id	sid	tid	token	lemma	pos
fbem-12156	1	1	frontiers	frontier	NOUN
fbem-12156	1	2	in	in	ADP
fbem-12156	1	3	business	business	NOUN
fbem-12156	1	4	,	,	PUNCT
fbem-12156	1	5	economics	economic	NOUN
fbem-12156	1	6	and	and	CCONJ
fbem-12156	1	7	management	management	NOUN
fbem-12156	1	8	issn	issn	PROPN
fbem-12156	1	9	:	:	PUNCT
fbem-12156	1	10	2766	2766	NUM
fbem-12156	1	11	-	-	PUNCT
fbem-12156	1	12	824x	824x	NUM
fbem-12156	1	13	|	|	ADJ
fbem-12156	1	14	vol	vol	NOUN
fbem-12156	1	15	.	.	PUNCT
fbem-12156	2	1	11	11	NUM
fbem-12156	2	2	,	,	PUNCT
fbem-12156	2	3	no	no	INTJ
fbem-12156	2	4	.	.	NOUN
fbem-12156	2	5	2	2	NUM
fbem-12156	2	6	,	,	PUNCT
fbem-12156	2	7	2023	2023	NUM
fbem-12156	2	8	14	14	NUM
fbem-12156	2	9	exchange	exchange	NOUN
fbem-12156	2	10	rate	rate	NOUN
fbem-12156	2	11	and	and	CCONJ
fbem-12156	2	12	enterprise	enterprise	NOUN
fbem-12156	2	13	investment	investment	NOUN
fbem-12156	2	14	efficiency	efficiency	NOUN
fbem-12156	2	15	ying	ying	PROPN
fbem-12156	2	16	gao	gao	PROPN
fbem-12156	2	17	*	*	PROPN
fbem-12156	2	18	east	east	PROPN
fbem-12156	2	19	china	china	PROPN
fbem-12156	2	20	university	university	PROPN
fbem-12156	2	21	of	of	ADP
fbem-12156	2	22	political	political	ADJ
fbem-12156	2	23	science	science	NOUN
fbem-12156	2	24	and	and	CCONJ
fbem-12156	2	25	law	law	NOUN
fbem-12156	2	26	,	,	PUNCT
fbem-12156	2	27	shanghai	shanghai	PROPN
fbem-12156	2	28	,	,	PUNCT
fbem-12156	2	29	china	china	PROPN
fbem-12156	2	30	*	*	PUNCT
fbem-12156	2	31	corresponding	correspond	VERB
fbem-12156	2	32	author	author	NOUN
fbem-12156	2	33	email	email	NOUN
fbem-12156	2	34	:	:	PUNCT
fbem-12156	2	35	13381762350@163.com	13381762350@163.com	NUM
fbem-12156	2	36	abstract	abstract	NOUN
fbem-12156	2	37	:	:	PUNCT
fbem-12156	2	38	with	with	ADP
fbem-12156	2	39	the	the	DET
fbem-12156	2	40	change	change	NOUN
fbem-12156	2	41	of	of	ADP
fbem-12156	2	42	the	the	DET
fbem-12156	2	43	political	political	ADJ
fbem-12156	2	44	and	and	CCONJ
fbem-12156	2	45	economic	economic	ADJ
fbem-12156	2	46	situation	situation	NOUN
fbem-12156	2	47	at	at	ADP
fbem-12156	2	48	home	home	ADV
fbem-12156	2	49	and	and	CCONJ
fbem-12156	2	50	abroad	abroad	ADV
fbem-12156	2	51	,	,	PUNCT
fbem-12156	2	52	the	the	DET
fbem-12156	2	53	economic	economic	ADJ
fbem-12156	2	54	policy	policy	NOUN
fbem-12156	2	55	and	and	CCONJ
fbem-12156	2	56	economic	economic	ADJ
fbem-12156	2	57	environment	environment	NOUN
fbem-12156	2	58	also	also	ADV
fbem-12156	2	59	change	change	VERB
fbem-12156	2	60	accordingly	accordingly	ADV
fbem-12156	2	61	,	,	PUNCT
fbem-12156	2	62	and	and	CCONJ
fbem-12156	2	63	the	the	DET
fbem-12156	2	64	exchange	exchange	NOUN
fbem-12156	2	65	rate	rate	NOUN
fbem-12156	2	66	,	,	PUNCT
fbem-12156	2	67	as	as	ADP
fbem-12156	2	68	an	an	DET
fbem-12156	2	69	important	important	ADJ
fbem-12156	2	70	macroeconomic	macroeconomic	ADJ
fbem-12156	2	71	policy	policy	NOUN
fbem-12156	2	72	indicator	indicator	NOUN
fbem-12156	2	73	,	,	PUNCT
fbem-12156	2	74	is	be	AUX
fbem-12156	2	75	also	also	ADV
fbem-12156	2	76	constantly	constantly	ADV
fbem-12156	2	77	changing	change	VERB
fbem-12156	2	78	.	.	PUNCT
fbem-12156	3	1	based	base	VERB
fbem-12156	3	2	on	on	ADP
fbem-12156	3	3	the	the	DET
fbem-12156	3	4	data	datum	NOUN
fbem-12156	3	5	of	of	ADP
fbem-12156	3	6	the	the	DET
fbem-12156	3	7	actual	actual	ADJ
fbem-12156	3	8	effective	effective	ADJ
fbem-12156	3	9	exchange	exchange	NOUN
fbem-12156	3	10	rate	rate	NOUN
fbem-12156	3	11	of	of	ADP
fbem-12156	3	12	rmb	rmb	NOUN
fbem-12156	3	13	released	release	VERB
fbem-12156	3	14	by	by	ADP
fbem-12156	3	15	the	the	DET
fbem-12156	3	16	bank	bank	NOUN
fbem-12156	3	17	of	of	ADP
fbem-12156	3	18	international	international	PROPN
fbem-12156	3	19	for	for	ADP
fbem-12156	3	20	international	international	ADJ
fbem-12156	3	21	settlements	settlement	NOUN
fbem-12156	3	22	from	from	ADP
fbem-12156	3	23	2010	2010	NUM
fbem-12156	3	24	to	to	ADP
fbem-12156	3	25	2022	2022	NUM
fbem-12156	3	26	,	,	PUNCT
fbem-12156	3	27	this	this	DET
fbem-12156	3	28	paper	paper	NOUN
fbem-12156	3	29	verifies	verify	VERB
fbem-12156	3	30	the	the	DET
fbem-12156	3	31	relationship	relationship	NOUN
fbem-12156	3	32	between	between	ADP
fbem-12156	3	33	the	the	DET
fbem-12156	3	34	actual	actual	ADJ
fbem-12156	3	35	effective	effective	ADJ
fbem-12156	3	36	exchange	exchange	NOUN
fbem-12156	3	37	rate	rate	NOUN
fbem-12156	3	38	of	of	ADP
fbem-12156	3	39	rmb	rmb	NOUN
fbem-12156	3	40	and	and	CCONJ
fbem-12156	3	41	the	the	DET
fbem-12156	3	42	investment	investment	NOUN
fbem-12156	3	43	efficiency	efficiency	NOUN
fbem-12156	3	44	of	of	ADP
fbem-12156	3	45	china	china	PROPN
fbem-12156	3	46	's	's	PART
fbem-12156	3	47	a	a	DET
fbem-12156	3	48	-	-	PUNCT
fbem-12156	3	49	share	share	NOUN
fbem-12156	3	50	listed	list	VERB
fbem-12156	3	51	companies	company	NOUN
fbem-12156	3	52	.	.	PUNCT
fbem-12156	4	1	after	after	ADP
fbem-12156	4	2	empirical	empirical	ADJ
fbem-12156	4	3	analysis	analysis	NOUN
fbem-12156	4	4	,	,	PUNCT
fbem-12156	4	5	the	the	DET
fbem-12156	4	6	research	research	NOUN
fbem-12156	4	7	results	result	NOUN
fbem-12156	4	8	of	of	ADP
fbem-12156	4	9	this	this	DET
fbem-12156	4	10	paper	paper	NOUN
fbem-12156	4	11	show	show	VERB
fbem-12156	4	12	that	that	SCONJ
fbem-12156	4	13	:	:	PUNCT
fbem-12156	4	14	the	the	DET
fbem-12156	4	15	rise	rise	NOUN
fbem-12156	4	16	of	of	ADP
fbem-12156	4	17	the	the	DET
fbem-12156	4	18	real	real	ADJ
fbem-12156	4	19	effective	effective	ADJ
fbem-12156	4	20	exchange	exchange	NOUN
fbem-12156	4	21	rate	rate	NOUN
fbem-12156	4	22	of	of	ADP
fbem-12156	4	23	rmb	rmb	NOUN
fbem-12156	4	24	reduces	reduce	VERB
fbem-12156	4	25	the	the	DET
fbem-12156	4	26	degree	degree	NOUN
fbem-12156	4	27	of	of	ADP
fbem-12156	4	28	non	non	ADJ
fbem-12156	4	29	-	-	ADJ
fbem-12156	4	30	efficient	efficient	ADJ
fbem-12156	4	31	investment	investment	NOUN
fbem-12156	4	32	of	of	ADP
fbem-12156	4	33	enterprises	enterprise	NOUN
fbem-12156	4	34	,	,	PUNCT
fbem-12156	4	35	mainly	mainly	ADV
fbem-12156	4	36	reducing	reduce	VERB
fbem-12156	4	37	the	the	DET
fbem-12156	4	38	degree	degree	NOUN
fbem-12156	4	39	of	of	ADP
fbem-12156	4	40	insufficient	insufficient	ADJ
fbem-12156	4	41	investment	investment	NOUN
fbem-12156	4	42	of	of	ADP
fbem-12156	4	43	enterprises	enterprise	NOUN
fbem-12156	4	44	,	,	PUNCT
fbem-12156	4	45	and	and	CCONJ
fbem-12156	4	46	thus	thus	ADV
fbem-12156	4	47	improving	improve	VERB
fbem-12156	4	48	the	the	DET
fbem-12156	4	49	investment	investment	NOUN
fbem-12156	4	50	efficiency	efficiency	NOUN
fbem-12156	4	51	of	of	ADP
fbem-12156	4	52	listed	list	VERB
fbem-12156	4	53	companies	company	NOUN
fbem-12156	4	54	.	.	PUNCT
fbem-12156	5	1	in	in	ADP
fbem-12156	5	2	addition	addition	NOUN
fbem-12156	5	3	,	,	PUNCT
fbem-12156	5	4	this	this	DET
fbem-12156	5	5	paper	paper	NOUN
fbem-12156	5	6	makes	make	VERB
fbem-12156	5	7	an	an	DET
fbem-12156	5	8	in	in	ADP
fbem-12156	5	9	-	-	PUNCT
fbem-12156	5	10	depth	depth	NOUN
fbem-12156	5	11	analysis	analysis	NOUN
fbem-12156	5	12	from	from	ADP
fbem-12156	5	13	the	the	DET
fbem-12156	5	14	two	two	NUM
fbem-12156	5	15	aspects	aspect	NOUN
fbem-12156	5	16	of	of	ADP
fbem-12156	5	17	equity	equity	NOUN
fbem-12156	5	18	concentration	concentration	NOUN
fbem-12156	5	19	and	and	CCONJ
fbem-12156	5	20	enterprise	enterprise	NOUN
fbem-12156	5	21	scale	scale	NOUN
fbem-12156	5	22	,	,	PUNCT
fbem-12156	5	23	and	and	CCONJ
fbem-12156	5	24	concludes	conclude	VERB
fbem-12156	5	25	that	that	SCONJ
fbem-12156	5	26	in	in	ADP
fbem-12156	5	27	small	small	ADJ
fbem-12156	5	28	-	-	PUNCT
fbem-12156	5	29	scale	scale	NOUN
fbem-12156	5	30	enterprises	enterprise	NOUN
fbem-12156	5	31	and	and	CCONJ
fbem-12156	5	32	enterprises	enterprise	NOUN
fbem-12156	5	33	with	with	ADP
fbem-12156	5	34	high	high	ADJ
fbem-12156	5	35	equity	equity	NOUN
fbem-12156	5	36	concentration	concentration	NOUN
fbem-12156	5	37	,	,	PUNCT
fbem-12156	5	38	the	the	DET
fbem-12156	5	39	positive	positive	ADJ
fbem-12156	5	40	impact	impact	NOUN
fbem-12156	5	41	of	of	ADP
fbem-12156	5	42	rmb	rmb	NOUN
fbem-12156	5	43	appreciation	appreciation	NOUN
fbem-12156	5	44	on	on	ADP
fbem-12156	5	45	enterprise	enterprise	NOUN
fbem-12156	5	46	investment	investment	NOUN
fbem-12156	5	47	efficiency	efficiency	NOUN
fbem-12156	5	48	will	will	AUX
fbem-12156	5	49	be	be	AUX
fbem-12156	5	50	more	more	ADV
fbem-12156	5	51	significant	significant	ADJ
fbem-12156	5	52	.	.	PUNCT
fbem-12156	6	1	keywords	keyword	NOUN
fbem-12156	6	2	:	:	PUNCT
fbem-12156	6	3	real	real	ADJ
fbem-12156	6	4	effective	effective	ADJ
fbem-12156	6	5	exchange	exchange	NOUN
fbem-12156	6	6	rate	rate	NOUN
fbem-12156	6	7	,	,	PUNCT
fbem-12156	6	8	overinvestment	overinvestment	ADJ
fbem-12156	6	9	,	,	PUNCT
fbem-12156	6	10	underinvestment	underinvestment	NOUN
fbem-12156	6	11	.	.	PUNCT
fbem-12156	7	1	1	1	X
fbem-12156	7	2	.	.	X
fbem-12156	7	3	introduction	introduction	NOUN
fbem-12156	7	4	investment	investment	NOUN
fbem-12156	7	5	decision	decision	NOUN
fbem-12156	7	6	is	be	AUX
fbem-12156	7	7	the	the	DET
fbem-12156	7	8	most	most	ADV
fbem-12156	7	9	important	important	ADJ
fbem-12156	7	10	decision	decision	NOUN
fbem-12156	7	11	in	in	ADP
fbem-12156	7	12	the	the	DET
fbem-12156	7	13	management	management	NOUN
fbem-12156	7	14	decision	decision	NOUN
fbem-12156	7	15	of	of	ADP
fbem-12156	7	16	the	the	DET
fbem-12156	7	17	overall	overall	ADJ
fbem-12156	7	18	direction	direction	NOUN
fbem-12156	7	19	of	of	ADP
fbem-12156	7	20	an	an	DET
fbem-12156	7	21	enterprise	enterprise	NOUN
fbem-12156	7	22	,	,	PUNCT
fbem-12156	7	23	which	which	PRON
fbem-12156	7	24	has	have	VERB
fbem-12156	7	25	great	great	ADJ
fbem-12156	7	26	influence	influence	NOUN
fbem-12156	7	27	on	on	ADP
fbem-12156	7	28	both	both	DET
fbem-12156	7	29	macro	macro	NOUN
fbem-12156	7	30	and	and	CCONJ
fbem-12156	7	31	micro	micro	NOUN
fbem-12156	7	32	economy.from	economy.from	ADP
fbem-12156	7	33	a	a	DET
fbem-12156	7	34	macro	macro	ADJ
fbem-12156	7	35	perspective	perspective	NOUN
fbem-12156	7	36	,	,	PUNCT
fbem-12156	7	37	the	the	DET
fbem-12156	7	38	success	success	NOUN
fbem-12156	7	39	of	of	ADP
fbem-12156	7	40	investment	investment	NOUN
fbem-12156	7	41	decisions	decision	NOUN
fbem-12156	7	42	will	will	AUX
fbem-12156	7	43	directly	directly	ADV
fbem-12156	7	44	cause	cause	VERB
fbem-12156	7	45	the	the	DET
fbem-12156	7	46	shock	shock	NOUN
fbem-12156	7	47	of	of	ADP
fbem-12156	7	48	the	the	DET
fbem-12156	7	49	industry	industry	NOUN
fbem-12156	7	50	and	and	CCONJ
fbem-12156	7	51	regional	regional	ADJ
fbem-12156	7	52	economy	economy	NOUN
fbem-12156	7	53	,	,	PUNCT
fbem-12156	7	54	and	and	CCONJ
fbem-12156	7	55	even	even	ADV
fbem-12156	7	56	have	have	VERB
fbem-12156	7	57	an	an	DET
fbem-12156	7	58	impact	impact	NOUN
fbem-12156	7	59	on	on	ADP
fbem-12156	7	60	the	the	DET
fbem-12156	7	61	overall	overall	ADJ
fbem-12156	7	62	economic	economic	ADJ
fbem-12156	7	63	development	development	NOUN
fbem-12156	7	64	of	of	ADP
fbem-12156	7	65	the	the	PRON
fbem-12156	7	66	country.from	country.from	ADP
fbem-12156	7	67	a	a	DET
fbem-12156	7	68	micro	micro	NOUN
fbem-12156	7	69	perspective	perspective	NOUN
fbem-12156	7	70	,	,	PUNCT
fbem-12156	7	71	the	the	DET
fbem-12156	7	72	foundation	foundation	NOUN
fbem-12156	7	73	of	of	ADP
fbem-12156	7	74	the	the	DET
fbem-12156	7	75	increase	increase	NOUN
fbem-12156	7	76	of	of	ADP
fbem-12156	7	77	the	the	DET
fbem-12156	7	78	company	company	NOUN
fbem-12156	7	79	's	's	PART
fbem-12156	7	80	value	value	NOUN
fbem-12156	7	81	lies	lie	VERB
fbem-12156	7	82	in	in	ADP
fbem-12156	7	83	the	the	DET
fbem-12156	7	84	future	future	ADJ
fbem-12156	7	85	cash	cash	NOUN
fbem-12156	7	86	flow	flow	NOUN
fbem-12156	7	87	,	,	PUNCT
fbem-12156	7	88	and	and	CCONJ
fbem-12156	7	89	the	the	DET
fbem-12156	7	90	increase	increase	NOUN
fbem-12156	7	91	or	or	CCONJ
fbem-12156	7	92	decrease	decrease	NOUN
fbem-12156	7	93	of	of	ADP
fbem-12156	7	94	the	the	DET
fbem-12156	7	95	future	future	ADJ
fbem-12156	7	96	cash	cash	NOUN
fbem-12156	7	97	flow	flow	NOUN
fbem-12156	7	98	depends	depend	VERB
fbem-12156	7	99	on	on	ADP
fbem-12156	7	100	the	the	DET
fbem-12156	7	101	correct	correct	ADJ
fbem-12156	7	102	investment	investment	NOUN
fbem-12156	7	103	decision.moreover	decision.moreover	NOUN
fbem-12156	7	104	,	,	PUNCT
fbem-12156	7	105	investment	investment	NOUN
fbem-12156	7	106	behavior	behavior	NOUN
fbem-12156	7	107	is	be	AUX
fbem-12156	7	108	an	an	DET
fbem-12156	7	109	important	important	ADJ
fbem-12156	7	110	part	part	NOUN
fbem-12156	7	111	of	of	ADP
fbem-12156	7	112	the	the	DET
fbem-12156	7	113	production	production	NOUN
fbem-12156	7	114	and	and	CCONJ
fbem-12156	7	115	operation	operation	NOUN
fbem-12156	7	116	activities	activity	NOUN
fbem-12156	7	117	of	of	ADP
fbem-12156	7	118	enterprises	enterprise	NOUN
fbem-12156	7	119	.	.	PUNCT
fbem-12156	8	1	based	base	VERB
fbem-12156	8	2	on	on	ADP
fbem-12156	8	3	the	the	DET
fbem-12156	8	4	actual	actual	ADJ
fbem-12156	8	5	demand	demand	NOUN
fbem-12156	8	6	of	of	ADP
fbem-12156	8	7	maximizing	maximize	VERB
fbem-12156	8	8	their	their	PRON
fbem-12156	8	9	own	own	ADJ
fbem-12156	8	10	value	value	NOUN
fbem-12156	8	11	,	,	PUNCT
fbem-12156	8	12	enterprises	enterprise	NOUN
fbem-12156	8	13	need	need	VERB
fbem-12156	8	14	efficient	efficient	ADJ
fbem-12156	8	15	investment	investment	NOUN
fbem-12156	8	16	.	.	PUNCT
fbem-12156	9	1	therefore	therefore	ADV
fbem-12156	9	2	,	,	PUNCT
fbem-12156	9	3	the	the	DET
fbem-12156	9	4	project	project	NOUN
fbem-12156	9	5	with	with	ADP
fbem-12156	9	6	the	the	DET
fbem-12156	9	7	largest	large	ADJ
fbem-12156	9	8	marginal	marginal	ADJ
fbem-12156	9	9	return	return	NOUN
fbem-12156	9	10	is	be	AUX
fbem-12156	9	11	the	the	DET
fbem-12156	9	12	primary	primary	ADJ
fbem-12156	9	13	choice	choice	NOUN
fbem-12156	9	14	for	for	ADP
fbem-12156	9	15	enterprise	enterprise	NOUN
fbem-12156	9	16	investment	investment	NOUN
fbem-12156	9	17	.	.	PUNCT
fbem-12156	10	1	however	however	ADV
fbem-12156	10	2	,	,	PUNCT
fbem-12156	10	3	in	in	ADP
fbem-12156	10	4	the	the	DET
fbem-12156	10	5	daily	daily	ADJ
fbem-12156	10	6	management	management	NOUN
fbem-12156	10	7	activities	activity	NOUN
fbem-12156	10	8	of	of	ADP
fbem-12156	10	9	the	the	DET
fbem-12156	10	10	company	company	NOUN
fbem-12156	10	11	,	,	PUNCT
fbem-12156	10	12	non	non	ADJ
fbem-12156	10	13	-	-	ADJ
fbem-12156	10	14	efficient	efficient	ADJ
fbem-12156	10	15	investment	investment	NOUN
fbem-12156	10	16	has	have	AUX
fbem-12156	10	17	become	become	VERB
fbem-12156	10	18	very	very	ADV
fbem-12156	10	19	universal.due	universal.due	ADJ
fbem-12156	10	20	to	to	ADP
fbem-12156	10	21	the	the	DET
fbem-12156	10	22	interests	interest	NOUN
fbem-12156	10	23	of	of	ADP
fbem-12156	10	24	the	the	DET
fbem-12156	10	25	agent	agent	NOUN
fbem-12156	10	26	and	and	CCONJ
fbem-12156	10	27	the	the	DET
fbem-12156	10	28	principal	principal	NOUN
fbem-12156	10	29	,	,	PUNCT
fbem-12156	10	30	produced	produce	VERB
fbem-12156	10	31	a	a	DET
fbem-12156	10	32	series	series	NOUN
fbem-12156	10	33	of	of	ADP
fbem-12156	10	34	agent	agent	NOUN
fbem-12156	10	35	and	and	CCONJ
fbem-12156	10	36	information	information	NOUN
fbem-12156	10	37	asymmetry	asymmetry	NOUN
fbem-12156	10	38	problem	problem	NOUN
fbem-12156	10	39	,	,	PUNCT
fbem-12156	10	40	such	such	ADJ
fbem-12156	10	41	as	as	ADP
fbem-12156	10	42	agent	agent	NOUN
fbem-12156	10	43	because	because	SCONJ
fbem-12156	10	44	selfinterest	selfinterest	NOUN
fbem-12156	10	45	,	,	PUNCT
fbem-12156	10	46	ability	ability	NOUN
fbem-12156	10	47	or	or	CCONJ
fbem-12156	10	48	too	too	ADV
fbem-12156	10	49	confident	confident	ADJ
fbem-12156	10	50	in	in	ADP
fbem-12156	10	51	themselves	themselves	PRON
fbem-12156	10	52	and	and	CCONJ
fbem-12156	10	53	put	put	VERB
fbem-12156	10	54	the	the	DET
fbem-12156	10	55	excess	excess	ADJ
fbem-12156	10	56	money	money	NOUN
fbem-12156	10	57	into	into	ADP
fbem-12156	10	58	unprofitable	unprofitable	ADJ
fbem-12156	10	59	project	project	NOUN
fbem-12156	10	60	,	,	PUNCT
fbem-12156	10	61	may	may	AUX
fbem-12156	10	62	also	also	ADV
fbem-12156	10	63	be	be	AUX
fbem-12156	10	64	because	because	SCONJ
fbem-12156	10	65	of	of	ADP
fbem-12156	10	66	lack	lack	NOUN
fbem-12156	10	67	of	of	ADP
fbem-12156	10	68	funds	fund	NOUN
fbem-12156	10	69	to	to	PART
fbem-12156	10	70	give	give	VERB
fbem-12156	10	71	up	up	ADP
fbem-12156	10	72	the	the	DET
fbem-12156	10	73	net	net	ADJ
fbem-12156	10	74	present	present	ADJ
fbem-12156	10	75	value	value	NOUN
fbem-12156	10	76	of	of	ADP
fbem-12156	10	77	positive	positive	ADJ
fbem-12156	10	78	project	project	NOUN
fbem-12156	10	79	,	,	PUNCT
fbem-12156	10	80	eventually	eventually	ADV
fbem-12156	10	81	lead	lead	VERB
fbem-12156	10	82	to	to	ADP
fbem-12156	10	83	excessive	excessive	ADJ
fbem-12156	10	84	investment	investment	NOUN
fbem-12156	10	85	and	and	CCONJ
fbem-12156	10	86	insufficient	insufficient	ADJ
fbem-12156	10	87	investment	investment	NOUN
fbem-12156	10	88	.	.	PUNCT
fbem-12156	11	1	these	these	DET
fbem-12156	11	2	inefficient	inefficient	ADJ
fbem-12156	11	3	investment	investment	NOUN
fbem-12156	11	4	behaviors	behavior	NOUN
fbem-12156	11	5	will	will	AUX
fbem-12156	11	6	hinder	hinder	VERB
fbem-12156	11	7	the	the	DET
fbem-12156	11	8	development	development	NOUN
fbem-12156	11	9	pace	pace	NOUN
fbem-12156	11	10	of	of	ADP
fbem-12156	11	11	enterprises	enterprise	NOUN
fbem-12156	11	12	by	by	ADP
fbem-12156	11	13	affecting	affect	VERB
fbem-12156	11	14	the	the	DET
fbem-12156	11	15	efficiency	efficiency	NOUN
fbem-12156	11	16	of	of	ADP
fbem-12156	11	17	their	their	PRON
fbem-12156	11	18	capital	capital	NOUN
fbem-12156	11	19	allocation	allocation	NOUN
fbem-12156	11	20	.	.	PUNCT
fbem-12156	12	1	in	in	ADP
fbem-12156	12	2	addition	addition	NOUN
fbem-12156	12	3	,	,	PUNCT
fbem-12156	12	4	the	the	DET
fbem-12156	12	5	development	development	NOUN
fbem-12156	12	6	of	of	ADP
fbem-12156	12	7	the	the	DET
fbem-12156	12	8	international	international	ADJ
fbem-12156	12	9	political	political	ADJ
fbem-12156	12	10	and	and	CCONJ
fbem-12156	12	11	economic	economic	ADJ
fbem-12156	12	12	situation	situation	NOUN
fbem-12156	12	13	change	change	NOUN
fbem-12156	12	14	also	also	ADV
fbem-12156	12	15	brought	bring	VERB
fbem-12156	12	16	great	great	ADJ
fbem-12156	12	17	influence	influence	NOUN
fbem-12156	12	18	to	to	ADP
fbem-12156	12	19	the	the	DET
fbem-12156	12	20	development	development	NOUN
fbem-12156	12	21	of	of	ADP
fbem-12156	12	22	the	the	DET
fbem-12156	12	23	real	real	ADJ
fbem-12156	12	24	economy	economy	NOUN
fbem-12156	12	25	in	in	ADP
fbem-12156	12	26	our	our	PRON
fbem-12156	12	27	country	country	NOUN
fbem-12156	12	28	,	,	PUNCT
fbem-12156	12	29	combined	combine	VERB
fbem-12156	12	30	with	with	ADP
fbem-12156	12	31	covid-19	covid-19	PROPN
fbem-12156	12	32	outbreak	outbreak	NOUN
fbem-12156	12	33	,	,	PUNCT
fbem-12156	12	34	to	to	ADP
fbem-12156	12	35	the	the	DET
fbem-12156	12	36	global	global	ADJ
fbem-12156	12	37	economy	economy	NOUN
fbem-12156	12	38	also	also	ADV
fbem-12156	12	39	brought	bring	VERB
fbem-12156	12	40	great	great	ADJ
fbem-12156	12	41	impact	impact	NOUN
fbem-12156	12	42	,	,	PUNCT
fbem-12156	12	43	in	in	ADP
fbem-12156	12	44	the	the	DET
fbem-12156	12	45	face	face	NOUN
fbem-12156	12	46	of	of	ADP
fbem-12156	12	47	economic	economic	ADJ
fbem-12156	12	48	impact	impact	NOUN
fbem-12156	12	49	,	,	PUNCT
fbem-12156	12	50	the	the	DET
fbem-12156	12	51	government	government	NOUN
fbem-12156	12	52	as	as	ADP
fbem-12156	12	53	the	the	DET
fbem-12156	12	54	most	most	ADV
fbem-12156	12	55	powerful	powerful	ADJ
fbem-12156	12	56	backing	backing	NOUN
fbem-12156	12	57	,	,	PUNCT
fbem-12156	12	58	is	be	AUX
fbem-12156	12	59	bound	bind	VERB
fbem-12156	12	60	to	to	PART
fbem-12156	12	61	introduce	introduce	VERB
fbem-12156	12	62	relevant	relevant	ADJ
fbem-12156	12	63	policies	policy	NOUN
fbem-12156	12	64	to	to	PART
fbem-12156	12	65	stabilize	stabilize	VERB
fbem-12156	12	66	the	the	DET
fbem-12156	12	67	base	base	NOUN
fbem-12156	12	68	of	of	ADP
fbem-12156	12	69	economic	economic	ADJ
fbem-12156	12	70	development	development	NOUN
fbem-12156	12	71	,	,	PUNCT
fbem-12156	12	72	the	the	DET
fbem-12156	12	73	exchange	exchange	NOUN
fbem-12156	12	74	rate	rate	NOUN
fbem-12156	12	75	policy	policy	NOUN
fbem-12156	12	76	is	be	AUX
fbem-12156	12	77	also	also	ADV
fbem-12156	12	78	one	one	NUM
fbem-12156	12	79	of	of	ADP
fbem-12156	12	80	them.at	them.at	PRON
fbem-12156	12	81	the	the	DET
fbem-12156	12	82	same	same	ADJ
fbem-12156	12	83	time	time	NOUN
fbem-12156	12	84	,	,	PUNCT
fbem-12156	12	85	the	the	DET
fbem-12156	12	86	market	market	NOUN
fbem-12156	12	87	itself	itself	PRON
fbem-12156	12	88	will	will	AUX
fbem-12156	12	89	also	also	ADV
fbem-12156	12	90	start	start	VERB
fbem-12156	12	91	its	its	PRON
fbem-12156	12	92	own	own	ADJ
fbem-12156	12	93	defense	defense	NOUN
fbem-12156	12	94	mechanism	mechanism	NOUN
fbem-12156	12	95	against	against	ADP
fbem-12156	12	96	this	this	DET
fbem-12156	12	97	impact	impact	NOUN
fbem-12156	12	98	,	,	PUNCT
fbem-12156	12	99	thus	thus	ADV
fbem-12156	12	100	affecting	affect	VERB
fbem-12156	12	101	the	the	DET
fbem-12156	12	102	business	business	NOUN
fbem-12156	12	103	environment	environment	NOUN
fbem-12156	12	104	of	of	ADP
fbem-12156	12	105	enterprises	enterprise	NOUN
fbem-12156	12	106	.	.	PUNCT
fbem-12156	13	1	after	after	ADP
fbem-12156	13	2	the	the	DET
fbem-12156	13	3	exchange	exchange	NOUN
fbem-12156	13	4	rate	rate	NOUN
fbem-12156	13	5	integration	integration	NOUN
fbem-12156	13	6	in	in	ADP
fbem-12156	13	7	1994	1994	NUM
fbem-12156	13	8	and	and	CCONJ
fbem-12156	13	9	the	the	DET
fbem-12156	13	10	two	two	NUM
fbem-12156	13	11	exchange	exchange	NOUN
fbem-12156	13	12	rate	rate	NOUN
fbem-12156	13	13	reforms	reform	NOUN
fbem-12156	13	14	in	in	ADP
fbem-12156	13	15	2005	2005	NUM
fbem-12156	13	16	,	,	PUNCT
fbem-12156	13	17	the	the	DET
fbem-12156	13	18	rmb	rmb	PROPN
fbem-12156	13	19	exchange	exchange	NOUN
fbem-12156	13	20	rate	rate	NOUN
fbem-12156	13	21	is	be	AUX
fbem-12156	13	22	also	also	ADV
fbem-12156	13	23	playing	play	VERB
fbem-12156	13	24	a	a	DET
fbem-12156	13	25	more	more	ADJ
fbem-12156	13	26	and	and	CCONJ
fbem-12156	13	27	more	more	ADV
fbem-12156	13	28	important	important	ADJ
fbem-12156	13	29	role	role	NOUN
fbem-12156	13	30	by	by	ADP
fbem-12156	13	31	the	the	DET
fbem-12156	13	32	market.as	market.as	PROPN
fbem-12156	13	33	a	a	DET
fbem-12156	13	34	bridge	bridge	NOUN
fbem-12156	13	35	between	between	ADP
fbem-12156	13	36	the	the	DET
fbem-12156	13	37	market	market	NOUN
fbem-12156	13	38	and	and	CCONJ
fbem-12156	13	39	the	the	DET
fbem-12156	13	40	policy	policy	NOUN
fbem-12156	13	41	,	,	PUNCT
fbem-12156	13	42	the	the	DET
fbem-12156	13	43	international	international	ADJ
fbem-12156	13	44	trade	trade	NOUN
fbem-12156	13	45	and	and	CCONJ
fbem-12156	13	46	the	the	DET
fbem-12156	13	47	capital	capital	NOUN
fbem-12156	13	48	flow	flow	NOUN
fbem-12156	13	49	,	,	PUNCT
fbem-12156	13	50	the	the	DET
fbem-12156	13	51	exchange	exchange	NOUN
fbem-12156	13	52	rate	rate	NOUN
fbem-12156	13	53	change	change	NOUN
fbem-12156	13	54	will	will	AUX
fbem-12156	13	55	inevitably	inevitably	ADV
fbem-12156	13	56	have	have	VERB
fbem-12156	13	57	an	an	DET
fbem-12156	13	58	impact	impact	NOUN
fbem-12156	13	59	on	on	ADP
fbem-12156	13	60	the	the	DET
fbem-12156	13	61	operation	operation	NOUN
fbem-12156	13	62	behavior	behavior	NOUN
fbem-12156	13	63	and	and	CCONJ
fbem-12156	13	64	operation	operation	NOUN
fbem-12156	13	65	mode	mode	NOUN
fbem-12156	13	66	of	of	ADP
fbem-12156	13	67	enterprises.in	enterprises.in	PROPN
fbem-12156	13	68	this	this	DET
fbem-12156	13	69	context	context	NOUN
fbem-12156	13	70	,	,	PUNCT
fbem-12156	13	71	this	this	DET
fbem-12156	13	72	paper	paper	NOUN
fbem-12156	13	73	mainly	mainly	ADV
fbem-12156	13	74	studies	study	VERB
fbem-12156	13	75	the	the	DET
fbem-12156	13	76	relationship	relationship	NOUN
fbem-12156	13	77	between	between	ADP
fbem-12156	13	78	the	the	DET
fbem-12156	13	79	real	real	ADJ
fbem-12156	13	80	effective	effective	ADJ
fbem-12156	13	81	exchange	exchange	NOUN
fbem-12156	13	82	rate	rate	NOUN
fbem-12156	13	83	of	of	ADP
fbem-12156	13	84	rmb	rmb	NOUN
fbem-12156	13	85	and	and	CCONJ
fbem-12156	13	86	the	the	DET
fbem-12156	13	87	investment	investment	NOUN
fbem-12156	13	88	efficiency	efficiency	NOUN
fbem-12156	13	89	of	of	ADP
fbem-12156	13	90	micro	micro	ADJ
fbem-12156	13	91	enterprises	enterprise	NOUN
fbem-12156	13	92	,	,	PUNCT
fbem-12156	13	93	and	and	CCONJ
fbem-12156	13	94	conducts	conduct	VERB
fbem-12156	13	95	empirical	empirical	ADJ
fbem-12156	13	96	analysis	analysis	NOUN
fbem-12156	13	97	.	.	PUNCT
fbem-12156	14	1	2	2	X
fbem-12156	14	2	.	.	X
fbem-12156	14	3	literature	literature	NOUN
fbem-12156	14	4	review	review	NOUN
fbem-12156	14	5	scholars	scholar	NOUN
fbem-12156	14	6	have	have	AUX
fbem-12156	14	7	carried	carry	VERB
fbem-12156	14	8	out	out	ADP
fbem-12156	14	9	a	a	DET
fbem-12156	14	10	lot	lot	NOUN
fbem-12156	14	11	of	of	ADP
fbem-12156	14	12	research	research	NOUN
fbem-12156	14	13	on	on	ADP
fbem-12156	14	14	the	the	DET
fbem-12156	14	15	relationship	relationship	NOUN
fbem-12156	14	16	between	between	ADP
fbem-12156	14	17	exchange	exchange	NOUN
fbem-12156	14	18	rate	rate	NOUN
fbem-12156	14	19	fluctuations	fluctuation	NOUN
fbem-12156	14	20	and	and	CCONJ
fbem-12156	14	21	level	level	NOUN
fbem-12156	14	22	changes	change	NOUN
fbem-12156	14	23	and	and	CCONJ
fbem-12156	14	24	enterprise	enterprise	NOUN
fbem-12156	14	25	investment	investment	NOUN
fbem-12156	14	26	.	.	PUNCT
fbem-12156	15	1	according	accord	VERB
fbem-12156	15	2	to	to	ADP
fbem-12156	15	3	the	the	DET
fbem-12156	15	4	studies	study	NOUN
fbem-12156	15	5	conducted	conduct	VERB
fbem-12156	15	6	by	by	ADP
fbem-12156	15	7	campa	campa	PROPN
fbem-12156	15	8	and	and	CCONJ
fbem-12156	15	9	goldberg	goldberg	PROPN
fbem-12156	15	10	(	(	PUNCT
fbem-12156	15	11	1995	1995	NUM
fbem-12156	15	12	)	)	PUNCT
fbem-12156	15	13	,	,	PUNCT
fbem-12156	15	14	changes	change	NOUN
fbem-12156	15	15	in	in	ADP
fbem-12156	15	16	the	the	DET
fbem-12156	15	17	exchange	exchange	NOUN
fbem-12156	15	18	rate	rate	NOUN
fbem-12156	15	19	level	level	NOUN
fbem-12156	15	20	will	will	AUX
fbem-12156	15	21	affect	affect	VERB
fbem-12156	15	22	the	the	DET
fbem-12156	15	23	company	company	NOUN
fbem-12156	15	24	's	's	PART
fbem-12156	15	25	sales	sale	NOUN
fbem-12156	15	26	revenue	revenue	NOUN
fbem-12156	15	27	and	and	CCONJ
fbem-12156	15	28	import	import	NOUN
fbem-12156	15	29	input	input	NOUN
fbem-12156	15	30	costs	cost	NOUN
fbem-12156	15	31	,	,	PUNCT
fbem-12156	15	32	thus	thus	ADV
fbem-12156	15	33	affecting	affect	VERB
fbem-12156	15	34	the	the	DET
fbem-12156	15	35	level	level	NOUN
fbem-12156	15	36	of	of	ADP
fbem-12156	15	37	enterprise	enterprise	NOUN
fbem-12156	15	38	investment	investment	NOUN
fbem-12156	15	39	;	;	PUNCT
fbem-12156	15	40	serven	serven	VERB
fbem-12156	15	41	(	(	PUNCT
fbem-12156	15	42	2005	2005	NUM
fbem-12156	15	43	)	)	PUNCT
fbem-12156	15	44	has	have	AUX
fbem-12156	15	45	found	find	VERB
fbem-12156	15	46	that	that	SCONJ
fbem-12156	15	47	if	if	SCONJ
fbem-12156	15	48	a	a	DET
fbem-12156	15	49	country	country	NOUN
fbem-12156	15	50	's	's	PART
fbem-12156	15	51	degree	degree	NOUN
fbem-12156	15	52	of	of	ADP
fbem-12156	15	53	financial	financial	ADJ
fbem-12156	15	54	development	development	NOUN
fbem-12156	15	55	is	be	AUX
fbem-12156	15	56	low	low	ADJ
fbem-12156	15	57	,	,	PUNCT
fbem-12156	15	58	the	the	DET
fbem-12156	15	59	impact	impact	NOUN
fbem-12156	15	60	of	of	ADP
fbem-12156	15	61	currency	currency	NOUN
fbem-12156	15	62	fluctuations	fluctuation	NOUN
fbem-12156	15	63	on	on	ADP
fbem-12156	15	64	corporate	corporate	ADJ
fbem-12156	15	65	investment	investment	NOUN
fbem-12156	15	66	in	in	ADP
fbem-12156	15	67	the	the	DET
fbem-12156	15	68	country	country	NOUN
fbem-12156	15	69	is	be	AUX
fbem-12156	15	70	negative	negative	ADJ
fbem-12156	15	71	.	.	PUNCT
fbem-12156	16	1	and	and	CCONJ
fbem-12156	16	2	when	when	SCONJ
fbem-12156	16	3	a	a	DET
fbem-12156	16	4	country	country	NOUN
fbem-12156	16	5	has	have	VERB
fbem-12156	16	6	high	high	ADJ
fbem-12156	16	7	levels	level	NOUN
fbem-12156	16	8	of	of	ADP
fbem-12156	16	9	openness	openness	NOUN
fbem-12156	16	10	,	,	PUNCT
fbem-12156	16	11	the	the	PRON
fbem-12156	16	12	faster	fast	ADV
fbem-12156	16	13	the	the	DET
fbem-12156	16	14	exchange	exchange	NOUN
fbem-12156	16	15	rate	rate	NOUN
fbem-12156	16	16	fluctuates	fluctuate	NOUN
fbem-12156	16	17	,	,	PUNCT
fbem-12156	16	18	the	the	DET
fbem-12156	16	19	more	more	ADV
fbem-12156	16	20	obvious	obvious	ADJ
fbem-12156	16	21	the	the	DET
fbem-12156	16	22	inhibitory	inhibitory	ADJ
fbem-12156	16	23	effect	effect	NOUN
fbem-12156	16	24	on	on	ADP
fbem-12156	16	25	the	the	DET
fbem-12156	16	26	investment	investment	NOUN
fbem-12156	16	27	level	level	NOUN
fbem-12156	16	28	of	of	ADP
fbem-12156	16	29	enterprises	enterprise	NOUN
fbem-12156	16	30	in	in	ADP
fbem-12156	16	31	the	the	DET
fbem-12156	16	32	country	country	NOUN
fbem-12156	16	33	,	,	PUNCT
fbem-12156	16	34	but	but	CCONJ
fbem-12156	16	35	with	with	ADP
fbem-12156	16	36	high	high	ADJ
fbem-12156	16	37	levels	level	NOUN
fbem-12156	16	38	of	of	ADP
fbem-12156	16	39	financial	financial	ADJ
fbem-12156	16	40	development	development	NOUN
fbem-12156	16	41	and	and	CCONJ
fbem-12156	16	42	low	low	ADJ
fbem-12156	16	43	openness	openness	NOUN
fbem-12156	16	44	,	,	PUNCT
fbem-12156	16	45	the	the	DET
fbem-12156	16	46	impact	impact	NOUN
fbem-12156	16	47	of	of	ADP
fbem-12156	16	48	exchange	exchange	NOUN
fbem-12156	16	49	rate	rate	NOUN
fbem-12156	16	50	fluctuations	fluctuation	NOUN
fbem-12156	16	51	on	on	ADP
fbem-12156	16	52	business	business	NOUN
fbem-12156	16	53	investment	investment	NOUN
fbem-12156	16	54	will	will	AUX
fbem-12156	16	55	be	be	AUX
fbem-12156	16	56	an	an	DET
fbem-12156	16	57	opposite	opposite	ADJ
fbem-12156	16	58	result[1,2].tian	result[1,2].tian	ADJ
fbem-12156	16	59	suhua	suhua	NOUN
fbem-12156	16	60	(	(	PUNCT
fbem-12156	16	61	2008	2008	NUM
fbem-12156	16	62	)	)	PUNCT
fbem-12156	16	63	found	find	VERB
fbem-12156	16	64	that	that	SCONJ
fbem-12156	16	65	the	the	DET
fbem-12156	16	66	impact	impact	NOUN
fbem-12156	16	67	of	of	ADP
fbem-12156	16	68	rmb	rmb	PROPN
fbem-12156	16	69	exchange	exchange	NOUN
fbem-12156	16	70	rate	rate	NOUN
fbem-12156	16	71	changes	change	NOUN
fbem-12156	16	72	on	on	ADP
fbem-12156	16	73	investment	investment	NOUN
fbem-12156	16	74	is	be	AUX
fbem-12156	16	75	closely	closely	ADV
fbem-12156	16	76	related	relate	VERB
fbem-12156	16	77	to	to	ADP
fbem-12156	16	78	the	the	DET
fbem-12156	16	79	type	type	NOUN
fbem-12156	16	80	of	of	ADP
fbem-12156	16	81	enterprises	enterprise	NOUN
fbem-12156	16	82	and	and	CCONJ
fbem-12156	16	83	the	the	DET
fbem-12156	16	84	source	source	NOUN
fbem-12156	16	85	of	of	ADP
fbem-12156	16	86	funds	fund	NOUN
fbem-12156	16	87	,	,	PUNCT
fbem-12156	16	88	that	that	ADV
fbem-12156	16	89	is	is	ADV
fbem-12156	16	90	,	,	PUNCT
fbem-12156	16	91	the	the	DET
fbem-12156	16	92	investment	investment	NOUN
fbem-12156	16	93	effect	effect	NOUN
fbem-12156	16	94	of	of	ADP
fbem-12156	16	95	exchange	exchange	NOUN
fbem-12156	16	96	rate	rate	NOUN
fbem-12156	16	97	in	in	ADP
fbem-12156	16	98	different	different	ADJ
fbem-12156	16	99	types	type	NOUN
fbem-12156	16	100	of	of	ADP
fbem-12156	16	101	enterprises	enterprise	NOUN
fbem-12156	16	102	and	and	CCONJ
fbem-12156	16	103	different	different	ADJ
fbem-12156	16	104	sources	source	NOUN
fbem-12156	16	105	of	of	ADP
fbem-12156	16	106	funds;wu	funds;wu	NOUN
fbem-12156	16	107	guoding	guoding	NOUN
fbem-12156	16	108	and	and	CCONJ
fbem-12156	16	109	jiang	jiang	PROPN
fbem-12156	16	110	guohua	guohua	PROPN
fbem-12156	16	111	(	(	PUNCT
fbem-12156	16	112	2015	2015	NUM
fbem-12156	16	113	)	)	PUNCT
fbem-12156	16	114	found	find	VERB
fbem-12156	16	115	that	that	SCONJ
fbem-12156	16	116	the	the	DET
fbem-12156	16	117	appreciation	appreciation	NOUN
fbem-12156	16	118	of	of	ADP
fbem-12156	16	119	rmb	rmb	NOUN
fbem-12156	16	120	will	will	AUX
fbem-12156	16	121	curb	curb	VERB
fbem-12156	16	122	the	the	DET
fbem-12156	16	123	investment	investment	NOUN
fbem-12156	16	124	level	level	NOUN
fbem-12156	16	125	of	of	ADP
fbem-12156	16	126	enterprises	enterprise	NOUN
fbem-12156	16	127	through	through	ADP
fbem-12156	16	128	the	the	DET
fbem-12156	16	129	export	export	NOUN
fbem-12156	16	130	income	income	NOUN
fbem-12156	16	131	mechanism	mechanism	NOUN
fbem-12156	16	132	,	,	PUNCT
fbem-12156	16	133	and	and	CCONJ
fbem-12156	16	134	promote	promote	VERB
fbem-12156	16	135	the	the	DET
fbem-12156	16	136	improvement	improvement	NOUN
fbem-12156	16	137	of	of	ADP
fbem-12156	16	138	the	the	DET
fbem-12156	16	139	investment	investment	NOUN
fbem-12156	16	140	level	level	NOUN
fbem-12156	16	141	of	of	ADP
fbem-12156	16	142	enterprises	enterprise	NOUN
fbem-12156	16	143	through	through	ADP
fbem-12156	16	144	the	the	DET
fbem-12156	16	145	import	import	NOUN
fbem-12156	16	146	cost	cost	NOUN
fbem-12156	16	147	mechanism.[3,4].zhao	mechanism.[3,4].zhao	NOUN
fbem-12156	16	148	xiaonan	xiaonan	PROPN
fbem-12156	16	149	and	and	CCONJ
fbem-12156	16	150	liu	liu	PROPN
fbem-12156	16	151	xiao	xiao	PROPN
fbem-12156	16	152	(	(	PUNCT
fbem-12156	16	153	2008	2008	NUM
fbem-12156	16	154	)	)	PUNCT
fbem-12156	16	155	found	find	VERB
fbem-12156	16	156	,	,	PUNCT
fbem-12156	16	157	through	through	ADP
fbem-12156	16	158	examining	examine	VERB
fbem-12156	16	159	the	the	DET
fbem-12156	16	160	impact	impact	NOUN
fbem-12156	16	161	of	of	ADP
fbem-12156	16	162	the	the	DET
fbem-12156	16	163	policy	policy	NOUN
fbem-12156	16	164	tools	tool	NOUN
fbem-12156	16	165	such	such	ADJ
fbem-12156	16	166	as	as	ADP
fbem-12156	16	167	money	money	NOUN
fbem-12156	16	168	supply	supply	NOUN
fbem-12156	16	169	,	,	PUNCT
fbem-12156	16	170	interest	interest	NOUN
fbem-12156	16	171	rate	rate	NOUN
fbem-12156	16	172	and	and	CCONJ
fbem-12156	16	173	exchange	exchange	NOUN
fbem-12156	16	174	rate	rate	NOUN
fbem-12156	16	175	,	,	PUNCT
fbem-12156	16	176	that	that	SCONJ
fbem-12156	16	177	the	the	DET
fbem-12156	16	178	impact	impact	NOUN
fbem-12156	16	179	15	15	NUM
fbem-12156	16	180	of	of	ADP
fbem-12156	16	181	exchange	exchange	NOUN
fbem-12156	16	182	rate	rate	NOUN
fbem-12156	16	183	fluctuations	fluctuation	NOUN
fbem-12156	16	184	on	on	ADP
fbem-12156	16	185	the	the	DET
fbem-12156	16	186	scale	scale	NOUN
fbem-12156	16	187	of	of	ADP
fbem-12156	16	188	fixed	fix	VERB
fbem-12156	16	189	asset	asset	NOUN
fbem-12156	16	190	investment	investment	NOUN
fbem-12156	16	191	is	be	AUX
fbem-12156	16	192	positive[5	positive[5	ADJ
fbem-12156	16	193	]	]	PUNCT
fbem-12156	16	194	.	.	PUNCT
fbem-12156	17	1	although	although	SCONJ
fbem-12156	17	2	there	there	PRON
fbem-12156	17	3	are	be	VERB
fbem-12156	17	4	many	many	ADJ
fbem-12156	17	5	studies	study	NOUN
fbem-12156	17	6	on	on	ADP
fbem-12156	17	7	exchange	exchange	NOUN
fbem-12156	17	8	rate	rate	NOUN
fbem-12156	17	9	and	and	CCONJ
fbem-12156	17	10	enterprise	enterprise	NOUN
fbem-12156	17	11	investment	investment	NOUN
fbem-12156	17	12	behavior	behavior	NOUN
fbem-12156	17	13	at	at	ADP
fbem-12156	17	14	home	home	NOUN
fbem-12156	17	15	and	and	CCONJ
fbem-12156	17	16	abroad	abroad	ADV
fbem-12156	17	17	,	,	PUNCT
fbem-12156	17	18	there	there	PRON
fbem-12156	17	19	are	be	VERB
fbem-12156	17	20	few	few	ADJ
fbem-12156	17	21	documents	document	NOUN
fbem-12156	17	22	on	on	ADP
fbem-12156	17	23	the	the	DET
fbem-12156	17	24	impact	impact	NOUN
fbem-12156	17	25	of	of	ADP
fbem-12156	17	26	exchange	exchange	NOUN
fbem-12156	17	27	rate	rate	NOUN
fbem-12156	17	28	on	on	ADP
fbem-12156	17	29	enterprise	enterprise	NOUN
fbem-12156	17	30	investment	investment	NOUN
fbem-12156	17	31	efficiency	efficiency	NOUN
fbem-12156	17	32	.	.	PUNCT
fbem-12156	18	1	this	this	DET
fbem-12156	18	2	paper	paper	NOUN
fbem-12156	18	3	analyzes	analyze	VERB
fbem-12156	18	4	the	the	DET
fbem-12156	18	5	relationship	relationship	NOUN
fbem-12156	18	6	between	between	ADP
fbem-12156	18	7	exchange	exchange	NOUN
fbem-12156	18	8	rate	rate	NOUN
fbem-12156	18	9	and	and	CCONJ
fbem-12156	18	10	enterprise	enterprise	NOUN
fbem-12156	18	11	investment	investment	NOUN
fbem-12156	18	12	data	datum	NOUN
fbem-12156	18	13	from	from	ADP
fbem-12156	18	14	2010	2010	NUM
fbem-12156	18	15	-	-	SYM
fbem-12156	18	16	2022	2022	NUM
fbem-12156	18	17	.	.	PUNCT
fbem-12156	19	1	3	3	X
fbem-12156	19	2	.	.	X
fbem-12156	19	3	theoretical	theoretical	ADJ
fbem-12156	19	4	analysis	analysis	NOUN
fbem-12156	19	5	this	this	DET
fbem-12156	19	6	paper	paper	NOUN
fbem-12156	19	7	selects	select	VERB
fbem-12156	19	8	the	the	DET
fbem-12156	19	9	exchange	exchange	NOUN
fbem-12156	19	10	rate	rate	NOUN
fbem-12156	19	11	index	index	NOUN
fbem-12156	19	12	is	be	AUX
fbem-12156	19	13	issued	issue	VERB
fbem-12156	19	14	by	by	ADP
fbem-12156	19	15	the	the	DET
fbem-12156	19	16	international	international	ADJ
fbem-12156	19	17	clearing	clearing	NOUN
fbem-12156	19	18	effective	effective	ADJ
fbem-12156	19	19	exchange	exchange	NOUN
fbem-12156	19	20	rate	rate	NOUN
fbem-12156	19	21	,	,	PUNCT
fbem-12156	19	22	effective	effective	ADJ
fbem-12156	19	23	exchange	exchange	NOUN
fbem-12156	19	24	rate	rate	NOUN
fbem-12156	19	25	is	be	AUX
fbem-12156	19	26	a	a	DET
fbem-12156	19	27	kind	kind	NOUN
fbem-12156	19	28	of	of	ADP
fbem-12156	19	29	weighted	weight	VERB
fbem-12156	19	30	average	average	ADJ
fbem-12156	19	31	calculation	calculation	NOUN
fbem-12156	19	32	of	of	ADP
fbem-12156	19	33	the	the	DET
fbem-12156	19	34	exchange	exchange	NOUN
fbem-12156	19	35	rate	rate	NOUN
fbem-12156	19	36	index	index	NOUN
fbem-12156	19	37	,	,	PUNCT
fbem-12156	19	38	usually	usually	ADV
fbem-12156	19	39	with	with	ADP
fbem-12156	19	40	a	a	DET
fbem-12156	19	41	country	country	NOUN
fbem-12156	19	42	and	and	CCONJ
fbem-12156	19	43	sample	sample	NOUN
fbem-12156	19	44	countries	country	NOUN
fbem-12156	19	45	bilateral	bilateral	ADJ
fbem-12156	19	46	trade	trade	NOUN
fbem-12156	19	47	in	in	ADP
fbem-12156	19	48	the	the	DET
fbem-12156	19	49	proportion	proportion	NOUN
fbem-12156	19	50	of	of	ADP
fbem-12156	19	51	the	the	DET
fbem-12156	19	52	foreign	foreign	ADJ
fbem-12156	19	53	trade	trade	NOUN
fbem-12156	19	54	as	as	ADP
fbem-12156	19	55	weight	weight	NOUN
fbem-12156	19	56	,	,	PUNCT
fbem-12156	19	57	the	the	DET
fbem-12156	19	58	effective	effective	ADJ
fbem-12156	19	59	exchange	exchange	NOUN
fbem-12156	19	60	rate	rate	NOUN
fbem-12156	19	61	this	this	DET
fbem-12156	19	62	index	index	NOUN
fbem-12156	19	63	can	can	AUX
fbem-12156	19	64	reflect	reflect	VERB
fbem-12156	19	65	the	the	DET
fbem-12156	19	66	overall	overall	ADJ
fbem-12156	19	67	competitiveness	competitiveness	NOUN
fbem-12156	19	68	of	of	ADP
fbem-12156	19	69	a	a	DET
fbem-12156	19	70	country	country	NOUN
fbem-12156	19	71	's	's	PART
fbem-12156	19	72	currency	currency	NOUN
fbem-12156	19	73	exchange	exchange	NOUN
fbem-12156	19	74	rate	rate	NOUN
fbem-12156	19	75	in	in	ADP
fbem-12156	19	76	international	international	ADJ
fbem-12156	19	77	trade	trade	NOUN
fbem-12156	19	78	and	and	CCONJ
fbem-12156	19	79	overall	overall	ADJ
fbem-12156	19	80	fluctuations.considering	fluctuations.considere	VERB
fbem-12156	19	81	that	that	SCONJ
fbem-12156	19	82	the	the	DET
fbem-12156	19	83	effective	effective	ADJ
fbem-12156	19	84	exchange	exchange	NOUN
fbem-12156	19	85	rate	rate	NOUN
fbem-12156	19	86	reflects	reflect	VERB
fbem-12156	19	87	the	the	DET
fbem-12156	19	88	terms	term	NOUN
fbem-12156	19	89	of	of	ADP
fbem-12156	19	90	trade	trade	NOUN
fbem-12156	19	91	of	of	ADP
fbem-12156	19	92	a	a	DET
fbem-12156	19	93	country	country	NOUN
fbem-12156	19	94	,	,	PUNCT
fbem-12156	19	95	the	the	DET
fbem-12156	19	96	appreciation	appreciation	NOUN
fbem-12156	19	97	of	of	ADP
fbem-12156	19	98	a	a	DET
fbem-12156	19	99	country	country	NOUN
fbem-12156	19	100	's	's	PART
fbem-12156	19	101	effective	effective	ADJ
fbem-12156	19	102	exchange	exchange	NOUN
fbem-12156	19	103	rate	rate	NOUN
fbem-12156	19	104	is	be	AUX
fbem-12156	19	105	often	often	ADV
fbem-12156	19	106	accompanied	accompany	VERB
fbem-12156	19	107	by	by	ADP
fbem-12156	19	108	the	the	DET
fbem-12156	19	109	decline	decline	NOUN
fbem-12156	19	110	of	of	ADP
fbem-12156	19	111	its	its	PRON
fbem-12156	19	112	product	product	NOUN
fbem-12156	19	113	competitiveness	competitiveness	NOUN
fbem-12156	19	114	.	.	PUNCT
fbem-12156	20	1	different	different	ADJ
fbem-12156	20	2	from	from	ADP
fbem-12156	20	3	the	the	DET
fbem-12156	20	4	uncertainty	uncertainty	NOUN
fbem-12156	20	5	of	of	ADP
fbem-12156	20	6	bilateral	bilateral	ADJ
fbem-12156	20	7	exchange	exchange	NOUN
fbem-12156	20	8	rate	rate	NOUN
fbem-12156	20	9	,	,	PUNCT
fbem-12156	20	10	which	which	PRON
fbem-12156	20	11	mainly	mainly	ADV
fbem-12156	20	12	aggravates	aggravate	VERB
fbem-12156	20	13	the	the	DET
fbem-12156	20	14	transaction	transaction	NOUN
fbem-12156	20	15	and	and	CCONJ
fbem-12156	20	16	conversion	conversion	NOUN
fbem-12156	20	17	risks	risk	NOUN
fbem-12156	20	18	of	of	ADP
fbem-12156	20	19	the	the	DET
fbem-12156	20	20	risks	risk	NOUN
fbem-12156	20	21	faced	face	VERB
fbem-12156	20	22	by	by	ADP
fbem-12156	20	23	enterprises	enterprise	NOUN
fbem-12156	20	24	,	,	PUNCT
fbem-12156	20	25	the	the	DET
fbem-12156	20	26	uncertainty	uncertainty	NOUN
fbem-12156	20	27	of	of	ADP
fbem-12156	20	28	the	the	DET
fbem-12156	20	29	effective	effective	ADJ
fbem-12156	20	30	exchange	exchange	NOUN
fbem-12156	20	31	rate	rate	NOUN
fbem-12156	20	32	more	more	ADJ
fbem-12156	20	33	affects	affect	VERB
fbem-12156	20	34	the	the	DET
fbem-12156	20	35	economic	economic	ADJ
fbem-12156	20	36	risks	risk	NOUN
fbem-12156	20	37	faced	face	VERB
fbem-12156	20	38	by	by	ADP
fbem-12156	20	39	enterprises.therefore	enterprises.therefore	PRON
fbem-12156	20	40	,	,	PUNCT
fbem-12156	20	41	when	when	SCONJ
fbem-12156	20	42	a	a	DET
fbem-12156	20	43	country	country	NOUN
fbem-12156	20	44	's	's	PART
fbem-12156	20	45	effective	effective	ADJ
fbem-12156	20	46	exchange	exchange	NOUN
fbem-12156	20	47	rate	rate	NOUN
fbem-12156	20	48	rises	rise	NOUN
fbem-12156	20	49	,	,	PUNCT
fbem-12156	20	50	they	they	PRON
fbem-12156	20	51	may	may	AUX
fbem-12156	20	52	choose	choose	VERB
fbem-12156	20	53	to	to	PART
fbem-12156	20	54	invest	invest	VERB
fbem-12156	20	55	more	more	ADJ
fbem-12156	20	56	to	to	PART
fbem-12156	20	57	improve	improve	VERB
fbem-12156	20	58	their	their	PRON
fbem-12156	20	59	core	core	NOUN
fbem-12156	20	60	competitiveness	competitiveness	NOUN
fbem-12156	20	61	.	.	PUNCT
fbem-12156	21	1	at	at	ADP
fbem-12156	21	2	the	the	DET
fbem-12156	21	3	same	same	ADJ
fbem-12156	21	4	time	time	NOUN
fbem-12156	21	5	,	,	PUNCT
fbem-12156	21	6	according	accord	VERB
fbem-12156	21	7	to	to	ADP
fbem-12156	21	8	the	the	DET
fbem-12156	21	9	"	"	PUNCT
fbem-12156	21	10	relative	relative	ADJ
fbem-12156	21	11	wealth	wealth	NOUN
fbem-12156	21	12	effect	effect	NOUN
fbem-12156	21	13	"	"	PUNCT
fbem-12156	21	14	in	in	ADP
fbem-12156	21	15	the	the	DET
fbem-12156	21	16	classic	classic	ADJ
fbem-12156	21	17	transnational	transnational	ADJ
fbem-12156	21	18	investment	investment	NOUN
fbem-12156	21	19	theory	theory	NOUN
fbem-12156	21	20	,	,	PUNCT
fbem-12156	21	21	the	the	DET
fbem-12156	21	22	currency	currency	NOUN
fbem-12156	21	23	appreciation	appreciation	NOUN
fbem-12156	21	24	of	of	ADP
fbem-12156	21	25	the	the	DET
fbem-12156	21	26	parent	parent	NOUN
fbem-12156	21	27	country	country	NOUN
fbem-12156	21	28	(	(	PUNCT
fbem-12156	21	29	i.	i.	PROPN
fbem-12156	21	30	e.	e.	PROPN
fbem-12156	21	31	,	,	PUNCT
fbem-12156	21	32	the	the	DET
fbem-12156	21	33	devaluation	devaluation	NOUN
fbem-12156	21	34	of	of	ADP
fbem-12156	21	35	the	the	DET
fbem-12156	21	36	host	host	NOUN
fbem-12156	21	37	country	country	NOUN
fbem-12156	21	38	currency	currency	NOUN
fbem-12156	21	39	)	)	PUNCT
fbem-12156	21	40	increases	increase	VERB
fbem-12156	21	41	the	the	DET
fbem-12156	21	42	wealth	wealth	NOUN
fbem-12156	21	43	of	of	ADP
fbem-12156	21	44	the	the	DET
fbem-12156	21	45	home	home	NOUN
fbem-12156	21	46	investors	investor	NOUN
fbem-12156	21	47	,	,	PUNCT
fbem-12156	21	48	and	and	CCONJ
fbem-12156	21	49	increases	increase	VERB
fbem-12156	21	50	the	the	DET
fbem-12156	21	51	purchasing	purchasing	NOUN
fbem-12156	21	52	power	power	NOUN
fbem-12156	21	53	when	when	SCONJ
fbem-12156	21	54	purchasing	purchase	VERB
fbem-12156	21	55	assets	asset	NOUN
fbem-12156	21	56	in	in	ADP
fbem-12156	21	57	overseas	overseas	ADJ
fbem-12156	21	58	markets	market	NOUN
fbem-12156	21	59	,	,	PUNCT
fbem-12156	21	60	which	which	PRON
fbem-12156	21	61	is	be	AUX
fbem-12156	21	62	conducive	conducive	ADJ
fbem-12156	21	63	to	to	ADP
fbem-12156	21	64	investment.therefore	investment.therefore	PROPN
fbem-12156	21	65	,	,	PUNCT
fbem-12156	21	66	the	the	DET
fbem-12156	21	67	first	first	ADJ
fbem-12156	21	68	hypothesis	hypothesis	NOUN
fbem-12156	21	69	of	of	ADP
fbem-12156	21	70	this	this	DET
fbem-12156	21	71	paper	paper	NOUN
fbem-12156	21	72	is	be	AUX
fbem-12156	21	73	proposed	propose	VERB
fbem-12156	21	74	:	:	PUNCT
fbem-12156	22	1	h1	h1	PROPN
fbem-12156	22	2	:	:	PUNCT
fbem-12156	22	3	the	the	DET
fbem-12156	22	4	increase	increase	NOUN
fbem-12156	22	5	of	of	ADP
fbem-12156	22	6	the	the	DET
fbem-12156	22	7	real	real	ADJ
fbem-12156	22	8	effective	effective	ADJ
fbem-12156	22	9	exchange	exchange	NOUN
fbem-12156	22	10	rate	rate	NOUN
fbem-12156	22	11	of	of	ADP
fbem-12156	22	12	rmb	rmb	NOUN
fbem-12156	22	13	will	will	AUX
fbem-12156	22	14	have	have	VERB
fbem-12156	22	15	a	a	DET
fbem-12156	22	16	positive	positive	ADJ
fbem-12156	22	17	impact	impact	NOUN
fbem-12156	22	18	on	on	ADP
fbem-12156	22	19	the	the	DET
fbem-12156	22	20	investment	investment	NOUN
fbem-12156	22	21	efficiency	efficiency	NOUN
fbem-12156	22	22	of	of	ADP
fbem-12156	22	23	enterprises	enterprise	NOUN
fbem-12156	22	24	.	.	PUNCT
fbem-12156	23	1	at	at	ADP
fbem-12156	23	2	the	the	DET
fbem-12156	23	3	same	same	ADJ
fbem-12156	23	4	time	time	NOUN
fbem-12156	23	5	,	,	PUNCT
fbem-12156	23	6	in	in	ADP
fbem-12156	23	7	the	the	DET
fbem-12156	23	8	concentration	concentration	NOUN
fbem-12156	23	9	of	of	ADP
fbem-12156	23	10	different	different	ADJ
fbem-12156	23	11	enterprises	enterprise	NOUN
fbem-12156	23	12	,	,	PUNCT
fbem-12156	23	13	higher	high	ADJ
fbem-12156	23	14	concentration	concentration	NOUN
fbem-12156	23	15	of	of	ADP
fbem-12156	23	16	enterprise	enterprise	NOUN
fbem-12156	23	17	investor	investor	NOUN
fbem-12156	23	18	rights	right	NOUN
fbem-12156	23	19	will	will	AUX
fbem-12156	23	20	be	be	AUX
fbem-12156	23	21	relatively	relatively	ADV
fbem-12156	23	22	concentrated	concentrate	VERB
fbem-12156	23	23	,	,	PUNCT
fbem-12156	23	24	the	the	DET
fbem-12156	23	25	concentration	concentration	NOUN
fbem-12156	23	26	will	will	AUX
fbem-12156	23	27	make	make	VERB
fbem-12156	23	28	investors	investor	NOUN
fbem-12156	23	29	more	more	ADJ
fbem-12156	23	30	ability	ability	NOUN
fbem-12156	23	31	and	and	CCONJ
fbem-12156	23	32	power	power	NOUN
fbem-12156	23	33	to	to	PART
fbem-12156	23	34	exercise	exercise	VERB
fbem-12156	23	35	the	the	DET
fbem-12156	23	36	constraints	constraint	NOUN
fbem-12156	23	37	of	of	ADP
fbem-12156	23	38	management	management	NOUN
fbem-12156	23	39	investment	investment	NOUN
fbem-12156	23	40	behavior	behavior	NOUN
fbem-12156	23	41	and	and	CCONJ
fbem-12156	23	42	supervision	supervision	NOUN
fbem-12156	23	43	,	,	PUNCT
fbem-12156	23	44	management	management	NOUN
fbem-12156	23	45	due	due	ADP
fbem-12156	23	46	to	to	ADP
fbem-12156	23	47	short	short	ADJ
fbem-12156	23	48	-	-	PUNCT
fbem-12156	23	49	sighted	sighted	ADJ
fbem-12156	23	50	improper	improper	ADJ
fbem-12156	23	51	investment	investment	NOUN
fbem-12156	23	52	decisions	decision	NOUN
fbem-12156	23	53	make	make	VERB
fbem-12156	23	54	the	the	DET
fbem-12156	23	55	execution	execution	NOUN
fbem-12156	23	56	of	of	ADP
fbem-12156	23	57	the	the	DET
fbem-12156	23	58	probability	probability	NOUN
fbem-12156	23	59	will	will	AUX
fbem-12156	23	60	be	be	AUX
fbem-12156	23	61	smaller	small	ADJ
fbem-12156	23	62	,	,	PUNCT
fbem-12156	23	63	thus	thus	ADV
fbem-12156	23	64	reducing	reduce	VERB
fbem-12156	23	65	the	the	DET
fbem-12156	23	66	efficiency	efficiency	NOUN
fbem-12156	23	67	of	of	ADP
fbem-12156	23	68	enterprise	enterprise	NOUN
fbem-12156	23	69	investment	investment	NOUN
fbem-12156	23	70	,	,	PUNCT
fbem-12156	23	71	improve	improve	VERB
fbem-12156	23	72	the	the	DET
fbem-12156	23	73	enterprise	enterprise	NOUN
fbem-12156	23	74	investment	investment	NOUN
fbem-12156	23	75	level	level	NOUN
fbem-12156	23	76	as	as	ADP
fbem-12156	23	77	a	a	DET
fbem-12156	23	78	whole.therefore	whole.therefore	NOUN
fbem-12156	23	79	,	,	PUNCT
fbem-12156	23	80	the	the	DET
fbem-12156	23	81	third	third	ADJ
fbem-12156	23	82	hypothesis	hypothesis	NOUN
fbem-12156	23	83	of	of	ADP
fbem-12156	23	84	this	this	DET
fbem-12156	23	85	paper	paper	NOUN
fbem-12156	23	86	is	be	AUX
fbem-12156	23	87	proposed	propose	VERB
fbem-12156	23	88	here	here	ADV
fbem-12156	23	89	:	:	PUNCT
fbem-12156	23	90	h2	h2	NOUN
fbem-12156	23	91	:	:	PUNCT
fbem-12156	23	92	equity	equity	NOUN
fbem-12156	23	93	concentration	concentration	NOUN
fbem-12156	23	94	will	will	AUX
fbem-12156	23	95	increase	increase	VERB
fbem-12156	23	96	the	the	DET
fbem-12156	23	97	positive	positive	ADJ
fbem-12156	23	98	impact	impact	NOUN
fbem-12156	23	99	of	of	ADP
fbem-12156	23	100	the	the	DET
fbem-12156	23	101	real	real	ADJ
fbem-12156	23	102	effective	effective	ADJ
fbem-12156	23	103	exchange	exchange	NOUN
fbem-12156	23	104	rate	rate	NOUN
fbem-12156	23	105	of	of	ADP
fbem-12156	23	106	rmb	rmb	NOUN
fbem-12156	23	107	on	on	ADP
fbem-12156	23	108	the	the	DET
fbem-12156	23	109	investment	investment	NOUN
fbem-12156	23	110	level	level	NOUN
fbem-12156	23	111	of	of	ADP
fbem-12156	23	112	enterprises	enterprise	NOUN
fbem-12156	23	113	.	.	PUNCT
fbem-12156	24	1	whether	whether	SCONJ
fbem-12156	24	2	enough	enough	ADJ
fbem-12156	24	3	funds	fund	NOUN
fbem-12156	24	4	can	can	AUX
fbem-12156	24	5	be	be	AUX
fbem-12156	24	6	raised	raise	VERB
fbem-12156	24	7	before	before	ADP
fbem-12156	24	8	investment	investment	NOUN
fbem-12156	24	9	depends	depend	VERB
fbem-12156	24	10	on	on	ADP
fbem-12156	24	11	the	the	DET
fbem-12156	24	12	strength	strength	NOUN
fbem-12156	24	13	of	of	ADP
fbem-12156	24	14	the	the	DET
fbem-12156	24	15	enterprise	enterprise	NOUN
fbem-12156	24	16	's	's	PART
fbem-12156	24	17	ability	ability	NOUN
fbem-12156	24	18	of	of	ADP
fbem-12156	24	19	financing	financing	NOUN
fbem-12156	24	20	,	,	PUNCT
fbem-12156	24	21	so	so	CCONJ
fbem-12156	24	22	financing	financing	NOUN
fbem-12156	24	23	is	be	AUX
fbem-12156	24	24	very	very	ADV
fbem-12156	24	25	important	important	ADJ
fbem-12156	24	26	for	for	ADP
fbem-12156	24	27	enterprise	enterprise	NOUN
fbem-12156	24	28	investment	investment	NOUN
fbem-12156	24	29	.	.	PUNCT
fbem-12156	25	1	i	i	PRON
fbem-12156	25	2	think	think	VERB
fbem-12156	25	3	the	the	DET
fbem-12156	25	4	influence	influence	NOUN
fbem-12156	25	5	of	of	ADP
fbem-12156	25	6	exchange	exchange	NOUN
fbem-12156	25	7	rate	rate	NOUN
fbem-12156	25	8	on	on	ADP
fbem-12156	25	9	enterprise	enterprise	NOUN
fbem-12156	25	10	investment	investment	NOUN
fbem-12156	25	11	efficiency	efficiency	NOUN
fbem-12156	25	12	may	may	AUX
fbem-12156	25	13	be	be	AUX
fbem-12156	25	14	different	different	ADJ
fbem-12156	25	15	because	because	SCONJ
fbem-12156	25	16	of	of	ADP
fbem-12156	25	17	enterprise	enterprise	NOUN
fbem-12156	25	18	financing	financing	NOUN
fbem-12156	25	19	constraints	constraint	NOUN
fbem-12156	25	20	,	,	PUNCT
fbem-12156	25	21	if	if	SCONJ
fbem-12156	25	22	an	an	DET
fbem-12156	25	23	enterprise	enterprise	NOUN
fbem-12156	25	24	foreign	foreign	ADJ
fbem-12156	25	25	financing	financing	NOUN
fbem-12156	25	26	dependence	dependence	NOUN
fbem-12156	25	27	is	be	AUX
fbem-12156	25	28	low	low	ADJ
fbem-12156	25	29	,	,	PUNCT
fbem-12156	25	30	so	so	ADV
fbem-12156	25	31	in	in	ADP
fbem-12156	25	32	the	the	DET
fbem-12156	25	33	face	face	NOUN
fbem-12156	25	34	of	of	ADP
fbem-12156	25	35	exchange	exchange	NOUN
fbem-12156	25	36	rate	rate	NOUN
fbem-12156	25	37	change	change	NOUN
fbem-12156	25	38	risk	risk	NOUN
fbem-12156	25	39	,	,	PUNCT
fbem-12156	25	40	relative	relative	ADJ
fbem-12156	25	41	to	to	ADP
fbem-12156	25	42	other	other	ADJ
fbem-12156	25	43	enterprises	enterprise	NOUN
fbem-12156	25	44	,	,	PUNCT
fbem-12156	25	45	its	its	PRON
fbem-12156	25	46	internal	internal	ADJ
fbem-12156	25	47	resistance	resistance	NOUN
fbem-12156	25	48	will	will	AUX
fbem-12156	25	49	be	be	AUX
fbem-12156	25	50	stronger	strong	ADJ
fbem-12156	25	51	,	,	PUNCT
fbem-12156	25	52	the	the	DET
fbem-12156	25	53	influence	influence	NOUN
fbem-12156	25	54	of	of	ADP
fbem-12156	25	55	exchange	exchange	NOUN
fbem-12156	25	56	rate	rate	NOUN
fbem-12156	25	57	on	on	ADP
fbem-12156	25	58	enterprise	enterprise	NOUN
fbem-12156	25	59	investment	investment	NOUN
fbem-12156	25	60	behavior	behavior	NOUN
fbem-12156	25	61	will	will	AUX
fbem-12156	25	62	not	not	PART
fbem-12156	25	63	be	be	AUX
fbem-12156	25	64	so	so	ADV
fbem-12156	25	65	obvious	obvious	ADJ
fbem-12156	25	66	.	.	PUNCT
fbem-12156	26	1	previous	previous	ADJ
fbem-12156	26	2	studies	study	NOUN
fbem-12156	26	3	have	have	AUX
fbem-12156	26	4	shown	show	VERB
fbem-12156	26	5	that	that	SCONJ
fbem-12156	26	6	the	the	DET
fbem-12156	26	7	enterprise	enterprise	NOUN
fbem-12156	26	8	size	size	NOUN
fbem-12156	26	9	is	be	AUX
fbem-12156	26	10	also	also	ADV
fbem-12156	26	11	an	an	DET
fbem-12156	26	12	important	important	ADJ
fbem-12156	26	13	factor	factor	NOUN
fbem-12156	26	14	affecting	affect	VERB
fbem-12156	26	15	the	the	DET
fbem-12156	26	16	financing	financing	NOUN
fbem-12156	26	17	ability	ability	NOUN
fbem-12156	26	18	of	of	ADP
fbem-12156	26	19	enterprises	enterprise	NOUN
fbem-12156	26	20	.	.	PUNCT
fbem-12156	27	1	lian	lian	PROPN
fbem-12156	27	2	yujun	yujun	PROPN
fbem-12156	27	3	,	,	PUNCT
fbem-12156	27	4	su	su	PROPN
fbem-12156	27	5	zhi	zhi	PROPN
fbem-12156	27	6	,	,	PUNCT
fbem-12156	27	7	wang	wang	PROPN
fbem-12156	27	8	zhanxiang	zhanxiang	PROPN
fbem-12156	27	9	all	all	PRON
fbem-12156	27	10	found	find	VERB
fbem-12156	27	11	that	that	SCONJ
fbem-12156	27	12	large	large	ADJ
fbem-12156	27	13	-	-	PUNCT
fbem-12156	27	14	scale	scale	NOUN
fbem-12156	27	15	companies	company	NOUN
fbem-12156	27	16	face	face	VERB
fbem-12156	27	17	low	low	ADJ
fbem-12156	27	18	financing	financing	NOUN
fbem-12156	27	19	constraints[6,7].therefore	constraints[6,7].therefore	NOUN
fbem-12156	27	20	,	,	PUNCT
fbem-12156	27	21	propose	propose	VERB
fbem-12156	27	22	the	the	DET
fbem-12156	27	23	second	second	ADJ
fbem-12156	27	24	hypothesis	hypothesis	NOUN
fbem-12156	27	25	of	of	ADP
fbem-12156	27	26	this	this	DET
fbem-12156	27	27	paper	paper	NOUN
fbem-12156	27	28	,	,	PUNCT
fbem-12156	27	29	follows	follow	VERB
fbem-12156	27	30	:	:	PUNCT
fbem-12156	27	31	h3	h3	NOUN
fbem-12156	27	32	:	:	PUNCT
fbem-12156	27	33	financing	financing	NOUN
fbem-12156	27	34	constraints	constraint	NOUN
fbem-12156	27	35	will	will	AUX
fbem-12156	27	36	amplify	amplify	VERB
fbem-12156	27	37	the	the	DET
fbem-12156	27	38	positive	positive	ADJ
fbem-12156	27	39	impact	impact	NOUN
fbem-12156	27	40	of	of	ADP
fbem-12156	27	41	the	the	DET
fbem-12156	27	42	increase	increase	NOUN
fbem-12156	27	43	of	of	ADP
fbem-12156	27	44	the	the	DET
fbem-12156	27	45	real	real	ADJ
fbem-12156	27	46	effective	effective	ADJ
fbem-12156	27	47	exchange	exchange	NOUN
fbem-12156	27	48	rate	rate	NOUN
fbem-12156	27	49	of	of	ADP
fbem-12156	27	50	rmb	rmb	NOUN
fbem-12156	27	51	on	on	ADP
fbem-12156	27	52	the	the	DET
fbem-12156	27	53	investment	investment	NOUN
fbem-12156	27	54	level	level	NOUN
fbem-12156	27	55	of	of	ADP
fbem-12156	27	56	enterprises	enterprise	NOUN
fbem-12156	27	57	.	.	PUNCT
fbem-12156	28	1	4	4	X
fbem-12156	28	2	.	.	X
fbem-12156	28	3	data	datum	NOUN
fbem-12156	28	4	sources	source	NOUN
fbem-12156	28	5	and	and	CCONJ
fbem-12156	28	6	model	model	NOUN
fbem-12156	28	7	design	design	NOUN
fbem-12156	28	8	4.1	4.1	NUM
fbem-12156	28	9	.	.	PUNCT
fbem-12156	29	1	selection	selection	NOUN
fbem-12156	29	2	of	of	ADP
fbem-12156	29	3	data	datum	NOUN
fbem-12156	29	4	this	this	DET
fbem-12156	29	5	paper	paper	NOUN
fbem-12156	29	6	collects	collect	VERB
fbem-12156	29	7	the	the	DET
fbem-12156	29	8	relevant	relevant	ADJ
fbem-12156	29	9	data	datum	NOUN
fbem-12156	29	10	of	of	ADP
fbem-12156	29	11	the	the	DET
fbem-12156	29	12	a	a	DET
fbem-12156	29	13	-	-	PUNCT
fbem-12156	29	14	share	share	NOUN
fbem-12156	29	15	listed	list	VERB
fbem-12156	29	16	companies	company	NOUN
fbem-12156	29	17	in	in	ADP
fbem-12156	29	18	china	china	PROPN
fbem-12156	29	19	released	release	VERB
fbem-12156	29	20	by	by	ADP
fbem-12156	29	21	the	the	DET
fbem-12156	29	22	rmb	rmb	NOUN
fbem-12156	29	23	from	from	ADP
fbem-12156	29	24	2010	2010	NUM
fbem-12156	29	25	to	to	ADP
fbem-12156	29	26	2022	2022	NUM
fbem-12156	29	27	,	,	PUNCT
fbem-12156	29	28	and	and	CCONJ
fbem-12156	29	29	the	the	DET
fbem-12156	29	30	csmr	csmr	NOUN
fbem-12156	29	31	and	and	CCONJ
fbem-12156	29	32	wind	wind	NOUN
fbem-12156	29	33	data	datum	NOUN
fbem-12156	29	34	.	.	PUNCT
fbem-12156	30	1	this	this	DET
fbem-12156	30	2	paper	paper	NOUN
fbem-12156	30	3	eliminates	eliminate	VERB
fbem-12156	30	4	the	the	DET
fbem-12156	30	5	listed	list	VERB
fbem-12156	30	6	companies	company	NOUN
fbem-12156	30	7	with	with	ADP
fbem-12156	30	8	missing	miss	VERB
fbem-12156	30	9	financial	financial	ADJ
fbem-12156	30	10	data	datum	NOUN
fbem-12156	30	11	,	,	PUNCT
fbem-12156	30	12	and	and	CCONJ
fbem-12156	30	13	the	the	DET
fbem-12156	30	14	companies	company	NOUN
fbem-12156	30	15	affected	affect	VERB
fbem-12156	30	16	by	by	ADP
fbem-12156	30	17	*	*	PROPN
fbem-12156	30	18	st	st	PROPN
fbem-12156	30	19	,	,	PUNCT
fbem-12156	30	20	st	st	PROPN
fbem-12156	30	21	and	and	CCONJ
fbem-12156	30	22	pt	pt	PROPN
fbem-12156	30	23	during	during	ADP
fbem-12156	30	24	the	the	DET
fbem-12156	30	25	samples	sample	NOUN
fbem-12156	30	26	.	.	PUNCT
fbem-12156	31	1	in	in	ADP
fbem-12156	31	2	order	order	NOUN
fbem-12156	31	3	to	to	PART
fbem-12156	31	4	eliminate	eliminate	VERB
fbem-12156	31	5	the	the	DET
fbem-12156	31	6	effect	effect	NOUN
fbem-12156	31	7	of	of	ADP
fbem-12156	31	8	outliers	outlier	NOUN
fbem-12156	31	9	on	on	ADP
fbem-12156	31	10	the	the	DET
fbem-12156	31	11	empirical	empirical	ADJ
fbem-12156	31	12	results	result	NOUN
fbem-12156	31	13	,	,	PUNCT
fbem-12156	31	14	winsorize	winsorize	VERB
fbem-12156	31	15	was	be	AUX
fbem-12156	31	16	used	use	VERB
fbem-12156	31	17	to	to	PART
fbem-12156	31	18	reduce	reduce	VERB
fbem-12156	31	19	the	the	DET
fbem-12156	31	20	continuous	continuous	ADJ
fbem-12156	31	21	variables	variable	NOUN
fbem-12156	31	22	,	,	PUNCT
fbem-12156	31	23	resulting	result	VERB
fbem-12156	31	24	in	in	ADP
fbem-12156	31	25	18615	18615	NUM
fbem-12156	31	26	company	company	NOUN
fbem-12156	31	27	-	-	PUNCT
fbem-12156	31	28	annual	annual	ADJ
fbem-12156	31	29	observations	observation	NOUN
fbem-12156	31	30	.	.	PUNCT
fbem-12156	32	1	4.2	4.2	NUM
fbem-12156	32	2	.	.	PUNCT
fbem-12156	33	1	variable	variable	ADJ
fbem-12156	33	2	-	-	PUNCT
fbem-12156	33	3	definition	definition	NOUN
fbem-12156	33	4	4.2.1	4.2.1	NUM
fbem-12156	33	5	.	.	PUNCT
fbem-12156	34	1	measure	measure	NOUN
fbem-12156	34	2	of	of	ADP
fbem-12156	34	3	investment	investment	NOUN
fbem-12156	34	4	efficiency	efficiency	NOUN
fbem-12156	34	5	enterprise	enterprise	NOUN
fbem-12156	34	6	investment	investment	NOUN
fbem-12156	34	7	efficiency	efficiency	NOUN
fbem-12156	34	8	is	be	AUX
fbem-12156	34	9	the	the	DET
fbem-12156	34	10	reverse	reverse	ADJ
fbem-12156	34	11	index	index	NOUN
fbem-12156	34	12	of	of	ADP
fbem-12156	34	13	enterprise	enterprise	NOUN
fbem-12156	34	14	non	non	ADJ
fbem-12156	34	15	-	-	ADJ
fbem-12156	34	16	efficiency	efficiency	ADJ
fbem-12156	34	17	investment	investment	NOUN
fbem-12156	34	18	level	level	NOUN
fbem-12156	34	19	.	.	PUNCT
fbem-12156	35	1	the	the	PRON
fbem-12156	35	2	higher	high	ADJ
fbem-12156	35	3	the	the	DET
fbem-12156	35	4	level	level	NOUN
fbem-12156	35	5	of	of	ADP
fbem-12156	35	6	inefficient	inefficient	ADJ
fbem-12156	35	7	investment	investment	NOUN
fbem-12156	35	8	,	,	PUNCT
fbem-12156	35	9	the	the	PRON
fbem-12156	35	10	lower	low	ADJ
fbem-12156	35	11	the	the	DET
fbem-12156	35	12	investment	investment	NOUN
fbem-12156	35	13	efficiency	efficiency	NOUN
fbem-12156	35	14	.	.	PUNCT
fbem-12156	36	1	for	for	ADP
fbem-12156	36	2	the	the	DET
fbem-12156	36	3	measurement	measurement	NOUN
fbem-12156	36	4	of	of	ADP
fbem-12156	36	5	enterprise	enterprise	NOUN
fbem-12156	36	6	investment	investment	NOUN
fbem-12156	36	7	efficiency	efficiency	NOUN
fbem-12156	36	8	,	,	PUNCT
fbem-12156	36	9	we	we	PRON
fbem-12156	36	10	refer	refer	VERB
fbem-12156	36	11	to	to	ADP
fbem-12156	36	12	the	the	DET
fbem-12156	36	13	model	model	NOUN
fbem-12156	36	14	of	of	ADP
fbem-12156	36	15	richardson	richardson	PROPN
fbem-12156	36	16	(	(	PUNCT
fbem-12156	36	17	2006	2006	NUM
fbem-12156	36	18	)	)	PUNCT
fbem-12156	36	19	to	to	PART
fbem-12156	36	20	calculate	calculate	VERB
fbem-12156	36	21	the	the	DET
fbem-12156	36	22	degree	degree	NOUN
fbem-12156	36	23	of	of	ADP
fbem-12156	36	24	enterprise	enterprise	NOUN
fbem-12156	36	25	deviation	deviation	NOUN
fbem-12156	36	26	from	from	ADP
fbem-12156	36	27	the	the	DET
fbem-12156	36	28	optimal	optimal	ADJ
fbem-12156	36	29	investment	investment	NOUN
fbem-12156	36	30	level	level	NOUN
fbem-12156	36	31	,	,	PUNCT
fbem-12156	36	32	that	that	ADV
fbem-12156	36	33	is	is	ADV
fbem-12156	36	34	,	,	PUNCT
fbem-12156	36	35	non	non	ADJ
fbem-12156	36	36	-	-	ADJ
fbem-12156	36	37	efficient	efficient	ADJ
fbem-12156	36	38	investment	investment	NOUN
fbem-12156	36	39	.	.	PUNCT
fbem-12156	37	1	the	the	DET
fbem-12156	37	2	specific	specific	ADJ
fbem-12156	37	3	measurement	measurement	NOUN
fbem-12156	37	4	model	model	NOUN
fbem-12156	37	5	is	be	AUX
fbem-12156	37	6	as	as	ADP
fbem-12156	37	7	follows[8	follows[8	PROPN
fbem-12156	37	8	]	]	X
fbem-12156	37	9	:	:	PUNCT
fbem-12156	37	10	invt	invt	PROPN
fbem-12156	37	11	=	=	SYM
fbem-12156	37	12	β0	β0	PROPN
fbem-12156	38	1	+	+	CCONJ
fbem-12156	38	2	β1growtht-1	β1growtht-1	NUM
fbem-12156	38	3	+	+	NUM
fbem-12156	38	4	β2levt-1	β2levt-1	PUNCT
fbem-12156	39	1	+	+	CCONJ
fbem-12156	39	2	β3casht-1	β3casht-1	PUNCT
fbem-12156	40	1	+	+	CCONJ
fbem-12156	40	2	β4sizet-1	β4sizet-1	VERB
fbem-12156	40	3	+	+	X
fbem-12156	40	4	β5rett-1	β5rett-1	PUNCT
fbem-12156	40	5	+	+	CCONJ
fbem-12156	40	6	β6invt-1	β6invt-1	PUNCT
fbem-12156	40	7	+	+	PUNCT
fbem-12156	40	8	β7aget-1	β7aget-1	ADJ
fbem-12156	40	9	+	+	NUM
fbem-12156	40	10	year	year	NOUN
fbem-12156	40	11	+	+	CCONJ
fbem-12156	40	12	industry	industry	NOUN
fbem-12156	40	13	+	+	X
fbem-12156	40	14	εt	εt	PROPN
fbem-12156	40	15	.	.	PUNCT
fbem-12156	41	1	(	(	PUNCT
fbem-12156	41	2	1	1	X
fbem-12156	41	3	)	)	PUNCT
fbem-12156	41	4	in	in	ADP
fbem-12156	41	5	the	the	DET
fbem-12156	41	6	above	above	ADJ
fbem-12156	41	7	equation	equation	NOUN
fbem-12156	41	8	,	,	PUNCT
fbem-12156	41	9	invt	invt	NOUN
fbem-12156	41	10	and	and	CCONJ
fbem-12156	41	11	invt-1	invt-1	ADV
fbem-12156	41	12	represents	represent	VERB
fbem-12156	41	13	the	the	DET
fbem-12156	41	14	capital	capital	NOUN
fbem-12156	41	15	investment	investment	NOUN
fbem-12156	41	16	in	in	ADP
fbem-12156	41	17	years	year	NOUN
fbem-12156	41	18	t	t	PROPN
fbem-12156	41	19	and	and	CCONJ
fbem-12156	41	20	t-1	t-1	PROPN
fbem-12156	41	21	,	,	PUNCT
fbem-12156	41	22	respectively	respectively	ADV
fbem-12156	41	23	;	;	PUNCT
fbem-12156	41	24	growtht-1	growtht-1	NUM
fbem-12156	41	25	is	be	AUX
fbem-12156	41	26	the	the	DET
fbem-12156	41	27	operating	operating	NOUN
fbem-12156	41	28	revenue	revenue	NOUN
fbem-12156	41	29	growth	growth	NOUN
fbem-12156	41	30	rate	rate	NOUN
fbem-12156	41	31	of	of	ADP
fbem-12156	41	32	t-1	t-1	PROPN
fbem-12156	41	33	years	year	NOUN
fbem-12156	41	34	;	;	PUNCT
fbem-12156	41	35	levt-1	levt-1	NUM
fbem-12156	41	36	is	be	AUX
fbem-12156	41	37	the	the	DET
fbem-12156	41	38	assetliability	assetliability	NOUN
fbem-12156	41	39	ratio	ratio	NOUN
fbem-12156	41	40	of	of	ADP
fbem-12156	41	41	the	the	DET
fbem-12156	41	42	t-1	t-1	PROPN
fbem-12156	41	43	year	year	NOUN
fbem-12156	41	44	;	;	PUNCT
fbem-12156	41	45	casht-1	casht-1	NUM
fbem-12156	41	46	represents	represent	VERB
fbem-12156	41	47	the	the	DET
fbem-12156	41	48	t-1	t-1	PROPN
fbem-12156	41	49	year	year	NOUN
fbem-12156	41	50	of	of	ADP
fbem-12156	41	51	cash	cash	NOUN
fbem-12156	41	52	holdings	holding	NOUN
fbem-12156	41	53	;	;	PUNCT
fbem-12156	41	54	sizet-1	sizet-1	AUX
fbem-12156	41	55	is	be	AUX
fbem-12156	41	56	equal	equal	ADJ
fbem-12156	41	57	to	to	ADP
fbem-12156	41	58	the	the	DET
fbem-12156	41	59	natural	natural	ADJ
fbem-12156	41	60	logarithm	logarithm	NOUN
fbem-12156	41	61	of	of	ADP
fbem-12156	41	62	the	the	DET
fbem-12156	41	63	total	total	ADJ
fbem-12156	41	64	assets	asset	NOUN
fbem-12156	41	65	at	at	ADP
fbem-12156	41	66	the	the	DET
fbem-12156	41	67	end	end	NOUN
fbem-12156	41	68	of	of	ADP
fbem-12156	41	69	t-1	t-1	PROPN
fbem-12156	41	70	year	year	NOUN
fbem-12156	41	71	;	;	PUNCT
fbem-12156	41	72	rett-1	rett-1	NUM
fbem-12156	41	73	is	be	AUX
fbem-12156	41	74	equal	equal	ADJ
fbem-12156	41	75	to	to	ADP
fbem-12156	41	76	the	the	DET
fbem-12156	41	77	t-1	t-1	PROPN
fbem-12156	41	78	-	-	PUNCT
fbem-12156	41	79	year	year	NOUN
fbem-12156	41	80	stock	stock	NOUN
fbem-12156	41	81	return	return	NOUN
fbem-12156	41	82	rate	rate	NOUN
fbem-12156	41	83	;	;	PUNCT
fbem-12156	41	84	aget-1	aget-1	PROPN
fbem-12156	41	85	is	be	AUX
fbem-12156	41	86	equal	equal	ADJ
fbem-12156	41	87	to	to	ADP
fbem-12156	41	88	the	the	DET
fbem-12156	41	89	natural	natural	ADJ
fbem-12156	41	90	log	log	NOUN
fbem-12156	41	91	of	of	ADP
fbem-12156	41	92	the	the	DET
fbem-12156	41	93	company	company	NOUN
fbem-12156	41	94	.	.	PUNCT
fbem-12156	42	1	when	when	SCONJ
fbem-12156	42	2	the	the	DET
fbem-12156	42	3	residual	residual	ADJ
fbem-12156	42	4	value	value	NOUN
fbem-12156	42	5	in	in	ADP
fbem-12156	42	6	the	the	DET
fbem-12156	42	7	richardson	richardson	PROPN
fbem-12156	42	8	model	model	NOUN
fbem-12156	42	9	is	be	AUX
fbem-12156	42	10	positive	positive	ADJ
fbem-12156	42	11	,	,	PUNCT
fbem-12156	42	12	it	it	PRON
fbem-12156	42	13	means	mean	VERB
fbem-12156	42	14	that	that	SCONJ
fbem-12156	42	15	the	the	DET
fbem-12156	42	16	enterprise	enterprise	NOUN
fbem-12156	42	17	is	be	AUX
fbem-12156	42	18	in	in	ADP
fbem-12156	42	19	the	the	DET
fbem-12156	42	20	state	state	NOUN
fbem-12156	42	21	of	of	ADP
fbem-12156	42	22	excessive	excessive	ADJ
fbem-12156	42	23	investment	investment	NOUN
fbem-12156	42	24	(	(	PUNCT
fbem-12156	42	25	overinvest	overinv	ADJ
fbem-12156	42	26	)	)	PUNCT
fbem-12156	42	27	,	,	PUNCT
fbem-12156	42	28	and	and	CCONJ
fbem-12156	42	29	when	when	SCONJ
fbem-12156	42	30	the	the	DET
fbem-12156	42	31	residual	residual	ADJ
fbem-12156	42	32	value	value	NOUN
fbem-12156	42	33	is	be	AUX
fbem-12156	42	34	negative	negative	ADJ
fbem-12156	42	35	,	,	PUNCT
fbem-12156	42	36	it	it	PRON
fbem-12156	42	37	means	mean	VERB
fbem-12156	42	38	that	that	SCONJ
fbem-12156	42	39	the	the	DET
fbem-12156	42	40	enterprise	enterprise	NOUN
fbem-12156	42	41	is	be	AUX
fbem-12156	42	42	in	in	ADP
fbem-12156	42	43	the	the	DET
fbem-12156	42	44	state	state	NOUN
fbem-12156	42	45	of	of	ADP
fbem-12156	42	46	underinvestment	underinvestment	ADJ
fbem-12156	42	47	(	(	PUNCT
fbem-12156	42	48	underinvest	underinv	ADJ
fbem-12156	42	49	)	)	PUNCT
fbem-12156	42	50	,	,	PUNCT
fbem-12156	42	51	which	which	PRON
fbem-12156	42	52	means	mean	VERB
fbem-12156	42	53	that	that	SCONJ
fbem-12156	42	54	the	the	PRON
fbem-12156	42	55	greater	great	ADJ
fbem-12156	42	56	the	the	DET
fbem-12156	42	57	absolute	absolute	ADJ
fbem-12156	42	58	value	value	NOUN
fbem-12156	42	59	of	of	ADP
fbem-12156	42	60	underinvest	underinv	ADJ
fbem-12156	42	61	and	and	CCONJ
fbem-12156	42	62	overinvest	overinv	ADJ
fbem-12156	42	63	,	,	PUNCT
fbem-12156	42	64	the	the	PRON
fbem-12156	42	65	higher	high	ADJ
fbem-12156	42	66	the	the	DET
fbem-12156	42	67	degree	degree	NOUN
fbem-12156	42	68	of	of	ADP
fbem-12156	42	69	non	non	ADJ
fbem-12156	42	70	-	-	ADJ
fbem-12156	42	71	efficiency	efficiency	ADJ
fbem-12156	42	72	investment	investment	NOUN
fbem-12156	42	73	of	of	ADP
fbem-12156	42	74	the	the	DET
fbem-12156	42	75	supplier	supplier	NOUN
fbem-12156	42	76	enterprise	enterprise	NOUN
fbem-12156	42	77	,	,	PUNCT
fbem-12156	42	78	and	and	CCONJ
fbem-12156	42	79	the	the	PRON
fbem-12156	42	80	lower	low	ADJ
fbem-12156	42	81	the	the	DET
fbem-12156	42	82	investment	investment	NOUN
fbem-12156	42	83	efficiency	efficiency	NOUN
fbem-12156	42	84	of	of	ADP
fbem-12156	42	85	the	the	DET
fbem-12156	42	86	enterprise	enterprise	NOUN
fbem-12156	42	87	.	.	PUNCT
fbem-12156	43	1	4.2.2	4.2.2	X
fbem-12156	43	2	.	.	PUNCT
fbem-12156	43	3	measure	measure	NOUN
fbem-12156	43	4	of	of	ADP
fbem-12156	43	5	the	the	DET
fbem-12156	43	6	real	real	ADJ
fbem-12156	43	7	rmb	rmb	PROPN
fbem-12156	43	8	exchange	exchange	NOUN
fbem-12156	43	9	rate	rate	NOUN
fbem-12156	43	10	ba	ba	PROPN
fbem-12156	43	11	shusong	shusong	PROPN
fbem-12156	43	12	believe	believe	VERB
fbem-12156	43	13	that	that	SCONJ
fbem-12156	43	14	the	the	DET
fbem-12156	43	15	real	real	ADJ
fbem-12156	43	16	effective	effective	ADJ
fbem-12156	43	17	exchange	exchange	NOUN
fbem-12156	43	18	rate	rate	NOUN
fbem-12156	43	19	of	of	ADP
fbem-12156	43	20	the	the	DET
fbem-12156	43	21	rmb	rmb	NOUN
fbem-12156	43	22	can	can	AUX
fbem-12156	43	23	more	more	ADV
fbem-12156	43	24	truly	truly	ADV
fbem-12156	43	25	reflect	reflect	VERB
fbem-12156	43	26	the	the	DET
fbem-12156	43	27	real	real	ADJ
fbem-12156	43	28	purchasing	purchasing	NOUN
fbem-12156	43	29	power	power	NOUN
fbem-12156	43	30	of	of	ADP
fbem-12156	43	31	a	a	DET
fbem-12156	43	32	country	country	NOUN
fbem-12156	43	33	's	's	PART
fbem-12156	43	34	currency	currency	NOUN
fbem-12156	43	35	and	and	CCONJ
fbem-12156	43	36	its	its	PRON
fbem-12156	43	37	competitiveness	competitiveness	NOUN
fbem-12156	43	38	in	in	ADP
fbem-12156	43	39	international	international	ADJ
fbem-12156	43	40	trade[9	trade[9	NOUN
fbem-12156	43	41	]	]	PUNCT
fbem-12156	43	42	.	.	PUNCT
fbem-12156	44	1	for	for	ADP
fbem-12156	44	2	this	this	DET
fbem-12156	44	3	reason	reason	NOUN
fbem-12156	44	4	,	,	PUNCT
fbem-12156	44	5	i	i	PRON
fbem-12156	44	6	chooses	choose	VERB
fbem-12156	44	7	the	the	DET
fbem-12156	44	8	real	real	ADJ
fbem-12156	44	9	effective	effective	ADJ
fbem-12156	44	10	exchange	exchange	NOUN
fbem-12156	44	11	rate	rate	NOUN
fbem-12156	44	12	of	of	ADP
fbem-12156	44	13	rmb	rmb	NOUN
fbem-12156	44	14	released	release	VERB
fbem-12156	44	15	by	by	ADP
fbem-12156	44	16	the	the	DET
fbem-12156	44	17	bank	bank	NOUN
fbem-12156	44	18	for	for	ADP
fbem-12156	44	19	international	international	ADJ
fbem-12156	44	20	settlements	settlement	NOUN
fbem-12156	44	21	as	as	ADP
fbem-12156	44	22	the	the	DET
fbem-12156	44	23	measure	measure	NOUN
fbem-12156	44	24	of	of	ADP
fbem-12156	44	25	the	the	DET
fbem-12156	44	26	exchange	exchange	NOUN
fbem-12156	44	27	rate	rate	NOUN
fbem-12156	44	28	.	.	PUNCT
fbem-12156	45	1	4.2.3	4.2.3	X
fbem-12156	45	2	.	.	PUNCT
fbem-12156	46	1	control	control	NOUN
fbem-12156	46	2	variables	variable	NOUN
fbem-12156	46	3	with	with	ADP
fbem-12156	46	4	reference	reference	NOUN
fbem-12156	46	5	to	to	ADP
fbem-12156	46	6	the	the	DET
fbem-12156	46	7	previous	previous	ADJ
fbem-12156	46	8	literature	literature	NOUN
fbem-12156	46	9	,	,	PUNCT
fbem-12156	46	10	i	i	PRON
fbem-12156	46	11	control	control	VERB
fbem-12156	46	12	some	some	PRON
fbem-12156	46	13	of	of	ADP
fbem-12156	46	14	the	the	DET
fbem-12156	46	15	corporate	corporate	ADJ
fbem-12156	46	16	management	management	NOUN
fbem-12156	46	17	and	and	CCONJ
fbem-12156	46	18	financial	financial	ADJ
fbem-12156	46	19	characteristics	characteristic	NOUN
fbem-12156	46	20	that	that	PRON
fbem-12156	46	21	may	may	AUX
fbem-12156	46	22	affect	affect	VERB
fbem-12156	46	23	the	the	DET
fbem-12156	46	24	efficiency	efficiency	NOUN
fbem-12156	46	25	of	of	ADP
fbem-12156	46	26	corporate	corporate	ADJ
fbem-12156	46	27	investment[10,11,12	investment[10,11,12	NOUN
fbem-12156	46	28	]	]	PUNCT
fbem-12156	46	29	,	,	PUNCT
fbem-12156	46	30	financial	financial	ADJ
fbem-12156	46	31	characteristic	characteristic	ADJ
fbem-12156	46	32	variables	variable	NOUN
fbem-12156	46	33	include	include	VERB
fbem-12156	46	34	:	:	PUNCT
fbem-12156	46	35	enterprise	enterprise	NOUN
fbem-12156	46	36	size	size	NOUN
fbem-12156	46	37	(	(	PUNCT
fbem-12156	46	38	size	size	NOUN
fbem-12156	46	39	)	)	PUNCT
fbem-12156	46	40	,	,	PUNCT
fbem-12156	46	41	enterprise	enterprise	NOUN
fbem-12156	46	42	age	age	NOUN
fbem-12156	46	43	(	(	PUNCT
fbem-12156	46	44	age	age	NOUN
fbem-12156	46	45	)	)	PUNCT
fbem-12156	46	46	,	,	PUNCT
fbem-12156	46	47	asset	asset	NOUN
fbem-12156	46	48	-	-	PUNCT
fbem-12156	46	49	liability	liability	NOUN
fbem-12156	46	50	ratio	ratio	NOUN
fbem-12156	46	51	(	(	PUNCT
fbem-12156	46	52	lev	lev	NOUN
fbem-12156	46	53	)	)	PUNCT
fbem-12156	46	54	,	,	PUNCT
fbem-12156	46	55	stock	stock	NOUN
fbem-12156	46	56	return	return	NOUN
fbem-12156	46	57	(	(	PUNCT
fbem-12156	46	58	ret	ret	PROPN
fbem-12156	46	59	)	)	PUNCT
fbem-12156	46	60	,	,	PUNCT
fbem-12156	46	61	working	work	VERB
fbem-12156	46	62	capital	capital	NOUN
fbem-12156	46	63	ratio	ratio	NOUN
fbem-12156	46	64	(	(	PUNCT
fbem-12156	46	65	cfo	cfo	PROPN
fbem-12156	46	66	)	)	PUNCT
fbem-12156	46	67	,	,	PUNCT
fbem-12156	46	68	return	return	VERB
fbem-12156	46	69	on	on	ADP
fbem-12156	46	70	assets	asset	NOUN
fbem-12156	46	71	(	(	PUNCT
fbem-12156	46	72	roa	roa	NOUN
fbem-12156	46	73	)	)	PUNCT
fbem-12156	46	74	,	,	PUNCT
fbem-12156	46	75	price	price	NOUN
fbem-12156	46	76	-	-	PUNCT
fbem-12156	46	77	to	to	ADP
fbem-12156	46	78	-	-	PUNCT
fbem-12156	46	79	book	book	NOUN
fbem-12156	46	80	ratio	ratio	NOUN
fbem-12156	46	81	(	(	PUNCT
fbem-12156	46	82	mtb	mtb	PROPN
fbem-12156	46	83	)	)	PUNCT
fbem-12156	46	84	;	;	PUNCT
fbem-12156	46	85	corporate	corporate	ADJ
fbem-12156	46	86	governance	governance	NOUN
fbem-12156	46	87	16	16	NUM
fbem-12156	46	88	indicators	indicator	NOUN
fbem-12156	46	89	include	include	VERB
fbem-12156	46	90	:	:	PUNCT
fbem-12156	46	91	the	the	DET
fbem-12156	46	92	ceo	ceo	NOUN
fbem-12156	46	93	's	's	PART
fbem-12156	46	94	governance	governance	NOUN
fbem-12156	46	95	capacity	capacity	NOUN
fbem-12156	46	96	(	(	PUNCT
fbem-12156	46	97	adminability	adminability	NOUN
fbem-12156	46	98	)	)	PUNCT
fbem-12156	46	99	,	,	PUNCT
fbem-12156	46	100	administrative	administrative	ADJ
fbem-12156	46	101	expenses	expense	NOUN
fbem-12156	46	102	(	(	PUNCT
fbem-12156	46	103	admincost	admincost	NOUN
fbem-12156	46	104	)	)	PUNCT
fbem-12156	46	105	,	,	PUNCT
fbem-12156	46	106	and	and	CCONJ
fbem-12156	46	107	the	the	DET
fbem-12156	46	108	balance	balance	NOUN
fbem-12156	46	109	of	of	ADP
fbem-12156	46	110	property	property	NOUN
fbem-12156	46	111	rights	right	NOUN
fbem-12156	46	112	(	(	PUNCT
fbem-12156	46	113	cr	cr	NOUN
fbem-12156	46	114	)	)	PUNCT
fbem-12156	46	115	.	.	PUNCT
fbem-12156	47	1	detailed	detailed	ADJ
fbem-12156	47	2	calculation	calculation	NOUN
fbem-12156	47	3	and	and	CCONJ
fbem-12156	47	4	description	description	NOUN
fbem-12156	47	5	are	be	AUX
fbem-12156	47	6	shown	show	VERB
fbem-12156	47	7	in	in	ADP
fbem-12156	47	8	table	table	NOUN
fbem-12156	47	9	1	1	NUM
fbem-12156	47	10	.	.	PUNCT
fbem-12156	47	11	table	table	NOUN
fbem-12156	47	12	1	1	NUM
fbem-12156	47	13	.	.	PUNCT
fbem-12156	48	1	definitions	definition	NOUN
fbem-12156	48	2	of	of	ADP
fbem-12156	48	3	variables	variable	NOUN
fbem-12156	48	4	:	:	PUNCT
fbem-12156	48	5	this	this	DET
fbem-12156	48	6	table	table	NOUN
fbem-12156	48	7	reports	report	VERB
fbem-12156	48	8	the	the	DET
fbem-12156	48	9	definitions	definition	NOUN
fbem-12156	48	10	of	of	ADP
fbem-12156	48	11	the	the	DET
fbem-12156	48	12	listed	list	VERB
fbem-12156	48	13	company	company	NOUN
fbem-12156	48	14	variables	variable	VERB
fbem-12156	48	15	for	for	ADP
fbem-12156	48	16	the	the	DET
fbem-12156	48	17	period	period	NOUN
fbem-12156	48	18	from	from	ADP
fbem-12156	48	19	2010	2010	NUM
fbem-12156	48	20	to	to	ADP
fbem-12156	48	21	2022	2022	NUM
fbem-12156	48	22	that	that	PRON
fbem-12156	48	23	we	we	PRON
fbem-12156	48	24	used	use	VERB
fbem-12156	48	25	in	in	ADP
fbem-12156	48	26	the	the	DET
fbem-12156	48	27	baseline	baseline	PROPN
fbem-12156	48	28	regression	regression	NOUN
fbem-12156	48	29	variable	variable	ADJ
fbem-12156	48	30	name	name	NOUN
fbem-12156	48	31	definition	definition	NOUN
fbem-12156	48	32	rmb	rmb	VERB
fbem-12156	48	33	real	real	ADJ
fbem-12156	48	34	exchange	exchange	NOUN
fbem-12156	48	35	rate	rate	NOUN
fbem-12156	48	36	measures	measure	NOUN
fbem-12156	48	37	lner	lner	NOUN
fbem-12156	48	38	the	the	DET
fbem-12156	48	39	natural	natural	ADJ
fbem-12156	48	40	logarithm	logarithm	NOUN
fbem-12156	48	41	of	of	ADP
fbem-12156	48	42	the	the	DET
fbem-12156	48	43	rmb	rmb	NOUN
fbem-12156	48	44	real	real	ADJ
fbem-12156	48	45	effective	effective	ADJ
fbem-12156	48	46	exchange	exchange	NOUN
fbem-12156	48	47	rate	rate	NOUN
fbem-12156	48	48	.	.	PUNCT
fbem-12156	49	1	invest	invest	VERB
fbem-12156	49	2	efficiency	efficiency	NOUN
fbem-12156	49	3	measures	measure	NOUN
fbem-12156	49	4	invefficiency	invefficiency	VERB
fbem-12156	49	5	absolute	absolute	ADJ
fbem-12156	49	6	value	value	NOUN
fbem-12156	49	7	of	of	ADP
fbem-12156	49	8	the	the	DET
fbem-12156	49	9	non	non	ADJ
fbem-12156	49	10	-	-	ADJ
fbem-12156	49	11	efficiency	efficiency	ADJ
fbem-12156	49	12	investment	investment	NOUN
fbem-12156	49	13	calculated	calculate	VERB
fbem-12156	49	14	from	from	ADP
fbem-12156	49	15	richardson	richardson	PROPN
fbem-12156	49	16	's	's	PART
fbem-12156	49	17	non	non	ADJ
fbem-12156	49	18	-	-	ADJ
fbem-12156	49	19	efficiency	efficiency	ADJ
fbem-12156	49	20	investment	investment	NOUN
fbem-12156	49	21	model	model	NOUN
fbem-12156	49	22	.	.	PUNCT
fbem-12156	50	1	overinvest	overinv	ADJ
fbem-12156	50	2	positive	positive	ADJ
fbem-12156	50	3	non	non	ADJ
fbem-12156	50	4	-	-	ADJ
fbem-12156	50	5	efficiency	efficiency	ADJ
fbem-12156	50	6	investment	investment	NOUN
fbem-12156	50	7	value	value	NOUN
fbem-12156	50	8	calculated	calculate	VERB
fbem-12156	50	9	by	by	ADP
fbem-12156	50	10	the	the	DET
fbem-12156	50	11	richardson	richardson	PROPN
fbem-12156	50	12	’s	’s	PART
fbem-12156	50	13	non	non	ADJ
fbem-12156	50	14	-	-	ADJ
fbem-12156	50	15	efficiency	efficiency	ADJ
fbem-12156	50	16	model	model	NOUN
fbem-12156	50	17	.	.	PUNCT
fbem-12156	51	1	underinvest	underinv	ADJ
fbem-12156	51	2	negative	negative	ADJ
fbem-12156	51	3	non	non	ADJ
fbem-12156	51	4	-	-	ADJ
fbem-12156	51	5	efficiency	efficiency	ADJ
fbem-12156	51	6	investment	investment	NOUN
fbem-12156	51	7	value	value	NOUN
fbem-12156	51	8	calculated	calculate	VERB
fbem-12156	51	9	by	by	ADP
fbem-12156	51	10	the	the	DET
fbem-12156	51	11	richardson	richardson	PROPN
fbem-12156	51	12	’s	’s	PART
fbem-12156	51	13	non	non	ADJ
fbem-12156	51	14	-	-	ADJ
fbem-12156	51	15	efficiency	efficiency	ADJ
fbem-12156	51	16	model	model	NOUN
fbem-12156	51	17	.	.	PUNCT
fbem-12156	52	1	invefficiencyb	invefficiencyb	PROPN
fbem-12156	52	2	absolute	absolute	ADJ
fbem-12156	52	3	value	value	NOUN
fbem-12156	52	4	of	of	ADP
fbem-12156	52	5	each	each	DET
fbem-12156	52	6	company	company	NOUN
fbem-12156	52	7	’s	’s	PART
fbem-12156	52	8	non	non	ADJ
fbem-12156	52	9	-	-	ADJ
fbem-12156	52	10	efficiency	efficiency	ADJ
fbem-12156	52	11	investment	investment	NOUN
fbem-12156	52	12	calculated	calculate	VERB
fbem-12156	52	13	from	from	ADP
fbem-12156	52	14	biddle	biddle	PROPN
fbem-12156	52	15	's	's	PART
fbem-12156	52	16	nonefficiency	nonefficiency	NOUN
fbem-12156	52	17	investment	investment	NOUN
fbem-12156	52	18	model	model	NOUN
fbem-12156	52	19	.	.	PUNCT
fbem-12156	53	1	overinvestb	overinvestb	PROPN
fbem-12156	53	2	positive	positive	ADJ
fbem-12156	53	3	non	non	ADJ
fbem-12156	53	4	-	-	ADJ
fbem-12156	53	5	efficiency	efficiency	ADJ
fbem-12156	53	6	investment	investment	NOUN
fbem-12156	53	7	value	value	NOUN
fbem-12156	53	8	of	of	ADP
fbem-12156	53	9	each	each	DET
fbem-12156	53	10	company	company	NOUN
fbem-12156	53	11	calculated	calculate	VERB
fbem-12156	53	12	by	by	ADP
fbem-12156	53	13	the	the	DET
fbem-12156	53	14	biddle	biddle	PROPN
fbem-12156	53	15	’s	’s	PART
fbem-12156	53	16	nonefficiency	nonefficiency	NOUN
fbem-12156	53	17	model	model	NOUN
fbem-12156	53	18	.	.	PUNCT
fbem-12156	54	1	underinvestb	underinvestb	ADP
fbem-12156	54	2	negative	negative	ADJ
fbem-12156	54	3	non	non	ADJ
fbem-12156	54	4	-	-	ADJ
fbem-12156	54	5	efficiency	efficiency	ADJ
fbem-12156	54	6	investment	investment	NOUN
fbem-12156	54	7	value	value	NOUN
fbem-12156	54	8	of	of	ADP
fbem-12156	54	9	each	each	DET
fbem-12156	54	10	company	company	NOUN
fbem-12156	54	11	calculated	calculate	VERB
fbem-12156	54	12	by	by	ADP
fbem-12156	54	13	the	the	DET
fbem-12156	54	14	biddle	biddle	PROPN
fbem-12156	54	15	’s	’s	PART
fbem-12156	54	16	nonefficiency	nonefficiency	NOUN
fbem-12156	54	17	model	model	NOUN
fbem-12156	54	18	.	.	PUNCT
fbem-12156	55	1	administrative	administrative	ADJ
fbem-12156	55	2	capacity	capacity	NOUN
fbem-12156	55	3	adminability	adminability	NOUN
fbem-12156	55	4	the	the	DET
fbem-12156	55	5	natural	natural	ADJ
fbem-12156	55	6	logarithm	logarithm	NOUN
fbem-12156	55	7	of	of	ADP
fbem-12156	55	8	total	total	ADJ
fbem-12156	55	9	management	management	NOUN
fbem-12156	55	10	salary	salary	NOUN
fbem-12156	55	11	for	for	ADP
fbem-12156	55	12	directors	director	NOUN
fbem-12156	55	13	,	,	PUNCT
fbem-12156	55	14	supervisors	supervisor	NOUN
fbem-12156	55	15	and	and	CCONJ
fbem-12156	55	16	executives	executive	NOUN
fbem-12156	55	17	.	.	PUNCT
fbem-12156	56	1	admincost	admincost	VERB
fbem-12156	56	2	administrative	administrative	ADJ
fbem-12156	56	3	expense	expense	NOUN
fbem-12156	56	4	divided	divide	VERB
fbem-12156	56	5	by	by	ADP
fbem-12156	56	6	total	total	ADJ
fbem-12156	56	7	assets	asset	NOUN
fbem-12156	56	8	.	.	PUNCT
fbem-12156	57	1	cr	cr	NOUN
fbem-12156	57	2	the	the	DET
fbem-12156	57	3	shareholding	shareholding	NOUN
fbem-12156	57	4	ratio	ratio	NOUN
fbem-12156	57	5	of	of	ADP
fbem-12156	57	6	the	the	DET
fbem-12156	57	7	2	2	NUM
fbem-12156	57	8	-	-	SYM
fbem-12156	57	9	5	5	NUM
fbem-12156	57	10	largest	large	ADJ
fbem-12156	57	11	shareholder	shareholder	NOUN
fbem-12156	57	12	divided	divide	VERB
fbem-12156	57	13	by	by	ADP
fbem-12156	57	14	the	the	DET
fbem-12156	57	15	shareholding	shareholding	NOUN
fbem-12156	57	16	ratio	ratio	NOUN
fbem-12156	57	17	of	of	ADP
fbem-12156	57	18	the	the	DET
fbem-12156	57	19	largest	large	ADJ
fbem-12156	57	20	shareholder	shareholder	NOUN
fbem-12156	57	21	.	.	PUNCT
fbem-12156	58	1	admin	admin	VERB
fbem-12156	58	2	the	the	DET
fbem-12156	58	3	natural	natural	ADJ
fbem-12156	58	4	logarithm	logarithm	NOUN
fbem-12156	58	5	of	of	ADP
fbem-12156	58	6	the	the	DET
fbem-12156	58	7	number	number	NOUN
fbem-12156	58	8	of	of	ADP
fbem-12156	58	9	board	board	NOUN
fbem-12156	58	10	directors	director	NOUN
fbem-12156	58	11	.	.	PUNCT
fbem-12156	59	1	firm	firm	ADJ
fbem-12156	59	2	characteristics	characteristics	PROPN
fbem-12156	59	3	roa	roa	PROPN
fbem-12156	59	4	return	return	VERB
fbem-12156	59	5	-	-	PUNCT
fbem-12156	59	6	on	on	ADP
fbem-12156	59	7	-	-	PUNCT
fbem-12156	59	8	assets	asset	NOUN
fbem-12156	59	9	ratio	ratio	NOUN
fbem-12156	59	10	.	.	PUNCT
fbem-12156	60	1	size	size	VERB
fbem-12156	60	2	the	the	DET
fbem-12156	60	3	natural	natural	ADJ
fbem-12156	60	4	logarithm	logarithm	NOUN
fbem-12156	60	5	of	of	ADP
fbem-12156	60	6	total	total	ADJ
fbem-12156	60	7	assets	asset	NOUN
fbem-12156	60	8	.	.	PUNCT
fbem-12156	61	1	lev	lev	VERB
fbem-12156	61	2	the	the	DET
fbem-12156	61	3	leverage	leverage	NOUN
fbem-12156	61	4	ratio	ratio	NOUN
fbem-12156	61	5	,	,	PUNCT
fbem-12156	61	6	calculated	calculate	VERB
fbem-12156	61	7	as	as	ADP
fbem-12156	61	8	total	total	ADJ
fbem-12156	61	9	debt	debt	NOUN
fbem-12156	61	10	divided	divide	VERB
fbem-12156	61	11	by	by	ADP
fbem-12156	61	12	total	total	ADJ
fbem-12156	61	13	assets	asset	NOUN
fbem-12156	61	14	.	.	PUNCT
fbem-12156	62	1	cfo	cfo	VERB
fbem-12156	62	2	the	the	DET
fbem-12156	62	3	net	net	ADJ
fbem-12156	62	4	cash	cash	NOUN
fbem-12156	62	5	flow	flow	NOUN
fbem-12156	62	6	generated	generate	VERB
fbem-12156	62	7	from	from	ADP
fbem-12156	62	8	operating	operate	VERB
fbem-12156	62	9	activities	activity	NOUN
fbem-12156	62	10	divided	divide	VERB
fbem-12156	62	11	by	by	ADP
fbem-12156	62	12	paid	pay	VERB
fbem-12156	62	13	-	-	PUNCT
fbem-12156	62	14	in	in	ADP
fbem-12156	62	15	capital	capital	NOUN
fbem-12156	62	16	.	.	PUNCT
fbem-12156	63	1	mtb	mtb	VERB
fbem-12156	63	2	the	the	DET
fbem-12156	63	3	current	current	ADJ
fbem-12156	63	4	closing	closing	NOUN
fbem-12156	63	5	price	price	NOUN
fbem-12156	63	6	is	be	AUX
fbem-12156	63	7	the	the	DET
fbem-12156	63	8	percentage	percentage	NOUN
fbem-12156	63	9	of	of	ADP
fbem-12156	63	10	owners	owner	NOUN
fbem-12156	63	11	'	'	PART
fbem-12156	63	12	equity	equity	NOUN
fbem-12156	63	13	and	and	CCONJ
fbem-12156	63	14	paid	pay	VERB
fbem-12156	63	15	-	-	PUNCT
fbem-12156	63	16	in	in	ADP
fbem-12156	63	17	capital	capital	NOUN
fbem-12156	63	18	.	.	PUNCT
fbem-12156	64	1	age	age	NOUN
fbem-12156	64	2	company	company	NOUN
fbem-12156	64	3	i	i	PROPN
fbem-12156	64	4	's	be	AUX
fbem-12156	64	5	age	age	NOUN
fbem-12156	64	6	.	.	PUNCT
fbem-12156	65	1	it	it	PRON
fbem-12156	65	2	equals	equal	VERB
fbem-12156	65	3	the	the	DET
fbem-12156	65	4	number	number	NOUN
fbem-12156	65	5	of	of	ADP
fbem-12156	65	6	years	year	NOUN
fbem-12156	65	7	the	the	DET
fbem-12156	65	8	corporation	corporation	NOUN
fbem-12156	65	9	has	have	AUX
fbem-12156	65	10	existed	exist	VERB
fbem-12156	65	11	since	since	SCONJ
fbem-12156	65	12	the	the	DET
fbem-12156	65	13	ipo	ipo	PROPN
fbem-12156	65	14	year	year	NOUN
fbem-12156	65	15	.	.	PUNCT
fbem-12156	66	1	ret	ret	PROPN
fbem-12156	66	2	return	return	NOUN
fbem-12156	66	3	on	on	ADP
fbem-12156	66	4	investment	investment	NOUN
fbem-12156	66	5	.	.	PUNCT
fbem-12156	67	1	4.3	4.3	NUM
fbem-12156	67	2	.	.	PUNCT
fbem-12156	67	3	model	model	NOUN
fbem-12156	67	4	design	design	NOUN
fbem-12156	67	5	in	in	ADP
fbem-12156	67	6	order	order	NOUN
fbem-12156	67	7	to	to	PART
fbem-12156	67	8	study	study	VERB
fbem-12156	67	9	the	the	DET
fbem-12156	67	10	impact	impact	NOUN
fbem-12156	67	11	of	of	ADP
fbem-12156	67	12	people	people	NOUN
fbem-12156	67	13	's	's	PART
fbem-12156	67	14	real	real	ADJ
fbem-12156	67	15	effective	effective	ADJ
fbem-12156	67	16	exchange	exchange	NOUN
fbem-12156	67	17	rate	rate	NOUN
fbem-12156	67	18	on	on	ADP
fbem-12156	67	19	the	the	DET
fbem-12156	67	20	investment	investment	NOUN
fbem-12156	67	21	efficiency	efficiency	NOUN
fbem-12156	67	22	of	of	ADP
fbem-12156	67	23	listed	list	VERB
fbem-12156	67	24	companies	company	NOUN
fbem-12156	67	25	in	in	ADP
fbem-12156	67	26	china	china	PROPN
fbem-12156	67	27	,	,	PUNCT
fbem-12156	67	28	the	the	DET
fbem-12156	67	29	paper	paper	NOUN
fbem-12156	67	30	creates	create	VERB
fbem-12156	67	31	the	the	DET
fbem-12156	67	32	following	follow	VERB
fbem-12156	67	33	panel	panel	NOUN
fbem-12156	67	34	regression	regression	NOUN
fbem-12156	67	35	model	model	NOUN
fbem-12156	67	36	:	:	PUNCT
fbem-12156	67	37	invefficiencyt	invefficiencyt	PROPN
fbem-12156	67	38	=	=	PUNCT
fbem-12156	68	1	β0	β0	PROPN
fbem-12156	68	2	+	+	CCONJ
fbem-12156	68	3	β1lnert	β1lnert	PROPN
fbem-12156	69	1	+	+	CCONJ
fbem-12156	69	2	β2adminabilityt	β2adminabilityt	ADJ
fbem-12156	69	3	+	+	CCONJ
fbem-12156	69	4	β2admincostt	β2admincostt	NOUN
fbem-12156	69	5	+	+	X
fbem-12156	69	6	β3cr	β3cr	PUNCT
fbem-12156	69	7	+	+	CCONJ
fbem-12156	69	8	β4roa	β4roa	PUNCT
fbem-12156	70	1	+	+	CCONJ
fbem-12156	70	2	β5size	β5size	PROPN
fbem-12156	70	3	+	+	NUM
fbem-12156	70	4	β6lev	β6lev	NUM
fbem-12156	71	1	+	+	CCONJ
fbem-12156	71	2	β7cfo	β7cfo	PUNCT
fbem-12156	72	1	+	+	NUM
fbem-12156	72	2	β8mtb	β8mtb	PUNCT
fbem-12156	73	1	+	+	CCONJ
fbem-12156	73	2	β9age	β9age	NOUN
fbem-12156	74	1	+	+	NUM
fbem-12156	74	2	β10rett	β10rett	NOUN
fbem-12156	74	3	+	+	CCONJ
fbem-12156	74	4	industry	industry	NOUN
fbem-12156	74	5	+	+	CCONJ
fbem-12156	74	6	year	year	NOUN
fbem-12156	75	1	+	+	CCONJ
fbem-12156	76	1	εt	εt	PROPN
fbem-12156	76	2	.	.	PUNCT
fbem-12156	77	1	(	(	PUNCT
fbem-12156	77	2	2	2	X
fbem-12156	77	3	)	)	PUNCT
fbem-12156	77	4	the	the	DET
fbem-12156	77	5	explained	explain	VERB
fbem-12156	77	6	variables	variable	NOUN
fbem-12156	77	7	are	be	AUX
fbem-12156	77	8	the	the	DET
fbem-12156	77	9	investment	investment	NOUN
fbem-12156	77	10	efficiency	efficiency	NOUN
fbem-12156	77	11	values	value	NOUN
fbem-12156	77	12	calculated	calculate	VERB
fbem-12156	77	13	according	accord	VERB
fbem-12156	77	14	to	to	ADP
fbem-12156	77	15	the	the	DET
fbem-12156	77	16	richardson	richardson	PROPN
fbem-12156	77	17	model	model	NOUN
fbem-12156	77	18	:	:	PUNCT
fbem-12156	77	19	abs	ab	NOUN
fbem-12156	77	20	,	,	PUNCT
fbem-12156	77	21	underinvest	underinv	ADJ
fbem-12156	77	22	,	,	PUNCT
fbem-12156	77	23	and	and	CCONJ
fbem-12156	77	24	overinvest	overinv	ADJ
fbem-12156	77	25	,	,	PUNCT
fbem-12156	77	26	and	and	CCONJ
fbem-12156	77	27	the	the	DET
fbem-12156	77	28	explained	explain	VERB
fbem-12156	77	29	variables	variable	NOUN
fbem-12156	77	30	are	be	AUX
fbem-12156	77	31	the	the	DET
fbem-12156	77	32	natural	natural	ADJ
fbem-12156	77	33	logarithm	logarithm	NOUN
fbem-12156	77	34	lner	lner	NOUN
fbem-12156	77	35	of	of	ADP
fbem-12156	77	36	the	the	DET
fbem-12156	77	37	real	real	ADJ
fbem-12156	77	38	effective	effective	ADJ
fbem-12156	77	39	exchange	exchange	NOUN
fbem-12156	77	40	rate	rate	NOUN
fbem-12156	77	41	of	of	ADP
fbem-12156	77	42	rmb	rmb	NOUN
fbem-12156	77	43	mentioned	mention	VERB
fbem-12156	77	44	above.among	above.among	ADP
fbem-12156	77	45	them	they	PRON
fbem-12156	77	46	,	,	PUNCT
fbem-12156	77	47	administrative	administrative	ADJ
fbem-12156	77	48	capacity	capacity	NOUN
fbem-12156	77	49	and	and	CCONJ
fbem-12156	77	50	firm	firm	ADJ
fbem-12156	77	51	characteristics	characteristic	NOUN
fbem-12156	77	52	are	be	AUX
fbem-12156	77	53	the	the	DET
fbem-12156	77	54	vector	vector	NOUN
fbem-12156	77	55	of	of	ADP
fbem-12156	77	56	control	control	NOUN
fbem-12156	77	57	variables	variable	NOUN
fbem-12156	77	58	of	of	ADP
fbem-12156	77	59	enterprise	enterprise	NOUN
fbem-12156	77	60	financial	financial	ADJ
fbem-12156	77	61	level	level	NOUN
fbem-12156	77	62	and	and	CCONJ
fbem-12156	77	63	enterprise	enterprise	NOUN
fbem-12156	77	64	administrative	administrative	ADJ
fbem-12156	77	65	level	level	NOUN
fbem-12156	77	66	respectively	respectively	ADV
fbem-12156	77	67	.	.	PUNCT
fbem-12156	78	1	in	in	ADP
fbem-12156	78	2	addition	addition	NOUN
fbem-12156	78	3	,	,	PUNCT
fbem-12156	78	4	since	since	SCONJ
fbem-12156	78	5	the	the	DET
fbem-12156	78	6	investment	investment	NOUN
fbem-12156	78	7	efficiency	efficiency	NOUN
fbem-12156	78	8	and	and	CCONJ
fbem-12156	78	9	the	the	DET
fbem-12156	78	10	real	real	ADJ
fbem-12156	78	11	effective	effective	ADJ
fbem-12156	78	12	exchange	exchange	NOUN
fbem-12156	78	13	rate	rate	NOUN
fbem-12156	78	14	of	of	ADP
fbem-12156	78	15	rmb	rmb	NOUN
fbem-12156	78	16	may	may	AUX
fbem-12156	78	17	vary	vary	VERB
fbem-12156	78	18	greatly	greatly	ADV
fbem-12156	78	19	because	because	SCONJ
fbem-12156	78	20	the	the	DET
fbem-12156	78	21	enterprise	enterprise	NOUN
fbem-12156	78	22	is	be	AUX
fbem-12156	78	23	in	in	ADP
fbem-12156	78	24	different	different	ADJ
fbem-12156	78	25	industries	industry	NOUN
fbem-12156	78	26	,	,	PUNCT
fbem-12156	78	27	this	this	DET
fbem-12156	78	28	paper	paper	NOUN
fbem-12156	78	29	controls	control	VERB
fbem-12156	78	30	the	the	DET
fbem-12156	78	31	fixed	fix	VERB
fbem-12156	78	32	effect	effect	NOUN
fbem-12156	78	33	of	of	ADP
fbem-12156	78	34	the	the	DET
fbem-12156	78	35	industry	industry	NOUN
fbem-12156	78	36	.	.	PUNCT
fbem-12156	79	1	in	in	ADP
fbem-12156	79	2	order	order	NOUN
fbem-12156	79	3	to	to	PART
fbem-12156	79	4	further	far	ADV
fbem-12156	79	5	investigate	investigate	VERB
fbem-12156	79	6	the	the	DET
fbem-12156	79	7	influence	influence	NOUN
fbem-12156	79	8	of	of	ADP
fbem-12156	79	9	equity	equity	NOUN
fbem-12156	79	10	concentration	concentration	NOUN
fbem-12156	79	11	and	and	CCONJ
fbem-12156	79	12	financing	financing	NOUN
fbem-12156	79	13	constraints	constraint	NOUN
fbem-12156	79	14	on	on	ADP
fbem-12156	79	15	the	the	DET
fbem-12156	79	16	relationship	relationship	NOUN
fbem-12156	79	17	between	between	ADP
fbem-12156	79	18	the	the	DET
fbem-12156	79	19	actual	actual	ADJ
fbem-12156	79	20	effective	effective	ADJ
fbem-12156	79	21	exchange	exchange	NOUN
fbem-12156	79	22	rate	rate	NOUN
fbem-12156	79	23	of	of	ADP
fbem-12156	79	24	rmb	rmb	NOUN
fbem-12156	79	25	and	and	CCONJ
fbem-12156	79	26	the	the	DET
fbem-12156	79	27	investment	investment	NOUN
fbem-12156	79	28	efficiency	efficiency	NOUN
fbem-12156	79	29	of	of	ADP
fbem-12156	79	30	enterprises	enterprise	NOUN
fbem-12156	79	31	,	,	PUNCT
fbem-12156	79	32	this	this	DET
fbem-12156	79	33	paper	paper	NOUN
fbem-12156	79	34	conducts	conduct	VERB
fbem-12156	79	35	an	an	DET
fbem-12156	79	36	empirical	empirical	ADJ
fbem-12156	79	37	test	test	NOUN
fbem-12156	79	38	from	from	ADP
fbem-12156	79	39	the	the	DET
fbem-12156	79	40	two	two	NUM
fbem-12156	79	41	aspects	aspect	NOUN
fbem-12156	79	42	of	of	ADP
fbem-12156	79	43	equity	equity	NOUN
fbem-12156	79	44	concentration	concentration	NOUN
fbem-12156	79	45	and	and	CCONJ
fbem-12156	79	46	the	the	DET
fbem-12156	79	47	degree	degree	NOUN
fbem-12156	79	48	of	of	ADP
fbem-12156	79	49	financing	financing	NOUN
fbem-12156	79	50	constraints	constraint	NOUN
fbem-12156	79	51	after	after	ADP
fbem-12156	79	52	regressing	regress	VERB
fbem-12156	79	53	the	the	DET
fbem-12156	79	54	full	full	ADJ
fbem-12156	79	55	sample	sample	NOUN
fbem-12156	79	56	.	.	PUNCT
fbem-12156	80	1	5	5	X
fbem-12156	80	2	.	.	X
fbem-12156	80	3	empirical	empirical	ADJ
fbem-12156	80	4	results	result	NOUN
fbem-12156	80	5	5.1	5.1	NUM
fbem-12156	80	6	.	.	PUNCT
fbem-12156	81	1	descriptive	descriptive	ADJ
fbem-12156	81	2	statistics	statistic	NOUN
fbem-12156	81	3	table	table	NOUN
fbem-12156	81	4	2	2	NUM
fbem-12156	81	5	presents	present	VERB
fbem-12156	81	6	descriptive	descriptive	ADJ
fbem-12156	81	7	statistics	statistic	NOUN
fbem-12156	81	8	for	for	ADP
fbem-12156	81	9	the	the	DET
fbem-12156	81	10	listed	list	VERB
fbem-12156	81	11	company	company	NOUN
fbem-12156	81	12	variables	variable	VERB
fbem-12156	81	13	from	from	ADP
fbem-12156	81	14	2010	2010	NUM
fbem-12156	81	15	to	to	ADP
fbem-12156	81	16	2022	2022	NUM
fbem-12156	81	17	used	use	VERB
fbem-12156	81	18	in	in	ADP
fbem-12156	81	19	this	this	DET
fbem-12156	81	20	study	study	NOUN
fbem-12156	81	21	,	,	PUNCT
fbem-12156	81	22	including	include	VERB
fbem-12156	81	23	explanatory	explanatory	ADJ
fbem-12156	81	24	variables	variable	NOUN
fbem-12156	81	25	,	,	PUNCT
fbem-12156	81	26	explained	explain	VERB
fbem-12156	81	27	variables	variable	NOUN
fbem-12156	81	28	and	and	CCONJ
fbem-12156	81	29	control	control	NOUN
fbem-12156	81	30	variables	variable	NOUN
fbem-12156	81	31	.	.	PUNCT
fbem-12156	82	1	as	as	SCONJ
fbem-12156	82	2	can	can	AUX
fbem-12156	82	3	be	be	AUX
fbem-12156	82	4	seen	see	VERB
fbem-12156	82	5	from	from	ADP
fbem-12156	82	6	table	table	NOUN
fbem-12156	82	7	2	2	NUM
fbem-12156	82	8	,	,	PUNCT
fbem-12156	82	9	the	the	DET
fbem-12156	82	10	average	average	ADJ
fbem-12156	82	11	logarithm	logarithm	NOUN
fbem-12156	82	12	of	of	ADP
fbem-12156	82	13	the	the	DET
fbem-12156	82	14	natural	natural	ADJ
fbem-12156	82	15	logarithm	logarithm	NOUN
fbem-12156	82	16	of	of	ADP
fbem-12156	82	17	the	the	DET
fbem-12156	82	18	real	real	ADJ
fbem-12156	82	19	effective	effective	ADJ
fbem-12156	82	20	exchange	exchange	NOUN
fbem-12156	82	21	rate	rate	NOUN
fbem-12156	82	22	of	of	ADP
fbem-12156	82	23	rmb	rmb	NOUN
fbem-12156	82	24	released	release	VERB
fbem-12156	82	25	by	by	ADP
fbem-12156	82	26	the	the	DET
fbem-12156	82	27	bank	bank	NOUN
fbem-12156	82	28	for	for	ADP
fbem-12156	82	29	international	international	ADJ
fbem-12156	82	30	settlements	settlement	NOUN
fbem-12156	82	31	is	be	AUX
fbem-12156	82	32	4.575	4.575	NUM
fbem-12156	82	33	,	,	PUNCT
fbem-12156	82	34	which	which	PRON
fbem-12156	82	35	is	be	AUX
fbem-12156	82	36	basically	basically	ADV
fbem-12156	82	37	consistent	consistent	ADJ
fbem-12156	82	38	with	with	ADP
fbem-12156	82	39	the	the	DET
fbem-12156	82	40	research	research	NOUN
fbem-12156	82	41	data	datum	NOUN
fbem-12156	82	42	of	of	ADP
fbem-12156	82	43	chen	chen	PROPN
fbem-12156	82	44	yongying	yongying	PROPN
fbem-12156	82	45	et	et	PROPN
fbem-12156	82	46	al	al	PROPN
fbem-12156	82	47	.	.	PROPN
fbem-12156	83	1	(	(	PUNCT
fbem-12156	83	2	2021	2021	NUM
fbem-12156	83	3	)	)	PUNCT
fbem-12156	83	4	,	,	PUNCT
fbem-12156	84	1	thus	thus	ADV
fbem-12156	84	2	proving	prove	VERB
fbem-12156	84	3	that	that	SCONJ
fbem-12156	84	4	our	our	PRON
fbem-12156	84	5	selection	selection	NOUN
fbem-12156	84	6	of	of	ADP
fbem-12156	84	7	data	datum	NOUN
fbem-12156	84	8	is	be	AUX
fbem-12156	84	9	relatively	relatively	ADV
fbem-12156	84	10	reliable[13	reliable[13	NOUN
fbem-12156	84	11	]	]	PUNCT
fbem-12156	84	12	.	.	PUNCT
fbem-12156	85	1	as	as	SCONJ
fbem-12156	85	2	can	can	AUX
fbem-12156	85	3	be	be	AUX
fbem-12156	85	4	seen	see	VERB
fbem-12156	85	5	from	from	ADP
fbem-12156	85	6	table	table	NOUN
fbem-12156	85	7	2	2	NUM
fbem-12156	85	8	,	,	PUNCT
fbem-12156	85	9	the	the	DET
fbem-12156	85	10	average	average	ADJ
fbem-12156	85	11	scale	scale	NOUN
fbem-12156	85	12	of	of	ADP
fbem-12156	85	13	overinvestment	overinvestment	ADJ
fbem-12156	85	14	(	(	PUNCT
fbem-12156	85	15	overinvest	overinv	ADJ
fbem-12156	85	16	)	)	PUNCT
fbem-12156	85	17	in	in	ADP
fbem-12156	85	18	the	the	DET
fbem-12156	85	19	sample	sample	NOUN
fbem-12156	85	20	is	be	AUX
fbem-12156	85	21	5.3	5.3	NUM
fbem-12156	85	22	%	%	NOUN
fbem-12156	85	23	of	of	ADP
fbem-12156	85	24	the	the	DET
fbem-12156	85	25	total	total	ADJ
fbem-12156	85	26	assets	asset	NOUN
fbem-12156	85	27	,	,	PUNCT
fbem-12156	85	28	the	the	DET
fbem-12156	85	29	scale	scale	NOUN
fbem-12156	85	30	of	of	ADP
fbem-12156	85	31	underinvestment	underinvestment	NOUN
fbem-12156	85	32	is	be	AUX
fbem-12156	85	33	3.1	3.1	NUM
fbem-12156	85	34	%	%	NOUN
fbem-12156	85	35	of	of	ADP
fbem-12156	85	36	the	the	DET
fbem-12156	85	37	total	total	ADJ
fbem-12156	85	38	assets	asset	NOUN
fbem-12156	85	39	,	,	PUNCT
fbem-12156	85	40	and	and	CCONJ
fbem-12156	85	41	the	the	DET
fbem-12156	85	42	average	average	ADJ
fbem-12156	85	43	absolute	absolute	ADJ
fbem-12156	85	44	value	value	NOUN
fbem-12156	85	45	of	of	ADP
fbem-12156	85	46	non	non	ADJ
fbem-12156	85	47	-	-	ADJ
fbem-12156	85	48	efficiency	efficiency	ADJ
fbem-12156	85	49	investment	investment	NOUN
fbem-12156	85	50	(	(	PUNCT
fbem-12156	85	51	abs	ab	NOUN
fbem-12156	85	52	)	)	PUNCT
fbem-12156	85	53	in	in	ADP
fbem-12156	85	54	the	the	DET
fbem-12156	85	55	overall	overall	ADJ
fbem-12156	85	56	sample	sample	NOUN
fbem-12156	85	57	is	be	AUX
fbem-12156	85	58	3.9	3.9	NUM
fbem-12156	85	59	%	%	NOUN
fbem-12156	85	60	indicating	indicate	VERB
fbem-12156	85	61	that	that	SCONJ
fbem-12156	85	62	on	on	ADP
fbem-12156	85	63	average	average	ADJ
fbem-12156	85	64	,	,	PUNCT
fbem-12156	85	65	the	the	DET
fbem-12156	85	66	investment	investment	NOUN
fbem-12156	85	67	of	of	ADP
fbem-12156	85	68	the	the	DET
fbem-12156	85	69	sample	sample	NOUN
fbem-12156	85	70	company	company	NOUN
fbem-12156	85	71	deviates	deviate	VERB
fbem-12156	85	72	from	from	ADP
fbem-12156	85	73	its	its	PRON
fbem-12156	85	74	best	good	ADJ
fbem-12156	85	75	investment	investment	NOUN
fbem-12156	85	76	level	level	NOUN
fbem-12156	85	77	is	be	AUX
fbem-12156	85	78	3.9	3.9	NUM
fbem-12156	85	79	%	%	NOUN
fbem-12156	85	80	of	of	ADP
fbem-12156	85	81	the	the	DET
fbem-12156	85	82	total	total	ADJ
fbem-12156	85	83	assets.moreover	assets.moreover	PROPN
fbem-12156	85	84	,	,	PUNCT
fbem-12156	85	85	we	we	PRON
fbem-12156	85	86	can	can	AUX
fbem-12156	85	87	observe	observe	VERB
fbem-12156	85	88	that	that	SCONJ
fbem-12156	85	89	62.804	62.804	NUM
fbem-12156	85	90	%	%	NOUN
fbem-12156	85	91	of	of	ADP
fbem-12156	85	92	the	the	DET
fbem-12156	85	93	companies	company	NOUN
fbem-12156	85	94	in	in	ADP
fbem-12156	85	95	the	the	DET
fbem-12156	85	96	overall	overall	ADJ
fbem-12156	85	97	sample	sample	NOUN
fbem-12156	85	98	have	have	VERB
fbem-12156	85	99	the	the	DET
fbem-12156	85	100	phenomenon	phenomenon	NOUN
fbem-12156	85	101	of	of	ADP
fbem-12156	85	102	insufficient	insufficient	ADJ
fbem-12156	85	103	investment	investment	NOUN
fbem-12156	85	104	,	,	PUNCT
fbem-12156	85	105	indicating	indicate	VERB
fbem-12156	85	106	that	that	SCONJ
fbem-12156	85	107	insufficient	insufficient	ADJ
fbem-12156	85	108	investment	investment	NOUN
fbem-12156	85	109	is	be	AUX
fbem-12156	85	110	one	one	NUM
fbem-12156	85	111	of	of	ADP
fbem-12156	85	112	the	the	DET
fbem-12156	85	113	reasons	reason	NOUN
fbem-12156	85	114	for	for	ADP
fbem-12156	85	115	the	the	DET
fbem-12156	85	116	widespread	widespread	ADJ
fbem-12156	85	117	inefficient	inefficient	ADJ
fbem-12156	85	118	investment	investment	NOUN
fbem-12156	85	119	in	in	ADP
fbem-12156	85	120	chinese	chinese	ADJ
fbem-12156	85	121	enterprises	enterprise	NOUN
fbem-12156	85	122	.	.	PUNCT
fbem-12156	86	1	17	17	NUM
fbem-12156	86	2	table	table	NOUN
fbem-12156	86	3	2	2	NUM
fbem-12156	86	4	.	.	PUNCT
fbem-12156	86	5	summary	summary	NOUN
fbem-12156	86	6	statistics	statistic	NOUN
fbem-12156	86	7	:	:	PUNCT
fbem-12156	86	8	this	this	DET
fbem-12156	86	9	table	table	NOUN
fbem-12156	86	10	reports	report	VERB
fbem-12156	86	11	descriptive	descriptive	ADJ
fbem-12156	86	12	statistics	statistic	NOUN
fbem-12156	86	13	of	of	ADP
fbem-12156	86	14	the	the	DET
fbem-12156	86	15	publicly	publicly	ADJ
fbem-12156	86	16	company	company	NOUN
fbem-12156	86	17	variables	variable	NOUN
fbem-12156	86	18	between	between	ADP
fbem-12156	86	19	2010	2010	NUM
fbem-12156	86	20	and	and	CCONJ
fbem-12156	86	21	2022	2022	NUM
fbem-12156	86	22	used	use	VERB
fbem-12156	86	23	in	in	ADP
fbem-12156	86	24	our	our	PRON
fbem-12156	86	25	baseline	baseline	NOUN
fbem-12156	86	26	regression	regression	NOUN
fbem-12156	86	27	,	,	PUNCT
fbem-12156	86	28	including	include	VERB
fbem-12156	86	29	dependent	dependent	ADJ
fbem-12156	86	30	,	,	PUNCT
fbem-12156	86	31	independent	independent	ADJ
fbem-12156	86	32	,	,	PUNCT
fbem-12156	86	33	and	and	CCONJ
fbem-12156	86	34	control	control	NOUN
fbem-12156	86	35	variables	variable	NOUN
fbem-12156	86	36	.	.	PUNCT
fbem-12156	87	1	variable	variable	ADJ
fbem-12156	87	2	obs	obs	PROPN
fbem-12156	87	3	mean	mean	VERB
fbem-12156	87	4	std	std	PROPN
fbem-12156	87	5	.	.	PROPN
fbem-12156	88	1	dev	dev	PROPN
fbem-12156	88	2	.	.	PUNCT
fbem-12156	89	1	min	min	PROPN
fbem-12156	89	2	max	max	PROPN
fbem-12156	89	3	abs	ab	VERB
fbem-12156	89	4	18615	18615	NUM
fbem-12156	89	5	0.039	0.039	NUM
fbem-12156	89	6	0.045	0.045	NUM
fbem-12156	89	7	0	0	NUM
fbem-12156	89	8	0.267	0.267	NUM
fbem-12156	89	9	overinvest	overinv	ADJ
fbem-12156	89	10	6924	6924	NUM
fbem-12156	89	11	0.053	0.053	NUM
fbem-12156	89	12	0.067	0.067	NUM
fbem-12156	89	13	0	0	NUM
fbem-12156	89	14	0.397	0.397	NUM
fbem-12156	89	15	underinvest	underinv	ADJ
fbem-12156	89	16	11691	11691	NUM
fbem-12156	89	17	0.031	0.031	NUM
fbem-12156	89	18	0.028	0.028	NUM
fbem-12156	89	19	0	0	NUM
fbem-12156	90	1	0.275	0.275	NUM
fbem-12156	90	2	lner	lner	NOUN
fbem-12156	90	3	18615	18615	NUM
fbem-12156	90	4	4.575	4.575	NUM
fbem-12156	90	5	0.068	0.068	NUM
fbem-12156	90	6	4.385	4.385	NUM
fbem-12156	90	7	4.643	4.643	NUM
fbem-12156	90	8	adminability	adminability	NOUN
fbem-12156	90	9	18615	18615	NUM
fbem-12156	90	10	15.361	15.361	NUM
fbem-12156	90	11	0.722	0.722	NUM
fbem-12156	90	12	13.575	13.575	NUM
fbem-12156	90	13	17.323	17.323	NUM
fbem-12156	90	14	admincost	admincost	NOUN
fbem-12156	90	15	18615	18615	NUM
fbem-12156	90	16	0.086	0.086	NUM
fbem-12156	90	17	0.066	0.066	NUM
fbem-12156	90	18	0.008	0.008	NUM
fbem-12156	90	19	0.397	0.397	NUM
fbem-12156	90	20	cr	cr	ADP
fbem-12156	90	21	18615	18615	NUM
fbem-12156	90	22	0.729	0.729	NUM
fbem-12156	90	23	0.605	0.605	NUM
fbem-12156	90	24	0.027	0.027	NUM
fbem-12156	90	25	2.732	2.732	NUM
fbem-12156	90	26	roa	roa	NOUN
fbem-12156	90	27	18615	18615	NUM
fbem-12156	90	28	0.032	0.032	NUM
fbem-12156	90	29	0.067	0.067	NUM
fbem-12156	90	30	-0.285	-0.285	SYM
fbem-12156	90	31	0.2	0.2	NUM
fbem-12156	90	32	size	size	NOUN
fbem-12156	90	33	18615	18615	NUM
fbem-12156	90	34	22.306	22.306	NUM
fbem-12156	90	35	1.215	1.215	NUM
fbem-12156	90	36	19.95	19.95	NUM
fbem-12156	90	37	26.37	26.37	NUM
fbem-12156	90	38	lev	lev	NOUN
fbem-12156	90	39	18615	18615	NUM
fbem-12156	90	40	0.436	0.436	NUM
fbem-12156	90	41	0.198	0.198	NUM
fbem-12156	90	42	0.063	0.063	NUM
fbem-12156	90	43	0.894	0.894	NUM
fbem-12156	90	44	cfo	cfo	NOUN
fbem-12156	90	45	18615	18615	NUM
fbem-12156	90	46	0.478	0.478	NUM
fbem-12156	90	47	0.878	0.878	NUM
fbem-12156	90	48	-1.999	-1.999	NUM
fbem-12156	90	49	4.426	4.426	NUM
fbem-12156	90	50	mtb	mtb	NOUN
fbem-12156	90	51	18615	18615	NUM
fbem-12156	90	52	3.336	3.336	NUM
fbem-12156	90	53	2.685	2.685	NUM
fbem-12156	90	54	0.557	0.557	NUM
fbem-12156	90	55	16.496	16.496	NUM
fbem-12156	90	56	age	age	NOUN
fbem-12156	90	57	18615	18615	NUM
fbem-12156	90	58	11.242	11.242	NUM
fbem-12156	90	59	6.6	6.6	NUM
fbem-12156	90	60	3	3	NUM
fbem-12156	90	61	31	31	NUM
fbem-12156	90	62	ret	ret	PROPN
fbem-12156	90	63	18615	18615	NUM
fbem-12156	90	64	0.115	0.115	NUM
fbem-12156	90	65	0.501	0.501	NUM
fbem-12156	90	66	-0.554	-0.554	NUM
fbem-12156	90	67	2.361	2.361	NUM
fbem-12156	90	68	5.2	5.2	NUM
fbem-12156	90	69	.	.	PUNCT
fbem-12156	91	1	correlation	correlation	NOUN
fbem-12156	91	2	analysis	analysis	NOUN
fbem-12156	91	3	table	table	NOUN
fbem-12156	91	4	3	3	NUM
fbem-12156	91	5	presents	present	VERB
fbem-12156	91	6	the	the	DET
fbem-12156	91	7	correlation	correlation	NOUN
fbem-12156	91	8	coefficients	coefficient	NOUN
fbem-12156	91	9	among	among	ADP
fbem-12156	91	10	the	the	DET
fbem-12156	91	11	variables	variable	NOUN
fbem-12156	91	12	,	,	PUNCT
fbem-12156	91	13	the	the	DET
fbem-12156	91	14	real	real	ADJ
fbem-12156	91	15	effective	effective	ADJ
fbem-12156	91	16	exchange	exchange	NOUN
fbem-12156	91	17	rate	rate	NOUN
fbem-12156	91	18	and	and	CCONJ
fbem-12156	91	19	nonefficiency	nonefficiency	NOUN
fbem-12156	91	20	investment	investment	NOUN
fbem-12156	91	21	degree	degree	NOUN
fbem-12156	91	22	significantly	significantly	ADV
fbem-12156	91	23	negative	negative	ADJ
fbem-12156	91	24	correlation	correlation	NOUN
fbem-12156	91	25	,	,	PUNCT
fbem-12156	91	26	and	and	CCONJ
fbem-12156	91	27	insufficient	insufficient	ADJ
fbem-12156	91	28	investment	investment	NOUN
fbem-12156	91	29	degree	degree	NOUN
fbem-12156	91	30	,	,	PUNCT
fbem-12156	91	31	preliminary	preliminary	ADJ
fbem-12156	91	32	shows	show	VERB
fbem-12156	91	33	that	that	SCONJ
fbem-12156	91	34	the	the	PRON
fbem-12156	91	35	higher	high	ADJ
fbem-12156	91	36	the	the	DET
fbem-12156	91	37	actual	actual	ADJ
fbem-12156	91	38	effective	effective	ADJ
fbem-12156	91	39	exchange	exchange	NOUN
fbem-12156	91	40	rate	rate	NOUN
fbem-12156	91	41	,	,	PUNCT
fbem-12156	91	42	the	the	PRON
fbem-12156	91	43	lower	low	ADJ
fbem-12156	91	44	the	the	DET
fbem-12156	91	45	nonefficiency	nonefficiency	NOUN
fbem-12156	91	46	of	of	ADP
fbem-12156	91	47	investment	investment	NOUN
fbem-12156	91	48	,	,	PUNCT
fbem-12156	91	49	the	the	PRON
fbem-12156	91	50	higher	high	ADJ
fbem-12156	91	51	the	the	DET
fbem-12156	91	52	company	company	NOUN
fbem-12156	91	53	's	's	PART
fbem-12156	91	54	investment	investment	NOUN
fbem-12156	91	55	efficiency	efficiency	NOUN
fbem-12156	91	56	,	,	PUNCT
fbem-12156	91	57	preliminary	preliminary	ADJ
fbem-12156	91	58	verify	verify	VERB
fbem-12156	91	59	the	the	DET
fbem-12156	91	60	research	research	NOUN
fbem-12156	91	61	hypothesis	hypothesis	NOUN
fbem-12156	91	62	1.in	1.in	NUM
fbem-12156	91	63	addition	addition	NOUN
fbem-12156	91	64	,	,	PUNCT
fbem-12156	91	65	according	accord	VERB
fbem-12156	91	66	to	to	ADP
fbem-12156	91	67	the	the	DET
fbem-12156	91	68	data	datum	NOUN
fbem-12156	91	69	in	in	ADP
fbem-12156	91	70	table	table	NOUN
fbem-12156	91	71	3	3	NUM
fbem-12156	91	72	,	,	PUNCT
fbem-12156	91	73	it	it	PRON
fbem-12156	91	74	can	can	AUX
fbem-12156	91	75	be	be	AUX
fbem-12156	91	76	seen	see	VERB
fbem-12156	91	77	that	that	SCONJ
fbem-12156	91	78	the	the	DET
fbem-12156	91	79	correlation	correlation	NOUN
fbem-12156	91	80	coefficient	coefficient	NOUN
fbem-12156	91	81	between	between	ADP
fbem-12156	91	82	each	each	DET
fbem-12156	91	83	variable	variable	NOUN
fbem-12156	91	84	is	be	AUX
fbem-12156	91	85	basically	basically	ADV
fbem-12156	91	86	lower	low	ADJ
fbem-12156	91	87	than	than	ADP
fbem-12156	91	88	0.5	0.5	NUM
fbem-12156	91	89	,	,	PUNCT
fbem-12156	91	90	thus	thus	ADV
fbem-12156	91	91	indicating	indicate	VERB
fbem-12156	91	92	that	that	SCONJ
fbem-12156	91	93	there	there	PRON
fbem-12156	91	94	is	be	VERB
fbem-12156	91	95	no	no	DET
fbem-12156	91	96	serious	serious	ADJ
fbem-12156	91	97	multicollinearity	multicollinearity	NOUN
fbem-12156	91	98	problem	problem	NOUN
fbem-12156	91	99	between	between	ADP
fbem-12156	91	100	the	the	DET
fbem-12156	91	101	selected	select	VERB
fbem-12156	91	102	variables	variable	NOUN
fbem-12156	91	103	in	in	ADP
fbem-12156	91	104	the	the	DET
fbem-12156	91	105	model	model	NOUN
fbem-12156	91	106	of	of	ADP
fbem-12156	91	107	this	this	DET
fbem-12156	91	108	paper	paper	NOUN
fbem-12156	91	109	.	.	PUNCT
fbem-12156	92	1	table	table	NOUN
fbem-12156	92	2	3	3	NUM
fbem-12156	92	3	.	.	PUNCT
fbem-12156	92	4	correlation	correlation	NOUN
fbem-12156	92	5	analysis	analysis	NOUN
fbem-12156	92	6	:	:	PUNCT
fbem-12156	92	7	this	this	DET
fbem-12156	92	8	table	table	NOUN
fbem-12156	92	9	reports	report	VERB
fbem-12156	92	10	the	the	DET
fbem-12156	92	11	correlations	correlation	NOUN
fbem-12156	92	12	between	between	ADP
fbem-12156	92	13	the	the	DET
fbem-12156	92	14	public	public	ADJ
fbem-12156	92	15	company	company	NOUN
fbem-12156	92	16	variables	variable	VERB
fbem-12156	92	17	for	for	ADP
fbem-12156	92	18	the	the	DET
fbem-12156	92	19	period	period	NOUN
fbem-12156	92	20	from	from	ADP
fbem-12156	92	21	2010	2010	NUM
fbem-12156	92	22	to	to	ADP
fbem-12156	92	23	2022	2022	NUM
fbem-12156	92	24	that	that	PRON
fbem-12156	92	25	we	we	PRON
fbem-12156	92	26	used	use	VERB
fbem-12156	92	27	in	in	ADP
fbem-12156	92	28	the	the	DET
fbem-12156	92	29	baseline	baseline	NOUN
fbem-12156	92	30	regression	regression	NOUN
fbem-12156	92	31	.	.	PUNCT
fbem-12156	93	1	variable	variable	ADJ
fbem-12156	93	2	abs	ab	NOUN
fbem-12156	93	3	overinvest	overinvest	VERB
fbem-12156	93	4	underinvest	underinv	ADJ
fbem-12156	93	5	lner	lner	PROPN
fbem-12156	93	6	adminability	adminability	PROPN
fbem-12156	93	7	admincost	admincost	VERB
fbem-12156	93	8	cr	cr	PROPN
fbem-12156	93	9	roa	roa	PROPN
fbem-12156	93	10	size	size	NOUN
fbem-12156	93	11	lev	lev	PROPN
fbem-12156	93	12	cfo	cfo	PROPN
fbem-12156	93	13	mtb	mtb	PROPN
fbem-12156	93	14	age	age	NOUN
fbem-12156	93	15	ret	ret	PROPN
fbem-12156	93	16	abs	ab	VERB
fbem-12156	93	17	1.000	1.000	NUM
fbem-12156	93	18	overinvest	overinv	ADJ
fbem-12156	93	19	0.990	0.990	NUM
fbem-12156	93	20	*	*	PUNCT
fbem-12156	93	21	*	*	PUNCT
fbem-12156	93	22	*	*	PUNCT
fbem-12156	93	23	1.000	1.000	NUM
fbem-12156	93	24	underinvest	underinv	ADJ
fbem-12156	93	25	1.000	1.000	NUM
fbem-12156	93	26	*	*	PUNCT
fbem-12156	93	27	*	*	PUNCT
fbem-12156	93	28	*	*	PUNCT
fbem-12156	93	29	1.000	1.000	NUM
fbem-12156	93	30	lner	lner	NOUN
fbem-12156	93	31	0.031	0.031	NUM
fbem-12156	93	32	*	*	PUNCT
fbem-12156	93	33	*	*	PUNCT
fbem-12156	93	34	*	*	PUNCT
fbem-12156	93	35	-0.016	-0.016	PROPN
fbem-12156	93	36	-0.051	-0.051	NOUN
fbem-12156	93	37	*	*	PUNCT
fbem-12156	93	38	*	*	PUNCT
fbem-12156	93	39	*	*	PUNCT
fbem-12156	93	40	1.000	1.000	NUM
fbem-12156	93	41	adminability	adminability	NOUN
fbem-12156	93	42	0.065	0.065	NUM
fbem-12156	93	43	*	*	PUNCT
fbem-12156	93	44	*	*	PUNCT
fbem-12156	93	45	*	*	PUNCT
fbem-12156	93	46	-0.074	-0.074	PUNCT
fbem-12156	93	47	*	*	PUNCT
fbem-12156	93	48	*	*	PUNCT
fbem-12156	93	49	*	*	PUNCT
fbem-12156	93	50	-0.128	-0.128	PUNCT
fbem-12156	93	51	*	*	PUNCT
fbem-12156	93	52	*	*	PUNCT
fbem-12156	93	53	*	*	PUNCT
fbem-12156	93	54	0.247	0.247	NUM
fbem-12156	93	55	*	*	PUNCT
fbem-12156	93	56	*	*	PUNCT
fbem-12156	93	57	*	*	PUNCT
fbem-12156	93	58	1.000	1.000	NUM
fbem-12156	93	59	admincost	admincost	VERB
fbem-12156	93	60	0.081	0.081	NUM
fbem-12156	93	61	*	*	PUNCT
fbem-12156	93	62	*	*	PUNCT
fbem-12156	93	63	*	*	PUNCT
fbem-12156	93	64	0.082	0.082	NUM
fbem-12156	93	65	*	*	PUNCT
fbem-12156	93	66	*	*	PUNCT
fbem-12156	93	67	*	*	PUNCT
fbem-12156	93	68	0.127	0.127	NUM
fbem-12156	93	69	*	*	PUNCT
fbem-12156	93	70	*	*	PUNCT
fbem-12156	93	71	*	*	PUNCT
fbem-12156	93	72	0.022	0.022	NUM
fbem-12156	93	73	*	*	PUNCT
fbem-12156	93	74	*	*	PUNCT
fbem-12156	93	75	*	*	PUNCT
fbem-12156	93	76	-0.163	-0.163	PUNCT
fbem-12156	93	77	*	*	PUNCT
fbem-12156	93	78	*	*	PUNCT
fbem-12156	93	79	*	*	PROPN
fbem-12156	93	80	1.000	1.000	NUM
fbem-12156	93	81	cr	cr	ADP
fbem-12156	93	82	0.045	0.045	NUM
fbem-12156	93	83	*	*	PUNCT
fbem-12156	93	84	*	*	PUNCT
fbem-12156	93	85	*	*	PUNCT
fbem-12156	93	86	0.050	0.050	NUM
fbem-12156	93	87	*	*	PUNCT
fbem-12156	93	88	*	*	PUNCT
fbem-12156	93	89	*	*	PUNCT
fbem-12156	93	90	0.053	0.053	NUM
fbem-12156	93	91	*	*	PUNCT
fbem-12156	93	92	*	*	PUNCT
fbem-12156	93	93	*	*	PUNCT
fbem-12156	93	94	0.153	0.153	NUM
fbem-12156	93	95	*	*	PUNCT
fbem-12156	93	96	*	*	PUNCT
fbem-12156	93	97	*	*	PUNCT
fbem-12156	93	98	0.122	0.122	NUM
fbem-12156	93	99	*	*	PUNCT
fbem-12156	93	100	*	*	PUNCT
fbem-12156	93	101	*	*	PUNCT
fbem-12156	93	102	0.087	0.087	NUM
fbem-12156	93	103	*	*	PUNCT
fbem-12156	93	104	*	*	PUNCT
fbem-12156	93	105	*	*	PROPN
fbem-12156	93	106	1.000	1.000	NUM
fbem-12156	93	107	roa	roa	NOUN
fbem-12156	93	108	0.063	0.063	NUM
fbem-12156	93	109	*	*	PUNCT
fbem-12156	93	110	*	*	PUNCT
fbem-12156	93	111	*	*	PUNCT
fbem-12156	93	112	0.081	0.081	NUM
fbem-12156	93	113	*	*	PUNCT
fbem-12156	93	114	*	*	PUNCT
fbem-12156	93	115	*	*	PROPN
fbem-12156	93	116	0.012	0.012	NUM
fbem-12156	93	117	0.079	0.079	NUM
fbem-12156	93	118	*	*	PUNCT
fbem-12156	93	119	*	*	PUNCT
fbem-12156	93	120	*	*	PUNCT
fbem-12156	93	121	0.183	0.183	NUM
fbem-12156	93	122	*	*	PUNCT
fbem-12156	93	123	*	*	PUNCT
fbem-12156	93	124	*	*	PUNCT
fbem-12156	93	125	-0.214	-0.214	PUNCT
fbem-12156	93	126	*	*	PUNCT
fbem-12156	93	127	*	*	PUNCT
fbem-12156	93	128	*	*	PUNCT
fbem-12156	93	129	0.046	0.046	NUM
fbem-12156	93	130	*	*	PUNCT
fbem-12156	93	131	*	*	PUNCT
fbem-12156	93	132	*	*	PUNCT
fbem-12156	93	133	1.000	1.000	NUM
fbem-12156	93	134	size	size	NOUN
fbem-12156	93	135	0.061	0.061	NUM
fbem-12156	93	136	*	*	PUNCT
fbem-12156	93	137	*	*	PUNCT
fbem-12156	93	138	*	*	PUNCT
fbem-12156	93	139	-0.045	-0.045	PUNCT
fbem-12156	93	140	*	*	PUNCT
fbem-12156	93	141	*	*	PUNCT
fbem-12156	93	142	*	*	PUNCT
fbem-12156	93	143	-0.151	-0.151	PUNCT
fbem-12156	93	144	*	*	PUNCT
fbem-12156	93	145	*	*	PUNCT
fbem-12156	93	146	*	*	PUNCT
fbem-12156	93	147	0.062	0.062	NUM
fbem-12156	93	148	*	*	PUNCT
fbem-12156	93	149	*	*	PUNCT
fbem-12156	93	150	*	*	PUNCT
fbem-12156	93	151	0.498	0.498	NUM
fbem-12156	93	152	*	*	NOUN
fbem-12156	93	153	*	*	PUNCT
fbem-12156	93	154	*	*	PUNCT
fbem-12156	93	155	-0.364	-0.364	PROPN
fbem-12156	93	156	*	*	PUNCT
fbem-12156	93	157	*	*	PUNCT
fbem-12156	93	158	*	*	PUNCT
fbem-12156	93	159	0.076	0.076	NUM
fbem-12156	93	160	*	*	PUNCT
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fbem-12156	93	162	*	*	PUNCT
fbem-12156	93	163	0.069	0.069	NUM
fbem-12156	93	164	*	*	PUNCT
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fbem-12156	93	166	*	*	PUNCT
fbem-12156	93	167	1.000	1.000	NUM
fbem-12156	93	168	lev	lev	NOUN
fbem-12156	93	169	0.041	0.041	NUM
fbem-12156	93	170	*	*	PUNCT
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fbem-12156	93	172	*	*	PUNCT
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fbem-12156	93	175	*	*	PUNCT
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fbem-12156	93	177	*	*	PUNCT
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fbem-12156	93	179	*	*	PUNCT
fbem-12156	93	180	0.117	0.117	NUM
fbem-12156	93	181	*	*	PUNCT
fbem-12156	93	182	*	*	PUNCT
fbem-12156	93	183	*	*	PUNCT
fbem-12156	93	184	0.090	0.090	NUM
fbem-12156	93	185	*	*	PUNCT
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fbem-12156	93	187	*	*	PUNCT
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fbem-12156	93	189	*	*	PUNCT
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fbem-12156	93	191	*	*	PUNCT
fbem-12156	93	192	0.118	0.118	NUM
fbem-12156	93	193	*	*	PUNCT
fbem-12156	93	194	*	*	PUNCT
fbem-12156	93	195	*	*	PUNCT
fbem-12156	93	196	0.314	0.314	NUM
fbem-12156	93	197	*	*	PUNCT
fbem-12156	93	198	*	*	PUNCT
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fbem-12156	93	200	0.471	0.471	NUM
fbem-12156	93	201	*	*	PUNCT
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fbem-12156	93	203	*	*	PROPN
fbem-12156	93	204	1.000	1.000	NUM
fbem-12156	93	205	cfo	cfo	NOUN
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fbem-12156	93	210	*	*	PUNCT
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fbem-12156	93	213	*	*	PUNCT
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fbem-12156	93	216	0.053	0.053	NUM
fbem-12156	93	217	*	*	PUNCT
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fbem-12156	93	219	*	*	PUNCT
fbem-12156	93	220	0.246	0.246	NUM
fbem-12156	93	221	*	*	PUNCT
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fbem-12156	93	223	*	*	PUNCT
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fbem-12156	93	225	*	*	PUNCT
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fbem-12156	93	227	*	*	PUNCT
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fbem-12156	93	229	*	*	PUNCT
fbem-12156	93	230	*	*	NOUN
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fbem-12156	93	232	*	*	PUNCT
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fbem-12156	93	235	0.298	0.298	NUM
fbem-12156	93	236	*	*	PUNCT
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fbem-12156	93	239	0.026	0.026	NUM
fbem-12156	93	240	*	*	PUNCT
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fbem-12156	93	242	*	*	PUNCT
fbem-12156	93	243	1.000	1.000	NUM
fbem-12156	93	244	mtb	mtb	NOUN
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fbem-12156	93	246	*	*	PUNCT
fbem-12156	93	247	*	*	PUNCT
fbem-12156	93	248	*	*	PUNCT
fbem-12156	93	249	0.166	0.166	NUM
fbem-12156	93	250	*	*	PUNCT
fbem-12156	93	251	*	*	PUNCT
fbem-12156	93	252	*	*	PUNCT
fbem-12156	93	253	0.125	0.125	NUM
fbem-12156	93	254	*	*	PUNCT
fbem-12156	93	255	*	*	PUNCT
fbem-12156	93	256	*	*	PUNCT
fbem-12156	93	257	0.077	0.077	NUM
fbem-12156	93	258	*	*	PUNCT
fbem-12156	93	259	*	*	PUNCT
fbem-12156	93	260	*	*	PUNCT
fbem-12156	93	261	-0.105	-0.105	NOUN
fbem-12156	93	262	*	*	PUNCT
fbem-12156	93	263	*	*	PUNCT
fbem-12156	93	264	*	*	PUNCT
fbem-12156	93	265	0.249	0.249	NUM
fbem-12156	93	266	*	*	PUNCT
fbem-12156	93	267	*	*	PUNCT
fbem-12156	93	268	*	*	PUNCT
fbem-12156	93	269	0.067	0.067	NUM
fbem-12156	93	270	*	*	PUNCT
fbem-12156	93	271	*	*	PUNCT
fbem-12156	93	272	*	*	PUNCT
fbem-12156	93	273	0.067	0.067	NUM
fbem-12156	93	274	*	*	PUNCT
fbem-12156	93	275	*	*	PUNCT
fbem-12156	93	276	*	*	PUNCT
fbem-12156	93	277	0.355	0.355	NUM
fbem-12156	93	278	*	*	PUNCT
fbem-12156	93	279	*	*	PUNCT
fbem-12156	93	280	*	*	PUNCT
fbem-12156	93	281	0.060	0.060	NUM
fbem-12156	93	282	*	*	PUNCT
fbem-12156	93	283	*	*	PUNCT
fbem-12156	93	284	*	*	PUNCT
fbem-12156	93	285	0.033	0.033	NUM
fbem-12156	93	286	*	*	PUNCT
fbem-12156	93	287	*	*	PUNCT
fbem-12156	93	288	*	*	PUNCT
fbem-12156	93	289	1.000	1.000	NUM
fbem-12156	93	290	age	age	NOUN
fbem-12156	93	291	0.133	0.133	NUM
fbem-12156	93	292	*	*	PUNCT
fbem-12156	93	293	*	*	PUNCT
fbem-12156	93	294	*	*	PUNCT
fbem-12156	93	295	-0.141	-0.141	PUNCT
fbem-12156	93	296	*	*	PUNCT
fbem-12156	93	297	*	*	PUNCT
fbem-12156	93	298	*	*	PUNCT
fbem-12156	93	299	-0.158	-0.158	PUNCT
fbem-12156	93	300	*	*	PUNCT
fbem-12156	93	301	*	*	PUNCT
fbem-12156	93	302	*	*	PUNCT
fbem-12156	93	303	0.050	0.050	NUM
fbem-12156	93	304	*	*	PUNCT
fbem-12156	93	305	*	*	PUNCT
fbem-12156	93	306	*	*	PUNCT
fbem-12156	93	307	0.120	0.120	NUM
fbem-12156	93	308	*	*	PUNCT
fbem-12156	93	309	*	*	PUNCT
fbem-12156	93	310	*	*	PUNCT
fbem-12156	93	311	-0.092	-0.092	PUNCT
fbem-12156	93	312	*	*	PUNCT
fbem-12156	93	313	*	*	PUNCT
fbem-12156	93	314	*	*	PUNCT
fbem-12156	93	315	0.151	0.151	NUM
fbem-12156	93	316	*	*	PUNCT
fbem-12156	93	317	*	*	PUNCT
fbem-12156	93	318	*	*	NOUN
fbem-12156	93	319	0.057	0.057	NUM
fbem-12156	93	320	*	*	PUNCT
fbem-12156	93	321	*	*	PUNCT
fbem-12156	93	322	*	*	PUNCT
fbem-12156	93	323	0.353	0.353	NUM
fbem-12156	93	324	*	*	PUNCT
fbem-12156	93	325	*	*	PUNCT
fbem-12156	93	326	*	*	PUNCT
fbem-12156	93	327	0.244	0.244	NUM
fbem-12156	93	328	*	*	PUNCT
fbem-12156	93	329	*	*	PUNCT
fbem-12156	93	330	*	*	PUNCT
fbem-12156	93	331	0.080	0.080	NUM
fbem-12156	93	332	*	*	PUNCT
fbem-12156	93	333	*	*	PUNCT
fbem-12156	93	334	*	*	PUNCT
fbem-12156	93	335	0.191	0.191	NUM
fbem-12156	93	336	*	*	PUNCT
fbem-12156	93	337	*	*	PUNCT
fbem-12156	93	338	*	*	PROPN
fbem-12156	93	339	1.000	1.000	NUM
fbem-12156	93	340	ret	ret	NOUN
fbem-12156	93	341	0.073	0.073	NUM
fbem-12156	93	342	*	*	PUNCT
fbem-12156	93	343	*	*	PUNCT
fbem-12156	93	344	*	*	PUNCT
fbem-12156	93	345	0.123	0.123	NUM
fbem-12156	93	346	*	*	PUNCT
fbem-12156	93	347	*	*	PUNCT
fbem-12156	93	348	*	*	PUNCT
fbem-12156	93	349	-0.011	-0.011	NUM
fbem-12156	93	350	0.135	0.135	NUM
fbem-12156	93	351	*	*	PUNCT
fbem-12156	93	352	*	*	PUNCT
fbem-12156	93	353	*	*	PUNCT
fbem-12156	93	354	-0.015	-0.015	PUNCT
fbem-12156	93	355	*	*	PUNCT
fbem-12156	93	356	*	*	PUNCT
fbem-12156	93	357	0.025	0.025	NUM
fbem-12156	93	358	*	*	PUNCT
fbem-12156	93	359	*	*	PUNCT
fbem-12156	93	360	*	*	PUNCT
fbem-12156	94	1	0.008	0.008	NUM
fbem-12156	94	2	0.162	0.162	NUM
fbem-12156	94	3	*	*	PUNCT
fbem-12156	94	4	*	*	PUNCT
fbem-12156	94	5	*	*	PUNCT
fbem-12156	94	6	0.064	0.064	NUM
fbem-12156	94	7	*	*	PUNCT
fbem-12156	94	8	*	*	PUNCT
fbem-12156	94	9	*	*	PUNCT
fbem-12156	94	10	0.050	0.050	NUM
fbem-12156	94	11	*	*	PUNCT
fbem-12156	94	12	*	*	PUNCT
fbem-12156	94	13	*	*	NOUN
fbem-12156	94	14	0.072	0.072	NUM
fbem-12156	94	15	*	*	PUNCT
fbem-12156	94	16	*	*	PUNCT
fbem-12156	94	17	*	*	PUNCT
fbem-12156	94	18	0.414	0.414	NUM
fbem-12156	94	19	*	*	PUNCT
fbem-12156	94	20	*	*	PUNCT
fbem-12156	94	21	*	*	PUNCT
fbem-12156	94	22	0.069	0.069	NUM
fbem-12156	94	23	*	*	PUNCT
fbem-12156	94	24	*	*	PUNCT
fbem-12156	94	25	*	*	PUNCT
fbem-12156	94	26	1.000	1.000	NUM
fbem-12156	94	27	5.3	5.3	NUM
fbem-12156	94	28	.	.	PUNCT
fbem-12156	95	1	baseline	baseline	PROPN
fbem-12156	95	2	regression	regression	NOUN
fbem-12156	95	3	analysis	analysis	NOUN
fbem-12156	95	4	table	table	NOUN
fbem-12156	95	5	4	4	NUM
fbem-12156	95	6	shows	show	VERB
fbem-12156	95	7	the	the	DET
fbem-12156	95	8	benchmark	benchmark	NOUN
fbem-12156	95	9	regression	regression	NOUN
fbem-12156	95	10	results	result	NOUN
fbem-12156	95	11	of	of	ADP
fbem-12156	95	12	the	the	DET
fbem-12156	95	13	rmb	rmb	NOUN
fbem-12156	95	14	real	real	ADJ
fbem-12156	95	15	effective	effective	ADJ
fbem-12156	95	16	exchange	exchange	NOUN
fbem-12156	95	17	rate	rate	NOUN
fbem-12156	95	18	on	on	ADP
fbem-12156	95	19	the	the	DET
fbem-12156	95	20	investment	investment	NOUN
fbem-12156	95	21	efficiency	efficiency	NOUN
fbem-12156	95	22	.	.	PUNCT
fbem-12156	96	1	column	column	NOUN
fbem-12156	96	2	(	(	PUNCT
fbem-12156	96	3	1	1	NUM
fbem-12156	96	4	)	)	PUNCT
fbem-12156	96	5	(	(	PUNCT
fbem-12156	96	6	3	3	X
fbem-12156	96	7	)	)	PUNCT
fbem-12156	96	8	are	be	AUX
fbem-12156	96	9	the	the	DET
fbem-12156	96	10	univariate	univariate	ADJ
fbem-12156	96	11	regression	regression	NOUN
fbem-12156	96	12	results	result	NOUN
fbem-12156	96	13	of	of	ADP
fbem-12156	96	14	the	the	DET
fbem-12156	96	15	relationship	relationship	NOUN
fbem-12156	96	16	between	between	ADP
fbem-12156	96	17	the	the	DET
fbem-12156	96	18	real	real	ADJ
fbem-12156	96	19	effective	effective	ADJ
fbem-12156	96	20	exchange	exchange	NOUN
fbem-12156	96	21	rate	rate	NOUN
fbem-12156	96	22	of	of	ADP
fbem-12156	96	23	rmb	rmb	NOUN
fbem-12156	96	24	and	and	CCONJ
fbem-12156	96	25	investment	investment	NOUN
fbem-12156	96	26	efficiency	efficiency	NOUN
fbem-12156	96	27	,	,	PUNCT
fbem-12156	96	28	and	and	CCONJ
fbem-12156	96	29	(	(	PUNCT
fbem-12156	96	30	4	4	NUM
fbem-12156	96	31	)	)	PUNCT
fbem-12156	96	32	(	(	PUNCT
fbem-12156	96	33	6	6	X
fbem-12156	96	34	)	)	PUNCT
fbem-12156	96	35	are	be	AUX
fbem-12156	96	36	the	the	DET
fbem-12156	96	37	multivariate	multivariate	NOUN
fbem-12156	96	38	regression	regression	NOUN
fbem-12156	96	39	results	result	NOUN
fbem-12156	96	40	of	of	ADP
fbem-12156	96	41	the	the	DET
fbem-12156	96	42	relationship	relationship	NOUN
fbem-12156	96	43	between	between	ADP
fbem-12156	96	44	the	the	DET
fbem-12156	96	45	real	real	ADJ
fbem-12156	96	46	effective	effective	ADJ
fbem-12156	96	47	exchange	exchange	NOUN
fbem-12156	96	48	rate	rate	NOUN
fbem-12156	96	49	of	of	ADP
fbem-12156	96	50	rmb	rmb	NOUN
fbem-12156	96	51	and	and	CCONJ
fbem-12156	96	52	investment	investment	NOUN
fbem-12156	96	53	efficiency	efficiency	NOUN
fbem-12156	96	54	after	after	ADP
fbem-12156	96	55	the	the	DET
fbem-12156	96	56	addition	addition	NOUN
fbem-12156	96	57	of	of	ADP
fbem-12156	96	58	control	control	NOUN
fbem-12156	96	59	variables	variable	NOUN
fbem-12156	96	60	.	.	PUNCT
fbem-12156	97	1	according	accord	VERB
fbem-12156	97	2	to	to	ADP
fbem-12156	97	3	column	column	NOUN
fbem-12156	97	4	(	(	PUNCT
fbem-12156	97	5	1	1	NUM
fbem-12156	97	6	)	)	PUNCT
fbem-12156	97	7	and	and	CCONJ
fbem-12156	97	8	(	(	PUNCT
fbem-12156	97	9	4	4	NUM
fbem-12156	97	10	)	)	PUNCT
fbem-12156	97	11	of	of	ADP
fbem-12156	97	12	the	the	DET
fbem-12156	97	13	empirical	empirical	ADJ
fbem-12156	97	14	results	result	NOUN
fbem-12156	97	15	,	,	PUNCT
fbem-12156	97	16	whether	whether	SCONJ
fbem-12156	97	17	in	in	ADP
fbem-12156	97	18	the	the	DET
fbem-12156	97	19	univariable	univariable	ADJ
fbem-12156	97	20	model	model	NOUN
fbem-12156	97	21	or	or	CCONJ
fbem-12156	97	22	multivariable	multivariable	ADJ
fbem-12156	97	23	model	model	NOUN
fbem-12156	97	24	,	,	PUNCT
fbem-12156	97	25	lner	lner	NOUN
fbem-12156	97	26	for	for	ADP
fbem-12156	97	27	abs	ab	NOUN
fbem-12156	97	28	regression	regression	NOUN
fbem-12156	97	29	coefficient	coefficient	NOUN
fbem-12156	97	30	is	be	AUX
fbem-12156	97	31	negative	negative	ADJ
fbem-12156	97	32	,	,	PUNCT
fbem-12156	97	33	it	it	PRON
fbem-12156	97	34	also	also	ADV
fbem-12156	97	35	shows	show	VERB
fbem-12156	97	36	that	that	SCONJ
fbem-12156	97	37	when	when	SCONJ
fbem-12156	97	38	the	the	DET
fbem-12156	97	39	actual	actual	ADJ
fbem-12156	97	40	effective	effective	ADJ
fbem-12156	97	41	exchange	exchange	NOUN
fbem-12156	97	42	rate	rate	NOUN
fbem-12156	97	43	(	(	PUNCT
fbem-12156	97	44	lner	lner	PROPN
fbem-12156	97	45	)	)	PUNCT
fbem-12156	97	46	,	,	PUNCT
fbem-12156	97	47	the	the	PRON
fbem-12156	97	48	higher	high	ADJ
fbem-12156	97	49	the	the	DET
fbem-12156	97	50	degree	degree	NOUN
fbem-12156	97	51	of	of	ADP
fbem-12156	97	52	enterprise	enterprise	NOUN
fbem-12156	97	53	investment	investment	NOUN
fbem-12156	97	54	scale	scale	NOUN
fbem-12156	97	55	deviate	deviate	NOUN
fbem-12156	97	56	from	from	ADP
fbem-12156	97	57	the	the	DET
fbem-12156	97	58	optimal	optimal	ADJ
fbem-12156	97	59	investment	investment	NOUN
fbem-12156	97	60	level	level	NOUN
fbem-12156	97	61	,	,	PUNCT
fbem-12156	97	62	the	the	DET
fbem-12156	97	63	less	less	ADV
fbem-12156	97	64	non	non	ADJ
fbem-12156	97	65	-	-	ADJ
fbem-12156	97	66	efficiency	efficiency	ADJ
fbem-12156	97	67	investment	investment	NOUN
fbem-12156	97	68	,	,	PUNCT
fbem-12156	97	69	which	which	PRON
fbem-12156	97	70	also	also	ADV
fbem-12156	97	71	supports	support	VERB
fbem-12156	97	72	our	our	PRON
fbem-12156	97	73	first	first	ADJ
fbem-12156	97	74	hypothesis	hypothesis	NOUN
fbem-12156	97	75	.	.	PUNCT
fbem-12156	98	1	in	in	ADP
fbem-12156	98	2	addition	addition	NOUN
fbem-12156	98	3	,	,	PUNCT
fbem-12156	98	4	column	column	NOUN
fbem-12156	98	5	(	(	PUNCT
fbem-12156	98	6	2	2	NUM
fbem-12156	98	7	)	)	PUNCT
fbem-12156	98	8	and	and	CCONJ
fbem-12156	98	9	(	(	PUNCT
fbem-12156	98	10	5	5	NUM
fbem-12156	98	11	)	)	PUNCT
fbem-12156	98	12	as	as	ADP
fbem-12156	98	13	negative	negative	ADJ
fbem-12156	98	14	but	but	CCONJ
fbem-12156	98	15	not	not	PART
fbem-12156	98	16	significant	significant	ADJ
fbem-12156	98	17	,	,	PUNCT
fbem-12156	98	18	indicating	indicate	VERB
fbem-12156	98	19	that	that	SCONJ
fbem-12156	98	20	we	we	PRON
fbem-12156	98	21	did	do	AUX
fbem-12156	98	22	not	not	PART
fbem-12156	98	23	obtain	obtain	VERB
fbem-12156	98	24	evidence	evidence	NOUN
fbem-12156	98	25	between	between	ADP
fbem-12156	98	26	the	the	DET
fbem-12156	98	27	actual	actual	ADJ
fbem-12156	98	28	exchange	exchange	NOUN
fbem-12156	98	29	rate	rate	NOUN
fbem-12156	98	30	of	of	ADP
fbem-12156	98	31	rmb	rmb	NOUN
fbem-12156	98	32	and	and	CCONJ
fbem-12156	98	33	the	the	DET
fbem-12156	98	34	efficiency	efficiency	NOUN
fbem-12156	98	35	of	of	ADP
fbem-12156	98	36	enterprise	enterprise	NOUN
fbem-12156	98	37	investment	investment	NOUN
fbem-12156	98	38	after	after	ADP
fbem-12156	98	39	adding	add	VERB
fbem-12156	98	40	the	the	DET
fbem-12156	98	41	control	control	NOUN
fbem-12156	98	42	variable	variable	NOUN
fbem-12156	98	43	.	.	PUNCT
fbem-12156	99	1	column	column	NOUN
fbem-12156	99	2	(	(	PUNCT
fbem-12156	99	3	3	3	NUM
fbem-12156	99	4	)	)	PUNCT
fbem-12156	99	5	and	and	CCONJ
fbem-12156	99	6	(	(	PUNCT
fbem-12156	99	7	6	6	NUM
fbem-12156	99	8	)	)	PUNCT
fbem-12156	99	9	conduct	conduct	VERB
fbem-12156	99	10	empirical	empirical	ADJ
fbem-12156	99	11	analysis	analysis	NOUN
fbem-12156	99	12	from	from	ADP
fbem-12156	99	13	the	the	DET
fbem-12156	99	14	perspective	perspective	NOUN
fbem-12156	99	15	of	of	ADP
fbem-12156	99	16	insufficient	insufficient	ADJ
fbem-12156	99	17	investment	investment	NOUN
fbem-12156	99	18	.	.	PUNCT
fbem-12156	100	1	it	it	PRON
fbem-12156	100	2	can	can	AUX
fbem-12156	100	3	be	be	AUX
fbem-12156	100	4	seen	see	VERB
fbem-12156	100	5	from	from	ADP
fbem-12156	100	6	the	the	DET
fbem-12156	100	7	coefficient	coefficient	NOUN
fbem-12156	100	8	of	of	ADP
fbem-12156	100	9	lner	lner	NOUN
fbem-12156	100	10	that	that	SCONJ
fbem-12156	100	11	the	the	PRON
fbem-12156	100	12	higher	high	ADJ
fbem-12156	100	13	the	the	DET
fbem-12156	100	14	real	real	ADJ
fbem-12156	100	15	effective	effective	ADJ
fbem-12156	100	16	exchange	exchange	NOUN
fbem-12156	100	17	rate	rate	NOUN
fbem-12156	100	18	of	of	ADP
fbem-12156	100	19	rmb	rmb	NOUN
fbem-12156	100	20	,	,	PUNCT
fbem-12156	100	21	if	if	SCONJ
fbem-12156	100	22	an	an	DET
fbem-12156	100	23	enterprise	enterprise	NOUN
fbem-12156	100	24	itself	itself	PRON
fbem-12156	100	25	is	be	AUX
fbem-12156	100	26	in	in	ADP
fbem-12156	100	27	the	the	DET
fbem-12156	100	28	state	state	NOUN
fbem-12156	100	29	of	of	ADP
fbem-12156	100	30	underinvestment	underinvestment	ADJ
fbem-12156	100	31	(	(	PUNCT
fbem-12156	100	32	underinvest	underinv	ADJ
fbem-12156	100	33	)	)	PUNCT
fbem-12156	100	34	,	,	PUNCT
fbem-12156	100	35	the	the	DET
fbem-12156	100	36	state	state	NOUN
fbem-12156	100	37	of	of	ADP
fbem-12156	100	38	underinvestment	underinvestment	NOUN
fbem-12156	100	39	will	will	AUX
fbem-12156	100	40	become	become	VERB
fbem-12156	100	41	a	a	DET
fbem-12156	100	42	little	little	ADV
fbem-12156	100	43	weaker	weak	ADJ
fbem-12156	100	44	,	,	PUNCT
fbem-12156	100	45	thus	thus	ADV
fbem-12156	100	46	verifying	verify	VERB
fbem-12156	100	47	the	the	DET
fbem-12156	100	48	first	first	ADJ
fbem-12156	100	49	hypothesis	hypothesis	NOUN
fbem-12156	100	50	18	18	NUM
fbem-12156	100	51	of	of	ADP
fbem-12156	100	52	this	this	DET
fbem-12156	100	53	paper	paper	NOUN
fbem-12156	100	54	.	.	PUNCT
fbem-12156	101	1	the	the	DET
fbem-12156	101	2	direction	direction	NOUN
fbem-12156	101	3	and	and	CCONJ
fbem-12156	101	4	significance	significance	NOUN
fbem-12156	101	5	of	of	ADP
fbem-12156	101	6	most	most	ADJ
fbem-12156	101	7	of	of	ADP
fbem-12156	101	8	the	the	DET
fbem-12156	101	9	control	control	NOUN
fbem-12156	101	10	variables	variable	NOUN
fbem-12156	101	11	in	in	ADP
fbem-12156	101	12	table	table	NOUN
fbem-12156	101	13	4	4	NUM
fbem-12156	101	14	are	be	AUX
fbem-12156	101	15	also	also	ADV
fbem-12156	101	16	as	as	SCONJ
fbem-12156	101	17	expected	expect	VERB
fbem-12156	101	18	in	in	ADP
fbem-12156	101	19	this	this	DET
fbem-12156	101	20	paper	paper	NOUN
fbem-12156	101	21	.	.	PUNCT
fbem-12156	102	1	such	such	ADJ
fbem-12156	102	2	as	as	ADP
fbem-12156	102	3	ceo	ceo	NOUN
fbem-12156	102	4	management	management	NOUN
fbem-12156	102	5	ability	ability	NOUN
fbem-12156	102	6	(	(	PUNCT
fbem-12156	102	7	adminability	adminability	NOUN
fbem-12156	102	8	)	)	PUNCT
fbem-12156	102	9	and	and	CCONJ
fbem-12156	102	10	listed	list	VERB
fbem-12156	102	11	fixed	fix	VERB
fbem-12156	102	12	number	number	NOUN
fbem-12156	102	13	of	of	ADP
fbem-12156	102	14	year	year	NOUN
fbem-12156	102	15	(	(	PUNCT
fbem-12156	102	16	age	age	NOUN
fbem-12156	102	17	)	)	PUNCT
fbem-12156	102	18	and	and	CCONJ
fbem-12156	102	19	efficiency	efficiency	NOUN
fbem-12156	102	20	investment	investment	NOUN
fbem-12156	102	21	,	,	PUNCT
fbem-12156	102	22	excessive	excessive	ADJ
fbem-12156	102	23	investment	investment	NOUN
fbem-12156	102	24	,	,	PUNCT
fbem-12156	102	25	insufficient	insufficient	ADJ
fbem-12156	102	26	investment	investment	NOUN
fbem-12156	102	27	regression	regression	NOUN
fbem-12156	102	28	coefficient	coefficient	NOUN
fbem-12156	102	29	are	be	AUX
fbem-12156	102	30	at	at	ADP
fbem-12156	102	31	1	1	NUM
fbem-12156	102	32	%	%	NOUN
fbem-12156	102	33	level	level	NOUN
fbem-12156	102	34	significantly	significantly	ADV
fbem-12156	102	35	negative	negative	ADJ
fbem-12156	102	36	,	,	PUNCT
fbem-12156	102	37	this	this	PRON
fbem-12156	102	38	shows	show	VERB
fbem-12156	102	39	that	that	SCONJ
fbem-12156	102	40	listed	list	VERB
fbem-12156	102	41	fixed	fix	VERB
fbem-12156	102	42	number	number	NOUN
fbem-12156	102	43	of	of	ADP
fbem-12156	102	44	year	year	NOUN
fbem-12156	102	45	and	and	CCONJ
fbem-12156	102	46	the	the	DET
fbem-12156	102	47	ceo	ceo	NOUN
fbem-12156	102	48	management	management	NOUN
fbem-12156	102	49	ability	ability	NOUN
fbem-12156	102	50	can	can	AUX
fbem-12156	102	51	significantly	significantly	ADV
fbem-12156	102	52	inhibit	inhibit	VERB
fbem-12156	102	53	the	the	DET
fbem-12156	102	54	efficiency	efficiency	NOUN
fbem-12156	102	55	of	of	ADP
fbem-12156	102	56	enterprise	enterprise	NOUN
fbem-12156	102	57	investment	investment	NOUN
fbem-12156	102	58	behavior	behavior	NOUN
fbem-12156	102	59	,	,	PUNCT
fbem-12156	102	60	in	in	ADP
fbem-12156	102	61	the	the	DET
fbem-12156	102	62	mature	mature	ADJ
fbem-12156	102	63	,	,	PUNCT
fbem-12156	102	64	more	more	ADV
fbem-12156	102	65	scientific	scientific	ADJ
fbem-12156	102	66	management	management	NOUN
fbem-12156	102	67	,	,	PUNCT
fbem-12156	102	68	its	its	PRON
fbem-12156	102	69	operation	operation	NOUN
fbem-12156	102	70	ability	ability	NOUN
fbem-12156	102	71	will	will	AUX
fbem-12156	102	72	be	be	AUX
fbem-12156	102	73	stronger	strong	ADJ
fbem-12156	102	74	,	,	PUNCT
fbem-12156	102	75	also	also	ADV
fbem-12156	102	76	is	be	AUX
fbem-12156	102	77	less	less	ADV
fbem-12156	102	78	prone	prone	ADJ
fbem-12156	102	79	to	to	ADP
fbem-12156	102	80	low	low	ADJ
fbem-12156	102	81	efficiency	efficiency	NOUN
fbem-12156	102	82	investment	investment	NOUN
fbem-12156	102	83	behavior	behavior	NOUN
fbem-12156	102	84	.	.	PUNCT
fbem-12156	103	1	table	table	NOUN
fbem-12156	103	2	4	4	NUM
fbem-12156	103	3	.	.	PUNCT
fbem-12156	103	4	baseline	baseline	PROPN
fbem-12156	103	5	regression	regression	NOUN
fbem-12156	103	6	:	:	PUNCT
fbem-12156	103	7	this	this	DET
fbem-12156	103	8	table	table	NOUN
fbem-12156	103	9	reports	report	VERB
fbem-12156	103	10	the	the	DET
fbem-12156	103	11	panel	panel	NOUN
fbem-12156	103	12	regression	regression	VERB
fbem-12156	103	13	results	result	NOUN
fbem-12156	103	14	of	of	ADP
fbem-12156	103	15	rmb	rmb	ADJ
fbem-12156	103	16	real	real	ADJ
fbem-12156	103	17	effective	effective	ADJ
fbem-12156	103	18	exchange	exchange	NOUN
fbem-12156	103	19	rate	rate	NOUN
fbem-12156	103	20	on	on	ADP
fbem-12156	103	21	nonefficient	nonefficient	ADJ
fbem-12156	103	22	investment	investment	NOUN
fbem-12156	103	23	,	,	PUNCT
fbem-12156	103	24	overinvestment	overinvestment	ADJ
fbem-12156	103	25	,	,	PUNCT
fbem-12156	103	26	and	and	CCONJ
fbem-12156	103	27	underinvestment	underinvestment	NOUN
fbem-12156	103	28	of	of	ADP
fbem-12156	103	29	chinese	chinese	ADJ
fbem-12156	103	30	a	a	DET
fbem-12156	103	31	-	-	PUNCT
fbem-12156	103	32	share	share	NOUN
fbem-12156	103	33	listed	list	VERB
fbem-12156	103	34	companies	company	NOUN
fbem-12156	103	35	during	during	ADP
fbem-12156	103	36	the	the	DET
fbem-12156	103	37	sample	sample	NOUN
fbem-12156	103	38	period	period	NOUN
fbem-12156	103	39	from	from	ADP
fbem-12156	103	40	2010	2010	NUM
fbem-12156	103	41	to	to	ADP
fbem-12156	103	42	2022	2022	NUM
fbem-12156	103	43	*	*	PUNCT
fbem-12156	103	44	,	,	PUNCT
fbem-12156	103	45	*	*	PUNCT
fbem-12156	103	46	*	*	PUNCT
fbem-12156	103	47	and	and	CCONJ
fbem-12156	103	48	*	*	PUNCT
fbem-12156	103	49	*	*	PUNCT
fbem-12156	103	50	*	*	PUNCT
fbem-12156	103	51	denote	denote	ADJ
fbem-12156	103	52	statistical	statistical	ADJ
fbem-12156	103	53	significance	significance	NOUN
fbem-12156	103	54	at	at	ADP
fbem-12156	103	55	the	the	DET
fbem-12156	103	56	10	10	NUM
fbem-12156	103	57	%	%	NOUN
fbem-12156	103	58	,	,	PUNCT
fbem-12156	103	59	5	5	NUM
fbem-12156	103	60	%	%	NOUN
fbem-12156	103	61	and	and	CCONJ
fbem-12156	103	62	1	1	NUM
fbem-12156	103	63	%	%	NOUN
fbem-12156	103	64	level	level	NOUN
fbem-12156	103	65	,	,	PUNCT
fbem-12156	103	66	respectively	respectively	ADV
fbem-12156	103	67	.	.	PUNCT
fbem-12156	104	1	dependent	dependent	ADJ
fbem-12156	104	2	variable	variable	ADJ
fbem-12156	104	3	abs	ab	NOUN
fbem-12156	104	4	overinvest	overinv	ADJ
fbem-12156	104	5	underinvest	underinv	ADJ
fbem-12156	104	6	abs	ab	NOUN
fbem-12156	104	7	overinvest	overinvest	ADV
fbem-12156	104	8	underinvest	underinv	ADJ
fbem-12156	104	9	(	(	PUNCT
fbem-12156	104	10	1	1	NUM
fbem-12156	104	11	)	)	PUNCT
fbem-12156	104	12	(	(	PUNCT
fbem-12156	104	13	2	2	NUM
fbem-12156	104	14	)	)	PUNCT
fbem-12156	104	15	(	(	PUNCT
fbem-12156	104	16	3	3	X
fbem-12156	104	17	)	)	PUNCT
fbem-12156	104	18	(	(	PUNCT
fbem-12156	104	19	4	4	NUM
fbem-12156	104	20	)	)	PUNCT
fbem-12156	104	21	(	(	PUNCT
fbem-12156	104	22	5	5	NUM
fbem-12156	104	23	)	)	PUNCT
fbem-12156	104	24	(	(	PUNCT
fbem-12156	104	25	6	6	X
fbem-12156	104	26	)	)	PUNCT
fbem-12156	104	27	lner	lner	NOUN
fbem-12156	104	28	-0.0595	-0.0595	NOUN
fbem-12156	104	29	*	*	PUNCT
fbem-12156	104	30	*	*	PUNCT
fbem-12156	104	31	*	*	PUNCT
fbem-12156	104	32	-0.0790	-0.0790	NOUN
fbem-12156	104	33	*	*	PUNCT
fbem-12156	104	34	*	*	PUNCT
fbem-12156	104	35	*	*	PUNCT
fbem-12156	104	36	-0.0534	-0.0534	ADJ
fbem-12156	104	37	*	*	PUNCT
fbem-12156	104	38	*	*	PUNCT
fbem-12156	104	39	*	*	PUNCT
fbem-12156	104	40	-0.0212	-0.0212	PROPN
fbem-12156	104	41	*	*	PROPN
fbem-12156	104	42	*	*	PUNCT
fbem-12156	105	1	-0.0066	-0.0066	NOUN
fbem-12156	105	2	-0.0332	-0.0332	INTJ
fbem-12156	105	3	*	*	PUNCT
fbem-12156	105	4	*	*	PUNCT
fbem-12156	105	5	*	*	PUNCT
fbem-12156	105	6	(	(	PUNCT
fbem-12156	105	7	0.0080	0.0080	NUM
fbem-12156	105	8	)	)	PUNCT
fbem-12156	105	9	(	(	PUNCT
fbem-12156	105	10	0.0202	0.0202	NUM
fbem-12156	105	11	)	)	PUNCT
fbem-12156	105	12	(	(	PUNCT
fbem-12156	105	13	0.0062	0.0062	NUM
fbem-12156	105	14	)	)	PUNCT
fbem-12156	105	15	(	(	PUNCT
fbem-12156	105	16	0.0082	0.0082	NUM
fbem-12156	105	17	)	)	PUNCT
fbem-12156	105	18	(	(	PUNCT
fbem-12156	105	19	0.0207	0.0207	NUM
fbem-12156	105	20	)	)	PUNCT
fbem-12156	105	21	(	(	PUNCT
fbem-12156	105	22	0.0064	0.0064	NUM
fbem-12156	105	23	)	)	PUNCT
fbem-12156	105	24	adminability	adminability	NOUN
fbem-12156	105	25	-0.0035	-0.0035	NOUN
fbem-12156	105	26	*	*	PROPN
fbem-12156	105	27	*	*	PUNCT
fbem-12156	105	28	*	*	PUNCT
fbem-12156	105	29	-0.0085	-0.0085	ADJ
fbem-12156	106	1	*	*	PUNCT
fbem-12156	106	2	*	*	PUNCT
fbem-12156	106	3	*	*	NOUN
fbem-12156	106	4	-0.0025	-0.0025	ADJ
fbem-12156	106	5	*	*	PUNCT
fbem-12156	106	6	*	*	PUNCT
fbem-12156	106	7	*	*	PUNCT
fbem-12156	106	8	(	(	PUNCT
fbem-12156	106	9	0.0006	0.0006	NUM
fbem-12156	106	10	)	)	PUNCT
fbem-12156	106	11	(	(	PUNCT
fbem-12156	106	12	0.0014	0.0014	NUM
fbem-12156	106	13	)	)	PUNCT
fbem-12156	106	14	(	(	PUNCT
fbem-12156	106	15	0.0005	0.0005	NUM
fbem-12156	106	16	)	)	PUNCT
fbem-12156	106	17	admincost	admincost	VERB
fbem-12156	106	18	0.0597	0.0597	NUM
fbem-12156	106	19	*	*	PUNCT
fbem-12156	106	20	*	*	PUNCT
fbem-12156	106	21	*	*	PUNCT
fbem-12156	107	1	0.1029	0.1029	PUNCT
fbem-12156	107	2	*	*	PUNCT
fbem-12156	107	3	*	*	PUNCT
fbem-12156	107	4	*	*	PUNCT
fbem-12156	107	5	0.0372	0.0372	NUM
fbem-12156	107	6	*	*	PUNCT
fbem-12156	107	7	*	*	PUNCT
fbem-12156	107	8	*	*	PUNCT
fbem-12156	107	9	(	(	PUNCT
fbem-12156	107	10	0.0061	0.0061	NUM
fbem-12156	107	11	)	)	PUNCT
fbem-12156	107	12	(	(	PUNCT
fbem-12156	107	13	0.0161	0.0161	NUM
fbem-12156	107	14	)	)	PUNCT
fbem-12156	107	15	(	(	PUNCT
fbem-12156	107	16	0.0046	0.0046	NUM
fbem-12156	107	17	)	)	PUNCT
fbem-12156	107	18	cr	cr	NOUN
fbem-12156	107	19	0.0032	0.0032	NUM
fbem-12156	107	20	*	*	PUNCT
fbem-12156	107	21	*	*	PUNCT
fbem-12156	107	22	*	*	PUNCT
fbem-12156	108	1	0.0058	0.0058	NUM
fbem-12156	108	2	*	*	PUNCT
fbem-12156	108	3	*	*	PUNCT
fbem-12156	108	4	*	*	X
fbem-12156	108	5	0.0022	0.0022	NUM
fbem-12156	108	6	*	*	PUNCT
fbem-12156	108	7	*	*	PUNCT
fbem-12156	108	8	*	*	PUNCT
fbem-12156	108	9	(	(	PUNCT
fbem-12156	108	10	0.0006	0.0006	NUM
fbem-12156	108	11	)	)	PUNCT
fbem-12156	108	12	(	(	PUNCT
fbem-12156	108	13	0.0014	0.0014	NUM
fbem-12156	108	14	)	)	PUNCT
fbem-12156	108	15	(	(	PUNCT
fbem-12156	108	16	0.0004	0.0004	NUM
fbem-12156	108	17	)	)	PUNCT
fbem-12156	108	18	roa	roa	NOUN
fbem-12156	108	19	0.0469	0.0469	NUM
fbem-12156	108	20	*	*	PUNCT
fbem-12156	108	21	*	*	PUNCT
fbem-12156	108	22	*	*	PUNCT
fbem-12156	108	23	0.0812	0.0812	NUM
fbem-12156	108	24	*	*	PUNCT
fbem-12156	108	25	*	*	PUNCT
fbem-12156	108	26	*	*	PUNCT
fbem-12156	108	27	0.0146	0.0146	NUM
fbem-12156	108	28	*	*	PUNCT
fbem-12156	108	29	*	*	PUNCT
fbem-12156	108	30	(	(	PUNCT
fbem-12156	108	31	0.0060	0.0060	NUM
fbem-12156	108	32	)	)	PUNCT
fbem-12156	108	33	(	(	PUNCT
fbem-12156	108	34	0.0167	0.0167	NUM
fbem-12156	108	35	)	)	PUNCT
fbem-12156	108	36	(	(	PUNCT
fbem-12156	108	37	0.0044	0.0044	NUM
fbem-12156	108	38	)	)	PUNCT
fbem-12156	108	39	size	size	NOUN
fbem-12156	108	40	0.0019	0.0019	NUM
fbem-12156	108	41	*	*	PUNCT
fbem-12156	108	42	*	*	PUNCT
fbem-12156	108	43	*	*	PUNCT
fbem-12156	108	44	0.0046	0.0046	NUM
fbem-12156	108	45	*	*	PUNCT
fbem-12156	108	46	*	*	PUNCT
fbem-12156	108	47	*	*	PUNCT
fbem-12156	108	48	-0.0003	-0.0003	X
fbem-12156	108	49	(	(	PUNCT
fbem-12156	108	50	0.0004	0.0004	NUM
fbem-12156	108	51	)	)	PUNCT
fbem-12156	108	52	(	(	PUNCT
fbem-12156	108	53	0.0011	0.0011	NUM
fbem-12156	108	54	)	)	PUNCT
fbem-12156	108	55	(	(	PUNCT
fbem-12156	108	56	0.0003	0.0003	NUM
fbem-12156	108	57	)	)	PUNCT
fbem-12156	108	58	lev	lev	NOUN
fbem-12156	108	59	0.0085	0.0085	NUM
fbem-12156	108	60	*	*	PUNCT
fbem-12156	108	61	*	*	PUNCT
fbem-12156	108	62	*	*	PUNCT
fbem-12156	108	63	0.0226	0.0226	PUNCT
fbem-12156	108	64	*	*	PUNCT
fbem-12156	108	65	*	*	PUNCT
fbem-12156	108	66	*	*	NOUN
fbem-12156	108	67	-0.0048	-0.0048	NOUN
fbem-12156	108	68	*	*	PUNCT
fbem-12156	108	69	*	*	PUNCT
fbem-12156	108	70	(	(	PUNCT
fbem-12156	108	71	0.0023	0.0023	NUM
fbem-12156	108	72	)	)	PUNCT
fbem-12156	108	73	(	(	PUNCT
fbem-12156	108	74	0.0060	0.0060	NUM
fbem-12156	108	75	)	)	PUNCT
fbem-12156	108	76	(	(	PUNCT
fbem-12156	108	77	0.0018	0.0018	NUM
fbem-12156	108	78	)	)	PUNCT
fbem-12156	108	79	cfo	cfo	NOUN
fbem-12156	108	80	0.0003	0.0003	NUM
fbem-12156	108	81	0.0012	0.0012	NUM
fbem-12156	108	82	-0.0010	-0.0010	NOUN
fbem-12156	108	83	*	*	PUNCT
fbem-12156	109	1	*	*	PUNCT
fbem-12156	109	2	(	(	PUNCT
fbem-12156	109	3	0.0004	0.0004	NUM
fbem-12156	109	4	)	)	PUNCT
fbem-12156	109	5	(	(	PUNCT
fbem-12156	109	6	0.0010	0.0010	NUM
fbem-12156	109	7	)	)	PUNCT
fbem-12156	109	8	(	(	PUNCT
fbem-12156	109	9	0.0003	0.0003	NUM
fbem-12156	109	10	)	)	PUNCT
fbem-12156	109	11	mtb	mtb	NOUN
fbem-12156	109	12	0.0013	0.0013	NUM
fbem-12156	109	13	*	*	PUNCT
fbem-12156	109	14	*	*	PUNCT
fbem-12156	109	15	*	*	PUNCT
fbem-12156	109	16	0.0020	0.0020	NUM
fbem-12156	109	17	*	*	PUNCT
fbem-12156	109	18	*	*	PUNCT
fbem-12156	109	19	*	*	X
fbem-12156	109	20	0.0009	0.0009	NUM
fbem-12156	109	21	*	*	PUNCT
fbem-12156	109	22	*	*	PUNCT
fbem-12156	109	23	*	*	PUNCT
fbem-12156	109	24	(	(	PUNCT
fbem-12156	109	25	0.0002	0.0002	NUM
fbem-12156	109	26	)	)	PUNCT
fbem-12156	109	27	(	(	PUNCT
fbem-12156	109	28	0.0004	0.0004	NUM
fbem-12156	109	29	)	)	PUNCT
fbem-12156	109	30	(	(	PUNCT
fbem-12156	109	31	0.0001	0.0001	NUM
fbem-12156	109	32	)	)	PUNCT
fbem-12156	109	33	age	age	NOUN
fbem-12156	109	34	-0.0008	-0.0008	NOUN
fbem-12156	109	35	*	*	PUNCT
fbem-12156	109	36	*	*	PUNCT
fbem-12156	109	37	*	*	PUNCT
fbem-12156	109	38	-0.0010	-0.0010	NOUN
fbem-12156	109	39	*	*	PUNCT
fbem-12156	109	40	*	*	PUNCT
fbem-12156	109	41	*	*	NOUN
fbem-12156	109	42	-0.0006	-0.0006	NOUN
fbem-12156	109	43	*	*	PUNCT
fbem-12156	109	44	*	*	PUNCT
fbem-12156	109	45	*	*	PUNCT
fbem-12156	109	46	(	(	PUNCT
fbem-12156	109	47	0.0001	0.0001	NUM
fbem-12156	109	48	)	)	PUNCT
fbem-12156	109	49	(	(	PUNCT
fbem-12156	109	50	0.0001	0.0001	NUM
fbem-12156	109	51	)	)	PUNCT
fbem-12156	109	52	(	(	PUNCT
fbem-12156	109	53	0.0000	0.0000	NUM
fbem-12156	109	54	)	)	PUNCT
fbem-12156	109	55	ret	ret	NOUN
fbem-12156	109	56	0.0033	0.0033	NUM
fbem-12156	109	57	*	*	PROPN
fbem-12156	109	58	*	*	PUNCT
fbem-12156	109	59	*	*	PUNCT
fbem-12156	109	60	0.0111	0.0111	NUM
fbem-12156	109	61	*	*	PUNCT
fbem-12156	109	62	*	*	PUNCT
fbem-12156	109	63	*	*	PUNCT
fbem-12156	109	64	-0.0045	-0.0045	ADJ
fbem-12156	109	65	*	*	PUNCT
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fbem-12156	109	69	0.0009	0.0009	NUM
fbem-12156	109	70	)	)	PUNCT
fbem-12156	109	71	(	(	PUNCT
fbem-12156	109	72	0.0020	0.0020	NUM
fbem-12156	109	73	)	)	PUNCT
fbem-12156	109	74	(	(	PUNCT
fbem-12156	109	75	0.0007	0.0007	NUM
fbem-12156	109	76	)	)	PUNCT
fbem-12156	109	77	_	_	NOUN
fbem-12156	109	78	cons	con	NOUN
fbem-12156	109	79	0.2957	0.2957	NOUN
fbem-12156	109	80	*	*	PUNCT
fbem-12156	109	81	*	*	PUNCT
fbem-12156	109	82	*	*	X
fbem-12156	109	83	0.3985	0.3985	NUM
fbem-12156	109	84	*	*	PUNCT
fbem-12156	109	85	*	*	PUNCT
fbem-12156	109	86	*	*	PUNCT
fbem-12156	109	87	0.2594	0.2594	NUM
fbem-12156	109	88	*	*	PUNCT
fbem-12156	109	89	*	*	PUNCT
fbem-12156	109	90	*	*	PUNCT
fbem-12156	109	91	0.1231	0.1231	NUM
fbem-12156	109	92	*	*	PUNCT
fbem-12156	109	93	*	*	NOUN
fbem-12156	109	94	0.0740	0.0740	NUM
fbem-12156	109	95	0.2098	0.2098	NUM
fbem-12156	109	96	*	*	PUNCT
fbem-12156	109	97	*	*	PUNCT
fbem-12156	109	98	*	*	PUNCT
fbem-12156	109	99	(	(	PUNCT
fbem-12156	109	100	0.0367	0.0367	NUM
fbem-12156	109	101	)	)	PUNCT
fbem-12156	109	102	(	(	PUNCT
fbem-12156	109	103	0.0931	0.0931	NUM
fbem-12156	109	104	)	)	PUNCT
fbem-12156	109	105	(	(	PUNCT
fbem-12156	109	106	0.0286	0.0286	NUM
fbem-12156	109	107	)	)	PUNCT
fbem-12156	109	108	(	(	PUNCT
fbem-12156	109	109	0.0376	0.0376	NUM
fbem-12156	109	110	)	)	PUNCT
fbem-12156	109	111	(	(	PUNCT
fbem-12156	109	112	0.0944	0.0944	NUM
fbem-12156	109	113	)	)	PUNCT
fbem-12156	109	114	(	(	PUNCT
fbem-12156	109	115	0.0291	0.0291	NUM
fbem-12156	109	116	)	)	PUNCT
fbem-12156	109	117	n	n	PRON
fbem-12156	109	118	18615	18615	NUM
fbem-12156	109	119	6924	6924	NUM
fbem-12156	109	120	11691	11691	NUM
fbem-12156	109	121	18615	18615	NUM
fbem-12156	109	122	6924	6924	NUM
fbem-12156	109	123	11691	11691	NUM
fbem-12156	109	124	r2	r2	PROPN
fbem-12156	109	125	0.0486	0.0486	NUM
fbem-12156	109	126	0.0704	0.0704	NUM
fbem-12156	109	127	0.0636	0.0636	NUM
fbem-12156	109	128	0.0794	0.0794	NUM
fbem-12156	109	129	0.1105	0.1105	NUM
fbem-12156	109	130	0.1128	0.1128	NUM
fbem-12156	109	131	5.4	5.4	NUM
fbem-12156	109	132	.	.	PUNCT
fbem-12156	110	1	robustness	robustness	NOUN
fbem-12156	110	2	test	test	NOUN
fbem-12156	110	3	in	in	ADP
fbem-12156	110	4	this	this	DET
fbem-12156	110	5	paper	paper	NOUN
fbem-12156	111	1	,	,	PUNCT
fbem-12156	111	2	we	we	PRON
fbem-12156	111	3	refer	refer	VERB
fbem-12156	111	4	to	to	ADP
fbem-12156	111	5	the	the	DET
fbem-12156	111	6	biddle	biddle	NOUN
fbem-12156	111	7	(	(	PUNCT
fbem-12156	111	8	2009	2009	NUM
fbem-12156	111	9	)	)	PUNCT
fbem-12156	111	10	model	model	NOUN
fbem-12156	111	11	,	,	PUNCT
fbem-12156	111	12	calculate	calculate	VERB
fbem-12156	111	13	the	the	DET
fbem-12156	111	14	enterprise	enterprise	NOUN
fbem-12156	111	15	investment	investment	NOUN
fbem-12156	111	16	efficiency	efficiency	NOUN
fbem-12156	111	17	of	of	ADP
fbem-12156	111	18	the	the	DET
fbem-12156	111	19	listed	list	VERB
fbem-12156	111	20	companies	company	NOUN
fbem-12156	111	21	in	in	ADP
fbem-12156	111	22	the	the	DET
fbem-12156	111	23	sample	sample	NOUN
fbem-12156	111	24	of	of	ADP
fbem-12156	111	25	this	this	DET
fbem-12156	111	26	paper[14].and	paper[14].and	NOUN
fbem-12156	111	27	its	its	PRON
fbem-12156	111	28	robustness	robustness	NOUN
fbem-12156	111	29	regression	regression	NOUN
fbem-12156	111	30	analysis	analysis	NOUN
fbem-12156	111	31	as	as	ADP
fbem-12156	111	32	a	a	DET
fbem-12156	111	33	surrogate	surrogate	ADJ
fbem-12156	111	34	variable	variable	NOUN
fbem-12156	111	35	for	for	ADP
fbem-12156	111	36	richarson	richarson	NOUN
fbem-12156	111	37	investment	investment	NOUN
fbem-12156	111	38	efficiency.among	efficiency.among	NUM
fbem-12156	111	39	them	they	PRON
fbem-12156	111	40	,	,	PUNCT
fbem-12156	111	41	invefficiencyb	invefficiencyb	PROPN
fbem-12156	111	42	,	,	PUNCT
fbem-12156	111	43	overinvestb	overinvestb	ADV
fbem-12156	111	44	and	and	CCONJ
fbem-12156	111	45	underinvestb	underinvestb	ADV
fbem-12156	111	46	are	be	AUX
fbem-12156	111	47	the	the	DET
fbem-12156	111	48	enterprise	enterprise	NOUN
fbem-12156	111	49	investment	investment	NOUN
fbem-12156	111	50	efficiency	efficiency	NOUN
fbem-12156	111	51	calculated	calculate	VERB
fbem-12156	111	52	based	base	VERB
fbem-12156	111	53	on	on	ADP
fbem-12156	111	54	the	the	DET
fbem-12156	111	55	biddle	biddle	PROPN
fbem-12156	111	56	model	model	PROPN
fbem-12156	111	57	,	,	PUNCT
fbem-12156	111	58	the	the	DET
fbem-12156	111	59	results	result	NOUN
fbem-12156	111	60	are	be	AUX
fbem-12156	111	61	shown	show	VERB
fbem-12156	111	62	in	in	ADP
fbem-12156	111	63	table	table	NOUN
fbem-12156	111	64	5	5	NUM
fbem-12156	111	65	:	:	PUNCT
fbem-12156	111	66	by	by	ADP
fbem-12156	111	67	observing	observe	VERB
fbem-12156	111	68	the	the	DET
fbem-12156	111	69	regression	regression	NOUN
fbem-12156	111	70	coefficient	coefficient	NOUN
fbem-12156	111	71	of	of	ADP
fbem-12156	111	72	the	the	DET
fbem-12156	111	73	real	real	ADJ
fbem-12156	111	74	effective	effective	ADJ
fbem-12156	111	75	exchange	exchange	NOUN
fbem-12156	111	76	rate	rate	NOUN
fbem-12156	111	77	of	of	ADP
fbem-12156	111	78	rmb	rmb	NOUN
fbem-12156	111	79	,	,	PUNCT
fbem-12156	111	80	the	the	DET
fbem-12156	111	81	real	real	ADJ
fbem-12156	111	82	effective	effective	ADJ
fbem-12156	111	83	exchange	exchange	NOUN
fbem-12156	111	84	rate	rate	NOUN
fbem-12156	111	85	of	of	ADP
fbem-12156	111	86	rmb	rmb	NOUN
fbem-12156	111	87	still	still	ADV
fbem-12156	111	88	has	have	VERB
fbem-12156	111	89	a	a	DET
fbem-12156	111	90	significant	significant	ADJ
fbem-12156	111	91	negative	negative	ADJ
fbem-12156	111	92	correlation	correlation	NOUN
fbem-12156	111	93	between	between	ADP
fbem-12156	111	94	the	the	DET
fbem-12156	111	95	degree	degree	NOUN
fbem-12156	111	96	of	of	ADP
fbem-12156	111	97	non	non	ADJ
fbem-12156	111	98	-	-	ADJ
fbem-12156	111	99	efficient	efficient	ADJ
fbem-12156	111	100	investment	investment	NOUN
fbem-12156	111	101	and	and	CCONJ
fbem-12156	111	102	the	the	DET
fbem-12156	111	103	degree	degree	NOUN
fbem-12156	111	104	of	of	ADP
fbem-12156	111	105	underinvestment	underinvestment	NOUN
fbem-12156	111	106	,	,	PUNCT
fbem-12156	111	107	the	the	DET
fbem-12156	111	108	increase	increase	NOUN
fbem-12156	111	109	of	of	ADP
fbem-12156	111	110	the	the	DET
fbem-12156	111	111	real	real	ADJ
fbem-12156	111	112	effective	effective	ADJ
fbem-12156	111	113	exchange	exchange	NOUN
fbem-12156	111	114	rate	rate	NOUN
fbem-12156	111	115	of	of	ADP
fbem-12156	111	116	rmb	rmb	NOUN
fbem-12156	111	117	will	will	AUX
fbem-12156	111	118	increase	increase	VERB
fbem-12156	111	119	the	the	DET
fbem-12156	111	120	investment	investment	NOUN
fbem-12156	111	121	efficiency	efficiency	NOUN
fbem-12156	111	122	of	of	ADP
fbem-12156	111	123	enterprises	enterprise	NOUN
fbem-12156	111	124	,	,	PUNCT
fbem-12156	111	125	supporting	support	VERB
fbem-12156	111	126	the	the	DET
fbem-12156	111	127	hypothesis	hypothesis	NOUN
fbem-12156	111	128	1	1	NUM
fbem-12156	111	129	of	of	ADP
fbem-12156	111	130	this	this	PRON
fbem-12156	111	131	paper.the	paper.the	DET
fbem-12156	111	132	model	model	NOUN
fbem-12156	111	133	passed	pass	VERB
fbem-12156	111	134	the	the	DET
fbem-12156	111	135	robustness	robustness	NOUN
fbem-12156	111	136	test	test	NOUN
fbem-12156	111	137	.	.	PUNCT
fbem-12156	112	1	5.5	5.5	NUM
fbem-12156	112	2	.	.	PUNCT
fbem-12156	112	3	regulatory	regulatory	ADJ
fbem-12156	112	4	effect	effect	NOUN
fbem-12156	112	5	5.5.1	5.5.1	NUM
fbem-12156	112	6	.	.	PUNCT
fbem-12156	113	1	equity	equity	NOUN
fbem-12156	113	2	concentration	concentration	NOUN
fbem-12156	113	3	in	in	ADP
fbem-12156	113	4	this	this	DET
fbem-12156	113	5	section	section	NOUN
fbem-12156	113	6	,	,	PUNCT
fbem-12156	113	7	in	in	ADP
fbem-12156	113	8	order	order	NOUN
fbem-12156	113	9	to	to	PART
fbem-12156	113	10	examine	examine	VERB
fbem-12156	113	11	whether	whether	SCONJ
fbem-12156	113	12	the	the	DET
fbem-12156	113	13	equity	equity	NOUN
fbem-12156	113	14	concentration	concentration	NOUN
fbem-12156	113	15	of	of	ADP
fbem-12156	113	16	the	the	DET
fbem-12156	113	17	enterprise	enterprise	NOUN
fbem-12156	113	18	will	will	AUX
fbem-12156	113	19	affect	affect	VERB
fbem-12156	113	20	the	the	DET
fbem-12156	113	21	investment	investment	NOUN
fbem-12156	113	22	effect	effect	NOUN
fbem-12156	113	23	of	of	ADP
fbem-12156	113	24	the	the	DET
fbem-12156	113	25	actual	actual	ADJ
fbem-12156	113	26	effective	effective	ADJ
fbem-12156	113	27	exchange	exchange	NOUN
fbem-12156	113	28	rate	rate	NOUN
fbem-12156	113	29	,	,	PUNCT
fbem-12156	113	30	this	this	DET
fbem-12156	113	31	paper	paper	NOUN
fbem-12156	113	32	obtains	obtain	VERB
fbem-12156	113	33	the	the	DET
fbem-12156	113	34	sample	sample	NOUN
fbem-12156	113	35	company	company	NOUN
fbem-12156	113	36	2	2	NUM
fbem-12156	113	37	-	-	SYM
fbem-12156	113	38	5	5	NUM
fbem-12156	113	39	largest	large	ADJ
fbem-12156	113	40	shareholders	shareholder	NOUN
fbem-12156	113	41	and	and	CCONJ
fbem-12156	113	42	the	the	DET
fbem-12156	113	43	largest	large	ADJ
fbem-12156	113	44	shareholder	shareholder	NOUN
fbem-12156	113	45	shareholding	shareholding	NOUN
fbem-12156	113	46	index	index	NOUN
fbem-12156	113	47	,	,	PUNCT
fbem-12156	113	48	and	and	CCONJ
fbem-12156	113	49	according	accord	VERB
fbem-12156	113	50	to	to	ADP
fbem-12156	113	51	the	the	DET
fbem-12156	113	52	index	index	NOUN
fbem-12156	113	53	of	of	ADP
fbem-12156	113	54	median	median	ADJ
fbem-12156	113	55	sample	sample	NOUN
fbem-12156	113	56	is	be	AUX
fbem-12156	113	57	divided	divide	VERB
fbem-12156	113	58	into	into	ADP
fbem-12156	113	59	two	two	NUM
fbem-12156	113	60	groups	group	NOUN
fbem-12156	113	61	of	of	ADP
fbem-12156	113	62	high	high	ADJ
fbem-12156	113	63	concentration	concentration	NOUN
fbem-12156	113	64	and	and	CCONJ
fbem-12156	113	65	low	low	ADJ
fbem-12156	113	66	concentration	concentration	NOUN
fbem-12156	113	67	of	of	ADP
fbem-12156	113	68	equity	equity	NOUN
fbem-12156	113	69	,	,	PUNCT
fbem-12156	113	70	and	and	CCONJ
fbem-12156	113	71	build	build	VERB
fbem-12156	113	72	virtual	virtual	ADJ
fbem-12156	113	73	variables.the	variables.the	DET
fbem-12156	113	74	regression	regression	NOUN
fbem-12156	113	75	results	result	NOUN
fbem-12156	113	76	in	in	ADP
fbem-12156	113	77	table	table	NOUN
fbem-12156	113	78	6	6	NUM
fbem-12156	113	79	show	show	NOUN
fbem-12156	113	80	that	that	SCONJ
fbem-12156	113	81	the	the	DET
fbem-12156	113	82	improvement	improvement	NOUN
fbem-12156	113	83	of	of	ADP
fbem-12156	113	84	the	the	DET
fbem-12156	113	85	real	real	ADJ
fbem-12156	113	86	effective	effective	ADJ
fbem-12156	113	87	exchange	exchange	NOUN
fbem-12156	113	88	rate	rate	NOUN
fbem-12156	113	89	of	of	ADP
fbem-12156	113	90	rmb	rmb	NOUN
fbem-12156	113	91	will	will	AUX
fbem-12156	113	92	promote	promote	VERB
fbem-12156	113	93	the	the	DET
fbem-12156	113	94	increase	increase	NOUN
fbem-12156	113	95	of	of	ADP
fbem-12156	113	96	investment	investment	NOUN
fbem-12156	113	97	efficiency	efficiency	NOUN
fbem-12156	113	98	of	of	ADP
fbem-12156	113	99	listed	list	VERB
fbem-12156	113	100	companies	company	NOUN
fbem-12156	113	101	,	,	PUNCT
fbem-12156	113	102	and	and	CCONJ
fbem-12156	113	103	the	the	DET
fbem-12156	113	104	positive	positive	ADJ
fbem-12156	113	105	impact	impact	NOUN
fbem-12156	113	106	of	of	ADP
fbem-12156	113	107	the	the	DET
fbem-12156	113	108	effective	effective	ADJ
fbem-12156	113	109	exchange	exchange	NOUN
fbem-12156	113	110	rate	rate	NOUN
fbem-12156	113	111	on	on	ADP
fbem-12156	113	112	investment	investment	NOUN
fbem-12156	113	113	efficiency	efficiency	NOUN
fbem-12156	113	114	is	be	AUX
fbem-12156	113	115	more	more	ADV
fbem-12156	113	116	obvious	obvious	ADJ
fbem-12156	113	117	in	in	ADP
fbem-12156	113	118	enterprises	enterprise	NOUN
fbem-12156	113	119	with	with	ADP
fbem-12156	113	120	high	high	ADJ
fbem-12156	113	121	equity	equity	NOUN
fbem-12156	113	122	concentration	concentration	NOUN
fbem-12156	113	123	,	,	PUNCT
fbem-12156	113	124	which	which	PRON
fbem-12156	113	125	is	be	AUX
fbem-12156	113	126	also	also	ADV
fbem-12156	113	127	consistent	consistent	ADJ
fbem-12156	113	128	with	with	ADP
fbem-12156	113	129	hypothesis	hypothesis	NOUN
fbem-12156	113	130	2	2	NUM
fbem-12156	113	131	of	of	ADP
fbem-12156	113	132	this	this	DET
fbem-12156	113	133	paper	paper	NOUN
fbem-12156	113	134	.	.	PUNCT
fbem-12156	114	1	19	19	NUM
fbem-12156	114	2	table	table	NOUN
fbem-12156	114	3	5	5	NUM
fbem-12156	114	4	.	.	PUNCT
fbem-12156	114	5	robust	robust	ADJ
fbem-12156	114	6	test	test	NOUN
fbem-12156	114	7	:	:	PUNCT
fbem-12156	114	8	this	this	DET
fbem-12156	114	9	table	table	NOUN
fbem-12156	114	10	reports	report	VERB
fbem-12156	114	11	the	the	DET
fbem-12156	114	12	panel	panel	NOUN
fbem-12156	114	13	regression	regression	VERB
fbem-12156	114	14	results	result	NOUN
fbem-12156	114	15	of	of	ADP
fbem-12156	114	16	the	the	DET
fbem-12156	114	17	rmb	rmb	NOUN
fbem-12156	114	18	real	real	ADJ
fbem-12156	114	19	effective	effective	ADJ
fbem-12156	114	20	exchange	exchange	NOUN
fbem-12156	114	21	rate	rate	NOUN
fbem-12156	114	22	of	of	ADP
fbem-12156	114	23	non	non	ADJ
fbem-12156	114	24	-	-	ADJ
fbem-12156	114	25	effective	effective	ADJ
fbem-12156	114	26	investment	investment	NOUN
fbem-12156	114	27	,	,	PUNCT
fbem-12156	114	28	overinvestment	overinvestment	ADJ
fbem-12156	114	29	and	and	CCONJ
fbem-12156	114	30	underinvestment	underinvestment	NOUN
fbem-12156	114	31	of	of	ADP
fbem-12156	114	32	chinese	chinese	ADJ
fbem-12156	114	33	a	a	DET
fbem-12156	114	34	-	-	PUNCT
fbem-12156	114	35	share	share	NOUN
fbem-12156	114	36	listed	list	VERB
fbem-12156	114	37	companies	company	NOUN
fbem-12156	114	38	during	during	ADP
fbem-12156	114	39	the	the	DET
fbem-12156	114	40	2010	2010	NUM
fbem-12156	114	41	-	-	SYM
fbem-12156	114	42	2022	2022	NUM
fbem-12156	114	43	sample	sample	NOUN
fbem-12156	114	44	period	period	NOUN
fbem-12156	114	45	calculated	calculate	VERB
fbem-12156	114	46	according	accord	VERB
fbem-12156	114	47	to	to	ADP
fbem-12156	114	48	the	the	DET
fbem-12156	114	49	biddle	biddle	PROPN
fbem-12156	114	50	model	model	PROPN
fbem-12156	114	51	.	.	PUNCT
fbem-12156	115	1	*	*	PUNCT
fbem-12156	115	2	,	,	PUNCT
fbem-12156	115	3	*	*	PUNCT
fbem-12156	115	4	*	*	PUNCT
fbem-12156	115	5	and	and	CCONJ
fbem-12156	115	6	*	*	PUNCT
fbem-12156	115	7	*	*	PUNCT
fbem-12156	115	8	*	*	PUNCT
fbem-12156	115	9	denote	denote	ADJ
fbem-12156	115	10	statistical	statistical	ADJ
fbem-12156	115	11	significance	significance	NOUN
fbem-12156	115	12	at	at	ADP
fbem-12156	115	13	the	the	DET
fbem-12156	115	14	10	10	NUM
fbem-12156	115	15	%	%	NOUN
fbem-12156	115	16	,	,	PUNCT
fbem-12156	115	17	5	5	NUM
fbem-12156	115	18	%	%	NOUN
fbem-12156	115	19	and	and	CCONJ
fbem-12156	115	20	1	1	NUM
fbem-12156	115	21	%	%	NOUN
fbem-12156	115	22	level	level	NOUN
fbem-12156	115	23	,	,	PUNCT
fbem-12156	115	24	respectively	respectively	ADV
fbem-12156	115	25	.	.	PUNCT
fbem-12156	116	1	dependent	dependent	ADJ
fbem-12156	116	2	variable	variable	ADJ
fbem-12156	116	3	invefficiencyb	invefficiencyb	NOUN
fbem-12156	116	4	overinvestb	overinvestb	ADV
fbem-12156	116	5	underinvestb	underinvestb	ADV
fbem-12156	116	6	invefficiencyb	invefficiencyb	VERB
fbem-12156	116	7	overinvestb	overinvestb	ADV
fbem-12156	116	8	underinvestb	underinvestb	ADV
fbem-12156	116	9	(	(	PUNCT
fbem-12156	116	10	1	1	NUM
fbem-12156	116	11	)	)	PUNCT
fbem-12156	116	12	(	(	PUNCT
fbem-12156	116	13	2	2	NUM
fbem-12156	116	14	)	)	PUNCT
fbem-12156	116	15	(	(	PUNCT
fbem-12156	116	16	3	3	X
fbem-12156	116	17	)	)	PUNCT
fbem-12156	116	18	(	(	PUNCT
fbem-12156	116	19	4	4	NUM
fbem-12156	116	20	)	)	PUNCT
fbem-12156	116	21	(	(	PUNCT
fbem-12156	116	22	5	5	NUM
fbem-12156	116	23	)	)	PUNCT
fbem-12156	116	24	(	(	PUNCT
fbem-12156	116	25	6	6	X
fbem-12156	116	26	)	)	PUNCT
fbem-12156	116	27	lner	lner	NOUN
fbem-12156	116	28	-0.0544	-0.0544	PROPN
fbem-12156	116	29	*	*	PROPN
fbem-12156	116	30	*	*	PUNCT
fbem-12156	116	31	*	*	PUNCT
fbem-12156	116	32	-0.0746	-0.0746	ADJ
fbem-12156	116	33	*	*	PUNCT
fbem-12156	116	34	*	*	PUNCT
fbem-12156	116	35	*	*	PUNCT
fbem-12156	116	36	-0.0470	-0.0470	NOUN
fbem-12156	117	1	*	*	PUNCT
fbem-12156	117	2	*	*	PUNCT
fbem-12156	117	3	*	*	PUNCT
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fbem-12156	117	5	*	*	PUNCT
fbem-12156	117	6	*	*	PUNCT
fbem-12156	117	7	*	*	X
fbem-12156	117	8	0.0030	0.0030	NUM
fbem-12156	117	9	-0.0389	-0.0389	NOUN
fbem-12156	117	10	*	*	PUNCT
fbem-12156	117	11	*	*	PUNCT
fbem-12156	117	12	*	*	PUNCT
fbem-12156	117	13	(	(	PUNCT
fbem-12156	117	14	0.0092	0.0092	NUM
fbem-12156	117	15	)	)	PUNCT
fbem-12156	117	16	(	(	PUNCT
fbem-12156	117	17	0.0226	0.0226	NUM
fbem-12156	117	18	)	)	PUNCT
fbem-12156	117	19	(	(	PUNCT
fbem-12156	117	20	0.0053	0.0053	NUM
fbem-12156	117	21	)	)	PUNCT
fbem-12156	117	22	(	(	PUNCT
fbem-12156	117	23	0.0060	0.0060	NUM
fbem-12156	117	24	)	)	PUNCT
fbem-12156	117	25	(	(	PUNCT
fbem-12156	117	26	0.0232	0.0232	NUM
fbem-12156	117	27	)	)	PUNCT
fbem-12156	117	28	(	(	PUNCT
fbem-12156	117	29	0.0054	0.0054	NUM
fbem-12156	117	30	)	)	PUNCT
fbem-12156	117	31	adminability	adminability	NOUN
fbem-12156	117	32	-0.0055	-0.0055	NOUN
fbem-12156	117	33	*	*	PROPN
fbem-12156	117	34	*	*	PUNCT
fbem-12156	117	35	*	*	NOUN
fbem-12156	117	36	-0.0098	-0.0098	PUNCT
fbem-12156	118	1	*	*	PUNCT
fbem-12156	118	2	*	*	PUNCT
fbem-12156	118	3	*	*	PUNCT
fbem-12156	118	4	-0.0030	-0.0030	NOUN
fbem-12156	118	5	*	*	PUNCT
fbem-12156	118	6	*	*	PUNCT
fbem-12156	118	7	*	*	PUNCT
fbem-12156	118	8	(	(	PUNCT
fbem-12156	118	9	0.0006	0.0006	NUM
fbem-12156	118	10	)	)	PUNCT
fbem-12156	118	11	(	(	PUNCT
fbem-12156	118	12	0.0016	0.0016	NUM
fbem-12156	118	13	)	)	PUNCT
fbem-12156	118	14	(	(	PUNCT
fbem-12156	118	15	0.0004	0.0004	NUM
fbem-12156	118	16	)	)	PUNCT
fbem-12156	118	17	admincost	admincost	VERB
fbem-12156	118	18	0.0468	0.0468	NUM
fbem-12156	118	19	*	*	PUNCT
fbem-12156	118	20	*	*	PUNCT
fbem-12156	118	21	*	*	PUNCT
fbem-12156	119	1	0.1120	0.1120	NUM
fbem-12156	119	2	*	*	PUNCT
fbem-12156	119	3	*	*	PUNCT
fbem-12156	119	4	*	*	PUNCT
fbem-12156	120	1	0.0129	0.0129	NUM
fbem-12156	120	2	*	*	PUNCT
fbem-12156	121	1	*	*	PUNCT
fbem-12156	121	2	*	*	PUNCT
fbem-12156	121	3	(	(	PUNCT
fbem-12156	121	4	0.0066	0.0066	NUM
fbem-12156	121	5	)	)	PUNCT
fbem-12156	121	6	(	(	PUNCT
fbem-12156	121	7	0.0184	0.0184	NUM
fbem-12156	121	8	)	)	PUNCT
fbem-12156	121	9	(	(	PUNCT
fbem-12156	121	10	0.0039	0.0039	NUM
fbem-12156	121	11	)	)	PUNCT
fbem-12156	121	12	cr	cr	NOUN
fbem-12156	121	13	0.0021	0.0021	NUM
fbem-12156	121	14	*	*	PUNCT
fbem-12156	121	15	*	*	PUNCT
fbem-12156	121	16	*	*	PUNCT
fbem-12156	121	17	0.0054	0.0054	NUM
fbem-12156	121	18	*	*	PUNCT
fbem-12156	121	19	*	*	PUNCT
fbem-12156	121	20	*	*	X
fbem-12156	121	21	0.0004	0.0004	NUM
fbem-12156	121	22	(	(	PUNCT
fbem-12156	121	23	0.0006	0.0006	NUM
fbem-12156	121	24	)	)	PUNCT
fbem-12156	121	25	(	(	PUNCT
fbem-12156	121	26	0.0016	0.0016	NUM
fbem-12156	121	27	)	)	PUNCT
fbem-12156	121	28	(	(	PUNCT
fbem-12156	121	29	0.0004	0.0004	NUM
fbem-12156	121	30	)	)	PUNCT
fbem-12156	121	31	roa	roa	NOUN
fbem-12156	121	32	0.0486	0.0486	NUM
fbem-12156	121	33	*	*	PUNCT
fbem-12156	121	34	*	*	PUNCT
fbem-12156	121	35	*	*	PUNCT
fbem-12156	121	36	0.0839	0.0839	NUM
fbem-12156	121	37	*	*	PUNCT
fbem-12156	121	38	*	*	PUNCT
fbem-12156	121	39	*	*	PUNCT
fbem-12156	121	40	-0.0007	-0.0007	ADJ
fbem-12156	121	41	(	(	PUNCT
fbem-12156	121	42	0.0069	0.0069	NUM
fbem-12156	121	43	)	)	PUNCT
fbem-12156	121	44	(	(	PUNCT
fbem-12156	121	45	0.0202	0.0202	NUM
fbem-12156	121	46	)	)	PUNCT
fbem-12156	121	47	(	(	PUNCT
fbem-12156	121	48	0.0037	0.0037	NUM
fbem-12156	121	49	)	)	PUNCT
fbem-12156	121	50	size	size	NOUN
fbem-12156	121	51	0.0030	0.0030	NUM
fbem-12156	121	52	*	*	PUNCT
fbem-12156	121	53	*	*	PUNCT
fbem-12156	121	54	*	*	PUNCT
fbem-12156	121	55	0.0066	0.0066	NUM
fbem-12156	121	56	*	*	PROPN
fbem-12156	121	57	*	*	PUNCT
fbem-12156	121	58	*	*	NOUN
fbem-12156	121	59	-0.0014	-0.0014	NOUN
fbem-12156	121	60	*	*	PUNCT
fbem-12156	121	61	*	*	PUNCT
fbem-12156	121	62	*	*	PUNCT
fbem-12156	121	63	(	(	PUNCT
fbem-12156	121	64	0.0005	0.0005	NUM
fbem-12156	121	65	)	)	PUNCT
fbem-12156	121	66	(	(	PUNCT
fbem-12156	121	67	0.0012	0.0012	NUM
fbem-12156	121	68	)	)	PUNCT
fbem-12156	121	69	(	(	PUNCT
fbem-12156	121	70	0.0003	0.0003	NUM
fbem-12156	121	71	)	)	PUNCT
fbem-12156	121	72	lev	lev	NOUN
fbem-12156	121	73	0.0110	0.0110	NUM
fbem-12156	121	74	*	*	PUNCT
fbem-12156	121	75	*	*	PUNCT
fbem-12156	121	76	*	*	PUNCT
fbem-12156	121	77	0.0421	0.0421	NUM
fbem-12156	121	78	*	*	PUNCT
fbem-12156	121	79	*	*	PUNCT
fbem-12156	121	80	*	*	PUNCT
fbem-12156	121	81	0.0047	0.0047	NUM
fbem-12156	121	82	*	*	NOUN
fbem-12156	121	83	*	*	PUNCT
fbem-12156	121	84	(	(	PUNCT
fbem-12156	121	85	0.0026	0.0026	NUM
fbem-12156	121	86	)	)	PUNCT
fbem-12156	121	87	(	(	PUNCT
fbem-12156	121	88	0.0069	0.0069	NUM
fbem-12156	121	89	)	)	PUNCT
fbem-12156	121	90	(	(	PUNCT
fbem-12156	121	91	0.0015	0.0015	NUM
fbem-12156	121	92	)	)	PUNCT
fbem-12156	121	93	cfo	cfo	NOUN
fbem-12156	121	94	0.0016	0.0016	NUM
fbem-12156	121	95	*	*	PUNCT
fbem-12156	121	96	*	*	PUNCT
fbem-12156	121	97	*	*	PROPN
fbem-12156	121	98	0.0021	0.0021	NUM
fbem-12156	121	99	-0.0019	-0.0019	NOUN
fbem-12156	121	100	*	*	PUNCT
fbem-12156	121	101	*	*	PUNCT
fbem-12156	121	102	*	*	PUNCT
fbem-12156	121	103	(	(	PUNCT
fbem-12156	121	104	0.0005	0.0005	NUM
fbem-12156	121	105	)	)	PUNCT
fbem-12156	121	106	(	(	PUNCT
fbem-12156	121	107	0.0011	0.0011	NUM
fbem-12156	121	108	)	)	PUNCT
fbem-12156	121	109	(	(	PUNCT
fbem-12156	121	110	0.0003	0.0003	NUM
fbem-12156	121	111	)	)	PUNCT
fbem-12156	121	112	mtb	mtb	NOUN
fbem-12156	121	113	0.0021	0.0021	NUM
fbem-12156	121	114	*	*	PUNCT
fbem-12156	121	115	*	*	PUNCT
fbem-12156	121	116	*	*	PUNCT
fbem-12156	121	117	0.0029	0.0029	NUM
fbem-12156	121	118	*	*	PUNCT
fbem-12156	121	119	*	*	PUNCT
fbem-12156	121	120	*	*	X
fbem-12156	121	121	0.0004	0.0004	NUM
fbem-12156	121	122	*	*	PUNCT
fbem-12156	121	123	*	*	PUNCT
fbem-12156	121	124	*	*	PUNCT
fbem-12156	121	125	(	(	PUNCT
fbem-12156	121	126	0.0002	0.0002	NUM
fbem-12156	121	127	)	)	PUNCT
fbem-12156	121	128	(	(	PUNCT
fbem-12156	121	129	0.0005	0.0005	NUM
fbem-12156	121	130	)	)	PUNCT
fbem-12156	121	131	(	(	PUNCT
fbem-12156	121	132	0.0001	0.0001	NUM
fbem-12156	121	133	)	)	PUNCT
fbem-12156	121	134	age	age	NOUN
fbem-12156	121	135	-0.0005	-0.0005	NOUN
fbem-12156	121	136	*	*	PUNCT
fbem-12156	122	1	*	*	PUNCT
fbem-12156	122	2	*	*	PUNCT
fbem-12156	122	3	-0.0011	-0.0011	PUNCT
fbem-12156	123	1	*	*	PUNCT
fbem-12156	123	2	*	*	PUNCT
fbem-12156	123	3	*	*	PUNCT
fbem-12156	123	4	0.0005	0.0005	NUM
fbem-12156	123	5	*	*	PUNCT
fbem-12156	123	6	*	*	PUNCT
fbem-12156	123	7	*	*	PUNCT
fbem-12156	123	8	(	(	PUNCT
fbem-12156	123	9	0.0001	0.0001	NUM
fbem-12156	123	10	)	)	PUNCT
fbem-12156	123	11	(	(	PUNCT
fbem-12156	123	12	0.0002	0.0002	NUM
fbem-12156	123	13	)	)	PUNCT
fbem-12156	123	14	(	(	PUNCT
fbem-12156	123	15	0.0000	0.0000	NUM
fbem-12156	123	16	)	)	PUNCT
fbem-12156	123	17	ret	ret	PROPN
fbem-12156	123	18	0.0024	0.0024	PROPN
fbem-12156	123	19	*	*	PROPN
fbem-12156	123	20	*	*	PUNCT
fbem-12156	124	1	0.0096	0.0096	NUM
fbem-12156	124	2	*	*	PUNCT
fbem-12156	124	3	*	*	PUNCT
fbem-12156	124	4	*	*	PUNCT
fbem-12156	124	5	-0.0010	-0.0010	NOUN
fbem-12156	124	6	(	(	PUNCT
fbem-12156	124	7	0.0008	0.0008	NUM
fbem-12156	124	8	)	)	PUNCT
fbem-12156	124	9	(	(	PUNCT
fbem-12156	124	10	0.0023	0.0023	NUM
fbem-12156	124	11	)	)	PUNCT
fbem-12156	124	12	(	(	PUNCT
fbem-12156	124	13	0.0006	0.0006	NUM
fbem-12156	124	14	)	)	PUNCT
fbem-12156	124	15	cons	con	NOUN
fbem-12156	124	16	0.2779	0.2779	NUM
fbem-12156	124	17	*	*	PUNCT
fbem-12156	124	18	*	*	PUNCT
fbem-12156	124	19	*	*	PUNCT
fbem-12156	124	20	0.3837	0.3837	NUM
fbem-12156	124	21	*	*	PUNCT
fbem-12156	124	22	*	*	PUNCT
fbem-12156	124	23	*	*	PUNCT
fbem-12156	124	24	0.2331	0.2331	NUM
fbem-12156	124	25	*	*	PUNCT
fbem-12156	124	26	*	*	PUNCT
fbem-12156	124	27	*	*	PUNCT
fbem-12156	124	28	0.1515	0.1515	NUM
fbem-12156	124	29	*	*	PUNCT
fbem-12156	124	30	*	*	PUNCT
fbem-12156	124	31	*	*	PUNCT
fbem-12156	124	32	-0.0003	-0.0003	NOUN
fbem-12156	124	33	0.2615	0.2615	NUM
fbem-12156	124	34	*	*	PUNCT
fbem-12156	124	35	*	*	PUNCT
fbem-12156	124	36	*	*	PUNCT
fbem-12156	124	37	(	(	PUNCT
fbem-12156	124	38	0.0424	0.0424	NUM
fbem-12156	124	39	)	)	PUNCT
fbem-12156	124	40	(	(	PUNCT
fbem-12156	124	41	0.1043	0.1043	NUM
fbem-12156	124	42	)	)	PUNCT
fbem-12156	124	43	(	(	PUNCT
fbem-12156	124	44	0.0242	0.0242	NUM
fbem-12156	124	45	)	)	PUNCT
fbem-12156	124	46	(	(	PUNCT
fbem-12156	124	47	0.0269	0.0269	NUM
fbem-12156	124	48	)	)	PUNCT
fbem-12156	124	49	(	(	PUNCT
fbem-12156	124	50	0.1060	0.1060	NUM
fbem-12156	124	51	)	)	PUNCT
fbem-12156	124	52	(	(	PUNCT
fbem-12156	124	53	0.0247	0.0247	NUM
fbem-12156	124	54	)	)	PUNCT
fbem-12156	124	55	n	n	CCONJ
fbem-12156	124	56	18615	18615	NUM
fbem-12156	124	57	6791	6791	NUM
fbem-12156	124	58	11824	11824	NUM
fbem-12156	124	59	18615	18615	NUM
fbem-12156	124	60	6791	6791	NUM
fbem-12156	124	61	11824	11824	NUM
fbem-12156	124	62	r2	r2	NOUN
fbem-12156	124	63	0.0544	0.0544	NUM
fbem-12156	124	64	0.0685	0.0685	NUM
fbem-12156	124	65	0.1379	0.1379	NUM
fbem-12156	124	66	0.0324	0.0324	NUM
fbem-12156	124	67	0.1110	0.1110	NUM
fbem-12156	124	68	0.1748	0.1748	NUM
fbem-12156	124	69	table	table	NOUN
fbem-12156	124	70	6	6	NUM
fbem-12156	124	71	.	.	PUNCT
fbem-12156	125	1	this	this	DET
fbem-12156	125	2	table	table	NOUN
fbem-12156	125	3	reports	report	VERB
fbem-12156	125	4	how	how	SCONJ
fbem-12156	125	5	equity	equity	NOUN
fbem-12156	125	6	concentration	concentration	NOUN
fbem-12156	125	7	of	of	ADP
fbem-12156	125	8	the	the	DET
fbem-12156	125	9	enterprise	enterprise	NOUN
fbem-12156	125	10	affects	affect	VERB
fbem-12156	125	11	the	the	DET
fbem-12156	125	12	impact	impact	NOUN
fbem-12156	125	13	of	of	ADP
fbem-12156	125	14	the	the	DET
fbem-12156	125	15	real	real	ADJ
fbem-12156	125	16	exchange	exchange	NOUN
fbem-12156	125	17	rate	rate	NOUN
fbem-12156	125	18	on	on	ADP
fbem-12156	125	19	investment	investment	NOUN
fbem-12156	125	20	efficiency	efficiency	NOUN
fbem-12156	125	21	.	.	PUNCT
fbem-12156	126	1	if	if	SCONJ
fbem-12156	126	2	the	the	DET
fbem-12156	126	3	equity	equity	NOUN
fbem-12156	126	4	concentration	concentration	NOUN
fbem-12156	126	5	is	be	AUX
fbem-12156	126	6	higher	high	ADJ
fbem-12156	126	7	than	than	ADP
fbem-12156	126	8	the	the	DET
fbem-12156	126	9	annual	annual	ADJ
fbem-12156	126	10	industry	industry	NOUN
fbem-12156	126	11	median	median	NOUN
fbem-12156	126	12	,	,	PUNCT
fbem-12156	126	13	the	the	DET
fbem-12156	126	14	virtual	virtual	ADJ
fbem-12156	126	15	variable	variable	NOUN
fbem-12156	126	16	is	be	AUX
fbem-12156	126	17	1	1	NUM
fbem-12156	126	18	,	,	PUNCT
fbem-12156	126	19	otherwise	otherwise	ADV
fbem-12156	126	20	,	,	PUNCT
fbem-12156	126	21	0	0	X
fbem-12156	126	22	.	.	X
fbem-12156	126	23	*	*	PUNCT
fbem-12156	126	24	,	,	PUNCT
fbem-12156	126	25	*	*	PUNCT
fbem-12156	126	26	*	*	PUNCT
fbem-12156	126	27	and	and	CCONJ
fbem-12156	126	28	*	*	PUNCT
fbem-12156	126	29	*	*	PUNCT
fbem-12156	126	30	*	*	PUNCT
fbem-12156	126	31	denote	denote	ADJ
fbem-12156	126	32	statistical	statistical	ADJ
fbem-12156	126	33	significance	significance	NOUN
fbem-12156	126	34	at	at	ADP
fbem-12156	126	35	the	the	DET
fbem-12156	126	36	10	10	NUM
fbem-12156	126	37	%	%	NOUN
fbem-12156	126	38	,	,	PUNCT
fbem-12156	126	39	5	5	NUM
fbem-12156	126	40	%	%	NOUN
fbem-12156	126	41	and	and	CCONJ
fbem-12156	126	42	1	1	NUM
fbem-12156	126	43	%	%	NOUN
fbem-12156	126	44	level	level	NOUN
fbem-12156	126	45	,	,	PUNCT
fbem-12156	126	46	respectively	respectively	ADV
fbem-12156	126	47	.	.	PUNCT
fbem-12156	127	1	dependent	dependent	ADJ
fbem-12156	127	2	variable	variable	ADJ
fbem-12156	127	3	abs	ab	NOUN
fbem-12156	127	4	underinvest	underinv	ADJ
fbem-12156	127	5	abs	ab	NOUN
fbem-12156	127	6	underinvest	underinv	ADJ
fbem-12156	127	7	(	(	PUNCT
fbem-12156	127	8	1	1	NUM
fbem-12156	127	9	)	)	PUNCT
fbem-12156	127	10	(	(	PUNCT
fbem-12156	127	11	2	2	NUM
fbem-12156	127	12	)	)	PUNCT
fbem-12156	127	13	(	(	PUNCT
fbem-12156	127	14	3	3	X
fbem-12156	127	15	)	)	PUNCT
fbem-12156	127	16	(	(	PUNCT
fbem-12156	127	17	4	4	X
fbem-12156	127	18	)	)	PUNCT
fbem-12156	127	19	lner*higher	lner*higher	ADV
fbem-12156	127	20	cr	cr	PRON
fbem-12156	127	21	-0.0595	-0.0595	NOUN
fbem-12156	127	22	*	*	PUNCT
fbem-12156	127	23	*	*	PUNCT
fbem-12156	127	24	*	*	PUNCT
fbem-12156	127	25	-0.0534	-0.0534	ADJ
fbem-12156	127	26	*	*	PUNCT
fbem-12156	127	27	*	*	PUNCT
fbem-12156	127	28	*	*	NOUN
fbem-12156	127	29	-0.0014	-0.0014	NOUN
fbem-12156	127	30	*	*	PUNCT
fbem-12156	127	31	*	*	PUNCT
fbem-12156	127	32	*	*	PUNCT
fbem-12156	127	33	-0.0018	-0.0018	X
fbem-12156	127	34	*	*	PUNCT
fbem-12156	127	35	*	*	PUNCT
fbem-12156	127	36	*	*	PUNCT
fbem-12156	127	37	(	(	PUNCT
fbem-12156	127	38	0.0080	0.0080	NUM
fbem-12156	127	39	)	)	PUNCT
fbem-12156	127	40	(	(	PUNCT
fbem-12156	127	41	0.0062	0.0062	NUM
fbem-12156	127	42	)	)	PUNCT
fbem-12156	127	43	(	(	PUNCT
fbem-12156	127	44	0.0004	0.0004	NUM
fbem-12156	127	45	)	)	PUNCT
fbem-12156	127	46	(	(	PUNCT
fbem-12156	127	47	0.0003	0.0003	NUM
fbem-12156	127	48	)	)	PUNCT
fbem-12156	127	49	lner	lner	NOUN
fbem-12156	127	50	-0.0030	-0.0030	PROPN
fbem-12156	127	51	-0.0013	-0.0013	PROPN
fbem-12156	128	1	(	(	PUNCT
fbem-12156	128	2	0.0057	0.0057	NUM
fbem-12156	128	3	)	)	PUNCT
fbem-12156	128	4	(	(	PUNCT
fbem-12156	128	5	0.0045	0.0045	NUM
fbem-12156	128	6	)	)	PUNCT
fbem-12156	128	7	crdum	crdum	NOUN
fbem-12156	128	8	0.0023	0.0023	NUM
fbem-12156	128	9	*	*	SYM
fbem-12156	128	10	0.0016	0.0016	NUM
fbem-12156	128	11	*	*	SYM
fbem-12156	128	12	(	(	PUNCT
fbem-12156	128	13	0.0010	0.0010	NUM
fbem-12156	128	14	)	)	PUNCT
fbem-12156	128	15	(	(	PUNCT
fbem-12156	128	16	0.0008	0.0008	NUM
fbem-12156	128	17	)	)	PUNCT
fbem-12156	128	18	adminability	adminability	NOUN
fbem-12156	128	19	-0.0049	-0.0049	NOUN
fbem-12156	128	20	*	*	PUNCT
fbem-12156	128	21	*	*	PUNCT
fbem-12156	128	22	*	*	PUNCT
fbem-12156	128	23	-0.0036	-0.0036	NOUN
fbem-12156	128	24	*	*	PUNCT
fbem-12156	128	25	*	*	PUNCT
fbem-12156	128	26	*	*	PUNCT
fbem-12156	128	27	(	(	PUNCT
fbem-12156	128	28	0.0006	0.0006	NUM
fbem-12156	128	29	)	)	PUNCT
fbem-12156	128	30	(	(	PUNCT
fbem-12156	128	31	0.0004	0.0004	NUM
fbem-12156	128	32	)	)	PUNCT
fbem-12156	128	33	admincost	admincost	VERB
fbem-12156	128	34	0.0526	0.0526	NUM
fbem-12156	128	35	*	*	PUNCT
fbem-12156	128	36	*	*	PUNCT
fbem-12156	128	37	*	*	PUNCT
fbem-12156	128	38	0.0318	0.0318	NUM
fbem-12156	128	39	*	*	PUNCT
fbem-12156	128	40	*	*	PUNCT
fbem-12156	128	41	*	*	PUNCT
fbem-12156	128	42	(	(	PUNCT
fbem-12156	128	43	0.0056	0.0056	NUM
fbem-12156	128	44	)	)	PUNCT
fbem-12156	128	45	(	(	PUNCT
fbem-12156	128	46	0.0043	0.0043	NUM
fbem-12156	128	47	)	)	PUNCT
fbem-12156	128	48	cr	cr	NOUN
fbem-12156	128	49	0.0018	0.0018	NUM
fbem-12156	128	50	*	*	SYM
fbem-12156	128	51	0.0012	0.0012	NUM
fbem-12156	128	52	(	(	PUNCT
fbem-12156	128	53	0.0008	0.0008	NUM
fbem-12156	128	54	)	)	PUNCT
fbem-12156	128	55	(	(	PUNCT
fbem-12156	128	56	0.0007	0.0007	NUM
fbem-12156	128	57	)	)	PUNCT
fbem-12156	128	58	roa	roa	NOUN
fbem-12156	128	59	0.0475	0.0475	NUM
fbem-12156	128	60	*	*	PUNCT
fbem-12156	128	61	*	*	PUNCT
fbem-12156	128	62	*	*	PUNCT
fbem-12156	129	1	0.0131	0.0131	NUM
fbem-12156	129	2	*	*	PUNCT
fbem-12156	129	3	*	*	PUNCT
fbem-12156	129	4	(	(	PUNCT
fbem-12156	129	5	0.0059	0.0059	NUM
fbem-12156	129	6	)	)	PUNCT
fbem-12156	129	7	(	(	PUNCT
fbem-12156	129	8	0.0044	0.0044	NUM
fbem-12156	129	9	)	)	PUNCT
fbem-12156	129	10	size	size	NOUN
fbem-12156	129	11	0.0025	0.0025	NUM
fbem-12156	129	12	*	*	PUNCT
fbem-12156	129	13	*	*	PUNCT
fbem-12156	129	14	*	*	PUNCT
fbem-12156	129	15	0.0003	0.0003	NUM
fbem-12156	129	16	(	(	PUNCT
fbem-12156	129	17	0.0004	0.0004	NUM
fbem-12156	129	18	)	)	PUNCT
fbem-12156	129	19	(	(	PUNCT
fbem-12156	129	20	0.0003	0.0003	NUM
fbem-12156	129	21	)	)	PUNCT
fbem-12156	129	22	lev	lev	NOUN
fbem-12156	129	23	0.0025	0.0025	NUM
fbem-12156	129	24	-0.0073	-0.0073	NOUN
fbem-12156	129	25	*	*	PUNCT
fbem-12156	129	26	*	*	PUNCT
fbem-12156	129	27	*	*	PUNCT
fbem-12156	129	28	(	(	PUNCT
fbem-12156	129	29	0.0022	0.0022	NUM
fbem-12156	129	30	)	)	PUNCT
fbem-12156	129	31	(	(	PUNCT
fbem-12156	129	32	0.0017	0.0017	NUM
fbem-12156	129	33	)	)	PUNCT
fbem-12156	129	34	cfo	cfo	NOUN
fbem-12156	129	35	0.0010	0.0010	NUM
fbem-12156	129	36	*	*	SYM
fbem-12156	129	37	-0.0003	-0.0003	PROPN
fbem-12156	129	38	(	(	PUNCT
fbem-12156	129	39	0.0004	0.0004	NUM
fbem-12156	129	40	)	)	PUNCT
fbem-12156	129	41	(	(	PUNCT
fbem-12156	129	42	0.0003	0.0003	NUM
fbem-12156	129	43	)	)	PUNCT
fbem-12156	129	44	mtb	mtb	NOUN
fbem-12156	129	45	0.0017	0.0017	NUM
fbem-12156	129	46	*	*	PUNCT
fbem-12156	129	47	*	*	PUNCT
fbem-12156	129	48	*	*	PUNCT
fbem-12156	129	49	0.0011	0.0011	NUM
fbem-12156	129	50	*	*	PUNCT
fbem-12156	129	51	*	*	PUNCT
fbem-12156	129	52	*	*	PUNCT
fbem-12156	129	53	(	(	PUNCT
fbem-12156	129	54	0.0001	0.0001	NUM
fbem-12156	129	55	)	)	PUNCT
fbem-12156	129	56	(	(	PUNCT
fbem-12156	129	57	0.0001	0.0001	NUM
fbem-12156	129	58	)	)	PUNCT
fbem-12156	129	59	age	age	NOUN
fbem-12156	129	60	-0.0008	-0.0008	NOUN
fbem-12156	129	61	*	*	PUNCT
fbem-12156	129	62	*	*	PUNCT
fbem-12156	129	63	*	*	PUNCT
fbem-12156	129	64	-0.0005	-0.0005	PUNCT
fbem-12156	129	65	*	*	PUNCT
fbem-12156	129	66	*	*	PUNCT
fbem-12156	129	67	*	*	PUNCT
fbem-12156	129	68	(	(	PUNCT
fbem-12156	129	69	0.0001	0.0001	NUM
fbem-12156	129	70	)	)	PUNCT
fbem-12156	129	71	(	(	PUNCT
fbem-12156	129	72	0.0000	0.0000	NUM
fbem-12156	129	73	)	)	PUNCT
fbem-12156	129	74	ret	ret	NOUN
fbem-12156	129	75	0.0010	0.0010	NUM
fbem-12156	129	76	-0.0042	-0.0042	NOUN
fbem-12156	129	77	*	*	PUNCT
fbem-12156	129	78	*	*	PUNCT
fbem-12156	129	79	*	*	PUNCT
fbem-12156	129	80	(	(	PUNCT
fbem-12156	129	81	0.0007	0.0007	NUM
fbem-12156	129	82	)	)	PUNCT
fbem-12156	129	83	(	(	PUNCT
fbem-12156	129	84	0.0006	0.0006	NUM
fbem-12156	129	85	)	)	PUNCT
fbem-12156	129	86	cons	con	NOUN
fbem-12156	129	87	0.2957	0.2957	NOUN
fbem-12156	129	88	*	*	PUNCT
fbem-12156	129	89	*	*	PUNCT
fbem-12156	129	90	*	*	PUNCT
fbem-12156	129	91	0.2594	0.2594	NUM
fbem-12156	129	92	*	*	PUNCT
fbem-12156	129	93	*	*	PUNCT
fbem-12156	129	94	*	*	PUNCT
fbem-12156	129	95	0.0689	0.0689	NUM
fbem-12156	129	96	*	*	PUNCT
fbem-12156	129	97	*	*	PUNCT
fbem-12156	129	98	0.0916	0.0916	NUM
fbem-12156	129	99	*	*	PUNCT
fbem-12156	129	100	*	*	PUNCT
fbem-12156	129	101	*	*	PUNCT
fbem-12156	129	102	(	(	PUNCT
fbem-12156	129	103	0.0367	0.0367	NUM
fbem-12156	129	104	)	)	PUNCT
fbem-12156	129	105	(	(	PUNCT
fbem-12156	129	106	0.0286	0.0286	NUM
fbem-12156	129	107	)	)	PUNCT
fbem-12156	129	108	(	(	PUNCT
fbem-12156	129	109	0.0251	0.0251	NUM
fbem-12156	129	110	)	)	PUNCT
fbem-12156	129	111	(	(	PUNCT
fbem-12156	129	112	0.0197	0.0197	NUM
fbem-12156	129	113	)	)	PUNCT
fbem-12156	129	114	n	n	CCONJ
fbem-12156	129	115	18615	18615	NUM
fbem-12156	129	116	11691	11691	NUM
fbem-12156	129	117	18615	18615	NUM
fbem-12156	129	118	11691	11691	NUM
fbem-12156	129	119	r2	r2	PROPN
fbem-12156	129	120	0.0486	0.0486	NUM
fbem-12156	129	121	0.0636	0.0636	NUM
fbem-12156	129	122	0.0451	0.0451	NUM
fbem-12156	129	123	0.0641	0.0641	NUM
fbem-12156	129	124	5.5.2	5.5.2	NUM
fbem-12156	129	125	.	.	PUNCT
fbem-12156	129	126	financing	financing	NOUN
fbem-12156	129	127	constraints	constraint	NOUN
fbem-12156	129	128	according	accord	VERB
fbem-12156	129	129	to	to	ADP
fbem-12156	129	130	the	the	DET
fbem-12156	129	131	research	research	NOUN
fbem-12156	129	132	of	of	ADP
fbem-12156	129	133	lian	lian	PROPN
fbem-12156	129	134	yujun	yujun	PROPN
fbem-12156	129	135	,	,	PUNCT
fbem-12156	129	136	su	su	PROPN
fbem-12156	129	137	zhi	zhi	PROPN
fbem-12156	129	138	and	and	CCONJ
fbem-12156	129	139	wang	wang	PROPN
fbem-12156	129	140	zhanxiang[6,7	zhanxiang[6,7	PROPN
fbem-12156	129	141	]	]	PUNCT
fbem-12156	129	142	,	,	PUNCT
fbem-12156	129	143	compared	compare	VERB
fbem-12156	129	144	with	with	ADP
fbem-12156	129	145	large	large	ADJ
fbem-12156	129	146	-	-	PUNCT
fbem-12156	129	147	scale	scale	NOUN
fbem-12156	129	148	enterprises	enterprise	NOUN
fbem-12156	129	149	,	,	PUNCT
fbem-12156	129	150	small	small	ADJ
fbem-12156	129	151	-	-	PUNCT
fbem-12156	129	152	scale	scale	NOUN
fbem-12156	129	153	enterprises	enterprise	NOUN
fbem-12156	129	154	face	face	VERB
fbem-12156	129	155	higher	high	ADJ
fbem-12156	129	156	financing	financing	NOUN
fbem-12156	129	157	constraints	constraint	NOUN
fbem-12156	129	158	.	.	PUNCT
fbem-12156	130	1	in	in	ADP
fbem-12156	130	2	20	20	NUM
fbem-12156	130	3	this	this	DET
fbem-12156	130	4	section	section	NOUN
fbem-12156	130	5	,	,	PUNCT
fbem-12156	130	6	in	in	ADP
fbem-12156	130	7	order	order	NOUN
fbem-12156	130	8	to	to	PART
fbem-12156	130	9	investigate	investigate	VERB
fbem-12156	130	10	whether	whether	SCONJ
fbem-12156	130	11	the	the	DET
fbem-12156	130	12	financing	financing	NOUN
fbem-12156	130	13	constraints	constraint	NOUN
fbem-12156	130	14	of	of	ADP
fbem-12156	130	15	enterprises	enterprise	NOUN
fbem-12156	130	16	will	will	AUX
fbem-12156	130	17	have	have	VERB
fbem-12156	130	18	an	an	DET
fbem-12156	130	19	impact	impact	NOUN
fbem-12156	130	20	on	on	ADP
fbem-12156	130	21	the	the	DET
fbem-12156	130	22	investment	investment	NOUN
fbem-12156	130	23	effect	effect	NOUN
fbem-12156	130	24	of	of	ADP
fbem-12156	130	25	the	the	DET
fbem-12156	130	26	actual	actual	ADJ
fbem-12156	130	27	effective	effective	ADJ
fbem-12156	130	28	exchange	exchange	NOUN
fbem-12156	130	29	rate	rate	NOUN
fbem-12156	130	30	of	of	ADP
fbem-12156	130	31	rmb	rmb	NOUN
fbem-12156	130	32	,	,	PUNCT
fbem-12156	130	33	the	the	DET
fbem-12156	130	34	paper	paper	NOUN
fbem-12156	130	35	divided	divide	VERB
fbem-12156	130	36	the	the	DET
fbem-12156	130	37	samples	sample	NOUN
fbem-12156	130	38	into	into	ADP
fbem-12156	130	39	two	two	NUM
fbem-12156	130	40	subsamples	subsample	NOUN
fbem-12156	130	41	of	of	ADP
fbem-12156	130	42	large	large	ADJ
fbem-12156	130	43	-	-	PUNCT
fbem-12156	130	44	scale	scale	NOUN
fbem-12156	130	45	enterprises	enterprise	NOUN
fbem-12156	130	46	and	and	CCONJ
fbem-12156	130	47	small	small	ADJ
fbem-12156	130	48	-	-	PUNCT
fbem-12156	130	49	scale	scale	NOUN
fbem-12156	130	50	enterprises	enterprise	NOUN
fbem-12156	130	51	according	accord	VERB
fbem-12156	130	52	to	to	ADP
fbem-12156	130	53	the	the	DET
fbem-12156	130	54	enterprise	enterprise	NOUN
fbem-12156	130	55	size	size	NOUN
fbem-12156	130	56	,	,	PUNCT
fbem-12156	130	57	and	and	CCONJ
fbem-12156	130	58	then	then	ADV
fbem-12156	130	59	conducted	conduct	VERB
fbem-12156	130	60	regression	regression	NOUN
fbem-12156	130	61	.	.	PUNCT
fbem-12156	131	1	the	the	DET
fbem-12156	131	2	regression	regression	NOUN
fbem-12156	131	3	results	result	VERB
fbem-12156	131	4	in	in	ADP
fbem-12156	131	5	table	table	NOUN
fbem-12156	131	6	7	7	NUM
fbem-12156	131	7	show	show	VERB
fbem-12156	131	8	that	that	SCONJ
fbem-12156	131	9	the	the	DET
fbem-12156	131	10	improvement	improvement	NOUN
fbem-12156	131	11	of	of	ADP
fbem-12156	131	12	the	the	DET
fbem-12156	131	13	real	real	ADJ
fbem-12156	131	14	effective	effective	ADJ
fbem-12156	131	15	exchange	exchange	NOUN
fbem-12156	131	16	rate	rate	NOUN
fbem-12156	131	17	of	of	ADP
fbem-12156	131	18	rmb	rmb	NOUN
fbem-12156	131	19	will	will	AUX
fbem-12156	131	20	increase	increase	VERB
fbem-12156	131	21	the	the	DET
fbem-12156	131	22	investment	investment	NOUN
fbem-12156	131	23	efficiency	efficiency	NOUN
fbem-12156	131	24	of	of	ADP
fbem-12156	131	25	listed	list	VERB
fbem-12156	131	26	companies	company	NOUN
fbem-12156	131	27	,	,	PUNCT
fbem-12156	131	28	and	and	CCONJ
fbem-12156	131	29	the	the	DET
fbem-12156	131	30	positive	positive	ADJ
fbem-12156	131	31	impact	impact	NOUN
fbem-12156	131	32	of	of	ADP
fbem-12156	131	33	the	the	DET
fbem-12156	131	34	effective	effective	ADJ
fbem-12156	131	35	exchange	exchange	NOUN
fbem-12156	131	36	rate	rate	NOUN
fbem-12156	131	37	of	of	ADP
fbem-12156	131	38	rmb	rmb	NOUN
fbem-12156	131	39	on	on	ADP
fbem-12156	131	40	the	the	DET
fbem-12156	131	41	investment	investment	NOUN
fbem-12156	131	42	efficiency	efficiency	NOUN
fbem-12156	131	43	is	be	AUX
fbem-12156	131	44	more	more	ADV
fbem-12156	131	45	obvious	obvious	ADJ
fbem-12156	131	46	in	in	ADP
fbem-12156	131	47	enterprises	enterprise	NOUN
fbem-12156	131	48	with	with	ADP
fbem-12156	131	49	high	high	ADJ
fbem-12156	131	50	financing	financing	NOUN
fbem-12156	131	51	constraints	constraint	NOUN
fbem-12156	131	52	,	,	PUNCT
fbem-12156	131	53	which	which	PRON
fbem-12156	131	54	is	be	AUX
fbem-12156	131	55	also	also	ADV
fbem-12156	131	56	consistent	consistent	ADJ
fbem-12156	131	57	with	with	ADP
fbem-12156	131	58	the	the	DET
fbem-12156	131	59	hypothesis	hypothesis	NOUN
fbem-12156	131	60	3	3	NUM
fbem-12156	131	61	of	of	ADP
fbem-12156	131	62	this	this	DET
fbem-12156	131	63	paper	paper	NOUN
fbem-12156	131	64	.	.	PUNCT
fbem-12156	132	1	table	table	NOUN
fbem-12156	132	2	7	7	NUM
fbem-12156	132	3	.	.	PUNCT
fbem-12156	133	1	this	this	DET
fbem-12156	133	2	table	table	NOUN
fbem-12156	133	3	reports	report	VERB
fbem-12156	133	4	how	how	SCONJ
fbem-12156	133	5	financing	financing	NOUN
fbem-12156	133	6	constraints	constraint	NOUN
fbem-12156	133	7	affect	affect	VERB
fbem-12156	133	8	the	the	DET
fbem-12156	133	9	impact	impact	NOUN
fbem-12156	133	10	of	of	ADP
fbem-12156	133	11	the	the	DET
fbem-12156	133	12	real	real	ADJ
fbem-12156	133	13	exchange	exchange	NOUN
fbem-12156	133	14	rate	rate	NOUN
fbem-12156	133	15	on	on	ADP
fbem-12156	133	16	investment	investment	NOUN
fbem-12156	133	17	efficiency.if	efficiency.if	NOUN
fbem-12156	133	18	the	the	DET
fbem-12156	133	19	enterprise	enterprise	NOUN
fbem-12156	133	20	size	size	NOUN
fbem-12156	133	21	is	be	AUX
fbem-12156	133	22	larger	large	ADJ
fbem-12156	133	23	than	than	ADP
fbem-12156	133	24	the	the	DET
fbem-12156	133	25	annual	annual	ADJ
fbem-12156	133	26	median	median	ADJ
fbem-12156	133	27	value	value	NOUN
fbem-12156	133	28	of	of	ADP
fbem-12156	133	29	the	the	DET
fbem-12156	133	30	industry	industry	NOUN
fbem-12156	133	31	,	,	PUNCT
fbem-12156	133	32	it	it	PRON
fbem-12156	133	33	is	be	AUX
fbem-12156	133	34	a	a	DET
fbem-12156	133	35	large	large	ADJ
fbem-12156	133	36	-	-	PUNCT
fbem-12156	133	37	scale	scale	NOUN
fbem-12156	133	38	enterprise	enterprise	NOUN
fbem-12156	133	39	,	,	PUNCT
fbem-12156	133	40	and	and	CCONJ
fbem-12156	133	41	otherwise	otherwise	ADV
fbem-12156	133	42	,	,	PUNCT
fbem-12156	133	43	it	it	PRON
fbem-12156	133	44	is	be	AUX
fbem-12156	133	45	a	a	DET
fbem-12156	133	46	small	small	ADJ
fbem-12156	133	47	-	-	PUNCT
fbem-12156	133	48	scale	scale	NOUN
fbem-12156	133	49	enterprise	enterprise	NOUN
fbem-12156	133	50	.	.	PUNCT
fbem-12156	134	1	*	*	PUNCT
fbem-12156	134	2	,	,	PUNCT
fbem-12156	134	3	*	*	PUNCT
fbem-12156	134	4	*	*	PUNCT
fbem-12156	134	5	and	and	CCONJ
fbem-12156	134	6	*	*	PUNCT
fbem-12156	134	7	*	*	PUNCT
fbem-12156	134	8	*	*	PUNCT
fbem-12156	134	9	denote	denote	ADJ
fbem-12156	134	10	statistical	statistical	ADJ
fbem-12156	134	11	significance	significance	NOUN
fbem-12156	134	12	at	at	ADP
fbem-12156	134	13	the	the	DET
fbem-12156	134	14	10	10	NUM
fbem-12156	134	15	%	%	NOUN
fbem-12156	134	16	,	,	PUNCT
fbem-12156	134	17	5	5	NUM
fbem-12156	134	18	%	%	NOUN
fbem-12156	134	19	and	and	CCONJ
fbem-12156	134	20	1	1	NUM
fbem-12156	134	21	%	%	NOUN
fbem-12156	134	22	level	level	NOUN
fbem-12156	134	23	,	,	PUNCT
fbem-12156	134	24	respectively	respectively	ADV
fbem-12156	134	25	.	.	PUNCT
fbem-12156	135	1	small	small	ADJ
fbem-12156	135	2	-	-	PUNCT
fbem-12156	135	3	scale	scale	NOUN
fbem-12156	135	4	large	large	ADJ
fbem-12156	135	5	-	-	PUNCT
fbem-12156	135	6	scale	scale	NOUN
fbem-12156	135	7	dependent	dependent	ADJ
fbem-12156	135	8	variable	variable	ADJ
fbem-12156	135	9	abs	ab	NOUN
fbem-12156	135	10	underinvest	underinv	ADJ
fbem-12156	135	11	abs	ab	NOUN
fbem-12156	135	12	underinvest	underinv	ADJ
fbem-12156	135	13	(	(	PUNCT
fbem-12156	135	14	1	1	NUM
fbem-12156	135	15	)	)	PUNCT
fbem-12156	135	16	(	(	PUNCT
fbem-12156	135	17	2	2	NUM
fbem-12156	135	18	)	)	PUNCT
fbem-12156	135	19	(	(	PUNCT
fbem-12156	135	20	3	3	X
fbem-12156	135	21	)	)	PUNCT
fbem-12156	135	22	(	(	PUNCT
fbem-12156	135	23	4	4	X
fbem-12156	135	24	)	)	PUNCT
fbem-12156	135	25	lner	lner	NOUN
fbem-12156	135	26	-0.0222	-0.0222	PROPN
fbem-12156	135	27	*	*	PROPN
fbem-12156	135	28	*	*	PUNCT
fbem-12156	135	29	-0.0219	-0.0219	NUM
fbem-12156	136	1	*	*	PUNCT
fbem-12156	136	2	*	*	PUNCT
fbem-12156	136	3	*	*	PUNCT
fbem-12156	136	4	-0.0055	-0.0055	NOUN
fbem-12156	136	5	-0.0065	-0.0065	PROPN
fbem-12156	136	6	(	(	PUNCT
fbem-12156	136	7	0.0073	0.0073	NUM
fbem-12156	136	8	)	)	PUNCT
fbem-12156	136	9	(	(	PUNCT
fbem-12156	136	10	0.0059	0.0059	NUM
fbem-12156	136	11	)	)	PUNCT
fbem-12156	136	12	(	(	PUNCT
fbem-12156	136	13	0.0074	0.0074	NUM
fbem-12156	136	14	)	)	PUNCT
fbem-12156	136	15	(	(	PUNCT
fbem-12156	136	16	0.0056	0.0056	NUM
fbem-12156	136	17	)	)	PUNCT
fbem-12156	136	18	adminability	adminability	NOUN
fbem-12156	136	19	-0.0051	-0.0051	VERB
fbem-12156	136	20	*	*	PUNCT
fbem-12156	137	1	*	*	PUNCT
fbem-12156	137	2	*	*	PUNCT
fbem-12156	137	3	-0.0045	-0.0045	ADJ
fbem-12156	137	4	*	*	PUNCT
fbem-12156	137	5	*	*	PUNCT
fbem-12156	137	6	*	*	PUNCT
fbem-12156	137	7	-0.0051	-0.0051	ADJ
fbem-12156	138	1	*	*	PUNCT
fbem-12156	139	1	*	*	PUNCT
fbem-12156	139	2	*	*	PUNCT
fbem-12156	139	3	-0.0033	-0.0033	NOUN
fbem-12156	139	4	*	*	PUNCT
fbem-12156	139	5	*	*	PUNCT
fbem-12156	139	6	*	*	PUNCT
fbem-12156	139	7	(	(	PUNCT
fbem-12156	139	8	0.0008	0.0008	NUM
fbem-12156	139	9	)	)	PUNCT
fbem-12156	139	10	(	(	PUNCT
fbem-12156	139	11	0.0007	0.0007	NUM
fbem-12156	139	12	)	)	PUNCT
fbem-12156	139	13	(	(	PUNCT
fbem-12156	139	14	0.0008	0.0008	NUM
fbem-12156	139	15	)	)	PUNCT
fbem-12156	139	16	(	(	PUNCT
fbem-12156	139	17	0.0006	0.0006	NUM
fbem-12156	139	18	)	)	PUNCT
fbem-12156	139	19	admincost	admincost	VERB
fbem-12156	139	20	0.0529	0.0529	NUM
fbem-12156	139	21	*	*	PUNCT
fbem-12156	139	22	*	*	PUNCT
fbem-12156	139	23	*	*	PUNCT
fbem-12156	140	1	0.0346	0.0346	NUM
fbem-12156	140	2	*	*	PUNCT
fbem-12156	140	3	*	*	PUNCT
fbem-12156	140	4	*	*	PUNCT
fbem-12156	140	5	0.0509	0.0509	NUM
fbem-12156	140	6	*	*	PUNCT
fbem-12156	140	7	*	*	PUNCT
fbem-12156	140	8	*	*	PUNCT
fbem-12156	140	9	0.0250	0.0250	PRON
fbem-12156	140	10	*	*	PUNCT
fbem-12156	140	11	*	*	PUNCT
fbem-12156	140	12	*	*	PUNCT
fbem-12156	140	13	(	(	PUNCT
fbem-12156	140	14	0.0070	0.0070	NUM
fbem-12156	140	15	)	)	PUNCT
fbem-12156	140	16	(	(	PUNCT
fbem-12156	140	17	0.0055	0.0055	NUM
fbem-12156	140	18	)	)	PUNCT
fbem-12156	140	19	(	(	PUNCT
fbem-12156	140	20	0.0095	0.0095	NUM
fbem-12156	140	21	)	)	PUNCT
fbem-12156	140	22	(	(	PUNCT
fbem-12156	140	23	0.0071	0.0071	NUM
fbem-12156	140	24	)	)	PUNCT
fbem-12156	140	25	cr	cr	PROPN
fbem-12156	140	26	0.0024	0.0024	NUM
fbem-12156	140	27	*	*	PROPN
fbem-12156	140	28	*	*	X
fbem-12156	140	29	0.0013	0.0013	NUM
fbem-12156	140	30	*	*	NOUN
fbem-12156	140	31	0.0033	0.0033	NUM
fbem-12156	140	32	*	*	PUNCT
fbem-12156	140	33	*	*	PUNCT
fbem-12156	140	34	*	*	PUNCT
fbem-12156	140	35	0.0022	0.0022	NUM
fbem-12156	140	36	*	*	PUNCT
fbem-12156	140	37	*	*	PUNCT
fbem-12156	140	38	*	*	PUNCT
fbem-12156	140	39	(	(	PUNCT
fbem-12156	140	40	0.0008	0.0008	NUM
fbem-12156	140	41	)	)	PUNCT
fbem-12156	140	42	(	(	PUNCT
fbem-12156	140	43	0.0006	0.0006	NUM
fbem-12156	140	44	)	)	PUNCT
fbem-12156	140	45	(	(	PUNCT
fbem-12156	140	46	0.0008	0.0008	NUM
fbem-12156	140	47	)	)	PUNCT
fbem-12156	140	48	(	(	PUNCT
fbem-12156	140	49	0.0006	0.0006	NUM
fbem-12156	140	50	)	)	PUNCT
fbem-12156	140	51	roa	roa	NOUN
fbem-12156	140	52	0.0527	0.0527	NUM
fbem-12156	140	53	*	*	PUNCT
fbem-12156	140	54	*	*	PUNCT
fbem-12156	140	55	*	*	PUNCT
fbem-12156	140	56	0.0203	0.0203	NUM
fbem-12156	140	57	*	*	PUNCT
fbem-12156	140	58	*	*	PUNCT
fbem-12156	140	59	*	*	PUNCT
fbem-12156	140	60	0.0389	0.0389	NUM
fbem-12156	140	61	*	*	PUNCT
fbem-12156	140	62	*	*	PUNCT
fbem-12156	140	63	*	*	PUNCT
fbem-12156	140	64	0.0035	0.0035	NUM
fbem-12156	140	65	(	(	PUNCT
fbem-12156	140	66	0.0075	0.0075	NUM
fbem-12156	140	67	)	)	PUNCT
fbem-12156	140	68	(	(	PUNCT
fbem-12156	140	69	0.0058	0.0058	NUM
fbem-12156	140	70	)	)	PUNCT
fbem-12156	140	71	(	(	PUNCT
fbem-12156	140	72	0.0098	0.0098	NUM
fbem-12156	140	73	)	)	PUNCT
fbem-12156	140	74	(	(	PUNCT
fbem-12156	140	75	0.0070	0.0070	NUM
fbem-12156	140	76	)	)	PUNCT
fbem-12156	140	77	lev	lev	PROPN
fbem-12156	140	78	-0.0004	-0.0004	PROPN
fbem-12156	140	79	-0.0091	-0.0091	PROPN
fbem-12156	140	80	*	*	PUNCT
fbem-12156	140	81	*	*	PUNCT
fbem-12156	140	82	*	*	X
fbem-12156	140	83	0.0055	0.0055	NUM
fbem-12156	140	84	-0.0047	-0.0047	NOUN
fbem-12156	140	85	(	(	PUNCT
fbem-12156	140	86	0.0030	0.0030	NUM
fbem-12156	140	87	)	)	PUNCT
fbem-12156	140	88	(	(	PUNCT
fbem-12156	140	89	0.0024	0.0024	NUM
fbem-12156	140	90	)	)	PUNCT
fbem-12156	140	91	(	(	PUNCT
fbem-12156	140	92	0.0033	0.0033	NUM
fbem-12156	140	93	)	)	PUNCT
fbem-12156	140	94	(	(	PUNCT
fbem-12156	140	95	0.0025	0.0025	NUM
fbem-12156	140	96	)	)	PUNCT
fbem-12156	140	97	cfo	cfo	NOUN
fbem-12156	140	98	0.0006	0.0006	NUM
fbem-12156	140	99	-0.0004	-0.0004	NOUN
fbem-12156	140	100	0.0012	0.0012	NUM
fbem-12156	140	101	*	*	SYM
fbem-12156	140	102	-0.0003	-0.0003	NOUN
fbem-12156	140	103	(	(	PUNCT
fbem-12156	140	104	0.0007	0.0007	NUM
fbem-12156	140	105	)	)	PUNCT
fbem-12156	140	106	(	(	PUNCT
fbem-12156	140	107	0.0006	0.0006	NUM
fbem-12156	140	108	)	)	PUNCT
fbem-12156	140	109	(	(	PUNCT
fbem-12156	140	110	0.0005	0.0005	NUM
fbem-12156	140	111	)	)	PUNCT
fbem-12156	140	112	(	(	PUNCT
fbem-12156	140	113	0.0004	0.0004	NUM
fbem-12156	140	114	)	)	PUNCT
fbem-12156	140	115	mtb	mtb	NOUN
fbem-12156	140	116	0.0017	0.0017	NUM
fbem-12156	140	117	*	*	PUNCT
fbem-12156	140	118	*	*	PUNCT
fbem-12156	140	119	*	*	PUNCT
fbem-12156	140	120	0.0012	0.0012	NUM
fbem-12156	140	121	*	*	PUNCT
fbem-12156	140	122	*	*	PUNCT
fbem-12156	140	123	*	*	PUNCT
fbem-12156	140	124	0.0018	0.0018	NUM
fbem-12156	140	125	*	*	PUNCT
fbem-12156	140	126	*	*	PUNCT
fbem-12156	140	127	*	*	PUNCT
fbem-12156	140	128	0.0011	0.0011	NUM
fbem-12156	140	129	*	*	PUNCT
fbem-12156	140	130	*	*	PUNCT
fbem-12156	140	131	*	*	PUNCT
fbem-12156	140	132	(	(	PUNCT
fbem-12156	140	133	0.0002	0.0002	NUM
fbem-12156	140	134	)	)	PUNCT
fbem-12156	140	135	(	(	PUNCT
fbem-12156	140	136	0.0002	0.0002	NUM
fbem-12156	140	137	)	)	PUNCT
fbem-12156	140	138	(	(	PUNCT
fbem-12156	140	139	0.0002	0.0002	NUM
fbem-12156	140	140	)	)	PUNCT
fbem-12156	140	141	(	(	PUNCT
fbem-12156	140	142	0.0002	0.0002	NUM
fbem-12156	140	143	)	)	PUNCT
fbem-12156	140	144	ret	ret	NOUN
fbem-12156	140	145	0.0008	0.0008	NUM
fbem-12156	140	146	-0.0042	-0.0042	NOUN
fbem-12156	140	147	*	*	PUNCT
fbem-12156	140	148	*	*	PUNCT
fbem-12156	140	149	*	*	X
fbem-12156	140	150	0.0019	0.0019	NUM
fbem-12156	140	151	-0.0032	-0.0032	NOUN
fbem-12156	140	152	*	*	PUNCT
fbem-12156	140	153	*	*	PUNCT
fbem-12156	140	154	*	*	PUNCT
fbem-12156	140	155	(	(	PUNCT
fbem-12156	140	156	0.0010	0.0010	NUM
fbem-12156	140	157	)	)	PUNCT
fbem-12156	140	158	(	(	PUNCT
fbem-12156	140	159	0.0008	0.0008	NUM
fbem-12156	140	160	)	)	PUNCT
fbem-12156	140	161	(	(	PUNCT
fbem-12156	140	162	0.0011	0.0011	NUM
fbem-12156	140	163	)	)	PUNCT
fbem-12156	140	164	(	(	PUNCT
fbem-12156	140	165	0.0008	0.0008	NUM
fbem-12156	140	166	)	)	PUNCT
fbem-12156	140	167	size	size	NOUN
fbem-12156	140	168	0.0037	0.0037	NUM
fbem-12156	140	169	*	*	PUNCT
fbem-12156	140	170	*	*	PUNCT
fbem-12156	140	171	*	*	PUNCT
fbem-12156	140	172	0.0013	0.0013	NUM
fbem-12156	140	173	*	*	PUNCT
fbem-12156	140	174	0.0026	0.0026	NUM
fbem-12156	140	175	*	*	PUNCT
fbem-12156	140	176	*	*	PUNCT
fbem-12156	140	177	*	*	PUNCT
fbem-12156	140	178	0.0008	0.0008	NUM
fbem-12156	140	179	(	(	PUNCT
fbem-12156	140	180	0.0008	0.0008	NUM
fbem-12156	140	181	)	)	PUNCT
fbem-12156	140	182	(	(	PUNCT
fbem-12156	140	183	0.0007	0.0007	NUM
fbem-12156	140	184	)	)	PUNCT
fbem-12156	140	185	(	(	PUNCT
fbem-12156	140	186	0.0006	0.0006	NUM
fbem-12156	140	187	)	)	PUNCT
fbem-12156	140	188	(	(	PUNCT
fbem-12156	140	189	0.0005	0.0005	NUM
fbem-12156	140	190	)	)	PUNCT
fbem-12156	140	191	age	age	NOUN
fbem-12156	140	192	-0.0006	-0.0006	NOUN
fbem-12156	140	193	*	*	PUNCT
fbem-12156	140	194	*	*	PUNCT
fbem-12156	140	195	*	*	PUNCT
fbem-12156	140	196	-0.0005	-0.0005	PUNCT
fbem-12156	140	197	*	*	PUNCT
fbem-12156	140	198	*	*	PUNCT
fbem-12156	140	199	*	*	PUNCT
fbem-12156	140	200	-0.0009	-0.0009	X
fbem-12156	140	201	*	*	PUNCT
fbem-12156	140	202	*	*	PUNCT
fbem-12156	140	203	*	*	PUNCT
fbem-12156	140	204	-0.0005	-0.0005	PUNCT
fbem-12156	140	205	*	*	PUNCT
fbem-12156	140	206	*	*	PUNCT
fbem-12156	140	207	*	*	PUNCT
fbem-12156	140	208	(	(	PUNCT
fbem-12156	140	209	0.0001	0.0001	NUM
fbem-12156	140	210	)	)	PUNCT
fbem-12156	140	211	(	(	PUNCT
fbem-12156	140	212	0.0001	0.0001	NUM
fbem-12156	140	213	)	)	PUNCT
fbem-12156	140	214	(	(	PUNCT
fbem-12156	140	215	0.0001	0.0001	NUM
fbem-12156	140	216	)	)	PUNCT
fbem-12156	140	217	(	(	PUNCT
fbem-12156	140	218	0.0001	0.0001	NUM
fbem-12156	140	219	)	)	PUNCT
fbem-12156	140	220	_	_	NOUN
fbem-12156	140	221	cons	con	NOUN
fbem-12156	140	222	0.1301	0.1301	PRON
fbem-12156	140	223	*	*	PUNCT
fbem-12156	140	224	*	*	PUNCT
fbem-12156	140	225	*	*	PUNCT
fbem-12156	140	226	0.1721	0.1721	NUM
fbem-12156	140	227	*	*	PUNCT
fbem-12156	140	228	*	*	PUNCT
fbem-12156	140	229	*	*	PUNCT
fbem-12156	140	230	0.0770	0.0770	NUM
fbem-12156	140	231	*	*	NOUN
fbem-12156	140	232	0.0936	0.0936	NUM
fbem-12156	140	233	*	*	PUNCT
fbem-12156	140	234	*	*	PUNCT
fbem-12156	140	235	*	*	PUNCT
fbem-12156	140	236	(	(	PUNCT
fbem-12156	140	237	0.0328	0.0328	NUM
fbem-12156	140	238	)	)	PUNCT
fbem-12156	140	239	(	(	PUNCT
fbem-12156	140	240	0.0265	0.0265	NUM
fbem-12156	140	241	)	)	PUNCT
fbem-12156	140	242	(	(	PUNCT
fbem-12156	140	243	0.0338	0.0338	NUM
fbem-12156	140	244	)	)	PUNCT
fbem-12156	140	245	(	(	PUNCT
fbem-12156	140	246	0.0254	0.0254	NUM
fbem-12156	140	247	)	)	PUNCT
fbem-12156	140	248	n	n	CCONJ
fbem-12156	140	249	9272	9272	NUM
fbem-12156	140	250	6245	6245	NUM
fbem-12156	140	251	9343	9343	NUM
fbem-12156	140	252	5446	5446	NUM
fbem-12156	140	253	r2	r2	NOUN
fbem-12156	140	254	0.0410	0.0410	NUM
fbem-12156	140	255	0.0534	0.0534	NUM
fbem-12156	140	256	0.0466	0.0466	NUM
fbem-12156	140	257	0.0484	0.0484	NUM
fbem-12156	140	258	6	6	NUM
fbem-12156	140	259	.	.	PUNCT
fbem-12156	140	260	conclusion	conclusion	NOUN
fbem-12156	140	261	this	this	DET
fbem-12156	140	262	paper	paper	NOUN
fbem-12156	140	263	uses	use	VERB
fbem-12156	140	264	the	the	DET
fbem-12156	140	265	rmb	rmb	NOUN
fbem-12156	140	266	real	real	ADJ
fbem-12156	140	267	effective	effective	ADJ
fbem-12156	140	268	exchange	exchange	NOUN
fbem-12156	140	269	rate	rate	NOUN
fbem-12156	140	270	index	index	NOUN
fbem-12156	140	271	released	release	VERB
fbem-12156	140	272	by	by	ADP
fbem-12156	140	273	the	the	DET
fbem-12156	140	274	bank	bank	NOUN
fbem-12156	140	275	for	for	ADP
fbem-12156	140	276	international	international	ADJ
fbem-12156	140	277	settlements	settlement	NOUN
fbem-12156	140	278	to	to	PART
fbem-12156	140	279	study	study	VERB
fbem-12156	140	280	the	the	DET
fbem-12156	140	281	impact	impact	NOUN
fbem-12156	140	282	of	of	ADP
fbem-12156	140	283	exchange	exchange	NOUN
fbem-12156	140	284	rate	rate	NOUN
fbem-12156	140	285	on	on	ADP
fbem-12156	140	286	investment	investment	NOUN
fbem-12156	140	287	efficiency	efficiency	NOUN
fbem-12156	140	288	,	,	PUNCT
fbem-12156	140	289	and	and	CCONJ
fbem-12156	140	290	takes	take	VERB
fbem-12156	140	291	the	the	DET
fbem-12156	140	292	empirical	empirical	ADJ
fbem-12156	140	293	data	datum	NOUN
fbem-12156	140	294	of	of	ADP
fbem-12156	140	295	listed	list	VERB
fbem-12156	140	296	companies	company	NOUN
fbem-12156	140	297	in	in	ADP
fbem-12156	140	298	china	china	PROPN
fbem-12156	140	299	's	's	PART
fbem-12156	140	300	a	a	DET
fbem-12156	140	301	-	-	PUNCT
fbem-12156	140	302	share	share	NOUN
fbem-12156	140	303	market	market	NOUN
fbem-12156	140	304	from	from	ADP
fbem-12156	140	305	2010	2010	NUM
fbem-12156	140	306	to	to	ADP
fbem-12156	140	307	2022	2022	NUM
fbem-12156	140	308	as	as	SCONJ
fbem-12156	140	309	samples	sample	NOUN
fbem-12156	140	310	to	to	PART
fbem-12156	140	311	conduct	conduct	VERB
fbem-12156	140	312	empirical	empirical	ADJ
fbem-12156	140	313	tests.in	tests.in	X
fbem-12156	140	314	this	this	DET
fbem-12156	140	315	paper	paper	NOUN
fbem-12156	140	316	,	,	PUNCT
fbem-12156	140	317	the	the	DET
fbem-12156	140	318	investment	investment	NOUN
fbem-12156	140	319	efficiency	efficiency	NOUN
fbem-12156	140	320	is	be	AUX
fbem-12156	140	321	measured	measure	VERB
fbem-12156	140	322	by	by	ADP
fbem-12156	140	323	richardson	richardson	PROPN
fbem-12156	140	324	(	(	PUNCT
fbem-12156	140	325	2006	2006	NUM
fbem-12156	140	326	)	)	PUNCT
fbem-12156	140	327	,	,	PUNCT
fbem-12156	140	328	and	and	CCONJ
fbem-12156	140	329	further	far	ADV
fbem-12156	140	330	discussed	discuss	VERB
fbem-12156	140	331	from	from	ADP
fbem-12156	140	332	the	the	DET
fbem-12156	140	333	perspectives	perspective	NOUN
fbem-12156	140	334	of	of	ADP
fbem-12156	140	335	financing	financing	NOUN
fbem-12156	140	336	constraints	constraint	NOUN
fbem-12156	140	337	and	and	CCONJ
fbem-12156	140	338	equity	equity	NOUN
fbem-12156	140	339	concentration	concentration	NOUN
fbem-12156	140	340	.	.	PUNCT
fbem-12156	141	1	the	the	DET
fbem-12156	141	2	main	main	ADJ
fbem-12156	141	3	research	research	NOUN
fbem-12156	141	4	conclusions	conclusion	NOUN
fbem-12156	141	5	of	of	ADP
fbem-12156	141	6	this	this	DET
fbem-12156	141	7	paper	paper	NOUN
fbem-12156	141	8	are	be	AUX
fbem-12156	141	9	summarized	summarize	VERB
fbem-12156	141	10	as	as	SCONJ
fbem-12156	141	11	follows	follow	VERB
fbem-12156	141	12	:	:	PUNCT
fbem-12156	141	13	(	(	PUNCT
fbem-12156	141	14	1)the	1)the	DET
fbem-12156	141	15	real	real	ADJ
fbem-12156	141	16	effective	effective	ADJ
fbem-12156	141	17	exchange	exchange	NOUN
fbem-12156	141	18	rate	rate	NOUN
fbem-12156	141	19	of	of	ADP
fbem-12156	141	20	rmb	rmb	PROPN
fbem-12156	141	21	has	have	VERB
fbem-12156	141	22	a	a	DET
fbem-12156	141	23	significant	significant	ADJ
fbem-12156	141	24	negative	negative	ADJ
fbem-12156	141	25	correlation	correlation	NOUN
fbem-12156	141	26	with	with	ADP
fbem-12156	141	27	the	the	DET
fbem-12156	141	28	non	non	ADJ
fbem-12156	141	29	-	-	ADJ
fbem-12156	141	30	efficient	efficient	ADJ
fbem-12156	141	31	investment	investment	NOUN
fbem-12156	141	32	of	of	ADP
fbem-12156	141	33	enterprises	enterprise	NOUN
fbem-12156	141	34	,	,	PUNCT
fbem-12156	141	35	and	and	CCONJ
fbem-12156	141	36	there	there	PRON
fbem-12156	141	37	is	be	VERB
fbem-12156	141	38	a	a	DET
fbem-12156	141	39	positive	positive	ADJ
fbem-12156	141	40	correlation	correlation	NOUN
fbem-12156	141	41	between	between	ADP
fbem-12156	141	42	it	it	PRON
fbem-12156	141	43	and	and	CCONJ
fbem-12156	141	44	the	the	DET
fbem-12156	141	45	investment	investment	NOUN
fbem-12156	141	46	efficiency	efficiency	NOUN
fbem-12156	141	47	of	of	ADP
fbem-12156	141	48	enterprises	enterprise	NOUN
fbem-12156	141	49	.	.	PUNCT
fbem-12156	142	1	(	(	PUNCT
fbem-12156	142	2	2)compared	2)compared	NUM
fbem-12156	142	3	with	with	ADP
fbem-12156	142	4	enterprises	enterprise	NOUN
fbem-12156	142	5	with	with	ADP
fbem-12156	142	6	low	low	ADJ
fbem-12156	142	7	equity	equity	NOUN
fbem-12156	142	8	concentration	concentration	NOUN
fbem-12156	142	9	,	,	PUNCT
fbem-12156	142	10	the	the	DET
fbem-12156	142	11	positive	positive	ADJ
fbem-12156	142	12	correlation	correlation	NOUN
fbem-12156	142	13	between	between	ADP
fbem-12156	142	14	exchange	exchange	NOUN
fbem-12156	142	15	rate	rate	NOUN
fbem-12156	142	16	and	and	CCONJ
fbem-12156	142	17	investment	investment	NOUN
fbem-12156	142	18	efficiency	efficiency	NOUN
fbem-12156	142	19	is	be	AUX
fbem-12156	142	20	more	more	ADV
fbem-12156	142	21	obvious	obvious	ADJ
fbem-12156	142	22	in	in	ADP
fbem-12156	142	23	enterprises	enterprise	NOUN
fbem-12156	142	24	with	with	ADP
fbem-12156	142	25	high	high	ADJ
fbem-12156	142	26	equity	equity	NOUN
fbem-12156	142	27	concentration	concentration	NOUN
fbem-12156	142	28	.	.	PUNCT
fbem-12156	143	1	when	when	SCONJ
fbem-12156	143	2	an	an	DET
fbem-12156	143	3	enterprise	enterprise	NOUN
fbem-12156	143	4	has	have	VERB
fbem-12156	143	5	a	a	DET
fbem-12156	143	6	high	high	ADJ
fbem-12156	143	7	equity	equity	NOUN
fbem-12156	143	8	concentration	concentration	NOUN
fbem-12156	143	9	,	,	PUNCT
fbem-12156	143	10	its	its	PRON
fbem-12156	143	11	investors	investor	NOUN
fbem-12156	143	12	have	have	VERB
fbem-12156	143	13	more	more	ADJ
fbem-12156	143	14	motivation	motivation	NOUN
fbem-12156	143	15	and	and	CCONJ
fbem-12156	143	16	ability	ability	NOUN
fbem-12156	143	17	to	to	PART
fbem-12156	143	18	supervise	supervise	VERB
fbem-12156	143	19	the	the	DET
fbem-12156	143	20	management	management	NOUN
fbem-12156	143	21	and	and	CCONJ
fbem-12156	143	22	increase	increase	VERB
fbem-12156	143	23	the	the	DET
fbem-12156	143	24	positive	positive	ADJ
fbem-12156	143	25	impact	impact	NOUN
fbem-12156	143	26	of	of	ADP
fbem-12156	143	27	exchange	exchange	NOUN
fbem-12156	143	28	rate	rate	NOUN
fbem-12156	143	29	on	on	ADP
fbem-12156	143	30	investment	investment	NOUN
fbem-12156	143	31	efficiency	efficiency	NOUN
fbem-12156	143	32	.	.	PUNCT
fbem-12156	144	1	(	(	PUNCT
fbem-12156	144	2	3)in	3)in	NUM
fbem-12156	144	3	the	the	DET
fbem-12156	144	4	enterprises	enterprise	NOUN
fbem-12156	144	5	with	with	ADP
fbem-12156	144	6	high	high	ADJ
fbem-12156	144	7	financing	financing	NOUN
fbem-12156	144	8	constraints	constraint	NOUN
fbem-12156	144	9	,	,	PUNCT
fbem-12156	144	10	the	the	DET
fbem-12156	144	11	positive	positive	ADJ
fbem-12156	144	12	correlation	correlation	NOUN
fbem-12156	144	13	between	between	ADP
fbem-12156	144	14	the	the	DET
fbem-12156	144	15	exchange	exchange	NOUN
fbem-12156	144	16	rate	rate	NOUN
fbem-12156	144	17	and	and	CCONJ
fbem-12156	144	18	the	the	DET
fbem-12156	144	19	investment	investment	NOUN
fbem-12156	144	20	efficiency	efficiency	NOUN
fbem-12156	144	21	is	be	AUX
fbem-12156	144	22	intensified	intensify	VERB
fbem-12156	144	23	.	.	PUNCT
fbem-12156	145	1	when	when	SCONJ
fbem-12156	145	2	the	the	DET
fbem-12156	145	3	enterprise	enterprise	NOUN
fbem-12156	145	4	has	have	VERB
fbem-12156	145	5	a	a	DET
fbem-12156	145	6	high	high	ADJ
fbem-12156	145	7	financing	financing	NOUN
fbem-12156	145	8	binding	bind	VERB
fbem-12156	145	9	force	force	NOUN
fbem-12156	145	10	,	,	PUNCT
fbem-12156	145	11	the	the	DET
fbem-12156	145	12	effect	effect	NOUN
fbem-12156	145	13	of	of	ADP
fbem-12156	145	14	the	the	DET
fbem-12156	145	15	exchange	exchange	NOUN
fbem-12156	145	16	rate	rate	NOUN
fbem-12156	145	17	changes	change	NOUN
fbem-12156	145	18	to	to	PART
fbem-12156	145	19	enhance	enhance	VERB
fbem-12156	145	20	the	the	DET
fbem-12156	145	21	purchasing	purchasing	NOUN
fbem-12156	145	22	power	power	NOUN
fbem-12156	145	23	is	be	AUX
fbem-12156	145	24	more	more	ADV
fbem-12156	145	25	significant	significant	ADJ
fbem-12156	145	26	,	,	PUNCT
fbem-12156	145	27	so	so	CCONJ
fbem-12156	145	28	the	the	DET
fbem-12156	145	29	positive	positive	ADJ
fbem-12156	145	30	impact	impact	NOUN
fbem-12156	145	31	of	of	ADP
fbem-12156	145	32	the	the	DET
fbem-12156	145	33	exchange	exchange	NOUN
fbem-12156	145	34	rate	rate	NOUN
fbem-12156	145	35	on	on	ADP
fbem-12156	145	36	the	the	DET
fbem-12156	145	37	investment	investment	NOUN
fbem-12156	145	38	behavior	behavior	NOUN
fbem-12156	145	39	of	of	ADP
fbem-12156	145	40	the	the	DET
fbem-12156	145	41	enterprise	enterprise	NOUN
fbem-12156	145	42	is	be	AUX
fbem-12156	145	43	more	more	ADV
fbem-12156	145	44	significant	significant	ADJ
fbem-12156	145	45	.	.	PUNCT
fbem-12156	146	1	this	this	DET
fbem-12156	146	2	paper	paper	NOUN
fbem-12156	146	3	examines	examine	VERB
fbem-12156	146	4	the	the	DET
fbem-12156	146	5	influence	influence	NOUN
fbem-12156	146	6	of	of	ADP
fbem-12156	146	7	exchange	exchange	NOUN
fbem-12156	146	8	rate	rate	NOUN
fbem-12156	146	9	level	level	NOUN
fbem-12156	146	10	changes	change	NOUN
fbem-12156	146	11	on	on	ADP
fbem-12156	146	12	the	the	DET
fbem-12156	146	13	investment	investment	NOUN
fbem-12156	146	14	behavior	behavior	NOUN
fbem-12156	146	15	of	of	ADP
fbem-12156	146	16	enterprises	enterprise	NOUN
fbem-12156	146	17	,	,	PUNCT
fbem-12156	146	18	enriches	enrich	VERB
fbem-12156	146	19	the	the	DET
fbem-12156	146	20	literature	literature	NOUN
fbem-12156	146	21	in	in	ADP
fbem-12156	146	22	the	the	DET
fbem-12156	146	23	field	field	NOUN
fbem-12156	146	24	of	of	ADP
fbem-12156	146	25	exchange	exchange	NOUN
fbem-12156	146	26	rate	rate	NOUN
fbem-12156	146	27	and	and	CCONJ
fbem-12156	146	28	investment	investment	NOUN
fbem-12156	146	29	efficiency	efficiency	NOUN
fbem-12156	146	30	,	,	PUNCT
fbem-12156	146	31	and	and	CCONJ
fbem-12156	146	32	provides	provide	VERB
fbem-12156	146	33	evidence	evidence	NOUN
fbem-12156	146	34	for	for	ADP
fbem-12156	146	35	how	how	SCONJ
fbem-12156	146	36	the	the	DET
fbem-12156	146	37	business	business	NOUN
fbem-12156	146	38	environment	environment	NOUN
fbem-12156	146	39	affects	affect	VERB
fbem-12156	146	40	the	the	DET
fbem-12156	146	41	investment	investment	NOUN
fbem-12156	146	42	efficiency	efficiency	NOUN
fbem-12156	146	43	of	of	ADP
fbem-12156	146	44	management	management	NOUN
fbem-12156	146	45	.	.	PUNCT
fbem-12156	147	1	the	the	DET
fbem-12156	147	2	conclusion	conclusion	NOUN
fbem-12156	147	3	of	of	ADP
fbem-12156	147	4	this	this	DET
fbem-12156	147	5	paper	paper	NOUN
fbem-12156	147	6	helps	help	VERB
fbem-12156	147	7	investors	investor	NOUN
fbem-12156	147	8	to	to	PART
fbem-12156	147	9	understand	understand	VERB
fbem-12156	147	10	the	the	DET
fbem-12156	147	11	behavior	behavior	NOUN
fbem-12156	147	12	of	of	ADP
fbem-12156	147	13	managers	manager	NOUN
fbem-12156	147	14	,	,	PUNCT
fbem-12156	147	15	and	and	CCONJ
fbem-12156	147	16	reminds	remind	VERB
fbem-12156	147	17	them	they	PRON
fbem-12156	147	18	that	that	SCONJ
fbem-12156	147	19	they	they	PRON
fbem-12156	147	20	can	can	AUX
fbem-12156	147	21	reduce	reduce	VERB
fbem-12156	147	22	financing	financing	NOUN
fbem-12156	147	23	constraints	constraint	NOUN
fbem-12156	147	24	,	,	PUNCT
fbem-12156	147	25	curb	curb	VERB
fbem-12156	147	26	the	the	DET
fbem-12156	147	27	business	business	NOUN
fbem-12156	147	28	risks	risk	NOUN
fbem-12156	147	29	due	due	ADJ
fbem-12156	147	30	to	to	ADP
fbem-12156	147	31	economic	economic	ADJ
fbem-12156	147	32	turbulence	turbulence	NOUN
fbem-12156	147	33	,	,	PUNCT
fbem-12156	147	34	and	and	CCONJ
fbem-12156	147	35	improve	improve	VERB
fbem-12156	147	36	their	their	PRON
fbem-12156	147	37	own	own	ADJ
fbem-12156	147	38	investment	investment	NOUN
fbem-12156	147	39	efficiency	efficiency	NOUN
fbem-12156	147	40	.	.	PUNCT
fbem-12156	148	1	21	21	NUM
fbem-12156	148	2	references	reference	NOUN
fbem-12156	148	3	[	[	X
fbem-12156	148	4	1	1	X
fbem-12156	148	5	]	]	PUNCT
fbem-12156	148	6	campa	campa	PROPN
fbem-12156	148	7	j	j	PROPN
fbem-12156	148	8	,	,	PUNCT
fbem-12156	148	9	goldberg	goldberg	PROPN
fbem-12156	148	10	l	l	PROPN
fbem-12156	148	11	s.	s.	PROPN
fbem-12156	148	12	investment	investment	PROPN
fbem-12156	148	13	in	in	ADP
fbem-12156	148	14	manufacturing	manufacturing	NOUN
fbem-12156	148	15	,	,	PUNCT
fbem-12156	148	16	exchange	exchange	NOUN
fbem-12156	148	17	rates	rate	NOUN
fbem-12156	148	18	and	and	CCONJ
fbem-12156	148	19	external	external	ADJ
fbem-12156	148	20	exposure	exposure	NOUN
fbem-12156	148	21	[	[	X
fbem-12156	148	22	j].journal	j].journal	NOUN
fbem-12156	148	23	of	of	ADP
fbem-12156	148	24	international	international	ADJ
fbem-12156	148	25	economics	economic	NOUN
fbem-12156	148	26	,	,	PUNCT
fbem-12156	148	27	1995	1995	NUM
fbem-12156	148	28	,	,	PUNCT
fbem-12156	148	29	38(3	38(3	NUM
fbem-12156	148	30	):	):	PUNCT
fbem-12156	148	31	297	297	NUM
fbem-12156	148	32	-	-	SYM
fbem-12156	148	33	320	320	NUM
fbem-12156	148	34	.	.	PUNCT
fbem-12156	149	1	[	[	X
fbem-12156	149	2	2	2	X
fbem-12156	149	3	]	]	X
fbem-12156	149	4	servén	servén	ADV
fbem-12156	149	5	l.	l.	PROPN
fbem-12156	149	6	real	real	ADJ
fbem-12156	149	7	-	-	PUNCT
fbem-12156	149	8	exchange	exchange	NOUN
fbem-12156	149	9	-	-	PUNCT
fbem-12156	149	10	rate	rate	NOUN
fbem-12156	149	11	uncertainty	uncertainty	NOUN
fbem-12156	149	12	and	and	CCONJ
fbem-12156	149	13	private	private	ADJ
fbem-12156	149	14	investment	investment	NOUN
fbem-12156	149	15	in	in	ADP
fbem-12156	149	16	ldcs	ldcs	PROPN
fbem-12156	149	17	[	[	X
fbem-12156	149	18	j	j	X
fbem-12156	149	19	]	]	X
fbem-12156	149	20	.	.	PUNCT
fbem-12156	150	1	the	the	DET
fbem-12156	150	2	review	review	NOUN
fbem-12156	150	3	of	of	ADP
fbem-12156	150	4	economics	economic	NOUN
fbem-12156	150	5	and	and	CCONJ
fbem-12156	150	6	statistics	statistic	NOUN
fbem-12156	150	7	,	,	PUNCT
fbem-12156	150	8	2003	2003	NUM
fbem-12156	150	9	,	,	PUNCT
fbem-12156	150	10	85	85	NUM
fbem-12156	150	11	(	(	PUNCT
fbem-12156	150	12	1	1	NUM
fbem-12156	150	13	):	):	PUNCT
fbem-12156	150	14	212	212	NUM
fbem-12156	150	15	-218	-218	NOUN
fbem-12156	150	16	.	.	PUNCT
fbem-12156	151	1	[	[	X
fbem-12156	151	2	3	3	NUM
fbem-12156	151	3	]	]	X
fbem-12156	151	4	tian	tian	ADJ
fbem-12156	151	5	suhua	suhua	PROPN
fbem-12156	151	6	.	.	PUNCT
fbem-12156	152	1	the	the	DET
fbem-12156	152	2	enterprise	enterprise	NOUN
fbem-12156	152	3	characteristics	characteristic	NOUN
fbem-12156	152	4	of	of	ADP
fbem-12156	152	5	the	the	DET
fbem-12156	152	6	investment	investment	NOUN
fbem-12156	152	7	effect	effect	NOUN
fbem-12156	152	8	of	of	ADP
fbem-12156	152	9	rmb	rmb	PROPN
fbem-12156	152	10	exchange	exchange	NOUN
fbem-12156	152	11	rate	rate	NOUN
fbem-12156	152	12	change	change	NOUN
fbem-12156	152	13	[	[	X
fbem-12156	152	14	j	j	X
fbem-12156	152	15	]	]	X
fbem-12156	152	16	.	.	PUNCT
fbem-12156	153	1	world	world	NOUN
fbem-12156	153	2	economy	economy	NOUN
fbem-12156	153	3	,	,	PUNCT
fbem-12156	153	4	2008	2008	NUM
fbem-12156	153	5	(	(	PUNCT
fbem-12156	153	6	5	5	NUM
fbem-12156	153	7	):	):	PUNCT
fbem-12156	153	8	44	44	NUM
fbem-12156	153	9	-	-	SYM
fbem-12156	153	10	55	55	NUM
fbem-12156	153	11	.	.	PUNCT
fbem-12156	154	1	[	[	X
fbem-12156	154	2	4	4	NUM
fbem-12156	154	3	]	]	X
fbem-12156	154	4	wu	wu	PROPN
fbem-12156	154	5	guoding	guoding	PROPN
fbem-12156	154	6	,	,	PUNCT
fbem-12156	154	7	jiang	jiang	PROPN
fbem-12156	154	8	guohua	guohua	PROPN
fbem-12156	154	9	.	.	PUNCT
fbem-12156	155	1	the	the	DET
fbem-12156	155	2	rmb	rmb	PROPN
fbem-12156	155	3	exchange	exchange	NOUN
fbem-12156	155	4	rate	rate	NOUN
fbem-12156	155	5	change	change	NOUN
fbem-12156	155	6	and	and	CCONJ
fbem-12156	155	7	manufacturing	manufacturing	NOUN
fbem-12156	155	8	investment	investment	NOUN
fbem-12156	155	9	—	—	PUNCT
fbem-12156	155	10	comes	come	VERB
fbem-12156	155	11	from	from	ADP
fbem-12156	155	12	the	the	DET
fbem-12156	155	13	enterprise	enterprise	NOUN
fbem-12156	155	14	level	level	NOUN
fbem-12156	155	15	evidence	evidence	NOUN
fbem-12156	155	16	[	[	X
fbem-12156	155	17	j	j	X
fbem-12156	155	18	]	]	X
fbem-12156	155	19	.	.	PUNCT
fbem-12156	156	1	financial	financial	ADJ
fbem-12156	156	2	research	research	NOUN
fbem-12156	156	3	,	,	PUNCT
fbem-12156	156	4	2015	2015	NUM
fbem-12156	156	5	(	(	PUNCT
fbem-12156	156	6	11	11	NUM
fbem-12156	156	7	):	):	PUNCT
fbem-12156	156	8	1	1	NUM
fbem-12156	156	9	-	-	SYM
fbem-12156	156	10	14	14	NUM
fbem-12156	156	11	.	.	PUNCT
fbem-12156	157	1	[	[	X
fbem-12156	157	2	5	5	NUM
fbem-12156	157	3	]	]	X
fbem-12156	157	4	zhao	zhao	PROPN
fbem-12156	157	5	xiaonan	xiaonan	PROPN
fbem-12156	157	6	,	,	PUNCT
fbem-12156	157	7	liu	liu	PROPN
fbem-12156	157	8	xiao	xiao	PROPN
fbem-12156	157	9	.	.	PROPN
fbem-12156	158	1	empirical	empirical	ADJ
fbem-12156	158	2	analysis	analysis	NOUN
fbem-12156	158	3	of	of	ADP
fbem-12156	158	4	the	the	DET
fbem-12156	158	5	impact	impact	NOUN
fbem-12156	158	6	of	of	ADP
fbem-12156	158	7	monetary	monetary	ADJ
fbem-12156	158	8	policy	policy	NOUN
fbem-12156	158	9	on	on	ADP
fbem-12156	158	10	china	china	PROPN
fbem-12156	158	11	's	's	PART
fbem-12156	158	12	investment	investment	NOUN
fbem-12156	158	13	level	level	NOUN
fbem-12156	159	1	[	[	X
fbem-12156	159	2	j	j	X
fbem-12156	159	3	]	]	X
fbem-12156	159	4	.	.	PUNCT
fbem-12156	160	1	journal	journal	PROPN
fbem-12156	160	2	of	of	ADP
fbem-12156	160	3	central	central	PROPN
fbem-12156	160	4	university	university	PROPN
fbem-12156	160	5	of	of	ADP
fbem-12156	160	6	finance	finance	NOUN
fbem-12156	160	7	and	and	CCONJ
fbem-12156	160	8	economics	economic	NOUN
fbem-12156	160	9	,	,	PUNCT
fbem-12156	160	10	2007	2007	NUM
fbem-12156	160	11	(	(	PUNCT
fbem-12156	160	12	04	04	NUM
fbem-12156	160	13	):	):	PUNCT
fbem-12156	160	14	2631	2631	NUM
fbem-12156	160	15	.	.	PUNCT
fbem-12156	161	1	[	[	X
fbem-12156	161	2	6	6	NUM
fbem-12156	161	3	]	]	X
fbem-12156	161	4	lian	lian	PROPN
fbem-12156	161	5	yujun	yujun	PROPN
fbem-12156	161	6	,	,	PUNCT
fbem-12156	161	7	su	su	PROPN
fbem-12156	161	8	zhi	zhi	PROPN
fbem-12156	161	9	.	.	PUNCT
fbem-12156	162	1	financing	financing	NOUN
fbem-12156	162	2	constraints	constraint	NOUN
fbem-12156	162	3	,	,	PUNCT
fbem-12156	162	4	uncertainty	uncertainty	NOUN
fbem-12156	162	5	and	and	CCONJ
fbem-12156	162	6	investment	investment	NOUN
fbem-12156	162	7	efficiency	efficiency	NOUN
fbem-12156	162	8	of	of	ADP
fbem-12156	162	9	listed	list	VERB
fbem-12156	162	10	companies	company	NOUN
fbem-12156	163	1	[	[	X
fbem-12156	163	2	j	j	X
fbem-12156	163	3	]	]	X
fbem-12156	163	4	.	.	PUNCT
fbem-12156	164	1	management	management	PROPN
fbem-12156	164	2	review	review	NOUN
fbem-12156	164	3	,	,	PUNCT
fbem-12156	164	4	2009,21	2009,21	NUM
fbem-12156	164	5	(	(	PUNCT
fbem-12156	164	6	01	01	NUM
fbem-12156	164	7	):	):	PUNCT
fbem-12156	164	8	19	19	NUM
fbem-12156	164	9	-	-	SYM
fbem-12156	164	10	26	26	NUM
fbem-12156	164	11	.	.	PUNCT
fbem-12156	165	1	[	[	X
fbem-12156	165	2	7	7	X
fbem-12156	165	3	]	]	X
fbem-12156	165	4	wang	wang	PROPN
fbem-12156	165	5	zhanxiang	zhanxiang	PROPN
fbem-12156	165	6	,	,	PUNCT
fbem-12156	165	7	gong	gong	PROPN
fbem-12156	165	8	guangxiang	guangxiang	PROPN
fbem-12156	165	9	,	,	PUNCT
fbem-12156	165	10	zheng	zheng	PROPN
fbem-12156	165	11	tingting	tingting	PROPN
fbem-12156	165	12	.	.	PUNCT
fbem-12156	166	1	the	the	DET
fbem-12156	166	2	impact	impact	NOUN
fbem-12156	166	3	of	of	ADP
fbem-12156	166	4	financing	financing	NOUN
fbem-12156	166	5	constraints	constraint	NOUN
fbem-12156	166	6	and	and	CCONJ
fbem-12156	166	7	uncertainty	uncertainty	NOUN
fbem-12156	166	8	on	on	ADP
fbem-12156	166	9	the	the	DET
fbem-12156	166	10	efficiency	efficiency	NOUN
fbem-12156	166	11	of	of	ADP
fbem-12156	166	12	r	r	NOUN
fbem-12156	166	13	&	&	CCONJ
fbem-12156	166	14	d	d	NOUN
fbem-12156	166	15	investment	investment	NOUN
fbem-12156	166	16	in	in	ADP
fbem-12156	166	17	unlisted	unlisted	ADJ
fbem-12156	166	18	manufacturing	manufacturing	NOUN
fbem-12156	166	19	—	—	PUNCT
fbem-12156	166	20	—	—	PUNCT
fbem-12156	166	21	empirical	empirical	ADJ
fbem-12156	166	22	study	study	NOUN
fbem-12156	166	23	based	base	VERB
fbem-12156	166	24	on	on	ADP
fbem-12156	166	25	heterogeneity	heterogeneity	NOUN
fbem-12156	166	26	stochastic	stochastic	ADJ
fbem-12156	166	27	frontier	frontier	NOUN
fbem-12156	166	28	function	function	NOUN
fbem-12156	167	1	[	[	X
fbem-12156	167	2	j	j	X
fbem-12156	167	3	]	]	X
fbem-12156	167	4	.	.	PUNCT
fbem-12156	168	1	journal	journal	PROPN
fbem-12156	168	2	of	of	ADP
fbem-12156	168	3	central	central	PROPN
fbem-12156	168	4	university	university	PROPN
fbem-12156	168	5	of	of	ADP
fbem-12156	168	6	finance	finance	NOUN
fbem-12156	168	7	and	and	CCONJ
fbem-12156	168	8	economics	economic	NOUN
fbem-12156	168	9	,	,	PUNCT
fbem-12156	168	10	2017	2017	NUM
fbem-12156	168	11	(	(	PUNCT
fbem-12156	168	12	11	11	NUM
fbem-12156	168	13	):	):	PUNCT
fbem-12156	168	14	27	27	NUM
fbem-12156	168	15	-	-	SYM
fbem-12156	168	16	37	37	NUM
fbem-12156	168	17	.	.	PUNCT
fbem-12156	169	1	[	[	X
fbem-12156	169	2	8	8	NUM
fbem-12156	169	3	]	]	X
fbem-12156	169	4	richardson	richardson	PROPN
fbem-12156	169	5	,	,	PUNCT
fbem-12156	169	6	s.2006.over	s.2006.over	NOUN
fbem-12156	169	7	－	－	ADJ
fbem-12156	169	8	investment	investment	NOUN
fbem-12156	169	9	of	of	ADP
fbem-12156	169	10	free	free	ADJ
fbem-12156	169	11	cash	cash	NOUN
fbem-12156	169	12	flow.review	flow.review	NOUN
fbem-12156	169	13	of	of	ADP
fbem-12156	169	14	accounting	accounting	NOUN
fbem-12156	169	15	studies,11	studies,11	NOUN
fbem-12156	169	16	(	(	PUNCT
fbem-12156	169	17	2－3	2－3	NUM
fbem-12156	169	18	):	):	PUNCT
fbem-12156	169	19	159	159	NUM
fbem-12156	169	20	-	-	SYM
fbem-12156	169	21	189	189	NUM
fbem-12156	169	22	.	.	PUNCT
fbem-12156	170	1	[	[	X
fbem-12156	170	2	9	9	NUM
fbem-12156	170	3	]	]	X
fbem-12156	170	4	ba	ba	NOUN
fbem-12156	170	5	shusong	shusong	PROPN
fbem-12156	170	6	,	,	PUNCT
fbem-12156	170	7	wu	wu	PROPN
fbem-12156	170	8	bo	bo	PROPN
fbem-12156	170	9	,	,	PUNCT
fbem-12156	170	10	zhu	zhu	PROPN
fbem-12156	170	11	yuanqian	yuanqian	PROPN
fbem-12156	170	12	.	.	PUNCT
fbem-12156	171	1	analysis	analysis	NOUN
fbem-12156	171	2	of	of	ADP
fbem-12156	171	3	rmb	rmb	ADJ
fbem-12156	171	4	effective	effective	ADJ
fbem-12156	171	5	exchange	exchange	NOUN
fbem-12156	171	6	rate	rate	NOUN
fbem-12156	171	7	calculation	calculation	NOUN
fbem-12156	171	8	and	and	CCONJ
fbem-12156	171	9	influence	influence	NOUN
fbem-12156	171	10	of	of	ADP
fbem-12156	171	11	international	international	ADJ
fbem-12156	171	12	trade	trade	NOUN
fbem-12156	171	13	and	and	CCONJ
fbem-12156	171	14	foreign	foreign	ADJ
fbem-12156	171	15	exchange	exchange	NOUN
fbem-12156	171	16	reserves	reserve	NOUN
fbem-12156	171	17	after	after	ADP
fbem-12156	171	18	the	the	DET
fbem-12156	171	19	reform	reform	NOUN
fbem-12156	171	20	of	of	ADP
fbem-12156	171	21	exchange	exchange	NOUN
fbem-12156	171	22	rate	rate	NOUN
fbem-12156	171	23	system	system	NOUN
fbem-12156	171	24	[	[	X
fbem-12156	171	25	j	j	X
fbem-12156	171	26	]	]	X
fbem-12156	171	27	.	.	PUNCT
fbem-12156	172	1	international	international	ADJ
fbem-12156	172	2	finance	finance	NOUN
fbem-12156	172	3	research	research	NOUN
fbem-12156	172	4	,	,	PUNCT
fbem-12156	172	5	2007	2007	NUM
fbem-12156	172	6	(	(	PUNCT
fbem-12156	172	7	4	4	NUM
fbem-12156	172	8	):	):	PUNCT
fbem-12156	172	9	56	56	NUM
fbem-12156	172	10	-	-	SYM
fbem-12156	172	11	62	62	NUM
fbem-12156	172	12	.	.	PUNCT
fbem-12156	173	1	[	[	X
fbem-12156	173	2	10	10	NUM
fbem-12156	173	3	]	]	X
fbem-12156	173	4	cohen	cohen	PROPN
fbem-12156	173	5	,	,	PUNCT
fbem-12156	173	6	d.	d.	PROPN
fbem-12156	173	7	a.	a.	PROPN
fbem-12156	173	8	,	,	PUNCT
fbem-12156	173	9	&	&	CCONJ
fbem-12156	173	10	li	li	PROPN
fbem-12156	173	11	,	,	PUNCT
fbem-12156	173	12	b.	b.	PROPN
fbem-12156	173	13	(	(	PUNCT
fbem-12156	173	14	2020	2020	NUM
fbem-12156	173	15	)	)	PUNCT
fbem-12156	173	16	.	.	PUNCT
fbem-12156	174	1	customer	customer	NOUN
fbem-12156	174	2	-	-	PUNCT
fbem-12156	174	3	base	base	NOUN
fbem-12156	174	4	concentration	concentration	NOUN
fbem-12156	174	5	,	,	PUNCT
fbem-12156	174	6	investment	investment	NOUN
fbem-12156	174	7	,	,	PUNCT
fbem-12156	174	8	and	and	CCONJ
fbem-12156	174	9	profitability	profitability	NOUN
fbem-12156	174	10	:	:	PUNCT
fbem-12156	174	11	the	the	DET
fbem-12156	174	12	u.s	u.s	PROPN
fbem-12156	174	13	.	.	PROPN
fbem-12156	174	14	government	government	NOUN
fbem-12156	174	15	as	as	ADP
fbem-12156	174	16	a	a	DET
fbem-12156	174	17	major	major	ADJ
fbem-12156	174	18	customer	customer	NOUN
fbem-12156	174	19	.	.	PUNCT
fbem-12156	175	1	accounting	accounting	NOUN
fbem-12156	175	2	review	review	PROPN
fbem-12156	175	3	,	,	PUNCT
fbem-12156	175	4	95(1	95(1	NOUN
fbem-12156	175	5	)	)	PUNCT
fbem-12156	175	6	,	,	PUNCT
fbem-12156	175	7	101	101	NUM
fbem-12156	175	8	-	-	SYM
fbem-12156	175	9	131	131	NUM
fbem-12156	175	10	.	.	PUNCT
fbem-12156	176	1	[	[	X
fbem-12156	176	2	11	11	NUM
fbem-12156	176	3	]	]	PUNCT
fbem-12156	176	4	wang	wang	PROPN
fbem-12156	176	5	dan	dan	PROPN
fbem-12156	176	6	,	,	PUNCT
fbem-12156	176	7	li	li	PROPN
fbem-12156	176	8	dan	dan	PROPN
fbem-12156	176	9	,	,	PUNCT
fbem-12156	176	10	li	li	PROPN
fbem-12156	176	11	huan	huan	PROPN
fbem-12156	176	12	.	.	PUNCT
fbem-12156	177	1	customer	customer	NOUN
fbem-12156	177	2	concentration	concentration	NOUN
fbem-12156	177	3	degree	degree	NOUN
fbem-12156	177	4	and	and	CCONJ
fbem-12156	177	5	enterprise	enterprise	NOUN
fbem-12156	177	6	investment	investment	NOUN
fbem-12156	177	7	efficiency	efficiency	NOUN
fbem-12156	178	1	[	[	X
fbem-12156	178	2	j	j	X
fbem-12156	178	3	]	]	X
fbem-12156	178	4	.	.	PUNCT
fbem-12156	179	1	accounting	accounting	NOUN
fbem-12156	179	2	research	research	NOUN
fbem-12156	179	3	,	,	PUNCT
fbem-12156	179	4	2020	2020	NUM
fbem-12156	179	5	(	(	PUNCT
fbem-12156	179	6	01	01	NUM
fbem-12156	179	7	):	):	PUNCT
fbem-12156	179	8	110	110	NUM
fbem-12156	179	9	-	-	SYM
fbem-12156	179	10	125	125	NUM
fbem-12156	179	11	.	.	PUNCT
fbem-12156	180	1	[	[	X
fbem-12156	180	2	12	12	NUM
fbem-12156	180	3	]	]	SYM
fbem-12156	180	4	ak	ak	PROPN
fbem-12156	180	5	,	,	PUNCT
fbem-12156	180	6	b.	b.	PROPN
fbem-12156	180	7	k.	k.	PROPN
fbem-12156	180	8	,	,	PUNCT
fbem-12156	180	9	&	&	CCONJ
fbem-12156	180	10	patatoukas	patatoukas	PROPN
fbem-12156	180	11	,	,	PUNCT
fbem-12156	180	12	p	p	X
fbem-12156	180	13	.	.	PUNCT
fbem-12156	181	1	n.	n.	NOUN
fbem-12156	181	2	(	(	PUNCT
fbem-12156	181	3	2016	2016	NUM
fbem-12156	181	4	)	)	PUNCT
fbem-12156	181	5	.	.	PUNCT
fbem-12156	182	1	customer	customer	NOUN
fbem-12156	182	2	-	-	PUNCT
fbem-12156	182	3	base	base	NOUN
fbem-12156	182	4	concentration	concentration	NOUN
fbem-12156	182	5	and	and	CCONJ
fbem-12156	182	6	inventory	inventory	NOUN
fbem-12156	182	7	efficiencies	efficiency	NOUN
fbem-12156	182	8	:	:	PUNCT
fbem-12156	182	9	evidence	evidence	NOUN
fbem-12156	182	10	from	from	ADP
fbem-12156	182	11	the	the	DET
fbem-12156	182	12	manufacturing	manufacturing	NOUN
fbem-12156	182	13	sector	sector	NOUN
fbem-12156	182	14	.	.	PUNCT
fbem-12156	183	1	production	production	NOUN
fbem-12156	183	2	and	and	CCONJ
fbem-12156	183	3	operations	operation	NOUN
fbem-12156	183	4	management	management	NOUN
fbem-12156	183	5	journal	journal	NOUN
fbem-12156	183	6	,	,	PUNCT
fbem-12156	183	7	25	25	NUM
fbem-12156	183	8	(	(	PUNCT
fbem-12156	183	9	2	2	NUM
fbem-12156	183	10	):	):	PUNCT
fbem-12156	183	11	258–272	258–272	NUM
fbem-12156	183	12	.	.	PUNCT
fbem-12156	184	1	[	[	X
fbem-12156	184	2	13	13	NUM
fbem-12156	184	3	]	]	X
fbem-12156	184	4	chen	chen	PROPN
fbem-12156	184	5	yongying	yongying	PROPN
fbem-12156	184	6	,	,	PUNCT
fbem-12156	184	7	polaroid	polaroid	X
fbem-12156	184	8	(	(	PUNCT
fbem-12156	184	9	som	som	NOUN
fbem-12156	184	10	borey	borey	PROPN
fbem-12156	184	11	)	)	PUNCT
fbem-12156	184	12	,	,	PUNCT
fbem-12156	184	13	hu	hu	PROPN
fbem-12156	184	14	yang	yang	PROPN
fbem-12156	184	15	.	.	PUNCT
fbem-12156	185	1	study	study	NOUN
fbem-12156	185	2	on	on	ADP
fbem-12156	185	3	the	the	DET
fbem-12156	185	4	influence	influence	NOUN
fbem-12156	185	5	of	of	ADP
fbem-12156	185	6	exchange	exchange	NOUN
fbem-12156	185	7	rate	rate	NOUN
fbem-12156	185	8	on	on	ADP
fbem-12156	185	9	enterprise	enterprise	NOUN
fbem-12156	185	10	investment	investment	NOUN
fbem-12156	185	11	efficiency	efficiency	NOUN
fbem-12156	186	1	[	[	X
fbem-12156	186	2	j	j	X
fbem-12156	186	3	]	]	X
fbem-12156	186	4	.	.	PUNCT
fbem-12156	187	1	friends	friend	NOUN
fbem-12156	187	2	of	of	ADP
fbem-12156	187	3	the	the	DET
fbem-12156	187	4	accounting	accounting	NOUN
fbem-12156	187	5	,	,	PUNCT
fbem-12156	187	6	2021	2021	NUM
fbem-12156	187	7	(	(	PUNCT
fbem-12156	187	8	19	19	NUM
fbem-12156	187	9	):	):	PUNCT
fbem-12156	187	10	7	7	NUM
fbem-12156	187	11	.	.	PUNCT
fbem-12156	188	1	[	[	X
fbem-12156	188	2	14	14	NUM
fbem-12156	188	3	]	]	X
fbem-12156	188	4	biddle	biddle	PROPN
fbem-12156	188	5	,	,	PUNCT
fbem-12156	188	6	g.c	g.c	PROPN
fbem-12156	188	7	.	.	PROPN
fbem-12156	188	8	,	,	PUNCT
fbem-12156	188	9	g.	g.	PROPN
fbem-12156	188	10	hilary	hilary	PROPN
fbem-12156	188	11	,	,	PUNCT
fbem-12156	188	12	and	and	CCONJ
fbem-12156	188	13	r.s	r.s	PROPN
fbem-12156	188	14	.	.	PROPN
fbem-12156	188	15	verdi	verdi	PROPN
fbem-12156	188	16	.	.	PUNCT
fbem-12156	188	17	2009	2009	NUM
fbem-12156	188	18	.	.	PUNCT
fbem-12156	189	1	how	how	SCONJ
fbem-12156	189	2	does	do	AUX
fbem-12156	189	3	financial	financial	ADJ
fbem-12156	189	4	reporting	reporting	NOUN
fbem-12156	189	5	quality	quality	NOUN
fbem-12156	189	6	relate	relate	VERB
fbem-12156	189	7	to	to	ADP
fbem-12156	189	8	investment	investment	NOUN
fbem-12156	189	9	efficiency	efficiency	NOUN
fbem-12156	189	10	.	.	PUNCT
fbem-12156	190	1	journal	journal	NOUN
fbem-12156	190	2	of	of	ADP
fbem-12156	190	3	accounting	accounting	NOUN
fbem-12156	190	4	and	and	CCONJ
fbem-12156	190	5	economics	economic	NOUN
fbem-12156	190	6	48	48	NUM
fbem-12156	190	7	:	:	PUNCT
fbem-12156	190	8	112–131	112–131	NUM
fbem-12156	190	9	.	.	PUNCT