id	sid	tid	token	lemma	pos
fbem-13217	1	1	frontiers	frontier	NOUN
fbem-13217	1	2	in	in	ADP
fbem-13217	1	3	business	business	NOUN
fbem-13217	1	4	,	,	PUNCT
fbem-13217	1	5	economics	economic	NOUN
fbem-13217	1	6	and	and	CCONJ
fbem-13217	1	7	management	management	NOUN
fbem-13217	1	8	issn	issn	PROPN
fbem-13217	1	9	:	:	PUNCT
fbem-13217	1	10	2766	2766	NUM
fbem-13217	1	11	-	-	PUNCT
fbem-13217	1	12	824x	824x	NUM
fbem-13217	1	13	|	|	ADJ
fbem-13217	1	14	vol	vol	NOUN
fbem-13217	1	15	.	.	PUNCT
fbem-13217	2	1	11	11	NUM
fbem-13217	2	2	,	,	PUNCT
fbem-13217	2	3	no	no	INTJ
fbem-13217	2	4	.	.	NOUN
fbem-13217	2	5	3	3	NUM
fbem-13217	2	6	,	,	PUNCT
fbem-13217	2	7	2023	2023	NUM
fbem-13217	2	8	207	207	NUM
fbem-13217	2	9	the	the	DET
fbem-13217	2	10	impact	impact	NOUN
fbem-13217	2	11	of	of	ADP
fbem-13217	2	12	digital	digital	ADJ
fbem-13217	2	13	transformation	transformation	NOUN
fbem-13217	2	14	on	on	ADP
fbem-13217	2	15	enterprise	enterprise	NOUN
fbem-13217	2	16	innovation	innovation	NOUN
fbem-13217	2	17	:	:	PUNCT
fbem-13217	2	18	based	base	VERB
fbem-13217	2	19	on	on	ADP
fbem-13217	2	20	the	the	DET
fbem-13217	2	21	empirical	empirical	ADJ
fbem-13217	2	22	analysis	analysis	NOUN
fbem-13217	2	23	of	of	ADP
fbem-13217	2	24	listed	list	VERB
fbem-13217	2	25	companies	company	NOUN
fbem-13217	2	26	linghao	linghao	ADJ
fbem-13217	2	27	xu1	xu1	PROPN
fbem-13217	2	28	,	,	PUNCT
fbem-13217	2	29	*	*	PUNCT
fbem-13217	2	30	1	1	NUM
fbem-13217	2	31	east	east	PROPN
fbem-13217	2	32	china	china	PROPN
fbem-13217	2	33	university	university	PROPN
fbem-13217	2	34	of	of	ADP
fbem-13217	2	35	political	political	ADJ
fbem-13217	2	36	science	science	NOUN
fbem-13217	2	37	and	and	CCONJ
fbem-13217	2	38	law	law	NOUN
fbem-13217	2	39	,	,	PUNCT
fbem-13217	2	40	shanghai	shanghai	PROPN
fbem-13217	2	41	201600	201600	NUM
fbem-13217	2	42	,	,	PUNCT
fbem-13217	2	43	china	china	PROPN
fbem-13217	2	44	*	*	PUNCT
fbem-13217	2	45	corresponding	correspond	VERB
fbem-13217	2	46	author	author	NOUN
fbem-13217	2	47	:	:	PUNCT
fbem-13217	2	48	xulh1998@163.com	xulh1998@163.com	X
fbem-13217	3	1	abstract	abstract	NOUN
fbem-13217	3	2	:	:	PUNCT
fbem-13217	3	3	based	base	VERB
fbem-13217	3	4	on	on	ADP
fbem-13217	3	5	the	the	DET
fbem-13217	3	6	2011	2011	NUM
fbem-13217	3	7	-	-	SYM
fbem-13217	3	8	2020	2020	NUM
fbem-13217	3	9	digital	digital	ADJ
fbem-13217	3	10	finance	finance	NOUN
fbem-13217	3	11	index	index	NOUN
fbem-13217	3	12	and	and	CCONJ
fbem-13217	3	13	the	the	DET
fbem-13217	3	14	data	datum	NOUN
fbem-13217	3	15	of	of	ADP
fbem-13217	3	16	shanghai	shanghai	PROPN
fbem-13217	3	17	and	and	CCONJ
fbem-13217	3	18	shenzhen	shenzhen	PROPN
fbem-13217	3	19	a	a	PROPN
fbem-13217	3	20	-	-	PUNCT
fbem-13217	3	21	share	share	NOUN
fbem-13217	3	22	listed	list	VERB
fbem-13217	3	23	companies	company	NOUN
fbem-13217	3	24	,	,	PUNCT
fbem-13217	3	25	the	the	DET
fbem-13217	3	26	panel	panel	NOUN
fbem-13217	3	27	fixed	fix	VERB
fbem-13217	3	28	utility	utility	NOUN
fbem-13217	3	29	model	model	NOUN
fbem-13217	3	30	is	be	AUX
fbem-13217	3	31	used	use	VERB
fbem-13217	3	32	to	to	PART
fbem-13217	3	33	investigate	investigate	VERB
fbem-13217	3	34	how	how	SCONJ
fbem-13217	3	35	the	the	DET
fbem-13217	3	36	digital	digital	ADJ
fbem-13217	3	37	transformation	transformation	NOUN
fbem-13217	3	38	of	of	ADP
fbem-13217	3	39	companies	company	NOUN
fbem-13217	3	40	affects	affect	VERB
fbem-13217	3	41	the	the	DET
fbem-13217	3	42	innovation	innovation	NOUN
fbem-13217	3	43	ability	ability	NOUN
fbem-13217	3	44	of	of	ADP
fbem-13217	3	45	enterprises	enterprise	NOUN
fbem-13217	3	46	.	.	PUNCT
fbem-13217	4	1	the	the	DET
fbem-13217	4	2	research	research	NOUN
fbem-13217	4	3	finds	find	VERB
fbem-13217	4	4	that	that	SCONJ
fbem-13217	4	5	the	the	DET
fbem-13217	4	6	digital	digital	ADJ
fbem-13217	4	7	transformation	transformation	NOUN
fbem-13217	4	8	of	of	ADP
fbem-13217	4	9	enterprises	enterprise	NOUN
fbem-13217	4	10	can	can	AUX
fbem-13217	4	11	have	have	VERB
fbem-13217	4	12	a	a	DET
fbem-13217	4	13	significant	significant	ADJ
fbem-13217	4	14	positive	positive	ADJ
fbem-13217	4	15	effect	effect	NOUN
fbem-13217	4	16	on	on	ADP
fbem-13217	4	17	the	the	DET
fbem-13217	4	18	improvement	improvement	NOUN
fbem-13217	4	19	of	of	ADP
fbem-13217	4	20	the	the	DET
fbem-13217	4	21	innovation	innovation	NOUN
fbem-13217	4	22	and	and	CCONJ
fbem-13217	4	23	innovation	innovation	NOUN
fbem-13217	4	24	ability	ability	NOUN
fbem-13217	4	25	of	of	ADP
fbem-13217	4	26	enterprises	enterprise	NOUN
fbem-13217	4	27	.	.	PUNCT
fbem-13217	5	1	the	the	DET
fbem-13217	5	2	digital	digital	ADJ
fbem-13217	5	3	transformation	transformation	NOUN
fbem-13217	5	4	of	of	ADP
fbem-13217	5	5	enterprises	enterprise	NOUN
fbem-13217	5	6	can	can	AUX
fbem-13217	5	7	promote	promote	VERB
fbem-13217	5	8	the	the	DET
fbem-13217	5	9	improvement	improvement	NOUN
fbem-13217	5	10	of	of	ADP
fbem-13217	5	11	the	the	DET
fbem-13217	5	12	innovation	innovation	NOUN
fbem-13217	5	13	ability	ability	NOUN
fbem-13217	5	14	of	of	ADP
fbem-13217	5	15	enterprises	enterprise	NOUN
fbem-13217	5	16	by	by	ADP
fbem-13217	5	17	affecting	affect	VERB
fbem-13217	5	18	the	the	DET
fbem-13217	5	19	financing	financing	NOUN
fbem-13217	5	20	constraints	constraint	NOUN
fbem-13217	5	21	,	,	PUNCT
fbem-13217	5	22	and	and	CCONJ
fbem-13217	5	23	then	then	ADV
fbem-13217	5	24	enable	enable	VERB
fbem-13217	5	25	the	the	DET
fbem-13217	5	26	innovation	innovation	NOUN
fbem-13217	5	27	of	of	ADP
fbem-13217	5	28	enterprises；further	enterprises；further	PROPN
fbem-13217	5	29	research	research	NOUN
fbem-13217	5	30	finds	find	VERB
fbem-13217	5	31	that	that	SCONJ
fbem-13217	5	32	enterprise	enterprise	NOUN
fbem-13217	5	33	digital	digital	ADJ
fbem-13217	5	34	transformation	transformation	NOUN
fbem-13217	5	35	has	have	VERB
fbem-13217	5	36	a	a	DET
fbem-13217	5	37	more	more	ADV
fbem-13217	5	38	significant	significant	ADJ
fbem-13217	5	39	positive	positive	ADJ
fbem-13217	5	40	effect	effect	NOUN
fbem-13217	5	41	on	on	ADP
fbem-13217	5	42	the	the	DET
fbem-13217	5	43	innovation	innovation	NOUN
fbem-13217	5	44	ability	ability	NOUN
fbem-13217	5	45	of	of	ADP
fbem-13217	5	46	private	private	ADJ
fbem-13217	5	47	enterprises	enterprise	NOUN
fbem-13217	5	48	.	.	PUNCT
fbem-13217	6	1	keywords	keyword	NOUN
fbem-13217	6	2	:	:	PUNCT
fbem-13217	6	3	digital	digital	ADJ
fbem-13217	6	4	economy	economy	NOUN
fbem-13217	6	5	;	;	PUNCT
fbem-13217	6	6	financing	financing	NOUN
fbem-13217	6	7	constraint	constraint	NOUN
fbem-13217	6	8	;	;	PUNCT
fbem-13217	6	9	enterprise	enterprise	NOUN
fbem-13217	6	10	innovation	innovation	NOUN
fbem-13217	6	11	.	.	PUNCT
fbem-13217	7	1	1	1	X
fbem-13217	7	2	.	.	X
fbem-13217	7	3	introduction	introduction	NOUN
fbem-13217	7	4	as	as	ADP
fbem-13217	7	5	the	the	DET
fbem-13217	7	6	most	most	ADV
fbem-13217	7	7	active	active	ADJ
fbem-13217	7	8	field	field	NOUN
fbem-13217	7	9	in	in	ADP
fbem-13217	7	10	china	china	PROPN
fbem-13217	7	11	's	's	PART
fbem-13217	7	12	economic	economic	ADJ
fbem-13217	7	13	development	development	NOUN
fbem-13217	7	14	,	,	PUNCT
fbem-13217	7	15	the	the	DET
fbem-13217	7	16	digital	digital	ADJ
fbem-13217	7	17	economy	economy	NOUN
fbem-13217	7	18	has	have	AUX
fbem-13217	7	19	continuously	continuously	ADV
fbem-13217	7	20	expanded	expand	VERB
fbem-13217	7	21	the	the	DET
fbem-13217	7	22	breadth	breadth	NOUN
fbem-13217	7	23	and	and	CCONJ
fbem-13217	7	24	depth	depth	NOUN
fbem-13217	7	25	of	of	ADP
fbem-13217	7	26	integration	integration	NOUN
fbem-13217	7	27	with	with	ADP
fbem-13217	7	28	various	various	ADJ
fbem-13217	7	29	fields	field	NOUN
fbem-13217	7	30	of	of	ADP
fbem-13217	7	31	economy	economy	NOUN
fbem-13217	7	32	and	and	CCONJ
fbem-13217	7	33	society	society	NOUN
fbem-13217	7	34	,	,	PUNCT
fbem-13217	7	35	and	and	CCONJ
fbem-13217	7	36	plays	play	VERB
fbem-13217	7	37	an	an	DET
fbem-13217	7	38	important	important	ADJ
fbem-13217	7	39	role	role	NOUN
fbem-13217	7	40	in	in	ADP
fbem-13217	7	41	stimulating	stimulate	VERB
fbem-13217	7	42	consumption	consumption	NOUN
fbem-13217	7	43	,	,	PUNCT
fbem-13217	7	44	stimulating	stimulate	VERB
fbem-13217	7	45	investment	investment	NOUN
fbem-13217	7	46	and	and	CCONJ
fbem-13217	7	47	creating	create	VERB
fbem-13217	7	48	employment	employment	NOUN
fbem-13217	7	49	.	.	PUNCT
fbem-13217	8	1	from	from	ADP
fbem-13217	8	2	a	a	DET
fbem-13217	8	3	domestic	domestic	ADJ
fbem-13217	8	4	perspective	perspective	NOUN
fbem-13217	8	5	,	,	PUNCT
fbem-13217	8	6	the	the	DET
fbem-13217	8	7	relevant	relevant	ADJ
fbem-13217	8	8	data	datum	NOUN
fbem-13217	8	9	of	of	ADP
fbem-13217	8	10	the	the	DET
fbem-13217	8	11	china	china	PROPN
fbem-13217	8	12	academy	academy	PROPN
fbem-13217	8	13	of	of	ADP
fbem-13217	8	14	information	information	NOUN
fbem-13217	8	15	and	and	CCONJ
fbem-13217	8	16	communications	communication	NOUN
fbem-13217	8	17	shows	show	VERB
fbem-13217	8	18	that	that	SCONJ
fbem-13217	8	19	the	the	DET
fbem-13217	8	20	scale	scale	NOUN
fbem-13217	8	21	of	of	ADP
fbem-13217	8	22	china	china	PROPN
fbem-13217	8	23	's	's	PART
fbem-13217	8	24	digital	digital	ADJ
fbem-13217	8	25	economy	economy	NOUN
fbem-13217	8	26	was	be	AUX
fbem-13217	8	27	22.4	22.4	NUM
fbem-13217	8	28	trillion	trillion	NUM
fbem-13217	8	29	yuan	yuan	NOUN
fbem-13217	8	30	in	in	ADP
fbem-13217	8	31	2016	2016	NUM
fbem-13217	8	32	and	and	CCONJ
fbem-13217	8	33	35.8	35.8	NUM
fbem-13217	8	34	trillion	trillion	NUM
fbem-13217	8	35	yuan	yuan	NOUN
fbem-13217	8	36	in	in	ADP
fbem-13217	8	37	2019	2019	NUM
fbem-13217	8	38	,	,	PUNCT
fbem-13217	8	39	accounting	account	VERB
fbem-13217	8	40	for	for	ADP
fbem-13217	8	41	36.2	36.2	NUM
fbem-13217	8	42	%	%	NOUN
fbem-13217	8	43	of	of	ADP
fbem-13217	8	44	gdp	gdp	NOUN
fbem-13217	8	45	,	,	PUNCT
fbem-13217	8	46	and	and	CCONJ
fbem-13217	8	47	a	a	DET
fbem-13217	8	48	nominal	nominal	ADJ
fbem-13217	8	49	growth	growth	NOUN
fbem-13217	8	50	of	of	ADP
fbem-13217	8	51	15.6	15.6	NUM
fbem-13217	8	52	%	%	NOUN
fbem-13217	8	53	compared	compare	VERB
fbem-13217	8	54	with	with	ADP
fbem-13217	8	55	the	the	DET
fbem-13217	8	56	same	same	ADJ
fbem-13217	8	57	period	period	NOUN
fbem-13217	8	58	last	last	ADJ
fbem-13217	8	59	year	year	NOUN
fbem-13217	8	60	,	,	PUNCT
fbem-13217	8	61	much	much	ADV
fbem-13217	8	62	higher	high	ADJ
fbem-13217	8	63	than	than	ADP
fbem-13217	8	64	the	the	DET
fbem-13217	8	65	gdp	gdp	NOUN
fbem-13217	8	66	growth	growth	NOUN
fbem-13217	8	67	rate	rate	NOUN
fbem-13217	8	68	.	.	PUNCT
fbem-13217	9	1	from	from	ADP
fbem-13217	9	2	an	an	DET
fbem-13217	9	3	international	international	ADJ
fbem-13217	9	4	perspective	perspective	NOUN
fbem-13217	9	5	,	,	PUNCT
fbem-13217	9	6	the	the	DET
fbem-13217	9	7	2019	2019	NUM
fbem-13217	9	8	digital	digital	ADJ
fbem-13217	9	9	economy	economy	NOUN
fbem-13217	9	10	report	report	NOUN
fbem-13217	9	11	released	release	VERB
fbem-13217	9	12	by	by	ADP
fbem-13217	9	13	the	the	DET
fbem-13217	9	14	united	united	PROPN
fbem-13217	9	15	nations	nations	PROPN
fbem-13217	9	16	conference	conference	PROPN
fbem-13217	9	17	on	on	ADP
fbem-13217	9	18	trade	trade	NOUN
fbem-13217	9	19	and	and	CCONJ
fbem-13217	9	20	development	development	NOUN
fbem-13217	9	21	points	point	VERB
fbem-13217	9	22	out	out	ADP
fbem-13217	9	23	that	that	SCONJ
fbem-13217	9	24	the	the	DET
fbem-13217	9	25	united	united	PROPN
fbem-13217	9	26	states	states	PROPN
fbem-13217	9	27	and	and	CCONJ
fbem-13217	9	28	china	china	PROPN
fbem-13217	9	29	are	be	AUX
fbem-13217	9	30	becoming	become	VERB
fbem-13217	9	31	the	the	DET
fbem-13217	9	32	main	main	ADJ
fbem-13217	9	33	leaders	leader	NOUN
fbem-13217	9	34	in	in	ADP
fbem-13217	9	35	this	this	DET
fbem-13217	9	36	field	field	NOUN
fbem-13217	9	37	,	,	PUNCT
fbem-13217	9	38	accounting	account	VERB
fbem-13217	9	39	for	for	ADP
fbem-13217	9	40	90	90	NUM
fbem-13217	9	41	percent	percent	NOUN
fbem-13217	9	42	of	of	ADP
fbem-13217	9	43	the	the	DET
fbem-13217	9	44	market	market	NOUN
fbem-13217	9	45	capitalization	capitalization	NOUN
fbem-13217	9	46	of	of	ADP
fbem-13217	9	47	the	the	DET
fbem-13217	9	48	world	world	NOUN
fbem-13217	9	49	's	's	PART
fbem-13217	9	50	70	70	NUM
fbem-13217	9	51	largest	large	ADJ
fbem-13217	9	52	digital	digital	ADJ
fbem-13217	9	53	platforms	platform	NOUN
fbem-13217	9	54	,	,	PUNCT
fbem-13217	9	55	with	with	ADP
fbem-13217	9	56	china	china	PROPN
fbem-13217	9	57	's	's	PART
fbem-13217	9	58	tencent	tencent	NOUN
fbem-13217	9	59	and	and	CCONJ
fbem-13217	9	60	alibaba	alibaba	PROPN
fbem-13217	9	61	among	among	ADP
fbem-13217	9	62	seven	seven	NUM
fbem-13217	9	63	of	of	ADP
fbem-13217	9	64	these	these	DET
fbem-13217	9	65	"	"	PUNCT
fbem-13217	9	66	super	super	ADJ
fbem-13217	9	67	platforms	platform	NOUN
fbem-13217	9	68	.	.	PUNCT
fbem-13217	9	69	"	"	PUNCT
fbem-13217	10	1	china	china	PROPN
fbem-13217	10	2	's	's	PART
fbem-13217	10	3	digital	digital	ADJ
fbem-13217	10	4	economy	economy	NOUN
fbem-13217	10	5	has	have	AUX
fbem-13217	10	6	gradually	gradually	ADV
fbem-13217	10	7	become	become	VERB
fbem-13217	10	8	an	an	DET
fbem-13217	10	9	important	important	ADJ
fbem-13217	10	10	component	component	NOUN
fbem-13217	10	11	and	and	CCONJ
fbem-13217	10	12	growth	growth	NOUN
fbem-13217	10	13	driver	driver	NOUN
fbem-13217	10	14	of	of	ADP
fbem-13217	10	15	the	the	DET
fbem-13217	10	16	national	national	ADJ
fbem-13217	10	17	economy	economy	NOUN
fbem-13217	10	18	under	under	ADP
fbem-13217	10	19	the	the	DET
fbem-13217	10	20	rapid	rapid	ADJ
fbem-13217	10	21	growth	growth	NOUN
fbem-13217	10	22	of	of	ADP
fbem-13217	10	23	scale.china	scale.china	PROPN
fbem-13217	10	24	is	be	AUX
fbem-13217	10	25	emerging	emerge	VERB
fbem-13217	10	26	as	as	ADP
fbem-13217	10	27	the	the	DET
fbem-13217	10	28	dominant	dominant	ADJ
fbem-13217	10	29	leader	leader	NOUN
fbem-13217	10	30	in	in	ADP
fbem-13217	10	31	this	this	DET
fbem-13217	10	32	space	space	NOUN
fbem-13217	10	33	,	,	PUNCT
fbem-13217	10	34	accounting	account	VERB
fbem-13217	10	35	for	for	ADP
fbem-13217	10	36	90	90	NUM
fbem-13217	10	37	percent	percent	NOUN
fbem-13217	10	38	of	of	ADP
fbem-13217	10	39	the	the	DET
fbem-13217	10	40	market	market	NOUN
fbem-13217	10	41	capitalization	capitalization	NOUN
fbem-13217	10	42	of	of	ADP
fbem-13217	10	43	the	the	DET
fbem-13217	10	44	world	world	NOUN
fbem-13217	10	45	's	's	PART
fbem-13217	10	46	70	70	NUM
fbem-13217	10	47	largest	large	ADJ
fbem-13217	10	48	digital	digital	ADJ
fbem-13217	10	49	platforms	platform	NOUN
fbem-13217	10	50	,	,	PUNCT
fbem-13217	10	51	with	with	ADP
fbem-13217	10	52	china	china	PROPN
fbem-13217	10	53	's	's	PART
fbem-13217	10	54	tencent	tencent	NOUN
fbem-13217	10	55	and	and	CCONJ
fbem-13217	10	56	alibaba	alibaba	PROPN
fbem-13217	10	57	among	among	ADP
fbem-13217	10	58	seven	seven	NUM
fbem-13217	10	59	of	of	ADP
fbem-13217	10	60	these	these	DET
fbem-13217	10	61	"	"	PUNCT
fbem-13217	10	62	super	super	ADJ
fbem-13217	10	63	platforms	platform	NOUN
fbem-13217	10	64	.	.	PUNCT
fbem-13217	10	65	"	"	PUNCT
fbem-13217	11	1	china	china	PROPN
fbem-13217	11	2	's	's	PART
fbem-13217	11	3	digital	digital	ADJ
fbem-13217	11	4	economy	economy	NOUN
fbem-13217	11	5	has	have	AUX
fbem-13217	11	6	gradually	gradually	ADV
fbem-13217	11	7	become	become	VERB
fbem-13217	11	8	an	an	DET
fbem-13217	11	9	important	important	ADJ
fbem-13217	11	10	component	component	NOUN
fbem-13217	11	11	and	and	CCONJ
fbem-13217	11	12	growth	growth	NOUN
fbem-13217	11	13	driver	driver	NOUN
fbem-13217	11	14	of	of	ADP
fbem-13217	11	15	the	the	DET
fbem-13217	11	16	national	national	ADJ
fbem-13217	11	17	economy	economy	NOUN
fbem-13217	11	18	under	under	ADP
fbem-13217	11	19	the	the	DET
fbem-13217	11	20	rapid	rapid	ADJ
fbem-13217	11	21	growth	growth	NOUN
fbem-13217	11	22	of	of	ADP
fbem-13217	11	23	scale	scale	NOUN
fbem-13217	11	24	.	.	PUNCT
fbem-13217	12	1	since	since	SCONJ
fbem-13217	12	2	the	the	DET
fbem-13217	12	3	"	"	PUNCT
fbem-13217	12	4	13th	13th	ADJ
fbem-13217	12	5	five	five	NUM
fbem-13217	12	6	-	-	PUNCT
fbem-13217	12	7	year	year	NOUN
fbem-13217	12	8	plan	plan	NOUN
fbem-13217	12	9	"	"	PUNCT
fbem-13217	12	10	period	period	NOUN
fbem-13217	12	11	,	,	PUNCT
fbem-13217	12	12	china	china	PROPN
fbem-13217	12	13	's	's	PART
fbem-13217	12	14	digital	digital	ADJ
fbem-13217	12	15	economy	economy	NOUN
fbem-13217	12	16	has	have	AUX
fbem-13217	12	17	entered	enter	VERB
fbem-13217	12	18	the	the	DET
fbem-13217	12	19	fast	fast	ADJ
fbem-13217	12	20	track	track	NOUN
fbem-13217	12	21	of	of	ADP
fbem-13217	12	22	development	development	NOUN
fbem-13217	12	23	,	,	PUNCT
fbem-13217	12	24	and	and	CCONJ
fbem-13217	12	25	digital	digital	ADJ
fbem-13217	12	26	transformation	transformation	NOUN
fbem-13217	12	27	has	have	AUX
fbem-13217	12	28	gradually	gradually	ADV
fbem-13217	12	29	become	become	VERB
fbem-13217	12	30	a	a	DET
fbem-13217	12	31	new	new	ADJ
fbem-13217	12	32	driving	driving	NOUN
fbem-13217	12	33	force	force	NOUN
fbem-13217	12	34	for	for	ADP
fbem-13217	12	35	national	national	ADJ
fbem-13217	12	36	economic	economic	ADJ
fbem-13217	12	37	growth	growth	NOUN
fbem-13217	12	38	.	.	PUNCT
fbem-13217	13	1	in	in	ADP
fbem-13217	13	2	this	this	DET
fbem-13217	13	3	context	context	NOUN
fbem-13217	13	4	,	,	PUNCT
fbem-13217	13	5	the	the	DET
fbem-13217	13	6	deep	deep	ADJ
fbem-13217	13	7	integration	integration	NOUN
fbem-13217	13	8	of	of	ADP
fbem-13217	13	9	digital	digital	ADJ
fbem-13217	13	10	technologies	technology	NOUN
fbem-13217	13	11	such	such	ADJ
fbem-13217	13	12	as	as	ADP
fbem-13217	13	13	the	the	DET
fbem-13217	13	14	internet	internet	NOUN
fbem-13217	13	15	,	,	PUNCT
fbem-13217	13	16	big	big	ADJ
fbem-13217	13	17	data	datum	NOUN
fbem-13217	13	18	and	and	CCONJ
fbem-13217	13	19	artificial	artificial	ADJ
fbem-13217	13	20	intelligence	intelligence	NOUN
fbem-13217	13	21	with	with	ADP
fbem-13217	13	22	the	the	DET
fbem-13217	13	23	real	real	ADJ
fbem-13217	13	24	economy	economy	NOUN
fbem-13217	13	25	will	will	AUX
fbem-13217	13	26	empower	empower	VERB
fbem-13217	13	27	the	the	DET
fbem-13217	13	28	transformation	transformation	NOUN
fbem-13217	13	29	and	and	CCONJ
fbem-13217	13	30	upgrading	upgrading	NOUN
fbem-13217	13	31	of	of	ADP
fbem-13217	13	32	traditional	traditional	ADJ
fbem-13217	13	33	industries	industry	NOUN
fbem-13217	13	34	and	and	CCONJ
fbem-13217	13	35	improve	improve	VERB
fbem-13217	13	36	enterprise	enterprise	NOUN
fbem-13217	13	37	productivity	productivity	NOUN
fbem-13217	14	1	[	[	X
fbem-13217	14	2	1][2	1][2	NUM
fbem-13217	14	3	]	]	PUNCT
fbem-13217	14	4	.in	.in	VERB
fbem-13217	14	5	the	the	DET
fbem-13217	14	6	face	face	NOUN
fbem-13217	14	7	of	of	ADP
fbem-13217	14	8	ever	ever	ADV
fbem-13217	14	9	-	-	PUNCT
fbem-13217	14	10	changing	change	VERB
fbem-13217	14	11	markets	market	NOUN
fbem-13217	14	12	and	and	CCONJ
fbem-13217	14	13	increasingly	increasingly	ADV
fbem-13217	14	14	fierce	fierce	ADJ
fbem-13217	14	15	competition	competition	NOUN
fbem-13217	14	16	,	,	PUNCT
fbem-13217	14	17	can	can	AUX
fbem-13217	14	18	chinese	chinese	ADJ
fbem-13217	14	19	enterprises	enterprise	NOUN
fbem-13217	14	20	explore	explore	VERB
fbem-13217	14	21	the	the	DET
fbem-13217	14	22	development	development	NOUN
fbem-13217	14	23	path	path	NOUN
fbem-13217	14	24	combining	combine	VERB
fbem-13217	14	25	digital	digital	ADJ
fbem-13217	14	26	transformation	transformation	NOUN
fbem-13217	14	27	and	and	CCONJ
fbem-13217	14	28	enterprise	enterprise	NOUN
fbem-13217	14	29	innovation	innovation	NOUN
fbem-13217	14	30	and	and	CCONJ
fbem-13217	14	31	promote	promote	VERB
fbem-13217	14	32	high	high	ADJ
fbem-13217	14	33	-	-	PUNCT
fbem-13217	14	34	quality	quality	NOUN
fbem-13217	14	35	economic	economic	ADJ
fbem-13217	14	36	development	development	NOUN
fbem-13217	14	37	?	?	PUNCT
fbem-13217	15	1	it	it	PRON
fbem-13217	15	2	has	have	AUX
fbem-13217	15	3	become	become	VERB
fbem-13217	15	4	a	a	DET
fbem-13217	15	5	hot	hot	ADJ
fbem-13217	15	6	topic	topic	NOUN
fbem-13217	15	7	in	in	ADP
fbem-13217	15	8	academic	academic	ADJ
fbem-13217	15	9	circles	circle	NOUN
fbem-13217	15	10	.	.	PUNCT
fbem-13217	16	1	by	by	ADP
fbem-13217	16	2	combing	comb	VERB
fbem-13217	16	3	through	through	ADP
fbem-13217	16	4	previous	previous	ADJ
fbem-13217	16	5	studies	study	NOUN
fbem-13217	16	6	,	,	PUNCT
fbem-13217	16	7	we	we	PRON
fbem-13217	16	8	can	can	AUX
fbem-13217	16	9	find	find	VERB
fbem-13217	16	10	that	that	SCONJ
fbem-13217	16	11	digital	digital	ADJ
fbem-13217	16	12	transformation	transformation	NOUN
fbem-13217	16	13	has	have	VERB
fbem-13217	16	14	a	a	DET
fbem-13217	16	15	positive	positive	ADJ
fbem-13217	16	16	effect	effect	NOUN
fbem-13217	16	17	on	on	ADP
fbem-13217	16	18	enterprise	enterprise	NOUN
fbem-13217	16	19	innovation	innovation	NOUN
fbem-13217	16	20	.	.	PUNCT
fbem-13217	17	1	some	some	DET
fbem-13217	17	2	scholars	scholar	NOUN
fbem-13217	17	3	believe	believe	VERB
fbem-13217	17	4	that	that	SCONJ
fbem-13217	17	5	the	the	DET
fbem-13217	17	6	development	development	NOUN
fbem-13217	17	7	of	of	ADP
fbem-13217	17	8	the	the	DET
fbem-13217	17	9	internet	internet	NOUN
fbem-13217	17	10	can	can	AUX
fbem-13217	17	11	directly	directly	ADV
fbem-13217	17	12	and	and	CCONJ
fbem-13217	17	13	indirectly	indirectly	ADV
fbem-13217	17	14	promote	promote	VERB
fbem-13217	17	15	the	the	DET
fbem-13217	17	16	efficiency	efficiency	NOUN
fbem-13217	17	17	and	and	CCONJ
fbem-13217	17	18	level	level	NOUN
fbem-13217	17	19	of	of	ADP
fbem-13217	17	20	regional	regional	ADJ
fbem-13217	17	21	innovation[3	innovation[3	PROPN
fbem-13217	17	22	]	]	PUNCT
fbem-13217	17	23	.	.	PUNCT
fbem-13217	18	1	at	at	ADP
fbem-13217	18	2	the	the	DET
fbem-13217	18	3	same	same	ADJ
fbem-13217	18	4	time	time	NOUN
fbem-13217	18	5	,	,	PUNCT
fbem-13217	18	6	digital	digital	ADJ
fbem-13217	18	7	economy	economy	NOUN
fbem-13217	18	8	mainly	mainly	ADV
fbem-13217	18	9	affects	affect	VERB
fbem-13217	18	10	enterprise	enterprise	NOUN
fbem-13217	18	11	innovation	innovation	NOUN
fbem-13217	18	12	performance	performance	NOUN
fbem-13217	18	13	through	through	ADP
fbem-13217	18	14	technology	technology	NOUN
fbem-13217	18	15	diversification	diversification	NOUN
fbem-13217	18	16	channels	channel	NOUN
fbem-13217	18	17	[	[	X
fbem-13217	18	18	4	4	NUM
fbem-13217	18	19	]	]	PUNCT
fbem-13217	18	20	.	.	PUNCT
fbem-13217	19	1	digital	digital	ADJ
fbem-13217	19	2	transformation	transformation	NOUN
fbem-13217	19	3	can	can	AUX
fbem-13217	19	4	effectively	effectively	ADV
fbem-13217	19	5	improve	improve	VERB
fbem-13217	19	6	the	the	DET
fbem-13217	19	7	performance	performance	NOUN
fbem-13217	19	8	of	of	ADP
fbem-13217	19	9	enterprises	enterprise	NOUN
fbem-13217	19	10	,	,	PUNCT
fbem-13217	19	11	help	help	VERB
fbem-13217	19	12	enterprises	enterprise	NOUN
fbem-13217	19	13	reduce	reduce	VERB
fbem-13217	19	14	costs	cost	NOUN
fbem-13217	19	15	and	and	CCONJ
fbem-13217	19	16	increase	increase	VERB
fbem-13217	19	17	efficiency	efficiency	NOUN
fbem-13217	19	18	,	,	PUNCT
fbem-13217	19	19	and	and	CCONJ
fbem-13217	19	20	enhance	enhance	VERB
fbem-13217	19	21	the	the	DET
fbem-13217	19	22	impetus	impetus	NOUN
fbem-13217	19	23	for	for	ADP
fbem-13217	19	24	innovation	innovation	NOUN
fbem-13217	19	25	.	.	PUNCT
fbem-13217	20	1	however	however	ADV
fbem-13217	20	2	,	,	PUNCT
fbem-13217	20	3	existing	exist	VERB
fbem-13217	20	4	studies	study	NOUN
fbem-13217	20	5	generally	generally	ADV
fbem-13217	20	6	focus	focus	VERB
fbem-13217	20	7	on	on	ADP
fbem-13217	20	8	the	the	DET
fbem-13217	20	9	role	role	NOUN
fbem-13217	20	10	of	of	ADP
fbem-13217	20	11	digital	digital	ADJ
fbem-13217	20	12	transformation	transformation	NOUN
fbem-13217	20	13	at	at	ADP
fbem-13217	20	14	the	the	DET
fbem-13217	20	15	macro	macro	ADJ
fbem-13217	20	16	level	level	NOUN
fbem-13217	20	17	,	,	PUNCT
fbem-13217	20	18	and	and	CCONJ
fbem-13217	20	19	few	few	ADJ
fbem-13217	20	20	start	start	NOUN
fbem-13217	20	21	from	from	ADP
fbem-13217	20	22	the	the	DET
fbem-13217	20	23	perspective	perspective	NOUN
fbem-13217	20	24	of	of	ADP
fbem-13217	20	25	micro	micro	PROPN
fbem-13217	20	26	digital	digital	ADJ
fbem-13217	20	27	transformation	transformation	NOUN
fbem-13217	20	28	of	of	ADP
fbem-13217	20	29	enterprises	enterprise	NOUN
fbem-13217	20	30	and	and	CCONJ
fbem-13217	20	31	focus	focus	VERB
fbem-13217	20	32	on	on	ADP
fbem-13217	20	33	enterprise	enterprise	NOUN
fbem-13217	20	34	innovation	innovation	NOUN
fbem-13217	20	35	itself	itself	PRON
fbem-13217	20	36	.	.	PUNCT
fbem-13217	21	1	in	in	ADP
fbem-13217	21	2	the	the	DET
fbem-13217	21	3	long	long	ADJ
fbem-13217	21	4	run	run	NOUN
fbem-13217	21	5	,	,	PUNCT
fbem-13217	21	6	innovation	innovation	NOUN
fbem-13217	21	7	will	will	AUX
fbem-13217	21	8	bring	bring	VERB
fbem-13217	21	9	more	more	ADV
fbem-13217	21	10	competitive	competitive	ADJ
fbem-13217	21	11	advantages	advantage	NOUN
fbem-13217	21	12	,	,	PUNCT
fbem-13217	21	13	more	more	ADV
fbem-13217	21	14	super	super	ADJ
fbem-13217	21	15	profits	profit	NOUN
fbem-13217	21	16	and	and	CCONJ
fbem-13217	21	17	higher	high	ADJ
fbem-13217	21	18	market	market	NOUN
fbem-13217	21	19	value	value	NOUN
fbem-13217	21	20	to	to	ADP
fbem-13217	21	21	enterprises[5	enterprises[5	NOUN
fbem-13217	21	22	]	]	PUNCT
fbem-13217	21	23	.	.	PUNCT
fbem-13217	22	1	however	however	ADV
fbem-13217	22	2	,	,	PUNCT
fbem-13217	22	3	due	due	ADP
fbem-13217	22	4	to	to	ADP
fbem-13217	22	5	the	the	DET
fbem-13217	22	6	high	high	ADJ
fbem-13217	22	7	failure	failure	NOUN
fbem-13217	22	8	rate	rate	NOUN
fbem-13217	22	9	,	,	PUNCT
fbem-13217	22	10	large	large	ADJ
fbem-13217	22	11	capital	capital	NOUN
fbem-13217	22	12	demand	demand	NOUN
fbem-13217	22	13	and	and	CCONJ
fbem-13217	22	14	long	long	ADJ
fbem-13217	22	15	cycle	cycle	NOUN
fbem-13217	22	16	of	of	ADP
fbem-13217	22	17	innovation	innovation	NOUN
fbem-13217	22	18	projects[6	projects[6	NUM
fbem-13217	22	19	]	]	PUNCT
fbem-13217	22	20	,	,	PUNCT
fbem-13217	22	21	financing	financing	NOUN
fbem-13217	22	22	constraints	constraint	NOUN
fbem-13217	22	23	are	be	AUX
fbem-13217	22	24	large	large	ADJ
fbem-13217	22	25	and	and	CCONJ
fbem-13217	22	26	the	the	DET
fbem-13217	22	27	willingness	willingness	NOUN
fbem-13217	22	28	of	of	ADP
fbem-13217	22	29	enterprises	enterprise	NOUN
fbem-13217	22	30	to	to	PART
fbem-13217	22	31	innovate	innovate	VERB
fbem-13217	22	32	is	be	AUX
fbem-13217	22	33	often	often	ADV
fbem-13217	22	34	not	not	PART
fbem-13217	22	35	strong	strong	ADJ
fbem-13217	22	36	.	.	PUNCT
fbem-13217	23	1	this	this	DET
fbem-13217	23	2	paper	paper	NOUN
fbem-13217	23	3	believes	believe	VERB
fbem-13217	23	4	that	that	SCONJ
fbem-13217	23	5	the	the	DET
fbem-13217	23	6	digital	digital	ADJ
fbem-13217	23	7	transformation	transformation	NOUN
fbem-13217	23	8	path	path	NOUN
fbem-13217	23	9	based	base	VERB
fbem-13217	23	10	on	on	ADP
fbem-13217	23	11	the	the	DET
fbem-13217	23	12	integration	integration	NOUN
fbem-13217	23	13	of	of	ADP
fbem-13217	23	14	artificial	artificial	ADJ
fbem-13217	23	15	intelligence	intelligence	NOUN
fbem-13217	23	16	,	,	PUNCT
fbem-13217	23	17	blockchain	blockchain	PROPN
fbem-13217	23	18	,	,	PUNCT
fbem-13217	23	19	cloud	cloud	NOUN
fbem-13217	23	20	computing	computing	NOUN
fbem-13217	23	21	,	,	PUNCT
fbem-13217	23	22	big	big	ADJ
fbem-13217	23	23	data	datum	NOUN
fbem-13217	23	24	and	and	CCONJ
fbem-13217	23	25	other	other	ADJ
fbem-13217	23	26	technologies	technology	NOUN
fbem-13217	23	27	with	with	ADP
fbem-13217	23	28	the	the	DET
fbem-13217	23	29	real	real	ADJ
fbem-13217	23	30	economy	economy	NOUN
fbem-13217	23	31	is	be	AUX
fbem-13217	23	32	likely	likely	ADJ
fbem-13217	23	33	to	to	PART
fbem-13217	23	34	become	become	VERB
fbem-13217	23	35	the	the	DET
fbem-13217	23	36	thrust	thrust	NOUN
fbem-13217	23	37	of	of	ADP
fbem-13217	23	38	enterprise	enterprise	NOUN
fbem-13217	23	39	innovation	innovation	NOUN
fbem-13217	23	40	.	.	PUNCT
fbem-13217	24	1	the	the	DET
fbem-13217	24	2	follow	follow	VERB
fbem-13217	24	3	-	-	PUNCT
fbem-13217	24	4	up	up	ADP
fbem-13217	24	5	arrangement	arrangement	NOUN
fbem-13217	24	6	of	of	ADP
fbem-13217	24	7	this	this	DET
fbem-13217	24	8	paper	paper	NOUN
fbem-13217	24	9	is	be	AUX
fbem-13217	24	10	as	as	SCONJ
fbem-13217	24	11	follows	follow	VERB
fbem-13217	24	12	:	:	PUNCT
fbem-13217	24	13	the	the	DET
fbem-13217	24	14	second	second	ADJ
fbem-13217	24	15	part	part	NOUN
fbem-13217	24	16	reviews	review	NOUN
fbem-13217	24	17	and	and	CCONJ
fbem-13217	24	18	summarizes	summarize	NOUN
fbem-13217	24	19	the	the	DET
fbem-13217	24	20	existing	exist	VERB
fbem-13217	24	21	literature	literature	NOUN
fbem-13217	24	22	;	;	PUNCT
fbem-13217	24	23	the	the	DET
fbem-13217	24	24	third	third	ADJ
fbem-13217	24	25	part	part	NOUN
fbem-13217	24	26	analyzes	analyze	VERB
fbem-13217	24	27	the	the	DET
fbem-13217	24	28	relationship	relationship	NOUN
fbem-13217	24	29	between	between	ADP
fbem-13217	24	30	digital	digital	ADJ
fbem-13217	24	31	transformation	transformation	NOUN
fbem-13217	24	32	and	and	CCONJ
fbem-13217	24	33	enterprise	enterprise	NOUN
fbem-13217	24	34	innovation	innovation	NOUN
fbem-13217	24	35	and	and	CCONJ
fbem-13217	24	36	puts	put	VERB
fbem-13217	24	37	forward	forward	ADV
fbem-13217	24	38	the	the	DET
fbem-13217	24	39	hypothesis	hypothesis	NOUN
fbem-13217	24	40	of	of	ADP
fbem-13217	24	41	this	this	DET
fbem-13217	24	42	paper	paper	NOUN
fbem-13217	24	43	.	.	PUNCT
fbem-13217	25	1	the	the	DET
fbem-13217	25	2	fourth	fourth	ADJ
fbem-13217	25	3	part	part	NOUN
fbem-13217	25	4	introduces	introduce	VERB
fbem-13217	25	5	the	the	DET
fbem-13217	25	6	data	datum	NOUN
fbem-13217	25	7	source	source	NOUN
fbem-13217	25	8	,	,	PUNCT
fbem-13217	25	9	describes	describe	VERB
fbem-13217	25	10	the	the	DET
fbem-13217	25	11	related	related	ADJ
fbem-13217	25	12	variables	variable	NOUN
fbem-13217	25	13	,	,	PUNCT
fbem-13217	25	14	and	and	CCONJ
fbem-13217	25	15	establishes	establish	VERB
fbem-13217	25	16	the	the	DET
fbem-13217	25	17	econometric	econometric	ADJ
fbem-13217	25	18	analysis	analysis	NOUN
fbem-13217	25	19	model	model	NOUN
fbem-13217	25	20	.	.	PUNCT
fbem-13217	26	1	the	the	DET
fbem-13217	26	2	fifth	fifth	ADJ
fbem-13217	26	3	part	part	NOUN
fbem-13217	26	4	shows	show	VERB
fbem-13217	26	5	the	the	DET
fbem-13217	26	6	benchmark	benchmark	NOUN
fbem-13217	26	7	regression	regression	NOUN
fbem-13217	26	8	results	result	NOUN
fbem-13217	26	9	and	and	CCONJ
fbem-13217	26	10	analyzes	analyze	VERB
fbem-13217	26	11	the	the	DET
fbem-13217	26	12	transmission	transmission	NOUN
fbem-13217	26	13	mechanism	mechanism	NOUN
fbem-13217	26	14	of	of	ADP
fbem-13217	26	15	digital	digital	ADJ
fbem-13217	26	16	transformation	transformation	NOUN
fbem-13217	26	17	on	on	ADP
fbem-13217	26	18	enterprise	enterprise	NOUN
fbem-13217	26	19	innovation	innovation	NOUN
fbem-13217	26	20	.	.	PUNCT
fbem-13217	27	1	the	the	DET
fbem-13217	27	2	sixth	sixth	ADJ
fbem-13217	27	3	part	part	NOUN
fbem-13217	27	4	puts	put	VERB
fbem-13217	27	5	forward	forward	ADV
fbem-13217	27	6	the	the	DET
fbem-13217	27	7	conclusion	conclusion	NOUN
fbem-13217	27	8	and	and	CCONJ
fbem-13217	27	9	enlightenment	enlightenment	NOUN
fbem-13217	27	10	of	of	ADP
fbem-13217	27	11	this	this	DET
fbem-13217	27	12	study	study	NOUN
fbem-13217	27	13	.	.	PUNCT
fbem-13217	28	1	208	208	NUM
fbem-13217	28	2	2	2	NUM
fbem-13217	28	3	.	.	PUNCT
fbem-13217	28	4	theoretical	theoretical	ADJ
fbem-13217	28	5	analysis	analysis	NOUN
fbem-13217	28	6	and	and	CCONJ
fbem-13217	28	7	research	research	NOUN
fbem-13217	28	8	hypotheses	hypothese	VERB
fbem-13217	28	9	digital	digital	ADJ
fbem-13217	28	10	transformation	transformation	NOUN
fbem-13217	28	11	is	be	AUX
fbem-13217	28	12	not	not	PART
fbem-13217	28	13	the	the	DET
fbem-13217	28	14	simple	simple	ADJ
fbem-13217	28	15	combination	combination	NOUN
fbem-13217	28	16	and	and	CCONJ
fbem-13217	28	17	application	application	NOUN
fbem-13217	28	18	of	of	ADP
fbem-13217	28	19	digital	digital	ADJ
fbem-13217	28	20	technologies	technology	NOUN
fbem-13217	28	21	,	,	PUNCT
fbem-13217	28	22	but	but	CCONJ
fbem-13217	28	23	the	the	DET
fbem-13217	28	24	elevation	elevation	NOUN
fbem-13217	28	25	of	of	ADP
fbem-13217	28	26	data	datum	NOUN
fbem-13217	28	27	to	to	ADP
fbem-13217	28	28	a	a	DET
fbem-13217	28	29	new	new	ADJ
fbem-13217	28	30	production	production	NOUN
fbem-13217	28	31	factor	factor	NOUN
fbem-13217	28	32	and	and	CCONJ
fbem-13217	28	33	innovation	innovation	NOUN
fbem-13217	28	34	output	output	NOUN
fbem-13217	28	35	driver	driver	NOUN
fbem-13217	28	36	as	as	ADV
fbem-13217	28	37	important	important	ADJ
fbem-13217	28	38	as	as	ADP
fbem-13217	28	39	people	people	NOUN
fbem-13217	28	40	,	,	PUNCT
fbem-13217	28	41	capital	capital	NOUN
fbem-13217	28	42	and	and	CCONJ
fbem-13217	28	43	land	land	NOUN
fbem-13217	28	44	.	.	PUNCT
fbem-13217	29	1	from	from	ADP
fbem-13217	29	2	the	the	DET
fbem-13217	29	3	perspective	perspective	NOUN
fbem-13217	29	4	of	of	ADP
fbem-13217	29	5	china	china	PROPN
fbem-13217	29	6	's	's	PART
fbem-13217	29	7	current	current	ADJ
fbem-13217	29	8	situation	situation	NOUN
fbem-13217	29	9	,	,	PUNCT
fbem-13217	29	10	the	the	DET
fbem-13217	29	11	country	country	NOUN
fbem-13217	29	12	regards	regard	VERB
fbem-13217	29	13	digital	digital	ADJ
fbem-13217	29	14	transformation	transformation	NOUN
fbem-13217	29	15	as	as	ADP
fbem-13217	29	16	an	an	DET
fbem-13217	29	17	important	important	ADJ
fbem-13217	29	18	strategic	strategic	ADJ
fbem-13217	29	19	deployment	deployment	NOUN
fbem-13217	29	20	,	,	PUNCT
fbem-13217	29	21	and	and	CCONJ
fbem-13217	29	22	has	have	AUX
fbem-13217	29	23	issued	issue	VERB
fbem-13217	29	24	documents	document	NOUN
fbem-13217	29	25	for	for	ADP
fbem-13217	29	26	many	many	ADJ
fbem-13217	29	27	times	time	NOUN
fbem-13217	29	28	to	to	PART
fbem-13217	29	29	vigorously	vigorously	ADV
fbem-13217	29	30	cultivate	cultivate	VERB
fbem-13217	29	31	new	new	ADJ
fbem-13217	29	32	digital	digital	ADJ
fbem-13217	29	33	formats	format	NOUN
fbem-13217	29	34	and	and	CCONJ
fbem-13217	29	35	seek	seek	VERB
fbem-13217	29	36	the	the	DET
fbem-13217	29	37	organic	organic	ADJ
fbem-13217	29	38	combination	combination	NOUN
fbem-13217	29	39	of	of	ADP
fbem-13217	29	40	digital	digital	ADJ
fbem-13217	29	41	economy	economy	NOUN
fbem-13217	29	42	and	and	CCONJ
fbem-13217	29	43	real	real	ADJ
fbem-13217	29	44	economy	economy	NOUN
fbem-13217	29	45	.	.	PUNCT
fbem-13217	30	1	combing	comb	VERB
fbem-13217	30	2	through	through	ADP
fbem-13217	30	3	the	the	DET
fbem-13217	30	4	previous	previous	ADJ
fbem-13217	30	5	literature	literature	NOUN
fbem-13217	30	6	,	,	PUNCT
fbem-13217	30	7	the	the	DET
fbem-13217	30	8	role	role	NOUN
fbem-13217	30	9	of	of	ADP
fbem-13217	30	10	digital	digital	ADJ
fbem-13217	30	11	transformation	transformation	NOUN
fbem-13217	30	12	in	in	ADP
fbem-13217	30	13	the	the	DET
fbem-13217	30	14	real	real	ADJ
fbem-13217	30	15	economy	economy	NOUN
fbem-13217	30	16	mainly	mainly	ADV
fbem-13217	30	17	has	have	VERB
fbem-13217	30	18	the	the	DET
fbem-13217	30	19	following	follow	VERB
fbem-13217	30	20	three	three	NUM
fbem-13217	30	21	points	point	NOUN
fbem-13217	30	22	:	:	PUNCT
fbem-13217	30	23	first	first	ADV
fbem-13217	30	24	,	,	PUNCT
fbem-13217	30	25	the	the	DET
fbem-13217	30	26	digital	digital	ADJ
fbem-13217	30	27	transformation	transformation	NOUN
fbem-13217	30	28	of	of	ADP
fbem-13217	30	29	enterprises	enterprise	NOUN
fbem-13217	30	30	can	can	AUX
fbem-13217	30	31	help	help	VERB
fbem-13217	30	32	enterprises	enterprise	NOUN
fbem-13217	30	33	reduce	reduce	VERB
fbem-13217	30	34	costs	cost	NOUN
fbem-13217	30	35	and	and	CCONJ
fbem-13217	30	36	increase	increase	VERB
fbem-13217	30	37	efficiency	efficiency	NOUN
fbem-13217	30	38	,	,	PUNCT
fbem-13217	30	39	and	and	CCONJ
fbem-13217	30	40	improve	improve	VERB
fbem-13217	30	41	production	production	NOUN
fbem-13217	30	42	and	and	CCONJ
fbem-13217	30	43	operation	operation	NOUN
fbem-13217	30	44	efficiency	efficiency	NOUN
fbem-13217	30	45	.	.	PUNCT
fbem-13217	31	1	in	in	ADP
fbem-13217	31	2	the	the	DET
fbem-13217	31	3	face	face	NOUN
fbem-13217	31	4	of	of	ADP
fbem-13217	31	5	massive	massive	ADJ
fbem-13217	31	6	and	and	CCONJ
fbem-13217	31	7	nonstandard	nonstandard	ADJ
fbem-13217	31	8	data	datum	NOUN
fbem-13217	31	9	,	,	PUNCT
fbem-13217	31	10	digital	digital	ADJ
fbem-13217	31	11	technology	technology	NOUN
fbem-13217	31	12	can	can	AUX
fbem-13217	31	13	be	be	AUX
fbem-13217	31	14	used	use	VERB
fbem-13217	31	15	as	as	ADP
fbem-13217	31	16	an	an	DET
fbem-13217	31	17	effective	effective	ADJ
fbem-13217	31	18	means	mean	NOUN
fbem-13217	31	19	of	of	ADP
fbem-13217	31	20	data	datum	NOUN
fbem-13217	31	21	processing	processing	NOUN
fbem-13217	31	22	to	to	PART
fbem-13217	31	23	help	help	VERB
fbem-13217	31	24	enterprises	enterprise	NOUN
fbem-13217	31	25	use	use	VERB
fbem-13217	31	26	information	information	NOUN
fbem-13217	31	27	efficiently	efficiently	ADV
fbem-13217	31	28	and	and	CCONJ
fbem-13217	31	29	cheaply	cheaply	ADV
fbem-13217	31	30	,	,	PUNCT
fbem-13217	31	31	achieve	achieve	VERB
fbem-13217	31	32	internal	internal	ADJ
fbem-13217	31	33	production	production	NOUN
fbem-13217	31	34	and	and	CCONJ
fbem-13217	31	35	external	external	ADJ
fbem-13217	31	36	market	market	NOUN
fbem-13217	31	37	demand	demand	NOUN
fbem-13217	31	38	matching	matching	NOUN
fbem-13217	31	39	,	,	PUNCT
fbem-13217	31	40	and	and	CCONJ
fbem-13217	31	41	then	then	ADV
fbem-13217	31	42	optimize	optimize	VERB
fbem-13217	31	43	the	the	DET
fbem-13217	31	44	production	production	NOUN
fbem-13217	31	45	process	process	NOUN
fbem-13217	31	46	.	.	PUNCT
fbem-13217	32	1	second	second	ADJ
fbem-13217	32	2	,	,	PUNCT
fbem-13217	32	3	the	the	DET
fbem-13217	32	4	digital	digital	ADJ
fbem-13217	32	5	transformation	transformation	NOUN
fbem-13217	32	6	of	of	ADP
fbem-13217	32	7	enterprises	enterprise	NOUN
fbem-13217	32	8	can	can	AUX
fbem-13217	32	9	significantly	significantly	ADV
fbem-13217	32	10	reduce	reduce	VERB
fbem-13217	32	11	the	the	DET
fbem-13217	32	12	degree	degree	NOUN
fbem-13217	32	13	of	of	ADP
fbem-13217	32	14	information	information	NOUN
fbem-13217	32	15	asymmetry	asymmetry	NOUN
fbem-13217	32	16	.	.	PUNCT
fbem-13217	33	1	the	the	DET
fbem-13217	33	2	reason	reason	NOUN
fbem-13217	33	3	is	be	AUX
fbem-13217	33	4	that	that	SCONJ
fbem-13217	33	5	companies	company	NOUN
fbem-13217	33	6	can	can	AUX
fbem-13217	33	7	not	not	PART
fbem-13217	33	8	only	only	ADV
fbem-13217	33	9	process	process	VERB
fbem-13217	33	10	internal	internal	ADJ
fbem-13217	33	11	information	information	NOUN
fbem-13217	33	12	through	through	ADP
fbem-13217	33	13	digital	digital	ADJ
fbem-13217	33	14	transformation	transformation	NOUN
fbem-13217	33	15	,	,	PUNCT
fbem-13217	33	16	but	but	CCONJ
fbem-13217	33	17	also	also	ADV
fbem-13217	33	18	communicate	communicate	VERB
fbem-13217	33	19	information	information	NOUN
fbem-13217	33	20	to	to	ADP
fbem-13217	33	21	market	market	NOUN
fbem-13217	33	22	participants	participant	NOUN
fbem-13217	33	23	,	,	PUNCT
fbem-13217	33	24	enabling	enable	VERB
fbem-13217	33	25	information	information	NOUN
fbem-13217	33	26	to	to	PART
fbem-13217	33	27	be	be	AUX
fbem-13217	33	28	open	open	ADJ
fbem-13217	33	29	,	,	PUNCT
fbem-13217	33	30	connected	connected	ADJ
fbem-13217	33	31	and	and	CCONJ
fbem-13217	33	32	shared	share	VERB
fbem-13217	33	33	.	.	PUNCT
fbem-13217	34	1	third	third	ADJ
fbem-13217	34	2	,	,	PUNCT
fbem-13217	34	3	enterprise	enterprise	NOUN
fbem-13217	34	4	digital	digital	ADJ
fbem-13217	34	5	transformation	transformation	NOUN
fbem-13217	34	6	can	can	AUX
fbem-13217	34	7	effectively	effectively	ADV
fbem-13217	34	8	enhance	enhance	VERB
fbem-13217	34	9	enterprise	enterprise	NOUN
fbem-13217	34	10	value	value	NOUN
fbem-13217	34	11	and	and	CCONJ
fbem-13217	34	12	financing	financing	NOUN
fbem-13217	34	13	capacity	capacity	NOUN
fbem-13217	34	14	.	.	PUNCT
fbem-13217	35	1	as	as	ADP
fbem-13217	35	2	an	an	DET
fbem-13217	35	3	important	important	ADJ
fbem-13217	35	4	part	part	NOUN
fbem-13217	35	5	of	of	ADP
fbem-13217	35	6	the	the	DET
fbem-13217	35	7	national	national	PROPN
fbem-13217	35	8	macro	macro	PROPN
fbem-13217	35	9	development	development	PROPN
fbem-13217	35	10	blueprint	blueprint	PROPN
fbem-13217	35	11	,	,	PUNCT
fbem-13217	35	12	digital	digital	ADJ
fbem-13217	35	13	transformation	transformation	NOUN
fbem-13217	35	14	is	be	AUX
fbem-13217	35	15	consistent	consistent	ADJ
fbem-13217	35	16	with	with	ADP
fbem-13217	35	17	the	the	DET
fbem-13217	35	18	current	current	ADJ
fbem-13217	35	19	development	development	NOUN
fbem-13217	35	20	trend	trend	NOUN
fbem-13217	35	21	of	of	ADP
fbem-13217	35	22	the	the	DET
fbem-13217	35	23	digital	digital	ADJ
fbem-13217	35	24	economy	economy	NOUN
fbem-13217	35	25	.	.	PUNCT
fbem-13217	36	1	based	base	VERB
fbem-13217	36	2	on	on	ADP
fbem-13217	36	3	this	this	PRON
fbem-13217	36	4	,	,	PUNCT
fbem-13217	36	5	policy	policy	NOUN
fbem-13217	36	6	-	-	PUNCT
fbem-13217	36	7	oriented	orient	VERB
fbem-13217	36	8	digital	digital	ADJ
fbem-13217	36	9	enterprises	enterprise	NOUN
fbem-13217	36	10	will	will	AUX
fbem-13217	36	11	be	be	AUX
fbem-13217	36	12	more	more	ADV
fbem-13217	36	13	recognized	recognize	VERB
fbem-13217	36	14	by	by	ADP
fbem-13217	36	15	the	the	DET
fbem-13217	36	16	capital	capital	NOUN
fbem-13217	36	17	market	market	NOUN
fbem-13217	36	18	,	,	PUNCT
fbem-13217	36	19	with	with	ADP
fbem-13217	36	20	higher	high	ADJ
fbem-13217	36	21	valuations	valuation	NOUN
fbem-13217	36	22	and	and	CCONJ
fbem-13217	36	23	stronger	strong	ADJ
fbem-13217	36	24	financing	financing	NOUN
fbem-13217	36	25	capabilities	capability	NOUN
fbem-13217	36	26	.	.	PUNCT
fbem-13217	37	1	digital	digital	ADJ
fbem-13217	37	2	transformation	transformation	NOUN
fbem-13217	37	3	has	have	AUX
fbem-13217	37	4	gradually	gradually	ADV
fbem-13217	37	5	become	become	VERB
fbem-13217	37	6	endogenous	endogenous	ADJ
fbem-13217	37	7	and	and	CCONJ
fbem-13217	37	8	integrated	integrate	VERB
fbem-13217	37	9	into	into	ADP
fbem-13217	37	10	the	the	DET
fbem-13217	37	11	daily	daily	ADJ
fbem-13217	37	12	operation	operation	NOUN
fbem-13217	37	13	and	and	CCONJ
fbem-13217	37	14	decision	decision	NOUN
fbem-13217	37	15	-	-	PUNCT
fbem-13217	37	16	making	make	VERB
fbem-13217	37	17	process	process	NOUN
fbem-13217	37	18	of	of	ADP
fbem-13217	37	19	enterprises	enterprise	NOUN
fbem-13217	37	20	.	.	PUNCT
fbem-13217	38	1	from	from	ADP
fbem-13217	38	2	an	an	DET
fbem-13217	38	3	internal	internal	ADJ
fbem-13217	38	4	perspective	perspective	NOUN
fbem-13217	38	5	,	,	PUNCT
fbem-13217	38	6	it	it	PRON
fbem-13217	38	7	is	be	AUX
fbem-13217	38	8	clear	clear	ADJ
fbem-13217	38	9	that	that	SCONJ
fbem-13217	38	10	the	the	DET
fbem-13217	38	11	initiative	initiative	NOUN
fbem-13217	38	12	,	,	PUNCT
fbem-13217	38	13	ability	ability	NOUN
fbem-13217	38	14	and	and	CCONJ
fbem-13217	38	15	results	result	NOUN
fbem-13217	38	16	of	of	ADP
fbem-13217	38	17	digital	digital	ADJ
fbem-13217	38	18	transformation	transformation	NOUN
fbem-13217	38	19	will	will	AUX
fbem-13217	38	20	also	also	ADV
fbem-13217	38	21	affect	affect	VERB
fbem-13217	38	22	the	the	DET
fbem-13217	38	23	degree	degree	NOUN
fbem-13217	38	24	of	of	ADP
fbem-13217	38	25	digital	digital	ADJ
fbem-13217	38	26	transformation	transformation	NOUN
fbem-13217	38	27	.	.	PUNCT
fbem-13217	39	1	before	before	ADP
fbem-13217	39	2	the	the	DET
fbem-13217	39	3	implementation	implementation	NOUN
fbem-13217	39	4	of	of	ADP
fbem-13217	39	5	digital	digital	ADJ
fbem-13217	39	6	transformation	transformation	NOUN
fbem-13217	39	7	,	,	PUNCT
fbem-13217	39	8	the	the	DET
fbem-13217	39	9	information	information	NOUN
fbem-13217	39	10	of	of	ADP
fbem-13217	39	11	enterprises	enterprise	NOUN
fbem-13217	39	12	in	in	ADP
fbem-13217	39	13	production	production	NOUN
fbem-13217	39	14	,	,	PUNCT
fbem-13217	39	15	logistics	logistic	NOUN
fbem-13217	39	16	,	,	PUNCT
fbem-13217	39	17	sales	sale	NOUN
fbem-13217	39	18	and	and	CCONJ
fbem-13217	39	19	other	other	ADJ
fbem-13217	39	20	aspects	aspect	NOUN
fbem-13217	39	21	can	can	AUX
fbem-13217	39	22	not	not	PART
fbem-13217	39	23	form	form	VERB
fbem-13217	39	24	a	a	DET
fbem-13217	39	25	system	system	NOUN
fbem-13217	39	26	,	,	PUNCT
fbem-13217	39	27	and	and	CCONJ
fbem-13217	39	28	therefore	therefore	ADV
fbem-13217	39	29	can	can	AUX
fbem-13217	39	30	not	not	PART
fbem-13217	39	31	provide	provide	VERB
fbem-13217	39	32	decisionmaking	decisionmake	VERB
fbem-13217	39	33	advice	advice	NOUN
fbem-13217	39	34	for	for	ADP
fbem-13217	39	35	enterprises	enterprise	NOUN
fbem-13217	39	36	.	.	PUNCT
fbem-13217	40	1	digital	digital	ADJ
fbem-13217	40	2	transformation	transformation	NOUN
fbem-13217	40	3	integrates	integrate	VERB
fbem-13217	40	4	scattered	scatter	VERB
fbem-13217	40	5	information	information	NOUN
fbem-13217	40	6	and	and	CCONJ
fbem-13217	40	7	resources	resource	NOUN
fbem-13217	40	8	of	of	ADP
fbem-13217	40	9	enterprises	enterprise	NOUN
fbem-13217	40	10	,	,	PUNCT
fbem-13217	40	11	optimizes	optimize	VERB
fbem-13217	40	12	the	the	DET
fbem-13217	40	13	connection	connection	NOUN
fbem-13217	40	14	between	between	ADP
fbem-13217	40	15	supply	supply	NOUN
fbem-13217	40	16	and	and	CCONJ
fbem-13217	40	17	demand	demand	NOUN
fbem-13217	40	18	,	,	PUNCT
fbem-13217	40	19	and	and	CCONJ
fbem-13217	40	20	fully	fully	ADV
fbem-13217	40	21	improves	improve	VERB
fbem-13217	40	22	the	the	DET
fbem-13217	40	23	future	future	ADJ
fbem-13217	40	24	operation	operation	NOUN
fbem-13217	40	25	efficiency	efficiency	NOUN
fbem-13217	40	26	of	of	ADP
fbem-13217	40	27	enterprises[7	enterprises[7	NOUN
fbem-13217	40	28	]	]	PUNCT
fbem-13217	40	29	,	,	PUNCT
fbem-13217	40	30	so	so	SCONJ
fbem-13217	40	31	that	that	SCONJ
fbem-13217	40	32	enterprises	enterprise	NOUN
fbem-13217	40	33	can	can	AUX
fbem-13217	40	34	achieve	achieve	VERB
fbem-13217	40	35	higher	high	ADJ
fbem-13217	40	36	marginal	marginal	ADJ
fbem-13217	40	37	innovation	innovation	NOUN
fbem-13217	40	38	output	output	NOUN
fbem-13217	40	39	.	.	PUNCT
fbem-13217	41	1	at	at	ADP
fbem-13217	41	2	the	the	DET
fbem-13217	41	3	same	same	ADJ
fbem-13217	41	4	time	time	NOUN
fbem-13217	41	5	,	,	PUNCT
fbem-13217	41	6	the	the	DET
fbem-13217	41	7	combination	combination	NOUN
fbem-13217	41	8	of	of	ADP
fbem-13217	41	9	digital	digital	ADJ
fbem-13217	41	10	transformation	transformation	NOUN
fbem-13217	41	11	and	and	CCONJ
fbem-13217	41	12	real	real	ADJ
fbem-13217	41	13	economy	economy	NOUN
fbem-13217	41	14	can	can	AUX
fbem-13217	41	15	give	give	VERB
fbem-13217	41	16	full	full	ADJ
fbem-13217	41	17	play	play	NOUN
fbem-13217	41	18	to	to	ADP
fbem-13217	41	19	its	its	PRON
fbem-13217	41	20	"	"	PUNCT
fbem-13217	41	21	multiplier	multipli	ADJ
fbem-13217	41	22	"	"	PUNCT
fbem-13217	41	23	creation	creation	NOUN
fbem-13217	41	24	effect[8	effect[8	NOUN
fbem-13217	41	25	]	]	PUNCT
fbem-13217	41	26	,	,	PUNCT
fbem-13217	41	27	activate	activate	VERB
fbem-13217	41	28	idle	idle	ADJ
fbem-13217	41	29	resources	resource	NOUN
fbem-13217	41	30	,	,	PUNCT
fbem-13217	41	31	achieve	achieve	VERB
fbem-13217	41	32	the	the	DET
fbem-13217	41	33	deep	deep	ADJ
fbem-13217	41	34	integration	integration	NOUN
fbem-13217	41	35	of	of	ADP
fbem-13217	41	36	cross	cross	ADJ
fbem-13217	41	37	-	-	ADJ
fbem-13217	41	38	border	border	ADJ
fbem-13217	41	39	resources	resource	NOUN
fbem-13217	41	40	,	,	PUNCT
fbem-13217	41	41	and	and	CCONJ
fbem-13217	41	42	empower	empower	NOUN
fbem-13217	41	43	enterprises	enterprise	NOUN
fbem-13217	41	44	to	to	PART
fbem-13217	41	45	innovate	innovate	VERB
fbem-13217	41	46	.	.	PUNCT
fbem-13217	42	1	based	base	VERB
fbem-13217	42	2	on	on	ADP
fbem-13217	42	3	this	this	PRON
fbem-13217	42	4	,	,	PUNCT
fbem-13217	42	5	the	the	DET
fbem-13217	42	6	discussion	discussion	NOUN
fbem-13217	42	7	of	of	ADP
fbem-13217	42	8	enterprise	enterprise	NOUN
fbem-13217	42	9	digital	digital	ADJ
fbem-13217	42	10	transformation	transformation	NOUN
fbem-13217	42	11	and	and	CCONJ
fbem-13217	42	12	what	what	DET
fbem-13217	42	13	channels	channel	NOUN
fbem-13217	42	14	will	will	AUX
fbem-13217	42	15	affect	affect	VERB
fbem-13217	42	16	enterprise	enterprise	NOUN
fbem-13217	42	17	innovation	innovation	NOUN
fbem-13217	42	18	has	have	VERB
fbem-13217	42	19	important	important	ADJ
fbem-13217	42	20	theoretical	theoretical	ADJ
fbem-13217	42	21	significance	significance	NOUN
fbem-13217	42	22	for	for	ADP
fbem-13217	42	23	in	in	ADP
fbem-13217	42	24	-	-	PUNCT
fbem-13217	42	25	depth	depth	NOUN
fbem-13217	42	26	understanding	understanding	NOUN
fbem-13217	42	27	of	of	ADP
fbem-13217	42	28	enterprises	enterprise	NOUN
fbem-13217	42	29	'	'	PART
fbem-13217	42	30	motivation	motivation	NOUN
fbem-13217	42	31	and	and	CCONJ
fbem-13217	42	32	benefits	benefit	NOUN
fbem-13217	42	33	of	of	ADP
fbem-13217	42	34	digital	digital	ADJ
fbem-13217	42	35	transformation	transformation	NOUN
fbem-13217	42	36	specifically	specifically	ADV
fbem-13217	42	37	,	,	PUNCT
fbem-13217	42	38	enterprise	enterprise	NOUN
fbem-13217	42	39	innovation	innovation	NOUN
fbem-13217	42	40	will	will	AUX
fbem-13217	42	41	be	be	AUX
fbem-13217	42	42	subject	subject	ADJ
fbem-13217	42	43	to	to	ADP
fbem-13217	42	44	financing	finance	VERB
fbem-13217	42	45	constraints[9	constraints[9	NOUN
fbem-13217	42	46	]	]	PUNCT
fbem-13217	42	47	,	,	PUNCT
fbem-13217	42	48	management	management	NOUN
fbem-13217	42	49	incentives[10	incentives[10	CCONJ
fbem-13217	42	50	]	]	PUNCT
fbem-13217	42	51	,	,	PUNCT
fbem-13217	42	52	innovation	innovation	NOUN
fbem-13217	42	53	failure	failure	NOUN
fbem-13217	42	54	tolerance[11],innovation	tolerance[11],innovation	NOUN
fbem-13217	42	55	attention	attention	NOUN
fbem-13217	42	56	and	and	CCONJ
fbem-13217	42	57	other	other	ADJ
fbem-13217	42	58	factors	factor	NOUN
fbem-13217	42	59	.	.	PUNCT
fbem-13217	43	1	with	with	ADP
fbem-13217	43	2	the	the	DET
fbem-13217	43	3	characteristics	characteristic	NOUN
fbem-13217	43	4	of	of	ADP
fbem-13217	43	5	high	high	ADJ
fbem-13217	43	6	failure	failure	NOUN
fbem-13217	43	7	rate	rate	NOUN
fbem-13217	43	8	,	,	PUNCT
fbem-13217	43	9	low	low	ADJ
fbem-13217	43	10	certainty	certainty	NOUN
fbem-13217	43	11	,	,	PUNCT
fbem-13217	43	12	large	large	ADJ
fbem-13217	43	13	capital	capital	NOUN
fbem-13217	43	14	demand	demand	NOUN
fbem-13217	43	15	and	and	CCONJ
fbem-13217	43	16	long	long	ADJ
fbem-13217	43	17	cycle	cycle	NOUN
fbem-13217	43	18	of	of	ADP
fbem-13217	43	19	innovation	innovation	NOUN
fbem-13217	43	20	projects	project	NOUN
fbem-13217	43	21	,	,	PUNCT
fbem-13217	43	22	enterprises	enterprise	NOUN
fbem-13217	43	23	now	now	ADV
fbem-13217	43	24	begin	begin	VERB
fbem-13217	43	25	to	to	PART
fbem-13217	43	26	rely	rely	VERB
fbem-13217	43	27	on	on	ADP
fbem-13217	43	28	the	the	DET
fbem-13217	43	29	enabling	enable	VERB
fbem-13217	43	30	effect	effect	NOUN
fbem-13217	43	31	of	of	ADP
fbem-13217	43	32	digital	digital	ADJ
fbem-13217	43	33	transformation	transformation	NOUN
fbem-13217	43	34	on	on	ADP
fbem-13217	43	35	enterprise	enterprise	NOUN
fbem-13217	43	36	innovation	innovation	NOUN
fbem-13217	43	37	.	.	PUNCT
fbem-13217	44	1	the	the	DET
fbem-13217	44	2	disclosure	disclosure	NOUN
fbem-13217	44	3	of	of	ADP
fbem-13217	44	4	the	the	DET
fbem-13217	44	5	concept	concept	NOUN
fbem-13217	44	6	and	and	CCONJ
fbem-13217	44	7	orientation	orientation	NOUN
fbem-13217	44	8	of	of	ADP
fbem-13217	44	9	digital	digital	ADJ
fbem-13217	44	10	transformation	transformation	NOUN
fbem-13217	44	11	by	by	ADP
fbem-13217	44	12	enterprises	enterprise	NOUN
fbem-13217	44	13	has	have	VERB
fbem-13217	44	14	the	the	DET
fbem-13217	44	15	following	following	ADJ
fbem-13217	44	16	effects	effect	NOUN
fbem-13217	44	17	on	on	ADP
fbem-13217	44	18	enterprise	enterprise	NOUN
fbem-13217	44	19	innovation	innovation	NOUN
fbem-13217	44	20	:	:	PUNCT
fbem-13217	44	21	it	it	PRON
fbem-13217	44	22	can	can	AUX
fbem-13217	44	23	release	release	VERB
fbem-13217	44	24	positive	positive	ADJ
fbem-13217	44	25	signals	signal	NOUN
fbem-13217	44	26	of	of	ADP
fbem-13217	44	27	their	their	PRON
fbem-13217	44	28	own	own	ADJ
fbem-13217	44	29	transformation	transformation	NOUN
fbem-13217	44	30	and	and	CCONJ
fbem-13217	44	31	upgrading	upgrading	NOUN
fbem-13217	44	32	to	to	ADP
fbem-13217	44	33	external	external	ADJ
fbem-13217	44	34	information	information	NOUN
fbem-13217	44	35	users	user	NOUN
fbem-13217	44	36	such	such	ADJ
fbem-13217	44	37	as	as	ADP
fbem-13217	44	38	financial	financial	ADJ
fbem-13217	44	39	institutions	institution	NOUN
fbem-13217	44	40	and	and	CCONJ
fbem-13217	44	41	government	government	NOUN
fbem-13217	44	42	agencies	agency	NOUN
fbem-13217	44	43	,	,	PUNCT
fbem-13217	44	44	effectively	effectively	ADV
fbem-13217	44	45	alleviate	alleviate	VERB
fbem-13217	44	46	the	the	DET
fbem-13217	44	47	information	information	NOUN
fbem-13217	44	48	asymmetry	asymmetry	NOUN
fbem-13217	44	49	and	and	CCONJ
fbem-13217	44	50	financing	financing	NOUN
fbem-13217	44	51	constraints	constraint	NOUN
fbem-13217	44	52	between	between	ADP
fbem-13217	44	53	enterprises	enterprise	NOUN
fbem-13217	44	54	and	and	CCONJ
fbem-13217	44	55	market	market	NOUN
fbem-13217	44	56	participants	participant	NOUN
fbem-13217	44	57	,	,	PUNCT
fbem-13217	44	58	and	and	CCONJ
fbem-13217	44	59	empower	empower	NOUN
fbem-13217	44	60	enterprises	enterprise	NOUN
fbem-13217	44	61	to	to	PART
fbem-13217	44	62	innovate	innovate	VERB
fbem-13217	44	63	;	;	PUNCT
fbem-13217	44	64	to	to	PART
fbem-13217	44	65	sum	sum	VERB
fbem-13217	44	66	up	up	ADP
fbem-13217	44	67	,	,	PUNCT
fbem-13217	44	68	digital	digital	ADJ
fbem-13217	44	69	transformation	transformation	NOUN
fbem-13217	44	70	mainly	mainly	ADV
fbem-13217	44	71	enhances	enhance	VERB
fbem-13217	44	72	enterprises	enterprise	NOUN
fbem-13217	44	73	'	'	PART
fbem-13217	44	74	innovation	innovation	NOUN
fbem-13217	44	75	willingness	willingness	NOUN
fbem-13217	44	76	and	and	CCONJ
fbem-13217	44	77	promotes	promote	VERB
fbem-13217	44	78	enterprise	enterprise	NOUN
fbem-13217	44	79	innovation	innovation	NOUN
fbem-13217	44	80	through	through	ADP
fbem-13217	44	81	financing	financing	NOUN
fbem-13217	44	82	constraints	constraint	NOUN
fbem-13217	44	83	.	.	PUNCT
fbem-13217	45	1	based	base	VERB
fbem-13217	45	2	on	on	ADP
fbem-13217	45	3	this	this	PRON
fbem-13217	45	4	,	,	PUNCT
fbem-13217	45	5	this	this	DET
fbem-13217	45	6	paper	paper	NOUN
fbem-13217	45	7	proposes	propose	VERB
fbem-13217	45	8	hypothesis	hypothesis	NOUN
fbem-13217	45	9	1	1	NUM
fbem-13217	45	10	:	:	PUNCT
fbem-13217	45	11	digital	digital	ADJ
fbem-13217	45	12	transformation	transformation	NOUN
fbem-13217	45	13	can	can	AUX
fbem-13217	45	14	help	help	VERB
fbem-13217	45	15	improve	improve	VERB
fbem-13217	45	16	the	the	DET
fbem-13217	45	17	level	level	NOUN
fbem-13217	45	18	of	of	ADP
fbem-13217	45	19	enterprise	enterprise	NOUN
fbem-13217	45	20	innovation	innovation	NOUN
fbem-13217	45	21	.	.	PUNCT
fbem-13217	46	1	financing	financing	NOUN
fbem-13217	46	2	constraint	constraint	NOUN
fbem-13217	46	3	is	be	AUX
fbem-13217	46	4	an	an	DET
fbem-13217	46	5	important	important	ADJ
fbem-13217	46	6	factor	factor	NOUN
fbem-13217	46	7	affecting	affect	VERB
fbem-13217	46	8	the	the	DET
fbem-13217	46	9	innovation	innovation	NOUN
fbem-13217	46	10	activities	activity	NOUN
fbem-13217	46	11	of	of	ADP
fbem-13217	46	12	enterprises	enterprise	NOUN
fbem-13217	46	13	.	.	PUNCT
fbem-13217	47	1	innovation	innovation	NOUN
fbem-13217	47	2	investments	investment	NOUN
fbem-13217	47	3	are	be	AUX
fbem-13217	47	4	different	different	ADJ
fbem-13217	47	5	from	from	ADP
fbem-13217	47	6	material	material	ADJ
fbem-13217	47	7	investments	investment	NOUN
fbem-13217	47	8	,	,	PUNCT
fbem-13217	47	9	which	which	PRON
fbem-13217	47	10	makes	make	VERB
fbem-13217	47	11	them	they	PRON
fbem-13217	47	12	more	more	ADV
fbem-13217	47	13	vulnerable	vulnerable	ADJ
fbem-13217	47	14	to	to	ADP
fbem-13217	47	15	financial	financial	ADJ
fbem-13217	47	16	constraints	constraint	NOUN
fbem-13217	47	17	.	.	PUNCT
fbem-13217	48	1	due	due	ADP
fbem-13217	48	2	to	to	ADP
fbem-13217	48	3	its	its	PRON
fbem-13217	48	4	large	large	ADJ
fbem-13217	48	5	scale	scale	NOUN
fbem-13217	48	6	of	of	ADP
fbem-13217	48	7	investment	investment	NOUN
fbem-13217	48	8	,	,	PUNCT
fbem-13217	48	9	high	high	ADJ
fbem-13217	48	10	uncertainty	uncertainty	NOUN
fbem-13217	48	11	and	and	CCONJ
fbem-13217	48	12	long	long	ADJ
fbem-13217	48	13	payback	payback	NOUN
fbem-13217	48	14	period	period	NOUN
fbem-13217	48	15	,	,	PUNCT
fbem-13217	48	16	it	it	PRON
fbem-13217	48	17	is	be	AUX
fbem-13217	48	18	often	often	ADV
fbem-13217	48	19	difficult	difficult	ADJ
fbem-13217	48	20	to	to	PART
fbem-13217	48	21	obtain	obtain	VERB
fbem-13217	48	22	stable	stable	ADJ
fbem-13217	48	23	and	and	CCONJ
fbem-13217	48	24	sufficient	sufficient	ADJ
fbem-13217	48	25	internal	internal	ADJ
fbem-13217	48	26	funds	fund	NOUN
fbem-13217	48	27	from	from	ADP
fbem-13217	48	28	the	the	DET
fbem-13217	48	29	enterprise	enterprise	NOUN
fbem-13217	48	30	itself	itself	PRON
fbem-13217	48	31	.	.	PUNCT
fbem-13217	49	1	in	in	ADP
fbem-13217	49	2	terms	term	NOUN
fbem-13217	49	3	of	of	ADP
fbem-13217	49	4	external	external	ADJ
fbem-13217	49	5	financing	financing	NOUN
fbem-13217	49	6	,	,	PUNCT
fbem-13217	49	7	because	because	SCONJ
fbem-13217	49	8	enterprises	enterprise	NOUN
fbem-13217	49	9	are	be	AUX
fbem-13217	49	10	reluctant	reluctant	ADJ
fbem-13217	49	11	to	to	PART
fbem-13217	49	12	provide	provide	VERB
fbem-13217	49	13	accurate	accurate	ADJ
fbem-13217	49	14	information	information	NOUN
fbem-13217	49	15	about	about	ADP
fbem-13217	49	16	their	their	PRON
fbem-13217	49	17	innovation	innovation	NOUN
fbem-13217	49	18	projects	project	NOUN
fbem-13217	49	19	to	to	ADP
fbem-13217	49	20	financial	financial	ADJ
fbem-13217	49	21	institutions	institution	NOUN
fbem-13217	49	22	,	,	PUNCT
fbem-13217	49	23	it	it	PRON
fbem-13217	49	24	is	be	AUX
fbem-13217	49	25	difficult	difficult	ADJ
fbem-13217	49	26	to	to	PART
fbem-13217	49	27	guarantee	guarantee	VERB
fbem-13217	49	28	the	the	DET
fbem-13217	49	29	quality	quality	NOUN
fbem-13217	49	30	of	of	ADP
fbem-13217	49	31	the	the	DET
fbem-13217	49	32	projects	project	NOUN
fbem-13217	49	33	,	,	PUNCT
fbem-13217	49	34	and	and	CCONJ
fbem-13217	49	35	innovation	innovation	NOUN
fbem-13217	49	36	investment	investment	NOUN
fbem-13217	49	37	can	can	AUX
fbem-13217	49	38	not	not	PART
fbem-13217	49	39	be	be	AUX
fbem-13217	49	40	pledged	pledge	VERB
fbem-13217	49	41	by	by	ADP
fbem-13217	49	42	tangible	tangible	ADJ
fbem-13217	49	43	assets	asset	NOUN
fbem-13217	49	44	,	,	PUNCT
fbem-13217	49	45	resulting	result	VERB
fbem-13217	49	46	in	in	ADP
fbem-13217	49	47	information	information	NOUN
fbem-13217	49	48	asymmetry	asymmetry	NOUN
fbem-13217	49	49	and	and	CCONJ
fbem-13217	49	50	adverse	adverse	ADJ
fbem-13217	49	51	selection	selection	NOUN
fbem-13217	49	52	,	,	PUNCT
fbem-13217	49	53	resulting	result	VERB
fbem-13217	49	54	in	in	ADP
fbem-13217	49	55	credit	credit	NOUN
fbem-13217	49	56	rationing	rationing	NOUN
fbem-13217	49	57	or	or	CCONJ
fbem-13217	49	58	the	the	DET
fbem-13217	49	59	increase	increase	NOUN
fbem-13217	49	60	of	of	ADP
fbem-13217	49	61	financing	financing	NOUN
fbem-13217	49	62	costs	cost	NOUN
fbem-13217	49	63	.	.	PUNCT
fbem-13217	50	1	especially	especially	ADV
fbem-13217	50	2	for	for	ADP
fbem-13217	50	3	developing	develop	VERB
fbem-13217	50	4	countries	country	NOUN
fbem-13217	50	5	,	,	PUNCT
fbem-13217	50	6	the	the	DET
fbem-13217	50	7	constraints	constraint	NOUN
fbem-13217	50	8	on	on	ADP
fbem-13217	50	9	innovation	innovation	NOUN
fbem-13217	50	10	investment	investment	NOUN
fbem-13217	50	11	are	be	AUX
fbem-13217	50	12	more	more	ADV
fbem-13217	50	13	significant	significant	ADJ
fbem-13217	50	14	due	due	ADP
fbem-13217	50	15	to	to	ADP
fbem-13217	50	16	the	the	DET
fbem-13217	50	17	imperfect	imperfect	ADJ
fbem-13217	50	18	financial	financial	ADJ
fbem-13217	50	19	market	market	NOUN
fbem-13217	50	20	.	.	PUNCT
fbem-13217	51	1	from	from	ADP
fbem-13217	51	2	the	the	DET
fbem-13217	51	3	perspective	perspective	NOUN
fbem-13217	51	4	of	of	ADP
fbem-13217	51	5	financing	financing	NOUN
fbem-13217	51	6	constraint	constraint	NOUN
fbem-13217	51	7	theory	theory	NOUN
fbem-13217	51	8	,	,	PUNCT
fbem-13217	51	9	when	when	SCONJ
fbem-13217	51	10	the	the	DET
fbem-13217	51	11	project	project	NOUN
fbem-13217	51	12	with	with	ADP
fbem-13217	51	13	positive	positive	ADJ
fbem-13217	51	14	net	net	ADJ
fbem-13217	51	15	present	present	ADJ
fbem-13217	51	16	value	value	NOUN
fbem-13217	51	17	needs	need	VERB
fbem-13217	51	18	investment	investment	NOUN
fbem-13217	51	19	but	but	CCONJ
fbem-13217	51	20	the	the	DET
fbem-13217	51	21	internal	internal	ADJ
fbem-13217	51	22	financing	financing	NOUN
fbem-13217	51	23	is	be	AUX
fbem-13217	51	24	insufficient	insufficient	ADJ
fbem-13217	51	25	,	,	PUNCT
fbem-13217	51	26	the	the	DET
fbem-13217	51	27	enterprise	enterprise	NOUN
fbem-13217	51	28	will	will	AUX
fbem-13217	51	29	obtain	obtain	VERB
fbem-13217	51	30	external	external	ADJ
fbem-13217	51	31	funds	fund	NOUN
fbem-13217	51	32	to	to	PART
fbem-13217	51	33	promote	promote	VERB
fbem-13217	51	34	the	the	DET
fbem-13217	51	35	project	project	NOUN
fbem-13217	51	36	.	.	PUNCT
fbem-13217	52	1	when	when	SCONJ
fbem-13217	52	2	enterprises	enterprise	NOUN
fbem-13217	52	3	have	have	AUX
fbem-13217	52	4	limited	limit	VERB
fbem-13217	52	5	access	access	NOUN
fbem-13217	52	6	to	to	ADP
fbem-13217	52	7	internal	internal	ADJ
fbem-13217	52	8	and	and	CCONJ
fbem-13217	52	9	external	external	ADJ
fbem-13217	52	10	funds	fund	NOUN
fbem-13217	52	11	,	,	PUNCT
fbem-13217	52	12	enterprises	enterprise	NOUN
fbem-13217	52	13	lacking	lack	VERB
fbem-13217	52	14	available	available	ADJ
fbem-13217	52	15	funds	fund	NOUN
fbem-13217	52	16	will	will	AUX
fbem-13217	52	17	be	be	AUX
fbem-13217	52	18	more	more	ADV
fbem-13217	52	19	inclined	inclined	ADJ
fbem-13217	52	20	to	to	PART
fbem-13217	52	21	invest	invest	VERB
fbem-13217	52	22	in	in	ADP
fbem-13217	52	23	short	short	ADJ
fbem-13217	52	24	-	-	PUNCT
fbem-13217	52	25	term	term	NOUN
fbem-13217	52	26	profitable	profitable	ADJ
fbem-13217	52	27	projects	project	NOUN
fbem-13217	52	28	,	,	PUNCT
fbem-13217	52	29	and	and	CCONJ
fbem-13217	52	30	reduce	reduce	VERB
fbem-13217	52	31	the	the	DET
fbem-13217	52	32	willingness	willingness	NOUN
fbem-13217	52	33	to	to	PART
fbem-13217	52	34	invest	invest	VERB
fbem-13217	52	35	in	in	ADP
fbem-13217	52	36	high	high	ADJ
fbem-13217	52	37	-	-	PUNCT
fbem-13217	52	38	risk	risk	NOUN
fbem-13217	52	39	,	,	PUNCT
fbem-13217	52	40	high	high	ADJ
fbem-13217	52	41	-	-	PUNCT
fbem-13217	52	42	investment	investment	NOUN
fbem-13217	52	43	,	,	PUNCT
fbem-13217	52	44	long	long	ADJ
fbem-13217	52	45	-	-	PUNCT
fbem-13217	52	46	term	term	NOUN
fbem-13217	52	47	innovation	innovation	NOUN
fbem-13217	52	48	projects	project	NOUN
fbem-13217	52	49	with	with	ADP
fbem-13217	52	50	uncertain	uncertain	ADJ
fbem-13217	52	51	returns[12,13	returns[12,13	NOUN
fbem-13217	52	52	]	]	PUNCT
fbem-13217	52	53	.	.	PUNCT
fbem-13217	53	1	therefore	therefore	ADV
fbem-13217	53	2	,	,	PUNCT
fbem-13217	53	3	one	one	NUM
fbem-13217	53	4	way	way	NOUN
fbem-13217	53	5	to	to	PART
fbem-13217	53	6	promote	promote	VERB
fbem-13217	53	7	innovation	innovation	NOUN
fbem-13217	53	8	is	be	AUX
fbem-13217	53	9	to	to	PART
fbem-13217	53	10	ease	ease	VERB
fbem-13217	53	11	the	the	DET
fbem-13217	53	12	financing	financing	NOUN
fbem-13217	53	13	constraints	constraint	NOUN
fbem-13217	53	14	that	that	SCONJ
fbem-13217	53	15	companies	company	NOUN
fbem-13217	53	16	face	face	VERB
fbem-13217	53	17	.	.	PUNCT
fbem-13217	54	1	when	when	SCONJ
fbem-13217	54	2	evaluating	evaluate	VERB
fbem-13217	54	3	the	the	DET
fbem-13217	54	4	innovation	innovation	NOUN
fbem-13217	54	5	activities	activity	NOUN
fbem-13217	54	6	of	of	ADP
fbem-13217	54	7	enterprises	enterprise	NOUN
fbem-13217	54	8	,	,	PUNCT
fbem-13217	54	9	the	the	DET
fbem-13217	54	10	traditional	traditional	ADJ
fbem-13217	54	11	financial	financial	ADJ
fbem-13217	54	12	industry	industry	NOUN
fbem-13217	54	13	often	often	ADV
fbem-13217	54	14	reduces	reduce	VERB
fbem-13217	54	15	or	or	CCONJ
fbem-13217	54	16	refuses	refuse	VERB
fbem-13217	54	17	to	to	PART
fbem-13217	54	18	lend	lend	VERB
fbem-13217	54	19	due	due	ADP
fbem-13217	54	20	to	to	ADP
fbem-13217	54	21	the	the	DET
fbem-13217	54	22	limitations	limitation	NOUN
fbem-13217	54	23	and	and	CCONJ
fbem-13217	54	24	uncertainties	uncertainty	NOUN
fbem-13217	54	25	of	of	ADP
fbem-13217	54	26	information	information	NOUN
fbem-13217	54	27	(	(	PUNCT
fbem-13217	54	28	uncertain	uncertain	ADJ
fbem-13217	54	29	income	income	NOUN
fbem-13217	54	30	,	,	PUNCT
fbem-13217	54	31	uncertain	uncertain	ADJ
fbem-13217	54	32	cycle	cycle	NOUN
fbem-13217	54	33	,	,	PUNCT
fbem-13217	54	34	etc	etc	X
fbem-13217	54	35	.	.	X
fbem-13217	54	36	)	)	PUNCT
fbem-13217	54	37	,	,	PUNCT
fbem-13217	54	38	resulting	result	VERB
fbem-13217	54	39	in	in	ADP
fbem-13217	54	40	insufficient	insufficient	ADJ
fbem-13217	54	41	supply	supply	NOUN
fbem-13217	54	42	of	of	ADP
fbem-13217	54	43	gold	gold	NOUN
fbem-13217	54	44	for	for	ADP
fbem-13217	54	45	innovative	innovative	ADJ
fbem-13217	54	46	enterprises	enterprise	NOUN
fbem-13217	54	47	.	.	PUNCT
fbem-13217	55	1	but	but	CCONJ
fbem-13217	55	2	in	in	ADP
fbem-13217	55	3	the	the	DET
fbem-13217	55	4	context	context	NOUN
fbem-13217	55	5	of	of	ADP
fbem-13217	55	6	digital	digital	ADJ
fbem-13217	55	7	transformation	transformation	NOUN
fbem-13217	55	8	,	,	PUNCT
fbem-13217	55	9	first	first	ADV
fbem-13217	55	10	,	,	PUNCT
fbem-13217	55	11	digital	digital	ADJ
fbem-13217	55	12	finance	finance	NOUN
fbem-13217	55	13	,	,	PUNCT
fbem-13217	55	14	due	due	ADP
fbem-13217	55	15	to	to	ADP
fbem-13217	55	16	the	the	DET
fbem-13217	55	17	combination	combination	NOUN
fbem-13217	55	18	of	of	ADP
fbem-13217	55	19	finance	finance	NOUN
fbem-13217	55	20	and	and	CCONJ
fbem-13217	55	21	digital	digital	ADJ
fbem-13217	55	22	technology	technology	NOUN
fbem-13217	55	23	,	,	PUNCT
fbem-13217	55	24	can	can	AUX
fbem-13217	55	25	cover	cover	VERB
fbem-13217	55	26	all	all	DET
fbem-13217	55	27	regions	region	NOUN
fbem-13217	55	28	to	to	ADP
fbem-13217	55	29	the	the	DET
fbem-13217	55	30	greatest	great	ADJ
fbem-13217	55	31	extent	extent	NOUN
fbem-13217	55	32	and	and	CCONJ
fbem-13217	55	33	benefit	benefit	VERB
fbem-13217	55	34	all	all	DET
fbem-13217	55	35	enterprises	enterprise	NOUN
fbem-13217	55	36	.	.	PUNCT
fbem-13217	56	1	the	the	DET
fbem-13217	56	2	digital	digital	ADJ
fbem-13217	56	3	transformation	transformation	NOUN
fbem-13217	56	4	of	of	ADP
fbem-13217	56	5	enterprises	enterprise	NOUN
fbem-13217	56	6	sends	send	VERB
fbem-13217	56	7	positive	positive	ADJ
fbem-13217	56	8	signals	signal	NOUN
fbem-13217	56	9	.	.	PUNCT
fbem-13217	57	1	as	as	ADP
fbem-13217	57	2	the	the	DET
fbem-13217	57	3	main	main	ADJ
fbem-13217	57	4	body	body	NOUN
fbem-13217	57	5	of	of	ADP
fbem-13217	57	6	information	information	NOUN
fbem-13217	57	7	production	production	NOUN
fbem-13217	57	8	,	,	PUNCT
fbem-13217	57	9	the	the	DET
fbem-13217	57	10	digital	digital	ADJ
fbem-13217	57	11	transformation	transformation	NOUN
fbem-13217	57	12	information	information	NOUN
fbem-13217	57	13	disclosed	disclose	VERB
fbem-13217	57	14	by	by	ADP
fbem-13217	57	15	enterprises	enterprise	NOUN
fbem-13217	57	16	not	not	PART
fbem-13217	57	17	only	only	ADV
fbem-13217	57	18	means	mean	VERB
fbem-13217	57	19	that	that	SCONJ
fbem-13217	57	20	enterprises	enterprise	NOUN
fbem-13217	57	21	will	will	AUX
fbem-13217	57	22	have	have	VERB
fbem-13217	57	23	greater	great	ADJ
fbem-13217	57	24	investment	investment	NOUN
fbem-13217	57	25	in	in	ADP
fbem-13217	57	26	this	this	DET
fbem-13217	57	27	aspect	aspect	NOUN
fbem-13217	57	28	,	,	PUNCT
fbem-13217	57	29	but	but	CCONJ
fbem-13217	57	30	also	also	ADV
fbem-13217	57	31	indicates	indicate	VERB
fbem-13217	57	32	the	the	DET
fbem-13217	57	33	high	high	ADJ
fbem-13217	57	34	-	-	PUNCT
fbem-13217	57	35	quality	quality	NOUN
fbem-13217	57	36	development	development	NOUN
fbem-13217	57	37	of	of	ADP
fbem-13217	57	38	enterprises	enterprise	NOUN
fbem-13217	57	39	in	in	ADP
fbem-13217	57	40	the	the	DET
fbem-13217	57	41	future	future	NOUN
fbem-13217	57	42	.	.	PUNCT
fbem-13217	58	1	second	second	ADJ
fbem-13217	58	2	,	,	PUNCT
fbem-13217	58	3	based	base	VERB
fbem-13217	58	4	on	on	ADP
fbem-13217	58	5	the	the	DET
fbem-13217	58	6	financial	financial	ADJ
fbem-13217	58	7	technology	technology	NOUN
fbem-13217	58	8	supported	support	VERB
fbem-13217	58	9	by	by	ADP
fbem-13217	58	10	the	the	DET
fbem-13217	58	11	digital	digital	ADJ
fbem-13217	58	12	economy	economy	NOUN
fbem-13217	58	13	,	,	PUNCT
fbem-13217	58	14	it	it	PRON
fbem-13217	58	15	can	can	AUX
fbem-13217	58	16	effectively	effectively	ADV
fbem-13217	58	17	broaden	broaden	VERB
fbem-13217	58	18	the	the	DET
fbem-13217	58	19	service	service	NOUN
fbem-13217	58	20	boundaries	boundary	NOUN
fbem-13217	58	21	of	of	ADP
fbem-13217	58	22	financial	financial	ADJ
fbem-13217	58	23	enterprises	enterprise	NOUN
fbem-13217	58	24	.	.	PUNCT
fbem-13217	59	1	external	external	ADJ
fbem-13217	59	2	fund	fund	NOUN
fbem-13217	59	3	providers	provider	NOUN
fbem-13217	59	4	can	can	AUX
fbem-13217	59	5	better	well	ADV
fbem-13217	59	6	identify	identify	VERB
fbem-13217	59	7	and	and	CCONJ
fbem-13217	59	8	reduce	reduce	VERB
fbem-13217	59	9	risks	risk	NOUN
fbem-13217	59	10	in	in	ADP
fbem-13217	59	11	the	the	DET
fbem-13217	59	12	credit	credit	NOUN
fbem-13217	59	13	process	process	NOUN
fbem-13217	59	14	through	through	ADP
fbem-13217	59	15	enterprise	enterprise	NOUN
fbem-13217	59	16	disclosure	disclosure	NOUN
fbem-13217	59	17	,	,	PUNCT
fbem-13217	59	18	improve	improve	VERB
fbem-13217	59	19	the	the	DET
fbem-13217	59	20	efficiency	efficiency	NOUN
fbem-13217	59	21	and	and	CCONJ
fbem-13217	59	22	effect	effect	NOUN
fbem-13217	59	23	of	of	ADP
fbem-13217	59	24	credit	credit	NOUN
fbem-13217	59	25	resource	resource	NOUN
fbem-13217	59	26	allocation.[14	allocation.[14	PROPN
fbem-13217	59	27	]	]	PUNCT
fbem-13217	59	28	digital	digital	ADJ
fbem-13217	59	29	finance	finance	NOUN
fbem-13217	59	30	overcomes	overcome	VERB
fbem-13217	59	31	the	the	DET
fbem-13217	59	32	shortcomings	shortcoming	NOUN
fbem-13217	59	33	of	of	ADP
fbem-13217	59	34	financial	financial	ADJ
fbem-13217	59	35	institutions	institution	NOUN
fbem-13217	59	36	such	such	ADJ
fbem-13217	59	37	as	as	ADP
fbem-13217	59	38	banks	bank	NOUN
fbem-13217	59	39	,	,	PUNCT
fbem-13217	59	40	and	and	CCONJ
fbem-13217	59	41	its	its	PRON
fbem-13217	59	42	network	network	NOUN
fbem-13217	59	43	advantages	advantage	NOUN
fbem-13217	59	44	and	and	CCONJ
fbem-13217	59	45	digital	digital	ADJ
fbem-13217	59	46	technology	technology	NOUN
fbem-13217	59	47	reduce	reduce	VERB
fbem-13217	59	48	the	the	DET
fbem-13217	59	49	problems	problem	NOUN
fbem-13217	59	50	existing	exist	VERB
fbem-13217	59	51	in	in	ADP
fbem-13217	59	52	the	the	DET
fbem-13217	59	53	old	old	ADJ
fbem-13217	59	54	financial	financial	ADJ
fbem-13217	59	55	system	system	NOUN
fbem-13217	59	56	such	such	ADJ
fbem-13217	59	57	as	as	ADP
fbem-13217	59	58	banks	bank	NOUN
fbem-13217	59	59	,	,	PUNCT
fbem-13217	59	60	speed	speed	VERB
fbem-13217	59	61	up	up	ADP
fbem-13217	59	62	209	209	NUM
fbem-13217	59	63	the	the	DET
fbem-13217	59	64	approval	approval	NOUN
fbem-13217	59	65	speed	speed	NOUN
fbem-13217	59	66	and	and	CCONJ
fbem-13217	59	67	simplify	simplify	VERB
fbem-13217	59	68	the	the	DET
fbem-13217	59	69	approval	approval	NOUN
fbem-13217	59	70	procedure	procedure	NOUN
fbem-13217	59	71	.	.	PUNCT
fbem-13217	60	1	the	the	DET
fbem-13217	60	2	communication	communication	NOUN
fbem-13217	60	3	cost	cost	NOUN
fbem-13217	60	4	between	between	ADP
fbem-13217	60	5	banks	bank	NOUN
fbem-13217	60	6	and	and	CCONJ
fbem-13217	60	7	enterprises	enterprise	NOUN
fbem-13217	60	8	is	be	AUX
fbem-13217	60	9	reduced	reduce	VERB
fbem-13217	60	10	,	,	PUNCT
fbem-13217	60	11	the	the	DET
fbem-13217	60	12	consumption	consumption	NOUN
fbem-13217	60	13	of	of	ADP
fbem-13217	60	14	relevant	relevant	ADJ
fbem-13217	60	15	resources	resource	NOUN
fbem-13217	60	16	is	be	AUX
fbem-13217	60	17	relatively	relatively	ADV
fbem-13217	60	18	low	low	ADJ
fbem-13217	60	19	,	,	PUNCT
fbem-13217	60	20	and	and	CCONJ
fbem-13217	60	21	it	it	PRON
fbem-13217	60	22	is	be	AUX
fbem-13217	60	23	easier	easy	ADJ
fbem-13217	60	24	to	to	PART
fbem-13217	60	25	stimulate	stimulate	VERB
fbem-13217	60	26	the	the	DET
fbem-13217	60	27	innovation	innovation	NOUN
fbem-13217	60	28	vitality	vitality	NOUN
fbem-13217	60	29	of	of	ADP
fbem-13217	60	30	enterprises	enterprise	NOUN
fbem-13217	60	31	.	.	PUNCT
fbem-13217	61	1	second	second	ADJ
fbem-13217	61	2	,	,	PUNCT
fbem-13217	61	3	the	the	DET
fbem-13217	61	4	traditional	traditional	ADJ
fbem-13217	61	5	financial	financial	ADJ
fbem-13217	61	6	system	system	NOUN
fbem-13217	61	7	,	,	PUNCT
fbem-13217	61	8	dominated	dominate	VERB
fbem-13217	61	9	by	by	ADP
fbem-13217	61	10	banks	bank	NOUN
fbem-13217	61	11	,	,	PUNCT
fbem-13217	61	12	requires	require	VERB
fbem-13217	61	13	a	a	DET
fbem-13217	61	14	large	large	ADJ
fbem-13217	61	15	amount	amount	NOUN
fbem-13217	61	16	of	of	ADP
fbem-13217	61	17	data	datum	NOUN
fbem-13217	61	18	to	to	ADP
fbem-13217	61	19	record	record	NOUN
fbem-13217	61	20	procedures	procedure	NOUN
fbem-13217	61	21	,	,	PUNCT
fbem-13217	61	22	and	and	CCONJ
fbem-13217	61	23	there	there	PRON
fbem-13217	61	24	is	be	VERB
fbem-13217	61	25	the	the	DET
fbem-13217	61	26	possibility	possibility	NOUN
fbem-13217	61	27	of	of	ADP
fbem-13217	61	28	errors	error	NOUN
fbem-13217	61	29	in	in	ADP
fbem-13217	61	30	manual	manual	ADJ
fbem-13217	61	31	processing	processing	NOUN
fbem-13217	61	32	.	.	PUNCT
fbem-13217	62	1	while	while	SCONJ
fbem-13217	62	2	solving	solve	VERB
fbem-13217	62	3	such	such	ADJ
fbem-13217	62	4	problems	problem	NOUN
fbem-13217	62	5	,	,	PUNCT
fbem-13217	62	6	digital	digital	ADJ
fbem-13217	62	7	finance	finance	NOUN
fbem-13217	62	8	allows	allow	VERB
fbem-13217	62	9	enterprises	enterprise	NOUN
fbem-13217	62	10	to	to	PART
fbem-13217	62	11	participate	participate	VERB
fbem-13217	62	12	in	in	ADP
fbem-13217	62	13	the	the	DET
fbem-13217	62	14	process	process	NOUN
fbem-13217	62	15	through	through	ADP
fbem-13217	62	16	the	the	DET
fbem-13217	62	17	internet	internet	NOUN
fbem-13217	62	18	platform	platform	NOUN
fbem-13217	62	19	,	,	PUNCT
fbem-13217	62	20	improving	improve	VERB
fbem-13217	62	21	the	the	DET
fbem-13217	62	22	efficiency	efficiency	NOUN
fbem-13217	62	23	of	of	ADP
fbem-13217	62	24	enterprises	enterprise	NOUN
fbem-13217	62	25	in	in	ADP
fbem-13217	62	26	using	use	VERB
fbem-13217	62	27	financial	financial	ADJ
fbem-13217	62	28	redundant	redundant	ADJ
fbem-13217	62	29	resources	resource	NOUN
fbem-13217	62	30	,	,	PUNCT
fbem-13217	62	31	and	and	CCONJ
fbem-13217	62	32	thus	thus	ADV
fbem-13217	62	33	realizing	realize	VERB
fbem-13217	62	34	the	the	DET
fbem-13217	62	35	"	"	PUNCT
fbem-13217	62	36	throttling	throttling	NOUN
fbem-13217	62	37	"	"	PUNCT
fbem-13217	62	38	in	in	ADP
fbem-13217	62	39	the	the	DET
fbem-13217	62	40	process	process	NOUN
fbem-13217	62	41	of	of	ADP
fbem-13217	62	42	development	development	NOUN
fbem-13217	62	43	of	of	ADP
fbem-13217	62	44	enterprises	enterprise	NOUN
fbem-13217	62	45	.	.	PUNCT
fbem-13217	63	1	third	third	ADV
fbem-13217	63	2	,	,	PUNCT
fbem-13217	63	3	there	there	PRON
fbem-13217	63	4	is	be	VERB
fbem-13217	63	5	often	often	ADV
fbem-13217	63	6	a	a	DET
fbem-13217	63	7	high	high	ADJ
fbem-13217	63	8	information	information	NOUN
fbem-13217	63	9	asymmetry	asymmetry	NOUN
fbem-13217	63	10	between	between	ADP
fbem-13217	63	11	the	the	DET
fbem-13217	63	12	traditional	traditional	ADJ
fbem-13217	63	13	financial	financial	ADJ
fbem-13217	63	14	system	system	NOUN
fbem-13217	63	15	represented	represent	VERB
fbem-13217	63	16	by	by	ADP
fbem-13217	63	17	banks	bank	NOUN
fbem-13217	63	18	and	and	CCONJ
fbem-13217	63	19	enterprises	enterprise	NOUN
fbem-13217	63	20	.	.	PUNCT
fbem-13217	64	1	state	state	NOUN
fbem-13217	64	2	-	-	PUNCT
fbem-13217	64	3	owned	own	VERB
fbem-13217	64	4	enterprises	enterprise	NOUN
fbem-13217	64	5	can	can	AUX
fbem-13217	64	6	better	well	ADV
fbem-13217	64	7	obtain	obtain	VERB
fbem-13217	64	8	the	the	DET
fbem-13217	64	9	support	support	NOUN
fbem-13217	64	10	of	of	ADP
fbem-13217	64	11	traditional	traditional	ADJ
fbem-13217	64	12	financial	financial	ADJ
fbem-13217	64	13	institutions	institution	NOUN
fbem-13217	64	14	by	by	ADP
fbem-13217	64	15	relying	rely	VERB
fbem-13217	64	16	on	on	ADP
fbem-13217	64	17	the	the	DET
fbem-13217	64	18	government	government	NOUN
fbem-13217	64	19	background	background	NOUN
fbem-13217	64	20	,	,	PUNCT
fbem-13217	64	21	while	while	SCONJ
fbem-13217	64	22	private	private	ADJ
fbem-13217	64	23	enterprises	enterprise	NOUN
fbem-13217	64	24	have	have	VERB
fbem-13217	64	25	big	big	ADJ
fbem-13217	64	26	problems	problem	NOUN
fbem-13217	64	27	in	in	ADP
fbem-13217	64	28	obtaining	obtain	VERB
fbem-13217	64	29	the	the	DET
fbem-13217	64	30	support	support	NOUN
fbem-13217	64	31	of	of	ADP
fbem-13217	64	32	the	the	DET
fbem-13217	64	33	traditional	traditional	ADJ
fbem-13217	64	34	financial	financial	ADJ
fbem-13217	64	35	system	system	NOUN
fbem-13217	64	36	.	.	PUNCT
fbem-13217	65	1	at	at	ADP
fbem-13217	65	2	the	the	DET
fbem-13217	65	3	same	same	ADJ
fbem-13217	65	4	time	time	NOUN
fbem-13217	65	5	,	,	PUNCT
fbem-13217	65	6	it	it	PRON
fbem-13217	65	7	is	be	AUX
fbem-13217	65	8	difficult	difficult	ADJ
fbem-13217	65	9	for	for	SCONJ
fbem-13217	65	10	institutions	institution	NOUN
fbem-13217	65	11	under	under	ADP
fbem-13217	65	12	the	the	DET
fbem-13217	65	13	traditional	traditional	ADJ
fbem-13217	65	14	financial	financial	ADJ
fbem-13217	65	15	system	system	NOUN
fbem-13217	65	16	to	to	PART
fbem-13217	65	17	have	have	VERB
fbem-13217	65	18	sufficient	sufficient	ADJ
fbem-13217	65	19	impetus	impetus	NOUN
fbem-13217	65	20	to	to	PART
fbem-13217	65	21	provide	provide	VERB
fbem-13217	65	22	more	more	ADJ
fbem-13217	65	23	support	support	NOUN
fbem-13217	65	24	for	for	ADP
fbem-13217	65	25	the	the	DET
fbem-13217	65	26	digital	digital	ADJ
fbem-13217	65	27	innovation	innovation	NOUN
fbem-13217	65	28	of	of	ADP
fbem-13217	65	29	private	private	ADJ
fbem-13217	65	30	enterprises	enterprise	NOUN
fbem-13217	65	31	.	.	PUNCT
fbem-13217	66	1	however	however	ADV
fbem-13217	66	2	,	,	PUNCT
fbem-13217	66	3	digital	digital	ADJ
fbem-13217	66	4	finance	finance	NOUN
fbem-13217	66	5	draws	draw	VERB
fbem-13217	66	6	the	the	DET
fbem-13217	66	7	spatial	spatial	ADJ
fbem-13217	66	8	and	and	CCONJ
fbem-13217	66	9	temporal	temporal	ADJ
fbem-13217	66	10	distance	distance	NOUN
fbem-13217	66	11	between	between	ADP
fbem-13217	66	12	financial	financial	ADJ
fbem-13217	66	13	institutions	institution	NOUN
fbem-13217	66	14	and	and	CCONJ
fbem-13217	66	15	enterprises	enterprise	NOUN
fbem-13217	66	16	,	,	PUNCT
fbem-13217	66	17	improves	improve	VERB
fbem-13217	66	18	the	the	DET
fbem-13217	66	19	communication	communication	NOUN
fbem-13217	66	20	efficiency	efficiency	NOUN
fbem-13217	66	21	of	of	ADP
fbem-13217	66	22	financial	financial	ADJ
fbem-13217	66	23	institutions	institution	NOUN
fbem-13217	66	24	when	when	SCONJ
fbem-13217	66	25	assessing	assess	VERB
fbem-13217	66	26	corporate	corporate	ADJ
fbem-13217	66	27	borrowing	borrowing	NOUN
fbem-13217	66	28	risks	risk	NOUN
fbem-13217	66	29	,	,	PUNCT
fbem-13217	66	30	reduces	reduce	VERB
fbem-13217	66	31	information	information	NOUN
fbem-13217	66	32	asymmetry	asymmetry	NOUN
fbem-13217	66	33	,	,	PUNCT
fbem-13217	66	34	and	and	CCONJ
fbem-13217	66	35	at	at	ADP
fbem-13217	66	36	the	the	DET
fbem-13217	66	37	same	same	ADJ
fbem-13217	66	38	time	time	NOUN
fbem-13217	66	39	,	,	PUNCT
fbem-13217	66	40	resources	resource	NOUN
fbem-13217	66	41	can	can	AUX
fbem-13217	66	42	also	also	ADV
fbem-13217	66	43	play	play	VERB
fbem-13217	66	44	a	a	DET
fbem-13217	66	45	role	role	NOUN
fbem-13217	66	46	in	in	ADP
fbem-13217	66	47	the	the	DET
fbem-13217	66	48	areas	area	NOUN
fbem-13217	66	49	where	where	SCONJ
fbem-13217	66	50	their	their	PRON
fbem-13217	66	51	utility	utility	NOUN
fbem-13217	66	52	can	can	AUX
fbem-13217	66	53	be	be	AUX
fbem-13217	66	54	maximized	maximize	VERB
fbem-13217	66	55	.	.	PUNCT
fbem-13217	67	1	companies	company	NOUN
fbem-13217	67	2	will	will	AUX
fbem-13217	67	3	also	also	ADV
fbem-13217	67	4	become	become	VERB
fbem-13217	67	5	more	more	ADV
fbem-13217	67	6	willing	willing	ADJ
fbem-13217	67	7	to	to	PART
fbem-13217	67	8	go	go	VERB
fbem-13217	67	9	green	green	ADJ
fbem-13217	67	10	.	.	PUNCT
fbem-13217	68	1	fourth	fourth	ADJ
fbem-13217	68	2	,	,	PUNCT
fbem-13217	68	3	digital	digital	ADJ
fbem-13217	68	4	finance	finance	NOUN
fbem-13217	68	5	enables	enable	VERB
fbem-13217	68	6	individual	individual	ADJ
fbem-13217	68	7	investors	investor	NOUN
fbem-13217	68	8	to	to	PART
fbem-13217	68	9	understand	understand	VERB
fbem-13217	68	10	corporate	corporate	ADJ
fbem-13217	68	11	information	information	NOUN
fbem-13217	68	12	in	in	ADP
fbem-13217	68	13	more	more	ADJ
fbem-13217	68	14	detail	detail	NOUN
fbem-13217	68	15	,	,	PUNCT
fbem-13217	68	16	enabling	enable	VERB
fbem-13217	68	17	them	they	PRON
fbem-13217	68	18	to	to	PART
fbem-13217	68	19	participate	participate	VERB
fbem-13217	68	20	more	more	ADV
fbem-13217	68	21	actively	actively	ADV
fbem-13217	68	22	in	in	ADP
fbem-13217	68	23	the	the	DET
fbem-13217	68	24	capital	capital	NOUN
fbem-13217	68	25	market	market	NOUN
fbem-13217	68	26	.	.	PUNCT
fbem-13217	69	1	in	in	ADP
fbem-13217	69	2	recent	recent	ADJ
fbem-13217	69	3	years	year	NOUN
fbem-13217	69	4	,	,	PUNCT
fbem-13217	69	5	as	as	SCONJ
fbem-13217	69	6	the	the	DET
fbem-13217	69	7	state	state	NOUN
fbem-13217	69	8	attaches	attach	VERB
fbem-13217	69	9	great	great	ADJ
fbem-13217	69	10	importance	importance	NOUN
fbem-13217	69	11	to	to	ADP
fbem-13217	69	12	environmental	environmental	ADJ
fbem-13217	69	13	protection	protection	NOUN
fbem-13217	69	14	,	,	PUNCT
fbem-13217	69	15	individual	individual	ADJ
fbem-13217	69	16	investors	investor	NOUN
fbem-13217	69	17	will	will	AUX
fbem-13217	69	18	have	have	VERB
fbem-13217	69	19	higher	high	ADJ
fbem-13217	69	20	expectations	expectation	NOUN
fbem-13217	69	21	for	for	ADP
fbem-13217	69	22	the	the	DET
fbem-13217	69	23	future	future	ADJ
fbem-13217	69	24	development	development	NOUN
fbem-13217	69	25	prospects	prospect	NOUN
fbem-13217	69	26	of	of	ADP
fbem-13217	69	27	innovative	innovative	ADJ
fbem-13217	69	28	enterprises	enterprise	NOUN
fbem-13217	69	29	,	,	PUNCT
fbem-13217	69	30	and	and	CCONJ
fbem-13217	69	31	are	be	AUX
fbem-13217	69	32	more	more	ADV
fbem-13217	69	33	inclined	inclined	ADJ
fbem-13217	69	34	to	to	PART
fbem-13217	69	35	invest	invest	VERB
fbem-13217	69	36	in	in	ADP
fbem-13217	69	37	such	such	ADJ
fbem-13217	69	38	enterprises	enterprise	NOUN
fbem-13217	69	39	,	,	PUNCT
fbem-13217	69	40	thus	thus	ADV
fbem-13217	69	41	easing	ease	VERB
fbem-13217	69	42	the	the	DET
fbem-13217	69	43	financing	financing	NOUN
fbem-13217	69	44	constraints	constraint	NOUN
fbem-13217	69	45	faced	face	VERB
fbem-13217	69	46	by	by	ADP
fbem-13217	69	47	enterprises	enterprise	NOUN
fbem-13217	69	48	,	,	PUNCT
fbem-13217	69	49	increasing	increase	VERB
fbem-13217	69	50	the	the	DET
fbem-13217	69	51	financial	financial	ADJ
fbem-13217	69	52	redundancy	redundancy	NOUN
fbem-13217	69	53	of	of	ADP
fbem-13217	69	54	enterprises	enterprise	NOUN
fbem-13217	69	55	,	,	PUNCT
fbem-13217	69	56	and	and	CCONJ
fbem-13217	69	57	promoting	promote	VERB
fbem-13217	69	58	enterprises	enterprise	NOUN
fbem-13217	69	59	to	to	PART
fbem-13217	69	60	innovate	innovate	VERB
fbem-13217	69	61	.	.	PUNCT
fbem-13217	70	1	therefore	therefore	ADV
fbem-13217	70	2	,	,	PUNCT
fbem-13217	70	3	the	the	DET
fbem-13217	70	4	application	application	NOUN
fbem-13217	70	5	and	and	CCONJ
fbem-13217	70	6	development	development	NOUN
fbem-13217	70	7	of	of	ADP
fbem-13217	70	8	digital	digital	ADJ
fbem-13217	70	9	technology	technology	NOUN
fbem-13217	70	10	greatly	greatly	ADV
fbem-13217	70	11	reduces	reduce	VERB
fbem-13217	70	12	the	the	DET
fbem-13217	70	13	degree	degree	NOUN
fbem-13217	70	14	of	of	ADP
fbem-13217	70	15	information	information	NOUN
fbem-13217	70	16	asymmetry	asymmetry	NOUN
fbem-13217	70	17	between	between	ADP
fbem-13217	70	18	external	external	ADJ
fbem-13217	70	19	capital	capital	NOUN
fbem-13217	70	20	providers	provider	NOUN
fbem-13217	70	21	and	and	CCONJ
fbem-13217	70	22	enterprises	enterprise	NOUN
fbem-13217	70	23	,	,	PUNCT
fbem-13217	70	24	optimizes	optimize	VERB
fbem-13217	70	25	the	the	DET
fbem-13217	70	26	capital	capital	NOUN
fbem-13217	70	27	structure	structure	NOUN
fbem-13217	70	28	of	of	ADP
fbem-13217	70	29	enterprises	enterprise	NOUN
fbem-13217	70	30	,	,	PUNCT
fbem-13217	70	31	and	and	CCONJ
fbem-13217	70	32	reduces	reduce	VERB
fbem-13217	70	33	the	the	DET
fbem-13217	70	34	capital	capital	NOUN
fbem-13217	70	35	cost	cost	NOUN
fbem-13217	70	36	of	of	ADP
fbem-13217	70	37	enterprises	enterprise	NOUN
fbem-13217	70	38	.	.	PUNCT
fbem-13217	71	1	therefore	therefore	ADV
fbem-13217	71	2	,	,	PUNCT
fbem-13217	71	3	digital	digital	ADJ
fbem-13217	71	4	transformation	transformation	NOUN
fbem-13217	71	5	can	can	AUX
fbem-13217	71	6	ease	ease	VERB
fbem-13217	71	7	the	the	DET
fbem-13217	71	8	financing	financing	NOUN
fbem-13217	71	9	constraints	constraint	NOUN
fbem-13217	71	10	of	of	ADP
fbem-13217	71	11	enterprises	enterprise	NOUN
fbem-13217	71	12	and	and	CCONJ
fbem-13217	71	13	empower	empower	NOUN
fbem-13217	71	14	enterprises	enterprise	NOUN
fbem-13217	71	15	to	to	PART
fbem-13217	71	16	innovate	innovate	VERB
fbem-13217	71	17	based	base	VERB
fbem-13217	71	18	on	on	ADP
fbem-13217	71	19	this	this	PRON
fbem-13217	71	20	,	,	PUNCT
fbem-13217	71	21	this	this	DET
fbem-13217	71	22	paper	paper	NOUN
fbem-13217	71	23	proposes	propose	VERB
fbem-13217	71	24	hypothesis	hypothesis	NOUN
fbem-13217	71	25	2	2	NUM
fbem-13217	71	26	:	:	PUNCT
fbem-13217	71	27	financing	financing	NOUN
fbem-13217	71	28	constraints	constraint	NOUN
fbem-13217	71	29	play	play	VERB
fbem-13217	71	30	an	an	DET
fbem-13217	71	31	intermediary	intermediary	ADJ
fbem-13217	71	32	effect	effect	NOUN
fbem-13217	71	33	between	between	ADP
fbem-13217	71	34	digital	digital	ADJ
fbem-13217	71	35	transformation	transformation	NOUN
fbem-13217	71	36	and	and	CCONJ
fbem-13217	71	37	enterprise	enterprise	NOUN
fbem-13217	71	38	innovation	innovation	NOUN
fbem-13217	71	39	level	level	NOUN
fbem-13217	71	40	.	.	PUNCT
fbem-13217	72	1	due	due	ADP
fbem-13217	72	2	to	to	ADP
fbem-13217	72	3	differences	difference	NOUN
fbem-13217	72	4	in	in	ADP
fbem-13217	72	5	factors	factor	NOUN
fbem-13217	72	6	such	such	ADJ
fbem-13217	72	7	as	as	ADP
fbem-13217	72	8	the	the	DET
fbem-13217	72	9	nature	nature	NOUN
fbem-13217	72	10	of	of	ADP
fbem-13217	72	11	equity	equity	NOUN
fbem-13217	72	12	ownership	ownership	NOUN
fbem-13217	72	13	,	,	PUNCT
fbem-13217	72	14	state	state	NOUN
fbem-13217	72	15	-	-	PUNCT
fbem-13217	72	16	owned	own	VERB
fbem-13217	72	17	enterprises	enterprise	NOUN
fbem-13217	72	18	can	can	AUX
fbem-13217	72	19	better	well	ADV
fbem-13217	72	20	obtain	obtain	VERB
fbem-13217	72	21	the	the	DET
fbem-13217	72	22	support	support	NOUN
fbem-13217	72	23	of	of	ADP
fbem-13217	72	24	traditional	traditional	ADJ
fbem-13217	72	25	financial	financial	ADJ
fbem-13217	72	26	institutions	institution	NOUN
fbem-13217	72	27	by	by	ADP
fbem-13217	72	28	relying	rely	VERB
fbem-13217	72	29	on	on	ADP
fbem-13217	72	30	the	the	DET
fbem-13217	72	31	government	government	NOUN
fbem-13217	72	32	background	background	NOUN
fbem-13217	72	33	,	,	PUNCT
fbem-13217	72	34	while	while	SCONJ
fbem-13217	72	35	private	private	ADJ
fbem-13217	72	36	enterprises	enterprise	NOUN
fbem-13217	72	37	have	have	VERB
fbem-13217	72	38	big	big	ADJ
fbem-13217	72	39	problems	problem	NOUN
fbem-13217	72	40	in	in	ADP
fbem-13217	72	41	obtaining	obtain	VERB
fbem-13217	72	42	the	the	DET
fbem-13217	72	43	support	support	NOUN
fbem-13217	72	44	of	of	ADP
fbem-13217	72	45	traditional	traditional	ADJ
fbem-13217	72	46	financial	financial	ADJ
fbem-13217	72	47	system	system	NOUN
fbem-13217	72	48	.	.	PUNCT
fbem-13217	73	1	meanwhile	meanwhile	ADV
fbem-13217	73	2	,	,	PUNCT
fbem-13217	73	3	it	it	PRON
fbem-13217	73	4	is	be	AUX
fbem-13217	73	5	difficult	difficult	ADJ
fbem-13217	73	6	for	for	SCONJ
fbem-13217	73	7	institutions	institution	NOUN
fbem-13217	73	8	under	under	ADP
fbem-13217	73	9	the	the	DET
fbem-13217	73	10	traditional	traditional	ADJ
fbem-13217	73	11	financial	financial	ADJ
fbem-13217	73	12	system	system	NOUN
fbem-13217	73	13	to	to	PART
fbem-13217	73	14	have	have	VERB
fbem-13217	73	15	sufficient	sufficient	ADJ
fbem-13217	73	16	impetus	impetus	NOUN
fbem-13217	73	17	to	to	PART
fbem-13217	73	18	provide	provide	VERB
fbem-13217	73	19	more	more	ADJ
fbem-13217	73	20	support	support	NOUN
fbem-13217	73	21	for	for	ADP
fbem-13217	73	22	the	the	DET
fbem-13217	73	23	digital	digital	ADJ
fbem-13217	73	24	innovation	innovation	NOUN
fbem-13217	73	25	of	of	ADP
fbem-13217	73	26	private	private	ADJ
fbem-13217	73	27	enterprises	enterprise	NOUN
fbem-13217	73	28	.	.	PUNCT
fbem-13217	74	1	therefore	therefore	ADV
fbem-13217	74	2	,	,	PUNCT
fbem-13217	74	3	the	the	DET
fbem-13217	74	4	degree	degree	NOUN
fbem-13217	74	5	of	of	ADP
fbem-13217	74	6	digital	digital	ADJ
fbem-13217	74	7	transformation	transformation	NOUN
fbem-13217	74	8	has	have	VERB
fbem-13217	74	9	different	different	ADJ
fbem-13217	74	10	effects	effect	NOUN
fbem-13217	74	11	on	on	ADP
fbem-13217	74	12	the	the	DET
fbem-13217	74	13	innovation	innovation	NOUN
fbem-13217	74	14	performance	performance	NOUN
fbem-13217	74	15	of	of	ADP
fbem-13217	74	16	enterprises	enterprise	NOUN
fbem-13217	74	17	.	.	PUNCT
fbem-13217	75	1	due	due	ADP
fbem-13217	75	2	to	to	ADP
fbem-13217	75	3	the	the	DET
fbem-13217	75	4	existence	existence	NOUN
fbem-13217	75	5	of	of	ADP
fbem-13217	75	6	these	these	DET
fbem-13217	75	7	objective	objective	ADJ
fbem-13217	75	8	differences	difference	NOUN
fbem-13217	75	9	,	,	PUNCT
fbem-13217	75	10	the	the	DET
fbem-13217	75	11	impact	impact	NOUN
fbem-13217	75	12	of	of	ADP
fbem-13217	75	13	digital	digital	ADJ
fbem-13217	75	14	transformation	transformation	NOUN
fbem-13217	75	15	degree	degree	NOUN
fbem-13217	75	16	on	on	ADP
fbem-13217	75	17	enterprise	enterprise	NOUN
fbem-13217	75	18	innovation	innovation	NOUN
fbem-13217	75	19	should	should	AUX
fbem-13217	75	20	not	not	PART
fbem-13217	75	21	be	be	AUX
fbem-13217	75	22	simply	simply	ADV
fbem-13217	75	23	regarded	regard	VERB
fbem-13217	75	24	as	as	ADP
fbem-13217	75	25	incentive	incentive	NOUN
fbem-13217	75	26	effect	effect	NOUN
fbem-13217	75	27	,	,	PUNCT
fbem-13217	75	28	so	so	CCONJ
fbem-13217	75	29	it	it	PRON
fbem-13217	75	30	is	be	AUX
fbem-13217	75	31	necessary	necessary	ADJ
fbem-13217	75	32	to	to	PART
fbem-13217	75	33	explore	explore	VERB
fbem-13217	75	34	the	the	DET
fbem-13217	75	35	impact	impact	NOUN
fbem-13217	75	36	of	of	ADP
fbem-13217	75	37	digital	digital	ADJ
fbem-13217	75	38	transformation	transformation	NOUN
fbem-13217	75	39	degree	degree	NOUN
fbem-13217	75	40	on	on	ADP
fbem-13217	75	41	innovation	innovation	NOUN
fbem-13217	75	42	output	output	NOUN
fbem-13217	75	43	under	under	ADP
fbem-13217	75	44	different	different	ADJ
fbem-13217	75	45	property	property	NOUN
fbem-13217	75	46	rights	right	NOUN
fbem-13217	75	47	background	background	NOUN
fbem-13217	75	48	.	.	PUNCT
fbem-13217	76	1	based	base	VERB
fbem-13217	76	2	on	on	ADP
fbem-13217	76	3	this	this	PRON
fbem-13217	76	4	,	,	PUNCT
fbem-13217	76	5	hypothesis	hypothesis	NOUN
fbem-13217	76	6	3	3	NUM
fbem-13217	76	7	is	be	AUX
fbem-13217	76	8	proposed	propose	VERB
fbem-13217	76	9	.	.	PUNCT
fbem-13217	77	1	hypothesis	hypothesis	NOUN
fbem-13217	77	2	3	3	NUM
fbem-13217	77	3	:	:	PUNCT
fbem-13217	77	4	the	the	DET
fbem-13217	77	5	degree	degree	NOUN
fbem-13217	77	6	of	of	ADP
fbem-13217	77	7	digital	digital	ADJ
fbem-13217	77	8	transformation	transformation	NOUN
fbem-13217	77	9	has	have	VERB
fbem-13217	77	10	heterogeneity	heterogeneity	NOUN
fbem-13217	77	11	on	on	ADP
fbem-13217	77	12	the	the	DET
fbem-13217	77	13	enterprise	enterprise	NOUN
fbem-13217	77	14	innovation	innovation	NOUN
fbem-13217	77	15	performance	performance	NOUN
fbem-13217	77	16	of	of	ADP
fbem-13217	77	17	state	state	NOUN
fbem-13217	77	18	-	-	PUNCT
fbem-13217	77	19	owned	own	VERB
fbem-13217	77	20	enterprises	enterprise	NOUN
fbem-13217	77	21	and	and	CCONJ
fbem-13217	77	22	private	private	ADJ
fbem-13217	77	23	enterprises	enterprise	NOUN
fbem-13217	77	24	.	.	PUNCT
fbem-13217	78	1	3	3	X
fbem-13217	78	2	.	.	X
fbem-13217	78	3	research	research	NOUN
fbem-13217	78	4	design	design	PROPN
fbem-13217	78	5	3.1	3.1	NUM
fbem-13217	78	6	.	.	PUNCT
fbem-13217	79	1	sample	sample	NOUN
fbem-13217	79	2	source	source	NOUN
fbem-13217	79	3	this	this	DET
fbem-13217	79	4	paper	paper	NOUN
fbem-13217	79	5	takes	take	VERB
fbem-13217	79	6	chinese	chinese	ADJ
fbem-13217	79	7	listed	list	VERB
fbem-13217	79	8	companies	company	NOUN
fbem-13217	79	9	from	from	ADP
fbem-13217	79	10	2011	2011	NUM
fbem-13217	79	11	to	to	ADP
fbem-13217	79	12	2020	2020	NUM
fbem-13217	79	13	as	as	ADP
fbem-13217	79	14	research	research	NOUN
fbem-13217	79	15	samples	sample	NOUN
fbem-13217	79	16	.	.	PUNCT
fbem-13217	80	1	the	the	DET
fbem-13217	80	2	number	number	NOUN
fbem-13217	80	3	of	of	ADP
fbem-13217	80	4	patent	patent	NOUN
fbem-13217	80	5	applications	application	NOUN
fbem-13217	80	6	of	of	ADP
fbem-13217	80	7	enterprises	enterprise	NOUN
fbem-13217	80	8	came	come	VERB
fbem-13217	80	9	from	from	ADP
fbem-13217	80	10	the	the	DET
fbem-13217	80	11	cnrds	cnrd	NOUN
fbem-13217	80	12	database	database	NOUN
fbem-13217	80	13	,	,	PUNCT
fbem-13217	80	14	and	and	CCONJ
fbem-13217	80	15	the	the	DET
fbem-13217	80	16	data	datum	NOUN
fbem-13217	80	17	on	on	ADP
fbem-13217	80	18	the	the	DET
fbem-13217	80	19	degree	degree	NOUN
fbem-13217	80	20	of	of	ADP
fbem-13217	80	21	digital	digital	ADJ
fbem-13217	80	22	transformation	transformation	NOUN
fbem-13217	80	23	of	of	ADP
fbem-13217	80	24	enterprises	enterprise	NOUN
fbem-13217	80	25	,	,	PUNCT
fbem-13217	80	26	the	the	DET
fbem-13217	80	27	identification	identification	NOUN
fbem-13217	80	28	data	datum	NOUN
fbem-13217	80	29	of	of	ADP
fbem-13217	80	30	high	high	ADJ
fbem-13217	80	31	-	-	PUNCT
fbem-13217	80	32	tech	tech	NOUN
fbem-13217	80	33	enterprises	enterprise	NOUN
fbem-13217	80	34	and	and	CCONJ
fbem-13217	80	35	other	other	ADJ
fbem-13217	80	36	financial	financial	ADJ
fbem-13217	80	37	variables	variable	NOUN
fbem-13217	80	38	were	be	AUX
fbem-13217	80	39	all	all	ADV
fbem-13217	80	40	from	from	ADP
fbem-13217	80	41	the	the	DET
fbem-13217	80	42	csmar	csmar	PROPN
fbem-13217	80	43	database	database	NOUN
fbem-13217	80	44	.	.	PUNCT
fbem-13217	81	1	finally	finally	ADV
fbem-13217	81	2	,	,	PUNCT
fbem-13217	81	3	a	a	DET
fbem-13217	81	4	total	total	NOUN
fbem-13217	81	5	of	of	ADP
fbem-13217	81	6	25702	25702	NUM
fbem-13217	81	7	observations	observation	NOUN
fbem-13217	81	8	were	be	AUX
fbem-13217	81	9	obtained	obtain	VERB
fbem-13217	81	10	in	in	ADP
fbem-13217	81	11	this	this	DET
fbem-13217	81	12	paper	paper	NOUN
fbem-13217	81	13	.	.	PUNCT
fbem-13217	82	1	all	all	DET
fbem-13217	82	2	kinds	kind	NOUN
fbem-13217	82	3	of	of	ADP
fbem-13217	82	4	data	datum	NOUN
fbem-13217	82	5	in	in	ADP
fbem-13217	82	6	this	this	DET
fbem-13217	82	7	paper	paper	NOUN
fbem-13217	82	8	were	be	AUX
fbem-13217	82	9	collected	collect	VERB
fbem-13217	82	10	from	from	ADP
fbem-13217	82	11	the	the	DET
fbem-13217	82	12	csmar	csmar	PROPN
fbem-13217	82	13	database	database	NOUN
fbem-13217	82	14	,	,	PUNCT
fbem-13217	82	15	and	and	CCONJ
fbem-13217	82	16	in	in	ADP
fbem-13217	82	17	order	order	NOUN
fbem-13217	82	18	to	to	PART
fbem-13217	82	19	eliminate	eliminate	VERB
fbem-13217	82	20	the	the	DET
fbem-13217	82	21	influence	influence	NOUN
fbem-13217	82	22	of	of	ADP
fbem-13217	82	23	outliers	outlier	NOUN
fbem-13217	82	24	,	,	PUNCT
fbem-13217	82	25	the	the	DET
fbem-13217	82	26	first	first	ADJ
fbem-13217	82	27	and	and	CCONJ
fbem-13217	82	28	last	last	ADJ
fbem-13217	82	29	1	1	NUM
fbem-13217	82	30	%	%	NOUN
fbem-13217	82	31	tail	tail	NOUN
fbem-13217	82	32	processing	processing	NOUN
fbem-13217	82	33	was	be	AUX
fbem-13217	82	34	carried	carry	VERB
fbem-13217	82	35	out	out	ADP
fbem-13217	82	36	on	on	ADP
fbem-13217	82	37	the	the	DET
fbem-13217	82	38	data	datum	NOUN
fbem-13217	82	39	.	.	PUNCT
fbem-13217	83	1	the	the	DET
fbem-13217	83	2	following	follow	VERB
fbem-13217	83	3	data	datum	NOUN
fbem-13217	83	4	reports	report	NOUN
fbem-13217	83	5	were	be	AUX
fbem-13217	83	6	based	base	VERB
fbem-13217	83	7	on	on	ADP
fbem-13217	83	8	the	the	DET
fbem-13217	83	9	data	data	NOUN
fbem-13217	83	10	results	result	NOUN
fbem-13217	83	11	after	after	ADP
fbem-13217	83	12	processing	processing	NOUN
fbem-13217	83	13	,	,	PUNCT
fbem-13217	83	14	and	and	CCONJ
fbem-13217	83	15	the	the	DET
fbem-13217	83	16	empirical	empirical	ADJ
fbem-13217	83	17	analysis	analysis	NOUN
fbem-13217	83	18	was	be	AUX
fbem-13217	83	19	carried	carry	VERB
fbem-13217	83	20	out	out	ADP
fbem-13217	83	21	with	with	ADP
fbem-13217	83	22	stata16	stata16	ADJ
fbem-13217	83	23	software	software	NOUN
fbem-13217	83	24	.	.	PUNCT
fbem-13217	84	1	3.2	3.2	NUM
fbem-13217	84	2	.	.	PUNCT
fbem-13217	85	1	primary	primary	ADJ
fbem-13217	85	2	variable	variable	ADJ
fbem-13217	85	3	primary	primary	ADJ
fbem-13217	85	4	variable	variable	NOUN
fbem-13217	85	5	:	:	PUNCT
fbem-13217	85	6	for	for	ADP
fbem-13217	85	7	the	the	DET
fbem-13217	85	8	first	first	ADJ
fbem-13217	85	9	time	time	NOUN
fbem-13217	85	10	,	,	PUNCT
fbem-13217	85	11	wu	wu	PROPN
fbem-13217	85	12	fei	fei	PROPN
fbem-13217	86	1	[	[	X
fbem-13217	86	2	15]et	15]et	PROPN
fbem-13217	86	3	al	al	PROPN
fbem-13217	86	4	.	.	PROPN
fbem-13217	86	5	used	use	VERB
fbem-13217	86	6	the	the	DET
fbem-13217	86	7	word	word	NOUN
fbem-13217	86	8	frequency	frequency	NOUN
fbem-13217	86	9	of	of	ADP
fbem-13217	86	10	"	"	PUNCT
fbem-13217	86	11	digital	digital	ADJ
fbem-13217	86	12	transformation	transformation	NOUN
fbem-13217	86	13	"	"	PUNCT
fbem-13217	86	14	related	relate	VERB
fbem-13217	86	15	words	word	NOUN
fbem-13217	86	16	in	in	ADP
fbem-13217	86	17	the	the	DET
fbem-13217	86	18	annual	annual	ADJ
fbem-13217	86	19	report	report	NOUN
fbem-13217	86	20	of	of	ADP
fbem-13217	86	21	listed	list	VERB
fbem-13217	86	22	companies	company	NOUN
fbem-13217	86	23	as	as	ADP
fbem-13217	86	24	a	a	DET
fbem-13217	86	25	measure	measure	NOUN
fbem-13217	86	26	of	of	ADP
fbem-13217	86	27	the	the	DET
fbem-13217	86	28	degree	degree	NOUN
fbem-13217	86	29	of	of	ADP
fbem-13217	86	30	digital	digital	ADJ
fbem-13217	86	31	transformation	transformation	NOUN
fbem-13217	86	32	of	of	ADP
fbem-13217	86	33	enterprises	enterprise	NOUN
fbem-13217	86	34	.	.	PUNCT
fbem-13217	87	1	they	they	PRON
fbem-13217	87	2	believe	believe	VERB
fbem-13217	87	3	that	that	SCONJ
fbem-13217	87	4	previous	previous	ADJ
fbem-13217	87	5	studies	study	NOUN
fbem-13217	87	6	mainly	mainly	ADV
fbem-13217	87	7	use	use	VERB
fbem-13217	87	8	virtual	virtual	ADJ
fbem-13217	87	9	variables	variable	NOUN
fbem-13217	87	10	of	of	ADP
fbem-13217	87	11	whether	whether	SCONJ
fbem-13217	87	12	an	an	DET
fbem-13217	87	13	enterprise	enterprise	NOUN
fbem-13217	87	14	has	have	AUX
fbem-13217	87	15	carried	carry	VERB
fbem-13217	87	16	out	out	ADP
fbem-13217	87	17	digital	digital	ADJ
fbem-13217	87	18	transformation	transformation	NOUN
fbem-13217	87	19	as	as	ADP
fbem-13217	87	20	proxy	proxy	ADJ
fbem-13217	87	21	variables	variable	NOUN
fbem-13217	87	22	,	,	PUNCT
fbem-13217	87	23	which	which	PRON
fbem-13217	87	24	can	can	AUX
fbem-13217	87	25	not	not	PART
fbem-13217	87	26	well	well	ADV
fbem-13217	87	27	measure	measure	VERB
fbem-13217	87	28	the	the	DET
fbem-13217	87	29	degree	degree	NOUN
fbem-13217	87	30	of	of	ADP
fbem-13217	87	31	enterprise	enterprise	NOUN
fbem-13217	87	32	digital	digital	ADJ
fbem-13217	87	33	transformation	transformation	NOUN
fbem-13217	87	34	.	.	PUNCT
fbem-13217	88	1	as	as	ADP
fbem-13217	88	2	a	a	DET
fbem-13217	88	3	summary	summary	NOUN
fbem-13217	88	4	and	and	CCONJ
fbem-13217	88	5	oriented	orient	VERB
fbem-13217	88	6	external	external	ADJ
fbem-13217	88	7	report	report	NOUN
fbem-13217	88	8	,	,	PUNCT
fbem-13217	88	9	the	the	DET
fbem-13217	88	10	annual	annual	ADJ
fbem-13217	88	11	report	report	NOUN
fbem-13217	88	12	of	of	ADP
fbem-13217	88	13	an	an	DET
fbem-13217	88	14	enterprise	enterprise	NOUN
fbem-13217	88	15	is	be	AUX
fbem-13217	88	16	the	the	DET
fbem-13217	88	17	carrier	carrier	NOUN
fbem-13217	88	18	of	of	ADP
fbem-13217	88	19	information	information	NOUN
fbem-13217	88	20	transmission	transmission	NOUN
fbem-13217	88	21	to	to	ADP
fbem-13217	88	22	external	external	ADJ
fbem-13217	88	23	information	information	NOUN
fbem-13217	88	24	users	user	NOUN
fbem-13217	88	25	.	.	PUNCT
fbem-13217	89	1	the	the	DET
fbem-13217	89	2	willingness	willingness	NOUN
fbem-13217	89	3	and	and	CCONJ
fbem-13217	89	4	results	result	NOUN
fbem-13217	89	5	of	of	ADP
fbem-13217	89	6	an	an	DET
fbem-13217	89	7	enterprise	enterprise	NOUN
fbem-13217	89	8	to	to	PART
fbem-13217	89	9	actively	actively	ADV
fbem-13217	89	10	carry	carry	VERB
fbem-13217	89	11	out	out	ADP
fbem-13217	89	12	digital	digital	ADJ
fbem-13217	89	13	transformation	transformation	NOUN
fbem-13217	89	14	are	be	AUX
fbem-13217	89	15	likely	likely	ADJ
fbem-13217	89	16	to	to	PART
fbem-13217	89	17	be	be	AUX
fbem-13217	89	18	reflected	reflect	VERB
fbem-13217	89	19	in	in	ADP
fbem-13217	89	20	the	the	DET
fbem-13217	89	21	annual	annual	ADJ
fbem-13217	89	22	report	report	NOUN
fbem-13217	89	23	of	of	ADP
fbem-13217	89	24	an	an	DET
fbem-13217	89	25	enterprise	enterprise	NOUN
fbem-13217	89	26	.	.	PUNCT
fbem-13217	90	1	therefore	therefore	ADV
fbem-13217	90	2	,	,	PUNCT
fbem-13217	90	3	it	it	PRON
fbem-13217	90	4	is	be	AUX
fbem-13217	90	5	reasonable	reasonable	ADJ
fbem-13217	90	6	to	to	PART
fbem-13217	90	7	use	use	VERB
fbem-13217	90	8	the	the	DET
fbem-13217	90	9	word	word	NOUN
fbem-13217	90	10	frequency	frequency	NOUN
fbem-13217	90	11	of	of	ADP
fbem-13217	90	12	"	"	PUNCT
fbem-13217	90	13	enterprise	enterprise	NOUN
fbem-13217	90	14	digital	digital	ADJ
fbem-13217	90	15	transformation	transformation	NOUN
fbem-13217	90	16	"	"	PUNCT
fbem-13217	90	17	in	in	ADP
fbem-13217	90	18	the	the	DET
fbem-13217	90	19	annual	annual	ADJ
fbem-13217	90	20	report	report	NOUN
fbem-13217	90	21	to	to	PART
fbem-13217	90	22	measure	measure	VERB
fbem-13217	90	23	the	the	DET
fbem-13217	90	24	degree	degree	NOUN
fbem-13217	90	25	of	of	ADP
fbem-13217	90	26	digital	digital	ADJ
fbem-13217	90	27	transformation	transformation	NOUN
fbem-13217	90	28	.	.	PUNCT
fbem-13217	91	1	specifically	specifically	ADV
fbem-13217	91	2	,	,	PUNCT
fbem-13217	91	3	the	the	DET
fbem-13217	91	4	csmar	csmar	PROPN
fbem-13217	91	5	database	database	NOUN
fbem-13217	91	6	cited	cite	VERB
fbem-13217	91	7	in	in	ADP
fbem-13217	91	8	this	this	DET
fbem-13217	91	9	paper	paper	NOUN
fbem-13217	91	10	covers	cover	VERB
fbem-13217	91	11	terms	term	NOUN
fbem-13217	91	12	in	in	ADP
fbem-13217	91	13	five	five	NUM
fbem-13217	91	14	categories	category	NOUN
fbem-13217	91	15	when	when	SCONJ
fbem-13217	91	16	calculating	calculate	VERB
fbem-13217	91	17	the	the	DET
fbem-13217	91	18	degree	degree	NOUN
fbem-13217	91	19	of	of	ADP
fbem-13217	91	20	enterprise	enterprise	NOUN
fbem-13217	91	21	digital	digital	ADJ
fbem-13217	91	22	transformation	transformation	NOUN
fbem-13217	91	23	:	:	PUNCT
fbem-13217	91	24	artificial	artificial	ADJ
fbem-13217	91	25	intelligence	intelligence	NOUN
fbem-13217	91	26	,	,	PUNCT
fbem-13217	91	27	blockchain	blockchain	PROPN
fbem-13217	91	28	,	,	PUNCT
fbem-13217	91	29	cloud	cloud	NOUN
fbem-13217	91	30	computing	computing	NOUN
fbem-13217	91	31	,	,	PUNCT
fbem-13217	91	32	big	big	ADJ
fbem-13217	91	33	data	datum	NOUN
fbem-13217	91	34	,	,	PUNCT
fbem-13217	91	35	and	and	CCONJ
fbem-13217	91	36	digital	digital	ADJ
fbem-13217	91	37	technology	technology	NOUN
fbem-13217	91	38	applications	application	NOUN
fbem-13217	91	39	,	,	PUNCT
fbem-13217	91	40	which	which	PRON
fbem-13217	91	41	is	be	AUX
fbem-13217	91	42	consistent	consistent	ADJ
fbem-13217	91	43	with	with	ADP
fbem-13217	91	44	previous	previous	ADJ
fbem-13217	91	45	research.the	research.the	DET
fbem-13217	91	46	names	name	NOUN
fbem-13217	91	47	of	of	ADP
fbem-13217	91	48	specific	specific	ADJ
fbem-13217	91	49	subdivisions	subdivision	NOUN
fbem-13217	91	50	are	be	AUX
fbem-13217	91	51	shown	show	VERB
fbem-13217	91	52	in	in	ADP
fbem-13217	91	53	table	table	NOUN
fbem-13217	91	54	1	1	NUM
fbem-13217	91	55	.	.	PUNCT
fbem-13217	92	1	based	base	VERB
fbem-13217	92	2	on	on	ADP
fbem-13217	92	3	this	this	PRON
fbem-13217	92	4	,	,	PUNCT
fbem-13217	92	5	this	this	DET
fbem-13217	92	6	paper	paper	NOUN
fbem-13217	92	7	sums	sum	VERB
fbem-13217	92	8	up	up	ADP
fbem-13217	92	9	the	the	DET
fbem-13217	92	10	word	word	NOUN
fbem-13217	92	11	frequencies	frequency	NOUN
fbem-13217	92	12	of	of	ADP
fbem-13217	92	13	five	five	NUM
fbem-13217	92	14	categories	category	NOUN
fbem-13217	92	15	to	to	PART
fbem-13217	92	16	measure	measure	VERB
fbem-13217	92	17	the	the	DET
fbem-13217	92	18	degree	degree	NOUN
fbem-13217	92	19	of	of	ADP
fbem-13217	92	20	enterprise	enterprise	NOUN
fbem-13217	92	21	digital	digital	ADJ
fbem-13217	92	22	transformation	transformation	NOUN
fbem-13217	92	23	(	(	PUNCT
fbem-13217	92	24	dig	dig	NOUN
fbem-13217	92	25	)	)	PUNCT
fbem-13217	92	26	.	.	PUNCT
fbem-13217	93	1	since	since	SCONJ
fbem-13217	93	2	the	the	DET
fbem-13217	93	3	data	data	NOUN
fbem-13217	93	4	has	have	VERB
fbem-13217	93	5	the	the	DET
fbem-13217	93	6	feature	feature	NOUN
fbem-13217	93	7	of	of	ADP
fbem-13217	93	8	"	"	PUNCT
fbem-13217	93	9	rightbias	rightbia	NOUN
fbem-13217	93	10	"	"	PUNCT
fbem-13217	93	11	,	,	PUNCT
fbem-13217	93	12	this	this	DET
fbem-13217	93	13	paper	paper	NOUN
fbem-13217	93	14	carries	carry	VERB
fbem-13217	93	15	out	out	ADP
fbem-13217	93	16	logarithmic	logarithmic	ADJ
fbem-13217	93	17	processing	processing	NOUN
fbem-13217	93	18	on	on	ADP
fbem-13217	93	19	this	this	DET
fbem-13217	93	20	basis	basis	NOUN
fbem-13217	93	21	,	,	PUNCT
fbem-13217	93	22	and	and	CCONJ
fbem-13217	93	23	the	the	DET
fbem-13217	93	24	specific	specific	ADJ
fbem-13217	93	25	calculation	calculation	NOUN
fbem-13217	93	26	formula	formula	NOUN
fbem-13217	93	27	is	be	AUX
fbem-13217	93	28	as	as	SCONJ
fbem-13217	93	29	follows	follow	VERB
fbem-13217	93	30	:	:	PUNCT
fbem-13217	93	31	𝐿𝑛𝑑𝑖𝑔	𝐿𝑛𝑑𝑖𝑔	PROPN
fbem-13217	93	32	,	,	PUNCT
fbem-13217	93	33	𝐿𝑛	𝐿𝑛	PROPN
fbem-13217	93	34	ai+bc+cc+bd+dta+1	ai+bc+cc+bd+dta+1	PROPN
fbem-13217	93	35	)	)	PUNCT
fbem-13217	93	36	(	(	PUNCT
fbem-13217	93	37	1	1	X
fbem-13217	93	38	)	)	PUNCT
fbem-13217	93	39	3.3	3.3	NUM
fbem-13217	93	40	.	.	PUNCT
fbem-13217	94	1	enterprise	enterprise	NOUN
fbem-13217	94	2	innovation	innovation	NOUN
fbem-13217	94	3	patent	patent	NOUN
fbem-13217	94	4	application	application	NOUN
fbem-13217	94	5	reflects	reflect	VERB
fbem-13217	94	6	the	the	DET
fbem-13217	94	7	results	result	NOUN
fbem-13217	94	8	of	of	ADP
fbem-13217	94	9	innovation	innovation	NOUN
fbem-13217	94	10	projects	project	NOUN
fbem-13217	94	11	invested	invest	VERB
fbem-13217	94	12	by	by	ADP
fbem-13217	94	13	enterprises	enterprise	NOUN
fbem-13217	94	14	,	,	PUNCT
fbem-13217	94	15	and	and	CCONJ
fbem-13217	94	16	can	can	AUX
fbem-13217	94	17	measure	measure	VERB
fbem-13217	94	18	the	the	DET
fbem-13217	94	19	innovation	innovation	NOUN
fbem-13217	94	20	ability	ability	NOUN
fbem-13217	94	21	of	of	ADP
fbem-13217	94	22	enterprises	enterprise	NOUN
fbem-13217	94	23	.	.	PUNCT
fbem-13217	95	1	at	at	ADP
fbem-13217	95	2	the	the	DET
fbem-13217	95	3	same	same	ADJ
fbem-13217	95	4	time	time	NOUN
fbem-13217	95	5	,	,	PUNCT
fbem-13217	95	6	the	the	DET
fbem-13217	95	7	number	number	NOUN
fbem-13217	95	8	of	of	ADP
fbem-13217	95	9	patent	patent	NOUN
fbem-13217	95	10	applications	application	NOUN
fbem-13217	95	11	is	be	AUX
fbem-13217	95	12	closer	close	ADJ
fbem-13217	95	13	to	to	ADP
fbem-13217	95	14	the	the	DET
fbem-13217	95	15	actual	actual	ADJ
fbem-13217	95	16	time	time	NOUN
fbem-13217	95	17	of	of	ADP
fbem-13217	95	18	innovation	innovation	NOUN
fbem-13217	95	19	output	output	NOUN
fbem-13217	95	20	than	than	ADP
fbem-13217	95	21	the	the	DET
fbem-13217	95	22	number	number	NOUN
fbem-13217	95	23	of	of	ADP
fbem-13217	95	24	patents	patent	NOUN
fbem-13217	95	25	granted	grant	VERB
fbem-13217	95	26	,	,	PUNCT
fbem-13217	95	27	which	which	PRON
fbem-13217	95	28	can	can	AUX
fbem-13217	95	29	more	more	ADV
fbem-13217	95	30	truly	truly	ADV
fbem-13217	95	31	reflect	reflect	VERB
fbem-13217	95	32	the	the	DET
fbem-13217	95	33	level	level	NOUN
fbem-13217	95	34	of	of	ADP
fbem-13217	95	35	innovation	innovation	NOUN
fbem-13217	95	36	.	.	PUNCT
fbem-13217	96	1	therefore	therefore	ADV
fbem-13217	96	2	,	,	PUNCT
fbem-13217	96	3	this	this	DET
fbem-13217	96	4	paper	paper	NOUN
fbem-13217	96	5	refers	refer	VERB
fbem-13217	96	6	to	to	ADP
fbem-13217	96	7	the	the	DET
fbem-13217	96	8	practice	practice	NOUN
fbem-13217	96	9	of	of	ADP
fbem-13217	96	10	li	li	PROPN
fbem-13217	96	11	chuntao	chuntao	PROPN
fbem-13217	96	12	et	et	PROPN
fbem-13217	96	13	al[16	al[16	PROPN
fbem-13217	96	14	]	]	X
fbem-13217	96	15	.	.	PUNCT
fbem-13217	96	16	,	,	PUNCT
fbem-13217	96	17	li	li	PROPN
fbem-13217	96	18	wenjing	wenje	VERB
fbem-13217	96	19	and	and	CCONJ
fbem-13217	96	20	zheng	zheng	PROPN
fbem-13217	96	21	manni[17	manni[17	PROPN
fbem-13217	96	22	]	]	X
fbem-13217	96	23	,	,	PUNCT
fbem-13217	96	24	and	and	CCONJ
fbem-13217	96	25	takes	take	VERB
fbem-13217	96	26	the	the	DET
fbem-13217	96	27	number	number	NOUN
fbem-13217	96	28	of	of	ADP
fbem-13217	96	29	patent	patent	NOUN
fbem-13217	96	30	applications	application	NOUN
fbem-13217	96	31	as	as	ADP
fbem-13217	96	32	the	the	DET
fbem-13217	96	33	proxy	proxy	ADJ
fbem-13217	96	34	variable	variable	NOUN
fbem-13217	96	35	of	of	ADP
fbem-13217	96	36	enterprise	enterprise	NOUN
fbem-13217	96	37	innovation	innovation	NOUN
fbem-13217	96	38	.	.	PUNCT
fbem-13217	97	1	patent	patent	NOUN
fbem-13217	97	2	data	datum	NOUN
fbem-13217	97	3	also	also	ADV
fbem-13217	97	4	has	have	VERB
fbem-13217	97	5	the	the	DET
fbem-13217	97	6	characteristics	characteristic	NOUN
fbem-13217	97	7	of	of	ADP
fbem-13217	97	8	"	"	PUNCT
fbem-13217	97	9	right	right	ADJ
fbem-13217	97	10	bias	bias	NOUN
fbem-13217	97	11	"	"	PUNCT
fbem-13217	97	12	,	,	PUNCT
fbem-13217	97	13	this	this	DET
fbem-13217	97	14	paper	paper	NOUN
fbem-13217	97	15	takes	take	VERB
fbem-13217	97	16	the	the	DET
fbem-13217	97	17	natural	natural	ADJ
fbem-13217	97	18	logarithm	logarithm	NOUN
fbem-13217	97	19	of	of	ADP
fbem-13217	97	20	the	the	DET
fbem-13217	97	21	number	number	NOUN
fbem-13217	97	22	of	of	ADP
fbem-13217	97	23	patent	patent	NOUN
fbem-13217	97	24	applications	application	NOUN
fbem-13217	97	25	after	after	ADP
fbem-13217	97	26	adding	add	VERB
fbem-13217	97	27	1	1	NUM
fbem-13217	97	28	.	.	NOUN
fbem-13217	97	29	210	210	NUM
fbem-13217	97	30	in	in	ADP
fbem-13217	97	31	order	order	NOUN
fbem-13217	97	32	to	to	PART
fbem-13217	97	33	alleviate	alleviate	VERB
fbem-13217	97	34	the	the	DET
fbem-13217	97	35	possible	possible	ADJ
fbem-13217	97	36	reverse	reverse	ADJ
fbem-13217	97	37	causation	causation	NOUN
fbem-13217	97	38	problem	problem	NOUN
fbem-13217	97	39	,	,	PUNCT
fbem-13217	97	40	the	the	DET
fbem-13217	97	41	patent	patent	NOUN
fbem-13217	97	42	application	application	NOUN
fbem-13217	97	43	is	be	AUX
fbem-13217	97	44	also	also	ADV
fbem-13217	97	45	dealt	deal	VERB
fbem-13217	97	46	with	with	ADP
fbem-13217	97	47	in	in	ADP
fbem-13217	97	48	the	the	DET
fbem-13217	97	49	future	future	ADJ
fbem-13217	97	50	phase	phase	NOUN
fbem-13217	97	51	.	.	PUNCT
fbem-13217	98	1	the	the	DET
fbem-13217	98	2	specific	specific	ADJ
fbem-13217	98	3	calculation	calculation	NOUN
fbem-13217	98	4	formula	formula	NOUN
fbem-13217	98	5	is	be	AUX
fbem-13217	98	6	as	as	SCONJ
fbem-13217	98	7	follows	follow	VERB
fbem-13217	98	8	:	:	PUNCT
fbem-13217	98	9	table	table	NOUN
fbem-13217	98	10	1	1	NUM
fbem-13217	98	11	.	.	PUNCT
fbem-13217	99	1	digital	digital	ADJ
fbem-13217	99	2	transformation	transformation	NOUN
fbem-13217	99	3	segmentation	segmentation	NOUN
fbem-13217	99	4	indicators	indicator	NOUN
fbem-13217	99	5	index	index	NOUN
fbem-13217	99	6	class	class	NOUN
fbem-13217	99	7	segmentation	segmentation	NOUN
fbem-13217	99	8	index	index	NOUN
fbem-13217	99	9	name	name	VERB
fbem-13217	99	10	artificial	artificial	ADJ
fbem-13217	99	11	intelligence	intelligence	NOUN
fbem-13217	99	12	technology	technology	NOUN
fbem-13217	99	13	(	(	PUNCT
fbem-13217	99	14	ai	ai	NOUN
fbem-13217	99	15	)	)	PUNCT
fbem-13217	99	16	artificial	artificial	ADJ
fbem-13217	99	17	intelligence	intelligence	NOUN
fbem-13217	99	18	,	,	PUNCT
fbem-13217	99	19	business	business	NOUN
fbem-13217	99	20	intelligence	intelligence	NOUN
fbem-13217	99	21	,	,	PUNCT
fbem-13217	99	22	image	image	NOUN
fbem-13217	99	23	understanding	understanding	NOUN
fbem-13217	99	24	,	,	PUNCT
fbem-13217	99	25	investment	investment	NOUN
fbem-13217	99	26	decision	decision	NOUN
fbem-13217	99	27	aid	aid	NOUN
fbem-13217	99	28	systems	system	NOUN
fbem-13217	99	29	,	,	PUNCT
fbem-13217	99	30	intelligent	intelligent	ADJ
fbem-13217	99	31	data	datum	NOUN
fbem-13217	99	32	analysis	analysis	NOUN
fbem-13217	99	33	,	,	PUNCT
fbem-13217	99	34	intelligent	intelligent	ADJ
fbem-13217	99	35	robotics	robotic	NOUN
fbem-13217	99	36	,	,	PUNCT
fbem-13217	99	37	machine	machine	NOUN
fbem-13217	99	38	learning	learning	NOUN
fbem-13217	99	39	,	,	PUNCT
fbem-13217	99	40	deep	deep	ADJ
fbem-13217	99	41	learning	learning	NOUN
fbem-13217	99	42	,	,	PUNCT
fbem-13217	99	43	semantic	semantic	ADJ
fbem-13217	99	44	search	search	NOUN
fbem-13217	99	45	,	,	PUNCT
fbem-13217	99	46	biometrics	biometric	NOUN
fbem-13217	99	47	,	,	PUNCT
fbem-13217	99	48	face	face	NOUN
fbem-13217	99	49	recognition	recognition	NOUN
fbem-13217	99	50	,	,	PUNCT
fbem-13217	99	51	speech	speech	NOUN
fbem-13217	99	52	recognition	recognition	NOUN
fbem-13217	99	53	,	,	PUNCT
fbem-13217	99	54	authentication	authentication	NOUN
fbem-13217	99	55	,	,	PUNCT
fbem-13217	99	56	autonomous	autonomous	ADJ
fbem-13217	99	57	driving	driving	NOUN
fbem-13217	99	58	,	,	PUNCT
fbem-13217	99	59	natural	natural	ADJ
fbem-13217	99	60	language	language	NOUN
fbem-13217	99	61	processing	processing	NOUN
fbem-13217	99	62	blockchain	blockchain	PROPN
fbem-13217	99	63	technology	technology	PROPN
fbem-13217	99	64	(	(	PUNCT
fbem-13217	99	65	bc	bc	PROPN
fbem-13217	99	66	)	)	PUNCT
fbem-13217	99	67	digital	digital	ADJ
fbem-13217	99	68	currency	currency	NOUN
fbem-13217	99	69	,	,	PUNCT
fbem-13217	99	70	smart	smart	ADJ
fbem-13217	99	71	contracts	contract	NOUN
fbem-13217	99	72	,	,	PUNCT
fbem-13217	99	73	distributed	distributed	ADJ
fbem-13217	99	74	computing	computing	NOUN
fbem-13217	99	75	,	,	PUNCT
fbem-13217	99	76	decentralization	decentralization	NOUN
fbem-13217	99	77	,	,	PUNCT
fbem-13217	99	78	bitcoin	bitcoin	NOUN
fbem-13217	99	79	,	,	PUNCT
fbem-13217	99	80	alliance	alliance	NOUN
fbem-13217	99	81	chain	chain	NOUN
fbem-13217	99	82	,	,	PUNCT
fbem-13217	99	83	differential	differential	NOUN
fbem-13217	99	84	privacy	privacy	NOUN
fbem-13217	99	85	technology	technology	NOUN
fbem-13217	99	86	,	,	PUNCT
fbem-13217	99	87	consensus	consensus	NOUN
fbem-13217	99	88	mechanism	mechanism	NOUN
fbem-13217	99	89	cloud	cloud	NOUN
fbem-13217	99	90	computing	computing	NOUN
fbem-13217	99	91	technology	technology	NOUN
fbem-13217	99	92	(	(	PUNCT
fbem-13217	99	93	cc	cc	NOUN
fbem-13217	99	94	)	)	PUNCT
fbem-13217	99	95	memory	memory	NOUN
fbem-13217	99	96	computing	computing	NOUN
fbem-13217	99	97	,	,	PUNCT
fbem-13217	99	98	cloud	cloud	NOUN
fbem-13217	99	99	computing	computing	NOUN
fbem-13217	99	100	,	,	PUNCT
fbem-13217	99	101	stream	stream	NOUN
fbem-13217	99	102	computing	computing	NOUN
fbem-13217	99	103	,	,	PUNCT
fbem-13217	99	104	graph	graph	NOUN
fbem-13217	99	105	computing	computing	NOUN
fbem-13217	99	106	,	,	PUNCT
fbem-13217	99	107	internet	internet	NOUN
fbem-13217	99	108	of	of	ADP
fbem-13217	99	109	things	thing	NOUN
fbem-13217	99	110	,	,	PUNCT
fbem-13217	99	111	multi	multi	ADJ
fbem-13217	99	112	-	-	ADJ
fbem-13217	99	113	party	party	ADJ
fbem-13217	99	114	secure	secure	ADJ
fbem-13217	99	115	computing	computing	NOUN
fbem-13217	99	116	,	,	PUNCT
fbem-13217	99	117	brain	brain	NOUN
fbem-13217	99	118	-	-	PUNCT
fbem-13217	99	119	like	like	ADJ
fbem-13217	99	120	computing	computing	NOUN
fbem-13217	99	121	,	,	PUNCT
fbem-13217	99	122	green	green	ADJ
fbem-13217	99	123	computing	computing	NOUN
fbem-13217	99	124	,	,	PUNCT
fbem-13217	99	125	cognitive	cognitive	ADJ
fbem-13217	99	126	computing	computing	NOUN
fbem-13217	99	127	,	,	PUNCT
fbem-13217	99	128	fusion	fusion	NOUN
fbem-13217	99	129	architecture	architecture	NOUN
fbem-13217	99	130	,	,	PUNCT
fbem-13217	99	131	100	100	NUM
fbem-13217	99	132	million	million	NUM
fbem-13217	99	133	level	level	NOUN
fbem-13217	99	134	concurrency	concurrency	NOUN
fbem-13217	99	135	,	,	PUNCT
fbem-13217	99	136	eb	eb	PROPN
fbem-13217	99	137	level	level	NOUN
fbem-13217	99	138	storage	storage	NOUN
fbem-13217	99	139	,	,	PUNCT
fbem-13217	99	140	information	information	NOUN
fbem-13217	99	141	physical	physical	PROPN
fbem-13217	99	142	systems	system	NOUN
fbem-13217	99	143	big	big	ADJ
fbem-13217	99	144	data	datum	NOUN
fbem-13217	99	145	technology	technology	NOUN
fbem-13217	99	146	(	(	PUNCT
fbem-13217	99	147	bd	bd	PROPN
fbem-13217	99	148	)	)	PUNCT
fbem-13217	99	149	big	big	ADJ
fbem-13217	99	150	data	datum	NOUN
fbem-13217	99	151	,	,	PUNCT
fbem-13217	99	152	data	datum	NOUN
fbem-13217	99	153	mining	mining	NOUN
fbem-13217	99	154	,	,	PUNCT
fbem-13217	99	155	text	text	NOUN
fbem-13217	99	156	mining	mining	NOUN
fbem-13217	99	157	,	,	PUNCT
fbem-13217	99	158	data	datum	NOUN
fbem-13217	99	159	visualization	visualization	NOUN
fbem-13217	99	160	,	,	PUNCT
fbem-13217	99	161	heterogeneous	heterogeneous	ADJ
fbem-13217	99	162	data	datum	NOUN
fbem-13217	99	163	,	,	PUNCT
fbem-13217	99	164	credit	credit	NOUN
fbem-13217	99	165	information	information	NOUN
fbem-13217	99	166	,	,	PUNCT
fbem-13217	99	167	augmented	augment	VERB
fbem-13217	99	168	reality	reality	NOUN
fbem-13217	99	169	,	,	PUNCT
fbem-13217	99	170	mixed	mixed	ADJ
fbem-13217	99	171	reality	reality	NOUN
fbem-13217	99	172	,	,	PUNCT
fbem-13217	99	173	virtual	virtual	ADJ
fbem-13217	99	174	reality	reality	NOUN
fbem-13217	99	175	digital	digital	ADJ
fbem-13217	99	176	technology	technology	NOUN
fbem-13217	99	177	applications	application	NOUN
fbem-13217	99	178	(	(	PUNCT
fbem-13217	99	179	dta	dta	PROPN
fbem-13217	99	180	)	)	PUNCT
fbem-13217	99	181	mobile	mobile	NOUN
fbem-13217	99	182	internet	internet	NOUN
fbem-13217	99	183	,	,	PUNCT
fbem-13217	99	184	industrial	industrial	ADJ
fbem-13217	99	185	internet	internet	NOUN
fbem-13217	99	186	,	,	PUNCT
fbem-13217	99	187	mobile	mobile	ADJ
fbem-13217	99	188	internet	internet	NOUN
fbem-13217	99	189	,	,	PUNCT
fbem-13217	99	190	internet	internet	NOUN
fbem-13217	99	191	medical	medical	NOUN
fbem-13217	99	192	,	,	PUNCT
fbem-13217	99	193	e	e	NOUN
fbem-13217	99	194	-	-	NOUN
fbem-13217	99	195	commerce	commerce	ADJ
fbem-13217	99	196	,	,	PUNCT
fbem-13217	99	197	mobile	mobile	ADJ
fbem-13217	99	198	payment	payment	NOUN
fbem-13217	99	199	,	,	PUNCT
fbem-13217	99	200	third	third	ADJ
fbem-13217	99	201	-	-	PUNCT
fbem-13217	99	202	party	party	NOUN
fbem-13217	99	203	payment	payment	NOUN
fbem-13217	99	204	,	,	PUNCT
fbem-13217	99	205	nfc	nfc	NOUN
fbem-13217	99	206	payment	payment	NOUN
fbem-13217	99	207	,	,	PUNCT
fbem-13217	99	208	b2b	b2b	NOUN
fbem-13217	99	209	,	,	PUNCT
fbem-13217	99	210	b2c	b2c	NOUN
fbem-13217	99	211	,	,	PUNCT
fbem-13217	99	212	c2b	c2b	PROPN
fbem-13217	99	213	,	,	PUNCT
fbem-13217	99	214	c2c	c2c	NOUN
fbem-13217	99	215	,	,	PUNCT
fbem-13217	99	216	o2o	o2o	NOUN
fbem-13217	99	217	,	,	PUNCT
fbem-13217	99	218	internet	internet	NOUN
fbem-13217	99	219	connection	connection	NOUN
fbem-13217	99	220	,	,	PUNCT
fbem-13217	99	221	smart	smart	ADJ
fbem-13217	99	222	wear	wear	NOUN
fbem-13217	99	223	,	,	PUNCT
fbem-13217	99	224	smart	smart	ADJ
fbem-13217	99	225	agriculture	agriculture	NOUN
fbem-13217	99	226	,	,	PUNCT
fbem-13217	99	227	smart	smart	ADJ
fbem-13217	99	228	transportation	transportation	NOUN
fbem-13217	99	229	,	,	PUNCT
fbem-13217	99	230	smart	smart	ADJ
fbem-13217	99	231	medical	medical	ADJ
fbem-13217	99	232	,	,	PUNCT
fbem-13217	99	233	smart	smart	ADJ
fbem-13217	99	234	customer	customer	NOUN
fbem-13217	99	235	service	service	NOUN
fbem-13217	99	236	,	,	PUNCT
fbem-13217	99	237	smart	smart	ADJ
fbem-13217	99	238	home	home	NOUN
fbem-13217	99	239	,	,	PUNCT
fbem-13217	99	240	smart	smart	ADJ
fbem-13217	99	241	investment	investment	NOUN
fbem-13217	99	242	,	,	PUNCT
fbem-13217	99	243	smart	smart	ADJ
fbem-13217	99	244	travel	travel	NOUN
fbem-13217	99	245	,	,	PUNCT
fbem-13217	99	246	smart	smart	ADJ
fbem-13217	99	247	environmental	environmental	ADJ
fbem-13217	99	248	protection	protection	NOUN
fbem-13217	99	249	,	,	PUNCT
fbem-13217	99	250	smart	smart	ADJ
fbem-13217	99	251	grid	grid	NOUN
fbem-13217	99	252	,	,	PUNCT
fbem-13217	99	253	smart	smart	ADJ
fbem-13217	99	254	energy	energy	NOUN
fbem-13217	99	255	,	,	PUNCT
fbem-13217	99	256	smart	smart	ADJ
fbem-13217	99	257	marketing	marketing	NOUN
fbem-13217	99	258	,	,	PUNCT
fbem-13217	99	259	digital	digital	ADJ
fbem-13217	99	260	marketing	marketing	NOUN
fbem-13217	99	261	,	,	PUNCT
fbem-13217	99	262	unmanned	unmanned	ADJ
fbem-13217	99	263	retail	retail	NOUN
fbem-13217	99	264	,	,	PUNCT
fbem-13217	99	265	internet	internet	NOUN
fbem-13217	99	266	finance	finance	NOUN
fbem-13217	99	267	,	,	PUNCT
fbem-13217	99	268	digital	digital	ADJ
fbem-13217	99	269	finance	finance	NOUN
fbem-13217	99	270	,	,	PUNCT
fbem-13217	99	271	fintech	fintech	NOUN
fbem-13217	99	272	,	,	PUNCT
fbem-13217	99	273	financial	financial	ADJ
fbem-13217	99	274	technology	technology	NOUN
fbem-13217	99	275	,	,	PUNCT
fbem-13217	99	276	quantitative	quantitative	ADJ
fbem-13217	99	277	finance	finance	NOUN
fbem-13217	99	278	,	,	PUNCT
fbem-13217	99	279	open	open	ADJ
fbem-13217	99	280	banking	banking	NOUN
fbem-13217	99	281	𝑖𝑛𝑛	𝑖𝑛𝑛	NOUN
fbem-13217	99	282	,	,	PUNCT
fbem-13217	99	283	𝐿𝑛	𝐿𝑛	PROPN
fbem-13217	99	284	patentapplei，t+1	patentapplei，t+1	VERB
fbem-13217	99	285	+	+	PROPN
fbem-13217	99	286	1	1	NUM
fbem-13217	99	287	)	)	PUNCT
fbem-13217	99	288	(	(	PUNCT
fbem-13217	99	289	2	2	NUM
fbem-13217	99	290	)	)	PUNCT
fbem-13217	99	291	3.4	3.4	NUM
fbem-13217	99	292	.	.	PUNCT
fbem-13217	100	1	other	other	ADJ
fbem-13217	100	2	variables	variable	NOUN
fbem-13217	100	3	this	this	DET
fbem-13217	100	4	article	article	NOUN
fbem-13217	100	5	refers	refer	VERB
fbem-13217	100	6	to	to	ADP
fbem-13217	100	7	the	the	DET
fbem-13217	100	8	existing	exist	VERB
fbem-13217	100	9	literature	literature	NOUN
fbem-13217	100	10	,	,	PUNCT
fbem-13217	100	11	in	in	ADP
fbem-13217	100	12	the	the	DET
fbem-13217	100	13	model	model	NOUN
fbem-13217	100	14	,	,	PUNCT
fbem-13217	100	15	the	the	DET
fbem-13217	100	16	company	company	NOUN
fbem-13217	100	17	size	size	NOUN
fbem-13217	100	18	(	(	PUNCT
fbem-13217	100	19	size	size	NOUN
fbem-13217	100	20	)	)	PUNCT
fbem-13217	100	21	is	be	AUX
fbem-13217	100	22	expressed	express	VERB
fbem-13217	100	23	as	as	ADP
fbem-13217	100	24	the	the	DET
fbem-13217	100	25	natural	natural	ADJ
fbem-13217	100	26	logarithm	logarithm	NOUN
fbem-13217	100	27	of	of	ADP
fbem-13217	100	28	the	the	DET
fbem-13217	100	29	business	business	NOUN
fbem-13217	100	30	income	income	NOUN
fbem-13217	100	31	of	of	ADP
fbem-13217	100	32	the	the	DET
fbem-13217	100	33	enterprise	enterprise	NOUN
fbem-13217	100	34	,	,	PUNCT
fbem-13217	100	35	the	the	DET
fbem-13217	100	36	asset	asset	NOUN
fbem-13217	100	37	-	-	PUNCT
fbem-13217	100	38	liability	liability	NOUN
fbem-13217	100	39	ratio	ratio	NOUN
fbem-13217	100	40	(	(	PUNCT
fbem-13217	100	41	lev	lev	NOUN
fbem-13217	100	42	)	)	PUNCT
fbem-13217	100	43	is	be	AUX
fbem-13217	100	44	the	the	DET
fbem-13217	100	45	total	total	ADJ
fbem-13217	100	46	liabilities	liability	NOUN
fbem-13217	100	47	of	of	ADP
fbem-13217	100	48	the	the	DET
fbem-13217	100	49	enterprise	enterprise	NOUN
fbem-13217	100	50	divided	divide	VERB
fbem-13217	100	51	by	by	ADP
fbem-13217	100	52	the	the	DET
fbem-13217	100	53	total	total	ADJ
fbem-13217	100	54	assets	asset	NOUN
fbem-13217	100	55	,	,	PUNCT
fbem-13217	100	56	the	the	DET
fbem-13217	100	57	proportion	proportion	NOUN
fbem-13217	100	58	of	of	ADP
fbem-13217	100	59	fixed	fix	VERB
fbem-13217	100	60	assets	asset	NOUN
fbem-13217	100	61	(	(	PUNCT
fbem-13217	100	62	ppe	ppe	PROPN
fbem-13217	100	63	)	)	PUNCT
fbem-13217	100	64	,	,	PUNCT
fbem-13217	100	65	the	the	DET
fbem-13217	100	66	fixed	fix	VERB
fbem-13217	100	67	assets	asset	NOUN
fbem-13217	100	68	of	of	ADP
fbem-13217	100	69	the	the	DET
fbem-13217	100	70	enterprise	enterprise	NOUN
fbem-13217	100	71	divided	divide	VERB
fbem-13217	100	72	by	by	ADP
fbem-13217	100	73	the	the	DET
fbem-13217	100	74	total	total	ADJ
fbem-13217	100	75	assets	asset	NOUN
fbem-13217	100	76	,	,	PUNCT
fbem-13217	100	77	the	the	DET
fbem-13217	100	78	return	return	NOUN
fbem-13217	100	79	on	on	ADP
fbem-13217	100	80	total	total	ADJ
fbem-13217	100	81	assets	asset	NOUN
fbem-13217	100	82	(	(	PUNCT
fbem-13217	100	83	roa	roa	NOUN
fbem-13217	100	84	)	)	PUNCT
fbem-13217	100	85	is	be	AUX
fbem-13217	100	86	equal	equal	ADJ
fbem-13217	100	87	to	to	ADP
fbem-13217	100	88	the	the	DET
fbem-13217	100	89	net	net	ADJ
fbem-13217	100	90	profit	profit	NOUN
fbem-13217	100	91	divided	divide	VERB
fbem-13217	100	92	by	by	ADP
fbem-13217	100	93	the	the	DET
fbem-13217	100	94	total	total	ADJ
fbem-13217	100	95	assets	asset	NOUN
fbem-13217	100	96	,	,	PUNCT
fbem-13217	100	97	and	and	CCONJ
fbem-13217	100	98	the	the	DET
fbem-13217	100	99	net	net	ADJ
fbem-13217	100	100	cash	cash	NOUN
fbem-13217	100	101	from	from	ADP
fbem-13217	100	102	operating	operate	VERB
fbem-13217	100	103	activities	activity	NOUN
fbem-13217	100	104	divided	divide	VERB
fbem-13217	100	105	by	by	ADP
fbem-13217	100	106	the	the	DET
fbem-13217	100	107	total	total	ADJ
fbem-13217	100	108	assets	asset	NOUN
fbem-13217	100	109	(	(	PUNCT
fbem-13217	100	110	cr	cr	NOUN
fbem-13217	100	111	)	)	PUNCT
fbem-13217	100	112	.	.	PUNCT
fbem-13217	101	1	soe	soe	PROPN
fbem-13217	101	2	is	be	AUX
fbem-13217	101	3	1	1	NUM
fbem-13217	101	4	if	if	SCONJ
fbem-13217	101	5	it	it	PRON
fbem-13217	101	6	is	be	AUX
fbem-13217	101	7	a	a	DET
fbem-13217	101	8	state	state	NOUN
fbem-13217	101	9	-	-	PUNCT
fbem-13217	101	10	owned	own	VERB
fbem-13217	101	11	enterprise	enterprise	NOUN
fbem-13217	101	12	,	,	PUNCT
fbem-13217	101	13	or	or	CCONJ
fbem-13217	101	14	0	0	NUM
fbem-13217	101	15	if	if	SCONJ
fbem-13217	101	16	it	it	PRON
fbem-13217	101	17	is	be	AUX
fbem-13217	101	18	not	not	PART
fbem-13217	101	19	,	,	PUNCT
fbem-13217	101	20	and	and	CCONJ
fbem-13217	101	21	tobinq	tobinq	NOUN
fbem-13217	101	22	is	be	AUX
fbem-13217	101	23	equal	equal	ADJ
fbem-13217	101	24	to	to	ADP
fbem-13217	101	25	the	the	DET
fbem-13217	101	26	total	total	ADJ
fbem-13217	101	27	shareholders	shareholder	NOUN
fbem-13217	101	28	'	'	PART
fbem-13217	101	29	equity	equity	NOUN
fbem-13217	101	30	divided	divide	VERB
fbem-13217	101	31	by	by	ADP
fbem-13217	101	32	the	the	DET
fbem-13217	101	33	company	company	NOUN
fbem-13217	101	34	's	's	PART
fbem-13217	101	35	market	market	NOUN
fbem-13217	101	36	value	value	NOUN
fbem-13217	101	37	as	as	ADP
fbem-13217	101	38	the	the	DET
fbem-13217	101	39	control	control	NOUN
fbem-13217	101	40	variable	variable	NOUN
fbem-13217	101	41	.	.	PUNCT
fbem-13217	102	1	in	in	ADP
fbem-13217	102	2	addition	addition	NOUN
fbem-13217	102	3	,	,	PUNCT
fbem-13217	102	4	the	the	DET
fbem-13217	102	5	year	year	NOUN
fbem-13217	102	6	fixed	fix	VERB
fbem-13217	102	7	effect	effect	NOUN
fbem-13217	102	8	and	and	CCONJ
fbem-13217	102	9	individual	individual	ADJ
fbem-13217	102	10	fixed	fix	VERB
fbem-13217	102	11	effect	effect	NOUN
fbem-13217	102	12	are	be	AUX
fbem-13217	102	13	added	add	VERB
fbem-13217	102	14	.	.	PUNCT
fbem-13217	103	1	3.5	3.5	NUM
fbem-13217	103	2	.	.	PUNCT
fbem-13217	104	1	research	research	NOUN
fbem-13217	104	2	model	model	NOUN
fbem-13217	104	3	to	to	PART
fbem-13217	104	4	test	test	VERB
fbem-13217	104	5	hypothesis	hypothesis	NOUN
fbem-13217	104	6	1	1	NUM
fbem-13217	104	7	,	,	PUNCT
fbem-13217	104	8	the	the	DET
fbem-13217	104	9	following	follow	VERB
fbem-13217	104	10	model	model	NOUN
fbem-13217	104	11	is	be	AUX
fbem-13217	104	12	set	set	VERB
fbem-13217	104	13	up	up	ADP
fbem-13217	104	14	:	:	PUNCT
fbem-13217	104	15	𝑖𝑛𝑛	𝑖𝑛𝑛	NOUN
fbem-13217	105	1	𝛽	𝛽	NOUN
fbem-13217	105	2	𝛽	𝛽	PROPN
fbem-13217	105	3	𝐷𝑖𝑔	𝐷𝑖𝑔	PROPN
fbem-13217	105	4	𝛽	𝛽	PROPN
fbem-13217	105	5	𝐶𝑜𝑡𝑟𝑜𝑙𝑠	𝐶𝑜𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-13217	105	6	𝜇	𝜇	ADP
fbem-13217	105	7	𝜆	𝜆	ADP
fbem-13217	105	8	𝜀	𝜀	X
fbem-13217	105	9	(	(	PUNCT
fbem-13217	105	10	3	3	NUM
fbem-13217	105	11	)	)	PUNCT
fbem-13217	105	12	where	where	SCONJ
fbem-13217	105	13	,	,	PUNCT
fbem-13217	105	14	𝑖𝑛𝑛	𝑖𝑛𝑛	PROPN
fbem-13217	105	15	represents	represent	VERB
fbem-13217	105	16	the	the	DET
fbem-13217	105	17	innovation	innovation	NOUN
fbem-13217	105	18	capability	capability	NOUN
fbem-13217	105	19	of	of	ADP
fbem-13217	105	20	the	the	DET
fbem-13217	105	21	enterprise	enterprise	NOUN
fbem-13217	105	22	,	,	PUNCT
fbem-13217	105	23	𝐷𝑖𝑔	𝐷𝑖𝑔	PROPN
fbem-13217	105	24	represents	represent	VERB
fbem-13217	105	25	the	the	DET
fbem-13217	105	26	degree	degree	NOUN
fbem-13217	105	27	of	of	ADP
fbem-13217	105	28	digital	digital	ADJ
fbem-13217	105	29	transformation	transformation	NOUN
fbem-13217	105	30	of	of	ADP
fbem-13217	105	31	the	the	DET
fbem-13217	105	32	enterprise	enterprise	NOUN
fbem-13217	105	33	,	,	PUNCT
fbem-13217	105	34	𝐶𝑜𝑡𝑟𝑜𝑙𝑠	𝐶𝑜𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-13217	105	35	including	include	VERB
fbem-13217	105	36	the	the	DET
fbem-13217	105	37	control	control	NOUN
fbem-13217	105	38	variables	variable	NOUN
fbem-13217	105	39	mentioned	mention	VERB
fbem-13217	105	40	above	above	ADV
fbem-13217	105	41	,	,	PUNCT
fbem-13217	105	42	𝜇	𝜇	X
fbem-13217	105	43	represents	represent	VERB
fbem-13217	105	44	the	the	DET
fbem-13217	105	45	fixed	fix	VERB
fbem-13217	105	46	effect	effect	NOUN
fbem-13217	105	47	of	of	ADP
fbem-13217	105	48	the	the	DET
fbem-13217	105	49	year	year	NOUN
fbem-13217	105	50	,	,	PUNCT
fbem-13217	105	51	𝜆	𝜆	X
fbem-13217	105	52	represents	represent	VERB
fbem-13217	105	53	the	the	DET
fbem-13217	105	54	fixed	fix	VERB
fbem-13217	105	55	effect	effect	NOUN
fbem-13217	105	56	of	of	ADP
fbem-13217	105	57	the	the	DET
fbem-13217	105	58	enterprise	enterprise	NOUN
fbem-13217	105	59	.	.	PUNCT
fbem-13217	106	1	the	the	DET
fbem-13217	106	2	main	main	ADJ
fbem-13217	106	3	coefficient	coefficient	NOUN
fbem-13217	106	4	concerned	concern	VERB
fbem-13217	106	5	in	in	ADP
fbem-13217	106	6	this	this	DET
fbem-13217	106	7	paper	paper	NOUN
fbem-13217	106	8	is	be	AUX
fbem-13217	106	9	𝛽	𝛽	PROPN
fbem-13217	106	10	.if	.if	PUNCT
fbem-13217	106	11	hypothesis	hypothesis	NOUN
fbem-13217	106	12	1	1	NUM
fbem-13217	106	13	is	be	AUX
fbem-13217	106	14	true	true	ADJ
fbem-13217	106	15	,	,	PUNCT
fbem-13217	106	16	that	that	ADV
fbem-13217	106	17	is	is	ADV
fbem-13217	106	18	,	,	PUNCT
fbem-13217	106	19	enterprise	enterprise	NOUN
fbem-13217	106	20	digital	digital	ADJ
fbem-13217	106	21	transformation	transformation	NOUN
fbem-13217	106	22	has	have	VERB
fbem-13217	106	23	a	a	DET
fbem-13217	106	24	significant	significant	ADJ
fbem-13217	106	25	promoting	promote	VERB
fbem-13217	106	26	effect	effect	NOUN
fbem-13217	106	27	on	on	ADP
fbem-13217	106	28	enterprise	enterprise	NOUN
fbem-13217	106	29	innovation	innovation	NOUN
fbem-13217	106	30	,	,	PUNCT
fbem-13217	106	31	then	then	ADV
fbem-13217	106	32	β	β	PROPN
fbem-13217	106	33	should	should	AUX
fbem-13217	106	34	be	be	AUX
fbem-13217	106	35	significantly	significantly	ADV
fbem-13217	106	36	positive	positive	ADJ
fbem-13217	106	37	.	.	PUNCT
fbem-13217	107	1	in	in	ADP
fbem-13217	107	2	order	order	NOUN
fbem-13217	107	3	to	to	PART
fbem-13217	107	4	ensure	ensure	VERB
fbem-13217	107	5	the	the	DET
fbem-13217	107	6	robustness	robustness	NOUN
fbem-13217	107	7	of	of	ADP
fbem-13217	107	8	the	the	DET
fbem-13217	107	9	results	result	NOUN
fbem-13217	107	10	,	,	PUNCT
fbem-13217	107	11	the	the	DET
fbem-13217	107	12	following	follow	VERB
fbem-13217	107	13	treatments	treatment	NOUN
fbem-13217	107	14	are	be	AUX
fbem-13217	107	15	carried	carry	VERB
fbem-13217	107	16	out	out	ADP
fbem-13217	107	17	in	in	ADP
fbem-13217	107	18	this	this	DET
fbem-13217	107	19	paper	paper	NOUN
fbem-13217	107	20	:	:	PUNCT
fbem-13217	107	21	first	first	ADV
fbem-13217	107	22	,	,	PUNCT
fbem-13217	107	23	considering	consider	VERB
fbem-13217	107	24	that	that	SCONJ
fbem-13217	107	25	the	the	DET
fbem-13217	107	26	transmission	transmission	NOUN
fbem-13217	107	27	of	of	ADP
fbem-13217	107	28	digital	digital	ADJ
fbem-13217	107	29	transformation	transformation	NOUN
fbem-13217	107	30	to	to	ADP
fbem-13217	107	31	enterprise	enterprise	NOUN
fbem-13217	107	32	innovation	innovation	NOUN
fbem-13217	107	33	takes	take	VERB
fbem-13217	107	34	some	some	DET
fbem-13217	107	35	time	time	NOUN
fbem-13217	107	36	,	,	PUNCT
fbem-13217	107	37	and	and	CCONJ
fbem-13217	107	38	there	there	PRON
fbem-13217	107	39	may	may	AUX
fbem-13217	107	40	be	be	AUX
fbem-13217	107	41	reverse	reverse	ADJ
fbem-13217	107	42	causality	causality	NOUN
fbem-13217	107	43	problem	problem	NOUN
fbem-13217	107	44	,	,	PUNCT
fbem-13217	107	45	the	the	DET
fbem-13217	107	46	natural	natural	ADJ
fbem-13217	107	47	logarithm	logarithm	NOUN
fbem-13217	107	48	of	of	ADP
fbem-13217	107	49	the	the	DET
fbem-13217	107	50	number	number	NOUN
fbem-13217	107	51	of	of	ADP
fbem-13217	107	52	patent	patent	NOUN
fbem-13217	107	53	applications	application	NOUN
fbem-13217	107	54	in	in	ADP
fbem-13217	107	55	the	the	DET
fbem-13217	107	56	future	future	ADJ
fbem-13217	107	57	period	period	NOUN
fbem-13217	107	58	plus	plus	CCONJ
fbem-13217	107	59	1	1	NUM
fbem-13217	107	60	is	be	AUX
fbem-13217	107	61	selected	select	VERB
fbem-13217	107	62	as	as	ADP
fbem-13217	107	63	the	the	DET
fbem-13217	107	64	explained	explain	VERB
fbem-13217	107	65	variable	variable	NOUN
fbem-13217	107	66	;	;	PUNCT
fbem-13217	107	67	second	second	ADJ
fbem-13217	107	68	,	,	PUNCT
fbem-13217	107	69	in	in	ADP
fbem-13217	107	70	order	order	NOUN
fbem-13217	107	71	to	to	PART
fbem-13217	107	72	avoid	avoid	VERB
fbem-13217	107	73	the	the	DET
fbem-13217	107	74	influence	influence	NOUN
fbem-13217	107	75	of	of	ADP
fbem-13217	107	76	extreme	extreme	ADJ
fbem-13217	107	77	values	value	NOUN
fbem-13217	107	78	,	,	PUNCT
fbem-13217	107	79	all	all	DET
fbem-13217	107	80	continuous	continuous	ADJ
fbem-13217	107	81	variables	variable	NOUN
fbem-13217	107	82	were	be	AUX
fbem-13217	107	83	tail	tail	NOUN
fbem-13217	107	84	-	-	PUNCT
fbem-13217	107	85	tailed	tail	VERB
fbem-13217	107	86	at	at	ADP
fbem-13217	107	87	1	1	NUM
fbem-13217	107	88	%	%	NOUN
fbem-13217	107	89	and	and	CCONJ
fbem-13217	107	90	99	99	NUM
fbem-13217	107	91	%	%	NOUN
fbem-13217	107	92	quantiles	quantile	NOUN
fbem-13217	107	93	.	.	PUNCT
fbem-13217	108	1	third	third	ADJ
fbem-13217	108	2	,	,	PUNCT
fbem-13217	108	3	year	year	NOUN
fbem-13217	108	4	and	and	CCONJ
fbem-13217	108	5	individual	individual	ADJ
fbem-13217	108	6	fixed	fix	VERB
fbem-13217	108	7	effects	effect	NOUN
fbem-13217	108	8	were	be	AUX
fbem-13217	108	9	added	add	VERB
fbem-13217	108	10	to	to	ADP
fbem-13217	108	11	all	all	DET
fbem-13217	108	12	regression	regression	NOUN
fbem-13217	108	13	models	model	NOUN
fbem-13217	108	14	at	at	ADP
fbem-13217	108	15	the	the	DET
fbem-13217	108	16	same	same	ADJ
fbem-13217	108	17	time	time	NOUN
fbem-13217	108	18	,	,	PUNCT
fbem-13217	108	19	and	and	CCONJ
fbem-13217	108	20	standard	standard	ADJ
fbem-13217	108	21	errors	error	NOUN
fbem-13217	108	22	were	be	AUX
fbem-13217	108	23	clustered	cluster	VERB
fbem-13217	108	24	at	at	ADP
fbem-13217	108	25	the	the	DET
fbem-13217	108	26	enterprise	enterprise	NOUN
fbem-13217	108	27	level	level	NOUN
fbem-13217	108	28	to	to	PART
fbem-13217	108	29	minimize	minimize	VERB
fbem-13217	108	30	errors	error	NOUN
fbem-13217	108	31	caused	cause	VERB
fbem-13217	108	32	by	by	ADP
fbem-13217	108	33	model	model	NOUN
fbem-13217	108	34	factors	factor	NOUN
fbem-13217	108	35	.	.	PUNCT
fbem-13217	109	1	to	to	PART
fbem-13217	109	2	test	test	VERB
fbem-13217	109	3	hypothesis	hypothesis	NOUN
fbem-13217	109	4	2	2	NUM
fbem-13217	109	5	,	,	PUNCT
fbem-13217	109	6	with	with	ADP
fbem-13217	109	7	reference	reference	NOUN
fbem-13217	109	8	to	to	ADP
fbem-13217	109	9	wen	wen	VERB
fbem-13217	109	10	zhonglin	zhonglin	PROPN
fbem-13217	109	11	and	and	CCONJ
fbem-13217	109	12	ye	ye	PROPN
fbem-13217	109	13	baojuan	baojuan	PROPN
fbem-13217	109	14	's	's	PART
fbem-13217	109	15	practice[18	practice[18	NOUN
fbem-13217	109	16	]	]	PUNCT
fbem-13217	109	17	,	,	PUNCT
fbem-13217	109	18	a	a	DET
fbem-13217	109	19	causal	causal	NOUN
fbem-13217	109	20	stepwise	stepwise	NOUN
fbem-13217	109	21	regression	regression	NOUN
fbem-13217	109	22	model	model	NOUN
fbem-13217	109	23	was	be	AUX
fbem-13217	109	24	constructed	construct	VERB
fbem-13217	109	25	to	to	PART
fbem-13217	109	26	test	test	VERB
fbem-13217	109	27	the	the	DET
fbem-13217	109	28	intermediary	intermediary	ADJ
fbem-13217	109	29	effect	effect	NOUN
fbem-13217	109	30	:	:	PUNCT
fbem-13217	109	31	𝐾𝑍	𝐾𝑍	PROPN
fbem-13217	109	32	γ	γ	PROPN
fbem-13217	109	33	γ	γ	X
fbem-13217	109	34	dig	dig	VERB
fbem-13217	109	35	γ𝐶𝑜𝑡𝑟𝑜𝑙𝑠	γ𝐶𝑜𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-13217	109	36	μ	μ	PROPN
fbem-13217	109	37	λ	λ	X
fbem-13217	109	38	ε	ε	PROPN
fbem-13217	109	39	(	(	PUNCT
fbem-13217	109	40	4	4	NUM
fbem-13217	109	41	)	)	PUNCT
fbem-13217	109	42	𝑖𝑛𝑛	𝑖𝑛𝑛	NOUN
fbem-13217	110	1	α	α	NOUN
fbem-13217	110	2	α	α	NOUN
fbem-13217	110	3	dig	dig	VERB
fbem-13217	110	4	α	α	DET
fbem-13217	110	5	𝐾𝑍	𝐾𝑍	PROPN
fbem-13217	110	6	α𝐶𝑜𝑡𝑟𝑜𝑙𝑠	α𝐶𝑜𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-13217	110	7	μ	μ	PROPN
fbem-13217	110	8	λ	λ	X
fbem-13217	110	9	ε	ε	PROPN
fbem-13217	110	10	(	(	PUNCT
fbem-13217	110	11	5	5	NUM
fbem-13217	110	12	)	)	PUNCT
fbem-13217	110	13	4	4	NUM
fbem-13217	110	14	.	.	PUNCT
fbem-13217	111	1	empirical	empirical	ADJ
fbem-13217	111	2	results	result	NOUN
fbem-13217	111	3	and	and	CCONJ
fbem-13217	111	4	analysis	analysis	NOUN
fbem-13217	111	5	4.1	4.1	NUM
fbem-13217	111	6	.	.	PUNCT
fbem-13217	112	1	descriptive	descriptive	ADJ
fbem-13217	112	2	statistics	statistic	NOUN
fbem-13217	112	3	table	table	NOUN
fbem-13217	112	4	2	2	NUM
fbem-13217	112	5	shows	show	VERB
fbem-13217	112	6	the	the	DET
fbem-13217	112	7	descriptive	descriptive	ADJ
fbem-13217	112	8	statistics	statistic	NOUN
fbem-13217	112	9	of	of	ADP
fbem-13217	112	10	the	the	DET
fbem-13217	112	11	main	main	ADJ
fbem-13217	112	12	variables	variable	NOUN
fbem-13217	112	13	.	.	PUNCT
fbem-13217	113	1	the	the	DET
fbem-13217	113	2	results	result	NOUN
fbem-13217	113	3	show	show	VERB
fbem-13217	113	4	that	that	SCONJ
fbem-13217	113	5	the	the	DET
fbem-13217	113	6	difference	difference	NOUN
fbem-13217	113	7	of	of	ADP
fbem-13217	113	8	enterprise	enterprise	NOUN
fbem-13217	113	9	innovation	innovation	NOUN
fbem-13217	113	10	(	(	PUNCT
fbem-13217	113	11	inn	inn	PROPN
fbem-13217	113	12	)	)	PUNCT
fbem-13217	113	13	is	be	AUX
fbem-13217	113	14	obvious	obvious	ADJ
fbem-13217	113	15	.	.	PUNCT
fbem-13217	114	1	the	the	DET
fbem-13217	114	2	degree	degree	NOUN
fbem-13217	114	3	of	of	ADP
fbem-13217	114	4	enterprise	enterprise	NOUN
fbem-13217	114	5	digital	digital	ADJ
fbem-13217	114	6	transformation	transformation	NOUN
fbem-13217	114	7	(	(	PUNCT
fbem-13217	114	8	dig	dig	PROPN
fbem-13217	114	9	)	)	PUNCT
fbem-13217	114	10	showed	show	VERB
fbem-13217	114	11	similar	similar	ADJ
fbem-13217	114	12	characteristics	characteristic	NOUN
fbem-13217	114	13	,	,	PUNCT
fbem-13217	114	14	with	with	ADP
fbem-13217	114	15	a	a	DET
fbem-13217	114	16	minimum	minimum	NOUN
fbem-13217	114	17	of	of	ADP
fbem-13217	114	18	0	0	NUM
fbem-13217	114	19	and	and	CCONJ
fbem-13217	114	20	a	a	DET
fbem-13217	114	21	median	median	NOUN
fbem-13217	114	22	of	of	ADP
fbem-13217	114	23	2.7	2.7	NUM
fbem-13217	114	24	digs	dig	NOUN
fbem-13217	114	25	and	and	CCONJ
fbem-13217	114	26	an	an	DET
fbem-13217	114	27	average	average	NOUN
fbem-13217	114	28	of	of	ADP
fbem-13217	114	29	2.77	2.77	NUM
fbem-13217	114	30	digs	dig	NOUN
fbem-13217	114	31	,	,	PUNCT
fbem-13217	114	32	meaning	mean	VERB
fbem-13217	114	33	that	that	SCONJ
fbem-13217	114	34	more	more	ADJ
fbem-13217	114	35	than	than	ADP
fbem-13217	114	36	half	half	NOUN
fbem-13217	114	37	of	of	ADP
fbem-13217	114	38	the	the	DET
fbem-13217	114	39	sample	sample	NOUN
fbem-13217	114	40	had	have	AUX
fbem-13217	114	41	undertaken	undertake	VERB
fbem-13217	114	42	digital	digital	ADJ
fbem-13217	114	43	transformation	transformation	NOUN
fbem-13217	114	44	.	.	PUNCT
fbem-13217	115	1	4.2	4.2	NUM
fbem-13217	115	2	.	.	PUNCT
fbem-13217	116	1	reference	reference	NOUN
fbem-13217	116	2	regression	regression	NOUN
fbem-13217	116	3	table	table	NOUN
fbem-13217	116	4	3	3	NUM
fbem-13217	116	5	shows	show	VERB
fbem-13217	116	6	the	the	DET
fbem-13217	116	7	results	result	NOUN
fbem-13217	116	8	without	without	ADP
fbem-13217	116	9	adding	add	VERB
fbem-13217	116	10	control	control	NOUN
fbem-13217	116	11	variables	variable	NOUN
fbem-13217	116	12	and	and	CCONJ
fbem-13217	116	13	fixed	fix	VERB
fbem-13217	116	14	effects	effect	NOUN
fbem-13217	116	15	,	,	PUNCT
fbem-13217	116	16	without	without	ADP
fbem-13217	116	17	adding	add	VERB
fbem-13217	116	18	control	control	NOUN
fbem-13217	116	19	variables	variable	NOUN
fbem-13217	116	20	but	but	CCONJ
fbem-13217	116	21	adding	add	VERB
fbem-13217	116	22	fixed	fix	VERB
fbem-13217	116	23	effects	effect	NOUN
fbem-13217	116	24	,	,	PUNCT
fbem-13217	116	25	and	and	CCONJ
fbem-13217	116	26	adding	add	VERB
fbem-13217	116	27	control	control	NOUN
fbem-13217	116	28	variables	variable	NOUN
fbem-13217	116	29	and	and	CCONJ
fbem-13217	116	30	fixed	fix	VERB
fbem-13217	116	31	effects	effect	NOUN
fbem-13217	116	32	at	at	ADP
fbem-13217	116	33	the	the	DET
fbem-13217	116	34	same	same	ADJ
fbem-13217	116	35	time	time	NOUN
fbem-13217	116	36	.	.	PUNCT
fbem-13217	117	1	the	the	DET
fbem-13217	117	2	regression	regression	NOUN
fbem-13217	117	3	coefficient	coefficient	NOUN
fbem-13217	117	4	of	of	ADP
fbem-13217	117	5	dig	dig	NOUN
fbem-13217	117	6	is	be	AUX
fbem-13217	117	7	significant	significant	ADJ
fbem-13217	117	8	at	at	ADP
fbem-13217	117	9	the	the	DET
fbem-13217	117	10	level	level	NOUN
fbem-13217	117	11	of	of	ADP
fbem-13217	117	12	1	1	NUM
fbem-13217	117	13	%	%	NOUN
fbem-13217	117	14	and	and	CCONJ
fbem-13217	117	15	above	above	ADV
fbem-13217	117	16	,	,	PUNCT
fbem-13217	117	17	indicating	indicate	VERB
fbem-13217	117	18	that	that	SCONJ
fbem-13217	117	19	digital	digital	ADJ
fbem-13217	117	20	transformation	transformation	NOUN
fbem-13217	117	21	has	have	VERB
fbem-13217	117	22	a	a	DET
fbem-13217	117	23	significant	significant	ADJ
fbem-13217	117	24	promoting	promote	VERB
fbem-13217	117	25	effect	effect	NOUN
fbem-13217	117	26	on	on	ADP
fbem-13217	117	27	enterprise	enterprise	NOUN
fbem-13217	117	28	innovation	innovation	NOUN
fbem-13217	117	29	.	.	PUNCT
fbem-13217	118	1	hypothesis	hypothesis	NOUN
fbem-13217	118	2	1	1	NUM
fbem-13217	118	3	is	be	AUX
fbem-13217	118	4	valid	valid	ADJ
fbem-13217	118	5	.	.	PUNCT
fbem-13217	119	1	from	from	ADP
fbem-13217	119	2	the	the	DET
fbem-13217	119	3	point	point	NOUN
fbem-13217	119	4	of	of	ADP
fbem-13217	119	5	view	view	NOUN
fbem-13217	119	6	of	of	ADP
fbem-13217	119	7	the	the	DET
fbem-13217	119	8	fitting	fitting	ADJ
fbem-13217	119	9	degree	degree	NOUN
fbem-13217	119	10	of	of	ADP
fbem-13217	119	11	the	the	DET
fbem-13217	119	12	model	model	NOUN
fbem-13217	119	13	,	,	PUNCT
fbem-13217	119	14	with	with	ADP
fbem-13217	119	15	the	the	DET
fbem-13217	119	16	introduction	introduction	NOUN
fbem-13217	119	17	of	of	ADP
fbem-13217	119	18	control	control	NOUN
fbem-13217	119	19	variables	variable	NOUN
fbem-13217	119	20	and	and	CCONJ
fbem-13217	119	21	fixed	fix	VERB
fbem-13217	119	22	effects	effect	NOUN
fbem-13217	119	23	,	,	PUNCT
fbem-13217	119	24	the	the	DET
fbem-13217	119	25	adjusted	adjusted	ADJ
fbem-13217	119	26	r2	r2	NOUN
fbem-13217	119	27	of	of	ADP
fbem-13217	119	28	the	the	DET
fbem-13217	119	29	model	model	NOUN
fbem-13217	119	30	increased	increase	VERB
fbem-13217	119	31	from	from	ADP
fbem-13217	119	32	0.085	0.085	NUM
fbem-13217	119	33	to	to	ADP
fbem-13217	119	34	0.580	0.580	NUM
fbem-13217	119	35	,	,	PUNCT
fbem-13217	119	36	indicating	indicate	VERB
fbem-13217	119	37	that	that	SCONJ
fbem-13217	119	38	the	the	DET
fbem-13217	119	39	introduction	introduction	NOUN
fbem-13217	119	40	of	of	ADP
fbem-13217	119	41	control	control	NOUN
fbem-13217	119	42	variables	variable	NOUN
fbem-13217	119	43	and	and	CCONJ
fbem-13217	119	44	fixed	fix	VERB
fbem-13217	119	45	effects	effect	NOUN
fbem-13217	119	46	strengthened	strengthen	VERB
fbem-13217	119	47	the	the	DET
fbem-13217	119	48	model	model	NOUN
fbem-13217	119	49	's	's	PART
fbem-13217	119	50	interpretation	interpretation	NOUN
fbem-13217	119	51	of	of	ADP
fbem-13217	119	52	the	the	DET
fbem-13217	119	53	explained	explain	VERB
fbem-13217	119	54	variables	variable	NOUN
fbem-13217	119	55	.	.	PUNCT
fbem-13217	120	1	from	from	ADP
fbem-13217	120	2	an	an	DET
fbem-13217	120	3	economic	economic	ADJ
fbem-13217	120	4	point	point	NOUN
fbem-13217	120	5	of	of	ADP
fbem-13217	120	6	view	view	NOUN
fbem-13217	120	7	,	,	PUNCT
fbem-13217	120	8	an	an	DET
fbem-13217	120	9	211	211	NUM
fbem-13217	120	10	increase	increase	NOUN
fbem-13217	120	11	of	of	ADP
fbem-13217	120	12	one	one	NUM
fbem-13217	120	13	standard	standard	ADJ
fbem-13217	120	14	deviation	deviation	NOUN
fbem-13217	120	15	(	(	PUNCT
fbem-13217	120	16	1.211	1.211	NUM
fbem-13217	120	17	)	)	PUNCT
fbem-13217	120	18	in	in	ADP
fbem-13217	120	19	the	the	DET
fbem-13217	120	20	degree	degree	NOUN
fbem-13217	120	21	of	of	ADP
fbem-13217	120	22	digital	digital	ADJ
fbem-13217	120	23	transformation	transformation	NOUN
fbem-13217	120	24	of	of	ADP
fbem-13217	120	25	an	an	DET
fbem-13217	120	26	enterprise	enterprise	NOUN
fbem-13217	120	27	will	will	AUX
fbem-13217	120	28	increase	increase	VERB
fbem-13217	120	29	its	its	PRON
fbem-13217	120	30	innovation	innovation	NOUN
fbem-13217	120	31	capacity	capacity	NOUN
fbem-13217	120	32	by	by	ADP
fbem-13217	120	33	about	about	ADP
fbem-13217	120	34	0.219(0.173×1.273	0.219(0.173×1.273	NUM
fbem-13217	120	35	)	)	PUNCT
fbem-13217	120	36	.	.	PUNCT
fbem-13217	121	1	table	table	NOUN
fbem-13217	121	2	2	2	NUM
fbem-13217	121	3	.	.	PUNCT
fbem-13217	121	4	descriptive	descriptive	ADJ
fbem-13217	121	5	statistics	statistic	NOUN
fbem-13217	121	6	of	of	ADP
fbem-13217	121	7	variables	variable	NOUN
fbem-13217	121	8	variable	variable	ADJ
fbem-13217	121	9	n	n	PRON
fbem-13217	121	10	mean	mean	VERB
fbem-13217	121	11	p50	p50	NOUN
fbem-13217	121	12	sd	sd	NOUN
fbem-13217	121	13	min	min	PROPN
fbem-13217	121	14	max	max	PROPN
fbem-13217	121	15	inn	inn	PROPN
fbem-13217	121	16	25702	25702	NUM
fbem-13217	121	17	2.538	2.538	NUM
fbem-13217	121	18	2.708	2.708	NUM
fbem-13217	121	19	1.796	1.796	NUM
fbem-13217	121	20	0	0	NUM
fbem-13217	121	21	9.607	9.607	NUM
fbem-13217	121	22	dig	dig	NOUN
fbem-13217	121	23	25702	25702	NUM
fbem-13217	121	24	2.776	2.776	NUM
fbem-13217	121	25	2.708	2.708	NUM
fbem-13217	121	26	1.273	1.273	NUM
fbem-13217	121	27	0	0	NUM
fbem-13217	121	28	6.909	6.909	NUM
fbem-13217	121	29	size	size	NOUN
fbem-13217	121	30	25702	25702	NUM
fbem-13217	121	31	21.31	21.31	NUM
fbem-13217	121	32	21.20	21.20	NUM
fbem-13217	121	33	1.512	1.512	NUM
fbem-13217	121	34	17.52	17.52	NUM
fbem-13217	121	35	25.44	25.44	NUM
fbem-13217	121	36	lev	lev	NOUN
fbem-13217	121	37	25702	25702	NUM
fbem-13217	121	38	0.432	0.432	NUM
fbem-13217	121	39	0.425	0.425	NUM
fbem-13217	121	40	0.208	0.208	NUM
fbem-13217	121	41	0.0547	0.0547	NUM
fbem-13217	121	42	0.908	0.908	NUM
fbem-13217	121	43	ppe	ppe	NOUN
fbem-13217	121	44	25702	25702	NUM
fbem-13217	121	45	0.208	0.208	NUM
fbem-13217	121	46	0.174	0.174	NUM
fbem-13217	121	47	0.161	0.161	NUM
fbem-13217	121	48	0.00164	0.00164	NUM
fbem-13217	121	49	0.698	0.698	NUM
fbem-13217	121	50	roa	roa	NOUN
fbem-13217	121	51	25702	25702	NUM
fbem-13217	121	52	0.0354	0.0354	NUM
fbem-13217	121	53	0.0379	0.0379	NUM
fbem-13217	122	1	0.0755	0.0755	NUM
fbem-13217	122	2	-0.371	-0.371	NUM
fbem-13217	122	3	0.211	0.211	NUM
fbem-13217	122	4	cr	cr	NOUN
fbem-13217	122	5	25702	25702	NUM
fbem-13217	122	6	0.169	0.169	NUM
fbem-13217	122	7	0.129	0.129	NUM
fbem-13217	122	8	0.136	0.136	NUM
fbem-13217	122	9	0.00732	0.00732	NUM
fbem-13217	122	10	0.660	0.660	NUM
fbem-13217	122	11	soe	soe	PROPN
fbem-13217	122	12	25702	25702	NUM
fbem-13217	122	13	0.347	0.347	NUM
fbem-13217	122	14	0	0	NUM
fbem-13217	122	15	0.476	0.476	NUM
fbem-13217	122	16	0	0	NUM
fbem-13217	122	17	1	1	NUM
fbem-13217	122	18	tobinq	tobinq	NOUN
fbem-13217	122	19	25702	25702	NUM
fbem-13217	122	20	0.307	0.307	NUM
fbem-13217	122	21	0.283	0.283	NUM
fbem-13217	122	22	0.164	0.164	NUM
fbem-13217	122	23	0.0103	0.0103	NUM
fbem-13217	122	24	0.782	0.782	NUM
fbem-13217	122	25	kz	kz	PROPN
fbem-13217	122	26	25702	25702	NUM
fbem-13217	122	27	0.754	0.754	NUM
fbem-13217	122	28	0	0	NUM
fbem-13217	122	29	2.078	2.078	NUM
fbem-13217	122	30	-11.34	-11.34	SYM
fbem-13217	122	31	13.66	13.66	NUM
fbem-13217	122	32	table	table	NOUN
fbem-13217	122	33	3	3	NUM
fbem-13217	122	34	.	.	PUNCT
fbem-13217	123	1	regression	regression	NOUN
fbem-13217	123	2	results	result	NOUN
fbem-13217	123	3	(	(	PUNCT
fbem-13217	123	4	1	1	NUM
fbem-13217	123	5	)	)	PUNCT
fbem-13217	123	6	(	(	PUNCT
fbem-13217	123	7	2	2	NUM
fbem-13217	123	8	)	)	PUNCT
fbem-13217	123	9	(	(	PUNCT
fbem-13217	123	10	3	3	X
fbem-13217	123	11	)	)	PUNCT
fbem-13217	123	12	inn	inn	PROPN
fbem-13217	123	13	inn	inn	PROPN
fbem-13217	123	14	inn	inn	PROPN
fbem-13217	123	15	dig	dig	VERB
fbem-13217	123	16	0.410	0.410	NUM
fbem-13217	123	17	*	*	PUNCT
fbem-13217	123	18	*	*	PUNCT
fbem-13217	123	19	*	*	PUNCT
fbem-13217	123	20	0.349	0.349	NUM
fbem-13217	123	21	*	*	PUNCT
fbem-13217	123	22	*	*	PUNCT
fbem-13217	123	23	*	*	PUNCT
fbem-13217	123	24	0.173	0.173	NUM
fbem-13217	123	25	*	*	PUNCT
fbem-13217	123	26	*	*	PUNCT
fbem-13217	123	27	*	*	PUNCT
fbem-13217	123	28	(	(	PUNCT
fbem-13217	123	29	0.008	0.008	NUM
fbem-13217	123	30	)	)	PUNCT
fbem-13217	123	31	(	(	PUNCT
fbem-13217	123	32	0.009	0.009	NUM
fbem-13217	123	33	)	)	PUNCT
fbem-13217	123	34	(	(	PUNCT
fbem-13217	123	35	0.008	0.008	NUM
fbem-13217	123	36	)	)	PUNCT
fbem-13217	123	37	size	size	NOUN
fbem-13217	123	38	0.547	0.547	NUM
fbem-13217	123	39	*	*	PUNCT
fbem-13217	123	40	*	*	PUNCT
fbem-13217	123	41	*	*	PUNCT
fbem-13217	123	42	(	(	PUNCT
fbem-13217	123	43	0.007	0.007	NUM
fbem-13217	123	44	)	)	PUNCT
fbem-13217	123	45	lev	lev	NOUN
fbem-13217	123	46	-0.591	-0.591	NOUN
fbem-13217	123	47	*	*	PUNCT
fbem-13217	123	48	*	*	PUNCT
fbem-13217	123	49	*	*	PUNCT
fbem-13217	123	50	(	(	PUNCT
fbem-13217	123	51	0.065	0.065	NUM
fbem-13217	123	52	)	)	PUNCT
fbem-13217	123	53	ppe	ppe	NOUN
fbem-13217	123	54	-0.155	-0.155	PUNCT
fbem-13217	123	55	*	*	PUNCT
fbem-13217	123	56	*	*	PUNCT
fbem-13217	123	57	(	(	PUNCT
fbem-13217	123	58	0.066	0.066	NUM
fbem-13217	123	59	)	)	PUNCT
fbem-13217	123	60	roa	roa	PROPN
fbem-13217	123	61	0.165	0.165	NUM
fbem-13217	123	62	(	(	PUNCT
fbem-13217	123	63	0.129	0.129	NUM
fbem-13217	123	64	)	)	PUNCT
fbem-13217	123	65	cr	cr	ADP
fbem-13217	123	66	-0.404	-0.404	NOUN
fbem-13217	123	67	*	*	PUNCT
fbem-13217	123	68	*	*	PUNCT
fbem-13217	123	69	*	*	PUNCT
fbem-13217	123	70	(	(	PUNCT
fbem-13217	123	71	0.073	0.073	NUM
fbem-13217	123	72	)	)	PUNCT
fbem-13217	123	73	soe	soe	PROPN
fbem-13217	123	74	0.131	0.131	NUM
fbem-13217	123	75	*	*	PUNCT
fbem-13217	123	76	*	*	PUNCT
fbem-13217	123	77	*	*	PUNCT
fbem-13217	123	78	(	(	PUNCT
fbem-13217	123	79	0.020	0.020	NUM
fbem-13217	123	80	)	)	PUNCT
fbem-13217	123	81	tobinq	tobinq	NOUN
fbem-13217	123	82	-0.265	-0.265	NOUN
fbem-13217	123	83	*	*	PUNCT
fbem-13217	123	84	*	*	PUNCT
fbem-13217	123	85	*	*	PUNCT
fbem-13217	123	86	(	(	PUNCT
fbem-13217	123	87	0.065	0.065	NUM
fbem-13217	123	88	)	)	PUNCT
fbem-13217	124	1	_	_	NOUN
fbem-13217	124	2	cons	con	VERB
fbem-13217	124	3	1.404	1.404	NUM
fbem-13217	124	4	*	*	NOUN
fbem-13217	124	5	*	*	PUNCT
fbem-13217	124	6	*	*	PUNCT
fbem-13217	124	7	0.498	0.498	NUM
fbem-13217	124	8	*	*	PUNCT
fbem-13217	124	9	*	*	PUNCT
fbem-13217	124	10	*	*	PUNCT
fbem-13217	124	11	-10.493	-10.493	PROPN
fbem-13217	124	12	*	*	PUNCT
fbem-13217	124	13	*	*	PUNCT
fbem-13217	124	14	*	*	PUNCT
fbem-13217	124	15	(	(	PUNCT
fbem-13217	124	16	0.024	0.024	NUM
fbem-13217	124	17	)	)	PUNCT
fbem-13217	124	18	(	(	PUNCT
fbem-13217	124	19	0.142	0.142	NUM
fbem-13217	124	20	)	)	PUNCT
fbem-13217	124	21	(	(	PUNCT
fbem-13217	124	22	0.194	0.194	NUM
fbem-13217	124	23	)	)	PUNCT
fbem-13217	124	24	year	year	NOUN
fbem-13217	125	1	no	no	INTJ
fbem-13217	126	1	yes	yes	INTJ
fbem-13217	126	2	yes	yes	INTJ
fbem-13217	127	1	industry	industry	NOUN
fbem-13217	128	1	no	no	INTJ
fbem-13217	129	1	yes	yes	INTJ
fbem-13217	129	2	yes	yes	INTJ
fbem-13217	129	3	province	province	NOUN
fbem-13217	130	1	no	no	INTJ
fbem-13217	131	1	yes	yes	INTJ
fbem-13217	132	1	yes	yes	INTJ
fbem-13217	132	2	n	n	CCONJ
fbem-13217	132	3	25702.000	25702.000	NUM
fbem-13217	132	4	25702.000	25702.000	NUM
fbem-13217	132	5	25702.000	25702.000	NUM
fbem-13217	132	6	r2	r2	NOUN
fbem-13217	132	7	0.085	0.085	NUM
fbem-13217	132	8	0.443	0.443	NUM
fbem-13217	132	9	0.587	0.587	NUM
fbem-13217	132	10	ar2	ar2	PROPN
fbem-13217	132	11	0.085	0.085	NUM
fbem-13217	132	12	0.434	0.434	NUM
fbem-13217	132	13	0.580	0.580	NUM
fbem-13217	132	14	standard	standard	ADJ
fbem-13217	132	15	errors	error	NOUN
fbem-13217	132	16	in	in	ADP
fbem-13217	132	17	parentheses	parenthesis	NOUN
fbem-13217	132	18	*	*	PUNCT
fbem-13217	132	19	p	p	X
fbem-13217	132	20	<	<	X
fbem-13217	132	21	0.1	0.1	NUM
fbem-13217	132	22	,	,	PUNCT
fbem-13217	132	23	*	*	PUNCT
fbem-13217	132	24	*	*	PUNCT
fbem-13217	133	1	p	p	X
fbem-13217	133	2	<	<	X
fbem-13217	133	3	0.05	0.05	NUM
fbem-13217	133	4	,	,	PUNCT
fbem-13217	133	5	*	*	PUNCT
fbem-13217	133	6	*	*	PUNCT
fbem-13217	133	7	*	*	PUNCT
fbem-13217	134	1	p	p	X
fbem-13217	134	2	<	<	X
fbem-13217	134	3	0.01	0.01	NUM
fbem-13217	134	4	4.3	4.3	NUM
fbem-13217	134	5	.	.	PUNCT
fbem-13217	135	1	robustness	robustness	NOUN
fbem-13217	135	2	test	test	NOUN
fbem-13217	135	3	1	1	NUM
fbem-13217	135	4	.	.	PUNCT
fbem-13217	136	1	considering	consider	VERB
fbem-13217	136	2	that	that	SCONJ
fbem-13217	136	3	digital	digital	ADJ
fbem-13217	136	4	transformation	transformation	NOUN
fbem-13217	136	5	and	and	CCONJ
fbem-13217	136	6	enterprise	enterprise	NOUN
fbem-13217	136	7	innovation	innovation	NOUN
fbem-13217	136	8	may	may	AUX
fbem-13217	136	9	have	have	VERB
fbem-13217	136	10	the	the	DET
fbem-13217	136	11	endogenous	endogenous	ADJ
fbem-13217	136	12	problem	problem	NOUN
fbem-13217	136	13	of	of	ADP
fbem-13217	136	14	mutual	mutual	ADJ
fbem-13217	136	15	causation	causation	NOUN
fbem-13217	136	16	,	,	PUNCT
fbem-13217	136	17	this	this	DET
fbem-13217	136	18	paper	paper	NOUN
fbem-13217	136	19	will	will	AUX
fbem-13217	136	20	explain	explain	VERB
fbem-13217	136	21	the	the	DET
fbem-13217	136	22	variable	variable	ADJ
fbem-13217	136	23	lag	lag	VERB
fbem-13217	136	24	one	one	NUM
fbem-13217	136	25	stage	stage	NOUN
fbem-13217	136	26	to	to	PART
fbem-13217	136	27	investigate	investigate	VERB
fbem-13217	136	28	the	the	DET
fbem-13217	136	29	causal	causal	ADJ
fbem-13217	136	30	relationship	relationship	NOUN
fbem-13217	136	31	between	between	ADP
fbem-13217	136	32	enterprise	enterprise	NOUN
fbem-13217	136	33	digital	digital	ADJ
fbem-13217	136	34	transformation	transformation	NOUN
fbem-13217	136	35	and	and	CCONJ
fbem-13217	136	36	enterprise	enterprise	NOUN
fbem-13217	136	37	innovation	innovation	NOUN
fbem-13217	136	38	ability	ability	NOUN
fbem-13217	136	39	.	.	PUNCT
fbem-13217	137	1	the	the	DET
fbem-13217	137	2	specific	specific	ADJ
fbem-13217	137	3	test	test	NOUN
fbem-13217	137	4	results	result	NOUN
fbem-13217	137	5	are	be	AUX
fbem-13217	137	6	shown	show	VERB
fbem-13217	137	7	in	in	ADP
fbem-13217	137	8	the	the	DET
fbem-13217	137	9	first	first	ADJ
fbem-13217	137	10	column	column	NOUN
fbem-13217	137	11	of	of	ADP
fbem-13217	137	12	table	table	NOUN
fbem-13217	137	13	3	3	NUM
fbem-13217	137	14	.	.	PUNCT
fbem-13217	138	1	the	the	DET
fbem-13217	138	2	results	result	NOUN
fbem-13217	138	3	of	of	ADP
fbem-13217	138	4	one	one	NUM
fbem-13217	138	5	-	-	PUNCT
fbem-13217	138	6	stage	stage	NOUN
fbem-13217	138	7	lag	lag	NOUN
fbem-13217	138	8	are	be	AUX
fbem-13217	138	9	generally	generally	ADV
fbem-13217	138	10	consistent	consistent	ADJ
fbem-13217	138	11	with	with	ADP
fbem-13217	138	12	the	the	DET
fbem-13217	138	13	aforementioned	aforementioned	ADJ
fbem-13217	138	14	main	main	ADJ
fbem-13217	138	15	results	result	NOUN
fbem-13217	138	16	in	in	ADP
fbem-13217	138	17	terms	term	NOUN
fbem-13217	138	18	of	of	ADP
fbem-13217	138	19	coefficient	coefficient	NOUN
fbem-13217	138	20	symbol	symbol	NOUN
fbem-13217	138	21	and	and	CCONJ
fbem-13217	138	22	significance	significance	NOUN
fbem-13217	138	23	level	level	NOUN
fbem-13217	138	24	,	,	PUNCT
fbem-13217	138	25	which	which	PRON
fbem-13217	138	26	partly	partly	ADV
fbem-13217	138	27	verifies	verify	VERB
fbem-13217	138	28	the	the	DET
fbem-13217	138	29	robustness	robustness	NOUN
fbem-13217	138	30	of	of	ADP
fbem-13217	138	31	the	the	DET
fbem-13217	138	32	results	result	NOUN
fbem-13217	138	33	in	in	ADP
fbem-13217	138	34	this	this	DET
fbem-13217	138	35	paper	paper	NOUN
fbem-13217	138	36	.	.	PUNCT
fbem-13217	139	1	2	2	X
fbem-13217	139	2	.	.	X
fbem-13217	139	3	replacement	replacement	NOUN
fbem-13217	139	4	of	of	ADP
fbem-13217	139	5	explained	explain	VERB
fbem-13217	139	6	variables	variable	NOUN
fbem-13217	139	7	in	in	ADP
fbem-13217	139	8	order	order	NOUN
fbem-13217	139	9	to	to	PART
fbem-13217	139	10	eliminate	eliminate	VERB
fbem-13217	139	11	the	the	DET
fbem-13217	139	12	influence	influence	NOUN
fbem-13217	139	13	of	of	ADP
fbem-13217	139	14	the	the	DET
fbem-13217	139	15	selection	selection	NOUN
fbem-13217	139	16	of	of	ADP
fbem-13217	139	17	explained	explain	VERB
fbem-13217	139	18	variable	variable	ADJ
fbem-13217	139	19	indicators	indicator	NOUN
fbem-13217	139	20	on	on	ADP
fbem-13217	139	21	the	the	DET
fbem-13217	139	22	regression	regression	NOUN
fbem-13217	139	23	results	result	NOUN
fbem-13217	139	24	,	,	PUNCT
fbem-13217	139	25	this	this	DET
fbem-13217	139	26	paper	paper	NOUN
fbem-13217	139	27	increases	increase	VERB
fbem-13217	139	28	the	the	DET
fbem-13217	139	29	number	number	NOUN
fbem-13217	139	30	of	of	ADP
fbem-13217	139	31	invention	invention	NOUN
fbem-13217	139	32	patents	patent	NOUN
fbem-13217	139	33	by	by	ADP
fbem-13217	139	34	1	1	NUM
fbem-13217	139	35	and	and	CCONJ
fbem-13217	139	36	takes	take	VERB
fbem-13217	139	37	the	the	DET
fbem-13217	139	38	natural	natural	ADJ
fbem-13217	139	39	logarithm	logarithm	NOUN
fbem-13217	139	40	for	for	ADP
fbem-13217	139	41	another	another	DET
fbem-13217	139	42	test	test	NOUN
fbem-13217	139	43	.	.	PUNCT
fbem-13217	140	1	the	the	DET
fbem-13217	140	2	test	test	NOUN
fbem-13217	140	3	results	result	NOUN
fbem-13217	140	4	are	be	AUX
fbem-13217	140	5	shown	show	VERB
fbem-13217	140	6	in	in	ADP
fbem-13217	140	7	column	column	NOUN
fbem-13217	140	8	2	2	NUM
fbem-13217	140	9	of	of	ADP
fbem-13217	140	10	table	table	NOUN
fbem-13217	140	11	3	3	NUM
fbem-13217	140	12	.	.	PUNCT
fbem-13217	141	1	it	it	PRON
fbem-13217	141	2	can	can	AUX
fbem-13217	141	3	be	be	AUX
fbem-13217	141	4	seen	see	VERB
fbem-13217	141	5	that	that	SCONJ
fbem-13217	141	6	after	after	ADP
fbem-13217	141	7	changing	change	VERB
fbem-13217	141	8	the	the	DET
fbem-13217	141	9	explained	explain	VERB
fbem-13217	141	10	variables	variable	NOUN
fbem-13217	141	11	,	,	PUNCT
fbem-13217	141	12	the	the	DET
fbem-13217	141	13	digital	digital	ADJ
fbem-13217	141	14	transformation	transformation	NOUN
fbem-13217	141	15	of	of	ADP
fbem-13217	141	16	enterprises	enterprise	NOUN
fbem-13217	141	17	is	be	AUX
fbem-13217	141	18	significantly	significantly	ADV
fbem-13217	141	19	positive	positive	ADJ
fbem-13217	141	20	at	at	ADP
fbem-13217	141	21	the	the	DET
fbem-13217	141	22	1	1	NUM
fbem-13217	141	23	%	%	NOUN
fbem-13217	141	24	level	level	NOUN
fbem-13217	141	25	,	,	PUNCT
fbem-13217	141	26	which	which	PRON
fbem-13217	141	27	verifies	verify	VERB
fbem-13217	141	28	the	the	DET
fbem-13217	141	29	robustness	robustness	NOUN
fbem-13217	141	30	of	of	ADP
fbem-13217	141	31	the	the	DET
fbem-13217	141	32	results	result	NOUN
fbem-13217	141	33	in	in	ADP
fbem-13217	141	34	this	this	DET
fbem-13217	141	35	paper	paper	NOUN
fbem-13217	141	36	.	.	PUNCT
fbem-13217	142	1	212	212	NUM
fbem-13217	142	2	table	table	NOUN
fbem-13217	142	3	4	4	NUM
fbem-13217	142	4	.	.	PUNCT
fbem-13217	142	5	robustness	robustness	NOUN
fbem-13217	142	6	results	result	NOUN
fbem-13217	142	7	(	(	PUNCT
fbem-13217	142	8	1	1	NUM
fbem-13217	142	9	)	)	PUNCT
fbem-13217	142	10	(	(	PUNCT
fbem-13217	142	11	2	2	X
fbem-13217	142	12	)	)	PUNCT
fbem-13217	142	13	inn	inn	PROPN
fbem-13217	142	14	linn	linn	PROPN
fbem-13217	142	15	ldig	ldig	VERB
fbem-13217	142	16	0.058	0.058	NUM
fbem-13217	142	17	*	*	PUNCT
fbem-13217	142	18	*	*	PUNCT
fbem-13217	142	19	*	*	PUNCT
fbem-13217	142	20	(	(	PUNCT
fbem-13217	142	21	0.003	0.003	NUM
fbem-13217	142	22	)	)	PUNCT
fbem-13217	142	23	size	size	NOUN
fbem-13217	142	24	3.564	3.564	NUM
fbem-13217	142	25	*	*	PUNCT
fbem-13217	142	26	*	*	PUNCT
fbem-13217	142	27	*	*	PUNCT
fbem-13217	142	28	12.172	12.172	NUM
fbem-13217	142	29	*	*	PUNCT
fbem-13217	142	30	*	*	PUNCT
fbem-13217	142	31	*	*	PUNCT
fbem-13217	142	32	(	(	PUNCT
fbem-13217	142	33	0.064	0.064	NUM
fbem-13217	142	34	)	)	PUNCT
fbem-13217	142	35	(	(	PUNCT
fbem-13217	142	36	0.170	0.170	NUM
fbem-13217	142	37	)	)	PUNCT
fbem-13217	142	38	lev	lev	NOUN
fbem-13217	142	39	-0.191	-0.191	NOUN
fbem-13217	142	40	*	*	PUNCT
fbem-13217	142	41	*	*	PUNCT
fbem-13217	142	42	*	*	PUNCT
fbem-13217	142	43	-0.575	-0.575	PUNCT
fbem-13217	142	44	*	*	PUNCT
fbem-13217	142	45	*	*	PUNCT
fbem-13217	142	46	*	*	PUNCT
fbem-13217	142	47	(	(	PUNCT
fbem-13217	142	48	0.025	0.025	NUM
fbem-13217	142	49	)	)	PUNCT
fbem-13217	142	50	(	(	PUNCT
fbem-13217	142	51	0.066	0.066	NUM
fbem-13217	142	52	)	)	PUNCT
fbem-13217	142	53	ppe	ppe	NOUN
fbem-13217	142	54	-0.071	-0.071	VERB
fbem-13217	142	55	*	*	PUNCT
fbem-13217	142	56	*	*	PUNCT
fbem-13217	142	57	*	*	PUNCT
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fbem-13217	143	1	*	*	PUNCT
fbem-13217	143	2	*	*	PUNCT
fbem-13217	143	3	(	(	PUNCT
fbem-13217	143	4	0.025	0.025	NUM
fbem-13217	143	5	)	)	PUNCT
fbem-13217	143	6	(	(	PUNCT
fbem-13217	143	7	0.066	0.066	NUM
fbem-13217	143	8	)	)	PUNCT
fbem-13217	143	9	roa	roa	NOUN
fbem-13217	143	10	0.121	0.121	NUM
fbem-13217	143	11	*	*	PUNCT
fbem-13217	143	12	*	*	NOUN
fbem-13217	143	13	0.153	0.153	NUM
fbem-13217	143	14	(	(	PUNCT
fbem-13217	143	15	0.048	0.048	NUM
fbem-13217	143	16	)	)	PUNCT
fbem-13217	143	17	(	(	PUNCT
fbem-13217	143	18	0.130	0.130	NUM
fbem-13217	143	19	)	)	PUNCT
fbem-13217	143	20	cr	cr	X
fbem-13217	144	1	-0.181	-0.181	PROPN
fbem-13217	145	1	*	*	PUNCT
fbem-13217	146	1	*	*	PUNCT
fbem-13217	146	2	*	*	PUNCT
fbem-13217	146	3	-0.382	-0.382	PUNCT
fbem-13217	146	4	*	*	PUNCT
fbem-13217	146	5	*	*	PUNCT
fbem-13217	146	6	*	*	PUNCT
fbem-13217	146	7	(	(	PUNCT
fbem-13217	146	8	0.028	0.028	NUM
fbem-13217	146	9	)	)	PUNCT
fbem-13217	146	10	(	(	PUNCT
fbem-13217	146	11	0.074	0.074	NUM
fbem-13217	146	12	)	)	PUNCT
fbem-13217	146	13	soe	soe	PROPN
fbem-13217	146	14	0.027	0.027	NUM
fbem-13217	146	15	*	*	PUNCT
fbem-13217	146	16	*	*	PUNCT
fbem-13217	146	17	*	*	PUNCT
fbem-13217	146	18	0.138	0.138	NUM
fbem-13217	146	19	*	*	PUNCT
fbem-13217	146	20	*	*	PUNCT
fbem-13217	146	21	*	*	PUNCT
fbem-13217	146	22	(	(	PUNCT
fbem-13217	146	23	0.007	0.007	NUM
fbem-13217	146	24	)	)	PUNCT
fbem-13217	146	25	(	(	PUNCT
fbem-13217	146	26	0.020	0.020	NUM
fbem-13217	146	27	)	)	PUNCT
fbem-13217	146	28	tobinq	tobinq	NOUN
fbem-13217	146	29	-0.009	-0.009	X
fbem-13217	146	30	-0.290	-0.290	PUNCT
fbem-13217	146	31	*	*	PUNCT
fbem-13217	146	32	*	*	PUNCT
fbem-13217	146	33	*	*	PUNCT
fbem-13217	146	34	(	(	PUNCT
fbem-13217	146	35	0.025	0.025	NUM
fbem-13217	146	36	)	)	PUNCT
fbem-13217	146	37	(	(	PUNCT
fbem-13217	146	38	0.065	0.065	NUM
fbem-13217	146	39	)	)	PUNCT
fbem-13217	146	40	dig	dig	VERB
fbem-13217	146	41	0.175	0.175	NUM
fbem-13217	146	42	*	*	PUNCT
fbem-13217	146	43	*	*	PUNCT
fbem-13217	146	44	*	*	PUNCT
fbem-13217	146	45	(	(	PUNCT
fbem-13217	146	46	0.008	0.008	NUM
fbem-13217	146	47	)	)	PUNCT
fbem-13217	146	48	_	_	NOUN
fbem-13217	146	49	cons	con	NOUN
fbem-13217	146	50	-10.376	-10.376	PROPN
fbem-13217	146	51	*	*	PUNCT
fbem-13217	146	52	*	*	PUNCT
fbem-13217	146	53	*	*	PUNCT
fbem-13217	147	1	-36.611	-36.611	PUNCT
fbem-13217	147	2	*	*	PUNCT
fbem-13217	147	3	*	*	PUNCT
fbem-13217	147	4	*	*	PUNCT
fbem-13217	147	5	(	(	PUNCT
fbem-13217	147	6	0.196	0.196	NUM
fbem-13217	147	7	)	)	PUNCT
fbem-13217	147	8	(	(	PUNCT
fbem-13217	147	9	0.523	0.523	NUM
fbem-13217	147	10	)	)	PUNCT
fbem-13217	147	11	year	year	NOUN
fbem-13217	148	1	yes	yes	INTJ
fbem-13217	148	2	yes	yes	INTJ
fbem-13217	149	1	industry	industry	NOUN
fbem-13217	150	1	yes	yes	INTJ
fbem-13217	150	2	yes	yes	INTJ
fbem-13217	150	3	province	province	NOUN
fbem-13217	151	1	yes	yes	INTJ
fbem-13217	152	1	yes	yes	INTJ
fbem-13217	152	2	n	n	CCONJ
fbem-13217	152	3	23899.000	23899.000	NUM
fbem-13217	152	4	25702.000	25702.000	NUM
fbem-13217	152	5	r2	r2	NOUN
fbem-13217	152	6	0.554	0.554	NUM
fbem-13217	152	7	0.584	0.584	NUM
fbem-13217	152	8	r2_a	r2_a	NOUN
fbem-13217	152	9	0.545	0.545	NUM
fbem-13217	152	10	0.576	0.576	NUM
fbem-13217	152	11	standard	standard	ADJ
fbem-13217	152	12	errors	error	NOUN
fbem-13217	152	13	in	in	ADP
fbem-13217	152	14	parentheses	parenthesis	NOUN
fbem-13217	152	15	*	*	PUNCT
fbem-13217	152	16	p	p	X
fbem-13217	152	17	<	<	X
fbem-13217	152	18	0.1	0.1	NUM
fbem-13217	152	19	,	,	PUNCT
fbem-13217	152	20	*	*	PUNCT
fbem-13217	152	21	*	*	PUNCT
fbem-13217	153	1	p	p	X
fbem-13217	153	2	<	<	X
fbem-13217	153	3	0.05	0.05	NUM
fbem-13217	153	4	,	,	PUNCT
fbem-13217	153	5	*	*	PUNCT
fbem-13217	153	6	*	*	PUNCT
fbem-13217	153	7	*	*	PUNCT
fbem-13217	154	1	p	p	X
fbem-13217	154	2	<	<	X
fbem-13217	154	3	0.01	0.01	NUM
fbem-13217	154	4	4.4	4.4	NUM
fbem-13217	154	5	.	.	PUNCT
fbem-13217	155	1	the	the	DET
fbem-13217	155	2	impact	impact	NOUN
fbem-13217	155	3	mechanism	mechanism	NOUN
fbem-13217	155	4	of	of	ADP
fbem-13217	155	5	digital	digital	ADJ
fbem-13217	155	6	transformation	transformation	NOUN
fbem-13217	155	7	on	on	ADP
fbem-13217	155	8	enterprise	enterprise	NOUN
fbem-13217	155	9	innovation	innovation	NOUN
fbem-13217	155	10	:	:	PUNCT
fbem-13217	155	11	easing	ease	VERB
fbem-13217	155	12	financing	financing	NOUN
fbem-13217	155	13	constraints	constraint	NOUN
fbem-13217	155	14	because	because	SCONJ
fbem-13217	155	15	technological	technological	ADJ
fbem-13217	155	16	innovation	innovation	NOUN
fbem-13217	155	17	needs	need	VERB
fbem-13217	155	18	a	a	DET
fbem-13217	155	19	lot	lot	NOUN
fbem-13217	155	20	of	of	ADP
fbem-13217	155	21	technology	technology	NOUN
fbem-13217	155	22	and	and	CCONJ
fbem-13217	155	23	talents	talent	NOUN
fbem-13217	155	24	,	,	PUNCT
fbem-13217	155	25	enterprises	enterprise	NOUN
fbem-13217	155	26	have	have	VERB
fbem-13217	155	27	an	an	DET
fbem-13217	155	28	increasing	increase	VERB
fbem-13217	155	29	demand	demand	NOUN
fbem-13217	155	30	for	for	ADP
fbem-13217	155	31	capital	capital	NOUN
fbem-13217	155	32	in	in	ADP
fbem-13217	155	33	the	the	DET
fbem-13217	155	34	process	process	NOUN
fbem-13217	155	35	of	of	ADP
fbem-13217	155	36	technological	technological	ADJ
fbem-13217	155	37	innovation	innovation	NOUN
fbem-13217	155	38	.	.	PUNCT
fbem-13217	156	1	[	[	X
fbem-13217	156	2	17]li	17]li	NUM
fbem-13217	156	3	wenjing	wenje	VERB
fbem-13217	156	4	and	and	CCONJ
fbem-13217	156	5	zhu	zhu	PROPN
fbem-13217	156	6	xi	xi	X
fbem-13217	157	1	'	'	PUNCT
fbem-13217	157	2	an	an	DET
fbem-13217	157	3	found	find	VERB
fbem-13217	157	4	that	that	SCONJ
fbem-13217	157	5	financing	financing	NOUN
fbem-13217	157	6	constraints	constraint	NOUN
fbem-13217	157	7	seriously	seriously	ADV
fbem-13217	157	8	hindered	hinder	VERB
fbem-13217	157	9	the	the	DET
fbem-13217	157	10	improvement	improvement	NOUN
fbem-13217	157	11	of	of	ADP
fbem-13217	157	12	enterprises	enterprise	NOUN
fbem-13217	157	13	'	'	PART
fbem-13217	157	14	technological	technological	ADJ
fbem-13217	157	15	innovation	innovation	NOUN
fbem-13217	157	16	ability	ability	NOUN
fbem-13217	157	17	by	by	ADP
fbem-13217	157	18	studying	study	VERB
fbem-13217	157	19	enterprises	enterprise	NOUN
fbem-13217	157	20	in	in	ADP
fbem-13217	157	21	strategic	strategic	ADJ
fbem-13217	157	22	emerging	emerge	VERB
fbem-13217	157	23	industries	industry	NOUN
fbem-13217	157	24	with	with	ADP
fbem-13217	157	25	relatively	relatively	ADV
fbem-13217	157	26	greater	great	ADJ
fbem-13217	157	27	capital	capital	NOUN
fbem-13217	157	28	demand	demand	NOUN
fbem-13217	157	29	.	.	PUNCT
fbem-13217	158	1	however	however	ADV
fbem-13217	158	2	,	,	PUNCT
fbem-13217	158	3	facing	face	VERB
fbem-13217	158	4	serious	serious	ADJ
fbem-13217	158	5	financing	financing	NOUN
fbem-13217	158	6	constraints	constraint	NOUN
fbem-13217	158	7	,	,	PUNCT
fbem-13217	158	8	enterprises	enterprise	NOUN
fbem-13217	158	9	will	will	AUX
fbem-13217	158	10	improve	improve	VERB
fbem-13217	158	11	the	the	DET
fbem-13217	158	12	efficiency	efficiency	NOUN
fbem-13217	158	13	of	of	ADP
fbem-13217	158	14	capital	capital	NOUN
fbem-13217	158	15	utilization	utilization	NOUN
fbem-13217	158	16	and	and	CCONJ
fbem-13217	158	17	resource	resource	NOUN
fbem-13217	158	18	allocation	allocation	NOUN
fbem-13217	158	19	,	,	PUNCT
fbem-13217	158	20	so	so	SCONJ
fbem-13217	158	21	they	they	PRON
fbem-13217	158	22	will	will	AUX
fbem-13217	158	23	choose	choose	VERB
fbem-13217	158	24	the	the	DET
fbem-13217	158	25	path	path	NOUN
fbem-13217	158	26	of	of	ADP
fbem-13217	158	27	technological	technological	ADJ
fbem-13217	158	28	innovation	innovation	NOUN
fbem-13217	158	29	more	more	ADV
fbem-13217	158	30	carefully	carefully	ADV
fbem-13217	158	31	to	to	PART
fbem-13217	158	32	reduce	reduce	VERB
fbem-13217	158	33	the	the	DET
fbem-13217	158	34	risk	risk	NOUN
fbem-13217	158	35	of	of	ADP
fbem-13217	158	36	technological	technological	ADJ
fbem-13217	158	37	innovation	innovation	NOUN
fbem-13217	158	38	.	.	PUNCT
fbem-13217	159	1	due	due	ADP
fbem-13217	159	2	to	to	ADP
fbem-13217	159	3	the	the	DET
fbem-13217	159	4	unsound	unsound	ADJ
fbem-13217	159	5	capital	capital	NOUN
fbem-13217	159	6	market	market	NOUN
fbem-13217	159	7	system	system	NOUN
fbem-13217	159	8	and	and	CCONJ
fbem-13217	159	9	imperfect	imperfect	ADJ
fbem-13217	159	10	market	market	NOUN
fbem-13217	159	11	environment	environment	NOUN
fbem-13217	159	12	,	,	PUNCT
fbem-13217	159	13	the	the	DET
fbem-13217	159	14	main	main	ADJ
fbem-13217	159	15	reason	reason	NOUN
fbem-13217	159	16	why	why	SCONJ
fbem-13217	159	17	enterprises	enterprise	NOUN
fbem-13217	159	18	face	face	VERB
fbem-13217	159	19	financing	financing	NOUN
fbem-13217	159	20	constraints	constraint	NOUN
fbem-13217	159	21	is	be	AUX
fbem-13217	159	22	information	information	NOUN
fbem-13217	159	23	asymmetry	asymmetry	NOUN
fbem-13217	159	24	.	.	PUNCT
fbem-13217	160	1	based	base	VERB
fbem-13217	160	2	on	on	ADP
fbem-13217	160	3	the	the	DET
fbem-13217	160	4	signal	signal	ADJ
fbem-13217	160	5	transmission	transmission	NOUN
fbem-13217	160	6	theory	theory	NOUN
fbem-13217	160	7	,	,	PUNCT
fbem-13217	160	8	the	the	DET
fbem-13217	160	9	increase	increase	NOUN
fbem-13217	160	10	of	of	ADP
fbem-13217	160	11	r&d	r&d	NOUN
fbem-13217	160	12	intensity	intensity	NOUN
fbem-13217	160	13	and	and	CCONJ
fbem-13217	160	14	technological	technological	ADJ
fbem-13217	160	15	innovation	innovation	NOUN
fbem-13217	160	16	results	result	NOUN
fbem-13217	160	17	can	can	AUX
fbem-13217	160	18	convey	convey	VERB
fbem-13217	160	19	the	the	DET
fbem-13217	160	20	signal	signal	NOUN
fbem-13217	160	21	of	of	ADP
fbem-13217	160	22	good	good	ADJ
fbem-13217	160	23	operation	operation	NOUN
fbem-13217	160	24	of	of	ADP
fbem-13217	160	25	enterprises	enterprise	NOUN
fbem-13217	160	26	to	to	ADP
fbem-13217	160	27	the	the	DET
fbem-13217	160	28	media	medium	NOUN
fbem-13217	160	29	,	,	PUNCT
fbem-13217	160	30	shareholders	shareholder	NOUN
fbem-13217	160	31	and	and	CCONJ
fbem-13217	160	32	potential	potential	ADJ
fbem-13217	160	33	investors	investor	NOUN
fbem-13217	160	34	,	,	PUNCT
fbem-13217	160	35	attract	attract	VERB
fbem-13217	160	36	resources	resource	NOUN
fbem-13217	160	37	and	and	CCONJ
fbem-13217	160	38	value	value	VERB
fbem-13217	160	39	investors	investor	NOUN
fbem-13217	160	40	for	for	ADP
fbem-13217	160	41	enterprises	enterprise	NOUN
fbem-13217	160	42	,	,	PUNCT
fbem-13217	160	43	and	and	CCONJ
fbem-13217	160	44	effectively	effectively	ADV
fbem-13217	160	45	alleviate	alleviate	VERB
fbem-13217	160	46	the	the	DET
fbem-13217	160	47	financing	financing	NOUN
fbem-13217	160	48	constraints	constraint	NOUN
fbem-13217	160	49	of	of	ADP
fbem-13217	160	50	enterprises	enterprise	NOUN
fbem-13217	160	51	and	and	CCONJ
fbem-13217	160	52	solve	solve	VERB
fbem-13217	160	53	the	the	DET
fbem-13217	160	54	capital	capital	NOUN
fbem-13217	160	55	problem	problem	NOUN
fbem-13217	160	56	.	.	PUNCT
fbem-13217	161	1	therefore	therefore	ADV
fbem-13217	161	2	,	,	PUNCT
fbem-13217	161	3	with	with	ADP
fbem-13217	161	4	reference	reference	NOUN
fbem-13217	161	5	to	to	ADP
fbem-13217	161	6	the	the	DET
fbem-13217	161	7	practice	practice	NOUN
fbem-13217	161	8	of	of	ADP
fbem-13217	161	9	wen	wen	PROPN
fbem-13217	161	10	zhonglin	zhonglin	PROPN
fbem-13217	161	11	and	and	CCONJ
fbem-13217	161	12	ye	ye	PRON
fbem-13217	161	13	baojuan[18	baojuan[18	PROPN
fbem-13217	161	14	]	]	PUNCT
fbem-13217	161	15	,	,	PUNCT
fbem-13217	161	16	this	this	DET
fbem-13217	161	17	paper	paper	NOUN
fbem-13217	161	18	adopts	adopt	VERB
fbem-13217	161	19	the	the	DET
fbem-13217	161	20	three	three	NUM
fbem-13217	161	21	-	-	PUNCT
fbem-13217	161	22	step	step	NOUN
fbem-13217	161	23	regression	regression	NOUN
fbem-13217	161	24	method	method	NOUN
fbem-13217	161	25	to	to	PART
fbem-13217	161	26	investigate	investigate	VERB
fbem-13217	161	27	the	the	DET
fbem-13217	161	28	relationship	relationship	NOUN
fbem-13217	161	29	among	among	ADP
fbem-13217	161	30	financing	financing	NOUN
fbem-13217	161	31	constraints	constraint	NOUN
fbem-13217	161	32	,	,	PUNCT
fbem-13217	161	33	digital	digital	ADJ
fbem-13217	161	34	transformation	transformation	NOUN
fbem-13217	161	35	and	and	CCONJ
fbem-13217	161	36	enterprise	enterprise	NOUN
fbem-13217	161	37	innovation	innovation	NOUN
fbem-13217	161	38	ability	ability	NOUN
fbem-13217	161	39	.	.	PUNCT
fbem-13217	162	1	at	at	ADP
fbem-13217	162	2	the	the	DET
fbem-13217	162	3	same	same	ADJ
fbem-13217	162	4	time	time	NOUN
fbem-13217	162	5	,	,	PUNCT
fbem-13217	162	6	some	some	DET
fbem-13217	162	7	literatures	literature	NOUN
fbem-13217	162	8	also	also	ADV
fbem-13217	162	9	use	use	VERB
fbem-13217	162	10	kz	kz	PROPN
fbem-13217	162	11	index	index	NOUN
fbem-13217	162	12	to	to	PART
fbem-13217	162	13	measure	measure	VERB
fbem-13217	162	14	the	the	DET
fbem-13217	162	15	financing	financing	NOUN
fbem-13217	162	16	constraints	constraint	NOUN
fbem-13217	162	17	faced	face	VERB
fbem-13217	162	18	by	by	ADP
fbem-13217	162	19	enterprises	enterprise	NOUN
fbem-13217	162	20	,	,	PUNCT
fbem-13217	162	21	so	so	SCONJ
fbem-13217	162	22	this	this	DET
fbem-13217	162	23	paper	paper	NOUN
fbem-13217	162	24	uses	use	VERB
fbem-13217	162	25	kz	kz	PROPN
fbem-13217	162	26	index	index	NOUN
fbem-13217	162	27	to	to	PART
fbem-13217	162	28	test	test	VERB
fbem-13217	162	29	the	the	DET
fbem-13217	162	30	intermediary	intermediary	ADJ
fbem-13217	162	31	path	path	NOUN
fbem-13217	162	32	and	and	CCONJ
fbem-13217	162	33	mechanism	mechanism	NOUN
fbem-13217	162	34	between	between	ADP
fbem-13217	162	35	enterprises	enterprise	NOUN
fbem-13217	162	36	'	'	PART
fbem-13217	162	37	digital	digital	ADJ
fbem-13217	162	38	transformation	transformation	NOUN
fbem-13217	162	39	and	and	CCONJ
fbem-13217	162	40	enterprises	enterprise	NOUN
fbem-13217	162	41	'	'	PART
fbem-13217	162	42	innovation	innovation	NOUN
fbem-13217	162	43	ability	ability	NOUN
fbem-13217	162	44	.	.	PUNCT
fbem-13217	163	1	the	the	DET
fbem-13217	163	2	larger	large	ADJ
fbem-13217	163	3	the	the	DET
fbem-13217	163	4	kz	kz	PROPN
fbem-13217	163	5	index	index	NOUN
fbem-13217	163	6	is	be	AUX
fbem-13217	163	7	,	,	PUNCT
fbem-13217	163	8	the	the	PRON
fbem-13217	163	9	greater	great	ADJ
fbem-13217	163	10	the	the	DET
fbem-13217	163	11	financing	financing	NOUN
fbem-13217	163	12	constraint	constraint	NOUN
fbem-13217	163	13	of	of	ADP
fbem-13217	163	14	enterprises	enterprise	NOUN
fbem-13217	163	15	.	.	PUNCT
fbem-13217	164	1	the	the	DET
fbem-13217	164	2	specific	specific	ADJ
fbem-13217	164	3	test	test	NOUN
fbem-13217	164	4	results	result	NOUN
fbem-13217	164	5	are	be	AUX
fbem-13217	164	6	shown	show	VERB
fbem-13217	164	7	in	in	ADP
fbem-13217	164	8	table	table	NOUN
fbem-13217	164	9	5	5	NUM
fbem-13217	164	10	.	.	PUNCT
fbem-13217	165	1	as	as	SCONJ
fbem-13217	165	2	can	can	AUX
fbem-13217	165	3	be	be	AUX
fbem-13217	165	4	seen	see	VERB
fbem-13217	165	5	from	from	ADP
fbem-13217	165	6	table	table	NOUN
fbem-13217	165	7	5	5	NUM
fbem-13217	165	8	,	,	PUNCT
fbem-13217	165	9	the	the	DET
fbem-13217	165	10	degree	degree	NOUN
fbem-13217	165	11	of	of	ADP
fbem-13217	165	12	digital	digital	ADJ
fbem-13217	165	13	transformation	transformation	NOUN
fbem-13217	165	14	,	,	PUNCT
fbem-13217	165	15	financing	financing	NOUN
fbem-13217	165	16	constraints	constraint	NOUN
fbem-13217	165	17	and	and	CCONJ
fbem-13217	165	18	innovation	innovation	NOUN
fbem-13217	165	19	ability	ability	NOUN
fbem-13217	165	20	are	be	AUX
fbem-13217	165	21	significantly	significantly	ADV
fbem-13217	165	22	correlated	correlate	VERB
fbem-13217	165	23	at	at	ADP
fbem-13217	165	24	1	1	NUM
fbem-13217	165	25	%	%	NOUN
fbem-13217	165	26	level	level	NOUN
fbem-13217	165	27	,	,	PUNCT
fbem-13217	165	28	and	and	CCONJ
fbem-13217	165	29	the	the	DET
fbem-13217	165	30	degree	degree	NOUN
fbem-13217	165	31	of	of	ADP
fbem-13217	165	32	broken	break	VERB
fbem-13217	165	33	digital	digital	ADJ
fbem-13217	165	34	transformation	transformation	NOUN
fbem-13217	165	35	and	and	CCONJ
fbem-13217	165	36	financing	financing	NOUN
fbem-13217	165	37	constraints	constraint	NOUN
fbem-13217	165	38	are	be	AUX
fbem-13217	165	39	significantly	significantly	ADV
fbem-13217	165	40	negatively	negatively	ADV
fbem-13217	165	41	correlated	correlate	VERB
fbem-13217	165	42	at	at	ADP
fbem-13217	165	43	5	5	NUM
fbem-13217	165	44	%	%	NOUN
fbem-13217	165	45	level	level	NOUN
fbem-13217	165	46	.	.	PUNCT
fbem-13217	166	1	combined	combine	VERB
fbem-13217	166	2	with	with	ADP
fbem-13217	166	3	the	the	DET
fbem-13217	166	4	main	main	ADJ
fbem-13217	166	5	regression	regression	NOUN
fbem-13217	166	6	,	,	PUNCT
fbem-13217	166	7	it	it	PRON
fbem-13217	166	8	can	can	AUX
fbem-13217	166	9	be	be	AUX
fbem-13217	166	10	seen	see	VERB
fbem-13217	166	11	that	that	SCONJ
fbem-13217	166	12	financing	financing	NOUN
fbem-13217	166	13	constraints	constraint	NOUN
fbem-13217	166	14	play	play	VERB
fbem-13217	166	15	a	a	DET
fbem-13217	166	16	partial	partial	ADJ
fbem-13217	166	17	intermediary	intermediary	ADJ
fbem-13217	166	18	effect	effect	NOUN
fbem-13217	166	19	between	between	ADP
fbem-13217	166	20	the	the	DET
fbem-13217	166	21	degree	degree	NOUN
fbem-13217	166	22	of	of	ADP
fbem-13217	166	23	digital	digital	ADJ
fbem-13217	166	24	transformation	transformation	NOUN
fbem-13217	166	25	and	and	CCONJ
fbem-13217	166	26	the	the	DET
fbem-13217	166	27	innovation	innovation	NOUN
fbem-13217	166	28	ability	ability	NOUN
fbem-13217	166	29	of	of	ADP
fbem-13217	166	30	enterprises	enterprise	NOUN
fbem-13217	166	31	.	.	PUNCT
fbem-13217	167	1	4.5	4.5	NUM
fbem-13217	167	2	.	.	PUNCT
fbem-13217	168	1	heterogeneity	heterogeneity	NOUN
fbem-13217	168	2	analysis	analysis	NOUN
fbem-13217	168	3	of	of	ADP
fbem-13217	168	4	enterprise	enterprise	NOUN
fbem-13217	168	5	digital	digital	ADJ
fbem-13217	168	6	transformation	transformation	NOUN
fbem-13217	168	7	degree	degree	NOUN
fbem-13217	168	8	enterprises	enterprise	NOUN
fbem-13217	168	9	with	with	ADP
fbem-13217	168	10	different	different	ADJ
fbem-13217	168	11	ownership	ownership	NOUN
fbem-13217	168	12	types	type	NOUN
fbem-13217	168	13	in	in	ADP
fbem-13217	168	14	china	china	PROPN
fbem-13217	168	15	have	have	VERB
fbem-13217	168	16	differences	difference	NOUN
fbem-13217	168	17	in	in	ADP
fbem-13217	168	18	digital	digital	ADJ
fbem-13217	168	19	transformation	transformation	NOUN
fbem-13217	168	20	,	,	PUNCT
fbem-13217	168	21	which	which	PRON
fbem-13217	168	22	will	will	AUX
fbem-13217	168	23	have	have	VERB
fbem-13217	168	24	a	a	DET
fbem-13217	168	25	nonnegligible	nonnegligible	ADJ
fbem-13217	168	26	heterogeneous	heterogeneous	ADJ
fbem-13217	168	27	incentive	incentive	NOUN
fbem-13217	168	28	effect	effect	NOUN
fbem-13217	168	29	on	on	ADP
fbem-13217	168	30	the	the	DET
fbem-13217	168	31	innovation	innovation	NOUN
fbem-13217	168	32	performance	performance	NOUN
fbem-13217	168	33	of	of	ADP
fbem-13217	168	34	enterprises	enterprise	NOUN
fbem-13217	168	35	with	with	ADP
fbem-13217	168	36	different	different	ADJ
fbem-13217	168	37	ownership	ownership	NOUN
fbem-13217	168	38	.	.	PUNCT
fbem-13217	169	1	in	in	ADP
fbem-13217	169	2	table	table	NOUN
fbem-13217	169	3	6	6	NUM
fbem-13217	169	4	,	,	PUNCT
fbem-13217	169	5	columns	column	NOUN
fbem-13217	169	6	1	1	NUM
fbem-13217	169	7	and	and	CCONJ
fbem-13217	169	8	2	2	NUM
fbem-13217	169	9	show	show	VERB
fbem-13217	169	10	the	the	DET
fbem-13217	169	11	impact	impact	NOUN
fbem-13217	169	12	of	of	ADP
fbem-13217	169	13	enterprises	enterprise	NOUN
fbem-13217	169	14	'	'	PART
fbem-13217	169	15	digital	digital	ADJ
fbem-13217	169	16	transformation	transformation	NOUN
fbem-13217	169	17	on	on	ADP
fbem-13217	169	18	the	the	DET
fbem-13217	169	19	innovation	innovation	NOUN
fbem-13217	169	20	ability	ability	NOUN
fbem-13217	169	21	of	of	ADP
fbem-13217	169	22	state	state	NOUN
fbem-13217	169	23	-	-	PUNCT
fbem-13217	169	24	owned	own	VERB
fbem-13217	169	25	enterprises	enterprise	NOUN
fbem-13217	169	26	and	and	CCONJ
fbem-13217	169	27	private	private	ADJ
fbem-13217	169	28	enterprises	enterprise	NOUN
fbem-13217	169	29	respectively	respectively	ADV
fbem-13217	169	30	.	.	PUNCT
fbem-13217	170	1	it	it	PRON
fbem-13217	170	2	can	can	AUX
fbem-13217	170	3	be	be	AUX
fbem-13217	170	4	seen	see	VERB
fbem-13217	170	5	that	that	SCONJ
fbem-13217	170	6	enterprise	enterprise	NOUN
fbem-13217	170	7	digital	digital	ADJ
fbem-13217	170	8	transformation	transformation	NOUN
fbem-13217	170	9	has	have	VERB
fbem-13217	170	10	a	a	DET
fbem-13217	170	11	significant	significant	ADJ
fbem-13217	170	12	incentive	incentive	NOUN
fbem-13217	170	13	effect	effect	NOUN
fbem-13217	170	14	on	on	ADP
fbem-13217	170	15	the	the	DET
fbem-13217	170	16	innovation	innovation	NOUN
fbem-13217	170	17	performance	performance	NOUN
fbem-13217	170	18	of	of	ADP
fbem-13217	170	19	both	both	CCONJ
fbem-13217	170	20	private	private	ADJ
fbem-13217	170	21	and	and	CCONJ
fbem-13217	170	22	public	public	ADJ
fbem-13217	170	23	enterprises	enterprise	NOUN
fbem-13217	170	24	,	,	PUNCT
fbem-13217	170	25	and	and	CCONJ
fbem-13217	170	26	the	the	DET
fbem-13217	170	27	positive	positive	ADJ
fbem-13217	170	28	impact	impact	NOUN
fbem-13217	170	29	of	of	ADP
fbem-13217	170	30	enterprise	enterprise	NOUN
fbem-13217	170	31	digital	digital	ADJ
fbem-13217	170	32	transformation	transformation	NOUN
fbem-13217	170	33	on	on	ADP
fbem-13217	170	34	the	the	DET
fbem-13217	170	35	innovation	innovation	NOUN
fbem-13217	170	36	ability	ability	NOUN
fbem-13217	170	37	of	of	ADP
fbem-13217	170	38	private	private	ADJ
fbem-13217	170	39	enterprises	enterprise	NOUN
fbem-13217	170	40	is	be	AUX
fbem-13217	170	41	relatively	relatively	ADV
fbem-13217	170	42	greater	great	ADJ
fbem-13217	170	43	,	,	PUNCT
fbem-13217	170	44	indicating	indicate	VERB
fbem-13217	170	45	that	that	SCONJ
fbem-13217	170	46	the	the	DET
fbem-13217	170	47	impact	impact	NOUN
fbem-13217	170	48	of	of	ADP
fbem-13217	170	49	enterprise	enterprise	NOUN
fbem-13217	170	50	digital	digital	ADJ
fbem-13217	170	51	transformation	transformation	NOUN
fbem-13217	170	52	on	on	ADP
fbem-13217	170	53	enterprises	enterprise	NOUN
fbem-13217	170	54	is	be	AUX
fbem-13217	170	55	heterogeneous	heterogeneous	ADJ
fbem-13217	170	56	.	.	PUNCT
fbem-13217	171	1	therefore	therefore	ADV
fbem-13217	171	2	,	,	PUNCT
fbem-13217	171	3	hypothesis	hypothesis	NOUN
fbem-13217	171	4	3	3	NUM
fbem-13217	171	5	is	be	AUX
fbem-13217	171	6	confirmed	confirm	VERB
fbem-13217	171	7	.	.	PUNCT
fbem-13217	172	1	213	213	NUM
fbem-13217	172	2	table	table	NOUN
fbem-13217	172	3	5	5	NUM
fbem-13217	172	4	.	.	PUNCT
fbem-13217	172	5	descriptive	descriptive	ADJ
fbem-13217	172	6	statistics	statistic	NOUN
fbem-13217	172	7	of	of	ADP
fbem-13217	172	8	variables	variable	NOUN
fbem-13217	172	9	(	(	PUNCT
fbem-13217	172	10	1	1	NUM
fbem-13217	172	11	)	)	PUNCT
fbem-13217	172	12	(	(	PUNCT
fbem-13217	172	13	2	2	X
fbem-13217	172	14	)	)	PUNCT
fbem-13217	172	15	kz	kz	PROPN
fbem-13217	172	16	inn	inn	PROPN
fbem-13217	172	17	dig	dig	VERB
fbem-13217	172	18	-0.023	-0.023	PROPN
fbem-13217	172	19	*	*	PUNCT
fbem-13217	172	20	*	*	PUNCT
fbem-13217	172	21	0.159	0.159	NUM
fbem-13217	172	22	*	*	PUNCT
fbem-13217	172	23	*	*	PUNCT
fbem-13217	172	24	*	*	PUNCT
fbem-13217	172	25	(	(	PUNCT
fbem-13217	172	26	0.011	0.011	NUM
fbem-13217	172	27	)	)	PUNCT
fbem-13217	172	28	(	(	PUNCT
fbem-13217	172	29	0.010	0.010	NUM
fbem-13217	172	30	)	)	PUNCT
fbem-13217	172	31	size	size	NOUN
fbem-13217	172	32	-0.330	-0.330	PUNCT
fbem-13217	172	33	*	*	PUNCT
fbem-13217	172	34	*	*	PUNCT
fbem-13217	172	35	*	*	PUNCT
fbem-13217	172	36	0.552	0.552	NUM
fbem-13217	172	37	*	*	PUNCT
fbem-13217	172	38	*	*	PUNCT
fbem-13217	172	39	*	*	PUNCT
fbem-13217	172	40	(	(	PUNCT
fbem-13217	172	41	0.010	0.010	NUM
fbem-13217	172	42	)	)	PUNCT
fbem-13217	172	43	(	(	PUNCT
fbem-13217	172	44	0.010	0.010	NUM
fbem-13217	172	45	)	)	PUNCT
fbem-13217	172	46	lev	lev	NOUN
fbem-13217	172	47	3.656	3.656	NUM
fbem-13217	172	48	*	*	PUNCT
fbem-13217	172	49	*	*	PUNCT
fbem-13217	172	50	*	*	PUNCT
fbem-13217	172	51	-0.419	-0.419	PUNCT
fbem-13217	172	52	*	*	PUNCT
fbem-13217	172	53	*	*	PUNCT
fbem-13217	172	54	*	*	PUNCT
fbem-13217	172	55	(	(	PUNCT
fbem-13217	172	56	0.086	0.086	NUM
fbem-13217	172	57	)	)	PUNCT
fbem-13217	172	58	(	(	PUNCT
fbem-13217	172	59	0.084	0.084	NUM
fbem-13217	172	60	)	)	PUNCT
fbem-13217	172	61	ppe	ppe	NOUN
fbem-13217	172	62	-0.956	-0.956	PROPN
fbem-13217	172	63	*	*	PUNCT
fbem-13217	172	64	*	*	PUNCT
fbem-13217	172	65	*	*	PUNCT
fbem-13217	172	66	-0.149	-0.149	PUNCT
fbem-13217	172	67	*	*	PUNCT
fbem-13217	172	68	(	(	PUNCT
fbem-13217	172	69	0.084	0.084	NUM
fbem-13217	172	70	)	)	PUNCT
fbem-13217	172	71	(	(	PUNCT
fbem-13217	172	72	0.079	0.079	NUM
fbem-13217	172	73	)	)	PUNCT
fbem-13217	172	74	roa	roa	NOUN
fbem-13217	172	75	-9.925	-9.925	PUNCT
fbem-13217	172	76	*	*	PUNCT
fbem-13217	172	77	*	*	PUNCT
fbem-13217	172	78	*	*	X
fbem-13217	172	79	0.163	0.163	NUM
fbem-13217	172	80	(	(	PUNCT
fbem-13217	172	81	0.184	0.184	NUM
fbem-13217	172	82	)	)	PUNCT
fbem-13217	172	83	(	(	PUNCT
fbem-13217	172	84	0.186	0.186	NUM
fbem-13217	172	85	)	)	PUNCT
fbem-13217	172	86	cr	cr	NOUN
fbem-13217	172	87	-8.180	-8.180	PROPN
fbem-13217	173	1	*	*	PUNCT
fbem-13217	173	2	*	*	PUNCT
fbem-13217	173	3	*	*	PUNCT
fbem-13217	173	4	-0.433	-0.433	NOUN
fbem-13217	173	5	*	*	PUNCT
fbem-13217	173	6	*	*	PUNCT
fbem-13217	173	7	*	*	PUNCT
fbem-13217	173	8	(	(	PUNCT
fbem-13217	173	9	0.093	0.093	NUM
fbem-13217	173	10	)	)	PUNCT
fbem-13217	173	11	(	(	PUNCT
fbem-13217	173	12	0.105	0.105	NUM
fbem-13217	173	13	)	)	PUNCT
fbem-13217	173	14	soe	soe	PROPN
fbem-13217	173	15	0.325	0.325	PROPN
fbem-13217	173	16	*	*	PROPN
fbem-13217	173	17	*	*	PUNCT
fbem-13217	173	18	*	*	PUNCT
fbem-13217	173	19	0.120	0.120	NUM
fbem-13217	173	20	*	*	PUNCT
fbem-13217	173	21	*	*	PUNCT
fbem-13217	173	22	*	*	PUNCT
fbem-13217	173	23	(	(	PUNCT
fbem-13217	173	24	0.026	0.026	NUM
fbem-13217	173	25	)	)	PUNCT
fbem-13217	173	26	(	(	PUNCT
fbem-13217	173	27	0.024	0.024	NUM
fbem-13217	173	28	)	)	PUNCT
fbem-13217	173	29	tobinq	tobinq	ADJ
fbem-13217	173	30	-3.381	-3.381	NOUN
fbem-13217	173	31	*	*	PUNCT
fbem-13217	173	32	*	*	PUNCT
fbem-13217	173	33	*	*	PUNCT
fbem-13217	173	34	-0.292	-0.292	NOUN
fbem-13217	173	35	*	*	PUNCT
fbem-13217	173	36	*	*	PUNCT
fbem-13217	173	37	*	*	PUNCT
fbem-13217	173	38	(	(	PUNCT
fbem-13217	173	39	0.087	0.087	NUM
fbem-13217	173	40	)	)	PUNCT
fbem-13217	173	41	(	(	PUNCT
fbem-13217	173	42	0.084	0.084	NUM
fbem-13217	173	43	)	)	PUNCT
fbem-13217	174	1	kz	kz	PROPN
fbem-13217	174	2	-0.015	-0.015	PROPN
fbem-13217	174	3	*	*	PROPN
fbem-13217	174	4	*	*	PUNCT
fbem-13217	174	5	(	(	PUNCT
fbem-13217	174	6	0.007	0.007	NUM
fbem-13217	174	7	)	)	PUNCT
fbem-13217	175	1	_	_	NOUN
fbem-13217	175	2	cons	con	NOUN
fbem-13217	175	3	11.050	11.050	NUM
fbem-13217	175	4	*	*	PUNCT
fbem-13217	175	5	*	*	PUNCT
fbem-13217	175	6	*	*	PUNCT
fbem-13217	175	7	-10.641	-10.641	PROPN
fbem-13217	175	8	*	*	PUNCT
fbem-13217	175	9	*	*	PUNCT
fbem-13217	175	10	*	*	PUNCT
fbem-13217	175	11	(	(	PUNCT
fbem-13217	175	12	0.248	0.248	NUM
fbem-13217	175	13	)	)	PUNCT
fbem-13217	175	14	(	(	PUNCT
fbem-13217	175	15	0.244	0.244	NUM
fbem-13217	175	16	)	)	PUNCT
fbem-13217	175	17	year	year	NOUN
fbem-13217	176	1	yes	yes	INTJ
fbem-13217	176	2	yes	yes	INTJ
fbem-13217	177	1	industry	industry	NOUN
fbem-13217	178	1	yes	yes	INTJ
fbem-13217	178	2	yes	yes	INTJ
fbem-13217	178	3	province	province	NOUN
fbem-13217	179	1	yes	yes	INTJ
fbem-13217	180	1	yes	yes	INTJ
fbem-13217	180	2	n	n	ADV
fbem-13217	180	3	17763.000	17763.000	NUM
fbem-13217	180	4	17752.000	17752.000	NUM
fbem-13217	180	5	r2	r2	NOUN
fbem-13217	180	6	0.749	0.749	NUM
fbem-13217	180	7	0.577	0.577	NUM
fbem-13217	180	8	r2_a	r2_a	NOUN
fbem-13217	180	9	0.742	0.742	NUM
fbem-13217	180	10	0.566	0.566	NUM
fbem-13217	180	11	standard	standard	ADJ
fbem-13217	180	12	errors	error	NOUN
fbem-13217	180	13	in	in	ADP
fbem-13217	180	14	parentheses	parenthesis	NOUN
fbem-13217	180	15	*	*	PUNCT
fbem-13217	180	16	p	p	X
fbem-13217	180	17	<	<	X
fbem-13217	180	18	0.1	0.1	NUM
fbem-13217	180	19	,	,	PUNCT
fbem-13217	180	20	*	*	PUNCT
fbem-13217	180	21	*	*	PUNCT
fbem-13217	181	1	p	p	X
fbem-13217	181	2	<	<	X
fbem-13217	181	3	0.05	0.05	NUM
fbem-13217	181	4	,	,	PUNCT
fbem-13217	181	5	*	*	PUNCT
fbem-13217	181	6	*	*	PUNCT
fbem-13217	181	7	*	*	PUNCT
fbem-13217	181	8	p	p	X
fbem-13217	181	9	<	<	X
fbem-13217	181	10	0.01	0.01	NUM
fbem-13217	181	11	table	table	NOUN
fbem-13217	181	12	6	6	NUM
fbem-13217	181	13	.	.	PUNCT
fbem-13217	182	1	heterogeneity	heterogeneity	NOUN
fbem-13217	182	2	results	result	NOUN
fbem-13217	182	3	(	(	PUNCT
fbem-13217	182	4	1	1	NUM
fbem-13217	182	5	)	)	PUNCT
fbem-13217	182	6	(	(	PUNCT
fbem-13217	182	7	2	2	X
fbem-13217	182	8	)	)	PUNCT
fbem-13217	182	9	inn	inn	PROPN
fbem-13217	182	10	inn	inn	PROPN
fbem-13217	182	11	dig	dig	VERB
fbem-13217	182	12	0.170	0.170	NUM
fbem-13217	182	13	*	*	PUNCT
fbem-13217	182	14	*	*	PUNCT
fbem-13217	182	15	*	*	PUNCT
fbem-13217	182	16	0.160	0.160	NUM
fbem-13217	182	17	*	*	PUNCT
fbem-13217	182	18	*	*	PUNCT
fbem-13217	182	19	*	*	PUNCT
fbem-13217	182	20	(	(	PUNCT
fbem-13217	182	21	0.010	0.010	NUM
fbem-13217	182	22	)	)	PUNCT
fbem-13217	182	23	(	(	PUNCT
fbem-13217	182	24	0.015	0.015	NUM
fbem-13217	182	25	)	)	PUNCT
fbem-13217	182	26	size	size	NOUN
fbem-13217	182	27	0.501	0.501	NUM
fbem-13217	182	28	*	*	PUNCT
fbem-13217	182	29	*	*	PUNCT
fbem-13217	182	30	*	*	PUNCT
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fbem-13217	182	32	*	*	PUNCT
fbem-13217	182	33	*	*	PUNCT
fbem-13217	182	34	*	*	PUNCT
fbem-13217	182	35	(	(	PUNCT
fbem-13217	182	36	0.010	0.010	NUM
fbem-13217	182	37	)	)	PUNCT
fbem-13217	182	38	(	(	PUNCT
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fbem-13217	182	40	)	)	PUNCT
fbem-13217	182	41	lev	lev	NOUN
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fbem-13217	182	43	*	*	PUNCT
fbem-13217	182	44	*	*	PUNCT
fbem-13217	182	45	*	*	PUNCT
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fbem-13217	182	47	*	*	PUNCT
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fbem-13217	182	49	*	*	PUNCT
fbem-13217	182	50	(	(	PUNCT
fbem-13217	182	51	0.078	0.078	NUM
fbem-13217	182	52	)	)	PUNCT
fbem-13217	182	53	(	(	PUNCT
fbem-13217	182	54	0.120	0.120	NUM
fbem-13217	182	55	)	)	PUNCT
fbem-13217	182	56	ppe	ppe	NOUN
fbem-13217	182	57	0.100	0.100	NUM
fbem-13217	182	58	-0.259	-0.259	NOUN
fbem-13217	182	59	*	*	PUNCT
fbem-13217	182	60	*	*	PUNCT
fbem-13217	182	61	(	(	PUNCT
fbem-13217	182	62	0.089	0.089	NUM
fbem-13217	182	63	)	)	PUNCT
fbem-13217	182	64	(	(	PUNCT
fbem-13217	182	65	0.106	0.106	NUM
fbem-13217	182	66	)	)	PUNCT
fbem-13217	182	67	roa	roa	PROPN
fbem-13217	182	68	0.278	0.278	NUM
fbem-13217	182	69	*	*	PUNCT
fbem-13217	183	1	-0.053	-0.053	NUM
fbem-13217	183	2	(	(	PUNCT
fbem-13217	183	3	0.143	0.143	NUM
fbem-13217	183	4	)	)	PUNCT
fbem-13217	183	5	(	(	PUNCT
fbem-13217	183	6	0.280	0.280	NUM
fbem-13217	183	7	)	)	PUNCT
fbem-13217	183	8	cr	cr	NOUN
fbem-13217	184	1	-0.333	-0.333	ADV
fbem-13217	184	2	*	*	PUNCT
fbem-13217	185	1	*	*	PUNCT
fbem-13217	185	2	*	*	PUNCT
fbem-13217	185	3	-0.913	-0.913	PUNCT
fbem-13217	185	4	*	*	PUNCT
fbem-13217	185	5	*	*	PUNCT
fbem-13217	185	6	*	*	PUNCT
fbem-13217	185	7	(	(	PUNCT
fbem-13217	185	8	0.085	0.085	NUM
fbem-13217	185	9	)	)	PUNCT
fbem-13217	185	10	(	(	PUNCT
fbem-13217	185	11	0.142	0.142	NUM
fbem-13217	185	12	)	)	PUNCT
fbem-13217	185	13	soe	soe	PROPN
fbem-13217	185	14	0.000	0.000	NUM
fbem-13217	185	15	0.000	0.000	NUM
fbem-13217	185	16	(	(	PUNCT
fbem-13217	185	17	.	.	PUNCT
fbem-13217	185	18	)	)	PUNCT
fbem-13217	186	1	(	(	PUNCT
fbem-13217	186	2	.	.	X
fbem-13217	186	3	)	)	PUNCT
fbem-13217	186	4	tobinq	tobinq	INTJ
fbem-13217	186	5	-0.243	-0.243	PUNCT
fbem-13217	187	1	*	*	PUNCT
fbem-13217	187	2	*	*	PUNCT
fbem-13217	187	3	*	*	PUNCT
fbem-13217	187	4	-0.125	-0.125	PRON
fbem-13217	187	5	(	(	PUNCT
fbem-13217	187	6	0.076	0.076	NUM
fbem-13217	187	7	)	)	PUNCT
fbem-13217	187	8	(	(	PUNCT
fbem-13217	187	9	0.125	0.125	NUM
fbem-13217	187	10	)	)	PUNCT
fbem-13217	188	1	_	_	NOUN
fbem-13217	188	2	cons	con	NOUN
fbem-13217	188	3	-9.339	-9.339	PUNCT
fbem-13217	188	4	*	*	PUNCT
fbem-13217	188	5	*	*	PUNCT
fbem-13217	188	6	*	*	PUNCT
fbem-13217	189	1	-11.789	-11.789	ADJ
fbem-13217	189	2	*	*	PUNCT
fbem-13217	189	3	*	*	PUNCT
fbem-13217	189	4	*	*	PUNCT
fbem-13217	189	5	(	(	PUNCT
fbem-13217	189	6	0.254	0.254	NUM
fbem-13217	189	7	)	)	PUNCT
fbem-13217	189	8	(	(	PUNCT
fbem-13217	189	9	0.316	0.316	NUM
fbem-13217	189	10	)	)	PUNCT
fbem-13217	189	11	year	year	NOUN
fbem-13217	190	1	yes	yes	INTJ
fbem-13217	190	2	yes	yes	INTJ
fbem-13217	191	1	industry	industry	NOUN
fbem-13217	192	1	yes	yes	INTJ
fbem-13217	192	2	yes	yes	INTJ
fbem-13217	192	3	province	province	NOUN
fbem-13217	193	1	yes	yes	INTJ
fbem-13217	194	1	yes	yes	INTJ
fbem-13217	195	1	n	n	ADV
fbem-13217	195	2	16181.000	16181.000	NUM
fbem-13217	195	3	9521.000	9521.000	NUM
fbem-13217	195	4	r2	r2	PROPN
fbem-13217	195	5	0.548	0.548	NUM
fbem-13217	195	6	0.688	0.688	NUM
fbem-13217	195	7	r2_a	r2_a	NOUN
fbem-13217	195	8	0.536	0.536	NUM
fbem-13217	195	9	0.677	0.677	NUM
fbem-13217	195	10	standard	standard	ADJ
fbem-13217	195	11	errors	error	NOUN
fbem-13217	195	12	in	in	ADP
fbem-13217	195	13	parentheses	parenthesis	NOUN
fbem-13217	195	14	*	*	PUNCT
fbem-13217	195	15	p	p	X
fbem-13217	195	16	<	<	X
fbem-13217	195	17	0.1	0.1	NUM
fbem-13217	195	18	,	,	PUNCT
fbem-13217	195	19	*	*	PUNCT
fbem-13217	195	20	*	*	PUNCT
fbem-13217	196	1	p	p	X
fbem-13217	196	2	<	<	X
fbem-13217	196	3	0.05	0.05	NUM
fbem-13217	196	4	,	,	PUNCT
fbem-13217	196	5	*	*	PUNCT
fbem-13217	196	6	*	*	PUNCT
fbem-13217	196	7	*	*	PUNCT
fbem-13217	197	1	p	p	X
fbem-13217	197	2	<	<	X
fbem-13217	197	3	0.01	0.01	NUM
fbem-13217	197	4	214	214	NUM
fbem-13217	197	5	5	5	NUM
fbem-13217	197	6	.	.	PUNCT
fbem-13217	197	7	conclusion	conclusion	NOUN
fbem-13217	197	8	based	base	VERB
fbem-13217	197	9	on	on	ADP
fbem-13217	197	10	the	the	DET
fbem-13217	197	11	2011	2011	NUM
fbem-13217	197	12	-	-	SYM
fbem-13217	197	13	2020	2020	NUM
fbem-13217	197	14	digital	digital	ADJ
fbem-13217	197	15	finance	finance	NOUN
fbem-13217	197	16	index	index	NOUN
fbem-13217	197	17	and	and	CCONJ
fbem-13217	197	18	the	the	DET
fbem-13217	197	19	data	datum	NOUN
fbem-13217	197	20	of	of	ADP
fbem-13217	197	21	shanghai	shanghai	PROPN
fbem-13217	197	22	and	and	CCONJ
fbem-13217	197	23	shenzhen	shenzhen	PROPN
fbem-13217	197	24	a	a	PROPN
fbem-13217	197	25	-	-	PUNCT
fbem-13217	197	26	share	share	NOUN
fbem-13217	197	27	listed	list	VERB
fbem-13217	197	28	companies	company	NOUN
fbem-13217	197	29	,	,	PUNCT
fbem-13217	197	30	this	this	DET
fbem-13217	197	31	paper	paper	NOUN
fbem-13217	197	32	uses	use	VERB
fbem-13217	197	33	a	a	DET
fbem-13217	197	34	panel	panel	NOUN
fbem-13217	197	35	fixed	fix	VERB
fbem-13217	197	36	utility	utility	NOUN
fbem-13217	197	37	model	model	NOUN
fbem-13217	197	38	to	to	PART
fbem-13217	197	39	examine	examine	VERB
fbem-13217	197	40	how	how	SCONJ
fbem-13217	197	41	a	a	DET
fbem-13217	197	42	company	company	NOUN
fbem-13217	197	43	's	's	PART
fbem-13217	197	44	digital	digital	ADJ
fbem-13217	197	45	transformation	transformation	NOUN
fbem-13217	197	46	affects	affect	VERB
fbem-13217	197	47	its	its	PRON
fbem-13217	197	48	innovation	innovation	NOUN
fbem-13217	197	49	ability	ability	NOUN
fbem-13217	197	50	.	.	PUNCT
fbem-13217	198	1	the	the	DET
fbem-13217	198	2	research	research	NOUN
fbem-13217	198	3	results	result	NOUN
fbem-13217	198	4	show	show	VERB
fbem-13217	198	5	that	that	SCONJ
fbem-13217	198	6	enterprise	enterprise	NOUN
fbem-13217	198	7	digital	digital	ADJ
fbem-13217	198	8	transformation	transformation	NOUN
fbem-13217	198	9	can	can	AUX
fbem-13217	198	10	have	have	VERB
fbem-13217	198	11	a	a	DET
fbem-13217	198	12	significant	significant	ADJ
fbem-13217	198	13	positive	positive	ADJ
fbem-13217	198	14	effect	effect	NOUN
fbem-13217	198	15	on	on	ADP
fbem-13217	198	16	the	the	DET
fbem-13217	198	17	improvement	improvement	NOUN
fbem-13217	198	18	of	of	ADP
fbem-13217	198	19	enterprise	enterprise	NOUN
fbem-13217	198	20	innovation	innovation	NOUN
fbem-13217	198	21	and	and	CCONJ
fbem-13217	198	22	innovation	innovation	NOUN
fbem-13217	198	23	ability	ability	NOUN
fbem-13217	198	24	.	.	PUNCT
fbem-13217	199	1	enterprise	enterprise	NOUN
fbem-13217	199	2	digital	digital	ADJ
fbem-13217	199	3	transformation	transformation	NOUN
fbem-13217	199	4	can	can	AUX
fbem-13217	199	5	promote	promote	VERB
fbem-13217	199	6	the	the	DET
fbem-13217	199	7	improvement	improvement	NOUN
fbem-13217	199	8	of	of	ADP
fbem-13217	199	9	enterprise	enterprise	NOUN
fbem-13217	199	10	innovation	innovation	NOUN
fbem-13217	199	11	ability	ability	NOUN
fbem-13217	199	12	by	by	ADP
fbem-13217	199	13	influencing	influence	VERB
fbem-13217	199	14	financing	financing	NOUN
fbem-13217	199	15	constraints	constraint	NOUN
fbem-13217	199	16	,	,	PUNCT
fbem-13217	199	17	and	and	CCONJ
fbem-13217	199	18	then	then	ADV
fbem-13217	199	19	enable	enable	VERB
fbem-13217	199	20	enterprise	enterprise	NOUN
fbem-13217	199	21	innovation	innovation	NOUN
fbem-13217	199	22	.	.	PUNCT
fbem-13217	200	1	digital	digital	ADJ
fbem-13217	200	2	transformation	transformation	NOUN
fbem-13217	200	3	is	be	AUX
fbem-13217	200	4	closely	closely	ADV
fbem-13217	200	5	related	relate	VERB
fbem-13217	200	6	to	to	ADP
fbem-13217	200	7	enterprise	enterprise	NOUN
fbem-13217	200	8	innovation	innovation	NOUN
fbem-13217	200	9	,	,	PUNCT
fbem-13217	200	10	and	and	CCONJ
fbem-13217	200	11	the	the	DET
fbem-13217	200	12	improvement	improvement	NOUN
fbem-13217	200	13	of	of	ADP
fbem-13217	200	14	enterprise	enterprise	NOUN
fbem-13217	200	15	digital	digital	ADJ
fbem-13217	200	16	transformation	transformation	NOUN
fbem-13217	200	17	can	can	AUX
fbem-13217	200	18	enhance	enhance	VERB
fbem-13217	200	19	the	the	DET
fbem-13217	200	20	r&d	r&d	NOUN
fbem-13217	200	21	and	and	CCONJ
fbem-13217	200	22	innovation	innovation	NOUN
fbem-13217	200	23	ability	ability	NOUN
fbem-13217	200	24	of	of	ADP
fbem-13217	200	25	enterprises	enterprise	NOUN
fbem-13217	200	26	.	.	PUNCT
fbem-13217	201	1	second	second	ADJ
fbem-13217	201	2	,	,	PUNCT
fbem-13217	201	3	since	since	SCONJ
fbem-13217	201	4	technological	technological	ADJ
fbem-13217	201	5	innovation	innovation	NOUN
fbem-13217	201	6	is	be	AUX
fbem-13217	201	7	closely	closely	ADV
fbem-13217	201	8	related	relate	VERB
fbem-13217	201	9	to	to	ADP
fbem-13217	201	10	financing	financing	NOUN
fbem-13217	201	11	constraints	constraint	NOUN
fbem-13217	201	12	,	,	PUNCT
fbem-13217	201	13	reducing	reduce	VERB
fbem-13217	201	14	the	the	DET
fbem-13217	201	15	financing	financing	NOUN
fbem-13217	201	16	constraints	constraint	NOUN
fbem-13217	201	17	of	of	ADP
fbem-13217	201	18	enterprises	enterprise	NOUN
fbem-13217	201	19	can	can	AUX
fbem-13217	201	20	promote	promote	VERB
fbem-13217	201	21	the	the	DET
fbem-13217	201	22	improvement	improvement	NOUN
fbem-13217	201	23	of	of	ADP
fbem-13217	201	24	enterprises	enterprise	NOUN
fbem-13217	201	25	'	'	PART
fbem-13217	201	26	innovation	innovation	NOUN
fbem-13217	201	27	ability	ability	NOUN
fbem-13217	201	28	,	,	PUNCT
fbem-13217	201	29	and	and	CCONJ
fbem-13217	201	30	at	at	ADP
fbem-13217	201	31	the	the	DET
fbem-13217	201	32	same	same	ADJ
fbem-13217	201	33	time	time	NOUN
fbem-13217	201	34	has	have	VERB
fbem-13217	201	35	positive	positive	ADJ
fbem-13217	201	36	significance	significance	NOUN
fbem-13217	201	37	for	for	ADP
fbem-13217	201	38	high	high	ADJ
fbem-13217	201	39	-	-	PUNCT
fbem-13217	201	40	quality	quality	NOUN
fbem-13217	201	41	economic	economic	ADJ
fbem-13217	201	42	development	development	NOUN
fbem-13217	201	43	.	.	PUNCT
fbem-13217	202	1	third	third	ADJ
fbem-13217	202	2	,	,	PUNCT
fbem-13217	202	3	digital	digital	ADJ
fbem-13217	202	4	transformation	transformation	NOUN
fbem-13217	202	5	can	can	AUX
fbem-13217	202	6	solve	solve	VERB
fbem-13217	202	7	the	the	DET
fbem-13217	202	8	financing	financing	NOUN
fbem-13217	202	9	difficulties	difficulty	NOUN
fbem-13217	202	10	faced	face	VERB
fbem-13217	202	11	by	by	ADP
fbem-13217	202	12	enterprises	enterprise	NOUN
fbem-13217	202	13	to	to	ADP
fbem-13217	202	14	a	a	DET
fbem-13217	202	15	certain	certain	ADJ
fbem-13217	202	16	extent	extent	NOUN
fbem-13217	202	17	,	,	PUNCT
fbem-13217	202	18	thus	thus	ADV
fbem-13217	202	19	promoting	promote	VERB
fbem-13217	202	20	enterprise	enterprise	NOUN
fbem-13217	202	21	innovation	innovation	NOUN
fbem-13217	202	22	.	.	PUNCT
fbem-13217	203	1	therefore	therefore	ADV
fbem-13217	203	2	,	,	PUNCT
fbem-13217	203	3	from	from	ADP
fbem-13217	203	4	the	the	DET
fbem-13217	203	5	perspective	perspective	NOUN
fbem-13217	203	6	of	of	ADP
fbem-13217	203	7	enterprises	enterprise	NOUN
fbem-13217	203	8	,	,	PUNCT
fbem-13217	203	9	they	they	PRON
fbem-13217	203	10	should	should	AUX
fbem-13217	203	11	not	not	PART
fbem-13217	203	12	only	only	ADV
fbem-13217	203	13	actively	actively	ADV
fbem-13217	203	14	carry	carry	VERB
fbem-13217	203	15	out	out	ADP
fbem-13217	203	16	digital	digital	ADJ
fbem-13217	203	17	transformation	transformation	NOUN
fbem-13217	203	18	,	,	PUNCT
fbem-13217	203	19	give	give	VERB
fbem-13217	203	20	full	full	ADJ
fbem-13217	203	21	play	play	NOUN
fbem-13217	203	22	to	to	ADP
fbem-13217	203	23	their	their	PRON
fbem-13217	203	24	supervision	supervision	NOUN
fbem-13217	203	25	and	and	CCONJ
fbem-13217	203	26	management	management	NOUN
fbem-13217	203	27	functions	function	NOUN
fbem-13217	203	28	within	within	ADP
fbem-13217	203	29	the	the	DET
fbem-13217	203	30	organization	organization	NOUN
fbem-13217	203	31	,	,	PUNCT
fbem-13217	203	32	and	and	CCONJ
fbem-13217	203	33	improve	improve	VERB
fbem-13217	203	34	the	the	DET
fbem-13217	203	35	incentive	incentive	NOUN
fbem-13217	203	36	for	for	ADP
fbem-13217	203	37	enterprise	enterprise	NOUN
fbem-13217	203	38	innovation	innovation	NOUN
fbem-13217	203	39	activities	activity	NOUN
fbem-13217	203	40	,	,	PUNCT
fbem-13217	203	41	but	but	CCONJ
fbem-13217	203	42	also	also	ADV
fbem-13217	203	43	improve	improve	VERB
fbem-13217	203	44	the	the	DET
fbem-13217	203	45	information	information	NOUN
fbem-13217	203	46	transparency	transparency	NOUN
fbem-13217	203	47	of	of	ADP
fbem-13217	203	48	innovation	innovation	NOUN
fbem-13217	203	49	projects	project	NOUN
fbem-13217	203	50	,	,	PUNCT
fbem-13217	203	51	reduce	reduce	VERB
fbem-13217	203	52	the	the	DET
fbem-13217	203	53	information	information	NOUN
fbem-13217	203	54	asymmetry	asymmetry	NOUN
fbem-13217	203	55	with	with	ADP
fbem-13217	203	56	banks	bank	NOUN
fbem-13217	203	57	,	,	PUNCT
fbem-13217	203	58	governments	government	NOUN
fbem-13217	203	59	and	and	CCONJ
fbem-13217	203	60	other	other	ADJ
fbem-13217	203	61	capital	capital	NOUN
fbem-13217	203	62	providers	provider	NOUN
fbem-13217	203	63	,	,	PUNCT
fbem-13217	203	64	and	and	CCONJ
fbem-13217	203	65	effectively	effectively	ADV
fbem-13217	203	66	promote	promote	VERB
fbem-13217	203	67	enterprise	enterprise	NOUN
fbem-13217	203	68	innovation	innovation	NOUN
fbem-13217	203	69	and	and	CCONJ
fbem-13217	203	70	improve	improve	VERB
fbem-13217	203	71	enterprise	enterprise	NOUN
fbem-13217	203	72	value	value	NOUN
fbem-13217	203	73	from	from	ADP
fbem-13217	203	74	the	the	DET
fbem-13217	203	75	perspective	perspective	NOUN
fbem-13217	203	76	of	of	ADP
fbem-13217	203	77	easing	ease	VERB
fbem-13217	203	78	financing	financing	NOUN
fbem-13217	203	79	constraints	constraint	NOUN
fbem-13217	203	80	.	.	PUNCT
fbem-13217	204	1	as	as	ADP
fbem-13217	204	2	a	a	DET
fbem-13217	204	3	"	"	PUNCT
fbem-13217	204	4	big	big	ADJ
fbem-13217	204	5	data	data	NOUN
fbem-13217	204	6	strategy	strategy	NOUN
fbem-13217	204	7	"	"	PUNCT
fbem-13217	204	8	vigorously	vigorously	ADV
fbem-13217	204	9	developed	develop	VERB
fbem-13217	204	10	by	by	ADP
fbem-13217	204	11	the	the	DET
fbem-13217	204	12	country	country	NOUN
fbem-13217	204	13	,	,	PUNCT
fbem-13217	204	14	the	the	DET
fbem-13217	204	15	national	national	ADJ
fbem-13217	204	16	and	and	CCONJ
fbem-13217	204	17	local	local	ADJ
fbem-13217	204	18	governments	government	NOUN
fbem-13217	204	19	continue	continue	VERB
fbem-13217	204	20	to	to	PART
fbem-13217	204	21	strengthen	strengthen	VERB
fbem-13217	204	22	their	their	PRON
fbem-13217	204	23	efforts	effort	NOUN
fbem-13217	204	24	to	to	PART
fbem-13217	204	25	promote	promote	VERB
fbem-13217	204	26	digital	digital	ADJ
fbem-13217	204	27	development	development	NOUN
fbem-13217	204	28	.	.	PUNCT
fbem-13217	205	1	therefore	therefore	ADV
fbem-13217	205	2	,	,	PUNCT
fbem-13217	205	3	based	base	VERB
fbem-13217	205	4	on	on	ADP
fbem-13217	205	5	this	this	PRON
fbem-13217	205	6	,	,	PUNCT
fbem-13217	205	7	it	it	PRON
fbem-13217	205	8	is	be	AUX
fbem-13217	205	9	taken	take	VERB
fbem-13217	205	10	as	as	ADP
fbem-13217	205	11	the	the	DET
fbem-13217	205	12	main	main	ADJ
fbem-13217	205	13	research	research	NOUN
fbem-13217	205	14	object	object	NOUN
fbem-13217	205	15	of	of	ADP
fbem-13217	205	16	this	this	DET
fbem-13217	205	17	paper	paper	NOUN
fbem-13217	205	18	,	,	PUNCT
fbem-13217	205	19	which	which	PRON
fbem-13217	205	20	has	have	VERB
fbem-13217	205	21	positive	positive	ADJ
fbem-13217	205	22	inspiration	inspiration	NOUN
fbem-13217	205	23	and	and	CCONJ
fbem-13217	205	24	reference	reference	NOUN
fbem-13217	205	25	value	value	NOUN
fbem-13217	205	26	for	for	ADP
fbem-13217	205	27	policy	policy	NOUN
fbem-13217	205	28	makers	maker	NOUN
fbem-13217	205	29	to	to	PART
fbem-13217	205	30	improve	improve	VERB
fbem-13217	205	31	and	and	CCONJ
fbem-13217	205	32	optimize	optimize	VERB
fbem-13217	205	33	policies	policy	NOUN
fbem-13217	205	34	supporting	support	VERB
fbem-13217	205	35	enterprise	enterprise	NOUN
fbem-13217	205	36	innovation	innovation	NOUN
fbem-13217	205	37	.	.	PUNCT
fbem-13217	206	1	on	on	ADP
fbem-13217	206	2	the	the	DET
fbem-13217	206	3	one	one	NUM
fbem-13217	206	4	hand	hand	NOUN
fbem-13217	206	5	,	,	PUNCT
fbem-13217	206	6	we	we	PRON
fbem-13217	206	7	should	should	AUX
fbem-13217	206	8	improve	improve	VERB
fbem-13217	206	9	the	the	DET
fbem-13217	206	10	laws	law	NOUN
fbem-13217	206	11	and	and	CCONJ
fbem-13217	206	12	regulations	regulation	NOUN
fbem-13217	206	13	on	on	ADP
fbem-13217	206	14	internal	internal	ADJ
fbem-13217	206	15	control	control	NOUN
fbem-13217	206	16	and	and	CCONJ
fbem-13217	206	17	accounting	accounting	NOUN
fbem-13217	206	18	quality	quality	NOUN
fbem-13217	206	19	,	,	PUNCT
fbem-13217	206	20	strengthen	strengthen	VERB
fbem-13217	206	21	information	information	NOUN
fbem-13217	206	22	supervision	supervision	NOUN
fbem-13217	206	23	,	,	PUNCT
fbem-13217	206	24	and	and	CCONJ
fbem-13217	206	25	improve	improve	VERB
fbem-13217	206	26	the	the	DET
fbem-13217	206	27	quality	quality	NOUN
fbem-13217	206	28	and	and	CCONJ
fbem-13217	206	29	level	level	NOUN
fbem-13217	206	30	of	of	ADP
fbem-13217	206	31	information	information	NOUN
fbem-13217	206	32	disclosure	disclosure	NOUN
fbem-13217	206	33	.	.	PUNCT
fbem-13217	207	1	on	on	ADP
fbem-13217	207	2	the	the	DET
fbem-13217	207	3	other	other	ADJ
fbem-13217	207	4	hand	hand	NOUN
fbem-13217	207	5	,	,	PUNCT
fbem-13217	207	6	we	we	PRON
fbem-13217	207	7	should	should	AUX
fbem-13217	207	8	further	far	ADV
fbem-13217	207	9	improve	improve	VERB
fbem-13217	207	10	the	the	DET
fbem-13217	207	11	financial	financial	ADJ
fbem-13217	207	12	market	market	NOUN
fbem-13217	207	13	through	through	ADP
fbem-13217	207	14	digital	digital	ADJ
fbem-13217	207	15	technology	technology	NOUN
fbem-13217	207	16	,	,	PUNCT
fbem-13217	207	17	break	break	VERB
fbem-13217	207	18	information	information	NOUN
fbem-13217	207	19	barriers	barrier	NOUN
fbem-13217	207	20	,	,	PUNCT
fbem-13217	207	21	create	create	VERB
fbem-13217	207	22	a	a	DET
fbem-13217	207	23	fair	fair	ADJ
fbem-13217	207	24	and	and	CCONJ
fbem-13217	207	25	open	open	ADJ
fbem-13217	207	26	financing	financing	NOUN
fbem-13217	207	27	environment	environment	NOUN
fbem-13217	207	28	for	for	ADP
fbem-13217	207	29	enterprises	enterprise	NOUN
fbem-13217	207	30	,	,	PUNCT
fbem-13217	207	31	and	and	CCONJ
fbem-13217	207	32	promote	promote	VERB
fbem-13217	207	33	the	the	DET
fbem-13217	207	34	implementation	implementation	NOUN
fbem-13217	207	35	of	of	ADP
fbem-13217	207	36	china	china	PROPN
fbem-13217	207	37	's	's	PART
fbem-13217	207	38	digital	digital	ADJ
fbem-13217	207	39	transformation	transformation	NOUN
fbem-13217	207	40	policy	policy	NOUN
fbem-13217	207	41	.	.	PUNCT
fbem-13217	208	1	references	reference	NOUN
fbem-13217	208	2	[	[	X
fbem-13217	208	3	1	1	NUM
fbem-13217	208	4	]	]	X
fbem-13217	208	5	zhou	zhou	PROPN
fbem-13217	208	6	jianguo	jianguo	PROPN
fbem-13217	208	7	,	,	PUNCT
fbem-13217	208	8	lu	lu	PROPN
fbem-13217	208	9	yunzhi	yunzhi	PROPN
fbem-13217	208	10	,	,	PUNCT
fbem-13217	208	11	yang	yang	PROPN
fbem-13217	208	12	haisheng	haisheng	PROPN
fbem-13217	208	13	.	.	PUNCT
fbem-13217	209	1	financing	financing	NOUN
fbem-13217	209	2	constraints	constraint	NOUN
fbem-13217	209	3	,	,	PUNCT
fbem-13217	209	4	innovation	innovation	NOUN
fbem-13217	209	5	ability	ability	NOUN
fbem-13217	209	6	and	and	CCONJ
fbem-13217	209	7	collaborative	collaborative	ADJ
fbem-13217	209	8	innovation	innovation	NOUN
fbem-13217	209	9	of	of	ADP
fbem-13217	209	10	firms	firm	NOUN
fbem-13217	210	1	[	[	X
fbem-13217	210	2	j	j	X
fbem-13217	210	3	]	]	X
fbem-13217	210	4	.	.	PUNCT
fbem-13217	211	1	economic	economic	ADJ
fbem-13217	211	2	research	research	NOUN
fbem-13217	211	3	journal,2017,52(07):94	journal,2017,52(07):94	PROPN
fbem-13217	211	4	-	-	NUM
fbem-13217	211	5	108	108	NUM
fbem-13217	211	6	.	.	PUNCT
fbem-13217	212	1	(	(	PUNCT
fbem-13217	212	2	in	in	ADP
fbem-13217	212	3	chinese	chinese	PROPN
fbem-13217	212	4	)	)	PUNCT
fbem-13217	213	1	[	[	X
fbem-13217	213	2	2	2	X
fbem-13217	213	3	]	]	PUNCT
fbem-13217	213	4	cao	cao	PROPN
fbem-13217	213	5	j	j	PROPN
fbem-13217	213	6	,	,	PUNCT
fbem-13217	213	7	jiang	jiang	PROPN
fbem-13217	213	8	f	f	PROPN
fbem-13217	213	9	,	,	PUNCT
fbem-13217	213	10	ritter	ritter	PROPN
fbem-13217	213	11	j	j	PROPN
fbem-13217	213	12	r.	r.	PROPN
fbem-13217	213	13	patent	patent	PROPN
fbem-13217	213	14	and	and	CCONJ
fbem-13217	213	15	innovation	innovation	NOUN
fbem-13217	213	16	driven	drive	VERB
fbem-13217	213	17	performance	performance	NOUN
fbem-13217	213	18	in	in	ADP
fbem-13217	213	19	venture	venture	NOUN
fbem-13217	213	20	capital	capital	NOUN
fbem-13217	213	21	backed	back	VERB
fbem-13217	213	22	ipos	ipos	NOUN
fbem-13217	214	1	[	[	X
fbem-13217	214	2	j	j	X
fbem-13217	214	3	]	]	X
fbem-13217	214	4	.	.	PUNCT
fbem-13217	215	1	ssrn	ssrn	PROPN
fbem-13217	215	2	electronic	electronic	ADJ
fbem-13217	215	3	journal	journal	NOUN
fbem-13217	215	4	,	,	PUNCT
fbem-13217	215	5	2013	2013	NUM
fbem-13217	215	6	:	:	PUNCT
fbem-13217	215	7	12	12	NUM
fbem-13217	215	8	-	-	SYM
fbem-13217	215	9	20	20	NUM
fbem-13217	215	10	.	.	PUNCT
fbem-13217	216	1	[	[	X
fbem-13217	216	2	3	3	X
fbem-13217	216	3	]	]	X
fbem-13217	216	4	han	han	PROPN
fbem-13217	216	5	xianfeng	xianfeng	PROPN
fbem-13217	216	6	,	,	PUNCT
fbem-13217	216	7	song	song	NOUN
fbem-13217	216	8	wenfei	wenfei	PROPN
fbem-13217	216	9	,	,	PUNCT
fbem-13217	216	10	li	li	PROPN
fbem-13217	216	11	boxin	boxin	PROPN
fbem-13217	216	12	.	.	PUNCT
fbem-13217	216	13	can	can	AUX
fbem-13217	216	14	the	the	DET
fbem-13217	216	15	internet	internet	NOUN
fbem-13217	216	16	become	become	VERB
fbem-13217	216	17	a	a	DET
fbem-13217	216	18	new	new	ADJ
fbem-13217	216	19	driving	driving	NOUN
fbem-13217	216	20	force	force	NOUN
fbem-13217	216	21	for	for	ADP
fbem-13217	216	22	improving	improve	VERB
fbem-13217	216	23	regional	regional	ADJ
fbem-13217	216	24	innovation	innovation	NOUN
fbem-13217	216	25	efficiency	efficiency	NOUN
fbem-13217	216	26	in	in	ADP
fbem-13217	216	27	china	china	PROPN
fbem-13217	217	1	[	[	X
fbem-13217	217	2	j	j	X
fbem-13217	217	3	]	]	X
fbem-13217	217	4	.	.	PUNCT
fbem-13217	218	1	china	china	PROPN
fbem-13217	218	2	industrial	industrial	PROPN
fbem-13217	218	3	economics	economic	NOUN
fbem-13217	218	4	,	,	PUNCT
fbem-13217	218	5	2019	2019	NUM
fbem-13217	218	6	,	,	PUNCT
fbem-13217	218	7	(	(	PUNCT
fbem-13217	218	8	07	07	NUM
fbem-13217	218	9	):	):	PUNCT
fbem-13217	218	10	119	119	NUM
fbem-13217	218	11	-	-	SYM
fbem-13217	218	12	136	136	NUM
fbem-13217	218	13	.	.	PUNCT
fbem-13217	219	1	[	[	X
fbem-13217	219	2	4	4	NUM
fbem-13217	219	3	]	]	X
fbem-13217	219	4	hou	hou	NOUN
fbem-13217	219	5	shiying	shiying	NOUN
fbem-13217	219	6	,	,	PUNCT
fbem-13217	219	7	song	song	NOUN
fbem-13217	219	8	liangrong	liangrong	NOUN
fbem-13217	219	9	.	.	PUNCT
fbem-13217	220	1	digital	digital	ADJ
fbem-13217	220	2	economy	economy	NOUN
fbem-13217	220	3	,	,	PUNCT
fbem-13217	220	4	market	market	NOUN
fbem-13217	220	5	integration	integration	NOUN
fbem-13217	220	6	and	and	CCONJ
fbem-13217	220	7	enterprise	enterprise	NOUN
fbem-13217	220	8	innovation	innovation	NOUN
fbem-13217	220	9	performance	performance	NOUN
fbem-13217	221	1	[	[	X
fbem-13217	221	2	j	j	X
fbem-13217	221	3	]	]	X
fbem-13217	221	4	.	.	PUNCT
fbem-13217	222	1	contemporary	contemporary	ADJ
fbem-13217	222	2	finance	finance	PROPN
fbem-13217	222	3	and	and	CCONJ
fbem-13217	222	4	economics,2021,(06):78	economics,2021,(06):78	NOUN
fbem-13217	222	5	-	-	PUNCT
fbem-13217	222	6	88	88	NUM
fbem-13217	222	7	.	.	PUNCT
fbem-13217	223	1	[	[	X
fbem-13217	223	2	5	5	NUM
fbem-13217	223	3	]	]	PUNCT
fbem-13217	223	4	li	li	X
fbem-13217	223	5	wenjing	wenjing	PROPN
fbem-13217	223	6	,	,	PUNCT
fbem-13217	223	7	zheng	zheng	PROPN
fbem-13217	223	8	manni	manni	PROPN
fbem-13217	223	9	.	.	PUNCT
fbem-13217	224	1	substantive	substantive	ADJ
fbem-13217	224	2	innovation	innovation	NOUN
fbem-13217	224	3	or	or	CCONJ
fbem-13217	224	4	strategic	strategic	ADJ
fbem-13217	224	5	innovation	innovation	NOUN
fbem-13217	224	6	?	?	PUNCT
fbem-13217	225	1	-the	-the	DET
fbem-13217	225	2	impact	impact	NOUN
fbem-13217	225	3	of	of	ADP
fbem-13217	225	4	macro	macro	ADJ
fbem-13217	225	5	-	-	ADJ
fbem-13217	225	6	industrial	industrial	ADJ
fbem-13217	225	7	policy	policy	NOUN
fbem-13217	225	8	on	on	ADP
fbem-13217	225	9	microenterprise	microenterprise	NOUN
fbem-13217	225	10	innovation	innovation	NOUN
fbem-13217	226	1	[	[	X
fbem-13217	226	2	j	j	X
fbem-13217	226	3	]	]	X
fbem-13217	226	4	.	.	PUNCT
fbem-13217	227	1	economic	economic	PROPN
fbem-13217	227	2	research,2016,51(04):6073	research,2016,51(04):6073	PROPN
fbem-13217	227	3	.	.	PUNCT
fbem-13217	228	1	[	[	X
fbem-13217	228	2	6	6	NUM
fbem-13217	228	3	]	]	PUNCT
fbem-13217	228	4	holmstrom	holmstrom	PROPN
fbem-13217	228	5	b.	b.	PROPN
fbem-13217	228	6	agency	agency	PROPN
fbem-13217	228	7	costs	cost	NOUN
fbem-13217	228	8	and	and	CCONJ
fbem-13217	228	9	innovation[j	innovation[j	NOUN
fbem-13217	228	10	]	]	PUNCT
fbem-13217	228	11	.	.	PUNCT
fbem-13217	229	1	journal	journal	PROPN
fbem-13217	229	2	of	of	ADP
fbem-13217	229	3	economic	economic	ADJ
fbem-13217	229	4	behavior	behavior	NOUN
fbem-13217	229	5	&	&	CCONJ
fbem-13217	229	6	organization	organization	PROPN
fbem-13217	229	7	,	,	PUNCT
fbem-13217	229	8	1989,12(3):305−327	1989,12(3):305−327	NUM
fbem-13217	229	9	.	.	PUNCT
fbem-13217	230	1	[	[	X
fbem-13217	230	2	7	7	X
fbem-13217	230	3	]	]	X
fbem-13217	230	4	liu	liu	PROPN
fbem-13217	230	5	d	d	PROPN
fbem-13217	230	6	y	y	PROPN
fbem-13217	230	7	,	,	PUNCT
fbem-13217	230	8	chen	chen	PROPN
fbem-13217	230	9	s	s	PROPN
fbem-13217	230	10	w	w	PROPN
fbem-13217	230	11	,	,	PUNCT
fbem-13217	230	12	chou	chou	PROPN
fbem-13217	230	13	t	t	PROPN
fbem-13217	230	14	c.	c.	PROPN
fbem-13217	230	15	resource	resource	NOUN
fbem-13217	230	16	fit	fit	ADJ
fbem-13217	230	17	in	in	ADP
fbem-13217	230	18	digital	digital	ADJ
fbem-13217	230	19	transformation	transformation	NOUN
fbem-13217	230	20	:	:	PUNCT
fbem-13217	230	21	lessons	lesson	NOUN
fbem-13217	230	22	learned	learn	VERB
fbem-13217	230	23	from	from	ADP
fbem-13217	230	24	the	the	DET
fbem-13217	230	25	cbc	cbc	PROPN
fbem-13217	230	26	bank	bank	PROPN
fbem-13217	230	27	global	global	ADJ
fbem-13217	230	28	e	e	NOUN
fbem-13217	230	29	-	-	NOUN
fbem-13217	230	30	banking	bank	VERB
fbem-13217	230	31	project[j	project[j	NOUN
fbem-13217	230	32	]	]	PUNCT
fbem-13217	230	33	.	.	PUNCT
fbem-13217	231	1	management	management	NOUN
fbem-13217	231	2	decision	decision	NOUN
fbem-13217	231	3	,	,	PUNCT
fbem-13217	231	4	2011	2011	NUM
fbem-13217	231	5	,	,	PUNCT
fbem-13217	231	6	49(10	49(10	NUM
fbem-13217	231	7	):	):	PUNCT
fbem-13217	231	8	1728−1742	1728−1742	NUM
fbem-13217	231	9	.	.	PUNCT
fbem-13217	232	1	[	[	X
fbem-13217	232	2	8	8	NUM
fbem-13217	232	3	]	]	X
fbem-13217	232	4	dang	dang	PROPN
fbem-13217	232	5	li	li	PROPN
fbem-13217	232	6	,	,	PUNCT
fbem-13217	232	7	yang	yang	PROPN
fbem-13217	232	8	ruilong	ruilong	PROPN
fbem-13217	232	9	,	,	PUNCT
fbem-13217	232	10	yang	yang	PROPN
fbem-13217	232	11	jidong	jidong	PROPN
fbem-13217	232	12	.	.	PUNCT
fbem-13217	233	1	anti	anti	ADJ
fbem-13217	233	2	-	-	ADJ
fbem-13217	233	3	corruption	corruption	ADJ
fbem-13217	233	4	and	and	CCONJ
fbem-13217	233	5	enterprise	enterprise	NOUN
fbem-13217	233	6	innovation	innovation	NOUN
fbem-13217	233	7	:	:	PUNCT
fbem-13217	233	8	an	an	DET
fbem-13217	233	9	explanation	explanation	NOUN
fbem-13217	233	10	based	base	VERB
fbem-13217	233	11	on	on	ADP
fbem-13217	233	12	political	political	ADJ
fbem-13217	233	13	relevance	relevance	NOUN
fbem-13217	234	1	[	[	X
fbem-13217	234	2	j	j	X
fbem-13217	234	3	]	]	X
fbem-13217	234	4	.	.	PUNCT
fbem-13217	235	1	china	china	PROPN
fbem-13217	235	2	industrial	industrial	PROPN
fbem-13217	235	3	economics,2015,(07):146	economics,2015,(07):146	PROPN
fbem-13217	235	4	-	-	NOUN
fbem-13217	235	5	160	160	NUM
fbem-13217	235	6	.	.	PUNCT
fbem-13217	236	1	[	[	X
fbem-13217	236	2	9	9	NUM
fbem-13217	236	3	]	]	PUNCT
fbem-13217	236	4	hall	hall	NOUN
fbem-13217	236	5	b	b	PROPN
fbem-13217	236	6	h	h	PROPN
fbem-13217	236	7	,	,	PUNCT
fbem-13217	236	8	lerner	lerner	PROPN
fbem-13217	236	9	j.	j.	PROPN
fbem-13217	236	10	the	the	DET
fbem-13217	236	11	financing	financing	NOUN
fbem-13217	236	12	of	of	ADP
fbem-13217	236	13	r&d	r&d	NOUN
fbem-13217	236	14	and	and	CCONJ
fbem-13217	236	15	innovation[m	innovation[m	PROPN
fbem-13217	236	16	]	]	PUNCT
fbem-13217	236	17	.	.	PUNCT
fbem-13217	237	1	amsterdam	amsterdam	PROPN
fbem-13217	237	2	:	:	PUNCT
fbem-13217	237	3	elsevier	elsevier	NOUN
fbem-13217	237	4	,	,	PUNCT
fbem-13217	237	5	2010	2010	NUM
fbem-13217	237	6	:	:	PUNCT
fbem-13217	238	1	609−639	609−639	X
fbem-13217	238	2	.	.	PUNCT
fbem-13217	239	1	[	[	X
fbem-13217	239	2	10	10	NUM
fbem-13217	239	3	]	]	X
fbem-13217	239	4	li	li	PROPN
fbem-13217	239	5	chuntao	chuntao	PROPN
fbem-13217	239	6	,	,	PUNCT
fbem-13217	239	7	song	song	PROPN
fbem-13217	239	8	min	min	PROPN
fbem-13217	239	9	.	.	PROPN
fbem-13217	239	10	innovation	innovation	NOUN
fbem-13217	239	11	activities	activity	NOUN
fbem-13217	239	12	of	of	ADP
fbem-13217	239	13	chinese	chinese	ADJ
fbem-13217	239	14	manufacturing	manufacturing	NOUN
fbem-13217	239	15	firms	firm	NOUN
fbem-13217	239	16	:	:	PUNCT
fbem-13217	239	17	the	the	DET
fbem-13217	239	18	role	role	NOUN
fbem-13217	239	19	of	of	ADP
fbem-13217	239	20	ownership	ownership	NOUN
fbem-13217	239	21	and	and	CCONJ
fbem-13217	239	22	ceo	ceo	NOUN
fbem-13217	239	23	incentives	incentive	NOUN
fbem-13217	240	1	[	[	X
fbem-13217	240	2	j	j	X
fbem-13217	240	3	]	]	X
fbem-13217	240	4	.	.	PUNCT
fbem-13217	241	1	economic	economic	ADJ
fbem-13217	241	2	research	research	NOUN
fbem-13217	241	3	journal,2010,45(05):55	journal,2010,45(05):55	PROPN
fbem-13217	241	4	-	-	NOUN
fbem-13217	241	5	67	67	NUM
fbem-13217	241	6	.	.	PUNCT
fbem-13217	242	1	[	[	X
fbem-13217	242	2	11	11	NUM
fbem-13217	242	3	]	]	X
fbem-13217	242	4	zhu	zhu	PROPN
fbem-13217	242	5	bing	bing	NOUN
fbem-13217	242	6	,	,	PUNCT
fbem-13217	242	7	zhang	zhang	PROPN
fbem-13217	242	8	xiaoliang	xiaoliang	PROPN
fbem-13217	242	9	,	,	PUNCT
fbem-13217	242	10	zheng	zheng	PROPN
fbem-13217	242	11	xiaojia	xiaojia	PROPN
fbem-13217	242	12	.	.	PUNCT
fbem-13217	243	1	multiple	multiple	ADJ
fbem-13217	243	2	major	major	ADJ
fbem-13217	243	3	shareholders	shareholder	NOUN
fbem-13217	243	4	and	and	CCONJ
fbem-13217	243	5	enterprise	enterprise	NOUN
fbem-13217	243	6	innovation	innovation	NOUN
fbem-13217	244	1	[	[	X
fbem-13217	244	2	j	j	X
fbem-13217	244	3	]	]	X
fbem-13217	244	4	.	.	PUNCT
fbem-13217	245	1	management	management	NOUN
fbem-13217	245	2	world	world	NOUN
fbem-13217	245	3	,	,	PUNCT
fbem-13217	245	4	2018	2018	NUM
fbem-13217	245	5	,	,	PUNCT
fbem-13217	245	6	34(07	34(07	NUM
fbem-13217	245	7	):	):	PUNCT
fbem-13217	245	8	151	151	NUM
fbem-13217	245	9	-	-	SYM
fbem-13217	245	10	165	165	NUM
fbem-13217	245	11	.	.	PUNCT
fbem-13217	246	1	(	(	PUNCT
fbem-13217	246	2	in	in	ADP
fbem-13217	246	3	chinese	chinese	PROPN
fbem-13217	246	4	)	)	PUNCT
fbem-13217	247	1	[	[	X
fbem-13217	247	2	12	12	NUM
fbem-13217	247	3	]	]	X
fbem-13217	247	4	myers	myers	PROPN
fbem-13217	247	5	s	s	PART
fbem-13217	247	6	c	c	NOUN
fbem-13217	247	7	,	,	PUNCT
fbem-13217	247	8	majluf	majluf	PROPN
fbem-13217	247	9	n	n	PROPN
fbem-13217	247	10	s.	s.	PROPN
fbem-13217	247	11	corporate	corporate	ADJ
fbem-13217	247	12	financing	financing	NOUN
fbem-13217	247	13	and	and	CCONJ
fbem-13217	247	14	investment	investment	NOUN
fbem-13217	247	15	decisions	decision	NOUN
fbem-13217	247	16	when	when	SCONJ
fbem-13217	247	17	firms	firm	NOUN
fbem-13217	247	18	have	have	VERB
fbem-13217	247	19	information	information	NOUN
fbem-13217	247	20	that	that	SCONJ
fbem-13217	247	21	investors	investor	NOUN
fbem-13217	247	22	do	do	AUX
fbem-13217	247	23	not	not	PART
fbem-13217	247	24	have[j	have[j	VERB
fbem-13217	247	25	]	]	PUNCT
fbem-13217	247	26	.	.	PUNCT
fbem-13217	248	1	journal	journal	PROPN
fbem-13217	248	2	of	of	ADP
fbem-13217	248	3	financial	financial	ADJ
fbem-13217	248	4	economics	economic	NOUN
fbem-13217	248	5	,	,	PUNCT
fbem-13217	248	6	1984	1984	NUM
fbem-13217	248	7	,	,	PUNCT
fbem-13217	248	8	13(2	13(2	NUM
fbem-13217	248	9	):	):	PUNCT
fbem-13217	248	10	187−221	187−221	NUM
fbem-13217	248	11	.	.	PUNCT
fbem-13217	249	1	[	[	X
fbem-13217	249	2	13	13	NUM
fbem-13217	249	3	]	]	X
fbem-13217	249	4	fazzari	fazzari	PROPN
fbem-13217	249	5	s	s	PART
fbem-13217	249	6	m	m	PROPN
fbem-13217	249	7	,	,	PUNCT
fbem-13217	249	8	athey	athey	PROPN
fbem-13217	249	9	m	m	PROPN
fbem-13217	249	10	j.	j.	PROPN
fbem-13217	249	11	asymmetric	asymmetric	PROPN
fbem-13217	249	12	information	information	PROPN
fbem-13217	249	13	,	,	PUNCT
fbem-13217	249	14	financing	financing	NOUN
fbem-13217	249	15	constraints	constraint	NOUN
fbem-13217	249	16	,	,	PUNCT
fbem-13217	249	17	and	and	CCONJ
fbem-13217	249	18	investment[j	investment[j	NOUN
fbem-13217	249	19	]	]	X
fbem-13217	249	20	.	.	PUNCT
fbem-13217	250	1	the	the	DET
fbem-13217	250	2	review	review	NOUN
fbem-13217	250	3	of	of	ADP
fbem-13217	250	4	economics	economic	NOUN
fbem-13217	250	5	and	and	CCONJ
fbem-13217	250	6	statistics	statistic	NOUN
fbem-13217	250	7	,	,	PUNCT
fbem-13217	250	8	1987	1987	NUM
fbem-13217	250	9	,	,	PUNCT
fbem-13217	250	10	69(3	69(3	NUM
fbem-13217	250	11	):	):	PUNCT
fbem-13217	250	12	481−487	481−487	NOUN
fbem-13217	250	13	.	.	PUNCT
fbem-13217	251	1	[	[	X
fbem-13217	251	2	14	14	NUM
fbem-13217	251	3	]	]	SYM
fbem-13217	251	4	hu	hu	PROPN
fbem-13217	251	5	shan	shan	PROPN
fbem-13217	251	6	,	,	PUNCT
fbem-13217	251	7	yu	yu	PROPN
fbem-13217	251	8	yongze	yongze	PROPN
fbem-13217	251	9	.	.	PUNCT
fbem-13217	252	1	digital	digital	ADJ
fbem-13217	252	2	economy	economy	NOUN
fbem-13217	252	3	and	and	CCONJ
fbem-13217	252	4	enterprise	enterprise	NOUN
fbem-13217	252	5	innovation	innovation	NOUN
fbem-13217	252	6	:	:	PUNCT
fbem-13217	252	7	breakthrough	breakthrough	NOUN
fbem-13217	252	8	innovation	innovation	NOUN
fbem-13217	252	9	or	or	CCONJ
fbem-13217	252	10	incremental	incremental	ADJ
fbem-13217	252	11	innovation	innovation	NOUN
fbem-13217	252	12	?	?	PUNCT
fbem-13217	253	1	[	[	X
fbem-13217	253	2	j	j	X
fbem-13217	253	3	]	]	X
fbem-13217	253	4	.	.	PUNCT
fbem-13217	254	1	research	research	NOUN
fbem-13217	254	2	on	on	ADP
fbem-13217	254	3	finance	finance	NOUN
fbem-13217	254	4	and	and	CCONJ
fbem-13217	254	5	economics	economic	NOUN
fbem-13217	254	6	,	,	PUNCT
fbem-13217	254	7	2022	2022	NUM
fbem-13217	254	8	,	,	PUNCT
fbem-13217	254	9	(	(	PUNCT
fbem-13217	254	10	01	01	NUM
fbem-13217	254	11	):	):	PUNCT
fbem-13217	254	12	42	42	NUM
fbem-13217	254	13	-	-	SYM
fbem-13217	254	14	51	51	NUM
fbem-13217	254	15	.	.	PUNCT
fbem-13217	254	16	]	]	PUNCT
fbem-13217	255	1	[	[	X
fbem-13217	255	2	15	15	NUM
fbem-13217	255	3	]	]	X
fbem-13217	255	4	wu	wu	PROPN
fbem-13217	255	5	fei	fei	PROPN
fbem-13217	255	6	,	,	PUNCT
fbem-13217	255	7	hu	hu	PROPN
fbem-13217	255	8	huizhi	huizhi	PROPN
fbem-13217	255	9	,	,	PUNCT
fbem-13217	255	10	lin	lin	PROPN
fbem-13217	255	11	huiyan	huiyan	VERB
fbem-13217	255	12	,	,	PUNCT
fbem-13217	255	13	ren	ren	PROPN
fbem-13217	255	14	xiaoyi	xiaoyi	PROPN
fbem-13217	255	15	.	.	PUNCT
fbem-13217	256	1	corporate	corporate	ADJ
fbem-13217	256	2	digital	digital	ADJ
fbem-13217	256	3	transformation	transformation	NOUN
fbem-13217	256	4	and	and	CCONJ
fbem-13217	256	5	capital	capital	NOUN
fbem-13217	256	6	market	market	NOUN
fbem-13217	256	7	performance	performance	NOUN
fbem-13217	256	8	:	:	PUNCT
fbem-13217	256	9	empirical	empirical	ADJ
fbem-13217	256	10	evidence	evidence	NOUN
fbem-13217	256	11	from	from	ADP
fbem-13217	256	12	stock	stock	NOUN
fbem-13217	256	13	liquidity	liquidity	NOUN
fbem-13217	257	1	[	[	X
fbem-13217	257	2	j	j	X
fbem-13217	257	3	]	]	X
fbem-13217	257	4	.	.	PUNCT
fbem-13217	258	1	management	management	NOUN
fbem-13217	258	2	world	world	NOUN
fbem-13217	258	3	,	,	PUNCT
fbem-13217	258	4	21,37(07):130	21,37(07):130	PROPN
fbem-13217	258	5	-	-	SYM
fbem-13217	258	6	144	144	NUM
fbem-13217	258	7	+	+	NOUN
fbem-13217	258	8	10	10	NUM
fbem-13217	258	9	.	.	PUNCT
fbem-13217	259	1	[	[	X
fbem-13217	259	2	16	16	NUM
fbem-13217	259	3	]	]	X
fbem-13217	259	4	li	li	PROPN
fbem-13217	259	5	chuntao	chuntao	PROPN
fbem-13217	259	6	,	,	PUNCT
fbem-13217	259	7	yan	yan	PROPN
fbem-13217	259	8	xuanwen	xuanwen	PROPN
fbem-13217	259	9	,	,	PUNCT
fbem-13217	259	10	song	song	NOUN
fbem-13217	259	11	min	min	PROPN
fbem-13217	259	12	,	,	PUNCT
fbem-13217	259	13	yang	yang	PROPN
fbem-13217	259	14	wei	wei	PROPN
fbem-13217	259	15	.	.	PUNCT
fbem-13217	259	16	financial	financial	ADJ
fbem-13217	259	17	technology	technology	NOUN
fbem-13217	259	18	and	and	CCONJ
fbem-13217	259	19	enterprise	enterprise	NOUN
fbem-13217	259	20	innovation	innovation	NOUN
fbem-13217	259	21	:	:	PUNCT
fbem-13217	259	22	evidence	evidence	NOUN
fbem-13217	259	23	of	of	ADP
fbem-13217	259	24	listed	list	VERB
fbem-13217	259	25	companies	company	NOUN
fbem-13217	259	26	on	on	ADP
fbem-13217	259	27	the	the	DET
fbem-13217	259	28	new	new	ADJ
fbem-13217	259	29	third	third	ADJ
fbem-13217	259	30	board	board	NOUN
fbem-13217	260	1	[	[	X
fbem-13217	260	2	j	j	X
fbem-13217	260	3	]	]	X
fbem-13217	260	4	.	.	PUNCT
fbem-13217	261	1	china	china	PROPN
fbem-13217	261	2	industrial	industrial	PROPN
fbem-13217	261	3	economy,2020,(01):81	economy,2020,(01):81	PROPN
fbem-13217	261	4	-	-	PUNCT
fbem-13217	261	5	98	98	NUM
fbem-13217	261	6	.	.	PUNCT
fbem-13217	262	1	[	[	X
fbem-13217	262	2	17	17	NUM
fbem-13217	262	3	]	]	X
fbem-13217	262	4	li	li	PROPN
fbem-13217	262	5	wenjing	wenjing	PROPN
fbem-13217	262	6	,	,	PUNCT
fbem-13217	262	7	zheng	zheng	PROPN
fbem-13217	262	8	manni	manni	PROPN
fbem-13217	262	9	.	.	PUNCT
fbem-13217	263	1	substantive	substantive	ADJ
fbem-13217	263	2	innovation	innovation	NOUN
fbem-13217	263	3	or	or	CCONJ
fbem-13217	263	4	strategic	strategic	ADJ
fbem-13217	263	5	innovation	innovation	NOUN
fbem-13217	263	6	?	?	PUNCT
fbem-13217	264	1	-the	-the	DET
fbem-13217	264	2	impact	impact	NOUN
fbem-13217	264	3	of	of	ADP
fbem-13217	264	4	macro	macro	ADJ
fbem-13217	264	5	-	-	ADJ
fbem-13217	264	6	industrial	industrial	ADJ
fbem-13217	264	7	policy	policy	NOUN
fbem-13217	264	8	on	on	ADP
fbem-13217	264	9	microenterprise	microenterprise	NOUN
fbem-13217	264	10	innovation	innovation	NOUN
fbem-13217	265	1	[	[	X
fbem-13217	265	2	j	j	X
fbem-13217	265	3	]	]	X
fbem-13217	265	4	.	.	PUNCT
fbem-13217	266	1	economic	economic	PROPN
fbem-13217	266	2	research,2016,51(04):6073	research,2016,51(04):6073	PROPN
fbem-13217	266	3	.	.	PUNCT
fbem-13217	267	1	[	[	X
fbem-13217	267	2	18	18	NUM
fbem-13217	267	3	]	]	X
fbem-13217	267	4	wen	wen	PROPN
fbem-13217	267	5	zhonglin	zhonglin	PROPN
fbem-13217	267	6	,	,	PUNCT
fbem-13217	267	7	ye	ye	PROPN
fbem-13217	267	8	baojuan	baojuan	PROPN
fbem-13217	267	9	.	.	PUNCT
fbem-13217	268	1	moderated	moderated	ADJ
fbem-13217	268	2	mediation	mediation	NOUN
fbem-13217	268	3	model	model	NOUN
fbem-13217	268	4	testing	testing	NOUN
fbem-13217	268	5	:	:	PUNCT
fbem-13217	268	6	competition	competition	NOUN
fbem-13217	268	7	or	or	CCONJ
fbem-13217	268	8	substitution	substitution	NOUN
fbem-13217	268	9	?	?	PUNCT
fbem-13217	269	1	[	[	X
fbem-13217	269	2	j	j	X
fbem-13217	269	3	]	]	X
fbem-13217	269	4	.	.	PUNCT
fbem-13217	270	1	acta	acta	PROPN
fbem-13217	270	2	psychologica	psychologica	PROPN
fbem-13217	270	3	sinica,2014,46(05):714	sinica,2014,46(05):714	PROPN
fbem-13217	270	4	-	-	PUNCT
fbem-13217	270	5	726	726	NUM
fbem-13217	270	6	.	.	PUNCT