id	sid	tid	token	lemma	pos
fbem-15416	1	1	frontiers	frontier	NOUN
fbem-15416	1	2	in	in	ADP
fbem-15416	1	3	business	business	NOUN
fbem-15416	1	4	,	,	PUNCT
fbem-15416	1	5	economics	economic	NOUN
fbem-15416	1	6	and	and	CCONJ
fbem-15416	1	7	management	management	NOUN
fbem-15416	1	8	issn	issn	PROPN
fbem-15416	1	9	:	:	PUNCT
fbem-15416	1	10	2766	2766	NUM
fbem-15416	1	11	-	-	PUNCT
fbem-15416	1	12	824x	824x	NUM
fbem-15416	1	13	|	|	ADJ
fbem-15416	1	14	vol	vol	NOUN
fbem-15416	1	15	.	.	PROPN
fbem-15416	1	16	12	12	NUM
fbem-15416	1	17	,	,	PUNCT
fbem-15416	1	18	no	no	INTJ
fbem-15416	1	19	.	.	NOUN
fbem-15416	1	20	3	3	NUM
fbem-15416	1	21	,	,	PUNCT
fbem-15416	1	22	2023	2023	NUM
fbem-15416	1	23	210	210	NUM
fbem-15416	1	24	non‐state	non‐state	VERB
fbem-15416	1	25	shareholder	shareholder	NOUN
fbem-15416	1	26	participation	participation	NOUN
fbem-15416	1	27	and	and	CCONJ
fbem-15416	1	28	technological	technological	ADJ
fbem-15416	1	29	innovation	innovation	NOUN
fbem-15416	1	30	in	in	ADP
fbem-15416	1	31	state‐owned	state‐owne	VERB
fbem-15416	1	32	enterprises	enterprise	NOUN
fbem-15416	1	33	shuhong	shuhong	PROPN
fbem-15416	1	34	huang	huang	PROPN
fbem-15416	1	35	department	department	PROPN
fbem-15416	1	36	of	of	ADP
fbem-15416	1	37	business	business	PROPN
fbem-15416	1	38	east	east	PROPN
fbem-15416	1	39	china	china	PROPN
fbem-15416	1	40	university	university	PROPN
fbem-15416	1	41	of	of	ADP
fbem-15416	1	42	political	political	ADJ
fbem-15416	1	43	science	science	NOUN
fbem-15416	1	44	and	and	CCONJ
fbem-15416	1	45	law	law	NOUN
fbem-15416	1	46	,	,	PUNCT
fbem-15416	1	47	shanghai	shanghai	PROPN
fbem-15416	1	48	,	,	PUNCT
fbem-15416	1	49	china	china	PROPN
fbem-15416	1	50	abstract	abstract	PROPN
fbem-15416	1	51	:	:	PUNCT
fbem-15416	1	52	the	the	DET
fbem-15416	1	53	third	third	ADJ
fbem-15416	1	54	plenary	plenary	ADJ
fbem-15416	1	55	session	session	NOUN
fbem-15416	1	56	of	of	ADP
fbem-15416	1	57	the	the	DET
fbem-15416	1	58	18th	18th	ADJ
fbem-15416	1	59	cpc	cpc	PROPN
fbem-15416	1	60	central	central	PROPN
fbem-15416	1	61	committee	committee	PROPN
fbem-15416	1	62	established	establish	VERB
fbem-15416	1	63	mixed	mixed	ADJ
fbem-15416	1	64	ownership	ownership	NOUN
fbem-15416	1	65	system	system	NOUN
fbem-15416	1	66	as	as	ADP
fbem-15416	1	67	the	the	DET
fbem-15416	1	68	main	main	ADJ
fbem-15416	1	69	policy	policy	NOUN
fbem-15416	1	70	of	of	ADP
fbem-15416	1	71	soe	soe	PROPN
fbem-15416	1	72	reform	reform	NOUN
fbem-15416	1	73	,	,	PUNCT
fbem-15416	1	74	and	and	CCONJ
fbem-15416	1	75	as	as	ADP
fbem-15416	1	76	the	the	DET
fbem-15416	1	77	main	main	ADJ
fbem-15416	1	78	form	form	NOUN
fbem-15416	1	79	of	of	ADP
fbem-15416	1	80	soe	soe	PROPN
fbem-15416	1	81	"	"	PUNCT
fbem-15416	1	82	mixed	mixed	ADJ
fbem-15416	1	83	reform	reform	NOUN
fbem-15416	1	84	"	"	PUNCT
fbem-15416	1	85	,	,	PUNCT
fbem-15416	1	86	can	can	AUX
fbem-15416	1	87	non	non	ADJ
fbem-15416	1	88	-	-	ADJ
fbem-15416	1	89	state	state	ADJ
fbem-15416	1	90	shareholders	shareholder	NOUN
fbem-15416	1	91	'	'	PART
fbem-15416	1	92	participation	participation	NOUN
fbem-15416	1	93	promote	promote	VERB
fbem-15416	1	94	the	the	DET
fbem-15416	1	95	technological	technological	ADJ
fbem-15416	1	96	innovation	innovation	NOUN
fbem-15416	1	97	of	of	ADP
fbem-15416	1	98	soe	soe	PROPN
fbem-15416	1	99	?	?	PROPN
fbem-15416	1	100	based	base	VERB
fbem-15416	1	101	on	on	ADP
fbem-15416	1	102	the	the	DET
fbem-15416	1	103	research	research	NOUN
fbem-15416	1	104	samples	sample	NOUN
fbem-15416	1	105	of	of	ADP
fbem-15416	1	106	china	china	PROPN
fbem-15416	1	107	's	's	PART
fbem-15416	1	108	a	a	DET
fbem-15416	1	109	-	-	PUNCT
fbem-15416	1	110	share	share	NOUN
fbem-15416	1	111	state	state	NOUN
fbem-15416	1	112	-	-	PUNCT
fbem-15416	1	113	owned	own	VERB
fbem-15416	1	114	listed	list	VERB
fbem-15416	1	115	companies	company	NOUN
fbem-15416	1	116	from	from	ADP
fbem-15416	1	117	2010	2010	NUM
fbem-15416	1	118	to	to	ADP
fbem-15416	1	119	2017	2017	NUM
fbem-15416	1	120	,	,	PUNCT
fbem-15416	1	121	this	this	DET
fbem-15416	1	122	paper	paper	NOUN
fbem-15416	1	123	finds	find	VERB
fbem-15416	1	124	that	that	SCONJ
fbem-15416	1	125	the	the	DET
fbem-15416	1	126	participation	participation	NOUN
fbem-15416	1	127	of	of	ADP
fbem-15416	1	128	non	non	ADJ
fbem-15416	1	129	-	-	ADJ
fbem-15416	1	130	state	state	ADJ
fbem-15416	1	131	shareholders	shareholder	NOUN
fbem-15416	1	132	promotes	promote	VERB
fbem-15416	1	133	the	the	DET
fbem-15416	1	134	technological	technological	ADJ
fbem-15416	1	135	innovation	innovation	NOUN
fbem-15416	1	136	of	of	ADP
fbem-15416	1	137	soe	soe	PROPN
fbem-15416	1	138	,	,	PUNCT
fbem-15416	1	139	and	and	CCONJ
fbem-15416	1	140	this	this	DET
fbem-15416	1	141	result	result	NOUN
fbem-15416	1	142	is	be	AUX
fbem-15416	1	143	more	more	ADV
fbem-15416	1	144	robust	robust	ADJ
fbem-15416	1	145	when	when	SCONJ
fbem-15416	1	146	the	the	DET
fbem-15416	1	147	participation	participation	NOUN
fbem-15416	1	148	of	of	ADP
fbem-15416	1	149	non	non	ADJ
fbem-15416	1	150	-	-	ADJ
fbem-15416	1	151	state	state	ADJ
fbem-15416	1	152	shareholders	shareholder	NOUN
fbem-15416	1	153	exceeds	exceed	VERB
fbem-15416	1	154	10	10	NUM
fbem-15416	1	155	%	%	NOUN
fbem-15416	1	156	,	,	PUNCT
fbem-15416	1	157	i.e.	i.e.	X
fbem-15416	1	158	,	,	PUNCT
fbem-15416	1	159	when	when	SCONJ
fbem-15416	1	160	the	the	DET
fbem-15416	1	161	participation	participation	NOUN
fbem-15416	1	162	of	of	ADP
fbem-15416	1	163	non	non	ADJ
fbem-15416	1	164	-	-	ADJ
fbem-15416	1	165	state	state	ADJ
fbem-15416	1	166	major	major	ADJ
fbem-15416	1	167	shareholders	shareholder	NOUN
fbem-15416	1	168	is	be	AUX
fbem-15416	1	169	more	more	ADV
fbem-15416	1	170	robust	robust	ADJ
fbem-15416	1	171	.	.	PUNCT
fbem-15416	2	1	the	the	DET
fbem-15416	2	2	results	result	NOUN
fbem-15416	2	3	of	of	ADP
fbem-15416	2	4	the	the	DET
fbem-15416	2	5	mediation	mediation	NOUN
fbem-15416	2	6	effect	effect	NOUN
fbem-15416	2	7	model	model	NOUN
fbem-15416	2	8	show	show	VERB
fbem-15416	2	9	that	that	SCONJ
fbem-15416	2	10	non	non	ADJ
fbem-15416	2	11	-	-	ADJ
fbem-15416	2	12	state	state	ADJ
fbem-15416	2	13	shareholders	shareholder	NOUN
fbem-15416	2	14	'	'	PART
fbem-15416	2	15	equity	equity	NOUN
fbem-15416	2	16	participation	participation	NOUN
fbem-15416	2	17	plays	play	VERB
fbem-15416	2	18	a	a	DET
fbem-15416	2	19	positive	positive	ADJ
fbem-15416	2	20	role	role	NOUN
fbem-15416	2	21	in	in	ADP
fbem-15416	2	22	the	the	DET
fbem-15416	2	23	level	level	NOUN
fbem-15416	2	24	of	of	ADP
fbem-15416	2	25	state	state	NOUN
fbem-15416	2	26	-	-	PUNCT
fbem-15416	2	27	owned	own	VERB
fbem-15416	2	28	technological	technological	ADJ
fbem-15416	2	29	innovation	innovation	NOUN
fbem-15416	2	30	by	by	ADP
fbem-15416	2	31	improving	improve	VERB
fbem-15416	2	32	the	the	DET
fbem-15416	2	33	incentive	incentive	NOUN
fbem-15416	2	34	channel	channel	NOUN
fbem-15416	2	35	for	for	ADP
fbem-15416	2	36	executive	executive	ADJ
fbem-15416	2	37	compensation	compensation	NOUN
fbem-15416	2	38	,	,	PUNCT
fbem-15416	2	39	while	while	SCONJ
fbem-15416	2	40	the	the	DET
fbem-15416	2	41	results	result	NOUN
fbem-15416	2	42	of	of	ADP
fbem-15416	2	43	the	the	DET
fbem-15416	2	44	mediation	mediation	NOUN
fbem-15416	2	45	effect	effect	NOUN
fbem-15416	2	46	test	test	NOUN
fbem-15416	2	47	of	of	ADP
fbem-15416	2	48	the	the	DET
fbem-15416	2	49	financial	financial	ADJ
fbem-15416	2	50	assets	asset	NOUN
fbem-15416	2	51	investment	investment	NOUN
fbem-15416	2	52	channel	channel	NOUN
fbem-15416	2	53	are	be	AUX
fbem-15416	2	54	not	not	PART
fbem-15416	2	55	verified	verify	VERB
fbem-15416	2	56	.	.	PUNCT
fbem-15416	3	1	this	this	DET
fbem-15416	3	2	paper	paper	NOUN
fbem-15416	3	3	provides	provide	VERB
fbem-15416	3	4	theoretical	theoretical	ADJ
fbem-15416	3	5	and	and	CCONJ
fbem-15416	3	6	empirical	empirical	ADJ
fbem-15416	3	7	support	support	NOUN
fbem-15416	3	8	for	for	ADP
fbem-15416	3	9	the	the	DET
fbem-15416	3	10	rationality	rationality	NOUN
fbem-15416	3	11	and	and	CCONJ
fbem-15416	3	12	effectiveness	effectiveness	NOUN
fbem-15416	3	13	of	of	ADP
fbem-15416	3	14	mixed	mixed	ADJ
fbem-15416	3	15	ownership	ownership	NOUN
fbem-15416	3	16	reform	reform	NOUN
fbem-15416	3	17	from	from	ADP
fbem-15416	3	18	the	the	DET
fbem-15416	3	19	dimension	dimension	NOUN
fbem-15416	3	20	of	of	ADP
fbem-15416	3	21	technological	technological	ADJ
fbem-15416	3	22	innovation	innovation	NOUN
fbem-15416	3	23	.	.	PUNCT
fbem-15416	4	1	keywords	keyword	NOUN
fbem-15416	4	2	:	:	PUNCT
fbem-15416	4	3	non	non	ADJ
fbem-15416	4	4	-	-	ADJ
fbem-15416	4	5	state	state	ADJ
fbem-15416	4	6	shareholder	shareholder	NOUN
fbem-15416	4	7	participation	participation	NOUN
fbem-15416	4	8	;	;	PUNCT
fbem-15416	4	9	mixed	mixed	ADJ
fbem-15416	4	10	ownership	ownership	NOUN
fbem-15416	4	11	reform	reform	NOUN
fbem-15416	4	12	;	;	PUNCT
fbem-15416	4	13	corporate	corporate	ADJ
fbem-15416	4	14	innovation	innovation	NOUN
fbem-15416	4	15	.	.	PUNCT
fbem-15416	5	1	1	1	X
fbem-15416	5	2	.	.	X
fbem-15416	5	3	introduction	introduction	NOUN
fbem-15416	5	4	in	in	ADP
fbem-15416	5	5	recent	recent	ADJ
fbem-15416	5	6	years	year	NOUN
fbem-15416	5	7	,	,	PUNCT
fbem-15416	5	8	the	the	DET
fbem-15416	5	9	problem	problem	NOUN
fbem-15416	5	10	of	of	ADP
fbem-15416	5	11	zombie	zombie	NOUN
fbem-15416	5	12	enterprises	enterprise	NOUN
fbem-15416	5	13	among	among	ADP
fbem-15416	5	14	state	state	NOUN
fbem-15416	5	15	-	-	PUNCT
fbem-15416	5	16	owned	own	VERB
fbem-15416	5	17	enterprises	enterprise	NOUN
fbem-15416	5	18	(	(	PUNCT
fbem-15416	5	19	soes	soe	NOUN
fbem-15416	5	20	)	)	PUNCT
fbem-15416	5	21	has	have	AUX
fbem-15416	5	22	become	become	VERB
fbem-15416	5	23	more	more	ADV
fbem-15416	5	24	serious	serious	ADJ
fbem-15416	5	25	in	in	ADP
fbem-15416	5	26	china	china	PROPN
fbem-15416	5	27	's	's	PART
fbem-15416	5	28	economic	economic	ADJ
fbem-15416	5	29	transition	transition	NOUN
fbem-15416	5	30	because	because	SCONJ
fbem-15416	5	31	soes	soe	NOUN
fbem-15416	5	32	usually	usually	ADV
fbem-15416	5	33	suffer	suffer	VERB
fbem-15416	5	34	from	from	ADP
fbem-15416	5	35	the	the	DET
fbem-15416	5	36	problems	problem	NOUN
fbem-15416	5	37	of	of	ADP
fbem-15416	5	38	large	large	ADJ
fbem-15416	5	39	scale	scale	NOUN
fbem-15416	5	40	,	,	PUNCT
fbem-15416	5	41	complicated	complicated	ADJ
fbem-15416	5	42	systems	system	NOUN
fbem-15416	5	43	,	,	PUNCT
fbem-15416	5	44	and	and	CCONJ
fbem-15416	5	45	political	political	ADJ
fbem-15416	5	46	tasks	task	NOUN
fbem-15416	5	47	that	that	PRON
fbem-15416	5	48	drag	drag	VERB
fbem-15416	5	49	down	down	ADP
fbem-15416	5	50	their	their	PRON
fbem-15416	5	51	performance	performance	NOUN
fbem-15416	5	52	(	(	PUNCT
fbem-15416	5	53	fang	fang	X
fbem-15416	5	54	mingyue	mingyue	PROPN
fbem-15416	5	55	et	et	PROPN
fbem-15416	5	56	al	al	PROPN
fbem-15416	5	57	.	.	PROPN
fbem-15416	5	58	,	,	PUNCT
fbem-15416	5	59	2019	2019	NUM
fbem-15416	5	60	)	)	PUNCT
fbem-15416	5	61	.	.	PUNCT
fbem-15416	6	1	the	the	DET
fbem-15416	6	2	"	"	PUNCT
fbem-15416	6	3	mixed	mixed	ADJ
fbem-15416	6	4	reform	reform	NOUN
fbem-15416	6	5	"	"	PUNCT
fbem-15416	6	6	of	of	ADP
fbem-15416	6	7	soes	soe	NOUN
fbem-15416	6	8	is	be	AUX
fbem-15416	6	9	the	the	DET
fbem-15416	6	10	destination	destination	NOUN
fbem-15416	6	11	of	of	ADP
fbem-15416	6	12	soes	soe	NOUN
fbem-15416	6	13	in	in	ADP
fbem-15416	6	14	the	the	DET
fbem-15416	6	15	period	period	NOUN
fbem-15416	6	16	of	of	ADP
fbem-15416	6	17	economic	economic	ADJ
fbem-15416	6	18	transition	transition	NOUN
fbem-15416	6	19	.	.	PUNCT
fbem-15416	7	1	changes	change	NOUN
fbem-15416	7	2	in	in	ADP
fbem-15416	7	3	equity	equity	NOUN
fbem-15416	7	4	structure	structure	NOUN
fbem-15416	7	5	will	will	AUX
fbem-15416	7	6	change	change	VERB
fbem-15416	7	7	the	the	DET
fbem-15416	7	8	resource	resource	NOUN
fbem-15416	7	9	allocation	allocation	NOUN
fbem-15416	7	10	and	and	CCONJ
fbem-15416	7	11	governance	governance	NOUN
fbem-15416	7	12	structure	structure	NOUN
fbem-15416	7	13	of	of	ADP
fbem-15416	7	14	enterprises	enterprise	NOUN
fbem-15416	7	15	,	,	PUNCT
fbem-15416	7	16	which	which	PRON
fbem-15416	7	17	will	will	AUX
fbem-15416	7	18	ultimately	ultimately	ADV
fbem-15416	7	19	be	be	AUX
fbem-15416	7	20	transmitted	transmit	VERB
fbem-15416	7	21	to	to	ADP
fbem-15416	7	22	their	their	PRON
fbem-15416	7	23	business	business	NOUN
fbem-15416	7	24	performance	performance	NOUN
fbem-15416	7	25	and	and	CCONJ
fbem-15416	7	26	innovation	innovation	NOUN
fbem-15416	7	27	investment	investment	NOUN
fbem-15416	7	28	(	(	PUNCT
fbem-15416	7	29	aghion	aghion	NOUN
fbem-15416	7	30	et	et	PROPN
fbem-15416	7	31	al	al	PROPN
fbem-15416	7	32	.	.	PROPN
fbem-15416	7	33	,	,	PUNCT
fbem-15416	7	34	2013	2013	NUM
fbem-15416	7	35	)	)	PUNCT
fbem-15416	7	36	.	.	PUNCT
fbem-15416	8	1	the	the	DET
fbem-15416	8	2	decision	decision	NOUN
fbem-15416	8	3	of	of	ADP
fbem-15416	8	4	the	the	DET
fbem-15416	8	5	third	third	ADJ
fbem-15416	8	6	plenary	plenary	ADJ
fbem-15416	8	7	session	session	NOUN
fbem-15416	8	8	of	of	ADP
fbem-15416	8	9	the	the	DET
fbem-15416	8	10	18th	18th	ADJ
fbem-15416	8	11	central	central	ADJ
fbem-15416	8	12	committee	committee	NOUN
fbem-15416	8	13	of	of	ADP
fbem-15416	8	14	the	the	DET
fbem-15416	8	15	communist	communist	PROPN
fbem-15416	8	16	party	party	PROPN
fbem-15416	8	17	of	of	ADP
fbem-15416	8	18	china	china	PROPN
fbem-15416	8	19	(	(	PUNCT
fbem-15416	8	20	cpc	cpc	PROPN
fbem-15416	8	21	)	)	PUNCT
fbem-15416	8	22	proposes	propose	VERB
fbem-15416	8	23	to	to	PART
fbem-15416	8	24	actively	actively	ADV
fbem-15416	8	25	develop	develop	VERB
fbem-15416	8	26	a	a	DET
fbem-15416	8	27	mixed	mixed	ADJ
fbem-15416	8	28	ownership	ownership	NOUN
fbem-15416	8	29	economy	economy	NOUN
fbem-15416	8	30	,	,	PUNCT
fbem-15416	8	31	including	include	VERB
fbem-15416	8	32	allowing	allow	VERB
fbem-15416	8	33	more	more	ADJ
fbem-15416	8	34	state	state	NOUN
fbem-15416	8	35	-	-	PUNCT
fbem-15416	8	36	owned	own	VERB
fbem-15416	8	37	and	and	CCONJ
fbem-15416	8	38	other	other	ADJ
fbem-15416	8	39	ownership	ownership	NOUN
fbem-15416	8	40	economies	economy	NOUN
fbem-15416	8	41	to	to	PART
fbem-15416	8	42	develop	develop	VERB
fbem-15416	8	43	into	into	ADP
fbem-15416	8	44	mixed	mixed	ADJ
fbem-15416	8	45	ownership	ownership	NOUN
fbem-15416	8	46	economies	economy	NOUN
fbem-15416	8	47	,	,	PUNCT
fbem-15416	8	48	and	and	CCONJ
fbem-15416	8	49	allowing	allow	VERB
fbem-15416	8	50	non	non	ADJ
fbem-15416	8	51	-	-	ADJ
fbem-15416	8	52	state	state	ADJ
fbem-15416	8	53	capital	capital	NOUN
fbem-15416	8	54	to	to	PART
fbem-15416	8	55	participate	participate	VERB
fbem-15416	8	56	in	in	ADP
fbem-15416	8	57	state	state	NOUN
fbem-15416	8	58	-	-	PUNCT
fbem-15416	8	59	owned	own	VERB
fbem-15416	8	60	capital	capital	NOUN
fbem-15416	8	61	projects	project	NOUN
fbem-15416	8	62	.	.	PUNCT
fbem-15416	9	1	therefore	therefore	ADV
fbem-15416	9	2	,	,	PUNCT
fbem-15416	9	3	the	the	DET
fbem-15416	9	4	"	"	PUNCT
fbem-15416	9	5	mixed	mixed	ADJ
fbem-15416	9	6	reform	reform	NOUN
fbem-15416	9	7	"	"	PUNCT
fbem-15416	9	8	of	of	ADP
fbem-15416	9	9	soes	soe	NOUN
fbem-15416	9	10	has	have	AUX
fbem-15416	9	11	become	become	VERB
fbem-15416	9	12	one	one	NUM
fbem-15416	9	13	of	of	ADP
fbem-15416	9	14	the	the	DET
fbem-15416	9	15	major	major	ADJ
fbem-15416	9	16	issues	issue	NOUN
fbem-15416	9	17	in	in	ADP
fbem-15416	9	18	the	the	DET
fbem-15416	9	19	field	field	NOUN
fbem-15416	9	20	of	of	ADP
fbem-15416	9	21	transformation	transformation	NOUN
fbem-15416	9	22	and	and	CCONJ
fbem-15416	9	23	reform	reform	NOUN
fbem-15416	9	24	of	of	ADP
fbem-15416	9	25	chinese	chinese	ADJ
fbem-15416	9	26	soes	soe	NOUN
fbem-15416	9	27	and	and	CCONJ
fbem-15416	9	28	corporate	corporate	ADJ
fbem-15416	9	29	governance	governance	NOUN
fbem-15416	9	30	.	.	PUNCT
fbem-15416	10	1	there	there	PRON
fbem-15416	10	2	are	be	VERB
fbem-15416	10	3	two	two	NUM
fbem-15416	10	4	kinds	kind	NOUN
fbem-15416	10	5	of	of	ADP
fbem-15416	10	6	equity	equity	NOUN
fbem-15416	10	7	structure	structure	NOUN
fbem-15416	10	8	in	in	ADP
fbem-15416	10	9	soes	soe	NOUN
fbem-15416	10	10	mixed	mixed	ADJ
fbem-15416	10	11	reform	reform	NOUN
fbem-15416	10	12	:	:	PUNCT
fbem-15416	10	13	fully	fully	ADV
fbem-15416	10	14	privatised	privatised	ADJ
fbem-15416	10	15	and	and	CCONJ
fbem-15416	10	16	partially	partially	ADV
fbem-15416	10	17	privatised	privatise	VERB
fbem-15416	10	18	.	.	PUNCT
fbem-15416	11	1	first	first	ADV
fbem-15416	11	2	,	,	PUNCT
fbem-15416	11	3	full	full	ADJ
fbem-15416	11	4	privatisation	privatisation	NOUN
fbem-15416	11	5	,	,	PUNCT
fbem-15416	11	6	in	in	ADP
fbem-15416	11	7	which	which	PRON
fbem-15416	11	8	the	the	DET
fbem-15416	11	9	nature	nature	NOUN
fbem-15416	11	10	of	of	ADP
fbem-15416	11	11	ownership	ownership	NOUN
fbem-15416	11	12	is	be	AUX
fbem-15416	11	13	changed	change	VERB
fbem-15416	11	14	to	to	ADP
fbem-15416	11	15	that	that	PRON
fbem-15416	11	16	of	of	ADP
fbem-15416	11	17	a	a	DET
fbem-15416	11	18	private	private	ADJ
fbem-15416	11	19	company	company	NOUN
fbem-15416	11	20	,	,	PUNCT
fbem-15416	11	21	reduces	reduce	VERB
fbem-15416	11	22	the	the	DET
fbem-15416	11	23	government	government	NOUN
fbem-15416	11	24	's	's	PART
fbem-15416	11	25	interventionist	interventionist	ADJ
fbem-15416	11	26	nature	nature	NOUN
fbem-15416	11	27	,	,	PUNCT
fbem-15416	11	28	the	the	DET
fbem-15416	11	29	political	political	ADJ
fbem-15416	11	30	policy	policy	NOUN
fbem-15416	11	31	burden	burden	NOUN
fbem-15416	11	32	and	and	CCONJ
fbem-15416	11	33	institutional	institutional	ADJ
fbem-15416	11	34	redundancy	redundancy	NOUN
fbem-15416	11	35	,	,	PUNCT
fbem-15416	11	36	but	but	CCONJ
fbem-15416	11	37	at	at	ADP
fbem-15416	11	38	the	the	DET
fbem-15416	11	39	same	same	ADJ
fbem-15416	11	40	time	time	NOUN
fbem-15416	11	41	loses	lose	VERB
fbem-15416	11	42	the	the	DET
fbem-15416	11	43	government	government	NOUN
fbem-15416	11	44	backing	backing	NOUN
fbem-15416	11	45	and	and	CCONJ
fbem-15416	11	46	preferential	preferential	ADJ
fbem-15416	11	47	treatment	treatment	NOUN
fbem-15416	11	48	it	it	PRON
fbem-15416	11	49	once	once	ADV
fbem-15416	11	50	enjoyed	enjoy	VERB
fbem-15416	11	51	(	(	PUNCT
fbem-15416	11	52	sun	sun	NOUN
fbem-15416	11	53	and	and	CCONJ
fbem-15416	11	54	tong	tong	PROPN
fbem-15416	11	55	,	,	PUNCT
fbem-15416	11	56	2003	2003	NUM
fbem-15416	11	57	)	)	PUNCT
fbem-15416	11	58	,	,	PUNCT
fbem-15416	11	59	and	and	CCONJ
fbem-15416	11	60	may	may	AUX
fbem-15416	11	61	be	be	AUX
fbem-15416	11	62	subject	subject	ADJ
fbem-15416	11	63	to	to	ADP
fbem-15416	11	64	credit	credit	NOUN
fbem-15416	11	65	constraints	constraint	NOUN
fbem-15416	11	66	(	(	PUNCT
fbem-15416	11	67	brandt	brandt	PROPN
fbem-15416	11	68	and	and	CCONJ
fbem-15416	11	69	li	li	PROPN
fbem-15416	11	70	,	,	PUNCT
fbem-15416	11	71	2003	2003	NUM
fbem-15416	11	72	)	)	PUNCT
fbem-15416	11	73	.	.	PUNCT
fbem-15416	12	1	secondly	secondly	ADV
fbem-15416	12	2	,	,	PUNCT
fbem-15416	12	3	partial	partial	ADJ
fbem-15416	12	4	privatisation	privatisation	NOUN
fbem-15416	12	5	is	be	AUX
fbem-15416	12	6	also	also	ADV
fbem-15416	12	7	the	the	DET
fbem-15416	12	8	case	case	NOUN
fbem-15416	12	9	of	of	ADP
fbem-15416	12	10	non	non	ADJ
fbem-15416	12	11	-	-	ADJ
fbem-15416	12	12	state	state	ADJ
fbem-15416	12	13	shareholders	shareholder	NOUN
fbem-15416	12	14	'	'	PART
fbem-15416	12	15	participation	participation	NOUN
fbem-15416	12	16	as	as	SCONJ
fbem-15416	12	17	proposed	propose	VERB
fbem-15416	12	18	in	in	ADP
fbem-15416	12	19	this	this	DET
fbem-15416	12	20	paper	paper	NOUN
fbem-15416	12	21	.	.	PUNCT
fbem-15416	13	1	the	the	DET
fbem-15416	13	2	nature	nature	NOUN
fbem-15416	13	3	of	of	ADP
fbem-15416	13	4	equity	equity	NOUN
fbem-15416	13	5	ownership	ownership	NOUN
fbem-15416	13	6	is	be	AUX
fbem-15416	13	7	still	still	ADV
fbem-15416	13	8	state	state	NOUN
fbem-15416	13	9	-	-	PUNCT
fbem-15416	13	10	controlled	control	VERB
fbem-15416	13	11	,	,	PUNCT
fbem-15416	13	12	but	but	CCONJ
fbem-15416	13	13	due	due	ADP
fbem-15416	13	14	to	to	ADP
fbem-15416	13	15	the	the	DET
fbem-15416	13	16	entry	entry	NOUN
fbem-15416	13	17	of	of	ADP
fbem-15416	13	18	nonstate	nonstate	ADJ
fbem-15416	13	19	capital	capital	NOUN
fbem-15416	13	20	,	,	PUNCT
fbem-15416	13	21	it	it	PRON
fbem-15416	13	22	improves	improve	VERB
fbem-15416	13	23	and	and	CCONJ
fbem-15416	13	24	incentivises	incentivise	VERB
fbem-15416	13	25	the	the	DET
fbem-15416	13	26	motivation	motivation	NOUN
fbem-15416	13	27	and	and	CCONJ
fbem-15416	13	28	sensitivity	sensitivity	NOUN
fbem-15416	13	29	of	of	ADP
fbem-15416	13	30	soe	soe	PROPN
fbem-15416	13	31	management	management	NOUN
fbem-15416	13	32	's	's	PART
fbem-15416	13	33	remuneration	remuneration	NOUN
fbem-15416	13	34	(	(	PUNCT
fbem-15416	13	35	cai	cai	X
fbem-15416	13	36	guilong	guilong	PROPN
fbem-15416	13	37	et	et	PROPN
fbem-15416	13	38	al	al	PROPN
fbem-15416	13	39	.	.	PROPN
fbem-15416	13	40	,	,	PUNCT
fbem-15416	13	41	2018	2018	NUM
fbem-15416	13	42	)	)	PUNCT
fbem-15416	13	43	,	,	PUNCT
fbem-15416	13	44	thus	thus	ADV
fbem-15416	13	45	improving	improve	VERB
fbem-15416	13	46	the	the	DET
fbem-15416	13	47	agency	agency	NOUN
fbem-15416	13	48	problem	problem	NOUN
fbem-15416	13	49	of	of	ADP
fbem-15416	13	50	soe	soe	PROPN
fbem-15416	13	51	management	management	NOUN
fbem-15416	13	52	,	,	PUNCT
fbem-15416	13	53	reducing	reduce	VERB
fbem-15416	13	54	moral	moral	ADJ
fbem-15416	13	55	hazard	hazard	NOUN
fbem-15416	13	56	at	at	ADP
fbem-15416	13	57	the	the	DET
fbem-15416	13	58	top	top	ADJ
fbem-15416	13	59	level	level	NOUN
fbem-15416	13	60	,	,	PUNCT
fbem-15416	13	61	and	and	CCONJ
fbem-15416	13	62	facilitating	facilitate	VERB
fbem-15416	13	63	the	the	DET
fbem-15416	13	64	enterprises	enterprise	NOUN
fbem-15416	13	65	to	to	PART
fbem-15416	13	66	more	more	ADV
fbem-15416	13	67	actively	actively	ADV
fbem-15416	13	68	increase	increase	VERB
fbem-15416	13	69	their	their	PRON
fbem-15416	13	70	investment	investment	NOUN
fbem-15416	13	71	in	in	ADP
fbem-15416	13	72	innovation	innovation	NOUN
fbem-15416	13	73	(	(	PUNCT
fbem-15416	13	74	li	li	PROPN
fbem-15416	13	75	,	,	PUNCT
fbem-15416	13	76	wengui	wengui	NOUN
fbem-15416	13	77	,	,	PUNCT
fbem-15416	13	78	and	and	CCONJ
fbem-15416	13	79	yu	yu	PROPN
fbem-15416	13	80	,	,	PUNCT
fbem-15416	13	81	minggui	minggui	ADJ
fbem-15416	13	82	,	,	PUNCT
fbem-15416	13	83	2015	2015	NUM
fbem-15416	13	84	)	)	PUNCT
fbem-15416	13	85	.	.	PUNCT
fbem-15416	14	1	after	after	ADP
fbem-15416	14	2	the	the	DET
fbem-15416	14	3	"	"	PUNCT
fbem-15416	14	4	mixed	mixed	ADJ
fbem-15416	14	5	reform	reform	NOUN
fbem-15416	14	6	"	"	PUNCT
fbem-15416	14	7	of	of	ADP
fbem-15416	14	8	state	state	NOUN
fbem-15416	14	9	-	-	PUNCT
fbem-15416	14	10	owned	own	VERB
fbem-15416	14	11	enterprises	enterprise	NOUN
fbem-15416	14	12	,	,	PUNCT
fbem-15416	14	13	there	there	PRON
fbem-15416	14	14	are	be	VERB
fbem-15416	14	15	many	many	ADJ
fbem-15416	14	16	scholars	scholar	NOUN
fbem-15416	14	17	who	who	PRON
fbem-15416	14	18	have	have	AUX
fbem-15416	14	19	conducted	conduct	VERB
fbem-15416	14	20	many	many	ADJ
fbem-15416	14	21	studies	study	NOUN
fbem-15416	14	22	on	on	ADP
fbem-15416	14	23	the	the	DET
fbem-15416	14	24	impact	impact	NOUN
fbem-15416	14	25	on	on	ADP
fbem-15416	14	26	enterprises	enterprise	NOUN
fbem-15416	14	27	and	and	CCONJ
fbem-15416	14	28	the	the	DET
fbem-15416	14	29	economy	economy	NOUN
fbem-15416	14	30	.	.	PUNCT
fbem-15416	15	1	the	the	DET
fbem-15416	15	2	equity	equity	NOUN
fbem-15416	15	3	structure	structure	NOUN
fbem-15416	15	4	of	of	ADP
fbem-15416	15	5	mixed	mixed	ADJ
fbem-15416	15	6	ownership	ownership	NOUN
fbem-15416	15	7	improves	improve	VERB
fbem-15416	15	8	the	the	DET
fbem-15416	15	9	performance	performance	NOUN
fbem-15416	15	10	of	of	ADP
fbem-15416	15	11	the	the	DET
fbem-15416	15	12	company	company	NOUN
fbem-15416	15	13	(	(	PUNCT
fbem-15416	15	14	hao	hao	PROPN
fbem-15416	15	15	yang	yang	PROPN
fbem-15416	15	16	and	and	CCONJ
fbem-15416	15	17	gong	gong	PROPN
fbem-15416	15	18	liutang	liutang	PROPN
fbem-15416	15	19	,	,	PUNCT
fbem-15416	15	20	2016	2016	NUM
fbem-15416	15	21	)	)	PUNCT
fbem-15416	15	22	,	,	PUNCT
fbem-15416	15	23	improves	improve	VERB
fbem-15416	15	24	the	the	DET
fbem-15416	15	25	company	company	NOUN
fbem-15416	15	26	's	's	PART
fbem-15416	15	27	risk	risk	NOUN
fbem-15416	15	28	resistance	resistance	NOUN
fbem-15416	15	29	(	(	PUNCT
fbem-15416	15	30	li	li	PROPN
fbem-15416	15	31	wengui	wengui	PROPN
fbem-15416	15	32	and	and	CCONJ
fbem-15416	15	33	shao	shao	PROPN
fbem-15416	15	34	yiping	yiping	PROPN
fbem-15416	15	35	,	,	PUNCT
fbem-15416	15	36	2013	2013	NUM
fbem-15416	15	37	)	)	PUNCT
fbem-15416	15	38	,	,	PUNCT
fbem-15416	15	39	improves	improve	VERB
fbem-15416	15	40	equity	equity	NOUN
fbem-15416	15	41	integration	integration	NOUN
fbem-15416	15	42	to	to	PART
fbem-15416	15	43	optimise	optimise	VERB
fbem-15416	15	44	the	the	DET
fbem-15416	15	45	level	level	NOUN
fbem-15416	15	46	of	of	ADP
fbem-15416	15	47	cash	cash	NOUN
fbem-15416	15	48	holdings	holding	NOUN
fbem-15416	15	49	of	of	ADP
fbem-15416	15	50	the	the	DET
fbem-15416	15	51	enterprise	enterprise	NOUN
fbem-15416	15	52	(	(	PUNCT
fbem-15416	15	53	yang	yang	PROPN
fbem-15416	15	54	xingquan	xingquan	PROPN
fbem-15416	15	55	,	,	PUNCT
fbem-15416	15	56	2018	2018	NUM
fbem-15416	15	57	)	)	PUNCT
fbem-15416	15	58	,	,	PUNCT
fbem-15416	15	59	promotes	promote	VERB
fbem-15416	15	60	the	the	DET
fbem-15416	15	61	investment	investment	NOUN
fbem-15416	15	62	of	of	ADP
fbem-15416	15	63	financial	financial	ADJ
fbem-15416	15	64	assets	asset	NOUN
fbem-15416	15	65	in	in	ADP
fbem-15416	15	66	soes	soe	NOUN
fbem-15416	15	67	(	(	PUNCT
fbem-15416	15	68	ye	ye	NOUN
fbem-15416	15	69	yongwei	yongwei	NOUN
fbem-15416	15	70	,	,	PUNCT
fbem-15416	15	71	2021	2021	NUM
fbem-15416	15	72	)	)	PUNCT
fbem-15416	15	73	,	,	PUNCT
fbem-15416	15	74	and	and	CCONJ
fbem-15416	15	75	strengthens	strengthen	VERB
fbem-15416	15	76	the	the	DET
fbem-15416	15	77	quality	quality	NOUN
fbem-15416	15	78	of	of	ADP
fbem-15416	15	79	internal	internal	ADJ
fbem-15416	15	80	control	control	NOUN
fbem-15416	15	81	of	of	ADP
fbem-15416	15	82	the	the	DET
fbem-15416	15	83	enterprise	enterprise	NOUN
fbem-15416	15	84	(	(	PUNCT
fbem-15416	15	85	liu	liu	PROPN
fbem-15416	15	86	yunguo	yunguo	PROPN
fbem-15416	15	87	et	et	PROPN
fbem-15416	15	88	al	al	PROPN
fbem-15416	15	89	.	.	PROPN
fbem-15416	15	90	2016	2016	NUM
fbem-15416	15	91	)	)	PUNCT
fbem-15416	15	92	.	.	PUNCT
fbem-15416	16	1	there	there	PRON
fbem-15416	16	2	are	be	VERB
fbem-15416	16	3	two	two	NUM
fbem-15416	16	4	different	different	ADJ
fbem-15416	16	5	accounts	account	NOUN
fbem-15416	16	6	of	of	ADP
fbem-15416	16	7	the	the	DET
fbem-15416	16	8	impact	impact	NOUN
fbem-15416	16	9	of	of	ADP
fbem-15416	16	10	"	"	PUNCT
fbem-15416	16	11	mixed	mixed	ADJ
fbem-15416	16	12	reform	reform	NOUN
fbem-15416	16	13	"	"	PUNCT
fbem-15416	16	14	of	of	ADP
fbem-15416	16	15	soes	soe	NOUN
fbem-15416	16	16	on	on	ADP
fbem-15416	16	17	corporate	corporate	ADJ
fbem-15416	16	18	innovation	innovation	NOUN
fbem-15416	16	19	.	.	PUNCT
fbem-15416	17	1	yu	yu	PROPN
fbem-15416	17	2	minggui	minggui	PROPN
fbem-15416	17	3	's	's	PART
fbem-15416	17	4	(	(	PUNCT
fbem-15416	17	5	2019	2019	NUM
fbem-15416	17	6	)	)	PUNCT
fbem-15416	17	7	study	study	NOUN
fbem-15416	17	8	found	find	VERB
fbem-15416	17	9	that	that	SCONJ
fbem-15416	17	10	the	the	DET
fbem-15416	17	11	privatisation	privatisation	NOUN
fbem-15416	17	12	of	of	ADP
fbem-15416	17	13	soes	soe	NOUN
fbem-15416	17	14	significantly	significantly	ADV
fbem-15416	17	15	inhibited	inhibit	VERB
fbem-15416	17	16	corporate	corporate	ADJ
fbem-15416	17	17	innovation	innovation	NOUN
fbem-15416	17	18	,	,	PUNCT
fbem-15416	17	19	while	while	SCONJ
fbem-15416	17	20	li	li	PROPN
fbem-15416	17	21	zengfu	zengfu	PROPN
fbem-15416	17	22	et	et	PROPN
fbem-15416	17	23	al	al	PROPN
fbem-15416	17	24	.	.	PROPN
fbem-15416	18	1	(	(	PUNCT
fbem-15416	18	2	2021	2021	NUM
fbem-15416	18	3	)	)	PUNCT
fbem-15416	18	4	found	find	VERB
fbem-15416	18	5	that	that	SCONJ
fbem-15416	18	6	the	the	DET
fbem-15416	18	7	participation	participation	NOUN
fbem-15416	18	8	of	of	ADP
fbem-15416	18	9	non	non	ADJ
fbem-15416	18	10	-	-	ADJ
fbem-15416	18	11	state	state	ADJ
fbem-15416	18	12	capital	capital	NOUN
fbem-15416	18	13	in	in	ADP
fbem-15416	18	14	soes	soe	NOUN
fbem-15416	18	15	promoted	promote	VERB
fbem-15416	18	16	corporate	corporate	ADJ
fbem-15416	18	17	innovation	innovation	NOUN
fbem-15416	18	18	.	.	PUNCT
fbem-15416	19	1	and	and	CCONJ
fbem-15416	19	2	in	in	ADP
fbem-15416	19	3	essence	essence	NOUN
fbem-15416	19	4	,	,	PUNCT
fbem-15416	19	5	it	it	PRON
fbem-15416	19	6	is	be	AUX
fbem-15416	19	7	the	the	DET
fbem-15416	19	8	difference	difference	NOUN
fbem-15416	19	9	in	in	ADP
fbem-15416	19	10	equity	equity	NOUN
fbem-15416	19	11	structure	structure	NOUN
fbem-15416	19	12	that	that	PRON
fbem-15416	19	13	leads	lead	VERB
fbem-15416	19	14	to	to	ADP
fbem-15416	19	15	different	different	ADJ
fbem-15416	19	16	results	result	NOUN
fbem-15416	19	17	in	in	ADP
fbem-15416	19	18	corporate	corporate	ADJ
fbem-15416	19	19	innovation	innovation	NOUN
fbem-15416	19	20	investment	investment	NOUN
fbem-15416	19	21	.	.	PUNCT
fbem-15416	20	1	after	after	ADP
fbem-15416	20	2	the	the	DET
fbem-15416	20	3	above	above	PROPN
fbem-15416	20	4	literature	literature	NOUN
fbem-15416	20	5	summary	summary	NOUN
fbem-15416	20	6	,	,	PUNCT
fbem-15416	20	7	this	this	DET
fbem-15416	20	8	paper	paper	NOUN
fbem-15416	20	9	takes	take	VERB
fbem-15416	20	10	the	the	DET
fbem-15416	20	11	panel	panel	NOUN
fbem-15416	20	12	data	datum	NOUN
fbem-15416	20	13	of	of	ADP
fbem-15416	20	14	china	china	PROPN
fbem-15416	20	15	's	's	PART
fbem-15416	20	16	a	a	DET
fbem-15416	20	17	-	-	PUNCT
fbem-15416	20	18	share	share	NOUN
fbem-15416	20	19	state	state	NOUN
fbem-15416	20	20	-	-	PUNCT
fbem-15416	20	21	owned	own	VERB
fbem-15416	20	22	listed	list	VERB
fbem-15416	20	23	companies	company	NOUN
fbem-15416	20	24	from	from	ADP
fbem-15416	20	25	2010	2010	NUM
fbem-15416	20	26	to	to	ADP
fbem-15416	20	27	2017	2017	NUM
fbem-15416	20	28	as	as	ADP
fbem-15416	20	29	a	a	DET
fbem-15416	20	30	sample	sample	NOUN
fbem-15416	20	31	,	,	PUNCT
fbem-15416	20	32	examines	examine	VERB
fbem-15416	20	33	the	the	DET
fbem-15416	20	34	impact	impact	NOUN
fbem-15416	20	35	of	of	ADP
fbem-15416	20	36	nonstate	nonstate	ADJ
fbem-15416	20	37	shareholders	shareholder	NOUN
fbem-15416	20	38	'	'	PART
fbem-15416	20	39	equity	equity	NOUN
fbem-15416	20	40	participation	participation	NOUN
fbem-15416	20	41	on	on	ADP
fbem-15416	20	42	the	the	DET
fbem-15416	20	43	technological	technological	ADJ
fbem-15416	20	44	innovation	innovation	NOUN
fbem-15416	20	45	of	of	ADP
fbem-15416	20	46	state	state	NOUN
fbem-15416	20	47	-	-	PUNCT
fbem-15416	20	48	owned	own	VERB
fbem-15416	20	49	enterprises	enterprise	NOUN
fbem-15416	20	50	,	,	PUNCT
fbem-15416	20	51	and	and	CCONJ
fbem-15416	20	52	further	far	ADV
fbem-15416	20	53	analyses	analyse	VERB
fbem-15416	20	54	the	the	DET
fbem-15416	20	55	model	model	NOUN
fbem-15416	20	56	test	test	NOUN
fbem-15416	20	57	of	of	ADP
fbem-15416	20	58	the	the	DET
fbem-15416	20	59	mediating	mediate	VERB
fbem-15416	20	60	effect	effect	NOUN
fbem-15416	20	61	through	through	ADP
fbem-15416	20	62	effective	effective	ADJ
fbem-15416	20	63	incentives	incentive	NOUN
fbem-15416	20	64	and	and	CCONJ
fbem-15416	20	65	financing	financing	NOUN
fbem-15416	20	66	constraints	constraint	NOUN
fbem-15416	20	67	.	.	PUNCT
fbem-15416	21	1	after	after	ADP
fbem-15416	21	2	empirical	empirical	ADJ
fbem-15416	21	3	analyses	analysis	NOUN
fbem-15416	21	4	,	,	PUNCT
fbem-15416	21	5	non	non	ADJ
fbem-15416	21	6	-	-	ADJ
fbem-15416	21	7	state	state	ADJ
fbem-15416	21	8	shareholders	shareholder	NOUN
fbem-15416	21	9	'	'	PART
fbem-15416	21	10	equity	equity	NOUN
fbem-15416	21	11	participation	participation	NOUN
fbem-15416	21	12	promotes	promote	VERB
fbem-15416	21	13	the	the	DET
fbem-15416	21	14	technological	technological	ADJ
fbem-15416	21	15	innovation	innovation	NOUN
fbem-15416	21	16	of	of	ADP
fbem-15416	21	17	soes	soe	NOUN
fbem-15416	21	18	.	.	PUNCT
fbem-15416	22	1	compared	compare	VERB
fbem-15416	22	2	with	with	ADP
fbem-15416	22	3	the	the	DET
fbem-15416	22	4	existing	exist	VERB
fbem-15416	22	5	literature	literature	NOUN
fbem-15416	22	6	,	,	PUNCT
fbem-15416	22	7	the	the	DET
fbem-15416	22	8	main	main	ADJ
fbem-15416	22	9	contributions	contribution	NOUN
fbem-15416	22	10	of	of	ADP
fbem-15416	22	11	this	this	DET
fbem-15416	22	12	paper	paper	NOUN
fbem-15416	22	13	are	be	AUX
fbem-15416	22	14	:	:	PUNCT
fbem-15416	22	15	firstly	firstly	ADV
fbem-15416	22	16	,	,	PUNCT
fbem-15416	22	17	this	this	DET
fbem-15416	22	18	paper	paper	NOUN
fbem-15416	22	19	finds	find	VERB
fbem-15416	22	20	that	that	SCONJ
fbem-15416	22	21	the	the	DET
fbem-15416	22	22	introduction	introduction	NOUN
fbem-15416	22	23	of	of	ADP
fbem-15416	22	24	non	non	ADJ
fbem-15416	22	25	-	-	ADJ
fbem-15416	22	26	state	state	ADJ
fbem-15416	22	27	shareholders	shareholder	NOUN
fbem-15416	22	28	'	'	PART
fbem-15416	22	29	participation	participation	NOUN
fbem-15416	22	30	in	in	ADP
fbem-15416	22	31	soes	soe	NOUN
fbem-15416	22	32	promotes	promote	VERB
fbem-15416	22	33	the	the	DET
fbem-15416	22	34	technological	technological	ADJ
fbem-15416	22	35	innovation	innovation	NOUN
fbem-15416	22	36	of	of	ADP
fbem-15416	22	37	soes	soe	NOUN
fbem-15416	22	38	,	,	PUNCT
fbem-15416	22	39	which	which	PRON
fbem-15416	22	40	enriches	enrich	VERB
fbem-15416	22	41	and	and	CCONJ
fbem-15416	22	42	expands	expand	VERB
fbem-15416	22	43	the	the	DET
fbem-15416	22	44	impact	impact	NOUN
fbem-15416	22	45	of	of	ADP
fbem-15416	22	46	soes	soe	NOUN
fbem-15416	22	47	'	'	PART
fbem-15416	22	48	"	"	PUNCT
fbem-15416	22	49	mixed	mixed	ADJ
fbem-15416	22	50	reform	reform	NOUN
fbem-15416	22	51	"	"	PUNCT
fbem-15416	22	52	on	on	ADP
fbem-15416	22	53	enterprise	enterprise	NOUN
fbem-15416	22	54	innovation	innovation	NOUN
fbem-15416	22	55	from	from	ADP
fbem-15416	22	56	the	the	DET
fbem-15416	22	57	perspective	perspective	NOUN
fbem-15416	22	58	of	of	ADP
fbem-15416	22	59	partial	partial	ADJ
fbem-15416	22	60	privatisation	privatisation	NOUN
fbem-15416	22	61	(	(	PUNCT
fbem-15416	22	62	quantitative	quantitative	ADJ
fbem-15416	22	63	change	change	NOUN
fbem-15416	22	64	)	)	PUNCT
fbem-15416	22	65	;	;	PUNCT
fbem-15416	22	66	secondly	secondly	ADV
fbem-15416	22	67	,	,	PUNCT
fbem-15416	22	68	this	this	DET
fbem-15416	22	69	paper	paper	NOUN
fbem-15416	22	70	describes	describe	VERB
fbem-15416	22	71	the	the	DET
fbem-15416	22	72	impact	impact	NOUN
fbem-15416	22	73	of	of	ADP
fbem-15416	22	74	non	non	ADJ
fbem-15416	22	75	-	-	ADJ
fbem-15416	22	76	state	state	ADJ
fbem-15416	22	77	shareholders	shareholder	NOUN
fbem-15416	22	78	'	'	PART
fbem-15416	22	79	participation	participation	NOUN
fbem-15416	22	80	on	on	ADP
fbem-15416	22	81	soes	soe	NOUN
fbem-15416	22	82	'	'	PART
fbem-15416	22	83	technological	technological	ADJ
fbem-15416	22	84	innovation	innovation	NOUN
fbem-15416	22	85	based	base	VERB
fbem-15416	22	86	on	on	ADP
fbem-15416	22	87	the	the	DET
fbem-15416	22	88	two	two	NUM
fbem-15416	22	89	channels	channel	NOUN
fbem-15416	22	90	211	211	NUM
fbem-15416	22	91	of	of	ADP
fbem-15416	22	92	executive	executive	ADJ
fbem-15416	22	93	compensation	compensation	NOUN
fbem-15416	22	94	incentives	incentive	NOUN
fbem-15416	22	95	and	and	CCONJ
fbem-15416	22	96	financial	financial	ADJ
fbem-15416	22	97	asset	asset	NOUN
fbem-15416	22	98	allocation	allocation	NOUN
fbem-15416	22	99	.	.	PUNCT
fbem-15416	23	1	secondly	secondly	ADV
fbem-15416	23	2	,	,	PUNCT
fbem-15416	23	3	this	this	DET
fbem-15416	23	4	paper	paper	NOUN
fbem-15416	23	5	elaborates	elaborate	VERB
fbem-15416	23	6	the	the	DET
fbem-15416	23	7	role	role	NOUN
fbem-15416	23	8	mechanism	mechanism	NOUN
fbem-15416	23	9	of	of	ADP
fbem-15416	23	10	non	non	ADJ
fbem-15416	23	11	-	-	ADJ
fbem-15416	23	12	state	state	ADJ
fbem-15416	23	13	shareholders	shareholder	NOUN
fbem-15416	23	14	'	'	PART
fbem-15416	23	15	participation	participation	NOUN
fbem-15416	23	16	in	in	ADP
fbem-15416	23	17	promoting	promote	VERB
fbem-15416	23	18	technological	technological	ADJ
fbem-15416	23	19	innovation	innovation	NOUN
fbem-15416	23	20	of	of	ADP
fbem-15416	23	21	soes	soe	NOUN
fbem-15416	23	22	based	base	VERB
fbem-15416	23	23	on	on	ADP
fbem-15416	23	24	two	two	NUM
fbem-15416	23	25	channels	channel	NOUN
fbem-15416	23	26	:	:	PUNCT
fbem-15416	23	27	executive	executive	NOUN
fbem-15416	23	28	compensation	compensation	NOUN
fbem-15416	23	29	incentives	incentive	NOUN
fbem-15416	23	30	and	and	CCONJ
fbem-15416	23	31	financial	financial	ADJ
fbem-15416	23	32	asset	asset	NOUN
fbem-15416	23	33	allocation	allocation	NOUN
fbem-15416	23	34	,	,	PUNCT
fbem-15416	23	35	and	and	CCONJ
fbem-15416	23	36	makes	make	VERB
fbem-15416	23	37	corresponding	correspond	VERB
fbem-15416	23	38	validation	validation	NOUN
fbem-15416	23	39	of	of	ADP
fbem-15416	23	40	the	the	DET
fbem-15416	23	41	mediating	mediate	VERB
fbem-15416	23	42	effect	effect	NOUN
fbem-15416	23	43	of	of	ADP
fbem-15416	23	44	soes	soe	NOUN
fbem-15416	23	45	'	'	PART
fbem-15416	23	46	mixed	mixed	ADJ
fbem-15416	23	47	ownership	ownership	NOUN
fbem-15416	23	48	reform	reform	NOUN
fbem-15416	23	49	on	on	ADP
fbem-15416	23	50	enterprise	enterprise	NOUN
fbem-15416	23	51	innovation	innovation	NOUN
fbem-15416	23	52	,	,	PUNCT
fbem-15416	23	53	which	which	PRON
fbem-15416	23	54	provides	provide	VERB
fbem-15416	23	55	theoretical	theoretical	ADJ
fbem-15416	23	56	support	support	NOUN
fbem-15416	23	57	and	and	CCONJ
fbem-15416	23	58	ideological	ideological	ADJ
fbem-15416	23	59	guidance	guidance	NOUN
fbem-15416	23	60	for	for	ADP
fbem-15416	23	61	soes	soe	NOUN
fbem-15416	23	62	'	'	PART
fbem-15416	23	63	"	"	PUNCT
fbem-15416	23	64	mixed	mixed	ADJ
fbem-15416	23	65	reform	reform	NOUN
fbem-15416	23	66	"	"	PUNCT
fbem-15416	23	67	;	;	PUNCT
fbem-15416	23	68	thirdly	thirdly	ADV
fbem-15416	23	69	,	,	PUNCT
fbem-15416	23	70	the	the	DET
fbem-15416	23	71	research	research	NOUN
fbem-15416	23	72	of	of	ADP
fbem-15416	23	73	this	this	DET
fbem-15416	23	74	paper	paper	NOUN
fbem-15416	23	75	finds	find	VERB
fbem-15416	23	76	that	that	SCONJ
fbem-15416	23	77	,	,	PUNCT
fbem-15416	23	78	if	if	SCONJ
fbem-15416	23	79	the	the	DET
fbem-15416	23	80	amount	amount	NOUN
fbem-15416	23	81	of	of	ADP
fbem-15416	23	82	non	non	ADJ
fbem-15416	23	83	-	-	ADJ
fbem-15416	23	84	state	state	ADJ
fbem-15416	23	85	shareholders	shareholder	NOUN
fbem-15416	23	86	'	'	PART
fbem-15416	23	87	participation	participation	NOUN
fbem-15416	23	88	in	in	ADP
fbem-15416	23	89	soes	soe	NOUN
fbem-15416	23	90	is	be	AUX
fbem-15416	23	91	more	more	ADJ
fbem-15416	23	92	than	than	ADP
fbem-15416	23	93	10	10	NUM
fbem-15416	23	94	%	%	NOUN
fbem-15416	23	95	,	,	PUNCT
fbem-15416	23	96	there	there	PRON
fbem-15416	23	97	is	be	VERB
fbem-15416	23	98	a	a	DET
fbem-15416	23	99	non	non	ADJ
fbem-15416	23	100	-	-	ADJ
fbem-15416	23	101	state	state	ADJ
fbem-15416	23	102	shareholder	shareholder	NOUN
fbem-15416	23	103	's	's	PART
fbem-15416	23	104	participation	participation	NOUN
fbem-15416	23	105	in	in	ADP
fbem-15416	23	106	soes	soe	NOUN
fbem-15416	23	107	.	.	PUNCT
fbem-15416	24	1	thirdly	thirdly	ADV
fbem-15416	24	2	,	,	PUNCT
fbem-15416	24	3	this	this	DET
fbem-15416	24	4	paper	paper	NOUN
fbem-15416	24	5	finds	find	VERB
fbem-15416	24	6	that	that	SCONJ
fbem-15416	24	7	the	the	DET
fbem-15416	24	8	participation	participation	NOUN
fbem-15416	24	9	of	of	ADP
fbem-15416	24	10	non	non	ADJ
fbem-15416	24	11	-	-	ADJ
fbem-15416	24	12	state	state	ADJ
fbem-15416	24	13	shareholders	shareholder	NOUN
fbem-15416	24	14	in	in	ADP
fbem-15416	24	15	soes	soe	NOUN
fbem-15416	24	16	exceeds	exceed	VERB
fbem-15416	24	17	10	10	NUM
fbem-15416	24	18	%	%	NOUN
fbem-15416	24	19	,	,	PUNCT
fbem-15416	24	20	which	which	PRON
fbem-15416	24	21	means	mean	VERB
fbem-15416	24	22	that	that	SCONJ
fbem-15416	24	23	the	the	DET
fbem-15416	24	24	existence	existence	NOUN
fbem-15416	24	25	of	of	ADP
fbem-15416	24	26	non	non	ADJ
fbem-15416	24	27	-	-	ADJ
fbem-15416	24	28	state	state	ADJ
fbem-15416	24	29	major	major	ADJ
fbem-15416	24	30	shareholders	shareholder	NOUN
fbem-15416	24	31	is	be	AUX
fbem-15416	24	32	more	more	ADV
fbem-15416	24	33	robust	robust	ADJ
fbem-15416	24	34	in	in	ADP
fbem-15416	24	35	promoting	promote	VERB
fbem-15416	24	36	technological	technological	ADJ
fbem-15416	24	37	innovation	innovation	NOUN
fbem-15416	24	38	,	,	PUNCT
fbem-15416	24	39	providing	provide	VERB
fbem-15416	24	40	theoretical	theoretical	ADJ
fbem-15416	24	41	support	support	NOUN
fbem-15416	24	42	and	and	CCONJ
fbem-15416	24	43	operational	operational	ADJ
fbem-15416	24	44	basis	basis	NOUN
fbem-15416	24	45	for	for	ADP
fbem-15416	24	46	the	the	DET
fbem-15416	24	47	introduction	introduction	NOUN
fbem-15416	24	48	of	of	ADP
fbem-15416	24	49	non	non	ADJ
fbem-15416	24	50	-	-	ADJ
fbem-15416	24	51	state	state	ADJ
fbem-15416	24	52	major	major	ADJ
fbem-15416	24	53	shareholders	shareholder	NOUN
fbem-15416	24	54	in	in	ADP
fbem-15416	24	55	subsequent	subsequent	ADJ
fbem-15416	24	56	mixed	mix	VERB
fbem-15416	24	57	-	-	PUNCT
fbem-15416	24	58	ownership	ownership	NOUN
fbem-15416	24	59	reform	reform	NOUN
fbem-15416	24	60	of	of	ADP
fbem-15416	24	61	soes	soe	NOUN
fbem-15416	24	62	.	.	PUNCT
fbem-15416	25	1	2	2	X
fbem-15416	25	2	.	.	X
fbem-15416	25	3	literature	literature	NOUN
fbem-15416	25	4	review	review	NOUN
fbem-15416	25	5	and	and	CCONJ
fbem-15416	25	6	formulation	formulation	NOUN
fbem-15416	25	7	of	of	ADP
fbem-15416	25	8	research	research	NOUN
fbem-15416	25	9	questions	question	NOUN
fbem-15416	25	10	2.1	2.1	NUM
fbem-15416	25	11	.	.	PUNCT
fbem-15416	26	1	literature	literature	PROPN
fbem-15416	26	2	review	review	PROPN
fbem-15416	26	3	2.1.1	2.1.1	NUM
fbem-15416	26	4	.	.	PUNCT
fbem-15416	27	1	literature	literature	NOUN
fbem-15416	27	2	review	review	NOUN
fbem-15416	27	3	of	of	ADP
fbem-15416	27	4	mixed	mixed	ADJ
fbem-15416	27	5	ownership	ownership	NOUN
fbem-15416	27	6	equity	equity	NOUN
fbem-15416	27	7	structures	structure	NOUN
fbem-15416	27	8	regarding	regard	VERB
fbem-15416	27	9	the	the	DET
fbem-15416	27	10	research	research	NOUN
fbem-15416	27	11	on	on	ADP
fbem-15416	27	12	the	the	DET
fbem-15416	27	13	"	"	PUNCT
fbem-15416	27	14	mixed	mixed	ADJ
fbem-15416	27	15	reform	reform	NOUN
fbem-15416	27	16	"	"	PUNCT
fbem-15416	27	17	of	of	ADP
fbem-15416	27	18	stateowned	stateowne	VERB
fbem-15416	27	19	enterprises	enterprise	NOUN
fbem-15416	27	20	,	,	PUNCT
fbem-15416	27	21	scholars	scholar	NOUN
fbem-15416	27	22	usually	usually	ADV
fbem-15416	27	23	analyse	analyse	VERB
fbem-15416	27	24	the	the	DET
fbem-15416	27	25	impact	impact	NOUN
fbem-15416	27	26	of	of	ADP
fbem-15416	27	27	the	the	DET
fbem-15416	27	28	"	"	PUNCT
fbem-15416	27	29	mixed	mixed	ADJ
fbem-15416	27	30	reform	reform	NOUN
fbem-15416	27	31	"	"	PUNCT
fbem-15416	27	32	of	of	ADP
fbem-15416	27	33	state	state	NOUN
fbem-15416	27	34	-	-	PUNCT
fbem-15416	27	35	owned	own	VERB
fbem-15416	27	36	enterprises	enterprise	NOUN
fbem-15416	27	37	on	on	ADP
fbem-15416	27	38	enterprises	enterprise	NOUN
fbem-15416	27	39	from	from	ADP
fbem-15416	27	40	the	the	DET
fbem-15416	27	41	perspectives	perspective	NOUN
fbem-15416	27	42	of	of	ADP
fbem-15416	27	43	qualitative	qualitative	ADJ
fbem-15416	27	44	change	change	NOUN
fbem-15416	27	45	(	(	PUNCT
fbem-15416	27	46	full	full	ADJ
fbem-15416	27	47	control	control	NOUN
fbem-15416	27	48	)	)	PUNCT
fbem-15416	27	49	and	and	CCONJ
fbem-15416	27	50	quantitative	quantitative	ADJ
fbem-15416	27	51	change	change	NOUN
fbem-15416	27	52	(	(	PUNCT
fbem-15416	27	53	non	non	ADJ
fbem-15416	27	54	-	-	ADJ
fbem-15416	27	55	state	state	ADJ
fbem-15416	27	56	capital	capital	NOUN
fbem-15416	27	57	participation	participation	NOUN
fbem-15416	27	58	)	)	PUNCT
fbem-15416	27	59	.	.	PUNCT
fbem-15416	28	1	from	from	ADP
fbem-15416	28	2	the	the	DET
fbem-15416	28	3	perspective	perspective	NOUN
fbem-15416	28	4	of	of	ADP
fbem-15416	28	5	qualitative	qualitative	ADJ
fbem-15416	28	6	change	change	NOUN
fbem-15416	28	7	,	,	PUNCT
fbem-15416	28	8	the	the	DET
fbem-15416	28	9	transfer	transfer	NOUN
fbem-15416	28	10	of	of	ADP
fbem-15416	28	11	state	state	NOUN
fbem-15416	28	12	-	-	PUNCT
fbem-15416	28	13	owned	own	VERB
fbem-15416	28	14	equity	equity	NOUN
fbem-15416	28	15	control	control	NOUN
fbem-15416	28	16	,	,	PUNCT
fbem-15416	28	17	that	that	ADV
fbem-15416	28	18	is	is	ADV
fbem-15416	28	19	,	,	PUNCT
fbem-15416	28	20	the	the	DET
fbem-15416	28	21	privatisation	privatisation	NOUN
fbem-15416	28	22	of	of	ADP
fbem-15416	28	23	state	state	NOUN
fbem-15416	28	24	-	-	PUNCT
fbem-15416	28	25	owned	own	VERB
fbem-15416	28	26	enterprises	enterprise	NOUN
fbem-15416	28	27	,	,	PUNCT
fbem-15416	28	28	is	be	AUX
fbem-15416	28	29	analysed	analyse	VERB
fbem-15416	28	30	theoretically	theoretically	ADV
fbem-15416	28	31	by	by	ADP
fbem-15416	28	32	yu	yu	PROPN
fbem-15416	28	33	minggui	minggui	PROPN
fbem-15416	28	34	(	(	PUNCT
fbem-15416	28	35	2019	2019	NUM
fbem-15416	28	36	)	)	PUNCT
fbem-15416	28	37	from	from	ADP
fbem-15416	28	38	the	the	DET
fbem-15416	28	39	political	political	ADJ
fbem-15416	28	40	viewpoint	viewpoint	NOUN
fbem-15416	28	41	and	and	CCONJ
fbem-15416	28	42	the	the	DET
fbem-15416	28	43	managerial	managerial	ADJ
fbem-15416	28	44	viewpoint	viewpoint	NOUN
fbem-15416	28	45	.	.	PUNCT
fbem-15416	29	1	the	the	DET
fbem-15416	29	2	political	political	ADJ
fbem-15416	29	3	view	view	NOUN
fbem-15416	29	4	is	be	AUX
fbem-15416	29	5	that	that	SCONJ
fbem-15416	29	6	soes	soe	NOUN
fbem-15416	29	7	are	be	AUX
fbem-15416	29	8	subject	subject	ADJ
fbem-15416	29	9	to	to	ADP
fbem-15416	29	10	the	the	DET
fbem-15416	29	11	government	government	NOUN
fbem-15416	29	12	and	and	CCONJ
fbem-15416	29	13	have	have	VERB
fbem-15416	29	14	an	an	DET
fbem-15416	29	15	obligation	obligation	NOUN
fbem-15416	29	16	to	to	PART
fbem-15416	29	17	undertake	undertake	VERB
fbem-15416	29	18	policy	policy	NOUN
fbem-15416	29	19	objectives	objective	NOUN
fbem-15416	29	20	as	as	ADV
fbem-15416	29	21	well	well	ADV
fbem-15416	29	22	as	as	ADP
fbem-15416	29	23	social	social	ADJ
fbem-15416	29	24	responsibilities	responsibility	NOUN
fbem-15416	29	25	,	,	PUNCT
fbem-15416	29	26	and	and	CCONJ
fbem-15416	29	27	that	that	SCONJ
fbem-15416	29	28	resources	resource	NOUN
fbem-15416	29	29	will	will	AUX
fbem-15416	29	30	be	be	AUX
fbem-15416	29	31	allocated	allocate	VERB
fbem-15416	29	32	to	to	ADP
fbem-15416	29	33	political	political	ADJ
fbem-15416	29	34	needs	need	NOUN
fbem-15416	29	35	rather	rather	ADV
fbem-15416	29	36	than	than	ADP
fbem-15416	29	37	to	to	ADP
fbem-15416	29	38	the	the	DET
fbem-15416	29	39	needs	need	NOUN
fbem-15416	29	40	of	of	ADP
fbem-15416	29	41	the	the	DET
fbem-15416	29	42	current	current	ADJ
fbem-15416	29	43	development	development	NOUN
fbem-15416	29	44	strategy	strategy	NOUN
fbem-15416	29	45	effectively	effectively	ADV
fbem-15416	29	46	(	(	PUNCT
fbem-15416	29	47	shleifer	shleifer	NOUN
fbem-15416	29	48	and	and	CCONJ
fbem-15416	29	49	vishny	vishny	PROPN
fbem-15416	29	50	,	,	PUNCT
fbem-15416	29	51	1994	1994	NUM
fbem-15416	29	52	)	)	PUNCT
fbem-15416	29	53	.	.	PUNCT
fbem-15416	30	1	the	the	DET
fbem-15416	30	2	managerial	managerial	ADJ
fbem-15416	30	3	view	view	NOUN
fbem-15416	30	4	,	,	PUNCT
fbem-15416	30	5	on	on	ADP
fbem-15416	30	6	the	the	DET
fbem-15416	30	7	other	other	ADJ
fbem-15416	30	8	hand	hand	NOUN
fbem-15416	30	9	,	,	PUNCT
fbem-15416	30	10	suggests	suggest	VERB
fbem-15416	30	11	that	that	SCONJ
fbem-15416	30	12	the	the	DET
fbem-15416	30	13	lack	lack	NOUN
fbem-15416	30	14	of	of	ADP
fbem-15416	30	15	effective	effective	ADJ
fbem-15416	30	16	incentives	incentive	NOUN
fbem-15416	30	17	as	as	ADV
fbem-15416	30	18	well	well	ADV
fbem-15416	30	19	as	as	ADP
fbem-15416	30	20	monitoring	monitor	VERB
fbem-15416	30	21	mechanisms	mechanism	NOUN
fbem-15416	30	22	for	for	ADP
fbem-15416	30	23	the	the	DET
fbem-15416	30	24	management	management	NOUN
fbem-15416	30	25	of	of	ADP
fbem-15416	30	26	soes	soe	NOUN
fbem-15416	30	27	leads	lead	VERB
fbem-15416	30	28	to	to	ADP
fbem-15416	30	29	serious	serious	ADJ
fbem-15416	30	30	agency	agency	NOUN
fbem-15416	30	31	problems	problem	NOUN
fbem-15416	30	32	(	(	PUNCT
fbem-15416	30	33	laffont	laffont	NOUN
fbem-15416	30	34	and	and	CCONJ
fbem-15416	30	35	tirole	tirole	PROPN
fbem-15416	30	36	,	,	PUNCT
fbem-15416	30	37	1993	1993	NUM
fbem-15416	30	38	)	)	PUNCT
fbem-15416	30	39	.	.	PUNCT
fbem-15416	31	1	from	from	ADP
fbem-15416	31	2	the	the	DET
fbem-15416	31	3	perspective	perspective	NOUN
fbem-15416	31	4	of	of	ADP
fbem-15416	31	5	quantitative	quantitative	ADJ
fbem-15416	31	6	change	change	NOUN
fbem-15416	31	7	,	,	PUNCT
fbem-15416	31	8	that	that	ADV
fbem-15416	31	9	is	is	ADV
fbem-15416	31	10	,	,	PUNCT
fbem-15416	31	11	the	the	DET
fbem-15416	31	12	shareholders	shareholder	NOUN
fbem-15416	31	13	who	who	PRON
fbem-15416	31	14	are	be	AUX
fbem-15416	31	15	not	not	PART
fbem-15416	31	16	in	in	ADP
fbem-15416	31	17	a	a	DET
fbem-15416	31	18	controlling	control	VERB
fbem-15416	31	19	position	position	NOUN
fbem-15416	31	20	to	to	PART
fbem-15416	31	21	participate	participate	VERB
fbem-15416	31	22	in	in	ADP
fbem-15416	31	23	the	the	DET
fbem-15416	31	24	shares	share	NOUN
fbem-15416	31	25	,	,	PUNCT
fbem-15416	31	26	the	the	DET
fbem-15416	31	27	nature	nature	NOUN
fbem-15416	31	28	of	of	ADP
fbem-15416	31	29	the	the	DET
fbem-15416	31	30	state	state	NOUN
fbem-15416	31	31	-	-	PUNCT
fbem-15416	31	32	owned	own	VERB
fbem-15416	31	33	enterprises	enterprise	NOUN
fbem-15416	31	34	will	will	AUX
fbem-15416	31	35	remain	remain	VERB
fbem-15416	31	36	unchanged	unchanged	ADJ
fbem-15416	31	37	,	,	PUNCT
fbem-15416	31	38	but	but	CCONJ
fbem-15416	31	39	with	with	ADP
fbem-15416	31	40	the	the	DET
fbem-15416	31	41	entry	entry	NOUN
fbem-15416	31	42	of	of	ADP
fbem-15416	31	43	nonstate	nonstate	ADJ
fbem-15416	31	44	shareholders	shareholder	NOUN
fbem-15416	31	45	,	,	PUNCT
fbem-15416	31	46	the	the	DET
fbem-15416	31	47	enterprise	enterprise	NOUN
fbem-15416	31	48	's	's	PART
fbem-15416	31	49	shareholding	shareholding	NOUN
fbem-15416	31	50	structure	structure	NOUN
fbem-15416	31	51	is	be	AUX
fbem-15416	31	52	diversified	diversified	ADJ
fbem-15416	31	53	,	,	PUNCT
fbem-15416	31	54	mutual	mutual	ADJ
fbem-15416	31	55	checks	check	NOUN
fbem-15416	31	56	and	and	CCONJ
fbem-15416	31	57	balances	balance	NOUN
fbem-15416	31	58	,	,	PUNCT
fbem-15416	31	59	and	and	CCONJ
fbem-15416	31	60	the	the	DET
fbem-15416	31	61	mutual	mutual	ADJ
fbem-15416	31	62	checks	check	NOUN
fbem-15416	31	63	and	and	CCONJ
fbem-15416	31	64	balances	balance	NOUN
fbem-15416	31	65	between	between	ADP
fbem-15416	31	66	private	private	ADJ
fbem-15416	31	67	participating	participate	VERB
fbem-15416	31	68	shareholders	shareholder	NOUN
fbem-15416	31	69	and	and	CCONJ
fbem-15416	31	70	state	state	NOUN
fbem-15416	31	71	-	-	PUNCT
fbem-15416	31	72	owned	own	VERB
fbem-15416	31	73	controlling	control	VERB
fbem-15416	31	74	shareholders	shareholder	NOUN
fbem-15416	31	75	are	be	AUX
fbem-15416	31	76	conducive	conducive	ADJ
fbem-15416	31	77	to	to	ADP
fbem-15416	31	78	the	the	DET
fbem-15416	31	79	improvement	improvement	NOUN
fbem-15416	31	80	of	of	ADP
fbem-15416	31	81	the	the	DET
fbem-15416	31	82	operational	operational	ADJ
fbem-15416	31	83	efficiency	efficiency	NOUN
fbem-15416	31	84	of	of	ADP
fbem-15416	31	85	the	the	DET
fbem-15416	31	86	enterprise	enterprise	NOUN
fbem-15416	31	87	(	(	PUNCT
fbem-15416	31	88	hao	hao	PROPN
fbem-15416	31	89	yunhong	yunhong	PROPN
fbem-15416	31	90	and	and	CCONJ
fbem-15416	31	91	wang	wang	PROPN
fbem-15416	31	92	xi	xi	PROPN
fbem-15416	31	93	,	,	PUNCT
fbem-15416	31	94	2015	2015	NUM
fbem-15416	31	95	)	)	PUNCT
fbem-15416	31	96	.	.	PUNCT
fbem-15416	32	1	2.1.2	2.1.2	X
fbem-15416	32	2	.	.	X
fbem-15416	32	3	literature	literature	NOUN
fbem-15416	32	4	review	review	NOUN
fbem-15416	32	5	on	on	ADP
fbem-15416	32	6	the	the	DET
fbem-15416	32	7	impact	impact	NOUN
fbem-15416	32	8	of	of	ADP
fbem-15416	32	9	"	"	PUNCT
fbem-15416	32	10	mixed	mixed	ADJ
fbem-15416	32	11	reform	reform	NOUN
fbem-15416	32	12	"	"	PUNCT
fbem-15416	32	13	on	on	ADP
fbem-15416	32	14	the	the	DET
fbem-15416	32	15	technological	technological	ADJ
fbem-15416	32	16	innovation	innovation	NOUN
fbem-15416	32	17	of	of	ADP
fbem-15416	32	18	soes	soe	NOUN
fbem-15416	32	19	innovative	innovative	ADJ
fbem-15416	32	20	activities	activity	NOUN
fbem-15416	32	21	are	be	AUX
fbem-15416	32	22	different	different	ADJ
fbem-15416	32	23	from	from	ADP
fbem-15416	32	24	the	the	DET
fbem-15416	32	25	general	general	ADJ
fbem-15416	32	26	economic	economic	ADJ
fbem-15416	32	27	impact	impact	NOUN
fbem-15416	32	28	of	of	ADP
fbem-15416	32	29	enterprises	enterprise	NOUN
fbem-15416	32	30	,	,	PUNCT
fbem-15416	32	31	which	which	PRON
fbem-15416	32	32	has	have	VERB
fbem-15416	32	33	the	the	DET
fbem-15416	32	34	characteristics	characteristic	NOUN
fbem-15416	32	35	of	of	ADP
fbem-15416	32	36	high	high	ADJ
fbem-15416	32	37	risk	risk	NOUN
fbem-15416	32	38	,	,	PUNCT
fbem-15416	32	39	high	high	ADJ
fbem-15416	32	40	investment	investment	NOUN
fbem-15416	32	41	,	,	PUNCT
fbem-15416	32	42	long	long	ADJ
fbem-15416	32	43	cycle	cycle	NOUN
fbem-15416	32	44	and	and	CCONJ
fbem-15416	32	45	heterogeneity	heterogeneity	NOUN
fbem-15416	32	46	(	(	PUNCT
fbem-15416	32	47	hirsh	hirsh	ADJ
fbem-15416	32	48	⁃	⁃	PUNCT
fbem-15416	32	49	leifer	leifer	NOUN
fbem-15416	32	50	et	et	PROPN
fbem-15416	32	51	al	al	PROPN
fbem-15416	32	52	.	.	PROPN
fbem-15416	32	53	,	,	PUNCT
fbem-15416	32	54	2012	2012	NUM
fbem-15416	32	55	)	)	PUNCT
fbem-15416	32	56	.	.	PUNCT
fbem-15416	33	1	according	accord	VERB
fbem-15416	33	2	to	to	ADP
fbem-15416	33	3	the	the	DET
fbem-15416	33	4	political	political	ADJ
fbem-15416	33	5	and	and	CCONJ
fbem-15416	33	6	managerial	managerial	ADJ
fbem-15416	33	7	perspectives	perspective	NOUN
fbem-15416	33	8	described	describe	VERB
fbem-15416	33	9	above	above	ADV
fbem-15416	33	10	,	,	PUNCT
fbem-15416	33	11	the	the	DET
fbem-15416	33	12	policy	policy	NOUN
fbem-15416	33	13	objectives	objective	NOUN
fbem-15416	33	14	and	and	CCONJ
fbem-15416	33	15	management	management	NOUN
fbem-15416	33	16	system	system	NOUN
fbem-15416	33	17	of	of	ADP
fbem-15416	33	18	soes	soe	NOUN
fbem-15416	33	19	are	be	AUX
fbem-15416	33	20	difficult	difficult	ADJ
fbem-15416	33	21	to	to	PART
fbem-15416	33	22	incentivise	incentivise	VERB
fbem-15416	33	23	innovation	innovation	NOUN
fbem-15416	33	24	(	(	PUNCT
fbem-15416	33	25	hart	hart	PROPN
fbem-15416	33	26	et	et	PROPN
fbem-15416	33	27	al	al	PROPN
fbem-15416	33	28	.	.	PROPN
fbem-15416	33	29	,	,	PUNCT
fbem-15416	33	30	1997	1997	NUM
fbem-15416	33	31	)	)	PUNCT
fbem-15416	33	32	.	.	PUNCT
fbem-15416	34	1	some	some	DET
fbem-15416	34	2	scholars	scholar	NOUN
fbem-15416	34	3	believe	believe	VERB
fbem-15416	34	4	that	that	SCONJ
fbem-15416	34	5	the	the	DET
fbem-15416	34	6	"	"	PUNCT
fbem-15416	34	7	mixed	mixed	ADJ
fbem-15416	34	8	reform	reform	NOUN
fbem-15416	34	9	"	"	PUNCT
fbem-15416	34	10	of	of	ADP
fbem-15416	34	11	soes	soe	NOUN
fbem-15416	34	12	promotes	promote	VERB
fbem-15416	34	13	innovation	innovation	NOUN
fbem-15416	34	14	,	,	PUNCT
fbem-15416	34	15	reduces	reduce	VERB
fbem-15416	34	16	state	state	NOUN
fbem-15416	34	17	control	control	NOUN
fbem-15416	34	18	through	through	ADP
fbem-15416	34	19	the	the	DET
fbem-15416	34	20	participation	participation	NOUN
fbem-15416	34	21	of	of	ADP
fbem-15416	34	22	non	non	ADJ
fbem-15416	34	23	-	-	ADJ
fbem-15416	34	24	state	state	ADJ
fbem-15416	34	25	shareholders	shareholder	NOUN
fbem-15416	34	26	,	,	PUNCT
fbem-15416	34	27	improves	improve	VERB
fbem-15416	34	28	management	management	NOUN
fbem-15416	34	29	incentives	incentive	NOUN
fbem-15416	34	30	(	(	PUNCT
fbem-15416	34	31	cai	cai	X
fbem-15416	34	32	guilong	guilong	PROPN
fbem-15416	34	33	et	et	PROPN
fbem-15416	34	34	al	al	PROPN
fbem-15416	34	35	.	.	PROPN
fbem-15416	34	36	,	,	PUNCT
fbem-15416	34	37	2018	2018	NUM
fbem-15416	34	38	)	)	PUNCT
fbem-15416	34	39	,	,	PUNCT
fbem-15416	34	40	reduces	reduce	VERB
fbem-15416	34	41	the	the	DET
fbem-15416	34	42	agency	agency	NOUN
fbem-15416	34	43	cost	cost	NOUN
fbem-15416	34	44	of	of	ADP
fbem-15416	34	45	enterprises	enterprise	NOUN
fbem-15416	34	46	,	,	PUNCT
fbem-15416	34	47	and	and	CCONJ
fbem-15416	34	48	promotes	promote	VERB
fbem-15416	34	49	the	the	DET
fbem-15416	34	50	investment	investment	NOUN
fbem-15416	34	51	of	of	ADP
fbem-15416	34	52	enterprises	enterprise	NOUN
fbem-15416	34	53	in	in	ADP
fbem-15416	34	54	innovation	innovation	NOUN
fbem-15416	34	55	(	(	PUNCT
fbem-15416	34	56	li	li	PROPN
fbem-15416	34	57	wengui	wengui	PROPN
fbem-15416	34	58	and	and	CCONJ
fbem-15416	34	59	yu	yu	PROPN
fbem-15416	34	60	minggui	minggui	PROPN
fbem-15416	34	61	,	,	PUNCT
fbem-15416	34	62	2015	2015	NUM
fbem-15416	34	63	)	)	PUNCT
fbem-15416	34	64	.	.	PUNCT
fbem-15416	35	1	there	there	PRON
fbem-15416	35	2	is	be	VERB
fbem-15416	35	3	also	also	ADV
fbem-15416	35	4	a	a	DET
fbem-15416	35	5	part	part	NOUN
fbem-15416	35	6	of	of	ADP
fbem-15416	35	7	scholars	scholar	NOUN
fbem-15416	35	8	who	who	PRON
fbem-15416	35	9	believe	believe	VERB
fbem-15416	35	10	that	that	SCONJ
fbem-15416	35	11	privatisation	privatisation	NOUN
fbem-15416	35	12	inhibits	inhibit	VERB
fbem-15416	35	13	corporate	corporate	ADJ
fbem-15416	35	14	innovation	innovation	NOUN
fbem-15416	35	15	,	,	PUNCT
fbem-15416	35	16	as	as	SCONJ
fbem-15416	35	17	most	most	ADJ
fbem-15416	35	18	of	of	ADP
fbem-15416	35	19	the	the	DET
fbem-15416	35	20	assets	asset	NOUN
fbem-15416	35	21	brought	bring	VERB
fbem-15416	35	22	by	by	ADP
fbem-15416	35	23	innovative	innovative	ADJ
fbem-15416	35	24	products	product	NOUN
fbem-15416	35	25	are	be	AUX
fbem-15416	35	26	intangible	intangible	ADJ
fbem-15416	35	27	and	and	CCONJ
fbem-15416	35	28	can	can	AUX
fbem-15416	35	29	not	not	PART
fbem-15416	35	30	be	be	AUX
fbem-15416	35	31	used	use	VERB
fbem-15416	35	32	as	as	ADP
fbem-15416	35	33	collateral	collateral	NOUN
fbem-15416	35	34	for	for	ADP
fbem-15416	35	35	corporate	corporate	ADJ
fbem-15416	35	36	credit	credit	NOUN
fbem-15416	35	37	(	(	PUNCT
fbem-15416	35	38	brown	brown	NOUN
fbem-15416	35	39	et	et	PROPN
fbem-15416	35	40	al	al	PROPN
fbem-15416	35	41	.	.	PROPN
fbem-15416	35	42	,	,	PUNCT
fbem-15416	35	43	2009	2009	NUM
fbem-15416	35	44	)	)	PUNCT
fbem-15416	35	45	,	,	PUNCT
fbem-15416	35	46	which	which	PRON
fbem-15416	35	47	to	to	ADP
fbem-15416	35	48	a	a	DET
fbem-15416	35	49	certain	certain	ADJ
fbem-15416	35	50	extent	extent	NOUN
fbem-15416	35	51	increases	increase	VERB
fbem-15416	35	52	the	the	DET
fbem-15416	35	53	cost	cost	NOUN
fbem-15416	35	54	of	of	ADP
fbem-15416	35	55	corporate	corporate	ADJ
fbem-15416	35	56	financing	financing	NOUN
fbem-15416	35	57	.	.	PUNCT
fbem-15416	36	1	and	and	CCONJ
fbem-15416	36	2	as	as	ADP
fbem-15416	36	3	the	the	DET
fbem-15416	36	4	proportion	proportion	NOUN
fbem-15416	36	5	of	of	ADP
fbem-15416	36	6	state	state	NOUN
fbem-15416	36	7	-	-	PUNCT
fbem-15416	36	8	owned	own	VERB
fbem-15416	36	9	equity	equity	NOUN
fbem-15416	36	10	decreases	decrease	NOUN
fbem-15416	36	11	,	,	PUNCT
fbem-15416	36	12	enterprises	enterprise	NOUN
fbem-15416	36	13	receive	receive	VERB
fbem-15416	36	14	government	government	NOUN
fbem-15416	36	15	policy	policy	NOUN
fbem-15416	36	16	support	support	NOUN
fbem-15416	36	17	as	as	ADV
fbem-15416	36	18	well	well	ADV
fbem-15416	36	19	as	as	ADP
fbem-15416	36	20	funding	funding	NOUN
fbem-15416	36	21	will	will	AUX
fbem-15416	36	22	also	also	ADV
fbem-15416	36	23	decline	decline	VERB
fbem-15416	36	24	at	at	ADP
fbem-15416	36	25	the	the	DET
fbem-15416	36	26	same	same	ADJ
fbem-15416	36	27	time	time	NOUN
fbem-15416	36	28	resulting	result	VERB
fbem-15416	36	29	in	in	ADP
fbem-15416	36	30	financing	financing	NOUN
fbem-15416	36	31	restrictions	restriction	NOUN
fbem-15416	36	32	(	(	PUNCT
fbem-15416	36	33	yang	yang	PROPN
fbem-15416	36	34	xingquan	xingquan	PROPN
fbem-15416	36	35	and	and	CCONJ
fbem-15416	36	36	yin	yin	PROPN
fbem-15416	36	37	xingqiang	xingqiang	PROPN
fbem-15416	36	38	,	,	PUNCT
fbem-15416	36	39	2018	2018	NUM
fbem-15416	36	40	)	)	PUNCT
fbem-15416	36	41	,	,	PUNCT
fbem-15416	36	42	thus	thus	ADV
fbem-15416	36	43	inhibiting	inhibit	VERB
fbem-15416	36	44	enterprise	enterprise	NOUN
fbem-15416	36	45	innovation	innovation	NOUN
fbem-15416	36	46	investment	investment	NOUN
fbem-15416	36	47	.	.	PUNCT
fbem-15416	37	1	most	most	ADJ
fbem-15416	37	2	of	of	ADP
fbem-15416	37	3	the	the	DET
fbem-15416	37	4	literature	literature	NOUN
fbem-15416	37	5	basically	basically	ADV
fbem-15416	37	6	follows	follow	VERB
fbem-15416	37	7	the	the	DET
fbem-15416	37	8	idea	idea	NOUN
fbem-15416	37	9	of	of	ADP
fbem-15416	37	10	"	"	PUNCT
fbem-15416	37	11	influencing	influence	VERB
fbem-15416	37	12	factors	factor	NOUN
fbem-15416	37	13	mechanism	mechanism	NOUN
fbem-15416	37	14	whether	whether	SCONJ
fbem-15416	37	15	to	to	PART
fbem-15416	37	16	promote	promote	VERB
fbem-15416	37	17	enterprise	enterprise	NOUN
fbem-15416	37	18	innovation	innovation	NOUN
fbem-15416	37	19	"	"	PUNCT
fbem-15416	37	20	.	.	PUNCT
fbem-15416	38	1	2.2	2.2	NUM
fbem-15416	38	2	.	.	PUNCT
fbem-15416	39	1	the	the	DET
fbem-15416	39	2	formulation	formulation	NOUN
fbem-15416	39	3	of	of	ADP
fbem-15416	39	4	research	research	NOUN
fbem-15416	39	5	questions	question	NOUN
fbem-15416	39	6	through	through	ADP
fbem-15416	39	7	the	the	DET
fbem-15416	39	8	combing	combing	NOUN
fbem-15416	39	9	of	of	ADP
fbem-15416	39	10	the	the	DET
fbem-15416	39	11	literature	literature	NOUN
fbem-15416	39	12	,	,	PUNCT
fbem-15416	39	13	we	we	PRON
fbem-15416	39	14	can	can	AUX
fbem-15416	39	15	see	see	VERB
fbem-15416	39	16	that	that	SCONJ
fbem-15416	39	17	how	how	SCONJ
fbem-15416	39	18	the	the	DET
fbem-15416	39	19	participation	participation	NOUN
fbem-15416	39	20	of	of	ADP
fbem-15416	39	21	non	non	ADJ
fbem-15416	39	22	-	-	ADJ
fbem-15416	39	23	state	state	ADJ
fbem-15416	39	24	shareholders	shareholder	NOUN
fbem-15416	39	25	affects	affect	VERB
fbem-15416	39	26	enterprise	enterprise	NOUN
fbem-15416	39	27	innovation	innovation	NOUN
fbem-15416	39	28	is	be	AUX
fbem-15416	39	29	a	a	DET
fbem-15416	39	30	question	question	NOUN
fbem-15416	39	31	that	that	SCONJ
fbem-15416	39	32	scholars	scholar	NOUN
fbem-15416	39	33	try	try	VERB
fbem-15416	39	34	to	to	PART
fbem-15416	39	35	answer	answer	VERB
fbem-15416	39	36	.	.	PUNCT
fbem-15416	40	1	this	this	DET
fbem-15416	40	2	paper	paper	NOUN
fbem-15416	40	3	discusses	discuss	VERB
fbem-15416	40	4	two	two	NUM
fbem-15416	40	5	channels	channel	NOUN
fbem-15416	40	6	:	:	PUNCT
fbem-15416	40	7	the	the	DET
fbem-15416	40	8	influence	influence	NOUN
fbem-15416	40	9	of	of	ADP
fbem-15416	40	10	corporate	corporate	ADJ
fbem-15416	40	11	innovation	innovation	NOUN
fbem-15416	40	12	inputs	input	NOUN
fbem-15416	40	13	by	by	ADP
fbem-15416	40	14	non	non	ADJ
fbem-15416	40	15	-	-	ADJ
fbem-15416	40	16	state	state	ADJ
fbem-15416	40	17	shareholders	shareholder	NOUN
fbem-15416	40	18	'	'	PART
fbem-15416	40	19	equity	equity	NOUN
fbem-15416	40	20	participation	participation	NOUN
fbem-15416	40	21	may	may	AUX
fbem-15416	40	22	be	be	AUX
fbem-15416	40	23	based	base	VERB
fbem-15416	40	24	on	on	ADP
fbem-15416	40	25	the	the	DET
fbem-15416	40	26	channel	channel	NOUN
fbem-15416	40	27	of	of	ADP
fbem-15416	40	28	financial	financial	ADJ
fbem-15416	40	29	asset	asset	NOUN
fbem-15416	40	30	allocation	allocation	NOUN
fbem-15416	40	31	and	and	CCONJ
fbem-15416	40	32	the	the	DET
fbem-15416	40	33	channel	channel	NOUN
fbem-15416	40	34	of	of	ADP
fbem-15416	40	35	management	management	NOUN
fbem-15416	40	36	supervision	supervision	NOUN
fbem-15416	40	37	and	and	CCONJ
fbem-15416	40	38	governance	governance	NOUN
fbem-15416	40	39	.	.	PUNCT
fbem-15416	41	1	2.2.1	2.2.1	NUM
fbem-15416	41	2	.	.	PUNCT
fbem-15416	42	1	the	the	DET
fbem-15416	42	2	financial	financial	ADJ
fbem-15416	42	3	asset	asset	NOUN
fbem-15416	42	4	allocation	allocation	NOUN
fbem-15416	42	5	channel	channel	NOUN
fbem-15416	42	6	through	through	ADP
fbem-15416	42	7	which	which	PRON
fbem-15416	42	8	soes	soe	NOUN
fbem-15416	42	9	'	'	PART
fbem-15416	42	10	"	"	PUNCT
fbem-15416	42	11	mixed	mixed	ADJ
fbem-15416	42	12	reform	reform	NOUN
fbem-15416	42	13	"	"	PUNCT
fbem-15416	42	14	affects	affect	VERB
fbem-15416	42	15	corporate	corporate	ADJ
fbem-15416	42	16	technological	technological	ADJ
fbem-15416	42	17	innovation	innovation	NOUN
fbem-15416	42	18	.	.	PUNCT
fbem-15416	43	1	there	there	PRON
fbem-15416	43	2	are	be	VERB
fbem-15416	43	3	few	few	ADJ
fbem-15416	43	4	scholars	scholar	NOUN
fbem-15416	43	5	who	who	PRON
fbem-15416	43	6	have	have	AUX
fbem-15416	43	7	studied	study	VERB
fbem-15416	43	8	the	the	DET
fbem-15416	43	9	impact	impact	NOUN
fbem-15416	43	10	of	of	ADP
fbem-15416	43	11	soes	soe	NOUN
fbem-15416	43	12	'	'	PART
fbem-15416	43	13	"	"	PUNCT
fbem-15416	43	14	mixed	mixed	ADJ
fbem-15416	43	15	reform	reform	NOUN
fbem-15416	43	16	"	"	PUNCT
fbem-15416	43	17	on	on	ADP
fbem-15416	43	18	enterprises	enterprise	NOUN
fbem-15416	43	19	'	'	PART
fbem-15416	43	20	"	"	PUNCT
fbem-15416	43	21	de	de	NOUN
fbem-15416	43	22	-	-	NOUN
fbem-15416	43	23	realisation	realisation	NOUN
fbem-15416	43	24	to	to	ADP
fbem-15416	43	25	virtualisation	virtualisation	NOUN
fbem-15416	43	26	"	"	PUNCT
fbem-15416	43	27	,	,	PUNCT
fbem-15416	43	28	and	and	CCONJ
fbem-15416	43	29	the	the	DET
fbem-15416	43	30	participation	participation	NOUN
fbem-15416	43	31	of	of	ADP
fbem-15416	43	32	non	non	ADJ
fbem-15416	43	33	-	-	ADJ
fbem-15416	43	34	state	state	ADJ
fbem-15416	43	35	shareholders	shareholder	NOUN
fbem-15416	43	36	promotes	promote	VERB
fbem-15416	43	37	enterprises	enterprise	NOUN
fbem-15416	43	38	to	to	PART
fbem-15416	43	39	increase	increase	VERB
fbem-15416	43	40	their	their	PRON
fbem-15416	43	41	investment	investment	NOUN
fbem-15416	43	42	in	in	ADP
fbem-15416	43	43	financial	financial	ADJ
fbem-15416	43	44	assets	asset	NOUN
fbem-15416	43	45	by	by	ADP
fbem-15416	43	46	enhancing	enhance	VERB
fbem-15416	43	47	the	the	DET
fbem-15416	43	48	precautionary	precautionary	ADJ
fbem-15416	43	49	savings	saving	NOUN
fbem-15416	43	50	motivation	motivation	NOUN
fbem-15416	43	51	of	of	ADP
fbem-15416	43	52	enterprises	enterprise	NOUN
fbem-15416	43	53	'	'	PART
fbem-15416	43	54	financial	financial	ADJ
fbem-15416	43	55	asset	asset	NOUN
fbem-15416	43	56	allocation	allocation	NOUN
fbem-15416	43	57	(	(	PUNCT
fbem-15416	43	58	ye	ye	NOUN
fbem-15416	43	59	yongwei	yongwei	NOUN
fbem-15416	43	60	,	,	PUNCT
fbem-15416	43	61	2020	2020	NUM
fbem-15416	43	62	)	)	PUNCT
fbem-15416	43	63	.	.	PUNCT
fbem-15416	44	1	and	and	CCONJ
fbem-15416	44	2	whether	whether	SCONJ
fbem-15416	44	3	corporate	corporate	ADJ
fbem-15416	44	4	financial	financial	ADJ
fbem-15416	44	5	asset	asset	NOUN
fbem-15416	44	6	investment	investment	NOUN
fbem-15416	44	7	promotes	promote	VERB
fbem-15416	44	8	or	or	CCONJ
fbem-15416	44	9	inhibits	inhibit	VERB
fbem-15416	44	10	corporate	corporate	ADJ
fbem-15416	44	11	innovation	innovation	NOUN
fbem-15416	44	12	is	be	AUX
fbem-15416	44	13	discussed	discuss	VERB
fbem-15416	44	14	by	by	ADP
fbem-15416	44	15	scholars	scholar	NOUN
fbem-15416	44	16	mainly	mainly	ADV
fbem-15416	44	17	based	base	VERB
fbem-15416	44	18	on	on	ADP
fbem-15416	44	19	the	the	DET
fbem-15416	44	20	crowding	crowd	VERB
fbem-15416	44	21	-	-	PUNCT
fbem-15416	44	22	out	out	ADP
fbem-15416	44	23	effect	effect	NOUN
fbem-15416	44	24	and	and	CCONJ
fbem-15416	44	25	motivation	motivation	NOUN
fbem-15416	44	26	of	of	ADP
fbem-15416	44	27	corporate	corporate	ADJ
fbem-15416	44	28	financialisation	financialisation	NOUN
fbem-15416	44	29	.	.	PUNCT
fbem-15416	45	1	it	it	PRON
fbem-15416	45	2	is	be	AUX
fbem-15416	45	3	found	find	VERB
fbem-15416	45	4	that	that	SCONJ
fbem-15416	45	5	financial	financial	ADJ
fbem-15416	45	6	assets	asset	NOUN
fbem-15416	45	7	do	do	AUX
fbem-15416	45	8	not	not	PART
fbem-15416	45	9	play	play	VERB
fbem-15416	45	10	a	a	DET
fbem-15416	45	11	"	"	PUNCT
fbem-15416	45	12	reservoir	reservoir	NOUN
fbem-15416	45	13	"	"	PUNCT
fbem-15416	45	14	effect	effect	NOUN
fbem-15416	45	15	,	,	PUNCT
fbem-15416	45	16	but	but	CCONJ
fbem-15416	45	17	the	the	DET
fbem-15416	45	18	"	"	PUNCT
fbem-15416	45	19	crowding	crowd	VERB
fbem-15416	45	20	out	out	ADP
fbem-15416	45	21	"	"	PUNCT
fbem-15416	45	22	effect	effect	NOUN
fbem-15416	45	23	is	be	AUX
fbem-15416	45	24	greater	great	ADJ
fbem-15416	45	25	than	than	ADP
fbem-15416	45	26	the	the	DET
fbem-15416	45	27	"	"	PUNCT
fbem-15416	45	28	reservoir	reservoir	NOUN
fbem-15416	45	29	effect	effect	NOUN
fbem-15416	45	30	"	"	PUNCT
fbem-15416	45	31	(	(	PUNCT
fbem-15416	45	32	du	du	PROPN
fbem-15416	45	33	yong	yong	PROPN
fbem-15416	45	34	et	et	PROPN
fbem-15416	45	35	al	al	PROPN
fbem-15416	45	36	.	.	PROPN
fbem-15416	45	37	,	,	PUNCT
fbem-15416	45	38	2017	2017	NUM
fbem-15416	45	39	)	)	PUNCT
fbem-15416	45	40	,	,	PUNCT
fbem-15416	45	41	and	and	CCONJ
fbem-15416	45	42	at	at	ADP
fbem-15416	45	43	the	the	DET
fbem-15416	45	44	same	same	ADJ
fbem-15416	45	45	time	time	NOUN
fbem-15416	45	46	,	,	PUNCT
fbem-15416	45	47	for	for	ADP
fbem-15416	45	48	the	the	DET
fbem-15416	45	49	sake	sake	NOUN
fbem-15416	45	50	of	of	ADP
fbem-15416	45	51	arbitrage	arbitrage	NOUN
fbem-15416	45	52	motivation	motivation	NOUN
fbem-15416	45	53	,	,	PUNCT
fbem-15416	45	54	financialisation	financialisation	NOUN
fbem-15416	45	55	will	will	AUX
fbem-15416	45	56	crowd	crowd	VERB
fbem-15416	45	57	out	out	ADP
fbem-15416	45	58	innovation	innovation	NOUN
fbem-15416	45	59	.	.	PUNCT
fbem-15416	46	1	at	at	ADP
fbem-15416	46	2	the	the	DET
fbem-15416	46	3	same	same	ADJ
fbem-15416	46	4	time	time	NOUN
fbem-15416	46	5	,	,	PUNCT
fbem-15416	46	6	the	the	DET
fbem-15416	46	7	enterprise	enterprise	NOUN
fbem-15416	46	8	out	out	ADP
fbem-15416	46	9	of	of	ADP
fbem-15416	46	10	arbitrage	arbitrage	NOUN
fbem-15416	46	11	motivation	motivation	NOUN
fbem-15416	46	12	,	,	PUNCT
fbem-15416	46	13	financialisation	financialisation	NOUN
fbem-15416	46	14	will	will	AUX
fbem-15416	46	15	squeeze	squeeze	VERB
fbem-15416	46	16	out	out	ADP
fbem-15416	46	17	innovation	innovation	NOUN
fbem-15416	46	18	(	(	PUNCT
fbem-15416	46	19	wang	wang	PROPN
fbem-15416	46	20	hongjian	hongjian	PROPN
fbem-15416	46	21	et	et	PROPN
fbem-15416	46	22	al	al	PROPN
fbem-15416	46	23	.	.	PROPN
fbem-15416	46	24	,	,	PUNCT
fbem-15416	46	25	2017	2017	NUM
fbem-15416	46	26	)	)	PUNCT
fbem-15416	46	27	,	,	PUNCT
fbem-15416	46	28	leading	lead	VERB
fbem-15416	46	29	to	to	ADP
fbem-15416	46	30	the	the	DET
fbem-15416	46	31	consequences	consequence	NOUN
fbem-15416	46	32	of	of	ADP
fbem-15416	46	33	financialisation	financialisation	NOUN
fbem-15416	46	34	in	in	ADP
fbem-15416	46	35	the	the	DET
fbem-15416	46	36	long	long	ADJ
fbem-15416	46	37	term	term	NOUN
fbem-15416	46	38	will	will	AUX
fbem-15416	46	39	inhibit	inhibit	VERB
fbem-15416	46	40	enterprise	enterprise	NOUN
fbem-15416	46	41	innovation	innovation	NOUN
fbem-15416	46	42	.	.	PUNCT
fbem-15416	47	1	2.2.2	2.2.2	X
fbem-15416	47	2	.	.	PUNCT
fbem-15416	47	3	state	state	NOUN
fbem-15416	47	4	-	-	PUNCT
fbem-15416	47	5	owned	own	VERB
fbem-15416	47	6	enterprises	enterprise	NOUN
fbem-15416	47	7	"	"	PUNCT
fbem-15416	47	8	mixed	mixed	ADJ
fbem-15416	47	9	reform	reform	NOUN
fbem-15416	47	10	"	"	PUNCT
fbem-15416	47	11	affects	affect	VERB
fbem-15416	47	12	the	the	DET
fbem-15416	47	13	supervision	supervision	NOUN
fbem-15416	47	14	and	and	CCONJ
fbem-15416	47	15	governance	governance	NOUN
fbem-15416	47	16	channels	channel	NOUN
fbem-15416	47	17	of	of	ADP
fbem-15416	47	18	enterprise	enterprise	NOUN
fbem-15416	47	19	technological	technological	ADJ
fbem-15416	47	20	innovation	innovation	NOUN
fbem-15416	47	21	in	in	ADP
fbem-15416	47	22	the	the	DET
fbem-15416	47	23	process	process	NOUN
fbem-15416	47	24	of	of	ADP
fbem-15416	47	25	"	"	PUNCT
fbem-15416	47	26	mixed	mixed	ADJ
fbem-15416	47	27	reform	reform	NOUN
fbem-15416	47	28	"	"	PUNCT
fbem-15416	47	29	of	of	ADP
fbem-15416	47	30	state	state	NOUN
fbem-15416	47	31	-	-	PUNCT
fbem-15416	47	32	owned	own	VERB
fbem-15416	47	33	enterprises	enterprise	NOUN
fbem-15416	47	34	,	,	PUNCT
fbem-15416	47	35	with	with	ADP
fbem-15416	47	36	the	the	DET
fbem-15416	47	37	entry	entry	NOUN
fbem-15416	47	38	of	of	ADP
fbem-15416	47	39	non	non	ADJ
fbem-15416	47	40	-	-	ADJ
fbem-15416	47	41	state	state	ADJ
fbem-15416	47	42	capital	capital	NOUN
fbem-15416	47	43	,	,	PUNCT
fbem-15416	47	44	unlike	unlike	ADP
fbem-15416	47	45	state	state	NOUN
fbem-15416	47	46	-	-	PUNCT
fbem-15416	47	47	owned	own	VERB
fbem-15416	47	48	shareholders	shareholder	NOUN
fbem-15416	47	49	,	,	PUNCT
fbem-15416	47	50	non	non	ADJ
fbem-15416	47	51	-	-	ADJ
fbem-15416	47	52	state	state	ADJ
fbem-15416	47	53	shareholders	shareholder	NOUN
fbem-15416	47	54	generally	generally	ADV
fbem-15416	47	55	take	take	VERB
fbem-15416	47	56	the	the	DET
fbem-15416	47	57	company	company	NOUN
fbem-15416	47	58	's	's	PART
fbem-15416	47	59	profit	profit	NOUN
fbem-15416	47	60	maximisation	maximisation	NOUN
fbem-15416	47	61	as	as	ADP
fbem-15416	47	62	the	the	DET
fbem-15416	47	63	business	business	NOUN
fbem-15416	47	64	objective	objective	NOUN
fbem-15416	47	65	,	,	PUNCT
fbem-15416	47	66	and	and	CCONJ
fbem-15416	47	67	therefore	therefore	ADV
fbem-15416	47	68	have	have	VERB
fbem-15416	47	69	strong	strong	ADJ
fbem-15416	47	70	incentives	incentive	NOUN
fbem-15416	47	71	to	to	PART
fbem-15416	47	72	supervise	supervise	VERB
fbem-15416	47	73	the	the	DET
fbem-15416	47	74	management	management	NOUN
fbem-15416	47	75	,	,	PUNCT
fbem-15416	47	76	so	so	SCONJ
fbem-15416	47	77	as	as	SCONJ
fbem-15416	47	78	to	to	PART
fbem-15416	47	79	improve	improve	VERB
fbem-15416	47	80	the	the	DET
fbem-15416	47	81	management	management	NOUN
fbem-15416	47	82	's	's	PART
fbem-15416	47	83	salary	salary	NOUN
fbem-15416	47	84	or	or	CCONJ
fbem-15416	47	85	terminate	terminate	VERB
fbem-15416	47	86	the	the	DET
fbem-15416	47	87	manager	manager	NOUN
fbem-15416	47	88	who	who	PRON
fbem-15416	47	89	does	do	AUX
fbem-15416	47	90	not	not	PART
fbem-15416	47	91	have	have	VERB
fbem-15416	47	92	a	a	DET
fbem-15416	47	93	common	common	ADJ
fbem-15416	47	94	goal	goal	NOUN
fbem-15416	47	95	and	and	CCONJ
fbem-15416	47	96	improve	improve	VERB
fbem-15416	47	97	the	the	DET
fbem-15416	47	98	management	management	NOUN
fbem-15416	47	99	's	's	PART
fbem-15416	47	100	sensitivity	sensitivity	NOUN
fbem-15416	47	101	to	to	ADP
fbem-15416	47	102	performance	performance	NOUN
fbem-15416	47	103	(	(	PUNCT
fbem-15416	47	104	hao	hao	PROPN
fbem-15416	47	105	yang	yang	PROPN
fbem-15416	47	106	and	and	CCONJ
fbem-15416	47	107	wang	wang	PROPN
fbem-15416	47	108	hongjian	hongjian	PROPN
fbem-15416	47	109	et	et	PROPN
fbem-15416	47	110	al	al	PROPN
fbem-15416	47	111	.	.	PROPN
fbem-15416	47	112	,	,	PUNCT
fbem-15416	47	113	2017	2017	NUM
fbem-15416	47	114	)	)	PUNCT
fbem-15416	47	115	.	.	PUNCT
fbem-15416	48	1	sensitivity	sensitivity	NOUN
fbem-15416	48	2	(	(	PUNCT
fbem-15416	48	3	hao	hao	PROPN
fbem-15416	48	4	,	,	PUNCT
fbem-15416	48	5	yang	yang	PROPN
fbem-15416	48	6	and	and	CCONJ
fbem-15416	48	7	gong	gong	PROPN
fbem-15416	48	8	,	,	PUNCT
fbem-15416	48	9	liutang	liutang	PROPN
fbem-15416	48	10	,	,	PUNCT
fbem-15416	48	11	2017	2017	NUM
fbem-15416	48	12	)	)	PUNCT
fbem-15416	48	13	as	as	ADV
fbem-15416	48	14	well	well	ADV
fbem-15416	48	15	as	as	ADP
fbem-15416	48	16	curbing	curb	VERB
fbem-15416	48	17	the	the	DET
fbem-15416	48	18	serious	serious	ADJ
fbem-15416	48	19	agency	agency	NOUN
fbem-15416	48	20	conflict	conflict	NOUN
fbem-15416	48	21	problem	problem	NOUN
fbem-15416	48	22	posed	pose	VERB
fbem-15416	48	23	by	by	ADP
fbem-15416	48	24	the	the	DET
fbem-15416	48	25	pursuit	pursuit	NOUN
fbem-15416	48	26	of	of	ADP
fbem-15416	48	27	political	political	ADJ
fbem-15416	48	28	promotion	promotion	NOUN
fbem-15416	48	29	and	and	CCONJ
fbem-15416	48	30	political	political	ADJ
fbem-15416	48	31	risk	risk	NOUN
fbem-15416	48	32	avoidance	avoidance	NOUN
fbem-15416	48	33	(	(	PUNCT
fbem-15416	48	34	jin	jin	NOUN
fbem-15416	48	35	,	,	PUNCT
fbem-15416	48	36	yuchao	yuchao	PROPN
fbem-15416	48	37	et	et	PROPN
fbem-15416	48	38	al	al	PROPN
fbem-15416	48	39	.	.	PROPN
fbem-15416	48	40	,	,	PUNCT
fbem-15416	48	41	2016	2016	NUM
fbem-15416	48	42	)	)	PUNCT
fbem-15416	48	43	.	.	PUNCT
fbem-15416	49	1	nonstate	nonstate	PROPN
fbem-15416	49	2	capital	capital	PROPN
fbem-15416	49	3	equity	equity	NOUN
fbem-15416	49	4	participation	participation	NOUN
fbem-15416	49	5	in	in	ADP
fbem-15416	49	6	soes	soe	NOUN
fbem-15416	49	7	has	have	VERB
fbem-15416	49	8	both	both	CCONJ
fbem-15416	49	9	the	the	DET
fbem-15416	49	10	governmental	governmental	ADJ
fbem-15416	49	11	preferences	preference	NOUN
fbem-15416	49	12	of	of	ADP
fbem-15416	49	13	state	state	NOUN
fbem-15416	49	14	-	-	PUNCT
fbem-15416	49	15	owned	own	VERB
fbem-15416	49	16	property	property	NOUN
fbem-15416	49	17	rights	right	NOUN
fbem-15416	49	18	and	and	CCONJ
fbem-15416	49	19	212	212	NUM
fbem-15416	49	20	the	the	DET
fbem-15416	49	21	profit	profit	NOUN
fbem-15416	49	22	-	-	PUNCT
fbem-15416	49	23	seeking	seek	VERB
fbem-15416	49	24	motives	motive	NOUN
fbem-15416	49	25	of	of	ADP
fbem-15416	49	26	private	private	ADJ
fbem-15416	49	27	firms	firm	NOUN
fbem-15416	49	28	,	,	PUNCT
fbem-15416	49	29	which	which	PRON
fbem-15416	49	30	is	be	AUX
fbem-15416	49	31	conducive	conducive	ADJ
fbem-15416	49	32	to	to	ADP
fbem-15416	49	33	alleviating	alleviate	VERB
fbem-15416	49	34	the	the	DET
fbem-15416	49	35	problems	problem	NOUN
fbem-15416	49	36	of	of	ADP
fbem-15416	49	37	management	management	NOUN
fbem-15416	49	38	"	"	PUNCT
fbem-15416	49	39	inaction	inaction	NOUN
fbem-15416	49	40	"	"	PUNCT
fbem-15416	49	41	or	or	CCONJ
fbem-15416	49	42	"	"	PUNCT
fbem-15416	49	43	eagerness	eagerness	NOUN
fbem-15416	49	44	to	to	PART
fbem-15416	49	45	perform	perform	VERB
fbem-15416	49	46	"	"	PUNCT
fbem-15416	49	47	and	and	CCONJ
fbem-15416	49	48	the	the	DET
fbem-15416	49	49	lack	lack	NOUN
fbem-15416	49	50	of	of	ADP
fbem-15416	49	51	supervision	supervision	NOUN
fbem-15416	49	52	in	in	ADP
fbem-15416	49	53	state	state	NOUN
fbem-15416	49	54	-	-	PUNCT
fbem-15416	49	55	controlled	control	VERB
fbem-15416	49	56	enterprises	enterprise	NOUN
fbem-15416	49	57	,	,	PUNCT
fbem-15416	49	58	and	and	CCONJ
fbem-15416	49	59	thus	thus	ADV
fbem-15416	49	60	improving	improve	VERB
fbem-15416	49	61	supervision	supervision	NOUN
fbem-15416	49	62	and	and	CCONJ
fbem-15416	49	63	management	management	NOUN
fbem-15416	49	64	(	(	PUNCT
fbem-15416	49	65	malian	malian	PROPN
fbem-15416	49	66	et	et	PROPN
fbem-15416	49	67	al	al	PROPN
fbem-15416	49	68	.	.	PROPN
fbem-15416	49	69	,	,	PUNCT
fbem-15416	49	70	2017	2017	NUM
fbem-15416	49	71	)	)	PUNCT
fbem-15416	49	72	.	.	PUNCT
fbem-15416	50	1	this	this	PRON
fbem-15416	50	2	will	will	AUX
fbem-15416	50	3	help	help	VERB
fbem-15416	50	4	alleviate	alleviate	VERB
fbem-15416	50	5	the	the	DET
fbem-15416	50	6	problems	problem	NOUN
fbem-15416	50	7	of	of	ADP
fbem-15416	50	8	management	management	NOUN
fbem-15416	50	9	"	"	PUNCT
fbem-15416	50	10	inaction	inaction	NOUN
fbem-15416	50	11	"	"	PUNCT
fbem-15416	50	12	or	or	CCONJ
fbem-15416	50	13	"	"	PUNCT
fbem-15416	50	14	eagerness	eagerness	NOUN
fbem-15416	50	15	to	to	PART
fbem-15416	50	16	perform	perform	VERB
fbem-15416	50	17	"	"	PUNCT
fbem-15416	50	18	and	and	CCONJ
fbem-15416	50	19	the	the	DET
fbem-15416	50	20	lack	lack	NOUN
fbem-15416	50	21	of	of	ADP
fbem-15416	50	22	supervision	supervision	NOUN
fbem-15416	50	23	in	in	ADP
fbem-15416	50	24	state	state	NOUN
fbem-15416	50	25	-	-	PUNCT
fbem-15416	50	26	owned	own	VERB
fbem-15416	50	27	enterprises	enterprise	NOUN
fbem-15416	50	28	,	,	PUNCT
fbem-15416	50	29	and	and	CCONJ
fbem-15416	50	30	thus	thus	ADV
fbem-15416	50	31	improve	improve	VERB
fbem-15416	50	32	the	the	DET
fbem-15416	50	33	supervision	supervision	NOUN
fbem-15416	50	34	and	and	CCONJ
fbem-15416	50	35	management	management	NOUN
fbem-15416	50	36	of	of	ADP
fbem-15416	50	37	enterprises	enterprise	NOUN
fbem-15416	50	38	(	(	PUNCT
fbem-15416	50	39	malianfu	malianfu	NOUN
fbem-15416	50	40	et	et	PROPN
fbem-15416	50	41	al	al	PROPN
fbem-15416	50	42	.	.	PROPN
fbem-15416	50	43	,	,	PUNCT
fbem-15416	50	44	2015	2015	NUM
fbem-15416	50	45	)	)	PUNCT
fbem-15416	50	46	.	.	PUNCT
fbem-15416	51	1	based	base	VERB
fbem-15416	51	2	on	on	ADP
fbem-15416	51	3	the	the	DET
fbem-15416	51	4	above	above	ADJ
fbem-15416	51	5	literature	literature	NOUN
fbem-15416	51	6	summary	summary	NOUN
fbem-15416	51	7	and	and	CCONJ
fbem-15416	51	8	discussion	discussion	NOUN
fbem-15416	51	9	,	,	PUNCT
fbem-15416	51	10	this	this	DET
fbem-15416	51	11	paper	paper	NOUN
fbem-15416	51	12	proposes	propose	VERB
fbem-15416	51	13	research	research	NOUN
fbem-15416	51	14	hypotheses	hypothesis	NOUN
fbem-15416	51	15	:	:	PUNCT
fbem-15416	51	16	hypothesis	hypothesis	NOUN
fbem-15416	51	17	1	1	NUM
fbem-15416	51	18	:	:	PUNCT
fbem-15416	51	19	non	non	ADJ
fbem-15416	51	20	-	-	ADJ
fbem-15416	51	21	state	state	ADJ
fbem-15416	51	22	shareholders	shareholder	NOUN
fbem-15416	51	23	'	'	PART
fbem-15416	51	24	participation	participation	NOUN
fbem-15416	51	25	promotes	promote	VERB
fbem-15416	51	26	technological	technological	ADJ
fbem-15416	51	27	innovation	innovation	NOUN
fbem-15416	51	28	in	in	ADP
fbem-15416	51	29	soes	soe	NOUN
fbem-15416	51	30	.	.	PUNCT
fbem-15416	52	1	3	3	X
fbem-15416	52	2	.	.	X
fbem-15416	52	3	research	research	NOUN
fbem-15416	52	4	design	design	PROPN
fbem-15416	52	5	3.1	3.1	NUM
fbem-15416	52	6	.	.	PUNCT
fbem-15416	53	1	research	research	NOUN
fbem-15416	53	2	sample	sample	NOUN
fbem-15416	53	3	this	this	DET
fbem-15416	53	4	paper	paper	NOUN
fbem-15416	53	5	takes	take	VERB
fbem-15416	53	6	2010	2010	NUM
fbem-15416	53	7	-	-	SYM
fbem-15416	53	8	2017	2017	NUM
fbem-15416	53	9	china	china	PROPN
fbem-15416	53	10	's	's	PART
fbem-15416	53	11	a	a	DET
fbem-15416	53	12	-	-	PUNCT
fbem-15416	53	13	share	share	NOUN
fbem-15416	53	14	state	state	NOUN
fbem-15416	53	15	-	-	PUNCT
fbem-15416	53	16	owned	own	VERB
fbem-15416	53	17	listed	list	VERB
fbem-15416	53	18	companies	company	NOUN
fbem-15416	53	19	as	as	ADP
fbem-15416	53	20	the	the	DET
fbem-15416	53	21	research	research	NOUN
fbem-15416	53	22	sample	sample	NOUN
fbem-15416	53	23	to	to	PART
fbem-15416	53	24	analyse	analyse	VERB
fbem-15416	53	25	the	the	DET
fbem-15416	53	26	impact	impact	NOUN
fbem-15416	53	27	of	of	ADP
fbem-15416	53	28	non	non	ADJ
fbem-15416	53	29	-	-	ADJ
fbem-15416	53	30	state	state	ADJ
fbem-15416	53	31	shareholders	shareholder	NOUN
fbem-15416	53	32	'	'	PART
fbem-15416	53	33	participation	participation	NOUN
fbem-15416	53	34	on	on	ADP
fbem-15416	53	35	the	the	DET
fbem-15416	53	36	technological	technological	ADJ
fbem-15416	53	37	innovation	innovation	NOUN
fbem-15416	53	38	of	of	ADP
fbem-15416	53	39	state	state	NOUN
fbem-15416	53	40	-	-	PUNCT
fbem-15416	53	41	owned	own	VERB
fbem-15416	53	42	enterprises	enterprise	NOUN
fbem-15416	53	43	.	.	PUNCT
fbem-15416	54	1	the	the	DET
fbem-15416	54	2	data	datum	NOUN
fbem-15416	54	3	are	be	AUX
fbem-15416	54	4	screened	screen	VERB
fbem-15416	54	5	according	accord	VERB
fbem-15416	54	6	to	to	ADP
fbem-15416	54	7	the	the	DET
fbem-15416	54	8	following	following	ADJ
fbem-15416	54	9	principles	principle	NOUN
fbem-15416	54	10	:	:	PUNCT
fbem-15416	54	11	first	first	ADJ
fbem-15416	54	12	,	,	PUNCT
fbem-15416	54	13	financial	financial	ADJ
fbem-15416	54	14	as	as	ADV
fbem-15416	54	15	well	well	ADV
fbem-15416	54	16	as	as	ADP
fbem-15416	54	17	st	st	PROPN
fbem-15416	54	18	and	and	CCONJ
fbem-15416	54	19	st	st	PROPN
fbem-15416	54	20	*	*	PROPN
fbem-15416	54	21	companies	company	NOUN
fbem-15416	54	22	are	be	AUX
fbem-15416	54	23	excluded	exclude	VERB
fbem-15416	54	24	;	;	PUNCT
fbem-15416	54	25	second	second	ADJ
fbem-15416	54	26	,	,	PUNCT
fbem-15416	54	27	companies	company	NOUN
fbem-15416	54	28	with	with	ADP
fbem-15416	54	29	seriously	seriously	ADV
fbem-15416	54	30	missing	miss	VERB
fbem-15416	54	31	financial	financial	ADJ
fbem-15416	54	32	data	datum	NOUN
fbem-15416	54	33	are	be	AUX
fbem-15416	54	34	deleted	delete	VERB
fbem-15416	54	35	.	.	PUNCT
fbem-15416	55	1	in	in	ADP
fbem-15416	55	2	addition	addition	NOUN
fbem-15416	55	3	,	,	PUNCT
fbem-15416	55	4	in	in	ADP
fbem-15416	55	5	order	order	NOUN
fbem-15416	55	6	to	to	PART
fbem-15416	55	7	eliminate	eliminate	VERB
fbem-15416	55	8	the	the	DET
fbem-15416	55	9	impact	impact	NOUN
fbem-15416	55	10	of	of	ADP
fbem-15416	55	11	individual	individual	ADJ
fbem-15416	55	12	outliers	outlier	NOUN
fbem-15416	55	13	on	on	ADP
fbem-15416	55	14	the	the	DET
fbem-15416	55	15	regression	regression	NOUN
fbem-15416	55	16	,	,	PUNCT
fbem-15416	55	17	this	this	DET
fbem-15416	55	18	paper	paper	NOUN
fbem-15416	55	19	shrinks	shrink	VERB
fbem-15416	55	20	the	the	DET
fbem-15416	55	21	main	main	ADJ
fbem-15416	55	22	continuous	continuous	ADJ
fbem-15416	55	23	variables	variable	NOUN
fbem-15416	55	24	at	at	ADP
fbem-15416	55	25	the	the	DET
fbem-15416	55	26	1	1	NUM
fbem-15416	55	27	%	%	NOUN
fbem-15416	55	28	and	and	CCONJ
fbem-15416	55	29	99	99	NUM
fbem-15416	55	30	%	%	NOUN
fbem-15416	55	31	quantiles	quantile	NOUN
fbem-15416	55	32	.	.	PUNCT
fbem-15416	56	1	the	the	DET
fbem-15416	56	2	data	datum	NOUN
fbem-15416	56	3	in	in	ADP
fbem-15416	56	4	this	this	DET
fbem-15416	56	5	paper	paper	NOUN
fbem-15416	56	6	are	be	AUX
fbem-15416	56	7	obtained	obtain	VERB
fbem-15416	56	8	from	from	ADP
fbem-15416	56	9	the	the	DET
fbem-15416	56	10	cathay	cathay	PROPN
fbem-15416	56	11	pacific	pacific	PROPN
fbem-15416	56	12	database	database	NOUN
fbem-15416	56	13	(	(	PUNCT
fbem-15416	56	14	csmar	csmar	PROPN
fbem-15416	56	15	)	)	PUNCT
fbem-15416	56	16	.	.	PUNCT
fbem-15416	57	1	this	this	DET
fbem-15416	57	2	paper	paper	NOUN
fbem-15416	57	3	takes	take	VERB
fbem-15416	57	4	2010	2010	NUM
fbem-15416	57	5	-	-	SYM
fbem-15416	57	6	2017	2017	NUM
fbem-15416	57	7	china	china	PROPN
fbem-15416	57	8	's	's	PART
fbem-15416	57	9	a	a	DET
fbem-15416	57	10	-	-	PUNCT
fbem-15416	57	11	share	share	NOUN
fbem-15416	57	12	state	state	NOUN
fbem-15416	57	13	-	-	PUNCT
fbem-15416	57	14	owned	own	VERB
fbem-15416	57	15	listed	list	VERB
fbem-15416	57	16	companies	company	NOUN
fbem-15416	57	17	as	as	ADP
fbem-15416	57	18	the	the	DET
fbem-15416	57	19	research	research	NOUN
fbem-15416	57	20	sample	sample	NOUN
fbem-15416	57	21	to	to	PART
fbem-15416	57	22	analyse	analyse	VERB
fbem-15416	57	23	the	the	DET
fbem-15416	57	24	impact	impact	NOUN
fbem-15416	57	25	of	of	ADP
fbem-15416	57	26	non	non	ADJ
fbem-15416	57	27	-	-	ADJ
fbem-15416	57	28	state	state	ADJ
fbem-15416	57	29	shareholders	shareholder	NOUN
fbem-15416	57	30	'	'	PART
fbem-15416	57	31	participation	participation	NOUN
fbem-15416	57	32	on	on	ADP
fbem-15416	57	33	the	the	DET
fbem-15416	57	34	technological	technological	ADJ
fbem-15416	57	35	innovation	innovation	NOUN
fbem-15416	57	36	of	of	ADP
fbem-15416	57	37	state	state	NOUN
fbem-15416	57	38	-	-	PUNCT
fbem-15416	57	39	owned	own	VERB
fbem-15416	57	40	enterprises	enterprise	NOUN
fbem-15416	57	41	.	.	PUNCT
fbem-15416	58	1	the	the	DET
fbem-15416	58	2	data	datum	NOUN
fbem-15416	58	3	are	be	AUX
fbem-15416	58	4	screened	screen	VERB
fbem-15416	58	5	according	accord	VERB
fbem-15416	58	6	to	to	ADP
fbem-15416	58	7	the	the	DET
fbem-15416	58	8	following	following	ADJ
fbem-15416	58	9	principles	principle	NOUN
fbem-15416	58	10	:	:	PUNCT
fbem-15416	58	11	first	first	ADJ
fbem-15416	58	12	,	,	PUNCT
fbem-15416	58	13	financial	financial	ADJ
fbem-15416	58	14	as	as	ADV
fbem-15416	58	15	well	well	ADV
fbem-15416	58	16	as	as	ADP
fbem-15416	58	17	st	st	PROPN
fbem-15416	58	18	and	and	CCONJ
fbem-15416	58	19	st	st	PROPN
fbem-15416	58	20	*	*	PROPN
fbem-15416	58	21	companies	company	NOUN
fbem-15416	58	22	are	be	AUX
fbem-15416	58	23	excluded	exclude	VERB
fbem-15416	58	24	;	;	PUNCT
fbem-15416	58	25	second	second	ADJ
fbem-15416	58	26	,	,	PUNCT
fbem-15416	58	27	companies	company	NOUN
fbem-15416	58	28	with	with	ADP
fbem-15416	58	29	seriously	seriously	ADV
fbem-15416	58	30	missing	miss	VERB
fbem-15416	58	31	financial	financial	ADJ
fbem-15416	58	32	data	datum	NOUN
fbem-15416	58	33	are	be	AUX
fbem-15416	58	34	deleted	delete	VERB
fbem-15416	58	35	.	.	PUNCT
fbem-15416	59	1	in	in	ADP
fbem-15416	59	2	addition	addition	NOUN
fbem-15416	59	3	,	,	PUNCT
fbem-15416	59	4	in	in	ADP
fbem-15416	59	5	order	order	NOUN
fbem-15416	59	6	to	to	PART
fbem-15416	59	7	eliminate	eliminate	VERB
fbem-15416	59	8	the	the	DET
fbem-15416	59	9	impact	impact	NOUN
fbem-15416	59	10	of	of	ADP
fbem-15416	59	11	individual	individual	ADJ
fbem-15416	59	12	outliers	outlier	NOUN
fbem-15416	59	13	on	on	ADP
fbem-15416	59	14	the	the	DET
fbem-15416	59	15	regression	regression	NOUN
fbem-15416	59	16	,	,	PUNCT
fbem-15416	59	17	this	this	DET
fbem-15416	59	18	paper	paper	NOUN
fbem-15416	59	19	shrinks	shrink	VERB
fbem-15416	59	20	the	the	DET
fbem-15416	59	21	main	main	ADJ
fbem-15416	59	22	continuous	continuous	ADJ
fbem-15416	59	23	variables	variable	NOUN
fbem-15416	59	24	at	at	ADP
fbem-15416	59	25	the	the	DET
fbem-15416	59	26	1	1	NUM
fbem-15416	59	27	%	%	NOUN
fbem-15416	59	28	and	and	CCONJ
fbem-15416	59	29	99	99	NUM
fbem-15416	59	30	%	%	NOUN
fbem-15416	59	31	quantiles	quantile	NOUN
fbem-15416	59	32	.	.	PUNCT
fbem-15416	60	1	the	the	DET
fbem-15416	60	2	data	datum	NOUN
fbem-15416	60	3	in	in	ADP
fbem-15416	60	4	this	this	DET
fbem-15416	60	5	paper	paper	NOUN
fbem-15416	60	6	are	be	AUX
fbem-15416	60	7	obtained	obtain	VERB
fbem-15416	60	8	from	from	ADP
fbem-15416	60	9	the	the	DET
fbem-15416	60	10	cathay	cathay	PROPN
fbem-15416	60	11	pacific	pacific	PROPN
fbem-15416	60	12	database	database	NOUN
fbem-15416	60	13	(	(	PUNCT
fbem-15416	60	14	csmar	csmar	PROPN
fbem-15416	60	15	)	)	PUNCT
fbem-15416	60	16	.	.	PUNCT
fbem-15416	61	1	3.2	3.2	NUM
fbem-15416	61	2	.	.	PUNCT
fbem-15416	62	1	variable	variable	ADJ
fbem-15416	62	2	measures	measure	NOUN
fbem-15416	62	3	3.2.1	3.2.1	NUM
fbem-15416	62	4	.	.	PUNCT
fbem-15416	63	1	non	non	ADJ
fbem-15416	63	2	-	-	ADJ
fbem-15416	63	3	state	state	ADJ
fbem-15416	63	4	shareholder	shareholder	NOUN
fbem-15416	63	5	participation	participation	NOUN
fbem-15416	63	6	this	this	DET
fbem-15416	63	7	paper	paper	NOUN
fbem-15416	63	8	defines	define	VERB
fbem-15416	63	9	the	the	DET
fbem-15416	63	10	participation	participation	NOUN
fbem-15416	63	11	of	of	ADP
fbem-15416	63	12	non	non	ADJ
fbem-15416	63	13	-	-	ADJ
fbem-15416	63	14	state	state	ADJ
fbem-15416	63	15	shareholders	shareholder	NOUN
fbem-15416	63	16	as	as	ADP
fbem-15416	63	17	the	the	DET
fbem-15416	63	18	participation	participation	NOUN
fbem-15416	63	19	of	of	ADP
fbem-15416	63	20	shareholders	shareholder	NOUN
fbem-15416	63	21	other	other	ADJ
fbem-15416	63	22	than	than	ADP
fbem-15416	63	23	state	state	NOUN
fbem-15416	63	24	-	-	PUNCT
fbem-15416	63	25	owned	own	VERB
fbem-15416	63	26	shareholders	shareholder	NOUN
fbem-15416	63	27	(	(	PUNCT
fbem-15416	63	28	including	include	VERB
fbem-15416	63	29	private	private	ADJ
fbem-15416	63	30	shareholders	shareholder	NOUN
fbem-15416	63	31	,	,	PUNCT
fbem-15416	63	32	foreign	foreign	ADJ
fbem-15416	63	33	shareholders	shareholder	NOUN
fbem-15416	63	34	,	,	PUNCT
fbem-15416	63	35	etc	etc	X
fbem-15416	63	36	.	.	X
fbem-15416	63	37	)	)	PUNCT
fbem-15416	64	1	among	among	ADP
fbem-15416	64	2	the	the	DET
fbem-15416	64	3	top	top	ADJ
fbem-15416	64	4	ten	ten	NUM
fbem-15416	64	5	shareholders	shareholder	NOUN
fbem-15416	64	6	according	accord	VERB
fbem-15416	64	7	to	to	ADP
fbem-15416	64	8	the	the	DET
fbem-15416	64	9	nature	nature	NOUN
fbem-15416	64	10	of	of	ADP
fbem-15416	64	11	shareholders	shareholder	NOUN
fbem-15416	64	12	.	.	PUNCT
fbem-15416	65	1	drawing	draw	VERB
fbem-15416	65	2	on	on	ADP
fbem-15416	65	3	the	the	DET
fbem-15416	65	4	definitions	definition	NOUN
fbem-15416	65	5	of	of	ADP
fbem-15416	65	6	variables	variable	NOUN
fbem-15416	65	7	mentioned	mention	VERB
fbem-15416	65	8	in	in	ADP
fbem-15416	65	9	existing	exist	VERB
fbem-15416	65	10	studies	study	NOUN
fbem-15416	65	11	(	(	PUNCT
fbem-15416	65	12	hao	hao	PROPN
fbem-15416	65	13	yang	yang	PROPN
fbem-15416	65	14	and	and	CCONJ
fbem-15416	65	15	gong	gong	PROPN
fbem-15416	65	16	liutang	liutang	PROPN
fbem-15416	65	17	,	,	PUNCT
fbem-15416	65	18	2017	2017	NUM
fbem-15416	65	19	;	;	PUNCT
fbem-15416	65	20	ye	ye	NUM
fbem-15416	65	21	yongwei	yongwei	NOUN
fbem-15416	65	22	,	,	PUNCT
fbem-15416	65	23	2020	2020	NUM
fbem-15416	65	24	)	)	PUNCT
fbem-15416	65	25	,	,	PUNCT
fbem-15416	65	26	this	this	DET
fbem-15416	65	27	paper	paper	NOUN
fbem-15416	65	28	measures	measure	VERB
fbem-15416	65	29	non	non	ADJ
fbem-15416	65	30	-	-	ADJ
fbem-15416	65	31	state	state	ADJ
fbem-15416	65	32	shareholder	shareholder	NOUN
fbem-15416	65	33	participation	participation	NOUN
fbem-15416	65	34	in	in	ADP
fbem-15416	65	35	terms	term	NOUN
fbem-15416	65	36	of	of	ADP
fbem-15416	65	37	two	two	NUM
fbem-15416	65	38	dimensions	dimension	NOUN
fbem-15416	65	39	:	:	PUNCT
fbem-15416	65	40	total	total	ADJ
fbem-15416	65	41	non	non	ADJ
fbem-15416	65	42	-	-	ADJ
fbem-15416	65	43	state	state	ADJ
fbem-15416	65	44	shareholder	shareholder	NOUN
fbem-15416	65	45	participation	participation	NOUN
fbem-15416	65	46	in	in	ADP
fbem-15416	65	47	the	the	DET
fbem-15416	65	48	top	top	ADJ
fbem-15416	65	49	ten	ten	NUM
fbem-15416	65	50	shareholders	shareholder	NOUN
fbem-15416	65	51	of	of	ADP
fbem-15416	65	52	an	an	DET
fbem-15416	65	53	enterprise	enterprise	NOUN
fbem-15416	65	54	(	(	PUNCT
fbem-15416	65	55	privatets	privatet	NOUN
fbem-15416	65	56	)	)	PUNCT
fbem-15416	65	57	,	,	PUNCT
fbem-15416	65	58	and	and	CCONJ
fbem-15416	65	59	a	a	DET
fbem-15416	65	60	dummy	dummy	ADJ
fbem-15416	65	61	variable	variable	NOUN
fbem-15416	65	62	of	of	ADP
fbem-15416	65	63	total	total	ADJ
fbem-15416	65	64	non	non	ADJ
fbem-15416	65	65	-	-	ADJ
fbem-15416	65	66	state	state	ADJ
fbem-15416	65	67	shareholder	shareholder	NOUN
fbem-15416	65	68	participation	participation	NOUN
fbem-15416	65	69	of	of	ADP
fbem-15416	65	70	more	more	ADJ
fbem-15416	65	71	than	than	ADP
fbem-15416	65	72	10	10	NUM
fbem-15416	65	73	per	per	ADP
fbem-15416	65	74	cent	cent	NOUN
fbem-15416	65	75	(	(	PUNCT
fbem-15416	65	76	private10	private10	NOUN
fbem-15416	65	77	)	)	PUNCT
fbem-15416	65	78	,	,	PUNCT
fbem-15416	65	79	respectively	respectively	ADV
fbem-15416	65	80	.	.	PUNCT
fbem-15416	66	1	the	the	DET
fbem-15416	66	2	sum	sum	NOUN
fbem-15416	66	3	of	of	ADP
fbem-15416	66	4	non	non	ADJ
fbem-15416	66	5	-	-	ADJ
fbem-15416	66	6	state	state	ADJ
fbem-15416	66	7	shareholders	shareholder	NOUN
fbem-15416	66	8	'	'	PART
fbem-15416	66	9	participation	participation	NOUN
fbem-15416	66	10	(	(	PUNCT
fbem-15416	66	11	privatets	privatet	NOUN
fbem-15416	66	12	)	)	PUNCT
fbem-15416	66	13	is	be	AUX
fbem-15416	66	14	to	to	PART
fbem-15416	66	15	indicate	indicate	VERB
fbem-15416	66	16	the	the	DET
fbem-15416	66	17	participation	participation	NOUN
fbem-15416	66	18	of	of	ADP
fbem-15416	66	19	non	non	ADJ
fbem-15416	66	20	-	-	ADJ
fbem-15416	66	21	state	state	ADJ
fbem-15416	66	22	capital	capital	NOUN
fbem-15416	66	23	,	,	PUNCT
fbem-15416	66	24	while	while	SCONJ
fbem-15416	66	25	the	the	DET
fbem-15416	66	26	dummy	dummy	ADJ
fbem-15416	66	27	variable	variable	NOUN
fbem-15416	66	28	of	of	ADP
fbem-15416	66	29	non	non	ADJ
fbem-15416	66	30	-	-	ADJ
fbem-15416	66	31	state	state	ADJ
fbem-15416	66	32	shareholders	shareholder	NOUN
fbem-15416	66	33	'	'	PART
fbem-15416	66	34	participation	participation	NOUN
fbem-15416	66	35	exceeding	exceed	VERB
fbem-15416	66	36	10	10	NUM
fbem-15416	66	37	%	%	NOUN
fbem-15416	66	38	(	(	PUNCT
fbem-15416	66	39	private10	private10	NOUN
fbem-15416	66	40	)	)	PUNCT
fbem-15416	66	41	is	be	AUX
fbem-15416	66	42	to	to	PART
fbem-15416	66	43	represent	represent	VERB
fbem-15416	66	44	whether	whether	SCONJ
fbem-15416	66	45	the	the	DET
fbem-15416	66	46	nonstate	nonstate	ADJ
fbem-15416	66	47	shareholders	shareholder	NOUN
fbem-15416	66	48	participate	participate	VERB
fbem-15416	66	49	as	as	ADP
fbem-15416	66	50	majority	majority	NOUN
fbem-15416	66	51	shareholders	shareholder	NOUN
fbem-15416	66	52	.	.	PUNCT
fbem-15416	67	1	according	accord	VERB
fbem-15416	67	2	to	to	ADP
fbem-15416	67	3	china	china	PROPN
fbem-15416	67	4	's	's	PART
fbem-15416	67	5	company	company	NOUN
fbem-15416	67	6	law	law	NOUN
fbem-15416	67	7	,	,	PUNCT
fbem-15416	67	8	shareholders	shareholder	NOUN
fbem-15416	67	9	who	who	PRON
fbem-15416	67	10	individually	individually	ADV
fbem-15416	67	11	or	or	CCONJ
fbem-15416	67	12	collectively	collectively	ADV
fbem-15416	67	13	hold	hold	VERB
fbem-15416	67	14	more	more	ADJ
fbem-15416	67	15	than	than	ADP
fbem-15416	67	16	10	10	NUM
fbem-15416	67	17	%	%	NOUN
fbem-15416	67	18	of	of	ADP
fbem-15416	67	19	the	the	DET
fbem-15416	67	20	company	company	NOUN
fbem-15416	67	21	's	's	PART
fbem-15416	67	22	shares	share	NOUN
fbem-15416	67	23	have	have	VERB
fbem-15416	67	24	the	the	DET
fbem-15416	67	25	right	right	NOUN
fbem-15416	67	26	to	to	PART
fbem-15416	67	27	propose	propose	VERB
fbem-15416	67	28	,	,	PUNCT
fbem-15416	67	29	convene	convene	NOUN
fbem-15416	67	30	,	,	PUNCT
fbem-15416	67	31	and	and	CCONJ
fbem-15416	67	32	preside	preside	NOUN
fbem-15416	67	33	over	over	ADP
fbem-15416	67	34	extraordinary	extraordinary	ADJ
fbem-15416	67	35	meetings	meeting	NOUN
fbem-15416	67	36	of	of	ADP
fbem-15416	67	37	the	the	DET
fbem-15416	67	38	general	general	ADJ
fbem-15416	67	39	meeting	meeting	NOUN
fbem-15416	67	40	of	of	ADP
fbem-15416	67	41	shareholders	shareholder	NOUN
fbem-15416	67	42	,	,	PUNCT
fbem-15416	67	43	which	which	PRON
fbem-15416	67	44	can	can	AUX
fbem-15416	67	45	affect	affect	VERB
fbem-15416	67	46	the	the	DET
fbem-15416	67	47	company	company	NOUN
fbem-15416	67	48	's	's	PART
fbem-15416	67	49	operations	operation	NOUN
fbem-15416	67	50	to	to	ADP
fbem-15416	67	51	a	a	DET
fbem-15416	67	52	deeper	deep	ADJ
fbem-15416	67	53	extent	extent	NOUN
fbem-15416	67	54	,	,	PUNCT
fbem-15416	67	55	and	and	CCONJ
fbem-15416	67	56	have	have	VERB
fbem-15416	67	57	a	a	DET
fbem-15416	67	58	certain	certain	ADJ
fbem-15416	67	59	degree	degree	NOUN
fbem-15416	67	60	of	of	ADP
fbem-15416	67	61	influence	influence	NOUN
fbem-15416	67	62	on	on	ADP
fbem-15416	67	63	the	the	DET
fbem-15416	67	64	company	company	NOUN
fbem-15416	67	65	's	's	PART
fbem-15416	67	66	financial	financial	ADJ
fbem-15416	67	67	decision	decision	NOUN
fbem-15416	67	68	-	-	PUNCT
fbem-15416	67	69	making	making	NOUN
fbem-15416	67	70	as	as	ADV
fbem-15416	67	71	well	well	ADV
fbem-15416	67	72	as	as	ADP
fbem-15416	67	73	the	the	DET
fbem-15416	67	74	company	company	NOUN
fbem-15416	67	75	's	's	PART
fbem-15416	67	76	strategy	strategy	NOUN
fbem-15416	67	77	.	.	PUNCT
fbem-15416	68	1	therefore	therefore	ADV
fbem-15416	68	2	,	,	PUNCT
fbem-15416	68	3	this	this	DET
fbem-15416	68	4	paper	paper	NOUN
fbem-15416	68	5	considers	consider	VERB
fbem-15416	68	6	the	the	DET
fbem-15416	68	7	top	top	ADJ
fbem-15416	68	8	ten	ten	NUM
fbem-15416	68	9	shareholders	shareholder	NOUN
fbem-15416	68	10	with	with	ADP
fbem-15416	68	11	more	more	ADJ
fbem-15416	68	12	than	than	ADP
fbem-15416	68	13	10	10	NUM
fbem-15416	68	14	%	%	NOUN
fbem-15416	68	15	of	of	ADP
fbem-15416	68	16	non	non	ADJ
fbem-15416	68	17	-	-	ADJ
fbem-15416	68	18	state	state	ADJ
fbem-15416	68	19	shareholders	shareholder	NOUN
fbem-15416	68	20	as	as	ADP
fbem-15416	68	21	non	non	ADJ
fbem-15416	68	22	-	-	ADJ
fbem-15416	68	23	state	state	ADJ
fbem-15416	68	24	shareholders	shareholder	NOUN
fbem-15416	68	25	.	.	PUNCT
fbem-15416	69	1	3.2.2	3.2.2	X
fbem-15416	69	2	.	.	PUNCT
fbem-15416	69	3	corporate	corporate	ADJ
fbem-15416	69	4	innovation	innovation	NOUN
fbem-15416	69	5	drawing	draw	VERB
fbem-15416	69	6	on	on	ADP
fbem-15416	69	7	existing	exist	VERB
fbem-15416	69	8	studies	study	NOUN
fbem-15416	69	9	(	(	PUNCT
fbem-15416	69	10	jiang	jiang	PROPN
fbem-15416	69	11	xuanyu	xuanyu	PROPN
fbem-15416	69	12	,	,	PUNCT
fbem-15416	69	13	2016	2016	NUM
fbem-15416	69	14	;	;	PUNCT
fbem-15416	69	15	zhu	zhu	PROPN
fbem-15416	69	16	bing	bing	NOUN
fbem-15416	69	17	,	,	PUNCT
fbem-15416	69	18	2018	2018	NUM
fbem-15416	69	19	)	)	PUNCT
fbem-15416	69	20	,	,	PUNCT
fbem-15416	69	21	the	the	DET
fbem-15416	69	22	number	number	NOUN
fbem-15416	69	23	of	of	ADP
fbem-15416	69	24	patents	patent	NOUN
fbem-15416	69	25	is	be	AUX
fbem-15416	69	26	used	use	VERB
fbem-15416	69	27	to	to	PART
fbem-15416	69	28	measure	measure	VERB
fbem-15416	69	29	corporate	corporate	ADJ
fbem-15416	69	30	innovation	innovation	NOUN
fbem-15416	69	31	.	.	PUNCT
fbem-15416	70	1	although	although	SCONJ
fbem-15416	70	2	a	a	DET
fbem-15416	70	3	part	part	NOUN
fbem-15416	70	4	of	of	ADP
fbem-15416	70	5	the	the	DET
fbem-15416	70	6	existing	exist	VERB
fbem-15416	70	7	literature	literature	NOUN
fbem-15416	70	8	also	also	ADV
fbem-15416	70	9	measures	measure	VERB
fbem-15416	70	10	corporate	corporate	ADJ
fbem-15416	70	11	innovation	innovation	NOUN
fbem-15416	70	12	from	from	ADP
fbem-15416	70	13	the	the	DET
fbem-15416	70	14	perspective	perspective	NOUN
fbem-15416	70	15	of	of	ADP
fbem-15416	70	16	innovation	innovation	NOUN
fbem-15416	70	17	inputs	input	NOUN
fbem-15416	70	18	,	,	PUNCT
fbem-15416	70	19	i.e.	i.e.	X
fbem-15416	70	20	r&d	r&d	NOUN
fbem-15416	70	21	expenditures	expenditure	NOUN
fbem-15416	70	22	(	(	PUNCT
fbem-15416	70	23	pan	pan	PROPN
fbem-15416	70	24	yue	yue	PROPN
fbem-15416	70	25	et	et	PROPN
fbem-15416	70	26	al	al	PROPN
fbem-15416	70	27	.	.	PROPN
fbem-15416	70	28	,	,	PUNCT
fbem-15416	70	29	2015	2015	NUM
fbem-15416	70	30	)	)	PUNCT
fbem-15416	70	31	,	,	PUNCT
fbem-15416	70	32	r&d	r&d	NOUN
fbem-15416	70	33	expenditures	expenditure	NOUN
fbem-15416	70	34	have	have	VERB
fbem-15416	70	35	certain	certain	ADJ
fbem-15416	70	36	metric	metric	ADJ
fbem-15416	70	37	flaws	flaw	NOUN
fbem-15416	70	38	.	.	PUNCT
fbem-15416	71	1	on	on	ADP
fbem-15416	71	2	the	the	DET
fbem-15416	71	3	one	one	NUM
fbem-15416	71	4	hand	hand	NOUN
fbem-15416	71	5	,	,	PUNCT
fbem-15416	71	6	it	it	PRON
fbem-15416	71	7	is	be	AUX
fbem-15416	71	8	not	not	PART
fbem-15416	71	9	difficult	difficult	ADJ
fbem-15416	71	10	to	to	PART
fbem-15416	71	11	find	find	VERB
fbem-15416	71	12	that	that	SCONJ
fbem-15416	71	13	r&d	r&d	NOUN
fbem-15416	71	14	expenditures	expenditure	NOUN
fbem-15416	71	15	in	in	ADP
fbem-15416	71	16	annual	annual	ADJ
fbem-15416	71	17	reports	report	NOUN
fbem-15416	71	18	are	be	AUX
fbem-15416	71	19	prone	prone	ADJ
fbem-15416	71	20	to	to	PART
fbem-15416	71	21	have	have	VERB
fbem-15416	71	22	more	more	ADV
fbem-15416	71	23	missing	missing	ADJ
fbem-15416	71	24	values	value	NOUN
fbem-15416	71	25	when	when	SCONJ
fbem-15416	71	26	collecting	collect	VERB
fbem-15416	71	27	data	datum	NOUN
fbem-15416	71	28	(	(	PUNCT
fbem-15416	71	29	he	he	PRON
fbem-15416	71	30	and	and	CCONJ
fbem-15416	71	31	tian	tian	ADJ
fbem-15416	71	32	,	,	PUNCT
fbem-15416	71	33	2013	2013	NUM
fbem-15416	71	34	)	)	PUNCT
fbem-15416	71	35	.	.	PUNCT
fbem-15416	72	1	on	on	ADP
fbem-15416	72	2	the	the	DET
fbem-15416	72	3	other	other	ADJ
fbem-15416	72	4	hand	hand	NOUN
fbem-15416	72	5	,	,	PUNCT
fbem-15416	72	6	r&d	r&d	NOUN
fbem-15416	72	7	expenditures	expenditure	NOUN
fbem-15416	72	8	only	only	ADV
fbem-15416	72	9	reflect	reflect	VERB
fbem-15416	72	10	one	one	NUM
fbem-15416	72	11	aspect	aspect	NOUN
fbem-15416	72	12	of	of	ADP
fbem-15416	72	13	corporate	corporate	ADJ
fbem-15416	72	14	innovation	innovation	NOUN
fbem-15416	72	15	investment	investment	NOUN
fbem-15416	72	16	(	(	PUNCT
fbem-15416	72	17	financial	financial	ADJ
fbem-15416	72	18	resource	resource	NOUN
fbem-15416	72	19	investment	investment	NOUN
fbem-15416	72	20	)	)	PUNCT
fbem-15416	72	21	,	,	PUNCT
fbem-15416	72	22	while	while	SCONJ
fbem-15416	72	23	corporate	corporate	ADJ
fbem-15416	72	24	human	human	ADJ
fbem-15416	72	25	resource	resource	NOUN
fbem-15416	72	26	investment	investment	NOUN
fbem-15416	72	27	,	,	PUNCT
fbem-15416	72	28	technological	technological	ADJ
fbem-15416	72	29	capital	capital	NOUN
fbem-15416	72	30	,	,	PUNCT
fbem-15416	72	31	and	and	CCONJ
fbem-15416	72	32	organisational	organisational	ADJ
fbem-15416	72	33	and	and	CCONJ
fbem-15416	72	34	managerial	managerial	ADJ
fbem-15416	72	35	capital	capital	NOUN
fbem-15416	72	36	investment	investment	NOUN
fbem-15416	72	37	are	be	AUX
fbem-15416	72	38	not	not	PART
fbem-15416	72	39	reflected	reflect	VERB
fbem-15416	72	40	in	in	ADP
fbem-15416	72	41	r&d	r&d	NOUN
fbem-15416	72	42	(	(	PUNCT
fbem-15416	72	43	jiu	jiu	PROPN
fbem-15416	72	44	et	et	PROPN
fbem-15416	72	45	al	al	PROPN
fbem-15416	72	46	.	.	PROPN
fbem-15416	72	47	,	,	PUNCT
fbem-15416	72	48	2013	2013	NUM
fbem-15416	72	49	)	)	PUNCT
fbem-15416	72	50	.	.	PUNCT
fbem-15416	73	1	therefore	therefore	ADV
fbem-15416	73	2	,	,	PUNCT
fbem-15416	73	3	in	in	ADP
fbem-15416	73	4	contrast	contrast	NOUN
fbem-15416	73	5	,	,	PUNCT
fbem-15416	73	6	using	use	VERB
fbem-15416	73	7	the	the	DET
fbem-15416	73	8	number	number	NOUN
fbem-15416	73	9	of	of	ADP
fbem-15416	73	10	patents	patent	NOUN
fbem-15416	73	11	as	as	ADP
fbem-15416	73	12	a	a	DET
fbem-15416	73	13	measure	measure	NOUN
fbem-15416	73	14	of	of	ADP
fbem-15416	73	15	corporate	corporate	ADJ
fbem-15416	73	16	innovation	innovation	NOUN
fbem-15416	73	17	would	would	AUX
fbem-15416	73	18	be	be	AUX
fbem-15416	73	19	more	more	ADV
fbem-15416	73	20	comprehensive	comprehensive	ADJ
fbem-15416	73	21	and	and	CCONJ
fbem-15416	73	22	integrated	integrated	ADJ
fbem-15416	73	23	.	.	PUNCT
fbem-15416	74	1	in	in	ADP
fbem-15416	74	2	summary	summary	NOUN
fbem-15416	74	3	,	,	PUNCT
fbem-15416	74	4	this	this	DET
fbem-15416	74	5	paper	paper	NOUN
fbem-15416	74	6	defines	define	VERB
fbem-15416	74	7	corporate	corporate	ADJ
fbem-15416	74	8	innovation	innovation	NOUN
fbem-15416	74	9	as	as	ADP
fbem-15416	74	10	the	the	DET
fbem-15416	74	11	natural	natural	ADJ
fbem-15416	74	12	logarithm	logarithm	NOUN
fbem-15416	74	13	of	of	ADP
fbem-15416	74	14	the	the	DET
fbem-15416	74	15	total	total	ADJ
fbem-15416	74	16	number	number	NOUN
fbem-15416	74	17	of	of	ADP
fbem-15416	74	18	annual	annual	ADJ
fbem-15416	74	19	patent	patent	NOUN
fbem-15416	74	20	applications	application	NOUN
fbem-15416	74	21	and	and	CCONJ
fbem-15416	74	22	patent	patent	NOUN
fbem-15416	74	23	grants	grant	NOUN
fbem-15416	74	24	plus	plus	CCONJ
fbem-15416	74	25	one	one	NUM
fbem-15416	74	26	for	for	ADP
fbem-15416	74	27	the	the	DET
fbem-15416	74	28	listed	list	VERB
fbem-15416	74	29	company	company	NOUN
fbem-15416	74	30	.	.	PUNCT
fbem-15416	75	1	3.2.3	3.2.3	X
fbem-15416	75	2	.	.	X
fbem-15416	75	3	control	control	NOUN
fbem-15416	75	4	variables	variable	VERB
fbem-15416	75	5	this	this	DET
fbem-15416	75	6	paper	paper	NOUN
fbem-15416	75	7	chooses	choose	VERB
fbem-15416	75	8	enterprise	enterprise	NOUN
fbem-15416	75	9	size	size	NOUN
fbem-15416	75	10	(	(	PUNCT
fbem-15416	75	11	size	size	NOUN
fbem-15416	75	12	)	)	PUNCT
fbem-15416	75	13	,	,	PUNCT
fbem-15416	75	14	net	net	ADJ
fbem-15416	75	15	asset	asset	NOUN
fbem-15416	75	16	profit	profit	NOUN
fbem-15416	75	17	margin	margin	NOUN
fbem-15416	75	18	(	(	PUNCT
fbem-15416	75	19	roa	roa	NOUN
fbem-15416	75	20	)	)	PUNCT
fbem-15416	75	21	,	,	PUNCT
fbem-15416	75	22	gearing	gear	VERB
fbem-15416	75	23	ratio	ratio	NOUN
fbem-15416	75	24	(	(	PUNCT
fbem-15416	75	25	lev	lev	NOUN
fbem-15416	75	26	)	)	PUNCT
fbem-15416	75	27	,	,	PUNCT
fbem-15416	75	28	enterprise	enterprise	NOUN
fbem-15416	75	29	age	age	NOUN
fbem-15416	75	30	(	(	PUNCT
fbem-15416	75	31	age	age	NOUN
fbem-15416	75	32	)	)	PUNCT
fbem-15416	75	33	,	,	PUNCT
fbem-15416	75	34	enterprise	enterprise	NOUN
fbem-15416	75	35	growth	growth	NOUN
fbem-15416	75	36	(	(	PUNCT
fbem-15416	75	37	growth	growth	NOUN
fbem-15416	75	38	)	)	PUNCT
fbem-15416	75	39	,	,	PUNCT
fbem-15416	75	40	cash	cash	NOUN
fbem-15416	75	41	holdings	holding	NOUN
fbem-15416	75	42	(	(	PUNCT
fbem-15416	75	43	cash	cash	NOUN
fbem-15416	75	44	)	)	PUNCT
fbem-15416	75	45	,	,	PUNCT
fbem-15416	75	46	and	and	CCONJ
fbem-15416	75	47	shareholding	shareholding	NOUN
fbem-15416	75	48	concentration	concentration	NOUN
fbem-15416	75	49	(	(	PUNCT
fbem-15416	75	50	top10	top10	NOUN
fbem-15416	75	51	)	)	PUNCT
fbem-15416	75	52	as	as	ADP
fbem-15416	75	53	control	control	NOUN
fbem-15416	75	54	variables	variable	NOUN
fbem-15416	75	55	.	.	PUNCT
fbem-15416	76	1	table	table	NOUN
fbem-15416	76	2	1	1	NUM
fbem-15416	76	3	.	.	PUNCT
fbem-15416	76	4	description	description	NOUN
fbem-15416	76	5	of	of	ADP
fbem-15416	76	6	variables	variable	NOUN
fbem-15416	76	7	symbol	symbol	NOUN
fbem-15416	76	8	description	description	NOUN
fbem-15416	76	9	dependent	dependent	ADJ
fbem-15416	76	10	variables	variable	NOUN
fbem-15416	76	11	apply	apply	VERB
fbem-15416	76	12	logarithm	logarithm	NOUN
fbem-15416	76	13	of	of	ADP
fbem-15416	76	14	total	total	ADJ
fbem-15416	76	15	number	number	NOUN
fbem-15416	76	16	of	of	ADP
fbem-15416	76	17	patent	patent	NOUN
fbem-15416	76	18	applications	application	NOUN
fbem-15416	76	19	plus	plus	CCONJ
fbem-15416	76	20	1	1	NUM
fbem-15416	76	21	grants	grant	NOUN
fbem-15416	76	22	logarithm	logarithm	NOUN
fbem-15416	76	23	of	of	ADP
fbem-15416	76	24	total	total	ADJ
fbem-15416	76	25	number	number	NOUN
fbem-15416	76	26	of	of	ADP
fbem-15416	76	27	patent	patent	NOUN
fbem-15416	76	28	grants	grant	NOUN
fbem-15416	76	29	plus	plus	CCONJ
fbem-15416	76	30	1	1	NUM
fbem-15416	76	31	independent	independent	ADJ
fbem-15416	76	32	variables	variable	NOUN
fbem-15416	76	33	privatets	privatet	NOUN
fbem-15416	76	34	sum	sum	NOUN
fbem-15416	76	35	of	of	ADP
fbem-15416	76	36	non	non	ADJ
fbem-15416	76	37	-	-	ADJ
fbem-15416	76	38	state	state	ADJ
fbem-15416	76	39	shareholders	shareholder	NOUN
fbem-15416	76	40	'	'	PART
fbem-15416	76	41	shareholding	shareholding	NOUN
fbem-15416	76	42	in	in	ADP
fbem-15416	76	43	the	the	DET
fbem-15416	76	44	top	top	ADJ
fbem-15416	76	45	ten	ten	NUM
fbem-15416	76	46	shareholders	shareholder	NOUN
fbem-15416	76	47	private10	private10	NOUN
fbem-15416	76	48	sum	sum	NOUN
fbem-15416	76	49	of	of	ADP
fbem-15416	76	50	top	top	ADJ
fbem-15416	76	51	ten	ten	NUM
fbem-15416	76	52	non	non	ADJ
fbem-15416	76	53	-	-	ADJ
fbem-15416	76	54	state	state	ADJ
fbem-15416	76	55	shareholders	shareholder	NOUN
fbem-15416	76	56	with	with	ADP
fbem-15416	76	57	more	more	ADJ
fbem-15416	76	58	than	than	ADP
fbem-15416	76	59	10	10	NUM
fbem-15416	76	60	per	per	ADP
fbem-15416	76	61	cent	cent	NOUN
fbem-15416	76	62	participation	participation	NOUN
fbem-15416	76	63	takes	take	VERB
fbem-15416	76	64	1	1	NUM
fbem-15416	76	65	,	,	PUNCT
fbem-15416	76	66	otherwise	otherwise	ADV
fbem-15416	76	67	it	it	PRON
fbem-15416	76	68	takes	take	VERB
fbem-15416	76	69	0	0	NUM
fbem-15416	76	70	control	control	NOUN
fbem-15416	76	71	variables	variable	NOUN
fbem-15416	76	72	size	size	NOUN
fbem-15416	76	73	ln	ln	X
fbem-15416	76	74	(	(	PUNCT
fbem-15416	76	75	total	total	ADJ
fbem-15416	76	76	assets	asset	NOUN
fbem-15416	76	77	)	)	PUNCT
fbem-15416	76	78	growth	growth	NOUN
fbem-15416	76	79	growth	growth	NOUN
fbem-15416	76	80	rate	rate	NOUN
fbem-15416	76	81	of	of	ADP
fbem-15416	76	82	total	total	ADJ
fbem-15416	76	83	assets	asset	NOUN
fbem-15416	76	84	age	age	NOUN
fbem-15416	76	85	natural	natural	ADJ
fbem-15416	76	86	logarithm	logarithm	NOUN
fbem-15416	76	87	of	of	ADP
fbem-15416	76	88	the	the	DET
fbem-15416	76	89	number	number	NOUN
fbem-15416	76	90	of	of	ADP
fbem-15416	76	91	years	year	NOUN
fbem-15416	76	92	since	since	SCONJ
fbem-15416	76	93	listing	list	VERB
fbem-15416	76	94	+1	+1	PROPN
fbem-15416	76	95	roa	roa	NOUN
fbem-15416	76	96	net	net	ADJ
fbem-15416	76	97	profit	profit	NOUN
fbem-15416	76	98	/	/	SYM
fbem-15416	76	99	total	total	ADJ
fbem-15416	76	100	assets	asset	NOUN
fbem-15416	76	101	lev	lev	VERB
fbem-15416	76	102	total	total	ADJ
fbem-15416	76	103	liabilities	liability	NOUN
fbem-15416	76	104	/	/	SYM
fbem-15416	76	105	total	total	ADJ
fbem-15416	76	106	assets	asset	NOUN
fbem-15416	76	107	cash	cash	NOUN
fbem-15416	76	108	currency	currency	NOUN
fbem-15416	76	109	capital	capital	NOUN
fbem-15416	76	110	/	/	SYM
fbem-15416	76	111	total	total	ADJ
fbem-15416	76	112	assets	asset	NOUN
fbem-15416	76	113	top10	top10	PROPN
fbem-15416	76	114	sum	sum	NOUN
fbem-15416	76	115	of	of	ADP
fbem-15416	76	116	shareholdings	shareholding	NOUN
fbem-15416	76	117	of	of	ADP
fbem-15416	76	118	top	top	ADJ
fbem-15416	76	119	10	10	NUM
fbem-15416	76	120	shareholders	shareholder	NOUN
fbem-15416	76	121	213	213	NUM
fbem-15416	76	122	3.3	3.3	NUM
fbem-15416	76	123	.	.	PUNCT
fbem-15416	77	1	model	model	NOUN
fbem-15416	77	2	design	design	NOUN
fbem-15416	77	3	based	base	VERB
fbem-15416	77	4	on	on	ADP
fbem-15416	77	5	the	the	DET
fbem-15416	77	6	above	above	ADJ
fbem-15416	77	7	variable	variable	ADJ
fbem-15416	77	8	definitions	definition	NOUN
fbem-15416	77	9	,	,	PUNCT
fbem-15416	77	10	observing	observe	VERB
fbem-15416	77	11	that	that	SCONJ
fbem-15416	77	12	the	the	DET
fbem-15416	77	13	patent	patent	NOUN
fbem-15416	77	14	data	data	NOUN
fbem-15416	77	15	is	be	AUX
fbem-15416	77	16	"	"	PUNCT
fbem-15416	77	17	censored	censored	ADJ
fbem-15416	77	18	data	datum	NOUN
fbem-15416	77	19	"	"	PUNCT
fbem-15416	77	20	with	with	ADP
fbem-15416	77	21	0	0	NUM
fbem-15416	77	22	as	as	ADP
fbem-15416	77	23	the	the	DET
fbem-15416	77	24	lower	low	ADJ
fbem-15416	77	25	limit	limit	NOUN
fbem-15416	77	26	,	,	PUNCT
fbem-15416	77	27	and	and	CCONJ
fbem-15416	77	28	drawing	draw	VERB
fbem-15416	77	29	on	on	ADP
fbem-15416	77	30	the	the	DET
fbem-15416	77	31	research	research	NOUN
fbem-15416	77	32	design	design	NOUN
fbem-15416	77	33	of	of	ADP
fbem-15416	77	34	zhu	zhu	PROPN
fbem-15416	77	35	bing	bing	NOUN
fbem-15416	77	36	et	et	PROPN
fbem-15416	77	37	al	al	PROPN
fbem-15416	77	38	.	.	PROPN
fbem-15416	78	1	(	(	PUNCT
fbem-15416	78	2	2018	2018	NUM
fbem-15416	78	3	)	)	PUNCT
fbem-15416	78	4	and	and	CCONJ
fbem-15416	78	5	other	other	ADJ
fbem-15416	78	6	literatures	literature	NOUN
fbem-15416	78	7	,	,	PUNCT
fbem-15416	78	8	this	this	DET
fbem-15416	78	9	paper	paper	NOUN
fbem-15416	78	10	constructs	construct	VERB
fbem-15416	78	11	the	the	DET
fbem-15416	78	12	tobit	tobit	NOUN
fbem-15416	78	13	regression	regression	NOUN
fbem-15416	78	14	model	model	NOUN
fbem-15416	78	15	as	as	SCONJ
fbem-15416	78	16	follows	follow	VERB
fbem-15416	78	17	:	:	PUNCT
fbem-15416	78	18	3.4	3.4	NUM
fbem-15416	78	19	.	.	PUNCT
fbem-15416	78	20	descriptive	descriptive	ADJ
fbem-15416	78	21	statistics	statistic	NOUN
fbem-15416	79	1	the	the	DET
fbem-15416	79	2	descriptive	descriptive	ADJ
fbem-15416	79	3	statistics	statistic	NOUN
fbem-15416	79	4	of	of	ADP
fbem-15416	79	5	the	the	DET
fbem-15416	79	6	data	datum	NOUN
fbem-15416	79	7	in	in	ADP
fbem-15416	79	8	this	this	DET
fbem-15416	79	9	paper	paper	NOUN
fbem-15416	79	10	are	be	AUX
fbem-15416	79	11	shown	show	VERB
fbem-15416	79	12	in	in	ADP
fbem-15416	79	13	table	table	NOUN
fbem-15416	79	14	2	2	NUM
fbem-15416	79	15	.	.	PUNCT
fbem-15416	79	16	from	from	ADP
fbem-15416	79	17	2010	2010	NUM
fbem-15416	79	18	to	to	ADP
fbem-15416	79	19	2017	2017	NUM
fbem-15416	79	20	,	,	PUNCT
fbem-15416	79	21	the	the	DET
fbem-15416	79	22	average	average	ADJ
fbem-15416	79	23	value	value	NOUN
fbem-15416	79	24	of	of	ADP
fbem-15416	79	25	non	non	ADJ
fbem-15416	79	26	-	-	ADJ
fbem-15416	79	27	state	state	ADJ
fbem-15416	79	28	shareholders	shareholder	NOUN
fbem-15416	79	29	'	'	PART
fbem-15416	79	30	participation	participation	NOUN
fbem-15416	79	31	in	in	ADP
fbem-15416	79	32	a	a	DET
fbem-15416	79	33	-	-	PUNCT
fbem-15416	79	34	share	share	NOUN
fbem-15416	79	35	state	state	NOUN
fbem-15416	79	36	-	-	PUNCT
fbem-15416	79	37	owned	own	VERB
fbem-15416	79	38	listed	list	VERB
fbem-15416	79	39	companies	company	NOUN
fbem-15416	79	40	was	be	AUX
fbem-15416	79	41	12.93,and	12.93,and	NUM
fbem-15416	79	42	the	the	DET
fbem-15416	79	43	average	average	ADJ
fbem-15416	79	44	proportion	proportion	NOUN
fbem-15416	79	45	of	of	ADP
fbem-15416	79	46	stateowned	stateowne	VERB
fbem-15416	79	47	enterprises	enterprise	NOUN
fbem-15416	79	48	with	with	ADP
fbem-15416	79	49	more	more	ADJ
fbem-15416	79	50	than	than	ADP
fbem-15416	79	51	10	10	NUM
fbem-15416	79	52	%	%	NOUN
fbem-15416	79	53	participation	participation	NOUN
fbem-15416	79	54	by	by	ADP
fbem-15416	79	55	nonstate	nonstate	ADJ
fbem-15416	79	56	shareholders	shareholder	NOUN
fbem-15416	79	57	was	be	AUX
fbem-15416	79	58	40.6	40.6	NUM
fbem-15416	79	59	%	%	NOUN
fbem-15416	79	60	,	,	PUNCT
fbem-15416	79	61	which	which	PRON
fbem-15416	79	62	is	be	AUX
fbem-15416	79	63	about	about	ADV
fbem-15416	79	64	two	two	NUM
fbem-15416	79	65	-	-	PUNCT
fbem-15416	79	66	fifths	fifth	NOUN
fbem-15416	79	67	of	of	ADP
fbem-15416	79	68	the	the	DET
fbem-15416	79	69	total	total	ADJ
fbem-15416	79	70	number	number	NOUN
fbem-15416	79	71	of	of	ADP
fbem-15416	79	72	samples	sample	NOUN
fbem-15416	79	73	.	.	PUNCT
fbem-15416	80	1	the	the	DET
fbem-15416	80	2	minimum	minimum	ADJ
fbem-15416	80	3	value	value	NOUN
fbem-15416	80	4	of	of	ADP
fbem-15416	80	5	patent	patent	NOUN
fbem-15416	80	6	grants	grant	NOUN
fbem-15416	80	7	is	be	AUX
fbem-15416	80	8	0	0	NUM
fbem-15416	80	9	,	,	PUNCT
fbem-15416	80	10	the	the	DET
fbem-15416	80	11	maximum	maximum	ADJ
fbem-15416	80	12	value	value	NOUN
fbem-15416	80	13	is	be	AUX
fbem-15416	80	14	8.286	8.286	NUM
fbem-15416	80	15	,	,	PUNCT
fbem-15416	80	16	and	and	CCONJ
fbem-15416	80	17	the	the	DET
fbem-15416	80	18	standard	standard	ADJ
fbem-15416	80	19	deviation	deviation	NOUN
fbem-15416	80	20	is	be	AUX
fbem-15416	80	21	1.617	1.617	NUM
fbem-15416	80	22	;	;	PUNCT
fbem-15416	80	23	the	the	DET
fbem-15416	80	24	minimum	minimum	ADJ
fbem-15416	80	25	value	value	NOUN
fbem-15416	80	26	of	of	ADP
fbem-15416	80	27	patent	patent	NOUN
fbem-15416	80	28	applications	application	NOUN
fbem-15416	80	29	is	be	AUX
fbem-15416	80	30	0	0	NUM
fbem-15416	80	31	,	,	PUNCT
fbem-15416	80	32	the	the	DET
fbem-15416	80	33	maximum	maximum	ADJ
fbem-15416	80	34	value	value	NOUN
fbem-15416	80	35	is	be	AUX
fbem-15416	80	36	8.784	8.784	NUM
fbem-15416	80	37	,	,	PUNCT
fbem-15416	80	38	and	and	CCONJ
fbem-15416	80	39	the	the	DET
fbem-15416	80	40	standard	standard	ADJ
fbem-15416	80	41	deviation	deviation	NOUN
fbem-15416	80	42	is	be	AUX
fbem-15416	80	43	1.743	1.743	NUM
fbem-15416	80	44	,	,	PUNCT
fbem-15416	80	45	from	from	ADP
fbem-15416	80	46	which	which	PRON
fbem-15416	80	47	it	it	PRON
fbem-15416	80	48	can	can	AUX
fbem-15416	80	49	be	be	AUX
fbem-15416	80	50	seen	see	VERB
fbem-15416	80	51	that	that	SCONJ
fbem-15416	80	52	there	there	PRON
fbem-15416	80	53	is	be	VERB
fbem-15416	80	54	a	a	DET
fbem-15416	80	55	large	large	ADJ
fbem-15416	80	56	difference	difference	NOUN
fbem-15416	80	57	in	in	ADP
fbem-15416	80	58	the	the	DET
fbem-15416	80	59	r&d	r&d	NOUN
fbem-15416	80	60	intensity	intensity	NOUN
fbem-15416	80	61	between	between	ADP
fbem-15416	80	62	different	different	ADJ
fbem-15416	80	63	soes	soe	NOUN
fbem-15416	80	64	.	.	PUNCT
fbem-15416	81	1	table	table	NOUN
fbem-15416	81	2	2	2	NUM
fbem-15416	81	3	.	.	PUNCT
fbem-15416	81	4	descriptive	descriptive	ADJ
fbem-15416	81	5	statistics	statistic	NOUN
fbem-15416	81	6	variables	variable	VERB
fbem-15416	81	7	observations	observation	NOUN
fbem-15416	81	8	average	average	ADJ
fbem-15416	81	9	meidian	meidian	ADJ
fbem-15416	81	10	standard	standard	ADJ
fbem-15416	81	11	deviation	deviation	NOUN
fbem-15416	81	12	minimum	minimum	ADJ
fbem-15416	81	13	maximum	maximum	ADJ
fbem-15416	81	14	grants	grant	NOUN
fbem-15416	81	15	7108	7108	NUM
fbem-15416	81	16	1.201	1.201	NUM
fbem-15416	81	17	0	0	NUM
fbem-15416	81	18	1.617	1.617	NUM
fbem-15416	81	19	0	0	NUM
fbem-15416	81	20	8.286	8.286	NUM
fbem-15416	81	21	apply	apply	VERB
fbem-15416	81	22	7108	7108	NUM
fbem-15416	81	23	1.318	1.318	NUM
fbem-15416	81	24	0	0	NUM
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fbem-15416	81	26	0	0	NUM
fbem-15416	81	27	8.784	8.784	NUM
fbem-15416	81	28	privatets	privatet	NOUN
fbem-15416	81	29	7108	7108	NUM
fbem-15416	81	30	12.93	12.93	NUM
fbem-15416	81	31	7.530	7.530	NUM
fbem-15416	81	32	13.84	13.84	NUM
fbem-15416	81	33	0.160	0.160	NUM
fbem-15416	81	34	86.53	86.53	NUM
fbem-15416	81	35	private10	private10	NOUN
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fbem-15416	81	38	0	0	NUM
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fbem-15416	81	40	0	0	NUM
fbem-15416	81	41	1	1	NUM
fbem-15416	81	42	size	size	NOUN
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fbem-15416	81	44	22.66	22.66	NUM
fbem-15416	81	45	22.50	22.50	NUM
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fbem-15416	81	47	19.70	19.70	NUM
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fbem-15416	81	54	0.0820	0.0820	NUM
fbem-15416	81	55	0.979	0.979	NUM
fbem-15416	81	56	roa	roa	NOUN
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fbem-15416	81	59	0.0360	0.0360	NUM
fbem-15416	81	60	0.0560	0.0560	NUM
fbem-15416	81	61	-0.186	-0.186	NUM
fbem-15416	81	62	0.214	0.214	NUM
fbem-15416	81	63	age	age	NOUN
fbem-15416	81	64	7108	7108	NUM
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fbem-15416	81	67	0.542	0.542	NUM
fbem-15416	81	68	0	0	NUM
fbem-15416	82	1	3.332	3.332	NUM
fbem-15416	82	2	top10	top10	NOUN
fbem-15416	82	3	7108	7108	NUM
fbem-15416	82	4	56.69	56.69	NUM
fbem-15416	82	5	56.75	56.75	NUM
fbem-15416	82	6	15.97	15.97	NUM
fbem-15416	82	7	22.17	22.17	NUM
fbem-15416	82	8	92.02	92.02	NUM
fbem-15416	82	9	cash	cash	NOUN
fbem-15416	82	10	7108	7108	NUM
fbem-15416	82	11	0.164	0.164	NUM
fbem-15416	82	12	0.134	0.134	NUM
fbem-15416	82	13	0.117	0.117	NUM
fbem-15416	82	14	0.0110	0.0110	NUM
fbem-15416	82	15	0.615	0.615	NUM
fbem-15416	82	16	growth	growth	NOUN
fbem-15416	82	17	7108	7108	NUM
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fbem-15416	82	19	0.0860	0.0860	NUM
fbem-15416	82	20	0.351	0.351	NUM
fbem-15416	82	21	-0.299	-0.299	NUM
fbem-15416	82	22	2.793	2.793	NUM
fbem-15416	82	23	top3	top3	NOUN
fbem-15416	82	24	7102	7102	NUM
fbem-15416	82	25	703435	703435	NUM
fbem-15416	82	26	543333	543333	NUM
fbem-15416	82	27	599573	599573	NUM
fbem-15416	82	28	93000	93000	NUM
fbem-15416	82	29	3.842e+06	3.842e+06	NUM
fbem-15416	82	30	rd	rd	NOUN
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fbem-15416	82	44	4	4	X
fbem-15416	82	45	.	.	PUNCT
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fbem-15416	82	47	analyses	analysis	NOUN
fbem-15416	82	48	4.1	4.1	NUM
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fbem-15416	82	51	test	test	NOUN
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fbem-15416	82	53	3	3	NUM
fbem-15416	82	54	.	.	PUNCT
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fbem-15416	82	56	1	1	NUM
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fbem-15416	82	60	)	)	PUNCT
fbem-15416	82	61	(	(	PUNCT
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fbem-15416	82	63	)	)	PUNCT
fbem-15416	82	64	(	(	PUNCT
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fbem-15416	82	66	)	)	PUNCT
fbem-15416	82	67	(	(	PUNCT
fbem-15416	82	68	4	4	X
fbem-15416	82	69	)	)	PUNCT
fbem-15416	82	70	grants	grant	NOUN
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fbem-15416	82	72	grants	grant	NOUN
fbem-15416	82	73	apply	apply	VERB
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fbem-15416	82	76	*	*	PUNCT
fbem-15416	82	77	*	*	PUNCT
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fbem-15416	82	85	)	)	PUNCT
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fbem-15416	82	88	)	)	PUNCT
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fbem-15416	82	98	(	(	PUNCT
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fbem-15416	82	100	)	)	PUNCT
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fbem-15416	82	103	)	)	PUNCT
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fbem-15416	82	122	15.51	15.51	NUM
fbem-15416	82	123	)	)	PUNCT
fbem-15416	82	124	(	(	PUNCT
fbem-15416	82	125	15.77	15.77	NUM
fbem-15416	82	126	)	)	PUNCT
fbem-15416	82	127	(	(	PUNCT
fbem-15416	82	128	15.37	15.37	NUM
fbem-15416	82	129	)	)	PUNCT
fbem-15416	82	130	(	(	PUNCT
fbem-15416	82	131	15.61	15.61	NUM
fbem-15416	82	132	)	)	PUNCT
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fbem-15416	82	137	*	*	PUNCT
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fbem-15416	82	155	)	)	PUNCT
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fbem-15416	82	158	)	)	PUNCT
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fbem-15416	82	160	-6.61	-6.61	NOUN
fbem-15416	82	161	)	)	PUNCT
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fbem-15416	82	187	)	)	PUNCT
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fbem-15416	82	190	)	)	PUNCT
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fbem-15416	86	12	-11.83	-11.83	PROPN
fbem-15416	86	13	)	)	PUNCT
fbem-15416	86	14	(	(	PUNCT
fbem-15416	86	15	-11.16	-11.16	PROPN
fbem-15416	86	16	)	)	PUNCT
fbem-15416	86	17	year	year	NOUN
fbem-15416	87	1	yes	yes	INTJ
fbem-15416	87	2	yes	yes	INTJ
fbem-15416	88	1	yes	yes	INTJ
fbem-15416	89	1	yes	yes	INTJ
fbem-15416	90	1	n	n	CCONJ
fbem-15416	90	2	7108	7108	NUM
fbem-15416	90	3	7108	7108	NUM
fbem-15416	90	4	7108	7108	NUM
fbem-15416	90	5	7108	7108	NUM
fbem-15416	91	1	note	note	VERB
fbem-15416	91	2	:	:	PUNCT
fbem-15416	91	3	*	*	PUNCT
fbem-15416	91	4	,	,	PUNCT
fbem-15416	91	5	*	*	PUNCT
fbem-15416	91	6	*	*	PUNCT
fbem-15416	91	7	,	,	PUNCT
fbem-15416	91	8	*	*	PUNCT
fbem-15416	91	9	*	*	PUNCT
fbem-15416	91	10	*	*	PUNCT
fbem-15416	91	11	indicate	indicate	VERB
fbem-15416	91	12	significant	significant	ADJ
fbem-15416	91	13	at	at	ADP
fbem-15416	91	14	the	the	DET
fbem-15416	91	15	10	10	NUM
fbem-15416	91	16	per	per	ADP
fbem-15416	91	17	cent	cent	NOUN
fbem-15416	91	18	,	,	PUNCT
fbem-15416	91	19	5	5	NUM
fbem-15416	91	20	per	per	ADP
fbem-15416	91	21	cent	cent	NOUN
fbem-15416	91	22	and	and	CCONJ
fbem-15416	91	23	1	1	NUM
fbem-15416	91	24	per	per	ADP
fbem-15416	91	25	cent	cent	NOUN
fbem-15416	91	26	levels	level	NOUN
fbem-15416	91	27	,	,	PUNCT
fbem-15416	91	28	respectively	respectively	ADV
fbem-15416	91	29	;	;	PUNCT
fbem-15416	91	30	t	t	X
fbem-15416	91	31	-	-	PUNCT
fbem-15416	91	32	values	value	NOUN
fbem-15416	91	33	in	in	ADP
fbem-15416	91	34	parentheses	parenthesis	NOUN
fbem-15416	91	35	,	,	PUNCT
fbem-15416	91	36	below	below	ADV
fbem-15416	91	37	.	.	PUNCT
fbem-15416	92	1	table	table	NOUN
fbem-15416	92	2	3	3	NUM
fbem-15416	92	3	shows	show	VERB
fbem-15416	92	4	the	the	DET
fbem-15416	92	5	empirical	empirical	ADJ
fbem-15416	92	6	results	result	NOUN
fbem-15416	92	7	of	of	ADP
fbem-15416	92	8	this	this	DET
fbem-15416	92	9	paper	paper	NOUN
fbem-15416	92	10	using	use	VERB
fbem-15416	92	11	tobit	tobit	PROPN
fbem-15416	92	12	regression	regression	NOUN
fbem-15416	92	13	model	model	NOUN
fbem-15416	92	14	to	to	PART
fbem-15416	92	15	test	test	VERB
fbem-15416	92	16	the	the	DET
fbem-15416	92	17	impact	impact	NOUN
fbem-15416	92	18	of	of	ADP
fbem-15416	92	19	non	non	ADJ
fbem-15416	92	20	-	-	ADJ
fbem-15416	92	21	state	state	ADJ
fbem-15416	92	22	shareholders	shareholder	NOUN
fbem-15416	92	23	'	'	PART
fbem-15416	92	24	participation	participation	NOUN
fbem-15416	92	25	on	on	ADP
fbem-15416	92	26	technological	technological	ADJ
fbem-15416	92	27	innovation	innovation	NOUN
fbem-15416	92	28	of	of	ADP
fbem-15416	92	29	soes	soe	NOUN
fbem-15416	92	30	.	.	PUNCT
fbem-15416	93	1	columns	column	NOUN
fbem-15416	93	2	(	(	PUNCT
fbem-15416	93	3	1	1	NUM
fbem-15416	93	4	)	)	PUNCT
fbem-15416	93	5	and	and	CCONJ
fbem-15416	93	6	(	(	PUNCT
fbem-15416	93	7	3	3	X
fbem-15416	93	8	)	)	PUNCT
fbem-15416	93	9	in	in	ADP
fbem-15416	93	10	table	table	NOUN
fbem-15416	93	11	3	3	NUM
fbem-15416	93	12	show	show	VERB
fbem-15416	93	13	the	the	DET
fbem-15416	93	14	regression	regression	NOUN
fbem-15416	93	15	results	result	NOUN
fbem-15416	93	16	with	with	ADP
fbem-15416	93	17	patent	patent	NOUN
fbem-15416	93	18	214	214	NUM
fbem-15416	93	19	grants	grant	NOUN
fbem-15416	93	20	as	as	ADP
fbem-15416	93	21	the	the	DET
fbem-15416	93	22	dependent	dependent	ADJ
fbem-15416	93	23	variable	variable	NOUN
fbem-15416	93	24	and	and	CCONJ
fbem-15416	93	25	non	non	ADJ
fbem-15416	93	26	-	-	ADJ
fbem-15416	93	27	state	state	ADJ
fbem-15416	93	28	shareholders	shareholder	NOUN
fbem-15416	93	29	'	'	PART
fbem-15416	93	30	total	total	ADJ
fbem-15416	93	31	shareholding	shareholding	NOUN
fbem-15416	93	32	(	(	PUNCT
fbem-15416	93	33	privatets	privatet	NOUN
fbem-15416	93	34	)	)	PUNCT
fbem-15416	93	35	and	and	CCONJ
fbem-15416	93	36	the	the	DET
fbem-15416	93	37	dummy	dummy	ADJ
fbem-15416	93	38	variable	variable	NOUN
fbem-15416	93	39	of	of	ADP
fbem-15416	93	40	non	non	ADJ
fbem-15416	93	41	-	-	ADJ
fbem-15416	93	42	state	state	ADJ
fbem-15416	93	43	shareholders	shareholder	NOUN
fbem-15416	93	44	'	'	PART
fbem-15416	93	45	total	total	ADJ
fbem-15416	93	46	shareholding	shareholding	NOUN
fbem-15416	93	47	more	more	ADJ
fbem-15416	93	48	than	than	ADP
fbem-15416	93	49	10	10	NUM
fbem-15416	93	50	%	%	NOUN
fbem-15416	93	51	(	(	PUNCT
fbem-15416	93	52	private10	private10	NOUN
fbem-15416	93	53	)	)	PUNCT
fbem-15416	93	54	as	as	ADP
fbem-15416	93	55	the	the	DET
fbem-15416	93	56	independent	independent	ADJ
fbem-15416	93	57	variables	variable	NOUN
fbem-15416	93	58	.	.	PUNCT
fbem-15416	94	1	and	and	CCONJ
fbem-15416	94	2	columns	column	NOUN
fbem-15416	94	3	(	(	PUNCT
fbem-15416	94	4	2	2	NUM
fbem-15416	94	5	)	)	PUNCT
fbem-15416	94	6	and	and	CCONJ
fbem-15416	94	7	(	(	PUNCT
fbem-15416	94	8	4	4	X
fbem-15416	94	9	)	)	PUNCT
fbem-15416	94	10	are	be	AUX
fbem-15416	94	11	the	the	DET
fbem-15416	94	12	regression	regression	NOUN
fbem-15416	94	13	results	result	NOUN
fbem-15416	94	14	with	with	ADP
fbem-15416	94	15	patent	patent	NOUN
fbem-15416	94	16	application	application	NOUN
fbem-15416	94	17	(	(	PUNCT
fbem-15416	94	18	apply	apply	VERB
fbem-15416	94	19	)	)	PUNCT
fbem-15416	94	20	as	as	ADP
fbem-15416	94	21	the	the	DET
fbem-15416	94	22	dependent	dependent	ADJ
fbem-15416	94	23	variable	variable	NOUN
fbem-15416	94	24	,	,	PUNCT
fbem-15416	94	25	and	and	CCONJ
fbem-15416	94	26	the	the	DET
fbem-15416	94	27	sum	sum	NOUN
fbem-15416	94	28	of	of	ADP
fbem-15416	94	29	non	non	ADJ
fbem-15416	94	30	-	-	ADJ
fbem-15416	94	31	state	state	ADJ
fbem-15416	94	32	shareholders	shareholder	NOUN
fbem-15416	94	33	'	'	PART
fbem-15416	94	34	participation	participation	NOUN
fbem-15416	94	35	(	(	PUNCT
fbem-15416	94	36	privatets	privatet	NOUN
fbem-15416	94	37	)	)	PUNCT
fbem-15416	94	38	,	,	PUNCT
fbem-15416	94	39	and	and	CCONJ
fbem-15416	94	40	the	the	DET
fbem-15416	94	41	dummy	dummy	ADJ
fbem-15416	94	42	variable	variable	NOUN
fbem-15416	94	43	for	for	ADP
fbem-15416	94	44	the	the	DET
fbem-15416	94	45	sum	sum	NOUN
fbem-15416	94	46	of	of	ADP
fbem-15416	94	47	non	non	ADJ
fbem-15416	94	48	-	-	ADJ
fbem-15416	94	49	state	state	ADJ
fbem-15416	94	50	shareholders	shareholder	NOUN
fbem-15416	94	51	'	'	PART
fbem-15416	94	52	participation	participation	NOUN
fbem-15416	94	53	exceeding	exceed	VERB
fbem-15416	94	54	10	10	NUM
fbem-15416	94	55	%	%	NOUN
fbem-15416	94	56	(	(	PUNCT
fbem-15416	94	57	private10	private10	NOUN
fbem-15416	94	58	)	)	PUNCT
fbem-15416	94	59	as	as	ADP
fbem-15416	94	60	the	the	DET
fbem-15416	94	61	independent	independent	ADJ
fbem-15416	94	62	variables	variable	NOUN
fbem-15416	94	63	,	,	PUNCT
fbem-15416	94	64	respectively	respectively	ADV
fbem-15416	94	65	.	.	PUNCT
fbem-15416	95	1	the	the	DET
fbem-15416	95	2	results	result	NOUN
fbem-15416	95	3	in	in	ADP
fbem-15416	95	4	columns	column	NOUN
fbem-15416	95	5	(	(	PUNCT
fbem-15416	95	6	1	1	NUM
fbem-15416	95	7	)	)	PUNCT
fbem-15416	95	8	and	and	CCONJ
fbem-15416	95	9	(	(	PUNCT
fbem-15416	95	10	2	2	X
fbem-15416	95	11	)	)	PUNCT
fbem-15416	95	12	of	of	ADP
fbem-15416	95	13	table	table	NOUN
fbem-15416	95	14	3	3	NUM
fbem-15416	95	15	show	show	VERB
fbem-15416	95	16	that	that	SCONJ
fbem-15416	95	17	the	the	DET
fbem-15416	95	18	regression	regression	NOUN
fbem-15416	95	19	coefficients	coefficient	NOUN
fbem-15416	95	20	of	of	ADP
fbem-15416	95	21	total	total	ADJ
fbem-15416	95	22	non	non	ADJ
fbem-15416	95	23	-	-	ADJ
fbem-15416	95	24	state	state	ADJ
fbem-15416	95	25	shareholders	shareholder	NOUN
fbem-15416	95	26	'	'	PART
fbem-15416	95	27	participation	participation	NOUN
fbem-15416	95	28	(	(	PUNCT
fbem-15416	95	29	privatets	privatet	NOUN
fbem-15416	95	30	)	)	PUNCT
fbem-15416	95	31	on	on	ADP
fbem-15416	95	32	patent	patent	NOUN
fbem-15416	95	33	grants	grant	NOUN
fbem-15416	95	34	(	(	PUNCT
fbem-15416	95	35	grants	grant	NOUN
fbem-15416	95	36	)	)	PUNCT
fbem-15416	95	37	and	and	CCONJ
fbem-15416	95	38	patent	patent	NOUN
fbem-15416	95	39	applications	application	NOUN
fbem-15416	95	40	(	(	PUNCT
fbem-15416	95	41	apply	apply	VERB
fbem-15416	95	42	)	)	PUNCT
fbem-15416	95	43	are	be	AUX
fbem-15416	95	44	0.009	0.009	NUM
fbem-15416	95	45	and	and	CCONJ
fbem-15416	95	46	0.013	0.013	NUM
fbem-15416	95	47	,	,	PUNCT
fbem-15416	95	48	respectively	respectively	ADV
fbem-15416	95	49	,	,	PUNCT
fbem-15416	95	50	which	which	PRON
fbem-15416	95	51	are	be	AUX
fbem-15416	95	52	significantly	significantly	ADV
fbem-15416	95	53	positive	positive	ADJ
fbem-15416	95	54	at	at	ADP
fbem-15416	95	55	the	the	DET
fbem-15416	95	56	1	1	NUM
fbem-15416	95	57	%	%	NOUN
fbem-15416	95	58	level	level	NOUN
fbem-15416	95	59	.	.	PUNCT
fbem-15416	96	1	the	the	DET
fbem-15416	96	2	coefficient	coefficient	NOUN
fbem-15416	96	3	estimates	estimate	NOUN
fbem-15416	96	4	of	of	ADP
fbem-15416	96	5	the	the	DET
fbem-15416	96	6	dummy	dummy	ADJ
fbem-15416	96	7	variable	variable	NOUN
fbem-15416	96	8	(	(	PUNCT
fbem-15416	96	9	private10	private10	NOUN
fbem-15416	96	10	)	)	PUNCT
fbem-15416	96	11	for	for	ADP
fbem-15416	96	12	non	non	ADJ
fbem-15416	96	13	-	-	ADJ
fbem-15416	96	14	state	state	ADJ
fbem-15416	96	15	shareholders	shareholder	NOUN
fbem-15416	96	16	with	with	ADP
fbem-15416	96	17	more	more	ADJ
fbem-15416	96	18	than	than	ADP
fbem-15416	96	19	10	10	NUM
fbem-15416	96	20	per	per	ADP
fbem-15416	96	21	cent	cent	NOUN
fbem-15416	96	22	total	total	ADJ
fbem-15416	96	23	participation	participation	NOUN
fbem-15416	96	24	in	in	ADP
fbem-15416	96	25	columns	column	NOUN
fbem-15416	96	26	(	(	PUNCT
fbem-15416	96	27	3	3	NUM
fbem-15416	96	28	)	)	PUNCT
fbem-15416	96	29	and	and	CCONJ
fbem-15416	96	30	(	(	PUNCT
fbem-15416	96	31	4	4	X
fbem-15416	96	32	)	)	PUNCT
fbem-15416	96	33	are	be	AUX
fbem-15416	96	34	0.373	0.373	NUM
fbem-15416	96	35	and	and	CCONJ
fbem-15416	96	36	0.493	0.493	NUM
fbem-15416	96	37	,	,	PUNCT
fbem-15416	96	38	both	both	PRON
fbem-15416	96	39	of	of	ADP
fbem-15416	96	40	which	which	PRON
fbem-15416	96	41	are	be	AUX
fbem-15416	96	42	significantly	significantly	ADV
fbem-15416	96	43	positive	positive	ADJ
fbem-15416	96	44	at	at	ADP
fbem-15416	96	45	the	the	DET
fbem-15416	96	46	1	1	NUM
fbem-15416	96	47	per	per	NOUN
fbem-15416	96	48	cent	cent	NOUN
fbem-15416	96	49	level	level	NOUN
fbem-15416	96	50	.	.	PUNCT
fbem-15416	97	1	therefore	therefore	ADV
fbem-15416	97	2	is	be	AUX
fbem-15416	97	3	the	the	DET
fbem-15416	97	4	empirical	empirical	ADJ
fbem-15416	97	5	results	result	NOUN
fbem-15416	97	6	indicate	indicate	VERB
fbem-15416	97	7	that	that	SCONJ
fbem-15416	97	8	non	non	ADJ
fbem-15416	97	9	-	-	ADJ
fbem-15416	97	10	state	state	ADJ
fbem-15416	97	11	shareholders	shareholder	NOUN
fbem-15416	97	12	'	'	PART
fbem-15416	97	13	equity	equity	NOUN
fbem-15416	97	14	participation	participation	NOUN
fbem-15416	97	15	promotes	promote	VERB
fbem-15416	97	16	technological	technological	ADJ
fbem-15416	97	17	innovation	innovation	NOUN
fbem-15416	97	18	in	in	ADP
fbem-15416	97	19	soes	soe	NOUN
fbem-15416	97	20	.	.	PUNCT
fbem-15416	98	1	4.2	4.2	NUM
fbem-15416	98	2	.	.	PUNCT
fbem-15416	99	1	robustness	robustness	NOUN
fbem-15416	99	2	test	test	NOUN
fbem-15416	99	3	4.2.1	4.2.1	NUM
fbem-15416	99	4	.	.	PUNCT
fbem-15416	100	1	adoption	adoption	NOUN
fbem-15416	100	2	of	of	ADP
fbem-15416	100	3	other	other	ADJ
fbem-15416	100	4	regression	regression	NOUN
fbem-15416	100	5	models	model	NOUN
fbem-15416	100	6	this	this	DET
fbem-15416	100	7	paper	paper	NOUN
fbem-15416	100	8	used	use	VERB
fbem-15416	100	9	the	the	DET
fbem-15416	100	10	ordinary	ordinary	ADJ
fbem-15416	100	11	ols	ol	NOUN
fbem-15416	100	12	model	model	NOUN
fbem-15416	100	13	to	to	PART
fbem-15416	100	14	conduct	conduct	VERB
fbem-15416	100	15	the	the	DET
fbem-15416	100	16	robustness	robustness	NOUN
fbem-15416	100	17	test	test	NOUN
fbem-15416	100	18	.	.	PUNCT
fbem-15416	101	1	the	the	DET
fbem-15416	101	2	regression	regression	NOUN
fbem-15416	101	3	results	result	NOUN
fbem-15416	101	4	show	show	VERB
fbem-15416	101	5	that	that	SCONJ
fbem-15416	101	6	after	after	ADP
fbem-15416	101	7	replacing	replace	VERB
fbem-15416	101	8	the	the	DET
fbem-15416	101	9	main	main	ADJ
fbem-15416	101	10	regression	regression	NOUN
fbem-15416	101	11	model	model	NOUN
fbem-15416	101	12	with	with	ADP
fbem-15416	101	13	the	the	DET
fbem-15416	101	14	ordinary	ordinary	ADJ
fbem-15416	101	15	ols	ol	NOUN
fbem-15416	101	16	model	model	NOUN
fbem-15416	101	17	,	,	PUNCT
fbem-15416	101	18	there	there	PRON
fbem-15416	101	19	is	be	VERB
fbem-15416	101	20	no	no	DET
fbem-15416	101	21	big	big	ADJ
fbem-15416	101	22	change	change	NOUN
fbem-15416	101	23	,	,	PUNCT
fbem-15416	101	24	with	with	SCONJ
fbem-15416	101	25	patent	patent	NOUN
fbem-15416	101	26	grants	grant	NOUN
fbem-15416	101	27	(	(	PUNCT
fbem-15416	101	28	grants	grant	NOUN
fbem-15416	101	29	)	)	PUNCT
fbem-15416	101	30	as	as	ADP
fbem-15416	101	31	the	the	DET
fbem-15416	101	32	dependent	dependent	ADJ
fbem-15416	101	33	variable	variable	NOUN
fbem-15416	101	34	,	,	PUNCT
fbem-15416	101	35	the	the	DET
fbem-15416	101	36	regression	regression	NOUN
fbem-15416	101	37	coefficients	coefficient	NOUN
fbem-15416	101	38	of	of	ADP
fbem-15416	101	39	the	the	DET
fbem-15416	101	40	total	total	ADJ
fbem-15416	101	41	participation	participation	NOUN
fbem-15416	101	42	of	of	ADP
fbem-15416	101	43	non	non	ADJ
fbem-15416	101	44	-	-	ADJ
fbem-15416	101	45	state	state	ADJ
fbem-15416	101	46	shareholders	shareholder	NOUN
fbem-15416	101	47	(	(	PUNCT
fbem-15416	101	48	privatets	privatet	NOUN
fbem-15416	101	49	)	)	PUNCT
fbem-15416	101	50	and	and	CCONJ
fbem-15416	101	51	the	the	DET
fbem-15416	101	52	dummy	dummy	ADJ
fbem-15416	101	53	variable	variable	NOUN
fbem-15416	101	54	of	of	ADP
fbem-15416	101	55	the	the	DET
fbem-15416	101	56	total	total	ADJ
fbem-15416	101	57	participation	participation	NOUN
fbem-15416	101	58	of	of	ADP
fbem-15416	101	59	non	non	ADJ
fbem-15416	101	60	-	-	ADJ
fbem-15416	101	61	state	state	ADJ
fbem-15416	101	62	shareholders	shareholder	NOUN
fbem-15416	101	63	more	more	ADJ
fbem-15416	101	64	than	than	ADP
fbem-15416	101	65	10	10	NUM
fbem-15416	101	66	%	%	NOUN
fbem-15416	101	67	(	(	PUNCT
fbem-15416	101	68	private10	private10	NOUN
fbem-15416	101	69	)	)	PUNCT
fbem-15416	101	70	are	be	AUX
fbem-15416	101	71	0.004	0.004	NUM
fbem-15416	101	72	and	and	CCONJ
fbem-15416	101	73	0.200	0.200	NUM
fbem-15416	101	74	,	,	PUNCT
fbem-15416	101	75	respectively	respectively	ADV
fbem-15416	101	76	,	,	PUNCT
fbem-15416	101	77	which	which	PRON
fbem-15416	101	78	are	be	AUX
fbem-15416	101	79	all	all	ADV
fbem-15416	101	80	at	at	ADP
fbem-15416	101	81	the	the	DET
fbem-15416	101	82	1	1	NUM
fbem-15416	101	83	%	%	NOUN
fbem-15416	101	84	level	level	NOUN
fbem-15416	101	85	significantly	significantly	ADV
fbem-15416	101	86	positive	positive	ADJ
fbem-15416	101	87	.	.	PUNCT
fbem-15416	102	1	the	the	DET
fbem-15416	102	2	regression	regression	NOUN
fbem-15416	102	3	coefficients	coefficient	NOUN
fbem-15416	102	4	of	of	ADP
fbem-15416	102	5	the	the	DET
fbem-15416	102	6	dummy	dummy	ADJ
fbem-15416	102	7	variables	variable	NOUN
fbem-15416	102	8	of	of	ADP
fbem-15416	102	9	total	total	ADJ
fbem-15416	102	10	non	non	ADJ
fbem-15416	102	11	-	-	ADJ
fbem-15416	102	12	state	state	ADJ
fbem-15416	102	13	shareholders	shareholder	NOUN
fbem-15416	102	14	'	'	PART
fbem-15416	102	15	participation	participation	NOUN
fbem-15416	102	16	(	(	PUNCT
fbem-15416	102	17	privatets	privatet	NOUN
fbem-15416	102	18	)	)	PUNCT
fbem-15416	102	19	and	and	CCONJ
fbem-15416	102	20	total	total	ADJ
fbem-15416	102	21	non	non	ADJ
fbem-15416	102	22	-	-	ADJ
fbem-15416	102	23	state	state	ADJ
fbem-15416	102	24	shareholders	shareholder	NOUN
fbem-15416	102	25	'	'	PART
fbem-15416	102	26	participation	participation	NOUN
fbem-15416	102	27	exceeding	exceed	VERB
fbem-15416	102	28	10	10	NUM
fbem-15416	102	29	%	%	NOUN
fbem-15416	102	30	(	(	PUNCT
fbem-15416	102	31	private10	private10	NOUN
fbem-15416	102	32	)	)	PUNCT
fbem-15416	102	33	are	be	AUX
fbem-15416	102	34	0.006	0.006	NUM
fbem-15416	102	35	and	and	CCONJ
fbem-15416	102	36	0.248	0.248	NUM
fbem-15416	102	37	respectively	respectively	ADV
fbem-15416	102	38	,	,	PUNCT
fbem-15416	102	39	both	both	PRON
fbem-15416	102	40	of	of	ADP
fbem-15416	102	41	which	which	PRON
fbem-15416	102	42	are	be	AUX
fbem-15416	102	43	significantly	significantly	ADV
fbem-15416	102	44	positive	positive	ADJ
fbem-15416	102	45	at	at	ADP
fbem-15416	102	46	the	the	DET
fbem-15416	102	47	1	1	NUM
fbem-15416	102	48	%	%	NOUN
fbem-15416	102	49	level	level	NOUN
fbem-15416	102	50	,	,	PUNCT
fbem-15416	102	51	using	use	VERB
fbem-15416	102	52	patent	patent	NOUN
fbem-15416	102	53	application	application	NOUN
fbem-15416	102	54	(	(	PUNCT
fbem-15416	102	55	apply	apply	VERB
fbem-15416	102	56	)	)	PUNCT
fbem-15416	102	57	as	as	ADP
fbem-15416	102	58	the	the	DET
fbem-15416	102	59	dependent	dependent	ADJ
fbem-15416	102	60	variable	variable	NOUN
fbem-15416	102	61	.	.	PUNCT
fbem-15416	103	1	table	table	NOUN
fbem-15416	103	2	4	4	NUM
fbem-15416	103	3	.	.	PUNCT
fbem-15416	103	4	ols	ol	NOUN
fbem-15416	103	5	regression	regression	PROPN
fbem-15416	103	6	test	test	NOUN
fbem-15416	103	7	(	(	PUNCT
fbem-15416	103	8	1	1	NUM
fbem-15416	103	9	)	)	PUNCT
fbem-15416	103	10	(	(	PUNCT
fbem-15416	103	11	2	2	NUM
fbem-15416	103	12	)	)	PUNCT
fbem-15416	103	13	(	(	PUNCT
fbem-15416	103	14	3	3	X
fbem-15416	103	15	)	)	PUNCT
fbem-15416	103	16	(	(	PUNCT
fbem-15416	103	17	4	4	X
fbem-15416	103	18	)	)	PUNCT
fbem-15416	103	19	grants	grant	NOUN
fbem-15416	103	20	apply	apply	VERB
fbem-15416	103	21	grants	grant	NOUN
fbem-15416	103	22	apply	apply	VERB
fbem-15416	103	23	privatets	privatet	NOUN
fbem-15416	103	24	0.004	0.004	NUM
fbem-15416	103	25	*	*	PUNCT
fbem-15416	103	26	*	*	PUNCT
fbem-15416	103	27	*	*	PUNCT
fbem-15416	103	28	0.006	0.006	NUM
fbem-15416	103	29	*	*	PUNCT
fbem-15416	103	30	*	*	PUNCT
fbem-15416	104	1	*	*	PUNCT
fbem-15416	105	1	(	(	PUNCT
fbem-15416	105	2	3.40	3.40	NUM
fbem-15416	105	3	)	)	PUNCT
fbem-15416	105	4	(	(	PUNCT
fbem-15416	105	5	4.00	4.00	NUM
fbem-15416	105	6	)	)	PUNCT
fbem-15416	105	7	private10	private10	NOUN
fbem-15416	105	8	0.200	0.200	NUM
fbem-15416	105	9	*	*	PUNCT
fbem-15416	105	10	*	*	PUNCT
fbem-15416	105	11	*	*	PUNCT
fbem-15416	105	12	0.248	0.248	NUM
fbem-15416	105	13	*	*	PUNCT
fbem-15416	105	14	*	*	PUNCT
fbem-15416	105	15	*	*	PUNCT
fbem-15416	105	16	(	(	PUNCT
fbem-15416	105	17	5.48	5.48	NUM
fbem-15416	105	18	)	)	PUNCT
fbem-15416	105	19	(	(	PUNCT
fbem-15416	105	20	6.26	6.26	NUM
fbem-15416	105	21	)	)	PUNCT
fbem-15416	105	22	cons	con	NOUN
fbem-15416	106	1	4.374	4.374	NUM
fbem-15416	106	2	*	*	PUNCT
fbem-15416	106	3	*	*	PUNCT
fbem-15416	106	4	*	*	PUNCT
fbem-15416	106	5	4.449	4.449	NUM
fbem-15416	106	6	*	*	PUNCT
fbem-15416	106	7	*	*	PUNCT
fbem-15416	106	8	*	*	PUNCT
fbem-15416	106	9	4.376	4.376	NUM
fbem-15416	106	10	*	*	PUNCT
fbem-15416	106	11	*	*	PUNCT
fbem-15416	106	12	*	*	PUNCT
fbem-15416	106	13	4.451	4.451	NUM
fbem-15416	106	14	*	*	PUNCT
fbem-15416	106	15	*	*	PUNCT
fbem-15416	106	16	*	*	PUNCT
fbem-15416	106	17	(	(	PUNCT
fbem-15416	106	18	-13.40	-13.40	NOUN
fbem-15416	106	19	)	)	PUNCT
fbem-15416	106	20	(	(	PUNCT
fbem-15416	106	21	-12.52	-12.52	NOUN
fbem-15416	106	22	)	)	PUNCT
fbem-15416	106	23	(	(	PUNCT
fbem-15416	106	24	-13.43	-13.43	X
fbem-15416	106	25	)	)	PUNCT
fbem-15416	106	26	(	(	PUNCT
fbem-15416	106	27	-12.55	-12.55	NOUN
fbem-15416	106	28	)	)	PUNCT
fbem-15416	106	29	year	year	NOUN
fbem-15416	107	1	yes	yes	INTJ
fbem-15416	107	2	yes	yes	INTJ
fbem-15416	108	1	yes	yes	INTJ
fbem-15416	108	2	yes	yes	INTJ
fbem-15416	108	3	control	control	NOUN
fbem-15416	109	1	yes	yes	INTJ
fbem-15416	110	1	yes	yes	INTJ
fbem-15416	111	1	yes	yes	INTJ
fbem-15416	112	1	yes	yes	INTJ
fbem-15416	113	1	n	n	CCONJ
fbem-15416	113	2	7108	7108	NUM
fbem-15416	113	3	7108	7108	NUM
fbem-15416	113	4	7108	7108	NUM
fbem-15416	113	5	7108	7108	NUM
fbem-15416	114	1	4.2.2	4.2.2	X
fbem-15416	114	2	.	.	PUNCT
fbem-15416	115	1	changing	change	VERB
fbem-15416	115	2	the	the	DET
fbem-15416	115	3	measure	measure	NOUN
fbem-15416	115	4	of	of	ADP
fbem-15416	115	5	innovation	innovation	NOUN
fbem-15416	115	6	indicators	indicator	NOUN
fbem-15416	115	7	in	in	ADP
fbem-15416	115	8	order	order	NOUN
fbem-15416	115	9	to	to	PART
fbem-15416	115	10	examine	examine	VERB
fbem-15416	115	11	the	the	DET
fbem-15416	115	12	sensitivity	sensitivity	NOUN
fbem-15416	115	13	of	of	ADP
fbem-15416	115	14	non	non	ADJ
fbem-15416	115	15	-	-	ADJ
fbem-15416	115	16	state	state	ADJ
fbem-15416	115	17	shareholders	shareholder	NOUN
fbem-15416	115	18	'	'	PART
fbem-15416	115	19	equity	equity	NOUN
fbem-15416	115	20	participation	participation	NOUN
fbem-15416	115	21	to	to	ADP
fbem-15416	115	22	firms	firm	NOUN
fbem-15416	115	23	'	'	PART
fbem-15416	115	24	innovation	innovation	NOUN
fbem-15416	115	25	measures	measure	NOUN
fbem-15416	115	26	,	,	PUNCT
fbem-15416	115	27	this	this	DET
fbem-15416	115	28	paper	paper	NOUN
fbem-15416	115	29	employs	employ	VERB
fbem-15416	115	30	r&d	r&d	NOUN
fbem-15416	115	31	expenditures	expenditure	NOUN
fbem-15416	115	32	,	,	PUNCT
fbem-15416	115	33	which	which	PRON
fbem-15416	115	34	are	be	AUX
fbem-15416	115	35	used	use	VERB
fbem-15416	115	36	in	in	ADP
fbem-15416	115	37	another	another	DET
fbem-15416	115	38	part	part	NOUN
fbem-15416	115	39	of	of	ADP
fbem-15416	115	40	the	the	DET
fbem-15416	115	41	literature	literature	NOUN
fbem-15416	115	42	,	,	PUNCT
fbem-15416	115	43	to	to	PART
fbem-15416	115	44	test	test	VERB
fbem-15416	115	45	the	the	DET
fbem-15416	115	46	robustness	robustness	NOUN
fbem-15416	115	47	of	of	ADP
fbem-15416	115	48	the	the	DET
fbem-15416	115	49	study	study	NOUN
fbem-15416	115	50	's	's	PART
fbem-15416	115	51	findings	finding	NOUN
fbem-15416	115	52	.	.	PUNCT
fbem-15416	116	1	r&d	r&d	NOUN
fbem-15416	116	2	expenditure	expenditure	NOUN
fbem-15416	116	3	is	be	AUX
fbem-15416	116	4	the	the	DET
fbem-15416	116	5	ratio	ratio	NOUN
fbem-15416	116	6	of	of	ADP
fbem-15416	116	7	r&d	r&d	NOUN
fbem-15416	116	8	investment	investment	NOUN
fbem-15416	116	9	to	to	ADP
fbem-15416	116	10	operating	operating	NOUN
fbem-15416	116	11	revenue	revenue	NOUN
fbem-15416	116	12	.	.	PUNCT
fbem-15416	117	1	from	from	ADP
fbem-15416	117	2	the	the	DET
fbem-15416	117	3	test	test	NOUN
fbem-15416	117	4	results	result	NOUN
fbem-15416	117	5	,	,	PUNCT
fbem-15416	117	6	the	the	DET
fbem-15416	117	7	regression	regression	NOUN
fbem-15416	117	8	coefficients	coefficient	NOUN
fbem-15416	117	9	of	of	ADP
fbem-15416	117	10	the	the	DET
fbem-15416	117	11	two	two	NUM
fbem-15416	117	12	dummy	dummy	ADJ
fbem-15416	117	13	variables	variable	NOUN
fbem-15416	117	14	,	,	PUNCT
fbem-15416	117	15	total	total	ADJ
fbem-15416	117	16	nonstate	nonstate	ADJ
fbem-15416	117	17	shareholders	shareholder	NOUN
fbem-15416	117	18	'	'	PART
fbem-15416	117	19	equity	equity	NOUN
fbem-15416	117	20	participation	participation	NOUN
fbem-15416	117	21	(	(	PUNCT
fbem-15416	117	22	privatets	privatet	NOUN
fbem-15416	117	23	)	)	PUNCT
fbem-15416	117	24	and	and	CCONJ
fbem-15416	117	25	total	total	ADJ
fbem-15416	117	26	non	non	ADJ
fbem-15416	117	27	-	-	ADJ
fbem-15416	117	28	state	state	ADJ
fbem-15416	117	29	shareholders	shareholder	NOUN
fbem-15416	117	30	'	'	PART
fbem-15416	117	31	equity	equity	NOUN
fbem-15416	117	32	participation	participation	NOUN
fbem-15416	117	33	over	over	ADP
fbem-15416	117	34	10	10	NUM
fbem-15416	117	35	per	per	ADP
fbem-15416	117	36	cent	cent	NOUN
fbem-15416	117	37	(	(	PUNCT
fbem-15416	117	38	private10	private10	NOUN
fbem-15416	117	39	)	)	PUNCT
fbem-15416	117	40	,	,	PUNCT
fbem-15416	117	41	are	be	AUX
fbem-15416	117	42	0.008	0.008	NUM
fbem-15416	117	43	and	and	CCONJ
fbem-15416	117	44	0.324	0.324	NUM
fbem-15416	117	45	,	,	PUNCT
fbem-15416	117	46	respectively	respectively	ADV
fbem-15416	117	47	,	,	PUNCT
fbem-15416	117	48	which	which	PRON
fbem-15416	117	49	are	be	AUX
fbem-15416	117	50	significantly	significantly	ADV
fbem-15416	117	51	positive	positive	ADJ
fbem-15416	117	52	at	at	ADP
fbem-15416	117	53	the	the	DET
fbem-15416	117	54	1	1	NUM
fbem-15416	117	55	per	per	NOUN
fbem-15416	117	56	cent	cent	NOUN
fbem-15416	117	57	level	level	NOUN
fbem-15416	117	58	when	when	SCONJ
fbem-15416	117	59	rd	rd	PROPN
fbem-15416	117	60	is	be	AUX
fbem-15416	117	61	used	use	VERB
fbem-15416	117	62	as	as	ADP
fbem-15416	117	63	the	the	DET
fbem-15416	117	64	dependent	dependent	ADJ
fbem-15416	117	65	variable	variable	NOUN
fbem-15416	117	66	.	.	PUNCT
fbem-15416	118	1	this	this	PRON
fbem-15416	118	2	suggests	suggest	VERB
fbem-15416	118	3	that	that	SCONJ
fbem-15416	118	4	non	non	ADJ
fbem-15416	118	5	-	-	ADJ
fbem-15416	118	6	state	state	ADJ
fbem-15416	118	7	shareholders	shareholder	NOUN
fbem-15416	118	8	'	'	PART
fbem-15416	118	9	participation	participation	NOUN
fbem-15416	118	10	and	and	CCONJ
fbem-15416	118	11	non	non	ADJ
fbem-15416	118	12	-	-	ADJ
fbem-15416	118	13	state	state	ADJ
fbem-15416	118	14	majority	majority	NOUN
fbem-15416	118	15	shareholders	shareholder	NOUN
fbem-15416	118	16	also	also	ADV
fbem-15416	118	17	promote	promote	VERB
fbem-15416	118	18	technological	technological	ADJ
fbem-15416	118	19	innovation	innovation	NOUN
fbem-15416	118	20	in	in	ADP
fbem-15416	118	21	soes	soe	NOUN
fbem-15416	118	22	as	as	SCONJ
fbem-15416	118	23	measured	measure	VERB
fbem-15416	118	24	by	by	ADP
fbem-15416	118	25	different	different	ADJ
fbem-15416	118	26	innovation	innovation	NOUN
fbem-15416	118	27	indicators	indicator	NOUN
fbem-15416	118	28	,	,	PUNCT
fbem-15416	118	29	thus	thus	ADV
fbem-15416	118	30	keeping	keep	VERB
fbem-15416	118	31	the	the	DET
fbem-15416	118	32	results	result	NOUN
fbem-15416	118	33	robust	robust	ADJ
fbem-15416	118	34	.	.	PUNCT
fbem-15416	119	1	table	table	NOUN
fbem-15416	119	2	5	5	NUM
fbem-15416	119	3	.	.	PUNCT
fbem-15416	120	1	r&d	r&d	NOUN
fbem-15416	120	2	test	test	NOUN
fbem-15416	120	3	(	(	PUNCT
fbem-15416	120	4	1	1	NUM
fbem-15416	120	5	)	)	PUNCT
fbem-15416	120	6	(	(	PUNCT
fbem-15416	120	7	2	2	X
fbem-15416	120	8	)	)	PUNCT
fbem-15416	120	9	rd	rd	PROPN
fbem-15416	120	10	rd	rd	NOUN
fbem-15416	120	11	privatets	privatet	NOUN
fbem-15416	120	12	0.008	0.008	NUM
fbem-15416	120	13	*	*	PUNCT
fbem-15416	120	14	*	*	PUNCT
fbem-15416	120	15	*	*	PUNCT
fbem-15416	120	16	(	(	PUNCT
fbem-15416	120	17	3.90	3.90	NUM
fbem-15416	120	18	)	)	PUNCT
fbem-15416	120	19	private10	private10	NOUN
fbem-15416	120	20	0.324	0.324	NUM
fbem-15416	120	21	*	*	PUNCT
fbem-15416	120	22	*	*	PUNCT
fbem-15416	120	23	*	*	PUNCT
fbem-15416	120	24	(	(	PUNCT
fbem-15416	120	25	5.65	5.65	NUM
fbem-15416	120	26	)	)	PUNCT
fbem-15416	120	27	cons	con	NOUN
fbem-15416	120	28	6.182	6.182	NOUN
fbem-15416	120	29	*	*	PUNCT
fbem-15416	120	30	*	*	PUNCT
fbem-15416	120	31	*	*	PUNCT
fbem-15416	120	32	6.185	6.185	NUM
fbem-15416	120	33	*	*	PUNCT
fbem-15416	120	34	*	*	PUNCT
fbem-15416	120	35	*	*	PUNCT
fbem-15416	120	36	(	(	PUNCT
fbem-15416	120	37	12.03	12.03	NUM
fbem-15416	120	38	)	)	PUNCT
fbem-15416	120	39	(	(	PUNCT
fbem-15416	120	40	12.05	12.05	NUM
fbem-15416	120	41	)	)	PUNCT
fbem-15416	120	42	year	year	NOUN
fbem-15416	121	1	yes	yes	INTJ
fbem-15416	121	2	yes	yes	INTJ
fbem-15416	121	3	control	control	NOUN
fbem-15416	122	1	yes	yes	INTJ
fbem-15416	123	1	yes	yes	INTJ
fbem-15416	124	1	n	n	CCONJ
fbem-15416	124	2	7108	7108	NUM
fbem-15416	124	3	7108	7108	NUM
fbem-15416	124	4	4.2.3	4.2.3	NUM
fbem-15416	124	5	.	.	PUNCT
fbem-15416	125	1	adopting	adopt	VERB
fbem-15416	125	2	lagged	lag	VERB
fbem-15416	125	3	time	time	NOUN
fbem-15416	125	4	point	point	NOUN
fbem-15416	125	5	of	of	ADP
fbem-15416	125	6	innovation	innovation	NOUN
fbem-15416	125	7	measurement	measurement	NOUN
fbem-15416	125	8	since	since	SCONJ
fbem-15416	125	9	the	the	DET
fbem-15416	125	10	impact	impact	NOUN
fbem-15416	125	11	of	of	ADP
fbem-15416	125	12	patent	patent	NOUN
fbem-15416	125	13	application	application	NOUN
fbem-15416	125	14	and	and	CCONJ
fbem-15416	125	15	patent	patent	NOUN
fbem-15416	125	16	grant	grant	NOUN
fbem-15416	125	17	on	on	ADP
fbem-15416	125	18	enterprise	enterprise	NOUN
fbem-15416	125	19	innovation	innovation	NOUN
fbem-15416	125	20	has	have	VERB
fbem-15416	125	21	a	a	DET
fbem-15416	125	22	certain	certain	ADJ
fbem-15416	125	23	lag	lag	NOUN
fbem-15416	125	24	,	,	PUNCT
fbem-15416	125	25	this	this	DET
fbem-15416	125	26	paper	paper	NOUN
fbem-15416	125	27	sets	set	VERB
fbem-15416	125	28	the	the	DET
fbem-15416	125	29	time	time	NOUN
fbem-15416	125	30	point	point	NOUN
fbem-15416	125	31	of	of	ADP
fbem-15416	125	32	measurement	measurement	NOUN
fbem-15416	125	33	of	of	ADP
fbem-15416	125	34	innovation	innovation	NOUN
fbem-15416	125	35	indicators	indicator	NOUN
fbem-15416	125	36	patent	patent	NOUN
fbem-15416	125	37	application	application	NOUN
fbem-15416	125	38	and	and	CCONJ
fbem-15416	125	39	patent	patent	NOUN
fbem-15416	125	40	grant	grant	NOUN
fbem-15416	125	41	as	as	ADP
fbem-15416	125	42	two	two	NUM
fbem-15416	125	43	years	year	NOUN
fbem-15416	125	44	lagged	lag	VERB
fbem-15416	125	45	and	and	CCONJ
fbem-15416	125	46	three	three	NUM
fbem-15416	125	47	years	year	NOUN
fbem-15416	125	48	lagged	lag	VERB
fbem-15416	125	49	respectively	respectively	ADV
fbem-15416	125	50	for	for	ADP
fbem-15416	125	51	two	two	NUM
fbem-15416	125	52	samples	sample	NOUN
fbem-15416	125	53	to	to	PART
fbem-15416	125	54	regress	regress	VERB
fbem-15416	125	55	and	and	CCONJ
fbem-15416	125	56	examine	examine	VERB
fbem-15416	125	57	the	the	DET
fbem-15416	125	58	impact	impact	NOUN
fbem-15416	125	59	on	on	ADP
fbem-15416	125	60	enterprise	enterprise	NOUN
fbem-15416	125	61	innovation	innovation	NOUN
fbem-15416	125	62	in	in	ADP
fbem-15416	125	63	year	year	NOUN
fbem-15416	125	64	t.	t.	NOUN
fbem-15416	126	1	the	the	DET
fbem-15416	126	2	test	test	NOUN
fbem-15416	126	3	results	result	NOUN
fbem-15416	126	4	show	show	VERB
fbem-15416	126	5	that	that	SCONJ
fbem-15416	126	6	when	when	SCONJ
fbem-15416	126	7	the	the	DET
fbem-15416	126	8	patent	patent	NOUN
fbem-15416	126	9	grant	grant	NOUN
fbem-15416	126	10	(	(	PUNCT
fbem-15416	126	11	grants0_2	grants0_2	NOUN
fbem-15416	126	12	)	)	PUNCT
fbem-15416	126	13	is	be	AUX
fbem-15416	126	14	used	use	VERB
fbem-15416	126	15	as	as	ADP
fbem-15416	126	16	the	the	DET
fbem-15416	126	17	dependent	dependent	ADJ
fbem-15416	126	18	variable	variable	NOUN
fbem-15416	126	19	,	,	PUNCT
fbem-15416	126	20	the	the	DET
fbem-15416	126	21	sum	sum	NOUN
fbem-15416	126	22	of	of	ADP
fbem-15416	126	23	non	non	ADJ
fbem-15416	126	24	-	-	ADJ
fbem-15416	126	25	state	state	ADJ
fbem-15416	126	26	shareholders	shareholder	NOUN
fbem-15416	126	27	'	'	PART
fbem-15416	126	28	participation	participation	NOUN
fbem-15416	126	29	(	(	PUNCT
fbem-15416	126	30	privatets	privatet	NOUN
fbem-15416	126	31	)	)	PUNCT
fbem-15416	126	32	is	be	AUX
fbem-15416	126	33	used	use	VERB
fbem-15416	126	34	as	as	ADP
fbem-15416	126	35	the	the	DET
fbem-15416	126	36	dependent	dependent	ADJ
fbem-15416	126	37	variable	variable	NOUN
fbem-15416	126	38	.	.	PUNCT
fbem-15416	127	1	as	as	SCONJ
fbem-15416	127	2	shown	show	VERB
fbem-15416	127	3	in	in	ADP
fbem-15416	127	4	the	the	DET
fbem-15416	127	5	test	test	NOUN
fbem-15416	127	6	results	result	NOUN
fbem-15416	127	7	,	,	PUNCT
fbem-15416	127	8	the	the	DET
fbem-15416	127	9	regression	regression	NOUN
fbem-15416	127	10	coefficients	coefficient	NOUN
fbem-15416	127	11	of	of	ADP
fbem-15416	127	12	the	the	DET
fbem-15416	127	13	215	215	NUM
fbem-15416	127	14	dummy	dummy	ADJ
fbem-15416	127	15	variable	variable	NOUN
fbem-15416	127	16	of	of	ADP
fbem-15416	127	17	total	total	ADJ
fbem-15416	127	18	non	non	ADJ
fbem-15416	127	19	-	-	ADJ
fbem-15416	127	20	state	state	ADJ
fbem-15416	127	21	shareholders	shareholder	NOUN
fbem-15416	127	22	'	'	PART
fbem-15416	127	23	participation	participation	NOUN
fbem-15416	127	24	(	(	PUNCT
fbem-15416	127	25	privatets	privatet	NOUN
fbem-15416	127	26	)	)	PUNCT
fbem-15416	127	27	and	and	CCONJ
fbem-15416	127	28	the	the	DET
fbem-15416	127	29	dummy	dummy	ADJ
fbem-15416	127	30	variable	variable	NOUN
fbem-15416	127	31	of	of	ADP
fbem-15416	127	32	total	total	ADJ
fbem-15416	127	33	non	non	ADJ
fbem-15416	127	34	-	-	ADJ
fbem-15416	127	35	state	state	ADJ
fbem-15416	127	36	shareholders	shareholder	NOUN
fbem-15416	127	37	'	'	PART
fbem-15416	127	38	participation	participation	NOUN
fbem-15416	127	39	exceeding	exceed	VERB
fbem-15416	127	40	10	10	NUM
fbem-15416	127	41	%	%	NOUN
fbem-15416	127	42	(	(	PUNCT
fbem-15416	127	43	private10	private10	NOUN
fbem-15416	127	44	)	)	PUNCT
fbem-15416	127	45	are	be	AUX
fbem-15416	127	46	0.010	0.010	NUM
fbem-15416	127	47	and	and	CCONJ
fbem-15416	127	48	0.356	0.356	NUM
fbem-15416	127	49	respectively	respectively	ADV
fbem-15416	127	50	,	,	PUNCT
fbem-15416	127	51	which	which	PRON
fbem-15416	127	52	are	be	AUX
fbem-15416	127	53	both	both	PRON
fbem-15416	127	54	significantly	significantly	ADV
fbem-15416	127	55	positive	positive	ADJ
fbem-15416	127	56	at	at	ADP
fbem-15416	127	57	the	the	DET
fbem-15416	127	58	1	1	NUM
fbem-15416	127	59	%	%	NOUN
fbem-15416	127	60	level	level	NOUN
fbem-15416	127	61	with	with	ADP
fbem-15416	127	62	patent	patent	NOUN
fbem-15416	127	63	grants	grant	NOUN
fbem-15416	127	64	with	with	ADP
fbem-15416	127	65	a	a	DET
fbem-15416	127	66	lag	lag	NOUN
fbem-15416	127	67	of	of	ADP
fbem-15416	127	68	two	two	NUM
fbem-15416	127	69	years	year	NOUN
fbem-15416	127	70	(	(	PUNCT
fbem-15416	127	71	grants0_2	grants0_2	NOUN
fbem-15416	127	72	)	)	PUNCT
fbem-15416	127	73	as	as	ADP
fbem-15416	127	74	the	the	DET
fbem-15416	127	75	dependent	dependent	ADJ
fbem-15416	127	76	variable	variable	NOUN
fbem-15416	127	77	.	.	PUNCT
fbem-15416	128	1	the	the	DET
fbem-15416	128	2	regression	regression	NOUN
fbem-15416	128	3	coefficients	coefficient	NOUN
fbem-15416	128	4	of	of	ADP
fbem-15416	128	5	the	the	DET
fbem-15416	128	6	dummy	dummy	ADJ
fbem-15416	128	7	variable	variable	NOUN
fbem-15416	128	8	for	for	ADP
fbem-15416	128	9	total	total	ADJ
fbem-15416	128	10	non	non	ADJ
fbem-15416	128	11	-	-	ADJ
fbem-15416	128	12	state	state	ADJ
fbem-15416	128	13	shareholders	shareholder	NOUN
fbem-15416	128	14	'	'	PART
fbem-15416	128	15	participation	participation	NOUN
fbem-15416	128	16	(	(	PUNCT
fbem-15416	128	17	privatets	privatet	NOUN
fbem-15416	128	18	)	)	PUNCT
fbem-15416	128	19	and	and	CCONJ
fbem-15416	128	20	total	total	ADJ
fbem-15416	128	21	non	non	ADJ
fbem-15416	128	22	-	-	ADJ
fbem-15416	128	23	state	state	ADJ
fbem-15416	128	24	shareholders	shareholder	NOUN
fbem-15416	128	25	'	'	PART
fbem-15416	128	26	participation	participation	NOUN
fbem-15416	128	27	exceeding	exceed	VERB
fbem-15416	128	28	10	10	NUM
fbem-15416	128	29	%	%	NOUN
fbem-15416	128	30	(	(	PUNCT
fbem-15416	128	31	private10	private10	NOUN
fbem-15416	128	32	)	)	PUNCT
fbem-15416	128	33	are	be	AUX
fbem-15416	128	34	0.013	0.013	NUM
fbem-15416	128	35	and	and	CCONJ
fbem-15416	128	36	0.449	0.449	NUM
fbem-15416	128	37	,	,	PUNCT
fbem-15416	128	38	respectively	respectively	ADV
fbem-15416	128	39	,	,	PUNCT
fbem-15416	128	40	and	and	CCONJ
fbem-15416	128	41	both	both	PRON
fbem-15416	128	42	are	be	AUX
fbem-15416	128	43	significantly	significantly	ADV
fbem-15416	128	44	positive	positive	ADJ
fbem-15416	128	45	at	at	ADP
fbem-15416	128	46	the	the	DET
fbem-15416	128	47	1	1	NUM
fbem-15416	128	48	%	%	NOUN
fbem-15416	128	49	level	level	NOUN
fbem-15416	128	50	when	when	SCONJ
fbem-15416	128	51	using	use	VERB
fbem-15416	128	52	patent	patent	NOUN
fbem-15416	128	53	applications	application	NOUN
fbem-15416	128	54	(	(	PUNCT
fbem-15416	128	55	apply0_2	apply0_2	NOUN
fbem-15416	128	56	)	)	PUNCT
fbem-15416	128	57	with	with	ADP
fbem-15416	128	58	a	a	DET
fbem-15416	128	59	two	two	NUM
fbem-15416	128	60	-	-	PUNCT
fbem-15416	128	61	period	period	NOUN
fbem-15416	128	62	lag	lag	NOUN
fbem-15416	128	63	as	as	ADP
fbem-15416	128	64	the	the	DET
fbem-15416	128	65	dependent	dependent	ADJ
fbem-15416	128	66	variable	variable	NOUN
fbem-15416	128	67	.	.	PUNCT
fbem-15416	129	1	the	the	DET
fbem-15416	129	2	results	result	NOUN
fbem-15416	129	3	of	of	ADP
fbem-15416	129	4	the	the	DET
fbem-15416	129	5	three	three	NUM
fbem-15416	129	6	lagged	lag	VERB
fbem-15416	129	7	tests	test	NOUN
fbem-15416	129	8	are	be	AUX
fbem-15416	129	9	similar	similar	ADJ
fbem-15416	129	10	,	,	PUNCT
fbem-15416	129	11	but	but	CCONJ
fbem-15416	129	12	are	be	AUX
fbem-15416	129	13	not	not	PART
fbem-15416	129	14	repeated.the	repeated.the	DET
fbem-15416	129	15	results	result	NOUN
fbem-15416	129	16	of	of	ADP
fbem-15416	129	17	the	the	DET
fbem-15416	129	18	replacement	replacement	NOUN
fbem-15416	129	19	metric	metric	ADJ
fbem-15416	129	20	time	time	NOUN
fbem-15416	129	21	-	-	PUNCT
fbem-15416	129	22	point	point	NOUN
fbem-15416	129	23	test	test	NOUN
fbem-15416	129	24	indicate	indicate	VERB
fbem-15416	129	25	that	that	SCONJ
fbem-15416	129	26	non	non	ADJ
fbem-15416	129	27	-	-	ADJ
fbem-15416	129	28	state	state	ADJ
fbem-15416	129	29	shareholder	shareholder	NOUN
fbem-15416	129	30	participation	participation	NOUN
fbem-15416	129	31	and	and	CCONJ
fbem-15416	129	32	non	non	ADJ
fbem-15416	129	33	-	-	ADJ
fbem-15416	129	34	state	state	ADJ
fbem-15416	129	35	majority	majority	NOUN
fbem-15416	129	36	shareholders	shareholder	NOUN
fbem-15416	129	37	'	'	PART
fbem-15416	129	38	promotion	promotion	NOUN
fbem-15416	129	39	of	of	ADP
fbem-15416	129	40	corporate	corporate	ADJ
fbem-15416	129	41	innovation	innovation	NOUN
fbem-15416	129	42	also	also	ADV
fbem-15416	129	43	remain	remain	VERB
fbem-15416	129	44	robust	robust	ADJ
fbem-15416	129	45	under	under	ADP
fbem-15416	129	46	different	different	ADJ
fbem-15416	129	47	time	time	NOUN
fbem-15416	129	48	points	point	NOUN
fbem-15416	129	49	.	.	PUNCT
fbem-15416	130	1	table	table	NOUN
fbem-15416	130	2	6	6	NUM
fbem-15416	130	3	.	.	PUNCT
fbem-15416	131	1	two	two	NUM
fbem-15416	131	2	lag	lag	NOUN
fbem-15416	131	3	period	period	NOUN
fbem-15416	131	4	test	test	NOUN
fbem-15416	131	5	(	(	PUNCT
fbem-15416	131	6	1	1	NUM
fbem-15416	131	7	)	)	PUNCT
fbem-15416	131	8	(	(	PUNCT
fbem-15416	131	9	2	2	NUM
fbem-15416	131	10	)	)	PUNCT
fbem-15416	131	11	(	(	PUNCT
fbem-15416	131	12	3	3	X
fbem-15416	131	13	)	)	PUNCT
fbem-15416	131	14	(	(	PUNCT
fbem-15416	131	15	4	4	X
fbem-15416	131	16	)	)	PUNCT
fbem-15416	131	17	grants0_2	grants0_2	NOUN
fbem-15416	131	18	apply0_2	apply0_2	NOUN
fbem-15416	131	19	grants0_2	grants0_2	NOUN
fbem-15416	131	20	apply0_2	apply0_2	NOUN
fbem-15416	131	21	privatets	privatet	NOUN
fbem-15416	131	22	0.010	0.010	NUM
fbem-15416	131	23	*	*	PUNCT
fbem-15416	131	24	*	*	PUNCT
fbem-15416	131	25	*	*	PUNCT
fbem-15416	131	26	0.013	0.013	NUM
fbem-15416	131	27	*	*	PUNCT
fbem-15416	131	28	*	*	PUNCT
fbem-15416	131	29	*	*	PUNCT
fbem-15416	131	30	(	(	PUNCT
fbem-15416	131	31	3.42	3.42	NUM
fbem-15416	131	32	)	)	PUNCT
fbem-15416	131	33	(	(	PUNCT
fbem-15416	131	34	4.03	4.03	NUM
fbem-15416	131	35	)	)	PUNCT
fbem-15416	131	36	private10	private10	NOUN
fbem-15416	131	37	0.356	0.356	NUM
fbem-15416	131	38	*	*	PUNCT
fbem-15416	131	39	*	*	PUNCT
fbem-15416	131	40	*	*	PUNCT
fbem-15416	131	41	0.449	0.449	PRON
fbem-15416	131	42	*	*	PUNCT
fbem-15416	131	43	*	*	PUNCT
fbem-15416	131	44	*	*	PUNCT
fbem-15416	131	45	(	(	PUNCT
fbem-15416	131	46	4.32	4.32	NUM
fbem-15416	131	47	)	)	PUNCT
fbem-15416	131	48	(	(	PUNCT
fbem-15416	131	49	5.05	5.05	NUM
fbem-15416	131	50	)	)	PUNCT
fbem-15416	131	51	cons	con	NOUN
fbem-15416	131	52	-7.525	-7.525	VERB
fbem-15416	131	53	*	*	NOUN
fbem-15416	131	54	*	*	PUNCT
fbem-15416	131	55	*	*	PUNCT
fbem-15416	131	56	-7.702	-7.702	PROPN
fbem-15416	131	57	*	*	PUNCT
fbem-15416	131	58	*	*	PUNCT
fbem-15416	131	59	*	*	PUNCT
fbem-15416	131	60	-7.486	-7.486	PUNCT
fbem-15416	131	61	*	*	PUNCT
fbem-15416	131	62	*	*	PUNCT
fbem-15416	131	63	*	*	PUNCT
fbem-15416	131	64	-7.652	-7.652	PUNCT
fbem-15416	131	65	*	*	PUNCT
fbem-15416	131	66	*	*	PUNCT
fbem-15416	131	67	*	*	PUNCT
fbem-15416	131	68	(	(	PUNCT
fbem-15416	131	69	-10.08	-10.08	NUM
fbem-15416	131	70	)	)	PUNCT
fbem-15416	131	71	(	(	PUNCT
fbem-15416	131	72	-9.57	-9.57	PROPN
fbem-15416	131	73	)	)	PUNCT
fbem-15416	131	74	(	(	PUNCT
fbem-15416	131	75	-10.04	-10.04	PROPN
fbem-15416	131	76	)	)	PUNCT
fbem-15416	131	77	(	(	PUNCT
fbem-15416	131	78	-9.52	-9.52	ADJ
fbem-15416	131	79	)	)	PUNCT
fbem-15416	131	80	year	year	NOUN
fbem-15416	132	1	yes	yes	INTJ
fbem-15416	132	2	yes	yes	INTJ
fbem-15416	133	1	yes	yes	INTJ
fbem-15416	133	2	yes	yes	INTJ
fbem-15416	133	3	control	control	NOUN
fbem-15416	134	1	yes	yes	INTJ
fbem-15416	135	1	yes	yes	INTJ
fbem-15416	136	1	yes	yes	INTJ
fbem-15416	137	1	yes	yes	INTJ
fbem-15416	137	2	n	n	CCONJ
fbem-15416	137	3	6023	6023	NUM
fbem-15416	137	4	6023	6023	NUM
fbem-15416	137	5	6023	6023	NUM
fbem-15416	138	1	6023	6023	NUM
fbem-15416	138	2	table	table	NOUN
fbem-15416	138	3	7	7	NUM
fbem-15416	138	4	.	.	PUNCT
fbem-15416	138	5	three	three	NUM
fbem-15416	138	6	lag	lag	NOUN
fbem-15416	138	7	period	period	NOUN
fbem-15416	138	8	test	test	NOUN
fbem-15416	138	9	(	(	PUNCT
fbem-15416	138	10	1	1	NUM
fbem-15416	138	11	)	)	PUNCT
fbem-15416	138	12	(	(	PUNCT
fbem-15416	138	13	2	2	NUM
fbem-15416	138	14	)	)	PUNCT
fbem-15416	138	15	(	(	PUNCT
fbem-15416	138	16	3	3	X
fbem-15416	138	17	)	)	PUNCT
fbem-15416	138	18	(	(	PUNCT
fbem-15416	138	19	4	4	X
fbem-15416	138	20	)	)	PUNCT
fbem-15416	138	21	grants0_3	grants0_3	PROPN
fbem-15416	138	22	apply0_3	apply0_3	NOUN
fbem-15416	138	23	grants0_3	grants0_3	PROPN
fbem-15416	138	24	apply0_3	apply0_3	NOUN
fbem-15416	138	25	privatets	privatet	VERB
fbem-15416	138	26	0.010	0.010	NUM
fbem-15416	138	27	*	*	PUNCT
fbem-15416	138	28	*	*	PUNCT
fbem-15416	138	29	*	*	PUNCT
fbem-15416	138	30	0.012	0.012	NUM
fbem-15416	138	31	*	*	PUNCT
fbem-15416	138	32	*	*	PUNCT
fbem-15416	138	33	*	*	PUNCT
fbem-15416	138	34	(	(	PUNCT
fbem-15416	138	35	3.00	3.00	NUM
fbem-15416	138	36	)	)	PUNCT
fbem-15416	138	37	(	(	PUNCT
fbem-15416	138	38	3.57	3.57	NUM
fbem-15416	138	39	)	)	PUNCT
fbem-15416	138	40	private10	private10	NOUN
fbem-15416	138	41	0.306	0.306	NOUN
fbem-15416	138	42	*	*	PUNCT
fbem-15416	138	43	*	*	PUNCT
fbem-15416	138	44	*	*	PUNCT
fbem-15416	138	45	0.409	0.409	NUM
fbem-15416	138	46	*	*	PUNCT
fbem-15416	138	47	*	*	PUNCT
fbem-15416	138	48	*	*	PUNCT
fbem-15416	138	49	(	(	PUNCT
fbem-15416	138	50	3.41	3.41	NUM
fbem-15416	138	51	)	)	PUNCT
fbem-15416	138	52	(	(	PUNCT
fbem-15416	138	53	4.23	4.23	NUM
fbem-15416	138	54	)	)	PUNCT
fbem-15416	138	55	cons	con	NOUN
fbem-15416	138	56	-7.264	-7.264	NOUN
fbem-15416	138	57	*	*	PUNCT
fbem-15416	138	58	*	*	PUNCT
fbem-15416	138	59	*	*	PUNCT
fbem-15416	138	60	-7.285	-7.285	PUNCT
fbem-15416	138	61	*	*	PUNCT
fbem-15416	138	62	*	*	PUNCT
fbem-15416	138	63	*	*	PUNCT
fbem-15416	138	64	-7.213	-7.213	PUNCT
fbem-15416	138	65	*	*	PUNCT
fbem-15416	138	66	*	*	PUNCT
fbem-15416	138	67	*	*	PUNCT
fbem-15416	138	68	-7.225	-7.225	PUNCT
fbem-15416	138	69	*	*	PUNCT
fbem-15416	138	70	*	*	PUNCT
fbem-15416	138	71	*	*	PUNCT
fbem-15416	138	72	(	(	PUNCT
fbem-15416	138	73	-8.67	-8.67	NUM
fbem-15416	138	74	)	)	PUNCT
fbem-15416	138	75	(	(	PUNCT
fbem-15416	138	76	-8.08	-8.08	NOUN
fbem-15416	138	77	)	)	PUNCT
fbem-15416	138	78	(	(	PUNCT
fbem-15416	138	79	-8.61	-8.61	NOUN
fbem-15416	138	80	)	)	PUNCT
fbem-15416	138	81	(	(	PUNCT
fbem-15416	138	82	-8.02	-8.02	NUM
fbem-15416	138	83	)	)	PUNCT
fbem-15416	138	84	year	year	NOUN
fbem-15416	139	1	yes	yes	INTJ
fbem-15416	139	2	yes	yes	INTJ
fbem-15416	140	1	yes	yes	INTJ
fbem-15416	140	2	yes	yes	INTJ
fbem-15416	140	3	control	control	NOUN
fbem-15416	141	1	yes	yes	INTJ
fbem-15416	142	1	yes	yes	INTJ
fbem-15416	143	1	yes	yes	INTJ
fbem-15416	144	1	yes	yes	INTJ
fbem-15416	145	1	n	n	CCONJ
fbem-15416	145	2	5012	5012	NUM
fbem-15416	145	3	5012	5012	NUM
fbem-15416	145	4	5012	5012	NUM
fbem-15416	145	5	5012	5012	NUM
fbem-15416	145	6	5	5	NUM
fbem-15416	145	7	.	.	PUNCT
fbem-15416	146	1	mechanism	mechanism	NOUN
fbem-15416	146	2	of	of	ADP
fbem-15416	146	3	action	action	NOUN
fbem-15416	146	4	the	the	DET
fbem-15416	146	5	results	result	NOUN
fbem-15416	146	6	of	of	ADP
fbem-15416	146	7	the	the	DET
fbem-15416	146	8	empirical	empirical	ADJ
fbem-15416	146	9	analyses	analysis	NOUN
fbem-15416	146	10	in	in	ADP
fbem-15416	146	11	the	the	DET
fbem-15416	146	12	fourth	fourth	ADJ
fbem-15416	146	13	part	part	NOUN
fbem-15416	146	14	of	of	ADP
fbem-15416	146	15	this	this	DET
fbem-15416	146	16	paper	paper	NOUN
fbem-15416	146	17	indicate	indicate	VERB
fbem-15416	146	18	that	that	SCONJ
fbem-15416	146	19	non	non	ADJ
fbem-15416	146	20	-	-	ADJ
fbem-15416	146	21	state	state	ADJ
fbem-15416	146	22	shareholders	shareholder	NOUN
fbem-15416	146	23	'	'	PART
fbem-15416	146	24	equity	equity	NOUN
fbem-15416	146	25	participation	participation	NOUN
fbem-15416	146	26	promotes	promote	VERB
fbem-15416	146	27	corporate	corporate	ADJ
fbem-15416	146	28	innovation	innovation	NOUN
fbem-15416	146	29	.	.	PUNCT
fbem-15416	147	1	however	however	ADV
fbem-15416	147	2	,	,	PUNCT
fbem-15416	147	3	the	the	DET
fbem-15416	147	4	question	question	NOUN
fbem-15416	147	5	that	that	PRON
fbem-15416	147	6	arises	arise	VERB
fbem-15416	147	7	is	be	AUX
fbem-15416	147	8	how	how	SCONJ
fbem-15416	147	9	non	non	ADJ
fbem-15416	147	10	-	-	ADJ
fbem-15416	147	11	state	state	ADJ
fbem-15416	147	12	shareholders	shareholder	NOUN
fbem-15416	147	13	'	'	PART
fbem-15416	147	14	equity	equity	NOUN
fbem-15416	147	15	participation	participation	NOUN
fbem-15416	147	16	promotes	promote	VERB
fbem-15416	147	17	corporate	corporate	ADJ
fbem-15416	147	18	innovation	innovation	NOUN
fbem-15416	147	19	and	and	CCONJ
fbem-15416	147	20	through	through	ADP
fbem-15416	147	21	what	what	DET
fbem-15416	147	22	mechanism	mechanism	NOUN
fbem-15416	147	23	of	of	ADP
fbem-15416	147	24	action	action	NOUN
fbem-15416	147	25	?	?	PUNCT
fbem-15416	148	1	this	this	DET
fbem-15416	148	2	part	part	NOUN
fbem-15416	148	3	attempts	attempt	VERB
fbem-15416	148	4	to	to	PART
fbem-15416	148	5	empirically	empirically	ADV
fbem-15416	148	6	test	test	VERB
fbem-15416	148	7	the	the	DET
fbem-15416	148	8	dimensions	dimension	NOUN
fbem-15416	148	9	of	of	ADP
fbem-15416	148	10	executive	executive	ADJ
fbem-15416	148	11	compensation	compensation	NOUN
fbem-15416	148	12	incentives	incentive	NOUN
fbem-15416	148	13	and	and	CCONJ
fbem-15416	148	14	financial	financial	ADJ
fbem-15416	148	15	asset	asset	NOUN
fbem-15416	148	16	allocation	allocation	NOUN
fbem-15416	148	17	in	in	ADP
fbem-15416	148	18	order	order	NOUN
fbem-15416	148	19	to	to	PART
fbem-15416	148	20	better	well	ADV
fbem-15416	148	21	recognise	recognise	VERB
fbem-15416	148	22	and	and	CCONJ
fbem-15416	148	23	understand	understand	VERB
fbem-15416	148	24	the	the	DET
fbem-15416	148	25	mechanism	mechanism	NOUN
fbem-15416	148	26	by	by	ADP
fbem-15416	148	27	which	which	PRON
fbem-15416	148	28	non	non	ADJ
fbem-15416	148	29	-	-	ADJ
fbem-15416	148	30	state	state	ADJ
fbem-15416	148	31	shareholder	shareholder	NOUN
fbem-15416	148	32	participation	participation	NOUN
fbem-15416	148	33	affects	affect	VERB
fbem-15416	148	34	corporate	corporate	ADJ
fbem-15416	148	35	innovation	innovation	NOUN
fbem-15416	148	36	.	.	PUNCT
fbem-15416	149	1	5.1	5.1	NUM
fbem-15416	149	2	.	.	PUNCT
fbem-15416	149	3	executive	executive	PROPN
fbem-15416	149	4	compensation	compensation	NOUN
fbem-15416	149	5	incentives	incentive	NOUN
fbem-15416	149	6	of	of	ADP
fbem-15416	149	7	nonstate	nonstate	ADJ
fbem-15416	149	8	shareholders	shareholder	NOUN
fbem-15416	149	9	'	'	PART
fbem-15416	149	10	equity	equity	NOUN
fbem-15416	149	11	participation	participation	NOUN
fbem-15416	149	12	to	to	PART
fbem-15416	149	13	promote	promote	VERB
fbem-15416	149	14	technological	technological	ADJ
fbem-15416	149	15	innovation	innovation	NOUN
fbem-15416	149	16	in	in	ADP
fbem-15416	149	17	soes	soe	NOUN
fbem-15416	149	18	regarding	regard	VERB
fbem-15416	149	19	the	the	DET
fbem-15416	149	20	research	research	NOUN
fbem-15416	149	21	and	and	CCONJ
fbem-15416	149	22	measurement	measurement	NOUN
fbem-15416	149	23	of	of	ADP
fbem-15416	149	24	executive	executive	ADJ
fbem-15416	149	25	compensation	compensation	NOUN
fbem-15416	149	26	incentives	incentive	NOUN
fbem-15416	149	27	,	,	PUNCT
fbem-15416	149	28	this	this	DET
fbem-15416	149	29	paper	paper	NOUN
fbem-15416	149	30	draws	draw	VERB
fbem-15416	149	31	on	on	ADP
fbem-15416	149	32	cai	cai	PROPN
fbem-15416	149	33	guilong	guilong	PROPN
fbem-15416	149	34	et	et	PROPN
fbem-15416	149	35	al	al	PROPN
fbem-15416	149	36	.	.	PROPN
fbem-15416	150	1	(	(	PUNCT
fbem-15416	150	2	2018	2018	NUM
fbem-15416	150	3	)	)	PUNCT
fbem-15416	150	4	to	to	PART
fbem-15416	150	5	measure	measure	VERB
fbem-15416	150	6	executive	executive	ADJ
fbem-15416	150	7	compensation	compensation	NOUN
fbem-15416	150	8	incentives	incentive	NOUN
fbem-15416	150	9	by	by	ADP
fbem-15416	150	10	taking	take	VERB
fbem-15416	150	11	the	the	DET
fbem-15416	150	12	natural	natural	ADJ
fbem-15416	150	13	logarithm	logarithm	NOUN
fbem-15416	150	14	of	of	ADP
fbem-15416	150	15	the	the	DET
fbem-15416	150	16	mean	mean	ADJ
fbem-15416	150	17	value	value	NOUN
fbem-15416	150	18	of	of	ADP
fbem-15416	150	19	the	the	DET
fbem-15416	150	20	top	top	ADJ
fbem-15416	150	21	three	three	NUM
fbem-15416	150	22	executives	executive	NOUN
fbem-15416	150	23	'	'	PART
fbem-15416	150	24	compensation	compensation	NOUN
fbem-15416	150	25	disclosed	disclose	VERB
fbem-15416	150	26	by	by	ADP
fbem-15416	150	27	the	the	DET
fbem-15416	150	28	company	company	NOUN
fbem-15416	150	29	.	.	PUNCT
fbem-15416	151	1	and	and	CCONJ
fbem-15416	151	2	for	for	ADP
fbem-15416	151	3	the	the	DET
fbem-15416	151	4	test	test	NOUN
fbem-15416	151	5	method	method	NOUN
fbem-15416	151	6	of	of	ADP
fbem-15416	151	7	mediation	mediation	NOUN
fbem-15416	151	8	effect	effect	NOUN
fbem-15416	151	9	draws	draw	VERB
fbem-15416	151	10	on	on	ADP
fbem-15416	151	11	the	the	DET
fbem-15416	151	12	method	method	NOUN
fbem-15416	151	13	of	of	ADP
fbem-15416	151	14	wen	wen	PROPN
fbem-15416	151	15	zhonglin	zhonglin	PROPN
fbem-15416	151	16	et	et	PROPN
fbem-15416	151	17	al	al	PROPN
fbem-15416	151	18	.	.	PROPN
fbem-15416	152	1	(	(	PUNCT
fbem-15416	152	2	2004	2004	NUM
fbem-15416	152	3	)	)	PUNCT
fbem-15416	152	4	and	and	CCONJ
fbem-15416	152	5	jiang	jiang	PROPN
fbem-15416	152	6	xuanyu	xuanyu	PROPN
fbem-15416	152	7	(	(	PUNCT
fbem-15416	152	8	2016	2016	NUM
fbem-15416	152	9	)	)	PUNCT
fbem-15416	152	10	,	,	PUNCT
fbem-15416	152	11	the	the	DET
fbem-15416	152	12	mediation	mediation	NOUN
fbem-15416	152	13	effect	effect	NOUN
fbem-15416	152	14	test	test	NOUN
fbem-15416	152	15	model	model	NOUN
fbem-15416	152	16	is	be	AUX
fbem-15416	152	17	as	as	SCONJ
fbem-15416	152	18	follows	follow	VERB
fbem-15416	152	19	:	:	PUNCT
fbem-15416	152	20	𝐴𝑝𝑝𝑙𝑦	𝐴𝑝𝑝𝑙𝑦	PROPN
fbem-15416	152	21	𝐺𝑟𝑎𝑛𝑡𝑠	𝐺𝑟𝑎𝑛𝑡𝑠	PROPN
fbem-15416	152	22	𝛽	𝛽	NOUN
fbem-15416	152	23	𝛽	𝛽	NOUN
fbem-15416	152	24	𝑃𝑟𝑖𝑣𝑎𝑡𝑒𝑇𝑆	𝑃𝑟𝑖𝑣𝑎𝑡𝑒𝑇𝑆	PROPN
fbem-15416	152	25	𝑃𝑟𝑖𝑣𝑎𝑡𝑒10	𝑃𝑟𝑖𝑣𝑎𝑡𝑒10	PROPN
fbem-15416	152	26	𝛽	𝛽	PROPN
fbem-15416	152	27	𝐶𝑜𝑛𝑡𝑟𝑜𝑙	𝐶𝑜𝑛𝑡𝑟𝑜𝑙	PROPN
fbem-15416	152	28	—	—	PUNCT
fbem-15416	152	29	—	—	PUNCT
fbem-15416	152	30	（	（	X
fbem-15416	152	31	1a	1a	X
fbem-15416	152	32	）	）	PUNCT
fbem-15416	153	1	𝑇𝑜𝑝3	𝑇𝑜𝑝3	PROPN
fbem-15416	153	2	𝛽	𝛽	NOUN
fbem-15416	153	3	𝜃𝑃𝑟𝑖𝑣𝑎𝑡𝑒𝑇𝑆	𝜃𝑃𝑟𝑖𝑣𝑎𝑡𝑒𝑇𝑆	X
fbem-15416	153	4	𝑃𝑟𝑖𝑣𝑎𝑡𝑒10	𝑃𝑟𝑖𝑣𝑎𝑡𝑒10	PROPN
fbem-15416	153	5	𝛽	𝛽	PROPN
fbem-15416	153	6	𝐶𝑜𝑛𝑡𝑟𝑜𝑙	𝐶𝑜𝑛𝑡𝑟𝑜𝑙	PROPN
fbem-15416	153	7	—	—	PUNCT
fbem-15416	153	8	—	—	PUNCT
fbem-15416	153	9	（	（	NOUN
fbem-15416	153	10	1b	1b	NUM
fbem-15416	153	11	）	）	PUNCT
fbem-15416	154	1	𝐴𝑝𝑝𝑙𝑦	𝐴𝑝𝑝𝑙𝑦	PROPN
fbem-15416	154	2	𝐺𝑟𝑎𝑛𝑡𝑠	𝐺𝑟𝑎𝑛𝑡𝑠	PROPN
fbem-15416	154	3	𝛽	𝛽	NOUN
fbem-15416	154	4	𝛾	𝛾	ADP
fbem-15416	154	5	𝑃𝑟𝑖𝑣𝑎𝑡𝑒𝑇𝑆	𝑃𝑟𝑖𝑣𝑎𝑡𝑒𝑇𝑆	VERB
fbem-15416	154	6	𝑃𝑟𝑖𝑣𝑎𝑡𝑒10	𝑃𝑟𝑖𝑣𝑎𝑡𝑒10	NOUN
fbem-15416	154	7	𝛾	𝛾	ADP
fbem-15416	154	8	𝑇𝑜𝑝3	𝑇𝑜𝑝3	PROPN
fbem-15416	154	9	𝛽	𝛽	PROPN
fbem-15416	154	10	𝐶𝑜𝑛𝑡𝑟𝑜𝑙	𝐶𝑜𝑛𝑡𝑟𝑜𝑙	PROPN
fbem-15416	154	11	—	—	PUNCT
fbem-15416	154	12	—	—	PUNCT
fbem-15416	154	13	（	（	NUM
fbem-15416	154	14	1c	1c	NOUN
fbem-15416	154	15	）	）	PUNCT
fbem-15416	154	16	referring	refer	VERB
fbem-15416	154	17	to	to	ADP
fbem-15416	154	18	the	the	DET
fbem-15416	154	19	research	research	NOUN
fbem-15416	154	20	method	method	NOUN
fbem-15416	154	21	of	of	ADP
fbem-15416	154	22	wen	wen	PROPN
fbem-15416	154	23	zhonglin	zhonglin	PROPN
fbem-15416	154	24	et	et	PROPN
fbem-15416	154	25	al	al	PROPN
fbem-15416	154	26	.	.	PROPN
fbem-15416	155	1	(	(	PUNCT
fbem-15416	155	2	2004	2004	NUM
fbem-15416	155	3	)	)	PUNCT
fbem-15416	155	4	,	,	PUNCT
fbem-15416	155	5	the	the	DET
fbem-15416	155	6	mediation	mediation	NOUN
fbem-15416	155	7	effect	effect	NOUN
fbem-15416	155	8	test	test	NOUN
fbem-15416	155	9	and	and	CCONJ
fbem-15416	155	10	research	research	NOUN
fbem-15416	155	11	are	be	AUX
fbem-15416	155	12	conducted	conduct	VERB
fbem-15416	155	13	rigorously	rigorously	ADV
fbem-15416	155	14	according	accord	VERB
fbem-15416	155	15	to	to	ADP
fbem-15416	155	16	the	the	DET
fbem-15416	155	17	following	follow	VERB
fbem-15416	155	18	steps	step	NOUN
fbem-15416	155	19	.	.	PUNCT
fbem-15416	156	1	(	(	PUNCT
fbem-15416	156	2	1	1	NUM
fbem-15416	156	3	)	)	PUNCT
fbem-15416	156	4	according	accord	VERB
fbem-15416	156	5	to	to	ADP
fbem-15416	156	6	model	model	NOUN
fbem-15416	156	7	(	(	PUNCT
fbem-15416	156	8	1a	1a	NUM
fbem-15416	156	9	)	)	PUNCT
fbem-15416	156	10	,	,	PUNCT
fbem-15416	156	11	the	the	DET
fbem-15416	156	12	regression	regression	NOUN
fbem-15416	156	13	coefficients	coefficient	NOUN
fbem-15416	156	14	are	be	AUX
fbem-15416	156	15	significant	significant	ADJ
fbem-15416	156	16	as	as	ADP
fbem-15416	156	17	a	a	DET
fbem-15416	156	18	prerequisite	prerequisite	NOUN
fbem-15416	156	19	in	in	ADP
fbem-15416	156	20	order	order	NOUN
fbem-15416	156	21	to	to	PART
fbem-15416	156	22	carry	carry	VERB
fbem-15416	156	23	out	out	ADP
fbem-15416	156	24	the	the	DET
fbem-15416	156	25	following	follow	VERB
fbem-15416	156	26	mediation	mediation	NOUN
fbem-15416	156	27	effect	effect	NOUN
fbem-15416	156	28	significance	significance	NOUN
fbem-15416	156	29	test	test	NOUN
fbem-15416	156	30	.	.	PUNCT
fbem-15416	157	1	in	in	ADP
fbem-15416	157	2	this	this	DET
fbem-15416	157	3	paper	paper	NOUN
fbem-15416	157	4	,	,	PUNCT
fbem-15416	157	5	the	the	DET
fbem-15416	157	6	main	main	ADJ
fbem-15416	157	7	test	test	NOUN
fbem-15416	157	8	regression	regression	NOUN
fbem-15416	157	9	coefficients	coefficient	NOUN
fbem-15416	157	10	are	be	AUX
fbem-15416	157	11	all	all	PRON
fbem-15416	157	12	significantly	significantly	ADV
fbem-15416	157	13	positive	positive	ADJ
fbem-15416	157	14	,	,	PUNCT
fbem-15416	157	15	so	so	CCONJ
fbem-15416	157	16	the	the	DET
fbem-15416	157	17	premise	premise	NOUN
fbem-15416	157	18	is	be	AUX
fbem-15416	157	19	met	meet	VERB
fbem-15416	157	20	.	.	PUNCT
fbem-15416	158	1	(	(	PUNCT
fbem-15416	158	2	2	2	X
fbem-15416	158	3	)	)	PUNCT
fbem-15416	158	4	estimating	estimate	VERB
fbem-15416	158	5	model	model	NOUN
fbem-15416	158	6	(	(	PUNCT
fbem-15416	158	7	1b	1b	NUM
fbem-15416	158	8	)	)	PUNCT
fbem-15416	158	9	and	and	CCONJ
fbem-15416	158	10	(	(	PUNCT
fbem-15416	158	11	1c	1c	NOUN
fbem-15416	158	12	)	)	PUNCT
fbem-15416	158	13	,	,	PUNCT
fbem-15416	158	14	if	if	SCONJ
fbem-15416	158	15	the	the	DET
fbem-15416	158	16	regression	regression	NOUN
fbem-15416	158	17	coefficients	coefficient	NOUN
fbem-15416	158	18	of	of	ADP
fbem-15416	158	19	and	and	CCONJ
fbem-15416	158	20	are	be	AUX
fbem-15416	158	21	significant	significant	ADJ
fbem-15416	158	22	positive	positive	ADJ
fbem-15416	158	23	,	,	PUNCT
fbem-15416	158	24	it	it	PRON
fbem-15416	158	25	indicates	indicate	VERB
fbem-15416	158	26	that	that	SCONJ
fbem-15416	158	27	the	the	DET
fbem-15416	158	28	mediation	mediation	NOUN
fbem-15416	158	29	effect	effect	NOUN
fbem-15416	158	30	is	be	AUX
fbem-15416	158	31	significant	significant	ADJ
fbem-15416	158	32	,	,	PUNCT
fbem-15416	158	33	and	and	CCONJ
fbem-15416	158	34	the	the	DET
fbem-15416	158	35	participation	participation	NOUN
fbem-15416	158	36	of	of	ADP
fbem-15416	158	37	nonstate	nonstate	ADJ
fbem-15416	158	38	shareholders	shareholder	NOUN
fbem-15416	158	39	promotes	promote	VERB
fbem-15416	158	40	corporate	corporate	ADJ
fbem-15416	158	41	innovation	innovation	NOUN
fbem-15416	158	42	by	by	ADP
fbem-15416	158	43	enhancing	enhance	VERB
fbem-15416	158	44	the	the	DET
fbem-15416	158	45	incentives	incentive	NOUN
fbem-15416	158	46	of	of	ADP
fbem-15416	158	47	corporate	corporate	ADJ
fbem-15416	158	48	executives	executive	NOUN
fbem-15416	158	49	'	'	PART
fbem-15416	158	50	remuneration	remuneration	NOUN
fbem-15416	158	51	;	;	PUNCT
fbem-15416	158	52	based	base	VERB
fbem-15416	158	53	on	on	ADP
fbem-15416	158	54	this	this	PRON
fbem-15416	158	55	,	,	PUNCT
fbem-15416	158	56	if	if	SCONJ
fbem-15416	158	57	the	the	DET
fbem-15416	158	58	regression	regression	NOUN
fbem-15416	158	59	coefficients	coefficient	NOUN
fbem-15416	158	60	are	be	AUX
fbem-15416	158	61	significant	significant	ADJ
fbem-15416	158	62	(	(	PUNCT
fbem-15416	158	63	insignificant	insignificant	ADJ
fbem-15416	158	64	)	)	PUNCT
fbem-15416	158	65	,	,	PUNCT
fbem-15416	158	66	it	it	PRON
fbem-15416	158	67	indicates	indicate	VERB
fbem-15416	158	68	that	that	SCONJ
fbem-15416	158	69	the	the	DET
fbem-15416	158	70	participation	participation	NOUN
fbem-15416	158	71	of	of	ADP
fbem-15416	158	72	non	non	ADJ
fbem-15416	158	73	-	-	ADJ
fbem-15416	158	74	state	state	ADJ
fbem-15416	158	75	shareholders	shareholder	NOUN
fbem-15416	158	76	plays	play	VERB
fbem-15416	158	77	the	the	DET
fbem-15416	158	78	role	role	NOUN
fbem-15416	158	79	of	of	ADP
fbem-15416	158	80	partially	partially	ADV
fbem-15416	158	81	(	(	PUNCT
fbem-15416	158	82	fully	fully	ADV
fbem-15416	158	83	)	)	PUNCT
fbem-15416	158	84	mediated	mediate	VERB
fbem-15416	158	85	.	.	PUNCT
fbem-15416	159	1	216	216	NUM
fbem-15416	159	2	as	as	SCONJ
fbem-15416	159	3	shown	show	VERB
fbem-15416	159	4	in	in	ADP
fbem-15416	159	5	table	table	NOUN
fbem-15416	159	6	8	8	NUM
fbem-15416	159	7	,	,	PUNCT
fbem-15416	159	8	columns	column	NOUN
fbem-15416	159	9	(	(	PUNCT
fbem-15416	159	10	1	1	NUM
fbem-15416	159	11	)	)	PUNCT
fbem-15416	159	12	and	and	CCONJ
fbem-15416	159	13	(	(	PUNCT
fbem-15416	159	14	2	2	X
fbem-15416	159	15	)	)	PUNCT
fbem-15416	159	16	are	be	AUX
fbem-15416	159	17	the	the	DET
fbem-15416	159	18	test	test	NOUN
fbem-15416	159	19	results	result	NOUN
fbem-15416	159	20	of	of	ADP
fbem-15416	159	21	the	the	DET
fbem-15416	159	22	estimated	estimate	VERB
fbem-15416	159	23	model	model	NOUN
fbem-15416	159	24	(	(	PUNCT
fbem-15416	159	25	1b	1b	NUM
fbem-15416	159	26	)	)	PUNCT
fbem-15416	159	27	,	,	PUNCT
fbem-15416	159	28	showing	show	VERB
fbem-15416	159	29	that	that	SCONJ
fbem-15416	159	30	the	the	DET
fbem-15416	159	31	regression	regression	NOUN
fbem-15416	159	32	coefficients	coefficient	NOUN
fbem-15416	159	33	are	be	AUX
fbem-15416	159	34	0.0065	0.0065	NUM
fbem-15416	159	35	and	and	CCONJ
fbem-15416	159	36	0.1895	0.1895	NUM
fbem-15416	159	37	respectively	respectively	ADV
fbem-15416	159	38	,	,	PUNCT
fbem-15416	159	39	which	which	PRON
fbem-15416	159	40	are	be	AUX
fbem-15416	159	41	both	both	PRON
fbem-15416	159	42	significantly	significantly	ADV
fbem-15416	159	43	positive	positive	ADJ
fbem-15416	159	44	at	at	ADP
fbem-15416	159	45	1	1	NUM
fbem-15416	159	46	%	%	NOUN
fbem-15416	159	47	level	level	NOUN
fbem-15416	159	48	;	;	PUNCT
fbem-15416	159	49	columns	column	NOUN
fbem-15416	159	50	(	(	PUNCT
fbem-15416	159	51	3)-(6	3)-(6	NUM
fbem-15416	159	52	)	)	PUNCT
fbem-15416	159	53	are	be	AUX
fbem-15416	159	54	the	the	DET
fbem-15416	159	55	test	test	NOUN
fbem-15416	159	56	results	result	NOUN
fbem-15416	159	57	of	of	ADP
fbem-15416	159	58	the	the	DET
fbem-15416	159	59	estimated	estimate	VERB
fbem-15416	159	60	model	model	NOUN
fbem-15416	159	61	(	(	PUNCT
fbem-15416	159	62	1c	1c	NOUN
fbem-15416	159	63	)	)	PUNCT
fbem-15416	159	64	,	,	PUNCT
fbem-15416	159	65	which	which	PRON
fbem-15416	159	66	show	show	VERB
fbem-15416	159	67	that	that	SCONJ
fbem-15416	159	68	the	the	DET
fbem-15416	159	69	regression	regression	NOUN
fbem-15416	159	70	coefficients	coefficient	NOUN
fbem-15416	159	71	of	of	ADP
fbem-15416	159	72	and	and	CCONJ
fbem-15416	159	73	are	be	AUX
fbem-15416	159	74	both	both	PRON
fbem-15416	159	75	significantly	significantly	ADV
fbem-15416	159	76	positive	positive	ADJ
fbem-15416	159	77	,	,	PUNCT
fbem-15416	159	78	so	so	SCONJ
fbem-15416	159	79	it	it	PRON
fbem-15416	159	80	can	can	AUX
fbem-15416	159	81	be	be	AUX
fbem-15416	159	82	concluded	conclude	VERB
fbem-15416	159	83	that	that	SCONJ
fbem-15416	159	84	the	the	DET
fbem-15416	159	85	participation	participation	NOUN
fbem-15416	159	86	of	of	ADP
fbem-15416	159	87	non	non	ADJ
fbem-15416	159	88	-	-	ADJ
fbem-15416	159	89	state	state	ADJ
fbem-15416	159	90	shareholders	shareholder	NOUN
fbem-15416	159	91	does	do	AUX
fbem-15416	159	92	play	play	VERB
fbem-15416	159	93	a	a	DET
fbem-15416	159	94	partially	partially	ADV
fbem-15416	159	95	(	(	PUNCT
fbem-15416	159	96	fully	fully	ADV
fbem-15416	159	97	)	)	PUNCT
fbem-15416	159	98	intermediary	intermediary	ADJ
fbem-15416	159	99	role	role	NOUN
fbem-15416	159	100	by	by	ADP
fbem-15416	159	101	enhancing	enhance	VERB
fbem-15416	159	102	the	the	DET
fbem-15416	159	103	incentives	incentive	NOUN
fbem-15416	159	104	of	of	ADP
fbem-15416	159	105	corporate	corporate	ADJ
fbem-15416	159	106	executives	executive	NOUN
fbem-15416	159	107	.	.	PUNCT
fbem-15416	160	1	shareholding	shareholding	NOUN
fbem-15416	160	2	does	do	AUX
fbem-15416	160	3	promote	promote	VERB
fbem-15416	160	4	corporate	corporate	ADJ
fbem-15416	160	5	innovation	innovation	NOUN
fbem-15416	160	6	by	by	ADP
fbem-15416	160	7	enhancing	enhance	VERB
fbem-15416	160	8	the	the	DET
fbem-15416	160	9	channels	channel	NOUN
fbem-15416	160	10	of	of	ADP
fbem-15416	160	11	corporate	corporate	ADJ
fbem-15416	160	12	executive	executive	ADJ
fbem-15416	160	13	compensation	compensation	NOUN
fbem-15416	160	14	incentives	incentive	NOUN
fbem-15416	160	15	.	.	PUNCT
fbem-15416	161	1	since	since	SCONJ
fbem-15416	161	2	the	the	DET
fbem-15416	161	3	regression	regression	NOUN
fbem-15416	161	4	coefficients	coefficient	NOUN
fbem-15416	161	5	are	be	AUX
fbem-15416	161	6	significantly	significantly	ADV
fbem-15416	161	7	positive	positive	ADJ
fbem-15416	161	8	,	,	PUNCT
fbem-15416	161	9	it	it	PRON
fbem-15416	161	10	indicates	indicate	VERB
fbem-15416	161	11	that	that	SCONJ
fbem-15416	161	12	non	non	ADJ
fbem-15416	161	13	-	-	ADJ
fbem-15416	161	14	state	state	ADJ
fbem-15416	161	15	shareholders	shareholder	NOUN
fbem-15416	161	16	play	play	VERB
fbem-15416	161	17	a	a	DET
fbem-15416	161	18	part	part	NOUN
fbem-15416	161	19	of	of	ADP
fbem-15416	161	20	the	the	DET
fbem-15416	161	21	mediation	mediation	NOUN
fbem-15416	161	22	effect	effect	NOUN
fbem-15416	161	23	.	.	PUNCT
fbem-15416	162	1	table	table	NOUN
fbem-15416	162	2	8	8	NUM
fbem-15416	162	3	.	.	PUNCT
fbem-15416	163	1	mediating	mediate	VERB
fbem-15416	163	2	effect	effect	NOUN
fbem-15416	163	3	test	test	NOUN
fbem-15416	163	4	of	of	ADP
fbem-15416	163	5	top3	top3	NOUN
fbem-15416	163	6	  	  	SPACE
fbem-15416	163	7	(	(	PUNCT
fbem-15416	163	8	1	1	NUM
fbem-15416	163	9	)	)	PUNCT
fbem-15416	163	10	  	  	SPACE
fbem-15416	163	11	(	(	PUNCT
fbem-15416	163	12	2	2	NUM
fbem-15416	163	13	)	)	PUNCT
fbem-15416	163	14	  	  	SPACE
fbem-15416	163	15	(	(	PUNCT
fbem-15416	163	16	3	3	NUM
fbem-15416	163	17	)	)	PUNCT
fbem-15416	163	18	  	  	SPACE
fbem-15416	163	19	(	(	PUNCT
fbem-15416	163	20	4	4	NUM
fbem-15416	163	21	)	)	PUNCT
fbem-15416	163	22	  	  	SPACE
fbem-15416	163	23	(	(	PUNCT
fbem-15416	163	24	5	5	NUM
fbem-15416	163	25	)	)	PUNCT
fbem-15416	163	26	  	  	SPACE
fbem-15416	163	27	(	(	PUNCT
fbem-15416	163	28	6	6	NUM
fbem-15416	163	29	)	)	PUNCT
fbem-15416	163	30	    	    	SPACE
fbem-15416	163	31	top3	top3	NOUN
fbem-15416	163	32	  	  	SPACE
fbem-15416	163	33	top3	top3	NOUN
fbem-15416	163	34	  	  	SPACE
fbem-15416	163	35	grants	grant	NOUN
fbem-15416	163	36	  	  	SPACE
fbem-15416	163	37	grants	grant	NOUN
fbem-15416	163	38	  	  	SPACE
fbem-15416	163	39	apply	apply	VERB
fbem-15416	163	40	  	  	SPACE
fbem-15416	163	41	apply	apply	VERB
fbem-15416	163	42	  	  	SPACE
fbem-15416	163	43	privatets	privatet	NOUN
fbem-15416	163	44	  	  	SPACE
fbem-15416	163	45	0.0065	0.0065	NUM
fbem-15416	163	46	*	*	PUNCT
fbem-15416	163	47	*	*	PUNCT
fbem-15416	163	48	*	*	PUNCT
fbem-15416	163	49	    	    	SPACE
fbem-15416	163	50	0.0078	0.0078	NUM
fbem-15416	163	51	*	*	PUNCT
fbem-15416	163	52	*	*	PUNCT
fbem-15416	163	53	*	*	PUNCT
fbem-15416	163	54	    	    	SPACE
fbem-15416	163	55	0.0109	0.0109	NUM
fbem-15416	163	56	*	*	PUNCT
fbem-15416	163	57	*	*	PUNCT
fbem-15416	163	58	*	*	NOUN
fbem-15416	163	59	    	    	SPACE
fbem-15416	163	60	(	(	PUNCT
fbem-15416	163	61	0.0005	0.0005	NUM
fbem-15416	163	62	)	)	PUNCT
fbem-15416	163	63	    	    	SPACE
fbem-15416	163	64	(	(	PUNCT
fbem-15416	163	65	0.0028	0.0028	NUM
fbem-15416	163	66	)	)	PUNCT
fbem-15416	163	67	    	    	SPACE
fbem-15416	163	68	(	(	PUNCT
fbem-15416	163	69	0.0030	0.0030	NUM
fbem-15416	163	70	)	)	PUNCT
fbem-15416	163	71	    	    	SPACE
fbem-15416	163	72	private10	private10	NOUN
fbem-15416	163	73	    	    	SPACE
fbem-15416	163	74	0.1895	0.1895	NUM
fbem-15416	163	75	*	*	PUNCT
fbem-15416	163	76	*	*	PUNCT
fbem-15416	163	77	*	*	NOUN
fbem-15416	163	78	    	    	SPACE
fbem-15416	163	79	0.3306	0.3306	NUM
fbem-15416	163	80	*	*	PUNCT
fbem-15416	163	81	*	*	PUNCT
fbem-15416	163	82	*	*	PUNCT
fbem-15416	163	83	    	    	SPACE
fbem-15416	163	84	0.4513	0.4513	NUM
fbem-15416	163	85	*	*	PUNCT
fbem-15416	163	86	*	*	PUNCT
fbem-15416	163	87	*	*	PUNCT
fbem-15416	163	88	    	    	SPACE
fbem-15416	163	89	(	(	PUNCT
fbem-15416	163	90	0.0136	0.0136	NUM
fbem-15416	163	91	)	)	PUNCT
fbem-15416	163	92	    	    	SPACE
fbem-15416	163	93	(	(	PUNCT
fbem-15416	163	94	0.0767	0.0767	NUM
fbem-15416	163	95	)	)	PUNCT
fbem-15416	163	96	    	    	SPACE
fbem-15416	163	97	(	(	PUNCT
fbem-15416	163	98	0.0830	0.0830	NUM
fbem-15416	163	99	)	)	PUNCT
fbem-15416	163	100	  	  	SPACE
fbem-15416	163	101	top3_average	top3_average	NOUN
fbem-15416	163	102	    	    	SPACE
fbem-15416	163	103	0.2414	0.2414	NUM
fbem-15416	163	104	*	*	PUNCT
fbem-15416	163	105	*	*	PUNCT
fbem-15416	163	106	*	*	NOUN
fbem-15416	163	107	  	  	SPACE
fbem-15416	163	108	0.2229	0.2229	NUM
fbem-15416	163	109	*	*	PUNCT
fbem-15416	163	110	*	*	PUNCT
fbem-15416	163	111	*	*	NOUN
fbem-15416	163	112	  	  	SPACE
fbem-15416	163	113	0.2491	0.2491	NUM
fbem-15416	163	114	*	*	PUNCT
fbem-15416	163	115	*	*	PUNCT
fbem-15416	163	116	*	*	PUNCT
fbem-15416	163	117	  	  	SPACE
fbem-15416	163	118	0.2247	0.2247	NUM
fbem-15416	163	119	*	*	PUNCT
fbem-15416	163	120	*	*	PUNCT
fbem-15416	163	121	*	*	NOUN
fbem-15416	163	122	      	      	SPACE
fbem-15416	163	123	(	(	PUNCT
fbem-15416	163	124	0.0663	0.0663	NUM
fbem-15416	163	125	)	)	PUNCT
fbem-15416	163	126	  	  	SPACE
fbem-15416	163	127	(	(	PUNCT
fbem-15416	163	128	0.0663	0.0663	NUM
fbem-15416	163	129	)	)	PUNCT
fbem-15416	163	130	  	  	SPACE
fbem-15416	163	131	(	(	PUNCT
fbem-15416	163	132	0.0719	0.0719	NUM
fbem-15416	163	133	)	)	PUNCT
fbem-15416	163	134	  	  	SPACE
fbem-15416	163	135	(	(	PUNCT
fbem-15416	163	136	0.0719	0.0719	NUM
fbem-15416	163	137	)	)	PUNCT
fbem-15416	163	138	  	  	SPACE
fbem-15416	163	139	constant	constant	ADJ
fbem-15416	163	140	  	  	SPACE
fbem-15416	163	141	7.7923	7.7923	NUM
fbem-15416	163	142	*	*	PUNCT
fbem-15416	163	143	*	*	PUNCT
fbem-15416	163	144	*	*	NOUN
fbem-15416	163	145	  	  	SPACE
fbem-15416	163	146	7.8088	7.8088	NUM
fbem-15416	163	147	*	*	PUNCT
fbem-15416	163	148	*	*	PUNCT
fbem-15416	163	149	*	*	VERB
fbem-15416	163	150	  	  	SPACE
fbem-15416	163	151	‐9.8510	‐9.8510	NOUN
fbem-15416	163	152	*	*	NOUN
fbem-15416	163	153	*	*	PUNCT
fbem-15416	163	154	*	*	NOUN
fbem-15416	163	155	  	  	SPACE
fbem-15416	163	156	‐9.6876	‐9.6876	VERB
fbem-15416	163	157	*	*	PUNCT
fbem-15416	163	158	*	*	PUNCT
fbem-15416	163	159	*	*	NOUN
fbem-15416	163	160	  	  	SPACE
fbem-15416	163	161	‐10.0609	‐10.0609	NOUN
fbem-15416	163	162	*	*	PUNCT
fbem-15416	163	163	*	*	PUNCT
fbem-15416	163	164	*	*	NOUN
fbem-15416	163	165	  	  	SPACE
fbem-15416	163	166	‐9.8548	‐9.8548	NOUN
fbem-15416	163	167	*	*	PUNCT
fbem-15416	163	168	*	*	PUNCT
fbem-15416	163	169	*	*	PUNCT
fbem-15416	163	170	    	    	SPACE
fbem-15416	163	171	(	(	PUNCT
fbem-15416	163	172	0.1215	0.1215	NUM
fbem-15416	163	173	)	)	PUNCT
fbem-15416	163	174	  	  	SPACE
fbem-15416	163	175	(	(	PUNCT
fbem-15416	163	176	0.1213	0.1213	NUM
fbem-15416	163	177	)	)	PUNCT
fbem-15416	163	178	  	  	SPACE
fbem-15416	163	179	(	(	PUNCT
fbem-15416	163	180	0.8515	0.8515	NUM
fbem-15416	163	181	)	)	PUNCT
fbem-15416	163	182	  	  	SPACE
fbem-15416	163	183	(	(	PUNCT
fbem-15416	163	184	0.8512	0.8512	NUM
fbem-15416	163	185	)	)	PUNCT
fbem-15416	163	186	  	  	SPACE
fbem-15416	163	187	(	(	PUNCT
fbem-15416	163	188	0.9218	0.9218	NUM
fbem-15416	163	189	)	)	PUNCT
fbem-15416	163	190	  	  	SPACE
fbem-15416	163	191	(	(	PUNCT
fbem-15416	163	192	0.9209	0.9209	NUM
fbem-15416	163	193	)	)	PUNCT
fbem-15416	163	194	    	    	SPACE
fbem-15416	163	195	observations	observation	NOUN
fbem-15416	163	196	  	  	SPACE
fbem-15416	163	197	7,102	7,102	NUM
fbem-15416	163	198	  	  	SPACE
fbem-15416	163	199	7,102	7,102	NUM
fbem-15416	163	200	  	  	SPACE
fbem-15416	163	201	7,102	7,102	NUM
fbem-15416	163	202	  	  	SPACE
fbem-15416	163	203	7,102	7,102	NUM
fbem-15416	163	204	  	  	SPACE
fbem-15416	163	205	7,102	7,102	NUM
fbem-15416	163	206	  	  	SPACE
fbem-15416	163	207	7,102	7,102	NUM
fbem-15416	163	208	  	  	SPACE
fbem-15416	163	209	r‐squared	r‐square	VERB
fbem-15416	163	210	  	  	SPACE
fbem-15416	163	211	0.3362	0.3362	NUM
fbem-15416	163	212	  	  	SPACE
fbem-15416	163	213	0.3380	0.3380	NUM
fbem-15416	163	214	    	    	SPACE
fbem-15416	163	215	control	control	NOUN
fbem-15416	163	216	  	  	SPACE
fbem-15416	163	217	yes	yes	ADV
fbem-15416	163	218	  	  	SPACE
fbem-15416	163	219	yes	yes	ADV
fbem-15416	163	220	  	  	SPACE
fbem-15416	163	221	yes	yes	ADV
fbem-15416	163	222	  	  	SPACE
fbem-15416	163	223	yes	yes	ADV
fbem-15416	163	224	  	  	SPACE
fbem-15416	163	225	yes	yes	ADV
fbem-15416	163	226	  	  	SPACE
fbem-15416	163	227	yes	yes	ADV
fbem-15416	163	228	  	  	SPACE
fbem-15416	163	229	year	year	NOUN
fbem-15416	163	230	  	  	SPACE
fbem-15416	163	231	yes	yes	ADV
fbem-15416	163	232	  	  	SPACE
fbem-15416	163	233	yes	yes	ADV
fbem-15416	163	234	  	  	SPACE
fbem-15416	163	235	yes	yes	ADV
fbem-15416	163	236	  	  	SPACE
fbem-15416	163	237	yes	yes	ADV
fbem-15416	163	238	  	  	SPACE
fbem-15416	163	239	yes	yes	ADV
fbem-15416	163	240	  	  	SPACE
fbem-15416	163	241	yes	yes	ADV
fbem-15416	163	242	  	  	SPACE
fbem-15416	163	243	5.2	5.2	NUM
fbem-15416	163	244	.	.	PUNCT
fbem-15416	164	1	financial	financial	ADJ
fbem-15416	164	2	asset	asset	NOUN
fbem-15416	164	3	allocation	allocation	NOUN
fbem-15416	164	4	mechanism	mechanism	NOUN
fbem-15416	164	5	of	of	ADP
fbem-15416	164	6	non	non	ADJ
fbem-15416	164	7	-	-	ADJ
fbem-15416	164	8	state	state	ADJ
fbem-15416	164	9	shareholders	shareholder	NOUN
fbem-15416	164	10	'	'	PART
fbem-15416	164	11	participation	participation	NOUN
fbem-15416	164	12	in	in	ADP
fbem-15416	164	13	promoting	promote	VERB
fbem-15416	164	14	technological	technological	ADJ
fbem-15416	164	15	innovation	innovation	NOUN
fbem-15416	164	16	in	in	ADP
fbem-15416	164	17	soes	soe	NOUN
fbem-15416	164	18	for	for	ADP
fbem-15416	164	19	the	the	DET
fbem-15416	164	20	financial	financial	ADJ
fbem-15416	164	21	asset	asset	NOUN
fbem-15416	164	22	allocation	allocation	NOUN
fbem-15416	164	23	pathway	pathway	NOUN
fbem-15416	165	1	,	,	PUNCT
fbem-15416	165	2	this	this	DET
fbem-15416	165	3	paper	paper	NOUN
fbem-15416	165	4	refers	refer	VERB
fbem-15416	165	5	to	to	ADP
fbem-15416	165	6	the	the	DET
fbem-15416	165	7	measurement	measurement	NOUN
fbem-15416	165	8	method	method	NOUN
fbem-15416	165	9	of	of	ADP
fbem-15416	165	10	peng	peng	PROPN
fbem-15416	165	11	yuchao	yuchao	PROPN
fbem-15416	165	12	et	et	PROPN
fbem-15416	165	13	al	al	PROPN
fbem-15416	165	14	.	.	PUNCT
fbem-15416	166	1	(	(	PUNCT
fbem-15416	166	2	2018	2018	NUM
fbem-15416	166	3	)	)	PUNCT
fbem-15416	166	4	,	,	PUNCT
fbem-15416	166	5	which	which	PRON
fbem-15416	166	6	adopts	adopt	VERB
fbem-15416	166	7	the	the	DET
fbem-15416	166	8	ratio	ratio	NOUN
fbem-15416	166	9	of	of	ADP
fbem-15416	166	10	financial	financial	ADJ
fbem-15416	166	11	assets	asset	NOUN
fbem-15416	166	12	to	to	PART
fbem-15416	166	13	total	total	VERB
fbem-15416	166	14	assets	asset	NOUN
fbem-15416	166	15	to	to	PART
fbem-15416	166	16	measure	measure	VERB
fbem-15416	166	17	financial	financial	ADJ
fbem-15416	166	18	asset	asset	NOUN
fbem-15416	166	19	investment	investment	NOUN
fbem-15416	166	20	(	(	PUNCT
fbem-15416	166	21	fin	fin	NOUN
fbem-15416	166	22	)	)	PUNCT
fbem-15416	166	23	.	.	PUNCT
fbem-15416	167	1	the	the	DET
fbem-15416	167	2	specific	specific	ADJ
fbem-15416	167	3	formula	formula	NOUN
fbem-15416	167	4	is	be	AUX
fbem-15416	167	5	fin	fin	NOUN
fbem-15416	167	6	=	=	SYM
fbem-15416	167	7	(	(	PUNCT
fbem-15416	167	8	trading	trade	VERB
fbem-15416	167	9	financial	financial	ADJ
fbem-15416	167	10	assets	asset	NOUN
fbem-15416	167	11	+	+	CCONJ
fbem-15416	167	12	net	net	ADJ
fbem-15416	167	13	available	available	ADJ
fbem-15416	167	14	-	-	PUNCT
fbem-15416	167	15	forsale	forsale	ADJ
fbem-15416	167	16	financial	financial	ADJ
fbem-15416	167	17	assets	asset	NOUN
fbem-15416	167	18	+	+	CCONJ
fbem-15416	167	19	derivative	derivative	ADJ
fbem-15416	167	20	financial	financial	ADJ
fbem-15416	167	21	assets	asset	NOUN
fbem-15416	167	22	+	+	CCONJ
fbem-15416	167	23	net	net	ADJ
fbem-15416	167	24	heldto	heldto	ADJ
fbem-15416	167	25	-	-	PUNCT
fbem-15416	167	26	maturity	maturity	NOUN
fbem-15416	167	27	investments	investment	NOUN
fbem-15416	167	28	+	+	CCONJ
fbem-15416	167	29	net	net	ADJ
fbem-15416	167	30	investment	investment	NOUN
fbem-15416	167	31	property	property	NOUN
fbem-15416	167	32	)	)	PUNCT
fbem-15416	167	33	/	/	SYM
fbem-15416	167	34	total	total	ADJ
fbem-15416	167	35	assets	asset	NOUN
fbem-15416	167	36	.	.	PUNCT
fbem-15416	168	1	the	the	DET
fbem-15416	168	2	test	test	NOUN
fbem-15416	168	3	for	for	ADP
fbem-15416	168	4	the	the	DET
fbem-15416	168	5	mediation	mediation	NOUN
fbem-15416	168	6	effect	effect	NOUN
fbem-15416	168	7	is	be	AUX
fbem-15416	168	8	as	as	ADV
fbem-15416	168	9	above	above	ADV
fbem-15416	168	10	and	and	CCONJ
fbem-15416	168	11	will	will	AUX
fbem-15416	168	12	not	not	PART
fbem-15416	168	13	be	be	AUX
fbem-15416	168	14	repeated	repeat	VERB
fbem-15416	168	15	.	.	PUNCT
fbem-15416	169	1	as	as	SCONJ
fbem-15416	169	2	shown	show	VERB
fbem-15416	169	3	in	in	ADP
fbem-15416	169	4	the	the	DET
fbem-15416	169	5	test	test	NOUN
fbem-15416	169	6	results	result	NOUN
fbem-15416	169	7	of	of	ADP
fbem-15416	169	8	table	table	NOUN
fbem-15416	169	9	9	9	NUM
fbem-15416	169	10	,	,	PUNCT
fbem-15416	169	11	indicated	indicate	VERB
fbem-15416	169	12	by	by	ADP
fbem-15416	169	13	the	the	DET
fbem-15416	169	14	test	test	NOUN
fbem-15416	169	15	results	result	NOUN
fbem-15416	169	16	of	of	ADP
fbem-15416	169	17	column	column	NOUN
fbem-15416	169	18	(	(	PUNCT
fbem-15416	169	19	1	1	NUM
fbem-15416	169	20	)	)	PUNCT
fbem-15416	169	21	and	and	CCONJ
fbem-15416	169	22	column	column	NOUN
fbem-15416	169	23	(	(	PUNCT
fbem-15416	169	24	2	2	NUM
fbem-15416	169	25	)	)	PUNCT
fbem-15416	169	26	,	,	PUNCT
fbem-15416	169	27	the	the	DET
fbem-15416	169	28	regression	regression	NOUN
fbem-15416	169	29	coefficients	coefficient	NOUN
fbem-15416	169	30	are	be	AUX
fbem-15416	169	31	significantly	significantly	ADV
fbem-15416	169	32	negative	negative	ADJ
fbem-15416	169	33	at	at	ADP
fbem-15416	169	34	the	the	DET
fbem-15416	169	35	1	1	NUM
fbem-15416	169	36	%	%	NOUN
fbem-15416	169	37	level	level	NOUN
fbem-15416	169	38	,	,	PUNCT
fbem-15416	169	39	which	which	PRON
fbem-15416	169	40	can	can	AUX
fbem-15416	169	41	be	be	AUX
fbem-15416	169	42	concluded	conclude	VERB
fbem-15416	169	43	that	that	SCONJ
fbem-15416	169	44	the	the	DET
fbem-15416	169	45	participation	participation	NOUN
fbem-15416	169	46	of	of	ADP
fbem-15416	169	47	non	non	ADJ
fbem-15416	169	48	-	-	ADJ
fbem-15416	169	49	state	state	ADJ
fbem-15416	169	50	shareholders	shareholder	NOUN
fbem-15416	169	51	inhibits	inhibit	VERB
fbem-15416	169	52	the	the	DET
fbem-15416	169	53	investment	investment	NOUN
fbem-15416	169	54	in	in	ADP
fbem-15416	169	55	financial	financial	ADJ
fbem-15416	169	56	assets	asset	NOUN
fbem-15416	169	57	,	,	PUNCT
fbem-15416	169	58	but	but	CCONJ
fbem-15416	169	59	the	the	DET
fbem-15416	169	60	coefficients	coefficient	NOUN
fbem-15416	169	61	are	be	AUX
fbem-15416	169	62	relatively	relatively	ADV
fbem-15416	169	63	small	small	ADJ
fbem-15416	169	64	and	and	CCONJ
fbem-15416	169	65	not	not	PART
fbem-15416	169	66	in	in	ADP
fbem-15416	169	67	line	line	NOUN
fbem-15416	169	68	with	with	ADP
fbem-15416	169	69	the	the	DET
fbem-15416	169	70	expectations	expectation	NOUN
fbem-15416	169	71	,	,	PUNCT
fbem-15416	169	72	which	which	PRON
fbem-15416	169	73	results	result	VERB
fbem-15416	169	74	in	in	ADP
fbem-15416	169	75	the	the	DET
fbem-15416	169	76	test	test	NOUN
fbem-15416	169	77	of	of	ADP
fbem-15416	169	78	the	the	DET
fbem-15416	169	79	mediation	mediation	NOUN
fbem-15416	169	80	effect	effect	NOUN
fbem-15416	169	81	is	be	AUX
fbem-15416	169	82	not	not	PART
fbem-15416	169	83	in	in	ADP
fbem-15416	169	84	line	line	NOUN
fbem-15416	169	85	with	with	ADP
fbem-15416	169	86	the	the	DET
fbem-15416	169	87	theoretical	theoretical	ADJ
fbem-15416	169	88	analysis	analysis	NOUN
fbem-15416	169	89	of	of	ADP
fbem-15416	169	90	the	the	DET
fbem-15416	169	91	direction	direction	NOUN
fbem-15416	169	92	of	of	ADP
fbem-15416	169	93	the	the	DET
fbem-15416	169	94	development	development	NOUN
fbem-15416	169	95	of	of	ADP
fbem-15416	169	96	the	the	DET
fbem-15416	169	97	intermediary	intermediary	ADJ
fbem-15416	169	98	effect	effect	NOUN
fbem-15416	169	99	.	.	PUNCT
fbem-15416	170	1	from	from	ADP
fbem-15416	170	2	columns	column	NOUN
fbem-15416	170	3	(	(	PUNCT
fbem-15416	170	4	3)-(6	3)-(6	NUM
fbem-15416	170	5	)	)	PUNCT
fbem-15416	170	6	,	,	PUNCT
fbem-15416	170	7	it	it	PRON
fbem-15416	170	8	can	can	AUX
fbem-15416	170	9	be	be	AUX
fbem-15416	170	10	seen	see	VERB
fbem-15416	170	11	that	that	SCONJ
fbem-15416	170	12	the	the	DET
fbem-15416	170	13	regression	regression	NOUN
fbem-15416	170	14	coefficients	coefficient	VERB
fbem-15416	170	15	for	for	ADP
fbem-15416	170	16	the	the	DET
fbem-15416	170	17	dependent	dependent	ADJ
fbem-15416	170	18	variable	variable	NOUN
fbem-15416	170	19	of	of	ADP
fbem-15416	170	20	patent	patent	NOUN
fbem-15416	170	21	grants	grant	NOUN
fbem-15416	170	22	are	be	AUX
fbem-15416	170	23	all	all	PRON
fbem-15416	170	24	significantly	significantly	ADV
fbem-15416	170	25	negative	negative	ADJ
fbem-15416	170	26	;	;	PUNCT
fbem-15416	170	27	while	while	SCONJ
fbem-15416	170	28	the	the	DET
fbem-15416	170	29	regression	regression	NOUN
fbem-15416	170	30	coefficients	coefficient	VERB
fbem-15416	170	31	for	for	ADP
fbem-15416	170	32	patent	patent	NOUN
fbem-15416	170	33	applications	application	NOUN
fbem-15416	170	34	are	be	AUX
fbem-15416	170	35	all	all	PRON
fbem-15416	170	36	significantly	significantly	ADV
fbem-15416	170	37	positive	positive	ADJ
fbem-15416	170	38	,	,	PUNCT
fbem-15416	170	39	and	and	CCONJ
fbem-15416	170	40	both	both	PRON
fbem-15416	170	41	of	of	ADP
fbem-15416	170	42	them	they	PRON
fbem-15416	170	43	are	be	AUX
fbem-15416	170	44	comprehensively	comprehensively	ADV
fbem-15416	170	45	considered	consider	VERB
fbem-15416	170	46	for	for	ADP
fbem-15416	170	47	the	the	DET
fbem-15416	170	48	impact	impact	NOUN
fbem-15416	170	49	on	on	ADP
fbem-15416	170	50	corporate	corporate	ADJ
fbem-15416	170	51	innovation	innovation	NOUN
fbem-15416	170	52	,	,	PUNCT
fbem-15416	170	53	which	which	PRON
fbem-15416	170	54	is	be	AUX
fbem-15416	170	55	not	not	PART
fbem-15416	170	56	a	a	DET
fbem-15416	170	57	simple	simple	ADJ
fbem-15416	170	58	sum	sum	NOUN
fbem-15416	170	59	that	that	PRON
fbem-15416	170	60	can	can	AUX
fbem-15416	170	61	be	be	AUX
fbem-15416	170	62	concluded	conclude	VERB
fbem-15416	170	63	here	here	ADV
fbem-15416	170	64	.	.	PUNCT
fbem-15416	171	1	therefore	therefore	ADV
fbem-15416	171	2	,	,	PUNCT
fbem-15416	171	3	the	the	DET
fbem-15416	171	4	mechanism	mechanism	NOUN
fbem-15416	171	5	of	of	ADP
fbem-15416	171	6	non	non	ADJ
fbem-15416	171	7	-	-	ADJ
fbem-15416	171	8	state	state	ADJ
fbem-15416	171	9	shareholders	shareholder	NOUN
fbem-15416	171	10	'	'	PART
fbem-15416	171	11	equity	equity	NOUN
fbem-15416	171	12	participation	participation	NOUN
fbem-15416	171	13	affecting	affect	VERB
fbem-15416	171	14	corporate	corporate	ADJ
fbem-15416	171	15	innovation	innovation	NOUN
fbem-15416	171	16	through	through	ADP
fbem-15416	171	17	the	the	DET
fbem-15416	171	18	channel	channel	NOUN
fbem-15416	171	19	of	of	ADP
fbem-15416	171	20	financial	financial	ADJ
fbem-15416	171	21	asset	asset	NOUN
fbem-15416	171	22	allocation	allocation	NOUN
fbem-15416	171	23	is	be	AUX
fbem-15416	171	24	not	not	PART
fbem-15416	171	25	confirmed	confirm	VERB
fbem-15416	171	26	in	in	ADP
fbem-15416	171	27	the	the	DET
fbem-15416	171	28	empirical	empirical	ADJ
fbem-15416	171	29	evidence	evidence	NOUN
fbem-15416	171	30	.	.	PUNCT
fbem-15416	172	1	table	table	NOUN
fbem-15416	172	2	9	9	NUM
fbem-15416	172	3	.	.	PUNCT
fbem-15416	173	1	mediating	mediate	VERB
fbem-15416	173	2	effect	effect	NOUN
fbem-15416	173	3	test	test	NOUN
fbem-15416	173	4	of	of	ADP
fbem-15416	173	5	fin	fin	NOUN
fbem-15416	173	6	(	(	PUNCT
fbem-15416	173	7	1	1	NUM
fbem-15416	173	8	)	)	PUNCT
fbem-15416	173	9	(	(	PUNCT
fbem-15416	173	10	2	2	NUM
fbem-15416	173	11	)	)	PUNCT
fbem-15416	173	12	(	(	PUNCT
fbem-15416	173	13	3	3	X
fbem-15416	173	14	)	)	PUNCT
fbem-15416	173	15	(	(	PUNCT
fbem-15416	173	16	4	4	NUM
fbem-15416	173	17	)	)	PUNCT
fbem-15416	173	18	(	(	PUNCT
fbem-15416	173	19	5	5	NUM
fbem-15416	173	20	)	)	PUNCT
fbem-15416	173	21	(	(	PUNCT
fbem-15416	173	22	6	6	X
fbem-15416	173	23	)	)	PUNCT
fbem-15416	173	24	fin	fin	NOUN
fbem-15416	173	25	fin	fin	NOUN
fbem-15416	173	26	grants0_l	grants0_l	PROPN
fbem-15416	173	27	grants0_l	grants0_l	PROPN
fbem-15416	173	28	apply0_1	apply0_1	PROPN
fbem-15416	173	29	apply0_1	apply0_1	ADP
fbem-15416	173	30	privatets	privatet	NOUN
fbem-15416	173	31	-0.0003	-0.0003	VERB
fbem-15416	173	32	*	*	PUNCT
fbem-15416	173	33	*	*	PUNCT
fbem-15416	173	34	*	*	X
fbem-15416	174	1	0.0073	0.0073	NUM
fbem-15416	174	2	*	*	PUNCT
fbem-15416	174	3	*	*	PUNCT
fbem-15416	174	4	*	*	PUNCT
fbem-15416	174	5	0.0103	0.0103	NUM
fbem-15416	174	6	*	*	PUNCT
fbem-15416	174	7	*	*	PUNCT
fbem-15416	174	8	*	*	PUNCT
fbem-15416	174	9	(	(	PUNCT
fbem-15416	174	10	0.0001	0.0001	NUM
fbem-15416	174	11	)	)	PUNCT
fbem-15416	174	12	(	(	PUNCT
fbem-15416	174	13	0.0027	0.0027	NUM
fbem-15416	174	14	)	)	PUNCT
fbem-15416	174	15	(	(	PUNCT
fbem-15416	174	16	0.0029	0.0029	NUM
fbem-15416	174	17	)	)	PUNCT
fbem-15416	174	18	private10	private10	NOUN
fbem-15416	174	19	-0.0079	-0.0079	PROPN
fbem-15416	175	1	*	*	PROPN
fbem-15416	176	1	*	*	PUNCT
fbem-15416	176	2	*	*	PUNCT
fbem-15416	176	3	0.3145	0.3145	NUM
fbem-15416	176	4	*	*	PUNCT
fbem-15416	176	5	*	*	PUNCT
fbem-15416	176	6	*	*	PUNCT
fbem-15416	176	7	0.4310	0.4310	PUNCT
fbem-15416	176	8	*	*	PUNCT
fbem-15416	176	9	*	*	PUNCT
fbem-15416	176	10	*	*	PUNCT
fbem-15416	176	11	(	(	PUNCT
fbem-15416	176	12	0.0018	0.0018	NUM
fbem-15416	176	13	)	)	PUNCT
fbem-15416	176	14	(	(	PUNCT
fbem-15416	176	15	0.0747	0.0747	NUM
fbem-15416	176	16	)	)	PUNCT
fbem-15416	176	17	(	(	PUNCT
fbem-15416	176	18	0.0809	0.0809	NUM
fbem-15416	176	19	)	)	PUNCT
fbem-15416	176	20	fin	fin	NOUN
fbem-15416	176	21	-9.6109	-9.6109	NOUN
fbem-15416	176	22	*	*	PROPN
fbem-15416	176	23	*	*	PUNCT
fbem-15416	176	24	*	*	PUNCT
fbem-15416	176	25	-9.5613	-9.5613	NOUN
fbem-15416	176	26	*	*	PUNCT
fbem-15416	176	27	*	*	PUNCT
fbem-15416	176	28	*	*	PUNCT
fbem-15416	176	29	10.8777	10.8777	NUM
fbem-15416	176	30	*	*	PUNCT
fbem-15416	176	31	*	*	PUNCT
fbem-15416	176	32	*	*	X
fbem-15416	177	1	10.8163	10.8163	NUM
fbem-15416	177	2	*	*	PUNCT
fbem-15416	177	3	*	*	PUNCT
fbem-15416	177	4	*	*	PUNCT
fbem-15416	177	5	(	(	PUNCT
fbem-15416	177	6	0.6959	0.6959	NUM
fbem-15416	177	7	)	)	PUNCT
fbem-15416	177	8	(	(	PUNCT
fbem-15416	177	9	0.6951	0.6951	NUM
fbem-15416	177	10	)	)	PUNCT
fbem-15416	177	11	(	(	PUNCT
fbem-15416	177	12	0.7652	0.7652	NUM
fbem-15416	177	13	)	)	PUNCT
fbem-15416	177	14	(	(	PUNCT
fbem-15416	177	15	0.7642	0.7642	NUM
fbem-15416	177	16	)	)	PUNCT
fbem-15416	177	17	constant	constant	ADJ
fbem-15416	177	18	0.0643	0.0643	NUM
fbem-15416	177	19	*	*	PUNCT
fbem-15416	177	20	*	*	PUNCT
fbem-15416	177	21	*	*	PUNCT
fbem-15416	177	22	0.0635	0.0635	NUM
fbem-15416	177	23	*	*	PUNCT
fbem-15416	177	24	*	*	PUNCT
fbem-15416	177	25	*	*	PUNCT
fbem-15416	177	26	-7.5264	-7.5264	ADJ
fbem-15416	177	27	*	*	PUNCT
fbem-15416	177	28	*	*	PUNCT
fbem-15416	177	29	*	*	PUNCT
fbem-15416	177	30	-7.5110	-7.5110	VERB
fbem-15416	177	31	*	*	PUNCT
fbem-15416	177	32	*	*	PUNCT
fbem-15416	177	33	*	*	PUNCT
fbem-15416	177	34	-7.6478	-7.6478	PROPN
fbem-15416	177	35	*	*	PROPN
fbem-15416	177	36	*	*	PUNCT
fbem-15416	177	37	*	*	NOUN
fbem-15416	177	38	-7.6343	-7.6343	NOUN
fbem-15416	177	39	*	*	PUNCT
fbem-15416	177	40	*	*	PUNCT
fbem-15416	177	41	*	*	PUNCT
fbem-15416	177	42	(	(	PUNCT
fbem-15416	177	43	0.0159	0.0159	NUM
fbem-15416	177	44	)	)	PUNCT
fbem-15416	177	45	(	(	PUNCT
fbem-15416	177	46	0.0159	0.0159	NUM
fbem-15416	177	47	)	)	PUNCT
fbem-15416	177	48	(	(	PUNCT
fbem-15416	177	49	0.6625	0.6625	NUM
fbem-15416	177	50	)	)	PUNCT
fbem-15416	177	51	(	(	PUNCT
fbem-15416	177	52	0.6613	0.6613	NUM
fbem-15416	177	53	)	)	PUNCT
fbem-15416	177	54	(	(	PUNCT
fbem-15416	177	55	0.7168	0.7168	NUM
fbem-15416	177	56	)	)	PUNCT
fbem-15416	177	57	(	(	PUNCT
fbem-15416	177	58	0.7153	0.7153	NUM
fbem-15416	177	59	)	)	PUNCT
fbem-15416	177	60	observations	observation	NOUN
fbem-15416	177	61	7,108	7,108	NUM
fbem-15416	177	62	7,108	7,108	NUM
fbem-15416	177	63	7,108	7,108	NUM
fbem-15416	177	64	7,108	7,108	NUM
fbem-15416	177	65	7,108	7,108	NUM
fbem-15416	177	66	7,108	7,108	NUM
fbem-15416	177	67	control	control	NOUN
fbem-15416	178	1	yes	yes	INTJ
fbem-15416	179	1	yes	yes	INTJ
fbem-15416	180	1	yes	yes	INTJ
fbem-15416	181	1	yes	yes	INTJ
fbem-15416	182	1	yes	yes	INTJ
fbem-15416	183	1	yes	yes	INTJ
fbem-15416	183	2	year	year	NOUN
fbem-15416	184	1	yes	yes	INTJ
fbem-15416	185	1	yes	yes	INTJ
fbem-15416	186	1	yes	yes	INTJ
fbem-15416	187	1	yes	yes	INTJ
fbem-15416	188	1	yes	yes	INTJ
fbem-15416	189	1	yes	yes	INTJ
fbem-15416	190	1	6	6	NUM
fbem-15416	190	2	.	.	X
fbem-15416	190	3	conclusion	conclusion	NOUN
fbem-15416	190	4	state	state	NOUN
fbem-15416	190	5	-	-	PUNCT
fbem-15416	190	6	owned	own	VERB
fbem-15416	190	7	enterprises	enterprise	NOUN
fbem-15416	190	8	"	"	PUNCT
fbem-15416	190	9	mixed	mixed	ADJ
fbem-15416	190	10	reform	reform	NOUN
fbem-15416	190	11	"	"	PUNCT
fbem-15416	190	12	is	be	AUX
fbem-15416	190	13	an	an	DET
fbem-15416	190	14	important	important	ADJ
fbem-15416	190	15	part	part	NOUN
fbem-15416	190	16	of	of	ADP
fbem-15416	190	17	the	the	DET
fbem-15416	190	18	existing	exist	VERB
fbem-15416	190	19	reform	reform	NOUN
fbem-15416	190	20	of	of	ADP
fbem-15416	190	21	state	state	NOUN
fbem-15416	190	22	-	-	PUNCT
fbem-15416	190	23	owned	own	VERB
fbem-15416	190	24	enterprises	enterprise	NOUN
fbem-15416	190	25	,	,	PUNCT
fbem-15416	190	26	is	be	AUX
fbem-15416	190	27	currently	currently	ADV
fbem-15416	190	28	in	in	ADP
fbem-15416	190	29	the	the	DET
fbem-15416	190	30	"	"	PUNCT
fbem-15416	190	31	mixed	mixed	ADJ
fbem-15416	190	32	ownership	ownership	NOUN
fbem-15416	190	33	reform	reform	NOUN
fbem-15416	190	34	"	"	PUNCT
fbem-15416	190	35	of	of	ADP
fbem-15416	190	36	the	the	DET
fbem-15416	190	37	key	key	ADJ
fbem-15416	190	38	moment	moment	NOUN
fbem-15416	190	39	,	,	PUNCT
fbem-15416	190	40	but	but	CCONJ
fbem-15416	190	41	also	also	ADV
fbem-15416	190	42	put	put	VERB
fbem-15416	190	43	forward	forward	ADP
fbem-15416	190	44	the	the	DET
fbem-15416	190	45	valuation	valuation	NOUN
fbem-15416	190	46	system	system	NOUN
fbem-15416	190	47	of	of	ADP
fbem-15416	190	48	chinese	chinese	ADJ
fbem-15416	190	49	characteristics	characteristic	NOUN
fbem-15416	190	50	of	of	ADP
fbem-15416	190	51	the	the	DET
fbem-15416	190	52	new	new	ADJ
fbem-15416	190	53	era	era	NOUN
fbem-15416	190	54	.	.	PUNCT
fbem-15416	191	1	innovation	innovation	NOUN
fbem-15416	191	2	is	be	AUX
fbem-15416	191	3	an	an	DET
fbem-15416	191	4	essential	essential	ADJ
fbem-15416	191	5	strength	strength	NOUN
fbem-15416	191	6	for	for	ADP
fbem-15416	191	7	building	build	VERB
fbem-15416	191	8	a	a	DET
fbem-15416	191	9	strong	strong	ADJ
fbem-15416	191	10	science	science	NOUN
fbem-15416	191	11	and	and	CCONJ
fbem-15416	191	12	technology	technology	NOUN
fbem-15416	191	13	country	country	NOUN
fbem-15416	191	14	,	,	PUNCT
fbem-15416	191	15	217	217	NUM
fbem-15416	191	16	which	which	PRON
fbem-15416	191	17	is	be	AUX
fbem-15416	191	18	an	an	DET
fbem-15416	191	19	important	important	ADJ
fbem-15416	191	20	strategy	strategy	NOUN
fbem-15416	191	21	for	for	ADP
fbem-15416	191	22	china	china	PROPN
fbem-15416	191	23	's	's	PART
fbem-15416	191	24	development	development	NOUN
fbem-15416	191	25	,	,	PUNCT
fbem-15416	191	26	as	as	SCONJ
fbem-15416	191	27	president	president	NOUN
fbem-15416	191	28	xi	xi	ADP
fbem-15416	191	29	jinping	jinpe	VERB
fbem-15416	191	30	has	have	AUX
fbem-15416	191	31	repeatedly	repeatedly	ADV
fbem-15416	191	32	discussed	discuss	VERB
fbem-15416	191	33	in	in	ADP
fbem-15416	191	34	his	his	PRON
fbem-15416	191	35	speeches	speech	NOUN
fbem-15416	191	36	.	.	PUNCT
fbem-15416	192	1	therefore	therefore	ADV
fbem-15416	192	2	,	,	PUNCT
fbem-15416	192	3	how	how	SCONJ
fbem-15416	192	4	to	to	PART
fbem-15416	192	5	study	study	VERB
fbem-15416	192	6	the	the	DET
fbem-15416	192	7	link	link	NOUN
fbem-15416	192	8	between	between	ADP
fbem-15416	192	9	the	the	DET
fbem-15416	192	10	two	two	NUM
fbem-15416	192	11	clearly	clearly	ADV
fbem-15416	192	12	,	,	PUNCT
fbem-15416	192	13	making	make	VERB
fbem-15416	192	14	them	they	PRON
fbem-15416	192	15	complementary	complementary	ADJ
fbem-15416	192	16	,	,	PUNCT
fbem-15416	192	17	prompting	prompt	VERB
fbem-15416	192	18	state	state	NOUN
fbem-15416	192	19	-	-	PUNCT
fbem-15416	192	20	owned	own	VERB
fbem-15416	192	21	enterprises	enterprise	NOUN
fbem-15416	192	22	to	to	PART
fbem-15416	192	23	break	break	VERB
fbem-15416	192	24	free	free	ADJ
fbem-15416	192	25	from	from	ADP
fbem-15416	192	26	the	the	DET
fbem-15416	192	27	shackles	shackle	NOUN
fbem-15416	192	28	,	,	PUNCT
fbem-15416	192	29	making	make	VERB
fbem-15416	192	30	them	they	PRON
fbem-15416	192	31	bigger	big	ADJ
fbem-15416	192	32	and	and	CCONJ
fbem-15416	192	33	stronger	strong	ADJ
fbem-15416	192	34	,	,	PUNCT
fbem-15416	192	35	while	while	SCONJ
fbem-15416	192	36	stimulating	stimulate	VERB
fbem-15416	192	37	their	their	PRON
fbem-15416	192	38	innovation	innovation	NOUN
fbem-15416	192	39	ability	ability	NOUN
fbem-15416	192	40	is	be	AUX
fbem-15416	192	41	a	a	DET
fbem-15416	192	42	realistic	realistic	ADJ
fbem-15416	192	43	problem	problem	NOUN
fbem-15416	192	44	for	for	ADP
fbem-15416	192	45	china	china	PROPN
fbem-15416	192	46	's	's	PART
fbem-15416	192	47	state	state	NOUN
fbem-15416	192	48	-	-	PUNCT
fbem-15416	192	49	owned	own	VERB
fbem-15416	192	50	enterprise	enterprise	NOUN
fbem-15416	192	51	reform	reform	NOUN
fbem-15416	192	52	.	.	PUNCT
fbem-15416	193	1	this	this	DET
fbem-15416	193	2	paper	paper	NOUN
fbem-15416	193	3	is	be	AUX
fbem-15416	193	4	based	base	VERB
fbem-15416	193	5	on	on	ADP
fbem-15416	193	6	the	the	DET
fbem-15416	193	7	2010	2010	NUM
fbem-15416	193	8	-	-	SYM
fbem-15416	193	9	2017	2017	NUM
fbem-15416	193	10	a	a	DET
fbem-15416	193	11	-	-	PUNCT
fbem-15416	193	12	share	share	NOUN
fbem-15416	193	13	listed	list	VERB
fbem-15416	193	14	state	state	NOUN
fbem-15416	193	15	-	-	PUNCT
fbem-15416	193	16	owned	own	VERB
fbem-15416	193	17	enterprises	enterprise	NOUN
fbem-15416	193	18	disclosed	disclose	VERB
fbem-15416	193	19	the	the	DET
fbem-15416	193	20	nature	nature	NOUN
fbem-15416	193	21	of	of	ADP
fbem-15416	193	22	the	the	DET
fbem-15416	193	23	top	top	ADJ
fbem-15416	193	24	ten	ten	NUM
fbem-15416	193	25	shareholders	shareholder	NOUN
fbem-15416	193	26	,	,	PUNCT
fbem-15416	193	27	the	the	DET
fbem-15416	193	28	proportion	proportion	NOUN
fbem-15416	193	29	of	of	ADP
fbem-15416	193	30	shareholding	shareholding	NOUN
fbem-15416	193	31	and	and	CCONJ
fbem-15416	193	32	the	the	DET
fbem-15416	193	33	corresponding	corresponding	ADJ
fbem-15416	193	34	measure	measure	NOUN
fbem-15416	193	35	of	of	ADP
fbem-15416	193	36	innovation	innovation	NOUN
fbem-15416	193	37	indicators	indicator	NOUN
fbem-15416	193	38	used	use	VERB
fbem-15416	193	39	in	in	ADP
fbem-15416	193	40	the	the	DET
fbem-15416	193	41	patent	patent	NOUN
fbem-15416	193	42	data	datum	NOUN
fbem-15416	193	43	,	,	PUNCT
fbem-15416	193	44	as	as	ADP
fbem-15416	193	45	a	a	DET
fbem-15416	193	46	research	research	NOUN
fbem-15416	193	47	sample	sample	NOUN
fbem-15416	193	48	,	,	PUNCT
fbem-15416	193	49	the	the	DET
fbem-15416	193	50	study	study	NOUN
fbem-15416	193	51	analysed	analyse	VERB
fbem-15416	193	52	the	the	DET
fbem-15416	193	53	role	role	NOUN
fbem-15416	193	54	and	and	CCONJ
fbem-15416	193	55	impact	impact	NOUN
fbem-15416	193	56	of	of	ADP
fbem-15416	193	57	the	the	DET
fbem-15416	193	58	mixed	mixed	ADJ
fbem-15416	193	59	reform	reform	NOUN
fbem-15416	193	60	of	of	ADP
fbem-15416	193	61	state	state	NOUN
fbem-15416	193	62	-	-	PUNCT
fbem-15416	193	63	owned	own	VERB
fbem-15416	193	64	enterprises	enterprise	NOUN
fbem-15416	193	65	on	on	ADP
fbem-15416	193	66	the	the	DET
fbem-15416	193	67	technological	technological	ADJ
fbem-15416	193	68	innovation	innovation	NOUN
fbem-15416	193	69	of	of	ADP
fbem-15416	193	70	enterprises	enterprise	NOUN
fbem-15416	193	71	.	.	PUNCT
fbem-15416	194	1	the	the	DET
fbem-15416	194	2	empirical	empirical	ADJ
fbem-15416	194	3	analysis	analysis	NOUN
fbem-15416	194	4	shows	show	VERB
fbem-15416	194	5	that	that	SCONJ
fbem-15416	194	6	,	,	PUNCT
fbem-15416	194	7	controlling	control	VERB
fbem-15416	194	8	for	for	ADP
fbem-15416	194	9	the	the	DET
fbem-15416	194	10	sample	sample	NOUN
fbem-15416	194	11	of	of	ADP
fbem-15416	194	12	soes	soe	NOUN
fbem-15416	194	13	,	,	PUNCT
fbem-15416	194	14	nonstate	nonstate	ADJ
fbem-15416	194	15	shareholders	shareholder	NOUN
fbem-15416	194	16	promote	promote	VERB
fbem-15416	194	17	technological	technological	ADJ
fbem-15416	194	18	innovation	innovation	NOUN
fbem-15416	194	19	in	in	ADP
fbem-15416	194	20	soes	soe	NOUN
fbem-15416	194	21	,	,	PUNCT
fbem-15416	194	22	and	and	CCONJ
fbem-15416	194	23	this	this	DET
fbem-15416	194	24	result	result	NOUN
fbem-15416	194	25	is	be	AUX
fbem-15416	194	26	more	more	ADV
fbem-15416	194	27	significant	significant	ADJ
fbem-15416	194	28	and	and	CCONJ
fbem-15416	194	29	robust	robust	ADJ
fbem-15416	194	30	when	when	SCONJ
fbem-15416	194	31	non	non	ADJ
fbem-15416	194	32	-	-	ADJ
fbem-15416	194	33	state	state	ADJ
fbem-15416	194	34	shareholders	shareholder	NOUN
fbem-15416	194	35	'	'	PART
fbem-15416	194	36	participation	participation	NOUN
fbem-15416	194	37	exceeds	exceed	VERB
fbem-15416	194	38	10	10	NUM
fbem-15416	194	39	%	%	NOUN
fbem-15416	194	40	.	.	PUNCT
fbem-15416	195	1	the	the	DET
fbem-15416	195	2	results	result	NOUN
fbem-15416	195	3	of	of	ADP
fbem-15416	195	4	the	the	DET
fbem-15416	195	5	mediation	mediation	NOUN
fbem-15416	195	6	effect	effect	NOUN
fbem-15416	195	7	model	model	NOUN
fbem-15416	195	8	test	test	NOUN
fbem-15416	195	9	show	show	VERB
fbem-15416	195	10	that	that	SCONJ
fbem-15416	195	11	the	the	DET
fbem-15416	195	12	participation	participation	NOUN
fbem-15416	195	13	of	of	ADP
fbem-15416	195	14	nonstate	nonstate	ADJ
fbem-15416	195	15	shareholders	shareholder	NOUN
fbem-15416	195	16	mainly	mainly	ADV
fbem-15416	195	17	promotes	promote	VERB
fbem-15416	195	18	the	the	DET
fbem-15416	195	19	technological	technological	ADJ
fbem-15416	195	20	innovation	innovation	NOUN
fbem-15416	195	21	of	of	ADP
fbem-15416	195	22	soes	soe	NOUN
fbem-15416	195	23	by	by	ADP
fbem-15416	195	24	improving	improve	VERB
fbem-15416	195	25	the	the	DET
fbem-15416	195	26	incentive	incentive	ADJ
fbem-15416	195	27	channel	channel	NOUN
fbem-15416	195	28	of	of	ADP
fbem-15416	195	29	executive	executive	ADJ
fbem-15416	195	30	compensation	compensation	NOUN
fbem-15416	195	31	,	,	PUNCT
fbem-15416	195	32	which	which	PRON
fbem-15416	195	33	is	be	AUX
fbem-15416	195	34	not	not	PART
fbem-15416	195	35	verified	verify	VERB
fbem-15416	195	36	from	from	ADP
fbem-15416	195	37	the	the	DET
fbem-15416	195	38	channel	channel	NOUN
fbem-15416	195	39	of	of	ADP
fbem-15416	195	40	financial	financial	ADJ
fbem-15416	195	41	asset	asset	NOUN
fbem-15416	195	42	allocation	allocation	NOUN
fbem-15416	195	43	.	.	PUNCT
fbem-15416	196	1	based	base	VERB
fbem-15416	196	2	on	on	ADP
fbem-15416	196	3	the	the	DET
fbem-15416	196	4	findings	finding	NOUN
fbem-15416	196	5	of	of	ADP
fbem-15416	196	6	this	this	DET
fbem-15416	196	7	paper	paper	NOUN
fbem-15416	196	8	,	,	PUNCT
fbem-15416	196	9	the	the	DET
fbem-15416	196	10	following	follow	VERB
fbem-15416	196	11	policy	policy	NOUN
fbem-15416	196	12	recommendations	recommendation	NOUN
fbem-15416	196	13	are	be	AUX
fbem-15416	196	14	proposed	propose	VERB
fbem-15416	196	15	:	:	PUNCT
fbem-15416	196	16	first	first	ADV
fbem-15416	196	17	,	,	PUNCT
fbem-15416	196	18	this	this	DET
fbem-15416	196	19	paper	paper	NOUN
fbem-15416	196	20	finds	find	VERB
fbem-15416	196	21	that	that	SCONJ
fbem-15416	196	22	non	non	ADJ
fbem-15416	196	23	-	-	ADJ
fbem-15416	196	24	state	state	ADJ
fbem-15416	196	25	shareholders	shareholder	NOUN
fbem-15416	196	26	'	'	PART
fbem-15416	196	27	participation	participation	NOUN
fbem-15416	196	28	of	of	ADP
fbem-15416	196	29	more	more	ADJ
fbem-15416	196	30	than	than	ADP
fbem-15416	196	31	10	10	NUM
fbem-15416	196	32	%	%	NOUN
fbem-15416	196	33	has	have	VERB
fbem-15416	196	34	a	a	DET
fbem-15416	196	35	significant	significant	ADJ
fbem-15416	196	36	promotion	promotion	NOUN
fbem-15416	196	37	effect	effect	NOUN
fbem-15416	196	38	on	on	ADP
fbem-15416	196	39	the	the	DET
fbem-15416	196	40	technological	technological	ADJ
fbem-15416	196	41	innovation	innovation	NOUN
fbem-15416	196	42	of	of	ADP
fbem-15416	196	43	soes	soe	NOUN
fbem-15416	196	44	,	,	PUNCT
fbem-15416	196	45	so	so	SCONJ
fbem-15416	196	46	the	the	DET
fbem-15416	196	47	entry	entry	NOUN
fbem-15416	196	48	of	of	ADP
fbem-15416	196	49	large	large	ADJ
fbem-15416	196	50	non	non	ADJ
fbem-15416	196	51	-	-	ADJ
fbem-15416	196	52	state	state	ADJ
fbem-15416	196	53	capital	capital	NOUN
fbem-15416	196	54	is	be	AUX
fbem-15416	196	55	indeed	indeed	ADV
fbem-15416	196	56	conducive	conducive	ADJ
fbem-15416	196	57	to	to	ADP
fbem-15416	196	58	the	the	DET
fbem-15416	196	59	promotion	promotion	NOUN
fbem-15416	196	60	of	of	ADP
fbem-15416	196	61	corporate	corporate	ADJ
fbem-15416	196	62	innovation	innovation	NOUN
fbem-15416	196	63	.	.	PUNCT
fbem-15416	197	1	however	however	ADV
fbem-15416	197	2	,	,	PUNCT
fbem-15416	197	3	china	china	PROPN
fbem-15416	197	4	's	's	PART
fbem-15416	197	5	mixed	mixed	ADJ
fbem-15416	197	6	ownership	ownership	NOUN
fbem-15416	197	7	reform	reform	NOUN
fbem-15416	197	8	can	can	AUX
fbem-15416	197	9	not	not	PART
fbem-15416	197	10	just	just	ADV
fbem-15416	197	11	be	be	AUX
fbem-15416	197	12	a	a	DET
fbem-15416	197	13	transfer	transfer	NOUN
fbem-15416	197	14	of	of	ADP
fbem-15416	197	15	equity	equity	NOUN
fbem-15416	197	16	control	control	NOUN
fbem-15416	197	17	or	or	CCONJ
fbem-15416	197	18	a	a	DET
fbem-15416	197	19	simple	simple	ADJ
fbem-15416	197	20	injection	injection	NOUN
fbem-15416	197	21	of	of	ADP
fbem-15416	197	22	funds	fund	NOUN
fbem-15416	197	23	,	,	PUNCT
fbem-15416	197	24	but	but	CCONJ
fbem-15416	197	25	should	should	AUX
fbem-15416	197	26	focus	focus	VERB
fbem-15416	197	27	on	on	ADP
fbem-15416	197	28	a	a	DET
fbem-15416	197	29	deeper	deep	ADJ
fbem-15416	197	30	level	level	NOUN
fbem-15416	197	31	of	of	ADP
fbem-15416	197	32	mixed	mixed	ADJ
fbem-15416	197	33	reform	reform	NOUN
fbem-15416	197	34	,	,	PUNCT
fbem-15416	197	35	bring	bring	VERB
fbem-15416	197	36	in	in	ADP
fbem-15416	197	37	the	the	DET
fbem-15416	197	38	high	high	ADJ
fbem-15416	197	39	-	-	PUNCT
fbem-15416	197	40	quality	quality	NOUN
fbem-15416	197	41	management	management	NOUN
fbem-15416	197	42	ethos	ethos	NOUN
fbem-15416	197	43	of	of	ADP
fbem-15416	197	44	the	the	DET
fbem-15416	197	45	management	management	NOUN
fbem-15416	197	46	of	of	ADP
fbem-15416	197	47	the	the	DET
fbem-15416	197	48	private	private	ADJ
fbem-15416	197	49	enterprise	enterprise	NOUN
fbem-15416	197	50	as	as	ADV
fbem-15416	197	51	well	well	ADV
fbem-15416	197	52	as	as	ADP
fbem-15416	197	53	the	the	DET
fbem-15416	197	54	incentive	incentive	NOUN
fbem-15416	197	55	mechanism	mechanism	NOUN
fbem-15416	197	56	,	,	PUNCT
fbem-15416	197	57	and	and	CCONJ
fbem-15416	197	58	give	give	VERB
fbem-15416	197	59	full	full	ADJ
fbem-15416	197	60	play	play	NOUN
fbem-15416	197	61	to	to	ADP
fbem-15416	197	62	the	the	DET
fbem-15416	197	63	role	role	NOUN
fbem-15416	197	64	of	of	ADP
fbem-15416	197	65	non	non	ADJ
fbem-15416	197	66	-	-	ADJ
fbem-15416	197	67	state	state	ADJ
fbem-15416	197	68	shareholders	shareholder	NOUN
fbem-15416	197	69	in	in	ADP
fbem-15416	197	70	the	the	DET
fbem-15416	197	71	mixed	mixed	ADJ
fbem-15416	197	72	reform	reform	NOUN
fbem-15416	197	73	of	of	ADP
fbem-15416	197	74	soes	soe	NOUN
fbem-15416	197	75	.	.	PUNCT
fbem-15416	198	1	specifically	specifically	ADV
fbem-15416	198	2	,	,	PUNCT
fbem-15416	198	3	in	in	ADP
fbem-15416	198	4	addition	addition	NOUN
fbem-15416	198	5	to	to	ADP
fbem-15416	198	6	privatisation	privatisation	NOUN
fbem-15416	198	7	,	,	PUNCT
fbem-15416	198	8	non	non	ADJ
fbem-15416	198	9	-	-	ADJ
fbem-15416	198	10	state	state	ADJ
fbem-15416	198	11	shareholders	shareholder	NOUN
fbem-15416	198	12	are	be	AUX
fbem-15416	198	13	encouraged	encourage	VERB
fbem-15416	198	14	to	to	PART
fbem-15416	198	15	hold	hold	VERB
fbem-15416	198	16	shares	share	NOUN
fbem-15416	198	17	and	and	CCONJ
fbem-15416	198	18	promote	promote	VERB
fbem-15416	198	19	the	the	DET
fbem-15416	198	20	depth	depth	NOUN
fbem-15416	198	21	of	of	ADP
fbem-15416	198	22	mixed	mixed	ADJ
fbem-15416	198	23	reform	reform	NOUN
fbem-15416	198	24	with	with	ADP
fbem-15416	198	25	non	non	ADJ
fbem-15416	198	26	-	-	ADJ
fbem-15416	198	27	state	state	ADJ
fbem-15416	198	28	shareholders	shareholder	NOUN
fbem-15416	198	29	as	as	ADP
fbem-15416	198	30	the	the	DET
fbem-15416	198	31	equity	equity	NOUN
fbem-15416	198	32	structure	structure	NOUN
fbem-15416	198	33	,	,	PUNCT
fbem-15416	198	34	while	while	SCONJ
fbem-15416	198	35	ensuring	ensure	VERB
fbem-15416	198	36	the	the	DET
fbem-15416	198	37	legitimate	legitimate	ADJ
fbem-15416	198	38	rights	right	NOUN
fbem-15416	198	39	of	of	ADP
fbem-15416	198	40	nonstate	nonstate	ADJ
fbem-15416	198	41	shareholders	shareholder	NOUN
fbem-15416	198	42	in	in	ADP
fbem-15416	198	43	the	the	DET
fbem-15416	198	44	governance	governance	NOUN
fbem-15416	198	45	of	of	ADP
fbem-15416	198	46	soes	soe	NOUN
fbem-15416	198	47	,	,	PUNCT
fbem-15416	198	48	so	so	SCONJ
fbem-15416	198	49	as	as	SCONJ
fbem-15416	198	50	to	to	PART
fbem-15416	198	51	further	far	ADV
fbem-15416	198	52	promote	promote	VERB
fbem-15416	198	53	the	the	DET
fbem-15416	198	54	quality	quality	NOUN
fbem-15416	198	55	of	of	ADP
fbem-15416	198	56	soes	soe	NOUN
fbem-15416	198	57	'	'	PART
fbem-15416	198	58	"	"	PUNCT
fbem-15416	198	59	mixed	mixed	ADJ
fbem-15416	198	60	reform	reform	NOUN
fbem-15416	198	61	"	"	PUNCT
fbem-15416	198	62	.	.	PUNCT
fbem-15416	199	1	secondly	secondly	ADV
fbem-15416	199	2	,	,	PUNCT
fbem-15416	199	3	this	this	DET
fbem-15416	199	4	paper	paper	NOUN
fbem-15416	199	5	takes	take	VERB
fbem-15416	199	6	investment	investment	NOUN
fbem-15416	199	7	in	in	ADP
fbem-15416	199	8	financial	financial	ADJ
fbem-15416	199	9	assets	asset	NOUN
fbem-15416	199	10	and	and	CCONJ
fbem-15416	199	11	executive	executive	ADJ
fbem-15416	199	12	remuneration	remuneration	NOUN
fbem-15416	199	13	as	as	ADP
fbem-15416	199	14	intermediary	intermediary	ADJ
fbem-15416	199	15	variables	variable	NOUN
fbem-15416	199	16	,	,	PUNCT
fbem-15416	199	17	and	and	CCONJ
fbem-15416	199	18	explains	explain	VERB
fbem-15416	199	19	the	the	DET
fbem-15416	199	20	role	role	NOUN
fbem-15416	199	21	of	of	ADP
fbem-15416	199	22	non	non	ADJ
fbem-15416	199	23	-	-	ADJ
fbem-15416	199	24	state	state	ADJ
fbem-15416	199	25	shareholders	shareholder	NOUN
fbem-15416	199	26	'	'	PART
fbem-15416	199	27	participation	participation	NOUN
fbem-15416	199	28	in	in	ADP
fbem-15416	199	29	the	the	DET
fbem-15416	199	30	technological	technological	ADJ
fbem-15416	199	31	innovation	innovation	NOUN
fbem-15416	199	32	of	of	ADP
fbem-15416	199	33	soes	soe	NOUN
fbem-15416	199	34	from	from	ADP
fbem-15416	199	35	the	the	DET
fbem-15416	199	36	two	two	NUM
fbem-15416	199	37	ways	way	NOUN
fbem-15416	199	38	of	of	ADP
fbem-15416	199	39	investment	investment	NOUN
fbem-15416	199	40	in	in	ADP
fbem-15416	199	41	financial	financial	ADJ
fbem-15416	199	42	assets	asset	NOUN
fbem-15416	199	43	and	and	CCONJ
fbem-15416	199	44	executive	executive	ADJ
fbem-15416	199	45	remuneration	remuneration	NOUN
fbem-15416	199	46	incentives	incentive	NOUN
fbem-15416	199	47	,	,	PUNCT
fbem-15416	199	48	and	and	CCONJ
fbem-15416	199	49	finally	finally	ADV
fbem-15416	199	50	comes	come	VERB
fbem-15416	199	51	up	up	ADP
fbem-15416	199	52	with	with	ADP
fbem-15416	199	53	the	the	DET
fbem-15416	199	54	influence	influence	NOUN
fbem-15416	199	55	of	of	ADP
fbem-15416	199	56	nonstate	nonstate	ADJ
fbem-15416	199	57	shareholders	shareholder	NOUN
fbem-15416	199	58	'	'	PART
fbem-15416	199	59	shareholding	shareholding	NOUN
fbem-15416	199	60	structure	structure	NOUN
fbem-15416	199	61	on	on	ADP
fbem-15416	199	62	the	the	DET
fbem-15416	199	63	promotion	promotion	NOUN
fbem-15416	199	64	of	of	ADP
fbem-15416	199	65	corporate	corporate	ADJ
fbem-15416	199	66	innovation	innovation	NOUN
fbem-15416	199	67	,	,	PUNCT
fbem-15416	199	68	and	and	CCONJ
fbem-15416	199	69	provides	provide	VERB
fbem-15416	199	70	theoretical	theoretical	ADJ
fbem-15416	199	71	support	support	NOUN
fbem-15416	199	72	for	for	ADP
fbem-15416	199	73	the	the	DET
fbem-15416	199	74	study	study	NOUN
fbem-15416	199	75	of	of	ADP
fbem-15416	199	76	the	the	DET
fbem-15416	199	77	introduction	introduction	NOUN
fbem-15416	199	78	of	of	ADP
fbem-15416	199	79	non	non	ADJ
fbem-15416	199	80	-	-	ADJ
fbem-15416	199	81	state	state	ADJ
fbem-15416	199	82	capital	capital	NOUN
fbem-15416	199	83	in	in	ADP
fbem-15416	199	84	soes	soe	NOUN
fbem-15416	199	85	.	.	PUNCT
fbem-15416	200	1	therefore	therefore	ADV
fbem-15416	200	2	,	,	PUNCT
fbem-15416	200	3	when	when	SCONJ
fbem-15416	200	4	it	it	PRON
fbem-15416	200	5	comes	come	VERB
fbem-15416	200	6	to	to	ADP
fbem-15416	200	7	the	the	DET
fbem-15416	200	8	practice	practice	NOUN
fbem-15416	200	9	of	of	ADP
fbem-15416	200	10	china	china	PROPN
fbem-15416	200	11	's	's	PART
fbem-15416	200	12	stateowned	stateowne	VERB
fbem-15416	200	13	enterprises	enterprise	NOUN
fbem-15416	200	14	'	'	PART
fbem-15416	200	15	"	"	PUNCT
fbem-15416	200	16	mixed	mixed	ADJ
fbem-15416	200	17	reform	reform	NOUN
fbem-15416	200	18	"	"	PUNCT
fbem-15416	200	19	,	,	PUNCT
fbem-15416	200	20	the	the	DET
fbem-15416	200	21	enterprises	enterprise	NOUN
fbem-15416	200	22	should	should	AUX
fbem-15416	200	23	implement	implement	VERB
fbem-15416	200	24	the	the	DET
fbem-15416	200	25	improvement	improvement	NOUN
fbem-15416	200	26	of	of	ADP
fbem-15416	200	27	corporate	corporate	ADJ
fbem-15416	200	28	governance	governance	NOUN
fbem-15416	200	29	and	and	CCONJ
fbem-15416	200	30	incentive	incentive	NOUN
fbem-15416	200	31	mechanism	mechanism	NOUN
fbem-15416	200	32	,	,	PUNCT
fbem-15416	200	33	and	and	CCONJ
fbem-15416	200	34	establish	establish	VERB
fbem-15416	200	35	the	the	DET
fbem-15416	200	36	management	management	NOUN
fbem-15416	200	37	remuneration	remuneration	NOUN
fbem-15416	200	38	incentive	incentive	NOUN
fbem-15416	200	39	mechanism	mechanism	NOUN
fbem-15416	200	40	,	,	PUNCT
fbem-15416	200	41	so	so	SCONJ
fbem-15416	200	42	that	that	SCONJ
fbem-15416	200	43	the	the	DET
fbem-15416	200	44	non	non	ADJ
fbem-15416	200	45	-	-	ADJ
fbem-15416	200	46	state	state	ADJ
fbem-15416	200	47	major	major	ADJ
fbem-15416	200	48	shareholders	shareholder	NOUN
fbem-15416	200	49	can	can	AUX
fbem-15416	200	50	fully	fully	ADV
fbem-15416	200	51	play	play	VERB
fbem-15416	200	52	their	their	PRON
fbem-15416	200	53	role	role	NOUN
fbem-15416	200	54	in	in	ADP
fbem-15416	200	55	monitoring	monitoring	NOUN
fbem-15416	200	56	and	and	CCONJ
fbem-15416	200	57	incentives	incentive	NOUN
fbem-15416	200	58	,	,	PUNCT
fbem-15416	200	59	so	so	SCONJ
fbem-15416	200	60	as	as	SCONJ
fbem-15416	200	61	to	to	PART
fbem-15416	200	62	realise	realise	VERB
fbem-15416	200	63	the	the	DET
fbem-15416	200	64	vitality	vitality	NOUN
fbem-15416	200	65	of	of	ADP
fbem-15416	200	66	the	the	DET
fbem-15416	200	67	enterprises	enterprise	NOUN
fbem-15416	200	68	,	,	PUNCT
fbem-15416	200	69	stimulate	stimulate	VERB
fbem-15416	200	70	the	the	DET
fbem-15416	200	71	innovation	innovation	NOUN
fbem-15416	200	72	power	power	NOUN
fbem-15416	200	73	of	of	ADP
fbem-15416	200	74	the	the	DET
fbem-15416	200	75	enterprises	enterprise	NOUN
fbem-15416	200	76	,	,	PUNCT
fbem-15416	200	77	and	and	CCONJ
fbem-15416	200	78	enhance	enhance	VERB
fbem-15416	200	79	the	the	DET
fbem-15416	200	80	level	level	NOUN
fbem-15416	200	81	of	of	ADP
fbem-15416	200	82	innovation	innovation	NOUN
fbem-15416	200	83	of	of	ADP
fbem-15416	200	84	the	the	DET
fbem-15416	200	85	enterprises	enterprise	NOUN
fbem-15416	200	86	.	.	PUNCT
fbem-15416	201	1	references	reference	NOUN
fbem-15416	201	2	[	[	X
fbem-15416	201	3	1	1	NUM
fbem-15416	201	4	]	]	X
fbem-15416	201	5	fang	fang	X
fbem-15416	201	6	mingyue	mingyue	NOUN
fbem-15416	201	7	,	,	PUNCT
fbem-15416	201	8	sun	sun	NOUN
fbem-15416	201	9	kunpeng	kunpeng	NOUN
fbem-15416	201	10	.	.	PUNCT
fbem-15416	202	1	can	can	AUX
fbem-15416	202	2	mixed	mixed	VERB
fbem-15416	202	3	ownership	ownership	NOUN
fbem-15416	202	4	of	of	ADP
fbem-15416	202	5	stateowned	stateowne	VERB
fbem-15416	202	6	enterprises	enterprise	NOUN
fbem-15416	202	7	cure	cure	VERB
fbem-15416	202	8	zombie	zombie	NOUN
fbem-15416	202	9	enterprises	enterprise	NOUN
fbem-15416	202	10	?	?	PUNCT
fbem-15416	203	1	--a	--a	PROPN
fbem-15416	203	2	mixed	mixed	ADJ
fbem-15416	203	3	ownership	ownership	NOUN
fbem-15416	203	4	class	class	NOUN
fbem-15416	203	5	pecking	pecking	NOUN
fbem-15416	203	6	order	order	NOUN
fbem-15416	203	7	logic[j	logic[j	ADV
fbem-15416	203	8	]	]	PUNCT
fbem-15416	203	9	.	.	PUNCT
fbem-15416	204	1	financial	financial	ADJ
fbem-15416	204	2	research	research	NOUN
fbem-15416	204	3	,	,	PUNCT
fbem-15416	204	4	2019	2019	NUM
fbem-15416	204	5	(	(	PUNCT
fbem-15416	204	6	01	01	NUM
fbem-15416	204	7	):	):	PUNCT
fbem-15416	204	8	91	91	NUM
fbem-15416	204	9	-	-	SYM
fbem-15416	204	10	110	110	NUM
fbem-15416	204	11	.	.	PUNCT
fbem-15416	205	1	[	[	X
fbem-15416	205	2	2	2	NUM
fbem-15416	205	3	]	]	X
fbem-15416	205	4	yang	yang	PROPN
fbem-15416	205	5	xingquan	xingquan	PROPN
fbem-15416	205	6	,	,	PUNCT
fbem-15416	205	7	yin	yin	PROPN
fbem-15416	205	8	xingqiang	xingqiang	PROPN
fbem-15416	205	9	.	.	PUNCT
fbem-15416	206	1	how	how	SCONJ
fbem-15416	206	2	does	do	AUX
fbem-15416	206	3	the	the	DET
fbem-15416	206	4	mixed	mixed	ADJ
fbem-15416	206	5	reform	reform	NOUN
fbem-15416	206	6	of	of	ADP
fbem-15416	206	7	state	state	NOUN
fbem-15416	206	8	-	-	PUNCT
fbem-15416	206	9	owned	own	VERB
fbem-15416	206	10	enterprises	enterprise	NOUN
fbem-15416	206	11	affect	affect	VERB
fbem-15416	206	12	firms	firm	NOUN
fbem-15416	206	13	'	'	PART
fbem-15416	206	14	cash	cash	NOUN
fbem-15416	206	15	holdings	holding	NOUN
fbem-15416	206	16	?	?	PUNCT
fbem-15416	207	1	[	[	X
fbem-15416	207	2	j	j	X
fbem-15416	207	3	]	]	X
fbem-15416	207	4	.	.	PUNCT
fbem-15416	208	1	management	management	NOUN
fbem-15416	208	2	world,2018,34(11):93	world,2018,34(11):93	PROPN
fbem-15416	208	3	-	-	PUNCT
fbem-15416	208	4	107	107	NUM
fbem-15416	208	5	.	.	PUNCT
fbem-15416	209	1	[	[	X
fbem-15416	209	2	3	3	X
fbem-15416	209	3	]	]	PUNCT
fbem-15416	209	4	ye	ye	NUM
fbem-15416	209	5	yongwei	yongwei	PROPN
fbem-15416	209	6	,	,	PUNCT
fbem-15416	209	7	li	li	PROPN
fbem-15416	209	8	zengfu	zengfu	PROPN
fbem-15416	209	9	.	.	PUNCT
fbem-15416	210	1	state	state	NOUN
fbem-15416	210	2	-	-	PUNCT
fbem-15416	210	3	owned	own	VERB
fbem-15416	210	4	enterprises	enterprise	NOUN
fbem-15416	210	5	'	'	PART
fbem-15416	210	6	"	"	PUNCT
fbem-15416	210	7	mixed	mixed	ADJ
fbem-15416	210	8	reform	reform	NOUN
fbem-15416	210	9	"	"	PUNCT
fbem-15416	210	10	and	and	CCONJ
fbem-15416	210	11	corporate	corporate	ADJ
fbem-15416	210	12	financial	financial	ADJ
fbem-15416	210	13	asset	asset	NOUN
fbem-15416	210	14	allocation[j	allocation[j	PROPN
fbem-15416	210	15	]	]	PUNCT
fbem-15416	210	16	.	.	PUNCT
fbem-15416	211	1	financial	financial	ADJ
fbem-15416	211	2	research	research	NOUN
fbem-15416	211	3	,	,	PUNCT
fbem-15416	211	4	2021(03):114	2021(03):114	NUM
fbem-15416	211	5	-	-	SYM
fbem-15416	211	6	131	131	NUM
fbem-15416	211	7	.	.	PUNCT
fbem-15416	212	1	[	[	X
fbem-15416	212	2	4	4	NUM
fbem-15416	212	3	]	]	X
fbem-15416	212	4	yu	yu	PROPN
fbem-15416	212	5	minggui	minggui	PROPN
fbem-15416	212	6	,	,	PUNCT
fbem-15416	212	7	zhong	zhong	PROPN
fbem-15416	212	8	huijie	huijie	PROPN
fbem-15416	212	9	,	,	PUNCT
fbem-15416	212	10	fan	fan	PROPN
fbem-15416	212	11	rui	rui	PROPN
fbem-15416	212	12	.	.	PUNCT
fbem-15416	213	1	privatisation	privatisation	NOUN
fbem-15416	213	2	,	,	PUNCT
fbem-15416	213	3	financing	financing	NOUN
fbem-15416	213	4	constraints	constraint	NOUN
fbem-15416	213	5	and	and	CCONJ
fbem-15416	213	6	corporate	corporate	ADJ
fbem-15416	213	7	innovation	innovation	NOUN
fbem-15416	213	8	evidence	evidence	NOUN
fbem-15416	213	9	from	from	ADP
fbem-15416	213	10	chinese	chinese	PROPN
fbem-15416	213	11	industrial	industrial	ADJ
fbem-15416	213	12	firms[j	firms[j	PROPN
fbem-15416	213	13	]	]	PUNCT
fbem-15416	213	14	.	.	PUNCT
fbem-15416	214	1	financial	financial	ADJ
fbem-15416	214	2	research,2019(04):7591	research,2019(04):7591	NOUN
fbem-15416	214	3	.	.	PUNCT
fbem-15416	215	1	[	[	X
fbem-15416	215	2	5	5	NUM
fbem-15416	215	3	]	]	PUNCT
fbem-15416	215	4	li	li	PROPN
fbem-15416	215	5	wengui	wengui	PROPN
fbem-15416	215	6	,	,	PUNCT
fbem-15416	215	7	yu	yu	PROPN
fbem-15416	215	8	minggui	minggui	PROPN
fbem-15416	215	9	.	.	PUNCT
fbem-15416	216	1	equity	equity	NOUN
fbem-15416	216	2	structure	structure	NOUN
fbem-15416	216	3	and	and	CCONJ
fbem-15416	216	4	corporate	corporate	ADJ
fbem-15416	216	5	innovation	innovation	NOUN
fbem-15416	216	6	in	in	ADP
fbem-15416	216	7	privatised	privatised	ADJ
fbem-15416	216	8	firms[j	firms[j	NOUN
fbem-15416	216	9	]	]	PUNCT
fbem-15416	216	10	.	.	PUNCT
fbem-15416	217	1	management	management	NOUN
fbem-15416	217	2	world	world	NOUN
fbem-15416	217	3	,	,	PUNCT
fbem-15416	217	4	2015	2015	NUM
fbem-15416	217	5	(	(	PUNCT
fbem-15416	217	6	04	04	NUM
fbem-15416	217	7	):	):	PUNCT
fbem-15416	217	8	112	112	NUM
fbem-15416	217	9	-	-	SYM
fbem-15416	217	10	125	125	NUM
fbem-15416	217	11	.	.	PUNCT
fbem-15416	218	1	[	[	X
fbem-15416	218	2	6	6	NUM
fbem-15416	218	3	]	]	PUNCT
fbem-15416	218	4	li	li	PROPN
fbem-15416	218	5	wengui	wengui	PROPN
fbem-15416	218	6	,	,	PUNCT
fbem-15416	218	7	shao	shao	PROPN
fbem-15416	218	8	yiping	yiping	PROPN
fbem-15416	218	9	.	.	PUNCT
fbem-15416	219	1	industrial	industrial	ADJ
fbem-15416	219	2	policy	policy	NOUN
fbem-15416	219	3	and	and	CCONJ
fbem-15416	219	4	nationalisation	nationalisation	NOUN
fbem-15416	219	5	of	of	ADP
fbem-15416	219	6	private	private	ADJ
fbem-15416	219	7	enterprises[j	enterprises[j	PROPN
fbem-15416	219	8	]	]	PUNCT
fbem-15416	219	9	.	.	PUNCT
fbem-15416	220	1	financial	financial	ADJ
fbem-15416	220	2	research,2016(09):177	research,2016(09):177	PROPN
fbem-15416	220	3	-	-	PUNCT
fbem-15416	220	4	192	192	NUM
fbem-15416	220	5	.	.	PUNCT
fbem-15416	221	1	[	[	X
fbem-15416	221	2	7	7	X
fbem-15416	221	3	]	]	X
fbem-15416	221	4	cai	cai	PROPN
fbem-15416	221	5	guilong	guilong	PROPN
fbem-15416	221	6	,	,	PUNCT
fbem-15416	221	7	liu	liu	PROPN
fbem-15416	221	8	jianhua	jianhua	PROPN
fbem-15416	221	9	,	,	PUNCT
fbem-15416	221	10	ma	ma	PROPN
fbem-15416	221	11	xinxiao	xinxiao	PROPN
fbem-15416	221	12	.	.	PUNCT
fbem-15416	222	1	governance	governance	NOUN
fbem-15416	222	2	of	of	ADP
fbem-15416	222	3	non	non	ADJ
fbem-15416	222	4	-	-	ADJ
fbem-15416	222	5	state	state	ADJ
fbem-15416	222	6	shareholders	shareholder	NOUN
fbem-15416	222	7	and	and	CCONJ
fbem-15416	222	8	executive	executive	NOUN
fbem-15416	222	9	compensation	compensation	NOUN
fbem-15416	222	10	incentives	incentive	NOUN
fbem-15416	222	11	in	in	ADP
fbem-15416	222	12	stateowned	stateowne	VERB
fbem-15416	222	13	enterprises[j	enterprises[j	PROPN
fbem-15416	222	14	]	]	PUNCT
fbem-15416	222	15	.	.	PUNCT
fbem-15416	223	1	management	management	NOUN
fbem-15416	223	2	world,2018,34(05):137149	world,2018,34(05):137149	PROPN
fbem-15416	223	3	.	.	PUNCT
fbem-15416	224	1	[	[	X
fbem-15416	224	2	8	8	NUM
fbem-15416	224	3	]	]	X
fbem-15416	224	4	liu	liu	PROPN
fbem-15416	224	5	yunguo	yunguo	PROPN
fbem-15416	224	6	,	,	PUNCT
fbem-15416	224	7	zheng	zheng	PROPN
fbem-15416	224	8	qiao	qiao	PROPN
fbem-15416	224	9	,	,	PUNCT
fbem-15416	224	10	cai	cai	PROPN
fbem-15416	224	11	guilong	guilong	PROPN
fbem-15416	224	12	.	.	PUNCT
fbem-15416	224	13	do	do	AUX
fbem-15416	224	14	non	non	ADJ
fbem-15416	224	15	-	-	ADJ
fbem-15416	224	16	state	state	ADJ
fbem-15416	224	17	shareholders	shareholder	NOUN
fbem-15416	224	18	improve	improve	VERB
fbem-15416	224	19	the	the	DET
fbem-15416	224	20	internal	internal	ADJ
fbem-15416	224	21	control	control	NOUN
fbem-15416	224	22	quality	quality	NOUN
fbem-15416	224	23	of	of	ADP
fbem-15416	224	24	stateowned	stateowne	VERB
fbem-15416	224	25	enterprises	enterprise	NOUN
fbem-15416	224	26	?	?	PUNCT
fbem-15416	225	1	--empirical	--empirical	PUNCT
fbem-15416	225	2	evidence	evidence	NOUN
fbem-15416	225	3	from	from	ADP
fbem-15416	225	4	state	state	NOUN
fbem-15416	225	5	-	-	PUNCT
fbem-15416	225	6	owned	own	VERB
fbem-15416	225	7	listed	list	VERB
fbem-15416	225	8	companies	company	NOUN
fbem-15416	225	9	!	!	PUNCT
fbem-15416	226	1	[	[	X
fbem-15416	226	2	j	j	X
fbem-15416	226	3	]	]	X
fbem-15416	226	4	.	.	PUNCT
fbem-15416	227	1	accounting	accounting	NOUN
fbem-15416	227	2	research,2016(11):6168	research,2016(11):6168	NOUN
fbem-15416	227	3	+	+	PROPN
fbem-15416	227	4	96	96	NUM
fbem-15416	227	5	.	.	PUNCT
fbem-15416	228	1	[	[	X
fbem-15416	228	2	9	9	NUM
fbem-15416	228	3	]	]	X
fbem-15416	228	4	hao	hao	PROPN
fbem-15416	228	5	yang	yang	PROPN
fbem-15416	228	6	,	,	PUNCT
fbem-15416	228	7	gong	gong	PROPN
fbem-15416	228	8	liutang	liutang	PROPN
fbem-15416	228	9	.	.	PUNCT
fbem-15416	229	1	state	state	NOUN
fbem-15416	229	2	-	-	PUNCT
fbem-15416	229	3	owned	own	VERB
fbem-15416	229	4	and	and	CCONJ
fbem-15416	229	5	private	private	ADJ
fbem-15416	229	6	mixed	mixed	ADJ
fbem-15416	229	7	equity	equity	NOUN
fbem-15416	229	8	participation	participation	NOUN
fbem-15416	229	9	and	and	CCONJ
fbem-15416	229	10	firm	firm	ADJ
fbem-15416	229	11	performance	performance	NOUN
fbem-15416	229	12	improvement[j	improvement[j	PRON
fbem-15416	229	13	]	]	PUNCT
fbem-15416	229	14	.	.	PUNCT
fbem-15416	230	1	economic	economic	ADJ
fbem-15416	230	2	research,2017,52(03):122	research,2017,52(03):122	PROPN
fbem-15416	230	3	-	-	PUNCT
fbem-15416	230	4	135	135	NUM
fbem-15416	230	5	.	.	PUNCT
fbem-15416	231	1	[	[	X
fbem-15416	231	2	10	10	NUM
fbem-15416	231	3	]	]	X
fbem-15416	231	4	li	li	PROPN
fbem-15416	231	5	zengfu	zengfu	PROPN
fbem-15416	231	6	,	,	PUNCT
fbem-15416	231	7	huang	huang	PROPN
fbem-15416	231	8	jiahui	jiahui	PROPN
fbem-15416	231	9	,	,	PUNCT
fbem-15416	231	10	lian	lian	PROPN
fbem-15416	231	11	yujun	yujun	PROPN
fbem-15416	231	12	.	.	PUNCT
fbem-15416	232	1	non	non	ADJ
fbem-15416	232	2	-	-	ADJ
fbem-15416	232	3	state	state	ADJ
fbem-15416	232	4	capital	capital	NOUN
fbem-15416	232	5	participation	participation	NOUN
fbem-15416	232	6	and	and	CCONJ
fbem-15416	232	7	technological	technological	ADJ
fbem-15416	232	8	innovation	innovation	NOUN
fbem-15416	232	9	in	in	ADP
fbem-15416	232	10	state	state	NOUN
fbem-15416	232	11	-	-	PUNCT
fbem-15416	232	12	owned	own	VERB
fbem-15416	232	13	enterprises[j	enterprises[j	PROPN
fbem-15416	232	14	]	]	PUNCT
fbem-15416	232	15	.	.	PUNCT
fbem-15416	233	1	statistical	statistical	ADJ
fbem-15416	233	2	research,2021,38(01):119	research,2021,38(01):119	PROPN
fbem-15416	233	3	-	-	PUNCT
fbem-15416	233	4	131	131	NUM
fbem-15416	233	5	.	.	PUNCT
fbem-15416	234	1	[	[	X
fbem-15416	234	2	11	11	NUM
fbem-15416	234	3	]	]	X
fbem-15416	234	4	hao	hao	PROPN
fbem-15416	234	5	yunhong	yunhong	PROPN
fbem-15416	234	6	,	,	PUNCT
fbem-15416	234	7	wang	wang	PROPN
fbem-15416	234	8	xi	xi	PROPN
fbem-15416	234	9	.	.	PUNCT
fbem-15416	235	1	research	research	NOUN
fbem-15416	235	2	on	on	ADP
fbem-15416	235	3	equity	equity	NOUN
fbem-15416	235	4	check	check	NOUN
fbem-15416	235	5	and	and	CCONJ
fbem-15416	235	6	balance	balance	NOUN
fbem-15416	235	7	mechanism	mechanism	NOUN
fbem-15416	235	8	of	of	ADP
fbem-15416	235	9	mixed	mixed	ADJ
fbem-15416	235	10	ownership	ownership	NOUN
fbem-15416	235	11	enterprises	enterprise	NOUN
fbem-15416	235	12	--	--	PUNCT
fbem-15416	235	13	based	base	VERB
fbem-15416	235	14	on	on	ADP
fbem-15416	235	15	the	the	DET
fbem-15416	235	16	case	case	NOUN
fbem-15416	235	17	analysis	analysis	NOUN
fbem-15416	235	18	of	of	ADP
fbem-15416	235	19	"	"	PUNCT
fbem-15416	235	20	e	e	PROPN
fbem-15416	235	21	-	-	NOUN
fbem-15416	235	22	wushang	wushang	PROPN
fbem-15416	235	23	control	control	PROPN
fbem-15416	235	24	dispute"[j	dispute"[j	PROPN
fbem-15416	235	25	]	]	PUNCT
fbem-15416	235	26	.	.	PUNCT
fbem-15416	236	1	china	china	PROPN
fbem-15416	236	2	industrial	industrial	PROPN
fbem-15416	236	3	economy,2015(03):148	economy,2015(03):148	PROPN
fbem-15416	236	4	-	-	PUNCT
fbem-15416	236	5	160	160	NUM
fbem-15416	236	6	.	.	PUNCT
fbem-15416	237	1	[	[	X
fbem-15416	237	2	12	12	NUM
fbem-15416	237	3	]	]	PUNCT
fbem-15416	237	4	jin	jin	NOUN
fbem-15416	237	5	yuchao	yuchao	PROPN
fbem-15416	237	6	,	,	PUNCT
fbem-15416	237	7	jin	jin	PROPN
fbem-15416	237	8	qinglu	qinglu	PROPN
fbem-15416	237	9	,	,	PUNCT
fbem-15416	237	10	xuan	xuan	PROPN
fbem-15416	237	11	yang	yang	PROPN
fbem-15416	237	12	.	.	PUNCT
fbem-15416	238	1	"	"	PUNCT
fbem-15416	238	2	inaction	inaction	NOUN
fbem-15416	238	3	"	"	PUNCT
fbem-15416	238	4	or	or	CCONJ
fbem-15416	238	5	"	"	PUNCT
fbem-15416	238	6	eagerness	eagerness	NOUN
fbem-15416	238	7	to	to	ADP
fbem-15416	238	8	perform":political	perform":political	ADJ
fbem-15416	238	9	motives	motive	NOUN
fbem-15416	238	10	in	in	ADP
fbem-15416	238	11	corporate	corporate	ADJ
fbem-15416	238	12	investment[j	investment[j	NOUN
fbem-15416	238	13	]	]	PUNCT
fbem-15416	238	14	.	.	PUNCT
fbem-15416	239	1	economic	economic	ADJ
fbem-15416	239	2	research,2016,51(10):126	research,2016,51(10):126	PROPN
fbem-15416	239	3	-	-	PUNCT
fbem-15416	239	4	139	139	NUM
fbem-15416	239	5	.	.	PUNCT
fbem-15416	240	1	[	[	X
fbem-15416	240	2	13	13	NUM
fbem-15416	240	3	]	]	X
fbem-15416	240	4	ma	ma	PROPN
fbem-15416	240	5	lianfu	lianfu	PROPN
fbem-15416	240	6	,	,	PUNCT
fbem-15416	240	7	wang	wang	PROPN
fbem-15416	240	8	lili	lili	PROPN
fbem-15416	240	9	,	,	PUNCT
fbem-15416	240	10	zhang	zhang	PROPN
fbem-15416	240	11	qi	qi	PROPN
fbem-15416	240	12	.	.	PUNCT
fbem-15416	241	1	the	the	DET
fbem-15416	241	2	preferential	preferential	ADJ
fbem-15416	241	3	choice	choice	NOUN
fbem-15416	241	4	of	of	ADP
fbem-15416	241	5	mixed	mixed	ADJ
fbem-15416	241	6	ownership	ownership	NOUN
fbem-15416	241	7	system	system	NOUN
fbem-15416	241	8	:	:	PUNCT
fbem-15416	241	9	the	the	DET
fbem-15416	241	10	logic	logic	NOUN
fbem-15416	241	11	of	of	ADP
fbem-15416	241	12	market[j	market[j	NOUN
fbem-15416	241	13	]	]	PUNCT
fbem-15416	241	14	.	.	PUNCT
fbem-15416	242	1	china	china	PROPN
fbem-15416	242	2	industrial	industrial	ADJ
fbem-15416	242	3	economy,2015(07):5	economy,2015(07):5	PROPN
fbem-15416	242	4	-	-	PUNCT
fbem-15416	242	5	20	20	NUM
fbem-15416	242	6	.	.	PUNCT
fbem-15416	243	1	[	[	X
fbem-15416	243	2	14	14	NUM
fbem-15416	243	3	]	]	X
fbem-15416	243	4	jiang	jiang	PROPN
fbem-15416	243	5	xuanyu	xuanyu	PROPN
fbem-15416	243	6	.	.	PUNCT
fbem-15416	244	1	government	government	NOUN
fbem-15416	244	2	decentralisation	decentralisation	NOUN
fbem-15416	244	3	and	and	CCONJ
fbem-15416	244	4	innovation	innovation	NOUN
fbem-15416	244	5	of	of	ADP
fbem-15416	244	6	state	state	NOUN
fbem-15416	244	7	-	-	PUNCT
fbem-15416	244	8	owned	own	VERB
fbem-15416	244	9	enterprises	enterprise	NOUN
fbem-15416	244	10	-	-	PUNCT
fbem-15416	244	11	a	a	DET
fbem-15416	244	12	study	study	NOUN
fbem-15416	244	13	based	base	VERB
fbem-15416	244	14	on	on	ADP
fbem-15416	244	15	the	the	DET
fbem-15416	244	16	perspective	perspective	NOUN
fbem-15416	244	17	of	of	ADP
fbem-15416	244	18	pyramid	pyramid	NOUN
fbem-15416	244	19	structure	structure	NOUN
fbem-15416	244	20	of	of	ADP
fbem-15416	244	21	local	local	ADJ
fbem-15416	244	22	state	state	NOUN
fbem-15416	244	23	-	-	PUNCT
fbem-15416	244	24	owned	own	VERB
fbem-15416	244	25	enterprises[j	enterprises[j	PROPN
fbem-15416	244	26	]	]	PUNCT
fbem-15416	244	27	.	.	PUNCT
fbem-15416	245	1	management	management	NOUN
fbem-15416	245	2	world,2016(09):120	world,2016(09):120	NOUN
fbem-15416	245	3	-	-	PUNCT
fbem-15416	245	4	135	135	NUM
fbem-15416	245	5	.	.	PUNCT
fbem-15416	246	1	[	[	X
fbem-15416	246	2	15	15	NUM
fbem-15416	246	3	]	]	X
fbem-15416	246	4	zhu	zhu	PROPN
fbem-15416	246	5	bing	bing	PROPN
fbem-15416	246	6	,	,	PUNCT
fbem-15416	246	7	zhang	zhang	PROPN
fbem-15416	246	8	xiaoliang	xiaoliang	PROPN
fbem-15416	246	9	,	,	PUNCT
fbem-15416	246	10	zheng	zheng	PROPN
fbem-15416	246	11	xiaojia	xiaojia	PROPN
fbem-15416	246	12	.	.	PUNCT
fbem-15416	247	1	multiple	multiple	ADJ
fbem-15416	247	2	large	large	ADJ
fbem-15416	247	3	shareholders	shareholder	NOUN
fbem-15416	247	4	and	and	CCONJ
fbem-15416	247	5	corporate	corporate	ADJ
fbem-15416	247	6	innovation[j	innovation[j	PROPN
fbem-15416	247	7	]	]	PUNCT
fbem-15416	247	8	.	.	PUNCT
fbem-15416	248	1	management	management	NOUN
fbem-15416	248	2	world,2018,34(07):151	world,2018,34(07):151	PROPN
fbem-15416	248	3	-	-	PUNCT
fbem-15416	248	4	165	165	NUM
fbem-15416	248	5	.	.	PUNCT
fbem-15416	249	1	[	[	X
fbem-15416	249	2	16	16	NUM
fbem-15416	249	3	]	]	X
fbem-15416	249	4	ju	ju	PROPN
fbem-15416	249	5	xiaosheng	xiaosheng	PROPN
fbem-15416	249	6	,	,	PUNCT
fbem-15416	249	7	lu	lu	PROPN
fbem-15416	249	8	di	di	PROPN
fbem-15416	249	9	,	,	PUNCT
fbem-15416	249	10	yu	yu	PROPN
fbem-15416	249	11	yihua	yihua	PROPN
fbem-15416	249	12	.	.	PUNCT
fbem-15416	250	1	financing	financing	NOUN
fbem-15416	250	2	constraints	constraint	NOUN
fbem-15416	250	3	,	,	PUNCT
fbem-15416	250	4	working	work	VERB
fbem-15416	250	5	capital	capital	NOUN
fbem-15416	250	6	management	management	NOUN
fbem-15416	250	7	and	and	CCONJ
fbem-15416	250	8	corporate	corporate	ADJ
fbem-15416	250	9	innovation	innovation	NOUN
fbem-15416	250	10	sustainability[j	sustainability[j	NOUN
fbem-15416	250	11	]	]	PUNCT
fbem-15416	250	12	.	.	PUNCT
fbem-15416	251	1	economic	economic	ADJ
fbem-15416	251	2	research,2013,48(01):4	research,2013,48(01):4	PROPN
fbem-15416	251	3	-	-	PUNCT
fbem-15416	251	4	16	16	NUM
fbem-15416	251	5	.	.	PUNCT
fbem-15416	252	1	[	[	X
fbem-15416	252	2	17	17	NUM
fbem-15416	252	3	]	]	X
fbem-15416	252	4	pan	pan	PROPN
fbem-15416	252	5	yue	yue	PROPN
fbem-15416	252	6	,	,	PUNCT
fbem-15416	252	7	pan	pan	NOUN
fbem-15416	252	8	jianping	jianping	NOUN
fbem-15416	252	9	,	,	PUNCT
fbem-15416	252	10	dai	dai	PROPN
fbem-15416	252	11	yiyi	yiyi	PROPN
fbem-15416	252	12	.	.	PUNCT
fbem-15416	253	1	corporate	corporate	ADJ
fbem-15416	253	2	litigation	litigation	NOUN
fbem-15416	253	3	risk	risk	NOUN
fbem-15416	253	4	,	,	PUNCT
fbem-15416	253	5	judicial	judicial	ADJ
fbem-15416	253	6	local	local	ADJ
fbem-15416	253	7	protectionism	protectionism	NOUN
fbem-15416	253	8	and	and	CCONJ
fbem-15416	253	9	corporate	corporate	ADJ
fbem-15416	253	10	innovation[j	innovation[j	PROPN
fbem-15416	253	11	]	]	PUNCT
fbem-15416	253	12	.	.	PUNCT
fbem-15416	254	1	economic	economic	PROPN
fbem-15416	254	2	research,2015,50(03):131	research,2015,50(03):131	PROPN
fbem-15416	254	3	-	-	PUNCT
fbem-15416	254	4	145	145	NUM
fbem-15416	254	5	.	.	PUNCT
fbem-15416	255	1	[	[	X
fbem-15416	255	2	18	18	NUM
fbem-15416	255	3	]	]	X
fbem-15416	255	4	wen	wen	PROPN
fbem-15416	255	5	zhonglin	zhonglin	PROPN
fbem-15416	255	6	.	.	PUNCT
fbem-15416	256	1	zhang	zhang	PROPN
fbem-15416	256	2	lei	lei	PROPN
fbem-15416	256	3	,	,	PUNCT
fbem-15416	256	4	hou	hou	PROPN
fbem-15416	256	5	jetai	jetai	PROPN
fbem-15416	256	6	,	,	PUNCT
fbem-15416	256	7	liu	liu	PROPN
fbem-15416	256	8	hongyun	hongyun	NOUN
fbem-15416	256	9	.	.	PUNCT
fbem-15416	257	1	mediation	mediation	NOUN
fbem-15416	257	2	effect	effect	NOUN
fbem-15416	257	3	test	test	NOUN
fbem-15416	257	4	procedure	procedure	NOUN
fbem-15416	257	5	and	and	CCONJ
fbem-15416	257	6	its	its	PRON
fbem-15416	257	7	application[j	application[j	PROPN
fbem-15416	257	8	]	]	PUNCT
fbem-15416	257	9	.	.	PUNCT
fbem-15416	258	1	journal	journal	PROPN
fbem-15416	258	2	of	of	ADP
fbem-15416	258	3	psychology	psychology	NOUN
fbem-15416	258	4	,	,	PUNCT
fbem-15416	258	5	2004(05	2004(05	NUM
fbem-15416	258	6	):	):	PUNCT
fbem-15416	258	7	614	614	NUM
fbem-15416	258	8	-	-	SYM
fbem-15416	258	9	620	620	NUM
fbem-15416	258	10	.	.	PUNCT
fbem-15416	259	1	[	[	X
fbem-15416	259	2	19	19	NUM
fbem-15416	259	3	]	]	PUNCT
fbem-15416	259	4	aghion	aghion	NOUN
fbem-15416	259	5	,	,	PUNCT
fbem-15416	259	6	p.	p.	PROPN
fbem-15416	259	7	,	,	PUNCT
fbem-15416	259	8	john	john	PROPN
fbem-15416	259	9	,	,	PUNCT
fbem-15416	259	10	v.	v.	PROPN
fbem-15416	259	11	r.	r.	PROPN
fbem-15416	259	12	and	and	CCONJ
fbem-15416	259	13	luigi	luigi	PROPN
fbem-15416	259	14	z.	z.	PROPN
fbem-15416	259	15	,	,	PUNCT
fbem-15416	259	16	2013	2013	NUM
fbem-15416	259	17	,	,	PUNCT
fbem-15416	259	18	"	"	PUNCT
fbem-15416	259	19	innovation	innovation	NOUN
fbem-15416	259	20	and	and	CCONJ
fbem-15416	259	21	institutional	institutional	ADJ
fbem-15416	259	22	ownership	ownership	NOUN
fbem-15416	259	23	"	"	PUNCT
fbem-15416	259	24	,	,	PUNCT
fbem-15416	259	25	american	american	PROPN
fbem-15416	259	26	economic	economic	PROPN
fbem-15416	259	27	review	review	PROPN
fbem-15416	259	28	.	.	PUNCT
fbem-15416	260	1	vol	vol	NOUN
fbem-15416	260	2	.	.	PUNCT
fbem-15416	261	1	103(1	103(1	NUM
fbem-15416	261	2	)	)	PUNCT
fbem-15416	262	1	,	,	PUNCT
fbem-15416	262	2	pp	pp	PROPN
fbem-15416	262	3	.	.	PUNCT
fbem-15416	263	1	277~304	277~304	NUM
fbem-15416	263	2	.	.	PUNCT
fbem-15416	264	1	218	218	NUM
fbem-15416	265	1	[	[	SYM
fbem-15416	265	2	20	20	NUM
fbem-15416	265	3	]	]	PUNCT
fbem-15416	265	4	brandt	brandt	PROPN
fbem-15416	265	5	,	,	PUNCT
fbem-15416	265	6	l.	l.	PROPN
fbem-15416	265	7	and	and	CCONJ
fbem-15416	265	8	h.	h.	PROPN
fbem-15416	265	9	li	li	PROPN
fbem-15416	265	10	,	,	PUNCT
fbem-15416	265	11	2003	2003	NUM
fbem-15416	265	12	,	,	PUNCT
fbem-15416	265	13	"	"	PUNCT
fbem-15416	265	14	bank	bank	NOUN
fbem-15416	265	15	discrimination	discrimination	NOUN
fbem-15416	265	16	in	in	ADP
fbem-15416	265	17	transition	transition	NOUN
fbem-15416	265	18	economies	economy	NOUN
fbem-15416	265	19	:	:	PUNCT
fbem-15416	265	20	ideology	ideology	NOUN
fbem-15416	265	21	,	,	PUNCT
fbem-15416	265	22	information	information	NOUN
fbem-15416	265	23	,	,	PUNCT
fbem-15416	265	24	or	or	CCONJ
fbem-15416	265	25	incentives	incentive	NOUN
fbem-15416	265	26	?	?	PUNCT
fbem-15416	265	27	,	,	PUNCT
fbem-15416	265	28	"	"	PUNCT
fbem-15416	265	29	journal	journal	NOUN
fbem-15416	265	30	of	of	ADP
fbem-15416	265	31	comparative	comparative	ADJ
fbem-15416	265	32	economics	economic	NOUN
fbem-15416	265	33	,	,	PUNCT
fbem-15416	265	34	31	31	NUM
fbem-15416	265	35	(	(	PUNCT
fbem-15416	265	36	3	3	NUM
fbem-15416	265	37	)	)	PUNCT
fbem-15416	265	38	,	,	PUNCT
fbem-15416	265	39	pp	pp	PROPN
fbem-15416	265	40	.	.	PUNCT
fbem-15416	266	1	387	387	NUM
fbem-15416	266	2	～	～	X
fbem-15416	266	3	413	413	NUM
fbem-15416	266	4	.	.	PUNCT
fbem-15416	267	1	[	[	X
fbem-15416	267	2	21	21	NUM
fbem-15416	267	3	]	]	X
fbem-15416	267	4	brown	brown	PROPN
fbem-15416	267	5	,	,	PUNCT
fbem-15416	267	6	j.	j.	PROPN
fbem-15416	267	7	r.	r.	PROPN
fbem-15416	267	8	,	,	PUNCT
fbem-15416	267	9	s.	s.	PROPN
fbem-15416	267	10	m.	m.	PROPN
fbem-15416	267	11	fazzari	fazzari	PROPN
fbem-15416	267	12	and	and	CCONJ
fbem-15416	267	13	b.	b.	PROPN
fbem-15416	267	14	c.	c.	PROPN
fbem-15416	267	15	petersen	petersen	PROPN
fbem-15416	267	16	,	,	PUNCT
fbem-15416	267	17	2009	2009	NUM
fbem-15416	267	18	,	,	PUNCT
fbem-15416	267	19	"	"	PUNCT
fbem-15416	267	20	financing	financing	NOUN
fbem-15416	267	21	innovation	innovation	NOUN
fbem-15416	267	22	and	and	CCONJ
fbem-15416	267	23	growth	growth	NOUN
fbem-15416	267	24	:	:	PUNCT
fbem-15416	267	25	cash	cash	NOUN
fbem-15416	267	26	flow	flow	NOUN
fbem-15416	267	27	,	,	PUNCT
fbem-15416	267	28	external	external	ADJ
fbem-15416	267	29	equity	equity	NOUN
fbem-15416	267	30	,	,	PUNCT
fbem-15416	267	31	and	and	CCONJ
fbem-15416	267	32	the	the	DET
fbem-15416	267	33	1990s	1990	NOUN
fbem-15416	267	34	r&d	r&d	NOUN
fbem-15416	267	35	boom	boom	NOUN
fbem-15416	267	36	,	,	PUNCT
fbem-15416	267	37	"	"	PUNCT
fbem-15416	267	38	journal	journal	NOUN
fbem-15416	267	39	of	of	ADP
fbem-15416	267	40	finance	finance	NOUN
fbem-15416	267	41	,	,	PUNCT
fbem-15416	267	42	64	64	NUM
fbem-15416	267	43	(	(	PUNCT
fbem-15416	267	44	1	1	NUM
fbem-15416	267	45	)	)	PUNCT
fbem-15416	267	46	,	,	PUNCT
fbem-15416	267	47	pp	pp	ADP
fbem-15416	267	48	.	.	PUNCT
fbem-15416	268	1	151	151	NUM
fbem-15416	268	2	～	～	SYM
fbem-15416	268	3	185	185	NUM
fbem-15416	268	4	.	.	PUNCT
fbem-15416	269	1	[	[	X
fbem-15416	269	2	22	22	NUM
fbem-15416	269	3	]	]	X
fbem-15416	269	4	hart	hart	PROPN
fbem-15416	269	5	,	,	PUNCT
fbem-15416	269	6	o.	o.	PROPN
fbem-15416	269	7	,	,	PUNCT
fbem-15416	269	8	a.	a.	NOUN
fbem-15416	269	9	shleifer	shleifer	PROPN
fbem-15416	269	10	and	and	CCONJ
fbem-15416	269	11	r.	r.	PROPN
fbem-15416	269	12	vishny	vishny	PROPN
fbem-15416	269	13	,	,	PUNCT
fbem-15416	269	14	1997	1997	NUM
fbem-15416	269	15	,	,	PUNCT
fbem-15416	269	16	"	"	PUNCT
fbem-15416	269	17	the	the	DET
fbem-15416	269	18	proper	proper	ADJ
fbem-15416	269	19	scope	scope	NOUN
fbem-15416	269	20	of	of	ADP
fbem-15416	269	21	government	government	NOUN
fbem-15416	269	22	:	:	PUNCT
fbem-15416	269	23	theory	theory	NOUN
fbem-15416	269	24	and	and	CCONJ
fbem-15416	269	25	an	an	DET
fbem-15416	269	26	application	application	NOUN
fbem-15416	269	27	to	to	ADP
fbem-15416	269	28	prisons	prison	NOUN
fbem-15416	269	29	,	,	PUNCT
fbem-15416	269	30	"	"	PUNCT
fbem-15416	269	31	quarterly	quarterly	ADJ
fbem-15416	269	32	journal	journal	NOUN
fbem-15416	269	33	of	of	ADP
fbem-15416	269	34	economics	economic	NOUN
fbem-15416	269	35	,	,	PUNCT
fbem-15416	269	36	vol	vol	NOUN
fbem-15416	269	37	.	.	PROPN
fbem-15416	269	38	112	112	NUM
fbem-15416	269	39	,	,	PUNCT
fbem-15416	269	40	pp	pp	ADJ
fbem-15416	269	41	.	.	PUNCT
fbem-15416	269	42	1127~1161	1127~1161	NUM
fbem-15416	269	43	.	.	PUNCT
fbem-15416	270	1	[	[	X
fbem-15416	270	2	23	23	NUM
fbem-15416	270	3	]	]	X
fbem-15416	270	4	hirshleifer	hirshleifer	NOUN
fbem-15416	270	5	,	,	PUNCT
fbem-15416	270	6	d.	d.	PROPN
fbem-15416	270	7	,	,	PUNCT
fbem-15416	270	8	a.	a.	NOUN
fbem-15416	270	9	low	low	PROPN
fbem-15416	270	10	and	and	CCONJ
fbem-15416	270	11	s.	s.	PROPN
fbem-15416	270	12	h.	h.	PROPN
fbem-15416	270	13	teoh	teoh	PROPN
fbem-15416	270	14	,	,	PUNCT
fbem-15416	270	15	2012	2012	NUM
fbem-15416	270	16	,	,	PUNCT
fbem-15416	270	17	"	"	PUNCT
fbem-15416	270	18	are	be	AUX
fbem-15416	270	19	overconfident	overconfident	ADJ
fbem-15416	270	20	ceos	ceos	NOUN
fbem-15416	270	21	better	well	ADJ
fbem-15416	270	22	innovators	innovator	NOUN
fbem-15416	270	23	"	"	PUNCT
fbem-15416	270	24	,	,	PUNCT
fbem-15416	270	25	journal	journal	NOUN
fbem-15416	270	26	of	of	ADP
fbem-15416	270	27	finance	finance	NOUN
fbem-15416	270	28	,	,	PUNCT
fbem-15416	270	29	vol	vol	NOUN
fbem-15416	270	30	.	.	PROPN
fbem-15416	270	31	67	67	NUM
fbem-15416	270	32	,	,	PUNCT
fbem-15416	270	33	pp	pp	PROPN
fbem-15416	270	34	.	.	PUNCT
fbem-15416	270	35	.	.	PUNCT
fbem-15416	271	1	1457~1498	1457~1498	NUM
fbem-15416	271	2	.	.	PUNCT
fbem-15416	272	1	[	[	X
fbem-15416	272	2	24	24	NUM
fbem-15416	272	3	]	]	PUNCT
fbem-15416	272	4	he	he	PRON
fbem-15416	272	5	j	j	PROPN
fbem-15416	272	6	j	j	PROPN
fbem-15416	272	7	,	,	PUNCT
fbem-15416	272	8	tian	tian	PROPN
fbem-15416	272	9	x.	x.	NOUN
fbem-15416	273	1	the	the	DET
fbem-15416	273	2	dark	dark	ADJ
fbem-15416	273	3	side	side	NOUN
fbem-15416	273	4	of	of	ADP
fbem-15416	273	5	analyst	analyst	NOUN
fbem-15416	273	6	coverage	coverage	NOUN
fbem-15416	273	7	:	:	PUNCT
fbem-15416	273	8	the	the	DET
fbem-15416	273	9	case	case	NOUN
fbem-15416	273	10	of	of	ADP
fbem-15416	273	11	innovation	innovation	NOUN
fbem-15416	273	12	[	[	X
fbem-15416	273	13	j	j	X
fbem-15416	273	14	]	]	X
fbem-15416	273	15	.	.	PUNCT
fbem-15416	274	1	journal	journal	PROPN
fbem-15416	274	2	of	of	ADP
fbem-15416	274	3	financial	financial	ADJ
fbem-15416	274	4	economics	economic	NOUN
fbem-15416	274	5	,	,	PUNCT
fbem-15416	274	6	2013	2013	NUM
fbem-15416	274	7	,	,	PUNCT
fbem-15416	274	8	109	109	NUM
fbem-15416	274	9	(	(	PUNCT
fbem-15416	274	10	3	3	NUM
fbem-15416	274	11	)	)	PUNCT
fbem-15416	274	12	:	:	PUNCT
fbem-15416	275	1	856	856	NUM
fbem-15416	275	2	-878	-878	ADJ
fbem-15416	275	3	.	.	PUNCT
fbem-15416	276	1	[	[	X
fbem-15416	276	2	25	25	NUM
fbem-15416	276	3	]	]	PUNCT
fbem-15416	276	4	laffont	laffont	PROPN
fbem-15416	276	5	,	,	PUNCT
fbem-15416	276	6	j.	j.	PROPN
fbem-15416	276	7	j.	j.	PROPN
fbem-15416	276	8	and	and	CCONJ
fbem-15416	276	9	j.	j.	PROPN
fbem-15416	276	10	tirole	tirole	PROPN
fbem-15416	276	11	,	,	PUNCT
fbem-15416	276	12	1993	1993	NUM
fbem-15416	276	13	,	,	PUNCT
fbem-15416	276	14	a	a	DET
fbem-15416	276	15	theory	theory	NOUN
fbem-15416	276	16	of	of	ADP
fbem-15416	276	17	incentives	incentive	NOUN
fbem-15416	276	18	in	in	ADP
fbem-15416	276	19	procurement	procurement	NOUN
fbem-15416	276	20	and	and	CCONJ
fbem-15416	276	21	regulation	regulation	NOUN
fbem-15416	276	22	,	,	PUNCT
fbem-15416	276	23	mit	mit	NOUN
fbem-15416	276	24	press	press	NOUN
fbem-15416	276	25	.	.	PUNCT
fbem-15416	277	1	[	[	X
fbem-15416	277	2	26	26	NUM
fbem-15416	277	3	]	]	X
fbem-15416	277	4	sun	sun	NOUN
fbem-15416	277	5	,	,	PUNCT
fbem-15416	277	6	q.	q.	PROPN
fbem-15416	277	7	and	and	CCONJ
fbem-15416	277	8	w.	w.	PROPN
fbem-15416	277	9	h.	h.	PROPN
fbem-15416	277	10	tong	tong	PROPN
fbem-15416	277	11	,	,	PUNCT
fbem-15416	277	12	2003	2003	NUM
fbem-15416	277	13	,	,	PUNCT
fbem-15416	277	14	"	"	PUNCT
fbem-15416	277	15	china	china	PROPN
fbem-15416	277	16	share	share	NOUN
fbem-15416	277	17	issue	issue	NOUN
fbem-15416	277	18	privatisation	privatisation	NOUN
fbem-15416	277	19	:	:	PUNCT
fbem-15416	277	20	the	the	DET
fbem-15416	277	21	extent	extent	NOUN
fbem-15416	277	22	of	of	ADP
fbem-15416	277	23	its	its	PRON
fbem-15416	277	24	success	success	NOUN
fbem-15416	277	25	,	,	PUNCT
fbem-15416	277	26	"	"	PUNCT
fbem-15416	277	27	journal	journal	NOUN
fbem-15416	277	28	of	of	ADP
fbem-15416	277	29	financial	financial	ADJ
fbem-15416	277	30	economics	economic	NOUN
fbem-15416	277	31	,	,	PUNCT
fbem-15416	277	32	70	70	NUM
fbem-15416	277	33	(	(	PUNCT
fbem-15416	277	34	2	2	NUM
fbem-15416	277	35	)	)	PUNCT
fbem-15416	277	36	,	,	PUNCT
fbem-15416	277	37	pp	pp	ADP
fbem-15416	277	38	.	.	PUNCT
fbem-15416	278	1	183	183	NUM
fbem-15416	278	2	～	～	SYM
fbem-15416	278	3	222	222	NUM
fbem-15416	278	4	.	.	PUNCT
fbem-15416	279	1	[	[	X
fbem-15416	279	2	27	27	NUM
fbem-15416	279	3	]	]	PUNCT
fbem-15416	279	4	shleifer	shleifer	NOUN
fbem-15416	279	5	,	,	PUNCT
fbem-15416	279	6	a.	a.	PROPN
fbem-15416	279	7	and	and	CCONJ
fbem-15416	279	8	r.	r.	PROPN
fbem-15416	279	9	w.	w.	PROPN
fbem-15416	279	10	vishny	vishny	PROPN
fbem-15416	279	11	,	,	PUNCT
fbem-15416	279	12	1994	1994	NUM
fbem-15416	279	13	,	,	PUNCT
fbem-15416	279	14	"	"	PUNCT
fbem-15416	279	15	politicians	politician	NOUN
fbem-15416	279	16	and	and	CCONJ
fbem-15416	279	17	firms	firm	NOUN
fbem-15416	279	18	,	,	PUNCT
fbem-15416	279	19	"	"	PUNCT
fbem-15416	279	20	quarterly	quarterly	ADJ
fbem-15416	279	21	journal	journal	NOUN
fbem-15416	279	22	of	of	ADP
fbem-15416	279	23	economics	economic	NOUN
fbem-15416	279	24	,	,	PUNCT
fbem-15416	279	25	109	109	NUM
fbem-15416	279	26	(	(	PUNCT
fbem-15416	279	27	4	4	NUM
fbem-15416	279	28	)	)	PUNCT
fbem-15416	279	29	,	,	PUNCT
fbem-15416	279	30	pp	pp	ADP
fbem-15416	279	31	.	.	PUNCT
fbem-15416	280	1	995	995	NUM
fbem-15416	280	2	～	～	NUM
fbem-15416	280	3	1025	1025	NUM
fbem-15416	280	4	.	.	PUNCT