem-11468	190	9	is	be	AUX
fbem-11468	190	10	positively	positively	ADV
fbem-11468	190	11	correlated	correlate	VERB
fbem-11468	190	12	with	with	ADP
fbem-11468	190	13	financial	financial	ADJ
fbem-11468	190	14	flexibility	flexibility	NOUN
fbem-11468	190	15	ff	ff	NOUN
fbem-11468	190	16	after	after	ADP
fbem-11468	190	17	controlling	control	VERB
fbem-11468	190	18	financial	financial	ADJ
fbem-11468	190	19	constraints	constraint	NOUN
fbem-11468	190	20	fc	fc	PROPN
fbem-11468	190	21	,	,	PUNCT
fbem-11468	190	22	and	and	CCONJ
fbem-11468	190	23	the	the	DET
fbem-11468	190	24	coefficient	coefficient	NOUN
fbem-11468	190	25	is	be	AUX
fbem-11468	190	26	0.085	0.085	NUM
fbem-11468	190	27	,	,	PUNCT
fbem-11468	190	28	which	which	PRON
fbem-11468	190	29	is	be	AUX
fbem-11468	190	30	significant	significant	ADJ
fbem-11468	190	31	at	at	ADP
fbem-11468	190	32	the	the	DET
fbem-11468	190	33	level	level	NOUN
fbem-11468	190	34	of	of	ADP
fbem-11468	190	35	10	10	NUM
fbem-11468	190	36	%	%	NOUN
fbem-11468	190	37	.	.	PUNCT
fbem-11468	191	1	it	it	PRON
fbem-11468	191	2	shows	show	VERB
fbem-11468	191	3	that	that	SCONJ
fbem-11468	191	4	asset	asset	NOUN
fbem-11468	191	5	stripping	strip	VERB
fbem-11468	191	6	can	can	AUX
fbem-11468	191	7	effectively	effectively	ADV
fbem-11468	191	8	improve	improve	VERB
fbem-11468	191	9	the	the	DET
fbem-11468	191	10	financial	financial	ADJ
fbem-11468	191	11	flexibility	flexibility	NOUN
fbem-11468	191	12	of	of	ADP
fbem-11468	191	13	enterprises	enterprise	NOUN
fbem-11468	191	14	by	by	ADP
fbem-11468	191	15	alleviating	alleviate	VERB
fbem-11468	191	16	financial	financial	ADJ
fbem-11468	191	17	constraints	constraint	NOUN
fbem-11468	191	18	.	.	PUNCT
fbem-11468	192	1	table	table	NOUN
fbem-11468	192	2	8	8	NUM
fbem-11468	192	3	.	.	PUNCT
fbem-11468	193	1	main	main	ADJ
fbem-11468	193	2	regression	regression	NOUN
fbem-11468	193	3	results	result	NOUN
fbem-11468	193	4	of	of	ADP
fbem-11468	193	5	divestment	divestment	NOUN
fbem-11468	193	6	and	and	CCONJ
fbem-11468	193	7	financial	financial	ADJ
fbem-11468	193	8	flexibility	flexibility	NOUN
fbem-11468	193	9	variables	variable	NOUN
fbem-11468	193	10	(	(	PUNCT
fbem-11468	193	11	1	1	X
fbem-11468	193	12	)	)	PUNCT
fbem-11468	193	13	ff	ff	NOUN
fbem-11468	193	14	(	(	PUNCT
fbem-11468	193	15	2	2	NUM
fbem-11468	193	16	)	)	PUNCT
fbem-11468	193	17	fc	fc	NOUN
fbem-11468	193	18	(	(	PUNCT
fbem-11468	193	19	3	3	X
fbem-11468	193	20	)	)	PUNCT
fbem-11468	193	21	ff	ff	NOUN
fbem-11468	193	22	fc	fc	PROPN
fbem-11468	193	23	0.085	0.085	NUM
fbem-11468	193	24	*	*	PUNCT
fbem-11468	193	25	*	*	PUNCT
fbem-11468	193	26	(	(	PUNCT
fbem-11468	193	27	2.28	2.28	NUM
fbem-11468	193	28	)	)	PUNCT
fbem-11468	193	29	div	div	NOUN
fbem-11468	193	30	0.126	0.126	PRON
fbem-11468	193	31	*	*	PUNCT
fbem-11468	194	1	*	*	PUNCT
fbem-11468	194	2	(	(	PUNCT
fbem-11468	194	3	2.42	2.42	NUM
fbem-11468	194	4	)	)	PUNCT
fbem-11468	194	5	0.053	0.053	NUM
fbem-11468	194	6	*	*	PUNCT
fbem-11468	195	1	*	*	PUNCT
fbem-11468	195	2	(	(	PUNCT
fbem-11468	195	3	3.16	3.16	NUM
fbem-11468	195	4	)	)	PUNCT
fbem-11468	195	5	0.130	0.130	NUM
fbem-11468	195	6	*	*	PUNCT
fbem-11468	196	1	*	*	PUNCT
fbem-11468	196	2	(	(	PUNCT
fbem-11468	196	3	2.54	2.54	NUM
fbem-11468	196	4	)	)	PUNCT
fbem-11468	196	5	size	size	NOUN
fbem-11468	196	6	0.120	0.120	NUM
fbem-11468	196	7	(	(	PUNCT
fbem-11468	196	8	1.74	1.74	NUM
fbem-11468	196	9	)	)	PUNCT
fbem-11468	196	10	0.223	0.223	NUM
fbem-11468	196	11	*	*	PUNCT
fbem-11468	197	1	*	*	PUNCT
fbem-11468	197	2	*	*	PUNCT
fbem-11468	197	3	(	(	PUNCT
fbem-11468	197	4	4.04	4.04	NUM
fbem-11468	197	5	)	)	PUNCT
fbem-11468	197	6	0.101	0.101	NUM
fbem-11468	197	7	(	(	PUNCT
fbem-11468	197	8	1.52	1.52	NUM
fbem-11468	197	9	)	)	PUNCT
fbem-11468	197	10	lev	lev	NOUN
fbem-11468	197	11	0.118	0.118	NUM
fbem-11468	197	12	*	*	PUNCT
fbem-11468	198	1	*	*	PUNCT
fbem-11468	198	2	*	*	PUNCT
fbem-11468	198	3	(	(	PUNCT
fbem-11468	198	4	7.46	7.46	NUM
fbem-11468	198	5	)	)	PUNCT
fbem-11468	198	6	0.001	0.001	NUM
fbem-11468	198	7	(	(	PUNCT
fbem-11468	198	8	0.14	0.14	NUM
fbem-11468	198	9	)	)	PUNCT
fbem-11468	198	10	0.118	0.118	NUM
fbem-11468	199	1	*	*	PUNCT
fbem-11468	200	1	*	*	PUNCT
fbem-11468	200	2	*	*	PUNCT
fbem-11468	200	3	(	(	PUNCT
fbem-11468	200	4	7.50	7.50	NUM
fbem-11468	200	5	)	)	PUNCT
fbem-11468	200	6	roa	roa	NOUN
fbem-11468	200	7	0.177	0.177	NUM
fbem-11468	200	8	*	*	PUNCT
fbem-11468	201	1	*	*	PUNCT
fbem-11468	201	2	*	*	PUNCT
fbem-11468	201	3	(	(	PUNCT
fbem-11468	201	4	4.32	4.32	NUM
fbem-11468	201	5	)	)	PUNCT
fbem-11468	201	6	0.076	0.076	NUM
fbem-11468	201	7	*	*	PUNCT
fbem-11468	202	1	*	*	PUNCT
fbem-11468	202	2	*	*	PUNCT
fbem-11468	202	3	(	(	PUNCT
fbem-11468	202	4	4.51	4.51	NUM
fbem-11468	202	5	)	)	PUNCT
fbem-11468	202	6	0.171	0.171	NUM
fbem-11468	203	1	*	*	PUNCT
fbem-11468	204	1	*	*	PUNCT
fbem-11468	204	2	*	*	PUNCT
fbem-11468	204	3	(	(	PUNCT
fbem-11468	204	4	4.20	4.20	NUM
fbem-11468	204	5	)	)	PUNCT
fbem-11468	204	6	cashflow	cashflow	NOUN
fbem-11468	204	7	0.167	0.167	NUM
fbem-11468	204	8	*	*	PUNCT
fbem-11468	205	1	*	*	PUNCT
fbem-11468	205	2	*	*	PUNCT
fbem-11468	205	3	(	(	PUNCT
fbem-11468	205	4	4.54	4.54	NUM
fbem-11468	205	5	)	)	PUNCT
fbem-11468	205	6	0.002	0.002	NUM
fbem-11468	205	7	(	(	PUNCT
fbem-11468	205	8	0.12	0.12	NUM
fbem-11468	205	9	)	)	PUNCT
fbem-11468	205	10	0.167	0.167	NUM
fbem-11468	205	11	*	*	PUNCT
fbem-11468	206	1	*	*	PUNCT
fbem-11468	206	2	*	*	PUNCT
fbem-11468	206	3	(	(	PUNCT
fbem-11468	206	4	4.65	4.65	NUM
fbem-11468	206	5	)	)	PUNCT
fbem-11468	206	6	board	board	NOUN
fbem-11468	206	7	0.045	0.045	NUM
fbem-11468	206	8	*	*	PUNCT
fbem-11468	207	1	*	*	PUNCT
fbem-11468	207	2	*	*	PUNCT
fbem-11468	207	3	(	(	PUNCT
fbem-11468	207	4	3.70	3.70	NUM
fbem-11468	207	5	)	)	PUNCT
fbem-11468	207	6	0.002	0.002	NUM
fbem-11468	207	7	(	(	PUNCT
fbem-11468	207	8	0.18	0.18	NUM
fbem-11468	207	9	)	)	PUNCT
fbem-11468	207	10	0.045	0.045	NUM
fbem-11468	207	11	*	*	PUNCT
fbem-11468	208	1	*	*	PUNCT
fbem-11468	208	2	*	*	PUNCT
fbem-11468	208	3	(	(	PUNCT
fbem-11468	208	4	3.69	3.69	NUM
fbem-11468	208	5	)	)	PUNCT
fbem-11468	208	6	indep	indep	NOUN
fbem-11468	208	7	0.125	0.125	NUM
fbem-11468	208	8	*	*	SYM
fbem-11468	208	9	(	(	PUNCT
fbem-11468	208	10	2.23	2.23	NUM
fbem-11468	208	11	)	)	PUNCT
fbem-11468	208	12	0.056	0.056	NUM
fbem-11468	208	13	*	*	PUNCT
fbem-11468	208	14	*	*	PUNCT
fbem-11468	208	15	(	(	PUNCT
fbem-11468	208	16	2.29	2.29	NUM
fbem-11468	208	17	)	)	PUNCT
fbem-11468	208	18	0.129	0.129	NUM
fbem-11468	209	1	*	*	PUNCT
fbem-11468	209	2	*	*	PUNCT
fbem-11468	209	3	(	(	PUNCT
fbem-11468	209	4	2.32	2.32	NUM
fbem-11468	209	5	)	)	PUNCT
fbem-11468	209	6	top1	top1	PROPN
fbem-11468	209	7	0.052	0.052	NUM
fbem-11468	210	1	*	*	PUNCT
fbem-11468	210	2	*	*	PUNCT
fbem-11468	210	3	(	(	PUNCT
fbem-11468	210	4	2.42	2.42	NUM
fbem-11468	210	5	)	)	PUNCT
fbem-11468	210	6	0.023	0.023	NUM
fbem-11468	210	7	(	(	PUNCT
fbem-11468	210	8	1.64	1.64	NUM
fbem-11468	210	9	)	)	PUNCT
fbem-11468	210	10	0.054	0.054	NUM
fbem-11468	211	1	*	*	PUNCT
fbem-11468	211	2	*	*	PUNCT
fbem-11468	211	3	(	(	PUNCT
fbem-11468	211	4	2.55	2.55	NUM
fbem-11468	211	5	)	)	PUNCT
fbem-11468	211	6	listage	listage	NOUN
fbem-11468	211	7	0.006	0.006	NUM
fbem-11468	211	8	(	(	PUNCT
fbem-11468	211	9	0.81	0.81	NUM
fbem-11468	211	10	)	)	PUNCT
fbem-11468	211	11	0.038	0.038	NUM
fbem-11468	211	12	*	*	PUNCT
fbem-11468	212	1	*	*	PUNCT
fbem-11468	212	2	*	*	PUNCT
fbem-11468	212	3	(	(	PUNCT
fbem-11468	212	4	14.67	14.67	NUM
fbem-11468	212	5	)	)	PUNCT
fbem-11468	212	6	0.009	0.009	NUM
fbem-11468	212	7	(	(	PUNCT
fbem-11468	212	8	1.11	1.11	NUM
fbem-11468	212	9	)	)	PUNCT
fbem-11468	212	10	constant	constant	ADJ
fbem-11468	212	11	0.237	0.237	NUM
fbem-11468	212	12	(	(	PUNCT
fbem-11468	212	13	1.19	1.19	NUM
fbem-11468	212	14	)	)	PUNCT
fbem-11468	212	15	1.987	1.987	NUM
fbem-11468	212	16	*	*	PUNCT
fbem-11468	213	1	*	*	PUNCT
fbem-11468	213	2	*	*	PUNCT
fbem-11468	213	3	(	(	PUNCT
fbem-11468	213	4	11.35	11.35	NUM
fbem-11468	213	5	)	)	PUNCT
fbem-11468	213	6	0.068	0.068	NUM
fbem-11468	213	7	(	(	PUNCT
fbem-11468	213	8	0.35	0.35	NUM
fbem-11468	213	9	)	)	PUNCT
fbem-11468	213	10	observations	observation	NOUN
fbem-11468	213	11	3084	3084	NUM
fbem-11468	213	12	3084	3084	NUM
fbem-11468	213	13	3084	3084	NUM
fbem-11468	213	14	r	r	NOUN
fbem-11468	213	15	-	-	PUNCT
fbem-11468	213	16	squared	square	VERB
fbem-11468	213	17	0.228	0.228	NUM
fbem-11468	213	18	0.330	0.330	NUM
fbem-11468	213	19	0.230	0.230	NUM
fbem-11468	213	20	t	t	PROPN
fbem-11468	213	21	-	-	PUNCT
fbem-11468	213	22	statistics	statistic	NOUN
fbem-11468	213	23	in	in	ADP
fbem-11468	213	24	parentheses	parenthesis	NOUN
fbem-11468	213	25	*	*	PUNCT
fbem-11468	213	26	*	*	PUNCT
fbem-11468	213	27	*	*	PUNCT
fbem-11468	213	28	p<0.01	p<0.01	PROPN
fbem-11468	213	29	,	,	PUNCT
fbem-11468	213	30	*	*	PUNCT
fbem-11468	213	31	*	*	PUNCT
fbem-11468	213	32	p<0.05	p<0.05	NOUN
fbem-11468	213	33	,	,	PUNCT
fbem-11468	213	34	*	*	SYM
fbem-11468	213	35	p<0.1	p<0.1	NUM
fbem-11468	213	36	5	5	NUM
fbem-11468	213	37	.	.	PUNCT
fbem-11468	214	1	conclusions	conclusion	NOUN
fbem-11468	214	2	and	and	CCONJ
fbem-11468	214	3	policy	policy	NOUN
fbem-11468	214	4	recommendations	recommendation	NOUN
fbem-11468	214	5	based	base	VERB
fbem-11468	214	6	on	on	ADP
fbem-11468	214	7	the	the	DET
fbem-11468	214	8	data	datum	NOUN
fbem-11468	214	9	of	of	ADP
fbem-11468	214	10	listed	list	VERB
fbem-11468	214	11	companies	company	NOUN
fbem-11468	214	12	from	from	ADP
fbem-11468	214	13	2011	2011	NUM
fbem-11468	214	14	to	to	ADP
fbem-11468	214	15	2020	2020	NUM
fbem-11468	214	16	,	,	PUNCT
fbem-11468	214	17	this	this	DET
fbem-11468	214	18	paper	paper	NOUN
fbem-11468	214	19	studies	study	VERB
fbem-11468	214	20	the	the	DET
fbem-11468	214	21	impact	impact	NOUN
fbem-11468	214	22	of	of	ADP
fbem-11468	214	23	divestment	divestment	NOUN
fbem-11468	214	24	on	on	ADP
fbem-11468	214	25	corporate	corporate	ADJ
fbem-11468	214	26	financial	financial	ADJ
fbem-11468	214	27	flexibility	flexibility	NOUN
fbem-11468	214	28	and	and	CCONJ
fbem-11468	214	29	its	its	PRON
fbem-11468	214	30	mechanism	mechanism	NOUN
fbem-11468	214	31	.	.	PUNCT
fbem-11468	215	1	the	the	DET
fbem-11468	215	2	results	result	NOUN
fbem-11468	215	3	show	show	VERB
fbem-11468	215	4	that	that	SCONJ
fbem-11468	215	5	divestment	divestment	NOUN
fbem-11468	215	6	can	can	AUX
fbem-11468	215	7	promote	promote	VERB
fbem-11468	215	8	the	the	DET
fbem-11468	215	9	improvement	improvement	NOUN
fbem-11468	215	10	of	of	ADP
fbem-11468	215	11	corporate	corporate	ADJ
fbem-11468	215	12	financial	financial	ADJ
fbem-11468	215	13	flexibility	flexibility	NOUN
fbem-11468	215	14	,	,	PUNCT
fbem-11468	215	15	and	and	CCONJ
fbem-11468	215	16	the	the	DET
fbem-11468	215	17	managerial	managerial	ADJ
fbem-11468	215	18	ability	ability	NOUN
fbem-11468	215	19	can	can	AUX
fbem-11468	215	20	significantly	significantly	ADV
fbem-11468	215	21	regulate	regulate	VERB
fbem-11468	215	22	the	the	DET
fbem-11468	215	23	relationship	relationship	NOUN
fbem-11468	215	24	between	between	ADP
fbem-11468	215	25	divestment	divestment	NOUN
fbem-11468	215	26	and	and	CCONJ
fbem-11468	215	27	financial	financial	ADJ
fbem-11468	215	28	flexibility	flexibility	NOUN
fbem-11468	215	29	,	,	PUNCT
fbem-11468	215	30	and	and	CCONJ
fbem-11468	215	31	higher	high	ADJ
fbem-11468	215	32	managerial	managerial	ADJ
fbem-11468	215	33	ability	ability	NOUN
fbem-11468	215	34	will	will	AUX
fbem-11468	215	35	promote	promote	VERB
fbem-11468	215	36	the	the	DET
fbem-11468	215	37	positive	positive	ADJ
fbem-11468	215	38	relationship	relationship	NOUN
fbem-11468	215	39	.	.	PUNCT
fbem-11468	216	1	further	further	ADJ
fbem-11468	216	2	analysis	analysis	NOUN
fbem-11468	216	3	shows	show	VERB
fbem-11468	216	4	that	that	SCONJ
fbem-11468	216	5	financial	financial	ADJ
fbem-11468	216	6	constraints	constraint	NOUN
fbem-11468	216	7	and	and	CCONJ
fbem-11468	216	8	cash	cash	NOUN
fbem-11468	216	9	holdings	holding	NOUN
fbem-11468	216	10	are	be	AUX
fbem-11468	216	11	the	the	DET
fbem-11468	216	12	important	important	ADJ
fbem-11468	216	13	influencing	influence	VERB
fbem-11468	216	14	mechanisms	mechanism	NOUN
fbem-11468	216	15	of	of	ADP
fbem-11468	216	16	divestment	divestment	NOUN
fbem-11468	216	17	on	on	ADP
fbem-11468	216	18	corporate	corporate	ADJ
fbem-11468	216	19	financial	financial	ADJ
fbem-11468	216	20	flexibility	flexibility	NOUN
fbem-11468	216	21	.	.	PUNCT
fbem-11468	217	1	the	the	DET
fbem-11468	217	2	positive	positive	ADJ
fbem-11468	217	3	effect	effect	NOUN
fbem-11468	217	4	and	and	CCONJ
fbem-11468	217	5	moderating	moderate	VERB
fbem-11468	217	6	effect	effect	NOUN
fbem-11468	217	7	of	of	ADP
fbem-11468	217	8	divestment	divestment	NOUN
fbem-11468	217	9	on	on	ADP
fbem-11468	217	10	financial	financial	ADJ
fbem-11468	217	11	flexibility	flexibility	NOUN
fbem-11468	217	12	are	be	AUX
fbem-11468	217	13	more	more	ADV
fbem-11468	217	14	significant	significant	ADJ
fbem-11468	217	15	in	in	ADP
fbem-11468	217	16	nonstate	nonstate	ADJ
fbem-11468	217	17	-	-	PUNCT
fbem-11468	217	18	owned	own	VERB
fbem-11468	217	19	enterprises	enterprise	NOUN
fbem-11468	217	20	.	.	PUNCT
fbem-11468	218	1	based	base	VERB
fbem-11468	218	2	on	on	ADP
fbem-11468	218	3	the	the	DET
fbem-11468	218	4	conclusions	conclusion	NOUN
fbem-11468	218	5	,	,	PUNCT
fbem-11468	218	6	the	the	DET
fbem-11468	218	7	following	follow	VERB
fbem-11468	218	8	suggestions	suggestion	NOUN
fbem-11468	218	9	are	be	AUX
fbem-11468	218	10	put	put	VERB
fbem-11468	218	11	forward	forward	ADV
fbem-11468	218	12	:	:	PUNCT
fbem-11468	218	13	(	(	PUNCT
fbem-11468	218	14	1	1	X
fbem-11468	218	15	)	)	PUNCT
fbem-11468	218	16	as	as	ADP
fbem-11468	218	17	an	an	DET
fbem-11468	218	18	effective	effective	ADJ
fbem-11468	218	19	means	mean	NOUN
fbem-11468	218	20	of	of	ADP
fbem-11468	218	21	optimizing	optimize	VERB
fbem-11468	218	22	resource	resource	NOUN
fbem-11468	218	23	allocation	allocation	NOUN
fbem-11468	218	24	,	,	PUNCT
fbem-11468	218	25	divestment	divestment	NOUN
fbem-11468	218	26	plays	play	VERB
fbem-11468	218	27	an	an	DET
fbem-11468	218	28	important	important	ADJ
fbem-11468	218	29	role	role	NOUN
fbem-11468	218	30	in	in	ADP
fbem-11468	218	31	enterprise	enterprise	NOUN
fbem-11468	218	32	innovation	innovation	NOUN
fbem-11468	218	33	and	and	CCONJ
fbem-11468	218	34	development	development	NOUN
fbem-11468	218	35	as	as	ADV
fbem-11468	218	36	well	well	ADV
fbem-11468	218	37	as	as	ADP
fbem-11468	218	38	industrial	industrial	ADJ
fbem-11468	218	39	transformation	transformation	NOUN
fbem-11468	218	40	and	and	CCONJ
fbem-11468	218	41	upgrading	upgrading	NOUN
fbem-11468	218	42	.	.	PUNCT
fbem-11468	219	1	the	the	DET
fbem-11468	219	2	divestment	divestment	NOUN
fbem-11468	219	3	of	of	ADP
fbem-11468	219	4	chinese	chinese	ADJ
fbem-11468	219	5	enterprises	enterprise	NOUN
fbem-11468	219	6	is	be	AUX
fbem-11468	219	7	becoming	become	VERB
fbem-11468	219	8	more	more	ADV
fbem-11468	219	9	and	and	CCONJ
fbem-11468	219	10	more	more	ADV
fbem-11468	219	11	frequent	frequent	ADJ
fbem-11468	219	12	.	.	PUNCT
fbem-11468	220	1	it	it	PRON
fbem-11468	220	2	should	should	AUX
fbem-11468	220	3	be	be	AUX
fbem-11468	220	4	recognized	recognize	VERB
fbem-11468	220	5	that	that	SCONJ
fbem-11468	220	6	the	the	DET
fbem-11468	220	7	value	value	NOUN
fbem-11468	220	8	effect	effect	NOUN
fbem-11468	220	9	of	of	ADP
fbem-11468	220	10	divestment	divestment	NOUN
fbem-11468	220	11	is	be	AUX
fbem-11468	220	12	closely	closely	ADV
fbem-11468	220	13	related	relate	VERB
fbem-11468	220	14	to	to	ADP
fbem-11468	220	15	the	the	DET
fbem-11468	220	16	financial	financial	ADJ
fbem-11468	220	17	flexibility	flexibility	NOUN
fbem-11468	220	18	of	of	ADP
fbem-11468	220	19	enterprises	enterprise	NOUN
fbem-11468	220	20	,	,	PUNCT
fbem-11468	220	21	which	which	PRON
fbem-11468	220	22	can	can	AUX
fbem-11468	220	23	improve	improve	VERB
fbem-11468	220	24	the	the	DET
fbem-11468	220	25	efficiency	efficiency	NOUN
fbem-11468	220	26	of	of	ADP
fbem-11468	220	27	resource	resource	NOUN
fbem-11468	220	28	allocation	allocation	NOUN
fbem-11468	220	29	,	,	PUNCT
fbem-11468	220	30	improve	improve	VERB
fbem-11468	220	31	the	the	DET
fbem-11468	220	32	competitiveness	competitiveness	NOUN
fbem-11468	220	33	and	and	CCONJ
fbem-11468	220	34	market	market	NOUN
fbem-11468	220	35	value	value	NOUN
fbem-11468	220	36	of	of	ADP
fbem-11468	220	37	enterprises	enterprise	NOUN
fbem-11468	220	38	,	,	PUNCT
fbem-11468	220	39	thus	thus	ADV
fbem-11468	220	40	conducive	conducive	ADJ
fbem-11468	220	41	to	to	ADP
fbem-11468	220	42	the	the	DET
fbem-11468	220	43	continuous	continuous	ADJ
fbem-11468	220	44	development	development	NOUN
fbem-11468	220	45	of	of	ADP
fbem-11468	220	46	enterprises	enterprise	NOUN
fbem-11468	220	47	'	'	PART
fbem-11468	220	48	r&d	r&d	NOUN
fbem-11468	220	49	and	and	CCONJ
fbem-11468	220	50	innovation	innovation	NOUN
fbem-11468	220	51	activities	activity	NOUN
fbem-11468	220	52	,	,	PUNCT
fbem-11468	220	53	and	and	CCONJ
fbem-11468	220	54	achieve	achieve	VERB
fbem-11468	220	55	good	good	ADJ
fbem-11468	220	56	development	development	NOUN
fbem-11468	220	57	of	of	ADP
fbem-11468	220	58	enterprises	enterprise	NOUN
fbem-11468	220	59	.	.	PUNCT
fbem-11468	221	1	(	(	PUNCT
fbem-11468	221	2	2	2	X
fbem-11468	221	3	)	)	PUNCT
fbem-11468	221	4	enterprises	enterprise	NOUN
fbem-11468	221	5	employ	employ	VERB
fbem-11468	221	6	high	high	ADJ
fbem-11468	221	7	-	-	PUNCT
fbem-11468	221	8	ability	ability	NOUN
fbem-11468	221	9	managers	manager	NOUN
fbem-11468	221	10	to	to	PART
fbem-11468	221	11	manage	manage	VERB
fbem-11468	221	12	their	their	PRON
fbem-11468	221	13	enterprises	enterprise	NOUN
fbem-11468	221	14	.	.	PUNCT
fbem-11468	222	1	if	if	SCONJ
fbem-11468	222	2	the	the	DET
fbem-11468	222	3	enterprise	enterprise	NOUN
fbem-11468	222	4	managers	manager	NOUN
fbem-11468	222	5	have	have	VERB
fbem-11468	222	6	rich	rich	ADJ
fbem-11468	222	7	experience	experience	NOUN
fbem-11468	222	8	in	in	ADP
fbem-11468	222	9	divestment	divestment	NOUN
fbem-11468	222	10	,	,	PUNCT
fbem-11468	222	11	they	they	PRON
fbem-11468	222	12	can	can	AUX
fbem-11468	222	13	more	more	ADV
fbem-11468	222	14	skillfully	skillfully	ADV
fbem-11468	222	15	alleviate	alleviate	VERB
fbem-11468	222	16	the	the	DET
fbem-11468	222	17	financial	financial	ADJ
fbem-11468	222	18	situation	situation	NOUN
fbem-11468	222	19	of	of	ADP
fbem-11468	222	20	the	the	DET
fbem-11468	222	21	enterprise	enterprise	NOUN
fbem-11468	222	22	and	and	CCONJ
fbem-11468	222	23	improve	improve	VERB
fbem-11468	222	24	the	the	DET
fbem-11468	222	25	financial	financial	ADJ
fbem-11468	222	26	flexibility	flexibility	NOUN
fbem-11468	222	27	of	of	ADP
fbem-11468	222	28	the	the	DET
fbem-11468	222	29	enterprise	enterprise	NOUN
fbem-11468	222	30	,	,	PUNCT
fbem-11468	222	31	so	so	SCONJ
fbem-11468	222	32	as	as	SCONJ
fbem-11468	222	33	to	to	PART
fbem-11468	222	34	enhance	enhance	VERB
fbem-11468	222	35	the	the	DET
fbem-11468	222	36	riskbearing	riskbeare	VERB
fbem-11468	222	37	ability	ability	NOUN
fbem-11468	222	38	of	of	ADP
fbem-11468	222	39	the	the	DET
fbem-11468	222	40	enterprise	enterprise	NOUN
fbem-11468	222	41	.	.	PUNCT
fbem-11468	223	1	(	(	PUNCT
fbem-11468	223	2	3	3	X
fbem-11468	223	3	)	)	PUNCT
fbem-11468	223	4	the	the	DET
fbem-11468	223	5	financial	financial	ADJ
fbem-11468	223	6	market	market	NOUN
fbem-11468	223	7	system	system	NOUN
fbem-11468	223	8	should	should	AUX
fbem-11468	223	9	be	be	AUX
fbem-11468	223	10	improved	improve	VERB
fbem-11468	223	11	to	to	PART
fbem-11468	223	12	make	make	VERB
fbem-11468	223	13	full	full	ADJ
fbem-11468	223	14	use	use	NOUN
fbem-11468	223	15	of	of	ADP
fbem-11468	223	16	its	its	PRON
fbem-11468	223	17	functions	function	NOUN
fbem-11468	223	18	of	of	ADP
fbem-11468	223	19	reducing	reduce	VERB
fbem-11468	223	20	financing	financing	NOUN
fbem-11468	223	21	costs	cost	NOUN
fbem-11468	223	22	and	and	CCONJ
fbem-11468	223	23	improving	improve	VERB
fbem-11468	223	24	resource	resource	NOUN
fbem-11468	223	25	allocation	allocation	NOUN
fbem-11468	223	26	efficiency	efficiency	NOUN
fbem-11468	223	27	,	,	PUNCT
fbem-11468	223	28	so	so	SCONJ
fbem-11468	223	29	as	as	SCONJ
fbem-11468	223	30	to	to	PART
fbem-11468	223	31	make	make	VERB
fbem-11468	223	32	the	the	DET
fbem-11468	223	33	divestment	divestment	ADJ
fbem-11468	223	34	assets	asset	NOUN
fbem-11468	223	35	fairly	fairly	ADV
fbem-11468	223	36	priced	price	VERB
fbem-11468	223	37	in	in	ADP
fbem-11468	223	38	the	the	DET
fbem-11468	223	39	market	market	NOUN
fbem-11468	223	40	,	,	PUNCT
fbem-11468	223	41	guide	guide	VERB
fbem-11468	223	42	the	the	DET
fbem-11468	223	43	capital	capital	NOUN
fbem-11468	223	44	flow	flow	NOUN
fbem-11468	223	45	to	to	ADP
fbem-11468	223	46	the	the	DET
fbem-11468	223	47	most	most	ADV
fbem-11468	223	48	likely	likely	ADJ
fbem-11468	223	49	successful	successful	ADJ
fbem-11468	223	50	investment	investment	NOUN
fbem-11468	223	51	direction	direction	NOUN
fbem-11468	223	52	,	,	PUNCT
fbem-11468	223	53	and	and	CCONJ
fbem-11468	223	54	accelerate	accelerate	VERB
fbem-11468	223	55	the	the	DET
fbem-11468	223	56	innovation	innovation	NOUN
fbem-11468	223	57	of	of	ADP
fbem-11468	223	58	enterprises	enterprise	NOUN
fbem-11468	223	59	,	,	PUNCT
fbem-11468	223	60	so	so	SCONJ
fbem-11468	223	61	that	that	SCONJ
fbem-11468	223	62	the	the	DET
fbem-11468	223	63	enterprises	enterprise	NOUN
fbem-11468	223	64	160	160	NUM
fbem-11468	223	65	with	with	ADP
fbem-11468	223	66	good	good	ADJ
fbem-11468	223	67	performance	performance	NOUN
fbem-11468	223	68	and	and	CCONJ
fbem-11468	223	69	good	good	ADJ
fbem-11468	223	70	management	management	NOUN
fbem-11468	223	71	can	can	AUX
fbem-11468	223	72	benefit	benefit	VERB
fbem-11468	223	73	from	from	ADP
fbem-11468	223	74	the	the	DET
fbem-11468	223	75	specialization	specialization	NOUN
fbem-11468	223	76	and	and	CCONJ
fbem-11468	223	77	efficiency	efficiency	NOUN
fbem-11468	223	78	brought	bring	VERB
fbem-11468	223	79	by	by	ADP
fbem-11468	223	80	asset	asset	NOUN
fbem-11468	223	81	divestment	divestment	NOUN
fbem-11468	223	82	.	.	PUNCT
fbem-11468	224	1	acknowledgment	acknowledgment	NOUN
fbem-11468	224	2	this	this	DET
fbem-11468	224	3	work	work	NOUN
fbem-11468	224	4	was	be	AUX
fbem-11468	224	5	supported	support	VERB
fbem-11468	224	6	in	in	ADP
fbem-11468	224	7	part	part	NOUN
fbem-11468	224	8	by	by	ADP
fbem-11468	224	9	a	a	DET
fbem-11468	224	10	grant	grant	NOUN
fbem-11468	224	11	from	from	ADP
fbem-11468	224	12	:	:	PUNCT
fbem-11468	224	13	the	the	DET
fbem-11468	224	14	postgraduate	postgraduate	ADJ
fbem-11468	224	15	scientific	scientific	ADJ
fbem-11468	224	16	research	research	NOUN
fbem-11468	224	17	innovation	innovation	NOUN
fbem-11468	224	18	fund	fund	NOUN
fbem-11468	224	19	of	of	ADP
fbem-11468	224	20	anhui	anhui	PROPN
fbem-11468	224	21	university	university	PROPN
fbem-11468	224	22	of	of	ADP
fbem-11468	224	23	finance	finance	NOUN
fbem-11468	224	24	and	and	CCONJ
fbem-11468	224	25	economics	economic	NOUN
fbem-11468	224	26	(	(	PUNCT
fbem-11468	224	27	acyc2022085	acyc2022085	PROPN
fbem-11468	224	28	)	)	PUNCT
fbem-11468	224	29	.	.	PUNCT
fbem-11468	225	1	the	the	DET
fbem-11468	225	2	postgraduate	postgraduate	ADJ
fbem-11468	225	3	scientific	scientific	ADJ
fbem-11468	225	4	research	research	NOUN
fbem-11468	225	5	innovation	innovation	NOUN
fbem-11468	225	6	fund	fund	NOUN
fbem-11468	225	7	of	of	ADP
fbem-11468	225	8	anhui	anhui	PROPN
fbem-11468	225	9	university	university	PROPN
fbem-11468	225	10	of	of	ADP
fbem-11468	225	11	finance	finance	NOUN
fbem-11468	225	12	and	and	CCONJ
fbem-11468	225	13	economics	economic	NOUN
fbem-11468	225	14	(	(	PUNCT
fbem-11468	225	15	acyc2022082	acyc2022082	PROPN
fbem-11468	225	16	)	)	PUNCT
fbem-11468	225	17	.	.	PUNCT
fbem-11468	226	1	the	the	DET
fbem-11468	226	2	natural	natural	ADJ
fbem-11468	226	3	science	science	NOUN
fbem-11468	226	4	key	key	ADJ
fbem-11468	226	5	research	research	NOUN
fbem-11468	226	6	project	project	NOUN
fbem-11468	226	7	of	of	ADP
fbem-11468	226	8	anhui	anhui	PROPN
fbem-11468	226	9	provincial	provincial	PROPN
fbem-11468	226	10	department	department	PROPN
fbem-11468	226	11	of	of	ADP
fbem-11468	226	12	education	education	PROPN
fbem-11468	226	13	(	(	PUNCT
fbem-11468	226	14	2022ah050603	2022ah050603	NUM
fbem-11468	226	15	)	)	PUNCT
fbem-11468	226	16	.	.	PUNCT
fbem-11468	227	1	references	reference	NOUN
fbem-11468	227	2	[	[	X
fbem-11468	227	3	1	1	NUM
fbem-11468	227	4	]	]	PUNCT
fbem-11468	227	5	tang	tang	PROPN
fbem-11468	227	6	qingquan	qingquan	PROPN
fbem-11468	227	7	&	&	CCONJ
fbem-11468	227	8	li	li	PROPN
fbem-11468	227	9	ping.(2016	ping.(2016	PROPN
fbem-11468	227	10	)	)	PUNCT
fbem-11468	227	11	.	.	PUNCT
fbem-11468	228	1	research	research	NOUN
fbem-11468	228	2	on	on	ADP
fbem-11468	228	3	the	the	DET
fbem-11468	228	4	effectiveness	effectiveness	NOUN
fbem-11468	228	5	of	of	ADP
fbem-11468	228	6	asset	asset	NOUN
fbem-11468	228	7	divestiture	divestiture	NOUN
fbem-11468	228	8	and	and	CCONJ
fbem-11468	228	9	business	business	NOUN
fbem-11468	228	10	reorganization	reorganization	NOUN
fbem-11468	228	11	.	.	PUNCT
fbem-11468	229	1	contemporary	contemporary	ADJ
fbem-11468	229	2	economic	economic	ADJ
fbem-11468	229	3	management	management	NOUN
fbem-11468	229	4	(	(	PUNCT
fbem-11468	229	5	07	07	NUM
fbem-11468	229	6	)	)	PUNCT
fbem-11468	229	7	,	,	PUNCT
fbem-11468	229	8	14	14	NUM
fbem-11468	229	9	to	to	PART
fbem-11468	229	10	24	24	NUM
fbem-11468	229	11	.	.	PUNCT
fbem-11468	230	1	doi	doi	NOUN
fbem-11468	230	2	:	:	PUNCT
fbem-11468	230	3	10.13253	10.13253	NUM
fbem-11468	230	4	/	/	SYM
fbem-11468	230	5	j.carol	j.carol	PROPN
fbem-11468	230	6	carroll	carroll	PROPN
fbem-11468	230	7	nki	nki	PROPN
fbem-11468	230	8	ddjjgl	ddjjgl	PROPN
fbem-11468	230	9	.	.	PUNCT
fbem-11468	231	1	2016.07.003	2016.07.003	NUM
fbem-11468	231	2	.	.	PUNCT
fbem-11468	232	1	[	[	X
fbem-11468	232	2	2	2	NUM
fbem-11468	232	3	]	]	X
fbem-11468	232	4	guo	guo	PROPN
fbem-11468	232	5	wei	wei	PROPN
fbem-11468	232	6	,	,	PUNCT
fbem-11468	232	7	zhai	zhai	PROPN
fbem-11468	232	8	jun	jun	PROPN
fbem-11468	232	9	&	&	CCONJ
fbem-11468	232	10	guo	guo	PROPN
fbem-11468	232	11	jing.(2020	jing.(2020	PROPN
fbem-11468	232	12	)	)	PUNCT
fbem-11468	232	13	.	.	PUNCT
fbem-11468	233	1	research	research	NOUN
fbem-11468	233	2	on	on	ADP
fbem-11468	233	3	asset	asset	NOUN
fbem-11468	233	4	divestiture	divestiture	NOUN
fbem-11468	233	5	and	and	CCONJ
fbem-11468	233	6	enterprise	enterprise	NOUN
fbem-11468	233	7	value	value	NOUN
fbem-11468	233	8	from	from	ADP
fbem-11468	233	9	the	the	DET
fbem-11468	233	10	perspective	perspective	NOUN
fbem-11468	233	11	of	of	ADP
fbem-11468	233	12	strategic	strategic	ADJ
fbem-11468	233	13	transformation	transformation	NOUN
fbem-11468	233	14	.	.	PUNCT
fbem-11468	234	1	soft	soft	ADJ
fbem-11468	234	2	science	science	NOUN
fbem-11468	234	3	(	(	PUNCT
fbem-11468	234	4	11),95	11),95	NUM
fbem-11468	234	5	-	-	SYM
fbem-11468	234	6	100	100	NUM
fbem-11468	234	7	.	.	PUNCT
fbem-11468	235	1	doi:10.13956/	doi:10.13956/	PROPN
fbem-11468	235	2	j.s.1001	j.s.1001	PROPN
fbem-11468	235	3	-	-	PUNCT
fbem-11468	235	4	8409.2020.11.16	8409.2020.11.16	PROPN
fbem-11468	235	5	.	.	PUNCT
fbem-11468	236	1	[	[	X
fbem-11468	236	2	3	3	X
fbem-11468	236	3	]	]	X
fbem-11468	236	4	yan	yan	PROPN
fbem-11468	236	5	fuhai	fuhai	PROPN
fbem-11468	236	6	&	&	CCONJ
fbem-11468	236	7	li	li	PROPN
fbem-11468	236	8	huansheng.(2014	huansheng.(2014	PROPN
fbem-11468	236	9	)	)	PUNCT
fbem-11468	236	10	.	.	PUNCT
fbem-11468	237	1	a	a	DET
fbem-11468	237	2	review	review	NOUN
fbem-11468	237	3	of	of	ADP
fbem-11468	237	4	chinese	chinese	ADJ
fbem-11468	237	5	enterprise	enterprise	NOUN
fbem-11468	237	6	asset	asset	NOUN
fbem-11468	237	7	stripping	strip	VERB
fbem-11468	237	8	research	research	NOUN
fbem-11468	237	9	.	.	PUNCT
fbem-11468	238	1	accounting	accounting	NOUN
fbem-11468	238	2	communication	communication	NOUN
fbem-11468	238	3	(	(	PUNCT
fbem-11468	238	4	12	12	NUM
fbem-11468	238	5	)	)	PUNCT
fbem-11468	238	6	,	,	PUNCT
fbem-11468	238	7	103	103	NUM
fbem-11468	238	8	-	-	SYM
fbem-11468	238	9	105	105	NUM
fbem-11468	238	10	.	.	PUNCT
fbem-11468	239	1	the	the	DET
fbem-11468	239	2	doi	doi	NOUN
fbem-11468	239	3	:	:	PUNCT
fbem-11468	239	4	10.16144	10.16144	NUM
fbem-11468	239	5	/	/	SYM
fbem-11468	239	6	j.carol	j.carol	PROPN
fbem-11468	239	7	carroll	carroll	PROPN
fbem-11468	239	8	nki	nki	PROPN
fbem-11468	239	9	issn10028072.2014.12.033	issn10028072.2014.12.033	PROPN
fbem-11468	239	10	.	.	PUNCT
fbem-11468	240	1	[	[	X
fbem-11468	240	2	4	4	NUM
fbem-11468	240	3	]	]	PUNCT
fbem-11468	240	4	xu	xu	PROPN
fbem-11468	240	5	h.	h.	PROPN
fbem-11468	240	6	(	(	PUNCT
fbem-11468	240	7	2012	2012	NUM
fbem-11468	240	8	)	)	PUNCT
fbem-11468	240	9	.	.	PUNCT
fbem-11468	241	1	marketization	marketization	NOUN
fbem-11468	241	2	process	process	NOUN
fbem-11468	241	3	,	,	PUNCT
fbem-11468	241	4	property	property	NOUN
fbem-11468	241	5	rights	right	NOUN
fbem-11468	241	6	allocation	allocation	NOUN
fbem-11468	241	7	and	and	CCONJ
fbem-11468	241	8	asset	asset	NOUN
fbem-11468	241	9	divestiture	divestiture	NOUN
fbem-11468	241	10	performance	performance	NOUN
fbem-11468	241	11	of	of	ADP
fbem-11468	241	12	listed	list	VERB
fbem-11468	241	13	companies	company	NOUN
fbem-11468	241	14	:	:	PUNCT
fbem-11468	241	15	a	a	DET
fbem-11468	241	16	study	study	NOUN
fbem-11468	241	17	from	from	ADP
fbem-11468	241	18	the	the	DET
fbem-11468	241	19	perspective	perspective	NOUN
fbem-11468	241	20	of	of	ADP
fbem-11468	241	21	co	co	ADJ
fbem-11468	241	22	-	-	ADJ
fbem-11468	241	23	jurisdictional	jurisdictional	ADJ
fbem-11468	241	24	transactions	transaction	NOUN
fbem-11468	241	25	.	.	PUNCT
fbem-11468	242	1	nankai	nankai	PROPN
fbem-11468	242	2	management	management	PROPN
fbem-11468	242	3	review	review	PROPN
fbem-11468	242	4	(	(	PUNCT
fbem-11468	242	5	03),110	03),110	NOUN
fbem-11468	242	6	-	-	SYM
fbem-11468	242	7	121	121	NUM
fbem-11468	242	8	.	.	PUNCT
fbem-11468	243	1	[	[	X
fbem-11468	243	2	5	5	X
fbem-11468	243	3	]	]	X
fbem-11468	243	4	xue	xue	PROPN
fbem-11468	243	5	youzhi	youzhi	PROPN
fbem-11468	243	6	,	,	PUNCT
fbem-11468	243	7	zhang	zhang	PROPN
fbem-11468	243	8	rongrong	rongrong	PROPN
fbem-11468	243	9	,	,	PUNCT
fbem-11468	243	10	and	and	CCONJ
fbem-11468	243	11	zhang	zhang	PROPN
fbem-11468	243	12	yujing.(2022	yujing.(2022	PROPN
fbem-11468	243	13	)	)	PUNCT
fbem-11468	243	14	.	.	PUNCT
fbem-11468	244	1	vertical	vertical	ADJ
fbem-11468	244	2	executive	executive	ADJ
fbem-11468	244	3	placement	placement	NOUN
fbem-11468	244	4	and	and	CCONJ
fbem-11468	244	5	asset	asset	NOUN
fbem-11468	244	6	divestiture	divestiture	NOUN
fbem-11468	244	7	strategy	strategy	NOUN
fbem-11468	244	8	.	.	PUNCT
fbem-11468	245	1	foreign	foreign	ADJ
fbem-11468	245	2	economic	economic	ADJ
fbem-11468	245	3	and	and	CCONJ
fbem-11468	245	4	management	management	NOUN
fbem-11468	245	5	(	(	PUNCT
fbem-11468	245	6	05	05	NUM
fbem-11468	245	7	)	)	PUNCT
fbem-11468	245	8	,	,	PUNCT
fbem-11468	245	9	3	3	NUM
fbem-11468	245	10	-	-	SYM
fbem-11468	245	11	18	18	NUM
fbem-11468	245	12	.	.	PUNCT
fbem-11468	245	13	doi	doi	NOUN
fbem-11468	245	14	:	:	PUNCT
fbem-11468	245	15	10.16538	10.16538	NUM
fbem-11468	245	16	/	/	SYM
fbem-11468	245	17	j.carol	j.carol	PROPN
fbem-11468	245	18	carroll	carroll	PROPN
fbem-11468	245	19	nki	nki	PROPN
fbem-11468	245	20	fem	fem	PROPN
fbem-11468	245	21	.	.	PUNCT
fbem-11468	246	1	20211212.203	20211212.203	X
fbem-11468	246	2	.	.	PUNCT
fbem-11468	247	1	[	[	X
fbem-11468	247	2	6	6	NUM
fbem-11468	247	3	]	]	X
fbem-11468	247	4	xue	xue	PROPN
fbem-11468	247	5	,	,	PUNCT
fbem-11468	247	6	y.	y.	PROPN
fbem-11468	247	7	,	,	PUNCT
fbem-11468	247	8	xibei	xibei	PROPN
fbem-11468	247	9	,	,	PUNCT
fbem-11468	247	10	t.	t.	PROPN
fbem-11468	247	11	&	&	CCONJ
fbem-11468	247	12	zhou	zhou	PROPN
fbem-11468	247	13	,	,	PUNCT
fbem-11468	247	14	j.	j.	PROPN
fbem-11468	247	15	(	(	PUNCT
fbem-11468	247	16	2021	2021	NUM
fbem-11468	247	17	)	)	PUNCT
fbem-11468	247	18	.	.	PUNCT
fbem-11468	248	1	the	the	DET
fbem-11468	248	2	mechanism	mechanism	NOUN
fbem-11468	248	3	and	and	CCONJ
fbem-11468	248	4	influencing	influence	VERB
fbem-11468	248	5	factors	factor	NOUN
fbem-11468	248	6	of	of	ADP
fbem-11468	248	7	enterprise	enterprise	NOUN
fbem-11468	248	8	asset	asset	NOUN
fbem-11468	248	9	divestment	divestment	NOUN
fbem-11468	248	10	:	:	PUNCT
fbem-11468	248	11	review	review	NOUN
fbem-11468	248	12	and	and	CCONJ
fbem-11468	248	13	prospect	prospect	NOUN
fbem-11468	248	14	.	.	PUNCT
fbem-11468	249	1	management	management	NOUN
fbem-11468	249	2	modernization	modernization	NOUN
fbem-11468	249	3	(	(	PUNCT
fbem-11468	249	4	05	05	NUM
fbem-11468	249	5	):	):	PUNCT
fbem-11468	249	6	125	125	NUM
fbem-11468	249	7	-	-	SYM
fbem-11468	249	8	129	129	NUM
fbem-11468	249	9	.	.	PUNCT
fbem-11468	250	1	doi:10.19634	doi:10.19634	PROPN
fbem-11468	250	2	/	/	SYM
fbem-11468	250	3	j.cnki.11	j.cnki.11	PROPN
fbem-11468	250	4	-	-	PUNCT
fbem-11468	250	5	1403	1403	NUM
fbem-11468	250	6	/	/	SYM
fbem-11468	250	7	c.2021.05.027	c.2021.05.027	NOUN
fbem-11468	250	8	.	.	PUNCT
fbem-11468	251	1	[	[	X
fbem-11468	251	2	7	7	X
fbem-11468	251	3	]	]	X
fbem-11468	251	4	zhang	zhang	PROPN
fbem-11468	251	5	hao	hao	PROPN
fbem-11468	251	6	&	&	CCONJ
fbem-11468	251	7	wang	wang	PROPN
fbem-11468	251	8	wei.(2013	wei.(2013	PROPN
fbem-11468	251	9	)	)	PUNCT
fbem-11468	251	10	.	.	PUNCT
fbem-11468	252	1	characteristics	characteristic	NOUN
fbem-11468	252	2	and	and	CCONJ
fbem-11468	252	3	motivation	motivation	NOUN
fbem-11468	252	4	of	of	ADP
fbem-11468	252	5	asset	asset	NOUN
fbem-11468	252	6	divestiture	divestiture	NOUN
fbem-11468	252	7	of	of	ADP
fbem-11468	252	8	chinese	chinese	ADJ
fbem-11468	252	9	listed	list	VERB
fbem-11468	252	10	companies	company	NOUN
fbem-11468	252	11	.	.	PUNCT
fbem-11468	253	1	modern	modern	ADJ
fbem-11468	253	2	commerce	commerce	NOUN
fbem-11468	253	3	and	and	CCONJ
fbem-11468	253	4	industry	industry	NOUN
fbem-11468	253	5	(	(	PUNCT
fbem-11468	253	6	08),96	08),96	NUM
fbem-11468	253	7	-	-	SYM
fbem-11468	253	8	97	97	NUM
fbem-11468	253	9	.	.	PUNCT
fbem-11468	254	1	(	(	PUNCT
fbem-11468	254	2	in	in	ADP
fbem-11468	254	3	chinese	chinese	ADJ
fbem-11468	254	4	)	)	PUNCT
fbem-11468	254	5	doi:10.19311	doi:10.19311	NOUN
fbem-11468	254	6	/	/	SYM
fbem-11468	254	7	j.cnki.1672	j.cnki.1672	PROPN
fbem-11468	254	8	-	-	PUNCT
fbem-11468	254	9	3198.2013.08.052	3198.2013.08.052	PROPN
fbem-11468	254	10	.	.	PUNCT
fbem-11468	255	1	[	[	X
fbem-11468	255	2	8	8	NUM
fbem-11468	255	3	]	]	X
fbem-11468	255	4	zhang	zhang	PROPN
fbem-11468	255	5	xing	xing	PROPN
fbem-11468	255	6	&	&	CCONJ
fbem-11468	255	7	chen	chen	PROPN
fbem-11468	255	8	xingshu.(2022	xingshu.(2022	PROPN
fbem-11468	255	9	)	)	PUNCT
fbem-11468	255	10	.	.	PUNCT
fbem-11468	256	1	asset	asset	NOUN
fbem-11468	256	2	stripping	strip	VERB
fbem-11468	256	3	,	,	PUNCT
fbem-11468	256	4	regional	regional	ADJ
fbem-11468	256	5	financial	financial	ADJ
fbem-11468	256	6	development	development	NOUN
fbem-11468	256	7	and	and	CCONJ
fbem-11468	256	8	r&d	r&d	NOUN
fbem-11468	256	9	investment	investment	NOUN
fbem-11468	256	10	.	.	PUNCT
fbem-11468	257	1	monthly	monthly	ADJ
fbem-11468	257	2	journal	journal	NOUN
fbem-11468	257	3	of	of	ADP
fbem-11468	257	4	finance	finance	NOUN
fbem-11468	257	5	and	and	CCONJ
fbem-11468	257	6	accounting	accounting	NOUN
fbem-11468	257	7	(	(	PUNCT
fbem-11468	257	8	22),56	22),56	NUM
fbem-11468	257	9	-	-	SYM
fbem-11468	257	10	65	65	NUM
fbem-11468	257	11	.	.	PUNCT
fbem-11468	257	12	doi:10.19641	doi:10.19641	PROPN
fbem-11468	257	13	/	/	SYM
fbem-11468	257	14	j.cnki.421290	j.cnki.421290	PROPN
fbem-11468	257	15	/	/	SYM
fbem-11468	257	16	f.2022.22.007	f.2022.22.007	PROPN
fbem-11468	257	17	.	.	PUNCT
fbem-11468	258	1	[	[	X
fbem-11468	258	2	9	9	NUM
fbem-11468	258	3	]	]	SYM
fbem-11468	258	4	li	li	PROPN
fbem-11468	258	5	ping	ping	PROPN
fbem-11468	258	6	,	,	PUNCT
fbem-11468	258	7	su	su	PROPN
fbem-11468	258	8	liangyu	liangyu	PROPN
fbem-11468	258	9	&	&	CCONJ
fbem-11468	258	10	xu	xu	PROPN
fbem-11468	258	11	xin.(2019	xin.(2019	PROPN
fbem-11468	258	12	)	)	PUNCT
fbem-11468	258	13	.	.	PUNCT
fbem-11468	259	1	can	can	AUX
fbem-11468	259	2	divestiture	divestiture	VERB
fbem-11468	259	3	stimulate	stimulate	VERB
fbem-11468	259	4	r&d	r&d	NOUN
fbem-11468	259	5	investment	investment	NOUN
fbem-11468	259	6	of	of	ADP
fbem-11468	259	7	chinese	chinese	ADJ
fbem-11468	259	8	enterprises	enterprise	NOUN
fbem-11468	259	9	?	?	PUNCT
fbem-11468	260	1	-research	-research	NOUN
fbem-11468	260	2	based	base	VERB
fbem-11468	260	3	on	on	ADP
fbem-11468	260	4	the	the	DET
fbem-11468	260	5	perspective	perspective	NOUN
fbem-11468	260	6	of	of	ADP
fbem-11468	260	7	financing	financing	NOUN
fbem-11468	260	8	constraints	constraint	NOUN
fbem-11468	260	9	.	.	PUNCT
fbem-11468	261	1	journal	journal	PROPN
fbem-11468	261	2	of	of	ADP
fbem-11468	261	3	sun	sun	PROPN
fbem-11468	261	4	yat	yat	PROPN
fbem-11468	261	5	-	-	PUNCT
fbem-11468	261	6	sen	sen	PROPN
fbem-11468	261	7	university	university	PROPN
fbem-11468	261	8	(	(	PUNCT
fbem-11468	261	9	social	social	ADJ
fbem-11468	261	10	science	science	NOUN
fbem-11468	261	11	edition	edition	NOUN
fbem-11468	261	12	)	)	PUNCT
fbem-11468	261	13	(	(	PUNCT
fbem-11468	261	14	01	01	NUM
fbem-11468	261	15	)	)	PUNCT
fbem-11468	261	16	,	,	PUNCT
fbem-11468	261	17	188	188	NUM
fbem-11468	261	18	-	-	SYM
fbem-11468	261	19	198	198	NUM
fbem-11468	261	20	.	.	PUNCT
fbem-11468	262	1	the	the	DET
fbem-11468	262	2	doi	doi	NOUN
fbem-11468	262	3	:	:	PUNCT
fbem-11468	262	4	10.13471	10.13471	NUM
fbem-11468	262	5	/	/	SYM
fbem-11468	262	6	j.carol	j.carol	PROPN
fbem-11468	262	7	carroll	carroll	PROPN
fbem-11468	262	8	nki	nki	PROPN
fbem-11468	262	9	jsysusse	jsysusse	PROPN
fbem-11468	262	10	.	.	PUNCT
fbem-11468	263	1	2019.01.020	2019.01.020	NOUN
fbem-11468	263	2	.	.	PUNCT
fbem-11468	264	1	[	[	X
fbem-11468	264	2	10	10	NUM
fbem-11468	264	3	]	]	X
fbem-11468	264	4	guo	guo	PROPN
fbem-11468	264	5	wei	wei	PROPN
fbem-11468	264	6	&	&	CCONJ
fbem-11468	264	7	guo	guo	PROPN
fbem-11468	264	8	zeguang.(2020	zeguang.(2020	NOUN
fbem-11468	264	9	)	)	PUNCT
fbem-11468	264	10	.	.	PUNCT
fbem-11468	265	1	the	the	DET
fbem-11468	265	2	impact	impact	NOUN
fbem-11468	265	3	of	of	ADP
fbem-11468	265	4	asset	asset	NOUN
fbem-11468	265	5	divestiture	divestiture	NOUN
fbem-11468	265	6	on	on	ADP
fbem-11468	265	7	corporate	corporate	ADJ
fbem-11468	265	8	financial	financial	ADJ
fbem-11468	265	9	performance	performance	NOUN
fbem-11468	265	10	and	and	CCONJ
fbem-11468	265	11	its	its	PRON
fbem-11468	265	12	mechanism	mechanism	NOUN
fbem-11468	265	13	.	.	PUNCT
fbem-11468	266	1	journal	journal	PROPN
fbem-11468	266	2	of	of	ADP
fbem-11468	266	3	guangdong	guangdong	PROPN
fbem-11468	266	4	university	university	PROPN
fbem-11468	266	5	of	of	ADP
fbem-11468	266	6	finance	finance	NOUN
fbem-11468	266	7	and	and	CCONJ
fbem-11468	266	8	economics	economic	NOUN
fbem-11468	266	9	(	(	PUNCT
fbem-11468	266	10	02),55	02),55	NUM
fbem-11468	266	11	-	-	SYM
fbem-11468	266	12	67	67	NUM
fbem-11468	266	13	.	.	PUNCT
fbem-11468	267	1	[	[	X
fbem-11468	267	2	11	11	NUM
fbem-11468	267	3	]	]	PUNCT
fbem-11468	267	4	zeng	zeng	PROPN
fbem-11468	267	5	aimin	aimin	PROPN
fbem-11468	267	6	,	,	PUNCT
fbem-11468	267	7	zhang	zhang	PROPN
fbem-11468	267	8	chun	chun	PROPN
fbem-11468	267	9	,	,	PUNCT
fbem-11468	267	10	wei	wei	PROPN
fbem-11468	267	11	zhihua	zhihua	PROPN
fbem-11468	267	12	.	.	PUNCT
fbem-11468	268	1	financial	financial	ADJ
fbem-11468	268	2	crisis	crisis	NOUN
fbem-11468	268	3	shock	shock	NOUN
fbem-11468	268	4	,	,	PUNCT
fbem-11468	268	5	financial	financial	ADJ
fbem-11468	268	6	flexibility	flexibility	NOUN
fbem-11468	268	7	reserve	reserve	NOUN
fbem-11468	268	8	and	and	CCONJ
fbem-11468	268	9	corporate	corporate	ADJ
fbem-11468	268	10	investment	investment	NOUN
fbem-11468	268	11	behavior	behavior	NOUN
fbem-11468	268	12	:	:	PUNCT
fbem-11468	268	13	empirical	empirical	ADJ
fbem-11468	268	14	evidence	evidence	NOUN
fbem-11468	268	15	from	from	ADP
fbem-11468	268	16	chinese	chinese	ADJ
fbem-11468	268	17	listed	list	VERB
fbem-11468	268	18	companies	company	NOUN
fbem-11468	269	1	[	[	X
fbem-11468	269	2	j	j	X
fbem-11468	269	3	]	]	X
fbem-11468	269	4	.	.	PUNCT
fbem-11468	270	1	management	management	NOUN
fbem-11468	270	2	world	world	NOUN
fbem-11468	270	3	,	,	PUNCT
fbem-11468	270	4	2013(4):107	2013(4):107	NUM
fbem-11468	270	5	-	-	SYM
fbem-11468	270	6	120	120	NUM
fbem-11468	270	7	.	.	PUNCT
fbem-11468	271	1	[	[	X
fbem-11468	271	2	12	12	NUM
fbem-11468	271	3	]	]	X
fbem-11468	271	4	guo	guo	PROPN
fbem-11468	271	5	wei	wei	PROPN
fbem-11468	271	6	&	&	CCONJ
fbem-11468	271	7	wang	wang	PROPN
fbem-11468	271	8	shaohua.(2022	shaohua.(2022	PROPN
fbem-11468	271	9	)	)	PUNCT
fbem-11468	271	10	.	.	PUNCT
fbem-11468	272	1	the	the	DET
fbem-11468	272	2	impact	impact	NOUN
fbem-11468	272	3	of	of	ADP
fbem-11468	272	4	asset	asset	NOUN
fbem-11468	272	5	stripping	strip	VERB
fbem-11468	272	6	on	on	ADP
fbem-11468	272	7	corporate	corporate	ADJ
fbem-11468	272	8	financialization	financialization	NOUN
fbem-11468	272	9	:	:	PUNCT
fbem-11468	272	10	"	"	PUNCT
fbem-11468	272	11	from	from	ADP
fbem-11468	272	12	real	real	ADJ
fbem-11468	272	13	to	to	ADP
fbem-11468	272	14	virtual	virtual	ADJ
fbem-11468	272	15	"	"	PUNCT
fbem-11468	272	16	or	or	CCONJ
fbem-11468	272	17	"	"	PUNCT
fbem-11468	272	18	from	from	ADP
fbem-11468	272	19	virtual	virtual	ADJ
fbem-11468	272	20	to	to	ADP
fbem-11468	272	21	real	real	ADJ
fbem-11468	272	22	"	"	PUNCT
fbem-11468	272	23	.	.	PUNCT
fbem-11468	273	1	securities	security	NOUN
fbem-11468	273	2	market	market	NOUN
fbem-11468	273	3	review	review	NOUN
fbem-11468	273	4	(	(	PUNCT
fbem-11468	273	5	04),57	04),57	NUM
fbem-11468	273	6	-	-	SYM
fbem-11468	273	7	68	68	NUM
fbem-11468	273	8	.	.	PUNCT
fbem-11468	274	1	[	[	X
fbem-11468	274	2	13	13	NUM
fbem-11468	274	3	]	]	X
fbem-11468	274	4	xue	xue	PROPN
fbem-11468	274	5	youzhi	youzhi	PROPN
fbem-11468	274	6	&	&	CCONJ
fbem-11468	274	7	wu	wu	PROPN
fbem-11468	274	8	qian.(2021	qian.(2021	PROPN
fbem-11468	274	9	)	)	PUNCT
fbem-11468	274	10	.	.	PUNCT
fbem-11468	275	1	who	who	PRON
fbem-11468	275	2	implements	implement	VERB
fbem-11468	275	3	fewer	few	ADJ
fbem-11468	275	4	divestiture	divestiture	NOUN
fbem-11468	275	5	transactions	transaction	NOUN
fbem-11468	275	6	:	:	PUNCT
fbem-11468	275	7	state	state	NOUN
fbem-11468	275	8	-	-	PUNCT
fbem-11468	275	9	owned	own	VERB
fbem-11468	275	10	enterprises	enterprise	NOUN
fbem-11468	275	11	or	or	CCONJ
fbem-11468	275	12	non	non	ADJ
fbem-11468	275	13	-	-	ADJ
fbem-11468	275	14	stateowned	stateowned	ADJ
fbem-11468	275	15	enterprises	enterprise	NOUN
fbem-11468	275	16	?	?	PUNCT
fbem-11468	276	1	modern	modern	ADJ
fbem-11468	276	2	finance	finance	NOUN
fbem-11468	276	3	and	and	CCONJ
fbem-11468	276	4	economics	economic	NOUN
fbem-11468	276	5	(	(	PUNCT
fbem-11468	276	6	journal	journal	PROPN
fbem-11468	276	7	of	of	ADP
fbem-11468	276	8	tianjin	tianjin	PROPN
fbem-11468	276	9	university	university	PROPN
fbem-11468	276	10	of	of	ADP
fbem-11468	276	11	finance	finance	NOUN
fbem-11468	276	12	and	and	CCONJ
fbem-11468	276	13	economics)(03	economics)(03	PROPN
fbem-11468	276	14	)	)	PUNCT
fbem-11468	276	15	,	,	PUNCT
fbem-11468	276	16	317.doi:10.19559	317.doi:10.19559	NUM
fbem-11468	276	17	/	/	SYM
fbem-11468	276	18	j.cnki.121387.2021.03.001	j.cnki.121387.2021.03.001	NOUN
fbem-11468	276	19	.	.	PUNCT
fbem-11468	277	1	[	[	X
fbem-11468	277	2	14	14	NUM
fbem-11468	277	3	]	]	X
fbem-11468	277	4	zhang	zhang	PROPN
fbem-11468	277	5	xiaoyue	xiaoyue	PROPN
fbem-11468	277	6	,	,	PUNCT
fbem-11468	277	7	zhao	zhao	PROPN
fbem-11468	277	8	siwei	siwei	PROPN
fbem-11468	277	9	&	&	CCONJ
fbem-11468	277	10	gong	gong	NOUN
fbem-11468	277	11	yu.(2019	yu.(2019	PROPN
fbem-11468	277	12	)	)	PUNCT
fbem-11468	277	13	.	.	PUNCT
fbem-11468	278	1	research	research	NOUN
fbem-11468	278	2	on	on	ADP
fbem-11468	278	3	the	the	DET
fbem-11468	278	4	impact	impact	NOUN
fbem-11468	278	5	of	of	ADP
fbem-11468	278	6	asset	asset	NOUN
fbem-11468	278	7	-	-	PUNCT
fbem-11468	278	8	stripping	strip	VERB
fbem-11468	278	9	turnaround	turnaround	NOUN
fbem-11468	278	10	on	on	ADP
fbem-11468	278	11	innovation	innovation	NOUN
fbem-11468	278	12	performance	performance	NOUN
fbem-11468	278	13	of	of	ADP
fbem-11468	278	14	listed	list	VERB
fbem-11468	278	15	companies	company	NOUN
fbem-11468	278	16	.	.	PUNCT
fbem-11468	279	1	financial	financial	ADJ
fbem-11468	279	2	theory	theory	NOUN
fbem-11468	279	3	and	and	CCONJ
fbem-11468	279	4	practice	practice	NOUN
fbem-11468	279	5	(	(	PUNCT
fbem-11468	279	6	10	10	NUM
fbem-11468	279	7	)	)	PUNCT
fbem-11468	279	8	,	,	PUNCT
fbem-11468	279	9	27	27	NUM
fbem-11468	279	10	-	-	SYM
fbem-11468	279	11	34	34	NUM
fbem-11468	279	12	.	.	PUNCT