id	sid	tid	token	lemma	pos
fbem-14769	1	1	frontiers	frontier	NOUN
fbem-14769	1	2	in	in	ADP
fbem-14769	1	3	business	business	NOUN
fbem-14769	1	4	,	,	PUNCT
fbem-14769	1	5	economics	economic	NOUN
fbem-14769	1	6	and	and	CCONJ
fbem-14769	1	7	management	management	NOUN
fbem-14769	1	8	issn	issn	PROPN
fbem-14769	1	9	:	:	PUNCT
fbem-14769	1	10	2766	2766	NUM
fbem-14769	1	11	-	-	PUNCT
fbem-14769	1	12	824x	824x	NUM
fbem-14769	1	13	|	|	ADJ
fbem-14769	1	14	vol	vol	NOUN
fbem-14769	1	15	.	.	PROPN
fbem-14769	2	1	12	12	NUM
fbem-14769	2	2	,	,	PUNCT
fbem-14769	2	3	no	no	INTJ
fbem-14769	2	4	.	.	NOUN
fbem-14769	2	5	2	2	NUM
fbem-14769	2	6	,	,	PUNCT
fbem-14769	2	7	2023	2023	NUM
fbem-14769	2	8	101	101	NUM
fbem-14769	2	9	study	study	NOUN
fbem-14769	2	10	on	on	ADP
fbem-14769	2	11	the	the	DET
fbem-14769	2	12	impact	impact	NOUN
fbem-14769	2	13	of	of	ADP
fbem-14769	2	14	financing	financing	NOUN
fbem-14769	2	15	constraints	constraint	NOUN
fbem-14769	2	16	on	on	ADP
fbem-14769	2	17	the	the	DET
fbem-14769	2	18	marketization	marketization	NOUN
fbem-14769	2	19	process	process	NOUN
fbem-14769	2	20	-based	-base	VERB
fbem-14769	2	21	on	on	ADP
fbem-14769	2	22	a	a	DET
fbem-14769	2	23	domestic	domestic	ADJ
fbem-14769	2	24	macro	macro	NOUN
fbem-14769	2	25	-	-	NOUN
fbem-14769	2	26	circulation	circulation	NOUN
fbem-14769	2	27	perspective	perspective	NOUN
fbem-14769	2	28	yuzheng	yuzheng	PROPN
fbem-14769	2	29	liu	liu	PROPN
fbem-14769	2	30	school	school	PROPN
fbem-14769	2	31	of	of	ADP
fbem-14769	2	32	business	business	NOUN
fbem-14769	2	33	,	,	PUNCT
fbem-14769	2	34	hunan	hunan	PROPN
fbem-14769	2	35	university	university	PROPN
fbem-14769	2	36	of	of	ADP
fbem-14769	2	37	science	science	NOUN
fbem-14769	2	38	and	and	CCONJ
fbem-14769	2	39	technology	technology	NOUN
fbem-14769	2	40	,	,	PUNCT
fbem-14769	2	41	xiangtan	xiangtan	PROPN
fbem-14769	2	42	,	,	PUNCT
fbem-14769	2	43	china	china	PROPN
fbem-14769	2	44	abstract	abstract	PROPN
fbem-14769	2	45	:	:	PUNCT
fbem-14769	2	46	in	in	ADP
fbem-14769	2	47	recent	recent	ADJ
fbem-14769	2	48	years	year	NOUN
fbem-14769	2	49	,	,	PUNCT
fbem-14769	2	50	china	china	PROPN
fbem-14769	2	51	has	have	AUX
fbem-14769	2	52	proposed	propose	VERB
fbem-14769	2	53	to	to	PART
fbem-14769	2	54	build	build	VERB
fbem-14769	2	55	a	a	DET
fbem-14769	2	56	new	new	ADJ
fbem-14769	2	57	development	development	NOUN
fbem-14769	2	58	pattern	pattern	NOUN
fbem-14769	2	59	with	with	ADP
fbem-14769	2	60	the	the	DET
fbem-14769	2	61	domestic	domestic	ADJ
fbem-14769	2	62	great	great	ADJ
fbem-14769	2	63	cycle	cycle	NOUN
fbem-14769	2	64	as	as	ADP
fbem-14769	2	65	the	the	DET
fbem-14769	2	66	main	main	ADJ
fbem-14769	2	67	body	body	NOUN
fbem-14769	2	68	and	and	CCONJ
fbem-14769	2	69	the	the	DET
fbem-14769	2	70	domestic	domestic	ADJ
fbem-14769	2	71	and	and	CCONJ
fbem-14769	2	72	international	international	ADJ
fbem-14769	2	73	double	double	ADJ
fbem-14769	2	74	cycle	cycle	NOUN
fbem-14769	2	75	promoting	promote	VERB
fbem-14769	2	76	each	each	DET
fbem-14769	2	77	other	other	ADJ
fbem-14769	2	78	,	,	PUNCT
fbem-14769	2	79	and	and	CCONJ
fbem-14769	2	80	in	in	ADP
fbem-14769	2	81	this	this	DET
fbem-14769	2	82	context	context	NOUN
fbem-14769	2	83	,	,	PUNCT
fbem-14769	2	84	it	it	PRON
fbem-14769	2	85	explores	explore	VERB
fbem-14769	2	86	how	how	SCONJ
fbem-14769	2	87	to	to	PART
fbem-14769	2	88	promote	promote	VERB
fbem-14769	2	89	the	the	DET
fbem-14769	2	90	domestic	domestic	ADJ
fbem-14769	2	91	great	great	ADJ
fbem-14769	2	92	cycle	cycle	NOUN
fbem-14769	2	93	and	and	CCONJ
fbem-14769	2	94	build	build	VERB
fbem-14769	2	95	a	a	DET
fbem-14769	2	96	unified	unified	ADJ
fbem-14769	2	97	domestic	domestic	ADJ
fbem-14769	2	98	big	big	ADJ
fbem-14769	2	99	market	market	NOUN
fbem-14769	2	100	from	from	ADP
fbem-14769	2	101	the	the	DET
fbem-14769	2	102	micro	micro	ADJ
fbem-14769	2	103	level	level	NOUN
fbem-14769	2	104	.	.	PUNCT
fbem-14769	3	1	this	this	DET
fbem-14769	3	2	paper	paper	NOUN
fbem-14769	3	3	selects	select	VERB
fbem-14769	3	4	the	the	DET
fbem-14769	3	5	data	datum	NOUN
fbem-14769	3	6	of	of	ADP
fbem-14769	3	7	chinese	chinese	PROPN
fbem-14769	3	8	ashare	ashare	VERB
fbem-14769	3	9	listed	list	VERB
fbem-14769	3	10	enterprises	enterprise	NOUN
fbem-14769	3	11	from	from	ADP
fbem-14769	3	12	2011	2011	NUM
fbem-14769	3	13	to	to	ADP
fbem-14769	3	14	2021	2021	NUM
fbem-14769	3	15	as	as	ADP
fbem-14769	3	16	a	a	DET
fbem-14769	3	17	sample	sample	NOUN
fbem-14769	3	18	,	,	PUNCT
fbem-14769	3	19	studies	study	VERB
fbem-14769	3	20	the	the	DET
fbem-14769	3	21	relationship	relationship	NOUN
fbem-14769	3	22	between	between	ADP
fbem-14769	3	23	corporate	corporate	ADJ
fbem-14769	3	24	financing	financing	NOUN
fbem-14769	3	25	constraints	constraint	NOUN
fbem-14769	3	26	and	and	CCONJ
fbem-14769	3	27	the	the	DET
fbem-14769	3	28	marketization	marketization	NOUN
fbem-14769	3	29	process	process	NOUN
fbem-14769	3	30	,	,	PUNCT
fbem-14769	3	31	explores	explore	VERB
fbem-14769	3	32	the	the	DET
fbem-14769	3	33	role	role	NOUN
fbem-14769	3	34	of	of	ADP
fbem-14769	3	35	the	the	DET
fbem-14769	3	36	mechanism	mechanism	NOUN
fbem-14769	3	37	,	,	PUNCT
fbem-14769	3	38	puts	put	VERB
fbem-14769	3	39	forward	forward	ADV
fbem-14769	3	40	relevant	relevant	ADJ
fbem-14769	3	41	hypotheses	hypothesis	NOUN
fbem-14769	3	42	and	and	CCONJ
fbem-14769	3	43	conducts	conduct	VERB
fbem-14769	3	44	empirical	empirical	ADJ
fbem-14769	3	45	research	research	NOUN
fbem-14769	3	46	,	,	PUNCT
fbem-14769	3	47	and	and	CCONJ
fbem-14769	3	48	finally	finally	ADV
fbem-14769	3	49	conducts	conduct	VERB
fbem-14769	3	50	the	the	DET
fbem-14769	3	51	relevant	relevant	ADJ
fbem-14769	3	52	heterogeneity	heterogeneity	NOUN
fbem-14769	3	53	test	test	NOUN
fbem-14769	3	54	.	.	PUNCT
fbem-14769	4	1	it	it	PRON
fbem-14769	4	2	is	be	AUX
fbem-14769	4	3	found	find	VERB
fbem-14769	4	4	that	that	SCONJ
fbem-14769	4	5	there	there	PRON
fbem-14769	4	6	is	be	VERB
fbem-14769	4	7	a	a	DET
fbem-14769	4	8	significant	significant	ADJ
fbem-14769	4	9	negative	negative	ADJ
fbem-14769	4	10	correlation	correlation	NOUN
fbem-14769	4	11	between	between	ADP
fbem-14769	4	12	corporate	corporate	ADJ
fbem-14769	4	13	financing	financing	NOUN
fbem-14769	4	14	constraints	constraint	NOUN
fbem-14769	4	15	and	and	CCONJ
fbem-14769	4	16	the	the	DET
fbem-14769	4	17	marketization	marketization	NOUN
fbem-14769	4	18	process	process	NOUN
fbem-14769	4	19	,	,	PUNCT
fbem-14769	4	20	in	in	ADP
fbem-14769	4	21	which	which	PRON
fbem-14769	4	22	the	the	DET
fbem-14769	4	23	characteristics	characteristic	NOUN
fbem-14769	4	24	of	of	ADP
fbem-14769	4	25	state	state	NOUN
fbem-14769	4	26	-	-	PUNCT
fbem-14769	4	27	owned	own	VERB
fbem-14769	4	28	enterprises	enterprise	NOUN
fbem-14769	4	29	,	,	PUNCT
fbem-14769	4	30	economically	economically	ADV
fbem-14769	4	31	underdeveloped	underdeveloped	ADJ
fbem-14769	4	32	regions	region	NOUN
fbem-14769	4	33	,	,	PUNCT
fbem-14769	4	34	and	and	CCONJ
fbem-14769	4	35	a	a	DET
fbem-14769	4	36	higher	high	ADJ
fbem-14769	4	37	degree	degree	NOUN
fbem-14769	4	38	of	of	ADP
fbem-14769	4	39	environmental	environmental	ADJ
fbem-14769	4	40	regulation	regulation	NOUN
fbem-14769	4	41	make	make	VERB
fbem-14769	4	42	the	the	DET
fbem-14769	4	43	negative	negative	ADJ
fbem-14769	4	44	relationship	relationship	NOUN
fbem-14769	4	45	stronger	strong	ADJ
fbem-14769	4	46	,	,	PUNCT
fbem-14769	4	47	and	and	CCONJ
fbem-14769	4	48	the	the	DET
fbem-14769	4	49	conclusion	conclusion	NOUN
fbem-14769	4	50	still	still	ADV
fbem-14769	4	51	holds	hold	VERB
fbem-14769	4	52	after	after	ADP
fbem-14769	4	53	further	further	ADJ
fbem-14769	4	54	testing	testing	NOUN
fbem-14769	4	55	.	.	PUNCT
fbem-14769	5	1	the	the	DET
fbem-14769	5	2	test	test	NOUN
fbem-14769	5	3	of	of	ADP
fbem-14769	5	4	the	the	DET
fbem-14769	5	5	mechanism	mechanism	NOUN
fbem-14769	5	6	of	of	ADP
fbem-14769	5	7	action	action	NOUN
fbem-14769	5	8	shows	show	VERB
fbem-14769	5	9	that	that	SCONJ
fbem-14769	5	10	enterprise	enterprise	NOUN
fbem-14769	5	11	innovation	innovation	NOUN
fbem-14769	5	12	,	,	PUNCT
fbem-14769	5	13	enterprise	enterprise	NOUN
fbem-14769	5	14	investment	investment	NOUN
fbem-14769	5	15	and	and	CCONJ
fbem-14769	5	16	residents	resident	NOUN
fbem-14769	5	17	'	'	PART
fbem-14769	5	18	consumption	consumption	NOUN
fbem-14769	5	19	are	be	AUX
fbem-14769	5	20	the	the	DET
fbem-14769	5	21	three	three	NUM
fbem-14769	5	22	mechanisms	mechanism	NOUN
fbem-14769	5	23	through	through	ADP
fbem-14769	5	24	which	which	PRON
fbem-14769	5	25	financing	financing	NOUN
fbem-14769	5	26	constraints	constraint	NOUN
fbem-14769	5	27	play	play	VERB
fbem-14769	5	28	a	a	DET
fbem-14769	5	29	role	role	NOUN
fbem-14769	5	30	in	in	ADP
fbem-14769	5	31	the	the	DET
fbem-14769	5	32	marketization	marketization	NOUN
fbem-14769	5	33	process	process	NOUN
fbem-14769	5	34	.	.	PUNCT
fbem-14769	6	1	keywords	keyword	NOUN
fbem-14769	6	2	:	:	PUNCT
fbem-14769	6	3	financing	financing	NOUN
fbem-14769	6	4	constraints	constraint	NOUN
fbem-14769	6	5	,	,	PUNCT
fbem-14769	6	6	domestic	domestic	ADJ
fbem-14769	6	7	general	general	ADJ
fbem-14769	6	8	circulation	circulation	NOUN
fbem-14769	6	9	,	,	PUNCT
fbem-14769	6	10	marketization	marketization	NOUN
fbem-14769	6	11	,	,	PUNCT
fbem-14769	6	12	innovation	innovation	NOUN
fbem-14769	6	13	,	,	PUNCT
fbem-14769	6	14	investment	investment	NOUN
fbem-14769	6	15	,	,	PUNCT
fbem-14769	6	16	consumption	consumption	NOUN
fbem-14769	6	17	.	.	PUNCT
fbem-14769	7	1	1	1	X
fbem-14769	7	2	.	.	X
fbem-14769	7	3	introduction	introduction	NOUN
fbem-14769	7	4	and	and	CCONJ
fbem-14769	7	5	literature	literature	NOUN
fbem-14769	7	6	review	review	NOUN
fbem-14769	7	7	2022	2022	NUM
fbem-14769	7	8	in	in	ADP
fbem-14769	7	9	april	april	PROPN
fbem-14769	7	10	2022	2022	NUM
fbem-14769	7	11	,	,	PUNCT
fbem-14769	7	12	the	the	DET
fbem-14769	7	13	opinions	opinion	NOUN
fbem-14769	7	14	of	of	ADP
fbem-14769	7	15	the	the	DET
fbem-14769	7	16	central	central	ADJ
fbem-14769	7	17	committee	committee	NOUN
fbem-14769	7	18	of	of	ADP
fbem-14769	7	19	the	the	DET
fbem-14769	7	20	communist	communist	PROPN
fbem-14769	7	21	party	party	PROPN
fbem-14769	7	22	of	of	ADP
fbem-14769	7	23	china	china	PROPN
fbem-14769	7	24	and	and	CCONJ
fbem-14769	7	25	state	state	PROPN
fbem-14769	7	26	council	council	PROPN
fbem-14769	7	27	on	on	ADP
fbem-14769	7	28	accelerating	accelerate	VERB
fbem-14769	7	29	the	the	DET
fbem-14769	7	30	construction	construction	NOUN
fbem-14769	7	31	of	of	ADP
fbem-14769	7	32	the	the	DET
fbem-14769	7	33	nationwide	nationwide	ADJ
fbem-14769	7	34	unified	unified	ADJ
fbem-14769	7	35	big	big	ADJ
fbem-14769	7	36	market	market	NOUN
fbem-14769	7	37	was	be	AUX
fbem-14769	7	38	released	release	VERB
fbem-14769	7	39	,	,	PUNCT
fbem-14769	7	40	which	which	PRON
fbem-14769	7	41	clearly	clearly	ADV
fbem-14769	7	42	put	put	VERB
fbem-14769	7	43	forward	forward	ADV
fbem-14769	7	44	the	the	DET
fbem-14769	7	45	need	need	NOUN
fbem-14769	7	46	to	to	PART
fbem-14769	7	47	accelerate	accelerate	VERB
fbem-14769	7	48	the	the	DET
fbem-14769	7	49	establishment	establishment	NOUN
fbem-14769	7	50	of	of	ADP
fbem-14769	7	51	a	a	DET
fbem-14769	7	52	nationally	nationally	ADV
fbem-14769	7	53	unified	unified	ADJ
fbem-14769	7	54	market	market	NOUN
fbem-14769	7	55	system	system	NOUN
fbem-14769	7	56	and	and	CCONJ
fbem-14769	7	57	rules	rule	NOUN
fbem-14769	7	58	,	,	PUNCT
fbem-14769	7	59	break	break	VERB
fbem-14769	7	60	local	local	ADJ
fbem-14769	7	61	protection	protection	NOUN
fbem-14769	7	62	and	and	CCONJ
fbem-14769	7	63	market	market	NOUN
fbem-14769	7	64	segmentation	segmentation	NOUN
fbem-14769	7	65	,	,	PUNCT
fbem-14769	7	66	open	open	VERB
fbem-14769	7	67	up	up	ADP
fbem-14769	7	68	key	key	ADJ
fbem-14769	7	69	blockages	blockage	NOUN
fbem-14769	7	70	restricting	restrict	VERB
fbem-14769	7	71	the	the	DET
fbem-14769	7	72	economic	economic	ADJ
fbem-14769	7	73	cycle	cycle	NOUN
fbem-14769	7	74	,	,	PUNCT
fbem-14769	7	75	and	and	CCONJ
fbem-14769	7	76	accelerate	accelerate	VERB
fbem-14769	7	77	the	the	DET
fbem-14769	7	78	construction	construction	NOUN
fbem-14769	7	79	of	of	ADP
fbem-14769	7	80	a	a	DET
fbem-14769	7	81	nationally	nationally	ADV
fbem-14769	7	82	unified	unify	VERB
fbem-14769	7	83	big	big	ADJ
fbem-14769	7	84	market	market	NOUN
fbem-14769	7	85	that	that	PRON
fbem-14769	7	86	is	be	AUX
fbem-14769	7	87	highly	highly	ADV
fbem-14769	7	88	efficient	efficient	ADJ
fbem-14769	7	89	and	and	CCONJ
fbem-14769	7	90	standardized	standardized	ADJ
fbem-14769	7	91	,	,	PUNCT
fbem-14769	7	92	fair	fair	ADJ
fbem-14769	7	93	and	and	CCONJ
fbem-14769	7	94	competitive	competitive	ADJ
fbem-14769	7	95	,	,	PUNCT
fbem-14769	7	96	and	and	CCONJ
fbem-14769	7	97	fully	fully	ADV
fbem-14769	7	98	open	open	ADJ
fbem-14769	7	99	.	.	PUNCT
fbem-14769	8	1	therefore	therefore	ADV
fbem-14769	8	2	,	,	PUNCT
fbem-14769	8	3	it	it	PRON
fbem-14769	8	4	is	be	AUX
fbem-14769	8	5	necessary	necessary	ADJ
fbem-14769	8	6	to	to	PART
fbem-14769	8	7	build	build	VERB
fbem-14769	8	8	a	a	DET
fbem-14769	8	9	national	national	ADJ
fbem-14769	8	10	unified	unified	ADJ
fbem-14769	8	11	market	market	NOUN
fbem-14769	8	12	to	to	PART
fbem-14769	8	13	better	well	ADV
fbem-14769	8	14	promote	promote	VERB
fbem-14769	8	15	the	the	DET
fbem-14769	8	16	internal	internal	ADJ
fbem-14769	8	17	economic	economic	ADJ
fbem-14769	8	18	cycle	cycle	NOUN
fbem-14769	8	19	and	and	CCONJ
fbem-14769	8	20	to	to	PART
fbem-14769	8	21	support	support	VERB
fbem-14769	8	22	a	a	DET
fbem-14769	8	23	new	new	ADJ
fbem-14769	8	24	development	development	NOUN
fbem-14769	8	25	pattern	pattern	NOUN
fbem-14769	8	26	in	in	ADP
fbem-14769	8	27	which	which	PRON
fbem-14769	8	28	the	the	DET
fbem-14769	8	29	domestic	domestic	ADJ
fbem-14769	8	30	cycle	cycle	NOUN
fbem-14769	8	31	is	be	AUX
fbem-14769	8	32	the	the	DET
fbem-14769	8	33	mainstay	mainstay	NOUN
fbem-14769	8	34	and	and	CCONJ
fbem-14769	8	35	the	the	DET
fbem-14769	8	36	domestic	domestic	ADJ
fbem-14769	8	37	and	and	CCONJ
fbem-14769	8	38	international	international	ADJ
fbem-14769	8	39	cycles	cycle	NOUN
fbem-14769	8	40	are	be	AUX
fbem-14769	8	41	mutually	mutually	ADV
fbem-14769	8	42	reinforcing	reinforce	VERB
fbem-14769	8	43	.	.	PUNCT
fbem-14769	9	1	the	the	DET
fbem-14769	9	2	definition	definition	NOUN
fbem-14769	9	3	of	of	ADP
fbem-14769	9	4	the	the	DET
fbem-14769	9	5	domestic	domestic	ADJ
fbem-14769	9	6	macro	macro	NOUN
fbem-14769	9	7	-	-	NOUN
fbem-14769	9	8	cycle	cycle	NOUN
fbem-14769	9	9	includes	include	VERB
fbem-14769	9	10	four	four	NUM
fbem-14769	9	11	links	link	NOUN
fbem-14769	9	12	:	:	PUNCT
fbem-14769	9	13	production	production	NOUN
fbem-14769	9	14	,	,	PUNCT
fbem-14769	9	15	distribution	distribution	NOUN
fbem-14769	9	16	,	,	PUNCT
fbem-14769	9	17	exchange	exchange	NOUN
fbem-14769	9	18	and	and	CCONJ
fbem-14769	9	19	consumption	consumption	NOUN
fbem-14769	9	20	,	,	PUNCT
fbem-14769	9	21	and	and	CCONJ
fbem-14769	9	22	a	a	DET
fbem-14769	9	23	smooth	smooth	ADJ
fbem-14769	9	24	economic	economic	ADJ
fbem-14769	9	25	cycle	cycle	NOUN
fbem-14769	9	26	requires	require	VERB
fbem-14769	9	27	the	the	DET
fbem-14769	9	28	organic	organic	ADJ
fbem-14769	9	29	coordination	coordination	NOUN
fbem-14769	9	30	of	of	ADP
fbem-14769	9	31	the	the	DET
fbem-14769	9	32	four	four	NUM
fbem-14769	9	33	links	link	NOUN
fbem-14769	9	34	[	[	X
fbem-14769	9	35	1	1	NUM
fbem-14769	9	36	,	,	PUNCT
fbem-14769	9	37	2	2	NUM
fbem-14769	9	38	]	]	PUNCT
fbem-14769	9	39	.	.	PUNCT
fbem-14769	10	1	from	from	ADP
fbem-14769	10	2	the	the	DET
fbem-14769	10	3	international	international	ADJ
fbem-14769	10	4	perspective	perspective	NOUN
fbem-14769	10	5	,	,	PUNCT
fbem-14769	10	6	the	the	DET
fbem-14769	10	7	world	world	NOUN
fbem-14769	10	8	's	's	PART
fbem-14769	10	9	macroeconomic	macroeconomic	ADJ
fbem-14769	10	10	situation	situation	NOUN
fbem-14769	10	11	is	be	AUX
fbem-14769	10	12	grim	grim	ADJ
fbem-14769	10	13	,	,	PUNCT
fbem-14769	10	14	geopolitical	geopolitical	ADJ
fbem-14769	10	15	conflicts	conflict	NOUN
fbem-14769	10	16	are	be	AUX
fbem-14769	10	17	frequent	frequent	ADJ
fbem-14769	10	18	,	,	PUNCT
fbem-14769	10	19	and	and	CCONJ
fbem-14769	10	20	western	western	ADJ
fbem-14769	10	21	countries	country	NOUN
fbem-14769	10	22	are	be	AUX
fbem-14769	10	23	worried	worried	ADJ
fbem-14769	10	24	about	about	ADP
fbem-14769	10	25	china	china	PROPN
fbem-14769	10	26	's	's	PART
fbem-14769	10	27	rise	rise	NOUN
fbem-14769	10	28	,	,	PUNCT
fbem-14769	10	29	china	china	PROPN
fbem-14769	10	30	's	's	PART
fbem-14769	10	31	economy	economy	NOUN
fbem-14769	10	32	has	have	AUX
fbem-14769	10	33	shifted	shift	VERB
fbem-14769	10	34	from	from	ADP
fbem-14769	10	35	an	an	DET
fbem-14769	10	36	external	external	ADJ
fbem-14769	10	37	cycle	cycle	NOUN
fbem-14769	10	38	to	to	ADP
fbem-14769	10	39	an	an	DET
fbem-14769	10	40	internal	internal	ADJ
fbem-14769	10	41	cycle	cycle	NOUN
fbem-14769	10	42	,	,	PUNCT
fbem-14769	10	43	which	which	PRON
fbem-14769	10	44	can	can	AUX
fbem-14769	10	45	give	give	VERB
fbem-14769	10	46	full	full	ADJ
fbem-14769	10	47	play	play	NOUN
fbem-14769	10	48	to	to	ADP
fbem-14769	10	49	the	the	DET
fbem-14769	10	50	advantages	advantage	NOUN
fbem-14769	10	51	of	of	ADP
fbem-14769	10	52	the	the	DET
fbem-14769	10	53	domestic	domestic	ADJ
fbem-14769	10	54	mega	mega	NOUN
fbem-14769	10	55	-	-	NOUN
fbem-14769	10	56	market	market	NOUN
fbem-14769	10	57	and	and	CCONJ
fbem-14769	10	58	attenuate	attenuate	VERB
fbem-14769	10	59	the	the	DET
fbem-14769	10	60	negative	negative	ADJ
fbem-14769	10	61	impacts	impact	NOUN
fbem-14769	10	62	on	on	ADP
fbem-14769	10	63	china	china	PROPN
fbem-14769	10	64	's	's	PART
fbem-14769	10	65	development	development	NOUN
fbem-14769	10	66	from	from	ADP
fbem-14769	10	67	external	external	ADJ
fbem-14769	10	68	factors	factor	NOUN
fbem-14769	10	69	,	,	PUNCT
fbem-14769	10	70	which	which	PRON
fbem-14769	10	71	is	be	AUX
fbem-14769	10	72	in	in	ADP
fbem-14769	10	73	line	line	NOUN
fbem-14769	10	74	with	with	ADP
fbem-14769	10	75	the	the	DET
fbem-14769	10	76	current	current	ADJ
fbem-14769	10	77	international	international	ADJ
fbem-14769	10	78	situation	situation	NOUN
fbem-14769	10	79	.	.	PUNCT
fbem-14769	11	1	in	in	ADP
fbem-14769	11	2	addition	addition	NOUN
fbem-14769	11	3	,	,	PUNCT
fbem-14769	11	4	from	from	ADP
fbem-14769	11	5	the	the	DET
fbem-14769	11	6	domestic	domestic	ADJ
fbem-14769	11	7	perspective	perspective	NOUN
fbem-14769	11	8	,	,	PUNCT
fbem-14769	11	9	science	science	NOUN
fbem-14769	11	10	and	and	CCONJ
fbem-14769	11	11	technology	technology	NOUN
fbem-14769	11	12	is	be	AUX
fbem-14769	11	13	the	the	DET
fbem-14769	11	14	first	first	ADJ
fbem-14769	11	15	productive	productive	ADJ
fbem-14769	11	16	force	force	NOUN
fbem-14769	11	17	,	,	PUNCT
fbem-14769	11	18	china	china	PROPN
fbem-14769	11	19	's	's	PART
fbem-14769	11	20	basic	basic	ADJ
fbem-14769	11	21	science	science	NOUN
fbem-14769	11	22	development	development	NOUN
fbem-14769	11	23	attaches	attach	VERB
fbem-14769	11	24	low	low	ADJ
fbem-14769	11	25	importance	importance	NOUN
fbem-14769	11	26	to	to	ADP
fbem-14769	11	27	the	the	DET
fbem-14769	11	28	output	output	NOUN
fbem-14769	11	29	of	of	ADP
fbem-14769	11	30	a	a	DET
fbem-14769	11	31	large	large	ADJ
fbem-14769	11	32	number	number	NOUN
fbem-14769	11	33	of	of	ADP
fbem-14769	11	34	high	high	ADJ
fbem-14769	11	35	-	-	PUNCT
fbem-14769	11	36	quality	quality	NOUN
fbem-14769	11	37	papers	paper	NOUN
fbem-14769	11	38	,	,	PUNCT
fbem-14769	11	39	but	but	CCONJ
fbem-14769	11	40	the	the	DET
fbem-14769	11	41	innovative	innovative	ADJ
fbem-14769	11	42	power	power	NOUN
fbem-14769	11	43	in	in	ADP
fbem-14769	11	44	the	the	DET
fbem-14769	11	45	world	world	NOUN
fbem-14769	11	46	's	's	PART
fbem-14769	11	47	major	major	ADJ
fbem-14769	11	48	countries	country	NOUN
fbem-14769	11	49	is	be	AUX
fbem-14769	11	50	still	still	ADV
fbem-14769	11	51	backward	backward	ADJ
fbem-14769	11	52	,	,	PUNCT
fbem-14769	11	53	the	the	DET
fbem-14769	11	54	conversion	conversion	NOUN
fbem-14769	11	55	rate	rate	NOUN
fbem-14769	11	56	of	of	ADP
fbem-14769	11	57	science	science	NOUN
fbem-14769	11	58	and	and	CCONJ
fbem-14769	11	59	technology	technology	NOUN
fbem-14769	11	60	is	be	AUX
fbem-14769	11	61	low	low	ADJ
fbem-14769	11	62	;	;	PUNCT
fbem-14769	11	63	the	the	DET
fbem-14769	11	64	domestic	domestic	ADJ
fbem-14769	11	65	market	market	NOUN
fbem-14769	11	66	in	in	ADP
fbem-14769	11	67	the	the	DET
fbem-14769	11	68	super	super	ADJ
fbem-14769	11	69	-	-	ADJ
fbem-14769	11	70	large	large	ADJ
fbem-14769	11	71	-	-	PUNCT
fbem-14769	11	72	scale	scale	NOUN
fbem-14769	11	73	market	market	NOUN
fbem-14769	11	74	in	in	ADP
fbem-14769	11	75	the	the	DET
fbem-14769	11	76	market	market	NOUN
fbem-14769	11	77	to	to	PART
fbem-14769	11	78	bring	bring	VERB
fbem-14769	11	79	the	the	DET
fbem-14769	11	80	advantages	advantage	NOUN
fbem-14769	11	81	of	of	ADP
fbem-14769	11	82	the	the	DET
fbem-14769	11	83	same	same	ADJ
fbem-14769	11	84	time	time	NOUN
fbem-14769	11	85	,	,	PUNCT
fbem-14769	11	86	but	but	CCONJ
fbem-14769	11	87	also	also	ADV
fbem-14769	11	88	need	need	VERB
fbem-14769	11	89	to	to	PART
fbem-14769	11	90	have	have	VERB
fbem-14769	11	91	a	a	DET
fbem-14769	11	92	matching	matching	NOUN
fbem-14769	11	93	scale	scale	NOUN
fbem-14769	11	94	of	of	ADP
fbem-14769	11	95	employment	employment	NOUN
fbem-14769	11	96	,	,	PUNCT
fbem-14769	11	97	china	china	PROPN
fbem-14769	11	98	's	's	PART
fbem-14769	11	99	supply	supply	NOUN
fbem-14769	11	100	-	-	PUNCT
fbem-14769	11	101	side	side	NOUN
fbem-14769	11	102	structural	structural	ADJ
fbem-14769	11	103	reforms	reform	NOUN
fbem-14769	11	104	to	to	PART
fbem-14769	11	105	promote	promote	VERB
fbem-14769	11	106	the	the	DET
fbem-14769	11	107	transformation	transformation	NOUN
fbem-14769	11	108	and	and	CCONJ
fbem-14769	11	109	upgrading	upgrading	NOUN
fbem-14769	11	110	of	of	ADP
fbem-14769	11	111	the	the	DET
fbem-14769	11	112	industry	industry	NOUN
fbem-14769	11	113	,	,	PUNCT
fbem-14769	11	114	the	the	DET
fbem-14769	11	115	new	new	ADJ
fbem-14769	11	116	provision	provision	NOUN
fbem-14769	11	117	of	of	ADP
fbem-14769	11	118	high	high	ADJ
fbem-14769	11	119	-	-	PUNCT
fbem-14769	11	120	end	end	NOUN
fbem-14769	11	121	jobs	job	NOUN
fbem-14769	11	122	can	can	AUX
fbem-14769	11	123	not	not	PART
fbem-14769	11	124	meet	meet	VERB
fbem-14769	11	125	the	the	DET
fbem-14769	11	126	huge	huge	ADJ
fbem-14769	11	127	domestic	domestic	ADJ
fbem-14769	11	128	demand	demand	NOUN
fbem-14769	11	129	for	for	ADP
fbem-14769	11	130	employment	employment	NOUN
fbem-14769	11	131	.	.	PUNCT
fbem-14769	12	1	china	china	PROPN
fbem-14769	12	2	's	's	PART
fbem-14769	12	3	supply	supply	NOUN
fbem-14769	12	4	-	-	PUNCT
fbem-14769	12	5	side	side	NOUN
fbem-14769	12	6	structural	structural	ADJ
fbem-14769	12	7	reform	reform	NOUN
fbem-14769	12	8	to	to	PART
fbem-14769	12	9	promote	promote	VERB
fbem-14769	12	10	industrial	industrial	ADJ
fbem-14769	12	11	transformation	transformation	NOUN
fbem-14769	12	12	and	and	CCONJ
fbem-14769	12	13	upgrading	upgrading	NOUN
fbem-14769	12	14	,	,	PUNCT
fbem-14769	12	15	the	the	DET
fbem-14769	12	16	new	new	ADJ
fbem-14769	12	17	high	high	ADJ
fbem-14769	12	18	-	-	PUNCT
fbem-14769	12	19	end	end	NOUN
fbem-14769	12	20	jobs	job	NOUN
fbem-14769	12	21	can	can	AUX
fbem-14769	12	22	not	not	PART
fbem-14769	12	23	meet	meet	VERB
fbem-14769	12	24	the	the	DET
fbem-14769	12	25	huge	huge	ADJ
fbem-14769	12	26	domestic	domestic	ADJ
fbem-14769	12	27	demand	demand	NOUN
fbem-14769	12	28	for	for	ADP
fbem-14769	12	29	employment	employment	NOUN
fbem-14769	12	30	,	,	PUNCT
fbem-14769	12	31	while	while	SCONJ
fbem-14769	12	32	china	china	PROPN
fbem-14769	12	33	's	's	PART
fbem-14769	12	34	education	education	NOUN
fbem-14769	12	35	system	system	NOUN
fbem-14769	12	36	to	to	PART
fbem-14769	12	37	cultivate	cultivate	VERB
fbem-14769	12	38	the	the	DET
fbem-14769	12	39	level	level	NOUN
fbem-14769	12	40	of	of	ADP
fbem-14769	12	41	intellectuals	intellectual	NOUN
fbem-14769	12	42	can	can	AUX
fbem-14769	12	43	not	not	PART
fbem-14769	12	44	meet	meet	VERB
fbem-14769	12	45	the	the	DET
fbem-14769	12	46	requirements	requirement	NOUN
fbem-14769	12	47	of	of	ADP
fbem-14769	12	48	the	the	DET
fbem-14769	12	49	domestic	domestic	ADJ
fbem-14769	12	50	job	job	NOUN
fbem-14769	12	51	market	market	NOUN
fbem-14769	12	52	;	;	PUNCT
fbem-14769	12	53	china	china	PROPN
fbem-14769	12	54	's	's	PART
fbem-14769	12	55	vast	vast	ADJ
fbem-14769	12	56	territory	territory	NOUN
fbem-14769	12	57	coupled	couple	VERB
fbem-14769	12	58	with	with	ADP
fbem-14769	12	59	tilted	tilted	ADJ
fbem-14769	12	60	policies	policy	NOUN
fbem-14769	12	61	,	,	PUNCT
fbem-14769	12	62	the	the	DET
fbem-14769	12	63	level	level	NOUN
fbem-14769	12	64	of	of	ADP
fbem-14769	12	65	economic	economic	ADJ
fbem-14769	12	66	development	development	NOUN
fbem-14769	12	67	between	between	ADP
fbem-14769	12	68	the	the	DET
fbem-14769	12	69	regions	region	NOUN
fbem-14769	12	70	and	and	CCONJ
fbem-14769	12	71	the	the	DET
fbem-14769	12	72	urban	urban	ADJ
fbem-14769	12	73	and	and	CCONJ
fbem-14769	12	74	rural	rural	ADJ
fbem-14769	12	75	areas	area	NOUN
fbem-14769	12	76	there	there	PRON
fbem-14769	12	77	is	be	VERB
fbem-14769	12	78	a	a	DET
fbem-14769	12	79	huge	huge	ADJ
fbem-14769	12	80	gap	gap	NOUN
fbem-14769	12	81	in	in	ADP
fbem-14769	12	82	the	the	DET
fbem-14769	12	83	level	level	NOUN
fbem-14769	12	84	of	of	ADP
fbem-14769	12	85	economic	economic	ADJ
fbem-14769	12	86	development	development	NOUN
fbem-14769	12	87	,	,	PUNCT
fbem-14769	12	88	the	the	DET
fbem-14769	12	89	gap	gap	NOUN
fbem-14769	12	90	between	between	ADP
fbem-14769	12	91	the	the	DET
fbem-14769	12	92	rich	rich	ADJ
fbem-14769	12	93	and	and	CCONJ
fbem-14769	12	94	the	the	DET
fbem-14769	12	95	poor	poor	ADJ
fbem-14769	12	96	is	be	AUX
fbem-14769	12	97	large	large	ADJ
fbem-14769	12	98	,	,	PUNCT
fbem-14769	12	99	and	and	CCONJ
fbem-14769	12	100	the	the	DET
fbem-14769	12	101	problem	problem	NOUN
fbem-14769	12	102	of	of	ADP
fbem-14769	12	103	income	income	NOUN
fbem-14769	12	104	distribution	distribution	NOUN
fbem-14769	12	105	is	be	AUX
fbem-14769	12	106	hindering	hinder	VERB
fbem-14769	12	107	the	the	DET
fbem-14769	12	108	goal	goal	NOUN
fbem-14769	12	109	of	of	ADP
fbem-14769	12	110	common	common	ADJ
fbem-14769	12	111	prosperity	prosperity	NOUN
fbem-14769	12	112	;	;	PUNCT
fbem-14769	12	113	china	china	PROPN
fbem-14769	12	114	's	's	PART
fbem-14769	12	115	inter	inter	ADJ
fbem-14769	12	116	-	-	ADJ
fbem-14769	12	117	provincial	provincial	ADJ
fbem-14769	12	118	and	and	CCONJ
fbem-14769	12	119	inter	inter	ADJ
fbem-14769	12	120	-	-	ADJ
fbem-14769	12	121	regional	regional	ADJ
fbem-14769	12	122	circulation	circulation	NOUN
fbem-14769	12	123	of	of	ADP
fbem-14769	12	124	commodities	commodity	NOUN
fbem-14769	12	125	and	and	CCONJ
fbem-14769	12	126	factor	factor	NOUN
fbem-14769	12	127	circulation	circulation	NOUN
fbem-14769	12	128	there	there	PRON
fbem-14769	12	129	exists	exist	VERB
fbem-14769	12	130	a	a	DET
fbem-14769	12	131	serious	serious	ADJ
fbem-14769	12	132	market	market	NOUN
fbem-14769	12	133	segmentation	segmentation	NOUN
fbem-14769	13	1	[	[	X
fbem-14769	13	2	3	3	NUM
fbem-14769	13	3	]	]	PUNCT
fbem-14769	13	4	,	,	PUNCT
fbem-14769	13	5	which	which	PRON
fbem-14769	13	6	is	be	AUX
fbem-14769	13	7	not	not	PART
fbem-14769	13	8	conducive	conducive	ADJ
fbem-14769	13	9	to	to	ADP
fbem-14769	13	10	the	the	DET
fbem-14769	13	11	formation	formation	NOUN
fbem-14769	13	12	of	of	ADP
fbem-14769	13	13	a	a	DET
fbem-14769	13	14	unified	unified	ADJ
fbem-14769	13	15	domestic	domestic	ADJ
fbem-14769	13	16	market	market	NOUN
fbem-14769	13	17	;	;	PUNCT
fbem-14769	13	18	the	the	DET
fbem-14769	13	19	problem	problem	NOUN
fbem-14769	13	20	of	of	ADP
fbem-14769	13	21	china	china	PROPN
fbem-14769	13	22	's	's	PART
fbem-14769	13	23	large	large	ADJ
fbem-14769	13	24	economic	economic	ADJ
fbem-14769	13	25	volume	volume	NOUN
fbem-14769	13	26	but	but	CCONJ
fbem-14769	13	27	low	low	ADJ
fbem-14769	13	28	per	per	ADP
fbem-14769	13	29	capita	capita	NOUN
fbem-14769	13	30	income	income	NOUN
fbem-14769	13	31	level	level	NOUN
fbem-14769	13	32	also	also	ADV
fbem-14769	13	33	restricts	restrict	VERB
fbem-14769	13	34	the	the	DET
fbem-14769	13	35	consumption	consumption	NOUN
fbem-14769	13	36	demand	demand	NOUN
fbem-14769	13	37	of	of	ADP
fbem-14769	13	38	residents	resident	NOUN
fbem-14769	13	39	.	.	PUNCT
fbem-14769	14	1	there	there	PRON
fbem-14769	14	2	are	be	VERB
fbem-14769	14	3	urgent	urgent	ADJ
fbem-14769	14	4	problems	problem	NOUN
fbem-14769	14	5	in	in	ADP
fbem-14769	14	6	every	every	DET
fbem-14769	14	7	link	link	NOUN
fbem-14769	14	8	of	of	ADP
fbem-14769	14	9	the	the	DET
fbem-14769	14	10	domestic	domestic	ADJ
fbem-14769	14	11	cycle	cycle	NOUN
fbem-14769	14	12	,	,	PUNCT
fbem-14769	14	13	and	and	CCONJ
fbem-14769	14	14	only	only	ADV
fbem-14769	14	15	by	by	ADP
fbem-14769	14	16	solving	solve	VERB
fbem-14769	14	17	these	these	DET
fbem-14769	14	18	problems	problem	NOUN
fbem-14769	14	19	can	can	AUX
fbem-14769	14	20	the	the	DET
fbem-14769	14	21	domestic	domestic	ADJ
fbem-14769	14	22	cycle	cycle	NOUN
fbem-14769	14	23	be	be	AUX
fbem-14769	14	24	truly	truly	ADV
fbem-14769	14	25	smooth	smooth	ADJ
fbem-14769	14	26	.	.	PUNCT
fbem-14769	15	1	the	the	DET
fbem-14769	15	2	relationship	relationship	NOUN
fbem-14769	15	3	between	between	ADP
fbem-14769	15	4	financing	financing	NOUN
fbem-14769	15	5	constraints	constraint	NOUN
fbem-14769	15	6	and	and	CCONJ
fbem-14769	15	7	firm	firm	ADJ
fbem-14769	15	8	innovation	innovation	NOUN
fbem-14769	15	9	has	have	AUX
fbem-14769	15	10	been	be	AUX
fbem-14769	15	11	explored	explore	VERB
fbem-14769	15	12	in	in	ADP
fbem-14769	15	13	the	the	DET
fbem-14769	15	14	literature	literature	NOUN
fbem-14769	15	15	.	.	PUNCT
fbem-14769	16	1	digital	digital	ADJ
fbem-14769	16	2	finance	finance	NOUN
fbem-14769	16	3	[	[	X
fbem-14769	16	4	4	4	NUM
fbem-14769	16	5	]	]	PUNCT
fbem-14769	16	6	,	,	PUNCT
fbem-14769	16	7	supply	supply	NOUN
fbem-14769	16	8	chain	chain	NOUN
fbem-14769	16	9	changes	change	NOUN
fbem-14769	16	10	[	[	X
fbem-14769	16	11	5	5	NUM
fbem-14769	16	12	]	]	PUNCT
fbem-14769	16	13	,	,	PUNCT
fbem-14769	16	14	and	and	CCONJ
fbem-14769	16	15	knowledge	knowledge	NOUN
fbem-14769	16	16	network	network	NOUN
fbem-14769	16	17	centrality	centrality	NOUN
fbem-14769	16	18	[	[	X
fbem-14769	16	19	6	6	NUM
fbem-14769	16	20	]	]	PUNCT
fbem-14769	16	21	through	through	ADP
fbem-14769	16	22	financing	financing	NOUN
fbem-14769	16	23	constraints	constraint	NOUN
fbem-14769	16	24	thereby	thereby	ADV
fbem-14769	16	25	affecting	affect	VERB
fbem-14769	16	26	firms	firm	NOUN
fbem-14769	16	27	'	'	PART
fbem-14769	16	28	innovations	innovation	NOUN
fbem-14769	16	29	and	and	CCONJ
fbem-14769	16	30	innovation	innovation	NOUN
fbem-14769	16	31	efficiency	efficiency	NOUN
fbem-14769	16	32	,	,	PUNCT
fbem-14769	16	33	while	while	SCONJ
fbem-14769	16	34	hall	hall	PROPN
fbem-14769	16	35	b	b	PROPN
fbem-14769	16	36	h	h	NOUN
fbem-14769	17	1	[	[	X
fbem-14769	17	2	7	7	X
fbem-14769	17	3	]	]	PUNCT
fbem-14769	17	4	and	and	CCONJ
fbem-14769	17	5	hottenrott	hottenrott	X
fbem-14769	17	6	h	h	NOUN
fbem-14769	18	1	[	[	X
fbem-14769	18	2	8	8	NUM
fbem-14769	18	3	]	]	PUNCT
fbem-14769	18	4	investigated	investigate	VERB
fbem-14769	18	5	the	the	DET
fbem-14769	18	6	direct	direct	ADJ
fbem-14769	18	7	impact	impact	NOUN
fbem-14769	18	8	of	of	ADP
fbem-14769	18	9	financing	financing	NOUN
fbem-14769	18	10	constraints	constraint	NOUN
fbem-14769	18	11	on	on	ADP
fbem-14769	18	12	innovation	innovation	NOUN
fbem-14769	18	13	.	.	PUNCT
fbem-14769	19	1	the	the	DET
fbem-14769	19	2	effect	effect	NOUN
fbem-14769	19	3	of	of	ADP
fbem-14769	19	4	financing	financing	NOUN
fbem-14769	19	5	constraints	constraint	NOUN
fbem-14769	19	6	on	on	ADP
fbem-14769	19	7	the	the	DET
fbem-14769	19	8	intensity	intensity	NOUN
fbem-14769	19	9	of	of	ADP
fbem-14769	19	10	corporate	corporate	ADJ
fbem-14769	19	11	r&d	r&d	NOUN
fbem-14769	19	12	expenditures	expenditure	NOUN
fbem-14769	19	13	is	be	AUX
fbem-14769	19	14	significantly	significantly	ADV
fbem-14769	19	15	negative	negative	ADJ
fbem-14769	19	16	,	,	PUNCT
fbem-14769	19	17	the	the	PRON
fbem-14769	19	18	lower	low	ADJ
fbem-14769	19	19	the	the	DET
fbem-14769	19	20	financing	financing	NOUN
fbem-14769	19	21	constraints	constraint	NOUN
fbem-14769	19	22	,	,	PUNCT
fbem-14769	19	23	the	the	PRON
fbem-14769	19	24	lower	low	ADJ
fbem-14769	19	25	the	the	DET
fbem-14769	19	26	cost	cost	NOUN
fbem-14769	19	27	of	of	ADP
fbem-14769	19	28	capital	capital	NOUN
fbem-14769	19	29	of	of	ADP
fbem-14769	19	30	the	the	DET
fbem-14769	19	31	enterprise	enterprise	NOUN
fbem-14769	19	32	,	,	PUNCT
fbem-14769	19	33	the	the	PRON
fbem-14769	19	34	higher	high	ADJ
fbem-14769	19	35	the	the	DET
fbem-14769	19	36	r&d	r&d	NOUN
fbem-14769	19	37	expenditures	expenditure	NOUN
fbem-14769	19	38	,	,	PUNCT
fbem-14769	19	39	and	and	CCONJ
fbem-14769	19	40	the	the	DET
fbem-14769	19	41	more	more	ADJ
fbem-14769	19	42	it	it	PRON
fbem-14769	19	43	can	can	AUX
fbem-14769	19	44	promote	promote	VERB
fbem-14769	19	45	the	the	DET
fbem-14769	19	46	level	level	NOUN
fbem-14769	19	47	of	of	ADP
fbem-14769	19	48	innovation	innovation	NOUN
fbem-14769	19	49	and	and	CCONJ
fbem-14769	19	50	innovation	innovation	NOUN
fbem-14769	19	51	efficiency	efficiency	NOUN
fbem-14769	19	52	,	,	PUNCT
fbem-14769	19	53	in	in	ADP
fbem-14769	19	54	addition	addition	NOUN
fbem-14769	19	55	to	to	ADP
fbem-14769	19	56	the	the	DET
fbem-14769	19	57	factors	factor	NOUN
fbem-14769	19	58	of	of	ADP
fbem-14769	19	59	enterprise	enterprise	NOUN
fbem-14769	19	60	size	size	NOUN
fbem-14769	19	61	,	,	PUNCT
fbem-14769	19	62	property	property	NOUN
fbem-14769	19	63	rights	right	NOUN
fbem-14769	19	64	attributes	attribute	NOUN
fbem-14769	19	65	and	and	CCONJ
fbem-14769	19	66	capital	capital	NOUN
fbem-14769	19	67	intensity	intensity	NOUN
fbem-14769	19	68	play	play	VERB
fbem-14769	19	69	a	a	DET
fbem-14769	19	70	moderating	moderate	VERB
fbem-14769	19	71	role	role	NOUN
fbem-14769	19	72	in	in	ADP
fbem-14769	19	73	the	the	DET
fbem-14769	19	74	effect	effect	NOUN
fbem-14769	19	75	of	of	ADP
fbem-14769	19	76	financing	finance	VERB
fbem-14769	19	77	102	102	NUM
fbem-14769	19	78	constraints	constraint	NOUN
fbem-14769	19	79	on	on	ADP
fbem-14769	19	80	innovation	innovation	NOUN
fbem-14769	19	81	[	[	X
fbem-14769	19	82	9	9	NUM
fbem-14769	19	83	]	]	PUNCT
fbem-14769	19	84	.	.	PUNCT
fbem-14769	20	1	in	in	ADP
fbem-14769	20	2	addition	addition	NOUN
fbem-14769	20	3	to	to	ADP
fbem-14769	20	4	innovation	innovation	NOUN
fbem-14769	20	5	,	,	PUNCT
fbem-14769	20	6	financing	financing	NOUN
fbem-14769	20	7	constraints	constraint	NOUN
fbem-14769	20	8	also	also	ADV
fbem-14769	20	9	affect	affect	VERB
fbem-14769	20	10	enterprise	enterprise	NOUN
fbem-14769	20	11	investment	investment	NOUN
fbem-14769	20	12	efficiency	efficiency	NOUN
fbem-14769	20	13	,	,	PUNCT
fbem-14769	20	14	especially	especially	ADV
fbem-14769	20	15	more	more	ADV
fbem-14769	20	16	obvious	obvious	ADJ
fbem-14769	20	17	in	in	ADP
fbem-14769	20	18	non	non	ADJ
fbem-14769	20	19	-	-	ADJ
fbem-14769	20	20	state	state	NOUN
fbem-14769	20	21	-	-	PUNCT
fbem-14769	20	22	owned	own	VERB
fbem-14769	20	23	enterprises	enterprise	NOUN
fbem-14769	20	24	[	[	X
fbem-14769	20	25	10	10	NUM
fbem-14769	20	26	]	]	PUNCT
fbem-14769	20	27	,	,	PUNCT
fbem-14769	20	28	state	state	NOUN
fbem-14769	20	29	-	-	PUNCT
fbem-14769	20	30	owned	own	VERB
fbem-14769	20	31	enterprises	enterprise	NOUN
fbem-14769	20	32	will	will	AUX
fbem-14769	20	33	receive	receive	VERB
fbem-14769	20	34	credit	credit	NOUN
fbem-14769	20	35	support	support	NOUN
fbem-14769	20	36	from	from	ADP
fbem-14769	20	37	the	the	DET
fbem-14769	20	38	government	government	NOUN
fbem-14769	20	39	due	due	ADP
fbem-14769	20	40	to	to	ADP
fbem-14769	20	41	policy	policy	NOUN
fbem-14769	20	42	tilting	tilting	NOUN
fbem-14769	20	43	,	,	PUNCT
fbem-14769	20	44	and	and	CCONJ
fbem-14769	20	45	the	the	DET
fbem-14769	20	46	credit	credit	NOUN
fbem-14769	20	47	resources	resource	NOUN
fbem-14769	20	48	of	of	ADP
fbem-14769	20	49	non	non	ADJ
fbem-14769	20	50	-	-	ADJ
fbem-14769	20	51	state	state	NOUN
fbem-14769	20	52	-	-	PUNCT
fbem-14769	20	53	owned	own	VERB
fbem-14769	20	54	enterprises	enterprise	NOUN
fbem-14769	20	55	have	have	AUX
fbem-14769	20	56	been	be	AUX
fbem-14769	20	57	seriously	seriously	ADV
fbem-14769	20	58	squeezed	squeeze	VERB
fbem-14769	20	59	out	out	ADP
fbem-14769	20	60	,	,	PUNCT
fbem-14769	20	61	so	so	ADV
fbem-14769	20	62	from	from	ADP
fbem-14769	20	63	the	the	DET
fbem-14769	20	64	financing	financing	NOUN
fbem-14769	20	65	point	point	NOUN
fbem-14769	20	66	of	of	ADP
fbem-14769	20	67	view	view	NOUN
fbem-14769	20	68	,	,	PUNCT
fbem-14769	20	69	non	non	ADJ
fbem-14769	20	70	-	-	ADJ
fbem-14769	20	71	state	state	NOUN
fbem-14769	20	72	-	-	PUNCT
fbem-14769	20	73	owned	own	VERB
fbem-14769	20	74	enterprises	enterprise	NOUN
fbem-14769	20	75	are	be	AUX
fbem-14769	20	76	facing	face	VERB
fbem-14769	20	77	a	a	DET
fbem-14769	20	78	higher	high	ADJ
fbem-14769	20	79	cost	cost	NOUN
fbem-14769	20	80	of	of	ADP
fbem-14769	20	81	financing	financing	NOUN
fbem-14769	20	82	relative	relative	ADJ
fbem-14769	20	83	to	to	ADP
fbem-14769	20	84	state	state	NOUN
fbem-14769	20	85	-	-	PUNCT
fbem-14769	20	86	owned	own	VERB
fbem-14769	20	87	enterprises	enterprise	NOUN
fbem-14769	20	88	,	,	PUNCT
fbem-14769	20	89	which	which	PRON
fbem-14769	20	90	in	in	ADP
fbem-14769	20	91	turn	turn	NOUN
fbem-14769	20	92	affects	affect	VERB
fbem-14769	20	93	the	the	DET
fbem-14769	20	94	investment	investment	NOUN
fbem-14769	20	95	efficiency	efficiency	NOUN
fbem-14769	20	96	of	of	ADP
fbem-14769	20	97	state	state	NOUN
fbem-14769	20	98	-	-	PUNCT
fbem-14769	20	99	owned	own	VERB
fbem-14769	20	100	enterprises	enterprise	NOUN
fbem-14769	20	101	and	and	CCONJ
fbem-14769	20	102	non	non	ADJ
fbem-14769	20	103	-	-	ADJ
fbem-14769	20	104	state	state	NOUN
fbem-14769	20	105	-	-	PUNCT
fbem-14769	20	106	owned	own	VERB
fbem-14769	20	107	enterprises	enterprise	NOUN
fbem-14769	20	108	the	the	DET
fbem-14769	20	109	investment	investment	NOUN
fbem-14769	20	110	efficiency	efficiency	NOUN
fbem-14769	20	111	of	of	ADP
fbem-14769	20	112	both	both	DET
fbem-14769	20	113	state	state	NOUN
fbem-14769	20	114	-	-	PUNCT
fbem-14769	20	115	owned	own	VERB
fbem-14769	20	116	and	and	CCONJ
fbem-14769	20	117	non	non	ADJ
fbem-14769	20	118	-	-	ADJ
fbem-14769	20	119	state	state	NOUN
fbem-14769	20	120	-	-	PUNCT
fbem-14769	20	121	owned	own	VERB
fbem-14769	20	122	enterprises	enterprise	NOUN
fbem-14769	20	123	is	be	AUX
fbem-14769	20	124	affected	affect	VERB
fbem-14769	20	125	.	.	PUNCT
fbem-14769	21	1	finally	finally	ADV
fbem-14769	21	2	,	,	PUNCT
fbem-14769	21	3	financing	financing	NOUN
fbem-14769	21	4	constraints	constraint	NOUN
fbem-14769	21	5	also	also	ADV
fbem-14769	21	6	affect	affect	VERB
fbem-14769	21	7	residents	resident	NOUN
fbem-14769	21	8	'	'	PART
fbem-14769	21	9	income	income	NOUN
fbem-14769	21	10	.	.	PUNCT
fbem-14769	22	1	on	on	ADP
fbem-14769	22	2	the	the	DET
fbem-14769	22	3	one	one	NUM
fbem-14769	22	4	hand	hand	NOUN
fbem-14769	22	5	,	,	PUNCT
fbem-14769	22	6	changes	change	NOUN
fbem-14769	22	7	in	in	ADP
fbem-14769	22	8	china	china	PROPN
fbem-14769	22	9	's	's	PART
fbem-14769	22	10	financial	financial	ADJ
fbem-14769	22	11	environment	environment	NOUN
fbem-14769	22	12	and	and	CCONJ
fbem-14769	22	13	the	the	DET
fbem-14769	22	14	credit	credit	NOUN
fbem-14769	22	15	system	system	NOUN
fbem-14769	22	16	dominated	dominate	VERB
fbem-14769	22	17	by	by	ADP
fbem-14769	22	18	state	state	NOUN
fbem-14769	22	19	-	-	PUNCT
fbem-14769	22	20	owned	own	VERB
fbem-14769	22	21	banks	bank	NOUN
fbem-14769	22	22	make	make	VERB
fbem-14769	22	23	non	non	ADJ
fbem-14769	22	24	-	-	ADJ
fbem-14769	22	25	soes	soe	NOUN
fbem-14769	22	26	face	face	VERB
fbem-14769	22	27	serious	serious	ADJ
fbem-14769	22	28	financing	financing	NOUN
fbem-14769	22	29	constraints	constraint	NOUN
fbem-14769	22	30	,	,	PUNCT
fbem-14769	22	31	and	and	CCONJ
fbem-14769	22	32	in	in	ADP
fbem-14769	22	33	order	order	NOUN
fbem-14769	22	34	to	to	PART
fbem-14769	22	35	alleviate	alleviate	VERB
fbem-14769	22	36	the	the	DET
fbem-14769	22	37	predicament	predicament	NOUN
fbem-14769	22	38	,	,	PUNCT
fbem-14769	22	39	non	non	ADJ
fbem-14769	22	40	-	-	ADJ
fbem-14769	22	41	soes	soe	NOUN
fbem-14769	22	42	are	be	AUX
fbem-14769	22	43	forced	force	VERB
fbem-14769	22	44	to	to	PART
fbem-14769	22	45	shift	shift	VERB
fbem-14769	22	46	from	from	ADP
fbem-14769	22	47	exogenous	exogenous	ADJ
fbem-14769	22	48	to	to	ADP
fbem-14769	22	49	endogenous	endogenous	ADJ
fbem-14769	22	50	financing	financing	NOUN
fbem-14769	22	51	,	,	PUNCT
fbem-14769	22	52	and	and	CCONJ
fbem-14769	22	53	the	the	DET
fbem-14769	22	54	increase	increase	NOUN
fbem-14769	22	55	in	in	ADP
fbem-14769	22	56	retained	retain	VERB
fbem-14769	22	57	earnings	earning	NOUN
fbem-14769	22	58	of	of	ADP
fbem-14769	22	59	enterprises	enterprise	NOUN
fbem-14769	22	60	crowds	crowd	VERB
fbem-14769	22	61	out	out	ADP
fbem-14769	22	62	the	the	DET
fbem-14769	22	63	distribution	distribution	NOUN
fbem-14769	22	64	of	of	ADP
fbem-14769	22	65	profits	profit	NOUN
fbem-14769	22	66	to	to	ADP
fbem-14769	22	67	the	the	DET
fbem-14769	22	68	labor	labor	NOUN
fbem-14769	22	69	force	force	NOUN
fbem-14769	22	70	,	,	PUNCT
fbem-14769	22	71	lowering	lower	VERB
fbem-14769	22	72	household	household	NOUN
fbem-14769	22	73	incomes	income	NOUN
fbem-14769	22	74	,	,	PUNCT
fbem-14769	22	75	which	which	PRON
fbem-14769	22	76	,	,	PUNCT
fbem-14769	22	77	coupled	couple	VERB
fbem-14769	22	78	with	with	ADP
fbem-14769	22	79	china	china	PROPN
fbem-14769	22	80	's	's	PART
fbem-14769	22	81	tradition	tradition	NOUN
fbem-14769	22	82	of	of	ADP
fbem-14769	22	83	thriftiness	thriftiness	NOUN
fbem-14769	22	84	and	and	CCONJ
fbem-14769	22	85	frugality	frugality	NOUN
fbem-14769	22	86	,	,	PUNCT
fbem-14769	22	87	inhibits	inhibit	VERB
fbem-14769	22	88	the	the	DET
fbem-14769	22	89	consumption	consumption	NOUN
fbem-14769	22	90	of	of	ADP
fbem-14769	22	91	the	the	DET
fbem-14769	22	92	residential	residential	ADJ
fbem-14769	22	93	sector	sector	NOUN
fbem-14769	23	1	[	[	X
fbem-14769	23	2	11	11	NUM
fbem-14769	23	3	,	,	PUNCT
fbem-14769	23	4	12	12	NUM
fbem-14769	23	5	]	]	PUNCT
fbem-14769	23	6	.	.	PUNCT
fbem-14769	24	1	on	on	ADP
fbem-14769	24	2	the	the	DET
fbem-14769	24	3	other	other	ADJ
fbem-14769	24	4	hand	hand	NOUN
fbem-14769	24	5	,	,	PUNCT
fbem-14769	24	6	the	the	DET
fbem-14769	24	7	financing	financing	NOUN
fbem-14769	24	8	constraint	constraint	NOUN
fbem-14769	24	9	also	also	ADV
fbem-14769	24	10	affects	affect	VERB
fbem-14769	24	11	the	the	DET
fbem-14769	24	12	distribution	distribution	NOUN
fbem-14769	24	13	of	of	ADP
fbem-14769	24	14	income	income	NOUN
fbem-14769	24	15	in	in	ADP
fbem-14769	24	16	the	the	DET
fbem-14769	24	17	residential	residential	ADJ
fbem-14769	24	18	sector	sector	NOUN
fbem-14769	24	19	by	by	ADP
fbem-14769	24	20	influencing	influence	VERB
fbem-14769	24	21	firms	firm	NOUN
fbem-14769	24	22	'	'	PART
fbem-14769	24	23	labor	labor	NOUN
fbem-14769	24	24	productivity	productivity	NOUN
fbem-14769	24	25	,	,	PUNCT
fbem-14769	24	26	savings	saving	NOUN
fbem-14769	24	27	rate	rate	NOUN
fbem-14769	24	28	[	[	X
fbem-14769	24	29	13	13	NUM
fbem-14769	24	30	,	,	PUNCT
fbem-14769	24	31	14	14	NUM
fbem-14769	24	32	,	,	PUNCT
fbem-14769	24	33	15	15	NUM
fbem-14769	24	34	]	]	PUNCT
fbem-14769	24	35	,	,	PUNCT
fbem-14769	24	36	and	and	CCONJ
fbem-14769	24	37	labor	labor	NOUN
fbem-14769	24	38	force	force	NOUN
fbem-14769	24	39	hiring	hiring	NOUN
fbem-14769	24	40	,	,	PUNCT
fbem-14769	24	41	especially	especially	ADV
fbem-14769	24	42	hiring	hire	VERB
fbem-14769	24	43	of	of	ADP
fbem-14769	24	44	highly	highly	ADV
fbem-14769	24	45	educated	educate	VERB
fbem-14769	24	46	talents	talent	NOUN
fbem-14769	25	1	[	[	X
fbem-14769	25	2	16	16	NUM
fbem-14769	25	3	,	,	PUNCT
fbem-14769	25	4	17	17	NUM
fbem-14769	25	5	]	]	PUNCT
fbem-14769	25	6	,	,	PUNCT
fbem-14769	25	7	which	which	PRON
fbem-14769	25	8	in	in	ADP
fbem-14769	25	9	turn	turn	NOUN
fbem-14769	25	10	acts	act	VERB
fbem-14769	25	11	on	on	ADP
fbem-14769	25	12	residential	residential	ADJ
fbem-14769	25	13	consumption	consumption	NOUN
fbem-14769	25	14	.	.	PUNCT
fbem-14769	26	1	the	the	DET
fbem-14769	26	2	above	above	ADJ
fbem-14769	26	3	studies	study	NOUN
fbem-14769	26	4	provide	provide	VERB
fbem-14769	26	5	perspectives	perspective	NOUN
fbem-14769	26	6	on	on	ADP
fbem-14769	26	7	the	the	DET
fbem-14769	26	8	rationality	rationality	NOUN
fbem-14769	26	9	of	of	ADP
fbem-14769	26	10	china	china	PROPN
fbem-14769	26	11	's	's	PART
fbem-14769	26	12	new	new	ADJ
fbem-14769	26	13	development	development	NOUN
fbem-14769	26	14	pattern	pattern	NOUN
fbem-14769	26	15	and	and	CCONJ
fbem-14769	26	16	the	the	DET
fbem-14769	26	17	key	key	ADJ
fbem-14769	26	18	issues	issue	NOUN
fbem-14769	26	19	facing	face	VERB
fbem-14769	26	20	the	the	DET
fbem-14769	26	21	smooth	smooth	ADJ
fbem-14769	26	22	flow	flow	NOUN
fbem-14769	26	23	of	of	ADP
fbem-14769	26	24	the	the	DET
fbem-14769	26	25	domestic	domestic	ADJ
fbem-14769	26	26	macrocycle	macrocycle	NOUN
fbem-14769	26	27	in	in	ADP
fbem-14769	26	28	the	the	DET
fbem-14769	26	29	current	current	ADJ
fbem-14769	26	30	environment	environment	NOUN
fbem-14769	26	31	,	,	PUNCT
fbem-14769	26	32	as	as	ADV
fbem-14769	26	33	well	well	ADV
fbem-14769	26	34	as	as	ADP
fbem-14769	26	35	an	an	DET
fbem-14769	26	36	in	in	ADP
fbem-14769	26	37	-	-	PUNCT
fbem-14769	26	38	depth	depth	NOUN
fbem-14769	26	39	discussion	discussion	NOUN
fbem-14769	26	40	of	of	ADP
fbem-14769	26	41	the	the	DET
fbem-14769	26	42	hot	hot	ADJ
fbem-14769	26	43	issue	issue	NOUN
fbem-14769	26	44	of	of	ADP
fbem-14769	26	45	financing	financing	NOUN
fbem-14769	26	46	constraints	constraint	NOUN
fbem-14769	26	47	of	of	ADP
fbem-14769	26	48	chinese	chinese	ADJ
fbem-14769	26	49	enterprises	enterprise	NOUN
fbem-14769	26	50	.	.	PUNCT
fbem-14769	27	1	these	these	DET
fbem-14769	27	2	literatures	literature	NOUN
fbem-14769	27	3	provide	provide	VERB
fbem-14769	27	4	theoretical	theoretical	ADJ
fbem-14769	27	5	support	support	NOUN
fbem-14769	27	6	for	for	ADP
fbem-14769	27	7	an	an	DET
fbem-14769	27	8	in	in	ADP
fbem-14769	27	9	-	-	PUNCT
fbem-14769	27	10	depth	depth	NOUN
fbem-14769	27	11	understanding	understanding	NOUN
fbem-14769	27	12	of	of	ADP
fbem-14769	27	13	the	the	DET
fbem-14769	27	14	topic	topic	NOUN
fbem-14769	27	15	of	of	ADP
fbem-14769	27	16	this	this	DET
fbem-14769	27	17	paper	paper	NOUN
fbem-14769	27	18	,	,	PUNCT
fbem-14769	27	19	i.e.	i.e.	X
fbem-14769	27	20	,	,	PUNCT
fbem-14769	27	21	the	the	DET
fbem-14769	27	22	impact	impact	NOUN
fbem-14769	27	23	and	and	CCONJ
fbem-14769	27	24	mechanism	mechanism	NOUN
fbem-14769	27	25	of	of	ADP
fbem-14769	27	26	financing	financing	NOUN
fbem-14769	27	27	constraints	constraint	NOUN
fbem-14769	27	28	on	on	ADP
fbem-14769	27	29	the	the	DET
fbem-14769	27	30	domestic	domestic	ADJ
fbem-14769	27	31	macrocycle	macrocycle	NOUN
fbem-14769	27	32	,	,	PUNCT
fbem-14769	27	33	but	but	CCONJ
fbem-14769	27	34	there	there	PRON
fbem-14769	27	35	is	be	VERB
fbem-14769	27	36	little	little	ADJ
fbem-14769	27	37	literature	literature	NOUN
fbem-14769	27	38	linking	link	VERB
fbem-14769	27	39	the	the	DET
fbem-14769	27	40	two	two	NUM
fbem-14769	27	41	together	together	ADV
fbem-14769	27	42	,	,	PUNCT
fbem-14769	27	43	specifically	specifically	ADV
fbem-14769	27	44	in	in	ADP
fbem-14769	27	45	the	the	DET
fbem-14769	27	46	following	follow	VERB
fbem-14769	27	47	aspects	aspect	NOUN
fbem-14769	27	48	:	:	PUNCT
fbem-14769	27	49	most	most	ADJ
fbem-14769	27	50	of	of	ADP
fbem-14769	27	51	the	the	DET
fbem-14769	27	52	literature	literature	NOUN
fbem-14769	27	53	on	on	ADP
fbem-14769	27	54	the	the	DET
fbem-14769	27	55	domestic	domestic	ADJ
fbem-14769	27	56	macrocycle	macrocycle	NOUN
fbem-14769	27	57	focuses	focus	VERB
fbem-14769	27	58	on	on	ADP
fbem-14769	27	59	the	the	DET
fbem-14769	27	60	macro	macro	ADJ
fbem-14769	27	61	level	level	NOUN
fbem-14769	27	62	,	,	PUNCT
fbem-14769	27	63	such	such	ADJ
fbem-14769	27	64	as	as	ADP
fbem-14769	27	65	its	its	PRON
fbem-14769	27	66	theoretical	theoretical	ADJ
fbem-14769	27	67	logic	logic	NOUN
fbem-14769	27	68	and	and	CCONJ
fbem-14769	27	69	policy	policy	NOUN
fbem-14769	27	70	initiatives	initiative	NOUN
fbem-14769	27	71	,	,	PUNCT
fbem-14769	27	72	and	and	CCONJ
fbem-14769	27	73	very	very	ADV
fbem-14769	27	74	little	little	ADJ
fbem-14769	27	75	literature	literature	NOUN
fbem-14769	27	76	examines	examine	VERB
fbem-14769	27	77	the	the	DET
fbem-14769	27	78	impact	impact	NOUN
fbem-14769	27	79	of	of	ADP
fbem-14769	27	80	the	the	DET
fbem-14769	27	81	micro	micro	ADJ
fbem-14769	27	82	level	level	NOUN
fbem-14769	27	83	on	on	ADP
fbem-14769	27	84	the	the	DET
fbem-14769	27	85	domestic	domestic	ADJ
fbem-14769	27	86	macrocycle	macrocycle	NOUN
fbem-14769	27	87	;	;	PUNCT
fbem-14769	27	88	and	and	CCONJ
fbem-14769	27	89	a	a	DET
fbem-14769	27	90	portion	portion	NOUN
fbem-14769	27	91	of	of	ADP
fbem-14769	27	92	the	the	DET
fbem-14769	27	93	studies	study	NOUN
fbem-14769	27	94	on	on	ADP
fbem-14769	27	95	the	the	DET
fbem-14769	27	96	domestic	domestic	ADJ
fbem-14769	27	97	macrocycle	macrocycle	NOUN
fbem-14769	27	98	focus	focus	NOUN
fbem-14769	27	99	on	on	ADP
fbem-14769	27	100	the	the	DET
fbem-14769	27	101	macro	macro	ADJ
fbem-14769	27	102	level	level	NOUN
fbem-14769	27	103	.	.	PUNCT
fbem-14769	28	1	another	another	DET
fbem-14769	28	2	part	part	NOUN
fbem-14769	28	3	of	of	ADP
fbem-14769	28	4	the	the	DET
fbem-14769	28	5	research	research	NOUN
fbem-14769	28	6	on	on	ADP
fbem-14769	28	7	domestic	domestic	ADJ
fbem-14769	28	8	macrocycling	macrocycling	NOUN
fbem-14769	28	9	proposes	propose	VERB
fbem-14769	28	10	innovations	innovation	NOUN
fbem-14769	28	11	in	in	ADP
fbem-14769	28	12	measurement	measurement	NOUN
fbem-14769	28	13	methods	method	NOUN
fbem-14769	28	14	,	,	PUNCT
fbem-14769	28	15	such	such	ADJ
fbem-14769	28	16	as	as	ADP
fbem-14769	28	17	input	input	NOUN
fbem-14769	28	18	-	-	PUNCT
fbem-14769	28	19	output	output	NOUN
fbem-14769	28	20	tables	table	NOUN
fbem-14769	28	21	based	base	VERB
fbem-14769	28	22	on	on	ADP
fbem-14769	28	23	the	the	DET
fbem-14769	28	24	national	national	ADJ
fbem-14769	28	25	and	and	CCONJ
fbem-14769	28	26	regional	regional	ADJ
fbem-14769	28	27	levels	level	NOUN
fbem-14769	28	28	[	[	X
fbem-14769	28	29	18	18	NUM
fbem-14769	28	30	,	,	PUNCT
fbem-14769	28	31	19	19	NUM
fbem-14769	28	32	]	]	PUNCT
fbem-14769	28	33	or	or	CCONJ
fbem-14769	28	34	the	the	DET
fbem-14769	28	35	measurement	measurement	NOUN
fbem-14769	28	36	of	of	ADP
fbem-14769	28	37	market	market	NOUN
fbem-14769	28	38	segmentation	segmentation	NOUN
fbem-14769	28	39	indices	indice	VERB
fbem-14769	28	40	[	[	X
fbem-14769	28	41	20	20	NUM
fbem-14769	28	42	,	,	PUNCT
fbem-14769	28	43	21	21	NUM
fbem-14769	28	44	,	,	PUNCT
fbem-14769	28	45	22	22	NUM
fbem-14769	28	46	]	]	PUNCT
fbem-14769	28	47	.	.	PUNCT
fbem-14769	29	1	compared	compare	VERB
fbem-14769	29	2	with	with	ADP
fbem-14769	29	3	the	the	DET
fbem-14769	29	4	existing	exist	VERB
fbem-14769	29	5	literature	literature	NOUN
fbem-14769	29	6	,	,	PUNCT
fbem-14769	29	7	the	the	DET
fbem-14769	29	8	possible	possible	ADJ
fbem-14769	29	9	innovations	innovation	NOUN
fbem-14769	29	10	of	of	ADP
fbem-14769	29	11	this	this	DET
fbem-14769	29	12	paper	paper	NOUN
fbem-14769	29	13	are	be	AUX
fbem-14769	29	14	as	as	SCONJ
fbem-14769	29	15	follows	follow	VERB
fbem-14769	29	16	:	:	PUNCT
fbem-14769	29	17	firstly	firstly	ADV
fbem-14769	29	18	,	,	PUNCT
fbem-14769	29	19	from	from	ADP
fbem-14769	29	20	the	the	DET
fbem-14769	29	21	research	research	NOUN
fbem-14769	29	22	content	content	NOUN
fbem-14769	29	23	,	,	PUNCT
fbem-14769	29	24	this	this	DET
fbem-14769	29	25	paper	paper	NOUN
fbem-14769	29	26	is	be	AUX
fbem-14769	29	27	based	base	VERB
fbem-14769	29	28	on	on	ADP
fbem-14769	29	29	the	the	DET
fbem-14769	29	30	micro	micro	PROPN
fbem-14769	29	31	perspective	perspective	NOUN
fbem-14769	29	32	of	of	ADP
fbem-14769	29	33	enterprise	enterprise	NOUN
fbem-14769	29	34	financing	financing	NOUN
fbem-14769	29	35	constraints	constraint	NOUN
fbem-14769	29	36	and	and	CCONJ
fbem-14769	29	37	the	the	DET
fbem-14769	29	38	macro	macro	ADJ
fbem-14769	29	39	perspective	perspective	NOUN
fbem-14769	29	40	of	of	ADP
fbem-14769	29	41	the	the	DET
fbem-14769	29	42	domestic	domestic	ADJ
fbem-14769	29	43	macro	macro	NOUN
fbem-14769	29	44	-	-	NOUN
fbem-14769	29	45	cycle	cycle	NOUN
fbem-14769	29	46	,	,	PUNCT
fbem-14769	29	47	and	and	CCONJ
fbem-14769	29	48	it	it	PRON
fbem-14769	29	49	is	be	AUX
fbem-14769	29	50	the	the	DET
fbem-14769	29	51	first	first	ADJ
fbem-14769	29	52	time	time	NOUN
fbem-14769	29	53	to	to	PART
fbem-14769	29	54	study	study	VERB
fbem-14769	29	55	the	the	DET
fbem-14769	29	56	relationship	relationship	NOUN
fbem-14769	29	57	between	between	ADP
fbem-14769	29	58	enterprise	enterprise	NOUN
fbem-14769	29	59	financing	financing	NOUN
fbem-14769	29	60	constraints	constraint	NOUN
fbem-14769	29	61	and	and	CCONJ
fbem-14769	29	62	the	the	DET
fbem-14769	29	63	domestic	domestic	ADJ
fbem-14769	29	64	macro	macro	NOUN
fbem-14769	29	65	-	-	NOUN
fbem-14769	29	66	cycle	cycle	NOUN
fbem-14769	29	67	,	,	PUNCT
fbem-14769	29	68	and	and	CCONJ
fbem-14769	29	69	it	it	PRON
fbem-14769	29	70	proposes	propose	VERB
fbem-14769	29	71	a	a	DET
fbem-14769	29	72	number	number	NOUN
fbem-14769	29	73	of	of	ADP
fbem-14769	29	74	conduction	conduction	NOUN
fbem-14769	29	75	paths	path	NOUN
fbem-14769	29	76	for	for	ADP
fbem-14769	29	77	validation	validation	NOUN
fbem-14769	29	78	,	,	PUNCT
fbem-14769	29	79	which	which	PRON
fbem-14769	29	80	enriches	enrich	VERB
fbem-14769	29	81	the	the	DET
fbem-14769	29	82	theory	theory	NOUN
fbem-14769	29	83	of	of	ADP
fbem-14769	29	84	financing	financing	NOUN
fbem-14769	29	85	constraints	constraint	NOUN
fbem-14769	29	86	and	and	CCONJ
fbem-14769	29	87	the	the	DET
fbem-14769	29	88	domestic	domestic	ADJ
fbem-14769	29	89	macro	macro	NOUN
fbem-14769	29	90	-	-	NOUN
fbem-14769	29	91	cycle	cycle	NOUN
fbem-14769	29	92	from	from	ADP
fbem-14769	29	93	the	the	DET
fbem-14769	29	94	analysis	analysis	NOUN
fbem-14769	29	95	of	of	ADP
fbem-14769	29	96	heterogeneity	heterogeneity	NOUN
fbem-14769	29	97	from	from	ADP
fbem-14769	29	98	multiple	multiple	ADJ
fbem-14769	29	99	perspectives	perspective	NOUN
fbem-14769	29	100	,	,	PUNCT
fbem-14769	29	101	and	and	CCONJ
fbem-14769	29	102	provides	provide	VERB
fbem-14769	29	103	policy	policy	NOUN
fbem-14769	29	104	suggestions	suggestion	NOUN
fbem-14769	29	105	and	and	CCONJ
fbem-14769	29	106	guidance	guidance	NOUN
fbem-14769	29	107	that	that	PRON
fbem-14769	29	108	can	can	AUX
fbem-14769	29	109	be	be	AUX
fbem-14769	29	110	entered	enter	VERB
fbem-14769	29	111	into	into	ADP
fbem-14769	29	112	and	and	CCONJ
fbem-14769	29	113	specifically	specifically	ADV
fbem-14769	29	114	operated	operate	VERB
fbem-14769	29	115	in	in	ADP
fbem-14769	29	116	order	order	NOUN
fbem-14769	29	117	to	to	PART
fbem-14769	29	118	facilitate	facilitate	VERB
fbem-14769	29	119	the	the	DET
fbem-14769	29	120	domestic	domestic	ADJ
fbem-14769	29	121	macro	macro	NOUN
fbem-14769	29	122	-	-	NOUN
fbem-14769	29	123	cycle	cycle	NOUN
fbem-14769	29	124	in	in	ADP
fbem-14769	29	125	china	china	PROPN
fbem-14769	29	126	.	.	PUNCT
fbem-14769	30	1	it	it	PRON
fbem-14769	30	2	provides	provide	VERB
fbem-14769	30	3	policy	policy	NOUN
fbem-14769	30	4	suggestions	suggestion	NOUN
fbem-14769	30	5	and	and	CCONJ
fbem-14769	30	6	guidance	guidance	NOUN
fbem-14769	30	7	that	that	PRON
fbem-14769	30	8	can	can	AUX
fbem-14769	30	9	be	be	AUX
fbem-14769	30	10	cut	cut	VERB
fbem-14769	30	11	through	through	ADP
fbem-14769	30	12	and	and	CCONJ
fbem-14769	30	13	operated	operate	VERB
fbem-14769	30	14	concretely	concretely	ADV
fbem-14769	30	15	;	;	PUNCT
fbem-14769	30	16	in	in	ADP
fbem-14769	30	17	addition	addition	NOUN
fbem-14769	30	18	,	,	PUNCT
fbem-14769	30	19	in	in	ADP
fbem-14769	30	20	terms	term	NOUN
fbem-14769	30	21	of	of	ADP
fbem-14769	30	22	indicator	indicator	NOUN
fbem-14769	30	23	measurement	measurement	NOUN
fbem-14769	30	24	,	,	PUNCT
fbem-14769	30	25	since	since	SCONJ
fbem-14769	30	26	promoting	promote	VERB
fbem-14769	30	27	domestic	domestic	ADJ
fbem-14769	30	28	macro	macro	NOUN
fbem-14769	30	29	-	-	NOUN
fbem-14769	30	30	circulation	circulation	NOUN
fbem-14769	30	31	requires	require	VERB
fbem-14769	30	32	the	the	DET
fbem-14769	30	33	construction	construction	NOUN
fbem-14769	30	34	of	of	ADP
fbem-14769	30	35	a	a	DET
fbem-14769	30	36	unified	unified	ADJ
fbem-14769	30	37	domestic	domestic	ADJ
fbem-14769	30	38	macro	macro	NOUN
fbem-14769	30	39	-	-	NOUN
fbem-14769	30	40	market	market	NOUN
fbem-14769	30	41	,	,	PUNCT
fbem-14769	30	42	this	this	DET
fbem-14769	30	43	paper	paper	NOUN
fbem-14769	30	44	draws	draw	VERB
fbem-14769	30	45	on	on	ADP
fbem-14769	30	46	the	the	DET
fbem-14769	30	47	experience	experience	NOUN
fbem-14769	30	48	of	of	ADP
fbem-14769	30	49	ziruo	ziruo	PROPN
fbem-14769	30	50	li	li	PROPN
fbem-14769	31	1	[	[	X
fbem-14769	31	2	20	20	NUM
fbem-14769	31	3	]	]	PUNCT
fbem-14769	31	4	and	and	CCONJ
fbem-14769	31	5	xiaolu	xiaolu	PROPN
fbem-14769	31	6	wang	wang	PROPN
fbem-14769	32	1	[	[	X
fbem-14769	32	2	23	23	NUM
fbem-14769	32	3	]	]	PUNCT
fbem-14769	32	4	and	and	CCONJ
fbem-14769	32	5	uses	use	VERB
fbem-14769	32	6	the	the	DET
fbem-14769	32	7	marketization	marketization	NOUN
fbem-14769	32	8	index	index	NOUN
fbem-14769	32	9	to	to	PART
fbem-14769	32	10	measure	measure	VERB
fbem-14769	32	11	the	the	DET
fbem-14769	32	12	level	level	NOUN
fbem-14769	32	13	of	of	ADP
fbem-14769	32	14	domestic	domestic	ADJ
fbem-14769	32	15	macro	macro	NOUN
fbem-14769	32	16	-	-	NOUN
fbem-14769	32	17	circulation	circulation	NOUN
fbem-14769	32	18	.	.	PUNCT
fbem-14769	33	1	2	2	X
fbem-14769	33	2	.	.	X
fbem-14769	33	3	theoretical	theoretical	ADJ
fbem-14769	33	4	analysis	analysis	NOUN
fbem-14769	33	5	and	and	CCONJ
fbem-14769	33	6	research	research	NOUN
fbem-14769	33	7	hypotheses	hypothesis	NOUN
fbem-14769	33	8	enterprises	enterprise	NOUN
fbem-14769	33	9	are	be	AUX
fbem-14769	33	10	the	the	DET
fbem-14769	33	11	great	great	ADJ
fbem-14769	33	12	driving	drive	VERB
fbem-14769	33	13	force	force	NOUN
fbem-14769	33	14	of	of	ADP
fbem-14769	33	15	china	china	PROPN
fbem-14769	33	16	's	's	PART
fbem-14769	33	17	economic	economic	ADJ
fbem-14769	33	18	development	development	NOUN
fbem-14769	33	19	,	,	PUNCT
fbem-14769	33	20	absorbing	absorb	VERB
fbem-14769	33	21	the	the	DET
fbem-14769	33	22	employment	employment	NOUN
fbem-14769	33	23	of	of	ADP
fbem-14769	33	24	chinese	chinese	ADJ
fbem-14769	33	25	society	society	NOUN
fbem-14769	33	26	and	and	CCONJ
fbem-14769	33	27	bearing	bear	VERB
fbem-14769	33	28	the	the	DET
fbem-14769	33	29	heavy	heavy	ADJ
fbem-14769	33	30	responsibility	responsibility	NOUN
fbem-14769	33	31	of	of	ADP
fbem-14769	33	32	scientific	scientific	ADJ
fbem-14769	33	33	and	and	CCONJ
fbem-14769	33	34	technological	technological	ADJ
fbem-14769	33	35	research	research	NOUN
fbem-14769	33	36	and	and	CCONJ
fbem-14769	33	37	development	development	NOUN
fbem-14769	33	38	.	.	PUNCT
fbem-14769	34	1	easing	ease	VERB
fbem-14769	34	2	the	the	DET
fbem-14769	34	3	financing	financing	NOUN
fbem-14769	34	4	constraints	constraint	NOUN
fbem-14769	34	5	of	of	ADP
fbem-14769	34	6	enterprises	enterprise	NOUN
fbem-14769	34	7	,	,	PUNCT
fbem-14769	34	8	especially	especially	ADV
fbem-14769	34	9	those	those	PRON
fbem-14769	34	10	of	of	ADP
fbem-14769	34	11	private	private	ADJ
fbem-14769	34	12	enterprises	enterprise	NOUN
fbem-14769	34	13	,	,	PUNCT
fbem-14769	34	14	will	will	AUX
fbem-14769	34	15	effectively	effectively	ADV
fbem-14769	34	16	enhance	enhance	VERB
fbem-14769	34	17	the	the	DET
fbem-14769	34	18	production	production	NOUN
fbem-14769	34	19	efficiency	efficiency	NOUN
fbem-14769	34	20	of	of	ADP
fbem-14769	34	21	china	china	PROPN
fbem-14769	34	22	's	's	PART
fbem-14769	34	23	enterprises	enterprise	NOUN
fbem-14769	34	24	,	,	PUNCT
fbem-14769	34	25	raise	raise	VERB
fbem-14769	34	26	the	the	DET
fbem-14769	34	27	income	income	NOUN
fbem-14769	34	28	of	of	ADP
fbem-14769	34	29	the	the	DET
fbem-14769	34	30	residential	residential	ADJ
fbem-14769	34	31	sector	sector	NOUN
fbem-14769	34	32	,	,	PUNCT
fbem-14769	34	33	and	and	CCONJ
fbem-14769	34	34	increase	increase	VERB
fbem-14769	34	35	the	the	DET
fbem-14769	34	36	ratio	ratio	NOUN
fbem-14769	34	37	of	of	ADP
fbem-14769	34	38	re	re	NOUN
fbem-14769	34	39	-	-	NOUN
fbem-14769	34	40	investment	investment	NOUN
fbem-14769	34	41	and	and	CCONJ
fbem-14769	34	42	the	the	DET
fbem-14769	34	43	efficiency	efficiency	NOUN
fbem-14769	34	44	of	of	ADP
fbem-14769	34	45	investment	investment	NOUN
fbem-14769	34	46	[	[	X
fbem-14769	34	47	24	24	NUM
fbem-14769	34	48	]	]	PUNCT
fbem-14769	34	49	.	.	PUNCT
fbem-14769	35	1	enterprise	enterprise	NOUN
fbem-14769	35	2	innovation	innovation	NOUN
fbem-14769	35	3	is	be	AUX
fbem-14769	35	4	a	a	DET
fbem-14769	35	5	long	long	ADJ
fbem-14769	35	6	-	-	PUNCT
fbem-14769	35	7	term	term	NOUN
fbem-14769	35	8	continuous	continuous	ADJ
fbem-14769	35	9	process	process	NOUN
fbem-14769	35	10	and	and	CCONJ
fbem-14769	35	11	faces	face	VERB
fbem-14769	35	12	higher	high	ADJ
fbem-14769	35	13	risks	risk	NOUN
fbem-14769	35	14	and	and	CCONJ
fbem-14769	35	15	information	information	NOUN
fbem-14769	35	16	asymmetry	asymmetry	NOUN
fbem-14769	35	17	problems	problem	NOUN
fbem-14769	35	18	,	,	PUNCT
fbem-14769	35	19	innovative	innovative	ADJ
fbem-14769	35	20	enterprises	enterprise	NOUN
fbem-14769	35	21	have	have	VERB
fbem-14769	35	22	huge	huge	ADJ
fbem-14769	35	23	r&d	r&d	NOUN
fbem-14769	35	24	risks	risk	NOUN
fbem-14769	35	25	,	,	PUNCT
fbem-14769	35	26	so	so	SCONJ
fbem-14769	35	27	it	it	PRON
fbem-14769	35	28	is	be	AUX
fbem-14769	35	29	more	more	ADV
fbem-14769	35	30	difficult	difficult	ADJ
fbem-14769	35	31	for	for	SCONJ
fbem-14769	35	32	innovative	innovative	ADJ
fbem-14769	35	33	enterprises	enterprise	NOUN
fbem-14769	35	34	to	to	PART
fbem-14769	35	35	obtain	obtain	VERB
fbem-14769	35	36	financing	financing	NOUN
fbem-14769	35	37	.	.	PUNCT
fbem-14769	36	1	external	external	ADJ
fbem-14769	36	2	financing	financing	NOUN
fbem-14769	36	3	constraints	constraint	NOUN
fbem-14769	36	4	significantly	significantly	ADV
fbem-14769	36	5	inhibit	inhibit	VERB
fbem-14769	36	6	enterprise	enterprise	NOUN
fbem-14769	36	7	r&d	r&d	NOUN
fbem-14769	36	8	investment	investment	NOUN
fbem-14769	37	1	[	[	X
fbem-14769	37	2	25	25	NUM
fbem-14769	37	3	]	]	PUNCT
fbem-14769	37	4	,	,	PUNCT
fbem-14769	37	5	the	the	DET
fbem-14769	37	6	availability	availability	NOUN
fbem-14769	37	7	of	of	ADP
fbem-14769	37	8	enterprise	enterprise	NOUN
fbem-14769	37	9	financing	financing	NOUN
fbem-14769	37	10	decreases	decrease	VERB
fbem-14769	37	11	,	,	PUNCT
fbem-14769	37	12	the	the	DET
fbem-14769	37	13	scale	scale	NOUN
fbem-14769	37	14	of	of	ADP
fbem-14769	37	15	financing	financing	NOUN
fbem-14769	37	16	decreases	decrease	NOUN
fbem-14769	37	17	,	,	PUNCT
fbem-14769	37	18	and	and	CCONJ
fbem-14769	37	19	enterprises	enterprise	NOUN
fbem-14769	37	20	are	be	AUX
fbem-14769	37	21	unable	unable	ADJ
fbem-14769	37	22	to	to	PART
fbem-14769	37	23	obtain	obtain	VERB
fbem-14769	37	24	sufficient	sufficient	ADJ
fbem-14769	37	25	funds	fund	NOUN
fbem-14769	37	26	to	to	PART
fbem-14769	37	27	invest	invest	VERB
fbem-14769	37	28	in	in	ADP
fbem-14769	37	29	innovative	innovative	ADJ
fbem-14769	37	30	r&d	r&d	NOUN
fbem-14769	37	31	activities	activity	NOUN
fbem-14769	37	32	.	.	PUNCT
fbem-14769	38	1	banks	bank	NOUN
fbem-14769	38	2	'	'	PART
fbem-14769	38	3	credit	credit	NOUN
fbem-14769	38	4	and	and	CCONJ
fbem-14769	38	5	credit	credit	NOUN
fbem-14769	38	6	limits	limit	NOUN
fbem-14769	38	7	to	to	ADP
fbem-14769	38	8	enterprises	enterprise	NOUN
fbem-14769	38	9	also	also	ADV
fbem-14769	38	10	affect	affect	VERB
fbem-14769	38	11	the	the	DET
fbem-14769	38	12	probability	probability	NOUN
fbem-14769	38	13	of	of	ADP
fbem-14769	38	14	r&d	r&d	NOUN
fbem-14769	38	15	and	and	CCONJ
fbem-14769	38	16	r&d	r&d	NOUN
fbem-14769	38	17	investment	investment	NOUN
fbem-14769	38	18	density	density	NOUN
fbem-14769	39	1	[	[	X
fbem-14769	39	2	26	26	NUM
fbem-14769	39	3	]	]	PUNCT
fbem-14769	39	4	.	.	PUNCT
fbem-14769	40	1	enterprises	enterprise	NOUN
fbem-14769	40	2	may	may	AUX
fbem-14769	40	3	seek	seek	VERB
fbem-14769	40	4	internal	internal	ADJ
fbem-14769	40	5	financing	financing	NOUN
fbem-14769	40	6	when	when	SCONJ
fbem-14769	40	7	facing	face	VERB
fbem-14769	40	8	serious	serious	ADJ
fbem-14769	40	9	external	external	ADJ
fbem-14769	40	10	financing	financing	NOUN
fbem-14769	40	11	,	,	PUNCT
fbem-14769	40	12	but	but	CCONJ
fbem-14769	40	13	only	only	ADV
fbem-14769	40	14	if	if	SCONJ
fbem-14769	40	15	they	they	PRON
fbem-14769	40	16	have	have	VERB
fbem-14769	40	17	enough	enough	ADJ
fbem-14769	40	18	retained	retain	VERB
fbem-14769	40	19	earnings	earning	NOUN
fbem-14769	40	20	as	as	ADV
fbem-14769	40	21	well	well	ADV
fbem-14769	40	22	as	as	ADP
fbem-14769	40	23	sustainable	sustainable	ADJ
fbem-14769	40	24	subsequent	subsequent	ADJ
fbem-14769	40	25	revenues	revenue	NOUN
fbem-14769	40	26	to	to	PART
fbem-14769	40	27	support	support	VERB
fbem-14769	40	28	such	such	DET
fbem-14769	40	29	a	a	DET
fbem-14769	40	30	large	large	ADJ
fbem-14769	40	31	innovation	innovation	NOUN
fbem-14769	40	32	investment	investment	NOUN
fbem-14769	40	33	.	.	PUNCT
fbem-14769	41	1	the	the	DET
fbem-14769	41	2	current	current	ADJ
fbem-14769	41	3	rise	rise	NOUN
fbem-14769	41	4	in	in	ADP
fbem-14769	41	5	the	the	DET
fbem-14769	41	6	technological	technological	ADJ
fbem-14769	41	7	complexity	complexity	NOUN
fbem-14769	41	8	of	of	ADP
fbem-14769	41	9	china	china	PROPN
fbem-14769	41	10	's	's	PART
fbem-14769	41	11	innovative	innovative	ADJ
fbem-14769	41	12	designs	design	NOUN
fbem-14769	41	13	and	and	CCONJ
fbem-14769	41	14	innovative	innovative	ADJ
fbem-14769	41	15	products	product	NOUN
fbem-14769	41	16	,	,	PUNCT
fbem-14769	41	17	the	the	DET
fbem-14769	41	18	rise	rise	NOUN
fbem-14769	41	19	in	in	ADP
fbem-14769	41	20	r&d	r&d	NOUN
fbem-14769	41	21	costs	cost	NOUN
fbem-14769	41	22	,	,	PUNCT
fbem-14769	41	23	the	the	DET
fbem-14769	41	24	shortening	shortening	NOUN
fbem-14769	41	25	of	of	ADP
fbem-14769	41	26	the	the	DET
fbem-14769	41	27	product	product	NOUN
fbem-14769	41	28	life	life	NOUN
fbem-14769	41	29	cycle	cycle	NOUN
fbem-14769	41	30	,	,	PUNCT
fbem-14769	41	31	the	the	DET
fbem-14769	41	32	acceleration	acceleration	NOUN
fbem-14769	41	33	of	of	ADP
fbem-14769	41	34	iteration	iteration	NOUN
fbem-14769	41	35	,	,	PUNCT
fbem-14769	41	36	and	and	CCONJ
fbem-14769	41	37	the	the	DET
fbem-14769	41	38	decline	decline	NOUN
fbem-14769	41	39	in	in	ADP
fbem-14769	41	40	r&d	r&d	NOUN
fbem-14769	41	41	productivity	productivity	NOUN
fbem-14769	41	42	means	mean	VERB
fbem-14769	41	43	that	that	SCONJ
fbem-14769	41	44	enterprises	enterprise	NOUN
fbem-14769	41	45	have	have	VERB
fbem-14769	41	46	to	to	PART
fbem-14769	41	47	invest	invest	VERB
fbem-14769	41	48	more	more	ADV
fbem-14769	41	49	and	and	CCONJ
fbem-14769	41	50	more	more	ADV
fbem-14769	41	51	quickly	quickly	ADV
fbem-14769	42	1	[	[	X
fbem-14769	42	2	27	27	NUM
fbem-14769	42	3	]	]	PUNCT
fbem-14769	42	4	,	,	PUNCT
fbem-14769	42	5	so	so	SCONJ
fbem-14769	42	6	enterprises	enterprise	NOUN
fbem-14769	42	7	are	be	AUX
fbem-14769	42	8	basically	basically	ADV
fbem-14769	42	9	unsustainable	unsustainable	ADJ
fbem-14769	42	10	by	by	ADP
fbem-14769	42	11	relying	rely	VERB
fbem-14769	42	12	only	only	ADV
fbem-14769	42	13	on	on	ADP
fbem-14769	42	14	endogenous	endogenous	ADJ
fbem-14769	42	15	financing	financing	NOUN
fbem-14769	42	16	and	and	CCONJ
fbem-14769	42	17	must	must	AUX
fbem-14769	42	18	rely	rely	VERB
fbem-14769	42	19	on	on	ADP
fbem-14769	42	20	external	external	ADJ
fbem-14769	42	21	financing	financing	NOUN
fbem-14769	42	22	.	.	PUNCT
fbem-14769	43	1	this	this	DET
fbem-14769	43	2	paper	paper	NOUN
fbem-14769	43	3	proposes	propose	VERB
fbem-14769	43	4	a	a	DET
fbem-14769	43	5	second	second	ADJ
fbem-14769	43	6	hypothesis.h2	hypothesis.h2	PROPN
fbem-14769	43	7	:	:	PUNCT
fbem-14769	43	8	financing	financing	NOUN
fbem-14769	43	9	constraints	constraint	NOUN
fbem-14769	43	10	affect	affect	VERB
fbem-14769	43	11	the	the	DET
fbem-14769	43	12	domestic	domestic	ADJ
fbem-14769	43	13	general	general	ADJ
fbem-14769	43	14	circulation	circulation	NOUN
fbem-14769	43	15	through	through	ADP
fbem-14769	43	16	firms	firm	NOUN
fbem-14769	43	17	'	'	PART
fbem-14769	43	18	innovation	innovation	NOUN
fbem-14769	43	19	inputs	input	NOUN
fbem-14769	43	20	.	.	PUNCT
fbem-14769	44	1	high	high	ADJ
fbem-14769	44	2	-	-	PUNCT
fbem-14769	44	3	quality	quality	NOUN
fbem-14769	44	4	investment	investment	NOUN
fbem-14769	44	5	projects	project	NOUN
fbem-14769	44	6	can	can	AUX
fbem-14769	44	7	enhance	enhance	VERB
fbem-14769	44	8	a	a	DET
fbem-14769	44	9	company	company	NOUN
fbem-14769	44	10	's	's	PART
fbem-14769	44	11	sustainability	sustainability	NOUN
fbem-14769	44	12	,	,	PUNCT
fbem-14769	44	13	but	but	CCONJ
fbem-14769	44	14	the	the	DET
fbem-14769	44	15	final	final	ADJ
fbem-14769	44	16	decision	decision	NOUN
fbem-14769	44	17	depends	depend	VERB
fbem-14769	44	18	on	on	ADP
fbem-14769	44	19	the	the	DET
fbem-14769	44	20	strength	strength	NOUN
fbem-14769	44	21	of	of	ADP
fbem-14769	44	22	the	the	DET
fbem-14769	44	23	company	company	NOUN
fbem-14769	44	24	's	's	PART
fbem-14769	44	25	financing	financing	NOUN
fbem-14769	44	26	ability	ability	NOUN
fbem-14769	44	27	,	,	PUNCT
fbem-14769	44	28	and	and	CCONJ
fbem-14769	44	29	the	the	DET
fbem-14769	44	30	company	company	NOUN
fbem-14769	44	31	's	's	PART
fbem-14769	44	32	investment	investment	NOUN
fbem-14769	44	33	decision	decision	NOUN
fbem-14769	44	34	can	can	AUX
fbem-14769	44	35	not	not	PART
fbem-14769	44	36	be	be	AUX
fbem-14769	44	37	independent	independent	ADJ
fbem-14769	44	38	of	of	ADP
fbem-14769	44	39	its	its	PRON
fbem-14769	44	40	financing	financing	NOUN
fbem-14769	44	41	decision	decision	NOUN
fbem-14769	44	42	.	.	PUNCT
fbem-14769	45	1	the	the	DET
fbem-14769	45	2	theory	theory	NOUN
fbem-14769	45	3	of	of	ADP
fbem-14769	45	4	preferential	preferential	ADJ
fbem-14769	45	5	financing	financing	NOUN
fbem-14769	45	6	explains	explain	VERB
fbem-14769	45	7	that	that	SCONJ
fbem-14769	45	8	the	the	DET
fbem-14769	45	9	cost	cost	NOUN
fbem-14769	45	10	of	of	ADP
fbem-14769	45	11	external	external	ADJ
fbem-14769	45	12	financing	financing	NOUN
fbem-14769	45	13	is	be	AUX
fbem-14769	45	14	higher	high	ADJ
fbem-14769	45	15	than	than	ADP
fbem-14769	45	16	the	the	DET
fbem-14769	45	17	cost	cost	NOUN
fbem-14769	45	18	of	of	ADP
fbem-14769	45	19	internal	internal	ADJ
fbem-14769	45	20	financing	financing	NOUN
fbem-14769	45	21	,	,	PUNCT
fbem-14769	45	22	and	and	CCONJ
fbem-14769	45	23	if	if	SCONJ
fbem-14769	45	24	the	the	DET
fbem-14769	45	25	enterprise	enterprise	NOUN
fbem-14769	45	26	can	can	AUX
fbem-14769	45	27	not	not	PART
fbem-14769	45	28	obtain	obtain	VERB
fbem-14769	45	29	the	the	DET
fbem-14769	45	30	financing	financing	NOUN
fbem-14769	45	31	support	support	NOUN
fbem-14769	45	32	required	require	VERB
fbem-14769	45	33	for	for	ADP
fbem-14769	45	34	the	the	DET
fbem-14769	45	35	optimal	optimal	ADJ
fbem-14769	45	36	level	level	NOUN
fbem-14769	45	37	of	of	ADP
fbem-14769	45	38	investment	investment	NOUN
fbem-14769	45	39	,	,	PUNCT
fbem-14769	45	40	then	then	ADV
fbem-14769	45	41	it	it	PRON
fbem-14769	45	42	can	can	AUX
fbem-14769	45	43	only	only	ADV
fbem-14769	45	44	turn	turn	VERB
fbem-14769	45	45	to	to	ADP
fbem-14769	45	46	internal	internal	ADJ
fbem-14769	45	47	financing	financing	NOUN
fbem-14769	45	48	thus	thus	ADV
fbem-14769	45	49	leading	lead	VERB
fbem-14769	45	50	to	to	ADP
fbem-14769	45	51	the	the	DET
fbem-14769	45	52	problem	problem	NOUN
fbem-14769	45	53	of	of	ADP
fbem-14769	45	54	underinvestment	underinvestment	NOUN
fbem-14769	45	55	.	.	PUNCT
fbem-14769	46	1	research	research	NOUN
fbem-14769	46	2	has	have	AUX
fbem-14769	46	3	proved	prove	VERB
fbem-14769	46	4	that	that	SCONJ
fbem-14769	46	5	the	the	DET
fbem-14769	46	6	investment	investment	NOUN
fbem-14769	46	7	and	and	CCONJ
fbem-14769	46	8	cash	cash	NOUN
fbem-14769	46	9	flow	flow	NOUN
fbem-14769	46	10	of	of	ADP
fbem-14769	46	11	listed	list	VERB
fbem-14769	46	12	enterprises	enterprise	NOUN
fbem-14769	46	13	in	in	ADP
fbem-14769	46	14	china	china	PROPN
fbem-14769	46	15	are	be	AUX
fbem-14769	46	16	highly	highly	ADV
fbem-14769	46	17	sensitive	sensitive	ADJ
fbem-14769	46	18	,	,	PUNCT
fbem-14769	46	19	and	and	CCONJ
fbem-14769	46	20	the	the	DET
fbem-14769	46	21	problem	problem	NOUN
fbem-14769	46	22	of	of	ADP
fbem-14769	46	23	financing	financing	NOUN
fbem-14769	46	24	constraints	constraint	NOUN
fbem-14769	46	25	is	be	AUX
fbem-14769	46	26	serious	serious	ADJ
fbem-14769	47	1	[	[	X
fbem-14769	47	2	28	28	NUM
fbem-14769	47	3	]	]	PUNCT
fbem-14769	47	4	,	,	PUNCT
fbem-14769	47	5	which	which	PRON
fbem-14769	47	6	makes	make	VERB
fbem-14769	47	7	it	it	PRON
fbem-14769	47	8	difficult	difficult	ADJ
fbem-14769	47	9	for	for	SCONJ
fbem-14769	47	10	enterprises	enterprise	NOUN
fbem-14769	47	11	to	to	PART
fbem-14769	47	12	obtain	obtain	VERB
fbem-14769	47	13	sufficient	sufficient	ADJ
fbem-14769	47	14	funds	fund	NOUN
fbem-14769	47	15	to	to	PART
fbem-14769	47	16	carry	carry	VERB
fbem-14769	47	17	out	out	ADP
fbem-14769	47	18	investment	investment	NOUN
fbem-14769	47	19	activities	activity	NOUN
fbem-14769	47	20	,	,	PUNCT
fbem-14769	47	21	and	and	CCONJ
fbem-14769	47	22	prevent	prevent	VERB
fbem-14769	47	23	them	they	PRON
fbem-14769	47	24	from	from	ADP
fbem-14769	47	25	reaching	reach	VERB
fbem-14769	47	26	the	the	DET
fbem-14769	47	27	optimal	optimal	ADJ
fbem-14769	47	28	investment	investment	NOUN
fbem-14769	47	29	level	level	NOUN
fbem-14769	47	30	.	.	PUNCT
fbem-14769	48	1	at	at	ADP
fbem-14769	48	2	the	the	DET
fbem-14769	48	3	same	same	ADJ
fbem-14769	48	4	time	time	NOUN
fbem-14769	48	5	,	,	PUNCT
fbem-14769	48	6	china	china	PROPN
fbem-14769	48	7	's	's	PART
fbem-14769	48	8	economic	economic	ADJ
fbem-14769	48	9	transformation	transformation	NOUN
fbem-14769	48	10	has	have	AUX
fbem-14769	48	11	not	not	PART
fbem-14769	48	12	been	be	AUX
fbem-14769	48	13	completed	complete	VERB
fbem-14769	48	14	,	,	PUNCT
fbem-14769	48	15	the	the	DET
fbem-14769	48	16	financial	financial	ADJ
fbem-14769	48	17	supply	supply	NOUN
fbem-14769	48	18	structure	structure	NOUN
fbem-14769	48	19	is	be	AUX
fbem-14769	48	20	unreasonable	unreasonable	ADJ
fbem-14769	48	21	,	,	PUNCT
fbem-14769	48	22	and	and	CCONJ
fbem-14769	48	23	the	the	DET
fbem-14769	48	24	role	role	NOUN
fbem-14769	48	25	of	of	ADP
fbem-14769	48	26	investment	investment	NOUN
fbem-14769	48	27	activities	activity	NOUN
fbem-14769	48	28	in	in	ADP
fbem-14769	48	29	promoting	promote	VERB
fbem-14769	48	30	economic	economic	ADJ
fbem-14769	48	31	growth	growth	NOUN
fbem-14769	48	32	has	have	AUX
fbem-14769	48	33	been	be	AUX
fbem-14769	48	34	weakened	weaken	VERB
fbem-14769	48	35	.	.	PUNCT
fbem-14769	49	1	this	this	DET
fbem-14769	49	2	paper	paper	NOUN
fbem-14769	49	3	puts	put	VERB
fbem-14769	49	4	forward	forward	ADV
fbem-14769	49	5	the	the	DET
fbem-14769	49	6	third	third	ADJ
fbem-14769	49	7	hypothesis.h3	hypothesis.h3	NOUN
fbem-14769	49	8	:	:	PUNCT
fbem-14769	49	9	financing	financing	NOUN
fbem-14769	49	10	constraints	constraint	NOUN
fbem-14769	49	11	affect	affect	VERB
fbem-14769	49	12	the	the	DET
fbem-14769	49	13	domestic	domestic	ADJ
fbem-14769	49	14	general	general	ADJ
fbem-14769	49	15	circulation	circulation	NOUN
fbem-14769	49	16	through	through	ADP
fbem-14769	49	17	the	the	DET
fbem-14769	49	18	investment	investment	NOUN
fbem-14769	49	19	efficiency	efficiency	NOUN
fbem-14769	49	20	of	of	ADP
fbem-14769	49	21	enterprises	enterprise	NOUN
fbem-14769	49	22	.	.	PUNCT
fbem-14769	50	1	because	because	SCONJ
fbem-14769	50	2	of	of	ADP
fbem-14769	50	3	the	the	DET
fbem-14769	50	4	existence	existence	NOUN
fbem-14769	50	5	of	of	ADP
fbem-14769	50	6	external	external	ADJ
fbem-14769	50	7	financing	financing	NOUN
fbem-14769	50	8	constraints	constraint	NOUN
fbem-14769	50	9	,	,	PUNCT
fbem-14769	50	10	enterprises	enterprise	NOUN
fbem-14769	50	11	are	be	AUX
fbem-14769	50	12	forced	force	VERB
fbem-14769	50	13	to	to	PART
fbem-14769	50	14	turn	turn	VERB
fbem-14769	50	15	to	to	ADP
fbem-14769	50	16	internal	internal	ADJ
fbem-14769	50	17	financing	financing	NOUN
fbem-14769	50	18	for	for	ADP
fbem-14769	50	19	innovative	innovative	ADJ
fbem-14769	50	20	and	and	CCONJ
fbem-14769	50	21	investment	investment	NOUN
fbem-14769	50	22	activities	activity	NOUN
fbem-14769	50	23	,	,	PUNCT
fbem-14769	50	24	which	which	PRON
fbem-14769	50	25	crowds	crowd	VERB
fbem-14769	50	26	out	out	ADP
fbem-14769	50	27	the	the	DET
fbem-14769	50	28	103	103	NUM
fbem-14769	50	29	income	income	NOUN
fbem-14769	50	30	distribution	distribution	NOUN
fbem-14769	50	31	of	of	ADP
fbem-14769	50	32	the	the	DET
fbem-14769	50	33	residential	residential	ADJ
fbem-14769	50	34	sector	sector	NOUN
fbem-14769	50	35	.	.	PUNCT
fbem-14769	51	1	consumption	consumption	NOUN
fbem-14769	51	2	is	be	AUX
fbem-14769	51	3	the	the	DET
fbem-14769	51	4	last	last	ADJ
fbem-14769	51	5	link	link	NOUN
fbem-14769	51	6	of	of	ADP
fbem-14769	51	7	the	the	DET
fbem-14769	51	8	domestic	domestic	ADJ
fbem-14769	51	9	macro	macro	NOUN
fbem-14769	51	10	-	-	NOUN
fbem-14769	51	11	cycle	cycle	NOUN
fbem-14769	51	12	,	,	PUNCT
fbem-14769	51	13	which	which	PRON
fbem-14769	51	14	is	be	AUX
fbem-14769	51	15	the	the	DET
fbem-14769	51	16	ultimate	ultimate	ADJ
fbem-14769	51	17	purpose	purpose	NOUN
fbem-14769	51	18	and	and	CCONJ
fbem-14769	51	19	final	final	ADJ
fbem-14769	51	20	flow	flow	NOUN
fbem-14769	51	21	of	of	ADP
fbem-14769	51	22	the	the	DET
fbem-14769	51	23	whole	whole	ADJ
fbem-14769	51	24	cyclic	cyclic	ADJ
fbem-14769	51	25	process	process	NOUN
fbem-14769	51	26	,	,	PUNCT
fbem-14769	51	27	and	and	CCONJ
fbem-14769	51	28	with	with	ADP
fbem-14769	51	29	low	low	ADJ
fbem-14769	51	30	residential	residential	ADJ
fbem-14769	51	31	consumption	consumption	NOUN
fbem-14769	51	32	,	,	PUNCT
fbem-14769	51	33	the	the	DET
fbem-14769	51	34	domestic	domestic	ADJ
fbem-14769	51	35	economy	economy	NOUN
fbem-14769	51	36	can	can	AUX
fbem-14769	51	37	not	not	PART
fbem-14769	51	38	complete	complete	VERB
fbem-14769	51	39	the	the	DET
fbem-14769	51	40	cycle	cycle	NOUN
fbem-14769	51	41	.	.	PUNCT
fbem-14769	52	1	this	this	DET
fbem-14769	52	2	paper	paper	NOUN
fbem-14769	52	3	proposes	propose	VERB
fbem-14769	52	4	a	a	DET
fbem-14769	52	5	fourth	fourth	ADJ
fbem-14769	52	6	hypothesis.h4	hypothesis.h4	NOUN
fbem-14769	52	7	:	:	PUNCT
fbem-14769	52	8	financing	financing	NOUN
fbem-14769	52	9	constraints	constraint	NOUN
fbem-14769	52	10	affect	affect	VERB
fbem-14769	52	11	the	the	DET
fbem-14769	52	12	domestic	domestic	ADJ
fbem-14769	52	13	macro	macro	NOUN
fbem-14769	52	14	-	-	NOUN
fbem-14769	52	15	cycle	cycle	NOUN
fbem-14769	52	16	through	through	ADP
fbem-14769	52	17	residential	residential	ADJ
fbem-14769	52	18	consumption	consumption	NOUN
fbem-14769	52	19	.	.	PUNCT
fbem-14769	53	1	3	3	X
fbem-14769	53	2	.	.	X
fbem-14769	53	3	research	research	NOUN
fbem-14769	53	4	design	design	PROPN
fbem-14769	53	5	3.1	3.1	NUM
fbem-14769	53	6	.	.	PUNCT
fbem-14769	53	7	sample	sample	NOUN
fbem-14769	53	8	selection	selection	NOUN
fbem-14769	53	9	and	and	CCONJ
fbem-14769	53	10	data	datum	NOUN
fbem-14769	53	11	sources	source	NOUN
fbem-14769	53	12	this	this	DET
fbem-14769	53	13	paper	paper	NOUN
fbem-14769	53	14	conducts	conduct	VERB
fbem-14769	53	15	an	an	DET
fbem-14769	53	16	empirical	empirical	ADJ
fbem-14769	53	17	study	study	NOUN
fbem-14769	53	18	based	base	VERB
fbem-14769	53	19	on	on	ADP
fbem-14769	53	20	the	the	DET
fbem-14769	53	21	data	datum	NOUN
fbem-14769	53	22	of	of	ADP
fbem-14769	53	23	china	china	PROPN
fbem-14769	53	24	's	's	PART
fbem-14769	53	25	a	a	DET
fbem-14769	53	26	-	-	PUNCT
fbem-14769	53	27	share	share	NOUN
fbem-14769	53	28	listed	list	VERB
fbem-14769	53	29	companies	company	NOUN
fbem-14769	53	30	from	from	ADP
fbem-14769	53	31	2011	2011	NUM
fbem-14769	53	32	to	to	ADP
fbem-14769	53	33	2021	2021	NUM
fbem-14769	53	34	.	.	PUNCT
fbem-14769	54	1	in	in	ADP
fbem-14769	54	2	this	this	DET
fbem-14769	54	3	paper	paper	NOUN
fbem-14769	54	4	,	,	PUNCT
fbem-14769	54	5	the	the	DET
fbem-14769	54	6	data	data	NOUN
fbem-14769	54	7	samples	sample	NOUN
fbem-14769	54	8	are	be	AUX
fbem-14769	54	9	treated	treat	VERB
fbem-14769	54	10	as	as	SCONJ
fbem-14769	54	11	follows	follow	VERB
fbem-14769	54	12	:	:	PUNCT
fbem-14769	54	13	(	(	PUNCT
fbem-14769	54	14	1	1	X
fbem-14769	54	15	)	)	PUNCT
fbem-14769	54	16	the	the	DET
fbem-14769	54	17	samples	sample	NOUN
fbem-14769	54	18	of	of	ADP
fbem-14769	54	19	listed	list	VERB
fbem-14769	54	20	firms	firm	NOUN
fbem-14769	54	21	in	in	ADP
fbem-14769	54	22	the	the	DET
fbem-14769	54	23	financial	financial	ADJ
fbem-14769	54	24	industry	industry	NOUN
fbem-14769	54	25	are	be	AUX
fbem-14769	54	26	excluded	exclude	VERB
fbem-14769	54	27	;	;	PUNCT
fbem-14769	54	28	(	(	PUNCT
fbem-14769	54	29	2	2	X
fbem-14769	54	30	)	)	PUNCT
fbem-14769	54	31	the	the	DET
fbem-14769	54	32	samples	sample	NOUN
fbem-14769	54	33	of	of	ADP
fbem-14769	54	34	firms	firm	NOUN
fbem-14769	54	35	with	with	ADP
fbem-14769	54	36	st	st	PROPN
fbem-14769	54	37	,	,	PUNCT
fbem-14769	54	38	*	*	PROPN
fbem-14769	54	39	st	st	PROPN
fbem-14769	54	40	,	,	PUNCT
fbem-14769	54	41	pt	pt	PROPN
fbem-14769	54	42	,	,	PUNCT
fbem-14769	54	43	as	as	ADV
fbem-14769	54	44	well	well	ADV
fbem-14769	54	45	as	as	ADP
fbem-14769	54	46	suspended	suspend	VERB
fbem-14769	54	47	and	and	CCONJ
fbem-14769	54	48	delisted	delisted	ADJ
fbem-14769	54	49	firms	firm	NOUN
fbem-14769	54	50	are	be	AUX
fbem-14769	54	51	excluded	exclude	VERB
fbem-14769	54	52	;	;	PUNCT
fbem-14769	54	53	(	(	PUNCT
fbem-14769	54	54	3	3	X
fbem-14769	54	55	)	)	PUNCT
fbem-14769	54	56	the	the	DET
fbem-14769	54	57	samples	sample	NOUN
fbem-14769	54	58	of	of	ADP
fbem-14769	54	59	firms	firm	NOUN
fbem-14769	54	60	with	with	ADP
fbem-14769	54	61	gearing	gear	VERB
fbem-14769	54	62	ratios	ratio	NOUN
fbem-14769	54	63	greater	great	ADJ
fbem-14769	54	64	than	than	ADP
fbem-14769	54	65	100	100	NUM
fbem-14769	54	66	%	%	NOUN
fbem-14769	54	67	,	,	PUNCT
fbem-14769	54	68	less	less	ADJ
fbem-14769	54	69	than	than	ADP
fbem-14769	54	70	0	0	NUM
fbem-14769	54	71	%	%	NOUN
fbem-14769	54	72	,	,	PUNCT
fbem-14769	54	73	and	and	CCONJ
fbem-14769	54	74	with	with	ADP
fbem-14769	54	75	negative	negative	ADJ
fbem-14769	54	76	owner	owner	NOUN
fbem-14769	54	77	's	's	PART
fbem-14769	54	78	equity	equity	NOUN
fbem-14769	54	79	are	be	AUX
fbem-14769	54	80	excluded	exclude	VERB
fbem-14769	54	81	;	;	PUNCT
fbem-14769	54	82	and	and	CCONJ
fbem-14769	54	83	(	(	PUNCT
fbem-14769	54	84	4	4	X
fbem-14769	54	85	)	)	PUNCT
fbem-14769	54	86	the	the	DET
fbem-14769	54	87	samples	sample	NOUN
fbem-14769	54	88	of	of	ADP
fbem-14769	54	89	firms	firm	NOUN
fbem-14769	54	90	with	with	ADP
fbem-14769	54	91	missing	miss	VERB
fbem-14769	54	92	key	key	ADJ
fbem-14769	54	93	data	datum	NOUN
fbem-14769	54	94	are	be	AUX
fbem-14769	54	95	excluded	exclude	VERB
fbem-14769	54	96	.	.	PUNCT
fbem-14769	55	1	(	(	PUNCT
fbem-14769	55	2	5	5	X
fbem-14769	55	3	)	)	PUNCT
fbem-14769	55	4	the	the	DET
fbem-14769	55	5	remaining	remain	VERB
fbem-14769	55	6	missing	miss	VERB
fbem-14769	55	7	data	datum	NOUN
fbem-14769	55	8	are	be	AUX
fbem-14769	55	9	supplemented	supplement	VERB
fbem-14769	55	10	by	by	ADP
fbem-14769	55	11	linear	linear	ADJ
fbem-14769	55	12	interpolation	interpolation	NOUN
fbem-14769	55	13	.	.	PUNCT
fbem-14769	56	1	after	after	ADP
fbem-14769	56	2	the	the	DET
fbem-14769	56	3	above	above	ADJ
fbem-14769	56	4	processing	processing	NOUN
fbem-14769	56	5	,	,	PUNCT
fbem-14769	56	6	25,668	25,668	NUM
fbem-14769	56	7	sample	sample	NOUN
fbem-14769	56	8	observations	observation	NOUN
fbem-14769	56	9	are	be	AUX
fbem-14769	56	10	finally	finally	ADV
fbem-14769	56	11	obtained	obtain	VERB
fbem-14769	56	12	.	.	PUNCT
fbem-14769	57	1	all	all	DET
fbem-14769	57	2	sample	sample	NOUN
fbem-14769	57	3	data	datum	NOUN
fbem-14769	57	4	in	in	ADP
fbem-14769	57	5	this	this	DET
fbem-14769	57	6	paper	paper	NOUN
fbem-14769	57	7	come	come	VERB
fbem-14769	57	8	from	from	ADP
fbem-14769	57	9	csmar	csmar	PROPN
fbem-14769	57	10	database	database	NOUN
fbem-14769	57	11	and	and	CCONJ
fbem-14769	57	12	city	city	NOUN
fbem-14769	57	13	yearbooks	yearbook	NOUN
fbem-14769	57	14	.	.	PUNCT
fbem-14769	58	1	3.2	3.2	NUM
fbem-14769	58	2	.	.	PUNCT
fbem-14769	58	3	definition	definition	NOUN
fbem-14769	58	4	of	of	ADP
fbem-14769	58	5	variables	variable	NOUN
fbem-14769	58	6	3.2.1	3.2.1	NUM
fbem-14769	58	7	.	.	PUNCT
fbem-14769	58	8	explained	explain	VERB
fbem-14769	58	9	variables	variable	NOUN
fbem-14769	58	10	marketization	marketization	NOUN
fbem-14769	58	11	process	process	NOUN
fbem-14769	58	12	(	(	PUNCT
fbem-14769	58	13	market	market	NOUN
fbem-14769	58	14	)	)	PUNCT
fbem-14769	58	15	.	.	PUNCT
fbem-14769	59	1	the	the	DET
fbem-14769	59	2	current	current	ADJ
fbem-14769	59	3	theories	theory	NOUN
fbem-14769	59	4	of	of	ADP
fbem-14769	59	5	domestic	domestic	ADJ
fbem-14769	59	6	general	general	ADJ
fbem-14769	59	7	circulation	circulation	NOUN
fbem-14769	59	8	measurement	measurement	NOUN
fbem-14769	59	9	include	include	VERB
fbem-14769	59	10	:	:	PUNCT
fbem-14769	59	11	using	use	VERB
fbem-14769	59	12	the	the	DET
fbem-14769	59	13	dependence	dependence	NOUN
fbem-14769	59	14	of	of	ADP
fbem-14769	59	15	industrial	industrial	ADJ
fbem-14769	59	16	value	value	NOUN
fbem-14769	59	17	added	add	VERB
fbem-14769	59	18	on	on	ADP
fbem-14769	59	19	domestic	domestic	ADJ
fbem-14769	59	20	and	and	CCONJ
fbem-14769	59	21	foreign	foreign	ADJ
fbem-14769	59	22	demand	demand	NOUN
fbem-14769	59	23	[	[	X
fbem-14769	59	24	29	29	NUM
fbem-14769	59	25	]	]	PUNCT
fbem-14769	59	26	;	;	PUNCT
fbem-14769	59	27	constructing	construct	VERB
fbem-14769	59	28	measurement	measurement	NOUN
fbem-14769	59	29	indexes	index	NOUN
fbem-14769	59	30	based	base	VERB
fbem-14769	59	31	on	on	ADP
fbem-14769	59	32	dependence	dependence	NOUN
fbem-14769	59	33	and	and	CCONJ
fbem-14769	59	34	so	so	ADV
fbem-14769	59	35	on	on	ADP
fbem-14769	59	36	[	[	PUNCT
fbem-14769	59	37	30	30	NUM
fbem-14769	59	38	]	]	PUNCT
fbem-14769	59	39	;	;	PUNCT
fbem-14769	59	40	and	and	CCONJ
fbem-14769	59	41	from	from	ADP
fbem-14769	59	42	the	the	DET
fbem-14769	59	43	perspective	perspective	NOUN
fbem-14769	59	44	of	of	ADP
fbem-14769	59	45	supply	supply	NOUN
fbem-14769	59	46	and	and	CCONJ
fbem-14769	59	47	demand	demand	NOUN
fbem-14769	59	48	of	of	ADP
fbem-14769	59	49	intermediate	intermediate	ADJ
fbem-14769	59	50	and	and	CCONJ
fbem-14769	59	51	final	final	ADJ
fbem-14769	59	52	goods	good	NOUN
fbem-14769	59	53	[	[	X
fbem-14769	59	54	18	18	NUM
fbem-14769	59	55	]	]	PUNCT
fbem-14769	59	56	.	.	PUNCT
fbem-14769	60	1	this	this	DET
fbem-14769	60	2	paper	paper	NOUN
fbem-14769	60	3	is	be	AUX
fbem-14769	60	4	based	base	VERB
fbem-14769	60	5	on	on	ADP
fbem-14769	60	6	the	the	DET
fbem-14769	60	7	fan	fan	PROPN
fbem-14769	60	8	gang	gang	PROPN
fbem-14769	60	9	marketization	marketization	NOUN
fbem-14769	60	10	index	index	NOUN
fbem-14769	60	11	compiled	compile	VERB
fbem-14769	60	12	by	by	ADP
fbem-14769	60	13	wang	wang	PROPN
fbem-14769	60	14	xiaolu	xiaolu	PROPN
fbem-14769	61	1	[	[	X
fbem-14769	61	2	23	23	NUM
fbem-14769	61	3	]	]	PUNCT
fbem-14769	61	4	and	and	CCONJ
fbem-14769	61	5	using	use	VERB
fbem-14769	61	6	the	the	DET
fbem-14769	61	7	method	method	NOUN
fbem-14769	61	8	of	of	ADP
fbem-14769	61	9	qian	qian	PROPN
fbem-14769	61	10	wei	wei	PROPN
fbem-14769	62	1	[	[	X
fbem-14769	62	2	31	31	NUM
fbem-14769	62	3	]	]	PUNCT
fbem-14769	62	4	to	to	PART
fbem-14769	62	5	calculate	calculate	VERB
fbem-14769	62	6	the	the	DET
fbem-14769	62	7	market	market	NOUN
fbem-14769	62	8	index	index	NOUN
fbem-14769	62	9	represents	represent	VERB
fbem-14769	62	10	the	the	DET
fbem-14769	62	11	domestic	domestic	ADJ
fbem-14769	62	12	macrocirculation	macrocirculation	NOUN
fbem-14769	62	13	,	,	PUNCT
fbem-14769	62	14	and	and	CCONJ
fbem-14769	62	15	the	the	PRON
fbem-14769	62	16	higher	high	ADJ
fbem-14769	62	17	the	the	DET
fbem-14769	62	18	marketization	marketization	NOUN
fbem-14769	62	19	index	index	NOUN
fbem-14769	62	20	,	,	PUNCT
fbem-14769	62	21	the	the	PRON
fbem-14769	62	22	higher	high	ADJ
fbem-14769	62	23	the	the	DET
fbem-14769	62	24	level	level	NOUN
fbem-14769	62	25	of	of	ADP
fbem-14769	62	26	the	the	DET
fbem-14769	62	27	domestic	domestic	ADJ
fbem-14769	62	28	macro	macro	NOUN
fbem-14769	62	29	-	-	NOUN
fbem-14769	62	30	circulation	circulation	NOUN
fbem-14769	62	31	.	.	PUNCT
fbem-14769	63	1	3.2.2	3.2.2	X
fbem-14769	63	2	.	.	PUNCT
fbem-14769	63	3	explanatory	explanatory	ADJ
fbem-14769	63	4	variables	variable	NOUN
fbem-14769	63	5	financing	finance	VERB
fbem-14769	63	6	constraint	constraint	NOUN
fbem-14769	63	7	(	(	PUNCT
fbem-14769	63	8	kz	kz	PROPN
fbem-14769	63	9	)	)	PUNCT
fbem-14769	63	10	.	.	PUNCT
fbem-14769	64	1	this	this	DET
fbem-14769	64	2	paper	paper	NOUN
fbem-14769	64	3	draws	draw	VERB
fbem-14769	64	4	on	on	ADP
fbem-14769	64	5	the	the	DET
fbem-14769	64	6	research	research	NOUN
fbem-14769	64	7	of	of	ADP
fbem-14769	64	8	kaplan	kaplan	PROPN
fbem-14769	64	9	and	and	CCONJ
fbem-14769	64	10	zingales	zingale	NOUN
fbem-14769	64	11	[	[	X
fbem-14769	64	12	32	32	NUM
fbem-14769	64	13	]	]	PUNCT
fbem-14769	64	14	and	and	CCONJ
fbem-14769	64	15	uses	use	VERB
fbem-14769	64	16	the	the	DET
fbem-14769	64	17	methodology	methodology	NOUN
fbem-14769	64	18	of	of	ADP
fbem-14769	64	19	yue	yue	PROPN
fbem-14769	64	20	tan	tan	PROPN
fbem-14769	65	1	[	[	X
fbem-14769	65	2	33	33	NUM
fbem-14769	65	3	]	]	PUNCT
fbem-14769	65	4	and	and	CCONJ
fbem-14769	65	5	zhihua	zhihua	PROPN
fbem-14769	65	6	wei	wei	PROPN
fbem-14769	66	1	[	[	X
fbem-14769	66	2	34	34	NUM
fbem-14769	66	3	]	]	PUNCT
fbem-14769	66	4	to	to	PART
fbem-14769	66	5	construct	construct	VERB
fbem-14769	66	6	the	the	DET
fbem-14769	66	7	kz	kz	PROPN
fbem-14769	66	8	index	index	NOUN
fbem-14769	66	9	to	to	PART
fbem-14769	66	10	construct	construct	VERB
fbem-14769	66	11	a	a	DET
fbem-14769	66	12	financing	financing	NOUN
fbem-14769	66	13	constraint	constraint	NOUN
fbem-14769	66	14	indicator	indicator	NOUN
fbem-14769	66	15	,	,	PUNCT
fbem-14769	66	16	where	where	SCONJ
fbem-14769	66	17	a	a	DET
fbem-14769	66	18	larger	large	ADJ
fbem-14769	66	19	index	index	NOUN
fbem-14769	66	20	implies	imply	VERB
fbem-14769	66	21	that	that	SCONJ
fbem-14769	66	22	a	a	DET
fbem-14769	66	23	listed	list	VERB
fbem-14769	66	24	company	company	NOUN
fbem-14769	66	25	faces	face	VERB
fbem-14769	66	26	a	a	DET
fbem-14769	66	27	higher	high	ADJ
fbem-14769	66	28	degree	degree	NOUN
fbem-14769	66	29	of	of	ADP
fbem-14769	66	30	financing	financing	NOUN
fbem-14769	66	31	constraint	constraint	NOUN
fbem-14769	66	32	.	.	PUNCT
fbem-14769	67	1	3.2.3	3.2.3	X
fbem-14769	67	2	.	.	X
fbem-14769	67	3	mediating	mediate	VERB
fbem-14769	67	4	variables	variable	NOUN
fbem-14769	67	5	enterprise	enterprise	NOUN
fbem-14769	67	6	innovation	innovation	NOUN
fbem-14769	67	7	(	(	PUNCT
fbem-14769	67	8	rd	rd	NOUN
fbem-14769	67	9	)	)	PUNCT
fbem-14769	67	10	,	,	PUNCT
fbem-14769	67	11	enterprise	enterprise	NOUN
fbem-14769	67	12	investment	investment	NOUN
fbem-14769	67	13	(	(	PUNCT
fbem-14769	67	14	investment	investment	NOUN
fbem-14769	67	15	)	)	PUNCT
fbem-14769	67	16	,	,	PUNCT
fbem-14769	67	17	and	and	CCONJ
fbem-14769	67	18	consumption	consumption	NOUN
fbem-14769	67	19	.	.	PUNCT
fbem-14769	68	1	enterprise	enterprise	NOUN
fbem-14769	68	2	innovation	innovation	NOUN
fbem-14769	68	3	uses	use	VERB
fbem-14769	68	4	the	the	DET
fbem-14769	68	5	logarithm	logarithm	NOUN
fbem-14769	68	6	of	of	ADP
fbem-14769	68	7	rd	rd	NOUN
fbem-14769	68	8	investment	investment	NOUN
fbem-14769	68	9	by	by	ADP
fbem-14769	68	10	listed	list	VERB
fbem-14769	68	11	firms	firm	NOUN
fbem-14769	68	12	,	,	PUNCT
fbem-14769	68	13	enterprise	enterprise	NOUN
fbem-14769	68	14	investment	investment	NOUN
fbem-14769	68	15	draws	draw	VERB
fbem-14769	68	16	on	on	ADP
fbem-14769	68	17	the	the	DET
fbem-14769	68	18	model	model	NOUN
fbem-14769	68	19	of	of	ADP
fbem-14769	68	20	richardson	richardson	PROPN
fbem-14769	68	21	[	[	X
fbem-14769	68	22	35	35	NUM
fbem-14769	68	23	]	]	PUNCT
fbem-14769	68	24	to	to	PART
fbem-14769	68	25	calculate	calculate	VERB
fbem-14769	68	26	the	the	DET
fbem-14769	68	27	efficiency	efficiency	NOUN
fbem-14769	68	28	of	of	ADP
fbem-14769	68	29	enterprise	enterprise	NOUN
fbem-14769	68	30	investment	investment	NOUN
fbem-14769	68	31	,	,	PUNCT
fbem-14769	68	32	and	and	CCONJ
fbem-14769	68	33	consumption	consumption	NOUN
fbem-14769	68	34	by	by	ADP
fbem-14769	68	35	residents	resident	NOUN
fbem-14769	68	36	uses	use	VERB
fbem-14769	68	37	per	per	ADP
fbem-14769	68	38	capita	capita	X
fbem-14769	68	39	consumption	consumption	NOUN
fbem-14769	68	40	expenditures	expenditure	NOUN
fbem-14769	68	41	of	of	ADP
fbem-14769	68	42	residents	resident	NOUN
fbem-14769	68	43	in	in	ADP
fbem-14769	68	44	the	the	DET
fbem-14769	68	45	urban	urban	ADJ
fbem-14769	68	46	yearbook	yearbook	NOUN
fbem-14769	68	47	.	.	PUNCT
fbem-14769	69	1	3.2.4	3.2.4	X
fbem-14769	69	2	.	.	PUNCT
fbem-14769	70	1	control	control	NOUN
fbem-14769	70	2	variables	variable	NOUN
fbem-14769	70	3	in	in	ADP
fbem-14769	70	4	this	this	DET
fbem-14769	70	5	paper	paper	NOUN
fbem-14769	70	6	,	,	PUNCT
fbem-14769	70	7	the	the	DET
fbem-14769	70	8	following	follow	VERB
fbem-14769	70	9	control	control	NOUN
fbem-14769	70	10	variables	variable	NOUN
fbem-14769	70	11	are	be	AUX
fbem-14769	70	12	selected	select	VERB
fbem-14769	70	13	:	:	PUNCT
fbem-14769	70	14	firm	firm	ADJ
fbem-14769	70	15	size	size	NOUN
fbem-14769	70	16	(	(	PUNCT
fbem-14769	70	17	size	size	NOUN
fbem-14769	70	18	)	)	PUNCT
fbem-14769	70	19	,	,	PUNCT
fbem-14769	70	20	gearing	gear	VERB
fbem-14769	70	21	ratio	ratio	NOUN
fbem-14769	70	22	(	(	PUNCT
fbem-14769	70	23	lev	lev	NOUN
fbem-14769	70	24	)	)	PUNCT
fbem-14769	70	25	,	,	PUNCT
fbem-14769	70	26	equity	equity	NOUN
fbem-14769	70	27	concentration	concentration	NOUN
fbem-14769	70	28	(	(	PUNCT
fbem-14769	70	29	share	share	NOUN
fbem-14769	70	30	)	)	PUNCT
fbem-14769	70	31	,	,	PUNCT
fbem-14769	70	32	growth	growth	NOUN
fbem-14769	70	33	rate	rate	NOUN
fbem-14769	70	34	of	of	ADP
fbem-14769	70	35	operating	operate	VERB
fbem-14769	70	36	income	income	NOUN
fbem-14769	70	37	(	(	PUNCT
fbem-14769	70	38	growth	growth	NOUN
fbem-14769	70	39	)	)	PUNCT
fbem-14769	70	40	,	,	PUNCT
fbem-14769	71	1	tobin	tobin	PROPN
fbem-14769	71	2	's	's	PART
fbem-14769	71	3	q	q	X
fbem-14769	71	4	(	(	PUNCT
fbem-14769	71	5	tobinq	tobinq	ADJ
fbem-14769	71	6	)	)	PUNCT
fbem-14769	71	7	,	,	PUNCT
fbem-14769	71	8	operating	operate	VERB
fbem-14769	71	9	year	year	NOUN
fbem-14769	71	10	of	of	ADP
fbem-14769	71	11	the	the	DET
fbem-14769	71	12	firm	firm	NOUN
fbem-14769	71	13	(	(	PUNCT
fbem-14769	71	14	age	age	NOUN
fbem-14769	71	15	)	)	PUNCT
fbem-14769	71	16	,	,	PUNCT
fbem-14769	71	17	net	net	ADJ
fbem-14769	71	18	cash	cash	NOUN
fbem-14769	71	19	flow	flow	NOUN
fbem-14769	71	20	from	from	ADP
fbem-14769	71	21	operations	operation	NOUN
fbem-14769	71	22	(	(	PUNCT
fbem-14769	71	23	cfo	cfo	NOUN
fbem-14769	71	24	)	)	PUNCT
fbem-14769	71	25	,	,	PUNCT
fbem-14769	71	26	z	z	NOUN
fbem-14769	71	27	-	-	PUNCT
fbem-14769	71	28	value	value	NOUN
fbem-14769	71	29	(	(	PUNCT
fbem-14769	71	30	zscore	zscore	NOUN
fbem-14769	71	31	)	)	PUNCT
fbem-14769	71	32	,	,	PUNCT
fbem-14769	71	33	the	the	DET
fbem-14769	71	34	number	number	NOUN
fbem-14769	71	35	of	of	ADP
fbem-14769	71	36	shares	share	NOUN
fbem-14769	71	37	held	hold	VERB
fbem-14769	71	38	by	by	ADP
fbem-14769	71	39	the	the	DET
fbem-14769	71	40	management	management	NOUN
fbem-14769	71	41	(	(	PUNCT
fbem-14769	71	42	mh	mh	PROPN
fbem-14769	71	43	)	)	PUNCT
fbem-14769	71	44	,	,	PUNCT
fbem-14769	71	45	the	the	DET
fbem-14769	71	46	total	total	ADJ
fbem-14769	71	47	compensation	compensation	NOUN
fbem-14769	71	48	of	of	ADP
fbem-14769	71	49	the	the	DET
fbem-14769	71	50	management	management	NOUN
fbem-14769	71	51	(	(	PUNCT
fbem-14769	71	52	mss	mss	PROPN
fbem-14769	71	53	)	)	PUNCT
fbem-14769	71	54	,	,	PUNCT
fbem-14769	71	55	the	the	DET
fbem-14769	71	56	proportion	proportion	NOUN
fbem-14769	71	57	of	of	ADP
fbem-14769	71	58	independent	independent	ADJ
fbem-14769	71	59	directors	director	NOUN
fbem-14769	71	60	(	(	PUNCT
fbem-14769	71	61	idr	idr	PROPN
fbem-14769	71	62	)	)	PUNCT
fbem-14769	71	63	,	,	PUNCT
fbem-14769	71	64	industry	industry	NOUN
fbem-14769	71	65	dummy	dummy	ADJ
fbem-14769	71	66	variables	variable	NOUN
fbem-14769	71	67	(	(	PUNCT
fbem-14769	71	68	d_industry	d_industry	PROPN
fbem-14769	71	69	)	)	PUNCT
fbem-14769	71	70	,	,	PUNCT
fbem-14769	71	71	and	and	CCONJ
fbem-14769	71	72	time	time	NOUN
fbem-14769	71	73	dummy	dummy	ADJ
fbem-14769	71	74	variables	variable	NOUN
fbem-14769	71	75	(	(	PUNCT
fbem-14769	71	76	d_year	d_year	ADJ
fbem-14769	71	77	)	)	PUNCT
fbem-14769	71	78	.	.	PUNCT
fbem-14769	72	1	(	(	PUNCT
fbem-14769	72	2	mss	mss	PROPN
fbem-14769	72	3	)	)	PUNCT
fbem-14769	72	4	,	,	PUNCT
fbem-14769	72	5	proportion	proportion	NOUN
fbem-14769	72	6	of	of	ADP
fbem-14769	72	7	independent	independent	ADJ
fbem-14769	72	8	directors	director	NOUN
fbem-14769	72	9	(	(	PUNCT
fbem-14769	72	10	idr	idr	PROPN
fbem-14769	72	11	)	)	PUNCT
fbem-14769	72	12	,	,	PUNCT
fbem-14769	72	13	industry	industry	NOUN
fbem-14769	72	14	dummy	dummy	ADJ
fbem-14769	72	15	variable	variable	NOUN
fbem-14769	72	16	(	(	PUNCT
fbem-14769	72	17	d_industry	d_industry	PROPN
fbem-14769	72	18	)	)	PUNCT
fbem-14769	72	19	,	,	PUNCT
fbem-14769	72	20	and	and	CCONJ
fbem-14769	72	21	time	time	NOUN
fbem-14769	72	22	dummy	dummy	ADJ
fbem-14769	72	23	variable	variable	NOUN
fbem-14769	72	24	(	(	PUNCT
fbem-14769	72	25	d_year	d_year	PROPN
fbem-14769	72	26	)	)	PUNCT
fbem-14769	72	27	.	.	PUNCT
fbem-14769	73	1	3.3	3.3	NUM
fbem-14769	73	2	.	.	PUNCT
fbem-14769	74	1	modeling	model	VERB
fbem-14769	74	2	this	this	DET
fbem-14769	74	3	paper	paper	NOUN
fbem-14769	74	4	empirically	empirically	ADV
fbem-14769	74	5	examines	examine	VERB
fbem-14769	74	6	the	the	DET
fbem-14769	74	7	impact	impact	NOUN
fbem-14769	74	8	of	of	ADP
fbem-14769	74	9	financing	financing	NOUN
fbem-14769	74	10	constraints	constraint	NOUN
fbem-14769	74	11	on	on	ADP
fbem-14769	74	12	the	the	DET
fbem-14769	74	13	marketization	marketization	NOUN
fbem-14769	74	14	process	process	NOUN
fbem-14769	74	15	based	base	VERB
fbem-14769	74	16	on	on	ADP
fbem-14769	74	17	data	datum	NOUN
fbem-14769	74	18	from	from	ADP
fbem-14769	74	19	listed	list	VERB
fbem-14769	74	20	firms	firm	NOUN
fbem-14769	74	21	using	use	VERB
fbem-14769	74	22	a	a	DET
fbem-14769	74	23	fixed	fix	VERB
fbem-14769	74	24	effects	effect	NOUN
fbem-14769	74	25	model	model	NOUN
fbem-14769	74	26	,	,	PUNCT
fbem-14769	74	27	controlling	control	VERB
fbem-14769	74	28	for	for	ADP
fbem-14769	74	29	year	year	NOUN
fbem-14769	74	30	and	and	CCONJ
fbem-14769	74	31	industry	industry	NOUN
fbem-14769	74	32	fixed	fix	VERB
fbem-14769	74	33	effects	effect	NOUN
fbem-14769	74	34	and	and	CCONJ
fbem-14769	74	35	constructing	construct	VERB
fbem-14769	74	36	the	the	DET
fbem-14769	74	37	following	following	ADJ
fbem-14769	74	38	model	model	NOUN
fbem-14769	74	39	:	:	PUNCT
fbem-14769	74	40	marketit	marketit	PROPN
fbem-14769	74	41	=	=	PROPN
fbem-14769	74	42	β0+β1kzit+β2sizeit+β3levit+β4shareit+β5growthit	β0+β1kzit+β2sizeit+β3levit+β4shareit+β5growthit	PROPN
fbem-14769	74	43	+	+	NOUN
fbem-14769	74	44	β6tobinqit+β7ageit+β8cfoit+β9zscoreit+β10mhit+β11mssit+β	β6tobinqit+β7ageit+β8cfoit+β9zscoreit+β10mhit+β11mssit+β	PROPN
fbem-14769	74	45	12idrit+∑d_year+∑d_industry+εit	12idrit+∑d_year+∑d_industry+εit	NUM
fbem-14769	74	46	(	(	PUNCT
fbem-14769	74	47	1	1	NUM
fbem-14769	74	48	)	)	PUNCT
fbem-14769	74	49	mit=µ0+µ1kzit+µ2sizeit+µ3levit+µ4shareit+µ5growthit+µ6	mit=µ0+µ1kzit+µ2sizeit+µ3levit+µ4shareit+µ5growthit+µ6	NOUN
fbem-14769	74	50	tobinqit+µ7ageit+µ8cfoit+µ9zscoreit+µ10mhit+µ11mssit+µ12i	tobinqit+µ7ageit+µ8cfoit+µ9zscoreit+µ10mhit+µ11mssit+µ12i	PROPN
fbem-14769	74	51	drit+∑d_year+∑d_industry+εit	drit+∑d_year+∑d_industry+εit	PROPN
fbem-14769	74	52	(	(	PUNCT
fbem-14769	74	53	2	2	NUM
fbem-14769	74	54	)	)	PUNCT
fbem-14769	74	55	marketit	marketit	NOUN
fbem-14769	75	1	=	=	NUM
fbem-14769	75	2	φ0+φ1mit+φ2kzit+φ3sizeit+φ4levit+φ5shareit+φ6	φ0+φ1mit+φ2kzit+φ3sizeit+φ4levit+φ5shareit+φ6	NOUN
fbem-14769	75	3	growthit+φ7tobinqit+φ8ageit+φ9cfoit+φ10zscoreit+φ11mhit+	growthit+φ7tobinqit+φ8ageit+φ9cfoit+φ10zscoreit+φ11mhit+	PROPN
fbem-14769	75	4	φ12mssit+φ13idrit+∑d_year+∑d_industry+εit	φ12mssit+φ13idrit+∑d_year+∑d_industry+εit	PROPN
fbem-14769	75	5	(	(	PUNCT
fbem-14769	75	6	3	3	NUM
fbem-14769	75	7	)	)	PUNCT
fbem-14769	76	1	where	where	SCONJ
fbem-14769	76	2	‘	'	PUNCT
fbem-14769	76	3	ε	ε	X
fbem-14769	76	4	’	'	PUNCT
fbem-14769	76	5	is	be	AUX
fbem-14769	76	6	the	the	DET
fbem-14769	76	7	random	random	ADJ
fbem-14769	76	8	error	error	NOUN
fbem-14769	76	9	term	term	NOUN
fbem-14769	76	10	,	,	PUNCT
fbem-14769	76	11	‘	'	PUNCT
fbem-14769	76	12	i	i	PRON
fbem-14769	76	13	’	'	PUNCT
fbem-14769	76	14	represents	represent	VERB
fbem-14769	76	15	listed	list	VERB
fbem-14769	76	16	firms	firm	NOUN
fbem-14769	76	17	,	,	PUNCT
fbem-14769	76	18	‘	'	PUNCT
fbem-14769	76	19	t	t	X
fbem-14769	76	20	’	'	PUNCT
fbem-14769	76	21	represents	represent	VERB
fbem-14769	76	22	the	the	DET
fbem-14769	76	23	year	year	NOUN
fbem-14769	76	24	,	,	PUNCT
fbem-14769	76	25	‘	'	PUNCT
fbem-14769	76	26	m	m	X
fbem-14769	76	27	’	'	PUNCT
fbem-14769	76	28	is	be	AUX
fbem-14769	76	29	the	the	DET
fbem-14769	76	30	mediating	mediate	VERB
fbem-14769	76	31	variable	variable	NOUN
fbem-14769	76	32	(	(	PUNCT
fbem-14769	76	33	rd	rd	NOUN
fbem-14769	76	34	,	,	PUNCT
fbem-14769	76	35	investment	investment	NOUN
fbem-14769	76	36	,	,	PUNCT
fbem-14769	76	37	consumption	consumption	NOUN
fbem-14769	76	38	)	)	PUNCT
fbem-14769	76	39	4	4	NUM
fbem-14769	76	40	.	.	PUNCT
fbem-14769	77	1	empirical	empirical	ADJ
fbem-14769	77	2	analysis	analysis	NOUN
fbem-14769	77	3	4.1	4.1	NUM
fbem-14769	77	4	.	.	PUNCT
fbem-14769	78	1	benchmark	benchmark	NOUN
fbem-14769	78	2	regressions	regression	NOUN
fbem-14769	78	3	table	table	NOUN
fbem-14769	78	4	1	1	NUM
fbem-14769	78	5	reports	report	VERB
fbem-14769	78	6	the	the	DET
fbem-14769	78	7	test	test	NOUN
fbem-14769	78	8	results	result	NOUN
fbem-14769	78	9	of	of	ADP
fbem-14769	78	10	model	model	NOUN
fbem-14769	78	11	(	(	PUNCT
fbem-14769	78	12	1	1	NUM
fbem-14769	78	13	)	)	PUNCT
fbem-14769	78	14	with	with	ADP
fbem-14769	78	15	the	the	DET
fbem-14769	78	16	explanatory	explanatory	ADJ
fbem-14769	78	17	variable	variable	NOUN
fbem-14769	78	18	being	be	AUX
fbem-14769	78	19	the	the	DET
fbem-14769	78	20	marketization	marketization	NOUN
fbem-14769	78	21	process	process	NOUN
fbem-14769	78	22	(	(	PUNCT
fbem-14769	78	23	market	market	NOUN
fbem-14769	78	24	)	)	PUNCT
fbem-14769	78	25	and	and	CCONJ
fbem-14769	78	26	the	the	DET
fbem-14769	78	27	explanatory	explanatory	ADJ
fbem-14769	78	28	variable	variable	NOUN
fbem-14769	78	29	being	be	AUX
fbem-14769	78	30	the	the	DET
fbem-14769	78	31	corporate	corporate	ADJ
fbem-14769	78	32	financing	financing	NOUN
fbem-14769	78	33	constraints	constraint	NOUN
fbem-14769	78	34	(	(	PUNCT
fbem-14769	78	35	kz	kz	PROPN
fbem-14769	78	36	)	)	PUNCT
fbem-14769	78	37	.	.	PUNCT
fbem-14769	79	1	the	the	DET
fbem-14769	79	2	results	result	NOUN
fbem-14769	79	3	in	in	ADP
fbem-14769	79	4	column	column	NOUN
fbem-14769	79	5	(	(	PUNCT
fbem-14769	79	6	1	1	X
fbem-14769	79	7	)	)	PUNCT
fbem-14769	79	8	show	show	VERB
fbem-14769	79	9	that	that	SCONJ
fbem-14769	79	10	the	the	DET
fbem-14769	79	11	estimated	estimate	VERB
fbem-14769	79	12	coefficient	coefficient	NOUN
fbem-14769	79	13	of	of	ADP
fbem-14769	79	14	kz	kz	PROPN
fbem-14769	79	15	is	be	AUX
fbem-14769	79	16	about	about	ADP
fbem-14769	79	17	-0.018	-0.018	NOUN
fbem-14769	79	18	,	,	PUNCT
fbem-14769	79	19	which	which	PRON
fbem-14769	79	20	is	be	AUX
fbem-14769	79	21	significantly	significantly	ADV
fbem-14769	79	22	negative	negative	ADJ
fbem-14769	79	23	at	at	ADP
fbem-14769	79	24	the	the	DET
fbem-14769	79	25	1	1	NUM
fbem-14769	79	26	%	%	NOUN
fbem-14769	79	27	level	level	NOUN
fbem-14769	79	28	,	,	PUNCT
fbem-14769	79	29	which	which	PRON
fbem-14769	79	30	indicates	indicate	VERB
fbem-14769	79	31	that	that	SCONJ
fbem-14769	79	32	corporate	corporate	ADJ
fbem-14769	79	33	financing	financing	NOUN
fbem-14769	79	34	constraints	constraint	NOUN
fbem-14769	79	35	are	be	AUX
fbem-14769	79	36	negatively	negatively	ADV
fbem-14769	79	37	correlated	correlate	VERB
fbem-14769	79	38	with	with	ADP
fbem-14769	79	39	the	the	DET
fbem-14769	79	40	marketization	marketization	NOUN
fbem-14769	79	41	process	process	NOUN
fbem-14769	79	42	,	,	PUNCT
fbem-14769	79	43	proving	prove	VERB
fbem-14769	79	44	the	the	DET
fbem-14769	79	45	research	research	NOUN
fbem-14769	79	46	theme	theme	NOUN
fbem-14769	79	47	of	of	ADP
fbem-14769	79	48	this	this	DET
fbem-14769	79	49	paper	paper	NOUN
fbem-14769	79	50	.	.	PUNCT
fbem-14769	80	1	in	in	ADP
fbem-14769	80	2	order	order	NOUN
fbem-14769	80	3	to	to	PART
fbem-14769	80	4	prevent	prevent	VERB
fbem-14769	80	5	other	other	ADJ
fbem-14769	80	6	factors	factor	NOUN
fbem-14769	80	7	from	from	ADP
fbem-14769	80	8	interfering	interfere	VERB
fbem-14769	80	9	with	with	ADP
fbem-14769	80	10	the	the	DET
fbem-14769	80	11	results	result	NOUN
fbem-14769	80	12	,	,	PUNCT
fbem-14769	80	13	this	this	DET
fbem-14769	80	14	paper	paper	NOUN
fbem-14769	80	15	controls	control	VERB
fbem-14769	80	16	other	other	ADJ
fbem-14769	80	17	variables	variable	NOUN
fbem-14769	80	18	such	such	ADJ
fbem-14769	80	19	as	as	ADP
fbem-14769	80	20	enterprise	enterprise	NOUN
fbem-14769	80	21	size	size	NOUN
fbem-14769	80	22	,	,	PUNCT
fbem-14769	80	23	gearing	gear	VERB
fbem-14769	80	24	ratio	ratio	NOUN
fbem-14769	80	25	,	,	PUNCT
fbem-14769	80	26	etc	etc	X
fbem-14769	80	27	.	.	X
fbem-14769	81	1	the	the	DET
fbem-14769	81	2	results	result	NOUN
fbem-14769	81	3	are	be	AUX
fbem-14769	81	4	shown	show	VERB
fbem-14769	81	5	in	in	ADP
fbem-14769	81	6	column	column	NOUN
fbem-14769	81	7	(	(	PUNCT
fbem-14769	81	8	2	2	NUM
fbem-14769	81	9	)	)	PUNCT
fbem-14769	81	10	,	,	PUNCT
fbem-14769	81	11	and	and	CCONJ
fbem-14769	81	12	the	the	DET
fbem-14769	81	13	estimated	estimate	VERB
fbem-14769	81	14	coefficient	coefficient	NOUN
fbem-14769	81	15	of	of	ADP
fbem-14769	81	16	kz	kz	PROPN
fbem-14769	81	17	is	be	AUX
fbem-14769	81	18	also	also	ADV
fbem-14769	81	19	significantly	significantly	ADV
fbem-14769	81	20	negative	negative	ADJ
fbem-14769	81	21	at	at	ADP
fbem-14769	81	22	1	1	NUM
fbem-14769	81	23	%	%	NOUN
fbem-14769	81	24	level	level	NOUN
fbem-14769	81	25	,	,	PUNCT
fbem-14769	81	26	which	which	PRON
fbem-14769	81	27	indicates	indicate	VERB
fbem-14769	81	28	that	that	SCONJ
fbem-14769	81	29	enterprise	enterprise	NOUN
fbem-14769	81	30	financing	financing	NOUN
fbem-14769	81	31	constraints	constraint	NOUN
fbem-14769	81	32	are	be	AUX
fbem-14769	81	33	negatively	negatively	ADV
fbem-14769	81	34	correlated	correlate	VERB
fbem-14769	81	35	with	with	ADP
fbem-14769	81	36	the	the	DET
fbem-14769	81	37	process	process	NOUN
fbem-14769	81	38	of	of	ADP
fbem-14769	81	39	marketization	marketization	NOUN
fbem-14769	81	40	,	,	PUNCT
fbem-14769	81	41	i.e.	i.e.	X
fbem-14769	81	42	,	,	PUNCT
fbem-14769	81	43	the	the	PRON
fbem-14769	81	44	higher	high	ADJ
fbem-14769	81	45	the	the	DET
fbem-14769	81	46	degree	degree	NOUN
fbem-14769	81	47	of	of	ADP
fbem-14769	81	48	enterprise	enterprise	NOUN
fbem-14769	81	49	financing	financing	NOUN
fbem-14769	81	50	constraints	constraint	NOUN
fbem-14769	81	51	,	,	PUNCT
fbem-14769	81	52	the	the	PRON
fbem-14769	81	53	lower	low	ADJ
fbem-14769	81	54	the	the	DET
fbem-14769	81	55	process	process	NOUN
fbem-14769	81	56	of	of	ADP
fbem-14769	81	57	marketization	marketization	NOUN
fbem-14769	81	58	,	,	PUNCT
fbem-14769	81	59	and	and	CCONJ
fbem-14769	81	60	the	the	PRON
fbem-14769	81	61	lower	low	ADJ
fbem-14769	81	62	the	the	DET
fbem-14769	81	63	level	level	NOUN
fbem-14769	81	64	of	of	ADP
fbem-14769	81	65	the	the	DET
fbem-14769	81	66	domestic	domestic	ADJ
fbem-14769	81	67	macrocycle	macrocycle	NOUN
fbem-14769	81	68	.	.	PUNCT
fbem-14769	82	1	all	all	DET
fbem-14769	82	2	the	the	DET
fbem-14769	82	3	above	above	ADJ
fbem-14769	82	4	results	result	NOUN
fbem-14769	82	5	are	be	AUX
fbem-14769	82	6	in	in	ADP
fbem-14769	82	7	line	line	NOUN
fbem-14769	82	8	with	with	ADP
fbem-14769	82	9	the	the	DET
fbem-14769	82	10	expected	expect	VERB
fbem-14769	82	11	theoretical	theoretical	ADJ
fbem-14769	82	12	analysis	analysis	NOUN
fbem-14769	82	13	that	that	SCONJ
fbem-14769	82	14	easing	ease	VERB
fbem-14769	82	15	financing	financing	NOUN
fbem-14769	82	16	constraints	constraint	NOUN
fbem-14769	82	17	can	can	AUX
fbem-14769	82	18	promote	promote	VERB
fbem-14769	82	19	domestic	domestic	ADJ
fbem-14769	82	20	macro	macro	NOUN
fbem-14769	82	21	-	-	NOUN
fbem-14769	82	22	circulation	circulation	NOUN
fbem-14769	82	23	.	.	PUNCT
fbem-14769	83	1	4.2	4.2	NUM
fbem-14769	83	2	.	.	PUNCT
fbem-14769	84	1	robustness	robustness	NOUN
fbem-14769	84	2	tests	test	NOUN
fbem-14769	84	3	4.2.1	4.2.1	NUM
fbem-14769	84	4	.	.	PUNCT
fbem-14769	85	1	culling	cull	VERB
fbem-14769	85	2	of	of	ADP
fbem-14769	85	3	samples	sample	NOUN
fbem-14769	85	4	first	first	ADV
fbem-14769	85	5	,	,	PUNCT
fbem-14769	85	6	excluding	exclude	VERB
fbem-14769	85	7	the	the	DET
fbem-14769	85	8	impact	impact	NOUN
fbem-14769	85	9	of	of	ADP
fbem-14769	85	10	major	major	ADJ
fbem-14769	85	11	macro	macro	ADJ
fbem-14769	85	12	events	event	NOUN
fbem-14769	85	13	,	,	PUNCT
fbem-14769	85	14	this	this	DET
fbem-14769	85	15	paper	paper	NOUN
fbem-14769	85	16	excludes	exclude	VERB
fbem-14769	85	17	the	the	DET
fbem-14769	85	18	data	datum	NOUN
fbem-14769	85	19	during	during	ADP
fbem-14769	85	20	the	the	DET
fbem-14769	85	21	2020	2020	NUM
fbem-14769	85	22	and	and	CCONJ
fbem-14769	85	23	2021	2021	NUM
fbem-14769	85	24	new	new	ADJ
fbem-14769	85	25	crown	crown	NOUN
fbem-14769	85	26	epidemics	epidemic	NOUN
fbem-14769	85	27	because	because	SCONJ
fbem-14769	85	28	the	the	DET
fbem-14769	85	29	outbreak	outbreak	NOUN
fbem-14769	85	30	of	of	ADP
fbem-14769	85	31	the	the	DET
fbem-14769	85	32	epidemic	epidemic	NOUN
fbem-14769	85	33	may	may	AUX
fbem-14769	85	34	have	have	VERB
fbem-14769	85	35	an	an	DET
fbem-14769	85	36	impact	impact	NOUN
fbem-14769	85	37	on	on	ADP
fbem-14769	85	38	the	the	DET
fbem-14769	85	39	study	study	NOUN
fbem-14769	85	40	of	of	ADP
fbem-14769	85	41	this	this	DET
fbem-14769	85	42	paper	paper	NOUN
fbem-14769	85	43	.	.	PUNCT
fbem-14769	86	1	after	after	ADP
fbem-14769	86	2	excluding	exclude	VERB
fbem-14769	86	3	the	the	DET
fbem-14769	86	4	above	above	ADJ
fbem-14769	86	5	samples	sample	NOUN
fbem-14769	86	6	,	,	PUNCT
fbem-14769	86	7	the	the	DET
fbem-14769	86	8	regression	regression	NOUN
fbem-14769	86	9	results	result	NOUN
fbem-14769	86	10	are	be	AUX
fbem-14769	86	11	still	still	ADV
fbem-14769	86	12	significant	significant	ADJ
fbem-14769	86	13	,	,	PUNCT
fbem-14769	86	14	but	but	CCONJ
fbem-14769	86	15	the	the	DET
fbem-14769	86	16	significance	significance	NOUN
fbem-14769	86	17	is	be	AUX
fbem-14769	86	18	reduced	reduce	VERB
fbem-14769	86	19	,	,	PUNCT
fbem-14769	86	20	which	which	PRON
fbem-14769	86	21	indicates	indicate	VERB
fbem-14769	86	22	that	that	SCONJ
fbem-14769	86	23	the	the	DET
fbem-14769	86	24	epidemic	epidemic	NOUN
fbem-14769	86	25	makes	make	VERB
fbem-14769	86	26	the	the	DET
fbem-14769	86	27	impact	impact	NOUN
fbem-14769	86	28	of	of	ADP
fbem-14769	86	29	financing	financing	NOUN
fbem-14769	86	30	constraints	constraint	NOUN
fbem-14769	86	31	on	on	ADP
fbem-14769	86	32	the	the	DET
fbem-14769	86	33	process	process	NOUN
fbem-14769	86	34	of	of	ADP
fbem-14769	86	35	marketization	marketization	NOUN
fbem-14769	86	36	deepen	deepen	VERB
fbem-14769	86	37	greatly	greatly	ADV
fbem-14769	86	38	,	,	PUNCT
fbem-14769	86	39	and	and	CCONJ
fbem-14769	86	40	in	in	ADP
fbem-14769	86	41	the	the	DET
fbem-14769	86	42	stagnant	stagnant	ADJ
fbem-14769	86	43	state	state	NOUN
fbem-14769	86	44	of	of	ADP
fbem-14769	86	45	enterprise	enterprise	NOUN
fbem-14769	86	46	production	production	NOUN
fbem-14769	86	47	activities	activity	NOUN
fbem-14769	86	48	caused	cause	VERB
fbem-14769	86	49	by	by	ADP
fbem-14769	86	50	the	the	DET
fbem-14769	86	51	epidemic	epidemic	NOUN
fbem-14769	86	52	,	,	PUNCT
fbem-14769	86	53	the	the	DET
fbem-14769	86	54	reduction	reduction	NOUN
fbem-14769	86	55	of	of	ADP
fbem-14769	86	56	financing	financing	NOUN
fbem-14769	86	57	constraints	constraint	NOUN
fbem-14769	86	58	is	be	AUX
fbem-14769	86	59	more	more	ADV
fbem-14769	86	60	able	able	ADJ
fbem-14769	86	61	to	to	PART
fbem-14769	86	62	promote	promote	VERB
fbem-14769	86	63	the	the	DET
fbem-14769	86	64	production	production	NOUN
fbem-14769	86	65	activities	activity	NOUN
fbem-14769	86	66	of	of	ADP
fbem-14769	86	67	enterprises	enterprise	NOUN
fbem-14769	86	68	,	,	PUNCT
fbem-14769	86	69	improve	improve	VERB
fbem-14769	86	70	the	the	DET
fbem-14769	86	71	level	level	NOUN
fbem-14769	86	72	of	of	ADP
fbem-14769	86	73	marketization	marketization	NOUN
fbem-14769	86	74	,	,	PUNCT
fbem-14769	86	75	and	and	CCONJ
fbem-14769	86	76	unimpeded	unimpede	VERB
fbem-14769	86	77	the	the	DET
fbem-14769	86	78	domestic	domestic	ADJ
fbem-14769	86	79	macro	macro	NOUN
fbem-14769	86	80	104	104	NUM
fbem-14769	86	81	circulation	circulation	NOUN
fbem-14769	86	82	.	.	PUNCT
fbem-14769	87	1	in	in	ADP
fbem-14769	87	2	addition	addition	NOUN
fbem-14769	87	3	,	,	PUNCT
fbem-14769	87	4	this	this	DET
fbem-14769	87	5	paper	paper	NOUN
fbem-14769	87	6	deletes	delete	VERB
fbem-14769	87	7	the	the	DET
fbem-14769	87	8	data	datum	NOUN
fbem-14769	87	9	of	of	ADP
fbem-14769	87	10	any	any	DET
fbem-14769	87	11	year	year	NOUN
fbem-14769	87	12	from	from	ADP
fbem-14769	87	13	2011	2011	NUM
fbem-14769	87	14	to	to	ADP
fbem-14769	87	15	2021	2021	NUM
fbem-14769	87	16	,	,	PUNCT
fbem-14769	87	17	the	the	DET
fbem-14769	87	18	regression	regression	NOUN
fbem-14769	87	19	results	result	NOUN
fbem-14769	87	20	are	be	AUX
fbem-14769	87	21	still	still	ADV
fbem-14769	87	22	significant	significant	ADJ
fbem-14769	87	23	.	.	PUNCT
fbem-14769	88	1	the	the	DET
fbem-14769	88	2	findings	finding	NOUN
fbem-14769	88	3	of	of	ADP
fbem-14769	88	4	this	this	DET
fbem-14769	88	5	paper	paper	NOUN
fbem-14769	88	6	are	be	AUX
fbem-14769	88	7	robust	robust	ADJ
fbem-14769	88	8	.	.	PUNCT
fbem-14769	89	1	4.2.2	4.2.2	X
fbem-14769	89	2	.	.	X
fbem-14769	89	3	substitution	substitution	NOUN
fbem-14769	89	4	of	of	ADP
fbem-14769	89	5	variables	variable	NOUN
fbem-14769	89	6	in	in	ADP
fbem-14769	89	7	this	this	DET
fbem-14769	89	8	paper	paper	NOUN
fbem-14769	89	9	,	,	PUNCT
fbem-14769	89	10	we	we	PRON
fbem-14769	89	11	change	change	VERB
fbem-14769	89	12	the	the	DET
fbem-14769	89	13	measurement	measurement	NOUN
fbem-14769	89	14	method	method	NOUN
fbem-14769	89	15	of	of	ADP
fbem-14769	89	16	the	the	DET
fbem-14769	89	17	explanatory	explanatory	ADJ
fbem-14769	89	18	variable	variable	ADJ
fbem-14769	89	19	financing	financing	NOUN
fbem-14769	89	20	constraints	constraint	NOUN
fbem-14769	89	21	,	,	PUNCT
fbem-14769	89	22	and	and	CCONJ
fbem-14769	89	23	adopt	adopt	VERB
fbem-14769	89	24	sa	sa	NOUN
fbem-14769	89	25	index	index	NOUN
fbem-14769	89	26	and	and	CCONJ
fbem-14769	89	27	fc	fc	PROPN
fbem-14769	89	28	index	index	NOUN
fbem-14769	89	29	as	as	ADP
fbem-14769	89	30	the	the	DET
fbem-14769	89	31	alternative	alternative	ADJ
fbem-14769	89	32	indexes	index	NOUN
fbem-14769	89	33	of	of	ADP
fbem-14769	89	34	financing	financing	NOUN
fbem-14769	89	35	constraints	constraint	NOUN
fbem-14769	89	36	kz	kz	PROPN
fbem-14769	89	37	index	index	NOUN
fbem-14769	89	38	for	for	ADP
fbem-14769	89	39	testing	testing	NOUN
fbem-14769	89	40	.	.	PUNCT
fbem-14769	90	1	the	the	DET
fbem-14769	90	2	regression	regression	NOUN
fbem-14769	90	3	results	result	NOUN
fbem-14769	90	4	are	be	AUX
fbem-14769	90	5	shown	show	VERB
fbem-14769	90	6	in	in	ADP
fbem-14769	90	7	table	table	NOUN
fbem-14769	90	8	2	2	NUM
fbem-14769	90	9	,	,	PUNCT
fbem-14769	90	10	when	when	SCONJ
fbem-14769	90	11	no	no	DET
fbem-14769	90	12	control	control	NOUN
fbem-14769	90	13	variables	variable	NOUN
fbem-14769	90	14	are	be	AUX
fbem-14769	90	15	added	add	VERB
fbem-14769	90	16	and	and	CCONJ
fbem-14769	90	17	only	only	ADV
fbem-14769	90	18	industry	industry	NOUN
fbem-14769	90	19	and	and	CCONJ
fbem-14769	90	20	year	year	NOUN
fbem-14769	90	21	are	be	AUX
fbem-14769	90	22	controlled	control	VERB
fbem-14769	90	23	,	,	PUNCT
fbem-14769	90	24	both	both	PRON
fbem-14769	90	25	sa	sa	ADP
fbem-14769	90	26	index	index	PROPN
fbem-14769	90	27	and	and	CCONJ
fbem-14769	90	28	fc	fc	PROPN
fbem-14769	90	29	index	index	NOUN
fbem-14769	90	30	are	be	AUX
fbem-14769	90	31	significant	significant	ADJ
fbem-14769	90	32	at	at	ADP
fbem-14769	90	33	1	1	NUM
fbem-14769	90	34	%	%	NOUN
fbem-14769	90	35	level	level	NOUN
fbem-14769	90	36	;	;	PUNCT
fbem-14769	90	37	when	when	SCONJ
fbem-14769	90	38	control	control	NOUN
fbem-14769	90	39	variables	variable	NOUN
fbem-14769	90	40	are	be	AUX
fbem-14769	90	41	added	add	VERB
fbem-14769	90	42	and	and	CCONJ
fbem-14769	90	43	industry	industry	NOUN
fbem-14769	90	44	and	and	CCONJ
fbem-14769	90	45	year	year	NOUN
fbem-14769	90	46	are	be	AUX
fbem-14769	90	47	controlled	control	VERB
fbem-14769	90	48	,	,	PUNCT
fbem-14769	90	49	sa	sa	PROPN
fbem-14769	90	50	index	index	PROPN
fbem-14769	90	51	and	and	CCONJ
fbem-14769	90	52	fc	fc	PROPN
fbem-14769	90	53	index	index	NOUN
fbem-14769	90	54	are	be	AUX
fbem-14769	90	55	still	still	ADV
fbem-14769	90	56	significant	significant	ADJ
fbem-14769	90	57	at	at	ADP
fbem-14769	90	58	1	1	NUM
fbem-14769	90	59	%	%	NOUN
fbem-14769	90	60	level	level	NOUN
fbem-14769	90	61	,	,	PUNCT
fbem-14769	90	62	which	which	PRON
fbem-14769	90	63	indicates	indicate	VERB
fbem-14769	90	64	that	that	SCONJ
fbem-14769	90	65	the	the	PRON
fbem-14769	90	66	lower	low	ADJ
fbem-14769	90	67	the	the	DET
fbem-14769	90	68	financing	financing	NOUN
fbem-14769	90	69	constraints	constraint	NOUN
fbem-14769	90	70	of	of	ADP
fbem-14769	90	71	enterprises	enterprise	NOUN
fbem-14769	90	72	are	be	AUX
fbem-14769	90	73	,	,	PUNCT
fbem-14769	90	74	the	the	PRON
fbem-14769	90	75	higher	high	ADJ
fbem-14769	90	76	the	the	DET
fbem-14769	90	77	process	process	NOUN
fbem-14769	90	78	of	of	ADP
fbem-14769	90	79	marketization	marketization	NOUN
fbem-14769	90	80	is	be	AUX
fbem-14769	90	81	,	,	PUNCT
fbem-14769	90	82	and	and	CCONJ
fbem-14769	90	83	the	the	DET
fbem-14769	90	84	conclusion	conclusion	NOUN
fbem-14769	90	85	of	of	ADP
fbem-14769	90	86	the	the	DET
fbem-14769	90	87	previous	previous	ADJ
fbem-14769	90	88	paper	paper	NOUN
fbem-14769	90	89	is	be	AUX
fbem-14769	90	90	robust	robust	ADJ
fbem-14769	90	91	.	.	PUNCT
fbem-14769	91	1	table	table	NOUN
fbem-14769	91	2	1	1	NUM
fbem-14769	91	3	.	.	PUNCT
fbem-14769	91	4	benchmark	benchmark	NOUN
fbem-14769	91	5	model	model	NOUN
fbem-14769	91	6	regression	regression	NOUN
fbem-14769	91	7	results	result	NOUN
fbem-14769	91	8	(	(	PUNCT
fbem-14769	91	9	1	1	NUM
fbem-14769	91	10	)	)	PUNCT
fbem-14769	91	11	(	(	PUNCT
fbem-14769	91	12	2	2	X
fbem-14769	91	13	)	)	PUNCT
fbem-14769	91	14	variable	variable	ADJ
fbem-14769	91	15	market	market	NOUN
fbem-14769	91	16	market	market	NOUN
fbem-14769	91	17	kz	kz	PROPN
fbem-14769	91	18	-0.018	-0.018	PUNCT
fbem-14769	91	19	*	*	PUNCT
fbem-14769	91	20	*	*	PUNCT
fbem-14769	91	21	*	*	PUNCT
fbem-14769	91	22	(	(	PUNCT
fbem-14769	91	23	0.004	0.004	NUM
fbem-14769	91	24	)	)	PUNCT
fbem-14769	91	25	-0.017	-0.017	PUNCT
fbem-14769	91	26	*	*	PUNCT
fbem-14769	91	27	*	*	PUNCT
fbem-14769	91	28	*	*	PUNCT
fbem-14769	91	29	(	(	PUNCT
fbem-14769	91	30	0.006	0.006	NUM
fbem-14769	91	31	)	)	PUNCT
fbem-14769	91	32	control	control	NOUN
fbem-14769	91	33	variable	variable	NOUN
fbem-14769	92	1	no	no	INTJ
fbem-14769	92	2	yes	yes	INTJ
fbem-14769	92	3	_	_	PUNCT
fbem-14769	92	4	cons	con	NOUN
fbem-14769	92	5	10.103	10.103	NUM
fbem-14769	92	6	*	*	PUNCT
fbem-14769	92	7	*	*	PUNCT
fbem-14769	92	8	*	*	PUNCT
fbem-14769	92	9	(	(	PUNCT
fbem-14769	92	10	0.099	0.099	NUM
fbem-14769	92	11	)	)	PUNCT
fbem-14769	92	12	10.609	10.609	NUM
fbem-14769	92	13	*	*	PUNCT
fbem-14769	92	14	*	*	PUNCT
fbem-14769	92	15	*	*	PUNCT
fbem-14769	92	16	(	(	PUNCT
fbem-14769	92	17	0.200	0.200	NUM
fbem-14769	92	18	)	)	PUNCT
fbem-14769	92	19	observed	observe	VERB
fbem-14769	92	20	quantity	quantity	NOUN
fbem-14769	92	21	25143	25143	NUM
fbem-14769	92	22	23278	23278	NUM
fbem-14769	92	23	variance	variance	NOUN
fbem-14769	92	24	(	(	PUNCT
fbem-14769	92	25	statistics	statistic	NOUN
fbem-14769	92	26	)	)	PUNCT
fbem-14769	92	27	0.500	0.500	NUM
fbem-14769	92	28	0.505	0.505	NUM
fbem-14769	92	29	industry	industry	NOUN
fbem-14769	92	30	dummy	dummy	ADJ
fbem-14769	92	31	variables	variable	NOUN
fbem-14769	93	1	yes	yes	INTJ
fbem-14769	94	1	yes	yes	INTJ
fbem-14769	94	2	year	year	NOUN
fbem-14769	94	3	dummy	dummy	ADJ
fbem-14769	94	4	variable	variable	NOUN
fbem-14769	95	1	yes	yes	INTJ
fbem-14769	95	2	yes	yes	INTJ
fbem-14769	95	3	table	table	NOUN
fbem-14769	95	4	2	2	NUM
fbem-14769	95	5	.	.	PUNCT
fbem-14769	96	1	replacement	replacement	NOUN
fbem-14769	96	2	variable	variable	ADJ
fbem-14769	96	3	test	test	NOUN
fbem-14769	96	4	results	result	NOUN
fbem-14769	96	5	(	(	PUNCT
fbem-14769	96	6	1	1	NUM
fbem-14769	96	7	)	)	PUNCT
fbem-14769	96	8	(	(	PUNCT
fbem-14769	96	9	2	2	NUM
fbem-14769	96	10	)	)	PUNCT
fbem-14769	96	11	(	(	PUNCT
fbem-14769	96	12	3	3	X
fbem-14769	96	13	)	)	PUNCT
fbem-14769	96	14	(	(	PUNCT
fbem-14769	96	15	4	4	X
fbem-14769	96	16	)	)	PUNCT
fbem-14769	96	17	variable	variable	ADJ
fbem-14769	96	18	market	market	NOUN
fbem-14769	96	19	market	market	NOUN
fbem-14769	96	20	market	market	NOUN
fbem-14769	96	21	market	market	NOUN
fbem-14769	96	22	sa	sa	NOUN
fbem-14769	96	23	-0.230	-0.230	PUNCT
fbem-14769	96	24	*	*	PUNCT
fbem-14769	96	25	*	*	PUNCT
fbem-14769	96	26	*	*	NOUN
fbem-14769	96	27	-0.574	-0.574	NOUN
fbem-14769	96	28	*	*	PUNCT
fbem-14769	96	29	*	*	PUNCT
fbem-14769	96	30	*	*	PUNCT
fbem-14769	96	31	(	(	PUNCT
fbem-14769	96	32	0.039	0.039	NUM
fbem-14769	96	33	)	)	PUNCT
fbem-14769	96	34	(	(	PUNCT
fbem-14769	96	35	0.092	0.092	NUM
fbem-14769	96	36	)	)	PUNCT
fbem-14769	96	37	fc	fc	PROPN
fbem-14769	96	38	0.208	0.208	NUM
fbem-14769	96	39	*	*	PUNCT
fbem-14769	96	40	*	*	PUNCT
fbem-14769	96	41	*	*	PUNCT
fbem-14769	96	42	-0.278	-0.278	PROPN
fbem-14769	96	43	*	*	PUNCT
fbem-14769	96	44	*	*	PUNCT
fbem-14769	96	45	*	*	PUNCT
fbem-14769	96	46	(	(	PUNCT
fbem-14769	96	47	0.042	0.042	NUM
fbem-14769	96	48	)	)	PUNCT
fbem-14769	96	49	(	(	PUNCT
fbem-14769	96	50	0.088	0.088	NUM
fbem-14769	96	51	)	)	PUNCT
fbem-14769	97	1	_	_	NOUN
fbem-14769	97	2	cons	con	NOUN
fbem-14769	97	3	9.240	9.240	NUM
fbem-14769	97	4	*	*	PUNCT
fbem-14769	97	5	*	*	PUNCT
fbem-14769	97	6	*	*	PUNCT
fbem-14769	97	7	8.583	8.583	NUM
fbem-14769	97	8	*	*	PUNCT
fbem-14769	97	9	*	*	PUNCT
fbem-14769	97	10	*	*	PUNCT
fbem-14769	97	11	9.920	9.920	NUM
fbem-14769	97	12	*	*	NOUN
fbem-14769	97	13	*	*	PUNCT
fbem-14769	97	14	*	*	PUNCT
fbem-14769	97	15	11.123	11.123	NUM
fbem-14769	97	16	*	*	PUNCT
fbem-14769	97	17	*	*	PUNCT
fbem-14769	97	18	*	*	PUNCT
fbem-14769	97	19	(	(	PUNCT
fbem-14769	97	20	0.171	0.171	NUM
fbem-14769	97	21	)	)	PUNCT
fbem-14769	97	22	(	(	PUNCT
fbem-14769	97	23	0.391	0.391	NUM
fbem-14769	97	24	)	)	PUNCT
fbem-14769	97	25	(	(	PUNCT
fbem-14769	97	26	0.107	0.107	NUM
fbem-14769	97	27	)	)	PUNCT
fbem-14769	97	28	(	(	PUNCT
fbem-14769	97	29	0.265	0.265	NUM
fbem-14769	97	30	)	)	PUNCT
fbem-14769	97	31	control	control	NOUN
fbem-14769	97	32	variable	variable	NOUN
fbem-14769	98	1	no	no	INTJ
fbem-14769	98	2	yes	yes	INTJ
fbem-14769	99	1	no	no	INTJ
fbem-14769	99	2	yes	yes	INTJ
fbem-14769	100	1	industry	industry	NOUN
fbem-14769	100	2	dummy	dummy	NOUN
fbem-14769	100	3	variables	variable	NOUN
fbem-14769	100	4	yes	yes	INTJ
fbem-14769	101	1	yes	yes	INTJ
fbem-14769	102	1	yes	yes	INTJ
fbem-14769	103	1	yes	yes	INTJ
fbem-14769	103	2	year	year	NOUN
fbem-14769	103	3	dummy	dummy	ADJ
fbem-14769	103	4	variable	variable	NOUN
fbem-14769	104	1	yes	yes	INTJ
fbem-14769	105	1	yes	yes	INTJ
fbem-14769	106	1	yes	yes	INTJ
fbem-14769	106	2	yes	yes	INTJ
fbem-14769	106	3	observed	observe	VERB
fbem-14769	106	4	quantity	quantity	NOUN
fbem-14769	106	5	25668	25668	NUM
fbem-14769	106	6	23278	23278	NUM
fbem-14769	106	7	23283	23283	NUM
fbem-14769	106	8	23278	23278	NUM
fbem-14769	106	9	variance	variance	NOUN
fbem-14769	106	10	(	(	PUNCT
fbem-14769	106	11	statistics	statistic	NOUN
fbem-14769	106	12	)	)	PUNCT
fbem-14769	106	13	0.499	0.499	NUM
fbem-14769	106	14	0.506	0.506	NUM
fbem-14769	106	15	0.503	0.503	NUM
fbem-14769	106	16	0.505	0.505	NUM
fbem-14769	106	17	5	5	NUM
fbem-14769	106	18	.	.	PUNCT
fbem-14769	107	1	heterogeneity	heterogeneity	NOUN
fbem-14769	107	2	analysis	analysis	NOUN
fbem-14769	107	3	5.1	5.1	NUM
fbem-14769	107	4	.	.	PUNCT
fbem-14769	108	1	financing	financing	NOUN
fbem-14769	108	2	constraints	constraint	NOUN
fbem-14769	108	3	,	,	PUNCT
fbem-14769	108	4	property	property	NOUN
fbem-14769	108	5	rights	right	NOUN
fbem-14769	108	6	attributes	attribute	NOUN
fbem-14769	108	7	and	and	CCONJ
fbem-14769	108	8	the	the	DET
fbem-14769	108	9	marketization	marketization	NOUN
fbem-14769	108	10	process	process	NOUN
fbem-14769	108	11	a	a	DET
fbem-14769	108	12	large	large	ADJ
fbem-14769	108	13	number	number	NOUN
fbem-14769	108	14	of	of	ADP
fbem-14769	108	15	studies	study	NOUN
fbem-14769	108	16	on	on	ADP
fbem-14769	108	17	financing	financing	NOUN
fbem-14769	108	18	constraints	constraint	NOUN
fbem-14769	108	19	have	have	AUX
fbem-14769	108	20	mentioned	mention	VERB
fbem-14769	108	21	the	the	DET
fbem-14769	108	22	impact	impact	NOUN
fbem-14769	108	23	of	of	ADP
fbem-14769	108	24	property	property	NOUN
fbem-14769	108	25	rights	right	NOUN
fbem-14769	108	26	attributes	attribute	VERB
fbem-14769	108	27	on	on	ADP
fbem-14769	108	28	financing	financing	NOUN
fbem-14769	108	29	constraints	constraint	NOUN
fbem-14769	108	30	.	.	PUNCT
fbem-14769	109	1	state	state	NOUN
fbem-14769	109	2	-	-	PUNCT
fbem-14769	109	3	owned	own	VERB
fbem-14769	109	4	enterprises	enterprise	NOUN
fbem-14769	109	5	(	(	PUNCT
fbem-14769	109	6	soes	soe	NOUN
fbem-14769	109	7	)	)	PUNCT
fbem-14769	109	8	are	be	AUX
fbem-14769	109	9	backed	back	VERB
fbem-14769	109	10	by	by	ADP
fbem-14769	109	11	the	the	DET
fbem-14769	109	12	government	government	NOUN
fbem-14769	109	13	,	,	PUNCT
fbem-14769	109	14	and	and	CCONJ
fbem-14769	109	15	it	it	PRON
fbem-14769	109	16	is	be	AUX
fbem-14769	109	17	easier	easy	ADJ
fbem-14769	109	18	for	for	SCONJ
fbem-14769	109	19	them	they	PRON
fbem-14769	109	20	to	to	PART
fbem-14769	109	21	obtain	obtain	VERB
fbem-14769	109	22	high	high	ADJ
fbem-14769	109	23	-	-	PUNCT
fbem-14769	109	24	quality	quality	NOUN
fbem-14769	109	25	orders	order	NOUN
fbem-14769	109	26	to	to	PART
fbem-14769	109	27	enhance	enhance	VERB
fbem-14769	109	28	their	their	PRON
fbem-14769	109	29	revenue	revenue	NOUN
fbem-14769	109	30	capacity	capacity	NOUN
fbem-14769	109	31	,	,	PUNCT
fbem-14769	109	32	and	and	CCONJ
fbem-14769	109	33	they	they	PRON
fbem-14769	109	34	are	be	AUX
fbem-14769	109	35	more	more	ADV
fbem-14769	109	36	advantageous	advantageous	ADJ
fbem-14769	109	37	in	in	ADP
fbem-14769	109	38	terms	term	NOUN
fbem-14769	109	39	of	of	ADP
fbem-14769	109	40	external	external	ADJ
fbem-14769	109	41	financing	financing	NOUN
fbem-14769	109	42	,	,	PUNCT
fbem-14769	109	43	with	with	ADP
fbem-14769	109	44	little	little	ADJ
fbem-14769	109	45	operational	operational	ADJ
fbem-14769	109	46	and	and	CCONJ
fbem-14769	109	47	bankruptcy	bankruptcy	NOUN
fbem-14769	109	48	risks	risk	NOUN
fbem-14769	109	49	,	,	PUNCT
fbem-14769	109	50	which	which	PRON
fbem-14769	109	51	makes	make	VERB
fbem-14769	109	52	them	they	PRON
fbem-14769	109	53	less	less	ADV
fbem-14769	109	54	constrained	constrain	VERB
fbem-14769	109	55	by	by	ADP
fbem-14769	109	56	financing	financing	NOUN
fbem-14769	109	57	compared	compare	VERB
fbem-14769	109	58	with	with	ADP
fbem-14769	109	59	non	non	NOUN
fbem-14769	109	60	-	-	NOUN
fbem-14769	109	61	soes	soe	NOUN
fbem-14769	109	62	.	.	PUNCT
fbem-14769	110	1	the	the	DET
fbem-14769	110	2	fan	fan	PROPN
fbem-14769	110	3	gang	gang	PROPN
fbem-14769	110	4	marketization	marketization	PROPN
fbem-14769	110	5	index	index	NOUN
fbem-14769	110	6	,	,	PUNCT
fbem-14769	110	7	which	which	PRON
fbem-14769	110	8	this	this	DET
fbem-14769	110	9	paper	paper	NOUN
fbem-14769	110	10	draws	draw	VERB
fbem-14769	110	11	on	on	ADP
fbem-14769	110	12	,	,	PUNCT
fbem-14769	110	13	has	have	VERB
fbem-14769	110	14	secondary	secondary	ADJ
fbem-14769	110	15	indicators	indicator	NOUN
fbem-14769	110	16	such	such	ADJ
fbem-14769	110	17	as	as	ADP
fbem-14769	110	18	"	"	PUNCT
fbem-14769	110	19	development	development	NOUN
fbem-14769	110	20	of	of	ADP
fbem-14769	110	21	nonstate	nonstate	ADJ
fbem-14769	110	22	economy	economy	NOUN
fbem-14769	110	23	"	"	PUNCT
fbem-14769	110	24	and	and	CCONJ
fbem-14769	110	25	"	"	PUNCT
fbem-14769	110	26	degree	degree	NOUN
fbem-14769	110	27	of	of	ADP
fbem-14769	110	28	development	development	NOUN
fbem-14769	110	29	of	of	ADP
fbem-14769	110	30	product	product	NOUN
fbem-14769	110	31	market	market	NOUN
fbem-14769	110	32	"	"	PUNCT
fbem-14769	110	33	,	,	PUNCT
fbem-14769	110	34	which	which	PRON
fbem-14769	110	35	reflects	reflect	VERB
fbem-14769	110	36	that	that	SCONJ
fbem-14769	110	37	there	there	PRON
fbem-14769	110	38	are	be	VERB
fbem-14769	110	39	indeed	indeed	ADV
fbem-14769	110	40	differences	difference	NOUN
fbem-14769	110	41	in	in	ADP
fbem-14769	110	42	the	the	DET
fbem-14769	110	43	impact	impact	NOUN
fbem-14769	110	44	of	of	ADP
fbem-14769	110	45	property	property	NOUN
fbem-14769	110	46	rights	right	NOUN
fbem-14769	110	47	attributes	attribute	VERB
fbem-14769	110	48	on	on	ADP
fbem-14769	110	49	the	the	DET
fbem-14769	110	50	marketization	marketization	NOUN
fbem-14769	110	51	process	process	NOUN
fbem-14769	110	52	,	,	PUNCT
fbem-14769	110	53	which	which	PRON
fbem-14769	110	54	is	be	AUX
fbem-14769	110	55	related	relate	VERB
fbem-14769	110	56	to	to	ADP
fbem-14769	110	57	the	the	DET
fbem-14769	110	58	theme	theme	NOUN
fbem-14769	110	59	of	of	ADP
fbem-14769	110	60	this	this	DET
fbem-14769	110	61	paper	paper	NOUN
fbem-14769	110	62	.	.	PUNCT
fbem-14769	111	1	in	in	ADP
fbem-14769	111	2	this	this	DET
fbem-14769	111	3	paper	paper	NOUN
fbem-14769	111	4	,	,	PUNCT
fbem-14769	111	5	the	the	DET
fbem-14769	111	6	enterprises	enterprise	NOUN
fbem-14769	111	7	belonging	belong	VERB
fbem-14769	111	8	to	to	ADP
fbem-14769	111	9	"	"	PUNCT
fbem-14769	111	10	state	state	NOUN
fbem-14769	111	11	-	-	PUNCT
fbem-14769	111	12	run	run	NOUN
fbem-14769	111	13	or	or	CCONJ
fbem-14769	111	14	statecontrolled	statecontrolle	VERB
fbem-14769	111	15	"	"	PUNCT
fbem-14769	111	16	and	and	CCONJ
fbem-14769	111	17	"	"	PUNCT
fbem-14769	111	18	institutions	institution	NOUN
fbem-14769	111	19	"	"	PUNCT
fbem-14769	111	20	in	in	ADP
fbem-14769	111	21	the	the	DET
fbem-14769	111	22	attributes	attribute	NOUN
fbem-14769	111	23	of	of	ADP
fbem-14769	111	24	property	property	NOUN
fbem-14769	111	25	rights	right	NOUN
fbem-14769	111	26	are	be	AUX
fbem-14769	111	27	set	set	VERB
fbem-14769	111	28	as	as	ADP
fbem-14769	111	29	state	state	NOUN
fbem-14769	111	30	-	-	PUNCT
fbem-14769	111	31	owned	own	VERB
fbem-14769	111	32	enterprises	enterprise	NOUN
fbem-14769	111	33	,	,	PUNCT
fbem-14769	111	34	which	which	PRON
fbem-14769	111	35	are	be	AUX
fbem-14769	111	36	represented	represent	VERB
fbem-14769	111	37	by	by	ADP
fbem-14769	111	38	1	1	NUM
fbem-14769	111	39	;	;	PUNCT
fbem-14769	111	40	the	the	DET
fbem-14769	111	41	enterprises	enterprise	NOUN
fbem-14769	111	42	belonging	belong	VERB
fbem-14769	111	43	to	to	ADP
fbem-14769	111	44	"	"	PUNCT
fbem-14769	111	45	sino	sino	ADJ
fbem-14769	111	46	-	-	PUNCT
fbem-14769	111	47	foreign	foreign	ADJ
fbem-14769	111	48	equity	equity	NOUN
fbem-14769	111	49	joint	joint	ADJ
fbem-14769	111	50	venture	venture	NOUN
fbem-14769	111	51	"	"	PUNCT
fbem-14769	111	52	and	and	CCONJ
fbem-14769	111	53	"	"	PUNCT
fbem-14769	111	54	private	private	ADJ
fbem-14769	111	55	enterprise	enterprise	NOUN
fbem-14769	111	56	"	"	PUNCT
fbem-14769	111	57	are	be	AUX
fbem-14769	111	58	set	set	VERB
fbem-14769	111	59	as	as	ADP
fbem-14769	111	60	nonstate	nonstate	NOUN
fbem-14769	111	61	-	-	PUNCT
fbem-14769	111	62	owned	own	VERB
fbem-14769	111	63	enterprises	enterprise	NOUN
fbem-14769	111	64	,	,	PUNCT
fbem-14769	111	65	which	which	PRON
fbem-14769	111	66	are	be	AUX
fbem-14769	111	67	represented	represent	VERB
fbem-14769	111	68	by	by	ADP
fbem-14769	111	69	0	0	NUM
fbem-14769	111	70	.	.	PUNCT
fbem-14769	112	1	"	"	PUNCT
fbem-14769	112	2	private	private	ADJ
fbem-14769	112	3	enterprises	enterprise	NOUN
fbem-14769	112	4	"	"	PUNCT
fbem-14769	112	5	as	as	ADP
fbem-14769	112	6	non	non	ADJ
fbem-14769	112	7	-	-	ADJ
fbem-14769	112	8	state	state	NOUN
fbem-14769	112	9	-	-	PUNCT
fbem-14769	112	10	owned	own	VERB
fbem-14769	112	11	enterprises	enterprise	NOUN
fbem-14769	112	12	,	,	PUNCT
fbem-14769	112	13	represented	represent	VERB
fbem-14769	112	14	by	by	ADP
fbem-14769	112	15	0	0	NUM
fbem-14769	112	16	.	.	PUNCT
fbem-14769	113	1	in	in	ADP
fbem-14769	113	2	this	this	DET
fbem-14769	113	3	paper	paper	NOUN
fbem-14769	113	4	,	,	PUNCT
fbem-14769	113	5	we	we	PRON
fbem-14769	113	6	add	add	VERB
fbem-14769	113	7	the	the	DET
fbem-14769	113	8	cross	cross	ADJ
fbem-14769	113	9	-	-	ADJ
fbem-14769	113	10	multiplier	multipli	ADJ
fbem-14769	113	11	terms	term	NOUN
fbem-14769	113	12	of	of	ADP
fbem-14769	113	13	property	property	NOUN
fbem-14769	113	14	rights	right	NOUN
fbem-14769	113	15	attributes	attribute	VERB
fbem-14769	113	16	,	,	PUNCT
fbem-14769	113	17	financing	financing	NOUN
fbem-14769	113	18	constraints	constraint	NOUN
fbem-14769	113	19	and	and	CCONJ
fbem-14769	113	20	property	property	NOUN
fbem-14769	113	21	rights	right	NOUN
fbem-14769	113	22	attributes	attribute	VERB
fbem-14769	113	23	to	to	ADP
fbem-14769	113	24	the	the	DET
fbem-14769	113	25	base	base	NOUN
fbem-14769	113	26	model	model	NOUN
fbem-14769	113	27	for	for	ADP
fbem-14769	113	28	regression	regression	NOUN
fbem-14769	113	29	,	,	PUNCT
fbem-14769	113	30	and	and	CCONJ
fbem-14769	113	31	conduct	conduct	VERB
fbem-14769	113	32	group	group	NOUN
fbem-14769	113	33	regression	regression	NOUN
fbem-14769	113	34	test	test	NOUN
fbem-14769	113	35	at	at	ADP
fbem-14769	113	36	the	the	DET
fbem-14769	113	37	same	same	ADJ
fbem-14769	113	38	time	time	NOUN
fbem-14769	113	39	.	.	PUNCT
fbem-14769	114	1	the	the	DET
fbem-14769	114	2	results	result	NOUN
fbem-14769	114	3	indicate	indicate	VERB
fbem-14769	114	4	that	that	SCONJ
fbem-14769	114	5	the	the	DET
fbem-14769	114	6	alleviation	alleviation	NOUN
fbem-14769	114	7	of	of	ADP
fbem-14769	114	8	financing	financing	NOUN
fbem-14769	114	9	constraints	constraint	NOUN
fbem-14769	114	10	has	have	VERB
fbem-14769	114	11	a	a	DET
fbem-14769	114	12	stronger	strong	ADJ
fbem-14769	114	13	effect	effect	NOUN
fbem-14769	114	14	on	on	ADP
fbem-14769	114	15	the	the	DET
fbem-14769	114	16	enhancement	enhancement	NOUN
fbem-14769	114	17	of	of	ADP
fbem-14769	114	18	the	the	DET
fbem-14769	114	19	marketization	marketization	NOUN
fbem-14769	114	20	process	process	NOUN
fbem-14769	114	21	for	for	ADP
fbem-14769	114	22	soes	soe	NOUN
fbem-14769	114	23	compared	compare	VERB
fbem-14769	114	24	to	to	ADP
fbem-14769	114	25	non	non	ADJ
fbem-14769	114	26	-	-	NOUN
fbem-14769	114	27	soes	soe	NOUN
fbem-14769	114	28	,	,	PUNCT
fbem-14769	114	29	which	which	PRON
fbem-14769	114	30	may	may	AUX
fbem-14769	114	31	be	be	AUX
fbem-14769	114	32	due	due	ADJ
fbem-14769	114	33	to	to	ADP
fbem-14769	114	34	the	the	DET
fbem-14769	114	35	fact	fact	NOUN
fbem-14769	114	36	that	that	SCONJ
fbem-14769	114	37	:	:	PUNCT
fbem-14769	114	38	the	the	DET
fbem-14769	114	39	state	state	NOUN
fbem-14769	114	40	-	-	PUNCT
fbem-14769	114	41	owned	own	VERB
fbem-14769	114	42	economy	economy	NOUN
fbem-14769	114	43	is	be	AUX
fbem-14769	114	44	the	the	DET
fbem-14769	114	45	lifeblood	lifeblood	NOUN
fbem-14769	114	46	of	of	ADP
fbem-14769	114	47	china	china	PROPN
fbem-14769	114	48	's	's	PART
fbem-14769	114	49	economy	economy	NOUN
fbem-14769	114	50	and	and	CCONJ
fbem-14769	114	51	possesses	possess	VERB
fbem-14769	114	52	a	a	DET
fbem-14769	114	53	stronger	strong	ADJ
fbem-14769	114	54	ability	ability	NOUN
fbem-14769	114	55	to	to	PART
fbem-14769	114	56	allocate	allocate	VERB
fbem-14769	114	57	resources	resource	NOUN
fbem-14769	114	58	,	,	PUNCT
fbem-14769	114	59	and	and	CCONJ
fbem-14769	114	60	the	the	DET
fbem-14769	114	61	financing	financing	NOUN
fbem-14769	114	62	advantage	advantage	NOUN
fbem-14769	114	63	of	of	ADP
fbem-14769	114	64	soes	soe	NOUN
fbem-14769	114	65	further	further	ADJ
fbem-14769	114	66	crowds	crowd	NOUN
fbem-14769	114	67	out	out	ADP
fbem-14769	114	68	non	non	NOUN
fbem-14769	114	69	-	-	NOUN
fbem-14769	114	70	soes	soe	NOUN
fbem-14769	114	71	;	;	PUNCT
fbem-14769	114	72	the	the	DET
fbem-14769	114	73	chinese	chinese	ADJ
fbem-14769	114	74	government	government	NOUN
fbem-14769	114	75	and	and	CCONJ
fbem-14769	114	76	the	the	DET
fbem-14769	114	77	economy	economy	NOUN
fbem-14769	114	78	are	be	AUX
fbem-14769	114	79	closely	closely	ADV
fbem-14769	114	80	linked	link	VERB
fbem-14769	114	81	,	,	PUNCT
fbem-14769	114	82	and	and	CCONJ
fbem-14769	114	83	the	the	DET
fbem-14769	114	84	soes	soe	NOUN
fbem-14769	114	85	are	be	AUX
fbem-14769	114	86	the	the	DET
fbem-14769	114	87	means	mean	NOUN
fbem-14769	114	88	by	by	ADP
fbem-14769	114	89	which	which	PRON
fbem-14769	114	90	the	the	DET
fbem-14769	114	91	government	government	NOUN
fbem-14769	114	92	achieves	achieve	VERB
fbem-14769	114	93	its	its	PRON
fbem-14769	114	94	economic	economic	ADJ
fbem-14769	114	95	goals	goal	NOUN
fbem-14769	114	96	.	.	PUNCT
fbem-14769	115	1	5.2	5.2	NUM
fbem-14769	115	2	.	.	PUNCT
fbem-14769	116	1	financing	financing	NOUN
fbem-14769	116	2	constraints	constraint	NOUN
fbem-14769	116	3	,	,	PUNCT
fbem-14769	116	4	level	level	NOUN
fbem-14769	116	5	of	of	ADP
fbem-14769	116	6	economic	economic	ADJ
fbem-14769	116	7	development	development	NOUN
fbem-14769	116	8	and	and	CCONJ
fbem-14769	116	9	the	the	DET
fbem-14769	116	10	marketization	marketization	NOUN
fbem-14769	116	11	process	process	NOUN
fbem-14769	116	12	according	accord	VERB
fbem-14769	116	13	to	to	ADP
fbem-14769	116	14	the	the	DET
fbem-14769	116	15	latest	late	ADJ
fbem-14769	116	16	opinion	opinion	NOUN
fbem-14769	116	17	,	,	PUNCT
fbem-14769	116	18	china	china	PROPN
fbem-14769	116	19	is	be	AUX
fbem-14769	116	20	divided	divide	VERB
fbem-14769	116	21	into	into	ADP
fbem-14769	116	22	four	four	NUM
fbem-14769	116	23	major	major	ADJ
fbem-14769	116	24	economic	economic	ADJ
fbem-14769	116	25	regions	region	NOUN
fbem-14769	116	26	,	,	PUNCT
fbem-14769	116	27	namely	namely	ADV
fbem-14769	116	28	,	,	PUNCT
fbem-14769	116	29	the	the	DET
fbem-14769	116	30	east	east	NOUN
fbem-14769	116	31	,	,	PUNCT
fbem-14769	116	32	the	the	DET
fbem-14769	116	33	center	center	NOUN
fbem-14769	116	34	,	,	PUNCT
fbem-14769	116	35	the	the	DET
fbem-14769	116	36	west	west	NOUN
fbem-14769	116	37	and	and	CCONJ
fbem-14769	116	38	the	the	DET
fbem-14769	116	39	northeast	northeast	NOUN
fbem-14769	116	40	,	,	PUNCT
fbem-14769	116	41	with	with	ADP
fbem-14769	116	42	large	large	ADJ
fbem-14769	116	43	differences	difference	NOUN
fbem-14769	116	44	in	in	ADP
fbem-14769	116	45	geography	geography	NOUN
fbem-14769	116	46	,	,	PUNCT
fbem-14769	116	47	economy	economy	NOUN
fbem-14769	116	48	and	and	CCONJ
fbem-14769	116	49	natural	natural	ADJ
fbem-14769	116	50	resources	resource	NOUN
fbem-14769	116	51	among	among	ADP
fbem-14769	116	52	the	the	DET
fbem-14769	116	53	regions	region	NOUN
fbem-14769	116	54	,	,	PUNCT
fbem-14769	116	55	with	with	ADP
fbem-14769	116	56	the	the	DET
fbem-14769	116	57	east	east	NOUN
fbem-14769	116	58	having	have	VERB
fbem-14769	116	59	advantages	advantage	NOUN
fbem-14769	116	60	in	in	ADP
fbem-14769	116	61	economy	economy	NOUN
fbem-14769	116	62	,	,	PUNCT
fbem-14769	116	63	science	science	NOUN
fbem-14769	116	64	and	and	CCONJ
fbem-14769	116	65	technology	technology	NOUN
fbem-14769	116	66	,	,	PUNCT
fbem-14769	116	67	and	and	CCONJ
fbem-14769	116	68	education	education	NOUN
fbem-14769	116	69	,	,	PUNCT
fbem-14769	116	70	and	and	CCONJ
fbem-14769	116	71	the	the	DET
fbem-14769	116	72	west	west	NOUN
fbem-14769	116	73	being	be	AUX
fbem-14769	116	74	rich	rich	ADJ
fbem-14769	116	75	in	in	ADP
fbem-14769	116	76	natural	natural	ADJ
fbem-14769	116	77	resources	resource	NOUN
fbem-14769	116	78	.	.	PUNCT
fbem-14769	117	1	in	in	ADP
fbem-14769	117	2	this	this	DET
fbem-14769	117	3	paper	paper	NOUN
fbem-14769	117	4	,	,	PUNCT
fbem-14769	117	5	the	the	DET
fbem-14769	117	6	east	east	NOUN
fbem-14769	117	7	and	and	CCONJ
fbem-14769	117	8	center	center	NOUN
fbem-14769	117	9	are	be	AUX
fbem-14769	117	10	set	set	VERB
fbem-14769	117	11	as	as	ADP
fbem-14769	117	12	economically	economically	ADV
fbem-14769	117	13	developed	develop	VERB
fbem-14769	117	14	regions	region	NOUN
fbem-14769	117	15	,	,	PUNCT
fbem-14769	117	16	represented	represent	VERB
fbem-14769	117	17	by	by	ADP
fbem-14769	117	18	1	1	NUM
fbem-14769	117	19	,	,	PUNCT
fbem-14769	117	20	and	and	CCONJ
fbem-14769	117	21	the	the	DET
fbem-14769	117	22	northeast	northeast	NOUN
fbem-14769	117	23	and	and	CCONJ
fbem-14769	117	24	west	west	NOUN
fbem-14769	117	25	are	be	AUX
fbem-14769	117	26	set	set	VERB
fbem-14769	117	27	as	as	ADP
fbem-14769	117	28	economically	economically	ADV
fbem-14769	117	29	underdeveloped	underdeveloped	ADJ
fbem-14769	117	30	regions	region	NOUN
fbem-14769	117	31	,	,	PUNCT
fbem-14769	117	32	represented	represent	VERB
fbem-14769	117	33	by	by	ADP
fbem-14769	117	34	0	0	NUM
fbem-14769	117	35	.	.	NOUN
fbem-14769	117	36	similar	similar	ADJ
fbem-14769	117	37	to	to	ADP
fbem-14769	117	38	the	the	DET
fbem-14769	117	39	heterogeneity	heterogeneity	NOUN
fbem-14769	117	40	test	test	NOUN
fbem-14769	117	41	of	of	ADP
fbem-14769	117	42	property	property	NOUN
fbem-14769	117	43	105	105	NUM
fbem-14769	117	44	attributes	attribute	NOUN
fbem-14769	117	45	in	in	ADP
fbem-14769	117	46	the	the	DET
fbem-14769	117	47	previous	previous	ADJ
fbem-14769	117	48	part	part	NOUN
fbem-14769	117	49	,	,	PUNCT
fbem-14769	117	50	the	the	DET
fbem-14769	117	51	results	result	NOUN
fbem-14769	117	52	of	of	ADP
fbem-14769	117	53	this	this	DET
fbem-14769	117	54	part	part	NOUN
fbem-14769	117	55	of	of	ADP
fbem-14769	117	56	the	the	DET
fbem-14769	117	57	test	test	NOUN
fbem-14769	117	58	show	show	VERB
fbem-14769	117	59	that	that	SCONJ
fbem-14769	117	60	:	:	PUNCT
fbem-14769	117	61	the	the	DET
fbem-14769	117	62	coefficient	coefficient	NOUN
fbem-14769	117	63	of	of	ADP
fbem-14769	117	64	the	the	DET
fbem-14769	117	65	cross	cross	ADJ
fbem-14769	117	66	-	-	ADJ
fbem-14769	117	67	multiplier	multipli	ADJ
fbem-14769	117	68	term	term	NOUN
fbem-14769	117	69	is	be	AUX
fbem-14769	117	70	significantly	significantly	ADV
fbem-14769	117	71	positive	positive	ADJ
fbem-14769	117	72	at	at	ADP
fbem-14769	117	73	the	the	DET
fbem-14769	117	74	1	1	NUM
fbem-14769	117	75	%	%	NOUN
fbem-14769	117	76	level	level	NOUN
fbem-14769	117	77	,	,	PUNCT
fbem-14769	117	78	in	in	ADP
fbem-14769	117	79	addition	addition	NOUN
fbem-14769	117	80	,	,	PUNCT
fbem-14769	117	81	the	the	DET
fbem-14769	117	82	coefficient	coefficient	NOUN
fbem-14769	117	83	of	of	ADP
fbem-14769	117	84	the	the	DET
fbem-14769	117	85	grouped	group	VERB
fbem-14769	117	86	regression	regression	NOUN
fbem-14769	117	87	of	of	ADP
fbem-14769	117	88	the	the	DET
fbem-14769	117	89	economically	economically	ADV
fbem-14769	117	90	developed	develop	VERB
fbem-14769	117	91	regions	region	NOUN
fbem-14769	117	92	is	be	AUX
fbem-14769	117	93	not	not	PART
fbem-14769	117	94	significant	significant	ADJ
fbem-14769	117	95	,	,	PUNCT
fbem-14769	117	96	the	the	DET
fbem-14769	117	97	coefficient	coefficient	NOUN
fbem-14769	117	98	of	of	ADP
fbem-14769	117	99	the	the	DET
fbem-14769	117	100	grouped	group	VERB
fbem-14769	117	101	regression	regression	NOUN
fbem-14769	117	102	of	of	ADP
fbem-14769	117	103	the	the	DET
fbem-14769	117	104	economically	economically	ADV
fbem-14769	117	105	underdeveloped	underdeveloped	ADJ
fbem-14769	117	106	regions	region	NOUN
fbem-14769	117	107	is	be	AUX
fbem-14769	117	108	significantly	significantly	ADV
fbem-14769	117	109	negative	negative	ADJ
fbem-14769	117	110	at	at	ADP
fbem-14769	117	111	the	the	DET
fbem-14769	117	112	1	1	NUM
fbem-14769	117	113	%	%	NOUN
fbem-14769	117	114	level	level	NOUN
fbem-14769	117	115	,	,	PUNCT
fbem-14769	117	116	the	the	DET
fbem-14769	117	117	test	test	NOUN
fbem-14769	117	118	of	of	ADP
fbem-14769	117	119	the	the	DET
fbem-14769	117	120	grouped	group	VERB
fbem-14769	117	121	regression	regression	NOUN
fbem-14769	117	122	of	of	ADP
fbem-14769	117	123	the	the	DET
fbem-14769	117	124	coefficient	coefficient	NOUN
fbem-14769	117	125	of	of	ADP
fbem-14769	117	126	the	the	DET
fbem-14769	117	127	difference	difference	NOUN
fbem-14769	117	128	between	between	ADP
fbem-14769	117	129	the	the	DET
fbem-14769	117	130	groups	group	NOUN
fbem-14769	117	131	is	be	AUX
fbem-14769	117	132	significant	significant	ADJ
fbem-14769	117	133	and	and	CCONJ
fbem-14769	117	134	passes	pass	VERB
fbem-14769	117	135	,	,	PUNCT
fbem-14769	117	136	and	and	CCONJ
fbem-14769	117	137	the	the	DET
fbem-14769	117	138	results	result	NOUN
fbem-14769	117	139	of	of	ADP
fbem-14769	117	140	the	the	DET
fbem-14769	117	141	cross	cross	ADJ
fbem-14769	117	142	-	-	ADJ
fbem-14769	117	143	multiplier	multipli	ADJ
fbem-14769	117	144	test	test	NOUN
fbem-14769	117	145	and	and	CCONJ
fbem-14769	117	146	the	the	DET
fbem-14769	117	147	grouped	group	VERB
fbem-14769	117	148	regression	regression	NOUN
fbem-14769	117	149	test	test	NOUN
fbem-14769	117	150	are	be	AUX
fbem-14769	117	151	consistent	consistent	ADJ
fbem-14769	117	152	with	with	ADP
fbem-14769	117	153	the	the	DET
fbem-14769	117	154	results	result	NOUN
fbem-14769	117	155	,	,	PUNCT
fbem-14769	117	156	which	which	PRON
fbem-14769	117	157	indicates	indicate	VERB
fbem-14769	117	158	that	that	SCONJ
fbem-14769	117	159	economically	economically	ADV
fbem-14769	117	160	developed	develop	VERB
fbem-14769	117	161	regions	region	NOUN
fbem-14769	117	162	the	the	DET
fbem-14769	117	163	influence	influence	NOUN
fbem-14769	117	164	of	of	ADP
fbem-14769	117	165	financing	financing	NOUN
fbem-14769	117	166	constraints	constraint	NOUN
fbem-14769	117	167	on	on	ADP
fbem-14769	117	168	the	the	DET
fbem-14769	117	169	marketization	marketization	NOUN
fbem-14769	117	170	process	process	NOUN
fbem-14769	117	171	is	be	AUX
fbem-14769	117	172	weakened	weaken	VERB
fbem-14769	117	173	,	,	PUNCT
fbem-14769	117	174	and	and	CCONJ
fbem-14769	117	175	changes	change	NOUN
fbem-14769	117	176	in	in	ADP
fbem-14769	117	177	financing	financing	NOUN
fbem-14769	117	178	constraints	constraint	NOUN
fbem-14769	117	179	in	in	ADP
fbem-14769	117	180	economically	economically	ADV
fbem-14769	117	181	less	less	ADV
fbem-14769	117	182	developed	develop	VERB
fbem-14769	117	183	regions	region	NOUN
fbem-14769	117	184	are	be	AUX
fbem-14769	117	185	more	more	ADV
fbem-14769	117	186	effective	effective	ADJ
fbem-14769	117	187	.	.	PUNCT
fbem-14769	118	1	this	this	DET
fbem-14769	118	2	conclusion	conclusion	NOUN
fbem-14769	118	3	may	may	AUX
fbem-14769	118	4	be	be	AUX
fbem-14769	118	5	due	due	ADJ
fbem-14769	118	6	to	to	PART
fbem-14769	118	7	:	:	PUNCT
fbem-14769	118	8	economically	economically	ADV
fbem-14769	118	9	developed	develop	VERB
fbem-14769	118	10	regions	region	NOUN
fbem-14769	118	11	are	be	AUX
fbem-14769	118	12	very	very	ADV
fbem-14769	118	13	full	full	ADJ
fbem-14769	118	14	of	of	ADP
fbem-14769	118	15	all	all	DET
fbem-14769	118	16	kinds	kind	NOUN
fbem-14769	118	17	of	of	ADP
fbem-14769	118	18	factors	factor	NOUN
fbem-14769	118	19	of	of	ADP
fbem-14769	118	20	production	production	NOUN
fbem-14769	118	21	,	,	PUNCT
fbem-14769	118	22	the	the	DET
fbem-14769	118	23	impact	impact	NOUN
fbem-14769	118	24	of	of	ADP
fbem-14769	118	25	changes	change	NOUN
fbem-14769	118	26	in	in	ADP
fbem-14769	118	27	a	a	DET
fbem-14769	118	28	single	single	ADJ
fbem-14769	118	29	factor	factor	NOUN
fbem-14769	118	30	on	on	ADP
fbem-14769	118	31	the	the	DET
fbem-14769	118	32	marketization	marketization	NOUN
fbem-14769	118	33	process	process	NOUN
fbem-14769	118	34	does	do	AUX
fbem-14769	118	35	not	not	PART
fbem-14769	118	36	appear	appear	VERB
fbem-14769	118	37	to	to	PART
fbem-14769	118	38	be	be	AUX
fbem-14769	118	39	prominent	prominent	ADJ
fbem-14769	118	40	;	;	PUNCT
fbem-14769	118	41	the	the	DET
fbem-14769	118	42	interval	interval	NOUN
fbem-14769	118	43	of	of	ADP
fbem-14769	118	44	the	the	DET
fbem-14769	118	45	sample	sample	NOUN
fbem-14769	118	46	data	datum	NOUN
fbem-14769	118	47	in	in	ADP
fbem-14769	118	48	this	this	DET
fbem-14769	118	49	paper	paper	NOUN
fbem-14769	118	50	is	be	AUX
fbem-14769	118	51	from	from	ADP
fbem-14769	118	52	2011	2011	NUM
fbem-14769	118	53	to	to	ADP
fbem-14769	118	54	2021	2021	NUM
fbem-14769	118	55	,	,	PUNCT
fbem-14769	118	56	and	and	CCONJ
fbem-14769	118	57	the	the	DET
fbem-14769	118	58	level	level	NOUN
fbem-14769	118	59	of	of	ADP
fbem-14769	118	60	marketization	marketization	NOUN
fbem-14769	118	61	in	in	ADP
fbem-14769	118	62	economically	economically	ADV
fbem-14769	118	63	developed	develop	VERB
fbem-14769	118	64	regions	region	NOUN
fbem-14769	118	65	in	in	ADP
fbem-14769	118	66	this	this	DET
fbem-14769	118	67	period	period	NOUN
fbem-14769	118	68	is	be	AUX
fbem-14769	118	69	already	already	ADV
fbem-14769	118	70	quite	quite	ADV
fbem-14769	118	71	high	high	ADJ
fbem-14769	118	72	,	,	PUNCT
fbem-14769	118	73	so	so	SCONJ
fbem-14769	118	74	that	that	SCONJ
fbem-14769	118	75	the	the	DET
fbem-14769	118	76	marginal	marginal	ADJ
fbem-14769	118	77	effect	effect	NOUN
fbem-14769	118	78	of	of	ADP
fbem-14769	118	79	the	the	DET
fbem-14769	118	80	enhancement	enhancement	NOUN
fbem-14769	118	81	is	be	AUX
fbem-14769	118	82	weakened	weaken	VERB
fbem-14769	118	83	.	.	PUNCT
fbem-14769	119	1	5.3	5.3	NUM
fbem-14769	119	2	.	.	PUNCT
fbem-14769	119	3	financing	financing	NOUN
fbem-14769	119	4	constraints	constraint	NOUN
fbem-14769	119	5	,	,	PUNCT
fbem-14769	119	6	environmental	environmental	ADJ
fbem-14769	119	7	regulations	regulation	NOUN
fbem-14769	119	8	and	and	CCONJ
fbem-14769	119	9	the	the	DET
fbem-14769	119	10	marketization	marketization	NOUN
fbem-14769	119	11	process	process	NOUN
fbem-14769	119	12	in	in	ADP
fbem-14769	119	13	the	the	DET
fbem-14769	119	14	process	process	NOUN
fbem-14769	119	15	of	of	ADP
fbem-14769	119	16	marketization	marketization	NOUN
fbem-14769	119	17	and	and	CCONJ
fbem-14769	119	18	the	the	DET
fbem-14769	119	19	domestic	domestic	ADJ
fbem-14769	119	20	general	general	ADJ
fbem-14769	119	21	cycle	cycle	NOUN
fbem-14769	119	22	,	,	PUNCT
fbem-14769	119	23	green	green	ADJ
fbem-14769	119	24	development	development	NOUN
fbem-14769	119	25	has	have	AUX
fbem-14769	119	26	become	become	VERB
fbem-14769	119	27	increasingly	increasingly	ADV
fbem-14769	119	28	prominent	prominent	ADJ
fbem-14769	119	29	,	,	PUNCT
fbem-14769	119	30	adjusting	adjust	VERB
fbem-14769	119	31	the	the	DET
fbem-14769	119	32	industrial	industrial	ADJ
fbem-14769	119	33	structure	structure	NOUN
fbem-14769	119	34	,	,	PUNCT
fbem-14769	119	35	developing	develop	VERB
fbem-14769	119	36	high	high	ADJ
fbem-14769	119	37	-	-	PUNCT
fbem-14769	119	38	tech	tech	NOUN
fbem-14769	119	39	industries	industry	NOUN
fbem-14769	119	40	such	such	ADJ
fbem-14769	119	41	as	as	ADP
fbem-14769	119	42	artificial	artificial	ADJ
fbem-14769	119	43	intelligence	intelligence	NOUN
fbem-14769	119	44	,	,	PUNCT
fbem-14769	119	45	new	new	ADJ
fbem-14769	119	46	energy	energy	NOUN
fbem-14769	119	47	and	and	CCONJ
fbem-14769	119	48	digital	digital	ADJ
fbem-14769	119	49	economy	economy	NOUN
fbem-14769	119	50	,	,	PUNCT
fbem-14769	119	51	and	and	CCONJ
fbem-14769	119	52	restricting	restrict	VERB
fbem-14769	119	53	highly	highly	ADV
fbem-14769	119	54	polluting	polluting	ADJ
fbem-14769	119	55	traditional	traditional	ADJ
fbem-14769	119	56	industries	industry	NOUN
fbem-14769	119	57	.	.	PUNCT
fbem-14769	120	1	the	the	DET
fbem-14769	120	2	industrial	industrial	ADJ
fbem-14769	120	3	structure	structure	NOUN
fbem-14769	120	4	,	,	PUNCT
fbem-14769	120	5	natural	natural	ADJ
fbem-14769	120	6	environment	environment	NOUN
fbem-14769	120	7	,	,	PUNCT
fbem-14769	120	8	and	and	CCONJ
fbem-14769	120	9	human	human	ADJ
fbem-14769	120	10	geography	geography	NOUN
fbem-14769	120	11	of	of	ADP
fbem-14769	120	12	each	each	DET
fbem-14769	120	13	region	region	NOUN
fbem-14769	120	14	in	in	ADP
fbem-14769	120	15	china	china	PROPN
fbem-14769	120	16	are	be	AUX
fbem-14769	120	17	different	different	ADJ
fbem-14769	120	18	,	,	PUNCT
fbem-14769	120	19	and	and	CCONJ
fbem-14769	120	20	the	the	DET
fbem-14769	120	21	degree	degree	NOUN
fbem-14769	120	22	of	of	ADP
fbem-14769	120	23	environmental	environmental	ADJ
fbem-14769	120	24	regulation	regulation	NOUN
fbem-14769	120	25	varies	vary	VERB
fbem-14769	120	26	.	.	PUNCT
fbem-14769	121	1	the	the	DET
fbem-14769	121	2	level	level	NOUN
fbem-14769	121	3	of	of	ADP
fbem-14769	121	4	environmental	environmental	ADJ
fbem-14769	121	5	regulation	regulation	NOUN
fbem-14769	121	6	will	will	AUX
fbem-14769	121	7	inevitably	inevitably	ADV
fbem-14769	121	8	affect	affect	VERB
fbem-14769	121	9	the	the	DET
fbem-14769	121	10	financing	financing	NOUN
fbem-14769	121	11	constraints	constraint	NOUN
fbem-14769	121	12	of	of	ADP
fbem-14769	121	13	enterprises	enterprise	NOUN
fbem-14769	121	14	in	in	ADP
fbem-14769	121	15	the	the	DET
fbem-14769	121	16	region	region	NOUN
fbem-14769	121	17	as	as	ADP
fbem-14769	121	18	a	a	DET
fbem-14769	121	19	whole	whole	NOUN
fbem-14769	121	20	,	,	PUNCT
fbem-14769	121	21	as	as	ADV
fbem-14769	121	22	well	well	ADV
fbem-14769	121	23	as	as	ADP
fbem-14769	121	24	those	those	PRON
fbem-14769	121	25	of	of	ADP
fbem-14769	121	26	enterprises	enterprise	NOUN
fbem-14769	121	27	in	in	ADP
fbem-14769	121	28	different	different	ADJ
fbem-14769	121	29	industries	industry	NOUN
fbem-14769	121	30	.	.	PUNCT
fbem-14769	122	1	this	this	DET
fbem-14769	122	2	paper	paper	NOUN
fbem-14769	122	3	draws	draw	VERB
fbem-14769	122	4	on	on	ADP
fbem-14769	122	5	the	the	DET
fbem-14769	122	6	environmental	environmental	ADJ
fbem-14769	122	7	regulation	regulation	NOUN
fbem-14769	122	8	measurement	measurement	NOUN
fbem-14769	122	9	methods	method	NOUN
fbem-14769	122	10	of	of	ADP
fbem-14769	122	11	yijun	yijun	PROPN
fbem-14769	122	12	yuan	yuan	PROPN
fbem-14769	123	1	[	[	X
fbem-14769	123	2	36	36	NUM
fbem-14769	123	3	]	]	PUNCT
fbem-14769	123	4	and	and	CCONJ
fbem-14769	123	5	jingyan	jingyan	PROPN
fbem-14769	123	6	fu	fu	NOUN
fbem-14769	124	1	[	[	X
fbem-14769	124	2	37	37	NUM
fbem-14769	124	3	]	]	PUNCT
fbem-14769	124	4	,	,	PUNCT
fbem-14769	124	5	and	and	CCONJ
fbem-14769	124	6	uses	use	VERB
fbem-14769	124	7	the	the	DET
fbem-14769	124	8	city	city	NOUN
fbem-14769	124	9	-	-	PUNCT
fbem-14769	124	10	level	level	NOUN
fbem-14769	124	11	pollutant	pollutant	ADJ
fbem-14769	124	12	emission	emission	NOUN
fbem-14769	124	13	weighting	weighting	NOUN
fbem-14769	124	14	method	method	NOUN
fbem-14769	124	15	to	to	PART
fbem-14769	124	16	measure	measure	VERB
fbem-14769	124	17	the	the	DET
fbem-14769	124	18	environmental	environmental	ADJ
fbem-14769	124	19	regulation	regulation	NOUN
fbem-14769	124	20	indicators	indicator	NOUN
fbem-14769	124	21	at	at	ADP
fbem-14769	124	22	the	the	DET
fbem-14769	124	23	city	city	NOUN
fbem-14769	124	24	level	level	NOUN
fbem-14769	124	25	in	in	ADP
fbem-14769	124	26	china	china	PROPN
fbem-14769	124	27	from	from	ADP
fbem-14769	124	28	2011	2011	NUM
fbem-14769	124	29	to	to	ADP
fbem-14769	124	30	2021	2021	NUM
fbem-14769	124	31	,	,	PUNCT
fbem-14769	124	32	using	use	VERB
fbem-14769	124	33	the	the	DET
fbem-14769	124	34	average	average	NOUN
fbem-14769	124	35	of	of	ADP
fbem-14769	124	36	11	11	NUM
fbem-14769	124	37	years	year	NOUN
fbem-14769	124	38	of	of	ADP
fbem-14769	124	39	environmental	environmental	ADJ
fbem-14769	124	40	regulation	regulation	NOUN
fbem-14769	124	41	in	in	ADP
fbem-14769	124	42	each	each	DET
fbem-14769	124	43	city	city	NOUN
fbem-14769	124	44	as	as	ADP
fbem-14769	124	45	the	the	DET
fbem-14769	124	46	critical	critical	ADJ
fbem-14769	124	47	value	value	NOUN
fbem-14769	124	48	,	,	PUNCT
fbem-14769	124	49	with	with	ADP
fbem-14769	124	50	years	year	NOUN
fbem-14769	124	51	less	less	ADJ
fbem-14769	124	52	than	than	ADP
fbem-14769	124	53	the	the	DET
fbem-14769	124	54	average	average	ADJ
fbem-14769	124	55	value	value	NOUN
fbem-14769	124	56	being	be	AUX
fbem-14769	124	57	low	low	ADJ
fbem-14769	124	58	environmental	environmental	ADJ
fbem-14769	124	59	regulation	regulation	NOUN
fbem-14769	124	60	,	,	PUNCT
fbem-14769	124	61	which	which	PRON
fbem-14769	124	62	is	be	AUX
fbem-14769	124	63	denoted	denote	VERB
fbem-14769	124	64	by	by	ADP
fbem-14769	124	65	0	0	NUM
fbem-14769	124	66	,	,	PUNCT
fbem-14769	124	67	and	and	CCONJ
fbem-14769	124	68	years	year	NOUN
fbem-14769	124	69	above	above	ADP
fbem-14769	124	70	the	the	DET
fbem-14769	124	71	years	year	NOUN
fbem-14769	124	72	smaller	small	ADJ
fbem-14769	124	73	than	than	ADP
fbem-14769	124	74	the	the	DET
fbem-14769	124	75	average	average	NOUN
fbem-14769	124	76	are	be	AUX
fbem-14769	124	77	considered	consider	VERB
fbem-14769	124	78	low	low	ADJ
fbem-14769	124	79	environmental	environmental	ADJ
fbem-14769	124	80	regulation	regulation	NOUN
fbem-14769	124	81	and	and	CCONJ
fbem-14769	124	82	are	be	AUX
fbem-14769	124	83	denoted	denote	VERB
fbem-14769	124	84	by	by	ADP
fbem-14769	124	85	0	0	NUM
fbem-14769	124	86	,	,	PUNCT
fbem-14769	124	87	and	and	CCONJ
fbem-14769	124	88	years	year	NOUN
fbem-14769	124	89	above	above	ADP
fbem-14769	124	90	the	the	DET
fbem-14769	124	91	average	average	NOUN
fbem-14769	124	92	are	be	AUX
fbem-14769	124	93	considered	consider	VERB
fbem-14769	124	94	high	high	ADJ
fbem-14769	124	95	environmental	environmental	ADJ
fbem-14769	124	96	regulation	regulation	NOUN
fbem-14769	124	97	and	and	CCONJ
fbem-14769	124	98	are	be	AUX
fbem-14769	124	99	denoted	denote	VERB
fbem-14769	124	100	by	by	ADP
fbem-14769	124	101	1	1	NUM
fbem-14769	124	102	.	.	PUNCT
fbem-14769	125	1	the	the	DET
fbem-14769	125	2	specific	specific	ADJ
fbem-14769	125	3	test	test	NOUN
fbem-14769	125	4	method	method	NOUN
fbem-14769	125	5	is	be	AUX
fbem-14769	125	6	the	the	DET
fbem-14769	125	7	same	same	ADJ
fbem-14769	125	8	as	as	ADP
fbem-14769	125	9	above	above	ADV
fbem-14769	125	10	.	.	PUNCT
fbem-14769	126	1	the	the	DET
fbem-14769	126	2	final	final	ADJ
fbem-14769	126	3	group	group	NOUN
fbem-14769	126	4	regression	regression	NOUN
fbem-14769	126	5	test	test	NOUN
fbem-14769	126	6	is	be	AUX
fbem-14769	126	7	consistent	consistent	ADJ
fbem-14769	126	8	with	with	ADP
fbem-14769	126	9	the	the	DET
fbem-14769	126	10	cross	cross	ADJ
fbem-14769	126	11	-	-	ADJ
fbem-14769	126	12	multiplier	multipli	ADJ
fbem-14769	126	13	test	test	NOUN
fbem-14769	126	14	:	:	PUNCT
fbem-14769	126	15	environmental	environmental	ADJ
fbem-14769	126	16	regulation	regulation	NOUN
fbem-14769	126	17	plays	play	VERB
fbem-14769	126	18	a	a	DET
fbem-14769	126	19	positive	positive	ADJ
fbem-14769	126	20	moderating	moderate	VERB
fbem-14769	126	21	role	role	NOUN
fbem-14769	126	22	in	in	ADP
fbem-14769	126	23	the	the	DET
fbem-14769	126	24	financing	financing	NOUN
fbem-14769	126	25	constraints	constraint	NOUN
fbem-14769	126	26	on	on	ADP
fbem-14769	126	27	the	the	DET
fbem-14769	126	28	marketization	marketization	NOUN
fbem-14769	126	29	process	process	NOUN
fbem-14769	126	30	,	,	PUNCT
fbem-14769	126	31	i.e.	i.e.	X
fbem-14769	126	32	,	,	PUNCT
fbem-14769	126	33	the	the	PRON
fbem-14769	126	34	stronger	strong	ADJ
fbem-14769	126	35	the	the	DET
fbem-14769	126	36	local	local	ADJ
fbem-14769	126	37	environmental	environmental	ADJ
fbem-14769	126	38	regulation	regulation	NOUN
fbem-14769	126	39	,	,	PUNCT
fbem-14769	126	40	the	the	PRON
fbem-14769	126	41	greater	great	ADJ
fbem-14769	126	42	the	the	DET
fbem-14769	126	43	impact	impact	NOUN
fbem-14769	126	44	of	of	ADP
fbem-14769	126	45	financing	financing	NOUN
fbem-14769	126	46	constraints	constraint	NOUN
fbem-14769	126	47	on	on	ADP
fbem-14769	126	48	the	the	DET
fbem-14769	126	49	marketization	marketization	NOUN
fbem-14769	126	50	process	process	NOUN
fbem-14769	126	51	.	.	PUNCT
fbem-14769	127	1	environmental	environmental	ADJ
fbem-14769	127	2	regulation	regulation	NOUN
fbem-14769	127	3	can	can	AUX
fbem-14769	127	4	drive	drive	VERB
fbem-14769	127	5	industrial	industrial	ADJ
fbem-14769	127	6	structure	structure	NOUN
fbem-14769	127	7	upgrading	upgrade	VERB
fbem-14769	127	8	[	[	X
fbem-14769	127	9	44	44	NUM
fbem-14769	127	10	]	]	PUNCT
fbem-14769	127	11	,	,	PUNCT
fbem-14769	127	12	thus	thus	ADV
fbem-14769	127	13	promoting	promote	VERB
fbem-14769	127	14	the	the	DET
fbem-14769	127	15	marketization	marketization	NOUN
fbem-14769	127	16	process	process	NOUN
fbem-14769	127	17	and	and	CCONJ
fbem-14769	127	18	unclogging	unclog	VERB
fbem-14769	127	19	the	the	DET
fbem-14769	127	20	domestic	domestic	ADJ
fbem-14769	127	21	general	general	ADJ
fbem-14769	127	22	circulation	circulation	NOUN
fbem-14769	127	23	.	.	PUNCT
fbem-14769	128	1	in	in	ADP
fbem-14769	128	2	these	these	DET
fbem-14769	128	3	11	11	NUM
fbem-14769	128	4	years	year	NOUN
fbem-14769	128	5	,	,	PUNCT
fbem-14769	128	6	environmental	environmental	ADJ
fbem-14769	128	7	regulation	regulation	NOUN
fbem-14769	128	8	has	have	AUX
fbem-14769	128	9	been	be	AUX
fbem-14769	128	10	increasing	increase	VERB
fbem-14769	128	11	over	over	ADP
fbem-14769	128	12	time	time	NOUN
fbem-14769	128	13	,	,	PUNCT
fbem-14769	128	14	and	and	CCONJ
fbem-14769	128	15	the	the	DET
fbem-14769	128	16	samples	sample	NOUN
fbem-14769	128	17	in	in	ADP
fbem-14769	128	18	the	the	DET
fbem-14769	128	19	latter	latter	ADJ
fbem-14769	128	20	half	half	NOUN
fbem-14769	128	21	of	of	ADP
fbem-14769	128	22	the	the	DET
fbem-14769	128	23	years	year	NOUN
fbem-14769	128	24	are	be	AUX
fbem-14769	128	25	all	all	ADV
fbem-14769	128	26	in	in	ADP
fbem-14769	128	27	the	the	DET
fbem-14769	128	28	high	high	ADJ
fbem-14769	128	29	environmental	environmental	ADJ
fbem-14769	128	30	regulation	regulation	NOUN
fbem-14769	128	31	group	group	NOUN
fbem-14769	128	32	,	,	PUNCT
fbem-14769	128	33	which	which	PRON
fbem-14769	128	34	may	may	AUX
fbem-14769	128	35	be	be	AUX
fbem-14769	128	36	a	a	DET
fbem-14769	128	37	problem	problem	NOUN
fbem-14769	128	38	:	:	PUNCT
fbem-14769	128	39	environmental	environmental	ADJ
fbem-14769	128	40	regulation	regulation	NOUN
fbem-14769	128	41	does	do	AUX
fbem-14769	128	42	not	not	PART
fbem-14769	128	43	produce	produce	VERB
fbem-14769	128	44	a	a	DET
fbem-14769	128	45	moderating	moderate	VERB
fbem-14769	128	46	effect	effect	NOUN
fbem-14769	128	47	,	,	PUNCT
fbem-14769	128	48	it	it	PRON
fbem-14769	128	49	is	be	AUX
fbem-14769	128	50	some	some	DET
fbem-14769	128	51	other	other	ADJ
fbem-14769	128	52	factor	factor	NOUN
fbem-14769	128	53	that	that	PRON
fbem-14769	128	54	plays	play	VERB
fbem-14769	128	55	a	a	DET
fbem-14769	128	56	moderating	moderate	VERB
fbem-14769	128	57	role	role	NOUN
fbem-14769	128	58	,	,	PUNCT
fbem-14769	128	59	it	it	PRON
fbem-14769	128	60	just	just	ADV
fbem-14769	128	61	happens	happen	VERB
fbem-14769	128	62	to	to	PART
fbem-14769	128	63	be	be	AUX
fbem-14769	128	64	in	in	ADP
fbem-14769	128	65	a	a	DET
fbem-14769	128	66	high	high	ADJ
fbem-14769	128	67	environmental	environmental	ADJ
fbem-14769	128	68	regulation	regulation	NOUN
fbem-14769	128	69	sample	sample	NOUN
fbem-14769	128	70	,	,	PUNCT
fbem-14769	128	71	in	in	ADP
fbem-14769	128	72	this	this	DET
fbem-14769	128	73	regard	regard	NOUN
fbem-14769	128	74	,	,	PUNCT
fbem-14769	128	75	this	this	DET
fbem-14769	128	76	paper	paper	NOUN
fbem-14769	128	77	takes	take	VERB
fbem-14769	128	78	the	the	DET
fbem-14769	128	79	average	average	NOUN
fbem-14769	128	80	of	of	ADP
fbem-14769	128	81	the	the	DET
fbem-14769	128	82	environmental	environmental	ADJ
fbem-14769	128	83	regulation	regulation	NOUN
fbem-14769	128	84	in	in	ADP
fbem-14769	128	85	all	all	DET
fbem-14769	128	86	the	the	DET
fbem-14769	128	87	cities	city	NOUN
fbem-14769	128	88	in	in	ADP
fbem-14769	128	89	each	each	DET
fbem-14769	128	90	year	year	NOUN
fbem-14769	128	91	as	as	ADP
fbem-14769	128	92	a	a	DET
fbem-14769	128	93	critical	critical	ADJ
fbem-14769	128	94	value	value	NOUN
fbem-14769	128	95	,	,	PUNCT
fbem-14769	128	96	and	and	CCONJ
fbem-14769	128	97	the	the	DET
fbem-14769	128	98	cities	city	NOUN
fbem-14769	128	99	that	that	PRON
fbem-14769	128	100	are	be	AUX
fbem-14769	128	101	lower	low	ADJ
fbem-14769	128	102	than	than	ADP
fbem-14769	128	103	the	the	DET
fbem-14769	128	104	critical	critical	ADJ
fbem-14769	128	105	value	value	NOUN
fbem-14769	128	106	are	be	AUX
fbem-14769	128	107	low	low	ADJ
fbem-14769	128	108	in	in	ADV
fbem-14769	128	109	in	in	ADP
fbem-14769	128	110	this	this	DET
fbem-14769	128	111	regard	regard	NOUN
fbem-14769	128	112	,	,	PUNCT
fbem-14769	128	113	the	the	DET
fbem-14769	128	114	paper	paper	NOUN
fbem-14769	128	115	takes	take	VERB
fbem-14769	128	116	the	the	DET
fbem-14769	128	117	average	average	ADJ
fbem-14769	128	118	value	value	NOUN
fbem-14769	128	119	of	of	ADP
fbem-14769	128	120	environmental	environmental	ADJ
fbem-14769	128	121	regulation	regulation	NOUN
fbem-14769	128	122	of	of	ADP
fbem-14769	128	123	all	all	DET
fbem-14769	128	124	cities	city	NOUN
fbem-14769	128	125	in	in	ADP
fbem-14769	128	126	each	each	DET
fbem-14769	128	127	year	year	NOUN
fbem-14769	128	128	as	as	ADP
fbem-14769	128	129	the	the	DET
fbem-14769	128	130	critical	critical	ADJ
fbem-14769	128	131	value	value	NOUN
fbem-14769	128	132	,	,	PUNCT
fbem-14769	128	133	and	and	CCONJ
fbem-14769	128	134	cities	city	NOUN
fbem-14769	128	135	below	below	ADP
fbem-14769	128	136	the	the	DET
fbem-14769	128	137	critical	critical	ADJ
fbem-14769	128	138	value	value	NOUN
fbem-14769	128	139	are	be	AUX
fbem-14769	128	140	considered	consider	VERB
fbem-14769	128	141	low	low	ADJ
fbem-14769	128	142	environmental	environmental	ADJ
fbem-14769	128	143	regulation	regulation	NOUN
fbem-14769	128	144	,	,	PUNCT
fbem-14769	128	145	while	while	SCONJ
fbem-14769	128	146	cities	city	NOUN
fbem-14769	128	147	above	above	ADP
fbem-14769	128	148	the	the	DET
fbem-14769	128	149	critical	critical	ADJ
fbem-14769	128	150	value	value	NOUN
fbem-14769	128	151	are	be	AUX
fbem-14769	128	152	considered	consider	VERB
fbem-14769	128	153	high	high	ADJ
fbem-14769	128	154	environmental	environmental	ADJ
fbem-14769	128	155	regulation	regulation	NOUN
fbem-14769	128	156	.	.	PUNCT
fbem-14769	129	1	6	6	NUM
fbem-14769	129	2	.	.	X
fbem-14769	129	3	mechanism	mechanism	NOUN
fbem-14769	129	4	of	of	ADP
fbem-14769	129	5	action	action	NOUN
fbem-14769	129	6	test	test	NOUN
fbem-14769	129	7	in	in	ADP
fbem-14769	129	8	this	this	DET
fbem-14769	129	9	paper	paper	NOUN
fbem-14769	129	10	,	,	PUNCT
fbem-14769	129	11	we	we	PRON
fbem-14769	129	12	believe	believe	VERB
fbem-14769	129	13	that	that	SCONJ
fbem-14769	129	14	financing	financing	NOUN
fbem-14769	129	15	constraints	constraint	NOUN
fbem-14769	129	16	affect	affect	VERB
fbem-14769	129	17	the	the	DET
fbem-14769	129	18	marketization	marketization	NOUN
fbem-14769	129	19	process	process	NOUN
fbem-14769	129	20	mainly	mainly	ADV
fbem-14769	129	21	through	through	ADP
fbem-14769	129	22	three	three	NUM
fbem-14769	129	23	mechanisms	mechanism	NOUN
fbem-14769	129	24	:	:	PUNCT
fbem-14769	129	25	enterprise	enterprise	NOUN
fbem-14769	129	26	innovation	innovation	NOUN
fbem-14769	129	27	,	,	PUNCT
fbem-14769	129	28	enterprise	enterprise	NOUN
fbem-14769	129	29	investment	investment	NOUN
fbem-14769	129	30	and	and	CCONJ
fbem-14769	129	31	residents	resident	NOUN
fbem-14769	129	32	'	'	PART
fbem-14769	129	33	consumption	consumption	NOUN
fbem-14769	129	34	demand	demand	NOUN
fbem-14769	129	35	.	.	PUNCT
fbem-14769	130	1	according	accord	VERB
fbem-14769	130	2	to	to	ADP
fbem-14769	130	3	the	the	DET
fbem-14769	130	4	model	model	NOUN
fbem-14769	130	5	,	,	PUNCT
fbem-14769	130	6	if	if	SCONJ
fbem-14769	130	7	the	the	DET
fbem-14769	130	8	coefficient	coefficient	NOUN
fbem-14769	130	9	β1	β1	PROPN
fbem-14769	130	10	is	be	AUX
fbem-14769	130	11	significant	significant	ADJ
fbem-14769	130	12	,	,	PUNCT
fbem-14769	130	13	then	then	ADV
fbem-14769	130	14	test	test	VERB
fbem-14769	130	15	the	the	DET
fbem-14769	130	16	effect	effect	NOUN
fbem-14769	130	17	of	of	ADP
fbem-14769	130	18	explanatory	explanatory	ADJ
fbem-14769	130	19	variable	variable	ADJ
fbem-14769	130	20	kz	kz	PROPN
fbem-14769	130	21	on	on	ADP
fbem-14769	130	22	mediating	mediate	VERB
fbem-14769	130	23	variable	variable	ADJ
fbem-14769	130	24	rd	rd	NOUN
fbem-14769	130	25	;	;	PUNCT
fbem-14769	130	26	if	if	SCONJ
fbem-14769	130	27	the	the	DET
fbem-14769	130	28	coefficient	coefficient	NOUN
fbem-14769	130	29	µ1	µ1	PROPN
fbem-14769	130	30	is	be	AUX
fbem-14769	130	31	significant	significant	ADJ
fbem-14769	130	32	,	,	PUNCT
fbem-14769	130	33	then	then	ADV
fbem-14769	130	34	test	test	VERB
fbem-14769	130	35	the	the	DET
fbem-14769	130	36	effect	effect	NOUN
fbem-14769	130	37	of	of	ADP
fbem-14769	130	38	explanatory	explanatory	ADJ
fbem-14769	130	39	variables	variable	NOUN
fbem-14769	130	40	and	and	CCONJ
fbem-14769	130	41	mediating	mediate	VERB
fbem-14769	130	42	variables	variable	NOUN
fbem-14769	130	43	on	on	ADP
fbem-14769	130	44	the	the	DET
fbem-14769	130	45	explained	explain	VERB
fbem-14769	130	46	variables	variable	NOUN
fbem-14769	130	47	;	;	PUNCT
fbem-14769	130	48	if	if	SCONJ
fbem-14769	130	49	the	the	DET
fbem-14769	130	50	coefficient	coefficient	NOUN
fbem-14769	130	51	φ1	φ1	PROPN
fbem-14769	130	52	is	be	AUX
fbem-14769	130	53	significant	significant	ADJ
fbem-14769	130	54	and	and	CCONJ
fbem-14769	130	55	the	the	DET
fbem-14769	130	56	coefficient	coefficient	NOUN
fbem-14769	130	57	φ2	φ2	PROPN
fbem-14769	130	58	is	be	AUX
fbem-14769	130	59	not	not	PART
fbem-14769	130	60	significant	significant	ADJ
fbem-14769	130	61	,	,	PUNCT
fbem-14769	130	62	then	then	ADV
fbem-14769	130	63	the	the	DET
fbem-14769	130	64	mediating	mediate	VERB
fbem-14769	130	65	variable	variable	ADJ
fbem-14769	130	66	rd	rd	PROPN
fbem-14769	130	67	is	be	AUX
fbem-14769	130	68	fully	fully	ADV
fbem-14769	130	69	mediated	mediate	VERB
fbem-14769	130	70	effect	effect	NOUN
fbem-14769	130	71	;	;	PUNCT
fbem-14769	130	72	if	if	SCONJ
fbem-14769	130	73	the	the	DET
fbem-14769	130	74	coefficient	coefficient	NOUN
fbem-14769	130	75	φ1	φ1	PROPN
fbem-14769	130	76	is	be	AUX
fbem-14769	130	77	significant	significant	ADJ
fbem-14769	130	78	and	and	CCONJ
fbem-14769	130	79	the	the	DET
fbem-14769	130	80	coefficient	coefficient	NOUN
fbem-14769	130	81	φ2	φ2	PROPN
fbem-14769	130	82	is	be	AUX
fbem-14769	130	83	significant	significant	ADJ
fbem-14769	130	84	,	,	PUNCT
fbem-14769	130	85	then	then	ADV
fbem-14769	130	86	the	the	DET
fbem-14769	130	87	mediating	mediate	VERB
fbem-14769	130	88	variable	variable	ADJ
fbem-14769	130	89	rd	rd	PROPN
fbem-14769	130	90	is	be	AUX
fbem-14769	130	91	partially	partially	ADV
fbem-14769	130	92	mediated	mediate	VERB
fbem-14769	130	93	effect	effect	NOUN
fbem-14769	130	94	;	;	PUNCT
fbem-14769	130	95	if	if	SCONJ
fbem-14769	130	96	the	the	DET
fbem-14769	130	97	coefficient	coefficient	NOUN
fbem-14769	130	98	φ1	φ1	PROPN
fbem-14769	130	99	is	be	AUX
fbem-14769	130	100	not	not	PART
fbem-14769	130	101	significant	significant	ADJ
fbem-14769	130	102	,	,	PUNCT
fbem-14769	130	103	then	then	ADV
fbem-14769	130	104	there	there	PRON
fbem-14769	130	105	is	be	VERB
fbem-14769	130	106	no	no	PRON
fbem-14769	130	107	if	if	SCONJ
fbem-14769	130	108	the	the	DET
fbem-14769	130	109	coefficient	coefficient	NOUN
fbem-14769	130	110	φ	φ	PROPN
fbem-14769	130	111	is	be	AUX
fbem-14769	130	112	not	not	PART
fbem-14769	130	113	significant	significant	ADJ
fbem-14769	130	114	,	,	PUNCT
fbem-14769	130	115	there	there	PRON
fbem-14769	130	116	is	be	VERB
fbem-14769	130	117	no	no	DET
fbem-14769	130	118	mediating	mediate	VERB
fbem-14769	130	119	effect	effect	NOUN
fbem-14769	130	120	.	.	PUNCT
fbem-14769	131	1	6.1	6.1	NUM
fbem-14769	131	2	.	.	PUNCT
fbem-14769	131	3	financing	financing	NOUN
fbem-14769	131	4	constraints	constraint	NOUN
fbem-14769	131	5	,	,	PUNCT
fbem-14769	131	6	firm	firm	ADJ
fbem-14769	131	7	innovation	innovation	NOUN
fbem-14769	131	8	and	and	CCONJ
fbem-14769	131	9	the	the	DET
fbem-14769	131	10	marketization	marketization	NOUN
fbem-14769	131	11	process	process	NOUN
fbem-14769	131	12	the	the	DET
fbem-14769	131	13	regression	regression	NOUN
fbem-14769	131	14	results	result	NOUN
fbem-14769	131	15	are	be	AUX
fbem-14769	131	16	shown	show	VERB
fbem-14769	131	17	in	in	ADP
fbem-14769	131	18	table	table	NOUN
fbem-14769	131	19	3	3	NUM
fbem-14769	131	20	:	:	PUNCT
fbem-14769	131	21	in	in	ADP
fbem-14769	131	22	column	column	NOUN
fbem-14769	131	23	(	(	PUNCT
fbem-14769	131	24	1	1	NUM
fbem-14769	131	25	)	)	PUNCT
fbem-14769	131	26	,	,	PUNCT
fbem-14769	131	27	the	the	DET
fbem-14769	131	28	coefficient	coefficient	NOUN
fbem-14769	131	29	of	of	ADP
fbem-14769	131	30	the	the	DET
fbem-14769	131	31	explanatory	explanatory	ADJ
fbem-14769	131	32	variable	variable	NOUN
fbem-14769	131	33	kz	kz	PROPN
fbem-14769	131	34	is	be	AUX
fbem-14769	131	35	about	about	ADP
fbem-14769	131	36	-0.017	-0.017	ADP
fbem-14769	131	37	,	,	PUNCT
fbem-14769	131	38	which	which	PRON
fbem-14769	131	39	is	be	AUX
fbem-14769	131	40	significant	significant	ADJ
fbem-14769	131	41	and	and	CCONJ
fbem-14769	131	42	negative	negative	ADJ
fbem-14769	131	43	at	at	ADP
fbem-14769	131	44	1	1	NUM
fbem-14769	131	45	%	%	NOUN
fbem-14769	131	46	level	level	NOUN
fbem-14769	131	47	;	;	PUNCT
fbem-14769	131	48	in	in	ADP
fbem-14769	131	49	column	column	NOUN
fbem-14769	131	50	(	(	PUNCT
fbem-14769	131	51	2	2	NUM
fbem-14769	131	52	)	)	PUNCT
fbem-14769	131	53	,	,	PUNCT
fbem-14769	131	54	the	the	DET
fbem-14769	131	55	coefficient	coefficient	NOUN
fbem-14769	131	56	of	of	ADP
fbem-14769	131	57	kz	kz	PROPN
fbem-14769	131	58	is	be	AUX
fbem-14769	131	59	about	about	ADP
fbem-14769	131	60	-0.036	-0.036	NOUN
fbem-14769	131	61	,	,	PUNCT
fbem-14769	131	62	which	which	PRON
fbem-14769	131	63	is	be	AUX
fbem-14769	131	64	significant	significant	ADJ
fbem-14769	131	65	and	and	CCONJ
fbem-14769	131	66	negative	negative	ADJ
fbem-14769	131	67	at	at	ADP
fbem-14769	131	68	1	1	NUM
fbem-14769	131	69	%	%	NOUN
fbem-14769	131	70	level	level	NOUN
fbem-14769	131	71	,	,	PUNCT
fbem-14769	131	72	indicating	indicate	VERB
fbem-14769	131	73	that	that	SCONJ
fbem-14769	131	74	financing	financing	NOUN
fbem-14769	131	75	constraints	constraint	NOUN
fbem-14769	131	76	negatively	negatively	ADV
fbem-14769	131	77	affect	affect	VERB
fbem-14769	131	78	innovation	innovation	NOUN
fbem-14769	131	79	;	;	PUNCT
fbem-14769	131	80	in	in	ADP
fbem-14769	131	81	column	column	NOUN
fbem-14769	131	82	(	(	PUNCT
fbem-14769	131	83	3	3	NUM
fbem-14769	131	84	)	)	PUNCT
fbem-14769	131	85	,	,	PUNCT
fbem-14769	131	86	both	both	CCONJ
fbem-14769	131	87	kz	kz	PROPN
fbem-14769	131	88	and	and	CCONJ
fbem-14769	131	89	rd	rd	PROPN
fbem-14769	131	90	are	be	AUX
fbem-14769	131	91	examined	examine	VERB
fbem-14769	131	92	in	in	ADP
fbem-14769	131	93	terms	term	NOUN
fbem-14769	131	94	of	of	ADP
fbem-14769	131	95	their	their	PRON
fbem-14769	131	96	impact	impact	NOUN
fbem-14769	131	97	on	on	ADP
fbem-14769	131	98	the	the	DET
fbem-14769	131	99	marketization	marketization	NOUN
fbem-14769	131	100	process	process	NOUN
fbem-14769	131	101	,	,	PUNCT
fbem-14769	131	102	and	and	CCONJ
fbem-14769	131	103	the	the	DET
fbem-14769	131	104	coefficient	coefficient	NOUN
fbem-14769	131	105	of	of	ADP
fbem-14769	131	106	kz	kz	PROPN
fbem-14769	131	107	is	be	AUX
fbem-14769	131	108	about	about	ADP
fbem-14769	131	109	-0.016	-0.016	PRON
fbem-14769	131	110	and	and	CCONJ
fbem-14769	131	111	the	the	DET
fbem-14769	131	112	degree	degree	NOUN
fbem-14769	131	113	of	of	ADP
fbem-14769	131	114	influence	influence	NOUN
fbem-14769	131	115	has	have	AUX
fbem-14769	131	116	decreased	decrease	VERB
fbem-14769	131	117	compared	compare	VERB
fbem-14769	131	118	to	to	ADP
fbem-14769	131	119	the	the	DET
fbem-14769	131	120	previous	previous	ADJ
fbem-14769	131	121	one	one	NOUN
fbem-14769	131	122	,	,	PUNCT
fbem-14769	131	123	which	which	PRON
fbem-14769	131	124	is	be	AUX
fbem-14769	131	125	significant	significant	ADJ
fbem-14769	131	126	at	at	ADP
fbem-14769	131	127	the	the	DET
fbem-14769	131	128	5	5	NUM
fbem-14769	131	129	%	%	NOUN
fbem-14769	131	130	level	level	NOUN
fbem-14769	131	131	,	,	PUNCT
fbem-14769	131	132	and	and	CCONJ
fbem-14769	131	133	the	the	DET
fbem-14769	131	134	rd	rd	NOUN
fbem-14769	131	135	coefficient	coefficient	NOUN
fbem-14769	131	136	is	be	AUX
fbem-14769	131	137	about	about	ADV
fbem-14769	131	138	0.036	0.036	NUM
fbem-14769	131	139	,	,	PUNCT
fbem-14769	131	140	which	which	PRON
fbem-14769	131	141	is	be	AUX
fbem-14769	131	142	significant	significant	ADJ
fbem-14769	131	143	at	at	ADP
fbem-14769	131	144	the	the	DET
fbem-14769	131	145	1	1	NUM
fbem-14769	131	146	%	%	NOUN
fbem-14769	131	147	level	level	NOUN
fbem-14769	131	148	.	.	PUNCT
fbem-14769	132	1	the	the	DET
fbem-14769	132	2	sobel	sobel	PROPN
fbem-14769	132	3	test	test	NOUN
fbem-14769	132	4	for	for	ADP
fbem-14769	132	5	the	the	DET
fbem-14769	132	6	mediating	mediate	VERB
fbem-14769	132	7	effect	effect	NOUN
fbem-14769	132	8	shows	show	VERB
fbem-14769	132	9	a	a	DET
fbem-14769	132	10	z	z	NOUN
fbem-14769	132	11	value	value	NOUN
fbem-14769	132	12	of	of	ADP
fbem-14769	132	13	3.729	3.729	NUM
fbem-14769	132	14	and	and	CCONJ
fbem-14769	132	15	is	be	AUX
fbem-14769	132	16	significant	significant	ADJ
fbem-14769	132	17	at	at	ADP
fbem-14769	132	18	the	the	DET
fbem-14769	132	19	1	1	NUM
fbem-14769	132	20	%	%	NOUN
fbem-14769	132	21	level	level	NOUN
fbem-14769	132	22	.	.	PUNCT
fbem-14769	133	1	bootstrap	bootstrap	NOUN
fbem-14769	133	2	test	test	NOUN
fbem-14769	133	3	of	of	ADP
fbem-14769	133	4	mediation	mediation	NOUN
fbem-14769	133	5	effect	effect	NOUN
fbem-14769	133	6	(	(	PUNCT
fbem-14769	133	7	set	set	VERB
fbem-14769	133	8	the	the	DET
fbem-14769	133	9	number	number	NOUN
fbem-14769	133	10	of	of	ADP
fbem-14769	133	11	regressions	regression	NOUN
fbem-14769	133	12	as	as	ADP
fbem-14769	133	13	500	500	NUM
fbem-14769	133	14	)	)	PUNCT
fbem-14769	133	15	shows	show	VERB
fbem-14769	133	16	that	that	SCONJ
fbem-14769	133	17	the	the	DET
fbem-14769	133	18	z	z	NOUN
fbem-14769	133	19	value	value	NOUN
fbem-14769	133	20	of	of	ADP
fbem-14769	133	21	rd	rd	NOUN
fbem-14769	133	22	is	be	AUX
fbem-14769	133	23	-3.59	-3.59	VERB
fbem-14769	133	24	with	with	ADP
fbem-14769	133	25	a	a	DET
fbem-14769	133	26	p	p	NOUN
fbem-14769	133	27	-	-	PUNCT
fbem-14769	133	28	value	value	NOUN
fbem-14769	133	29	of	of	ADP
fbem-14769	133	30	0	0	NUM
fbem-14769	133	31	,	,	PUNCT
fbem-14769	133	32	which	which	PRON
fbem-14769	133	33	does	do	AUX
fbem-14769	133	34	not	not	PART
fbem-14769	133	35	include	include	VERB
fbem-14769	133	36	the	the	DET
fbem-14769	133	37	value	value	NOUN
fbem-14769	133	38	of	of	ADP
fbem-14769	133	39	0	0	NUM
fbem-14769	133	40	in	in	ADP
fbem-14769	133	41	95	95	NUM
fbem-14769	133	42	%	%	NOUN
fbem-14769	133	43	confidence	confidence	NOUN
fbem-14769	133	44	interval	interval	NOUN
fbem-14769	133	45	,	,	PUNCT
fbem-14769	133	46	and	and	CCONJ
fbem-14769	133	47	the	the	DET
fbem-14769	133	48	z	z	NOUN
fbem-14769	133	49	value	value	NOUN
fbem-14769	133	50	of	of	ADP
fbem-14769	133	51	kz	kz	PROPN
fbem-14769	133	52	is	be	AUX
fbem-14769	133	53	-2.46	-2.46	NUM
fbem-14769	133	54	with	with	ADP
fbem-14769	133	55	a	a	DET
fbem-14769	133	56	p	p	NOUN
fbem-14769	133	57	-	-	PUNCT
fbem-14769	133	58	value	value	NOUN
fbem-14769	133	59	of	of	ADP
fbem-14769	133	60	0.014	0.014	NUM
fbem-14769	133	61	,	,	PUNCT
fbem-14769	133	62	which	which	PRON
fbem-14769	133	63	does	do	AUX
fbem-14769	133	64	not	not	PART
fbem-14769	133	65	include	include	VERB
fbem-14769	133	66	the	the	DET
fbem-14769	133	67	value	value	NOUN
fbem-14769	133	68	of	of	ADP
fbem-14769	133	69	0	0	NUM
fbem-14769	133	70	in	in	ADP
fbem-14769	133	71	95	95	NUM
fbem-14769	133	72	%	%	NOUN
fbem-14769	133	73	confidence	confidence	NOUN
fbem-14769	133	74	interval	interval	NOUN
fbem-14769	133	75	,	,	PUNCT
fbem-14769	133	76	which	which	PRON
fbem-14769	133	77	proves	prove	VERB
fbem-14769	133	78	that	that	SCONJ
fbem-14769	133	79	there	there	PRON
fbem-14769	133	80	is	be	VERB
fbem-14769	133	81	a	a	DET
fbem-14769	133	82	mediation	mediation	NOUN
fbem-14769	133	83	effect	effect	NOUN
fbem-14769	133	84	.	.	PUNCT
fbem-14769	134	1	both	both	CCONJ
fbem-14769	134	2	the	the	DET
fbem-14769	134	3	sobel	sobel	PROPN
fbem-14769	134	4	test	test	PROPN
fbem-14769	134	5	and	and	CCONJ
fbem-14769	134	6	bootstrap	bootstrap	NOUN
fbem-14769	134	7	test	test	NOUN
fbem-14769	134	8	are	be	AUX
fbem-14769	134	9	passed	pass	VERB
fbem-14769	134	10	,	,	PUNCT
fbem-14769	134	11	and	and	CCONJ
fbem-14769	134	12	corporate	corporate	ADJ
fbem-14769	134	13	innovation	innovation	NOUN
fbem-14769	134	14	is	be	AUX
fbem-14769	134	15	the	the	DET
fbem-14769	134	16	most	most	ADV
fbem-14769	134	17	important	important	ADJ
fbem-14769	134	18	factor	factor	NOUN
fbem-14769	134	19	in	in	ADP
fbem-14769	134	20	the	the	DET
fbem-14769	134	21	development	development	NOUN
fbem-14769	134	22	and	and	CCONJ
fbem-14769	134	23	growth	growth	NOUN
fbem-14769	134	24	of	of	ADP
fbem-14769	134	25	enterprises	enterprise	NOUN
fbem-14769	134	26	.	.	PUNCT
fbem-14769	135	1	test	test	NOUN
fbem-14769	135	2	both	both	PRON
fbem-14769	135	3	pass	pass	VERB
fbem-14769	135	4	,	,	PUNCT
fbem-14769	135	5	corporate	corporate	ADJ
fbem-14769	135	6	innovation	innovation	NOUN
fbem-14769	135	7	is	be	AUX
fbem-14769	135	8	the	the	DET
fbem-14769	135	9	mechanism	mechanism	NOUN
fbem-14769	135	10	by	by	ADP
fbem-14769	135	11	which	which	PRON
fbem-14769	135	12	financing	financing	NOUN
fbem-14769	135	13	constraints	constraint	NOUN
fbem-14769	135	14	affect	affect	VERB
fbem-14769	135	15	the	the	DET
fbem-14769	135	16	marketization	marketization	NOUN
fbem-14769	135	17	process	process	NOUN
fbem-14769	135	18	,	,	PUNCT
fbem-14769	135	19	and	and	CCONJ
fbem-14769	135	20	hypothesis	hypothesis	NOUN
fbem-14769	135	21	one	one	NOUN
fbem-14769	135	22	is	be	AUX
fbem-14769	135	23	valid	valid	ADJ
fbem-14769	135	24	.	.	PUNCT
fbem-14769	136	1	106	106	NUM
fbem-14769	136	2	table	table	NOUN
fbem-14769	136	3	3	3	NUM
fbem-14769	136	4	.	.	PUNCT
fbem-14769	136	5	financing	financing	NOUN
fbem-14769	136	6	constraints	constraint	NOUN
fbem-14769	136	7	,	,	PUNCT
fbem-14769	136	8	firm	firm	ADJ
fbem-14769	136	9	innovation	innovation	NOUN
fbem-14769	136	10	and	and	CCONJ
fbem-14769	136	11	the	the	DET
fbem-14769	136	12	marketization	marketization	NOUN
fbem-14769	136	13	process	process	NOUN
fbem-14769	136	14	variable	variable	NOUN
fbem-14769	136	15	(	(	PUNCT
fbem-14769	136	16	1	1	NUM
fbem-14769	136	17	)	)	PUNCT
fbem-14769	136	18	market	market	NOUN
fbem-14769	136	19	(	(	PUNCT
fbem-14769	136	20	2	2	NUM
fbem-14769	136	21	)	)	PUNCT
fbem-14769	136	22	rd	rd	NOUN
fbem-14769	136	23	(	(	PUNCT
fbem-14769	136	24	3	3	X
fbem-14769	136	25	)	)	PUNCT
fbem-14769	136	26	market	market	NOUN
fbem-14769	136	27	kz	kz	PROPN
fbem-14769	136	28	-0.017	-0.017	PUNCT
fbem-14769	136	29	*	*	PROPN
fbem-14769	136	30	*	*	PUNCT
fbem-14769	136	31	*	*	PUNCT
fbem-14769	136	32	(	(	PUNCT
fbem-14769	136	33	0.007	0.007	NUM
fbem-14769	136	34	)	)	PUNCT
fbem-14769	136	35	-0.036	-0.036	NOUN
fbem-14769	137	1	*	*	PUNCT
fbem-14769	137	2	*	*	PUNCT
fbem-14769	137	3	*	*	PUNCT
fbem-14769	137	4	(	(	PUNCT
fbem-14769	137	5	0.006	0.006	NUM
fbem-14769	137	6	)	)	PUNCT
fbem-14769	137	7	-0.016	-0.016	PROPN
fbem-14769	138	1	*	*	PUNCT
fbem-14769	138	2	*	*	PUNCT
fbem-14769	138	3	(	(	PUNCT
fbem-14769	138	4	0.007	0.007	NUM
fbem-14769	138	5	)	)	PUNCT
fbem-14769	138	6	rd	rd	NOUN
fbem-14769	138	7	0.036	0.036	NUM
fbem-14769	138	8	*	*	PUNCT
fbem-14769	138	9	*	*	PUNCT
fbem-14769	138	10	*	*	PUNCT
fbem-14769	138	11	(	(	PUNCT
fbem-14769	138	12	0.008	0.008	NUM
fbem-14769	138	13	)	)	PUNCT
fbem-14769	138	14	_	_	NOUN
fbem-14769	138	15	cons	con	NOUN
fbem-14769	138	16	14.509	14.509	NUM
fbem-14769	138	17	*	*	PUNCT
fbem-14769	138	18	*	*	PUNCT
fbem-14769	138	19	*	*	PUNCT
fbem-14769	138	20	(	(	PUNCT
fbem-14769	138	21	1.614	1.614	NUM
fbem-14769	138	22	)	)	PUNCT
fbem-14769	138	23	9.680	9.680	NUM
fbem-14769	138	24	*	*	PUNCT
fbem-14769	138	25	*	*	PUNCT
fbem-14769	138	26	*	*	PUNCT
fbem-14769	138	27	(	(	PUNCT
fbem-14769	138	28	1.437	1.437	NUM
fbem-14769	138	29	)	)	PUNCT
fbem-14769	138	30	14.157	14.157	NUM
fbem-14769	138	31	*	*	PUNCT
fbem-14769	138	32	*	*	PUNCT
fbem-14769	138	33	*	*	PUNCT
fbem-14769	138	34	(	(	PUNCT
fbem-14769	138	35	1.614	1.614	NUM
fbem-14769	138	36	)	)	PUNCT
fbem-14769	138	37	control	control	NOUN
fbem-14769	138	38	variable	variable	NOUN
fbem-14769	139	1	yes	yes	INTJ
fbem-14769	139	2	yes	yes	INTJ
fbem-14769	140	1	yes	yes	INTJ
fbem-14769	140	2	industry	industry	NOUN
fbem-14769	140	3	dummy	dummy	NOUN
fbem-14769	140	4	variables	variable	NOUN
fbem-14769	141	1	yes	yes	INTJ
fbem-14769	142	1	yes	yes	INTJ
fbem-14769	143	1	yes	yes	INTJ
fbem-14769	143	2	year	year	NOUN
fbem-14769	143	3	dummy	dummy	ADJ
fbem-14769	143	4	variable	variable	NOUN
fbem-14769	144	1	yes	yes	INTJ
fbem-14769	144	2	yes	yes	INTJ
fbem-14769	144	3	yes	yes	INTJ
fbem-14769	144	4	observed	observe	VERB
fbem-14769	144	5	quantity	quantity	NOUN
fbem-14769	144	6	21480	21480	NUM
fbem-14769	144	7	21480	21480	NUM
fbem-14769	144	8	21480	21480	NUM
fbem-14769	144	9	variance	variance	NOUN
fbem-14769	144	10	(	(	PUNCT
fbem-14769	144	11	statistics	statistic	NOUN
fbem-14769	144	12	)	)	PUNCT
fbem-14769	144	13	0.501	0.501	NUM
fbem-14769	144	14	0.495	0.495	NUM
fbem-14769	144	15	0.502	0.502	NUM
fbem-14769	144	16	6.2	6.2	NUM
fbem-14769	144	17	.	.	PUNCT
fbem-14769	145	1	financing	financing	NOUN
fbem-14769	145	2	constraints	constraint	NOUN
fbem-14769	145	3	,	,	PUNCT
fbem-14769	145	4	enterprise	enterprise	NOUN
fbem-14769	145	5	investment	investment	NOUN
fbem-14769	145	6	and	and	CCONJ
fbem-14769	145	7	the	the	DET
fbem-14769	145	8	marketization	marketization	NOUN
fbem-14769	145	9	process	process	NOUN
fbem-14769	145	10	the	the	DET
fbem-14769	145	11	regression	regression	NOUN
fbem-14769	145	12	results	result	NOUN
fbem-14769	145	13	are	be	AUX
fbem-14769	145	14	shown	show	VERB
fbem-14769	145	15	in	in	ADP
fbem-14769	145	16	table	table	NOUN
fbem-14769	145	17	4	4	NUM
fbem-14769	145	18	:	:	PUNCT
fbem-14769	145	19	in	in	ADP
fbem-14769	145	20	column	column	NOUN
fbem-14769	145	21	(	(	PUNCT
fbem-14769	145	22	1	1	NUM
fbem-14769	145	23	)	)	PUNCT
fbem-14769	145	24	,	,	PUNCT
fbem-14769	145	25	the	the	DET
fbem-14769	145	26	coefficient	coefficient	NOUN
fbem-14769	145	27	of	of	ADP
fbem-14769	145	28	kz	kz	PROPN
fbem-14769	145	29	is	be	AUX
fbem-14769	145	30	about	about	ADP
fbem-14769	145	31	-0.018	-0.018	PUNCT
fbem-14769	145	32	and	and	CCONJ
fbem-14769	145	33	significant	significant	ADJ
fbem-14769	145	34	at	at	ADP
fbem-14769	145	35	1	1	NUM
fbem-14769	145	36	%	%	NOUN
fbem-14769	145	37	level	level	NOUN
fbem-14769	145	38	;	;	PUNCT
fbem-14769	145	39	in	in	ADP
fbem-14769	145	40	column	column	NOUN
fbem-14769	145	41	(	(	PUNCT
fbem-14769	145	42	2	2	NUM
fbem-14769	145	43	)	)	PUNCT
fbem-14769	145	44	,	,	PUNCT
fbem-14769	145	45	the	the	DET
fbem-14769	145	46	coefficient	coefficient	NOUN
fbem-14769	145	47	of	of	ADP
fbem-14769	145	48	kz	kz	PROPN
fbem-14769	145	49	is	be	AUX
fbem-14769	145	50	about	about	ADP
fbem-14769	145	51	-0.003	-0.003	NOUN
fbem-14769	145	52	and	and	CCONJ
fbem-14769	145	53	significant	significant	ADJ
fbem-14769	145	54	at	at	ADP
fbem-14769	145	55	1	1	NUM
fbem-14769	145	56	%	%	NOUN
fbem-14769	145	57	level	level	NOUN
fbem-14769	145	58	,	,	PUNCT
fbem-14769	145	59	which	which	PRON
fbem-14769	145	60	indicates	indicate	VERB
fbem-14769	145	61	that	that	SCONJ
fbem-14769	145	62	financing	financing	NOUN
fbem-14769	145	63	constraints	constraint	NOUN
fbem-14769	145	64	are	be	AUX
fbem-14769	145	65	negatively	negatively	ADV
fbem-14769	145	66	related	relate	VERB
fbem-14769	145	67	to	to	ADP
fbem-14769	145	68	the	the	DET
fbem-14769	145	69	investment	investment	NOUN
fbem-14769	145	70	efficiency	efficiency	NOUN
fbem-14769	145	71	of	of	ADP
fbem-14769	145	72	firms	firm	NOUN
fbem-14769	145	73	;	;	PUNCT
fbem-14769	145	74	in	in	ADP
fbem-14769	145	75	column	column	NOUN
fbem-14769	145	76	(	(	PUNCT
fbem-14769	145	77	3	3	NUM
fbem-14769	145	78	)	)	PUNCT
fbem-14769	145	79	,	,	PUNCT
fbem-14769	145	80	the	the	DET
fbem-14769	145	81	coefficient	coefficient	NOUN
fbem-14769	145	82	of	of	ADP
fbem-14769	145	83	kz	kz	PROPN
fbem-14769	145	84	is	be	AUX
fbem-14769	145	85	about	about	ADP
fbem-14769	145	86	-0.019	-0.019	ADJ
fbem-14769	145	87	and	and	CCONJ
fbem-14769	145	88	significant	significant	ADJ
fbem-14769	145	89	at	at	ADP
fbem-14769	145	90	1	1	NUM
fbem-14769	145	91	%	%	NOUN
fbem-14769	145	92	level	level	NOUN
fbem-14769	145	93	,	,	PUNCT
fbem-14769	145	94	and	and	CCONJ
fbem-14769	145	95	the	the	DET
fbem-14769	145	96	coefficient	coefficient	NOUN
fbem-14769	145	97	of	of	ADP
fbem-14769	145	98	investment	investment	NOUN
fbem-14769	145	99	is	be	AUX
fbem-14769	145	100	about	about	ADV
fbem-14769	145	101	-0.302	-0.302	PUNCT
fbem-14769	145	102	and	and	CCONJ
fbem-14769	145	103	significant	significant	ADJ
fbem-14769	145	104	at	at	ADP
fbem-14769	145	105	5	5	NUM
fbem-14769	145	106	%	%	NOUN
fbem-14769	145	107	level	level	NOUN
fbem-14769	145	108	.	.	PUNCT
fbem-14769	146	1	sobel	sobel	PROPN
fbem-14769	146	2	's	's	PART
fbem-14769	146	3	test	test	NOUN
fbem-14769	146	4	shows	show	VERB
fbem-14769	146	5	that	that	SCONJ
fbem-14769	146	6	z	z	NOUN
fbem-14769	146	7	value	value	NOUN
fbem-14769	146	8	is	be	AUX
fbem-14769	146	9	2.157	2.157	NUM
fbem-14769	146	10	with	with	ADP
fbem-14769	146	11	p	p	NOUN
fbem-14769	146	12	-	-	PUNCT
fbem-14769	146	13	value	value	NOUN
fbem-14769	146	14	of	of	ADP
fbem-14769	146	15	0.031	0.031	NUM
fbem-14769	146	16	,	,	PUNCT
fbem-14769	146	17	which	which	PRON
fbem-14769	146	18	is	be	AUX
fbem-14769	146	19	significant	significant	ADJ
fbem-14769	146	20	at	at	ADP
fbem-14769	146	21	5	5	NUM
fbem-14769	146	22	%	%	NOUN
fbem-14769	146	23	level	level	NOUN
fbem-14769	146	24	.	.	PUNCT
fbem-14769	147	1	bootstrap	bootstrap	NOUN
fbem-14769	147	2	's	's	PART
fbem-14769	147	3	test	test	NOUN
fbem-14769	147	4	shows	show	VERB
fbem-14769	147	5	that	that	SCONJ
fbem-14769	147	6	z	z	NOUN
fbem-14769	147	7	value	value	NOUN
fbem-14769	147	8	is	be	AUX
fbem-14769	147	9	2.28	2.28	NUM
fbem-14769	147	10	with	with	ADP
fbem-14769	147	11	p	p	NOUN
fbem-14769	147	12	-	-	PUNCT
fbem-14769	147	13	value	value	NOUN
fbem-14769	147	14	of	of	ADP
fbem-14769	147	15	0.023	0.023	NUM
fbem-14769	147	16	,	,	PUNCT
fbem-14769	147	17	which	which	PRON
fbem-14769	147	18	does	do	AUX
fbem-14769	147	19	n't	not	PART
fbem-14769	147	20	contain	contain	VERB
fbem-14769	147	21	zero	zero	NUM
fbem-14769	147	22	value	value	NOUN
fbem-14769	147	23	at	at	ADP
fbem-14769	147	24	95	95	NUM
fbem-14769	147	25	%	%	NOUN
fbem-14769	147	26	confidence	confidence	NOUN
fbem-14769	147	27	interval	interval	NOUN
fbem-14769	147	28	.	.	PUNCT
fbem-14769	148	1	the	the	DET
fbem-14769	148	2	result	result	NOUN
fbem-14769	148	3	of	of	ADP
fbem-14769	148	4	the	the	DET
fbem-14769	148	5	test	test	NOUN
fbem-14769	148	6	proves	prove	VERB
fbem-14769	148	7	that	that	SCONJ
fbem-14769	148	8	hypothesis	hypothesis	NOUN
fbem-14769	148	9	two	two	NUM
fbem-14769	148	10	is	be	AUX
fbem-14769	148	11	valid	valid	ADJ
fbem-14769	148	12	and	and	CCONJ
fbem-14769	148	13	the	the	DET
fbem-14769	148	14	mediating	mediate	VERB
fbem-14769	148	15	effect	effect	NOUN
fbem-14769	148	16	of	of	ADP
fbem-14769	148	17	business	business	NOUN
fbem-14769	148	18	investment	investment	NOUN
fbem-14769	148	19	is	be	AUX
fbem-14769	148	20	established	establish	VERB
fbem-14769	148	21	.	.	PUNCT
fbem-14769	149	1	table	table	NOUN
fbem-14769	149	2	4	4	NUM
fbem-14769	149	3	.	.	PUNCT
fbem-14769	150	1	financing	financing	NOUN
fbem-14769	150	2	constraints	constraint	NOUN
fbem-14769	150	3	,	,	PUNCT
fbem-14769	150	4	business	business	NOUN
fbem-14769	150	5	investment	investment	NOUN
fbem-14769	150	6	and	and	CCONJ
fbem-14769	150	7	the	the	DET
fbem-14769	150	8	marketization	marketization	NOUN
fbem-14769	150	9	process	process	NOUN
fbem-14769	150	10	variable	variable	NOUN
fbem-14769	150	11	(	(	PUNCT
fbem-14769	150	12	1	1	NUM
fbem-14769	150	13	)	)	PUNCT
fbem-14769	150	14	market	market	NOUN
fbem-14769	150	15	(	(	PUNCT
fbem-14769	150	16	2	2	NUM
fbem-14769	150	17	)	)	PUNCT
fbem-14769	150	18	investment	investment	NOUN
fbem-14769	150	19	(	(	PUNCT
fbem-14769	150	20	3	3	X
fbem-14769	150	21	)	)	PUNCT
fbem-14769	150	22	market	market	NOUN
fbem-14769	150	23	kz	kz	PROPN
fbem-14769	150	24	-0.018	-0.018	PUNCT
fbem-14769	150	25	*	*	PUNCT
fbem-14769	150	26	*	*	PUNCT
fbem-14769	150	27	*	*	PUNCT
fbem-14769	150	28	(	(	PUNCT
fbem-14769	150	29	0.006	0.006	NUM
fbem-14769	150	30	)	)	PUNCT
fbem-14769	150	31	-0.003	-0.003	NOUN
fbem-14769	151	1	*	*	PUNCT
fbem-14769	151	2	*	*	PUNCT
fbem-14769	151	3	*	*	PUNCT
fbem-14769	151	4	(	(	PUNCT
fbem-14769	151	5	0.000	0.000	NUM
fbem-14769	151	6	)	)	PUNCT
fbem-14769	151	7	-0.019	-0.019	NOUN
fbem-14769	151	8	*	*	PUNCT
fbem-14769	151	9	*	*	PUNCT
fbem-14769	151	10	*	*	PUNCT
fbem-14769	151	11	(	(	PUNCT
fbem-14769	151	12	0.006	0.006	NUM
fbem-14769	151	13	)	)	PUNCT
fbem-14769	151	14	investment	investment	NOUN
fbem-14769	151	15	-0.302	-0.302	NOUN
fbem-14769	151	16	*	*	PUNCT
fbem-14769	151	17	*	*	PUNCT
fbem-14769	151	18	(	(	PUNCT
fbem-14769	151	19	0.137	0.137	NUM
fbem-14769	151	20	)	)	PUNCT
fbem-14769	152	1	_	_	PRON
fbem-14769	152	2	cons	con	NOUN
fbem-14769	152	3	10.686	10.686	NUM
fbem-14769	152	4	*	*	PUNCT
fbem-14769	152	5	*	*	PUNCT
fbem-14769	152	6	*	*	PUNCT
fbem-14769	152	7	(	(	PUNCT
fbem-14769	152	8	0.218	0.218	NUM
fbem-14769	152	9	)	)	PUNCT
fbem-14769	152	10	0.093	0.093	NUM
fbem-14769	152	11	*	*	PUNCT
fbem-14769	152	12	*	*	PUNCT
fbem-14769	152	13	*	*	PUNCT
fbem-14769	152	14	(	(	PUNCT
fbem-14769	152	15	0.011	0.011	NUM
fbem-14769	152	16	)	)	PUNCT
fbem-14769	152	17	10.714	10.714	NUM
fbem-14769	152	18	*	*	PUNCT
fbem-14769	152	19	*	*	PUNCT
fbem-14769	152	20	*	*	PUNCT
fbem-14769	152	21	(	(	PUNCT
fbem-14769	152	22	0.219	0.219	NUM
fbem-14769	152	23	)	)	PUNCT
fbem-14769	152	24	control	control	NOUN
fbem-14769	152	25	variable	variable	NOUN
fbem-14769	153	1	yes	yes	INTJ
fbem-14769	153	2	yes	yes	INTJ
fbem-14769	154	1	yes	yes	INTJ
fbem-14769	154	2	industry	industry	NOUN
fbem-14769	154	3	dummy	dummy	NOUN
fbem-14769	154	4	variables	variable	NOUN
fbem-14769	155	1	yes	yes	INTJ
fbem-14769	156	1	yes	yes	INTJ
fbem-14769	157	1	yes	yes	INTJ
fbem-14769	157	2	year	year	NOUN
fbem-14769	157	3	dummy	dummy	ADJ
fbem-14769	157	4	variable	variable	NOUN
fbem-14769	158	1	yes	yes	INTJ
fbem-14769	158	2	yes	yes	INTJ
fbem-14769	158	3	yes	yes	INTJ
fbem-14769	158	4	observed	observe	VERB
fbem-14769	158	5	quantity	quantity	NOUN
fbem-14769	158	6	22751	22751	NUM
fbem-14769	158	7	22751	22751	NUM
fbem-14769	158	8	22751	22751	NUM
fbem-14769	158	9	variance	variance	NOUN
fbem-14769	158	10	(	(	PUNCT
fbem-14769	158	11	statistics	statistic	NOUN
fbem-14769	158	12	)	)	PUNCT
fbem-14769	158	13	0.504	0.504	NUM
fbem-14769	158	14	0.088	0.088	NUM
fbem-14769	158	15	0.505	0.505	NUM
fbem-14769	158	16	6.3	6.3	NUM
fbem-14769	158	17	.	.	PUNCT
fbem-14769	159	1	financing	financing	NOUN
fbem-14769	159	2	constraints	constraint	NOUN
fbem-14769	159	3	,	,	PUNCT
fbem-14769	159	4	consumption	consumption	NOUN
fbem-14769	159	5	and	and	CCONJ
fbem-14769	159	6	the	the	DET
fbem-14769	159	7	marketization	marketization	NOUN
fbem-14769	159	8	process	process	NOUN
fbem-14769	159	9	the	the	DET
fbem-14769	159	10	regression	regression	NOUN
fbem-14769	159	11	results	result	NOUN
fbem-14769	159	12	are	be	AUX
fbem-14769	159	13	shown	show	VERB
fbem-14769	159	14	in	in	ADP
fbem-14769	159	15	table	table	NOUN
fbem-14769	159	16	5	5	NUM
fbem-14769	159	17	,	,	PUNCT
fbem-14769	159	18	in	in	ADP
fbem-14769	159	19	column	column	NOUN
fbem-14769	159	20	(	(	PUNCT
fbem-14769	159	21	1	1	NUM
fbem-14769	159	22	)	)	PUNCT
fbem-14769	159	23	,	,	PUNCT
fbem-14769	159	24	the	the	DET
fbem-14769	159	25	coefficient	coefficient	NOUN
fbem-14769	159	26	of	of	ADP
fbem-14769	159	27	kz	kz	PROPN
fbem-14769	159	28	is	be	AUX
fbem-14769	159	29	about	about	ADP
fbem-14769	159	30	-0.017	-0.017	ADP
fbem-14769	159	31	,	,	PUNCT
fbem-14769	159	32	which	which	PRON
fbem-14769	159	33	is	be	AUX
fbem-14769	159	34	significant	significant	ADJ
fbem-14769	159	35	at	at	ADP
fbem-14769	159	36	1	1	NUM
fbem-14769	159	37	%	%	NOUN
fbem-14769	159	38	level	level	NOUN
fbem-14769	159	39	;	;	PUNCT
fbem-14769	159	40	in	in	ADP
fbem-14769	159	41	column	column	NOUN
fbem-14769	159	42	(	(	PUNCT
fbem-14769	159	43	2	2	NUM
fbem-14769	159	44	)	)	PUNCT
fbem-14769	159	45	,	,	PUNCT
fbem-14769	159	46	the	the	DET
fbem-14769	159	47	coefficient	coefficient	NOUN
fbem-14769	159	48	of	of	ADP
fbem-14769	159	49	kz	kz	PROPN
fbem-14769	159	50	is	be	AUX
fbem-14769	159	51	0.041	0.041	NUM
fbem-14769	159	52	,	,	PUNCT
fbem-14769	159	53	which	which	PRON
fbem-14769	159	54	is	be	AUX
fbem-14769	159	55	significant	significant	ADJ
fbem-14769	159	56	at	at	ADP
fbem-14769	159	57	1	1	NUM
fbem-14769	159	58	%	%	NOUN
fbem-14769	159	59	level	level	NOUN
fbem-14769	159	60	;	;	PUNCT
fbem-14769	159	61	in	in	ADP
fbem-14769	159	62	column	column	NOUN
fbem-14769	159	63	(	(	PUNCT
fbem-14769	159	64	3	3	NUM
fbem-14769	159	65	)	)	PUNCT
fbem-14769	159	66	,	,	PUNCT
fbem-14769	159	67	the	the	DET
fbem-14769	159	68	coefficient	coefficient	NOUN
fbem-14769	159	69	of	of	ADP
fbem-14769	159	70	kz	kz	PROPN
fbem-14769	159	71	is	be	AUX
fbem-14769	159	72	about	about	ADP
fbem-14769	159	73	-0.013	-0.013	ADP
fbem-14769	159	74	,	,	PUNCT
fbem-14769	159	75	which	which	PRON
fbem-14769	159	76	is	be	AUX
fbem-14769	159	77	significant	significant	ADJ
fbem-14769	159	78	at	at	ADP
fbem-14769	159	79	5	5	NUM
fbem-14769	159	80	%	%	NOUN
fbem-14769	159	81	level	level	NOUN
fbem-14769	159	82	,	,	PUNCT
fbem-14769	159	83	and	and	CCONJ
fbem-14769	159	84	the	the	DET
fbem-14769	159	85	coefficient	coefficient	NOUN
fbem-14769	159	86	of	of	ADP
fbem-14769	159	87	consumption	consumption	NOUN
fbem-14769	159	88	is	be	AUX
fbem-14769	159	89	about	about	ADP
fbem-14769	159	90	-0.088	-0.088	ADP
fbem-14769	159	91	,	,	PUNCT
fbem-14769	159	92	which	which	PRON
fbem-14769	159	93	is	be	AUX
fbem-14769	159	94	significant	significant	ADJ
fbem-14769	159	95	at	at	ADP
fbem-14769	159	96	1	1	NUM
fbem-14769	159	97	%	%	NOUN
fbem-14769	159	98	level	level	NOUN
fbem-14769	159	99	.	.	PUNCT
fbem-14769	160	1	in	in	ADP
fbem-14769	160	2	sobel	sobel	PROPN
fbem-14769	160	3	test	test	NOUN
fbem-14769	160	4	,	,	PUNCT
fbem-14769	160	5	z	z	NOUN
fbem-14769	160	6	value	value	NOUN
fbem-14769	160	7	is	be	AUX
fbem-14769	160	8	-5.778	-5.778	ADJ
fbem-14769	160	9	,	,	PUNCT
fbem-14769	160	10	significant	significant	ADJ
fbem-14769	160	11	at	at	ADP
fbem-14769	160	12	1	1	NUM
fbem-14769	160	13	%	%	NOUN
fbem-14769	160	14	level	level	NOUN
fbem-14769	160	15	.	.	PUNCT
fbem-14769	161	1	in	in	ADP
fbem-14769	161	2	bootstrap	bootstrap	NOUN
fbem-14769	161	3	test	test	NOUN
fbem-14769	161	4	,	,	PUNCT
fbem-14769	161	5	z	z	NOUN
fbem-14769	161	6	value	value	NOUN
fbem-14769	161	7	is	be	AUX
fbem-14769	161	8	-5.79	-5.79	NOUN
fbem-14769	161	9	,	,	PUNCT
fbem-14769	161	10	p	p	NOUN
fbem-14769	161	11	value	value	NOUN
fbem-14769	161	12	is	be	AUX
fbem-14769	161	13	0	0	NUM
fbem-14769	161	14	,	,	PUNCT
fbem-14769	161	15	and	and	CCONJ
fbem-14769	161	16	it	it	PRON
fbem-14769	161	17	does	do	AUX
fbem-14769	161	18	not	not	PART
fbem-14769	161	19	contain	contain	VERB
fbem-14769	161	20	0	0	NUM
fbem-14769	161	21	value	value	NOUN
fbem-14769	161	22	at	at	ADP
fbem-14769	161	23	95	95	NUM
fbem-14769	161	24	%	%	NOUN
fbem-14769	161	25	confidence	confidence	NOUN
fbem-14769	161	26	interval	interval	NOUN
fbem-14769	161	27	.	.	PUNCT
fbem-14769	162	1	both	both	PRON
fbem-14769	162	2	sobel	sobel	PROPN
fbem-14769	162	3	test	test	PROPN
fbem-14769	162	4	and	and	CCONJ
fbem-14769	162	5	bootstrap	bootstrap	NOUN
fbem-14769	162	6	test	test	NOUN
fbem-14769	162	7	pass	pass	NOUN
fbem-14769	162	8	,	,	PUNCT
fbem-14769	162	9	indicating	indicate	VERB
fbem-14769	162	10	that	that	SCONJ
fbem-14769	162	11	consumption	consumption	NOUN
fbem-14769	162	12	plays	play	VERB
fbem-14769	162	13	a	a	DET
fbem-14769	162	14	mediating	mediate	VERB
fbem-14769	162	15	effect	effect	NOUN
fbem-14769	162	16	in	in	ADP
fbem-14769	162	17	the	the	DET
fbem-14769	162	18	impact	impact	NOUN
fbem-14769	162	19	of	of	ADP
fbem-14769	162	20	financing	financing	NOUN
fbem-14769	162	21	constraints	constraint	NOUN
fbem-14769	162	22	on	on	ADP
fbem-14769	162	23	the	the	DET
fbem-14769	162	24	process	process	NOUN
fbem-14769	162	25	of	of	ADP
fbem-14769	162	26	marketization	marketization	NOUN
fbem-14769	162	27	,	,	PUNCT
fbem-14769	162	28	and	and	CCONJ
fbem-14769	162	29	hypothesis	hypothesis	NOUN
fbem-14769	162	30	three	three	NUM
fbem-14769	162	31	is	be	AUX
fbem-14769	162	32	established	establish	VERB
fbem-14769	162	33	.	.	PUNCT
fbem-14769	163	1	table	table	NOUN
fbem-14769	163	2	5	5	NUM
fbem-14769	163	3	.	.	PUNCT
fbem-14769	164	1	financing	financing	NOUN
fbem-14769	164	2	constraints	constraint	NOUN
fbem-14769	164	3	,	,	PUNCT
fbem-14769	164	4	consumption	consumption	NOUN
fbem-14769	164	5	and	and	CCONJ
fbem-14769	164	6	the	the	DET
fbem-14769	164	7	marketization	marketization	NOUN
fbem-14769	164	8	process	process	NOUN
fbem-14769	164	9	variable	variable	NOUN
fbem-14769	164	10	(	(	PUNCT
fbem-14769	164	11	1	1	NUM
fbem-14769	164	12	)	)	PUNCT
fbem-14769	164	13	market	market	NOUN
fbem-14769	164	14	(	(	PUNCT
fbem-14769	164	15	2	2	NUM
fbem-14769	164	16	)	)	PUNCT
fbem-14769	164	17	consumption	consumption	NOUN
fbem-14769	164	18	(	(	PUNCT
fbem-14769	164	19	3	3	X
fbem-14769	164	20	)	)	PUNCT
fbem-14769	164	21	market	market	NOUN
fbem-14769	164	22	kz	kz	PROPN
fbem-14769	164	23	-0.017	-0.017	PUNCT
fbem-14769	164	24	*	*	PROPN
fbem-14769	164	25	*	*	PUNCT
fbem-14769	164	26	*	*	PUNCT
fbem-14769	164	27	(	(	PUNCT
fbem-14769	164	28	0.007	0.007	NUM
fbem-14769	164	29	)	)	PUNCT
fbem-14769	164	30	0.041	0.041	NUM
fbem-14769	164	31	*	*	PUNCT
fbem-14769	164	32	*	*	PUNCT
fbem-14769	164	33	*	*	PUNCT
fbem-14769	164	34	(	(	PUNCT
fbem-14769	164	35	0.006	0.006	NUM
fbem-14769	164	36	)	)	PUNCT
fbem-14769	164	37	-0.013	-0.013	PUNCT
fbem-14769	164	38	*	*	PUNCT
fbem-14769	164	39	*	*	PUNCT
fbem-14769	164	40	(	(	PUNCT
fbem-14769	164	41	0.007	0.007	NUM
fbem-14769	164	42	)	)	PUNCT
fbem-14769	164	43	consumption	consumption	NOUN
fbem-14769	164	44	-0.088	-0.088	ADP
fbem-14769	165	1	*	*	PUNCT
fbem-14769	165	2	*	*	PUNCT
fbem-14769	165	3	*	*	PUNCT
fbem-14769	165	4	(	(	PUNCT
fbem-14769	165	5	0.007	0.007	NUM
fbem-14769	166	1	)	)	PUNCT
fbem-14769	166	2	_	_	NOUN
fbem-14769	166	3	cons	con	NOUN
fbem-14769	166	4	10.778	10.778	NUM
fbem-14769	166	5	*	*	PUNCT
fbem-14769	166	6	*	*	PUNCT
fbem-14769	166	7	*	*	PUNCT
fbem-14769	166	8	(	(	PUNCT
fbem-14769	166	9	0.221	0.221	NUM
fbem-14769	166	10	)	)	PUNCT
fbem-14769	166	11	8.568	8.568	NUM
fbem-14769	166	12	*	*	PUNCT
fbem-14769	166	13	*	*	PUNCT
fbem-14769	166	14	*	*	PUNCT
fbem-14769	166	15	(	(	PUNCT
fbem-14769	166	16	0.213	0.213	NUM
fbem-14769	166	17	)	)	PUNCT
fbem-14769	166	18	11.529	11.529	NUM
fbem-14769	166	19	*	*	PUNCT
fbem-14769	166	20	*	*	PUNCT
fbem-14769	166	21	*	*	PUNCT
fbem-14769	166	22	(	(	PUNCT
fbem-14769	166	23	0.228	0.228	NUM
fbem-14769	166	24	)	)	PUNCT
fbem-14769	166	25	control	control	NOUN
fbem-14769	166	26	variable	variable	NOUN
fbem-14769	167	1	yes	yes	INTJ
fbem-14769	167	2	yes	yes	INTJ
fbem-14769	168	1	yes	yes	INTJ
fbem-14769	168	2	industry	industry	NOUN
fbem-14769	168	3	dummy	dummy	NOUN
fbem-14769	168	4	variables	variable	NOUN
fbem-14769	169	1	yes	yes	INTJ
fbem-14769	170	1	yes	yes	INTJ
fbem-14769	171	1	yes	yes	INTJ
fbem-14769	171	2	year	year	NOUN
fbem-14769	171	3	dummy	dummy	ADJ
fbem-14769	171	4	variable	variable	NOUN
fbem-14769	172	1	yes	yes	INTJ
fbem-14769	172	2	yes	yes	INTJ
fbem-14769	172	3	yes	yes	INTJ
fbem-14769	172	4	observed	observe	VERB
fbem-14769	172	5	quantity	quantity	NOUN
fbem-14769	172	6	22093	22093	NUM
fbem-14769	172	7	22093	22093	NUM
fbem-14769	172	8	22093	22093	NUM
fbem-14769	172	9	variance	variance	NOUN
fbem-14769	172	10	(	(	PUNCT
fbem-14769	172	11	statistics	statistic	NOUN
fbem-14769	172	12	)	)	PUNCT
fbem-14769	172	13	0.504	0.504	NUM
fbem-14769	172	14	0.168	0.168	NUM
fbem-14769	172	15	0.508	0.508	NUM
fbem-14769	172	16	107	107	NUM
fbem-14769	172	17	7	7	NUM
fbem-14769	172	18	.	.	PUNCT
fbem-14769	173	1	conclusions	conclusion	NOUN
fbem-14769	173	2	china	china	PROPN
fbem-14769	173	3	's	's	PART
fbem-14769	173	4	new	new	ADJ
fbem-14769	173	5	development	development	NOUN
fbem-14769	173	6	pattern	pattern	NOUN
fbem-14769	173	7	requires	require	VERB
fbem-14769	173	8	the	the	DET
fbem-14769	173	9	construction	construction	NOUN
fbem-14769	173	10	of	of	ADP
fbem-14769	173	11	a	a	DET
fbem-14769	173	12	unified	unified	ADJ
fbem-14769	173	13	and	and	CCONJ
fbem-14769	173	14	efficient	efficient	ADJ
fbem-14769	173	15	national	national	ADJ
fbem-14769	173	16	unified	unified	ADJ
fbem-14769	173	17	market	market	NOUN
fbem-14769	173	18	,	,	PUNCT
fbem-14769	173	19	and	and	CCONJ
fbem-14769	173	20	it	it	PRON
fbem-14769	173	21	is	be	AUX
fbem-14769	173	22	crucial	crucial	ADJ
fbem-14769	173	23	to	to	PART
fbem-14769	173	24	understand	understand	VERB
fbem-14769	173	25	the	the	DET
fbem-14769	173	26	influencing	influence	VERB
fbem-14769	173	27	factors	factor	NOUN
fbem-14769	173	28	and	and	CCONJ
fbem-14769	173	29	path	path	NOUN
fbem-14769	173	30	mechanisms	mechanism	NOUN
fbem-14769	173	31	of	of	ADP
fbem-14769	173	32	the	the	DET
fbem-14769	173	33	formation	formation	NOUN
fbem-14769	173	34	of	of	ADP
fbem-14769	173	35	the	the	DET
fbem-14769	173	36	national	national	ADJ
fbem-14769	173	37	unified	unified	ADJ
fbem-14769	173	38	market	market	NOUN
fbem-14769	173	39	.	.	PUNCT
fbem-14769	174	1	in	in	ADP
fbem-14769	174	2	this	this	DET
fbem-14769	174	3	paper	paper	NOUN
fbem-14769	174	4	,	,	PUNCT
fbem-14769	174	5	we	we	PRON
fbem-14769	174	6	select	select	VERB
fbem-14769	174	7	the	the	DET
fbem-14769	174	8	data	datum	NOUN
fbem-14769	174	9	of	of	ADP
fbem-14769	174	10	listed	list	VERB
fbem-14769	174	11	enterprises	enterprise	NOUN
fbem-14769	174	12	and	and	CCONJ
fbem-14769	174	13	city	city	NOUN
fbem-14769	174	14	yearbook	yearbook	NOUN
fbem-14769	174	15	data	datum	NOUN
fbem-14769	174	16	from	from	ADP
fbem-14769	174	17	2011	2011	NUM
fbem-14769	174	18	to	to	ADP
fbem-14769	174	19	2021	2021	NUM
fbem-14769	174	20	as	as	ADP
fbem-14769	174	21	samples	sample	NOUN
fbem-14769	174	22	to	to	PART
fbem-14769	174	23	study	study	VERB
fbem-14769	174	24	the	the	DET
fbem-14769	174	25	impact	impact	NOUN
fbem-14769	174	26	of	of	ADP
fbem-14769	174	27	enterprise	enterprise	NOUN
fbem-14769	174	28	financing	financing	NOUN
fbem-14769	174	29	constraints	constraint	NOUN
fbem-14769	174	30	on	on	ADP
fbem-14769	174	31	the	the	DET
fbem-14769	174	32	marketization	marketization	NOUN
fbem-14769	174	33	process	process	NOUN
fbem-14769	174	34	and	and	CCONJ
fbem-14769	174	35	its	its	PRON
fbem-14769	174	36	influence	influence	NOUN
fbem-14769	174	37	mechanism	mechanism	NOUN
fbem-14769	174	38	.	.	PUNCT
fbem-14769	175	1	this	this	DET
fbem-14769	175	2	paper	paper	NOUN
fbem-14769	175	3	draws	draw	VERB
fbem-14769	175	4	the	the	DET
fbem-14769	175	5	following	following	ADJ
fbem-14769	175	6	conclusions	conclusion	NOUN
fbem-14769	175	7	:	:	PUNCT
fbem-14769	175	8	financing	financing	NOUN
fbem-14769	175	9	constraints	constraint	NOUN
fbem-14769	175	10	have	have	VERB
fbem-14769	175	11	a	a	DET
fbem-14769	175	12	significant	significant	ADJ
fbem-14769	175	13	negative	negative	ADJ
fbem-14769	175	14	impact	impact	NOUN
fbem-14769	175	15	on	on	ADP
fbem-14769	175	16	the	the	DET
fbem-14769	175	17	marketization	marketization	NOUN
fbem-14769	175	18	process	process	NOUN
fbem-14769	175	19	,	,	PUNCT
fbem-14769	175	20	i.e.	i.e.	X
fbem-14769	175	21	,	,	PUNCT
fbem-14769	175	22	alleviating	alleviate	VERB
fbem-14769	175	23	financing	financing	NOUN
fbem-14769	175	24	constraints	constraint	NOUN
fbem-14769	175	25	can	can	AUX
fbem-14769	175	26	effectively	effectively	ADV
fbem-14769	175	27	promote	promote	VERB
fbem-14769	175	28	the	the	DET
fbem-14769	175	29	marketization	marketization	NOUN
fbem-14769	175	30	process	process	NOUN
fbem-14769	175	31	,	,	PUNCT
fbem-14769	175	32	and	and	CCONJ
fbem-14769	175	33	the	the	DET
fbem-14769	175	34	conclusions	conclusion	NOUN
fbem-14769	175	35	are	be	AUX
fbem-14769	175	36	still	still	ADV
fbem-14769	175	37	valid	valid	ADJ
fbem-14769	175	38	after	after	ADP
fbem-14769	175	39	the	the	DET
fbem-14769	175	40	endogeneity	endogeneity	NOUN
fbem-14769	175	41	test	test	NOUN
fbem-14769	175	42	and	and	CCONJ
fbem-14769	175	43	the	the	DET
fbem-14769	175	44	robustness	robustness	NOUN
fbem-14769	175	45	test	test	NOUN
fbem-14769	175	46	;	;	PUNCT
fbem-14769	175	47	the	the	DET
fbem-14769	175	48	mediation	mediation	NOUN
fbem-14769	175	49	effect	effect	NOUN
fbem-14769	175	50	test	test	NOUN
fbem-14769	175	51	proves	prove	VERB
fbem-14769	175	52	that	that	SCONJ
fbem-14769	175	53	financing	financing	NOUN
fbem-14769	175	54	constraints	constraint	NOUN
fbem-14769	175	55	affect	affect	VERB
fbem-14769	175	56	the	the	DET
fbem-14769	175	57	marketization	marketization	NOUN
fbem-14769	175	58	process	process	NOUN
fbem-14769	175	59	mainly	mainly	ADV
fbem-14769	175	60	by	by	ADP
fbem-14769	175	61	influencing	influence	VERB
fbem-14769	175	62	the	the	DET
fbem-14769	175	63	three	three	NUM
fbem-14769	175	64	paths	path	NOUN
fbem-14769	175	65	of	of	ADP
fbem-14769	175	66	enterprise	enterprise	NOUN
fbem-14769	175	67	innovation	innovation	NOUN
fbem-14769	175	68	,	,	PUNCT
fbem-14769	175	69	enterprise	enterprise	NOUN
fbem-14769	175	70	investment	investment	NOUN
fbem-14769	175	71	,	,	PUNCT
fbem-14769	175	72	and	and	CCONJ
fbem-14769	175	73	residents	resident	NOUN
fbem-14769	175	74	'	'	PART
fbem-14769	175	75	consumption	consumption	NOUN
fbem-14769	175	76	;	;	PUNCT
fbem-14769	175	77	the	the	DET
fbem-14769	175	78	heterogeneity	heterogeneity	NOUN
fbem-14769	175	79	test	test	NOUN
fbem-14769	175	80	reveals	reveal	VERB
fbem-14769	175	81	that	that	SCONJ
fbem-14769	175	82	the	the	DET
fbem-14769	175	83	heterogeneity	heterogeneity	NOUN
fbem-14769	175	84	test	test	NOUN
fbem-14769	175	85	shows	show	VERB
fbem-14769	175	86	that	that	SCONJ
fbem-14769	175	87	the	the	DET
fbem-14769	175	88	positive	positive	ADJ
fbem-14769	175	89	impact	impact	NOUN
fbem-14769	175	90	of	of	ADP
fbem-14769	175	91	the	the	DET
fbem-14769	175	92	alleviation	alleviation	NOUN
fbem-14769	175	93	of	of	ADP
fbem-14769	175	94	financing	financing	NOUN
fbem-14769	175	95	constraints	constraint	NOUN
fbem-14769	175	96	on	on	ADP
fbem-14769	175	97	the	the	DET
fbem-14769	175	98	marketization	marketization	NOUN
fbem-14769	175	99	process	process	NOUN
fbem-14769	175	100	is	be	AUX
fbem-14769	175	101	greater	great	ADJ
fbem-14769	175	102	in	in	ADP
fbem-14769	175	103	state	state	NOUN
fbem-14769	175	104	-	-	PUNCT
fbem-14769	175	105	owned	own	VERB
fbem-14769	175	106	enterprises	enterprise	NOUN
fbem-14769	175	107	,	,	PUNCT
fbem-14769	175	108	economically	economically	ADV
fbem-14769	175	109	underdeveloped	underdeveloped	ADJ
fbem-14769	175	110	regions	region	NOUN
fbem-14769	175	111	,	,	PUNCT
fbem-14769	175	112	and	and	CCONJ
fbem-14769	175	113	high	high	ADJ
fbem-14769	175	114	environmental	environmental	ADJ
fbem-14769	175	115	regulation	regulation	NOUN
fbem-14769	175	116	.	.	PUNCT
fbem-14769	176	1	acknowledgment	acknowledgment	NOUN
fbem-14769	176	2	the	the	DET
fbem-14769	176	3	author	author	NOUN
fbem-14769	176	4	gratefully	gratefully	ADV
fbem-14769	176	5	acknowledges	acknowledge	VERB
fbem-14769	176	6	the	the	DET
fbem-14769	176	7	prof	prof	NOUN
fbem-14769	176	8	.	.	PUNCT
fbem-14769	177	1	gao	gao	PROPN
fbem-14769	177	2	jing	jing	PROPN
fbem-14769	177	3	from	from	ADP
fbem-14769	177	4	xiangtan	xiangtan	PROPN
fbem-14769	177	5	university	university	PROPN
fbem-14769	177	6	business	business	NOUN
fbem-14769	177	7	school	school	NOUN
fbem-14769	177	8	.	.	PUNCT
fbem-14769	178	1	references	reference	NOUN
fbem-14769	178	2	[	[	X
fbem-14769	178	3	1	1	NUM
fbem-14769	178	4	]	]	X
fbem-14769	178	5	liu	liu	PROPN
fbem-14769	178	6	hongda	hongda	PROPN
fbem-14769	178	7	.	.	PUNCT
fbem-14769	179	1	coupling	coupling	NOUN
fbem-14769	179	2	and	and	CCONJ
fbem-14769	179	3	coordination	coordination	NOUN
fbem-14769	179	4	analysis	analysis	NOUN
fbem-14769	179	5	of	of	ADP
fbem-14769	179	6	double	double	ADJ
fbem-14769	179	7	cycle	cycle	NOUN
fbem-14769	179	8	pattern	pattern	NOUN
fbem-14769	179	9	and	and	CCONJ
fbem-14769	179	10	industrial	industrial	ADJ
fbem-14769	179	11	science	science	NOUN
fbem-14769	179	12	and	and	CCONJ
fbem-14769	179	13	technology	technology	NOUN
fbem-14769	179	14	innovation[j	innovation[j	PROPN
fbem-14769	179	15	]	]	PUNCT
fbem-14769	179	16	.	.	PUNCT
fbem-14769	180	1	studies	study	NOUN
fbem-14769	180	2	in	in	ADP
fbem-14769	180	3	science	science	NOUN
fbem-14769	180	4	of	of	ADP
fbem-14769	180	5	science	science	NOUN
fbem-14769	180	6	,	,	PUNCT
fbem-14769	180	7	2022	2022	NUM
fbem-14769	180	8	,	,	PUNCT
fbem-14769	180	9	40(07	40(07	NUM
fbem-14769	180	10	):	):	PUNCT
fbem-14769	180	11	1328	1328	NUM
fbem-14769	180	12	-	-	SYM
fbem-14769	180	13	1344	1344	NUM
fbem-14769	180	14	.	.	PUNCT
fbem-14769	181	1	[	[	X
fbem-14769	181	2	2	2	NUM
fbem-14769	181	3	]	]	X
fbem-14769	181	4	qian	qian	PROPN
fbem-14769	181	5	xuefeng	xuefeng	PROPN
fbem-14769	181	6	,	,	PUNCT
fbem-14769	181	7	pei	pei	PROPN
fbem-14769	181	8	ting	ting	PROPN
fbem-14769	181	9	.	.	PUNCT
fbem-14769	182	1	new	new	ADJ
fbem-14769	182	2	development	development	NOUN
fbem-14769	182	3	pattern	pattern	NOUN
fbem-14769	182	4	of	of	ADP
fbem-14769	182	5	domestic	domestic	ADJ
fbem-14769	182	6	and	and	CCONJ
fbem-14769	182	7	international	international	ADJ
fbem-14769	182	8	dual	dual	ADJ
fbem-14769	182	9	cycle	cycle	NOUN
fbem-14769	182	10	:	:	PUNCT
fbem-14769	182	11	theoretical	theoretical	ADJ
fbem-14769	182	12	logic	logic	NOUN
fbem-14769	182	13	and	and	CCONJ
fbem-14769	182	14	endogenous	endogenous	ADJ
fbem-14769	182	15	power[j	power[j	NOUN
fbem-14769	182	16	]	]	PUNCT
fbem-14769	182	17	.	.	PUNCT
fbem-14769	183	1	journal	journal	PROPN
fbem-14769	183	2	of	of	ADP
fbem-14769	183	3	chongqing	chongqing	PROPN
fbem-14769	183	4	university	university	PROPN
fbem-14769	183	5	(	(	PUNCT
fbem-14769	183	6	social	social	ADJ
fbem-14769	183	7	science	science	NOUN
fbem-14769	183	8	edition),2021,27(01):14	edition),2021,27(01):14	NOUN
fbem-14769	183	9	-	-	PUNCT
fbem-14769	183	10	26	26	NUM
fbem-14769	183	11	.	.	PUNCT
fbem-14769	184	1	[	[	X
fbem-14769	184	2	3	3	X
fbem-14769	184	3	]	]	X
fbem-14769	184	4	zhang	zhang	PROPN
fbem-14769	184	5	yun	yun	PROPN
fbem-14769	184	6	and	and	CCONJ
fbem-14769	184	7	bai	bai	PROPN
fbem-14769	184	8	peiwen	peiwen	NOUN
fbem-14769	184	9	.	.	PUNCT
fbem-14769	185	1	how	how	SCONJ
fbem-14769	185	2	digital	digital	ADJ
fbem-14769	185	3	intelligence	intelligence	NOUN
fbem-14769	185	4	affects	affect	VERB
fbem-14769	185	5	dual	dual	ADJ
fbem-14769	185	6	circulation	circulation	NOUN
fbem-14769	185	7	participation	participation	NOUN
fbem-14769	185	8	and	and	CCONJ
fbem-14769	185	9	income	income	NOUN
fbem-14769	185	10	inequality	inequality	NOUN
fbem-14769	185	11	:	:	PUNCT
fbem-14769	185	12	based	base	VERB
fbem-14769	185	13	on	on	ADP
fbem-14769	185	14	provincial	provincial	ADJ
fbem-14769	185	15	-	-	PUNCT
fbem-14769	185	16	industry	industry	NOUN
fbem-14769	185	17	data	datum	NOUN
fbem-14769	185	18	[	[	X
fbem-14769	185	19	j	j	X
fbem-14769	185	20	]	]	X
fbem-14769	185	21	.	.	PUNCT
fbem-14769	186	1	journal	journal	PROPN
fbem-14769	186	2	of	of	ADP
fbem-14769	186	3	management	management	NOUN
fbem-14769	186	4	world,2023,39(10):58	world,2023,39(10):58	PROPN
fbem-14769	186	5	-	-	PUNCT
fbem-14769	186	6	83	83	NUM
fbem-14769	186	7	.	.	PUNCT
fbem-14769	187	1	[	[	X
fbem-14769	187	2	4	4	X
fbem-14769	187	3	]	]	X
fbem-14769	187	4	zeng	zeng	PROPN
fbem-14769	187	5	ya	ya	PROPN
fbem-14769	187	6	-	-	PUNCT
fbem-14769	187	7	ting	ting	PROPN
fbem-14769	187	8	,	,	PUNCT
fbem-14769	187	9	xing	xing	PROPN
fbem-14769	187	10	jing	jing	PROPN
fbem-14769	187	11	-	-	PUNCT
fbem-14769	187	12	jing	jing	PROPN
fbem-14769	187	13	,	,	PUNCT
fbem-14769	187	14	li	li	PROPN
fbem-14769	187	15	bin	bin	PROPN
fbem-14769	187	16	.	.	PUNCT
fbem-14769	188	1	the	the	DET
fbem-14769	188	2	impact	impact	NOUN
fbem-14769	188	3	of	of	ADP
fbem-14769	188	4	the	the	DET
fbem-14769	188	5	development	development	NOUN
fbem-14769	188	6	of	of	ADP
fbem-14769	188	7	digital	digital	ADJ
fbem-14769	188	8	finance	finance	NOUN
fbem-14769	188	9	on	on	ADP
fbem-14769	188	10	the	the	DET
fbem-14769	188	11	growth	growth	NOUN
fbem-14769	188	12	of	of	ADP
fbem-14769	188	13	start	start	NOUN
fbem-14769	188	14	-	-	PUNCT
fbem-14769	188	15	u	u	NOUN
fbem-14769	188	16	-	-	NOUN
fbem-14769	188	17	s	s	PART
fbem-14769	188	18	:	:	PUNCT
fbem-14769	188	19	analysis	analysis	NOUN
fbem-14769	188	20	of	of	ADP
fbem-14769	188	21	chain	chain	NOUN
fbem-14769	188	22	mediation	mediation	NOUN
fbem-14769	188	23	effects	effect	NOUN
fbem-14769	188	24	and	and	CCONJ
fbem-14769	188	25	heterogeneity	heterogeneity	NOUN
fbem-14769	188	26	of	of	ADP
fbem-14769	188	27	financing	financing	NOUN
fbem-14769	188	28	constraints	constraint	NOUN
fbem-14769	188	29	and	and	CCONJ
fbem-14769	188	30	ｒ	ｒ	NOUN
fbem-14769	188	31	＆	＆	PROPN
fbem-14769	188	32	d	d	X
fbem-14769	188	33	investment	investment	NOUN
fbem-14769	189	1	[	[	X
fbem-14769	189	2	j	j	X
fbem-14769	189	3	]	]	X
fbem-14769	189	4	.	.	PUNCT
fbem-14769	190	1	west	west	PROPN
fbem-14769	190	2	forum,2022,32(06):20	forum,2022,32(06):20	PROPN
fbem-14769	190	3	-	-	PUNCT
fbem-14769	190	4	36	36	NUM
fbem-14769	190	5	.	.	PUNCT
fbem-14769	191	1	[	[	X
fbem-14769	191	2	5	5	NUM
fbem-14769	191	3	]	]	PUNCT
fbem-14769	191	4	jiang	jiang	PROPN
fbem-14769	191	5	dian	dian	PROPN
fbem-14769	191	6	-	-	PUNCT
fbem-14769	191	7	chun	chun	PROPN
fbem-14769	191	8	,	,	PUNCT
fbem-14769	191	9	lu	lu	PROPN
fbem-14769	191	10	da	da	PROPN
fbem-14769	191	11	-	-	PUNCT
fbem-14769	191	12	yu	yu	NOUN
fbem-14769	191	13	.	.	PUNCT
fbem-14769	191	14	changes	change	NOUN
fbem-14769	191	15	of	of	ADP
fbem-14769	191	16	supply	supply	NOUN
fbem-14769	191	17	chain	chain	NOUN
fbem-14769	191	18	，	，	PUNCT
fbem-14769	191	19	financing	financing	NOUN
fbem-14769	191	20	constraints	constraint	NOUN
fbem-14769	191	21	and	and	CCONJ
fbem-14769	191	22	enterprise	enterprise	NOUN
fbem-14769	191	23	innovation	innovation	NOUN
fbem-14769	192	1	[	[	X
fbem-14769	192	2	j	j	X
fbem-14769	192	3	]	]	X
fbem-14769	192	4	.	.	PUNCT
fbem-14769	193	1	business	business	NOUN
fbem-14769	193	2	and	and	CCONJ
fbem-14769	193	3	management	management	NOUN
fbem-14769	193	4	journal,2022,44(10):56	journal,2022,44(10):56	PROPN
fbem-14769	193	5	-	-	X
fbem-14769	193	6	74	74	NUM
fbem-14769	193	7	.	.	PUNCT
fbem-14769	194	1	[	[	X
fbem-14769	194	2	6	6	NUM
fbem-14769	194	3	]	]	X
fbem-14769	194	4	xin	xin	PROPN
fbem-14769	194	5	lin	lin	PROPN
fbem-14769	194	6	.	.	PUNCT
fbem-14769	195	1	knowledge	knowledge	NOUN
fbem-14769	195	2	network	network	NOUN
fbem-14769	195	3	,	,	PUNCT
fbem-14769	195	4	financing	financing	NOUN
fbem-14769	195	5	constraints	constraint	NOUN
fbem-14769	195	6	and	and	CCONJ
fbem-14769	195	7	innovation	innovation	NOUN
fbem-14769	195	8	performance	performance	NOUN
fbem-14769	195	9	of	of	ADP
fbem-14769	195	10	specialized	specialized	ADJ
fbem-14769	195	11	and	and	CCONJ
fbem-14769	195	12	special	special	ADJ
fbem-14769	195	13	new	new	ADJ
fbem-14769	195	14	enterprises	enterprise	NOUN
fbem-14769	196	1	[	[	X
fbem-14769	196	2	j	j	X
fbem-14769	196	3	]	]	X
fbem-14769	196	4	.	.	PUNCT
fbem-14769	197	1	journal	journal	PROPN
fbem-14769	197	2	of	of	ADP
fbem-14769	197	3	shanghai	shanghai	PROPN
fbem-14769	197	4	university	university	PROPN
fbem-14769	197	5	of	of	ADP
fbem-14769	197	6	international	international	ADJ
fbem-14769	197	7	business	business	NOUN
fbem-14769	197	8	and	and	CCONJ
fbem-14769	197	9	economics,2022,29(06):18	economics,2022,29(06):18	PROPN
fbem-14769	197	10	-	-	PUNCT
fbem-14769	197	11	38	38	NUM
fbem-14769	197	12	.	.	PUNCT
fbem-14769	198	1	[	[	X
fbem-14769	198	2	7	7	NUM
fbem-14769	198	3	]	]	X
fbem-14769	198	4	hall	hall	NOUN
fbem-14769	198	5	b	b	PROPN
fbem-14769	198	6	h	h	PROPN
fbem-14769	198	7	,	,	PUNCT
fbem-14769	198	8	moncada	moncada	NOUN
fbem-14769	198	9	-	-	PUNCT
fbem-14769	198	10	paternò	paternò	NOUN
fbem-14769	198	11	-	-	PUNCT
fbem-14769	198	12	castello	castello	NOUN
fbem-14769	198	13	p	p	NOUN
fbem-14769	198	14	,	,	PUNCT
fbem-14769	198	15	montresor	montresor	PROPN
fbem-14769	198	16	s	s	PROPN
fbem-14769	198	17	,	,	PUNCT
fbem-14769	198	18	et	et	PROPN
fbem-14769	198	19	al	al	PROPN
fbem-14769	198	20	.	.	PUNCT
fbem-14769	198	21	financing	financing	NOUN
fbem-14769	198	22	constraints	constraint	NOUN
fbem-14769	198	23	,	,	PUNCT
fbem-14769	198	24	r&d	r&d	NOUN
fbem-14769	198	25	investments	investment	NOUN
fbem-14769	198	26	and	and	CCONJ
fbem-14769	198	27	innovative	innovative	ADJ
fbem-14769	198	28	performances	performance	NOUN
fbem-14769	198	29	:	:	PUNCT
fbem-14769	198	30	new	new	ADJ
fbem-14769	198	31	empirical	empirical	ADJ
fbem-14769	198	32	evidence	evidence	NOUN
fbem-14769	198	33	at	at	ADP
fbem-14769	198	34	the	the	DET
fbem-14769	198	35	firm	firm	ADJ
fbem-14769	198	36	level	level	NOUN
fbem-14769	198	37	for	for	ADP
fbem-14769	198	38	europe[j	europe[j	NOUN
fbem-14769	198	39	]	]	PUNCT
fbem-14769	198	40	.	.	PUNCT
fbem-14769	199	1	economics	economic	NOUN
fbem-14769	199	2	of	of	ADP
fbem-14769	199	3	innovation	innovation	NOUN
fbem-14769	199	4	and	and	CCONJ
fbem-14769	199	5	new	new	ADJ
fbem-14769	199	6	technology	technology	NOUN
fbem-14769	199	7	,	,	PUNCT
fbem-14769	199	8	2016	2016	NUM
fbem-14769	199	9	,	,	PUNCT
fbem-14769	199	10	25(3	25(3	NUM
fbem-14769	199	11	):	):	PUNCT
fbem-14769	199	12	183	183	NUM
fbem-14769	199	13	-	-	SYM
fbem-14769	199	14	196	196	NUM
fbem-14769	199	15	.	.	PUNCT
fbem-14769	200	1	[	[	X
fbem-14769	200	2	8	8	NUM
fbem-14769	200	3	]	]	PUNCT
fbem-14769	200	4	hottenrott	hottenrott	NOUN
fbem-14769	200	5	h	h	PROPN
fbem-14769	200	6	,	,	PUNCT
fbem-14769	200	7	peters	peters	PROPN
fbem-14769	200	8	b.	b.	PROPN
fbem-14769	200	9	innovative	innovative	ADJ
fbem-14769	200	10	capability	capability	NOUN
fbem-14769	200	11	and	and	CCONJ
fbem-14769	200	12	financing	financing	NOUN
fbem-14769	200	13	constraints	constraint	NOUN
fbem-14769	200	14	for	for	ADP
fbem-14769	200	15	innovation	innovation	NOUN
fbem-14769	200	16	:	:	PUNCT
fbem-14769	200	17	more	more	ADJ
fbem-14769	200	18	money	money	NOUN
fbem-14769	200	19	,	,	PUNCT
fbem-14769	200	20	more	more	ADJ
fbem-14769	200	21	innovation	innovation	NOUN
fbem-14769	200	22	?	?	PUNCT
fbem-14769	201	1	[	[	X
fbem-14769	201	2	j	j	X
fbem-14769	201	3	]	]	X
fbem-14769	201	4	.	.	PUNCT
fbem-14769	202	1	review	review	NOUN
fbem-14769	202	2	of	of	ADP
fbem-14769	202	3	economics	economic	NOUN
fbem-14769	202	4	and	and	CCONJ
fbem-14769	202	5	statistics	statistic	NOUN
fbem-14769	202	6	,	,	PUNCT
fbem-14769	202	7	2012	2012	NUM
fbem-14769	202	8	,	,	PUNCT
fbem-14769	202	9	94(4	94(4	NUM
fbem-14769	202	10	):	):	PUNCT
fbem-14769	202	11	1126	1126	NUM
fbem-14769	202	12	-	-	SYM
fbem-14769	202	13	1142	1142	NUM
fbem-14769	202	14	.	.	PUNCT
fbem-14769	203	1	[	[	X
fbem-14769	203	2	9	9	NUM
fbem-14769	203	3	]	]	X
fbem-14769	203	4	zhang	zhang	PROPN
fbem-14769	203	5	xuan	xuan	PROPN
fbem-14769	203	6	,	,	PUNCT
fbem-14769	203	7	liu	liu	PROPN
fbem-14769	203	8	beibei	beibei	PROPN
fbem-14769	203	9	,	,	PUNCT
fbem-14769	203	10	wang	wang	PROPN
fbem-14769	203	11	ting	ting	PROPN
fbem-14769	203	12	,	,	PUNCT
fbem-14769	203	13	li	li	PROPN
fbem-14769	203	14	chuntao	chuntao	PROPN
fbem-14769	203	15	.	.	PUNCT
fbem-14769	204	1	credit	credit	NOUN
fbem-14769	204	2	rentseeking	rentseeking	NOUN
fbem-14769	204	3	,	,	PUNCT
fbem-14769	204	4	financing	financing	NOUN
fbem-14769	204	5	constraint	constraint	NOUN
fbem-14769	204	6	and	and	CCONJ
fbem-14769	204	7	corporate	corporate	ADJ
fbem-14769	204	8	innovation	innovation	NOUN
fbem-14769	205	1	[	[	X
fbem-14769	205	2	j	j	X
fbem-14769	205	3	]	]	X
fbem-14769	205	4	.	.	PUNCT
fbem-14769	206	1	economic	economic	ADJ
fbem-14769	206	2	research	research	NOUN
fbem-14769	206	3	journal	journal	NOUN
fbem-14769	206	4	,	,	PUNCT
fbem-14769	206	5	2017,52(05):161	2017,52(05):161	NOUN
fbem-14769	206	6	-	-	SYM
fbem-14769	206	7	174	174	NUM
fbem-14769	206	8	.	.	PUNCT
fbem-14769	207	1	[	[	X
fbem-14769	207	2	10	10	NUM
fbem-14769	207	3	]	]	X
fbem-14769	207	4	yu	yu	PROPN
fbem-14769	207	5	kun	kun	PROPN
fbem-14769	207	6	,	,	PUNCT
fbem-14769	207	7	li	li	PROPN
fbem-14769	207	8	zhiguo	zhiguo	PROPN
fbem-14769	207	9	,	,	PUNCT
fbem-14769	207	10	zhang	zhang	PROPN
fbem-14769	207	11	xiaorong	xiaorong	PROPN
fbem-14769	207	12	and	and	CCONJ
fbem-14769	207	13	xu	xu	PROPN
fbem-14769	207	14	jiangang	jiangang	PROPN
fbem-14769	207	15	.	.	PUNCT
fbem-14769	208	1	investment	investment	NOUN
fbem-14769	208	2	efficiency	efficiency	NOUN
fbem-14769	208	3	puzzle	puzzle	NOUN
fbem-14769	208	4	:	:	PUNCT
fbem-14769	208	5	financing	finance	VERB
fbem-14769	208	6	constraint	constraint	NOUN
fbem-14769	208	7	hypothesis	hypothesis	NOUN
fbem-14769	208	8	and	and	CCONJ
fbem-14769	208	9	monetary	monetary	ADJ
fbem-14769	208	10	policy	policy	NOUN
fbem-14769	208	11	shock	shock	NOUN
fbem-14769	209	1	[	[	X
fbem-14769	209	2	j	j	X
fbem-14769	209	3	]	]	X
fbem-14769	209	4	.	.	PUNCT
fbem-14769	210	1	economic	economic	ADJ
fbem-14769	210	2	research	research	NOUN
fbem-14769	210	3	journal	journal	NOUN
fbem-14769	210	4	,	,	PUNCT
fbem-14769	210	5	2014	2014	NUM
fbem-14769	210	6	,	,	PUNCT
fbem-14769	210	7	49(05):106	49(05):106	NUM
fbem-14769	210	8	-	-	SYM
fbem-14769	210	9	120	120	NUM
fbem-14769	210	10	.	.	PUNCT
fbem-14769	211	1	[	[	X
fbem-14769	211	2	11	11	NUM
fbem-14769	211	3	]	]	X
fbem-14769	211	4	wang	wang	PROPN
fbem-14769	211	5	wei	wei	PROPN
fbem-14769	211	6	,	,	PUNCT
fbem-14769	211	7	guo	guo	PROPN
fbem-14769	211	8	xinqiang	xinqiang	PROPN
fbem-14769	211	9	,	,	PUNCT
fbem-14769	211	10	ai	ai	VERB
fbem-14769	211	11	chunrong	chunrong	ADJ
fbem-14769	211	12	.	.	PUNCT
fbem-14769	212	1	financing	financing	NOUN
fbem-14769	212	2	constraints	constraint	NOUN
fbem-14769	212	3	,	,	PUNCT
fbem-14769	212	4	the	the	DET
fbem-14769	212	5	decline	decline	NOUN
fbem-14769	212	6	of	of	ADP
fbem-14769	212	7	labor	labor	NOUN
fbem-14769	212	8	's	's	PART
fbem-14769	212	9	share	share	NOUN
fbem-14769	212	10	and	and	CCONJ
fbem-14769	212	11	china	china	PROPN
fbem-14769	212	12	's	's	PART
fbem-14769	212	13	low	low	ADJ
fbem-14769	212	14	consumption	consumption	NOUN
fbem-14769	213	1	[	[	X
fbem-14769	213	2	j	j	X
fbem-14769	213	3	]	]	X
fbem-14769	213	4	.	.	PUNCT
fbem-14769	214	1	economic	economic	ADJ
fbem-14769	214	2	research	research	NOUN
fbem-14769	214	3	journal	journal	NOUN
fbem-14769	214	4	,	,	PUNCT
fbem-14769	214	5	2013	2013	NUM
fbem-14769	214	6	,	,	PUNCT
fbem-14769	214	7	48(11	48(11	NUM
fbem-14769	214	8	):	):	PUNCT
fbem-14769	214	9	100	100	NUM
fbem-14769	214	10	-	-	SYM
fbem-14769	214	11	113	113	NUM
fbem-14769	214	12	.	.	PUNCT
fbem-14769	215	1	[	[	X
fbem-14769	215	2	12	12	NUM
fbem-14769	215	3	]	]	X
fbem-14769	215	4	zhu	zhu	PROPN
fbem-14769	215	5	shujin	shujin	NOUN
fbem-14769	215	6	and	and	CCONJ
fbem-14769	215	7	zhao	zhao	PROPN
fbem-14769	215	8	yulong	yulong	PROPN
fbem-14769	215	9	.	.	PUNCT
fbem-14769	216	1	how	how	SCONJ
fbem-14769	216	2	does	do	AUX
fbem-14769	216	3	credit	credit	NOUN
fbem-14769	216	4	constraints	constraint	NOUN
fbem-14769	216	5	affect	affect	VERB
fbem-14769	216	6	labor	labor	NOUN
fbem-14769	216	7	income	income	NOUN
fbem-14769	216	8	share	share	NOUN
fbem-14769	217	1	[	[	X
fbem-14769	217	2	j	j	X
fbem-14769	217	3	]	]	X
fbem-14769	217	4	.	.	PUNCT
fbem-14769	218	1	statistical	statistical	ADJ
fbem-14769	218	2	research	research	NOUN
fbem-14769	218	3	,	,	PUNCT
fbem-14769	218	4	2016	2016	NUM
fbem-14769	218	5	,	,	PUNCT
fbem-14769	218	6	33(09	33(09	NUM
fbem-14769	218	7	):	):	PUNCT
fbem-14769	218	8	55	55	NUM
fbem-14769	218	9	-	-	SYM
fbem-14769	218	10	62	62	NUM
fbem-14769	218	11	.	.	PUNCT
fbem-14769	219	1	[	[	X
fbem-14769	219	2	13	13	NUM
fbem-14769	219	3	]	]	X
fbem-14769	219	4	jiang	jiang	PROPN
fbem-14769	219	5	jing	jing	PROPN
fbem-14769	219	6	.	.	PUNCT
fbem-14769	220	1	financing	financing	NOUN
fbem-14769	220	2	constraints	constraint	NOUN
fbem-14769	220	3	and	and	CCONJ
fbem-14769	220	4	corporate	corporate	ADJ
fbem-14769	220	5	savings	saving	NOUN
fbem-14769	220	6	rate	rate	NOUN
fbem-14769	220	7	in	in	ADP
fbem-14769	220	8	china	china	PROPN
fbem-14769	220	9	:	:	PUNCT
fbem-14769	220	10	an	an	DET
fbem-14769	220	11	examination	examination	NOUN
fbem-14769	220	12	based	base	VERB
fbem-14769	220	13	on	on	ADP
fbem-14769	220	14	micro	micro	PROPN
fbem-14769	220	15	data[j	data[j	PROPN
fbem-14769	220	16	]	]	PUNCT
fbem-14769	220	17	.	.	PUNCT
fbem-14769	221	1	journal	journal	PROPN
fbem-14769	221	2	of	of	ADP
fbem-14769	221	3	management	management	NOUN
fbem-14769	221	4	world,2014	world,2014	NOUN
fbem-14769	221	5	,	,	PUNCT
fbem-14769	221	6	no.251(08):18	no.251(08):18	NOUN
fbem-14769	221	7	-	-	PUNCT
fbem-14769	221	8	29	29	NUM
fbem-14769	221	9	.	.	PUNCT
fbem-14769	222	1	[	[	X
fbem-14769	222	2	14	14	NUM
fbem-14769	222	3	]	]	SYM
fbem-14769	222	4	min	min	PROPN
fbem-14769	222	5	shao	shao	PROPN
fbem-14769	222	6	,	,	PUNCT
fbem-14769	222	7	qun	qun	PROPN
fbem-14769	222	8	bao	bao	PROPN
fbem-14769	222	9	,	,	PUNCT
fbem-14769	222	10	ninghua	ninghua	PROPN
fbem-14769	222	11	ye	ye	PROPN
fbem-14769	222	12	.	.	PROPN
fbem-14769	222	13	credit	credit	NOUN
fbem-14769	222	14	constraints	constraint	NOUN
fbem-14769	222	15	and	and	CCONJ
fbem-14769	222	16	employee	employee	NOUN
fbem-14769	222	17	income	income	NOUN
fbem-14769	222	18	:	:	PUNCT
fbem-14769	222	19	empirical	empirical	ADJ
fbem-14769	222	20	evidence	evidence	NOUN
fbem-14769	222	21	for	for	ADP
fbem-14769	222	22	firms	firm	NOUN
fbem-14769	222	23	in	in	ADP
fbem-14769	222	24	china[j	china[j	PROPN
fbem-14769	222	25	]	]	PUNCT
fbem-14769	222	26	.	.	PUNCT
fbem-14769	223	1	china	china	PROPN
fbem-14769	223	2	economic	economic	PROPN
fbem-14769	223	3	quarterly,2013,12(03):895	quarterly,2013,12(03):895	PROPN
fbem-14769	223	4	-	-	PUNCT
fbem-14769	223	5	912	912	NUM
fbem-14769	223	6	.	.	PUNCT
fbem-14769	224	1	[	[	X
fbem-14769	224	2	15	15	NUM
fbem-14769	224	3	]	]	X
fbem-14769	224	4	zhao	zhao	PROPN
fbem-14769	224	5	qiuyun	qiuyun	PROPN
fbem-14769	224	6	,	,	PUNCT
fbem-14769	224	7	ma	ma	PROPN
fbem-14769	224	8	jing	jing	PROPN
fbem-14769	224	9	,	,	PUNCT
fbem-14769	224	10	hu	hu	PROPN
fbem-14769	224	11	qiaoyu	qiaoyu	PROPN
fbem-14769	224	12	.	.	PUNCT
fbem-14769	225	1	financing	financing	NOUN
fbem-14769	225	2	constraints	constraint	NOUN
fbem-14769	225	3	,	,	PUNCT
fbem-14769	225	4	corporate	corporate	ADJ
fbem-14769	225	5	saving	saving	NOUN
fbem-14769	225	6	and	and	CCONJ
fbem-14769	225	7	the	the	DET
fbem-14769	225	8	labor	labor	NOUN
fbem-14769	225	9	income	income	NOUN
fbem-14769	225	10	share	share	NOUN
fbem-14769	225	11	:	:	PUNCT
fbem-14769	225	12	discoveries	discovery	NOUN
fbem-14769	225	13	based	base	VERB
fbem-14769	225	14	on	on	ADP
fbem-14769	225	15	the	the	DET
fbem-14769	225	16	economic	economic	ADJ
fbem-14769	225	17	transition	transition	NOUN
fbem-14769	225	18	in	in	ADP
fbem-14769	225	19	china[j	china[j	PROPN
fbem-14769	225	20	]	]	PUNCT
fbem-14769	225	21	.	.	PUNCT
fbem-14769	226	1	journal	journal	PROPN
fbem-14769	226	2	of	of	ADP
fbem-14769	226	3	macro	macro	ADJ
fbem-14769	226	4	-	-	NOUN
fbem-14769	226	5	quality	quality	ADJ
fbem-14769	226	6	research,2020,8(02):75	research,2020,8(02):75	PROPN
fbem-14769	226	7	-	-	PUNCT
fbem-14769	226	8	94	94	NUM
fbem-14769	226	9	.	.	PUNCT
fbem-14769	227	1	[	[	X
fbem-14769	227	2	16	16	NUM
fbem-14769	227	3	]	]	X
fbem-14769	227	4	yu	yu	PROPN
fbem-14769	227	5	minggui	minggui	PROPN
fbem-14769	227	6	and	and	CCONJ
fbem-14769	227	7	wang	wang	PROPN
fbem-14769	227	8	kong	kong	PROPN
fbem-14769	227	9	.	.	PUNCT
fbem-14769	228	1	local	local	ADJ
fbem-14769	228	2	government	government	NOUN
fbem-14769	228	3	debt	debt	NOUN
fbem-14769	228	4	financing	financing	NOUN
fbem-14769	228	5	,	,	PUNCT
fbem-14769	228	6	crowding	crowd	VERB
fbem-14769	228	7	out	out	ADP
fbem-14769	228	8	effect	effect	NOUN
fbem-14769	228	9	and	and	CCONJ
fbem-14769	228	10	corporate	corporate	ADJ
fbem-14769	228	11	employment	employment	NOUN
fbem-14769	229	1	[	[	X
fbem-14769	229	2	j	j	X
fbem-14769	229	3	]	]	X
fbem-14769	229	4	.	.	PUNCT
fbem-14769	230	1	economic	economic	ADJ
fbem-14769	230	2	research	research	NOUN
fbem-14769	230	3	journal,2022,57(02):58	journal,2022,57(02):58	PROPN
fbem-14769	230	4	-	-	PUNCT
fbem-14769	230	5	72	72	NUM
fbem-14769	230	6	.	.	PUNCT
fbem-14769	231	1	[	[	X
fbem-14769	231	2	17	17	NUM
fbem-14769	231	3	]	]	X
fbem-14769	231	4	luo	luo	PROPN
fbem-14769	231	5	changyuan	changyuan	PROPN
fbem-14769	231	6	,	,	PUNCT
fbem-14769	231	7	chen	chen	PROPN
fbem-14769	231	8	lin	lin	PROPN
fbem-14769	231	9	.	.	PUNCT
fbem-14769	231	10	could	could	AUX
fbem-14769	231	11	financing	finance	VERB
fbem-14769	231	12	constraints	constraint	NOUN
fbem-14769	231	13	cause	cause	VERB
fbem-14769	231	14	labor	labor	NOUN
fbem-14769	231	15	income	income	NOUN
fbem-14769	231	16	shares	share	NOUN
fbem-14769	231	17	to	to	PART
fbem-14769	231	18	decline	decline	VERB
fbem-14769	231	19	?	?	PUNCT
fbem-14769	232	1	evidence	evidence	NOUN
fbem-14769	232	2	from	from	ADP
fbem-14769	232	3	data	datum	NOUN
fbem-14769	232	4	at	at	ADP
fbem-14769	232	5	firm	firm	ADJ
fbem-14769	232	6	level	level	NOUN
fbem-14769	232	7	in	in	ADP
fbem-14769	232	8	china[j	china[j	NOUN
fbem-14769	232	9	]	]	PUNCT
fbem-14769	232	10	.	.	PUNCT
fbem-14769	233	1	journal	journal	PROPN
fbem-14769	233	2	of	of	ADP
fbem-14769	233	3	financial	financial	PROPN
fbem-14769	233	4	research,2012	research,2012	NOUN
fbem-14769	233	5	,	,	PUNCT
fbem-14769	233	6	no.381(03):29	no.381(03):29	NOUN
fbem-14769	233	7	-	-	PUNCT
fbem-14769	233	8	42	42	NUM
fbem-14769	233	9	.	.	PUNCT
fbem-14769	234	1	[	[	X
fbem-14769	234	2	18	18	NUM
fbem-14769	234	3	]	]	X
fbem-14769	234	4	huang	huang	PROPN
fbem-14769	234	5	qunhui	qunhui	PROPN
fbem-14769	234	6	and	and	CCONJ
fbem-14769	234	7	ni	ni	PROPN
fbem-14769	234	8	hongfu	hongfu	PROPN
fbem-14769	234	9	.	.	PUNCT
fbem-14769	235	1	measurement	measurement	NOUN
fbem-14769	235	2	of	of	ADP
fbem-14769	235	3	domestic	domestic	ADJ
fbem-14769	235	4	and	and	CCONJ
fbem-14769	235	5	international	international	ADJ
fbem-14769	235	6	double	double	ADJ
fbem-14769	235	7	cycle	cycle	NOUN
fbem-14769	235	8	of	of	ADP
fbem-14769	235	9	china	china	PROPN
fbem-14769	235	10	's	's	PART
fbem-14769	235	11	economy	economy	NOUN
fbem-14769	235	12	:	:	PUNCT
fbem-14769	235	13	the	the	DET
fbem-14769	235	14	essential	essential	ADJ
fbem-14769	235	15	characteristics	characteristic	NOUN
fbem-14769	235	16	of	of	ADP
fbem-14769	235	17	the	the	DET
fbem-14769	235	18	new	new	ADJ
fbem-14769	235	19	development	development	NOUN
fbem-14769	235	20	pattern[j	pattern[j	PROPN
fbem-14769	235	21	]	]	PUNCT
fbem-14769	235	22	.	.	PUNCT
fbem-14769	236	1	journal	journal	PROPN
fbem-14769	236	2	of	of	ADP
fbem-14769	236	3	management	management	NOUN
fbem-14769	236	4	world,2021,37(12):40	world,2021,37(12):40	X
fbem-14769	236	5	-	-	SYM
fbem-14769	236	6	58	58	NUM
fbem-14769	236	7	.	.	PUNCT
fbem-14769	237	1	[	[	X
fbem-14769	237	2	19	19	NUM
fbem-14769	237	3	]	]	X
fbem-14769	237	4	li	li	PROPN
fbem-14769	237	5	jing	jing	PROPN
fbem-14769	237	6	and	and	CCONJ
fbem-14769	237	7	liu	liu	PROPN
fbem-14769	237	8	yang	yang	PROPN
fbem-14769	237	9	.	.	PUNCT
fbem-14769	238	1	china	china	PROPN
fbem-14769	238	2	's	's	PART
fbem-14769	238	3	national	national	ADJ
fbem-14769	238	4	economic	economic	ADJ
fbem-14769	238	5	circulation	circulation	NOUN
fbem-14769	238	6	:	:	PUNCT
fbem-14769	238	7	a	a	DET
fbem-14769	238	8	perspective	perspective	NOUN
fbem-14769	238	9	of	of	ADP
fbem-14769	238	10	the	the	DET
fbem-14769	238	11	structural	structural	ADJ
fbem-14769	238	12	and	and	CCONJ
fbem-14769	238	13	regional	regional	ADJ
fbem-14769	238	14	network	network	NOUN
fbem-14769	238	15	relations[j	relations[j	PROPN
fbem-14769	238	16	]	]	PUNCT
fbem-14769	238	17	.	.	PUNCT
fbem-14769	239	1	economic	economic	ADJ
fbem-14769	239	2	research	research	NOUN
fbem-14769	239	3	journal	journal	NOUN
fbem-14769	239	4	,	,	PUNCT
fbem-14769	239	5	2022	2022	NUM
fbem-14769	239	6	,	,	PUNCT
fbem-14769	239	7	57(02	57(02	NUM
fbem-14769	239	8	):	):	PUNCT
fbem-14769	239	9	27	27	NUM
fbem-14769	239	10	-	-	SYM
fbem-14769	239	11	42	42	NUM
fbem-14769	239	12	.	.	PUNCT
fbem-14769	240	1	[	[	X
fbem-14769	240	2	20	20	NUM
fbem-14769	240	3	]	]	SYM
fbem-14769	240	4	li	li	PROPN
fbem-14769	240	5	zi	zi	PROPN
fbem-14769	240	6	-	-	PROPN
fbem-14769	240	7	ruo	ruo	PROPN
fbem-14769	240	8	,	,	PUNCT
fbem-14769	240	9	yang	yang	PROPN
fbem-14769	240	10	ru	ru	PROPN
fbem-14769	240	11	-	-	PUNCT
fbem-14769	240	12	dai	dai	PROPN
fbem-14769	240	13	,	,	PUNCT
fbem-14769	240	14	huang	huang	PROPN
fbem-14769	240	15	gui	gui	PROPN
fbem-14769	240	16	-	-	PUNCT
fbem-14769	240	17	tian	tian	PROPN
fbem-14769	240	18	.	.	PUNCT
fbem-14769	241	1	intra	intra	ADJ
fbem-14769	241	2	-	-	ADJ
fbem-14769	241	3	national	national	ADJ
fbem-14769	241	4	trade	trade	NOUN
fbem-14769	241	5	costs	cost	NOUN
fbem-14769	241	6	，	，	PUNCT
fbem-14769	241	7	international	international	ADJ
fbem-14769	241	8	trade	trade	NOUN
fbem-14769	241	9	costs	cost	NOUN
fbem-14769	241	10	and	and	CCONJ
fbem-14769	241	11	the	the	DET
fbem-14769	241	12	promotion	promotion	NOUN
fbem-14769	241	13	of	of	ADP
fbem-14769	241	14	the	the	DET
fbem-14769	241	15	domestic	domestic	ADJ
fbem-14769	241	16	circulation	circulation	NOUN
fbem-14769	241	17	of	of	ADP
fbem-14769	241	18	china	china	PROPN
fbem-14769	242	1	[	[	X
fbem-14769	242	2	j	j	X
fbem-14769	242	3	]	]	X
fbem-14769	242	4	.	.	PUNCT
fbem-14769	243	1	china	china	PROPN
fbem-14769	243	2	industrial	industrial	PROPN
fbem-14769	243	3	economics	economic	NOUN
fbem-14769	243	4	,	,	PUNCT
fbem-14769	243	5	2022	2022	NUM
fbem-14769	243	6	(	(	PUNCT
fbem-14769	243	7	02	02	NUM
fbem-14769	243	8	):	):	PUNCT
fbem-14769	243	9	61	61	NUM
fbem-14769	243	10	-	-	SYM
fbem-14769	243	11	79	79	NUM
fbem-14769	243	12	.	.	PUNCT
fbem-14769	244	1	[	[	X
fbem-14769	244	2	21	21	NUM
fbem-14769	244	3	]	]	X
fbem-14769	244	4	yu	yu	PROPN
fbem-14769	244	5	yong	yong	PROPN
fbem-14769	244	6	-	-	PUNCT
fbem-14769	244	7	ze	ze	PROPN
fbem-14769	244	8	,	,	PUNCT
fbem-14769	244	9	hu	hu	PROPN
fbem-14769	244	10	shan	shan	PROPN
fbem-14769	244	11	,	,	PUNCT
fbem-14769	244	12	yang	yang	PROPN
fbem-14769	244	13	fei	fei	PROPN
fbem-14769	244	14	.	.	PUNCT
fbem-14769	245	1	the	the	DET
fbem-14769	245	2	barrier	barrier	NOUN
fbem-14769	245	3	to	to	ADP
fbem-14769	245	4	domestic	domestic	ADJ
fbem-14769	245	5	economic	economic	ADJ
fbem-14769	245	6	cycle	cycle	NOUN
fbem-14769	245	7	:	:	PUNCT
fbem-14769	245	8	efficiency	efficiency	NOUN
fbem-14769	245	9	loss	loss	NOUN
fbem-14769	245	10	of	of	ADP
fbem-14769	245	11	regional	regional	ADJ
fbem-14769	245	12	market	market	NOUN
fbem-14769	245	13	segmentation	segmentation	NOUN
fbem-14769	246	1	[	[	X
fbem-14769	246	2	j	j	X
fbem-14769	246	3	]	]	X
fbem-14769	246	4	.	.	PUNCT
fbem-14769	247	1	china	china	PROPN
fbem-14769	247	2	industrial	industrial	PROPN
fbem-14769	247	3	economics	economic	NOUN
fbem-14769	247	4	,	,	PUNCT
fbem-14769	247	5	2022	2022	NUM
fbem-14769	247	6	,	,	PUNCT
fbem-14769	247	7	(	(	PUNCT
fbem-14769	247	8	12):108126	12):108126	NUM
fbem-14769	247	9	.	.	PUNCT
fbem-14769	248	1	[	[	X
fbem-14769	248	2	22	22	NUM
fbem-14769	248	3	]	]	X
fbem-14769	248	4	fan	fan	PROPN
fbem-14769	248	5	hong	hong	PROPN
fbem-14769	248	6	-	-	PUNCT
fbem-14769	248	7	gang	gang	NOUN
fbem-14769	248	8	,	,	PUNCT
fbem-14769	248	9	shen	shen	PROPN
fbem-14769	248	10	bing	bing	PROPN
fbem-14769	248	11	-	-	PUNCT
fbem-14769	248	12	yang	yang	PROPN
fbem-14769	248	13	,	,	PUNCT
fbem-14769	248	14	zhang	zhang	PROPN
fbem-14769	248	15	cong	cong	PROPN
fbem-14769	248	16	.	.	PUNCT
fbem-14769	249	1	can	can	AUX
fbem-14769	249	2	domestic	domestic	ADJ
fbem-14769	249	3	economic	economic	ADJ
fbem-14769	249	4	cycle	cycle	NOUN
fbem-14769	249	5	promote	promote	NOUN
fbem-14769	249	6	enterprises	enterprise	NOUN
fbem-14769	249	7	growth	growth	NOUN
fbem-14769	249	8	:	:	PUNCT
fbem-14769	249	9	an	an	DET
fbem-14769	249	10	empirical	empirical	ADJ
fbem-14769	249	11	analysis	analysis	NOUN
fbem-14769	249	12	based	base	VERB
fbem-14769	249	13	on	on	ADP
fbem-14769	249	14	chinese	chinese	PROPN
fbem-14769	249	15	dialect	dialect	NOUN
fbem-14769	249	16	distance[j	distance[j	NOUN
fbem-14769	249	17	]	]	PUNCT
fbem-14769	249	18	.	.	PUNCT
fbem-14769	250	1	consumer	consumer	NOUN
fbem-14769	250	2	economics,2022,38(02):30	economics,2022,38(02):30	NOUN
fbem-14769	250	3	-	-	PUNCT
fbem-14769	250	4	40	40	NUM
fbem-14769	250	5	.	.	PUNCT
fbem-14769	251	1	[	[	X
fbem-14769	251	2	23	23	NUM
fbem-14769	251	3	]	]	X
fbem-14769	251	4	wang	wang	PROPN
fbem-14769	251	5	xiaolu	xiaolu	PROPN
fbem-14769	251	6	,	,	PUNCT
fbem-14769	251	7	hu	hu	PROPN
fbem-14769	251	8	lipeng	lipeng	PROPN
fbem-14769	251	9	,	,	PUNCT
fbem-14769	251	10	fan	fan	PROPN
fbem-14769	251	11	gang	gang	PROPN
fbem-14769	251	12	.	.	PUNCT
fbem-14769	252	1	china	china	PROPN
fbem-14769	252	2	's	's	PART
fbem-14769	252	3	provincial	provincial	ADJ
fbem-14769	252	4	marketization	marketization	NOUN
fbem-14769	252	5	index	index	NOUN
fbem-14769	252	6	report	report	NOUN
fbem-14769	252	7	2021[m	2021[m	NOUN
fbem-14769	252	8	]	]	PUNCT
fbem-14769	252	9	.	.	PUNCT
fbem-14769	253	1	beijing	beijing	PROPN
fbem-14769	253	2	:	:	PUNCT
fbem-14769	253	3	social	social	ADJ
fbem-14769	253	4	science	science	PROPN
fbem-14769	253	5	literature	literature	PROPN
fbem-14769	253	6	press	press	NOUN
fbem-14769	253	7	,	,	PUNCT
fbem-14769	253	8	2021	2021	NUM
fbem-14769	253	9	.	.	PUNCT
fbem-14769	254	1	[	[	X
fbem-14769	254	2	24	24	NUM
fbem-14769	254	3	]	]	PUNCT
fbem-14769	254	4	beck	beck	PROPN
fbem-14769	254	5	t	t	PROPN
fbem-14769	254	6	,	,	PUNCT
fbem-14769	254	7	levine	levine	PROPN
fbem-14769	254	8	r	r	PROPN
fbem-14769	254	9	,	,	PUNCT
fbem-14769	254	10	loayza	loayza	NOUN
fbem-14769	254	11	n.	n.	NOUN
fbem-14769	254	12	finance	finance	NOUN
fbem-14769	254	13	and	and	CCONJ
fbem-14769	254	14	the	the	DET
fbem-14769	254	15	sources	source	NOUN
fbem-14769	254	16	of	of	ADP
fbem-14769	254	17	growth[j	growth[j	PROPN
fbem-14769	254	18	]	]	PUNCT
fbem-14769	254	19	.	.	PUNCT
fbem-14769	255	1	journal	journal	PROPN
fbem-14769	255	2	of	of	ADP
fbem-14769	255	3	financial	financial	ADJ
fbem-14769	255	4	economics	economic	NOUN
fbem-14769	255	5	,	,	PUNCT
fbem-14769	255	6	2000	2000	NUM
fbem-14769	255	7	,	,	PUNCT
fbem-14769	255	8	58(1	58(1	NUM
fbem-14769	255	9	-	-	SYM
fbem-14769	255	10	2	2	NUM
fbem-14769	255	11	):	):	PUNCT
fbem-14769	255	12	261300	261300	NUM
fbem-14769	255	13	.	.	PUNCT
fbem-14769	256	1	[	[	X
fbem-14769	256	2	25	25	NUM
fbem-14769	256	3	]	]	PUNCT
fbem-14769	256	4	xie	xie	PROPN
fbem-14769	256	5	jia	jia	PROPN
fbem-14769	256	6	-	-	PUNCT
fbem-14769	256	7	zhi	zhi	PROPN
fbem-14769	256	8	,	,	PUNCT
fbem-14769	256	9	liu	liu	PROPN
fbem-14769	256	10	si	si	PROPN
fbem-14769	256	11	-	-	PROPN
fbem-14769	256	12	ya	ya	PROPN
fbem-14769	256	13	,	,	PUNCT
fbem-14769	256	14	li	li	PROPN
fbem-14769	256	15	hou	hou	PROPN
fbem-14769	256	16	-	-	PUNCT
fbem-14769	256	17	jian	jian	PROPN
fbem-14769	256	18	.	.	PUNCT
fbem-14769	256	19	political	political	ADJ
fbem-14769	256	20	connections	connection	NOUN
fbem-14769	256	21	,	,	PUNCT
fbem-14769	256	22	financing	financing	NOUN
fbem-14769	256	23	constraints	constraint	NOUN
fbem-14769	256	24	and	and	CCONJ
fbem-14769	256	25	corporate	corporate	ADJ
fbem-14769	256	26	r&d	r&d	NOUN
fbem-14769	256	27	input[j	input[j	NOUN
fbem-14769	256	28	]	]	PUNCT
fbem-14769	256	29	.	.	PUNCT
fbem-14769	257	1	journal	journal	PROPN
fbem-14769	257	2	of	of	ADP
fbem-14769	257	3	finance	finance	NOUN
fbem-14769	257	4	and	and	CCONJ
fbem-14769	257	5	economics,2014,40(08):81	economics,2014,40(08):81	NOUN
fbem-14769	257	6	-	-	PUNCT
fbem-14769	257	7	93	93	NUM
fbem-14769	257	8	.	.	PUNCT
fbem-14769	258	1	[	[	X
fbem-14769	258	2	26	26	NUM
fbem-14769	258	3	]	]	X
fbem-14769	258	4	li	li	PROPN
fbem-14769	258	5	hou	hou	PROPN
fbem-14769	258	6	-	-	PUNCT
fbem-14769	258	7	jian	jian	PROPN
fbem-14769	258	8	,	,	PUNCT
fbem-14769	258	9	liu	liu	PROPN
fbem-14769	258	10	si	si	PROPN
fbem-14769	258	11	-	-	PROPN
fbem-14769	258	12	ya	ya	PROPN
fbem-14769	258	13	.	.	PUNCT
fbem-14769	258	14	bank	bank	NOUN
fbem-14769	258	15	credits	credit	NOUN
fbem-14769	258	16	,	,	PUNCT
fbem-14769	258	17	ownership	ownership	NOUN
fbem-14769	258	18	nature	nature	NOUN
fbem-14769	258	19	and	and	CCONJ
fbem-14769	258	20	firm	firm	ADJ
fbem-14769	258	21	innovation	innovation	NOUN
fbem-14769	259	1	[	[	X
fbem-14769	259	2	j	j	X
fbem-14769	259	3	]	]	X
fbem-14769	259	4	.	.	PUNCT
fbem-14769	260	1	studies	study	NOUN
fbem-14769	260	2	in	in	ADP
fbem-14769	260	3	science	science	NOUN
fbem-14769	260	4	of	of	ADP
fbem-14769	260	5	science	science	NOUN
fbem-14769	260	6	,	,	PUNCT
fbem-14769	260	7	2015	2015	NUM
fbem-14769	260	8	,	,	PUNCT
fbem-14769	260	9	33(07	33(07	NUM
fbem-14769	260	10	):	):	PUNCT
fbem-14769	260	11	1089	1089	NUM
fbem-14769	260	12	-	-	SYM
fbem-14769	260	13	1099	1099	NUM
fbem-14769	260	14	.	.	PUNCT
fbem-14769	261	1	108	108	NUM
fbem-14769	262	1	[	[	SYM
fbem-14769	262	2	27	27	NUM
fbem-14769	262	3	]	]	X
fbem-14769	262	4	jiang	jiang	PROPN
fbem-14769	262	5	xiaojuan	xiaojuan	PROPN
fbem-14769	262	6	and	and	CCONJ
fbem-14769	262	7	meng	meng	PROPN
fbem-14769	262	8	lijun	lijun	PROPN
fbem-14769	262	9	.	.	PUNCT
fbem-14769	263	1	mainly	mainly	ADV
fbem-14769	263	2	inner	inner	ADJ
fbem-14769	263	3	circulation	circulation	NOUN
fbem-14769	263	4	,	,	PUNCT
fbem-14769	263	5	outer	outer	ADJ
fbem-14769	263	6	circulation	circulation	NOUN
fbem-14769	263	7	empowerment	empowerment	NOUN
fbem-14769	263	8	and	and	CCONJ
fbem-14769	263	9	higher	high	ADJ
fbem-14769	263	10	level	level	NOUN
fbem-14769	263	11	double	double	ADJ
fbem-14769	263	12	circulation：international	circulation：international	ADJ
fbem-14769	263	13	experience	experience	NOUN
fbem-14769	263	14	and	and	CCONJ
fbem-14769	263	15	chinese	chinese	ADJ
fbem-14769	263	16	practice[j	practice[j	PROPN
fbem-14769	263	17	]	]	PUNCT
fbem-14769	263	18	.	.	PUNCT
fbem-14769	264	1	journal	journal	PROPN
fbem-14769	264	2	of	of	ADP
fbem-14769	264	3	management	management	NOUN
fbem-14769	264	4	world,2021,37(01):1	world,2021,37(01):1	PROPN
fbem-14769	264	5	-	-	PUNCT
fbem-14769	264	6	19	19	NUM
fbem-14769	264	7	.	.	PUNCT
fbem-14769	265	1	[	[	X
fbem-14769	265	2	28	28	NUM
fbem-14769	265	3	]	]	X
fbem-14769	265	4	shen	shen	NOUN
fbem-14769	265	5	hong	hong	PROPN
fbem-14769	265	6	-	-	PUNCT
fbem-14769	265	7	bo	bo	PROPN
fbem-14769	265	8	,	,	PUNCT
fbem-14769	265	9	kou	kou	PROPN
fbem-14769	265	10	hong	hong	PROPN
fbem-14769	265	11	,	,	PUNCT
fbem-14769	265	12	zhang	zhang	PROPN
fbem-14769	265	13	chuan	chuan	PROPN
fbem-14769	265	14	.	.	PUNCT
fbem-14769	266	1	an	an	DET
fbem-14769	266	2	empirical	empirical	ADJ
fbem-14769	266	3	study	study	NOUN
fbem-14769	266	4	of	of	ADP
fbem-14769	266	5	financial	financial	ADJ
fbem-14769	266	6	development	development	NOUN
fbem-14769	266	7	,	,	PUNCT
fbem-14769	266	8	financing	financing	NOUN
fbem-14769	266	9	constraints	constraint	NOUN
fbem-14769	266	10	and	and	CCONJ
fbem-14769	266	11	corporate	corporate	ADJ
fbem-14769	266	12	investment[j	investment[j	NOUN
fbem-14769	266	13	]	]	PUNCT
fbem-14769	266	14	.	.	PUNCT
fbem-14769	267	1	china	china	PROPN
fbem-14769	267	2	industrial	industrial	PROPN
fbem-14769	267	3	economics	economic	NOUN
fbem-14769	267	4	,	,	PUNCT
fbem-14769	267	5	2010	2010	NUM
fbem-14769	267	6	(	(	PUNCT
fbem-14769	267	7	06	06	NUM
fbem-14769	267	8	):	):	PUNCT
fbem-14769	267	9	55	55	NUM
fbem-14769	267	10	-	-	SYM
fbem-14769	267	11	64	64	NUM
fbem-14769	267	12	.	.	PUNCT
fbem-14769	268	1	[	[	X
fbem-14769	268	2	29	29	NUM
fbem-14769	268	3	]	]	X
fbem-14769	268	4	chen	chen	PROPN
fbem-14769	268	5	quan	quan	PROPN
fbem-14769	268	6	-	-	PUNCT
fbem-14769	268	7	run	run	PROPN
fbem-14769	268	8	,	,	PUNCT
fbem-14769	268	9	xu	xu	PROPN
fbem-14769	268	10	jian	jian	PROPN
fbem-14769	268	11	,	,	PUNCT
fbem-14769	268	12	xia	xia	PROPN
fbem-14769	268	13	yan	yan	PROPN
fbem-14769	268	14	,	,	PUNCT
fbem-14769	268	15	ji	ji	PROPN
fbem-14769	268	16	kang	kang	PROPN
fbem-14769	268	17	-	-	PUNCT
fbem-14769	268	18	xian	xian	PROPN
fbem-14769	268	19	.	.	PUNCT
fbem-14769	269	1	the	the	DET
fbem-14769	269	2	measurement	measurement	NOUN
fbem-14769	269	3	and	and	CCONJ
fbem-14769	269	4	trend	trend	NOUN
fbem-14769	269	5	analysis	analysis	NOUN
fbem-14769	269	6	of	of	ADP
fbem-14769	269	7	domestic	domestic	ADJ
fbem-14769	269	8	and	and	CCONJ
fbem-14769	269	9	international	international	ADJ
fbem-14769	269	10	dural	dural	ADJ
fbem-14769	269	11	circulation	circulation	NOUN
fbem-14769	269	12	[	[	X
fbem-14769	269	13	j	j	X
fbem-14769	269	14	]	]	X
fbem-14769	269	15	.	.	PUNCT
fbem-14769	270	1	chinese	chinese	ADJ
fbem-14769	270	2	journal	journal	PROPN
fbem-14769	270	3	of	of	ADP
fbem-14769	270	4	management	management	NOUN
fbem-14769	270	5	science	science	NOUN
fbem-14769	270	6	,	,	PUNCT
fbem-14769	270	7	2022	2022	NUM
fbem-14769	270	8	,	,	PUNCT
fbem-14769	270	9	30(01):12	30(01):12	NUM
fbem-14769	270	10	-	-	SYM
fbem-14769	270	11	19	19	NUM
fbem-14769	270	12	.	.	PUNCT
fbem-14769	271	1	[	[	X
fbem-14769	271	2	30	30	NUM
fbem-14769	271	3	]	]	X
fbem-14769	271	4	huang	huang	PROPN
fbem-14769	271	5	renquan	renquan	PROPN
fbem-14769	271	6	,	,	PUNCT
fbem-14769	271	7	li	li	PROPN
fbem-14769	271	8	cunpu	cunpu	PROPN
fbem-14769	271	9	.	.	PUNCT
fbem-14769	272	1	measurement	measurement	NOUN
fbem-14769	272	2	and	and	CCONJ
fbem-14769	272	3	growth	growth	NOUN
fbem-14769	272	4	dynamics	dynamic	NOUN
fbem-14769	272	5	of	of	ADP
fbem-14769	272	6	the	the	DET
fbem-14769	272	7	domestic	domestic	ADJ
fbem-14769	272	8	and	and	CCONJ
fbem-14769	272	9	international	international	ADJ
fbem-14769	272	10	dual	dual	ADJ
fbem-14769	272	11	circulation	circulation	NOUN
fbem-14769	272	12	of	of	ADP
fbem-14769	272	13	china	china	PROPN
fbem-14769	272	14	's	's	PART
fbem-14769	272	15	economy[j	economy[j	PROPN
fbem-14769	272	16	]	]	PUNCT
fbem-14769	272	17	.	.	PUNCT
fbem-14769	273	1	journal	journal	PROPN
fbem-14769	273	2	of	of	ADP
fbem-14769	273	3	quantitative	quantitative	ADJ
fbem-14769	273	4	&	&	CCONJ
fbem-14769	273	5	technological	technological	ADJ
fbem-14769	273	6	economics	economic	NOUN
fbem-14769	273	7	,	,	PUNCT
fbem-14769	273	8	2022	2022	NUM
fbem-14769	273	9	,	,	PUNCT
fbem-14769	273	10	39(08	39(08	NUM
fbem-14769	273	11	):	):	PUNCT
fbem-14769	273	12	80	80	NUM
fbem-14769	273	13	-	-	SYM
fbem-14769	273	14	99	99	NUM
fbem-14769	273	15	.	.	PUNCT
fbem-14769	274	1	[	[	X
fbem-14769	274	2	31	31	NUM
fbem-14769	274	3	]	]	PUNCT
fbem-14769	274	4	wei	wei	PROPN
fbem-14769	274	5	qian	qian	PROPN
fbem-14769	274	6	,	,	PUNCT
fbem-14769	274	7	wang	wang	PROPN
fbem-14769	274	8	an	an	PROPN
fbem-14769	274	9	and	and	CCONJ
fbem-14769	274	10	wang	wang	PROPN
fbem-14769	274	11	jie	jie	PROPN
fbem-14769	274	12	.	.	PUNCT
fbem-14769	275	1	the	the	DET
fbem-14769	275	2	rise	rise	NOUN
fbem-14769	275	3	of	of	ADP
fbem-14769	275	4	china	china	PROPN
fbem-14769	275	5	's	's	PART
fbem-14769	275	6	coastal	coastal	ADJ
fbem-14769	275	7	areas	area	NOUN
fbem-14769	275	8	:	:	PUNCT
fbem-14769	275	9	power	power	NOUN
fbem-14769	275	10	of	of	ADP
fbem-14769	275	11	market[j	market[j	NOUN
fbem-14769	275	12	]	]	PUNCT
fbem-14769	275	13	.	.	PUNCT
fbem-14769	276	1	economic	economic	ADJ
fbem-14769	276	2	research	research	NOUN
fbem-14769	276	3	journal	journal	NOUN
fbem-14769	276	4	,	,	PUNCT
fbem-14769	276	5	2014	2014	NUM
fbem-14769	276	6	,	,	PUNCT
fbem-14769	276	7	49(08	49(08	NUM
fbem-14769	276	8	):	):	PUNCT
fbem-14769	276	9	170	170	NUM
fbem-14769	276	10	-	-	SYM
fbem-14769	276	11	183	183	NUM
fbem-14769	276	12	.	.	PUNCT
fbem-14769	277	1	[	[	X
fbem-14769	277	2	32	32	NUM
fbem-14769	277	3	]	]	X
fbem-14769	277	4	kaplan	kaplan	PROPN
fbem-14769	277	5	s	s	PART
fbem-14769	277	6	n	n	CCONJ
fbem-14769	277	7	,	,	PUNCT
fbem-14769	277	8	zingales	zingales	PROPN
fbem-14769	277	9	l.	l.	PROPN
fbem-14769	277	10	do	do	AUX
fbem-14769	277	11	investment	investment	NOUN
fbem-14769	277	12	-	-	PUNCT
fbem-14769	277	13	cash	cash	NOUN
fbem-14769	277	14	flow	flow	NOUN
fbem-14769	277	15	sensitivities	sensitivity	NOUN
fbem-14769	277	16	provide	provide	VERB
fbem-14769	277	17	useful	useful	ADJ
fbem-14769	277	18	measures	measure	NOUN
fbem-14769	277	19	of	of	ADP
fbem-14769	277	20	financing	financing	NOUN
fbem-14769	277	21	constraints	constraint	NOUN
fbem-14769	277	22	?	?	PUNCT
fbem-14769	278	1	[	[	X
fbem-14769	278	2	j	j	X
fbem-14769	278	3	]	]	X
fbem-14769	278	4	.	.	PUNCT
fbem-14769	279	1	the	the	DET
fbem-14769	279	2	quarterly	quarterly	ADJ
fbem-14769	279	3	journal	journal	NOUN
fbem-14769	279	4	of	of	ADP
fbem-14769	279	5	economics	economic	NOUN
fbem-14769	279	6	,	,	PUNCT
fbem-14769	279	7	1997	1997	NUM
fbem-14769	279	8	,	,	PUNCT
fbem-14769	279	9	112(1	112(1	NUM
fbem-14769	279	10	):	):	PUNCT
fbem-14769	279	11	169	169	NUM
fbem-14769	279	12	-	-	SYM
fbem-14769	279	13	215	215	NUM
fbem-14769	279	14	.	.	PUNCT
fbem-14769	280	1	[	[	X
fbem-14769	280	2	33	33	NUM
fbem-14769	280	3	]	]	X
fbem-14769	280	4	tan	tan	PROPN
fbem-14769	280	5	yue	yue	PROPN
fbem-14769	280	6	and	and	CCONJ
fbem-14769	280	7	xia	xia	PROPN
fbem-14769	280	8	fang	fang	PROPN
fbem-14769	280	9	.	.	PUNCT
fbem-14769	281	1	stock	stock	NOUN
fbem-14769	281	2	price	price	NOUN
fbem-14769	281	3	and	and	CCONJ
fbem-14769	281	4	the	the	DET
fbem-14769	281	5	investment	investment	NOUN
fbem-14769	281	6	of	of	ADP
fbem-14769	281	7	listed	list	VERB
fbem-14769	281	8	companies	company	NOUN
fbem-14769	281	9	in	in	ADP
fbem-14769	281	10	china	china	PROPN
fbem-14769	281	11	:	:	PUNCT
fbem-14769	281	12	the	the	DET
fbem-14769	281	13	research	research	NOUN
fbem-14769	281	14	from	from	ADP
fbem-14769	281	15	the	the	DET
fbem-14769	281	16	integration	integration	NOUN
fbem-14769	281	17	of	of	ADP
fbem-14769	281	18	earnings	earning	NOUN
fbem-14769	281	19	management	management	NOUN
fbem-14769	281	20	and	and	CCONJ
fbem-14769	281	21	investors	investor	NOUN
fbem-14769	281	22	'	'	PART
fbem-14769	281	23	sentiment	sentiment	NOUN
fbem-14769	282	1	[	[	X
fbem-14769	282	2	j	j	X
fbem-14769	282	3	]	]	X
fbem-14769	282	4	.	.	PUNCT
fbem-14769	283	1	accounting	accounting	NOUN
fbem-14769	283	2	research	research	NOUN
fbem-14769	283	3	,	,	PUNCT
fbem-14769	283	4	2011(08):30	2011(08):30	NUM
fbem-14769	283	5	-	-	SYM
fbem-14769	283	6	39	39	NUM
fbem-14769	283	7	+	+	NOUN
fbem-14769	283	8	95	95	NUM
fbem-14769	283	9	.	.	PUNCT
fbem-14769	284	1	[	[	X
fbem-14769	284	2	34	34	NUM
fbem-14769	284	3	]	]	X
fbem-14769	284	4	wei	wei	PROPN
fbem-14769	284	5	zhihua	zhihua	PROPN
fbem-14769	284	6	,	,	PUNCT
fbem-14769	284	7	zeng	zeng	PROPN
fbem-14769	284	8	aimin	aimin	PROPN
fbem-14769	284	9	,	,	PUNCT
fbem-14769	284	10	li	li	PROPN
fbem-14769	284	11	bo	bo	PROPN
fbem-14769	284	12	.	.	PUNCT
fbem-14769	284	13	financial	financial	ADJ
fbem-14769	284	14	ecological	ecological	ADJ
fbem-14769	284	15	environment	environment	NOUN
fbem-14769	284	16	and	and	CCONJ
fbem-14769	284	17	corporate	corporate	ADJ
fbem-14769	284	18	financial	financial	ADJ
fbem-14769	284	19	constraints	constraint	NOUN
fbem-14769	284	20	—	—	PUNCT
fbem-14769	284	21	—	—	PUNCT
fbem-14769	284	22	evidence	evidence	NOUN
fbem-14769	284	23	from	from	ADP
fbem-14769	284	24	chinese	chinese	ADJ
fbem-14769	284	25	listed	list	VERB
fbem-14769	284	26	firms	firm	NOUN
fbem-14769	285	1	[	[	X
fbem-14769	285	2	j	j	X
fbem-14769	285	3	]	]	X
fbem-14769	285	4	.	.	PUNCT
fbem-14769	286	1	accounting	accounting	NOUN
fbem-14769	286	2	research	research	NOUN
fbem-14769	286	3	,	,	PUNCT
fbem-14769	286	4	2014	2014	NUM
fbem-14769	286	5	(	(	PUNCT
fbem-14769	286	6	05):73	05):73	NUM
fbem-14769	286	7	-	-	SYM
fbem-14769	286	8	80	80	NUM
fbem-14769	286	9	+	+	NOUN
fbem-14769	286	10	95	95	NUM
fbem-14769	286	11	.	.	PUNCT
fbem-14769	287	1	[	[	X
fbem-14769	287	2	35	35	NUM
fbem-14769	287	3	]	]	X
fbem-14769	287	4	richardson	richardson	PROPN
fbem-14769	287	5	s.	s.	PROPN
fbem-14769	287	6	over	over	ADP
fbem-14769	287	7	-	-	PUNCT
fbem-14769	287	8	investment	investment	NOUN
fbem-14769	287	9	of	of	ADP
fbem-14769	287	10	free	free	ADJ
fbem-14769	287	11	cash	cash	NOUN
fbem-14769	287	12	flow[j	flow[j	NOUN
fbem-14769	287	13	]	]	PUNCT
fbem-14769	287	14	.	.	PUNCT
fbem-14769	288	1	review	review	NOUN
fbem-14769	288	2	of	of	ADP
fbem-14769	288	3	accounting	accounting	NOUN
fbem-14769	288	4	studies	study	NOUN
fbem-14769	288	5	,	,	PUNCT
fbem-14769	288	6	2006	2006	NUM
fbem-14769	288	7	,	,	PUNCT
fbem-14769	288	8	11	11	NUM
fbem-14769	288	9	:	:	SYM
fbem-14769	288	10	159	159	NUM
fbem-14769	288	11	-	-	SYM
fbem-14769	288	12	189	189	NUM
fbem-14769	288	13	.	.	PUNCT
fbem-14769	289	1	[	[	X
fbem-14769	289	2	36	36	NUM
fbem-14769	289	3	]	]	X
fbem-14769	289	4	yuan	yuan	PROPN
fbem-14769	289	5	yi	yi	PROPN
fbem-14769	289	6	-	-	PUNCT
fbem-14769	289	7	jun	jun	PROPN
fbem-14769	289	8	,	,	PUNCT
fbem-14769	289	9	xie	xie	PROPN
fbem-14769	289	10	rong	rong	PROPN
fbem-14769	289	11	-	-	PUNCT
fbem-14769	289	12	hui	hui	PROPN
fbem-14769	289	13	.	.	PUNCT
fbem-14769	289	14	research	research	NOUN
fbem-14769	289	15	on	on	ADP
fbem-14769	289	16	the	the	DET
fbem-14769	289	17	effect	effect	NOUN
fbem-14769	289	18	of	of	ADP
fbem-14769	289	19	environmental	environmental	ADJ
fbem-14769	289	20	regulation	regulation	NOUN
fbem-14769	289	21	to	to	ADP
fbem-14769	289	22	industrial	industrial	ADJ
fbem-14769	289	23	restructuring	restructuring	NOUN
fbem-14769	289	24	—	—	PUNCT
fbem-14769	289	25	—	—	PUNCT
fbem-14769	289	26	empirical	empirical	ADJ
fbem-14769	289	27	test	test	NOUN
fbem-14769	289	28	based	base	VERB
fbem-14769	289	29	on	on	ADP
fbem-14769	289	30	provincial	provincial	ADJ
fbem-14769	289	31	panel	panel	NOUN
fbem-14769	289	32	data	datum	NOUN
fbem-14769	289	33	of	of	ADP
fbem-14769	289	34	china[j	china[j	NOUN
fbem-14769	289	35	]	]	PUNCT
fbem-14769	289	36	.	.	PUNCT
fbem-14769	290	1	china	china	PROPN
fbem-14769	290	2	industrial	industrial	PROPN
fbem-14769	290	3	economics,2014	economics,2014	PROPN
fbem-14769	290	4	,	,	PUNCT
fbem-14769	290	5	no.317(08):57	no.317(08):57	NOUN
fbem-14769	290	6	-	-	PUNCT
fbem-14769	290	7	69	69	NUM
fbem-14769	290	8	.	.	PUNCT
fbem-14769	291	1	[	[	X
fbem-14769	291	2	37	37	NUM
fbem-14769	291	3	]	]	SYM
fbem-14769	291	4	fu	fu	NOUN
fbem-14769	291	5	jingyan	jingyan	NOUN
fbem-14769	291	6	and	and	CCONJ
fbem-14769	291	7	li	li	PROPN
fbem-14769	291	8	lisha	lisha	PROPN
fbem-14769	291	9	.	.	PUNCT
fbem-14769	292	1	a	a	DET
fbem-14769	292	2	case	case	NOUN
fbem-14769	292	3	study	study	NOUN
fbem-14769	292	4	on	on	ADP
fbem-14769	292	5	the	the	DET
fbem-14769	292	6	environmental	environmental	ADJ
fbem-14769	292	7	regulation	regulation	NOUN
fbem-14769	292	8	,	,	PUNCT
fbem-14769	292	9	the	the	DET
fbem-14769	292	10	factor	factor	NOUN
fbem-14769	292	11	endowment	endowment	NOUN
fbem-14769	292	12	and	and	CCONJ
fbem-14769	292	13	the	the	DET
fbem-14769	292	14	international	international	ADJ
fbem-14769	292	15	competitiveness	competitiveness	NOUN
fbem-14769	292	16	in	in	ADP
fbem-14769	292	17	industries	industry	NOUN
fbem-14769	292	18	[	[	X
fbem-14769	292	19	j	j	X
fbem-14769	292	20	]	]	X
fbem-14769	292	21	.	.	PUNCT
fbem-14769	293	1	journal	journal	PROPN
fbem-14769	293	2	of	of	ADP
fbem-14769	293	3	management	management	NOUN
fbem-14769	293	4	world,2010,no.205(10):87	world,2010,no.205(10):87	NOUN
fbem-14769	293	5	-	-	PUNCT
fbem-14769	293	6	98	98	NUM
fbem-14769	293	7	+	+	NOUN
fbem-14769	293	8	187	187	NUM
fbem-14769	293	9	.	.	PUNCT