id	sid	tid	token	lemma	pos
fbem-11823	1	1	frontiers	frontier	NOUN
fbem-11823	1	2	in	in	ADP
fbem-11823	1	3	business	business	NOUN
fbem-11823	1	4	,	,	PUNCT
fbem-11823	1	5	economics	economic	NOUN
fbem-11823	1	6	and	and	CCONJ
fbem-11823	1	7	management	management	NOUN
fbem-11823	1	8	issn	issn	PROPN
fbem-11823	1	9	:	:	PUNCT
fbem-11823	1	10	2766	2766	NUM
fbem-11823	1	11	-	-	PUNCT
fbem-11823	1	12	824x	824x	NUM
fbem-11823	1	13	|	|	ADJ
fbem-11823	1	14	vol	vol	NOUN
fbem-11823	1	15	.	.	PUNCT
fbem-11823	2	1	11	11	NUM
fbem-11823	2	2	,	,	PUNCT
fbem-11823	2	3	no	no	INTJ
fbem-11823	2	4	.	.	NOUN
fbem-11823	2	5	1	1	NUM
fbem-11823	2	6	,	,	PUNCT
fbem-11823	2	7	2023	2023	NUM
fbem-11823	2	8	108	108	NUM
fbem-11823	2	9	research	research	NOUN
fbem-11823	2	10	on	on	ADP
fbem-11823	2	11	the	the	DET
fbem-11823	2	12	applicability	applicability	NOUN
fbem-11823	2	13	of	of	ADP
fbem-11823	2	14	capm	capm	PROPN
fbem-11823	2	15	model	model	NOUN
fbem-11823	2	16	in	in	ADP
fbem-11823	2	17	the	the	DET
fbem-11823	2	18	new	new	ADJ
fbem-11823	2	19	energy	energy	NOUN
fbem-11823	2	20	sector	sector	NOUN
fbem-11823	2	21	of	of	ADP
fbem-11823	2	22	china	china	PROPN
fbem-11823	2	23	's	's	PART
fbem-11823	2	24	a‐share	a‐share	PUNCT
fbem-11823	2	25	market	market	NOUN
fbem-11823	2	26	binyuan	binyuan	NOUN
fbem-11823	2	27	zhang1	zhang1	PROPN
fbem-11823	2	28	,	,	PUNCT
fbem-11823	2	29	*	*	PROPN
fbem-11823	2	30	1department	1department	NUM
fbem-11823	2	31	of	of	ADP
fbem-11823	2	32	economics	economic	NOUN
fbem-11823	2	33	,	,	PUNCT
fbem-11823	2	34	binhai	binhai	NOUN
fbem-11823	2	35	school	school	NOUN
fbem-11823	2	36	of	of	ADP
fbem-11823	2	37	foreign	foreign	ADJ
fbem-11823	2	38	affairs	affair	NOUN
fbem-11823	2	39	of	of	ADP
fbem-11823	2	40	tianjin	tianjin	PROPN
fbem-11823	2	41	foreign	foreign	PROPN
fbem-11823	2	42	studies	studies	PROPN
fbem-11823	2	43	university	university	PROPN
fbem-11823	2	44	,	,	PUNCT
fbem-11823	2	45	tianjin	tianjin	PROPN
fbem-11823	2	46	,	,	PUNCT
fbem-11823	2	47	300270	300270	NUM
fbem-11823	2	48	,	,	PUNCT
fbem-11823	2	49	china	china	PROPN
fbem-11823	2	50	*	*	PUNCT
fbem-11823	2	51	corresponding	correspond	VERB
fbem-11823	2	52	author	author	NOUN
fbem-11823	2	53	’s	’s	PART
fbem-11823	2	54	e	e	NOUN
fbem-11823	2	55	-	-	NOUN
fbem-11823	2	56	mail	mail	NOUN
fbem-11823	2	57	:	:	PUNCT
fbem-11823	2	58	brylin_2023@foxmail.com	brylin_2023@foxmail.com	X
fbem-11823	3	1	abstract	abstract	NOUN
fbem-11823	3	2	:	:	PUNCT
fbem-11823	3	3	this	this	DET
fbem-11823	3	4	paper	paper	NOUN
fbem-11823	3	5	explores	explore	VERB
fbem-11823	3	6	the	the	DET
fbem-11823	3	7	applicability	applicability	NOUN
fbem-11823	3	8	of	of	ADP
fbem-11823	3	9	the	the	DET
fbem-11823	3	10	risk	risk	NOUN
fbem-11823	3	11	-	-	PUNCT
fbem-11823	3	12	return	return	NOUN
fbem-11823	3	13	relationship	relationship	NOUN
fbem-11823	3	14	of	of	ADP
fbem-11823	3	15	the	the	DET
fbem-11823	3	16	traditional	traditional	ADJ
fbem-11823	3	17	capm	capm	PROPN
fbem-11823	3	18	model	model	NOUN
fbem-11823	3	19	in	in	ADP
fbem-11823	3	20	china	china	PROPN
fbem-11823	3	21	's	's	PART
fbem-11823	3	22	ashare	ashare	ADJ
fbem-11823	3	23	new	new	ADJ
fbem-11823	3	24	energy	energy	NOUN
fbem-11823	3	25	sector	sector	NOUN
fbem-11823	3	26	.	.	PUNCT
fbem-11823	4	1	the	the	DET
fbem-11823	4	2	sample	sample	NOUN
fbem-11823	4	3	selects	select	VERB
fbem-11823	4	4	the	the	DET
fbem-11823	4	5	monthly	monthly	ADJ
fbem-11823	4	6	frequency	frequency	NOUN
fbem-11823	4	7	rate	rate	NOUN
fbem-11823	4	8	of	of	ADP
fbem-11823	4	9	return	return	NOUN
fbem-11823	4	10	of	of	ADP
fbem-11823	4	11	10	10	NUM
fbem-11823	4	12	listed	list	VERB
fbem-11823	4	13	companies	company	NOUN
fbem-11823	4	14	of	of	ADP
fbem-11823	4	15	different	different	ADJ
fbem-11823	4	16	sizes	size	NOUN
fbem-11823	4	17	as	as	ADP
fbem-11823	4	18	the	the	DET
fbem-11823	4	19	dependent	dependent	ADJ
fbem-11823	4	20	variable	variable	NOUN
fbem-11823	4	21	,	,	PUNCT
fbem-11823	4	22	and	and	CCONJ
fbem-11823	4	23	the	the	DET
fbem-11823	4	24	csi	csi	ADJ
fbem-11823	4	25	300	300	NUM
fbem-11823	4	26	as	as	ADP
fbem-11823	4	27	the	the	DET
fbem-11823	4	28	independent	independent	ADJ
fbem-11823	4	29	variable	variable	NOUN
fbem-11823	4	30	to	to	PART
fbem-11823	4	31	carry	carry	VERB
fbem-11823	4	32	out	out	ADP
fbem-11823	4	33	regression	regression	NOUN
fbem-11823	4	34	analysis	analysis	NOUN
fbem-11823	4	35	.	.	PUNCT
fbem-11823	5	1	the	the	DET
fbem-11823	5	2	research	research	NOUN
fbem-11823	5	3	content	content	NOUN
fbem-11823	5	4	:	:	PUNCT
fbem-11823	5	5	calculation	calculation	NOUN
fbem-11823	5	6	of	of	ADP
fbem-11823	5	7	β	β	PROPN
fbem-11823	5	8	,	,	PUNCT
fbem-11823	5	9	t	t	NOUN
fbem-11823	5	10	-	-	PUNCT
fbem-11823	5	11	test	test	NOUN
fbem-11823	5	12	and	and	CCONJ
fbem-11823	5	13	coefficient	coefficient	NOUN
fbem-11823	5	14	of	of	ADP
fbem-11823	5	15	determination	determination	NOUN
fbem-11823	5	16	.	.	PUNCT
fbem-11823	6	1	experimental	experimental	ADJ
fbem-11823	6	2	conclusion	conclusion	NOUN
fbem-11823	6	3	:	:	PUNCT
fbem-11823	6	4	systemic	systemic	ADJ
fbem-11823	6	5	risk	risk	NOUN
fbem-11823	6	6	is	be	AUX
fbem-11823	6	7	not	not	PART
fbem-11823	6	8	the	the	DET
fbem-11823	6	9	only	only	ADJ
fbem-11823	6	10	influencing	influence	VERB
fbem-11823	6	11	factor	factor	NOUN
fbem-11823	6	12	,	,	PUNCT
fbem-11823	6	13	and	and	CCONJ
fbem-11823	6	14	capm	capm	PROPN
fbem-11823	6	15	model	model	NOUN
fbem-11823	6	16	is	be	AUX
fbem-11823	6	17	not	not	PART
fbem-11823	6	18	suitable	suitable	ADJ
fbem-11823	6	19	for	for	ADP
fbem-11823	6	20	china	china	PROPN
fbem-11823	6	21	's	's	PART
fbem-11823	6	22	new	new	ADJ
fbem-11823	6	23	energy	energy	NOUN
fbem-11823	6	24	sector	sector	NOUN
fbem-11823	6	25	.	.	PUNCT
fbem-11823	7	1	keywords	keyword	NOUN
fbem-11823	7	2	:	:	PUNCT
fbem-11823	7	3	capm	capm	PROPN
fbem-11823	7	4	model	model	PROPN
fbem-11823	7	5	,	,	PUNCT
fbem-11823	7	6	china	china	PROPN
fbem-11823	7	7	a	a	PROPN
fbem-11823	7	8	-	-	PUNCT
fbem-11823	7	9	share	share	NOUN
fbem-11823	7	10	market	market	NOUN
fbem-11823	7	11	,	,	PUNCT
fbem-11823	7	12	new	new	ADJ
fbem-11823	7	13	energy	energy	NOUN
fbem-11823	7	14	sector	sector	NOUN
fbem-11823	7	15	,	,	PUNCT
fbem-11823	7	16	applicability	applicability	NOUN
fbem-11823	7	17	.	.	PUNCT
fbem-11823	8	1	1	1	X
fbem-11823	8	2	.	.	X
fbem-11823	8	3	introduction	introduction	NOUN
fbem-11823	8	4	at	at	ADP
fbem-11823	8	5	present	present	ADJ
fbem-11823	9	1	,	,	PUNCT
fbem-11823	9	2	china	china	PROPN
fbem-11823	9	3	's	's	PART
fbem-11823	9	4	capital	capital	NOUN
fbem-11823	9	5	market	market	NOUN
fbem-11823	9	6	is	be	AUX
fbem-11823	9	7	in	in	ADP
fbem-11823	9	8	a	a	DET
fbem-11823	9	9	stage	stage	NOUN
fbem-11823	9	10	of	of	ADP
fbem-11823	9	11	rapid	rapid	ADJ
fbem-11823	9	12	development	development	NOUN
fbem-11823	9	13	and	and	CCONJ
fbem-11823	9	14	gradually	gradually	ADV
fbem-11823	9	15	moving	move	VERB
fbem-11823	9	16	towards	towards	ADP
fbem-11823	9	17	standardization	standardization	NOUN
fbem-11823	9	18	.	.	PUNCT
fbem-11823	10	1	at	at	ADP
fbem-11823	10	2	the	the	DET
fbem-11823	10	3	same	same	ADJ
fbem-11823	10	4	time	time	NOUN
fbem-11823	10	5	,	,	PUNCT
fbem-11823	10	6	china	china	PROPN
fbem-11823	10	7	is	be	AUX
fbem-11823	10	8	experiencing	experience	VERB
fbem-11823	10	9	the	the	DET
fbem-11823	10	10	green	green	PROPN
fbem-11823	10	11	industrial	industrial	ADJ
fbem-11823	10	12	revolution	revolution	NOUN
fbem-11823	10	13	.	.	PUNCT
fbem-11823	11	1	as	as	ADP
fbem-11823	11	2	a	a	DET
fbem-11823	11	3	high	high	ADJ
fbem-11823	11	4	-	-	PUNCT
fbem-11823	11	5	tech	tech	NOUN
fbem-11823	11	6	industry	industry	NOUN
fbem-11823	11	7	,	,	PUNCT
fbem-11823	11	8	the	the	DET
fbem-11823	11	9	new	new	ADJ
fbem-11823	11	10	energy	energy	NOUN
fbem-11823	11	11	industry	industry	NOUN
fbem-11823	11	12	has	have	VERB
fbem-11823	11	13	an	an	DET
fbem-11823	11	14	important	important	ADJ
fbem-11823	11	15	impact	impact	NOUN
fbem-11823	11	16	on	on	ADP
fbem-11823	11	17	the	the	DET
fbem-11823	11	18	sustainable	sustainable	ADJ
fbem-11823	11	19	development	development	NOUN
fbem-11823	11	20	of	of	ADP
fbem-11823	11	21	the	the	DET
fbem-11823	11	22	economy	economy	NOUN
fbem-11823	11	23	.	.	PUNCT
fbem-11823	12	1	under	under	ADP
fbem-11823	12	2	the	the	DET
fbem-11823	12	3	background	background	NOUN
fbem-11823	12	4	of	of	ADP
fbem-11823	12	5	"	"	PUNCT
fbem-11823	12	6	double	double	ADJ
fbem-11823	12	7	carbon	carbon	NOUN
fbem-11823	12	8	"	"	PUNCT
fbem-11823	12	9	goal	goal	NOUN
fbem-11823	12	10	and	and	CCONJ
fbem-11823	12	11	accelerated	accelerate	VERB
fbem-11823	12	12	economic	economic	ADJ
fbem-11823	12	13	transformation	transformation	NOUN
fbem-11823	12	14	,	,	PUNCT
fbem-11823	12	15	the	the	DET
fbem-11823	12	16	new	new	ADJ
fbem-11823	12	17	energy	energy	NOUN
fbem-11823	12	18	industry	industry	NOUN
fbem-11823	12	19	has	have	AUX
fbem-11823	12	20	set	set	VERB
fbem-11823	12	21	off	off	ADP
fbem-11823	12	22	a	a	DET
fbem-11823	12	23	boom	boom	NOUN
fbem-11823	12	24	in	in	ADP
fbem-11823	12	25	china	china	PROPN
fbem-11823	12	26	.	.	PUNCT
fbem-11823	13	1	in	in	ADP
fbem-11823	13	2	order	order	NOUN
fbem-11823	13	3	to	to	PART
fbem-11823	13	4	promote	promote	VERB
fbem-11823	13	5	the	the	DET
fbem-11823	13	6	development	development	NOUN
fbem-11823	13	7	of	of	ADP
fbem-11823	13	8	the	the	DET
fbem-11823	13	9	new	new	ADJ
fbem-11823	13	10	energy	energy	NOUN
fbem-11823	13	11	industry	industry	NOUN
fbem-11823	13	12	,	,	PUNCT
fbem-11823	13	13	the	the	DET
fbem-11823	13	14	government	government	NOUN
fbem-11823	13	15	has	have	AUX
fbem-11823	13	16	implemented	implement	VERB
fbem-11823	13	17	an	an	DET
fbem-11823	13	18	active	active	ADJ
fbem-11823	13	19	government	government	NOUN
fbem-11823	13	20	subsidy	subsidy	NOUN
fbem-11823	13	21	policy	policy	NOUN
fbem-11823	13	22	,	,	PUNCT
fbem-11823	13	23	which	which	PRON
fbem-11823	13	24	promotes	promote	VERB
fbem-11823	13	25	the	the	DET
fbem-11823	13	26	continuous	continuous	ADJ
fbem-11823	13	27	inflow	inflow	NOUN
fbem-11823	13	28	of	of	ADP
fbem-11823	13	29	government	government	NOUN
fbem-11823	13	30	and	and	CCONJ
fbem-11823	13	31	social	social	ADJ
fbem-11823	13	32	funds	fund	NOUN
fbem-11823	13	33	into	into	ADP
fbem-11823	13	34	the	the	DET
fbem-11823	13	35	industry	industry	NOUN
fbem-11823	13	36	,	,	PUNCT
fbem-11823	13	37	alleviates	alleviate	VERB
fbem-11823	13	38	the	the	DET
fbem-11823	13	39	financial	financial	ADJ
fbem-11823	13	40	pressure	pressure	NOUN
fbem-11823	13	41	of	of	ADP
fbem-11823	13	42	enterprises	enterprise	NOUN
fbem-11823	13	43	,	,	PUNCT
fbem-11823	13	44	stimulates	stimulate	VERB
fbem-11823	13	45	the	the	DET
fbem-11823	13	46	continuous	continuous	ADJ
fbem-11823	13	47	r	r	NOUN
fbem-11823	13	48	&	&	CCONJ
fbem-11823	13	49	d	d	NOUN
fbem-11823	13	50	investment	investment	NOUN
fbem-11823	13	51	of	of	ADP
fbem-11823	13	52	the	the	DET
fbem-11823	13	53	new	new	ADJ
fbem-11823	13	54	energy	energy	NOUN
fbem-11823	13	55	industry	industry	NOUN
fbem-11823	13	56	,	,	PUNCT
fbem-11823	13	57	enhances	enhance	VERB
fbem-11823	13	58	the	the	DET
fbem-11823	13	59	ability	ability	NOUN
fbem-11823	13	60	of	of	ADP
fbem-11823	13	61	independent	independent	ADJ
fbem-11823	13	62	innovation	innovation	NOUN
fbem-11823	13	63	,	,	PUNCT
fbem-11823	13	64	and	and	CCONJ
fbem-11823	13	65	brings	bring	VERB
fbem-11823	13	66	great	great	ADJ
fbem-11823	13	67	benefits	benefit	NOUN
fbem-11823	13	68	.	.	PUNCT
fbem-11823	14	1	in	in	ADP
fbem-11823	14	2	the	the	DET
fbem-11823	14	3	past	past	ADJ
fbem-11823	14	4	ten	ten	NUM
fbem-11823	14	5	years	year	NOUN
fbem-11823	14	6	,	,	PUNCT
fbem-11823	14	7	the	the	DET
fbem-11823	14	8	market	market	NOUN
fbem-11823	14	9	value	value	NOUN
fbem-11823	14	10	of	of	ADP
fbem-11823	14	11	new	new	ADJ
fbem-11823	14	12	energy	energy	NOUN
fbem-11823	14	13	enterprises	enterprise	NOUN
fbem-11823	14	14	has	have	AUX
fbem-11823	14	15	been	be	AUX
fbem-11823	14	16	increasing	increase	VERB
fbem-11823	14	17	,	,	PUNCT
fbem-11823	14	18	forming	form	VERB
fbem-11823	14	19	a	a	DET
fbem-11823	14	20	relatively	relatively	ADV
fbem-11823	14	21	complete	complete	ADJ
fbem-11823	14	22	industrial	industrial	ADJ
fbem-11823	14	23	chain	chain	NOUN
fbem-11823	14	24	.	.	PUNCT
fbem-11823	15	1	at	at	ADP
fbem-11823	15	2	present	present	ADJ
fbem-11823	15	3	,	,	PUNCT
fbem-11823	15	4	the	the	DET
fbem-11823	15	5	new	new	ADJ
fbem-11823	15	6	energy	energy	NOUN
fbem-11823	15	7	industry	industry	NOUN
fbem-11823	15	8	is	be	AUX
fbem-11823	15	9	still	still	ADV
fbem-11823	15	10	in	in	ADP
fbem-11823	15	11	the	the	DET
fbem-11823	15	12	early	early	ADJ
fbem-11823	15	13	stage	stage	NOUN
fbem-11823	15	14	of	of	ADP
fbem-11823	15	15	development	development	NOUN
fbem-11823	15	16	,	,	PUNCT
fbem-11823	15	17	and	and	CCONJ
fbem-11823	15	18	the	the	DET
fbem-11823	15	19	development	development	NOUN
fbem-11823	15	20	opportunities	opportunity	NOUN
fbem-11823	15	21	and	and	CCONJ
fbem-11823	15	22	potential	potential	NOUN
fbem-11823	15	23	are	be	AUX
fbem-11823	15	24	constantly	constantly	ADV
fbem-11823	15	25	released	release	VERB
fbem-11823	15	26	.	.	PUNCT
fbem-11823	16	1	however	however	ADV
fbem-11823	16	2	,	,	PUNCT
fbem-11823	16	3	there	there	PRON
fbem-11823	16	4	is	be	VERB
fbem-11823	16	5	a	a	DET
fbem-11823	16	6	lack	lack	NOUN
fbem-11823	16	7	of	of	ADP
fbem-11823	16	8	investment	investment	NOUN
fbem-11823	16	9	confidence	confidence	NOUN
fbem-11823	16	10	in	in	ADP
fbem-11823	16	11	the	the	DET
fbem-11823	16	12	market	market	NOUN
fbem-11823	16	13	,	,	PUNCT
fbem-11823	16	14	and	and	CCONJ
fbem-11823	16	15	there	there	PRON
fbem-11823	16	16	are	be	VERB
fbem-11823	16	17	high	high	ADJ
fbem-11823	16	18	risks	risk	NOUN
fbem-11823	16	19	and	and	CCONJ
fbem-11823	16	20	high	high	ADJ
fbem-11823	16	21	returns	return	NOUN
fbem-11823	16	22	.	.	PUNCT
fbem-11823	17	1	the	the	DET
fbem-11823	17	2	related	related	ADJ
fbem-11823	17	3	investment	investment	NOUN
fbem-11823	17	4	in	in	ADP
fbem-11823	17	5	the	the	DET
fbem-11823	17	6	upstream	upstream	ADJ
fbem-11823	17	7	and	and	CCONJ
fbem-11823	17	8	downstream	downstream	ADJ
fbem-11823	17	9	industries	industry	NOUN
fbem-11823	17	10	of	of	ADP
fbem-11823	17	11	new	new	ADJ
fbem-11823	17	12	energy	energy	NOUN
fbem-11823	17	13	has	have	AUX
fbem-11823	17	14	entered	enter	VERB
fbem-11823	17	15	a	a	DET
fbem-11823	17	16	golden	golden	ADJ
fbem-11823	17	17	period	period	NOUN
fbem-11823	17	18	,	,	PUNCT
fbem-11823	17	19	and	and	CCONJ
fbem-11823	17	20	the	the	DET
fbem-11823	17	21	leading	lead	VERB
fbem-11823	17	22	enterprises	enterprise	NOUN
fbem-11823	17	23	have	have	VERB
fbem-11823	17	24	cross	cross	ADJ
fbem-11823	17	25	-	-	ADJ
fbem-11823	17	26	border	border	ADJ
fbem-11823	17	27	cooperation	cooperation	NOUN
fbem-11823	17	28	.	.	PUNCT
fbem-11823	18	1	the	the	DET
fbem-11823	18	2	prospect	prospect	NOUN
fbem-11823	18	3	of	of	ADP
fbem-11823	18	4	the	the	DET
fbem-11823	18	5	new	new	ADJ
fbem-11823	18	6	energy	energy	NOUN
fbem-11823	18	7	industry	industry	NOUN
fbem-11823	18	8	is	be	AUX
fbem-11823	18	9	considerable	considerable	ADJ
fbem-11823	18	10	,	,	PUNCT
fbem-11823	18	11	and	and	CCONJ
fbem-11823	18	12	the	the	DET
fbem-11823	18	13	future	future	ADJ
fbem-11823	18	14	development	development	NOUN
fbem-11823	18	15	trend	trend	NOUN
fbem-11823	18	16	is	be	AUX
fbem-11823	18	17	far	far	ADV
fbem-11823	18	18	greater	great	ADJ
fbem-11823	18	19	than	than	ADP
fbem-11823	18	20	other	other	ADJ
fbem-11823	18	21	traditional	traditional	ADJ
fbem-11823	18	22	industries	industry	NOUN
fbem-11823	18	23	.	.	PUNCT
fbem-11823	19	1	capital	capital	NOUN
fbem-11823	19	2	asset	asset	NOUN
fbem-11823	19	3	pricing	pricing	NOUN
fbem-11823	19	4	has	have	AUX
fbem-11823	19	5	always	always	ADV
fbem-11823	19	6	been	be	AUX
fbem-11823	19	7	one	one	NUM
fbem-11823	19	8	of	of	ADP
fbem-11823	19	9	the	the	DET
fbem-11823	19	10	hot	hot	ADJ
fbem-11823	19	11	spots	spot	NOUN
fbem-11823	19	12	in	in	ADP
fbem-11823	19	13	the	the	DET
fbem-11823	19	14	field	field	NOUN
fbem-11823	19	15	of	of	ADP
fbem-11823	19	16	modern	modern	ADJ
fbem-11823	19	17	finance	finance	NOUN
fbem-11823	19	18	.	.	PUNCT
fbem-11823	20	1	academic	academic	ADJ
fbem-11823	20	2	circles	circle	NOUN
fbem-11823	20	3	have	have	VERB
fbem-11823	20	4	a	a	DET
fbem-11823	20	5	wide	wide	ADJ
fbem-11823	20	6	range	range	NOUN
fbem-11823	20	7	of	of	ADP
fbem-11823	20	8	research	research	NOUN
fbem-11823	20	9	on	on	ADP
fbem-11823	20	10	asset	asset	NOUN
fbem-11823	20	11	pricing	pricing	NOUN
fbem-11823	20	12	,	,	PUNCT
fbem-11823	20	13	and	and	CCONJ
fbem-11823	20	14	there	there	PRON
fbem-11823	20	15	are	be	VERB
fbem-11823	20	16	different	different	ADJ
fbem-11823	20	17	empirical	empirical	ADJ
fbem-11823	20	18	analysis	analysis	NOUN
fbem-11823	20	19	and	and	CCONJ
fbem-11823	20	20	empirical	empirical	ADJ
fbem-11823	20	21	tests	test	NOUN
fbem-11823	20	22	for	for	ADP
fbem-11823	20	23	different	different	ADJ
fbem-11823	20	24	capital	capital	NOUN
fbem-11823	20	25	asset	asset	NOUN
fbem-11823	20	26	pricing	pricing	NOUN
fbem-11823	20	27	models	model	NOUN
fbem-11823	20	28	.	.	PUNCT
fbem-11823	21	1	among	among	ADP
fbem-11823	21	2	them	they	PRON
fbem-11823	21	3	,	,	PUNCT
fbem-11823	21	4	the	the	DET
fbem-11823	21	5	capm	capm	PROPN
fbem-11823	21	6	model	model	NOUN
fbem-11823	21	7	is	be	AUX
fbem-11823	21	8	widely	widely	ADV
fbem-11823	21	9	applicable	applicable	ADJ
fbem-11823	21	10	in	in	ADP
fbem-11823	21	11	the	the	DET
fbem-11823	21	12	stock	stock	NOUN
fbem-11823	21	13	market	market	NOUN
fbem-11823	21	14	,	,	PUNCT
fbem-11823	21	15	but	but	CCONJ
fbem-11823	21	16	more	more	ADJ
fbem-11823	21	17	and	and	CCONJ
fbem-11823	21	18	more	more	ADJ
fbem-11823	21	19	research	research	NOUN
fbem-11823	21	20	conclusions	conclusion	NOUN
fbem-11823	21	21	do	do	AUX
fbem-11823	21	22	not	not	PART
fbem-11823	21	23	support	support	VERB
fbem-11823	21	24	the	the	DET
fbem-11823	21	25	capm	capm	PROPN
fbem-11823	21	26	model	model	NOUN
fbem-11823	21	27	.	.	PUNCT
fbem-11823	22	1	among	among	ADP
fbem-11823	22	2	them	they	PRON
fbem-11823	22	3	,	,	PUNCT
fbem-11823	22	4	the	the	DET
fbem-11823	22	5	author	author	NOUN
fbem-11823	22	6	fan	fan	PROPN
fbem-11823	22	7	dening	dening	PROPN
fbem-11823	22	8	wrote	write	VERB
fbem-11823	22	9	'	'	PUNCT
fbem-11823	22	10	in	in	ADP
fbem-11823	22	11	recent	recent	ADJ
fbem-11823	22	12	years	year	NOUN
fbem-11823	22	13	,	,	PUNCT
fbem-11823	22	14	chinese	chinese	ADJ
fbem-11823	22	15	scholars	scholar	NOUN
fbem-11823	22	16	have	have	AUX
fbem-11823	22	17	made	make	VERB
fbem-11823	22	18	a	a	DET
fbem-11823	22	19	lot	lot	NOUN
fbem-11823	22	20	of	of	ADP
fbem-11823	22	21	research	research	NOUN
fbem-11823	22	22	results	result	NOUN
fbem-11823	22	23	on	on	ADP
fbem-11823	22	24	the	the	DET
fbem-11823	22	25	effectiveness	effectiveness	NOUN
fbem-11823	22	26	of	of	ADP
fbem-11823	22	27	capm	capm	PROPN
fbem-11823	22	28	model	model	NOUN
fbem-11823	22	29	in	in	ADP
fbem-11823	22	30	the	the	DET
fbem-11823	22	31	domestic	domestic	ADJ
fbem-11823	22	32	stock	stock	NOUN
fbem-11823	22	33	market	market	NOUN
fbem-11823	22	34	.	.	PUNCT
fbem-11823	23	1	scholars	scholar	NOUN
fbem-11823	23	2	wang	wang	PROPN
fbem-11823	23	3	wei	wei	PROPN
fbem-11823	23	4	,	,	PUNCT
fbem-11823	23	5	tao	tao	PROPN
fbem-11823	23	6	sha	sha	PROPN
fbem-11823	23	7	and	and	CCONJ
fbem-11823	23	8	others	other	NOUN
fbem-11823	23	9	randomly	randomly	ADV
fbem-11823	23	10	selected	select	VERB
fbem-11823	23	11	43	43	NUM
fbem-11823	23	12	companies	company	NOUN
fbem-11823	23	13	distributed	distribute	VERB
fbem-11823	23	14	in	in	ADP
fbem-11823	23	15	7	7	NUM
fbem-11823	23	16	industries	industry	NOUN
fbem-11823	23	17	for	for	ADP
fbem-11823	23	18	empirical	empirical	ADJ
fbem-11823	23	19	analysis	analysis	NOUN
fbem-11823	23	20	in	in	ADP
fbem-11823	23	21	'	'	PUNCT
fbem-11823	23	22	empirical	empirical	ADJ
fbem-11823	23	23	test	test	NOUN
fbem-11823	23	24	of	of	ADP
fbem-11823	23	25	the	the	DET
fbem-11823	23	26	effectiveness	effectiveness	NOUN
fbem-11823	23	27	of	of	ADP
fbem-11823	23	28	capital	capital	NOUN
fbem-11823	23	29	asset	asset	NOUN
fbem-11823	23	30	pricing	pricing	NOUN
fbem-11823	23	31	model	model	NOUN
fbem-11823	23	32	based	base	VERB
fbem-11823	23	33	on	on	ADP
fbem-11823	23	34	chinese	chinese	ADJ
fbem-11823	23	35	enterprises	enterprise	NOUN
fbem-11823	23	36	'	'	PUNCT
fbem-11823	23	37	.	.	PUNCT
fbem-11823	24	1	it	it	PRON
fbem-11823	24	2	is	be	AUX
fbem-11823	24	3	found	find	VERB
fbem-11823	24	4	that	that	SCONJ
fbem-11823	24	5	the	the	DET
fbem-11823	24	6	capm	capm	PROPN
fbem-11823	24	7	model	model	NOUN
fbem-11823	24	8	has	have	VERB
fbem-11823	24	9	a	a	DET
fbem-11823	24	10	great	great	ADJ
fbem-11823	24	11	difference	difference	NOUN
fbem-11823	24	12	in	in	ADP
fbem-11823	24	13	the	the	DET
fbem-11823	24	14	effectiveness	effectiveness	NOUN
fbem-11823	24	15	of	of	ADP
fbem-11823	24	16	different	different	ADJ
fbem-11823	24	17	companies	company	NOUN
fbem-11823	24	18	,	,	PUNCT
fbem-11823	24	19	but	but	CCONJ
fbem-11823	24	20	when	when	SCONJ
fbem-11823	24	21	43	43	NUM
fbem-11823	24	22	listed	list	VERB
fbem-11823	24	23	companies	company	NOUN
fbem-11823	24	24	are	be	AUX
fbem-11823	24	25	regarded	regard	VERB
fbem-11823	24	26	as	as	ADP
fbem-11823	24	27	a	a	DET
fbem-11823	24	28	portfolio	portfolio	NOUN
fbem-11823	24	29	,	,	PUNCT
fbem-11823	24	30	the	the	DET
fbem-11823	24	31	fitting	fitting	ADJ
fbem-11823	24	32	effect	effect	NOUN
fbem-11823	24	33	is	be	AUX
fbem-11823	24	34	better	well	ADJ
fbem-11823	24	35	.	.	PUNCT
fbem-11823	25	1	in	in	ADP
fbem-11823	25	2	fan	fan	PROPN
fbem-11823	25	3	shicheng	shicheng	PROPN
fbem-11823	25	4	's	's	PART
fbem-11823	25	5	"	"	PUNCT
fbem-11823	25	6	empirical	empirical	ADJ
fbem-11823	25	7	research	research	NOUN
fbem-11823	25	8	based	base	VERB
fbem-11823	25	9	on	on	ADP
fbem-11823	25	10	capm	capm	PROPN
fbem-11823	25	11	model	model	NOUN
fbem-11823	25	12	in	in	ADP
fbem-11823	25	13	traditional	traditional	ADJ
fbem-11823	25	14	chinese	chinese	ADJ
fbem-11823	25	15	medicine	medicine	NOUN
fbem-11823	25	16	industry	industry	NOUN
fbem-11823	25	17	〔	〔	ADP
fbem-11823	25	18	1	1	NUM
fbem-11823	25	19	〕	〕	NOUN
fbem-11823	25	20	,	,	PUNCT
fbem-11823	25	21	"	"	PUNCT
fbem-11823	25	22	the	the	DET
fbem-11823	25	23	asset	asset	NOUN
fbem-11823	25	24	portfolio	portfolio	NOUN
fbem-11823	25	25	is	be	AUX
fbem-11823	25	26	selected	select	VERB
fbem-11823	25	27	from	from	ADP
fbem-11823	25	28	the	the	DET
fbem-11823	25	29	traditional	traditional	ADJ
fbem-11823	25	30	chinese	chinese	ADJ
fbem-11823	25	31	medicine	medicine	NOUN
fbem-11823	25	32	industry	industry	NOUN
fbem-11823	25	33	,	,	PUNCT
fbem-11823	25	34	and	and	CCONJ
fbem-11823	25	35	the	the	DET
fbem-11823	25	36	market	market	NOUN
fbem-11823	25	37	portfolio	portfolio	NOUN
fbem-11823	25	38	is	be	AUX
fbem-11823	25	39	selected	select	VERB
fbem-11823	25	40	from	from	ADP
fbem-11823	25	41	the	the	DET
fbem-11823	25	42	shanghai	shanghai	PROPN
fbem-11823	25	43	composite	composite	PROPN
fbem-11823	25	44	index	index	NOUN
fbem-11823	25	45	.	.	PUNCT
fbem-11823	26	1	the	the	DET
fbem-11823	26	2	conclusion	conclusion	NOUN
fbem-11823	26	3	is	be	AUX
fbem-11823	26	4	that	that	SCONJ
fbem-11823	26	5	the	the	DET
fbem-11823	26	6	capm	capm	PROPN
fbem-11823	26	7	fitting	fitting	ADJ
fbem-11823	26	8	effect	effect	NOUN
fbem-11823	26	9	is	be	AUX
fbem-11823	26	10	not	not	PART
fbem-11823	26	11	good	good	ADJ
fbem-11823	26	12	,	,	PUNCT
fbem-11823	26	13	but	but	CCONJ
fbem-11823	26	14	it	it	PRON
fbem-11823	26	15	puts	put	VERB
fbem-11823	26	16	forward	forward	ADP
fbem-11823	26	17	an	an	DET
fbem-11823	26	18	important	important	ADJ
fbem-11823	26	19	discussion	discussion	NOUN
fbem-11823	26	20	on	on	ADP
fbem-11823	26	21	the	the	DET
fbem-11823	26	22	relationship	relationship	NOUN
fbem-11823	26	23	between	between	ADP
fbem-11823	26	24	risks	risk	NOUN
fbem-11823	26	25	and	and	CCONJ
fbem-11823	26	26	benefits	benefit	NOUN
fbem-11823	26	27	of	of	ADP
fbem-11823	26	28	the	the	DET
fbem-11823	26	29	traditional	traditional	ADJ
fbem-11823	26	30	chinese	chinese	ADJ
fbem-11823	26	31	medicine	medicine	NOUN
fbem-11823	26	32	industry	industry	NOUN
fbem-11823	26	33	and	and	CCONJ
fbem-11823	26	34	the	the	DET
fbem-11823	26	35	development	development	NOUN
fbem-11823	26	36	of	of	ADP
fbem-11823	26	37	the	the	DET
fbem-11823	26	38	traditional	traditional	ADJ
fbem-11823	26	39	chinese	chinese	ADJ
fbem-11823	26	40	medicine	medicine	NOUN
fbem-11823	26	41	industry	industry	NOUN
fbem-11823	26	42	.	.	PUNCT
fbem-11823	27	1	in	in	ADP
fbem-11823	27	2	the	the	DET
fbem-11823	27	3	empirical	empirical	ADJ
fbem-11823	27	4	study	study	NOUN
fbem-11823	27	5	of	of	ADP
fbem-11823	27	6	the	the	DET
fbem-11823	27	7	capm	capm	PROPN
fbem-11823	27	8	model	model	NOUN
fbem-11823	27	9	on	on	ADP
fbem-11823	27	10	china	china	PROPN
fbem-11823	27	11	's	's	PART
fbem-11823	27	12	liquor	liquor	NOUN
fbem-11823	27	13	industry	industry	NOUN
fbem-11823	27	14	by	by	ADP
fbem-11823	27	15	chen	chen	PROPN
fbem-11823	27	16	shaohua	shaohua	PROPN
fbem-11823	27	17	,	,	PUNCT
fbem-11823	27	18	the	the	DET
fbem-11823	27	19	asset	asset	NOUN
fbem-11823	27	20	portfolio	portfolio	NOUN
fbem-11823	27	21	is	be	AUX
fbem-11823	27	22	the	the	DET
fbem-11823	27	23	liquor	liquor	NOUN
fbem-11823	27	24	industry	industry	NOUN
fbem-11823	27	25	,	,	PUNCT
fbem-11823	27	26	and	and	CCONJ
fbem-11823	27	27	the	the	DET
fbem-11823	27	28	market	market	NOUN
fbem-11823	27	29	portfolio	portfolio	NOUN
fbem-11823	27	30	is	be	AUX
fbem-11823	27	31	the	the	DET
fbem-11823	27	32	csi	csi	PROPN
fbem-11823	27	33	300	300	NUM
fbem-11823	27	34	index.it	index.it	NOUN
fbem-11823	27	35	is	be	AUX
fbem-11823	27	36	concluded	conclude	VERB
fbem-11823	27	37	that	that	SCONJ
fbem-11823	27	38	the	the	DET
fbem-11823	27	39	capm	capm	PROPN
fbem-11823	27	40	model	model	NOUN
fbem-11823	27	41	is	be	AUX
fbem-11823	27	42	obviously	obviously	ADV
fbem-11823	27	43	not	not	PART
fbem-11823	27	44	applicable	applicable	ADJ
fbem-11823	27	45	to	to	ADP
fbem-11823	27	46	the	the	DET
fbem-11823	27	47	stock	stock	NOUN
fbem-11823	27	48	of	of	ADP
fbem-11823	27	49	chinese	chinese	ADJ
fbem-11823	27	50	liquor	liquor	NOUN
fbem-11823	27	51	industry	industry	NOUN
fbem-11823	27	52	companies	company	NOUN
fbem-11823	27	53	.	.	PUNCT
fbem-11823	27	54	''	''	PUNCT
fbem-11823	28	1	there	there	PRON
fbem-11823	28	2	is	be	VERB
fbem-11823	28	3	a	a	DET
fbem-11823	28	4	certain	certain	ADJ
fbem-11823	28	5	gap	gap	NOUN
fbem-11823	28	6	between	between	ADP
fbem-11823	28	7	the	the	DET
fbem-11823	28	8	development	development	NOUN
fbem-11823	28	9	of	of	ADP
fbem-11823	28	10	china	china	PROPN
fbem-11823	28	11	's	's	PART
fbem-11823	28	12	financial	financial	ADJ
fbem-11823	28	13	market	market	NOUN
fbem-11823	28	14	and	and	CCONJ
fbem-11823	28	15	foreign	foreign	ADJ
fbem-11823	28	16	capital	capital	NOUN
fbem-11823	28	17	market	market	NOUN
fbem-11823	28	18	.	.	PUNCT
fbem-11823	29	1	therefore	therefore	ADV
fbem-11823	29	2	,	,	PUNCT
fbem-11823	29	3	studying	study	VERB
fbem-11823	29	4	the	the	DET
fbem-11823	29	5	pricing	pricing	NOUN
fbem-11823	29	6	problem	problem	NOUN
fbem-11823	29	7	of	of	ADP
fbem-11823	29	8	china	china	PROPN
fbem-11823	29	9	's	's	PART
fbem-11823	29	10	capital	capital	NOUN
fbem-11823	29	11	market	market	NOUN
fbem-11823	29	12	can	can	AUX
fbem-11823	29	13	help	help	VERB
fbem-11823	29	14	investors	investor	NOUN
fbem-11823	29	15	make	make	VERB
fbem-11823	29	16	better	well	ADJ
fbem-11823	29	17	investment	investment	NOUN
fbem-11823	29	18	decisions	decision	NOUN
fbem-11823	29	19	and	and	CCONJ
fbem-11823	29	20	maintain	maintain	VERB
fbem-11823	29	21	the	the	DET
fbem-11823	29	22	stability	stability	NOUN
fbem-11823	29	23	and	and	CCONJ
fbem-11823	29	24	sound	sound	NOUN
fbem-11823	29	25	development	development	NOUN
fbem-11823	29	26	of	of	ADP
fbem-11823	29	27	the	the	DET
fbem-11823	29	28	capital	capital	NOUN
fbem-11823	29	29	market	market	NOUN
fbem-11823	29	30	.	.	PUNCT
fbem-11823	30	1	in	in	ADP
fbem-11823	30	2	recent	recent	ADJ
fbem-11823	30	3	years	year	NOUN
fbem-11823	30	4	,	,	PUNCT
fbem-11823	30	5	domestic	domestic	ADJ
fbem-11823	30	6	and	and	CCONJ
fbem-11823	30	7	foreign	foreign	ADJ
fbem-11823	30	8	scholars	scholar	NOUN
fbem-11823	30	9	have	have	AUX
fbem-11823	30	10	tested	test	VERB
fbem-11823	30	11	whether	whether	SCONJ
fbem-11823	30	12	capm	capm	PROPN
fbem-11823	30	13	model	model	NOUN
fbem-11823	30	14	,	,	PUNCT
fbem-11823	30	15	fama	fama	PROPN
fbem-11823	30	16	-	-	PUNCT
fbem-11823	30	17	french	french	ADJ
fbem-11823	30	18	three	three	NUM
fbem-11823	30	19	-	-	PUNCT
fbem-11823	30	20	factor	factor	NOUN
fbem-11823	30	21	model	model	NOUN
fbem-11823	30	22	and	and	CCONJ
fbem-11823	30	23	arbitrage	arbitrage	NOUN
fbem-11823	30	24	pricing	pricing	NOUN
fbem-11823	30	25	model	model	NOUN
fbem-11823	30	26	can	can	AUX
fbem-11823	30	27	be	be	AUX
fbem-11823	30	28	applied	apply	VERB
fbem-11823	30	29	to	to	ADP
fbem-11823	30	30	china	china	PROPN
fbem-11823	30	31	's	's	PART
fbem-11823	30	32	stock	stock	NOUN
fbem-11823	30	33	market	market	NOUN
fbem-11823	30	34	more	more	ADV
fbem-11823	30	35	comprehensively	comprehensively	ADV
fbem-11823	30	36	.	.	PUNCT
fbem-11823	31	1	for	for	ADP
fbem-11823	31	2	example	example	NOUN
fbem-11823	31	3	,	,	PUNCT
fbem-11823	31	4	capm	capm	PROPN
fbem-11823	31	5	model	model	NOUN
fbem-11823	31	6	is	be	AUX
fbem-11823	31	7	used	use	VERB
fbem-11823	31	8	to	to	PART
fbem-11823	31	9	study	study	VERB
fbem-11823	31	10	the	the	DET
fbem-11823	31	11	pharmaceutical	pharmaceutical	NOUN
fbem-11823	31	12	industry	industry	NOUN
fbem-11823	31	13	,	,	PUNCT
fbem-11823	31	14	high	high	ADJ
fbem-11823	31	15	-	-	PUNCT
fbem-11823	31	16	end	end	NOUN
fbem-11823	31	17	manufacturing	manufacturing	NOUN
fbem-11823	31	18	industry	industry	NOUN
fbem-11823	31	19	,	,	PUNCT
fbem-11823	31	20	liquor	liquor	NOUN
fbem-11823	31	21	industry	industry	NOUN
fbem-11823	31	22	and	and	CCONJ
fbem-11823	31	23	other	other	ADJ
fbem-11823	31	24	fields	field	NOUN
fbem-11823	31	25	in	in	ADP
fbem-11823	31	26	china	china	PROPN
fbem-11823	31	27	's	's	PART
fbem-11823	31	28	a	a	DET
fbem-11823	31	29	-	-	PUNCT
fbem-11823	31	30	share	share	NOUN
fbem-11823	31	31	market	market	NOUN
fbem-11823	31	32	.	.	PUNCT
fbem-11823	32	1	due	due	ADP
fbem-11823	32	2	to	to	ADP
fbem-11823	32	3	the	the	DET
fbem-11823	32	4	relatively	relatively	ADV
fbem-11823	32	5	late	late	ADJ
fbem-11823	32	6	development	development	NOUN
fbem-11823	32	7	path	path	NOUN
fbem-11823	32	8	of	of	ADP
fbem-11823	32	9	the	the	DET
fbem-11823	32	10	new	new	ADJ
fbem-11823	32	11	energy	energy	NOUN
fbem-11823	32	12	industry	industry	NOUN
fbem-11823	32	13	,	,	PUNCT
fbem-11823	32	14	there	there	PRON
fbem-11823	32	15	are	be	VERB
fbem-11823	32	16	few	few	ADJ
fbem-11823	32	17	empirical	empirical	ADJ
fbem-11823	32	18	tests	test	NOUN
fbem-11823	32	19	of	of	ADP
fbem-11823	32	20	capm	capm	PROPN
fbem-11823	32	21	model	model	NOUN
fbem-11823	32	22	for	for	ADP
fbem-11823	32	23	the	the	DET
fbem-11823	32	24	new	new	ADJ
fbem-11823	32	25	energy	energy	NOUN
fbem-11823	32	26	sector	sector	NOUN
fbem-11823	32	27	of	of	ADP
fbem-11823	32	28	china	china	PROPN
fbem-11823	32	29	's	's	PART
fbem-11823	32	30	a	a	DET
fbem-11823	32	31	-	-	PUNCT
fbem-11823	32	32	share	share	NOUN
fbem-11823	32	33	market	market	NOUN
fbem-11823	32	34	,	,	PUNCT
fbem-11823	32	35	and	and	CCONJ
fbem-11823	32	36	the	the	DET
fbem-11823	32	37	research	research	NOUN
fbem-11823	32	38	literature	literature	NOUN
fbem-11823	32	39	on	on	ADP
fbem-11823	32	40	whether	whether	SCONJ
fbem-11823	32	41	capm	capm	PROPN
fbem-11823	32	42	model	model	NOUN
fbem-11823	32	43	is	be	AUX
fbem-11823	32	44	applicable	applicable	ADJ
fbem-11823	32	45	to	to	ADP
fbem-11823	32	46	the	the	DET
fbem-11823	32	47	new	new	ADJ
fbem-11823	32	48	energy	energy	NOUN
fbem-11823	32	49	sector	sector	NOUN
fbem-11823	32	50	is	be	AUX
fbem-11823	32	51	relatively	relatively	ADV
fbem-11823	32	52	scarce	scarce	ADJ
fbem-11823	32	53	.	.	PUNCT
fbem-11823	33	1	therefore	therefore	ADV
fbem-11823	33	2	,	,	PUNCT
fbem-11823	33	3	based	base	VERB
fbem-11823	33	4	on	on	ADP
fbem-11823	33	5	the	the	DET
fbem-11823	33	6	above	above	ADJ
fbem-11823	33	7	analysis	analysis	NOUN
fbem-11823	33	8	,	,	PUNCT
fbem-11823	33	9	this	this	DET
fbem-11823	33	10	paper	paper	NOUN
fbem-11823	33	11	focuses	focus	VERB
fbem-11823	33	12	on	on	ADP
fbem-11823	33	13	the	the	DET
fbem-11823	33	14	applicability	applicability	NOUN
fbem-11823	33	15	of	of	ADP
fbem-11823	33	16	the	the	DET
fbem-11823	33	17	capm	capm	PROPN
fbem-11823	33	18	model	model	NOUN
fbem-11823	33	19	to	to	ADP
fbem-11823	33	20	the	the	DET
fbem-11823	33	21	new	new	ADJ
fbem-11823	33	22	energy	energy	NOUN
fbem-11823	33	23	industry	industry	NOUN
fbem-11823	33	24	in	in	ADP
fbem-11823	33	25	china	china	PROPN
fbem-11823	33	26	's	's	PART
fbem-11823	33	27	a	a	DET
fbem-11823	33	28	-	-	PUNCT
fbem-11823	33	29	share	share	NOUN
fbem-11823	33	30	market	market	NOUN
fbem-11823	33	31	,	,	PUNCT
fbem-11823	33	32	and	and	CCONJ
fbem-11823	33	33	analyzes	analyze	VERB
fbem-11823	33	34	the	the	DET
fbem-11823	33	35	relationship	relationship	NOUN
fbem-11823	33	36	between	between	ADP
fbem-11823	33	37	market	market	NOUN
fbem-11823	33	38	returns	return	NOUN
fbem-11823	33	39	and	and	CCONJ
fbem-11823	33	40	real	real	ADJ
fbem-11823	33	41	risks	risk	NOUN
fbem-11823	33	42	,	,	PUNCT
fbem-11823	33	43	so	so	SCONJ
fbem-11823	33	44	as	as	SCONJ
fbem-11823	33	45	to	to	PART
fbem-11823	33	46	help	help	VERB
fbem-11823	33	47	market	market	NOUN
fbem-11823	33	48	investors	investor	NOUN
fbem-11823	33	49	develop	develop	VERB
fbem-11823	33	50	more	more	ADV
fbem-11823	33	51	adaptable	adaptable	ADJ
fbem-11823	33	52	and	and	CCONJ
fbem-11823	33	53	more	more	ADV
fbem-11823	33	54	specific	specific	ADJ
fbem-11823	33	55	investment	investment	NOUN
fbem-11823	33	56	strategies	strategy	NOUN
fbem-11823	33	57	.	.	PUNCT
fbem-11823	34	1	109	109	NUM
fbem-11823	34	2	2	2	NUM
fbem-11823	34	3	.	.	PUNCT
fbem-11823	34	4	related	relate	VERB
fbem-11823	34	5	theories	theory	NOUN
fbem-11823	34	6	and	and	CCONJ
fbem-11823	34	7	research	research	NOUN
fbem-11823	34	8	methods	method	NOUN
fbem-11823	34	9	2.1	2.1	NUM
fbem-11823	34	10	.	.	PUNCT
fbem-11823	35	1	capm	capm	PROPN
fbem-11823	35	2	theory	theory	NOUN
fbem-11823	35	3	2.1.1	2.1.1	NUM
fbem-11823	35	4	.	.	PUNCT
fbem-11823	36	1	presumption	presumption	NOUN
fbem-11823	36	2	capm	capm	PROPN
fbem-11823	36	3	(	(	PUNCT
fbem-11823	36	4	capital	capital	NOUN
fbem-11823	36	5	asset	asset	NOUN
fbem-11823	36	6	pricing	pricing	NOUN
fbem-11823	36	7	model	model	NOUN
fbem-11823	36	8	)	)	PUNCT
fbem-11823	36	9	is	be	AUX
fbem-11823	36	10	based	base	VERB
fbem-11823	36	11	on	on	ADP
fbem-11823	36	12	markowitz	markowitz	PROPN
fbem-11823	36	13	model.the	model.the	DET
fbem-11823	36	14	capital	capital	PROPN
fbem-11823	36	15	asset	asset	NOUN
fbem-11823	36	16	pricing	pricing	NOUN
fbem-11823	36	17	model	model	NOUN
fbem-11823	36	18	(	(	PUNCT
fbem-11823	36	19	capm	capm	PROPN
fbem-11823	36	20	)	)	PUNCT
fbem-11823	36	21	was	be	AUX
fbem-11823	36	22	developed	develop	VERB
fbem-11823	36	23	by	by	ADP
fbem-11823	36	24	american	american	ADJ
fbem-11823	36	25	scholars	scholars	PROPN
fbem-11823	36	26	william	william	PROPN
fbem-11823	36	27	sharpe	sharpe	PROPN
fbem-11823	36	28	,	,	PUNCT
fbem-11823	36	29	john	john	PROPN
fbem-11823	36	30	lintner	lintner	PROPN
fbem-11823	36	31	,	,	PUNCT
fbem-11823	36	32	jack	jack	NOUN
fbem-11823	36	33	treynor	treynor	PROPN
fbem-11823	36	34	and	and	CCONJ
fbem-11823	36	35	jan	jan	PROPN
fbem-11823	36	36	mossin	mossin	NOUN
fbem-11823	36	37	in	in	ADP
fbem-11823	36	38	1964	1964	NUM
fbem-11823	36	39	on	on	ADP
fbem-11823	36	40	the	the	DET
fbem-11823	36	41	basis	basis	NOUN
fbem-11823	36	42	of	of	ADP
fbem-11823	36	43	portfolio	portfolio	NOUN
fbem-11823	36	44	theory	theory	NOUN
fbem-11823	36	45	and	and	CCONJ
fbem-11823	36	46	capital	capital	NOUN
fbem-11823	36	47	market	market	NOUN
fbem-11823	36	48	theory	theory	NOUN
fbem-11823	36	49	.	.	PUNCT
fbem-11823	37	1	it	it	PRON
fbem-11823	37	2	mainly	mainly	ADV
fbem-11823	37	3	studies	study	VERB
fbem-11823	37	4	the	the	DET
fbem-11823	37	5	relationship	relationship	NOUN
fbem-11823	37	6	between	between	ADP
fbem-11823	37	7	the	the	DET
fbem-11823	37	8	expected	expect	VERB
fbem-11823	37	9	return	return	NOUN
fbem-11823	37	10	rate	rate	NOUN
fbem-11823	37	11	of	of	ADP
fbem-11823	37	12	assets	asset	NOUN
fbem-11823	37	13	and	and	CCONJ
fbem-11823	37	14	risk	risk	NOUN
fbem-11823	37	15	assets	asset	NOUN
fbem-11823	37	16	in	in	ADP
fbem-11823	37	17	the	the	DET
fbem-11823	37	18	securities	security	NOUN
fbem-11823	37	19	market	market	NOUN
fbem-11823	37	20	,	,	PUNCT
fbem-11823	37	21	and	and	CCONJ
fbem-11823	37	22	how	how	SCONJ
fbem-11823	37	23	the	the	DET
fbem-11823	37	24	equilibrium	equilibrium	NOUN
fbem-11823	37	25	price	price	NOUN
fbem-11823	37	26	is	be	AUX
fbem-11823	37	27	formed	form	VERB
fbem-11823	37	28	.	.	PUNCT
fbem-11823	38	1	is	be	AUX
fbem-11823	38	2	the	the	DET
fbem-11823	38	3	pillar	pillar	NOUN
fbem-11823	38	4	of	of	ADP
fbem-11823	38	5	modern	modern	ADJ
fbem-11823	38	6	financial	financial	ADJ
fbem-11823	38	7	market	market	NOUN
fbem-11823	38	8	price	price	NOUN
fbem-11823	38	9	theory	theory	NOUN
fbem-11823	38	10	,	,	PUNCT
fbem-11823	38	11	widely	widely	ADV
fbem-11823	38	12	used	use	VERB
fbem-11823	38	13	in	in	ADP
fbem-11823	38	14	the	the	DET
fbem-11823	38	15	field	field	NOUN
fbem-11823	38	16	of	of	ADP
fbem-11823	38	17	investment	investment	NOUN
fbem-11823	38	18	decisionmaking	decisionmake	VERB
fbem-11823	38	19	and	and	CCONJ
fbem-11823	38	20	corporate	corporate	ADJ
fbem-11823	38	21	finance	finance	NOUN
fbem-11823	38	22	.	.	PUNCT
fbem-11823	39	1	capm	capm	PROPN
fbem-11823	39	2	assumptions	assumption	NOUN
fbem-11823	39	3	which	which	PRON
fbem-11823	39	4	include	include	VERB
fbem-11823	39	5	;	;	PUNCT
fbem-11823	39	6	investors	investor	NOUN
fbem-11823	39	7	are	be	AUX
fbem-11823	39	8	risk	risk	NOUN
fbem-11823	39	9	averse	averse	ADJ
fbem-11823	39	10	,	,	PUNCT
fbem-11823	39	11	utility	utility	NOUN
fbem-11823	39	12	-	-	PUNCT
fbem-11823	39	13	maximizing	maximize	VERB
fbem-11823	39	14	,	,	PUNCT
fbem-11823	39	15	rational	rational	ADJ
fbem-11823	39	16	individuals	individual	NOUN
fbem-11823	39	17	;	;	PUNCT
fbem-11823	39	18	investors	investor	NOUN
fbem-11823	39	19	plan	plan	VERB
fbem-11823	39	20	for	for	ADP
fbem-11823	39	21	the	the	DET
fbem-11823	39	22	same	same	ADJ
fbem-11823	39	23	single	single	ADJ
fbem-11823	39	24	golding	golding	NOUN
fbem-11823	39	25	period	period	NOUN
fbem-11823	39	26	；	；	PROPN
fbem-11823	39	27	investors	investor	NOUN
fbem-11823	39	28	have	have	VERB
fbem-11823	39	29	homogeneous	homogeneous	ADJ
fbem-11823	39	30	expectations	expectation	NOUN
fbem-11823	39	31	or	or	CCONJ
fbem-11823	39	32	beliefs	belief	NOUN
fbem-11823	39	33	,	,	PUNCT
fbem-11823	39	34	the	the	DET
fbem-11823	39	35	estimates	estimate	NOUN
fbem-11823	39	36	of	of	ADP
fbem-11823	39	37	expected	expect	VERB
fbem-11823	39	38	return	return	NOUN
fbem-11823	39	39	,	,	PUNCT
fbem-11823	39	40	variance	variance	NOUN
fbem-11823	39	41	and	and	CCONJ
fbem-11823	39	42	covariance	covariance	NOUN
fbem-11823	39	43	are	be	AUX
fbem-11823	39	44	exactly	exactly	ADV
fbem-11823	39	45	the	the	DET
fbem-11823	39	46	same	same	ADJ
fbem-11823	39	47	；	；	NOUN
fbem-11823	39	48	investors	investor	NOUN
fbem-11823	39	49	can	can	AUX
fbem-11823	39	50	borrow	borrow	VERB
fbem-11823	39	51	and	and	CCONJ
fbem-11823	39	52	lend	lend	VERB
fbem-11823	39	53	at	at	ADP
fbem-11823	39	54	a	a	DET
fbem-11823	39	55	common	common	ADJ
fbem-11823	39	56	risk	risk	NOUN
fbem-11823	39	57	-	-	PUNCT
fbem-11823	39	58	free	free	ADJ
fbem-11823	39	59	rate	rate	NOUN
fbem-11823	39	60	；	；	NOUN
fbem-11823	39	61	investors	investor	NOUN
fbem-11823	39	62	are	be	AUX
fbem-11823	39	63	price	price	NOUN
fbem-11823	39	64	taking；information	taking；information	PROPN
fbem-11823	39	65	is	be	AUX
fbem-11823	39	66	costless	costless	NOUN
fbem-11823	39	67	,	,	PUNCT
fbem-11823	39	68	freely	freely	ADV
fbem-11823	39	69	available	available	ADJ
fbem-11823	39	70	and	and	CCONJ
fbem-11823	39	71	instantly	instantly	ADV
fbem-11823	39	72	absorbed；markets	absorbed；market	NOUN
fbem-11823	39	73	are	be	AUX
fbem-11823	39	74	frictionless	frictionless	ADJ
fbem-11823	39	75	,	,	PUNCT
fbem-11823	39	76	including	include	VERB
fbem-11823	39	77	no	no	DET
fbem-11823	39	78	cost	cost	NOUN
fbem-11823	39	79	and	and	CCONJ
fbem-11823	39	80	no	no	DET
fbem-11823	39	81	taxes；all	taxes；all	NOUN
fbem-11823	39	82	investments	investment	NOUN
fbem-11823	39	83	are	be	AUX
fbem-11823	39	84	infinitely	infinitely	ADV
fbem-11823	39	85	divisible；all	divisible；all	NOUN
fbem-11823	39	86	assets	asset	NOUN
fbem-11823	39	87	,	,	PUNCT
fbem-11823	39	88	including	include	VERB
fbem-11823	39	89	human	human	ADJ
fbem-11823	39	90	capital	capital	NOUN
fbem-11823	39	91	,	,	PUNCT
fbem-11823	39	92	are	be	AUX
fbem-11823	39	93	tradable	tradable	ADJ
fbem-11823	39	94	.	.	PUNCT
fbem-11823	40	1	2.1.2	2.1.2	X
fbem-11823	40	2	.	.	PUNCT
fbem-11823	40	3	computing	compute	VERB
fbem-11823	40	4	formula	formula	NOUN
fbem-11823	40	5	when	when	SCONJ
fbem-11823	40	6	the	the	DET
fbem-11823	40	7	capital	capital	NOUN
fbem-11823	40	8	market	market	NOUN
fbem-11823	40	9	reaches	reach	VERB
fbem-11823	40	10	equilibrium	equilibrium	NOUN
fbem-11823	40	11	,	,	PUNCT
fbem-11823	40	12	the	the	DET
fbem-11823	40	13	marginal	marginal	ADJ
fbem-11823	40	14	price	price	NOUN
fbem-11823	40	15	of	of	ADP
fbem-11823	40	16	risk	risk	NOUN
fbem-11823	40	17	is	be	AUX
fbem-11823	40	18	constant	constant	ADJ
fbem-11823	40	19	,	,	PUNCT
fbem-11823	40	20	and	and	CCONJ
fbem-11823	40	21	the	the	DET
fbem-11823	40	22	marginal	marginal	ADJ
fbem-11823	40	23	effect	effect	NOUN
fbem-11823	40	24	of	of	ADP
fbem-11823	40	25	any	any	DET
fbem-11823	40	26	investment	investment	NOUN
fbem-11823	40	27	that	that	PRON
fbem-11823	40	28	changes	change	VERB
fbem-11823	40	29	the	the	DET
fbem-11823	40	30	market	market	NOUN
fbem-11823	40	31	portfolio	portfolio	NOUN
fbem-11823	40	32	is	be	AUX
fbem-11823	40	33	the	the	DET
fbem-11823	40	34	same	same	ADJ
fbem-11823	40	35	,	,	PUNCT
fbem-11823	40	36	that	that	ADV
fbem-11823	40	37	is	is	ADV
fbem-11823	40	38	,	,	PUNCT
fbem-11823	40	39	the	the	DET
fbem-11823	40	40	compensation	compensation	NOUN
fbem-11823	40	41	for	for	ADP
fbem-11823	40	42	adding	add	VERB
fbem-11823	40	43	a	a	DET
fbem-11823	40	44	unit	unit	NOUN
fbem-11823	40	45	of	of	ADP
fbem-11823	40	46	risk	risk	NOUN
fbem-11823	40	47	is	be	AUX
fbem-11823	40	48	the	the	DET
fbem-11823	40	49	same	same	ADJ
fbem-11823	40	50	.	.	PUNCT
fbem-11823	41	1	according	accord	VERB
fbem-11823	41	2	to	to	ADP
fbem-11823	41	3	the	the	DET
fbem-11823	41	4	definition	definition	NOUN
fbem-11823	41	5	of	of	ADP
fbem-11823	41	6	β	β	X
fbem-11823	41	7	,	,	PUNCT
fbem-11823	41	8	the	the	DET
fbem-11823	41	9	capital	capital	NOUN
fbem-11823	41	10	asset	asset	NOUN
fbem-11823	41	11	pricing	pricing	NOUN
fbem-11823	41	12	model	model	NOUN
fbem-11823	41	13	is	be	AUX
fbem-11823	41	14	obtained	obtain	VERB
fbem-11823	41	15	under	under	ADP
fbem-11823	41	16	the	the	DET
fbem-11823	41	17	condition	condition	NOUN
fbem-11823	41	18	of	of	ADP
fbem-11823	41	19	balanced	balanced	ADJ
fbem-11823	41	20	capital	capital	NOUN
fbem-11823	41	21	market	market	NOUN
fbem-11823	41	22	:	:	PUNCT
fbem-11823	41	23	e	e	X
fbem-11823	41	24	(	(	PUNCT
fbem-11823	41	25	ri	ri	NOUN
fbem-11823	41	26	)	)	PUNCT
fbem-11823	41	27	=	=	VERB
fbem-11823	42	1	rf	rf	NUM
fbem-11823	42	2	+	+	ADJ
fbem-11823	42	3	βi	βi	PROPN
fbem-11823	43	1	[	[	X
fbem-11823	43	2	e	e	X
fbem-11823	43	3	(	(	PUNCT
fbem-11823	43	4	rm	rm	NOUN
fbem-11823	43	5	)	)	PUNCT
fbem-11823	43	6	rf	rf	PROPN
fbem-11823	43	7	]	]	X
fbem-11823	43	8	(	(	PUNCT
fbem-11823	43	9	1	1	NUM
fbem-11823	43	10	)	)	PUNCT
fbem-11823	43	11	among	among	ADP
fbem-11823	43	12	them	they	PRON
fbem-11823	43	13	;	;	PUNCT
fbem-11823	43	14	ri	ri	PROPN
fbem-11823	43	15	the	the	DET
fbem-11823	43	16	expected	expect	VERB
fbem-11823	43	17	rate	rate	NOUN
fbem-11823	43	18	of	of	ADP
fbem-11823	43	19	return	return	NOUN
fbem-11823	43	20	on	on	ADP
fbem-11823	43	21	investment	investment	NOUN
fbem-11823	43	22	in	in	ADP
fbem-11823	43	23	the	the	DET
fbem-11823	43	24	i	i	PROPN
fbem-11823	43	25	th	th	X
fbem-11823	43	26	asset	asset	NOUN
fbem-11823	43	27	rf	rf	NOUN
fbem-11823	43	28	risk	risk	NOUN
fbem-11823	43	29	-	-	PUNCT
fbem-11823	43	30	free	free	ADJ
fbem-11823	43	31	interest	interest	NOUN
fbem-11823	43	32	rate	rate	NOUN
fbem-11823	43	33	,	,	PUNCT
fbem-11823	43	34	usually	usually	ADV
fbem-11823	43	35	expressed	express	VERB
fbem-11823	43	36	as	as	ADP
fbem-11823	43	37	the	the	DET
fbem-11823	43	38	interest	interest	NOUN
fbem-11823	43	39	rate	rate	NOUN
fbem-11823	43	40	on	on	ADP
fbem-11823	43	41	treasury	treasury	NOUN
fbem-11823	43	42	bonds	bond	NOUN
fbem-11823	43	43	with	with	ADP
fbem-11823	43	44	a	a	DET
fbem-11823	43	45	maturity	maturity	NOUN
fbem-11823	43	46	of	of	ADP
fbem-11823	43	47	one	one	NUM
fbem-11823	43	48	year	year	NOUN
fbem-11823	43	49	.	.	PUNCT
fbem-11823	44	1	βi	βi	PRON
fbem-11823	44	2	the	the	DET
fbem-11823	44	3	β	β	PROPN
fbem-11823	44	4	coefficient	coefficient	NOUN
fbem-11823	44	5	of	of	ADP
fbem-11823	44	6	the	the	DET
fbem-11823	44	7	ith	ith	PROPN
fbem-11823	44	8	asset	asset	NOUN
fbem-11823	44	9	.	.	PUNCT
fbem-11823	45	1	the	the	DET
fbem-11823	45	2	β	β	PROPN
fbem-11823	45	3	coefficient	coefficient	NOUN
fbem-11823	45	4	can	can	AUX
fbem-11823	45	5	indicate	indicate	VERB
fbem-11823	45	6	the	the	DET
fbem-11823	45	7	size	size	NOUN
fbem-11823	45	8	of	of	ADP
fbem-11823	45	9	the	the	DET
fbem-11823	45	10	systemic	systemic	ADJ
fbem-11823	45	11	risk	risk	NOUN
fbem-11823	45	12	of	of	ADP
fbem-11823	45	13	investing	invest	VERB
fbem-11823	45	14	in	in	ADP
fbem-11823	45	15	an	an	DET
fbem-11823	45	16	asset	asset	NOUN
fbem-11823	45	17	.	.	PUNCT
fbem-11823	46	1	in	in	ADP
fbem-11823	46	2	the	the	DET
fbem-11823	46	3	capm	capm	PROPN
fbem-11823	46	4	model	model	NOUN
fbem-11823	46	5	,	,	PUNCT
fbem-11823	46	6	it	it	PRON
fbem-11823	46	7	is	be	AUX
fbem-11823	46	8	used	use	VERB
fbem-11823	46	9	to	to	PART
fbem-11823	46	10	express	express	VERB
fbem-11823	46	11	the	the	DET
fbem-11823	46	12	relationship	relationship	NOUN
fbem-11823	46	13	between	between	ADP
fbem-11823	46	14	the	the	DET
fbem-11823	46	15	return	return	NOUN
fbem-11823	46	16	rate	rate	NOUN
fbem-11823	46	17	of	of	ADP
fbem-11823	46	18	investing	invest	VERB
fbem-11823	46	19	in	in	ADP
fbem-11823	46	20	a	a	DET
fbem-11823	46	21	certain	certain	ADJ
fbem-11823	46	22	type	type	NOUN
fbem-11823	46	23	of	of	ADP
fbem-11823	46	24	asset	asset	NOUN
fbem-11823	46	25	and	and	CCONJ
fbem-11823	46	26	the	the	DET
fbem-11823	46	27	return	return	NOUN
fbem-11823	46	28	rate	rate	NOUN
fbem-11823	46	29	of	of	ADP
fbem-11823	46	30	the	the	DET
fbem-11823	46	31	market	market	NOUN
fbem-11823	46	32	portfolio	portfolio	NOUN
fbem-11823	46	33	.	.	PUNCT
fbem-11823	47	1	rm	rm	PROPN
fbem-11823	47	2	the	the	DET
fbem-11823	47	3	expected	expect	VERB
fbem-11823	47	4	rate	rate	NOUN
fbem-11823	47	5	of	of	ADP
fbem-11823	47	6	return	return	NOUN
fbem-11823	47	7	of	of	ADP
fbem-11823	47	8	the	the	DET
fbem-11823	47	9	portfolio	portfolio	NOUN
fbem-11823	47	10	in	in	ADP
fbem-11823	47	11	the	the	DET
fbem-11823	47	12	market	market	NOUN
fbem-11823	47	13	e[rm	e[rm	NOUN
fbem-11823	47	14	-	-	PUNCT
fbem-11823	47	15	rf	rf	ADJ
fbem-11823	47	16	]	]	PUNCT
fbem-11823	47	17	market	market	NOUN
fbem-11823	47	18	risk	risk	NOUN
fbem-11823	47	19	premium	premium	NOUN
fbem-11823	47	20	2.2	2.2	NUM
fbem-11823	47	21	.	.	PUNCT
fbem-11823	48	1	research	research	NOUN
fbem-11823	48	2	methods	method	NOUN
fbem-11823	48	3	regression	regression	VERB
fbem-11823	48	4	analysis	analysis	NOUN
fbem-11823	48	5	:	:	PUNCT
fbem-11823	48	6	using	use	VERB
fbem-11823	48	7	the	the	DET
fbem-11823	48	8	statistical	statistical	ADJ
fbem-11823	48	9	software	software	NOUN
fbem-11823	48	10	spss	spss	PROPN
fbem-11823	48	11	,	,	PUNCT
fbem-11823	48	12	the	the	DET
fbem-11823	48	13	regression	regression	NOUN
fbem-11823	48	14	equation	equation	NOUN
fbem-11823	48	15	was	be	AUX
fbem-11823	48	16	calculated	calculate	VERB
fbem-11823	48	17	by	by	ADP
fbem-11823	48	18	the	the	DET
fbem-11823	48	19	least	least	ADJ
fbem-11823	48	20	square	square	ADJ
fbem-11823	48	21	method	method	NOUN
fbem-11823	48	22	,	,	PUNCT
fbem-11823	48	23	the	the	DET
fbem-11823	48	24	significance	significance	NOUN
fbem-11823	48	25	test	test	NOUN
fbem-11823	48	26	was	be	AUX
fbem-11823	48	27	carried	carry	VERB
fbem-11823	48	28	out	out	ADP
fbem-11823	48	29	by	by	ADP
fbem-11823	48	30	t	t	PROPN
fbem-11823	48	31	-	-	PUNCT
fbem-11823	48	32	test	test	NOUN
fbem-11823	48	33	,	,	PUNCT
fbem-11823	48	34	and	and	CCONJ
fbem-11823	48	35	the	the	DET
fbem-11823	48	36	fitting	fitting	ADJ
fbem-11823	48	37	degree	degree	NOUN
fbem-11823	48	38	was	be	AUX
fbem-11823	48	39	calculated	calculate	VERB
fbem-11823	48	40	by	by	ADP
fbem-11823	48	41	r	r	NOUN
fbem-11823	48	42	square	square	NOUN
fbem-11823	48	43	to	to	PART
fbem-11823	48	44	analyze	analyze	VERB
fbem-11823	48	45	whether	whether	SCONJ
fbem-11823	48	46	it	it	PRON
fbem-11823	48	47	has	have	VERB
fbem-11823	48	48	universal	universal	ADJ
fbem-11823	48	49	applicability	applicability	NOUN
fbem-11823	48	50	.	.	PUNCT
fbem-11823	49	1	3	3	X
fbem-11823	49	2	.	.	X
fbem-11823	49	3	research	research	NOUN
fbem-11823	49	4	on	on	ADP
fbem-11823	49	5	the	the	DET
fbem-11823	49	6	applicability	applicability	NOUN
fbem-11823	49	7	of	of	ADP
fbem-11823	49	8	capm	capm	PROPN
fbem-11823	49	9	model	model	NOUN
fbem-11823	49	10	in	in	ADP
fbem-11823	49	11	china	china	PROPN
fbem-11823	49	12	's	's	PART
fbem-11823	49	13	a	a	DET
fbem-11823	49	14	-	-	PUNCT
fbem-11823	49	15	share	share	NOUN
fbem-11823	49	16	new	new	ADJ
fbem-11823	49	17	energy	energy	NOUN
fbem-11823	49	18	sector	sector	NOUN
fbem-11823	49	19	3.1	3.1	NUM
fbem-11823	49	20	.	.	PUNCT
fbem-11823	50	1	selection	selection	NOUN
fbem-11823	50	2	and	and	CCONJ
fbem-11823	50	3	processing	processing	NOUN
fbem-11823	50	4	of	of	ADP
fbem-11823	50	5	sample	sample	NOUN
fbem-11823	50	6	data	datum	NOUN
fbem-11823	50	7	the	the	DET
fbem-11823	50	8	sample	sample	NOUN
fbem-11823	50	9	selects	select	VERB
fbem-11823	50	10	the	the	DET
fbem-11823	50	11	effective	effective	ADJ
fbem-11823	50	12	monthly	monthly	ADJ
fbem-11823	50	13	frequency	frequency	NOUN
fbem-11823	50	14	trading	trading	NOUN
fbem-11823	50	15	data	datum	NOUN
fbem-11823	50	16	of	of	ADP
fbem-11823	50	17	10	10	NUM
fbem-11823	50	18	new	new	ADJ
fbem-11823	50	19	energy	energy	NOUN
fbem-11823	50	20	stocks	stock	NOUN
fbem-11823	50	21	in	in	ADP
fbem-11823	50	22	the	the	DET
fbem-11823	50	23	a	a	DET
fbem-11823	50	24	-	-	PUNCT
fbem-11823	50	25	share	share	NOUN
fbem-11823	50	26	plate	plate	NOUN
fbem-11823	50	27	from	from	ADP
fbem-11823	50	28	june	june	PROPN
fbem-11823	50	29	30,2015	30,2015	PROPN
fbem-11823	50	30	to	to	ADP
fbem-11823	50	31	june	june	PROPN
fbem-11823	50	32	30,2020	30,2020	PROPN
fbem-11823	50	33	,	,	PUNCT
fbem-11823	50	34	covering	cover	VERB
fbem-11823	50	35	different	different	ADJ
fbem-11823	50	36	sizes	size	NOUN
fbem-11823	50	37	(	(	PUNCT
fbem-11823	50	38	large	large	ADJ
fbem-11823	50	39	,	,	PUNCT
fbem-11823	50	40	small	small	ADJ
fbem-11823	50	41	and	and	CCONJ
fbem-11823	50	42	medium	medium	ADJ
fbem-11823	50	43	-	-	PUNCT
fbem-11823	50	44	sized	sized	ADJ
fbem-11823	50	45	)	)	PUNCT
fbem-11823	50	46	new	new	ADJ
fbem-11823	50	47	energy	energy	NOUN
fbem-11823	50	48	listed	list	VERB
fbem-11823	50	49	companies	company	NOUN
fbem-11823	50	50	,	,	PUNCT
fbem-11823	50	51	in	in	ADP
fbem-11823	50	52	order	order	NOUN
fbem-11823	50	53	to	to	PART
fbem-11823	50	54	reflect	reflect	VERB
fbem-11823	50	55	a	a	DET
fbem-11823	50	56	long	long	ADJ
fbem-11823	50	57	-	-	PUNCT
fbem-11823	50	58	term	term	NOUN
fbem-11823	50	59	average	average	ADJ
fbem-11823	50	60	level	level	NOUN
fbem-11823	50	61	of	of	ADP
fbem-11823	50	62	the	the	DET
fbem-11823	50	63	new	new	ADJ
fbem-11823	50	64	energy	energy	NOUN
fbem-11823	50	65	stock	stock	NOUN
fbem-11823	50	66	market	market	NOUN
fbem-11823	50	67	,	,	PUNCT
fbem-11823	50	68	making	make	VERB
fbem-11823	50	69	the	the	DET
fbem-11823	50	70	experimental	experimental	ADJ
fbem-11823	50	71	conclusions	conclusion	NOUN
fbem-11823	50	72	more	more	ADV
fbem-11823	50	73	effective	effective	ADJ
fbem-11823	50	74	.	.	PUNCT
fbem-11823	51	1	the	the	DET
fbem-11823	51	2	data	datum	NOUN
fbem-11823	51	3	comes	come	VERB
fbem-11823	51	4	from	from	ADP
fbem-11823	51	5	the	the	DET
fbem-11823	51	6	oriental	oriental	ADJ
fbem-11823	51	7	wealth	wealth	NOUN
fbem-11823	51	8	network	network	NOUN
fbem-11823	51	9	.	.	PUNCT
fbem-11823	52	1	methods	method	NOUN
fbem-11823	52	2	referring	refer	VERB
fbem-11823	52	3	to	to	ADP
fbem-11823	52	4	the	the	DET
fbem-11823	52	5	empirical	empirical	ADJ
fbem-11823	52	6	test	test	NOUN
fbem-11823	52	7	of	of	ADP
fbem-11823	52	8	the	the	DET
fbem-11823	52	9	applicability	applicability	NOUN
fbem-11823	52	10	of	of	ADP
fbem-11823	52	11	yang	yang	PROPN
fbem-11823	52	12	shuanghui	shuanghui	PROPN
fbem-11823	52	13	and	and	CCONJ
fbem-11823	52	14	zheng	zheng	PROPN
fbem-11823	52	15	zhikai	zhikai	PROPN
fbem-11823	52	16	's	's	PART
fbem-11823	52	17	capm	capm	PROPN
fbem-11823	52	18	model	model	NOUN
fbem-11823	52	19	in	in	ADP
fbem-11823	52	20	the	the	DET
fbem-11823	52	21	ashare	ashare	NOUN
fbem-11823	52	22	market	market	NOUN
fbem-11823	52	23	〔	〔	PROPN
fbem-11823	52	24	2	2	NUM
fbem-11823	52	25	〕	〕	NOUN
fbem-11823	52	26	.	.	PUNCT
fbem-11823	53	1	3.1.1	3.1.1	X
fbem-11823	53	2	.	.	PUNCT
fbem-11823	54	1	the	the	DET
fbem-11823	54	2	calculation	calculation	NOUN
fbem-11823	54	3	of	of	ADP
fbem-11823	54	4	the	the	DET
fbem-11823	54	5	monthly	monthly	ADJ
fbem-11823	54	6	yield	yield	NOUN
fbem-11823	54	7	of	of	ADP
fbem-11823	54	8	a	a	DET
fbem-11823	54	9	single	single	ADJ
fbem-11823	54	10	stock	stock	NOUN
fbem-11823	54	11	rt	rt	PROPN
fbem-11823	54	12	=	=	PUNCT
fbem-11823	54	13	(	(	PUNCT
fbem-11823	54	14	pt	pt	PROPN
fbem-11823	54	15	-	-	PUNCT
fbem-11823	54	16	pt-1	pt-1	PROPN
fbem-11823	54	17	)	)	PUNCT
fbem-11823	54	18	/	/	PUNCT
fbem-11823	54	19	pt-1	pt-1	ADV
fbem-11823	54	20	among	among	ADP
fbem-11823	54	21	them	they	PRON
fbem-11823	54	22	:	:	PUNCT
fbem-11823	54	23	rt	rt	PROPN
fbem-11823	54	24	represents	represent	VERB
fbem-11823	54	25	the	the	DET
fbem-11823	54	26	stock	stock	NOUN
fbem-11823	54	27	yield	yield	NOUN
fbem-11823	54	28	at	at	ADP
fbem-11823	54	29	the	the	DET
fbem-11823	54	30	end	end	NOUN
fbem-11823	54	31	of	of	ADP
fbem-11823	54	32	the	the	DET
fbem-11823	54	33	t	t	NOUN
fbem-11823	54	34	month	month	NOUN
fbem-11823	54	35	;	;	PUNCT
fbem-11823	54	36	pt	pt	PROPN
fbem-11823	54	37	represents	represent	VERB
fbem-11823	54	38	the	the	DET
fbem-11823	54	39	closing	closing	NOUN
fbem-11823	54	40	price	price	NOUN
fbem-11823	54	41	of	of	ADP
fbem-11823	54	42	the	the	DET
fbem-11823	54	43	stock	stock	NOUN
fbem-11823	54	44	at	at	ADP
fbem-11823	54	45	the	the	DET
fbem-11823	54	46	end	end	NOUN
fbem-11823	54	47	of	of	ADP
fbem-11823	54	48	the	the	DET
fbem-11823	54	49	t	t	NOUN
fbem-11823	54	50	month	month	NOUN
fbem-11823	54	51	;	;	PUNCT
fbem-11823	54	52	pt-1	pt-1	PUNCT
fbem-11823	54	53	represents	represent	VERB
fbem-11823	54	54	the	the	DET
fbem-11823	54	55	closing	closing	NOUN
fbem-11823	54	56	price	price	NOUN
fbem-11823	54	57	of	of	ADP
fbem-11823	54	58	the	the	DET
fbem-11823	54	59	stock	stock	NOUN
fbem-11823	54	60	at	at	ADP
fbem-11823	54	61	the	the	DET
fbem-11823	54	62	end	end	NOUN
fbem-11823	54	63	of	of	ADP
fbem-11823	54	64	the	the	DET
fbem-11823	54	65	t-1	t-1	PROPN
fbem-11823	54	66	month	month	NOUN
fbem-11823	54	67	.	.	PUNCT
fbem-11823	55	1	3.1.2	3.1.2	X
fbem-11823	55	2	.	.	PUNCT
fbem-11823	56	1	on	on	ADP
fbem-11823	56	2	the	the	DET
fbem-11823	56	3	calculation	calculation	NOUN
fbem-11823	56	4	of	of	ADP
fbem-11823	56	5	the	the	DET
fbem-11823	56	6	market	market	NOUN
fbem-11823	56	7	rate	rate	NOUN
fbem-11823	56	8	of	of	ADP
fbem-11823	56	9	return	return	NOUN
fbem-11823	56	10	select	select	VERB
fbem-11823	56	11	the	the	DET
fbem-11823	56	12	shanghai	shanghai	PROPN
fbem-11823	56	13	and	and	CCONJ
fbem-11823	56	14	shenzhen	shenzhen	PROPN
fbem-11823	56	15	300	300	NUM
fbem-11823	56	16	index	index	NOUN
fbem-11823	56	17	as	as	ADP
fbem-11823	56	18	a	a	DET
fbem-11823	56	19	market	market	NOUN
fbem-11823	56	20	index	index	NOUN
fbem-11823	56	21	rmt	rmt	NOUN
fbem-11823	56	22	=	=	SYM
fbem-11823	56	23	(	(	PUNCT
fbem-11823	56	24	pmt	pmt	PROPN
fbem-11823	56	25	-	-	PUNCT
fbem-11823	56	26	pmt-1	pmt-1	NUM
fbem-11823	56	27	)	)	PUNCT
fbem-11823	56	28	/	/	PUNCT
fbem-11823	56	29	pmt-1	pmt-1	VERB
fbem-11823	56	30	among	among	ADP
fbem-11823	56	31	them	they	PRON
fbem-11823	56	32	:	:	PUNCT
fbem-11823	56	33	rmt	rmt	NOUN
fbem-11823	56	34	represents	represent	VERB
fbem-11823	56	35	the	the	DET
fbem-11823	56	36	market	market	NOUN
fbem-11823	56	37	portfolio	portfolio	NOUN
fbem-11823	56	38	yield	yield	NOUN
fbem-11823	56	39	at	at	ADP
fbem-11823	56	40	the	the	DET
fbem-11823	56	41	end	end	NOUN
fbem-11823	56	42	of	of	ADP
fbem-11823	56	43	the	the	DET
fbem-11823	56	44	t	t	NOUN
fbem-11823	56	45	month	month	NOUN
fbem-11823	56	46	;	;	PUNCT
fbem-11823	56	47	pmt	pmt	PROPN
fbem-11823	56	48	represents	represent	VERB
fbem-11823	56	49	the	the	DET
fbem-11823	56	50	closing	closing	NOUN
fbem-11823	56	51	price	price	NOUN
fbem-11823	56	52	of	of	ADP
fbem-11823	56	53	the	the	DET
fbem-11823	56	54	market	market	NOUN
fbem-11823	56	55	portfolio	portfolio	NOUN
fbem-11823	56	56	at	at	ADP
fbem-11823	56	57	the	the	DET
fbem-11823	56	58	end	end	NOUN
fbem-11823	56	59	of	of	ADP
fbem-11823	56	60	the	the	DET
fbem-11823	56	61	tth	tth	PROPN
fbem-11823	56	62	month	month	NOUN
fbem-11823	56	63	;	;	PUNCT
fbem-11823	56	64	pmt-1	pmt-1	PUNCT
fbem-11823	56	65	represents	represent	VERB
fbem-11823	56	66	the	the	DET
fbem-11823	56	67	closing	closing	NOUN
fbem-11823	56	68	price	price	NOUN
fbem-11823	56	69	of	of	ADP
fbem-11823	56	70	the	the	DET
fbem-11823	56	71	market	market	NOUN
fbem-11823	56	72	portfolio	portfolio	NOUN
fbem-11823	56	73	at	at	ADP
fbem-11823	56	74	the	the	DET
fbem-11823	56	75	end	end	NOUN
fbem-11823	56	76	of	of	ADP
fbem-11823	56	77	the	the	DET
fbem-11823	56	78	t-1	t-1	PROPN
fbem-11823	56	79	month	month	NOUN
fbem-11823	56	80	.	.	PUNCT
fbem-11823	57	1	table	table	NOUN
fbem-11823	57	2	1	1	NUM
fbem-11823	57	3	.	.	PUNCT
fbem-11823	57	4	monthly	monthly	ADJ
fbem-11823	57	5	return	return	NOUN
fbem-11823	57	6	on	on	ADP
fbem-11823	57	7	10	10	NUM
fbem-11823	57	8	stocks	stock	NOUN
fbem-11823	57	9	rt	rt	PROPN
fbem-11823	57	10	stocks	stock	NOUN
fbem-11823	57	11	2015	2015	NUM
fbem-11823	57	12	2016	2016	NUM
fbem-11823	57	13	2017	2017	NUM
fbem-11823	57	14	2018	2018	NUM
fbem-11823	57	15	2019	2019	NUM
fbem-11823	57	16	2020	2020	NUM
fbem-11823	57	17	byd	byd	PROPN
fbem-11823	57	18	-0.0827	-0.0827	PROPN
fbem-11823	58	1	0.0187	0.0187	NUM
fbem-11823	59	1	0.0053	0.0053	NUM
fbem-11823	59	2	0.0964	0.0964	NUM
fbem-11823	59	3	0.0865	0.0865	NUM
fbem-11823	59	4	0.2622	0.2622	NUM
fbem-11823	59	5	zhongneng	zhongneng	PROPN
fbem-11823	59	6	electric	electric	PROPN
fbem-11823	59	7	0.0972	0.0972	NUM
fbem-11823	59	8	0.1677	0.1677	NUM
fbem-11823	59	9	0.0028	0.0028	NUM
fbem-11823	59	10	-0.3333	-0.3333	NOUN
fbem-11823	59	11	-0.0186	-0.0186	VERB
fbem-11823	59	12	0.0737	0.0737	NUM
fbem-11823	59	13	ningde	ningde	NOUN
fbem-11823	59	14	era	era	NOUN
fbem-11823	59	15	0.0015	0.0015	NUM
fbem-11823	59	16	0.0312	0.0312	NUM
fbem-11823	59	17	0.2243	0.2243	NUM
fbem-11823	59	18	longji	longji	PROPN
fbem-11823	59	19	green	green	PROPN
fbem-11823	59	20	energy	energy	NOUN
fbem-11823	59	21	-0.2315	-0.2315	PROPN
fbem-11823	59	22	0.1131	0.1131	NUM
fbem-11823	59	23	0.0893	0.0893	NUM
fbem-11823	59	24	-0.2010	-0.2010	NOUN
fbem-11823	59	25	0.0249	0.0249	NUM
fbem-11823	59	26	0.3563	0.3563	NUM
fbem-11823	59	27	chang	chang	PROPN
fbem-11823	59	28	'	'	PUNCT
fbem-11823	59	29	an	an	DET
fbem-11823	59	30	automobile	automobile	NOUN
fbem-11823	59	31	0.0058	0.0058	NUM
fbem-11823	59	32	-0，0182	-0，0182	NOUN
fbem-11823	59	33	0.0764	0.0764	NUM
fbem-11823	59	34	-0.1141	-0.1141	ADJ
fbem-11823	59	35	-0.0520	-0.0520	NOUN
fbem-11823	59	36	-0.0579	-0.0579	NOUN
fbem-11823	60	1	wanma	wanma	NOUN
fbem-11823	60	2	shares	shares	AUX
fbem-11823	60	3	-0.0740	-0.0740	VERB
fbem-11823	60	4	0.0377	0.0377	NUM
fbem-11823	60	5	0.0165	0.0165	NUM
fbem-11823	60	6	-0.1337	-0.1337	NOUN
fbem-11823	60	7	-0.0523	-0.0523	NOUN
fbem-11823	60	8	0.0115	0.0115	NUM
fbem-11823	60	9	zhongyeda	zhongyeda	NOUN
fbem-11823	60	10	0.3076	0.3076	NUM
fbem-11823	60	11	0.0749	0.0749	NUM
fbem-11823	60	12	0.1115	0.1115	NUM
fbem-11823	60	13	-0.1509	-0.1509	NOUN
fbem-11823	60	14	-0.0184	-0.0184	PROPN
fbem-11823	60	15	-0.0654	-0.0654	PROPN
fbem-11823	61	1	huicheng	huicheng	PROPN
fbem-11823	61	2	technology	technology	PROPN
fbem-11823	61	3	-0.1850	-0.1850	ADV
fbem-11823	61	4	0.0814	0.0814	NUM
fbem-11823	61	5	-0.1593	-0.1593	NOUN
fbem-11823	61	6	0.0216	0.0216	NUM
fbem-11823	61	7	0.0652	0.0652	NUM
fbem-11823	61	8	0.1760	0.1760	NUM
fbem-11823	61	9	dahua	dahua	NOUN
fbem-11823	61	10	shares	share	NOUN
fbem-11823	61	11	-0.2608	-0.2608	PROPN
fbem-11823	61	12	-0.0068	-0.0068	PROPN
fbem-11823	61	13	0.2392	0.2392	NUM
fbem-11823	61	14	-0.0702	-0.0702	NOUN
fbem-11823	61	15	0.01821	0.01821	NUM
fbem-11823	61	16	0.6449	0.6449	NUM
fbem-11823	61	17	kyung	kyung	PROPN
fbem-11823	61	18	yi	yi	PROPN
fbem-11823	61	19	wisdom	wisdom	NOUN
fbem-11823	61	20	0.2930	0.2930	NUM
fbem-11823	61	21	-0.0709	-0.0709	NOUN
fbem-11823	61	22	-0.1801	-0.1801	PUNCT
fbem-11823	62	1	-0.0451	-0.0451	NOUN
fbem-11823	62	2	0.1870	0.1870	NUM
fbem-11823	63	1	110	110	NUM
fbem-11823	63	2	3.1.3	3.1.3	NUM
fbem-11823	63	3	.	.	PUNCT
fbem-11823	64	1	about	about	ADP
fbem-11823	64	2	the	the	DET
fbem-11823	64	3	selection	selection	NOUN
fbem-11823	64	4	of	of	ADP
fbem-11823	64	5	risk	risk	NOUN
fbem-11823	64	6	-	-	PUNCT
fbem-11823	64	7	free	free	ADJ
fbem-11823	64	8	rate	rate	NOUN
fbem-11823	64	9	of	of	ADP
fbem-11823	64	10	return	return	NOUN
fbem-11823	64	11	select	select	VERB
fbem-11823	64	12	the	the	DET
fbem-11823	64	13	three	three	NUM
fbem-11823	64	14	-	-	PUNCT
fbem-11823	64	15	month	month	NOUN
fbem-11823	64	16	fixed	fix	VERB
fbem-11823	64	17	deposit	deposit	NOUN
fbem-11823	64	18	annualized	annualize	VERB
fbem-11823	64	19	interest	interest	NOUN
fbem-11823	64	20	rate	rate	NOUN
fbem-11823	64	21	to	to	PART
fbem-11823	64	22	represent	represent	VERB
fbem-11823	64	23	the	the	DET
fbem-11823	64	24	risk	risk	NOUN
fbem-11823	64	25	-	-	PUNCT
fbem-11823	64	26	free	free	ADJ
fbem-11823	64	27	rate	rate	NOUN
fbem-11823	64	28	of	of	ADP
fbem-11823	64	29	return	return	NOUN
fbem-11823	64	30	rf	rf	NOUN
fbem-11823	64	31	.	.	PROPN
fbem-11823	64	32	3.2	3.2	NUM
fbem-11823	64	33	.	.	PUNCT
fbem-11823	65	1	applicability	applicability	NOUN
fbem-11823	65	2	research	research	NOUN
fbem-11823	65	3	process	process	NOUN
fbem-11823	65	4	and	and	CCONJ
fbem-11823	65	5	analysis	analysis	NOUN
fbem-11823	65	6	through	through	ADP
fbem-11823	65	7	spss	spss	PROPN
fbem-11823	65	8	software	software	NOUN
fbem-11823	65	9	,	,	PUNCT
fbem-11823	65	10	the	the	DET
fbem-11823	65	11	least	least	ADJ
fbem-11823	65	12	square	square	ADJ
fbem-11823	65	13	method	method	NOUN
fbem-11823	65	14	is	be	AUX
fbem-11823	65	15	used	use	VERB
fbem-11823	65	16	for	for	ADP
fbem-11823	65	17	regression	regression	NOUN
fbem-11823	65	18	analysis	analysis	NOUN
fbem-11823	65	19	.	.	PUNCT
fbem-11823	66	1	the	the	DET
fbem-11823	66	2	average	average	ADJ
fbem-11823	66	3	monthly	monthly	ADJ
fbem-11823	66	4	return	return	NOUN
fbem-11823	66	5	rate	rate	NOUN
fbem-11823	66	6	of	of	ADP
fbem-11823	66	7	ten	ten	NUM
fbem-11823	66	8	companies	company	NOUN
fbem-11823	66	9	in	in	ADP
fbem-11823	66	10	the	the	DET
fbem-11823	66	11	past	past	ADJ
fbem-11823	66	12	five	five	NUM
fbem-11823	66	13	years	year	NOUN
fbem-11823	66	14	is	be	AUX
fbem-11823	66	15	taken	take	VERB
fbem-11823	66	16	as	as	ADP
fbem-11823	66	17	the	the	DET
fbem-11823	66	18	dependent	dependent	ADJ
fbem-11823	66	19	variable	variable	ADJ
fbem-11823	66	20	y	y	PROPN
fbem-11823	66	21	,	,	PUNCT
fbem-11823	66	22	and	and	CCONJ
fbem-11823	66	23	the	the	DET
fbem-11823	66	24	average	average	ADJ
fbem-11823	66	25	market	market	NOUN
fbem-11823	66	26	return	return	NOUN
fbem-11823	66	27	rate	rate	NOUN
fbem-11823	66	28	in	in	ADP
fbem-11823	66	29	the	the	DET
fbem-11823	66	30	past	past	ADJ
fbem-11823	66	31	five	five	NUM
fbem-11823	66	32	years	year	NOUN
fbem-11823	66	33	is	be	AUX
fbem-11823	66	34	taken	take	VERB
fbem-11823	66	35	as	as	ADP
fbem-11823	66	36	the	the	DET
fbem-11823	66	37	independent	independent	ADJ
fbem-11823	66	38	variable	variable	ADJ
fbem-11823	66	39	x.	x.	NOUN
fbem-11823	66	40	table	table	NOUN
fbem-11823	66	41	2	2	NUM
fbem-11823	66	42	.	.	PUNCT
fbem-11823	66	43	csi	csi	PROPN
fbem-11823	66	44	300	300	NUM
fbem-11823	66	45	index	index	NOUN
fbem-11823	66	46	market	market	NOUN
fbem-11823	66	47	rate	rate	NOUN
fbem-11823	66	48	of	of	ADP
fbem-11823	66	49	return	return	NOUN
fbem-11823	66	50	rm	rm	PROPN
fbem-11823	66	51	stocks	stock	NOUN
fbem-11823	66	52	2015	2015	NUM
fbem-11823	66	53	2016	2016	NUM
fbem-11823	66	54	2017	2017	NUM
fbem-11823	66	55	2018	2018	NUM
fbem-11823	66	56	2019	2019	NUM
fbem-11823	66	57	2020	2020	NUM
fbem-11823	67	1	csi	csi	PROPN
fbem-11823	67	2	300	300	NUM
fbem-11823	67	3	index	index	NOUN
fbem-11823	67	4	-0.0570	-0.0570	NOUN
fbem-11823	67	5	-0.0073	-0.0073	PUNCT
fbem-11823	68	1	0.0491	0.0491	NUM
fbem-11823	68	2	-0.0761	-0.0761	NOUN
fbem-11823	68	3	0.0519	0.0519	NUM
fbem-11823	68	4	0.0756	0.0756	NUM
fbem-11823	68	5	table	table	NOUN
fbem-11823	68	6	3	3	NUM
fbem-11823	68	7	.	.	PUNCT
fbem-11823	68	8	regression	regression	NOUN
fbem-11823	68	9	data	datum	NOUN
fbem-11823	68	10	of	of	ADP
fbem-11823	68	11	10	10	NUM
fbem-11823	68	12	companies	company	NOUN
fbem-11823	68	13	stocks	stock	NOUN
fbem-11823	68	14	β	β	X
fbem-11823	68	15	t	t	NOUN
fbem-11823	68	16	r	r	PROPN
fbem-11823	68	17	square	square	ADJ
fbem-11823	68	18	byd	byd	PROPN
fbem-11823	68	19	0.856	0.856	NUM
fbem-11823	68	20	3.307	3.307	NUM
fbem-11823	68	21	0.732	0.732	NUM
fbem-11823	68	22	zhongneng	zhongneng	PROPN
fbem-11823	68	23	electric	electric	VERB
fbem-11823	68	24	0.424	0.424	NUM
fbem-11823	68	25	0.937	0.937	NUM
fbem-11823	68	26	0.180	0.180	NUM
fbem-11823	68	27	ningde	ningde	NOUN
fbem-11823	68	28	era	era	NOUN
fbem-11823	68	29	0.712	0.712	NUM
fbem-11823	68	30	1.014	1.014	NUM
fbem-11823	68	31	0.507	0.507	NUM
fbem-11823	68	32	longji	longji	PROPN
fbem-11823	68	33	green	green	ADJ
fbem-11823	68	34	energy	energy	PROPN
fbem-11823	68	35	0.866	0.866	NUM
fbem-11823	68	36	3.476	3.476	NUM
fbem-11823	68	37	0.750	0.750	NUM
fbem-11823	68	38	chang	chang	PROPN
fbem-11823	68	39	'	'	PUNCT
fbem-11823	68	40	an	an	DET
fbem-11823	68	41	automobile	automobile	NOUN
fbem-11823	68	42	0.301	0.301	NUM
fbem-11823	68	43	0.632	0.632	NUM
fbem-11823	68	44	0.091	0.091	NUM
fbem-11823	68	45	wanma	wanma	NOUN
fbem-11823	68	46	shares	share	VERB
fbem-11823	68	47	0.691	0.691	NUM
fbem-11823	68	48	1.911	1.911	NUM
fbem-11823	68	49	0.477	0.477	NUM
fbem-11823	68	50	enterprise	enterprise	NOUN
fbem-11823	68	51	up	up	ADP
fbem-11823	68	52	-0.170	-0.170	PUNCT
fbem-11823	68	53	-0.346	-0.346	PUNCT
fbem-11823	68	54	0.029	0.029	NUM
fbem-11823	68	55	huicheng	huicheng	PROPN
fbem-11823	68	56	technology	technology	NOUN
fbem-11823	68	57	0.383	0.383	NUM
fbem-11823	68	58	0.830	0.830	NUM
fbem-11823	68	59	0.147	0.147	NUM
fbem-11823	68	60	dahua	dahua	NOUN
fbem-11823	68	61	shares	share	NOUN
fbem-11823	68	62	0.794	0.794	NUM
fbem-11823	68	63	2.615	2.615	NUM
fbem-11823	68	64	0.631	0.631	NUM
fbem-11823	68	65	kyung	kyung	PROPN
fbem-11823	68	66	yi	yi	PROPN
fbem-11823	68	67	wisdom	wisdom	NOUN
fbem-11823	68	68	0.189	0.189	NUM
fbem-11823	68	69	0.334	0.334	NUM
fbem-11823	68	70	0.036	0.036	NUM
fbem-11823	68	71	3.2.1	3.2.1	NUM
fbem-11823	68	72	.	.	PUNCT
fbem-11823	69	1	calculation	calculation	NOUN
fbem-11823	69	2	of	of	ADP
fbem-11823	69	3	β	β	X
fbem-11823	69	4	coefficient	coefficient	NOUN
fbem-11823	69	5	if	if	SCONJ
fbem-11823	69	6	β	β	X
fbem-11823	69	7	<	<	X
fbem-11823	69	8	0	0	NUM
fbem-11823	69	9	,	,	PUNCT
fbem-11823	69	10	it	it	PRON
fbem-11823	69	11	indicates	indicate	VERB
fbem-11823	69	12	that	that	SCONJ
fbem-11823	69	13	the	the	DET
fbem-11823	69	14	two	two	NUM
fbem-11823	69	15	are	be	AUX
fbem-11823	69	16	negatively	negatively	ADV
fbem-11823	69	17	correlated	correlate	VERB
fbem-11823	69	18	;	;	PUNCT
fbem-11823	69	19	if	if	SCONJ
fbem-11823	69	20	β	β	X
fbem-11823	69	21	=	=	SYM
fbem-11823	69	22	0	0	NUM
fbem-11823	69	23	,	,	PUNCT
fbem-11823	69	24	it	it	PRON
fbem-11823	69	25	shows	show	VERB
fbem-11823	69	26	that	that	SCONJ
fbem-11823	69	27	there	there	PRON
fbem-11823	69	28	is	be	VERB
fbem-11823	69	29	no	no	DET
fbem-11823	69	30	relationship	relationship	NOUN
fbem-11823	69	31	between	between	ADP
fbem-11823	69	32	stock	stock	NOUN
fbem-11823	69	33	returns	return	NOUN
fbem-11823	69	34	and	and	CCONJ
fbem-11823	69	35	market	market	NOUN
fbem-11823	69	36	portfolio	portfolio	NOUN
fbem-11823	69	37	returns	return	NOUN
fbem-11823	69	38	;	;	PUNCT
fbem-11823	69	39	if	if	SCONJ
fbem-11823	69	40	0	0	NUM
fbem-11823	69	41	<	<	X
fbem-11823	69	42	β	β	X
fbem-11823	69	43	<	<	X
fbem-11823	69	44	1	1	NUM
fbem-11823	69	45	,	,	PUNCT
fbem-11823	69	46	the	the	DET
fbem-11823	69	47	stock	stock	NOUN
fbem-11823	69	48	return	return	NOUN
fbem-11823	69	49	rate	rate	NOUN
fbem-11823	69	50	is	be	AUX
fbem-11823	69	51	lower	low	ADJ
fbem-11823	69	52	than	than	ADP
fbem-11823	69	53	the	the	DET
fbem-11823	69	54	market	market	NOUN
fbem-11823	69	55	portfolio	portfolio	NOUN
fbem-11823	69	56	return	return	NOUN
fbem-11823	69	57	rate	rate	NOUN
fbem-11823	69	58	,	,	PUNCT
fbem-11823	69	59	and	and	CCONJ
fbem-11823	69	60	the	the	DET
fbem-11823	69	61	system	system	NOUN
fbem-11823	69	62	risk	risk	NOUN
fbem-11823	69	63	is	be	AUX
fbem-11823	69	64	lower	low	ADJ
fbem-11823	69	65	than	than	ADP
fbem-11823	69	66	the	the	DET
fbem-11823	69	67	market	market	NOUN
fbem-11823	69	68	risk	risk	NOUN
fbem-11823	69	69	;	;	PUNCT
fbem-11823	69	70	if	if	SCONJ
fbem-11823	69	71	β	β	X
fbem-11823	69	72	>	>	X
fbem-11823	69	73	1	1	NUM
fbem-11823	69	74	,	,	PUNCT
fbem-11823	69	75	the	the	DET
fbem-11823	69	76	stock	stock	NOUN
fbem-11823	69	77	yield	yield	NOUN
fbem-11823	69	78	is	be	AUX
fbem-11823	69	79	greater	great	ADJ
fbem-11823	69	80	than	than	ADP
fbem-11823	69	81	the	the	DET
fbem-11823	69	82	market	market	NOUN
fbem-11823	69	83	yield	yield	NOUN
fbem-11823	69	84	portfolio	portfolio	NOUN
fbem-11823	69	85	;	;	PUNCT
fbem-11823	69	86	system	system	NOUN
fbem-11823	69	87	risk	risk	NOUN
fbem-11823	69	88	is	be	AUX
fbem-11823	69	89	higher	high	ADJ
fbem-11823	69	90	than	than	ADP
fbem-11823	69	91	market	market	NOUN
fbem-11823	69	92	risk	risk	NOUN
fbem-11823	69	93	;	;	PUNCT
fbem-11823	69	94	from	from	ADP
fbem-11823	69	95	the	the	DET
fbem-11823	69	96	table	table	NOUN
fbem-11823	69	97	,	,	PUNCT
fbem-11823	69	98	it	it	PRON
fbem-11823	69	99	can	can	AUX
fbem-11823	69	100	be	be	AUX
fbem-11823	69	101	seen	see	VERB
fbem-11823	69	102	that	that	SCONJ
fbem-11823	69	103	the	the	DET
fbem-11823	69	104	β	β	NOUN
fbem-11823	69	105	value	value	NOUN
fbem-11823	69	106	of	of	ADP
fbem-11823	69	107	the	the	DET
fbem-11823	69	108	ten	ten	NUM
fbem-11823	69	109	new	new	ADJ
fbem-11823	69	110	energy	energy	NOUN
fbem-11823	69	111	companies	company	NOUN
fbem-11823	69	112	is	be	AUX
fbem-11823	69	113	negative	negative	ADJ
fbem-11823	69	114	,	,	PUNCT
fbem-11823	69	115	the	the	DET
fbem-11823	69	116	β	β	NOUN
fbem-11823	69	117	value	value	NOUN
fbem-11823	69	118	of	of	ADP
fbem-11823	69	119	the	the	DET
fbem-11823	69	120	other	other	ADJ
fbem-11823	69	121	nine	nine	NUM
fbem-11823	69	122	companies	company	NOUN
fbem-11823	69	123	is	be	AUX
fbem-11823	69	124	between	between	ADP
fbem-11823	69	125	0	0	NUM
fbem-11823	69	126	-	-	SYM
fbem-11823	69	127	1	1	NUM
fbem-11823	69	128	,	,	PUNCT
fbem-11823	69	129	the	the	DET
fbem-11823	69	130	stock	stock	NOUN
fbem-11823	69	131	return	return	NOUN
fbem-11823	69	132	rate	rate	NOUN
fbem-11823	69	133	is	be	AUX
fbem-11823	69	134	lower	low	ADJ
fbem-11823	69	135	than	than	ADP
fbem-11823	69	136	the	the	DET
fbem-11823	69	137	market	market	NOUN
fbem-11823	69	138	return	return	NOUN
fbem-11823	69	139	rate	rate	NOUN
fbem-11823	69	140	level	level	NOUN
fbem-11823	69	141	,	,	PUNCT
fbem-11823	69	142	and	and	CCONJ
fbem-11823	69	143	the	the	DET
fbem-11823	69	144	system	system	NOUN
fbem-11823	69	145	risk	risk	NOUN
fbem-11823	69	146	is	be	AUX
fbem-11823	69	147	lower	low	ADJ
fbem-11823	69	148	than	than	ADP
fbem-11823	69	149	the	the	DET
fbem-11823	69	150	market	market	NOUN
fbem-11823	69	151	risk	risk	NOUN
fbem-11823	69	152	.	.	PUNCT
fbem-11823	70	1	3.2.2	3.2.2	NUM
fbem-11823	70	2	.	.	X
fbem-11823	70	3	t	t	NOUN
fbem-11823	70	4	-	-	PUNCT
fbem-11823	70	5	test	test	NOUN
fbem-11823	70	6	assuming	assume	VERB
fbem-11823	70	7	that	that	SCONJ
fbem-11823	70	8	the	the	DET
fbem-11823	70	9	significance	significance	NOUN
fbem-11823	70	10	level	level	NOUN
fbem-11823	70	11	is	be	AUX
fbem-11823	70	12	0.01	0.01	NUM
fbem-11823	70	13	and	and	CCONJ
fbem-11823	70	14	the	the	DET
fbem-11823	70	15	degree	degree	NOUN
fbem-11823	70	16	of	of	ADP
fbem-11823	70	17	freedom	freedom	NOUN
fbem-11823	70	18	is	be	AUX
fbem-11823	70	19	60	60	NUM
fbem-11823	70	20	,	,	PUNCT
fbem-11823	70	21	the	the	DET
fbem-11823	70	22	corresponding	corresponding	ADJ
fbem-11823	70	23	t	t	NOUN
fbem-11823	70	24	distribution	distribution	NOUN
fbem-11823	70	25	table	table	NOUN
fbem-11823	70	26	shows	show	VERB
fbem-11823	70	27	that	that	SCONJ
fbem-11823	70	28	the	the	DET
fbem-11823	70	29	critical	critical	ADJ
fbem-11823	70	30	value	value	NOUN
fbem-11823	70	31	t	t	NOUN
fbem-11823	70	32	(	(	PUNCT
fbem-11823	70	33	0.005	0.005	NUM
fbem-11823	70	34	)	)	PUNCT
fbem-11823	70	35	=	=	PUNCT
fbem-11823	70	36	2.660	2.660	NUM
fbem-11823	70	37	.	.	PUNCT
fbem-11823	71	1	among	among	ADP
fbem-11823	71	2	them	they	PRON
fbem-11823	71	3	,	,	PUNCT
fbem-11823	71	4	only	only	ADV
fbem-11823	71	5	two	two	NUM
fbem-11823	71	6	new	new	ADJ
fbem-11823	71	7	energy	energy	NOUN
fbem-11823	71	8	companies	company	NOUN
fbem-11823	71	9	,	,	PUNCT
fbem-11823	71	10	byd	byd	PROPN
fbem-11823	71	11	and	and	CCONJ
fbem-11823	71	12	longji	longji	PROPN
fbem-11823	71	13	green	green	PROPN
fbem-11823	71	14	energy	energy	PROPN
fbem-11823	71	15	,	,	PUNCT
fbem-11823	71	16	have	have	VERB
fbem-11823	71	17	significantly	significantly	ADV
fbem-11823	71	18	higher	high	ADJ
fbem-11823	71	19	t	t	PROPN
fbem-11823	71	20	values	value	NOUN
fbem-11823	71	21	than	than	ADP
fbem-11823	71	22	the	the	DET
fbem-11823	71	23	critical	critical	ADJ
fbem-11823	71	24	values	value	NOUN
fbem-11823	71	25	,	,	PUNCT
fbem-11823	71	26	while	while	SCONJ
fbem-11823	71	27	the	the	DET
fbem-11823	71	28	remaining	remain	VERB
fbem-11823	71	29	eight	eight	NUM
fbem-11823	71	30	companies	company	NOUN
fbem-11823	71	31	have	have	VERB
fbem-11823	71	32	significantly	significantly	ADV
fbem-11823	71	33	lower	low	ADJ
fbem-11823	71	34	t	t	NOUN
fbem-11823	71	35	values	value	NOUN
fbem-11823	71	36	than	than	ADP
fbem-11823	71	37	the	the	DET
fbem-11823	71	38	critical	critical	ADJ
fbem-11823	71	39	values	value	NOUN
fbem-11823	71	40	.	.	PUNCT
fbem-11823	72	1	the	the	DET
fbem-11823	72	2	relationship	relationship	NOUN
fbem-11823	72	3	between	between	ADP
fbem-11823	72	4	independent	independent	ADJ
fbem-11823	72	5	variables	variable	NOUN
fbem-11823	72	6	and	and	CCONJ
fbem-11823	72	7	dependent	dependent	ADJ
fbem-11823	72	8	variables	variable	NOUN
fbem-11823	72	9	is	be	AUX
fbem-11823	72	10	not	not	PART
fbem-11823	72	11	significant	significant	ADJ
fbem-11823	72	12	.	.	PUNCT
fbem-11823	73	1	3.2.3	3.2.3	X
fbem-11823	73	2	.	.	X
fbem-11823	73	3	analysis	analysis	NOUN
fbem-11823	73	4	of	of	ADP
fbem-11823	73	5	the	the	DET
fbem-11823	73	6	coefficient	coefficient	NOUN
fbem-11823	73	7	of	of	ADP
fbem-11823	73	8	determination	determination	NOUN
fbem-11823	73	9	the	the	DET
fbem-11823	73	10	coefficient	coefficient	NOUN
fbem-11823	73	11	of	of	ADP
fbem-11823	73	12	determination	determination	NOUN
fbem-11823	73	13	is	be	AUX
fbem-11823	73	14	between	between	ADP
fbem-11823	73	15	0	0	NUM
fbem-11823	73	16	-	-	SYM
fbem-11823	73	17	1	1	NUM
fbem-11823	73	18	.	.	PUNCT
fbem-11823	74	1	the	the	PRON
fbem-11823	74	2	greater	great	ADJ
fbem-11823	74	3	the	the	DET
fbem-11823	74	4	coefficient	coefficient	NOUN
fbem-11823	74	5	of	of	ADP
fbem-11823	74	6	determination	determination	NOUN
fbem-11823	74	7	,	,	PUNCT
fbem-11823	74	8	the	the	PRON
fbem-11823	74	9	better	well	ADJ
fbem-11823	74	10	the	the	DET
fbem-11823	74	11	model	model	NOUN
fbem-11823	74	12	fitting	fitting	NOUN
fbem-11823	74	13	degree	degree	NOUN
fbem-11823	74	14	and	and	CCONJ
fbem-11823	74	15	the	the	DET
fbem-11823	74	16	reproduction	reproduction	NOUN
fbem-11823	74	17	,	,	PUNCT
fbem-11823	74	18	indicating	indicate	VERB
fbem-11823	74	19	that	that	SCONJ
fbem-11823	74	20	the	the	PRON
fbem-11823	74	21	worse	bad	ADJ
fbem-11823	74	22	the	the	DET
fbem-11823	74	23	model	model	NOUN
fbem-11823	74	24	fitting	fitting	ADJ
fbem-11823	74	25	degree	degree	NOUN
fbem-11823	74	26	.	.	PUNCT
fbem-11823	75	1	according	accord	VERB
fbem-11823	75	2	to	to	ADP
fbem-11823	75	3	the	the	DET
fbem-11823	75	4	regression	regression	NOUN
fbem-11823	75	5	results	result	NOUN
fbem-11823	75	6	,	,	PUNCT
fbem-11823	75	7	the	the	DET
fbem-11823	75	8	r	r	NOUN
fbem-11823	75	9	side	side	NOUN
fbem-11823	75	10	of	of	ADP
fbem-11823	75	11	longji	longji	PROPN
fbem-11823	75	12	green	green	PROPN
fbem-11823	75	13	energy	energy	NOUN
fbem-11823	75	14	is	be	AUX
fbem-11823	75	15	the	the	DET
fbem-11823	75	16	largest	large	ADJ
fbem-11823	75	17	,	,	PUNCT
fbem-11823	75	18	indicating	indicate	VERB
fbem-11823	75	19	that	that	SCONJ
fbem-11823	75	20	the	the	DET
fbem-11823	75	21	company	company	NOUN
fbem-11823	75	22	's	's	PART
fbem-11823	75	23	stock	stock	NOUN
fbem-11823	75	24	price	price	NOUN
fbem-11823	75	25	changes	change	NOUN
fbem-11823	75	26	are	be	AUX
fbem-11823	75	27	greatly	greatly	ADV
fbem-11823	75	28	affected	affect	VERB
fbem-11823	75	29	by	by	ADP
fbem-11823	75	30	changes	change	NOUN
fbem-11823	75	31	in	in	ADP
fbem-11823	75	32	the	the	DET
fbem-11823	75	33	market	market	NOUN
fbem-11823	75	34	index	index	NOUN
fbem-11823	75	35	.	.	PUNCT
fbem-11823	76	1	among	among	ADP
fbem-11823	76	2	them	they	PRON
fbem-11823	76	3	,	,	PUNCT
fbem-11823	76	4	only	only	ADV
fbem-11823	76	5	4	4	NUM
fbem-11823	76	6	stocks	stock	NOUN
fbem-11823	76	7	have	have	VERB
fbem-11823	76	8	a	a	DET
fbem-11823	76	9	coefficient	coefficient	NOUN
fbem-11823	76	10	of	of	ADP
fbem-11823	76	11	determination	determination	NOUN
fbem-11823	76	12	>	>	X
fbem-11823	76	13	0.5	0.5	NUM
fbem-11823	76	14	,	,	PUNCT
fbem-11823	76	15	and	and	CCONJ
fbem-11823	76	16	the	the	DET
fbem-11823	76	17	remaining	remain	VERB
fbem-11823	76	18	6	6	NUM
fbem-11823	76	19	stocks	stock	NOUN
fbem-11823	76	20	have	have	VERB
fbem-11823	76	21	a	a	DET
fbem-11823	76	22	coefficient	coefficient	NOUN
fbem-11823	76	23	of	of	ADP
fbem-11823	76	24	determination	determination	NOUN
fbem-11823	76	25	<	<	X
fbem-11823	76	26	0.5	0.5	NUM
fbem-11823	76	27	.	.	PUNCT
fbem-11823	77	1	the	the	DET
fbem-11823	77	2	proportion	proportion	NOUN
fbem-11823	77	3	of	of	ADP
fbem-11823	77	4	systemic	systemic	ADJ
fbem-11823	77	5	risk	risk	NOUN
fbem-11823	77	6	to	to	ADP
fbem-11823	77	7	total	total	ADJ
fbem-11823	77	8	risk	risk	NOUN
fbem-11823	77	9	is	be	AUX
fbem-11823	77	10	small	small	ADJ
fbem-11823	77	11	,	,	PUNCT
fbem-11823	77	12	and	and	CCONJ
fbem-11823	77	13	most	most	ADJ
fbem-11823	77	14	of	of	ADP
fbem-11823	77	15	the	the	DET
fbem-11823	77	16	stock	stock	NOUN
fbem-11823	77	17	price	price	NOUN
fbem-11823	77	18	changes	change	NOUN
fbem-11823	77	19	are	be	AUX
fbem-11823	77	20	caused	cause	VERB
fbem-11823	77	21	by	by	ADP
fbem-11823	77	22	non	non	ADJ
fbem-11823	77	23	-	-	ADJ
fbem-11823	77	24	systemic	systemic	ADJ
fbem-11823	77	25	risk	risk	NOUN
fbem-11823	77	26	.	.	PUNCT
fbem-11823	78	1	reference	reference	NOUN
fbem-11823	78	2	li	li	PROPN
fbem-11823	78	3	kaixuan	kaixuan	PROPN
fbem-11823	78	4	's	's	PART
fbem-11823	78	5	capital	capital	NOUN
fbem-11823	78	6	asset	asset	NOUN
fbem-11823	78	7	pricing	pricing	NOUN
fbem-11823	78	8	model	model	NOUN
fbem-11823	78	9	(	(	PUNCT
fbem-11823	78	10	capm	capm	PROPN
fbem-11823	78	11	)	)	PUNCT
fbem-11823	78	12	in	in	ADP
fbem-11823	78	13	the	the	DET
fbem-11823	78	14	applicability	applicability	NOUN
fbem-11823	78	15	of	of	ADP
fbem-11823	78	16	china	china	PROPN
fbem-11823	78	17	's	's	PART
fbem-11823	78	18	stock	stock	NOUN
fbem-11823	78	19	market	market	NOUN
fbem-11823	78	20	'	'	PUNCT
fbem-11823	78	21	〔	〔	NOUN
fbem-11823	78	22	3	3	NUM
fbem-11823	78	23	〕	〕	NOUN
fbem-11823	78	24	.	.	PUNCT
fbem-11823	79	1	4	4	X
fbem-11823	79	2	.	.	X
fbem-11823	79	3	conclusion	conclusion	NOUN
fbem-11823	79	4	in	in	ADP
fbem-11823	79	5	conclusion	conclusion	NOUN
fbem-11823	79	6	,	,	PUNCT
fbem-11823	79	7	through	through	ADP
fbem-11823	79	8	regression	regression	NOUN
fbem-11823	79	9	analysis	analysis	NOUN
fbem-11823	79	10	,	,	PUNCT
fbem-11823	79	11	it	it	PRON
fbem-11823	79	12	is	be	AUX
fbem-11823	79	13	found	find	VERB
fbem-11823	79	14	that	that	SCONJ
fbem-11823	79	15	the	the	DET
fbem-11823	79	16	applicability	applicability	NOUN
fbem-11823	79	17	of	of	ADP
fbem-11823	79	18	capm	capm	PROPN
fbem-11823	79	19	model	model	NOUN
fbem-11823	79	20	to	to	ADP
fbem-11823	79	21	china	china	PROPN
fbem-11823	79	22	's	's	PART
fbem-11823	79	23	a	a	DET
fbem-11823	79	24	-	-	PUNCT
fbem-11823	79	25	share	share	NOUN
fbem-11823	79	26	new	new	ADJ
fbem-11823	79	27	energy	energy	NOUN
fbem-11823	79	28	market	market	NOUN
fbem-11823	79	29	is	be	AUX
fbem-11823	79	30	not	not	PART
fbem-11823	79	31	high	high	ADJ
fbem-11823	79	32	,	,	PUNCT
fbem-11823	79	33	and	and	CCONJ
fbem-11823	79	34	the	the	DET
fbem-11823	79	35	β	β	PROPN
fbem-11823	79	36	values	value	NOUN
fbem-11823	79	37	of	of	ADP
fbem-11823	79	38	10	10	NUM
fbem-11823	79	39	new	new	ADJ
fbem-11823	79	40	energy	energy	NOUN
fbem-11823	79	41	companies	company	NOUN
fbem-11823	79	42	are	be	AUX
fbem-11823	79	43	mostly	mostly	ADV
fbem-11823	79	44	between	between	ADP
fbem-11823	79	45	0	0	NUM
fbem-11823	79	46	-	-	SYM
fbem-11823	79	47	1	1	NUM
fbem-11823	79	48	.	.	PUNCT
fbem-11823	80	1	the	the	DET
fbem-11823	80	2	relationship	relationship	NOUN
fbem-11823	80	3	between	between	ADP
fbem-11823	80	4	stock	stock	NOUN
fbem-11823	80	5	returns	return	NOUN
fbem-11823	80	6	and	and	CCONJ
fbem-11823	80	7	market	market	NOUN
fbem-11823	80	8	returns	return	NOUN
fbem-11823	80	9	is	be	AUX
fbem-11823	80	10	not	not	PART
fbem-11823	80	11	significant	significant	ADJ
fbem-11823	80	12	;	;	PUNCT
fbem-11823	80	13	through	through	ADP
fbem-11823	80	14	the	the	DET
fbem-11823	80	15	analysis	analysis	NOUN
fbem-11823	80	16	of	of	ADP
fbem-11823	80	17	the	the	DET
fbem-11823	80	18	coefficient	coefficient	NOUN
fbem-11823	80	19	of	of	ADP
fbem-11823	80	20	determination	determination	NOUN
fbem-11823	80	21	,	,	PUNCT
fbem-11823	80	22	the	the	DET
fbem-11823	80	23	r	r	NOUN
fbem-11823	80	24	-	-	PUNCT
fbem-11823	80	25	square	square	ADJ
fbem-11823	80	26	majority	majority	NOUN
fbem-11823	80	27	of	of	ADP
fbem-11823	80	28	the	the	DET
fbem-11823	80	29	10	10	NUM
fbem-11823	80	30	sample	sample	NOUN
fbem-11823	80	31	companies	company	NOUN
fbem-11823	80	32	is	be	AUX
fbem-11823	80	33	less	less	ADJ
fbem-11823	80	34	than	than	ADP
fbem-11823	80	35	0.5	0.5	NUM
fbem-11823	80	36	,	,	PUNCT
fbem-11823	80	37	and	and	CCONJ
fbem-11823	80	38	the	the	DET
fbem-11823	80	39	fitting	fitting	ADJ
fbem-11823	80	40	degree	degree	NOUN
fbem-11823	80	41	of	of	ADP
fbem-11823	80	42	ling	ling	PROPN
fbem-11823	80	43	yi	yi	PROPN
fbem-11823	80	44	zhi	zhi	PROPN
fbem-11823	80	45	zao	zao	PROPN
fbem-11823	80	46	is	be	AUX
fbem-11823	80	47	the	the	DET
fbem-11823	80	48	worst	bad	ADJ
fbem-11823	80	49	.	.	PUNCT
fbem-11823	81	1	therefore	therefore	ADV
fbem-11823	81	2	,	,	PUNCT
fbem-11823	81	3	it	it	PRON
fbem-11823	81	4	can	can	AUX
fbem-11823	81	5	be	be	AUX
fbem-11823	81	6	seen	see	VERB
fbem-11823	81	7	that	that	SCONJ
fbem-11823	81	8	the	the	DET
fbem-11823	81	9	company	company	NOUN
fbem-11823	81	10	risk	risk	NOUN
fbem-11823	81	11	of	of	ADP
fbem-11823	81	12	china	china	PROPN
fbem-11823	81	13	's	's	PART
fbem-11823	81	14	new	new	ADJ
fbem-11823	81	15	energy	energy	NOUN
fbem-11823	81	16	sector	sector	NOUN
fbem-11823	81	17	not	not	PART
fbem-11823	81	18	only	only	ADV
fbem-11823	81	19	depends	depend	VERB
fbem-11823	81	20	on	on	ADP
fbem-11823	81	21	market	market	NOUN
fbem-11823	81	22	risk	risk	NOUN
fbem-11823	81	23	,	,	PUNCT
fbem-11823	81	24	but	but	CCONJ
fbem-11823	81	25	also	also	ADV
fbem-11823	81	26	other	other	ADJ
fbem-11823	81	27	influencing	influence	VERB
fbem-11823	81	28	factors	factor	NOUN
fbem-11823	81	29	,	,	PUNCT
fbem-11823	81	30	such	such	ADJ
fbem-11823	81	31	as	as	ADP
fbem-11823	81	32	policies	policy	NOUN
fbem-11823	81	33	,	,	PUNCT
fbem-11823	81	34	asymmetric	asymmetric	ADJ
fbem-11823	81	35	information	information	NOUN
fbem-11823	81	36	disclosure	disclosure	NOUN
fbem-11823	81	37	and	and	CCONJ
fbem-11823	81	38	other	other	ADJ
fbem-11823	81	39	influencing	influence	VERB
fbem-11823	81	40	factors	factor	NOUN
fbem-11823	81	41	.	.	PUNCT
fbem-11823	82	1	the	the	DET
fbem-11823	82	2	capm	capm	PROPN
fbem-11823	82	3	model	model	NOUN
fbem-11823	82	4	only	only	ADV
fbem-11823	82	5	considers	consider	VERB
fbem-11823	82	6	the	the	DET
fbem-11823	82	7	system	system	NOUN
fbem-11823	82	8	risk	risk	NOUN
fbem-11823	82	9	,	,	PUNCT
fbem-11823	82	10	and	and	CCONJ
fbem-11823	82	11	assumes	assume	VERB
fbem-11823	82	12	that	that	SCONJ
fbem-11823	82	13	the	the	DET
fbem-11823	82	14	market	market	NOUN
fbem-11823	82	15	is	be	AUX
fbem-11823	82	16	effective	effective	ADJ
fbem-11823	82	17	,	,	PUNCT
fbem-11823	82	18	which	which	PRON
fbem-11823	82	19	is	be	AUX
fbem-11823	82	20	a	a	DET
fbem-11823	82	21	completely	completely	ADV
fbem-11823	82	22	idealized	idealized	ADJ
fbem-11823	82	23	market	market	NOUN
fbem-11823	82	24	and	and	CCONJ
fbem-11823	82	25	simplifies	simplify	VERB
fbem-11823	82	26	the	the	DET
fbem-11823	82	27	complex	complex	ADJ
fbem-11823	82	28	situation	situation	NOUN
fbem-11823	82	29	.	.	PUNCT
fbem-11823	83	1	however	however	ADV
fbem-11823	83	2	,	,	PUNCT
fbem-11823	83	3	in	in	ADP
fbem-11823	83	4	practice	practice	NOUN
fbem-11823	83	5	,	,	PUNCT
fbem-11823	83	6	china	china	PROPN
fbem-11823	83	7	's	's	PART
fbem-11823	83	8	new	new	ADJ
fbem-11823	83	9	energy	energy	NOUN
fbem-11823	83	10	capital	capital	NOUN
fbem-11823	83	11	market	market	NOUN
fbem-11823	83	12	is	be	AUX
fbem-11823	83	13	in	in	ADP
fbem-11823	83	14	a	a	DET
fbem-11823	83	15	weak	weak	ADJ
fbem-11823	83	16	effective	effective	ADJ
fbem-11823	83	17	market	market	NOUN
fbem-11823	83	18	,	,	PUNCT
fbem-11823	83	19	and	and	CCONJ
fbem-11823	83	20	the	the	DET
fbem-11823	83	21	market	market	NOUN
fbem-11823	83	22	will	will	AUX
fbem-11823	83	23	appear	appear	VERB
fbem-11823	83	24	various	various	ADJ
fbem-11823	83	25	situations	situation	NOUN
fbem-11823	83	26	and	and	CCONJ
fbem-11823	83	27	fluctuations	fluctuation	NOUN
fbem-11823	83	28	.	.	PUNCT
fbem-11823	84	1	5	5	X
fbem-11823	84	2	.	.	X
fbem-11823	84	3	outlook	outlook	NOUN
fbem-11823	84	4	there	there	PRON
fbem-11823	84	5	are	be	VERB
fbem-11823	84	6	some	some	DET
fbem-11823	84	7	shortcomings	shortcoming	NOUN
fbem-11823	84	8	in	in	ADP
fbem-11823	84	9	this	this	DET
fbem-11823	84	10	paper	paper	NOUN
fbem-11823	84	11	,	,	PUNCT
fbem-11823	84	12	which	which	PRON
fbem-11823	84	13	can	can	AUX
fbem-11823	84	14	be	be	AUX
fbem-11823	84	15	improved	improve	VERB
fbem-11823	84	16	from	from	ADP
fbem-11823	84	17	the	the	DET
fbem-11823	84	18	following	follow	VERB
fbem-11823	84	19	aspects	aspect	NOUN
fbem-11823	84	20	:	:	PUNCT
fbem-11823	84	21	1.adjust	1.adjust	NUM
fbem-11823	84	22	the	the	DET
fbem-11823	84	23	original	original	ADJ
fbem-11823	84	24	model	model	NOUN
fbem-11823	84	25	,	,	PUNCT
fbem-11823	84	26	build	build	VERB
fbem-11823	84	27	a	a	DET
fbem-11823	84	28	three	three	NUM
fbem-11823	84	29	-	-	PUNCT
fbem-11823	84	30	factor	factor	NOUN
fbem-11823	84	31	model	model	NOUN
fbem-11823	84	32	,	,	PUNCT
fbem-11823	84	33	starting	start	VERB
fbem-11823	84	34	from	from	ADP
fbem-11823	84	35	the	the	DET
fbem-11823	84	36	reasons	reason	NOUN
fbem-11823	84	37	not	not	PART
fbem-11823	84	38	applicable	applicable	ADJ
fbem-11823	84	39	.	.	PUNCT
fbem-11823	85	1	since	since	SCONJ
fbem-11823	85	2	systemic	systemic	ADJ
fbem-11823	85	3	risk	risk	NOUN
fbem-11823	85	4	is	be	AUX
fbem-11823	85	5	not	not	PART
fbem-11823	85	6	the	the	DET
fbem-11823	85	7	only	only	ADJ
fbem-11823	85	8	factor	factor	NOUN
fbem-11823	85	9	,	,	PUNCT
fbem-11823	85	10	consider	consider	VERB
fbem-11823	85	11	other	other	ADJ
fbem-11823	85	12	factors	factor	NOUN
fbem-11823	85	13	such	such	ADJ
fbem-11823	85	14	as	as	ADP
fbem-11823	85	15	the	the	DET
fbem-11823	85	16	size	size	NOUN
fbem-11823	85	17	of	of	ADP
fbem-11823	85	18	the	the	DET
fbem-11823	85	19	company	company	NOUN
fbem-11823	85	20	's	's	PART
fbem-11823	85	21	equity	equity	NOUN
fbem-11823	85	22	,	,	PUNCT
fbem-11823	85	23	false	false	ADJ
fbem-11823	85	24	information	information	NOUN
fbem-11823	85	25	and	and	CCONJ
fbem-11823	85	26	so	so	ADV
fbem-11823	85	27	on	on	ADV
fbem-11823	85	28	.	.	PUNCT
fbem-11823	86	1	2.adjust	2.adjust	NUM
fbem-11823	86	2	the	the	DET
fbem-11823	86	3	time	time	NOUN
fbem-11823	86	4	dimension	dimension	NOUN
fbem-11823	86	5	and	and	CCONJ
fbem-11823	86	6	increase	increase	VERB
fbem-11823	86	7	the	the	DET
fbem-11823	86	8	number	number	NOUN
fbem-11823	86	9	of	of	ADP
fbem-11823	86	10	samples	sample	NOUN
fbem-11823	86	11	.	.	PUNCT
fbem-11823	87	1	make	make	VERB
fbem-11823	87	2	the	the	DET
fbem-11823	87	3	experimental	experimental	ADJ
fbem-11823	87	4	results	result	NOUN
fbem-11823	87	5	more	more	ADV
fbem-11823	87	6	accurate	accurate	ADJ
fbem-11823	87	7	and	and	CCONJ
fbem-11823	87	8	effective	effective	ADJ
fbem-11823	87	9	,	,	PUNCT
fbem-11823	87	10	and	and	CCONJ
fbem-11823	87	11	improve	improve	VERB
fbem-11823	87	12	the	the	DET
fbem-11823	87	13	correlation	correlation	NOUN
fbem-11823	87	14	between	between	ADP
fbem-11823	87	15	variables	variable	NOUN
fbem-11823	87	16	.	.	PUNCT
fbem-11823	88	1	3.study	3.study	NUM
fbem-11823	88	2	the	the	DET
fbem-11823	88	3	relationship	relationship	NOUN
fbem-11823	88	4	between	between	ADP
fbem-11823	88	5	portfolio	portfolio	NOUN
fbem-11823	88	6	and	and	CCONJ
fbem-11823	88	7	market	market	NOUN
fbem-11823	88	8	portfolio	portfolio	NOUN
fbem-11823	88	9	.	.	PUNCT
fbem-11823	89	1	on	on	ADP
fbem-11823	89	2	the	the	DET
fbem-11823	89	3	basis	basis	NOUN
fbem-11823	89	4	of	of	ADP
fbem-11823	89	5	expanding	expand	VERB
fbem-11823	89	6	the	the	DET
fbem-11823	89	7	sample	sample	NOUN
fbem-11823	89	8	size	size	NOUN
fbem-11823	89	9	,	,	PUNCT
fbem-11823	89	10	the	the	DET
fbem-11823	89	11	original	original	ADJ
fbem-11823	89	12	single	single	ADJ
fbem-11823	89	13	stock	stock	NOUN
fbem-11823	89	14	is	be	AUX
fbem-11823	89	15	packaged	package	VERB
fbem-11823	89	16	into	into	ADP
fbem-11823	89	17	an	an	DET
fbem-11823	89	18	asset	asset	NOUN
fbem-11823	89	19	portfolio	portfolio	NOUN
fbem-11823	89	20	,	,	PUNCT
fbem-11823	89	21	and	and	CCONJ
fbem-11823	89	22	regression	regression	VERB
fbem-11823	89	23	analysis	analysis	NOUN
fbem-11823	89	24	is	be	AUX
fbem-11823	89	25	used	use	VERB
fbem-11823	89	26	for	for	ADP
fbem-11823	89	27	research	research	NOUN
fbem-11823	89	28	.	.	PUNCT
fbem-11823	90	1	111	111	NUM
fbem-11823	90	2	references	reference	NOUN
fbem-11823	90	3	[	[	X
fbem-11823	90	4	1	1	NUM
fbem-11823	90	5	]	]	X
fbem-11823	90	6	fan	fan	NOUN
fbem-11823	90	7	dening	dening	ADJ
fbem-11823	90	8	.	.	PUNCT
fbem-11823	91	1	(	(	PUNCT
fbem-11823	91	2	2022	2022	NUM
fbem-11823	91	3	)	)	PUNCT
fbem-11823	91	4	.	.	PUNCT
fbem-11823	92	1	empirical	empirical	ADJ
fbem-11823	92	2	research	research	NOUN
fbem-11823	92	3	on	on	ADP
fbem-11823	92	4	the	the	DET
fbem-11823	92	5	optimal	optimal	ADJ
fbem-11823	92	6	selection	selection	NOUN
fbem-11823	92	7	of	of	ADP
fbem-11823	92	8	portfolio	portfolio	NOUN
fbem-11823	92	9	and	and	CCONJ
fbem-11823	92	10	market	market	NOUN
fbem-11823	92	11	portfolio	portfolio	NOUN
fbem-11823	92	12	based	base	VERB
fbem-11823	92	13	on	on	ADP
fbem-11823	92	14	capm	capm	PROPN
fbem-11823	92	15	model	model	NOUN
fbem-11823	92	16	.	.	PUNCT
fbem-11823	93	1	investment	investment	NOUN
fbem-11823	93	2	and	and	CCONJ
fbem-11823	93	3	entrepreneurship	entrepreneurship	NOUN
fbem-11823	93	4	(	(	PUNCT
fbem-11823	93	5	05	05	NUM
fbem-11823	93	6	)	)	PUNCT
fbem-11823	93	7	,	,	PUNCT
fbem-11823	93	8	11	11	NUM
fbem-11823	93	9	-	-	SYM
fbem-11823	93	10	13	13	NUM
fbem-11823	93	11	.	.	PUNCT
fbem-11823	94	1	[	[	X
fbem-11823	94	2	2	2	X
fbem-11823	94	3	]	]	X
fbem-11823	94	4	yang	yang	PROPN
fbem-11823	94	5	shuanghui	shuanghui	PROPN
fbem-11823	94	6	&	&	CCONJ
fbem-11823	94	7	zheng	zheng	PROPN
fbem-11823	94	8	zhikai	zhikai	PROPN
fbem-11823	94	9	.	.	PUNCT
fbem-11823	95	1	(	(	PUNCT
fbem-11823	95	2	2021	2021	NUM
fbem-11823	95	3	)	)	PUNCT
fbem-11823	95	4	.	.	PUNCT
fbem-11823	96	1	empirical	empirical	ADJ
fbem-11823	96	2	test	test	NOUN
fbem-11823	96	3	of	of	ADP
fbem-11823	96	4	the	the	DET
fbem-11823	96	5	applicability	applicability	NOUN
fbem-11823	96	6	of	of	ADP
fbem-11823	96	7	capm	capm	PROPN
fbem-11823	96	8	model	model	NOUN
fbem-11823	96	9	in	in	ADP
fbem-11823	96	10	a	a	DET
fbem-11823	96	11	-	-	PUNCT
fbem-11823	96	12	share	share	NOUN
fbem-11823	96	13	market	market	NOUN
fbem-11823	96	14	.	.	PUNCT
fbem-11823	97	1	financial	financial	ADJ
fbem-11823	97	2	theory	theory	NOUN
fbem-11823	97	3	and	and	CCONJ
fbem-11823	97	4	teaching	teaching	NOUN
fbem-11823	97	5	(	(	PUNCT
fbem-11823	97	6	06	06	NUM
fbem-11823	97	7	)	)	PUNCT
fbem-11823	97	8	,	,	PUNCT
fbem-11823	97	9	39	39	NUM
fbem-11823	97	10	-	-	SYM
fbem-11823	97	11	44	44	NUM
fbem-11823	97	12	.	.	PUNCT
fbem-11823	98	1	[	[	X
fbem-11823	98	2	3	3	NUM
fbem-11823	98	3	]	]	X
fbem-11823	98	4	li	li	PROPN
fbem-11823	98	5	kaixuan	kaixuan	PROPN
fbem-11823	98	6	.	.	PUNCT
fbem-11823	99	1	(	(	PUNCT
fbem-11823	99	2	2022	2022	NUM
fbem-11823	99	3	)	)	PUNCT
fbem-11823	99	4	.	.	PUNCT
fbem-11823	100	1	applicability	applicability	NOUN
fbem-11823	100	2	of	of	ADP
fbem-11823	100	3	capital	capital	NOUN
fbem-11823	100	4	asset	asset	NOUN
fbem-11823	100	5	pricing	pricing	NOUN
fbem-11823	100	6	model	model	NOUN
fbem-11823	100	7	(	(	PUNCT
fbem-11823	100	8	capm	capm	PROPN
fbem-11823	100	9	)	)	PUNCT
fbem-11823	100	10	in	in	ADP
fbem-11823	100	11	china	china	PROPN
fbem-11823	100	12	's	's	PART
fbem-11823	100	13	stock	stock	NOUN
fbem-11823	100	14	market	market	NOUN
fbem-11823	100	15	.	.	PUNCT
fbem-11823	101	1	bohai	bohai	PROPN
fbem-11823	101	2	rim	rim	PROPN
fbem-11823	101	3	economic	economic	PROPN
fbem-11823	101	4	outlook	outlook	NOUN
fbem-11823	101	5	(	(	PUNCT
fbem-11823	101	6	04	04	NUM
fbem-11823	101	7	)	)	PUNCT
fbem-11823	101	8	,	,	PUNCT
fbem-11823	101	9	157	157	NUM
fbem-11823	101	10	-	-	SYM
fbem-11823	101	11	160	160	NUM
fbem-11823	101	12	.	.	PUNCT
fbem-11823	102	1	[	[	X
fbem-11823	102	2	4	4	NUM
fbem-11823	102	3	]	]	X
fbem-11823	102	4	yu	yu	PROPN
fbem-11823	102	5	ruoyang	ruoyang	PROPN
fbem-11823	102	6	(	(	PUNCT
fbem-11823	102	7	2009	2009	NUM
fbem-11823	102	8	)	)	PUNCT
fbem-11823	102	9	.	.	PUNCT
fbem-11823	103	1	implications	implication	NOUN
fbem-11823	103	2	of	of	ADP
fbem-11823	103	3	capital	capital	NOUN
fbem-11823	103	4	asset	asset	NOUN
fbem-11823	103	5	pricing	pricing	NOUN
fbem-11823	103	6	model	model	NOUN
fbem-11823	103	7	(	(	PUNCT
fbem-11823	103	8	capm	capm	PROPN
fbem-11823	103	9	)	)	PUNCT
fbem-11823	103	10	for	for	ADP
fbem-11823	103	11	china	china	PROPN
fbem-11823	103	12	's	's	PART
fbem-11823	103	13	stock	stock	NOUN
fbem-11823	103	14	market	market	NOUN
fbem-11823	103	15	.	.	PUNCT
fbem-11823	104	1	financial	financial	ADJ
fbem-11823	104	2	economics	economic	NOUN
fbem-11823	104	3	(	(	PUNCT
fbem-11823	104	4	20	20	NUM
fbem-11823	104	5	)	)	PUNCT
fbem-11823	104	6	,	,	PUNCT
fbem-11823	104	7	94	94	NUM
fbem-11823	104	8	-	-	SYM
fbem-11823	104	9	95	95	NUM
fbem-11823	104	10	.	.	PUNCT