id	sid	tid	token	lemma	pos
fbem-1665	1	1	frontiers	frontier	NOUN
fbem-1665	1	2	in	in	ADP
fbem-1665	1	3	business	business	NOUN
fbem-1665	1	4	,	,	PUNCT
fbem-1665	1	5	economics	economic	NOUN
fbem-1665	1	6	and	and	CCONJ
fbem-1665	1	7	management	management	NOUN
fbem-1665	1	8	issn	issn	PROPN
fbem-1665	1	9	:	:	PUNCT
fbem-1665	1	10	2766	2766	NUM
fbem-1665	1	11	-	-	PUNCT
fbem-1665	1	12	824x	824x	NUM
fbem-1665	1	13	|	|	ADJ
fbem-1665	1	14	vol	vol	NOUN
fbem-1665	1	15	.	.	PROPN
fbem-1665	2	1	5	5	NUM
fbem-1665	2	2	,	,	PUNCT
fbem-1665	2	3	no	no	INTJ
fbem-1665	2	4	.	.	NOUN
fbem-1665	2	5	2	2	NUM
fbem-1665	2	6	,	,	PUNCT
fbem-1665	2	7	2022	2022	NUM
fbem-1665	2	8	59	59	NUM
fbem-1665	2	9	the	the	DET
fbem-1665	2	10	impact	impact	NOUN
fbem-1665	2	11	of	of	ADP
fbem-1665	2	12	r&d	r&d	NOUN
fbem-1665	2	13	investment	investment	NOUN
fbem-1665	2	14	and	and	CCONJ
fbem-1665	2	15	invention	invention	NOUN
fbem-1665	2	16	patents	patent	NOUN
fbem-1665	2	17	on	on	ADP
fbem-1665	2	18	the	the	DET
fbem-1665	2	19	value	value	NOUN
fbem-1665	2	20	of	of	ADP
fbem-1665	2	21	new‐generation	new‐generation	NOUN
fbem-1665	2	22	information	information	NOUN
fbem-1665	2	23	technology	technology	NOUN
fbem-1665	2	24	firms	firm	NOUN
fbem-1665	2	25	fei	fei	PROPN
fbem-1665	2	26	chen	chen	PROPN
fbem-1665	2	27	school	school	PROPN
fbem-1665	2	28	of	of	ADP
fbem-1665	2	29	management	management	NOUN
fbem-1665	2	30	,	,	PUNCT
fbem-1665	2	31	shanghai	shanghai	PROPN
fbem-1665	2	32	university	university	PROPN
fbem-1665	2	33	,	,	PUNCT
fbem-1665	2	34	shanghai	shanghai	PROPN
fbem-1665	2	35	200444	200444	NUM
fbem-1665	2	36	,	,	PUNCT
fbem-1665	2	37	china	china	PROPN
fbem-1665	2	38	abstract	abstract	NOUN
fbem-1665	2	39	:	:	PUNCT
fbem-1665	2	40	technological	technological	ADJ
fbem-1665	2	41	innovation	innovation	NOUN
fbem-1665	2	42	is	be	AUX
fbem-1665	2	43	the	the	DET
fbem-1665	2	44	main	main	ADJ
fbem-1665	2	45	criterion	criterion	NOUN
fbem-1665	2	46	for	for	ADP
fbem-1665	2	47	selecting	select	VERB
fbem-1665	2	48	listed	list	VERB
fbem-1665	2	49	companies	company	NOUN
fbem-1665	2	50	on	on	ADP
fbem-1665	2	51	the	the	DET
fbem-1665	2	52	science	science	NOUN
fbem-1665	2	53	and	and	CCONJ
fbem-1665	2	54	technology	technology	NOUN
fbem-1665	2	55	innovation	innovation	NOUN
fbem-1665	2	56	board(star	board(star	PROPN
fbem-1665	2	57	market	market	NOUN
fbem-1665	2	58	)	)	PUNCT
fbem-1665	2	59	.	.	PUNCT
fbem-1665	3	1	research	research	NOUN
fbem-1665	3	2	and	and	CCONJ
fbem-1665	3	3	development(r&d	development(r&d	NOUN
fbem-1665	3	4	)	)	PUNCT
fbem-1665	3	5	and	and	CCONJ
fbem-1665	3	6	patents	patent	NOUN
fbem-1665	3	7	are	be	AUX
fbem-1665	3	8	the	the	DET
fbem-1665	3	9	beginning	beginning	NOUN
fbem-1665	3	10	and	and	CCONJ
fbem-1665	3	11	result	result	NOUN
fbem-1665	3	12	of	of	ADP
fbem-1665	3	13	technological	technological	ADJ
fbem-1665	3	14	innovation	innovation	NOUN
fbem-1665	3	15	,	,	PUNCT
fbem-1665	3	16	reflecting	reflect	VERB
fbem-1665	3	17	the	the	DET
fbem-1665	3	18	success	success	NOUN
fbem-1665	3	19	or	or	CCONJ
fbem-1665	3	20	failure	failure	NOUN
fbem-1665	3	21	of	of	ADP
fbem-1665	3	22	technological	technological	ADJ
fbem-1665	3	23	innovation	innovation	NOUN
fbem-1665	3	24	,	,	PUNCT
fbem-1665	3	25	relating	relate	VERB
fbem-1665	3	26	to	to	ADP
fbem-1665	3	27	the	the	DET
fbem-1665	3	28	company	company	NOUN
fbem-1665	3	29	's	's	PART
fbem-1665	3	30	operation	operation	NOUN
fbem-1665	3	31	situation	situation	NOUN
fbem-1665	3	32	,	,	PUNCT
fbem-1665	3	33	and	and	CCONJ
fbem-1665	3	34	then	then	ADV
fbem-1665	3	35	affecting	affect	VERB
fbem-1665	3	36	the	the	DET
fbem-1665	3	37	company	company	NOUN
fbem-1665	3	38	's	's	PART
fbem-1665	3	39	performance	performance	NOUN
fbem-1665	3	40	in	in	ADP
fbem-1665	3	41	the	the	DET
fbem-1665	3	42	capital	capital	NOUN
fbem-1665	3	43	market	market	NOUN
fbem-1665	3	44	.	.	PUNCT
fbem-1665	4	1	this	this	DET
fbem-1665	4	2	paper	paper	NOUN
fbem-1665	4	3	studies	study	VERB
fbem-1665	4	4	the	the	DET
fbem-1665	4	5	impact	impact	NOUN
fbem-1665	4	6	of	of	ADP
fbem-1665	4	7	r&d	r&d	NOUN
fbem-1665	4	8	investment	investment	NOUN
fbem-1665	4	9	and	and	CCONJ
fbem-1665	4	10	invention	invention	NOUN
fbem-1665	4	11	patents	patent	NOUN
fbem-1665	4	12	on	on	ADP
fbem-1665	4	13	company	company	NOUN
fbem-1665	4	14	value	value	NOUN
fbem-1665	4	15	by	by	ADP
fbem-1665	4	16	taking	take	VERB
fbem-1665	4	17	the	the	DET
fbem-1665	4	18	new	new	ADJ
fbem-1665	4	19	generation	generation	NOUN
fbem-1665	4	20	of	of	ADP
fbem-1665	4	21	information	information	NOUN
fbem-1665	4	22	technology	technology	NOUN
fbem-1665	4	23	industry	industry	NOUN
fbem-1665	4	24	companies	company	NOUN
fbem-1665	4	25	listed	list	VERB
fbem-1665	4	26	on	on	ADP
fbem-1665	4	27	the	the	DET
fbem-1665	4	28	star	star	NOUN
fbem-1665	4	29	market	market	NOUN
fbem-1665	4	30	from	from	ADP
fbem-1665	4	31	2019	2019	NUM
fbem-1665	4	32	to	to	ADP
fbem-1665	4	33	2020	2020	NUM
fbem-1665	4	34	as	as	ADP
fbem-1665	4	35	samples	sample	NOUN
fbem-1665	4	36	.	.	PUNCT
fbem-1665	5	1	the	the	DET
fbem-1665	5	2	results	result	NOUN
fbem-1665	5	3	show	show	VERB
fbem-1665	5	4	that	that	SCONJ
fbem-1665	5	5	r&d	r&d	NOUN
fbem-1665	5	6	investment	investment	NOUN
fbem-1665	5	7	and	and	CCONJ
fbem-1665	5	8	invention	invention	NOUN
fbem-1665	5	9	patents	patent	NOUN
fbem-1665	5	10	increase	increase	VERB
fbem-1665	5	11	the	the	DET
fbem-1665	5	12	revenue	revenue	NOUN
fbem-1665	5	13	and	and	CCONJ
fbem-1665	5	14	profit	profit	NOUN
fbem-1665	5	15	of	of	ADP
fbem-1665	5	16	the	the	DET
fbem-1665	5	17	new	new	ADJ
fbem-1665	5	18	generation	generation	NOUN
fbem-1665	5	19	of	of	ADP
fbem-1665	5	20	it	it	PRON
fbem-1665	5	21	industry	industry	NOUN
fbem-1665	5	22	companies	company	NOUN
fbem-1665	5	23	,	,	PUNCT
fbem-1665	5	24	which	which	PRON
fbem-1665	5	25	increases	increase	VERB
fbem-1665	5	26	the	the	DET
fbem-1665	5	27	company	company	NOUN
fbem-1665	5	28	's	's	PART
fbem-1665	5	29	value	value	NOUN
fbem-1665	5	30	in	in	ADP
fbem-1665	5	31	the	the	DET
fbem-1665	5	32	capital	capital	NOUN
fbem-1665	5	33	market	market	NOUN
fbem-1665	5	34	.	.	PUNCT
fbem-1665	6	1	the	the	DET
fbem-1665	6	2	r&d	r&d	NOUN
fbem-1665	6	3	investment	investment	NOUN
fbem-1665	6	4	and	and	CCONJ
fbem-1665	6	5	invention	invention	NOUN
fbem-1665	6	6	patents	patent	NOUN
fbem-1665	6	7	of	of	ADP
fbem-1665	6	8	private	private	ADJ
fbem-1665	6	9	enterprises	enterprise	NOUN
fbem-1665	6	10	increase	increase	VERB
fbem-1665	6	11	the	the	DET
fbem-1665	6	12	value	value	NOUN
fbem-1665	6	13	more	more	ADV
fbem-1665	6	14	significantly	significantly	ADV
fbem-1665	6	15	,	,	PUNCT
fbem-1665	6	16	and	and	CCONJ
fbem-1665	6	17	actively	actively	ADV
fbem-1665	6	18	promote	promote	VERB
fbem-1665	6	19	the	the	DET
fbem-1665	6	20	transformation	transformation	NOUN
fbem-1665	6	21	of	of	ADP
fbem-1665	6	22	scientific	scientific	ADJ
fbem-1665	6	23	research	research	NOUN
fbem-1665	6	24	achievements	achievement	NOUN
fbem-1665	6	25	into	into	ADP
fbem-1665	6	26	production	production	NOUN
fbem-1665	6	27	capacity	capacity	NOUN
fbem-1665	6	28	.	.	PUNCT
fbem-1665	7	1	these	these	DET
fbem-1665	7	2	studies	study	NOUN
fbem-1665	7	3	help	help	VERB
fbem-1665	7	4	investors	investor	NOUN
fbem-1665	7	5	make	make	VERB
fbem-1665	7	6	investment	investment	NOUN
fbem-1665	7	7	decisions	decision	NOUN
fbem-1665	7	8	and	and	CCONJ
fbem-1665	7	9	tap	tap	VERB
fbem-1665	7	10	the	the	DET
fbem-1665	7	11	value	value	NOUN
fbem-1665	7	12	of	of	ADP
fbem-1665	7	13	non	non	ADJ
fbem-1665	7	14	-	-	ADJ
fbem-1665	7	15	financial	financial	ADJ
fbem-1665	7	16	data	datum	NOUN
fbem-1665	7	17	of	of	ADP
fbem-1665	7	18	listed	list	VERB
fbem-1665	7	19	companies	company	NOUN
fbem-1665	7	20	.	.	PUNCT
fbem-1665	8	1	keywords	keyword	NOUN
fbem-1665	8	2	:	:	PUNCT
fbem-1665	8	3	innovation	innovation	NOUN
fbem-1665	8	4	input	input	NOUN
fbem-1665	8	5	,	,	PUNCT
fbem-1665	8	6	star	star	NOUN
fbem-1665	8	7	market	market	NOUN
fbem-1665	8	8	,	,	PUNCT
fbem-1665	8	9	enterprise	enterprise	NOUN
fbem-1665	8	10	value	value	NOUN
fbem-1665	8	11	.	.	PUNCT
fbem-1665	9	1	1	1	X
fbem-1665	9	2	.	.	X
fbem-1665	9	3	introduction	introduction	NOUN
fbem-1665	9	4	china	china	PROPN
fbem-1665	9	5	has	have	AUX
fbem-1665	9	6	long	long	ADV
fbem-1665	9	7	recognized	recognize	VERB
fbem-1665	9	8	the	the	DET
fbem-1665	9	9	importance	importance	NOUN
fbem-1665	9	10	and	and	CCONJ
fbem-1665	9	11	urgency	urgency	NOUN
fbem-1665	9	12	of	of	ADP
fbem-1665	9	13	r&d	r&d	NOUN
fbem-1665	9	14	and	and	CCONJ
fbem-1665	9	15	innovation	innovation	NOUN
fbem-1665	9	16	.	.	PUNCT
fbem-1665	10	1	in	in	ADP
fbem-1665	10	2	order	order	NOUN
fbem-1665	10	3	to	to	PART
fbem-1665	10	4	realize	realize	VERB
fbem-1665	10	5	its	its	PRON
fbem-1665	10	6	dream	dream	NOUN
fbem-1665	10	7	of	of	ADP
fbem-1665	10	8	becoming	become	VERB
fbem-1665	10	9	an	an	DET
fbem-1665	10	10	innovation	innovation	NOUN
fbem-1665	10	11	powerhouse	powerhouse	NOUN
fbem-1665	10	12	at	at	ADP
fbem-1665	10	13	an	an	DET
fbem-1665	10	14	early	early	ADJ
fbem-1665	10	15	date	date	NOUN
fbem-1665	10	16	,	,	PUNCT
fbem-1665	10	17	china	china	PROPN
fbem-1665	10	18	has	have	AUX
fbem-1665	10	19	formulated	formulate	VERB
fbem-1665	10	20	a	a	DET
fbem-1665	10	21	development	development	NOUN
fbem-1665	10	22	strategy	strategy	NOUN
fbem-1665	10	23	to	to	PART
fbem-1665	10	24	build	build	VERB
fbem-1665	10	25	an	an	DET
fbem-1665	10	26	innovationoriented	innovationoriented	ADJ
fbem-1665	10	27	country	country	NOUN
fbem-1665	10	28	and	and	CCONJ
fbem-1665	10	29	increased	increase	VERB
fbem-1665	10	30	financial	financial	ADJ
fbem-1665	10	31	support	support	NOUN
fbem-1665	10	32	for	for	ADP
fbem-1665	10	33	independent	independent	ADJ
fbem-1665	10	34	innovation	innovation	NOUN
fbem-1665	10	35	.	.	PUNCT
fbem-1665	11	1	according	accord	VERB
fbem-1665	11	2	to	to	ADP
fbem-1665	11	3	the	the	DET
fbem-1665	11	4	statistical	statistical	ADJ
fbem-1665	11	5	yearbook	yearbook	NOUN
fbem-1665	11	6	,	,	PUNCT
fbem-1665	11	7	china	china	PROPN
fbem-1665	11	8	's	's	PART
fbem-1665	11	9	r&d	r&d	NOUN
fbem-1665	11	10	expenditure	expenditure	NOUN
fbem-1665	11	11	has	have	AUX
fbem-1665	11	12	been	be	AUX
fbem-1665	11	13	increasing	increase	VERB
fbem-1665	11	14	year	year	NOUN
fbem-1665	11	15	by	by	ADP
fbem-1665	11	16	year	year	NOUN
fbem-1665	11	17	,	,	PUNCT
fbem-1665	11	18	with	with	ADP
fbem-1665	11	19	the	the	DET
fbem-1665	11	20	proportion	proportion	NOUN
fbem-1665	11	21	of	of	ADP
fbem-1665	11	22	r&d	r&d	NOUN
fbem-1665	11	23	investment	investment	NOUN
fbem-1665	11	24	in	in	ADP
fbem-1665	11	25	gdp	gdp	NOUN
fbem-1665	11	26	increasing	increase	VERB
fbem-1665	11	27	from	from	ADP
fbem-1665	11	28	0.94	0.94	NUM
fbem-1665	11	29	%	%	NOUN
fbem-1665	11	30	in	in	ADP
fbem-1665	11	31	2001	2001	NUM
fbem-1665	11	32	to	to	ADP
fbem-1665	11	33	2.4	2.4	NUM
fbem-1665	11	34	%	%	NOUN
fbem-1665	11	35	in	in	ADP
fbem-1665	11	36	2020	2020	NUM
fbem-1665	11	37	,	,	PUNCT
fbem-1665	11	38	with	with	ADP
fbem-1665	11	39	a	a	DET
fbem-1665	11	40	compound	compound	ADJ
fbem-1665	11	41	annual	annual	ADJ
fbem-1665	11	42	growth	growth	NOUN
fbem-1665	11	43	rate	rate	NOUN
fbem-1665	11	44	of	of	ADP
fbem-1665	11	45	4.8	4.8	NUM
fbem-1665	11	46	%	%	NOUN
fbem-1665	11	47	.	.	PUNCT
fbem-1665	12	1	as	as	ADP
fbem-1665	12	2	the	the	DET
fbem-1665	12	3	main	main	ADJ
fbem-1665	12	4	body	body	NOUN
fbem-1665	12	5	of	of	ADP
fbem-1665	12	6	r&d	r&d	NOUN
fbem-1665	12	7	,	,	PUNCT
fbem-1665	12	8	enterprises	enterprise	NOUN
fbem-1665	12	9	'	'	PART
fbem-1665	12	10	r&d	r&d	NOUN
fbem-1665	12	11	investment	investment	NOUN
fbem-1665	12	12	accounts	account	VERB
fbem-1665	12	13	for	for	ADP
fbem-1665	12	14	77	77	NUM
fbem-1665	12	15	%	%	NOUN
fbem-1665	12	16	of	of	ADP
fbem-1665	12	17	the	the	DET
fbem-1665	12	18	total	total	ADJ
fbem-1665	12	19	social	social	ADJ
fbem-1665	12	20	investment	investment	NOUN
fbem-1665	12	21	,	,	PUNCT
fbem-1665	12	22	and	and	CCONJ
fbem-1665	12	23	their	their	PRON
fbem-1665	12	24	patent	patent	NOUN
fbem-1665	12	25	holdings	holding	NOUN
fbem-1665	12	26	have	have	AUX
fbem-1665	12	27	increased	increase	VERB
fbem-1665	12	28	by	by	ADP
fbem-1665	12	29	dozens	dozen	NOUN
fbem-1665	12	30	of	of	ADP
fbem-1665	12	31	times	time	NOUN
fbem-1665	12	32	.	.	PUNCT
fbem-1665	13	1	as	as	ADP
fbem-1665	13	2	a	a	DET
fbem-1665	13	3	major	major	ADJ
fbem-1665	13	4	force	force	NOUN
fbem-1665	13	5	in	in	ADP
fbem-1665	13	6	innovation	innovation	NOUN
fbem-1665	13	7	activities	activity	NOUN
fbem-1665	13	8	.	.	PUNCT
fbem-1665	14	1	in	in	ADP
fbem-1665	14	2	2020	2020	NUM
fbem-1665	14	3	,	,	PUNCT
fbem-1665	14	4	china	china	PROPN
fbem-1665	14	5	entered	enter	VERB
fbem-1665	14	6	the	the	DET
fbem-1665	14	7	stage	stage	NOUN
fbem-1665	14	8	of	of	ADP
fbem-1665	14	9	becoming	become	VERB
fbem-1665	14	10	an	an	DET
fbem-1665	14	11	innovationoriented	innovationoriented	ADJ
fbem-1665	14	12	country	country	NOUN
fbem-1665	14	13	and	and	CCONJ
fbem-1665	14	14	ranked	rank	VERB
fbem-1665	14	15	14th	14th	ADJ
fbem-1665	14	16	in	in	ADP
fbem-1665	14	17	the	the	DET
fbem-1665	14	18	global	global	ADJ
fbem-1665	14	19	innovation	innovation	PROPN
fbem-1665	14	20	index	index	NOUN
fbem-1665	14	21	.	.	PUNCT
fbem-1665	15	1	however	however	ADV
fbem-1665	15	2	,	,	PUNCT
fbem-1665	15	3	there	there	PRON
fbem-1665	15	4	are	be	VERB
fbem-1665	15	5	still	still	ADV
fbem-1665	15	6	some	some	DET
fbem-1665	15	7	shortcomings	shortcoming	NOUN
fbem-1665	15	8	:	:	PUNCT
fbem-1665	15	9	first	first	ADV
fbem-1665	15	10	,	,	PUNCT
fbem-1665	15	11	the	the	DET
fbem-1665	15	12	key	key	ADJ
fbem-1665	15	13	core	core	NOUN
fbem-1665	15	14	technologies	technology	NOUN
fbem-1665	15	15	can	can	AUX
fbem-1665	15	16	not	not	PART
fbem-1665	15	17	be	be	AUX
fbem-1665	15	18	realized	realize	VERB
fbem-1665	15	19	independently	independently	ADV
fbem-1665	15	20	,	,	PUNCT
fbem-1665	15	21	the	the	DET
fbem-1665	15	22	investment	investment	NOUN
fbem-1665	15	23	in	in	ADP
fbem-1665	15	24	basic	basic	ADJ
fbem-1665	15	25	research	research	NOUN
fbem-1665	15	26	is	be	AUX
fbem-1665	15	27	low	low	ADJ
fbem-1665	15	28	and	and	CCONJ
fbem-1665	15	29	the	the	DET
fbem-1665	15	30	capacity	capacity	NOUN
fbem-1665	15	31	is	be	AUX
fbem-1665	15	32	weak	weak	ADJ
fbem-1665	15	33	.	.	PUNCT
fbem-1665	16	1	second	second	ADJ
fbem-1665	16	2	,	,	PUNCT
fbem-1665	16	3	there	there	PRON
fbem-1665	16	4	is	be	VERB
fbem-1665	16	5	insufficient	insufficient	ADJ
fbem-1665	16	6	supply	supply	NOUN
fbem-1665	16	7	of	of	ADP
fbem-1665	16	8	high	high	ADJ
fbem-1665	16	9	-	-	PUNCT
fbem-1665	16	10	quality	quality	NOUN
fbem-1665	16	11	innovation	innovation	NOUN
fbem-1665	16	12	achievements	achievement	NOUN
fbem-1665	16	13	,	,	PUNCT
fbem-1665	16	14	which	which	PRON
fbem-1665	16	15	can	can	AUX
fbem-1665	16	16	not	not	PART
fbem-1665	16	17	provide	provide	VERB
fbem-1665	16	18	strong	strong	ADJ
fbem-1665	16	19	support	support	NOUN
fbem-1665	16	20	for	for	ADP
fbem-1665	16	21	industrial	industrial	ADJ
fbem-1665	16	22	and	and	CCONJ
fbem-1665	16	23	supply	supply	NOUN
fbem-1665	16	24	chains	chain	NOUN
fbem-1665	16	25	.	.	PUNCT
fbem-1665	17	1	third	third	ADJ
fbem-1665	17	2	,	,	PUNCT
fbem-1665	17	3	the	the	DET
fbem-1665	17	4	effectiveness	effectiveness	NOUN
fbem-1665	17	5	of	of	ADP
fbem-1665	17	6	the	the	DET
fbem-1665	17	7	national	national	ADJ
fbem-1665	17	8	innovation	innovation	NOUN
fbem-1665	17	9	system	system	NOUN
fbem-1665	17	10	has	have	AUX
fbem-1665	17	11	not	not	PART
fbem-1665	17	12	been	be	AUX
fbem-1665	17	13	fully	fully	ADV
fbem-1665	17	14	tapped	tap	VERB
fbem-1665	17	15	,	,	PUNCT
fbem-1665	17	16	and	and	CCONJ
fbem-1665	17	17	institutional	institutional	ADJ
fbem-1665	17	18	reform	reform	NOUN
fbem-1665	17	19	remains	remain	VERB
fbem-1665	17	20	important	important	ADJ
fbem-1665	17	21	.	.	PUNCT
fbem-1665	18	1	china	china	PROPN
fbem-1665	18	2	's	's	PART
fbem-1665	18	3	innovation	innovation	NOUN
fbem-1665	18	4	structure	structure	NOUN
fbem-1665	18	5	has	have	AUX
fbem-1665	18	6	been	be	AUX
fbem-1665	18	7	developed	develop	VERB
fbem-1665	18	8	from	from	ADP
fbem-1665	18	9	secondary	secondary	ADJ
fbem-1665	18	10	development	development	NOUN
fbem-1665	18	11	and	and	CCONJ
fbem-1665	18	12	application	application	NOUN
fbem-1665	18	13	innovation	innovation	NOUN
fbem-1665	18	14	in	in	ADP
fbem-1665	18	15	the	the	DET
fbem-1665	18	16	industrialization	industrialization	NOUN
fbem-1665	18	17	period	period	NOUN
fbem-1665	18	18	to	to	ADP
fbem-1665	18	19	r&d	r&d	NOUN
fbem-1665	18	20	investment	investment	NOUN
fbem-1665	18	21	and	and	CCONJ
fbem-1665	18	22	product	product	NOUN
fbem-1665	18	23	development	development	NOUN
fbem-1665	18	24	.	.	PUNCT
fbem-1665	19	1	therefore	therefore	ADV
fbem-1665	19	2	,	,	PUNCT
fbem-1665	19	3	a	a	DET
fbem-1665	19	4	large	large	ADJ
fbem-1665	19	5	amount	amount	NOUN
fbem-1665	19	6	of	of	ADP
fbem-1665	19	7	capital	capital	NOUN
fbem-1665	19	8	investment	investment	NOUN
fbem-1665	19	9	is	be	AUX
fbem-1665	19	10	required	require	VERB
fbem-1665	19	11	and	and	CCONJ
fbem-1665	19	12	accompanied	accompany	VERB
fbem-1665	19	13	by	by	ADP
fbem-1665	19	14	huge	huge	ADJ
fbem-1665	19	15	risks	risk	NOUN
fbem-1665	19	16	.	.	PUNCT
fbem-1665	20	1	an	an	DET
fbem-1665	20	2	active	active	ADJ
fbem-1665	20	3	capital	capital	NOUN
fbem-1665	20	4	market	market	NOUN
fbem-1665	20	5	can	can	AUX
fbem-1665	20	6	disperse	disperse	VERB
fbem-1665	20	7	capital	capital	NOUN
fbem-1665	20	8	pressure	pressure	NOUN
fbem-1665	20	9	and	and	CCONJ
fbem-1665	20	10	risks	risk	NOUN
fbem-1665	20	11	and	and	CCONJ
fbem-1665	20	12	inject	inject	NOUN
fbem-1665	20	13	vitality	vitality	NOUN
fbem-1665	20	14	into	into	ADP
fbem-1665	20	15	enterprise	enterprise	NOUN
fbem-1665	20	16	innovation	innovation	NOUN
fbem-1665	20	17	.	.	PUNCT
fbem-1665	21	1	the	the	DET
fbem-1665	21	2	launch	launch	NOUN
fbem-1665	21	3	of	of	ADP
fbem-1665	21	4	the	the	DET
fbem-1665	21	5	science	science	NOUN
fbem-1665	21	6	and	and	CCONJ
fbem-1665	21	7	technology	technology	NOUN
fbem-1665	21	8	innovation	innovation	NOUN
fbem-1665	21	9	board	board	NOUN
fbem-1665	21	10	is	be	AUX
fbem-1665	21	11	a	a	DET
fbem-1665	21	12	major	major	ADJ
fbem-1665	21	13	institutional	institutional	ADJ
fbem-1665	21	14	arrangement	arrangement	NOUN
fbem-1665	21	15	for	for	SCONJ
fbem-1665	21	16	china	china	PROPN
fbem-1665	21	17	to	to	PART
fbem-1665	21	18	accelerate	accelerate	VERB
fbem-1665	21	19	the	the	DET
fbem-1665	21	20	implementation	implementation	NOUN
fbem-1665	21	21	of	of	ADP
fbem-1665	21	22	the	the	DET
fbem-1665	21	23	independent	independent	ADJ
fbem-1665	21	24	innovation	innovation	NOUN
fbem-1665	21	25	strategy	strategy	NOUN
fbem-1665	21	26	and	and	CCONJ
fbem-1665	21	27	promote	promote	VERB
fbem-1665	21	28	the	the	DET
fbem-1665	21	29	organic	organic	ADJ
fbem-1665	21	30	integration	integration	NOUN
fbem-1665	21	31	of	of	ADP
fbem-1665	21	32	science	science	NOUN
fbem-1665	21	33	and	and	CCONJ
fbem-1665	21	34	technology	technology	NOUN
fbem-1665	21	35	and	and	CCONJ
fbem-1665	21	36	finance	finance	NOUN
fbem-1665	21	37	.	.	PUNCT
fbem-1665	22	1	it	it	PRON
fbem-1665	22	2	is	be	AUX
fbem-1665	22	3	an	an	DET
fbem-1665	22	4	important	important	ADJ
fbem-1665	22	5	supplement	supplement	NOUN
fbem-1665	22	6	to	to	ADP
fbem-1665	22	7	the	the	DET
fbem-1665	22	8	existing	exist	VERB
fbem-1665	22	9	capital	capital	NOUN
fbem-1665	22	10	market	market	NOUN
fbem-1665	22	11	,	,	PUNCT
fbem-1665	22	12	constructing	construct	VERB
fbem-1665	22	13	a	a	DET
fbem-1665	22	14	multi	multi	ADJ
fbem-1665	22	15	-	-	ADJ
fbem-1665	22	16	level	level	ADJ
fbem-1665	22	17	capital	capital	NOUN
fbem-1665	22	18	market	market	NOUN
fbem-1665	22	19	system	system	NOUN
fbem-1665	22	20	and	and	CCONJ
fbem-1665	22	21	giving	give	VERB
fbem-1665	22	22	full	full	ADJ
fbem-1665	22	23	play	play	NOUN
fbem-1665	22	24	to	to	ADP
fbem-1665	22	25	the	the	DET
fbem-1665	22	26	function	function	NOUN
fbem-1665	22	27	of	of	ADP
fbem-1665	22	28	the	the	DET
fbem-1665	22	29	market	market	NOUN
fbem-1665	22	30	.	.	PUNCT
fbem-1665	23	1	listing	list	VERB
fbem-1665	23	2	is	be	AUX
fbem-1665	23	3	an	an	DET
fbem-1665	23	4	important	important	ADJ
fbem-1665	23	5	way	way	NOUN
fbem-1665	23	6	for	for	SCONJ
fbem-1665	23	7	enterprises	enterprise	NOUN
fbem-1665	23	8	to	to	PART
fbem-1665	23	9	realize	realize	VERB
fbem-1665	23	10	financing	financing	NOUN
fbem-1665	23	11	,	,	PUNCT
fbem-1665	23	12	and	and	CCONJ
fbem-1665	23	13	it	it	PRON
fbem-1665	23	14	is	be	AUX
fbem-1665	23	15	also	also	ADV
fbem-1665	23	16	the	the	DET
fbem-1665	23	17	way	way	NOUN
fbem-1665	23	18	to	to	PART
fbem-1665	23	19	minimize	minimize	VERB
fbem-1665	23	20	the	the	DET
fbem-1665	23	21	financing	financing	NOUN
fbem-1665	23	22	cost	cost	NOUN
fbem-1665	23	23	.	.	PUNCT
fbem-1665	24	1	reasonable	reasonable	ADJ
fbem-1665	24	2	value	value	NOUN
fbem-1665	24	3	of	of	ADP
fbem-1665	24	4	enterprises	enterprise	NOUN
fbem-1665	24	5	is	be	AUX
fbem-1665	24	6	an	an	DET
fbem-1665	24	7	important	important	ADJ
fbem-1665	24	8	performance	performance	NOUN
fbem-1665	24	9	of	of	ADP
fbem-1665	24	10	capital	capital	NOUN
fbem-1665	24	11	market	market	NOUN
fbem-1665	24	12	to	to	PART
fbem-1665	24	13	realize	realize	VERB
fbem-1665	24	14	its	its	PRON
fbem-1665	24	15	resource	resource	NOUN
fbem-1665	24	16	allocation	allocation	NOUN
fbem-1665	24	17	function	function	NOUN
fbem-1665	24	18	.	.	PUNCT
fbem-1665	25	1	in	in	ADP
fbem-1665	25	2	this	this	DET
fbem-1665	25	3	paper	paper	NOUN
fbem-1665	25	4	,	,	PUNCT
fbem-1665	25	5	the	the	DET
fbem-1665	25	6	main	main	ADJ
fbem-1665	25	7	contributions	contribution	NOUN
fbem-1665	25	8	are	be	AUX
fbem-1665	25	9	as	as	SCONJ
fbem-1665	25	10	follows	follow	VERB
fbem-1665	25	11	:	:	PUNCT
fbem-1665	25	12	based	base	VERB
fbem-1665	25	13	on	on	ADP
fbem-1665	25	14	the	the	DET
fbem-1665	25	15	chinese	chinese	ADJ
fbem-1665	25	16	technological	technological	ADJ
fbem-1665	25	17	innovation	innovation	NOUN
fbem-1665	25	18	-	-	PUNCT
fbem-1665	25	19	based	base	VERB
fbem-1665	25	20	enterprises	enterprise	NOUN
fbem-1665	25	21	in	in	ADP
fbem-1665	25	22	its	its	PRON
fbem-1665	25	23	prospectus	prospectus	NOUN
fbem-1665	25	24	disclosure	disclosure	NOUN
fbem-1665	25	25	of	of	ADP
fbem-1665	25	26	information	information	NOUN
fbem-1665	25	27	about	about	ADP
fbem-1665	25	28	innovation	innovation	NOUN
fbem-1665	25	29	,	,	PUNCT
fbem-1665	25	30	from	from	ADP
fbem-1665	25	31	the	the	DET
fbem-1665	25	32	enterprise	enterprise	NOUN
fbem-1665	25	33	internal	internal	ADJ
fbem-1665	25	34	driving	driving	NOUN
fbem-1665	25	35	study	study	NOUN
fbem-1665	25	36	,	,	PUNCT
fbem-1665	25	37	r&d	r&d	NOUN
fbem-1665	25	38	and	and	CCONJ
fbem-1665	25	39	patent	patent	NOUN
fbem-1665	25	40	for	for	ADP
fbem-1665	25	41	invention	invention	NOUN
fbem-1665	25	42	for	for	ADP
fbem-1665	25	43	the	the	DET
fbem-1665	25	44	influence	influence	NOUN
fbem-1665	25	45	of	of	ADP
fbem-1665	25	46	enterprise	enterprise	NOUN
fbem-1665	25	47	value	value	NOUN
fbem-1665	25	48	,	,	PUNCT
fbem-1665	25	49	this	this	PRON
fbem-1665	25	50	helps	help	VERB
fbem-1665	25	51	from	from	ADP
fbem-1665	25	52	the	the	DET
fbem-1665	25	53	enterprise	enterprise	NOUN
fbem-1665	25	54	internal	internal	ADJ
fbem-1665	25	55	factors	factor	NOUN
fbem-1665	25	56	caused	cause	VERB
fbem-1665	25	57	by	by	ADP
fbem-1665	25	58	information	information	NOUN
fbem-1665	25	59	asymmetry	asymmetry	NOUN
fbem-1665	25	60	and	and	CCONJ
fbem-1665	25	61	uncertainty	uncertainty	NOUN
fbem-1665	25	62	to	to	PART
fbem-1665	25	63	deeply	deeply	ADV
fbem-1665	25	64	understand	understand	VERB
fbem-1665	25	65	the	the	DET
fbem-1665	25	66	value	value	NOUN
fbem-1665	25	67	of	of	ADP
fbem-1665	25	68	enterprise	enterprise	NOUN
fbem-1665	25	69	is	be	AUX
fbem-1665	25	70	reasonable	reasonable	ADJ
fbem-1665	25	71	;	;	PUNCT
fbem-1665	25	72	this	this	DET
fbem-1665	25	73	paper	paper	NOUN
fbem-1665	25	74	also	also	ADV
fbem-1665	25	75	deepens	deepen	VERB
fbem-1665	25	76	the	the	DET
fbem-1665	25	77	use	use	NOUN
fbem-1665	25	78	of	of	ADP
fbem-1665	25	79	non	non	ADJ
fbem-1665	25	80	-	-	ADJ
fbem-1665	25	81	financial	financial	ADJ
fbem-1665	25	82	information	information	NOUN
fbem-1665	25	83	when	when	SCONJ
fbem-1665	25	84	companies	company	NOUN
fbem-1665	25	85	go	go	VERB
fbem-1665	25	86	public	public	ADJ
fbem-1665	25	87	,	,	PUNCT
fbem-1665	25	88	and	and	CCONJ
fbem-1665	25	89	expands	expand	VERB
fbem-1665	25	90	the	the	DET
fbem-1665	25	91	previous	previous	ADJ
fbem-1665	25	92	content	content	NOUN
fbem-1665	25	93	of	of	ADP
fbem-1665	25	94	using	use	VERB
fbem-1665	25	95	financial	financial	ADJ
fbem-1665	25	96	indicators	indicator	NOUN
fbem-1665	25	97	to	to	PART
fbem-1665	25	98	study	study	VERB
fbem-1665	25	99	the	the	DET
fbem-1665	25	100	value	value	NOUN
fbem-1665	25	101	.	.	PUNCT
fbem-1665	26	1	by	by	ADP
fbem-1665	26	2	analyzing	analyze	VERB
fbem-1665	26	3	the	the	DET
fbem-1665	26	4	company	company	NOUN
fbem-1665	26	5	attribution	attribution	NOUN
fbem-1665	26	6	,	,	PUNCT
fbem-1665	26	7	we	we	PRON
fbem-1665	26	8	found	find	VERB
fbem-1665	26	9	that	that	SCONJ
fbem-1665	26	10	private	private	ADJ
fbem-1665	26	11	enterprises	enterprise	NOUN
fbem-1665	26	12	have	have	VERB
fbem-1665	26	13	higher	high	ADJ
fbem-1665	26	14	enthusiasm	enthusiasm	NOUN
fbem-1665	26	15	in	in	ADP
fbem-1665	26	16	r&d	r&d	NOUN
fbem-1665	26	17	activities	activity	NOUN
fbem-1665	26	18	and	and	CCONJ
fbem-1665	26	19	patent	patent	NOUN
fbem-1665	26	20	applications	application	NOUN
fbem-1665	26	21	.	.	PUNCT
fbem-1665	27	1	2	2	X
fbem-1665	27	2	.	.	X
fbem-1665	27	3	literature	literature	NOUN
fbem-1665	27	4	review	review	PROPN
fbem-1665	27	5	highly	highly	ADV
fbem-1665	27	6	developed	develop	VERB
fbem-1665	27	7	financial	financial	ADJ
fbem-1665	27	8	markets	market	NOUN
fbem-1665	27	9	can	can	AUX
fbem-1665	27	10	stimulate	stimulate	VERB
fbem-1665	27	11	innovation[1	innovation[1	PROPN
fbem-1665	27	12	]	]	X
fbem-1665	27	13	,	,	PUNCT
fbem-1665	27	14	because	because	SCONJ
fbem-1665	27	15	enterprises	enterprise	NOUN
fbem-1665	27	16	can	can	AUX
fbem-1665	27	17	obtain	obtain	VERB
fbem-1665	27	18	more	more	ADJ
fbem-1665	27	19	financial	financial	ADJ
fbem-1665	27	20	support	support	NOUN
fbem-1665	27	21	,	,	PUNCT
fbem-1665	27	22	improve	improve	VERB
fbem-1665	27	23	the	the	DET
fbem-1665	27	24	intensity	intensity	NOUN
fbem-1665	27	25	of	of	ADP
fbem-1665	27	26	r&d	r&d	NOUN
fbem-1665	27	27	investment	investment	NOUN
fbem-1665	27	28	and	and	CCONJ
fbem-1665	27	29	cultivate	cultivate	VERB
fbem-1665	27	30	the	the	DET
fbem-1665	27	31	innovation	innovation	NOUN
fbem-1665	27	32	ability	ability	NOUN
fbem-1665	27	33	of	of	ADP
fbem-1665	27	34	companies[2].however	companies[2].however	NOUN
fbem-1665	27	35	,	,	PUNCT
fbem-1665	27	36	the	the	DET
fbem-1665	27	37	existing	exist	VERB
fbem-1665	27	38	literature	literature	NOUN
fbem-1665	27	39	suggests	suggest	VERB
fbem-1665	27	40	that	that	SCONJ
fbem-1665	27	41	it	it	PRON
fbem-1665	27	42	is	be	AUX
fbem-1665	27	43	difficult	difficult	ADJ
fbem-1665	27	44	to	to	PART
fbem-1665	27	45	determine	determine	VERB
fbem-1665	27	46	how	how	SCONJ
fbem-1665	27	47	innovation	innovation	NOUN
fbem-1665	27	48	ultimately	ultimately	ADV
fbem-1665	27	49	affects	affect	VERB
fbem-1665	27	50	a	a	DET
fbem-1665	27	51	company	company	NOUN
fbem-1665	27	52	's	's	PART
fbem-1665	27	53	value	value	NOUN
fbem-1665	27	54	.	.	PUNCT
fbem-1665	28	1	lu	lu	PROPN
fbem-1665	28	2	dong[3]after	dong[3]after	NOUN
fbem-1665	28	3	the	the	DET
fbem-1665	28	4	gem	gem	NOUN
fbem-1665	28	5	was	be	AUX
fbem-1665	28	6	launched	launch	VERB
fbem-1665	28	7	,	,	PUNCT
fbem-1665	28	8	some	some	DET
fbem-1665	28	9	"	"	PUNCT
fbem-1665	28	10	chaos	chaos	NOUN
fbem-1665	28	11	"	"	PUNCT
fbem-1665	28	12	occurred	occur	VERB
fbem-1665	28	13	.	.	PUNCT
fbem-1665	29	1	on	on	ADP
fbem-1665	29	2	the	the	DET
fbem-1665	29	3	one	one	NUM
fbem-1665	29	4	hand	hand	NOUN
fbem-1665	29	5	,	,	PUNCT
fbem-1665	29	6	the	the	DET
fbem-1665	29	7	high	high	ADJ
fbem-1665	29	8	issue	issue	NOUN
fbem-1665	29	9	price	price	NOUN
fbem-1665	29	10	,	,	PUNCT
fbem-1665	29	11	high	high	ADJ
fbem-1665	29	12	price	price	NOUN
fbem-1665	29	13	-	-	PUNCT
fbem-1665	29	14	earnings	earning	NOUN
fbem-1665	29	15	ratio	ratio	NOUN
fbem-1665	29	16	and	and	CCONJ
fbem-1665	29	17	high	high	ADJ
fbem-1665	29	18	raised	raise	VERB
fbem-1665	29	19	capital	capital	NOUN
fbem-1665	29	20	made	make	VERB
fbem-1665	29	21	the	the	DET
fbem-1665	29	22	original	original	ADJ
fbem-1665	29	23	shareholders	shareholder	NOUN
fbem-1665	29	24	of	of	ADP
fbem-1665	29	25	the	the	DET
fbem-1665	29	26	company	company	NOUN
fbem-1665	29	27	benefit	benefit	VERB
fbem-1665	29	28	a	a	DET
fbem-1665	29	29	lot	lot	NOUN
fbem-1665	29	30	,	,	PUNCT
fbem-1665	29	31	but	but	CCONJ
fbem-1665	29	32	did	do	AUX
fbem-1665	29	33	not	not	PART
fbem-1665	29	34	promote	promote	VERB
fbem-1665	29	35	innovation	innovation	NOUN
fbem-1665	29	36	;	;	PUNCT
fbem-1665	29	37	on	on	ADP
fbem-1665	29	38	the	the	DET
fbem-1665	29	39	other	other	ADJ
fbem-1665	29	40	hand	hand	NOUN
fbem-1665	29	41	,	,	PUNCT
fbem-1665	29	42	high	high	ADJ
fbem-1665	29	43	-	-	PUNCT
fbem-1665	29	44	tech	tech	NOUN
fbem-1665	29	45	companies	company	NOUN
fbem-1665	29	46	after	after	ADP
fbem-1665	29	47	listing	list	VERB
fbem-1665	29	48	have	have	AUX
fbem-1665	29	49	not	not	PART
fbem-1665	29	50	achieved	achieve	VERB
fbem-1665	29	51	growth	growth	NOUN
fbem-1665	29	52	in	in	ADP
fbem-1665	29	53	performance	performance	NOUN
fbem-1665	29	54	,	,	PUNCT
fbem-1665	29	55	resulting	result	VERB
fbem-1665	29	56	in	in	ADP
fbem-1665	29	57	huge	huge	ADJ
fbem-1665	29	58	losses	loss	NOUN
fbem-1665	29	59	for	for	ADP
fbem-1665	29	60	investors	investor	NOUN
fbem-1665	29	61	.	.	PUNCT
fbem-1665	30	1	in	in	ADP
fbem-1665	30	2	order	order	NOUN
fbem-1665	30	3	to	to	PART
fbem-1665	30	4	correctly	correctly	ADV
fbem-1665	30	5	evaluate	evaluate	VERB
fbem-1665	30	6	a	a	DET
fbem-1665	30	7	company	company	NOUN
fbem-1665	30	8	's	's	PART
fbem-1665	30	9	innovation	innovation	NOUN
fbem-1665	30	10	capability	capability	NOUN
fbem-1665	30	11	,	,	PUNCT
fbem-1665	30	12	investors	investor	NOUN
fbem-1665	30	13	should	should	AUX
fbem-1665	30	14	pay	pay	VERB
fbem-1665	30	15	attention	attention	NOUN
fbem-1665	30	16	to	to	ADP
fbem-1665	30	17	more	more	ADJ
fbem-1665	30	18	information	information	NOUN
fbem-1665	30	19	about	about	ADP
fbem-1665	30	20	the	the	DET
fbem-1665	30	21	company	company	NOUN
fbem-1665	30	22	's	's	PART
fbem-1665	30	23	innovation	innovation	NOUN
fbem-1665	30	24	activities[4][5].chen	activities[4][5].chen	PROPN
fbem-1665	30	25	and	and	CCONJ
fbem-1665	30	26	60	60	NUM
fbem-1665	30	27	xu[6]the	xu[6]the	DET
fbem-1665	30	28	information	information	NOUN
fbem-1665	30	29	of	of	ADP
fbem-1665	30	30	innovation	innovation	NOUN
fbem-1665	30	31	activities	activity	NOUN
fbem-1665	30	32	is	be	AUX
fbem-1665	30	33	divided	divide	VERB
fbem-1665	30	34	into	into	ADP
fbem-1665	30	35	innovation	innovation	NOUN
fbem-1665	30	36	input	input	NOUN
fbem-1665	30	37	and	and	CCONJ
fbem-1665	30	38	innovation	innovation	NOUN
fbem-1665	30	39	results	result	NOUN
fbem-1665	30	40	.	.	PUNCT
fbem-1665	31	1	they	they	PRON
fbem-1665	31	2	argue	argue	VERB
fbem-1665	31	3	that	that	SCONJ
fbem-1665	31	4	information	information	NOUN
fbem-1665	31	5	from	from	ADP
fbem-1665	31	6	these	these	DET
fbem-1665	31	7	innovation	innovation	NOUN
fbem-1665	31	8	measurements	measurement	NOUN
fbem-1665	31	9	may	may	AUX
fbem-1665	31	10	have	have	VERB
fbem-1665	31	11	different	different	ADJ
fbem-1665	31	12	implications	implication	NOUN
fbem-1665	31	13	for	for	ADP
fbem-1665	31	14	investors	investor	NOUN
fbem-1665	31	15	.	.	PUNCT
fbem-1665	32	1	first	first	ADV
fbem-1665	32	2	,	,	PUNCT
fbem-1665	32	3	innovation	innovation	NOUN
fbem-1665	32	4	inputs	input	NOUN
fbem-1665	32	5	have	have	VERB
fbem-1665	32	6	a	a	DET
fbem-1665	32	7	higher	high	ADJ
fbem-1665	32	8	degree	degree	NOUN
fbem-1665	32	9	of	of	ADP
fbem-1665	32	10	uncertainty	uncertainty	NOUN
fbem-1665	32	11	than	than	ADP
fbem-1665	32	12	innovation	innovation	NOUN
fbem-1665	32	13	outcomes	outcome	NOUN
fbem-1665	32	14	.	.	PUNCT
fbem-1665	33	1	secondly	secondly	ADV
fbem-1665	33	2	,	,	PUNCT
fbem-1665	33	3	the	the	DET
fbem-1665	33	4	disclosure	disclosure	NOUN
fbem-1665	33	5	of	of	ADP
fbem-1665	33	6	innovation	innovation	NOUN
fbem-1665	33	7	input	input	NOUN
fbem-1665	33	8	is	be	AUX
fbem-1665	33	9	highly	highly	ADV
fbem-1665	33	10	discretionary	discretionary	ADJ
fbem-1665	33	11	,	,	PUNCT
fbem-1665	33	12	and	and	CCONJ
fbem-1665	33	13	the	the	DET
fbem-1665	33	14	patent	patent	NOUN
fbem-1665	33	15	and	and	CCONJ
fbem-1665	33	16	other	other	ADJ
fbem-1665	33	17	achievements	achievement	NOUN
fbem-1665	33	18	information	information	NOUN
fbem-1665	33	19	is	be	AUX
fbem-1665	33	20	more	more	ADV
fbem-1665	33	21	credible	credible	ADJ
fbem-1665	33	22	with	with	ADP
fbem-1665	33	23	the	the	DET
fbem-1665	33	24	support	support	NOUN
fbem-1665	33	25	of	of	ADP
fbem-1665	33	26	legal	legal	ADJ
fbem-1665	33	27	documents	document	NOUN
fbem-1665	33	28	.	.	PUNCT
fbem-1665	34	1	therefore	therefore	ADV
fbem-1665	34	2	,	,	PUNCT
fbem-1665	34	3	the	the	DET
fbem-1665	34	4	two	two	NUM
fbem-1665	34	5	dimensions	dimension	NOUN
fbem-1665	34	6	of	of	ADP
fbem-1665	34	7	information	information	NOUN
fbem-1665	34	8	have	have	VERB
fbem-1665	34	9	different	different	ADJ
fbem-1665	34	10	impacts	impact	NOUN
fbem-1665	34	11	on	on	ADP
fbem-1665	34	12	the	the	DET
fbem-1665	34	13	company	company	NOUN
fbem-1665	34	14	in	in	ADP
fbem-1665	34	15	the	the	DET
fbem-1665	34	16	capital	capital	NOUN
fbem-1665	34	17	market	market	NOUN
fbem-1665	34	18	and	and	CCONJ
fbem-1665	34	19	can	can	AUX
fbem-1665	34	20	play	play	VERB
fbem-1665	34	21	a	a	DET
fbem-1665	34	22	complementary	complementary	ADJ
fbem-1665	34	23	role	role	NOUN
fbem-1665	34	24	.	.	PUNCT
fbem-1665	35	1	companies	company	NOUN
fbem-1665	35	2	are	be	AUX
fbem-1665	35	3	unusually	unusually	ADV
fbem-1665	35	4	active	active	ADJ
fbem-1665	35	5	in	in	ADP
fbem-1665	35	6	innovation	innovation	NOUN
fbem-1665	35	7	activities	activity	NOUN
fbem-1665	35	8	before	before	SCONJ
fbem-1665	35	9	they	they	PRON
fbem-1665	35	10	go	go	VERB
fbem-1665	35	11	public[7	public[7	PROPN
fbem-1665	35	12	]	]	PUNCT
fbem-1665	35	13	,	,	PUNCT
fbem-1665	35	14	most	most	ADJ
fbem-1665	35	15	companies	company	NOUN
fbem-1665	35	16	decide	decide	VERB
fbem-1665	35	17	to	to	PART
fbem-1665	35	18	go	go	VERB
fbem-1665	35	19	public	public	ADJ
fbem-1665	35	20	after	after	ADP
fbem-1665	35	21	a	a	DET
fbem-1665	35	22	breakthrough	breakthrough	NOUN
fbem-1665	35	23	in	in	ADP
fbem-1665	35	24	technology[8	technology[8	ADP
fbem-1665	35	25	]	]	PUNCT
fbem-1665	35	26	,	,	PUNCT
fbem-1665	35	27	in	in	ADP
fbem-1665	35	28	order	order	NOUN
fbem-1665	35	29	to	to	PART
fbem-1665	35	30	improve	improve	VERB
fbem-1665	35	31	the	the	DET
fbem-1665	35	32	success	success	NOUN
fbem-1665	35	33	rate	rate	NOUN
fbem-1665	35	34	of	of	ADP
fbem-1665	35	35	initial	initial	ADJ
fbem-1665	35	36	public	public	ADJ
fbem-1665	35	37	offerings	offering	NOUN
fbem-1665	35	38	(	(	PUNCT
fbem-1665	35	39	ipo).yun	ipo).yun	NOUN
fbem-1665	35	40	-	-	PUNCT
fbem-1665	35	41	he	he	PRON
fbem-1665	35	42	li	li	PROPN
fbem-1665	35	43	etc.[9]based	etc.[9]base	VERB
fbem-1665	35	44	on	on	ADP
fbem-1665	35	45	gem	gem	NOUN
fbem-1665	35	46	companies	company	NOUN
fbem-1665	35	47	,	,	PUNCT
fbem-1665	35	48	it	it	PRON
fbem-1665	35	49	has	have	AUX
fbem-1665	35	50	been	be	AUX
fbem-1665	35	51	confirmed	confirm	VERB
fbem-1665	35	52	that	that	SCONJ
fbem-1665	35	53	listing	listing	NOUN
fbem-1665	35	54	can	can	AUX
fbem-1665	35	55	promote	promote	VERB
fbem-1665	35	56	the	the	DET
fbem-1665	35	57	innovation	innovation	NOUN
fbem-1665	35	58	and	and	CCONJ
fbem-1665	35	59	development	development	NOUN
fbem-1665	35	60	of	of	ADP
fbem-1665	35	61	companies	company	NOUN
fbem-1665	35	62	.	.	PUNCT
fbem-1665	36	1	although	although	SCONJ
fbem-1665	36	2	a	a	DET
fbem-1665	36	3	lot	lot	NOUN
fbem-1665	36	4	of	of	ADP
fbem-1665	36	5	research	research	NOUN
fbem-1665	36	6	has	have	AUX
fbem-1665	36	7	been	be	AUX
fbem-1665	36	8	done	do	VERB
fbem-1665	36	9	on	on	ADP
fbem-1665	36	10	innovation	innovation	NOUN
fbem-1665	36	11	and	and	CCONJ
fbem-1665	36	12	ipo	ipo	NOUN
fbem-1665	36	13	,	,	PUNCT
fbem-1665	36	14	the	the	DET
fbem-1665	36	15	contribution	contribution	NOUN
fbem-1665	36	16	of	of	ADP
fbem-1665	36	17	innovation	innovation	NOUN
fbem-1665	36	18	activities	activity	NOUN
fbem-1665	36	19	after	after	ADP
fbem-1665	36	20	listing	list	VERB
fbem-1665	36	21	to	to	ADP
fbem-1665	36	22	the	the	DET
fbem-1665	36	23	company	company	NOUN
fbem-1665	36	24	's	's	PART
fbem-1665	36	25	performance	performance	NOUN
fbem-1665	36	26	and	and	CCONJ
fbem-1665	36	27	capital	capital	NOUN
fbem-1665	36	28	market	market	NOUN
fbem-1665	36	29	performance	performance	NOUN
fbem-1665	36	30	has	have	AUX
fbem-1665	36	31	not	not	PART
fbem-1665	36	32	been	be	AUX
fbem-1665	36	33	much	much	ADV
fbem-1665	36	34	discussed	discuss	VERB
fbem-1665	36	35	.	.	PUNCT
fbem-1665	37	1	the	the	DET
fbem-1665	37	2	listing	listing	NOUN
fbem-1665	37	3	rules	rule	NOUN
fbem-1665	37	4	of	of	ADP
fbem-1665	37	5	sci	sci	PROPN
fbem-1665	37	6	-	-	PUNCT
fbem-1665	37	7	tech	tech	NOUN
fbem-1665	37	8	innovation	innovation	NOUN
fbem-1665	37	9	board	board	NOUN
fbem-1665	37	10	of	of	ADP
fbem-1665	37	11	shanghai	shanghai	PROPN
fbem-1665	37	12	stock	stock	PROPN
fbem-1665	37	13	exchange	exchange	PROPN
fbem-1665	37	14	stipulate	stipulate	NOUN
fbem-1665	37	15	that	that	SCONJ
fbem-1665	37	16	companies	company	NOUN
fbem-1665	37	17	must	must	AUX
fbem-1665	37	18	disclose	disclose	VERB
fbem-1665	37	19	all	all	DET
fbem-1665	37	20	research	research	NOUN
fbem-1665	37	21	and	and	CCONJ
fbem-1665	37	22	development	development	NOUN
fbem-1665	37	23	information	information	NOUN
fbem-1665	37	24	that	that	PRON
fbem-1665	37	25	will	will	AUX
fbem-1665	37	26	influence	influence	VERB
fbem-1665	37	27	investors	investor	NOUN
fbem-1665	37	28	'	'	PART
fbem-1665	37	29	value	value	NOUN
fbem-1665	37	30	judgment	judgment	NOUN
fbem-1665	37	31	and	and	CCONJ
fbem-1665	37	32	investment	investment	NOUN
fbem-1665	37	33	decisions	decision	NOUN
fbem-1665	37	34	,	,	PUNCT
fbem-1665	37	35	but	but	CCONJ
fbem-1665	37	36	the	the	DET
fbem-1665	37	37	form	form	NOUN
fbem-1665	37	38	and	and	CCONJ
fbem-1665	37	39	scope	scope	NOUN
fbem-1665	37	40	of	of	ADP
fbem-1665	37	41	disclosure	disclosure	NOUN
fbem-1665	37	42	are	be	AUX
fbem-1665	37	43	not	not	PART
fbem-1665	37	44	clearly	clearly	ADV
fbem-1665	37	45	defined	define	VERB
fbem-1665	37	46	.	.	PUNCT
fbem-1665	38	1	peng	peng	PROPN
fbem-1665	38	2	han	han	PROPN
fbem-1665	39	1	etc.[10]the	etc.[10]the	DET
fbem-1665	39	2	study	study	NOUN
fbem-1665	39	3	found	find	VERB
fbem-1665	39	4	that	that	SCONJ
fbem-1665	39	5	the	the	DET
fbem-1665	39	6	level	level	NOUN
fbem-1665	39	7	of	of	ADP
fbem-1665	39	8	voluntary	voluntary	ADJ
fbem-1665	39	9	disclosure	disclosure	NOUN
fbem-1665	39	10	of	of	ADP
fbem-1665	39	11	innovation	innovation	NOUN
fbem-1665	39	12	behavior	behavior	NOUN
fbem-1665	39	13	has	have	VERB
fbem-1665	39	14	a	a	DET
fbem-1665	39	15	positive	positive	ADJ
fbem-1665	39	16	impact	impact	NOUN
fbem-1665	39	17	on	on	ADP
fbem-1665	39	18	the	the	DET
fbem-1665	39	19	value	value	NOUN
fbem-1665	39	20	of	of	ADP
fbem-1665	39	21	enterprises	enterprise	NOUN
fbem-1665	39	22	,	,	PUNCT
fbem-1665	39	23	but	but	CCONJ
fbem-1665	39	24	there	there	PRON
fbem-1665	39	25	is	be	VERB
fbem-1665	39	26	no	no	DET
fbem-1665	39	27	significant	significant	ADJ
fbem-1665	39	28	result	result	NOUN
fbem-1665	39	29	in	in	ADP
fbem-1665	39	30	capital	capital	NOUN
fbem-1665	39	31	market	market	NOUN
fbem-1665	39	32	financing	financing	NOUN
fbem-1665	39	33	.	.	PUNCT
fbem-1665	40	1	liang	liang	PROPN
fbem-1665	40	2	weiliang[11]he	weiliang[11]he	PROPN
fbem-1665	40	3	pointed	point	VERB
fbem-1665	40	4	out	out	ADP
fbem-1665	40	5	that	that	SCONJ
fbem-1665	40	6	information	information	NOUN
fbem-1665	40	7	disclosure	disclosure	NOUN
fbem-1665	40	8	should	should	AUX
fbem-1665	40	9	protect	protect	VERB
fbem-1665	40	10	the	the	DET
fbem-1665	40	11	legitimate	legitimate	ADJ
fbem-1665	40	12	rights	right	NOUN
fbem-1665	40	13	and	and	CCONJ
fbem-1665	40	14	interests	interest	NOUN
fbem-1665	40	15	of	of	ADP
fbem-1665	40	16	investors	investor	NOUN
fbem-1665	40	17	,	,	PUNCT
fbem-1665	40	18	but	but	CCONJ
fbem-1665	40	19	excessive	excessive	ADJ
fbem-1665	40	20	disclosure	disclosure	NOUN
fbem-1665	40	21	will	will	AUX
fbem-1665	40	22	cause	cause	VERB
fbem-1665	40	23	information	information	NOUN
fbem-1665	40	24	redundancy	redundancy	NOUN
fbem-1665	40	25	,	,	PUNCT
fbem-1665	40	26	not	not	PART
fbem-1665	40	27	conducive	conducive	ADJ
fbem-1665	40	28	to	to	ADP
fbem-1665	40	29	investor	investor	NOUN
fbem-1665	40	30	discrimination	discrimination	NOUN
fbem-1665	40	31	,	,	PUNCT
fbem-1665	40	32	and	and	CCONJ
fbem-1665	40	33	will	will	AUX
fbem-1665	40	34	raise	raise	VERB
fbem-1665	40	35	the	the	DET
fbem-1665	40	36	cost	cost	NOUN
fbem-1665	40	37	of	of	ADP
fbem-1665	40	38	the	the	DET
fbem-1665	40	39	subject	subject	NOUN
fbem-1665	40	40	of	of	ADP
fbem-1665	40	41	disclosure	disclosure	NOUN
fbem-1665	40	42	.	.	PUNCT
fbem-1665	41	1	jason	jason	PROPN
fbem-1665	41	2	hu	hu	PROPN
fbem-1665	41	3	etc.[12]we	etc.[12]we	PROPN
fbem-1665	41	4	found	find	VERB
fbem-1665	41	5	that	that	SCONJ
fbem-1665	41	6	the	the	DET
fbem-1665	41	7	disclosure	disclosure	NOUN
fbem-1665	41	8	of	of	ADP
fbem-1665	41	9	r&d	r&d	NOUN
fbem-1665	41	10	information	information	NOUN
fbem-1665	41	11	improved	improve	VERB
fbem-1665	41	12	the	the	DET
fbem-1665	41	13	rationality	rationality	NOUN
fbem-1665	41	14	of	of	ADP
fbem-1665	41	15	ipo	ipo	NOUN
fbem-1665	41	16	pricing	pricing	NOUN
fbem-1665	41	17	in	in	ADP
fbem-1665	41	18	the	the	DET
fbem-1665	41	19	primary	primary	ADJ
fbem-1665	41	20	market	market	NOUN
fbem-1665	41	21	,	,	PUNCT
fbem-1665	41	22	but	but	CCONJ
fbem-1665	41	23	investors	investor	NOUN
fbem-1665	41	24	in	in	ADP
fbem-1665	41	25	the	the	DET
fbem-1665	41	26	secondary	secondary	ADJ
fbem-1665	41	27	exchange	exchange	NOUN
fbem-1665	41	28	market	market	NOUN
fbem-1665	41	29	did	do	AUX
fbem-1665	41	30	not	not	PART
fbem-1665	41	31	fully	fully	ADV
fbem-1665	41	32	understand	understand	VERB
fbem-1665	41	33	the	the	DET
fbem-1665	41	34	use	use	NOUN
fbem-1665	41	35	of	of	ADP
fbem-1665	41	36	r&d	r&d	NOUN
fbem-1665	41	37	related	relate	VERB
fbem-1665	41	38	information	information	NOUN
fbem-1665	41	39	to	to	PART
fbem-1665	41	40	judge	judge	VERB
fbem-1665	41	41	the	the	DET
fbem-1665	41	42	reasonable	reasonable	ADJ
fbem-1665	41	43	value	value	NOUN
fbem-1665	41	44	of	of	ADP
fbem-1665	41	45	enterprises	enterprise	NOUN
fbem-1665	41	46	.	.	PUNCT
fbem-1665	42	1	there	there	PRON
fbem-1665	42	2	are	be	VERB
fbem-1665	42	3	many	many	ADJ
fbem-1665	42	4	reasons	reason	NOUN
fbem-1665	42	5	for	for	ADP
fbem-1665	42	6	information	information	NOUN
fbem-1665	42	7	asymmetry	asymmetry	NOUN
fbem-1665	42	8	and	and	CCONJ
fbem-1665	42	9	opacity	opacity	NOUN
fbem-1665	42	10	,	,	PUNCT
fbem-1665	42	11	such	such	ADJ
fbem-1665	42	12	as	as	ADP
fbem-1665	42	13	technology	technology	NOUN
fbem-1665	42	14	research	research	NOUN
fbem-1665	42	15	and	and	CCONJ
fbem-1665	42	16	development	development	NOUN
fbem-1665	42	17	,	,	PUNCT
fbem-1665	42	18	product	product	NOUN
fbem-1665	42	19	diversification	diversification	NOUN
fbem-1665	42	20	and	and	CCONJ
fbem-1665	42	21	so	so	ADV
fbem-1665	42	22	on[13]in	on[13]in	PROPN
fbem-1665	42	23	general	general	NOUN
fbem-1665	42	24	,	,	PUNCT
fbem-1665	42	25	it	it	PRON
fbem-1665	42	26	is	be	AUX
fbem-1665	42	27	difficult	difficult	ADJ
fbem-1665	42	28	to	to	PART
fbem-1665	42	29	separate	separate	VERB
fbem-1665	42	30	the	the	DET
fbem-1665	42	31	influence	influence	NOUN
fbem-1665	42	32	of	of	ADP
fbem-1665	42	33	different	different	ADJ
fbem-1665	42	34	sources	source	NOUN
fbem-1665	42	35	of	of	ADP
fbem-1665	42	36	information	information	NOUN
fbem-1665	42	37	asymmetry	asymmetry	NOUN
fbem-1665	42	38	on	on	ADP
fbem-1665	42	39	enterprise	enterprise	NOUN
fbem-1665	42	40	value	value	NOUN
fbem-1665	42	41	.	.	PUNCT
fbem-1665	43	1	the	the	DET
fbem-1665	43	2	science	science	NOUN
fbem-1665	43	3	and	and	CCONJ
fbem-1665	43	4	technology	technology	NOUN
fbem-1665	43	5	innovation	innovation	NOUN
fbem-1665	43	6	board	board	NOUN
fbem-1665	43	7	is	be	AUX
fbem-1665	43	8	positioned	position	VERB
fbem-1665	43	9	to	to	PART
fbem-1665	43	10	promote	promote	VERB
fbem-1665	43	11	the	the	DET
fbem-1665	43	12	growth	growth	NOUN
fbem-1665	43	13	of	of	ADP
fbem-1665	43	14	strategic	strategic	ADJ
fbem-1665	43	15	emerging	emerge	VERB
fbem-1665	43	16	industries	industry	NOUN
fbem-1665	43	17	and	and	CCONJ
fbem-1665	43	18	innovative	innovative	ADJ
fbem-1665	43	19	enterprises	enterprise	NOUN
fbem-1665	43	20	,	,	PUNCT
fbem-1665	43	21	focusing	focus	VERB
fbem-1665	43	22	on	on	ADP
fbem-1665	43	23	supporting	support	VERB
fbem-1665	43	24	the	the	DET
fbem-1665	43	25	development	development	NOUN
fbem-1665	43	26	of	of	ADP
fbem-1665	43	27	enterprises	enterprise	NOUN
fbem-1665	43	28	with	with	ADP
fbem-1665	43	29	independent	independent	ADJ
fbem-1665	43	30	innovation	innovation	NOUN
fbem-1665	43	31	capability	capability	NOUN
fbem-1665	43	32	.	.	PUNCT
fbem-1665	44	1	china	china	PROPN
fbem-1665	44	2	has	have	AUX
fbem-1665	44	3	introduced	introduce	VERB
fbem-1665	44	4	many	many	ADJ
fbem-1665	44	5	policies	policy	NOUN
fbem-1665	44	6	to	to	PART
fbem-1665	44	7	encourage	encourage	VERB
fbem-1665	44	8	scientific	scientific	ADJ
fbem-1665	44	9	and	and	CCONJ
fbem-1665	44	10	technological	technological	ADJ
fbem-1665	44	11	innovation	innovation	NOUN
fbem-1665	44	12	,	,	PUNCT
fbem-1665	44	13	especially	especially	ADV
fbem-1665	44	14	in	in	ADP
fbem-1665	44	15	terms	term	NOUN
fbem-1665	44	16	of	of	ADP
fbem-1665	44	17	taxation	taxation	NOUN
fbem-1665	44	18	,	,	PUNCT
fbem-1665	44	19	which	which	PRON
fbem-1665	44	20	directly	directly	ADV
fbem-1665	44	21	reduce	reduce	VERB
fbem-1665	44	22	the	the	DET
fbem-1665	44	23	cost	cost	NOUN
fbem-1665	44	24	burden	burden	NOUN
fbem-1665	44	25	of	of	ADP
fbem-1665	44	26	enterprises	enterprise	NOUN
fbem-1665	44	27	and	and	CCONJ
fbem-1665	44	28	inject	inject	NOUN
fbem-1665	44	29	vitality	vitality	NOUN
fbem-1665	44	30	into	into	ADP
fbem-1665	44	31	their	their	PRON
fbem-1665	44	32	development	development	NOUN
fbem-1665	44	33	.	.	PUNCT
fbem-1665	45	1	feng	feng	PROPN
fbem-1665	45	2	ze	ze	PROPN
fbem-1665	45	3	etc.[14]the	etc.[14]the	DET
fbem-1665	45	4	study	study	NOUN
fbem-1665	45	5	found	find	VERB
fbem-1665	45	6	that	that	SCONJ
fbem-1665	45	7	the	the	DET
fbem-1665	45	8	accounting	accounting	NOUN
fbem-1665	45	9	policy	policy	NOUN
fbem-1665	45	10	of	of	ADP
fbem-1665	45	11	r&d	r&d	NOUN
fbem-1665	45	12	investment	investment	NOUN
fbem-1665	45	13	deduction	deduction	NOUN
fbem-1665	45	14	can	can	AUX
fbem-1665	45	15	help	help	VERB
fbem-1665	45	16	enterprises	enterprise	NOUN
fbem-1665	45	17	to	to	PART
fbem-1665	45	18	increase	increase	VERB
fbem-1665	45	19	the	the	DET
fbem-1665	45	20	scale	scale	NOUN
fbem-1665	45	21	and	and	CCONJ
fbem-1665	45	22	intensity	intensity	NOUN
fbem-1665	45	23	of	of	ADP
fbem-1665	45	24	r&d	r&d	NOUN
fbem-1665	45	25	investment	investment	NOUN
fbem-1665	45	26	,	,	PUNCT
fbem-1665	45	27	and	and	CCONJ
fbem-1665	45	28	play	play	VERB
fbem-1665	45	29	a	a	DET
fbem-1665	45	30	positive	positive	ADJ
fbem-1665	45	31	role	role	NOUN
fbem-1665	45	32	in	in	ADP
fbem-1665	45	33	enterprise	enterprise	NOUN
fbem-1665	45	34	innovation	innovation	NOUN
fbem-1665	45	35	.	.	PUNCT
fbem-1665	46	1	yang	yang	PROPN
fbem-1665	46	2	songling[15]research	songling[15]research	PROPN
fbem-1665	46	3	has	have	AUX
fbem-1665	46	4	proved	prove	VERB
fbem-1665	46	5	that	that	SCONJ
fbem-1665	46	6	companies	company	NOUN
fbem-1665	46	7	that	that	PRON
fbem-1665	46	8	take	take	VERB
fbem-1665	46	9	advantage	advantage	NOUN
fbem-1665	46	10	of	of	ADP
fbem-1665	46	11	the	the	DET
fbem-1665	46	12	multi	multi	ADJ
fbem-1665	46	13	-	-	ADJ
fbem-1665	46	14	level	level	ADJ
fbem-1665	46	15	capital	capital	NOUN
fbem-1665	46	16	market	market	NOUN
fbem-1665	46	17	system	system	NOUN
fbem-1665	46	18	step	step	NOUN
fbem-1665	46	19	by	by	ADP
fbem-1665	46	20	step	step	NOUN
fbem-1665	46	21	have	have	VERB
fbem-1665	46	22	better	well	ADJ
fbem-1665	46	23	performance	performance	NOUN
fbem-1665	46	24	in	in	ADP
fbem-1665	46	25	terms	term	NOUN
fbem-1665	46	26	of	of	ADP
fbem-1665	46	27	r&d	r&d	NOUN
fbem-1665	46	28	investment	investment	NOUN
fbem-1665	46	29	,	,	PUNCT
fbem-1665	46	30	and	and	CCONJ
fbem-1665	46	31	appropriate	appropriate	ADJ
fbem-1665	46	32	capital	capital	NOUN
fbem-1665	46	33	strategies	strategy	NOUN
fbem-1665	46	34	also	also	ADV
fbem-1665	46	35	help	help	VERB
fbem-1665	46	36	companies	company	NOUN
fbem-1665	46	37	develop	develop	VERB
fbem-1665	46	38	and	and	CCONJ
fbem-1665	46	39	grow	grow	VERB
fbem-1665	46	40	themselves	themselves	PRON
fbem-1665	46	41	using	use	VERB
fbem-1665	46	42	the	the	DET
fbem-1665	46	43	capital	capital	NOUN
fbem-1665	46	44	market	market	NOUN
fbem-1665	46	45	.	.	PUNCT
fbem-1665	47	1	in	in	ADP
fbem-1665	47	2	-	-	PUNCT
fbem-1665	47	3	depth	depth	NOUN
fbem-1665	47	4	research	research	NOUN
fbem-1665	47	5	on	on	ADP
fbem-1665	47	6	the	the	DET
fbem-1665	47	7	reasonable	reasonable	ADJ
fbem-1665	47	8	value	value	NOUN
fbem-1665	47	9	of	of	ADP
fbem-1665	47	10	science	science	NOUN
fbem-1665	47	11	and	and	CCONJ
fbem-1665	47	12	technology	technology	NOUN
fbem-1665	47	13	innovation	innovation	NOUN
fbem-1665	47	14	companies	company	NOUN
fbem-1665	47	15	is	be	AUX
fbem-1665	47	16	of	of	ADP
fbem-1665	47	17	great	great	ADJ
fbem-1665	47	18	significance	significance	NOUN
fbem-1665	47	19	for	for	ADP
fbem-1665	47	20	improving	improve	VERB
fbem-1665	47	21	the	the	DET
fbem-1665	47	22	efficiency	efficiency	NOUN
fbem-1665	47	23	of	of	ADP
fbem-1665	47	24	resource	resource	NOUN
fbem-1665	47	25	allocation	allocation	NOUN
fbem-1665	47	26	and	and	CCONJ
fbem-1665	47	27	promoting	promote	VERB
fbem-1665	47	28	the	the	DET
fbem-1665	47	29	healthy	healthy	ADJ
fbem-1665	47	30	development	development	NOUN
fbem-1665	47	31	of	of	ADP
fbem-1665	47	32	the	the	DET
fbem-1665	47	33	science	science	NOUN
fbem-1665	47	34	and	and	CCONJ
fbem-1665	47	35	technology	technology	NOUN
fbem-1665	47	36	innovation	innovation	NOUN
fbem-1665	47	37	board	board	NOUN
fbem-1665	47	38	market	market	NOUN
fbem-1665	47	39	in	in	ADP
fbem-1665	47	40	china	china	PROPN
fbem-1665	47	41	.	.	PUNCT
fbem-1665	48	1	in	in	ADP
fbem-1665	48	2	recent	recent	ADJ
fbem-1665	48	3	years	year	NOUN
fbem-1665	48	4	,	,	PUNCT
fbem-1665	48	5	domestic	domestic	ADJ
fbem-1665	48	6	scholars	scholar	NOUN
fbem-1665	48	7	have	have	AUX
fbem-1665	48	8	studied	study	VERB
fbem-1665	48	9	the	the	DET
fbem-1665	48	10	behavior	behavior	NOUN
fbem-1665	48	11	of	of	ADP
fbem-1665	48	12	institutional	institutional	ADJ
fbem-1665	48	13	investors[16	investors[16	PROPN
fbem-1665	48	14	]	]	X
fbem-1665	48	15	,	,	PUNCT
fbem-1665	48	16	non	non	ADJ
fbem-1665	48	17	-	-	ADJ
fbem-1665	48	18	cash	cash	ADJ
fbem-1665	48	19	flow	flow	NOUN
fbem-1665	48	20	factors[17	factors[17	ADV
fbem-1665	48	21	]	]	PUNCT
fbem-1665	48	22	,	,	PUNCT
fbem-1665	48	23	and	and	CCONJ
fbem-1665	48	24	venture	venture	VERB
fbem-1665	48	25	capital[18]from	capital[18]from	NOUN
fbem-1665	48	26	the	the	DET
fbem-1665	48	27	perspective	perspective	NOUN
fbem-1665	48	28	of	of	ADP
fbem-1665	48	29	the	the	DET
fbem-1665	48	30	company	company	NOUN
fbem-1665	48	31	's	's	PART
fbem-1665	48	32	market	market	NOUN
fbem-1665	48	33	value	value	NOUN
fbem-1665	48	34	in	in	ADP
fbem-1665	48	35	the	the	DET
fbem-1665	48	36	stock	stock	NOUN
fbem-1665	48	37	market	market	NOUN
fbem-1665	48	38	,	,	PUNCT
fbem-1665	48	39	deepening	deepen	VERB
fbem-1665	48	40	people	people	NOUN
fbem-1665	48	41	's	's	PART
fbem-1665	48	42	understanding	understanding	NOUN
fbem-1665	48	43	.	.	PUNCT
fbem-1665	49	1	in	in	ADP
fbem-1665	49	2	order	order	NOUN
fbem-1665	49	3	to	to	PART
fbem-1665	49	4	correctly	correctly	ADV
fbem-1665	49	5	evaluate	evaluate	VERB
fbem-1665	49	6	the	the	DET
fbem-1665	49	7	value	value	NOUN
fbem-1665	49	8	of	of	ADP
fbem-1665	49	9	high	high	ADJ
fbem-1665	49	10	-	-	PUNCT
fbem-1665	49	11	tech	tech	NOUN
fbem-1665	49	12	companies	company	NOUN
fbem-1665	49	13	,	,	PUNCT
fbem-1665	49	14	investors	investor	NOUN
fbem-1665	49	15	can	can	AUX
fbem-1665	49	16	use	use	VERB
fbem-1665	49	17	more	more	ADJ
fbem-1665	49	18	information	information	NOUN
fbem-1665	49	19	about	about	ADP
fbem-1665	49	20	r&d	r&d	NOUN
fbem-1665	49	21	investment	investment	NOUN
fbem-1665	49	22	and	and	CCONJ
fbem-1665	49	23	patents	patent	NOUN
fbem-1665	49	24	obtained	obtain	VERB
fbem-1665	49	25	by	by	ADP
fbem-1665	49	26	the	the	DET
fbem-1665	49	27	companies[19][20].diego	companies[19][20].diego	PROPN
fbem-1665	49	28	useche[21	useche[21	PROPN
fbem-1665	49	29	]	]	PUNCT
fbem-1665	49	30	found	find	VERB
fbem-1665	49	31	that	that	SCONJ
fbem-1665	49	32	each	each	DET
fbem-1665	49	33	additional	additional	ADJ
fbem-1665	49	34	patent	patent	NOUN
fbem-1665	49	35	filed	file	VERB
fbem-1665	49	36	by	by	ADP
fbem-1665	49	37	a	a	DET
fbem-1665	49	38	company	company	NOUN
fbem-1665	49	39	on	on	ADP
fbem-1665	49	40	the	the	DET
fbem-1665	49	41	american	american	ADJ
fbem-1665	49	42	stock	stock	NOUN
fbem-1665	49	43	market	market	NOUN
fbem-1665	49	44	helped	help	VERB
fbem-1665	49	45	the	the	DET
fbem-1665	49	46	company	company	NOUN
fbem-1665	49	47	raise	raise	VERB
fbem-1665	49	48	an	an	DET
fbem-1665	49	49	additional	additional	ADJ
fbem-1665	49	50	801,000	801,000	NUM
fbem-1665	49	51	euros	euro	NOUN
fbem-1665	49	52	,	,	PUNCT
fbem-1665	49	53	and	and	CCONJ
fbem-1665	49	54	774,000	774,000	NUM
fbem-1665	49	55	euros	euro	NOUN
fbem-1665	49	56	on	on	ADP
fbem-1665	49	57	the	the	DET
fbem-1665	49	58	european	european	ADJ
fbem-1665	49	59	stock	stock	NOUN
fbem-1665	49	60	market	market	NOUN
fbem-1665	49	61	.	.	PUNCT
fbem-1665	50	1	meng	meng	PROPN
fbem-1665	50	2	tao	tao	PROPN
fbem-1665	50	3	etc.[22	etc.[22	NOUN
fbem-1665	50	4	]	]	PUNCT
fbem-1665	50	5	study	study	NOUN
fbem-1665	50	6	patent	patent	NOUN
fbem-1665	50	7	information	information	NOUN
fbem-1665	50	8	and	and	CCONJ
fbem-1665	50	9	value	value	NOUN
fbem-1665	50	10	of	of	ADP
fbem-1665	50	11	unicorn	unicorn	ADJ
fbem-1665	50	12	firms	firm	NOUN
fbem-1665	50	13	,	,	PUNCT
fbem-1665	50	14	and	and	CCONJ
fbem-1665	50	15	find	find	VERB
fbem-1665	50	16	that	that	SCONJ
fbem-1665	50	17	the	the	DET
fbem-1665	50	18	number	number	NOUN
fbem-1665	50	19	of	of	ADP
fbem-1665	50	20	patent	patent	NOUN
fbem-1665	50	21	applications	application	NOUN
fbem-1665	50	22	is	be	AUX
fbem-1665	50	23	the	the	DET
fbem-1665	50	24	main	main	ADJ
fbem-1665	50	25	factor	factor	NOUN
fbem-1665	50	26	driving	drive	VERB
fbem-1665	50	27	the	the	DET
fbem-1665	50	28	value	value	NOUN
fbem-1665	50	29	rise	rise	NOUN
fbem-1665	50	30	and	and	CCONJ
fbem-1665	50	31	improving	improve	VERB
fbem-1665	50	32	the	the	DET
fbem-1665	50	33	financing	financing	NOUN
fbem-1665	50	34	ability	ability	NOUN
fbem-1665	50	35	of	of	ADP
fbem-1665	50	36	firms	firm	NOUN
fbem-1665	50	37	.	.	PUNCT
fbem-1665	51	1	3	3	X
fbem-1665	51	2	.	.	X
fbem-1665	51	3	research	research	NOUN
fbem-1665	51	4	hypothesis	hypothesis	NOUN
fbem-1665	51	5	3.1	3.1	NUM
fbem-1665	51	6	.	.	PUNCT
fbem-1665	52	1	r&d	r&d	NOUN
fbem-1665	52	2	investment	investment	NOUN
fbem-1665	52	3	research	research	NOUN
fbem-1665	52	4	and	and	CCONJ
fbem-1665	52	5	development	development	NOUN
fbem-1665	52	6	(	(	PUNCT
fbem-1665	52	7	r&d	r&d	NOUN
fbem-1665	52	8	)	)	PUNCT
fbem-1665	52	9	is	be	AUX
fbem-1665	52	10	a	a	DET
fbem-1665	52	11	strategic	strategic	ADJ
fbem-1665	52	12	investment	investment	NOUN
fbem-1665	52	13	to	to	PART
fbem-1665	52	14	create	create	VERB
fbem-1665	52	15	new	new	ADJ
fbem-1665	52	16	knowledge	knowledge	NOUN
fbem-1665	52	17	,	,	PUNCT
fbem-1665	52	18	technologies	technology	NOUN
fbem-1665	52	19	and	and	CCONJ
fbem-1665	52	20	products	product	NOUN
fbem-1665	52	21	,	,	PUNCT
fbem-1665	52	22	and	and	CCONJ
fbem-1665	52	23	its	its	PRON
fbem-1665	52	24	value	value	NOUN
fbem-1665	52	25	is	be	AUX
fbem-1665	52	26	particularly	particularly	ADV
fbem-1665	52	27	important	important	ADJ
fbem-1665	52	28	for	for	ADP
fbem-1665	52	29	innovative	innovative	ADJ
fbem-1665	52	30	companies	company	NOUN
fbem-1665	52	31	.	.	PUNCT
fbem-1665	53	1	compared	compare	VERB
fbem-1665	53	2	with	with	ADP
fbem-1665	53	3	physical	physical	ADJ
fbem-1665	53	4	capital	capital	NOUN
fbem-1665	53	5	investment	investment	NOUN
fbem-1665	53	6	,	,	PUNCT
fbem-1665	53	7	r&d	r&d	NOUN
fbem-1665	53	8	investment	investment	NOUN
fbem-1665	53	9	is	be	AUX
fbem-1665	53	10	characterized	characterize	VERB
fbem-1665	53	11	by	by	ADP
fbem-1665	53	12	strong	strong	ADJ
fbem-1665	53	13	value	value	NOUN
fbem-1665	53	14	uncertainty	uncertainty	NOUN
fbem-1665	53	15	.	.	PUNCT
fbem-1665	54	1	xu	xu	PROPN
fbem-1665	54	2	xin	xin	PROPN
fbem-1665	55	1	etc.[23]argued	etc.[23]argue	VERB
fbem-1665	55	2	that	that	SCONJ
fbem-1665	55	3	r&d	r&d	NOUN
fbem-1665	55	4	is	be	AUX
fbem-1665	55	5	a	a	DET
fbem-1665	55	6	high	high	ADJ
fbem-1665	55	7	-	-	PUNCT
fbem-1665	55	8	risk	risk	NOUN
fbem-1665	55	9	,	,	PUNCT
fbem-1665	55	10	non	non	ADJ
fbem-1665	55	11	-	-	ADJ
fbem-1665	55	12	traded	traded	ADJ
fbem-1665	55	13	asset	asset	NOUN
fbem-1665	55	14	of	of	ADP
fbem-1665	55	15	enterprises	enterprise	NOUN
fbem-1665	55	16	,	,	PUNCT
fbem-1665	55	17	which	which	PRON
fbem-1665	55	18	is	be	AUX
fbem-1665	55	19	difficult	difficult	ADJ
fbem-1665	55	20	to	to	PART
fbem-1665	55	21	be	be	AUX
fbem-1665	55	22	evaluated	evaluate	VERB
fbem-1665	55	23	by	by	ADP
fbem-1665	55	24	the	the	DET
fbem-1665	55	25	market	market	NOUN
fbem-1665	55	26	.	.	PUNCT
fbem-1665	56	1	as	as	ADP
fbem-1665	56	2	a	a	DET
fbem-1665	56	3	result	result	NOUN
fbem-1665	56	4	,	,	PUNCT
fbem-1665	56	5	potential	potential	ADJ
fbem-1665	56	6	ipo	ipo	NOUN
fbem-1665	56	7	investors	investor	NOUN
fbem-1665	56	8	face	face	VERB
fbem-1665	56	9	value	value	NOUN
fbem-1665	56	10	issues	issue	NOUN
fbem-1665	56	11	because	because	SCONJ
fbem-1665	56	12	they	they	PRON
fbem-1665	56	13	can	can	AUX
fbem-1665	56	14	not	not	PART
fbem-1665	56	15	rely	rely	VERB
fbem-1665	56	16	on	on	ADP
fbem-1665	56	17	financial	financial	ADJ
fbem-1665	56	18	statements	statement	NOUN
fbem-1665	56	19	or	or	CCONJ
fbem-1665	56	20	prospectuses	prospectus	NOUN
fbem-1665	56	21	to	to	PART
fbem-1665	56	22	get	get	VERB
fbem-1665	56	23	a	a	DET
fbem-1665	56	24	complete	complete	ADJ
fbem-1665	56	25	picture	picture	NOUN
fbem-1665	56	26	of	of	ADP
fbem-1665	56	27	a	a	DET
fbem-1665	56	28	company	company	NOUN
fbem-1665	56	29	's	's	PART
fbem-1665	56	30	market	market	NOUN
fbem-1665	56	31	value	value	NOUN
fbem-1665	56	32	.	.	PUNCT
fbem-1665	57	1	a	a	DET
fbem-1665	57	2	company	company	NOUN
fbem-1665	57	3	with	with	ADP
fbem-1665	57	4	a	a	DET
fbem-1665	57	5	higher	high	ADJ
fbem-1665	57	6	level	level	NOUN
fbem-1665	57	7	of	of	ADP
fbem-1665	57	8	research	research	NOUN
fbem-1665	57	9	and	and	CCONJ
fbem-1665	57	10	development	development	NOUN
fbem-1665	57	11	creates	create	VERB
fbem-1665	57	12	more	more	ADJ
fbem-1665	57	13	uncertainty	uncertainty	NOUN
fbem-1665	57	14	for	for	ADP
fbem-1665	57	15	investors	investor	NOUN
fbem-1665	57	16	.	.	PUNCT
fbem-1665	58	1	the	the	DET
fbem-1665	58	2	revenue	revenue	NOUN
fbem-1665	58	3	of	of	ADP
fbem-1665	58	4	r&d	r&d	NOUN
fbem-1665	58	5	is	be	AUX
fbem-1665	58	6	also	also	ADV
fbem-1665	58	7	uncertain	uncertain	ADJ
fbem-1665	58	8	,	,	PUNCT
fbem-1665	58	9	and	and	CCONJ
fbem-1665	58	10	its	its	PRON
fbem-1665	58	11	success	success	NOUN
fbem-1665	58	12	is	be	AUX
fbem-1665	58	13	volatile	volatile	ADJ
fbem-1665	58	14	and	and	CCONJ
fbem-1665	58	15	random	random	ADJ
fbem-1665	58	16	.	.	PUNCT
fbem-1665	59	1	the	the	DET
fbem-1665	59	2	value	value	NOUN
fbem-1665	59	3	generated	generate	VERB
fbem-1665	59	4	by	by	ADP
fbem-1665	59	5	r&d	r&d	NOUN
fbem-1665	59	6	can	can	AUX
fbem-1665	59	7	not	not	PART
fbem-1665	59	8	be	be	AUX
fbem-1665	59	9	measured	measure	VERB
fbem-1665	59	10	as	as	ADV
fbem-1665	59	11	easily	easily	ADV
fbem-1665	59	12	as	as	ADP
fbem-1665	59	13	other	other	ADJ
fbem-1665	59	14	assets	asset	NOUN
fbem-1665	59	15	,	,	PUNCT
fbem-1665	59	16	and	and	CCONJ
fbem-1665	59	17	the	the	DET
fbem-1665	59	18	outside	outside	ADJ
fbem-1665	59	19	world	world	NOUN
fbem-1665	59	20	needs	need	VERB
fbem-1665	59	21	the	the	DET
fbem-1665	59	22	proprietary	proprietary	ADJ
fbem-1665	59	23	information	information	NOUN
fbem-1665	59	24	of	of	ADP
fbem-1665	59	25	the	the	DET
fbem-1665	59	26	enterprise	enterprise	NOUN
fbem-1665	59	27	to	to	PART
fbem-1665	59	28	accurately	accurately	ADV
fbem-1665	59	29	evaluate	evaluate	VERB
fbem-1665	59	30	.	.	PUNCT
fbem-1665	60	1	on	on	ADP
fbem-1665	60	2	the	the	DET
fbem-1665	60	3	one	one	NUM
fbem-1665	60	4	hand	hand	NOUN
fbem-1665	60	5	,	,	PUNCT
fbem-1665	60	6	the	the	DET
fbem-1665	60	7	listing	listing	NOUN
fbem-1665	60	8	is	be	AUX
fbem-1665	60	9	for	for	ADP
fbem-1665	60	10	financing	financing	NOUN
fbem-1665	60	11	,	,	PUNCT
fbem-1665	60	12	and	and	CCONJ
fbem-1665	60	13	the	the	DET
fbem-1665	60	14	company	company	NOUN
fbem-1665	60	15	's	's	PART
fbem-1665	60	16	own	own	ADJ
fbem-1665	60	17	capital	capital	NOUN
fbem-1665	60	18	reserve	reserve	NOUN
fbem-1665	60	19	can	can	AUX
fbem-1665	60	20	not	not	PART
fbem-1665	60	21	support	support	VERB
fbem-1665	60	22	the	the	DET
fbem-1665	60	23	huge	huge	ADJ
fbem-1665	60	24	investment	investment	NOUN
fbem-1665	60	25	in	in	ADP
fbem-1665	60	26	innovation	innovation	NOUN
fbem-1665	60	27	activities	activity	NOUN
fbem-1665	60	28	.	.	PUNCT
fbem-1665	61	1	on	on	ADP
fbem-1665	61	2	the	the	DET
fbem-1665	61	3	other	other	ADJ
fbem-1665	61	4	hand	hand	NOUN
fbem-1665	61	5	,	,	PUNCT
fbem-1665	61	6	the	the	DET
fbem-1665	61	7	cash	cash	NOUN
fbem-1665	61	8	flow	flow	NOUN
fbem-1665	61	9	is	be	AUX
fbem-1665	61	10	the	the	DET
fbem-1665	61	11	guarantee	guarantee	NOUN
fbem-1665	61	12	of	of	ADP
fbem-1665	61	13	the	the	DET
fbem-1665	61	14	normal	normal	ADJ
fbem-1665	61	15	operation	operation	NOUN
fbem-1665	61	16	of	of	ADP
fbem-1665	61	17	the	the	DET
fbem-1665	61	18	company	company	NOUN
fbem-1665	61	19	,	,	PUNCT
fbem-1665	61	20	and	and	CCONJ
fbem-1665	61	21	the	the	DET
fbem-1665	61	22	r&d	r&d	NOUN
fbem-1665	61	23	investment	investment	NOUN
fbem-1665	61	24	will	will	AUX
fbem-1665	61	25	reduce	reduce	VERB
fbem-1665	61	26	the	the	DET
fbem-1665	61	27	capital	capital	NOUN
fbem-1665	61	28	turnover	turnover	NOUN
fbem-1665	61	29	efficiency	efficiency	NOUN
fbem-1665	61	30	and	and	CCONJ
fbem-1665	61	31	bring	bring	VERB
fbem-1665	61	32	business	business	NOUN
fbem-1665	61	33	risks	risk	NOUN
fbem-1665	61	34	.	.	PUNCT
fbem-1665	62	1	therefore	therefore	ADV
fbem-1665	62	2	,	,	PUNCT
fbem-1665	62	3	it	it	PRON
fbem-1665	62	4	is	be	AUX
fbem-1665	62	5	necessary	necessary	ADJ
fbem-1665	62	6	to	to	PART
fbem-1665	62	7	guide	guide	VERB
fbem-1665	62	8	external	external	ADJ
fbem-1665	62	9	funds	fund	NOUN
fbem-1665	62	10	to	to	PART
fbem-1665	62	11	support	support	VERB
fbem-1665	62	12	innovation	innovation	NOUN
fbem-1665	62	13	.	.	PUNCT
fbem-1665	63	1	the	the	DET
fbem-1665	63	2	capital	capital	NOUN
fbem-1665	63	3	market	market	NOUN
fbem-1665	63	4	naturally	naturally	ADV
fbem-1665	63	5	has	have	VERB
fbem-1665	63	6	the	the	DET
fbem-1665	63	7	function	function	NOUN
fbem-1665	63	8	of	of	ADP
fbem-1665	63	9	risk	risk	NOUN
fbem-1665	63	10	diversification	diversification	NOUN
fbem-1665	63	11	and	and	CCONJ
fbem-1665	63	12	strong	strong	ADJ
fbem-1665	63	13	resource	resource	NOUN
fbem-1665	63	14	allocation	allocation	NOUN
fbem-1665	63	15	ability	ability	NOUN
fbem-1665	63	16	,	,	PUNCT
fbem-1665	63	17	which	which	PRON
fbem-1665	63	18	can	can	AUX
fbem-1665	63	19	help	help	VERB
fbem-1665	63	20	the	the	DET
fbem-1665	63	21	company	company	NOUN
fbem-1665	63	22	accelerate	accelerate	VERB
fbem-1665	63	23	the	the	DET
fbem-1665	63	24	speed	speed	NOUN
fbem-1665	63	25	of	of	ADP
fbem-1665	63	26	innovation	innovation	NOUN
fbem-1665	63	27	.	.	PUNCT
fbem-1665	64	1	the	the	DET
fbem-1665	64	2	company	company	NOUN
fbem-1665	64	3	's	's	PART
fbem-1665	64	4	research	research	NOUN
fbem-1665	64	5	and	and	CCONJ
fbem-1665	64	6	development	development	NOUN
fbem-1665	64	7	investment	investment	NOUN
fbem-1665	64	8	and	and	CCONJ
fbem-1665	64	9	innovation	innovation	NOUN
fbem-1665	64	10	ability	ability	NOUN
fbem-1665	64	11	can	can	AUX
fbem-1665	64	12	not	not	PART
fbem-1665	64	13	simply	simply	ADV
fbem-1665	64	14	draw	draw	VERB
fbem-1665	64	15	the	the	DET
fbem-1665	64	16	same	same	ADJ
fbem-1665	64	17	sign	sign	NOUN
fbem-1665	64	18	,	,	PUNCT
fbem-1665	64	19	for	for	ADP
fbem-1665	64	20	two	two	NUM
fbem-1665	64	21	reasons	reason	NOUN
fbem-1665	64	22	:	:	PUNCT
fbem-1665	64	23	one	one	NUM
fbem-1665	64	24	is	be	AUX
fbem-1665	64	25	that	that	SCONJ
fbem-1665	64	26	according	accord	VERB
fbem-1665	64	27	to	to	ADP
fbem-1665	64	28	our	our	PRON
fbem-1665	64	29	accounting	accounting	NOUN
fbem-1665	64	30	standards	standard	NOUN
fbem-1665	64	31	,	,	PUNCT
fbem-1665	64	32	the	the	DET
fbem-1665	64	33	enterprise	enterprise	NOUN
fbem-1665	64	34	's	's	PART
fbem-1665	64	35	research	research	NOUN
fbem-1665	64	36	and	and	CCONJ
fbem-1665	64	37	development	development	NOUN
fbem-1665	64	38	investment	investment	NOUN
fbem-1665	64	39	will	will	AUX
fbem-1665	64	40	eventually	eventually	ADV
fbem-1665	64	41	be	be	AUX
fbem-1665	64	42	classified	classify	VERB
fbem-1665	64	43	into	into	ADP
fbem-1665	64	44	two	two	NUM
fbem-1665	64	45	aspects	aspect	NOUN
fbem-1665	64	46	of	of	ADP
fbem-1665	64	47	expensiveness	expensiveness	NOUN
fbem-1665	64	48	and	and	CCONJ
fbem-1665	64	49	capitalization	capitalization	NOUN
fbem-1665	64	50	.	.	PUNCT
fbem-1665	65	1	this	this	DET
fbem-1665	65	2	approach	approach	NOUN
fbem-1665	65	3	makes	make	VERB
fbem-1665	65	4	it	it	PRON
fbem-1665	65	5	impossible	impossible	ADJ
fbem-1665	65	6	for	for	SCONJ
fbem-1665	65	7	investors	investor	NOUN
fbem-1665	65	8	to	to	PART
fbem-1665	65	9	obtain	obtain	VERB
fbem-1665	65	10	clear	clear	ADJ
fbem-1665	65	11	information	information	NOUN
fbem-1665	65	12	about	about	ADP
fbem-1665	65	13	innovation	innovation	NOUN
fbem-1665	65	14	capability	capability	NOUN
fbem-1665	65	15	from	from	ADP
fbem-1665	65	16	the	the	DET
fbem-1665	65	17	company	company	NOUN
fbem-1665	65	18	's	's	PART
fbem-1665	65	19	r&d	r&d	NOUN
fbem-1665	65	20	investment	investment	NOUN
fbem-1665	65	21	and	and	CCONJ
fbem-1665	65	22	balance	balance	NOUN
fbem-1665	65	23	sheet	sheet	NOUN
fbem-1665	65	24	,	,	PUNCT
fbem-1665	65	25	leading	lead	VERB
fbem-1665	65	26	to	to	ADP
fbem-1665	65	27	mistakes	mistake	NOUN
fbem-1665	65	28	in	in	ADP
fbem-1665	65	29	investment	investment	NOUN
fbem-1665	65	30	decisions	decision	NOUN
fbem-1665	65	31	.	.	PUNCT
fbem-1665	66	1	the	the	DET
fbem-1665	66	2	second	second	NOUN
fbem-1665	66	3	is	be	AUX
fbem-1665	66	4	that	that	SCONJ
fbem-1665	66	5	the	the	DET
fbem-1665	66	6	efficiency	efficiency	NOUN
fbem-1665	66	7	of	of	ADP
fbem-1665	66	8	r&d	r&d	NOUN
fbem-1665	66	9	inputs	input	NOUN
fbem-1665	66	10	can	can	AUX
fbem-1665	66	11	not	not	PART
fbem-1665	66	12	be	be	AUX
fbem-1665	66	13	determined	determine	VERB
fbem-1665	66	14	directly	directly	ADV
fbem-1665	66	15	from	from	ADP
fbem-1665	66	16	a	a	DET
fbem-1665	66	17	company	company	NOUN
fbem-1665	66	18	's	's	PART
fbem-1665	66	19	balance	balance	NOUN
fbem-1665	66	20	sheet	sheet	NOUN
fbem-1665	66	21	or	or	CCONJ
fbem-1665	66	22	prospectus	prospectus	NOUN
fbem-1665	66	23	.	.	PUNCT
fbem-1665	67	1	educating	educate	VERB
fbem-1665	67	2	etc.[24]pointed	etc.[24]pointe	VERB
fbem-1665	67	3	out	out	ADP
fbem-1665	67	4	that	that	SCONJ
fbem-1665	67	5	the	the	DET
fbem-1665	67	6	effectiveness	effectiveness	NOUN
fbem-1665	67	7	of	of	ADP
fbem-1665	67	8	r&d	r&d	NOUN
fbem-1665	67	9	investment	investment	NOUN
fbem-1665	67	10	is	be	AUX
fbem-1665	67	11	determined	determine	VERB
fbem-1665	67	12	through	through	ADP
fbem-1665	67	13	a	a	DET
fbem-1665	67	14	company	company	NOUN
fbem-1665	67	15	's	's	PART
fbem-1665	67	16	value	value	NOUN
fbem-1665	67	17	standard	standard	ADJ
fbem-1665	67	18	system	system	NOUN
fbem-1665	67	19	,	,	PUNCT
fbem-1665	67	20	management	management	NOUN
fbem-1665	67	21	process	process	NOUN
fbem-1665	67	22	and	and	CCONJ
fbem-1665	67	23	organizational	organizational	ADJ
fbem-1665	67	24	structure	structure	NOUN
fbem-1665	67	25	,	,	PUNCT
fbem-1665	67	26	which	which	PRON
fbem-1665	67	27	are	be	AUX
fbem-1665	67	28	difficult	difficult	ADJ
fbem-1665	67	29	for	for	SCONJ
fbem-1665	67	30	investors	investor	NOUN
fbem-1665	67	31	to	to	PART
fbem-1665	67	32	measure	measure	VERB
fbem-1665	67	33	.	.	PUNCT
fbem-1665	68	1	h1	h1	NOUN
fbem-1665	68	2	:	:	PUNCT
fbem-1665	68	3	r&d	r&d	NOUN
fbem-1665	68	4	investment	investment	NOUN
fbem-1665	68	5	has	have	VERB
fbem-1665	68	6	a	a	DET
fbem-1665	68	7	positive	positive	ADJ
fbem-1665	68	8	impact	impact	NOUN
fbem-1665	68	9	on	on	ADP
fbem-1665	68	10	the	the	DET
fbem-1665	68	11	market	market	NOUN
fbem-1665	68	12	value	value	NOUN
fbem-1665	68	13	of	of	ADP
fbem-1665	68	14	science	science	NOUN
fbem-1665	68	15	and	and	CCONJ
fbem-1665	68	16	technology	technology	NOUN
fbem-1665	68	17	innovation	innovation	NOUN
fbem-1665	68	18	board	board	NOUN
fbem-1665	68	19	enterprises	enterprise	NOUN
fbem-1665	68	20	.	.	PUNCT
fbem-1665	69	1	61	61	NUM
fbem-1665	69	2	r&d	r&d	NOUN
fbem-1665	69	3	investment	investment	NOUN
fbem-1665	69	4	can	can	AUX
fbem-1665	69	5	improve	improve	VERB
fbem-1665	69	6	the	the	DET
fbem-1665	69	7	value	value	NOUN
fbem-1665	69	8	of	of	ADP
fbem-1665	69	9	enterprises	enterprise	NOUN
fbem-1665	69	10	and	and	CCONJ
fbem-1665	69	11	enhance	enhance	VERB
fbem-1665	69	12	investor	investor	NOUN
fbem-1665	69	13	confidence	confidence	NOUN
fbem-1665	69	14	.	.	PUNCT
fbem-1665	70	1	3.2	3.2	NUM
fbem-1665	70	2	.	.	PUNCT
fbem-1665	71	1	invention	invention	NOUN
fbem-1665	71	2	patents	patent	NOUN
fbem-1665	71	3	innovation	innovation	NOUN
fbem-1665	71	4	ability	ability	NOUN
fbem-1665	71	5	has	have	AUX
fbem-1665	71	6	become	become	VERB
fbem-1665	71	7	the	the	DET
fbem-1665	71	8	main	main	ADJ
fbem-1665	71	9	criterion	criterion	NOUN
fbem-1665	71	10	for	for	ADP
fbem-1665	71	11	selecting	select	VERB
fbem-1665	71	12	listed	list	VERB
fbem-1665	71	13	companies	company	NOUN
fbem-1665	71	14	on	on	ADP
fbem-1665	71	15	the	the	DET
fbem-1665	71	16	china	china	PROPN
fbem-1665	71	17	science	science	PROPN
fbem-1665	71	18	and	and	CCONJ
fbem-1665	71	19	technology	technology	NOUN
fbem-1665	71	20	innovation	innovation	NOUN
fbem-1665	71	21	board	board	NOUN
fbem-1665	71	22	.	.	PUNCT
fbem-1665	72	1	in	in	ADP
fbem-1665	72	2	addition	addition	NOUN
fbem-1665	72	3	,	,	PUNCT
fbem-1665	72	4	the	the	DET
fbem-1665	72	5	guidelines	guideline	NOUN
fbem-1665	72	6	on	on	ADP
fbem-1665	72	7	the	the	DET
fbem-1665	72	8	attributes	attribute	NOUN
fbem-1665	72	9	of	of	ADP
fbem-1665	72	10	science	science	NOUN
fbem-1665	72	11	and	and	CCONJ
fbem-1665	72	12	technology	technology	NOUN
fbem-1665	72	13	innovation	innovation	NOUN
fbem-1665	72	14	(	(	PUNCT
fbem-1665	72	15	trial	trial	NOUN
fbem-1665	72	16	)	)	PUNCT
fbem-1665	72	17	(	(	PUNCT
fbem-1665	72	18	march	march	PROPN
fbem-1665	72	19	2020	2020	NUM
fbem-1665	72	20	)	)	PUNCT
fbem-1665	72	21	and	and	CCONJ
fbem-1665	72	22	the	the	DET
fbem-1665	72	23	interim	interim	ADJ
fbem-1665	72	24	provisions	provision	NOUN
fbem-1665	72	25	on	on	ADP
fbem-1665	72	26	the	the	DET
fbem-1665	72	27	application	application	NOUN
fbem-1665	72	28	and	and	CCONJ
fbem-1665	72	29	recommendation	recommendation	NOUN
fbem-1665	72	30	of	of	ADP
fbem-1665	72	31	the	the	DET
fbem-1665	72	32	shanghai	shanghai	PROPN
fbem-1665	72	33	stock	stock	PROPN
fbem-1665	72	34	exchange	exchange	PROPN
fbem-1665	72	35	science	science	NOUN
fbem-1665	72	36	and	and	CCONJ
fbem-1665	72	37	technology	technology	NOUN
fbem-1665	72	38	innovation	innovation	NOUN
fbem-1665	72	39	board	board	NOUN
fbem-1665	72	40	(	(	PUNCT
fbem-1665	72	41	april	april	PROPN
fbem-1665	72	42	2021	2021	NUM
fbem-1665	72	43	)	)	PUNCT
fbem-1665	72	44	issued	issue	VERB
fbem-1665	72	45	by	by	ADP
fbem-1665	72	46	the	the	DET
fbem-1665	72	47	china	china	PROPN
fbem-1665	72	48	securities	securities	PROPN
fbem-1665	72	49	regulatory	regulatory	PROPN
fbem-1665	72	50	commission	commission	PROPN
fbem-1665	72	51	(	(	PUNCT
fbem-1665	72	52	csrc	csrc	PROPN
fbem-1665	72	53	)	)	PUNCT
fbem-1665	72	54	have	have	AUX
fbem-1665	72	55	made	make	VERB
fbem-1665	72	56	it	it	PRON
fbem-1665	72	57	clear	clear	ADJ
fbem-1665	72	58	that	that	SCONJ
fbem-1665	72	59	listed	list	VERB
fbem-1665	72	60	enterprises	enterprise	NOUN
fbem-1665	72	61	should	should	AUX
fbem-1665	72	62	find	find	VERB
fbem-1665	72	63	their	their	PRON
fbem-1665	72	64	own	own	ADJ
fbem-1665	72	65	attributes	attribute	NOUN
fbem-1665	72	66	of	of	ADP
fbem-1665	72	67	science	science	NOUN
fbem-1665	72	68	and	and	CCONJ
fbem-1665	72	69	technology	technology	NOUN
fbem-1665	72	70	innovation	innovation	NOUN
fbem-1665	72	71	,	,	PUNCT
fbem-1665	72	72	and	and	CCONJ
fbem-1665	72	73	the	the	DET
fbem-1665	72	74	unique	unique	ADJ
fbem-1665	72	75	institutional	institutional	ADJ
fbem-1665	72	76	environment	environment	NOUN
fbem-1665	72	77	of	of	ADP
fbem-1665	72	78	the	the	DET
fbem-1665	72	79	science	science	NOUN
fbem-1665	72	80	and	and	CCONJ
fbem-1665	72	81	technology	technology	NOUN
fbem-1665	72	82	innovation	innovation	NOUN
fbem-1665	72	83	board	board	NOUN
fbem-1665	72	84	.	.	PUNCT
fbem-1665	73	1	this	this	PRON
fbem-1665	73	2	provides	provide	VERB
fbem-1665	73	3	favorable	favorable	ADJ
fbem-1665	73	4	conditions	condition	NOUN
fbem-1665	73	5	for	for	ADP
fbem-1665	73	6	this	this	DET
fbem-1665	73	7	paper	paper	NOUN
fbem-1665	73	8	to	to	PART
fbem-1665	73	9	study	study	VERB
fbem-1665	73	10	the	the	DET
fbem-1665	73	11	impact	impact	NOUN
fbem-1665	73	12	of	of	ADP
fbem-1665	73	13	r&d	r&d	NOUN
fbem-1665	73	14	investment	investment	NOUN
fbem-1665	73	15	and	and	CCONJ
fbem-1665	73	16	invention	invention	NOUN
fbem-1665	73	17	patents	patent	NOUN
fbem-1665	73	18	on	on	ADP
fbem-1665	73	19	value	value	NOUN
fbem-1665	73	20	.	.	PUNCT
fbem-1665	74	1	technological	technological	ADJ
fbem-1665	74	2	innovation	innovation	NOUN
fbem-1665	74	3	is	be	AUX
fbem-1665	74	4	a	a	DET
fbem-1665	74	5	complex	complex	ADJ
fbem-1665	74	6	process	process	NOUN
fbem-1665	74	7	,	,	PUNCT
fbem-1665	74	8	which	which	PRON
fbem-1665	74	9	goes	go	VERB
fbem-1665	74	10	through	through	ADP
fbem-1665	74	11	a	a	DET
fbem-1665	74	12	series	series	NOUN
fbem-1665	74	13	of	of	ADP
fbem-1665	74	14	stages	stage	NOUN
fbem-1665	74	15	,	,	PUNCT
fbem-1665	74	16	such	such	ADJ
fbem-1665	74	17	as	as	ADP
fbem-1665	74	18	project	project	NOUN
fbem-1665	74	19	initiation	initiation	NOUN
fbem-1665	74	20	,	,	PUNCT
fbem-1665	74	21	innovation	innovation	NOUN
fbem-1665	74	22	,	,	PUNCT
fbem-1665	74	23	progress	progress	NOUN
fbem-1665	74	24	,	,	PUNCT
fbem-1665	74	25	patent	patent	NOUN
fbem-1665	74	26	acquisition	acquisition	NOUN
fbem-1665	74	27	,	,	PUNCT
fbem-1665	74	28	product	product	NOUN
fbem-1665	74	29	launch	launch	NOUN
fbem-1665	74	30	and	and	CCONJ
fbem-1665	74	31	commercialization[25].thus	commercialization[25].thu	NOUN
fbem-1665	74	32	,	,	PUNCT
fbem-1665	74	33	r&d	r&d	NOUN
fbem-1665	74	34	is	be	AUX
fbem-1665	74	35	an	an	DET
fbem-1665	74	36	input	input	NOUN
fbem-1665	74	37	to	to	ADP
fbem-1665	74	38	innovation	innovation	NOUN
fbem-1665	74	39	,	,	PUNCT
fbem-1665	74	40	not	not	PART
fbem-1665	74	41	an	an	DET
fbem-1665	74	42	output	output	NOUN
fbem-1665	74	43	.	.	PUNCT
fbem-1665	75	1	the	the	DET
fbem-1665	75	2	level	level	NOUN
fbem-1665	75	3	of	of	ADP
fbem-1665	75	4	r&d	r&d	NOUN
fbem-1665	75	5	spending	spending	NOUN
fbem-1665	75	6	is	be	AUX
fbem-1665	75	7	a	a	DET
fbem-1665	75	8	reliable	reliable	ADJ
fbem-1665	75	9	measure	measure	NOUN
fbem-1665	75	10	of	of	ADP
fbem-1665	75	11	a	a	DET
fbem-1665	75	12	firm	firm	NOUN
fbem-1665	75	13	's	's	PART
fbem-1665	75	14	innovation	innovation	NOUN
fbem-1665	75	15	activity	activity	NOUN
fbem-1665	75	16	,	,	PUNCT
fbem-1665	75	17	and	and	CCONJ
fbem-1665	75	18	scholars	scholar	NOUN
fbem-1665	75	19	often	often	ADV
fbem-1665	75	20	use	use	VERB
fbem-1665	75	21	this	this	DET
fbem-1665	75	22	variable	variable	NOUN
fbem-1665	75	23	as	as	ADP
fbem-1665	75	24	a	a	DET
fbem-1665	75	25	measure	measure	NOUN
fbem-1665	75	26	of	of	ADP
fbem-1665	75	27	the	the	DET
fbem-1665	75	28	effort	effort	NOUN
fbem-1665	75	29	a	a	DET
fbem-1665	75	30	firm	firm	NOUN
fbem-1665	75	31	is	be	AUX
fbem-1665	75	32	putting	put	VERB
fbem-1665	75	33	into	into	ADP
fbem-1665	75	34	increasing	increase	VERB
fbem-1665	75	35	its	its	PRON
fbem-1665	75	36	innovation	innovation	NOUN
fbem-1665	75	37	output	output	NOUN
fbem-1665	75	38	.	.	PUNCT
fbem-1665	76	1	firms	firm	NOUN
fbem-1665	76	2	with	with	ADP
fbem-1665	76	3	strong	strong	ADJ
fbem-1665	76	4	innovation	innovation	NOUN
fbem-1665	76	5	capability	capability	NOUN
fbem-1665	76	6	are	be	AUX
fbem-1665	76	7	able	able	ADJ
fbem-1665	76	8	to	to	PART
fbem-1665	76	9	adapt	adapt	VERB
fbem-1665	76	10	to	to	ADP
fbem-1665	76	11	changes	change	NOUN
fbem-1665	76	12	in	in	ADP
fbem-1665	76	13	market	market	NOUN
fbem-1665	76	14	demands	demand	NOUN
fbem-1665	76	15	,	,	PUNCT
fbem-1665	76	16	allocate	allocate	VERB
fbem-1665	76	17	internal	internal	ADJ
fbem-1665	76	18	resources	resource	NOUN
fbem-1665	76	19	efficiently	efficiently	ADV
fbem-1665	76	20	,	,	PUNCT
fbem-1665	76	21	generate	generate	VERB
fbem-1665	76	22	new	new	ADJ
fbem-1665	76	23	knowledge	knowledge	NOUN
fbem-1665	76	24	and	and	CCONJ
fbem-1665	76	25	technologies	technology	NOUN
fbem-1665	76	26	,	,	PUNCT
fbem-1665	76	27	and	and	CCONJ
fbem-1665	76	28	have	have	VERB
fbem-1665	76	29	more	more	ADJ
fbem-1665	76	30	patents	patent	NOUN
fbem-1665	76	31	and	and	CCONJ
fbem-1665	76	32	technologies	technology	NOUN
fbem-1665	76	33	.	.	PUNCT
fbem-1665	77	1	patents	patent	NOUN
fbem-1665	77	2	and	and	CCONJ
fbem-1665	77	3	technologies	technology	NOUN
fbem-1665	77	4	are	be	AUX
fbem-1665	77	5	important	important	ADJ
fbem-1665	77	6	intangible	intangible	ADJ
fbem-1665	77	7	assets	asset	NOUN
fbem-1665	77	8	of	of	ADP
fbem-1665	77	9	enterprises	enterprise	NOUN
fbem-1665	77	10	,	,	PUNCT
fbem-1665	77	11	which	which	PRON
fbem-1665	77	12	can	can	AUX
fbem-1665	77	13	greatly	greatly	ADV
fbem-1665	77	14	reduce	reduce	VERB
fbem-1665	77	15	the	the	DET
fbem-1665	77	16	uncertainty	uncertainty	NOUN
fbem-1665	77	17	of	of	ADP
fbem-1665	77	18	innovation	innovation	NOUN
fbem-1665	77	19	activities	activity	NOUN
fbem-1665	77	20	.	.	PUNCT
fbem-1665	78	1	in	in	ADP
fbem-1665	78	2	the	the	DET
fbem-1665	78	3	era	era	NOUN
fbem-1665	78	4	of	of	ADP
fbem-1665	78	5	knowledgebased	knowledgebased	ADJ
fbem-1665	78	6	economy	economy	NOUN
fbem-1665	78	7	,	,	PUNCT
fbem-1665	78	8	patents	patent	NOUN
fbem-1665	78	9	are	be	AUX
fbem-1665	78	10	the	the	DET
fbem-1665	78	11	main	main	ADJ
fbem-1665	78	12	drivers	driver	NOUN
fbem-1665	78	13	for	for	ADP
fbem-1665	78	14	enterprises	enterprise	NOUN
fbem-1665	78	15	to	to	PART
fbem-1665	78	16	improve	improve	VERB
fbem-1665	78	17	productivity	productivity	NOUN
fbem-1665	78	18	and	and	CCONJ
fbem-1665	78	19	achieve	achieve	VERB
fbem-1665	78	20	value	value	NOUN
fbem-1665	78	21	growth	growth	NOUN
fbem-1665	78	22	,	,	PUNCT
fbem-1665	78	23	and	and	CCONJ
fbem-1665	78	24	they	they	PRON
fbem-1665	78	25	are	be	AUX
fbem-1665	78	26	an	an	DET
fbem-1665	78	27	important	important	ADJ
fbem-1665	78	28	dimension	dimension	NOUN
fbem-1665	78	29	for	for	ADP
fbem-1665	78	30	conducting	conduct	VERB
fbem-1665	78	31	fundamental	fundamental	ADJ
fbem-1665	78	32	analysis	analysis	NOUN
fbem-1665	78	33	of	of	ADP
fbem-1665	78	34	securities	security	NOUN
fbem-1665	78	35	.	.	PUNCT
fbem-1665	79	1	in	in	ADP
fbem-1665	79	2	addition	addition	NOUN
fbem-1665	79	3	,	,	PUNCT
fbem-1665	79	4	the	the	DET
fbem-1665	79	5	hall[26]the	hall[26]the	DET
fbem-1665	79	6	empirical	empirical	ADJ
fbem-1665	79	7	findings	finding	NOUN
fbem-1665	79	8	show	show	VERB
fbem-1665	79	9	that	that	SCONJ
fbem-1665	79	10	patents	patent	NOUN
fbem-1665	79	11	,	,	PUNCT
fbem-1665	79	12	as	as	ADP
fbem-1665	79	13	a	a	DET
fbem-1665	79	14	non	non	ADJ
fbem-1665	79	15	-	-	ADJ
fbem-1665	79	16	financial	financial	ADJ
fbem-1665	79	17	indicator	indicator	NOUN
fbem-1665	79	18	,	,	PUNCT
fbem-1665	79	19	provide	provide	VERB
fbem-1665	79	20	more	more	ADV
fbem-1665	79	21	sufficient	sufficient	ADJ
fbem-1665	79	22	information	information	NOUN
fbem-1665	79	23	than	than	ADP
fbem-1665	79	24	r&d	r&d	NOUN
fbem-1665	79	25	for	for	SCONJ
fbem-1665	79	26	investors	investor	NOUN
fbem-1665	79	27	to	to	PART
fbem-1665	79	28	evaluate	evaluate	VERB
fbem-1665	79	29	the	the	DET
fbem-1665	79	30	market	market	NOUN
fbem-1665	79	31	value	value	NOUN
fbem-1665	79	32	of	of	ADP
fbem-1665	79	33	r&d	r&d	NOUN
fbem-1665	79	34	activities	activity	NOUN
fbem-1665	79	35	.	.	PUNCT
fbem-1665	80	1	due	due	ADP
fbem-1665	80	2	to	to	ADP
fbem-1665	80	3	the	the	DET
fbem-1665	80	4	widespread	widespread	ADJ
fbem-1665	80	5	implementation	implementation	NOUN
fbem-1665	80	6	of	of	ADP
fbem-1665	80	7	patents	patent	NOUN
fbem-1665	80	8	,	,	PUNCT
fbem-1665	80	9	the	the	DET
fbem-1665	80	10	information	information	NOUN
fbem-1665	80	11	asymmetry	asymmetry	NOUN
fbem-1665	80	12	between	between	ADP
fbem-1665	80	13	innovative	innovative	ADJ
fbem-1665	80	14	firms	firm	NOUN
fbem-1665	80	15	and	and	CCONJ
fbem-1665	80	16	investors	investor	NOUN
fbem-1665	80	17	becomes	become	VERB
fbem-1665	80	18	more	more	ADV
fbem-1665	80	19	serious	serious	ADJ
fbem-1665	80	20	.	.	PUNCT
fbem-1665	81	1	investors	investor	NOUN
fbem-1665	81	2	can	can	AUX
fbem-1665	81	3	not	not	PART
fbem-1665	81	4	correctly	correctly	ADV
fbem-1665	81	5	evaluate	evaluate	VERB
fbem-1665	81	6	the	the	DET
fbem-1665	81	7	innovation	innovation	NOUN
fbem-1665	81	8	ability	ability	NOUN
fbem-1665	81	9	of	of	ADP
fbem-1665	81	10	listed	list	VERB
fbem-1665	81	11	companies	company	NOUN
fbem-1665	81	12	.	.	PUNCT
fbem-1665	82	1	for	for	ADP
fbem-1665	82	2	the	the	DET
fbem-1665	82	3	issuers	issuer	NOUN
fbem-1665	82	4	of	of	ADP
fbem-1665	82	5	new	new	ADJ
fbem-1665	82	6	shares	share	NOUN
fbem-1665	82	7	,	,	PUNCT
fbem-1665	82	8	the	the	DET
fbem-1665	82	9	disclosure	disclosure	NOUN
fbem-1665	82	10	of	of	ADP
fbem-1665	82	11	innovation	innovation	NOUN
fbem-1665	82	12	-	-	PUNCT
fbem-1665	82	13	related	relate	VERB
fbem-1665	82	14	information	information	NOUN
fbem-1665	82	15	can	can	AUX
fbem-1665	82	16	send	send	VERB
fbem-1665	82	17	positive	positive	ADJ
fbem-1665	82	18	signals	signal	NOUN
fbem-1665	82	19	to	to	ADP
fbem-1665	82	20	the	the	DET
fbem-1665	82	21	market	market	NOUN
fbem-1665	82	22	and	and	CCONJ
fbem-1665	82	23	help	help	VERB
fbem-1665	82	24	the	the	DET
fbem-1665	82	25	companies	company	NOUN
fbem-1665	82	26	to	to	PART
fbem-1665	82	27	go	go	VERB
fbem-1665	82	28	public	public	ADJ
fbem-1665	82	29	successfully	successfully	ADV
fbem-1665	82	30	.	.	PUNCT
fbem-1665	83	1	the	the	DET
fbem-1665	83	2	uncertainty	uncertainty	NOUN
fbem-1665	83	3	of	of	ADP
fbem-1665	83	4	research	research	NOUN
fbem-1665	83	5	and	and	CCONJ
fbem-1665	83	6	development	development	NOUN
fbem-1665	83	7	can	can	AUX
fbem-1665	83	8	be	be	AUX
fbem-1665	83	9	effectively	effectively	ADV
fbem-1665	83	10	alleviated	alleviate	VERB
fbem-1665	83	11	,	,	PUNCT
fbem-1665	83	12	information	information	NOUN
fbem-1665	83	13	transparency	transparency	NOUN
fbem-1665	83	14	can	can	AUX
fbem-1665	83	15	be	be	AUX
fbem-1665	83	16	improved	improve	VERB
fbem-1665	83	17	,	,	PUNCT
fbem-1665	83	18	and	and	CCONJ
fbem-1665	83	19	the	the	DET
fbem-1665	83	20	cost	cost	NOUN
fbem-1665	83	21	of	of	ADP
fbem-1665	83	22	capital	capital	NOUN
fbem-1665	83	23	can	can	AUX
fbem-1665	83	24	be	be	AUX
fbem-1665	83	25	reduced	reduce	VERB
fbem-1665	83	26	.	.	PUNCT
fbem-1665	84	1	accordingly	accordingly	ADV
fbem-1665	84	2	,	,	PUNCT
fbem-1665	84	3	the	the	DET
fbem-1665	84	4	more	more	ADJ
fbem-1665	84	5	patents	patent	NOUN
fbem-1665	84	6	a	a	DET
fbem-1665	84	7	patent	patent	NOUN
fbem-1665	84	8	issuer	issuer	NOUN
fbem-1665	84	9	owns	own	VERB
fbem-1665	84	10	,	,	PUNCT
fbem-1665	84	11	the	the	PRON
fbem-1665	84	12	stronger	strong	ADJ
fbem-1665	84	13	its	its	PRON
fbem-1665	84	14	innovation	innovation	NOUN
fbem-1665	84	15	capability	capability	NOUN
fbem-1665	84	16	will	will	AUX
fbem-1665	84	17	be	be	AUX
fbem-1665	84	18	.	.	PUNCT
fbem-1665	85	1	h2	h2	PROPN
fbem-1665	85	2	:	:	PUNCT
fbem-1665	85	3	the	the	DET
fbem-1665	85	4	filing	filing	NOUN
fbem-1665	85	5	of	of	ADP
fbem-1665	85	6	invention	invention	NOUN
fbem-1665	85	7	patents	patent	NOUN
fbem-1665	85	8	has	have	VERB
fbem-1665	85	9	a	a	DET
fbem-1665	85	10	positive	positive	ADJ
fbem-1665	85	11	impact	impact	NOUN
fbem-1665	85	12	on	on	ADP
fbem-1665	85	13	business	business	NOUN
fbem-1665	85	14	value	value	NOUN
fbem-1665	85	15	.	.	PUNCT
fbem-1665	86	1	enterprises	enterprise	NOUN
fbem-1665	86	2	have	have	VERB
fbem-1665	86	3	more	more	ADJ
fbem-1665	86	4	technical	technical	ADJ
fbem-1665	86	5	barriers	barrier	NOUN
fbem-1665	86	6	,	,	PUNCT
fbem-1665	86	7	are	be	AUX
fbem-1665	86	8	ahead	ahead	ADV
fbem-1665	86	9	of	of	ADP
fbem-1665	86	10	competitors	competitor	NOUN
fbem-1665	86	11	,	,	PUNCT
fbem-1665	86	12	and	and	CCONJ
fbem-1665	86	13	the	the	PRON
fbem-1665	86	14	higher	high	ADJ
fbem-1665	86	15	the	the	DET
fbem-1665	86	16	value	value	NOUN
fbem-1665	86	17	in	in	ADP
fbem-1665	86	18	the	the	DET
fbem-1665	86	19	market	market	NOUN
fbem-1665	86	20	.	.	PUNCT
fbem-1665	87	1	4	4	X
fbem-1665	87	2	.	.	X
fbem-1665	87	3	model	model	NOUN
fbem-1665	87	4	design	design	NOUN
fbem-1665	87	5	from	from	ADP
fbem-1665	87	6	july	july	PROPN
fbem-1665	87	7	22	22	NUM
fbem-1665	87	8	,	,	PUNCT
fbem-1665	87	9	2019	2019	NUM
fbem-1665	87	10	to	to	ADP
fbem-1665	87	11	december	december	PROPN
fbem-1665	87	12	31	31	NUM
fbem-1665	87	13	,	,	PUNCT
fbem-1665	87	14	2020	2020	NUM
fbem-1665	87	15	,	,	PUNCT
fbem-1665	87	16	this	this	DET
fbem-1665	87	17	paper	paper	NOUN
fbem-1665	87	18	selected	select	VERB
fbem-1665	87	19	companies	company	NOUN
fbem-1665	87	20	that	that	PRON
fbem-1665	87	21	successfully	successfully	ADV
fbem-1665	87	22	ipo	ipo	NOUN
fbem-1665	87	23	on	on	ADP
fbem-1665	87	24	the	the	DET
fbem-1665	87	25	science	science	NOUN
fbem-1665	87	26	and	and	CCONJ
fbem-1665	87	27	technology	technology	NOUN
fbem-1665	87	28	innovation	innovation	NOUN
fbem-1665	87	29	board	board	PROPN
fbem-1665	87	30	.	.	PUNCT
fbem-1665	88	1	according	accord	VERB
fbem-1665	88	2	to	to	ADP
fbem-1665	88	3	the	the	DET
fbem-1665	88	4	information	information	NOUN
fbem-1665	88	5	published	publish	VERB
fbem-1665	88	6	on	on	ADP
fbem-1665	88	7	the	the	DET
fbem-1665	88	8	website	website	NOUN
fbem-1665	88	9	of	of	ADP
fbem-1665	88	10	shanghai	shanghai	PROPN
fbem-1665	88	11	stock	stock	PROPN
fbem-1665	88	12	exchange	exchange	PROPN
fbem-1665	88	13	,	,	PUNCT
fbem-1665	88	14	the	the	DET
fbem-1665	88	15	companies	company	NOUN
fbem-1665	88	16	belong	belong	VERB
fbem-1665	88	17	to	to	ADP
fbem-1665	88	18	a	a	DET
fbem-1665	88	19	total	total	NOUN
fbem-1665	88	20	of	of	ADP
fbem-1665	88	21	68	68	NUM
fbem-1665	88	22	new	new	ADJ
fbem-1665	88	23	generation	generation	NOUN
fbem-1665	88	24	information	information	NOUN
fbem-1665	88	25	technology	technology	NOUN
fbem-1665	88	26	industries	industry	NOUN
fbem-1665	88	27	.	.	PUNCT
fbem-1665	89	1	the	the	DET
fbem-1665	89	2	number	number	NOUN
fbem-1665	89	3	of	of	ADP
fbem-1665	89	4	invention	invention	NOUN
fbem-1665	89	5	patents	patent	NOUN
fbem-1665	89	6	and	and	CCONJ
fbem-1665	89	7	financial	financial	ADJ
fbem-1665	89	8	data	datum	NOUN
fbem-1665	89	9	are	be	AUX
fbem-1665	89	10	collected	collect	VERB
fbem-1665	89	11	from	from	ADP
fbem-1665	89	12	the	the	DET
fbem-1665	89	13	prospectus	prospectus	NOUN
fbem-1665	89	14	issued	issue	VERB
fbem-1665	89	15	by	by	ADP
fbem-1665	89	16	the	the	DET
fbem-1665	89	17	company	company	NOUN
fbem-1665	89	18	,	,	PUNCT
fbem-1665	89	19	and	and	CCONJ
fbem-1665	89	20	the	the	DET
fbem-1665	89	21	data	datum	NOUN
fbem-1665	89	22	of	of	ADP
fbem-1665	89	23	the	the	DET
fbem-1665	89	24	company	company	NOUN
fbem-1665	89	25	on	on	ADP
fbem-1665	89	26	the	the	DET
fbem-1665	89	27	securities	security	NOUN
fbem-1665	89	28	market	market	NOUN
fbem-1665	89	29	are	be	AUX
fbem-1665	89	30	collected	collect	VERB
fbem-1665	89	31	from	from	ADP
fbem-1665	89	32	the	the	DET
fbem-1665	89	33	wind	wind	NOUN
fbem-1665	89	34	database	database	NOUN
fbem-1665	89	35	.	.	PUNCT
fbem-1665	90	1	4.1	4.1	NUM
fbem-1665	90	2	.	.	PUNCT
fbem-1665	90	3	explained	explain	VERB
fbem-1665	90	4	variables	variable	NOUN
fbem-1665	90	5	market	market	NOUN
fbem-1665	90	6	value	value	NOUN
fbem-1665	90	7	,	,	PUNCT
fbem-1665	90	8	the	the	DET
fbem-1665	90	9	performance	performance	NOUN
fbem-1665	90	10	of	of	ADP
fbem-1665	90	11	enterprise	enterprise	NOUN
fbem-1665	90	12	value	value	NOUN
fbem-1665	90	13	,	,	PUNCT
fbem-1665	90	14	represents	represent	VERB
fbem-1665	90	15	investors	investor	NOUN
fbem-1665	90	16	'	'	PART
fbem-1665	90	17	confidence	confidence	NOUN
fbem-1665	90	18	in	in	ADP
fbem-1665	90	19	the	the	DET
fbem-1665	90	20	enterprise	enterprise	NOUN
fbem-1665	90	21	and	and	CCONJ
fbem-1665	90	22	reflects	reflect	VERB
fbem-1665	90	23	the	the	DET
fbem-1665	90	24	operation	operation	NOUN
fbem-1665	90	25	of	of	ADP
fbem-1665	90	26	the	the	DET
fbem-1665	90	27	enterprise	enterprise	NOUN
fbem-1665	90	28	to	to	ADP
fbem-1665	90	29	a	a	DET
fbem-1665	90	30	certain	certain	ADJ
fbem-1665	90	31	extent	extent	NOUN
fbem-1665	90	32	.	.	PUNCT
fbem-1665	91	1	reasonable	reasonable	ADJ
fbem-1665	91	2	value	value	NOUN
fbem-1665	91	3	has	have	AUX
fbem-1665	91	4	always	always	ADV
fbem-1665	91	5	been	be	AUX
fbem-1665	91	6	the	the	DET
fbem-1665	91	7	focus	focus	NOUN
fbem-1665	91	8	of	of	ADP
fbem-1665	91	9	scholars	scholar	NOUN
fbem-1665	91	10	and	and	CCONJ
fbem-1665	91	11	industry	industry	NOUN
fbem-1665	91	12	research	research	NOUN
fbem-1665	91	13	.	.	PUNCT
fbem-1665	92	1	according	accord	VERB
fbem-1665	92	2	to	to	ADP
fbem-1665	92	3	han	han	PROPN
fbem-1665	92	4	peng	peng	PROPN
fbem-1665	92	5	et	et	PROPN
fbem-1665	92	6	al[10	al[10	PROPN
fbem-1665	92	7	]	]	PUNCT
fbem-1665	92	8	,	,	PUNCT
fbem-1665	92	9	selecting	select	VERB
fbem-1665	92	10	the	the	DET
fbem-1665	92	11	company	company	NOUN
fbem-1665	92	12	's	's	PART
fbem-1665	92	13	estimated	estimate	VERB
fbem-1665	92	14	market	market	NOUN
fbem-1665	92	15	value	value	NOUN
fbem-1665	92	16	at	at	ADP
fbem-1665	92	17	the	the	DET
fbem-1665	92	18	time	time	NOUN
fbem-1665	92	19	of	of	ADP
fbem-1665	92	20	ipo	ipo	NOUN
fbem-1665	92	21	.	.	PUNCT
fbem-1665	93	1	4.2	4.2	NUM
fbem-1665	93	2	.	.	PUNCT
fbem-1665	94	1	explanatory	explanatory	ADJ
fbem-1665	94	2	variables	variable	NOUN
fbem-1665	94	3	research	research	NOUN
fbem-1665	94	4	and	and	CCONJ
fbem-1665	94	5	development	development	NOUN
fbem-1665	94	6	needs	need	VERB
fbem-1665	94	7	a	a	DET
fbem-1665	94	8	large	large	ADJ
fbem-1665	94	9	amount	amount	NOUN
fbem-1665	94	10	of	of	ADP
fbem-1665	94	11	capital	capital	NOUN
fbem-1665	94	12	investment	investment	NOUN
fbem-1665	94	13	,	,	PUNCT
fbem-1665	94	14	which	which	PRON
fbem-1665	94	15	can	can	AUX
fbem-1665	94	16	be	be	AUX
fbem-1665	94	17	related	relate	VERB
fbem-1665	94	18	to	to	ADP
fbem-1665	94	19	the	the	DET
fbem-1665	94	20	success	success	NOUN
fbem-1665	94	21	of	of	ADP
fbem-1665	94	22	research	research	NOUN
fbem-1665	94	23	and	and	CCONJ
fbem-1665	94	24	development	development	NOUN
fbem-1665	94	25	to	to	ADP
fbem-1665	94	26	a	a	DET
fbem-1665	94	27	certain	certain	ADJ
fbem-1665	94	28	extent	extent	NOUN
fbem-1665	94	29	.	.	PUNCT
fbem-1665	95	1	at	at	ADP
fbem-1665	95	2	the	the	DET
fbem-1665	95	3	same	same	ADJ
fbem-1665	95	4	time	time	NOUN
fbem-1665	95	5	,	,	PUNCT
fbem-1665	95	6	the	the	DET
fbem-1665	95	7	main	main	ADJ
fbem-1665	95	8	purpose	purpose	NOUN
fbem-1665	95	9	of	of	ADP
fbem-1665	95	10	enterprise	enterprise	NOUN
fbem-1665	95	11	listed	list	VERB
fbem-1665	95	12	financing	financing	NOUN
fbem-1665	95	13	is	be	AUX
fbem-1665	95	14	to	to	PART
fbem-1665	95	15	continue	continue	VERB
fbem-1665	95	16	the	the	DET
fbem-1665	95	17	subsequent	subsequent	ADJ
fbem-1665	95	18	research	research	NOUN
fbem-1665	95	19	and	and	CCONJ
fbem-1665	95	20	development	development	NOUN
fbem-1665	95	21	.	.	PUNCT
fbem-1665	96	1	according	accord	VERB
fbem-1665	96	2	to	to	ADP
fbem-1665	96	3	wei	wei	PROPN
fbem-1665	96	4	zhou[27	zhou[27	PROPN
fbem-1665	96	5	]	]	X
fbem-1665	96	6	,	,	PUNCT
fbem-1665	96	7	the	the	DET
fbem-1665	96	8	mean	mean	ADJ
fbem-1665	96	9	value	value	NOUN
fbem-1665	96	10	of	of	ADP
fbem-1665	96	11	r&d	r&d	NOUN
fbem-1665	96	12	capital	capital	NOUN
fbem-1665	96	13	investment	investment	NOUN
fbem-1665	96	14	in	in	ADP
fbem-1665	96	15	the	the	DET
fbem-1665	96	16	prospectus	prospectus	NOUN
fbem-1665	96	17	was	be	AUX
fbem-1665	96	18	selected	select	VERB
fbem-1665	96	19	as	as	ADP
fbem-1665	96	20	the	the	DET
fbem-1665	96	21	explanatory	explanatory	ADJ
fbem-1665	96	22	variable	variable	NOUN
fbem-1665	96	23	.	.	PUNCT
fbem-1665	97	1	as	as	ADP
fbem-1665	97	2	the	the	DET
fbem-1665	97	3	direct	direct	ADJ
fbem-1665	97	4	output	output	NOUN
fbem-1665	97	5	of	of	ADP
fbem-1665	97	6	r&d	r&d	NOUN
fbem-1665	97	7	,	,	PUNCT
fbem-1665	97	8	patents	patent	NOUN
fbem-1665	97	9	are	be	AUX
fbem-1665	97	10	of	of	ADP
fbem-1665	97	11	great	great	ADJ
fbem-1665	97	12	significance	significance	NOUN
fbem-1665	97	13	.	.	PUNCT
fbem-1665	98	1	compared	compare	VERB
fbem-1665	98	2	with	with	ADP
fbem-1665	98	3	the	the	DET
fbem-1665	98	4	other	other	ADJ
fbem-1665	98	5	two	two	NUM
fbem-1665	98	6	types	type	NOUN
fbem-1665	98	7	of	of	ADP
fbem-1665	98	8	patents	patent	NOUN
fbem-1665	98	9	,	,	PUNCT
fbem-1665	98	10	invention	invention	NOUN
fbem-1665	98	11	patents	patent	NOUN
fbem-1665	98	12	can	can	AUX
fbem-1665	98	13	highlight	highlight	VERB
fbem-1665	98	14	the	the	DET
fbem-1665	98	15	innovation	innovation	NOUN
fbem-1665	98	16	ability	ability	NOUN
fbem-1665	98	17	of	of	ADP
fbem-1665	98	18	the	the	DET
fbem-1665	98	19	company	company	NOUN
fbem-1665	98	20	.	.	PUNCT
fbem-1665	99	1	the	the	DET
fbem-1665	99	2	company	company	NOUN
fbem-1665	99	3	will	will	AUX
fbem-1665	99	4	also	also	ADV
fbem-1665	99	5	focus	focus	VERB
fbem-1665	99	6	on	on	ADP
fbem-1665	99	7	the	the	DET
fbem-1665	99	8	invention	invention	NOUN
fbem-1665	99	9	patent	patent	NOUN
fbem-1665	99	10	information	information	NOUN
fbem-1665	99	11	in	in	ADP
fbem-1665	99	12	the	the	DET
fbem-1665	99	13	disclosure	disclosure	NOUN
fbem-1665	99	14	of	of	ADP
fbem-1665	99	15	periodic	periodic	ADJ
fbem-1665	99	16	reports	report	NOUN
fbem-1665	99	17	,	,	PUNCT
fbem-1665	99	18	which	which	PRON
fbem-1665	99	19	represents	represent	VERB
fbem-1665	99	20	the	the	DET
fbem-1665	99	21	core	core	NOUN
fbem-1665	99	22	competitiveness	competitiveness	NOUN
fbem-1665	99	23	of	of	ADP
fbem-1665	99	24	the	the	DET
fbem-1665	99	25	company	company	NOUN
fbem-1665	99	26	.	.	PUNCT
fbem-1665	100	1	according	accord	VERB
fbem-1665	100	2	to	to	ADP
fbem-1665	100	3	meng	meng	PROPN
fbem-1665	100	4	tao	tao	PROPN
fbem-1665	100	5	et	et	PROPN
fbem-1665	100	6	al[22	al[22	PROPN
fbem-1665	100	7	]	]	PUNCT
fbem-1665	100	8	,	,	PUNCT
fbem-1665	100	9	the	the	DET
fbem-1665	100	10	number	number	NOUN
fbem-1665	100	11	of	of	ADP
fbem-1665	100	12	invention	invention	NOUN
fbem-1665	100	13	patents	patent	NOUN
fbem-1665	100	14	in	in	ADP
fbem-1665	100	15	the	the	DET
fbem-1665	100	16	prospectus	prospectus	NOUN
fbem-1665	100	17	was	be	AUX
fbem-1665	100	18	selected	select	VERB
fbem-1665	100	19	as	as	ADP
fbem-1665	100	20	the	the	DET
fbem-1665	100	21	explanatory	explanatory	ADJ
fbem-1665	100	22	variable	variable	NOUN
fbem-1665	100	23	.	.	PUNCT
fbem-1665	101	1	revenue	revenue	NOUN
fbem-1665	101	2	and	and	CCONJ
fbem-1665	101	3	profit	profit	NOUN
fbem-1665	101	4	are	be	AUX
fbem-1665	101	5	important	important	ADJ
fbem-1665	101	6	financial	financial	ADJ
fbem-1665	101	7	indicators	indicator	NOUN
fbem-1665	101	8	of	of	ADP
fbem-1665	101	9	the	the	DET
fbem-1665	101	10	company	company	NOUN
fbem-1665	101	11	's	's	PART
fbem-1665	101	12	development	development	NOUN
fbem-1665	101	13	,	,	PUNCT
fbem-1665	101	14	and	and	CCONJ
fbem-1665	101	15	also	also	ADV
fbem-1665	101	16	the	the	DET
fbem-1665	101	17	main	main	ADJ
fbem-1665	101	18	indicators	indicator	NOUN
fbem-1665	101	19	of	of	ADP
fbem-1665	101	20	the	the	DET
fbem-1665	101	21	company	company	NOUN
fbem-1665	101	22	's	's	PART
fbem-1665	101	23	operation	operation	NOUN
fbem-1665	101	24	to	to	ADP
fbem-1665	101	25	the	the	DET
fbem-1665	101	26	outside	outside	ADJ
fbem-1665	101	27	world	world	NOUN
fbem-1665	101	28	.	.	PUNCT
fbem-1665	102	1	only	only	ADV
fbem-1665	102	2	with	with	ADP
fbem-1665	102	3	stable	stable	ADJ
fbem-1665	102	4	profitability	profitability	NOUN
fbem-1665	102	5	can	can	AUX
fbem-1665	102	6	the	the	DET
fbem-1665	102	7	company	company	NOUN
fbem-1665	102	8	attract	attract	VERB
fbem-1665	102	9	more	more	ADJ
fbem-1665	102	10	investment	investment	NOUN
fbem-1665	102	11	,	,	PUNCT
fbem-1665	102	12	accelerate	accelerate	VERB
fbem-1665	102	13	development	development	NOUN
fbem-1665	102	14	,	,	PUNCT
fbem-1665	102	15	and	and	CCONJ
fbem-1665	102	16	obtain	obtain	VERB
fbem-1665	102	17	a	a	DET
fbem-1665	102	18	win	win	NOUN
fbem-1665	102	19	-	-	PUNCT
fbem-1665	102	20	win	win	NOUN
fbem-1665	102	21	situation	situation	NOUN
fbem-1665	102	22	between	between	ADP
fbem-1665	102	23	the	the	DET
fbem-1665	102	24	company	company	NOUN
fbem-1665	102	25	and	and	CCONJ
fbem-1665	102	26	investors	investor	NOUN
fbem-1665	102	27	.	.	PUNCT
fbem-1665	103	1	according	accord	VERB
fbem-1665	103	2	to	to	ADP
fbem-1665	103	3	wei	wei	PROPN
fbem-1665	103	4	zhou[26	zhou[26	PROPN
fbem-1665	103	5	]	]	X
fbem-1665	103	6	,	,	PUNCT
fbem-1665	103	7	the	the	DET
fbem-1665	103	8	main	main	ADJ
fbem-1665	103	9	business	business	NOUN
fbem-1665	103	10	revenue	revenue	NOUN
fbem-1665	103	11	and	and	CCONJ
fbem-1665	103	12	profit	profit	NOUN
fbem-1665	103	13	in	in	ADP
fbem-1665	103	14	the	the	DET
fbem-1665	103	15	company	company	NOUN
fbem-1665	103	16	's	's	PART
fbem-1665	103	17	prospectus	prospectus	NOUN
fbem-1665	103	18	were	be	AUX
fbem-1665	103	19	selected	select	VERB
fbem-1665	103	20	as	as	ADP
fbem-1665	103	21	explanatory	explanatory	ADJ
fbem-1665	103	22	variables	variable	NOUN
fbem-1665	103	23	.	.	PUNCT
fbem-1665	104	1	4.3	4.3	NUM
fbem-1665	104	2	.	.	PUNCT
fbem-1665	104	3	control	control	NOUN
fbem-1665	104	4	variables	variable	VERB
fbem-1665	104	5	the	the	DET
fbem-1665	104	6	p	p	X
fbem-1665	104	7	/	/	SYM
fbem-1665	104	8	e	e	NOUN
fbem-1665	104	9	ratio	ratio	NOUN
fbem-1665	104	10	,	,	PUNCT
fbem-1665	104	11	which	which	PRON
fbem-1665	104	12	compares	compare	VERB
fbem-1665	104	13	whether	whether	SCONJ
fbem-1665	104	14	stocks	stock	NOUN
fbem-1665	104	15	are	be	AUX
fbem-1665	104	16	overvalued	overvalue	VERB
fbem-1665	104	17	or	or	CCONJ
fbem-1665	104	18	undervalued	undervalue	VERB
fbem-1665	104	19	,	,	PUNCT
fbem-1665	104	20	is	be	AUX
fbem-1665	104	21	typically	typically	ADV
fbem-1665	104	22	higher	high	ADJ
fbem-1665	104	23	for	for	ADP
fbem-1665	104	24	companies	company	NOUN
fbem-1665	104	25	with	with	ADP
fbem-1665	104	26	innovative	innovative	ADJ
fbem-1665	104	27	attributes	attribute	NOUN
fbem-1665	104	28	.	.	PUNCT
fbem-1665	105	1	but	but	CCONJ
fbem-1665	105	2	high	high	ADJ
fbem-1665	105	3	p	p	PROPN
fbem-1665	105	4	/	/	SYM
fbem-1665	105	5	e	e	NOUN
fbem-1665	105	6	ratios	ratio	NOUN
fbem-1665	105	7	accompany	accompany	VERB
fbem-1665	105	8	economic	economic	ADJ
fbem-1665	105	9	bubbles	bubble	NOUN
fbem-1665	105	10	,	,	PUNCT
fbem-1665	105	11	so	so	SCONJ
fbem-1665	105	12	expectations	expectation	NOUN
fbem-1665	105	13	for	for	ADP
fbem-1665	105	14	tech	tech	NOUN
fbem-1665	105	15	start	start	NOUN
fbem-1665	105	16	-	-	PUNCT
fbem-1665	105	17	ups	up	NOUN
fbem-1665	105	18	should	should	AUX
fbem-1665	105	19	be	be	AUX
fbem-1665	105	20	kept	keep	VERB
fbem-1665	105	21	rational	rational	ADJ
fbem-1665	105	22	.	.	PUNCT
fbem-1665	106	1	according	accord	VERB
fbem-1665	106	2	to	to	ADP
fbem-1665	106	3	wang	wang	PROPN
fbem-1665	106	4	yizhi	yizhi	PROPN
fbem-1665	106	5	et	et	PROPN
fbem-1665	106	6	al[17	al[17	PROPN
fbem-1665	106	7	]	]	PUNCT
fbem-1665	106	8	,	,	PUNCT
fbem-1665	106	9	the	the	DET
fbem-1665	106	10	priceearnings	priceearning	NOUN
fbem-1665	106	11	ratio	ratio	NOUN
fbem-1665	106	12	was	be	AUX
fbem-1665	106	13	selected	select	VERB
fbem-1665	106	14	as	as	ADP
fbem-1665	106	15	the	the	DET
fbem-1665	106	16	control	control	NOUN
fbem-1665	106	17	variable	variable	NOUN
fbem-1665	106	18	.	.	PUNCT
fbem-1665	107	1	the	the	DET
fbem-1665	107	2	establishment	establishment	NOUN
fbem-1665	107	3	time	time	NOUN
fbem-1665	107	4	of	of	ADP
fbem-1665	107	5	a	a	DET
fbem-1665	107	6	company	company	NOUN
fbem-1665	107	7	and	and	CCONJ
fbem-1665	107	8	the	the	DET
fbem-1665	107	9	enterprise	enterprise	NOUN
fbem-1665	107	10	life	life	NOUN
fbem-1665	107	11	cycle	cycle	NOUN
fbem-1665	107	12	theory	theory	NOUN
fbem-1665	107	13	mentioned	mention	VERB
fbem-1665	107	14	that	that	SCONJ
fbem-1665	107	15	the	the	DET
fbem-1665	107	16	development	development	NOUN
fbem-1665	107	17	of	of	ADP
fbem-1665	107	18	a	a	DET
fbem-1665	107	19	company	company	NOUN
fbem-1665	107	20	has	have	VERB
fbem-1665	107	21	to	to	PART
fbem-1665	107	22	go	go	VERB
fbem-1665	107	23	through	through	ADP
fbem-1665	107	24	several	several	ADJ
fbem-1665	107	25	stages	stage	NOUN
fbem-1665	107	26	,	,	PUNCT
fbem-1665	107	27	and	and	CCONJ
fbem-1665	107	28	the	the	DET
fbem-1665	107	29	financing	financing	NOUN
fbem-1665	107	30	needs	need	NOUN
fbem-1665	107	31	of	of	ADP
fbem-1665	107	32	different	different	ADJ
fbem-1665	107	33	stages	stage	NOUN
fbem-1665	107	34	are	be	AUX
fbem-1665	107	35	very	very	ADV
fbem-1665	107	36	different	different	ADJ
fbem-1665	107	37	.	.	PUNCT
fbem-1665	108	1	the	the	DET
fbem-1665	108	2	new	new	ADJ
fbem-1665	108	3	generation	generation	NOUN
fbem-1665	108	4	of	of	ADP
fbem-1665	108	5	information	information	NOUN
fbem-1665	108	6	technology	technology	NOUN
fbem-1665	108	7	industry	industry	NOUN
fbem-1665	108	8	is	be	AUX
fbem-1665	108	9	oriented	orient	VERB
fbem-1665	108	10	to	to	ADP
fbem-1665	108	11	emerging	emerge	VERB
fbem-1665	108	12	technologies	technology	NOUN
fbem-1665	108	13	and	and	CCONJ
fbem-1665	108	14	industries	industry	NOUN
fbem-1665	108	15	,	,	PUNCT
fbem-1665	108	16	and	and	CCONJ
fbem-1665	108	17	continuous	continuous	ADJ
fbem-1665	108	18	research	research	NOUN
fbem-1665	108	19	and	and	CCONJ
fbem-1665	108	20	development	development	NOUN
fbem-1665	108	21	and	and	CCONJ
fbem-1665	108	22	innovation	innovation	NOUN
fbem-1665	108	23	need	need	VERB
fbem-1665	108	24	a	a	DET
fbem-1665	108	25	lot	lot	NOUN
fbem-1665	108	26	of	of	ADP
fbem-1665	108	27	financial	financial	ADJ
fbem-1665	108	28	support	support	NOUN
fbem-1665	108	29	.	.	PUNCT
fbem-1665	109	1	listing	list	VERB
fbem-1665	109	2	and	and	CCONJ
fbem-1665	109	3	financing	financing	NOUN
fbem-1665	109	4	provide	provide	VERB
fbem-1665	109	5	impetus	impetus	NOUN
fbem-1665	109	6	for	for	ADP
fbem-1665	109	7	its	its	PRON
fbem-1665	109	8	subsequent	subsequent	ADJ
fbem-1665	109	9	development	development	NOUN
fbem-1665	109	10	.	.	PUNCT
fbem-1665	110	1	according	accord	VERB
fbem-1665	110	2	to	to	ADP
fbem-1665	110	3	wen	wen	PROPN
fbem-1665	110	4	qian	qian	PROPN
fbem-1665	110	5	et	et	PROPN
fbem-1665	110	6	al[18	al[18	PROPN
fbem-1665	110	7	]	]	PUNCT
fbem-1665	110	8	,	,	PUNCT
fbem-1665	110	9	the	the	DET
fbem-1665	110	10	time	time	NOUN
fbem-1665	110	11	of	of	ADP
fbem-1665	110	12	company	company	NOUN
fbem-1665	110	13	establishment	establishment	NOUN
fbem-1665	110	14	was	be	AUX
fbem-1665	110	15	selected	select	VERB
fbem-1665	110	16	as	as	ADP
fbem-1665	110	17	the	the	DET
fbem-1665	110	18	control	control	NOUN
fbem-1665	110	19	variable	variable	NOUN
fbem-1665	110	20	.	.	PUNCT
fbem-1665	111	1	intangible	intangible	ADJ
fbem-1665	111	2	assets	asset	NOUN
fbem-1665	111	3	of	of	ADP
fbem-1665	111	4	the	the	DET
fbem-1665	111	5	company	company	NOUN
fbem-1665	111	6	.	.	PUNCT
fbem-1665	112	1	with	with	ADP
fbem-1665	112	2	the	the	DET
fbem-1665	112	3	development	development	NOUN
fbem-1665	112	4	of	of	ADP
fbem-1665	112	5	economy	economy	NOUN
fbem-1665	112	6	,	,	PUNCT
fbem-1665	112	7	intangible	intangible	ADJ
fbem-1665	112	8	assets	asset	NOUN
fbem-1665	112	9	have	have	AUX
fbem-1665	112	10	become	become	VERB
fbem-1665	112	11	the	the	DET
fbem-1665	112	12	core	core	NOUN
fbem-1665	112	13	of	of	ADP
fbem-1665	112	14	competitiveness	competitiveness	NOUN
fbem-1665	112	15	in	in	ADP
fbem-1665	112	16	enterprises	enterprise	NOUN
fbem-1665	112	17	,	,	PUNCT
fbem-1665	112	18	representing	represent	VERB
fbem-1665	112	19	the	the	DET
fbem-1665	112	20	innovation	innovation	NOUN
fbem-1665	112	21	results	result	NOUN
fbem-1665	112	22	and	and	CCONJ
fbem-1665	112	23	competitiveness	competitiveness	NOUN
fbem-1665	112	24	of	of	ADP
fbem-1665	112	25	enterprises	enterprise	NOUN
fbem-1665	112	26	.	.	PUNCT
fbem-1665	113	1	accounting	accounting	NOUN
fbem-1665	113	2	standards	standard	NOUN
fbem-1665	113	3	in	in	ADP
fbem-1665	113	4	china	china	PROPN
fbem-1665	113	5	are	be	AUX
fbem-1665	113	6	very	very	ADV
fbem-1665	113	7	strict	strict	ADJ
fbem-1665	113	8	on	on	ADP
fbem-1665	113	9	the	the	DET
fbem-1665	113	10	recognition	recognition	NOUN
fbem-1665	113	11	of	of	ADP
fbem-1665	113	12	intangible	intangible	ADJ
fbem-1665	113	13	assets	asset	NOUN
fbem-1665	113	14	,	,	PUNCT
fbem-1665	113	15	can	can	AUX
fbem-1665	113	16	be	be	AUX
fbem-1665	113	17	identified	identify	VERB
fbem-1665	113	18	as	as	SCONJ
fbem-1665	113	19	intangible	intangible	ADJ
fbem-1665	113	20	assets	asset	NOUN
fbem-1665	113	21	must	must	AUX
fbem-1665	113	22	be	be	AUX
fbem-1665	113	23	on	on	ADP
fbem-1665	113	24	the	the	DET
fbem-1665	113	25	development	development	NOUN
fbem-1665	113	26	of	of	ADP
fbem-1665	113	27	the	the	DET
fbem-1665	113	28	company	company	NOUN
fbem-1665	113	29	has	have	AUX
fbem-1665	113	30	played	play	VERB
fbem-1665	113	31	a	a	DET
fbem-1665	113	32	great	great	ADJ
fbem-1665	113	33	role	role	NOUN
fbem-1665	113	34	.	.	PUNCT
fbem-1665	114	1	according	accord	VERB
fbem-1665	114	2	to	to	ADP
fbem-1665	114	3	li	li	PROPN
fbem-1665	114	4	zhong	zhong	PROPN
fbem-1665	114	5	fei	fei	PROPN
fbem-1665	114	6	et	et	PROPN
fbem-1665	114	7	al[27	al[27	PROPN
fbem-1665	114	8	]	]	PUNCT
fbem-1665	114	9	,	,	PUNCT
fbem-1665	114	10	company	company	NOUN
fbem-1665	114	11	intangible	intangible	ADJ
fbem-1665	114	12	assets	asset	NOUN
fbem-1665	114	13	were	be	AUX
fbem-1665	114	14	selected	select	VERB
fbem-1665	114	15	as	as	ADP
fbem-1665	114	16	control	control	NOUN
fbem-1665	114	17	variables	variable	NOUN
fbem-1665	114	18	.	.	PUNCT
fbem-1665	115	1	the	the	DET
fbem-1665	115	2	nature	nature	NOUN
fbem-1665	115	3	of	of	ADP
fbem-1665	115	4	the	the	DET
fbem-1665	115	5	company	company	NOUN
fbem-1665	115	6	is	be	AUX
fbem-1665	115	7	that	that	SCONJ
fbem-1665	115	8	private	private	ADJ
fbem-1665	115	9	enterprises	enterprise	NOUN
fbem-1665	115	10	account	account	VERB
fbem-1665	115	11	for	for	ADP
fbem-1665	115	12	the	the	DET
fbem-1665	115	13	majority	majority	NOUN
fbem-1665	115	14	of	of	ADP
fbem-1665	115	15	the	the	DET
fbem-1665	115	16	enterprises	enterprise	NOUN
fbem-1665	115	17	listed	list	VERB
fbem-1665	115	18	on	on	ADP
fbem-1665	115	19	the	the	DET
fbem-1665	115	20	science	science	NOUN
fbem-1665	115	21	and	and	CCONJ
fbem-1665	115	22	technology	technology	NOUN
fbem-1665	115	23	innovation	innovation	NOUN
fbem-1665	115	24	board	board	NOUN
fbem-1665	115	25	,	,	PUNCT
fbem-1665	115	26	and	and	CCONJ
fbem-1665	115	27	the	the	DET
fbem-1665	115	28	private	private	ADJ
fbem-1665	115	29	economy	economy	NOUN
fbem-1665	115	30	is	be	AUX
fbem-1665	115	31	also	also	ADV
fbem-1665	115	32	the	the	DET
fbem-1665	115	33	most	most	ADV
fbem-1665	115	34	active	active	ADJ
fbem-1665	115	35	part	part	NOUN
fbem-1665	115	36	of	of	ADP
fbem-1665	115	37	the	the	DET
fbem-1665	115	38	socialist	socialist	ADJ
fbem-1665	115	39	market	market	NOUN
fbem-1665	115	40	62	62	NUM
fbem-1665	115	41	economy	economy	NOUN
fbem-1665	115	42	.	.	PUNCT
fbem-1665	116	1	therefore	therefore	ADV
fbem-1665	116	2	,	,	PUNCT
fbem-1665	116	3	the	the	DET
fbem-1665	116	4	financing	financing	NOUN
fbem-1665	116	5	difficulties	difficulty	NOUN
fbem-1665	116	6	of	of	ADP
fbem-1665	116	7	private	private	ADJ
fbem-1665	116	8	enterprises	enterprise	NOUN
fbem-1665	116	9	need	need	VERB
fbem-1665	116	10	to	to	PART
fbem-1665	116	11	be	be	AUX
fbem-1665	116	12	solved	solve	VERB
fbem-1665	116	13	urgently	urgently	ADV
fbem-1665	116	14	.	.	PUNCT
fbem-1665	117	1	the	the	DET
fbem-1665	117	2	capital	capital	NOUN
fbem-1665	117	3	market	market	NOUN
fbem-1665	117	4	should	should	AUX
fbem-1665	117	5	actively	actively	ADV
fbem-1665	117	6	guide	guide	VERB
fbem-1665	117	7	the	the	DET
fbem-1665	117	8	capital	capital	NOUN
fbem-1665	117	9	flow	flow	NOUN
fbem-1665	117	10	to	to	ADP
fbem-1665	117	11	private	private	ADJ
fbem-1665	117	12	enterprises	enterprise	NOUN
fbem-1665	117	13	to	to	PART
fbem-1665	117	14	help	help	VERB
fbem-1665	117	15	the	the	DET
fbem-1665	117	16	private	private	ADJ
fbem-1665	117	17	economy	economy	NOUN
fbem-1665	117	18	develop	develop	VERB
fbem-1665	117	19	better	well	ADV
fbem-1665	117	20	and	and	CCONJ
fbem-1665	117	21	realize	realize	VERB
fbem-1665	117	22	the	the	DET
fbem-1665	117	23	reasonable	reasonable	ADJ
fbem-1665	117	24	allocation	allocation	NOUN
fbem-1665	117	25	of	of	ADP
fbem-1665	117	26	resources	resource	NOUN
fbem-1665	117	27	.	.	PUNCT
fbem-1665	118	1	according	accord	VERB
fbem-1665	118	2	to	to	ADP
fbem-1665	118	3	xu	xu	PROPN
fbem-1665	118	4	xin	xin	PROPN
fbem-1665	118	5	et	et	PROPN
fbem-1665	118	6	al[23	al[23	PROPN
fbem-1665	118	7	]	]	PUNCT
fbem-1665	118	8	,	,	PUNCT
fbem-1665	118	9	company	company	NOUN
fbem-1665	118	10	nature	nature	NOUN
fbem-1665	118	11	was	be	AUX
fbem-1665	118	12	selected	select	VERB
fbem-1665	118	13	as	as	ADP
fbem-1665	118	14	a	a	DET
fbem-1665	118	15	control	control	NOUN
fbem-1665	118	16	variable	variable	NOUN
fbem-1665	118	17	.	.	PUNCT
fbem-1665	119	1	the	the	DET
fbem-1665	119	2	reputation	reputation	NOUN
fbem-1665	119	3	of	of	ADP
fbem-1665	119	4	underwriters	underwriter	NOUN
fbem-1665	119	5	,	,	PUNCT
fbem-1665	119	6	institutional	institutional	ADJ
fbem-1665	119	7	investors	investor	NOUN
fbem-1665	119	8	have	have	VERB
fbem-1665	119	9	more	more	ADJ
fbem-1665	119	10	professional	professional	ADJ
fbem-1665	119	11	business	business	NOUN
fbem-1665	119	12	ability	ability	NOUN
fbem-1665	119	13	than	than	ADP
fbem-1665	119	14	ordinary	ordinary	ADJ
fbem-1665	119	15	investors	investor	NOUN
fbem-1665	119	16	,	,	PUNCT
fbem-1665	119	17	can	can	AUX
fbem-1665	119	18	get	get	VERB
fbem-1665	119	19	more	more	ADV
fbem-1665	119	20	comprehensive	comprehensive	ADJ
fbem-1665	119	21	information	information	NOUN
fbem-1665	119	22	,	,	PUNCT
fbem-1665	119	23	reduce	reduce	VERB
fbem-1665	119	24	the	the	DET
fbem-1665	119	25	information	information	NOUN
fbem-1665	119	26	mismatch	mismatch	NOUN
fbem-1665	119	27	between	between	ADP
fbem-1665	119	28	investors	investor	NOUN
fbem-1665	119	29	and	and	CCONJ
fbem-1665	119	30	enterprises	enterprise	NOUN
fbem-1665	119	31	,	,	PUNCT
fbem-1665	119	32	reduce	reduce	VERB
fbem-1665	119	33	investment	investment	NOUN
fbem-1665	119	34	risk	risk	NOUN
fbem-1665	119	35	.	.	PUNCT
fbem-1665	120	1	according	accord	VERB
fbem-1665	120	2	to	to	ADP
fbem-1665	120	3	li	li	PROPN
fbem-1665	120	4	zhong	zhong	PROPN
fbem-1665	120	5	fei	fei	PROPN
fbem-1665	120	6	et	et	PROPN
fbem-1665	120	7	al[28	al[28	PROPN
fbem-1665	120	8	]	]	PUNCT
fbem-1665	120	9	,	,	PUNCT
fbem-1665	120	10	the	the	DET
fbem-1665	120	11	reputation	reputation	NOUN
fbem-1665	120	12	of	of	ADP
fbem-1665	120	13	the	the	DET
fbem-1665	120	14	underwriter	underwriter	NOUN
fbem-1665	120	15	was	be	AUX
fbem-1665	120	16	selected	select	VERB
fbem-1665	120	17	as	as	ADP
fbem-1665	120	18	the	the	DET
fbem-1665	120	19	control	control	NOUN
fbem-1665	120	20	variable	variable	NOUN
fbem-1665	120	21	.	.	PUNCT
fbem-1665	121	1	4.4	4.4	NUM
fbem-1665	121	2	.	.	PUNCT
fbem-1665	121	3	endogenous	endogenous	ADJ
fbem-1665	121	4	problem	problem	NOUN
fbem-1665	121	5	and	and	CCONJ
fbem-1665	121	6	selection	selection	NOUN
fbem-1665	121	7	of	of	ADP
fbem-1665	121	8	instrumental	instrumental	ADJ
fbem-1665	121	9	variables	variable	NOUN
fbem-1665	121	10	endogenous	endogenous	ADJ
fbem-1665	121	11	issues	issue	NOUN
fbem-1665	121	12	can	can	AUX
fbem-1665	121	13	arise	arise	VERB
fbem-1665	121	14	when	when	SCONJ
fbem-1665	121	15	using	use	VERB
fbem-1665	121	16	ols	ol	NOUN
fbem-1665	121	17	(	(	PUNCT
fbem-1665	121	18	ordinary	ordinary	ADJ
fbem-1665	121	19	least	least	ADJ
fbem-1665	121	20	squares	square	NOUN
fbem-1665	121	21	)	)	PUNCT
fbem-1665	121	22	regression	regression	NOUN
fbem-1665	121	23	.	.	PUNCT
fbem-1665	122	1	the	the	DET
fbem-1665	122	2	increase	increase	NOUN
fbem-1665	122	3	of	of	ADP
fbem-1665	122	4	company	company	NOUN
fbem-1665	122	5	expenses	expense	NOUN
fbem-1665	122	6	,	,	PUNCT
fbem-1665	122	7	the	the	DET
fbem-1665	122	8	decrease	decrease	NOUN
fbem-1665	122	9	of	of	ADP
fbem-1665	122	10	profits	profit	NOUN
fbem-1665	122	11	,	,	PUNCT
fbem-1665	122	12	and	and	CCONJ
fbem-1665	122	13	the	the	DET
fbem-1665	122	14	decrease	decrease	NOUN
fbem-1665	122	15	of	of	ADP
fbem-1665	122	16	investors	investor	NOUN
fbem-1665	122	17	'	'	PART
fbem-1665	122	18	returns	return	NOUN
fbem-1665	122	19	will	will	AUX
fbem-1665	122	20	reduce	reduce	VERB
fbem-1665	122	21	investment	investment	NOUN
fbem-1665	122	22	confidence	confidence	NOUN
fbem-1665	122	23	,	,	PUNCT
fbem-1665	122	24	which	which	PRON
fbem-1665	122	25	is	be	AUX
fbem-1665	122	26	reflected	reflect	VERB
fbem-1665	122	27	in	in	ADP
fbem-1665	122	28	the	the	DET
fbem-1665	122	29	decrease	decrease	NOUN
fbem-1665	122	30	of	of	ADP
fbem-1665	122	31	market	market	NOUN
fbem-1665	122	32	value	value	NOUN
fbem-1665	122	33	in	in	ADP
fbem-1665	122	34	the	the	DET
fbem-1665	122	35	capital	capital	NOUN
fbem-1665	122	36	market	market	NOUN
fbem-1665	122	37	;	;	PUNCT
fbem-1665	122	38	companies	company	NOUN
fbem-1665	122	39	with	with	ADP
fbem-1665	122	40	high	high	ADJ
fbem-1665	122	41	market	market	NOUN
fbem-1665	122	42	value	value	NOUN
fbem-1665	122	43	have	have	VERB
fbem-1665	122	44	high	high	ADJ
fbem-1665	122	45	visibility	visibility	NOUN
fbem-1665	122	46	,	,	PUNCT
fbem-1665	122	47	reduce	reduce	VERB
fbem-1665	122	48	publicity	publicity	NOUN
fbem-1665	122	49	expenses	expense	NOUN
fbem-1665	122	50	,	,	PUNCT
fbem-1665	122	51	reduce	reduce	VERB
fbem-1665	122	52	operating	operating	NOUN
fbem-1665	122	53	costs	cost	NOUN
fbem-1665	122	54	,	,	PUNCT
fbem-1665	122	55	and	and	CCONJ
fbem-1665	122	56	lead	lead	VERB
fbem-1665	122	57	to	to	ADP
fbem-1665	122	58	increased	increase	VERB
fbem-1665	122	59	profits	profit	NOUN
fbem-1665	122	60	.	.	PUNCT
fbem-1665	123	1	therefore	therefore	ADV
fbem-1665	123	2	,	,	PUNCT
fbem-1665	123	3	there	there	PRON
fbem-1665	123	4	is	be	VERB
fbem-1665	123	5	a	a	DET
fbem-1665	123	6	reverse	reverse	ADJ
fbem-1665	123	7	causality	causality	NOUN
fbem-1665	123	8	relationship	relationship	NOUN
fbem-1665	123	9	between	between	ADP
fbem-1665	123	10	profits	profit	NOUN
fbem-1665	123	11	and	and	CCONJ
fbem-1665	123	12	market	market	NOUN
fbem-1665	123	13	value	value	NOUN
fbem-1665	123	14	.	.	PUNCT
fbem-1665	124	1	in	in	ADP
fbem-1665	124	2	order	order	NOUN
fbem-1665	124	3	to	to	PART
fbem-1665	124	4	solve	solve	VERB
fbem-1665	124	5	the	the	DET
fbem-1665	124	6	endogenous	endogenous	ADJ
fbem-1665	124	7	problem	problem	NOUN
fbem-1665	124	8	,	,	PUNCT
fbem-1665	124	9	the	the	DET
fbem-1665	124	10	2sls	2sls	PROPN
fbem-1665	124	11	(	(	PUNCT
fbem-1665	124	12	two	two	NUM
fbem-1665	124	13	-	-	PUNCT
fbem-1665	124	14	stage	stage	NOUN
fbem-1665	124	15	least	least	ADJ
fbem-1665	124	16	squares	square	NOUN
fbem-1665	124	17	)	)	PUNCT
fbem-1665	124	18	regression	regression	NOUN
fbem-1665	124	19	analysis	analysis	NOUN
fbem-1665	124	20	was	be	AUX
fbem-1665	124	21	performed	perform	VERB
fbem-1665	124	22	by	by	ADP
fbem-1665	124	23	selecting	select	VERB
fbem-1665	124	24	the	the	DET
fbem-1665	124	25	selling	selling	NOUN
fbem-1665	124	26	expenses	expense	NOUN
fbem-1665	124	27	and	and	CCONJ
fbem-1665	124	28	administrative	administrative	ADJ
fbem-1665	124	29	expenses	expense	NOUN
fbem-1665	124	30	as	as	ADP
fbem-1665	124	31	instrumental	instrumental	ADJ
fbem-1665	124	32	variables	variable	NOUN
fbem-1665	124	33	.	.	PUNCT
fbem-1665	125	1	the	the	DET
fbem-1665	125	2	first	first	ADJ
fbem-1665	125	3	stage	stage	NOUN
fbem-1665	125	4	:	:	PUNCT
fbem-1665	125	5	operating	operate	VERB
fbem-1665	125	6	profit	profit	NOUN
fbem-1665	125	7	μ	μ	PROPN
fbem-1665	125	8	β	β	PROPN
fbem-1665	125	9	∗	∗	X
fbem-1665	125	10	operating	operate	VERB
fbem-1665	125	11	income	income	NOUN
fbem-1665	125	12	β	β	PROPN
fbem-1665	125	13	∗	∗	NOUN
fbem-1665	125	14	sales	sale	NOUN
fbem-1665	125	15	expenses	expense	NOUN
fbem-1665	125	16	β	β	X
fbem-1665	125	17	∗	∗	X
fbem-1665	125	18	overhead	overhead	ADJ
fbem-1665	125	19	expenses	expense	NOUN
fbem-1665	125	20	ε	ε	PROPN
fbem-1665	125	21	1	1	NUM
fbem-1665	125	22	the	the	DET
fbem-1665	125	23	second	second	ADJ
fbem-1665	125	24	stage	stage	NOUN
fbem-1665	125	25	:	:	PUNCT
fbem-1665	125	26	market	market	NOUN
fbem-1665	125	27	value	value	NOUN
fbem-1665	125	28	μ	μ	PROPN
fbem-1665	125	29	β	β	PROPN
fbem-1665	125	30	∗	∗	NOUN
fbem-1665	125	31	r&d	r&d	NOUN
fbem-1665	125	32	funding	funding	NOUN
fbem-1665	125	33	β	β	X
fbem-1665	125	34	∗	∗	NOUN
fbem-1665	125	35	number	number	NOUN
fbem-1665	125	36	of	of	ADP
fbem-1665	125	37	invention	invention	NOUN
fbem-1665	125	38	patents	patent	NOUN
fbem-1665	125	39	β	β	X
fbem-1665	125	40	∗	∗	X
fbem-1665	125	41	operating	operate	VERB
fbem-1665	125	42	income	income	NOUN
fbem-1665	125	43	β	β	PROPN
fbem-1665	125	44	∗	∗	X
fbem-1665	125	45	operating	operate	VERB
fbem-1665	125	46	profit	profit	NOUN
fbem-1665	125	47	β	β	PROPN
fbem-1665	125	48	∗	∗	NOUN
fbem-1665	125	49	time	time	NOUN
fbem-1665	125	50	β	β	X
fbem-1665	125	51	∗	∗	X
fbem-1665	125	52	intangible	intangible	ADJ
fbem-1665	125	53	asset	asset	NOUN
fbem-1665	125	54	β	β	X
fbem-1665	125	55	∗	∗	X
fbem-1665	125	56	p	p	X
fbem-1665	125	57	/	/	SYM
fbem-1665	125	58	e	e	NOUN
fbem-1665	125	59	ratio	ratio	NOUN
fbem-1665	125	60	ε	ε	PROPN
fbem-1665	125	61	2	2	NUM
fbem-1665	125	62	market	market	NOUN
fbem-1665	125	63	value	value	NOUN
fbem-1665	125	64	μ	μ	PROPN
fbem-1665	125	65	β	β	PROPN
fbem-1665	125	66	∗	∗	NOUN
fbem-1665	125	67	r&d	r&d	NOUN
fbem-1665	125	68	funding	funding	NOUN
fbem-1665	125	69	∗	∗	NOUN
fbem-1665	125	70	company	company	NOUN
fbem-1665	125	71	attribute	attribute	NOUN
fbem-1665	125	72	β	β	PROPN
fbem-1665	125	73	∗	∗	NOUN
fbem-1665	125	74	number	number	NOUN
fbem-1665	125	75	of	of	ADP
fbem-1665	125	76	invention	invention	NOUN
fbem-1665	125	77	patents	patent	NOUN
fbem-1665	125	78	∗	∗	NOUN
fbem-1665	125	79	company	company	NOUN
fbem-1665	125	80	attribute	attribute	NOUN
fbem-1665	125	81	β	β	PROPN
fbem-1665	125	82	∗	∗	X
fbem-1665	125	83	operating	operate	VERB
fbem-1665	125	84	income	income	NOUN
fbem-1665	125	85	β	β	PROPN
fbem-1665	125	86	∗	∗	X
fbem-1665	125	87	operating	operate	VERB
fbem-1665	125	88	profit	profit	NOUN
fbem-1665	125	89	β	β	PROPN
fbem-1665	125	90	∗	∗	NOUN
fbem-1665	125	91	time	time	NOUN
fbem-1665	125	92	β	β	X
fbem-1665	125	93	∗	∗	X
fbem-1665	125	94	intangible	intangible	ADJ
fbem-1665	125	95	asset	asset	NOUN
fbem-1665	125	96	β	β	X
fbem-1665	125	97	∗	∗	X
fbem-1665	125	98	p	p	X
fbem-1665	125	99	/	/	SYM
fbem-1665	125	100	e	e	NOUN
fbem-1665	125	101	ratio	ratio	NOUN
fbem-1665	125	102	ε	ε	PROPN
fbem-1665	125	103	3	3	NUM
fbem-1665	125	104	market	market	NOUN
fbem-1665	125	105	value	value	NOUN
fbem-1665	125	106	μ	μ	PROPN
fbem-1665	125	107	β	β	PROPN
fbem-1665	125	108	∗	∗	NOUN
fbem-1665	125	109	r&d	r&d	NOUN
fbem-1665	125	110	funding	funding	NOUN
fbem-1665	125	111	∗	∗	NOUN
fbem-1665	125	112	reputation	reputation	NOUN
fbem-1665	125	113	of	of	ADP
fbem-1665	125	114	uderwriter	uderwriter	PROPN
fbem-1665	125	115	β	β	PROPN
fbem-1665	125	116	∗	∗	NOUN
fbem-1665	125	117	number	number	NOUN
fbem-1665	125	118	of	of	ADP
fbem-1665	125	119	invention	invention	NOUN
fbem-1665	125	120	patents	patent	NOUN
fbem-1665	125	121	∗	∗	NOUN
fbem-1665	125	122	reputation	reputation	NOUN
fbem-1665	125	123	of	of	ADP
fbem-1665	125	124	uderwriter	uderwriter	PROPN
fbem-1665	125	125	β	β	PROPN
fbem-1665	125	126	∗	∗	X
fbem-1665	125	127	operating	operate	VERB
fbem-1665	125	128	income	income	NOUN
fbem-1665	125	129	β	β	PROPN
fbem-1665	125	130	∗	∗	X
fbem-1665	125	131	operating	operate	VERB
fbem-1665	125	132	profit	profit	NOUN
fbem-1665	125	133	β	β	PROPN
fbem-1665	125	134	∗	∗	NOUN
fbem-1665	125	135	time	time	NOUN
fbem-1665	125	136	β	β	X
fbem-1665	125	137	∗	∗	X
fbem-1665	125	138	intangible	intangible	ADJ
fbem-1665	125	139	asset	asset	NOUN
fbem-1665	125	140	β	β	X
fbem-1665	125	141	∗	∗	X
fbem-1665	125	142	p	p	X
fbem-1665	125	143	/	/	SYM
fbem-1665	125	144	e	e	NOUN
fbem-1665	125	145	ratio	ratio	NOUN
fbem-1665	125	146	ε	ε	PROPN
fbem-1665	125	147	4	4	NUM
fbem-1665	125	148	the	the	DET
fbem-1665	125	149	summary	summary	NOUN
fbem-1665	125	150	of	of	ADP
fbem-1665	125	151	variable	variable	ADJ
fbem-1665	125	152	selection	selection	NOUN
fbem-1665	125	153	in	in	ADP
fbem-1665	125	154	this	this	DET
fbem-1665	125	155	paper	paper	NOUN
fbem-1665	125	156	is	be	AUX
fbem-1665	125	157	shown	show	VERB
fbem-1665	125	158	in	in	ADP
fbem-1665	125	159	table	table	NOUN
fbem-1665	125	160	1	1	NUM
fbem-1665	125	161	.	.	PUNCT
fbem-1665	125	162	table	table	NOUN
fbem-1665	125	163	1	1	NUM
fbem-1665	125	164	.	.	PUNCT
fbem-1665	126	1	explanation	explanation	NOUN
fbem-1665	126	2	of	of	ADP
fbem-1665	126	3	variables	variable	NOUN
fbem-1665	126	4	variable	variable	ADJ
fbem-1665	126	5	types	type	NOUN
fbem-1665	126	6	the	the	DET
fbem-1665	126	7	variable	variable	ADJ
fbem-1665	126	8	name	name	NOUN
fbem-1665	126	9	variable	variable	ADJ
fbem-1665	126	10	declaration	declaration	NOUN
fbem-1665	126	11	explained	explain	VERB
fbem-1665	126	12	variable	variable	ADJ
fbem-1665	126	13	market	market	NOUN
fbem-1665	126	14	value	value	NOUN
fbem-1665	126	15	the	the	DET
fbem-1665	126	16	company	company	NOUN
fbem-1665	126	17	's	's	PART
fbem-1665	126	18	projected	project	VERB
fbem-1665	126	19	market	market	NOUN
fbem-1665	126	20	capitalization	capitalization	NOUN
fbem-1665	126	21	at	at	ADP
fbem-1665	126	22	the	the	DET
fbem-1665	126	23	time	time	NOUN
fbem-1665	126	24	of	of	ADP
fbem-1665	126	25	its	its	PRON
fbem-1665	126	26	ipo	ipo	NOUN
fbem-1665	126	27	on	on	ADP
fbem-1665	126	28	the	the	DET
fbem-1665	126	29	science	science	NOUN
fbem-1665	126	30	and	and	CCONJ
fbem-1665	126	31	technology	technology	NOUN
fbem-1665	126	32	innovation	innovation	NOUN
fbem-1665	126	33	board	board	NOUN
fbem-1665	126	34	explanatory	explanatory	ADJ
fbem-1665	126	35	variables	variable	NOUN
fbem-1665	126	36	r&d	r&d	NOUN
fbem-1665	126	37	funding	funding	NOUN
fbem-1665	126	38	investment	investment	NOUN
fbem-1665	126	39	of	of	ADP
fbem-1665	126	40	r&d	r&d	NOUN
fbem-1665	126	41	funds	fund	NOUN
fbem-1665	126	42	in	in	ADP
fbem-1665	126	43	the	the	DET
fbem-1665	126	44	company	company	NOUN
fbem-1665	126	45	's	's	PART
fbem-1665	126	46	prospectus	prospectus	NOUN
fbem-1665	126	47	number	number	NOUN
fbem-1665	126	48	of	of	ADP
fbem-1665	126	49	invention	invention	NOUN
fbem-1665	126	50	patents	patent	NOUN
fbem-1665	126	51	the	the	DET
fbem-1665	126	52	number	number	NOUN
fbem-1665	126	53	of	of	ADP
fbem-1665	126	54	invention	invention	NOUN
fbem-1665	126	55	patents	patent	NOUN
fbem-1665	126	56	in	in	ADP
fbem-1665	126	57	the	the	DET
fbem-1665	126	58	company	company	NOUN
fbem-1665	126	59	's	's	PART
fbem-1665	126	60	prospectus	prospectus	NOUN
fbem-1665	126	61	operating	operating	NOUN
fbem-1665	126	62	income	income	NOUN
fbem-1665	126	63	operating	operate	VERB
fbem-1665	126	64	income	income	NOUN
fbem-1665	126	65	in	in	ADP
fbem-1665	126	66	a	a	DET
fbem-1665	126	67	company	company	NOUN
fbem-1665	126	68	's	's	PART
fbem-1665	126	69	prospectus	prospectus	NOUN
fbem-1665	126	70	operating	operating	NOUN
fbem-1665	126	71	profit	profit	NOUN
fbem-1665	126	72	operating	operating	NOUN
fbem-1665	126	73	profit	profit	NOUN
fbem-1665	126	74	in	in	ADP
fbem-1665	126	75	a	a	DET
fbem-1665	126	76	company	company	NOUN
fbem-1665	126	77	's	's	PART
fbem-1665	126	78	prospectus	prospectus	NOUN
fbem-1665	126	79	instrumental	instrumental	ADJ
fbem-1665	126	80	variable	variable	ADJ
fbem-1665	126	81	sales	sale	NOUN
fbem-1665	126	82	expenses	expense	VERB
fbem-1665	126	83	sales	sale	NOUN
fbem-1665	126	84	expenses	expense	NOUN
fbem-1665	126	85	in	in	ADP
fbem-1665	126	86	a	a	DET
fbem-1665	126	87	company	company	NOUN
fbem-1665	126	88	's	's	PART
fbem-1665	126	89	prospectus	prospectus	NOUN
fbem-1665	126	90	overhead	overhead	NOUN
fbem-1665	126	91	expenses	expense	VERB
fbem-1665	126	92	overhead	overhead	ADJ
fbem-1665	126	93	expenses	expense	NOUN
fbem-1665	126	94	in	in	ADP
fbem-1665	126	95	a	a	DET
fbem-1665	126	96	company	company	NOUN
fbem-1665	126	97	's	's	PART
fbem-1665	126	98	prospectus	prospectus	NOUN
fbem-1665	126	99	control	control	NOUN
fbem-1665	126	100	variables	variable	VERB
fbem-1665	126	101	p	p	X
fbem-1665	126	102	/	/	SYM
fbem-1665	126	103	e	e	NOUN
fbem-1665	126	104	ratio	ratio	NOUN
fbem-1665	126	105	the	the	DET
fbem-1665	126	106	company	company	NOUN
fbem-1665	126	107	's	's	PART
fbem-1665	126	108	p	p	NOUN
fbem-1665	126	109	/	/	SYM
fbem-1665	126	110	e	e	NOUN
fbem-1665	126	111	ratio	ratio	NOUN
fbem-1665	126	112	at	at	ADP
fbem-1665	126	113	the	the	DET
fbem-1665	126	114	time	time	NOUN
fbem-1665	126	115	of	of	ADP
fbem-1665	126	116	its	its	PRON
fbem-1665	126	117	ipo	ipo	NOUN
fbem-1665	126	118	on	on	ADP
fbem-1665	126	119	the	the	DET
fbem-1665	126	120	science	science	NOUN
fbem-1665	126	121	and	and	CCONJ
fbem-1665	126	122	technology	technology	PROPN
fbem-1665	126	123	board	board	NOUN
fbem-1665	126	124	time	time	NOUN
fbem-1665	126	125	the	the	DET
fbem-1665	126	126	length	length	NOUN
fbem-1665	126	127	of	of	ADP
fbem-1665	126	128	time	time	NOUN
fbem-1665	126	129	the	the	DET
fbem-1665	126	130	company	company	NOUN
fbem-1665	126	131	has	have	AUX
fbem-1665	126	132	been	be	AUX
fbem-1665	126	133	registered	register	VERB
fbem-1665	126	134	and	and	CCONJ
fbem-1665	126	135	operated	operate	VERB
fbem-1665	126	136	intangible	intangible	ADJ
fbem-1665	126	137	asset	asset	NOUN
fbem-1665	126	138	intangible	intangible	ADJ
fbem-1665	126	139	assets	asset	NOUN
fbem-1665	126	140	in	in	ADP
fbem-1665	126	141	a	a	DET
fbem-1665	126	142	company	company	NOUN
fbem-1665	126	143	's	's	PART
fbem-1665	126	144	prospectus	prospectus	NOUN
fbem-1665	126	145	company	company	NOUN
fbem-1665	126	146	attribute	attribute	VERB
fbem-1665	126	147	dummy	dummy	ADJ
fbem-1665	126	148	variable	variable	NOUN
fbem-1665	126	149	,	,	PUNCT
fbem-1665	126	150	the	the	DET
fbem-1665	126	151	value	value	NOUN
fbem-1665	126	152	is	be	AUX
fbem-1665	126	153	1	1	NUM
fbem-1665	126	154	for	for	ADP
fbem-1665	126	155	private	private	ADJ
fbem-1665	126	156	enterprises	enterprise	NOUN
fbem-1665	126	157	and	and	CCONJ
fbem-1665	126	158	0	0	NUM
fbem-1665	126	159	for	for	ADP
fbem-1665	126	160	other	other	ADJ
fbem-1665	126	161	types	type	NOUN
fbem-1665	126	162	of	of	ADP
fbem-1665	126	163	enterprises	enterprise	NOUN
fbem-1665	126	164	reputation	reputation	NOUN
fbem-1665	126	165	of	of	ADP
fbem-1665	126	166	underwriter	underwriter	NOUN
fbem-1665	126	167	dummy	dummy	ADJ
fbem-1665	126	168	variable	variable	NOUN
fbem-1665	126	169	,	,	PUNCT
fbem-1665	126	170	according	accord	VERB
fbem-1665	126	171	to	to	ADP
fbem-1665	126	172	the	the	DET
fbem-1665	126	173	2020	2020	NUM
fbem-1665	126	174	revenue	revenue	NOUN
fbem-1665	126	175	ranking	ranking	NOUN
fbem-1665	126	176	of	of	ADP
fbem-1665	126	177	securities	security	NOUN
fbem-1665	126	178	companies	company	NOUN
fbem-1665	126	179	disclosed	disclose	VERB
fbem-1665	126	180	by	by	ADP
fbem-1665	126	181	the	the	DET
fbem-1665	126	182	shanghai	shanghai	PROPN
fbem-1665	126	183	stock	stock	PROPN
fbem-1665	126	184	exchange	exchange	PROPN
fbem-1665	126	185	,	,	PUNCT
fbem-1665	126	186	the	the	DET
fbem-1665	126	187	value	value	NOUN
fbem-1665	126	188	is	be	AUX
fbem-1665	126	189	1	1	NUM
fbem-1665	126	190	for	for	ADP
fbem-1665	126	191	the	the	DET
fbem-1665	126	192	top	top	ADJ
fbem-1665	126	193	10	10	NUM
fbem-1665	126	194	and	and	CCONJ
fbem-1665	126	195	0	0	NUM
fbem-1665	126	196	for	for	ADP
fbem-1665	126	197	the	the	DET
fbem-1665	126	198	others	other	NOUN
fbem-1665	126	199	5	5	NUM
fbem-1665	126	200	.	.	PUNCT
fbem-1665	126	201	research	research	NOUN
fbem-1665	126	202	results	result	VERB
fbem-1665	126	203	5.1	5.1	NUM
fbem-1665	126	204	.	.	PUNCT
fbem-1665	127	1	descriptive	descriptive	ADJ
fbem-1665	127	2	statistics	statistic	NOUN
fbem-1665	127	3	descriptive	descriptive	ADJ
fbem-1665	127	4	statistics	statistic	NOUN
fbem-1665	127	5	are	be	AUX
fbem-1665	127	6	shown	show	VERB
fbem-1665	127	7	in	in	ADP
fbem-1665	127	8	table	table	NOUN
fbem-1665	127	9	2	2	NUM
fbem-1665	127	10	.	.	PUNCT
fbem-1665	128	1	the	the	DET
fbem-1665	128	2	new	new	ADJ
fbem-1665	128	3	generation	generation	NOUN
fbem-1665	128	4	of	of	ADP
fbem-1665	128	5	information	information	NOUN
fbem-1665	128	6	technology	technology	NOUN
fbem-1665	128	7	industry	industry	NOUN
fbem-1665	128	8	companies	company	NOUN
fbem-1665	128	9	attach	attach	VERB
fbem-1665	128	10	great	great	ADJ
fbem-1665	128	11	importance	importance	NOUN
fbem-1665	128	12	to	to	ADP
fbem-1665	128	13	r&d	r&d	NOUN
fbem-1665	128	14	and	and	CCONJ
fbem-1665	128	15	innovation	innovation	NOUN
fbem-1665	128	16	activities	activity	NOUN
fbem-1665	128	17	,	,	PUNCT
fbem-1665	128	18	and	and	CCONJ
fbem-1665	128	19	the	the	DET
fbem-1665	128	20	average	average	ADJ
fbem-1665	128	21	investment	investment	NOUN
fbem-1665	128	22	in	in	ADP
fbem-1665	128	23	r&d	r&d	NOUN
fbem-1665	128	24	is	be	AUX
fbem-1665	128	25	close	close	ADJ
fbem-1665	128	26	to	to	PART
fbem-1665	128	27	100	100	NUM
fbem-1665	128	28	million	million	NUM
fbem-1665	128	29	yuan	yuan	NOUN
fbem-1665	128	30	,	,	PUNCT
fbem-1665	128	31	much	much	ADV
fbem-1665	128	32	higher	high	ADJ
fbem-1665	128	33	than	than	ADP
fbem-1665	128	34	the	the	DET
fbem-1665	128	35	r&d	r&d	NOUN
fbem-1665	128	36	expenses	expense	NOUN
fbem-1665	128	37	of	of	ADP
fbem-1665	128	38	similar	similar	ADJ
fbem-1665	128	39	companies	company	NOUN
fbem-1665	128	40	on	on	ADP
fbem-1665	128	41	the	the	DET
fbem-1665	128	42	gem	gem	NOUN
fbem-1665	128	43	and	and	CCONJ
fbem-1665	128	44	shanghai	shanghai	PROPN
fbem-1665	128	45	main	main	PROPN
fbem-1665	128	46	board	board	NOUN
fbem-1665	128	47	.	.	PUNCT
fbem-1665	129	1	judging	judge	VERB
fbem-1665	129	2	from	from	ADP
fbem-1665	129	3	the	the	DET
fbem-1665	129	4	number	number	NOUN
fbem-1665	129	5	of	of	ADP
fbem-1665	129	6	invention	invention	NOUN
fbem-1665	129	7	patent	patent	NOUN
fbem-1665	129	8	applications	application	NOUN
fbem-1665	129	9	,	,	PUNCT
fbem-1665	129	10	each	each	DET
fbem-1665	129	11	company	company	NOUN
fbem-1665	129	12	has	have	VERB
fbem-1665	129	13	its	its	PRON
fbem-1665	129	14	own	own	ADJ
fbem-1665	129	15	patented	patented	ADJ
fbem-1665	129	16	technology	technology	NOUN
fbem-1665	129	17	and	and	CCONJ
fbem-1665	129	18	strong	strong	ADJ
fbem-1665	129	19	core	core	NOUN
fbem-1665	129	20	competitiveness	competitiveness	NOUN
fbem-1665	129	21	.	.	PUNCT
fbem-1665	130	1	the	the	DET
fbem-1665	130	2	statistical	statistical	ADJ
fbem-1665	130	3	results	result	NOUN
fbem-1665	130	4	show	show	VERB
fbem-1665	130	5	that	that	SCONJ
fbem-1665	130	6	the	the	DET
fbem-1665	130	7	top	top	ADJ
fbem-1665	130	8	five	five	NUM
fbem-1665	130	9	companies	company	NOUN
fbem-1665	130	10	in	in	ADP
fbem-1665	130	11	the	the	DET
fbem-1665	130	12	number	number	NOUN
fbem-1665	130	13	of	of	ADP
fbem-1665	130	14	invention	invention	NOUN
fbem-1665	130	15	patents	patent	NOUN
fbem-1665	130	16	have	have	VERB
fbem-1665	130	17	state	state	NOUN
fbem-1665	130	18	-	-	PUNCT
fbem-1665	130	19	owned	own	VERB
fbem-1665	130	20	capital	capital	NOUN
fbem-1665	130	21	background	background	NOUN
fbem-1665	130	22	,	,	PUNCT
fbem-1665	130	23	and	and	CCONJ
fbem-1665	130	24	the	the	DET
fbem-1665	130	25	number	number	NOUN
fbem-1665	130	26	of	of	ADP
fbem-1665	130	27	patent	patent	NOUN
fbem-1665	130	28	applications	application	NOUN
fbem-1665	130	29	accounts	account	VERB
fbem-1665	130	30	for	for	ADP
fbem-1665	130	31	46.94	46.94	NUM
fbem-1665	130	32	%	%	NOUN
fbem-1665	130	33	of	of	ADP
fbem-1665	130	34	the	the	DET
fbem-1665	130	35	total	total	ADJ
fbem-1665	130	36	number	number	NOUN
fbem-1665	130	37	of	of	ADP
fbem-1665	130	38	invention	invention	NOUN
fbem-1665	130	39	patent	patent	NOUN
fbem-1665	130	40	applications	application	NOUN
fbem-1665	130	41	of	of	ADP
fbem-1665	130	42	all	all	DET
fbem-1665	130	43	companies	company	NOUN
fbem-1665	130	44	,	,	PUNCT
fbem-1665	130	45	which	which	PRON
fbem-1665	130	46	is	be	AUX
fbem-1665	130	47	extremely	extremely	ADV
fbem-1665	130	48	unbalanced	unbalanced	ADJ
fbem-1665	130	49	.	.	PUNCT
fbem-1665	131	1	it	it	PRON
fbem-1665	131	2	can	can	AUX
fbem-1665	131	3	be	be	AUX
fbem-1665	131	4	seen	see	VERB
fbem-1665	131	5	that	that	SCONJ
fbem-1665	131	6	r&d	r&d	NOUN
fbem-1665	131	7	and	and	CCONJ
fbem-1665	131	8	innovation	innovation	NOUN
fbem-1665	131	9	need	need	VERB
fbem-1665	131	10	a	a	DET
fbem-1665	131	11	large	large	ADJ
fbem-1665	131	12	amount	amount	NOUN
fbem-1665	131	13	of	of	ADP
fbem-1665	131	14	capital	capital	NOUN
fbem-1665	131	15	support	support	NOUN
fbem-1665	131	16	.	.	PUNCT
fbem-1665	132	1	63	63	NUM
fbem-1665	132	2	table	table	NOUN
fbem-1665	132	3	2	2	NUM
fbem-1665	132	4	.	.	PUNCT
fbem-1665	132	5	descriptive	descriptive	ADJ
fbem-1665	132	6	statistics	statistic	NOUN
fbem-1665	132	7	variable	variable	NOUN
fbem-1665	132	8	the	the	DET
fbem-1665	132	9	mean	mean	NOUN
fbem-1665	132	10	the	the	DET
fbem-1665	132	11	median	median	NOUN
fbem-1665	132	12	the	the	DET
fbem-1665	132	13	maximum	maximum	ADJ
fbem-1665	132	14	the	the	DET
fbem-1665	132	15	minimum	minimum	ADJ
fbem-1665	132	16	value	value	NOUN
fbem-1665	132	17	market	market	NOUN
fbem-1665	132	18	cap	cap	NOUN
fbem-1665	132	19	(	(	PUNCT
fbem-1665	132	20	billion	billion	NUM
fbem-1665	132	21	)	)	PUNCT
fbem-1665	132	22	171.94	171.94	NUM
fbem-1665	132	23	59.54	59.54	NUM
fbem-1665	132	24	1	1	NUM
fbem-1665	132	25	,	,	PUNCT
fbem-1665	132	26	742.12	742.12	NUM
fbem-1665	132	27	16.12	16.12	NUM
fbem-1665	132	28	r&d	r&d	NOUN
fbem-1665	132	29	investment	investment	NOUN
fbem-1665	132	30	(	(	PUNCT
fbem-1665	132	31	billion	billion	NUM
fbem-1665	132	32	)	)	PUNCT
fbem-1665	132	33	0.9	0.9	NUM
fbem-1665	132	34	0.46	0.46	NUM
fbem-1665	132	35	7.32	7.32	NUM
fbem-1665	132	36	0.09	0.09	NUM
fbem-1665	132	37	number	number	NOUN
fbem-1665	132	38	of	of	ADP
fbem-1665	132	39	invention	invention	NOUN
fbem-1665	132	40	patent	patent	NOUN
fbem-1665	132	41	applications	application	NOUN
fbem-1665	132	42	(	(	PUNCT
fbem-1665	132	43	pieces	piece	NOUN
fbem-1665	132	44	)	)	PUNCT
fbem-1665	132	45	63	63	NUM
fbem-1665	132	46	27	27	NUM
fbem-1665	132	47	571	571	NUM
fbem-1665	132	48	1	1	NUM
fbem-1665	132	49	operating	operating	NOUN
fbem-1665	132	50	revenue	revenue	NOUN
fbem-1665	132	51	(	(	PUNCT
fbem-1665	132	52	billion	billion	NUM
fbem-1665	132	53	)	)	PUNCT
fbem-1665	132	54	14.52	14.52	NUM
fbem-1665	132	55	5.08	5.08	NUM
fbem-1665	132	56	377.92	377.92	NUM
fbem-1665	132	57	1.01	1.01	NUM
fbem-1665	132	58	operating	operating	NOUN
fbem-1665	132	59	profit	profit	NOUN
fbem-1665	132	60	(	(	PUNCT
fbem-1665	132	61	million	million	NUM
fbem-1665	132	62	)	)	PUNCT
fbem-1665	132	63	2.32	2.32	NUM
fbem-1665	132	64	1.11	1.11	NUM
fbem-1665	132	65	31.88	31.88	NUM
fbem-1665	132	66	0.23	0.23	NUM
fbem-1665	132	67	selling	selling	NOUN
fbem-1665	132	68	expenses	expense	NOUN
fbem-1665	132	69	(	(	PUNCT
fbem-1665	132	70	million	million	NUM
fbem-1665	132	71	)	)	PUNCT
fbem-1665	132	72	1.25	1.25	NUM
fbem-1665	132	73	0.33	0.33	NUM
fbem-1665	132	74	38.6	38.6	NUM
fbem-1665	132	75	0.03	0.03	NUM
fbem-1665	132	76	overhead	overhead	ADJ
fbem-1665	132	77	expenses	expense	NOUN
fbem-1665	132	78	(	(	PUNCT
fbem-1665	132	79	million	million	NUM
fbem-1665	132	80	)	)	PUNCT
fbem-1665	132	81	0.78	0.78	NUM
fbem-1665	132	82	0.41	0.41	NUM
fbem-1665	132	83	11.22	11.22	NUM
fbem-1665	132	84	0.1	0.1	NUM
fbem-1665	132	85	p	p	NOUN
fbem-1665	132	86	/	/	SYM
fbem-1665	132	87	e	e	NOUN
fbem-1665	132	88	(	(	PUNCT
fbem-1665	132	89	multiple	multiple	ADJ
fbem-1665	132	90	)	)	PUNCT
fbem-1665	132	91	85.357	85.357	NUM
fbem-1665	132	92	63.067	63.067	NUM
fbem-1665	132	93	551.417	551.417	NUM
fbem-1665	132	94	25.763	25.763	NUM
fbem-1665	132	95	duration	duration	NOUN
fbem-1665	132	96	of	of	ADP
fbem-1665	132	97	company	company	NOUN
fbem-1665	132	98	establishment	establishment	NOUN
fbem-1665	132	99	(	(	PUNCT
fbem-1665	132	100	years	year	NOUN
fbem-1665	132	101	)	)	PUNCT
fbem-1665	132	102	14.5	14.5	NUM
fbem-1665	132	103	14.5	14.5	NUM
fbem-1665	132	104	28	28	NUM
fbem-1665	132	105	5	5	NUM
fbem-1665	132	106	intangible	intangible	ADJ
fbem-1665	132	107	assets	asset	NOUN
fbem-1665	132	108	of	of	ADP
fbem-1665	132	109	the	the	DET
fbem-1665	132	110	company	company	NOUN
fbem-1665	132	111	(	(	PUNCT
fbem-1665	132	112	100	100	NUM
fbem-1665	132	113	million	million	NUM
fbem-1665	132	114	)	)	PUNCT
fbem-1665	132	115	0.56	0.56	NUM
fbem-1665	132	116	0.23	0.23	NUM
fbem-1665	132	117	4.83	4.83	NUM
fbem-1665	132	118	0.000	0.000	NUM
fbem-1665	132	119	2	2	NUM
fbem-1665	132	120	data	datum	NOUN
fbem-1665	132	121	preprocessing	preprocessing	NOUN
fbem-1665	132	122	,	,	PUNCT
fbem-1665	132	123	normalize	normalize	VERB
fbem-1665	132	124	the	the	DET
fbem-1665	132	125	data	datum	NOUN
fbem-1665	132	126	by	by	ADP
fbem-1665	132	127	:	:	PUNCT
fbem-1665	132	128	𝑋	𝑋	PROPN
fbem-1665	132	129	𝑋	𝑋	PROPN
fbem-1665	132	130	𝑋	𝑋	PROPN
fbem-1665	132	131	𝑋	𝑋	PROPN
fbem-1665	132	132	𝑋	𝑋	PROPN
fbem-1665	132	133	5.2	5.2	NUM
fbem-1665	132	134	.	.	PUNCT
fbem-1665	133	1	empirical	empirical	ADJ
fbem-1665	133	2	analysis	analysis	NOUN
fbem-1665	133	3	1	1	NUM
fbem-1665	133	4	.	.	PUNCT
fbem-1665	134	1	the	the	DET
fbem-1665	134	2	impact	impact	NOUN
fbem-1665	134	3	of	of	ADP
fbem-1665	134	4	r&d	r&d	NOUN
fbem-1665	134	5	investment	investment	NOUN
fbem-1665	134	6	and	and	CCONJ
fbem-1665	134	7	invention	invention	NOUN
fbem-1665	134	8	patents	patent	NOUN
fbem-1665	134	9	on	on	ADP
fbem-1665	134	10	the	the	DET
fbem-1665	134	11	market	market	NOUN
fbem-1665	134	12	value	value	NOUN
fbem-1665	134	13	of	of	ADP
fbem-1665	134	14	the	the	DET
fbem-1665	134	15	issue	issue	NOUN
fbem-1665	134	16	this	this	DET
fbem-1665	134	17	paper	paper	NOUN
fbem-1665	134	18	uses	use	VERB
fbem-1665	134	19	eviews	eviews	PROPN
fbem-1665	134	20	software	software	NOUN
fbem-1665	134	21	to	to	PART
fbem-1665	134	22	conduct	conduct	VERB
fbem-1665	134	23	regression	regression	NOUN
fbem-1665	134	24	analysis	analysis	NOUN
fbem-1665	134	25	,	,	PUNCT
fbem-1665	134	26	and	and	CCONJ
fbem-1665	134	27	the	the	DET
fbem-1665	134	28	results	result	NOUN
fbem-1665	134	29	are	be	AUX
fbem-1665	134	30	shown	show	VERB
fbem-1665	134	31	in	in	ADP
fbem-1665	134	32	table	table	NOUN
fbem-1665	134	33	3	3	NUM
fbem-1665	134	34	,	,	PUNCT
fbem-1665	134	35	table	table	NOUN
fbem-1665	134	36	4	4	NUM
fbem-1665	134	37	and	and	CCONJ
fbem-1665	134	38	table	table	NOUN
fbem-1665	134	39	5	5	NUM
fbem-1665	134	40	.	.	PUNCT
fbem-1665	134	41	table	table	NOUN
fbem-1665	134	42	3	3	NUM
fbem-1665	134	43	.	.	PUNCT
fbem-1665	134	44	market	market	NOUN
fbem-1665	134	45	value	value	NOUN
fbem-1665	134	46	effect	effect	NOUN
fbem-1665	134	47	of	of	ADP
fbem-1665	134	48	r&d	r&d	NOUN
fbem-1665	134	49	capital	capital	NOUN
fbem-1665	134	50	investment	investment	NOUN
fbem-1665	134	51	and	and	CCONJ
fbem-1665	134	52	invention	invention	NOUN
fbem-1665	134	53	patent	patent	NOUN
fbem-1665	134	54	application	application	NOUN
fbem-1665	134	55	variable	variable	ADJ
fbem-1665	134	56	market	market	NOUN
fbem-1665	134	57	value	value	NOUN
fbem-1665	134	58	ols	ol	NOUN
fbem-1665	134	59	2sls	2sls	PROPN
fbem-1665	134	60	ols	ol	NOUN
fbem-1665	134	61	2sls	2sls	NUM
fbem-1665	134	62	r&d	r&d	NOUN
fbem-1665	134	63	funds	fund	NOUN
fbem-1665	134	64	0.711	0.711	NUM
fbem-1665	134	65	0	0	NUM
fbem-1665	134	66	*	*	PUNCT
fbem-1665	134	67	*	*	PUNCT
fbem-1665	134	68	*	*	PUNCT
fbem-1665	134	69	0.694	0.694	NUM
fbem-1665	134	70	7	7	NUM
fbem-1665	134	71	*	*	PUNCT
fbem-1665	134	72	*	*	PUNCT
fbem-1665	134	73	*	*	X
fbem-1665	134	74	0.687	0.687	NUM
fbem-1665	134	75	4	4	NUM
fbem-1665	134	76	*	*	PUNCT
fbem-1665	134	77	*	*	PUNCT
fbem-1665	134	78	*	*	NOUN
fbem-1665	134	79	0.672	0.672	NUM
fbem-1665	134	80	2	2	NUM
fbem-1665	134	81	*	*	PUNCT
fbem-1665	134	82	*	*	PUNCT
fbem-1665	134	83	*	*	PUNCT
fbem-1665	134	84	(	(	PUNCT
fbem-1665	134	85	0.000	0.000	NUM
fbem-1665	134	86	0	0	NUM
fbem-1665	134	87	)	)	PUNCT
fbem-1665	134	88	(	(	PUNCT
fbem-1665	134	89	0.000	0.000	NUM
fbem-1665	134	90	0	0	NUM
fbem-1665	134	91	)	)	PUNCT
fbem-1665	134	92	(	(	PUNCT
fbem-1665	134	93	0.000	0.000	NUM
fbem-1665	134	94	0	0	NUM
fbem-1665	134	95	)	)	PUNCT
fbem-1665	134	96	(	(	PUNCT
fbem-1665	134	97	0.000	0.000	NUM
fbem-1665	134	98	0	0	NUM
fbem-1665	134	99	)	)	PUNCT
fbem-1665	134	100	invention	invention	NOUN
fbem-1665	134	101	patent	patent	NOUN
fbem-1665	134	102	application	application	NOUN
fbem-1665	134	103	9	9	NUM
fbem-1665	134	104	-	-	SYM
fbem-1665	134	105	0.038	0.038	NUM
fbem-1665	134	106	8	8	NUM
fbem-1665	134	107	-	-	SYM
fbem-1665	134	108	0.027	0.027	NUM
fbem-1665	134	109	8	8	NUM
fbem-1665	134	110	-	-	SYM
fbem-1665	134	111	0.114	0.114	NUM
fbem-1665	134	112	0.092	0.092	NUM
fbem-1665	134	113	0	0	NUM
fbem-1665	134	114	(	(	PUNCT
fbem-1665	134	115	0.5895	0.5895	NUM
fbem-1665	134	116	)	)	PUNCT
fbem-1665	134	117	(	(	PUNCT
fbem-1665	134	118	0.6923	0.6923	NUM
fbem-1665	134	119	)	)	PUNCT
fbem-1665	134	120	(	(	PUNCT
fbem-1665	134	121	0.117	0.117	NUM
fbem-1665	134	122	)	)	PUNCT
fbem-1665	134	123	(	(	PUNCT
fbem-1665	134	124	0.206	0.206	NUM
fbem-1665	134	125	9	9	NUM
fbem-1665	134	126	)	)	PUNCT
fbem-1665	134	127	operating	operate	VERB
fbem-1665	134	128	income	income	NOUN
fbem-1665	134	129	-1.4275	-1.4275	NOUN
fbem-1665	134	130	*	*	PUNCT
fbem-1665	134	131	*	*	PUNCT
fbem-1665	134	132	*	*	PUNCT
fbem-1665	134	133	0.9402	0.9402	NUM
fbem-1665	134	134	*	*	PUNCT
fbem-1665	134	135	*	*	PUNCT
fbem-1665	134	136	*	*	PUNCT
fbem-1665	134	137	1.627	1.627	NUM
fbem-1665	134	138	3	3	NUM
fbem-1665	134	139	*	*	PUNCT
fbem-1665	134	140	*	*	PUNCT
fbem-1665	134	141	*	*	PUNCT
fbem-1665	134	142	0.9492	0.9492	PUNCT
fbem-1665	134	143	*	*	PUNCT
fbem-1665	135	1	*	*	PUNCT
fbem-1665	135	2	*	*	PUNCT
fbem-1665	135	3	(	(	PUNCT
fbem-1665	135	4	0.0001	0.0001	NUM
fbem-1665	135	5	)	)	PUNCT
fbem-1665	135	6	(	(	PUNCT
fbem-1665	135	7	0.0042	0.0042	NUM
fbem-1665	135	8	)	)	PUNCT
fbem-1665	135	9	(	(	PUNCT
fbem-1665	135	10	0.000	0.000	NUM
fbem-1665	135	11	0	0	NUM
fbem-1665	135	12	)	)	PUNCT
fbem-1665	135	13	(	(	PUNCT
fbem-1665	135	14	0.000	0.000	NUM
fbem-1665	135	15	9	9	NUM
fbem-1665	135	16	)	)	PUNCT
fbem-1665	135	17	operating	operate	VERB
fbem-1665	135	18	profit	profit	NOUN
fbem-1665	135	19	1.107	1.107	NUM
fbem-1665	135	20	1	1	NUM
fbem-1665	135	21	*	*	PUNCT
fbem-1665	135	22	*	*	PUNCT
fbem-1665	135	23	*	*	PUNCT
fbem-1665	135	24	1.029	1.029	NUM
fbem-1665	135	25	2	2	NUM
fbem-1665	135	26	*	*	SYM
fbem-1665	135	27	*	*	NUM
fbem-1665	135	28	1.177	1.177	NUM
fbem-1665	135	29	6	6	NUM
fbem-1665	135	30	*	*	PUNCT
fbem-1665	135	31	*	*	PUNCT
fbem-1665	135	32	*	*	PUNCT
fbem-1665	135	33	1.068	1.068	NUM
fbem-1665	135	34	2	2	NUM
fbem-1665	135	35	*	*	PUNCT
fbem-1665	135	36	*	*	PUNCT
fbem-1665	135	37	*	*	PUNCT
fbem-1665	135	38	(	(	PUNCT
fbem-1665	135	39	0.000	0.000	NUM
fbem-1665	135	40	0	0	NUM
fbem-1665	135	41	)	)	PUNCT
fbem-1665	135	42	(	(	PUNCT
fbem-1665	135	43	0.0125	0.0125	NUM
fbem-1665	135	44	)	)	PUNCT
fbem-1665	135	45	(	(	PUNCT
fbem-1665	135	46	0.000	0.000	NUM
fbem-1665	135	47	0	0	NUM
fbem-1665	135	48	)	)	PUNCT
fbem-1665	135	49	(	(	PUNCT
fbem-1665	135	50	0.003	0.003	NUM
fbem-1665	135	51	7	7	NUM
fbem-1665	135	52	)	)	PUNCT
fbem-1665	135	53	management	management	NOUN
fbem-1665	135	54	expenses	expense	NOUN
fbem-1665	135	55	-0.0721	-0.0721	VERB
fbem-1665	135	56	0.147	0.147	NUM
fbem-1665	135	57	3	3	NUM
fbem-1665	135	58	(	(	PUNCT
fbem-1665	135	59	0.8244	0.8244	NUM
fbem-1665	135	60	)	)	PUNCT
fbem-1665	135	61	(	(	PUNCT
fbem-1665	135	62	0.647	0.647	NUM
fbem-1665	135	63	)	)	PUNCT
fbem-1665	135	64	sales	sale	NOUN
fbem-1665	135	65	expenses	expense	NOUN
fbem-1665	135	66	0.4927	0.4927	NUM
fbem-1665	135	67	*	*	NOUN
fbem-1665	135	68	0.668	0.668	NUM
fbem-1665	135	69	2	2	NUM
fbem-1665	135	70	*	*	PUNCT
fbem-1665	135	71	*	*	PUNCT
fbem-1665	135	72	(	(	PUNCT
fbem-1665	135	73	0.078	0.078	NUM
fbem-1665	135	74	3	3	NUM
fbem-1665	135	75	)	)	PUNCT
fbem-1665	135	76	(	(	PUNCT
fbem-1665	135	77	0.0272	0.0272	NUM
fbem-1665	135	78	)	)	PUNCT
fbem-1665	135	79	p	p	X
fbem-1665	135	80	/	/	SYM
fbem-1665	135	81	e	e	NOUN
fbem-1665	135	82	ratio	ratio	NOUN
fbem-1665	135	83	0.093	0.093	NUM
fbem-1665	135	84	9	9	NUM
fbem-1665	136	1	0.109	0.109	NUM
fbem-1665	136	2	5	5	NUM
fbem-1665	136	3	*	*	SYM
fbem-1665	136	4	(	(	PUNCT
fbem-1665	136	5	0.1126	0.1126	NUM
fbem-1665	136	6	)	)	PUNCT
fbem-1665	136	7	(	(	PUNCT
fbem-1665	136	8	0.085	0.085	NUM
fbem-1665	136	9	9	9	NUM
fbem-1665	136	10	)	)	PUNCT
fbem-1665	136	11	company	company	NOUN
fbem-1665	136	12	attribute	attribute	NOUN
fbem-1665	136	13	-0.088	-0.088	PROPN
fbem-1665	136	14	*	*	PUNCT
fbem-1665	136	15	-0.0826	-0.0826	PROPN
fbem-1665	136	16	*	*	PUNCT
fbem-1665	136	17	(	(	PUNCT
fbem-1665	136	18	0.051	0.051	NUM
fbem-1665	136	19	9	9	NUM
fbem-1665	136	20	)	)	PUNCT
fbem-1665	136	21	(	(	PUNCT
fbem-1665	136	22	0.0525	0.0525	NUM
fbem-1665	136	23	)	)	PUNCT
fbem-1665	136	24	intangible	intangible	ADJ
fbem-1665	136	25	asset	asset	NOUN
fbem-1665	136	26	0.111	0.111	NUM
fbem-1665	136	27	6	6	NUM
fbem-1665	136	28	0.038	0.038	NUM
fbem-1665	136	29	6	6	NUM
fbem-1665	136	30	(	(	PUNCT
fbem-1665	136	31	0.106	0.106	NUM
fbem-1665	136	32	8)	8)	NUM
fbem-1665	136	33	(	(	PUNCT
fbem-1665	136	34	0.524	0.524	NUM
fbem-1665	136	35	0	0	NUM
fbem-1665	136	36	)	)	PUNCT
fbem-1665	136	37	constant	constant	ADJ
fbem-1665	136	38	-0.0184	-0.0184	NOUN
fbem-1665	137	1	0.0189	0.0189	NUM
fbem-1665	137	2	0.004	0.004	NUM
fbem-1665	137	3	4	4	NUM
fbem-1665	137	4	0.005	0.005	NUM
fbem-1665	137	5	7	7	NUM
fbem-1665	137	6	(	(	PUNCT
fbem-1665	137	7	0.1011	0.1011	NUM
fbem-1665	137	8	)	)	PUNCT
fbem-1665	137	9	(	(	PUNCT
fbem-1665	137	10	0.1136	0.1136	NUM
fbem-1665	137	11	)	)	PUNCT
fbem-1665	137	12	(	(	PUNCT
fbem-1665	137	13	0.8422	0.8422	NUM
fbem-1665	137	14	)	)	PUNCT
fbem-1665	137	15	(	(	PUNCT
fbem-1665	137	16	0.812	0.812	NUM
fbem-1665	137	17	8)	8)	NUM
fbem-1665	137	18	adjust	adjust	VERB
fbem-1665	137	19	the	the	DET
fbem-1665	137	20	r2	r2	PROPN
fbem-1665	137	21	0.833	0.833	NUM
fbem-1665	137	22	0.829	0.829	NUM
fbem-1665	137	23	0.857	0.857	NUM
fbem-1665	137	24	0.849	0.849	NUM
fbem-1665	137	25	observations	observation	NOUN
fbem-1665	137	26	68	68	NUM
fbem-1665	137	27	68	68	NUM
fbem-1665	137	28	68	68	NUM
fbem-1665	137	29	68	68	NUM
fbem-1665	137	30	notes	note	NOUN
fbem-1665	137	31	:	:	PUNCT
fbem-1665	137	32	1	1	NUM
fbem-1665	137	33	)	)	PUNCT
fbem-1665	137	34	*	*	NOUN
fbem-1665	137	35	,	,	PUNCT
fbem-1665	137	36	*	*	PUNCT
fbem-1665	137	37	*	*	PUNCT
fbem-1665	137	38	,	,	PUNCT
fbem-1665	137	39	*	*	PUNCT
fbem-1665	137	40	*	*	PUNCT
fbem-1665	137	41	*	*	PUNCT
fbem-1665	137	42	mean	mean	VERB
fbem-1665	137	43	significant	significant	ADJ
fbem-1665	137	44	at	at	ADP
fbem-1665	137	45	the	the	DET
fbem-1665	137	46	statistical	statistical	ADJ
fbem-1665	137	47	level	level	NOUN
fbem-1665	137	48	of	of	ADP
fbem-1665	137	49	10	10	NUM
fbem-1665	137	50	%	%	NOUN
fbem-1665	137	51	,	,	PUNCT
fbem-1665	137	52	5	5	NUM
fbem-1665	137	53	%	%	NOUN
fbem-1665	137	54	,	,	PUNCT
fbem-1665	137	55	and	and	CCONJ
fbem-1665	137	56	1	1	NUM
fbem-1665	137	57	%	%	NOUN
fbem-1665	137	58	,	,	PUNCT
fbem-1665	137	59	respectively;2	respectively;2	PROPN
fbem-1665	137	60	)	)	PUNCT
fbem-1665	137	61	values	value	NOUN
fbem-1665	137	62	in	in	ADP
fbem-1665	137	63	parentheses	parenthesis	NOUN
fbem-1665	137	64	are	be	AUX
fbem-1665	137	65	test	test	NOUN
fbem-1665	137	66	p	p	NOUN
fbem-1665	137	67	-	-	PUNCT
fbem-1665	137	68	values	value	NOUN
fbem-1665	137	69	the	the	DET
fbem-1665	137	70	regression	regression	NOUN
fbem-1665	137	71	analysis	analysis	NOUN
fbem-1665	137	72	was	be	AUX
fbem-1665	137	73	performed	perform	VERB
fbem-1665	137	74	using	use	VERB
fbem-1665	137	75	ols	ol	NOUN
fbem-1665	137	76	and	and	CCONJ
fbem-1665	137	77	2sls	2sls	NOUN
fbem-1665	137	78	,	,	PUNCT
fbem-1665	137	79	and	and	CCONJ
fbem-1665	137	80	the	the	DET
fbem-1665	137	81	results	result	NOUN
fbem-1665	137	82	are	be	AUX
fbem-1665	137	83	shown	show	VERB
fbem-1665	137	84	in	in	ADP
fbem-1665	137	85	table	table	NOUN
fbem-1665	137	86	3.the	3.the	DET
fbem-1665	137	87	regression	regression	NOUN
fbem-1665	137	88	results	result	NOUN
fbem-1665	137	89	show	show	VERB
fbem-1665	137	90	that	that	SCONJ
fbem-1665	137	91	r&d	r&d	NOUN
fbem-1665	137	92	investment	investment	NOUN
fbem-1665	137	93	is	be	AUX
fbem-1665	137	94	significant	significant	ADJ
fbem-1665	137	95	at	at	ADP
fbem-1665	137	96	the	the	DET
fbem-1665	137	97	1	1	NUM
fbem-1665	137	98	%	%	NOUN
fbem-1665	137	99	level	level	NOUN
fbem-1665	137	100	,	,	PUNCT
fbem-1665	137	101	and	and	CCONJ
fbem-1665	137	102	its	its	PRON
fbem-1665	137	103	regression	regression	NOUN
fbem-1665	137	104	coefficient	coefficient	NOUN
fbem-1665	137	105	is	be	AUX
fbem-1665	137	106	positive	positive	ADJ
fbem-1665	137	107	,	,	PUNCT
fbem-1665	137	108	which	which	PRON
fbem-1665	137	109	verifies	verify	VERB
fbem-1665	137	110	the	the	DET
fbem-1665	137	111	hypothesis	hypothesis	NOUN
fbem-1665	137	112	that	that	SCONJ
fbem-1665	137	113	"	"	PUNCT
fbem-1665	137	114	r&d	r&d	NOUN
fbem-1665	137	115	investment	investment	NOUN
fbem-1665	137	116	has	have	VERB
fbem-1665	137	117	a	a	DET
fbem-1665	137	118	positive	positive	ADJ
fbem-1665	137	119	impact	impact	NOUN
fbem-1665	137	120	on	on	ADP
fbem-1665	137	121	the	the	DET
fbem-1665	137	122	market	market	NOUN
fbem-1665	137	123	value	value	NOUN
fbem-1665	137	124	of	of	ADP
fbem-1665	137	125	the	the	DET
fbem-1665	137	126	company	company	NOUN
fbem-1665	137	127	"	"	PUNCT
fbem-1665	137	128	.	.	PUNCT
fbem-1665	138	1	as	as	ADP
fbem-1665	138	2	the	the	DET
fbem-1665	138	3	first	first	ADJ
fbem-1665	138	4	step	step	NOUN
fbem-1665	138	5	of	of	ADP
fbem-1665	138	6	innovation	innovation	NOUN
fbem-1665	138	7	,	,	PUNCT
fbem-1665	138	8	r&d	r&d	NOUN
fbem-1665	138	9	investment	investment	NOUN
fbem-1665	138	10	plays	play	VERB
fbem-1665	138	11	a	a	DET
fbem-1665	138	12	key	key	ADJ
fbem-1665	138	13	role	role	NOUN
fbem-1665	138	14	.	.	PUNCT
fbem-1665	139	1	the	the	DET
fbem-1665	139	2	establishment	establishment	NOUN
fbem-1665	139	3	of	of	ADP
fbem-1665	139	4	the	the	DET
fbem-1665	139	5	science	science	NOUN
fbem-1665	139	6	and	and	CCONJ
fbem-1665	139	7	technology	technology	NOUN
fbem-1665	139	8	innovation	innovation	NOUN
fbem-1665	139	9	board	board	NOUN
fbem-1665	139	10	is	be	AUX
fbem-1665	139	11	to	to	PART
fbem-1665	139	12	guide	guide	VERB
fbem-1665	139	13	the	the	DET
fbem-1665	139	14	capital	capital	NOUN
fbem-1665	139	15	flow	flow	NOUN
fbem-1665	139	16	to	to	ADP
fbem-1665	139	17	scientific	scientific	ADJ
fbem-1665	139	18	and	and	CCONJ
fbem-1665	139	19	technological	technological	ADJ
fbem-1665	139	20	innovation	innovation	NOUN
fbem-1665	139	21	,	,	PUNCT
fbem-1665	139	22	rationally	rationally	ADV
fbem-1665	139	23	allocate	allocate	VERB
fbem-1665	139	24	market	market	NOUN
fbem-1665	139	25	resources	resource	NOUN
fbem-1665	139	26	and	and	CCONJ
fbem-1665	139	27	transform	transform	VERB
fbem-1665	139	28	the	the	DET
fbem-1665	139	29	economic	economic	ADJ
fbem-1665	139	30	growth	growth	NOUN
fbem-1665	139	31	model	model	NOUN
fbem-1665	139	32	.	.	PUNCT
fbem-1665	140	1	while	while	SCONJ
fbem-1665	140	2	implementing	implement	VERB
fbem-1665	140	3	the	the	DET
fbem-1665	140	4	national	national	ADJ
fbem-1665	140	5	policy	policy	NOUN
fbem-1665	140	6	requirements	requirement	NOUN
fbem-1665	140	7	,	,	PUNCT
fbem-1665	140	8	the	the	DET
fbem-1665	140	9	board	board	NOUN
fbem-1665	140	10	,	,	PUNCT
fbem-1665	140	11	with	with	ADP
fbem-1665	140	12	its	its	PRON
fbem-1665	140	13	more	more	ADV
fbem-1665	140	14	inclusive	inclusive	ADJ
fbem-1665	140	15	attitude	attitude	NOUN
fbem-1665	140	16	,	,	PUNCT
fbem-1665	140	17	increases	increase	VERB
fbem-1665	140	18	the	the	DET
fbem-1665	140	19	flexibility	flexibility	NOUN
fbem-1665	140	20	of	of	ADP
fbem-1665	140	21	trial	trial	NOUN
fbem-1665	140	22	and	and	CCONJ
fbem-1665	140	23	error	error	NOUN
fbem-1665	140	24	in	in	ADP
fbem-1665	140	25	the	the	DET
fbem-1665	140	26	exploration	exploration	NOUN
fbem-1665	140	27	and	and	CCONJ
fbem-1665	140	28	innovation	innovation	NOUN
fbem-1665	140	29	of	of	ADP
fbem-1665	140	30	science	science	NOUN
fbem-1665	140	31	and	and	CCONJ
fbem-1665	140	32	technology	technology	NOUN
fbem-1665	140	33	innovation	innovation	NOUN
fbem-1665	140	34	enterprises	enterprise	NOUN
fbem-1665	140	35	,	,	PUNCT
fbem-1665	140	36	gives	give	VERB
fbem-1665	140	37	sufficient	sufficient	ADJ
fbem-1665	140	38	room	room	NOUN
fbem-1665	140	39	for	for	ADP
fbem-1665	140	40	trial	trial	NOUN
fbem-1665	140	41	and	and	CCONJ
fbem-1665	140	42	error	error	NOUN
fbem-1665	140	43	for	for	ADP
fbem-1665	140	44	technology	technology	NOUN
fbem-1665	140	45	research	research	NOUN
fbem-1665	140	46	and	and	CCONJ
fbem-1665	140	47	development	development	NOUN
fbem-1665	140	48	in	in	ADP
fbem-1665	140	49	no	no	DET
fbem-1665	140	50	man	man	NOUN
fbem-1665	140	51	's	's	PART
fbem-1665	140	52	land	land	NOUN
fbem-1665	140	53	or	or	CCONJ
fbem-1665	140	54	in	in	ADP
fbem-1665	140	55	scarce	scarce	ADJ
fbem-1665	140	56	areas	area	NOUN
fbem-1665	140	57	,	,	PUNCT
fbem-1665	140	58	allocates	allocate	VERB
fbem-1665	140	59	resources	resource	NOUN
fbem-1665	140	60	to	to	ADP
fbem-1665	140	61	the	the	DET
fbem-1665	140	62	most	most	ADV
fbem-1665	140	63	efficient	efficient	ADJ
fbem-1665	140	64	places	place	NOUN
fbem-1665	140	65	,	,	PUNCT
fbem-1665	140	66	and	and	CCONJ
fbem-1665	140	67	gives	give	VERB
fbem-1665	140	68	full	full	ADJ
fbem-1665	140	69	play	play	NOUN
fbem-1665	140	70	to	to	ADP
fbem-1665	140	71	the	the	DET
fbem-1665	140	72	vitality	vitality	NOUN
fbem-1665	140	73	of	of	ADP
fbem-1665	140	74	the	the	DET
fbem-1665	140	75	market	market	NOUN
fbem-1665	140	76	.	.	PUNCT
fbem-1665	141	1	the	the	DET
fbem-1665	141	2	possible	possible	ADJ
fbem-1665	141	3	reasons	reason	NOUN
fbem-1665	141	4	for	for	ADP
fbem-1665	141	5	the	the	DET
fbem-1665	141	6	lack	lack	NOUN
fbem-1665	141	7	of	of	ADP
fbem-1665	141	8	significance	significance	NOUN
fbem-1665	141	9	in	in	ADP
fbem-1665	141	10	the	the	DET
fbem-1665	141	11	regression	regression	NOUN
fbem-1665	141	12	results	result	NOUN
fbem-1665	141	13	of	of	ADP
fbem-1665	141	14	invention	invention	NOUN
fbem-1665	141	15	patents	patent	NOUN
fbem-1665	141	16	are	be	AUX
fbem-1665	141	17	as	as	SCONJ
fbem-1665	141	18	follows	follow	VERB
fbem-1665	141	19	:	:	PUNCT
fbem-1665	141	20	the	the	DET
fbem-1665	141	21	disclosure	disclosure	NOUN
fbem-1665	141	22	of	of	ADP
fbem-1665	141	23	patents	patent	NOUN
fbem-1665	141	24	focuses	focus	VERB
fbem-1665	141	25	on	on	ADP
fbem-1665	141	26	form	form	NOUN
fbem-1665	141	27	and	and	CCONJ
fbem-1665	141	28	does	do	AUX
fbem-1665	141	29	not	not	PART
fbem-1665	141	30	explain	explain	VERB
fbem-1665	141	31	the	the	DET
fbem-1665	141	32	actual	actual	ADJ
fbem-1665	141	33	benefits	benefit	NOUN
fbem-1665	141	34	brought	bring	VERB
fbem-1665	141	35	by	by	ADP
fbem-1665	141	36	patents	patent	NOUN
fbem-1665	141	37	.	.	PUNCT
fbem-1665	142	1	investors	investor	NOUN
fbem-1665	142	2	can	can	AUX
fbem-1665	142	3	not	not	PART
fbem-1665	142	4	accurately	accurately	ADV
fbem-1665	142	5	evaluate	evaluate	VERB
fbem-1665	142	6	the	the	DET
fbem-1665	142	7	value	value	NOUN
fbem-1665	142	8	of	of	ADP
fbem-1665	142	9	invention	invention	NOUN
fbem-1665	142	10	patents	patent	NOUN
fbem-1665	142	11	,	,	PUNCT
fbem-1665	142	12	and	and	CCONJ
fbem-1665	142	13	can	can	AUX
fbem-1665	142	14	not	not	PART
fbem-1665	142	15	have	have	VERB
fbem-1665	142	16	a	a	DET
fbem-1665	142	17	positive	positive	ADJ
fbem-1665	142	18	effect	effect	NOUN
fbem-1665	142	19	on	on	ADP
fbem-1665	142	20	the	the	DET
fbem-1665	142	21	value	value	NOUN
fbem-1665	142	22	of	of	ADP
fbem-1665	142	23	companies	company	NOUN
fbem-1665	142	24	;	;	PUNCT
fbem-1665	142	25	the	the	DET
fbem-1665	142	26	application	application	NOUN
fbem-1665	142	27	of	of	ADP
fbem-1665	142	28	patents	patent	NOUN
fbem-1665	142	29	requires	require	VERB
fbem-1665	142	30	time	time	NOUN
fbem-1665	142	31	and	and	CCONJ
fbem-1665	142	32	cost	cost	NOUN
fbem-1665	142	33	,	,	PUNCT
fbem-1665	142	34	and	and	CCONJ
fbem-1665	142	35	may	may	AUX
fbem-1665	142	36	also	also	ADV
fbem-1665	142	37	face	face	VERB
fbem-1665	142	38	failure	failure	NOUN
fbem-1665	142	39	,	,	PUNCT
fbem-1665	142	40	which	which	PRON
fbem-1665	142	41	short	short	ADJ
fbem-1665	142	42	-	-	PUNCT
fbem-1665	142	43	term	term	NOUN
fbem-1665	142	44	investors	investor	NOUN
fbem-1665	142	45	regard	regard	VERB
fbem-1665	142	46	as	as	ADP
fbem-1665	142	47	"	"	PUNCT
fbem-1665	142	48	negative	negative	ADJ
fbem-1665	142	49	"	"	PUNCT
fbem-1665	142	50	information	information	NOUN
fbem-1665	142	51	.	.	PUNCT
fbem-1665	143	1	patents	patent	NOUN
fbem-1665	143	2	can	can	AUX
fbem-1665	143	3	be	be	AUX
fbem-1665	143	4	acquired	acquire	VERB
fbem-1665	143	5	in	in	ADP
fbem-1665	143	6	a	a	DET
fbem-1665	143	7	variety	variety	NOUN
fbem-1665	143	8	of	of	ADP
fbem-1665	143	9	ways	way	NOUN
fbem-1665	143	10	,	,	PUNCT
fbem-1665	143	11	with	with	ADP
fbem-1665	143	12	in	in	ADP
fbem-1665	143	13	-	-	PUNCT
fbem-1665	143	14	house	house	NOUN
fbem-1665	143	15	patents	patent	NOUN
fbem-1665	143	16	being	be	AUX
fbem-1665	143	17	more	more	ADV
fbem-1665	143	18	valuable	valuable	ADJ
fbem-1665	143	19	and	and	CCONJ
fbem-1665	143	20	those	those	PRON
fbem-1665	143	21	bought	buy	VERB
fbem-1665	143	22	and	and	CCONJ
fbem-1665	143	23	sold	sell	VERB
fbem-1665	143	24	having	have	VERB
fbem-1665	143	25	less	less	ADJ
fbem-1665	143	26	impact	impact	NOUN
fbem-1665	143	27	on	on	ADP
fbem-1665	143	28	a	a	DET
fbem-1665	143	29	company	company	NOUN
fbem-1665	143	30	's	's	PART
fbem-1665	143	31	value	value	NOUN
fbem-1665	143	32	.	.	PUNCT
fbem-1665	144	1	even	even	ADV
fbem-1665	144	2	in	in	ADP
fbem-1665	144	3	industries	industry	NOUN
fbem-1665	144	4	with	with	ADP
fbem-1665	144	5	high	high	ADJ
fbem-1665	144	6	-	-	PUNCT
fbem-1665	144	7	tech	tech	NOUN
fbem-1665	144	8	attributes	attribute	NOUN
fbem-1665	144	9	,	,	PUNCT
fbem-1665	144	10	the	the	DET
fbem-1665	144	11	patent	patent	NOUN
fbem-1665	144	12	index	index	NOUN
fbem-1665	144	13	has	have	VERB
fbem-1665	144	14	a	a	DET
fbem-1665	144	15	weak	weak	ADJ
fbem-1665	144	16	value	value	NOUN
fbem-1665	144	17	of	of	ADP
fbem-1665	144	18	companies	company	NOUN
fbem-1665	144	19	,	,	PUNCT
fbem-1665	144	20	which	which	PRON
fbem-1665	144	21	indicates	indicate	VERB
fbem-1665	144	22	that	that	SCONJ
fbem-1665	144	23	the	the	DET
fbem-1665	144	24	chinese	chinese	ADJ
fbem-1665	144	25	capital	capital	NOUN
fbem-1665	144	26	market	market	NOUN
fbem-1665	144	27	has	have	VERB
fbem-1665	144	28	no	no	DET
fbem-1665	144	29	way	way	NOUN
fbem-1665	144	30	to	to	PART
fbem-1665	144	31	accurately	accurately	ADV
fbem-1665	144	32	evaluate	evaluate	VERB
fbem-1665	144	33	the	the	DET
fbem-1665	144	34	innovation	innovation	NOUN
fbem-1665	144	35	results	result	NOUN
fbem-1665	144	36	of	of	ADP
fbem-1665	144	37	enterprises	enterprise	NOUN
fbem-1665	144	38	.	.	PUNCT
fbem-1665	145	1	revenue	revenue	NOUN
fbem-1665	145	2	and	and	CCONJ
fbem-1665	145	3	profit	profit	NOUN
fbem-1665	145	4	,	,	PUNCT
fbem-1665	145	5	as	as	ADP
fbem-1665	145	6	the	the	DET
fbem-1665	145	7	basis	basis	NOUN
fbem-1665	145	8	of	of	ADP
fbem-1665	145	9	a	a	DET
fbem-1665	145	10	company	company	NOUN
fbem-1665	145	11	's	's	PART
fbem-1665	145	12	growth	growth	NOUN
fbem-1665	145	13	,	,	PUNCT
fbem-1665	145	14	play	play	VERB
fbem-1665	145	15	a	a	DET
fbem-1665	145	16	key	key	ADJ
fbem-1665	145	17	role	role	NOUN
fbem-1665	145	18	in	in	ADP
fbem-1665	145	19	the	the	DET
fbem-1665	145	20	company	company	NOUN
fbem-1665	145	21	's	's	PART
fbem-1665	145	22	value	value	NOUN
fbem-1665	145	23	.	.	PUNCT
fbem-1665	146	1	in	in	ADP
fbem-1665	146	2	the	the	DET
fbem-1665	146	3	regression	regression	NOUN
fbem-1665	146	4	results	result	NOUN
fbem-1665	146	5	in	in	ADP
fbem-1665	146	6	table	table	NOUN
fbem-1665	146	7	3	3	NUM
fbem-1665	146	8	,	,	PUNCT
fbem-1665	146	9	both	both	DET
fbem-1665	146	10	variables	variable	NOUN
fbem-1665	146	11	are	be	AUX
fbem-1665	146	12	significant	significant	ADJ
fbem-1665	146	13	at	at	ADP
fbem-1665	146	14	1	1	NUM
fbem-1665	146	15	%	%	NOUN
fbem-1665	146	16	level	level	NOUN
fbem-1665	146	17	,	,	PUNCT
fbem-1665	146	18	which	which	PRON
fbem-1665	146	19	proves	prove	VERB
fbem-1665	146	20	that	that	SCONJ
fbem-1665	146	21	revenue	revenue	NOUN
fbem-1665	146	22	and	and	CCONJ
fbem-1665	146	23	profit	profit	NOUN
fbem-1665	146	24	are	be	AUX
fbem-1665	146	25	an	an	DET
fbem-1665	146	26	important	important	ADJ
fbem-1665	146	27	link	link	NOUN
fbem-1665	146	28	64	64	NUM
fbem-1665	146	29	between	between	ADP
fbem-1665	146	30	the	the	DET
fbem-1665	146	31	consumer	consumer	NOUN
fbem-1665	146	32	market	market	NOUN
fbem-1665	146	33	and	and	CCONJ
fbem-1665	146	34	the	the	DET
fbem-1665	146	35	capital	capital	NOUN
fbem-1665	146	36	market	market	NOUN
fbem-1665	146	37	.	.	PUNCT
fbem-1665	147	1	at	at	ADP
fbem-1665	147	2	the	the	DET
fbem-1665	147	3	same	same	ADJ
fbem-1665	147	4	time	time	NOUN
fbem-1665	147	5	,	,	PUNCT
fbem-1665	147	6	in	in	ADP
fbem-1665	147	7	the	the	DET
fbem-1665	147	8	endogeneity	endogeneity	NOUN
fbem-1665	147	9	test	test	NOUN
fbem-1665	147	10	of	of	ADP
fbem-1665	147	11	variables	variable	NOUN
fbem-1665	147	12	,	,	PUNCT
fbem-1665	147	13	the	the	DET
fbem-1665	147	14	test	test	NOUN
fbem-1665	147	15	result	result	NOUN
fbem-1665	147	16	(	(	PUNCT
fbem-1665	147	17	p	p	NOUN
fbem-1665	147	18	=	=	NOUN
fbem-1665	147	19	0.054	0.054	NUM
fbem-1665	147	20	7	7	NUM
fbem-1665	147	21	)	)	PUNCT
fbem-1665	147	22	rejected	reject	VERB
fbem-1665	147	23	the	the	DET
fbem-1665	147	24	null	null	ADJ
fbem-1665	147	25	hypothesis	hypothesis	NOUN
fbem-1665	147	26	of	of	ADP
fbem-1665	147	27	"	"	PUNCT
fbem-1665	147	28	profit	profit	NOUN
fbem-1665	147	29	is	be	AUX
fbem-1665	147	30	exogenous	exogenous	ADJ
fbem-1665	147	31	variable	variable	NOUN
fbem-1665	147	32	"	"	PUNCT
fbem-1665	147	33	at	at	ADP
fbem-1665	147	34	the	the	DET
fbem-1665	147	35	significance	significance	NOUN
fbem-1665	147	36	level	level	NOUN
fbem-1665	147	37	of	of	ADP
fbem-1665	147	38	10	10	NUM
fbem-1665	147	39	%	%	NOUN
fbem-1665	147	40	.	.	PUNCT
fbem-1665	148	1	although	although	SCONJ
fbem-1665	148	2	the	the	DET
fbem-1665	148	3	requirements	requirement	NOUN
fbem-1665	148	4	for	for	ADP
fbem-1665	148	5	the	the	DET
fbem-1665	148	6	company	company	NOUN
fbem-1665	148	7	's	's	PART
fbem-1665	148	8	income	income	NOUN
fbem-1665	148	9	and	and	CCONJ
fbem-1665	148	10	profit	profit	NOUN
fbem-1665	148	11	are	be	AUX
fbem-1665	148	12	relaxed	relax	VERB
fbem-1665	148	13	under	under	ADP
fbem-1665	148	14	the	the	DET
fbem-1665	148	15	registration	registration	NOUN
fbem-1665	148	16	system	system	NOUN
fbem-1665	148	17	,	,	PUNCT
fbem-1665	148	18	in	in	ADP
fbem-1665	148	19	the	the	DET
fbem-1665	148	20	actual	actual	ADJ
fbem-1665	148	21	process	process	NOUN
fbem-1665	148	22	,	,	PUNCT
fbem-1665	148	23	investors	investor	NOUN
fbem-1665	148	24	still	still	ADV
fbem-1665	148	25	care	care	VERB
fbem-1665	148	26	about	about	ADP
fbem-1665	148	27	the	the	DET
fbem-1665	148	28	financial	financial	ADJ
fbem-1665	148	29	indicators	indicator	NOUN
fbem-1665	148	30	of	of	ADP
fbem-1665	148	31	the	the	DET
fbem-1665	148	32	enterprise	enterprise	NOUN
fbem-1665	148	33	,	,	PUNCT
fbem-1665	148	34	and	and	CCONJ
fbem-1665	148	35	take	take	VERB
fbem-1665	148	36	this	this	PRON
fbem-1665	148	37	as	as	ADP
fbem-1665	148	38	one	one	NUM
fbem-1665	148	39	of	of	ADP
fbem-1665	148	40	the	the	DET
fbem-1665	148	41	decision	decision	NOUN
fbem-1665	148	42	-	-	PUNCT
fbem-1665	148	43	making	make	VERB
fbem-1665	148	44	conditions	condition	NOUN
fbem-1665	148	45	.	.	PUNCT
fbem-1665	149	1	combined	combine	VERB
fbem-1665	149	2	with	with	ADP
fbem-1665	149	3	descriptive	descriptive	ADJ
fbem-1665	149	4	statistical	statistical	ADJ
fbem-1665	149	5	analysis	analysis	NOUN
fbem-1665	149	6	,	,	PUNCT
fbem-1665	149	7	the	the	DET
fbem-1665	149	8	profit	profit	NOUN
fbem-1665	149	9	margin	margin	NOUN
fbem-1665	149	10	of	of	ADP
fbem-1665	149	11	science	science	NOUN
fbem-1665	149	12	and	and	CCONJ
fbem-1665	149	13	technology	technology	NOUN
fbem-1665	149	14	innovation	innovation	NOUN
fbem-1665	149	15	board	board	NOUN
fbem-1665	149	16	companies	company	NOUN
fbem-1665	149	17	is	be	AUX
fbem-1665	149	18	very	very	ADV
fbem-1665	149	19	low	low	ADJ
fbem-1665	149	20	,	,	PUNCT
fbem-1665	149	21	the	the	DET
fbem-1665	149	22	innovation	innovation	NOUN
fbem-1665	149	23	intensity	intensity	NOUN
fbem-1665	149	24	and	and	CCONJ
fbem-1665	149	25	breakthrough	breakthrough	NOUN
fbem-1665	149	26	need	need	NOUN
fbem-1665	149	27	to	to	PART
fbem-1665	149	28	be	be	AUX
fbem-1665	149	29	strengthened	strengthen	VERB
fbem-1665	149	30	,	,	PUNCT
fbem-1665	149	31	and	and	CCONJ
fbem-1665	149	32	the	the	DET
fbem-1665	149	33	strategy	strategy	NOUN
fbem-1665	149	34	of	of	ADP
fbem-1665	149	35	innovation	innovation	NOUN
fbem-1665	149	36	-	-	PUNCT
fbem-1665	149	37	driven	drive	VERB
fbem-1665	149	38	development	development	NOUN
fbem-1665	149	39	needs	need	VERB
fbem-1665	149	40	to	to	PART
fbem-1665	149	41	be	be	AUX
fbem-1665	149	42	made	make	VERB
fbem-1665	149	43	efforts	effort	NOUN
fbem-1665	149	44	.	.	PUNCT
fbem-1665	150	1	the	the	DET
fbem-1665	150	2	p	p	PROPN
fbem-1665	150	3	/	/	SYM
fbem-1665	150	4	e	e	NOUN
fbem-1665	150	5	ratio	ratio	NOUN
fbem-1665	150	6	of	of	ADP
fbem-1665	150	7	science	science	NOUN
fbem-1665	150	8	and	and	CCONJ
fbem-1665	150	9	technology	technology	NOUN
fbem-1665	150	10	innovation	innovation	NOUN
fbem-1665	150	11	board	board	NOUN
fbem-1665	150	12	companies	company	NOUN
fbem-1665	150	13	is	be	AUX
fbem-1665	150	14	higher	high	ADJ
fbem-1665	150	15	than	than	ADP
fbem-1665	150	16	that	that	PRON
fbem-1665	150	17	of	of	ADP
fbem-1665	150	18	main	main	ADJ
fbem-1665	150	19	board	board	NOUN
fbem-1665	150	20	companies	company	NOUN
fbem-1665	150	21	as	as	ADP
fbem-1665	150	22	a	a	DET
fbem-1665	150	23	whole	whole	NOUN
fbem-1665	150	24	,	,	PUNCT
fbem-1665	150	25	so	so	CCONJ
fbem-1665	150	26	the	the	DET
fbem-1665	150	27	traditional	traditional	ADJ
fbem-1665	150	28	p	p	X
fbem-1665	150	29	/	/	SYM
fbem-1665	150	30	e	e	NOUN
fbem-1665	150	31	value	value	NOUN
fbem-1665	150	32	method	method	NOUN
fbem-1665	150	33	is	be	AUX
fbem-1665	150	34	not	not	PART
fbem-1665	150	35	applicable	applicable	ADJ
fbem-1665	150	36	.	.	PUNCT
fbem-1665	151	1	the	the	DET
fbem-1665	151	2	regression	regression	NOUN
fbem-1665	151	3	results	result	NOUN
fbem-1665	151	4	of	of	ADP
fbem-1665	151	5	the	the	DET
fbem-1665	151	6	establishment	establishment	NOUN
fbem-1665	151	7	time	time	NOUN
fbem-1665	151	8	of	of	ADP
fbem-1665	151	9	the	the	DET
fbem-1665	151	10	company	company	NOUN
fbem-1665	151	11	are	be	AUX
fbem-1665	151	12	significant	significant	ADJ
fbem-1665	151	13	,	,	PUNCT
fbem-1665	151	14	indicating	indicate	VERB
fbem-1665	151	15	that	that	SCONJ
fbem-1665	151	16	the	the	DET
fbem-1665	151	17	stability	stability	NOUN
fbem-1665	151	18	of	of	ADP
fbem-1665	151	19	the	the	DET
fbem-1665	151	20	company	company	NOUN
fbem-1665	151	21	has	have	VERB
fbem-1665	151	22	an	an	DET
fbem-1665	151	23	impact	impact	NOUN
fbem-1665	151	24	on	on	ADP
fbem-1665	151	25	the	the	DET
fbem-1665	151	26	market	market	NOUN
fbem-1665	151	27	value	value	NOUN
fbem-1665	151	28	,	,	PUNCT
fbem-1665	151	29	and	and	CCONJ
fbem-1665	151	30	the	the	DET
fbem-1665	151	31	company	company	NOUN
fbem-1665	151	32	is	be	AUX
fbem-1665	151	33	successful	successful	ADJ
fbem-1665	151	34	in	in	ADP
fbem-1665	151	35	the	the	DET
fbem-1665	151	36	market	market	NOUN
fbem-1665	151	37	competition	competition	NOUN
fbem-1665	151	38	.	.	PUNCT
fbem-1665	152	1	the	the	DET
fbem-1665	152	2	negative	negative	ADJ
fbem-1665	152	3	coefficient	coefficient	NOUN
fbem-1665	152	4	may	may	AUX
fbem-1665	152	5	be	be	AUX
fbem-1665	152	6	due	due	ADJ
fbem-1665	152	7	to	to	ADP
fbem-1665	152	8	the	the	DET
fbem-1665	152	9	fact	fact	NOUN
fbem-1665	152	10	that	that	SCONJ
fbem-1665	152	11	the	the	DET
fbem-1665	152	12	long	long	ADV
fbem-1665	152	13	-	-	PUNCT
fbem-1665	152	14	established	establish	VERB
fbem-1665	152	15	firms	firm	NOUN
fbem-1665	152	16	occupy	occupy	VERB
fbem-1665	152	17	the	the	DET
fbem-1665	152	18	market	market	NOUN
fbem-1665	152	19	share	share	NOUN
fbem-1665	152	20	,	,	PUNCT
fbem-1665	152	21	attach	attach	VERB
fbem-1665	152	22	importance	importance	NOUN
fbem-1665	152	23	to	to	ADP
fbem-1665	152	24	the	the	DET
fbem-1665	152	25	advantages	advantage	NOUN
fbem-1665	152	26	of	of	ADP
fbem-1665	152	27	scale	scale	NOUN
fbem-1665	152	28	economies	economy	NOUN
fbem-1665	152	29	,	,	PUNCT
fbem-1665	152	30	reduce	reduce	VERB
fbem-1665	152	31	the	the	DET
fbem-1665	152	32	investment	investment	NOUN
fbem-1665	152	33	in	in	ADP
fbem-1665	152	34	r&d	r&d	NOUN
fbem-1665	152	35	and	and	CCONJ
fbem-1665	152	36	innovation	innovation	NOUN
fbem-1665	152	37	,	,	PUNCT
fbem-1665	152	38	and	and	CCONJ
fbem-1665	152	39	also	also	ADV
fbem-1665	152	40	face	face	VERB
fbem-1665	152	41	the	the	DET
fbem-1665	152	42	impact	impact	NOUN
fbem-1665	152	43	of	of	ADP
fbem-1665	152	44	new	new	ADJ
fbem-1665	152	45	startups	startup	NOUN
fbem-1665	152	46	.	.	PUNCT
fbem-1665	153	1	intangible	intangible	ADJ
fbem-1665	153	2	assets	asset	NOUN
fbem-1665	153	3	,	,	PUNCT
fbem-1665	153	4	as	as	ADP
fbem-1665	153	5	the	the	DET
fbem-1665	153	6	accumulation	accumulation	NOUN
fbem-1665	153	7	of	of	ADP
fbem-1665	153	8	knowledge	knowledge	NOUN
fbem-1665	153	9	activities	activity	NOUN
fbem-1665	153	10	,	,	PUNCT
fbem-1665	153	11	do	do	AUX
fbem-1665	153	12	not	not	PART
fbem-1665	153	13	play	play	VERB
fbem-1665	153	14	a	a	DET
fbem-1665	153	15	significant	significant	ADJ
fbem-1665	153	16	role	role	NOUN
fbem-1665	153	17	in	in	ADP
fbem-1665	153	18	company	company	NOUN
fbem-1665	153	19	value	value	NOUN
fbem-1665	153	20	,	,	PUNCT
fbem-1665	153	21	indicating	indicate	VERB
fbem-1665	153	22	that	that	SCONJ
fbem-1665	153	23	science	science	NOUN
fbem-1665	153	24	and	and	CCONJ
fbem-1665	153	25	technology	technology	NOUN
fbem-1665	153	26	innovation	innovation	NOUN
fbem-1665	153	27	enterprises	enterprise	NOUN
fbem-1665	153	28	need	need	VERB
fbem-1665	153	29	valuable	valuable	ADJ
fbem-1665	153	30	innovation	innovation	NOUN
fbem-1665	153	31	activities	activity	NOUN
fbem-1665	153	32	and	and	CCONJ
fbem-1665	153	33	innovation	innovation	NOUN
fbem-1665	153	34	achievements	achievement	NOUN
fbem-1665	153	35	can	can	AUX
fbem-1665	153	36	be	be	AUX
fbem-1665	153	37	accepted	accept	VERB
fbem-1665	153	38	by	by	ADP
fbem-1665	153	39	the	the	DET
fbem-1665	153	40	market	market	NOUN
fbem-1665	153	41	.	.	PUNCT
fbem-1665	154	1	2	2	X
fbem-1665	154	2	.	.	X
fbem-1665	154	3	the	the	DET
fbem-1665	154	4	impact	impact	NOUN
fbem-1665	154	5	of	of	ADP
fbem-1665	154	6	company	company	NOUN
fbem-1665	154	7	nature	nature	NOUN
fbem-1665	154	8	and	and	CCONJ
fbem-1665	154	9	underwriter	underwriter	NOUN
fbem-1665	154	10	reputation	reputation	NOUN
fbem-1665	154	11	on	on	ADP
fbem-1665	154	12	company	company	NOUN
fbem-1665	154	13	market	market	NOUN
fbem-1665	154	14	value	value	NOUN
fbem-1665	154	15	table	table	NOUN
fbem-1665	154	16	4	4	NUM
fbem-1665	154	17	.	.	PUNCT
fbem-1665	155	1	the	the	DET
fbem-1665	155	2	moderating	moderate	VERB
fbem-1665	155	3	effect	effect	NOUN
fbem-1665	155	4	of	of	ADP
fbem-1665	155	5	firm	firm	ADJ
fbem-1665	155	6	nature	nature	NOUN
fbem-1665	155	7	on	on	ADP
fbem-1665	155	8	r&d	r&d	NOUN
fbem-1665	155	9	capital	capital	NOUN
fbem-1665	155	10	investment	investment	NOUN
fbem-1665	155	11	and	and	CCONJ
fbem-1665	155	12	invention	invention	NOUN
fbem-1665	155	13	patent	patent	NOUN
fbem-1665	155	14	application	application	NOUN
fbem-1665	155	15	market	market	NOUN
fbem-1665	155	16	value	value	NOUN
fbem-1665	155	17	variable	variable	ADJ
fbem-1665	155	18	market	market	NOUN
fbem-1665	155	19	value	value	NOUN
fbem-1665	155	20	ols	ol	NOUN
fbem-1665	155	21	2sls	2sls	PROPN
fbem-1665	155	22	ols	ol	NOUN
fbem-1665	155	23	2sls	2sls	NUM
fbem-1665	155	24	r&d	r&d	NOUN
fbem-1665	155	25	funding	funding	NOUN
fbem-1665	155	26	*	*	PUNCT
fbem-1665	155	27	nature	nature	NOUN
fbem-1665	155	28	of	of	ADP
fbem-1665	155	29	the	the	DET
fbem-1665	155	30	enterprise	enterprise	NOUN
fbem-1665	155	31	0.867	0.867	NUM
fbem-1665	155	32	4	4	NUM
fbem-1665	155	33	*	*	PUNCT
fbem-1665	155	34	*	*	PUNCT
fbem-1665	155	35	*	*	PUNCT
fbem-1665	155	36	0.617	0.617	NUM
fbem-1665	155	37	8	8	NUM
fbem-1665	155	38	*	*	PUNCT
fbem-1665	155	39	*	*	PUNCT
fbem-1665	155	40	*	*	PUNCT
fbem-1665	155	41	0.882	0.882	NUM
fbem-1665	155	42	9	9	NUM
fbem-1665	155	43	*	*	PUNCT
fbem-1665	155	44	*	*	PUNCT
fbem-1665	155	45	*	*	NOUN
fbem-1665	155	46	0.675	0.675	NUM
fbem-1665	155	47	8	8	NUM
fbem-1665	155	48	*	*	PUNCT
fbem-1665	155	49	*	*	PUNCT
fbem-1665	155	50	*	*	PUNCT
fbem-1665	155	51	(	(	PUNCT
fbem-1665	155	52	0.000	0.000	NUM
fbem-1665	155	53	0	0	NUM
fbem-1665	155	54	)	)	PUNCT
fbem-1665	155	55	(	(	PUNCT
fbem-1665	155	56	0.000	0.000	NUM
fbem-1665	155	57	0	0	NUM
fbem-1665	155	58	)	)	PUNCT
fbem-1665	155	59	(	(	PUNCT
fbem-1665	155	60	0.000	0.000	NUM
fbem-1665	155	61	0	0	NUM
fbem-1665	155	62	)	)	PUNCT
fbem-1665	155	63	(	(	PUNCT
fbem-1665	155	64	0.000	0.000	NUM
fbem-1665	155	65	0	0	NUM
fbem-1665	155	66	)	)	PUNCT
fbem-1665	155	67	patent	patent	NOUN
fbem-1665	155	68	applications	application	NOUN
fbem-1665	155	69	for	for	ADP
fbem-1665	155	70	inventions	invention	NOUN
fbem-1665	155	71	*	*	PUNCT
fbem-1665	155	72	nature	nature	NOUN
fbem-1665	155	73	of	of	ADP
fbem-1665	155	74	the	the	DET
fbem-1665	155	75	enterprise	enterprise	NOUN
fbem-1665	155	76	-0.1128	-0.1128	NOUN
fbem-1665	155	77	-0.1294	-0.1294	NOUN
fbem-1665	155	78	-0.1937	-0.1937	VERB
fbem-1665	156	1	*	*	PUNCT
fbem-1665	156	2	*	*	PUNCT
fbem-1665	156	3	-0.2451	-0.2451	PUNCT
fbem-1665	156	4	*	*	PUNCT
fbem-1665	156	5	*	*	PUNCT
fbem-1665	156	6	*	*	PUNCT
fbem-1665	156	7	(	(	PUNCT
fbem-1665	156	8	0.177	0.177	NUM
fbem-1665	156	9	0	0	NUM
fbem-1665	156	10	)	)	PUNCT
fbem-1665	156	11	(	(	PUNCT
fbem-1665	156	12	2	2	X
fbem-1665	156	13	)	)	PUNCT
fbem-1665	156	14	0.169	0.169	NUM
fbem-1665	156	15	(	(	PUNCT
fbem-1665	156	16	2	2	NUM
fbem-1665	156	17	)	)	PUNCT
fbem-1665	156	18	0.016	0.016	NUM
fbem-1665	156	19	(	(	PUNCT
fbem-1665	156	20	2	2	NUM
fbem-1665	156	21	)	)	PUNCT
fbem-1665	156	22	0.003	0.003	NUM
fbem-1665	156	23	operating	operating	NOUN
fbem-1665	156	24	income	income	NOUN
fbem-1665	156	25	-0.4437	-0.4437	NOUN
fbem-1665	156	26	1.554	1.554	NUM
fbem-1665	156	27	0	0	PUNCT
fbem-1665	156	28	*	*	PUNCT
fbem-1665	156	29	*	*	PUNCT
fbem-1665	156	30	*	*	PUNCT
fbem-1665	156	31	-0.2927	-0.2927	NOUN
fbem-1665	156	32	-1.2902	-1.2902	VERB
fbem-1665	157	1	*	*	PUNCT
fbem-1665	158	1	*	*	PUNCT
fbem-1665	158	2	*	*	PUNCT
fbem-1665	158	3	(	(	PUNCT
fbem-1665	158	4	0.2902	0.2902	NUM
fbem-1665	158	5	)	)	PUNCT
fbem-1665	158	6	(	(	PUNCT
fbem-1665	158	7	0.000	0.000	NUM
fbem-1665	158	8	0	0	NUM
fbem-1665	158	9	)	)	PUNCT
fbem-1665	158	10	(	(	PUNCT
fbem-1665	158	11	5	5	X
fbem-1665	158	12	)	)	PUNCT
fbem-1665	158	13	0.509	0.509	NUM
fbem-1665	158	14	(	(	PUNCT
fbem-1665	158	15	0.000	0.000	NUM
fbem-1665	158	16	0	0	NUM
fbem-1665	158	17	)	)	PUNCT
fbem-1665	158	18	operating	operate	VERB
fbem-1665	158	19	profit	profit	NOUN
fbem-1665	158	20	1.323	1.323	NUM
fbem-1665	158	21	6	6	NUM
fbem-1665	158	22	*	*	PUNCT
fbem-1665	158	23	*	*	PUNCT
fbem-1665	158	24	*	*	PUNCT
fbem-1665	158	25	1.886	1.886	NUM
fbem-1665	158	26	9	9	NUM
fbem-1665	158	27	*	*	PUNCT
fbem-1665	158	28	*	*	PUNCT
fbem-1665	158	29	*	*	PUNCT
fbem-1665	158	30	1.465	1.465	NUM
fbem-1665	158	31	2	2	NUM
fbem-1665	158	32	*	*	PUNCT
fbem-1665	158	33	*	*	PUNCT
fbem-1665	158	34	*	*	PUNCT
fbem-1665	158	35	1.545	1.545	NUM
fbem-1665	158	36	6	6	NUM
fbem-1665	158	37	*	*	PUNCT
fbem-1665	158	38	*	*	PUNCT
fbem-1665	158	39	*	*	PUNCT
fbem-1665	158	40	(	(	PUNCT
fbem-1665	158	41	0.000	0.000	NUM
fbem-1665	158	42	0	0	NUM
fbem-1665	158	43	)	)	PUNCT
fbem-1665	158	44	(	(	PUNCT
fbem-1665	158	45	0.000	0.000	NUM
fbem-1665	158	46	0	0	NUM
fbem-1665	158	47	)	)	PUNCT
fbem-1665	158	48	(	(	PUNCT
fbem-1665	158	49	0.000	0.000	NUM
fbem-1665	158	50	0	0	NUM
fbem-1665	158	51	)	)	PUNCT
fbem-1665	158	52	(	(	PUNCT
fbem-1665	158	53	0.000	0.000	NUM
fbem-1665	158	54	0	0	NUM
fbem-1665	158	55	)	)	PUNCT
fbem-1665	158	56	management	management	NOUN
fbem-1665	158	57	fees	fee	NOUN
fbem-1665	158	58	0.260	0.260	NUM
fbem-1665	158	59	2	2	NUM
fbem-1665	158	60	-0.0877	-0.0877	NOUN
fbem-1665	158	61	(	(	PUNCT
fbem-1665	158	62	0.410	0.410	NUM
fbem-1665	158	63	)	)	PUNCT
fbem-1665	158	64	(	(	PUNCT
fbem-1665	158	65	0.7875	0.7875	NUM
fbem-1665	158	66	)	)	PUNCT
fbem-1665	158	67	cost	cost	NOUN
fbem-1665	158	68	of	of	ADP
fbem-1665	158	69	sales	sale	NOUN
fbem-1665	158	70	-1.0981	-1.0981	NOUN
fbem-1665	158	71	*	*	PUNCT
fbem-1665	158	72	*	*	PUNCT
fbem-1665	158	73	*	*	PUNCT
fbem-1665	158	74	-1.0168	-1.0168	NOUN
fbem-1665	158	75	*	*	PUNCT
fbem-1665	158	76	*	*	PUNCT
fbem-1665	158	77	(	(	PUNCT
fbem-1665	158	78	0.004	0.004	NUM
fbem-1665	158	79	9	9	NUM
fbem-1665	158	80	)	)	PUNCT
fbem-1665	158	81	(	(	PUNCT
fbem-1665	158	82	0.0152	0.0152	NUM
fbem-1665	158	83	)	)	PUNCT
fbem-1665	158	84	control	control	NOUN
fbem-1665	158	85	variables	variable	NOUN
fbem-1665	158	86	control	control	PROPN
fbem-1665	158	87	control	control	PROPN
fbem-1665	158	88	constant	constant	ADJ
fbem-1665	158	89	-0.0134	-0.0134	NOUN
fbem-1665	158	90	-0.0111	-0.0111	NOUN
fbem-1665	158	91	0.0417	0.0417	NUM
fbem-1665	158	92	*	*	PUNCT
fbem-1665	158	93	-0.0267	-0.0267	NOUN
fbem-1665	158	94	(	(	PUNCT
fbem-1665	158	95	0.2585	0.2585	NUM
fbem-1665	158	96	)	)	PUNCT
fbem-1665	158	97	(	(	PUNCT
fbem-1665	158	98	0.4314	0.4314	NUM
fbem-1665	158	99	)	)	PUNCT
fbem-1665	158	100	(	(	PUNCT
fbem-1665	158	101	0.092	0.092	NUM
fbem-1665	158	102	)	)	PUNCT
fbem-1665	158	103	(	(	PUNCT
fbem-1665	158	104	0.271	0.271	NUM
fbem-1665	158	105	)	)	PUNCT
fbem-1665	158	106	adjust	adjust	VERB
fbem-1665	158	107	the	the	DET
fbem-1665	158	108	r2	r2	NOUN
fbem-1665	158	109	0.816	0.816	NUM
fbem-1665	158	110	0.775	0.775	NUM
fbem-1665	158	111	0.847	0.847	NUM
fbem-1665	158	112	0.836	0.836	NUM
fbem-1665	158	113	observations	observation	NOUN
fbem-1665	158	114	68	68	NUM
fbem-1665	158	115	68	68	NUM
fbem-1665	158	116	68	68	NUM
fbem-1665	158	117	68	68	NUM
fbem-1665	158	118	notes	note	NOUN
fbem-1665	158	119	:	:	PUNCT
fbem-1665	158	120	1	1	NUM
fbem-1665	158	121	)	)	PUNCT
fbem-1665	158	122	*	*	NOUN
fbem-1665	158	123	,	,	PUNCT
fbem-1665	158	124	*	*	PUNCT
fbem-1665	158	125	*	*	PUNCT
fbem-1665	158	126	,	,	PUNCT
fbem-1665	158	127	*	*	PUNCT
fbem-1665	158	128	*	*	PUNCT
fbem-1665	158	129	*	*	PUNCT
fbem-1665	158	130	mean	mean	VERB
fbem-1665	158	131	significant	significant	ADJ
fbem-1665	158	132	at	at	ADP
fbem-1665	158	133	the	the	DET
fbem-1665	158	134	statistical	statistical	ADJ
fbem-1665	158	135	level	level	NOUN
fbem-1665	158	136	of	of	ADP
fbem-1665	158	137	10	10	NUM
fbem-1665	158	138	%	%	NOUN
fbem-1665	158	139	,	,	PUNCT
fbem-1665	158	140	5	5	NUM
fbem-1665	158	141	%	%	NOUN
fbem-1665	158	142	,	,	PUNCT
fbem-1665	158	143	and	and	CCONJ
fbem-1665	158	144	1	1	NUM
fbem-1665	158	145	%	%	NOUN
fbem-1665	158	146	,	,	PUNCT
fbem-1665	158	147	respectively;2	respectively;2	PROPN
fbem-1665	158	148	)	)	PUNCT
fbem-1665	158	149	values	value	NOUN
fbem-1665	158	150	in	in	ADP
fbem-1665	158	151	parentheses	parenthesis	NOUN
fbem-1665	158	152	are	be	AUX
fbem-1665	158	153	test	test	NOUN
fbem-1665	158	154	p	p	NUM
fbem-1665	158	155	-	-	PUNCT
fbem-1665	158	156	values	value	NOUN
fbem-1665	158	157	table	table	NOUN
fbem-1665	158	158	5	5	NUM
fbem-1665	158	159	.	.	PUNCT
fbem-1665	158	160	market	market	NOUN
fbem-1665	158	161	value	value	NOUN
fbem-1665	158	162	moderating	moderate	VERB
fbem-1665	158	163	effect	effect	NOUN
fbem-1665	158	164	of	of	ADP
fbem-1665	158	165	underwriter	underwriter	NOUN
fbem-1665	158	166	reputation	reputation	NOUN
fbem-1665	158	167	on	on	ADP
fbem-1665	158	168	r&d	r&d	NOUN
fbem-1665	158	169	capital	capital	NOUN
fbem-1665	158	170	investment	investment	NOUN
fbem-1665	158	171	and	and	CCONJ
fbem-1665	158	172	invention	invention	NOUN
fbem-1665	158	173	patent	patent	NOUN
fbem-1665	158	174	application	application	NOUN
fbem-1665	158	175	variable	variable	ADJ
fbem-1665	158	176	market	market	NOUN
fbem-1665	158	177	value	value	NOUN
fbem-1665	158	178	ols	ol	NOUN
fbem-1665	158	179	2sls	2sls	PROPN
fbem-1665	158	180	ols	ol	NOUN
fbem-1665	158	181	2sls	2sls	NUM
fbem-1665	158	182	r&d	r&d	NOUN
fbem-1665	158	183	funding	funding	NOUN
fbem-1665	158	184	*	*	PUNCT
fbem-1665	158	185	underwriter	underwriter	NOUN
fbem-1665	158	186	reputation	reputation	NOUN
fbem-1665	158	187	-0.0107	-0.0107	VERB
fbem-1665	158	188	-0.0687	-0.0687	NOUN
fbem-1665	158	189	0.026	0.026	NUM
fbem-1665	158	190	0	0	NUM
fbem-1665	158	191	-0.0586	-0.0586	X
fbem-1665	158	192	(	(	PUNCT
fbem-1665	158	193	0.9423	0.9423	NUM
fbem-1665	158	194	)	)	PUNCT
fbem-1665	158	195	(	(	PUNCT
fbem-1665	158	196	0.6793	0.6793	NUM
fbem-1665	158	197	)	)	PUNCT
fbem-1665	158	198	(	(	PUNCT
fbem-1665	158	199	5	5	NUM
fbem-1665	158	200	)	)	PUNCT
fbem-1665	158	201	0.849	0.849	NUM
fbem-1665	158	202	(	(	PUNCT
fbem-1665	158	203	0.686	0.686	NUM
fbem-1665	158	204	9	9	NUM
fbem-1665	158	205	)	)	PUNCT
fbem-1665	158	206	invention	invention	NOUN
fbem-1665	158	207	patent	patent	NOUN
fbem-1665	158	208	application	application	NOUN
fbem-1665	158	209	*	*	PUNCT
fbem-1665	158	210	underwriter	underwriter	NOUN
fbem-1665	158	211	reputation	reputation	NOUN
fbem-1665	158	212	-0.0205	-0.0205	VERB
fbem-1665	158	213	0.075	0.075	NUM
fbem-1665	158	214	1	1	NUM
fbem-1665	158	215	-0.1414	-0.1414	NOUN
fbem-1665	158	216	-0.0515	-0.0515	NOUN
fbem-1665	158	217	(	(	PUNCT
fbem-1665	158	218	0.8484	0.8484	NUM
fbem-1665	158	219	)	)	PUNCT
fbem-1665	158	220	(	(	PUNCT
fbem-1665	158	221	0.492	0.492	NUM
fbem-1665	158	222	8)	8)	NUM
fbem-1665	158	223	(	(	PUNCT
fbem-1665	158	224	0.1853	0.1853	NUM
fbem-1665	158	225	)	)	PUNCT
fbem-1665	158	226	(	(	PUNCT
fbem-1665	158	227	0.6081	0.6081	NUM
fbem-1665	158	228	)	)	PUNCT
fbem-1665	158	229	operating	operate	VERB
fbem-1665	158	230	income	income	NOUN
fbem-1665	158	231	-1.595	-1.595	PRON
fbem-1665	159	1	*	*	PUNCT
fbem-1665	159	2	*	*	PUNCT
fbem-1665	159	3	*	*	PUNCT
fbem-1665	159	4	-1.544	-1.544	PUNCT
fbem-1665	159	5	*	*	PUNCT
fbem-1665	159	6	*	*	PUNCT
fbem-1665	159	7	*	*	NOUN
fbem-1665	159	8	-1.8076	-1.8076	NOUN
fbem-1665	160	1	*	*	PUNCT
fbem-1665	160	2	*	*	PUNCT
fbem-1665	160	3	*	*	PUNCT
fbem-1665	161	1	-1.2627	-1.2627	NOUN
fbem-1665	162	1	*	*	PUNCT
fbem-1665	163	1	*	*	PUNCT
fbem-1665	163	2	*	*	PUNCT
fbem-1665	163	3	(	(	PUNCT
fbem-1665	163	4	0.0013	0.0013	NUM
fbem-1665	163	5	)	)	PUNCT
fbem-1665	163	6	(	(	PUNCT
fbem-1665	163	7	0.0002	0.0002	NUM
fbem-1665	163	8	)	)	PUNCT
fbem-1665	163	9	(	(	PUNCT
fbem-1665	163	10	0.0005	0.0005	NUM
fbem-1665	163	11	)	)	PUNCT
fbem-1665	163	12	(	(	PUNCT
fbem-1665	163	13	0.0003	0.0003	NUM
fbem-1665	163	14	)	)	PUNCT
fbem-1665	163	15	operating	operate	VERB
fbem-1665	163	16	profit	profit	NOUN
fbem-1665	163	17	1.436	1.436	NUM
fbem-1665	163	18	5	5	NUM
fbem-1665	163	19	*	*	PUNCT
fbem-1665	163	20	*	*	PUNCT
fbem-1665	163	21	*	*	PUNCT
fbem-1665	163	22	2.343	2.343	NUM
fbem-1665	163	23	2	2	NUM
fbem-1665	163	24	*	*	PUNCT
fbem-1665	163	25	*	*	PUNCT
fbem-1665	163	26	*	*	PUNCT
fbem-1665	163	27	1.560	1.560	NUM
fbem-1665	163	28	8	8	NUM
fbem-1665	163	29	*	*	PUNCT
fbem-1665	163	30	*	*	PUNCT
fbem-1665	163	31	*	*	PUNCT
fbem-1665	163	32	2.056	2.056	NUM
fbem-1665	163	33	3	3	NUM
fbem-1665	163	34	*	*	PUNCT
fbem-1665	163	35	*	*	PUNCT
fbem-1665	163	36	*	*	PUNCT
fbem-1665	163	37	(	(	PUNCT
fbem-1665	163	38	0.000	0.000	NUM
fbem-1665	163	39	0	0	NUM
fbem-1665	163	40	)	)	PUNCT
fbem-1665	163	41	(	(	PUNCT
fbem-1665	163	42	0.000	0.000	NUM
fbem-1665	163	43	0	0	NUM
fbem-1665	163	44	)	)	PUNCT
fbem-1665	163	45	(	(	PUNCT
fbem-1665	163	46	0.000	0.000	NUM
fbem-1665	163	47	0	0	NUM
fbem-1665	163	48	)	)	PUNCT
fbem-1665	163	49	(	(	PUNCT
fbem-1665	163	50	0.000	0.000	NUM
fbem-1665	163	51	0	0	NUM
fbem-1665	163	52	)	)	PUNCT
fbem-1665	163	53	management	management	NOUN
fbem-1665	163	54	fees	fee	NOUN
fbem-1665	163	55	0.826	0.826	NUM
fbem-1665	163	56	8	8	NUM
fbem-1665	163	57	*	*	SYM
fbem-1665	163	58	*	*	NOUN
fbem-1665	163	59	0.501	0.501	NUM
fbem-1665	163	60	5	5	NUM
fbem-1665	163	61	(	(	PUNCT
fbem-1665	163	62	0.036	0.036	NUM
fbem-1665	163	63	)	)	PUNCT
fbem-1665	163	64	(	(	PUNCT
fbem-1665	163	65	0.215	0.215	NUM
fbem-1665	163	66	)	)	PUNCT
fbem-1665	163	67	cost	cost	NOUN
fbem-1665	163	68	of	of	ADP
fbem-1665	163	69	sales	sale	NOUN
fbem-1665	163	70	0.170	0.170	NUM
fbem-1665	163	71	2	2	NUM
fbem-1665	163	72	0.558	0.558	NUM
fbem-1665	163	73	3	3	NUM
fbem-1665	163	74	(	(	PUNCT
fbem-1665	163	75	0.6655	0.6655	NUM
fbem-1665	163	76	)	)	PUNCT
fbem-1665	163	77	(	(	PUNCT
fbem-1665	163	78	0.2046	0.2046	NUM
fbem-1665	163	79	)	)	PUNCT
fbem-1665	163	80	control	control	NOUN
fbem-1665	163	81	variables	variable	NOUN
fbem-1665	163	82	control	control	PROPN
fbem-1665	163	83	control	control	PROPN
fbem-1665	163	84	constant	constant	ADJ
fbem-1665	163	85	-0.0012	-0.0012	NOUN
fbem-1665	163	86	-0.0102	-0.0102	VERB
fbem-1665	163	87	0.005	0.005	NUM
fbem-1665	163	88	9	9	NUM
fbem-1665	163	89	-0.0118	-0.0118	NOUN
fbem-1665	163	90	(	(	PUNCT
fbem-1665	163	91	0.9352	0.9352	NUM
fbem-1665	163	92	)	)	PUNCT
fbem-1665	163	93	(	(	PUNCT
fbem-1665	163	94	0.5576	0.5576	NUM
fbem-1665	163	95	)	)	PUNCT
fbem-1665	163	96	(	(	PUNCT
fbem-1665	163	97	0.8423	0.8423	NUM
fbem-1665	163	98	)	)	PUNCT
fbem-1665	163	99	(	(	PUNCT
fbem-1665	163	100	0.707	0.707	NUM
fbem-1665	163	101	0	0	NUM
fbem-1665	163	102	)	)	PUNCT
fbem-1665	163	103	adjust	adjust	VERB
fbem-1665	163	104	the	the	DET
fbem-1665	163	105	r2	r2	NOUN
fbem-1665	163	106	0.699	0.699	NUM
fbem-1665	163	107	0.642	0.642	NUM
fbem-1665	163	108	0.743	0.743	NUM
fbem-1665	163	109	0.722	0.722	NUM
fbem-1665	163	110	observations	observation	NOUN
fbem-1665	163	111	68	68	NUM
fbem-1665	163	112	68	68	NUM
fbem-1665	163	113	68	68	NUM
fbem-1665	163	114	68	68	NUM
fbem-1665	163	115	notes	note	NOUN
fbem-1665	163	116	:	:	PUNCT
fbem-1665	163	117	1	1	NUM
fbem-1665	163	118	)	)	PUNCT
fbem-1665	163	119	*	*	NOUN
fbem-1665	163	120	,	,	PUNCT
fbem-1665	163	121	*	*	PUNCT
fbem-1665	163	122	*	*	PUNCT
fbem-1665	163	123	,	,	PUNCT
fbem-1665	163	124	*	*	PUNCT
fbem-1665	163	125	*	*	PUNCT
fbem-1665	163	126	*	*	PUNCT
fbem-1665	163	127	mean	mean	VERB
fbem-1665	163	128	significant	significant	ADJ
fbem-1665	163	129	at	at	ADP
fbem-1665	163	130	the	the	DET
fbem-1665	163	131	statistical	statistical	ADJ
fbem-1665	163	132	level	level	NOUN
fbem-1665	163	133	of	of	ADP
fbem-1665	163	134	10	10	NUM
fbem-1665	163	135	%	%	NOUN
fbem-1665	163	136	,	,	PUNCT
fbem-1665	163	137	5	5	NUM
fbem-1665	163	138	%	%	NOUN
fbem-1665	163	139	,	,	PUNCT
fbem-1665	163	140	and	and	CCONJ
fbem-1665	163	141	1	1	NUM
fbem-1665	163	142	%	%	NOUN
fbem-1665	163	143	,	,	PUNCT
fbem-1665	163	144	respectively;2	respectively;2	PROPN
fbem-1665	163	145	)	)	PUNCT
fbem-1665	163	146	values	value	NOUN
fbem-1665	163	147	in	in	ADP
fbem-1665	163	148	parentheses	parenthesis	NOUN
fbem-1665	163	149	are	be	AUX
fbem-1665	163	150	test	test	NOUN
fbem-1665	163	151	p	p	NUM
fbem-1665	163	152	-	-	PUNCT
fbem-1665	163	153	values	value	NOUN
fbem-1665	163	154	private	private	ADJ
fbem-1665	163	155	enterprises	enterprise	NOUN
fbem-1665	163	156	account	account	VERB
fbem-1665	163	157	for	for	ADP
fbem-1665	163	158	the	the	DET
fbem-1665	163	159	vast	vast	ADJ
fbem-1665	163	160	majority	majority	NOUN
fbem-1665	163	161	of	of	ADP
fbem-1665	163	162	the	the	DET
fbem-1665	163	163	science	science	NOUN
fbem-1665	163	164	and	and	CCONJ
fbem-1665	163	165	technology	technology	NOUN
fbem-1665	163	166	innovation	innovation	NOUN
fbem-1665	163	167	board	board	NOUN
fbem-1665	163	168	,	,	PUNCT
fbem-1665	163	169	and	and	CCONJ
fbem-1665	163	170	are	be	AUX
fbem-1665	163	171	also	also	ADV
fbem-1665	163	172	the	the	DET
fbem-1665	163	173	backbone	backbone	NOUN
fbem-1665	163	174	of	of	ADP
fbem-1665	163	175	innovation	innovation	NOUN
fbem-1665	163	176	.	.	PUNCT
fbem-1665	164	1	under	under	ADP
fbem-1665	164	2	the	the	DET
fbem-1665	164	3	ols	ol	NOUN
fbem-1665	164	4	method	method	NOUN
fbem-1665	164	5	in	in	ADP
fbem-1665	164	6	table	table	NOUN
fbem-1665	164	7	5	5	NUM
fbem-1665	164	8	,	,	PUNCT
fbem-1665	164	9	the	the	DET
fbem-1665	164	10	regression	regression	NOUN
fbem-1665	164	11	coefficient	coefficient	NOUN
fbem-1665	164	12	of	of	ADP
fbem-1665	164	13	r&d	r&d	NOUN
fbem-1665	164	14	funds	fund	NOUN
fbem-1665	164	15	is	be	AUX
fbem-1665	164	16	significantly	significantly	ADV
fbem-1665	164	17	higher	high	ADJ
fbem-1665	164	18	than	than	ADP
fbem-1665	164	19	that	that	PRON
fbem-1665	164	20	in	in	ADP
fbem-1665	164	21	table	table	NOUN
fbem-1665	164	22	4	4	NUM
fbem-1665	164	23	,	,	PUNCT
fbem-1665	164	24	and	and	CCONJ
fbem-1665	164	25	the	the	DET
fbem-1665	164	26	invention	invention	NOUN
fbem-1665	164	27	patents	patent	NOUN
fbem-1665	164	28	are	be	AUX
fbem-1665	164	29	significant	significant	ADJ
fbem-1665	164	30	,	,	PUNCT
fbem-1665	164	31	indicating	indicate	VERB
fbem-1665	164	32	that	that	SCONJ
fbem-1665	164	33	private	private	ADJ
fbem-1665	164	34	enterprises	enterprise	NOUN
fbem-1665	164	35	need	need	VERB
fbem-1665	164	36	more	more	ADJ
fbem-1665	164	37	r&d	r&d	NOUN
fbem-1665	164	38	investment	investment	NOUN
fbem-1665	164	39	to	to	PART
fbem-1665	164	40	obtain	obtain	VERB
fbem-1665	164	41	patents	patent	NOUN
fbem-1665	164	42	,	,	PUNCT
fbem-1665	164	43	and	and	CCONJ
fbem-1665	164	44	proprietary	proprietary	ADJ
fbem-1665	164	45	technology	technology	NOUN
fbem-1665	164	46	is	be	AUX
fbem-1665	164	47	a	a	DET
fbem-1665	164	48	necessary	necessary	ADJ
fbem-1665	164	49	condition	condition	NOUN
fbem-1665	164	50	for	for	SCONJ
fbem-1665	164	51	them	they	PRON
fbem-1665	164	52	to	to	PART
fbem-1665	164	53	survive	survive	VERB
fbem-1665	164	54	in	in	ADP
fbem-1665	164	55	the	the	DET
fbem-1665	164	56	fierce	fierce	ADJ
fbem-1665	164	57	competition	competition	NOUN
fbem-1665	164	58	environment	environment	NOUN
fbem-1665	164	59	.	.	PUNCT
fbem-1665	165	1	among	among	ADP
fbem-1665	165	2	the	the	DET
fbem-1665	165	3	68	68	NUM
fbem-1665	165	4	enterprises	enterprise	NOUN
fbem-1665	165	5	,	,	PUNCT
fbem-1665	165	6	only	only	ADV
fbem-1665	165	7	two	two	NUM
fbem-1665	165	8	private	private	ADJ
fbem-1665	165	9	enterprises	enterprise	NOUN
fbem-1665	165	10	have	have	VERB
fbem-1665	165	11	a	a	DET
fbem-1665	165	12	good	good	ADJ
fbem-1665	165	13	development	development	NOUN
fbem-1665	165	14	and	and	CCONJ
fbem-1665	165	15	gained	gain	VERB
fbem-1665	165	16	the	the	DET
fbem-1665	165	17	attention	attention	NOUN
fbem-1665	165	18	of	of	ADP
fbem-1665	165	19	investors	investor	NOUN
fbem-1665	165	20	.	.	PUNCT
fbem-1665	166	1	most	most	ADJ
fbem-1665	166	2	private	private	ADJ
fbem-1665	166	3	enterprises	enterprise	NOUN
fbem-1665	166	4	are	be	AUX
fbem-1665	166	5	still	still	ADV
fbem-1665	166	6	in	in	ADP
fbem-1665	166	7	the	the	DET
fbem-1665	166	8	development	development	NOUN
fbem-1665	166	9	period	period	NOUN
fbem-1665	166	10	,	,	PUNCT
fbem-1665	166	11	failing	fail	VERB
fbem-1665	166	12	to	to	PART
fbem-1665	166	13	form	form	VERB
fbem-1665	166	14	a	a	DET
fbem-1665	166	15	breakthrough	breakthrough	NOUN
fbem-1665	166	16	65	65	NUM
fbem-1665	166	17	growth	growth	NOUN
fbem-1665	166	18	point	point	NOUN
fbem-1665	166	19	and	and	CCONJ
fbem-1665	166	20	obtaining	obtain	VERB
fbem-1665	166	21	the	the	DET
fbem-1665	166	22	long	long	ADJ
fbem-1665	166	23	-	-	PUNCT
fbem-1665	166	24	term	term	NOUN
fbem-1665	166	25	attention	attention	NOUN
fbem-1665	166	26	of	of	ADP
fbem-1665	166	27	investors	investor	NOUN
fbem-1665	166	28	,	,	PUNCT
fbem-1665	166	29	which	which	PRON
fbem-1665	166	30	is	be	AUX
fbem-1665	166	31	unfavorable	unfavorable	ADJ
fbem-1665	166	32	to	to	ADP
fbem-1665	166	33	the	the	DET
fbem-1665	166	34	development	development	NOUN
fbem-1665	166	35	of	of	ADP
fbem-1665	166	36	enterprises	enterprise	NOUN
fbem-1665	166	37	.	.	PUNCT
fbem-1665	167	1	after	after	ADP
fbem-1665	167	2	being	be	AUX
fbem-1665	167	3	listed	list	VERB
fbem-1665	167	4	,	,	PUNCT
fbem-1665	167	5	the	the	DET
fbem-1665	167	6	enterprise	enterprise	NOUN
fbem-1665	167	7	will	will	AUX
fbem-1665	167	8	be	be	AUX
fbem-1665	167	9	responsible	responsible	ADJ
fbem-1665	167	10	for	for	ADP
fbem-1665	167	11	more	more	ADJ
fbem-1665	167	12	investors	investor	NOUN
fbem-1665	167	13	,	,	PUNCT
fbem-1665	167	14	the	the	DET
fbem-1665	167	15	stable	stable	ADJ
fbem-1665	167	16	development	development	NOUN
fbem-1665	167	17	and	and	CCONJ
fbem-1665	167	18	profit	profit	NOUN
fbem-1665	167	19	of	of	ADP
fbem-1665	167	20	the	the	DET
fbem-1665	167	21	company	company	NOUN
fbem-1665	167	22	will	will	AUX
fbem-1665	167	23	become	become	VERB
fbem-1665	167	24	the	the	DET
fbem-1665	167	25	main	main	ADJ
fbem-1665	167	26	goal	goal	NOUN
fbem-1665	167	27	,	,	PUNCT
fbem-1665	167	28	and	and	CCONJ
fbem-1665	167	29	the	the	DET
fbem-1665	167	30	innovation	innovation	NOUN
fbem-1665	167	31	activities	activity	NOUN
fbem-1665	167	32	have	have	VERB
fbem-1665	167	33	great	great	ADJ
fbem-1665	167	34	risks	risk	NOUN
fbem-1665	167	35	.	.	PUNCT
fbem-1665	168	1	the	the	DET
fbem-1665	168	2	anti	anti	ADJ
fbem-1665	168	3	-	-	ADJ
fbem-1665	168	4	risk	risk	ADJ
fbem-1665	168	5	ability	ability	NOUN
fbem-1665	168	6	of	of	ADP
fbem-1665	168	7	private	private	ADJ
fbem-1665	168	8	enterprises	enterprise	NOUN
fbem-1665	168	9	is	be	AUX
fbem-1665	168	10	very	very	ADV
fbem-1665	168	11	weak	weak	ADJ
fbem-1665	168	12	,	,	PUNCT
fbem-1665	168	13	and	and	CCONJ
fbem-1665	168	14	various	various	ADJ
fbem-1665	168	15	adverse	adverse	ADJ
fbem-1665	168	16	factors	factor	NOUN
fbem-1665	168	17	will	will	AUX
fbem-1665	168	18	affect	affect	VERB
fbem-1665	168	19	the	the	DET
fbem-1665	168	20	management	management	NOUN
fbem-1665	168	21	's	's	PART
fbem-1665	168	22	decision	decision	NOUN
fbem-1665	168	23	on	on	ADP
fbem-1665	168	24	the	the	DET
fbem-1665	168	25	innovation	innovation	NOUN
fbem-1665	168	26	activities	activity	NOUN
fbem-1665	168	27	of	of	ADP
fbem-1665	168	28	the	the	DET
fbem-1665	168	29	company	company	NOUN
fbem-1665	168	30	.	.	PUNCT
fbem-1665	169	1	institutional	institutional	ADJ
fbem-1665	169	2	investors	investor	NOUN
fbem-1665	169	3	have	have	VERB
fbem-1665	169	4	professional	professional	ADJ
fbem-1665	169	5	judgment	judgment	NOUN
fbem-1665	169	6	ability	ability	NOUN
fbem-1665	169	7	,	,	PUNCT
fbem-1665	169	8	but	but	CCONJ
fbem-1665	169	9	also	also	ADV
fbem-1665	169	10	have	have	VERB
fbem-1665	169	11	a	a	DET
fbem-1665	169	12	large	large	ADJ
fbem-1665	169	13	amount	amount	NOUN
fbem-1665	169	14	of	of	ADP
fbem-1665	169	15	capital	capital	NOUN
fbem-1665	169	16	,	,	PUNCT
fbem-1665	169	17	their	their	PRON
fbem-1665	169	18	participation	participation	NOUN
fbem-1665	169	19	has	have	AUX
fbem-1665	169	20	played	play	VERB
fbem-1665	169	21	a	a	DET
fbem-1665	169	22	role	role	NOUN
fbem-1665	169	23	in	in	ADP
fbem-1665	169	24	promoting	promote	VERB
fbem-1665	169	25	the	the	DET
fbem-1665	169	26	development	development	NOUN
fbem-1665	169	27	of	of	ADP
fbem-1665	169	28	the	the	DET
fbem-1665	169	29	enterprise	enterprise	NOUN
fbem-1665	169	30	.	.	PUNCT
fbem-1665	170	1	the	the	DET
fbem-1665	170	2	ipo	ipo	PROPN
fbem-1665	170	3	mechanism	mechanism	NOUN
fbem-1665	170	4	after	after	ADP
fbem-1665	170	5	the	the	DET
fbem-1665	170	6	reform	reform	NOUN
fbem-1665	170	7	of	of	ADP
fbem-1665	170	8	the	the	DET
fbem-1665	170	9	science	science	NOUN
fbem-1665	170	10	and	and	CCONJ
fbem-1665	170	11	technology	technology	NOUN
fbem-1665	170	12	innovation	innovation	NOUN
fbem-1665	170	13	board	board	NOUN
fbem-1665	170	14	system	system	NOUN
fbem-1665	170	15	guides	guide	VERB
fbem-1665	170	16	pe	pe	PROPN
fbem-1665	170	17	,	,	PUNCT
fbem-1665	170	18	vc	vc	PROPN
fbem-1665	170	19	and	and	CCONJ
fbem-1665	170	20	other	other	ADJ
fbem-1665	170	21	venture	venture	NOUN
fbem-1665	170	22	capital	capital	NOUN
fbem-1665	170	23	to	to	PART
fbem-1665	170	24	exit	exit	VERB
fbem-1665	170	25	in	in	ADP
fbem-1665	170	26	an	an	DET
fbem-1665	170	27	orderly	orderly	ADJ
fbem-1665	170	28	way	way	NOUN
fbem-1665	170	29	,	,	PUNCT
fbem-1665	170	30	and	and	CCONJ
fbem-1665	170	31	long	long	ADJ
fbem-1665	170	32	-	-	PUNCT
fbem-1665	170	33	term	term	NOUN
fbem-1665	170	34	investors	investor	NOUN
fbem-1665	170	35	represented	represent	VERB
fbem-1665	170	36	by	by	ADP
fbem-1665	170	37	public	public	ADJ
fbem-1665	170	38	funds	fund	NOUN
fbem-1665	170	39	to	to	PART
fbem-1665	170	40	enter	enter	VERB
fbem-1665	170	41	,	,	PUNCT
fbem-1665	170	42	realizing	realize	VERB
fbem-1665	170	43	a	a	DET
fbem-1665	170	44	more	more	ADV
fbem-1665	170	45	market	market	NOUN
fbem-1665	170	46	-	-	PUNCT
fbem-1665	170	47	oriented	orient	VERB
fbem-1665	170	48	arrangement	arrangement	NOUN
fbem-1665	170	49	for	for	ADP
fbem-1665	170	50	reducing	reduce	VERB
fbem-1665	170	51	holdings	holding	NOUN
fbem-1665	170	52	,	,	PUNCT
fbem-1665	170	53	realizing	realize	VERB
fbem-1665	170	54	an	an	DET
fbem-1665	170	55	orderly	orderly	ADJ
fbem-1665	170	56	"	"	PUNCT
fbem-1665	170	57	relay	relay	NOUN
fbem-1665	170	58	"	"	PUNCT
fbem-1665	170	59	between	between	ADP
fbem-1665	170	60	long	long	ADJ
fbem-1665	170	61	-	-	PUNCT
fbem-1665	170	62	term	term	NOUN
fbem-1665	170	63	investors	investor	NOUN
fbem-1665	170	64	and	and	CCONJ
fbem-1665	170	65	venture	venture	NOUN
fbem-1665	170	66	investors	investor	NOUN
fbem-1665	170	67	,	,	PUNCT
fbem-1665	170	68	and	and	CCONJ
fbem-1665	170	69	helping	help	VERB
fbem-1665	170	70	the	the	DET
fbem-1665	170	71	market	market	NOUN
fbem-1665	170	72	to	to	PART
fbem-1665	170	73	run	run	VERB
fbem-1665	170	74	smoothly	smoothly	ADV
fbem-1665	170	75	.	.	PUNCT
fbem-1665	171	1	sponsor	sponsor	NOUN
fbem-1665	171	2	agencies	agency	NOUN
fbem-1665	171	3	conduct	conduct	VERB
fbem-1665	171	4	due	due	ADJ
fbem-1665	171	5	diligence	diligence	NOUN
fbem-1665	171	6	on	on	ADP
fbem-1665	171	7	the	the	DET
fbem-1665	171	8	innovation	innovation	NOUN
fbem-1665	171	9	ability	ability	NOUN
fbem-1665	171	10	information	information	NOUN
fbem-1665	171	11	disclosed	disclose	VERB
fbem-1665	171	12	by	by	ADP
fbem-1665	171	13	issuers	issuer	NOUN
fbem-1665	171	14	,	,	PUNCT
fbem-1665	171	15	thereby	thereby	ADV
fbem-1665	171	16	improving	improve	VERB
fbem-1665	171	17	the	the	DET
fbem-1665	171	18	quality	quality	NOUN
fbem-1665	171	19	of	of	ADP
fbem-1665	171	20	information	information	NOUN
fbem-1665	171	21	disclosure	disclosure	NOUN
fbem-1665	171	22	of	of	ADP
fbem-1665	171	23	science	science	NOUN
fbem-1665	171	24	and	and	CCONJ
fbem-1665	171	25	technology	technology	NOUN
fbem-1665	171	26	innovation	innovation	NOUN
fbem-1665	171	27	board	board	NOUN
fbem-1665	171	28	companies	company	NOUN
fbem-1665	171	29	,	,	PUNCT
fbem-1665	171	30	increasing	increase	VERB
fbem-1665	171	31	credibility	credibility	NOUN
fbem-1665	171	32	,	,	PUNCT
fbem-1665	171	33	and	and	CCONJ
fbem-1665	171	34	providing	provide	VERB
fbem-1665	171	35	information	information	NOUN
fbem-1665	171	36	for	for	ADP
fbem-1665	171	37	ordinary	ordinary	ADJ
fbem-1665	171	38	investors	investor	NOUN
fbem-1665	171	39	to	to	PART
fbem-1665	171	40	make	make	VERB
fbem-1665	171	41	investment	investment	NOUN
fbem-1665	171	42	decisions	decision	NOUN
fbem-1665	171	43	.	.	PUNCT
fbem-1665	172	1	however	however	ADV
fbem-1665	172	2	,	,	PUNCT
fbem-1665	172	3	the	the	DET
fbem-1665	172	4	regression	regression	NOUN
fbem-1665	172	5	results	result	VERB
fbem-1665	172	6	from	from	ADP
fbem-1665	172	7	table	table	NOUN
fbem-1665	172	8	6	6	NUM
fbem-1665	172	9	do	do	AUX
fbem-1665	172	10	not	not	PART
fbem-1665	172	11	reflect	reflect	VERB
fbem-1665	172	12	the	the	DET
fbem-1665	172	13	professional	professional	ADJ
fbem-1665	172	14	ability	ability	NOUN
fbem-1665	172	15	of	of	ADP
fbem-1665	172	16	institutional	institutional	ADJ
fbem-1665	172	17	investors	investor	NOUN
fbem-1665	172	18	,	,	PUNCT
fbem-1665	172	19	possibly	possibly	ADV
fbem-1665	172	20	because	because	SCONJ
fbem-1665	172	21	ipo	ipo	PROPN
fbem-1665	172	22	is	be	AUX
fbem-1665	172	23	a	a	DET
fbem-1665	172	24	business	business	NOUN
fbem-1665	172	25	activity	activity	NOUN
fbem-1665	172	26	for	for	ADP
fbem-1665	172	27	securities	security	NOUN
fbem-1665	172	28	companies	company	NOUN
fbem-1665	172	29	,	,	PUNCT
fbem-1665	172	30	and	and	CCONJ
fbem-1665	172	31	it	it	PRON
fbem-1665	172	32	is	be	AUX
fbem-1665	172	33	necessary	necessary	ADJ
fbem-1665	172	34	to	to	PART
fbem-1665	172	35	meet	meet	VERB
fbem-1665	172	36	the	the	DET
fbem-1665	172	37	conditions	condition	NOUN
fbem-1665	172	38	and	and	CCONJ
fbem-1665	172	39	be	be	AUX
fbem-1665	172	40	listed	list	VERB
fbem-1665	172	41	successfully	successfully	ADV
fbem-1665	172	42	,	,	PUNCT
fbem-1665	172	43	without	without	ADP
fbem-1665	172	44	in	in	ADP
fbem-1665	172	45	-	-	PUNCT
fbem-1665	172	46	depth	depth	NOUN
fbem-1665	172	47	analysis	analysis	NOUN
fbem-1665	172	48	of	of	ADP
fbem-1665	172	49	the	the	DET
fbem-1665	172	50	company	company	NOUN
fbem-1665	172	51	's	's	PART
fbem-1665	172	52	internal	internal	ADJ
fbem-1665	172	53	value	value	NOUN
fbem-1665	172	54	.	.	PUNCT
fbem-1665	173	1	in	in	ADP
fbem-1665	173	2	the	the	DET
fbem-1665	173	3	problem	problem	NOUN
fbem-1665	173	4	of	of	ADP
fbem-1665	173	5	information	information	NOUN
fbem-1665	173	6	asymmetry	asymmetry	NOUN
fbem-1665	173	7	,	,	PUNCT
fbem-1665	173	8	ordinary	ordinary	ADJ
fbem-1665	173	9	investors	investor	NOUN
fbem-1665	173	10	are	be	AUX
fbem-1665	173	11	still	still	ADV
fbem-1665	173	12	the	the	DET
fbem-1665	173	13	weak	weak	ADJ
fbem-1665	173	14	party	party	NOUN
fbem-1665	173	15	.	.	PUNCT
fbem-1665	174	1	5.3	5.3	NUM
fbem-1665	174	2	.	.	PUNCT
fbem-1665	174	3	robust	robust	ADJ
fbem-1665	174	4	test	test	NOUN
fbem-1665	174	5	1	1	NUM
fbem-1665	174	6	.	.	PUNCT
fbem-1665	174	7	robustness	robustness	NOUN
fbem-1665	174	8	test	test	NOUN
fbem-1665	174	9	of	of	ADP
fbem-1665	174	10	the	the	DET
fbem-1665	174	11	explained	explain	VERB
fbem-1665	174	12	variables	variable	NOUN
fbem-1665	174	13	on	on	ADP
fbem-1665	174	14	the	the	DET
fbem-1665	174	15	first	first	ADJ
fbem-1665	174	16	day	day	NOUN
fbem-1665	174	17	of	of	ADP
fbem-1665	174	18	the	the	DET
fbem-1665	174	19	science	science	NOUN
fbem-1665	174	20	and	and	CCONJ
fbem-1665	174	21	technology	technology	NOUN
fbem-1665	174	22	innovation	innovation	NOUN
fbem-1665	174	23	board	board	NOUN
fbem-1665	174	24	,	,	PUNCT
fbem-1665	174	25	there	there	PRON
fbem-1665	174	26	is	be	VERB
fbem-1665	174	27	no	no	DET
fbem-1665	174	28	limit	limit	NOUN
fbem-1665	174	29	on	on	ADP
fbem-1665	174	30	the	the	DET
fbem-1665	174	31	rise	rise	NOUN
fbem-1665	174	32	or	or	CCONJ
fbem-1665	174	33	fall	fall	VERB
fbem-1665	174	34	,	,	PUNCT
fbem-1665	174	35	and	and	CCONJ
fbem-1665	174	36	the	the	DET
fbem-1665	174	37	value	value	NOUN
fbem-1665	174	38	of	of	ADP
fbem-1665	174	39	the	the	DET
fbem-1665	174	40	company	company	NOUN
fbem-1665	174	41	returns	return	VERB
fbem-1665	174	42	to	to	ADP
fbem-1665	174	43	the	the	DET
fbem-1665	174	44	reasonable	reasonable	ADJ
fbem-1665	174	45	range	range	NOUN
fbem-1665	174	46	faster	fast	ADV
fbem-1665	174	47	.	.	PUNCT
fbem-1665	175	1	the	the	DET
fbem-1665	175	2	market	market	NOUN
fbem-1665	175	3	value	value	NOUN
fbem-1665	175	4	of	of	ADP
fbem-1665	175	5	the	the	DET
fbem-1665	175	6	company	company	NOUN
fbem-1665	175	7	at	at	ADP
fbem-1665	175	8	the	the	DET
fbem-1665	175	9	closing	closing	NOUN
fbem-1665	175	10	of	of	ADP
fbem-1665	175	11	the	the	DET
fbem-1665	175	12	first	first	ADJ
fbem-1665	175	13	day	day	NOUN
fbem-1665	175	14	was	be	AUX
fbem-1665	175	15	used	use	VERB
fbem-1665	175	16	as	as	ADP
fbem-1665	175	17	the	the	DET
fbem-1665	175	18	explained	explain	VERB
fbem-1665	175	19	variable	variable	NOUN
fbem-1665	175	20	for	for	ADP
fbem-1665	175	21	the	the	DET
fbem-1665	175	22	test	test	NOUN
fbem-1665	175	23	,	,	PUNCT
fbem-1665	175	24	and	and	CCONJ
fbem-1665	175	25	the	the	DET
fbem-1665	175	26	regression	regression	NOUN
fbem-1665	175	27	results	result	NOUN
fbem-1665	175	28	were	be	AUX
fbem-1665	175	29	consistent	consistent	ADJ
fbem-1665	175	30	with	with	ADP
fbem-1665	175	31	the	the	DET
fbem-1665	175	32	previous	previous	ADJ
fbem-1665	175	33	results	result	NOUN
fbem-1665	175	34	,	,	PUNCT
fbem-1665	175	35	showing	show	VERB
fbem-1665	175	36	robustness	robustness	NOUN
fbem-1665	175	37	.	.	PUNCT
fbem-1665	176	1	2	2	X
fbem-1665	176	2	.	.	X
fbem-1665	176	3	robustness	robustness	NOUN
fbem-1665	176	4	test	test	NOUN
fbem-1665	176	5	of	of	ADP
fbem-1665	176	6	explanatory	explanatory	ADJ
fbem-1665	176	7	variables	variable	NOUN
fbem-1665	176	8	research	research	NOUN
fbem-1665	176	9	and	and	CCONJ
fbem-1665	176	10	development	development	NOUN
fbem-1665	176	11	takes	take	VERB
fbem-1665	176	12	time	time	NOUN
fbem-1665	176	13	,	,	PUNCT
fbem-1665	176	14	and	and	CCONJ
fbem-1665	176	15	the	the	DET
fbem-1665	176	16	investment	investment	NOUN
fbem-1665	176	17	of	of	ADP
fbem-1665	176	18	research	research	NOUN
fbem-1665	176	19	and	and	CCONJ
fbem-1665	176	20	development	development	NOUN
fbem-1665	176	21	funds	fund	NOUN
fbem-1665	176	22	can	can	AUX
fbem-1665	176	23	not	not	PART
fbem-1665	176	24	bring	bring	VERB
fbem-1665	176	25	innovation	innovation	NOUN
fbem-1665	176	26	results	result	NOUN
fbem-1665	176	27	immediately	immediately	ADV
fbem-1665	176	28	,	,	PUNCT
fbem-1665	176	29	which	which	PRON
fbem-1665	176	30	usually	usually	ADV
fbem-1665	176	31	takes	take	VERB
fbem-1665	176	32	a	a	DET
fbem-1665	176	33	long	long	ADJ
fbem-1665	176	34	time	time	NOUN
fbem-1665	176	35	.	.	PUNCT
fbem-1665	177	1	the	the	DET
fbem-1665	177	2	research	research	NOUN
fbem-1665	177	3	and	and	CCONJ
fbem-1665	177	4	development	development	NOUN
fbem-1665	177	5	capital	capital	NOUN
fbem-1665	177	6	investment	investment	NOUN
fbem-1665	177	7	in	in	ADP
fbem-1665	177	8	the	the	DET
fbem-1665	177	9	adjusted	adjust	VERB
fbem-1665	177	10	company	company	NOUN
fbem-1665	177	11	prospectus	prospectus	NOUN
fbem-1665	177	12	is	be	AUX
fbem-1665	177	13	selected	select	VERB
fbem-1665	177	14	to	to	PART
fbem-1665	177	15	test	test	VERB
fbem-1665	177	16	the	the	DET
fbem-1665	177	17	robustness	robustness	NOUN
fbem-1665	177	18	of	of	ADP
fbem-1665	177	19	the	the	DET
fbem-1665	177	20	company	company	NOUN
fbem-1665	177	21	's	's	PART
fbem-1665	177	22	value	value	NOUN
fbem-1665	177	23	,	,	PUNCT
fbem-1665	177	24	as	as	SCONJ
fbem-1665	177	25	follows	follow	VERB
fbem-1665	177	26	;	;	PUNCT
fbem-1665	177	27	r&d	r&d	NOUN
fbem-1665	177	28	fund	fund	NOUN
fbem-1665	177	29	0.6	0.6	NUM
fbem-1665	177	30	∗	∗	NOUN
fbem-1665	177	31	r&d	r&d	NOUN
fbem-1665	177	32	fund	fund	NOUN
fbem-1665	177	33	0.8	0.8	NUM
fbem-1665	177	34	∗	∗	NOUN
fbem-1665	177	35	r&d	r&d	NOUN
fbem-1665	177	36	fund	fund	NOUN
fbem-1665	177	37	r&d	r&d	NOUN
fbem-1665	177	38	fund	fund	NOUN
fbem-1665	177	39	in	in	ADP
fbem-1665	177	40	the	the	DET
fbem-1665	177	41	above	above	ADJ
fbem-1665	177	42	equation	equation	NOUN
fbem-1665	177	43	,	,	PUNCT
fbem-1665	177	44	t	t	PROPN
fbem-1665	177	45	refers	refer	VERB
fbem-1665	177	46	to	to	ADP
fbem-1665	177	47	the	the	DET
fbem-1665	177	48	year	year	NOUN
fbem-1665	177	49	of	of	ADP
fbem-1665	177	50	listing	listing	NOUN
fbem-1665	177	51	.	.	PUNCT
fbem-1665	178	1	the	the	DET
fbem-1665	178	2	regression	regression	NOUN
fbem-1665	178	3	results	result	NOUN
fbem-1665	178	4	are	be	AUX
fbem-1665	178	5	consistent	consistent	ADJ
fbem-1665	178	6	with	with	ADP
fbem-1665	178	7	the	the	DET
fbem-1665	178	8	previous	previous	ADJ
fbem-1665	178	9	results	result	NOUN
fbem-1665	178	10	and	and	CCONJ
fbem-1665	178	11	have	have	VERB
fbem-1665	178	12	robustness	robustness	NOUN
fbem-1665	178	13	.	.	PUNCT
fbem-1665	179	1	6	6	X
fbem-1665	179	2	.	.	X
fbem-1665	179	3	conclusion	conclusion	NOUN
fbem-1665	179	4	since	since	SCONJ
fbem-1665	179	5	its	its	PRON
fbem-1665	179	6	establishment	establishment	NOUN
fbem-1665	179	7	,	,	PUNCT
fbem-1665	179	8	the	the	DET
fbem-1665	179	9	science	science	NOUN
fbem-1665	179	10	and	and	CCONJ
fbem-1665	179	11	technology	technology	NOUN
fbem-1665	179	12	innovation	innovation	NOUN
fbem-1665	179	13	board	board	NOUN
fbem-1665	179	14	has	have	AUX
fbem-1665	179	15	adhered	adhere	VERB
fbem-1665	179	16	to	to	ADP
fbem-1665	179	17	the	the	DET
fbem-1665	179	18	positioning	positioning	NOUN
fbem-1665	179	19	of	of	ADP
fbem-1665	179	20	the	the	DET
fbem-1665	179	21	plate	plate	NOUN
fbem-1665	179	22	,	,	PUNCT
fbem-1665	179	23	made	make	VERB
fbem-1665	179	24	full	full	ADJ
fbem-1665	179	25	use	use	NOUN
fbem-1665	179	26	of	of	ADP
fbem-1665	179	27	capital	capital	NOUN
fbem-1665	179	28	and	and	CCONJ
fbem-1665	179	29	boosted	boost	VERB
fbem-1665	179	30	the	the	DET
fbem-1665	179	31	industrialization	industrialization	NOUN
fbem-1665	179	32	of	of	ADP
fbem-1665	179	33	science	science	NOUN
fbem-1665	179	34	and	and	CCONJ
fbem-1665	179	35	technology.as	technology.as	PRON
fbem-1665	179	36	an	an	DET
fbem-1665	179	37	incremental	incremental	ADJ
fbem-1665	179	38	plate	plate	NOUN
fbem-1665	179	39	,	,	PUNCT
fbem-1665	179	40	the	the	DET
fbem-1665	179	41	science	science	NOUN
fbem-1665	179	42	and	and	CCONJ
fbem-1665	179	43	technology	technology	NOUN
fbem-1665	179	44	innovation	innovation	NOUN
fbem-1665	179	45	board	board	NOUN
fbem-1665	179	46	is	be	AUX
fbem-1665	179	47	an	an	DET
fbem-1665	179	48	important	important	ADJ
fbem-1665	179	49	supplement	supplement	NOUN
fbem-1665	179	50	to	to	ADP
fbem-1665	179	51	the	the	DET
fbem-1665	179	52	existing	exist	VERB
fbem-1665	179	53	main	main	ADJ
fbem-1665	179	54	board	board	NOUN
fbem-1665	179	55	market	market	NOUN
fbem-1665	179	56	,	,	PUNCT
fbem-1665	179	57	gem	gem	NOUN
fbem-1665	179	58	board	board	NOUN
fbem-1665	179	59	and	and	CCONJ
fbem-1665	179	60	small	small	ADJ
fbem-1665	179	61	and	and	CCONJ
fbem-1665	179	62	medium	medium	ADJ
fbem-1665	179	63	-	-	PUNCT
fbem-1665	179	64	sized	sized	ADJ
fbem-1665	179	65	board	board	NOUN
fbem-1665	179	66	,	,	PUNCT
fbem-1665	179	67	etc	etc	X
fbem-1665	179	68	.	.	X
fbem-1665	180	1	it	it	PRON
fbem-1665	180	2	is	be	AUX
fbem-1665	180	3	a	a	DET
fbem-1665	180	4	part	part	NOUN
fbem-1665	180	5	of	of	ADP
fbem-1665	180	6	the	the	DET
fbem-1665	180	7	multi	multi	ADJ
fbem-1665	180	8	-	-	ADJ
fbem-1665	180	9	layer	layer	ADJ
fbem-1665	180	10	science	science	NOUN
fbem-1665	180	11	and	and	CCONJ
fbem-1665	180	12	technology	technology	NOUN
fbem-1665	180	13	capital	capital	NOUN
fbem-1665	180	14	market	market	NOUN
fbem-1665	180	15	system	system	NOUN
fbem-1665	180	16	structure	structure	NOUN
fbem-1665	180	17	,	,	PUNCT
fbem-1665	180	18	which	which	PRON
fbem-1665	180	19	fully	fully	ADV
fbem-1665	180	20	stimulates	stimulate	VERB
fbem-1665	180	21	market	market	NOUN
fbem-1665	180	22	vitality	vitality	NOUN
fbem-1665	180	23	and	and	CCONJ
fbem-1665	180	24	makes	make	VERB
fbem-1665	180	25	resource	resource	NOUN
fbem-1665	180	26	allocation	allocation	NOUN
fbem-1665	180	27	more	more	ADV
fbem-1665	180	28	effective	effective	ADJ
fbem-1665	180	29	.	.	PUNCT
fbem-1665	181	1	this	this	DET
fbem-1665	181	2	paper	paper	NOUN
fbem-1665	181	3	takes	take	VERB
fbem-1665	181	4	68	68	NUM
fbem-1665	181	5	new	new	ADJ
fbem-1665	181	6	generation	generation	NOUN
fbem-1665	181	7	information	information	NOUN
fbem-1665	181	8	technology	technology	NOUN
fbem-1665	181	9	industry	industry	NOUN
fbem-1665	181	10	enterprises	enterprise	NOUN
fbem-1665	181	11	successfully	successfully	ADV
fbem-1665	181	12	listed	list	VERB
fbem-1665	181	13	on	on	ADP
fbem-1665	181	14	the	the	DET
fbem-1665	181	15	science	science	NOUN
fbem-1665	181	16	and	and	CCONJ
fbem-1665	181	17	technology	technology	NOUN
fbem-1665	181	18	innovation	innovation	NOUN
fbem-1665	181	19	board	board	NOUN
fbem-1665	181	20	as	as	ADP
fbem-1665	181	21	samples	sample	NOUN
fbem-1665	181	22	,	,	PUNCT
fbem-1665	181	23	and	and	CCONJ
fbem-1665	181	24	studies	study	NOUN
fbem-1665	181	25	the	the	DET
fbem-1665	181	26	research	research	NOUN
fbem-1665	181	27	and	and	CCONJ
fbem-1665	181	28	development	development	NOUN
fbem-1665	181	29	information	information	NOUN
fbem-1665	181	30	and	and	CCONJ
fbem-1665	181	31	invention	invention	NOUN
fbem-1665	181	32	patent	patent	NOUN
fbem-1665	181	33	information	information	NOUN
fbem-1665	181	34	disclosed	disclose	VERB
fbem-1665	181	35	by	by	ADP
fbem-1665	181	36	enterprises	enterprise	NOUN
fbem-1665	181	37	can	can	AUX
fbem-1665	181	38	help	help	VERB
fbem-1665	181	39	investors	investor	NOUN
fbem-1665	181	40	,	,	PUNCT
fbem-1665	181	41	enhance	enhance	VERB
fbem-1665	181	42	investor	investor	NOUN
fbem-1665	181	43	confidence	confidence	NOUN
fbem-1665	181	44	,	,	PUNCT
fbem-1665	181	45	and	and	CCONJ
fbem-1665	181	46	then	then	ADV
fbem-1665	181	47	improve	improve	VERB
fbem-1665	181	48	the	the	DET
fbem-1665	181	49	company	company	NOUN
fbem-1665	181	50	value	value	NOUN
fbem-1665	181	51	.	.	PUNCT
fbem-1665	182	1	the	the	DET
fbem-1665	182	2	results	result	NOUN
fbem-1665	182	3	of	of	ADP
fbem-1665	182	4	the	the	DET
fbem-1665	182	5	empirical	empirical	ADJ
fbem-1665	182	6	study	study	NOUN
fbem-1665	182	7	are	be	AUX
fbem-1665	182	8	as	as	SCONJ
fbem-1665	182	9	follows	follow	VERB
fbem-1665	182	10	:	:	PUNCT
fbem-1665	182	11	first	first	ADV
fbem-1665	182	12	,	,	PUNCT
fbem-1665	182	13	the	the	DET
fbem-1665	182	14	disclosure	disclosure	NOUN
fbem-1665	182	15	of	of	ADP
fbem-1665	182	16	r&d	r&d	NOUN
fbem-1665	182	17	information	information	NOUN
fbem-1665	182	18	can	can	AUX
fbem-1665	182	19	reduce	reduce	VERB
fbem-1665	182	20	the	the	DET
fbem-1665	182	21	information	information	NOUN
fbem-1665	182	22	asymmetry	asymmetry	NOUN
fbem-1665	182	23	of	of	ADP
fbem-1665	182	24	the	the	DET
fbem-1665	182	25	company	company	NOUN
fbem-1665	182	26	's	's	PART
fbem-1665	182	27	innovation	innovation	NOUN
fbem-1665	182	28	activities	activity	NOUN
fbem-1665	182	29	,	,	PUNCT
fbem-1665	182	30	and	and	CCONJ
fbem-1665	182	31	help	help	VERB
fbem-1665	182	32	investors	investor	NOUN
fbem-1665	182	33	more	more	ADV
fbem-1665	182	34	clearly	clearly	ADV
fbem-1665	182	35	distinguish	distinguish	VERB
fbem-1665	182	36	the	the	DET
fbem-1665	182	37	strength	strength	NOUN
fbem-1665	182	38	of	of	ADP
fbem-1665	182	39	the	the	DET
fbem-1665	182	40	company	company	NOUN
fbem-1665	182	41	's	's	PART
fbem-1665	182	42	innovation	innovation	NOUN
fbem-1665	182	43	capability	capability	NOUN
fbem-1665	182	44	and	and	CCONJ
fbem-1665	182	45	whether	whether	SCONJ
fbem-1665	182	46	it	it	PRON
fbem-1665	182	47	is	be	AUX
fbem-1665	182	48	worth	worth	ADJ
fbem-1665	182	49	investing	invest	VERB
fbem-1665	182	50	in	in	ADP
fbem-1665	182	51	.	.	PUNCT
fbem-1665	183	1	second	second	ADJ
fbem-1665	183	2	,	,	PUNCT
fbem-1665	183	3	as	as	ADP
fbem-1665	183	4	the	the	DET
fbem-1665	183	5	direct	direct	ADJ
fbem-1665	183	6	output	output	NOUN
fbem-1665	183	7	of	of	ADP
fbem-1665	183	8	innovation	innovation	NOUN
fbem-1665	183	9	activities	activity	NOUN
fbem-1665	183	10	,	,	PUNCT
fbem-1665	183	11	invention	invention	NOUN
fbem-1665	183	12	patents	patent	NOUN
fbem-1665	183	13	represent	represent	VERB
fbem-1665	183	14	a	a	DET
fbem-1665	183	15	company	company	NOUN
fbem-1665	183	16	's	's	PART
fbem-1665	183	17	innovation	innovation	NOUN
fbem-1665	183	18	capability	capability	NOUN
fbem-1665	183	19	to	to	ADP
fbem-1665	183	20	a	a	DET
fbem-1665	183	21	certain	certain	ADJ
fbem-1665	183	22	extent	extent	NOUN
fbem-1665	183	23	.	.	PUNCT
fbem-1665	184	1	however	however	ADV
fbem-1665	184	2	,	,	PUNCT
fbem-1665	184	3	investors	investor	NOUN
fbem-1665	184	4	have	have	AUX
fbem-1665	184	5	not	not	PART
fbem-1665	184	6	yet	yet	ADV
fbem-1665	184	7	formed	form	VERB
fbem-1665	184	8	professional	professional	ADJ
fbem-1665	184	9	knowledge	knowledge	NOUN
fbem-1665	184	10	in	in	ADP
fbem-1665	184	11	this	this	DET
fbem-1665	184	12	respect	respect	NOUN
fbem-1665	184	13	.	.	PUNCT
fbem-1665	185	1	private	private	ADJ
fbem-1665	185	2	enterprises	enterprise	NOUN
fbem-1665	185	3	are	be	AUX
fbem-1665	185	4	more	more	ADV
fbem-1665	185	5	dependent	dependent	ADJ
fbem-1665	185	6	on	on	ADP
fbem-1665	185	7	r&d	r&d	NOUN
fbem-1665	185	8	investment	investment	NOUN
fbem-1665	185	9	and	and	CCONJ
fbem-1665	185	10	patent	patent	NOUN
fbem-1665	185	11	acquisition	acquisition	NOUN
fbem-1665	185	12	.	.	PUNCT
fbem-1665	186	1	third	third	ADJ
fbem-1665	186	2	,	,	PUNCT
fbem-1665	186	3	different	different	ADJ
fbem-1665	186	4	from	from	ADP
fbem-1665	186	5	the	the	DET
fbem-1665	186	6	traditional	traditional	ADJ
fbem-1665	186	7	understanding	understanding	NOUN
fbem-1665	186	8	,	,	PUNCT
fbem-1665	186	9	the	the	DET
fbem-1665	186	10	professional	professional	ADJ
fbem-1665	186	11	ability	ability	NOUN
fbem-1665	186	12	of	of	ADP
fbem-1665	186	13	investment	investment	NOUN
fbem-1665	186	14	institutions	institution	NOUN
fbem-1665	186	15	may	may	AUX
fbem-1665	186	16	be	be	AUX
fbem-1665	186	17	well	well	ADV
fbem-1665	186	18	verified	verify	VERB
fbem-1665	186	19	in	in	ADP
fbem-1665	186	20	the	the	DET
fbem-1665	186	21	short	short	ADJ
fbem-1665	186	22	-	-	PUNCT
fbem-1665	186	23	term	term	NOUN
fbem-1665	186	24	investment	investment	NOUN
fbem-1665	186	25	,	,	PUNCT
fbem-1665	186	26	but	but	CCONJ
fbem-1665	186	27	the	the	DET
fbem-1665	186	28	real	real	ADJ
fbem-1665	186	29	high	high	ADJ
fbem-1665	186	30	-	-	PUNCT
fbem-1665	186	31	value	value	NOUN
fbem-1665	186	32	and	and	CCONJ
fbem-1665	186	33	high	high	ADJ
fbem-1665	186	34	-	-	PUNCT
fbem-1665	186	35	growth	growth	NOUN
fbem-1665	186	36	science	science	NOUN
fbem-1665	186	37	and	and	CCONJ
fbem-1665	186	38	technology	technology	NOUN
fbem-1665	186	39	innovation	innovation	NOUN
fbem-1665	186	40	companies	company	NOUN
fbem-1665	186	41	have	have	AUX
fbem-1665	186	42	not	not	PART
fbem-1665	186	43	been	be	AUX
fbem-1665	186	44	fully	fully	ADV
fbem-1665	186	45	identified	identify	VERB
fbem-1665	186	46	.	.	PUNCT
fbem-1665	187	1	the	the	DET
fbem-1665	187	2	long	long	ADJ
fbem-1665	187	3	-	-	PUNCT
fbem-1665	187	4	term	term	NOUN
fbem-1665	187	5	investment	investment	NOUN
fbem-1665	187	6	ability	ability	NOUN
fbem-1665	187	7	needs	need	VERB
fbem-1665	187	8	to	to	PART
fbem-1665	187	9	be	be	AUX
fbem-1665	187	10	improved	improve	VERB
fbem-1665	187	11	to	to	PART
fbem-1665	187	12	better	well	ADV
fbem-1665	187	13	lead	lead	VERB
fbem-1665	187	14	ordinary	ordinary	ADJ
fbem-1665	187	15	investors	investor	NOUN
fbem-1665	187	16	to	to	PART
fbem-1665	187	17	make	make	VERB
fbem-1665	187	18	appropriate	appropriate	ADJ
fbem-1665	187	19	decisions	decision	NOUN
fbem-1665	187	20	.	.	PUNCT
fbem-1665	188	1	innovation	innovation	NOUN
fbem-1665	188	2	can	can	AUX
fbem-1665	188	3	improve	improve	VERB
fbem-1665	188	4	total	total	ADJ
fbem-1665	188	5	factor	factor	NOUN
fbem-1665	188	6	productivity	productivity	NOUN
fbem-1665	188	7	and	and	CCONJ
fbem-1665	188	8	medium	medium	NOUN
fbem-1665	188	9	and	and	CCONJ
fbem-1665	188	10	long	long	ADJ
fbem-1665	188	11	-	-	PUNCT
fbem-1665	188	12	term	term	NOUN
fbem-1665	188	13	economic	economic	ADJ
fbem-1665	188	14	growth	growth	NOUN
fbem-1665	188	15	.	.	PUNCT
fbem-1665	189	1	to	to	PART
fbem-1665	189	2	realize	realize	VERB
fbem-1665	189	3	the	the	DET
fbem-1665	189	4	strategy	strategy	NOUN
fbem-1665	189	5	of	of	ADP
fbem-1665	189	6	being	be	AUX
fbem-1665	189	7	an	an	DET
fbem-1665	189	8	innovation	innovation	NOUN
fbem-1665	189	9	-	-	PUNCT
fbem-1665	189	10	driven	drive	VERB
fbem-1665	189	11	country	country	NOUN
fbem-1665	189	12	,	,	PUNCT
fbem-1665	189	13	china	china	PROPN
fbem-1665	189	14	needs	need	VERB
fbem-1665	189	15	more	more	ADJ
fbem-1665	189	16	innovative	innovative	ADJ
fbem-1665	189	17	enterprises	enterprise	NOUN
fbem-1665	189	18	to	to	PART
fbem-1665	189	19	enhance	enhance	VERB
fbem-1665	189	20	its	its	PRON
fbem-1665	189	21	overall	overall	ADJ
fbem-1665	189	22	competitiveness	competitiveness	NOUN
fbem-1665	189	23	.	.	PUNCT
fbem-1665	190	1	through	through	ADP
fbem-1665	190	2	industrial	industrial	ADJ
fbem-1665	190	3	policies	policy	NOUN
fbem-1665	190	4	,	,	PUNCT
fbem-1665	190	5	the	the	DET
fbem-1665	190	6	chinese	chinese	ADJ
fbem-1665	190	7	government	government	NOUN
fbem-1665	190	8	actively	actively	ADV
fbem-1665	190	9	promotes	promote	VERB
fbem-1665	190	10	enterprise	enterprise	NOUN
fbem-1665	190	11	innovation	innovation	NOUN
fbem-1665	190	12	and	and	CCONJ
fbem-1665	190	13	industrial	industrial	ADJ
fbem-1665	190	14	structure	structure	NOUN
fbem-1665	190	15	optimization	optimization	NOUN
fbem-1665	190	16	,	,	PUNCT
fbem-1665	190	17	constantly	constantly	ADV
fbem-1665	190	18	standardizes	standardize	VERB
fbem-1665	190	19	the	the	DET
fbem-1665	190	20	operating	operate	VERB
fbem-1665	190	21	rules	rule	NOUN
fbem-1665	190	22	of	of	ADP
fbem-1665	190	23	the	the	DET
fbem-1665	190	24	securities	security	NOUN
fbem-1665	190	25	market	market	NOUN
fbem-1665	190	26	,	,	PUNCT
fbem-1665	190	27	and	and	CCONJ
fbem-1665	190	28	reforms	reform	NOUN
fbem-1665	190	29	the	the	DET
fbem-1665	190	30	listing	listing	NOUN
fbem-1665	190	31	system	system	NOUN
fbem-1665	190	32	to	to	PART
fbem-1665	190	33	make	make	VERB
fbem-1665	190	34	the	the	DET
fbem-1665	190	35	financial	financial	ADJ
fbem-1665	190	36	market	market	NOUN
fbem-1665	190	37	allocate	allocate	NOUN
fbem-1665	190	38	resources	resource	NOUN
fbem-1665	190	39	more	more	ADV
fbem-1665	190	40	efficiently	efficiently	ADV
fbem-1665	190	41	.	.	PUNCT
fbem-1665	191	1	the	the	DET
fbem-1665	191	2	establishment	establishment	NOUN
fbem-1665	191	3	of	of	ADP
fbem-1665	191	4	the	the	DET
fbem-1665	191	5	science	science	NOUN
fbem-1665	191	6	and	and	CCONJ
fbem-1665	191	7	technology	technology	NOUN
fbem-1665	191	8	innovation	innovation	NOUN
fbem-1665	191	9	board	board	NOUN
fbem-1665	191	10	not	not	PART
fbem-1665	191	11	only	only	ADV
fbem-1665	191	12	connects	connect	VERB
fbem-1665	191	13	scientific	scientific	ADJ
fbem-1665	191	14	and	and	CCONJ
fbem-1665	191	15	technological	technological	ADJ
fbem-1665	191	16	innovation	innovation	NOUN
fbem-1665	191	17	with	with	ADP
fbem-1665	191	18	the	the	DET
fbem-1665	191	19	capital	capital	NOUN
fbem-1665	191	20	market	market	NOUN
fbem-1665	191	21	,	,	PUNCT
fbem-1665	191	22	but	but	CCONJ
fbem-1665	191	23	also	also	ADV
fbem-1665	191	24	avoids	avoid	VERB
fbem-1665	191	25	the	the	DET
fbem-1665	191	26	loss	loss	NOUN
fbem-1665	191	27	of	of	ADP
fbem-1665	191	28	resources	resource	NOUN
fbem-1665	191	29	of	of	ADP
fbem-1665	191	30	china	china	PROPN
fbem-1665	191	31	's	's	PART
fbem-1665	191	32	high	high	ADJ
fbem-1665	191	33	-	-	PUNCT
fbem-1665	191	34	quality	quality	NOUN
fbem-1665	191	35	science	science	NOUN
fbem-1665	191	36	and	and	CCONJ
fbem-1665	191	37	technology	technology	NOUN
fbem-1665	191	38	enterprises	enterprise	NOUN
fbem-1665	191	39	.	.	PUNCT
fbem-1665	192	1	in	in	ADP
fbem-1665	192	2	the	the	DET
fbem-1665	192	3	future	future	NOUN
fbem-1665	192	4	,	,	PUNCT
fbem-1665	192	5	it	it	PRON
fbem-1665	192	6	will	will	AUX
fbem-1665	192	7	surely	surely	ADV
fbem-1665	192	8	lead	lead	VERB
fbem-1665	192	9	china	china	PROPN
fbem-1665	192	10	to	to	PART
fbem-1665	192	11	take	take	VERB
fbem-1665	192	12	the	the	DET
fbem-1665	192	13	lead	lead	NOUN
fbem-1665	192	14	in	in	ADP
fbem-1665	192	15	scientific	scientific	ADJ
fbem-1665	192	16	and	and	CCONJ
fbem-1665	192	17	technological	technological	ADJ
fbem-1665	192	18	innovation	innovation	NOUN
fbem-1665	192	19	and	and	CCONJ
fbem-1665	192	20	development	development	NOUN
fbem-1665	192	21	,	,	PUNCT
fbem-1665	192	22	and	and	CCONJ
fbem-1665	192	23	give	give	VERB
fbem-1665	192	24	birth	birth	NOUN
fbem-1665	192	25	to	to	ADP
fbem-1665	192	26	world	world	NOUN
fbem-1665	192	27	-	-	PUNCT
fbem-1665	192	28	class	class	NOUN
fbem-1665	192	29	great	great	ADJ
fbem-1665	192	30	companies	company	NOUN
fbem-1665	192	31	.	.	PUNCT
fbem-1665	193	1	references	reference	NOUN
fbem-1665	193	2	[	[	X
fbem-1665	193	3	1	1	X
fbem-1665	193	4	]	]	X
fbem-1665	193	5	james	james	PROPN
fbem-1665	193	6	r.	r.	PROPN
fbem-1665	193	7	brown	brown	PROPN
fbem-1665	193	8	,	,	PUNCT
fbem-1665	193	9	steven	steven	PROPN
fbem-1665	193	10	m.	m.	PROPN
fbem-1665	193	11	fazzari	fazzari	PROPN
fbem-1665	193	12	,	,	PUNCT
fbem-1665	193	13	bruce	bruce	PROPN
fbem-1665	193	14	c.	c.	PROPN
fbem-1665	193	15	petersen	petersen	PROPN
fbem-1665	193	16	.	.	PUNCT
fbem-1665	194	1	financing	financing	NOUN
fbem-1665	194	2	innovation	innovation	NOUN
fbem-1665	194	3	and	and	CCONJ
fbem-1665	194	4	growth	growth	NOUN
fbem-1665	194	5	:	:	PUNCT
fbem-1665	194	6	cash	cash	NOUN
fbem-1665	194	7	flow	flow	NOUN
fbem-1665	194	8	,	,	PUNCT
fbem-1665	194	9	external	external	ADJ
fbem-1665	194	10	equity	equity	NOUN
fbem-1665	194	11	,	,	PUNCT
fbem-1665	194	12	and	and	CCONJ
fbem-1665	194	13	the	the	DET
fbem-1665	194	14	1990s	1990s	NUM
fbem-1665	194	15	r&d	r&d	NOUN
fbem-1665	194	16	boom[j	boom[j	NOUN
fbem-1665	194	17	]	]	PUNCT
fbem-1665	194	18	.	.	PUNCT
fbem-1665	195	1	the	the	DET
fbem-1665	195	2	journal	journal	PROPN
fbem-1665	195	3	of	of	ADP
fbem-1665	195	4	finance	finance	NOUN
fbem-1665	195	5	,	,	PUNCT
fbem-1665	195	6	2009,6	2009,6	NUM
fbem-1665	195	7	4(01):151	4(01):151	NUM
fbem-1665	195	8	-	-	SYM
fbem-1665	195	9	185	185	NUM
fbem-1665	195	10	.	.	PUNCT
fbem-1665	196	1	[	[	X
fbem-1665	196	2	2	2	NUM
fbem-1665	196	3	]	]	X
fbem-1665	196	4	po	po	PROPN
fbem-1665	196	5	-	-	PUNCT
fbem-1665	196	6	hsuan	hsuan	PROPN
fbem-1665	196	7	hsu	hsu	PROPN
fbem-1665	196	8	,	,	PUNCT
fbem-1665	196	9	xuan	xuan	PROPN
fbem-1665	196	10	tian	tian	PROPN
fbem-1665	196	11	,	,	PUNCT
fbem-1665	196	12	yan	yan	PROPN
fbem-1665	196	13	xu	xu	PROPN
fbem-1665	196	14	.	.	PUNCT
fbem-1665	197	1	financial	financial	ADJ
fbem-1665	197	2	development	development	NOUN
fbem-1665	197	3	and	and	CCONJ
fbem-1665	197	4	innovation	innovation	NOUN
fbem-1665	197	5	:	:	PUNCT
fbem-1665	198	1	[	[	X
fbem-1665	198	2	2	2	X
fbem-1665	198	3	]	]	PUNCT
fbem-1665	198	4	cross	cross	NOUN
fbem-1665	198	5	-	-	NOUN
fbem-1665	198	6	country	country	NOUN
fbem-1665	198	7	evidence[j	evidence[j	NOUN
fbem-1665	198	8	]	]	PUNCT
fbem-1665	198	9	.	.	PUNCT
fbem-1665	199	1	journal	journal	PROPN
fbem-1665	199	2	of	of	ADP
fbem-1665	199	3	financial	financial	ADJ
fbem-1665	199	4	economics,2014,112(01):116	economics,2014,112(01):116	NOUN
fbem-1665	199	5	-	-	PUNCT
fbem-1665	199	6	135	135	NUM
fbem-1665	199	7	.	.	PUNCT
fbem-1665	200	1	[	[	X
fbem-1665	200	2	3	3	X
fbem-1665	200	3	]	]	X
fbem-1665	200	4	lu	lu	NOUN
fbem-1665	200	5	dong	dong	PROPN
fbem-1665	200	6	,	,	PUNCT
fbem-1665	200	7	wan	wan	PROPN
fbem-1665	200	8	limei	limei	PROPN
fbem-1665	200	9	,	,	PUNCT
fbem-1665	200	10	yang	yang	PROPN
fbem-1665	200	11	dan	dan	PROPN
fbem-1665	200	12	.	.	PUNCT
fbem-1665	201	1	why	why	SCONJ
fbem-1665	201	2	the	the	DET
fbem-1665	201	3	performance	performance	NOUN
fbem-1665	201	4	of	of	ADP
fbem-1665	201	5	gem	gem	NOUN
fbem-1665	201	6	companies	company	NOUN
fbem-1665	201	7	changed	change	VERB
fbem-1665	201	8	after	after	ADP
fbem-1665	201	9	being	be	AUX
fbem-1665	201	10	listed?[j	listed?[j	NOUN
fbem-1665	201	11	]	]	PUNCT
fbem-1665	201	12	.	.	PUNCT
fbem-1665	202	1	economic	economic	ADJ
fbem-1665	202	2	research	research	NOUN
fbem-1665	202	3	journal	journal	NOUN
fbem-1665	202	4	,	,	PUNCT
fbem-1665	202	5	2015	2015	NUM
fbem-1665	202	6	,	,	PUNCT
fbem-1665	202	7	50(02):132	50(02):132	NUM
fbem-1665	202	8	-	-	SYM
fbem-1665	202	9	144	144	NUM
fbem-1665	202	10	.	.	PUNCT
fbem-1665	203	1	[	[	X
fbem-1665	203	2	4	4	NUM
fbem-1665	203	3	]	]	X
fbem-1665	203	4	cohen	cohen	PROPN
fbem-1665	203	5	,	,	PUNCT
fbem-1665	203	6	l.	l.	PROPN
fbem-1665	203	7	,	,	PUNCT
fbem-1665	203	8	k.	k.	PROPN
fbem-1665	203	9	,	,	PUNCT
fbem-1665	203	10	diether	diether	PROPN
fbem-1665	203	11	malloy	malloy	PROPN
fbem-1665	203	12	,	,	PUNCT
fbem-1665	203	13	c.	c.	PROPN
fbem-1665	203	14	misvaluing	misvaluing	PROPN
fbem-1665	203	15	innovation	innovation	NOUN
fbem-1665	204	1	[	[	X
fbem-1665	204	2	j	j	X
fbem-1665	204	3	]	]	X
fbem-1665	204	4	.	.	PUNCT
fbem-1665	205	1	the	the	DET
fbem-1665	205	2	review	review	NOUN
fbem-1665	205	3	of	of	ADP
fbem-1665	205	4	financial	financial	PROPN
fbem-1665	205	5	studies,2013,26	studies,2013,26	PROPN
fbem-1665	205	6	(	(	PUNCT
fbem-1665	205	7	03):635	03):635	NOUN
fbem-1665	205	8	-	-	PUNCT
fbem-1665	205	9	666	666	NUM
fbem-1665	205	10	.	.	PUNCT
fbem-1665	206	1	[	[	X
fbem-1665	206	2	5	5	X
fbem-1665	206	3	]	]	X
fbem-1665	206	4	david	david	PROPN
fbem-1665	206	5	hirshleifer	hirshleifer	PROPN
fbem-1665	206	6	,	,	PUNCT
fbem-1665	206	7	po	po	PROPN
fbem-1665	206	8	-	-	PUNCT
fbem-1665	206	9	hsuan	hsuan	PROPN
fbem-1665	206	10	hsu	hsu	PROPN
fbem-1665	206	11	,	,	PUNCT
fbem-1665	206	12	dongmei	dongmei	PROPN
fbem-1665	206	13	li	li	PROPN
fbem-1665	206	14	.	.	PROPN
fbem-1665	206	15	innovative	innovative	ADJ
fbem-1665	206	16	efficiency	efficiency	NOUN
fbem-1665	206	17	and	and	CCONJ
fbem-1665	206	18	stock	stock	NOUN
fbem-1665	206	19	returns[j	returns[j	PROPN
fbem-1665	206	20	]	]	PUNCT
fbem-1665	206	21	.	.	PUNCT
fbem-1665	207	1	journal	journal	PROPN
fbem-1665	207	2	of	of	ADP
fbem-1665	207	3	financial	financial	ADJ
fbem-1665	207	4	economics,2013,107(03):632	economics,2013,107(03):632	PROPN
fbem-1665	207	5	-	-	PUNCT
fbem-1665	207	6	654	654	NUM
fbem-1665	207	7	.	.	PUNCT
fbem-1665	208	1	[	[	X
fbem-1665	208	2	6	6	NUM
fbem-1665	208	3	]	]	X
fbem-1665	208	4	chen	chen	PROPN
fbem-1665	208	5	c.	c.	PROPN
fbem-1665	208	6	,	,	PUNCT
fbem-1665	208	7	xu	xu	PROPN
fbem-1665	208	8	h.	h.	PROPN
fbem-1665	209	1	the	the	DET
fbem-1665	209	2	roles	role	NOUN
fbem-1665	209	3	of	of	ADP
fbem-1665	209	4	innovation	innovation	NOUN
fbem-1665	209	5	input	input	NOUN
fbem-1665	209	6	and	and	CCONJ
fbem-1665	209	7	outcome	outcome	NOUN
fbem-1665	209	8	in	in	ADP
fbem-1665	209	9	ipo	ipo	NOUN
fbem-1665	209	10	pricing	pricing	NOUN
fbem-1665	209	11	-evidence	-evidence	NOUN
fbem-1665	209	12	from	from	ADP
fbem-1665	209	13	the	the	DET
fbem-1665	209	14	bio	bio	ADJ
fbem-1665	209	15	-	-	ADJ
fbem-1665	209	16	pharmaceutical	pharmaceutical	ADJ
fbem-1665	209	17	industry	industry	NOUN
fbem-1665	209	18	in	in	ADP
fbem-1665	209	19	china	china	PROPN
fbem-1665	209	20	.	.	PUNCT
fbem-1665	210	1	fudan	fudan	PROPN
fbem-1665	210	2	university	university	PROPN
fbem-1665	210	3	,	,	PUNCT
fbem-1665	210	4	working	work	VERB
fbem-1665	210	5	paper,2015	paper,2015	PROPN
fbem-1665	210	6	.	.	PUNCT
fbem-1665	211	1	66	66	NUM
fbem-1665	212	1	[	[	X
fbem-1665	212	2	7	7	NUM
fbem-1665	212	3	]	]	X
fbem-1665	212	4	bernstein	bernstein	PROPN
fbem-1665	212	5	shai	shai	PROPN
fbem-1665	212	6	.	.	PUNCT
fbem-1665	213	1	does	do	AUX
fbem-1665	213	2	going	go	VERB
fbem-1665	213	3	public	public	ADJ
fbem-1665	213	4	affect	affect	VERB
fbem-1665	213	5	innovation?[j	innovation?[j	NOUN
fbem-1665	213	6	]	]	PUNCT
fbem-1665	213	7	.	.	PUNCT
fbem-1665	214	1	journal	journal	PROPN
fbem-1665	214	2	of	of	ADP
fbem-1665	214	3	finance,2015,70(04):1365	finance,2015,70(04):1365	PROPN
fbem-1665	214	4	-	-	PUNCT
fbem-1665	214	5	1403	1403	NUM
fbem-1665	214	6	.	.	PUNCT
fbem-1665	215	1	[	[	X
fbem-1665	215	2	8	8	NUM
fbem-1665	215	3	]	]	SYM
fbem-1665	215	4	l'ubošsays	l'ubošsay	NOUN
fbem-1665	215	5	p	p	PROPN
fbem-1665	215	6	astor	astor	PROPN
fbem-1665	215	7	,	,	PUNCT
fbem-1665	215	8	pietro	pietro	NOUN
fbem-1665	215	9	veronesi	veronesi	NOUN
fbem-1665	215	10	.	.	PUNCT
fbem-1665	216	1	technological	technological	ADJ
fbem-1665	216	2	revolutions	revolution	NOUN
fbem-1665	216	3	and	and	CCONJ
fbem-1665	216	4	stock	stock	NOUN
fbem-1665	216	5	prices	price	NOUN
fbem-1665	217	1	[	[	X
fbem-1665	217	2	j	j	X
fbem-1665	217	3	]	]	X
fbem-1665	217	4	.	.	PUNCT
fbem-1665	218	1	american	american	PROPN
fbem-1665	218	2	economic	economic	PROPN
fbem-1665	218	3	review,2009,13(04):1451	review,2009,13(04):1451	PROPN
fbem-1665	218	4	-	-	PROPN
fbem-1665	218	5	1483	1483	NUM
fbem-1665	218	6	.	.	PUNCT
fbem-1665	219	1	[	[	X
fbem-1665	219	2	9	9	NUM
fbem-1665	219	3	]	]	X
fbem-1665	219	4	yun	yun	PROPN
fbem-1665	219	5	-	-	PROPN
fbem-1665	219	6	he	he	PRON
fbem-1665	219	7	li	li	PROPN
fbem-1665	219	8	,	,	PUNCT
fbem-1665	219	9	huang	huang	PROPN
fbem-1665	219	10	yuwei	yuwei	PROPN
fbem-1665	219	11	,	,	PUNCT
fbem-1665	219	12	ma	ma	PROPN
fbem-1665	219	13	shengjie	shengjie	PROPN
fbem-1665	219	14	.	.	PUNCT
fbem-1665	219	15	does	do	AUX
fbem-1665	219	16	going	go	VERB
fbem-1665	219	17	public	public	ADJ
fbem-1665	219	18	promote	promote	NOUN
fbem-1665	219	19	enterprise	enterprise	NOUN
fbem-1665	219	20	innovation?-empirical	innovation?-empirical	ADJ
fbem-1665	219	21	evidence	evidence	NOUN
fbem-1665	219	22	from	from	ADP
fbem-1665	219	23	chinext	chinext	NOUN
fbem-1665	219	24	manufacturing	manufacturing	NOUN
fbem-1665	219	25	enterprises	enterprise	NOUN
fbem-1665	219	26	[	[	X
fbem-1665	219	27	j	j	X
fbem-1665	219	28	]	]	X
fbem-1665	219	29	.	.	PUNCT
fbem-1665	220	1	south	south	PROPN
fbem-1665	220	2	china	china	PROPN
fbem-1665	220	3	economy,2018,346(07):59	economy,2018,346(07):59	PROPN
fbem-1665	220	4	-	-	PROPN
fbem-1665	220	5	74	74	PROPN
fbem-1665	220	6	.	.	PUNCT
fbem-1665	221	1	[	[	X
fbem-1665	221	2	10	10	NUM
fbem-1665	221	3	]	]	X
fbem-1665	221	4	han	han	PROPN
fbem-1665	221	5	peng	peng	PROPN
fbem-1665	221	6	,	,	PUNCT
fbem-1665	221	7	yue	yue	PROPN
fbem-1665	221	8	yuanyuan	yuanyuan	PROPN
fbem-1665	221	9	.	.	PUNCT
fbem-1665	222	1	a	a	DET
fbem-1665	222	2	study	study	NOUN
fbem-1665	222	3	on	on	ADP
fbem-1665	222	4	the	the	DET
fbem-1665	222	5	economic	economic	ADJ
fbem-1665	222	6	consequences	consequence	NOUN
fbem-1665	222	7	of	of	ADP
fbem-1665	222	8	corporate	corporate	ADJ
fbem-1665	222	9	innovation	innovation	NOUN
fbem-1665	222	10	behavior	behavior	NOUN
fbem-1665	222	11	information	information	NOUN
fbem-1665	222	12	disclosure	disclosure	NOUN
fbem-1665	222	13	:	:	PUNCT
fbem-1665	222	14	empirical	empirical	ADJ
fbem-1665	222	15	evidence	evidence	NOUN
fbem-1665	222	16	from	from	ADP
fbem-1665	222	17	chinext	chinext	NOUN
fbem-1665	222	18	[	[	X
fbem-1665	222	19	j	j	X
fbem-1665	222	20	]	]	X
fbem-1665	222	21	.	.	PUNCT
fbem-1665	223	1	accounting	account	VERB
fbem-1665	223	2	research,2016(01):49	research,2016(01):49	NOUN
fbem-1665	223	3	-	-	SYM
fbem-1665	223	4	55	55	NUM
fbem-1665	223	5	+	+	NOUN
fbem-1665	223	6	95	95	NUM
fbem-1665	223	7	.	.	PUNCT
fbem-1665	224	1	[	[	X
fbem-1665	224	2	11	11	NUM
fbem-1665	224	3	]	]	X
fbem-1665	224	4	liang	liang	PROPN
fbem-1665	224	5	weiliang	weiliang	PROPN
fbem-1665	224	6	.	.	PUNCT
fbem-1665	225	1	dilemma	dilemma	NOUN
fbem-1665	225	2	and	and	CCONJ
fbem-1665	225	3	solution	solution	NOUN
fbem-1665	225	4	of	of	ADP
fbem-1665	225	5	information	information	NOUN
fbem-1665	225	6	disclosure	disclosure	NOUN
fbem-1665	225	7	system	system	NOUN
fbem-1665	225	8	under	under	ADP
fbem-1665	225	9	the	the	DET
fbem-1665	225	10	implementation	implementation	NOUN
fbem-1665	225	11	of	of	ADP
fbem-1665	225	12	science	science	NOUN
fbem-1665	225	13	and	and	CCONJ
fbem-1665	225	14	technology	technology	NOUN
fbem-1665	225	15	innovation	innovation	NOUN
fbem-1665	225	16	board	board	NOUN
fbem-1665	226	1	[	[	X
fbem-1665	226	2	j	j	X
fbem-1665	226	3	]	]	X
fbem-1665	226	4	.	.	PUNCT
fbem-1665	227	1	modern	modern	ADJ
fbem-1665	227	2	economic	economic	ADJ
fbem-1665	227	3	discussion	discussion	NOUN
fbem-1665	227	4	,	,	PUNCT
fbem-1665	227	5	2019(08):125	2019(08):125	NUM
fbem-1665	227	6	-	-	SYM
fbem-1665	227	7	132	132	NUM
fbem-1665	227	8	.	.	PUNCT
fbem-1665	228	1	[	[	X
fbem-1665	228	2	12	12	NUM
fbem-1665	228	3	]	]	X
fbem-1665	228	4	hu	hu	PROPN
fbem-1665	228	5	zhiqiang	zhiqiang	PROPN
fbem-1665	228	6	,	,	PUNCT
fbem-1665	228	7	yin	yin	PROPN
fbem-1665	228	8	chaoxi	chaoxi	PROPN
fbem-1665	228	9	.	.	PUNCT
fbem-1665	229	1	research	research	NOUN
fbem-1665	229	2	and	and	CCONJ
fbem-1665	229	3	development	development	NOUN
fbem-1665	229	4	information	information	NOUN
fbem-1665	229	5	disclosure	disclosure	NOUN
fbem-1665	229	6	and	and	CCONJ
fbem-1665	229	7	ipo	ipo	NOUN
fbem-1665	229	8	pricing	pricing	NOUN
fbem-1665	229	9	efficiency	efficiency	NOUN
fbem-1665	230	1	[	[	X
fbem-1665	230	2	j	j	X
fbem-1665	230	3	]	]	X
fbem-1665	230	4	.	.	PUNCT
fbem-1665	231	1	technology	technology	NOUN
fbem-1665	231	2	economics,2021,40(03):54	economics,2021,40(03):54	NOUN
fbem-1665	231	3	-	-	PUNCT
fbem-1665	231	4	63	63	NUM
fbem-1665	231	5	.	.	PUNCT
fbem-1665	232	1	[	[	X
fbem-1665	232	2	13	13	NUM
fbem-1665	232	3	]	]	X
fbem-1665	232	4	robert	robert	PROPN
fbem-1665	232	5	m.	m.	PROPN
fbem-1665	232	6	bushman	bushman	PROPN
fbem-1665	232	7	,	,	PUNCT
fbem-1665	232	8	joseph	joseph	PROPN
fbem-1665	232	9	d.	d.	PROPN
fbem-1665	232	10	piotrosk	piotrosk	PROPN
fbem-1665	232	11	,	,	PUNCT
fbem-1665	232	12	abbie	abbie	PROPN
fbem-1665	232	13	j.	j.	PROPN
fbem-1665	232	14	smith	smith	PROPN
fbem-1665	232	15	.	.	PUNCT
fbem-1665	233	1	what	what	PRON
fbem-1665	233	2	determines	determine	VERB
fbem-1665	233	3	corporate	corporate	ADJ
fbem-1665	233	4	transparency?[j	transparency?[j	NOUN
fbem-1665	233	5	]	]	PUNCT
fbem-1665	233	6	.	.	PUNCT
fbem-1665	234	1	journal	journal	PROPN
fbem-1665	234	2	of	of	ADP
fbem-1665	234	3	accounting	accounting	PROPN
fbem-1665	234	4	research,2004,(02):207	research,2004,(02):207	PROPN
fbem-1665	234	5	-	-	PUNCT
fbem-1665	234	6	252	252	NUM
fbem-1665	234	7	.	.	PUNCT
fbem-1665	235	1	[	[	X
fbem-1665	235	2	14	14	NUM
fbem-1665	235	3	]	]	X
fbem-1665	235	4	feng	feng	PROPN
fbem-1665	235	5	ze	ze	PROPN
fbem-1665	235	6	,	,	PUNCT
fbem-1665	235	7	chen	chen	PROPN
fbem-1665	235	8	kaihua	kaihua	PROPN
fbem-1665	235	9	,	,	PUNCT
fbem-1665	235	10	dai	dai	PROPN
fbem-1665	235	11	xiaoyong	xiaoyong	PROPN
fbem-1665	235	12	.	.	PUNCT
fbem-1665	236	1	[	[	X
fbem-1665	236	2	14	14	NUM
fbem-1665	236	3	]	]	PUNCT
fbem-1665	236	4	does	do	AUX
fbem-1665	236	5	the	the	DET
fbem-1665	236	6	additional	additional	ADJ
fbem-1665	236	7	deduction	deduction	NOUN
fbem-1665	236	8	of	of	ADP
fbem-1665	236	9	r&d	r&d	NOUN
fbem-1665	236	10	expenses	expense	NOUN
fbem-1665	236	11	improve	improve	VERB
fbem-1665	236	12	the	the	DET
fbem-1665	236	13	innovation	innovation	NOUN
fbem-1665	236	14	ability	ability	NOUN
fbem-1665	236	15	of	of	ADP
fbem-1665	236	16	enterprises?research	enterprises?research	PROPN
fbem-1665	236	17	management,2019,40(10):73	management,2019,40(10):73	X
fbem-1665	236	18	-	-	SYM
fbem-1665	236	19	86	86	NUM
fbem-1665	236	20	.	.	PUNCT
fbem-1665	237	1	[	[	X
fbem-1665	237	2	15	15	NUM
fbem-1665	237	3	]	]	X
fbem-1665	237	4	yang	yang	PROPN
fbem-1665	237	5	songling	songling	PROPN
fbem-1665	237	6	,	,	PUNCT
fbem-1665	237	7	shi	shi	PROPN
fbem-1665	237	8	qianqian	qianqian	PROPN
fbem-1665	237	9	,	,	PUNCT
fbem-1665	237	10	liu	liu	PROPN
fbem-1665	237	11	tingli	tingli	PROPN
fbem-1665	237	12	.	.	PUNCT
fbem-1665	238	1	step	step	NOUN
fbem-1665	238	2	by	by	ADP
fbem-1665	238	3	step	step	NOUN
fbem-1665	238	4	or	or	CCONJ
fbem-1665	238	5	step	step	VERB
fbem-1665	238	6	by	by	ADP
fbem-1665	238	7	step	step	NOUN
fbem-1665	238	8	?	?	PUNCT
fbem-1665	239	1	which	which	DET
fbem-1665	239	2	capital	capital	NOUN
fbem-1665	239	3	strategy	strategy	NOUN
fbem-1665	239	4	is	be	AUX
fbem-1665	239	5	more	more	ADJ
fbem-1665	239	6	incentive	incentive	NOUN
fbem-1665	239	7	for	for	ADP
fbem-1665	239	8	innovation	innovation	NOUN
fbem-1665	239	9	[	[	X
fbem-1665	239	10	j	j	X
fbem-1665	239	11	]	]	X
fbem-1665	239	12	.	.	PUNCT
fbem-1665	240	1	science	science	NOUN
fbem-1665	240	2	and	and	CCONJ
fbem-1665	240	3	technology	technology	NOUN
fbem-1665	240	4	progress	progress	NOUN
fbem-1665	240	5	and	and	CCONJ
fbem-1665	240	6	countermeasures,2020,37(15):1	countermeasures,2020,37(15):1	NOUN
fbem-1665	240	7	-	-	PUNCT
fbem-1665	240	8	10	10	NUM
fbem-1665	240	9	.	.	PUNCT
fbem-1665	241	1	[	[	X
fbem-1665	241	2	16	16	NUM
fbem-1665	241	3	]	]	X
fbem-1665	241	4	zhouwei	zhouwei	NOUN
fbem-1665	241	5	.	.	PUNCT
fbem-1665	242	1	the	the	DET
fbem-1665	242	2	behavior	behavior	NOUN
fbem-1665	242	3	of	of	ADP
fbem-1665	242	4	institutional	institutional	ADJ
fbem-1665	242	5	investors	investor	NOUN
fbem-1665	242	6	and	and	CCONJ
fbem-1665	242	7	the	the	DET
fbem-1665	242	8	bubble	bubble	NOUN
fbem-1665	242	9	of	of	ADP
fbem-1665	242	10	chinese	chinese	ADJ
fbem-1665	242	11	stock	stock	NOUN
fbem-1665	242	12	market	market	NOUN
fbem-1665	243	1	[	[	X
fbem-1665	243	2	j	j	X
fbem-1665	243	3	]	]	X
fbem-1665	243	4	.	.	PUNCT
fbem-1665	244	1	china	china	PROPN
fbem-1665	244	2	journal	journal	PROPN
fbem-1665	244	3	of	of	ADP
fbem-1665	244	4	economics,2019,6(02):217	economics,2019,6(02):217	NOUN
fbem-1665	244	5	-	-	PUNCT
fbem-1665	244	6	238	238	NUM
fbem-1665	244	7	.	.	PUNCT
fbem-1665	245	1	[	[	X
fbem-1665	245	2	17	17	NUM
fbem-1665	245	3	]	]	PUNCT
fbem-1665	245	4	wang	wang	PROPN
fbem-1665	245	5	yizhi	yizhi	PROPN
fbem-1665	245	6	,	,	PUNCT
fbem-1665	245	7	yao	yao	PROPN
fbem-1665	245	8	mohan	mohan	PROPN
fbem-1665	245	9	,	,	PUNCT
fbem-1665	245	10	ji	ji	PROPN
fbem-1665	245	11	mengxuan	mengxuan	PROPN
fbem-1665	245	12	.	.	PUNCT
fbem-1665	246	1	an	an	DET
fbem-1665	246	2	empirical	empirical	ADJ
fbem-1665	246	3	study	study	NOUN
fbem-1665	246	4	on	on	ADP
fbem-1665	246	5	the	the	DET
fbem-1665	246	6	valuation	valuation	NOUN
fbem-1665	246	7	of	of	ADP
fbem-1665	246	8	listed	list	VERB
fbem-1665	246	9	companies	company	NOUN
fbem-1665	246	10	on	on	ADP
fbem-1665	246	11	gem	gem	NOUN
fbem-1665	246	12	:	:	PUNCT
fbem-1665	246	13	the	the	DET
fbem-1665	246	14	influence	influence	NOUN
fbem-1665	246	15	and	and	CCONJ
fbem-1665	246	16	role	role	NOUN
fbem-1665	246	17	of	of	ADP
fbem-1665	246	18	non	non	ADJ
fbem-1665	246	19	-	-	ADJ
fbem-1665	246	20	cash	cash	ADJ
fbem-1665	246	21	flow	flow	NOUN
fbem-1665	246	22	factors	factor	NOUN
fbem-1665	247	1	[	[	X
fbem-1665	247	2	j	j	X
fbem-1665	247	3	]	]	X
fbem-1665	247	4	.	.	PUNCT
fbem-1665	248	1	the	the	DET
fbem-1665	248	2	new	new	ADJ
fbem-1665	248	3	financial	financial	ADJ
fbem-1665	248	4	,	,	PUNCT
fbem-1665	248	5	2020(11):51	2020(11):51	NUM
fbem-1665	248	6	-	-	SYM
fbem-1665	248	7	56	56	NUM
fbem-1665	248	8	.	.	PUNCT
fbem-1665	249	1	[	[	X
fbem-1665	249	2	18	18	NUM
fbem-1665	249	3	]	]	X
fbem-1665	249	4	wen	wen	PROPN
fbem-1665	249	5	qian	qian	PROPN
fbem-1665	249	6	,	,	PUNCT
fbem-1665	249	7	yu	yu	PROPN
fbem-1665	249	8	linxin	linxin	PROPN
fbem-1665	249	9	.	.	PUNCT
fbem-1665	250	1	[	[	X
fbem-1665	250	2	18	18	NUM
fbem-1665	250	3	]	]	PUNCT
fbem-1665	250	4	cash	cash	NOUN
fbem-1665	250	5	holdings	holding	NOUN
fbem-1665	250	6	,	,	PUNCT
fbem-1665	250	7	venture	venture	NOUN
fbem-1665	250	8	capital	capital	NOUN
fbem-1665	250	9	support	support	NOUN
fbem-1665	250	10	and	and	CCONJ
fbem-1665	250	11	enterprise	enterprise	NOUN
fbem-1665	250	12	value	value	NOUN
fbem-1665	251	1	[	[	X
fbem-1665	251	2	j	j	X
fbem-1665	251	3	]	]	X
fbem-1665	251	4	.	.	PUNCT
fbem-1665	252	1	statistics	statistic	NOUN
fbem-1665	252	2	and	and	CCONJ
fbem-1665	252	3	decision,2020,36(24):151	decision,2020,36(24):151	PROPN
fbem-1665	252	4	-	-	PUNCT
fbem-1665	252	5	155	155	NUM
fbem-1665	252	6	.	.	PUNCT
fbem-1665	253	1	[	[	X
fbem-1665	253	2	19	19	NUM
fbem-1665	253	3	]	]	X
fbem-1665	253	4	cohen	cohen	NOUN
fbem-1665	253	5	,	,	PUNCT
fbem-1665	253	6	l	l	PROPN
fbem-1665	253	7	diether	diether	PROPN
fbem-1665	253	8	k	k	PROPN
fbem-1665	253	9	,	,	PUNCT
fbem-1665	253	10	malloy	malloy	PROPN
fbem-1665	253	11	c.	c.	PROPN
fbem-1665	253	12	misvaluing	misvaluing	PROPN
fbem-1665	253	13	innovation	innovation	NOUN
fbem-1665	254	1	[	[	X
fbem-1665	254	2	j	j	X
fbem-1665	254	3	]	]	X
fbem-1665	254	4	.	.	PUNCT
fbem-1665	255	1	the	the	DET
fbem-1665	255	2	review	review	NOUN
fbem-1665	255	3	of	of	ADP
fbem-1665	255	4	financial	financial	PROPN
fbem-1665	255	5	studies,2013,26	studies,2013,26	PROPN
fbem-1665	255	6	(	(	PUNCT
fbem-1665	255	7	03):635	03):635	NOUN
fbem-1665	255	8	-	-	PUNCT
fbem-1665	255	9	666	666	NUM
fbem-1665	255	10	.	.	PUNCT
fbem-1665	256	1	[	[	X
fbem-1665	256	2	20	20	NUM
fbem-1665	256	3	]	]	X
fbem-1665	256	4	david	david	PROPN
fbem-1665	256	5	hirshleifer	hirshleifer	PROPN
fbem-1665	256	6	,	,	PUNCT
fbem-1665	256	7	po	po	PROPN
fbem-1665	256	8	-	-	PUNCT
fbem-1665	256	9	hsuan	hsuan	PROPN
fbem-1665	256	10	hsu	hsu	PROPN
fbem-1665	256	11	,	,	PUNCT
fbem-1665	256	12	dongmei	dongmei	PROPN
fbem-1665	256	13	li	li	PROPN
fbem-1665	256	14	.	.	PROPN
fbem-1665	256	15	innovative	innovative	ADJ
fbem-1665	256	16	efficiency	efficiency	NOUN
fbem-1665	256	17	and	and	CCONJ
fbem-1665	256	18	stock	stock	NOUN
fbem-1665	256	19	returns[j	returns[j	PROPN
fbem-1665	256	20	]	]	PUNCT
fbem-1665	256	21	.	.	PUNCT
fbem-1665	257	1	journal	journal	PROPN
fbem-1665	257	2	of	of	ADP
fbem-1665	257	3	financial	financial	ADJ
fbem-1665	257	4	economics,2013,107(03):632	economics,2013,107(03):632	PROPN
fbem-1665	257	5	-	-	PUNCT
fbem-1665	257	6	654	654	NUM
fbem-1665	257	7	.	.	PUNCT
fbem-1665	258	1	[	[	X
fbem-1665	258	2	21	21	NUM
fbem-1665	258	3	]	]	X
fbem-1665	258	4	diego	diego	PROPN
fbem-1665	258	5	useche	useche	PROPN
fbem-1665	258	6	.	.	PROPN
fbem-1665	258	7	are	be	AUX
fbem-1665	258	8	patents	patent	NOUN
fbem-1665	258	9	signals	signal	NOUN
fbem-1665	258	10	for	for	ADP
fbem-1665	258	11	the	the	DET
fbem-1665	258	12	ipo	ipo	NOUN
fbem-1665	258	13	market	market	NOUN
fbem-1665	258	14	?	?	PUNCT
fbem-1665	259	1	an	an	DET
fbem-1665	259	2	euus	euus	NOUN
fbem-1665	259	3	comparison	comparison	NOUN
fbem-1665	259	4	for	for	ADP
fbem-1665	259	5	the	the	DET
fbem-1665	259	6	software	software	NOUN
fbem-1665	259	7	industry[j	industry[j	NOUN
fbem-1665	259	8	]	]	PUNCT
fbem-1665	259	9	.	.	PUNCT
fbem-1665	260	1	research	research	PROPN
fbem-1665	260	2	policy,2014,43(08):1299	policy,2014,43(08):1299	PROPN
fbem-1665	260	3	-	-	PUNCT
fbem-1665	260	4	1311	1311	NUM
fbem-1665	260	5	.	.	PUNCT
fbem-1665	261	1	[	[	X
fbem-1665	261	2	22	22	NUM
fbem-1665	261	3	]	]	X
fbem-1665	261	4	meng	meng	PROPN
fbem-1665	261	5	tao	tao	PROPN
fbem-1665	261	6	,	,	PUNCT
fbem-1665	261	7	xu	xu	PROPN
fbem-1665	261	8	guanglin	guanglin	PROPN
fbem-1665	261	9	.	.	PUNCT
fbem-1665	262	1	patent	patent	NOUN
fbem-1665	262	2	application	application	NOUN
fbem-1665	262	3	,	,	PUNCT
fbem-1665	262	4	start	start	VERB
fbem-1665	262	5	-	-	PUNCT
fbem-1665	262	6	up	up	ADP
fbem-1665	262	7	financing	financing	NOUN
fbem-1665	262	8	and	and	CCONJ
fbem-1665	262	9	unicorn	unicorn	ADJ
fbem-1665	262	10	valuation	valuation	NOUN
fbem-1665	262	11	and	and	CCONJ
fbem-1665	262	12	growth	growth	NOUN
fbem-1665	263	1	[	[	X
fbem-1665	263	2	j	j	X
fbem-1665	263	3	]	]	X
fbem-1665	263	4	.	.	PUNCT
fbem-1665	264	1	studies	study	NOUN
fbem-1665	264	2	in	in	ADP
fbem-1665	264	3	science	science	NOUN
fbem-1665	264	4	of	of	ADP
fbem-1665	264	5	science,2020,38(08):1444	science,2020,38(08):1444	ADJ
fbem-1665	264	6	-	-	PROPN
fbem-1665	264	7	1450	1450	NUM
fbem-1665	264	8	+	+	NOUN
fbem-1665	264	9	1472	1472	NUM
fbem-1665	264	10	.	.	PUNCT
fbem-1665	265	1	[	[	X
fbem-1665	265	2	23	23	NUM
fbem-1665	265	3	]	]	PUNCT
fbem-1665	265	4	xu	xu	PROPN
fbem-1665	265	5	xin	xin	PROPN
fbem-1665	265	6	,	,	PUNCT
fbem-1665	265	7	xia	xia	PROPN
fbem-1665	265	8	yun	yun	PROPN
fbem-1665	265	9	,	,	PUNCT
fbem-1665	265	10	li	li	PROPN
fbem-1665	265	11	chuntao	chuntao	PROPN
fbem-1665	265	12	.	.	PUNCT
fbem-1665	266	1	signaling	signal	VERB
fbem-1665	266	2	effects	effect	NOUN
fbem-1665	266	3	of	of	ADP
fbem-1665	266	4	independent	independent	ADJ
fbem-1665	266	5	r&d	r&d	NOUN
fbem-1665	266	6	,	,	PUNCT
fbem-1665	266	7	ipo	ipo	NOUN
fbem-1665	266	8	discount	discount	NOUN
fbem-1665	266	9	and	and	CCONJ
fbem-1665	266	10	innovation	innovation	NOUN
fbem-1665	266	11	ability	ability	NOUN
fbem-1665	266	12	:	:	PUNCT
fbem-1665	266	13	an	an	DET
fbem-1665	266	14	empirical	empirical	ADJ
fbem-1665	266	15	study	study	NOUN
fbem-1665	266	16	on	on	ADP
fbem-1665	266	17	chinext	chinext	NOUN
fbem-1665	266	18	listed	list	VERB
fbem-1665	266	19	companies	company	NOUN
fbem-1665	267	1	[	[	X
fbem-1665	267	2	j	j	X
fbem-1665	267	3	]	]	X
fbem-1665	267	4	.	.	PUNCT
fbem-1665	268	1	economic	economic	ADJ
fbem-1665	268	2	management	management	NOUN
fbem-1665	268	3	,	,	PUNCT
fbem-1665	268	4	2016,38(06):71	2016,38(06):71	NUM
fbem-1665	268	5	-	-	SYM
fbem-1665	268	6	85	85	NUM
fbem-1665	268	7	.	.	PUNCT
fbem-1665	269	1	[	[	X
fbem-1665	269	2	24	24	NUM
fbem-1665	269	3	]	]	X
fbem-1665	269	4	luo	luo	PROPN
fbem-1665	269	5	ting	ting	PROPN
fbem-1665	269	6	,	,	PUNCT
fbem-1665	269	7	zhu	zhu	PROPN
fbem-1665	269	8	qing	qing	PROPN
fbem-1665	269	9	,	,	PUNCT
fbem-1665	269	10	li	li	PROPN
fbem-1665	269	11	dan	dan	PROPN
fbem-1665	269	12	.	.	PROPN
fbem-1665	269	13	analysis	analysis	NOUN
fbem-1665	269	14	of	of	ADP
fbem-1665	269	15	the	the	DET
fbem-1665	269	16	relationship	relationship	NOUN
fbem-1665	269	17	between	between	ADP
fbem-1665	269	18	r&d	r&d	NOUN
fbem-1665	269	19	investment	investment	NOUN
fbem-1665	269	20	and	and	CCONJ
fbem-1665	269	21	firm	firm	ADJ
fbem-1665	269	22	value	value	NOUN
fbem-1665	269	23	[	[	X
fbem-1665	269	24	j	j	X
fbem-1665	269	25	]	]	X
fbem-1665	269	26	.	.	PUNCT
fbem-1665	270	1	financial	financial	ADJ
fbem-1665	270	2	research	research	NOUN
fbem-1665	270	3	,	,	PUNCT
fbem-1665	270	4	2009	2009	NUM
fbem-1665	270	5	,	,	PUNCT
fbem-1665	270	6	348(06):100	348(06):100	NUM
fbem-1665	270	7	-	-	SYM
fbem-1665	270	8	110	110	NUM
fbem-1665	270	9	.	.	PUNCT
fbem-1665	271	1	[	[	X
fbem-1665	271	2	25	25	NUM
fbem-1665	271	3	]	]	X
fbem-1665	271	4	kathryn	kathryn	PROPN
fbem-1665	271	5	m.	m.	PROPN
fbem-1665	271	6	kelm	kelm	PROPN
fbem-1665	271	7	,	,	PUNCT
fbem-1665	271	8	v.	v.	PROPN
fbem-1665	271	9	k.	k.	PROPN
fbem-1665	271	10	narayanan	narayanan	PROPN
fbem-1665	271	11	,	,	PUNCT
fbem-1665	271	12	george	george	PROPN
fbem-1665	271	13	e.	e.	PROPN
fbem-1665	271	14	pinches	pinches	PROPN
fbem-1665	271	15	.	.	PUNCT
fbem-1665	272	1	shareholder	shareholder	NOUN
fbem-1665	272	2	value	value	NOUN
fbem-1665	272	3	creation	creation	NOUN
fbem-1665	272	4	during	during	ADP
fbem-1665	272	5	r&d	r&d	NOUN
fbem-1665	272	6	innovation	innovation	NOUN
fbem-1665	272	7	and	and	CCONJ
fbem-1665	272	8	commercialization	commercialization	NOUN
fbem-1665	272	9	stages[j	stages[j	PROPN
fbem-1665	272	10	]	]	PUNCT
fbem-1665	272	11	.	.	PUNCT
fbem-1665	273	1	the	the	DET
fbem-1665	273	2	academy	academy	PROPN
fbem-1665	273	3	of	of	ADP
fbem-1665	273	4	management	management	NOUN
fbem-1665	273	5	journal,1995,20(03):770	journal,1995,20(03):770	NOUN
fbem-1665	273	6	-	-	PUNCT
fbem-1665	273	7	786	786	NUM
fbem-1665	273	8	.	.	PUNCT
fbem-1665	274	1	[	[	X
fbem-1665	274	2	26	26	NUM
fbem-1665	274	3	]	]	X
fbem-1665	274	4	bronwyn	bronwyn	PROPN
fbem-1665	274	5	h.	h.	PROPN
fbem-1665	274	6	hall	hall	PROPN
fbem-1665	274	7	,	,	PUNCT
fbem-1665	274	8	adam	adam	PROPN
fbem-1665	274	9	jaffe	jaffe	PROPN
fbem-1665	274	10	,	,	PUNCT
fbem-1665	274	11	manuel	manuel	PROPN
fbem-1665	274	12	trajtenberg	trajtenberg	PROPN
fbem-1665	274	13	.	.	PUNCT
fbem-1665	275	1	market	market	NOUN
fbem-1665	275	2	value	value	NOUN
fbem-1665	275	3	and	and	CCONJ
fbem-1665	275	4	patent	patent	NOUN
fbem-1665	275	5	citations[j	citations[j	NOUN
fbem-1665	275	6	]	]	X
fbem-1665	275	7	.	.	PUNCT
fbem-1665	276	1	the	the	DET
fbem-1665	276	2	rand	rand	PROPN
fbem-1665	276	3	journal	journal	NOUN
fbem-1665	276	4	of	of	ADP
fbem-1665	276	5	economics,2005,36(01):16	economics,2005,36(01):16	NOUN
fbem-1665	276	6	-	-	PUNCT
fbem-1665	276	7	38	38	NUM
fbem-1665	276	8	.	.	PUNCT
fbem-1665	277	1	[	[	X
fbem-1665	277	2	27	27	NUM
fbem-1665	277	3	]	]	X
fbem-1665	277	4	wei	wei	PROPN
fbem-1665	277	5	zhou	zhou	PROPN
fbem-1665	277	6	,	,	PUNCT
fbem-1665	277	7	ruitao	ruitao	PROPN
fbem-1665	277	8	gu	gu	PROPN
fbem-1665	277	9	,	,	PUNCT
fbem-1665	277	10	shuai	shuai	PROPN
fbem-1665	277	11	lu	lu	PROPN
fbem-1665	277	12	.	.	PUNCT
fbem-1665	278	1	penetrating	penetrate	VERB
fbem-1665	278	2	the	the	DET
fbem-1665	278	3	real	real	ADJ
fbem-1665	278	4	performance	performance	NOUN
fbem-1665	278	5	of	of	ADP
fbem-1665	278	6	sse	sse	PROPN
fbem-1665	278	7	star	star	PROPN
fbem-1665	278	8	enterprises	enterprise	NOUN
fbem-1665	278	9	:	:	PUNCT
fbem-1665	278	10	a	a	DET
fbem-1665	278	11	double	double	ADJ
fbem-1665	278	12	-	-	PUNCT
fbem-1665	278	13	market	market	NOUN
fbem-1665	278	14	investigation[j	investigation[j	NOUN
fbem-1665	278	15	]	]	PUNCT
fbem-1665	278	16	.	.	PUNCT
fbem-1665	279	1	finance	finance	NOUN
fbem-1665	279	2	research	research	NOUN
fbem-1665	279	3	letters,2020(37),101346	letters,2020(37),101346	PROPN
fbem-1665	279	4	.	.	PUNCT
fbem-1665	280	1	[	[	X
fbem-1665	280	2	28	28	NUM
fbem-1665	280	3	]	]	X
fbem-1665	280	4	li	li	PROPN
fbem-1665	280	5	zhongfei	zhongfei	PROPN
fbem-1665	280	6	,	,	PUNCT
fbem-1665	280	7	yang	yang	PROPN
fbem-1665	280	8	tingting	tingting	PROPN
fbem-1665	280	9	.	.	PUNCT
fbem-1665	281	1	the	the	DET
fbem-1665	281	2	role	role	NOUN
fbem-1665	281	3	and	and	CCONJ
fbem-1665	281	4	influence	influence	NOUN
fbem-1665	281	5	mechanism	mechanism	NOUN
fbem-1665	281	6	of	of	ADP
fbem-1665	281	7	patent	patent	NOUN
fbem-1665	281	8	quality	quality	NOUN
fbem-1665	281	9	on	on	ADP
fbem-1665	281	10	corporate	corporate	ADJ
fbem-1665	281	11	investment	investment	NOUN
fbem-1665	281	12	value	value	NOUN
fbem-1665	282	1	[	[	X
fbem-1665	282	2	j	j	X
fbem-1665	282	3	]	]	X
fbem-1665	282	4	.	.	PUNCT
fbem-1665	283	1	chinese	chinese	ADJ
fbem-1665	283	2	journal	journal	PROPN
fbem-1665	283	3	of	of	ADP
fbem-1665	283	4	management,2015,12(08):1230	management,2015,12(08):1230	PROPN
fbem-1665	283	5	-	-	PUNCT
fbem-1665	283	6	1239	1239	NUM
fbem-1665	283	7	.	.	PUNCT