id	sid	tid	token	lemma	pos
fbem-20463	1	1	frontiers	frontier	NOUN
fbem-20463	1	2	in	in	ADP
fbem-20463	1	3	business	business	NOUN
fbem-20463	1	4	,	,	PUNCT
fbem-20463	1	5	economics	economic	NOUN
fbem-20463	1	6	and	and	CCONJ
fbem-20463	1	7	management	management	NOUN
fbem-20463	1	8	issn	issn	PROPN
fbem-20463	1	9	:	:	PUNCT
fbem-20463	1	10	2766	2766	NUM
fbem-20463	1	11	-	-	PUNCT
fbem-20463	1	12	824x	824x	NUM
fbem-20463	1	13	|	|	ADJ
fbem-20463	1	14	vol	vol	NOUN
fbem-20463	1	15	.	.	PUNCT
fbem-20463	2	1	14	14	NUM
fbem-20463	2	2	,	,	PUNCT
fbem-20463	2	3	no	no	INTJ
fbem-20463	2	4	.	.	NOUN
fbem-20463	2	5	3	3	NUM
fbem-20463	2	6	,	,	PUNCT
fbem-20463	2	7	2024	2024	NUM
fbem-20463	2	8	138	138	NUM
fbem-20463	2	9	summary	summary	NOUN
fbem-20463	2	10	of	of	ADP
fbem-20463	2	11	continuous	continuous	ADJ
fbem-20463	2	12	mergers	merger	NOUN
fbem-20463	2	13	and	and	CCONJ
fbem-20463	2	14	acquisitions	acquisition	NOUN
fbem-20463	2	15	of	of	ADP
fbem-20463	2	16	enterprises	enterprise	NOUN
fbem-20463	2	17	xueting	xueting	PROPN
fbem-20463	2	18	jia	jia	PROPN
fbem-20463	2	19	,	,	PUNCT
fbem-20463	2	20	xiaoyu	xiaoyu	PROPN
fbem-20463	2	21	yang	yang	PROPN
fbem-20463	2	22	school	school	PROPN
fbem-20463	2	23	of	of	ADP
fbem-20463	2	24	management	management	NOUN
fbem-20463	2	25	,	,	PUNCT
fbem-20463	2	26	sichuan	sichuan	PROPN
fbem-20463	2	27	university	university	PROPN
fbem-20463	2	28	of	of	ADP
fbem-20463	2	29	science&engineering	science&engineering	PROPN
fbem-20463	2	30	,	,	PUNCT
fbem-20463	2	31	yibin	yibin	PROPN
fbem-20463	2	32	,	,	PUNCT
fbem-20463	2	33	china	china	PROPN
fbem-20463	2	34	abstract	abstract	NOUN
fbem-20463	2	35	:	:	PUNCT
fbem-20463	2	36	this	this	DET
fbem-20463	2	37	paper	paper	NOUN
fbem-20463	2	38	briefly	briefly	NOUN
fbem-20463	2	39	reviews	review	VERB
fbem-20463	2	40	the	the	DET
fbem-20463	2	41	research	research	NOUN
fbem-20463	2	42	results	result	NOUN
fbem-20463	2	43	of	of	ADP
fbem-20463	2	44	enterprise	enterprise	NOUN
fbem-20463	2	45	continuous	continuous	ADJ
fbem-20463	2	46	mergers	merger	NOUN
fbem-20463	2	47	and	and	CCONJ
fbem-20463	2	48	acquisitions	acquisition	NOUN
fbem-20463	2	49	at	at	ADP
fbem-20463	2	50	home	home	NOUN
fbem-20463	2	51	and	and	CCONJ
fbem-20463	2	52	abroad	abroad	ADV
fbem-20463	2	53	,	,	PUNCT
fbem-20463	2	54	and	and	CCONJ
fbem-20463	2	55	defines	define	VERB
fbem-20463	2	56	the	the	DET
fbem-20463	2	57	concept	concept	NOUN
fbem-20463	2	58	and	and	CCONJ
fbem-20463	2	59	connotation	connotation	NOUN
fbem-20463	2	60	of	of	ADP
fbem-20463	2	61	continuous	continuous	ADJ
fbem-20463	2	62	mergers	merger	NOUN
fbem-20463	2	63	and	and	CCONJ
fbem-20463	2	64	acquisitions	acquisition	NOUN
fbem-20463	2	65	.	.	PUNCT
fbem-20463	3	1	in	in	ADP
fbem-20463	3	2	addition	addition	NOUN
fbem-20463	3	3	,	,	PUNCT
fbem-20463	3	4	the	the	DET
fbem-20463	3	5	internal	internal	ADJ
fbem-20463	3	6	and	and	CCONJ
fbem-20463	3	7	external	external	ADJ
fbem-20463	3	8	causes	cause	NOUN
fbem-20463	3	9	of	of	ADP
fbem-20463	3	10	continuous	continuous	ADJ
fbem-20463	3	11	mergers	merger	NOUN
fbem-20463	3	12	and	and	CCONJ
fbem-20463	3	13	acquisitions	acquisition	NOUN
fbem-20463	3	14	and	and	CCONJ
fbem-20463	3	15	the	the	DET
fbem-20463	3	16	influencing	influence	VERB
fbem-20463	3	17	factors	factor	NOUN
fbem-20463	3	18	of	of	ADP
fbem-20463	3	19	mergers	merger	NOUN
fbem-20463	3	20	and	and	CCONJ
fbem-20463	3	21	acquisitions	acquisition	NOUN
fbem-20463	3	22	.	.	PUNCT
fbem-20463	4	1	it	it	PRON
fbem-20463	4	2	is	be	AUX
fbem-20463	4	3	hoped	hope	VERB
fbem-20463	4	4	that	that	SCONJ
fbem-20463	4	5	these	these	DET
fbem-20463	4	6	literature	literature	NOUN
fbem-20463	4	7	reviews	review	NOUN
fbem-20463	4	8	summarized	summarize	VERB
fbem-20463	4	9	in	in	ADP
fbem-20463	4	10	this	this	DET
fbem-20463	4	11	paper	paper	NOUN
fbem-20463	4	12	can	can	AUX
fbem-20463	4	13	provide	provide	VERB
fbem-20463	4	14	inspiration	inspiration	NOUN
fbem-20463	4	15	and	and	CCONJ
fbem-20463	4	16	reference	reference	NOUN
fbem-20463	4	17	significance	significance	NOUN
fbem-20463	4	18	for	for	ADP
fbem-20463	4	19	enterprises	enterprise	NOUN
fbem-20463	4	20	interested	interest	VERB
fbem-20463	4	21	in	in	ADP
fbem-20463	4	22	continuous	continuous	ADJ
fbem-20463	4	23	mergers	merger	NOUN
fbem-20463	4	24	and	and	CCONJ
fbem-20463	4	25	acquisitions	acquisition	NOUN
fbem-20463	4	26	.	.	PUNCT
fbem-20463	5	1	keywords	keyword	NOUN
fbem-20463	5	2	:	:	PUNCT
fbem-20463	5	3	continuous	continuous	ADJ
fbem-20463	5	4	mergers	merger	NOUN
fbem-20463	5	5	and	and	CCONJ
fbem-20463	5	6	acquisitions	acquisition	NOUN
fbem-20463	5	7	,	,	PUNCT
fbem-20463	5	8	continuous	continuous	ADJ
fbem-20463	5	9	merger	merger	NOUN
fbem-20463	5	10	and	and	CCONJ
fbem-20463	5	11	acquisition	acquisition	NOUN
fbem-20463	5	12	motivation	motivation	NOUN
fbem-20463	5	13	,	,	PUNCT
fbem-20463	5	14	enterprise	enterprise	NOUN
fbem-20463	5	15	performance	performance	NOUN
fbem-20463	5	16	.	.	PUNCT
fbem-20463	6	1	1	1	X
fbem-20463	6	2	.	.	X
fbem-20463	6	3	introduction	introduction	NOUN
fbem-20463	6	4	m	m	PROPN
fbem-20463	6	5	&	&	CCONJ
fbem-20463	6	6	a	a	PRON
fbem-20463	6	7	is	be	AUX
fbem-20463	6	8	an	an	DET
fbem-20463	6	9	important	important	ADJ
fbem-20463	6	10	way	way	NOUN
fbem-20463	6	11	for	for	SCONJ
fbem-20463	6	12	enterprises	enterprise	NOUN
fbem-20463	6	13	to	to	PART
fbem-20463	6	14	enhance	enhance	VERB
fbem-20463	6	15	their	their	PRON
fbem-20463	6	16	competitive	competitive	ADJ
fbem-20463	6	17	advantages	advantage	NOUN
fbem-20463	6	18	and	and	CCONJ
fbem-20463	6	19	optimize	optimize	VERB
fbem-20463	6	20	resource	resource	NOUN
fbem-20463	6	21	allocation	allocation	NOUN
fbem-20463	6	22	in	in	ADP
fbem-20463	6	23	the	the	DET
fbem-20463	6	24	capital	capital	NOUN
fbem-20463	6	25	market	market	NOUN
fbem-20463	6	26	.	.	PUNCT
fbem-20463	7	1	in	in	ADP
fbem-20463	7	2	the	the	DET
fbem-20463	7	3	academic	academic	ADJ
fbem-20463	7	4	circle	circle	NOUN
fbem-20463	7	5	,	,	PUNCT
fbem-20463	7	6	m	m	PROPN
fbem-20463	7	7	&	&	CCONJ
fbem-20463	7	8	a	a	PRON
fbem-20463	7	9	has	have	AUX
fbem-20463	7	10	always	always	ADV
fbem-20463	7	11	been	be	AUX
fbem-20463	7	12	one	one	NUM
fbem-20463	7	13	of	of	ADP
fbem-20463	7	14	the	the	DET
fbem-20463	7	15	research	research	NOUN
fbem-20463	7	16	hotspots	hotspot	NOUN
fbem-20463	7	17	in	in	ADP
fbem-20463	7	18	the	the	DET
fbem-20463	7	19	field	field	NOUN
fbem-20463	7	20	of	of	ADP
fbem-20463	7	21	strategic	strategic	ADJ
fbem-20463	7	22	management	management	NOUN
fbem-20463	7	23	and	and	CCONJ
fbem-20463	7	24	corporate	corporate	ADJ
fbem-20463	7	25	finance	finance	NOUN
fbem-20463	7	26	at	at	ADP
fbem-20463	7	27	home	home	NOUN
fbem-20463	7	28	and	and	CCONJ
fbem-20463	7	29	abroad	abroad	ADV
fbem-20463	7	30	.	.	PUNCT
fbem-20463	8	1	with	with	ADP
fbem-20463	8	2	the	the	DET
fbem-20463	8	3	increase	increase	NOUN
fbem-20463	8	4	of	of	ADP
fbem-20463	8	5	the	the	DET
fbem-20463	8	6	frequency	frequency	NOUN
fbem-20463	8	7	and	and	CCONJ
fbem-20463	8	8	frequency	frequency	NOUN
fbem-20463	8	9	of	of	ADP
fbem-20463	8	10	mergers	merger	NOUN
fbem-20463	8	11	and	and	CCONJ
fbem-20463	8	12	acquisitions	acquisition	NOUN
fbem-20463	8	13	,	,	PUNCT
fbem-20463	8	14	the	the	DET
fbem-20463	8	15	phenomenon	phenomenon	NOUN
fbem-20463	8	16	of	of	ADP
fbem-20463	8	17	continuous	continuous	ADJ
fbem-20463	8	18	mergers	merger	NOUN
fbem-20463	8	19	and	and	CCONJ
fbem-20463	8	20	acquisitions	acquisition	NOUN
fbem-20463	8	21	by	by	ADP
fbem-20463	8	22	listed	list	VERB
fbem-20463	8	23	companies	company	NOUN
fbem-20463	8	24	is	be	AUX
fbem-20463	8	25	also	also	ADV
fbem-20463	8	26	gradually	gradually	ADV
fbem-20463	8	27	increasing	increase	VERB
fbem-20463	8	28	.	.	PUNCT
fbem-20463	9	1	from	from	ADP
fbem-20463	9	2	the	the	DET
fbem-20463	9	3	current	current	ADJ
fbem-20463	9	4	research	research	NOUN
fbem-20463	9	5	direction	direction	NOUN
fbem-20463	9	6	,	,	PUNCT
fbem-20463	9	7	the	the	DET
fbem-20463	9	8	main	main	ADJ
fbem-20463	9	9	focus	focus	NOUN
fbem-20463	9	10	is	be	AUX
fbem-20463	9	11	on	on	ADP
fbem-20463	9	12	some	some	DET
fbem-20463	9	13	factors	factor	NOUN
fbem-20463	9	14	of	of	ADP
fbem-20463	9	15	continuous	continuous	ADJ
fbem-20463	9	16	merger	merger	NOUN
fbem-20463	9	17	and	and	CCONJ
fbem-20463	9	18	acquisition	acquisition	NOUN
fbem-20463	9	19	,	,	PUNCT
fbem-20463	9	20	such	such	ADJ
fbem-20463	9	21	as	as	ADP
fbem-20463	9	22	the	the	DET
fbem-20463	9	23	motivation	motivation	NOUN
fbem-20463	9	24	of	of	ADP
fbem-20463	9	25	continuous	continuous	ADJ
fbem-20463	9	26	merger	merger	NOUN
fbem-20463	9	27	and	and	CCONJ
fbem-20463	9	28	acquisition	acquisition	NOUN
fbem-20463	9	29	,	,	PUNCT
fbem-20463	9	30	the	the	DET
fbem-20463	9	31	performance	performance	NOUN
fbem-20463	9	32	of	of	ADP
fbem-20463	9	33	continuous	continuous	ADJ
fbem-20463	9	34	merger	merger	NOUN
fbem-20463	9	35	and	and	CCONJ
fbem-20463	9	36	acquisition	acquisition	NOUN
fbem-20463	9	37	,	,	PUNCT
fbem-20463	9	38	the	the	DET
fbem-20463	9	39	relationship	relationship	NOUN
fbem-20463	9	40	between	between	ADP
fbem-20463	9	41	continuous	continuous	ADJ
fbem-20463	9	42	merger	merger	NOUN
fbem-20463	9	43	and	and	CCONJ
fbem-20463	9	44	acquisition	acquisition	NOUN
fbem-20463	9	45	owners	owner	NOUN
fbem-20463	9	46	,	,	PUNCT
fbem-20463	9	47	on	on	ADP
fbem-20463	9	48	the	the	DET
fbem-20463	9	49	performance	performance	NOUN
fbem-20463	9	50	of	of	ADP
fbem-20463	9	51	continuous	continuous	ADJ
fbem-20463	9	52	merger	merger	NOUN
fbem-20463	9	53	and	and	CCONJ
fbem-20463	9	54	acquisition	acquisition	NOUN
fbem-20463	9	55	.	.	PUNCT
fbem-20463	10	1	this	this	DET
fbem-20463	10	2	paper	paper	NOUN
fbem-20463	10	3	will	will	AUX
fbem-20463	10	4	summarize	summarize	VERB
fbem-20463	10	5	and	and	CCONJ
fbem-20463	10	6	review	review	VERB
fbem-20463	10	7	the	the	DET
fbem-20463	10	8	research	research	NOUN
fbem-20463	10	9	of	of	ADP
fbem-20463	10	10	domestic	domestic	ADJ
fbem-20463	10	11	and	and	CCONJ
fbem-20463	10	12	foreign	foreign	ADJ
fbem-20463	10	13	scholars	scholar	NOUN
fbem-20463	10	14	on	on	ADP
fbem-20463	10	15	continuous	continuous	ADJ
fbem-20463	10	16	mergers	merger	NOUN
fbem-20463	10	17	and	and	CCONJ
fbem-20463	10	18	acquisitions	acquisition	NOUN
fbem-20463	10	19	.	.	PUNCT
fbem-20463	11	1	2	2	X
fbem-20463	11	2	.	.	X
fbem-20463	11	3	research	research	NOUN
fbem-20463	11	4	on	on	ADP
fbem-20463	11	5	continuous	continuous	ADJ
fbem-20463	11	6	mergers	merger	NOUN
fbem-20463	11	7	and	and	CCONJ
fbem-20463	11	8	acquisitions	acquisition	NOUN
fbem-20463	11	9	2.1	2.1	NUM
fbem-20463	11	10	.	.	PUNCT
fbem-20463	12	1	definition	definition	NOUN
fbem-20463	12	2	of	of	ADP
fbem-20463	12	3	continuous	continuous	ADJ
fbem-20463	12	4	merger	merger	NOUN
fbem-20463	12	5	and	and	CCONJ
fbem-20463	12	6	acquisition	acquisition	NOUN
fbem-20463	12	7	the	the	DET
fbem-20463	12	8	concept	concept	NOUN
fbem-20463	12	9	of	of	ADP
fbem-20463	12	10	continuous	continuous	ADJ
fbem-20463	12	11	m	m	PROPN
fbem-20463	12	12	&	&	CCONJ
fbem-20463	12	13	a	a	PRON
fbem-20463	12	14	was	be	AUX
fbem-20463	12	15	first	first	ADV
fbem-20463	12	16	proposed	propose	VERB
fbem-20463	12	17	by	by	ADP
fbem-20463	12	18	scholars	scholar	NOUN
fbem-20463	12	19	schipper	schipper	PROPN
fbem-20463	12	20	and	and	CCONJ
fbem-20463	12	21	thampson	thampson	PROPN
fbem-20463	12	22	(	(	PUNCT
fbem-20463	12	23	1983	1983	NUM
fbem-20463	12	24	)	)	PUNCT
fbem-20463	12	25	,	,	PUNCT
fbem-20463	12	26	and	and	CCONJ
fbem-20463	12	27	then	then	ADV
fbem-20463	12	28	many	many	ADJ
fbem-20463	12	29	scholars	scholar	NOUN
fbem-20463	12	30	put	put	VERB
fbem-20463	12	31	forward	forward	ADV
fbem-20463	12	32	different	different	ADJ
fbem-20463	12	33	definitions	definition	NOUN
fbem-20463	12	34	of	of	ADP
fbem-20463	12	35	this	this	DET
fbem-20463	12	36	concept	concept	NOUN
fbem-20463	12	37	.	.	PUNCT
fbem-20463	13	1	they	they	PRON
fbem-20463	13	2	believe	believe	VERB
fbem-20463	13	3	that	that	SCONJ
fbem-20463	13	4	the	the	DET
fbem-20463	13	5	definition	definition	NOUN
fbem-20463	13	6	of	of	ADP
fbem-20463	13	7	continuous	continuous	ADJ
fbem-20463	13	8	m	m	PROPN
fbem-20463	13	9	&	&	CCONJ
fbem-20463	13	10	a	a	PRON
fbem-20463	13	11	depends	depend	VERB
fbem-20463	13	12	on	on	ADP
fbem-20463	13	13	two	two	NUM
fbem-20463	13	14	aspects	aspect	NOUN
fbem-20463	13	15	,	,	PUNCT
fbem-20463	13	16	one	one	NUM
fbem-20463	13	17	is	be	AUX
fbem-20463	13	18	the	the	DET
fbem-20463	13	19	time	time	NOUN
fbem-20463	13	20	range	range	NOUN
fbem-20463	13	21	,	,	PUNCT
fbem-20463	13	22	the	the	DET
fbem-20463	13	23	other	other	ADJ
fbem-20463	13	24	is	be	AUX
fbem-20463	13	25	the	the	DET
fbem-20463	13	26	number	number	NOUN
fbem-20463	13	27	of	of	ADP
fbem-20463	13	28	mergers	merger	NOUN
fbem-20463	13	29	and	and	CCONJ
fbem-20463	13	30	acquisitions	acquisition	NOUN
fbem-20463	13	31	within	within	ADP
fbem-20463	13	32	this	this	DET
fbem-20463	13	33	time	time	NOUN
fbem-20463	13	34	range	range	NOUN
fbem-20463	13	35	.	.	PUNCT
fbem-20463	14	1	schipper	schipper	PROPN
fbem-20463	14	2	,	,	PUNCT
fbem-20463	14	3	thampson	thampson	PROPN
fbem-20463	14	4	(	(	PUNCT
fbem-20463	14	5	1983	1983	NUM
fbem-20463	14	6	)	)	PUNCT
fbem-20463	14	7	limited	limit	VERB
fbem-20463	14	8	the	the	DET
fbem-20463	14	9	continuous	continuous	ADJ
fbem-20463	14	10	merger	merger	NOUN
fbem-20463	14	11	and	and	CCONJ
fbem-20463	14	12	acquisition	acquisition	NOUN
fbem-20463	14	13	to	to	ADP
fbem-20463	14	14	no	no	DET
fbem-20463	14	15	less	less	ADJ
fbem-20463	14	16	than	than	ADP
fbem-20463	14	17	3	3	NUM
fbem-20463	14	18	mergers	merger	NOUN
fbem-20463	14	19	and	and	CCONJ
fbem-20463	14	20	acquisitions	acquisition	NOUN
fbem-20463	14	21	in	in	ADP
fbem-20463	14	22	3	3	NUM
fbem-20463	14	23	years	year	NOUN
fbem-20463	14	24	can	can	AUX
fbem-20463	14	25	be	be	AUX
fbem-20463	14	26	called	call	VERB
fbem-20463	14	27	continuous	continuous	ADJ
fbem-20463	14	28	merger	merger	NOUN
fbem-20463	14	29	.	.	PUNCT
fbem-20463	15	1	at	at	ADP
fbem-20463	15	2	the	the	DET
fbem-20463	15	3	beginning	beginning	NOUN
fbem-20463	15	4	of	of	ADP
fbem-20463	15	5	the	the	DET
fbem-20463	15	6	21st	21st	ADJ
fbem-20463	15	7	century	century	NOUN
fbem-20463	15	8	,	,	PUNCT
fbem-20463	15	9	fuller	full	ADJ
fbem-20463	15	10	(	(	PUNCT
fbem-20463	15	11	2002	2002	NUM
fbem-20463	15	12	)	)	PUNCT
fbem-20463	15	13	believed	believe	VERB
fbem-20463	15	14	that	that	SCONJ
fbem-20463	15	15	an	an	DET
fbem-20463	15	16	enterprise	enterprise	NOUN
fbem-20463	15	17	had	have	VERB
fbem-20463	15	18	more	more	ADJ
fbem-20463	15	19	than	than	ADP
fbem-20463	15	20	five	five	NUM
fbem-20463	15	21	mergers	merger	NOUN
fbem-20463	15	22	and	and	CCONJ
fbem-20463	15	23	acquisitions	acquisition	NOUN
fbem-20463	15	24	activities	activity	NOUN
fbem-20463	15	25	in	in	ADP
fbem-20463	15	26	3	3	NUM
fbem-20463	15	27	years	year	NOUN
fbem-20463	15	28	to	to	PART
fbem-20463	15	29	be	be	AUX
fbem-20463	15	30	called	call	VERB
fbem-20463	15	31	continuous	continuous	ADJ
fbem-20463	15	32	mergers	merger	NOUN
fbem-20463	15	33	and	and	CCONJ
fbem-20463	15	34	acquisitions	acquisition	NOUN
fbem-20463	15	35	.	.	PUNCT
fbem-20463	16	1	billett	billett	NOUN
fbem-20463	16	2	and	and	CCONJ
fbem-20463	16	3	qian	qian	PROPN
fbem-20463	16	4	(	(	PUNCT
fbem-20463	16	5	2008	2008	NUM
fbem-20463	16	6	)	)	PUNCT
fbem-20463	16	7	proposed	propose	VERB
fbem-20463	16	8	more	more	ADV
fbem-20463	16	9	relaxed	relaxed	ADJ
fbem-20463	16	10	restrictions	restriction	NOUN
fbem-20463	16	11	on	on	ADP
fbem-20463	16	12	the	the	DET
fbem-20463	16	13	definition	definition	NOUN
fbem-20463	16	14	of	of	ADP
fbem-20463	16	15	continuous	continuous	ADJ
fbem-20463	16	16	mergers	merger	NOUN
fbem-20463	16	17	and	and	CCONJ
fbem-20463	16	18	acquisitions	acquisition	NOUN
fbem-20463	16	19	.	.	PUNCT
fbem-20463	17	1	in	in	ADP
fbem-20463	17	2	short	short	ADJ
fbem-20463	17	3	,	,	PUNCT
fbem-20463	17	4	enterprises	enterprise	NOUN
fbem-20463	17	5	have	have	AUX
fbem-20463	17	6	made	make	VERB
fbem-20463	17	7	more	more	ADJ
fbem-20463	17	8	than	than	ADP
fbem-20463	17	9	5	5	NUM
fbem-20463	17	10	mergers	merger	NOUN
fbem-20463	17	11	and	and	CCONJ
fbem-20463	17	12	acquisitions	acquisition	NOUN
fbem-20463	17	13	in	in	ADP
fbem-20463	17	14	5	5	NUM
fbem-20463	17	15	years	year	NOUN
fbem-20463	17	16	,	,	PUNCT
fbem-20463	17	17	and	and	CCONJ
fbem-20463	17	18	they	they	PRON
fbem-20463	17	19	have	have	AUX
fbem-20463	17	20	produced	produce	VERB
fbem-20463	17	21	continuous	continuous	ADJ
fbem-20463	17	22	mergers	merger	NOUN
fbem-20463	17	23	and	and	CCONJ
fbem-20463	17	24	acquisitions	acquisition	NOUN
fbem-20463	17	25	from	from	ADP
fbem-20463	17	26	their	their	PRON
fbem-20463	17	27	research	research	NOUN
fbem-20463	17	28	perspective	perspective	NOUN
fbem-20463	17	29	.	.	PUNCT
fbem-20463	18	1	it	it	PRON
fbem-20463	18	2	can	can	AUX
fbem-20463	18	3	be	be	AUX
fbem-20463	18	4	seen	see	VERB
fbem-20463	18	5	that	that	SCONJ
fbem-20463	18	6	in	in	ADP
fbem-20463	18	7	the	the	DET
fbem-20463	18	8	study	study	NOUN
fbem-20463	18	9	of	of	ADP
fbem-20463	18	10	the	the	DET
fbem-20463	18	11	definition	definition	NOUN
fbem-20463	18	12	of	of	ADP
fbem-20463	18	13	continuous	continuous	ADJ
fbem-20463	18	14	mergers	merger	NOUN
fbem-20463	18	15	and	and	CCONJ
fbem-20463	18	16	acquisitions	acquisition	NOUN
fbem-20463	18	17	,	,	PUNCT
fbem-20463	18	18	foreign	foreign	ADJ
fbem-20463	18	19	scholars	scholar	NOUN
fbem-20463	18	20	mostly	mostly	ADV
fbem-20463	18	21	refer	refer	VERB
fbem-20463	18	22	to	to	ADP
fbem-20463	18	23	multiple	multiple	ADJ
fbem-20463	18	24	mergers	merger	NOUN
fbem-20463	18	25	and	and	CCONJ
fbem-20463	18	26	acquisitions	acquisition	NOUN
fbem-20463	18	27	in	in	ADP
fbem-20463	18	28	a	a	DET
fbem-20463	18	29	period	period	NOUN
fbem-20463	18	30	of	of	ADP
fbem-20463	18	31	time	time	NOUN
fbem-20463	18	32	,	,	PUNCT
fbem-20463	18	33	but	but	CCONJ
fbem-20463	18	34	there	there	PRON
fbem-20463	18	35	is	be	VERB
fbem-20463	18	36	no	no	DET
fbem-20463	18	37	unified	unified	ADJ
fbem-20463	18	38	conclusion	conclusion	NOUN
fbem-20463	18	39	on	on	ADP
fbem-20463	18	40	the	the	DET
fbem-20463	18	41	number	number	NOUN
fbem-20463	18	42	and	and	CCONJ
fbem-20463	18	43	time	time	NOUN
fbem-20463	18	44	interval	interval	NOUN
fbem-20463	18	45	of	of	ADP
fbem-20463	18	46	mergers	merger	NOUN
fbem-20463	18	47	and	and	CCONJ
fbem-20463	18	48	acquisitions	acquisition	NOUN
fbem-20463	18	49	.	.	PUNCT
fbem-20463	19	1	compared	compare	VERB
fbem-20463	19	2	with	with	ADP
fbem-20463	19	3	domestic	domestic	ADJ
fbem-20463	19	4	scholars	scholar	NOUN
fbem-20463	19	5	,	,	PUNCT
fbem-20463	19	6	china	china	PROPN
fbem-20463	19	7	's	's	PART
fbem-20463	19	8	research	research	NOUN
fbem-20463	19	9	on	on	ADP
fbem-20463	19	10	continuous	continuous	ADJ
fbem-20463	19	11	merger	merger	NOUN
fbem-20463	19	12	and	and	CCONJ
fbem-20463	19	13	acquisition	acquisition	NOUN
fbem-20463	19	14	is	be	AUX
fbem-20463	19	15	relatively	relatively	ADV
fbem-20463	19	16	lagging	lag	VERB
fbem-20463	19	17	behind	behind	ADV
fbem-20463	19	18	,	,	PUNCT
fbem-20463	19	19	and	and	CCONJ
fbem-20463	19	20	the	the	DET
fbem-20463	19	21	definition	definition	NOUN
fbem-20463	19	22	of	of	ADP
fbem-20463	19	23	continuous	continuous	ADJ
fbem-20463	19	24	merger	merger	NOUN
fbem-20463	19	25	and	and	CCONJ
fbem-20463	19	26	acquisition	acquisition	NOUN
fbem-20463	19	27	is	be	AUX
fbem-20463	19	28	more	more	ADJ
fbem-20463	19	29	reference	reference	NOUN
fbem-20463	19	30	to	to	ADP
fbem-20463	19	31	the	the	DET
fbem-20463	19	32	views	view	NOUN
fbem-20463	19	33	of	of	ADP
fbem-20463	19	34	foreign	foreign	ADJ
fbem-20463	19	35	scholars	scholar	NOUN
fbem-20463	19	36	.	.	PUNCT
fbem-20463	20	1	han	han	PROPN
fbem-20463	20	2	liyan	liyan	PROPN
fbem-20463	20	3	(	(	PUNCT
fbem-20463	20	4	2007	2007	NUM
fbem-20463	20	5	)	)	PUNCT
fbem-20463	20	6	believes	believe	VERB
fbem-20463	20	7	that	that	SCONJ
fbem-20463	20	8	more	more	ADJ
fbem-20463	20	9	than	than	ADP
fbem-20463	20	10	two	two	NUM
fbem-20463	20	11	mergers	merger	NOUN
fbem-20463	20	12	and	and	CCONJ
fbem-20463	20	13	acquisitions	acquisition	NOUN
fbem-20463	20	14	in	in	ADP
fbem-20463	20	15	5	5	NUM
fbem-20463	20	16	years	year	NOUN
fbem-20463	20	17	can	can	AUX
fbem-20463	20	18	be	be	AUX
fbem-20463	20	19	defined	define	VERB
fbem-20463	20	20	as	as	ADP
fbem-20463	20	21	continuous	continuous	ADJ
fbem-20463	20	22	mergers	merger	NOUN
fbem-20463	20	23	and	and	CCONJ
fbem-20463	20	24	acquisitions	acquisition	NOUN
fbem-20463	20	25	.	.	PUNCT
fbem-20463	21	1	the	the	DET
fbem-20463	21	2	definition	definition	NOUN
fbem-20463	21	3	given	give	VERB
fbem-20463	21	4	by	by	ADP
fbem-20463	21	5	zhou	zhou	PROPN
fbem-20463	21	6	aixiang	aixiang	PROPN
fbem-20463	21	7	(	(	PUNCT
fbem-20463	21	8	2008	2008	NUM
fbem-20463	21	9	)	)	PUNCT
fbem-20463	21	10	is	be	AUX
fbem-20463	21	11	different	different	ADJ
fbem-20463	21	12	from	from	ADP
fbem-20463	21	13	that	that	PRON
fbem-20463	21	14	given	give	VERB
fbem-20463	21	15	by	by	ADP
fbem-20463	21	16	previous	previous	ADJ
fbem-20463	21	17	scholars	scholar	NOUN
fbem-20463	21	18	.	.	PUNCT
fbem-20463	22	1	she	she	PRON
fbem-20463	22	2	believes	believe	VERB
fbem-20463	22	3	that	that	SCONJ
fbem-20463	22	4	for	for	ADP
fbem-20463	22	5	three	three	NUM
fbem-20463	22	6	to	to	PART
fbem-20463	22	7	five	five	NUM
fbem-20463	22	8	years	year	NOUN
fbem-20463	22	9	,	,	PUNCT
fbem-20463	22	10	continuous	continuous	ADJ
fbem-20463	22	11	mergers	merger	NOUN
fbem-20463	22	12	and	and	CCONJ
fbem-20463	22	13	acquisitions	acquisition	NOUN
fbem-20463	22	14	should	should	AUX
fbem-20463	22	15	be	be	AUX
fbem-20463	22	16	conducted	conduct	VERB
fbem-20463	22	17	continuously	continuously	ADV
fbem-20463	22	18	every	every	DET
fbem-20463	22	19	year	year	NOUN
fbem-20463	22	20	.	.	PUNCT
fbem-20463	23	1	compared	compare	VERB
fbem-20463	23	2	with	with	ADP
fbem-20463	23	3	the	the	DET
fbem-20463	23	4	definition	definition	NOUN
fbem-20463	23	5	of	of	ADP
fbem-20463	23	6	other	other	ADJ
fbem-20463	23	7	scholars	scholar	NOUN
fbem-20463	23	8	in	in	ADP
fbem-20463	23	9	china	china	PROPN
fbem-20463	23	10	,	,	PUNCT
fbem-20463	23	11	this	this	DET
fbem-20463	23	12	definition	definition	NOUN
fbem-20463	23	13	is	be	AUX
fbem-20463	23	14	more	more	ADV
fbem-20463	23	15	stringent	stringent	ADJ
fbem-20463	23	16	.	.	PUNCT
fbem-20463	24	1	huang	huang	PROPN
fbem-20463	24	2	manli	manli	PROPN
fbem-20463	24	3	(	(	PUNCT
fbem-20463	24	4	2020	2020	NUM
fbem-20463	24	5	)	)	PUNCT
fbem-20463	24	6	believes	believe	VERB
fbem-20463	24	7	that	that	SCONJ
fbem-20463	24	8	continuous	continuous	ADJ
fbem-20463	24	9	mergers	merger	NOUN
fbem-20463	24	10	and	and	CCONJ
fbem-20463	24	11	acquisitions	acquisition	NOUN
fbem-20463	24	12	is	be	AUX
fbem-20463	24	13	not	not	PART
fbem-20463	24	14	an	an	DET
fbem-20463	24	15	independent	independent	ADJ
fbem-20463	24	16	and	and	CCONJ
fbem-20463	24	17	unrelated	unrelated	ADJ
fbem-20463	24	18	transaction	transaction	NOUN
fbem-20463	24	19	behavior	behavior	NOUN
fbem-20463	24	20	,	,	PUNCT
fbem-20463	24	21	but	but	CCONJ
fbem-20463	24	22	a	a	DET
fbem-20463	24	23	strategic	strategic	ADJ
fbem-20463	24	24	layout	layout	NOUN
fbem-20463	24	25	with	with	ADP
fbem-20463	24	26	linkage	linkage	NOUN
fbem-20463	24	27	attributes	attribute	NOUN
fbem-20463	24	28	.	.	PUNCT
fbem-20463	25	1	li	li	PROPN
fbem-20463	25	2	wenxin	wenxin	PROPN
fbem-20463	25	3	and	and	CCONJ
fbem-20463	25	4	yu	yu	PROPN
fbem-20463	25	5	ting	ting	PROPN
fbem-20463	25	6	(	(	PUNCT
fbem-20463	25	7	2022	2022	NUM
fbem-20463	25	8	)	)	PUNCT
fbem-20463	25	9	studied	study	VERB
fbem-20463	25	10	the	the	DET
fbem-20463	25	11	impact	impact	NOUN
fbem-20463	25	12	of	of	ADP
fbem-20463	25	13	continuous	continuous	ADJ
fbem-20463	25	14	mergers	merger	NOUN
fbem-20463	25	15	and	and	CCONJ
fbem-20463	25	16	acquisitions	acquisition	NOUN
fbem-20463	25	17	on	on	ADP
fbem-20463	25	18	performance	performance	NOUN
fbem-20463	25	19	,	,	PUNCT
fbem-20463	25	20	and	and	CCONJ
fbem-20463	25	21	defined	define	VERB
fbem-20463	25	22	continuous	continuous	ADJ
fbem-20463	25	23	mergers	merger	NOUN
fbem-20463	25	24	and	and	CCONJ
fbem-20463	25	25	acquisitions	acquisition	NOUN
fbem-20463	25	26	as	as	ADP
fbem-20463	25	27	5	5	NUM
fbem-20463	25	28	or	or	CCONJ
fbem-20463	25	29	more	more	ADJ
fbem-20463	25	30	mergers	merger	NOUN
fbem-20463	25	31	and	and	CCONJ
fbem-20463	25	32	acquisitions	acquisition	NOUN
fbem-20463	25	33	with	with	ADP
fbem-20463	25	34	business	business	NOUN
fbem-20463	25	35	relevance	relevance	NOUN
fbem-20463	25	36	within	within	ADP
fbem-20463	25	37	3	3	NUM
fbem-20463	25	38	years	year	NOUN
fbem-20463	25	39	.	.	PUNCT
fbem-20463	26	1	2.2	2.2	NUM
fbem-20463	26	2	.	.	PUNCT
fbem-20463	26	3	research	research	NOUN
fbem-20463	26	4	on	on	ADP
fbem-20463	26	5	the	the	DET
fbem-20463	26	6	motivation	motivation	NOUN
fbem-20463	26	7	of	of	ADP
fbem-20463	26	8	continuous	continuous	ADJ
fbem-20463	26	9	mergers	merger	NOUN
fbem-20463	26	10	and	and	CCONJ
fbem-20463	26	11	acquisitions	acquisition	NOUN
fbem-20463	26	12	merga	merga	NOUN
fbem-20463	26	13	motivation	motivation	NOUN
fbem-20463	26	14	is	be	AUX
fbem-20463	26	15	the	the	DET
fbem-20463	26	16	source	source	NOUN
fbem-20463	26	17	power	power	NOUN
fbem-20463	26	18	for	for	SCONJ
fbem-20463	26	19	enterprises	enterprise	NOUN
fbem-20463	26	20	to	to	PART
fbem-20463	26	21	carry	carry	VERB
fbem-20463	26	22	out	out	ADP
fbem-20463	26	23	continuous	continuous	ADJ
fbem-20463	26	24	mergers	merger	NOUN
fbem-20463	26	25	and	and	CCONJ
fbem-20463	26	26	acquisitions	acquisition	NOUN
fbem-20463	26	27	.	.	PUNCT
fbem-20463	27	1	through	through	ADP
fbem-20463	27	2	indepth	indepth	ADJ
fbem-20463	27	3	analysis	analysis	NOUN
fbem-20463	27	4	,	,	PUNCT
fbem-20463	27	5	it	it	PRON
fbem-20463	27	6	can	can	AUX
fbem-20463	27	7	be	be	AUX
fbem-20463	27	8	found	find	VERB
fbem-20463	27	9	that	that	SCONJ
fbem-20463	27	10	the	the	DET
fbem-20463	27	11	motivation	motivation	NOUN
fbem-20463	27	12	of	of	ADP
fbem-20463	27	13	continuous	continuous	ADJ
fbem-20463	27	14	mergers	merger	NOUN
fbem-20463	27	15	and	and	CCONJ
fbem-20463	27	16	acquisitions	acquisition	NOUN
fbem-20463	27	17	is	be	AUX
fbem-20463	27	18	relatively	relatively	ADV
fbem-20463	27	19	diverse	diverse	ADJ
fbem-20463	27	20	.	.	PUNCT
fbem-20463	28	1	in	in	ADP
fbem-20463	28	2	this	this	DET
fbem-20463	28	3	paper	paper	NOUN
fbem-20463	28	4	,	,	PUNCT
fbem-20463	28	5	the	the	DET
fbem-20463	28	6	motivation	motivation	NOUN
fbem-20463	28	7	of	of	ADP
fbem-20463	28	8	continuous	continuous	ADJ
fbem-20463	28	9	mergers	merger	NOUN
fbem-20463	28	10	and	and	CCONJ
fbem-20463	28	11	acquisitions	acquisition	NOUN
fbem-20463	28	12	is	be	AUX
fbem-20463	28	13	divided	divide	VERB
fbem-20463	28	14	into	into	ADP
fbem-20463	28	15	internal	internal	ADJ
fbem-20463	28	16	and	and	CCONJ
fbem-20463	28	17	external	external	ADJ
fbem-20463	28	18	motivation	motivation	NOUN
fbem-20463	28	19	according	accord	VERB
fbem-20463	28	20	to	to	ADP
fbem-20463	28	21	the	the	DET
fbem-20463	28	22	source	source	NOUN
fbem-20463	28	23	of	of	ADP
fbem-20463	28	24	motivation	motivation	NOUN
fbem-20463	28	25	.	.	PUNCT
fbem-20463	29	1	from	from	ADP
fbem-20463	29	2	the	the	DET
fbem-20463	29	3	perspective	perspective	NOUN
fbem-20463	29	4	of	of	ADP
fbem-20463	29	5	external	external	ADJ
fbem-20463	29	6	environment	environment	NOUN
fbem-20463	29	7	,	,	PUNCT
fbem-20463	29	8	anand	anand	PROPN
fbem-20463	29	9	(	(	PUNCT
fbem-20463	29	10	1997	1997	NUM
fbem-20463	29	11	)	)	PUNCT
fbem-20463	29	12	that	that	SCONJ
fbem-20463	29	13	industry	industry	NOUN
fbem-20463	29	14	impact	impact	NOUN
fbem-20463	29	15	refers	refer	VERB
fbem-20463	29	16	to	to	ADP
fbem-20463	29	17	any	any	DET
fbem-20463	29	18	factors	factor	NOUN
fbem-20463	29	19	can	can	AUX
fbem-20463	29	20	change	change	VERB
fbem-20463	29	21	the	the	DET
fbem-20463	29	22	industry	industry	NOUN
fbem-20463	29	23	structure	structure	NOUN
fbem-20463	29	24	,	,	PUNCT
fbem-20463	29	25	common	common	ADJ
fbem-20463	29	26	industry	industry	NOUN
fbem-20463	29	27	impact	impact	NOUN
fbem-20463	29	28	factors	factor	NOUN
fbem-20463	29	29	have	have	VERB
fbem-20463	29	30	technological	technological	ADJ
fbem-20463	29	31	change	change	NOUN
fbem-20463	29	32	,	,	PUNCT
fbem-20463	29	33	government	government	NOUN
fbem-20463	29	34	policy	policy	NOUN
fbem-20463	29	35	macroeconomic	macroeconomic	ADJ
fbem-20463	29	36	regulation	regulation	NOUN
fbem-20463	29	37	and	and	CCONJ
fbem-20463	29	38	control	control	NOUN
fbem-20463	29	39	,	,	PUNCT
fbem-20463	29	40	due	due	ADP
fbem-20463	29	41	to	to	ADP
fbem-20463	29	42	the	the	DET
fbem-20463	29	43	existence	existence	NOUN
fbem-20463	29	44	of	of	ADP
fbem-20463	29	45	these	these	DET
fbem-20463	29	46	factors	factor	NOUN
fbem-20463	29	47	,	,	PUNCT
fbem-20463	29	48	enterprises	enterprise	NOUN
fbem-20463	29	49	will	will	AUX
fbem-20463	29	50	through	through	ADP
fbem-20463	29	51	mergers	merger	NOUN
fbem-20463	29	52	and	and	CCONJ
fbem-20463	29	53	acquisitions	acquisition	NOUN
fbem-20463	29	54	to	to	PART
fbem-20463	29	55	adjust	adjust	VERB
fbem-20463	29	56	the	the	DET
fbem-20463	29	57	industry	industry	NOUN
fbem-20463	29	58	enterprise	enterprise	NOUN
fbem-20463	29	59	scale	scale	NOUN
fbem-20463	29	60	and	and	CCONJ
fbem-20463	29	61	quantity	quantity	NOUN
fbem-20463	29	62	,	,	PUNCT
fbem-20463	29	63	mergers	merger	NOUN
fbem-20463	29	64	and	and	CCONJ
fbem-20463	29	65	acquisitions	acquisition	NOUN
fbem-20463	29	66	phenomenon	phenomenon	NOUN
fbem-20463	29	67	gradually	gradually	ADV
fbem-20463	29	68	frequent	frequent	ADJ
fbem-20463	29	69	.	.	PUNCT
fbem-20463	30	1	domestic	domestic	ADJ
fbem-20463	30	2	scholars	scholar	NOUN
fbem-20463	30	3	zhang	zhang	PROPN
fbem-20463	30	4	lan	lan	PROPN
fbem-20463	30	5	(	(	PUNCT
fbem-20463	30	6	2007	2007	NUM
fbem-20463	30	7	)	)	PUNCT
fbem-20463	30	8	,	,	PUNCT
fbem-20463	30	9	su	su	PROPN
fbem-20463	30	10	jingqin	jingqin	PROPN
fbem-20463	30	11	et	et	PROPN
fbem-20463	30	12	al	al	PROPN
fbem-20463	30	13	.	.	PROPN
fbem-20463	31	1	(	(	PUNCT
fbem-20463	31	2	2013	2013	NUM
fbem-20463	31	3	)	)	PUNCT
fbem-20463	31	4	further	far	ADV
fbem-20463	31	5	studied	study	VERB
fbem-20463	31	6	the	the	DET
fbem-20463	31	7	sample	sample	NOUN
fbem-20463	31	8	of	of	ADP
fbem-20463	31	9	chinese	chinese	ADJ
fbem-20463	31	10	companies	company	NOUN
fbem-20463	31	11	to	to	PART
fbem-20463	31	12	confirm	confirm	VERB
fbem-20463	31	13	that	that	SCONJ
fbem-20463	31	14	the	the	DET
fbem-20463	31	15	industry	industry	NOUN
fbem-20463	31	16	impact	impact	NOUN
fbem-20463	31	17	also	also	ADV
fbem-20463	31	18	applies	apply	VERB
fbem-20463	31	19	to	to	ADP
fbem-20463	31	20	some	some	DET
fbem-20463	31	21	domestic	domestic	ADJ
fbem-20463	31	22	industries	industry	NOUN
fbem-20463	31	23	,	,	PUNCT
fbem-20463	31	24	and	and	CCONJ
fbem-20463	31	25	139	139	NUM
fbem-20463	31	26	the	the	DET
fbem-20463	31	27	latter	latter	ADJ
fbem-20463	31	28	believed	believe	VERB
fbem-20463	31	29	that	that	SCONJ
fbem-20463	31	30	the	the	DET
fbem-20463	31	31	purpose	purpose	NOUN
fbem-20463	31	32	of	of	ADP
fbem-20463	31	33	domestic	domestic	ADJ
fbem-20463	31	34	mergers	merger	NOUN
fbem-20463	31	35	and	and	CCONJ
fbem-20463	31	36	acquisitions	acquisition	NOUN
fbem-20463	31	37	was	be	AUX
fbem-20463	31	38	related	relate	VERB
fbem-20463	31	39	to	to	ADP
fbem-20463	31	40	adapting	adapt	VERB
fbem-20463	31	41	to	to	ADP
fbem-20463	31	42	the	the	DET
fbem-20463	31	43	policy	policy	NOUN
fbem-20463	31	44	system	system	NOUN
fbem-20463	31	45	and	and	CCONJ
fbem-20463	31	46	expanding	expand	VERB
fbem-20463	31	47	market	market	NOUN
fbem-20463	31	48	opportunities	opportunity	NOUN
fbem-20463	31	49	.	.	PUNCT
fbem-20463	32	1	in	in	ADP
fbem-20463	32	2	addition	addition	NOUN
fbem-20463	32	3	,	,	PUNCT
fbem-20463	32	4	fang	fang	PROPN
fbem-20463	32	5	junxiong	junxiong	PROPN
fbem-20463	32	6	(	(	PUNCT
fbem-20463	32	7	2008	2008	NUM
fbem-20463	32	8	)	)	PUNCT
fbem-20463	32	9	found	find	VERB
fbem-20463	32	10	through	through	ADP
fbem-20463	32	11	empirical	empirical	ADJ
fbem-20463	32	12	research	research	NOUN
fbem-20463	32	13	that	that	SCONJ
fbem-20463	32	14	enterprises	enterprise	NOUN
fbem-20463	32	15	controlled	control	VERB
fbem-20463	32	16	by	by	ADP
fbem-20463	32	17	local	local	ADJ
fbem-20463	32	18	governments	government	NOUN
fbem-20463	32	19	are	be	AUX
fbem-20463	32	20	more	more	ADV
fbem-20463	32	21	inclined	inclined	ADJ
fbem-20463	32	22	to	to	PART
fbem-20463	32	23	merger	merger	VERB
fbem-20463	32	24	and	and	CCONJ
fbem-20463	32	25	acquire	acquire	VERB
fbem-20463	32	26	local	local	ADJ
fbem-20463	32	27	enterprises	enterprise	NOUN
fbem-20463	32	28	,	,	PUNCT
fbem-20463	32	29	while	while	SCONJ
fbem-20463	32	30	enterprises	enterprise	NOUN
fbem-20463	32	31	led	lead	VERB
fbem-20463	32	32	by	by	ADP
fbem-20463	32	33	higher	high	ADJ
fbem-20463	32	34	governments	government	NOUN
fbem-20463	32	35	are	be	AUX
fbem-20463	32	36	more	more	ADV
fbem-20463	32	37	inclined	inclined	ADJ
fbem-20463	32	38	to	to	PART
fbem-20463	32	39	merger	merger	VERB
fbem-20463	32	40	and	and	CCONJ
fbem-20463	32	41	acquire	acquire	VERB
fbem-20463	32	42	with	with	ADP
fbem-20463	32	43	enterprises	enterprise	NOUN
fbem-20463	32	44	in	in	ADP
fbem-20463	32	45	other	other	ADJ
fbem-20463	32	46	regions	region	NOUN
fbem-20463	32	47	,	,	PUNCT
fbem-20463	32	48	that	that	ADV
fbem-20463	32	49	is	is	ADV
fbem-20463	32	50	,	,	PUNCT
fbem-20463	32	51	government	government	NOUN
fbem-20463	32	52	intervention	intervention	NOUN
fbem-20463	32	53	will	will	AUX
fbem-20463	32	54	affect	affect	VERB
fbem-20463	32	55	the	the	DET
fbem-20463	32	56	merger	merger	NOUN
fbem-20463	32	57	and	and	CCONJ
fbem-20463	32	58	acquisition	acquisition	NOUN
fbem-20463	32	59	decisions	decision	NOUN
fbem-20463	32	60	of	of	ADP
fbem-20463	32	61	enterprises	enterprise	NOUN
fbem-20463	32	62	to	to	ADP
fbem-20463	32	63	a	a	DET
fbem-20463	32	64	certain	certain	ADJ
fbem-20463	32	65	extent	extent	NOUN
fbem-20463	32	66	.	.	PUNCT
fbem-20463	33	1	according	accord	VERB
fbem-20463	33	2	to	to	ADP
fbem-20463	33	3	the	the	DET
fbem-20463	33	4	research	research	NOUN
fbem-20463	33	5	,	,	PUNCT
fbem-20463	33	6	zhong	zhong	PROPN
fbem-20463	33	7	ninghua	ninghua	PROPN
fbem-20463	33	8	et	et	PROPN
fbem-20463	33	9	al	al	PROPN
fbem-20463	33	10	.	.	PROPN
fbem-20463	34	1	(	(	PUNCT
fbem-20463	34	2	2019	2019	NUM
fbem-20463	34	3	)	)	PUNCT
fbem-20463	34	4	found	find	VERB
fbem-20463	34	5	that	that	SCONJ
fbem-20463	34	6	enterprises	enterprise	NOUN
fbem-20463	34	7	supported	support	VERB
fbem-20463	34	8	by	by	ADP
fbem-20463	34	9	industrial	industrial	ADJ
fbem-20463	34	10	policies	policy	NOUN
fbem-20463	34	11	are	be	AUX
fbem-20463	34	12	more	more	ADV
fbem-20463	34	13	inclined	inclined	ADJ
fbem-20463	34	14	to	to	PART
fbem-20463	34	15	achieve	achieve	VERB
fbem-20463	34	16	rapid	rapid	ADJ
fbem-20463	34	17	expansion	expansion	NOUN
fbem-20463	34	18	through	through	ADP
fbem-20463	34	19	mergers	merger	NOUN
fbem-20463	34	20	and	and	CCONJ
fbem-20463	34	21	acquisitions	acquisition	NOUN
fbem-20463	34	22	,	,	PUNCT
fbem-20463	34	23	but	but	CCONJ
fbem-20463	34	24	most	most	ADJ
fbem-20463	34	25	of	of	ADP
fbem-20463	34	26	the	the	DET
fbem-20463	34	27	high	high	ADJ
fbem-20463	34	28	-	-	PUNCT
fbem-20463	34	29	premium	premium	NOUN
fbem-20463	34	30	mergers	merger	NOUN
fbem-20463	34	31	and	and	CCONJ
fbem-20463	34	32	acquisitions	acquisition	NOUN
fbem-20463	34	33	lead	lead	VERB
fbem-20463	34	34	to	to	ADP
fbem-20463	34	35	a	a	DET
fbem-20463	34	36	low	low	ADJ
fbem-20463	34	37	success	success	NOUN
fbem-20463	34	38	rate	rate	NOUN
fbem-20463	34	39	of	of	ADP
fbem-20463	34	40	mergers	merger	NOUN
fbem-20463	34	41	and	and	CCONJ
fbem-20463	34	42	acquisitions	acquisition	NOUN
fbem-20463	34	43	.	.	PUNCT
fbem-20463	35	1	from	from	ADP
fbem-20463	35	2	an	an	DET
fbem-20463	35	3	internal	internal	ADJ
fbem-20463	35	4	perspective	perspective	NOUN
fbem-20463	35	5	,	,	PUNCT
fbem-20463	35	6	according	accord	VERB
fbem-20463	35	7	to	to	ADP
fbem-20463	35	8	the	the	DET
fbem-20463	35	9	previous	previous	ADJ
fbem-20463	35	10	research	research	NOUN
fbem-20463	35	11	of	of	ADP
fbem-20463	35	12	scholars	scholar	NOUN
fbem-20463	35	13	,	,	PUNCT
fbem-20463	35	14	it	it	PRON
fbem-20463	35	15	can	can	AUX
fbem-20463	35	16	be	be	AUX
fbem-20463	35	17	summarized	summarize	VERB
fbem-20463	35	18	into	into	ADP
fbem-20463	35	19	two	two	NUM
fbem-20463	35	20	levels	level	NOUN
fbem-20463	35	21	,	,	PUNCT
fbem-20463	35	22	namely	namely	ADV
fbem-20463	35	23	,	,	PUNCT
fbem-20463	35	24	enterprise	enterprise	NOUN
fbem-20463	35	25	development	development	NOUN
fbem-20463	35	26	needs	need	NOUN
fbem-20463	35	27	and	and	CCONJ
fbem-20463	35	28	management	management	NOUN
fbem-20463	35	29	behavior	behavior	NOUN
fbem-20463	35	30	.	.	PUNCT
fbem-20463	36	1	in	in	ADP
fbem-20463	36	2	the	the	DET
fbem-20463	36	3	aspect	aspect	NOUN
fbem-20463	36	4	of	of	ADP
fbem-20463	36	5	enterprise	enterprise	NOUN
fbem-20463	36	6	development	development	NOUN
fbem-20463	36	7	,	,	PUNCT
fbem-20463	36	8	the	the	DET
fbem-20463	36	9	motivation	motivation	NOUN
fbem-20463	36	10	of	of	ADP
fbem-20463	36	11	continuous	continuous	ADJ
fbem-20463	36	12	mergers	merger	NOUN
fbem-20463	36	13	and	and	CCONJ
fbem-20463	36	14	acquisitions	acquisition	NOUN
fbem-20463	36	15	presents	present	VERB
fbem-20463	36	16	a	a	DET
fbem-20463	36	17	diversified	diversified	ADJ
fbem-20463	36	18	state	state	NOUN
fbem-20463	36	19	.	.	PUNCT
fbem-20463	37	1	harford	harford	PROPN
fbem-20463	37	2	(	(	PUNCT
fbem-20463	37	3	2004	2004	NUM
fbem-20463	37	4	)	)	PUNCT
fbem-20463	37	5	believes	believe	VERB
fbem-20463	37	6	that	that	SCONJ
fbem-20463	37	7	when	when	SCONJ
fbem-20463	37	8	the	the	DET
fbem-20463	37	9	industry	industry	NOUN
fbem-20463	37	10	environment	environment	NOUN
fbem-20463	37	11	in	in	ADP
fbem-20463	37	12	which	which	PRON
fbem-20463	37	13	the	the	DET
fbem-20463	37	14	enterprise	enterprise	NOUN
fbem-20463	37	15	is	be	AUX
fbem-20463	37	16	not	not	PART
fbem-20463	37	17	optimistic	optimistic	ADJ
fbem-20463	37	18	,	,	PUNCT
fbem-20463	37	19	the	the	DET
fbem-20463	37	20	enterprise	enterprise	NOUN
fbem-20463	37	21	should	should	AUX
fbem-20463	37	22	realize	realize	VERB
fbem-20463	37	23	the	the	DET
fbem-20463	37	24	industrial	industrial	ADJ
fbem-20463	37	25	upgrading	upgrading	NOUN
fbem-20463	37	26	.	.	PUNCT
fbem-20463	38	1	in	in	ADP
fbem-20463	38	2	this	this	DET
fbem-20463	38	3	case	case	NOUN
fbem-20463	38	4	,	,	PUNCT
fbem-20463	38	5	the	the	DET
fbem-20463	38	6	enterprise	enterprise	NOUN
fbem-20463	38	7	will	will	AUX
fbem-20463	38	8	carry	carry	VERB
fbem-20463	38	9	out	out	ADP
fbem-20463	38	10	continuous	continuous	ADJ
fbem-20463	38	11	mergers	merger	NOUN
fbem-20463	38	12	and	and	CCONJ
fbem-20463	38	13	acquisitions	acquisition	NOUN
fbem-20463	38	14	driven	drive	VERB
fbem-20463	38	15	by	by	ADP
fbem-20463	38	16	pressure	pressure	NOUN
fbem-20463	38	17	.	.	PUNCT
fbem-20463	39	1	deng	deng	PROPN
fbem-20463	39	2	(	(	PUNCT
fbem-20463	39	3	2009	2009	NUM
fbem-20463	39	4	)	)	PUNCT
fbem-20463	39	5	pointed	point	VERB
fbem-20463	39	6	out	out	ADP
fbem-20463	39	7	that	that	SCONJ
fbem-20463	39	8	modern	modern	ADJ
fbem-20463	39	9	enterprises	enterprise	NOUN
fbem-20463	39	10	acquire	acquire	VERB
fbem-20463	39	11	strategic	strategic	ADJ
fbem-20463	39	12	assets	asset	NOUN
fbem-20463	39	13	through	through	ADP
fbem-20463	39	14	crossborder	crossborder	NOUN
fbem-20463	39	15	mergers	merger	NOUN
fbem-20463	39	16	and	and	CCONJ
fbem-20463	39	17	acquisitions	acquisition	NOUN
fbem-20463	39	18	,	,	PUNCT
fbem-20463	39	19	mainly	mainly	ADV
fbem-20463	39	20	through	through	ADP
fbem-20463	39	21	brand	brand	NOUN
fbem-20463	39	22	advantages	advantage	NOUN
fbem-20463	39	23	and	and	CCONJ
fbem-20463	39	24	core	core	NOUN
fbem-20463	39	25	technologies	technology	NOUN
fbem-20463	39	26	.	.	PUNCT
fbem-20463	40	1	zhai	zhai	PROPN
fbem-20463	40	2	yuming	yuming	PROPN
fbem-20463	40	3	and	and	CCONJ
fbem-20463	40	4	liu	liu	PROPN
fbem-20463	40	5	haifeng	haifeng	PROPN
fbem-20463	40	6	(	(	PUNCT
fbem-20463	40	7	2013	2013	NUM
fbem-20463	40	8	)	)	PUNCT
fbem-20463	40	9	,	,	PUNCT
fbem-20463	40	10	based	base	VERB
fbem-20463	40	11	on	on	ADP
fbem-20463	40	12	the	the	DET
fbem-20463	40	13	perspective	perspective	NOUN
fbem-20463	40	14	of	of	ADP
fbem-20463	40	15	technology	technology	NOUN
fbem-20463	40	16	,	,	PUNCT
fbem-20463	40	17	proposed	propose	VERB
fbem-20463	40	18	that	that	SCONJ
fbem-20463	40	19	the	the	DET
fbem-20463	40	20	complementary	complementary	ADJ
fbem-20463	40	21	advantages	advantage	NOUN
fbem-20463	40	22	of	of	ADP
fbem-20463	40	23	resources	resource	NOUN
fbem-20463	40	24	can	can	AUX
fbem-20463	40	25	be	be	AUX
fbem-20463	40	26	realized	realize	VERB
fbem-20463	40	27	through	through	ADP
fbem-20463	40	28	merger	merger	NOUN
fbem-20463	40	29	and	and	CCONJ
fbem-20463	40	30	acquisition	acquisition	NOUN
fbem-20463	40	31	,	,	PUNCT
fbem-20463	40	32	so	so	SCONJ
fbem-20463	40	33	as	as	SCONJ
fbem-20463	40	34	to	to	PART
fbem-20463	40	35	improve	improve	VERB
fbem-20463	40	36	the	the	DET
fbem-20463	40	37	core	core	NOUN
fbem-20463	40	38	competitiveness	competitiveness	NOUN
fbem-20463	40	39	of	of	ADP
fbem-20463	40	40	enterprises	enterprise	NOUN
fbem-20463	40	41	.	.	PUNCT
fbem-20463	41	1	song	song	PROPN
fbem-20463	41	2	lin	lin	PROPN
fbem-20463	41	3	and	and	CCONJ
fbem-20463	41	4	binbin	binbin	PROPN
fbem-20463	41	5	(	(	PUNCT
fbem-20463	41	6	2016	2016	NUM
fbem-20463	41	7	)	)	PUNCT
fbem-20463	41	8	believe	believe	VERB
fbem-20463	41	9	that	that	SCONJ
fbem-20463	41	10	through	through	ADP
fbem-20463	41	11	continuous	continuous	ADJ
fbem-20463	41	12	overseas	overseas	ADJ
fbem-20463	41	13	mergers	merger	NOUN
fbem-20463	41	14	and	and	CCONJ
fbem-20463	41	15	acquisitions	acquisition	NOUN
fbem-20463	41	16	,	,	PUNCT
fbem-20463	41	17	the	the	DET
fbem-20463	41	18	company	company	NOUN
fbem-20463	41	19	aims	aim	VERB
fbem-20463	41	20	to	to	PART
fbem-20463	41	21	acquire	acquire	VERB
fbem-20463	41	22	products	product	NOUN
fbem-20463	41	23	with	with	ADP
fbem-20463	41	24	core	core	NOUN
fbem-20463	41	25	competitiveness	competitiveness	NOUN
fbem-20463	41	26	and	and	CCONJ
fbem-20463	41	27	explore	explore	VERB
fbem-20463	41	28	the	the	DET
fbem-20463	41	29	international	international	ADJ
fbem-20463	41	30	market	market	NOUN
fbem-20463	41	31	,	,	PUNCT
fbem-20463	41	32	so	so	SCONJ
fbem-20463	41	33	as	as	SCONJ
fbem-20463	41	34	to	to	PART
fbem-20463	41	35	enhance	enhance	VERB
fbem-20463	41	36	their	their	PRON
fbem-20463	41	37	competitive	competitive	ADJ
fbem-20463	41	38	position	position	NOUN
fbem-20463	41	39	in	in	ADP
fbem-20463	41	40	the	the	DET
fbem-20463	41	41	industry	industry	NOUN
fbem-20463	41	42	.	.	PUNCT
fbem-20463	42	1	zhang	zhang	PROPN
fbem-20463	42	2	lan	lan	PROPN
fbem-20463	42	3	et	et	PROPN
fbem-20463	42	4	al	al	PROPN
fbem-20463	42	5	.	.	PROPN
fbem-20463	42	6	(	(	PUNCT
fbem-20463	42	7	2018	2018	NUM
fbem-20463	42	8	)	)	PUNCT
fbem-20463	42	9	through	through	ADP
fbem-20463	42	10	continuous	continuous	ADJ
fbem-20463	42	11	mergers	merger	NOUN
fbem-20463	42	12	and	and	CCONJ
fbem-20463	42	13	acquisitions	acquisition	NOUN
fbem-20463	42	14	,	,	PUNCT
fbem-20463	42	15	enterprises	enterprise	NOUN
fbem-20463	42	16	can	can	AUX
fbem-20463	42	17	reduce	reduce	VERB
fbem-20463	42	18	operating	operating	NOUN
fbem-20463	42	19	costs	cost	NOUN
fbem-20463	42	20	by	by	ADP
fbem-20463	42	21	integrating	integrate	VERB
fbem-20463	42	22	and	and	CCONJ
fbem-20463	42	23	optimizing	optimize	VERB
fbem-20463	42	24	resources	resource	NOUN
fbem-20463	42	25	,	,	PUNCT
fbem-20463	42	26	and	and	CCONJ
fbem-20463	42	27	establish	establish	VERB
fbem-20463	42	28	a	a	DET
fbem-20463	42	29	more	more	ADV
fbem-20463	42	30	concentrated	concentrated	ADJ
fbem-20463	42	31	resource	resource	NOUN
fbem-20463	42	32	advantage	advantage	NOUN
fbem-20463	42	33	in	in	ADP
fbem-20463	42	34	the	the	DET
fbem-20463	42	35	market	market	NOUN
fbem-20463	42	36	.	.	PUNCT
fbem-20463	43	1	li	li	PROPN
fbem-20463	43	2	wenxin	wenxin	PROPN
fbem-20463	43	3	and	and	CCONJ
fbem-20463	43	4	yu	yu	PROPN
fbem-20463	43	5	ting	ting	PROPN
fbem-20463	43	6	(	(	PUNCT
fbem-20463	43	7	2022	2022	NUM
fbem-20463	43	8	)	)	PUNCT
fbem-20463	43	9	proposed	propose	VERB
fbem-20463	43	10	in	in	ADP
fbem-20463	43	11	the	the	DET
fbem-20463	43	12	study	study	NOUN
fbem-20463	43	13	of	of	ADP
fbem-20463	43	14	eston	eston	PROPN
fbem-20463	43	15	continuous	continuous	ADJ
fbem-20463	43	16	mergers	merger	NOUN
fbem-20463	43	17	and	and	CCONJ
fbem-20463	43	18	acquisitions	acquisition	NOUN
fbem-20463	43	19	that	that	SCONJ
fbem-20463	43	20	this	this	DET
fbem-20463	43	21	continuous	continuous	ADJ
fbem-20463	43	22	merger	merger	NOUN
fbem-20463	43	23	and	and	CCONJ
fbem-20463	43	24	acquisition	acquisition	NOUN
fbem-20463	43	25	strategy	strategy	NOUN
fbem-20463	43	26	is	be	AUX
fbem-20463	43	27	regarded	regard	VERB
fbem-20463	43	28	as	as	ADP
fbem-20463	43	29	a	a	DET
fbem-20463	43	30	means	mean	NOUN
fbem-20463	43	31	to	to	PART
fbem-20463	43	32	achieve	achieve	VERB
fbem-20463	43	33	enterprise	enterprise	NOUN
fbem-20463	43	34	transformation	transformation	NOUN
fbem-20463	43	35	.	.	PUNCT
fbem-20463	44	1	through	through	ADP
fbem-20463	44	2	a	a	DET
fbem-20463	44	3	series	series	NOUN
fbem-20463	44	4	of	of	ADP
fbem-20463	44	5	mergers	merger	NOUN
fbem-20463	44	6	and	and	CCONJ
fbem-20463	44	7	acquisition	acquisition	NOUN
fbem-20463	44	8	activities	activity	NOUN
fbem-20463	44	9	,	,	PUNCT
fbem-20463	44	10	enterprises	enterprise	NOUN
fbem-20463	44	11	hope	hope	VERB
fbem-20463	44	12	to	to	PART
fbem-20463	44	13	achieve	achieve	VERB
fbem-20463	44	14	major	major	ADJ
fbem-20463	44	15	changes	change	NOUN
fbem-20463	44	16	in	in	ADP
fbem-20463	44	17	business	business	NOUN
fbem-20463	44	18	structure	structure	NOUN
fbem-20463	44	19	,	,	PUNCT
fbem-20463	44	20	market	market	NOUN
fbem-20463	44	21	position	position	NOUN
fbem-20463	44	22	or	or	CCONJ
fbem-20463	44	23	overall	overall	ADJ
fbem-20463	44	24	business	business	NOUN
fbem-20463	44	25	model	model	NOUN
fbem-20463	44	26	to	to	PART
fbem-20463	44	27	adapt	adapt	VERB
fbem-20463	44	28	to	to	ADP
fbem-20463	44	29	market	market	NOUN
fbem-20463	44	30	changes	change	NOUN
fbem-20463	44	31	,	,	PUNCT
fbem-20463	44	32	improve	improve	VERB
fbem-20463	44	33	competitiveness	competitiveness	NOUN
fbem-20463	44	34	and	and	CCONJ
fbem-20463	44	35	achieve	achieve	VERB
fbem-20463	44	36	better	well	ADJ
fbem-20463	44	37	business	business	NOUN
fbem-20463	44	38	performance	performance	NOUN
fbem-20463	44	39	.	.	PUNCT
fbem-20463	45	1	sun	sun	NOUN
fbem-20463	45	2	pujun	pujun	PROPN
fbem-20463	45	3	(	(	PUNCT
fbem-20463	45	4	2023	2023	NUM
fbem-20463	45	5	)	)	PUNCT
fbem-20463	45	6	concluded	conclude	VERB
fbem-20463	45	7	through	through	ADP
fbem-20463	45	8	the	the	DET
fbem-20463	45	9	analysis	analysis	NOUN
fbem-20463	45	10	of	of	ADP
fbem-20463	45	11	the	the	DET
fbem-20463	45	12	continuous	continuous	ADJ
fbem-20463	45	13	cross	cross	ADJ
fbem-20463	45	14	-	-	ADJ
fbem-20463	45	15	border	border	ADJ
fbem-20463	45	16	mergers	merger	NOUN
fbem-20463	45	17	and	and	CCONJ
fbem-20463	45	18	acquisitions	acquisition	NOUN
fbem-20463	45	19	that	that	PRON
fbem-20463	45	20	the	the	DET
fbem-20463	45	21	main	main	ADJ
fbem-20463	45	22	drivers	driver	NOUN
fbem-20463	45	23	of	of	ADP
fbem-20463	45	24	geely	geely	NOUN
fbem-20463	45	25	holding	holding	NOUN
fbem-20463	45	26	's	's	PART
fbem-20463	45	27	continuous	continuous	ADJ
fbem-20463	45	28	cross	cross	ADJ
fbem-20463	45	29	-	-	ADJ
fbem-20463	45	30	border	border	ADJ
fbem-20463	45	31	mergers	merger	NOUN
fbem-20463	45	32	and	and	CCONJ
fbem-20463	45	33	acquisitions	acquisition	NOUN
fbem-20463	45	34	include	include	VERB
fbem-20463	45	35	the	the	DET
fbem-20463	45	36	acquisition	acquisition	NOUN
fbem-20463	45	37	of	of	ADP
fbem-20463	45	38	highquality	highquality	NOUN
fbem-20463	45	39	technology	technology	NOUN
fbem-20463	45	40	,	,	PUNCT
fbem-20463	45	41	improving	improve	VERB
fbem-20463	45	42	brand	brand	NOUN
fbem-20463	45	43	value	value	NOUN
fbem-20463	45	44	,	,	PUNCT
fbem-20463	45	45	expanding	expand	VERB
fbem-20463	45	46	sales	sale	NOUN
fbem-20463	45	47	channels	channel	NOUN
fbem-20463	45	48	,	,	PUNCT
fbem-20463	45	49	conforming	conform	VERB
fbem-20463	45	50	to	to	ADP
fbem-20463	45	51	the	the	DET
fbem-20463	45	52	trend	trend	NOUN
fbem-20463	45	53	of	of	ADP
fbem-20463	45	54	electrification	electrification	NOUN
fbem-20463	45	55	and	and	CCONJ
fbem-20463	45	56	improving	improve	VERB
fbem-20463	45	57	market	market	NOUN
fbem-20463	45	58	competitiveness	competitiveness	NOUN
fbem-20463	45	59	.	.	PUNCT
fbem-20463	46	1	domestic	domestic	ADJ
fbem-20463	46	2	and	and	CCONJ
fbem-20463	46	3	foreign	foreign	ADJ
fbem-20463	46	4	scholars	scholar	NOUN
fbem-20463	46	5	have	have	AUX
fbem-20463	46	6	made	make	VERB
fbem-20463	46	7	a	a	DET
fbem-20463	46	8	lot	lot	NOUN
fbem-20463	46	9	of	of	ADP
fbem-20463	46	10	research	research	NOUN
fbem-20463	46	11	on	on	ADP
fbem-20463	46	12	the	the	DET
fbem-20463	46	13	motivation	motivation	NOUN
fbem-20463	46	14	of	of	ADP
fbem-20463	46	15	continuous	continuous	ADJ
fbem-20463	46	16	mergers	merger	NOUN
fbem-20463	46	17	and	and	CCONJ
fbem-20463	46	18	acquisitions	acquisition	NOUN
fbem-20463	46	19	from	from	ADP
fbem-20463	46	20	the	the	DET
fbem-20463	46	21	perspective	perspective	NOUN
fbem-20463	46	22	of	of	ADP
fbem-20463	46	23	management	management	NOUN
fbem-20463	46	24	.	.	PUNCT
fbem-20463	47	1	from	from	ADP
fbem-20463	47	2	the	the	DET
fbem-20463	47	3	perspective	perspective	NOUN
fbem-20463	47	4	of	of	ADP
fbem-20463	47	5	managers	manager	NOUN
fbem-20463	47	6	,	,	PUNCT
fbem-20463	47	7	having	have	VERB
fbem-20463	47	8	rich	rich	ADJ
fbem-20463	47	9	mergers	merger	NOUN
fbem-20463	47	10	and	and	CCONJ
fbem-20463	47	11	acquisitions	acquisition	NOUN
fbem-20463	47	12	experience	experience	NOUN
fbem-20463	47	13	can	can	AUX
fbem-20463	47	14	help	help	VERB
fbem-20463	47	15	leaders	leader	NOUN
fbem-20463	47	16	to	to	PART
fbem-20463	47	17	become	become	VERB
fbem-20463	47	18	more	more	ADV
fbem-20463	47	19	confident	confident	ADJ
fbem-20463	47	20	.	.	PUNCT
fbem-20463	48	1	doukas	douka	NOUN
fbem-20463	48	2	et	et	PROPN
fbem-20463	48	3	al	al	PROPN
fbem-20463	48	4	.	.	PROPN
fbem-20463	49	1	(	(	PUNCT
fbem-20463	49	2	2007	2007	NUM
fbem-20463	49	3	)	)	PUNCT
fbem-20463	49	4	show	show	VERB
fbem-20463	49	5	that	that	SCONJ
fbem-20463	49	6	overconfident	overconfident	ADJ
fbem-20463	49	7	managers	manager	NOUN
fbem-20463	49	8	may	may	AUX
fbem-20463	49	9	ignore	ignore	VERB
fbem-20463	49	10	risks	risk	NOUN
fbem-20463	49	11	in	in	ADP
fbem-20463	49	12	m	m	PROPN
fbem-20463	49	13	&	&	CCONJ
fbem-20463	49	14	a	a	DET
fbem-20463	49	15	decisions	decision	NOUN
fbem-20463	49	16	,	,	PUNCT
fbem-20463	49	17	resulting	result	VERB
fbem-20463	49	18	in	in	ADP
fbem-20463	49	19	improper	improper	ADJ
fbem-20463	49	20	investment	investment	NOUN
fbem-20463	49	21	or	or	CCONJ
fbem-20463	49	22	inadequate	inadequate	ADJ
fbem-20463	49	23	consideration	consideration	NOUN
fbem-20463	49	24	of	of	ADP
fbem-20463	49	25	potential	potential	ADJ
fbem-20463	49	26	problems	problem	NOUN
fbem-20463	49	27	,	,	PUNCT
fbem-20463	49	28	thus	thus	ADV
fbem-20463	49	29	affecting	affect	VERB
fbem-20463	49	30	the	the	DET
fbem-20463	49	31	performance	performance	NOUN
fbem-20463	49	32	of	of	ADP
fbem-20463	49	33	m	m	PROPN
fbem-20463	49	34	&	&	CCONJ
fbem-20463	49	35	a.	a.	PROPN
fbem-20463	49	36	on	on	ADP
fbem-20463	49	37	the	the	DET
fbem-20463	49	38	contrary	contrary	NOUN
fbem-20463	49	39	,	,	PUNCT
fbem-20463	49	40	when	when	SCONJ
fbem-20463	49	41	managers	manager	NOUN
fbem-20463	49	42	are	be	AUX
fbem-20463	49	43	more	more	ADV
fbem-20463	49	44	cautious	cautious	ADJ
fbem-20463	49	45	about	about	ADP
fbem-20463	49	46	their	their	PRON
fbem-20463	49	47	own	own	ADJ
fbem-20463	49	48	abilities	ability	NOUN
fbem-20463	49	49	,	,	PUNCT
fbem-20463	49	50	they	they	PRON
fbem-20463	49	51	may	may	AUX
fbem-20463	49	52	be	be	AUX
fbem-20463	49	53	more	more	ADV
fbem-20463	49	54	cautious	cautious	ADJ
fbem-20463	49	55	in	in	ADP
fbem-20463	49	56	assessing	assess	VERB
fbem-20463	49	57	risks	risk	NOUN
fbem-20463	49	58	and	and	CCONJ
fbem-20463	49	59	opportunities	opportunity	NOUN
fbem-20463	49	60	,	,	PUNCT
fbem-20463	49	61	and	and	CCONJ
fbem-20463	49	62	make	make	VERB
fbem-20463	49	63	more	more	ADV
fbem-20463	49	64	rational	rational	ADJ
fbem-20463	49	65	and	and	CCONJ
fbem-20463	49	66	effective	effective	ADJ
fbem-20463	49	67	m	m	PROPN
fbem-20463	49	68	&	&	CCONJ
fbem-20463	49	69	a	a	DET
fbem-20463	49	70	decisions	decision	NOUN
fbem-20463	49	71	to	to	PART
fbem-20463	49	72	bring	bring	VERB
fbem-20463	49	73	better	well	ADJ
fbem-20463	49	74	benefits	benefit	NOUN
fbem-20463	49	75	.	.	PUNCT
fbem-20463	50	1	billett	billett	NOUN
fbem-20463	50	2	and	and	CCONJ
fbem-20463	50	3	qian	qian	PROPN
fbem-20463	50	4	(	(	PUNCT
fbem-20463	50	5	2008	2008	NUM
fbem-20463	50	6	)	)	PUNCT
fbem-20463	50	7	believe	believe	VERB
fbem-20463	50	8	that	that	SCONJ
fbem-20463	50	9	after	after	ADP
fbem-20463	50	10	successful	successful	ADJ
fbem-20463	50	11	mergers	merger	NOUN
fbem-20463	50	12	and	and	CCONJ
fbem-20463	50	13	acquisitions	acquisition	NOUN
fbem-20463	50	14	,	,	PUNCT
fbem-20463	50	15	the	the	DET
fbem-20463	50	16	management	management	NOUN
fbem-20463	50	17	will	will	AUX
fbem-20463	50	18	have	have	VERB
fbem-20463	50	19	their	their	PRON
fbem-20463	50	20	mentality	mentality	NOUN
fbem-20463	50	21	,	,	PUNCT
fbem-20463	50	22	and	and	CCONJ
fbem-20463	50	23	the	the	DET
fbem-20463	50	24	overconfidence	overconfidence	NOUN
fbem-20463	50	25	of	of	ADP
fbem-20463	50	26	the	the	DET
fbem-20463	50	27	management	management	NOUN
fbem-20463	50	28	will	will	AUX
fbem-20463	50	29	make	make	VERB
fbem-20463	50	30	them	they	PRON
fbem-20463	50	31	more	more	ADV
fbem-20463	50	32	confident	confident	ADJ
fbem-20463	50	33	in	in	ADP
fbem-20463	50	34	their	their	PRON
fbem-20463	50	35	own	own	ADJ
fbem-20463	50	36	judgment	judgment	NOUN
fbem-20463	50	37	,	,	PUNCT
fbem-20463	50	38	which	which	PRON
fbem-20463	50	39	will	will	AUX
fbem-20463	50	40	lead	lead	VERB
fbem-20463	50	41	to	to	ADP
fbem-20463	50	42	more	more	ADV
fbem-20463	50	43	frequent	frequent	ADJ
fbem-20463	50	44	mergers	merger	NOUN
fbem-20463	50	45	and	and	CCONJ
fbem-20463	50	46	acquisitions	acquisition	NOUN
fbem-20463	50	47	.	.	PUNCT
fbem-20463	51	1	tang	tang	PROPN
fbem-20463	51	2	bei	bei	PROPN
fbem-20463	51	3	(	(	PUNCT
fbem-20463	51	4	2010	2010	NUM
fbem-20463	51	5	)	)	PUNCT
fbem-20463	51	6	believes	believe	VERB
fbem-20463	51	7	that	that	SCONJ
fbem-20463	51	8	with	with	ADP
fbem-20463	51	9	good	good	ADJ
fbem-20463	51	10	performance	performance	NOUN
fbem-20463	51	11	and	and	CCONJ
fbem-20463	51	12	relatively	relatively	ADV
fbem-20463	51	13	good	good	ADJ
fbem-20463	51	14	business	business	NOUN
fbem-20463	51	15	performance	performance	NOUN
fbem-20463	51	16	,	,	PUNCT
fbem-20463	51	17	managers	manager	NOUN
fbem-20463	51	18	are	be	AUX
fbem-20463	51	19	more	more	ADV
fbem-20463	51	20	likely	likely	ADJ
fbem-20463	51	21	to	to	PART
fbem-20463	51	22	fall	fall	VERB
fbem-20463	51	23	into	into	ADP
fbem-20463	51	24	a	a	DET
fbem-20463	51	25	state	state	NOUN
fbem-20463	51	26	of	of	ADP
fbem-20463	51	27	overconfidence	overconfidence	NOUN
fbem-20463	51	28	,	,	PUNCT
fbem-20463	51	29	which	which	PRON
fbem-20463	51	30	leads	lead	VERB
fbem-20463	51	31	to	to	ADP
fbem-20463	51	32	more	more	ADV
fbem-20463	51	33	inclined	inclined	ADJ
fbem-20463	51	34	continuous	continuous	ADJ
fbem-20463	51	35	mergers	merger	NOUN
fbem-20463	51	36	and	and	CCONJ
fbem-20463	51	37	acquisitions	acquisition	NOUN
fbem-20463	51	38	to	to	PART
fbem-20463	51	39	seek	seek	VERB
fbem-20463	51	40	further	further	ADJ
fbem-20463	51	41	expansion	expansion	NOUN
fbem-20463	51	42	and	and	CCONJ
fbem-20463	51	43	growth	growth	NOUN
fbem-20463	51	44	.	.	PUNCT
fbem-20463	52	1	through	through	ADP
fbem-20463	52	2	empirical	empirical	ADJ
fbem-20463	52	3	research	research	NOUN
fbem-20463	52	4	,	,	PUNCT
fbem-20463	52	5	oa	oa	PROPN
fbem-20463	52	6	and	and	CCONJ
fbem-20463	52	7	zheng	zheng	PROPN
fbem-20463	52	8	yong	yong	PROPN
fbem-20463	52	9	(	(	PUNCT
fbem-20463	52	10	2014	2014	NUM
fbem-20463	52	11	)	)	PUNCT
fbem-20463	52	12	believe	believe	VERB
fbem-20463	52	13	that	that	SCONJ
fbem-20463	52	14	the	the	DET
fbem-20463	52	15	overconfidence	overconfidence	NOUN
fbem-20463	52	16	of	of	ADP
fbem-20463	52	17	managers	manager	NOUN
fbem-20463	52	18	is	be	AUX
fbem-20463	52	19	significantly	significantly	ADV
fbem-20463	52	20	related	relate	VERB
fbem-20463	52	21	to	to	ADP
fbem-20463	52	22	the	the	DET
fbem-20463	52	23	mergers	merger	NOUN
fbem-20463	52	24	and	and	CCONJ
fbem-20463	52	25	acquisitions	acquisition	NOUN
fbem-20463	52	26	behavior	behavior	NOUN
fbem-20463	52	27	of	of	ADP
fbem-20463	52	28	enterprises	enterprise	NOUN
fbem-20463	52	29	,	,	PUNCT
fbem-20463	52	30	which	which	PRON
fbem-20463	52	31	is	be	AUX
fbem-20463	52	32	an	an	DET
fbem-20463	52	33	important	important	ADJ
fbem-20463	52	34	reason	reason	NOUN
fbem-20463	52	35	for	for	ADP
fbem-20463	52	36	the	the	DET
fbem-20463	52	37	frequent	frequent	ADJ
fbem-20463	52	38	mergers	merger	NOUN
fbem-20463	52	39	and	and	CCONJ
fbem-20463	52	40	acquisitions	acquisition	NOUN
fbem-20463	52	41	of	of	ADP
fbem-20463	52	42	enterprises	enterprise	NOUN
fbem-20463	52	43	.	.	PUNCT
fbem-20463	53	1	pan	pan	NOUN
fbem-20463	53	2	ailing	ail	VERB
fbem-20463	53	3	(	(	PUNCT
fbem-20463	53	4	2018	2018	NUM
fbem-20463	53	5	)	)	PUNCT
fbem-20463	53	6	believes	believe	VERB
fbem-20463	53	7	that	that	SCONJ
fbem-20463	53	8	enterprises	enterprise	NOUN
fbem-20463	53	9	with	with	ADP
fbem-20463	53	10	overconfidence	overconfidence	NOUN
fbem-20463	53	11	of	of	ADP
fbem-20463	53	12	managers	manager	NOUN
fbem-20463	53	13	will	will	AUX
fbem-20463	53	14	generate	generate	VERB
fbem-20463	53	15	a	a	DET
fbem-20463	53	16	higher	high	ADJ
fbem-20463	53	17	premium	premium	NOUN
fbem-20463	53	18	after	after	ADP
fbem-20463	53	19	mergers	merger	NOUN
fbem-20463	53	20	and	and	CCONJ
fbem-20463	53	21	acquisitions	acquisition	NOUN
fbem-20463	53	22	.	.	PUNCT
fbem-20463	54	1	for	for	ADP
fbem-20463	54	2	enterprises	enterprise	NOUN
fbem-20463	54	3	with	with	ADP
fbem-20463	54	4	larger	large	ADJ
fbem-20463	54	5	debt	debt	NOUN
fbem-20463	54	6	capacity	capacity	NOUN
fbem-20463	54	7	,	,	PUNCT
fbem-20463	54	8	the	the	PRON
fbem-20463	54	9	more	more	ADJ
fbem-20463	54	10	they	they	PRON
fbem-20463	54	11	will	will	AUX
fbem-20463	54	12	be	be	AUX
fbem-20463	54	13	able	able	ADJ
fbem-20463	54	14	to	to	PART
fbem-20463	54	15	pay	pay	VERB
fbem-20463	54	16	the	the	DET
fbem-20463	54	17	premium	premium	NOUN
fbem-20463	54	18	generated	generate	VERB
fbem-20463	54	19	in	in	ADP
fbem-20463	54	20	mergers	merger	NOUN
fbem-20463	54	21	and	and	CCONJ
fbem-20463	54	22	acquisitions	acquisition	NOUN
fbem-20463	54	23	,	,	PUNCT
fbem-20463	54	24	which	which	PRON
fbem-20463	54	25	will	will	AUX
fbem-20463	54	26	have	have	VERB
fbem-20463	54	27	a	a	DET
fbem-20463	54	28	positive	positive	ADJ
fbem-20463	54	29	impact	impact	NOUN
fbem-20463	54	30	on	on	ADP
fbem-20463	54	31	the	the	DET
fbem-20463	54	32	merger	merger	NOUN
fbem-20463	54	33	motivation	motivation	NOUN
fbem-20463	54	34	of	of	ADP
fbem-20463	54	35	enterprises	enterprise	NOUN
fbem-20463	54	36	.	.	PUNCT
fbem-20463	55	1	some	some	DET
fbem-20463	55	2	scholars	scholar	NOUN
fbem-20463	55	3	believe	believe	VERB
fbem-20463	55	4	that	that	SCONJ
fbem-20463	55	5	the	the	DET
fbem-20463	55	6	management	management	NOUN
fbem-20463	55	7	may	may	AUX
fbem-20463	55	8	initiate	initiate	VERB
fbem-20463	55	9	continuous	continuous	ADJ
fbem-20463	55	10	mergers	merger	NOUN
fbem-20463	55	11	and	and	CCONJ
fbem-20463	55	12	acquisitions	acquisition	NOUN
fbem-20463	55	13	for	for	ADP
fbem-20463	55	14	the	the	DET
fbem-20463	55	15	sake	sake	NOUN
fbem-20463	55	16	of	of	ADP
fbem-20463	55	17	their	their	PRON
fbem-20463	55	18	own	own	ADJ
fbem-20463	55	19	interests	interest	NOUN
fbem-20463	55	20	,	,	PUNCT
fbem-20463	55	21	not	not	PART
fbem-20463	55	22	just	just	ADV
fbem-20463	55	23	to	to	PART
fbem-20463	55	24	obtain	obtain	VERB
fbem-20463	55	25	more	more	ADJ
fbem-20463	55	26	economic	economic	ADJ
fbem-20463	55	27	benefits	benefit	NOUN
fbem-20463	55	28	.	.	PUNCT
fbem-20463	56	1	zhang	zhang	PROPN
fbem-20463	56	2	long	long	ADV
fbem-20463	56	3	et	et	PROPN
fbem-20463	56	4	al	al	PROPN
fbem-20463	56	5	.	.	PROPN
fbem-20463	56	6	(	(	PUNCT
fbem-20463	56	7	2006	2006	NUM
fbem-20463	56	8	)	)	PUNCT
fbem-20463	56	9	showed	show	VERB
fbem-20463	56	10	that	that	SCONJ
fbem-20463	56	11	with	with	ADP
fbem-20463	56	12	the	the	DET
fbem-20463	56	13	increase	increase	NOUN
fbem-20463	56	14	of	of	ADP
fbem-20463	56	15	managers	manager	NOUN
fbem-20463	56	16	'	'	PART
fbem-20463	56	17	wages	wage	NOUN
fbem-20463	56	18	,	,	PUNCT
fbem-20463	56	19	the	the	DET
fbem-20463	56	20	frequency	frequency	NOUN
fbem-20463	56	21	of	of	ADP
fbem-20463	56	22	mergers	merger	NOUN
fbem-20463	56	23	and	and	CCONJ
fbem-20463	56	24	acquisitions	acquisition	NOUN
fbem-20463	56	25	of	of	ADP
fbem-20463	56	26	companies	company	NOUN
fbem-20463	56	27	will	will	AUX
fbem-20463	56	28	also	also	ADV
fbem-20463	56	29	increase	increase	VERB
fbem-20463	56	30	accordingly	accordingly	ADV
fbem-20463	56	31	.	.	PUNCT
fbem-20463	57	1	through	through	ADP
fbem-20463	57	2	the	the	DET
fbem-20463	57	3	study	study	NOUN
fbem-20463	57	4	of	of	ADP
fbem-20463	57	5	free	free	ADJ
fbem-20463	57	6	cash	cash	NOUN
fbem-20463	57	7	flow	flow	NOUN
fbem-20463	57	8	theory	theory	NOUN
fbem-20463	57	9	,	,	PUNCT
fbem-20463	57	10	zhu	zhu	PROPN
fbem-20463	57	11	dong	dong	PROPN
fbem-20463	57	12	and	and	CCONJ
fbem-20463	57	13	li	li	PROPN
fbem-20463	57	14	xue	xue	PROPN
fbem-20463	57	15	(	(	PUNCT
fbem-20463	57	16	2014	2014	NUM
fbem-20463	57	17	)	)	PUNCT
fbem-20463	57	18	studied	study	VERB
fbem-20463	57	19	the	the	DET
fbem-20463	57	20	free	free	ADJ
fbem-20463	57	21	cash	cash	NOUN
fbem-20463	57	22	flow	flow	NOUN
fbem-20463	57	23	and	and	CCONJ
fbem-20463	57	24	found	find	VERB
fbem-20463	57	25	that	that	SCONJ
fbem-20463	57	26	the	the	DET
fbem-20463	57	27	management	management	NOUN
fbem-20463	57	28	's	's	PART
fbem-20463	57	29	increased	increase	VERB
fbem-20463	57	30	control	control	NOUN
fbem-20463	57	31	over	over	ADP
fbem-20463	57	32	free	free	ADJ
fbem-20463	57	33	cash	cash	NOUN
fbem-20463	57	34	flow	flow	NOUN
fbem-20463	57	35	may	may	AUX
fbem-20463	57	36	encourage	encourage	VERB
fbem-20463	57	37	them	they	PRON
fbem-20463	57	38	to	to	PART
fbem-20463	57	39	more	more	ADV
fbem-20463	57	40	actively	actively	ADV
fbem-20463	57	41	use	use	VERB
fbem-20463	57	42	the	the	DET
fbem-20463	57	43	free	free	ADJ
fbem-20463	57	44	cash	cash	NOUN
fbem-20463	57	45	flow	flow	NOUN
fbem-20463	57	46	of	of	ADP
fbem-20463	57	47	enterprises	enterprise	NOUN
fbem-20463	57	48	to	to	PART
fbem-20463	57	49	carry	carry	VERB
fbem-20463	57	50	out	out	ADP
fbem-20463	57	51	a	a	DET
fbem-20463	57	52	series	series	NOUN
fbem-20463	57	53	of	of	ADP
fbem-20463	57	54	merger	merger	NOUN
fbem-20463	57	55	and	and	CCONJ
fbem-20463	57	56	acquisition	acquisition	NOUN
fbem-20463	57	57	activities	activity	NOUN
fbem-20463	57	58	to	to	PART
fbem-20463	57	59	achieve	achieve	VERB
fbem-20463	57	60	the	the	DET
fbem-20463	57	61	goals	goal	NOUN
fbem-20463	57	62	of	of	ADP
fbem-20463	57	63	business	business	NOUN
fbem-20463	57	64	expansion	expansion	NOUN
fbem-20463	57	65	,	,	PUNCT
fbem-20463	57	66	market	market	NOUN
fbem-20463	57	67	share	share	NOUN
fbem-20463	57	68	increase	increase	NOUN
fbem-20463	57	69	or	or	CCONJ
fbem-20463	57	70	strategic	strategic	ADJ
fbem-20463	57	71	transformation	transformation	NOUN
fbem-20463	57	72	.	.	PUNCT
fbem-20463	58	1	3	3	X
fbem-20463	58	2	.	.	X
fbem-20463	58	3	research	research	NOUN
fbem-20463	58	4	on	on	ADP
fbem-20463	58	5	continuous	continuous	ADJ
fbem-20463	58	6	m	m	PROPN
fbem-20463	58	7	&	&	CCONJ
fbem-20463	58	8	a	a	DET
fbem-20463	58	9	performance	performance	NOUN
fbem-20463	58	10	the	the	DET
fbem-20463	58	11	performance	performance	NOUN
fbem-20463	58	12	improvement	improvement	NOUN
fbem-20463	58	13	of	of	ADP
fbem-20463	58	14	continuous	continuous	ADJ
fbem-20463	58	15	merger	merger	NOUN
fbem-20463	58	16	and	and	CCONJ
fbem-20463	58	17	acquisition	acquisition	NOUN
fbem-20463	58	18	enterprises	enterprise	NOUN
fbem-20463	58	19	will	will	AUX
fbem-20463	58	20	not	not	PART
fbem-20463	58	21	only	only	ADV
fbem-20463	58	22	reflect	reflect	VERB
fbem-20463	58	23	the	the	DET
fbem-20463	58	24	accumulation	accumulation	NOUN
fbem-20463	58	25	of	of	ADP
fbem-20463	58	26	resources	resource	NOUN
fbem-20463	58	27	of	of	ADP
fbem-20463	58	28	both	both	DET
fbem-20463	58	29	sides	side	NOUN
fbem-20463	58	30	,	,	PUNCT
fbem-20463	58	31	but	but	CCONJ
fbem-20463	58	32	also	also	ADV
fbem-20463	58	33	make	make	VERB
fbem-20463	58	34	the	the	DET
fbem-20463	58	35	enterprises	enterprise	NOUN
fbem-20463	58	36	form	form	VERB
fbem-20463	58	37	new	new	ADJ
fbem-20463	58	38	competitiveness	competitiveness	NOUN
fbem-20463	58	39	,	,	PUNCT
fbem-20463	58	40	so	so	SCONJ
fbem-20463	58	41	as	as	SCONJ
fbem-20463	58	42	to	to	PART
fbem-20463	58	43	realize	realize	VERB
fbem-20463	58	44	additional	additional	ADJ
fbem-20463	58	45	value	value	NOUN
fbem-20463	58	46	.	.	PUNCT
fbem-20463	59	1	specific	specific	ADJ
fbem-20463	59	2	view	view	NOUN
fbem-20463	59	3	,	,	PUNCT
fbem-20463	59	4	after	after	SCONJ
fbem-20463	59	5	the	the	DET
fbem-20463	59	6	enterprise	enterprise	NOUN
fbem-20463	59	7	can	can	AUX
fbem-20463	59	8	obtain	obtain	VERB
fbem-20463	59	9	the	the	DET
fbem-20463	59	10	other	other	ADJ
fbem-20463	59	11	's	's	PART
fbem-20463	59	12	business	business	NOUN
fbem-20463	59	13	resources	resource	NOUN
fbem-20463	59	14	,	,	PUNCT
fbem-20463	59	15	technical	technical	ADJ
fbem-20463	59	16	resources	resource	NOUN
fbem-20463	59	17	,	,	PUNCT
fbem-20463	59	18	customer	customer	NOUN
fbem-20463	59	19	resources	resource	NOUN
fbem-20463	59	20	and	and	CCONJ
fbem-20463	59	21	market	market	NOUN
fbem-20463	59	22	resources	resource	NOUN
fbem-20463	59	23	such	such	ADJ
fbem-20463	59	24	as	as	ADP
fbem-20463	59	25	intuitive	intuitive	ADJ
fbem-20463	59	26	value	value	NOUN
fbem-20463	59	27	,	,	PUNCT
fbem-20463	59	28	but	but	CCONJ
fbem-20463	59	29	the	the	DET
fbem-20463	59	30	additional	additional	ADJ
fbem-20463	59	31	value	value	NOUN
fbem-20463	59	32	need	need	AUX
fbem-20463	59	33	quantified	quantify	VERB
fbem-20463	59	34	by	by	ADP
fbem-20463	59	35	other	other	ADJ
fbem-20463	59	36	financial	financial	ADJ
fbem-20463	59	37	and	and	CCONJ
fbem-20463	59	38	financial	financial	ADJ
fbem-20463	59	39	indicators	indicator	NOUN
fbem-20463	59	40	,	,	PUNCT
fbem-20463	59	41	such	such	ADJ
fbem-20463	59	42	as	as	ADP
fbem-20463	59	43	market	market	NOUN
fbem-20463	59	44	share	share	NOUN
fbem-20463	59	45	,	,	PUNCT
fbem-20463	59	46	business	business	NOUN
fbem-20463	59	47	development	development	NOUN
fbem-20463	59	48	and	and	CCONJ
fbem-20463	59	49	corporate	corporate	ADJ
fbem-20463	59	50	price	price	NOUN
fbem-20463	59	51	market	market	NOUN
fbem-20463	59	52	reaction	reaction	NOUN
fbem-20463	59	53	and	and	CCONJ
fbem-20463	59	54	financial	financial	ADJ
fbem-20463	59	55	and	and	CCONJ
fbem-20463	59	56	financial	financial	ADJ
fbem-20463	59	57	performance	performance	NOUN
fbem-20463	59	58	reflected	reflect	VERB
fbem-20463	59	59	in	in	ADP
fbem-20463	59	60	the	the	DET
fbem-20463	59	61	long	long	ADJ
fbem-20463	59	62	-	-	PUNCT
fbem-20463	59	63	term	term	NOUN
fbem-20463	59	64	business	business	NOUN
fbem-20463	59	65	performance	performance	NOUN
fbem-20463	59	66	,	,	PUNCT
fbem-20463	59	67	etc	etc	X
fbem-20463	59	68	.	.	X
fbem-20463	59	69	3.1	3.1	NUM
fbem-20463	59	70	.	.	PUNCT
fbem-20463	59	71	positive	positive	ADJ
fbem-20463	59	72	impact	impact	NOUN
fbem-20463	59	73	in	in	ADP
fbem-20463	59	74	terms	term	NOUN
fbem-20463	59	75	of	of	ADP
fbem-20463	59	76	the	the	DET
fbem-20463	59	77	performance	performance	NOUN
fbem-20463	59	78	research	research	NOUN
fbem-20463	59	79	of	of	ADP
fbem-20463	59	80	continuous	continuous	ADJ
fbem-20463	59	81	mergers	merger	NOUN
fbem-20463	59	82	and	and	CCONJ
fbem-20463	59	83	acquisitions	acquisition	NOUN
fbem-20463	59	84	,	,	PUNCT
fbem-20463	59	85	some	some	DET
fbem-20463	59	86	scholars	scholar	NOUN
fbem-20463	59	87	believe	believe	VERB
fbem-20463	59	88	that	that	SCONJ
fbem-20463	59	89	continuous	continuous	ADJ
fbem-20463	59	90	mergers	merger	NOUN
fbem-20463	59	91	and	and	CCONJ
fbem-20463	59	92	acquisitions	acquisition	NOUN
fbem-20463	59	93	can	can	AUX
fbem-20463	59	94	create	create	VERB
fbem-20463	59	95	a	a	DET
fbem-20463	59	96	positive	positive	ADJ
fbem-20463	59	97	impact	impact	NOUN
fbem-20463	59	98	on	on	ADP
fbem-20463	59	99	companies	company	NOUN
fbem-20463	59	100	.	.	PUNCT
fbem-20463	60	1	asimakopoulos	asimakopoulos	PROPN
fbem-20463	60	2	(	(	PUNCT
fbem-20463	60	3	2013	2013	NUM
fbem-20463	60	4	)	)	PUNCT
fbem-20463	60	5	found	find	VERB
fbem-20463	60	6	through	through	ADP
fbem-20463	60	7	empirical	empirical	ADJ
fbem-20463	60	8	research	research	NOUN
fbem-20463	60	9	that	that	SCONJ
fbem-20463	60	10	the	the	DET
fbem-20463	60	11	european	european	ADJ
fbem-20463	60	12	banking	banking	NOUN
fbem-20463	60	13	industry	industry	NOUN
fbem-20463	60	14	can	can	AUX
fbem-20463	60	15	generally	generally	ADV
fbem-20463	60	16	achieve	achieve	VERB
fbem-20463	60	17	positive	positive	ADJ
fbem-20463	60	18	economic	economic	ADJ
fbem-20463	60	19	benefits	benefit	NOUN
fbem-20463	60	20	when	when	SCONJ
fbem-20463	60	21	carrying	carry	VERB
fbem-20463	60	22	out	out	ADP
fbem-20463	60	23	continuous	continuous	ADJ
fbem-20463	60	24	mergers	merger	NOUN
fbem-20463	60	25	and	and	CCONJ
fbem-20463	60	26	acquisitions	acquisition	NOUN
fbem-20463	60	27	,	,	PUNCT
fbem-20463	60	28	so	so	SCONJ
fbem-20463	60	29	that	that	SCONJ
fbem-20463	60	30	enterprises	enterprise	NOUN
fbem-20463	60	31	can	can	AUX
fbem-20463	60	32	gain	gain	VERB
fbem-20463	60	33	added	add	VERB
fbem-20463	60	34	value	value	NOUN
fbem-20463	60	35	.	.	PUNCT
fbem-20463	61	1	kishimoto	kishimoto	NOUN
fbem-20463	61	2	et	et	PROPN
fbem-20463	61	3	al	al	PROPN
fbem-20463	61	4	.	.	PROPN
fbem-20463	62	1	(	(	PUNCT
fbem-20463	62	2	2017	2017	NUM
fbem-20463	62	3	)	)	PUNCT
fbem-20463	62	4	conducted	conduct	VERB
fbem-20463	62	5	the	the	DET
fbem-20463	62	6	analysis	analysis	NOUN
fbem-20463	62	7	and	and	CCONJ
fbem-20463	62	8	study	study	NOUN
fbem-20463	62	9	of	of	ADP
fbem-20463	62	10	continuous	continuous	ADJ
fbem-20463	62	11	mergers	merger	NOUN
fbem-20463	62	12	and	and	CCONJ
fbem-20463	62	13	acquisitions	acquisition	NOUN
fbem-20463	62	14	activities	activity	NOUN
fbem-20463	62	15	in	in	ADP
fbem-20463	62	16	the	the	DET
fbem-20463	62	17	power	power	NOUN
fbem-20463	62	18	industry	industry	NOUN
fbem-20463	62	19	and	and	CCONJ
fbem-20463	62	20	found	find	VERB
fbem-20463	62	21	that	that	SCONJ
fbem-20463	62	22	continuous	continuous	ADJ
fbem-20463	62	23	140	140	NUM
fbem-20463	62	24	mergers	merger	NOUN
fbem-20463	62	25	and	and	CCONJ
fbem-20463	62	26	acquisitions	acquisition	NOUN
fbem-20463	62	27	will	will	AUX
fbem-20463	62	28	increase	increase	VERB
fbem-20463	62	29	the	the	DET
fbem-20463	62	30	value	value	NOUN
fbem-20463	62	31	of	of	ADP
fbem-20463	62	32	the	the	DET
fbem-20463	62	33	company	company	NOUN
fbem-20463	62	34	's	's	PART
fbem-20463	62	35	stock	stock	NOUN
fbem-20463	62	36	,	,	PUNCT
fbem-20463	62	37	in	in	ADP
fbem-20463	62	38	addition	addition	NOUN
fbem-20463	62	39	to	to	PART
fbem-20463	62	40	effectively	effectively	ADV
fbem-20463	62	41	improve	improve	VERB
fbem-20463	62	42	the	the	DET
fbem-20463	62	43	corporate	corporate	ADJ
fbem-20463	62	44	performance	performance	NOUN
fbem-20463	62	45	of	of	ADP
fbem-20463	62	46	both	both	DET
fbem-20463	62	47	parties	party	NOUN
fbem-20463	62	48	and	and	CCONJ
fbem-20463	62	49	improve	improve	VERB
fbem-20463	62	50	the	the	DET
fbem-20463	62	51	operating	operating	NOUN
fbem-20463	62	52	performance	performance	NOUN
fbem-20463	62	53	of	of	ADP
fbem-20463	62	54	the	the	DET
fbem-20463	62	55	acquirer	acquirer	NOUN
fbem-20463	62	56	.	.	PUNCT
fbem-20463	63	1	mathews	mathews	PROPN
fbem-20463	63	2	(	(	PUNCT
fbem-20463	63	3	2017	2017	NUM
fbem-20463	63	4	)	)	PUNCT
fbem-20463	63	5	believes	believe	VERB
fbem-20463	63	6	that	that	SCONJ
fbem-20463	63	7	continuous	continuous	ADJ
fbem-20463	63	8	merger	merger	NOUN
fbem-20463	63	9	and	and	CCONJ
fbem-20463	63	10	acquisition	acquisition	NOUN
fbem-20463	63	11	is	be	AUX
fbem-20463	63	12	to	to	PART
fbem-20463	63	13	learn	learn	VERB
fbem-20463	63	14	the	the	DET
fbem-20463	63	15	knowledge	knowledge	NOUN
fbem-20463	63	16	and	and	CCONJ
fbem-20463	63	17	skills	skill	NOUN
fbem-20463	63	18	of	of	ADP
fbem-20463	63	19	the	the	DET
fbem-20463	63	20	target	target	NOUN
fbem-20463	63	21	party	party	NOUN
fbem-20463	63	22	enterprise	enterprise	NOUN
fbem-20463	63	23	,	,	PUNCT
fbem-20463	63	24	so	so	SCONJ
fbem-20463	63	25	as	as	SCONJ
fbem-20463	63	26	to	to	PART
fbem-20463	63	27	improve	improve	VERB
fbem-20463	63	28	the	the	DET
fbem-20463	63	29	competitiveness	competitiveness	NOUN
fbem-20463	63	30	of	of	ADP
fbem-20463	63	31	the	the	DET
fbem-20463	63	32	sustainable	sustainable	ADJ
fbem-20463	63	33	development	development	NOUN
fbem-20463	63	34	of	of	ADP
fbem-20463	63	35	the	the	DET
fbem-20463	63	36	enterprise	enterprise	NOUN
fbem-20463	63	37	.	.	PUNCT
fbem-20463	64	1	in	in	ADP
fbem-20463	64	2	the	the	DET
fbem-20463	64	3	merger	merger	NOUN
fbem-20463	64	4	and	and	CCONJ
fbem-20463	64	5	acquisition	acquisition	NOUN
fbem-20463	64	6	activities	activity	NOUN
fbem-20463	64	7	,	,	PUNCT
fbem-20463	64	8	the	the	DET
fbem-20463	64	9	enterprise	enterprise	NOUN
fbem-20463	64	10	can	can	AUX
fbem-20463	64	11	leverage	leverage	VERB
fbem-20463	64	12	the	the	DET
fbem-20463	64	13	resources	resource	NOUN
fbem-20463	64	14	of	of	ADP
fbem-20463	64	15	the	the	DET
fbem-20463	64	16	other	other	ADJ
fbem-20463	64	17	party	party	NOUN
fbem-20463	64	18	,	,	PUNCT
fbem-20463	64	19	complete	complete	VERB
fbem-20463	64	20	the	the	DET
fbem-20463	64	21	internal	internal	ADJ
fbem-20463	64	22	learning	learning	NOUN
fbem-20463	64	23	process	process	NOUN
fbem-20463	64	24	,	,	PUNCT
fbem-20463	64	25	integrate	integrate	VERB
fbem-20463	64	26	technology	technology	NOUN
fbem-20463	64	27	and	and	CCONJ
fbem-20463	64	28	resources	resource	NOUN
fbem-20463	64	29	,	,	PUNCT
fbem-20463	64	30	and	and	CCONJ
fbem-20463	64	31	make	make	VERB
fbem-20463	64	32	up	up	ADP
fbem-20463	64	33	for	for	ADP
fbem-20463	64	34	the	the	DET
fbem-20463	64	35	defects	defect	NOUN
fbem-20463	64	36	of	of	ADP
fbem-20463	64	37	its	its	PRON
fbem-20463	64	38	own	own	ADJ
fbem-20463	64	39	development	development	NOUN
fbem-20463	64	40	.	.	PUNCT
fbem-20463	65	1	zhang	zhang	PROPN
fbem-20463	65	2	xinrong	xinrong	PROPN
fbem-20463	65	3	and	and	CCONJ
fbem-20463	65	4	tang	tang	PROPN
fbem-20463	65	5	min	min	PROPN
fbem-20463	65	6	(	(	PUNCT
fbem-20463	65	7	2010	2010	NUM
fbem-20463	65	8	)	)	PUNCT
fbem-20463	65	9	studied	study	VERB
fbem-20463	65	10	the	the	DET
fbem-20463	65	11	enterprises	enterprise	NOUN
fbem-20463	65	12	with	with	ADP
fbem-20463	65	13	different	different	ADJ
fbem-20463	65	14	merger	merger	NOUN
fbem-20463	65	15	and	and	CCONJ
fbem-20463	65	16	acquisition	acquisition	NOUN
fbem-20463	65	17	factors	factor	NOUN
fbem-20463	65	18	and	and	CCONJ
fbem-20463	65	19	found	find	VERB
fbem-20463	65	20	that	that	SCONJ
fbem-20463	65	21	the	the	DET
fbem-20463	65	22	performance	performance	NOUN
fbem-20463	65	23	is	be	AUX
fbem-20463	65	24	closely	closely	ADV
fbem-20463	65	25	related	relate	VERB
fbem-20463	65	26	to	to	ADP
fbem-20463	65	27	the	the	DET
fbem-20463	65	28	management	management	NOUN
fbem-20463	65	29	level	level	NOUN
fbem-20463	65	30	of	of	ADP
fbem-20463	65	31	the	the	DET
fbem-20463	65	32	enterprise	enterprise	NOUN
fbem-20463	65	33	.	.	PUNCT
fbem-20463	66	1	the	the	PRON
fbem-20463	66	2	larger	large	ADJ
fbem-20463	66	3	the	the	DET
fbem-20463	66	4	original	original	ADJ
fbem-20463	66	5	scale	scale	NOUN
fbem-20463	66	6	of	of	ADP
fbem-20463	66	7	the	the	DET
fbem-20463	66	8	enterprise	enterprise	NOUN
fbem-20463	66	9	,	,	PUNCT
fbem-20463	66	10	the	the	DET
fbem-20463	66	11	relatively	relatively	ADV
fbem-20463	66	12	better	well	ADJ
fbem-20463	66	13	the	the	DET
fbem-20463	66	14	performance	performance	NOUN
fbem-20463	66	15	will	will	AUX
fbem-20463	66	16	be	be	AUX
fbem-20463	66	17	.	.	PUNCT
fbem-20463	67	1	xia	xia	PROPN
fbem-20463	67	2	yang	yang	PROPN
fbem-20463	67	3	and	and	CCONJ
fbem-20463	67	4	shen	shen	PROPN
fbem-20463	67	5	hao	hao	PROPN
fbem-20463	67	6	(	(	PUNCT
fbem-20463	67	7	2018	2018	NUM
fbem-20463	67	8	)	)	PUNCT
fbem-20463	67	9	studied	study	VERB
fbem-20463	67	10	the	the	DET
fbem-20463	67	11	continuous	continuous	ADJ
fbem-20463	67	12	m	m	NOUN
fbem-20463	67	13	&	&	CCONJ
fbem-20463	67	14	a	a	DET
fbem-20463	67	15	activities	activity	NOUN
fbem-20463	67	16	of	of	ADP
fbem-20463	67	17	joyson	joyson	NOUN
fbem-20463	67	18	electronics	electronic	NOUN
fbem-20463	67	19	,	,	PUNCT
fbem-20463	67	20	and	and	CCONJ
fbem-20463	67	21	found	find	VERB
fbem-20463	67	22	that	that	SCONJ
fbem-20463	67	23	junsheng	junsheng	PROPN
fbem-20463	67	24	electronics	electronics	PROPN
fbem-20463	67	25	achieved	achieve	VERB
fbem-20463	67	26	the	the	DET
fbem-20463	67	27	overall	overall	ADJ
fbem-20463	67	28	performance	performance	NOUN
fbem-20463	67	29	improvement	improvement	NOUN
fbem-20463	67	30	through	through	ADP
fbem-20463	67	31	a	a	DET
fbem-20463	67	32	series	series	NOUN
fbem-20463	67	33	of	of	ADP
fbem-20463	67	34	continuous	continuous	ADJ
fbem-20463	67	35	m	m	PROPN
fbem-20463	67	36	&	&	CCONJ
fbem-20463	67	37	a	a	PRON
fbem-20463	67	38	and	and	CCONJ
fbem-20463	67	39	acquisition	acquisition	NOUN
fbem-20463	67	40	activities	activity	NOUN
fbem-20463	67	41	,	,	PUNCT
fbem-20463	67	42	and	and	CCONJ
fbem-20463	67	43	exceeded	exceed	VERB
fbem-20463	67	44	the	the	DET
fbem-20463	67	45	average	average	ADJ
fbem-20463	67	46	level	level	NOUN
fbem-20463	67	47	of	of	ADP
fbem-20463	67	48	the	the	DET
fbem-20463	67	49	same	same	ADJ
fbem-20463	67	50	industry	industry	NOUN
fbem-20463	67	51	in	in	ADP
fbem-20463	67	52	key	key	ADJ
fbem-20463	67	53	indicators	indicator	NOUN
fbem-20463	67	54	.	.	PUNCT
fbem-20463	68	1	li	li	PROPN
fbem-20463	68	2	jieyu	jieyu	PROPN
fbem-20463	68	3	and	and	CCONJ
fbem-20463	68	4	xu	xu	NUM
fbem-20463	68	5	yijie	yijie	INTJ
fbem-20463	68	6	(	(	PUNCT
fbem-20463	68	7	2017	2017	NUM
fbem-20463	68	8	)	)	PUNCT
fbem-20463	68	9	believe	believe	VERB
fbem-20463	68	10	that	that	SCONJ
fbem-20463	68	11	in	in	ADP
fbem-20463	68	12	the	the	DET
fbem-20463	68	13	continuous	continuous	ADJ
fbem-20463	68	14	m	m	NOUN
fbem-20463	68	15	&	&	CCONJ
fbem-20463	68	16	a	a	DET
fbem-20463	68	17	activities	activity	NOUN
fbem-20463	68	18	,	,	PUNCT
fbem-20463	68	19	each	each	DET
fbem-20463	68	20	step	step	NOUN
fbem-20463	68	21	of	of	ADP
fbem-20463	68	22	the	the	DET
fbem-20463	68	23	m	m	PROPN
fbem-20463	68	24	&	&	CCONJ
fbem-20463	68	25	a	a	DET
fbem-20463	68	26	plan	plan	NOUN
fbem-20463	68	27	is	be	AUX
fbem-20463	68	28	related	relate	VERB
fbem-20463	68	29	to	to	ADP
fbem-20463	68	30	each	each	DET
fbem-20463	68	31	other	other	ADJ
fbem-20463	68	32	,	,	PUNCT
fbem-20463	68	33	and	and	CCONJ
fbem-20463	68	34	they	they	PRON
fbem-20463	68	35	can	can	AUX
fbem-20463	68	36	maximize	maximize	VERB
fbem-20463	68	37	the	the	DET
fbem-20463	68	38	sustainable	sustainable	ADJ
fbem-20463	68	39	development	development	NOUN
fbem-20463	68	40	of	of	ADP
fbem-20463	68	41	the	the	DET
fbem-20463	68	42	enterprise	enterprise	NOUN
fbem-20463	68	43	by	by	ADP
fbem-20463	68	44	completing	complete	VERB
fbem-20463	68	45	the	the	DET
fbem-20463	68	46	long	long	ADJ
fbem-20463	68	47	-	-	PUNCT
fbem-20463	68	48	term	term	NOUN
fbem-20463	68	49	development	development	NOUN
fbem-20463	68	50	strategy	strategy	NOUN
fbem-20463	68	51	.	.	PUNCT
fbem-20463	69	1	zhang	zhang	PROPN
fbem-20463	69	2	dechao	dechao	PROPN
fbem-20463	69	3	(	(	PUNCT
fbem-20463	69	4	2022	2022	NUM
fbem-20463	69	5	)	)	PUNCT
fbem-20463	69	6	through	through	ADP
fbem-20463	69	7	the	the	DET
fbem-20463	69	8	event	event	NOUN
fbem-20463	69	9	study	study	NOUN
fbem-20463	69	10	and	and	CCONJ
fbem-20463	69	11	factor	factor	NOUN
fbem-20463	69	12	analysis	analysis	NOUN
fbem-20463	69	13	to	to	PART
fbem-20463	69	14	evaluate	evaluate	VERB
fbem-20463	69	15	china	china	PROPN
fbem-20463	69	16	tong	tong	PROPN
fbem-20463	69	17	shares	share	NOUN
fbem-20463	69	18	in	in	ADP
fbem-20463	69	19	2017	2017	NUM
fbem-20463	69	20	~2020	~2020	NUM
fbem-20463	69	21	continuous	continuous	ADJ
fbem-20463	69	22	short	short	ADJ
fbem-20463	69	23	-	-	PUNCT
fbem-20463	69	24	term	term	NOUN
fbem-20463	69	25	and	and	CCONJ
fbem-20463	69	26	longterm	longterm	NOUN
fbem-20463	69	27	performance	performance	NOUN
fbem-20463	69	28	,	,	PUNCT
fbem-20463	69	29	the	the	DET
fbem-20463	69	30	conclusion	conclusion	NOUN
fbem-20463	69	31	that	that	SCONJ
fbem-20463	69	32	continuous	continuous	ADJ
fbem-20463	69	33	acquisitions	acquisition	NOUN
fbem-20463	69	34	brought	bring	VERB
fbem-20463	69	35	excess	excess	ADJ
fbem-20463	69	36	gains	gain	NOUN
fbem-20463	69	37	in	in	ADP
fbem-20463	69	38	the	the	DET
fbem-20463	69	39	short	short	ADJ
fbem-20463	69	40	term	term	NOUN
fbem-20463	69	41	,	,	PUNCT
fbem-20463	69	42	enhance	enhance	VERB
fbem-20463	69	43	the	the	DET
fbem-20463	69	44	level	level	NOUN
fbem-20463	69	45	of	of	ADP
fbem-20463	69	46	shareholder	shareholder	NOUN
fbem-20463	69	47	wealth	wealth	NOUN
fbem-20463	69	48	,	,	PUNCT
fbem-20463	69	49	long	long	ADJ
fbem-20463	69	50	-	-	PUNCT
fbem-20463	69	51	term	term	NOUN
fbem-20463	69	52	performance	performance	NOUN
fbem-20463	69	53	,	,	PUNCT
fbem-20463	69	54	company	company	NOUN
fbem-20463	69	55	factor	factor	NOUN
fbem-20463	69	56	comprehensive	comprehensive	ADJ
fbem-20463	69	57	score	score	NOUN
fbem-20463	69	58	in	in	ADP
fbem-20463	69	59	the	the	DET
fbem-20463	69	60	industry	industry	NOUN
fbem-20463	69	61	.	.	PUNCT
fbem-20463	70	1	liu	liu	PROPN
fbem-20463	70	2	jiao	jiao	PROPN
fbem-20463	70	3	enchanting	enchanting	PROPN
fbem-20463	70	4	(	(	PUNCT
fbem-20463	70	5	2023	2023	NUM
fbem-20463	70	6	)	)	PUNCT
fbem-20463	70	7	east	east	NOUN
fbem-20463	70	8	mountain	mountain	NOUN
fbem-20463	70	9	precision	precision	NOUN
fbem-20463	70	10	as	as	ADP
fbem-20463	70	11	an	an	DET
fbem-20463	70	12	example	example	NOUN
fbem-20463	70	13	,	,	PUNCT
fbem-20463	70	14	further	further	ADJ
fbem-20463	70	15	analysis	analysis	NOUN
fbem-20463	70	16	of	of	ADP
fbem-20463	70	17	the	the	DET
fbem-20463	70	18	cause	cause	NOUN
fbem-20463	70	19	of	of	ADP
fbem-20463	70	20	the	the	DET
fbem-20463	70	21	continuous	continuous	ADJ
fbem-20463	70	22	mergers	merger	NOUN
fbem-20463	70	23	and	and	CCONJ
fbem-20463	70	24	acquisitions	acquisition	NOUN
fbem-20463	70	25	,	,	PUNCT
fbem-20463	70	26	using	use	VERB
fbem-20463	70	27	event	event	NOUN
fbem-20463	70	28	research	research	NOUN
fbem-20463	70	29	for	for	ADP
fbem-20463	70	30	short	short	ADJ
fbem-20463	70	31	-	-	PUNCT
fbem-20463	70	32	term	term	NOUN
fbem-20463	70	33	performance	performance	NOUN
fbem-20463	70	34	analysis	analysis	NOUN
fbem-20463	70	35	,	,	PUNCT
fbem-20463	70	36	select	select	ADJ
fbem-20463	70	37	financial	financial	ADJ
fbem-20463	70	38	indicators	indicator	NOUN
fbem-20463	70	39	and	and	CCONJ
fbem-20463	70	40	non	non	ADJ
fbem-20463	70	41	-	-	ADJ
fbem-20463	70	42	financial	financial	ADJ
fbem-20463	70	43	indicators	indicator	NOUN
fbem-20463	70	44	for	for	ADP
fbem-20463	70	45	long	long	ADJ
fbem-20463	70	46	-	-	PUNCT
fbem-20463	70	47	term	term	NOUN
fbem-20463	70	48	performance	performance	NOUN
fbem-20463	70	49	analysis	analysis	NOUN
fbem-20463	70	50	,	,	PUNCT
fbem-20463	70	51	shows	show	VERB
fbem-20463	70	52	that	that	SCONJ
fbem-20463	70	53	dongshan	dongshan	PROPN
fbem-20463	70	54	precision	precision	NOUN
fbem-20463	70	55	in	in	ADP
fbem-20463	70	56	2014	2014	NUM
fbem-20463	70	57	-	-	SYM
fbem-20463	70	58	2018	2018	NUM
fbem-20463	70	59	continuous	continuous	ADJ
fbem-20463	70	60	mergers	merger	NOUN
fbem-20463	70	61	and	and	CCONJ
fbem-20463	70	62	acquisitions	acquisition	NOUN
fbem-20463	70	63	has	have	AUX
fbem-20463	70	64	brought	bring	VERB
fbem-20463	70	65	the	the	DET
fbem-20463	70	66	positive	positive	ADJ
fbem-20463	70	67	positive	positive	ADJ
fbem-20463	70	68	effect	effect	NOUN
fbem-20463	70	69	,	,	PUNCT
fbem-20463	70	70	successfully	successfully	ADV
fbem-20463	70	71	achieve	achieve	VERB
fbem-20463	70	72	industrial	industrial	ADJ
fbem-20463	70	73	transformation	transformation	NOUN
fbem-20463	70	74	and	and	CCONJ
fbem-20463	70	75	upgrading	upgrading	NOUN
fbem-20463	70	76	.	.	PUNCT
fbem-20463	71	1	3.2	3.2	NUM
fbem-20463	71	2	.	.	PUNCT
fbem-20463	72	1	negative	negative	ADJ
fbem-20463	72	2	effect	effect	NOUN
fbem-20463	72	3	some	some	DET
fbem-20463	72	4	scholars	scholar	NOUN
fbem-20463	72	5	believe	believe	VERB
fbem-20463	72	6	that	that	SCONJ
fbem-20463	72	7	continuous	continuous	ADJ
fbem-20463	72	8	mergers	merger	NOUN
fbem-20463	72	9	and	and	CCONJ
fbem-20463	72	10	acquisitions	acquisition	NOUN
fbem-20463	72	11	will	will	AUX
fbem-20463	72	12	have	have	VERB
fbem-20463	72	13	a	a	DET
fbem-20463	72	14	negative	negative	ADJ
fbem-20463	72	15	impact	impact	NOUN
fbem-20463	72	16	on	on	ADP
fbem-20463	72	17	company	company	NOUN
fbem-20463	72	18	performance	performance	NOUN
fbem-20463	72	19	.	.	PUNCT
fbem-20463	73	1	fuller	full	ADJ
fbem-20463	73	2	(	(	PUNCT
fbem-20463	73	3	2002	2002	NUM
fbem-20463	73	4	)	)	PUNCT
fbem-20463	73	5	studied	study	VERB
fbem-20463	73	6	listed	list	VERB
fbem-20463	73	7	companies	company	NOUN
fbem-20463	73	8	with	with	ADP
fbem-20463	73	9	continuous	continuous	ADJ
fbem-20463	73	10	mergers	merger	NOUN
fbem-20463	73	11	and	and	CCONJ
fbem-20463	73	12	acquisitions	acquisition	NOUN
fbem-20463	73	13	from	from	ADP
fbem-20463	73	14	1990	1990	NUM
fbem-20463	73	15	to	to	ADP
fbem-20463	73	16	2000	2000	NUM
fbem-20463	73	17	and	and	CCONJ
fbem-20463	73	18	found	find	VERB
fbem-20463	73	19	that	that	SCONJ
fbem-20463	73	20	with	with	ADP
fbem-20463	73	21	the	the	DET
fbem-20463	73	22	increase	increase	NOUN
fbem-20463	73	23	of	of	ADP
fbem-20463	73	24	mergers	merger	NOUN
fbem-20463	73	25	and	and	CCONJ
fbem-20463	73	26	acquisitions	acquisition	NOUN
fbem-20463	73	27	,	,	PUNCT
fbem-20463	73	28	shareholders	shareholder	NOUN
fbem-20463	73	29	'	'	PART
fbem-20463	73	30	market	market	NOUN
fbem-20463	73	31	reaction	reaction	NOUN
fbem-20463	73	32	of	of	ADP
fbem-20463	73	33	shareholders	shareholder	NOUN
fbem-20463	73	34	became	become	VERB
fbem-20463	73	35	more	more	ADV
fbem-20463	73	36	and	and	CCONJ
fbem-20463	73	37	more	more	ADV
fbem-20463	73	38	negative	negative	ADJ
fbem-20463	73	39	,	,	PUNCT
fbem-20463	73	40	leading	lead	VERB
fbem-20463	73	41	to	to	ADP
fbem-20463	73	42	the	the	DET
fbem-20463	73	43	gradual	gradual	ADJ
fbem-20463	73	44	reduction	reduction	NOUN
fbem-20463	73	45	of	of	ADP
fbem-20463	73	46	shareholders	shareholder	NOUN
fbem-20463	73	47	'	'	PART
fbem-20463	73	48	wealth	wealth	NOUN
fbem-20463	73	49	,	,	PUNCT
fbem-20463	73	50	forming	form	VERB
fbem-20463	73	51	a	a	DET
fbem-20463	73	52	diminishing	diminish	VERB
fbem-20463	73	53	wealth	wealth	NOUN
fbem-20463	73	54	effect	effect	NOUN
fbem-20463	73	55	.	.	PUNCT
fbem-20463	74	1	croci	croci	PROPN
fbem-20463	74	2	(	(	PUNCT
fbem-20463	74	3	2005	2005	NUM
fbem-20463	74	4	)	)	PUNCT
fbem-20463	74	5	also	also	ADV
fbem-20463	74	6	pointed	point	VERB
fbem-20463	74	7	out	out	ADP
fbem-20463	74	8	that	that	SCONJ
fbem-20463	74	9	with	with	ADP
fbem-20463	74	10	the	the	DET
fbem-20463	74	11	success	success	NOUN
fbem-20463	74	12	of	of	ADP
fbem-20463	74	13	the	the	DET
fbem-20463	74	14	first	first	ADJ
fbem-20463	74	15	merger	merger	NOUN
fbem-20463	74	16	,	,	PUNCT
fbem-20463	74	17	the	the	DET
fbem-20463	74	18	wealth	wealth	NOUN
fbem-20463	74	19	effect	effect	NOUN
fbem-20463	74	20	of	of	ADP
fbem-20463	74	21	enterprises	enterprise	NOUN
fbem-20463	74	22	in	in	ADP
fbem-20463	74	23	the	the	DET
fbem-20463	74	24	subsequent	subsequent	ADJ
fbem-20463	74	25	continuous	continuous	ADJ
fbem-20463	74	26	merger	merger	NOUN
fbem-20463	74	27	will	will	AUX
fbem-20463	74	28	decrease	decrease	VERB
fbem-20463	74	29	.	.	PUNCT
fbem-20463	75	1	if	if	SCONJ
fbem-20463	75	2	the	the	DET
fbem-20463	75	3	first	first	ADJ
fbem-20463	75	4	merger	merger	NOUN
fbem-20463	75	5	is	be	AUX
fbem-20463	75	6	not	not	PART
fbem-20463	75	7	successfully	successfully	ADV
fbem-20463	75	8	completed	complete	VERB
fbem-20463	75	9	by	by	ADP
fbem-20463	75	10	the	the	DET
fbem-20463	75	11	company	company	NOUN
fbem-20463	75	12	,	,	PUNCT
fbem-20463	75	13	there	there	PRON
fbem-20463	75	14	is	be	VERB
fbem-20463	75	15	an	an	DET
fbem-20463	75	16	increasing	increase	VERB
fbem-20463	75	17	phenomenon	phenomenon	NOUN
fbem-20463	75	18	.	.	PUNCT
fbem-20463	76	1	zhou	zhou	PROPN
fbem-20463	76	2	wenjun	wenjun	PROPN
fbem-20463	76	3	(	(	PUNCT
fbem-20463	76	4	2013	2013	NUM
fbem-20463	76	5	)	)	PUNCT
fbem-20463	76	6	conducted	conduct	VERB
fbem-20463	76	7	research	research	NOUN
fbem-20463	76	8	on	on	ADP
fbem-20463	76	9	the	the	DET
fbem-20463	76	10	performance	performance	NOUN
fbem-20463	76	11	of	of	ADP
fbem-20463	76	12	mergers	merger	NOUN
fbem-20463	76	13	and	and	CCONJ
fbem-20463	76	14	acquisitions	acquisition	NOUN
fbem-20463	76	15	through	through	ADP
fbem-20463	76	16	economic	economic	ADJ
fbem-20463	76	17	added	add	VERB
fbem-20463	76	18	value	value	NOUN
fbem-20463	76	19	(	(	PUNCT
fbem-20463	76	20	eva	eva	PROPN
fbem-20463	76	21	)	)	PUNCT
fbem-20463	76	22	,	,	PUNCT
fbem-20463	76	23	and	and	CCONJ
fbem-20463	76	24	believed	believe	VERB
fbem-20463	76	25	that	that	SCONJ
fbem-20463	76	26	eva	eva	PROPN
fbem-20463	76	27	uses	use	VERB
fbem-20463	76	28	the	the	DET
fbem-20463	76	29	profit	profit	NOUN
fbem-20463	76	30	degree	degree	NOUN
fbem-20463	76	31	of	of	ADP
fbem-20463	76	32	shareholders	shareholder	NOUN
fbem-20463	76	33	to	to	PART
fbem-20463	76	34	reflect	reflect	VERB
fbem-20463	76	35	corporate	corporate	ADJ
fbem-20463	76	36	performance	performance	NOUN
fbem-20463	76	37	,	,	PUNCT
fbem-20463	76	38	but	but	CCONJ
fbem-20463	76	39	in	in	ADP
fbem-20463	76	40	the	the	DET
fbem-20463	76	41	long	long	ADJ
fbem-20463	76	42	run	run	NOUN
fbem-20463	76	43	,	,	PUNCT
fbem-20463	76	44	the	the	DET
fbem-20463	76	45	company	company	NOUN
fbem-20463	76	46	's	's	PART
fbem-20463	76	47	merger	merger	NOUN
fbem-20463	76	48	and	and	CCONJ
fbem-20463	76	49	acquisition	acquisition	NOUN
fbem-20463	76	50	activities	activity	NOUN
fbem-20463	76	51	lack	lack	VERB
fbem-20463	76	52	obvious	obvious	ADJ
fbem-20463	76	53	positive	positive	ADJ
fbem-20463	76	54	impact	impact	NOUN
fbem-20463	76	55	on	on	ADP
fbem-20463	76	56	the	the	DET
fbem-20463	76	57	profitability	profitability	NOUN
fbem-20463	76	58	of	of	ADP
fbem-20463	76	59	shareholders	shareholder	NOUN
fbem-20463	76	60	.	.	PUNCT
fbem-20463	77	1	wang	wang	PROPN
fbem-20463	77	2	yan	yan	PROPN
fbem-20463	77	3	(	(	PUNCT
fbem-20463	77	4	2014	2014	NUM
fbem-20463	77	5	)	)	PUNCT
fbem-20463	77	6	based	base	VERB
fbem-20463	77	7	on	on	ADP
fbem-20463	77	8	the	the	DET
fbem-20463	77	9	perspective	perspective	NOUN
fbem-20463	77	10	of	of	ADP
fbem-20463	77	11	corporate	corporate	ADJ
fbem-20463	77	12	culture	culture	NOUN
fbem-20463	77	13	acquisition	acquisition	NOUN
fbem-20463	77	14	performance	performance	NOUN
fbem-20463	77	15	found	find	VERB
fbem-20463	77	16	that	that	SCONJ
fbem-20463	77	17	the	the	DET
fbem-20463	77	18	acquired	acquire	VERB
fbem-20463	77	19	reverse	reverse	NOUN
fbem-20463	77	20	relationship	relationship	NOUN
fbem-20463	77	21	between	between	ADP
fbem-20463	77	22	cultural	cultural	ADJ
fbem-20463	77	23	differences	difference	NOUN
fbem-20463	77	24	and	and	CCONJ
fbem-20463	77	25	mergers	merger	NOUN
fbem-20463	77	26	and	and	CCONJ
fbem-20463	77	27	acquisitions	acquisition	NOUN
fbem-20463	77	28	performance	performance	NOUN
fbem-20463	77	29	,	,	PUNCT
fbem-20463	77	30	cultural	cultural	ADJ
fbem-20463	77	31	differences	difference	NOUN
fbem-20463	77	32	may	may	AUX
fbem-20463	77	33	become	become	VERB
fbem-20463	77	34	an	an	DET
fbem-20463	77	35	important	important	ADJ
fbem-20463	77	36	factor	factor	NOUN
fbem-20463	77	37	affecting	affect	VERB
fbem-20463	77	38	the	the	DET
fbem-20463	77	39	success	success	NOUN
fbem-20463	77	40	of	of	ADP
fbem-20463	77	41	mergers	merger	NOUN
fbem-20463	77	42	and	and	CCONJ
fbem-20463	77	43	acquisitions	acquisition	NOUN
fbem-20463	77	44	,	,	PUNCT
fbem-20463	77	45	especially	especially	ADV
fbem-20463	77	46	in	in	ADP
fbem-20463	77	47	the	the	DET
fbem-20463	77	48	process	process	NOUN
fbem-20463	77	49	of	of	ADP
fbem-20463	77	50	enterprise	enterprise	NOUN
fbem-20463	77	51	integration	integration	NOUN
fbem-20463	77	52	,	,	PUNCT
fbem-20463	77	53	cultural	cultural	ADJ
fbem-20463	77	54	differences	difference	NOUN
fbem-20463	77	55	may	may	AUX
fbem-20463	77	56	lead	lead	VERB
fbem-20463	77	57	to	to	ADP
fbem-20463	77	58	communication	communication	NOUN
fbem-20463	77	59	barriers	barrier	NOUN
fbem-20463	77	60	,	,	PUNCT
fbem-20463	77	61	team	team	NOUN
fbem-20463	77	62	cooperation	cooperation	NOUN
fbem-20463	77	63	and	and	CCONJ
fbem-20463	77	64	employees	employee	NOUN
fbem-20463	77	65	do	do	AUX
fbem-20463	77	66	not	not	PART
fbem-20463	77	67	adapt	adapt	VERB
fbem-20463	77	68	to	to	ADP
fbem-20463	77	69	the	the	DET
fbem-20463	77	70	challenge	challenge	NOUN
fbem-20463	77	71	,	,	PUNCT
fbem-20463	77	72	which	which	PRON
fbem-20463	77	73	affect	affect	VERB
fbem-20463	77	74	the	the	DET
fbem-20463	77	75	overall	overall	ADJ
fbem-20463	77	76	performance	performance	NOUN
fbem-20463	77	77	of	of	ADP
fbem-20463	77	78	mergers	merger	NOUN
fbem-20463	77	79	and	and	CCONJ
fbem-20463	77	80	acquisitions	acquisition	NOUN
fbem-20463	77	81	.	.	PUNCT
fbem-20463	78	1	zhuang	zhuang	PROPN
fbem-20463	78	2	mingming	mingming	PROPN
fbem-20463	78	3	et	et	PROPN
fbem-20463	78	4	al	al	PROPN
fbem-20463	78	5	.	.	PROPN
fbem-20463	79	1	(	(	PUNCT
fbem-20463	79	2	2021	2021	NUM
fbem-20463	79	3	)	)	PUNCT
fbem-20463	79	4	found	find	VERB
fbem-20463	79	5	through	through	ADP
fbem-20463	79	6	the	the	DET
fbem-20463	79	7	data	datum	NOUN
fbem-20463	79	8	of	of	ADP
fbem-20463	79	9	china	china	PROPN
fbem-20463	79	10	's	's	PART
fbem-20463	79	11	a	a	DET
fbem-20463	79	12	-	-	PUNCT
fbem-20463	79	13	share	share	NOUN
fbem-20463	79	14	listed	list	VERB
fbem-20463	79	15	companies	company	NOUN
fbem-20463	79	16	from	from	ADP
fbem-20463	79	17	2006	2006	NUM
fbem-20463	79	18	to	to	ADP
fbem-20463	79	19	2019	2019	NUM
fbem-20463	79	20	that	that	SCONJ
fbem-20463	79	21	continuous	continuous	ADJ
fbem-20463	79	22	mergers	merger	NOUN
fbem-20463	79	23	and	and	CCONJ
fbem-20463	79	24	acquisitions	acquisition	NOUN
fbem-20463	79	25	may	may	AUX
fbem-20463	79	26	have	have	VERB
fbem-20463	79	27	a	a	DET
fbem-20463	79	28	negative	negative	ADJ
fbem-20463	79	29	impact	impact	NOUN
fbem-20463	79	30	on	on	ADP
fbem-20463	79	31	the	the	DET
fbem-20463	79	32	company	company	NOUN
fbem-20463	79	33	's	's	PART
fbem-20463	79	34	long	long	ADJ
fbem-20463	79	35	-	-	PUNCT
fbem-20463	79	36	term	term	NOUN
fbem-20463	79	37	stock	stock	NOUN
fbem-20463	79	38	price	price	NOUN
fbem-20463	79	39	performance	performance	NOUN
fbem-20463	79	40	,	,	PUNCT
fbem-20463	79	41	making	make	VERB
fbem-20463	79	42	the	the	DET
fbem-20463	79	43	company	company	NOUN
fbem-20463	79	44	more	more	ADV
fbem-20463	79	45	likely	likely	ADJ
fbem-20463	79	46	to	to	PART
fbem-20463	79	47	face	face	VERB
fbem-20463	79	48	the	the	DET
fbem-20463	79	49	risk	risk	NOUN
fbem-20463	79	50	of	of	ADP
fbem-20463	79	51	a	a	DET
fbem-20463	79	52	sharp	sharp	ADJ
fbem-20463	79	53	decline	decline	NOUN
fbem-20463	79	54	in	in	ADP
fbem-20463	79	55	the	the	DET
fbem-20463	79	56	stock	stock	NOUN
fbem-20463	79	57	price	price	NOUN
fbem-20463	79	58	.	.	PUNCT
fbem-20463	80	1	yang	yang	PROPN
fbem-20463	80	2	peihua	peihua	PROPN
fbem-20463	80	3	(	(	PUNCT
fbem-20463	80	4	2023	2023	NUM
fbem-20463	80	5	)	)	PUNCT
fbem-20463	80	6	analyzed	analyze	VERB
fbem-20463	80	7	the	the	DET
fbem-20463	80	8	overall	overall	ADJ
fbem-20463	80	9	risk	risk	NOUN
fbem-20463	80	10	of	of	ADP
fbem-20463	80	11	continuous	continuous	ADJ
fbem-20463	80	12	mergers	merger	NOUN
fbem-20463	80	13	and	and	CCONJ
fbem-20463	80	14	acquisitions	acquisition	NOUN
fbem-20463	80	15	of	of	ADP
fbem-20463	80	16	suning	sun	VERB
fbem-20463	80	17	tesco	tesco	PROPN
fbem-20463	80	18	.	.	PUNCT
fbem-20463	81	1	after	after	ADP
fbem-20463	81	2	continuous	continuous	ADJ
fbem-20463	81	3	mergers	merger	NOUN
fbem-20463	81	4	and	and	CCONJ
fbem-20463	81	5	acquisitions	acquisition	NOUN
fbem-20463	81	6	of	of	ADP
fbem-20463	81	7	suning	sun	VERB
fbem-20463	81	8	tesco	tesco	PROPN
fbem-20463	81	9	,	,	PUNCT
fbem-20463	81	10	its	its	PRON
fbem-20463	81	11	asset	asset	NOUN
fbem-20463	81	12	utilization	utilization	NOUN
fbem-20463	81	13	risk	risk	NOUN
fbem-20463	81	14	and	and	CCONJ
fbem-20463	81	15	unstable	unstable	ADJ
fbem-20463	81	16	profitability	profitability	NOUN
fbem-20463	81	17	with	with	ADP
fbem-20463	81	18	low	low	ADJ
fbem-20463	81	19	efficiency	efficiency	NOUN
fbem-20463	81	20	and	and	CCONJ
fbem-20463	81	21	rapid	rapid	ADJ
fbem-20463	81	22	expansion	expansion	NOUN
fbem-20463	81	23	.	.	PUNCT
fbem-20463	82	1	4	4	X
fbem-20463	82	2	.	.	X
fbem-20463	82	3	research	research	NOUN
fbem-20463	82	4	on	on	ADP
fbem-20463	82	5	the	the	DET
fbem-20463	82	6	evaluation	evaluation	NOUN
fbem-20463	82	7	methods	method	NOUN
fbem-20463	82	8	of	of	ADP
fbem-20463	82	9	continuous	continuous	ADJ
fbem-20463	82	10	m	m	PROPN
fbem-20463	82	11	&	&	CCONJ
fbem-20463	82	12	a	a	DET
fbem-20463	82	13	performance	performance	NOUN
fbem-20463	82	14	4.1	4.1	NUM
fbem-20463	82	15	.	.	PUNCT
fbem-20463	83	1	event	event	NOUN
fbem-20463	83	2	research	research	NOUN
fbem-20463	83	3	method	method	NOUN
fbem-20463	83	4	bhagat	bhagat	PROPN
fbem-20463	83	5	et	et	PROPN
fbem-20463	83	6	al	al	PROPN
fbem-20463	83	7	.	.	PROPN
fbem-20463	84	1	(	(	PUNCT
fbem-20463	84	2	2011	2011	NUM
fbem-20463	84	3	)	)	PUNCT
fbem-20463	84	4	used	use	VERB
fbem-20463	84	5	event	event	NOUN
fbem-20463	84	6	research	research	NOUN
fbem-20463	84	7	method	method	NOUN
fbem-20463	84	8	to	to	PART
fbem-20463	84	9	conduct	conduct	VERB
fbem-20463	84	10	in	in	ADP
fbem-20463	84	11	-	-	PUNCT
fbem-20463	84	12	depth	depth	NOUN
fbem-20463	84	13	research	research	NOUN
fbem-20463	84	14	on	on	ADP
fbem-20463	84	15	cross	cross	ADJ
fbem-20463	84	16	-	-	ADJ
fbem-20463	84	17	border	border	ADJ
fbem-20463	84	18	mergers	merger	NOUN
fbem-20463	84	19	and	and	CCONJ
fbem-20463	84	20	acquisitions	acquisition	NOUN
fbem-20463	84	21	from	from	ADP
fbem-20463	84	22	1991	1991	NUM
fbem-20463	84	23	to	to	ADP
fbem-20463	84	24	2008	2008	NUM
fbem-20463	84	25	,	,	PUNCT
fbem-20463	84	26	and	and	CCONJ
fbem-20463	84	27	verified	verify	VERB
fbem-20463	84	28	the	the	DET
fbem-20463	84	29	feasibility	feasibility	NOUN
fbem-20463	84	30	of	of	ADP
fbem-20463	84	31	analyzing	analyze	VERB
fbem-20463	84	32	enterprise	enterprise	NOUN
fbem-20463	84	33	performance	performance	NOUN
fbem-20463	84	34	by	by	ADP
fbem-20463	84	35	event	event	NOUN
fbem-20463	84	36	research	research	NOUN
fbem-20463	84	37	method	method	NOUN
fbem-20463	84	38	.	.	PUNCT
fbem-20463	85	1	min	min	PROPN
fbem-20463	85	2	du	du	PROPN
fbem-20463	85	3	et	et	PROPN
fbem-20463	85	4	al	al	PROPN
fbem-20463	85	5	.	.	PROPN
fbem-20463	86	1	(	(	PUNCT
fbem-20463	86	2	2015	2015	NUM
fbem-20463	86	3	)	)	PUNCT
fbem-20463	86	4	adopted	adopt	VERB
fbem-20463	86	5	the	the	DET
fbem-20463	86	6	event	event	NOUN
fbem-20463	86	7	research	research	NOUN
fbem-20463	86	8	method	method	NOUN
fbem-20463	86	9	,	,	PUNCT
fbem-20463	86	10	took	take	VERB
fbem-20463	86	11	468	468	NUM
fbem-20463	86	12	chinese	chinese	ADJ
fbem-20463	86	13	enterprises	enterprise	NOUN
fbem-20463	86	14	as	as	ADP
fbem-20463	86	15	samples	sample	NOUN
fbem-20463	86	16	,	,	PUNCT
fbem-20463	86	17	and	and	CCONJ
fbem-20463	86	18	took	take	VERB
fbem-20463	86	19	the	the	DET
fbem-20463	86	20	car	car	NOUN
fbem-20463	86	21	around	around	ADP
fbem-20463	86	22	the	the	DET
fbem-20463	86	23	announcement	announcement	NOUN
fbem-20463	86	24	date	date	NOUN
fbem-20463	86	25	of	of	ADP
fbem-20463	86	26	mergers	merger	NOUN
fbem-20463	86	27	and	and	CCONJ
fbem-20463	86	28	acquisitions	acquisition	NOUN
fbem-20463	86	29	as	as	SCONJ
fbem-20463	86	30	the	the	DET
fbem-20463	86	31	standard	standard	NOUN
fbem-20463	86	32	to	to	PART
fbem-20463	86	33	determine	determine	VERB
fbem-20463	86	34	the	the	DET
fbem-20463	86	35	value	value	NOUN
fbem-20463	86	36	created	create	VERB
fbem-20463	86	37	by	by	ADP
fbem-20463	86	38	mergers	merger	NOUN
fbem-20463	86	39	and	and	CCONJ
fbem-20463	86	40	acquisitions	acquisition	NOUN
fbem-20463	86	41	.	.	PUNCT
fbem-20463	87	1	by	by	ADP
fbem-20463	87	2	comparing	compare	VERB
fbem-20463	87	3	the	the	DET
fbem-20463	87	4	stock	stock	NOUN
fbem-20463	87	5	price	price	NOUN
fbem-20463	87	6	changes	change	NOUN
fbem-20463	87	7	of	of	ADP
fbem-20463	87	8	enterprises	enterprise	NOUN
fbem-20463	87	9	before	before	ADP
fbem-20463	87	10	and	and	CCONJ
fbem-20463	87	11	after	after	ADP
fbem-20463	87	12	mergers	merger	NOUN
fbem-20463	87	13	and	and	CCONJ
fbem-20463	87	14	acquisitions	acquisition	NOUN
fbem-20463	87	15	,	,	PUNCT
fbem-20463	87	16	it	it	PRON
fbem-20463	87	17	was	be	AUX
fbem-20463	87	18	found	find	VERB
fbem-20463	87	19	that	that	SCONJ
fbem-20463	87	20	foreign	foreign	ADJ
fbem-20463	87	21	mergers	merger	NOUN
fbem-20463	87	22	and	and	CCONJ
fbem-20463	87	23	acquisitions	acquisition	NOUN
fbem-20463	87	24	could	could	AUX
fbem-20463	87	25	bring	bring	VERB
fbem-20463	87	26	value	value	NOUN
fbem-20463	87	27	to	to	ADP
fbem-20463	87	28	chinese	chinese	ADJ
fbem-20463	87	29	enterprises	enterprise	NOUN
fbem-20463	87	30	.	.	PUNCT
fbem-20463	88	1	xia	xia	PROPN
fbem-20463	88	2	yang	yang	PROPN
fbem-20463	88	3	and	and	CCONJ
fbem-20463	88	4	shen	shen	PROPN
fbem-20463	88	5	hao	hao	PROPN
fbem-20463	88	6	(	(	PUNCT
fbem-20463	88	7	2018	2018	NUM
fbem-20463	88	8	)	)	PUNCT
fbem-20463	88	9	used	use	VERB
fbem-20463	88	10	the	the	DET
fbem-20463	88	11	event	event	NOUN
fbem-20463	88	12	research	research	NOUN
fbem-20463	88	13	method	method	NOUN
fbem-20463	88	14	to	to	PART
fbem-20463	88	15	analyze	analyze	VERB
fbem-20463	88	16	the	the	DET
fbem-20463	88	17	short	short	ADJ
fbem-20463	88	18	-	-	PUNCT
fbem-20463	88	19	term	term	NOUN
fbem-20463	88	20	performance	performance	NOUN
fbem-20463	88	21	of	of	ADP
fbem-20463	88	22	the	the	DET
fbem-20463	88	23	continuous	continuous	ADJ
fbem-20463	88	24	mergers	merger	NOUN
fbem-20463	88	25	and	and	CCONJ
fbem-20463	88	26	acquisitions	acquisition	NOUN
fbem-20463	88	27	of	of	ADP
fbem-20463	88	28	junsheng	junsheng	PROPN
fbem-20463	88	29	electronics	electronic	NOUN
fbem-20463	88	30	during	during	ADP
fbem-20463	88	31	2011	2011	NUM
fbem-20463	88	32	-	-	SYM
fbem-20463	88	33	2016	2016	NUM
fbem-20463	88	34	,	,	PUNCT
fbem-20463	88	35	and	and	CCONJ
fbem-20463	88	36	found	find	VERB
fbem-20463	88	37	that	that	SCONJ
fbem-20463	88	38	the	the	DET
fbem-20463	88	39	wealth	wealth	NOUN
fbem-20463	88	40	effect	effect	NOUN
fbem-20463	88	41	of	of	ADP
fbem-20463	88	42	the	the	DET
fbem-20463	88	43	short	short	ADJ
fbem-20463	88	44	-	-	PUNCT
fbem-20463	88	45	term	term	NOUN
fbem-20463	88	46	performance	performance	NOUN
fbem-20463	88	47	of	of	ADP
fbem-20463	88	48	junsheng	junsheng	PROPN
fbem-20463	88	49	electronics	electronic	NOUN
fbem-20463	88	50	was	be	AUX
fbem-20463	88	51	diminishing	diminish	VERB
fbem-20463	88	52	.	.	PUNCT
fbem-20463	89	1	song	song	PROPN
fbem-20463	89	2	xue	xue	PROPN
fbem-20463	89	3	(	(	PUNCT
fbem-20463	89	4	2019	2019	NUM
fbem-20463	89	5	)	)	PUNCT
fbem-20463	89	6	performance	performance	NOUN
fbem-20463	89	7	analysis	analysis	NOUN
fbem-20463	89	8	of	of	ADP
fbem-20463	89	9	continuous	continuous	ADJ
fbem-20463	89	10	mergers	merger	NOUN
fbem-20463	89	11	and	and	CCONJ
fbem-20463	89	12	acquisitions	acquisition	NOUN
fbem-20463	89	13	based	base	VERB
fbem-20463	89	14	on	on	ADP
fbem-20463	89	15	long	long	ADJ
fbem-20463	89	16	and	and	CCONJ
fbem-20463	89	17	short	short	ADJ
fbem-20463	89	18	-	-	PUNCT
fbem-20463	89	19	term	term	NOUN
fbem-20463	89	20	windows	window	NOUN
fbem-20463	89	21	the	the	DET
fbem-20463	89	22	continuous	continuous	ADJ
fbem-20463	89	23	mergers	merger	NOUN
fbem-20463	89	24	and	and	CCONJ
fbem-20463	89	25	acquisitions	acquisition	NOUN
fbem-20463	89	26	of	of	ADP
fbem-20463	89	27	fosun	fosun	NOUN
fbem-20463	89	28	pharma	pharma	NOUN
fbem-20463	89	29	was	be	AUX
fbem-20463	89	30	generally	generally	ADV
fbem-20463	89	31	good	good	ADJ
fbem-20463	89	32	from	from	ADP
fbem-20463	89	33	the	the	DET
fbem-20463	89	34	perspective	perspective	NOUN
fbem-20463	89	35	of	of	ADP
fbem-20463	89	36	market	market	NOUN
fbem-20463	89	37	effect	effect	NOUN
fbem-20463	89	38	.	.	PUNCT
fbem-20463	90	1	13	13	NUM
fbem-20463	90	2	of	of	ADP
fbem-20463	90	3	the	the	DET
fbem-20463	90	4	21	21	NUM
fbem-20463	90	5	mergers	merger	NOUN
fbem-20463	90	6	and	and	CCONJ
fbem-20463	90	7	acquisitions	acquisition	NOUN
fbem-20463	90	8	events	event	NOUN
fbem-20463	90	9	obtained	obtain	VERB
fbem-20463	90	10	positive	positive	ADJ
fbem-20463	90	11	excess	excess	ADJ
fbem-20463	90	12	returns	return	NOUN
fbem-20463	90	13	and	and	CCONJ
fbem-20463	90	14	created	create	VERB
fbem-20463	90	15	good	good	ADJ
fbem-20463	90	16	market	market	NOUN
fbem-20463	90	17	value	value	NOUN
fbem-20463	90	18	.	.	PUNCT
fbem-20463	91	1	xiong	xiong	PROPN
fbem-20463	91	2	xi	xi	PROPN
fbem-20463	92	1	(	(	PUNCT
fbem-20463	92	2	2023	2023	NUM
fbem-20463	92	3	)	)	PUNCT
fbem-20463	92	4	used	use	VERB
fbem-20463	92	5	the	the	DET
fbem-20463	92	6	event	event	NOUN
fbem-20463	92	7	research	research	NOUN
fbem-20463	92	8	method	method	NOUN
fbem-20463	92	9	to	to	PART
fbem-20463	92	10	study	study	VERB
fbem-20463	92	11	the	the	DET
fbem-20463	92	12	value	value	NOUN
fbem-20463	92	13	creation	creation	NOUN
fbem-20463	92	14	of	of	ADP
fbem-20463	92	15	the	the	DET
fbem-20463	92	16	whole	whole	ADJ
fbem-20463	92	17	industry	industry	NOUN
fbem-20463	92	18	chain	chain	NOUN
fbem-20463	92	19	of	of	ADP
fbem-20463	92	20	yingfeng	yingfeng	PROPN
fbem-20463	92	21	environment	environment	PROPN
fbem-20463	92	22	,	,	PUNCT
fbem-20463	92	23	screened	screen	VERB
fbem-20463	92	24	the	the	DET
fbem-20463	92	25	major	major	ADJ
fbem-20463	92	26	mergers	merger	NOUN
fbem-20463	92	27	and	and	CCONJ
fbem-20463	92	28	acquisitions	acquisition	NOUN
fbem-20463	92	29	events	event	NOUN
fbem-20463	92	30	in	in	ADP
fbem-20463	92	31	the	the	DET
fbem-20463	92	32	upper	upper	ADJ
fbem-20463	92	33	,	,	PUNCT
fbem-20463	92	34	middle	middle	ADJ
fbem-20463	92	35	and	and	CCONJ
fbem-20463	92	36	lower	low	ADJ
fbem-20463	92	37	reaches	reach	NOUN
fbem-20463	92	38	as	as	ADP
fbem-20463	92	39	samples	sample	NOUN
fbem-20463	92	40	,	,	PUNCT
fbem-20463	92	41	and	and	CCONJ
fbem-20463	92	42	analyzed	analyze	VERB
fbem-20463	92	43	that	that	SCONJ
fbem-20463	92	44	continuous	continuous	ADJ
fbem-20463	92	45	mergers	merger	NOUN
fbem-20463	92	46	and	and	CCONJ
fbem-20463	92	47	acquisitions	acquisition	NOUN
fbem-20463	92	48	had	have	VERB
fbem-20463	92	49	a	a	DET
fbem-20463	92	50	positive	positive	ADJ
fbem-20463	92	51	impact	impact	NOUN
fbem-20463	92	52	on	on	ADP
fbem-20463	92	53	enterprise	enterprise	NOUN
fbem-20463	92	54	performance	performance	NOUN
fbem-20463	92	55	.	.	PUNCT
fbem-20463	93	1	4.2	4.2	NUM
fbem-20463	93	2	.	.	PUNCT
fbem-20463	94	1	tobin	tobin	PROPN
fbem-20463	94	2	q	q	PROPN
fbem-20463	94	3	value	value	NOUN
fbem-20463	94	4	method	method	NOUN
fbem-20463	94	5	the	the	DET
fbem-20463	94	6	core	core	ADJ
fbem-20463	94	7	idea	idea	NOUN
fbem-20463	94	8	of	of	ADP
fbem-20463	94	9	tobin	tobin	PROPN
fbem-20463	94	10	q	q	PROPN
fbem-20463	94	11	theory	theory	NOUN
fbem-20463	94	12	holds	hold	VERB
fbem-20463	94	13	that	that	SCONJ
fbem-20463	94	14	:	:	PUNCT
fbem-20463	94	15	in	in	ADP
fbem-20463	94	16	real	real	ADJ
fbem-20463	94	17	life	life	NOUN
fbem-20463	94	18	,	,	PUNCT
fbem-20463	94	19	capital	capital	NOUN
fbem-20463	94	20	is	be	AUX
fbem-20463	94	21	completely	completely	ADV
fbem-20463	94	22	durable	durable	ADJ
fbem-20463	94	23	goods	good	NOUN
fbem-20463	94	24	,	,	PUNCT
fbem-20463	94	25	and	and	CCONJ
fbem-20463	94	26	the	the	DET
fbem-20463	94	27	marginal	marginal	ADJ
fbem-20463	94	28	q	q	NOUN
fbem-20463	94	29	value	value	NOUN
fbem-20463	94	30	of	of	ADP
fbem-20463	94	31	the	the	DET
fbem-20463	94	32	assets	asset	NOUN
fbem-20463	94	33	in	in	ADP
fbem-20463	94	34	the	the	DET
fbem-20463	94	35	enterprise	enterprise	NOUN
fbem-20463	94	36	is	be	AUX
fbem-20463	94	37	the	the	DET
fbem-20463	94	38	ratio	ratio	NOUN
fbem-20463	94	39	of	of	ADP
fbem-20463	94	40	the	the	DET
fbem-20463	94	41	net	net	ADJ
fbem-20463	94	42	present	present	ADJ
fbem-20463	94	43	value	value	NOUN
fbem-20463	94	44	of	of	ADP
fbem-20463	94	45	the	the	DET
fbem-20463	94	46	expected	expect	VERB
fbem-20463	94	47	profit	profit	NOUN
fbem-20463	94	48	of	of	ADP
fbem-20463	94	49	new	new	ADJ
fbem-20463	94	50	assets	asset	NOUN
fbem-20463	94	51	to	to	ADP
fbem-20463	94	52	the	the	DET
fbem-20463	94	53	replacement	replacement	NOUN
fbem-20463	94	54	cost	cost	NOUN
fbem-20463	94	55	,	,	PUNCT
fbem-20463	94	56	and	and	CCONJ
fbem-20463	94	57	also	also	ADV
fbem-20463	94	58	the	the	DET
fbem-20463	94	59	ratio	ratio	NOUN
fbem-20463	94	60	of	of	ADP
fbem-20463	94	61	the	the	DET
fbem-20463	94	62	market	market	NOUN
fbem-20463	94	63	value	value	NOUN
fbem-20463	94	64	of	of	ADP
fbem-20463	94	65	the	the	DET
fbem-20463	94	66	enterprise	enterprise	NOUN
fbem-20463	94	67	capital	capital	NOUN
fbem-20463	94	68	and	and	CCONJ
fbem-20463	94	69	the	the	DET
fbem-20463	94	70	replacement	replacement	NOUN
fbem-20463	94	71	cost	cost	NOUN
fbem-20463	94	72	of	of	ADP
fbem-20463	94	73	the	the	DET
fbem-20463	94	74	enterprise	enterprise	NOUN
fbem-20463	94	75	.	.	PUNCT
fbem-20463	95	1	in	in	ADP
fbem-20463	95	2	short	short	ADJ
fbem-20463	95	3	,	,	PUNCT
fbem-20463	95	4	with	with	ADP
fbem-20463	95	5	the	the	DET
fbem-20463	95	6	passage	passage	NOUN
fbem-20463	95	7	of	of	ADP
fbem-20463	95	8	time	time	NOUN
fbem-20463	95	9	and	and	CCONJ
fbem-20463	95	10	the	the	DET
fbem-20463	95	11	continuous	continuous	ADJ
fbem-20463	95	12	development	development	NOUN
fbem-20463	95	13	of	of	ADP
fbem-20463	95	14	tobin	tobin	PROPN
fbem-20463	95	15	q	q	PROPN
fbem-20463	95	16	theory	theory	PROPN
fbem-20463	95	17	,	,	PUNCT
fbem-20463	95	18	this	this	DET
fbem-20463	95	19	theory	theory	NOUN
fbem-20463	95	20	has	have	AUX
fbem-20463	95	21	gradually	gradually	ADV
fbem-20463	95	22	become	become	VERB
fbem-20463	95	23	an	an	DET
fbem-20463	95	24	important	important	ADJ
fbem-20463	95	25	basis	basis	NOUN
fbem-20463	95	26	and	and	CCONJ
fbem-20463	95	27	tool	tool	NOUN
fbem-20463	95	28	for	for	ADP
fbem-20463	95	29	listed	list	VERB
fbem-20463	95	30	companies	company	NOUN
fbem-20463	95	31	in	in	ADP
fbem-20463	95	32	policy	policy	NOUN
fbem-20463	95	33	research	research	NOUN
fbem-20463	95	34	,	,	PUNCT
fbem-20463	95	35	and	and	CCONJ
fbem-20463	95	36	it	it	PRON
fbem-20463	95	37	is	be	AUX
fbem-20463	95	38	often	often	ADV
fbem-20463	95	39	used	use	VERB
fbem-20463	95	40	to	to	PART
fbem-20463	95	41	infer	infer	VERB
fbem-20463	95	42	the	the	DET
fbem-20463	95	43	performance	performance	NOUN
fbem-20463	95	44	and	and	CCONJ
fbem-20463	95	45	value	value	NOUN
fbem-20463	95	46	of	of	ADP
fbem-20463	95	47	listed	list	VERB
fbem-20463	95	48	companies	company	NOUN
fbem-20463	95	49	.	.	PUNCT
fbem-20463	96	1	according	accord	VERB
fbem-20463	96	2	to	to	ADP
fbem-20463	96	3	hall	hall	NOUN
fbem-20463	96	4	(	(	PUNCT
fbem-20463	96	5	2005	2005	NUM
fbem-20463	96	6	)	)	PUNCT
fbem-20463	96	7	et	et	PROPN
fbem-20463	96	8	al	al	PROPN
fbem-20463	96	9	.	.	PROPN
fbem-20463	96	10	,	,	PUNCT
fbem-20463	96	11	the	the	DET
fbem-20463	96	12	tobin	tobin	PROPN
fbem-20463	96	13	q	q	NOUN
fbem-20463	96	14	value	value	NOUN
fbem-20463	96	15	can	can	AUX
fbem-20463	96	16	be	be	AUX
fbem-20463	96	17	used	use	VERB
fbem-20463	96	18	as	as	ADP
fbem-20463	96	19	a	a	DET
fbem-20463	96	20	reliable	reliable	ADJ
fbem-20463	96	21	measurement	measurement	NOUN
fbem-20463	96	22	of	of	ADP
fbem-20463	96	23	141	141	NUM
fbem-20463	96	24	enterprise	enterprise	NOUN
fbem-20463	96	25	value	value	NOUN
fbem-20463	96	26	.	.	PUNCT
fbem-20463	97	1	tian	tian	ADJ
fbem-20463	97	2	congrui	congrui	PROPN
fbem-20463	97	3	(	(	PUNCT
fbem-20463	97	4	2021	2021	NUM
fbem-20463	97	5	)	)	PUNCT
fbem-20463	97	6	studied	study	VERB
fbem-20463	97	7	the	the	DET
fbem-20463	97	8	q	q	NOUN
fbem-20463	97	9	value	value	NOUN
fbem-20463	97	10	before	before	ADV
fbem-20463	97	11	and	and	CCONJ
fbem-20463	97	12	after	after	ADP
fbem-20463	97	13	the	the	DET
fbem-20463	97	14	continuous	continuous	ADJ
fbem-20463	97	15	merger	merger	NOUN
fbem-20463	97	16	and	and	CCONJ
fbem-20463	97	17	acquisition	acquisition	NOUN
fbem-20463	97	18	of	of	ADP
fbem-20463	97	19	midea	midea	NOUN
fbem-20463	97	20	group	group	NOUN
fbem-20463	97	21	and	and	CCONJ
fbem-20463	97	22	found	find	VERB
fbem-20463	97	23	that	that	SCONJ
fbem-20463	97	24	before	before	ADP
fbem-20463	97	25	the	the	DET
fbem-20463	97	26	merger	merger	NOUN
fbem-20463	97	27	and	and	CCONJ
fbem-20463	97	28	acquisition	acquisition	NOUN
fbem-20463	97	29	,	,	PUNCT
fbem-20463	97	30	the	the	DET
fbem-20463	97	31	q	q	NOUN
fbem-20463	97	32	value	value	NOUN
fbem-20463	97	33	increased	increase	VERB
fbem-20463	97	34	year	year	NOUN
fbem-20463	97	35	by	by	ADP
fbem-20463	97	36	year	year	NOUN
fbem-20463	97	37	or	or	CCONJ
fbem-20463	97	38	even	even	ADV
fbem-20463	97	39	reached	reach	VERB
fbem-20463	97	40	the	the	DET
fbem-20463	97	41	peak	peak	NOUN
fbem-20463	97	42	,	,	PUNCT
fbem-20463	97	43	which	which	PRON
fbem-20463	97	44	showed	show	VERB
fbem-20463	97	45	that	that	SCONJ
fbem-20463	97	46	the	the	DET
fbem-20463	97	47	market	market	NOUN
fbem-20463	97	48	showed	show	VERB
fbem-20463	97	49	a	a	DET
fbem-20463	97	50	positive	positive	ADJ
fbem-20463	97	51	attitude	attitude	NOUN
fbem-20463	97	52	towards	towards	ADP
fbem-20463	97	53	the	the	DET
fbem-20463	97	54	merger	merger	NOUN
fbem-20463	97	55	and	and	CCONJ
fbem-20463	97	56	acquisition	acquisition	NOUN
fbem-20463	97	57	.	.	PUNCT
fbem-20463	98	1	meng	meng	PROPN
fbem-20463	98	2	qiang	qiang	PROPN
fbem-20463	98	3	(	(	PUNCT
fbem-20463	98	4	2022	2022	NUM
fbem-20463	98	5	)	)	PUNCT
fbem-20463	98	6	selected	select	VERB
fbem-20463	98	7	the	the	DET
fbem-20463	98	8	tobin	tobin	NOUN
fbem-20463	98	9	q	q	NOUN
fbem-20463	98	10	value	value	NOUN
fbem-20463	98	11	of	of	ADP
fbem-20463	98	12	sf	sf	NOUN
fbem-20463	98	13	holding	holding	NOUN
fbem-20463	98	14	and	and	CCONJ
fbem-20463	98	15	5	5	NUM
fbem-20463	98	16	listed	list	VERB
fbem-20463	98	17	companies	company	NOUN
fbem-20463	98	18	in	in	ADP
fbem-20463	98	19	the	the	DET
fbem-20463	98	20	same	same	ADJ
fbem-20463	98	21	industry	industry	NOUN
fbem-20463	98	22	for	for	ADP
fbem-20463	98	23	analysis	analysis	NOUN
fbem-20463	98	24	,	,	PUNCT
fbem-20463	98	25	and	and	CCONJ
fbem-20463	98	26	further	far	ADV
fbem-20463	98	27	verified	verify	VERB
fbem-20463	98	28	that	that	SCONJ
fbem-20463	98	29	the	the	DET
fbem-20463	98	30	development	development	NOUN
fbem-20463	98	31	and	and	CCONJ
fbem-20463	98	32	management	management	NOUN
fbem-20463	98	33	of	of	ADP
fbem-20463	98	34	sf	sf	NOUN
fbem-20463	98	35	holding	hold	VERB
fbem-20463	98	36	intellectual	intellectual	ADJ
fbem-20463	98	37	capital	capital	NOUN
fbem-20463	98	38	showed	show	VERB
fbem-20463	98	39	a	a	DET
fbem-20463	98	40	stable	stable	ADJ
fbem-20463	98	41	and	and	CCONJ
fbem-20463	98	42	upward	upward	ADJ
fbem-20463	98	43	development	development	NOUN
fbem-20463	98	44	trend	trend	NOUN
fbem-20463	98	45	in	in	ADP
fbem-20463	98	46	the	the	DET
fbem-20463	98	47	long	long	ADJ
fbem-20463	98	48	-	-	PUNCT
fbem-20463	98	49	term	term	NOUN
fbem-20463	98	50	market	market	NOUN
fbem-20463	98	51	value	value	NOUN
fbem-20463	98	52	.	.	PUNCT
fbem-20463	99	1	zou	zou	PROPN
fbem-20463	99	2	lihang	lihang	PROPN
fbem-20463	99	3	(	(	PUNCT
fbem-20463	99	4	2013	2013	NUM
fbem-20463	99	5	)	)	PUNCT
fbem-20463	99	6	took	take	VERB
fbem-20463	99	7	the	the	DET
fbem-20463	99	8	q	q	ADJ
fbem-20463	99	9	value	value	NOUN
fbem-20463	99	10	of	of	ADP
fbem-20463	99	11	tobin	tobin	PROPN
fbem-20463	99	12	as	as	ADP
fbem-20463	99	13	the	the	DET
fbem-20463	99	14	proxy	proxy	ADJ
fbem-20463	99	15	variable	variable	NOUN
fbem-20463	99	16	of	of	ADP
fbem-20463	99	17	the	the	DET
fbem-20463	99	18	enterprise	enterprise	NOUN
fbem-20463	99	19	market	market	NOUN
fbem-20463	99	20	value	value	NOUN
fbem-20463	99	21	,	,	PUNCT
fbem-20463	99	22	and	and	CCONJ
fbem-20463	99	23	found	find	VERB
fbem-20463	99	24	out	out	ADP
fbem-20463	99	25	the	the	DET
fbem-20463	99	26	indicators	indicator	NOUN
fbem-20463	99	27	affecting	affect	VERB
fbem-20463	99	28	the	the	DET
fbem-20463	99	29	intrinsic	intrinsic	ADJ
fbem-20463	99	30	value	value	NOUN
fbem-20463	99	31	and	and	CCONJ
fbem-20463	99	32	the	the	DET
fbem-20463	99	33	growth	growth	NOUN
fbem-20463	99	34	of	of	ADP
fbem-20463	99	35	the	the	DET
fbem-20463	99	36	company	company	NOUN
fbem-20463	99	37	.	.	PUNCT
fbem-20463	100	1	4.3	4.3	NUM
fbem-20463	100	2	.	.	PUNCT
fbem-20463	100	3	financial	financial	ADJ
fbem-20463	100	4	index	index	NOUN
fbem-20463	100	5	method	method	NOUN
fbem-20463	100	6	financial	financial	ADJ
fbem-20463	100	7	index	index	NOUN
fbem-20463	100	8	method	method	NOUN
fbem-20463	100	9	refers	refer	VERB
fbem-20463	100	10	to	to	ADP
fbem-20463	100	11	the	the	DET
fbem-20463	100	12	comprehensive	comprehensive	ADJ
fbem-20463	100	13	evaluation	evaluation	NOUN
fbem-20463	100	14	of	of	ADP
fbem-20463	100	15	the	the	DET
fbem-20463	100	16	performance	performance	NOUN
fbem-20463	100	17	of	of	ADP
fbem-20463	100	18	the	the	DET
fbem-20463	100	19	enterprise	enterprise	NOUN
fbem-20463	100	20	and	and	CCONJ
fbem-20463	100	21	the	the	DET
fbem-20463	100	22	financial	financial	ADJ
fbem-20463	100	23	status	status	NOUN
fbem-20463	100	24	and	and	CCONJ
fbem-20463	100	25	operating	operate	VERB
fbem-20463	100	26	status	status	NOUN
fbem-20463	100	27	of	of	ADP
fbem-20463	100	28	the	the	DET
fbem-20463	100	29	enterprise	enterprise	NOUN
fbem-20463	100	30	through	through	ADP
fbem-20463	100	31	the	the	DET
fbem-20463	100	32	calculation	calculation	NOUN
fbem-20463	100	33	and	and	CCONJ
fbem-20463	100	34	analysis	analysis	NOUN
fbem-20463	100	35	of	of	ADP
fbem-20463	100	36	the	the	DET
fbem-20463	100	37	financial	financial	ADJ
fbem-20463	100	38	indicators	indicator	NOUN
fbem-20463	100	39	and	and	CCONJ
fbem-20463	100	40	the	the	DET
fbem-20463	100	41	comparison	comparison	NOUN
fbem-20463	100	42	,	,	PUNCT
fbem-20463	100	43	so	so	SCONJ
fbem-20463	100	44	as	as	SCONJ
fbem-20463	100	45	to	to	PART
fbem-20463	100	46	judge	judge	VERB
fbem-20463	100	47	whether	whether	SCONJ
fbem-20463	100	48	the	the	DET
fbem-20463	100	49	merger	merger	NOUN
fbem-20463	100	50	and	and	CCONJ
fbem-20463	100	51	acquisition	acquisition	NOUN
fbem-20463	100	52	has	have	VERB
fbem-20463	100	53	a	a	DET
fbem-20463	100	54	positive	positive	ADJ
fbem-20463	100	55	impact	impact	NOUN
fbem-20463	100	56	on	on	ADP
fbem-20463	100	57	the	the	DET
fbem-20463	100	58	performance	performance	NOUN
fbem-20463	100	59	of	of	ADP
fbem-20463	100	60	the	the	DET
fbem-20463	100	61	enterprise	enterprise	NOUN
fbem-20463	100	62	.	.	PUNCT
fbem-20463	101	1	gu	gu	PROPN
fbem-20463	101	2	haifeng	haifeng	PROPN
fbem-20463	101	3	and	and	CCONJ
fbem-20463	101	4	xie	xie	PROPN
fbem-20463	101	5	xiaochen	xiaochen	PROPN
fbem-20463	101	6	(	(	PUNCT
fbem-20463	101	7	2013	2013	NUM
fbem-20463	101	8	)	)	PUNCT
fbem-20463	101	9	used	use	VERB
fbem-20463	101	10	the	the	DET
fbem-20463	101	11	principal	principal	ADJ
fbem-20463	101	12	component	component	NOUN
fbem-20463	101	13	analysis	analysis	NOUN
fbem-20463	101	14	method	method	NOUN
fbem-20463	101	15	to	to	PART
fbem-20463	101	16	select	select	VERB
fbem-20463	101	17	the	the	DET
fbem-20463	101	18	profitability	profitability	NOUN
fbem-20463	101	19	and	and	CCONJ
fbem-20463	101	20	solvency	solvency	NOUN
fbem-20463	101	21	of	of	ADP
fbem-20463	101	22	chinese	chinese	ADJ
fbem-20463	101	23	cross	cross	ADJ
fbem-20463	101	24	-	-	ADJ
fbem-20463	101	25	border	border	ADJ
fbem-20463	101	26	mergers	merger	NOUN
fbem-20463	101	27	and	and	CCONJ
fbem-20463	101	28	acquisitions	acquisition	NOUN
fbem-20463	101	29	to	to	PART
fbem-20463	101	30	build	build	VERB
fbem-20463	101	31	a	a	DET
fbem-20463	101	32	financial	financial	ADJ
fbem-20463	101	33	index	index	NOUN
fbem-20463	101	34	system	system	NOUN
fbem-20463	101	35	,	,	PUNCT
fbem-20463	101	36	and	and	CCONJ
fbem-20463	101	37	analyzed	analyze	VERB
fbem-20463	101	38	and	and	CCONJ
fbem-20463	101	39	evaluated	evaluate	VERB
fbem-20463	101	40	the	the	DET
fbem-20463	101	41	performance	performance	NOUN
fbem-20463	101	42	impact	impact	NOUN
fbem-20463	101	43	of	of	ADP
fbem-20463	101	44	mergers	merger	NOUN
fbem-20463	101	45	and	and	CCONJ
fbem-20463	101	46	acquisitions	acquisition	NOUN
fbem-20463	101	47	in	in	ADP
fbem-20463	101	48	different	different	ADJ
fbem-20463	101	49	periods	period	NOUN
fbem-20463	101	50	,	,	PUNCT
fbem-20463	101	51	different	different	ADJ
fbem-20463	101	52	industries	industry	NOUN
fbem-20463	101	53	and	and	CCONJ
fbem-20463	101	54	different	different	ADJ
fbem-20463	101	55	target	target	NOUN
fbem-20463	101	56	locations	location	NOUN
fbem-20463	101	57	.	.	PUNCT
fbem-20463	102	1	yan	yan	PROPN
fbem-20463	102	2	zhuan	zhuan	PROPN
fbem-20463	102	3	(	(	PUNCT
fbem-20463	102	4	2021	2021	NUM
fbem-20463	102	5	)	)	PUNCT
fbem-20463	102	6	extracted	extract	VERB
fbem-20463	102	7	the	the	DET
fbem-20463	102	8	financial	financial	ADJ
fbem-20463	102	9	data	datum	NOUN
fbem-20463	102	10	of	of	ADP
fbem-20463	102	11	z	z	PROPN
fbem-20463	102	12	company	company	NOUN
fbem-20463	102	13	from	from	ADP
fbem-20463	102	14	2015	2015	NUM
fbem-20463	102	15	to	to	ADP
fbem-20463	102	16	2019	2019	NUM
fbem-20463	102	17	,	,	PUNCT
fbem-20463	102	18	and	and	CCONJ
fbem-20463	102	19	used	use	VERB
fbem-20463	102	20	the	the	DET
fbem-20463	102	21	factor	factor	NOUN
fbem-20463	102	22	analysis	analysis	NOUN
fbem-20463	102	23	method	method	NOUN
fbem-20463	102	24	to	to	PART
fbem-20463	102	25	establish	establish	VERB
fbem-20463	102	26	the	the	DET
fbem-20463	102	27	financial	financial	ADJ
fbem-20463	102	28	index	index	NOUN
fbem-20463	102	29	system	system	NOUN
fbem-20463	102	30	for	for	ADP
fbem-20463	102	31	research	research	NOUN
fbem-20463	102	32	.	.	PUNCT
fbem-20463	103	1	through	through	ADP
fbem-20463	103	2	the	the	DET
fbem-20463	103	3	analysis	analysis	NOUN
fbem-20463	103	4	of	of	ADP
fbem-20463	103	5	the	the	DET
fbem-20463	103	6	company	company	NOUN
fbem-20463	103	7	's	's	PART
fbem-20463	103	8	financial	financial	ADJ
fbem-20463	103	9	indicators	indicator	NOUN
fbem-20463	103	10	,	,	PUNCT
fbem-20463	103	11	it	it	PRON
fbem-20463	103	12	was	be	AUX
fbem-20463	103	13	expected	expect	VERB
fbem-20463	103	14	to	to	PART
fbem-20463	103	15	evaluate	evaluate	VERB
fbem-20463	103	16	the	the	DET
fbem-20463	103	17	ability	ability	NOUN
fbem-20463	103	18	of	of	ADP
fbem-20463	103	19	the	the	DET
fbem-20463	103	20	enterprise	enterprise	NOUN
fbem-20463	103	21	to	to	PART
fbem-20463	103	22	create	create	VERB
fbem-20463	103	23	value	value	NOUN
fbem-20463	103	24	during	during	ADP
fbem-20463	103	25	the	the	DET
fbem-20463	103	26	company	company	NOUN
fbem-20463	103	27	's	's	PART
fbem-20463	103	28	merger	merger	NOUN
fbem-20463	103	29	and	and	CCONJ
fbem-20463	103	30	acquisition	acquisition	NOUN
fbem-20463	103	31	.	.	PUNCT
fbem-20463	104	1	4.4	4.4	NUM
fbem-20463	104	2	.	.	PUNCT
fbem-20463	105	1	non	non	ADJ
fbem-20463	105	2	-	-	ADJ
fbem-20463	105	3	financial	financial	ADJ
fbem-20463	105	4	index	index	NOUN
fbem-20463	105	5	method	method	NOUN
fbem-20463	105	6	because	because	SCONJ
fbem-20463	105	7	the	the	DET
fbem-20463	105	8	traditional	traditional	ADJ
fbem-20463	105	9	financial	financial	ADJ
fbem-20463	105	10	indicators	indicator	NOUN
fbem-20463	105	11	reflect	reflect	VERB
fbem-20463	105	12	the	the	DET
fbem-20463	105	13	past	past	ADJ
fbem-20463	105	14	information	information	NOUN
fbem-20463	105	15	,	,	PUNCT
fbem-20463	105	16	does	do	AUX
fbem-20463	105	17	not	not	PART
fbem-20463	105	18	contain	contain	VERB
fbem-20463	105	19	most	most	ADJ
fbem-20463	105	20	of	of	ADP
fbem-20463	105	21	the	the	DET
fbem-20463	105	22	factors	factor	NOUN
fbem-20463	105	23	affecting	affect	VERB
fbem-20463	105	24	enterprise	enterprise	NOUN
fbem-20463	105	25	long	long	ADJ
fbem-20463	105	26	-	-	PUNCT
fbem-20463	105	27	term	term	NOUN
fbem-20463	105	28	competitive	competitive	ADJ
fbem-20463	105	29	advantage	advantage	NOUN
fbem-20463	105	30	,	,	PUNCT
fbem-20463	105	31	which	which	PRON
fbem-20463	105	32	often	often	ADV
fbem-20463	105	33	cause	cause	VERB
fbem-20463	105	34	managers	manager	NOUN
fbem-20463	105	35	too	too	ADV
fbem-20463	105	36	the	the	DET
fbem-20463	105	37	pursuit	pursuit	NOUN
fbem-20463	105	38	of	of	ADP
fbem-20463	105	39	accounting	accounting	NOUN
fbem-20463	105	40	numbers	number	NOUN
fbem-20463	105	41	,	,	PUNCT
fbem-20463	105	42	decision	decision	NOUN
fbem-20463	105	43	short	short	ADV
fbem-20463	105	44	-	-	PUNCT
fbem-20463	105	45	sighted	sighted	ADJ
fbem-20463	105	46	,	,	PUNCT
fbem-20463	105	47	the	the	DET
fbem-20463	105	48	pursuit	pursuit	NOUN
fbem-20463	105	49	of	of	ADP
fbem-20463	105	50	immediate	immediate	ADJ
fbem-20463	105	51	interests	interest	NOUN
fbem-20463	105	52	,	,	PUNCT
fbem-20463	105	53	hinder	hinder	VERB
fbem-20463	105	54	the	the	DET
fbem-20463	105	55	potential	potential	ADJ
fbem-20463	105	56	value	value	NOUN
fbem-20463	105	57	of	of	ADP
fbem-20463	105	58	mining	mining	NOUN
fbem-20463	105	59	,	,	PUNCT
fbem-20463	105	60	people	people	NOUN
fbem-20463	105	61	gradually	gradually	ADV
fbem-20463	105	62	realized	realize	VERB
fbem-20463	105	63	that	that	SCONJ
fbem-20463	105	64	through	through	ADP
fbem-20463	105	65	the	the	DET
fbem-20463	105	66	traditional	traditional	ADJ
fbem-20463	105	67	financial	financial	ADJ
fbem-20463	105	68	indicators	indicator	NOUN
fbem-20463	105	69	to	to	PART
fbem-20463	105	70	measure	measure	VERB
fbem-20463	105	71	the	the	DET
fbem-20463	105	72	performance	performance	NOUN
fbem-20463	105	73	of	of	ADP
fbem-20463	105	74	poor	poor	ADJ
fbem-20463	105	75	enterprise	enterprise	NOUN
fbem-20463	105	76	.	.	PUNCT
fbem-20463	106	1	in	in	ADP
fbem-20463	106	2	contrast	contrast	NOUN
fbem-20463	106	3	,	,	PUNCT
fbem-20463	106	4	the	the	DET
fbem-20463	106	5	financial	financial	ADJ
fbem-20463	106	6	performance	performance	NOUN
fbem-20463	106	7	indicators	indicator	NOUN
fbem-20463	106	8	to	to	PART
fbem-20463	106	9	provide	provide	VERB
fbem-20463	106	10	supplementary	supplementary	ADJ
fbem-20463	106	11	information	information	NOUN
fbem-20463	106	12	(	(	PUNCT
fbem-20463	106	13	such	such	ADJ
fbem-20463	106	14	as	as	ADP
fbem-20463	106	15	:	:	PUNCT
fbem-20463	106	16	competitors	competitor	NOUN
fbem-20463	106	17	,	,	PUNCT
fbem-20463	106	18	customer	customer	NOUN
fbem-20463	106	19	acquisition	acquisition	NOUN
fbem-20463	106	20	and	and	CCONJ
fbem-20463	106	21	maintenance	maintenance	NOUN
fbem-20463	106	22	,	,	PUNCT
fbem-20463	106	23	employee	employee	NOUN
fbem-20463	106	24	satisfaction	satisfaction	NOUN
fbem-20463	106	25	and	and	CCONJ
fbem-20463	106	26	loyalty	loyalty	NOUN
fbem-20463	106	27	,	,	PUNCT
fbem-20463	106	28	environmental	environmental	ADJ
fbem-20463	106	29	uncertainty	uncertainty	NOUN
fbem-20463	106	30	,	,	PUNCT
fbem-20463	106	31	etc	etc	X
fbem-20463	106	32	.	.	X
fbem-20463	106	33	)	)	PUNCT
fbem-20463	106	34	can	can	AUX
fbem-20463	106	35	truly	truly	ADV
fbem-20463	106	36	reflect	reflect	VERB
fbem-20463	106	37	the	the	DET
fbem-20463	106	38	operating	operating	NOUN
fbem-20463	106	39	conditions	condition	NOUN
fbem-20463	106	40	,	,	PUNCT
fbem-20463	106	41	can	can	AUX
fbem-20463	106	42	assist	assist	VERB
fbem-20463	106	43	the	the	DET
fbem-20463	106	44	managers	manager	NOUN
fbem-20463	106	45	to	to	PART
fbem-20463	106	46	respond	respond	VERB
fbem-20463	106	47	to	to	ADP
fbem-20463	106	48	organization	organization	NOUN
fbem-20463	106	49	and	and	CCONJ
fbem-20463	106	50	market	market	NOUN
fbem-20463	106	51	change	change	NOUN
fbem-20463	106	52	,	,	PUNCT
fbem-20463	106	53	develop	develop	VERB
fbem-20463	106	54	or	or	CCONJ
fbem-20463	106	55	adjust	adjust	VERB
fbem-20463	106	56	enterprise	enterprise	NOUN
fbem-20463	106	57	strategy	strategy	NOUN
fbem-20463	106	58	,	,	PUNCT
fbem-20463	106	59	so	so	SCONJ
fbem-20463	106	60	as	as	SCONJ
fbem-20463	106	61	to	to	PART
fbem-20463	106	62	enhance	enhance	VERB
fbem-20463	106	63	the	the	DET
fbem-20463	106	64	long	long	ADJ
fbem-20463	106	65	-	-	PUNCT
fbem-20463	106	66	term	term	NOUN
fbem-20463	106	67	competitiveness	competitiveness	NOUN
fbem-20463	106	68	of	of	ADP
fbem-20463	106	69	the	the	DET
fbem-20463	106	70	enterprise	enterprise	NOUN
fbem-20463	106	71	.	.	PUNCT
fbem-20463	107	1	holmstrom	holmstrom	NOUN
fbem-20463	107	2	and	and	CCONJ
fbem-20463	107	3	milgrom	milgrom	PROPN
fbem-20463	107	4	(	(	PUNCT
fbem-20463	107	5	1979	1979	NUM
fbem-20463	107	6	)	)	PUNCT
fbem-20463	107	7	is	be	AUX
fbem-20463	107	8	convinced	convince	VERB
fbem-20463	107	9	that	that	SCONJ
fbem-20463	107	10	compared	compare	VERB
fbem-20463	107	11	with	with	ADP
fbem-20463	107	12	financial	financial	ADJ
fbem-20463	107	13	indicators	indicator	NOUN
fbem-20463	107	14	,	,	PUNCT
fbem-20463	107	15	non	non	ADJ
fbem-20463	107	16	-	-	ADJ
fbem-20463	107	17	financial	financial	ADJ
fbem-20463	107	18	performance	performance	NOUN
fbem-20463	107	19	indicators	indicator	NOUN
fbem-20463	107	20	can	can	AUX
fbem-20463	107	21	provide	provide	VERB
fbem-20463	107	22	more	more	ADJ
fbem-20463	107	23	information	information	NOUN
fbem-20463	107	24	about	about	ADP
fbem-20463	107	25	managers	manager	NOUN
fbem-20463	107	26	and	and	CCONJ
fbem-20463	107	27	employees	employee	NOUN
fbem-20463	107	28	,	,	PUNCT
fbem-20463	107	29	as	as	ADP
fbem-20463	107	30	the	the	DET
fbem-20463	107	31	basis	basis	NOUN
fbem-20463	107	32	for	for	ADP
fbem-20463	107	33	managers	manager	NOUN
fbem-20463	107	34	'	'	PART
fbem-20463	107	35	performance	performance	NOUN
fbem-20463	107	36	evaluation	evaluation	NOUN
fbem-20463	107	37	and	and	CCONJ
fbem-20463	107	38	reward	reward	NOUN
fbem-20463	107	39	.	.	PUNCT
fbem-20463	108	1	wei	wei	PROPN
fbem-20463	108	2	dingxiang	dingxiang	PROPN
fbem-20463	108	3	and	and	CCONJ
fbem-20463	108	4	gao	gao	PROPN
fbem-20463	108	5	hong	hong	PROPN
fbem-20463	108	6	(	(	PUNCT
fbem-20463	108	7	2017	2017	NUM
fbem-20463	108	8	)	)	PUNCT
fbem-20463	108	9	studied	study	VERB
fbem-20463	108	10	the	the	DET
fbem-20463	108	11	impact	impact	NOUN
fbem-20463	108	12	of	of	ADP
fbem-20463	108	13	non	non	ADJ
fbem-20463	108	14	-	-	ADJ
fbem-20463	108	15	financial	financial	ADJ
fbem-20463	108	16	indicators	indicator	NOUN
fbem-20463	108	17	on	on	ADP
fbem-20463	108	18	the	the	DET
fbem-20463	108	19	value	value	NOUN
fbem-20463	108	20	evaluation	evaluation	NOUN
fbem-20463	108	21	of	of	ADP
fbem-20463	108	22	small	small	ADJ
fbem-20463	108	23	,	,	PUNCT
fbem-20463	108	24	medium	medium	ADJ
fbem-20463	108	25	and	and	CCONJ
fbem-20463	108	26	medium	medium	ADJ
fbem-20463	108	27	-	-	PUNCT
fbem-20463	108	28	sized	sized	ADJ
fbem-20463	108	29	enterprises	enterprise	NOUN
fbem-20463	108	30	through	through	ADP
fbem-20463	108	31	empirical	empirical	ADJ
fbem-20463	108	32	test	test	NOUN
fbem-20463	108	33	,	,	PUNCT
fbem-20463	108	34	and	and	CCONJ
fbem-20463	108	35	found	find	VERB
fbem-20463	108	36	that	that	SCONJ
fbem-20463	108	37	innovation	innovation	NOUN
fbem-20463	108	38	ability	ability	NOUN
fbem-20463	108	39	,	,	PUNCT
fbem-20463	108	40	market	market	NOUN
fbem-20463	108	41	share	share	NOUN
fbem-20463	108	42	and	and	CCONJ
fbem-20463	108	43	positive	positive	ADJ
fbem-20463	108	44	enterprise	enterprise	NOUN
fbem-20463	108	45	value	value	NOUN
fbem-20463	108	46	are	be	AUX
fbem-20463	108	47	significantly	significantly	ADV
fbem-20463	108	48	related	relate	VERB
fbem-20463	108	49	to	to	ADP
fbem-20463	108	50	enterprise	enterprise	NOUN
fbem-20463	108	51	value	value	NOUN
fbem-20463	108	52	,	,	PUNCT
fbem-20463	108	53	and	and	CCONJ
fbem-20463	108	54	customer	customer	NOUN
fbem-20463	108	55	profit	profit	NOUN
fbem-20463	108	56	margin	margin	NOUN
fbem-20463	108	57	is	be	AUX
fbem-20463	108	58	not	not	PART
fbem-20463	108	59	related	relate	VERB
fbem-20463	108	60	to	to	ADP
fbem-20463	108	61	enterprise	enterprise	NOUN
fbem-20463	108	62	value	value	NOUN
fbem-20463	108	63	.	.	PUNCT
fbem-20463	109	1	tong	tong	PROPN
fbem-20463	109	2	mengjie	mengjie	PROPN
fbem-20463	109	3	(	(	PUNCT
fbem-20463	109	4	2020	2020	NUM
fbem-20463	109	5	)	)	PUNCT
fbem-20463	109	6	through	through	ADP
fbem-20463	109	7	the	the	DET
fbem-20463	109	8	study	study	NOUN
fbem-20463	109	9	of	of	ADP
fbem-20463	109	10	non	non	ADJ
fbem-20463	109	11	-	-	ADJ
fbem-20463	109	12	financial	financial	ADJ
fbem-20463	109	13	indicators	indicator	NOUN
fbem-20463	109	14	such	such	ADJ
fbem-20463	109	15	as	as	ADP
fbem-20463	109	16	the	the	DET
fbem-20463	109	17	intensity	intensity	NOUN
fbem-20463	109	18	of	of	ADP
fbem-20463	109	19	r	r	NOUN
fbem-20463	109	20	&	&	CCONJ
fbem-20463	109	21	d	d	NOUN
fbem-20463	109	22	expenditure	expenditure	NOUN
fbem-20463	109	23	and	and	CCONJ
fbem-20463	109	24	the	the	DET
fbem-20463	109	25	proportion	proportion	NOUN
fbem-20463	109	26	of	of	ADP
fbem-20463	109	27	employees	employee	NOUN
fbem-20463	109	28	with	with	ADP
fbem-20463	109	29	a	a	DET
fbem-20463	109	30	bachelor	bachelor	NOUN
fbem-20463	109	31	's	's	PART
fbem-20463	109	32	degree	degree	NOUN
fbem-20463	109	33	or	or	CCONJ
fbem-20463	109	34	above	above	ADV
fbem-20463	109	35	,	,	PUNCT
fbem-20463	109	36	the	the	DET
fbem-20463	109	37	performance	performance	NOUN
fbem-20463	109	38	evaluation	evaluation	NOUN
fbem-20463	109	39	of	of	ADP
fbem-20463	109	40	non	non	ADJ
fbem-20463	109	41	-	-	ADJ
fbem-20463	109	42	financial	financial	ADJ
fbem-20463	109	43	indicators	indicator	NOUN
fbem-20463	109	44	plays	play	VERB
fbem-20463	109	45	a	a	DET
fbem-20463	109	46	more	more	ADV
fbem-20463	109	47	significant	significant	ADJ
fbem-20463	109	48	role	role	NOUN
fbem-20463	109	49	in	in	ADP
fbem-20463	109	50	promoting	promote	VERB
fbem-20463	109	51	the	the	DET
fbem-20463	109	52	financial	financial	ADJ
fbem-20463	109	53	performance	performance	NOUN
fbem-20463	109	54	of	of	ADP
fbem-20463	109	55	enterprises	enterprise	NOUN
fbem-20463	109	56	.	.	PUNCT
fbem-20463	110	1	5	5	X
fbem-20463	110	2	.	.	X
fbem-20463	110	3	conclusion	conclusion	NOUN
fbem-20463	110	4	through	through	ADP
fbem-20463	110	5	the	the	DET
fbem-20463	110	6	combing	combing	NOUN
fbem-20463	110	7	of	of	ADP
fbem-20463	110	8	the	the	DET
fbem-20463	110	9	literature	literature	NOUN
fbem-20463	110	10	,	,	PUNCT
fbem-20463	110	11	it	it	PRON
fbem-20463	110	12	can	can	AUX
fbem-20463	110	13	be	be	AUX
fbem-20463	110	14	found	find	VERB
fbem-20463	110	15	that	that	SCONJ
fbem-20463	110	16	the	the	DET
fbem-20463	110	17	existing	exist	VERB
fbem-20463	110	18	data	datum	NOUN
fbem-20463	110	19	has	have	AUX
fbem-20463	110	20	conducted	conduct	VERB
fbem-20463	110	21	a	a	DET
fbem-20463	110	22	certain	certain	ADJ
fbem-20463	110	23	amount	amount	NOUN
fbem-20463	110	24	of	of	ADP
fbem-20463	110	25	research	research	NOUN
fbem-20463	110	26	on	on	ADP
fbem-20463	110	27	the	the	DET
fbem-20463	110	28	continuous	continuous	ADJ
fbem-20463	110	29	merger	merger	NOUN
fbem-20463	110	30	and	and	CCONJ
fbem-20463	110	31	acquisition	acquisition	NOUN
fbem-20463	110	32	of	of	ADP
fbem-20463	110	33	enterprises	enterprise	NOUN
fbem-20463	110	34	,	,	PUNCT
fbem-20463	110	35	which	which	PRON
fbem-20463	110	36	can	can	AUX
fbem-20463	110	37	provide	provide	VERB
fbem-20463	110	38	relevant	relevant	ADJ
fbem-20463	110	39	ideas	idea	NOUN
fbem-20463	110	40	for	for	ADP
fbem-20463	110	41	the	the	DET
fbem-20463	110	42	analysis	analysis	NOUN
fbem-20463	110	43	of	of	ADP
fbem-20463	110	44	the	the	DET
fbem-20463	110	45	paper	paper	NOUN
fbem-20463	110	46	.	.	PUNCT
fbem-20463	111	1	existing	exist	VERB
fbem-20463	111	2	studies	study	NOUN
fbem-20463	111	3	can	can	AUX
fbem-20463	111	4	be	be	AUX
fbem-20463	111	5	summarized	summarize	VERB
fbem-20463	111	6	into	into	ADP
fbem-20463	111	7	the	the	DET
fbem-20463	111	8	following	follow	VERB
fbem-20463	111	9	points	point	NOUN
fbem-20463	111	10	:	:	PUNCT
fbem-20463	111	11	in	in	ADP
fbem-20463	111	12	terms	term	NOUN
fbem-20463	111	13	of	of	ADP
fbem-20463	111	14	continuous	continuous	ADJ
fbem-20463	111	15	m	m	PROPN
fbem-20463	111	16	&	&	CCONJ
fbem-20463	111	17	a	a	DET
fbem-20463	111	18	research	research	NOUN
fbem-20463	111	19	,	,	PUNCT
fbem-20463	111	20	there	there	PRON
fbem-20463	111	21	is	be	VERB
fbem-20463	111	22	no	no	DET
fbem-20463	111	23	consensus	consensus	NOUN
fbem-20463	111	24	on	on	ADP
fbem-20463	111	25	the	the	DET
fbem-20463	111	26	definition	definition	NOUN
fbem-20463	111	27	of	of	ADP
fbem-20463	111	28	continuous	continuous	ADJ
fbem-20463	111	29	m	m	PROPN
fbem-20463	111	30	&	&	CCONJ
fbem-20463	111	31	a	a	DET
fbem-20463	111	32	concept	concept	NOUN
fbem-20463	111	33	.	.	PUNCT
fbem-20463	112	1	at	at	ADP
fbem-20463	112	2	present	present	ADJ
fbem-20463	112	3	,	,	PUNCT
fbem-20463	112	4	different	different	ADJ
fbem-20463	112	5	scholars	scholar	NOUN
fbem-20463	112	6	mainly	mainly	ADV
fbem-20463	112	7	define	define	VERB
fbem-20463	112	8	the	the	DET
fbem-20463	112	9	continuous	continuous	ADJ
fbem-20463	112	10	m	m	NOUN
fbem-20463	112	11	&	&	CCONJ
fbem-20463	112	12	a	a	DET
fbem-20463	112	13	behavior	behavior	NOUN
fbem-20463	112	14	of	of	ADP
fbem-20463	112	15	enterprises	enterprise	NOUN
fbem-20463	112	16	from	from	ADP
fbem-20463	112	17	the	the	DET
fbem-20463	112	18	two	two	NUM
fbem-20463	112	19	aspects	aspect	NOUN
fbem-20463	112	20	of	of	ADP
fbem-20463	112	21	the	the	DET
fbem-20463	112	22	interval	interval	NOUN
fbem-20463	112	23	years	year	NOUN
fbem-20463	112	24	and	and	CCONJ
fbem-20463	112	25	the	the	DET
fbem-20463	112	26	number	number	NOUN
fbem-20463	112	27	of	of	ADP
fbem-20463	112	28	mergers	merger	NOUN
fbem-20463	112	29	and	and	CCONJ
fbem-20463	112	30	acquisitions	acquisition	NOUN
fbem-20463	112	31	.	.	PUNCT
fbem-20463	113	1	as	as	ADP
fbem-20463	113	2	for	for	ADP
fbem-20463	113	3	the	the	DET
fbem-20463	113	4	motivation	motivation	NOUN
fbem-20463	113	5	of	of	ADP
fbem-20463	113	6	enterprises	enterprise	NOUN
fbem-20463	113	7	'	'	PART
fbem-20463	113	8	continuous	continuous	ADJ
fbem-20463	113	9	mergers	merger	NOUN
fbem-20463	113	10	and	and	CCONJ
fbem-20463	113	11	acquisitions	acquisition	NOUN
fbem-20463	113	12	,	,	PUNCT
fbem-20463	113	13	scholars	scholar	NOUN
fbem-20463	113	14	put	put	VERB
fbem-20463	113	15	forward	forward	ADV
fbem-20463	113	16	different	different	ADJ
fbem-20463	113	17	opinions	opinion	NOUN
fbem-20463	113	18	such	such	ADJ
fbem-20463	113	19	as	as	ADP
fbem-20463	113	20	seeking	seek	VERB
fbem-20463	113	21	synergies	synergy	NOUN
fbem-20463	113	22	,	,	PUNCT
fbem-20463	113	23	overconfidence	overconfidence	NOUN
fbem-20463	113	24	of	of	ADP
fbem-20463	113	25	managers	manager	NOUN
fbem-20463	113	26	,	,	PUNCT
fbem-20463	113	27	and	and	CCONJ
fbem-20463	113	28	enhancing	enhance	VERB
fbem-20463	113	29	enterprise	enterprise	NOUN
fbem-20463	113	30	value	value	NOUN
fbem-20463	113	31	.	.	PUNCT
fbem-20463	114	1	however	however	ADV
fbem-20463	114	2	,	,	PUNCT
fbem-20463	114	3	most	most	ADJ
fbem-20463	114	4	of	of	ADP
fbem-20463	114	5	the	the	DET
fbem-20463	114	6	existing	exist	VERB
fbem-20463	114	7	studies	study	NOUN
fbem-20463	114	8	still	still	ADV
fbem-20463	114	9	start	start	VERB
fbem-20463	114	10	from	from	ADP
fbem-20463	114	11	a	a	DET
fbem-20463	114	12	static	static	ADJ
fbem-20463	114	13	perspective	perspective	NOUN
fbem-20463	114	14	,	,	PUNCT
fbem-20463	114	15	ignoring	ignore	VERB
fbem-20463	114	16	the	the	DET
fbem-20463	114	17	correlation	correlation	NOUN
fbem-20463	114	18	and	and	CCONJ
fbem-20463	114	19	dynamic	dynamic	ADJ
fbem-20463	114	20	evolution	evolution	NOUN
fbem-20463	114	21	between	between	ADP
fbem-20463	114	22	mergers	merger	NOUN
fbem-20463	114	23	and	and	CCONJ
fbem-20463	114	24	acquisitions	acquisition	NOUN
fbem-20463	114	25	.	.	PUNCT
fbem-20463	115	1	in	in	ADP
fbem-20463	115	2	general	general	ADJ
fbem-20463	115	3	,	,	PUNCT
fbem-20463	115	4	there	there	PRON
fbem-20463	115	5	are	be	VERB
fbem-20463	115	6	still	still	ADV
fbem-20463	115	7	many	many	ADJ
fbem-20463	115	8	gaps	gap	NOUN
fbem-20463	115	9	in	in	ADP
fbem-20463	115	10	the	the	DET
fbem-20463	115	11	research	research	NOUN
fbem-20463	115	12	work	work	NOUN
fbem-20463	115	13	on	on	ADP
fbem-20463	115	14	the	the	DET
fbem-20463	115	15	value	value	NOUN
fbem-20463	115	16	creation	creation	NOUN
fbem-20463	115	17	of	of	ADP
fbem-20463	115	18	continuous	continuous	ADJ
fbem-20463	115	19	mergers	merger	NOUN
fbem-20463	115	20	and	and	CCONJ
fbem-20463	115	21	acquisitions	acquisition	NOUN
fbem-20463	115	22	that	that	PRON
fbem-20463	115	23	need	need	VERB
fbem-20463	115	24	to	to	PART
fbem-20463	115	25	be	be	AUX
fbem-20463	115	26	improved	improve	VERB
fbem-20463	115	27	.	.	PUNCT
fbem-20463	116	1	in	in	ADP
fbem-20463	116	2	terms	term	NOUN
fbem-20463	116	3	of	of	ADP
fbem-20463	116	4	"	"	PUNCT
fbem-20463	116	5	continuous	continuous	ADJ
fbem-20463	116	6	mergers	merger	NOUN
fbem-20463	116	7	and	and	CCONJ
fbem-20463	116	8	acquisitions	acquisition	NOUN
fbem-20463	116	9	performance	performance	NOUN
fbem-20463	116	10	"	"	PUNCT
fbem-20463	116	11	,	,	PUNCT
fbem-20463	116	12	according	accord	VERB
fbem-20463	116	13	to	to	ADP
fbem-20463	116	14	the	the	DET
fbem-20463	116	15	existing	exist	VERB
fbem-20463	116	16	literature	literature	NOUN
fbem-20463	116	17	can	can	AUX
fbem-20463	116	18	be	be	AUX
fbem-20463	116	19	found	find	VERB
fbem-20463	116	20	that	that	SCONJ
fbem-20463	116	21	the	the	DET
fbem-20463	116	22	study	study	NOUN
fbem-20463	116	23	of	of	ADP
fbem-20463	116	24	continuous	continuous	ADJ
fbem-20463	116	25	acquisition	acquisition	NOUN
fbem-20463	116	26	performance	performance	NOUN
fbem-20463	116	27	started	start	VERB
fbem-20463	116	28	late	late	ADV
fbem-20463	116	29	,	,	PUNCT
fbem-20463	116	30	the	the	DET
fbem-20463	116	31	literature	literature	NOUN
fbem-20463	116	32	quantity	quantity	NOUN
fbem-20463	116	33	,	,	PUNCT
fbem-20463	116	34	only	only	ADV
fbem-20463	116	35	about	about	ADP
fbem-20463	116	36	hundred	hundred	NUM
fbem-20463	116	37	,	,	PUNCT
fbem-20463	116	38	development	development	NOUN
fbem-20463	116	39	is	be	AUX
fbem-20463	116	40	relatively	relatively	ADV
fbem-20463	116	41	slow	slow	ADJ
fbem-20463	116	42	,	,	PUNCT
fbem-20463	116	43	and	and	CCONJ
fbem-20463	116	44	the	the	DET
fbem-20463	116	45	existing	exist	VERB
fbem-20463	116	46	literature	literature	NOUN
fbem-20463	116	47	research	research	NOUN
fbem-20463	116	48	on	on	ADP
fbem-20463	116	49	continuous	continuous	ADJ
fbem-20463	116	50	mergers	merger	NOUN
fbem-20463	116	51	and	and	CCONJ
fbem-20463	116	52	acquisitions	acquisition	NOUN
fbem-20463	116	53	experience	experience	NOUN
fbem-20463	116	54	and	and	CCONJ
fbem-20463	116	55	management	management	NOUN
fbem-20463	116	56	characteristics	characteristic	NOUN
fbem-20463	116	57	and	and	CCONJ
fbem-20463	116	58	static	static	ADJ
fbem-20463	116	59	factors	factor	NOUN
fbem-20463	116	60	,	,	PUNCT
fbem-20463	116	61	few	few	ADJ
fbem-20463	116	62	explore	explore	VERB
fbem-20463	116	63	the	the	DET
fbem-20463	116	64	correlation	correlation	NOUN
fbem-20463	116	65	between	between	ADP
fbem-20463	116	66	continuous	continuous	ADJ
fbem-20463	116	67	mergers	merger	NOUN
fbem-20463	116	68	and	and	CCONJ
fbem-20463	116	69	acquisitions	acquisition	NOUN
fbem-20463	116	70	.	.	PUNCT
fbem-20463	117	1	in	in	ADP
fbem-20463	117	2	fact	fact	NOUN
fbem-20463	117	3	,	,	PUNCT
fbem-20463	117	4	the	the	DET
fbem-20463	117	5	merger	merger	NOUN
fbem-20463	117	6	and	and	CCONJ
fbem-20463	117	7	acquisition	acquisition	NOUN
fbem-20463	117	8	of	of	ADP
fbem-20463	117	9	enterprises	enterprise	NOUN
fbem-20463	117	10	is	be	AUX
fbem-20463	117	11	a	a	DET
fbem-20463	117	12	dynamic	dynamic	ADJ
fbem-20463	117	13	process	process	NOUN
fbem-20463	117	14	,	,	PUNCT
fbem-20463	117	15	and	and	CCONJ
fbem-20463	117	16	the	the	DET
fbem-20463	117	17	performance	performance	NOUN
fbem-20463	117	18	improvement	improvement	NOUN
fbem-20463	117	19	depends	depend	VERB
fbem-20463	117	20	more	more	ADV
fbem-20463	117	21	on	on	ADP
fbem-20463	117	22	the	the	DET
fbem-20463	117	23	management	management	NOUN
fbem-20463	117	24	,	,	PUNCT
fbem-20463	117	25	integration	integration	NOUN
fbem-20463	117	26	and	and	CCONJ
fbem-20463	117	27	utilization	utilization	NOUN
fbem-20463	117	28	after	after	ADP
fbem-20463	117	29	resource	resource	NOUN
fbem-20463	117	30	acquisition	acquisition	NOUN
fbem-20463	117	31	.	.	PUNCT
fbem-20463	118	1	secondly	secondly	ADV
fbem-20463	118	2	,	,	PUNCT
fbem-20463	118	3	in	in	ADP
fbem-20463	118	4	the	the	DET
fbem-20463	118	5	past	past	ADJ
fbem-20463	118	6	literature	literature	NOUN
fbem-20463	118	7	on	on	ADP
fbem-20463	118	8	the	the	DET
fbem-20463	118	9	performance	performance	NOUN
fbem-20463	118	10	of	of	ADP
fbem-20463	118	11	continuous	continuous	ADJ
fbem-20463	118	12	mergers	merger	NOUN
fbem-20463	118	13	and	and	CCONJ
fbem-20463	118	14	acquisitions	acquisition	NOUN
fbem-20463	118	15	,	,	PUNCT
fbem-20463	118	16	most	most	ADJ
fbem-20463	118	17	of	of	ADP
fbem-20463	118	18	the	the	DET
fbem-20463	118	19	event	event	NOUN
fbem-20463	118	20	research	research	NOUN
fbem-20463	118	21	method	method	NOUN
fbem-20463	118	22	and	and	CCONJ
fbem-20463	118	23	the	the	DET
fbem-20463	118	24	traditional	traditional	ADJ
fbem-20463	118	25	financial	financial	ADJ
fbem-20463	118	26	index	index	NOUN
fbem-20463	118	27	method	method	NOUN
fbem-20463	118	28	are	be	AUX
fbem-20463	118	29	adopted	adopt	VERB
fbem-20463	118	30	,	,	PUNCT
fbem-20463	118	31	but	but	CCONJ
fbem-20463	118	32	these	these	DET
fbem-20463	118	33	methods	method	NOUN
fbem-20463	118	34	only	only	ADV
fbem-20463	118	35	focus	focus	VERB
fbem-20463	118	36	on	on	ADP
fbem-20463	118	37	short	short	ADJ
fbem-20463	118	38	-	-	PUNCT
fbem-20463	118	39	term	term	NOUN
fbem-20463	118	40	accounting	accounting	NOUN
fbem-20463	118	41	information	information	NOUN
fbem-20463	118	42	,	,	PUNCT
fbem-20463	118	43	and	and	CCONJ
fbem-20463	118	44	do	do	AUX
fbem-20463	118	45	not	not	PART
fbem-20463	118	46	have	have	VERB
fbem-20463	118	47	too	too	ADV
fbem-20463	118	48	much	much	ADJ
fbem-20463	118	49	research	research	NOUN
fbem-20463	118	50	on	on	ADP
fbem-20463	118	51	the	the	DET
fbem-20463	118	52	long	long	ADJ
fbem-20463	118	53	-	-	PUNCT
fbem-20463	118	54	term	term	NOUN
fbem-20463	118	55	market	market	NOUN
fbem-20463	118	56	reaction	reaction	NOUN
fbem-20463	118	57	and	and	CCONJ
fbem-20463	118	58	non	non	ADJ
fbem-20463	118	59	-	-	ADJ
fbem-20463	118	60	financial	financial	ADJ
fbem-20463	118	61	performance	performance	NOUN
fbem-20463	118	62	of	of	ADP
fbem-20463	118	63	enterprises	enterprise	NOUN
fbem-20463	118	64	after	after	ADP
fbem-20463	118	65	continuous	continuous	ADJ
fbem-20463	118	66	mergers	merger	NOUN
fbem-20463	118	67	and	and	CCONJ
fbem-20463	118	68	acquisitions	acquisition	NOUN
fbem-20463	118	69	,	,	PUNCT
fbem-20463	118	70	which	which	PRON
fbem-20463	118	71	has	have	VERB
fbem-20463	118	72	certain	certain	ADJ
fbem-20463	118	73	limitations	limitation	NOUN
fbem-20463	118	74	.	.	PUNCT
fbem-20463	119	1	in	in	ADP
fbem-20463	119	2	the	the	DET
fbem-20463	119	3	future	future	NOUN
fbem-20463	119	4	,	,	PUNCT
fbem-20463	119	5	more	more	ADV
fbem-20463	119	6	detailed	detailed	ADJ
fbem-20463	119	7	analysis	analysis	NOUN
fbem-20463	119	8	can	can	AUX
fbem-20463	119	9	be	be	AUX
fbem-20463	119	10	carried	carry	VERB
fbem-20463	119	11	out	out	ADP
fbem-20463	119	12	at	at	ADP
fbem-20463	119	13	the	the	DET
fbem-20463	119	14	financial	financial	ADJ
fbem-20463	119	15	and	and	CCONJ
fbem-20463	119	16	nonfinancial	nonfinancial	ADJ
fbem-20463	119	17	level	level	NOUN
fbem-20463	119	18	.	.	PUNCT
fbem-20463	120	1	references	reference	NOUN
fbem-20463	120	2	[	[	X
fbem-20463	120	3	1	1	NUM
fbem-20463	120	4	]	]	PUNCT
fbem-20463	120	5	wernerfelt	wernerfelt	PROPN
fbem-20463	120	6	,	,	PUNCT
fbem-20463	120	7	b.	b.	PROPN
fbem-20463	120	8	a	a	DET
fbem-20463	120	9	resource	resource	NOUN
fbem-20463	120	10	-	-	PUNCT
fbem-20463	120	11	based	base	VERB
fbem-20463	120	12	view	view	NOUN
fbem-20463	120	13	of	of	ADP
fbem-20463	120	14	the	the	DET
fbem-20463	120	15	firm[j	firm[j	NOUN
fbem-20463	120	16	]	]	PUNCT
fbem-20463	120	17	.	.	PUNCT
fbem-20463	121	1	strategic	strategic	ADJ
fbem-20463	121	2	management	management	PROPN
fbem-20463	121	3	journal,1984,5(2):171–180	journal,1984,5(2):171–180	PROPN
fbem-20463	121	4	.	.	PUNCT
fbem-20463	122	1	[	[	X
fbem-20463	122	2	2	2	NUM
fbem-20463	122	3	]	]	PUNCT
fbem-20463	122	4	teece	teece	NOUN
fbem-20463	122	5	d.j.pisano	d.j.pisano	PROPN
fbem-20463	122	6	,	,	PUNCT
fbem-20463	122	7	g.	g.	PROPN
fbem-20463	122	8	&	&	CCONJ
fbem-20463	122	9	shuen	shuen	ADJ
fbem-20463	122	10	,	,	PUNCT
fbem-20463	122	11	a.dynamic	a.dynamic	ADJ
fbem-20463	122	12	capabilities	capability	NOUN
fbem-20463	122	13	and	and	CCONJ
fbem-20463	122	14	strategic	strategic	ADJ
fbem-20463	122	15	management	management	NOUN
fbem-20463	123	1	[	[	X
fbem-20463	123	2	j	j	X
fbem-20463	123	3	]	]	X
fbem-20463	123	4	.	.	PUNCT
fbem-20463	124	1	strategic	strategic	ADJ
fbem-20463	124	2	management	management	NOUN
fbem-20463	124	3	journal	journal	NOUN
fbem-20463	124	4	,	,	PUNCT
fbem-20463	124	5	1997	1997	NUM
fbem-20463	124	6	,	,	PUNCT
fbem-20463	124	7	18(7	18(7	NUM
fbem-20463	124	8	):	):	PUNCT
fbem-20463	124	9	509	509	NUM
fbem-20463	124	10	-	-	SYM
fbem-20463	124	11	533	533	NUM
fbem-20463	124	12	.	.	PUNCT
fbem-20463	125	1	[	[	X
fbem-20463	125	2	3	3	X
fbem-20463	125	3	]	]	X
fbem-20463	125	4	han	han	PROPN
fbem-20463	125	5	liyan	liyan	PROPN
fbem-20463	125	6	,	,	PUNCT
fbem-20463	125	7	chen	chen	PROPN
fbem-20463	125	8	qingyong	qingyong	PROPN
fbem-20463	125	9	.	.	PUNCT
fbem-20463	126	1	—	—	PUNCT
fbem-20463	126	2	—	—	PUNCT
fbem-20463	126	3	comes	come	VERB
fbem-20463	126	4	from	from	ADP
fbem-20463	126	5	the	the	DET
fbem-20463	126	6	evidence	evidence	NOUN
fbem-20463	126	7	of	of	ADP
fbem-20463	126	8	m	m	PROPN
fbem-20463	126	9	&	&	CCONJ
fbem-20463	126	10	a	a	DET
fbem-20463	126	11	performance	performance	NOUN
fbem-20463	126	12	of	of	ADP
fbem-20463	126	13	listed	list	VERB
fbem-20463	126	14	companies	company	NOUN
fbem-20463	126	15	in	in	ADP
fbem-20463	126	16	china	china	PROPN
fbem-20463	127	1	[	[	X
fbem-20463	127	2	j	j	X
fbem-20463	127	3	]	]	X
fbem-20463	127	4	.	.	PUNCT
fbem-20463	128	1	economics	economic	NOUN
fbem-20463	128	2	(	(	PUNCT
fbem-20463	128	3	quarterly	quarterly	ADJ
fbem-20463	128	4	journal	journal	NOUN
fbem-20463	128	5	)	)	PUNCT
fbem-20463	128	6	,	,	PUNCT
fbem-20463	128	7	2007	2007	NUM
fbem-20463	128	8	(	(	PUNCT
fbem-20463	128	9	04	04	NUM
fbem-20463	128	10	):	):	PUNCT
fbem-20463	128	11	1185	1185	NUM
fbem-20463	128	12	-	-	SYM
fbem-20463	128	13	1200	1200	NUM
fbem-20463	128	14	.	.	PUNCT
fbem-20463	129	1	[	[	X
fbem-20463	129	2	4	4	NUM
fbem-20463	129	3	]	]	SYM
fbem-20463	129	4	su	su	PROPN
fbem-20463	129	5	jingqin	jingqin	PROPN
fbem-20463	129	6	,	,	PUNCT
fbem-20463	129	7	liu	liu	PROPN
fbem-20463	129	8	jing	jing	PROPN
fbem-20463	129	9	.	.	PUNCT
fbem-20463	130	1	—	—	PUNCT
fbem-20463	130	2	—	—	PUNCT
fbem-20463	130	3	based	base	VERB
fbem-20463	130	4	on	on	ADP
fbem-20463	130	5	the	the	DET
fbem-20463	130	6	comparison	comparison	NOUN
fbem-20463	130	7	between	between	ADP
fbem-20463	130	8	western	western	ADJ
fbem-20463	130	9	theory	theory	NOUN
fbem-20463	130	10	and	and	CCONJ
fbem-20463	130	11	chinese	chinese	ADJ
fbem-20463	130	12	enterprises	enterprise	NOUN
fbem-20463	130	13	[	[	X
fbem-20463	130	14	j	j	X
fbem-20463	130	15	]	]	X
fbem-20463	130	16	.	.	PUNCT
fbem-20463	131	1	nankai	nankai	PROPN
fbem-20463	131	2	management	management	PROPN
fbem-20463	131	3	review	review	PROPN
fbem-20463	131	4	,	,	PUNCT
fbem-20463	131	5	2013,16	2013,16	NUM
fbem-20463	131	6	(	(	PUNCT
fbem-20463	131	7	02	02	NUM
fbem-20463	131	8	):	):	PUNCT
fbem-20463	131	9	57	57	NUM
fbem-20463	131	10	-	-	SYM
fbem-20463	131	11	63	63	NUM
fbem-20463	131	12	.	.	PUNCT
fbem-20463	132	1	[	[	X
fbem-20463	132	2	5	5	NUM
fbem-20463	132	3	]	]	X
fbem-20463	132	4	guo	guo	PROPN
fbem-20463	132	5	yibo	yibo	PROPN
fbem-20463	132	6	.	.	PUNCT
fbem-20463	133	1	review	review	NOUN
fbem-20463	133	2	of	of	ADP
fbem-20463	133	3	the	the	DET
fbem-20463	133	4	factors	factor	NOUN
fbem-20463	133	5	influencing	influence	VERB
fbem-20463	133	6	the	the	DET
fbem-20463	133	7	influence	influence	NOUN
fbem-20463	133	8	of	of	ADP
fbem-20463	133	9	continuous	continuous	ADJ
fbem-20463	133	10	m	m	PROPN
fbem-20463	133	11	&	&	CCONJ
fbem-20463	133	12	a	a	DET
fbem-20463	133	13	performance	performance	NOUN
fbem-20463	133	14	[	[	X
fbem-20463	133	15	j	j	X
fbem-20463	133	16	]	]	X
fbem-20463	133	17	.	.	PUNCT
fbem-20463	134	1	shang	shang	PROPN
fbem-20463	134	2	,	,	PUNCT
fbem-20463	134	3	2015	2015	NUM
fbem-20463	134	4	,	,	PUNCT
fbem-20463	134	5	(	(	PUNCT
fbem-20463	134	6	03	03	NUM
fbem-20463	134	7	):	):	PUNCT
fbem-20463	134	8	17	17	NUM
fbem-20463	134	9	.	.	NOUN
fbem-20463	134	10	142	142	NUM
fbem-20463	135	1	[	[	SYM
fbem-20463	135	2	6	6	NUM
fbem-20463	135	3	]	]	PUNCT
fbem-20463	135	4	huang	huang	PROPN
fbem-20463	135	5	manli	manli	PROPN
fbem-20463	135	6	,	,	PUNCT
fbem-20463	135	7	zhang	zhang	PROPN
fbem-20463	135	8	yue	yue	PROPN
fbem-20463	135	9	,	,	PUNCT
fbem-20463	135	10	li	li	PROPN
fbem-20463	135	11	jing	jing	PROPN
fbem-20463	135	12	.	.	PUNCT
fbem-20463	136	1	review	review	NOUN
fbem-20463	136	2	of	of	ADP
fbem-20463	136	3	continuous	continuous	ADJ
fbem-20463	136	4	m	m	PROPN
fbem-20463	136	5	&	&	CCONJ
fbem-20463	136	6	a	a	DET
fbem-20463	136	7	studies	study	NOUN
fbem-20463	136	8	based	base	VERB
fbem-20463	136	9	on	on	ADP
fbem-20463	136	10	a	a	DET
fbem-20463	136	11	time	time	NOUN
fbem-20463	136	12	-	-	PUNCT
fbem-20463	136	13	course	course	NOUN
fbem-20463	136	14	perspective	perspective	NOUN
fbem-20463	137	1	[	[	X
fbem-20463	137	2	j	j	X
fbem-20463	137	3	]	]	X
fbem-20463	137	4	.	.	PUNCT
fbem-20463	138	1	journal	journal	PROPN
fbem-20463	138	2	of	of	ADP
fbem-20463	138	3	management	management	NOUN
fbem-20463	138	4	,	,	PUNCT
fbem-20463	138	5	2020,17	2020,17	NUM
fbem-20463	138	6	(	(	PUNCT
fbem-20463	138	7	09	09	NUM
fbem-20463	138	8	):	):	PUNCT
fbem-20463	138	9	1412	1412	NUM
fbem-20463	138	10	-	-	SYM
fbem-20463	138	11	1422	1422	NUM
fbem-20463	138	12	.	.	PUNCT
fbem-20463	139	1	[	[	X
fbem-20463	139	2	7	7	X
fbem-20463	139	3	]	]	X
fbem-20463	139	4	laamanen	laamanen	PROPN
fbem-20463	139	5	t	t	PROPN
fbem-20463	139	6	,	,	PUNCT
fbem-20463	139	7	keil	keil	PROPN
fbem-20463	139	8	t.	t.	NOUN
fbem-20463	139	9	performance	performance	NOUN
fbem-20463	139	10	of	of	ADP
fbem-20463	139	11	serial	serial	ADJ
fbem-20463	139	12	acquirers	acquirer	NOUN
fbem-20463	139	13	:	:	PUNCT
fbem-20463	139	14	toward	toward	ADP
fbem-20463	139	15	an	an	DET
fbem-20463	139	16	ac	ac	PROPN
fbem-20463	139	17	quisition	quisition	PROPN
fbem-20463	139	18	program	program	NOUN
fbem-20463	139	19	perspective	perspective	NOUN
fbem-20463	140	1	[	[	X
fbem-20463	140	2	j	j	X
fbem-20463	140	3	]	]	X
fbem-20463	140	4	.	.	PUNCT
fbem-20463	140	5	strategic	strategic	ADJ
fbem-20463	140	6	management	management	NOUN
fbem-20463	140	7	journal	journal	NOUN
fbem-20463	140	8	,	,	PUNCT
fbem-20463	140	9	2008	2008	NUM
fbem-20463	140	10	,	,	PUNCT
fbem-20463	140	11	29(6):663－672	29(6):663－672	NUM
fbem-20463	140	12	.	.	PUNCT
fbem-20463	141	1	[	[	X
fbem-20463	141	2	8	8	NUM
fbem-20463	141	3	]	]	PUNCT
fbem-20463	141	4	zou	zou	PROPN
fbem-20463	141	5	lihang	lihang	PROPN
fbem-20463	141	6	.	.	PUNCT
fbem-20463	142	1	research	research	NOUN
fbem-20463	142	2	on	on	ADP
fbem-20463	142	3	the	the	DET
fbem-20463	142	4	influencing	influence	VERB
fbem-20463	142	5	factors	factor	NOUN
fbem-20463	142	6	of	of	ADP
fbem-20463	142	7	growth	growth	NOUN
fbem-20463	142	8	tobin	tobin	PROPN
fbem-20463	142	9	q	q	PROPN
fbem-20463	143	1	[	[	X
fbem-20463	143	2	j	j	X
fbem-20463	143	3	]	]	X
fbem-20463	143	4	.	.	PUNCT
fbem-20463	144	1	finance	finance	NOUN
fbem-20463	144	2	and	and	CCONJ
fbem-20463	144	3	economics	economic	NOUN
fbem-20463	144	4	,	,	PUNCT
fbem-20463	144	5	2013,422	2013,422	NUM
fbem-20463	144	6	(	(	PUNCT
fbem-20463	144	7	07	07	NUM
fbem-20463	144	8	):	):	PUNCT
fbem-20463	144	9	69	69	NUM
fbem-20463	144	10	-	-	SYM
fbem-20463	144	11	71	71	NUM
fbem-20463	144	12	.	.	PUNCT
fbem-20463	145	1	[	[	X
fbem-20463	145	2	9	9	NUM
fbem-20463	145	3	]	]	PUNCT
fbem-20463	145	4	jarrad	jarrad	NOUN
fbem-20463	145	5	harford.what	harford.what	PRON
fbem-20463	145	6	drives	drive	VERB
fbem-20463	145	7	merger	merger	NOUN
fbem-20463	145	8	waves[j].journal	waves[j].journal	NOUN
fbem-20463	145	9	of	of	ADP
fbem-20463	145	10	financial	financial	ADJ
fbem-20463	145	11	economics.2004,(3):17	economics.2004,(3):17	NOUN
fbem-20463	145	12	-	-	PUNCT
fbem-20463	145	13	28	28	NUM
fbem-20463	145	14	.	.	PUNCT
fbem-20463	146	1	[	[	X
fbem-20463	146	2	10	10	NUM
fbem-20463	146	3	]	]	X
fbem-20463	146	4	deng	deng	PROPN
fbem-20463	146	5	p	p	PROPN
fbem-20463	146	6	.why	.why	PUNCT
fbem-20463	146	7	do	do	AUX
fbem-20463	146	8	chinese	chinese	ADJ
fbem-20463	146	9	firms	firm	NOUN
fbem-20463	146	10	tend	tend	VERB
fbem-20463	146	11	to	to	PART
fbem-20463	146	12	acquire	acquire	VERB
fbem-20463	146	13	strategic	strategic	ADJ
fbem-20463	146	14	assets	asset	NOUN
fbem-20463	146	15	in	in	ADP
fbem-20463	146	16	international	international	ADJ
fbem-20463	146	17	expansion?[j].journal	expansion?[j].journal	PROPN
fbem-20463	146	18	of	of	ADP
fbem-20463	146	19	world	world	NOUN
fbem-20463	146	20	business,2009,44(1):74	business,2009,44(1):74	PROPN
fbem-20463	146	21	-	-	PUNCT
fbem-20463	146	22	84	84	NUM
fbem-20463	146	23	.	.	PUNCT
fbem-20463	147	1	[	[	X
fbem-20463	147	2	11	11	NUM
fbem-20463	147	3	]	]	X
fbem-20463	147	4	zhang	zhang	PROPN
fbem-20463	147	5	lan	lan	PROPN
fbem-20463	147	6	,	,	PUNCT
fbem-20463	147	7	fan	fan	PROPN
fbem-20463	147	8	libo	libo	PROPN
fbem-20463	147	9	,	,	PUNCT
fbem-20463	147	10	bao	bao	PROPN
fbem-20463	147	11	.	.	PUNCT
fbem-20463	148	1	why	why	SCONJ
fbem-20463	148	2	will	will	AUX
fbem-20463	148	3	enterprises	enterprise	NOUN
fbem-20463	148	4	continue	continue	VERB
fbem-20463	148	5	to	to	ADP
fbem-20463	148	6	mergers	merger	NOUN
fbem-20463	148	7	and	and	CCONJ
fbem-20463	148	8	acquisitions?——evidence	acquisitions?——evidence	NOUN
fbem-20463	148	9	from	from	ADP
fbem-20463	148	10	the	the	DET
fbem-20463	148	11	manufacturing	manufacturing	NOUN
fbem-20463	148	12	enterprises	enterprise	NOUN
fbem-20463	148	13	in	in	ADP
fbem-20463	148	14	china	china	PROPN
fbem-20463	149	1	[	[	X
fbem-20463	149	2	j	j	X
fbem-20463	149	3	]	]	X
fbem-20463	149	4	.	.	PUNCT
fbem-20463	150	1	accounting	accounting	NOUN
fbem-20463	150	2	and	and	CCONJ
fbem-20463	150	3	communication	communication	NOUN
fbem-20463	150	4	,	,	PUNCT
fbem-20463	150	5	2018	2018	NUM
fbem-20463	150	6	(	(	PUNCT
fbem-20463	150	7	30	30	NUM
fbem-20463	150	8	):	):	PUNCT
fbem-20463	150	9	10	10	NUM
fbem-20463	150	10	-	-	SYM
fbem-20463	150	11	17	17	NUM
fbem-20463	150	12	.	.	PUNCT
fbem-20463	151	1	[	[	X
fbem-20463	151	2	12	12	NUM
fbem-20463	151	3	]	]	X
fbem-20463	151	4	billett	billett	NOUN
fbem-20463	151	5	and	and	CCONJ
fbem-20463	151	6	yi	yi	PROPN
fbem-20463	151	7	ming	ming	PROPN
fbem-20463	151	8	qian.are	qian.are	PROPN
fbem-20463	151	9	over	over	ADP
fbem-20463	151	10	confident	confident	ADJ
fbem-20463	151	11	ceo	ceo	NOUN
fbem-20463	151	12	born	bear	VERB
fbem-20463	151	13	or	or	CCONJ
fbem-20463	151	14	made?evidence	made?evidence	PROPN
fbem-20463	151	15	of	of	ADP
fbem-20463	151	16	self	self	NOUN
fbem-20463	151	17	-	-	PUNCT
fbem-20463	151	18	attribution	attribution	NOUN
fbem-20463	151	19	bias	bias	NOUN
fbem-20463	151	20	from	from	ADP
fbem-20463	151	21	frequent	frequent	ADJ
fbem-20463	151	22	acquirers[j].management	acquirers[j].management	ADJ
fbem-20463	151	23	science,2008,54(6):1037	science,2008,54(6):1037	PROPN
fbem-20463	151	24	-	-	PUNCT
fbem-20463	151	25	1051	1051	NUM
fbem-20463	151	26	.	.	PUNCT
fbem-20463	152	1	[	[	X
fbem-20463	152	2	13	13	NUM
fbem-20463	152	3	]	]	SYM
fbem-20463	152	4	tang	tang	X
fbem-20463	152	5	bei	bei	PROPN
fbem-20463	152	6	.	.	PUNCT
fbem-20463	153	1	the	the	DET
fbem-20463	153	2	impact	impact	NOUN
fbem-20463	153	3	of	of	ADP
fbem-20463	153	4	manager	manager	NOUN
fbem-20463	153	5	overconfidence	overconfidence	NOUN
fbem-20463	153	6	on	on	ADP
fbem-20463	153	7	m	m	PROPN
fbem-20463	153	8	&	&	CCONJ
fbem-20463	153	9	a	a	DET
fbem-20463	153	10	investment	investment	NOUN
fbem-20463	153	11	of	of	ADP
fbem-20463	153	12	listed	list	VERB
fbem-20463	153	13	companies	company	NOUN
fbem-20463	154	1	[	[	X
fbem-20463	154	2	j	j	X
fbem-20463	154	3	]	]	X
fbem-20463	154	4	.	.	PUNCT
fbem-20463	155	1	audit	audit	NOUN
fbem-20463	155	2	and	and	CCONJ
fbem-20463	155	3	economic	economic	ADJ
fbem-20463	155	4	research	research	NOUN
fbem-20463	155	5	,	,	PUNCT
fbem-20463	155	6	2010	2010	NUM
fbem-20463	155	7	(	(	PUNCT
fbem-20463	155	8	05	05	NUM
fbem-20463	155	9	):	):	PUNCT
fbem-20463	155	10	77	77	NUM
fbem-20463	155	11	-	-	SYM
fbem-20463	155	12	83	83	NUM
fbem-20463	155	13	.	.	PUNCT
fbem-20463	156	1	[	[	X
fbem-20463	156	2	14	14	NUM
fbem-20463	156	3	]	]	X
fbem-20463	156	4	mathews	mathews	PROPN
fbem-20463	156	5	,	,	PUNCT
fbem-20463	156	6	john	john	PROPN
fbem-20463	156	7	a.dragon	a.dragon	PROPN
fbem-20463	156	8	multinationals	multinational	NOUN
fbem-20463	156	9	powered	power	VERB
fbem-20463	156	10	by	by	ADP
fbem-20463	156	11	linkage	linkage	NOUN
fbem-20463	156	12	,	,	PUNCT
fbem-20463	156	13	leverage	leverage	NOUN
fbem-20463	156	14	and	and	CCONJ
fbem-20463	156	15	learning	learning	NOUN
fbem-20463	156	16	:	:	PUNCT
fbem-20463	156	17	a	a	DET
fbem-20463	156	18	review	review	NOUN
fbem-20463	156	19	and	and	CCONJ
fbem-20463	156	20	development[j	development[j	PROPN
fbem-20463	156	21	]	]	PUNCT
fbem-20463	156	22	.	.	PUNCT
fbem-20463	157	1	asia	asia	PROPN
fbem-20463	157	2	pacific	pacific	PROPN
fbem-20463	157	3	journal	journal	PROPN
fbem-20463	157	4	of	of	ADP
fbem-20463	157	5	management,2017,34(4):769	management,2017,34(4):769	NOUN
fbem-20463	157	6	-	-	PUNCT
fbem-20463	157	7	775	775	NUM
fbem-20463	157	8	.	.	PUNCT
fbem-20463	158	1	[	[	X
fbem-20463	158	2	15	15	NUM
fbem-20463	158	3	]	]	X
fbem-20463	158	4	yuan	yuan	PROPN
fbem-20463	158	5	liang	liang	PROPN
fbem-20463	158	6	,	,	PUNCT
fbem-20463	158	7	chai	chai	NOUN
fbem-20463	158	8	lin	lin	PROPN
fbem-20463	158	9	,	,	PUNCT
fbem-20463	158	10	liu	liu	PROPN
fbem-20463	158	11	jiangshan	jiangshan	PROPN
fbem-20463	158	12	.	.	PUNCT
fbem-20463	159	1	research	research	NOUN
fbem-20463	159	2	on	on	ADP
fbem-20463	159	3	the	the	DET
fbem-20463	159	4	mechanism	mechanism	NOUN
fbem-20463	159	5	of	of	ADP
fbem-20463	159	6	the	the	DET
fbem-20463	159	7	influence	influence	NOUN
fbem-20463	159	8	of	of	ADP
fbem-20463	159	9	continuous	continuous	ADJ
fbem-20463	159	10	m	m	PROPN
fbem-20463	159	11	&	&	CCONJ
fbem-20463	159	12	a	a	PRON
fbem-20463	159	13	of	of	ADP
fbem-20463	159	14	listed	list	VERB
fbem-20463	159	15	companies	company	NOUN
fbem-20463	159	16	on	on	ADP
fbem-20463	159	17	enterprise	enterprise	NOUN
fbem-20463	159	18	value	value	NOUN
fbem-20463	159	19	—	—	PUNCT
fbem-20463	159	20	—	—	PUNCT
fbem-20463	159	21	based	base	VERB
fbem-20463	159	22	on	on	ADP
fbem-20463	159	23	the	the	DET
fbem-20463	159	24	continuous	continuous	ADJ
fbem-20463	159	25	m	m	NOUN
fbem-20463	159	26	&	&	CCONJ
fbem-20463	159	27	a	a	DET
fbem-20463	159	28	case	case	NOUN
fbem-20463	159	29	of	of	ADP
fbem-20463	159	30	dongshan	dongshan	ADJ
fbem-20463	159	31	precision	precision	NOUN
fbem-20463	160	1	[	[	X
fbem-20463	160	2	j	j	X
fbem-20463	160	3	]	]	X
fbem-20463	160	4	.	.	PUNCT
fbem-20463	161	1	accounting	accounting	NOUN
fbem-20463	161	2	communication	communication	NOUN
fbem-20463	161	3	,	,	PUNCT
fbem-20463	161	4	2023	2023	NUM
fbem-20463	161	5	(	(	PUNCT
fbem-20463	161	6	12	12	NUM
fbem-20463	161	7	):	):	PUNCT
fbem-20463	161	8	1	1	NUM
fbem-20463	161	9	-	-	SYM
fbem-20463	161	10	7	7	NUM
fbem-20463	161	11	.	.	PUNCT