id	sid	tid	token	lemma	pos
fbem-1902	1	1	microsoft	microsoft	PROPN
fbem-1902	1	2	word	word	PROPN
fbem-1902	1	3	07-fbem8718排板-42-46.docx	07-fbem8718排板-42-46.docx	ADJ
fbem-1902	1	4	frontiers	frontier	NOUN
fbem-1902	1	5	in	in	ADP
fbem-1902	1	6	business	business	NOUN
fbem-1902	1	7	,	,	PUNCT
fbem-1902	1	8	economics	economic	NOUN
fbem-1902	1	9	and	and	CCONJ
fbem-1902	1	10	management	management	NOUN
fbem-1902	1	11	issn	issn	PROPN
fbem-1902	1	12	:	:	PUNCT
fbem-1902	1	13	2766	2766	NUM
fbem-1902	1	14	-	-	PUNCT
fbem-1902	1	15	824x	824x	NUM
fbem-1902	1	16	|	|	ADJ
fbem-1902	1	17	vol	vol	NOUN
fbem-1902	1	18	.	.	PROPN
fbem-1902	2	1	5	5	NUM
fbem-1902	2	2	,	,	PUNCT
fbem-1902	2	3	no	no	INTJ
fbem-1902	2	4	.	.	NOUN
fbem-1902	2	5	3	3	NUM
fbem-1902	2	6	,	,	PUNCT
fbem-1902	2	7	2022	2022	NUM
fbem-1902	3	1	42	42	NUM
fbem-1902	3	2	analysis	analysis	NOUN
fbem-1902	3	3	of	of	ADP
fbem-1902	3	4	corporate	corporate	ADJ
fbem-1902	3	5	governance	governance	NOUN
fbem-1902	3	6	efficiency	efficiency	NOUN
fbem-1902	3	7	differences	difference	NOUN
fbem-1902	3	8	in	in	ADP
fbem-1902	3	9	different	different	ADJ
fbem-1902	3	10	life	life	NOUN
fbem-1902	3	11	cycles	cycle	NOUN
fbem-1902	3	12	-empirical	-empirical	ADJ
fbem-1902	3	13	research	research	NOUN
fbem-1902	3	14	based	base	VERB
fbem-1902	3	15	on	on	ADP
fbem-1902	3	16	data	datum	NOUN
fbem-1902	3	17	about	about	ADP
fbem-1902	3	18	listed	list	VERB
fbem-1902	3	19	companies	company	NOUN
fbem-1902	3	20	jamin	jamin	PROPN
fbem-1902	3	21	nie1	nie1	PROPN
fbem-1902	3	22	,	,	PUNCT
fbem-1902	3	23	a	a	DET
fbem-1902	3	24	,	,	PUNCT
fbem-1902	3	25	shanli	shanli	NOUN
fbem-1902	3	26	ye1	ye1	PROPN
fbem-1902	3	27	1zhejiang	1zhejiang	NUM
fbem-1902	3	28	university	university	PROPN
fbem-1902	3	29	of	of	ADP
fbem-1902	3	30	science	science	NOUN
fbem-1902	3	31	and	and	CCONJ
fbem-1902	3	32	technology	technology	NOUN
fbem-1902	3	33	,	,	PUNCT
fbem-1902	3	34	hangzhou	hangzhou	PROPN
fbem-1902	3	35	,	,	PUNCT
fbem-1902	3	36	310023	310023	NUM
fbem-1902	3	37	,	,	PUNCT
fbem-1902	3	38	china	china	PROPN
fbem-1902	3	39	aniejm1995@163.com	aniejm1995@163.com	X
fbem-1902	3	40	abstract	abstract	ADJ
fbem-1902	3	41	:	:	PUNCT
fbem-1902	3	42	in	in	ADP
fbem-1902	3	43	order	order	NOUN
fbem-1902	3	44	to	to	PART
fbem-1902	3	45	provide	provide	VERB
fbem-1902	3	46	reference	reference	NOUN
fbem-1902	3	47	for	for	ADP
fbem-1902	3	48	quantifying	quantify	VERB
fbem-1902	3	49	and	and	CCONJ
fbem-1902	3	50	improving	improve	VERB
fbem-1902	3	51	corporate	corporate	ADJ
fbem-1902	3	52	governance	governance	NOUN
fbem-1902	3	53	efficiency	efficiency	NOUN
fbem-1902	3	54	,	,	PUNCT
fbem-1902	3	55	the	the	DET
fbem-1902	3	56	dea	dea	PROPN
fbem-1902	3	57	model	model	NOUN
fbem-1902	3	58	was	be	AUX
fbem-1902	3	59	used	use	VERB
fbem-1902	3	60	to	to	PART
fbem-1902	3	61	measure	measure	VERB
fbem-1902	3	62	the	the	DET
fbem-1902	3	63	input	input	NOUN
fbem-1902	3	64	and	and	CCONJ
fbem-1902	3	65	output	output	NOUN
fbem-1902	3	66	efficiency	efficiency	NOUN
fbem-1902	3	67	of	of	ADP
fbem-1902	3	68	a	a	DET
fbem-1902	3	69	total	total	NOUN
fbem-1902	3	70	of	of	ADP
fbem-1902	3	71	776	776	NUM
fbem-1902	3	72	listed	list	VERB
fbem-1902	3	73	companies	company	NOUN
fbem-1902	3	74	in	in	ADP
fbem-1902	3	75	a	a	DET
fbem-1902	3	76	-	-	PUNCT
fbem-1902	3	77	share	share	NOUN
fbem-1902	3	78	market	market	NOUN
fbem-1902	3	79	from	from	ADP
fbem-1902	3	80	2012	2012	NUM
fbem-1902	3	81	to	to	ADP
fbem-1902	3	82	2020	2020	NUM
fbem-1902	3	83	.	.	PUNCT
fbem-1902	4	1	then	then	ADV
fbem-1902	4	2	a	a	DET
fbem-1902	4	3	comparative	comparative	ADJ
fbem-1902	4	4	analysis	analysis	NOUN
fbem-1902	4	5	of	of	ADP
fbem-1902	4	6	the	the	DET
fbem-1902	4	7	governance	governance	NOUN
fbem-1902	4	8	efficiency	efficiency	NOUN
fbem-1902	4	9	at	at	ADP
fbem-1902	4	10	different	different	ADJ
fbem-1902	4	11	corporate	corporate	ADJ
fbem-1902	4	12	life	life	NOUN
fbem-1902	4	13	stages	stage	NOUN
fbem-1902	4	14	was	be	AUX
fbem-1902	4	15	made	make	VERB
fbem-1902	4	16	from	from	ADP
fbem-1902	4	17	static	static	ADJ
fbem-1902	4	18	and	and	CCONJ
fbem-1902	4	19	dynamic	dynamic	ADJ
fbem-1902	4	20	perspectives	perspective	NOUN
fbem-1902	4	21	,	,	PUNCT
fbem-1902	4	22	and	and	CCONJ
fbem-1902	4	23	a	a	DET
fbem-1902	4	24	regression	regression	NOUN
fbem-1902	4	25	analysis	analysis	NOUN
fbem-1902	4	26	was	be	AUX
fbem-1902	4	27	conducted	conduct	VERB
fbem-1902	4	28	on	on	ADP
fbem-1902	4	29	factors	factor	NOUN
fbem-1902	4	30	influencing	influence	VERB
fbem-1902	4	31	corporate	corporate	ADJ
fbem-1902	4	32	governance	governance	NOUN
fbem-1902	4	33	efficiency	efficiency	NOUN
fbem-1902	4	34	via	via	ADP
fbem-1902	4	35	the	the	DET
fbem-1902	4	36	tobit	tobit	NOUN
fbem-1902	4	37	model	model	NOUN
fbem-1902	4	38	.	.	PUNCT
fbem-1902	5	1	the	the	DET
fbem-1902	5	2	results	result	NOUN
fbem-1902	5	3	are	be	AUX
fbem-1902	5	4	as	as	SCONJ
fbem-1902	5	5	follows	follow	VERB
fbem-1902	5	6	:	:	PUNCT
fbem-1902	5	7	(	(	PUNCT
fbem-1902	5	8	1	1	X
fbem-1902	5	9	)	)	PUNCT
fbem-1902	5	10	a	a	DET
fbem-1902	5	11	discrepancy	discrepancy	NOUN
fbem-1902	5	12	can	can	AUX
fbem-1902	5	13	be	be	AUX
fbem-1902	5	14	found	find	VERB
fbem-1902	5	15	in	in	ADP
fbem-1902	5	16	main	main	ADJ
fbem-1902	5	17	contribution	contribution	NOUN
fbem-1902	5	18	sources	source	NOUN
fbem-1902	5	19	of	of	ADP
fbem-1902	5	20	corporate	corporate	ADJ
fbem-1902	5	21	governance	governance	NOUN
fbem-1902	5	22	efficiency	efficiency	NOUN
fbem-1902	5	23	in	in	ADP
fbem-1902	5	24	different	different	ADJ
fbem-1902	5	25	stages	stage	NOUN
fbem-1902	5	26	as	as	SCONJ
fbem-1902	5	27	scale	scale	NOUN
fbem-1902	5	28	investment	investment	NOUN
fbem-1902	5	29	contributes	contribute	VERB
fbem-1902	5	30	to	to	ADP
fbem-1902	5	31	much	much	ADJ
fbem-1902	5	32	of	of	ADP
fbem-1902	5	33	the	the	DET
fbem-1902	5	34	governance	governance	NOUN
fbem-1902	5	35	efficiency	efficiency	NOUN
fbem-1902	5	36	of	of	ADP
fbem-1902	5	37	growing	grow	VERB
fbem-1902	5	38	and	and	CCONJ
fbem-1902	5	39	declining	decline	VERB
fbem-1902	5	40	enterprises	enterprise	NOUN
fbem-1902	5	41	while	while	SCONJ
fbem-1902	5	42	technical	technical	ADJ
fbem-1902	5	43	advancement	advancement	NOUN
fbem-1902	5	44	features	feature	VERB
fbem-1902	5	45	prominently	prominently	ADV
fbem-1902	5	46	in	in	ADP
fbem-1902	5	47	that	that	PRON
fbem-1902	5	48	of	of	ADP
fbem-1902	5	49	mature	mature	ADJ
fbem-1902	5	50	enterprises	enterprise	NOUN
fbem-1902	5	51	;	;	PUNCT
fbem-1902	5	52	(	(	PUNCT
fbem-1902	5	53	2	2	X
fbem-1902	5	54	)	)	PUNCT
fbem-1902	5	55	the	the	DET
fbem-1902	5	56	total	total	ADJ
fbem-1902	5	57	factor	factor	NOUN
fbem-1902	5	58	productivity	productivity	NOUN
fbem-1902	5	59	of	of	ADP
fbem-1902	5	60	corporate	corporate	ADJ
fbem-1902	5	61	governance	governance	NOUN
fbem-1902	5	62	increases	increase	VERB
fbem-1902	5	63	progressively	progressively	ADV
fbem-1902	5	64	from	from	ADP
fbem-1902	5	65	the	the	DET
fbem-1902	5	66	growing	grow	VERB
fbem-1902	5	67	stage	stage	NOUN
fbem-1902	5	68	to	to	ADP
fbem-1902	5	69	the	the	DET
fbem-1902	5	70	mature	mature	ADJ
fbem-1902	5	71	phase	phase	NOUN
fbem-1902	5	72	and	and	CCONJ
fbem-1902	5	73	then	then	ADV
fbem-1902	5	74	to	to	ADP
fbem-1902	5	75	the	the	DET
fbem-1902	5	76	declining	decline	VERB
fbem-1902	5	77	period	period	NOUN
fbem-1902	5	78	,	,	PUNCT
fbem-1902	5	79	and	and	CCONJ
fbem-1902	5	80	the	the	DET
fbem-1902	5	81	younger	young	ADJ
fbem-1902	5	82	a	a	DET
fbem-1902	5	83	company	company	NOUN
fbem-1902	5	84	,	,	PUNCT
fbem-1902	5	85	the	the	PRON
fbem-1902	5	86	weaker	weak	ADJ
fbem-1902	5	87	its	its	PRON
fbem-1902	5	88	governance	governance	NOUN
fbem-1902	5	89	capacity	capacity	NOUN
fbem-1902	5	90	;	;	PUNCT
fbem-1902	5	91	(	(	PUNCT
fbem-1902	5	92	3	3	X
fbem-1902	5	93	)	)	PUNCT
fbem-1902	5	94	the	the	DET
fbem-1902	5	95	significance	significance	NOUN
fbem-1902	5	96	of	of	ADP
fbem-1902	5	97	factors	factor	NOUN
fbem-1902	5	98	influencing	influence	VERB
fbem-1902	5	99	governance	governance	NOUN
fbem-1902	5	100	efficiency	efficiency	NOUN
fbem-1902	5	101	differs	differ	VERB
fbem-1902	5	102	in	in	ADP
fbem-1902	5	103	different	different	ADJ
fbem-1902	5	104	periods	period	NOUN
fbem-1902	5	105	.	.	PUNCT
fbem-1902	6	1	this	this	DET
fbem-1902	6	2	paper	paper	NOUN
fbem-1902	6	3	analyzes	analyze	VERB
fbem-1902	6	4	corporate	corporate	ADJ
fbem-1902	6	5	governance	governance	NOUN
fbem-1902	6	6	in	in	ADP
fbem-1902	6	7	terms	term	NOUN
fbem-1902	6	8	of	of	ADP
fbem-1902	6	9	the	the	DET
fbem-1902	6	10	life	life	NOUN
fbem-1902	6	11	cycle	cycle	NOUN
fbem-1902	6	12	and	and	CCONJ
fbem-1902	6	13	deepens	deepen	VERB
fbem-1902	6	14	relevant	relevant	ADJ
fbem-1902	6	15	research	research	NOUN
fbem-1902	6	16	content	content	NOUN
fbem-1902	6	17	.	.	PUNCT
fbem-1902	7	1	keywords	keyword	NOUN
fbem-1902	7	2	:	:	PUNCT
fbem-1902	7	3	corporate	corporate	ADJ
fbem-1902	7	4	governance	governance	NOUN
fbem-1902	7	5	,	,	PUNCT
fbem-1902	7	6	dea	dea	PROPN
fbem-1902	7	7	model	model	PROPN
fbem-1902	7	8	;	;	PUNCT
fbem-1902	7	9	malmquist	malmquist	PROPN
fbem-1902	7	10	index	index	NOUN
fbem-1902	7	11	,	,	PUNCT
fbem-1902	7	12	enterprise	enterprise	NOUN
fbem-1902	7	13	life	life	NOUN
fbem-1902	7	14	cycle	cycle	NOUN
fbem-1902	7	15	,	,	PUNCT
fbem-1902	7	16	external	external	ADJ
fbem-1902	7	17	governance	governance	NOUN
fbem-1902	7	18	mechanisms	mechanism	NOUN
fbem-1902	7	19	.	.	PUNCT
fbem-1902	8	1	1	1	X
fbem-1902	8	2	.	.	X
fbem-1902	8	3	introduction	introduction	NOUN
fbem-1902	8	4	guided	guide	VERB
fbem-1902	8	5	by	by	ADP
fbem-1902	8	6	the	the	DET
fbem-1902	8	7	"	"	PUNCT
fbem-1902	8	8	belt	belt	NOUN
fbem-1902	8	9	and	and	CCONJ
fbem-1902	8	10	road	road	NOUN
fbem-1902	8	11	initiative	initiative	NOUN
fbem-1902	8	12	"	"	PUNCT
fbem-1902	8	13	and	and	CCONJ
fbem-1902	8	14	the	the	DET
fbem-1902	8	15	"	"	PUNCT
fbem-1902	8	16	go	go	VERB
fbem-1902	8	17	global	global	ADJ
fbem-1902	8	18	"	"	PUNCT
fbem-1902	8	19	strategy	strategy	NOUN
fbem-1902	8	20	,	,	PUNCT
fbem-1902	8	21	listed	list	VERB
fbem-1902	8	22	companies	company	NOUN
fbem-1902	8	23	,	,	PUNCT
fbem-1902	8	24	which	which	PRON
fbem-1902	8	25	have	have	AUX
fbem-1902	8	26	played	play	VERB
fbem-1902	8	27	a	a	DET
fbem-1902	8	28	significant	significant	ADJ
fbem-1902	8	29	part	part	NOUN
fbem-1902	8	30	in	in	ADP
fbem-1902	8	31	high	high	ADJ
fbem-1902	8	32	-	-	PUNCT
fbem-1902	8	33	quality	quality	NOUN
fbem-1902	8	34	economic	economic	ADJ
fbem-1902	8	35	development	development	NOUN
fbem-1902	8	36	,	,	PUNCT
fbem-1902	8	37	are	be	AUX
fbem-1902	8	38	booming	boom	VERB
fbem-1902	8	39	under	under	ADP
fbem-1902	8	40	china	china	PROPN
fbem-1902	8	41	's	's	PART
fbem-1902	8	42	new	new	ADJ
fbem-1902	8	43	normal	normal	ADJ
fbem-1902	8	44	economic	economic	ADJ
fbem-1902	8	45	development	development	NOUN
fbem-1902	8	46	,	,	PUNCT
fbem-1902	8	47	but	but	CCONJ
fbem-1902	8	48	are	be	AUX
fbem-1902	8	49	also	also	ADV
fbem-1902	8	50	faced	face	VERB
fbem-1902	8	51	with	with	ADP
fbem-1902	8	52	growing	grow	VERB
fbem-1902	8	53	challenges	challenge	NOUN
fbem-1902	8	54	in	in	ADP
fbem-1902	8	55	governance	governance	NOUN
fbem-1902	8	56	due	due	ADP
fbem-1902	8	57	to	to	ADP
fbem-1902	8	58	insufficient	insufficient	ADJ
fbem-1902	8	59	market	market	NOUN
fbem-1902	8	60	regulation	regulation	NOUN
fbem-1902	8	61	,	,	PUNCT
fbem-1902	8	62	increasingly	increasingly	ADV
fbem-1902	8	63	intense	intense	ADJ
fbem-1902	8	64	competition	competition	NOUN
fbem-1902	8	65	and	and	CCONJ
fbem-1902	8	66	rising	rise	VERB
fbem-1902	8	67	financial	financial	ADJ
fbem-1902	8	68	pressure	pressure	NOUN
fbem-1902	8	69	.	.	PUNCT
fbem-1902	9	1	corporate	corporate	ADJ
fbem-1902	9	2	governance	governance	NOUN
fbem-1902	9	3	is	be	AUX
fbem-1902	9	4	mainly	mainly	ADV
fbem-1902	9	5	intended	intend	VERB
fbem-1902	9	6	to	to	PART
fbem-1902	9	7	solve	solve	VERB
fbem-1902	9	8	relation	relation	NOUN
fbem-1902	9	9	problems	problem	NOUN
fbem-1902	9	10	.	.	PUNCT
fbem-1902	10	1	in	in	ADP
fbem-1902	10	2	order	order	NOUN
fbem-1902	10	3	to	to	PART
fbem-1902	10	4	effectively	effectively	ADV
fbem-1902	10	5	resolve	resolve	VERB
fbem-1902	10	6	contradictions	contradiction	NOUN
fbem-1902	10	7	between	between	ADP
fbem-1902	10	8	operators	operator	NOUN
fbem-1902	10	9	and	and	CCONJ
fbem-1902	10	10	owners	owner	NOUN
fbem-1902	10	11	,	,	PUNCT
fbem-1902	10	12	between	between	ADP
fbem-1902	10	13	shareholders	shareholder	NOUN
fbem-1902	10	14	,	,	PUNCT
fbem-1902	10	15	as	as	ADV
fbem-1902	10	16	well	well	ADV
fbem-1902	10	17	as	as	ADP
fbem-1902	10	18	between	between	ADP
fbem-1902	10	19	actual	actual	ADJ
fbem-1902	10	20	controllers	controller	NOUN
fbem-1902	10	21	and	and	CCONJ
fbem-1902	10	22	stakeholders	stakeholder	NOUN
fbem-1902	10	23	,	,	PUNCT
fbem-1902	10	24	a	a	DET
fbem-1902	10	25	series	series	NOUN
fbem-1902	10	26	of	of	ADP
fbem-1902	10	27	corporate	corporate	ADJ
fbem-1902	10	28	governing	governing	NOUN
fbem-1902	10	29	measures	measure	NOUN
fbem-1902	10	30	were	be	AUX
fbem-1902	10	31	proposed	propose	VERB
fbem-1902	10	32	for	for	ADP
fbem-1902	10	33	the	the	DET
fbem-1902	10	34	sake	sake	NOUN
fbem-1902	10	35	of	of	ADP
fbem-1902	10	36	reducing	reduce	VERB
fbem-1902	10	37	agency	agency	NOUN
fbem-1902	10	38	costs	cost	NOUN
fbem-1902	10	39	and	and	CCONJ
fbem-1902	10	40	improving	improve	VERB
fbem-1902	10	41	financial	financial	ADJ
fbem-1902	10	42	performance	performance	NOUN
fbem-1902	10	43	.	.	PUNCT
fbem-1902	11	1	it	it	PRON
fbem-1902	11	2	is	be	AUX
fbem-1902	11	3	fair	fair	ADJ
fbem-1902	11	4	to	to	PART
fbem-1902	11	5	say	say	VERB
fbem-1902	11	6	that	that	SCONJ
fbem-1902	11	7	the	the	DET
fbem-1902	11	8	improvement	improvement	NOUN
fbem-1902	11	9	of	of	ADP
fbem-1902	11	10	corporate	corporate	ADJ
fbem-1902	11	11	governance	governance	NOUN
fbem-1902	11	12	efficiency	efficiency	NOUN
fbem-1902	11	13	features	feature	VERB
fbem-1902	11	14	prominently	prominently	ADV
fbem-1902	11	15	in	in	ADP
fbem-1902	11	16	safeguarding	safeguard	VERB
fbem-1902	11	17	investor	investor	NOUN
fbem-1902	11	18	interests	interest	NOUN
fbem-1902	11	19	and	and	CCONJ
fbem-1902	11	20	perfecting	perfect	VERB
fbem-1902	11	21	the	the	DET
fbem-1902	11	22	modern	modern	ADJ
fbem-1902	11	23	enterprise	enterprise	NOUN
fbem-1902	11	24	system	system	NOUN
fbem-1902	11	25	,	,	PUNCT
fbem-1902	11	26	which	which	PRON
fbem-1902	11	27	highlights	highlight	VERB
fbem-1902	11	28	its	its	PRON
fbem-1902	11	29	importance	importance	NOUN
fbem-1902	11	30	in	in	ADP
fbem-1902	11	31	the	the	DET
fbem-1902	11	32	stable	stable	ADJ
fbem-1902	11	33	development	development	NOUN
fbem-1902	11	34	of	of	ADP
fbem-1902	11	35	the	the	DET
fbem-1902	11	36	domestic	domestic	ADJ
fbem-1902	11	37	capital	capital	NOUN
fbem-1902	11	38	market	market	NOUN
fbem-1902	11	39	.	.	PUNCT
fbem-1902	12	1	2	2	X
fbem-1902	12	2	.	.	X
fbem-1902	12	3	research	research	NOUN
fbem-1902	12	4	methods	method	NOUN
fbem-1902	12	5	2.1	2.1	NUM
fbem-1902	12	6	.	.	PUNCT
fbem-1902	13	1	dea	dea	PROPN
fbem-1902	13	2	model	model	PROPN
fbem-1902	13	3	the	the	DET
fbem-1902	13	4	dea	dea	PROPN
fbem-1902	13	5	model	model	NOUN
fbem-1902	13	6	refers	refer	VERB
fbem-1902	13	7	to	to	ADP
fbem-1902	13	8	each	each	DET
fbem-1902	13	9	measured	measure	VERB
fbem-1902	13	10	object	object	NOUN
fbem-1902	13	11	as	as	ADP
fbem-1902	13	12	a	a	DET
fbem-1902	13	13	decision	decision	NOUN
fbem-1902	13	14	unit	unit	NOUN
fbem-1902	13	15	(	(	PUNCT
fbem-1902	13	16	dum	dum	PROPN
fbem-1902	13	17	)	)	PUNCT
fbem-1902	13	18	,	,	PUNCT
fbem-1902	13	19	considering	consider	VERB
fbem-1902	13	20	that	that	SCONJ
fbem-1902	13	21	there	there	PRON
fbem-1902	13	22	is	be	VERB
fbem-1902	13	23	an	an	DET
fbem-1902	13	24	undesirable	undesirable	ADJ
fbem-1902	13	25	output	output	NOUN
fbem-1902	13	26	,	,	PUNCT
fbem-1902	13	27	and	and	CCONJ
fbem-1902	13	28	the	the	DET
fbem-1902	13	29	input	input	NOUN
fbem-1902	13	30	must	must	AUX
fbem-1902	13	31	be	be	AUX
fbem-1902	13	32	controlled	control	VERB
fbem-1902	13	33	to	to	PART
fbem-1902	13	34	be	be	AUX
fbem-1902	13	35	more	more	ADV
fbem-1902	13	36	in	in	ADP
fbem-1902	13	37	line	line	NOUN
fbem-1902	13	38	with	with	ADP
fbem-1902	13	39	the	the	DET
fbem-1902	13	40	practical	practical	ADJ
fbem-1902	13	41	significance	significance	NOUN
fbem-1902	13	42	,	,	PUNCT
fbem-1902	13	43	so	so	CCONJ
fbem-1902	13	44	the	the	DET
fbem-1902	13	45	input	input	NOUN
fbem-1902	13	46	-	-	PUNCT
fbem-1902	13	47	oriented	orient	VERB
fbem-1902	13	48	bcc	bcc	PROPN
fbem-1902	13	49	model	model	NOUN
fbem-1902	13	50	is	be	AUX
fbem-1902	13	51	used	use	VERB
fbem-1902	13	52	to	to	PART
fbem-1902	13	53	measure	measure	VERB
fbem-1902	13	54	its	its	PRON
fbem-1902	13	55	pure	pure	ADJ
fbem-1902	13	56	technical	technical	ADJ
fbem-1902	13	57	efficiency	efficiency	NOUN
fbem-1902	13	58	,	,	PUNCT
fbem-1902	13	59	the	the	DET
fbem-1902	13	60	ccr	ccr	PROPN
fbem-1902	13	61	model	model	NOUN
fbem-1902	13	62	measures	measure	VERB
fbem-1902	13	63	the	the	DET
fbem-1902	13	64	comprehensive	comprehensive	ADJ
fbem-1902	13	65	technical	technical	ADJ
fbem-1902	13	66	efficiency	efficiency	NOUN
fbem-1902	13	67	,	,	PUNCT
fbem-1902	13	68	and	and	CCONJ
fbem-1902	13	69	the	the	DET
fbem-1902	13	70	product	product	NOUN
fbem-1902	13	71	is	be	AUX
fbem-1902	13	72	the	the	DET
fbem-1902	13	73	scale	scale	NOUN
fbem-1902	13	74	efficiency	efficiency	NOUN
fbem-1902	13	75	result	result	NOUN
fbem-1902	13	76	.	.	PUNCT
fbem-1902	14	1	the	the	DET
fbem-1902	14	2	input	input	NOUN
fbem-1902	14	3	-	-	PUNCT
fbem-1902	14	4	oriented	orient	VERB
fbem-1902	14	5	ccr	ccr	PROPN
fbem-1902	14	6	model	model	NOUN
fbem-1902	14	7	is	be	AUX
fbem-1902	14	8	planned	plan	VERB
fbem-1902	14	9	as	as	SCONJ
fbem-1902	14	10	follows	follow	VERB
fbem-1902	14	11	:	:	PUNCT
fbem-1902	14	12	1	1	NUM
fbem-1902	14	13	1	1	NUM
fbem-1902	14	14	min	min	NOUN
fbem-1902	14	15	.	.	PUNCT
fbem-1902	14	16	.	.	PUNCT
fbem-1902	15	1	,	,	PUNCT
fbem-1902	15	2	,	,	PUNCT
fbem-1902	15	3	0	0	NUM
fbem-1902	15	4	,	,	PUNCT
fbem-1902	15	5	1	1	NUM
fbem-1902	15	6	,	,	PUNCT
fbem-1902	15	7	2	2	NUM
fbem-1902	15	8	,	,	PUNCT
fbem-1902	15	9	...	...	PUNCT
fbem-1902	15	10	,	,	PUNCT
fbem-1902	15	11	;	;	PUNCT
fbem-1902	15	12	1	1	NUM
fbem-1902	15	13	,	,	PUNCT
fbem-1902	15	14	2	2	NUM
fbem-1902	15	15	,	,	PUNCT
fbem-1902	15	16	...	...	PUNCT
fbem-1902	15	17	,	,	PUNCT
fbem-1902	15	18	;	;	PUNCT
fbem-1902	15	19	1	1	NUM
fbem-1902	15	20	,	,	PUNCT
fbem-1902	15	21	2	2	NUM
fbem-1902	15	22	,	,	PUNCT
fbem-1902	15	23	...	...	PUNCT
fbem-1902	16	1	n	n	CCONJ
fbem-1902	17	1	n	n	DET
fbem-1902	17	2	t	t	NOUN
fbem-1902	17	3	t	t	X
fbem-1902	17	4	j	j	PROPN
fbem-1902	17	5	ij	ij	INTJ
fbem-1902	17	6	ik	ik	PROPN
fbem-1902	17	7	j	j	PROPN
fbem-1902	17	8	rj	rj	PROPN
fbem-1902	17	9	rk	rk	PROPN
fbem-1902	18	1	j	j	PROPN
fbem-1902	18	2	j	j	PROPN
fbem-1902	18	3	j	j	PROPN
fbem-1902	18	4	s	s	PROPN
fbem-1902	18	5	t	t	PROPN
fbem-1902	18	6	x	x	PUNCT
fbem-1902	18	7	x	x	PUNCT
fbem-1902	18	8	y	y	VERB
fbem-1902	18	9	y	y	NOUN
fbem-1902	19	1	i	i	PRON
fbem-1902	19	2	m	m	VERB
fbem-1902	19	3	r	r	VERB
fbem-1902	19	4	q	q	PROPN
fbem-1902	19	5	j	j	PROPN
fbem-1902	19	6	n	n	CCONJ
fbem-1902	19	7			PROPN
fbem-1902	19	8			ADJ
fbem-1902	19	9			PROPN
fbem-1902	19	10			X
fbem-1902	19	11			ADJ
fbem-1902	19	12			PROPN
fbem-1902	19	13			PROPN
fbem-1902	19	14			NOUN
fbem-1902	19	15			NUM
fbem-1902	19	16			NUM
fbem-1902	19	17			NUM
fbem-1902	19	18			NUM
fbem-1902	19	19			X
fbem-1902	19	20			X
fbem-1902	19	21	to	to	PART
fbem-1902	19	22	measure	measure	VERB
fbem-1902	19	23	how	how	SCONJ
fbem-1902	19	24	many	many	ADJ
fbem-1902	19	25	of	of	ADP
fbem-1902	19	26	these	these	DET
fbem-1902	19	27	changes	change	NOUN
fbem-1902	19	28	are	be	AUX
fbem-1902	19	29	due	due	ADJ
fbem-1902	19	30	to	to	ADP
fbem-1902	19	31	overall	overall	ADJ
fbem-1902	19	32	technological	technological	ADJ
fbem-1902	19	33	advances	advance	NOUN
fbem-1902	19	34	and	and	CCONJ
fbem-1902	19	35	how	how	SCONJ
fbem-1902	19	36	many	many	ADJ
fbem-1902	19	37	are	be	AUX
fbem-1902	19	38	due	due	ADJ
fbem-1902	19	39	to	to	ADP
fbem-1902	19	40	individual	individual	ADJ
fbem-1902	19	41	firm	firm	ADJ
fbem-1902	19	42	behaviors	behavior	NOUN
fbem-1902	19	43	,	,	PUNCT
fbem-1902	19	44	the	the	DET
fbem-1902	19	45	malmquist	malmquist	PROPN
fbem-1902	19	46	index	index	NOUN
fbem-1902	19	47	captures	capture	VERB
fbem-1902	19	48	these	these	DET
fbem-1902	19	49	dynamic	dynamic	ADJ
fbem-1902	19	50	changes	change	NOUN
fbem-1902	19	51	and	and	CCONJ
fbem-1902	19	52	analyzes	analyze	VERB
fbem-1902	19	53	productivity	productivity	NOUN
fbem-1902	19	54	and	and	CCONJ
fbem-1902	19	55	the	the	DET
fbem-1902	19	56	impact	impact	NOUN
fbem-1902	19	57	of	of	ADP
fbem-1902	19	58	technological	technological	ADJ
fbem-1902	19	59	efficiency	efficiency	NOUN
fbem-1902	19	60	advances	advance	NOUN
fbem-1902	19	61	on	on	ADP
fbem-1902	19	62	productivity	productivity	NOUN
fbem-1902	19	63	.	.	PUNCT
fbem-1902	20	1	assuming	assume	VERB
fbem-1902	20	2	that	that	SCONJ
fbem-1902	20	3	(	(	PUNCT
fbem-1902	20	4	,	,	PUNCT
fbem-1902	20	5	)	)	PUNCT
fbem-1902	20	6	e	e	X
fbem-1902	20	7	t	t	NOUN
fbem-1902	20	8	s	s	VERB
fbem-1902	20	9	is	be	AUX
fbem-1902	20	10	expressed	express	VERB
fbem-1902	20	11	as	as	ADP
fbem-1902	20	12	the	the	DET
fbem-1902	20	13	technical	technical	ADJ
fbem-1902	20	14	efficiency	efficiency	NOUN
fbem-1902	20	15	value	value	NOUN
fbem-1902	20	16	of	of	ADP
fbem-1902	20	17	a	a	DET
fbem-1902	20	18	decision	decision	NOUN
fbem-1902	20	19	unit	unit	NOUN
fbem-1902	20	20	from	from	ADP
fbem-1902	20	21	time	time	NOUN
fbem-1902	20	22	s	s	PART
fbem-1902	20	23	to	to	ADP
fbem-1902	20	24	time	time	NOUN
fbem-1902	20	25	t	t	PROPN
fbem-1902	20	26	,	,	PUNCT
fbem-1902	20	27	(	(	PUNCT
fbem-1902	20	28	,	,	PUNCT
fbem-1902	20	29	)	)	PUNCT
fbem-1902	20	30	/	/	SYM
fbem-1902	20	31	(	(	PUNCT
fbem-1902	20	32	,	,	PUNCT
fbem-1902	20	33	)	)	PUNCT
fbem-1902	20	34	sm	sm	PROPN
fbem-1902	20	35	e	e	X
fbem-1902	20	36	t	t	NOUN
fbem-1902	20	37	s	s	PART
fbem-1902	20	38	e	e	NOUN
fbem-1902	20	39	s	s	X
fbem-1902	20	40	s	s	NOUN
fbem-1902	20	41	is	be	AUX
fbem-1902	20	42	used	use	VERB
fbem-1902	20	43	to	to	PART
fbem-1902	20	44	measure	measure	VERB
fbem-1902	20	45	the	the	DET
fbem-1902	20	46	improvement	improvement	NOUN
fbem-1902	20	47	of	of	ADP
fbem-1902	20	48	the	the	DET
fbem-1902	20	49	decision	decision	NOUN
fbem-1902	20	50	unit	unit	NOUN
fbem-1902	20	51	in	in	ADP
fbem-1902	20	52	the	the	DET
fbem-1902	20	53	s	s	PROPN
fbem-1902	20	54	-	-	PUNCT
fbem-1902	20	55	t	t	NOUN
fbem-1902	20	56	period	period	NOUN
fbem-1902	20	57	under	under	ADP
fbem-1902	20	58	s	s	NOUN
fbem-1902	20	59	-	-	ADJ
fbem-1902	20	60	technical	technical	ADJ
fbem-1902	20	61	conditions	condition	NOUN
fbem-1902	20	62	;	;	PUNCT
fbem-1902	20	63	if	if	SCONJ
fbem-1902	20	64	sm	sm	PROPN
fbem-1902	20	65	is	be	AUX
fbem-1902	20	66	greater	great	ADJ
fbem-1902	20	67	than	than	ADP
fbem-1902	20	68	1	1	NUM
fbem-1902	20	69	,	,	PUNCT
fbem-1902	20	70	the	the	DET
fbem-1902	20	71	company	company	NOUN
fbem-1902	20	72	has	have	AUX
fbem-1902	20	73	advanced	advance	VERB
fbem-1902	20	74	technologically	technologically	ADV
fbem-1902	20	75	during	during	ADP
fbem-1902	20	76	the	the	DET
fbem-1902	20	77	s	s	PROPN
fbem-1902	20	78	-	-	PUNCT
fbem-1902	20	79	t	t	NOUN
fbem-1902	20	80	period	period	NOUN
fbem-1902	20	81	.	.	PUNCT
fbem-1902	21	1	similarly	similarly	ADV
fbem-1902	21	2	,	,	PUNCT
fbem-1902	21	3	(	(	PUNCT
fbem-1902	21	4	,	,	PUNCT
fbem-1902	21	5	)	)	PUNCT
fbem-1902	21	6	/	/	SYM
fbem-1902	21	7	(	(	PUNCT
fbem-1902	21	8	,	,	PUNCT
fbem-1902	21	9	)	)	PUNCT
fbem-1902	21	10	tm	tm	PROPN
fbem-1902	21	11	e	e	PROPN
fbem-1902	21	12	t	t	PROPN
fbem-1902	21	13	t	t	PROPN
fbem-1902	21	14	e	e	X
fbem-1902	21	15	s	s	PRON
fbem-1902	21	16	t	t	PROPN
fbem-1902	21	17	represents	represent	VERB
fbem-1902	21	18	the	the	DET
fbem-1902	21	19	technical	technical	ADJ
fbem-1902	21	20	efficiency	efficiency	NOUN
fbem-1902	21	21	value	value	NOUN
fbem-1902	21	22	under	under	ADP
fbem-1902	21	23	t	t	PROPN
fbem-1902	21	24	-	-	PUNCT
fbem-1902	21	25	technical	technical	ADJ
fbem-1902	21	26	conditions	condition	NOUN
fbem-1902	21	27	,	,	PUNCT
fbem-1902	21	28	both	both	PRON
fbem-1902	21	29	represent	represent	VERB
fbem-1902	21	30	the	the	DET
fbem-1902	21	31	same	same	ADJ
fbem-1902	21	32	meaning	meaning	NOUN
fbem-1902	21	33	,	,	PUNCT
fbem-1902	21	34	and	and	CCONJ
fbem-1902	21	35	finally	finally	ADV
fbem-1902	21	36	the	the	DET
fbem-1902	21	37	malmquist	malmquist	PROPN
fbem-1902	21	38	exponent	exponent	NOUN
fbem-1902	21	39	takes	take	VERB
fbem-1902	21	40	its	its	PRON
fbem-1902	21	41	geometric	geometric	ADJ
fbem-1902	21	42	average	average	NOUN
fbem-1902	21	43	.	.	PUNCT
fbem-1902	22	1	2.2	2.2	NUM
fbem-1902	22	2	.	.	PUNCT
fbem-1902	22	3	selection	selection	NOUN
fbem-1902	22	4	of	of	ADP
fbem-1902	22	5	data	datum	NOUN
fbem-1902	22	6	and	and	CCONJ
fbem-1902	22	7	indicators	indicator	NOUN
fbem-1902	22	8	with	with	ADP
fbem-1902	22	9	reference	reference	NOUN
fbem-1902	22	10	to	to	ADP
fbem-1902	22	11	the	the	DET
fbem-1902	22	12	existing	exist	VERB
fbem-1902	22	13	literature	literature	NOUN
fbem-1902	22	14	,	,	PUNCT
fbem-1902	22	15	the	the	DET
fbem-1902	22	16	input	input	NOUN
fbem-1902	22	17	-	-	PUNCT
fbem-1902	22	18	output	output	NOUN
fbem-1902	22	19	index	index	NOUN
fbem-1902	22	20	system	system	NOUN
fbem-1902	22	21	is	be	AUX
fbem-1902	22	22	established	establish	VERB
fbem-1902	22	23	from	from	ADP
fbem-1902	22	24	the	the	DET
fbem-1902	22	25	three	three	NUM
fbem-1902	22	26	aspects	aspect	NOUN
fbem-1902	22	27	of	of	ADP
fbem-1902	22	28	regulatory	regulatory	ADJ
fbem-1902	22	29	mechanism	mechanism	NOUN
fbem-1902	22	30	,	,	PUNCT
fbem-1902	22	31	salary	salary	NOUN
fbem-1902	22	32	incentive	incentive	NOUN
fbem-1902	22	33	and	and	CCONJ
fbem-1902	22	34	equity	equity	NOUN
fbem-1902	22	35	structure	structure	NOUN
fbem-1902	22	36	.	.	PUNCT
fbem-1902	23	1	the	the	DET
fbem-1902	23	2	shanghai	shanghai	PROPN
fbem-1902	23	3	stock	stock	PROPN
fbem-1902	23	4	exchange	exchange	PROPN
fbem-1902	23	5	(	(	PUNCT
fbem-1902	23	6	sse	sse	PROPN
fbem-1902	23	7	)	)	PUNCT
fbem-1902	23	8	a	a	DET
fbem-1902	23	9	-	-	PUNCT
fbem-1902	23	10	share	share	NOUN
fbem-1902	23	11	companies	company	NOUN
fbem-1902	23	12	listed	list	VERB
fbem-1902	23	13	before	before	ADP
fbem-1902	23	14	2012	2012	NUM
fbem-1902	23	15	were	be	AUX
fbem-1902	23	16	selected	select	VERB
fbem-1902	23	17	as	as	ADP
fbem-1902	23	18	sample	sample	NOUN
fbem-1902	23	19	objects	object	NOUN
fbem-1902	23	20	,	,	PUNCT
fbem-1902	23	21	and	and	CCONJ
fbem-1902	23	22	the	the	DET
fbem-1902	23	23	unavailable	unavailable	ADJ
fbem-1902	23	24	samples	sample	NOUN
fbem-1902	23	25	were	be	AUX
fbem-1902	23	26	excluded	exclude	VERB
fbem-1902	23	27	,	,	PUNCT
fbem-1902	23	28	and	and	CCONJ
fbem-1902	23	29	the	the	DET
fbem-1902	23	30	annual	annual	ADJ
fbem-1902	23	31	indicator	indicator	NOUN
fbem-1902	23	32	data	datum	NOUN
fbem-1902	23	33	of	of	ADP
fbem-1902	23	34	776	776	NUM
fbem-1902	23	35	listed	list	VERB
fbem-1902	23	36	companies	company	NOUN
fbem-1902	23	37	in	in	ADP
fbem-1902	23	38	a	a	DET
fbem-1902	23	39	-	-	PUNCT
fbem-1902	23	40	share	share	NOUN
fbem-1902	23	41	market	market	NOUN
fbem-1902	23	42	from	from	ADP
fbem-1902	23	43	2012	2012	NUM
fbem-1902	23	44	to	to	ADP
fbem-1902	23	45	2020	2020	NUM
fbem-1902	23	46	was	be	AUX
fbem-1902	23	47	retained	retain	VERB
fbem-1902	23	48	.	.	PUNCT
fbem-1902	24	1	the	the	DET
fbem-1902	24	2	input	input	NOUN
fbem-1902	24	3	-	-	PUNCT
fbem-1902	24	4	output	output	NOUN
fbem-1902	24	5	indicator	indicator	NOUN
fbem-1902	24	6	system	system	NOUN
fbem-1902	24	7	is	be	AUX
fbem-1902	24	8	shown	show	VERB
fbem-1902	24	9	in	in	ADP
fbem-1902	24	10	table	table	NOUN
fbem-1902	24	11	1	1	NUM
fbem-1902	24	12	.	.	X
fbem-1902	24	13	43	43	NUM
fbem-1902	24	14	table	table	NOUN
fbem-1902	24	15	1	1	NUM
fbem-1902	24	16	.	.	PUNCT
fbem-1902	25	1	variable	variable	ADJ
fbem-1902	25	2	definitions	definition	NOUN
fbem-1902	25	3	variable	variable	ADJ
fbem-1902	25	4	dimensions	dimension	NOUN
fbem-1902	25	5	variable	variable	ADJ
fbem-1902	25	6	definition	definition	NOUN
fbem-1902	25	7	out	out	ADP
fbem-1902	25	8	put	put	NOUN
fbem-1902	25	9	expect	expect	VERB
fbem-1902	25	10	output	output	NOUN
fbem-1902	25	11	return	return	NOUN
fbem-1902	25	12	on	on	ADP
fbem-1902	25	13	assets	asset	NOUN
fbem-1902	25	14	net	net	ADJ
fbem-1902	25	15	assets	asset	NOUN
fbem-1902	25	16	/	/	SYM
fbem-1902	25	17	average	average	ADJ
fbem-1902	25	18	total	total	ADJ
fbem-1902	25	19	assets	asset	NOUN
fbem-1902	25	20	undesirable	undesirable	ADJ
fbem-1902	25	21	outputs	output	NOUN
fbem-1902	25	22	agent	agent	NOUN
fbem-1902	25	23	costs	cost	NOUN
fbem-1902	25	24	manage	manage	VERB
fbem-1902	25	25	expenses	expense	NOUN
fbem-1902	25	26	/	/	SYM
fbem-1902	25	27	revenue	revenue	NOUN
fbem-1902	25	28	from	from	ADP
fbem-1902	25	29	main	main	ADJ
fbem-1902	25	30	business	business	NOUN
fbem-1902	25	31	inp	inp	PROPN
fbem-1902	25	32	ut	ut	PROPN
fbem-1902	25	33	monitoring	monitor	VERB
fbem-1902	25	34	mechanisms	mechanism	VERB
fbem-1902	25	35	remuneration	remuneration	NOUN
fbem-1902	25	36	of	of	ADP
fbem-1902	25	37	the	the	DET
fbem-1902	25	38	members	member	NOUN
fbem-1902	25	39	of	of	ADP
fbem-1902	25	40	the	the	DET
fbem-1902	25	41	first	first	ADJ
fbem-1902	25	42	three	three	NUM
fbem-1902	25	43	supervisory	supervisory	ADJ
fbem-1902	25	44	boards	board	NOUN
fbem-1902	25	45	natural	natural	ADJ
fbem-1902	25	46	log	log	NOUN
fbem-1902	25	47	of	of	ADP
fbem-1902	25	48	the	the	DET
fbem-1902	25	49	top3	top3	NOUN
fbem-1902	25	50	supervisory	supervisory	ADJ
fbem-1902	25	51	board	board	NOUN
fbem-1902	25	52	members	member	NOUN
fbem-1902	25	53	size	size	NOUN
fbem-1902	25	54	of	of	ADP
fbem-1902	25	55	the	the	DET
fbem-1902	25	56	supervisory	supervisory	ADJ
fbem-1902	25	57	board	board	NOUN
fbem-1902	25	58	supervisory	supervisory	ADJ
fbem-1902	25	59	boards	board	NOUN
fbem-1902	25	60	/	/	SYM
fbem-1902	25	61	minimum	minimum	NOUN
fbem-1902	25	62	standard	standard	ADJ
fbem-1902	25	63	number	number	NOUN
fbem-1902	25	64	of	of	ADP
fbem-1902	25	65	statutory	statutory	ADJ
fbem-1902	25	66	supervisory	supervisory	ADJ
fbem-1902	25	67	boards	board	NOUN
fbem-1902	25	68	ratio	ratio	NOUN
fbem-1902	25	69	of	of	ADP
fbem-1902	25	70	independent	independent	ADJ
fbem-1902	25	71	directors	director	NOUN
fbem-1902	25	72	independent	independent	ADJ
fbem-1902	25	73	directors/	directors/	NUM
fbem-1902	25	74	board	board	NOUN
fbem-1902	25	75	members	member	NOUN
fbem-1902	25	76	shareholding	shareholde	VERB
fbem-1902	25	77	structure	structure	NOUN
fbem-1902	25	78	equity	equity	NOUN
fbem-1902	25	79	balances	balance	NOUN
fbem-1902	25	80	second	second	ADV
fbem-1902	25	81	largest	large	ADJ
fbem-1902	25	82	shareholder	shareholder	NOUN
fbem-1902	25	83	shareholding	shareholding	NOUN
fbem-1902	25	84	ratio	ratio	NOUN
fbem-1902	25	85	/first	/first	PUNCT
fbem-1902	25	86	largest	large	ADJ
fbem-1902	25	87	shareholder	shareholder	NOUN
fbem-1902	25	88	shareholding	shareholding	NOUN
fbem-1902	25	89	ratio	ratio	NOUN
fbem-1902	25	90	equity	equity	NOUN
fbem-1902	25	91	concentration	concentration	NOUN
fbem-1902	25	92	the	the	DET
fbem-1902	25	93	shareholding	shareholding	NOUN
fbem-1902	25	94	ratio	ratio	NOUN
fbem-1902	25	95	of	of	ADP
fbem-1902	25	96	the	the	DET
fbem-1902	25	97	top	top	ADJ
fbem-1902	25	98	shareholder	shareholder	NOUN
fbem-1902	25	99	compensation	compensation	NOUN
fbem-1902	25	100	incentives	incentive	VERB
fbem-1902	25	101	executive	executive	PROPN
fbem-1902	25	102	compensation	compensation	NOUN
fbem-1902	25	103	natural	natural	ADJ
fbem-1902	25	104	log	log	NOUN
fbem-1902	25	105	of	of	ADP
fbem-1902	25	106	the	the	DET
fbem-1902	25	107	top3	top3	NOUN
fbem-1902	25	108	executive	executive	NOUN
fbem-1902	25	109	compensation	compensation	PROPN
fbem-1902	25	110	3	3	PROPN
fbem-1902	25	111	.	.	PUNCT
fbem-1902	25	112	results	result	NOUN
fbem-1902	25	113	3.1	3.1	NUM
fbem-1902	25	114	.	.	PUNCT
fbem-1902	26	1	static	static	ADJ
fbem-1902	26	2	analysis	analysis	NOUN
fbem-1902	26	3	of	of	ADP
fbem-1902	26	4	the	the	DET
fbem-1902	26	5	bcc	bcc	PROPN
fbem-1902	26	6	model	model	NOUN
fbem-1902	26	7	input	input	NOUN
fbem-1902	26	8	-	-	PUNCT
fbem-1902	26	9	output	output	NOUN
fbem-1902	26	10	data	datum	NOUN
fbem-1902	26	11	organized	organize	VERB
fbem-1902	26	12	according	accord	VERB
fbem-1902	26	13	to	to	ADP
fbem-1902	26	14	the	the	DET
fbem-1902	26	15	above	above	ADJ
fbem-1902	26	16	indicators	indicator	NOUN
fbem-1902	26	17	was	be	AUX
fbem-1902	26	18	input	input	VERB
fbem-1902	26	19	into	into	ADP
fbem-1902	26	20	maxdea	maxdea	NOUN
fbem-1902	26	21	.	.	PUNCT
fbem-1902	27	1	the	the	DET
fbem-1902	27	2	output	output	NOUN
fbem-1902	27	3	-	-	PUNCT
fbem-1902	27	4	oriented	orient	VERB
fbem-1902	27	5	bcc	bcc	PROPN
fbem-1902	27	6	model	model	NOUN
fbem-1902	27	7	was	be	AUX
fbem-1902	27	8	used	use	VERB
fbem-1902	27	9	to	to	PART
fbem-1902	27	10	calculate	calculate	VERB
fbem-1902	27	11	relevant	relevant	ADJ
fbem-1902	27	12	values	value	NOUN
fbem-1902	27	13	of	of	ADP
fbem-1902	27	14	776	776	NUM
fbem-1902	27	15	companies	company	NOUN
fbem-1902	27	16	listed	list	VERB
fbem-1902	27	17	in	in	ADP
fbem-1902	27	18	shanghai	shanghai	PROPN
fbem-1902	27	19	stock	stock	PROPN
fbem-1902	27	20	exchange	exchange	PROPN
fbem-1902	27	21	in	in	ADP
fbem-1902	27	22	china	china	PROPN
fbem-1902	27	23	.	.	PUNCT
fbem-1902	28	1	the	the	DET
fbem-1902	28	2	average	average	ADJ
fbem-1902	28	3	efficiency	efficiency	NOUN
fbem-1902	28	4	value	value	NOUN
fbem-1902	28	5	of	of	ADP
fbem-1902	28	6	those	those	DET
fbem-1902	28	7	enterprises	enterprise	NOUN
fbem-1902	28	8	in	in	ADP
fbem-1902	28	9	different	different	ADJ
fbem-1902	28	10	life	life	NOUN
fbem-1902	28	11	stages	stage	NOUN
fbem-1902	28	12	is	be	AUX
fbem-1902	28	13	shown	show	VERB
fbem-1902	28	14	in	in	ADP
fbem-1902	28	15	table	table	NOUN
fbem-1902	28	16	1	1	NUM
fbem-1902	28	17	.	.	PUNCT
fbem-1902	29	1	on	on	ADP
fbem-1902	29	2	the	the	DET
fbem-1902	29	3	whole	whole	NOUN
fbem-1902	29	4	,	,	PUNCT
fbem-1902	29	5	the	the	DET
fbem-1902	29	6	average	average	ADJ
fbem-1902	29	7	comprehensive	comprehensive	ADJ
fbem-1902	29	8	benefit	benefit	NOUN
fbem-1902	29	9	of	of	ADP
fbem-1902	29	10	those	those	DET
fbem-1902	29	11	enterprises	enterprise	NOUN
fbem-1902	29	12	declined	decline	VERB
fbem-1902	29	13	year	year	NOUN
fbem-1902	29	14	by	by	ADP
fbem-1902	29	15	year	year	NOUN
fbem-1902	29	16	,	,	PUNCT
fbem-1902	29	17	so	so	CCONJ
fbem-1902	29	18	it	it	PRON
fbem-1902	29	19	enjoys	enjoy	VERB
fbem-1902	29	20	great	great	ADJ
fbem-1902	29	21	potential	potential	NOUN
fbem-1902	29	22	for	for	ADP
fbem-1902	29	23	growth	growth	NOUN
fbem-1902	29	24	in	in	ADP
fbem-1902	29	25	the	the	DET
fbem-1902	29	26	future	future	NOUN
fbem-1902	29	27	.	.	PUNCT
fbem-1902	30	1	the	the	DET
fbem-1902	30	2	effectiveness	effectiveness	NOUN
fbem-1902	30	3	of	of	ADP
fbem-1902	30	4	dea	dea	PROPN
fbem-1902	30	5	was	be	AUX
fbem-1902	30	6	judged	judge	VERB
fbem-1902	30	7	by	by	ADP
fbem-1902	30	8	measuring	measure	VERB
fbem-1902	30	9	the	the	DET
fbem-1902	30	10	overall	overall	ADJ
fbem-1902	30	11	efficiency	efficiency	NOUN
fbem-1902	30	12	of	of	ADP
fbem-1902	30	13	each	each	DET
fbem-1902	30	14	dum	dum	NOUN
fbem-1902	30	15	.	.	PUNCT
fbem-1902	31	1	it	it	PRON
fbem-1902	31	2	was	be	AUX
fbem-1902	31	3	found	find	VERB
fbem-1902	31	4	that	that	SCONJ
fbem-1902	31	5	effective	effective	ADJ
fbem-1902	31	6	dea	dea	NOUN
fbem-1902	31	7	makes	make	VERB
fbem-1902	31	8	up	up	ADP
fbem-1902	31	9	a	a	DET
fbem-1902	31	10	a	a	DET
fbem-1902	31	11	large	large	ADJ
fbem-1902	31	12	proportion	proportion	NOUN
fbem-1902	31	13	in	in	ADP
fbem-1902	31	14	growing	grow	VERB
fbem-1902	31	15	enterprises	enterprise	NOUN
fbem-1902	31	16	with	with	ADP
fbem-1902	31	17	a	a	DET
fbem-1902	31	18	great	great	ADJ
fbem-1902	31	19	volatility	volatility	NOUN
fbem-1902	31	20	,	,	PUNCT
fbem-1902	31	21	which	which	PRON
fbem-1902	31	22	indicates	indicate	VERB
fbem-1902	31	23	that	that	SCONJ
fbem-1902	31	24	the	the	DET
fbem-1902	31	25	management	management	NOUN
fbem-1902	31	26	of	of	ADP
fbem-1902	31	27	growing	grow	VERB
fbem-1902	31	28	enterprises	enterprise	NOUN
fbem-1902	31	29	maintains	maintain	VERB
fbem-1902	31	30	a	a	DET
fbem-1902	31	31	solid	solid	ADJ
fbem-1902	31	32	development	development	NOUN
fbem-1902	31	33	momentum	momentum	NOUN
fbem-1902	31	34	accompanied	accompany	VERB
fbem-1902	31	35	with	with	ADP
fbem-1902	31	36	a	a	DET
fbem-1902	31	37	large	large	ADJ
fbem-1902	31	38	discrepancy	discrepancy	NOUN
fbem-1902	31	39	in	in	ADP
fbem-1902	31	40	their	their	PRON
fbem-1902	31	41	governance	governance	NOUN
fbem-1902	31	42	changes	change	NOUN
fbem-1902	31	43	,	,	PUNCT
fbem-1902	31	44	whereas	whereas	SCONJ
fbem-1902	31	45	the	the	DET
fbem-1902	31	46	proportion	proportion	NOUN
fbem-1902	31	47	of	of	ADP
fbem-1902	31	48	efficient	efficient	ADJ
fbem-1902	31	49	dea	dea	NOUN
fbem-1902	31	50	in	in	ADP
fbem-1902	31	51	mature	mature	ADJ
fbem-1902	31	52	and	and	CCONJ
fbem-1902	31	53	declining	decline	VERB
fbem-1902	31	54	enterprises	enterprise	NOUN
fbem-1902	31	55	is	be	AUX
fbem-1902	31	56	generally	generally	ADV
fbem-1902	31	57	lower	low	ADJ
fbem-1902	31	58	than	than	ADP
fbem-1902	31	59	the	the	DET
fbem-1902	31	60	average	average	NOUN
fbem-1902	31	61	.	.	PUNCT
fbem-1902	32	1	the	the	DET
fbem-1902	32	2	overall	overall	ADJ
fbem-1902	32	3	efficiency	efficiency	NOUN
fbem-1902	32	4	of	of	ADP
fbem-1902	32	5	all	all	DET
fbem-1902	32	6	the	the	DET
fbem-1902	32	7	three	three	NUM
fbem-1902	32	8	stages	stage	NOUN
fbem-1902	32	9	exhibited	exhibit	VERB
fbem-1902	32	10	a	a	DET
fbem-1902	32	11	similar	similar	ADJ
fbem-1902	32	12	negative	negative	ADJ
fbem-1902	32	13	trend	trend	NOUN
fbem-1902	32	14	from	from	ADP
fbem-1902	32	15	2017	2017	NUM
fbem-1902	32	16	onwards	onward	NOUN
fbem-1902	32	17	,	,	PUNCT
fbem-1902	32	18	demonstrating	demonstrate	VERB
fbem-1902	32	19	its	its	PRON
fbem-1902	32	20	general	general	ADJ
fbem-1902	32	21	decline	decline	NOUN
fbem-1902	32	22	in	in	ADP
fbem-1902	32	23	a	a	DET
fbem-1902	32	24	-	-	PUNCT
fbem-1902	32	25	share	share	NOUN
fbem-1902	32	26	companies	company	NOUN
fbem-1902	32	27	.	.	PUNCT
fbem-1902	33	1	therefore	therefore	ADV
fbem-1902	33	2	,	,	PUNCT
fbem-1902	33	3	it	it	PRON
fbem-1902	33	4	is	be	AUX
fbem-1902	33	5	evident	evident	ADJ
fbem-1902	33	6	that	that	SCONJ
fbem-1902	33	7	the	the	DET
fbem-1902	33	8	overall	overall	ADJ
fbem-1902	33	9	governance	governance	NOUN
fbem-1902	33	10	of	of	ADP
fbem-1902	33	11	listed	list	VERB
fbem-1902	33	12	companies	company	NOUN
fbem-1902	33	13	has	have	AUX
fbem-1902	33	14	not	not	PART
fbem-1902	33	15	been	be	AUX
fbem-1902	33	16	improved	improve	VERB
fbem-1902	33	17	since	since	SCONJ
fbem-1902	33	18	the	the	DET
fbem-1902	33	19	governance	governance	NOUN
fbem-1902	33	20	standards	standard	NOUN
fbem-1902	33	21	for	for	ADP
fbem-1902	33	22	listed	list	VERB
fbem-1902	33	23	companies	company	NOUN
fbem-1902	33	24	was	be	AUX
fbem-1902	33	25	modified	modify	VERB
fbem-1902	33	26	in	in	ADP
fbem-1902	33	27	2018	2018	NUM
fbem-1902	33	28	.	.	PUNCT
fbem-1902	34	1	much	much	ADJ
fbem-1902	34	2	of	of	ADP
fbem-1902	34	3	the	the	DET
fbem-1902	34	4	overall	overall	ADJ
fbem-1902	34	5	efficiency	efficiency	NOUN
fbem-1902	34	6	of	of	ADP
fbem-1902	34	7	growing	grow	VERB
fbem-1902	34	8	enterprises	enterprise	NOUN
fbem-1902	34	9	is	be	AUX
fbem-1902	34	10	attributable	attributable	ADJ
fbem-1902	34	11	to	to	AUX
fbem-1902	34	12	scale	scale	NOUN
fbem-1902	34	13	efficiency	efficiency	NOUN
fbem-1902	34	14	,	,	PUNCT
fbem-1902	34	15	and	and	CCONJ
fbem-1902	34	16	the	the	DET
fbem-1902	34	17	technical	technical	ADJ
fbem-1902	34	18	efficiency	efficiency	NOUN
fbem-1902	34	19	has	have	AUX
fbem-1902	34	20	been	be	AUX
fbem-1902	34	21	maintained	maintain	VERB
fbem-1902	34	22	at	at	ADP
fbem-1902	34	23	approximately	approximately	ADV
fbem-1902	34	24	0.82	0.82	NUM
fbem-1902	34	25	,	,	PUNCT
fbem-1902	34	26	which	which	PRON
fbem-1902	34	27	indicates	indicate	VERB
fbem-1902	34	28	that	that	SCONJ
fbem-1902	34	29	the	the	DET
fbem-1902	34	30	scale	scale	NOUN
fbem-1902	34	31	effect	effect	NOUN
fbem-1902	34	32	in	in	ADP
fbem-1902	34	33	this	this	DET
fbem-1902	34	34	stage	stage	NOUN
fbem-1902	34	35	has	have	VERB
fbem-1902	34	36	a	a	DET
fbem-1902	34	37	significant	significant	ADJ
fbem-1902	34	38	impact	impact	NOUN
fbem-1902	34	39	on	on	ADP
fbem-1902	34	40	efficiency	efficiency	NOUN
fbem-1902	34	41	,	,	PUNCT
fbem-1902	34	42	and	and	CCONJ
fbem-1902	34	43	the	the	DET
fbem-1902	34	44	growing	grow	VERB
fbem-1902	34	45	companies	company	NOUN
fbem-1902	34	46	are	be	AUX
fbem-1902	34	47	able	able	ADJ
fbem-1902	34	48	to	to	PART
fbem-1902	34	49	improve	improve	VERB
fbem-1902	34	50	their	their	PRON
fbem-1902	34	51	governance	governance	NOUN
fbem-1902	34	52	efficiency	efficiency	NOUN
fbem-1902	34	53	through	through	ADP
fbem-1902	34	54	allocation	allocation	NOUN
fbem-1902	34	55	optimization	optimization	NOUN
fbem-1902	34	56	.	.	PUNCT
fbem-1902	35	1	when	when	SCONJ
fbem-1902	35	2	it	it	PRON
fbem-1902	35	3	comes	come	VERB
fbem-1902	35	4	to	to	ADP
fbem-1902	35	5	mature	mature	VERB
fbem-1902	35	6	enterprises	enterprise	NOUN
fbem-1902	35	7	,	,	PUNCT
fbem-1902	35	8	scale	scale	NOUN
fbem-1902	35	9	efficiency	efficiency	NOUN
fbem-1902	35	10	used	use	VERB
fbem-1902	35	11	to	to	PART
fbem-1902	35	12	make	make	VERB
fbem-1902	35	13	the	the	DET
fbem-1902	35	14	largest	large	ADJ
fbem-1902	35	15	contribution	contribution	NOUN
fbem-1902	35	16	to	to	ADP
fbem-1902	35	17	governance	governance	NOUN
fbem-1902	35	18	efficiency	efficiency	NOUN
fbem-1902	35	19	,	,	PUNCT
fbem-1902	35	20	but	but	CCONJ
fbem-1902	35	21	technical	technical	ADJ
fbem-1902	35	22	efficiency	efficiency	NOUN
fbem-1902	35	23	has	have	AUX
fbem-1902	35	24	assumed	assume	VERB
fbem-1902	35	25	a	a	DET
fbem-1902	35	26	more	more	ADV
fbem-1902	35	27	significant	significant	ADJ
fbem-1902	35	28	role	role	NOUN
fbem-1902	35	29	since	since	SCONJ
fbem-1902	35	30	2018	2018	NUM
fbem-1902	35	31	,	,	PUNCT
fbem-1902	35	32	which	which	PRON
fbem-1902	35	33	reveals	reveal	VERB
fbem-1902	35	34	that	that	SCONJ
fbem-1902	35	35	the	the	DET
fbem-1902	35	36	governance	governance	NOUN
fbem-1902	35	37	efficiency	efficiency	NOUN
fbem-1902	35	38	of	of	ADP
fbem-1902	35	39	mature	mature	ADJ
fbem-1902	35	40	enterprises	enterprise	NOUN
fbem-1902	35	41	is	be	AUX
fbem-1902	35	42	now	now	ADV
fbem-1902	35	43	more	more	ADV
fbem-1902	35	44	heavily	heavily	ADV
fbem-1902	35	45	influenced	influence	VERB
fbem-1902	35	46	by	by	ADP
fbem-1902	35	47	technology	technology	NOUN
fbem-1902	35	48	than	than	ADP
fbem-1902	35	49	by	by	ADP
fbem-1902	35	50	scale	scale	NOUN
fbem-1902	35	51	effect	effect	NOUN
fbem-1902	35	52	,	,	PUNCT
fbem-1902	35	53	that	that	ADV
fbem-1902	35	54	is	is	ADV
fbem-1902	35	55	,	,	PUNCT
fbem-1902	35	56	the	the	DET
fbem-1902	35	57	decrease	decrease	NOUN
fbem-1902	35	58	in	in	ADP
fbem-1902	35	59	their	their	PRON
fbem-1902	35	60	comprehensive	comprehensive	ADJ
fbem-1902	35	61	governance	governance	NOUN
fbem-1902	35	62	efficiency	efficiency	NOUN
fbem-1902	35	63	is	be	AUX
fbem-1902	35	64	primarily	primarily	ADV
fbem-1902	35	65	resulted	result	VERB
fbem-1902	35	66	by	by	ADP
fbem-1902	35	67	a	a	DET
fbem-1902	35	68	reduction	reduction	NOUN
fbem-1902	35	69	in	in	ADP
fbem-1902	35	70	their	their	PRON
fbem-1902	35	71	governance	governance	NOUN
fbem-1902	35	72	investment	investment	NOUN
fbem-1902	35	73	scale	scale	NOUN
fbem-1902	35	74	.	.	PUNCT
fbem-1902	36	1	the	the	DET
fbem-1902	36	2	measure	measure	NOUN
fbem-1902	36	3	mean	mean	VERB
fbem-1902	36	4	and	and	CCONJ
fbem-1902	36	5	the	the	DET
fbem-1902	36	6	change	change	NOUN
fbem-1902	36	7	trend	trend	NOUN
fbem-1902	36	8	of	of	ADP
fbem-1902	36	9	declining	decline	VERB
fbem-1902	36	10	enterprises	enterprise	NOUN
fbem-1902	36	11	are	be	AUX
fbem-1902	36	12	close	close	ADJ
fbem-1902	36	13	to	to	ADP
fbem-1902	36	14	those	those	PRON
fbem-1902	36	15	of	of	ADP
fbem-1902	36	16	growing	grow	VERB
fbem-1902	36	17	enterprises	enterprise	NOUN
fbem-1902	36	18	.	.	PUNCT
fbem-1902	37	1	table	table	NOUN
fbem-1902	37	2	2	2	NUM
fbem-1902	37	3	.	.	PUNCT
fbem-1902	37	4	efficiency	efficiency	NOUN
fbem-1902	37	5	scores	score	NOUN
fbem-1902	37	6	for	for	ADP
fbem-1902	37	7	different	different	ADJ
fbem-1902	37	8	life	life	NOUN
fbem-1902	37	9	stages	stage	VERB
fbem-1902	37	10	2012	2012	NUM
fbem-1902	37	11	2013	2013	NUM
fbem-1902	37	12	2014	2014	NUM
fbem-1902	37	13	2015	2015	NUM
fbem-1902	37	14	2016	2016	NUM
fbem-1902	37	15	2017	2017	NUM
fbem-1902	37	16	2018	2018	NUM
fbem-1902	37	17	2019	2019	NUM
fbem-1902	37	18	2020	2020	NUM
fbem-1902	37	19	growing	grow	VERB
fbem-1902	37	20	enterprises	enterprise	NOUN
fbem-1902	37	21	effective	effective	ADJ
fbem-1902	37	22	dea	dea	NOUN
fbem-1902	37	23	proportion	proportion	NOUN
fbem-1902	37	24	5.30	5.30	NUM
fbem-1902	37	25	%	%	NOUN
fbem-1902	37	26	3.40	3.40	NUM
fbem-1902	37	27	%	%	NOUN
fbem-1902	37	28	6.80	6.80	NUM
fbem-1902	37	29	%	%	NOUN
fbem-1902	37	30	1.60	1.60	NUM
fbem-1902	37	31	%	%	NOUN
fbem-1902	37	32	3.30	3.30	NUM
fbem-1902	37	33	%	%	NOUN
fbem-1902	37	34	5.70	5.70	NUM
fbem-1902	37	35	%	%	NOUN
fbem-1902	37	36	1.20	1.20	NUM
fbem-1902	37	37	%	%	NOUN
fbem-1902	37	38	1.70	1.70	NUM
fbem-1902	37	39	%	%	NOUN
fbem-1902	37	40	2.60	2.60	NUM
fbem-1902	37	41	%	%	NOUN
fbem-1902	37	42	overall	overall	ADJ
fbem-1902	37	43	efficiency	efficiency	NOUN
fbem-1902	37	44	0.715	0.715	NOUN
fbem-1902	37	45	0.725	0.725	NUM
fbem-1902	37	46	0.714	0.714	NUM
fbem-1902	37	47	0.698	0.698	NUM
fbem-1902	37	48	0.689	0.689	NUM
fbem-1902	37	49	0.702	0.702	NUM
fbem-1902	37	50	0.660	0.660	NUM
fbem-1902	37	51	0.653	0.653	NUM
fbem-1902	37	52	0.658	0.658	NUM
fbem-1902	37	53	technical	technical	ADJ
fbem-1902	37	54	efficiency	efficiency	NOUN
fbem-1902	37	55	0.815	0.815	NUM
fbem-1902	37	56	0.830	0.830	NUM
fbem-1902	37	57	0.822	0.822	NUM
fbem-1902	37	58	0.803	0.803	NUM
fbem-1902	37	59	0.805	0.805	NUM
fbem-1902	37	60	0.820	0.820	NUM
fbem-1902	37	61	0.810	0.810	NUM
fbem-1902	37	62	0.828	0.828	NUM
fbem-1902	37	63	0.806	0.806	NUM
fbem-1902	37	64	scale	scale	NOUN
fbem-1902	37	65	efficiency	efficiency	NOUN
fbem-1902	37	66	0.878	0.878	NUM
fbem-1902	37	67	0.872	0.872	NUM
fbem-1902	37	68	0.867	0.867	NUM
fbem-1902	37	69	0.870	0.870	NUM
fbem-1902	37	70	0.858	0.858	NUM
fbem-1902	37	71	0.858	0.858	NUM
fbem-1902	37	72	0.817	0.817	NUM
fbem-1902	37	73	0.791	0.791	NUM
fbem-1902	37	74	0.820	0.820	NUM
fbem-1902	37	75	mature	mature	ADJ
fbem-1902	37	76	enterprises	enterprise	NOUN
fbem-1902	37	77	effective	effective	ADJ
fbem-1902	37	78	dea	dea	NOUN
fbem-1902	37	79	proportion	proportion	NOUN
fbem-1902	37	80	4.00	4.00	NUM
fbem-1902	37	81	%	%	NOUN
fbem-1902	37	82	2.70	2.70	NUM
fbem-1902	37	83	%	%	NOUN
fbem-1902	37	84	3.20	3.20	NUM
fbem-1902	37	85	%	%	NOUN
fbem-1902	37	86	2.90	2.90	NUM
fbem-1902	37	87	%	%	NOUN
fbem-1902	37	88	3.70	3.70	NUM
fbem-1902	37	89	%	%	NOUN
fbem-1902	37	90	1.20	1.20	NUM
fbem-1902	37	91	%	%	NOUN
fbem-1902	37	92	1.50	1.50	NUM
fbem-1902	37	93	%	%	NOUN
fbem-1902	37	94	2.90	2.90	NUM
fbem-1902	37	95	%	%	NOUN
fbem-1902	37	96	1.50	1.50	NUM
fbem-1902	37	97	%	%	NOUN
fbem-1902	37	98	overall	overall	ADJ
fbem-1902	37	99	efficiency	efficiency	NOUN
fbem-1902	37	100	0.725	0.725	NUM
fbem-1902	37	101	0.717	0.717	NUM
fbem-1902	37	102	0.724	0.724	NUM
fbem-1902	37	103	0.707	0.707	NUM
fbem-1902	37	104	0.702	0.702	NUM
fbem-1902	37	105	0.687	0.687	NUM
fbem-1902	37	106	0.686	0.686	NUM
fbem-1902	37	107	0.679	0.679	NUM
fbem-1902	37	108	0.680	0.680	NUM
fbem-1902	37	109	technical	technical	ADJ
fbem-1902	37	110	efficiency	efficiency	NOUN
fbem-1902	37	111	0.841	0.841	NUM
fbem-1902	37	112	0.828	0.828	NUM
fbem-1902	37	113	0.823	0.823	NUM
fbem-1902	37	114	0.812	0.812	NUM
fbem-1902	37	115	0.805	0.805	NUM
fbem-1902	37	116	0.810	0.810	NUM
fbem-1902	37	117	0.840	0.840	NUM
fbem-1902	37	118	0.837	0.837	NUM
fbem-1902	37	119	0.832	0.832	NUM
fbem-1902	37	120	scale	scale	NOUN
fbem-1902	37	121	efficiency	efficiency	NOUN
fbem-1902	37	122	0.862	0.862	NUM
fbem-1902	37	123	0.866	0.866	NUM
fbem-1902	37	124	0.879	0.879	NUM
fbem-1902	37	125	0.871	0.871	NUM
fbem-1902	37	126	0.873	0.873	NUM
fbem-1902	37	127	0.849	0.849	NUM
fbem-1902	37	128	0.819	0.819	NUM
fbem-1902	37	129	0.813	0.813	NUM
fbem-1902	37	130	0.820	0.820	NUM
fbem-1902	37	131	declining	decline	VERB
fbem-1902	37	132	enterprises	enterprise	NOUN
fbem-1902	37	133	effective	effective	ADJ
fbem-1902	37	134	dea	dea	NOUN
fbem-1902	37	135	proportion	proportion	NOUN
fbem-1902	37	136	2.30	2.30	NUM
fbem-1902	37	137	%	%	NOUN
fbem-1902	37	138	2.90	2.90	NUM
fbem-1902	37	139	%	%	NOUN
fbem-1902	37	140	3.00	3.00	NUM
fbem-1902	37	141	%	%	NOUN
fbem-1902	37	142	3.80	3.80	NUM
fbem-1902	37	143	%	%	NOUN
fbem-1902	37	144	2.70	2.70	NUM
fbem-1902	37	145	%	%	NOUN
fbem-1902	37	146	2.60	2.60	NUM
fbem-1902	37	147	%	%	NOUN
fbem-1902	37	148	1.40	1.40	NUM
fbem-1902	37	149	%	%	NOUN
fbem-1902	37	150	1.30	1.30	NUM
fbem-1902	37	151	%	%	NOUN
fbem-1902	37	152	1.10	1.10	NUM
fbem-1902	37	153	%	%	NOUN
fbem-1902	37	154	overall	overall	ADJ
fbem-1902	37	155	efficiency	efficiency	NOUN
fbem-1902	37	156	0.724	0.724	NUM
fbem-1902	37	157	0.718	0.718	NUM
fbem-1902	37	158	0.721	0.721	NUM
fbem-1902	37	159	0.701	0.701	NUM
fbem-1902	37	160	0.689	0.689	NUM
fbem-1902	37	161	0.693	0.693	NUM
fbem-1902	37	162	0.684	0.684	NUM
fbem-1902	37	163	0.683	0.683	NUM
fbem-1902	37	164	0.682	0.682	NUM
fbem-1902	37	165	technical	technical	ADJ
fbem-1902	37	166	efficiency	efficiency	NOUN
fbem-1902	37	167	0.831	0.831	NUM
fbem-1902	37	168	0.828	0.828	NUM
fbem-1902	37	169	0.825	0.825	NUM
fbem-1902	37	170	0.796	0.796	NUM
fbem-1902	37	171	0.809	0.809	NUM
fbem-1902	37	172	0.815	0.815	NUM
fbem-1902	37	173	0.831	0.831	NUM
fbem-1902	37	174	0.824	0.824	NUM
fbem-1902	37	175	0.840	0.840	NUM
fbem-1902	37	176	scale	scale	NOUN
fbem-1902	37	177	efficiency	efficiency	NOUN
fbem-1902	37	178	0.870	0.870	NUM
fbem-1902	37	179	0.867	0.867	NUM
fbem-1902	37	180	0.874	0.874	NUM
fbem-1902	37	181	0.882	0.882	NUM
fbem-1902	37	182	0.853	0.853	NUM
fbem-1902	37	183	0.851	0.851	NUM
fbem-1902	37	184	0.825	0.825	NUM
fbem-1902	37	185	0.831	0.831	NUM
fbem-1902	37	186	0.815	0.815	NUM
fbem-1902	37	187	mean	mean	VERB
fbem-1902	37	188	effective	effective	ADJ
fbem-1902	37	189	dea	dea	NOUN
fbem-1902	37	190	proportion	proportion	NOUN
fbem-1902	37	191	3.48	3.48	NUM
fbem-1902	37	192	%	%	NOUN
fbem-1902	37	193	2.96	2.96	NUM
fbem-1902	37	194	%	%	NOUN
fbem-1902	37	195	3.87	3.87	NUM
fbem-1902	37	196	%	%	NOUN
fbem-1902	37	197	2.84	2.84	NUM
fbem-1902	37	198	%	%	NOUN
fbem-1902	37	199	3.22	3.22	NUM
fbem-1902	37	200	%	%	NOUN
fbem-1902	37	201	2.32	2.32	NUM
fbem-1902	37	202	%	%	NOUN
fbem-1902	37	203	1.42	1.42	NUM
fbem-1902	37	204	%	%	NOUN
fbem-1902	37	205	2.06	2.06	NUM
fbem-1902	37	206	%	%	NOUN
fbem-1902	37	207	1.68	1.68	NUM
fbem-1902	37	208	%	%	NOUN
fbem-1902	37	209	overall	overall	ADJ
fbem-1902	37	210	efficiency	efficiency	NOUN
fbem-1902	37	211	0.724	0.724	NUM
fbem-1902	37	212	0.720	0.720	NUM
fbem-1902	37	213	0.721	0.721	NUM
fbem-1902	37	214	0.704	0.704	NUM
fbem-1902	37	215	0.695	0.695	NUM
fbem-1902	37	216	0.691	0.691	NUM
fbem-1902	38	1	0.682	0.682	NUM
fbem-1902	38	2	0.677	0.677	NUM
fbem-1902	38	3	0.676	0.676	NUM
fbem-1902	38	4	technical	technical	ADJ
fbem-1902	38	5	efficiency	efficiency	NOUN
fbem-1902	38	6	0.834	0.834	NUM
fbem-1902	38	7	0.829	0.829	NUM
fbem-1902	38	8	0.824	0.824	NUM
fbem-1902	38	9	0.805	0.805	NUM
fbem-1902	38	10	0.807	0.807	NUM
fbem-1902	38	11	0.813	0.813	NUM
fbem-1902	38	12	0.833	0.833	NUM
fbem-1902	38	13	0.830	0.830	NUM
fbem-1902	38	14	0.827	0.827	NUM
fbem-1902	38	15	scale	scale	NOUN
fbem-1902	38	16	efficiency	efficiency	NOUN
fbem-1902	38	17	0.867	0.867	NUM
fbem-1902	38	18	0.868	0.868	NUM
fbem-1902	38	19	0.875	0.875	NUM
fbem-1902	38	20	0.874	0.874	NUM
fbem-1902	38	21	0.863	0.863	NUM
fbem-1902	38	22	0.851	0.851	NUM
fbem-1902	38	23	0.821	0.821	NUM
fbem-1902	38	24	0.817	0.817	NUM
fbem-1902	38	25	0.819	0.819	NUM
fbem-1902	38	26	3.2	3.2	NUM
fbem-1902	38	27	.	.	PUNCT
fbem-1902	39	1	dynamic	dynamic	ADJ
fbem-1902	39	2	analysis	analysis	NOUN
fbem-1902	39	3	of	of	ADP
fbem-1902	39	4	dea	dea	PROPN
fbem-1902	39	5	-	-	PUNCT
fbem-1902	39	6	malmquist	malmquist	PROPN
fbem-1902	39	7	index	index	NOUN
fbem-1902	39	8	malmquist	malmquist	NOUN
fbem-1902	39	9	index	index	NOUN
fbem-1902	39	10	is	be	AUX
fbem-1902	39	11	helpful	helpful	ADJ
fbem-1902	39	12	to	to	PART
fbem-1902	39	13	analyze	analyze	VERB
fbem-1902	39	14	how	how	SCONJ
fbem-1902	39	15	corporate	corporate	ADJ
fbem-1902	39	16	governance	governance	NOUN
fbem-1902	39	17	efficiency	efficiency	NOUN
fbem-1902	39	18	changes	change	NOUN
fbem-1902	39	19	over	over	ADP
fbem-1902	39	20	time	time	NOUN
fbem-1902	39	21	.	.	PUNCT
fbem-1902	40	1	the	the	DET
fbem-1902	40	2	results	result	NOUN
fbem-1902	40	3	and	and	CCONJ
fbem-1902	40	4	decomposition	decomposition	NOUN
fbem-1902	40	5	of	of	ADP
fbem-1902	40	6	malmquist	malmquist	NOUN
fbem-1902	40	7	index	index	NOUN
fbem-1902	40	8	calculated	calculate	VERB
fbem-1902	40	9	in	in	ADP
fbem-1902	40	10	accordance	accordance	NOUN
fbem-1902	40	11	with	with	ADP
fbem-1902	40	12	the	the	DET
fbem-1902	40	13	technical	technical	ADJ
fbem-1902	40	14	conditions	condition	NOUN
fbem-1902	40	15	in	in	ADP
fbem-1902	40	16	2012	2012	NUM
fbem-1902	40	17	is	be	AUX
fbem-1902	40	18	displayed	display	VERB
fbem-1902	40	19	in	in	ADP
fbem-1902	40	20	table	table	NOUN
fbem-1902	40	21	3	3	NUM
fbem-1902	40	22	,	,	PUNCT
fbem-1902	40	23	demonstrating	demonstrate	VERB
fbem-1902	40	24	the	the	DET
fbem-1902	40	25	dynamic	dynamic	ADJ
fbem-1902	40	26	change	change	NOUN
fbem-1902	40	27	of	of	ADP
fbem-1902	40	28	the	the	DET
fbem-1902	40	29	overall	overall	ADJ
fbem-1902	40	30	governance	governance	NOUN
fbem-1902	40	31	efficiency	efficiency	NOUN
fbem-1902	40	32	of	of	ADP
fbem-1902	40	33	listed	list	VERB
fbem-1902	40	34	companies	company	NOUN
fbem-1902	40	35	.	.	PUNCT
fbem-1902	41	1	from	from	ADP
fbem-1902	41	2	the	the	DET
fbem-1902	41	3	perspective	perspective	NOUN
fbem-1902	41	4	of	of	ADP
fbem-1902	41	5	vertical	vertical	ADJ
fbem-1902	41	6	time	time	NOUN
fbem-1902	41	7	,	,	PUNCT
fbem-1902	41	8	the	the	DET
fbem-1902	41	9	total	total	ADJ
fbem-1902	41	10	factor	factor	NOUN
fbem-1902	41	11	productivity	productivity	NOUN
fbem-1902	41	12	of	of	ADP
fbem-1902	41	13	the	the	DET
fbem-1902	41	14	governance	governance	NOUN
fbem-1902	41	15	44	44	NUM
fbem-1902	41	16	of	of	ADP
fbem-1902	41	17	a	a	DET
fbem-1902	41	18	-	-	PUNCT
fbem-1902	41	19	share	share	NOUN
fbem-1902	41	20	companies	company	NOUN
fbem-1902	41	21	underwent	undergo	VERB
fbem-1902	41	22	a	a	DET
fbem-1902	41	23	fluctuation	fluctuation	NOUN
fbem-1902	41	24	process	process	NOUN
fbem-1902	41	25	from	from	ADP
fbem-1902	41	26	a	a	DET
fbem-1902	41	27	rise	rise	NOUN
fbem-1902	41	28	to	to	ADP
fbem-1902	41	29	a	a	DET
fbem-1902	41	30	decline	decline	NOUN
fbem-1902	41	31	and	and	CCONJ
fbem-1902	41	32	then	then	ADV
fbem-1902	41	33	to	to	ADP
fbem-1902	41	34	an	an	DET
fbem-1902	41	35	upswing	upswing	NOUN
fbem-1902	41	36	between	between	ADP
fbem-1902	41	37	2012	2012	NUM
fbem-1902	41	38	and	and	CCONJ
fbem-1902	41	39	2020	2020	NUM
fbem-1902	41	40	,	,	PUNCT
fbem-1902	41	41	so	so	CCONJ
fbem-1902	41	42	governance	governance	NOUN
fbem-1902	41	43	efficiency	efficiency	NOUN
fbem-1902	41	44	did	do	AUX
fbem-1902	41	45	not	not	PART
fbem-1902	41	46	show	show	VERB
fbem-1902	41	47	an	an	DET
fbem-1902	41	48	obvious	obvious	ADJ
fbem-1902	41	49	growth	growth	NOUN
fbem-1902	41	50	trend	trend	NOUN
fbem-1902	41	51	,	,	PUNCT
fbem-1902	41	52	and	and	CCONJ
fbem-1902	41	53	only	only	ADV
fbem-1902	41	54	the	the	DET
fbem-1902	41	55	total	total	ADJ
fbem-1902	41	56	factor	factor	NOUN
fbem-1902	41	57	productivity	productivity	NOUN
fbem-1902	41	58	from	from	ADP
fbem-1902	41	59	2019	2019	NUM
fbem-1902	41	60	to	to	ADP
fbem-1902	41	61	2020	2020	NUM
fbem-1902	41	62	was	be	AUX
fbem-1902	41	63	greater	great	ADJ
fbem-1902	41	64	than	than	ADP
fbem-1902	41	65	1	1	NUM
fbem-1902	41	66	,	,	PUNCT
fbem-1902	41	67	which	which	PRON
fbem-1902	41	68	indicated	indicate	VERB
fbem-1902	41	69	that	that	SCONJ
fbem-1902	41	70	the	the	DET
fbem-1902	41	71	overall	overall	ADJ
fbem-1902	41	72	governance	governance	NOUN
fbem-1902	41	73	efficiency	efficiency	NOUN
fbem-1902	41	74	is	be	AUX
fbem-1902	41	75	declining	decline	VERB
fbem-1902	41	76	,	,	PUNCT
fbem-1902	41	77	and	and	CCONJ
fbem-1902	41	78	its	its	PRON
fbem-1902	41	79	increase	increase	NOUN
fbem-1902	41	80	between	between	ADP
fbem-1902	41	81	2019	2019	NUM
fbem-1902	41	82	and	and	CCONJ
fbem-1902	41	83	2020	2020	NUM
fbem-1902	41	84	was	be	AUX
fbem-1902	41	85	owing	owe	VERB
fbem-1902	41	86	to	to	ADP
fbem-1902	41	87	the	the	DET
fbem-1902	41	88	improvement	improvement	NOUN
fbem-1902	41	89	of	of	ADP
fbem-1902	41	90	pure	pure	ADJ
fbem-1902	41	91	technical	technical	ADJ
fbem-1902	41	92	efficiency	efficiency	NOUN
fbem-1902	41	93	.	.	PUNCT
fbem-1902	42	1	on	on	ADP
fbem-1902	42	2	the	the	DET
fbem-1902	42	3	whole	whole	NOUN
fbem-1902	42	4	,	,	PUNCT
fbem-1902	42	5	the	the	DET
fbem-1902	42	6	total	total	ADJ
fbem-1902	42	7	factor	factor	NOUN
fbem-1902	42	8	productivity	productivity	NOUN
fbem-1902	42	9	decreased	decrease	VERB
fbem-1902	42	10	by	by	ADP
fbem-1902	42	11	0.6	0.6	NUM
fbem-1902	42	12	percent	percent	NOUN
fbem-1902	42	13	from	from	ADP
fbem-1902	42	14	2012	2012	NUM
fbem-1902	42	15	to	to	ADP
fbem-1902	42	16	2020	2020	NUM
fbem-1902	42	17	,	,	PUNCT
fbem-1902	42	18	and	and	CCONJ
fbem-1902	42	19	the	the	DET
fbem-1902	42	20	governance	governance	NOUN
fbem-1902	42	21	efficiency	efficiency	NOUN
fbem-1902	42	22	brought	bring	VERB
fbem-1902	42	23	by	by	ADP
fbem-1902	42	24	technical	technical	ADJ
fbem-1902	42	25	advancement	advancement	NOUN
fbem-1902	42	26	remained	remain	VERB
fbem-1902	42	27	declining	decline	VERB
fbem-1902	42	28	although	although	SCONJ
fbem-1902	42	29	technical	technical	ADJ
fbem-1902	42	30	efficiency	efficiency	NOUN
fbem-1902	42	31	had	have	AUX
fbem-1902	42	32	increased	increase	VERB
fbem-1902	42	33	by	by	ADP
fbem-1902	42	34	2.5	2.5	NUM
fbem-1902	42	35	percent	percent	NOUN
fbem-1902	42	36	,	,	PUNCT
fbem-1902	42	37	which	which	PRON
fbem-1902	42	38	demonstrated	demonstrate	VERB
fbem-1902	42	39	that	that	SCONJ
fbem-1902	42	40	the	the	DET
fbem-1902	42	41	relevant	relevant	ADJ
fbem-1902	42	42	system	system	NOUN
fbem-1902	42	43	and	and	CCONJ
fbem-1902	42	44	management	management	NOUN
fbem-1902	42	45	technologies	technology	NOUN
fbem-1902	42	46	were	be	AUX
fbem-1902	42	47	still	still	ADV
fbem-1902	42	48	somewhat	somewhat	ADV
fbem-1902	42	49	outdated	outdated	ADJ
fbem-1902	42	50	despite	despite	SCONJ
fbem-1902	42	51	the	the	DET
fbem-1902	42	52	fact	fact	NOUN
fbem-1902	42	53	that	that	SCONJ
fbem-1902	42	54	the	the	DET
fbem-1902	42	55	governance	governance	NOUN
fbem-1902	42	56	efficiency	efficiency	NOUN
fbem-1902	42	57	had	have	AUX
fbem-1902	42	58	been	be	AUX
fbem-1902	42	59	improved	improve	VERB
fbem-1902	42	60	through	through	ADP
fbem-1902	42	61	resource	resource	NOUN
fbem-1902	42	62	integration	integration	NOUN
fbem-1902	42	63	.	.	PUNCT
fbem-1902	43	1	among	among	ADP
fbem-1902	43	2	other	other	ADJ
fbem-1902	43	3	decomposition	decomposition	NOUN
fbem-1902	43	4	indicators	indicator	NOUN
fbem-1902	43	5	,	,	PUNCT
fbem-1902	43	6	the	the	DET
fbem-1902	43	7	fluctuation	fluctuation	NOUN
fbem-1902	43	8	trend	trend	NOUN
fbem-1902	43	9	of	of	ADP
fbem-1902	43	10	technical	technical	ADJ
fbem-1902	43	11	efficiency	efficiency	NOUN
fbem-1902	43	12	was	be	AUX
fbem-1902	43	13	close	close	ADJ
fbem-1902	43	14	to	to	ADP
fbem-1902	43	15	that	that	PRON
fbem-1902	43	16	of	of	ADP
fbem-1902	43	17	total	total	ADJ
fbem-1902	43	18	factor	factor	NOUN
fbem-1902	43	19	productivity	productivity	NOUN
fbem-1902	43	20	.	.	PUNCT
fbem-1902	44	1	the	the	DET
fbem-1902	44	2	period	period	NOUN
fbem-1902	44	3	from	from	ADP
fbem-1902	44	4	2014	2014	NUM
fbem-1902	44	5	to	to	ADP
fbem-1902	44	6	2018	2018	NUM
fbem-1902	44	7	did	do	AUX
fbem-1902	44	8	not	not	PART
fbem-1902	44	9	witness	witness	VERB
fbem-1902	44	10	an	an	DET
fbem-1902	44	11	increase	increase	NOUN
fbem-1902	44	12	in	in	ADP
fbem-1902	44	13	technical	technical	ADJ
fbem-1902	44	14	efficiency	efficiency	NOUN
fbem-1902	44	15	but	but	CCONJ
fbem-1902	44	16	saw	see	VERB
fbem-1902	44	17	a	a	DET
fbem-1902	44	18	continuous	continuous	ADJ
fbem-1902	44	19	rise	rise	NOUN
fbem-1902	44	20	in	in	ADP
fbem-1902	44	21	total	total	ADJ
fbem-1902	44	22	factor	factor	NOUN
fbem-1902	44	23	productivity	productivity	NOUN
fbem-1902	44	24	,	,	PUNCT
fbem-1902	44	25	which	which	PRON
fbem-1902	44	26	indicated	indicate	VERB
fbem-1902	44	27	that	that	SCONJ
fbem-1902	44	28	the	the	DET
fbem-1902	44	29	improvement	improvement	NOUN
fbem-1902	44	30	of	of	ADP
fbem-1902	44	31	corporate	corporate	ADJ
fbem-1902	44	32	governance	governance	NOUN
fbem-1902	44	33	efficiency	efficiency	NOUN
fbem-1902	44	34	during	during	ADP
fbem-1902	44	35	this	this	DET
fbem-1902	44	36	period	period	NOUN
fbem-1902	44	37	was	be	AUX
fbem-1902	44	38	mainly	mainly	ADV
fbem-1902	44	39	resulted	result	VERB
fbem-1902	44	40	by	by	ADP
fbem-1902	44	41	technical	technical	ADJ
fbem-1902	44	42	changes	change	NOUN
fbem-1902	44	43	.	.	PUNCT
fbem-1902	45	1	that	that	PRON
fbem-1902	45	2	is	be	AUX
fbem-1902	45	3	,	,	PUNCT
fbem-1902	45	4	more	more	ADJ
fbem-1902	45	5	attention	attention	NOUN
fbem-1902	45	6	were	be	AUX
fbem-1902	45	7	paid	pay	VERB
fbem-1902	45	8	to	to	ADP
fbem-1902	45	9	the	the	DET
fbem-1902	45	10	functions	function	NOUN
fbem-1902	45	11	of	of	ADP
fbem-1902	45	12	the	the	DET
fbem-1902	45	13	supervision	supervision	NOUN
fbem-1902	45	14	mechanism	mechanism	NOUN
fbem-1902	45	15	and	and	CCONJ
fbem-1902	45	16	management	management	NOUN
fbem-1902	45	17	technologies	technology	NOUN
fbem-1902	45	18	in	in	ADP
fbem-1902	45	19	corporate	corporate	ADJ
fbem-1902	45	20	governance	governance	NOUN
fbem-1902	45	21	.	.	PUNCT
fbem-1902	46	1	in	in	ADP
fbem-1902	46	2	contrast	contrast	NOUN
fbem-1902	46	3	,	,	PUNCT
fbem-1902	46	4	the	the	DET
fbem-1902	46	5	index	index	NOUN
fbem-1902	46	6	of	of	ADP
fbem-1902	46	7	technical	technical	ADJ
fbem-1902	46	8	changes	change	NOUN
fbem-1902	46	9	remained	remain	VERB
fbem-1902	46	10	less	less	ADJ
fbem-1902	46	11	than	than	ADP
fbem-1902	46	12	1	1	NUM
fbem-1902	46	13	between	between	ADP
fbem-1902	46	14	2018	2018	NUM
fbem-1902	46	15	and	and	CCONJ
fbem-1902	46	16	2020	2020	NUM
fbem-1902	46	17	while	while	SCONJ
fbem-1902	46	18	the	the	DET
fbem-1902	46	19	growth	growth	NOUN
fbem-1902	46	20	rate	rate	NOUN
fbem-1902	46	21	of	of	ADP
fbem-1902	46	22	total	total	ADJ
fbem-1902	46	23	factor	factor	NOUN
fbem-1902	46	24	productivity	productivity	NOUN
fbem-1902	46	25	increased	increase	VERB
fbem-1902	46	26	from	from	ADP
fbem-1902	46	27	-0.8	-0.8	ADJ
fbem-1902	46	28	%	%	NOUN
fbem-1902	46	29	to	to	PART
fbem-1902	46	30	0.2	0.2	NUM
fbem-1902	46	31	%	%	NOUN
fbem-1902	46	32	as	as	ADP
fbem-1902	46	33	a	a	DET
fbem-1902	46	34	result	result	NOUN
fbem-1902	46	35	of	of	ADP
fbem-1902	46	36	technical	technical	ADJ
fbem-1902	46	37	efficiency	efficiency	NOUN
fbem-1902	46	38	improvement	improvement	NOUN
fbem-1902	46	39	,	,	PUNCT
fbem-1902	46	40	which	which	PRON
fbem-1902	46	41	was	be	AUX
fbem-1902	46	42	bound	bind	VERB
fbem-1902	46	43	up	up	ADP
fbem-1902	46	44	with	with	ADP
fbem-1902	46	45	the	the	DET
fbem-1902	46	46	growing	grow	VERB
fbem-1902	46	47	governance	governance	NOUN
fbem-1902	46	48	awareness	awareness	NOUN
fbem-1902	46	49	and	and	CCONJ
fbem-1902	46	50	relevant	relevant	ADJ
fbem-1902	46	51	concepts	concept	NOUN
fbem-1902	46	52	in	in	ADP
fbem-1902	46	53	china	china	PROPN
fbem-1902	46	54	after	after	ADP
fbem-1902	46	55	the	the	DET
fbem-1902	46	56	revision	revision	NOUN
fbem-1902	46	57	of	of	ADP
fbem-1902	46	58	the	the	DET
fbem-1902	46	59	governance	governance	NOUN
fbem-1902	46	60	standards	standard	NOUN
fbem-1902	46	61	for	for	ADP
fbem-1902	46	62	listed	list	VERB
fbem-1902	46	63	companies	company	NOUN
fbem-1902	46	64	.	.	PUNCT
fbem-1902	47	1	table	table	NOUN
fbem-1902	47	2	3	3	NUM
fbem-1902	47	3	.	.	PUNCT
fbem-1902	47	4	malmquist	malmquist	PROPN
fbem-1902	47	5	index	index	NOUN
fbem-1902	47	6	summary	summary	NOUN
fbem-1902	47	7	of	of	ADP
fbem-1902	47	8	annual	annual	ADJ
fbem-1902	47	9	means	mean	NOUN
fbem-1902	47	10	year	year	NOUN
fbem-1902	47	11	effch	effch	NOUN
fbem-1902	48	1	[	[	X
fbem-1902	49	1	a	a	DET
fbem-1902	49	2	=	=	NOUN
fbem-1902	49	3	c*d	c*d	NOUN
fbem-1902	49	4	]	]	X
fbem-1902	49	5	techch	techch	NOUN
fbem-1902	49	6	[	[	X
fbem-1902	49	7	b	b	X
fbem-1902	49	8	]	]	X
fbem-1902	49	9	pech	pech	NOUN
fbem-1902	50	1	[	[	X
fbem-1902	50	2	c	c	X
fbem-1902	50	3	]	]	X
fbem-1902	50	4	sech	sech	NOUN
fbem-1902	50	5	[	[	X
fbem-1902	50	6	d	d	X
fbem-1902	50	7	]	]	X
fbem-1902	50	8	tfpch	tfpch	X
fbem-1902	51	1	[	[	X
fbem-1902	51	2	e	e	NOUN
fbem-1902	51	3	=	=	NOUN
fbem-1902	51	4	a*b	a*b	ADJ
fbem-1902	51	5	]	]	PUNCT
fbem-1902	51	6	2012	2012	NUM
fbem-1902	51	7	-	-	SYM
fbem-1902	51	8	2013	2013	NUM
fbem-1902	51	9	1.121	1.121	NUM
fbem-1902	51	10	0.884	0.884	NUM
fbem-1902	51	11	1.129	1.129	NUM
fbem-1902	51	12	0.993	0.993	NUM
fbem-1902	51	13	0.991	0.991	NUM
fbem-1902	51	14	2013	2013	NUM
fbem-1902	51	15	-	-	SYM
fbem-1902	51	16	2014	2014	NUM
fbem-1902	51	17	1.095	1.095	NUM
fbem-1902	51	18	0.913	0.913	NUM
fbem-1902	51	19	1.131	1.131	NUM
fbem-1902	51	20	0.968	0.968	NUM
fbem-1902	51	21	0.999	0.999	NUM
fbem-1902	51	22	2014	2014	NUM
fbem-1902	51	23	-	-	SYM
fbem-1902	51	24	2015	2015	NUM
fbem-1902	51	25	0.99	0.99	NUM
fbem-1902	51	26	0.995	0.995	NUM
fbem-1902	51	27	1.002	1.002	NUM
fbem-1902	51	28	0.988	0.988	NUM
fbem-1902	51	29	0.985	0.985	NUM
fbem-1902	51	30	2015	2015	NUM
fbem-1902	51	31	-	-	SYM
fbem-1902	51	32	2016	2016	NUM
fbem-1902	51	33	0.975	0.975	NUM
fbem-1902	51	34	1.022	1.022	NUM
fbem-1902	51	35	0.985	0.985	NUM
fbem-1902	51	36	0.99	0.99	NUM
fbem-1902	51	37	0.996	0.996	NUM
fbem-1902	51	38	2016	2016	NUM
fbem-1902	51	39	-	-	SYM
fbem-1902	51	40	2017	2017	NUM
fbem-1902	51	41	1	1	NUM
fbem-1902	51	42	0.995	0.995	NUM
fbem-1902	51	43	0.972	0.972	NUM
fbem-1902	51	44	1.028	1.028	NUM
fbem-1902	51	45	0.995	0.995	NUM
fbem-1902	51	46	2017	2017	NUM
fbem-1902	51	47	-	-	SYM
fbem-1902	51	48	2018	2018	NUM
fbem-1902	52	1	0.997	0.997	NUM
fbem-1902	52	2	0.993	0.993	NUM
fbem-1902	52	3	1.02	1.02	NUM
fbem-1902	52	4	0.977	0.977	NUM
fbem-1902	52	5	0.99	0.99	NUM
fbem-1902	52	6	2018	2018	NUM
fbem-1902	52	7	-	-	SYM
fbem-1902	52	8	2019	2019	NUM
fbem-1902	52	9	1.021	1.021	NUM
fbem-1902	52	10	0.972	0.972	NUM
fbem-1902	52	11	1.016	1.016	NUM
fbem-1902	52	12	1.005	1.005	NUM
fbem-1902	52	13	0.992	0.992	NUM
fbem-1902	52	14	2019	2019	NUM
fbem-1902	52	15	-	-	SYM
fbem-1902	52	16	2020	2020	NUM
fbem-1902	52	17	1.009	1.009	NUM
fbem-1902	52	18	0.993	0.993	NUM
fbem-1902	52	19	1.021	1.021	NUM
fbem-1902	52	20	0.988	0.988	NUM
fbem-1902	52	21	1.002	1.002	NUM
fbem-1902	52	22	mean	mean	NOUN
fbem-1902	52	23	1.025	1.025	NUM
fbem-1902	52	24	0.97	0.97	NUM
fbem-1902	52	25	1.033	1.033	NUM
fbem-1902	52	26	0.992	0.992	NUM
fbem-1902	52	27	0.994	0.994	NUM
fbem-1902	52	28	the	the	DET
fbem-1902	52	29	decomposition	decomposition	NOUN
fbem-1902	52	30	of	of	ADP
fbem-1902	52	31	malmquist	malmquist	ADJ
fbem-1902	52	32	index	index	NOUN
fbem-1902	52	33	of	of	ADP
fbem-1902	52	34	different	different	ADJ
fbem-1902	52	35	life	life	NOUN
fbem-1902	52	36	cycles	cycle	NOUN
fbem-1902	52	37	exhibited	exhibit	VERB
fbem-1902	52	38	in	in	ADP
fbem-1902	52	39	table	table	NOUN
fbem-1902	52	40	4	4	NUM
fbem-1902	52	41	shows	show	VERB
fbem-1902	52	42	how	how	SCONJ
fbem-1902	52	43	corporate	corporate	ADJ
fbem-1902	52	44	governance	governance	NOUN
fbem-1902	52	45	efficiency	efficiency	NOUN
fbem-1902	52	46	changes	change	NOUN
fbem-1902	52	47	and	and	CCONJ
fbem-1902	52	48	decomposes	decompose	NOUN
fbem-1902	52	49	in	in	ADP
fbem-1902	52	50	each	each	DET
fbem-1902	52	51	stage	stage	NOUN
fbem-1902	52	52	.	.	PUNCT
fbem-1902	53	1	according	accord	VERB
fbem-1902	53	2	to	to	ADP
fbem-1902	53	3	the	the	DET
fbem-1902	53	4	table	table	NOUN
fbem-1902	53	5	,	,	PUNCT
fbem-1902	53	6	the	the	DET
fbem-1902	53	7	total	total	ADJ
fbem-1902	53	8	factor	factor	NOUN
fbem-1902	53	9	productivity	productivity	NOUN
fbem-1902	53	10	increased	increase	VERB
fbem-1902	53	11	progressively	progressively	ADV
fbem-1902	53	12	from	from	ADP
fbem-1902	53	13	the	the	DET
fbem-1902	53	14	growth	growth	NOUN
fbem-1902	53	15	stage	stage	NOUN
fbem-1902	53	16	to	to	ADP
fbem-1902	53	17	the	the	DET
fbem-1902	53	18	mature	mature	ADJ
fbem-1902	53	19	phase	phase	NOUN
fbem-1902	53	20	and	and	CCONJ
fbem-1902	53	21	then	then	ADV
fbem-1902	53	22	to	to	ADP
fbem-1902	53	23	the	the	DET
fbem-1902	53	24	declining	decline	VERB
fbem-1902	53	25	period	period	NOUN
fbem-1902	53	26	,	,	PUNCT
fbem-1902	53	27	and	and	CCONJ
fbem-1902	53	28	its	its	PRON
fbem-1902	53	29	value	value	NOUN
fbem-1902	53	30	of	of	ADP
fbem-1902	53	31	each	each	DET
fbem-1902	53	32	stage	stage	NOUN
fbem-1902	53	33	is	be	AUX
fbem-1902	53	34	higher	high	ADJ
fbem-1902	53	35	than	than	ADP
fbem-1902	53	36	the	the	DET
fbem-1902	53	37	average	average	ADJ
fbem-1902	53	38	but	but	CCONJ
fbem-1902	53	39	not	not	PART
fbem-1902	53	40	greater	great	ADJ
fbem-1902	53	41	than	than	ADP
fbem-1902	53	42	1	1	NUM
fbem-1902	53	43	,	,	PUNCT
fbem-1902	53	44	which	which	PRON
fbem-1902	53	45	indicates	indicate	VERB
fbem-1902	53	46	that	that	SCONJ
fbem-1902	53	47	the	the	DET
fbem-1902	53	48	corporate	corporate	ADJ
fbem-1902	53	49	governance	governance	NOUN
fbem-1902	53	50	of	of	ADP
fbem-1902	53	51	all	all	DET
fbem-1902	53	52	stages	stage	NOUN
fbem-1902	53	53	had	have	AUX
fbem-1902	53	54	not	not	PART
fbem-1902	53	55	achieved	achieve	VERB
fbem-1902	53	56	the	the	DET
fbem-1902	53	57	best	good	ADJ
fbem-1902	53	58	results	result	NOUN
fbem-1902	53	59	,	,	PUNCT
fbem-1902	53	60	and	and	CCONJ
fbem-1902	53	61	the	the	DET
fbem-1902	53	62	younger	young	ADJ
fbem-1902	53	63	a	a	DET
fbem-1902	53	64	company	company	NOUN
fbem-1902	53	65	is	be	AUX
fbem-1902	53	66	,	,	PUNCT
fbem-1902	53	67	the	the	PRON
fbem-1902	53	68	poorer	poor	ADJ
fbem-1902	53	69	its	its	PRON
fbem-1902	53	70	governance	governance	NOUN
fbem-1902	53	71	ability	ability	NOUN
fbem-1902	53	72	.	.	PUNCT
fbem-1902	54	1	the	the	DET
fbem-1902	54	2	ratio	ratio	NOUN
fbem-1902	54	3	of	of	ADP
fbem-1902	54	4	total	total	ADJ
fbem-1902	54	5	factor	factor	NOUN
fbem-1902	54	6	productivity	productivity	NOUN
fbem-1902	54	7	that	that	PRON
fbem-1902	54	8	exceeds	exceed	VERB
fbem-1902	54	9	1	1	NUM
fbem-1902	54	10	also	also	ADV
fbem-1902	54	11	supports	support	VERB
fbem-1902	54	12	this	this	DET
fbem-1902	54	13	claim	claim	NOUN
fbem-1902	54	14	.	.	PUNCT
fbem-1902	55	1	if	if	SCONJ
fbem-1902	55	2	the	the	DET
fbem-1902	55	3	total	total	ADJ
fbem-1902	55	4	factor	factor	NOUN
fbem-1902	55	5	productivity	productivity	NOUN
fbem-1902	55	6	of	of	ADP
fbem-1902	55	7	a	a	DET
fbem-1902	55	8	company	company	NOUN
fbem-1902	55	9	is	be	AUX
fbem-1902	55	10	greater	great	ADJ
fbem-1902	55	11	than	than	ADP
fbem-1902	55	12	1	1	NUM
fbem-1902	55	13	,	,	PUNCT
fbem-1902	55	14	it	it	PRON
fbem-1902	55	15	means	mean	VERB
fbem-1902	55	16	that	that	SCONJ
fbem-1902	55	17	the	the	DET
fbem-1902	55	18	company	company	NOUN
fbem-1902	55	19	's	's	PART
fbem-1902	55	20	governance	governance	NOUN
fbem-1902	55	21	efficiency	efficiency	NOUN
fbem-1902	55	22	improves	improve	VERB
fbem-1902	55	23	and	and	CCONJ
fbem-1902	55	24	its	its	PRON
fbem-1902	55	25	governance	governance	NOUN
fbem-1902	55	26	structure	structure	NOUN
fbem-1902	55	27	has	have	AUX
fbem-1902	55	28	played	play	VERB
fbem-1902	55	29	a	a	DET
fbem-1902	55	30	positive	positive	ADJ
fbem-1902	55	31	role	role	NOUN
fbem-1902	55	32	.	.	PUNCT
fbem-1902	56	1	about	about	ADV
fbem-1902	56	2	46	46	NUM
fbem-1902	56	3	%	%	NOUN
fbem-1902	56	4	of	of	ADP
fbem-1902	56	5	mature	mature	ADJ
fbem-1902	56	6	and	and	CCONJ
fbem-1902	56	7	declining	decline	VERB
fbem-1902	56	8	companies	company	NOUN
fbem-1902	56	9	saw	see	VERB
fbem-1902	56	10	an	an	DET
fbem-1902	56	11	increase	increase	NOUN
fbem-1902	56	12	in	in	ADP
fbem-1902	56	13	their	their	PRON
fbem-1902	56	14	governance	governance	NOUN
fbem-1902	56	15	efficiency	efficiency	NOUN
fbem-1902	56	16	,	,	PUNCT
fbem-1902	56	17	which	which	PRON
fbem-1902	56	18	exceeded	exceed	VERB
fbem-1902	56	19	the	the	DET
fbem-1902	56	20	average	average	ADJ
fbem-1902	56	21	level	level	NOUN
fbem-1902	56	22	.	.	PUNCT
fbem-1902	57	1	thus	thus	ADV
fbem-1902	57	2	,	,	PUNCT
fbem-1902	57	3	it	it	PRON
fbem-1902	57	4	can	can	AUX
fbem-1902	57	5	be	be	AUX
fbem-1902	57	6	inferred	infer	VERB
fbem-1902	57	7	that	that	SCONJ
fbem-1902	57	8	growing	grow	VERB
fbem-1902	57	9	enterprises	enterprise	NOUN
fbem-1902	57	10	are	be	AUX
fbem-1902	57	11	more	more	ADV
fbem-1902	57	12	concerned	concerned	ADJ
fbem-1902	57	13	with	with	ADP
fbem-1902	57	14	survival	survival	NOUN
fbem-1902	57	15	and	and	CCONJ
fbem-1902	57	16	expansion	expansion	NOUN
fbem-1902	57	17	,	,	PUNCT
fbem-1902	57	18	and	and	CCONJ
fbem-1902	57	19	enjoy	enjoy	VERB
fbem-1902	57	20	much	much	ADJ
fbem-1902	57	21	potential	potential	NOUN
fbem-1902	57	22	for	for	ADP
fbem-1902	57	23	governance	governance	NOUN
fbem-1902	57	24	structure	structure	NOUN
fbem-1902	57	25	improvement	improvement	NOUN
fbem-1902	57	26	in	in	ADP
fbem-1902	57	27	order	order	NOUN
fbem-1902	57	28	to	to	PART
fbem-1902	57	29	achieve	achieve	VERB
fbem-1902	57	30	technical	technical	ADJ
fbem-1902	57	31	advancement	advancement	NOUN
fbem-1902	57	32	.	.	PUNCT
fbem-1902	58	1	in	in	ADP
fbem-1902	58	2	contrast	contrast	NOUN
fbem-1902	58	3	,	,	PUNCT
fbem-1902	58	4	mature	mature	ADJ
fbem-1902	58	5	and	and	CCONJ
fbem-1902	58	6	declining	decline	VERB
fbem-1902	58	7	enterprises	enterprise	NOUN
fbem-1902	58	8	are	be	AUX
fbem-1902	58	9	more	more	ADV
fbem-1902	58	10	efficient	efficient	ADJ
fbem-1902	58	11	in	in	ADP
fbem-1902	58	12	governance	governance	NOUN
fbem-1902	58	13	,	,	PUNCT
fbem-1902	58	14	primarily	primarily	ADV
fbem-1902	58	15	due	due	ADP
fbem-1902	58	16	to	to	ADP
fbem-1902	58	17	the	the	DET
fbem-1902	58	18	increase	increase	NOUN
fbem-1902	58	19	in	in	ADP
fbem-1902	58	20	their	their	PRON
fbem-1902	58	21	scale	scale	NOUN
fbem-1902	58	22	efficiency	efficiency	NOUN
fbem-1902	58	23	resulted	result	VERB
fbem-1902	58	24	by	by	ADP
fbem-1902	58	25	a	a	DET
fbem-1902	58	26	sound	sound	ADJ
fbem-1902	58	27	governance	governance	NOUN
fbem-1902	58	28	structure	structure	NOUN
fbem-1902	58	29	and	and	CCONJ
fbem-1902	58	30	greater	great	ADJ
fbem-1902	58	31	investment	investment	NOUN
fbem-1902	58	32	in	in	ADP
fbem-1902	58	33	corporate	corporate	ADJ
fbem-1902	58	34	governance	governance	NOUN
fbem-1902	58	35	,	,	PUNCT
fbem-1902	58	36	but	but	CCONJ
fbem-1902	58	37	the	the	DET
fbem-1902	58	38	stable	stable	ADJ
fbem-1902	58	39	increase	increase	NOUN
fbem-1902	58	40	in	in	ADP
fbem-1902	58	41	scale	scale	NOUN
fbem-1902	58	42	efficiency	efficiency	NOUN
fbem-1902	58	43	demands	demand	NOUN
fbem-1902	58	44	for	for	ADP
fbem-1902	58	45	more	more	ADJ
fbem-1902	58	46	supervision	supervision	NOUN
fbem-1902	58	47	and	and	CCONJ
fbem-1902	58	48	management	management	NOUN
fbem-1902	58	49	costs	cost	NOUN
fbem-1902	58	50	for	for	ADP
fbem-1902	58	51	the	the	DET
fbem-1902	58	52	sake	sake	NOUN
fbem-1902	58	53	of	of	ADP
fbem-1902	58	54	improving	improve	VERB
fbem-1902	58	55	governance	governance	NOUN
fbem-1902	58	56	efficiency	efficiency	NOUN
fbem-1902	58	57	.	.	PUNCT
fbem-1902	59	1	as	as	ADP
fbem-1902	59	2	a	a	DET
fbem-1902	59	3	result	result	NOUN
fbem-1902	59	4	,	,	PUNCT
fbem-1902	59	5	resource	resource	NOUN
fbem-1902	59	6	integration	integration	NOUN
fbem-1902	59	7	is	be	AUX
fbem-1902	59	8	essential	essential	ADJ
fbem-1902	59	9	to	to	ADP
fbem-1902	59	10	the	the	DET
fbem-1902	59	11	improvement	improvement	NOUN
fbem-1902	59	12	of	of	ADP
fbem-1902	59	13	technical	technical	ADJ
fbem-1902	59	14	application	application	NOUN
fbem-1902	59	15	efficiency	efficiency	NOUN
fbem-1902	59	16	.	.	PUNCT
fbem-1902	60	1	table	table	NOUN
fbem-1902	60	2	4	4	NUM
fbem-1902	60	3	.	.	PUNCT
fbem-1902	60	4	malmquist	malmquist	NOUN
fbem-1902	60	5	index	index	NOUN
fbem-1902	60	6	summary	summary	NOUN
fbem-1902	60	7	for	for	ADP
fbem-1902	60	8	different	different	ADJ
fbem-1902	60	9	life	life	NOUN
fbem-1902	60	10	stages	stage	NOUN
fbem-1902	60	11	lifecycle	lifecycle	NOUN
fbem-1902	60	12	phase	phase	NOUN
fbem-1902	60	13	effch	effch	NOUN
fbem-1902	61	1	[	[	X
fbem-1902	62	1	a	a	DET
fbem-1902	62	2	=	=	NOUN
fbem-1902	62	3	c*d	c*d	NOUN
fbem-1902	62	4	]	]	X
fbem-1902	62	5	techch	techch	NOUN
fbem-1902	62	6	[	[	X
fbem-1902	62	7	b	b	X
fbem-1902	62	8	]	]	X
fbem-1902	62	9	pech	pech	NOUN
fbem-1902	63	1	[	[	X
fbem-1902	63	2	c	c	X
fbem-1902	63	3	]	]	X
fbem-1902	63	4	sech	sech	NOUN
fbem-1902	63	5	[	[	X
fbem-1902	63	6	d	d	X
fbem-1902	63	7	]	]	X
fbem-1902	63	8	tfpch	tfpch	X
fbem-1902	64	1	[	[	X
fbem-1902	64	2	e	e	NOUN
fbem-1902	64	3	=	=	SYM
fbem-1902	64	4	a*b	a*b	ADJ
fbem-1902	64	5	]	]	PUNCT
fbem-1902	64	6	tfpch	tfpch	ADJ
fbem-1902	64	7	>	>	SYM
fbem-1902	64	8	1	1	NUM
fbem-1902	64	9	proportion	proportion	NOUN
fbem-1902	64	10	growing	grow	VERB
fbem-1902	64	11	enterprises	enterprise	NOUN
fbem-1902	64	12	1.025	1.025	NUM
fbem-1902	64	13	0.977	0.977	NUM
fbem-1902	64	14	1.036	1.036	NUM
fbem-1902	64	15	0.991	0.991	NUM
fbem-1902	64	16	0.996	0.996	NUM
fbem-1902	64	17	43.82	43.82	NUM
fbem-1902	64	18	%	%	NOUN
fbem-1902	64	19	mature	mature	ADJ
fbem-1902	64	20	enterprises	enterprise	NOUN
fbem-1902	64	21	1.033	1.033	NUM
fbem-1902	64	22	0.972	0.972	NUM
fbem-1902	64	23	1.040	1.040	NUM
fbem-1902	64	24	0.994	0.994	NUM
fbem-1902	64	25	0.997	0.997	NUM
fbem-1902	64	26	46.08	46.08	NUM
fbem-1902	64	27	%	%	NOUN
fbem-1902	64	28	declining	decline	VERB
fbem-1902	64	29	enterprises	enterprise	NOUN
fbem-1902	64	30	1.030	1.030	NUM
fbem-1902	64	31	0.975	0.975	NUM
fbem-1902	64	32	1.036	1.036	NUM
fbem-1902	64	33	0.995	0.995	NUM
fbem-1902	64	34	0.999	0.999	NUM
fbem-1902	64	35	46.45	46.45	NUM
fbem-1902	64	36	%	%	NOUN
fbem-1902	64	37	mean	mean	NOUN
fbem-1902	64	38	1.025	1.025	NUM
fbem-1902	64	39	0.97	0.97	NUM
fbem-1902	64	40	1.033	1.033	NUM
fbem-1902	64	41	0.992	0.992	NUM
fbem-1902	64	42	0.994	0.994	NUM
fbem-1902	64	43	45.83	45.83	NUM
fbem-1902	64	44	%	%	NOUN
fbem-1902	64	45	3.3	3.3	NUM
fbem-1902	64	46	.	.	PUNCT
fbem-1902	65	1	analysis	analysis	NOUN
fbem-1902	65	2	of	of	ADP
fbem-1902	65	3	factors	factor	NOUN
fbem-1902	65	4	influencing	influence	VERB
fbem-1902	65	5	corporate	corporate	ADJ
fbem-1902	65	6	governance	governance	NOUN
fbem-1902	65	7	efficiency	efficiency	NOUN
fbem-1902	65	8	the	the	DET
fbem-1902	65	9	above	above	ADJ
fbem-1902	65	10	part	part	NOUN
fbem-1902	65	11	focuses	focus	VERB
fbem-1902	65	12	mainly	mainly	ADV
fbem-1902	65	13	on	on	ADP
fbem-1902	65	14	the	the	DET
fbem-1902	65	15	static	static	ADJ
fbem-1902	65	16	and	and	CCONJ
fbem-1902	65	17	dynamic	dynamic	ADJ
fbem-1902	65	18	analysis	analysis	NOUN
fbem-1902	65	19	of	of	ADP
fbem-1902	65	20	corporate	corporate	ADJ
fbem-1902	65	21	governance	governance	NOUN
fbem-1902	65	22	efficiency	efficiency	NOUN
fbem-1902	65	23	.	.	PUNCT
fbem-1902	66	1	in	in	ADP
fbem-1902	66	2	addition	addition	NOUN
fbem-1902	66	3	to	to	ADP
fbem-1902	66	4	input	input	NOUN
fbem-1902	66	5	and	and	CCONJ
fbem-1902	66	6	output	output	NOUN
fbem-1902	66	7	indicators	indicator	NOUN
fbem-1902	66	8	,	,	PUNCT
fbem-1902	66	9	factors	factor	NOUN
fbem-1902	66	10	influencing	influence	VERB
fbem-1902	66	11	governance	governance	NOUN
fbem-1902	66	12	efficiency	efficiency	NOUN
fbem-1902	66	13	should	should	AUX
fbem-1902	66	14	also	also	ADV
fbem-1902	66	15	be	be	AUX
fbem-1902	66	16	taken	take	VERB
fbem-1902	66	17	into	into	ADP
fbem-1902	66	18	account	account	NOUN
fbem-1902	66	19	.	.	PUNCT
fbem-1902	67	1	based	base	VERB
fbem-1902	67	2	on	on	ADP
fbem-1902	67	3	a	a	DET
fbem-1902	67	4	literature	literature	NOUN
fbem-1902	67	5	review	review	NOUN
fbem-1902	67	6	,	,	PUNCT
fbem-1902	67	7	the	the	DET
fbem-1902	67	8	tobit	tobit	NOUN
fbem-1902	67	9	regression	regression	NOUN
fbem-1902	67	10	analysis	analysis	NOUN
fbem-1902	67	11	of	of	ADP
fbem-1902	67	12	multiplicative	multiplicative	ADJ
fbem-1902	67	13	total	total	ADJ
fbem-1902	67	14	factor	factor	NOUN
fbem-1902	67	15	productivity	productivity	NOUN
fbem-1902	67	16	indicators	indicator	NOUN
fbem-1902	67	17	was	be	AUX
fbem-1902	67	18	conducted	conduct	VERB
fbem-1902	67	19	through	through	ADP
fbem-1902	67	20	six	six	NUM
fbem-1902	67	21	indicators	indicator	NOUN
fbem-1902	67	22	from	from	ADP
fbem-1902	67	23	three	three	NUM
fbem-1902	67	24	prominent	prominent	ADJ
fbem-1902	67	25	dimensions	dimension	NOUN
fbem-1902	67	26	,	,	PUNCT
fbem-1902	67	27	including	include	VERB
fbem-1902	67	28	the	the	DET
fbem-1902	67	29	external	external	ADJ
fbem-1902	67	30	governance	governance	NOUN
fbem-1902	67	31	mechanism	mechanism	NOUN
fbem-1902	67	32	,	,	PUNCT
fbem-1902	67	33	corporate	corporate	ADJ
fbem-1902	67	34	self	self	NOUN
fbem-1902	67	35	-	-	PUNCT
fbem-1902	67	36	development	development	NOUN
fbem-1902	67	37	and	and	CCONJ
fbem-1902	67	38	the	the	DET
fbem-1902	67	39	external	external	ADJ
fbem-1902	67	40	governance	governance	NOUN
fbem-1902	67	41	environment	environment	NOUN
fbem-1902	67	42	.	.	PUNCT
fbem-1902	68	1	the	the	DET
fbem-1902	68	2	indicator	indicator	NOUN
fbem-1902	68	3	composition	composition	NOUN
fbem-1902	68	4	is	be	AUX
fbem-1902	68	5	shown	show	VERB
fbem-1902	68	6	in	in	ADP
fbem-1902	68	7	table	table	NOUN
fbem-1902	68	8	5	5	NUM
fbem-1902	68	9	:	:	SYM
fbem-1902	68	10	45	45	NUM
fbem-1902	68	11	table	table	NOUN
fbem-1902	68	12	5	5	NUM
fbem-1902	68	13	.	.	PUNCT
fbem-1902	68	14	variable	variable	ADJ
fbem-1902	68	15	definition	definition	NOUN
fbem-1902	68	16	affects	affect	VERB
fbem-1902	68	17	dimensions	dimension	NOUN
fbem-1902	68	18	variable	variable	ADJ
fbem-1902	68	19	definition	definition	NOUN
fbem-1902	68	20	external	external	ADJ
fbem-1902	68	21	governance	governance	NOUN
fbem-1902	68	22	mechanisms	mechanism	NOUN
fbem-1902	68	23	product	product	NOUN
fbem-1902	68	24	market	market	NOUN
fbem-1902	68	25	competition	competition	NOUN
fbem-1902	68	26	(	(	PUNCT
fbem-1902	68	27	compet	compet	PROPN
fbem-1902	68	28	)	)	PUNCT
fbem-1902	68	29	lerner	lerner	PROPN
fbem-1902	68	30	index	index	PROPN
fbem-1902	68	31	institutional	institutional	ADJ
fbem-1902	68	32	investor	investor	NOUN
fbem-1902	68	33	ownership	ownership	NOUN
fbem-1902	68	34	(	(	PUNCT
fbem-1902	68	35	inst	inst	NOUN
fbem-1902	68	36	)	)	PUNCT
fbem-1902	68	37	institutional	institutional	ADJ
fbem-1902	68	38	shares	share	NOUN
fbem-1902	68	39	held	hold	VERB
fbem-1902	68	40	/	/	SYM
fbem-1902	68	41	shares	share	NOUN
fbem-1902	68	42	outstanding	outstanding	ADJ
fbem-1902	68	43	the	the	DET
fbem-1902	68	44	development	development	NOUN
fbem-1902	68	45	of	of	ADP
fbem-1902	68	46	the	the	DET
fbem-1902	68	47	company	company	NOUN
fbem-1902	68	48	company	company	NOUN
fbem-1902	68	49	size	size	NOUN
fbem-1902	68	50	(	(	PUNCT
fbem-1902	68	51	lnsize	lnsize	NOUN
fbem-1902	68	52	)	)	PUNCT
fbem-1902	68	53	natural	natural	ADJ
fbem-1902	68	54	log	log	NOUN
fbem-1902	68	55	of	of	ADP
fbem-1902	68	56	net	net	ADJ
fbem-1902	68	57	assets	asset	NOUN
fbem-1902	68	58	asset	asset	NOUN
fbem-1902	68	59	-	-	PUNCT
fbem-1902	68	60	liability	liability	NOUN
fbem-1902	68	61	ratio	ratio	NOUN
fbem-1902	68	62	(	(	PUNCT
fbem-1902	68	63	liab	liab	ADJ
fbem-1902	68	64	)	)	PUNCT
fbem-1902	68	65	total	total	ADJ
fbem-1902	68	66	assets	asset	NOUN
fbem-1902	68	67	/	/	SYM
fbem-1902	68	68	total	total	ADJ
fbem-1902	68	69	liabilities	liability	NOUN
fbem-1902	68	70	external	external	ADJ
fbem-1902	68	71	governance	governance	NOUN
fbem-1902	68	72	environment	environment	NOUN
fbem-1902	68	73	government	government	NOUN
fbem-1902	68	74	intervention	intervention	NOUN
fbem-1902	68	75	(	(	PUNCT
fbem-1902	68	76	gov	gov	PROPN
fbem-1902	68	77	)	)	PUNCT
fbem-1902	68	78	according	accord	VERB
fbem-1902	68	79	to	to	ADP
fbem-1902	68	80	fan	fan	PROPN
fbem-1902	68	81	gang	gang	PROPN
fbem-1902	68	82	's	's	PART
fbem-1902	68	83	report	report	NOUN
fbem-1902	68	84	2019	2019	NUM
fbem-1902	68	85	the	the	DET
fbem-1902	68	86	data	datum	NOUN
fbem-1902	68	87	on	on	ADP
fbem-1902	68	88	“	"	PUNCT
fbem-1902	68	89	the	the	DET
fbem-1902	68	90	relationship	relationship	NOUN
fbem-1902	68	91	between	between	ADP
fbem-1902	68	92	the	the	DET
fbem-1902	68	93	government	government	NOUN
fbem-1902	68	94	and	and	CCONJ
fbem-1902	68	95	the	the	DET
fbem-1902	68	96	market	market	NOUN
fbem-1902	68	97	”	"	PUNCT
fbem-1902	68	98	reasonably	reasonably	ADV
fbem-1902	68	99	extrapolated	extrapolate	VERB
fbem-1902	68	100	for	for	ADP
fbem-1902	68	101	one	one	NUM
fbem-1902	68	102	year	year	NOUN
fbem-1902	68	103	market	market	NOUN
fbem-1902	68	104	progress(market	progress(market	NOUN
fbem-1902	68	105	)	)	PUNCT
fbem-1902	68	106	according	accord	VERB
fbem-1902	68	107	to	to	ADP
fbem-1902	68	108	fan	fan	PROPN
fbem-1902	68	109	gang	gang	PROPN
fbem-1902	68	110	's	's	PART
fbem-1902	68	111	report	report	NOUN
fbem-1902	68	112	2019	2019	NUM
fbem-1902	68	113	the	the	DET
fbem-1902	68	114	data	datum	NOUN
fbem-1902	68	115	on	on	ADP
fbem-1902	68	116	“	"	PUNCT
fbem-1902	68	117	marketoriented	marketoriente	VERB
fbem-1902	68	118	total	total	NOUN
fbem-1902	68	119	index”reasonably	index”reasonably	NUM
fbem-1902	68	120	extrapolated	extrapolate	VERB
fbem-1902	68	121	for	for	ADP
fbem-1902	68	122	one	one	NUM
fbem-1902	68	123	year	year	NOUN
fbem-1902	68	124	in	in	ADP
fbem-1902	68	125	order	order	NOUN
fbem-1902	68	126	to	to	PART
fbem-1902	68	127	examine	examine	VERB
fbem-1902	68	128	the	the	DET
fbem-1902	68	129	factors	factor	NOUN
fbem-1902	68	130	influencing	influence	VERB
fbem-1902	68	131	the	the	DET
fbem-1902	68	132	efficiency	efficiency	NOUN
fbem-1902	68	133	of	of	ADP
fbem-1902	68	134	corporate	corporate	ADJ
fbem-1902	68	135	governance	governance	NOUN
fbem-1902	68	136	,	,	PUNCT
fbem-1902	68	137	this	this	DET
fbem-1902	68	138	paper	paper	NOUN
fbem-1902	68	139	constructs	construct	VERB
fbem-1902	68	140	a	a	DET
fbem-1902	68	141	fixed	fix	VERB
fbem-1902	68	142	-	-	PUNCT
fbem-1902	68	143	effect	effect	NOUN
fbem-1902	68	144	panel	panel	NOUN
fbem-1902	68	145	model	model	NOUN
fbem-1902	68	146	at	at	ADP
fbem-1902	68	147	different	different	ADJ
fbem-1902	68	148	life	life	NOUN
fbem-1902	68	149	cycle	cycle	NOUN
fbem-1902	68	150	stages	stage	NOUN
fbem-1902	68	151	based	base	VERB
fbem-1902	68	152	on	on	ADP
fbem-1902	68	153	considering	consider	VERB
fbem-1902	68	154	the	the	DET
fbem-1902	68	155	differences	difference	NOUN
fbem-1902	68	156	between	between	ADP
fbem-1902	68	157	individual	individual	ADJ
fbem-1902	68	158	companies	company	NOUN
fbem-1902	68	159	:	:	PUNCT
fbem-1902	68	160	0	0	NUM
fbem-1902	68	161	1	1	NUM
fbem-1902	68	162	2	2	NUM
fbem-1902	68	163	3	3	NUM
fbem-1902	68	164	4	4	NUM
fbem-1902	68	165	5	5	NUM
fbem-1902	68	166	6it	6it	NOUN
fbem-1902	68	167	it	it	PRON
fbem-1902	69	1	it	it	PRON
fbem-1902	70	1	it	it	PRON
fbem-1902	71	1	it	it	PRON
fbem-1902	72	1	it	it	PRON
fbem-1902	73	1	it	it	PRON
fbem-1902	73	2	ittfpch	ittfpch	ADJ
fbem-1902	73	3	compet	compet	PROPN
fbem-1902	73	4	inst	inst	PROPN
fbem-1902	73	5	lnsize	lnsize	NOUN
fbem-1902	73	6	liab	liab	PROPN
fbem-1902	73	7	gov	gov	PROPN
fbem-1902	73	8	market	market	PUNCT
fbem-1902	73	9			PROPN
fbem-1902	73	10			PROPN
fbem-1902	73	11			PROPN
fbem-1902	73	12			PROPN
fbem-1902	73	13			PROPN
fbem-1902	73	14			PROPN
fbem-1902	73	15			PROPN
fbem-1902	73	16			ADV
fbem-1902	73	17			VERB
fbem-1902	73	18			PROPN
fbem-1902	73	19			PROPN
fbem-1902	73	20			PROPN
fbem-1902	73	21			PUNCT
fbem-1902	73	22			X
fbem-1902	73	23	(	(	PUNCT
fbem-1902	73	24	1	1	X
fbem-1902	73	25	)	)	PUNCT
fbem-1902	73	26	the	the	DET
fbem-1902	73	27	regression	regression	NOUN
fbem-1902	73	28	results	result	NOUN
fbem-1902	73	29	are	be	AUX
fbem-1902	73	30	shown	show	VERB
fbem-1902	73	31	in	in	ADP
fbem-1902	73	32	table	table	NOUN
fbem-1902	73	33	6	6	NUM
fbem-1902	73	34	.	.	PUNCT
fbem-1902	74	1	the	the	DET
fbem-1902	74	2	sample	sample	NOUN
fbem-1902	74	3	population	population	NOUN
fbem-1902	74	4	represents	represent	VERB
fbem-1902	74	5	the	the	DET
fbem-1902	74	6	tobit	tobit	NOUN
fbem-1902	74	7	regression	regression	NOUN
fbem-1902	74	8	result	result	NOUN
fbem-1902	74	9	of	of	ADP
fbem-1902	74	10	the	the	DET
fbem-1902	74	11	governance	governance	NOUN
fbem-1902	74	12	of	of	ADP
fbem-1902	74	13	listed	list	VERB
fbem-1902	74	14	companies	company	NOUN
fbem-1902	74	15	as	as	ADP
fbem-1902	74	16	a	a	DET
fbem-1902	74	17	whole	whole	NOUN
fbem-1902	74	18	.	.	PUNCT
fbem-1902	75	1	at	at	ADP
fbem-1902	75	2	the	the	DET
fbem-1902	75	3	significant	significant	ADJ
fbem-1902	75	4	level	level	NOUN
fbem-1902	75	5	of	of	ADP
fbem-1902	75	6	1	1	NUM
fbem-1902	75	7	percent	percent	NOUN
fbem-1902	75	8	,	,	PUNCT
fbem-1902	75	9	the	the	DET
fbem-1902	75	10	degree	degree	NOUN
fbem-1902	75	11	of	of	ADP
fbem-1902	75	12	product	product	NOUN
fbem-1902	75	13	market	market	NOUN
fbem-1902	75	14	competition	competition	NOUN
fbem-1902	75	15	,	,	PUNCT
fbem-1902	75	16	the	the	DET
fbem-1902	75	17	external	external	ADJ
fbem-1902	75	18	governance	governance	NOUN
fbem-1902	75	19	mechanism	mechanism	NOUN
fbem-1902	75	20	represented	represent	VERB
fbem-1902	75	21	by	by	ADP
fbem-1902	75	22	the	the	DET
fbem-1902	75	23	lerner	lerner	PROPN
fbem-1902	75	24	index	index	PROPN
fbem-1902	75	25	,	,	PUNCT
fbem-1902	75	26	is	be	AUX
fbem-1902	75	27	negatively	negatively	ADV
fbem-1902	75	28	correlated	correlate	VERB
fbem-1902	75	29	with	with	ADP
fbem-1902	75	30	governance	governance	NOUN
fbem-1902	75	31	efficiency	efficiency	NOUN
fbem-1902	75	32	.	.	PUNCT
fbem-1902	76	1	the	the	PRON
fbem-1902	76	2	lower	low	ADJ
fbem-1902	76	3	the	the	DET
fbem-1902	76	4	lerner	lerner	PROPN
fbem-1902	76	5	index	index	PROPN
fbem-1902	76	6	,	,	PUNCT
fbem-1902	76	7	the	the	PRON
fbem-1902	76	8	higher	high	ADJ
fbem-1902	76	9	the	the	DET
fbem-1902	76	10	competition	competition	NOUN
fbem-1902	76	11	degree	degree	NOUN
fbem-1902	76	12	and	and	CCONJ
fbem-1902	76	13	the	the	DET
fbem-1902	76	14	more	more	ADV
fbem-1902	76	15	significant	significant	ADJ
fbem-1902	76	16	the	the	DET
fbem-1902	76	17	governance	governance	NOUN
fbem-1902	76	18	effect	effect	NOUN
fbem-1902	76	19	,	,	PUNCT
fbem-1902	76	20	because	because	SCONJ
fbem-1902	76	21	company	company	NOUN
fbem-1902	76	22	managers	manager	NOUN
fbem-1902	76	23	will	will	AUX
fbem-1902	76	24	make	make	VERB
fbem-1902	76	25	more	more	ADV
fbem-1902	76	26	effective	effective	ADJ
fbem-1902	76	27	business	business	NOUN
fbem-1902	76	28	decisions	decision	NOUN
fbem-1902	76	29	when	when	SCONJ
fbem-1902	76	30	faced	face	VERB
fbem-1902	76	31	with	with	ADP
fbem-1902	76	32	a	a	DET
fbem-1902	76	33	highly	highly	ADV
fbem-1902	76	34	competitive	competitive	ADJ
fbem-1902	76	35	market	market	NOUN
fbem-1902	76	36	so	so	SCONJ
fbem-1902	76	37	that	that	SCONJ
fbem-1902	76	38	agency	agency	NOUN
fbem-1902	76	39	costs	cost	NOUN
fbem-1902	76	40	will	will	AUX
fbem-1902	76	41	be	be	AUX
fbem-1902	76	42	reduced	reduce	VERB
fbem-1902	76	43	accordingly	accordingly	ADV
fbem-1902	76	44	.	.	PUNCT
fbem-1902	77	1	the	the	DET
fbem-1902	77	2	shareholding	shareholding	NOUN
fbem-1902	77	3	ratio	ratio	NOUN
fbem-1902	77	4	of	of	ADP
fbem-1902	77	5	investors	investor	NOUN
fbem-1902	77	6	has	have	VERB
fbem-1902	77	7	a	a	DET
fbem-1902	77	8	significant	significant	ADJ
fbem-1902	77	9	positive	positive	ADJ
fbem-1902	77	10	effect	effect	NOUN
fbem-1902	77	11	on	on	ADP
fbem-1902	77	12	the	the	DET
fbem-1902	77	13	improvement	improvement	NOUN
fbem-1902	77	14	of	of	ADP
fbem-1902	77	15	governance	governance	NOUN
fbem-1902	77	16	efficiency	efficiency	NOUN
fbem-1902	77	17	.	.	PUNCT
fbem-1902	78	1	investor	investor	NOUN
fbem-1902	78	2	shareholding	shareholding	NOUN
fbem-1902	78	3	,	,	PUNCT
fbem-1902	78	4	which	which	PRON
fbem-1902	78	5	functions	function	NOUN
fbem-1902	78	6	as	as	ADP
fbem-1902	78	7	a	a	DET
fbem-1902	78	8	company	company	NOUN
fbem-1902	78	9	's	's	PART
fbem-1902	78	10	external	external	ADJ
fbem-1902	78	11	supervision	supervision	NOUN
fbem-1902	78	12	mechanism	mechanism	NOUN
fbem-1902	78	13	,	,	PUNCT
fbem-1902	78	14	plays	play	VERB
fbem-1902	78	15	a	a	DET
fbem-1902	78	16	supervisory	supervisory	ADJ
fbem-1902	78	17	role	role	NOUN
fbem-1902	78	18	in	in	ADP
fbem-1902	78	19	decision	decision	NOUN
fbem-1902	78	20	-	-	PUNCT
fbem-1902	78	21	making	make	VERB
fbem-1902	78	22	activities	activity	NOUN
fbem-1902	78	23	of	of	ADP
fbem-1902	78	24	corporate	corporate	ADJ
fbem-1902	78	25	management	management	NOUN
fbem-1902	78	26	to	to	ADP
fbem-1902	78	27	a	a	DET
fbem-1902	78	28	certain	certain	ADJ
fbem-1902	78	29	extent	extent	NOUN
fbem-1902	78	30	,	,	PUNCT
fbem-1902	78	31	making	make	VERB
fbem-1902	78	32	up	up	ADP
fbem-1902	78	33	for	for	ADP
fbem-1902	78	34	the	the	DET
fbem-1902	78	35	flaws	flaw	NOUN
fbem-1902	78	36	of	of	ADP
fbem-1902	78	37	the	the	DET
fbem-1902	78	38	internal	internal	ADJ
fbem-1902	78	39	oversight	oversight	NOUN
fbem-1902	78	40	and	and	CCONJ
fbem-1902	78	41	incentive	incentive	NOUN
fbem-1902	78	42	system	system	NOUN
fbem-1902	78	43	,	,	PUNCT
fbem-1902	78	44	and	and	CCONJ
fbem-1902	78	45	reducing	reduce	VERB
fbem-1902	78	46	the	the	DET
fbem-1902	78	47	behaviors	behavior	NOUN
fbem-1902	78	48	that	that	PRON
fbem-1902	78	49	are	be	AUX
fbem-1902	78	50	detrimental	detrimental	ADJ
fbem-1902	78	51	to	to	ADP
fbem-1902	78	52	the	the	DET
fbem-1902	78	53	interest	interest	NOUN
fbem-1902	78	54	of	of	ADP
fbem-1902	78	55	the	the	DET
fbem-1902	78	56	company	company	NOUN
fbem-1902	78	57	.	.	PUNCT
fbem-1902	79	1	a	a	DET
fbem-1902	79	2	further	further	ADJ
fbem-1902	79	3	study	study	NOUN
fbem-1902	79	4	on	on	ADP
fbem-1902	79	5	the	the	DET
fbem-1902	79	6	government	government	NOUN
fbem-1902	79	7	intervention	intervention	NOUN
fbem-1902	79	8	degree	degree	NOUN
fbem-1902	79	9	and	and	CCONJ
fbem-1902	79	10	marketization	marketization	NOUN
fbem-1902	79	11	process	process	NOUN
fbem-1902	79	12	revealed	reveal	VERB
fbem-1902	79	13	that	that	SCONJ
fbem-1902	79	14	the	the	DET
fbem-1902	79	15	two	two	NUM
fbem-1902	79	16	external	external	ADJ
fbem-1902	79	17	environmental	environmental	ADJ
fbem-1902	79	18	governance	governance	NOUN
fbem-1902	79	19	indicators	indicator	NOUN
fbem-1902	79	20	have	have	VERB
fbem-1902	79	21	opposite	opposite	ADJ
fbem-1902	79	22	effects	effect	NOUN
fbem-1902	79	23	.	.	PUNCT
fbem-1902	80	1	different	different	ADJ
fbem-1902	80	2	marketization	marketization	NOUN
fbem-1902	80	3	degrees	degree	NOUN
fbem-1902	80	4	have	have	AUX
fbem-1902	80	5	resulted	result	VERB
fbem-1902	80	6	in	in	ADP
fbem-1902	80	7	distinct	distinct	ADJ
fbem-1902	80	8	relationships	relationship	NOUN
fbem-1902	80	9	between	between	ADP
fbem-1902	80	10	government	government	NOUN
fbem-1902	80	11	and	and	CCONJ
fbem-1902	80	12	market	market	NOUN
fbem-1902	80	13	in	in	ADP
fbem-1902	80	14	different	different	ADJ
fbem-1902	80	15	regions	region	NOUN
fbem-1902	80	16	.	.	PUNCT
fbem-1902	81	1	the	the	PRON
fbem-1902	81	2	higher	high	ADJ
fbem-1902	81	3	the	the	DET
fbem-1902	81	4	marketization	marketization	NOUN
fbem-1902	81	5	degree	degree	NOUN
fbem-1902	81	6	is	be	AUX
fbem-1902	81	7	,	,	PUNCT
fbem-1902	81	8	the	the	PRON
fbem-1902	81	9	less	less	ADV
fbem-1902	81	10	the	the	DET
fbem-1902	81	11	government	government	NOUN
fbem-1902	81	12	intervenes	intervene	VERB
fbem-1902	81	13	in	in	ADP
fbem-1902	81	14	corporate	corporate	ADJ
fbem-1902	81	15	operation	operation	NOUN
fbem-1902	81	16	,	,	PUNCT
fbem-1902	81	17	and	and	CCONJ
fbem-1902	81	18	vice	vice	ADV
fbem-1902	81	19	versa	versa	ADV
fbem-1902	81	20	.	.	PUNCT
fbem-1902	82	1	at	at	ADP
fbem-1902	82	2	the	the	DET
fbem-1902	82	3	significant	significant	ADJ
fbem-1902	82	4	level	level	NOUN
fbem-1902	82	5	of	of	ADP
fbem-1902	82	6	1	1	NUM
fbem-1902	82	7	percent	percent	NOUN
fbem-1902	82	8	,	,	PUNCT
fbem-1902	82	9	governance	governance	NOUN
fbem-1902	82	10	efficiency	efficiency	NOUN
fbem-1902	82	11	is	be	AUX
fbem-1902	82	12	positively	positively	ADV
fbem-1902	82	13	correlated	correlate	VERB
fbem-1902	82	14	with	with	ADP
fbem-1902	82	15	the	the	DET
fbem-1902	82	16	government	government	NOUN
fbem-1902	82	17	intervention	intervention	NOUN
fbem-1902	82	18	degree	degree	NOUN
fbem-1902	82	19	and	and	CCONJ
fbem-1902	82	20	negatively	negatively	ADV
fbem-1902	82	21	related	relate	VERB
fbem-1902	82	22	with	with	ADP
fbem-1902	82	23	the	the	DET
fbem-1902	82	24	marketization	marketization	NOUN
fbem-1902	82	25	process	process	NOUN
fbem-1902	82	26	.	.	PUNCT
fbem-1902	83	1	that	that	PRON
fbem-1902	83	2	is	be	AUX
fbem-1902	83	3	to	to	PART
fbem-1902	83	4	say	say	VERB
fbem-1902	83	5	,	,	PUNCT
fbem-1902	83	6	the	the	DET
fbem-1902	83	7	government	government	NOUN
fbem-1902	83	8	plays	play	VERB
fbem-1902	83	9	a	a	DET
fbem-1902	83	10	pivotal	pivotal	ADJ
fbem-1902	83	11	role	role	NOUN
fbem-1902	83	12	in	in	ADP
fbem-1902	83	13	guiding	guide	VERB
fbem-1902	83	14	listed	list	VERB
fbem-1902	83	15	companies	company	NOUN
fbem-1902	83	16	to	to	PART
fbem-1902	83	17	establish	establish	VERB
fbem-1902	83	18	a	a	DET
fbem-1902	83	19	sound	sound	ADJ
fbem-1902	83	20	governance	governance	NOUN
fbem-1902	83	21	system	system	NOUN
fbem-1902	83	22	.	.	PUNCT
fbem-1902	84	1	table	table	NOUN
fbem-1902	84	2	4	4	NUM
fbem-1902	84	3	.	.	PUNCT
fbem-1902	85	1	the	the	DET
fbem-1902	85	2	tobit	tobit	NOUN
fbem-1902	85	3	regression	regression	NOUN
fbem-1902	85	4	results	result	NOUN
fbem-1902	85	5	of	of	ADP
fbem-1902	85	6	corporate	corporate	ADJ
fbem-1902	85	7	governance	governance	NOUN
fbem-1902	85	8	efficiency	efficiency	NOUN
fbem-1902	85	9	factors	factor	VERB
fbem-1902	85	10	variable	variable	ADJ
fbem-1902	85	11	total	total	ADJ
fbem-1902	85	12	growing	grow	VERB
fbem-1902	85	13	enterprises	enterprise	NOUN
fbem-1902	85	14	mature	mature	VERB
fbem-1902	85	15	enterprises	enterprise	NOUN
fbem-1902	85	16	declining	decline	VERB
fbem-1902	85	17	enterprises	enterprise	NOUN
fbem-1902	85	18	compet	compet	PROPN
fbem-1902	85	19	-0.024	-0.024	PUNCT
fbem-1902	85	20	*	*	PUNCT
fbem-1902	85	21	*	*	PUNCT
fbem-1902	85	22	*	*	PUNCT
fbem-1902	85	23	0.089	0.089	NUM
fbem-1902	85	24	*	*	PUNCT
fbem-1902	85	25	*	*	PUNCT
fbem-1902	85	26	*	*	PUNCT
fbem-1902	85	27	-0.041	-0.041	PUNCT
fbem-1902	85	28	*	*	PUNCT
fbem-1902	85	29	*	*	PUNCT
fbem-1902	85	30	*	*	PUNCT
fbem-1902	85	31	-0.010	-0.010	PUNCT
fbem-1902	85	32	inst	inst	NOUN
fbem-1902	85	33	0.023	0.023	NUM
fbem-1902	85	34	*	*	NOUN
fbem-1902	85	35	*	*	PUNCT
fbem-1902	85	36	*	*	PUNCT
fbem-1902	85	37	0.053	0.053	NUM
fbem-1902	85	38	*	*	PUNCT
fbem-1902	85	39	*	*	PUNCT
fbem-1902	85	40	*	*	PUNCT
fbem-1902	85	41	0.043	0.043	NUM
fbem-1902	85	42	*	*	PUNCT
fbem-1902	85	43	*	*	PUNCT
fbem-1902	85	44	*	*	PUNCT
fbem-1902	85	45	-0.004	-0.004	PUNCT
fbem-1902	85	46	size	size	NOUN
fbem-1902	85	47	0.001	0.001	NUM
fbem-1902	85	48	-0.001	-0.001	NOUN
fbem-1902	85	49	-0.005	-0.005	PUNCT
fbem-1902	85	50	*	*	PUNCT
fbem-1902	85	51	*	*	PUNCT
fbem-1902	85	52	*	*	X
fbem-1902	85	53	0.001	0.001	NUM
fbem-1902	85	54	liab	liab	VERB
fbem-1902	85	55	0.050	0.050	NUM
fbem-1902	85	56	*	*	PUNCT
fbem-1902	85	57	*	*	PUNCT
fbem-1902	85	58	*	*	PUNCT
fbem-1902	85	59	0.024	0.024	NUM
fbem-1902	85	60	0.005	0.005	NUM
fbem-1902	85	61	0.043	0.043	NUM
fbem-1902	85	62	*	*	PUNCT
fbem-1902	85	63	*	*	PUNCT
fbem-1902	85	64	*	*	PUNCT
fbem-1902	85	65	gov	gov	NOUN
fbem-1902	85	66	0.516	0.516	NUM
fbem-1902	85	67	*	*	PUNCT
fbem-1902	85	68	*	*	PUNCT
fbem-1902	85	69	*	*	PUNCT
fbem-1902	85	70	0.143	0.143	NUM
fbem-1902	85	71	0.321	0.321	NUM
fbem-1902	85	72	*	*	PUNCT
fbem-1902	85	73	*	*	PUNCT
fbem-1902	85	74	0.879	0.879	NUM
fbem-1902	85	75	*	*	PUNCT
fbem-1902	85	76	*	*	PUNCT
fbem-1902	85	77	*	*	PUNCT
fbem-1902	85	78	market	market	NOUN
fbem-1902	85	79	-0.591	-0.591	NOUN
fbem-1902	85	80	*	*	PUNCT
fbem-1902	85	81	*	*	PUNCT
fbem-1902	85	82	*	*	PUNCT
fbem-1902	86	1	-0.138	-0.138	PUNCT
fbem-1902	86	2	-0.243	-0.243	VERB
fbem-1902	86	3	-1.263	-1.263	PUNCT
fbem-1902	86	4	*	*	PUNCT
fbem-1902	86	5	*	*	PUNCT
fbem-1902	86	6	*	*	PUNCT
fbem-1902	86	7	note	note	NOUN
fbem-1902	86	8	:	:	PUNCT
fbem-1902	86	9	"	"	PUNCT
fbem-1902	86	10	*	*	PUNCT
fbem-1902	86	11	*	*	PUNCT
fbem-1902	86	12	*	*	PUNCT
fbem-1902	86	13	"	"	PUNCT
fbem-1902	86	14	,	,	PUNCT
fbem-1902	86	15	"	"	PUNCT
fbem-1902	86	16	*	*	PUNCT
fbem-1902	86	17	*	*	PUNCT
fbem-1902	86	18	"	"	PUNCT
fbem-1902	86	19	,	,	PUNCT
fbem-1902	86	20	"	"	PUNCT
fbem-1902	86	21	*	*	PUNCT
fbem-1902	86	22	"	"	PUNCT
fbem-1902	86	23	means	mean	VERB
fbem-1902	86	24	significant	significant	ADJ
fbem-1902	86	25	at	at	ADP
fbem-1902	86	26	1%,5%,10	1%,5%,10	NUM
fbem-1902	86	27	%	%	NOUN
fbem-1902	86	28	level	level	NOUN
fbem-1902	86	29	respectively	respectively	ADV
fbem-1902	86	30	.	.	PUNCT
fbem-1902	87	1	then	then	ADV
fbem-1902	87	2	the	the	DET
fbem-1902	87	3	regression	regression	NOUN
fbem-1902	87	4	results	result	NOUN
fbem-1902	87	5	of	of	ADP
fbem-1902	87	6	the	the	DET
fbem-1902	87	7	influencing	influence	VERB
fbem-1902	87	8	factors	factor	NOUN
fbem-1902	87	9	were	be	AUX
fbem-1902	87	10	further	far	ADV
fbem-1902	87	11	investigated	investigate	VERB
fbem-1902	87	12	in	in	ADP
fbem-1902	87	13	different	different	ADJ
fbem-1902	87	14	stages	stage	NOUN
fbem-1902	87	15	.	.	PUNCT
fbem-1902	88	1	according	accord	VERB
fbem-1902	88	2	to	to	ADP
fbem-1902	88	3	the	the	DET
fbem-1902	88	4	research	research	NOUN
fbem-1902	88	5	results	result	NOUN
fbem-1902	88	6	in	in	ADP
fbem-1902	88	7	columns	column	NOUN
fbem-1902	88	8	3	3	NUM
fbem-1902	88	9	and	and	CCONJ
fbem-1902	88	10	4	4	NUM
fbem-1902	88	11	in	in	ADP
fbem-1902	88	12	table	table	NOUN
fbem-1902	88	13	4	4	NUM
fbem-1902	88	14	,	,	PUNCT
fbem-1902	88	15	only	only	ADV
fbem-1902	88	16	the	the	DET
fbem-1902	88	17	market	market	NOUN
fbem-1902	88	18	competition	competition	NOUN
fbem-1902	88	19	degree	degree	NOUN
fbem-1902	88	20	and	and	CCONJ
fbem-1902	88	21	institutional	institutional	ADJ
fbem-1902	88	22	investment	investment	NOUN
fbem-1902	88	23	shareholding	shareholding	NOUN
fbem-1902	88	24	had	have	VERB
fbem-1902	88	25	a	a	DET
fbem-1902	88	26	significant	significant	ADJ
fbem-1902	88	27	positive	positive	ADJ
fbem-1902	88	28	impact	impact	NOUN
fbem-1902	88	29	on	on	ADP
fbem-1902	88	30	the	the	DET
fbem-1902	88	31	governance	governance	NOUN
fbem-1902	88	32	efficiency	efficiency	NOUN
fbem-1902	88	33	of	of	ADP
fbem-1902	88	34	growing	grow	VERB
fbem-1902	88	35	enterprises	enterprise	NOUN
fbem-1902	88	36	,	,	PUNCT
fbem-1902	88	37	and	and	CCONJ
fbem-1902	88	38	similar	similar	ADJ
fbem-1902	88	39	results	result	NOUN
fbem-1902	88	40	were	be	AUX
fbem-1902	88	41	found	find	VERB
fbem-1902	88	42	in	in	ADP
fbem-1902	88	43	mature	mature	ADJ
fbem-1902	88	44	and	and	CCONJ
fbem-1902	88	45	growing	grow	VERB
fbem-1902	88	46	enterprises	enterprise	NOUN
fbem-1902	88	47	while	while	SCONJ
fbem-1902	88	48	the	the	DET
fbem-1902	88	49	governance	governance	NOUN
fbem-1902	88	50	efficiency	efficiency	NOUN
fbem-1902	88	51	of	of	ADP
fbem-1902	88	52	declining	decline	VERB
fbem-1902	88	53	enterprises	enterprise	NOUN
fbem-1902	88	54	were	be	AUX
fbem-1902	88	55	mainly	mainly	ADV
fbem-1902	88	56	influenced	influence	VERB
fbem-1902	88	57	by	by	ADP
fbem-1902	88	58	government	government	NOUN
fbem-1902	88	59	intervention	intervention	NOUN
fbem-1902	88	60	and	and	CCONJ
fbem-1902	88	61	the	the	DET
fbem-1902	88	62	marketization	marketization	NOUN
fbem-1902	88	63	process	process	NOUN
fbem-1902	88	64	,	,	PUNCT
fbem-1902	88	65	which	which	PRON
fbem-1902	88	66	demonstrated	demonstrate	VERB
fbem-1902	88	67	that	that	SCONJ
fbem-1902	88	68	in	in	ADP
fbem-1902	88	69	the	the	DET
fbem-1902	88	70	early	early	ADJ
fbem-1902	88	71	corporate	corporate	ADJ
fbem-1902	88	72	life	life	NOUN
fbem-1902	88	73	stage	stage	NOUN
fbem-1902	88	74	,	,	PUNCT
fbem-1902	88	75	enterprises	enterprise	NOUN
fbem-1902	88	76	lay	lie	VERB
fbem-1902	88	77	more	more	ADJ
fbem-1902	88	78	emphasis	emphasis	NOUN
fbem-1902	88	79	on	on	ADP
fbem-1902	88	80	management	management	NOUN
fbem-1902	88	81	and	and	CCONJ
fbem-1902	88	82	governance	governance	NOUN
fbem-1902	88	83	,	,	PUNCT
fbem-1902	88	84	so	so	SCONJ
fbem-1902	88	85	they	they	PRON
fbem-1902	88	86	are	be	AUX
fbem-1902	88	87	more	more	ADV
fbem-1902	88	88	subject	subject	ADJ
fbem-1902	88	89	to	to	ADP
fbem-1902	88	90	market	market	NOUN
fbem-1902	88	91	competition	competition	NOUN
fbem-1902	88	92	and	and	CCONJ
fbem-1902	88	93	supervision	supervision	NOUN
fbem-1902	88	94	by	by	ADP
fbem-1902	88	95	external	external	ADJ
fbem-1902	88	96	financial	financial	ADJ
fbem-1902	88	97	institutions	institution	NOUN
fbem-1902	88	98	,	,	PUNCT
fbem-1902	88	99	which	which	PRON
fbem-1902	88	100	will	will	AUX
fbem-1902	88	101	prompt	prompt	VERB
fbem-1902	88	102	the	the	DET
fbem-1902	88	103	management	management	NOUN
fbem-1902	88	104	to	to	PART
fbem-1902	88	105	make	make	VERB
fbem-1902	88	106	more	more	ADV
fbem-1902	88	107	favorable	favorable	ADJ
fbem-1902	88	108	decisions	decision	NOUN
fbem-1902	88	109	.	.	PUNCT
fbem-1902	89	1	in	in	ADP
fbem-1902	89	2	other	other	ADJ
fbem-1902	89	3	words	word	NOUN
fbem-1902	89	4	,	,	PUNCT
fbem-1902	89	5	external	external	ADJ
fbem-1902	89	6	governance	governance	NOUN
fbem-1902	89	7	mechanism	mechanism	NOUN
fbem-1902	89	8	plays	play	VERB
fbem-1902	89	9	a	a	DET
fbem-1902	89	10	better	well	ADJ
fbem-1902	89	11	role	role	NOUN
fbem-1902	89	12	in	in	ADP
fbem-1902	89	13	this	this	DET
fbem-1902	89	14	stage	stage	NOUN
fbem-1902	89	15	.	.	PUNCT
fbem-1902	90	1	but	but	CCONJ
fbem-1902	90	2	in	in	ADP
fbem-1902	90	3	the	the	DET
fbem-1902	90	4	later	later	ADJ
fbem-1902	90	5	life	life	NOUN
fbem-1902	90	6	stage	stage	NOUN
fbem-1902	90	7	,	,	PUNCT
fbem-1902	90	8	the	the	DET
fbem-1902	90	9	corporate	corporate	ADJ
fbem-1902	90	10	management	management	NOUN
fbem-1902	90	11	structure	structure	NOUN
fbem-1902	90	12	has	have	AUX
fbem-1902	90	13	taken	take	VERB
fbem-1902	90	14	shape	shape	NOUN
fbem-1902	90	15	and	and	CCONJ
fbem-1902	90	16	is	be	AUX
fbem-1902	90	17	more	more	ADV
fbem-1902	90	18	likely	likely	ADJ
fbem-1902	90	19	to	to	PART
fbem-1902	90	20	be	be	AUX
fbem-1902	90	21	influenced	influence	VERB
fbem-1902	90	22	by	by	ADP
fbem-1902	90	23	external	external	ADJ
fbem-1902	90	24	governance	governance	NOUN
fbem-1902	90	25	environment	environment	NOUN
fbem-1902	90	26	.	.	PUNCT
fbem-1902	91	1	a	a	DET
fbem-1902	91	2	closer	close	ADJ
fbem-1902	91	3	political	political	ADJ
fbem-1902	91	4	relationship	relationship	NOUN
fbem-1902	91	5	between	between	ADP
fbem-1902	91	6	government	government	NOUN
fbem-1902	91	7	and	and	CCONJ
fbem-1902	91	8	enterprises	enterprise	NOUN
fbem-1902	91	9	has	have	VERB
fbem-1902	91	10	a	a	DET
fbem-1902	91	11	greater	great	ADJ
fbem-1902	91	12	influence	influence	NOUN
fbem-1902	91	13	on	on	ADP
fbem-1902	91	14	the	the	DET
fbem-1902	91	15	internal	internal	ADJ
fbem-1902	91	16	decision	decision	NOUN
fbem-1902	91	17	making	making	NOUN
fbem-1902	91	18	and	and	CCONJ
fbem-1902	91	19	the	the	DET
fbem-1902	91	20	performance	performance	NOUN
fbem-1902	91	21	of	of	ADP
fbem-1902	91	22	an	an	DET
fbem-1902	91	23	enterprise	enterprise	NOUN
fbem-1902	91	24	,	,	PUNCT
fbem-1902	91	25	thereby	thereby	ADV
fbem-1902	91	26	affecting	affect	VERB
fbem-1902	91	27	the	the	DET
fbem-1902	91	28	governance	governance	NOUN
fbem-1902	91	29	efficiency	efficiency	NOUN
fbem-1902	91	30	.	.	PUNCT
fbem-1902	92	1	therefore	therefore	ADV
fbem-1902	92	2	,	,	PUNCT
fbem-1902	92	3	guiding	guiding	NOUN
fbem-1902	92	4	and	and	CCONJ
fbem-1902	92	5	preferential	preferential	ADJ
fbem-1902	92	6	policies	policy	NOUN
fbem-1902	92	7	should	should	AUX
fbem-1902	92	8	be	be	AUX
fbem-1902	92	9	introduced	introduce	VERB
fbem-1902	92	10	to	to	ADP
fbem-1902	92	11	specific	specific	ADJ
fbem-1902	92	12	regions	region	NOUN
fbem-1902	92	13	.	.	PUNCT
fbem-1902	93	1	moreover	moreover	ADV
fbem-1902	93	2	,	,	PUNCT
fbem-1902	93	3	in	in	ADP
fbem-1902	93	4	terms	term	NOUN
fbem-1902	93	5	of	of	ADP
fbem-1902	93	6	corporate	corporate	ADJ
fbem-1902	93	7	self	self	NOUN
fbem-1902	93	8	-	-	PUNCT
fbem-1902	93	9	development	development	NOUN
fbem-1902	93	10	,	,	PUNCT
fbem-1902	93	11	both	both	CCONJ
fbem-1902	93	12	global	global	ADJ
fbem-1902	93	13	analysis	analysis	NOUN
fbem-1902	93	14	and	and	CCONJ
fbem-1902	93	15	phased	phase	VERB
fbem-1902	93	16	sample	sample	NOUN
fbem-1902	93	17	analysis	analysis	NOUN
fbem-1902	93	18	showed	show	VERB
fbem-1902	93	19	that	that	SCONJ
fbem-1902	93	20	company	company	NOUN
fbem-1902	93	21	scale	scale	NOUN
fbem-1902	93	22	and	and	CCONJ
fbem-1902	93	23	balance	balance	NOUN
fbem-1902	93	24	sheets	sheet	NOUN
fbem-1902	93	25	are	be	AUX
fbem-1902	93	26	both	both	ADV
fbem-1902	93	27	insignificant	insignificant	ADJ
fbem-1902	93	28	,	,	PUNCT
fbem-1902	93	29	or	or	CCONJ
fbem-1902	93	30	the	the	DET
fbem-1902	93	31	coefficients	coefficient	NOUN
fbem-1902	93	32	are	be	AUX
fbem-1902	93	33	significant	significant	ADJ
fbem-1902	93	34	but	but	CCONJ
fbem-1902	93	35	the	the	DET
fbem-1902	93	36	results	result	NOUN
fbem-1902	93	37	are	be	AUX
fbem-1902	93	38	close	close	ADJ
fbem-1902	93	39	to	to	ADP
fbem-1902	93	40	zero	zero	NUM
fbem-1902	93	41	with	with	ADP
fbem-1902	93	42	little	little	ADJ
fbem-1902	93	43	impact	impact	NOUN
fbem-1902	93	44	,	,	PUNCT
fbem-1902	93	45	which	which	PRON
fbem-1902	93	46	indicates	indicate	VERB
fbem-1902	93	47	that	that	SCONJ
fbem-1902	93	48	corporate	corporate	ADJ
fbem-1902	93	49	self	self	NOUN
fbem-1902	93	50	-	-	PUNCT
fbem-1902	93	51	development	development	NOUN
fbem-1902	93	52	are	be	AUX
fbem-1902	93	53	not	not	PART
fbem-1902	93	54	able	able	ADJ
fbem-1902	93	55	to	to	PART
fbem-1902	93	56	effectively	effectively	ADV
fbem-1902	93	57	promote	promote	VERB
fbem-1902	93	58	corporate	corporate	ADJ
fbem-1902	93	59	governance	governance	NOUN
fbem-1902	93	60	efficiency	efficiency	NOUN
fbem-1902	93	61	.	.	PUNCT
fbem-1902	94	1	4	4	X
fbem-1902	94	2	.	.	X
fbem-1902	94	3	conclusion	conclusion	VERB
fbem-1902	94	4	an	an	DET
fbem-1902	94	5	input	input	NOUN
fbem-1902	94	6	-	-	PUNCT
fbem-1902	94	7	output	output	NOUN
fbem-1902	94	8	system	system	NOUN
fbem-1902	94	9	of	of	ADP
fbem-1902	94	10	the	the	DET
fbem-1902	94	11	governance	governance	NOUN
fbem-1902	94	12	efficiency	efficiency	NOUN
fbem-1902	94	13	of	of	ADP
fbem-1902	94	14	listed	list	VERB
fbem-1902	94	15	companies	company	NOUN
fbem-1902	94	16	was	be	AUX
fbem-1902	94	17	developed	develop	VERB
fbem-1902	94	18	in	in	ADP
fbem-1902	94	19	this	this	DET
fbem-1902	94	20	paper	paper	NOUN
fbem-1902	94	21	on	on	ADP
fbem-1902	94	22	the	the	DET
fbem-1902	94	23	basis	basis	NOUN
fbem-1902	94	24	of	of	ADP
fbem-1902	94	25	46	46	NUM
fbem-1902	94	26	the	the	DET
fbem-1902	94	27	existing	exist	VERB
fbem-1902	94	28	literature	literature	NOUN
fbem-1902	94	29	and	and	CCONJ
fbem-1902	94	30	research	research	NOUN
fbem-1902	94	31	.	.	PUNCT
fbem-1902	95	1	firstly	firstly	ADV
fbem-1902	95	2	,	,	PUNCT
fbem-1902	95	3	the	the	DET
fbem-1902	95	4	governance	governance	NOUN
fbem-1902	95	5	efficiency	efficiency	NOUN
fbem-1902	95	6	of	of	ADP
fbem-1902	95	7	a	a	DET
fbem-1902	95	8	total	total	NOUN
fbem-1902	95	9	of	of	ADP
fbem-1902	95	10	776	776	NUM
fbem-1902	95	11	listed	list	VERB
fbem-1902	95	12	companies	company	NOUN
fbem-1902	95	13	in	in	ADP
fbem-1902	95	14	a	a	DET
fbem-1902	95	15	-	-	PUNCT
fbem-1902	95	16	share	share	NOUN
fbem-1902	95	17	market	market	NOUN
fbem-1902	95	18	from	from	ADP
fbem-1902	95	19	2012	2012	NUM
fbem-1902	95	20	to	to	ADP
fbem-1902	95	21	2020	2020	NUM
fbem-1902	95	22	was	be	AUX
fbem-1902	95	23	comprehensively	comprehensively	ADV
fbem-1902	95	24	measured	measure	VERB
fbem-1902	95	25	with	with	ADP
fbem-1902	95	26	the	the	DET
fbem-1902	95	27	dea	dea	PROPN
fbem-1902	95	28	model	model	PROPN
fbem-1902	95	29	.	.	PUNCT
fbem-1902	96	1	according	accord	VERB
fbem-1902	96	2	to	to	ADP
fbem-1902	96	3	the	the	DET
fbem-1902	96	4	life	life	NOUN
fbem-1902	96	5	cycle	cycle	NOUN
fbem-1902	96	6	theory	theory	NOUN
fbem-1902	96	7	,	,	PUNCT
fbem-1902	96	8	the	the	DET
fbem-1902	96	9	comparative	comparative	ADJ
fbem-1902	96	10	analysis	analysis	NOUN
fbem-1902	96	11	of	of	ADP
fbem-1902	96	12	governance	governance	NOUN
fbem-1902	96	13	efficiency	efficiency	NOUN
fbem-1902	96	14	was	be	AUX
fbem-1902	96	15	made	make	VERB
fbem-1902	96	16	from	from	ADP
fbem-1902	96	17	the	the	DET
fbem-1902	96	18	static	static	ADJ
fbem-1902	96	19	perspective	perspective	NOUN
fbem-1902	96	20	.	.	PUNCT
fbem-1902	97	1	it	it	PRON
fbem-1902	97	2	is	be	AUX
fbem-1902	97	3	believed	believe	VERB
fbem-1902	97	4	that	that	SCONJ
fbem-1902	97	5	the	the	DET
fbem-1902	97	6	governance	governance	NOUN
fbem-1902	97	7	efficiency	efficiency	NOUN
fbem-1902	97	8	of	of	ADP
fbem-1902	97	9	growing	grow	VERB
fbem-1902	97	10	and	and	CCONJ
fbem-1902	97	11	declining	decline	VERB
fbem-1902	97	12	enterprises	enterprise	NOUN
fbem-1902	97	13	is	be	AUX
fbem-1902	97	14	mainly	mainly	ADV
fbem-1902	97	15	contributed	contribute	VERB
fbem-1902	97	16	by	by	ADP
fbem-1902	97	17	scale	scale	NOUN
fbem-1902	97	18	efficiency	efficiency	NOUN
fbem-1902	97	19	,	,	PUNCT
fbem-1902	97	20	whereas	whereas	SCONJ
fbem-1902	97	21	mature	mature	ADJ
fbem-1902	97	22	enterprises	enterprise	NOUN
fbem-1902	97	23	demands	demand	VERB
fbem-1902	97	24	more	more	ADJ
fbem-1902	97	25	for	for	ADP
fbem-1902	97	26	stable	stable	ADJ
fbem-1902	97	27	scale	scale	NOUN
fbem-1902	97	28	investment	investment	NOUN
fbem-1902	97	29	and	and	CCONJ
fbem-1902	97	30	reasonable	reasonable	ADJ
fbem-1902	97	31	governing	governing	NOUN
fbem-1902	97	32	measures	measure	NOUN
fbem-1902	97	33	as	as	SCONJ
fbem-1902	97	34	they	they	PRON
fbem-1902	97	35	are	be	AUX
fbem-1902	97	36	undergoing	undergo	VERB
fbem-1902	97	37	a	a	DET
fbem-1902	97	38	transformation	transformation	NOUN
fbem-1902	97	39	in	in	ADP
fbem-1902	97	40	dominating	dominating	NOUN
fbem-1902	97	41	benefits	benefit	NOUN
fbem-1902	97	42	.	.	PUNCT
fbem-1902	98	1	then	then	ADV
fbem-1902	98	2	the	the	DET
fbem-1902	98	3	malmquist	malmquist	PROPN
fbem-1902	98	4	index	index	NOUN
fbem-1902	98	5	model	model	NOUN
fbem-1902	98	6	was	be	AUX
fbem-1902	98	7	used	use	VERB
fbem-1902	98	8	to	to	PART
fbem-1902	98	9	measure	measure	VERB
fbem-1902	98	10	dynamic	dynamic	ADJ
fbem-1902	98	11	changes	change	NOUN
fbem-1902	98	12	of	of	ADP
fbem-1902	98	13	governance	governance	NOUN
fbem-1902	98	14	efficiency	efficiency	NOUN
fbem-1902	98	15	,	,	PUNCT
fbem-1902	98	16	and	and	CCONJ
fbem-1902	98	17	the	the	DET
fbem-1902	98	18	results	result	NOUN
fbem-1902	98	19	demonstrated	demonstrate	VERB
fbem-1902	98	20	a	a	DET
fbem-1902	98	21	general	general	ADJ
fbem-1902	98	22	decline	decline	NOUN
fbem-1902	98	23	in	in	ADP
fbem-1902	98	24	the	the	DET
fbem-1902	98	25	the	the	DET
fbem-1902	98	26	total	total	ADJ
fbem-1902	98	27	factor	factor	NOUN
fbem-1902	98	28	productivity	productivity	NOUN
fbem-1902	98	29	of	of	ADP
fbem-1902	98	30	corporate	corporate	ADJ
fbem-1902	98	31	governance	governance	NOUN
fbem-1902	98	32	as	as	ADP
fbem-1902	98	33	a	a	DET
fbem-1902	98	34	result	result	NOUN
fbem-1902	98	35	of	of	ADP
fbem-1902	98	36	technical	technical	ADJ
fbem-1902	98	37	changes	change	NOUN
fbem-1902	98	38	.	.	PUNCT
fbem-1902	99	1	it	it	PRON
fbem-1902	99	2	can	can	AUX
fbem-1902	99	3	be	be	AUX
fbem-1902	99	4	inferred	infer	VERB
fbem-1902	99	5	from	from	ADP
fbem-1902	99	6	the	the	DET
fbem-1902	99	7	progressive	progressive	ADJ
fbem-1902	99	8	increase	increase	NOUN
fbem-1902	99	9	of	of	ADP
fbem-1902	99	10	total	total	ADJ
fbem-1902	99	11	factor	factor	NOUN
fbem-1902	99	12	productivity	productivity	NOUN
fbem-1902	99	13	from	from	ADP
fbem-1902	99	14	the	the	DET
fbem-1902	99	15	growing	grow	VERB
fbem-1902	99	16	stage	stage	NOUN
fbem-1902	99	17	to	to	ADP
fbem-1902	99	18	the	the	DET
fbem-1902	99	19	mature	mature	ADJ
fbem-1902	99	20	phase	phase	NOUN
fbem-1902	99	21	,	,	PUNCT
fbem-1902	99	22	and	and	CCONJ
fbem-1902	99	23	to	to	ADP
fbem-1902	99	24	the	the	DET
fbem-1902	99	25	declining	decline	VERB
fbem-1902	99	26	period	period	NOUN
fbem-1902	99	27	that	that	PRON
fbem-1902	99	28	the	the	PRON
fbem-1902	99	29	younger	young	ADJ
fbem-1902	99	30	an	an	DET
fbem-1902	99	31	enterprise	enterprise	NOUN
fbem-1902	99	32	is	be	AUX
fbem-1902	99	33	,	,	PUNCT
fbem-1902	99	34	the	the	PRON
fbem-1902	99	35	weaker	weak	ADJ
fbem-1902	99	36	its	its	PRON
fbem-1902	99	37	capacity	capacity	NOUN
fbem-1902	99	38	in	in	ADP
fbem-1902	99	39	improving	improve	VERB
fbem-1902	99	40	governance	governance	NOUN
fbem-1902	99	41	efficiency	efficiency	NOUN
fbem-1902	99	42	.	.	PUNCT
fbem-1902	100	1	hence	hence	ADV
fbem-1902	100	2	,	,	PUNCT
fbem-1902	100	3	enterprises	enterprise	NOUN
fbem-1902	100	4	in	in	ADP
fbem-1902	100	5	the	the	DET
fbem-1902	100	6	early	early	ADJ
fbem-1902	100	7	stage	stage	NOUN
fbem-1902	100	8	should	should	AUX
fbem-1902	100	9	place	place	VERB
fbem-1902	100	10	more	more	ADJ
fbem-1902	100	11	emphasis	emphasis	NOUN
fbem-1902	100	12	on	on	ADP
fbem-1902	100	13	learning	learn	VERB
fbem-1902	100	14	and	and	CCONJ
fbem-1902	100	15	improving	improve	VERB
fbem-1902	100	16	relevant	relevant	ADJ
fbem-1902	100	17	management	management	NOUN
fbem-1902	100	18	techniques	technique	NOUN
fbem-1902	100	19	,	,	PUNCT
fbem-1902	100	20	as	as	ADV
fbem-1902	100	21	well	well	ADV
fbem-1902	100	22	as	as	ADP
fbem-1902	100	23	increasing	increase	VERB
fbem-1902	100	24	investment	investment	NOUN
fbem-1902	100	25	in	in	ADP
fbem-1902	100	26	management	management	NOUN
fbem-1902	100	27	resources	resource	NOUN
fbem-1902	100	28	,	,	PUNCT
fbem-1902	100	29	while	while	SCONJ
fbem-1902	100	30	those	those	PRON
fbem-1902	100	31	in	in	ADP
fbem-1902	100	32	later	later	ADJ
fbem-1902	100	33	stages	stage	NOUN
fbem-1902	100	34	should	should	AUX
fbem-1902	100	35	focus	focus	VERB
fbem-1902	100	36	more	more	ADV
fbem-1902	100	37	on	on	ADP
fbem-1902	100	38	resource	resource	NOUN
fbem-1902	100	39	integration	integration	NOUN
fbem-1902	100	40	.	.	PUNCT
fbem-1902	101	1	finally	finally	ADV
fbem-1902	101	2	,	,	PUNCT
fbem-1902	101	3	external	external	ADJ
fbem-1902	101	4	influencing	influence	VERB
fbem-1902	101	5	factors	factor	NOUN
fbem-1902	101	6	were	be	AUX
fbem-1902	101	7	studied	study	VERB
fbem-1902	101	8	by	by	ADP
fbem-1902	101	9	establishing	establish	VERB
fbem-1902	101	10	the	the	DET
fbem-1902	101	11	tobit	tobit	NOUN
fbem-1902	101	12	regression	regression	NOUN
fbem-1902	101	13	model	model	NOUN
fbem-1902	101	14	.	.	PUNCT
fbem-1902	102	1	the	the	DET
fbem-1902	102	2	results	result	NOUN
fbem-1902	102	3	showed	show	VERB
fbem-1902	102	4	that	that	SCONJ
fbem-1902	102	5	corporate	corporate	ADJ
fbem-1902	102	6	self	self	NOUN
fbem-1902	102	7	-	-	PUNCT
fbem-1902	102	8	development	development	NOUN
fbem-1902	102	9	has	have	VERB
fbem-1902	102	10	little	little	ADJ
fbem-1902	102	11	bearing	bearing	NOUN
fbem-1902	102	12	on	on	ADP
fbem-1902	102	13	governance	governance	NOUN
fbem-1902	102	14	efficiency	efficiency	NOUN
fbem-1902	102	15	improvement	improvement	NOUN
fbem-1902	102	16	on	on	ADP
fbem-1902	102	17	the	the	DET
fbem-1902	102	18	whole	whole	NOUN
fbem-1902	102	19	,	,	PUNCT
fbem-1902	102	20	while	while	SCONJ
fbem-1902	102	21	the	the	DET
fbem-1902	102	22	external	external	ADJ
fbem-1902	102	23	governance	governance	NOUN
fbem-1902	102	24	mechanism	mechanism	NOUN
fbem-1902	102	25	dramatically	dramatically	ADV
fbem-1902	102	26	influences	influence	VERB
fbem-1902	102	27	growing	grow	VERB
fbem-1902	102	28	and	and	CCONJ
fbem-1902	102	29	mature	mature	ADJ
fbem-1902	102	30	enterprises	enterprise	NOUN
fbem-1902	102	31	,	,	PUNCT
fbem-1902	102	32	and	and	CCONJ
fbem-1902	102	33	its	its	PRON
fbem-1902	102	34	impact	impact	NOUN
fbem-1902	102	35	is	be	AUX
fbem-1902	102	36	more	more	ADV
fbem-1902	102	37	considerable	considerable	ADJ
fbem-1902	102	38	on	on	ADP
fbem-1902	102	39	declining	decline	VERB
fbem-1902	102	40	enterprises	enterprise	NOUN
fbem-1902	102	41	.	.	PUNCT
fbem-1902	103	1	based	base	VERB
fbem-1902	103	2	on	on	ADP
fbem-1902	103	3	the	the	DET
fbem-1902	103	4	above	above	ADJ
fbem-1902	103	5	conclusions	conclusion	NOUN
fbem-1902	103	6	,	,	PUNCT
fbem-1902	103	7	three	three	NUM
fbem-1902	103	8	suggestions	suggestion	NOUN
fbem-1902	103	9	regarding	regard	VERB
fbem-1902	103	10	the	the	DET
fbem-1902	103	11	governance	governance	NOUN
fbem-1902	103	12	of	of	ADP
fbem-1902	103	13	listed	list	VERB
fbem-1902	103	14	companies	company	NOUN
fbem-1902	103	15	are	be	AUX
fbem-1902	103	16	proposed	propose	VERB
fbem-1902	103	17	as	as	SCONJ
fbem-1902	103	18	follows	follow	VERB
fbem-1902	103	19	:	:	PUNCT
fbem-1902	103	20	enterprises	enterprise	NOUN
fbem-1902	103	21	should	should	AUX
fbem-1902	103	22	attach	attach	VERB
fbem-1902	103	23	importance	importance	NOUN
fbem-1902	103	24	to	to	PART
fbem-1902	103	25	scale	scale	VERB
fbem-1902	103	26	efficiency	efficiency	NOUN
fbem-1902	103	27	,	,	PUNCT
fbem-1902	103	28	step	step	VERB
fbem-1902	103	29	up	up	ADP
fbem-1902	103	30	their	their	PRON
fbem-1902	103	31	efforts	effort	NOUN
fbem-1902	103	32	in	in	ADP
fbem-1902	103	33	governing	govern	VERB
fbem-1902	103	34	measures	measure	NOUN
fbem-1902	103	35	such	such	ADJ
fbem-1902	103	36	as	as	ADP
fbem-1902	103	37	internal	internal	ADJ
fbem-1902	103	38	supervision	supervision	NOUN
fbem-1902	103	39	and	and	CCONJ
fbem-1902	103	40	salary	salary	NOUN
fbem-1902	103	41	incentives	incentive	NOUN
fbem-1902	103	42	especially	especially	ADV
fbem-1902	103	43	in	in	ADP
fbem-1902	103	44	the	the	DET
fbem-1902	103	45	early	early	ADJ
fbem-1902	103	46	corporate	corporate	ADJ
fbem-1902	103	47	life	life	NOUN
fbem-1902	103	48	stage	stage	NOUN
fbem-1902	103	49	,	,	PUNCT
fbem-1902	103	50	and	and	CCONJ
fbem-1902	103	51	do	do	VERB
fbem-1902	103	52	more	more	ADJ
fbem-1902	103	53	to	to	PART
fbem-1902	103	54	improve	improve	VERB
fbem-1902	103	55	their	their	PRON
fbem-1902	103	56	scale	scale	NOUN
fbem-1902	103	57	effect	effect	NOUN
fbem-1902	103	58	so	so	SCONJ
fbem-1902	103	59	as	as	SCONJ
fbem-1902	103	60	to	to	PART
fbem-1902	103	61	enhance	enhance	VERB
fbem-1902	103	62	their	their	PRON
fbem-1902	103	63	ability	ability	NOUN
fbem-1902	103	64	in	in	ADP
fbem-1902	103	65	improving	improve	VERB
fbem-1902	103	66	governance	governance	NOUN
fbem-1902	103	67	efficiency	efficiency	NOUN
fbem-1902	103	68	.	.	PUNCT
fbem-1902	104	1	enterprises	enterprise	NOUN
fbem-1902	104	2	should	should	AUX
fbem-1902	104	3	also	also	ADV
fbem-1902	104	4	keep	keep	VERB
fbem-1902	104	5	learning	learn	VERB
fbem-1902	104	6	from	from	ADP
fbem-1902	104	7	excellent	excellent	ADJ
fbem-1902	104	8	managerial	managerial	ADJ
fbem-1902	104	9	experience	experience	NOUN
fbem-1902	104	10	,	,	PUNCT
fbem-1902	104	11	upgrade	upgrade	VERB
fbem-1902	104	12	their	their	PRON
fbem-1902	104	13	management	management	NOUN
fbem-1902	104	14	technologies	technology	NOUN
fbem-1902	104	15	,	,	PUNCT
fbem-1902	104	16	adjust	adjust	VERB
fbem-1902	104	17	the	the	DET
fbem-1902	104	18	corporate	corporate	ADJ
fbem-1902	104	19	governance	governance	NOUN
fbem-1902	104	20	mechanism	mechanism	NOUN
fbem-1902	104	21	,	,	PUNCT
fbem-1902	104	22	and	and	CCONJ
fbem-1902	104	23	further	far	ADV
fbem-1902	104	24	improve	improve	VERB
fbem-1902	104	25	their	their	PRON
fbem-1902	104	26	technical	technical	ADJ
fbem-1902	104	27	efficiency	efficiency	NOUN
fbem-1902	104	28	.	.	PUNCT
fbem-1902	105	1	according	accord	VERB
fbem-1902	105	2	to	to	ADP
fbem-1902	105	3	the	the	DET
fbem-1902	105	4	above	above	ADJ
fbem-1902	105	5	results	result	NOUN
fbem-1902	105	6	,	,	PUNCT
fbem-1902	105	7	both	both	DET
fbem-1902	105	8	governance	governance	NOUN
fbem-1902	105	9	efficiency	efficiency	NOUN
fbem-1902	105	10	and	and	CCONJ
fbem-1902	105	11	growth	growth	NOUN
fbem-1902	105	12	are	be	AUX
fbem-1902	105	13	closely	closely	ADV
fbem-1902	105	14	related	relate	VERB
fbem-1902	105	15	to	to	ADP
fbem-1902	105	16	technical	technical	ADJ
fbem-1902	105	17	efficiency	efficiency	NOUN
fbem-1902	105	18	development	development	NOUN
fbem-1902	105	19	,	,	PUNCT
fbem-1902	105	20	especially	especially	ADV
fbem-1902	105	21	in	in	ADP
fbem-1902	105	22	mature	mature	ADJ
fbem-1902	105	23	and	and	CCONJ
fbem-1902	105	24	declining	decline	VERB
fbem-1902	105	25	enterprises	enterprise	NOUN
fbem-1902	105	26	.	.	PUNCT
fbem-1902	106	1	redundancy	redundancy	NOUN
fbem-1902	106	2	of	of	ADP
fbem-1902	106	3	investment	investment	NOUN
fbem-1902	106	4	and	and	CCONJ
fbem-1902	106	5	organizations	organization	NOUN
fbem-1902	106	6	is	be	AUX
fbem-1902	106	7	prominent	prominent	ADJ
fbem-1902	106	8	in	in	ADP
fbem-1902	106	9	enterprises	enterprise	NOUN
fbem-1902	106	10	of	of	ADP
fbem-1902	106	11	later	later	ADJ
fbem-1902	106	12	life	life	NOUN
fbem-1902	106	13	stages	stage	NOUN
fbem-1902	106	14	.	.	PUNCT
fbem-1902	107	1	therefore	therefore	ADV
fbem-1902	107	2	,	,	PUNCT
fbem-1902	107	3	it	it	PRON
fbem-1902	107	4	is	be	AUX
fbem-1902	107	5	necessary	necessary	ADJ
fbem-1902	107	6	to	to	PART
fbem-1902	107	7	develop	develop	VERB
fbem-1902	107	8	a	a	DET
fbem-1902	107	9	reasonable	reasonable	ADJ
fbem-1902	107	10	system	system	NOUN
fbem-1902	107	11	of	of	ADP
fbem-1902	107	12	checks	check	NOUN
fbem-1902	107	13	and	and	CCONJ
fbem-1902	107	14	balances	balance	NOUN
fbem-1902	107	15	and	and	CCONJ
fbem-1902	107	16	form	form	VERB
fbem-1902	107	17	a	a	DET
fbem-1902	107	18	sciencebased	sciencebase	VERB
fbem-1902	107	19	internal	internal	ADJ
fbem-1902	107	20	governance	governance	NOUN
fbem-1902	107	21	structure	structure	NOUN
fbem-1902	107	22	in	in	ADP
fbem-1902	107	23	conjunction	conjunction	NOUN
fbem-1902	107	24	with	with	ADP
fbem-1902	107	25	the	the	DET
fbem-1902	107	26	external	external	ADJ
fbem-1902	107	27	governance	governance	NOUN
fbem-1902	107	28	mechanism	mechanism	NOUN
fbem-1902	107	29	to	to	PART
fbem-1902	107	30	maximize	maximize	VERB
fbem-1902	107	31	the	the	DET
fbem-1902	107	32	effect	effect	NOUN
fbem-1902	107	33	of	of	ADP
fbem-1902	107	34	the	the	DET
fbem-1902	107	35	governance	governance	NOUN
fbem-1902	107	36	mechanism	mechanism	NOUN
fbem-1902	107	37	at	at	ADP
fbem-1902	107	38	these	these	DET
fbem-1902	107	39	two	two	NUM
fbem-1902	107	40	stages	stage	NOUN
fbem-1902	107	41	.	.	PUNCT
fbem-1902	108	1	given	give	VERB
fbem-1902	108	2	different	different	ADJ
fbem-1902	108	3	characteristics	characteristic	NOUN
fbem-1902	108	4	of	of	ADP
fbem-1902	108	5	enterprises	enterprise	NOUN
fbem-1902	108	6	in	in	ADP
fbem-1902	108	7	different	different	ADJ
fbem-1902	108	8	life	life	NOUN
fbem-1902	108	9	stages	stage	NOUN
fbem-1902	108	10	,	,	PUNCT
fbem-1902	108	11	the	the	DET
fbem-1902	108	12	influence	influence	NOUN
fbem-1902	108	13	of	of	ADP
fbem-1902	108	14	different	different	ADJ
fbem-1902	108	15	factors	factor	NOUN
fbem-1902	108	16	should	should	AUX
fbem-1902	108	17	be	be	AUX
fbem-1902	108	18	taken	take	VERB
fbem-1902	108	19	into	into	ADP
fbem-1902	108	20	consideration	consideration	NOUN
fbem-1902	108	21	so	so	SCONJ
fbem-1902	108	22	as	as	SCONJ
fbem-1902	108	23	to	to	PART
fbem-1902	108	24	take	take	VERB
fbem-1902	108	25	targeted	target	VERB
fbem-1902	108	26	measures	measure	NOUN
fbem-1902	108	27	and	and	CCONJ
fbem-1902	108	28	strategies	strategy	NOUN
fbem-1902	108	29	.	.	PUNCT
fbem-1902	109	1	growing	grow	VERB
fbem-1902	109	2	and	and	CCONJ
fbem-1902	109	3	mature	mature	ADJ
fbem-1902	109	4	enterprises	enterprise	NOUN
fbem-1902	109	5	should	should	AUX
fbem-1902	109	6	attract	attract	VERB
fbem-1902	109	7	more	more	ADJ
fbem-1902	109	8	external	external	ADJ
fbem-1902	109	9	investment	investment	NOUN
fbem-1902	109	10	and	and	CCONJ
fbem-1902	109	11	keep	keep	VERB
fbem-1902	109	12	a	a	DET
fbem-1902	109	13	close	close	ADJ
fbem-1902	109	14	eye	eye	NOUN
fbem-1902	109	15	on	on	ADP
fbem-1902	109	16	market	market	NOUN
fbem-1902	109	17	competition	competition	NOUN
fbem-1902	109	18	,	,	PUNCT
fbem-1902	109	19	while	while	SCONJ
fbem-1902	109	20	declining	decline	VERB
fbem-1902	109	21	enterprises	enterprise	NOUN
fbem-1902	109	22	should	should	AUX
fbem-1902	109	23	downsize	downsize	VERB
fbem-1902	109	24	,	,	PUNCT
fbem-1902	109	25	reduce	reduce	VERB
fbem-1902	109	26	redundant	redundant	ADJ
fbem-1902	109	27	investment	investment	NOUN
fbem-1902	109	28	and	and	CCONJ
fbem-1902	109	29	enhance	enhance	VERB
fbem-1902	109	30	supervision	supervision	NOUN
fbem-1902	109	31	to	to	PART
fbem-1902	109	32	ensure	ensure	VERB
fbem-1902	109	33	a	a	DET
fbem-1902	109	34	stable	stable	ADJ
fbem-1902	109	35	governance	governance	NOUN
fbem-1902	109	36	environment	environment	NOUN
fbem-1902	109	37	.	.	PUNCT
fbem-1902	110	1	furthermore	furthermore	ADV
fbem-1902	110	2	,	,	PUNCT
fbem-1902	110	3	they	they	PRON
fbem-1902	110	4	should	should	AUX
fbem-1902	110	5	adhere	adhere	VERB
fbem-1902	110	6	to	to	ADP
fbem-1902	110	7	local	local	ADJ
fbem-1902	110	8	policies	policy	NOUN
fbem-1902	110	9	and	and	CCONJ
fbem-1902	110	10	innovate	innovate	VERB
fbem-1902	110	11	accordingly	accordingly	ADV
fbem-1902	110	12	.	.	PUNCT
fbem-1902	111	1	in	in	ADP
fbem-1902	111	2	short	short	ADJ
fbem-1902	111	3	,	,	PUNCT
fbem-1902	111	4	the	the	DET
fbem-1902	111	5	optimal	optimal	ADJ
fbem-1902	111	6	mechanism	mechanism	NOUN
fbem-1902	111	7	combination	combination	NOUN
fbem-1902	111	8	should	should	AUX
fbem-1902	111	9	be	be	AUX
fbem-1902	111	10	achieved	achieve	VERB
fbem-1902	111	11	in	in	ADP
fbem-1902	111	12	each	each	DET
fbem-1902	111	13	stage	stage	NOUN
fbem-1902	111	14	to	to	PART
fbem-1902	111	15	improve	improve	VERB
fbem-1902	111	16	governance	governance	NOUN
fbem-1902	111	17	efficiency	efficiency	NOUN
fbem-1902	111	18	.	.	PUNCT
fbem-1902	112	1	references	reference	NOUN
fbem-1902	112	2	[	[	X
fbem-1902	112	3	1	1	NUM
fbem-1902	112	4	]	]	PUNCT
fbem-1902	112	5	zuobao	zuobao	PROPN
fbem-1902	112	6	wei	wei	PROPN
fbem-1902	112	7	&	&	CCONJ
fbem-1902	112	8	oscar	oscar	PROPN
fbem-1902	112	9	varela.(2003).state	varela.(2003).state	VERB
fbem-1902	112	10	equity	equity	NOUN
fbem-1902	112	11	ownership	ownership	NOUN
fbem-1902	112	12	and	and	CCONJ
fbem-1902	112	13	firm	firm	ADJ
fbem-1902	112	14	market	market	NOUN
fbem-1902	112	15	performance	performance	NOUN
fbem-1902	112	16	:	:	PUNCT
fbem-1902	112	17	evidence	evidence	NOUN
fbem-1902	112	18	from	from	ADP
fbem-1902	112	19	china	china	PROPN
fbem-1902	112	20	's	's	PART
fbem-1902	112	21	newly	newly	ADV
fbem-1902	112	22	privatized	privatized	ADJ
fbem-1902	112	23	firms	firm	NOUN
fbem-1902	112	24	.	.	PUNCT
fbem-1902	113	1	global	global	ADJ
fbem-1902	113	2	finance	finance	NOUN
fbem-1902	113	3	journal(1	journal(1	PROPN
fbem-1902	113	4	)	)	PUNCT
fbem-1902	113	5	.	.	PUNCT
fbem-1902	114	1	doi:10.1016	doi:10.1016	PROPN
fbem-1902	114	2	/	/	SYM
fbem-1902	115	1	s1044	s1044	PROPN
fbem-1902	115	2	-	-	PUNCT
fbem-1902	115	3	0283(03)00005	0283(03)00005	NUM
fbem-1902	115	4	-	-	PUNCT
fbem-1902	115	5	x.	x.	NOUN
fbem-1902	116	1	[	[	X
fbem-1902	116	2	2	2	NUM
fbem-1902	116	3	]	]	PUNCT
fbem-1902	116	4	bebchuk	bebchuk	NOUN
fbem-1902	116	5	l	l	PROPN
fbem-1902	116	6	,	,	PUNCT
fbem-1902	116	7	cohen	cohen	PROPN
fbem-1902	116	8	a	a	PROPN
fbem-1902	116	9	,	,	PUNCT
fbem-1902	116	10	ferrell	ferrell	PROPN
fbem-1902	116	11	a.	a.	NOUN
fbem-1902	117	1	what	what	PRON
fbem-1902	117	2	matters	matter	VERB
fbem-1902	117	3	in	in	ADP
fbem-1902	117	4	corporate	corporate	ADJ
fbem-1902	117	5	governance?[j	governance?[j	NOUN
fbem-1902	117	6	]	]	PUNCT
fbem-1902	117	7	.	.	PUNCT
fbem-1902	118	1	the	the	DET
fbem-1902	118	2	review	review	NOUN
fbem-1902	118	3	of	of	ADP
fbem-1902	118	4	financial	financial	ADJ
fbem-1902	118	5	studies	study	NOUN
fbem-1902	118	6	,	,	PUNCT
fbem-1902	118	7	2009	2009	NUM
fbem-1902	118	8	,	,	PUNCT
fbem-1902	118	9	22(2	22(2	NUM
fbem-1902	118	10	):	):	PUNCT
fbem-1902	118	11	783	783	NUM
fbem-1902	118	12	-	-	SYM
fbem-1902	118	13	827	827	NUM
fbem-1902	118	14	.	.	PUNCT
fbem-1902	119	1	[	[	X
fbem-1902	119	2	3	3	X
fbem-1902	119	3	]	]	X
fbem-1902	119	4	jensen	jensen	PROPN
fbem-1902	119	5	m	m	PROPN
fbem-1902	119	6	c.	c.	PROPN
fbem-1902	119	7	agency	agency	PROPN
fbem-1902	119	8	costs	cost	NOUN
fbem-1902	119	9	of	of	ADP
fbem-1902	119	10	free	free	ADJ
fbem-1902	119	11	cash	cash	NOUN
fbem-1902	119	12	flow	flow	NOUN
fbem-1902	119	13	,	,	PUNCT
fbem-1902	119	14	corporate	corporate	ADJ
fbem-1902	119	15	finance	finance	NOUN
fbem-1902	119	16	,	,	PUNCT
fbem-1902	119	17	and	and	CCONJ
fbem-1902	119	18	takeovers[j	takeovers[j	PROPN
fbem-1902	119	19	]	]	PUNCT
fbem-1902	119	20	.	.	PUNCT
fbem-1902	120	1	the	the	DET
fbem-1902	120	2	american	american	PROPN
fbem-1902	120	3	economic	economic	PROPN
fbem-1902	120	4	review	review	PROPN
fbem-1902	120	5	,	,	PUNCT
fbem-1902	120	6	1986	1986	NUM
fbem-1902	120	7	,	,	PUNCT
fbem-1902	120	8	76(2	76(2	NUM
fbem-1902	120	9	):	):	PUNCT
fbem-1902	120	10	323	323	NUM
fbem-1902	120	11	-	-	SYM
fbem-1902	120	12	329	329	NUM
fbem-1902	120	13	.	.	PUNCT
fbem-1902	121	1	[	[	X
fbem-1902	121	2	4	4	X
fbem-1902	121	3	]	]	X
fbem-1902	121	4	jingye	jingye	NOUN
fbem-1902	121	5	l	l	PROPN
fbem-1902	121	6	,	,	PUNCT
fbem-1902	121	7	yang	yang	PROPN
fbem-1902	121	8	g.	g.	PROPN
fbem-1902	121	9	research	research	PROPN
fbem-1902	121	10	on	on	ADP
fbem-1902	121	11	the	the	DET
fbem-1902	121	12	governance	governance	NOUN
fbem-1902	121	13	efficiency	efficiency	NOUN
fbem-1902	121	14	of	of	ADP
fbem-1902	121	15	the	the	DET
fbem-1902	121	16	full	full	ADJ
fbem-1902	121	17	life	life	NOUN
fbem-1902	121	18	cycle	cycle	NOUN
fbem-1902	121	19	of	of	ADP
fbem-1902	121	20	retail	retail	ADJ
fbem-1902	121	21	enterprises[c]//2021	enterprises[c]//2021	PROPN
fbem-1902	121	22	6th	6th	ADJ
fbem-1902	121	23	international	international	ADJ
fbem-1902	121	24	conference	conference	NOUN
fbem-1902	121	25	on	on	ADP
fbem-1902	121	26	social	social	ADJ
fbem-1902	121	27	sciences	science	NOUN
fbem-1902	121	28	and	and	CCONJ
fbem-1902	121	29	economic	economic	ADJ
fbem-1902	121	30	development	development	NOUN
fbem-1902	121	31	(	(	PUNCT
fbem-1902	121	32	icssed	icssed	ADJ
fbem-1902	121	33	2021	2021	NUM
fbem-1902	121	34	)	)	PUNCT
fbem-1902	121	35	.	.	PUNCT
fbem-1902	122	1	atlantis	atlantis	PROPN
fbem-1902	122	2	press	press	PROPN
fbem-1902	122	3	,	,	PUNCT
fbem-1902	122	4	2021	2021	NUM
fbem-1902	122	5	:	:	PUNCT
fbem-1902	122	6	831	831	NUM
fbem-1902	122	7	-	-	SYM
fbem-1902	122	8	839	839	NUM
fbem-1902	122	9	.	.	PUNCT
fbem-1902	123	1	[	[	X
fbem-1902	123	2	5	5	NUM
fbem-1902	123	3	]	]	PUNCT
fbem-1902	123	4	li	li	PROPN
fbem-1902	123	5	h	h	PROPN
fbem-1902	123	6	j	j	PROPN
fbem-1902	123	7	,	,	PUNCT
fbem-1902	123	8	chang	chang	PROPN
fbem-1902	123	9	s	s	PROPN
fbem-1902	123	10	i	i	PROPN
fbem-1902	123	11	,	,	PUNCT
fbem-1902	123	12	yen	yen	PROPN
fbem-1902	123	13	d	d	X
fbem-1902	123	14	c.	c.	NOUN
fbem-1902	123	15	investigating	investigate	VERB
fbem-1902	123	16	csfs	csfs	NOUN
fbem-1902	123	17	for	for	ADP
fbem-1902	123	18	the	the	DET
fbem-1902	123	19	life	life	NOUN
fbem-1902	123	20	cycle	cycle	NOUN
fbem-1902	123	21	of	of	ADP
fbem-1902	123	22	erp	erp	PROPN
fbem-1902	123	23	system	system	NOUN
fbem-1902	123	24	from	from	ADP
fbem-1902	123	25	the	the	DET
fbem-1902	123	26	perspective	perspective	NOUN
fbem-1902	123	27	of	of	ADP
fbem-1902	123	28	it	it	PRON
fbem-1902	123	29	governance[j	governance[j	NOUN
fbem-1902	123	30	]	]	PUNCT
fbem-1902	123	31	.	.	PUNCT
fbem-1902	124	1	computer	computer	NOUN
fbem-1902	124	2	standards	standard	NOUN
fbem-1902	124	3	&	&	CCONJ
fbem-1902	124	4	interfaces	interface	NOUN
fbem-1902	124	5	,	,	PUNCT
fbem-1902	124	6	2017	2017	NUM
fbem-1902	124	7	,	,	PUNCT
fbem-1902	124	8	50	50	NUM
fbem-1902	124	9	:	:	SYM
fbem-1902	124	10	269	269	NUM
fbem-1902	124	11	-	-	SYM
fbem-1902	124	12	279	279	NUM
fbem-1902	124	13	.	.	PUNCT
fbem-1902	125	1	[	[	X
fbem-1902	125	2	6	6	NUM
fbem-1902	125	3	]	]	PUNCT
fbem-1902	125	4	yang	yang	PROPN
fbem-1902	125	5	j	j	PROPN
fbem-1902	125	6	,	,	PUNCT
fbem-1902	125	7	chi	chi	PROPN
fbem-1902	125	8	j	j	PROPN
fbem-1902	125	9	,	,	PUNCT
fbem-1902	125	10	young	young	ADJ
fbem-1902	125	11	m.	m.	NOUN
fbem-1902	125	12	a	a	DET
fbem-1902	125	13	review	review	NOUN
fbem-1902	125	14	of	of	ADP
fbem-1902	125	15	corporate	corporate	ADJ
fbem-1902	125	16	governance	governance	NOUN
fbem-1902	125	17	in	in	ADP
fbem-1902	125	18	china[j	china[j	PROPN
fbem-1902	125	19	]	]	PUNCT
fbem-1902	125	20	.	.	PUNCT
fbem-1902	126	1	asian‐pacific	asian‐pacific	PROPN
fbem-1902	126	2	economic	economic	ADJ
fbem-1902	126	3	literature	literature	NOUN
fbem-1902	126	4	,	,	PUNCT
fbem-1902	126	5	2011	2011	NUM
fbem-1902	126	6	,	,	PUNCT
fbem-1902	126	7	25(1	25(1	NUM
fbem-1902	126	8	):	):	PUNCT
fbem-1902	126	9	1528	1528	NUM
fbem-1902	126	10	.	.	PUNCT
fbem-1902	127	1	[	[	X
fbem-1902	127	2	7	7	X
fbem-1902	127	3	]	]	X
fbem-1902	127	4	wang	wang	PROPN
fbem-1902	127	5	m	m	PROPN
fbem-1902	127	6	,	,	PUNCT
fbem-1902	127	7	feng	feng	PROPN
fbem-1902	127	8	c.	c.	PROPN
fbem-1902	127	9	regional	regional	ADJ
fbem-1902	127	10	total	total	ADJ
fbem-1902	127	11	-	-	PUNCT
fbem-1902	127	12	factor	factor	NOUN
fbem-1902	127	13	productivity	productivity	NOUN
fbem-1902	127	14	and	and	CCONJ
fbem-1902	127	15	environmental	environmental	ADJ
fbem-1902	127	16	governance	governance	NOUN
fbem-1902	127	17	efficiency	efficiency	NOUN
fbem-1902	127	18	of	of	ADP
fbem-1902	127	19	china	china	PROPN
fbem-1902	127	20	’s	’s	PART
fbem-1902	127	21	industrial	industrial	ADJ
fbem-1902	127	22	sectors	sector	NOUN
fbem-1902	127	23	:	:	PUNCT
fbem-1902	127	24	a	a	DET
fbem-1902	127	25	two	two	NUM
fbem-1902	127	26	-	-	PUNCT
fbem-1902	127	27	stage	stage	NOUN
fbem-1902	127	28	network	network	NOUN
fbem-1902	127	29	-	-	PUNCT
fbem-1902	127	30	based	base	VERB
fbem-1902	127	31	super	super	ADJ
fbem-1902	127	32	dea	dea	NOUN
fbem-1902	127	33	approach[j	approach[j	PROPN
fbem-1902	127	34	]	]	PUNCT
fbem-1902	127	35	.	.	PUNCT
fbem-1902	128	1	journal	journal	PROPN
fbem-1902	128	2	of	of	ADP
fbem-1902	128	3	cleaner	clean	ADJ
fbem-1902	128	4	production	production	NOUN
fbem-1902	128	5	,	,	PUNCT
fbem-1902	128	6	2020	2020	NUM
fbem-1902	128	7	,	,	PUNCT
fbem-1902	128	8	273	273	NUM
fbem-1902	128	9	:	:	PUNCT
fbem-1902	128	10	123110	123110	NUM
fbem-1902	128	11	.	.	PUNCT