id	sid	tid	token	lemma	pos
fbem-12617	1	1	frontiers	frontier	NOUN
fbem-12617	1	2	in	in	ADP
fbem-12617	1	3	business	business	NOUN
fbem-12617	1	4	,	,	PUNCT
fbem-12617	1	5	economics	economic	NOUN
fbem-12617	1	6	and	and	CCONJ
fbem-12617	1	7	management	management	NOUN
fbem-12617	1	8	issn	issn	PROPN
fbem-12617	1	9	:	:	PUNCT
fbem-12617	1	10	2766	2766	NUM
fbem-12617	1	11	-	-	PUNCT
fbem-12617	1	12	824x	824x	NUM
fbem-12617	1	13	|	|	ADJ
fbem-12617	1	14	vol	vol	NOUN
fbem-12617	1	15	.	.	PUNCT
fbem-12617	2	1	11	11	NUM
fbem-12617	2	2	,	,	PUNCT
fbem-12617	2	3	no	no	INTJ
fbem-12617	2	4	.	.	NOUN
fbem-12617	2	5	2	2	NUM
fbem-12617	2	6	,	,	PUNCT
fbem-12617	2	7	2023	2023	NUM
fbem-12617	2	8	246	246	NUM
fbem-12617	2	9	can	can	AUX
fbem-12617	2	10	the	the	DET
fbem-12617	2	11	digital	digital	ADJ
fbem-12617	2	12	economy	economy	NOUN
fbem-12617	2	13	enhance	enhance	VERB
fbem-12617	2	14	the	the	DET
fbem-12617	2	15	investment	investment	NOUN
fbem-12617	2	16	efficiency	efficiency	NOUN
fbem-12617	2	17	in	in	ADP
fbem-12617	2	18	the	the	DET
fbem-12617	2	19	manufacturing	manufacturing	NOUN
fbem-12617	2	20	industry	industry	NOUN
fbem-12617	2	21	?	?	PUNCT
fbem-12617	3	1	-research	-research	NOUN
fbem-12617	3	2	based	base	VERB
fbem-12617	3	3	on	on	ADP
fbem-12617	3	4	the	the	DET
fbem-12617	3	5	moderating	moderate	VERB
fbem-12617	3	6	effect	effect	NOUN
fbem-12617	3	7	of	of	ADP
fbem-12617	3	8	the	the	DET
fbem-12617	3	9	market	market	NOUN
fbem-12617	3	10	jiaxing	jiaxing	PROPN
fbem-12617	3	11	zou1	zou1	PROPN
fbem-12617	3	12	,	,	PUNCT
fbem-12617	3	13	*	*	PROPN
fbem-12617	3	14	1east	1east	NUM
fbem-12617	3	15	china	china	PROPN
fbem-12617	3	16	university	university	PROPN
fbem-12617	3	17	of	of	ADP
fbem-12617	3	18	political	political	ADJ
fbem-12617	3	19	science	science	NOUN
fbem-12617	3	20	and	and	CCONJ
fbem-12617	3	21	law	law	NOUN
fbem-12617	3	22	,	,	PUNCT
fbem-12617	3	23	shanghai	shanghai	PROPN
fbem-12617	3	24	201600	201600	NUM
fbem-12617	3	25	,	,	PUNCT
fbem-12617	3	26	china	china	PROPN
fbem-12617	3	27	*	*	PUNCT
fbem-12617	3	28	corresponding	correspond	VERB
fbem-12617	3	29	author	author	NOUN
fbem-12617	3	30	email	email	NOUN
fbem-12617	3	31	:	:	PUNCT
fbem-12617	3	32	532598817@qq.com	532598817@qq.com	NUM
fbem-12617	3	33	abstract	abstract	NOUN
fbem-12617	3	34	:	:	PUNCT
fbem-12617	3	35	this	this	DET
fbem-12617	3	36	paper	paper	NOUN
fbem-12617	3	37	uses	use	VERB
fbem-12617	3	38	the	the	DET
fbem-12617	3	39	a	a	DET
fbem-12617	3	40	-	-	PUNCT
fbem-12617	3	41	share	share	NOUN
fbem-12617	3	42	listed	list	VERB
fbem-12617	3	43	manufacturing	manufacturing	NOUN
fbem-12617	3	44	companies	company	NOUN
fbem-12617	3	45	in	in	ADP
fbem-12617	3	46	china	china	PROPN
fbem-12617	3	47	from	from	ADP
fbem-12617	3	48	2015	2015	NUM
fbem-12617	3	49	to	to	ADP
fbem-12617	3	50	2020	2020	NUM
fbem-12617	3	51	as	as	ADP
fbem-12617	3	52	research	research	NOUN
fbem-12617	3	53	samples	sample	NOUN
fbem-12617	3	54	,	,	PUNCT
fbem-12617	3	55	and	and	CCONJ
fbem-12617	3	56	explores	explore	VERB
fbem-12617	3	57	the	the	DET
fbem-12617	3	58	impact	impact	NOUN
fbem-12617	3	59	of	of	ADP
fbem-12617	3	60	the	the	DET
fbem-12617	3	61	digital	digital	ADJ
fbem-12617	3	62	economy	economy	NOUN
fbem-12617	3	63	on	on	ADP
fbem-12617	3	64	the	the	DET
fbem-12617	3	65	investment	investment	NOUN
fbem-12617	3	66	efficiency	efficiency	NOUN
fbem-12617	3	67	of	of	ADP
fbem-12617	3	68	manufacturing	manufacturing	NOUN
fbem-12617	3	69	enterprises	enterprise	NOUN
fbem-12617	3	70	.	.	PUNCT
fbem-12617	4	1	in	in	ADP
fbem-12617	4	2	addition	addition	NOUN
fbem-12617	4	3	,	,	PUNCT
fbem-12617	4	4	this	this	DET
fbem-12617	4	5	paper	paper	NOUN
fbem-12617	4	6	investigates	investigate	VERB
fbem-12617	4	7	the	the	DET
fbem-12617	4	8	moderating	moderate	VERB
fbem-12617	4	9	effect	effect	NOUN
fbem-12617	4	10	of	of	ADP
fbem-12617	4	11	marketization	marketization	NOUN
fbem-12617	4	12	on	on	ADP
fbem-12617	4	13	the	the	DET
fbem-12617	4	14	relationship	relationship	NOUN
fbem-12617	4	15	between	between	ADP
fbem-12617	4	16	the	the	DET
fbem-12617	4	17	digital	digital	ADJ
fbem-12617	4	18	economy	economy	NOUN
fbem-12617	4	19	and	and	CCONJ
fbem-12617	4	20	investment	investment	NOUN
fbem-12617	4	21	efficiency	efficiency	NOUN
fbem-12617	4	22	of	of	ADP
fbem-12617	4	23	manufacturing	manufacturing	NOUN
fbem-12617	4	24	enterprises	enterprise	NOUN
fbem-12617	4	25	.	.	PUNCT
fbem-12617	5	1	the	the	DET
fbem-12617	5	2	research	research	NOUN
fbem-12617	5	3	finds	find	VERB
fbem-12617	5	4	that	that	SCONJ
fbem-12617	5	5	the	the	DET
fbem-12617	5	6	development	development	NOUN
fbem-12617	5	7	of	of	ADP
fbem-12617	5	8	the	the	DET
fbem-12617	5	9	digital	digital	ADJ
fbem-12617	5	10	economy	economy	NOUN
fbem-12617	5	11	can	can	AUX
fbem-12617	5	12	significantly	significantly	ADV
fbem-12617	5	13	promote	promote	VERB
fbem-12617	5	14	the	the	DET
fbem-12617	5	15	investment	investment	NOUN
fbem-12617	5	16	efficiency	efficiency	NOUN
fbem-12617	5	17	of	of	ADP
fbem-12617	5	18	manufacturing	manufacturing	NOUN
fbem-12617	5	19	enterprises	enterprise	NOUN
fbem-12617	5	20	.	.	PUNCT
fbem-12617	6	1	the	the	DET
fbem-12617	6	2	research	research	NOUN
fbem-12617	6	3	conclusion	conclusion	NOUN
fbem-12617	6	4	remains	remain	VERB
fbem-12617	6	5	valid	valid	ADJ
fbem-12617	6	6	even	even	ADV
fbem-12617	6	7	after	after	ADP
fbem-12617	6	8	a	a	DET
fbem-12617	6	9	series	series	NOUN
fbem-12617	6	10	of	of	ADP
fbem-12617	6	11	robustness	robustness	NOUN
fbem-12617	6	12	tests	test	NOUN
fbem-12617	6	13	.	.	PUNCT
fbem-12617	7	1	by	by	ADP
fbem-12617	7	2	introducing	introduce	VERB
fbem-12617	7	3	the	the	DET
fbem-12617	7	4	moderating	moderate	VERB
fbem-12617	7	5	variable	variable	NOUN
fbem-12617	7	6	of	of	ADP
fbem-12617	7	7	the	the	DET
fbem-12617	7	8	degree	degree	NOUN
fbem-12617	7	9	of	of	ADP
fbem-12617	7	10	marketization	marketization	NOUN
fbem-12617	7	11	,	,	PUNCT
fbem-12617	7	12	it	it	PRON
fbem-12617	7	13	is	be	AUX
fbem-12617	7	14	found	find	VERB
fbem-12617	7	15	that	that	SCONJ
fbem-12617	7	16	the	the	DET
fbem-12617	7	17	degree	degree	NOUN
fbem-12617	7	18	of	of	ADP
fbem-12617	7	19	marketization	marketization	NOUN
fbem-12617	7	20	can	can	AUX
fbem-12617	7	21	have	have	VERB
fbem-12617	7	22	a	a	DET
fbem-12617	7	23	positive	positive	ADJ
fbem-12617	7	24	moderating	moderate	VERB
fbem-12617	7	25	effect	effect	NOUN
fbem-12617	7	26	on	on	ADP
fbem-12617	7	27	the	the	DET
fbem-12617	7	28	digital	digital	ADJ
fbem-12617	7	29	economy	economy	NOUN
fbem-12617	7	30	's	's	PART
fbem-12617	7	31	promotion	promotion	NOUN
fbem-12617	7	32	of	of	ADP
fbem-12617	7	33	the	the	DET
fbem-12617	7	34	investment	investment	NOUN
fbem-12617	7	35	efficiency	efficiency	NOUN
fbem-12617	7	36	of	of	ADP
fbem-12617	7	37	manufacturing	manufacturing	NOUN
fbem-12617	7	38	enterprises	enterprise	NOUN
fbem-12617	7	39	.	.	PUNCT
fbem-12617	8	1	moreover	moreover	ADV
fbem-12617	8	2	,	,	PUNCT
fbem-12617	8	3	the	the	DET
fbem-12617	8	4	study	study	NOUN
fbem-12617	8	5	divided	divide	VERB
fbem-12617	8	6	into	into	ADP
fbem-12617	8	7	groups	group	NOUN
fbem-12617	8	8	of	of	ADP
fbem-12617	8	9	state	state	NOUN
fbem-12617	8	10	-	-	PUNCT
fbem-12617	8	11	owned	own	VERB
fbem-12617	8	12	enterprises	enterprise	NOUN
fbem-12617	8	13	and	and	CCONJ
fbem-12617	8	14	non	non	ADJ
fbem-12617	8	15	-	-	ADJ
fbem-12617	8	16	state	state	NOUN
fbem-12617	8	17	-	-	PUNCT
fbem-12617	8	18	owned	own	VERB
fbem-12617	8	19	enterprises	enterprise	NOUN
fbem-12617	8	20	and	and	CCONJ
fbem-12617	8	21	conducts	conduct	VERB
fbem-12617	8	22	further	further	ADJ
fbem-12617	8	23	tests	test	NOUN
fbem-12617	8	24	.	.	PUNCT
fbem-12617	9	1	the	the	DET
fbem-12617	9	2	findings	finding	NOUN
fbem-12617	9	3	show	show	VERB
fbem-12617	9	4	that	that	SCONJ
fbem-12617	9	5	the	the	DET
fbem-12617	9	6	effect	effect	NOUN
fbem-12617	9	7	of	of	ADP
fbem-12617	9	8	the	the	DET
fbem-12617	9	9	digital	digital	ADJ
fbem-12617	9	10	economy	economy	NOUN
fbem-12617	9	11	on	on	ADP
fbem-12617	9	12	investment	investment	NOUN
fbem-12617	9	13	efficiency	efficiency	NOUN
fbem-12617	9	14	is	be	AUX
fbem-12617	9	15	more	more	ADV
fbem-12617	9	16	reflected	reflect	VERB
fbem-12617	9	17	in	in	ADP
fbem-12617	9	18	non	non	ADJ
fbem-12617	9	19	-	-	ADJ
fbem-12617	9	20	state	state	NOUN
fbem-12617	9	21	-	-	PUNCT
fbem-12617	9	22	owned	own	VERB
fbem-12617	9	23	enterprises	enterprise	NOUN
fbem-12617	9	24	,	,	PUNCT
fbem-12617	9	25	and	and	CCONJ
fbem-12617	9	26	the	the	DET
fbem-12617	9	27	moderating	moderate	VERB
fbem-12617	9	28	effect	effect	NOUN
fbem-12617	9	29	is	be	AUX
fbem-12617	9	30	also	also	ADV
fbem-12617	9	31	reflected	reflect	VERB
fbem-12617	9	32	in	in	ADP
fbem-12617	9	33	non	non	ADJ
fbem-12617	9	34	-	-	ADJ
fbem-12617	9	35	state	state	NOUN
fbem-12617	9	36	-	-	PUNCT
fbem-12617	9	37	owned	own	VERB
fbem-12617	9	38	enterprises	enterprise	NOUN
fbem-12617	9	39	.	.	PUNCT
fbem-12617	10	1	the	the	DET
fbem-12617	10	2	conclusion	conclusion	NOUN
fbem-12617	10	3	of	of	ADP
fbem-12617	10	4	the	the	DET
fbem-12617	10	5	research	research	NOUN
fbem-12617	10	6	has	have	VERB
fbem-12617	10	7	a	a	DET
fbem-12617	10	8	policy	policy	NOUN
fbem-12617	10	9	reference	reference	NOUN
fbem-12617	10	10	value	value	NOUN
fbem-12617	10	11	for	for	ADP
fbem-12617	10	12	playing	play	VERB
fbem-12617	10	13	the	the	DET
fbem-12617	10	14	positive	positive	ADJ
fbem-12617	10	15	role	role	NOUN
fbem-12617	10	16	of	of	ADP
fbem-12617	10	17	the	the	DET
fbem-12617	10	18	digital	digital	ADJ
fbem-12617	10	19	economy	economy	NOUN
fbem-12617	10	20	,	,	PUNCT
fbem-12617	10	21	stimulating	stimulate	VERB
fbem-12617	10	22	the	the	DET
fbem-12617	10	23	development	development	NOUN
fbem-12617	10	24	of	of	ADP
fbem-12617	10	25	the	the	DET
fbem-12617	10	26	digital	digital	ADJ
fbem-12617	10	27	economy	economy	NOUN
fbem-12617	10	28	and	and	CCONJ
fbem-12617	10	29	promoting	promote	VERB
fbem-12617	10	30	advanced	advanced	ADJ
fbem-12617	10	31	manufacturing	manufacturing	NOUN
fbem-12617	10	32	.	.	PUNCT
fbem-12617	11	1	keywords	keyword	NOUN
fbem-12617	11	2	:	:	PUNCT
fbem-12617	11	3	digital	digital	ADJ
fbem-12617	11	4	economy	economy	NOUN
fbem-12617	11	5	,	,	PUNCT
fbem-12617	11	6	investment	investment	NOUN
fbem-12617	11	7	efficiency	efficiency	NOUN
fbem-12617	11	8	of	of	ADP
fbem-12617	11	9	manufacturing	manufacturing	NOUN
fbem-12617	11	10	enterprises	enterprise	NOUN
fbem-12617	11	11	,	,	PUNCT
fbem-12617	11	12	marketization	marketization	NOUN
fbem-12617	11	13	.	.	PUNCT
fbem-12617	12	1	1	1	X
fbem-12617	12	2	.	.	X
fbem-12617	12	3	introduction	introduction	NOUN
fbem-12617	12	4	as	as	ADP
fbem-12617	12	5	the	the	DET
fbem-12617	12	6	most	most	ADV
fbem-12617	12	7	fundamental	fundamental	ADJ
fbem-12617	12	8	part	part	NOUN
fbem-12617	12	9	of	of	ADP
fbem-12617	12	10	the	the	DET
fbem-12617	12	11	real	real	ADJ
fbem-12617	12	12	economy	economy	NOUN
fbem-12617	12	13	,	,	PUNCT
fbem-12617	12	14	manufacturing	manufacturing	NOUN
fbem-12617	12	15	is	be	AUX
fbem-12617	12	16	the	the	DET
fbem-12617	12	17	foundation	foundation	NOUN
fbem-12617	12	18	of	of	ADP
fbem-12617	12	19	the	the	DET
fbem-12617	12	20	national	national	ADJ
fbem-12617	12	21	economy	economy	NOUN
fbem-12617	12	22	.	.	PUNCT
fbem-12617	13	1	for	for	ADP
fbem-12617	13	2	a	a	DET
fbem-12617	13	3	long	long	ADJ
fbem-12617	13	4	time	time	NOUN
fbem-12617	13	5	,	,	PUNCT
fbem-12617	13	6	china	china	PROPN
fbem-12617	13	7	has	have	AUX
fbem-12617	13	8	played	play	VERB
fbem-12617	13	9	the	the	DET
fbem-12617	13	10	role	role	NOUN
fbem-12617	13	11	of	of	ADP
fbem-12617	13	12	"	"	PUNCT
fbem-12617	13	13	the	the	DET
fbem-12617	13	14	world	world	NOUN
fbem-12617	13	15	's	's	PART
fbem-12617	13	16	factory	factory	NOUN
fbem-12617	13	17	"	"	PUNCT
fbem-12617	13	18	with	with	ADP
fbem-12617	13	19	the	the	DET
fbem-12617	13	20	advantage	advantage	NOUN
fbem-12617	13	21	of	of	ADP
fbem-12617	13	22	cheap	cheap	ADJ
fbem-12617	13	23	labor	labor	NOUN
fbem-12617	13	24	,	,	PUNCT
fbem-12617	13	25	while	while	SCONJ
fbem-12617	13	26	most	most	ADJ
fbem-12617	13	27	of	of	ADP
fbem-12617	13	28	the	the	DET
fbem-12617	13	29	high	high	ADJ
fbem-12617	13	30	added	add	VERB
fbem-12617	13	31	-	-	PUNCT
fbem-12617	13	32	value	value	NOUN
fbem-12617	13	33	things	thing	NOUN
fbem-12617	13	34	have	have	AUX
fbem-12617	13	35	been	be	AUX
fbem-12617	13	36	earned	earn	VERB
fbem-12617	13	37	by	by	ADP
fbem-12617	13	38	other	other	ADJ
fbem-12617	13	39	developed	develop	VERB
fbem-12617	13	40	countries	country	NOUN
fbem-12617	13	41	.	.	PUNCT
fbem-12617	14	1	currently	currently	ADV
fbem-12617	14	2	,	,	PUNCT
fbem-12617	14	3	due	due	ADP
fbem-12617	14	4	to	to	ADP
fbem-12617	14	5	the	the	DET
fbem-12617	14	6	rise	rise	NOUN
fbem-12617	14	7	in	in	ADP
fbem-12617	14	8	labor	labor	NOUN
fbem-12617	14	9	costs	cost	NOUN
fbem-12617	14	10	and	and	CCONJ
fbem-12617	14	11	aging	age	VERB
fbem-12617	14	12	problems	problem	NOUN
fbem-12617	14	13	in	in	ADP
fbem-12617	14	14	china	china	PROPN
fbem-12617	14	15	,	,	PUNCT
fbem-12617	14	16	a	a	DET
fbem-12617	14	17	large	large	ADJ
fbem-12617	14	18	number	number	NOUN
fbem-12617	14	19	of	of	ADP
fbem-12617	14	20	labor	labor	NOUN
fbem-12617	14	21	-	-	PUNCT
fbem-12617	14	22	intensive	intensive	ADJ
fbem-12617	14	23	manufacturing	manufacturing	NOUN
fbem-12617	14	24	industries	industry	NOUN
fbem-12617	14	25	are	be	AUX
fbem-12617	14	26	shifting	shift	VERB
fbem-12617	14	27	to	to	ADP
fbem-12617	14	28	southeast	southeast	VERB
fbem-12617	14	29	asian	asian	ADJ
fbem-12617	14	30	countries	country	NOUN
fbem-12617	14	31	where	where	SCONJ
fbem-12617	14	32	labor	labor	NOUN
fbem-12617	14	33	costs	cost	NOUN
fbem-12617	14	34	are	be	AUX
fbem-12617	14	35	lower	low	ADJ
fbem-12617	14	36	.	.	PUNCT
fbem-12617	15	1	in	in	ADP
fbem-12617	15	2	addition	addition	NOUN
fbem-12617	15	3	,	,	PUNCT
fbem-12617	15	4	foreign	foreign	ADJ
fbem-12617	15	5	technological	technological	ADJ
fbem-12617	15	6	blockades	blockade	NOUN
fbem-12617	15	7	on	on	ADP
fbem-12617	15	8	chinese	chinese	ADJ
fbem-12617	15	9	high	high	ADJ
fbem-12617	15	10	-	-	PUNCT
fbem-12617	15	11	end	end	NOUN
fbem-12617	15	12	manufacturing	manufacturing	NOUN
fbem-12617	15	13	industry	industry	NOUN
fbem-12617	15	14	have	have	AUX
fbem-12617	15	15	caused	cause	VERB
fbem-12617	15	16	serious	serious	ADJ
fbem-12617	15	17	problems	problem	NOUN
fbem-12617	15	18	in	in	ADP
fbem-12617	15	19	the	the	DET
fbem-12617	15	20	supply	supply	NOUN
fbem-12617	15	21	link	link	NOUN
fbem-12617	15	22	of	of	ADP
fbem-12617	15	23	our	our	PRON
fbem-12617	15	24	high	high	ADJ
fbem-12617	15	25	-	-	PUNCT
fbem-12617	15	26	end	end	NOUN
fbem-12617	15	27	manufacturing	manufacturing	NOUN
fbem-12617	15	28	industry	industry	NOUN
fbem-12617	15	29	.	.	PUNCT
fbem-12617	16	1	our	our	PRON
fbem-12617	16	2	manufacturing	manufacturing	NOUN
fbem-12617	16	3	industry	industry	NOUN
fbem-12617	16	4	is	be	AUX
fbem-12617	16	5	facing	face	VERB
fbem-12617	16	6	dual	dual	ADJ
fbem-12617	16	7	challenges	challenge	NOUN
fbem-12617	16	8	from	from	ADP
fbem-12617	16	9	developed	develop	VERB
fbem-12617	16	10	countries	country	NOUN
fbem-12617	16	11	and	and	CCONJ
fbem-12617	16	12	developing	develop	VERB
fbem-12617	16	13	countries	country	NOUN
fbem-12617	16	14	.	.	PUNCT
fbem-12617	17	1	the	the	DET
fbem-12617	17	2	problems	problem	NOUN
fbem-12617	17	3	of	of	ADP
fbem-12617	17	4	low	low	ADJ
fbem-12617	17	5	-	-	PUNCT
fbem-12617	17	6	end	end	NOUN
fbem-12617	17	7	lock	lock	NOUN
fbem-12617	17	8	-	-	PUNCT
fbem-12617	17	9	in	in	NOUN
fbem-12617	17	10	,	,	PUNCT
fbem-12617	17	11	path	path	NOUN
fbem-12617	17	12	dependency	dependency	NOUN
fbem-12617	17	13	,	,	PUNCT
fbem-12617	17	14	etc	etc	X
fbem-12617	17	15	.	.	X
fbem-12617	17	16	,	,	PUNCT
fbem-12617	17	17	are	be	AUX
fbem-12617	17	18	increasingly	increasingly	ADV
fbem-12617	17	19	prominent	prominent	ADJ
fbem-12617	17	20	,	,	PUNCT
fbem-12617	17	21	and	and	CCONJ
fbem-12617	17	22	the	the	DET
fbem-12617	17	23	dilemma	dilemma	NOUN
fbem-12617	17	24	of	of	ADP
fbem-12617	17	25	the	the	DET
fbem-12617	17	26	manufacturing	manufacturing	NOUN
fbem-12617	17	27	industry	industry	NOUN
fbem-12617	17	28	being	be	AUX
fbem-12617	17	29	large	large	ADJ
fbem-12617	17	30	but	but	CCONJ
fbem-12617	17	31	not	not	PART
fbem-12617	17	32	strong	strong	ADJ
fbem-12617	17	33	urgently	urgently	ADV
fbem-12617	17	34	needs	need	VERB
fbem-12617	17	35	to	to	PART
fbem-12617	17	36	find	find	VERB
fbem-12617	17	37	a	a	DET
fbem-12617	17	38	breakthrough	breakthrough	NOUN
fbem-12617	17	39	.	.	PUNCT
fbem-12617	18	1	under	under	ADP
fbem-12617	18	2	the	the	DET
fbem-12617	18	3	new	new	ADJ
fbem-12617	18	4	round	round	NOUN
fbem-12617	18	5	of	of	ADP
fbem-12617	18	6	technological	technological	ADJ
fbem-12617	18	7	revolution	revolution	NOUN
fbem-12617	18	8	and	and	CCONJ
fbem-12617	18	9	industrial	industrial	ADJ
fbem-12617	18	10	transformation	transformation	NOUN
fbem-12617	18	11	,	,	PUNCT
fbem-12617	18	12	chinese	chinese	ADJ
fbem-12617	18	13	government	government	NOUN
fbem-12617	18	14	attaches	attach	VERB
fbem-12617	18	15	great	great	ADJ
fbem-12617	18	16	importance	importance	NOUN
fbem-12617	18	17	to	to	ADP
fbem-12617	18	18	the	the	DET
fbem-12617	18	19	development	development	NOUN
fbem-12617	18	20	of	of	ADP
fbem-12617	18	21	the	the	DET
fbem-12617	18	22	manufacturing	manufacturing	NOUN
fbem-12617	18	23	industry	industry	NOUN
fbem-12617	18	24	.	.	PUNCT
fbem-12617	19	1	the	the	DET
fbem-12617	19	2	"	"	PUNCT
fbem-12617	19	3	made	make	VERB
fbem-12617	19	4	in	in	ADP
fbem-12617	19	5	china	china	PROPN
fbem-12617	19	6	2025	2025	NUM
fbem-12617	19	7	"	"	PUNCT
fbem-12617	19	8	issued	issue	VERB
fbem-12617	19	9	by	by	ADP
fbem-12617	19	10	the	the	DET
fbem-12617	19	11	state	state	PROPN
fbem-12617	19	12	council	council	PROPN
fbem-12617	19	13	in	in	ADP
fbem-12617	19	14	2015	2015	NUM
fbem-12617	19	15	mentioned	mention	VERB
fbem-12617	19	16	that	that	SCONJ
fbem-12617	19	17	the	the	DET
fbem-12617	19	18	new	new	ADJ
fbem-12617	19	19	generation	generation	NOUN
fbem-12617	19	20	of	of	ADP
fbem-12617	19	21	information	information	NOUN
fbem-12617	19	22	technology	technology	NOUN
fbem-12617	19	23	and	and	CCONJ
fbem-12617	19	24	manufacturing	manufacturing	NOUN
fbem-12617	19	25	should	should	AUX
fbem-12617	19	26	be	be	AUX
fbem-12617	19	27	deeply	deeply	ADV
fbem-12617	19	28	integrated	integrate	VERB
fbem-12617	19	29	,	,	PUNCT
fbem-12617	19	30	the	the	DET
fbem-12617	19	31	industry	industry	NOUN
fbem-12617	19	32	should	should	AUX
fbem-12617	19	33	be	be	AUX
fbem-12617	19	34	transformed	transform	VERB
fbem-12617	19	35	,	,	PUNCT
fbem-12617	19	36	and	and	CCONJ
fbem-12617	19	37	new	new	ADJ
fbem-12617	19	38	production	production	NOUN
fbem-12617	19	39	methods	method	NOUN
fbem-12617	19	40	,	,	PUNCT
fbem-12617	19	41	industry	industry	NOUN
fbem-12617	19	42	forms	form	NOUN
fbem-12617	19	43	,	,	PUNCT
fbem-12617	19	44	business	business	NOUN
fbem-12617	19	45	models	model	NOUN
fbem-12617	19	46	,	,	PUNCT
fbem-12617	19	47	and	and	CCONJ
fbem-12617	19	48	economic	economic	ADJ
fbem-12617	19	49	growth	growth	NOUN
fbem-12617	19	50	points	point	NOUN
fbem-12617	19	51	should	should	AUX
fbem-12617	19	52	be	be	AUX
fbem-12617	19	53	formed	form	VERB
fbem-12617	19	54	.	.	PUNCT
fbem-12617	20	1	the	the	DET
fbem-12617	20	2	founding	found	VERB
fbem-12617	20	3	conference	conference	NOUN
fbem-12617	20	4	of	of	ADP
fbem-12617	20	5	the	the	DET
fbem-12617	20	6	digital	digital	PROPN
fbem-12617	20	7	china	china	PROPN
fbem-12617	20	8	industry	industry	PROPN
fbem-12617	20	9	development	development	PROPN
fbem-12617	20	10	alliance	alliance	NOUN
fbem-12617	20	11	in	in	ADP
fbem-12617	20	12	2019	2019	NUM
fbem-12617	20	13	also	also	ADV
fbem-12617	20	14	emphasized	emphasize	VERB
fbem-12617	20	15	"	"	PUNCT
fbem-12617	20	16	advancing	advance	VERB
fbem-12617	20	17	the	the	DET
fbem-12617	20	18	profound	profound	ADJ
fbem-12617	20	19	integration	integration	NOUN
fbem-12617	20	20	of	of	ADP
fbem-12617	20	21	the	the	DET
fbem-12617	20	22	new	new	ADJ
fbem-12617	20	23	generation	generation	NOUN
fbem-12617	20	24	of	of	ADP
fbem-12617	20	25	information	information	NOUN
fbem-12617	20	26	and	and	CCONJ
fbem-12617	20	27	communication	communication	NOUN
fbem-12617	20	28	technology	technology	NOUN
fbem-12617	20	29	with	with	ADP
fbem-12617	20	30	the	the	DET
fbem-12617	20	31	real	real	ADJ
fbem-12617	20	32	economy	economy	NOUN
fbem-12617	20	33	centered	center	VERB
fbem-12617	20	34	on	on	ADP
fbem-12617	20	35	manufacturing	manufacture	VERB
fbem-12617	20	36	"	"	PUNCT
fbem-12617	20	37	.	.	PUNCT
fbem-12617	21	1	in	in	ADP
fbem-12617	21	2	the	the	DET
fbem-12617	21	3	context	context	NOUN
fbem-12617	21	4	of	of	ADP
fbem-12617	21	5	the	the	DET
fbem-12617	21	6	global	global	ADJ
fbem-12617	21	7	economic	economic	ADJ
fbem-12617	21	8	stagnation	stagnation	NOUN
fbem-12617	21	9	and	and	CCONJ
fbem-12617	21	10	the	the	DET
fbem-12617	21	11	huge	huge	ADJ
fbem-12617	21	12	downward	downward	ADJ
fbem-12617	21	13	pressure	pressure	NOUN
fbem-12617	21	14	on	on	ADP
fbem-12617	21	15	chinese	chinese	ADJ
fbem-12617	21	16	economy	economy	NOUN
fbem-12617	21	17	,	,	PUNCT
fbem-12617	21	18	chinese	chinese	ADJ
fbem-12617	21	19	digital	digital	ADJ
fbem-12617	21	20	economy	economy	NOUN
fbem-12617	21	21	still	still	ADV
fbem-12617	21	22	maintains	maintain	VERB
fbem-12617	21	23	a	a	DET
fbem-12617	21	24	strong	strong	ADJ
fbem-12617	21	25	development	development	NOUN
fbem-12617	21	26	momentum	momentum	NOUN
fbem-12617	21	27	.	.	PUNCT
fbem-12617	22	1	according	accord	VERB
fbem-12617	22	2	to	to	ADP
fbem-12617	22	3	the	the	DET
fbem-12617	22	4	data	datum	NOUN
fbem-12617	22	5	released	release	VERB
fbem-12617	22	6	by	by	ADP
fbem-12617	22	7	the	the	DET
fbem-12617	22	8	china	china	PROPN
fbem-12617	22	9	academy	academy	PROPN
fbem-12617	22	10	of	of	ADP
fbem-12617	22	11	information	information	NOUN
fbem-12617	22	12	and	and	CCONJ
fbem-12617	22	13	communications	communication	NOUN
fbem-12617	22	14	technology	technology	NOUN
fbem-12617	22	15	in	in	ADP
fbem-12617	22	16	the	the	DET
fbem-12617	22	17	"	"	PUNCT
fbem-12617	22	18	china	china	PROPN
fbem-12617	22	19	digital	digital	PROPN
fbem-12617	22	20	economy	economy	PROPN
fbem-12617	22	21	development	development	PROPN
fbem-12617	22	22	white	white	PROPN
fbem-12617	22	23	paper	paper	PROPN
fbem-12617	22	24	(	(	PUNCT
fbem-12617	22	25	2021	2021	NUM
fbem-12617	22	26	)	)	PUNCT
fbem-12617	22	27	"	"	PUNCT
fbem-12617	22	28	,	,	PUNCT
fbem-12617	22	29	chinese	chinese	ADJ
fbem-12617	22	30	digital	digital	ADJ
fbem-12617	22	31	economy	economy	NOUN
fbem-12617	22	32	maintained	maintain	VERB
fbem-12617	22	33	a	a	DET
fbem-12617	22	34	high	high	ADJ
fbem-12617	22	35	growth	growth	NOUN
fbem-12617	22	36	rate	rate	NOUN
fbem-12617	22	37	of	of	ADP
fbem-12617	22	38	9.7	9.7	NUM
fbem-12617	22	39	%	%	NOUN
fbem-12617	22	40	,	,	PUNCT
fbem-12617	22	41	which	which	PRON
fbem-12617	22	42	is	be	AUX
fbem-12617	22	43	much	much	ADV
fbem-12617	22	44	higher	high	ADJ
fbem-12617	22	45	than	than	ADP
fbem-12617	22	46	the	the	DET
fbem-12617	22	47	nominal	nominal	ADJ
fbem-12617	22	48	growth	growth	NOUN
fbem-12617	22	49	rate	rate	NOUN
fbem-12617	22	50	of	of	ADP
fbem-12617	22	51	gdp	gdp	NOUN
fbem-12617	22	52	during	during	ADP
fbem-12617	22	53	the	the	DET
fbem-12617	22	54	same	same	ADJ
fbem-12617	22	55	period	period	NOUN
fbem-12617	22	56	.	.	PUNCT
fbem-12617	23	1	the	the	DET
fbem-12617	23	2	vigorous	vigorous	ADJ
fbem-12617	23	3	development	development	NOUN
fbem-12617	23	4	of	of	ADP
fbem-12617	23	5	the	the	DET
fbem-12617	23	6	digital	digital	ADJ
fbem-12617	23	7	economy	economy	NOUN
fbem-12617	23	8	has	have	AUX
fbem-12617	23	9	brought	bring	VERB
fbem-12617	23	10	new	new	ADJ
fbem-12617	23	11	development	development	NOUN
fbem-12617	23	12	opportunities	opportunity	NOUN
fbem-12617	23	13	to	to	ADP
fbem-12617	23	14	our	our	PRON
fbem-12617	23	15	country	country	NOUN
fbem-12617	23	16	's	's	PART
fbem-12617	23	17	manufacturing	manufacturing	NOUN
fbem-12617	23	18	industry	industry	NOUN
fbem-12617	23	19	.	.	PUNCT
fbem-12617	24	1	digital	digital	ADJ
fbem-12617	24	2	technology	technology	NOUN
fbem-12617	24	3	has	have	AUX
fbem-12617	24	4	profoundly	profoundly	ADV
fbem-12617	24	5	changed	change	VERB
fbem-12617	24	6	the	the	DET
fbem-12617	24	7	ecological	ecological	ADJ
fbem-12617	24	8	environment	environment	NOUN
fbem-12617	24	9	for	for	ADP
fbem-12617	24	10	the	the	DET
fbem-12617	24	11	survival	survival	NOUN
fbem-12617	24	12	and	and	CCONJ
fbem-12617	24	13	development	development	NOUN
fbem-12617	24	14	of	of	ADP
fbem-12617	24	15	manufacturing	manufacturing	NOUN
fbem-12617	24	16	enterprises	enterprise	NOUN
fbem-12617	24	17	,	,	PUNCT
fbem-12617	24	18	reshaped	reshape	VERB
fbem-12617	24	19	their	their	PRON
fbem-12617	24	20	business	business	NOUN
fbem-12617	24	21	models	model	NOUN
fbem-12617	24	22	,	,	PUNCT
fbem-12617	24	23	and	and	CCONJ
fbem-12617	24	24	has	have	VERB
fbem-12617	24	25	a	a	DET
fbem-12617	24	26	profound	profound	ADJ
fbem-12617	24	27	impact	impact	NOUN
fbem-12617	24	28	on	on	ADP
fbem-12617	24	29	corporate	corporate	ADJ
fbem-12617	24	30	behavior	behavior	NOUN
fbem-12617	24	31	.	.	PUNCT
fbem-12617	25	1	investment	investment	NOUN
fbem-12617	25	2	,	,	PUNCT
fbem-12617	25	3	as	as	ADP
fbem-12617	25	4	a	a	DET
fbem-12617	25	5	key	key	ADJ
fbem-12617	25	6	financial	financial	ADJ
fbem-12617	25	7	behavior	behavior	NOUN
fbem-12617	25	8	of	of	ADP
fbem-12617	25	9	enterprises	enterprise	NOUN
fbem-12617	25	10	,	,	PUNCT
fbem-12617	25	11	is	be	AUX
fbem-12617	25	12	related	relate	VERB
fbem-12617	25	13	to	to	ADP
fbem-12617	25	14	the	the	DET
fbem-12617	25	15	future	future	ADJ
fbem-12617	25	16	growth	growth	NOUN
fbem-12617	25	17	of	of	ADP
fbem-12617	25	18	enterprises	enterprise	NOUN
fbem-12617	25	19	.	.	PUNCT
fbem-12617	26	1	how	how	SCONJ
fbem-12617	26	2	to	to	PART
fbem-12617	26	3	improve	improve	VERB
fbem-12617	26	4	the	the	DET
fbem-12617	26	5	investment	investment	NOUN
fbem-12617	26	6	efficiency	efficiency	NOUN
fbem-12617	26	7	of	of	ADP
fbem-12617	26	8	enterprises	enterprise	NOUN
fbem-12617	26	9	and	and	CCONJ
fbem-12617	26	10	help	help	VERB
fbem-12617	26	11	chinese	chinese	ADJ
fbem-12617	26	12	economy	economy	NOUN
fbem-12617	26	13	move	move	VERB
fbem-12617	26	14	towards	towards	ADP
fbem-12617	26	15	a	a	DET
fbem-12617	26	16	stage	stage	NOUN
fbem-12617	26	17	of	of	ADP
fbem-12617	26	18	high	high	ADJ
fbem-12617	26	19	-	-	PUNCT
fbem-12617	26	20	quality	quality	NOUN
fbem-12617	26	21	development	development	NOUN
fbem-12617	26	22	is	be	AUX
fbem-12617	26	23	a	a	DET
fbem-12617	26	24	topic	topic	NOUN
fbem-12617	26	25	of	of	ADP
fbem-12617	26	26	both	both	CCONJ
fbem-12617	26	27	the	the	DET
fbem-12617	26	28	theoretical	theoretical	ADJ
fbem-12617	26	29	and	and	CCONJ
fbem-12617	26	30	practical	practical	ADJ
fbem-12617	26	31	fields	field	NOUN
fbem-12617	26	32	.	.	PUNCT
fbem-12617	27	1	as	as	ADP
fbem-12617	27	2	a	a	DET
fbem-12617	27	3	rational	rational	ADJ
fbem-12617	27	4	investor	investor	NOUN
fbem-12617	27	5	,	,	PUNCT
fbem-12617	27	6	one	one	PRON
fbem-12617	27	7	often	often	ADV
fbem-12617	27	8	chooses	choose	VERB
fbem-12617	27	9	to	to	PART
fbem-12617	27	10	invest	invest	VERB
fbem-12617	27	11	in	in	ADP
fbem-12617	27	12	projects	project	NOUN
fbem-12617	27	13	with	with	ADP
fbem-12617	27	14	a	a	DET
fbem-12617	27	15	positive	positive	ADJ
fbem-12617	27	16	net	net	ADJ
fbem-12617	27	17	present	present	ADJ
fbem-12617	27	18	value	value	NOUN
fbem-12617	27	19	and	and	CCONJ
fbem-12617	27	20	gives	give	VERB
fbem-12617	27	21	up	up	ADP
fbem-12617	27	22	projects	project	NOUN
fbem-12617	27	23	with	with	ADP
fbem-12617	27	24	a	a	DET
fbem-12617	27	25	negative	negative	ADJ
fbem-12617	27	26	net	net	ADJ
fbem-12617	27	27	present	present	ADJ
fbem-12617	27	28	value	value	NOUN
fbem-12617	27	29	.	.	PUNCT
fbem-12617	28	1	jorgenson	jorgenson	PROPN
fbem-12617	28	2	believes	believe	VERB
fbem-12617	28	3	that	that	SCONJ
fbem-12617	28	4	when	when	SCONJ
fbem-12617	28	5	the	the	DET
fbem-12617	28	6	marginal	marginal	ADJ
fbem-12617	28	7	return	return	NOUN
fbem-12617	28	8	on	on	ADP
fbem-12617	28	9	investment	investment	NOUN
fbem-12617	28	10	capital	capital	NOUN
fbem-12617	28	11	equals	equal	VERB
fbem-12617	28	12	the	the	DET
fbem-12617	28	13	marginal	marginal	ADJ
fbem-12617	28	14	cost	cost	NOUN
fbem-12617	28	15	,	,	PUNCT
fbem-12617	28	16	the	the	DET
fbem-12617	28	17	company	company	NOUN
fbem-12617	28	18	can	can	AUX
fbem-12617	28	19	maximize	maximize	VERB
fbem-12617	28	20	its	its	PRON
fbem-12617	28	21	profits	profit	NOUN
fbem-12617	28	22	[	[	X
fbem-12617	28	23	1	1	NUM
fbem-12617	28	24	]	]	PUNCT
fbem-12617	28	25	.	.	PUNCT
fbem-12617	29	1	due	due	ADP
fbem-12617	29	2	to	to	ADP
fbem-12617	29	3	imperfect	imperfect	ADJ
fbem-12617	29	4	markets	market	NOUN
fbem-12617	29	5	and	and	CCONJ
fbem-12617	29	6	agency	agency	NOUN
fbem-12617	29	7	problems	problem	NOUN
fbem-12617	29	8	,	,	PUNCT
fbem-12617	29	9	corporate	corporate	ADJ
fbem-12617	29	10	investments	investment	NOUN
fbem-12617	29	11	often	often	ADV
fbem-12617	29	12	deviate	deviate	VERB
fbem-12617	29	13	from	from	ADP
fbem-12617	29	14	the	the	DET
fbem-12617	29	15	optimal	optimal	ADJ
fbem-12617	29	16	state	state	NOUN
fbem-12617	29	17	.	.	PUNCT
fbem-12617	30	1	in	in	ADP
fbem-12617	30	2	response	response	NOUN
fbem-12617	30	3	to	to	ADP
fbem-12617	30	4	the	the	DET
fbem-12617	30	5	practical	practical	ADJ
fbem-12617	30	6	issue	issue	NOUN
fbem-12617	30	7	of	of	ADP
fbem-12617	30	8	"	"	PUNCT
fbem-12617	30	9	digital	digital	ADJ
fbem-12617	30	10	technology	technology	NOUN
fbem-12617	30	11	empowering	empower	VERB
fbem-12617	30	12	conventional	conventional	ADJ
fbem-12617	30	13	industries	industry	NOUN
fbem-12617	30	14	"	"	PUNCT
fbem-12617	30	15	,	,	PUNCT
fbem-12617	30	16	this	this	DET
fbem-12617	30	17	paper	paper	NOUN
fbem-12617	30	18	analyzes	analyze	VERB
fbem-12617	30	19	the	the	DET
fbem-12617	30	20	impact	impact	NOUN
fbem-12617	30	21	of	of	ADP
fbem-12617	30	22	digital	digital	ADJ
fbem-12617	30	23	economy	economy	NOUN
fbem-12617	30	24	development	development	NOUN
fbem-12617	30	25	on	on	ADP
fbem-12617	30	26	the	the	DET
fbem-12617	30	27	behavior	behavior	NOUN
fbem-12617	30	28	of	of	ADP
fbem-12617	30	29	manufacturing	manufacturing	NOUN
fbem-12617	30	30	enterprises	enterprise	NOUN
fbem-12617	30	31	from	from	ADP
fbem-12617	30	32	the	the	DET
fbem-12617	30	33	perspective	perspective	NOUN
fbem-12617	30	34	of	of	ADP
fbem-12617	30	35	corporate	corporate	ADJ
fbem-12617	30	36	investment	investment	NOUN
fbem-12617	30	37	efficiency	efficiency	NOUN
fbem-12617	30	38	.	.	PUNCT
fbem-12617	31	1	additionally	additionally	ADV
fbem-12617	31	2	,	,	PUNCT
fbem-12617	31	3	this	this	DET
fbem-12617	31	4	paper	paper	NOUN
fbem-12617	31	5	also	also	ADV
fbem-12617	31	6	discusses	discuss	VERB
fbem-12617	31	7	the	the	DET
fbem-12617	31	8	moderating	moderate	VERB
fbem-12617	31	9	effect	effect	NOUN
fbem-12617	31	10	of	of	ADP
fbem-12617	31	11	the	the	DET
fbem-12617	31	12	external	external	ADJ
fbem-12617	31	13	environment	environment	NOUN
fbem-12617	31	14	—	—	PUNCT
fbem-12617	31	15	market	market	NOUN
fbem-12617	31	16	environment	environment	NOUN
fbem-12617	31	17	on	on	ADP
fbem-12617	31	18	the	the	DET
fbem-12617	31	19	relationship	relationship	NOUN
fbem-12617	31	20	between	between	ADP
fbem-12617	31	21	the	the	DET
fbem-12617	31	22	digital	digital	ADJ
fbem-12617	31	23	economy	economy	NOUN
fbem-12617	31	24	and	and	CCONJ
fbem-12617	31	25	the	the	DET
fbem-12617	31	26	investment	investment	NOUN
fbem-12617	31	27	efficiency	efficiency	NOUN
fbem-12617	31	28	of	of	ADP
fbem-12617	31	29	manufacturing	manufacturing	NOUN
fbem-12617	31	30	enterprises	enterprise	NOUN
fbem-12617	31	31	.	.	PUNCT
fbem-12617	32	1	247	247	NUM
fbem-12617	32	2	there	there	PRON
fbem-12617	32	3	are	be	VERB
fbem-12617	32	4	three	three	NUM
fbem-12617	32	5	main	main	ADJ
fbem-12617	32	6	contributions	contribution	NOUN
fbem-12617	32	7	from	from	ADP
fbem-12617	32	8	this	this	DET
fbem-12617	32	9	study	study	NOUN
fbem-12617	32	10	.	.	PUNCT
fbem-12617	33	1	first	first	ADV
fbem-12617	33	2	,	,	PUNCT
fbem-12617	33	3	it	it	PRON
fbem-12617	33	4	provides	provide	VERB
fbem-12617	33	5	a	a	DET
fbem-12617	33	6	comprehensive	comprehensive	ADJ
fbem-12617	33	7	measurement	measurement	NOUN
fbem-12617	33	8	of	of	ADP
fbem-12617	33	9	the	the	DET
fbem-12617	33	10	level	level	NOUN
fbem-12617	33	11	of	of	ADP
fbem-12617	33	12	digital	digital	ADJ
fbem-12617	33	13	economic	economic	ADJ
fbem-12617	33	14	development	development	NOUN
fbem-12617	33	15	at	at	ADP
fbem-12617	33	16	the	the	DET
fbem-12617	33	17	prefecture	prefecture	NOUN
fbem-12617	33	18	-	-	PUNCT
fbem-12617	33	19	level	level	NOUN
fbem-12617	33	20	city	city	NOUN
fbem-12617	33	21	scale	scale	NOUN
fbem-12617	33	22	,	,	PUNCT
fbem-12617	33	23	using	use	VERB
fbem-12617	33	24	more	more	ADV
fbem-12617	33	25	dimensional	dimensional	ADJ
fbem-12617	33	26	indicators	indicator	NOUN
fbem-12617	33	27	to	to	PART
fbem-12617	33	28	calculate	calculate	VERB
fbem-12617	33	29	the	the	DET
fbem-12617	33	30	index	index	NOUN
fbem-12617	33	31	,	,	PUNCT
fbem-12617	33	32	which	which	PRON
fbem-12617	33	33	can	can	AUX
fbem-12617	33	34	accurately	accurately	ADV
fbem-12617	33	35	reflect	reflect	VERB
fbem-12617	33	36	the	the	DET
fbem-12617	33	37	impact	impact	NOUN
fbem-12617	33	38	of	of	ADP
fbem-12617	33	39	the	the	DET
fbem-12617	33	40	digital	digital	ADJ
fbem-12617	33	41	economy	economy	NOUN
fbem-12617	33	42	on	on	ADP
fbem-12617	33	43	the	the	DET
fbem-12617	33	44	behavior	behavior	NOUN
fbem-12617	33	45	of	of	ADP
fbem-12617	33	46	manufacturing	manufacturing	NOUN
fbem-12617	33	47	enterprises	enterprise	NOUN
fbem-12617	33	48	.	.	PUNCT
fbem-12617	34	1	second	second	ADJ
fbem-12617	34	2	,	,	PUNCT
fbem-12617	34	3	from	from	ADP
fbem-12617	34	4	the	the	DET
fbem-12617	34	5	perspective	perspective	NOUN
fbem-12617	34	6	of	of	ADP
fbem-12617	34	7	investment	investment	NOUN
fbem-12617	34	8	efficiency	efficiency	NOUN
fbem-12617	34	9	,	,	PUNCT
fbem-12617	34	10	using	use	VERB
fbem-12617	34	11	a	a	DET
fbem-12617	34	12	-	-	PUNCT
fbem-12617	34	13	share	share	NOUN
fbem-12617	34	14	listed	list	VERB
fbem-12617	34	15	manufacturing	manufacturing	NOUN
fbem-12617	34	16	companies	company	NOUN
fbem-12617	34	17	as	as	ADP
fbem-12617	34	18	the	the	DET
fbem-12617	34	19	research	research	NOUN
fbem-12617	34	20	sample	sample	NOUN
fbem-12617	34	21	,	,	PUNCT
fbem-12617	34	22	it	it	PRON
fbem-12617	34	23	empirically	empirically	ADV
fbem-12617	34	24	analyzes	analyze	VERB
fbem-12617	34	25	the	the	DET
fbem-12617	34	26	economic	economic	ADJ
fbem-12617	34	27	effects	effect	NOUN
fbem-12617	34	28	of	of	ADP
fbem-12617	34	29	the	the	DET
fbem-12617	34	30	digital	digital	ADJ
fbem-12617	34	31	economy	economy	NOUN
fbem-12617	34	32	on	on	ADP
fbem-12617	34	33	manufacturing	manufacture	VERB
fbem-12617	34	34	companies	company	NOUN
fbem-12617	34	35	.	.	PUNCT
fbem-12617	35	1	the	the	DET
fbem-12617	35	2	conclusions	conclusion	NOUN
fbem-12617	35	3	provide	provide	VERB
fbem-12617	35	4	effective	effective	ADJ
fbem-12617	35	5	evidence	evidence	NOUN
fbem-12617	35	6	to	to	PART
fbem-12617	35	7	support	support	VERB
fbem-12617	35	8	the	the	DET
fbem-12617	35	9	digital	digital	ADJ
fbem-12617	35	10	transformation	transformation	NOUN
fbem-12617	35	11	of	of	ADP
fbem-12617	35	12	manufacturing	manufacturing	NOUN
fbem-12617	35	13	enterprises	enterprise	NOUN
fbem-12617	35	14	and	and	CCONJ
fbem-12617	35	15	the	the	DET
fbem-12617	35	16	continuous	continuous	ADJ
fbem-12617	35	17	strengthening	strengthening	NOUN
fbem-12617	35	18	and	and	CCONJ
fbem-12617	35	19	expansion	expansion	NOUN
fbem-12617	35	20	of	of	ADP
fbem-12617	35	21	the	the	DET
fbem-12617	35	22	digital	digital	ADJ
fbem-12617	35	23	economy	economy	NOUN
fbem-12617	35	24	.	.	PUNCT
fbem-12617	36	1	thirdly	thirdly	ADV
fbem-12617	36	2	,	,	PUNCT
fbem-12617	36	3	few	few	ADJ
fbem-12617	36	4	scholars	scholar	NOUN
fbem-12617	36	5	have	have	AUX
fbem-12617	36	6	paid	pay	VERB
fbem-12617	36	7	attention	attention	NOUN
fbem-12617	36	8	to	to	ADP
fbem-12617	36	9	the	the	DET
fbem-12617	36	10	moderating	moderate	VERB
fbem-12617	36	11	effect	effect	NOUN
fbem-12617	36	12	of	of	ADP
fbem-12617	36	13	the	the	DET
fbem-12617	36	14	market	market	NOUN
fbem-12617	36	15	environment	environment	NOUN
fbem-12617	36	16	in	in	ADP
fbem-12617	36	17	current	current	ADJ
fbem-12617	36	18	studies	study	NOUN
fbem-12617	36	19	on	on	ADP
fbem-12617	36	20	the	the	DET
fbem-12617	36	21	digital	digital	ADJ
fbem-12617	36	22	economy	economy	NOUN
fbem-12617	36	23	and	and	CCONJ
fbem-12617	36	24	corporate	corporate	ADJ
fbem-12617	36	25	investment	investment	NOUN
fbem-12617	36	26	efficiency	efficiency	NOUN
fbem-12617	36	27	.	.	PUNCT
fbem-12617	37	1	this	this	DET
fbem-12617	37	2	study	study	NOUN
fbem-12617	37	3	attempts	attempt	VERB
fbem-12617	37	4	to	to	PART
fbem-12617	37	5	start	start	VERB
fbem-12617	37	6	from	from	ADP
fbem-12617	37	7	the	the	DET
fbem-12617	37	8	market	market	NOUN
fbem-12617	37	9	environment	environment	NOUN
fbem-12617	37	10	in	in	ADP
fbem-12617	37	11	the	the	DET
fbem-12617	37	12	external	external	ADJ
fbem-12617	37	13	environment	environment	NOUN
fbem-12617	37	14	faced	face	VERB
fbem-12617	37	15	by	by	ADP
fbem-12617	37	16	companies	company	NOUN
fbem-12617	37	17	,	,	PUNCT
fbem-12617	37	18	and	and	CCONJ
fbem-12617	37	19	analyze	analyze	VERB
fbem-12617	37	20	its	its	PRON
fbem-12617	37	21	moderating	moderate	VERB
fbem-12617	37	22	effect	effect	NOUN
fbem-12617	37	23	on	on	ADP
fbem-12617	37	24	the	the	DET
fbem-12617	37	25	relationship	relationship	NOUN
fbem-12617	37	26	between	between	ADP
fbem-12617	37	27	the	the	DET
fbem-12617	37	28	digital	digital	ADJ
fbem-12617	37	29	economy	economy	NOUN
fbem-12617	37	30	and	and	CCONJ
fbem-12617	37	31	the	the	DET
fbem-12617	37	32	investment	investment	NOUN
fbem-12617	37	33	efficiency	efficiency	NOUN
fbem-12617	37	34	of	of	ADP
fbem-12617	37	35	manufacturing	manufacturing	NOUN
fbem-12617	37	36	enterprises	enterprise	NOUN
fbem-12617	37	37	.	.	PUNCT
fbem-12617	38	1	2	2	X
fbem-12617	38	2	.	.	X
fbem-12617	38	3	literature	literature	NOUN
fbem-12617	38	4	review	review	VERB
fbem-12617	38	5	the	the	DET
fbem-12617	38	6	fourth	fourth	ADJ
fbem-12617	38	7	industrial	industrial	ADJ
fbem-12617	38	8	revolution	revolution	NOUN
fbem-12617	38	9	,	,	PUNCT
fbem-12617	38	10	driven	drive	VERB
fbem-12617	38	11	by	by	ADP
fbem-12617	38	12	digital	digital	ADJ
fbem-12617	38	13	technologies	technology	NOUN
fbem-12617	38	14	such	such	ADJ
fbem-12617	38	15	as	as	ADP
fbem-12617	38	16	cloud	cloud	NOUN
fbem-12617	38	17	computing	computing	NOUN
fbem-12617	38	18	,	,	PUNCT
fbem-12617	38	19	big	big	ADJ
fbem-12617	38	20	data	datum	NOUN
fbem-12617	38	21	,	,	PUNCT
fbem-12617	38	22	and	and	CCONJ
fbem-12617	38	23	artificial	artificial	ADJ
fbem-12617	38	24	intelligence	intelligence	NOUN
fbem-12617	38	25	,	,	PUNCT
fbem-12617	38	26	is	be	AUX
fbem-12617	38	27	profoundly	profoundly	ADV
fbem-12617	38	28	changing	change	VERB
fbem-12617	38	29	all	all	DET
fbem-12617	38	30	aspects	aspect	NOUN
fbem-12617	38	31	of	of	ADP
fbem-12617	38	32	socioeconomic	socioeconomic	ADJ
fbem-12617	38	33	development	development	NOUN
fbem-12617	38	34	and	and	CCONJ
fbem-12617	38	35	continuously	continuously	ADV
fbem-12617	38	36	transforming	transform	VERB
fbem-12617	38	37	the	the	DET
fbem-12617	38	38	modes	mode	NOUN
fbem-12617	38	39	of	of	ADP
fbem-12617	38	40	social	social	ADJ
fbem-12617	38	41	production	production	NOUN
fbem-12617	38	42	.	.	PUNCT
fbem-12617	39	1	the	the	DET
fbem-12617	39	2	development	development	NOUN
fbem-12617	39	3	of	of	ADP
fbem-12617	39	4	the	the	DET
fbem-12617	39	5	digital	digital	ADJ
fbem-12617	39	6	economy	economy	NOUN
fbem-12617	39	7	has	have	AUX
fbem-12617	39	8	permeated	permeate	VERB
fbem-12617	39	9	all	all	DET
fbem-12617	39	10	areas	area	NOUN
fbem-12617	39	11	of	of	ADP
fbem-12617	39	12	social	social	ADJ
fbem-12617	39	13	development	development	NOUN
fbem-12617	39	14	,	,	PUNCT
fbem-12617	39	15	influencing	influence	VERB
fbem-12617	39	16	the	the	DET
fbem-12617	39	17	economic	economic	ADJ
fbem-12617	39	18	behaviors	behavior	NOUN
fbem-12617	39	19	of	of	ADP
fbem-12617	39	20	macro	macro	NOUN
fbem-12617	39	21	-	-	NOUN
fbem-12617	39	22	economy	economy	NOUN
fbem-12617	39	23	,	,	PUNCT
fbem-12617	39	24	meso	meso	NOUN
fbem-12617	39	25	-	-	PUNCT
fbem-12617	39	26	industries	industry	NOUN
fbem-12617	39	27	,	,	PUNCT
fbem-12617	39	28	and	and	CCONJ
fbem-12617	39	29	micro	micro	ADJ
fbem-12617	39	30	-	-	ADJ
fbem-12617	39	31	subject	subject	ADJ
fbem-12617	39	32	enterprises	enterprise	NOUN
fbem-12617	39	33	.	.	PUNCT
fbem-12617	40	1	previous	previous	ADJ
fbem-12617	40	2	literature	literature	NOUN
fbem-12617	40	3	on	on	ADP
fbem-12617	40	4	the	the	DET
fbem-12617	40	5	digital	digital	ADJ
fbem-12617	40	6	economy	economy	NOUN
fbem-12617	40	7	primarily	primarily	ADV
fbem-12617	40	8	from	from	ADP
fbem-12617	40	9	a	a	DET
fbem-12617	40	10	macro	macro	ADJ
fbem-12617	40	11	perspective	perspective	NOUN
fbem-12617	40	12	,	,	PUNCT
fbem-12617	40	13	research	research	NOUN
fbem-12617	40	14	found	find	VERB
fbem-12617	40	15	that	that	SCONJ
fbem-12617	40	16	the	the	DET
fbem-12617	40	17	development	development	NOUN
fbem-12617	40	18	of	of	ADP
fbem-12617	40	19	the	the	DET
fbem-12617	40	20	digital	digital	ADJ
fbem-12617	40	21	economy	economy	NOUN
fbem-12617	40	22	can	can	AUX
fbem-12617	40	23	not	not	PART
fbem-12617	40	24	only	only	ADV
fbem-12617	40	25	significantly	significantly	ADV
fbem-12617	40	26	promote	promote	VERB
fbem-12617	40	27	total	total	ADJ
fbem-12617	40	28	factor	factor	NOUN
fbem-12617	40	29	productivity	productivity	NOUN
fbem-12617	40	30	[	[	X
fbem-12617	40	31	2	2	NUM
fbem-12617	40	32	-	-	SYM
fbem-12617	40	33	4	4	NUM
fbem-12617	40	34	]	]	PUNCT
fbem-12617	40	35	,	,	PUNCT
fbem-12617	40	36	but	but	CCONJ
fbem-12617	40	37	also	also	ADV
fbem-12617	40	38	contribute	contribute	VERB
fbem-12617	40	39	to	to	ADP
fbem-12617	40	40	inclusive	inclusive	ADJ
fbem-12617	40	41	economic	economic	ADJ
fbem-12617	40	42	growth	growth	NOUN
fbem-12617	40	43	[	[	X
fbem-12617	40	44	5	5	NUM
fbem-12617	40	45	]	]	PUNCT
fbem-12617	40	46	.	.	PUNCT
fbem-12617	41	1	moreover	moreover	ADV
fbem-12617	41	2	,	,	PUNCT
fbem-12617	41	3	based	base	VERB
fbem-12617	41	4	on	on	ADP
fbem-12617	41	5	data	datum	NOUN
fbem-12617	41	6	at	at	ADP
fbem-12617	41	7	the	the	DET
fbem-12617	41	8	level	level	NOUN
fbem-12617	41	9	of	of	ADP
fbem-12617	41	10	chinese	chinese	ADJ
fbem-12617	41	11	cities	city	NOUN
fbem-12617	41	12	,	,	PUNCT
fbem-12617	41	13	research	research	NOUN
fbem-12617	41	14	has	have	AUX
fbem-12617	41	15	found	find	VERB
fbem-12617	41	16	that	that	SCONJ
fbem-12617	41	17	the	the	DET
fbem-12617	41	18	digital	digital	ADJ
fbem-12617	41	19	economy	economy	NOUN
fbem-12617	41	20	not	not	PART
fbem-12617	41	21	only	only	ADV
fbem-12617	41	22	has	have	VERB
fbem-12617	41	23	spatial	spatial	ADJ
fbem-12617	41	24	spillover	spillover	NOUN
fbem-12617	41	25	effects	effect	NOUN
fbem-12617	41	26	and	and	CCONJ
fbem-12617	41	27	can	can	AUX
fbem-12617	41	28	improve	improve	VERB
fbem-12617	41	29	the	the	DET
fbem-12617	41	30	quality	quality	NOUN
fbem-12617	41	31	of	of	ADP
fbem-12617	41	32	urban	urban	ADJ
fbem-12617	41	33	economic	economic	ADJ
fbem-12617	41	34	development	development	NOUN
fbem-12617	42	1	[	[	X
fbem-12617	42	2	6	6	NUM
fbem-12617	42	3	]	]	PUNCT
fbem-12617	42	4	,	,	PUNCT
fbem-12617	42	5	but	but	CCONJ
fbem-12617	42	6	can	can	AUX
fbem-12617	42	7	also	also	ADV
fbem-12617	42	8	promote	promote	VERB
fbem-12617	42	9	the	the	DET
fbem-12617	42	10	level	level	NOUN
fbem-12617	42	11	of	of	ADP
fbem-12617	42	12	regional	regional	ADJ
fbem-12617	42	13	innovation	innovation	NOUN
fbem-12617	42	14	efficiency	efficiency	NOUN
fbem-12617	43	1	[	[	X
fbem-12617	43	2	7	7	NUM
fbem-12617	43	3	]	]	PUNCT
fbem-12617	43	4	.	.	PUNCT
fbem-12617	44	1	in	in	ADP
fbem-12617	44	2	the	the	DET
fbem-12617	44	3	literature	literature	NOUN
fbem-12617	44	4	on	on	ADP
fbem-12617	44	5	the	the	DET
fbem-12617	44	6	digital	digital	ADJ
fbem-12617	44	7	economy	economy	NOUN
fbem-12617	44	8	,	,	PUNCT
fbem-12617	44	9	there	there	PRON
fbem-12617	44	10	is	be	VERB
fbem-12617	44	11	no	no	DET
fbem-12617	44	12	lack	lack	NOUN
fbem-12617	44	13	of	of	ADP
fbem-12617	44	14	research	research	NOUN
fbem-12617	44	15	from	from	ADP
fbem-12617	44	16	the	the	DET
fbem-12617	44	17	perspective	perspective	NOUN
fbem-12617	44	18	of	of	ADP
fbem-12617	44	19	meso	meso	NOUN
fbem-12617	44	20	-	-	PUNCT
fbem-12617	44	21	industries	industry	NOUN
fbem-12617	44	22	,	,	PUNCT
fbem-12617	44	23	which	which	PRON
fbem-12617	44	24	has	have	AUX
fbem-12617	44	25	found	find	VERB
fbem-12617	44	26	that	that	SCONJ
fbem-12617	44	27	the	the	DET
fbem-12617	44	28	digital	digital	ADJ
fbem-12617	44	29	economy	economy	NOUN
fbem-12617	44	30	can	can	AUX
fbem-12617	44	31	not	not	PART
fbem-12617	44	32	only	only	ADV
fbem-12617	44	33	help	help	VERB
fbem-12617	44	34	promote	promote	VERB
fbem-12617	44	35	the	the	DET
fbem-12617	44	36	transformation	transformation	NOUN
fbem-12617	44	37	and	and	CCONJ
fbem-12617	44	38	upgrading	upgrading	NOUN
fbem-12617	44	39	of	of	ADP
fbem-12617	44	40	industrial	industrial	ADJ
fbem-12617	44	41	structures	structure	NOUN
fbem-12617	44	42	[	[	X
fbem-12617	44	43	8	8	NUM
fbem-12617	44	44	-	-	SYM
fbem-12617	44	45	9	9	NUM
fbem-12617	44	46	]	]	PUNCT
fbem-12617	44	47	,	,	PUNCT
fbem-12617	44	48	but	but	CCONJ
fbem-12617	44	49	also	also	ADV
fbem-12617	44	50	promote	promote	VERB
fbem-12617	44	51	industry	industry	NOUN
fbem-12617	44	52	growth	growth	NOUN
fbem-12617	44	53	[	[	X
fbem-12617	44	54	10	10	NUM
fbem-12617	44	55	]	]	PUNCT
fbem-12617	44	56	.	.	PUNCT
fbem-12617	45	1	as	as	ADP
fbem-12617	45	2	for	for	ADP
fbem-12617	45	3	the	the	DET
fbem-12617	45	4	manufacturing	manufacturing	NOUN
fbem-12617	45	5	industry	industry	NOUN
fbem-12617	45	6	,	,	PUNCT
fbem-12617	45	7	research	research	NOUN
fbem-12617	45	8	has	have	AUX
fbem-12617	45	9	found	find	VERB
fbem-12617	45	10	that	that	SCONJ
fbem-12617	45	11	the	the	DET
fbem-12617	45	12	digital	digital	ADJ
fbem-12617	45	13	economy	economy	NOUN
fbem-12617	45	14	can	can	AUX
fbem-12617	45	15	also	also	ADV
fbem-12617	45	16	promote	promote	VERB
fbem-12617	45	17	the	the	DET
fbem-12617	45	18	transformation	transformation	NOUN
fbem-12617	45	19	and	and	CCONJ
fbem-12617	45	20	upgrading	upgrading	NOUN
fbem-12617	45	21	of	of	ADP
fbem-12617	45	22	the	the	DET
fbem-12617	45	23	manufacturing	manufacturing	NOUN
fbem-12617	45	24	industry	industry	NOUN
fbem-12617	46	1	[	[	X
fbem-12617	46	2	11	11	NUM
fbem-12617	46	3	]	]	PUNCT
fbem-12617	46	4	,	,	PUNCT
fbem-12617	46	5	reduce	reduce	VERB
fbem-12617	46	6	the	the	DET
fbem-12617	46	7	degree	degree	NOUN
fbem-12617	46	8	of	of	ADP
fbem-12617	46	9	resource	resource	NOUN
fbem-12617	46	10	misallocation	misallocation	NOUN
fbem-12617	46	11	in	in	ADP
fbem-12617	46	12	the	the	DET
fbem-12617	46	13	manufacturing	manufacturing	NOUN
fbem-12617	46	14	industry	industry	NOUN
fbem-12617	46	15	,	,	PUNCT
fbem-12617	46	16	thereby	thereby	ADV
fbem-12617	46	17	improving	improve	VERB
fbem-12617	46	18	the	the	DET
fbem-12617	46	19	efficiency	efficiency	NOUN
fbem-12617	46	20	of	of	ADP
fbem-12617	46	21	resource	resource	NOUN
fbem-12617	46	22	allocation	allocation	NOUN
fbem-12617	46	23	in	in	ADP
fbem-12617	46	24	manufacturing	manufacturing	NOUN
fbem-12617	46	25	[	[	X
fbem-12617	46	26	12	12	NUM
fbem-12617	46	27	]	]	PUNCT
fbem-12617	46	28	,	,	PUNCT
fbem-12617	46	29	and	and	CCONJ
fbem-12617	46	30	enhance	enhance	VERB
fbem-12617	46	31	the	the	DET
fbem-12617	46	32	competitiveness	competitiveness	NOUN
fbem-12617	46	33	of	of	ADP
fbem-12617	46	34	chinese	chinese	ADJ
fbem-12617	46	35	manufacturing	manufacturing	NOUN
fbem-12617	46	36	in	in	ADP
fbem-12617	46	37	the	the	DET
fbem-12617	46	38	global	global	ADJ
fbem-12617	46	39	value	value	NOUN
fbem-12617	46	40	chain	chain	NOUN
fbem-12617	47	1	[	[	X
fbem-12617	47	2	13	13	NUM
fbem-12617	47	3	]	]	PUNCT
fbem-12617	47	4	.	.	PUNCT
fbem-12617	48	1	there	there	PRON
fbem-12617	48	2	is	be	VERB
fbem-12617	48	3	a	a	DET
fbem-12617	48	4	lack	lack	NOUN
fbem-12617	48	5	of	of	ADP
fbem-12617	48	6	micro	micro	ADJ
fbem-12617	48	7	-	-	ADJ
fbem-12617	48	8	empirical	empirical	ADJ
fbem-12617	48	9	research	research	NOUN
fbem-12617	48	10	on	on	ADP
fbem-12617	48	11	the	the	DET
fbem-12617	48	12	digital	digital	ADJ
fbem-12617	48	13	economy	economy	NOUN
fbem-12617	48	14	and	and	CCONJ
fbem-12617	48	15	businesses	business	NOUN
fbem-12617	48	16	.	.	PUNCT
fbem-12617	49	1	existing	exist	VERB
fbem-12617	49	2	literature	literature	NOUN
fbem-12617	49	3	on	on	ADP
fbem-12617	49	4	the	the	DET
fbem-12617	49	5	relationship	relationship	NOUN
fbem-12617	49	6	between	between	ADP
fbem-12617	49	7	the	the	DET
fbem-12617	49	8	digital	digital	ADJ
fbem-12617	49	9	economy	economy	NOUN
fbem-12617	49	10	and	and	CCONJ
fbem-12617	49	11	business	business	NOUN
fbem-12617	49	12	behavior	behavior	NOUN
fbem-12617	49	13	mainly	mainly	ADV
fbem-12617	49	14	follows	follow	VERB
fbem-12617	49	15	three	three	NUM
fbem-12617	49	16	research	research	NOUN
fbem-12617	49	17	paths	path	NOUN
fbem-12617	49	18	:	:	PUNCT
fbem-12617	49	19	(	(	PUNCT
fbem-12617	49	20	1	1	X
fbem-12617	49	21	)	)	PUNCT
fbem-12617	49	22	research	research	NOUN
fbem-12617	49	23	on	on	ADP
fbem-12617	49	24	the	the	DET
fbem-12617	49	25	"	"	PUNCT
fbem-12617	49	26	direct	direct	ADJ
fbem-12617	49	27	effect	effect	NOUN
fbem-12617	49	28	"	"	PUNCT
fbem-12617	49	29	of	of	ADP
fbem-12617	49	30	the	the	DET
fbem-12617	49	31	digital	digital	ADJ
fbem-12617	49	32	economy	economy	NOUN
fbem-12617	49	33	on	on	ADP
fbem-12617	49	34	business	business	NOUN
fbem-12617	49	35	behavior	behavior	NOUN
fbem-12617	49	36	,	,	PUNCT
fbem-12617	49	37	wang	wang	PROPN
fbem-12617	49	38	juan	juan	PROPN
fbem-12617	49	39	and	and	CCONJ
fbem-12617	49	40	zhu	zhu	PROPN
fbem-12617	49	41	weiwu	weiwu	ADV
fbem-12617	49	42	found	find	VERB
fbem-12617	49	43	that	that	SCONJ
fbem-12617	49	44	the	the	DET
fbem-12617	49	45	digital	digital	ADJ
fbem-12617	49	46	economy	economy	NOUN
fbem-12617	49	47	can	can	AUX
fbem-12617	49	48	alleviate	alleviate	VERB
fbem-12617	49	49	underinvestment	underinvestment	ADJ
fbem-12617	49	50	in	in	ADP
fbem-12617	49	51	businesses	business	NOUN
fbem-12617	49	52	[	[	X
fbem-12617	49	53	14	14	NUM
fbem-12617	49	54	]	]	PUNCT
fbem-12617	49	55	.	.	PUNCT
fbem-12617	50	1	(	(	PUNCT
fbem-12617	50	2	2	2	X
fbem-12617	50	3	)	)	PUNCT
fbem-12617	50	4	research	research	NOUN
fbem-12617	50	5	on	on	ADP
fbem-12617	50	6	whether	whether	SCONJ
fbem-12617	50	7	a	a	DET
fbem-12617	50	8	certain	certain	ADJ
fbem-12617	50	9	mechanism	mechanism	NOUN
fbem-12617	50	10	will	will	AUX
fbem-12617	50	11	have	have	AUX
fbem-12617	50	12	a	a	DET
fbem-12617	50	13	"	"	PUNCT
fbem-12617	50	14	mediating	mediate	VERB
fbem-12617	50	15	effect	effect	NOUN
fbem-12617	50	16	"	"	PUNCT
fbem-12617	50	17	on	on	ADP
fbem-12617	50	18	the	the	DET
fbem-12617	50	19	relationship	relationship	NOUN
fbem-12617	50	20	between	between	ADP
fbem-12617	50	21	the	the	DET
fbem-12617	50	22	digital	digital	ADJ
fbem-12617	50	23	economy	economy	NOUN
fbem-12617	50	24	and	and	CCONJ
fbem-12617	50	25	business	business	NOUN
fbem-12617	50	26	behavior	behavior	NOUN
fbem-12617	50	27	,	,	PUNCT
fbem-12617	50	28	he	he	PRON
fbem-12617	50	29	fan	fan	PROPN
fbem-12617	50	30	and	and	CCONJ
fbem-12617	50	31	liu	liu	PROPN
fbem-12617	50	32	hongxia	hongxia	PROPN
fbem-12617	50	33	found	find	VERB
fbem-12617	50	34	that	that	SCONJ
fbem-12617	50	35	the	the	DET
fbem-12617	50	36	digital	digital	ADJ
fbem-12617	50	37	economy	economy	NOUN
fbem-12617	50	38	can	can	AUX
fbem-12617	50	39	improve	improve	VERB
fbem-12617	50	40	business	business	NOUN
fbem-12617	50	41	performance	performance	NOUN
fbem-12617	50	42	by	by	ADP
fbem-12617	50	43	reducing	reduce	VERB
fbem-12617	50	44	costs	cost	NOUN
fbem-12617	50	45	,	,	PUNCT
fbem-12617	50	46	increasing	increase	VERB
fbem-12617	50	47	resource	resource	NOUN
fbem-12617	50	48	utilization	utilization	NOUN
fbem-12617	50	49	,	,	PUNCT
fbem-12617	50	50	and	and	CCONJ
fbem-12617	50	51	driving	drive	VERB
fbem-12617	50	52	innovation	innovation	NOUN
fbem-12617	50	53	[	[	X
fbem-12617	50	54	15	15	NUM
fbem-12617	50	55	]	]	PUNCT
fbem-12617	50	56	.	.	PUNCT
fbem-12617	51	1	(	(	PUNCT
fbem-12617	51	2	3	3	X
fbem-12617	51	3	)	)	PUNCT
fbem-12617	51	4	research	research	NOUN
fbem-12617	51	5	on	on	ADP
fbem-12617	51	6	whether	whether	SCONJ
fbem-12617	51	7	different	different	ADJ
fbem-12617	51	8	scenarios	scenario	NOUN
fbem-12617	51	9	will	will	AUX
fbem-12617	51	10	produce	produce	VERB
fbem-12617	51	11	a	a	DET
fbem-12617	51	12	"	"	PUNCT
fbem-12617	51	13	moderating	moderate	VERB
fbem-12617	51	14	effect	effect	NOUN
fbem-12617	51	15	"	"	PUNCT
fbem-12617	51	16	on	on	ADP
fbem-12617	51	17	the	the	DET
fbem-12617	51	18	relationship	relationship	NOUN
fbem-12617	51	19	between	between	ADP
fbem-12617	51	20	the	the	DET
fbem-12617	51	21	digital	digital	ADJ
fbem-12617	51	22	economy	economy	NOUN
fbem-12617	51	23	and	and	CCONJ
fbem-12617	51	24	business	business	NOUN
fbem-12617	51	25	behavior	behavior	NOUN
fbem-12617	51	26	,	,	PUNCT
fbem-12617	51	27	guo	guo	PROPN
fbem-12617	51	28	jitao	jitao	PROPN
fbem-12617	51	29	and	and	CCONJ
fbem-12617	51	30	yao	yao	PROPN
fbem-12617	51	31	jiacheng	jiacheng	PROPN
fbem-12617	51	32	found	find	VERB
fbem-12617	51	33	that	that	SCONJ
fbem-12617	51	34	management	management	NOUN
fbem-12617	51	35	autonomy	autonomy	NOUN
fbem-12617	51	36	plays	play	VERB
fbem-12617	51	37	a	a	DET
fbem-12617	51	38	positive	positive	ADJ
fbem-12617	51	39	moderating	moderate	VERB
fbem-12617	51	40	role	role	NOUN
fbem-12617	51	41	in	in	ADP
fbem-12617	51	42	the	the	DET
fbem-12617	51	43	relationship	relationship	NOUN
fbem-12617	51	44	between	between	ADP
fbem-12617	51	45	the	the	DET
fbem-12617	51	46	digital	digital	ADJ
fbem-12617	51	47	economy	economy	NOUN
fbem-12617	51	48	and	and	CCONJ
fbem-12617	51	49	business	business	NOUN
fbem-12617	51	50	risktaking	risktake	VERB
fbem-12617	51	51	[	[	X
fbem-12617	51	52	16	16	NUM
fbem-12617	51	53	]	]	PUNCT
fbem-12617	51	54	.	.	PUNCT
fbem-12617	52	1	most	most	ADJ
fbem-12617	52	2	literature	literature	PROPN
fbem-12617	52	3	believes	believe	VERB
fbem-12617	52	4	that	that	SCONJ
fbem-12617	52	5	the	the	DET
fbem-12617	52	6	digital	digital	ADJ
fbem-12617	52	7	economy	economy	NOUN
fbem-12617	52	8	has	have	VERB
fbem-12617	52	9	a	a	DET
fbem-12617	52	10	positive	positive	ADJ
fbem-12617	52	11	impact	impact	NOUN
fbem-12617	52	12	on	on	ADP
fbem-12617	52	13	the	the	DET
fbem-12617	52	14	development	development	NOUN
fbem-12617	52	15	of	of	ADP
fbem-12617	52	16	enterprises	enterprise	NOUN
fbem-12617	52	17	,	,	PUNCT
fbem-12617	52	18	but	but	CCONJ
fbem-12617	52	19	some	some	DET
fbem-12617	52	20	literature	literature	NOUN
fbem-12617	52	21	also	also	ADV
fbem-12617	52	22	suggests	suggest	VERB
fbem-12617	52	23	that	that	SCONJ
fbem-12617	52	24	the	the	DET
fbem-12617	52	25	digital	digital	ADJ
fbem-12617	52	26	economy	economy	NOUN
fbem-12617	52	27	may	may	AUX
fbem-12617	52	28	increase	increase	VERB
fbem-12617	52	29	the	the	DET
fbem-12617	52	30	incompatibility	incompatibility	NOUN
fbem-12617	52	31	of	of	ADP
fbem-12617	52	32	new	new	ADJ
fbem-12617	52	33	and	and	CCONJ
fbem-12617	52	34	old	old	ADJ
fbem-12617	52	35	resources	resource	NOUN
fbem-12617	52	36	of	of	ADP
fbem-12617	52	37	enterprises	enterprise	NOUN
fbem-12617	52	38	,	,	PUNCT
fbem-12617	52	39	further	far	ADV
fbem-12617	52	40	increasing	increase	VERB
fbem-12617	52	41	the	the	DET
fbem-12617	52	42	operational	operational	ADJ
fbem-12617	52	43	risks	risk	NOUN
fbem-12617	52	44	of	of	ADP
fbem-12617	52	45	enterprises	enterprise	NOUN
fbem-12617	52	46	[	[	X
fbem-12617	52	47	17	17	NUM
fbem-12617	52	48	]	]	PUNCT
fbem-12617	52	49	.	.	PUNCT
fbem-12617	53	1	moreover	moreover	ADV
fbem-12617	53	2	,	,	PUNCT
fbem-12617	53	3	most	most	ADJ
fbem-12617	53	4	of	of	ADP
fbem-12617	53	5	the	the	DET
fbem-12617	53	6	relevant	relevant	ADJ
fbem-12617	53	7	studies	study	NOUN
fbem-12617	53	8	focus	focus	VERB
fbem-12617	53	9	on	on	ADP
fbem-12617	53	10	discussing	discuss	VERB
fbem-12617	53	11	the	the	DET
fbem-12617	53	12	mediating	mediate	VERB
fbem-12617	53	13	effect	effect	NOUN
fbem-12617	53	14	,	,	PUNCT
fbem-12617	53	15	and	and	CCONJ
fbem-12617	53	16	few	few	ADJ
fbem-12617	53	17	scholars	scholar	NOUN
fbem-12617	53	18	consider	consider	VERB
fbem-12617	53	19	the	the	DET
fbem-12617	53	20	moderating	moderate	VERB
fbem-12617	53	21	role	role	NOUN
fbem-12617	53	22	of	of	ADP
fbem-12617	53	23	the	the	DET
fbem-12617	53	24	external	external	ADJ
fbem-12617	53	25	environment	environment	NOUN
fbem-12617	53	26	on	on	ADP
fbem-12617	53	27	the	the	DET
fbem-12617	53	28	relationship	relationship	NOUN
fbem-12617	53	29	between	between	ADP
fbem-12617	53	30	the	the	DET
fbem-12617	53	31	two	two	NUM
fbem-12617	53	32	.	.	PUNCT
fbem-12617	54	1	based	base	VERB
fbem-12617	54	2	on	on	ADP
fbem-12617	54	3	this	this	PRON
fbem-12617	54	4	,	,	PUNCT
fbem-12617	54	5	this	this	DET
fbem-12617	54	6	paper	paper	NOUN
fbem-12617	54	7	uses	use	VERB
fbem-12617	54	8	manufacturing	manufacture	VERB
fbem-12617	54	9	companies	company	NOUN
fbem-12617	54	10	listed	list	VERB
fbem-12617	54	11	on	on	ADP
fbem-12617	54	12	the	the	DET
fbem-12617	54	13	a	a	DET
fbem-12617	54	14	-	-	PUNCT
fbem-12617	54	15	share	share	NOUN
fbem-12617	54	16	market	market	NOUN
fbem-12617	54	17	from	from	ADP
fbem-12617	54	18	2015	2015	NUM
fbem-12617	54	19	to	to	ADP
fbem-12617	54	20	2020	2020	NUM
fbem-12617	54	21	as	as	ADP
fbem-12617	54	22	samples	sample	NOUN
fbem-12617	54	23	to	to	PART
fbem-12617	54	24	study	study	VERB
fbem-12617	54	25	the	the	DET
fbem-12617	54	26	impact	impact	NOUN
fbem-12617	54	27	of	of	ADP
fbem-12617	54	28	the	the	DET
fbem-12617	54	29	digital	digital	ADJ
fbem-12617	54	30	economy	economy	NOUN
fbem-12617	54	31	on	on	ADP
fbem-12617	54	32	the	the	DET
fbem-12617	54	33	investment	investment	NOUN
fbem-12617	54	34	efficiency	efficiency	NOUN
fbem-12617	54	35	of	of	ADP
fbem-12617	54	36	these	these	DET
fbem-12617	54	37	firms	firm	NOUN
fbem-12617	54	38	.	.	PUNCT
fbem-12617	55	1	from	from	ADP
fbem-12617	55	2	the	the	DET
fbem-12617	55	3	perspective	perspective	NOUN
fbem-12617	55	4	of	of	ADP
fbem-12617	55	5	the	the	DET
fbem-12617	55	6	market	market	NOUN
fbem-12617	55	7	,	,	PUNCT
fbem-12617	55	8	which	which	PRON
fbem-12617	55	9	plays	play	VERB
fbem-12617	55	10	a	a	DET
fbem-12617	55	11	decisive	decisive	ADJ
fbem-12617	55	12	role	role	NOUN
fbem-12617	55	13	in	in	ADP
fbem-12617	55	14	resource	resource	NOUN
fbem-12617	55	15	allocation	allocation	NOUN
fbem-12617	55	16	,	,	PUNCT
fbem-12617	55	17	it	it	PRON
fbem-12617	55	18	investigates	investigate	VERB
fbem-12617	55	19	the	the	DET
fbem-12617	55	20	moderating	moderate	VERB
fbem-12617	55	21	effect	effect	NOUN
fbem-12617	55	22	of	of	ADP
fbem-12617	55	23	the	the	DET
fbem-12617	55	24	digital	digital	ADJ
fbem-12617	55	25	economy	economy	NOUN
fbem-12617	55	26	on	on	ADP
fbem-12617	55	27	the	the	DET
fbem-12617	55	28	investment	investment	NOUN
fbem-12617	55	29	efficiency	efficiency	NOUN
fbem-12617	55	30	of	of	ADP
fbem-12617	55	31	manufacturing	manufacturing	NOUN
fbem-12617	55	32	enterprises	enterprise	NOUN
fbem-12617	55	33	.	.	PUNCT
fbem-12617	55	34	"	"	PUNCT
fbem-12617	56	1	3	3	X
fbem-12617	56	2	.	.	X
fbem-12617	56	3	theoretical	theoretical	ADJ
fbem-12617	56	4	analysis	analysis	NOUN
fbem-12617	56	5	and	and	CCONJ
fbem-12617	56	6	research	research	NOUN
fbem-12617	56	7	hypotheses	hypothesis	NOUN
fbem-12617	56	8	in	in	ADP
fbem-12617	56	9	decisions	decision	NOUN
fbem-12617	56	10	about	about	ADP
fbem-12617	56	11	capital	capital	NOUN
fbem-12617	56	12	structure	structure	NOUN
fbem-12617	56	13	,	,	PUNCT
fbem-12617	56	14	issues	issue	NOUN
fbem-12617	56	15	such	such	ADJ
fbem-12617	56	16	as	as	ADP
fbem-12617	56	17	information	information	NOUN
fbem-12617	56	18	asymmetry	asymmetry	NOUN
fbem-12617	56	19	,	,	PUNCT
fbem-12617	56	20	financing	financing	NOUN
fbem-12617	56	21	constraints	constraint	NOUN
fbem-12617	56	22	,	,	PUNCT
fbem-12617	56	23	and	and	CCONJ
fbem-12617	56	24	principalagent	principalagent	NOUN
fbem-12617	56	25	problems	problem	NOUN
fbem-12617	56	26	often	often	ADV
fbem-12617	56	27	affect	affect	VERB
fbem-12617	56	28	the	the	DET
fbem-12617	56	29	selection	selection	NOUN
fbem-12617	56	30	of	of	ADP
fbem-12617	56	31	corporate	corporate	ADJ
fbem-12617	56	32	investment	investment	NOUN
fbem-12617	56	33	projects	project	NOUN
fbem-12617	56	34	and	and	CCONJ
fbem-12617	56	35	subsequently	subsequently	ADV
fbem-12617	56	36	influence	influence	VERB
fbem-12617	56	37	investment	investment	NOUN
fbem-12617	56	38	efficiency	efficiency	NOUN
fbem-12617	56	39	.	.	PUNCT
fbem-12617	57	1	the	the	DET
fbem-12617	57	2	impact	impact	NOUN
fbem-12617	57	3	of	of	ADP
fbem-12617	57	4	the	the	DET
fbem-12617	57	5	digital	digital	ADJ
fbem-12617	57	6	economy	economy	NOUN
fbem-12617	57	7	on	on	ADP
fbem-12617	57	8	the	the	DET
fbem-12617	57	9	investment	investment	NOUN
fbem-12617	57	10	efficiency	efficiency	NOUN
fbem-12617	57	11	of	of	ADP
fbem-12617	57	12	manufacturing	manufacturing	NOUN
fbem-12617	57	13	enterprises	enterprise	NOUN
fbem-12617	57	14	mainly	mainly	ADV
fbem-12617	57	15	manifests	manifest	VERB
fbem-12617	57	16	in	in	ADP
fbem-12617	57	17	the	the	DET
fbem-12617	57	18	following	follow	VERB
fbem-12617	57	19	three	three	NUM
fbem-12617	57	20	aspects	aspect	NOUN
fbem-12617	57	21	:	:	PUNCT
fbem-12617	57	22	firstly	firstly	ADV
fbem-12617	57	23	,	,	PUNCT
fbem-12617	57	24	the	the	DET
fbem-12617	57	25	development	development	NOUN
fbem-12617	57	26	of	of	ADP
fbem-12617	57	27	the	the	DET
fbem-12617	57	28	digital	digital	ADJ
fbem-12617	57	29	economy	economy	NOUN
fbem-12617	57	30	can	can	AUX
fbem-12617	57	31	effectively	effectively	ADV
fbem-12617	57	32	alleviate	alleviate	VERB
fbem-12617	57	33	inefficient	inefficient	ADJ
fbem-12617	57	34	investments	investment	NOUN
fbem-12617	57	35	caused	cause	VERB
fbem-12617	57	36	by	by	ADP
fbem-12617	57	37	information	information	NOUN
fbem-12617	57	38	asymmetry	asymmetry	NOUN
fbem-12617	57	39	.	.	PUNCT
fbem-12617	58	1	due	due	ADP
fbem-12617	58	2	to	to	ADP
fbem-12617	58	3	the	the	DET
fbem-12617	58	4	inability	inability	NOUN
fbem-12617	58	5	of	of	ADP
fbem-12617	58	6	the	the	DET
fbem-12617	58	7	investing	investing	NOUN
fbem-12617	58	8	entity	entity	NOUN
fbem-12617	58	9	to	to	PART
fbem-12617	58	10	grasp	grasp	VERB
fbem-12617	58	11	sufficient	sufficient	ADJ
fbem-12617	58	12	market	market	NOUN
fbem-12617	58	13	information	information	NOUN
fbem-12617	58	14	,	,	PUNCT
fbem-12617	58	15	there	there	PRON
fbem-12617	58	16	may	may	AUX
fbem-12617	58	17	be	be	AUX
fbem-12617	58	18	errors	error	NOUN
fbem-12617	58	19	in	in	ADP
fbem-12617	58	20	the	the	DET
fbem-12617	58	21	judgment	judgment	NOUN
fbem-12617	58	22	of	of	ADP
fbem-12617	58	23	investment	investment	NOUN
fbem-12617	58	24	projects	project	NOUN
fbem-12617	58	25	,	,	PUNCT
fbem-12617	58	26	which	which	PRON
fbem-12617	58	27	leads	lead	VERB
fbem-12617	58	28	to	to	ADP
fbem-12617	58	29	a	a	DET
fbem-12617	58	30	deviation	deviation	NOUN
fbem-12617	58	31	from	from	ADP
fbem-12617	58	32	the	the	DET
fbem-12617	58	33	optimal	optimal	ADJ
fbem-12617	58	34	state	state	NOUN
fbem-12617	58	35	of	of	ADP
fbem-12617	58	36	investment	investment	NOUN
fbem-12617	58	37	efficiency	efficiency	NOUN
fbem-12617	58	38	.	.	PUNCT
fbem-12617	59	1	on	on	ADP
fbem-12617	59	2	the	the	DET
fbem-12617	59	3	one	one	NUM
fbem-12617	59	4	hand	hand	NOUN
fbem-12617	59	5	,	,	PUNCT
fbem-12617	59	6	he	he	PRON
fbem-12617	59	7	development	development	NOUN
fbem-12617	59	8	of	of	ADP
fbem-12617	59	9	the	the	DET
fbem-12617	59	10	digital	digital	ADJ
fbem-12617	59	11	economy	economy	NOUN
fbem-12617	59	12	enables	enable	VERB
fbem-12617	59	13	businesses	business	NOUN
fbem-12617	59	14	to	to	PART
fbem-12617	59	15	efficiently	efficiently	ADV
fbem-12617	59	16	and	and	CCONJ
fbem-12617	59	17	quickly	quickly	ADV
fbem-12617	59	18	acquire	acquire	VERB
fbem-12617	59	19	relevant	relevant	ADJ
fbem-12617	59	20	market	market	NOUN
fbem-12617	59	21	information	information	NOUN
fbem-12617	59	22	and	and	CCONJ
fbem-12617	59	23	precisely	precisely	ADV
fbem-12617	59	24	and	and	CCONJ
fbem-12617	59	25	rapidly	rapidly	ADV
fbem-12617	59	26	make	make	VERB
fbem-12617	59	27	financial	financial	ADJ
fbem-12617	59	28	decisions	decision	NOUN
fbem-12617	59	29	,	,	PUNCT
fbem-12617	59	30	financial	financial	ADJ
fbem-12617	59	31	planning	planning	NOUN
fbem-12617	59	32	,	,	PUNCT
fbem-12617	59	33	and	and	CCONJ
fbem-12617	59	34	financial	financial	ADJ
fbem-12617	59	35	supervision	supervision	NOUN
fbem-12617	59	36	.	.	PUNCT
fbem-12617	60	1	furthermore	furthermore	ADV
fbem-12617	60	2	,	,	PUNCT
fbem-12617	60	3	the	the	DET
fbem-12617	60	4	digital	digital	ADJ
fbem-12617	60	5	transformation	transformation	NOUN
fbem-12617	60	6	of	of	ADP
fbem-12617	60	7	enterprises	enterprise	NOUN
fbem-12617	60	8	can	can	AUX
fbem-12617	60	9	effectively	effectively	ADV
fbem-12617	60	10	break	break	VERB
fbem-12617	60	11	down	down	ADP
fbem-12617	60	12	information	information	NOUN
fbem-12617	60	13	barriers	barrier	NOUN
fbem-12617	60	14	among	among	ADP
fbem-12617	60	15	various	various	ADJ
fbem-12617	60	16	functional	functional	ADJ
fbem-12617	60	17	departments	department	NOUN
fbem-12617	60	18	of	of	ADP
fbem-12617	60	19	companies	company	NOUN
fbem-12617	60	20	,	,	PUNCT
fbem-12617	60	21	making	make	VERB
fbem-12617	60	22	more	more	ADV
fbem-12617	60	23	rational	rational	ADJ
fbem-12617	60	24	decisions	decision	NOUN
fbem-12617	60	25	overall	overall	ADV
fbem-12617	60	26	.	.	PUNCT
fbem-12617	61	1	simultaneously	simultaneously	ADV
fbem-12617	61	2	,	,	PUNCT
fbem-12617	61	3	digital	digital	PROPN
fbem-12617	61	4	simulation	simulation	NOUN
fbem-12617	61	5	technology	technology	NOUN
fbem-12617	61	6	is	be	AUX
fbem-12617	61	7	used	use	VERB
fbem-12617	61	8	in	in	ADP
fbem-12617	61	9	production	production	NOUN
fbem-12617	61	10	and	and	CCONJ
fbem-12617	61	11	operations	operation	NOUN
fbem-12617	61	12	to	to	PART
fbem-12617	61	13	recreate	recreate	VERB
fbem-12617	61	14	and	and	CCONJ
fbem-12617	61	15	predict	predict	VERB
fbem-12617	61	16	scenarios	scenario	NOUN
fbem-12617	61	17	,	,	PUNCT
fbem-12617	61	18	grasp	grasp	VERB
fbem-12617	61	19	market	market	NOUN
fbem-12617	61	20	trends	trend	NOUN
fbem-12617	61	21	of	of	ADP
fbem-12617	61	22	products	product	NOUN
fbem-12617	61	23	,	,	PUNCT
fbem-12617	61	24	and	and	CCONJ
fbem-12617	61	25	forecast	forecast	VERB
fbem-12617	61	26	the	the	DET
fbem-12617	61	27	development	development	NOUN
fbem-12617	61	28	prospects	prospect	NOUN
fbem-12617	61	29	of	of	ADP
fbem-12617	61	30	products	product	NOUN
fbem-12617	61	31	,	,	PUNCT
fbem-12617	61	32	thereby	thereby	ADV
fbem-12617	61	33	making	make	VERB
fbem-12617	61	34	more	more	ADJ
fbem-12617	61	35	rational	rational	ADJ
fbem-12617	61	36	investment	investment	NOUN
fbem-12617	61	37	decisions	decision	NOUN
fbem-12617	61	38	.	.	PUNCT
fbem-12617	62	1	on	on	ADP
fbem-12617	62	2	the	the	DET
fbem-12617	62	3	other	other	ADJ
fbem-12617	62	4	hand	hand	NOUN
fbem-12617	62	5	,	,	PUNCT
fbem-12617	62	6	in	in	ADP
fbem-12617	62	7	the	the	DET
fbem-12617	62	8	broader	broad	ADJ
fbem-12617	62	9	environment	environment	NOUN
fbem-12617	62	10	of	of	ADP
fbem-12617	62	11	the	the	DET
fbem-12617	62	12	digital	digital	ADJ
fbem-12617	62	13	transformation	transformation	NOUN
fbem-12617	62	14	of	of	ADP
fbem-12617	62	15	the	the	DET
fbem-12617	62	16	entire	entire	ADJ
fbem-12617	62	17	manufacturing	manufacturing	NOUN
fbem-12617	62	18	industry	industry	NOUN
fbem-12617	62	19	,	,	PUNCT
fbem-12617	62	20	each	each	DET
fbem-12617	62	21	node	node	NOUN
fbem-12617	62	22	of	of	ADP
fbem-12617	62	23	the	the	DET
fbem-12617	62	24	industrial	industrial	ADJ
fbem-12617	62	25	value	value	NOUN
fbem-12617	62	26	chain	chain	NOUN
fbem-12617	62	27	of	of	ADP
fbem-12617	62	28	the	the	DET
fbem-12617	62	29	manufacturing	manufacturing	NOUN
fbem-12617	62	30	industry	industry	NOUN
fbem-12617	62	31	can	can	AUX
fbem-12617	62	32	better	well	ADV
fbem-12617	62	33	realize	realize	VERB
fbem-12617	62	34	resource	resource	NOUN
fbem-12617	62	35	and	and	CCONJ
fbem-12617	62	36	data	datum	NOUN
fbem-12617	62	37	sharing	sharing	NOUN
fbem-12617	62	38	in	in	ADP
fbem-12617	62	39	the	the	DET
fbem-12617	62	40	industry	industry	NOUN
fbem-12617	62	41	,	,	PUNCT
fbem-12617	62	42	reduce	reduce	VERB
fbem-12617	62	43	information	information	NOUN
fbem-12617	62	44	asymmetry	asymmetry	NOUN
fbem-12617	62	45	between	between	ADP
fbem-12617	62	46	the	the	DET
fbem-12617	62	47	upstream	upstream	NOUN
fbem-12617	62	48	and	and	CCONJ
fbem-12617	62	49	downstream	downstream	NOUN
fbem-12617	62	50	of	of	ADP
fbem-12617	62	51	the	the	DET
fbem-12617	62	52	manufacturing	manufacturing	NOUN
fbem-12617	62	53	industry	industry	NOUN
fbem-12617	62	54	,	,	PUNCT
fbem-12617	62	55	and	and	CCONJ
fbem-12617	62	56	thus	thus	ADV
fbem-12617	62	57	help	help	VERB
fbem-12617	62	58	companies	company	NOUN
fbem-12617	62	59	find	find	VERB
fbem-12617	62	60	better	well	ADJ
fbem-12617	62	61	investment	investment	NOUN
fbem-12617	62	62	opportunities	opportunity	NOUN
fbem-12617	62	63	.	.	PUNCT
fbem-12617	63	1	secondly	secondly	ADV
fbem-12617	63	2	,	,	PUNCT
fbem-12617	63	3	the	the	DET
fbem-12617	63	4	development	development	NOUN
fbem-12617	63	5	of	of	ADP
fbem-12617	63	6	the	the	DET
fbem-12617	63	7	digital	digital	ADJ
fbem-12617	63	8	economy	economy	NOUN
fbem-12617	63	9	can	can	AUX
fbem-12617	63	10	effectively	effectively	ADV
fbem-12617	63	11	alleviate	alleviate	VERB
fbem-12617	63	12	inefficient	inefficient	ADJ
fbem-12617	63	13	investment	investment	NOUN
fbem-12617	63	14	problems	problem	NOUN
fbem-12617	63	15	caused	cause	VERB
fbem-12617	63	16	by	by	ADP
fbem-12617	63	17	financing	finance	VERB
fbem-12617	63	18	constraints	constraint	NOUN
fbem-12617	63	19	.	.	PUNCT
fbem-12617	64	1	in	in	ADP
fbem-12617	64	2	china	china	PROPN
fbem-12617	64	3	,	,	PUNCT
fbem-12617	64	4	most	most	ADJ
fbem-12617	64	5	businesses	business	NOUN
fbem-12617	64	6	still	still	ADV
fbem-12617	64	7	rely	rely	VERB
fbem-12617	64	8	on	on	ADP
fbem-12617	64	9	traditional	traditional	ADJ
fbem-12617	64	10	financial	financial	ADJ
fbem-12617	64	11	institutions	institution	NOUN
fbem-12617	64	12	for	for	ADP
fbem-12617	64	13	indirect	indirect	ADJ
fbem-12617	64	14	financing	financing	NOUN
fbem-12617	64	15	,	,	PUNCT
fbem-12617	64	16	and	and	CCONJ
fbem-12617	64	17	banks	bank	NOUN
fbem-12617	64	18	and	and	CCONJ
fbem-12617	64	19	other	other	ADJ
fbem-12617	64	20	traditional	traditional	ADJ
fbem-12617	64	21	financial	financial	ADJ
fbem-12617	64	22	institutions	institution	NOUN
fbem-12617	64	23	are	be	AUX
fbem-12617	64	24	often	often	ADV
fbem-12617	64	25	very	very	ADV
fbem-12617	64	26	cautious	cautious	ADJ
fbem-12617	64	27	about	about	ADP
fbem-12617	64	28	corporate	corporate	ADJ
fbem-12617	64	29	credit	credit	NOUN
fbem-12617	64	30	business	business	NOUN
fbem-12617	64	31	,	,	PUNCT
fbem-12617	64	32	making	make	VERB
fbem-12617	64	33	it	it	PRON
fbem-12617	64	34	very	very	ADV
fbem-12617	64	35	248	248	NUM
fbem-12617	64	36	difficult	difficult	ADJ
fbem-12617	64	37	for	for	ADP
fbem-12617	64	38	small	small	ADJ
fbem-12617	64	39	and	and	CCONJ
fbem-12617	64	40	micro	micro	ADJ
fbem-12617	64	41	businesses	business	NOUN
fbem-12617	64	42	and	and	CCONJ
fbem-12617	64	43	private	private	ADJ
fbem-12617	64	44	enterprises	enterprise	NOUN
fbem-12617	64	45	to	to	PART
fbem-12617	64	46	get	get	VERB
fbem-12617	64	47	loan	loan	NOUN
fbem-12617	64	48	approvals	approval	NOUN
fbem-12617	64	49	.	.	PUNCT
fbem-12617	65	1	furthermore	furthermore	ADV
fbem-12617	65	2	,	,	PUNCT
fbem-12617	65	3	because	because	SCONJ
fbem-12617	65	4	most	most	ADJ
fbem-12617	65	5	businesses	business	NOUN
fbem-12617	65	6	have	have	VERB
fbem-12617	65	7	a	a	DET
fbem-12617	65	8	short	short	ADJ
fbem-12617	65	9	life	life	NOUN
fbem-12617	65	10	cycle	cycle	NOUN
fbem-12617	65	11	and	and	CCONJ
fbem-12617	65	12	can	can	AUX
fbem-12617	65	13	not	not	PART
fbem-12617	65	14	provide	provide	VERB
fbem-12617	65	15	corresponding	corresponding	ADJ
fbem-12617	65	16	collateral	collateral	NOUN
fbem-12617	65	17	or	or	CCONJ
fbem-12617	65	18	pledges	pledge	NOUN
fbem-12617	65	19	,	,	PUNCT
fbem-12617	65	20	it	it	PRON
fbem-12617	65	21	is	be	AUX
fbem-12617	65	22	difficult	difficult	ADJ
fbem-12617	65	23	for	for	SCONJ
fbem-12617	65	24	businesses	business	NOUN
fbem-12617	65	25	to	to	PART
fbem-12617	65	26	obtain	obtain	VERB
fbem-12617	65	27	the	the	DET
fbem-12617	65	28	funds	fund	NOUN
fbem-12617	65	29	needed	need	VERB
fbem-12617	65	30	for	for	ADP
fbem-12617	65	31	development	development	NOUN
fbem-12617	65	32	.	.	PUNCT
fbem-12617	66	1	with	with	ADP
fbem-12617	66	2	the	the	DET
fbem-12617	66	3	development	development	NOUN
fbem-12617	66	4	of	of	ADP
fbem-12617	66	5	digitalization	digitalization	NOUN
fbem-12617	66	6	,	,	PUNCT
fbem-12617	66	7	it	it	PRON
fbem-12617	66	8	promotes	promote	VERB
fbem-12617	66	9	the	the	DET
fbem-12617	66	10	construction	construction	NOUN
fbem-12617	66	11	of	of	ADP
fbem-12617	66	12	the	the	DET
fbem-12617	66	13	social	social	ADJ
fbem-12617	66	14	credit	credit	NOUN
fbem-12617	66	15	system	system	NOUN
fbem-12617	66	16	,	,	PUNCT
fbem-12617	66	17	which	which	PRON
fbem-12617	66	18	significantly	significantly	ADV
fbem-12617	66	19	alleviates	alleviate	VERB
fbem-12617	66	20	this	this	DET
fbem-12617	66	21	financing	financing	NOUN
fbem-12617	66	22	predicament	predicament	NOUN
fbem-12617	66	23	.	.	PUNCT
fbem-12617	67	1	fintech	fintech	NOUN
fbem-12617	67	2	companies	company	NOUN
fbem-12617	67	3	use	use	VERB
fbem-12617	67	4	big	big	ADJ
fbem-12617	67	5	data	datum	NOUN
fbem-12617	67	6	technology	technology	NOUN
fbem-12617	67	7	for	for	ADP
fbem-12617	67	8	business	business	NOUN
fbem-12617	67	9	credit	credit	NOUN
fbem-12617	67	10	assessment	assessment	NOUN
fbem-12617	67	11	,	,	PUNCT
fbem-12617	67	12	unlike	unlike	ADP
fbem-12617	67	13	the	the	DET
fbem-12617	67	14	past	past	NOUN
fbem-12617	67	15	where	where	SCONJ
fbem-12617	67	16	they	they	PRON
fbem-12617	67	17	stuck	stick	VERB
fbem-12617	67	18	to	to	ADP
fbem-12617	67	19	collateral	collateral	ADJ
fbem-12617	67	20	and	and	CCONJ
fbem-12617	67	21	financial	financial	ADJ
fbem-12617	67	22	statements	statement	NOUN
fbem-12617	67	23	to	to	PART
fbem-12617	67	24	assess	assess	VERB
fbem-12617	67	25	the	the	DET
fbem-12617	67	26	credit	credit	NOUN
fbem-12617	67	27	of	of	ADP
fbem-12617	67	28	borrowing	borrowing	NOUN
fbem-12617	67	29	businesses	business	NOUN
fbem-12617	67	30	.	.	PUNCT
fbem-12617	68	1	the	the	DET
fbem-12617	68	2	social	social	ADJ
fbem-12617	68	3	relationship	relationship	NOUN
fbem-12617	68	4	network	network	NOUN
fbem-12617	68	5	,	,	PUNCT
fbem-12617	68	6	accounting	accounting	NOUN
fbem-12617	68	7	bills	bill	NOUN
fbem-12617	68	8	,	,	PUNCT
fbem-12617	68	9	payment	payment	NOUN
fbem-12617	68	10	records	record	NOUN
fbem-12617	68	11	,	,	PUNCT
fbem-12617	68	12	public	public	ADJ
fbem-12617	68	13	records	record	NOUN
fbem-12617	68	14	,	,	PUNCT
fbem-12617	68	15	and	and	CCONJ
fbem-12617	68	16	even	even	ADV
fbem-12617	68	17	digital	digital	ADJ
fbem-12617	68	18	footprints	footprint	NOUN
fbem-12617	68	19	of	of	ADP
fbem-12617	68	20	borrowing	borrowing	NOUN
fbem-12617	68	21	businesses	business	NOUN
fbem-12617	68	22	can	can	AUX
fbem-12617	68	23	all	all	PRON
fbem-12617	68	24	serve	serve	VERB
fbem-12617	68	25	as	as	ADP
fbem-12617	68	26	the	the	DET
fbem-12617	68	27	basis	basis	NOUN
fbem-12617	68	28	for	for	ADP
fbem-12617	68	29	credit	credit	NOUN
fbem-12617	68	30	decisions	decision	NOUN
fbem-12617	68	31	.	.	PUNCT
fbem-12617	69	1	the	the	DET
fbem-12617	69	2	development	development	NOUN
fbem-12617	69	3	of	of	ADP
fbem-12617	69	4	the	the	DET
fbem-12617	69	5	digital	digital	ADJ
fbem-12617	69	6	economy	economy	NOUN
fbem-12617	69	7	enables	enable	VERB
fbem-12617	69	8	businesses	business	NOUN
fbem-12617	69	9	to	to	PART
fbem-12617	69	10	have	have	VERB
fbem-12617	69	11	diversified	diversify	VERB
fbem-12617	69	12	financing	financing	NOUN
fbem-12617	69	13	channels	channel	NOUN
fbem-12617	69	14	,	,	PUNCT
fbem-12617	69	15	increases	increase	VERB
fbem-12617	69	16	the	the	DET
fbem-12617	69	17	availability	availability	NOUN
fbem-12617	69	18	of	of	ADP
fbem-12617	69	19	corporate	corporate	ADJ
fbem-12617	69	20	funds	fund	NOUN
fbem-12617	69	21	,	,	PUNCT
fbem-12617	69	22	and	and	CCONJ
fbem-12617	69	23	alleviates	alleviate	VERB
fbem-12617	69	24	the	the	DET
fbem-12617	69	25	financing	financing	NOUN
fbem-12617	69	26	difficulties	difficulty	NOUN
fbem-12617	69	27	of	of	ADP
fbem-12617	69	28	businesses	business	NOUN
fbem-12617	69	29	.	.	PUNCT
fbem-12617	70	1	thirdly	thirdly	ADV
fbem-12617	70	2	,	,	PUNCT
fbem-12617	70	3	the	the	DET
fbem-12617	70	4	development	development	NOUN
fbem-12617	70	5	of	of	ADP
fbem-12617	70	6	the	the	DET
fbem-12617	70	7	digital	digital	ADJ
fbem-12617	70	8	economy	economy	NOUN
fbem-12617	70	9	can	can	AUX
fbem-12617	70	10	effectively	effectively	ADV
fbem-12617	70	11	alleviate	alleviate	VERB
fbem-12617	70	12	inefficient	inefficient	ADJ
fbem-12617	70	13	investment	investment	NOUN
fbem-12617	70	14	problems	problem	NOUN
fbem-12617	70	15	caused	cause	VERB
fbem-12617	70	16	by	by	ADP
fbem-12617	70	17	agency	agency	NOUN
fbem-12617	70	18	problems	problem	NOUN
fbem-12617	70	19	.	.	PUNCT
fbem-12617	71	1	with	with	ADP
fbem-12617	71	2	the	the	DET
fbem-12617	71	3	development	development	NOUN
fbem-12617	71	4	of	of	ADP
fbem-12617	71	5	the	the	DET
fbem-12617	71	6	modern	modern	ADJ
fbem-12617	71	7	corporate	corporate	ADJ
fbem-12617	71	8	system	system	NOUN
fbem-12617	71	9	,	,	PUNCT
fbem-12617	71	10	the	the	DET
fbem-12617	71	11	separation	separation	NOUN
fbem-12617	71	12	of	of	ADP
fbem-12617	71	13	corporate	corporate	ADJ
fbem-12617	71	14	operating	operating	NOUN
fbem-12617	71	15	rights	right	NOUN
fbem-12617	71	16	and	and	CCONJ
fbem-12617	71	17	ownership	ownership	NOUN
fbem-12617	71	18	has	have	AUX
fbem-12617	71	19	led	lead	VERB
fbem-12617	71	20	to	to	ADP
fbem-12617	71	21	agency	agency	NOUN
fbem-12617	71	22	problems	problem	NOUN
fbem-12617	71	23	in	in	ADP
fbem-12617	71	24	corporate	corporate	ADJ
fbem-12617	71	25	governance	governance	NOUN
fbem-12617	71	26	.	.	PUNCT
fbem-12617	72	1	due	due	ADP
fbem-12617	72	2	to	to	ADP
fbem-12617	72	3	the	the	DET
fbem-12617	72	4	mismatch	mismatch	NOUN
fbem-12617	72	5	of	of	ADP
fbem-12617	72	6	goals	goal	NOUN
fbem-12617	72	7	between	between	ADP
fbem-12617	72	8	managers	manager	NOUN
fbem-12617	72	9	and	and	CCONJ
fbem-12617	72	10	shareholders	shareholder	NOUN
fbem-12617	72	11	,	,	PUNCT
fbem-12617	72	12	on	on	ADP
fbem-12617	72	13	one	one	NUM
fbem-12617	72	14	hand	hand	NOUN
fbem-12617	72	15	,	,	PUNCT
fbem-12617	72	16	when	when	SCONJ
fbem-12617	72	17	making	make	VERB
fbem-12617	72	18	investment	investment	NOUN
fbem-12617	72	19	decisions	decision	NOUN
fbem-12617	72	20	,	,	PUNCT
fbem-12617	72	21	the	the	DET
fbem-12617	72	22	management	management	NOUN
fbem-12617	72	23	may	may	AUX
fbem-12617	72	24	make	make	VERB
fbem-12617	72	25	large	large	ADJ
fbem-12617	72	26	-	-	PUNCT
fbem-12617	72	27	scale	scale	NOUN
fbem-12617	72	28	investments	investment	NOUN
fbem-12617	72	29	disregarding	disregard	VERB
fbem-12617	72	30	cost	cost	NOUN
fbem-12617	72	31	-	-	PUNCT
fbem-12617	72	32	effectiveness	effectiveness	NOUN
fbem-12617	72	33	principles	principle	NOUN
fbem-12617	72	34	in	in	ADP
fbem-12617	72	35	order	order	NOUN
fbem-12617	72	36	to	to	PART
fbem-12617	72	37	build	build	VERB
fbem-12617	72	38	their	their	PRON
fbem-12617	72	39	own	own	ADJ
fbem-12617	72	40	business	business	NOUN
fbem-12617	72	41	empire	empire	NOUN
fbem-12617	72	42	,	,	PUNCT
fbem-12617	72	43	resulting	result	VERB
fbem-12617	72	44	in	in	ADP
fbem-12617	72	45	over	over	ADP
fbem-12617	72	46	-	-	PUNCT
fbem-12617	72	47	investment	investment	NOUN
fbem-12617	72	48	of	of	ADP
fbem-12617	72	49	enterprises[18	enterprises[18	NOUN
fbem-12617	72	50	]	]	PUNCT
fbem-12617	72	51	;	;	PUNCT
fbem-12617	72	52	on	on	ADP
fbem-12617	72	53	the	the	DET
fbem-12617	72	54	other	other	ADJ
fbem-12617	72	55	hand	hand	NOUN
fbem-12617	72	56	,	,	PUNCT
fbem-12617	72	57	the	the	DET
fbem-12617	72	58	management	management	NOUN
fbem-12617	72	59	may	may	AUX
fbem-12617	72	60	also	also	ADV
fbem-12617	72	61	abandon	abandon	VERB
fbem-12617	72	62	some	some	DET
fbem-12617	72	63	investments	investment	NOUN
fbem-12617	72	64	with	with	ADP
fbem-12617	72	65	good	good	ADJ
fbem-12617	72	66	net	net	ADJ
fbem-12617	72	67	present	present	ADJ
fbem-12617	72	68	value	value	NOUN
fbem-12617	72	69	in	in	ADP
fbem-12617	72	70	order	order	NOUN
fbem-12617	72	71	to	to	PART
fbem-12617	72	72	avoid	avoid	VERB
fbem-12617	72	73	risk	risk	NOUN
fbem-12617	72	74	,	,	PUNCT
fbem-12617	72	75	resulting	result	VERB
fbem-12617	72	76	in	in	ADP
fbem-12617	72	77	under	under	ADP
fbem-12617	72	78	-	-	PUNCT
fbem-12617	72	79	investment[19	investment[19	NOUN
fbem-12617	72	80	]	]	X
fbem-12617	72	81	.	.	PUNCT
fbem-12617	73	1	on	on	ADP
fbem-12617	73	2	the	the	DET
fbem-12617	73	3	one	one	NUM
fbem-12617	73	4	hand	hand	NOUN
fbem-12617	73	5	,	,	PUNCT
fbem-12617	73	6	the	the	DET
fbem-12617	73	7	development	development	NOUN
fbem-12617	73	8	of	of	ADP
fbem-12617	73	9	the	the	DET
fbem-12617	73	10	digital	digital	ADJ
fbem-12617	73	11	economy	economy	NOUN
fbem-12617	73	12	exposes	expose	VERB
fbem-12617	73	13	all	all	DET
fbem-12617	73	14	types	type	NOUN
fbem-12617	73	15	of	of	ADP
fbem-12617	73	16	investment	investment	NOUN
fbem-12617	73	17	and	and	CCONJ
fbem-12617	73	18	financing	financing	NOUN
fbem-12617	73	19	decisions	decision	NOUN
fbem-12617	73	20	of	of	ADP
fbem-12617	73	21	enterprises	enterprise	NOUN
fbem-12617	73	22	to	to	ADP
fbem-12617	73	23	the	the	DET
fbem-12617	73	24	spotlight	spotlight	NOUN
fbem-12617	73	25	,	,	PUNCT
fbem-12617	73	26	subject	subject	ADJ
fbem-12617	73	27	to	to	ADP
fbem-12617	73	28	the	the	DET
fbem-12617	73	29	supervision	supervision	NOUN
fbem-12617	73	30	and	and	CCONJ
fbem-12617	73	31	scrutiny	scrutiny	NOUN
fbem-12617	73	32	of	of	ADP
fbem-12617	73	33	other	other	ADJ
fbem-12617	73	34	relevant	relevant	ADJ
fbem-12617	73	35	stakeholders	stakeholder	NOUN
fbem-12617	73	36	,	,	PUNCT
fbem-12617	73	37	thus	thus	ADV
fbem-12617	73	38	restraining	restrain	VERB
fbem-12617	73	39	the	the	DET
fbem-12617	73	40	ability	ability	NOUN
fbem-12617	73	41	of	of	ADP
fbem-12617	73	42	managers	manager	NOUN
fbem-12617	73	43	to	to	PART
fbem-12617	73	44	harm	harm	VERB
fbem-12617	73	45	the	the	DET
fbem-12617	73	46	interests	interest	NOUN
fbem-12617	73	47	of	of	ADP
fbem-12617	73	48	the	the	DET
fbem-12617	73	49	enterprise	enterprise	NOUN
fbem-12617	73	50	for	for	ADP
fbem-12617	73	51	personal	personal	ADJ
fbem-12617	73	52	gain	gain	NOUN
fbem-12617	73	53	.	.	PUNCT
fbem-12617	74	1	on	on	ADP
fbem-12617	74	2	the	the	DET
fbem-12617	74	3	other	other	ADJ
fbem-12617	74	4	hand	hand	NOUN
fbem-12617	74	5	,	,	PUNCT
fbem-12617	74	6	the	the	DET
fbem-12617	74	7	development	development	NOUN
fbem-12617	74	8	of	of	ADP
fbem-12617	74	9	the	the	DET
fbem-12617	74	10	digital	digital	ADJ
fbem-12617	74	11	economy	economy	NOUN
fbem-12617	74	12	also	also	ADV
fbem-12617	74	13	enables	enable	VERB
fbem-12617	74	14	a	a	DET
fbem-12617	74	15	broad	broad	ADJ
fbem-12617	74	16	range	range	NOUN
fbem-12617	74	17	of	of	ADP
fbem-12617	74	18	stakeholders	stakeholder	NOUN
fbem-12617	74	19	to	to	PART
fbem-12617	74	20	participate	participate	VERB
fbem-12617	74	21	in	in	ADP
fbem-12617	74	22	the	the	DET
fbem-12617	74	23	company	company	NOUN
fbem-12617	74	24	's	's	PART
fbem-12617	74	25	major	major	ADJ
fbem-12617	74	26	decisions	decision	NOUN
fbem-12617	74	27	and	and	CCONJ
fbem-12617	74	28	supervise	supervise	VERB
fbem-12617	74	29	the	the	DET
fbem-12617	74	30	execution	execution	NOUN
fbem-12617	74	31	of	of	ADP
fbem-12617	74	32	decisions	decision	NOUN
fbem-12617	74	33	,	,	PUNCT
fbem-12617	74	34	thereby	thereby	ADV
fbem-12617	74	35	weakening	weaken	VERB
fbem-12617	74	36	the	the	DET
fbem-12617	74	37	phenomenon	phenomenon	NOUN
fbem-12617	74	38	of	of	ADP
fbem-12617	74	39	internal	internal	ADJ
fbem-12617	74	40	controllers	controller	NOUN
fbem-12617	74	41	in	in	ADP
fbem-12617	74	42	the	the	DET
fbem-12617	74	43	company	company	NOUN
fbem-12617	74	44	.	.	PUNCT
fbem-12617	75	1	therefore	therefore	ADV
fbem-12617	75	2	,	,	PUNCT
fbem-12617	75	3	the	the	DET
fbem-12617	75	4	development	development	NOUN
fbem-12617	75	5	of	of	ADP
fbem-12617	75	6	the	the	DET
fbem-12617	75	7	digital	digital	ADJ
fbem-12617	75	8	economy	economy	NOUN
fbem-12617	75	9	can	can	AUX
fbem-12617	75	10	to	to	ADP
fbem-12617	75	11	a	a	DET
fbem-12617	75	12	greater	great	ADJ
fbem-12617	75	13	extent	extent	NOUN
fbem-12617	75	14	curb	curb	VERB
fbem-12617	75	15	the	the	DET
fbem-12617	75	16	opportunistic	opportunistic	ADJ
fbem-12617	75	17	behavior	behavior	NOUN
fbem-12617	75	18	of	of	ADP
fbem-12617	75	19	managers	manager	NOUN
fbem-12617	75	20	at	at	ADP
fbem-12617	75	21	the	the	DET
fbem-12617	75	22	expense	expense	NOUN
fbem-12617	75	23	of	of	ADP
fbem-12617	75	24	other	other	ADJ
fbem-12617	75	25	stakeholders	stakeholder	NOUN
fbem-12617	75	26	.	.	PUNCT
fbem-12617	76	1	thus	thus	ADV
fbem-12617	76	2	,	,	PUNCT
fbem-12617	76	3	this	this	DET
fbem-12617	76	4	paper	paper	NOUN
fbem-12617	76	5	proposes	propose	VERB
fbem-12617	76	6	the	the	DET
fbem-12617	76	7	following	follow	VERB
fbem-12617	76	8	research	research	NOUN
fbem-12617	76	9	hypothesis	hypothesis	NOUN
fbem-12617	76	10	:	:	PUNCT
fbem-12617	76	11	h1	h1	PROPN
fbem-12617	76	12	:	:	PUNCT
fbem-12617	76	13	the	the	DET
fbem-12617	76	14	development	development	NOUN
fbem-12617	76	15	of	of	ADP
fbem-12617	76	16	the	the	DET
fbem-12617	76	17	digital	digital	ADJ
fbem-12617	76	18	economy	economy	NOUN
fbem-12617	76	19	can	can	AUX
fbem-12617	76	20	improve	improve	VERB
fbem-12617	76	21	the	the	DET
fbem-12617	76	22	investment	investment	NOUN
fbem-12617	76	23	efficiency	efficiency	NOUN
fbem-12617	76	24	of	of	ADP
fbem-12617	76	25	manufacturing	manufacturing	NOUN
fbem-12617	76	26	enterprises	enterprise	NOUN
fbem-12617	76	27	.	.	PUNCT
fbem-12617	77	1	the	the	DET
fbem-12617	77	2	external	external	ADJ
fbem-12617	77	3	environment	environment	NOUN
fbem-12617	77	4	also	also	ADV
fbem-12617	77	5	affects	affect	VERB
fbem-12617	77	6	the	the	DET
fbem-12617	77	7	effect	effect	NOUN
fbem-12617	77	8	of	of	ADP
fbem-12617	77	9	the	the	DET
fbem-12617	77	10	digital	digital	ADJ
fbem-12617	77	11	economy	economy	NOUN
fbem-12617	77	12	on	on	ADP
fbem-12617	77	13	corporate	corporate	ADJ
fbem-12617	77	14	investment	investment	NOUN
fbem-12617	77	15	efficiency	efficiency	NOUN
fbem-12617	77	16	.	.	PUNCT
fbem-12617	78	1	a	a	DET
fbem-12617	78	2	higher	high	ADJ
fbem-12617	78	3	degree	degree	NOUN
fbem-12617	78	4	of	of	ADP
fbem-12617	78	5	marketization	marketization	NOUN
fbem-12617	78	6	means	mean	VERB
fbem-12617	78	7	a	a	DET
fbem-12617	78	8	higher	high	ADJ
fbem-12617	78	9	availability	availability	NOUN
fbem-12617	78	10	of	of	ADP
fbem-12617	78	11	resources	resource	NOUN
fbem-12617	78	12	such	such	ADJ
fbem-12617	78	13	as	as	ADP
fbem-12617	78	14	funds	fund	NOUN
fbem-12617	78	15	,	,	PUNCT
fbem-12617	78	16	information	information	NOUN
fbem-12617	78	17	,	,	PUNCT
fbem-12617	78	18	technology	technology	NOUN
fbem-12617	78	19	,	,	PUNCT
fbem-12617	78	20	etc	etc	X
fbem-12617	78	21	.	.	X
fbem-12617	78	22	,	,	PUNCT
fbem-12617	78	23	thereby	thereby	ADV
fbem-12617	78	24	improving	improve	VERB
fbem-12617	78	25	the	the	DET
fbem-12617	78	26	utilization	utilization	NOUN
fbem-12617	78	27	rate	rate	NOUN
fbem-12617	78	28	of	of	ADP
fbem-12617	78	29	corporate	corporate	ADJ
fbem-12617	78	30	resources	resource	NOUN
fbem-12617	78	31	and	and	CCONJ
fbem-12617	78	32	thereby	thereby	ADV
fbem-12617	78	33	improving	improve	VERB
fbem-12617	78	34	corporate	corporate	ADJ
fbem-12617	78	35	investment	investment	NOUN
fbem-12617	78	36	efficiency	efficiency	NOUN
fbem-12617	78	37	.	.	PUNCT
fbem-12617	79	1	a	a	DET
fbem-12617	79	2	low	low	ADJ
fbem-12617	79	3	degree	degree	NOUN
fbem-12617	79	4	of	of	ADP
fbem-12617	79	5	marketization	marketization	NOUN
fbem-12617	79	6	means	mean	VERB
fbem-12617	79	7	that	that	SCONJ
fbem-12617	79	8	information	information	NOUN
fbem-12617	79	9	transmitted	transmit	VERB
fbem-12617	79	10	in	in	ADP
fbem-12617	79	11	the	the	DET
fbem-12617	79	12	market	market	NOUN
fbem-12617	79	13	may	may	AUX
fbem-12617	79	14	have	have	VERB
fbem-12617	79	15	a	a	DET
fbem-12617	79	16	high	high	ADJ
fbem-12617	79	17	risk	risk	NOUN
fbem-12617	79	18	of	of	ADP
fbem-12617	79	19	distortion	distortion	NOUN
fbem-12617	79	20	,	,	PUNCT
fbem-12617	79	21	and	and	CCONJ
fbem-12617	79	22	the	the	DET
fbem-12617	79	23	development	development	NOUN
fbem-12617	79	24	of	of	ADP
fbem-12617	79	25	the	the	DET
fbem-12617	79	26	digital	digital	ADJ
fbem-12617	79	27	economy	economy	NOUN
fbem-12617	79	28	can	can	AUX
fbem-12617	79	29	not	not	PART
fbem-12617	79	30	alleviate	alleviate	VERB
fbem-12617	79	31	this	this	DET
fbem-12617	79	32	type	type	NOUN
fbem-12617	79	33	of	of	ADP
fbem-12617	79	34	information	information	NOUN
fbem-12617	79	35	asymmetry	asymmetry	NOUN
fbem-12617	79	36	problem	problem	NOUN
fbem-12617	79	37	.	.	PUNCT
fbem-12617	80	1	due	due	ADP
fbem-12617	80	2	to	to	ADP
fbem-12617	80	3	the	the	DET
fbem-12617	80	4	distortion	distortion	NOUN
fbem-12617	80	5	of	of	ADP
fbem-12617	80	6	corporate	corporate	ADJ
fbem-12617	80	7	information	information	NOUN
fbem-12617	80	8	,	,	PUNCT
fbem-12617	80	9	external	external	ADJ
fbem-12617	80	10	stakeholders	stakeholder	NOUN
fbem-12617	80	11	can	can	AUX
fbem-12617	80	12	not	not	PART
fbem-12617	80	13	implement	implement	VERB
fbem-12617	80	14	effective	effective	ADJ
fbem-12617	80	15	supervision	supervision	NOUN
fbem-12617	80	16	based	base	VERB
fbem-12617	80	17	on	on	ADP
fbem-12617	80	18	the	the	DET
fbem-12617	80	19	actual	actual	ADJ
fbem-12617	80	20	situation	situation	NOUN
fbem-12617	80	21	,	,	PUNCT
fbem-12617	80	22	which	which	PRON
fbem-12617	80	23	weakens	weaken	VERB
fbem-12617	80	24	the	the	DET
fbem-12617	80	25	effect	effect	NOUN
fbem-12617	80	26	of	of	ADP
fbem-12617	80	27	the	the	DET
fbem-12617	80	28	development	development	NOUN
fbem-12617	80	29	of	of	ADP
fbem-12617	80	30	the	the	DET
fbem-12617	80	31	digital	digital	ADJ
fbem-12617	80	32	economy	economy	NOUN
fbem-12617	80	33	in	in	ADP
fbem-12617	80	34	alleviating	alleviate	VERB
fbem-12617	80	35	agency	agency	NOUN
fbem-12617	80	36	problems	problem	NOUN
fbem-12617	80	37	.	.	PUNCT
fbem-12617	81	1	furthermore	furthermore	ADV
fbem-12617	81	2	,	,	PUNCT
fbem-12617	81	3	due	due	ADP
fbem-12617	81	4	to	to	ADP
fbem-12617	81	5	the	the	DET
fbem-12617	81	6	distortion	distortion	NOUN
fbem-12617	81	7	of	of	ADP
fbem-12617	81	8	the	the	DET
fbem-12617	81	9	market	market	NOUN
fbem-12617	81	10	environment	environment	NOUN
fbem-12617	81	11	,	,	PUNCT
fbem-12617	81	12	financing	financing	NOUN
fbem-12617	81	13	institutions	institution	NOUN
fbem-12617	81	14	will	will	AUX
fbem-12617	81	15	be	be	AUX
fbem-12617	81	16	more	more	ADV
fbem-12617	81	17	careful	careful	ADJ
fbem-12617	81	18	and	and	CCONJ
fbem-12617	81	19	cautious	cautious	ADJ
fbem-12617	81	20	in	in	ADP
fbem-12617	81	21	discerning	discern	VERB
fbem-12617	81	22	the	the	DET
fbem-12617	81	23	signals	signal	NOUN
fbem-12617	81	24	released	release	VERB
fbem-12617	81	25	by	by	ADP
fbem-12617	81	26	manufacturing	manufacture	VERB
fbem-12617	81	27	enterprises	enterprise	NOUN
fbem-12617	81	28	,	,	PUNCT
fbem-12617	81	29	and	and	CCONJ
fbem-12617	81	30	they	they	PRON
fbem-12617	81	31	often	often	ADV
fbem-12617	81	32	adopt	adopt	VERB
fbem-12617	81	33	a	a	DET
fbem-12617	81	34	cautious	cautious	ADJ
fbem-12617	81	35	attitude	attitude	NOUN
fbem-12617	81	36	towards	towards	ADP
fbem-12617	81	37	the	the	DET
fbem-12617	81	38	financing	financing	NOUN
fbem-12617	81	39	needs	need	NOUN
fbem-12617	81	40	of	of	ADP
fbem-12617	81	41	small	small	ADJ
fbem-12617	81	42	and	and	CCONJ
fbem-12617	81	43	medium	medium	ADJ
fbem-12617	81	44	-	-	PUNCT
fbem-12617	81	45	sized	sized	ADJ
fbem-12617	81	46	enterprises	enterprise	NOUN
fbem-12617	81	47	,	,	PUNCT
fbem-12617	81	48	thereby	thereby	ADV
fbem-12617	81	49	weakening	weaken	VERB
fbem-12617	81	50	the	the	DET
fbem-12617	81	51	effect	effect	NOUN
fbem-12617	81	52	of	of	ADP
fbem-12617	81	53	the	the	DET
fbem-12617	81	54	development	development	NOUN
fbem-12617	81	55	of	of	ADP
fbem-12617	81	56	the	the	DET
fbem-12617	81	57	digital	digital	ADJ
fbem-12617	81	58	economy	economy	NOUN
fbem-12617	81	59	in	in	ADP
fbem-12617	81	60	alleviating	alleviate	VERB
fbem-12617	81	61	financing	financing	NOUN
fbem-12617	81	62	constraints	constraint	NOUN
fbem-12617	81	63	.	.	PUNCT
fbem-12617	82	1	thus	thus	ADV
fbem-12617	82	2	,	,	PUNCT
fbem-12617	82	3	this	this	DET
fbem-12617	82	4	paper	paper	NOUN
fbem-12617	82	5	proposes	propose	VERB
fbem-12617	82	6	the	the	DET
fbem-12617	82	7	following	follow	VERB
fbem-12617	82	8	research	research	NOUN
fbem-12617	82	9	hypothesis	hypothesis	NOUN
fbem-12617	82	10	:	:	PUNCT
fbem-12617	82	11	h2	h2	NOUN
fbem-12617	82	12	:	:	PUNCT
fbem-12617	82	13	the	the	DET
fbem-12617	82	14	degree	degree	NOUN
fbem-12617	82	15	of	of	ADP
fbem-12617	82	16	marketization	marketization	NOUN
fbem-12617	82	17	has	have	VERB
fbem-12617	82	18	an	an	DET
fbem-12617	82	19	important	important	ADJ
fbem-12617	82	20	moderating	moderate	VERB
fbem-12617	82	21	role	role	NOUN
fbem-12617	82	22	in	in	ADP
fbem-12617	82	23	the	the	DET
fbem-12617	82	24	improvement	improvement	NOUN
fbem-12617	82	25	of	of	ADP
fbem-12617	82	26	investment	investment	NOUN
fbem-12617	82	27	efficiency	efficiency	NOUN
fbem-12617	82	28	of	of	ADP
fbem-12617	82	29	manufacturing	manufacturing	NOUN
fbem-12617	82	30	enterprises	enterprise	NOUN
fbem-12617	82	31	by	by	ADP
fbem-12617	82	32	the	the	DET
fbem-12617	82	33	development	development	NOUN
fbem-12617	82	34	of	of	ADP
fbem-12617	82	35	the	the	DET
fbem-12617	82	36	digital	digital	ADJ
fbem-12617	82	37	economy	economy	NOUN
fbem-12617	82	38	,	,	PUNCT
fbem-12617	82	39	and	and	CCONJ
fbem-12617	82	40	the	the	DET
fbem-12617	82	41	role	role	NOUN
fbem-12617	82	42	of	of	ADP
fbem-12617	82	43	the	the	DET
fbem-12617	82	44	development	development	NOUN
fbem-12617	82	45	of	of	ADP
fbem-12617	82	46	the	the	DET
fbem-12617	82	47	digital	digital	ADJ
fbem-12617	82	48	economy	economy	NOUN
fbem-12617	82	49	in	in	ADP
fbem-12617	82	50	improving	improve	VERB
fbem-12617	82	51	the	the	DET
fbem-12617	82	52	investment	investment	NOUN
fbem-12617	82	53	efficiency	efficiency	NOUN
fbem-12617	82	54	of	of	ADP
fbem-12617	82	55	manufacturing	manufacturing	NOUN
fbem-12617	82	56	enterprises	enterprise	NOUN
fbem-12617	82	57	will	will	AUX
fbem-12617	82	58	increase	increase	VERB
fbem-12617	82	59	with	with	ADP
fbem-12617	82	60	the	the	DET
fbem-12617	82	61	increase	increase	NOUN
fbem-12617	82	62	of	of	ADP
fbem-12617	82	63	the	the	DET
fbem-12617	82	64	degree	degree	NOUN
fbem-12617	82	65	of	of	ADP
fbem-12617	82	66	marketization	marketization	NOUN
fbem-12617	82	67	.	.	PUNCT
fbem-12617	83	1	4	4	X
fbem-12617	83	2	.	.	X
fbem-12617	83	3	research	research	NOUN
fbem-12617	83	4	design	design	NOUN
fbem-12617	83	5	4.1	4.1	NUM
fbem-12617	83	6	.	.	PUNCT
fbem-12617	84	1	sample	sample	NOUN
fbem-12617	84	2	selection	selection	NOUN
fbem-12617	84	3	and	and	CCONJ
fbem-12617	84	4	data	datum	NOUN
fbem-12617	84	5	sources	source	NOUN
fbem-12617	84	6	this	this	DET
fbem-12617	84	7	paper	paper	NOUN
fbem-12617	84	8	selects	select	VERB
fbem-12617	84	9	a	a	DET
fbem-12617	84	10	-	-	PUNCT
fbem-12617	84	11	share	share	NOUN
fbem-12617	84	12	listed	list	VERB
fbem-12617	84	13	manufacturing	manufacturing	NOUN
fbem-12617	84	14	companies	company	NOUN
fbem-12617	84	15	as	as	ADP
fbem-12617	84	16	research	research	NOUN
fbem-12617	84	17	samples	sample	NOUN
fbem-12617	84	18	,	,	PUNCT
fbem-12617	84	19	and	and	CCONJ
fbem-12617	84	20	the	the	DET
fbem-12617	84	21	time	time	NOUN
fbem-12617	84	22	range	range	NOUN
fbem-12617	84	23	is	be	AUX
fbem-12617	84	24	determined	determine	VERB
fbem-12617	84	25	to	to	PART
fbem-12617	84	26	be	be	AUX
fbem-12617	84	27	from	from	ADP
fbem-12617	84	28	2015	2015	NUM
fbem-12617	84	29	to	to	ADP
fbem-12617	84	30	2020	2020	NUM
fbem-12617	84	31	.	.	PUNCT
fbem-12617	85	1	according	accord	VERB
fbem-12617	85	2	to	to	ADP
fbem-12617	85	3	the	the	DET
fbem-12617	85	4	"	"	PUNCT
fbem-12617	85	5	2012	2012	NUM
fbem-12617	85	6	china	china	PROPN
fbem-12617	85	7	securities	securities	PROPN
fbem-12617	85	8	regulatory	regulatory	PROPN
fbem-12617	85	9	commission	commission	NOUN
fbem-12617	85	10	industry	industry	NOUN
fbem-12617	85	11	classification	classification	NOUN
fbem-12617	85	12	"	"	PUNCT
fbem-12617	85	13	,	,	PUNCT
fbem-12617	85	14	the	the	DET
fbem-12617	85	15	industry	industry	NOUN
fbem-12617	85	16	of	of	ADP
fbem-12617	85	17	industrial	industrial	ADJ
fbem-12617	85	18	enterprises	enterprise	NOUN
fbem-12617	85	19	is	be	AUX
fbem-12617	85	20	defined	define	VERB
fbem-12617	85	21	and	and	CCONJ
fbem-12617	85	22	listed	list	VERB
fbem-12617	85	23	companies	company	NOUN
fbem-12617	85	24	in	in	ADP
fbem-12617	85	25	the	the	DET
fbem-12617	85	26	manufacturing	manufacturing	NOUN
fbem-12617	85	27	industry	industry	NOUN
fbem-12617	85	28	are	be	AUX
fbem-12617	85	29	selected	select	VERB
fbem-12617	85	30	.	.	PUNCT
fbem-12617	86	1	concurrently	concurrently	ADV
fbem-12617	86	2	,	,	PUNCT
fbem-12617	86	3	this	this	DET
fbem-12617	86	4	paper	paper	NOUN
fbem-12617	86	5	has	have	AUX
fbem-12617	86	6	processed	process	VERB
fbem-12617	86	7	the	the	DET
fbem-12617	86	8	data	data	NOUN
fbem-12617	86	9	selection	selection	NOUN
fbem-12617	86	10	as	as	SCONJ
fbem-12617	86	11	follows	follow	VERB
fbem-12617	86	12	:	:	PUNCT
fbem-12617	86	13	(	(	PUNCT
fbem-12617	86	14	1	1	X
fbem-12617	86	15	)	)	PUNCT
fbem-12617	86	16	excluding	exclude	VERB
fbem-12617	86	17	financial	financial	ADJ
fbem-12617	86	18	and	and	CCONJ
fbem-12617	86	19	insurance	insurance	NOUN
fbem-12617	86	20	companies	company	NOUN
fbem-12617	86	21	;	;	PUNCT
fbem-12617	86	22	(	(	PUNCT
fbem-12617	86	23	2	2	X
fbem-12617	86	24	)	)	PUNCT
fbem-12617	86	25	excluding	exclude	VERB
fbem-12617	86	26	st	st	PROPN
fbem-12617	86	27	,	,	PUNCT
fbem-12617	86	28	*	*	PROPN
fbem-12617	86	29	st	st	PROPN
fbem-12617	86	30	,	,	PUNCT
fbem-12617	86	31	pt	pt	NOUN
fbem-12617	86	32	companies	company	NOUN
fbem-12617	86	33	;	;	PUNCT
fbem-12617	86	34	(	(	PUNCT
fbem-12617	86	35	3	3	X
fbem-12617	86	36	)	)	PUNCT
fbem-12617	86	37	excluding	exclude	VERB
fbem-12617	86	38	companies	company	NOUN
fbem-12617	86	39	with	with	ADP
fbem-12617	86	40	substantial	substantial	ADJ
fbem-12617	86	41	missing	missing	ADJ
fbem-12617	86	42	data	datum	NOUN
fbem-12617	86	43	.	.	PUNCT
fbem-12617	87	1	in	in	ADP
fbem-12617	87	2	order	order	NOUN
fbem-12617	87	3	to	to	PART
fbem-12617	87	4	exclude	exclude	VERB
fbem-12617	87	5	the	the	DET
fbem-12617	87	6	influence	influence	NOUN
fbem-12617	87	7	of	of	ADP
fbem-12617	87	8	outliers	outlier	NOUN
fbem-12617	87	9	,	,	PUNCT
fbem-12617	87	10	the	the	DET
fbem-12617	87	11	continuous	continuous	ADJ
fbem-12617	87	12	variables	variable	NOUN
fbem-12617	87	13	are	be	AUX
fbem-12617	87	14	subjected	subject	VERB
fbem-12617	87	15	to	to	PART
fbem-12617	87	16	winsorize	winsorize	VERB
fbem-12617	87	17	treatment	treatment	NOUN
fbem-12617	87	18	at	at	ADP
fbem-12617	87	19	the	the	DET
fbem-12617	87	20	1	1	NUM
fbem-12617	87	21	%	%	NOUN
fbem-12617	87	22	percentile	percentile	ADJ
fbem-12617	87	23	,	,	PUNCT
fbem-12617	87	24	and	and	CCONJ
fbem-12617	87	25	finally	finally	ADV
fbem-12617	87	26	9375	9375	NUM
fbem-12617	87	27	observations	observation	NOUN
fbem-12617	87	28	are	be	AUX
fbem-12617	87	29	obtained	obtain	VERB
fbem-12617	87	30	.	.	PUNCT
fbem-12617	88	1	the	the	DET
fbem-12617	88	2	related	relate	VERB
fbem-12617	88	3	financial	financial	ADJ
fbem-12617	88	4	data	datum	NOUN
fbem-12617	88	5	in	in	ADP
fbem-12617	88	6	this	this	DET
fbem-12617	88	7	paper	paper	NOUN
fbem-12617	88	8	comes	come	VERB
fbem-12617	88	9	from	from	ADP
fbem-12617	88	10	guotai'an	guotai'an	PROPN
fbem-12617	88	11	database	database	NOUN
fbem-12617	88	12	,	,	PUNCT
fbem-12617	88	13	the	the	DET
fbem-12617	88	14	original	original	ADJ
fbem-12617	88	15	data	datum	NOUN
fbem-12617	88	16	of	of	ADP
fbem-12617	88	17	the	the	DET
fbem-12617	88	18	digital	digital	ADJ
fbem-12617	88	19	economy	economy	NOUN
fbem-12617	88	20	calculation	calculation	NOUN
fbem-12617	88	21	comes	come	VERB
fbem-12617	88	22	from	from	ADP
fbem-12617	88	23	the	the	DET
fbem-12617	88	24	"	"	PUNCT
fbem-12617	88	25	china	china	PROPN
fbem-12617	88	26	city	city	PROPN
fbem-12617	88	27	statistical	statistical	ADJ
fbem-12617	88	28	yearbook	yearbook	NOUN
fbem-12617	88	29	"	"	PUNCT
fbem-12617	88	30	and	and	CCONJ
fbem-12617	88	31	the	the	DET
fbem-12617	88	32	beijing	beijing	PROPN
fbem-12617	88	33	university	university	PROPN
fbem-12617	88	34	digital	digital	PROPN
fbem-12617	88	35	inclusive	inclusive	PROPN
fbem-12617	88	36	finance	finance	PROPN
fbem-12617	88	37	index	index	NOUN
fbem-12617	88	38	,	,	PUNCT
fbem-12617	88	39	the	the	DET
fbem-12617	88	40	marketization	marketization	NOUN
fbem-12617	88	41	degree	degree	NOUN
fbem-12617	88	42	data	datum	NOUN
fbem-12617	88	43	comes	come	VERB
fbem-12617	88	44	from	from	ADP
fbem-12617	88	45	fan	fan	PROPN
fbem-12617	88	46	gang	gang	PROPN
fbem-12617	88	47	's	's	PART
fbem-12617	88	48	"	"	PUNCT
fbem-12617	88	49	china	china	PROPN
fbem-12617	88	50	marketization	marketization	PROPN
fbem-12617	88	51	index	index	NOUN
fbem-12617	88	52	report	report	NOUN
fbem-12617	88	53	"	"	PUNCT
fbem-12617	88	54	,	,	PUNCT
fbem-12617	88	55	and	and	CCONJ
fbem-12617	88	56	the	the	DET
fbem-12617	88	57	data	datum	NOUN
fbem-12617	88	58	analysis	analysis	NOUN
fbem-12617	88	59	and	and	CCONJ
fbem-12617	88	60	processing	processing	NOUN
fbem-12617	88	61	are	be	AUX
fbem-12617	88	62	all	all	PRON
fbem-12617	88	63	completed	complete	VERB
fbem-12617	88	64	using	use	VERB
fbem-12617	88	65	stata16	stata16	NOUN
fbem-12617	88	66	.	.	PUNCT
fbem-12617	89	1	4.2	4.2	NUM
fbem-12617	89	2	.	.	PUNCT
fbem-12617	90	1	variable	variable	ADJ
fbem-12617	90	2	description	description	NOUN
fbem-12617	90	3	dependent	dependent	ADJ
fbem-12617	90	4	variable	variable	NOUN
fbem-12617	90	5	:	:	PUNCT
fbem-12617	90	6	investment	investment	NOUN
fbem-12617	90	7	efficiency	efficiency	NOUN
fbem-12617	90	8	of	of	ADP
fbem-12617	90	9	manufacturing	manufacturing	NOUN
fbem-12617	90	10	firms	firm	NOUN
fbem-12617	90	11	(	(	PUNCT
fbem-12617	90	12	ei	ei	NOUN
fbem-12617	90	13	)	)	PUNCT
fbem-12617	90	14	.	.	PUNCT
fbem-12617	91	1	referencing	reference	VERB
fbem-12617	91	2	the	the	DET
fbem-12617	91	3	richardson	richardson	PROPN
fbem-12617	91	4	model[20	model[20	PROPN
fbem-12617	91	5	]	]	PUNCT
fbem-12617	91	6	,	,	PUNCT
fbem-12617	91	7	the	the	DET
fbem-12617	91	8	absolute	absolute	ADJ
fbem-12617	91	9	value	value	NOUN
fbem-12617	91	10	of	of	ADP
fbem-12617	91	11	the	the	DET
fbem-12617	91	12	regression	regression	NOUN
fbem-12617	91	13	residuals	residual	NOUN
fbem-12617	91	14	obtained	obtain	VERB
fbem-12617	91	15	is	be	AUX
fbem-12617	91	16	used	use	VERB
fbem-12617	91	17	as	as	ADP
fbem-12617	91	18	a	a	DET
fbem-12617	91	19	proxy	proxy	NOUN
fbem-12617	91	20	variable	variable	NOUN
fbem-12617	91	21	for	for	ADP
fbem-12617	91	22	investment	investment	NOUN
fbem-12617	91	23	efficiency	efficiency	NOUN
fbem-12617	91	24	,	,	PUNCT
fbem-12617	91	25	as	as	SCONJ
fbem-12617	91	26	shown	show	VERB
fbem-12617	91	27	in	in	ADP
fbem-12617	91	28	model	model	NOUN
fbem-12617	91	29	(	(	PUNCT
fbem-12617	91	30	1	1	NUM
fbem-12617	91	31	)	)	PUNCT
fbem-12617	91	32	.	.	PUNCT
fbem-12617	92	1	𝐼𝑛𝑣	𝐼𝑛𝑣	PROPN
fbem-12617	92	2	,	,	PUNCT
fbem-12617	92	3	𝛼	𝛼	VERB
fbem-12617	92	4	𝛼	𝛼	NOUN
fbem-12617	92	5	𝑄	𝑄	PROPN
fbem-12617	92	6	,	,	PUNCT
fbem-12617	92	7	𝛼	𝛼	DET
fbem-12617	92	8	𝐶𝐹	𝐶𝐹	PROPN
fbem-12617	92	9	,	,	PUNCT
fbem-12617	92	10	𝛼	𝛼	PROPN
fbem-12617	92	11	𝐴𝑔𝑒	𝐴𝑔𝑒	PROPN
fbem-12617	92	12	,	,	PUNCT
fbem-12617	92	13	𝛼	𝛼	PROPN
fbem-12617	92	14	𝐿𝑒𝑣	𝐿𝑒𝑣	PROPN
fbem-12617	92	15	,	,	PUNCT
fbem-12617	92	16	𝛼	𝛼	PROPN
fbem-12617	92	17	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-12617	92	18	,	,	PUNCT
fbem-12617	92	19	𝛼	𝛼	VERB
fbem-12617	92	20	𝑅𝑜𝑒	𝑅𝑜𝑒	PROPN
fbem-12617	92	21	,	,	PUNCT
fbem-12617	92	22	𝛼	𝛼	VERB
fbem-12617	92	23	𝐼𝑛𝑣	𝐼𝑛𝑣	PROPN
fbem-12617	92	24	,	,	PUNCT
fbem-12617	92	25	𝜇	𝜇	ADP
fbem-12617	92	26	𝛿	𝛿	PRON
fbem-12617	92	27	𝜀	𝜀	X
fbem-12617	92	28	,	,	PUNCT
fbem-12617	92	29	(	(	PUNCT
fbem-12617	92	30	1	1	X
fbem-12617	92	31	)	)	PUNCT
fbem-12617	92	32	here	here	ADV
fbem-12617	92	33	,	,	PUNCT
fbem-12617	92	34	𝑖	𝑖	PRON
fbem-12617	92	35	represents	represent	VERB
fbem-12617	92	36	each	each	DET
fbem-12617	92	37	listed	list	VERB
fbem-12617	92	38	company	company	NOUN
fbem-12617	92	39	,	,	PUNCT
fbem-12617	92	40	and	and	CCONJ
fbem-12617	92	41	𝑡	𝑡	PROPN
fbem-12617	92	42	represents	represent	VERB
fbem-12617	92	43	the	the	DET
fbem-12617	92	44	year	year	NOUN
fbem-12617	92	45	.	.	PUNCT
fbem-12617	93	1	𝐼𝑛𝑣	𝐼𝑛𝑣	PROPN
fbem-12617	93	2	is	be	AUX
fbem-12617	93	3	the	the	DET
fbem-12617	93	4	company	company	NOUN
fbem-12617	93	5	's	's	PART
fbem-12617	93	6	investment	investment	NOUN
fbem-12617	93	7	expenditure	expenditure	NOUN
fbem-12617	93	8	,	,	PUNCT
fbem-12617	93	9	defined	define	VERB
fbem-12617	93	10	as	as	ADP
fbem-12617	93	11	the	the	DET
fbem-12617	93	12	ratio	ratio	NOUN
fbem-12617	93	13	of	of	ADP
fbem-12617	93	14	the	the	DET
fbem-12617	93	15	net	net	ADJ
fbem-12617	93	16	cash	cash	NOUN
fbem-12617	93	17	after	after	SCONJ
fbem-12617	93	18	the	the	DET
fbem-12617	93	19	cash	cash	NOUN
fbem-12617	93	20	paid	pay	VERB
fbem-12617	93	21	for	for	ADP
fbem-12617	93	22	fixed	fix	VERB
fbem-12617	93	23	assets	asset	NOUN
fbem-12617	93	24	,	,	PUNCT
fbem-12617	93	25	intangible	intangible	ADJ
fbem-12617	93	26	assets	asset	NOUN
fbem-12617	93	27	,	,	PUNCT
fbem-12617	93	28	and	and	CCONJ
fbem-12617	93	29	other	other	ADJ
fbem-12617	93	30	long	long	ADJ
fbem-12617	93	31	-	-	PUNCT
fbem-12617	93	32	term	term	NOUN
fbem-12617	93	33	assets	asset	NOUN
fbem-12617	93	34	minus	minus	ADP
fbem-12617	93	35	the	the	DET
fbem-12617	93	36	cash	cash	NOUN
fbem-12617	93	37	recovered	recover	VERB
fbem-12617	93	38	from	from	ADP
fbem-12617	93	39	the	the	DET
fbem-12617	93	40	disposal	disposal	NOUN
fbem-12617	93	41	of	of	ADP
fbem-12617	93	42	fixed	fix	VERB
fbem-12617	93	43	assets	asset	NOUN
fbem-12617	93	44	,	,	PUNCT
fbem-12617	93	45	intangible	intangible	ADJ
fbem-12617	93	46	assets	asset	NOUN
fbem-12617	93	47	,	,	PUNCT
fbem-12617	93	48	and	and	CCONJ
fbem-12617	93	49	other	other	ADJ
fbem-12617	93	50	long	long	ADJ
fbem-12617	93	51	-	-	PUNCT
fbem-12617	93	52	term	term	NOUN
fbem-12617	93	53	assets	asset	NOUN
fbem-12617	93	54	to	to	ADP
fbem-12617	93	55	the	the	DET
fbem-12617	93	56	total	total	ADJ
fbem-12617	93	57	assets	asset	NOUN
fbem-12617	93	58	at	at	ADP
fbem-12617	93	59	the	the	DET
fbem-12617	93	60	end	end	NOUN
fbem-12617	93	61	of	of	ADP
fbem-12617	93	62	the	the	DET
fbem-12617	93	63	period	period	NOUN
fbem-12617	93	64	;	;	PUNCT
fbem-12617	93	65	𝑄	𝑄	PRON
fbem-12617	93	66	represents	represent	VERB
fbem-12617	93	67	the	the	DET
fbem-12617	93	68	company	company	NOUN
fbem-12617	93	69	's	's	PART
fbem-12617	93	70	investment	investment	NOUN
fbem-12617	93	71	opportunity	opportunity	NOUN
fbem-12617	93	72	in	in	ADP
fbem-12617	93	73	the	the	DET
fbem-12617	93	74	𝑡	𝑡	PROPN
fbem-12617	93	75	1	1	NUM
fbem-12617	93	76	year	year	NOUN
fbem-12617	93	77	,	,	PUNCT
fbem-12617	93	78	represented	represent	VERB
fbem-12617	93	79	by	by	ADP
fbem-12617	93	80	the	the	DET
fbem-12617	93	81	tobin	tobin	PROPN
fbem-12617	93	82	q	q	PROPN
fbem-12617	93	83	value	value	NOUN
fbem-12617	93	84	,	,	PUNCT
fbem-12617	93	85	𝐶𝐹	𝐶𝐹	PROPN
fbem-12617	93	86	is	be	AUX
fbem-12617	93	87	the	the	DET
fbem-12617	93	88	company	company	NOUN
fbem-12617	93	89	's	's	PART
fbem-12617	93	90	cash	cash	NOUN
fbem-12617	93	91	holding	holding	NOUN
fbem-12617	93	92	in	in	ADP
fbem-12617	93	93	the	the	DET
fbem-12617	93	94	𝑡	𝑡	PROPN
fbem-12617	93	95	1	1	NUM
fbem-12617	93	96	year	year	NOUN
fbem-12617	93	97	,	,	PUNCT
fbem-12617	93	98	age	age	NOUN
fbem-12617	93	99	is	be	AUX
fbem-12617	93	100	the	the	DET
fbem-12617	93	101	company	company	NOUN
fbem-12617	93	102	's	's	PART
fbem-12617	93	103	listing	list	VERB
fbem-12617	93	104	age	age	NOUN
fbem-12617	93	105	in	in	ADP
fbem-12617	93	106	the	the	DET
fbem-12617	93	107	t-1	t-1	PROPN
fbem-12617	93	108	year	year	NOUN
fbem-12617	93	109	,	,	PUNCT
fbem-12617	93	110	𝐿𝑒𝑣	𝐿𝑒𝑣	PROPN
fbem-12617	93	111	is	be	AUX
fbem-12617	93	112	the	the	DET
fbem-12617	93	113	debt	debt	NOUN
fbem-12617	93	114	-	-	PUNCT
fbem-12617	93	115	to	to	ADP
fbem-12617	93	116	-	-	PUNCT
fbem-12617	93	117	asset	asset	NOUN
fbem-12617	93	118	ratio	ratio	NOUN
fbem-12617	93	119	in	in	ADP
fbem-12617	93	120	the	the	DET
fbem-12617	93	121	𝑡	𝑡	PROPN
fbem-12617	93	122	1	1	NUM
fbem-12617	93	123	year	year	NOUN
fbem-12617	93	124	,	,	PUNCT
fbem-12617	93	125	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-12617	93	126	is	be	AUX
fbem-12617	93	127	the	the	DET
fbem-12617	93	128	natural	natural	ADJ
fbem-12617	93	129	logarithm	logarithm	NOUN
fbem-12617	93	130	of	of	ADP
fbem-12617	93	131	the	the	DET
fbem-12617	93	132	company	company	NOUN
fbem-12617	93	133	's	's	PART
fbem-12617	93	134	total	total	ADJ
fbem-12617	93	135	assets	asset	NOUN
fbem-12617	93	136	at	at	ADP
fbem-12617	93	137	the	the	DET
fbem-12617	93	138	end	end	NOUN
fbem-12617	93	139	of	of	ADP
fbem-12617	93	140	the	the	DET
fbem-12617	93	141	𝑡	𝑡	PROPN
fbem-12617	93	142	1	1	NUM
fbem-12617	93	143	year	year	NOUN
fbem-12617	93	144	,	,	PUNCT
fbem-12617	93	145	𝑅𝑜𝑒	𝑅𝑜𝑒	PROPN
fbem-12617	93	146	is	be	AUX
fbem-12617	93	147	the	the	DET
fbem-12617	93	148	company	company	NOUN
fbem-12617	93	149	's	's	PART
fbem-12617	93	150	return	return	NOUN
fbem-12617	93	151	on	on	ADP
fbem-12617	93	152	equity	equity	NOUN
fbem-12617	93	153	in	in	ADP
fbem-12617	93	154	the	the	DET
fbem-12617	93	155	𝑡	𝑡	PROPN
fbem-12617	93	156	1	1	NUM
fbem-12617	93	157	year	year	NOUN
fbem-12617	93	158	.	.	PUNCT
fbem-12617	94	1	in	in	ADP
fbem-12617	94	2	addition	addition	NOUN
fbem-12617	94	3	,	,	PUNCT
fbem-12617	94	4	year	year	NOUN
fbem-12617	94	5	and	and	CCONJ
fbem-12617	94	6	industry	industry	NOUN
fbem-12617	94	7	dummy	dummy	ADJ
fbem-12617	94	8	variables	variable	NOUN
fbem-12617	94	9	are	be	AUX
fbem-12617	94	10	introduced	introduce	VERB
fbem-12617	94	11	into	into	ADP
fbem-12617	94	12	the	the	DET
fbem-12617	94	13	model	model	NOUN
fbem-12617	94	14	to	to	PART
fbem-12617	94	15	control	control	VERB
fbem-12617	94	16	time	time	NOUN
fbem-12617	94	17	and	and	CCONJ
fbem-12617	94	18	industry	industry	NOUN
fbem-12617	94	19	effects	effect	NOUN
fbem-12617	94	20	,	,	PUNCT
fbem-12617	94	21	𝜀	𝜀	PROPN
fbem-12617	94	22	is	be	AUX
fbem-12617	94	23	the	the	DET
fbem-12617	94	24	model	model	NOUN
fbem-12617	94	25	residual	residual	ADJ
fbem-12617	94	26	,	,	PUNCT
fbem-12617	94	27	the	the	DET
fbem-12617	94	28	absolute	absolute	ADJ
fbem-12617	94	29	value	value	NOUN
fbem-12617	94	30	of	of	ADP
fbem-12617	94	31	the	the	DET
fbem-12617	94	32	residual	residual	ADJ
fbem-12617	94	33	represents	represent	VERB
fbem-12617	94	34	investment	investment	NOUN
fbem-12617	94	35	efficiency	efficiency	NOUN
fbem-12617	94	36	,	,	PUNCT
fbem-12617	94	37	the	the	PRON
fbem-12617	94	38	larger	large	ADJ
fbem-12617	94	39	the	the	DET
fbem-12617	94	40	residual	residual	ADJ
fbem-12617	94	41	,	,	PUNCT
fbem-12617	94	42	the	the	DET
fbem-12617	94	43	249	249	NUM
fbem-12617	94	44	more	more	ADJ
fbem-12617	94	45	the	the	DET
fbem-12617	94	46	investment	investment	NOUN
fbem-12617	94	47	level	level	NOUN
fbem-12617	94	48	deviates	deviate	VERB
fbem-12617	94	49	from	from	ADP
fbem-12617	94	50	the	the	DET
fbem-12617	94	51	optimal	optimal	ADJ
fbem-12617	94	52	investment	investment	NOUN
fbem-12617	94	53	state	state	NOUN
fbem-12617	94	54	,	,	PUNCT
fbem-12617	94	55	the	the	PRON
fbem-12617	94	56	lower	low	ADJ
fbem-12617	94	57	the	the	DET
fbem-12617	94	58	investment	investment	NOUN
fbem-12617	94	59	efficiency	efficiency	NOUN
fbem-12617	94	60	of	of	ADP
fbem-12617	94	61	the	the	DET
fbem-12617	94	62	enterprise	enterprise	NOUN
fbem-12617	94	63	.	.	PUNCT
fbem-12617	95	1	at	at	ADP
fbem-12617	95	2	the	the	DET
fbem-12617	95	3	same	same	ADJ
fbem-12617	95	4	time	time	NOUN
fbem-12617	95	5	,	,	PUNCT
fbem-12617	95	6	if	if	SCONJ
fbem-12617	95	7	the	the	DET
fbem-12617	95	8	residual	residual	ADJ
fbem-12617	95	9	is	be	AUX
fbem-12617	95	10	less	less	ADJ
fbem-12617	95	11	than	than	ADP
fbem-12617	95	12	0	0	NUM
fbem-12617	95	13	,	,	PUNCT
fbem-12617	95	14	the	the	DET
fbem-12617	95	15	company	company	NOUN
fbem-12617	95	16	is	be	AUX
fbem-12617	95	17	considered	consider	VERB
fbem-12617	95	18	to	to	PART
fbem-12617	95	19	be	be	AUX
fbem-12617	95	20	under	under	ADP
fbem-12617	95	21	-	-	PUNCT
fbem-12617	95	22	investing	investing	NOUN
fbem-12617	95	23	;	;	PUNCT
fbem-12617	95	24	if	if	SCONJ
fbem-12617	95	25	the	the	DET
fbem-12617	95	26	residual	residual	ADJ
fbem-12617	95	27	is	be	AUX
fbem-12617	95	28	greater	great	ADJ
fbem-12617	95	29	than	than	ADP
fbem-12617	95	30	0	0	NUM
fbem-12617	95	31	,	,	PUNCT
fbem-12617	95	32	the	the	DET
fbem-12617	95	33	company	company	NOUN
fbem-12617	95	34	is	be	AUX
fbem-12617	95	35	considered	consider	VERB
fbem-12617	95	36	to	to	PART
fbem-12617	95	37	be	be	AUX
fbem-12617	95	38	overinvesting	overinveste	VERB
fbem-12617	95	39	.	.	PUNCT
fbem-12617	96	1	in	in	ADP
fbem-12617	96	2	addition	addition	NOUN
fbem-12617	96	3	,	,	PUNCT
fbem-12617	96	4	this	this	DET
fbem-12617	96	5	paper	paper	NOUN
fbem-12617	96	6	also	also	ADV
fbem-12617	96	7	uses	use	VERB
fbem-12617	96	8	the	the	DET
fbem-12617	96	9	operating	operate	VERB
fbem-12617	96	10	income	income	NOUN
fbem-12617	96	11	growth	growth	NOUN
fbem-12617	96	12	rate	rate	NOUN
fbem-12617	96	13	as	as	ADP
fbem-12617	96	14	a	a	DET
fbem-12617	96	15	proxy	proxy	NOUN
fbem-12617	96	16	variable	variable	NOUN
fbem-12617	96	17	for	for	ADP
fbem-12617	96	18	investment	investment	NOUN
fbem-12617	96	19	opportunities	opportunity	NOUN
fbem-12617	96	20	,	,	PUNCT
fbem-12617	96	21	and	and	CCONJ
fbem-12617	96	22	uses	use	VERB
fbem-12617	96	23	the	the	DET
fbem-12617	96	24	same	same	ADJ
fbem-12617	96	25	model	model	NOUN
fbem-12617	96	26	to	to	PART
fbem-12617	96	27	obtain	obtain	VERB
fbem-12617	96	28	another	another	DET
fbem-12617	96	29	measurement	measurement	NOUN
fbem-12617	96	30	indicator	indicator	NOUN
fbem-12617	96	31	for	for	ADP
fbem-12617	96	32	investment	investment	NOUN
fbem-12617	96	33	efficiency	efficiency	NOUN
fbem-12617	96	34	(	(	PUNCT
fbem-12617	96	35	ei2	ei2	NOUN
fbem-12617	96	36	)	)	PUNCT
fbem-12617	96	37	.	.	PUNCT
fbem-12617	97	1	explanatory	explanatory	ADJ
fbem-12617	97	2	variable	variable	ADJ
fbem-12617	97	3	:	:	PUNCT
fbem-12617	97	4	level	level	NOUN
fbem-12617	97	5	of	of	ADP
fbem-12617	97	6	urban	urban	ADJ
fbem-12617	97	7	digital	digital	ADJ
fbem-12617	97	8	economic	economic	ADJ
fbem-12617	97	9	development	development	NOUN
fbem-12617	97	10	(	(	PUNCT
fbem-12617	97	11	dig	dig	PROPN
fbem-12617	97	12	)	)	PUNCT
fbem-12617	97	13	.	.	PUNCT
fbem-12617	98	1	considering	consider	VERB
fbem-12617	98	2	the	the	DET
fbem-12617	98	3	lag	lag	NOUN
fbem-12617	98	4	effect	effect	NOUN
fbem-12617	98	5	of	of	ADP
fbem-12617	98	6	digital	digital	ADJ
fbem-12617	98	7	economic	economic	ADJ
fbem-12617	98	8	development	development	NOUN
fbem-12617	98	9	on	on	ADP
fbem-12617	98	10	the	the	DET
fbem-12617	98	11	investment	investment	NOUN
fbem-12617	98	12	efficiency	efficiency	NOUN
fbem-12617	98	13	of	of	ADP
fbem-12617	98	14	the	the	DET
fbem-12617	98	15	manufacturing	manufacturing	NOUN
fbem-12617	98	16	industry	industry	NOUN
fbem-12617	98	17	,	,	PUNCT
fbem-12617	98	18	the	the	DET
fbem-12617	98	19	main	main	ADJ
fbem-12617	98	20	explanatory	explanatory	ADJ
fbem-12617	98	21	variable	variable	NOUN
fbem-12617	98	22	is	be	AUX
fbem-12617	98	23	treated	treat	VERB
fbem-12617	98	24	with	with	ADP
fbem-12617	98	25	a	a	DET
fbem-12617	98	26	one	one	NUM
fbem-12617	98	27	-	-	PUNCT
fbem-12617	98	28	period	period	NOUN
fbem-12617	98	29	lag	lag	NOUN
fbem-12617	98	30	(	(	PUNCT
fbem-12617	98	31	l.dig	l.dig	PROPN
fbem-12617	98	32	)	)	PUNCT
fbem-12617	98	33	.	.	PUNCT
fbem-12617	99	1	referring	refer	VERB
fbem-12617	99	2	to	to	ADP
fbem-12617	99	3	the	the	DET
fbem-12617	99	4	measurement	measurement	NOUN
fbem-12617	99	5	method	method	NOUN
fbem-12617	99	6	of	of	ADP
fbem-12617	99	7	the	the	DET
fbem-12617	99	8	digital	digital	ADJ
fbem-12617	99	9	economy	economy	NOUN
fbem-12617	99	10	index	index	NOUN
fbem-12617	99	11	by	by	ADP
fbem-12617	99	12	zhao	zhao	PROPN
fbem-12617	99	13	tao	tao	PROPN
fbem-12617	99	14	et	et	PROPN
fbem-12617	99	15	al	al	PROPN
fbem-12617	99	16	.	.	PROPN
fbem-12617	100	1	(	(	PUNCT
fbem-12617	100	2	2020	2020	NUM
fbem-12617	100	3	)	)	PUNCT
fbem-12617	100	4	,	,	PUNCT
fbem-12617	100	5	five	five	NUM
fbem-12617	100	6	dimensions	dimension	NOUN
fbem-12617	100	7	are	be	AUX
fbem-12617	100	8	selected	select	VERB
fbem-12617	100	9	to	to	PART
fbem-12617	100	10	measure	measure	VERB
fbem-12617	100	11	the	the	DET
fbem-12617	100	12	level	level	NOUN
fbem-12617	100	13	of	of	ADP
fbem-12617	100	14	digital	digital	ADJ
fbem-12617	100	15	economic	economic	ADJ
fbem-12617	100	16	development	development	NOUN
fbem-12617	100	17	:	:	PUNCT
fbem-12617	100	18	per	per	ADP
fbem-12617	100	19	capita	capita	X
fbem-12617	100	20	total	total	NOUN
fbem-12617	100	21	telecommunication	telecommunication	NOUN
fbem-12617	100	22	services	service	NOUN
fbem-12617	100	23	,	,	PUNCT
fbem-12617	100	24	number	number	NOUN
fbem-12617	100	25	of	of	ADP
fbem-12617	100	26	mobile	mobile	ADJ
fbem-12617	100	27	phone	phone	NOUN
fbem-12617	100	28	users	user	NOUN
fbem-12617	100	29	per	per	ADP
fbem-12617	100	30	hundred	hundred	NUM
fbem-12617	100	31	people	people	NOUN
fbem-12617	100	32	,	,	PUNCT
fbem-12617	100	33	the	the	DET
fbem-12617	100	34	proportion	proportion	NOUN
fbem-12617	100	35	of	of	ADP
fbem-12617	100	36	employees	employee	NOUN
fbem-12617	100	37	in	in	ADP
fbem-12617	100	38	computer	computer	NOUN
fbem-12617	100	39	services	service	NOUN
fbem-12617	100	40	and	and	CCONJ
fbem-12617	100	41	software	software	NOUN
fbem-12617	100	42	industries	industry	NOUN
fbem-12617	100	43	to	to	ADP
fbem-12617	100	44	urban	urban	ADJ
fbem-12617	100	45	unit	unit	NOUN
fbem-12617	100	46	employees	employee	NOUN
fbem-12617	100	47	,	,	PUNCT
fbem-12617	100	48	the	the	DET
fbem-12617	100	49	number	number	NOUN
fbem-12617	100	50	of	of	ADP
fbem-12617	100	51	broadband	broadband	NOUN
fbem-12617	100	52	internet	internet	NOUN
fbem-12617	100	53	access	access	NOUN
fbem-12617	100	54	users	user	NOUN
fbem-12617	100	55	per	per	ADP
fbem-12617	100	56	hundred	hundred	NUM
fbem-12617	100	57	people	people	NOUN
fbem-12617	100	58	,	,	PUNCT
fbem-12617	100	59	and	and	CCONJ
fbem-12617	100	60	the	the	DET
fbem-12617	100	61	china	china	PROPN
fbem-12617	100	62	digital	digital	PROPN
fbem-12617	100	63	financial	financial	PROPN
fbem-12617	100	64	inclusion	inclusion	PROPN
fbem-12617	100	65	index	index	NOUN
fbem-12617	100	66	.	.	PUNCT
fbem-12617	101	1	the	the	DET
fbem-12617	101	2	entropy	entropy	NOUN
fbem-12617	101	3	method	method	NOUN
fbem-12617	101	4	in	in	ADP
fbem-12617	101	5	the	the	DET
fbem-12617	101	6	objective	objective	ADJ
fbem-12617	101	7	weighting	weighting	NOUN
fbem-12617	101	8	method	method	NOUN
fbem-12617	101	9	is	be	AUX
fbem-12617	101	10	used	use	VERB
fbem-12617	101	11	to	to	PART
fbem-12617	101	12	weight	weight	VERB
fbem-12617	101	13	the	the	DET
fbem-12617	101	14	indicators	indicator	NOUN
fbem-12617	101	15	,	,	PUNCT
fbem-12617	101	16	and	and	CCONJ
fbem-12617	101	17	the	the	DET
fbem-12617	101	18	digital	digital	ADJ
fbem-12617	101	19	economic	economic	ADJ
fbem-12617	101	20	development	development	NOUN
fbem-12617	101	21	index	index	NOUN
fbem-12617	101	22	of	of	ADP
fbem-12617	101	23	the	the	DET
fbem-12617	101	24	prefecture	prefecture	NOUN
fbem-12617	101	25	-	-	PUNCT
fbem-12617	101	26	level	level	NOUN
fbem-12617	101	27	city	city	NOUN
fbem-12617	101	28	where	where	SCONJ
fbem-12617	101	29	the	the	DET
fbem-12617	101	30	manufacturing	manufacturing	NOUN
fbem-12617	101	31	listed	list	VERB
fbem-12617	101	32	company	company	NOUN
fbem-12617	101	33	is	be	AUX
fbem-12617	101	34	registered	register	VERB
fbem-12617	101	35	is	be	AUX
fbem-12617	101	36	selected	select	VERB
fbem-12617	101	37	as	as	ADP
fbem-12617	101	38	the	the	DET
fbem-12617	101	39	assessment	assessment	NOUN
fbem-12617	101	40	of	of	ADP
fbem-12617	101	41	the	the	DET
fbem-12617	101	42	external	external	ADJ
fbem-12617	101	43	digital	digital	ADJ
fbem-12617	101	44	economic	economic	ADJ
fbem-12617	101	45	development	development	NOUN
fbem-12617	101	46	level	level	NOUN
fbem-12617	101	47	of	of	ADP
fbem-12617	101	48	the	the	DET
fbem-12617	101	49	enterprise	enterprise	NOUN
fbem-12617	101	50	.	.	PUNCT
fbem-12617	102	1	since	since	SCONJ
fbem-12617	102	2	all	all	DET
fbem-12617	102	3	five	five	NUM
fbem-12617	102	4	dimensions	dimension	NOUN
fbem-12617	102	5	are	be	AUX
fbem-12617	102	6	positive	positive	ADJ
fbem-12617	102	7	promotion	promotion	NOUN
fbem-12617	102	8	indicator	indicator	NOUN
fbem-12617	102	9	data	data	PROPN
fbem-12617	102	10	,	,	PUNCT
fbem-12617	102	11	the	the	DET
fbem-12617	102	12	processing	processing	NOUN
fbem-12617	102	13	method	method	NOUN
fbem-12617	102	14	is	be	AUX
fbem-12617	102	15	as	as	SCONJ
fbem-12617	102	16	follows	follow	VERB
fbem-12617	102	17	.	.	PUNCT
fbem-12617	103	1	step	step	NOUN
fbem-12617	103	2	one	one	NUM
fbem-12617	103	3	,	,	PUNCT
fbem-12617	103	4	standardize	standardize	VERB
fbem-12617	103	5	the	the	DET
fbem-12617	103	6	positive	positive	ADJ
fbem-12617	103	7	indicators	indicator	NOUN
fbem-12617	103	8	.	.	PUNCT
fbem-12617	104	1	𝑟	𝑟	NOUN
fbem-12617	104	2	𝑋	𝑋	NOUN
fbem-12617	104	3	min	min	NOUN
fbem-12617	104	4	𝑋	𝑋	PROPN
fbem-12617	104	5	𝑚𝑎𝑥	𝑚𝑎𝑥	ADJ
fbem-12617	104	6	𝑋	𝑋	NOUN
fbem-12617	104	7	𝑚𝑖𝑛	𝑚𝑖𝑛	NOUN
fbem-12617	104	8	𝑋	𝑋	NOUN
fbem-12617	104	9	step	step	NOUN
fbem-12617	104	10	two	two	NUM
fbem-12617	104	11	,	,	PUNCT
fbem-12617	104	12	calculate	calculate	VERB
fbem-12617	104	13	the	the	DET
fbem-12617	104	14	proportion	proportion	NOUN
fbem-12617	104	15	of	of	ADP
fbem-12617	104	16	the	the	DET
fbem-12617	104	17	j	j	PROPN
fbem-12617	104	18	-	-	PUNCT
fbem-12617	104	19	th	th	PROPN
fbem-12617	104	20	indicator	indicator	NOUN
fbem-12617	104	21	in	in	ADP
fbem-12617	104	22	the	the	DET
fbem-12617	104	23	i	i	PROPN
fbem-12617	104	24	-	-	PUNCT
fbem-12617	104	25	th	th	NUM
fbem-12617	104	26	year	year	NOUN
fbem-12617	104	27	.	.	PUNCT
fbem-12617	105	1	𝑝	𝑝	X
fbem-12617	105	2	𝑟	𝑟	X
fbem-12617	105	3	∑	∑	PUNCT
fbem-12617	105	4	𝑟	𝑟	NOUN
fbem-12617	105	5	0	0	NUM
fbem-12617	105	6	𝑟	𝑟	NOUN
fbem-12617	105	7	1	1	NUM
fbem-12617	105	8	step	step	NOUN
fbem-12617	105	9	three	three	NUM
fbem-12617	105	10	,	,	PUNCT
fbem-12617	105	11	calculate	calculate	VERB
fbem-12617	105	12	the	the	DET
fbem-12617	105	13	entropy	entropy	NOUN
fbem-12617	105	14	weight	weight	NOUN
fbem-12617	105	15	of	of	ADP
fbem-12617	105	16	the	the	DET
fbem-12617	105	17	j	j	PROPN
fbem-12617	105	18	-	-	PUNCT
fbem-12617	105	19	th	th	NUM
fbem-12617	105	20	index	index	NOUN
fbem-12617	105	21	.	.	PUNCT
fbem-12617	106	1	𝑒	𝑒	X
fbem-12617	106	2	∑	∑	PUNCT
fbem-12617	106	3	∙	∙	PROPN
fbem-12617	106	4	in	in	ADP
fbem-12617	106	5	the	the	DET
fbem-12617	106	6	equation	equation	NOUN
fbem-12617	106	7	,	,	PUNCT
fbem-12617	106	8	the	the	DET
fbem-12617	106	9	constant	constant	ADJ
fbem-12617	106	10	k	k	PROPN
fbem-12617	106	11	is	be	AUX
fbem-12617	106	12	:	:	PUNCT
fbem-12617	106	13	k	k	PROPN
fbem-12617	106	14	1	1	NUM
fbem-12617	106	15	ln	ln	NOUN
fbem-12617	106	16	𝑚	𝑚	PROPN
fbem-12617	106	17	step	step	NOUN
fbem-12617	106	18	four	four	NUM
fbem-12617	106	19	,	,	PUNCT
fbem-12617	106	20	calculate	calculate	VERB
fbem-12617	106	21	the	the	DET
fbem-12617	106	22	information	information	NOUN
fbem-12617	106	23	utility	utility	NOUN
fbem-12617	106	24	value	value	NOUN
fbem-12617	106	25	d	d	NOUN
fbem-12617	106	26	for	for	ADP
fbem-12617	106	27	the	the	DET
fbem-12617	106	28	jth	jth	PROPN
fbem-12617	106	29	index	index	PROPN
fbem-12617	106	30	.	.	PUNCT
fbem-12617	107	1	𝑑	𝑑	PROPN
fbem-12617	107	2	1	1	NUM
fbem-12617	107	3	𝑒	𝑒	PROPN
fbem-12617	107	4	the	the	DET
fbem-12617	107	5	information	information	NOUN
fbem-12617	107	6	utility	utility	NOUN
fbem-12617	107	7	value	value	NOUN
fbem-12617	107	8	of	of	ADP
fbem-12617	107	9	an	an	DET
fbem-12617	107	10	index	index	NOUN
fbem-12617	107	11	depends	depend	VERB
fbem-12617	107	12	on	on	ADP
fbem-12617	107	13	the	the	DET
fbem-12617	107	14	difference	difference	NOUN
fbem-12617	107	15	between	between	ADP
fbem-12617	107	16	the	the	DET
fbem-12617	107	17	information	information	NOUN
fbem-12617	107	18	entropy	entropy	NOUN
fbem-12617	107	19	𝑒𝑗	𝑒𝑗	X
fbem-12617	107	20	of	of	ADP
fbem-12617	107	21	the	the	DET
fbem-12617	107	22	index	index	NOUN
fbem-12617	107	23	and	and	CCONJ
fbem-12617	107	24	1	1	NUM
fbem-12617	107	25	.	.	X
fbem-12617	108	1	its	its	PRON
fbem-12617	108	2	value	value	NOUN
fbem-12617	108	3	directly	directly	ADV
fbem-12617	108	4	affects	affect	VERB
fbem-12617	108	5	the	the	DET
fbem-12617	108	6	size	size	NOUN
fbem-12617	108	7	of	of	ADP
fbem-12617	108	8	the	the	DET
fbem-12617	108	9	weight	weight	NOUN
fbem-12617	108	10	.	.	PUNCT
fbem-12617	109	1	the	the	PRON
fbem-12617	109	2	larger	large	ADJ
fbem-12617	109	3	the	the	DET
fbem-12617	109	4	information	information	NOUN
fbem-12617	109	5	utility	utility	NOUN
fbem-12617	109	6	value	value	NOUN
fbem-12617	109	7	is	be	AUX
fbem-12617	109	8	,	,	PUNCT
fbem-12617	109	9	the	the	PRON
fbem-12617	109	10	greater	great	ADJ
fbem-12617	109	11	the	the	DET
fbem-12617	109	12	importance	importance	NOUN
fbem-12617	109	13	of	of	ADP
fbem-12617	109	14	the	the	DET
fbem-12617	109	15	evaluation	evaluation	NOUN
fbem-12617	109	16	is	be	AUX
fbem-12617	109	17	,	,	PUNCT
fbem-12617	109	18	and	and	CCONJ
fbem-12617	109	19	thus	thus	ADV
fbem-12617	109	20	the	the	DET
fbem-12617	109	21	larger	large	ADJ
fbem-12617	109	22	the	the	DET
fbem-12617	109	23	weight	weight	NOUN
fbem-12617	109	24	is	be	AUX
fbem-12617	109	25	.	.	PUNCT
fbem-12617	110	1	step	step	NOUN
fbem-12617	110	2	five	five	NUM
fbem-12617	110	3	,	,	PUNCT
fbem-12617	110	4	calculate	calculate	VERB
fbem-12617	110	5	the	the	DET
fbem-12617	110	6	weights	weight	NOUN
fbem-12617	110	7	of	of	ADP
fbem-12617	110	8	each	each	DET
fbem-12617	110	9	index	index	NOUN
fbem-12617	110	10	.	.	PUNCT
fbem-12617	111	1	𝑤	𝑤	AUX
fbem-12617	111	2	𝑑	𝑑	PROPN
fbem-12617	111	3	∑	∑	ADP
fbem-12617	111	4	𝑑	𝑑	PROPN
fbem-12617	111	5	step	step	NOUN
fbem-12617	111	6	six	six	NUM
fbem-12617	111	7	,	,	PUNCT
fbem-12617	111	8	calculate	calculate	VERB
fbem-12617	111	9	the	the	DET
fbem-12617	111	10	digital	digital	PROPN
fbem-12617	111	11	development	development	NOUN
fbem-12617	111	12	index	index	NOUN
fbem-12617	111	13	of	of	ADP
fbem-12617	111	14	each	each	DET
fbem-12617	111	15	prefecture	prefecture	NOUN
fbem-12617	111	16	-	-	PUNCT
fbem-12617	111	17	level	level	NOUN
fbem-12617	111	18	city	city	NOUN
fbem-12617	111	19	.	.	PUNCT
fbem-12617	112	1	𝑆	𝑆	PROPN
fbem-12617	112	2	𝑤	𝑤	ADP
fbem-12617	112	3	𝑟	𝑟	NOUN
fbem-12617	112	4	the	the	PRON
fbem-12617	112	5	higher	high	ADJ
fbem-12617	112	6	the	the	DET
fbem-12617	112	7	score	score	NOUN
fbem-12617	112	8	obtained	obtain	VERB
fbem-12617	112	9	,	,	PUNCT
fbem-12617	112	10	the	the	PRON
fbem-12617	112	11	higher	high	ADJ
fbem-12617	112	12	the	the	DET
fbem-12617	112	13	level	level	NOUN
fbem-12617	112	14	of	of	ADP
fbem-12617	112	15	digital	digital	ADJ
fbem-12617	112	16	economic	economic	ADJ
fbem-12617	112	17	development	development	NOUN
fbem-12617	112	18	in	in	ADP
fbem-12617	112	19	the	the	DET
fbem-12617	112	20	place	place	NOUN
fbem-12617	112	21	where	where	SCONJ
fbem-12617	112	22	the	the	DET
fbem-12617	112	23	enterprise	enterprise	NOUN
fbem-12617	112	24	is	be	AUX
fbem-12617	112	25	located	locate	VERB
fbem-12617	112	26	.	.	PUNCT
fbem-12617	113	1	moderating	moderate	VERB
fbem-12617	113	2	variable	variable	NOUN
fbem-12617	113	3	:	:	PUNCT
fbem-12617	113	4	this	this	DET
fbem-12617	113	5	paper	paper	NOUN
fbem-12617	113	6	selects	select	VERB
fbem-12617	113	7	the	the	DET
fbem-12617	113	8	degree	degree	NOUN
fbem-12617	113	9	of	of	ADP
fbem-12617	113	10	marketization	marketization	NOUN
fbem-12617	113	11	(	(	PUNCT
fbem-12617	113	12	mkt	mkt	PROPN
fbem-12617	113	13	)	)	PUNCT
fbem-12617	113	14	as	as	ADP
fbem-12617	113	15	a	a	DET
fbem-12617	113	16	moderating	moderate	VERB
fbem-12617	113	17	variable	variable	NOUN
fbem-12617	113	18	to	to	PART
fbem-12617	113	19	study	study	VERB
fbem-12617	113	20	the	the	DET
fbem-12617	113	21	moderating	moderate	VERB
fbem-12617	113	22	effect	effect	NOUN
fbem-12617	113	23	of	of	ADP
fbem-12617	113	24	digital	digital	ADJ
fbem-12617	113	25	economic	economic	ADJ
fbem-12617	113	26	development	development	NOUN
fbem-12617	113	27	on	on	ADP
fbem-12617	113	28	the	the	DET
fbem-12617	113	29	investment	investment	NOUN
fbem-12617	113	30	efficiency	efficiency	NOUN
fbem-12617	113	31	of	of	ADP
fbem-12617	113	32	manufacturing	manufacturing	NOUN
fbem-12617	113	33	enterprises	enterprise	NOUN
fbem-12617	113	34	.	.	PUNCT
fbem-12617	114	1	its	its	PRON
fbem-12617	114	2	data	data	NOUN
fbem-12617	114	3	comes	come	VERB
fbem-12617	114	4	from	from	ADP
fbem-12617	114	5	fan	fan	PROPN
fbem-12617	114	6	gang	gang	PROPN
fbem-12617	114	7	's	's	PART
fbem-12617	114	8	"	"	PUNCT
fbem-12617	114	9	china	china	PROPN
fbem-12617	114	10	marketization	marketization	PROPN
fbem-12617	114	11	index	index	NOUN
fbem-12617	114	12	report	report	NOUN
fbem-12617	114	13	"	"	PUNCT
fbem-12617	114	14	,	,	PUNCT
fbem-12617	114	15	but	but	CCONJ
fbem-12617	114	16	since	since	SCONJ
fbem-12617	114	17	the	the	DET
fbem-12617	114	18	official	official	ADJ
fbem-12617	114	19	data	datum	NOUN
fbem-12617	114	20	only	only	ADV
fbem-12617	114	21	goes	go	VERB
fbem-12617	114	22	up	up	ADP
fbem-12617	114	23	to	to	ADP
fbem-12617	114	24	2016	2016	NUM
fbem-12617	114	25	,	,	PUNCT
fbem-12617	114	26	the	the	DET
fbem-12617	114	27	data	datum	NOUN
fbem-12617	114	28	afterwards	afterwards	ADV
fbem-12617	114	29	is	be	AUX
fbem-12617	114	30	calculated	calculate	VERB
fbem-12617	114	31	based	base	VERB
fbem-12617	114	32	on	on	ADP
fbem-12617	114	33	the	the	DET
fbem-12617	114	34	average	average	ADJ
fbem-12617	114	35	growth	growth	NOUN
fbem-12617	114	36	rate	rate	NOUN
fbem-12617	114	37	of	of	ADP
fbem-12617	114	38	previous	previous	ADJ
fbem-12617	114	39	years	year	NOUN
fbem-12617	114	40	.	.	PUNCT
fbem-12617	115	1	at	at	ADP
fbem-12617	115	2	the	the	DET
fbem-12617	115	3	same	same	ADJ
fbem-12617	115	4	time	time	NOUN
fbem-12617	115	5	,	,	PUNCT
fbem-12617	115	6	the	the	DET
fbem-12617	115	7	marketization	marketization	NOUN
fbem-12617	115	8	index	index	NOUN
fbem-12617	115	9	of	of	ADP
fbem-12617	115	10	the	the	DET
fbem-12617	115	11	province	province	NOUN
fbem-12617	115	12	where	where	SCONJ
fbem-12617	115	13	the	the	DET
fbem-12617	115	14	listed	list	VERB
fbem-12617	115	15	manufacturing	manufacturing	NOUN
fbem-12617	115	16	company	company	NOUN
fbem-12617	115	17	is	be	AUX
fbem-12617	115	18	registered	register	VERB
fbem-12617	115	19	is	be	AUX
fbem-12617	115	20	used	use	VERB
fbem-12617	115	21	to	to	PART
fbem-12617	115	22	assess	assess	VERB
fbem-12617	115	23	the	the	DET
fbem-12617	115	24	degree	degree	NOUN
fbem-12617	115	25	of	of	ADP
fbem-12617	115	26	external	external	ADJ
fbem-12617	115	27	marketization	marketization	NOUN
fbem-12617	115	28	where	where	SCONJ
fbem-12617	115	29	the	the	DET
fbem-12617	115	30	company	company	NOUN
fbem-12617	115	31	is	be	AUX
fbem-12617	115	32	located	locate	VERB
fbem-12617	115	33	.	.	PUNCT
fbem-12617	116	1	the	the	PRON
fbem-12617	116	2	higher	high	ADJ
fbem-12617	116	3	the	the	DET
fbem-12617	116	4	score	score	NOUN
fbem-12617	116	5	,	,	PUNCT
fbem-12617	116	6	the	the	PRON
fbem-12617	116	7	higher	high	ADJ
fbem-12617	116	8	the	the	DET
fbem-12617	116	9	degree	degree	NOUN
fbem-12617	116	10	of	of	ADP
fbem-12617	116	11	marketization	marketization	NOUN
fbem-12617	116	12	where	where	SCONJ
fbem-12617	116	13	the	the	DET
fbem-12617	116	14	company	company	NOUN
fbem-12617	116	15	is	be	AUX
fbem-12617	116	16	located	locate	VERB
fbem-12617	116	17	.	.	PUNCT
fbem-12617	117	1	the	the	DET
fbem-12617	117	2	time	time	NOUN
fbem-12617	117	3	period	period	NOUN
fbem-12617	117	4	of	of	ADP
fbem-12617	117	5	the	the	DET
fbem-12617	117	6	moderating	moderate	VERB
fbem-12617	117	7	variable	variable	NOUN
fbem-12617	117	8	in	in	ADP
fbem-12617	117	9	this	this	DET
fbem-12617	117	10	paper	paper	NOUN
fbem-12617	117	11	is	be	AUX
fbem-12617	117	12	consistent	consistent	ADJ
fbem-12617	117	13	with	with	ADP
fbem-12617	117	14	the	the	DET
fbem-12617	117	15	core	core	ADJ
fbem-12617	117	16	explanatory	explanatory	ADJ
fbem-12617	117	17	variable	variable	NOUN
fbem-12617	117	18	,	,	PUNCT
fbem-12617	117	19	so	so	CCONJ
fbem-12617	117	20	it	it	PRON
fbem-12617	117	21	is	be	AUX
fbem-12617	117	22	lagged	lag	VERB
fbem-12617	117	23	by	by	ADP
fbem-12617	117	24	one	one	NUM
fbem-12617	117	25	period	period	NOUN
fbem-12617	117	26	(	(	PUNCT
fbem-12617	117	27	l.mkt	l.mkt	PROPN
fbem-12617	117	28	)	)	PUNCT
fbem-12617	117	29	.	.	PUNCT
fbem-12617	118	1	table	table	NOUN
fbem-12617	118	2	1	1	NUM
fbem-12617	118	3	.	.	PUNCT
fbem-12617	119	1	variable	variable	ADJ
fbem-12617	119	2	explanation	explanation	NOUN
fbem-12617	119	3	variables	variable	NOUN
fbem-12617	119	4	name	name	NOUN
fbem-12617	119	5	variables	variable	VERB
fbem-12617	119	6	symbol	symbol	NOUN
fbem-12617	119	7	definition	definition	NOUN
fbem-12617	119	8	investment	investment	NOUN
fbem-12617	119	9	efficiency	efficiency	NOUN
fbem-12617	119	10	of	of	ADP
fbem-12617	119	11	manufacturing	manufacturing	NOUN
fbem-12617	119	12	firms	firm	NOUN
fbem-12617	119	13	ei1(ei2	ei1(ei2	NOUN
fbem-12617	119	14	)	)	PUNCT
fbem-12617	119	15	model	model	NOUN
fbem-12617	119	16	(	(	PUNCT
fbem-12617	119	17	1	1	X
fbem-12617	119	18	)	)	PUNCT
fbem-12617	119	19	regression	regression	NOUN
fbem-12617	119	20	residuals	residual	NOUN
fbem-12617	119	21	,	,	PUNCT
fbem-12617	119	22	taking	take	VERB
fbem-12617	119	23	the	the	DET
fbem-12617	119	24	absolute	absolute	ADJ
fbem-12617	119	25	value	value	NOUN
fbem-12617	119	26	the	the	DET
fbem-12617	119	27	level	level	NOUN
fbem-12617	119	28	of	of	ADP
fbem-12617	119	29	digital	digital	ADJ
fbem-12617	119	30	economic	economic	ADJ
fbem-12617	119	31	development	development	NOUN
fbem-12617	119	32	dig	dig	AUX
fbem-12617	119	33	calculated	calculate	VERB
fbem-12617	119	34	using	use	VERB
fbem-12617	119	35	entropy	entropy	NOUN
fbem-12617	119	36	method	method	NOUN
fbem-12617	119	37	based	base	VERB
fbem-12617	119	38	on	on	ADP
fbem-12617	119	39	five	five	NUM
fbem-12617	119	40	dimensions	dimension	NOUN
fbem-12617	119	41	the	the	DET
fbem-12617	119	42	degree	degree	NOUN
fbem-12617	119	43	of	of	ADP
fbem-12617	119	44	marketization	marketization	NOUN
fbem-12617	119	45	mkt	mkt	PROPN
fbem-12617	119	46	fan	fan	PROPN
fbem-12617	119	47	gang	gang	PROPN
fbem-12617	119	48	's	's	PART
fbem-12617	119	49	"	"	PUNCT
fbem-12617	119	50	china	china	PROPN
fbem-12617	119	51	marketization	marketization	PROPN
fbem-12617	119	52	index	index	PROPN
fbem-12617	119	53	report	report	NOUN
fbem-12617	119	54	"	"	PUNCT
fbem-12617	119	55	company	company	NOUN
fbem-12617	119	56	size	size	NOUN
fbem-12617	119	57	size	size	NOUN
fbem-12617	119	58	the	the	DET
fbem-12617	119	59	natural	natural	ADJ
fbem-12617	119	60	logarithm	logarithm	NOUN
fbem-12617	119	61	of	of	ADP
fbem-12617	119	62	the	the	DET
fbem-12617	119	63	company	company	NOUN
fbem-12617	119	64	's	's	PART
fbem-12617	119	65	total	total	ADJ
fbem-12617	119	66	assets	asset	NOUN
fbem-12617	119	67	at	at	ADP
fbem-12617	119	68	the	the	DET
fbem-12617	119	69	end	end	NOUN
fbem-12617	119	70	of	of	ADP
fbem-12617	119	71	the	the	DET
fbem-12617	119	72	period	period	NOUN
fbem-12617	119	73	financial	financial	ADJ
fbem-12617	119	74	leverage	leverage	NOUN
fbem-12617	119	75	lev	lev	PROPN
fbem-12617	119	76	total	total	ADJ
fbem-12617	119	77	liabilities	liability	NOUN
fbem-12617	119	78	divided	divide	VERB
fbem-12617	119	79	by	by	ADP
fbem-12617	119	80	total	total	ADJ
fbem-12617	119	81	assets	asset	NOUN
fbem-12617	119	82	return	return	VERB
fbem-12617	119	83	on	on	ADP
fbem-12617	119	84	net	net	ADJ
fbem-12617	119	85	assets	asset	NOUN
fbem-12617	119	86	roa	roa	VERB
fbem-12617	119	87	the	the	DET
fbem-12617	119	88	proportion	proportion	NOUN
fbem-12617	119	89	of	of	ADP
fbem-12617	119	90	net	net	ADJ
fbem-12617	119	91	profit	profit	NOUN
fbem-12617	119	92	to	to	ADP
fbem-12617	119	93	the	the	DET
fbem-12617	119	94	total	total	ADJ
fbem-12617	119	95	asset	asset	NOUN
fbem-12617	119	96	equity	equity	NOUN
fbem-12617	119	97	concentration	concentration	NOUN
fbem-12617	119	98	share	share	VERB
fbem-12617	119	99	the	the	DET
fbem-12617	119	100	total	total	ADJ
fbem-12617	119	101	shareholding	shareholding	NOUN
fbem-12617	119	102	percentage	percentage	NOUN
fbem-12617	119	103	of	of	ADP
fbem-12617	119	104	the	the	DET
fbem-12617	119	105	top	top	ADJ
fbem-12617	119	106	ten	ten	NUM
fbem-12617	119	107	shareholders	shareholder	NOUN
fbem-12617	119	108	company	company	NOUN
fbem-12617	119	109	age	age	NOUN
fbem-12617	119	110	age	age	NOUN
fbem-12617	119	111	the	the	DET
fbem-12617	119	112	natural	natural	ADJ
fbem-12617	119	113	logarithm	logarithm	NOUN
fbem-12617	119	114	of	of	ADP
fbem-12617	119	115	the	the	DET
fbem-12617	119	116	number	number	NOUN
fbem-12617	119	117	of	of	ADP
fbem-12617	119	118	years	year	NOUN
fbem-12617	119	119	the	the	DET
fbem-12617	119	120	company	company	NOUN
fbem-12617	119	121	has	have	AUX
fbem-12617	119	122	been	be	AUX
fbem-12617	119	123	listed	list	VERB
fbem-12617	119	124	free	free	ADJ
fbem-12617	119	125	cash	cash	NOUN
fbem-12617	119	126	flow	flow	NOUN
fbem-12617	119	127	proportion	proportion	NOUN
fbem-12617	119	128	fcf	fcf	NOUN
fbem-12617	119	129	free	free	ADJ
fbem-12617	119	130	cash	cash	NOUN
fbem-12617	119	131	flow	flow	NOUN
fbem-12617	119	132	divided	divide	VERB
fbem-12617	119	133	by	by	ADP
fbem-12617	119	134	total	total	ADJ
fbem-12617	119	135	assets	asset	NOUN
fbem-12617	119	136	fixed	fix	VERB
fbem-12617	119	137	asset	asset	NOUN
fbem-12617	119	138	proportion	proportion	NOUN
fbem-12617	119	139	ppe	ppe	NOUN
fbem-12617	119	140	the	the	DET
fbem-12617	119	141	company	company	NOUN
fbem-12617	119	142	's	's	PART
fbem-12617	119	143	fixed	fix	VERB
fbem-12617	119	144	assets	asset	NOUN
fbem-12617	119	145	divided	divide	VERB
fbem-12617	119	146	by	by	ADP
fbem-12617	119	147	total	total	ADJ
fbem-12617	119	148	assets	asset	NOUN
fbem-12617	119	149	the	the	DET
fbem-12617	119	150	proportion	proportion	NOUN
fbem-12617	119	151	of	of	ADP
fbem-12617	119	152	executive	executive	ADJ
fbem-12617	119	153	shareholding	shareholding	NOUN
fbem-12617	119	154	mano	mano	PROPN
fbem-12617	119	155	the	the	DET
fbem-12617	119	156	number	number	NOUN
fbem-12617	119	157	of	of	ADP
fbem-12617	119	158	shares	share	NOUN
fbem-12617	119	159	held	hold	VERB
fbem-12617	119	160	by	by	ADP
fbem-12617	119	161	the	the	DET
fbem-12617	119	162	management	management	NOUN
fbem-12617	119	163	divided	divide	VERB
fbem-12617	119	164	by	by	ADP
fbem-12617	119	165	the	the	DET
fbem-12617	119	166	total	total	ADJ
fbem-12617	119	167	number	number	NOUN
fbem-12617	119	168	of	of	ADP
fbem-12617	119	169	company	company	NOUN
fbem-12617	119	170	shares	share	VERB
fbem-12617	119	171	stock	stock	NOUN
fbem-12617	119	172	return	return	NOUN
fbem-12617	119	173	rate	rate	NOUN
fbem-12617	119	174	ret	ret	PROPN
fbem-12617	119	175	the	the	DET
fbem-12617	119	176	annual	annual	ADJ
fbem-12617	119	177	return	return	NOUN
fbem-12617	119	178	rate	rate	NOUN
fbem-12617	119	179	of	of	ADP
fbem-12617	119	180	the	the	DET
fbem-12617	119	181	company	company	NOUN
fbem-12617	119	182	's	's	PART
fbem-12617	119	183	stock	stock	NOUN
fbem-12617	119	184	considering	consider	VERB
fbem-12617	119	185	the	the	DET
fbem-12617	119	186	reinvestment	reinvestment	NOUN
fbem-12617	119	187	of	of	ADP
fbem-12617	119	188	cash	cash	NOUN
fbem-12617	119	189	dividends	dividend	NOUN
fbem-12617	119	190	audit	audit	NOUN
fbem-12617	119	191	opinion	opinion	NOUN
fbem-12617	119	192	audit	audit	NOUN
fbem-12617	119	193	if	if	SCONJ
fbem-12617	119	194	the	the	DET
fbem-12617	119	195	audit	audit	NOUN
fbem-12617	119	196	opinion	opinion	NOUN
fbem-12617	119	197	on	on	ADP
fbem-12617	119	198	the	the	DET
fbem-12617	119	199	financial	financial	ADJ
fbem-12617	119	200	statements	statement	NOUN
fbem-12617	119	201	is	be	AUX
fbem-12617	119	202	a	a	DET
fbem-12617	119	203	standard	standard	ADJ
fbem-12617	119	204	unqualified	unqualified	ADJ
fbem-12617	119	205	opinion	opinion	NOUN
fbem-12617	119	206	,	,	PUNCT
fbem-12617	119	207	take	take	VERB
fbem-12617	119	208	0	0	NUM
fbem-12617	119	209	,	,	PUNCT
fbem-12617	119	210	otherwise	otherwise	ADV
fbem-12617	119	211	take	take	VERB
fbem-12617	119	212	1	1	NUM
fbem-12617	119	213	250	250	NUM
fbem-12617	119	214	control	control	NOUN
fbem-12617	119	215	variables	variable	NOUN
fbem-12617	119	216	:	:	PUNCT
fbem-12617	119	217	this	this	DET
fbem-12617	119	218	paper	paper	NOUN
fbem-12617	119	219	also	also	ADV
fbem-12617	119	220	selects	select	VERB
fbem-12617	119	221	a	a	DET
fbem-12617	119	222	series	series	NOUN
fbem-12617	119	223	of	of	ADP
fbem-12617	119	224	other	other	ADJ
fbem-12617	119	225	characteristics	characteristic	NOUN
fbem-12617	119	226	of	of	ADP
fbem-12617	119	227	enterprises	enterprise	NOUN
fbem-12617	119	228	at	at	ADP
fbem-12617	119	229	the	the	DET
fbem-12617	119	230	micro	micro	ADJ
fbem-12617	119	231	level	level	NOUN
fbem-12617	119	232	as	as	ADP
fbem-12617	119	233	control	control	NOUN
fbem-12617	119	234	variables	variable	NOUN
fbem-12617	119	235	to	to	PART
fbem-12617	119	236	control	control	VERB
fbem-12617	119	237	the	the	DET
fbem-12617	119	238	potential	potential	ADJ
fbem-12617	119	239	factors	factor	NOUN
fbem-12617	119	240	that	that	PRON
fbem-12617	119	241	may	may	AUX
fbem-12617	119	242	cause	cause	VERB
fbem-12617	119	243	the	the	DET
fbem-12617	119	244	investment	investment	NOUN
fbem-12617	119	245	efficiency	efficiency	NOUN
fbem-12617	119	246	of	of	ADP
fbem-12617	119	247	enterprises	enterprise	NOUN
fbem-12617	119	248	.	.	PUNCT
fbem-12617	120	1	the	the	DET
fbem-12617	120	2	following	follow	VERB
fbem-12617	120	3	control	control	NOUN
fbem-12617	120	4	variables	variable	NOUN
fbem-12617	120	5	are	be	AUX
fbem-12617	120	6	included	include	VERB
fbem-12617	120	7	:	:	PUNCT
fbem-12617	120	8	company	company	NOUN
fbem-12617	120	9	size	size	NOUN
fbem-12617	120	10	(	(	PUNCT
fbem-12617	120	11	size	size	NOUN
fbem-12617	120	12	)	)	PUNCT
fbem-12617	120	13	,	,	PUNCT
fbem-12617	120	14	financial	financial	ADJ
fbem-12617	120	15	leverage	leverage	NOUN
fbem-12617	120	16	(	(	PUNCT
fbem-12617	120	17	lev	lev	NOUN
fbem-12617	120	18	)	)	PUNCT
fbem-12617	120	19	,	,	PUNCT
fbem-12617	120	20	return	return	VERB
fbem-12617	120	21	on	on	ADP
fbem-12617	120	22	net	net	ADJ
fbem-12617	120	23	assets	asset	NOUN
fbem-12617	120	24	(	(	PUNCT
fbem-12617	120	25	roa	roa	NOUN
fbem-12617	120	26	)	)	PUNCT
fbem-12617	120	27	,	,	PUNCT
fbem-12617	120	28	equity	equity	NOUN
fbem-12617	120	29	concentration	concentration	NOUN
fbem-12617	120	30	(	(	PUNCT
fbem-12617	120	31	share	share	NOUN
fbem-12617	120	32	)	)	PUNCT
fbem-12617	120	33	,	,	PUNCT
fbem-12617	120	34	company	company	NOUN
fbem-12617	120	35	age	age	NOUN
fbem-12617	120	36	(	(	PUNCT
fbem-12617	120	37	age	age	NOUN
fbem-12617	120	38	)	)	PUNCT
fbem-12617	120	39	,	,	PUNCT
fbem-12617	120	40	free	free	ADJ
fbem-12617	120	41	cash	cash	NOUN
fbem-12617	120	42	flow	flow	NOUN
fbem-12617	120	43	proportion	proportion	NOUN
fbem-12617	120	44	(	(	PUNCT
fbem-12617	120	45	fcf	fcf	NOUN
fbem-12617	120	46	)	)	PUNCT
fbem-12617	120	47	,	,	PUNCT
fbem-12617	120	48	fixed	fix	VERB
fbem-12617	120	49	asset	asset	NOUN
fbem-12617	120	50	proportion	proportion	NOUN
fbem-12617	120	51	(	(	PUNCT
fbem-12617	120	52	ppe	ppe	PROPN
fbem-12617	120	53	)	)	PUNCT
fbem-12617	120	54	,	,	PUNCT
fbem-12617	120	55	the	the	DET
fbem-12617	120	56	proportion	proportion	NOUN
fbem-12617	120	57	of	of	ADP
fbem-12617	120	58	executive	executive	ADJ
fbem-12617	120	59	shareholding	shareholding	NOUN
fbem-12617	120	60	(	(	PUNCT
fbem-12617	120	61	mano	mano	PROPN
fbem-12617	120	62	)	)	PUNCT
fbem-12617	120	63	,	,	PUNCT
fbem-12617	120	64	stock	stock	NOUN
fbem-12617	120	65	return	return	NOUN
fbem-12617	120	66	rate	rate	NOUN
fbem-12617	120	67	(	(	PUNCT
fbem-12617	120	68	ret	ret	NOUN
fbem-12617	120	69	)	)	PUNCT
fbem-12617	120	70	and	and	CCONJ
fbem-12617	120	71	audit	audit	NOUN
fbem-12617	120	72	opinion	opinion	NOUN
fbem-12617	120	73	(	(	PUNCT
fbem-12617	120	74	audit	audit	NOUN
fbem-12617	120	75	)	)	PUNCT
fbem-12617	120	76	.	.	PUNCT
fbem-12617	121	1	the	the	DET
fbem-12617	121	2	definitions	definition	NOUN
fbem-12617	121	3	of	of	ADP
fbem-12617	121	4	the	the	DET
fbem-12617	121	5	main	main	ADJ
fbem-12617	121	6	variables	variable	NOUN
fbem-12617	121	7	are	be	AUX
fbem-12617	121	8	shown	show	VERB
fbem-12617	121	9	in	in	ADP
fbem-12617	121	10	table	table	NOUN
fbem-12617	121	11	1	1	NUM
fbem-12617	121	12	.	.	SYM
fbem-12617	121	13	5	5	NUM
fbem-12617	121	14	.	.	PUNCT
fbem-12617	121	15	model	model	PROPN
fbem-12617	121	16	building	building	NOUN
fbem-12617	121	17	to	to	PART
fbem-12617	121	18	test	test	VERB
fbem-12617	121	19	the	the	DET
fbem-12617	121	20	impact	impact	NOUN
fbem-12617	121	21	of	of	ADP
fbem-12617	121	22	digital	digital	ADJ
fbem-12617	121	23	economic	economic	ADJ
fbem-12617	121	24	development	development	NOUN
fbem-12617	121	25	on	on	ADP
fbem-12617	121	26	the	the	DET
fbem-12617	121	27	investment	investment	NOUN
fbem-12617	121	28	efficiency	efficiency	NOUN
fbem-12617	121	29	of	of	ADP
fbem-12617	121	30	manufacturing	manufacturing	NOUN
fbem-12617	121	31	companies	company	NOUN
fbem-12617	121	32	,	,	PUNCT
fbem-12617	121	33	this	this	DET
fbem-12617	121	34	paper	paper	NOUN
fbem-12617	121	35	builds	build	VERB
fbem-12617	121	36	a	a	DET
fbem-12617	121	37	basic	basic	ADJ
fbem-12617	121	38	model	model	NOUN
fbem-12617	121	39	(	(	PUNCT
fbem-12617	121	40	2	2	X
fbem-12617	121	41	)	)	PUNCT
fbem-12617	121	42	using	use	VERB
fbem-12617	121	43	a	a	DET
fbem-12617	121	44	panel	panel	NOUN
fbem-12617	121	45	double	double	ADV
fbem-12617	121	46	fixed	fix	VERB
fbem-12617	121	47	effect	effect	NOUN
fbem-12617	121	48	model	model	NOUN
fbem-12617	121	49	.	.	PUNCT
fbem-12617	122	1	it	it	PRON
fbem-12617	122	2	also	also	ADV
fbem-12617	122	3	explores	explore	VERB
fbem-12617	122	4	the	the	DET
fbem-12617	122	5	moderating	moderate	VERB
fbem-12617	122	6	effect	effect	NOUN
fbem-12617	122	7	of	of	ADP
fbem-12617	122	8	the	the	DET
fbem-12617	122	9	degree	degree	NOUN
fbem-12617	122	10	of	of	ADP
fbem-12617	122	11	marketization	marketization	NOUN
fbem-12617	122	12	on	on	ADP
fbem-12617	122	13	the	the	DET
fbem-12617	122	14	relationship	relationship	NOUN
fbem-12617	122	15	between	between	ADP
fbem-12617	122	16	digital	digital	ADJ
fbem-12617	122	17	economy	economy	NOUN
fbem-12617	122	18	and	and	CCONJ
fbem-12617	122	19	the	the	DET
fbem-12617	122	20	investment	investment	NOUN
fbem-12617	122	21	efficiency	efficiency	NOUN
fbem-12617	122	22	of	of	ADP
fbem-12617	122	23	manufacturing	manufacturing	NOUN
fbem-12617	122	24	companies	company	NOUN
fbem-12617	122	25	.	.	PUNCT
fbem-12617	123	1	this	this	DET
fbem-12617	123	2	paper	paper	NOUN
fbem-12617	123	3	refers	refer	VERB
fbem-12617	123	4	to	to	ADP
fbem-12617	123	5	the	the	DET
fbem-12617	123	6	moderating	moderate	VERB
fbem-12617	123	7	effect	effect	NOUN
fbem-12617	123	8	model	model	NOUN
fbem-12617	123	9	proposed	propose	VERB
fbem-12617	123	10	by	by	ADP
fbem-12617	123	11	wen	wen	PROPN
fbem-12617	123	12	zhonglin	zhonglin	PROPN
fbem-12617	123	13	for	for	ADP
fbem-12617	123	14	analysis	analysis	NOUN
fbem-12617	123	15	[	[	X
fbem-12617	123	16	21	21	NUM
fbem-12617	123	17	]	]	PUNCT
fbem-12617	123	18	,	,	PUNCT
fbem-12617	123	19	and	and	CCONJ
fbem-12617	123	20	includes	include	VERB
fbem-12617	123	21	the	the	DET
fbem-12617	123	22	moderating	moderate	VERB
fbem-12617	123	23	variable	variable	NOUN
fbem-12617	123	24	and	and	CCONJ
fbem-12617	123	25	the	the	DET
fbem-12617	123	26	product	product	NOUN
fbem-12617	123	27	of	of	ADP
fbem-12617	123	28	the	the	DET
fbem-12617	123	29	moderating	moderate	VERB
fbem-12617	123	30	variable	variable	NOUN
fbem-12617	123	31	and	and	CCONJ
fbem-12617	123	32	the	the	DET
fbem-12617	123	33	explanatory	explanatory	ADJ
fbem-12617	123	34	variable	variable	NOUN
fbem-12617	123	35	in	in	ADP
fbem-12617	123	36	model	model	NOUN
fbem-12617	123	37	(	(	PUNCT
fbem-12617	123	38	2	2	NUM
fbem-12617	123	39	)	)	PUNCT
fbem-12617	123	40	,	,	PUNCT
fbem-12617	123	41	and	and	CCONJ
fbem-12617	123	42	builds	build	VERB
fbem-12617	123	43	the	the	DET
fbem-12617	123	44	basic	basic	ADJ
fbem-12617	123	45	model	model	NOUN
fbem-12617	123	46	(	(	PUNCT
fbem-12617	123	47	3	3	NUM
fbem-12617	123	48	)	)	PUNCT
fbem-12617	123	49	.	.	PUNCT
fbem-12617	124	1	the	the	DET
fbem-12617	124	2	model	model	NOUN
fbem-12617	124	3	is	be	AUX
fbem-12617	124	4	set	set	VERB
fbem-12617	124	5	as	as	SCONJ
fbem-12617	124	6	follows	follow	VERB
fbem-12617	124	7	:	:	PUNCT
fbem-12617	124	8	𝐸𝐼	𝐸𝐼	PROPN
fbem-12617	124	9	,	,	PUNCT
fbem-12617	125	1	𝛽	𝛽	NOUN
fbem-12617	125	2	𝛽	𝛽	PROPN
fbem-12617	125	3	𝐷𝑖𝑔	𝐷𝑖𝑔	PROPN
fbem-12617	125	4	,	,	PUNCT
fbem-12617	125	5	𝛽	𝛽	PROPN
fbem-12617	125	6	𝑐𝑜𝑛𝑡𝑟𝑜𝑙	𝑐𝑜𝑛𝑡𝑟𝑜𝑙	NOUN
fbem-12617	125	7	,	,	PUNCT
fbem-12617	125	8	𝜇	𝜇	ADP
fbem-12617	125	9	𝛿	𝛿	PRON
fbem-12617	125	10	𝜀	𝜀	X
fbem-12617	125	11	,	,	PUNCT
fbem-12617	125	12	(	(	PUNCT
fbem-12617	125	13	2	2	X
fbem-12617	125	14	)	)	PUNCT
fbem-12617	125	15	𝐸𝐼	𝐸𝐼	PROPN
fbem-12617	125	16	,	,	PUNCT
fbem-12617	125	17	𝛾	𝛾	NOUN
fbem-12617	125	18	𝛾	𝛾	NOUN
fbem-12617	125	19	𝐷𝑖𝑔	𝐷𝑖𝑔	ADV
fbem-12617	125	20	,	,	PUNCT
fbem-12617	125	21	𝛾	𝛾	PROPN
fbem-12617	125	22	𝑀	𝑀	PROPN
fbem-12617	125	23	,	,	PUNCT
fbem-12617	125	24	𝛾	𝛾	PROPN
fbem-12617	125	25	𝐷𝑖𝑔	𝐷𝑖𝑔	PROPN
fbem-12617	125	26	,	,	PUNCT
fbem-12617	125	27	∗	∗	NOUN
fbem-12617	125	28	𝑀	𝑀	PROPN
fbem-12617	125	29	,	,	PUNCT
fbem-12617	125	30	𝛾	𝛾	PROPN
fbem-12617	125	31	𝑐𝑜𝑛𝑡𝑟𝑜𝑙	𝑐𝑜𝑛𝑡𝑟𝑜𝑙	NOUN
fbem-12617	125	32	,	,	PUNCT
fbem-12617	125	33	𝜇	𝜇	ADP
fbem-12617	125	34	𝛿	𝛿	PRON
fbem-12617	125	35	𝜀	𝜀	X
fbem-12617	125	36	,	,	PUNCT
fbem-12617	125	37	(	(	PUNCT
fbem-12617	125	38	3	3	X
fbem-12617	125	39	)	)	PUNCT
fbem-12617	125	40	in	in	ADP
fbem-12617	125	41	the	the	DET
fbem-12617	125	42	model	model	NOUN
fbem-12617	125	43	,	,	PUNCT
fbem-12617	125	44	𝑖	𝑖	PRON
fbem-12617	125	45	represents	represent	VERB
fbem-12617	125	46	the	the	DET
fbem-12617	125	47	company	company	NOUN
fbem-12617	125	48	,	,	PUNCT
fbem-12617	125	49	𝑡	𝑡	PROPN
fbem-12617	125	50	represents	represent	VERB
fbem-12617	125	51	time	time	NOUN
fbem-12617	125	52	,	,	PUNCT
fbem-12617	125	53	𝑗	𝑗	INTJ
fbem-12617	125	54	represents	represent	VERB
fbem-12617	125	55	the	the	DET
fbem-12617	125	56	prefecture	prefecture	NOUN
fbem-12617	125	57	-	-	PUNCT
fbem-12617	125	58	level	level	NOUN
fbem-12617	125	59	city	city	NOUN
fbem-12617	125	60	where	where	SCONJ
fbem-12617	125	61	the	the	DET
fbem-12617	125	62	company	company	NOUN
fbem-12617	125	63	is	be	AUX
fbem-12617	125	64	located	locate	VERB
fbem-12617	125	65	,	,	PUNCT
fbem-12617	125	66	𝐸𝐼	𝐸𝐼	PROPN
fbem-12617	125	67	,	,	PUNCT
fbem-12617	125	68	represents	represent	VERB
fbem-12617	125	69	the	the	DET
fbem-12617	125	70	investment	investment	NOUN
fbem-12617	125	71	efficiency	efficiency	NOUN
fbem-12617	125	72	of	of	ADP
fbem-12617	125	73	the	the	DET
fbem-12617	125	74	company	company	NOUN
fbem-12617	125	75	,	,	PUNCT
fbem-12617	125	76	𝐷𝑖𝑔	𝐷𝑖𝑔	PROPN
fbem-12617	125	77	,	,	PUNCT
fbem-12617	125	78	represents	represent	VERB
fbem-12617	125	79	the	the	DET
fbem-12617	125	80	digital	digital	ADJ
fbem-12617	125	81	economy	economy	NOUN
fbem-12617	125	82	development	development	NOUN
fbem-12617	125	83	index	index	NOUN
fbem-12617	125	84	of	of	ADP
fbem-12617	125	85	the	the	DET
fbem-12617	125	86	prefecture	prefecture	NOUN
fbem-12617	125	87	-	-	PUNCT
fbem-12617	125	88	level	level	NOUN
fbem-12617	125	89	city	city	NOUN
fbem-12617	125	90	in	in	ADP
fbem-12617	125	91	the	the	DET
fbem-12617	125	92	previous	previous	ADJ
fbem-12617	125	93	period	period	NOUN
fbem-12617	125	94	,	,	PUNCT
fbem-12617	125	95	and	and	CCONJ
fbem-12617	125	96	𝑀	𝑀	PROPN
fbem-12617	125	97	,	,	PUNCT
fbem-12617	125	98	represents	represent	VERB
fbem-12617	125	99	the	the	DET
fbem-12617	125	100	moderating	moderate	VERB
fbem-12617	125	101	variable	variable	NOUN
fbem-12617	125	102	in	in	ADP
fbem-12617	125	103	the	the	DET
fbem-12617	125	104	previous	previous	ADJ
fbem-12617	125	105	period	period	NOUN
fbem-12617	125	106	.	.	PUNCT
fbem-12617	126	1	𝑐𝑜𝑛𝑡𝑟𝑜𝑙	𝑐𝑜𝑛𝑡𝑟𝑜𝑙	NOUN
fbem-12617	126	2	,	,	PUNCT
fbem-12617	126	3	represents	represent	VERB
fbem-12617	126	4	control	control	NOUN
fbem-12617	126	5	variables	variable	NOUN
fbem-12617	126	6	at	at	ADP
fbem-12617	126	7	the	the	DET
fbem-12617	126	8	micro	micro	ADJ
fbem-12617	126	9	level	level	NOUN
fbem-12617	126	10	,	,	PUNCT
fbem-12617	126	11	𝜇	𝜇	ADP
fbem-12617	126	12	represents	represent	VERB
fbem-12617	126	13	the	the	DET
fbem-12617	126	14	company	company	NOUN
fbem-12617	126	15	's	's	PART
fbem-12617	126	16	fixed	fix	VERB
fbem-12617	126	17	effects	effect	NOUN
fbem-12617	126	18	,	,	PUNCT
fbem-12617	126	19	𝛿	𝛿	PROPN
fbem-12617	126	20	represents	represent	VERB
fbem-12617	126	21	the	the	DET
fbem-12617	126	22	time	time	NOUN
fbem-12617	126	23	fixed	fix	VERB
fbem-12617	126	24	effects	effect	NOUN
fbem-12617	126	25	,	,	PUNCT
fbem-12617	126	26	and	and	CCONJ
fbem-12617	126	27	𝜀	𝜀	PROPN
fbem-12617	126	28	,	,	PUNCT
fbem-12617	126	29	represents	represent	VERB
fbem-12617	126	30	the	the	DET
fbem-12617	126	31	random	random	ADJ
fbem-12617	126	32	disturbance	disturbance	NOUN
fbem-12617	126	33	term	term	NOUN
fbem-12617	126	34	.	.	PUNCT
fbem-12617	127	1	𝛽	𝛽	NOUN
fbem-12617	127	2	in	in	ADP
fbem-12617	127	3	model	model	NOUN
fbem-12617	127	4	(	(	PUNCT
fbem-12617	127	5	2	2	NUM
fbem-12617	127	6	)	)	PUNCT
fbem-12617	127	7	represents	represent	VERB
fbem-12617	127	8	how	how	SCONJ
fbem-12617	127	9	the	the	DET
fbem-12617	127	10	digital	digital	ADJ
fbem-12617	127	11	economy	economy	NOUN
fbem-12617	127	12	affects	affect	VERB
fbem-12617	127	13	the	the	DET
fbem-12617	127	14	company	company	NOUN
fbem-12617	127	15	's	's	PART
fbem-12617	127	16	investment	investment	NOUN
fbem-12617	127	17	efficiency	efficiency	NOUN
fbem-12617	127	18	,	,	PUNCT
fbem-12617	127	19	and	and	CCONJ
fbem-12617	127	20	𝛾	𝛾	X
fbem-12617	127	21	in	in	ADP
fbem-12617	127	22	model	model	NOUN
fbem-12617	127	23	(	(	PUNCT
fbem-12617	127	24	3	3	NUM
fbem-12617	127	25	)	)	PUNCT
fbem-12617	127	26	represents	represent	VERB
fbem-12617	127	27	the	the	DET
fbem-12617	127	28	moderating	moderate	VERB
fbem-12617	127	29	effect	effect	NOUN
fbem-12617	127	30	of	of	ADP
fbem-12617	127	31	the	the	DET
fbem-12617	127	32	moderating	moderate	VERB
fbem-12617	127	33	variable	variable	NOUN
fbem-12617	127	34	.	.	PUNCT
fbem-12617	128	1	6	6	X
fbem-12617	128	2	.	.	X
fbem-12617	128	3	empirical	empirical	ADJ
fbem-12617	128	4	test	test	NOUN
fbem-12617	128	5	6.1	6.1	NUM
fbem-12617	128	6	.	.	PUNCT
fbem-12617	129	1	descriptive	descriptive	ADJ
fbem-12617	129	2	statistics	statistic	NOUN
fbem-12617	129	3	table	table	NOUN
fbem-12617	129	4	2	2	NUM
fbem-12617	129	5	reports	report	VERB
fbem-12617	129	6	the	the	DET
fbem-12617	129	7	descriptive	descriptive	ADJ
fbem-12617	129	8	statistics	statistic	NOUN
fbem-12617	129	9	of	of	ADP
fbem-12617	129	10	the	the	DET
fbem-12617	129	11	main	main	ADJ
fbem-12617	129	12	variables	variable	NOUN
fbem-12617	129	13	.	.	PUNCT
fbem-12617	130	1	from	from	ADP
fbem-12617	130	2	table	table	NOUN
fbem-12617	130	3	2	2	NUM
fbem-12617	130	4	,	,	PUNCT
fbem-12617	130	5	it	it	PRON
fbem-12617	130	6	can	can	AUX
fbem-12617	130	7	be	be	AUX
fbem-12617	130	8	seen	see	VERB
fbem-12617	130	9	that	that	SCONJ
fbem-12617	130	10	the	the	DET
fbem-12617	130	11	average	average	ADJ
fbem-12617	130	12	value	value	NOUN
fbem-12617	130	13	of	of	ADP
fbem-12617	130	14	ei1	ei1	PROPN
fbem-12617	130	15	is	be	AUX
fbem-12617	130	16	0.042	0.042	NUM
fbem-12617	130	17	,	,	PUNCT
fbem-12617	130	18	and	and	CCONJ
fbem-12617	130	19	the	the	DET
fbem-12617	130	20	median	median	NOUN
fbem-12617	130	21	is	be	AUX
fbem-12617	130	22	0.026	0.026	NUM
fbem-12617	130	23	,	,	PUNCT
fbem-12617	130	24	which	which	PRON
fbem-12617	130	25	means	mean	VERB
fbem-12617	130	26	that	that	SCONJ
fbem-12617	130	27	on	on	ADP
fbem-12617	130	28	average	average	ADJ
fbem-12617	130	29	,	,	PUNCT
fbem-12617	130	30	the	the	DET
fbem-12617	130	31	scale	scale	NOUN
fbem-12617	130	32	of	of	ADP
fbem-12617	130	33	non	non	ADJ
fbem-12617	130	34	-	-	ADJ
fbem-12617	130	35	efficient	efficient	ADJ
fbem-12617	130	36	investment	investment	NOUN
fbem-12617	130	37	in	in	ADP
fbem-12617	130	38	the	the	DET
fbem-12617	130	39	sample	sample	NOUN
fbem-12617	130	40	accounts	account	VERB
fbem-12617	130	41	for	for	ADP
fbem-12617	130	42	4.2	4.2	NUM
fbem-12617	130	43	%	%	NOUN
fbem-12617	130	44	of	of	ADP
fbem-12617	130	45	the	the	DET
fbem-12617	130	46	total	total	ADJ
fbem-12617	130	47	assets	asset	NOUN
fbem-12617	130	48	of	of	ADP
fbem-12617	130	49	the	the	DET
fbem-12617	130	50	company	company	NOUN
fbem-12617	130	51	,	,	PUNCT
fbem-12617	130	52	and	and	CCONJ
fbem-12617	130	53	the	the	DET
fbem-12617	130	54	median	median	NOUN
fbem-12617	130	55	of	of	ADP
fbem-12617	130	56	non	non	ADJ
fbem-12617	130	57	-	-	ADJ
fbem-12617	130	58	efficient	efficient	ADJ
fbem-12617	130	59	investment	investment	NOUN
fbem-12617	130	60	scale	scale	NOUN
fbem-12617	130	61	accounts	account	VERB
fbem-12617	130	62	for	for	ADP
fbem-12617	130	63	2.6	2.6	NUM
fbem-12617	130	64	%	%	NOUN
fbem-12617	130	65	of	of	ADP
fbem-12617	130	66	the	the	DET
fbem-12617	130	67	total	total	ADJ
fbem-12617	130	68	assets	asset	NOUN
fbem-12617	130	69	.	.	PUNCT
fbem-12617	131	1	in	in	ADP
fbem-12617	131	2	addition	addition	NOUN
fbem-12617	131	3	,	,	PUNCT
fbem-12617	131	4	the	the	DET
fbem-12617	131	5	maximum	maximum	ADJ
fbem-12617	131	6	value	value	NOUN
fbem-12617	131	7	of	of	ADP
fbem-12617	131	8	ei	ei	NOUN
fbem-12617	131	9	is	be	AUX
fbem-12617	131	10	0.955	0.955	NUM
fbem-12617	131	11	,	,	PUNCT
fbem-12617	131	12	and	and	CCONJ
fbem-12617	131	13	the	the	DET
fbem-12617	131	14	minimum	minimum	ADJ
fbem-12617	131	15	value	value	NOUN
fbem-12617	131	16	is	be	AUX
fbem-12617	131	17	0	0	NUM
fbem-12617	131	18	,	,	PUNCT
fbem-12617	131	19	showing	show	VERB
fbem-12617	131	20	that	that	SCONJ
fbem-12617	131	21	there	there	PRON
fbem-12617	131	22	is	be	VERB
fbem-12617	131	23	a	a	DET
fbem-12617	131	24	significant	significant	ADJ
fbem-12617	131	25	difference	difference	NOUN
fbem-12617	131	26	in	in	ADP
fbem-12617	131	27	investment	investment	NOUN
fbem-12617	131	28	efficiency	efficiency	NOUN
fbem-12617	131	29	between	between	ADP
fbem-12617	131	30	manufacturing	manufacture	VERB
fbem-12617	131	31	companies	company	NOUN
fbem-12617	131	32	in	in	ADP
fbem-12617	131	33	china	china	PROPN
fbem-12617	131	34	,	,	PUNCT
fbem-12617	131	35	which	which	PRON
fbem-12617	131	36	is	be	AUX
fbem-12617	131	37	consistent	consistent	ADJ
fbem-12617	131	38	with	with	ADP
fbem-12617	131	39	the	the	DET
fbem-12617	131	40	findings	finding	NOUN
fbem-12617	131	41	of	of	ADP
fbem-12617	131	42	chen	chen	PROPN
fbem-12617	131	43	yunsen	yunsen	PROPN
fbem-12617	131	44	and	and	CCONJ
fbem-12617	131	45	huang	huang	PROPN
fbem-12617	131	46	jianqiao	jianqiao	NOUN
fbem-12617	132	1	[	[	X
fbem-12617	132	2	22	22	NUM
fbem-12617	132	3	]	]	PUNCT
fbem-12617	132	4	.	.	PUNCT
fbem-12617	133	1	at	at	ADP
fbem-12617	133	2	the	the	DET
fbem-12617	133	3	same	same	ADJ
fbem-12617	133	4	time	time	NOUN
fbem-12617	133	5	,	,	PUNCT
fbem-12617	133	6	according	accord	VERB
fbem-12617	133	7	to	to	ADP
fbem-12617	133	8	the	the	DET
fbem-12617	133	9	equity	equity	NOUN
fbem-12617	133	10	nature	nature	NOUN
fbem-12617	133	11	of	of	ADP
fbem-12617	133	12	the	the	DET
fbem-12617	133	13	company	company	NOUN
fbem-12617	133	14	,	,	PUNCT
fbem-12617	133	15	companies	company	NOUN
fbem-12617	133	16	are	be	AUX
fbem-12617	133	17	divided	divide	VERB
fbem-12617	133	18	into	into	ADP
fbem-12617	133	19	state	state	NOUN
fbem-12617	133	20	-	-	PUNCT
fbem-12617	133	21	owned	own	VERB
fbem-12617	133	22	enterprises	enterprise	NOUN
fbem-12617	133	23	and	and	CCONJ
fbem-12617	133	24	nonstate	nonstate	ADJ
fbem-12617	133	25	-	-	PUNCT
fbem-12617	133	26	owned	own	VERB
fbem-12617	133	27	enterprises	enterprise	NOUN
fbem-12617	133	28	,	,	PUNCT
fbem-12617	133	29	resulting	result	VERB
fbem-12617	133	30	in	in	ADP
fbem-12617	133	31	6460	6460	NUM
fbem-12617	133	32	observations	observation	NOUN
fbem-12617	133	33	of	of	ADP
fbem-12617	133	34	non	non	ADJ
fbem-12617	133	35	-	-	ADJ
fbem-12617	133	36	state	state	NOUN
fbem-12617	133	37	-	-	PUNCT
fbem-12617	133	38	owned	own	VERB
fbem-12617	133	39	enterprises	enterprise	NOUN
fbem-12617	133	40	and	and	CCONJ
fbem-12617	133	41	2915	2915	NUM
fbem-12617	133	42	observations	observation	NOUN
fbem-12617	133	43	of	of	ADP
fbem-12617	133	44	stateowned	stateowne	VERB
fbem-12617	133	45	enterprises	enterprise	NOUN
fbem-12617	133	46	.	.	PUNCT
fbem-12617	134	1	the	the	DET
fbem-12617	134	2	mean	mean	NOUN
fbem-12617	134	3	and	and	CCONJ
fbem-12617	134	4	median	median	NOUN
fbem-12617	134	5	of	of	ADP
fbem-12617	134	6	ei	ei	NOUN
fbem-12617	134	7	for	for	ADP
fbem-12617	134	8	stateowned	stateowne	VERB
fbem-12617	134	9	enterprises	enterprise	NOUN
fbem-12617	134	10	are	be	AUX
fbem-12617	134	11	both	both	ADV
fbem-12617	134	12	less	less	ADJ
fbem-12617	134	13	than	than	ADP
fbem-12617	134	14	those	those	PRON
fbem-12617	134	15	for	for	ADP
fbem-12617	134	16	non	non	ADJ
fbem-12617	134	17	-	-	ADJ
fbem-12617	134	18	stateowned	stateowned	ADJ
fbem-12617	134	19	enterprises	enterprise	NOUN
fbem-12617	134	20	,	,	PUNCT
fbem-12617	134	21	indicating	indicate	VERB
fbem-12617	134	22	that	that	SCONJ
fbem-12617	134	23	overall	overall	ADJ
fbem-12617	134	24	,	,	PUNCT
fbem-12617	134	25	the	the	DET
fbem-12617	134	26	investment	investment	NOUN
fbem-12617	134	27	efficiency	efficiency	NOUN
fbem-12617	134	28	of	of	ADP
fbem-12617	134	29	state	state	NOUN
fbem-12617	134	30	-	-	PUNCT
fbem-12617	134	31	owned	own	VERB
fbem-12617	134	32	enterprises	enterprise	NOUN
fbem-12617	134	33	may	may	AUX
fbem-12617	134	34	be	be	AUX
fbem-12617	134	35	better	well	ADJ
fbem-12617	134	36	than	than	ADP
fbem-12617	134	37	that	that	PRON
fbem-12617	134	38	of	of	ADP
fbem-12617	134	39	non	non	ADJ
fbem-12617	134	40	-	-	ADJ
fbem-12617	134	41	state	state	NOUN
fbem-12617	134	42	-	-	PUNCT
fbem-12617	134	43	owned	own	VERB
fbem-12617	134	44	enterprises	enterprise	NOUN
fbem-12617	134	45	.	.	PUNCT
fbem-12617	135	1	table	table	NOUN
fbem-12617	135	2	2	2	NUM
fbem-12617	135	3	.	.	PUNCT
fbem-12617	135	4	descriptive	descriptive	ADJ
fbem-12617	135	5	statistics	statistic	NOUN
fbem-12617	135	6	variables	variable	VERB
fbem-12617	135	7	sample	sample	NOUN
fbem-12617	135	8	szie	szie	NOUN
fbem-12617	135	9	mean	mean	VERB
fbem-12617	135	10	sd	sd	ADP
fbem-12617	135	11	median	median	PROPN
fbem-12617	135	12	min	min	PROPN
fbem-12617	135	13	max	max	PROPN
fbem-12617	135	14	ei1	ei1	PROPN
fbem-12617	135	15	9375	9375	NUM
fbem-12617	135	16	0.042	0.042	NUM
fbem-12617	135	17	0.060	0.060	NUM
fbem-12617	135	18	0.026	0.026	NUM
fbem-12617	135	19	0	0	NUM
fbem-12617	135	20	0.955	0.955	NUM
fbem-12617	135	21	ei2	ei2	NOUN
fbem-12617	135	22	9276	9276	NUM
fbem-12617	135	23	0.042	0.042	NUM
fbem-12617	135	24	0.056	0.056	NUM
fbem-12617	135	25	0.026	0.026	NUM
fbem-12617	135	26	0	0	NUM
fbem-12617	135	27	0.454	0.454	NUM
fbem-12617	135	28	l.dig	l.dig	NUM
fbem-12617	135	29	9375	9375	NUM
fbem-12617	135	30	0.205	0.205	NUM
fbem-12617	135	31	0.118	0.118	NUM
fbem-12617	135	32	0.169	0.169	NUM
fbem-12617	135	33	0.038	0.038	NUM
fbem-12617	135	34	0.552	0.552	NUM
fbem-12617	135	35	l.mkt	l.mkt	ADJ
fbem-12617	135	36	9375	9375	NUM
fbem-12617	135	37	8.692	8.692	NUM
fbem-12617	135	38	1.818	1.818	NUM
fbem-12617	135	39	9.300	9.300	NUM
fbem-12617	135	40	-1.420	-1.420	NUM
fbem-12617	135	41	11.40	11.40	NUM
fbem-12617	135	42	size	size	NOUN
fbem-12617	135	43	9375	9375	NUM
fbem-12617	135	44	22.259	22.259	NUM
fbem-12617	135	45	1.210	1.210	NUM
fbem-12617	135	46	22.121	22.121	NUM
fbem-12617	135	47	17.641	17.641	NUM
fbem-12617	135	48	27.547	27.547	NUM
fbem-12617	135	49	lev	lev	NOUN
fbem-12617	135	50	9375	9375	NUM
fbem-12617	135	51	0.412	0.412	NUM
fbem-12617	135	52	0.198	0.198	NUM
fbem-12617	135	53	0.400	0.400	NUM
fbem-12617	135	54	0.012	0.012	NUM
fbem-12617	135	55	2.123	2.123	NUM
fbem-12617	135	56	age	age	NOUN
fbem-12617	135	57	9375	9375	NUM
fbem-12617	135	58	2.954	2.954	NUM
fbem-12617	135	59	0.284	0.284	NUM
fbem-12617	135	60	2.996	2.996	NUM
fbem-12617	135	61	1.792	1.792	NUM
fbem-12617	135	62	3.989	3.989	NUM
fbem-12617	135	63	roa	roa	NOUN
fbem-12617	135	64	9375	9375	NUM
fbem-12617	135	65	0.028	0.028	NUM
fbem-12617	135	66	0.110	0.110	NUM
fbem-12617	135	67	0.035	0.035	NUM
fbem-12617	135	68	-2.834	-2.834	NUM
fbem-12617	135	69	0.786	0.786	NUM
fbem-12617	135	70	fcf	fcf	NOUN
fbem-12617	135	71	9375	9375	NUM
fbem-12617	135	72	0.142	0.142	NUM
fbem-12617	135	73	0.105	0.105	NUM
fbem-12617	135	74	0.115	0.115	NUM
fbem-12617	135	75	0	0	NUM
fbem-12617	135	76	0.922	0.922	NUM
fbem-12617	135	77	ppe	ppe	NOUN
fbem-12617	135	78	9375	9375	NUM
fbem-12617	135	79	0.212	0.212	NUM
fbem-12617	135	80	0.140	0.140	NUM
fbem-12617	135	81	0.186	0.186	NUM
fbem-12617	135	82	0	0	NUM
fbem-12617	135	83	0.872	0.872	NUM
fbem-12617	135	84	mano	mano	PROPN
fbem-12617	135	85	9375	9375	NUM
fbem-12617	135	86	0.137	0.137	NUM
fbem-12617	135	87	0.189	0.189	NUM
fbem-12617	135	88	0.015	0.015	NUM
fbem-12617	135	89	0	0	NUM
fbem-12617	136	1	1.314	1.314	NUM
fbem-12617	136	2	share	share	NOUN
fbem-12617	136	3	9375	9375	NUM
fbem-12617	136	4	56.971	56.971	NUM
fbem-12617	136	5	14.294	14.294	NUM
fbem-12617	136	6	57.150	57.150	NUM
fbem-12617	136	7	8.779	8.779	NUM
fbem-12617	136	8	101.160	101.160	NUM
fbem-12617	136	9	ret	ret	NOUN
fbem-12617	136	10	9375	9375	NUM
fbem-12617	136	11	0.135	0.135	NUM
fbem-12617	136	12	0.602	0.602	NUM
fbem-12617	136	13	-0.011	-0.011	NUM
fbem-12617	136	14	-0.822	-0.822	NUM
fbem-12617	136	15	14.278	14.278	NUM
fbem-12617	136	16	audit	audit	NOUN
fbem-12617	136	17	9375	9375	NUM
fbem-12617	136	18	0.039	0.039	NUM
fbem-12617	136	19	0.194	0.194	NUM
fbem-12617	136	20	0	0	NUM
fbem-12617	136	21	0	0	NUM
fbem-12617	136	22	1	1	NUM
fbem-12617	136	23	6.2	6.2	NUM
fbem-12617	136	24	.	.	PUNCT
fbem-12617	137	1	benchmark	benchmark	NOUN
fbem-12617	137	2	regression	regression	NOUN
fbem-12617	137	3	this	this	DET
fbem-12617	137	4	paper	paper	NOUN
fbem-12617	137	5	uses	use	VERB
fbem-12617	137	6	model	model	NOUN
fbem-12617	137	7	(	(	PUNCT
fbem-12617	137	8	2	2	NUM
fbem-12617	137	9	)	)	PUNCT
fbem-12617	137	10	to	to	PART
fbem-12617	137	11	conduct	conduct	VERB
fbem-12617	137	12	regression	regression	NOUN
fbem-12617	137	13	analysis	analysis	NOUN
fbem-12617	137	14	on	on	ADP
fbem-12617	137	15	the	the	DET
fbem-12617	137	16	relationship	relationship	NOUN
fbem-12617	137	17	between	between	ADP
fbem-12617	137	18	the	the	DET
fbem-12617	137	19	digital	digital	ADJ
fbem-12617	137	20	economy	economy	NOUN
fbem-12617	137	21	and	and	CCONJ
fbem-12617	137	22	the	the	DET
fbem-12617	137	23	investment	investment	NOUN
fbem-12617	137	24	efficiency	efficiency	NOUN
fbem-12617	137	25	of	of	ADP
fbem-12617	137	26	manufacturing	manufacturing	NOUN
fbem-12617	137	27	companies	company	NOUN
fbem-12617	137	28	.	.	PUNCT
fbem-12617	138	1	first	first	ADV
fbem-12617	138	2	,	,	PUNCT
fbem-12617	138	3	it	it	PRON
fbem-12617	138	4	empirically	empirically	ADV
fbem-12617	138	5	verifies	verify	VERB
fbem-12617	138	6	the	the	DET
fbem-12617	138	7	relationship	relationship	NOUN
fbem-12617	138	8	between	between	ADP
fbem-12617	138	9	the	the	DET
fbem-12617	138	10	digital	digital	ADJ
fbem-12617	138	11	economy	economy	NOUN
fbem-12617	138	12	and	and	CCONJ
fbem-12617	138	13	the	the	DET
fbem-12617	138	14	investment	investment	NOUN
fbem-12617	138	15	efficiency	efficiency	NOUN
fbem-12617	138	16	of	of	ADP
fbem-12617	138	17	manufacturing	manufacturing	NOUN
fbem-12617	138	18	companies	company	NOUN
fbem-12617	138	19	,	,	PUNCT
fbem-12617	138	20	and	and	CCONJ
fbem-12617	138	21	on	on	ADP
fbem-12617	138	22	this	this	DET
fbem-12617	138	23	basis	basis	NOUN
fbem-12617	138	24	,	,	PUNCT
fbem-12617	138	25	studies	study	VERB
fbem-12617	138	26	the	the	DET
fbem-12617	138	27	relationship	relationship	NOUN
fbem-12617	138	28	between	between	ADP
fbem-12617	138	29	the	the	DET
fbem-12617	138	30	two	two	NUM
fbem-12617	138	31	under	under	ADP
fbem-12617	138	32	different	different	ADJ
fbem-12617	138	33	ownerships	ownership	NOUN
fbem-12617	138	34	.	.	PUNCT
fbem-12617	139	1	the	the	DET
fbem-12617	139	2	regression	regression	NOUN
fbem-12617	139	3	results	result	VERB
fbem-12617	139	4	in	in	ADP
fbem-12617	139	5	table	table	NOUN
fbem-12617	139	6	3	3	NUM
fbem-12617	139	7	show	show	VERB
fbem-12617	139	8	that	that	SCONJ
fbem-12617	139	9	the	the	DET
fbem-12617	139	10	coefficients	coefficient	NOUN
fbem-12617	139	11	of	of	ADP
fbem-12617	139	12	l.dig	l.dig	PROPN
fbem-12617	139	13	for	for	ADP
fbem-12617	139	14	the	the	DET
fbem-12617	139	15	full	full	ADJ
fbem-12617	139	16	sample	sample	NOUN
fbem-12617	139	17	are	be	AUX
fbem-12617	139	18	significantly	significantly	ADV
fbem-12617	139	19	negative	negative	ADJ
fbem-12617	139	20	at	at	ADP
fbem-12617	139	21	the	the	DET
fbem-12617	139	22	5	5	NUM
fbem-12617	139	23	%	%	NOUN
fbem-12617	139	24	level	level	NOUN
fbem-12617	139	25	,	,	PUNCT
fbem-12617	139	26	indicating	indicate	VERB
fbem-12617	139	27	that	that	SCONJ
fbem-12617	139	28	the	the	DET
fbem-12617	139	29	development	development	NOUN
fbem-12617	139	30	of	of	ADP
fbem-12617	139	31	the	the	DET
fbem-12617	139	32	digital	digital	ADJ
fbem-12617	139	33	economy	economy	NOUN
fbem-12617	139	34	can	can	AUX
fbem-12617	139	35	improve	improve	VERB
fbem-12617	139	36	the	the	DET
fbem-12617	139	37	investment	investment	NOUN
fbem-12617	139	38	efficiency	efficiency	NOUN
fbem-12617	139	39	of	of	ADP
fbem-12617	139	40	manufacturing	manufacturing	NOUN
fbem-12617	139	41	companies	company	NOUN
fbem-12617	139	42	and	and	CCONJ
fbem-12617	139	43	reduce	reduce	VERB
fbem-12617	139	44	non	non	ADJ
fbem-12617	139	45	-	-	ADJ
fbem-12617	139	46	efficient	efficient	ADJ
fbem-12617	139	47	investment	investment	NOUN
fbem-12617	139	48	,	,	PUNCT
fbem-12617	139	49	which	which	PRON
fbem-12617	139	50	is	be	AUX
fbem-12617	139	51	consistent	consistent	ADJ
fbem-12617	139	52	with	with	ADP
fbem-12617	139	53	hypothesis	hypothesis	NOUN
fbem-12617	139	54	1	1	NUM
fbem-12617	139	55	of	of	ADP
fbem-12617	139	56	this	this	DET
fbem-12617	139	57	paper	paper	NOUN
fbem-12617	139	58	.	.	PUNCT
fbem-12617	140	1	the	the	DET
fbem-12617	140	2	sample	sample	NOUN
fbem-12617	140	3	is	be	AUX
fbem-12617	140	4	divided	divide	VERB
fbem-12617	140	5	into	into	ADP
fbem-12617	140	6	groups	group	NOUN
fbem-12617	140	7	according	accord	VERB
fbem-12617	140	8	to	to	ADP
fbem-12617	140	9	the	the	DET
fbem-12617	140	10	nature	nature	NOUN
fbem-12617	140	11	of	of	ADP
fbem-12617	140	12	property	property	NOUN
fbem-12617	140	13	rights	right	NOUN
fbem-12617	140	14	and	and	CCONJ
fbem-12617	140	15	regressed	regress	VERB
fbem-12617	140	16	.	.	PUNCT
fbem-12617	141	1	the	the	DET
fbem-12617	141	2	results	result	NOUN
fbem-12617	141	3	show	show	VERB
fbem-12617	141	4	that	that	SCONJ
fbem-12617	141	5	:	:	PUNCT
fbem-12617	141	6	the	the	DET
fbem-12617	141	7	l.dig	l.dig	PROPN
fbem-12617	141	8	coefficient	coefficient	NOUN
fbem-12617	141	9	of	of	ADP
fbem-12617	141	10	non	non	ADJ
fbem-12617	141	11	-	-	ADJ
fbem-12617	141	12	state	state	NOUN
fbem-12617	141	13	-	-	PUNCT
fbem-12617	141	14	owned	own	VERB
fbem-12617	141	15	enterprises	enterprise	NOUN
fbem-12617	141	16	is	be	AUX
fbem-12617	141	17	significantly	significantly	ADV
fbem-12617	141	18	negative	negative	ADJ
fbem-12617	141	19	at	at	ADP
fbem-12617	141	20	the	the	DET
fbem-12617	141	21	1	1	NUM
fbem-12617	141	22	%	%	NOUN
fbem-12617	141	23	level	level	NOUN
fbem-12617	141	24	,	,	PUNCT
fbem-12617	141	25	while	while	SCONJ
fbem-12617	141	26	the	the	DET
fbem-12617	141	27	l.dig	l.dig	PROPN
fbem-12617	141	28	coefficient	coefficient	NOUN
fbem-12617	141	29	of	of	ADP
fbem-12617	141	30	state	state	NOUN
fbem-12617	141	31	-	-	PUNCT
fbem-12617	141	32	owned	own	VERB
fbem-12617	141	33	enterprises	enterprise	NOUN
fbem-12617	141	34	is	be	AUX
fbem-12617	141	35	not	not	PART
fbem-12617	141	36	significant	significant	ADJ
fbem-12617	141	37	,	,	PUNCT
fbem-12617	141	38	251	251	NUM
fbem-12617	141	39	indicating	indicate	VERB
fbem-12617	141	40	that	that	SCONJ
fbem-12617	141	41	the	the	DET
fbem-12617	141	42	effect	effect	NOUN
fbem-12617	141	43	of	of	ADP
fbem-12617	141	44	the	the	DET
fbem-12617	141	45	digital	digital	ADJ
fbem-12617	141	46	economy	economy	NOUN
fbem-12617	141	47	on	on	ADP
fbem-12617	141	48	improving	improve	VERB
fbem-12617	141	49	the	the	DET
fbem-12617	141	50	efficiency	efficiency	NOUN
fbem-12617	141	51	of	of	ADP
fbem-12617	141	52	manufacturing	manufacturing	NOUN
fbem-12617	141	53	companies	company	NOUN
fbem-12617	141	54	is	be	AUX
fbem-12617	141	55	more	more	ADV
fbem-12617	141	56	evident	evident	ADJ
fbem-12617	141	57	in	in	ADP
fbem-12617	141	58	non	non	ADJ
fbem-12617	141	59	-	-	ADJ
fbem-12617	141	60	state	state	NOUN
fbem-12617	141	61	-	-	PUNCT
fbem-12617	141	62	owned	own	VERB
fbem-12617	141	63	enterprises	enterprise	NOUN
fbem-12617	141	64	.	.	PUNCT
fbem-12617	142	1	on	on	ADP
fbem-12617	142	2	the	the	DET
fbem-12617	142	3	one	one	NUM
fbem-12617	142	4	hand	hand	NOUN
fbem-12617	142	5	,	,	PUNCT
fbem-12617	142	6	because	because	SCONJ
fbem-12617	142	7	stateowned	stateowned	ADJ
fbem-12617	142	8	enterprises	enterprise	NOUN
fbem-12617	142	9	have	have	VERB
fbem-12617	142	10	factors	factor	NOUN
fbem-12617	142	11	such	such	ADJ
fbem-12617	142	12	as	as	ADP
fbem-12617	142	13	political	political	ADJ
fbem-12617	142	14	associations	association	NOUN
fbem-12617	142	15	,	,	PUNCT
fbem-12617	142	16	they	they	PRON
fbem-12617	142	17	are	be	AUX
fbem-12617	142	18	less	less	ADV
fbem-12617	142	19	likely	likely	ADJ
fbem-12617	142	20	to	to	PART
fbem-12617	142	21	be	be	AUX
fbem-12617	142	22	subject	subject	ADJ
fbem-12617	142	23	to	to	ADP
fbem-12617	142	24	financing	financing	NOUN
fbem-12617	142	25	constraints	constraint	NOUN
fbem-12617	142	26	;	;	PUNCT
fbem-12617	142	27	on	on	ADP
fbem-12617	142	28	the	the	DET
fbem-12617	142	29	other	other	ADJ
fbem-12617	142	30	hand	hand	NOUN
fbem-12617	142	31	,	,	PUNCT
fbem-12617	142	32	state	state	NOUN
fbem-12617	142	33	-	-	PUNCT
fbem-12617	142	34	owned	own	VERB
fbem-12617	142	35	enterprises	enterprise	NOUN
fbem-12617	142	36	have	have	VERB
fbem-12617	142	37	a	a	DET
fbem-12617	142	38	more	more	ADV
fbem-12617	142	39	complex	complex	ADJ
fbem-12617	142	40	governance	governance	NOUN
fbem-12617	142	41	structure	structure	NOUN
fbem-12617	142	42	,	,	PUNCT
fbem-12617	142	43	a	a	DET
fbem-12617	142	44	longer	long	ADJ
fbem-12617	142	45	chain	chain	NOUN
fbem-12617	142	46	of	of	ADP
fbem-12617	142	47	delegation	delegation	NOUN
fbem-12617	142	48	and	and	CCONJ
fbem-12617	142	49	agency	agency	NOUN
fbem-12617	142	50	,	,	PUNCT
fbem-12617	142	51	and	and	CCONJ
fbem-12617	142	52	the	the	DET
fbem-12617	142	53	phenomenon	phenomenon	NOUN
fbem-12617	142	54	of	of	ADP
fbem-12617	142	55	"	"	PUNCT
fbem-12617	142	56	one	one	NUM
fbem-12617	142	57	dominant	dominant	NOUN
fbem-12617	142	58	"	"	PUNCT
fbem-12617	142	59	is	be	AUX
fbem-12617	142	60	more	more	ADV
fbem-12617	142	61	common	common	ADJ
fbem-12617	142	62	,	,	PUNCT
fbem-12617	142	63	which	which	PRON
fbem-12617	142	64	will	will	AUX
fbem-12617	142	65	suppress	suppress	VERB
fbem-12617	142	66	the	the	DET
fbem-12617	142	67	governance	governance	NOUN
fbem-12617	142	68	effects	effect	NOUN
fbem-12617	142	69	brought	bring	VERB
fbem-12617	142	70	about	about	ADP
fbem-12617	142	71	by	by	ADP
fbem-12617	142	72	the	the	DET
fbem-12617	142	73	digital	digital	ADJ
fbem-12617	142	74	economy	economy	NOUN
fbem-12617	142	75	.	.	PUNCT
fbem-12617	143	1	table	table	NOUN
fbem-12617	143	2	3	3	NUM
fbem-12617	143	3	.	.	PUNCT
fbem-12617	143	4	benchmark	benchmark	NOUN
fbem-12617	143	5	regression	regression	NOUN
fbem-12617	143	6	variables	variable	VERB
fbem-12617	143	7	full	full	ADJ
fbem-12617	143	8	samples	sample	NOUN
fbem-12617	143	9	state	state	NOUN
fbem-12617	143	10	-	-	PUNCT
fbem-12617	143	11	owned	own	VERB
fbem-12617	143	12	enterprises	enterprise	NOUN
fbem-12617	143	13	non	non	ADJ
fbem-12617	143	14	-	-	ADJ
fbem-12617	143	15	state	state	NOUN
fbem-12617	143	16	-	-	PUNCT
fbem-12617	143	17	owned	own	VERB
fbem-12617	143	18	enterprises	enterprise	NOUN
fbem-12617	143	19	ei1	ei1	VERB
fbem-12617	143	20	ei2	ei2	NOUN
fbem-12617	143	21	ei1	ei1	PROPN
fbem-12617	143	22	ei2	ei2	NOUN
fbem-12617	143	23	ei1	ei1	PROPN
fbem-12617	144	1	ei2	ei2	NOUN
fbem-12617	144	2	l.dig	l.dig	VERB
fbem-12617	144	3	-0.0304	-0.0304	PROPN
fbem-12617	144	4	*	*	PROPN
fbem-12617	144	5	*	*	PUNCT
fbem-12617	144	6	-0.0265	-0.0265	PROPN
fbem-12617	144	7	*	*	PUNCT
fbem-12617	144	8	*	*	PUNCT
fbem-12617	144	9	-0.00043	-0.00043	NOUN
fbem-12617	144	10	-0.00590	-0.00590	NOUN
fbem-12617	144	11	-0.0438	-0.0438	NOUN
fbem-12617	145	1	*	*	PUNCT
fbem-12617	145	2	*	*	PUNCT
fbem-12617	145	3	*	*	PUNCT
fbem-12617	145	4	-0.0368	-0.0368	NOUN
fbem-12617	145	5	*	*	PUNCT
fbem-12617	145	6	*	*	PUNCT
fbem-12617	145	7	*	*	PUNCT
fbem-12617	145	8	(	(	PUNCT
fbem-12617	145	9	0.0127	0.0127	NUM
fbem-12617	145	10	)	)	PUNCT
fbem-12617	145	11	(	(	PUNCT
fbem-12617	145	12	0.0114	0.0114	NUM
fbem-12617	145	13	)	)	PUNCT
fbem-12617	145	14	（	（	PUNCT
fbem-12617	146	1	0.0179	0.0179	NUM
fbem-12617	146	2	）	）	PUNCT
fbem-12617	146	3	(	(	PUNCT
fbem-12617	146	4	0.0188	0.0188	NUM
fbem-12617	146	5	)	)	PUNCT
fbem-12617	146	6	(	(	PUNCT
fbem-12617	146	7	0.0164	0.0164	NUM
fbem-12617	146	8	)	)	PUNCT
fbem-12617	146	9	(	(	PUNCT
fbem-12617	146	10	0.0141	0.0141	NUM
fbem-12617	146	11	)	)	PUNCT
fbem-12617	146	12	control	control	NOUN
fbem-12617	146	13	variables	variable	NOUN
fbem-12617	146	14	control	control	PROPN
fbem-12617	146	15	control	control	PROPN
fbem-12617	146	16	control	control	PROPN
fbem-12617	146	17	control	control	PROPN
fbem-12617	146	18	control	control	PROPN
fbem-12617	146	19	control	control	PROPN
fbem-12617	146	20	entity	entity	NOUN
fbem-12617	146	21	fixed	fix	VERB
fbem-12617	146	22	effect	effect	NOUN
fbem-12617	147	1	yes	yes	INTJ
fbem-12617	147	2	yes	yes	INTJ
fbem-12617	148	1	yes	yes	INTJ
fbem-12617	149	1	yes	yes	INTJ
fbem-12617	150	1	yes	yes	INTJ
fbem-12617	151	1	yes	yes	INTJ
fbem-12617	151	2	year	year	NOUN
fbem-12617	151	3	fixed	fix	VERB
fbem-12617	151	4	effect	effect	NOUN
fbem-12617	152	1	yes	yes	INTJ
fbem-12617	152	2	yes	yes	INTJ
fbem-12617	153	1	yes	yes	INTJ
fbem-12617	154	1	yes	yes	INTJ
fbem-12617	155	1	yes	yes	INTJ
fbem-12617	156	1	yes	yes	INTJ
fbem-12617	156	2	sample	sample	NOUN
fbem-12617	156	3	size	size	NOUN
fbem-12617	156	4	9375	9375	NUM
fbem-12617	156	5	9276	9276	NUM
fbem-12617	156	6	2915	2915	NUM
fbem-12617	156	7	2855	2855	NUM
fbem-12617	156	8	6460	6460	NUM
fbem-12617	156	9	6421	6421	NUM
fbem-12617	156	10	r	r	X
fbem-12617	156	11	-	-	PUNCT
fbem-12617	156	12	sq	sq	ADJ
fbem-12617	156	13	0.094	0.094	NUM
fbem-12617	156	14	0.108	0.108	NUM
fbem-12617	156	15	0.054	0.054	NUM
fbem-12617	156	16	0.073	0.073	NUM
fbem-12617	156	17	0.114	0.114	NUM
fbem-12617	156	18	0.124	0.124	NUM
fbem-12617	156	19	note	note	NOUN
fbem-12617	156	20	:	:	PUNCT
fbem-12617	156	21	*	*	PUNCT
fbem-12617	156	22	*	*	PUNCT
fbem-12617	156	23	*	*	PUNCT
fbem-12617	156	24	,	,	PUNCT
fbem-12617	156	25	*	*	PUNCT
fbem-12617	156	26	*	*	PUNCT
fbem-12617	156	27	,	,	PUNCT
fbem-12617	156	28	*	*	PUNCT
fbem-12617	156	29	respectively	respectively	ADV
fbem-12617	156	30	indicate	indicate	VERB
fbem-12617	156	31	significance	significance	NOUN
fbem-12617	156	32	at	at	ADP
fbem-12617	156	33	the	the	DET
fbem-12617	156	34	levels	level	NOUN
fbem-12617	156	35	of	of	ADP
fbem-12617	156	36	1	1	NUM
fbem-12617	156	37	%	%	NOUN
fbem-12617	156	38	,	,	PUNCT
fbem-12617	156	39	5	5	NUM
fbem-12617	156	40	%	%	NOUN
fbem-12617	156	41	,	,	PUNCT
fbem-12617	156	42	and	and	CCONJ
fbem-12617	156	43	10	10	NUM
fbem-12617	156	44	%	%	NOUN
fbem-12617	156	45	,	,	PUNCT
fbem-12617	156	46	same	same	ADJ
fbem-12617	156	47	for	for	ADP
fbem-12617	156	48	the	the	DET
fbem-12617	156	49	tables	table	NOUN
fbem-12617	156	50	below	below	ADV
fbem-12617	156	51	.	.	PUNCT
fbem-12617	157	1	6.3	6.3	NUM
fbem-12617	157	2	.	.	PUNCT
fbem-12617	158	1	endogeneity	endogeneity	NOUN
fbem-12617	158	2	test	test	NOUN
fbem-12617	158	3	this	this	DET
fbem-12617	158	4	paper	paper	NOUN
fbem-12617	158	5	uses	use	VERB
fbem-12617	158	6	a	a	DET
fbem-12617	158	7	fixed	fix	VERB
fbem-12617	158	8	effects	effect	NOUN
fbem-12617	158	9	model	model	NOUN
fbem-12617	158	10	and	and	CCONJ
fbem-12617	158	11	robust	robust	ADJ
fbem-12617	158	12	standard	standard	ADJ
fbem-12617	158	13	error	error	NOUN
fbem-12617	158	14	methods	method	NOUN
fbem-12617	158	15	to	to	PART
fbem-12617	158	16	reduce	reduce	VERB
fbem-12617	158	17	endogeneity	endogeneity	NOUN
fbem-12617	158	18	problems	problem	NOUN
fbem-12617	158	19	,	,	PUNCT
fbem-12617	158	20	but	but	CCONJ
fbem-12617	158	21	there	there	PRON
fbem-12617	158	22	may	may	AUX
fbem-12617	158	23	still	still	ADV
fbem-12617	158	24	be	be	AUX
fbem-12617	158	25	endogeneity	endogeneity	NOUN
fbem-12617	158	26	problems	problem	NOUN
fbem-12617	158	27	due	due	ADJ
fbem-12617	158	28	to	to	ADP
fbem-12617	158	29	the	the	DET
fbem-12617	158	30	bidirectional	bidirectional	ADJ
fbem-12617	158	31	influence	influence	NOUN
fbem-12617	158	32	of	of	ADP
fbem-12617	158	33	the	the	DET
fbem-12617	158	34	level	level	NOUN
fbem-12617	158	35	of	of	ADP
fbem-12617	158	36	digital	digital	ADJ
fbem-12617	158	37	economy	economy	NOUN
fbem-12617	158	38	development	development	NOUN
fbem-12617	158	39	and	and	CCONJ
fbem-12617	158	40	corporate	corporate	ADJ
fbem-12617	158	41	investment	investment	NOUN
fbem-12617	158	42	efficiency	efficiency	NOUN
fbem-12617	158	43	or	or	CCONJ
fbem-12617	158	44	omitted	omit	VERB
fbem-12617	158	45	variables	variable	NOUN
fbem-12617	158	46	.	.	PUNCT
fbem-12617	159	1	this	this	DET
fbem-12617	159	2	paper	paper	NOUN
fbem-12617	159	3	attempts	attempt	VERB
fbem-12617	159	4	to	to	PART
fbem-12617	159	5	use	use	VERB
fbem-12617	159	6	the	the	DET
fbem-12617	159	7	instrumental	instrumental	ADJ
fbem-12617	159	8	variable	variable	ADJ
fbem-12617	159	9	method	method	NOUN
fbem-12617	159	10	to	to	PART
fbem-12617	159	11	alleviate	alleviate	VERB
fbem-12617	159	12	endogeneity	endogeneity	NOUN
fbem-12617	159	13	problems	problem	NOUN
fbem-12617	159	14	,	,	PUNCT
fbem-12617	159	15	identifying	identify	VERB
fbem-12617	159	16	the	the	DET
fbem-12617	159	17	net	net	ADJ
fbem-12617	159	18	effect	effect	NOUN
fbem-12617	159	19	of	of	ADP
fbem-12617	159	20	digital	digital	ADJ
fbem-12617	159	21	economy	economy	NOUN
fbem-12617	159	22	development	development	NOUN
fbem-12617	159	23	on	on	ADP
fbem-12617	159	24	the	the	DET
fbem-12617	159	25	investment	investment	NOUN
fbem-12617	159	26	efficiency	efficiency	NOUN
fbem-12617	159	27	of	of	ADP
fbem-12617	159	28	manufacturing	manufacturing	NOUN
fbem-12617	159	29	companies	company	NOUN
fbem-12617	159	30	.	.	PUNCT
fbem-12617	160	1	this	this	DET
fbem-12617	160	2	paper	paper	NOUN
fbem-12617	160	3	refers	refer	VERB
fbem-12617	160	4	to	to	ADP
fbem-12617	160	5	the	the	DET
fbem-12617	160	6	research	research	NOUN
fbem-12617	160	7	method	method	NOUN
fbem-12617	160	8	of	of	ADP
fbem-12617	160	9	huang	huang	PROPN
fbem-12617	160	10	qunhui	qunhui	PROPN
fbem-12617	160	11	et	et	PROPN
fbem-12617	160	12	al.[23	al.[23	PROPN
fbem-12617	160	13	]	]	PUNCT
fbem-12617	160	14	.	.	PUNCT
fbem-12617	161	1	because	because	SCONJ
fbem-12617	161	2	the	the	DET
fbem-12617	161	3	previous	previous	ADJ
fbem-12617	161	4	human	human	ADJ
fbem-12617	161	5	information	information	NOUN
fbem-12617	161	6	transmission	transmission	NOUN
fbem-12617	161	7	mainly	mainly	ADV
fbem-12617	161	8	relied	rely	VERB
fbem-12617	161	9	on	on	ADP
fbem-12617	161	10	post	post	NOUN
fbem-12617	161	11	offices	office	NOUN
fbem-12617	161	12	,	,	PUNCT
fbem-12617	161	13	fixed	fix	VERB
fbem-12617	161	14	telephones	telephone	NOUN
fbem-12617	161	15	and	and	CCONJ
fbem-12617	161	16	other	other	ADJ
fbem-12617	161	17	primary	primary	ADJ
fbem-12617	161	18	communication	communication	NOUN
fbem-12617	161	19	technologies	technology	NOUN
fbem-12617	161	20	,	,	PUNCT
fbem-12617	161	21	it	it	PRON
fbem-12617	161	22	greatly	greatly	ADV
fbem-12617	161	23	affected	affect	VERB
fbem-12617	161	24	the	the	DET
fbem-12617	161	25	construction	construction	NOUN
fbem-12617	161	26	of	of	ADP
fbem-12617	161	27	the	the	DET
fbem-12617	161	28	digital	digital	ADJ
fbem-12617	161	29	economy	economy	NOUN
fbem-12617	161	30	infrastructure	infrastructure	NOUN
fbem-12617	161	31	,	,	PUNCT
fbem-12617	161	32	to	to	ADP
fbem-12617	161	33	a	a	DET
fbem-12617	161	34	certain	certain	ADJ
fbem-12617	161	35	extent	extent	NOUN
fbem-12617	161	36	,	,	PUNCT
fbem-12617	161	37	satisfying	satisfy	VERB
fbem-12617	161	38	the	the	DET
fbem-12617	161	39	relevance	relevance	NOUN
fbem-12617	161	40	requirement	requirement	NOUN
fbem-12617	161	41	of	of	ADP
fbem-12617	161	42	instrumental	instrumental	ADJ
fbem-12617	161	43	variables	variable	NOUN
fbem-12617	161	44	.	.	PUNCT
fbem-12617	162	1	in	in	ADP
fbem-12617	162	2	addition	addition	NOUN
fbem-12617	162	3	,	,	PUNCT
fbem-12617	162	4	the	the	DET
fbem-12617	162	5	number	number	NOUN
fbem-12617	162	6	of	of	ADP
fbem-12617	162	7	post	post	NOUN
fbem-12617	162	8	offices	office	NOUN
fbem-12617	162	9	is	be	AUX
fbem-12617	162	10	very	very	ADV
fbem-12617	162	11	difficult	difficult	ADJ
fbem-12617	162	12	to	to	PART
fbem-12617	162	13	directly	directly	ADV
fbem-12617	162	14	affect	affect	VERB
fbem-12617	162	15	the	the	DET
fbem-12617	162	16	investment	investment	NOUN
fbem-12617	162	17	efficiency	efficiency	NOUN
fbem-12617	162	18	of	of	ADP
fbem-12617	162	19	manufacturing	manufacture	VERB
fbem-12617	162	20	companies	company	NOUN
fbem-12617	162	21	to	to	ADP
fbem-12617	162	22	a	a	DET
fbem-12617	162	23	large	large	ADJ
fbem-12617	162	24	extent	extent	NOUN
fbem-12617	162	25	,	,	PUNCT
fbem-12617	162	26	which	which	PRON
fbem-12617	162	27	meets	meet	VERB
fbem-12617	162	28	the	the	DET
fbem-12617	162	29	exogeneity	exogeneity	NOUN
fbem-12617	162	30	requirement	requirement	NOUN
fbem-12617	162	31	to	to	ADP
fbem-12617	162	32	a	a	DET
fbem-12617	162	33	certain	certain	ADJ
fbem-12617	162	34	extent	extent	NOUN
fbem-12617	162	35	.	.	PUNCT
fbem-12617	163	1	therefore	therefore	ADV
fbem-12617	163	2	,	,	PUNCT
fbem-12617	163	3	the	the	DET
fbem-12617	163	4	number	number	NOUN
fbem-12617	163	5	of	of	ADP
fbem-12617	163	6	post	post	NOUN
fbem-12617	163	7	offices	office	NOUN
fbem-12617	163	8	per	per	ADP
fbem-12617	163	9	million	million	NUM
fbem-12617	163	10	people	people	NOUN
fbem-12617	163	11	in	in	ADP
fbem-12617	163	12	each	each	DET
fbem-12617	163	13	city	city	NOUN
fbem-12617	163	14	in	in	ADP
fbem-12617	163	15	1984	1984	NUM
fbem-12617	163	16	is	be	AUX
fbem-12617	163	17	used	use	VERB
fbem-12617	163	18	as	as	ADP
fbem-12617	163	19	the	the	DET
fbem-12617	163	20	instrumental	instrumental	ADJ
fbem-12617	163	21	variable	variable	NOUN
fbem-12617	163	22	of	of	ADP
fbem-12617	163	23	the	the	DET
fbem-12617	163	24	regional	regional	ADJ
fbem-12617	163	25	digital	digital	ADJ
fbem-12617	163	26	economy	economy	NOUN
fbem-12617	163	27	development	development	NOUN
fbem-12617	163	28	index	index	NOUN
fbem-12617	163	29	,	,	PUNCT
fbem-12617	163	30	and	and	CCONJ
fbem-12617	163	31	the	the	DET
fbem-12617	163	32	data	datum	NOUN
fbem-12617	163	33	comes	come	VERB
fbem-12617	163	34	from	from	ADP
fbem-12617	163	35	the	the	DET
fbem-12617	163	36	"	"	PUNCT
fbem-12617	163	37	china	china	PROPN
fbem-12617	163	38	urban	urban	ADJ
fbem-12617	163	39	statistical	statistical	ADJ
fbem-12617	163	40	yearbook	yearbook	NOUN
fbem-12617	163	41	"	"	PUNCT
fbem-12617	163	42	.	.	PUNCT
fbem-12617	164	1	since	since	SCONJ
fbem-12617	164	2	this	this	DET
fbem-12617	164	3	paper	paper	NOUN
fbem-12617	164	4	uses	use	VERB
fbem-12617	164	5	a	a	DET
fbem-12617	164	6	fixed	fix	VERB
fbem-12617	164	7	effects	effect	NOUN
fbem-12617	164	8	model	model	NOUN
fbem-12617	164	9	,	,	PUNCT
fbem-12617	164	10	it	it	PRON
fbem-12617	164	11	will	will	AUX
fbem-12617	164	12	be	be	AUX
fbem-12617	164	13	difficult	difficult	ADJ
fbem-12617	164	14	to	to	PART
fbem-12617	164	15	measure	measure	VERB
fbem-12617	164	16	if	if	SCONJ
fbem-12617	164	17	only	only	ADV
fbem-12617	164	18	the	the	DET
fbem-12617	164	19	above	above	ADJ
fbem-12617	164	20	data	datum	NOUN
fbem-12617	164	21	is	be	AUX
fbem-12617	164	22	used	use	VERB
fbem-12617	164	23	.	.	PUNCT
fbem-12617	165	1	therefore	therefore	ADV
fbem-12617	165	2	,	,	PUNCT
fbem-12617	165	3	further	far	ADV
fbem-12617	165	4	referring	refer	VERB
fbem-12617	165	5	to	to	ADP
fbem-12617	165	6	the	the	DET
fbem-12617	165	7	practice	practice	NOUN
fbem-12617	165	8	of	of	ADP
fbem-12617	165	9	nunn	nunn	PROPN
fbem-12617	165	10	and	and	CCONJ
fbem-12617	165	11	qian[24	qian[24	NOUN
fbem-12617	165	12	]	]	PUNCT
fbem-12617	165	13	,	,	PUNCT
fbem-12617	165	14	this	this	DET
fbem-12617	165	15	paper	paper	NOUN
fbem-12617	165	16	constructs	construct	VERB
fbem-12617	165	17	the	the	DET
fbem-12617	165	18	interaction	interaction	NOUN
fbem-12617	165	19	term	term	NOUN
fbem-12617	165	20	of	of	ADP
fbem-12617	165	21	the	the	DET
fbem-12617	165	22	number	number	NOUN
fbem-12617	165	23	of	of	ADP
fbem-12617	165	24	broadband	broadband	NOUN
fbem-12617	165	25	access	access	NOUN
fbem-12617	165	26	users	user	NOUN
fbem-12617	165	27	in	in	ADP
fbem-12617	165	28	the	the	DET
fbem-12617	165	29	previous	previous	ADJ
fbem-12617	165	30	year	year	NOUN
fbem-12617	165	31	and	and	CCONJ
fbem-12617	165	32	the	the	DET
fbem-12617	165	33	number	number	NOUN
fbem-12617	165	34	of	of	ADP
fbem-12617	165	35	post	post	NOUN
fbem-12617	165	36	offices	office	NOUN
fbem-12617	165	37	per	per	ADP
fbem-12617	165	38	million	million	NUM
fbem-12617	165	39	people	people	NOUN
fbem-12617	165	40	in	in	ADP
fbem-12617	165	41	each	each	DET
fbem-12617	165	42	city	city	NOUN
fbem-12617	165	43	in	in	ADP
fbem-12617	165	44	1984	1984	NUM
fbem-12617	165	45	,	,	PUNCT
fbem-12617	165	46	as	as	ADP
fbem-12617	165	47	the	the	DET
fbem-12617	165	48	instrumental	instrumental	ADJ
fbem-12617	165	49	variable	variable	NOUN
fbem-12617	165	50	of	of	ADP
fbem-12617	165	51	the	the	DET
fbem-12617	165	52	city	city	NOUN
fbem-12617	165	53	digital	digital	PROPN
fbem-12617	165	54	economy	economy	PROPN
fbem-12617	165	55	development	development	NOUN
fbem-12617	165	56	index	index	NOUN
fbem-12617	165	57	,	,	PUNCT
fbem-12617	165	58	and	and	CCONJ
fbem-12617	165	59	conducts	conduct	VERB
fbem-12617	165	60	2sls	2sls	NUM
fbem-12617	165	61	estimation	estimation	NOUN
fbem-12617	165	62	.	.	PUNCT
fbem-12617	166	1	the	the	DET
fbem-12617	166	2	regression	regression	NOUN
fbem-12617	166	3	results	result	NOUN
fbem-12617	166	4	are	be	AUX
fbem-12617	166	5	shown	show	VERB
fbem-12617	166	6	in	in	ADP
fbem-12617	166	7	table	table	NOUN
fbem-12617	166	8	4	4	NUM
fbem-12617	166	9	.	.	PUNCT
fbem-12617	167	1	the	the	DET
fbem-12617	167	2	coefficient	coefficient	NOUN
fbem-12617	167	3	of	of	ADP
fbem-12617	167	4	the	the	DET
fbem-12617	167	5	instrumental	instrumental	ADJ
fbem-12617	167	6	variable	variable	NOUN
fbem-12617	167	7	in	in	ADP
fbem-12617	167	8	the	the	DET
fbem-12617	167	9	first	first	ADJ
fbem-12617	167	10	stage	stage	NOUN
fbem-12617	167	11	regression	regression	NOUN
fbem-12617	167	12	is	be	AUX
fbem-12617	167	13	significantly	significantly	ADV
fbem-12617	167	14	positive	positive	ADJ
fbem-12617	167	15	at	at	ADP
fbem-12617	167	16	the	the	DET
fbem-12617	167	17	1	1	NUM
fbem-12617	167	18	%	%	NOUN
fbem-12617	167	19	level	level	NOUN
fbem-12617	167	20	.	.	PUNCT
fbem-12617	168	1	for	for	ADP
fbem-12617	168	2	the	the	DET
fbem-12617	168	3	selected	select	VERB
fbem-12617	168	4	instrumental	instrumental	ADJ
fbem-12617	168	5	variable	variable	NOUN
fbem-12617	168	6	,	,	PUNCT
fbem-12617	168	7	this	this	DET
fbem-12617	168	8	paper	paper	NOUN
fbem-12617	168	9	uses	use	VERB
fbem-12617	168	10	the	the	DET
fbem-12617	168	11	kleibergen	kleibergen	PROPN
fbem-12617	168	12	-	-	PUNCT
fbem-12617	168	13	paap	paap	PROPN
fbem-12617	168	14	wald	wald	X
fbem-12617	168	15	rk	rk	PROPN
fbem-12617	168	16	f	f	PROPN
fbem-12617	168	17	statistic	statistic	NOUN
fbem-12617	168	18	method	method	NOUN
fbem-12617	168	19	to	to	PART
fbem-12617	168	20	test	test	VERB
fbem-12617	168	21	for	for	ADP
fbem-12617	168	22	weak	weak	ADJ
fbem-12617	168	23	instrumental	instrumental	ADJ
fbem-12617	168	24	variables	variable	NOUN
fbem-12617	168	25	,	,	PUNCT
fbem-12617	168	26	and	and	CCONJ
fbem-12617	168	27	uses	use	VERB
fbem-12617	168	28	the	the	DET
fbem-12617	168	29	kleibergen	kleibergen	PROPN
fbem-12617	168	30	-	-	PUNCT
fbem-12617	168	31	paap	paap	VERB
fbem-12617	169	1	rk	rk	NOUN
fbem-12617	169	2	lm	lm	X
fbem-12617	169	3	method	method	VERB
fbem-12617	169	4	to	to	ADP
fbem-12617	169	5	and	and	CCONJ
fbem-12617	169	6	uses	use	VERB
fbem-12617	169	7	the	the	DET
fbem-12617	169	8	kleibergen	kleibergen	PROPN
fbem-12617	169	9	-	-	PUNCT
fbem-12617	169	10	paap	paap	VERB
fbem-12617	169	11	rk	rk	NOUN
fbem-12617	169	12	lm	lm	X
fbem-12617	169	13	method	method	VERB
fbem-12617	169	14	to	to	PART
fbem-12617	169	15	conduct	conduct	VERB
fbem-12617	169	16	unidentifiable	unidentifiable	ADJ
fbem-12617	169	17	tests	test	NOUN
fbem-12617	169	18	.	.	PUNCT
fbem-12617	170	1	the	the	DET
fbem-12617	170	2	test	test	NOUN
fbem-12617	170	3	results	result	NOUN
fbem-12617	170	4	show	show	VERB
fbem-12617	170	5	that	that	SCONJ
fbem-12617	170	6	the	the	DET
fbem-12617	170	7	instrumental	instrumental	ADJ
fbem-12617	170	8	variable	variable	NOUN
fbem-12617	170	9	does	do	AUX
fbem-12617	170	10	not	not	PART
fbem-12617	170	11	have	have	VERB
fbem-12617	170	12	the	the	DET
fbem-12617	170	13	above	above	ADJ
fbem-12617	170	14	two	two	NUM
fbem-12617	170	15	problems	problem	NOUN
fbem-12617	170	16	,	,	PUNCT
fbem-12617	170	17	and	and	CCONJ
fbem-12617	170	18	the	the	DET
fbem-12617	170	19	digital	digital	ADJ
fbem-12617	170	20	economy	economy	NOUN
fbem-12617	170	21	still	still	ADV
fbem-12617	170	22	has	have	VERB
fbem-12617	170	23	a	a	DET
fbem-12617	170	24	significant	significant	ADJ
fbem-12617	170	25	effect	effect	NOUN
fbem-12617	170	26	on	on	ADP
fbem-12617	170	27	improving	improve	VERB
fbem-12617	170	28	the	the	DET
fbem-12617	170	29	investment	investment	NOUN
fbem-12617	170	30	efficiency	efficiency	NOUN
fbem-12617	170	31	of	of	ADP
fbem-12617	170	32	manufacturing	manufacturing	NOUN
fbem-12617	170	33	companies	company	NOUN
fbem-12617	170	34	,	,	PUNCT
fbem-12617	170	35	verifying	verify	VERB
fbem-12617	170	36	the	the	DET
fbem-12617	170	37	robustness	robustness	NOUN
fbem-12617	170	38	of	of	ADP
fbem-12617	170	39	the	the	DET
fbem-12617	170	40	research	research	NOUN
fbem-12617	170	41	conclusions	conclusion	NOUN
fbem-12617	170	42	.	.	PUNCT
fbem-12617	171	1	table	table	NOUN
fbem-12617	171	2	4	4	NUM
fbem-12617	171	3	.	.	PUNCT
fbem-12617	172	1	endogeneity	endogeneity	NOUN
fbem-12617	172	2	test	test	NOUN
fbem-12617	172	3	first	first	ADJ
fbem-12617	172	4	stage	stage	NOUN
fbem-12617	172	5	second	second	ADJ
fbem-12617	172	6	stage	stage	NOUN
fbem-12617	172	7	first	first	ADJ
fbem-12617	172	8	stage	stage	NOUN
fbem-12617	172	9	second	second	ADJ
fbem-12617	172	10	stage	stage	NOUN
fbem-12617	172	11	variables	variable	NOUN
fbem-12617	172	12	l.dig	l.dig	PROPN
fbem-12617	172	13	ei1	ei1	PROPN
fbem-12617	172	14	l.dig	l.dig	PROPN
fbem-12617	172	15	ei2	ei2	NOUN
fbem-12617	172	16	instrument	instrument	NOUN
fbem-12617	172	17	0.00019	0.00019	NUM
fbem-12617	172	18	*	*	PUNCT
fbem-12617	172	19	*	*	PUNCT
fbem-12617	172	20	*	*	PUNCT
fbem-12617	172	21	(	(	PUNCT
fbem-12617	172	22	0.00002	0.00002	NUM
fbem-12617	172	23	)	)	PUNCT
fbem-12617	172	24	0.00019	0.00019	NUM
fbem-12617	172	25	*	*	PUNCT
fbem-12617	172	26	*	*	PUNCT
fbem-12617	172	27	*	*	PUNCT
fbem-12617	172	28	l.dig	l.dig	VERB
fbem-12617	172	29	-0.350	-0.350	PUNCT
fbem-12617	172	30	*	*	PUNCT
fbem-12617	172	31	*	*	PUNCT
fbem-12617	172	32	*	*	PUNCT
fbem-12617	173	1	-0.355	-0.355	PUNCT
fbem-12617	173	2	*	*	PUNCT
fbem-12617	173	3	*	*	PUNCT
fbem-12617	173	4	*	*	PUNCT
fbem-12617	173	5	(	(	PUNCT
fbem-12617	173	6	0.129	0.129	NUM
fbem-12617	173	7	)	)	PUNCT
fbem-12617	173	8	（	（	PUNCT
fbem-12617	173	9	0.133	0.133	NUM
fbem-12617	173	10	）	）	NOUN
fbem-12617	173	11	control	control	NOUN
fbem-12617	173	12	variables	variables	PROPN
fbem-12617	173	13	control	control	PROPN
fbem-12617	173	14	control	control	PROPN
fbem-12617	173	15	control	control	PROPN
fbem-12617	173	16	control	control	PROPN
fbem-12617	173	17	entity	entity	NOUN
fbem-12617	173	18	fixed	fix	VERB
fbem-12617	173	19	effect	effect	NOUN
fbem-12617	174	1	yes	yes	INTJ
fbem-12617	175	1	yes	yes	INTJ
fbem-12617	176	1	yes	yes	INTJ
fbem-12617	177	1	yes	yes	INTJ
fbem-12617	177	2	year	year	NOUN
fbem-12617	177	3	fixed	fix	VERB
fbem-12617	177	4	effect	effect	NOUN
fbem-12617	178	1	yes	yes	INTJ
fbem-12617	178	2	yes	yes	INTJ
fbem-12617	179	1	yes	yes	INTJ
fbem-12617	179	2	yes	yes	INTJ
fbem-12617	179	3	sample	sample	NOUN
fbem-12617	179	4	size	size	NOUN
fbem-12617	179	5	8736	8736	NUM
fbem-12617	179	6	8736	8736	NUM
fbem-12617	179	7	8640	8640	NUM
fbem-12617	179	8	8640	8640	NUM
fbem-12617	179	9	kleibergen	kleibergen	NOUN
fbem-12617	179	10	-	-	PUNCT
fbem-12617	179	11	paap	paap	VERB
fbem-12617	179	12	rk	rk	PROPN
fbem-12617	179	13	lm_p	lm_p	VERB
fbem-12617	179	14	0.0000	0.0000	NUM
fbem-12617	179	15	0.0000	0.0000	NUM
fbem-12617	179	16	kleibergen	kleibergen	NOUN
fbem-12617	179	17	-	-	PUNCT
fbem-12617	179	18	paap	paap	PROPN
fbem-12617	179	19	wald	wald	X
fbem-12617	179	20	rk	rk	NOUN
fbem-12617	179	21	f	f	PROPN
fbem-12617	179	22	81.653	81.653	NUM
fbem-12617	179	23	77.082	77.082	NUM
fbem-12617	179	24	252	252	NUM
fbem-12617	179	25	6.4	6.4	NUM
fbem-12617	179	26	.	.	PUNCT
fbem-12617	180	1	robustness	robustness	NOUN
fbem-12617	180	2	test	test	NOUN
fbem-12617	180	3	this	this	DET
fbem-12617	180	4	paper	paper	NOUN
fbem-12617	180	5	adopts	adopt	VERB
fbem-12617	180	6	the	the	DET
fbem-12617	180	7	following	follow	VERB
fbem-12617	180	8	methods	method	NOUN
fbem-12617	180	9	to	to	PART
fbem-12617	180	10	conduct	conduct	VERB
fbem-12617	180	11	robustness	robustness	NOUN
fbem-12617	180	12	tests	test	NOUN
fbem-12617	180	13	:	:	PUNCT
fbem-12617	180	14	1	1	X
fbem-12617	180	15	)	)	PUNCT
fbem-12617	180	16	replace	replace	VERB
fbem-12617	180	17	the	the	DET
fbem-12617	180	18	measurement	measurement	NOUN
fbem-12617	180	19	method	method	NOUN
fbem-12617	180	20	of	of	ADP
fbem-12617	180	21	the	the	DET
fbem-12617	180	22	dependent	dependent	ADJ
fbem-12617	180	23	variable	variable	NOUN
fbem-12617	180	24	.	.	PUNCT
fbem-12617	181	1	refer	refer	VERB
fbem-12617	181	2	to	to	ADP
fbem-12617	181	3	biddle	biddle	PROPN
fbem-12617	181	4	's	's	PART
fbem-12617	181	5	method[25	method[25	NOUN
fbem-12617	181	6	]	]	PUNCT
fbem-12617	181	7	to	to	PART
fbem-12617	181	8	measure	measure	VERB
fbem-12617	181	9	the	the	DET
fbem-12617	181	10	investment	investment	NOUN
fbem-12617	181	11	efficiency	efficiency	NOUN
fbem-12617	181	12	of	of	ADP
fbem-12617	181	13	manufacturing	manufacturing	NOUN
fbem-12617	181	14	companies	company	NOUN
fbem-12617	181	15	(	(	PUNCT
fbem-12617	181	16	ei3	ei3	PROPN
fbem-12617	181	17	)	)	PUNCT
fbem-12617	181	18	.	.	PUNCT
fbem-12617	182	1	regression	regression	NOUN
fbem-12617	182	2	is	be	AUX
fbem-12617	182	3	carried	carry	VERB
fbem-12617	182	4	out	out	ADP
fbem-12617	182	5	using	use	VERB
fbem-12617	182	6	model	model	NOUN
fbem-12617	182	7	(	(	PUNCT
fbem-12617	182	8	2	2	NUM
fbem-12617	182	9	)	)	PUNCT
fbem-12617	182	10	and	and	CCONJ
fbem-12617	182	11	grouped	group	VERB
fbem-12617	182	12	by	by	ADP
fbem-12617	182	13	property	property	NOUN
fbem-12617	182	14	rights	right	NOUN
fbem-12617	182	15	characteristics	characteristic	NOUN
fbem-12617	182	16	.	.	PUNCT
fbem-12617	183	1	the	the	DET
fbem-12617	183	2	regression	regression	NOUN
fbem-12617	183	3	results	result	NOUN
fbem-12617	183	4	are	be	AUX
fbem-12617	183	5	shown	show	VERB
fbem-12617	183	6	in	in	ADP
fbem-12617	183	7	column	column	NOUN
fbem-12617	183	8	(	(	PUNCT
fbem-12617	183	9	1	1	NUM
fbem-12617	183	10	)	)	PUNCT
fbem-12617	183	11	of	of	ADP
fbem-12617	183	12	table	table	NOUN
fbem-12617	183	13	5	5	NUM
fbem-12617	183	14	.	.	PUNCT
fbem-12617	184	1	the	the	DET
fbem-12617	184	2	regression	regression	NOUN
fbem-12617	184	3	results	result	VERB
fbem-12617	184	4	in	in	ADP
fbem-12617	184	5	the	the	DET
fbem-12617	184	6	full	full	ADJ
fbem-12617	184	7	sample	sample	NOUN
fbem-12617	184	8	and	and	CCONJ
fbem-12617	184	9	non	non	ADJ
fbem-12617	184	10	-	-	ADJ
fbem-12617	184	11	state	state	NOUN
fbem-12617	184	12	-	-	PUNCT
fbem-12617	184	13	owned	own	VERB
fbem-12617	184	14	enterprise	enterprise	NOUN
fbem-12617	184	15	groups	group	NOUN
fbem-12617	184	16	are	be	AUX
fbem-12617	184	17	significantly	significantly	ADV
fbem-12617	184	18	negative	negative	ADJ
fbem-12617	184	19	at	at	ADP
fbem-12617	184	20	the	the	DET
fbem-12617	184	21	5	5	NUM
fbem-12617	184	22	%	%	NOUN
fbem-12617	184	23	level	level	NOUN
fbem-12617	184	24	,	,	PUNCT
fbem-12617	184	25	while	while	SCONJ
fbem-12617	184	26	the	the	DET
fbem-12617	184	27	regression	regression	NOUN
fbem-12617	184	28	results	result	NOUN
fbem-12617	184	29	of	of	ADP
fbem-12617	184	30	the	the	DET
fbem-12617	184	31	state	state	NOUN
fbem-12617	184	32	-	-	PUNCT
fbem-12617	184	33	owned	own	VERB
fbem-12617	184	34	enterprise	enterprise	NOUN
fbem-12617	184	35	group	group	NOUN
fbem-12617	184	36	are	be	AUX
fbem-12617	184	37	not	not	PART
fbem-12617	184	38	significant	significant	ADJ
fbem-12617	184	39	,	,	PUNCT
fbem-12617	184	40	which	which	PRON
fbem-12617	184	41	is	be	AUX
fbem-12617	184	42	consistent	consistent	ADJ
fbem-12617	184	43	with	with	ADP
fbem-12617	184	44	the	the	DET
fbem-12617	184	45	above	above	ADJ
fbem-12617	184	46	regression	regression	NOUN
fbem-12617	184	47	results	result	NOUN
fbem-12617	184	48	.	.	PUNCT
fbem-12617	185	1	2	2	X
fbem-12617	185	2	)	)	PUNCT
fbem-12617	185	3	replace	replace	VERB
fbem-12617	185	4	the	the	DET
fbem-12617	185	5	key	key	ADJ
fbem-12617	185	6	explanatory	explanatory	ADJ
fbem-12617	185	7	variable	variable	ADJ
fbem-12617	185	8	measurement	measurement	NOUN
fbem-12617	185	9	indicators	indicator	NOUN
fbem-12617	185	10	.	.	PUNCT
fbem-12617	186	1	use	use	VERB
fbem-12617	186	2	the	the	DET
fbem-12617	186	3	peking	peking	PROPN
fbem-12617	186	4	university	university	PROPN
fbem-12617	186	5	digital	digital	PROPN
fbem-12617	186	6	inclusive	inclusive	ADJ
fbem-12617	186	7	finance	finance	NOUN
fbem-12617	186	8	index	index	NOUN
fbem-12617	186	9	jointly	jointly	ADV
fbem-12617	186	10	compiled	compile	VERB
fbem-12617	186	11	by	by	ADP
fbem-12617	186	12	the	the	DET
fbem-12617	186	13	peking	peking	PROPN
fbem-12617	186	14	university	university	PROPN
fbem-12617	186	15	digital	digital	ADJ
fbem-12617	186	16	finance	finance	NOUN
fbem-12617	186	17	research	research	NOUN
fbem-12617	186	18	center	center	NOUN
fbem-12617	186	19	and	and	CCONJ
fbem-12617	186	20	ant	ant	ADJ
fbem-12617	186	21	financial	financial	ADJ
fbem-12617	186	22	services	service	NOUN
fbem-12617	186	23	group	group	NOUN
fbem-12617	186	24	,	,	PUNCT
fbem-12617	186	25	and	and	CCONJ
fbem-12617	186	26	use	use	VERB
fbem-12617	186	27	the	the	DET
fbem-12617	186	28	digital	digital	ADJ
fbem-12617	186	29	finance	finance	NOUN
fbem-12617	186	30	usage	usage	NOUN
fbem-12617	186	31	depth	depth	NOUN
fbem-12617	186	32	index	index	NOUN
fbem-12617	186	33	as	as	ADP
fbem-12617	186	34	the	the	DET
fbem-12617	186	35	indicator	indicator	NOUN
fbem-12617	186	36	of	of	ADP
fbem-12617	186	37	the	the	DET
fbem-12617	186	38	explanatory	explanatory	ADJ
fbem-12617	186	39	variable	variable	NOUN
fbem-12617	186	40	.	.	PUNCT
fbem-12617	187	1	regression	regression	NOUN
fbem-12617	187	2	is	be	AUX
fbem-12617	187	3	performed	perform	VERB
fbem-12617	187	4	using	use	VERB
fbem-12617	187	5	model	model	NOUN
fbem-12617	187	6	(	(	PUNCT
fbem-12617	187	7	2	2	NUM
fbem-12617	187	8	)	)	PUNCT
fbem-12617	187	9	and	and	CCONJ
fbem-12617	187	10	grouped	group	VERB
fbem-12617	187	11	by	by	ADP
fbem-12617	187	12	different	different	ADJ
fbem-12617	187	13	property	property	NOUN
fbem-12617	187	14	rights	right	NOUN
fbem-12617	187	15	characteristics	characteristic	NOUN
fbem-12617	187	16	.	.	PUNCT
fbem-12617	188	1	the	the	DET
fbem-12617	188	2	regression	regression	NOUN
fbem-12617	188	3	results	result	NOUN
fbem-12617	188	4	are	be	AUX
fbem-12617	188	5	shown	show	VERB
fbem-12617	188	6	in	in	ADP
fbem-12617	188	7	column	column	NOUN
fbem-12617	188	8	(	(	PUNCT
fbem-12617	188	9	2	2	NUM
fbem-12617	188	10	)	)	PUNCT
fbem-12617	188	11	of	of	ADP
fbem-12617	188	12	table	table	NOUN
fbem-12617	188	13	5	5	NUM
fbem-12617	188	14	.	.	PUNCT
fbem-12617	189	1	the	the	DET
fbem-12617	189	2	regression	regression	NOUN
fbem-12617	189	3	results	result	NOUN
fbem-12617	189	4	of	of	ADP
fbem-12617	189	5	the	the	DET
fbem-12617	189	6	full	full	ADJ
fbem-12617	189	7	sample	sample	NOUN
fbem-12617	189	8	group	group	NOUN
fbem-12617	189	9	and	and	CCONJ
fbem-12617	189	10	non	non	ADJ
fbem-12617	189	11	-	-	ADJ
fbem-12617	189	12	state	state	NOUN
fbem-12617	189	13	-	-	PUNCT
fbem-12617	189	14	owned	own	VERB
fbem-12617	189	15	enterprise	enterprise	NOUN
fbem-12617	189	16	group	group	NOUN
fbem-12617	189	17	are	be	AUX
fbem-12617	189	18	significantly	significantly	ADV
fbem-12617	189	19	negative	negative	ADJ
fbem-12617	189	20	at	at	ADP
fbem-12617	189	21	the	the	DET
fbem-12617	189	22	5	5	NUM
fbem-12617	189	23	%	%	NOUN
fbem-12617	189	24	level	level	NOUN
fbem-12617	189	25	,	,	PUNCT
fbem-12617	189	26	while	while	SCONJ
fbem-12617	189	27	the	the	DET
fbem-12617	189	28	regression	regression	NOUN
fbem-12617	189	29	results	result	NOUN
fbem-12617	189	30	of	of	ADP
fbem-12617	189	31	the	the	DET
fbem-12617	189	32	state	state	NOUN
fbem-12617	189	33	-	-	PUNCT
fbem-12617	189	34	owned	own	VERB
fbem-12617	189	35	enterprise	enterprise	NOUN
fbem-12617	189	36	group	group	NOUN
fbem-12617	189	37	are	be	AUX
fbem-12617	189	38	not	not	PART
fbem-12617	189	39	significant	significant	ADJ
fbem-12617	189	40	.	.	PUNCT
fbem-12617	190	1	this	this	PRON
fbem-12617	190	2	is	be	AUX
fbem-12617	190	3	consistent	consistent	ADJ
fbem-12617	190	4	with	with	ADP
fbem-12617	190	5	the	the	DET
fbem-12617	190	6	above	above	ADJ
fbem-12617	190	7	regression	regression	NOUN
fbem-12617	190	8	results	result	NOUN
fbem-12617	190	9	,	,	PUNCT
fbem-12617	190	10	ensuring	ensure	VERB
fbem-12617	190	11	the	the	DET
fbem-12617	190	12	robustness	robustness	NOUN
fbem-12617	190	13	of	of	ADP
fbem-12617	190	14	the	the	DET
fbem-12617	190	15	research	research	NOUN
fbem-12617	190	16	conclusions	conclusion	NOUN
fbem-12617	190	17	in	in	ADP
fbem-12617	190	18	this	this	DET
fbem-12617	190	19	paper	paper	NOUN
fbem-12617	190	20	.	.	PUNCT
fbem-12617	191	1	table	table	NOUN
fbem-12617	191	2	5	5	NUM
fbem-12617	191	3	.	.	PUNCT
fbem-12617	191	4	robustness	robustness	NOUN
fbem-12617	191	5	test	test	NOUN
fbem-12617	191	6	(	(	PUNCT
fbem-12617	191	7	1	1	NUM
fbem-12617	191	8	)	)	PUNCT
fbem-12617	191	9	(	(	PUNCT
fbem-12617	191	10	2	2	X
fbem-12617	191	11	)	)	PUNCT
fbem-12617	191	12	full	full	ADJ
fbem-12617	191	13	soe	soe	PROPN
fbem-12617	191	14	nsoe	nsoe	PROPN
fbem-12617	191	15	full	full	ADJ
fbem-12617	191	16	soe	soe	PROPN
fbem-12617	191	17	nsoe	nsoe	PROPN
fbem-12617	191	18	variables	variable	NOUN
fbem-12617	191	19	ei1	ei1	VERB
fbem-12617	191	20	ei2	ei2	NOUN
fbem-12617	191	21	ei1	ei1	PROPN
fbem-12617	191	22	ei2	ei2	NOUN
fbem-12617	191	23	ei1	ei1	PROPN
fbem-12617	191	24	ei2	ei2	PROPN
fbem-12617	191	25	l.dig	l.dig	PROPN
fbem-12617	191	26	0.0269	0.0269	NUM
fbem-12617	191	27	*	*	SYM
fbem-12617	191	28	*	*	PUNCT
fbem-12617	191	29	-0.0103	-0.0103	NOUN
fbem-12617	192	1	0.0300	0.0300	NUM
fbem-12617	192	2	*	*	PUNCT
fbem-12617	192	3	*	*	NOUN
fbem-12617	192	4	-0.000262	-0.000262	PROPN
fbem-12617	192	5	*	*	PUNCT
fbem-12617	192	6	*	*	PUNCT
fbem-12617	192	7	-0	-0	INTJ
fbem-12617	192	8	.	.	NOUN
fbem-12617	192	9	0000172	0000172	NUM
fbem-12617	192	10	-0.000409	-0.000409	X
fbem-12617	192	11	*	*	PUNCT
fbem-12617	192	12	*	*	PUNCT
fbem-12617	192	13	(	(	PUNCT
fbem-12617	192	14	0.0127	0.0127	NUM
fbem-12617	192	15	)	)	PUNCT
fbem-12617	192	16	(	(	PUNCT
fbem-12617	192	17	0.0252	0.0252	NUM
fbem-12617	192	18	)	)	PUNCT
fbem-12617	192	19	(	(	PUNCT
fbem-12617	192	20	0.0147	0.0147	NUM
fbem-12617	192	21	)	)	PUNCT
fbem-12617	192	22	(	(	PUNCT
fbem-12617	192	23	0.000121	0.000121	NUM
fbem-12617	192	24	)	)	PUNCT
fbem-12617	192	25	(	(	PUNCT
fbem-12617	192	26	0.000138	0.000138	NUM
fbem-12617	192	27	)	)	PUNCT
fbem-12617	192	28	(	(	PUNCT
fbem-12617	192	29	0.000165	0.000165	NUM
fbem-12617	192	30	)	)	PUNCT
fbem-12617	192	31	control	control	NOUN
fbem-12617	192	32	variables	variable	NOUN
fbem-12617	192	33	control	control	PROPN
fbem-12617	192	34	control	control	PROPN
fbem-12617	192	35	control	control	PROPN
fbem-12617	192	36	control	control	PROPN
fbem-12617	192	37	control	control	PROPN
fbem-12617	192	38	control	control	PROPN
fbem-12617	192	39	entity	entity	NOUN
fbem-12617	192	40	fixed	fix	VERB
fbem-12617	192	41	effect	effect	NOUN
fbem-12617	193	1	yes	yes	INTJ
fbem-12617	193	2	yes	yes	INTJ
fbem-12617	194	1	yes	yes	INTJ
fbem-12617	195	1	yes	yes	INTJ
fbem-12617	196	1	yes	yes	INTJ
fbem-12617	197	1	yes	yes	INTJ
fbem-12617	197	2	year	year	NOUN
fbem-12617	197	3	fixed	fix	VERB
fbem-12617	197	4	effect	effect	NOUN
fbem-12617	198	1	yes	yes	INTJ
fbem-12617	198	2	yes	yes	INTJ
fbem-12617	199	1	yes	yes	INTJ
fbem-12617	200	1	yes	yes	INTJ
fbem-12617	201	1	yes	yes	INTJ
fbem-12617	202	1	yes	yes	INTJ
fbem-12617	202	2	sample	sample	NOUN
fbem-12617	202	3	size	size	NOUN
fbem-12617	202	4	7,483	7,483	NUM
fbem-12617	202	5	1,780	1,780	NUM
fbem-12617	202	6	5,703	5,703	NUM
fbem-12617	202	7	9375	9375	NUM
fbem-12617	202	8	2,915	2,915	NUM
fbem-12617	202	9	6,460	6,460	NUM
fbem-12617	202	10	r	r	X
fbem-12617	202	11	-	-	PUNCT
fbem-12617	202	12	sq	sq	INTJ
fbem-12617	202	13	0.085	0.085	NUM
fbem-12617	202	14	0.075	0.075	NUM
fbem-12617	202	15	0.092	0.092	NUM
fbem-12617	202	16	0.094	0.094	NUM
fbem-12617	202	17	0.054	0.054	NUM
fbem-12617	202	18	0.115	0.115	NUM
fbem-12617	202	19	table	table	NOUN
fbem-12617	202	20	6	6	NUM
fbem-12617	202	21	.	.	PUNCT
fbem-12617	202	22	mechanism	mechanism	NOUN
fbem-12617	202	23	test	test	NOUN
fbem-12617	202	24	full	full	ADJ
fbem-12617	202	25	samples	sample	NOUN
fbem-12617	202	26	state	state	NOUN
fbem-12617	202	27	-	-	PUNCT
fbem-12617	202	28	owned	own	VERB
fbem-12617	202	29	enterprises	enterprise	NOUN
fbem-12617	202	30	non	non	ADJ
fbem-12617	202	31	-	-	ADJ
fbem-12617	202	32	state	state	NOUN
fbem-12617	202	33	-	-	PUNCT
fbem-12617	202	34	owned	own	VERB
fbem-12617	202	35	enterprises	enterprise	NOUN
fbem-12617	202	36	variables	variable	NOUN
fbem-12617	202	37	ei1	ei1	VERB
fbem-12617	202	38	ei2	ei2	NOUN
fbem-12617	202	39	ei1	ei1	PROPN
fbem-12617	202	40	ei2	ei2	NOUN
fbem-12617	202	41	ei1	ei1	PROPN
fbem-12617	202	42	ei2	ei2	NOUN
fbem-12617	202	43	l.dig	l.dig	PROPN
fbem-12617	202	44	0.124	0.124	NUM
fbem-12617	202	45	0.138	0.138	NUM
fbem-12617	202	46	*	*	PUNCT
fbem-12617	202	47	-0.00986	-0.00986	VERB
fbem-12617	202	48	0.0759	0.0759	NUM
fbem-12617	202	49	0.152	0.152	NUM
fbem-12617	202	50	0.153	0.153	NUM
fbem-12617	202	51	(	(	PUNCT
fbem-12617	202	52	0.0838	0.0838	NUM
fbem-12617	202	53	)	)	PUNCT
fbem-12617	202	54	(	(	PUNCT
fbem-12617	202	55	0.0827	0.0827	NUM
fbem-12617	202	56	)	)	PUNCT
fbem-12617	202	57	(	(	PUNCT
fbem-12617	202	58	0.161	0.161	NUM
fbem-12617	202	59	)	)	PUNCT
fbem-12617	202	60	(	(	PUNCT
fbem-12617	202	61	0.151	0.151	NUM
fbem-12617	202	62	)	)	PUNCT
fbem-12617	202	63	(	(	PUNCT
fbem-12617	202	64	0.0981	0.0981	NUM
fbem-12617	202	65	)	)	PUNCT
fbem-12617	202	66	(	(	PUNCT
fbem-12617	202	67	0.0978	0.0978	NUM
fbem-12617	202	68	)	)	PUNCT
fbem-12617	202	69	l.mkt	l.mkt	VERB
fbem-12617	202	70	0.00657	0.00657	NUM
fbem-12617	202	71	0.00596	0.00596	NUM
fbem-12617	203	1	0.00428	0.00428	NUM
fbem-12617	203	2	0.00384	0.00384	NUM
fbem-12617	203	3	0.00811	0.00811	NUM
fbem-12617	203	4	0.00783	0.00783	NUM
fbem-12617	203	5	(	(	PUNCT
fbem-12617	203	6	0.00443	0.00443	NUM
fbem-12617	203	7	)	)	PUNCT
fbem-12617	203	8	(	(	PUNCT
fbem-12617	203	9	0.00408	0.00408	NUM
fbem-12617	203	10	)	)	PUNCT
fbem-12617	203	11	(	(	PUNCT
fbem-12617	203	12	0.00540	0.00540	NUM
fbem-12617	203	13	)	)	PUNCT
fbem-12617	203	14	(	(	PUNCT
fbem-12617	203	15	0.00509	0.00509	NUM
fbem-12617	203	16	)	)	PUNCT
fbem-12617	203	17	(	(	PUNCT
fbem-12617	203	18	0.00647	0.00647	NUM
fbem-12617	203	19	)	)	PUNCT
fbem-12617	203	20	(	(	PUNCT
fbem-12617	203	21	0.00591	0.00591	NUM
fbem-12617	203	22	)	)	PUNCT
fbem-12617	203	23	l.dig*l.mkt	l.dig*l.mkt	PROPN
fbem-12617	203	24	-0.0142	-0.0142	NOUN
fbem-12617	203	25	*	*	PUNCT
fbem-12617	203	26	-0.0151	-0.0151	PROPN
fbem-12617	203	27	*	*	PUNCT
fbem-12617	203	28	*	*	PUNCT
fbem-12617	203	29	0.000657	0.000657	NUM
fbem-12617	203	30	-0.00753	-0.00753	X
fbem-12617	203	31	-0.0181	-0.0181	VERB
fbem-12617	203	32	*	*	PUNCT
fbem-12617	203	33	*	*	NOUN
fbem-12617	203	34	-0.0175	-0.0175	PUNCT
fbem-12617	203	35	*	*	PUNCT
fbem-12617	203	36	(	(	PUNCT
fbem-12617	203	37	0.00764	0.00764	NUM
fbem-12617	203	38	)	)	PUNCT
fbem-12617	203	39	(	(	PUNCT
fbem-12617	203	40	0.00746	0.00746	NUM
fbem-12617	203	41	)	)	PUNCT
fbem-12617	203	42	(	(	PUNCT
fbem-12617	203	43	0.0141	0.0141	NUM
fbem-12617	203	44	)	)	PUNCT
fbem-12617	203	45	(	(	PUNCT
fbem-12617	203	46	0.0131	0.0131	NUM
fbem-12617	203	47	)	)	PUNCT
fbem-12617	203	48	(	(	PUNCT
fbem-12617	203	49	0.00910	0.00910	NUM
fbem-12617	203	50	)	)	PUNCT
fbem-12617	203	51	(	(	PUNCT
fbem-12617	203	52	0.00900	0.00900	NUM
fbem-12617	203	53	)	)	PUNCT
fbem-12617	203	54	control	control	NOUN
fbem-12617	203	55	variables	variable	NOUN
fbem-12617	203	56	control	control	PROPN
fbem-12617	203	57	control	control	PROPN
fbem-12617	203	58	control	control	PROPN
fbem-12617	203	59	control	control	PROPN
fbem-12617	203	60	control	control	PROPN
fbem-12617	203	61	control	control	PROPN
fbem-12617	203	62	entity	entity	NOUN
fbem-12617	203	63	fixed	fix	VERB
fbem-12617	203	64	effect	effect	NOUN
fbem-12617	204	1	yes	yes	INTJ
fbem-12617	204	2	yes	yes	INTJ
fbem-12617	205	1	yes	yes	INTJ
fbem-12617	206	1	yes	yes	INTJ
fbem-12617	207	1	yes	yes	INTJ
fbem-12617	208	1	yes	yes	INTJ
fbem-12617	208	2	year	year	NOUN
fbem-12617	208	3	fixed	fix	VERB
fbem-12617	208	4	effect	effect	NOUN
fbem-12617	209	1	yes	yes	INTJ
fbem-12617	209	2	yes	yes	INTJ
fbem-12617	210	1	yes	yes	INTJ
fbem-12617	211	1	yes	yes	INTJ
fbem-12617	212	1	yes	yes	INTJ
fbem-12617	213	1	yes	yes	INTJ
fbem-12617	213	2	sample	sample	NOUN
fbem-12617	213	3	size	size	NOUN
fbem-12617	213	4	9375	9375	NUM
fbem-12617	213	5	9276	9276	NUM
fbem-12617	213	6	2915	2915	NUM
fbem-12617	213	7	2855	2855	NUM
fbem-12617	213	8	6460	6460	NUM
fbem-12617	213	9	6421	6421	NUM
fbem-12617	213	10	r	r	X
fbem-12617	213	11	-	-	PUNCT
fbem-12617	213	12	sq	sq	INTJ
fbem-12617	213	13	0.094	0.094	NUM
fbem-12617	213	14	0.109	0.109	NUM
fbem-12617	213	15	0.055	0.055	NUM
fbem-12617	213	16	0.074	0.074	NUM
fbem-12617	213	17	0.115	0.115	NUM
fbem-12617	213	18	0.125	0.125	NUM
fbem-12617	213	19	6.5	6.5	NUM
fbem-12617	213	20	.	.	PUNCT
fbem-12617	214	1	mechanism	mechanism	NOUN
fbem-12617	214	2	test	test	NOUN
fbem-12617	214	3	this	this	DET
fbem-12617	214	4	paper	paper	NOUN
fbem-12617	214	5	uses	use	VERB
fbem-12617	214	6	model	model	NOUN
fbem-12617	214	7	(	(	PUNCT
fbem-12617	214	8	3	3	NUM
fbem-12617	214	9	)	)	PUNCT
fbem-12617	214	10	to	to	PART
fbem-12617	214	11	test	test	VERB
fbem-12617	214	12	the	the	DET
fbem-12617	214	13	moderating	moderate	VERB
fbem-12617	214	14	effect	effect	NOUN
fbem-12617	214	15	of	of	ADP
fbem-12617	214	16	the	the	DET
fbem-12617	214	17	degree	degree	NOUN
fbem-12617	214	18	of	of	ADP
fbem-12617	214	19	marketization	marketization	NOUN
fbem-12617	214	20	,	,	PUNCT
fbem-12617	214	21	an	an	DET
fbem-12617	214	22	external	external	ADJ
fbem-12617	214	23	environment	environment	NOUN
fbem-12617	214	24	of	of	ADP
fbem-12617	214	25	enterprises	enterprise	NOUN
fbem-12617	214	26	,	,	PUNCT
fbem-12617	214	27	on	on	ADP
fbem-12617	214	28	the	the	DET
fbem-12617	214	29	relationship	relationship	NOUN
fbem-12617	214	30	between	between	ADP
fbem-12617	214	31	the	the	DET
fbem-12617	214	32	digital	digital	ADJ
fbem-12617	214	33	economy	economy	NOUN
fbem-12617	214	34	and	and	CCONJ
fbem-12617	214	35	the	the	DET
fbem-12617	214	36	investment	investment	NOUN
fbem-12617	214	37	efficiency	efficiency	NOUN
fbem-12617	214	38	of	of	ADP
fbem-12617	214	39	manufacturing	manufacturing	NOUN
fbem-12617	214	40	enterprises	enterprise	NOUN
fbem-12617	214	41	,	,	PUNCT
fbem-12617	214	42	and	and	CCONJ
fbem-12617	214	43	further	far	ADV
fbem-12617	214	44	deeply	deeply	ADV
fbem-12617	214	45	explores	explore	VERB
fbem-12617	214	46	the	the	DET
fbem-12617	214	47	moderating	moderate	VERB
fbem-12617	214	48	effect	effect	NOUN
fbem-12617	214	49	of	of	ADP
fbem-12617	214	50	the	the	DET
fbem-12617	214	51	degree	degree	NOUN
fbem-12617	214	52	of	of	ADP
fbem-12617	214	53	marketization	marketization	NOUN
fbem-12617	214	54	under	under	ADP
fbem-12617	214	55	different	different	ADJ
fbem-12617	214	56	property	property	NOUN
fbem-12617	214	57	rights	right	NOUN
fbem-12617	214	58	.	.	PUNCT
fbem-12617	215	1	the	the	DET
fbem-12617	215	2	regression	regression	NOUN
fbem-12617	215	3	results	result	NOUN
fbem-12617	215	4	are	be	AUX
fbem-12617	215	5	shown	show	VERB
fbem-12617	215	6	in	in	ADP
fbem-12617	215	7	table	table	NOUN
fbem-12617	215	8	6	6	NUM
fbem-12617	215	9	.	.	PUNCT
fbem-12617	216	1	in	in	ADP
fbem-12617	216	2	the	the	DET
fbem-12617	216	3	full	full	ADJ
fbem-12617	216	4	sample	sample	NOUN
fbem-12617	216	5	,	,	PUNCT
fbem-12617	216	6	the	the	DET
fbem-12617	216	7	interaction	interaction	NOUN
fbem-12617	216	8	term	term	NOUN
fbem-12617	216	9	coefficients	coefficient	NOUN
fbem-12617	216	10	of	of	ADP
fbem-12617	216	11	the	the	DET
fbem-12617	216	12	digital	digital	ADJ
fbem-12617	216	13	economy	economy	NOUN
fbem-12617	216	14	and	and	CCONJ
fbem-12617	216	15	the	the	DET
fbem-12617	216	16	degree	degree	NOUN
fbem-12617	216	17	of	of	ADP
fbem-12617	216	18	marketization	marketization	NOUN
fbem-12617	216	19	are	be	AUX
fbem-12617	216	20	significantly	significantly	ADV
fbem-12617	216	21	negative	negative	ADJ
fbem-12617	216	22	at	at	ADP
fbem-12617	216	23	the	the	DET
fbem-12617	216	24	10	10	NUM
fbem-12617	216	25	%	%	NOUN
fbem-12617	216	26	level	level	NOUN
fbem-12617	216	27	and	and	CCONJ
fbem-12617	216	28	5	5	NUM
fbem-12617	216	29	%	%	NOUN
fbem-12617	216	30	level	level	NOUN
fbem-12617	216	31	respectively	respectively	ADV
fbem-12617	216	32	under	under	ADP
fbem-12617	216	33	two	two	NUM
fbem-12617	216	34	different	different	ADJ
fbem-12617	216	35	investment	investment	NOUN
fbem-12617	216	36	efficiency	efficiency	NOUN
fbem-12617	216	37	calculation	calculation	NOUN
fbem-12617	216	38	indicators	indicator	NOUN
fbem-12617	216	39	,	,	PUNCT
fbem-12617	216	40	indicating	indicate	VERB
fbem-12617	216	41	that	that	SCONJ
fbem-12617	216	42	the	the	DET
fbem-12617	216	43	degree	degree	NOUN
fbem-12617	216	44	of	of	ADP
fbem-12617	216	45	marketization	marketization	NOUN
fbem-12617	216	46	has	have	VERB
fbem-12617	216	47	a	a	DET
fbem-12617	216	48	moderating	moderate	VERB
fbem-12617	216	49	effect	effect	NOUN
fbem-12617	216	50	on	on	ADP
fbem-12617	216	51	the	the	DET
fbem-12617	216	52	relationship	relationship	NOUN
fbem-12617	216	53	between	between	ADP
fbem-12617	216	54	the	the	DET
fbem-12617	216	55	digital	digital	ADJ
fbem-12617	216	56	economy	economy	NOUN
fbem-12617	216	57	and	and	CCONJ
fbem-12617	216	58	the	the	DET
fbem-12617	216	59	investment	investment	NOUN
fbem-12617	216	60	efficiency	efficiency	NOUN
fbem-12617	216	61	of	of	ADP
fbem-12617	216	62	manufacturing	manufacturing	NOUN
fbem-12617	216	63	.	.	PUNCT
fbem-12617	217	1	as	as	SCONJ
fbem-12617	217	2	the	the	DET
fbem-12617	217	3	degree	degree	NOUN
fbem-12617	217	4	of	of	ADP
fbem-12617	217	5	marketization	marketization	NOUN
fbem-12617	217	6	deepens	deepen	VERB
fbem-12617	217	7	,	,	PUNCT
fbem-12617	217	8	the	the	DET
fbem-12617	217	9	role	role	NOUN
fbem-12617	217	10	of	of	ADP
fbem-12617	217	11	the	the	DET
fbem-12617	217	12	digital	digital	ADJ
fbem-12617	217	13	economy	economy	NOUN
fbem-12617	217	14	in	in	ADP
fbem-12617	217	15	improving	improve	VERB
fbem-12617	217	16	the	the	DET
fbem-12617	217	17	investment	investment	NOUN
fbem-12617	217	18	efficiency	efficiency	NOUN
fbem-12617	217	19	of	of	ADP
fbem-12617	217	20	manufacturing	manufacturing	NOUN
fbem-12617	217	21	enterprises	enterprise	NOUN
fbem-12617	217	22	is	be	AUX
fbem-12617	217	23	enhanced	enhance	VERB
fbem-12617	217	24	.	.	PUNCT
fbem-12617	218	1	this	this	PRON
fbem-12617	218	2	is	be	AUX
fbem-12617	218	3	because	because	SCONJ
fbem-12617	218	4	the	the	PRON
fbem-12617	218	5	higher	high	ADJ
fbem-12617	218	6	the	the	DET
fbem-12617	218	7	degree	degree	NOUN
fbem-12617	218	8	of	of	ADP
fbem-12617	218	9	marketization	marketization	NOUN
fbem-12617	218	10	,	,	PUNCT
fbem-12617	218	11	the	the	DET
fbem-12617	218	12	more	more	ADV
fbem-12617	218	13	complete	complete	ADJ
fbem-12617	218	14	and	and	CCONJ
fbem-12617	218	15	real	real	ADJ
fbem-12617	218	16	information	information	NOUN
fbem-12617	218	17	in	in	ADP
fbem-12617	218	18	the	the	DET
fbem-12617	218	19	market	market	NOUN
fbem-12617	218	20	,	,	PUNCT
fbem-12617	218	21	and	and	CCONJ
fbem-12617	218	22	high	high	ADJ
fbem-12617	218	23	-	-	PUNCT
fbem-12617	218	24	quality	quality	NOUN
fbem-12617	218	25	information	information	NOUN
fbem-12617	218	26	can	can	AUX
fbem-12617	218	27	further	far	ADV
fbem-12617	218	28	alleviate	alleviate	VERB
fbem-12617	218	29	information	information	NOUN
fbem-12617	218	30	asymmetry	asymmetry	NOUN
fbem-12617	218	31	and	and	CCONJ
fbem-12617	218	32	agency	agency	NOUN
fbem-12617	218	33	problems	problem	NOUN
fbem-12617	218	34	with	with	ADP
fbem-12617	218	35	the	the	DET
fbem-12617	218	36	help	help	NOUN
fbem-12617	218	37	of	of	ADP
fbem-12617	218	38	the	the	DET
fbem-12617	218	39	digital	digital	ADJ
fbem-12617	218	40	economy	economy	NOUN
fbem-12617	218	41	.	.	PUNCT
fbem-12617	219	1	furthermore	furthermore	ADV
fbem-12617	219	2	,	,	PUNCT
fbem-12617	219	3	from	from	ADP
fbem-12617	219	4	the	the	DET
fbem-12617	219	5	regression	regression	NOUN
fbem-12617	219	6	results	result	NOUN
fbem-12617	219	7	based	base	VERB
fbem-12617	219	8	on	on	ADP
fbem-12617	219	9	the	the	DET
fbem-12617	219	10	nature	nature	NOUN
fbem-12617	219	11	of	of	ADP
fbem-12617	219	12	property	property	NOUN
fbem-12617	219	13	rights	right	NOUN
fbem-12617	219	14	,	,	PUNCT
fbem-12617	219	15	the	the	DET
fbem-12617	219	16	coefficient	coefficient	NOUN
fbem-12617	219	17	of	of	ADP
fbem-12617	219	18	the	the	DET
fbem-12617	219	19	interaction	interaction	NOUN
fbem-12617	219	20	term	term	NOUN
fbem-12617	219	21	for	for	ADP
fbem-12617	219	22	the	the	DET
fbem-12617	219	23	state	state	NOUN
fbem-12617	219	24	-	-	PUNCT
fbem-12617	219	25	owned	own	VERB
fbem-12617	219	26	enterprise	enterprise	NOUN
fbem-12617	219	27	group	group	NOUN
fbem-12617	219	28	is	be	AUX
fbem-12617	219	29	not	not	PART
fbem-12617	219	30	significant	significant	ADJ
fbem-12617	219	31	.	.	PUNCT
fbem-12617	220	1	however	however	ADV
fbem-12617	220	2	,	,	PUNCT
fbem-12617	220	3	the	the	DET
fbem-12617	220	4	interaction	interaction	NOUN
fbem-12617	220	5	term	term	NOUN
fbem-12617	220	6	for	for	ADP
fbem-12617	220	7	the	the	DET
fbem-12617	220	8	non	non	ADJ
fbem-12617	220	9	-	-	ADJ
fbem-12617	220	10	state	state	ADJ
fbem-12617	220	11	253	253	NUM
fbem-12617	220	12	owned	own	VERB
fbem-12617	220	13	enterprise	enterprise	NOUN
fbem-12617	220	14	group	group	NOUN
fbem-12617	220	15	is	be	AUX
fbem-12617	220	16	significantly	significantly	ADV
fbem-12617	220	17	negative	negative	ADJ
fbem-12617	220	18	at	at	ADP
fbem-12617	220	19	both	both	CCONJ
fbem-12617	220	20	the	the	DET
fbem-12617	220	21	5	5	NUM
fbem-12617	220	22	%	%	NOUN
fbem-12617	220	23	and	and	CCONJ
fbem-12617	220	24	10	10	NUM
fbem-12617	220	25	%	%	NOUN
fbem-12617	220	26	levels	level	NOUN
fbem-12617	220	27	under	under	ADP
fbem-12617	220	28	two	two	NUM
fbem-12617	220	29	different	different	ADJ
fbem-12617	220	30	investment	investment	NOUN
fbem-12617	220	31	efficiency	efficiency	NOUN
fbem-12617	220	32	calculation	calculation	NOUN
fbem-12617	220	33	indicators	indicator	NOUN
fbem-12617	220	34	.	.	PUNCT
fbem-12617	221	1	this	this	PRON
fbem-12617	221	2	suggests	suggest	VERB
fbem-12617	221	3	that	that	SCONJ
fbem-12617	221	4	the	the	DET
fbem-12617	221	5	moderating	moderate	VERB
fbem-12617	221	6	effect	effect	NOUN
fbem-12617	221	7	of	of	ADP
fbem-12617	221	8	the	the	DET
fbem-12617	221	9	degree	degree	NOUN
fbem-12617	221	10	of	of	ADP
fbem-12617	221	11	marketization	marketization	NOUN
fbem-12617	221	12	on	on	ADP
fbem-12617	221	13	the	the	DET
fbem-12617	221	14	relationship	relationship	NOUN
fbem-12617	221	15	between	between	ADP
fbem-12617	221	16	the	the	DET
fbem-12617	221	17	digital	digital	ADJ
fbem-12617	221	18	economy	economy	NOUN
fbem-12617	221	19	and	and	CCONJ
fbem-12617	221	20	the	the	DET
fbem-12617	221	21	investment	investment	NOUN
fbem-12617	221	22	efficiency	efficiency	NOUN
fbem-12617	221	23	of	of	ADP
fbem-12617	221	24	manufacturing	manufacturing	NOUN
fbem-12617	221	25	enterprises	enterprise	NOUN
fbem-12617	221	26	is	be	AUX
fbem-12617	221	27	more	more	ADV
fbem-12617	221	28	pronounced	pronounced	ADJ
fbem-12617	221	29	for	for	ADP
fbem-12617	221	30	non	non	ADJ
fbem-12617	221	31	-	-	ADJ
fbem-12617	221	32	stateowned	stateowned	ADJ
fbem-12617	221	33	enterprises	enterprise	NOUN
fbem-12617	221	34	.	.	PUNCT
fbem-12617	222	1	this	this	PRON
fbem-12617	222	2	could	could	AUX
fbem-12617	222	3	be	be	AUX
fbem-12617	222	4	because	because	SCONJ
fbem-12617	222	5	state	state	NOUN
fbem-12617	222	6	-	-	PUNCT
fbem-12617	222	7	owned	own	VERB
fbem-12617	222	8	enterprises	enterprise	NOUN
fbem-12617	222	9	bear	bear	VERB
fbem-12617	222	10	a	a	DET
fbem-12617	222	11	large	large	ADJ
fbem-12617	222	12	number	number	NOUN
fbem-12617	222	13	of	of	ADP
fbem-12617	222	14	policy	policy	NOUN
fbem-12617	222	15	burdens[26	burdens[26	ADP
fbem-12617	222	16	]	]	PUNCT
fbem-12617	222	17	,	,	PUNCT
fbem-12617	222	18	including	include	VERB
fbem-12617	222	19	stabilizing	stabilize	VERB
fbem-12617	222	20	economic	economic	ADJ
fbem-12617	222	21	growth	growth	NOUN
fbem-12617	222	22	,	,	PUNCT
fbem-12617	222	23	promoting	promote	VERB
fbem-12617	222	24	local	local	ADJ
fbem-12617	222	25	employment	employment	NOUN
fbem-12617	222	26	,	,	PUNCT
fbem-12617	222	27	and	and	CCONJ
fbem-12617	222	28	increasing	increase	VERB
fbem-12617	222	29	government	government	NOUN
fbem-12617	222	30	tax	tax	NOUN
fbem-12617	222	31	revenue	revenue	NOUN
fbem-12617	222	32	.	.	PUNCT
fbem-12617	223	1	compared	compare	VERB
fbem-12617	223	2	with	with	ADP
fbem-12617	223	3	non	non	ADJ
fbem-12617	223	4	-	-	ADJ
fbem-12617	223	5	state	state	NOUN
fbem-12617	223	6	-	-	PUNCT
fbem-12617	223	7	owned	own	VERB
fbem-12617	223	8	enterprises	enterprise	NOUN
fbem-12617	223	9	,	,	PUNCT
fbem-12617	223	10	state	state	NOUN
fbem-12617	223	11	-	-	PUNCT
fbem-12617	223	12	owned	own	VERB
fbem-12617	223	13	enterprises	enterprise	NOUN
fbem-12617	223	14	may	may	AUX
fbem-12617	223	15	pay	pay	VERB
fbem-12617	223	16	less	less	ADJ
fbem-12617	223	17	attention	attention	NOUN
fbem-12617	223	18	to	to	ADP
fbem-12617	223	19	market	market	NOUN
fbem-12617	223	20	conditions	condition	NOUN
fbem-12617	223	21	when	when	SCONJ
fbem-12617	223	22	making	make	VERB
fbem-12617	223	23	economic	economic	ADJ
fbem-12617	223	24	decisions	decision	NOUN
fbem-12617	223	25	.	.	PUNCT
fbem-12617	224	1	7	7	X
fbem-12617	224	2	.	.	X
fbem-12617	224	3	conclusion	conclusion	NOUN
fbem-12617	224	4	seizing	seize	VERB
fbem-12617	224	5	the	the	DET
fbem-12617	224	6	development	development	NOUN
fbem-12617	224	7	opportunity	opportunity	NOUN
fbem-12617	224	8	of	of	ADP
fbem-12617	224	9	the	the	DET
fbem-12617	224	10	digital	digital	ADJ
fbem-12617	224	11	economy	economy	NOUN
fbem-12617	224	12	characterized	characterize	VERB
fbem-12617	224	13	mainly	mainly	ADV
fbem-12617	224	14	by	by	ADP
fbem-12617	224	15	the	the	DET
fbem-12617	224	16	internet	internet	NOUN
fbem-12617	224	17	,	,	PUNCT
fbem-12617	224	18	big	big	ADJ
fbem-12617	224	19	data	datum	NOUN
fbem-12617	224	20	,	,	PUNCT
fbem-12617	224	21	and	and	CCONJ
fbem-12617	224	22	artificial	artificial	ADJ
fbem-12617	224	23	intelligence	intelligence	NOUN
fbem-12617	224	24	,	,	PUNCT
fbem-12617	224	25	we	we	PRON
fbem-12617	224	26	should	should	AUX
fbem-12617	224	27	promote	promote	VERB
fbem-12617	224	28	the	the	DET
fbem-12617	224	29	deep	deep	ADJ
fbem-12617	224	30	integration	integration	NOUN
fbem-12617	224	31	of	of	ADP
fbem-12617	224	32	digital	digital	ADJ
fbem-12617	224	33	technology	technology	NOUN
fbem-12617	224	34	and	and	CCONJ
fbem-12617	224	35	the	the	DET
fbem-12617	224	36	real	real	ADJ
fbem-12617	224	37	economy	economy	NOUN
fbem-12617	224	38	,	,	PUNCT
fbem-12617	224	39	fully	fully	ADV
fbem-12617	224	40	unleash	unleash	VERB
fbem-12617	224	41	the	the	DET
fbem-12617	224	42	innovative	innovative	ADJ
fbem-12617	224	43	effects	effect	NOUN
fbem-12617	224	44	of	of	ADP
fbem-12617	224	45	the	the	DET
fbem-12617	224	46	digital	digital	ADJ
fbem-12617	224	47	economy	economy	NOUN
fbem-12617	224	48	,	,	PUNCT
fbem-12617	224	49	empower	empower	NOUN
fbem-12617	224	50	traditional	traditional	ADJ
fbem-12617	224	51	industries	industry	NOUN
fbem-12617	224	52	,	,	PUNCT
fbem-12617	224	53	form	form	VERB
fbem-12617	224	54	new	new	ADJ
fbem-12617	224	55	economic	economic	ADJ
fbem-12617	224	56	growth	growth	NOUN
fbem-12617	224	57	momentum	momentum	NOUN
fbem-12617	224	58	,	,	PUNCT
fbem-12617	224	59	and	and	CCONJ
fbem-12617	224	60	achieve	achieve	VERB
fbem-12617	224	61	high	high	ADJ
fbem-12617	224	62	-	-	PUNCT
fbem-12617	224	63	quality	quality	NOUN
fbem-12617	224	64	development	development	NOUN
fbem-12617	224	65	of	of	ADP
fbem-12617	224	66	the	the	DET
fbem-12617	224	67	real	real	ADJ
fbem-12617	224	68	economy	economy	NOUN
fbem-12617	224	69	.	.	PUNCT
fbem-12617	225	1	this	this	DET
fbem-12617	225	2	paper	paper	NOUN
fbem-12617	225	3	starts	start	VERB
fbem-12617	225	4	from	from	ADP
fbem-12617	225	5	the	the	DET
fbem-12617	225	6	fact	fact	NOUN
fbem-12617	225	7	that	that	SCONJ
fbem-12617	225	8	the	the	DET
fbem-12617	225	9	digital	digital	ADJ
fbem-12617	225	10	economy	economy	NOUN
fbem-12617	225	11	profoundly	profoundly	ADV
fbem-12617	225	12	impacts	impact	VERB
fbem-12617	225	13	chinese	chinese	ADJ
fbem-12617	225	14	socio	socio	NOUN
fbem-12617	225	15	-	-	PUNCT
fbem-12617	225	16	economic	economic	ADJ
fbem-12617	225	17	development	development	NOUN
fbem-12617	225	18	,	,	PUNCT
fbem-12617	225	19	observing	observe	VERB
fbem-12617	225	20	its	its	PRON
fbem-12617	225	21	influence	influence	NOUN
fbem-12617	225	22	on	on	ADP
fbem-12617	225	23	the	the	DET
fbem-12617	225	24	behavior	behavior	NOUN
fbem-12617	225	25	of	of	ADP
fbem-12617	225	26	micromanufacturing	micromanufacture	VERB
fbem-12617	225	27	enterprises	enterprise	NOUN
fbem-12617	225	28	.	.	PUNCT
fbem-12617	226	1	through	through	ADP
fbem-12617	226	2	researching	research	VERB
fbem-12617	226	3	the	the	DET
fbem-12617	226	4	data	datum	NOUN
fbem-12617	226	5	of	of	ADP
fbem-12617	226	6	a	a	DET
fbem-12617	226	7	-	-	PUNCT
fbem-12617	226	8	share	share	NOUN
fbem-12617	226	9	manufacturing	manufacturing	NOUN
fbem-12617	226	10	enterprises	enterprise	NOUN
fbem-12617	226	11	from	from	ADP
fbem-12617	226	12	2015	2015	NUM
fbem-12617	226	13	to	to	ADP
fbem-12617	226	14	2020	2020	NUM
fbem-12617	226	15	,	,	PUNCT
fbem-12617	226	16	this	this	DET
fbem-12617	226	17	paper	paper	NOUN
fbem-12617	226	18	discusses	discuss	VERB
fbem-12617	226	19	the	the	DET
fbem-12617	226	20	moderating	moderate	VERB
fbem-12617	226	21	effect	effect	NOUN
fbem-12617	226	22	of	of	ADP
fbem-12617	226	23	the	the	DET
fbem-12617	226	24	degree	degree	NOUN
fbem-12617	226	25	of	of	ADP
fbem-12617	226	26	marketization	marketization	NOUN
fbem-12617	226	27	on	on	ADP
fbem-12617	226	28	the	the	DET
fbem-12617	226	29	relationship	relationship	NOUN
fbem-12617	226	30	between	between	ADP
fbem-12617	226	31	the	the	DET
fbem-12617	226	32	digital	digital	ADJ
fbem-12617	226	33	economy	economy	NOUN
fbem-12617	226	34	and	and	CCONJ
fbem-12617	226	35	the	the	DET
fbem-12617	226	36	investment	investment	NOUN
fbem-12617	226	37	efficiency	efficiency	NOUN
fbem-12617	226	38	of	of	ADP
fbem-12617	226	39	manufacturing	manufacturing	NOUN
fbem-12617	226	40	enterprises	enterprise	NOUN
fbem-12617	226	41	,	,	PUNCT
fbem-12617	226	42	based	base	VERB
fbem-12617	226	43	on	on	ADP
fbem-12617	226	44	the	the	DET
fbem-12617	226	45	analysis	analysis	NOUN
fbem-12617	226	46	of	of	ADP
fbem-12617	226	47	the	the	DET
fbem-12617	226	48	impact	impact	NOUN
fbem-12617	226	49	of	of	ADP
fbem-12617	226	50	the	the	DET
fbem-12617	226	51	digital	digital	ADJ
fbem-12617	226	52	economy	economy	NOUN
fbem-12617	226	53	on	on	ADP
fbem-12617	226	54	the	the	DET
fbem-12617	226	55	investment	investment	NOUN
fbem-12617	226	56	efficiency	efficiency	NOUN
fbem-12617	226	57	of	of	ADP
fbem-12617	226	58	manufacturing	manufacturing	NOUN
fbem-12617	226	59	enterprises	enterprise	NOUN
fbem-12617	226	60	.	.	PUNCT
fbem-12617	227	1	the	the	DET
fbem-12617	227	2	empirical	empirical	ADJ
fbem-12617	227	3	results	result	NOUN
fbem-12617	227	4	found	find	VERB
fbem-12617	227	5	:	:	PUNCT
fbem-12617	227	6	first	first	ADV
fbem-12617	227	7	,	,	PUNCT
fbem-12617	227	8	the	the	DET
fbem-12617	227	9	digital	digital	ADJ
fbem-12617	227	10	economy	economy	NOUN
fbem-12617	227	11	can	can	AUX
fbem-12617	227	12	significantly	significantly	ADV
fbem-12617	227	13	promote	promote	VERB
fbem-12617	227	14	the	the	DET
fbem-12617	227	15	investment	investment	NOUN
fbem-12617	227	16	efficiency	efficiency	NOUN
fbem-12617	227	17	of	of	ADP
fbem-12617	227	18	manufacturing	manufacturing	NOUN
fbem-12617	227	19	enterprises	enterprise	NOUN
fbem-12617	227	20	,	,	PUNCT
fbem-12617	227	21	and	and	CCONJ
fbem-12617	227	22	it	it	PRON
fbem-12617	227	23	is	be	AUX
fbem-12617	227	24	more	more	ADV
fbem-12617	227	25	evident	evident	ADJ
fbem-12617	227	26	in	in	ADP
fbem-12617	227	27	non	non	ADJ
fbem-12617	227	28	-	-	ADJ
fbem-12617	227	29	stateowned	stateowned	ADJ
fbem-12617	227	30	enterprises	enterprise	NOUN
fbem-12617	227	31	.	.	PUNCT
fbem-12617	228	1	second	second	ADJ
fbem-12617	228	2	,	,	PUNCT
fbem-12617	228	3	by	by	ADP
fbem-12617	228	4	introducing	introduce	VERB
fbem-12617	228	5	the	the	DET
fbem-12617	228	6	moderating	moderate	VERB
fbem-12617	228	7	variable	variable	NOUN
fbem-12617	228	8	of	of	ADP
fbem-12617	228	9	the	the	DET
fbem-12617	228	10	degree	degree	NOUN
fbem-12617	228	11	of	of	ADP
fbem-12617	228	12	marketization	marketization	NOUN
fbem-12617	228	13	,	,	PUNCT
fbem-12617	228	14	it	it	PRON
fbem-12617	228	15	was	be	AUX
fbem-12617	228	16	found	find	VERB
fbem-12617	228	17	that	that	SCONJ
fbem-12617	228	18	the	the	DET
fbem-12617	228	19	degree	degree	NOUN
fbem-12617	228	20	of	of	ADP
fbem-12617	228	21	marketization	marketization	NOUN
fbem-12617	228	22	has	have	VERB
fbem-12617	228	23	a	a	DET
fbem-12617	228	24	positive	positive	ADJ
fbem-12617	228	25	moderating	moderate	VERB
fbem-12617	228	26	effect	effect	NOUN
fbem-12617	228	27	on	on	ADP
fbem-12617	228	28	the	the	DET
fbem-12617	228	29	digital	digital	ADJ
fbem-12617	228	30	economy	economy	NOUN
fbem-12617	228	31	promoting	promote	VERB
fbem-12617	228	32	the	the	DET
fbem-12617	228	33	investment	investment	NOUN
fbem-12617	228	34	efficiency	efficiency	NOUN
fbem-12617	228	35	of	of	ADP
fbem-12617	228	36	manufacturing	manufacturing	NOUN
fbem-12617	228	37	enterprises	enterprise	NOUN
fbem-12617	228	38	.	.	PUNCT
fbem-12617	229	1	this	this	PRON
fbem-12617	229	2	indicates	indicate	VERB
fbem-12617	229	3	that	that	SCONJ
fbem-12617	229	4	the	the	PRON
fbem-12617	229	5	higher	high	ADJ
fbem-12617	229	6	the	the	DET
fbem-12617	229	7	degree	degree	NOUN
fbem-12617	229	8	of	of	ADP
fbem-12617	229	9	marketization	marketization	NOUN
fbem-12617	229	10	,	,	PUNCT
fbem-12617	229	11	the	the	PRON
fbem-12617	229	12	stronger	strong	ADJ
fbem-12617	229	13	this	this	DET
fbem-12617	229	14	effect	effect	NOUN
fbem-12617	229	15	.	.	PUNCT
fbem-12617	230	1	it	it	PRON
fbem-12617	230	2	was	be	AUX
fbem-12617	230	3	also	also	ADV
fbem-12617	230	4	found	find	VERB
fbem-12617	230	5	that	that	SCONJ
fbem-12617	230	6	this	this	DET
fbem-12617	230	7	moderating	moderate	VERB
fbem-12617	230	8	effect	effect	NOUN
fbem-12617	230	9	is	be	AUX
fbem-12617	230	10	mainly	mainly	ADV
fbem-12617	230	11	reflected	reflect	VERB
fbem-12617	230	12	in	in	ADP
fbem-12617	230	13	nonstate	nonstate	ADJ
fbem-12617	230	14	-	-	PUNCT
fbem-12617	230	15	owned	own	VERB
fbem-12617	230	16	enterprises	enterprise	NOUN
fbem-12617	230	17	,	,	PUNCT
fbem-12617	230	18	and	and	CCONJ
fbem-12617	230	19	its	its	PRON
fbem-12617	230	20	effect	effect	NOUN
fbem-12617	230	21	on	on	ADP
fbem-12617	230	22	state	state	NOUN
fbem-12617	230	23	-	-	PUNCT
fbem-12617	230	24	owned	own	VERB
fbem-12617	230	25	enterprises	enterprise	NOUN
fbem-12617	230	26	is	be	AUX
fbem-12617	230	27	not	not	PART
fbem-12617	230	28	significant	significant	ADJ
fbem-12617	230	29	.	.	PUNCT
fbem-12617	231	1	based	base	VERB
fbem-12617	231	2	on	on	ADP
fbem-12617	231	3	the	the	DET
fbem-12617	231	4	above	above	ADJ
fbem-12617	231	5	empirical	empirical	ADJ
fbem-12617	231	6	conclusions	conclusion	NOUN
fbem-12617	231	7	,	,	PUNCT
fbem-12617	231	8	this	this	DET
fbem-12617	231	9	paper	paper	NOUN
fbem-12617	231	10	puts	put	VERB
fbem-12617	231	11	forward	forward	ADV
fbem-12617	231	12	the	the	DET
fbem-12617	231	13	following	follow	VERB
fbem-12617	231	14	policy	policy	NOUN
fbem-12617	231	15	suggestions	suggestion	NOUN
fbem-12617	231	16	:	:	PUNCT
fbem-12617	231	17	(	(	PUNCT
fbem-12617	231	18	1	1	X
fbem-12617	231	19	)	)	PUNCT
fbem-12617	231	20	continually	continually	ADV
fbem-12617	231	21	enlarge	enlarge	VERB
fbem-12617	231	22	,	,	PUNCT
fbem-12617	231	23	optimize	optimize	NOUN
fbem-12617	231	24	,	,	PUNCT
fbem-12617	231	25	and	and	CCONJ
fbem-12617	231	26	strengthen	strengthen	VERB
fbem-12617	231	27	our	our	PRON
fbem-12617	231	28	country	country	NOUN
fbem-12617	231	29	's	's	PART
fbem-12617	231	30	digital	digital	ADJ
fbem-12617	231	31	economy	economy	NOUN
fbem-12617	231	32	.	.	PUNCT
fbem-12617	232	1	strengthen	strengthen	VERB
fbem-12617	232	2	the	the	DET
fbem-12617	232	3	construction	construction	NOUN
fbem-12617	232	4	of	of	ADP
fbem-12617	232	5	digital	digital	ADJ
fbem-12617	232	6	infrastructure	infrastructure	NOUN
fbem-12617	232	7	,	,	PUNCT
fbem-12617	232	8	increase	increase	VERB
fbem-12617	232	9	investment	investment	NOUN
fbem-12617	232	10	in	in	ADP
fbem-12617	232	11	the	the	DET
fbem-12617	232	12	digital	digital	ADJ
fbem-12617	232	13	economy	economy	NOUN
fbem-12617	232	14	's	's	PART
fbem-12617	232	15	internet	internet	NOUN
fbem-12617	232	16	sector	sector	NOUN
fbem-12617	232	17	,	,	PUNCT
fbem-12617	232	18	and	and	CCONJ
fbem-12617	232	19	comprehensively	comprehensively	ADV
fbem-12617	232	20	upgrade	upgrade	VERB
fbem-12617	232	21	and	and	CCONJ
fbem-12617	232	22	transform	transform	VERB
fbem-12617	232	23	existing	exist	VERB
fbem-12617	232	24	communication	communication	NOUN
fbem-12617	232	25	foundations	foundation	NOUN
fbem-12617	232	26	and	and	CCONJ
fbem-12617	232	27	facilities	facility	NOUN
fbem-12617	232	28	.	.	PUNCT
fbem-12617	233	1	also	also	ADV
fbem-12617	233	2	,	,	PUNCT
fbem-12617	233	3	increase	increase	VERB
fbem-12617	233	4	efforts	effort	NOUN
fbem-12617	233	5	to	to	PART
fbem-12617	233	6	cultivate	cultivate	VERB
fbem-12617	233	7	digital	digital	ADJ
fbem-12617	233	8	technology	technology	NOUN
fbem-12617	233	9	talents	talent	NOUN
fbem-12617	233	10	and	and	CCONJ
fbem-12617	233	11	encourage	encourage	VERB
fbem-12617	233	12	universities	university	NOUN
fbem-12617	233	13	to	to	PART
fbem-12617	233	14	offer	offer	VERB
fbem-12617	233	15	related	related	ADJ
fbem-12617	233	16	courses	course	NOUN
fbem-12617	233	17	.	.	PUNCT
fbem-12617	234	1	(	(	PUNCT
fbem-12617	234	2	2	2	X
fbem-12617	234	3	)	)	PUNCT
fbem-12617	234	4	improve	improve	VERB
fbem-12617	234	5	the	the	DET
fbem-12617	234	6	socialist	socialist	ADJ
fbem-12617	234	7	market	market	NOUN
fbem-12617	234	8	economy	economy	NOUN
fbem-12617	234	9	system	system	NOUN
fbem-12617	234	10	,	,	PUNCT
fbem-12617	234	11	fully	fully	ADV
fbem-12617	234	12	play	play	VERB
fbem-12617	234	13	the	the	DET
fbem-12617	234	14	decisive	decisive	ADJ
fbem-12617	234	15	role	role	NOUN
fbem-12617	234	16	of	of	ADP
fbem-12617	234	17	the	the	DET
fbem-12617	234	18	market	market	NOUN
fbem-12617	234	19	in	in	ADP
fbem-12617	234	20	resource	resource	NOUN
fbem-12617	234	21	allocation	allocation	NOUN
fbem-12617	234	22	,	,	PUNCT
fbem-12617	234	23	and	and	CCONJ
fbem-12617	234	24	promote	promote	VERB
fbem-12617	234	25	the	the	DET
fbem-12617	234	26	high	high	ADJ
fbem-12617	234	27	-	-	PUNCT
fbem-12617	234	28	quality	quality	NOUN
fbem-12617	234	29	development	development	NOUN
fbem-12617	234	30	of	of	ADP
fbem-12617	234	31	traditional	traditional	ADJ
fbem-12617	234	32	industries	industry	NOUN
fbem-12617	234	33	.	.	PUNCT
fbem-12617	235	1	(	(	PUNCT
fbem-12617	235	2	3	3	X
fbem-12617	235	3	)	)	PUNCT
fbem-12617	235	4	deepen	deepen	VERB
fbem-12617	235	5	the	the	DET
fbem-12617	235	6	reform	reform	NOUN
fbem-12617	235	7	of	of	ADP
fbem-12617	235	8	state	state	NOUN
fbem-12617	235	9	-	-	PUNCT
fbem-12617	235	10	owned	own	VERB
fbem-12617	235	11	enterprises	enterprise	NOUN
fbem-12617	235	12	,	,	PUNCT
fbem-12617	235	13	improve	improve	VERB
fbem-12617	235	14	the	the	DET
fbem-12617	235	15	market	market	NOUN
fbem-12617	235	16	operation	operation	NOUN
fbem-12617	235	17	mechanism	mechanism	NOUN
fbem-12617	235	18	,	,	PUNCT
fbem-12617	235	19	and	and	CCONJ
fbem-12617	235	20	fully	fully	ADV
fbem-12617	235	21	utilize	utilize	VERB
fbem-12617	235	22	the	the	DET
fbem-12617	235	23	advantages	advantage	NOUN
fbem-12617	235	24	of	of	ADP
fbem-12617	235	25	the	the	DET
fbem-12617	235	26	digital	digital	ADJ
fbem-12617	235	27	economy	economy	NOUN
fbem-12617	235	28	to	to	PART
fbem-12617	235	29	achieve	achieve	VERB
fbem-12617	235	30	quality	quality	NOUN
fbem-12617	235	31	improvement	improvement	NOUN
fbem-12617	235	32	and	and	CCONJ
fbem-12617	235	33	efficiency	efficiency	NOUN
fbem-12617	235	34	.	.	PUNCT
fbem-12617	236	1	references	reference	NOUN
fbem-12617	236	2	[	[	X
fbem-12617	236	3	1	1	NUM
fbem-12617	236	4	]	]	PUNCT
fbem-12617	236	5	jorgenson	jorgenson	PROPN
fbem-12617	236	6	d	d	PROPN
fbem-12617	236	7	w.	w.	PROPN
fbem-12617	236	8	capital	capital	PROPN
fbem-12617	236	9	theory	theory	NOUN
fbem-12617	236	10	and	and	CCONJ
fbem-12617	236	11	investment	investment	NOUN
fbem-12617	236	12	behaviour[j	behaviour[j	NOUN
fbem-12617	236	13	]	]	X
fbem-12617	236	14	.	.	PUNCT
fbem-12617	237	1	1963	1963	NUM
fbem-12617	237	2	.	.	PUNCT
fbem-12617	238	1	[	[	X
fbem-12617	238	2	2	2	NUM
fbem-12617	238	3	]	]	X
fbem-12617	238	4	liu	liu	PROPN
fbem-12617	238	5	shenglong	shenglong	PROPN
fbem-12617	238	6	,	,	PUNCT
fbem-12617	238	7	hu	hu	PROPN
fbem-12617	238	8	angang	angang	PROPN
fbem-12617	238	9	.	.	PUNCT
fbem-12617	238	10	test	test	NOUN
fbem-12617	238	11	of	of	ADP
fbem-12617	238	12	infrastructure	infrastructure	NOUN
fbem-12617	238	13	externality	externality	NOUN
fbem-12617	238	14	in	in	ADP
fbem-12617	238	15	china	china	PROPN
fbem-12617	238	16	:	:	PUNCT
fbem-12617	238	17	1988—2007[j	1988—2007[j	NUM
fbem-12617	238	18	]	]	PUNCT
fbem-12617	238	19	.	.	PUNCT
fbem-12617	239	1	economic	economic	ADJ
fbem-12617	239	2	research	research	NOUN
fbem-12617	239	3	,	,	PUNCT
fbem-12617	239	4	2010	2010	NUM
fbem-12617	239	5	,	,	PUNCT
fbem-12617	239	6	45(03	45(03	PROPN
fbem-12617	239	7	):	):	PUNCT
fbem-12617	239	8	4	4	NUM
fbem-12617	239	9	-	-	SYM
fbem-12617	239	10	15	15	NUM
fbem-12617	239	11	.	.	PUNCT
fbem-12617	240	1	[	[	X
fbem-12617	240	2	3	3	NUM
fbem-12617	240	3	]	]	X
fbem-12617	240	4	guo	guo	PROPN
fbem-12617	240	5	jiatang	jiatang	PROPN
fbem-12617	240	6	,	,	PUNCT
fbem-12617	240	7	luo	luo	PROPN
fbem-12617	240	8	pinliang	pinliang	PROPN
fbem-12617	240	9	.	.	PUNCT
fbem-12617	240	10	does	do	AUX
fbem-12617	240	11	the	the	DET
fbem-12617	240	12	internet	internet	NOUN
fbem-12617	240	13	promote	promote	VERB
fbem-12617	240	14	china	china	PROPN
fbem-12617	240	15	's	's	PART
fbem-12617	240	16	total	total	ADJ
fbem-12617	240	17	factor	factor	NOUN
fbem-12617	240	18	productivity?[j	productivity?[j	NOUN
fbem-12617	240	19	]	]	PUNCT
fbem-12617	240	20	.	.	PUNCT
fbem-12617	241	1	management	management	NOUN
fbem-12617	241	2	world	world	NOUN
fbem-12617	241	3	,	,	PUNCT
fbem-12617	241	4	2016(10):34	2016(10):34	NUM
fbem-12617	241	5	-	-	SYM
fbem-12617	241	6	49	49	NUM
fbem-12617	241	7	.	.	PUNCT
fbem-12617	242	1	[	[	X
fbem-12617	242	2	4	4	NUM
fbem-12617	242	3	]	]	PUNCT
fbem-12617	242	4	basu	basu	PROPN
fbem-12617	242	5	s	s	PROPN
fbem-12617	242	6	,	,	PUNCT
fbem-12617	242	7	fernald	fernald	PROPN
fbem-12617	242	8	j.	j.	PROPN
fbem-12617	242	9	information	information	PROPN
fbem-12617	242	10	and	and	CCONJ
fbem-12617	242	11	communications	communication	NOUN
fbem-12617	242	12	technology	technology	NOUN
fbem-12617	242	13	as	as	ADP
fbem-12617	242	14	a	a	DET
fbem-12617	242	15	general	general	ADJ
fbem-12617	242	16	-	-	PUNCT
fbem-12617	242	17	purpose	purpose	NOUN
fbem-12617	242	18	technology	technology	NOUN
fbem-12617	242	19	:	:	PUNCT
fbem-12617	242	20	evidence	evidence	NOUN
fbem-12617	242	21	from	from	ADP
fbem-12617	242	22	us	us	PROPN
fbem-12617	242	23	industry	industry	NOUN
fbem-12617	242	24	data[j	data[j	NOUN
fbem-12617	242	25	]	]	X
fbem-12617	242	26	.	.	PUNCT
fbem-12617	243	1	german	german	ADJ
fbem-12617	243	2	economic	economic	ADJ
fbem-12617	243	3	review	review	NOUN
fbem-12617	243	4	,	,	PUNCT
fbem-12617	243	5	2007	2007	NUM
fbem-12617	243	6	,	,	PUNCT
fbem-12617	243	7	8(2	8(2	NUM
fbem-12617	243	8	):	):	PUNCT
fbem-12617	243	9	146	146	NUM
fbem-12617	243	10	-	-	SYM
fbem-12617	243	11	173	173	NUM
fbem-12617	243	12	.	.	PUNCT
fbem-12617	244	1	[	[	X
fbem-12617	244	2	5	5	X
fbem-12617	244	3	]	]	X
fbem-12617	244	4	zhang	zhang	PROPN
fbem-12617	244	5	xun	xun	PROPN
fbem-12617	244	6	,	,	PUNCT
fbem-12617	244	7	wan	wan	PROPN
fbem-12617	244	8	guanghua	guanghua	PROPN
fbem-12617	244	9	,	,	PUNCT
fbem-12617	244	10	zhang	zhang	PROPN
fbem-12617	244	11	jiajia	jiajia	PROPN
fbem-12617	244	12	,	,	PUNCT
fbem-12617	244	13	he	he	PRON
fbem-12617	244	14	zongyue	zongyue	NOUN
fbem-12617	244	15	.	.	PUNCT
fbem-12617	245	1	digital	digital	ADJ
fbem-12617	245	2	economy	economy	NOUN
fbem-12617	245	3	,	,	PUNCT
fbem-12617	245	4	inclusive	inclusive	ADJ
fbem-12617	245	5	finance	finance	NOUN
fbem-12617	245	6	and	and	CCONJ
fbem-12617	245	7	inclusive	inclusive	ADJ
fbem-12617	245	8	growth[j	growth[j	PROPN
fbem-12617	245	9	]	]	PUNCT
fbem-12617	245	10	.	.	PUNCT
fbem-12617	246	1	economic	economic	ADJ
fbem-12617	246	2	research	research	NOUN
fbem-12617	246	3	,	,	PUNCT
fbem-12617	246	4	2019	2019	NUM
fbem-12617	246	5	,	,	PUNCT
fbem-12617	246	6	54(08):71	54(08):71	NUM
fbem-12617	246	7	-	-	SYM
fbem-12617	246	8	86	86	NUM
fbem-12617	246	9	.	.	PUNCT
fbem-12617	247	1	[	[	X
fbem-12617	247	2	6	6	NUM
fbem-12617	247	3	]	]	X
fbem-12617	247	4	zhao	zhao	PROPN
fbem-12617	247	5	tao	tao	PROPN
fbem-12617	247	6	,	,	PUNCT
fbem-12617	247	7	zhang	zhang	PROPN
fbem-12617	247	8	zhi	zhi	PROPN
fbem-12617	247	9	,	,	PUNCT
fbem-12617	247	10	liang	liang	PROPN
fbem-12617	247	11	shangkun	shangkun	PROPN
fbem-12617	247	12	.	.	PUNCT
fbem-12617	248	1	digital	digital	ADJ
fbem-12617	248	2	economy	economy	NOUN
fbem-12617	248	3	,	,	PUNCT
fbem-12617	248	4	entrepreneurial	entrepreneurial	ADJ
fbem-12617	248	5	activity	activity	NOUN
fbem-12617	248	6	and	and	CCONJ
fbem-12617	248	7	high	high	ADJ
fbem-12617	248	8	-	-	PUNCT
fbem-12617	248	9	quality	quality	NOUN
fbem-12617	248	10	development	development	NOUN
fbem-12617	248	11	empirical	empirical	ADJ
fbem-12617	248	12	evidence	evidence	NOUN
fbem-12617	248	13	from	from	ADP
fbem-12617	248	14	chinese	chinese	ADJ
fbem-12617	248	15	cities[j	cities[j	PROPN
fbem-12617	248	16	]	]	PUNCT
fbem-12617	248	17	.	.	PUNCT
fbem-12617	249	1	management	management	NOUN
fbem-12617	249	2	world	world	NOUN
fbem-12617	249	3	,	,	PUNCT
fbem-12617	249	4	2020	2020	NUM
fbem-12617	249	5	,	,	PUNCT
fbem-12617	249	6	36(10):65	36(10):65	NUM
fbem-12617	249	7	-	-	SYM
fbem-12617	249	8	76	76	NUM
fbem-12617	249	9	.	.	PUNCT
fbem-12617	250	1	[	[	X
fbem-12617	250	2	7	7	X
fbem-12617	250	3	]	]	X
fbem-12617	250	4	wang	wang	PROPN
fbem-12617	250	5	yifei	yifei	PROPN
fbem-12617	250	6	,	,	PUNCT
fbem-12617	250	7	hou	hou	PROPN
fbem-12617	250	8	nuoshuqi	nuoshuqi	PROPN
fbem-12617	250	9	,	,	PUNCT
fbem-12617	250	10	yao	yao	PROPN
fbem-12617	250	11	kai	kai	PROPN
fbem-12617	250	12	.	.	PUNCT
fbem-12617	251	1	the	the	DET
fbem-12617	251	2	impact	impact	NOUN
fbem-12617	251	3	of	of	ADP
fbem-12617	251	4	digital	digital	ADJ
fbem-12617	251	5	economy	economy	NOUN
fbem-12617	251	6	on	on	ADP
fbem-12617	251	7	the	the	DET
fbem-12617	251	8	transformation	transformation	NOUN
fbem-12617	251	9	and	and	CCONJ
fbem-12617	251	10	upgrading	upgrading	NOUN
fbem-12617	251	11	of	of	ADP
fbem-12617	251	12	china	china	PROPN
fbem-12617	251	13	's	's	PART
fbem-12617	251	14	industrial	industrial	ADJ
fbem-12617	251	15	structure[j	structure[j	NOUN
fbem-12617	251	16	]	]	PUNCT
fbem-12617	251	17	.	.	PUNCT
fbem-12617	252	1	business	business	NOUN
fbem-12617	252	2	economy	economy	NOUN
fbem-12617	252	3	research	research	NOUN
fbem-12617	252	4	,	,	PUNCT
fbem-12617	252	5	2022(09):185	2022(09):185	PROPN
fbem-12617	252	6	-	-	NUM
fbem-12617	252	7	188	188	NUM
fbem-12617	252	8	.	.	PUNCT
fbem-12617	253	1	[	[	X
fbem-12617	253	2	8	8	NUM
fbem-12617	253	3	]	]	X
fbem-12617	253	4	han	han	PROPN
fbem-12617	253	5	xianfeng	xianfeng	PROPN
fbem-12617	253	6	,	,	PUNCT
fbem-12617	253	7	song	song	NOUN
fbem-12617	253	8	wenfei	wenfei	PROPN
fbem-12617	253	9	,	,	PUNCT
fbem-12617	253	10	li	li	PROPN
fbem-12617	253	11	boxin	boxin	PROPN
fbem-12617	253	12	.	.	PUNCT
fbem-12617	254	1	can	can	AUX
fbem-12617	254	2	the	the	DET
fbem-12617	254	3	internet	internet	NOUN
fbem-12617	254	4	become	become	VERB
fbem-12617	254	5	a	a	DET
fbem-12617	254	6	new	new	ADJ
fbem-12617	254	7	driving	driving	NOUN
fbem-12617	254	8	force	force	NOUN
fbem-12617	254	9	for	for	ADP
fbem-12617	254	10	the	the	DET
fbem-12617	254	11	improvement	improvement	NOUN
fbem-12617	254	12	of	of	ADP
fbem-12617	254	13	innovation	innovation	NOUN
fbem-12617	254	14	efficiency	efficiency	NOUN
fbem-12617	254	15	in	in	ADP
fbem-12617	254	16	china	china	PROPN
fbem-12617	254	17	's	's	PART
fbem-12617	254	18	regions?[j	regions?[j	NOUN
fbem-12617	254	19	]	]	PUNCT
fbem-12617	254	20	.	.	PUNCT
fbem-12617	255	1	china	china	PROPN
fbem-12617	255	2	industrial	industrial	ADJ
fbem-12617	255	3	economics	economic	NOUN
fbem-12617	255	4	,	,	PUNCT
fbem-12617	255	5	2019(07):119	2019(07):119	NOUN
fbem-12617	255	6	-	-	SYM
fbem-12617	255	7	136	136	NUM
fbem-12617	255	8	.	.	PUNCT
fbem-12617	256	1	[	[	X
fbem-12617	256	2	9	9	NUM
fbem-12617	256	3	]	]	X
fbem-12617	256	4	jaakkola	jaakkola	PROPN
fbem-12617	256	5	h	h	PROPN
fbem-12617	256	6	,	,	PUNCT
fbem-12617	256	7	tenhunen	tenhunen	PROPN
fbem-12617	256	8	h	h	PROPN
fbem-12617	256	9	,	,	PUNCT
fbem-12617	256	10	latvala	latvala	PROPN
fbem-12617	256	11	a.	a.	NOUN
fbem-12617	256	12	information	information	PROPN
fbem-12617	256	13	technology	technology	NOUN
fbem-12617	256	14	and	and	CCONJ
fbem-12617	256	15	changes	change	NOUN
fbem-12617	256	16	in	in	ADP
fbem-12617	256	17	industry[j	industry[j	NOUN
fbem-12617	256	18	]	]	PUNCT
fbem-12617	256	19	.	.	PUNCT
fbem-12617	257	1	european	european	PROPN
fbem-12617	257	2	journal	journal	PROPN
fbem-12617	257	3	of	of	ADP
fbem-12617	257	4	information	information	NOUN
fbem-12617	257	5	systems	system	NOUN
fbem-12617	257	6	,	,	PUNCT
fbem-12617	257	7	1991	1991	NUM
fbem-12617	257	8	,	,	PUNCT
fbem-12617	257	9	1(1	1(1	NUM
fbem-12617	257	10	):	):	PUNCT
fbem-12617	257	11	3	3	NUM
fbem-12617	257	12	-	-	SYM
fbem-12617	257	13	11	11	NUM
fbem-12617	257	14	.	.	PUNCT
fbem-12617	258	1	[	[	X
fbem-12617	258	2	10	10	NUM
fbem-12617	258	3	]	]	X
fbem-12617	258	4	o'mahony	o'mahony	NOUN
fbem-12617	258	5	m	m	PROPN
fbem-12617	258	6	,	,	PUNCT
fbem-12617	258	7	vecchi	vecchi	PROPN
fbem-12617	258	8	m.	m.	NOUN
fbem-12617	258	9	quantifying	quantify	VERB
fbem-12617	258	10	the	the	DET
fbem-12617	258	11	impact	impact	NOUN
fbem-12617	258	12	of	of	ADP
fbem-12617	258	13	ict	ict	PROPN
fbem-12617	258	14	capital	capital	NOUN
fbem-12617	258	15	on	on	ADP
fbem-12617	258	16	output	output	NOUN
fbem-12617	258	17	growth	growth	NOUN
fbem-12617	258	18	:	:	PUNCT
fbem-12617	258	19	a	a	DET
fbem-12617	258	20	heterogeneous	heterogeneous	ADJ
fbem-12617	258	21	dynamic	dynamic	ADJ
fbem-12617	258	22	panel	panel	NOUN
fbem-12617	258	23	approach[j	approach[j	PROPN
fbem-12617	258	24	]	]	PUNCT
fbem-12617	258	25	.	.	PUNCT
fbem-12617	259	1	economica	economica	PROPN
fbem-12617	259	2	,	,	PUNCT
fbem-12617	259	3	2005	2005	NUM
fbem-12617	259	4	,	,	PUNCT
fbem-12617	259	5	72(288	72(288	NOUN
fbem-12617	259	6	):	):	PUNCT
fbem-12617	259	7	615	615	NUM
fbem-12617	259	8	-	-	SYM
fbem-12617	259	9	633	633	NUM
fbem-12617	259	10	.	.	PUNCT
fbem-12617	260	1	[	[	X
fbem-12617	260	2	11	11	NUM
fbem-12617	260	3	]	]	X
fbem-12617	260	4	li	li	PROPN
fbem-12617	260	5	lianshui	lianshui	PROPN
fbem-12617	260	6	,	,	PUNCT
fbem-12617	260	7	shi	shi	PROPN
fbem-12617	260	8	xiai	xiai	PROPN
fbem-12617	260	9	,	,	PUNCT
fbem-12617	260	10	liu	liu	PROPN
fbem-12617	260	11	jun	jun	PROPN
fbem-12617	260	12	.	.	PROPN
fbem-12617	260	13	40	40	NUM
fbem-12617	260	14	years	year	NOUN
fbem-12617	260	15	of	of	ADP
fbem-12617	260	16	china	china	PROPN
fbem-12617	260	17	's	's	PART
fbem-12617	260	18	manufacturing	manufacturing	NOUN
fbem-12617	260	19	industry	industry	NOUN
fbem-12617	260	20	:	:	PUNCT
fbem-12617	260	21	intelligent	intelligent	ADJ
fbem-12617	260	22	process	process	NOUN
fbem-12617	260	23	and	and	CCONJ
fbem-12617	260	24	prospects[j	prospects[j	NOUN
fbem-12617	260	25	]	]	PUNCT
fbem-12617	260	26	.	.	PUNCT
fbem-12617	261	1	china	china	PROPN
fbem-12617	261	2	soft	soft	ADJ
fbem-12617	261	3	science	science	NOUN
fbem-12617	261	4	,	,	PUNCT
fbem-12617	261	5	2019(01):1	2019(01):1	NUM
fbem-12617	261	6	-	-	SYM
fbem-12617	261	7	9	9	NUM
fbem-12617	261	8	+	+	NOUN
fbem-12617	261	9	30	30	NUM
fbem-12617	261	10	.	.	PUNCT
fbem-12617	262	1	[	[	X
fbem-12617	262	2	12	12	NUM
fbem-12617	262	3	]	]	PUNCT
fbem-12617	262	4	yu	yu	PROPN
fbem-12617	262	5	shihai	shihai	PROPN
fbem-12617	262	6	,	,	PUNCT
fbem-12617	262	7	xu	xu	PROPN
fbem-12617	262	8	huixin	huixin	PROPN
fbem-12617	262	9	,	,	PUNCT
fbem-12617	262	10	kong	kong	PROPN
fbem-12617	262	11	lingqian	lingqian	PROPN
fbem-12617	262	12	.	.	PUNCT
fbem-12617	263	1	study	study	NOUN
fbem-12617	263	2	on	on	ADP
fbem-12617	263	3	the	the	DET
fbem-12617	263	4	impact	impact	NOUN
fbem-12617	263	5	of	of	ADP
fbem-12617	263	6	digital	digital	ADJ
fbem-12617	263	7	economy	economy	NOUN
fbem-12617	263	8	level	level	NOUN
fbem-12617	263	9	on	on	ADP
fbem-12617	263	10	the	the	DET
fbem-12617	263	11	resource	resource	NOUN
fbem-12617	263	12	allocation	allocation	NOUN
fbem-12617	263	13	efficiency	efficiency	NOUN
fbem-12617	263	14	of	of	ADP
fbem-12617	263	15	china	china	PROPN
fbem-12617	263	16	's	's	PART
fbem-12617	263	17	manufacturing	manufacturing	NOUN
fbem-12617	263	18	industry[j	industry[j	NOUN
fbem-12617	263	19	]	]	PUNCT
fbem-12617	263	20	.	.	PUNCT
fbem-12617	264	1	financial	financial	PROPN
fbem-12617	264	2	&	&	CCONJ
fbem-12617	264	3	trade	trade	NOUN
fbem-12617	264	4	economics	economic	NOUN
fbem-12617	264	5	,	,	PUNCT
fbem-12617	264	6	2022	2022	NUM
fbem-12617	264	7	,	,	PUNCT
fbem-12617	264	8	33(12):19	33(12):19	NUM
fbem-12617	264	9	-	-	SYM
fbem-12617	264	10	34	34	NUM
fbem-12617	264	11	.	.	PUNCT
fbem-12617	265	1	[	[	X
fbem-12617	265	2	13	13	NUM
fbem-12617	265	3	]	]	X
fbem-12617	265	4	wu	wu	PROPN
fbem-12617	265	5	youqun	youqun	PROPN
fbem-12617	265	6	,	,	PUNCT
fbem-12617	265	7	lu	lu	PROPN
fbem-12617	265	8	huaixin	huaixin	PROPN
fbem-12617	265	9	,	,	PUNCT
fbem-12617	265	10	wang	wang	PROPN
fbem-12617	265	11	liyong	liyong	PROPN
fbem-12617	265	12	.	.	PUNCT
fbem-12617	266	1	the	the	DET
fbem-12617	266	2	impact	impact	NOUN
fbem-12617	266	3	of	of	ADP
fbem-12617	266	4	digitalization	digitalization	NOUN
fbem-12617	266	5	on	on	ADP
fbem-12617	266	6	the	the	DET
fbem-12617	266	7	competitiveness	competitiveness	NOUN
fbem-12617	266	8	of	of	ADP
fbem-12617	266	9	the	the	DET
fbem-12617	266	10	manufacturing	manufacture	VERB
fbem-12617	266	11	global	global	ADJ
fbem-12617	266	12	value	value	NOUN
fbem-12617	266	13	chain	chain	NOUN
fbem-12617	266	14	empirical	empirical	ADJ
fbem-12617	266	15	evidence	evidence	NOUN
fbem-12617	266	16	from	from	ADP
fbem-12617	266	17	the	the	DET
fbem-12617	266	18	chinese	chinese	ADJ
fbem-12617	266	19	manufacturing	manufacturing	NOUN
fbem-12617	266	20	industry[j	industry[j	NOUN
fbem-12617	266	21	]	]	PUNCT
fbem-12617	266	22	.	.	PUNCT
fbem-12617	267	1	science	science	PROPN
fbem-12617	267	2	&	&	CCONJ
fbem-12617	267	3	technology	technology	PROPN
fbem-12617	267	4	progress	progress	NOUN
fbem-12617	267	5	and	and	CCONJ
fbem-12617	267	6	policy	policy	NOUN
fbem-12617	267	7	,	,	PUNCT
fbem-12617	267	8	2022,39(07):53	2022,39(07):53	NOUN
fbem-12617	267	9	-	-	SYM
fbem-12617	267	10	63	63	NUM
fbem-12617	267	11	.	.	PUNCT
fbem-12617	268	1	[	[	X
fbem-12617	268	2	14	14	NUM
fbem-12617	268	3	]	]	X
fbem-12617	268	4	wang	wang	PROPN
fbem-12617	268	5	juan	juan	PROPN
fbem-12617	268	6	,	,	PUNCT
fbem-12617	268	7	zhu	zhu	PROPN
fbem-12617	268	8	weiwei	weiwei	PROPN
fbem-12617	268	9	.	.	PUNCT
fbem-12617	269	1	can	can	AUX
fbem-12617	269	2	the	the	DET
fbem-12617	269	3	development	development	NOUN
fbem-12617	269	4	of	of	ADP
fbem-12617	269	5	digital	digital	ADJ
fbem-12617	269	6	finance	finance	NOUN
fbem-12617	269	7	correct	correct	ADJ
fbem-12617	269	8	non	non	ADJ
fbem-12617	269	9	-	-	ADJ
fbem-12617	269	10	efficient	efficient	ADJ
fbem-12617	269	11	corporate	corporate	ADJ
fbem-12617	269	12	investment?[j	investment?[j	X
fbem-12617	269	13	]	]	PUNCT
fbem-12617	269	14	.	.	PUNCT
fbem-12617	270	1	financial	financial	ADJ
fbem-12617	270	2	science	science	NOUN
fbem-12617	270	3	,	,	PUNCT
fbem-12617	270	4	2020(03):14	2020(03):14	NUM
fbem-12617	270	5	-	-	SYM
fbem-12617	270	6	25	25	NUM
fbem-12617	270	7	.	.	PUNCT
fbem-12617	271	1	[	[	X
fbem-12617	271	2	15	15	NUM
fbem-12617	271	3	]	]	X
fbem-12617	271	4	he	he	PRON
fbem-12617	271	5	fan	fan	PROPN
fbem-12617	271	6	,	,	PUNCT
fbem-12617	271	7	liu	liu	PROPN
fbem-12617	271	8	hongxia	hongxia	PROPN
fbem-12617	271	9	.	.	PUNCT
fbem-12617	272	1	evaluation	evaluation	NOUN
fbem-12617	272	2	of	of	ADP
fbem-12617	272	3	the	the	DET
fbem-12617	272	4	performance	performance	NOUN
fbem-12617	272	5	improvement	improvement	NOUN
fbem-12617	272	6	effect	effect	NOUN
fbem-12617	272	7	of	of	ADP
fbem-12617	272	8	digital	digital	ADJ
fbem-12617	272	9	transformation	transformation	NOUN
fbem-12617	272	10	of	of	ADP
fbem-12617	272	11	physical	physical	ADJ
fbem-12617	272	12	enterprises	enterprise	NOUN
fbem-12617	272	13	from	from	ADP
fbem-12617	272	14	the	the	DET
fbem-12617	272	15	perspective	perspective	NOUN
fbem-12617	272	16	of	of	ADP
fbem-12617	272	17	digital	digital	PROPN
fbem-12617	272	18	economy[j	economy[j	PROPN
fbem-12617	272	19	]	]	PUNCT
fbem-12617	272	20	.	.	PUNCT
fbem-12617	273	1	reform	reform	NOUN
fbem-12617	273	2	,	,	PUNCT
fbem-12617	273	3	2019(04):137	2019(04):137	NUM
fbem-12617	273	4	-	-	SYM
fbem-12617	273	5	148	148	NUM
fbem-12617	273	6	.	.	PUNCT
fbem-12617	274	1	[	[	X
fbem-12617	274	2	16	16	NUM
fbem-12617	274	3	]	]	X
fbem-12617	274	4	guo	guo	PROPN
fbem-12617	274	5	jitao	jitao	PROPN
fbem-12617	274	6	,	,	PUNCT
fbem-12617	274	7	yao	yao	PROPN
fbem-12617	274	8	jiacheng	jiacheng	PROPN
fbem-12617	274	9	.	.	PUNCT
fbem-12617	275	1	digital	digital	ADJ
fbem-12617	275	2	economy	economy	NOUN
fbem-12617	275	3	and	and	CCONJ
fbem-12617	275	4	corporate	corporate	ADJ
fbem-12617	275	5	risk	risk	NOUN
fbem-12617	275	6	bearing	bearing	NOUN
fbem-12617	275	7	:	:	PUNCT
fbem-12617	275	8	regulatory	regulatory	ADJ
fbem-12617	275	9	effect	effect	NOUN
fbem-12617	275	10	of	of	ADP
fbem-12617	275	11	management	management	NOUN
fbem-12617	275	12	autonomy[j	autonomy[j	NOUN
fbem-12617	275	13	]	]	PUNCT
fbem-12617	275	14	.	.	PUNCT
fbem-12617	276	1	journal	journal	PROPN
fbem-12617	276	2	of	of	ADP
fbem-12617	276	3	hohai	hohai	PROPN
fbem-12617	276	4	university	university	PROPN
fbem-12617	276	5	(	(	PUNCT
fbem-12617	276	6	philosophy	philosophy	NOUN
fbem-12617	276	7	and	and	CCONJ
fbem-12617	276	8	social	social	ADJ
fbem-12617	276	9	sciences	science	NOUN
fbem-12617	276	10	)	)	PUNCT
fbem-12617	276	11	,	,	PUNCT
fbem-12617	276	12	2022	2022	NUM
fbem-12617	276	13	,	,	PUNCT
fbem-12617	276	14	24(01):83	24(01):83	NUM
fbem-12617	276	15	-	-	SYM
fbem-12617	276	16	91	91	NUM
fbem-12617	276	17	+	+	NOUN
fbem-12617	276	18	112	112	NUM
fbem-12617	276	19	.	.	PUNCT
fbem-12617	277	1	[	[	X
fbem-12617	277	2	17	17	NUM
fbem-12617	277	3	]	]	X
fbem-12617	277	4	zhang	zhang	PROPN
fbem-12617	277	5	xinmin	xinmin	PROPN
fbem-12617	277	6	,	,	PUNCT
fbem-12617	277	7	chen	chen	PROPN
fbem-12617	277	8	deqiu	deqiu	PROPN
fbem-12617	277	9	.	.	PUNCT
fbem-12617	278	1	business	business	NOUN
fbem-12617	278	2	model	model	NOUN
fbem-12617	278	3	,	,	PUNCT
fbem-12617	278	4	value	value	NOUN
fbem-12617	278	5	cocreation	cocreation	NOUN
fbem-12617	278	6	and	and	CCONJ
fbem-12617	278	7	governance	governance	NOUN
fbem-12617	278	8	risk	risk	NOUN
fbem-12617	278	9	of	of	ADP
fbem-12617	278	10	enterprises	enterprise	NOUN
fbem-12617	278	11	in	in	ADP
fbem-12617	278	12	the	the	DET
fbem-12617	278	13	mobile	mobile	ADJ
fbem-12617	278	14	internet	internet	NOUN
fbem-12617	278	15	era	era	NOUN
fbem-12617	278	16	based	base	VERB
fbem-12617	278	17	on	on	ADP
fbem-12617	278	18	the	the	DET
fbem-12617	278	19	case	case	NOUN
fbem-12617	278	20	analysis	analysis	NOUN
fbem-12617	278	21	of	of	ADP
fbem-12617	278	22	luckin	luckin	ADJ
fbem-12617	278	23	coffee	coffee	NOUN
fbem-12617	278	24	's	's	PART
fbem-12617	278	25	financial	financial	ADJ
fbem-12617	278	26	fraud[j	fraud[j	NOUN
fbem-12617	278	27	]	]	PUNCT
fbem-12617	278	28	.	.	PUNCT
fbem-12617	279	1	management	management	NOUN
fbem-12617	279	2	world	world	NOUN
fbem-12617	279	3	,	,	PUNCT
fbem-12617	279	4	2020	2020	NUM
fbem-12617	279	5	,	,	PUNCT
fbem-12617	279	6	36(05):7486	36(05):7486	NUM
fbem-12617	279	7	+	+	NOUN
fbem-12617	279	8	11	11	NUM
fbem-12617	279	9	.	.	PUNCT
fbem-12617	279	10	254	254	NUM
fbem-12617	280	1	[	[	SYM
fbem-12617	280	2	18	18	NUM
fbem-12617	280	3	]	]	X
fbem-12617	280	4	jensen	jensen	PROPN
fbem-12617	280	5	m	m	PROPN
fbem-12617	280	6	c.	c.	PROPN
fbem-12617	280	7	the	the	DET
fbem-12617	280	8	modern	modern	ADJ
fbem-12617	280	9	industrial	industrial	ADJ
fbem-12617	280	10	revolution	revolution	NOUN
fbem-12617	280	11	,	,	PUNCT
fbem-12617	280	12	exit	exit	NOUN
fbem-12617	280	13	,	,	PUNCT
fbem-12617	280	14	and	and	CCONJ
fbem-12617	280	15	the	the	DET
fbem-12617	280	16	failure	failure	NOUN
fbem-12617	280	17	of	of	ADP
fbem-12617	280	18	internal	internal	ADJ
fbem-12617	280	19	control	control	NOUN
fbem-12617	280	20	systems[j	systems[j	PROPN
fbem-12617	280	21	]	]	PUNCT
fbem-12617	280	22	.	.	PUNCT
fbem-12617	281	1	the	the	DET
fbem-12617	281	2	journal	journal	PROPN
fbem-12617	281	3	of	of	ADP
fbem-12617	281	4	finance	finance	NOUN
fbem-12617	281	5	,	,	PUNCT
fbem-12617	281	6	1993	1993	NUM
fbem-12617	281	7	,	,	PUNCT
fbem-12617	281	8	48(3	48(3	NUM
fbem-12617	281	9	):	):	PUNCT
fbem-12617	281	10	831	831	NUM
fbem-12617	281	11	-	-	SYM
fbem-12617	281	12	880	880	NUM
fbem-12617	281	13	.	.	PUNCT
fbem-12617	282	1	[	[	X
fbem-12617	282	2	19	19	NUM
fbem-12617	282	3	]	]	X
fbem-12617	282	4	hirshleifer	hirshleifer	NOUN
fbem-12617	282	5	d	d	PROPN
fbem-12617	282	6	,	,	PUNCT
fbem-12617	282	7	thakor	thakor	PROPN
fbem-12617	282	8	a	a	DET
fbem-12617	282	9	v.	v.	ADP
fbem-12617	282	10	managerial	managerial	ADJ
fbem-12617	282	11	conservatism	conservatism	NOUN
fbem-12617	282	12	,	,	PUNCT
fbem-12617	282	13	project	project	NOUN
fbem-12617	282	14	choice	choice	NOUN
fbem-12617	282	15	,	,	PUNCT
fbem-12617	282	16	and	and	CCONJ
fbem-12617	282	17	debt[j	debt[j	PROPN
fbem-12617	282	18	]	]	PUNCT
fbem-12617	282	19	.	.	PUNCT
fbem-12617	283	1	the	the	DET
fbem-12617	283	2	review	review	NOUN
fbem-12617	283	3	of	of	ADP
fbem-12617	283	4	financial	financial	ADJ
fbem-12617	283	5	studies	study	NOUN
fbem-12617	283	6	,	,	PUNCT
fbem-12617	283	7	1992	1992	NUM
fbem-12617	283	8	,	,	PUNCT
fbem-12617	283	9	5(3	5(3	NUM
fbem-12617	283	10	):	):	PUNCT
fbem-12617	283	11	437	437	NUM
fbem-12617	283	12	-	-	SYM
fbem-12617	283	13	470	470	NUM
fbem-12617	283	14	.	.	PUNCT
fbem-12617	284	1	[	[	X
fbem-12617	284	2	20	20	NUM
fbem-12617	284	3	]	]	X
fbem-12617	284	4	scott	scott	PROPN
fbem-12617	284	5	richardson	richardson	PROPN
fbem-12617	284	6	.	.	PUNCT
fbem-12617	285	1	over	over	ADP
fbem-12617	285	2	-	-	PUNCT
fbem-12617	285	3	investment	investment	NOUN
fbem-12617	285	4	of	of	ADP
fbem-12617	285	5	free	free	ADJ
fbem-12617	285	6	cash	cash	NOUN
fbem-12617	285	7	flow[j	flow[j	NOUN
fbem-12617	285	8	]	]	PUNCT
fbem-12617	285	9	.	.	PUNCT
fbem-12617	286	1	review	review	NOUN
fbem-12617	286	2	of	of	ADP
fbem-12617	286	3	accounting	accounting	NOUN
fbem-12617	286	4	studies,2006,11(2	studies,2006,11(2	PROPN
fbem-12617	286	5	-	-	PUNCT
fbem-12617	286	6	3	3	NUM
fbem-12617	286	7	):	):	PUNCT
fbem-12617	286	8	[	[	X
fbem-12617	286	9	21	21	NUM
fbem-12617	286	10	]	]	X
fbem-12617	286	11	wen	wen	PROPN
fbem-12617	286	12	zhonglin	zhonglin	PROPN
fbem-12617	286	13	,	,	PUNCT
fbem-12617	286	14	hou	hou	PROPN
fbem-12617	286	15	jietai	jietai	PROPN
fbem-12617	286	16	,	,	PUNCT
fbem-12617	286	17	zhang	zhang	PROPN
fbem-12617	286	18	lei	lei	PROPN
fbem-12617	286	19	.	.	PROPN
fbem-12617	286	20	comparison	comparison	NOUN
fbem-12617	286	21	and	and	CCONJ
fbem-12617	286	22	application	application	NOUN
fbem-12617	286	23	of	of	ADP
fbem-12617	286	24	moderator	moderator	NOUN
fbem-12617	286	25	effect	effect	NOUN
fbem-12617	286	26	and	and	CCONJ
fbem-12617	286	27	mediator	mediator	NOUN
fbem-12617	286	28	effect[j	effect[j	NOUN
fbem-12617	286	29	]	]	PUNCT
fbem-12617	286	30	.	.	PUNCT
fbem-12617	287	1	acta	acta	PROPN
fbem-12617	287	2	psychologica	psychologica	PROPN
fbem-12617	287	3	sinica	sinica	PROPN
fbem-12617	287	4	,	,	PUNCT
fbem-12617	287	5	2005(02):268	2005(02):268	NUM
fbem-12617	287	6	-	-	NOUN
fbem-12617	287	7	274	274	NUM
fbem-12617	287	8	.	.	PUNCT
fbem-12617	288	1	[	[	X
fbem-12617	288	2	22	22	NUM
fbem-12617	288	3	]	]	X
fbem-12617	288	4	chen	chen	PROPN
fbem-12617	288	5	yunsen	yunsen	PROPN
fbem-12617	288	6	,	,	PUNCT
fbem-12617	288	7	huang	huang	PROPN
fbem-12617	288	8	jianqiao	jianqiao	PROPN
fbem-12617	288	9	.	.	PUNCT
fbem-12617	289	1	stock	stock	NOUN
fbem-12617	289	2	market	market	NOUN
fbem-12617	289	3	opening	opening	NOUN
fbem-12617	289	4	and	and	CCONJ
fbem-12617	289	5	corporate	corporate	ADJ
fbem-12617	289	6	investment	investment	NOUN
fbem-12617	289	7	efficiency	efficiency	NOUN
fbem-12617	289	8	based	base	VERB
fbem-12617	289	9	on	on	ADP
fbem-12617	289	10	the	the	DET
fbem-12617	289	11	quasi	quasi	ADJ
fbem-12617	289	12	-	-	ADJ
fbem-12617	289	13	natural	natural	ADJ
fbem-12617	289	14	experiment	experiment	NOUN
fbem-12617	289	15	of	of	ADP
fbem-12617	289	16	"	"	PUNCT
fbem-12617	289	17	shanghai	shanghai	PROPN
fbem-12617	289	18	-	-	PUNCT
fbem-12617	289	19	hong	hong	PROPN
fbem-12617	289	20	kong	kong	PROPN
fbem-12617	289	21	stock	stock	PROPN
fbem-12617	289	22	connect"[j	connect"[j	PROPN
fbem-12617	289	23	]	]	PUNCT
fbem-12617	289	24	.	.	PUNCT
fbem-12617	290	1	financial	financial	ADJ
fbem-12617	290	2	research	research	NOUN
fbem-12617	290	3	,	,	PUNCT
fbem-12617	290	4	2019(08):151	2019(08):151	NUM
fbem-12617	290	5	-	-	SYM
fbem-12617	290	6	170	170	NUM
fbem-12617	290	7	.	.	PUNCT
fbem-12617	291	1	[	[	X
fbem-12617	291	2	23	23	NUM
fbem-12617	291	3	]	]	X
fbem-12617	291	4	huang	huang	PROPN
fbem-12617	291	5	qunhui	qunhui	PROPN
fbem-12617	291	6	,	,	PUNCT
fbem-12617	291	7	yu	yu	PROPN
fbem-12617	291	8	yongze	yongze	PROPN
fbem-12617	291	9	,	,	PUNCT
fbem-12617	291	10	zhang	zhang	PROPN
fbem-12617	291	11	songlin	songlin	PROPN
fbem-12617	291	12	.	.	PUNCT
fbem-12617	291	13	internet	internet	NOUN
fbem-12617	291	14	development	development	NOUN
fbem-12617	291	15	and	and	CCONJ
fbem-12617	291	16	manufacturing	manufacturing	NOUN
fbem-12617	291	17	productivity	productivity	NOUN
fbem-12617	291	18	improvement	improvement	NOUN
fbem-12617	291	19	:	:	PUNCT
fbem-12617	291	20	inherent	inherent	ADJ
fbem-12617	291	21	mechanism	mechanism	NOUN
fbem-12617	291	22	and	and	CCONJ
fbem-12617	291	23	china	china	PROPN
fbem-12617	291	24	's	's	PART
fbem-12617	291	25	experience[j	experience[j	NOUN
fbem-12617	291	26	]	]	PUNCT
fbem-12617	291	27	.	.	PUNCT
fbem-12617	292	1	china	china	PROPN
fbem-12617	292	2	industrial	industrial	ADJ
fbem-12617	292	3	economy	economy	NOUN
fbem-12617	292	4	,	,	PUNCT
fbem-12617	292	5	2019(08):5	2019(08):5	NUM
fbem-12617	292	6	-	-	SYM
fbem-12617	292	7	23	23	NUM
fbem-12617	292	8	.	.	PUNCT
fbem-12617	293	1	[	[	X
fbem-12617	293	2	24	24	NUM
fbem-12617	293	3	]	]	X
fbem-12617	293	4	nunn	nunn	PROPN
fbem-12617	293	5	n	n	PROPN
fbem-12617	293	6	,	,	PUNCT
fbem-12617	293	7	qian	qian	PROPN
fbem-12617	293	8	n.	n.	PROPN
fbem-12617	293	9	us	us	PROPN
fbem-12617	293	10	food	food	NOUN
fbem-12617	293	11	aid	aid	NOUN
fbem-12617	293	12	and	and	CCONJ
fbem-12617	293	13	civil	civil	ADJ
fbem-12617	293	14	conflict[j	conflict[j	NOUN
fbem-12617	293	15	]	]	PUNCT
fbem-12617	293	16	.	.	PUNCT
fbem-12617	294	1	american	american	PROPN
fbem-12617	294	2	economic	economic	PROPN
fbem-12617	294	3	review	review	PROPN
fbem-12617	294	4	,	,	PUNCT
fbem-12617	294	5	2014	2014	NUM
fbem-12617	294	6	,	,	PUNCT
fbem-12617	294	7	104(6):1630	104(6):1630	PROPN
fbem-12617	294	8	-	-	PUNCT
fbem-12617	294	9	1666	1666	NUM
fbem-12617	294	10	.	.	PUNCT
fbem-12617	295	1	[	[	X
fbem-12617	295	2	25	25	NUM
fbem-12617	295	3	]	]	X
fbem-12617	295	4	gary	gary	PROPN
fbem-12617	295	5	c.	c.	PROPN
fbem-12617	295	6	biddle	biddle	PROPN
fbem-12617	295	7	,	,	PUNCT
fbem-12617	295	8	gilles	gille	NOUN
fbem-12617	295	9	hilary	hilary	PROPN
fbem-12617	295	10	,	,	PUNCT
fbem-12617	295	11	rodrigo	rodrigo	PROPN
fbem-12617	295	12	s.	s.	PROPN
fbem-12617	295	13	verdi	verdi	PROPN
fbem-12617	295	14	.	.	PUNCT
fbem-12617	296	1	how	how	SCONJ
fbem-12617	296	2	does	do	AUX
fbem-12617	296	3	financial	financial	ADJ
fbem-12617	296	4	reporting	reporting	NOUN
fbem-12617	296	5	quality	quality	NOUN
fbem-12617	296	6	relate	relate	VERB
fbem-12617	296	7	to	to	ADP
fbem-12617	296	8	investment	investment	NOUN
fbem-12617	296	9	efficiency?[j	efficiency?[j	ADJ
fbem-12617	296	10	]	]	PUNCT
fbem-12617	296	11	.	.	PUNCT
fbem-12617	297	1	journal	journal	PROPN
fbem-12617	297	2	of	of	ADP
fbem-12617	297	3	accounting	accounting	NOUN
fbem-12617	297	4	and	and	CCONJ
fbem-12617	297	5	economics,2009,48(2	economics,2009,48(2	ADV
fbem-12617	297	6	):	):	PUNCT
fbem-12617	298	1	[	[	X
fbem-12617	298	2	26	26	NUM
fbem-12617	298	3	]	]	X
fbem-12617	298	4	lin	lin	PROPN
fbem-12617	298	5	yifu	yifu	VERB
fbem-12617	298	6	,	,	PUNCT
fbem-12617	298	7	liu	liu	PROPN
fbem-12617	298	8	mingxing	mingxing	PROPN
fbem-12617	298	9	,	,	PUNCT
fbem-12617	298	10	zhang	zhang	PROPN
fbem-12617	298	11	qi	qi	PROPN
fbem-12617	298	12	.	.	PUNCT
fbem-12617	298	13	policy	policy	NOUN
fbem-12617	298	14	burden	burden	NOUN
fbem-12617	298	15	and	and	CCONJ
fbem-12617	298	16	soft	soft	ADJ
fbem-12617	298	17	budget	budget	NOUN
fbem-12617	298	18	constraint	constraint	NOUN
fbem-12617	298	19	of	of	ADP
fbem-12617	298	20	enterprises	enterprise	NOUN
fbem-12617	298	21	:	:	PUNCT
fbem-12617	298	22	empirical	empirical	ADJ
fbem-12617	298	23	research	research	NOUN
fbem-12617	298	24	from	from	ADP
fbem-12617	298	25	china[j	china[j	PROPN
fbem-12617	298	26	]	]	PUNCT
fbem-12617	298	27	.	.	PUNCT
fbem-12617	299	1	management	management	NOUN
fbem-12617	299	2	world	world	NOUN
fbem-12617	299	3	,	,	PUNCT
fbem-12617	299	4	2004(08):81	2004(08):81	NUM
fbem-12617	299	5	-	-	SYM
fbem-12617	299	6	89	89	NUM
fbem-12617	299	7	+	+	NOUN
fbem-12617	299	8	127	127	NUM
fbem-12617	299	9	-	-	SYM
fbem-12617	299	10	156	156	NUM
fbem-12617	299	11	.	.	PUNCT