id	sid	tid	token	lemma	pos
fbem-25570	1	1	frontiers	frontier	NOUN
fbem-25570	1	2	in	in	ADP
fbem-25570	1	3	business	business	NOUN
fbem-25570	1	4	,	,	PUNCT
fbem-25570	1	5	economics	economic	NOUN
fbem-25570	1	6	and	and	CCONJ
fbem-25570	1	7	management	management	NOUN
fbem-25570	1	8	issn	issn	PROPN
fbem-25570	1	9	:	:	PUNCT
fbem-25570	1	10	2766	2766	NUM
fbem-25570	1	11	-	-	PUNCT
fbem-25570	1	12	824x	824x	NUM
fbem-25570	1	13	|	|	ADJ
fbem-25570	1	14	vol	vol	NOUN
fbem-25570	1	15	.	.	PUNCT
fbem-25570	2	1	16	16	NUM
fbem-25570	2	2	,	,	PUNCT
fbem-25570	2	3	no	no	INTJ
fbem-25570	2	4	.	.	NOUN
fbem-25570	2	5	2	2	NUM
fbem-25570	2	6	,	,	PUNCT
fbem-25570	2	7	2024	2024	NUM
fbem-25570	2	8	171	171	NUM
fbem-25570	2	9	the	the	DET
fbem-25570	2	10	impact	impact	NOUN
fbem-25570	2	11	of	of	ADP
fbem-25570	2	12	local	local	ADJ
fbem-25570	2	13	government	government	NOUN
fbem-25570	2	14	debt	debt	NOUN
fbem-25570	2	15	on	on	ADP
fbem-25570	2	16	corporate	corporate	ADJ
fbem-25570	2	17	risk	risk	NOUN
fbem-25570	2	18	-	-	PUNCT
fbem-25570	2	19	taking	take	VERB
fbem-25570	2	20	haonan	haonan	ADJ
fbem-25570	2	21	li	li	PROPN
fbem-25570	2	22	1	1	NUM
fbem-25570	2	23	,	,	PUNCT
fbem-25570	2	24	*	*	PUNCT
fbem-25570	2	25	,	,	PUNCT
fbem-25570	2	26	yingnan	yingnan	INTJ
fbem-25570	2	27	li	li	NOUN
fbem-25570	2	28	2	2	NUM
fbem-25570	2	29	1	1	NUM
fbem-25570	2	30	department	department	NOUN
fbem-25570	2	31	of	of	ADP
fbem-25570	2	32	economics	economic	NOUN
fbem-25570	2	33	,	,	PUNCT
fbem-25570	2	34	hangzhou	hangzhou	PROPN
fbem-25570	2	35	dianzi	dianzi	PROPN
fbem-25570	2	36	university	university	PROPN
fbem-25570	2	37	,	,	PUNCT
fbem-25570	2	38	hangzhou	hangzhou	PROPN
fbem-25570	2	39	,	,	PUNCT
fbem-25570	2	40	co	co	NOUN
fbem-25570	2	41	330100	330100	NUM
fbem-25570	2	42	,	,	PUNCT
fbem-25570	2	43	china	china	PROPN
fbem-25570	2	44	2	2	NUM
fbem-25570	2	45	department	department	NOUN
fbem-25570	2	46	of	of	ADP
fbem-25570	2	47	control	control	NOUN
fbem-25570	2	48	and	and	CCONJ
fbem-25570	2	49	mechanical	mechanical	ADJ
fbem-25570	2	50	engineering	engineering	NOUN
fbem-25570	2	51	,	,	PUNCT
fbem-25570	2	52	tianjin	tianjin	PROPN
fbem-25570	2	53	chengjian	chengjian	PROPN
fbem-25570	2	54	university	university	PROPN
fbem-25570	2	55	,	,	PUNCT
fbem-25570	2	56	tianjin	tianjin	PROPN
fbem-25570	2	57	,	,	PUNCT
fbem-25570	2	58	co	co	NOUN
fbem-25570	2	59	300384	300384	NUM
fbem-25570	2	60	,	,	PUNCT
fbem-25570	2	61	china	china	PROPN
fbem-25570	2	62	*	*	PUNCT
fbem-25570	2	63	corresponding	correspond	VERB
fbem-25570	2	64	author	author	NOUN
fbem-25570	2	65	:	:	PUNCT
fbem-25570	2	66	haonan	haonan	PROPN
fbem-25570	2	67	li	li	PROPN
fbem-25570	2	68	(	(	PUNCT
fbem-25570	2	69	email	email	NOUN
fbem-25570	2	70	:	:	PUNCT
fbem-25570	2	71	1478333954@qq.com	1478333954@qq.com	NUM
fbem-25570	2	72	)	)	PUNCT
fbem-25570	2	73	abstract	abstract	NOUN
fbem-25570	2	74	:	:	PUNCT
fbem-25570	2	75	as	as	SCONJ
fbem-25570	2	76	the	the	DET
fbem-25570	2	77	scale	scale	NOUN
fbem-25570	2	78	of	of	ADP
fbem-25570	2	79	local	local	ADJ
fbem-25570	2	80	government	government	NOUN
fbem-25570	2	81	debt	debt	NOUN
fbem-25570	2	82	continues	continue	VERB
fbem-25570	2	83	to	to	PART
fbem-25570	2	84	expand	expand	VERB
fbem-25570	2	85	,	,	PUNCT
fbem-25570	2	86	it	it	PRON
fbem-25570	2	87	is	be	AUX
fbem-25570	2	88	necessary	necessary	ADJ
fbem-25570	2	89	to	to	PART
fbem-25570	2	90	explore	explore	VERB
fbem-25570	2	91	the	the	DET
fbem-25570	2	92	impact	impact	NOUN
fbem-25570	2	93	of	of	ADP
fbem-25570	2	94	local	local	ADJ
fbem-25570	2	95	government	government	NOUN
fbem-25570	2	96	debt	debt	NOUN
fbem-25570	2	97	on	on	ADP
fbem-25570	2	98	corporate	corporate	ADJ
fbem-25570	2	99	micro-behavior.based	micro-behavior.base	VERB
fbem-25570	2	100	on	on	ADP
fbem-25570	2	101	the	the	DET
fbem-25570	2	102	data	datum	NOUN
fbem-25570	2	103	of	of	ADP
fbem-25570	2	104	a	a	DET
fbem-25570	2	105	-	-	PUNCT
fbem-25570	2	106	share	share	NOUN
fbem-25570	2	107	listed	list	VERB
fbem-25570	2	108	companies	company	NOUN
fbem-25570	2	109	from	from	ADP
fbem-25570	2	110	2011	2011	NUM
fbem-25570	2	111	to	to	ADP
fbem-25570	2	112	2021	2021	NUM
fbem-25570	2	113	,	,	PUNCT
fbem-25570	2	114	this	this	DET
fbem-25570	2	115	paper	paper	NOUN
fbem-25570	2	116	empirically	empirically	ADV
fbem-25570	2	117	examines	examine	VERB
fbem-25570	2	118	the	the	DET
fbem-25570	2	119	impact	impact	NOUN
fbem-25570	2	120	and	and	CCONJ
fbem-25570	2	121	mechanism	mechanism	NOUN
fbem-25570	2	122	of	of	ADP
fbem-25570	2	123	local	local	ADJ
fbem-25570	2	124	government	government	NOUN
fbem-25570	2	125	debt	debt	NOUN
fbem-25570	2	126	on	on	ADP
fbem-25570	2	127	corporate	corporate	ADJ
fbem-25570	2	128	risk	risk	NOUN
fbem-25570	2	129	-	-	PUNCT
fbem-25570	2	130	taking	taking	NOUN
fbem-25570	2	131	,	,	PUNCT
fbem-25570	2	132	and	and	CCONJ
fbem-25570	2	133	the	the	DET
fbem-25570	2	134	above	above	ADJ
fbem-25570	2	135	conclusions	conclusion	NOUN
fbem-25570	2	136	are	be	AUX
fbem-25570	2	137	justified	justify	VERB
fbem-25570	2	138	after	after	SCONJ
fbem-25570	2	139	a	a	DET
fbem-25570	2	140	series	series	NOUN
fbem-25570	2	141	of	of	ADP
fbem-25570	2	142	robustness	robustness	NOUN
fbem-25570	2	143	tests.it	tests.it	PUNCT
fbem-25570	2	144	is	be	AUX
fbem-25570	2	145	found	find	VERB
fbem-25570	2	146	that	that	SCONJ
fbem-25570	2	147	local	local	ADJ
fbem-25570	2	148	government	government	NOUN
fbem-25570	2	149	debt	debt	NOUN
fbem-25570	2	150	reduces	reduce	VERB
fbem-25570	2	151	firm	firm	ADJ
fbem-25570	2	152	risk	risk	NOUN
fbem-25570	2	153	-	-	PUNCT
fbem-25570	2	154	taking	taking	NOUN
fbem-25570	2	155	and	and	CCONJ
fbem-25570	2	156	that	that	SCONJ
fbem-25570	2	157	financing	financing	NOUN
fbem-25570	2	158	constraints	constraint	NOUN
fbem-25570	2	159	partially	partially	ADV
fbem-25570	2	160	mediate	mediate	VERB
fbem-25570	2	161	this	this	DET
fbem-25570	2	162	effect.further	effect.further	ADJ
fbem-25570	2	163	analysis	analysis	NOUN
fbem-25570	2	164	reveals	reveal	VERB
fbem-25570	2	165	that	that	SCONJ
fbem-25570	2	166	the	the	DET
fbem-25570	2	167	risk	risk	NOUN
fbem-25570	2	168	-	-	PUNCT
fbem-25570	2	169	taking	take	VERB
fbem-25570	2	170	level	level	NOUN
fbem-25570	2	171	of	of	ADP
fbem-25570	2	172	mature	mature	ADJ
fbem-25570	2	173	firms	firm	NOUN
fbem-25570	2	174	is	be	AUX
fbem-25570	2	175	significantly	significantly	ADV
fbem-25570	2	176	affected	affect	VERB
fbem-25570	2	177	by	by	ADP
fbem-25570	2	178	the	the	DET
fbem-25570	2	179	negative	negative	ADJ
fbem-25570	2	180	impact	impact	NOUN
fbem-25570	2	181	of	of	ADP
fbem-25570	2	182	local	local	ADJ
fbem-25570	2	183	government	government	NOUN
fbem-25570	2	184	debt	debt	NOUN
fbem-25570	2	185	.	.	PUNCT
fbem-25570	3	1	the	the	DET
fbem-25570	3	2	research	research	NOUN
fbem-25570	3	3	in	in	ADP
fbem-25570	3	4	this	this	DET
fbem-25570	3	5	paper	paper	NOUN
fbem-25570	3	6	provides	provide	VERB
fbem-25570	3	7	empirical	empirical	ADJ
fbem-25570	3	8	evidence	evidence	NOUN
fbem-25570	3	9	for	for	ADP
fbem-25570	3	10	mitigating	mitigate	VERB
fbem-25570	3	11	local	local	ADJ
fbem-25570	3	12	government	government	NOUN
fbem-25570	3	13	debt	debt	NOUN
fbem-25570	3	14	risk	risk	NOUN
fbem-25570	3	15	.	.	PUNCT
fbem-25570	4	1	keywords	keyword	NOUN
fbem-25570	4	2	:	:	PUNCT
fbem-25570	4	3	local	local	ADJ
fbem-25570	4	4	government	government	NOUN
fbem-25570	4	5	debt	debt	NOUN
fbem-25570	4	6	risk	risk	NOUN
fbem-25570	4	7	,	,	PUNCT
fbem-25570	4	8	corporate	corporate	ADJ
fbem-25570	4	9	risk	risk	NOUN
fbem-25570	4	10	-	-	PUNCT
fbem-25570	4	11	taking	taking	NOUN
fbem-25570	4	12	,	,	PUNCT
fbem-25570	4	13	crowding	crowd	VERB
fbem-25570	4	14	-	-	PUNCT
fbem-25570	4	15	out	out	ADP
fbem-25570	4	16	effect	effect	NOUN
fbem-25570	4	17	,	,	PUNCT
fbem-25570	4	18	financing	financing	NOUN
fbem-25570	4	19	constraints	constraint	NOUN
fbem-25570	4	20	.	.	PUNCT
fbem-25570	5	1	1	1	X
fbem-25570	5	2	.	.	X
fbem-25570	5	3	introduction	introduction	NOUN
fbem-25570	5	4	in	in	ADP
fbem-25570	5	5	response	response	NOUN
fbem-25570	5	6	to	to	ADP
fbem-25570	5	7	the	the	DET
fbem-25570	5	8	impact	impact	NOUN
fbem-25570	5	9	of	of	ADP
fbem-25570	5	10	the	the	DET
fbem-25570	5	11	international	international	ADJ
fbem-25570	5	12	financial	financial	ADJ
fbem-25570	5	13	crisis	crisis	NOUN
fbem-25570	5	14	in	in	ADP
fbem-25570	5	15	2008	2008	NUM
fbem-25570	5	16	,	,	PUNCT
fbem-25570	5	17	the	the	DET
fbem-25570	5	18	chinese	chinese	ADJ
fbem-25570	5	19	government	government	NOUN
fbem-25570	5	20	adopted	adopt	VERB
fbem-25570	5	21	a	a	DET
fbem-25570	5	22	series	series	NOUN
fbem-25570	5	23	of	of	ADP
fbem-25570	5	24	measures	measure	NOUN
fbem-25570	5	25	to	to	PART
fbem-25570	5	26	further	far	ADV
fbem-25570	5	27	expand	expand	VERB
fbem-25570	5	28	domestic	domestic	ADJ
fbem-25570	5	29	demand	demand	NOUN
fbem-25570	5	30	and	and	CCONJ
fbem-25570	5	31	promote	promote	VERB
fbem-25570	5	32	stable	stable	ADJ
fbem-25570	5	33	and	and	CCONJ
fbem-25570	5	34	rapid	rapid	ADJ
fbem-25570	5	35	economic	economic	ADJ
fbem-25570	5	36	growth	growth	NOUN
fbem-25570	5	37	,	,	PUNCT
fbem-25570	5	38	known	know	VERB
fbem-25570	5	39	as	as	ADP
fbem-25570	5	40	the	the	DET
fbem-25570	5	41	“	"	PUNCT
fbem-25570	5	42	four	four	NUM
fbem-25570	5	43	trillion	trillion	NUM
fbem-25570	5	44	yuan	yuan	NOUN
fbem-25570	5	45	”	"	PUNCT
fbem-25570	5	46	economic	economic	ADJ
fbem-25570	5	47	stimulus	stimulus	ADJ
fbem-25570	5	48	plan	plan	NOUN
fbem-25570	5	49	.	.	PUNCT
fbem-25570	6	1	of	of	ADP
fbem-25570	6	2	the	the	DET
fbem-25570	6	3	four	four	NUM
fbem-25570	6	4	trillion	trillion	NUM
fbem-25570	6	5	,	,	PUNCT
fbem-25570	6	6	one	one	NUM
fbem-25570	6	7	trillion	trillion	NUM
fbem-25570	6	8	comes	come	VERB
fbem-25570	6	9	from	from	ADP
fbem-25570	6	10	the	the	DET
fbem-25570	6	11	central	central	ADJ
fbem-25570	6	12	government	government	NOUN
fbem-25570	6	13	's	's	PART
fbem-25570	6	14	coffers	coffer	NOUN
fbem-25570	6	15	,	,	PUNCT
fbem-25570	6	16	while	while	SCONJ
fbem-25570	6	17	the	the	DET
fbem-25570	6	18	other	other	ADJ
fbem-25570	6	19	three	three	NUM
fbem-25570	6	20	trillion	trillion	NUM
fbem-25570	6	21	need	need	NOUN
fbem-25570	6	22	to	to	PART
fbem-25570	6	23	be	be	AUX
fbem-25570	6	24	solved	solve	VERB
fbem-25570	6	25	by	by	ADP
fbem-25570	6	26	local	local	ADJ
fbem-25570	6	27	governments	government	NOUN
fbem-25570	6	28	themselves	themselves	PRON
fbem-25570	6	29	,	,	PUNCT
fbem-25570	6	30	and	and	CCONJ
fbem-25570	6	31	as	as	ADP
fbem-25570	6	32	a	a	DET
fbem-25570	6	33	result	result	NOUN
fbem-25570	6	34	,	,	PUNCT
fbem-25570	6	35	the	the	DET
fbem-25570	6	36	volume	volume	NOUN
fbem-25570	6	37	of	of	ADP
fbem-25570	6	38	local	local	ADJ
fbem-25570	6	39	government	government	NOUN
fbem-25570	6	40	debt	debt	NOUN
fbem-25570	6	41	is	be	AUX
fbem-25570	6	42	rising	rise	VERB
fbem-25570	6	43	rapidly	rapidly	ADV
fbem-25570	6	44	.	.	PUNCT
fbem-25570	7	1	after	after	ADP
fbem-25570	7	2	that	that	PRON
fbem-25570	7	3	,	,	PUNCT
fbem-25570	7	4	the	the	DET
fbem-25570	7	5	central	central	ADJ
fbem-25570	7	6	government	government	NOUN
fbem-25570	7	7	gradually	gradually	ADV
fbem-25570	7	8	liberalized	liberalize	VERB
fbem-25570	7	9	local	local	ADJ
fbem-25570	7	10	government	government	NOUN
fbem-25570	7	11	debt	debt	NOUN
fbem-25570	7	12	issuance	issuance	NOUN
fbem-25570	7	13	since	since	SCONJ
fbem-25570	7	14	2011	2011	NUM
fbem-25570	7	15	and	and	CCONJ
fbem-25570	7	16	expanded	expand	VERB
fbem-25570	7	17	the	the	DET
fbem-25570	7	18	pilot	pilot	NOUN
fbem-25570	7	19	scope	scope	NOUN
fbem-25570	7	20	of	of	ADP
fbem-25570	7	21	local	local	ADJ
fbem-25570	7	22	government	government	NOUN
fbem-25570	7	23	debt	debt	NOUN
fbem-25570	7	24	issuance	issuance	NOUN
fbem-25570	7	25	in	in	ADP
fbem-25570	7	26	2014	2014	NUM
fbem-25570	7	27	,	,	PUNCT
fbem-25570	7	28	and	and	CCONJ
fbem-25570	7	29	new	new	ADJ
fbem-25570	7	30	local	local	ADJ
fbem-25570	7	31	government	government	NOUN
fbem-25570	7	32	debt	debt	NOUN
fbem-25570	7	33	has	have	AUX
fbem-25570	7	34	risen	rise	VERB
fbem-25570	7	35	substantially	substantially	ADV
fbem-25570	7	36	.	.	PUNCT
fbem-25570	8	1	in	in	ADP
fbem-25570	8	2	2020	2020	NUM
fbem-25570	8	3	,	,	PUNCT
fbem-25570	8	4	in	in	ADP
fbem-25570	8	5	order	order	NOUN
fbem-25570	8	6	to	to	PART
fbem-25570	8	7	mitigate	mitigate	VERB
fbem-25570	8	8	the	the	DET
fbem-25570	8	9	impact	impact	NOUN
fbem-25570	8	10	of	of	ADP
fbem-25570	8	11	the	the	DET
fbem-25570	8	12	epidemic	epidemic	NOUN
fbem-25570	8	13	,	,	PUNCT
fbem-25570	8	14	and	and	CCONJ
fbem-25570	8	15	in	in	ADP
fbem-25570	8	16	line	line	NOUN
fbem-25570	8	17	with	with	ADP
fbem-25570	8	18	major	major	ADJ
fbem-25570	8	19	national	national	ADJ
fbem-25570	8	20	strategies	strategy	NOUN
fbem-25570	8	21	such	such	ADJ
fbem-25570	8	22	as	as	ADP
fbem-25570	8	23	“	"	PUNCT
fbem-25570	8	24	tax	tax	NOUN
fbem-25570	8	25	and	and	CCONJ
fbem-25570	8	26	fee	fee	NOUN
fbem-25570	8	27	reduction	reduction	NOUN
fbem-25570	8	28	”	"	PUNCT
fbem-25570	8	29	and	and	CCONJ
fbem-25570	8	30	“	"	PUNCT
fbem-25570	8	31	poverty	poverty	NOUN
fbem-25570	8	32	alleviation	alleviation	NOUN
fbem-25570	8	33	”	"	PUNCT
fbem-25570	8	34	,	,	PUNCT
fbem-25570	8	35	the	the	DET
fbem-25570	8	36	financial	financial	ADJ
fbem-25570	8	37	pressure	pressure	NOUN
fbem-25570	8	38	on	on	ADP
fbem-25570	8	39	local	local	ADJ
fbem-25570	8	40	governments	government	NOUN
fbem-25570	8	41	has	have	AUX
fbem-25570	8	42	increased	increase	VERB
fbem-25570	8	43	sharply	sharply	ADV
fbem-25570	8	44	,	,	PUNCT
fbem-25570	8	45	and	and	CCONJ
fbem-25570	8	46	the	the	DET
fbem-25570	8	47	scale	scale	NOUN
fbem-25570	8	48	of	of	ADP
fbem-25570	8	49	debt	debt	NOUN
fbem-25570	8	50	has	have	AUX
fbem-25570	8	51	continued	continue	VERB
fbem-25570	8	52	to	to	PART
fbem-25570	8	53	grow	grow	VERB
fbem-25570	8	54	.	.	PUNCT
fbem-25570	9	1	in	in	ADP
fbem-25570	9	2	december	december	PROPN
fbem-25570	9	3	2020	2020	NUM
fbem-25570	9	4	,	,	PUNCT
fbem-25570	9	5	the	the	DET
fbem-25570	9	6	central	central	ADJ
fbem-25570	9	7	economic	economic	ADJ
fbem-25570	9	8	work	work	NOUN
fbem-25570	9	9	conference	conference	NOUN
fbem-25570	9	10	also	also	ADV
fbem-25570	9	11	put	put	VERB
fbem-25570	9	12	forward	forward	ADV
fbem-25570	9	13	the	the	DET
fbem-25570	9	14	requirement	requirement	NOUN
fbem-25570	9	15	of	of	ADP
fbem-25570	9	16	“	"	PUNCT
fbem-25570	9	17	to	to	PART
fbem-25570	9	18	grasp	grasp	VERB
fbem-25570	9	19	the	the	DET
fbem-25570	9	20	hidden	hidden	ADJ
fbem-25570	9	21	debt	debt	NOUN
fbem-25570	9	22	of	of	ADP
fbem-25570	9	23	local	local	ADJ
fbem-25570	9	24	governments	government	NOUN
fbem-25570	9	25	to	to	PART
fbem-25570	9	26	solve	solve	VERB
fbem-25570	9	27	the	the	DET
fbem-25570	9	28	work	work	NOUN
fbem-25570	9	29	”	"	PUNCT
fbem-25570	9	30	.	.	PUNCT
fbem-25570	10	1	the	the	DET
fbem-25570	10	2	study	study	NOUN
fbem-25570	10	3	of	of	ADP
fbem-25570	10	4	the	the	DET
fbem-25570	10	5	impact	impact	NOUN
fbem-25570	10	6	of	of	ADP
fbem-25570	10	7	local	local	ADJ
fbem-25570	10	8	government	government	NOUN
fbem-25570	10	9	debt	debt	NOUN
fbem-25570	10	10	on	on	ADP
fbem-25570	10	11	the	the	DET
fbem-25570	10	12	economy	economy	NOUN
fbem-25570	10	13	has	have	AUX
fbem-25570	10	14	become	become	VERB
fbem-25570	10	15	the	the	DET
fbem-25570	10	16	focus	focus	NOUN
fbem-25570	10	17	of	of	ADP
fbem-25570	10	18	attention	attention	NOUN
fbem-25570	10	19	in	in	ADP
fbem-25570	10	20	the	the	DET
fbem-25570	10	21	academic	academic	ADJ
fbem-25570	10	22	community	community	NOUN
fbem-25570	10	23	.	.	PUNCT
fbem-25570	11	1	much	much	ADJ
fbem-25570	11	2	of	of	ADP
fbem-25570	11	3	the	the	DET
fbem-25570	11	4	existing	exist	VERB
fbem-25570	11	5	research	research	NOUN
fbem-25570	11	6	literature	literature	NOUN
fbem-25570	11	7	starts	start	VERB
fbem-25570	11	8	with	with	ADP
fbem-25570	11	9	the	the	DET
fbem-25570	11	10	macroeconomic	macroeconomic	ADJ
fbem-25570	11	11	impact	impact	NOUN
fbem-25570	11	12	of	of	ADP
fbem-25570	11	13	local	local	ADJ
fbem-25570	11	14	government	government	NOUN
fbem-25570	11	15	debt	debt	NOUN
fbem-25570	11	16	,	,	PUNCT
fbem-25570	11	17	so	so	ADV
fbem-25570	11	18	does	do	AUX
fbem-25570	11	19	it	it	PRON
fbem-25570	11	20	have	have	VERB
fbem-25570	11	21	an	an	DET
fbem-25570	11	22	impact	impact	NOUN
fbem-25570	11	23	on	on	ADP
fbem-25570	11	24	firms	firm	NOUN
fbem-25570	11	25	'	'	PART
fbem-25570	11	26	micro	micro	NOUN
fbem-25570	11	27	-	-	NOUN
fbem-25570	11	28	behavior	behavior	NOUN
fbem-25570	11	29	?	?	PUNCT
fbem-25570	12	1	this	this	PRON
fbem-25570	12	2	leaves	leave	VERB
fbem-25570	12	3	room	room	NOUN
fbem-25570	12	4	for	for	ADP
fbem-25570	12	5	the	the	DET
fbem-25570	12	6	research	research	NOUN
fbem-25570	12	7	in	in	ADP
fbem-25570	12	8	this	this	DET
fbem-25570	12	9	paper	paper	NOUN
fbem-25570	12	10	.	.	PUNCT
fbem-25570	13	1	the	the	DET
fbem-25570	13	2	level	level	NOUN
fbem-25570	13	3	of	of	ADP
fbem-25570	13	4	risk	risk	NOUN
fbem-25570	13	5	-	-	PUNCT
fbem-25570	13	6	taking	taking	NOUN
fbem-25570	13	7	refers	refer	NOUN
fbem-25570	13	8	to	to	ADP
fbem-25570	13	9	the	the	DET
fbem-25570	13	10	level	level	NOUN
fbem-25570	13	11	of	of	ADP
fbem-25570	13	12	an	an	DET
fbem-25570	13	13	enterprise	enterprise	NOUN
fbem-25570	13	14	's	's	PART
fbem-25570	13	15	ability	ability	NOUN
fbem-25570	13	16	to	to	PART
fbem-25570	13	17	adjust	adjust	VERB
fbem-25570	13	18	itself	itself	PRON
fbem-25570	13	19	to	to	ADP
fbem-25570	13	20	changes	change	NOUN
fbem-25570	13	21	in	in	ADP
fbem-25570	13	22	the	the	DET
fbem-25570	13	23	external	external	ADJ
fbem-25570	13	24	environment	environment	NOUN
fbem-25570	13	25	so	so	SCONJ
fbem-25570	13	26	that	that	SCONJ
fbem-25570	13	27	it	it	PRON
fbem-25570	13	28	can	can	AUX
fbem-25570	13	29	adapt	adapt	VERB
fbem-25570	13	30	to	to	ADP
fbem-25570	13	31	the	the	DET
fbem-25570	13	32	changes	change	NOUN
fbem-25570	13	33	and	and	CCONJ
fbem-25570	13	34	take	take	VERB
fbem-25570	13	35	risks	risk	NOUN
fbem-25570	13	36	.	.	PUNCT
fbem-25570	14	1	an	an	DET
fbem-25570	14	2	increase	increase	NOUN
fbem-25570	14	3	in	in	ADP
fbem-25570	14	4	the	the	DET
fbem-25570	14	5	level	level	NOUN
fbem-25570	14	6	of	of	ADP
fbem-25570	14	7	corporate	corporate	ADJ
fbem-25570	14	8	risk	risk	NOUN
fbem-25570	14	9	-	-	PUNCT
fbem-25570	14	10	taking	taking	NOUN
fbem-25570	14	11	helps	help	NOUN
fbem-25570	14	12	to	to	PART
fbem-25570	14	13	improve	improve	VERB
fbem-25570	14	14	corporate	corporate	ADJ
fbem-25570	14	15	competitiveness	competitiveness	NOUN
fbem-25570	14	16	(	(	PUNCT
fbem-25570	14	17	boubakri	boubakri	NOUN
fbem-25570	14	18	,	,	PUNCT
fbem-25570	14	19	2013	2013	NUM
fbem-25570	14	20	)	)	PUNCT
fbem-25570	14	21	,	,	PUNCT
fbem-25570	14	22	which	which	PRON
fbem-25570	14	23	in	in	ADP
fbem-25570	14	24	turn	turn	NOUN
fbem-25570	14	25	increases	increase	VERB
fbem-25570	14	26	the	the	DET
fbem-25570	14	27	value	value	NOUN
fbem-25570	14	28	of	of	ADP
fbem-25570	14	29	the	the	DET
fbem-25570	14	30	firm	firm	NOUN
fbem-25570	14	31	(	(	PUNCT
fbem-25570	14	32	zhao	zhao	PROPN
fbem-25570	14	33	chan	chan	PROPN
fbem-25570	14	34	et	et	PROPN
fbem-25570	14	35	al	al	PROPN
fbem-25570	14	36	.	.	PROPN
fbem-25570	14	37	,	,	PUNCT
fbem-25570	14	38	2022	2022	NUM
fbem-25570	14	39	)	)	PUNCT
fbem-25570	14	40	,	,	PUNCT
fbem-25570	14	41	and	and	CCONJ
fbem-25570	14	42	even	even	ADV
fbem-25570	14	43	helps	help	VERB
fbem-25570	14	44	to	to	PART
fbem-25570	14	45	promote	promote	VERB
fbem-25570	14	46	the	the	DET
fbem-25570	14	47	economic	economic	ADJ
fbem-25570	14	48	development	development	NOUN
fbem-25570	14	49	of	of	ADP
fbem-25570	14	50	society	society	NOUN
fbem-25570	14	51	as	as	ADP
fbem-25570	14	52	a	a	DET
fbem-25570	14	53	whole	whole	NOUN
fbem-25570	14	54	(	(	PUNCT
fbem-25570	14	55	zhang	zhang	PROPN
fbem-25570	14	56	min	min	PROPN
fbem-25570	14	57	et	et	PROPN
fbem-25570	14	58	al	al	PROPN
fbem-25570	14	59	.	.	PROPN
fbem-25570	14	60	,	,	PUNCT
fbem-25570	14	61	2015	2015	NUM
fbem-25570	14	62	)	)	PUNCT
fbem-25570	14	63	.	.	PUNCT
fbem-25570	15	1	however	however	ADV
fbem-25570	15	2	,	,	PUNCT
fbem-25570	15	3	there	there	PRON
fbem-25570	15	4	is	be	VERB
fbem-25570	15	5	little	little	ADJ
fbem-25570	15	6	literature	literature	NOUN
fbem-25570	15	7	that	that	PRON
fbem-25570	15	8	systematically	systematically	ADV
fbem-25570	15	9	examines	examine	VERB
fbem-25570	15	10	whether	whether	SCONJ
fbem-25570	15	11	and	and	CCONJ
fbem-25570	15	12	how	how	SCONJ
fbem-25570	15	13	local	local	ADJ
fbem-25570	15	14	government	government	NOUN
fbem-25570	15	15	debt	debt	NOUN
fbem-25570	15	16	affects	affect	VERB
fbem-25570	15	17	firm	firm	ADJ
fbem-25570	15	18	risk	risk	NOUN
fbem-25570	15	19	-	-	PUNCT
fbem-25570	15	20	taking	taking	NOUN
fbem-25570	15	21	.	.	PUNCT
fbem-25570	16	1	therefore	therefore	ADV
fbem-25570	16	2	,	,	PUNCT
fbem-25570	16	3	this	this	DET
fbem-25570	16	4	paper	paper	NOUN
fbem-25570	16	5	seeks	seek	VERB
fbem-25570	16	6	to	to	PART
fbem-25570	16	7	explore	explore	VERB
fbem-25570	16	8	:	:	PUNCT
fbem-25570	16	9	does	do	AUX
fbem-25570	16	10	local	local	ADJ
fbem-25570	16	11	government	government	NOUN
fbem-25570	16	12	debt	debt	NOUN
fbem-25570	16	13	affect	affect	VERB
fbem-25570	16	14	the	the	DET
fbem-25570	16	15	level	level	NOUN
fbem-25570	16	16	of	of	ADP
fbem-25570	16	17	corporate	corporate	ADJ
fbem-25570	16	18	risk	risk	NOUN
fbem-25570	16	19	-	-	PUNCT
fbem-25570	16	20	taking	taking	NOUN
fbem-25570	16	21	?	?	PUNCT
fbem-25570	17	1	is	be	AUX
fbem-25570	17	2	it	it	PRON
fbem-25570	17	3	a	a	DET
fbem-25570	17	4	“	"	PUNCT
fbem-25570	17	5	crowding	crowd	VERB
fbem-25570	17	6	-	-	PUNCT
fbem-25570	17	7	in	in	ADP
fbem-25570	17	8	effect	effect	NOUN
fbem-25570	17	9	”	"	PUNCT
fbem-25570	17	10	or	or	CCONJ
fbem-25570	17	11	a	a	DET
fbem-25570	17	12	“	"	PUNCT
fbem-25570	17	13	crowding	crowd	VERB
fbem-25570	17	14	-	-	PUNCT
fbem-25570	17	15	out	out	ADP
fbem-25570	17	16	effect	effect	NOUN
fbem-25570	17	17	”	"	PUNCT
fbem-25570	17	18	?	?	PUNCT
fbem-25570	18	1	by	by	ADP
fbem-25570	18	2	what	what	PRON
fbem-25570	18	3	path	path	NOUN
fbem-25570	18	4	does	do	AUX
fbem-25570	18	5	local	local	ADJ
fbem-25570	18	6	government	government	NOUN
fbem-25570	18	7	debt	debt	NOUN
fbem-25570	18	8	affect	affect	VERB
fbem-25570	18	9	them	they	PRON
fbem-25570	18	10	?	?	PUNCT
fbem-25570	19	1	the	the	DET
fbem-25570	19	2	empirical	empirical	ADJ
fbem-25570	19	3	results	result	NOUN
fbem-25570	19	4	of	of	ADP
fbem-25570	19	5	this	this	DET
fbem-25570	19	6	paper	paper	NOUN
fbem-25570	19	7	find	find	VERB
fbem-25570	19	8	that	that	SCONJ
fbem-25570	19	9	local	local	ADJ
fbem-25570	19	10	government	government	NOUN
fbem-25570	19	11	debt	debt	NOUN
fbem-25570	19	12	negatively	negatively	ADV
fbem-25570	19	13	affects	affect	VERB
fbem-25570	19	14	corporate	corporate	ADJ
fbem-25570	19	15	risktaking	risktaking	NOUN
fbem-25570	19	16	and	and	CCONJ
fbem-25570	19	17	that	that	SCONJ
fbem-25570	19	18	financing	financing	NOUN
fbem-25570	19	19	constraints	constraint	NOUN
fbem-25570	19	20	are	be	AUX
fbem-25570	19	21	a	a	DET
fbem-25570	19	22	mediating	mediate	VERB
fbem-25570	19	23	mechanism	mechanism	NOUN
fbem-25570	19	24	for	for	ADP
fbem-25570	19	25	this	this	DET
fbem-25570	19	26	effect	effect	NOUN
fbem-25570	19	27	.	.	PUNCT
fbem-25570	20	1	it	it	PRON
fbem-25570	20	2	is	be	AUX
fbem-25570	20	3	further	far	ADV
fbem-25570	20	4	found	find	VERB
fbem-25570	20	5	that	that	SCONJ
fbem-25570	20	6	the	the	DET
fbem-25570	20	7	level	level	NOUN
fbem-25570	20	8	of	of	ADP
fbem-25570	20	9	risk	risk	NOUN
fbem-25570	20	10	-	-	PUNCT
fbem-25570	20	11	taking	taking	NOUN
fbem-25570	20	12	of	of	ADP
fbem-25570	20	13	mature	mature	ADJ
fbem-25570	20	14	firms	firm	NOUN
fbem-25570	20	15	is	be	AUX
fbem-25570	20	16	significantly	significantly	ADV
fbem-25570	20	17	affected	affect	VERB
fbem-25570	20	18	by	by	ADP
fbem-25570	20	19	the	the	DET
fbem-25570	20	20	negative	negative	ADJ
fbem-25570	20	21	impact	impact	NOUN
fbem-25570	20	22	of	of	ADP
fbem-25570	20	23	local	local	ADJ
fbem-25570	20	24	government	government	NOUN
fbem-25570	20	25	debt	debt	NOUN
fbem-25570	20	26	.	.	PUNCT
fbem-25570	21	1	all	all	PRON
fbem-25570	21	2	of	of	ADP
fbem-25570	21	3	the	the	DET
fbem-25570	21	4	above	above	ADJ
fbem-25570	21	5	results	result	NOUN
fbem-25570	21	6	indicate	indicate	VERB
fbem-25570	21	7	that	that	SCONJ
fbem-25570	21	8	local	local	ADJ
fbem-25570	21	9	government	government	NOUN
fbem-25570	21	10	debt	debt	NOUN
fbem-25570	21	11	has	have	VERB
fbem-25570	21	12	a	a	DET
fbem-25570	21	13	significant	significant	ADJ
fbem-25570	21	14	impact	impact	NOUN
fbem-25570	21	15	on	on	ADP
fbem-25570	21	16	corporate	corporate	ADJ
fbem-25570	21	17	risk	risk	NOUN
fbem-25570	21	18	-	-	PUNCT
fbem-25570	21	19	taking	taking	NOUN
fbem-25570	21	20	.	.	PUNCT
fbem-25570	22	1	the	the	DET
fbem-25570	22	2	innovation	innovation	NOUN
fbem-25570	22	3	of	of	ADP
fbem-25570	22	4	this	this	DET
fbem-25570	22	5	project	project	NOUN
fbem-25570	22	6	lies	lie	VERB
fbem-25570	22	7	in	in	ADP
fbem-25570	22	8	the	the	DET
fbem-25570	22	9	following	following	NOUN
fbem-25570	22	10	:	:	PUNCT
fbem-25570	22	11	first	first	ADV
fbem-25570	22	12	,	,	PUNCT
fbem-25570	22	13	based	base	VERB
fbem-25570	22	14	on	on	ADP
fbem-25570	22	15	the	the	DET
fbem-25570	22	16	perspective	perspective	NOUN
fbem-25570	22	17	of	of	ADP
fbem-25570	22	18	corporate	corporate	ADJ
fbem-25570	22	19	risk	risk	NOUN
fbem-25570	22	20	-	-	PUNCT
fbem-25570	22	21	taking	taking	NOUN
fbem-25570	22	22	,	,	PUNCT
fbem-25570	22	23	it	it	PRON
fbem-25570	22	24	provides	provide	VERB
fbem-25570	22	25	a	a	DET
fbem-25570	22	26	new	new	ADJ
fbem-25570	22	27	empirical	empirical	ADJ
fbem-25570	22	28	verification	verification	NOUN
fbem-25570	22	29	of	of	ADP
fbem-25570	22	30	the	the	DET
fbem-25570	22	31	“	"	PUNCT
fbem-25570	22	32	crowding	crowd	VERB
fbem-25570	22	33	-	-	PUNCT
fbem-25570	22	34	out	out	ADP
fbem-25570	22	35	effect	effect	NOUN
fbem-25570	22	36	”	"	PUNCT
fbem-25570	22	37	of	of	ADP
fbem-25570	22	38	local	local	ADJ
fbem-25570	22	39	government	government	NOUN
fbem-25570	22	40	debt	debt	NOUN
fbem-25570	22	41	in	in	ADP
fbem-25570	22	42	china	china	PROPN
fbem-25570	22	43	,	,	PUNCT
fbem-25570	22	44	and	and	CCONJ
fbem-25570	22	45	makes	make	VERB
fbem-25570	22	46	a	a	DET
fbem-25570	22	47	certain	certain	ADJ
fbem-25570	22	48	contribution	contribution	NOUN
fbem-25570	22	49	to	to	ADP
fbem-25570	22	50	the	the	DET
fbem-25570	22	51	study	study	NOUN
fbem-25570	22	52	of	of	ADP
fbem-25570	22	53	local	local	ADJ
fbem-25570	22	54	government	government	NOUN
fbem-25570	22	55	debt	debt	NOUN
fbem-25570	22	56	economy	economy	NOUN
fbem-25570	22	57	in	in	ADP
fbem-25570	22	58	china	china	PROPN
fbem-25570	22	59	.	.	PUNCT
fbem-25570	23	1	second	second	ADJ
fbem-25570	23	2	,	,	PUNCT
fbem-25570	23	3	to	to	PART
fbem-25570	23	4	clarify	clarify	VERB
fbem-25570	23	5	the	the	DET
fbem-25570	23	6	mechanism	mechanism	NOUN
fbem-25570	23	7	of	of	ADP
fbem-25570	23	8	local	local	ADJ
fbem-25570	23	9	government	government	NOUN
fbem-25570	23	10	indebtedness	indebtedness	NOUN
fbem-25570	23	11	on	on	ADP
fbem-25570	23	12	microfirm	microfirm	ADJ
fbem-25570	23	13	behavior	behavior	NOUN
fbem-25570	23	14	.	.	PUNCT
fbem-25570	24	1	this	this	DET
fbem-25570	24	2	paper	paper	NOUN
fbem-25570	24	3	will	will	AUX
fbem-25570	24	4	reveal	reveal	VERB
fbem-25570	24	5	the	the	DET
fbem-25570	24	6	micro	micro	NOUN
fbem-25570	24	7	-	-	NOUN
fbem-25570	24	8	mechanism	mechanism	NOUN
fbem-25570	24	9	of	of	ADP
fbem-25570	24	10	local	local	ADJ
fbem-25570	24	11	government	government	NOUN
fbem-25570	24	12	indebtedness	indebtedness	NOUN
fbem-25570	24	13	by	by	ADP
fbem-25570	24	14	increasing	increase	VERB
fbem-25570	24	15	the	the	DET
fbem-25570	24	16	external	external	ADJ
fbem-25570	24	17	financing	financing	NOUN
fbem-25570	24	18	constraints	constraint	NOUN
fbem-25570	24	19	of	of	ADP
fbem-25570	24	20	enterprises	enterprise	NOUN
fbem-25570	24	21	,	,	PUNCT
fbem-25570	24	22	thus	thus	ADV
fbem-25570	24	23	inhibiting	inhibit	VERB
fbem-25570	24	24	the	the	DET
fbem-25570	24	25	risk	risk	NOUN
fbem-25570	24	26	-	-	PUNCT
fbem-25570	24	27	taking	taking	NOUN
fbem-25570	24	28	of	of	ADP
fbem-25570	24	29	firms	firm	NOUN
fbem-25570	24	30	,	,	PUNCT
fbem-25570	24	31	and	and	CCONJ
fbem-25570	24	32	provide	provide	VERB
fbem-25570	24	33	a	a	DET
fbem-25570	24	34	theoretical	theoretical	ADJ
fbem-25570	24	35	basis	basis	NOUN
fbem-25570	24	36	for	for	ADP
fbem-25570	24	37	better	well	ADV
fbem-25570	24	38	circumventing	circumvent	VERB
fbem-25570	24	39	its	its	PRON
fbem-25570	24	40	negative	negative	ADJ
fbem-25570	24	41	effects	effect	NOUN
fbem-25570	24	42	in	in	ADP
fbem-25570	24	43	the	the	DET
fbem-25570	24	44	future	future	NOUN
fbem-25570	24	45	.	.	PUNCT
fbem-25570	25	1	third	third	ADJ
fbem-25570	25	2	,	,	PUNCT
fbem-25570	25	3	this	this	DET
fbem-25570	25	4	project	project	NOUN
fbem-25570	25	5	extends	extend	VERB
fbem-25570	25	6	existing	exist	VERB
fbem-25570	25	7	research	research	NOUN
fbem-25570	25	8	at	at	ADP
fbem-25570	25	9	the	the	DET
fbem-25570	25	10	macro	macro	ADJ
fbem-25570	25	11	level	level	NOUN
fbem-25570	25	12	and	and	CCONJ
fbem-25570	25	13	adds	add	VERB
fbem-25570	25	14	usefully	usefully	ADV
fbem-25570	25	15	to	to	ADP
fbem-25570	25	16	the	the	DET
fbem-25570	25	17	existing	exist	VERB
fbem-25570	25	18	literature	literature	NOUN
fbem-25570	25	19	.	.	PUNCT
fbem-25570	26	1	the	the	DET
fbem-25570	26	2	research	research	NOUN
fbem-25570	26	3	in	in	ADP
fbem-25570	26	4	this	this	DET
fbem-25570	26	5	paper	paper	NOUN
fbem-25570	26	6	provides	provide	VERB
fbem-25570	26	7	useful	useful	ADJ
fbem-25570	26	8	reference	reference	NOUN
fbem-25570	26	9	for	for	ADP
fbem-25570	26	10	government	government	NOUN
fbem-25570	26	11	departments	department	NOUN
fbem-25570	26	12	to	to	PART
fbem-25570	26	13	formulate	formulate	VERB
fbem-25570	26	14	policies	policy	NOUN
fbem-25570	26	15	to	to	PART
fbem-25570	26	16	prevent	prevent	VERB
fbem-25570	26	17	and	and	CCONJ
fbem-25570	26	18	resolve	resolve	VERB
fbem-25570	26	19	debt	debt	NOUN
fbem-25570	26	20	risks	risk	NOUN
fbem-25570	26	21	and	and	CCONJ
fbem-25570	26	22	to	to	PART
fbem-25570	26	23	stimulate	stimulate	VERB
fbem-25570	26	24	the	the	DET
fbem-25570	26	25	vitality	vitality	NOUN
fbem-25570	26	26	of	of	ADP
fbem-25570	26	27	enterprises	enterprise	NOUN
fbem-25570	26	28	.	.	PUNCT
fbem-25570	27	1	2	2	X
fbem-25570	27	2	.	.	X
fbem-25570	27	3	literature	literature	NOUN
fbem-25570	27	4	review	review	VERB
fbem-25570	27	5	2.1	2.1	NUM
fbem-25570	27	6	.	.	PUNCT
fbem-25570	28	1	study	study	NOUN
fbem-25570	28	2	on	on	ADP
fbem-25570	28	3	the	the	DET
fbem-25570	28	4	economic	economic	ADJ
fbem-25570	28	5	consequences	consequence	NOUN
fbem-25570	28	6	of	of	ADP
fbem-25570	28	7	the	the	DET
fbem-25570	28	8	expansion	expansion	NOUN
fbem-25570	28	9	of	of	ADP
fbem-25570	28	10	local	local	ADJ
fbem-25570	28	11	government	government	NOUN
fbem-25570	28	12	debt	debt	NOUN
fbem-25570	28	13	there	there	ADV
fbem-25570	28	14	have	have	AUX
fbem-25570	28	15	been	be	AUX
fbem-25570	28	16	a	a	DET
fbem-25570	28	17	large	large	ADJ
fbem-25570	28	18	number	number	NOUN
fbem-25570	28	19	of	of	ADP
fbem-25570	28	20	studies	study	NOUN
fbem-25570	28	21	on	on	ADP
fbem-25570	28	22	the	the	DET
fbem-25570	28	23	economic	economic	ADJ
fbem-25570	28	24	consequences	consequence	NOUN
fbem-25570	28	25	of	of	ADP
fbem-25570	28	26	the	the	DET
fbem-25570	28	27	expansion	expansion	NOUN
fbem-25570	28	28	of	of	ADP
fbem-25570	28	29	local	local	ADJ
fbem-25570	28	30	government	government	NOUN
fbem-25570	28	31	debt	debt	NOUN
fbem-25570	28	32	,	,	PUNCT
fbem-25570	28	33	and	and	CCONJ
fbem-25570	28	34	there	there	PRON
fbem-25570	28	35	are	be	VERB
fbem-25570	28	36	mainly	mainly	ADV
fbem-25570	28	37	two	two	NUM
fbem-25570	28	38	views	view	NOUN
fbem-25570	28	39	:	:	PUNCT
fbem-25570	28	40	the	the	DET
fbem-25570	28	41	“	"	PUNCT
fbem-25570	28	42	crowding	crowd	VERB
fbem-25570	28	43	-	-	PUNCT
fbem-25570	28	44	in	in	ADP
fbem-25570	28	45	effect	effect	NOUN
fbem-25570	28	46	”	"	PUNCT
fbem-25570	28	47	and	and	CCONJ
fbem-25570	28	48	the	the	DET
fbem-25570	28	49	“	"	PUNCT
fbem-25570	28	50	crowding	crowd	VERB
fbem-25570	28	51	-	-	PUNCT
fbem-25570	28	52	out	out	ADP
fbem-25570	28	53	effect	effect	NOUN
fbem-25570	28	54	”	"	PUNCT
fbem-25570	28	55	.	.	PUNCT
fbem-25570	29	1	scholars	scholar	NOUN
fbem-25570	29	2	who	who	PRON
fbem-25570	29	3	hold	hold	VERB
fbem-25570	29	4	the	the	DET
fbem-25570	29	5	“	"	PUNCT
fbem-25570	29	6	crowding	crowd	VERB
fbem-25570	29	7	-	-	PUNCT
fbem-25570	29	8	in	in	ADP
fbem-25570	29	9	effect	effect	NOUN
fbem-25570	29	10	”	"	PUNCT
fbem-25570	29	11	view	view	NOUN
fbem-25570	29	12	believe	believe	VERB
fbem-25570	29	13	that	that	SCONJ
fbem-25570	29	14	local	local	ADJ
fbem-25570	29	15	government	government	NOUN
fbem-25570	29	16	debt	debt	NOUN
fbem-25570	29	17	can	can	AUX
fbem-25570	29	18	promote	promote	VERB
fbem-25570	29	19	economic	economic	ADJ
fbem-25570	29	20	growth	growth	NOUN
fbem-25570	29	21	and	and	CCONJ
fbem-25570	29	22	is	be	AUX
fbem-25570	29	23	conducive	conducive	ADJ
fbem-25570	29	24	to	to	ADP
fbem-25570	29	25	economic	economic	ADJ
fbem-25570	29	26	development	development	NOUN
fbem-25570	29	27	.	.	PUNCT
fbem-25570	30	1	funds	fund	NOUN
fbem-25570	30	2	raised	raise	VERB
fbem-25570	30	3	by	by	ADP
fbem-25570	30	4	local	local	ADJ
fbem-25570	30	5	government	government	NOUN
fbem-25570	30	6	debt	debt	NOUN
fbem-25570	30	7	are	be	AUX
fbem-25570	30	8	mainly	mainly	ADV
fbem-25570	30	9	invested	invest	VERB
fbem-25570	30	10	in	in	ADP
fbem-25570	30	11	infrastructure	infrastructure	NOUN
fbem-25570	30	12	construction	construction	NOUN
fbem-25570	30	13	,	,	PUNCT
fbem-25570	30	14	which	which	PRON
fbem-25570	30	15	is	be	AUX
fbem-25570	30	16	conducive	conducive	ADJ
fbem-25570	30	17	to	to	ADP
fbem-25570	30	18	promoting	promote	VERB
fbem-25570	30	19	consumption	consumption	NOUN
fbem-25570	30	20	and	and	CCONJ
fbem-25570	30	21	boosting	boost	VERB
fbem-25570	30	22	economic	economic	ADJ
fbem-25570	30	23	growth	growth	NOUN
fbem-25570	30	24	(	(	PUNCT
fbem-25570	30	25	tang	tang	PROPN
fbem-25570	30	26	wei	wei	PROPN
fbem-25570	30	27	et	et	PROPN
fbem-25570	30	28	al	al	PROPN
fbem-25570	30	29	.	.	PROPN
fbem-25570	30	30	,	,	PUNCT
fbem-25570	30	31	172	172	NUM
fbem-25570	30	32	2022	2022	NUM
fbem-25570	30	33	)	)	PUNCT
fbem-25570	30	34	,	,	PUNCT
fbem-25570	30	35	which	which	PRON
fbem-25570	30	36	in	in	ADP
fbem-25570	30	37	turn	turn	NOUN
fbem-25570	30	38	increases	increase	NOUN
fbem-25570	30	39	aggregate	aggregate	ADJ
fbem-25570	30	40	social	social	ADJ
fbem-25570	30	41	demand	demand	NOUN
fbem-25570	30	42	and	and	CCONJ
fbem-25570	30	43	business	business	NOUN
fbem-25570	30	44	investment	investment	NOUN
fbem-25570	30	45	opportunities	opportunity	NOUN
fbem-25570	30	46	(	(	PUNCT
fbem-25570	30	47	eden	eden	PROPN
fbem-25570	30	48	and	and	CCONJ
fbem-25570	30	49	kraay	kraay	PROPN
fbem-25570	30	50	,	,	PUNCT
fbem-25570	30	51	2014).scholars	2014).scholars	NUM
fbem-25570	30	52	who	who	PRON
fbem-25570	30	53	hold	hold	VERB
fbem-25570	30	54	the	the	DET
fbem-25570	30	55	view	view	NOUN
fbem-25570	30	56	of	of	ADP
fbem-25570	30	57	the	the	DET
fbem-25570	30	58	“	"	PUNCT
fbem-25570	30	59	crowding	crowd	VERB
fbem-25570	30	60	out	out	ADP
fbem-25570	30	61	effect	effect	NOUN
fbem-25570	30	62	”	"	PUNCT
fbem-25570	30	63	believe	believe	VERB
fbem-25570	30	64	that	that	SCONJ
fbem-25570	30	65	local	local	ADJ
fbem-25570	30	66	government	government	NOUN
fbem-25570	30	67	debt	debt	NOUN
fbem-25570	30	68	has	have	VERB
fbem-25570	30	69	a	a	DET
fbem-25570	30	70	negative	negative	ADJ
fbem-25570	30	71	impact	impact	NOUN
fbem-25570	30	72	on	on	ADP
fbem-25570	30	73	economic	economic	ADJ
fbem-25570	30	74	growth	growth	NOUN
fbem-25570	30	75	and	and	CCONJ
fbem-25570	30	76	that	that	DET
fbem-25570	30	77	excessive	excessive	ADJ
fbem-25570	30	78	debt	debt	NOUN
fbem-25570	30	79	will	will	AUX
fbem-25570	30	80	be	be	AUX
fbem-25570	30	81	detrimental	detrimental	ADJ
fbem-25570	30	82	to	to	ADP
fbem-25570	30	83	economic	economic	ADJ
fbem-25570	30	84	development	development	NOUN
fbem-25570	30	85	.	.	PUNCT
fbem-25570	31	1	intensified	intensify	VERB
fbem-25570	31	2	local	local	ADJ
fbem-25570	31	3	government	government	NOUN
fbem-25570	31	4	debt	debt	NOUN
fbem-25570	31	5	expansion	expansion	NOUN
fbem-25570	31	6	may	may	AUX
fbem-25570	31	7	reduce	reduce	VERB
fbem-25570	31	8	the	the	DET
fbem-25570	31	9	efficiency	efficiency	NOUN
fbem-25570	31	10	of	of	ADP
fbem-25570	31	11	capital	capital	NOUN
fbem-25570	31	12	utilization	utilization	NOUN
fbem-25570	31	13	(	(	PUNCT
fbem-25570	31	14	bai	bai	PROPN
fbem-25570	31	15	chong'en	chong'en	PROPN
fbem-25570	31	16	and	and	CCONJ
fbem-25570	31	17	zhang	zhang	PROPN
fbem-25570	31	18	qiong	qiong	PROPN
fbem-25570	31	19	,	,	PUNCT
fbem-25570	31	20	2014	2014	NUM
fbem-25570	31	21	)	)	PUNCT
fbem-25570	31	22	,	,	PUNCT
fbem-25570	31	23	intensify	intensify	VERB
fbem-25570	31	24	the	the	DET
fbem-25570	31	25	pressure	pressure	NOUN
fbem-25570	31	26	of	of	ADP
fbem-25570	31	27	government	government	NOUN
fbem-25570	31	28	debt	debt	NOUN
fbem-25570	31	29	repayment	repayment	NOUN
fbem-25570	31	30	,	,	PUNCT
fbem-25570	31	31	which	which	PRON
fbem-25570	31	32	will	will	AUX
fbem-25570	31	33	deteriorate	deteriorate	VERB
fbem-25570	31	34	the	the	DET
fbem-25570	31	35	government	government	NOUN
fbem-25570	31	36	's	's	PART
fbem-25570	31	37	financial	financial	ADJ
fbem-25570	31	38	situation	situation	NOUN
fbem-25570	31	39	,	,	PUNCT
fbem-25570	31	40	lower	lower	VERB
fbem-25570	31	41	the	the	DET
fbem-25570	31	42	government	government	NOUN
fbem-25570	31	43	's	's	PART
fbem-25570	31	44	credit	credit	NOUN
fbem-25570	31	45	(	(	PUNCT
fbem-25570	31	46	li	li	PROPN
fbem-25570	31	47	hongquan	hongquan	PROPN
fbem-25570	31	48	and	and	CCONJ
fbem-25570	31	49	yin	yin	PROPN
fbem-25570	31	50	panpan	panpan	PROPN
fbem-25570	31	51	,	,	PUNCT
fbem-25570	31	52	2019	2019	NUM
fbem-25570	31	53	)	)	PUNCT
fbem-25570	31	54	,	,	PUNCT
fbem-25570	31	55	aggravate	aggravate	VERB
fbem-25570	31	56	inflation	inflation	NOUN
fbem-25570	31	57	(	(	PUNCT
fbem-25570	31	58	yin	yin	NOUN
fbem-25570	31	59	shifen	shifen	NOUN
fbem-25570	31	60	and	and	CCONJ
fbem-25570	31	61	luo	luo	PROPN
fbem-25570	31	62	zhiheng	zhiheng	PROPN
fbem-25570	31	63	,	,	PUNCT
fbem-25570	31	64	2013	2013	NUM
fbem-25570	31	65	)	)	PUNCT
fbem-25570	31	66	,	,	PUNCT
fbem-25570	31	67	and	and	CCONJ
fbem-25570	31	68	ultimately	ultimately	ADV
fbem-25570	31	69	,	,	PUNCT
fbem-25570	31	70	will	will	AUX
fbem-25570	31	71	lead	lead	VERB
fbem-25570	31	72	to	to	ADP
fbem-25570	31	73	systematic	systematic	ADJ
fbem-25570	31	74	financial	financial	ADJ
fbem-25570	31	75	risks	risk	NOUN
fbem-25570	31	76	(	(	PUNCT
fbem-25570	31	77	mao	mao	NOUN
fbem-25570	31	78	rui	rui	PROPN
fbem-25570	31	79	et	et	PROPN
fbem-25570	31	80	al	al	PROPN
fbem-25570	31	81	.	.	PROPN
fbem-25570	31	82	,	,	PUNCT
fbem-25570	31	83	2018	2018	NUM
fbem-25570	31	84	)	)	PUNCT
fbem-25570	31	85	,	,	PUNCT
fbem-25570	31	86	which	which	PRON
fbem-25570	31	87	will	will	AUX
fbem-25570	31	88	seriously	seriously	ADV
fbem-25570	31	89	damage	damage	VERB
fbem-25570	31	90	the	the	DET
fbem-25570	31	91	sustainable	sustainable	ADJ
fbem-25570	31	92	economic	economic	ADJ
fbem-25570	31	93	sustainable	sustainable	ADJ
fbem-25570	31	94	growth	growth	NOUN
fbem-25570	31	95	(	(	PUNCT
fbem-25570	31	96	hao	hao	PROPN
fbem-25570	31	97	yi	yi	PROPN
fbem-25570	31	98	and	and	CCONJ
fbem-25570	31	99	li	li	PROPN
fbem-25570	31	100	zheng	zheng	PROPN
fbem-25570	31	101	,	,	PUNCT
fbem-25570	31	102	2017).in	2017).in	NUM
fbem-25570	31	103	addition	addition	NOUN
fbem-25570	31	104	,	,	PUNCT
fbem-25570	31	105	some	some	DET
fbem-25570	31	106	other	other	ADJ
fbem-25570	31	107	scholars	scholar	NOUN
fbem-25570	31	108	argue	argue	VERB
fbem-25570	31	109	that	that	SCONJ
fbem-25570	31	110	the	the	DET
fbem-25570	31	111	relationship	relationship	NOUN
fbem-25570	31	112	between	between	ADP
fbem-25570	31	113	local	local	ADJ
fbem-25570	31	114	government	government	NOUN
fbem-25570	31	115	debt	debt	NOUN
fbem-25570	31	116	and	and	CCONJ
fbem-25570	31	117	economic	economic	ADJ
fbem-25570	31	118	growth	growth	NOUN
fbem-25570	31	119	is	be	AUX
fbem-25570	31	120	nonlinear	nonlinear	ADJ
fbem-25570	31	121	.	.	PUNCT
fbem-25570	32	1	han	han	PROPN
fbem-25570	32	2	jian	jian	PROPN
fbem-25570	32	3	and	and	CCONJ
fbem-25570	32	4	cheng	cheng	PROPN
fbem-25570	32	5	yudan	yudan	PROPN
fbem-25570	32	6	(	(	PUNCT
fbem-25570	32	7	2019	2019	NUM
fbem-25570	32	8	)	)	PUNCT
fbem-25570	32	9	and	and	CCONJ
fbem-25570	32	10	other	other	ADJ
fbem-25570	32	11	scholars	scholar	NOUN
fbem-25570	32	12	found	find	VERB
fbem-25570	32	13	that	that	SCONJ
fbem-25570	32	14	an	an	DET
fbem-25570	32	15	appropriate	appropriate	ADJ
fbem-25570	32	16	amount	amount	NOUN
fbem-25570	32	17	of	of	ADP
fbem-25570	32	18	local	local	ADJ
fbem-25570	32	19	government	government	NOUN
fbem-25570	32	20	debt	debt	NOUN
fbem-25570	32	21	expansion	expansion	NOUN
fbem-25570	32	22	will	will	AUX
fbem-25570	32	23	promote	promote	VERB
fbem-25570	32	24	economic	economic	ADJ
fbem-25570	32	25	growth	growth	NOUN
fbem-25570	32	26	and	and	CCONJ
fbem-25570	32	27	play	play	VERB
fbem-25570	32	28	the	the	DET
fbem-25570	32	29	“	"	PUNCT
fbem-25570	32	30	crowding	crowd	VERB
fbem-25570	32	31	-	-	PUNCT
fbem-25570	32	32	in	in	ADP
fbem-25570	32	33	effect	effect	NOUN
fbem-25570	32	34	”	"	PUNCT
fbem-25570	32	35	,	,	PUNCT
fbem-25570	32	36	but	but	CCONJ
fbem-25570	32	37	after	after	ADP
fbem-25570	32	38	reaching	reach	VERB
fbem-25570	32	39	a	a	DET
fbem-25570	32	40	certain	certain	ADJ
fbem-25570	32	41	threshold	threshold	NOUN
fbem-25570	32	42	,	,	PUNCT
fbem-25570	32	43	it	it	PRON
fbem-25570	32	44	will	will	AUX
fbem-25570	32	45	harm	harm	VERB
fbem-25570	32	46	economic	economic	ADJ
fbem-25570	32	47	growth	growth	NOUN
fbem-25570	32	48	and	and	CCONJ
fbem-25570	32	49	play	play	VERB
fbem-25570	32	50	the	the	DET
fbem-25570	32	51	“	"	PUNCT
fbem-25570	32	52	crowding	crowd	VERB
fbem-25570	32	53	-	-	PUNCT
fbem-25570	32	54	out	out	ADP
fbem-25570	32	55	effect	effect	NOUN
fbem-25570	32	56	”	"	PUNCT
fbem-25570	32	57	.	.	PUNCT
fbem-25570	33	1	in	in	ADP
fbem-25570	33	2	short	short	ADJ
fbem-25570	33	3	,	,	PUNCT
fbem-25570	33	4	there	there	PRON
fbem-25570	33	5	is	be	VERB
fbem-25570	33	6	no	no	DET
fbem-25570	33	7	academic	academic	ADJ
fbem-25570	33	8	consensus	consensus	NOUN
fbem-25570	33	9	on	on	ADP
fbem-25570	33	10	the	the	DET
fbem-25570	33	11	economic	economic	ADJ
fbem-25570	33	12	consequences	consequence	NOUN
fbem-25570	33	13	of	of	ADP
fbem-25570	33	14	local	local	ADJ
fbem-25570	33	15	government	government	NOUN
fbem-25570	33	16	debt	debt	NOUN
fbem-25570	33	17	expansion	expansion	NOUN
fbem-25570	33	18	.	.	PUNCT
fbem-25570	34	1	and	and	CCONJ
fbem-25570	34	2	a	a	DET
fbem-25570	34	3	large	large	ADJ
fbem-25570	34	4	number	number	NOUN
fbem-25570	34	5	of	of	ADP
fbem-25570	34	6	studies	study	NOUN
fbem-25570	34	7	have	have	AUX
fbem-25570	34	8	focused	focus	VERB
fbem-25570	34	9	on	on	ADP
fbem-25570	34	10	the	the	DET
fbem-25570	34	11	macroeconomic	macroeconomic	ADJ
fbem-25570	34	12	impacts	impact	NOUN
fbem-25570	34	13	of	of	ADP
fbem-25570	34	14	local	local	ADJ
fbem-25570	34	15	government	government	NOUN
fbem-25570	34	16	debt	debt	NOUN
fbem-25570	34	17	expansion	expansion	NOUN
fbem-25570	34	18	,	,	PUNCT
fbem-25570	34	19	while	while	SCONJ
fbem-25570	34	20	paying	pay	VERB
fbem-25570	34	21	insufficient	insufficient	ADJ
fbem-25570	34	22	attention	attention	NOUN
fbem-25570	34	23	to	to	ADP
fbem-25570	34	24	microenterprises	microenterprise	NOUN
fbem-25570	34	25	,	,	PUNCT
fbem-25570	34	26	not	not	PART
fbem-25570	34	27	to	to	PART
fbem-25570	34	28	mention	mention	VERB
fbem-25570	34	29	the	the	DET
fbem-25570	34	30	lack	lack	NOUN
fbem-25570	34	31	of	of	ADP
fbem-25570	34	32	research	research	NOUN
fbem-25570	34	33	on	on	ADP
fbem-25570	34	34	the	the	DET
fbem-25570	34	35	impact	impact	NOUN
fbem-25570	34	36	of	of	ADP
fbem-25570	34	37	local	local	ADJ
fbem-25570	34	38	government	government	NOUN
fbem-25570	34	39	debt	debt	NOUN
fbem-25570	34	40	on	on	ADP
fbem-25570	34	41	corporate	corporate	ADJ
fbem-25570	34	42	risk	risk	NOUN
fbem-25570	34	43	-	-	PUNCT
fbem-25570	34	44	taking	taking	NOUN
fbem-25570	34	45	.	.	PUNCT
fbem-25570	35	1	2.2	2.2	NUM
fbem-25570	35	2	.	.	PUNCT
fbem-25570	36	1	study	study	NOUN
fbem-25570	36	2	on	on	ADP
fbem-25570	36	3	enterprise	enterprise	NOUN
fbem-25570	36	4	risk	risk	NOUN
fbem-25570	36	5	-	-	PUNCT
fbem-25570	36	6	taking	taking	NOUN
fbem-25570	36	7	in	in	ADP
fbem-25570	36	8	recent	recent	ADJ
fbem-25570	36	9	years	year	NOUN
fbem-25570	36	10	,	,	PUNCT
fbem-25570	36	11	research	research	NOUN
fbem-25570	36	12	related	relate	VERB
fbem-25570	36	13	to	to	ADP
fbem-25570	36	14	corporate	corporate	ADJ
fbem-25570	36	15	risk	risk	NOUN
fbem-25570	36	16	-	-	PUNCT
fbem-25570	36	17	taking	taking	NOUN
fbem-25570	36	18	has	have	AUX
fbem-25570	36	19	changed	change	VERB
fbem-25570	36	20	significantly	significantly	ADV
fbem-25570	36	21	,	,	PUNCT
fbem-25570	36	22	from	from	ADP
fbem-25570	36	23	early	early	ADJ
fbem-25570	36	24	studies	study	NOUN
fbem-25570	36	25	based	base	VERB
fbem-25570	36	26	on	on	ADP
fbem-25570	36	27	individual	individual	ADJ
fbem-25570	36	28	managers	manager	NOUN
fbem-25570	36	29	to	to	ADP
fbem-25570	36	30	studies	study	NOUN
fbem-25570	36	31	based	base	VERB
fbem-25570	36	32	on	on	ADP
fbem-25570	36	33	firm	firm	ADJ
fbem-25570	36	34	characteristics	characteristic	NOUN
fbem-25570	36	35	,	,	PUNCT
fbem-25570	36	36	and	and	CCONJ
fbem-25570	36	37	then	then	ADV
fbem-25570	36	38	to	to	ADP
fbem-25570	36	39	studies	study	NOUN
fbem-25570	36	40	based	base	VERB
fbem-25570	36	41	on	on	ADP
fbem-25570	36	42	the	the	DET
fbem-25570	36	43	macro	macro	NOUN
fbem-25570	36	44	-	-	NOUN
fbem-25570	36	45	environment	environment	NOUN
fbem-25570	36	46	.	.	PUNCT
fbem-25570	37	1	this	this	DET
fbem-25570	37	2	change	change	NOUN
fbem-25570	37	3	has	have	AUX
fbem-25570	37	4	allowed	allow	VERB
fbem-25570	37	5	researchers	researcher	NOUN
fbem-25570	37	6	to	to	PART
fbem-25570	37	7	analyze	analyze	VERB
fbem-25570	37	8	corporate	corporate	ADJ
fbem-25570	37	9	risk	risk	NOUN
fbem-25570	37	10	-	-	PUNCT
fbem-25570	37	11	taking	taking	NOUN
fbem-25570	37	12	from	from	ADP
fbem-25570	37	13	a	a	DET
fbem-25570	37	14	more	more	ADV
fbem-25570	37	15	comprehensive	comprehensive	ADJ
fbem-25570	37	16	and	and	CCONJ
fbem-25570	37	17	objective	objective	ADJ
fbem-25570	37	18	perspective	perspective	NOUN
fbem-25570	37	19	.	.	PUNCT
fbem-25570	38	1	on	on	ADP
fbem-25570	38	2	the	the	DET
fbem-25570	38	3	individual	individual	ADJ
fbem-25570	38	4	manager	manager	NOUN
fbem-25570	38	5	side	side	NOUN
fbem-25570	38	6	,	,	PUNCT
fbem-25570	38	7	managerial	managerial	ADJ
fbem-25570	38	8	competence	competence	NOUN
fbem-25570	38	9	(	(	PUNCT
fbem-25570	38	10	junhui	junhui	NOUN
fbem-25570	38	11	fu	fu	PROPN
fbem-25570	38	12	et	et	PROPN
fbem-25570	38	13	al	al	PROPN
fbem-25570	38	14	.	.	PROPN
fbem-25570	38	15	,	,	PUNCT
fbem-25570	38	16	2022	2022	NUM
fbem-25570	38	17	)	)	PUNCT
fbem-25570	38	18	,	,	PUNCT
fbem-25570	38	19	entrepreneurial	entrepreneurial	ADJ
fbem-25570	38	20	sentiment	sentiment	NOUN
fbem-25570	38	21	(	(	PUNCT
fbem-25570	38	22	hanming	hanme	VERB
fbem-25570	38	23	yang	yang	PROPN
fbem-25570	38	24	et	et	PROPN
fbem-25570	38	25	al	al	PROPN
fbem-25570	38	26	.	.	PROPN
fbem-25570	38	27	,	,	PUNCT
fbem-25570	38	28	2022	2022	NUM
fbem-25570	38	29	)	)	PUNCT
fbem-25570	38	30	,	,	PUNCT
fbem-25570	38	31	and	and	CCONJ
fbem-25570	38	32	ceo	ceo	NOUN
fbem-25570	38	33	's	's	PART
fbem-25570	38	34	place	place	NOUN
fbem-25570	38	35	of	of	ADP
fbem-25570	38	36	origin	origin	NOUN
fbem-25570	38	37	(	(	PUNCT
fbem-25570	38	38	zhongqin	zhongqin	PROPN
fbem-25570	38	39	su	su	PROPN
fbem-25570	38	40	and	and	CCONJ
fbem-25570	38	41	biao	biao	PROPN
fbem-25570	38	42	ge	ge	PROPN
fbem-25570	38	43	,	,	PUNCT
fbem-25570	38	44	2022	2022	NUM
fbem-25570	38	45	)	)	PUNCT
fbem-25570	38	46	all	all	PRON
fbem-25570	38	47	have	have	VERB
fbem-25570	38	48	an	an	DET
fbem-25570	38	49	impact	impact	NOUN
fbem-25570	38	50	on	on	ADP
fbem-25570	38	51	firm	firm	ADJ
fbem-25570	38	52	risk	risk	NOUN
fbem-25570	38	53	-	-	PUNCT
fbem-25570	38	54	taking	taking	NOUN
fbem-25570	38	55	.	.	PUNCT
fbem-25570	39	1	with	with	ADP
fbem-25570	39	2	respect	respect	NOUN
fbem-25570	39	3	to	to	ADP
fbem-25570	39	4	firm	firm	ADJ
fbem-25570	39	5	characteristics	characteristic	NOUN
fbem-25570	39	6	,	,	PUNCT
fbem-25570	39	7	the	the	DET
fbem-25570	39	8	nature	nature	NOUN
fbem-25570	39	9	of	of	ADP
fbem-25570	39	10	property	property	NOUN
fbem-25570	39	11	rights	right	NOUN
fbem-25570	39	12	(	(	PUNCT
fbem-25570	39	13	niu	niu	PROPN
fbem-25570	39	14	feng	feng	PROPN
fbem-25570	39	15	et	et	PROPN
fbem-25570	39	16	al	al	PROPN
fbem-25570	39	17	.	.	PROPN
fbem-25570	39	18	,	,	PUNCT
fbem-25570	39	19	2022	2022	NUM
fbem-25570	39	20	)	)	PUNCT
fbem-25570	39	21	,	,	PUNCT
fbem-25570	39	22	digital	digital	ADJ
fbem-25570	39	23	transformation	transformation	NOUN
fbem-25570	39	24	(	(	PUNCT
fbem-25570	39	25	huang	huang	PROPN
fbem-25570	39	26	dayu	dayu	PROPN
fbem-25570	39	27	et	et	PROPN
fbem-25570	39	28	al	al	PROPN
fbem-25570	39	29	.	.	PROPN
fbem-25570	39	30	,	,	PUNCT
fbem-25570	39	31	2022	2022	NUM
fbem-25570	39	32	)	)	PUNCT
fbem-25570	39	33	,	,	PUNCT
fbem-25570	39	34	and	and	CCONJ
fbem-25570	39	35	the	the	DET
fbem-25570	39	36	nature	nature	NOUN
fbem-25570	39	37	of	of	ADP
fbem-25570	39	38	ownership	ownership	NOUN
fbem-25570	39	39	(	(	PUNCT
fbem-25570	39	40	li	li	PROPN
fbem-25570	39	41	,	,	PUNCT
fbem-25570	39	42	wengui	wengui	NOUN
fbem-25570	39	43	,	,	PUNCT
fbem-25570	39	44	and	and	CCONJ
fbem-25570	39	45	yu	yu	PROPN
fbem-25570	39	46	,	,	PUNCT
fbem-25570	39	47	minggui	minggui	ADJ
fbem-25570	39	48	,	,	PUNCT
fbem-25570	39	49	2012	2012	NUM
fbem-25570	39	50	)	)	PUNCT
fbem-25570	39	51	affect	affect	VERB
fbem-25570	39	52	firm	firm	ADJ
fbem-25570	39	53	risk	risk	NOUN
fbem-25570	39	54	-	-	PUNCT
fbem-25570	39	55	taking	taking	NOUN
fbem-25570	39	56	.	.	PUNCT
fbem-25570	40	1	macroeconomic	macroeconomic	ADJ
fbem-25570	40	2	environments	environment	NOUN
fbem-25570	40	3	,	,	PUNCT
fbem-25570	40	4	such	such	ADJ
fbem-25570	40	5	as	as	ADP
fbem-25570	40	6	tax	tax	NOUN
fbem-25570	40	7	policy	policy	NOUN
fbem-25570	40	8	incentives	incentive	NOUN
fbem-25570	40	9	(	(	PUNCT
fbem-25570	40	10	zhao	zhao	PROPN
fbem-25570	40	11	chan	chan	PROPN
fbem-25570	40	12	et	et	PROPN
fbem-25570	40	13	al	al	PROPN
fbem-25570	40	14	.	.	PROPN
fbem-25570	40	15	,	,	PUNCT
fbem-25570	40	16	2022	2022	NUM
fbem-25570	40	17	)	)	PUNCT
fbem-25570	40	18	,	,	PUNCT
fbem-25570	40	19	crude	crude	ADJ
fbem-25570	40	20	oil	oil	NOUN
fbem-25570	40	21	price	price	NOUN
fbem-25570	40	22	shocks	shock	NOUN
fbem-25570	40	23	(	(	PUNCT
fbem-25570	40	24	chen	chen	PROPN
fbem-25570	40	25	xian	xian	PROPN
fbem-25570	40	26	et	et	PROPN
fbem-25570	40	27	al	al	PROPN
fbem-25570	40	28	.	.	PROPN
fbem-25570	40	29	,	,	PUNCT
fbem-25570	40	30	2022	2022	NUM
fbem-25570	40	31	)	)	PUNCT
fbem-25570	40	32	,	,	PUNCT
fbem-25570	40	33	and	and	CCONJ
fbem-25570	40	34	regional	regional	ADJ
fbem-25570	40	35	institutional	institutional	ADJ
fbem-25570	40	36	differences	difference	NOUN
fbem-25570	40	37	(	(	PUNCT
fbem-25570	40	38	zhang	zhang	PROPN
fbem-25570	40	39	sanbao	sanbao	VERB
fbem-25570	40	40	and	and	CCONJ
fbem-25570	40	41	zhang	zhang	PROPN
fbem-25570	40	42	zhixue	zhixue	PROPN
fbem-25570	40	43	,	,	PUNCT
fbem-25570	40	44	2012	2012	NUM
fbem-25570	40	45	)	)	PUNCT
fbem-25570	40	46	,	,	PUNCT
fbem-25570	40	47	may	may	AUX
fbem-25570	40	48	affect	affect	VERB
fbem-25570	40	49	firm	firm	ADJ
fbem-25570	40	50	risk	risk	NOUN
fbem-25570	40	51	-	-	PUNCT
fbem-25570	40	52	taking	taking	NOUN
fbem-25570	40	53	through	through	ADP
fbem-25570	40	54	paths	path	NOUN
fbem-25570	40	55	such	such	ADJ
fbem-25570	40	56	as	as	ADP
fbem-25570	40	57	financing	financing	NOUN
fbem-25570	40	58	constraints	constraint	NOUN
fbem-25570	40	59	(	(	PUNCT
fbem-25570	40	60	zhao	zhao	PROPN
fbem-25570	40	61	chan	chan	PROPN
fbem-25570	40	62	et	et	PROPN
fbem-25570	40	63	al	al	PROPN
fbem-25570	40	64	.	.	PROPN
fbem-25570	40	65	,	,	PUNCT
fbem-25570	40	66	2022	2022	NUM
fbem-25570	40	67	)	)	PUNCT
fbem-25570	40	68	,	,	PUNCT
fbem-25570	40	69	and	and	CCONJ
fbem-25570	40	70	agency	agency	NOUN
fbem-25570	40	71	costs	cost	NOUN
fbem-25570	40	72	(	(	PUNCT
fbem-25570	40	73	zhang	zhang	X
fbem-25570	40	74	huiling	huiling	NOUN
fbem-25570	40	75	and	and	CCONJ
fbem-25570	40	76	ni	ni	PROPN
fbem-25570	40	77	xuiran	xuiran	PROPN
fbem-25570	40	78	,	,	PUNCT
fbem-25570	40	79	2017	2017	NUM
fbem-25570	40	80	)	)	PUNCT
fbem-25570	40	81	.	.	PUNCT
fbem-25570	41	1	individual	individual	ADJ
fbem-25570	41	2	managers	manager	NOUN
fbem-25570	41	3	and	and	CCONJ
fbem-25570	41	4	firm	firm	ADJ
fbem-25570	41	5	characteristics	characteristic	NOUN
fbem-25570	41	6	jointly	jointly	ADV
fbem-25570	41	7	contribute	contribute	VERB
fbem-25570	41	8	to	to	ADP
fbem-25570	41	9	a	a	DET
fbem-25570	41	10	firm	firm	NOUN
fbem-25570	41	11	's	's	PART
fbem-25570	41	12	risk	risk	NOUN
fbem-25570	41	13	-	-	PUNCT
fbem-25570	41	14	taking	take	VERB
fbem-25570	41	15	behavior	behavior	NOUN
fbem-25570	41	16	,	,	PUNCT
fbem-25570	41	17	while	while	SCONJ
fbem-25570	41	18	the	the	DET
fbem-25570	41	19	macroenvironment	macroenvironment	ADJ
fbem-25570	41	20	manifests	manifest	VERB
fbem-25570	41	21	itself	itself	PRON
fbem-25570	41	22	as	as	ADP
fbem-25570	41	23	the	the	DET
fbem-25570	41	24	impact	impact	NOUN
fbem-25570	41	25	of	of	ADP
fbem-25570	41	26	various	various	ADJ
fbem-25570	41	27	macrofactors	macrofactor	NOUN
fbem-25570	41	28	on	on	ADP
fbem-25570	41	29	a	a	DET
fbem-25570	41	30	firm	firm	NOUN
fbem-25570	41	31	's	's	PART
fbem-25570	41	32	risk	risk	NOUN
fbem-25570	41	33	-	-	PUNCT
fbem-25570	41	34	taking	take	VERB
fbem-25570	41	35	ability	ability	NOUN
fbem-25570	41	36	at	at	ADP
fbem-25570	41	37	the	the	DET
fbem-25570	41	38	macro	macro	NOUN
fbem-25570	41	39	-	-	NOUN
fbem-25570	41	40	level	level	NOUN
fbem-25570	41	41	.	.	PUNCT
fbem-25570	42	1	in	in	ADP
fbem-25570	42	2	recent	recent	ADJ
fbem-25570	42	3	years	year	NOUN
fbem-25570	42	4	,	,	PUNCT
fbem-25570	42	5	more	more	ADJ
fbem-25570	42	6	and	and	CCONJ
fbem-25570	42	7	more	more	ADJ
fbem-25570	42	8	scholars	scholar	NOUN
fbem-25570	42	9	have	have	AUX
fbem-25570	42	10	begun	begin	VERB
fbem-25570	42	11	to	to	PART
fbem-25570	42	12	pay	pay	VERB
fbem-25570	42	13	attention	attention	NOUN
fbem-25570	42	14	to	to	ADP
fbem-25570	42	15	the	the	DET
fbem-25570	42	16	impact	impact	NOUN
fbem-25570	42	17	of	of	ADP
fbem-25570	42	18	the	the	DET
fbem-25570	42	19	macro	macro	ADJ
fbem-25570	42	20	environment	environment	NOUN
fbem-25570	42	21	on	on	ADP
fbem-25570	42	22	enterprise	enterprise	NOUN
fbem-25570	42	23	risk	risk	NOUN
fbem-25570	42	24	-	-	PUNCT
fbem-25570	42	25	taking	taking	NOUN
fbem-25570	42	26	,	,	PUNCT
fbem-25570	42	27	and	and	CCONJ
fbem-25570	42	28	the	the	DET
fbem-25570	42	29	role	role	NOUN
fbem-25570	42	30	and	and	CCONJ
fbem-25570	42	31	policies	policy	NOUN
fbem-25570	42	32	of	of	ADP
fbem-25570	42	33	local	local	ADJ
fbem-25570	42	34	governments	government	NOUN
fbem-25570	42	35	,	,	PUNCT
fbem-25570	42	36	as	as	ADP
fbem-25570	42	37	one	one	NUM
fbem-25570	42	38	of	of	ADP
fbem-25570	42	39	the	the	DET
fbem-25570	42	40	important	important	ADJ
fbem-25570	42	41	subjects	subject	NOUN
fbem-25570	42	42	in	in	ADP
fbem-25570	42	43	the	the	DET
fbem-25570	42	44	macro	macro	ADJ
fbem-25570	42	45	environment	environment	NOUN
fbem-25570	42	46	,	,	PUNCT
fbem-25570	42	47	have	have	AUX
fbem-25570	42	48	also	also	ADV
fbem-25570	42	49	received	receive	VERB
fbem-25570	42	50	more	more	ADJ
fbem-25570	42	51	and	and	CCONJ
fbem-25570	42	52	more	more	ADJ
fbem-25570	42	53	attention	attention	NOUN
fbem-25570	42	54	,	,	PUNCT
fbem-25570	42	55	however	however	ADV
fbem-25570	42	56	,	,	PUNCT
fbem-25570	42	57	the	the	DET
fbem-25570	42	58	influence	influence	NOUN
fbem-25570	42	59	of	of	ADP
fbem-25570	42	60	the	the	DET
fbem-25570	42	61	local	local	ADJ
fbem-25570	42	62	government	government	NOUN
fbem-25570	42	63	debt	debt	NOUN
fbem-25570	42	64	is	be	AUX
fbem-25570	42	65	still	still	ADV
fbem-25570	42	66	lacking	lack	VERB
fbem-25570	42	67	in	in	ADP
fbem-25570	42	68	its	its	PRON
fbem-25570	42	69	due	due	ADJ
fbem-25570	42	70	attention	attention	NOUN
fbem-25570	42	71	.	.	PUNCT
fbem-25570	43	1	3	3	X
fbem-25570	43	2	.	.	X
fbem-25570	43	3	theoretical	theoretical	ADJ
fbem-25570	43	4	analysis	analysis	NOUN
fbem-25570	43	5	and	and	CCONJ
fbem-25570	43	6	research	research	NOUN
fbem-25570	43	7	hypotheses	hypothesis	NOUN
fbem-25570	43	8	3.1	3.1	NUM
fbem-25570	43	9	.	.	PUNCT
fbem-25570	44	1	local	local	ADJ
fbem-25570	44	2	government	government	NOUN
fbem-25570	44	3	debt	debt	NOUN
fbem-25570	44	4	and	and	CCONJ
fbem-25570	44	5	enterprise	enterprise	NOUN
fbem-25570	44	6	risk	risk	NOUN
fbem-25570	44	7	-	-	PUNCT
fbem-25570	44	8	taking	take	VERB
fbem-25570	44	9	local	local	ADJ
fbem-25570	44	10	government	government	NOUN
fbem-25570	44	11	debt	debt	NOUN
fbem-25570	44	12	is	be	AUX
fbem-25570	44	13	an	an	DET
fbem-25570	44	14	important	important	ADJ
fbem-25570	44	15	channel	channel	NOUN
fbem-25570	44	16	for	for	ADP
fbem-25570	44	17	local	local	ADJ
fbem-25570	44	18	governments	government	NOUN
fbem-25570	44	19	to	to	PART
fbem-25570	44	20	influence	influence	VERB
fbem-25570	44	21	the	the	DET
fbem-25570	44	22	market	market	NOUN
fbem-25570	44	23	.	.	PUNCT
fbem-25570	45	1	the	the	DET
fbem-25570	45	2	source	source	NOUN
fbem-25570	45	3	of	of	ADP
fbem-25570	45	4	funds	fund	NOUN
fbem-25570	45	5	raised	raise	VERB
fbem-25570	45	6	by	by	ADP
fbem-25570	45	7	local	local	ADJ
fbem-25570	45	8	government	government	NOUN
fbem-25570	45	9	debt	debt	NOUN
fbem-25570	45	10	is	be	AUX
fbem-25570	45	11	mainly	mainly	ADV
fbem-25570	45	12	credit	credit	NOUN
fbem-25570	45	13	funds	fund	NOUN
fbem-25570	45	14	from	from	ADP
fbem-25570	45	15	financial	financial	ADJ
fbem-25570	45	16	institutions	institution	NOUN
fbem-25570	45	17	(	(	PUNCT
fbem-25570	45	18	liang	liang	PROPN
fbem-25570	45	19	qi	qi	PROPN
fbem-25570	45	20	and	and	CCONJ
fbem-25570	45	21	hao	hao	PROPN
fbem-25570	45	22	yi	yi	PROPN
fbem-25570	45	23	,	,	PUNCT
fbem-25570	45	24	2019	2019	NUM
fbem-25570	45	25	)	)	PUNCT
fbem-25570	45	26	,	,	PUNCT
fbem-25570	45	27	which	which	PRON
fbem-25570	45	28	means	mean	VERB
fbem-25570	45	29	that	that	SCONJ
fbem-25570	45	30	there	there	PRON
fbem-25570	45	31	is	be	VERB
fbem-25570	45	32	a	a	DET
fbem-25570	45	33	more	more	ADV
fbem-25570	45	34	serious	serious	ADJ
fbem-25570	45	35	problem	problem	NOUN
fbem-25570	45	36	of	of	ADP
fbem-25570	45	37	competition	competition	NOUN
fbem-25570	45	38	for	for	ADP
fbem-25570	45	39	credit	credit	NOUN
fbem-25570	45	40	resources	resource	NOUN
fbem-25570	45	41	between	between	ADP
fbem-25570	45	42	local	local	ADJ
fbem-25570	45	43	governments	government	NOUN
fbem-25570	45	44	and	and	CCONJ
fbem-25570	45	45	enterprises	enterprise	NOUN
fbem-25570	45	46	in	in	ADP
fbem-25570	45	47	their	their	PRON
fbem-25570	45	48	jurisdictions	jurisdiction	NOUN
fbem-25570	45	49	.	.	PUNCT
fbem-25570	46	1	fan	fan	PROPN
fbem-25570	46	2	xiaoyun	xiaoyun	PROPN
fbem-25570	46	3	et	et	PROPN
fbem-25570	46	4	al	al	PROPN
fbem-25570	46	5	.	.	PROPN
fbem-25570	47	1	(	(	PUNCT
fbem-25570	47	2	2017	2017	NUM
fbem-25570	47	3	)	)	PUNCT
fbem-25570	47	4	found	find	VERB
fbem-25570	47	5	that	that	SCONJ
fbem-25570	47	6	government	government	NOUN
fbem-25570	47	7	liabilities	liability	NOUN
fbem-25570	47	8	affect	affect	VERB
fbem-25570	47	9	the	the	DET
fbem-25570	47	10	financing	financing	NOUN
fbem-25570	47	11	scale	scale	NOUN
fbem-25570	47	12	of	of	ADP
fbem-25570	47	13	enterprises	enterprise	NOUN
fbem-25570	47	14	to	to	ADP
fbem-25570	47	15	a	a	DET
fbem-25570	47	16	certain	certain	ADJ
fbem-25570	47	17	extent	extent	NOUN
fbem-25570	47	18	,	,	PUNCT
fbem-25570	47	19	as	as	ADV
fbem-25570	47	20	well	well	ADV
fbem-25570	47	21	as	as	ADP
fbem-25570	47	22	the	the	DET
fbem-25570	47	23	competitiveness	competitiveness	NOUN
fbem-25570	47	24	of	of	ADP
fbem-25570	47	25	the	the	DET
fbem-25570	47	26	market	market	NOUN
fbem-25570	47	27	.	.	PUNCT
fbem-25570	48	1	the	the	DET
fbem-25570	48	2	increasing	increase	VERB
fbem-25570	48	3	scale	scale	NOUN
fbem-25570	48	4	of	of	ADP
fbem-25570	48	5	local	local	ADJ
fbem-25570	48	6	government	government	NOUN
fbem-25570	48	7	indebtedness	indebtedness	NOUN
fbem-25570	48	8	in	in	ADP
fbem-25570	48	9	china	china	PROPN
fbem-25570	48	10	has	have	AUX
fbem-25570	48	11	led	lead	VERB
fbem-25570	48	12	to	to	ADP
fbem-25570	48	13	an	an	DET
fbem-25570	48	14	increase	increase	NOUN
fbem-25570	48	15	in	in	ADP
fbem-25570	48	16	the	the	DET
fbem-25570	48	17	cost	cost	NOUN
fbem-25570	48	18	of	of	ADP
fbem-25570	48	19	financing	financing	NOUN
fbem-25570	48	20	for	for	ADP
fbem-25570	48	21	enterprises	enterprise	NOUN
fbem-25570	48	22	,	,	PUNCT
fbem-25570	48	23	a	a	DET
fbem-25570	48	24	decrease	decrease	NOUN
fbem-25570	48	25	in	in	ADP
fbem-25570	48	26	their	their	PRON
fbem-25570	48	27	willingness	willingness	NOUN
fbem-25570	48	28	to	to	PART
fbem-25570	48	29	invest	invest	VERB
fbem-25570	48	30	,	,	PUNCT
fbem-25570	48	31	and	and	CCONJ
fbem-25570	48	32	a	a	DET
fbem-25570	48	33	decrease	decrease	NOUN
fbem-25570	48	34	in	in	ADP
fbem-25570	48	35	their	their	PRON
fbem-25570	48	36	ability	ability	NOUN
fbem-25570	48	37	to	to	PART
fbem-25570	48	38	bear	bear	VERB
fbem-25570	48	39	risks	risk	NOUN
fbem-25570	48	40	.	.	PUNCT
fbem-25570	49	1	and	and	CCONJ
fbem-25570	49	2	the	the	DET
fbem-25570	49	3	liabilities	liability	NOUN
fbem-25570	49	4	of	of	ADP
fbem-25570	49	5	financing	finance	VERB
fbem-25570	49	6	platform	platform	NOUN
fbem-25570	49	7	companies	company	NOUN
fbem-25570	49	8	have	have	VERB
fbem-25570	49	9	a	a	DET
fbem-25570	49	10	more	more	ADV
fbem-25570	49	11	pronounced	pronounced	ADJ
fbem-25570	49	12	effect	effect	NOUN
fbem-25570	49	13	on	on	ADP
fbem-25570	49	14	crowding	crowd	VERB
fbem-25570	49	15	out	out	ADP
fbem-25570	49	16	(	(	PUNCT
fbem-25570	49	17	huang	huang	PROPN
fbem-25570	49	18	et	et	PROPN
fbem-25570	49	19	al	al	PROPN
fbem-25570	49	20	.	.	PROPN
fbem-25570	49	21	,2020).in	,2020).in	PUNCT
fbem-25570	49	22	addition	addition	NOUN
fbem-25570	49	23	,	,	PUNCT
fbem-25570	49	24	as	as	SCONJ
fbem-25570	49	25	local	local	ADJ
fbem-25570	49	26	governments	government	NOUN
fbem-25570	49	27	face	face	VERB
fbem-25570	49	28	enormous	enormous	ADJ
fbem-25570	49	29	repayment	repayment	NOUN
fbem-25570	49	30	and	and	CCONJ
fbem-25570	49	31	financial	financial	ADJ
fbem-25570	49	32	pressures	pressure	NOUN
fbem-25570	49	33	,	,	PUNCT
fbem-25570	49	34	they	they	PRON
fbem-25570	49	35	have	have	VERB
fbem-25570	49	36	more	more	ADJ
fbem-25570	49	37	incentives	incentive	NOUN
fbem-25570	49	38	to	to	PART
fbem-25570	49	39	alleviate	alleviate	VERB
fbem-25570	49	40	their	their	PRON
fbem-25570	49	41	financial	financial	ADJ
fbem-25570	49	42	woes	woe	NOUN
fbem-25570	49	43	by	by	ADP
fbem-25570	49	44	transferring	transfer	VERB
fbem-25570	49	45	debt	debt	NOUN
fbem-25570	49	46	pressures	pressure	NOUN
fbem-25570	49	47	to	to	ADP
fbem-25570	49	48	enterprises	enterprise	NOUN
fbem-25570	49	49	through	through	ADP
fbem-25570	49	50	such	such	ADJ
fbem-25570	49	51	means	mean	NOUN
fbem-25570	49	52	as	as	ADP
fbem-25570	49	53	strengthening	strengthen	VERB
fbem-25570	49	54	tax	tax	NOUN
fbem-25570	49	55	regulation	regulation	NOUN
fbem-25570	49	56	.	.	PUNCT
fbem-25570	50	1	it	it	PRON
fbem-25570	50	2	has	have	AUX
fbem-25570	50	3	been	be	AUX
fbem-25570	50	4	found	find	VERB
fbem-25570	50	5	that	that	SCONJ
fbem-25570	50	6	the	the	PRON
fbem-25570	50	7	higher	high	ADJ
fbem-25570	50	8	the	the	DET
fbem-25570	50	9	level	level	NOUN
fbem-25570	50	10	of	of	ADP
fbem-25570	50	11	local	local	ADJ
fbem-25570	50	12	government	government	NOUN
fbem-25570	50	13	indebtedness	indebtedness	NOUN
fbem-25570	50	14	,	,	PUNCT
fbem-25570	50	15	the	the	PRON
fbem-25570	50	16	higher	high	ADJ
fbem-25570	50	17	the	the	DET
fbem-25570	50	18	gross	gross	ADJ
fbem-25570	50	19	and	and	CCONJ
fbem-25570	50	20	net	net	ADJ
fbem-25570	50	21	tax	tax	NOUN
fbem-25570	50	22	burden	burden	NOUN
fbem-25570	50	23	borne	bear	VERB
fbem-25570	50	24	by	by	ADP
fbem-25570	50	25	firms	firm	NOUN
fbem-25570	50	26	in	in	ADP
fbem-25570	50	27	their	their	PRON
fbem-25570	50	28	region	region	NOUN
fbem-25570	50	29	increases	increase	VERB
fbem-25570	50	30	accordingly	accordingly	ADV
fbem-25570	50	31	(	(	PUNCT
fbem-25570	50	32	yang	yang	PROPN
fbem-25570	50	33	huaxiang	huaxiang	PROPN
fbem-25570	50	34	and	and	CCONJ
fbem-25570	50	35	song	song	PROPN
fbem-25570	50	36	chang	chang	PROPN
fbem-25570	50	37	,	,	PUNCT
fbem-25570	50	38	2015).high	2015).high	NUM
fbem-25570	50	39	tax	tax	NOUN
fbem-25570	50	40	burdens	burden	NOUN
fbem-25570	50	41	and	and	CCONJ
fbem-25570	50	42	stringent	stringent	ADJ
fbem-25570	50	43	tax	tax	NOUN
fbem-25570	50	44	controls	control	NOUN
fbem-25570	50	45	reduce	reduce	VERB
fbem-25570	50	46	retained	retain	VERB
fbem-25570	50	47	profits	profit	NOUN
fbem-25570	50	48	and	and	CCONJ
fbem-25570	50	49	cash	cash	NOUN
fbem-25570	50	50	flows	flow	NOUN
fbem-25570	50	51	and	and	CCONJ
fbem-25570	50	52	reduce	reduce	VERB
fbem-25570	50	53	a	a	DET
fbem-25570	50	54	company	company	NOUN
fbem-25570	50	55	's	's	PART
fbem-25570	50	56	risk	risk	NOUN
fbem-25570	50	57	tolerance	tolerance	NOUN
fbem-25570	50	58	.	.	PUNCT
fbem-25570	51	1	in	in	ADP
fbem-25570	51	2	addition	addition	NOUN
fbem-25570	51	3	,	,	PUNCT
fbem-25570	51	4	the	the	DET
fbem-25570	51	5	current	current	ADJ
fbem-25570	51	6	scale	scale	NOUN
fbem-25570	51	7	of	of	ADP
fbem-25570	51	8	local	local	ADJ
fbem-25570	51	9	government	government	NOUN
fbem-25570	51	10	debt	debt	NOUN
fbem-25570	51	11	in	in	ADP
fbem-25570	51	12	china	china	PROPN
fbem-25570	51	13	is	be	AUX
fbem-25570	51	14	expanding	expand	VERB
fbem-25570	51	15	dramatically	dramatically	ADV
fbem-25570	51	16	,	,	PUNCT
fbem-25570	51	17	facing	face	VERB
fbem-25570	51	18	greater	great	ADJ
fbem-25570	51	19	debt	debt	NOUN
fbem-25570	51	20	risk	risk	NOUN
fbem-25570	51	21	,	,	PUNCT
fbem-25570	51	22	the	the	DET
fbem-25570	51	23	risk	risk	NOUN
fbem-25570	51	24	of	of	ADP
fbem-25570	51	25	default	default	NOUN
fbem-25570	51	26	is	be	AUX
fbem-25570	51	27	increasing	increase	VERB
fbem-25570	51	28	,	,	PUNCT
fbem-25570	51	29	and	and	CCONJ
fbem-25570	51	30	“	"	PUNCT
fbem-25570	51	31	sticking	stick	VERB
fbem-25570	51	32	to	to	ADP
fbem-25570	51	33	the	the	DET
fbem-25570	51	34	bottom	bottom	ADJ
fbem-25570	51	35	line	line	NOUN
fbem-25570	51	36	of	of	ADP
fbem-25570	51	37	no	no	DET
fbem-25570	51	38	systemic	systemic	ADJ
fbem-25570	51	39	financial	financial	ADJ
fbem-25570	51	40	risk	risk	NOUN
fbem-25570	51	41	”	"	PUNCT
fbem-25570	51	42	has	have	AUX
fbem-25570	51	43	been	be	AUX
fbem-25570	51	44	a	a	DET
fbem-25570	51	45	high	high	ADJ
fbem-25570	51	46	priority	priority	NOUN
fbem-25570	51	47	for	for	ADP
fbem-25570	51	48	the	the	DET
fbem-25570	51	49	cpc	cpc	PROPN
fbem-25570	51	50	central	central	PROPN
fbem-25570	51	51	committee	committee	PROPN
fbem-25570	51	52	and	and	CCONJ
fbem-25570	51	53	the	the	DET
fbem-25570	51	54	government	government	NOUN
fbem-25570	51	55	.	.	PUNCT
fbem-25570	52	1	the	the	DET
fbem-25570	52	2	mismatch	mismatch	NOUN
fbem-25570	52	3	between	between	ADP
fbem-25570	52	4	the	the	DET
fbem-25570	52	5	tenure	tenure	NOUN
fbem-25570	52	6	of	of	ADP
fbem-25570	52	7	local	local	ADJ
fbem-25570	52	8	government	government	NOUN
fbem-25570	52	9	officials	official	NOUN
fbem-25570	52	10	and	and	CCONJ
fbem-25570	52	11	the	the	DET
fbem-25570	52	12	maturity	maturity	NOUN
fbem-25570	52	13	of	of	ADP
fbem-25570	52	14	liabilities	liability	NOUN
fbem-25570	52	15	is	be	AUX
fbem-25570	52	16	the	the	DET
fbem-25570	52	17	main	main	ADJ
fbem-25570	52	18	reason	reason	NOUN
fbem-25570	52	19	for	for	ADP
fbem-25570	52	20	the	the	DET
fbem-25570	52	21	separation	separation	NOUN
fbem-25570	52	22	of	of	ADP
fbem-25570	52	23	power	power	NOUN
fbem-25570	52	24	and	and	CCONJ
fbem-25570	52	25	responsibility	responsibility	NOUN
fbem-25570	52	26	of	of	ADP
fbem-25570	52	27	local	local	ADJ
fbem-25570	52	28	government	government	NOUN
fbem-25570	52	29	debt	debt	NOUN
fbem-25570	52	30	(	(	PUNCT
fbem-25570	52	31	miao	miao	NOUN
fbem-25570	52	32	,	,	PUNCT
fbem-25570	52	33	xiaolin	xiaolin	PROPN
fbem-25570	52	34	and	and	CCONJ
fbem-25570	52	35	fu	fu	PROPN
fbem-25570	52	36	,	,	PUNCT
fbem-25570	52	37	runmin	runmin	NOUN
fbem-25570	52	38	,	,	PUNCT
fbem-25570	52	39	2015	2015	NUM
fbem-25570	52	40	)	)	PUNCT
fbem-25570	52	41	,	,	PUNCT
fbem-25570	52	42	and	and	CCONJ
fbem-25570	52	43	there	there	PRON
fbem-25570	52	44	is	be	VERB
fbem-25570	52	45	a	a	DET
fbem-25570	52	46	mutually	mutually	ADV
fbem-25570	52	47	affecting	affect	VERB
fbem-25570	52	48	interaction	interaction	NOUN
fbem-25570	52	49	between	between	ADP
fbem-25570	52	50	these	these	DET
fbem-25570	52	51	two	two	NUM
fbem-25570	52	52	types	type	NOUN
fbem-25570	52	53	of	of	ADP
fbem-25570	52	54	risk	risk	NOUN
fbem-25570	52	55	,	,	PUNCT
fbem-25570	52	56	which	which	PRON
fbem-25570	52	57	weakens	weaken	VERB
fbem-25570	52	58	the	the	DET
fbem-25570	52	59	firm	firm	NOUN
fbem-25570	52	60	's	's	PART
fbem-25570	52	61	risk	risk	NOUN
fbem-25570	52	62	tolerance	tolerance	NOUN
fbem-25570	52	63	.	.	PUNCT
fbem-25570	53	1	based	base	VERB
fbem-25570	53	2	on	on	ADP
fbem-25570	53	3	the	the	DET
fbem-25570	53	4	above	above	ADJ
fbem-25570	53	5	analysis	analysis	NOUN
fbem-25570	53	6	,	,	PUNCT
fbem-25570	53	7	this	this	DET
fbem-25570	53	8	paper	paper	NOUN
fbem-25570	53	9	presents	present	VERB
fbem-25570	53	10	the	the	DET
fbem-25570	53	11	hypothesis	hypothesis	NOUN
fbem-25570	53	12	:	:	PUNCT
fbem-25570	53	13	h1	h1	PROPN
fbem-25570	53	14	:	:	PUNCT
fbem-25570	53	15	local	local	ADJ
fbem-25570	53	16	government	government	NOUN
fbem-25570	53	17	debt	debt	NOUN
fbem-25570	53	18	reduces	reduce	VERB
fbem-25570	53	19	corporate	corporate	ADJ
fbem-25570	53	20	risk	risk	NOUN
fbem-25570	53	21	-	-	PUNCT
fbem-25570	53	22	taking	taking	NOUN
fbem-25570	53	23	.	.	PUNCT
fbem-25570	54	1	3.2	3.2	NUM
fbem-25570	54	2	.	.	PUNCT
fbem-25570	55	1	financing	financing	NOUN
fbem-25570	55	2	constraints	constraint	NOUN
fbem-25570	55	3	,	,	PUNCT
fbem-25570	55	4	local	local	ADJ
fbem-25570	55	5	government	government	NOUN
fbem-25570	55	6	debt	debt	NOUN
fbem-25570	55	7	and	and	CCONJ
fbem-25570	55	8	corporate	corporate	ADJ
fbem-25570	55	9	risk	risk	NOUN
fbem-25570	55	10	-	-	PUNCT
fbem-25570	55	11	taking	take	VERB
fbem-25570	55	12	the	the	DET
fbem-25570	55	13	size	size	NOUN
fbem-25570	55	14	of	of	ADP
fbem-25570	55	15	local	local	ADJ
fbem-25570	55	16	government	government	NOUN
fbem-25570	55	17	debt	debt	NOUN
fbem-25570	55	18	can	can	AUX
fbem-25570	55	19	affect	affect	VERB
fbem-25570	55	20	enterprise	enterprise	NOUN
fbem-25570	55	21	financing	financing	NOUN
fbem-25570	55	22	by	by	ADP
fbem-25570	55	23	(	(	PUNCT
fbem-25570	55	24	1	1	X
fbem-25570	55	25	)	)	PUNCT
fbem-25570	55	26	limiting	limit	VERB
fbem-25570	55	27	the	the	DET
fbem-25570	55	28	sources	source	NOUN
fbem-25570	55	29	of	of	ADP
fbem-25570	55	30	funding	funding	NOUN
fbem-25570	55	31	for	for	ADP
fbem-25570	55	32	enterprises	enterprise	NOUN
fbem-25570	55	33	.	.	PUNCT
fbem-25570	56	1	local	local	ADJ
fbem-25570	56	2	government	government	NOUN
fbem-25570	56	3	debt	debt	NOUN
fbem-25570	56	4	is	be	AUX
fbem-25570	56	5	endorsed	endorse	VERB
fbem-25570	56	6	and	and	CCONJ
fbem-25570	56	7	issued	issue	VERB
fbem-25570	56	8	by	by	ADP
fbem-25570	56	9	the	the	DET
fbem-25570	56	10	government	government	NOUN
fbem-25570	56	11	,	,	PUNCT
fbem-25570	56	12	with	with	ADP
fbem-25570	56	13	higher	high	ADJ
fbem-25570	56	14	security	security	NOUN
fbem-25570	56	15	and	and	CCONJ
fbem-25570	56	16	greater	great	ADJ
fbem-25570	56	17	liquidity	liquidity	NOUN
fbem-25570	56	18	,	,	PUNCT
fbem-25570	56	19	compared	compare	VERB
fbem-25570	56	20	to	to	ADP
fbem-25570	56	21	enterprises	enterprise	NOUN
fbem-25570	56	22	,	,	PUNCT
fbem-25570	56	23	banks	bank	NOUN
fbem-25570	56	24	and	and	CCONJ
fbem-25570	56	25	other	other	ADJ
fbem-25570	56	26	financial	financial	ADJ
fbem-25570	56	27	institutions	institution	NOUN
fbem-25570	56	28	are	be	AUX
fbem-25570	56	29	more	more	ADV
fbem-25570	56	30	willing	willing	ADJ
fbem-25570	56	31	to	to	PART
fbem-25570	56	32	lend	lend	VERB
fbem-25570	56	33	to	to	ADP
fbem-25570	56	34	the	the	DET
fbem-25570	56	35	government	government	NOUN
fbem-25570	56	36	,	,	PUNCT
fbem-25570	56	37	taking	take	VERB
fbem-25570	56	38	up	up	ADP
fbem-25570	56	39	the	the	DET
fbem-25570	56	40	credit	credit	NOUN
fbem-25570	56	41	funds	fund	NOUN
fbem-25570	56	42	of	of	ADP
fbem-25570	56	43	banks	bank	NOUN
fbem-25570	56	44	,	,	PUNCT
fbem-25570	56	45	making	make	VERB
fbem-25570	56	46	it	it	PRON
fbem-25570	56	47	difficult	difficult	ADJ
fbem-25570	56	48	for	for	SCONJ
fbem-25570	56	49	enterprises	enterprise	NOUN
fbem-25570	56	50	to	to	PART
fbem-25570	56	51	raise	raise	VERB
fbem-25570	56	52	funds.(2	funds.(2	PROPN
fbem-25570	56	53	)	)	PUNCT
fbem-25570	56	54	increasing	increase	VERB
fbem-25570	56	55	the	the	DET
fbem-25570	56	56	cost	cost	NOUN
fbem-25570	56	57	of	of	ADP
fbem-25570	56	58	corporate	corporate	ADJ
fbem-25570	56	59	finance	finance	NOUN
fbem-25570	56	60	.	.	PUNCT
fbem-25570	57	1	in	in	ADP
fbem-25570	57	2	order	order	NOUN
fbem-25570	57	3	to	to	PART
fbem-25570	57	4	compete	compete	VERB
fbem-25570	57	5	with	with	ADP
fbem-25570	57	6	government	government	NOUN
fbem-25570	57	7	debt	debt	NOUN
fbem-25570	57	8	,	,	PUNCT
fbem-25570	57	9	firms	firm	NOUN
fbem-25570	57	10	have	have	VERB
fbem-25570	57	11	to	to	PART
fbem-25570	57	12	pay	pay	VERB
fbem-25570	57	13	a	a	DET
fbem-25570	57	14	higher	high	ADJ
fbem-25570	57	15	cost	cost	NOUN
fbem-25570	57	16	of	of	ADP
fbem-25570	57	17	capital	capital	NOUN
fbem-25570	57	18	and	and	CCONJ
fbem-25570	57	19	accept	accept	VERB
fbem-25570	57	20	harsher	harsh	ADJ
fbem-25570	57	21	debt	debt	NOUN
fbem-25570	57	22	terms	term	NOUN
fbem-25570	57	23	from	from	ADP
fbem-25570	57	24	banks	bank	NOUN
fbem-25570	57	25	.	.	PUNCT
fbem-25570	58	1	based	base	VERB
fbem-25570	58	2	on	on	ADP
fbem-25570	58	3	the	the	DET
fbem-25570	58	4	above	above	ADJ
fbem-25570	58	5	analysis	analysis	NOUN
fbem-25570	58	6	,	,	PUNCT
fbem-25570	58	7	this	this	DET
fbem-25570	58	8	paper	paper	NOUN
fbem-25570	58	9	presents	present	VERB
fbem-25570	58	10	the	the	DET
fbem-25570	58	11	hypothesis	hypothesis	NOUN
fbem-25570	58	12	:	:	PUNCT
fbem-25570	58	13	h2	h2	NOUN
fbem-25570	58	14	:	:	PUNCT
fbem-25570	58	15	financing	financing	NOUN
fbem-25570	58	16	constraints	constraint	NOUN
fbem-25570	58	17	mediate	mediate	VERB
fbem-25570	58	18	the	the	DET
fbem-25570	58	19	role	role	NOUN
fbem-25570	58	20	of	of	ADP
fbem-25570	58	21	local	local	ADJ
fbem-25570	58	22	governments	government	NOUN
fbem-25570	58	23	in	in	ADP
fbem-25570	58	24	reducing	reduce	VERB
fbem-25570	58	25	corporate	corporate	ADJ
fbem-25570	58	26	risk	risk	NOUN
fbem-25570	58	27	-	-	PUNCT
fbem-25570	58	28	taking	taking	NOUN
fbem-25570	58	29	.	.	PUNCT
fbem-25570	59	1	173	173	NUM
fbem-25570	59	2	4	4	NUM
fbem-25570	59	3	.	.	PUNCT
fbem-25570	59	4	research	research	NOUN
fbem-25570	59	5	design	design	NOUN
fbem-25570	59	6	4.1	4.1	NUM
fbem-25570	59	7	.	.	PUNCT
fbem-25570	60	1	sample	sample	NOUN
fbem-25570	60	2	selection	selection	NOUN
fbem-25570	60	3	and	and	CCONJ
fbem-25570	60	4	data	datum	NOUN
fbem-25570	60	5	sources	source	NOUN
fbem-25570	60	6	since	since	SCONJ
fbem-25570	60	7	the	the	DET
fbem-25570	60	8	central	central	ADJ
fbem-25570	60	9	government	government	NOUN
fbem-25570	60	10	has	have	AUX
fbem-25570	60	11	gradually	gradually	ADV
fbem-25570	60	12	liberalized	liberalize	VERB
fbem-25570	60	13	the	the	DET
fbem-25570	60	14	issuance	issuance	NOUN
fbem-25570	60	15	of	of	ADP
fbem-25570	60	16	debt	debt	NOUN
fbem-25570	60	17	by	by	ADP
fbem-25570	60	18	local	local	ADJ
fbem-25570	60	19	governments	government	NOUN
fbem-25570	60	20	since	since	SCONJ
fbem-25570	60	21	2011	2011	NUM
fbem-25570	60	22	,	,	PUNCT
fbem-25570	60	23	and	and	CCONJ
fbem-25570	60	24	the	the	DET
fbem-25570	60	25	data	datum	NOUN
fbem-25570	60	26	on	on	ADP
fbem-25570	60	27	local	local	ADJ
fbem-25570	60	28	government	government	NOUN
fbem-25570	60	29	debt	debt	NOUN
fbem-25570	60	30	has	have	AUX
fbem-25570	60	31	only	only	ADV
fbem-25570	60	32	been	be	AUX
fbem-25570	60	33	available	available	ADJ
fbem-25570	60	34	since	since	SCONJ
fbem-25570	60	35	2011	2011	NUM
fbem-25570	60	36	,	,	PUNCT
fbem-25570	60	37	this	this	DET
fbem-25570	60	38	paper	paper	NOUN
fbem-25570	60	39	takes	take	VERB
fbem-25570	60	40	the	the	DET
fbem-25570	60	41	a	a	DET
fbem-25570	60	42	-	-	PUNCT
fbem-25570	60	43	share	share	NOUN
fbem-25570	60	44	listed	list	VERB
fbem-25570	60	45	companies	company	NOUN
fbem-25570	60	46	in	in	ADP
fbem-25570	60	47	shanghai	shanghai	PROPN
fbem-25570	60	48	and	and	CCONJ
fbem-25570	60	49	shenzhen	shenzhen	PROPN
fbem-25570	60	50	from	from	ADP
fbem-25570	60	51	2011	2011	NUM
fbem-25570	60	52	to	to	ADP
fbem-25570	60	53	2021	2021	NUM
fbem-25570	60	54	as	as	ADP
fbem-25570	60	55	the	the	DET
fbem-25570	60	56	research	research	NOUN
fbem-25570	60	57	sample	sample	NOUN
fbem-25570	60	58	and	and	CCONJ
fbem-25570	60	59	carries	carry	VERB
fbem-25570	60	60	out	out	ADP
fbem-25570	60	61	the	the	DET
fbem-25570	60	62	following	follow	VERB
fbem-25570	60	63	screening:(1	screening:(1	PROPN
fbem-25570	60	64	)	)	PUNCT
fbem-25570	60	65	excluding	exclude	VERB
fbem-25570	60	66	the	the	DET
fbem-25570	60	67	samples	sample	NOUN
fbem-25570	60	68	of	of	ADP
fbem-25570	60	69	listed	list	VERB
fbem-25570	60	70	companies	company	NOUN
fbem-25570	60	71	in	in	ADP
fbem-25570	60	72	the	the	DET
fbem-25570	60	73	financial	financial	ADJ
fbem-25570	60	74	industry	industry	NOUN
fbem-25570	60	75	;	;	PUNCT
fbem-25570	60	76	(	(	PUNCT
fbem-25570	60	77	2	2	X
fbem-25570	60	78	)	)	PUNCT
fbem-25570	60	79	excluding	exclude	VERB
fbem-25570	60	80	the	the	DET
fbem-25570	60	81	samples	sample	NOUN
fbem-25570	60	82	of	of	ADP
fbem-25570	60	83	st	st	PROPN
fbem-25570	60	84	and	and	CCONJ
fbem-25570	60	85	*	*	PROPN
fbem-25570	60	86	st	st	PROPN
fbem-25570	60	87	listed	list	VERB
fbem-25570	60	88	companies	company	NOUN
fbem-25570	60	89	;	;	PUNCT
fbem-25570	60	90	(	(	PUNCT
fbem-25570	60	91	3	3	X
fbem-25570	60	92	)	)	PUNCT
fbem-25570	60	93	excluding	exclude	VERB
fbem-25570	60	94	the	the	DET
fbem-25570	60	95	samples	sample	NOUN
fbem-25570	60	96	with	with	ADP
fbem-25570	60	97	missing	miss	VERB
fbem-25570	60	98	key	key	ADJ
fbem-25570	60	99	data	datum	NOUN
fbem-25570	60	100	;	;	PUNCT
fbem-25570	60	101	and	and	CCONJ
fbem-25570	60	102	(	(	PUNCT
fbem-25570	60	103	4	4	X
fbem-25570	60	104	)	)	PUNCT
fbem-25570	60	105	in	in	ADP
fbem-25570	60	106	order	order	NOUN
fbem-25570	60	107	to	to	PART
fbem-25570	60	108	eliminate	eliminate	VERB
fbem-25570	60	109	the	the	DET
fbem-25570	60	110	influence	influence	NOUN
fbem-25570	60	111	of	of	ADP
fbem-25570	60	112	extreme	extreme	ADJ
fbem-25570	60	113	values	value	NOUN
fbem-25570	60	114	,	,	PUNCT
fbem-25570	60	115	this	this	DET
fbem-25570	60	116	paper	paper	NOUN
fbem-25570	60	117	shrinks	shrink	VERB
fbem-25570	60	118	the	the	DET
fbem-25570	60	119	tails	tail	NOUN
fbem-25570	60	120	of	of	ADP
fbem-25570	60	121	all	all	DET
fbem-25570	60	122	the	the	DET
fbem-25570	60	123	continuous	continuous	ADJ
fbem-25570	60	124	variables	variable	NOUN
fbem-25570	60	125	at	at	ADP
fbem-25570	60	126	the	the	DET
fbem-25570	60	127	level	level	NOUN
fbem-25570	60	128	of	of	ADP
fbem-25570	60	129	1	1	NUM
fbem-25570	60	130	%	%	NOUN
fbem-25570	60	131	and	and	CCONJ
fbem-25570	60	132	99	99	NUM
fbem-25570	60	133	%	%	NOUN
fbem-25570	60	134	,	,	PUNCT
fbem-25570	60	135	and	and	CCONJ
fbem-25570	60	136	finally	finally	ADV
fbem-25570	60	137	obtains	obtain	VERB
fbem-25570	60	138	a	a	DET
fbem-25570	60	139	total	total	NOUN
fbem-25570	60	140	of	of	ADP
fbem-25570	60	141	27,062	27,062	NUM
fbem-25570	60	142	samples	sample	NOUN
fbem-25570	60	143	from	from	ADP
fbem-25570	60	144	3,822	3,822	NUM
fbem-25570	60	145	listed	list	VERB
fbem-25570	60	146	companies	company	NOUN
fbem-25570	60	147	.	.	PUNCT
fbem-25570	61	1	the	the	DET
fbem-25570	61	2	data	datum	NOUN
fbem-25570	61	3	on	on	ADP
fbem-25570	61	4	local	local	ADJ
fbem-25570	61	5	government	government	NOUN
fbem-25570	61	6	debt	debt	NOUN
fbem-25570	61	7	is	be	AUX
fbem-25570	61	8	from	from	ADP
fbem-25570	61	9	the	the	DET
fbem-25570	61	10	wand	wand	NOUN
fbem-25570	61	11	(	(	PUNCT
fbem-25570	61	12	wind	wind	NOUN
fbem-25570	61	13	)	)	PUNCT
fbem-25570	61	14	database	database	NOUN
fbem-25570	61	15	,	,	PUNCT
fbem-25570	61	16	and	and	CCONJ
fbem-25570	61	17	the	the	DET
fbem-25570	61	18	rest	rest	NOUN
fbem-25570	61	19	of	of	ADP
fbem-25570	61	20	the	the	DET
fbem-25570	61	21	data	data	NOUN
fbem-25570	61	22	is	be	AUX
fbem-25570	61	23	from	from	ADP
fbem-25570	61	24	the	the	DET
fbem-25570	61	25	cathay	cathay	PROPN
fbem-25570	61	26	pacific	pacific	PROPN
fbem-25570	61	27	(	(	PUNCT
fbem-25570	61	28	csmar	csmar	PROPN
fbem-25570	61	29	)	)	PUNCT
fbem-25570	61	30	database	database	NOUN
fbem-25570	61	31	.	.	PUNCT
fbem-25570	62	1	4.2	4.2	NUM
fbem-25570	62	2	.	.	PUNCT
fbem-25570	62	3	definition	definition	NOUN
fbem-25570	62	4	of	of	ADP
fbem-25570	62	5	variables	variable	NOUN
fbem-25570	62	6	4.2.1	4.2.1	NUM
fbem-25570	62	7	.	.	PUNCT
fbem-25570	63	1	explanatory	explanatory	ADJ
fbem-25570	63	2	variables	variable	NOUN
fbem-25570	63	3	:	:	PUNCT
fbem-25570	63	4	local	local	ADJ
fbem-25570	63	5	government	government	NOUN
fbem-25570	63	6	debt	debt	NOUN
fbem-25570	63	7	drawing	draw	VERB
fbem-25570	63	8	on	on	ADP
fbem-25570	63	9	the	the	DET
fbem-25570	63	10	research	research	NOUN
fbem-25570	63	11	ideas	idea	NOUN
fbem-25570	63	12	of	of	ADP
fbem-25570	63	13	li	li	PROPN
fbem-25570	63	14	hongquan	hongquan	PROPN
fbem-25570	63	15	and	and	CCONJ
fbem-25570	63	16	yin	yin	PROPN
fbem-25570	63	17	panpan	panpan	NOUN
fbem-25570	63	18	(	(	PUNCT
fbem-25570	63	19	2019	2019	NUM
fbem-25570	63	20	)	)	PUNCT
fbem-25570	63	21	,	,	PUNCT
fbem-25570	63	22	the	the	DET
fbem-25570	63	23	size	size	NOUN
fbem-25570	63	24	of	of	ADP
fbem-25570	63	25	local	local	ADJ
fbem-25570	63	26	government	government	NOUN
fbem-25570	63	27	debt	debt	NOUN
fbem-25570	63	28	is	be	AUX
fbem-25570	63	29	measured	measure	VERB
fbem-25570	63	30	by	by	ADP
fbem-25570	63	31	provincial	provincial	ADJ
fbem-25570	63	32	local	local	ADJ
fbem-25570	63	33	government	government	NOUN
fbem-25570	63	34	debt	debt	NOUN
fbem-25570	63	35	balance	balance	NOUN
fbem-25570	63	36	/	/	SYM
fbem-25570	63	37	provincial	provincial	ADJ
fbem-25570	63	38	gdp	gdp	NOUN
fbem-25570	63	39	(	(	PUNCT
fbem-25570	63	40	gdp).and	gdp).and	X
fbem-25570	63	41	this	this	PRON
fbem-25570	63	42	is	be	AUX
fbem-25570	63	43	the	the	DET
fbem-25570	63	44	basis	basis	NOUN
fbem-25570	63	45	for	for	ADP
fbem-25570	63	46	measuring	measure	VERB
fbem-25570	63	47	the	the	DET
fbem-25570	63	48	economic	economic	ADJ
fbem-25570	63	49	size	size	NOUN
fbem-25570	63	50	of	of	ADP
fbem-25570	63	51	provinces	province	NOUN
fbem-25570	63	52	and	and	CCONJ
fbem-25570	63	53	municipalities	municipality	NOUN
fbem-25570	63	54	across	across	ADP
fbem-25570	63	55	the	the	DET
fbem-25570	63	56	country	country	NOUN
fbem-25570	63	57	on	on	ADP
fbem-25570	63	58	the	the	DET
fbem-25570	63	59	carrying	carry	VERB
fbem-25570	63	60	capacity	capacity	NOUN
fbem-25570	63	61	of	of	ADP
fbem-25570	63	62	local	local	ADJ
fbem-25570	63	63	government	government	NOUN
fbem-25570	63	64	debt	debt	NOUN
fbem-25570	63	65	the	the	DET
fbem-25570	63	66	balance	balance	NOUN
fbem-25570	63	67	of	of	ADP
fbem-25570	63	68	provincial	provincial	ADJ
fbem-25570	63	69	local	local	ADJ
fbem-25570	63	70	government	government	NOUN
fbem-25570	63	71	liabilities	liability	NOUN
fbem-25570	63	72	is	be	AUX
fbem-25570	63	73	composed	compose	VERB
fbem-25570	63	74	of	of	ADP
fbem-25570	63	75	the	the	DET
fbem-25570	63	76	sum	sum	NOUN
fbem-25570	63	77	of	of	ADP
fbem-25570	63	78	the	the	DET
fbem-25570	63	79	balance	balance	NOUN
fbem-25570	63	80	of	of	ADP
fbem-25570	63	81	local	local	ADJ
fbem-25570	63	82	government	government	NOUN
fbem-25570	63	83	bonds	bond	NOUN
fbem-25570	63	84	,	,	PUNCT
fbem-25570	63	85	the	the	DET
fbem-25570	63	86	balance	balance	NOUN
fbem-25570	63	87	of	of	ADP
fbem-25570	63	88	local	local	ADJ
fbem-25570	63	89	government	government	NOUN
fbem-25570	63	90	bonds	bond	NOUN
fbem-25570	63	91	,	,	PUNCT
fbem-25570	63	92	and	and	CCONJ
fbem-25570	63	93	the	the	DET
fbem-25570	63	94	proceeds	proceed	NOUN
fbem-25570	63	95	of	of	ADP
fbem-25570	63	96	national	national	ADJ
fbem-25570	63	97	bond	bond	NOUN
fbem-25570	63	98	transfers	transfer	NOUN
fbem-25570	63	99	.	.	PUNCT
fbem-25570	64	1	the	the	DET
fbem-25570	64	2	methodology	methodology	NOUN
fbem-25570	64	3	takes	take	VERB
fbem-25570	64	4	into	into	ADP
fbem-25570	64	5	account	account	NOUN
fbem-25570	64	6	both	both	PRON
fbem-25570	64	7	explicit	explicit	ADJ
fbem-25570	64	8	liabilities	liability	NOUN
fbem-25570	64	9	and	and	CCONJ
fbem-25570	64	10	available	available	ADJ
fbem-25570	64	11	data	datum	NOUN
fbem-25570	64	12	in	in	ADP
fbem-25570	64	13	its	its	PRON
fbem-25570	64	14	calculations	calculation	NOUN
fbem-25570	64	15	.	.	PUNCT
fbem-25570	65	1	4.2.2	4.2.2	X
fbem-25570	65	2	.	.	PROPN
fbem-25570	65	3	explained	explain	VERB
fbem-25570	65	4	variable	variable	NOUN
fbem-25570	65	5	:	:	PUNCT
fbem-25570	65	6	corporate	corporate	ADJ
fbem-25570	65	7	risk	risk	NOUN
fbem-25570	65	8	-	-	PUNCT
fbem-25570	65	9	taking	taking	NOUN
fbem-25570	65	10	in	in	ADP
fbem-25570	65	11	this	this	DET
fbem-25570	65	12	paper	paper	NOUN
fbem-25570	65	13	,	,	PUNCT
fbem-25570	65	14	an	an	DET
fbem-25570	65	15	empirical	empirical	ADJ
fbem-25570	65	16	study	study	NOUN
fbem-25570	65	17	is	be	AUX
fbem-25570	65	18	conducted	conduct	VERB
fbem-25570	65	19	by	by	ADP
fbem-25570	65	20	examining	examine	VERB
fbem-25570	65	21	earnings	earning	NOUN
fbem-25570	65	22	volatility	volatility	NOUN
fbem-25570	65	23	(	(	PUNCT
fbem-25570	65	24	boubakri	boubakri	NOUN
fbem-25570	65	25	et	et	PROPN
fbem-25570	65	26	al	al	PROPN
fbem-25570	65	27	.	.	PROPN
fbem-25570	65	28	,	,	PUNCT
fbem-25570	65	29	2013	2013	NUM
fbem-25570	65	30	)	)	PUNCT
fbem-25570	65	31	,	,	PUNCT
fbem-25570	65	32	return	return	VERB
fbem-25570	65	33	on	on	ADP
fbem-25570	65	34	equity	equity	NOUN
fbem-25570	65	35	(	(	PUNCT
fbem-25570	65	36	min	min	PROPN
fbem-25570	65	37	zhang	zhang	PROPN
fbem-25570	65	38	et	et	PROPN
fbem-25570	65	39	al	al	PROPN
fbem-25570	65	40	.	.	PROPN
fbem-25570	65	41	,	,	PUNCT
fbem-25570	65	42	2015	2015	NUM
fbem-25570	65	43	)	)	PUNCT
fbem-25570	65	44	and	and	CCONJ
fbem-25570	65	45	gearing	gear	VERB
fbem-25570	65	46	(	(	PUNCT
fbem-25570	65	47	faccio	faccio	X
fbem-25570	65	48	et	et	PROPN
fbem-25570	65	49	al	al	PROPN
fbem-25570	65	50	.	.	PROPN
fbem-25570	65	51	,	,	PUNCT
fbem-25570	65	52	2011	2011	NUM
fbem-25570	65	53	)	)	PUNCT
fbem-25570	65	54	.	.	PUNCT
fbem-25570	66	1	because	because	SCONJ
fbem-25570	66	2	the	the	PRON
fbem-25570	66	3	higher	high	ADJ
fbem-25570	66	4	the	the	DET
fbem-25570	66	5	risk	risk	NOUN
fbem-25570	66	6	-	-	PUNCT
fbem-25570	66	7	taking	taking	NOUN
fbem-25570	66	8	,	,	PUNCT
fbem-25570	66	9	the	the	DET
fbem-25570	66	10	more	more	ADV
fbem-25570	66	11	uncertain	uncertain	ADJ
fbem-25570	66	12	the	the	DET
fbem-25570	66	13	company	company	NOUN
fbem-25570	66	14	's	's	PART
fbem-25570	66	15	future	future	ADJ
fbem-25570	66	16	cash	cash	NOUN
fbem-25570	66	17	flows	flow	NOUN
fbem-25570	66	18	are	be	AUX
fbem-25570	66	19	,	,	PUNCT
fbem-25570	66	20	we	we	PRON
fbem-25570	66	21	use	use	VERB
fbem-25570	66	22	earnings	earning	NOUN
fbem-25570	66	23	volatility	volatility	NOUN
fbem-25570	66	24	to	to	PART
fbem-25570	66	25	measure	measure	VERB
fbem-25570	66	26	a	a	DET
fbem-25570	66	27	company	company	NOUN
fbem-25570	66	28	's	's	PART
fbem-25570	66	29	risk	risk	NOUN
fbem-25570	66	30	tolerance	tolerance	NOUN
fbem-25570	66	31	.	.	PUNCT
fbem-25570	67	1	specifically	specifically	ADV
fbem-25570	67	2	,	,	PUNCT
fbem-25570	67	3	it	it	PRON
fbem-25570	67	4	is	be	AUX
fbem-25570	67	5	calculated	calculate	VERB
fbem-25570	67	6	by	by	ADP
fbem-25570	67	7	taking	take	VERB
fbem-25570	67	8	three	three	NUM
fbem-25570	67	9	years	year	NOUN
fbem-25570	67	10	(	(	PUNCT
fbem-25570	67	11	year	year	NOUN
fbem-25570	67	12	t-2	t-2	PROPN
fbem-25570	67	13	to	to	ADP
fbem-25570	67	14	year	year	NOUN
fbem-25570	67	15	t	t	PROPN
fbem-25570	67	16	)	)	PUNCT
fbem-25570	67	17	as	as	ADP
fbem-25570	67	18	the	the	DET
fbem-25570	67	19	observation	observation	NOUN
fbem-25570	67	20	period	period	NOUN
fbem-25570	67	21	,	,	PUNCT
fbem-25570	67	22	calculating	calculate	VERB
fbem-25570	67	23	the	the	DET
fbem-25570	67	24	mean	mean	NOUN
fbem-25570	67	25	and	and	CCONJ
fbem-25570	67	26	variance	variance	NOUN
fbem-25570	67	27	of	of	ADP
fbem-25570	67	28	the	the	DET
fbem-25570	67	29	return	return	NOUN
fbem-25570	67	30	on	on	ADP
fbem-25570	67	31	all	all	DET
fbem-25570	67	32	assets	asset	NOUN
fbem-25570	67	33	in	in	ADP
fbem-25570	67	34	each	each	DET
fbem-25570	67	35	observation	observation	NOUN
fbem-25570	67	36	period	period	NOUN
fbem-25570	67	37	through	through	ADP
fbem-25570	67	38	the	the	DET
fbem-25570	67	39	rolling	rolling	ADJ
fbem-25570	67	40	regression	regression	NOUN
fbem-25570	67	41	method	method	NOUN
fbem-25570	67	42	,	,	PUNCT
fbem-25570	67	43	and	and	CCONJ
fbem-25570	67	44	using	use	VERB
fbem-25570	67	45	risk1	risk1	NOUN
fbem-25570	67	46	and	and	CCONJ
fbem-25570	67	47	risk2	risk2	NOUN
fbem-25570	67	48	to	to	PART
fbem-25570	67	49	measure	measure	VERB
fbem-25570	67	50	the	the	DET
fbem-25570	67	51	company	company	NOUN
fbem-25570	67	52	's	's	PART
fbem-25570	67	53	risk	risk	NOUN
fbem-25570	67	54	tolerance	tolerance	NOUN
fbem-25570	67	55	level	level	NOUN
fbem-25570	67	56	.	.	PUNCT
fbem-25570	68	1	4.2.3	4.2.3	X
fbem-25570	68	2	.	.	PUNCT
fbem-25570	69	1	mediating	mediate	VERB
fbem-25570	69	2	variables	variable	NOUN
fbem-25570	69	3	on	on	ADP
fbem-25570	69	4	this	this	DET
fbem-25570	69	5	basis	basis	NOUN
fbem-25570	69	6	,	,	PUNCT
fbem-25570	69	7	drawing	draw	VERB
fbem-25570	69	8	on	on	ADP
fbem-25570	69	9	hadlock	hadlock	NOUN
fbem-25570	69	10	and	and	CCONJ
fbem-25570	69	11	pierce	pierce	PROPN
fbem-25570	69	12	(	(	PUNCT
fbem-25570	69	13	2010	2010	NUM
fbem-25570	69	14	)	)	PUNCT
fbem-25570	69	15	,	,	PUNCT
fbem-25570	69	16	sa	sa	PROPN
fbem-25570	69	17	indicators	indicator	NOUN
fbem-25570	69	18	are	be	AUX
fbem-25570	69	19	constructed	construct	VERB
fbem-25570	69	20	to	to	PART
fbem-25570	69	21	measure	measure	VERB
fbem-25570	69	22	the	the	DET
fbem-25570	69	23	financing	financing	NOUN
fbem-25570	69	24	constraints	constraint	NOUN
fbem-25570	69	25	of	of	ADP
fbem-25570	69	26	listed	list	VERB
fbem-25570	69	27	companies	company	NOUN
fbem-25570	69	28	,	,	PUNCT
fbem-25570	69	29	the	the	DET
fbem-25570	69	30	measurements	measurement	NOUN
fbem-25570	69	31	are	be	AUX
fbem-25570	69	32	as	as	SCONJ
fbem-25570	69	33	follows	follow	VERB
fbem-25570	69	34	:	:	PUNCT
fbem-25570	69	35	sa	sa	PROPN
fbem-25570	69	36	=	=	SYM
fbem-25570	70	1	-0.737*size2	-0.737*size2	NOUN
fbem-25570	70	2	0.040*age.sa	0.040*age.sa	PROPN
fbem-25570	70	3	indicators	indicator	NOUN
fbem-25570	70	4	have	have	VERB
fbem-25570	70	5	the	the	DET
fbem-25570	70	6	advantage	advantage	NOUN
fbem-25570	70	7	of	of	ADP
fbem-25570	70	8	being	be	AUX
fbem-25570	70	9	more	more	ADV
fbem-25570	70	10	exogenous	exogenous	ADJ
fbem-25570	70	11	and	and	CCONJ
fbem-25570	70	12	are	be	AUX
fbem-25570	70	13	now	now	ADV
fbem-25570	70	14	widely	widely	ADV
fbem-25570	70	15	used	use	VERB
fbem-25570	70	16	in	in	ADP
fbem-25570	70	17	studies	study	NOUN
fbem-25570	70	18	of	of	ADP
fbem-25570	70	19	chinese	chinese	ADJ
fbem-25570	70	20	contexts	contexts	NOUN
fbem-25570	70	21	.	.	PUNCT
fbem-25570	71	1	the	the	PRON
fbem-25570	71	2	larger	large	ADJ
fbem-25570	71	3	the	the	DET
fbem-25570	71	4	absolute	absolute	ADJ
fbem-25570	71	5	value	value	NOUN
fbem-25570	71	6	of	of	ADP
fbem-25570	71	7	this	this	DET
fbem-25570	71	8	indicator	indicator	NOUN
fbem-25570	71	9	,	,	PUNCT
fbem-25570	71	10	the	the	PRON
fbem-25570	71	11	higher	high	ADJ
fbem-25570	71	12	the	the	DET
fbem-25570	71	13	level	level	NOUN
fbem-25570	71	14	of	of	ADP
fbem-25570	71	15	financing	financing	NOUN
fbem-25570	71	16	constraints	constraint	NOUN
fbem-25570	71	17	of	of	ADP
fbem-25570	71	18	the	the	DET
fbem-25570	71	19	company	company	NOUN
fbem-25570	71	20	.	.	PUNCT
fbem-25570	72	1	4.2.4	4.2.4	X
fbem-25570	72	2	.	.	PUNCT
fbem-25570	73	1	control	control	NOUN
fbem-25570	73	2	variables	variable	NOUN
fbem-25570	73	3	based	base	VERB
fbem-25570	73	4	on	on	ADP
fbem-25570	73	5	the	the	DET
fbem-25570	73	6	existing	exist	VERB
fbem-25570	73	7	research	research	NOUN
fbem-25570	73	8	results	result	NOUN
fbem-25570	73	9	,	,	PUNCT
fbem-25570	73	10	this	this	DET
fbem-25570	73	11	project	project	NOUN
fbem-25570	73	12	selected	select	VERB
fbem-25570	73	13	the	the	DET
fbem-25570	73	14	following	follow	VERB
fbem-25570	73	15	control	control	NOUN
fbem-25570	73	16	variables	variable	NOUN
fbem-25570	73	17	:	:	PUNCT
fbem-25570	73	18	firm	firm	ADJ
fbem-25570	73	19	size	size	NOUN
fbem-25570	73	20	,	,	PUNCT
fbem-25570	73	21	gearing	gear	VERB
fbem-25570	73	22	ratio	ratio	NOUN
fbem-25570	73	23	,	,	PUNCT
fbem-25570	73	24	profitability	profitability	NOUN
fbem-25570	73	25	,	,	PUNCT
fbem-25570	73	26	equity	equity	NOUN
fbem-25570	73	27	concentration	concentration	NOUN
fbem-25570	73	28	,	,	PUNCT
fbem-25570	73	29	proportion	proportion	NOUN
fbem-25570	73	30	of	of	ADP
fbem-25570	73	31	independent	independent	ADJ
fbem-25570	73	32	directors	director	NOUN
fbem-25570	73	33	,	,	PUNCT
fbem-25570	73	34	firm	firm	ADJ
fbem-25570	73	35	age	age	NOUN
fbem-25570	73	36	,	,	PUNCT
fbem-25570	73	37	and	and	CCONJ
fbem-25570	73	38	board	board	NOUN
fbem-25570	73	39	size	size	NOUN
fbem-25570	73	40	.	.	PUNCT
fbem-25570	74	1	at	at	ADP
fbem-25570	74	2	the	the	DET
fbem-25570	74	3	ceo	ceo	NOUN
fbem-25570	74	4	level	level	NOUN
fbem-25570	74	5	,	,	PUNCT
fbem-25570	74	6	the	the	DET
fbem-25570	74	7	relationship	relationship	NOUN
fbem-25570	74	8	between	between	ADP
fbem-25570	74	9	ceo	ceo	NOUN
fbem-25570	74	10	's	's	PART
fbem-25570	74	11	gender	gender	NOUN
fbem-25570	74	12	,	,	PUNCT
fbem-25570	74	13	age	age	NOUN
fbem-25570	74	14	,	,	PUNCT
fbem-25570	74	15	and	and	CCONJ
fbem-25570	74	16	dual	dual	ADJ
fbem-25570	74	17	-	-	PUNCT
fbem-25570	74	18	position	position	NOUN
fbem-25570	74	19	one	one	NUM
fbem-25570	74	20	-	-	PUNCT
fbem-25570	74	21	dimensionality	dimensionality	NOUN
fbem-25570	74	22	is	be	AUX
fbem-25570	74	23	investigated	investigate	VERB
fbem-25570	74	24	.	.	PUNCT
fbem-25570	75	1	in	in	ADP
fbem-25570	75	2	addition	addition	NOUN
fbem-25570	75	3	,	,	PUNCT
fbem-25570	75	4	we	we	PRON
fbem-25570	75	5	control	control	VERB
fbem-25570	75	6	for	for	ADP
fbem-25570	75	7	factors	factor	NOUN
fbem-25570	75	8	such	such	ADJ
fbem-25570	75	9	as	as	ADP
fbem-25570	75	10	industry	industry	NOUN
fbem-25570	75	11	and	and	CCONJ
fbem-25570	75	12	year	year	NOUN
fbem-25570	75	13	.	.	PUNCT
fbem-25570	76	1	specific	specific	ADJ
fbem-25570	76	2	definitions	definition	NOUN
fbem-25570	76	3	of	of	ADP
fbem-25570	76	4	each	each	DET
fbem-25570	76	5	variable	variable	NOUN
fbem-25570	76	6	are	be	AUX
fbem-25570	76	7	presented	present	VERB
fbem-25570	76	8	in	in	ADP
fbem-25570	76	9	table	table	NOUN
fbem-25570	76	10	1	1	NUM
fbem-25570	76	11	.	.	PUNCT
fbem-25570	76	12	table	table	NOUN
fbem-25570	76	13	1	1	NUM
fbem-25570	76	14	.	.	PUNCT
fbem-25570	77	1	definition	definition	NOUN
fbem-25570	77	2	of	of	ADP
fbem-25570	77	3	variables	variable	NOUN
fbem-25570	77	4	variable	variable	ADJ
fbem-25570	77	5	symbol	symbol	NOUN
fbem-25570	77	6	variable	variable	ADJ
fbem-25570	77	7	name	name	NOUN
fbem-25570	77	8	description	description	NOUN
fbem-25570	77	9	of	of	ADP
fbem-25570	77	10	variables	variable	NOUN
fbem-25570	77	11	risk1	risk1	NOUN
fbem-25570	77	12	risk	risk	NOUN
fbem-25570	77	13	assumption	assumption	NOUN
fbem-25570	77	14	standard	standard	ADJ
fbem-25570	77	15	deviation	deviation	NOUN
fbem-25570	77	16	of	of	ADP
fbem-25570	77	17	profitability	profitability	NOUN
fbem-25570	77	18	volatility	volatility	NOUN
fbem-25570	77	19	per	per	ADP
fbem-25570	77	20	three	three	NUM
fbem-25570	77	21	years	year	NOUN
fbem-25570	77	22	risk2	risk2	NOUN
fbem-25570	77	23	risk	risk	NOUN
fbem-25570	77	24	-	-	PUNCT
fbem-25570	77	25	taking	take	VERB
fbem-25570	77	26	extreme	extreme	ADJ
fbem-25570	77	27	deviation	deviation	NOUN
fbem-25570	77	28	of	of	ADP
fbem-25570	77	29	profitability	profitability	NOUN
fbem-25570	77	30	volatility	volatility	NOUN
fbem-25570	77	31	per	per	ADP
fbem-25570	77	32	three	three	NUM
fbem-25570	77	33	years	year	NOUN
fbem-25570	77	34	localgov	localgov	ADJ
fbem-25570	77	35	debt	debt	NOUN
fbem-25570	77	36	local	local	ADJ
fbem-25570	77	37	government	government	NOUN
fbem-25570	77	38	debt	debt	NOUN
fbem-25570	77	39	ratio	ratio	NOUN
fbem-25570	77	40	of	of	ADP
fbem-25570	77	41	local	local	ADJ
fbem-25570	77	42	government	government	NOUN
fbem-25570	77	43	debt	debt	NOUN
fbem-25570	77	44	to	to	ADP
fbem-25570	77	45	regional	regional	ADJ
fbem-25570	77	46	gdp	gdp	PROPN
fbem-25570	77	47	sa	sa	PROPN
fbem-25570	77	48	financing	financing	NOUN
fbem-25570	77	49	constraints	constraint	NOUN
fbem-25570	77	50	sa	sa	PROPN
fbem-25570	77	51	index	index	PROPN
fbem-25570	77	52	,	,	PUNCT
fbem-25570	77	53	see	see	VERB
fbem-25570	77	54	text	text	NOUN
fbem-25570	77	55	for	for	ADP
fbem-25570	77	56	specific	specific	ADJ
fbem-25570	77	57	algorithm	algorithm	NOUN
fbem-25570	77	58	size	size	NOUN
fbem-25570	77	59	enterprise	enterprise	NOUN
fbem-25570	77	60	size	size	NOUN
fbem-25570	77	61	natural	natural	ADJ
fbem-25570	77	62	logarithm	logarithm	NOUN
fbem-25570	77	63	of	of	ADP
fbem-25570	77	64	total	total	ADJ
fbem-25570	77	65	assets	asset	NOUN
fbem-25570	77	66	lev	lev	NOUN
fbem-25570	77	67	gearing	gear	VERB
fbem-25570	77	68	ratio	ratio	NOUN
fbem-25570	77	69	ratio	ratio	NOUN
fbem-25570	77	70	of	of	ADP
fbem-25570	77	71	total	total	ADJ
fbem-25570	77	72	liabilities	liability	NOUN
fbem-25570	77	73	to	to	PART
fbem-25570	77	74	total	total	VERB
fbem-25570	77	75	assets	asset	NOUN
fbem-25570	77	76	roa	roa	PROPN
fbem-25570	77	77	profitability	profitability	NOUN
fbem-25570	77	78	ratio	ratio	NOUN
fbem-25570	77	79	of	of	ADP
fbem-25570	77	80	net	net	ADJ
fbem-25570	77	81	profit	profit	NOUN
fbem-25570	77	82	to	to	PART
fbem-25570	77	83	total	total	ADJ
fbem-25570	77	84	assets	asset	NOUN
fbem-25570	77	85	contrshrp	contrshrp	ADJ
fbem-25570	77	86	roportion	roportion	NOUN
fbem-25570	77	87	shareholding	shareholding	NOUN
fbem-25570	77	88	concentration	concentration	NOUN
fbem-25570	77	89	ratio	ratio	NOUN
fbem-25570	77	90	of	of	ADP
fbem-25570	77	91	controlling	control	VERB
fbem-25570	77	92	shareholders	shareholder	NOUN
fbem-25570	77	93	'	'	PART
fbem-25570	77	94	shareholding	shareholding	NOUN
fbem-25570	77	95	inddirect	inddirect	NOUN
fbem-25570	77	96	orratio	orratio	VERB
fbem-25570	77	97	sole	sole	ADJ
fbem-25570	77	98	director	director	NOUN
fbem-25570	77	99	ratio	ratio	NOUN
fbem-25570	77	100	ratio	ratio	NOUN
fbem-25570	77	101	of	of	ADP
fbem-25570	77	102	the	the	DET
fbem-25570	77	103	number	number	NOUN
fbem-25570	77	104	of	of	ADP
fbem-25570	77	105	independent	independent	ADJ
fbem-25570	77	106	directors	director	NOUN
fbem-25570	77	107	to	to	ADP
fbem-25570	77	108	the	the	DET
fbem-25570	77	109	total	total	ADJ
fbem-25570	77	110	number	number	NOUN
fbem-25570	77	111	of	of	ADP
fbem-25570	77	112	board	board	NOUN
fbem-25570	77	113	members	member	NOUN
fbem-25570	77	114	businessy	businessy	ADJ
fbem-25570	77	115	ear	ear	AUX
fbem-25570	77	116	company	company	NOUN
fbem-25570	77	117	age	age	NOUN
fbem-25570	77	118	number	number	NOUN
fbem-25570	77	119	of	of	ADP
fbem-25570	77	120	years	year	NOUN
fbem-25570	77	121	the	the	DET
fbem-25570	77	122	company	company	NOUN
fbem-25570	77	123	has	have	AUX
fbem-25570	77	124	been	be	AUX
fbem-25570	77	125	established	establish	VERB
fbem-25570	77	126	boardsize	boardsize	NOUN
fbem-25570	77	127	board	board	NOUN
fbem-25570	77	128	size	size	NOUN
fbem-25570	77	129	total	total	ADJ
fbem-25570	77	130	number	number	NOUN
fbem-25570	77	131	of	of	ADP
fbem-25570	77	132	board	board	NOUN
fbem-25570	77	133	of	of	ADP
fbem-25570	77	134	directors	director	NOUN
fbem-25570	77	135	ceoage	ceoage	NOUN
fbem-25570	77	136	ceo	ceo	NOUN
fbem-25570	77	137	age	age	NOUN
fbem-25570	77	138	the	the	DET
fbem-25570	77	139	value	value	NOUN
fbem-25570	77	140	of	of	ADP
fbem-25570	77	141	2	2	NUM
fbem-25570	77	142	if	if	SCONJ
fbem-25570	77	143	the	the	DET
fbem-25570	77	144	ceo	ceo	NOUN
fbem-25570	77	145	is	be	AUX
fbem-25570	77	146	male	male	ADJ
fbem-25570	77	147	,	,	PUNCT
fbem-25570	77	148	otherwise	otherwise	ADV
fbem-25570	77	149	1	1	NUM
fbem-25570	77	150	ceogend	ceogend	NOUN
fbem-25570	77	151	er	er	INTJ
fbem-25570	77	152	ceo	ceo	NOUN
fbem-25570	77	153	gender	gender	NOUN
fbem-25570	77	154	gender	gender	NOUN
fbem-25570	77	155	of	of	ADP
fbem-25570	77	156	ceo	ceo	NOUN
fbem-25570	77	157	isduality	isduality	NOUN
fbem-25570	77	158	combination	combination	NOUN
fbem-25570	77	159	of	of	ADP
fbem-25570	77	160	two	two	NUM
fbem-25570	77	161	positions	position	NOUN
fbem-25570	77	162	1	1	NUM
fbem-25570	77	163	if	if	SCONJ
fbem-25570	77	164	the	the	DET
fbem-25570	77	165	ceo	ceo	NOUN
fbem-25570	77	166	is	be	AUX
fbem-25570	77	167	concurrent	concurrent	ADJ
fbem-25570	77	168	with	with	ADP
fbem-25570	77	169	the	the	DET
fbem-25570	77	170	chairman	chairman	NOUN
fbem-25570	77	171	,	,	PUNCT
fbem-25570	77	172	0	0	NUM
fbem-25570	77	173	otherwise	otherwise	ADV
fbem-25570	77	174	.	.	PUNCT
fbem-25570	78	1	4.3	4.3	NUM
fbem-25570	78	2	.	.	PUNCT
fbem-25570	78	3	modeling	model	VERB
fbem-25570	78	4	to	to	PART
fbem-25570	78	5	test	test	VERB
fbem-25570	78	6	hypothesis	hypothesis	NOUN
fbem-25570	78	7	1	1	NUM
fbem-25570	78	8	,	,	PUNCT
fbem-25570	78	9	this	this	DET
fbem-25570	78	10	paper	paper	NOUN
fbem-25570	78	11	constructs	construct	VERB
fbem-25570	78	12	the	the	DET
fbem-25570	78	13	following	follow	VERB
fbem-25570	78	14	regression	regression	NOUN
fbem-25570	78	15	model	model	NOUN
fbem-25570	78	16	:	:	PUNCT
fbem-25570	78	17	risk	risk	NOUN
fbem-25570	78	18	=	=	SYM
fbem-25570	78	19	α0+α1	α0+α1	PROPN
fbem-25570	78	20	*	*	PUNCT
fbem-25570	78	21	localgovdebt	localgovdebt	NOUN
fbem-25570	79	1	+	+	NOUN
fbem-25570	79	2	controls	control	VERB
fbem-25570	79	3	+	+	ADJ
fbem-25570	79	4	ε	ε	PROPN
fbem-25570	79	5	(	(	PUNCT
fbem-25570	79	6	1	1	NUM
fbem-25570	79	7	)	)	PUNCT
fbem-25570	79	8	model	model	NOUN
fbem-25570	79	9	(	(	PUNCT
fbem-25570	79	10	1	1	X
fbem-25570	79	11	)	)	PUNCT
fbem-25570	79	12	is	be	AUX
fbem-25570	79	13	used	use	VERB
fbem-25570	79	14	to	to	PART
fbem-25570	79	15	test	test	VERB
fbem-25570	79	16	the	the	DET
fbem-25570	79	17	effect	effect	NOUN
fbem-25570	79	18	of	of	ADP
fbem-25570	79	19	local	local	ADJ
fbem-25570	79	20	government	government	NOUN
fbem-25570	79	21	debt	debt	NOUN
fbem-25570	79	22	on	on	ADP
fbem-25570	79	23	corporate	corporate	ADJ
fbem-25570	79	24	risk	risk	NOUN
fbem-25570	79	25	taking	taking	NOUN
fbem-25570	79	26	.	.	PUNCT
fbem-25570	80	1	if	if	SCONJ
fbem-25570	80	2	α1	α1	PROPN
fbem-25570	80	3	is	be	AUX
fbem-25570	80	4	significantly	significantly	ADV
fbem-25570	80	5	negative	negative	ADJ
fbem-25570	80	6	,	,	PUNCT
fbem-25570	80	7	it	it	PRON
fbem-25570	80	8	indicates	indicate	VERB
fbem-25570	80	9	that	that	SCONJ
fbem-25570	80	10	local	local	ADJ
fbem-25570	80	11	government	government	NOUN
fbem-25570	80	12	debt	debt	NOUN
fbem-25570	80	13	reduces	reduce	VERB
fbem-25570	80	14	firm	firm	ADJ
fbem-25570	80	15	risk	risk	NOUN
fbem-25570	80	16	-	-	PUNCT
fbem-25570	80	17	taking	taking	NOUN
fbem-25570	80	18	and	and	CCONJ
fbem-25570	80	19	supports	support	VERB
fbem-25570	80	20	h1	h1	PROPN
fbem-25570	80	21	.	.	PUNCT
fbem-25570	81	1	to	to	PART
fbem-25570	81	2	obtain	obtain	VERB
fbem-25570	81	3	robust	robust	ADJ
fbem-25570	81	4	results	result	NOUN
fbem-25570	81	5	,	,	PUNCT
fbem-25570	81	6	the	the	DET
fbem-25570	81	7	text	text	NOUN
fbem-25570	81	8	uses	use	VERB
fbem-25570	81	9	firmlevel	firmlevel	ADJ
fbem-25570	81	10	robust	robust	ADJ
fbem-25570	81	11	standard	standard	ADJ
fbem-25570	81	12	errors	error	NOUN
fbem-25570	81	13	.	.	PUNCT
fbem-25570	82	1	5	5	X
fbem-25570	82	2	.	.	X
fbem-25570	82	3	empirical	empirical	ADJ
fbem-25570	82	4	results	result	NOUN
fbem-25570	82	5	and	and	CCONJ
fbem-25570	82	6	analysis	analysis	NOUN
fbem-25570	82	7	5.1	5.1	NUM
fbem-25570	82	8	.	.	PUNCT
fbem-25570	83	1	descriptive	descriptive	ADJ
fbem-25570	83	2	statistics	statistic	NOUN
fbem-25570	83	3	descriptive	descriptive	ADJ
fbem-25570	83	4	statistics	statistic	NOUN
fbem-25570	83	5	for	for	ADP
fbem-25570	83	6	each	each	DET
fbem-25570	83	7	variable	variable	NOUN
fbem-25570	83	8	are	be	AUX
fbem-25570	83	9	presented	present	VERB
fbem-25570	83	10	in	in	ADP
fbem-25570	83	11	table	table	NOUN
fbem-25570	83	12	2	2	NUM
fbem-25570	83	13	.	.	PUNCT
fbem-25570	83	14	to	to	PART
fbem-25570	83	15	explain	explain	VERB
fbem-25570	83	16	the	the	DET
fbem-25570	83	17	variable	variable	NOUN
fbem-25570	83	18	localgovdebt	localgovdebt	PROPN
fbem-25570	83	19	localgovdebt	localgovdebt	PROPN
fbem-25570	83	20	has	have	VERB
fbem-25570	83	21	a	a	DET
fbem-25570	83	22	maximum	maximum	ADJ
fbem-25570	83	23	value	value	NOUN
fbem-25570	83	24	of	of	ADP
fbem-25570	83	25	0.757	0.757	NUM
fbem-25570	83	26	and	and	CCONJ
fbem-25570	83	27	a	a	DET
fbem-25570	83	28	minimum	minimum	ADJ
fbem-25570	83	29	value	value	NOUN
fbem-25570	83	30	of	of	ADP
fbem-25570	83	31	0.006	0.006	NUM
fbem-25570	83	32	,	,	PUNCT
fbem-25570	83	33	indicating	indicate	VERB
fbem-25570	83	34	that	that	SCONJ
fbem-25570	83	35	there	there	PRON
fbem-25570	83	36	are	be	VERB
fbem-25570	83	37	large	large	ADJ
fbem-25570	83	38	differences	difference	NOUN
fbem-25570	83	39	in	in	ADP
fbem-25570	83	40	the	the	DET
fbem-25570	83	41	size	size	NOUN
fbem-25570	83	42	of	of	ADP
fbem-25570	83	43	government	government	NOUN
fbem-25570	83	44	debt	debt	NOUN
fbem-25570	83	45	between	between	ADP
fbem-25570	83	46	localities	locality	NOUN
fbem-25570	83	47	.	.	PUNCT
fbem-25570	84	1	the	the	DET
fbem-25570	84	2	maximum	maximum	ADJ
fbem-25570	84	3	and	and	CCONJ
fbem-25570	84	4	minimum	minimum	ADJ
fbem-25570	84	5	values	value	NOUN
fbem-25570	84	6	of	of	ADP
fbem-25570	84	7	the	the	DET
fbem-25570	84	8	corporate	corporate	ADJ
fbem-25570	84	9	risktaking	risktaking	ADJ
fbem-25570	84	10	level	level	NOUN
fbem-25570	84	11	risk1	risk1	NOUN
fbem-25570	84	12	(	(	PUNCT
fbem-25570	84	13	risk2	risk2	PROPN
fbem-25570	84	14	)	)	PUNCT
fbem-25570	84	15	are	be	AUX
fbem-25570	84	16	0.201	0.201	NUM
fbem-25570	84	17	(	(	PUNCT
fbem-25570	84	18	0.37	0.37	NUM
fbem-25570	84	19	)	)	PUNCT
fbem-25570	84	20	and	and	CCONJ
fbem-25570	84	21	0.002	0.002	NUM
fbem-25570	84	22	(	(	PUNCT
fbem-25570	84	23	0.003	0.003	NUM
fbem-25570	84	24	)	)	PUNCT
fbem-25570	84	25	respectively	respectively	ADV
fbem-25570	84	26	,	,	PUNCT
fbem-25570	84	27	which	which	PRON
fbem-25570	84	28	are	be	AUX
fbem-25570	84	29	basically	basically	ADV
fbem-25570	84	30	consistent	consistent	ADJ
fbem-25570	84	31	with	with	ADP
fbem-25570	84	32	the	the	DET
fbem-25570	84	33	existing	exist	VERB
fbem-25570	84	34	studies	study	NOUN
fbem-25570	84	35	(	(	PUNCT
fbem-25570	84	36	chen	chen	PROPN
fbem-25570	84	37	xian	xian	PROPN
fbem-25570	84	38	et	et	PROPN
fbem-25570	84	39	al	al	PROPN
fbem-25570	84	40	.	.	PROPN
fbem-25570	84	41	,	,	PUNCT
fbem-25570	84	42	2022	2022	NUM
fbem-25570	84	43	)	)	PUNCT
fbem-25570	84	44	,	,	PUNCT
fbem-25570	84	45	indicating	indicate	VERB
fbem-25570	84	46	that	that	SCONJ
fbem-25570	84	47	there	there	PRON
fbem-25570	84	48	are	be	VERB
fbem-25570	84	49	large	large	ADJ
fbem-25570	84	50	differences	difference	NOUN
fbem-25570	84	51	in	in	ADP
fbem-25570	84	52	the	the	DET
fbem-25570	84	53	risk	risk	NOUN
fbem-25570	84	54	-	-	PUNCT
fbem-25570	84	55	taking	take	VERB
fbem-25570	84	56	level	level	NOUN
fbem-25570	84	57	of	of	ADP
fbem-25570	84	58	listed	list	VERB
fbem-25570	84	59	companies	company	NOUN
fbem-25570	84	60	in	in	ADP
fbem-25570	84	61	china	china	PROPN
fbem-25570	84	62	.	.	PUNCT
fbem-25570	85	1	174	174	NUM
fbem-25570	85	2	table	table	NOUN
fbem-25570	85	3	2	2	NUM
fbem-25570	85	4	.	.	PUNCT
fbem-25570	85	5	descriptive	descriptive	ADJ
fbem-25570	85	6	statistics	statistic	NOUN
fbem-25570	85	7	of	of	ADP
fbem-25570	85	8	the	the	DET
fbem-25570	85	9	main	main	ADJ
fbem-25570	85	10	variables	variable	NOUN
fbem-25570	85	11	variable	variable	ADJ
fbem-25570	85	12	obs	obs	NOUN
fbem-25570	85	13	mean	mean	VERB
fbem-25570	85	14	std	std	PROPN
fbem-25570	85	15	.	.	PROPN
fbem-25570	86	1	dev	dev	PROPN
fbem-25570	86	2	.	.	PUNCT
fbem-25570	87	1	min	min	PROPN
fbem-25570	87	2	max	max	PROPN
fbem-25570	87	3	risk1	risk1	PROPN
fbem-25570	87	4	30404	30404	NUM
fbem-25570	87	5	.032	.032	NUM
fbem-25570	87	6	.035	.035	NUM
fbem-25570	87	7	.002	.002	NUM
fbem-25570	87	8	.201	.201	NUM
fbem-25570	87	9	risk2	risk2	PROPN
fbem-25570	87	10	30404	30404	NUM
fbem-25570	87	11	.061	.061	NUM
fbem-25570	87	12	.065	.065	NUM
fbem-25570	87	13	.003	.003	NUM
fbem-25570	87	14	.370	.370	NUM
fbem-25570	87	15	localgovd	localgovd	PROPN
fbem-25570	87	16	ebt	ebt	PROPN
fbem-25570	87	17	30404	30404	NUM
fbem-25570	87	18	.224	.224	NUM
fbem-25570	87	19	.176	.176	NUM
fbem-25570	87	20	.006	.006	NUM
fbem-25570	87	21	.757	.757	NUM
fbem-25570	87	22	sa	sa	PROPN
fbem-25570	87	23	30404	30404	NUM
fbem-25570	87	24	-3.80	-3.80	NUM
fbem-25570	87	25	0.268	0.268	NUM
fbem-25570	87	26	-5.646	-5.646	SYM
fbem-25570	87	27	-1.455	-1.455	NUM
fbem-25570	87	28	size	size	NOUN
fbem-25570	87	29	30404	30404	NUM
fbem-25570	87	30	22.163	22.163	NUM
fbem-25570	87	31	1.296	1.296	NUM
fbem-25570	87	32	19.896	19.896	NUM
fbem-25570	87	33	26.212	26.212	NUM
fbem-25570	87	34	lev	lev	NOUN
fbem-25570	87	35	30404	30404	NUM
fbem-25570	87	36	.412	.412	NUM
fbem-25570	87	37	.205	.205	NUM
fbem-25570	87	38	.051	.051	NUM
fbem-25570	87	39	.885	.885	NUM
fbem-25570	87	40	roa	roa	PROPN
fbem-25570	87	41	30404	30404	NUM
fbem-25570	87	42	.041	.041	NUM
fbem-25570	87	43	.061	.061	NUM
fbem-25570	88	1	-.245	-.245	PROPN
fbem-25570	88	2	.200	.200	NUM
fbem-25570	88	3	contrshrpro	contrshrpro	ADJ
fbem-25570	88	4	portion	portion	NOUN
fbem-25570	88	5	29821	29821	NUM
fbem-25570	88	6	36.948	36.948	NUM
fbem-25570	88	7	15.28	15.28	NUM
fbem-25570	88	8	6	6	NUM
fbem-25570	88	9	.004	.004	NUM
fbem-25570	88	10	155.19	155.19	NUM
fbem-25570	88	11	0	0	NUM
fbem-25570	88	12	inddirector	inddirector	NOUN
fbem-25570	88	13	ratio	ratio	NOUN
fbem-25570	88	14	30403	30403	NUM
fbem-25570	88	15	37.561	37.561	NUM
fbem-25570	88	16	5.489	5.489	NUM
fbem-25570	88	17	14.290	14.290	NUM
fbem-25570	88	18	100	100	NUM
fbem-25570	88	19	businessye	businessye	PROPN
fbem-25570	88	20	ar	ar	PROPN
fbem-25570	88	21	30404	30404	NUM
fbem-25570	88	22	17.911	17.911	NUM
fbem-25570	88	23	5.913	5.913	NUM
fbem-25570	88	24	2	2	NUM
fbem-25570	88	25	63	63	NUM
fbem-25570	88	26	boardsize	boardsize	NOUN
fbem-25570	88	27	30404	30404	NUM
fbem-25570	88	28	8.526	8.526	NUM
fbem-25570	88	29	1.682	1.682	NUM
fbem-25570	88	30	0	0	NUM
fbem-25570	88	31	18	18	NUM
fbem-25570	88	32	ceoage	ceoage	NOUN
fbem-25570	88	33	30400	30400	NUM
fbem-25570	88	34	49.945	49.945	NUM
fbem-25570	88	35	6.709	6.709	NUM
fbem-25570	88	36	24	24	NUM
fbem-25570	88	37	81	81	NUM
fbem-25570	88	38	isduality	isduality	NOUN
fbem-25570	88	39	30404	30404	NUM
fbem-25570	88	40	.297	.297	NUM
fbem-25570	88	41	.457	.457	NUM
fbem-25570	88	42	0	0	NUM
fbem-25570	88	43	1	1	NUM
fbem-25570	88	44	ceogender	ceogender	NOUN
fbem-25570	88	45	30404	30404	NUM
fbem-25570	88	46	1.932	1.932	NUM
fbem-25570	88	47	.252	.252	NUM
fbem-25570	88	48	1	1	NUM
fbem-25570	88	49	2	2	NUM
fbem-25570	88	50	5.2	5.2	NUM
fbem-25570	88	51	.	.	PUNCT
fbem-25570	89	1	principal	principal	ADJ
fbem-25570	89	2	regression	regression	NOUN
fbem-25570	89	3	analysis	analysis	NOUN
fbem-25570	89	4	table	table	NOUN
fbem-25570	89	5	3	3	NUM
fbem-25570	89	6	presents	present	VERB
fbem-25570	89	7	the	the	DET
fbem-25570	89	8	results	result	NOUN
fbem-25570	89	9	of	of	ADP
fbem-25570	89	10	the	the	DET
fbem-25570	89	11	main	main	ADJ
fbem-25570	89	12	regression	regression	NOUN
fbem-25570	89	13	analysis	analysis	NOUN
fbem-25570	89	14	,	,	PUNCT
fbem-25570	89	15	which	which	PRON
fbem-25570	89	16	reflects	reflect	VERB
fbem-25570	89	17	the	the	DET
fbem-25570	89	18	impact	impact	NOUN
fbem-25570	89	19	of	of	ADP
fbem-25570	89	20	local	local	ADJ
fbem-25570	89	21	government	government	NOUN
fbem-25570	89	22	debt	debt	NOUN
fbem-25570	89	23	on	on	ADP
fbem-25570	89	24	corporate	corporate	ADJ
fbem-25570	89	25	risk	risk	NOUN
fbem-25570	89	26	-	-	PUNCT
fbem-25570	89	27	taking	take	VERB
fbem-25570	89	28	capacity	capacity	NOUN
fbem-25570	89	29	.	.	PUNCT
fbem-25570	90	1	the	the	DET
fbem-25570	90	2	regression	regression	NOUN
fbem-25570	90	3	coefficient	coefficient	NOUN
fbem-25570	90	4	of	of	ADP
fbem-25570	90	5	risk1	risk1	NOUN
fbem-25570	90	6	and	and	CCONJ
fbem-25570	90	7	local	local	ADJ
fbem-25570	90	8	government	government	NOUN
fbem-25570	90	9	liabilities	liability	NOUN
fbem-25570	90	10	is	be	AUX
fbem-25570	90	11	0.004	0.004	NUM
fbem-25570	90	12	,	,	PUNCT
fbem-25570	90	13	which	which	PRON
fbem-25570	90	14	has	have	VERB
fbem-25570	90	15	a	a	DET
fbem-25570	90	16	significant	significant	ADJ
fbem-25570	90	17	negative	negative	ADJ
fbem-25570	90	18	effect	effect	NOUN
fbem-25570	90	19	;	;	PUNCT
fbem-25570	90	20	on	on	ADP
fbem-25570	90	21	this	this	DET
fbem-25570	90	22	basis	basis	NOUN
fbem-25570	90	23	,	,	PUNCT
fbem-25570	90	24	this	this	DET
fbem-25570	90	25	paper	paper	NOUN
fbem-25570	90	26	further	far	ADV
fbem-25570	90	27	investigates	investigate	VERB
fbem-25570	90	28	the	the	DET
fbem-25570	90	29	impact	impact	NOUN
fbem-25570	90	30	of	of	ADP
fbem-25570	90	31	the	the	DET
fbem-25570	90	32	level	level	NOUN
fbem-25570	90	33	of	of	ADP
fbem-25570	90	34	local	local	ADJ
fbem-25570	90	35	government	government	NOUN
fbem-25570	90	36	liabilities	liability	NOUN
fbem-25570	90	37	on	on	ADP
fbem-25570	90	38	china	china	PROPN
fbem-25570	90	39	's	's	PART
fbem-25570	90	40	economic	economic	ADJ
fbem-25570	90	41	development	development	NOUN
fbem-25570	90	42	.	.	PUNCT
fbem-25570	91	1	among	among	ADP
fbem-25570	91	2	the	the	DET
fbem-25570	91	3	control	control	NOUN
fbem-25570	91	4	variables	variable	NOUN
fbem-25570	91	5	,	,	PUNCT
fbem-25570	91	6	the	the	DET
fbem-25570	91	7	regression	regression	NOUN
fbem-25570	91	8	coefficients	coefficient	NOUN
fbem-25570	91	9	of	of	ADP
fbem-25570	91	10	firm	firm	ADJ
fbem-25570	91	11	size	size	NOUN
fbem-25570	91	12	and	and	CCONJ
fbem-25570	91	13	gearing	gear	VERB
fbem-25570	91	14	ratio	ratio	NOUN
fbem-25570	91	15	with	with	ADP
fbem-25570	91	16	firm	firm	ADJ
fbem-25570	91	17	risk	risk	NOUN
fbem-25570	91	18	are	be	AUX
fbem-25570	91	19	significant	significant	ADJ
fbem-25570	91	20	at	at	ADP
fbem-25570	91	21	1	1	NUM
fbem-25570	91	22	%	%	NOUN
fbem-25570	91	23	level	level	NOUN
fbem-25570	91	24	,	,	PUNCT
fbem-25570	91	25	which	which	PRON
fbem-25570	91	26	means	mean	VERB
fbem-25570	91	27	that	that	SCONJ
fbem-25570	91	28	both	both	PRON
fbem-25570	91	29	firm	firm	ADJ
fbem-25570	91	30	size	size	NOUN
fbem-25570	91	31	and	and	CCONJ
fbem-25570	91	32	gearing	gear	VERB
fbem-25570	91	33	ratio	ratio	NOUN
fbem-25570	91	34	reduce	reduce	VERB
fbem-25570	91	35	the	the	DET
fbem-25570	91	36	firm	firm	NOUN
fbem-25570	91	37	's	's	PART
fbem-25570	91	38	risk	risk	NOUN
fbem-25570	91	39	tolerance	tolerance	NOUN
fbem-25570	91	40	.	.	PUNCT
fbem-25570	92	1	table	table	NOUN
fbem-25570	92	2	3	3	NUM
fbem-25570	92	3	.	.	X
fbem-25570	92	4	main	main	ADJ
fbem-25570	92	5	regression	regression	NOUN
fbem-25570	92	6	results	result	VERB
fbem-25570	92	7	risk1	risk1	NOUN
fbem-25570	92	8	risk2	risk2	NOUN
fbem-25570	92	9	localgovdebt	localgovdebt	PROPN
fbem-25570	92	10	-0.004	-0.004	PROPN
fbem-25570	93	1	*	*	PUNCT
fbem-25570	93	2	*	*	PUNCT
fbem-25570	93	3	-0.007	-0.007	PUNCT
fbem-25570	93	4	*	*	PUNCT
fbem-25570	93	5	*	*	PUNCT
fbem-25570	93	6	(	(	PUNCT
fbem-25570	93	7	-1.99	-1.99	NOUN
fbem-25570	93	8	)	)	PUNCT
fbem-25570	93	9	(	(	PUNCT
fbem-25570	93	10	-2.09	-2.09	NUM
fbem-25570	93	11	)	)	PUNCT
fbem-25570	93	12	size	size	NOUN
fbem-25570	93	13	-0.004	-0.004	PUNCT
fbem-25570	93	14	*	*	PUNCT
fbem-25570	93	15	*	*	PUNCT
fbem-25570	93	16	*	*	PUNCT
fbem-25570	93	17	-0.007	-0.007	PUNCT
fbem-25570	93	18	*	*	PUNCT
fbem-25570	93	19	*	*	PUNCT
fbem-25570	93	20	*	*	PUNCT
fbem-25570	93	21	(	(	PUNCT
fbem-25570	93	22	-18.56	-18.56	NUM
fbem-25570	93	23	)	)	PUNCT
fbem-25570	93	24	(	(	PUNCT
fbem-25570	93	25	-18.82	-18.82	NOUN
fbem-25570	93	26	)	)	PUNCT
fbem-25570	93	27	lev	lev	NOUN
fbem-25570	93	28	-0.018	-0.018	PUNCT
fbem-25570	93	29	*	*	PUNCT
fbem-25570	93	30	*	*	PUNCT
fbem-25570	93	31	*	*	PUNCT
fbem-25570	93	32	-0.033	-0.033	PUNCT
fbem-25570	93	33	*	*	PUNCT
fbem-25570	93	34	*	*	PUNCT
fbem-25570	93	35	*	*	PUNCT
fbem-25570	93	36	(	(	PUNCT
fbem-25570	93	37	-11.09	-11.09	PROPN
fbem-25570	93	38	)	)	PUNCT
fbem-25570	93	39	(	(	PUNCT
fbem-25570	93	40	-11.10	-11.10	PROPN
fbem-25570	93	41	)	)	PUNCT
fbem-25570	93	42	roa	roa	NOUN
fbem-25570	93	43	-0.176	-0.176	NOUN
fbem-25570	93	44	*	*	PUNCT
fbem-25570	93	45	*	*	PUNCT
fbem-25570	93	46	*	*	PUNCT
fbem-25570	94	1	-0.324	-0.324	PUNCT
fbem-25570	94	2	*	*	PUNCT
fbem-25570	94	3	*	*	PUNCT
fbem-25570	94	4	*	*	PUNCT
fbem-25570	94	5	(	(	PUNCT
fbem-25570	94	6	-28.06	-28.06	NOUN
fbem-25570	94	7	)	)	PUNCT
fbem-25570	94	8	(	(	PUNCT
fbem-25570	94	9	-28.00	-28.00	NOUN
fbem-25570	94	10	)	)	PUNCT
fbem-25570	94	11	contrshrproportion	contrshrproportion	NOUN
fbem-25570	94	12	-0.000	-0.000	PUNCT
fbem-25570	94	13	*	*	PUNCT
fbem-25570	94	14	*	*	PUNCT
fbem-25570	94	15	*	*	PUNCT
fbem-25570	94	16	-0.000	-0.000	PUNCT
fbem-25570	94	17	*	*	PUNCT
fbem-25570	94	18	*	*	PUNCT
fbem-25570	94	19	*	*	PUNCT
fbem-25570	94	20	(	(	PUNCT
fbem-25570	94	21	-5.28	-5.28	NOUN
fbem-25570	94	22	)	)	PUNCT
fbem-25570	94	23	(	(	PUNCT
fbem-25570	94	24	-5.22	-5.22	NOUN
fbem-25570	94	25	)	)	PUNCT
fbem-25570	94	26	inddirectorratio	inddirectorratio	VERB
fbem-25570	94	27	0.000	0.000	NUM
fbem-25570	94	28	0.000	0.000	NUM
fbem-25570	94	29	*	*	PUNCT
fbem-25570	94	30	(	(	PUNCT
fbem-25570	94	31	1.63	1.63	NUM
fbem-25570	94	32	)	)	PUNCT
fbem-25570	94	33	(	(	PUNCT
fbem-25570	94	34	1.75	1.75	NUM
fbem-25570	94	35	)	)	PUNCT
fbem-25570	94	36	businessyear	businessyear	NOUN
fbem-25570	94	37	0.000	0.000	NUM
fbem-25570	94	38	*	*	PUNCT
fbem-25570	95	1	*	*	PUNCT
fbem-25570	95	2	0.000	0.000	PUNCT
fbem-25570	95	3	*	*	PUNCT
fbem-25570	95	4	*	*	PUNCT
fbem-25570	95	5	(	(	PUNCT
fbem-25570	95	6	-2.42	-2.42	NUM
fbem-25570	95	7	)	)	PUNCT
fbem-25570	95	8	(	(	PUNCT
fbem-25570	95	9	-2.45	-2.45	NUM
fbem-25570	95	10	)	)	PUNCT
fbem-25570	95	11	boardsize	boardsize	NOUN
fbem-25570	95	12	-0.001	-0.001	PUNCT
fbem-25570	95	13	*	*	PUNCT
fbem-25570	95	14	*	*	PUNCT
fbem-25570	95	15	*	*	PUNCT
fbem-25570	95	16	-0.001	-0.001	PUNCT
fbem-25570	96	1	*	*	PUNCT
fbem-25570	96	2	*	*	PUNCT
fbem-25570	96	3	*	*	PUNCT
fbem-25570	96	4	(	(	PUNCT
fbem-25570	96	5	-4.76	-4.76	NUM
fbem-25570	96	6	)	)	PUNCT
fbem-25570	96	7	(	(	PUNCT
fbem-25570	96	8	-4.58	-4.58	NOUN
fbem-25570	96	9	)	)	PUNCT
fbem-25570	96	10	ceoage	ceoage	NOUN
fbem-25570	96	11	-0.000	-0.000	PUNCT
fbem-25570	96	12	*	*	PUNCT
fbem-25570	96	13	*	*	PUNCT
fbem-25570	96	14	*	*	PUNCT
fbem-25570	96	15	-0.000	-0.000	PUNCT
fbem-25570	96	16	*	*	PUNCT
fbem-25570	96	17	*	*	PUNCT
fbem-25570	96	18	*	*	PUNCT
fbem-25570	96	19	(	(	PUNCT
fbem-25570	96	20	-7.05	-7.05	NUM
fbem-25570	96	21	)	)	PUNCT
fbem-25570	96	22	(	(	PUNCT
fbem-25570	96	23	-7.02	-7.02	NOUN
fbem-25570	96	24	)	)	PUNCT
fbem-25570	96	25	ceogender	ceogender	NOUN
fbem-25570	96	26	-0.002	-0.002	PROPN
fbem-25570	96	27	*	*	PUNCT
fbem-25570	96	28	*	*	PUNCT
fbem-25570	96	29	-0.004	-0.004	PROPN
fbem-25570	96	30	*	*	PUNCT
fbem-25570	96	31	*	*	PUNCT
fbem-25570	96	32	(	(	PUNCT
fbem-25570	96	33	-2.52	-2.52	ADJ
fbem-25570	96	34	)	)	PUNCT
fbem-25570	96	35	(	(	PUNCT
fbem-25570	96	36	-2.43	-2.43	NOUN
fbem-25570	96	37	)	)	PUNCT
fbem-25570	96	38	isduality	isduality	NOUN
fbem-25570	96	39	0.003	0.003	NUM
fbem-25570	96	40	*	*	PUNCT
fbem-25570	96	41	*	*	PUNCT
fbem-25570	96	42	*	*	PUNCT
fbem-25570	96	43	0.006	0.006	NUM
fbem-25570	96	44	*	*	PUNCT
fbem-25570	96	45	*	*	PUNCT
fbem-25570	96	46	*	*	PUNCT
fbem-25570	96	47	(	(	PUNCT
fbem-25570	96	48	6.62	6.62	NUM
fbem-25570	96	49	)	)	PUNCT
fbem-25570	96	50	6.64	6.64	NUM
fbem-25570	96	51	)	)	PUNCT
fbem-25570	97	1	_	_	NOUN
fbem-25570	97	2	cons	con	NOUN
fbem-25570	97	3	0.169	0.169	NUM
fbem-25570	97	4	*	*	PUNCT
fbem-25570	97	5	*	*	PUNCT
fbem-25570	97	6	*	*	PUNCT
fbem-25570	97	7	0.317	0.317	NUM
fbem-25570	97	8	*	*	PUNCT
fbem-25570	97	9	*	*	PUNCT
fbem-25570	97	10	*	*	PUNCT
fbem-25570	97	11	(	(	PUNCT
fbem-25570	97	12	33.73	33.73	NUM
fbem-25570	97	13	)	)	PUNCT
fbem-25570	97	14	(	(	PUNCT
fbem-25570	97	15	33.92	33.92	NUM
fbem-25570	97	16	)	)	PUNCT
fbem-25570	97	17	industry	industry	NOUN
fbem-25570	97	18	effect	effect	NOUN
fbem-25570	97	19	yes	yes	INTJ
fbem-25570	97	20	yes	yes	INTJ
fbem-25570	97	21	annual	annual	ADJ
fbem-25570	97	22	effect	effect	NOUN
fbem-25570	98	1	yes	yes	INTJ
fbem-25570	99	1	yes	yes	INTJ
fbem-25570	99	2	n	n	CCONJ
fbem-25570	99	3	29816	29816	NUM
fbem-25570	99	4	29816	29816	NUM
fbem-25570	99	5	adj	adj	PROPN
fbem-25570	99	6	-	-	PUNCT
fbem-25570	99	7	r2	r2	NOUN
fbem-25570	99	8	0.1811	0.1811	NUM
fbem-25570	99	9	0.1809	0.1809	NUM
fbem-25570	99	10	note	note	NOUN
fbem-25570	99	11	:	:	PUNCT
fbem-25570	99	12	values	value	NOUN
fbem-25570	99	13	in	in	ADP
fbem-25570	99	14	parentheses	parenthesis	NOUN
fbem-25570	99	15	are	be	AUX
fbem-25570	99	16	t	t	NOUN
fbem-25570	99	17	-	-	PUNCT
fbem-25570	99	18	statistics	statistic	NOUN
fbem-25570	99	19	;	;	PUNCT
fbem-25570	99	20	*	*	PUNCT
fbem-25570	99	21	*	*	PUNCT
fbem-25570	99	22	*	*	PUNCT
fbem-25570	99	23	,	,	PUNCT
fbem-25570	99	24	*	*	PUNCT
fbem-25570	99	25	*	*	PUNCT
fbem-25570	99	26	,	,	PUNCT
fbem-25570	99	27	and	and	CCONJ
fbem-25570	99	28	*	*	PUNCT
fbem-25570	99	29	denote	denote	VERB
fbem-25570	99	30	1	1	NUM
fbem-25570	99	31	%	%	NOUN
fbem-25570	99	32	,	,	PUNCT
fbem-25570	99	33	5	5	NUM
fbem-25570	99	34	%	%	NOUN
fbem-25570	99	35	,	,	PUNCT
fbem-25570	99	36	and	and	CCONJ
fbem-25570	99	37	10	10	NUM
fbem-25570	99	38	%	%	NOUN
fbem-25570	99	39	significance	significance	NOUN
fbem-25570	99	40	levels	level	NOUN
fbem-25570	99	41	,	,	PUNCT
fbem-25570	99	42	respectively	respectively	ADV
fbem-25570	99	43	,	,	PUNCT
fbem-25570	99	44	as	as	SCONJ
fbem-25570	99	45	follows	follow	VERB
fbem-25570	99	46	.	.	PUNCT
fbem-25570	100	1	5.3	5.3	NUM
fbem-25570	100	2	.	.	PUNCT
fbem-25570	100	3	mechanism	mechanism	NOUN
fbem-25570	100	4	testing	testing	NOUN
fbem-25570	100	5	in	in	ADP
fbem-25570	100	6	order	order	NOUN
fbem-25570	100	7	to	to	PART
fbem-25570	100	8	test	test	VERB
fbem-25570	100	9	hypothesis	hypothesis	NOUN
fbem-25570	100	10	2	2	NUM
fbem-25570	100	11	,	,	PUNCT
fbem-25570	100	12	this	this	DET
fbem-25570	100	13	paper	paper	NOUN
fbem-25570	100	14	adopts	adopt	VERB
fbem-25570	100	15	a	a	DET
fbem-25570	100	16	“	"	PUNCT
fbem-25570	100	17	three	three	NUM
fbem-25570	100	18	-	-	PUNCT
fbem-25570	100	19	step	step	NOUN
fbem-25570	100	20	approach	approach	NOUN
fbem-25570	100	21	”	"	PUNCT
fbem-25570	100	22	to	to	ADP
fbem-25570	100	23	model	model	VERB
fbem-25570	100	24	and	and	CCONJ
fbem-25570	100	25	test	test	VERB
fbem-25570	100	26	the	the	DET
fbem-25570	100	27	mediation	mediation	NOUN
fbem-25570	100	28	effect	effect	NOUN
fbem-25570	100	29	.	.	PUNCT
fbem-25570	101	1	first	first	ADV
fbem-25570	101	2	,	,	PUNCT
fbem-25570	101	3	this	this	DET
fbem-25570	101	4	project	project	NOUN
fbem-25570	101	5	intends	intend	VERB
fbem-25570	101	6	to	to	PART
fbem-25570	101	7	examine	examine	VERB
fbem-25570	101	8	the	the	DET
fbem-25570	101	9	impact	impact	NOUN
fbem-25570	101	10	of	of	ADP
fbem-25570	101	11	local	local	ADJ
fbem-25570	101	12	government	government	NOUN
fbem-25570	101	13	liabilities	liability	NOUN
fbem-25570	101	14	on	on	ADP
fbem-25570	101	15	firms	firm	NOUN
fbem-25570	101	16	'	'	PART
fbem-25570	101	17	risk	risk	NOUN
fbem-25570	101	18	tolerance	tolerance	NOUN
fbem-25570	101	19	,	,	PUNCT
fbem-25570	101	20	both	both	PRON
fbem-25570	101	21	theoretically	theoretically	ADV
fbem-25570	101	22	and	and	CCONJ
fbem-25570	101	23	empirically	empirically	ADV
fbem-25570	101	24	.	.	PUNCT
fbem-25570	102	1	second	second	ADV
fbem-25570	102	2	,	,	PUNCT
fbem-25570	102	3	the	the	DET
fbem-25570	102	4	role	role	NOUN
fbem-25570	102	5	of	of	ADP
fbem-25570	102	6	local	local	ADJ
fbem-25570	102	7	government	government	NOUN
fbem-25570	102	8	liabilities	liability	NOUN
fbem-25570	102	9	on	on	ADP
fbem-25570	102	10	corporate	corporate	ADJ
fbem-25570	102	11	financing	financing	NOUN
fbem-25570	102	12	constraints	constraint	NOUN
fbem-25570	102	13	is	be	AUX
fbem-25570	102	14	examined	examine	VERB
fbem-25570	102	15	by	by	ADP
fbem-25570	102	16	constructing	construct	VERB
fbem-25570	102	17	equation	equation	NOUN
fbem-25570	102	18	(	(	PUNCT
fbem-25570	102	19	2	2	NUM
fbem-25570	102	20	)	)	PUNCT
fbem-25570	102	21	.	.	PUNCT
fbem-25570	103	1	on	on	ADP
fbem-25570	103	2	this	this	DET
fbem-25570	103	3	basis	basis	NOUN
fbem-25570	103	4	,	,	PUNCT
fbem-25570	103	5	the	the	DET
fbem-25570	103	6	financing	financing	NOUN
fbem-25570	103	7	constraint	constraint	NOUN
fbem-25570	103	8	is	be	AUX
fbem-25570	103	9	introduced	introduce	VERB
fbem-25570	103	10	and	and	CCONJ
fbem-25570	103	11	equation	equation	NOUN
fbem-25570	103	12	(	(	PUNCT
fbem-25570	103	13	3	3	X
fbem-25570	103	14	)	)	PUNCT
fbem-25570	103	15	is	be	AUX
fbem-25570	103	16	constructed	construct	VERB
fbem-25570	103	17	to	to	PART
fbem-25570	103	18	validate	validate	VERB
fbem-25570	103	19	the	the	DET
fbem-25570	103	20	model	model	NOUN
fbem-25570	103	21	.	.	PUNCT
fbem-25570	104	1	sa	sa	AUX
fbem-25570	104	2	=	=	PROPN
fbem-25570	104	3	β0+β1	β0+β1	PROPN
fbem-25570	104	4	*	*	PROPN
fbem-25570	104	5	localgovdebt	localgovdebt	PROPN
fbem-25570	104	6	+	+	CCONJ
fbem-25570	104	7	controls	control	VERB
fbem-25570	104	8	+	+	PROPN
fbem-25570	104	9	ε	ε	PROPN
fbem-25570	104	10	(	(	PUNCT
fbem-25570	104	11	2	2	NUM
fbem-25570	104	12	)	)	PUNCT
fbem-25570	104	13	risk	risk	NOUN
fbem-25570	104	14	=	=	NOUN
fbem-25570	104	15	γ0+γ1	γ0+γ1	PROPN
fbem-25570	104	16	*	*	VERB
fbem-25570	104	17	localgovdebt	localgovdebt	NOUN
fbem-25570	104	18	+	+	NOUN
fbem-25570	104	19	γ2*sa+	γ2*sa+	NOUN
fbem-25570	104	20	controls	control	VERB
fbem-25570	104	21	+	+	PROPN
fbem-25570	104	22	ε	ε	PROPN
fbem-25570	104	23	(	(	PUNCT
fbem-25570	104	24	3	3	NUM
fbem-25570	104	25	)	)	PUNCT
fbem-25570	104	26	the	the	DET
fbem-25570	104	27	regression	regression	NOUN
fbem-25570	104	28	results	result	NOUN
fbem-25570	104	29	are	be	AUX
fbem-25570	104	30	shown	show	VERB
fbem-25570	104	31	in	in	ADP
fbem-25570	104	32	table	table	NOUN
fbem-25570	104	33	4	4	NUM
fbem-25570	104	34	(	(	PUNCT
fbem-25570	104	35	since	since	SCONJ
fbem-25570	104	36	the	the	DET
fbem-25570	104	37	eq	eq	NOUN
fbem-25570	104	38	.	.	PROPN
fbem-25570	104	39	1	1	NUM
fbem-25570	104	40	regression	regression	NOUN
fbem-25570	104	41	results	result	NOUN
fbem-25570	104	42	have	have	AUX
fbem-25570	104	43	been	be	AUX
fbem-25570	104	44	presented	present	VERB
fbem-25570	104	45	above	above	ADP
fbem-25570	104	46	,	,	PUNCT
fbem-25570	104	47	the	the	DET
fbem-25570	104	48	equation	equation	NOUN
fbem-25570	104	49	will	will	AUX
fbem-25570	104	50	not	not	PART
fbem-25570	104	51	be	be	AUX
fbem-25570	104	52	repeated	repeat	VERB
fbem-25570	104	53	here	here	ADV
fbem-25570	104	54	)	)	PUNCT
fbem-25570	104	55	.	.	PUNCT
fbem-25570	105	1	it	it	PRON
fbem-25570	105	2	can	can	AUX
fbem-25570	105	3	be	be	AUX
fbem-25570	105	4	seen	see	VERB
fbem-25570	105	5	that	that	SCONJ
fbem-25570	105	6	local	local	ADJ
fbem-25570	105	7	government	government	NOUN
fbem-25570	105	8	debt	debt	NOUN
fbem-25570	105	9	has	have	VERB
fbem-25570	105	10	a	a	DET
fbem-25570	105	11	significant	significant	ADJ
fbem-25570	105	12	effect	effect	NOUN
fbem-25570	105	13	on	on	ADP
fbem-25570	105	14	financing	financing	NOUN
fbem-25570	105	15	constraints	constraint	NOUN
fbem-25570	105	16	,	,	PUNCT
fbem-25570	105	17	and	and	CCONJ
fbem-25570	105	18	financing	financing	NOUN
fbem-25570	105	19	constraints	constraint	NOUN
fbem-25570	105	20	also	also	ADV
fbem-25570	105	21	have	have	VERB
fbem-25570	105	22	a	a	DET
fbem-25570	105	23	significant	significant	ADJ
fbem-25570	105	24	effect	effect	NOUN
fbem-25570	105	25	on	on	ADP
fbem-25570	105	26	corporate	corporate	ADJ
fbem-25570	105	27	risk	risk	NOUN
fbem-25570	105	28	-	-	PUNCT
fbem-25570	105	29	taking	taking	NOUN
fbem-25570	105	30	,	,	PUNCT
fbem-25570	105	31	i.e.	i.e.	X
fbem-25570	105	32	,	,	PUNCT
fbem-25570	105	33	financing	financing	NOUN
fbem-25570	105	34	constraints	constraint	NOUN
fbem-25570	105	35	play	play	VERB
fbem-25570	105	36	a	a	DET
fbem-25570	105	37	partially	partially	ADV
fbem-25570	105	38	mediating	mediate	VERB
fbem-25570	105	39	effect	effect	NOUN
fbem-25570	105	40	between	between	ADP
fbem-25570	105	41	local	local	ADJ
fbem-25570	105	42	government	government	NOUN
fbem-25570	105	43	debt	debt	NOUN
fbem-25570	105	44	and	and	CCONJ
fbem-25570	105	45	corporate	corporate	ADJ
fbem-25570	105	46	risk	risk	NOUN
fbem-25570	105	47	-	-	PUNCT
fbem-25570	105	48	taking	taking	NOUN
fbem-25570	105	49	,	,	PUNCT
fbem-25570	105	50	verifying	verify	VERB
fbem-25570	105	51	hypothesis	hypothesis	NOUN
fbem-25570	105	52	2	2	NUM
fbem-25570	105	53	.	.	PUNCT
fbem-25570	105	54	table	table	NOUN
fbem-25570	105	55	4	4	NUM
fbem-25570	105	56	.	.	PUNCT
fbem-25570	106	1	regression	regression	NOUN
fbem-25570	106	2	results	result	NOUN
fbem-25570	106	3	of	of	ADP
fbem-25570	106	4	the	the	DET
fbem-25570	106	5	mediated	mediate	VERB
fbem-25570	106	6	effects	effect	NOUN
fbem-25570	106	7	test	test	NOUN
fbem-25570	106	8	(	(	PUNCT
fbem-25570	106	9	1	1	NUM
fbem-25570	106	10	)	)	PUNCT
fbem-25570	106	11	(	(	PUNCT
fbem-25570	106	12	2	2	NUM
fbem-25570	106	13	)	)	PUNCT
fbem-25570	106	14	(	(	PUNCT
fbem-25570	106	15	3	3	X
fbem-25570	106	16	)	)	PUNCT
fbem-25570	106	17	sa	sa	PROPN
fbem-25570	106	18	risk1	risk1	NOUN
fbem-25570	106	19	risk2	risk2	PROPN
fbem-25570	106	20	localgovdebt	localgovdebt	PROPN
fbem-25570	106	21	-0.041	-0.041	PRON
fbem-25570	106	22	*	*	PUNCT
fbem-25570	106	23	*	*	PUNCT
fbem-25570	106	24	*	*	PUNCT
fbem-25570	106	25	-0.003	-0.003	PROPN
fbem-25570	106	26	*	*	PUNCT
fbem-25570	107	1	-0.007	-0.007	PROPN
fbem-25570	107	2	*	*	PUNCT
fbem-25570	107	3	(	(	PUNCT
fbem-25570	107	4	-6.76	-6.76	NOUN
fbem-25570	107	5	)	)	PUNCT
fbem-25570	107	6	(	(	PUNCT
fbem-25570	107	7	-1.73	-1.73	NUM
fbem-25570	107	8	)	)	PUNCT
fbem-25570	107	9	(	(	PUNCT
fbem-25570	107	10	-1.83	-1.83	X
fbem-25570	107	11	)	)	PUNCT
fbem-25570	107	12	sa	sa	NOUN
fbem-25570	107	13	0.012	0.012	NUM
fbem-25570	107	14	*	*	NOUN
fbem-25570	107	15	*	*	PUNCT
fbem-25570	107	16	*	*	PUNCT
fbem-25570	107	17	0.023	0.023	NUM
fbem-25570	107	18	*	*	PUNCT
fbem-25570	107	19	*	*	PUNCT
fbem-25570	107	20	*	*	PUNCT
fbem-25570	107	21	(	(	PUNCT
fbem-25570	107	22	7.30	7.30	NUM
fbem-25570	107	23	)	)	PUNCT
fbem-25570	107	24	(	(	PUNCT
fbem-25570	107	25	7.28	7.28	NUM
fbem-25570	107	26	)	)	PUNCT
fbem-25570	107	27	size	size	NOUN
fbem-25570	107	28	0.030	0.030	NUM
fbem-25570	107	29	*	*	PUNCT
fbem-25570	107	30	*	*	PUNCT
fbem-25570	107	31	*	*	PUNCT
fbem-25570	107	32	-0.004	-0.004	PUNCT
fbem-25570	107	33	*	*	PUNCT
fbem-25570	107	34	*	*	PUNCT
fbem-25570	107	35	*	*	PUNCT
fbem-25570	107	36	-0.008	-0.008	NOUN
fbem-25570	107	37	*	*	PUNCT
fbem-25570	107	38	*	*	PUNCT
fbem-25570	107	39	*	*	PUNCT
fbem-25570	107	40	(	(	PUNCT
fbem-25570	107	41	21.26	21.26	NUM
fbem-25570	107	42	)	)	PUNCT
fbem-25570	107	43	(	(	PUNCT
fbem-25570	107	44	-18.22	-18.22	NOUN
fbem-25570	107	45	)	)	PUNCT
fbem-25570	107	46	(	(	PUNCT
fbem-25570	107	47	-18.45	-18.45	NOUN
fbem-25570	107	48	)	)	PUNCT
fbem-25570	107	49	lev	lev	NOUN
fbem-25570	107	50	-0.057	-0.057	NOUN
fbem-25570	107	51	*	*	PUNCT
fbem-25570	107	52	*	*	PUNCT
fbem-25570	107	53	*	*	PUNCT
fbem-25570	107	54	-0.017	-0.017	PROPN
fbem-25570	107	55	*	*	NOUN
fbem-25570	107	56	*	*	PUNCT
fbem-25570	107	57	*	*	PUNCT
fbem-25570	107	58	-0.031	-0.031	NOUN
fbem-25570	107	59	*	*	PUNCT
fbem-25570	107	60	*	*	PUNCT
fbem-25570	107	61	*	*	PUNCT
fbem-25570	107	62	(	(	PUNCT
fbem-25570	107	63	-11.04	-11.04	NOUN
fbem-25570	107	64	)	)	PUNCT
fbem-25570	107	65	(	(	PUNCT
fbem-25570	107	66	-10.55	-10.55	NOUN
fbem-25570	107	67	)	)	PUNCT
fbem-25570	107	68	(	(	PUNCT
fbem-25570	107	69	-10.55	-10.55	NOUN
fbem-25570	107	70	)	)	PUNCT
fbem-25570	107	71	roa	roa	NOUN
fbem-25570	107	72	-0.098	-0.098	PROPN
fbem-25570	107	73	*	*	PUNCT
fbem-25570	107	74	*	*	PUNCT
fbem-25570	107	75	*	*	PUNCT
fbem-25570	108	1	-0.175	-0.175	PUNCT
fbem-25570	109	1	*	*	PUNCT
fbem-25570	109	2	*	*	PUNCT
fbem-25570	109	3	*	*	PUNCT
fbem-25570	109	4	-0.321	-0.321	PROPN
fbem-25570	109	5	*	*	PUNCT
fbem-25570	109	6	*	*	PUNCT
fbem-25570	109	7	*	*	PUNCT
fbem-25570	109	8	(	(	PUNCT
fbem-25570	109	9	-6.38	-6.38	NOUN
fbem-25570	109	10	)	)	PUNCT
fbem-25570	109	11	(	(	PUNCT
fbem-25570	109	12	-27.84	-27.84	NOUN
fbem-25570	109	13	)	)	PUNCT
fbem-25570	109	14	(	(	PUNCT
fbem-25570	109	15	-27.78	-27.78	PROPN
fbem-25570	109	16	)	)	PUNCT
fbem-25570	109	17	contrshrproportion	contrshrproportion	NOUN
fbem-25570	109	18	0.001	0.001	NUM
fbem-25570	109	19	*	*	PUNCT
fbem-25570	109	20	*	*	PUNCT
fbem-25570	109	21	*	*	PUNCT
fbem-25570	109	22	-0.000	-0.000	PUNCT
fbem-25570	109	23	*	*	PUNCT
fbem-25570	109	24	*	*	PUNCT
fbem-25570	109	25	*	*	PUNCT
fbem-25570	109	26	-0.000	-0.000	PUNCT
fbem-25570	109	27	*	*	PUNCT
fbem-25570	109	28	*	*	PUNCT
fbem-25570	109	29	*	*	PUNCT
fbem-25570	109	30	(	(	PUNCT
fbem-25570	109	31	13.14	13.14	NUM
fbem-25570	109	32	)	)	PUNCT
fbem-25570	109	33	(	(	PUNCT
fbem-25570	109	34	-5.23	-5.23	NUM
fbem-25570	109	35	)	)	PUNCT
fbem-25570	109	36	(	(	PUNCT
fbem-25570	109	37	-5.15	-5.15	X
fbem-25570	109	38	)	)	PUNCT
fbem-25570	109	39	inddirectorratio	inddirectorratio	VERB
fbem-25570	109	40	0.002	0.002	NUM
fbem-25570	109	41	*	*	PUNCT
fbem-25570	110	1	*	*	PUNCT
fbem-25570	110	2	*	*	PUNCT
fbem-25570	110	3	0.000	0.000	NUM
fbem-25570	110	4	0.000	0.000	NUM
fbem-25570	110	5	(	(	PUNCT
fbem-25570	110	6	12.51	12.51	NUM
fbem-25570	110	7	)	)	PUNCT
fbem-25570	110	8	(	(	PUNCT
fbem-25570	110	9	0.86	0.86	NUM
fbem-25570	110	10	)	)	PUNCT
fbem-25570	110	11	(	(	PUNCT
fbem-25570	110	12	0.98	0.98	NUM
fbem-25570	110	13	)	)	PUNCT
fbem-25570	110	14	businessyear	businessyear	NOUN
fbem-25570	110	15	-0.041	-0.041	NOUN
fbem-25570	110	16	*	*	PUNCT
fbem-25570	110	17	*	*	PUNCT
fbem-25570	110	18	*	*	PUNCT
fbem-25570	111	1	0.000	0.000	NUM
fbem-25570	111	2	*	*	PUNCT
fbem-25570	111	3	*	*	PUNCT
fbem-25570	111	4	*	*	PUNCT
fbem-25570	111	5	0.001	0.001	NUM
fbem-25570	111	6	*	*	PUNCT
fbem-25570	111	7	*	*	PUNCT
fbem-25570	111	8	*	*	PUNCT
fbem-25570	111	9	(	(	PUNCT
fbem-25570	111	10	-278.95	-278.95	NOUN
fbem-25570	111	11	)	)	PUNCT
fbem-25570	111	12	(	(	PUNCT
fbem-25570	111	13	5.12	5.12	NUM
fbem-25570	111	14	)	)	PUNCT
fbem-25570	111	15	(	(	PUNCT
fbem-25570	111	16	5.10	5.10	NUM
fbem-25570	111	17	)	)	PUNCT
fbem-25570	111	18	boardsize	boardsize	VERB
fbem-25570	111	19	0.003	0.003	NUM
fbem-25570	111	20	*	*	PUNCT
fbem-25570	111	21	*	*	PUNCT
fbem-25570	111	22	*	*	PUNCT
fbem-25570	111	23	-0.001	-0.001	PUNCT
fbem-25570	112	1	*	*	PUNCT
fbem-25570	112	2	*	*	PUNCT
fbem-25570	112	3	*	*	PUNCT
fbem-25570	112	4	-0.001	-0.001	PUNCT
fbem-25570	113	1	*	*	PUNCT
fbem-25570	113	2	*	*	PUNCT
fbem-25570	113	3	*	*	PUNCT
fbem-25570	113	4	(	(	PUNCT
fbem-25570	113	5	5.25	5.25	NUM
fbem-25570	113	6	)	)	PUNCT
fbem-25570	113	7	(	(	PUNCT
fbem-25570	113	8	-5.07	-5.07	NUM
fbem-25570	113	9	)	)	PUNCT
fbem-25570	113	10	(	(	PUNCT
fbem-25570	113	11	-4.89	-4.89	NOUN
fbem-25570	113	12	)	)	PUNCT
fbem-25570	113	13	ceoage	ceoage	NOUN
fbem-25570	113	14	0.000	0.000	NUM
fbem-25570	113	15	*	*	PUNCT
fbem-25570	114	1	*	*	PUNCT
fbem-25570	114	2	*	*	PUNCT
fbem-25570	114	3	-0.000	-0.000	PUNCT
fbem-25570	114	4	*	*	PUNCT
fbem-25570	114	5	*	*	PUNCT
fbem-25570	114	6	*	*	PUNCT
fbem-25570	114	7	-0.000	-0.000	PUNCT
fbem-25570	114	8	*	*	PUNCT
fbem-25570	114	9	*	*	PUNCT
fbem-25570	114	10	*	*	PUNCT
fbem-25570	114	11	(	(	PUNCT
fbem-25570	114	12	2.62	2.62	NUM
fbem-25570	114	13	)	)	PUNCT
fbem-25570	114	14	(	(	PUNCT
fbem-25570	114	15	-7.15	-7.15	NOUN
fbem-25570	114	16	)	)	PUNCT
fbem-25570	114	17	(	(	PUNCT
fbem-25570	114	18	-7.12	-7.12	NUM
fbem-25570	114	19	)	)	PUNCT
fbem-25570	114	20	ceogender	ceogender	NOUN
fbem-25570	114	21	-0.004	-0.004	PROPN
fbem-25570	114	22	*	*	PUNCT
fbem-25570	114	23	-0.002	-0.002	PROPN
fbem-25570	114	24	*	*	PUNCT
fbem-25570	114	25	*	*	PUNCT
fbem-25570	114	26	-0.004	-0.004	PROPN
fbem-25570	114	27	*	*	PUNCT
fbem-25570	114	28	*	*	PUNCT
fbem-25570	114	29	(	(	PUNCT
fbem-25570	114	30	-1.84	-1.84	NOUN
fbem-25570	114	31	)	)	PUNCT
fbem-25570	114	32	(	(	PUNCT
fbem-25570	114	33	-2.46	-2.46	X
fbem-25570	114	34	)	)	PUNCT
fbem-25570	114	35	(	(	PUNCT
fbem-25570	114	36	-2.36	-2.36	NOUN
fbem-25570	114	37	)	)	PUNCT
fbem-25570	114	38	isduality	isduality	NOUN
fbem-25570	114	39	0.011	0.011	NUM
fbem-25570	114	40	*	*	NOUN
fbem-25570	114	41	*	*	PUNCT
fbem-25570	114	42	*	*	PUNCT
fbem-25570	114	43	0.003	0.003	NUM
fbem-25570	114	44	*	*	PUNCT
fbem-25570	114	45	*	*	PUNCT
fbem-25570	114	46	*	*	NOUN
fbem-25570	114	47	0.005	0.005	NUM
fbem-25570	114	48	*	*	PUNCT
fbem-25570	114	49	*	*	PUNCT
fbem-25570	114	50	*	*	PUNCT
fbem-25570	114	51	(	(	PUNCT
fbem-25570	114	52	7.49	7.49	NUM
fbem-25570	114	53	)	)	PUNCT
fbem-25570	114	54	(	(	PUNCT
fbem-25570	114	55	6.31	6.31	NUM
fbem-25570	114	56	)	)	PUNCT
fbem-25570	114	57	(	(	PUNCT
fbem-25570	114	58	6.33	6.33	NUM
fbem-25570	114	59	)	)	PUNCT
fbem-25570	115	1	_	_	NOUN
fbem-25570	115	2	cons	con	NOUN
fbem-25570	115	3	-3.858	-3.858	NOUN
fbem-25570	115	4	*	*	PUNCT
fbem-25570	115	5	*	*	PUNCT
fbem-25570	115	6	*	*	PUNCT
fbem-25570	115	7	0.216	0.216	NUM
fbem-25570	115	8	*	*	PUNCT
fbem-25570	115	9	*	*	PUNCT
fbem-25570	115	10	*	*	PUNCT
fbem-25570	115	11	0.405	0.405	NUM
fbem-25570	115	12	*	*	PUNCT
fbem-25570	115	13	*	*	PUNCT
fbem-25570	115	14	*	*	PUNCT
fbem-25570	115	15	(	(	PUNCT
fbem-25570	115	16	-117.46	-117.46	PROPN
fbem-25570	115	17	)	)	PUNCT
fbem-25570	115	18	(	(	PUNCT
fbem-25570	115	19	22.94	22.94	NUM
fbem-25570	115	20	)	)	PUNCT
fbem-25570	115	21	(	(	PUNCT
fbem-25570	115	22	22.96	22.96	NUM
fbem-25570	115	23	)	)	PUNCT
fbem-25570	115	24	industry	industry	NOUN
fbem-25570	115	25	effect	effect	NOUN
fbem-25570	116	1	yes	yes	INTJ
fbem-25570	116	2	yes	yes	INTJ
fbem-25570	116	3	yes	yes	INTJ
fbem-25570	116	4	annual	annual	ADJ
fbem-25570	116	5	effect	effect	NOUN
fbem-25570	117	1	yes	yes	INTJ
fbem-25570	117	2	yes	yes	INTJ
fbem-25570	118	1	yes	yes	INTJ
fbem-25570	118	2	n	n	CCONJ
fbem-25570	118	3	29816	29816	NUM
fbem-25570	118	4	29816	29816	NUM
fbem-25570	118	5	29816	29816	NUM
fbem-25570	118	6	adj	adj	NOUN
fbem-25570	118	7	-	-	PUNCT
fbem-25570	118	8	r2	r2	NOUN
fbem-25570	118	9	0.8139	0.8139	NUM
fbem-25570	119	1	0.1828	0.1828	NUM
fbem-25570	119	2	0.1826	0.1826	NUM
fbem-25570	119	3	5.4	5.4	NUM
fbem-25570	119	4	.	.	PUNCT
fbem-25570	120	1	robustness	robustness	NOUN
fbem-25570	120	2	tests	test	NOUN
fbem-25570	120	3	5.4.1	5.4.1	NUM
fbem-25570	120	4	.	.	PUNCT
fbem-25570	121	1	vif	vif	PROPN
fbem-25570	121	2	test	test	NOUN
fbem-25570	121	3	variance	variance	NOUN
fbem-25570	121	4	inflation	inflation	NOUN
fbem-25570	121	5	factor	factor	NOUN
fbem-25570	121	6	(	(	PUNCT
fbem-25570	121	7	vif	vif	NOUN
fbem-25570	121	8	)	)	PUNCT
fbem-25570	121	9	was	be	AUX
fbem-25570	121	10	used	use	VERB
fbem-25570	121	11	to	to	PART
fbem-25570	121	12	test	test	VERB
fbem-25570	121	13	for	for	ADP
fbem-25570	121	14	large	large	ADJ
fbem-25570	121	15	covariances	covariance	NOUN
fbem-25570	121	16	among	among	ADP
fbem-25570	121	17	the	the	DET
fbem-25570	121	18	variables	variable	NOUN
fbem-25570	121	19	.	.	PUNCT
fbem-25570	122	1	table	table	NOUN
fbem-25570	122	2	5	5	NUM
fbem-25570	122	3	lists	list	VERB
fbem-25570	122	4	the	the	DET
fbem-25570	122	5	if	if	SCONJ
fbem-25570	122	6	tests	test	NOUN
fbem-25570	122	7	between	between	ADP
fbem-25570	122	8	the	the	DET
fbem-25570	122	9	variables	variable	NOUN
fbem-25570	122	10	,	,	PUNCT
fbem-25570	122	11	with	with	ADP
fbem-25570	122	12	columns	column	NOUN
fbem-25570	122	13	(	(	PUNCT
fbem-25570	122	14	1	1	NUM
fbem-25570	122	15	)	)	PUNCT
fbem-25570	122	16	and	and	CCONJ
fbem-25570	122	17	(	(	PUNCT
fbem-25570	122	18	2	2	X
fbem-25570	122	19	)	)	PUNCT
fbem-25570	122	20	showing	show	VERB
fbem-25570	122	21	the	the	DET
fbem-25570	122	22	175	175	NUM
fbem-25570	122	23	correlation	correlation	NOUN
fbem-25570	122	24	between	between	ADP
fbem-25570	122	25	risk1	risk1	NOUN
fbem-25570	122	26	and	and	CCONJ
fbem-25570	122	27	each	each	DET
fbem-25570	122	28	variable	variable	NOUN
fbem-25570	122	29	,	,	PUNCT
fbem-25570	122	30	and	and	CCONJ
fbem-25570	122	31	columns	column	NOUN
fbem-25570	122	32	(	(	PUNCT
fbem-25570	122	33	3	3	NUM
fbem-25570	122	34	)	)	PUNCT
fbem-25570	122	35	and	and	CCONJ
fbem-25570	122	36	(	(	PUNCT
fbem-25570	122	37	4	4	X
fbem-25570	122	38	)	)	PUNCT
fbem-25570	122	39	showing	show	VERB
fbem-25570	122	40	the	the	DET
fbem-25570	122	41	correlation	correlation	NOUN
fbem-25570	122	42	between	between	ADP
fbem-25570	122	43	risk1	risk1	NOUN
fbem-25570	122	44	and	and	CCONJ
fbem-25570	122	45	each	each	DET
fbem-25570	122	46	variable	variable	NOUN
fbem-25570	122	47	,	,	PUNCT
fbem-25570	122	48	respectively	respectively	ADV
fbem-25570	122	49	.	.	PUNCT
fbem-25570	123	1	the	the	DET
fbem-25570	123	2	results	result	NOUN
fbem-25570	123	3	show	show	VERB
fbem-25570	123	4	that	that	SCONJ
fbem-25570	123	5	all	all	DET
fbem-25570	123	6	the	the	DET
fbem-25570	123	7	coefficients	coefficient	NOUN
fbem-25570	123	8	of	of	ADP
fbem-25570	123	9	variation	variation	NOUN
fbem-25570	123	10	are	be	AUX
fbem-25570	123	11	small	small	ADJ
fbem-25570	123	12	and	and	CCONJ
fbem-25570	123	13	significantly	significantly	ADV
fbem-25570	123	14	below	below	ADP
fbem-25570	123	15	5	5	NUM
fbem-25570	123	16	,	,	PUNCT
fbem-25570	123	17	indicating	indicate	VERB
fbem-25570	123	18	that	that	SCONJ
fbem-25570	123	19	they	they	PRON
fbem-25570	123	20	do	do	AUX
fbem-25570	123	21	not	not	PART
fbem-25570	123	22	suffer	suffer	VERB
fbem-25570	123	23	from	from	ADP
fbem-25570	123	24	serious	serious	ADJ
fbem-25570	123	25	covariance	covariance	NOUN
fbem-25570	123	26	problems	problem	NOUN
fbem-25570	123	27	.	.	PUNCT
fbem-25570	124	1	table	table	NOUN
fbem-25570	124	2	5	5	NUM
fbem-25570	124	3	.	.	PUNCT
fbem-25570	125	1	vif	vif	PROPN
fbem-25570	125	2	test	test	NOUN
fbem-25570	125	3	variable	variable	ADJ
fbem-25570	125	4	risk1	risk1	NOUN
fbem-25570	125	5	risk2	risk2	NOUN
fbem-25570	125	6	vif	vif	NOUN
fbem-25570	125	7	1	1	NUM
fbem-25570	125	8	/	/	SYM
fbem-25570	125	9	vif	vif	X
fbem-25570	125	10	vif	vif	PROPN
fbem-25570	125	11	1	1	PROPN
fbem-25570	125	12	/	/	SYM
fbem-25570	125	13	vif	vif	PROPN
fbem-25570	125	14	localgovdebt	localgovdebt	NOUN
fbem-25570	125	15	1.14	1.14	NUM
fbem-25570	125	16	0.87	0.87	NUM
fbem-25570	125	17	1.14	1.14	NUM
fbem-25570	125	18	0.87	0.87	NUM
fbem-25570	125	19	size	size	NOUN
fbem-25570	125	20	1.67	1.67	NUM
fbem-25570	125	21	0.60	0.60	NUM
fbem-25570	125	22	1.67	1.67	NUM
fbem-25570	125	23	0.60	0.60	NUM
fbem-25570	125	24	lev	lev	NOUN
fbem-25570	125	25	1.71	1.71	NUM
fbem-25570	125	26	0.58	0.58	NUM
fbem-25570	125	27	1.71	1.71	NUM
fbem-25570	125	28	0.58	0.58	NUM
fbem-25570	125	29	roa	roa	NOUN
fbem-25570	125	30	1.26	1.26	NUM
fbem-25570	125	31	0.79	0.79	NUM
fbem-25570	125	32	1.26	1.26	NUM
fbem-25570	125	33	0.79	0.79	NUM
fbem-25570	125	34	contrshrproportion	contrshrproportion	NOUN
fbem-25570	125	35	1.08	1.08	NUM
fbem-25570	125	36	0.93	0.93	NUM
fbem-25570	125	37	1.08	1.08	NUM
fbem-25570	125	38	0.93	0.93	NUM
fbem-25570	125	39	inddirectorratio	inddirectorratio	NOUN
fbem-25570	125	40	1.39	1.39	NUM
fbem-25570	125	41	0.72	0.72	NUM
fbem-25570	125	42	1.39	1.39	NUM
fbem-25570	125	43	0.72	0.72	NUM
fbem-25570	125	44	businessyear	businessyear	NOUN
fbem-25570	125	45	1.20	1.20	NUM
fbem-25570	125	46	0.84	0.84	NUM
fbem-25570	125	47	1.20	1.20	NUM
fbem-25570	125	48	0.84	0.84	NUM
fbem-25570	125	49	boardsize	boardsize	NOUN
fbem-25570	125	50	1.54	1.54	NUM
fbem-25570	125	51	0.66	0.66	NUM
fbem-25570	125	52	1.54	1.54	NUM
fbem-25570	125	53	0.66	0.66	NUM
fbem-25570	125	54	ceoage	ceoage	NOUN
fbem-25570	125	55	1.08	1.08	NUM
fbem-25570	125	56	0.92	0.92	NUM
fbem-25570	125	57	1.08	1.08	NUM
fbem-25570	125	58	0.92	0.92	NUM
fbem-25570	125	59	ceogender	ceogender	NOUN
fbem-25570	125	60	1.01	1.01	NUM
fbem-25570	125	61	0.99	0.99	NUM
fbem-25570	125	62	1.01	1.01	NUM
fbem-25570	125	63	0.99	0.99	NUM
fbem-25570	125	64	isduality	isduality	NOUN
fbem-25570	125	65	1.14	1.14	NUM
fbem-25570	125	66	0.88	0.88	NUM
fbem-25570	125	67	1.14	1.14	NUM
fbem-25570	125	68	0.88	0.88	NUM
fbem-25570	125	69	mean	mean	NOUN
fbem-25570	125	70	vif	vif	NOUN
fbem-25570	125	71	1.29	1.29	NUM
fbem-25570	125	72	1.29	1.29	NUM
fbem-25570	125	73	5.4.2	5.4.2	NUM
fbem-25570	125	74	.	.	PUNCT
fbem-25570	126	1	substitution	substitution	NOUN
fbem-25570	126	2	of	of	ADP
fbem-25570	126	3	explanatory	explanatory	ADJ
fbem-25570	126	4	variables	variable	NOUN
fbem-25570	126	5	diao	diao	PROPN
fbem-25570	126	6	,	,	PUNCT
fbem-25570	126	7	weitao	weitao	NOUN
fbem-25570	126	8	,	,	PUNCT
fbem-25570	126	9	and	and	CCONJ
fbem-25570	126	10	fu	fu	ADJ
fbem-25570	126	11	,	,	PUNCT
fbem-25570	126	12	towel	towel	NOUN
fbem-25570	126	13	-	-	PUNCT
fbem-25570	126	14	yi	yi	NOUN
fbem-25570	126	15	(	(	PUNCT
fbem-25570	126	16	2019	2019	NUM
fbem-25570	126	17	)	)	PUNCT
fbem-25570	126	18	suggest	suggest	VERB
fbem-25570	126	19	that	that	SCONJ
fbem-25570	126	20	government	government	NOUN
fbem-25570	126	21	debt	debt	NOUN
fbem-25570	126	22	is	be	AUX
fbem-25570	126	23	serviced	service	VERB
fbem-25570	126	24	by	by	ADP
fbem-25570	126	25	the	the	DET
fbem-25570	126	26	consolidated	consolidated	ADJ
fbem-25570	126	27	financial	financial	ADJ
fbem-25570	126	28	capacity	capacity	NOUN
fbem-25570	126	29	of	of	ADP
fbem-25570	126	30	local	local	ADJ
fbem-25570	126	31	governments	government	NOUN
fbem-25570	126	32	,	,	PUNCT
fbem-25570	126	33	and	and	CCONJ
fbem-25570	126	34	that	that	SCONJ
fbem-25570	126	35	there	there	PRON
fbem-25570	126	36	is	be	VERB
fbem-25570	126	37	a	a	DET
fbem-25570	126	38	direct	direct	ADJ
fbem-25570	126	39	link	link	NOUN
fbem-25570	126	40	between	between	ADP
fbem-25570	126	41	the	the	DET
fbem-25570	126	42	debt	debt	NOUN
fbem-25570	126	43	ratio	ratio	NOUN
fbem-25570	126	44	,	,	PUNCT
fbem-25570	126	45	which	which	PRON
fbem-25570	126	46	is	be	AUX
fbem-25570	126	47	also	also	ADV
fbem-25570	126	48	the	the	DET
fbem-25570	126	49	level	level	NOUN
fbem-25570	126	50	of	of	ADP
fbem-25570	126	51	local	local	ADJ
fbem-25570	126	52	government	government	NOUN
fbem-25570	126	53	debt	debt	NOUN
fbem-25570	126	54	,	,	PUNCT
fbem-25570	126	55	and	and	CCONJ
fbem-25570	126	56	the	the	DET
fbem-25570	126	57	consolidated	consolidated	ADJ
fbem-25570	126	58	financial	financial	ADJ
fbem-25570	126	59	capacity	capacity	NOUN
fbem-25570	126	60	of	of	ADP
fbem-25570	126	61	the	the	DET
fbem-25570	126	62	region	region	NOUN
fbem-25570	126	63	,	,	PUNCT
fbem-25570	126	64	therefore	therefore	ADV
fbem-25570	126	65	,	,	PUNCT
fbem-25570	126	66	on	on	ADP
fbem-25570	126	67	this	this	DET
fbem-25570	126	68	basis	basis	NOUN
fbem-25570	126	69	,	,	PUNCT
fbem-25570	126	70	we	we	PRON
fbem-25570	126	71	use	use	VERB
fbem-25570	126	72	the	the	DET
fbem-25570	126	73	debt	debt	NOUN
fbem-25570	126	74	ratio	ratio	NOUN
fbem-25570	126	75	(	(	PUNCT
fbem-25570	126	76	rof)(rof	rof)(rof	NOUN
fbem-25570	126	77	)	)	PUNCT
fbem-25570	126	78	,	,	PUNCT
fbem-25570	126	79	which	which	PRON
fbem-25570	126	80	is	be	AUX
fbem-25570	126	81	the	the	DET
fbem-25570	126	82	debt	debt	NOUN
fbem-25570	126	83	balance	balance	NOUN
fbem-25570	126	84	/	/	SYM
fbem-25570	126	85	revenue	revenue	NOUN
fbem-25570	126	86	of	of	ADP
fbem-25570	126	87	local	local	ADJ
fbem-25570	126	88	governments	government	NOUN
fbem-25570	126	89	,	,	PUNCT
fbem-25570	126	90	and	and	CCONJ
fbem-25570	126	91	the	the	DET
fbem-25570	126	92	results	result	NOUN
fbem-25570	126	93	after	after	ADP
fbem-25570	126	94	regression	regression	NOUN
fbem-25570	126	95	are	be	AUX
fbem-25570	126	96	shown	show	VERB
fbem-25570	126	97	in	in	ADP
fbem-25570	126	98	table	table	NOUN
fbem-25570	126	99	6	6	NUM
fbem-25570	126	100	.	.	PUNCT
fbem-25570	126	101	table	table	NOUN
fbem-25570	126	102	6	6	NUM
fbem-25570	126	103	.	.	PUNCT
fbem-25570	127	1	alternative	alternative	ADJ
fbem-25570	127	2	explanatory	explanatory	ADJ
fbem-25570	127	3	variables	variable	NOUN
fbem-25570	127	4	regression	regression	VERB
fbem-25570	127	5	results	result	NOUN
fbem-25570	127	6	(	(	PUNCT
fbem-25570	127	7	1	1	NUM
fbem-25570	127	8	)	)	PUNCT
fbem-25570	127	9	(	(	PUNCT
fbem-25570	127	10	2	2	X
fbem-25570	127	11	)	)	PUNCT
fbem-25570	127	12	risk1	risk1	NOUN
fbem-25570	127	13	risk2	risk2	NOUN
fbem-25570	127	14	rof	rof	NOUN
fbem-25570	127	15	-0.000	-0.000	PUNCT
fbem-25570	127	16	*	*	PUNCT
fbem-25570	127	17	*	*	PUNCT
fbem-25570	127	18	*	*	PUNCT
fbem-25570	127	19	-0.000	-0.000	PUNCT
fbem-25570	127	20	*	*	PUNCT
fbem-25570	127	21	*	*	PUNCT
fbem-25570	127	22	*	*	PUNCT
fbem-25570	127	23	(	(	PUNCT
fbem-25570	127	24	-2.68	-2.68	ADJ
fbem-25570	127	25	)	)	PUNCT
fbem-25570	127	26	(	(	PUNCT
fbem-25570	127	27	-2.79	-2.79	NOUN
fbem-25570	127	28	)	)	PUNCT
fbem-25570	127	29	size	size	NOUN
fbem-25570	127	30	-0.004	-0.004	PUNCT
fbem-25570	127	31	*	*	PUNCT
fbem-25570	127	32	*	*	PUNCT
fbem-25570	127	33	*	*	PUNCT
fbem-25570	127	34	-0.007	-0.007	PUNCT
fbem-25570	127	35	*	*	PUNCT
fbem-25570	127	36	*	*	PUNCT
fbem-25570	127	37	*	*	PUNCT
fbem-25570	127	38	(	(	PUNCT
fbem-25570	127	39	-18.59	-18.59	NOUN
fbem-25570	127	40	)	)	PUNCT
fbem-25570	127	41	(	(	PUNCT
fbem-25570	127	42	-18.85	-18.85	PROPN
fbem-25570	127	43	)	)	PUNCT
fbem-25570	127	44	lev	lev	NOUN
fbem-25570	127	45	-0.018	-0.018	PUNCT
fbem-25570	127	46	*	*	PUNCT
fbem-25570	127	47	*	*	PUNCT
fbem-25570	127	48	*	*	PUNCT
fbem-25570	127	49	-0.032	-0.032	PUNCT
fbem-25570	127	50	*	*	PUNCT
fbem-25570	127	51	*	*	PUNCT
fbem-25570	127	52	*	*	PUNCT
fbem-25570	127	53	(	(	PUNCT
fbem-25570	127	54	-11.04	-11.04	NOUN
fbem-25570	127	55	)	)	PUNCT
fbem-25570	127	56	(	(	PUNCT
fbem-25570	127	57	-11.05	-11.05	ADV
fbem-25570	127	58	)	)	PUNCT
fbem-25570	127	59	roa	roa	NOUN
fbem-25570	127	60	-0.176	-0.176	NOUN
fbem-25570	127	61	*	*	PUNCT
fbem-25570	127	62	*	*	PUNCT
fbem-25570	127	63	*	*	PUNCT
fbem-25570	128	1	-0.324	-0.324	PUNCT
fbem-25570	128	2	*	*	PUNCT
fbem-25570	128	3	*	*	PUNCT
fbem-25570	128	4	*	*	PUNCT
fbem-25570	128	5	(	(	PUNCT
fbem-25570	128	6	-28.08	-28.08	NUM
fbem-25570	128	7	)	)	PUNCT
fbem-25570	128	8	(	(	PUNCT
fbem-25570	128	9	-28.01	-28.01	NOUN
fbem-25570	128	10	)	)	PUNCT
fbem-25570	128	11	contrshrproportion	contrshrproportion	NOUN
fbem-25570	128	12	-0.000	-0.000	PUNCT
fbem-25570	128	13	*	*	PUNCT
fbem-25570	128	14	*	*	PUNCT
fbem-25570	128	15	*	*	PUNCT
fbem-25570	128	16	-0.000	-0.000	PUNCT
fbem-25570	128	17	*	*	PUNCT
fbem-25570	128	18	*	*	PUNCT
fbem-25570	128	19	*	*	PUNCT
fbem-25570	128	20	(	(	PUNCT
fbem-25570	128	21	-4.69	-4.69	NOUN
fbem-25570	128	22	)	)	PUNCT
fbem-25570	128	23	(	(	PUNCT
fbem-25570	128	24	-4.61	-4.61	NOUN
fbem-25570	128	25	)	)	PUNCT
fbem-25570	128	26	inddirectorratio	inddirectorratio	VERB
fbem-25570	128	27	0.000	0.000	NUM
fbem-25570	128	28	0.000	0.000	NUM
fbem-25570	128	29	*	*	PUNCT
fbem-25570	128	30	(	(	PUNCT
fbem-25570	128	31	1.64	1.64	NUM
fbem-25570	128	32	)	)	PUNCT
fbem-25570	128	33	(	(	PUNCT
fbem-25570	128	34	1.76	1.76	NUM
fbem-25570	128	35	)	)	PUNCT
fbem-25570	128	36	businessyear	businessyear	NOUN
fbem-25570	128	37	-0.000	-0.000	PUNCT
fbem-25570	128	38	*	*	PUNCT
fbem-25570	128	39	*	*	PUNCT
fbem-25570	128	40	-0.000	-0.000	PROPN
fbem-25570	128	41	*	*	PUNCT
fbem-25570	128	42	*	*	PUNCT
fbem-25570	128	43	(	(	PUNCT
fbem-25570	128	44	-2.37	-2.37	NUM
fbem-25570	128	45	)	)	PUNCT
fbem-25570	128	46	(	(	PUNCT
fbem-25570	128	47	-2.39	-2.39	PROPN
fbem-25570	128	48	)	)	PUNCT
fbem-25570	128	49	boardsize	boardsize	NOUN
fbem-25570	128	50	-0.001	-0.001	NOUN
fbem-25570	128	51	*	*	PUNCT
fbem-25570	128	52	*	*	PUNCT
fbem-25570	128	53	*	*	PUNCT
fbem-25570	128	54	-0.001	-0.001	PUNCT
fbem-25570	129	1	*	*	PUNCT
fbem-25570	129	2	*	*	PUNCT
fbem-25570	129	3	*	*	PUNCT
fbem-25570	129	4	(	(	PUNCT
fbem-25570	129	5	-4.72	-4.72	NOUN
fbem-25570	129	6	)	)	PUNCT
fbem-25570	129	7	(	(	PUNCT
fbem-25570	129	8	-4.55	-4.55	NOUN
fbem-25570	129	9	)	)	PUNCT
fbem-25570	129	10	ceoage	ceoage	NOUN
fbem-25570	129	11	-0.000	-0.000	PUNCT
fbem-25570	129	12	*	*	PUNCT
fbem-25570	129	13	*	*	PUNCT
fbem-25570	129	14	*	*	PUNCT
fbem-25570	129	15	-0.000	-0.000	PUNCT
fbem-25570	129	16	*	*	PUNCT
fbem-25570	129	17	*	*	PUNCT
fbem-25570	129	18	*	*	PUNCT
fbem-25570	129	19	(	(	PUNCT
fbem-25570	129	20	-7.04	-7.04	NUM
fbem-25570	129	21	)	)	PUNCT
fbem-25570	129	22	(	(	PUNCT
fbem-25570	129	23	-7.02	-7.02	NOUN
fbem-25570	129	24	)	)	PUNCT
fbem-25570	129	25	ceogender	ceogender	NOUN
fbem-25570	129	26	-0.002	-0.002	PROPN
fbem-25570	129	27	*	*	PUNCT
fbem-25570	129	28	*	*	PUNCT
fbem-25570	129	29	-0.004	-0.004	PROPN
fbem-25570	129	30	*	*	PUNCT
fbem-25570	129	31	*	*	PUNCT
fbem-25570	129	32	(	(	PUNCT
fbem-25570	129	33	-2.55	-2.55	NOUN
fbem-25570	129	34	)	)	PUNCT
fbem-25570	129	35	(	(	PUNCT
fbem-25570	129	36	-2.46	-2.46	X
fbem-25570	129	37	)	)	PUNCT
fbem-25570	129	38	isduality	isduality	NOUN
fbem-25570	129	39	0.003	0.003	NUM
fbem-25570	129	40	*	*	PUNCT
fbem-25570	129	41	*	*	PUNCT
fbem-25570	129	42	*	*	PUNCT
fbem-25570	129	43	0.006	0.006	NUM
fbem-25570	129	44	*	*	PUNCT
fbem-25570	129	45	*	*	PUNCT
fbem-25570	129	46	*	*	PUNCT
fbem-25570	129	47	(	(	PUNCT
fbem-25570	129	48	6.55	6.55	NUM
fbem-25570	129	49	)	)	PUNCT
fbem-25570	129	50	(	(	PUNCT
fbem-25570	129	51	6.57	6.57	NUM
fbem-25570	129	52	)	)	PUNCT
fbem-25570	130	1	_	_	NOUN
fbem-25570	130	2	cons	con	NOUN
fbem-25570	130	3	0.169	0.169	NUM
fbem-25570	130	4	*	*	PUNCT
fbem-25570	130	5	*	*	PUNCT
fbem-25570	130	6	*	*	PUNCT
fbem-25570	130	7	0.317	0.317	NUM
fbem-25570	130	8	*	*	PUNCT
fbem-25570	130	9	*	*	PUNCT
fbem-25570	130	10	*	*	PUNCT
fbem-25570	130	11	(	(	PUNCT
fbem-25570	130	12	33.77	33.77	NUM
fbem-25570	130	13	)	)	PUNCT
fbem-25570	130	14	(	(	PUNCT
fbem-25570	130	15	33.96	33.96	NUM
fbem-25570	130	16	)	)	PUNCT
fbem-25570	130	17	industry	industry	NOUN
fbem-25570	130	18	effect	effect	NOUN
fbem-25570	130	19	yes	yes	INTJ
fbem-25570	130	20	yes	yes	INTJ
fbem-25570	130	21	annual	annual	ADJ
fbem-25570	130	22	effect	effect	NOUN
fbem-25570	131	1	yes	yes	INTJ
fbem-25570	131	2	yes	yes	INTJ
fbem-25570	131	3	adj	adj	NOUN
fbem-25570	131	4	-	-	PUNCT
fbem-25570	131	5	r2	r2	NOUN
fbem-25570	131	6	0.1961	0.1961	NUM
fbem-25570	131	7	0.1958	0.1958	NUM
fbem-25570	131	8	n	n	CCONJ
fbem-25570	131	9	29816	29816	NUM
fbem-25570	131	10	29816	29816	NUM
fbem-25570	131	11	after	after	ADP
fbem-25570	131	12	a	a	DET
fbem-25570	131	13	series	series	NOUN
fbem-25570	131	14	of	of	ADP
fbem-25570	131	15	regression	regression	NOUN
fbem-25570	131	16	tests	test	NOUN
fbem-25570	131	17	,	,	PUNCT
fbem-25570	131	18	we	we	PRON
fbem-25570	131	19	find	find	VERB
fbem-25570	131	20	that	that	SCONJ
fbem-25570	131	21	the	the	DET
fbem-25570	131	22	negative	negative	ADJ
fbem-25570	131	23	effect	effect	NOUN
fbem-25570	131	24	of	of	ADP
fbem-25570	131	25	local	local	ADJ
fbem-25570	131	26	government	government	NOUN
fbem-25570	131	27	debt	debt	NOUN
fbem-25570	131	28	on	on	ADP
fbem-25570	131	29	corporate	corporate	ADJ
fbem-25570	131	30	risk	risk	NOUN
fbem-25570	131	31	-	-	PUNCT
fbem-25570	131	32	taking	taking	NOUN
fbem-25570	131	33	is	be	AUX
fbem-25570	131	34	highly	highly	ADV
fbem-25570	131	35	significant	significant	ADJ
fbem-25570	131	36	and	and	CCONJ
fbem-25570	131	37	consistent	consistent	ADJ
fbem-25570	131	38	with	with	ADP
fbem-25570	131	39	the	the	DET
fbem-25570	131	40	results	result	NOUN
fbem-25570	131	41	of	of	ADP
fbem-25570	131	42	the	the	DET
fbem-25570	131	43	main	main	ADJ
fbem-25570	131	44	regression	regression	NOUN
fbem-25570	131	45	.	.	PUNCT
fbem-25570	132	1	as	as	ADP
fbem-25570	132	2	for	for	ADP
fbem-25570	132	3	the	the	DET
fbem-25570	132	4	coefficient	coefficient	NOUN
fbem-25570	132	5	of	of	ADP
fbem-25570	132	6	debt	debt	NOUN
fbem-25570	132	7	ratio	ratio	NOUN
fbem-25570	132	8	and	and	CCONJ
fbem-25570	132	9	business	business	NOUN
fbem-25570	132	10	risk	risk	NOUN
fbem-25570	132	11	-	-	PUNCT
fbem-25570	132	12	taking	taking	NOUN
fbem-25570	132	13	,	,	PUNCT
fbem-25570	132	14	the	the	DET
fbem-25570	132	15	gap	gap	NOUN
fbem-25570	132	16	between	between	ADP
fbem-25570	132	17	it	it	PRON
fbem-25570	132	18	and	and	CCONJ
fbem-25570	132	19	the	the	DET
fbem-25570	132	20	main	main	ADJ
fbem-25570	132	21	regression	regression	NOUN
fbem-25570	132	22	is	be	AUX
fbem-25570	132	23	large	large	ADJ
fbem-25570	132	24	,	,	PUNCT
fbem-25570	132	25	probably	probably	ADV
fbem-25570	132	26	due	due	ADP
fbem-25570	132	27	to	to	ADP
fbem-25570	132	28	the	the	DET
fbem-25570	132	29	fact	fact	NOUN
fbem-25570	132	30	that	that	SCONJ
fbem-25570	132	31	we	we	PRON
fbem-25570	132	32	use	use	VERB
fbem-25570	132	33	gdp	gdp	NOUN
fbem-25570	132	34	rather	rather	ADV
fbem-25570	132	35	than	than	ADP
fbem-25570	132	36	public	public	ADJ
fbem-25570	132	37	revenue	revenue	NOUN
fbem-25570	132	38	as	as	ADP
fbem-25570	132	39	a	a	DET
fbem-25570	132	40	measure	measure	NOUN
fbem-25570	132	41	in	in	ADP
fbem-25570	132	42	calculating	calculate	VERB
fbem-25570	132	43	local	local	ADJ
fbem-25570	132	44	government	government	NOUN
fbem-25570	132	45	debt	debt	NOUN
fbem-25570	132	46	.	.	PUNCT
fbem-25570	133	1	5.4.3	5.4.3	X
fbem-25570	133	2	.	.	PUNCT
fbem-25570	133	3	substitution	substitution	NOUN
fbem-25570	133	4	of	of	ADP
fbem-25570	133	5	mediator	mediator	NOUN
fbem-25570	133	6	variables	variable	NOUN
fbem-25570	133	7	following	follow	VERB
fbem-25570	133	8	kaplan	kaplan	PROPN
fbem-25570	133	9	and	and	CCONJ
fbem-25570	133	10	zingales	zingales	PROPN
fbem-25570	133	11	(	(	PUNCT
fbem-25570	133	12	1997	1997	NUM
fbem-25570	133	13	)	)	PUNCT
fbem-25570	133	14	,	,	PUNCT
fbem-25570	133	15	the	the	DET
fbem-25570	133	16	kz	kz	PROPN
fbem-25570	133	17	index	index	NOUN
fbem-25570	133	18	is	be	AUX
fbem-25570	133	19	constructed	construct	VERB
fbem-25570	133	20	to	to	PART
fbem-25570	133	21	measure	measure	VERB
fbem-25570	133	22	the	the	DET
fbem-25570	133	23	financing	financing	NOUN
fbem-25570	133	24	constraints	constraint	NOUN
fbem-25570	133	25	of	of	ADP
fbem-25570	133	26	firms	firm	NOUN
fbem-25570	133	27	in	in	ADP
fbem-25570	133	28	china	china	PROPN
fbem-25570	133	29	.	.	PUNCT
fbem-25570	134	1	larger	large	ADJ
fbem-25570	134	2	values	value	NOUN
fbem-25570	134	3	of	of	ADP
fbem-25570	134	4	kz	kz	PROPN
fbem-25570	134	5	indicate	indicate	VERB
fbem-25570	134	6	that	that	SCONJ
fbem-25570	134	7	firms	firm	NOUN
fbem-25570	134	8	face	face	VERB
fbem-25570	134	9	greater	great	ADJ
fbem-25570	134	10	financing	financing	NOUN
fbem-25570	134	11	constraints	constraint	NOUN
fbem-25570	134	12	.	.	PUNCT
fbem-25570	135	1	the	the	DET
fbem-25570	135	2	results	result	NOUN
fbem-25570	135	3	of	of	ADP
fbem-25570	135	4	replacing	replace	VERB
fbem-25570	135	5	the	the	DET
fbem-25570	135	6	mediating	mediate	VERB
fbem-25570	135	7	variables	variable	NOUN
fbem-25570	135	8	are	be	AUX
fbem-25570	135	9	shown	show	VERB
fbem-25570	135	10	in	in	ADP
fbem-25570	135	11	table	table	NOUN
fbem-25570	135	12	7	7	NUM
fbem-25570	135	13	,	,	PUNCT
fbem-25570	135	14	which	which	PRON
fbem-25570	135	15	shows	show	VERB
fbem-25570	135	16	that	that	SCONJ
fbem-25570	135	17	the	the	DET
fbem-25570	135	18	results	result	NOUN
fbem-25570	135	19	remain	remain	VERB
fbem-25570	135	20	robust	robust	ADJ
fbem-25570	135	21	.	.	PUNCT
fbem-25570	136	1	table	table	NOUN
fbem-25570	136	2	7	7	NUM
fbem-25570	136	3	.	.	PUNCT
fbem-25570	136	4	results	result	NOUN
fbem-25570	136	5	of	of	ADP
fbem-25570	136	6	regression	regression	NOUN
fbem-25570	136	7	with	with	ADP
fbem-25570	136	8	replacement	replacement	NOUN
fbem-25570	136	9	of	of	ADP
fbem-25570	136	10	mediator	mediator	NOUN
fbem-25570	136	11	variables	variable	NOUN
fbem-25570	136	12	(	(	PUNCT
fbem-25570	136	13	1	1	NUM
fbem-25570	136	14	)	)	PUNCT
fbem-25570	137	1	(	(	PUNCT
fbem-25570	137	2	2	2	NUM
fbem-25570	137	3	)	)	PUNCT
fbem-25570	137	4	(	(	PUNCT
fbem-25570	137	5	3	3	X
fbem-25570	137	6	)	)	PUNCT
fbem-25570	137	7	kz	kz	PROPN
fbem-25570	137	8	risk1	risk1	PROPN
fbem-25570	137	9	risk2	risk2	PROPN
fbem-25570	137	10	localgovdebt	localgovdebt	PROPN
fbem-25570	137	11	0.183	0.183	NUM
fbem-25570	137	12	*	*	PUNCT
fbem-25570	137	13	-0.004	-0.004	PUNCT
fbem-25570	137	14	*	*	PUNCT
fbem-25570	137	15	-0.007	-0.007	PROPN
fbem-25570	137	16	*	*	PUNCT
fbem-25570	137	17	(	(	PUNCT
fbem-25570	137	18	1.96	1.96	NUM
fbem-25570	137	19	)	)	PUNCT
fbem-25570	137	20	(	(	PUNCT
fbem-25570	137	21	-1.82	-1.82	NOUN
fbem-25570	137	22	)	)	PUNCT
fbem-25570	137	23	(	(	PUNCT
fbem-25570	137	24	-1.92	-1.92	NOUN
fbem-25570	137	25	)	)	PUNCT
fbem-25570	137	26	kz	kz	PROPN
fbem-25570	137	27	-0.001	-0.001	PROPN
fbem-25570	137	28	*	*	PUNCT
fbem-25570	137	29	*	*	PUNCT
fbem-25570	137	30	*	*	PUNCT
fbem-25570	137	31	-0.003	-0.003	PUNCT
fbem-25570	137	32	*	*	PUNCT
fbem-25570	137	33	*	*	PUNCT
fbem-25570	137	34	*	*	PUNCT
fbem-25570	137	35	(	(	PUNCT
fbem-25570	137	36	-8.95	-8.95	NOUN
fbem-25570	137	37	)	)	PUNCT
fbem-25570	137	38	(	(	PUNCT
fbem-25570	137	39	-8.82	-8.82	NOUN
fbem-25570	137	40	)	)	PUNCT
fbem-25570	137	41	size	size	NOUN
fbem-25570	137	42	-0.325	-0.325	X
fbem-25570	137	43	*	*	NOUN
fbem-25570	137	44	*	*	PUNCT
fbem-25570	137	45	*	*	PUNCT
fbem-25570	137	46	-0.004	-0.004	PUNCT
fbem-25570	137	47	*	*	PUNCT
fbem-25570	137	48	*	*	PUNCT
fbem-25570	137	49	*	*	PUNCT
fbem-25570	138	1	-0.008	-0.008	NOUN
fbem-25570	138	2	*	*	PUNCT
fbem-25570	138	3	*	*	PUNCT
fbem-25570	138	4	*	*	PUNCT
fbem-25570	138	5	(	(	PUNCT
fbem-25570	138	6	-29.81	-29.81	PROPN
fbem-25570	138	7	)	)	PUNCT
fbem-25570	138	8	(	(	PUNCT
fbem-25570	138	9	-19.36	-19.36	NOUN
fbem-25570	138	10	)	)	PUNCT
fbem-25570	138	11	(	(	PUNCT
fbem-25570	138	12	-19.55	-19.55	NOUN
fbem-25570	138	13	)	)	PUNCT
fbem-25570	138	14	lev	lev	NOUN
fbem-25570	138	15	7.034	7.034	NUM
fbem-25570	138	16	*	*	PUNCT
fbem-25570	138	17	*	*	PUNCT
fbem-25570	138	18	*	*	PUNCT
fbem-25570	138	19	-0.002	-0.002	PUNCT
fbem-25570	138	20	-0.003	-0.003	NOUN
fbem-25570	138	21	(	(	PUNCT
fbem-25570	138	22	98.48	98.48	NUM
fbem-25570	138	23	)	)	PUNCT
fbem-25570	138	24	(	(	PUNCT
fbem-25570	138	25	-0.82	-0.82	NUM
fbem-25570	138	26	)	)	PUNCT
fbem-25570	138	27	(	(	PUNCT
fbem-25570	138	28	-0.85	-0.85	NOUN
fbem-25570	138	29	)	)	PUNCT
fbem-25570	138	30	roa	roa	NOUN
fbem-25570	138	31	-12.670	-12.670	PUNCT
fbem-25570	138	32	*	*	PUNCT
fbem-25570	138	33	*	*	PUNCT
fbem-25570	138	34	*	*	PUNCT
fbem-25570	138	35	-0.205	-0.205	PUNCT
fbem-25570	138	36	*	*	PUNCT
fbem-25570	138	37	*	*	PUNCT
fbem-25570	138	38	*	*	PUNCT
fbem-25570	138	39	-0.376	-0.376	PROPN
fbem-25570	138	40	*	*	PUNCT
fbem-25570	138	41	*	*	PUNCT
fbem-25570	138	42	*	*	PUNCT
fbem-25570	138	43	(	(	PUNCT
fbem-25570	138	44	-54.25	-54.25	NOUN
fbem-25570	138	45	)	)	PUNCT
fbem-25570	138	46	(	(	PUNCT
fbem-25570	138	47	-27.87	-27.87	PROPN
fbem-25570	138	48	)	)	PUNCT
fbem-25570	138	49	(	(	PUNCT
fbem-25570	138	50	-27.78	-27.78	PROPN
fbem-25570	138	51	)	)	PUNCT
fbem-25570	138	52	contrshrproportion	contrshrproportion	NOUN
fbem-25570	138	53	-0.012	-0.012	PUNCT
fbem-25570	138	54	*	*	PUNCT
fbem-25570	138	55	*	*	PUNCT
fbem-25570	138	56	*	*	PUNCT
fbem-25570	138	57	-0.000	-0.000	PUNCT
fbem-25570	138	58	*	*	PUNCT
fbem-25570	138	59	*	*	PUNCT
fbem-25570	138	60	*	*	PUNCT
fbem-25570	138	61	-0.000	-0.000	PUNCT
fbem-25570	138	62	*	*	PUNCT
fbem-25570	138	63	*	*	PUNCT
fbem-25570	138	64	*	*	PUNCT
fbem-25570	138	65	(	(	PUNCT
fbem-25570	138	66	-16.98	-16.98	NOUN
fbem-25570	138	67	)	)	PUNCT
fbem-25570	138	68	(	(	PUNCT
fbem-25570	138	69	-7.82	-7.82	NOUN
fbem-25570	138	70	)	)	PUNCT
fbem-25570	138	71	(	(	PUNCT
fbem-25570	138	72	-7.75	-7.75	X
fbem-25570	138	73	)	)	PUNCT
fbem-25570	138	74	inddirectorratio	inddirectorratio	NOUN
fbem-25570	138	75	0.006	0.006	NUM
fbem-25570	138	76	*	*	PUNCT
fbem-25570	138	77	*	*	PUNCT
fbem-25570	138	78	*	*	PUNCT
fbem-25570	138	79	0.000	0.000	NUM
fbem-25570	138	80	0.000	0.000	NUM
fbem-25570	138	81	(	(	PUNCT
fbem-25570	138	82	2.83	2.83	NUM
fbem-25570	138	83	)	)	PUNCT
fbem-25570	138	84	(	(	PUNCT
fbem-25570	138	85	1.29	1.29	NUM
fbem-25570	138	86	)	)	PUNCT
fbem-25570	138	87	(	(	PUNCT
fbem-25570	138	88	1.41	1.41	NUM
fbem-25570	138	89	)	)	PUNCT
fbem-25570	138	90	businessyear	businessyear	NOUN
fbem-25570	138	91	0.015	0.015	NUM
fbem-25570	138	92	*	*	PUNCT
fbem-25570	138	93	*	*	PUNCT
fbem-25570	138	94	*	*	PUNCT
fbem-25570	138	95	0.000	0.000	NUM
fbem-25570	138	96	0.000	0.000	NUM
fbem-25570	138	97	(	(	PUNCT
fbem-25570	138	98	7.60	7.60	NUM
fbem-25570	138	99	)	)	PUNCT
fbem-25570	138	100	(	(	PUNCT
fbem-25570	138	101	0.32	0.32	NUM
fbem-25570	138	102	)	)	PUNCT
fbem-25570	138	103	(	(	PUNCT
fbem-25570	138	104	0.33	0.33	NUM
fbem-25570	138	105	)	)	PUNCT
fbem-25570	138	106	boardsize	boardsize	NOUN
fbem-25570	138	107	-0.015	-0.015	PUNCT
fbem-25570	138	108	*	*	X
fbem-25570	138	109	*	*	PUNCT
fbem-25570	138	110	-0.001	-0.001	PUNCT
fbem-25570	139	1	*	*	PUNCT
fbem-25570	139	2	*	*	PUNCT
fbem-25570	139	3	*	*	PUNCT
fbem-25570	139	4	-0.001	-0.001	PUNCT
fbem-25570	140	1	*	*	PUNCT
fbem-25570	140	2	*	*	PUNCT
fbem-25570	140	3	*	*	PUNCT
fbem-25570	140	4	(	(	PUNCT
fbem-25570	140	5	-2.19	-2.19	NOUN
fbem-25570	140	6	)	)	PUNCT
fbem-25570	140	7	(	(	PUNCT
fbem-25570	140	8	-4.31	-4.31	NUM
fbem-25570	140	9	)	)	PUNCT
fbem-25570	140	10	(	(	PUNCT
fbem-25570	140	11	-4.16	-4.16	X
fbem-25570	140	12	)	)	PUNCT
fbem-25570	140	13	ceoage	ceoage	NOUN
fbem-25570	140	14	-0.002	-0.002	PUNCT
fbem-25570	140	15	-0.000	-0.000	PUNCT
fbem-25570	141	1	*	*	PUNCT
fbem-25570	141	2	*	*	PUNCT
fbem-25570	141	3	*	*	PUNCT
fbem-25570	141	4	-0.000	-0.000	PUNCT
fbem-25570	141	5	*	*	PUNCT
fbem-25570	141	6	*	*	PUNCT
fbem-25570	141	7	*	*	PUNCT
fbem-25570	141	8	(	(	PUNCT
fbem-25570	141	9	-1.04	-1.04	NOUN
fbem-25570	141	10	)	)	PUNCT
fbem-25570	141	11	(	(	PUNCT
fbem-25570	141	12	-5.06	-5.06	NOUN
fbem-25570	141	13	)	)	PUNCT
fbem-25570	141	14	(	(	PUNCT
fbem-25570	141	15	-5.07	-5.07	X
fbem-25570	141	16	)	)	PUNCT
fbem-25570	141	17	ceogender	ceogender	NOUN
fbem-25570	141	18	0.115	0.115	NUM
fbem-25570	141	19	*	*	PUNCT
fbem-25570	141	20	*	*	PUNCT
fbem-25570	141	21	*	*	PUNCT
fbem-25570	141	22	-0.002	-0.002	PUNCT
fbem-25570	141	23	*	*	PUNCT
fbem-25570	141	24	*	*	PUNCT
fbem-25570	141	25	-0.004	-0.004	PROPN
fbem-25570	141	26	*	*	PUNCT
fbem-25570	141	27	*	*	PUNCT
fbem-25570	141	28	(	(	PUNCT
fbem-25570	141	29	2.61	2.61	NUM
fbem-25570	141	30	)	)	PUNCT
fbem-25570	141	31	(	(	PUNCT
fbem-25570	141	32	-2.46	-2.46	X
fbem-25570	141	33	)	)	PUNCT
fbem-25570	141	34	(	(	PUNCT
fbem-25570	141	35	-2.38	-2.38	NOUN
fbem-25570	141	36	)	)	PUNCT
fbem-25570	141	37	isduality	isduality	NOUN
fbem-25570	141	38	-0.114	-0.114	PROPN
fbem-25570	141	39	*	*	PUNCT
fbem-25570	141	40	*	*	PUNCT
fbem-25570	141	41	*	*	PUNCT
fbem-25570	141	42	0.002	0.002	NUM
fbem-25570	141	43	*	*	PUNCT
fbem-25570	141	44	*	*	PUNCT
fbem-25570	141	45	*	*	PUNCT
fbem-25570	141	46	0.004	0.004	NUM
fbem-25570	141	47	*	*	PUNCT
fbem-25570	141	48	*	*	PUNCT
fbem-25570	141	49	*	*	PUNCT
fbem-25570	141	50	(	(	PUNCT
fbem-25570	141	51	-4.65	-4.65	NUM
fbem-25570	141	52	)	)	PUNCT
fbem-25570	141	53	(	(	PUNCT
fbem-25570	141	54	4.75	4.75	NUM
fbem-25570	141	55	)	)	PUNCT
fbem-25570	141	56	(	(	PUNCT
fbem-25570	141	57	4.77	4.77	NUM
fbem-25570	141	58	)	)	PUNCT
fbem-25570	141	59	_	_	NOUN
fbem-25570	141	60	cons	con	NOUN
fbem-25570	141	61	7.222	7.222	NUM
fbem-25570	141	62	*	*	PUNCT
fbem-25570	141	63	*	*	PUNCT
fbem-25570	141	64	*	*	PUNCT
fbem-25570	142	1	0.175	0.175	NUM
fbem-25570	142	2	*	*	PUNCT
fbem-25570	142	3	*	*	PUNCT
fbem-25570	142	4	*	*	PUNCT
fbem-25570	142	5	0.327	0.327	NUM
fbem-25570	142	6	*	*	PUNCT
fbem-25570	142	7	*	*	PUNCT
fbem-25570	142	8	*	*	PUNCT
fbem-25570	142	9	(	(	PUNCT
fbem-25570	142	10	27.72	27.72	NUM
fbem-25570	142	11	)	)	PUNCT
fbem-25570	142	12	(	(	PUNCT
fbem-25570	142	13	32.44	32.44	NUM
fbem-25570	142	14	)	)	PUNCT
fbem-25570	142	15	(	(	PUNCT
fbem-25570	142	16	32.57	32.57	NUM
fbem-25570	142	17	)	)	PUNCT
fbem-25570	142	18	industry	industry	NOUN
fbem-25570	142	19	effect	effect	NOUN
fbem-25570	143	1	yes	yes	INTJ
fbem-25570	143	2	yes	yes	INTJ
fbem-25570	143	3	yes	yes	INTJ
fbem-25570	143	4	annual	annual	ADJ
fbem-25570	143	5	effect	effect	NOUN
fbem-25570	144	1	yes	yes	INTJ
fbem-25570	144	2	yes	yes	INTJ
fbem-25570	144	3	yes	yes	INTJ
fbem-25570	144	4	adj	adj	NOUN
fbem-25570	144	5	-	-	PUNCT
fbem-25570	144	6	r2	r2	NOUN
fbem-25570	144	7	0.5956	0.5956	NUM
fbem-25570	144	8	0.1959	0.1959	NUM
fbem-25570	144	9	0.1955	0.1955	NUM
fbem-25570	144	10	n	n	CCONJ
fbem-25570	144	11	26530	26530	NUM
fbem-25570	144	12	26530	26530	NUM
fbem-25570	144	13	26530	26530	NUM
fbem-25570	144	14	5.4.4	5.4.4	NUM
fbem-25570	144	15	.	.	PUNCT
fbem-25570	145	1	change	change	NOUN
fbem-25570	145	2	of	of	ADP
fbem-25570	145	3	sample	sample	NOUN
fbem-25570	145	4	range	range	VERB
fbem-25570	145	5	the	the	DET
fbem-25570	145	6	main	main	ADJ
fbem-25570	145	7	regression	regression	NOUN
fbem-25570	145	8	includes	include	VERB
fbem-25570	145	9	all	all	DET
fbem-25570	145	10	provinces	province	NOUN
fbem-25570	145	11	including	include	VERB
fbem-25570	145	12	municipalities	municipality	NOUN
fbem-25570	145	13	,	,	PUNCT
fbem-25570	145	14	but	but	CCONJ
fbem-25570	145	15	due	due	ADP
fbem-25570	145	16	to	to	ADP
fbem-25570	145	17	the	the	DET
fbem-25570	145	18	differences	difference	NOUN
fbem-25570	145	19	of	of	ADP
fbem-25570	145	20	municipalities	municipality	NOUN
fbem-25570	145	21	in	in	ADP
fbem-25570	145	22	the	the	DET
fbem-25570	145	23	level	level	NOUN
fbem-25570	145	24	of	of	ADP
fbem-25570	145	25	economic	economic	ADJ
fbem-25570	145	26	development	development	NOUN
fbem-25570	145	27	,	,	PUNCT
fbem-25570	145	28	administrative	administrative	ADJ
fbem-25570	145	29	management	management	NOUN
fbem-25570	145	30	,	,	PUNCT
fbem-25570	145	31	etc	etc	X
fbem-25570	145	32	.	.	X
fbem-25570	145	33	,	,	PUNCT
fbem-25570	145	34	municipalities	municipality	NOUN
fbem-25570	145	35	may	may	AUX
fbem-25570	145	36	have	have	VERB
fbem-25570	145	37	greater	great	ADJ
fbem-25570	145	38	administrative	administrative	ADJ
fbem-25570	145	39	autonomy	autonomy	NOUN
fbem-25570	145	40	,	,	PUNCT
fbem-25570	145	41	and	and	CCONJ
fbem-25570	145	42	enterprises	enterprise	NOUN
fbem-25570	145	43	located	locate	VERB
fbem-25570	145	44	in	in	ADP
fbem-25570	145	45	municipalities	municipality	NOUN
fbem-25570	145	46	generally	generally	ADV
fbem-25570	145	47	have	have	VERB
fbem-25570	145	48	stronger	strong	ADJ
fbem-25570	145	49	risk	risk	NOUN
fbem-25570	145	50	-	-	PUNCT
fbem-25570	145	51	taking	take	VERB
fbem-25570	145	52	ability	ability	NOUN
fbem-25570	145	53	,	,	PUNCT
fbem-25570	145	54	which	which	PRON
fbem-25570	145	55	may	may	AUX
fbem-25570	145	56	have	have	VERB
fbem-25570	145	57	an	an	DET
fbem-25570	145	58	impact	impact	NOUN
fbem-25570	145	59	on	on	ADP
fbem-25570	145	60	the	the	DET
fbem-25570	145	61	regression	regression	NOUN
fbem-25570	145	62	results	result	NOUN
fbem-25570	145	63	of	of	ADP
fbem-25570	145	64	this	this	DET
fbem-25570	145	65	paper	paper	NOUN
fbem-25570	145	66	,	,	PUNCT
fbem-25570	145	67	for	for	ADP
fbem-25570	145	68	this	this	DET
fbem-25570	145	69	reason	reason	NOUN
fbem-25570	145	70	,	,	PUNCT
fbem-25570	145	71	we	we	PRON
fbem-25570	145	72	will	will	AUX
fbem-25570	145	73	be	be	AUX
fbem-25570	145	74	the	the	DET
fbem-25570	145	75	four	four	NUM
fbem-25570	145	76	cities	city	NOUN
fbem-25570	145	77	of	of	ADP
fbem-25570	145	78	shanghai	shanghai	PROPN
fbem-25570	145	79	,	,	PUNCT
fbem-25570	145	80	beijing	beijing	PROPN
fbem-25570	145	81	,	,	PUNCT
fbem-25570	145	82	tianjin	tianjin	PROPN
fbem-25570	145	83	and	and	CCONJ
fbem-25570	145	84	chongqing	chongqing	PROPN
fbem-25570	145	85	as	as	ADP
fbem-25570	145	86	the	the	DET
fbem-25570	145	87	exclusion	exclusion	NOUN
fbem-25570	145	88	of	of	ADP
fbem-25570	145	89	objects	object	NOUN
fbem-25570	145	90	to	to	ADP
fbem-25570	145	91	the	the	DET
fbem-25570	145	92	sample	sample	NOUN
fbem-25570	145	93	data	datum	NOUN
fbem-25570	145	94	we	we	PRON
fbem-25570	145	95	conducted	conduct	VERB
fbem-25570	145	96	regression	regression	NOUN
fbem-25570	145	97	analysis	analysis	NOUN
fbem-25570	145	98	and	and	CCONJ
fbem-25570	145	99	obtained	obtain	VERB
fbem-25570	145	100	the	the	DET
fbem-25570	145	101	corresponding	correspond	VERB
fbem-25570	145	102	regression	regression	NOUN
fbem-25570	145	103	results	result	NOUN
fbem-25570	145	104	.	.	PUNCT
fbem-25570	146	1	the	the	DET
fbem-25570	146	2	study	study	NOUN
fbem-25570	146	3	shows	show	VERB
fbem-25570	146	4	that	that	SCONJ
fbem-25570	146	5	after	after	ADP
fbem-25570	146	6	adjusting	adjust	VERB
fbem-25570	146	7	the	the	DET
fbem-25570	146	8	sample	sample	NOUN
fbem-25570	146	9	size	size	NOUN
fbem-25570	146	10	,	,	PUNCT
fbem-25570	146	11	the	the	DET
fbem-25570	146	12	regression	regression	NOUN
fbem-25570	146	13	results	result	NOUN
fbem-25570	146	14	are	be	AUX
fbem-25570	146	15	basically	basically	ADV
fbem-25570	146	16	consistent	consistent	ADJ
fbem-25570	146	17	with	with	ADP
fbem-25570	146	18	the	the	DET
fbem-25570	146	19	regression	regression	NOUN
fbem-25570	146	20	results	result	NOUN
fbem-25570	146	21	of	of	ADP
fbem-25570	146	22	the	the	DET
fbem-25570	146	23	original	original	ADJ
fbem-25570	146	24	model	model	NOUN
fbem-25570	146	25	,	,	PUNCT
fbem-25570	146	26	indicating	indicate	VERB
fbem-25570	146	27	the	the	DET
fbem-25570	146	28	stability	stability	NOUN
fbem-25570	146	29	of	of	ADP
fbem-25570	146	30	the	the	DET
fbem-25570	146	31	regression	regression	NOUN
fbem-25570	146	32	.	.	PUNCT
fbem-25570	147	1	176	176	NUM
fbem-25570	147	2	table	table	NOUN
fbem-25570	147	3	8	8	NUM
fbem-25570	147	4	.	.	PUNCT
fbem-25570	148	1	regression	regression	NOUN
fbem-25570	148	2	results	result	NOUN
fbem-25570	148	3	of	of	ADP
fbem-25570	148	4	changing	change	VERB
fbem-25570	148	5	the	the	DET
fbem-25570	148	6	sample	sample	NOUN
fbem-25570	148	7	range	range	NOUN
fbem-25570	148	8	(	(	PUNCT
fbem-25570	148	9	1	1	NUM
fbem-25570	148	10	)	)	PUNCT
fbem-25570	148	11	(	(	PUNCT
fbem-25570	148	12	2	2	X
fbem-25570	148	13	)	)	PUNCT
fbem-25570	148	14	risk1	risk1	NOUN
fbem-25570	148	15	risk2	risk2	NOUN
fbem-25570	148	16	localgovdebt	localgovdebt	PROPN
fbem-25570	148	17	-0.007	-0.007	PUNCT
fbem-25570	148	18	*	*	PUNCT
fbem-25570	148	19	*	*	PUNCT
fbem-25570	148	20	*	*	PUNCT
fbem-25570	148	21	-0.014	-0.014	NOUN
fbem-25570	149	1	*	*	PUNCT
fbem-25570	149	2	*	*	PUNCT
fbem-25570	149	3	*	*	PUNCT
fbem-25570	149	4	(	(	PUNCT
fbem-25570	149	5	-3.31	-3.31	NOUN
fbem-25570	149	6	)	)	PUNCT
fbem-25570	149	7	(	(	PUNCT
fbem-25570	149	8	-3.43	-3.43	NOUN
fbem-25570	149	9	)	)	PUNCT
fbem-25570	149	10	size	size	NOUN
fbem-25570	149	11	-0.004	-0.004	PUNCT
fbem-25570	149	12	*	*	PUNCT
fbem-25570	149	13	*	*	PUNCT
fbem-25570	149	14	*	*	PUNCT
fbem-25570	150	1	-0.008	-0.008	NOUN
fbem-25570	150	2	*	*	PUNCT
fbem-25570	150	3	*	*	PUNCT
fbem-25570	150	4	*	*	PUNCT
fbem-25570	150	5	(	(	PUNCT
fbem-25570	150	6	-15.78	-15.78	PROPN
fbem-25570	150	7	)	)	PUNCT
fbem-25570	150	8	(	(	PUNCT
fbem-25570	150	9	-15.99	-15.99	PROPN
fbem-25570	150	10	)	)	PUNCT
fbem-25570	150	11	lev	lev	NOUN
fbem-25570	150	12	-0.016	-0.016	PROPN
fbem-25570	150	13	*	*	PUNCT
fbem-25570	150	14	*	*	PUNCT
fbem-25570	150	15	*	*	PUNCT
fbem-25570	150	16	-0.030	-0.030	PUNCT
fbem-25570	150	17	*	*	PUNCT
fbem-25570	150	18	*	*	PUNCT
fbem-25570	150	19	*	*	PUNCT
fbem-25570	150	20	(	(	PUNCT
fbem-25570	150	21	-8.99	-8.99	NOUN
fbem-25570	150	22	)	)	PUNCT
fbem-25570	150	23	(	(	PUNCT
fbem-25570	150	24	-8.93	-8.93	NOUN
fbem-25570	150	25	)	)	PUNCT
fbem-25570	150	26	roa	roa	NOUN
fbem-25570	150	27	-0.172	-0.172	NOUN
fbem-25570	150	28	*	*	PUNCT
fbem-25570	150	29	*	*	PUNCT
fbem-25570	150	30	*	*	PUNCT
fbem-25570	151	1	-0.316	-0.316	PUNCT
fbem-25570	151	2	*	*	PUNCT
fbem-25570	151	3	*	*	PUNCT
fbem-25570	151	4	*	*	PUNCT
fbem-25570	151	5	(	(	PUNCT
fbem-25570	151	6	-24.23	-24.23	PROPN
fbem-25570	151	7	)	)	PUNCT
fbem-25570	151	8	(	(	PUNCT
fbem-25570	151	9	-24.17	-24.17	PROPN
fbem-25570	151	10	)	)	PUNCT
fbem-25570	151	11	contrshrproportion	contrshrproportion	NOUN
fbem-25570	151	12	-0.000	-0.000	PUNCT
fbem-25570	151	13	*	*	PUNCT
fbem-25570	151	14	*	*	PUNCT
fbem-25570	151	15	*	*	PUNCT
fbem-25570	151	16	-0.000	-0.000	PUNCT
fbem-25570	151	17	*	*	PUNCT
fbem-25570	151	18	*	*	PUNCT
fbem-25570	151	19	*	*	PUNCT
fbem-25570	151	20	(	(	PUNCT
fbem-25570	151	21	-3.89	-3.89	NOUN
fbem-25570	151	22	)	)	PUNCT
fbem-25570	151	23	(	(	PUNCT
fbem-25570	151	24	-3.83	-3.83	ADV
fbem-25570	151	25	)	)	PUNCT
fbem-25570	151	26	inddirectorratio	inddirectorratio	VERB
fbem-25570	151	27	0.000	0.000	NUM
fbem-25570	151	28	0.000	0.000	NUM
fbem-25570	151	29	(	(	PUNCT
fbem-25570	151	30	0.94	0.94	NUM
fbem-25570	151	31	)	)	PUNCT
fbem-25570	151	32	(	(	PUNCT
fbem-25570	151	33	1.04	1.04	NUM
fbem-25570	151	34	)	)	PUNCT
fbem-25570	151	35	businessyear	businessyear	NOUN
fbem-25570	151	36	-0.000	-0.000	PUNCT
fbem-25570	152	1	-0.000	-0.000	PUNCT
fbem-25570	153	1	(	(	PUNCT
fbem-25570	153	2	-1.34	-1.34	NOUN
fbem-25570	153	3	)	)	PUNCT
fbem-25570	153	4	(	(	PUNCT
fbem-25570	153	5	-1.36	-1.36	NOUN
fbem-25570	153	6	)	)	PUNCT
fbem-25570	153	7	boardsize	boardsize	NOUN
fbem-25570	153	8	-0.001	-0.001	NOUN
fbem-25570	153	9	*	*	PUNCT
fbem-25570	153	10	*	*	PUNCT
fbem-25570	153	11	*	*	PUNCT
fbem-25570	153	12	-0.001	-0.001	PUNCT
fbem-25570	154	1	*	*	PUNCT
fbem-25570	154	2	*	*	PUNCT
fbem-25570	154	3	*	*	PUNCT
fbem-25570	154	4	(	(	PUNCT
fbem-25570	154	5	-3.89	-3.89	NOUN
fbem-25570	154	6	)	)	PUNCT
fbem-25570	154	7	(	(	PUNCT
fbem-25570	154	8	-3.78	-3.78	X
fbem-25570	154	9	)	)	PUNCT
fbem-25570	154	10	ceoage	ceoage	NOUN
fbem-25570	154	11	-0.000	-0.000	PUNCT
fbem-25570	154	12	*	*	PUNCT
fbem-25570	154	13	*	*	PUNCT
fbem-25570	154	14	*	*	PUNCT
fbem-25570	154	15	-0.000	-0.000	PUNCT
fbem-25570	154	16	*	*	PUNCT
fbem-25570	155	1	*	*	PUNCT
fbem-25570	155	2	*	*	PUNCT
fbem-25570	155	3	(	(	PUNCT
fbem-25570	155	4	-5.87	-5.87	VERB
fbem-25570	155	5	)	)	PUNCT
fbem-25570	155	6	(	(	PUNCT
fbem-25570	155	7	-5.84	-5.84	NOUN
fbem-25570	155	8	)	)	PUNCT
fbem-25570	155	9	ceogender	ceogender	NOUN
fbem-25570	155	10	-0.003	-0.003	PROPN
fbem-25570	155	11	*	*	PUNCT
fbem-25570	155	12	*	*	PUNCT
fbem-25570	155	13	*	*	PUNCT
fbem-25570	155	14	-0.006	-0.006	PROPN
fbem-25570	155	15	*	*	PUNCT
fbem-25570	155	16	*	*	PUNCT
fbem-25570	155	17	*	*	PUNCT
fbem-25570	155	18	(	(	PUNCT
fbem-25570	155	19	-3.69	-3.69	NOUN
fbem-25570	155	20	)	)	PUNCT
fbem-25570	155	21	(	(	PUNCT
fbem-25570	155	22	-3.60	-3.60	X
fbem-25570	155	23	)	)	PUNCT
fbem-25570	155	24	isduality	isduality	NOUN
fbem-25570	155	25	0.003	0.003	NUM
fbem-25570	155	26	*	*	PUNCT
fbem-25570	155	27	*	*	PUNCT
fbem-25570	155	28	*	*	NOUN
fbem-25570	155	29	0.005	0.005	NUM
fbem-25570	155	30	*	*	PUNCT
fbem-25570	155	31	*	*	PUNCT
fbem-25570	155	32	*	*	PUNCT
fbem-25570	155	33	(	(	PUNCT
fbem-25570	155	34	5.21	5.21	NUM
fbem-25570	155	35	)	)	PUNCT
fbem-25570	155	36	(	(	PUNCT
fbem-25570	155	37	5.19	5.19	NUM
fbem-25570	155	38	)	)	PUNCT
fbem-25570	155	39	_	_	NOUN
fbem-25570	155	40	cons	con	NOUN
fbem-25570	155	41	0.173	0.173	NUM
fbem-25570	155	42	*	*	PUNCT
fbem-25570	155	43	*	*	PUNCT
fbem-25570	155	44	*	*	PUNCT
fbem-25570	155	45	0.325	0.325	NUM
fbem-25570	155	46	*	*	PUNCT
fbem-25570	155	47	*	*	PUNCT
fbem-25570	155	48	*	*	PUNCT
fbem-25570	155	49	(	(	PUNCT
fbem-25570	155	50	28.15	28.15	NUM
fbem-25570	155	51	)	)	PUNCT
fbem-25570	155	52	(	(	PUNCT
fbem-25570	155	53	28.33	28.33	NUM
fbem-25570	155	54	)	)	PUNCT
fbem-25570	155	55	industry	industry	NOUN
fbem-25570	155	56	effect	effect	NOUN
fbem-25570	156	1	yes	yes	INTJ
fbem-25570	156	2	yes	yes	INTJ
fbem-25570	156	3	annual	annual	ADJ
fbem-25570	156	4	effect	effect	NOUN
fbem-25570	156	5	yes	yes	INTJ
fbem-25570	156	6	yes	yes	INTJ
fbem-25570	157	1	adj	adj	NOUN
fbem-25570	157	2	-	-	PUNCT
fbem-25570	157	3	r2	r2	NOUN
fbem-25570	157	4	0.1710	0.1710	NUM
fbem-25570	157	5	0.1706	0.1706	NUM
fbem-25570	157	6	n	n	CCONJ
fbem-25570	157	7	23801	23801	NUM
fbem-25570	157	8	23801	23801	NUM
fbem-25570	157	9	5.4.5	5.4.5	NUM
fbem-25570	157	10	.	.	PUNCT
fbem-25570	158	1	endogenous	endogenous	ADJ
fbem-25570	158	2	issues	issue	NOUN
fbem-25570	158	3	in	in	ADP
fbem-25570	158	4	order	order	NOUN
fbem-25570	158	5	to	to	PART
fbem-25570	158	6	avoid	avoid	VERB
fbem-25570	158	7	omitted	omit	VERB
fbem-25570	158	8	variables	variable	NOUN
fbem-25570	158	9	and	and	CCONJ
fbem-25570	158	10	reverse	reverse	VERB
fbem-25570	158	11	causality	causality	NOUN
fbem-25570	158	12	issues	issue	NOUN
fbem-25570	158	13	that	that	PRON
fbem-25570	158	14	may	may	AUX
fbem-25570	158	15	affect	affect	VERB
fbem-25570	158	16	this	this	DET
fbem-25570	158	17	paper	paper	NOUN
fbem-25570	158	18	,	,	PUNCT
fbem-25570	158	19	drawing	draw	VERB
fbem-25570	158	20	on	on	ADP
fbem-25570	158	21	demirci	demirci	PROPN
fbem-25570	158	22	et	et	PROPN
fbem-25570	158	23	al	al	PROPN
fbem-25570	158	24	.	.	PROPN
fbem-25570	158	25	(	(	PUNCT
fbem-25570	158	26	2019	2019	NUM
fbem-25570	158	27	)	)	PUNCT
fbem-25570	158	28	,	,	PUNCT
fbem-25570	158	29	healthcare	healthcare	NOUN
fbem-25570	158	30	expenditure	expenditure	NOUN
fbem-25570	158	31	(	(	PUNCT
fbem-25570	158	32	exp	exp	NOUN
fbem-25570	158	33	)	)	PUNCT
fbem-25570	158	34	in	in	ADP
fbem-25570	158	35	local	local	ADJ
fbem-25570	158	36	fiscal	fiscal	ADJ
fbem-25570	158	37	expenditure	expenditure	NOUN
fbem-25570	158	38	was	be	AUX
fbem-25570	158	39	used	use	VERB
fbem-25570	158	40	as	as	ADP
fbem-25570	158	41	an	an	DET
fbem-25570	158	42	instrumental	instrumental	ADJ
fbem-25570	158	43	variable	variable	NOUN
fbem-25570	158	44	and	and	CCONJ
fbem-25570	158	45	regressed	regress	VERB
fbem-25570	158	46	using	use	VERB
fbem-25570	158	47	two	two	NUM
fbem-25570	158	48	-	-	PUNCT
fbem-25570	158	49	stage	stage	NOUN
fbem-25570	158	50	least	least	ADJ
fbem-25570	158	51	squares	square	NOUN
fbem-25570	158	52	regression	regression	VERB
fbem-25570	158	53	to	to	PART
fbem-25570	158	54	analyze	analyze	VERB
fbem-25570	158	55	it	it	PRON
fbem-25570	158	56	.	.	PUNCT
fbem-25570	159	1	in	in	ADP
fbem-25570	159	2	the	the	DET
fbem-25570	159	3	correlation	correlation	NOUN
fbem-25570	159	4	analysis	analysis	NOUN
fbem-25570	159	5	between	between	ADP
fbem-25570	159	6	the	the	DET
fbem-25570	159	7	instrumental	instrumental	ADJ
fbem-25570	159	8	variables	variable	NOUN
fbem-25570	159	9	,	,	PUNCT
fbem-25570	159	10	it	it	PRON
fbem-25570	159	11	was	be	AUX
fbem-25570	159	12	found	find	VERB
fbem-25570	159	13	that	that	SCONJ
fbem-25570	159	14	there	there	PRON
fbem-25570	159	15	is	be	VERB
fbem-25570	159	16	a	a	DET
fbem-25570	159	17	significant	significant	ADJ
fbem-25570	159	18	correlation	correlation	NOUN
fbem-25570	159	19	between	between	ADP
fbem-25570	159	20	local	local	ADJ
fbem-25570	159	21	government	government	NOUN
fbem-25570	159	22	health	health	NOUN
fbem-25570	159	23	care	care	NOUN
fbem-25570	159	24	costs	cost	NOUN
fbem-25570	159	25	and	and	CCONJ
fbem-25570	159	26	the	the	DET
fbem-25570	159	27	level	level	NOUN
fbem-25570	159	28	of	of	ADP
fbem-25570	159	29	local	local	ADJ
fbem-25570	159	30	government	government	NOUN
fbem-25570	159	31	spending	spending	NOUN
fbem-25570	159	32	.	.	PUNCT
fbem-25570	160	1	however	however	ADV
fbem-25570	160	2	,	,	PUNCT
fbem-25570	160	3	no	no	DET
fbem-25570	160	4	study	study	NOUN
fbem-25570	160	5	has	have	AUX
fbem-25570	160	6	shown	show	VERB
fbem-25570	160	7	that	that	SCONJ
fbem-25570	160	8	local	local	ADJ
fbem-25570	160	9	government	government	NOUN
fbem-25570	160	10	health	health	NOUN
fbem-25570	160	11	care	care	NOUN
fbem-25570	160	12	expenditures	expenditure	NOUN
fbem-25570	160	13	affect	affect	VERB
fbem-25570	160	14	the	the	DET
fbem-25570	160	15	level	level	NOUN
fbem-25570	160	16	of	of	ADP
fbem-25570	160	17	business	business	NOUN
fbem-25570	160	18	risk	risk	NOUN
fbem-25570	160	19	-	-	PUNCT
fbem-25570	160	20	taking	taking	NOUN
fbem-25570	160	21	,	,	PUNCT
fbem-25570	160	22	satisfying	satisfy	VERB
fbem-25570	160	23	the	the	DET
fbem-25570	160	24	exogeneity	exogeneity	NOUN
fbem-25570	160	25	requirement	requirement	NOUN
fbem-25570	160	26	of	of	ADP
fbem-25570	160	27	the	the	DET
fbem-25570	160	28	instrumental	instrumental	ADJ
fbem-25570	160	29	variable	variable	NOUN
fbem-25570	160	30	.	.	PUNCT
fbem-25570	161	1	based	base	VERB
fbem-25570	161	2	on	on	ADP
fbem-25570	161	3	the	the	DET
fbem-25570	161	4	above	above	ADJ
fbem-25570	161	5	considerations	consideration	NOUN
fbem-25570	161	6	,	,	PUNCT
fbem-25570	161	7	the	the	DET
fbem-25570	161	8	selection	selection	NOUN
fbem-25570	161	9	of	of	ADP
fbem-25570	161	10	health	health	NOUN
fbem-25570	161	11	care	care	NOUN
fbem-25570	161	12	expenditures	expenditure	NOUN
fbem-25570	161	13	as	as	ADP
fbem-25570	161	14	an	an	DET
fbem-25570	161	15	instrumental	instrumental	ADJ
fbem-25570	161	16	variable	variable	NOUN
fbem-25570	161	17	for	for	ADP
fbem-25570	161	18	local	local	ADJ
fbem-25570	161	19	government	government	NOUN
fbem-25570	161	20	debt	debt	NOUN
fbem-25570	161	21	has	have	VERB
fbem-25570	161	22	a	a	DET
fbem-25570	161	23	certain	certain	ADJ
fbem-25570	161	24	degree	degree	NOUN
fbem-25570	161	25	of	of	ADP
fbem-25570	161	26	rationality	rationality	NOUN
fbem-25570	161	27	and	and	CCONJ
fbem-25570	161	28	reliability	reliability	NOUN
fbem-25570	161	29	,	,	PUNCT
fbem-25570	161	30	and	and	CCONJ
fbem-25570	161	31	passes	pass	VERB
fbem-25570	161	32	the	the	DET
fbem-25570	161	33	test	test	NOUN
fbem-25570	161	34	of	of	ADP
fbem-25570	161	35	weak	weak	ADJ
fbem-25570	161	36	instrumental	instrumental	ADJ
fbem-25570	161	37	variables	variable	NOUN
fbem-25570	161	38	,	,	PUNCT
fbem-25570	161	39	indicating	indicate	VERB
fbem-25570	161	40	that	that	SCONJ
fbem-25570	161	41	there	there	PRON
fbem-25570	161	42	is	be	VERB
fbem-25570	161	43	no	no	DET
fbem-25570	161	44	weak	weak	ADJ
fbem-25570	161	45	instrumental	instrumental	ADJ
fbem-25570	161	46	variable	variable	ADJ
fbem-25570	161	47	problem	problem	NOUN
fbem-25570	161	48	.	.	PUNCT
fbem-25570	162	1	the	the	DET
fbem-25570	162	2	estimation	estimation	NOUN
fbem-25570	162	3	results	result	NOUN
fbem-25570	162	4	of	of	ADP
fbem-25570	162	5	the	the	DET
fbem-25570	162	6	instrumental	instrumental	ADJ
fbem-25570	162	7	variable	variable	ADJ
fbem-25570	162	8	regressions	regression	NOUN
fbem-25570	162	9	are	be	AUX
fbem-25570	162	10	presented	present	VERB
fbem-25570	162	11	in	in	ADP
fbem-25570	162	12	table	table	NOUN
fbem-25570	162	13	9	9	NUM
fbem-25570	162	14	.	.	PUNCT
fbem-25570	163	1	local	local	ADJ
fbem-25570	163	2	government	government	NOUN
fbem-25570	163	3	debt	debt	NOUN
fbem-25570	163	4	is	be	AUX
fbem-25570	163	5	significantly	significantly	ADV
fbem-25570	163	6	negatively	negatively	ADV
fbem-25570	163	7	associated	associate	VERB
fbem-25570	163	8	with	with	ADP
fbem-25570	163	9	firm	firm	ADJ
fbem-25570	163	10	risk	risk	NOUN
fbem-25570	163	11	-	-	PUNCT
fbem-25570	163	12	taking	take	VERB
fbem-25570	163	13	outcomes	outcome	NOUN
fbem-25570	163	14	,	,	PUNCT
fbem-25570	163	15	consistent	consistent	ADJ
fbem-25570	163	16	with	with	ADP
fbem-25570	163	17	the	the	DET
fbem-25570	163	18	previous	previous	ADJ
fbem-25570	163	19	findings	finding	NOUN
fbem-25570	163	20	.	.	PUNCT
fbem-25570	164	1	table	table	NOUN
fbem-25570	164	2	9	9	NUM
fbem-25570	164	3	.	.	PUNCT
fbem-25570	165	1	regression	regression	NOUN
fbem-25570	165	2	results	result	NOUN
fbem-25570	165	3	of	of	ADP
fbem-25570	165	4	instrumental	instrumental	ADJ
fbem-25570	165	5	variable	variable	ADJ
fbem-25570	165	6	method	method	NOUN
fbem-25570	165	7	variant	variant	NOUN
fbem-25570	165	8	localgovdebt	localgovdebt	NOUN
fbem-25570	165	9	risk1	risk1	NOUN
fbem-25570	165	10	risk2	risk2	NOUN
fbem-25570	165	11	exp	exp	NOUN
fbem-25570	165	12	-0.000	-0.000	PROPN
fbem-25570	165	13	*	*	PUNCT
fbem-25570	165	14	*	*	PUNCT
fbem-25570	165	15	*	*	PUNCT
fbem-25570	165	16	(	(	PUNCT
fbem-25570	165	17	-19.06	-19.06	NOUN
fbem-25570	165	18	)	)	PUNCT
fbem-25570	165	19	localgovdebt	localgovdebt	NOUN
fbem-25570	165	20	-.103	-.103	PROPN
fbem-25570	165	21	*	*	PROPN
fbem-25570	165	22	*	*	PUNCT
fbem-25570	165	23	*	*	PUNCT
fbem-25570	166	1	-.194	-.194	ADJ
fbem-25570	166	2	*	*	PUNCT
fbem-25570	166	3	*	*	PUNCT
fbem-25570	166	4	*	*	PUNCT
fbem-25570	166	5	(	(	PUNCT
fbem-25570	166	6	-6.85	-6.85	NUM
fbem-25570	166	7	)	)	PUNCT
fbem-25570	166	8	(	(	PUNCT
fbem-25570	166	9	-6.92	-6.92	NUM
fbem-25570	166	10	)	)	PUNCT
fbem-25570	166	11	control	control	NOUN
fbem-25570	166	12	variable	variable	NOUN
fbem-25570	167	1	yes	yes	INTJ
fbem-25570	167	2	yes	yes	INTJ
fbem-25570	168	1	yes	yes	INTJ
fbem-25570	169	1	_	_	PUNCT
fbem-25570	170	1	cons	con	NOUN
fbem-25570	170	2	-.292	-.292	PROPN
fbem-25570	170	3	.095	.095	NUM
fbem-25570	170	4	.178	.178	NUM
fbem-25570	170	5	industry	industry	NOUN
fbem-25570	170	6	and	and	CCONJ
fbem-25570	170	7	year	year	NOUN
fbem-25570	170	8	effect	effect	NOUN
fbem-25570	171	1	yes	yes	INTJ
fbem-25570	172	1	yes	yes	INTJ
fbem-25570	173	1	yes	yes	INTJ
fbem-25570	173	2	n	n	ADV
fbem-25570	173	3	29,769	29,769	NUM
fbem-25570	173	4	29,769	29,769	NUM
fbem-25570	173	5	29,769	29,769	NUM
fbem-25570	173	6	6	6	NUM
fbem-25570	173	7	.	.	PUNCT
fbem-25570	174	1	further	further	ADJ
fbem-25570	174	2	analysis	analysis	NOUN
fbem-25570	174	3	local	local	ADJ
fbem-25570	174	4	government	government	NOUN
fbem-25570	174	5	debt	debt	NOUN
fbem-25570	174	6	is	be	AUX
fbem-25570	174	7	one	one	NUM
fbem-25570	174	8	of	of	ADP
fbem-25570	174	9	the	the	DET
fbem-25570	174	10	most	most	ADV
fbem-25570	174	11	important	important	ADJ
fbem-25570	174	12	ways	way	NOUN
fbem-25570	174	13	in	in	ADP
fbem-25570	174	14	which	which	PRON
fbem-25570	174	15	governments	government	NOUN
fbem-25570	174	16	can	can	AUX
fbem-25570	174	17	have	have	VERB
fbem-25570	174	18	an	an	DET
fbem-25570	174	19	impact	impact	NOUN
fbem-25570	174	20	on	on	ADP
fbem-25570	174	21	firms	firm	NOUN
fbem-25570	174	22	,	,	PUNCT
fbem-25570	174	23	and	and	CCONJ
fbem-25570	174	24	as	as	SCONJ
fbem-25570	174	25	firms	firm	NOUN
fbem-25570	174	26	in	in	ADP
fbem-25570	174	27	different	different	ADJ
fbem-25570	174	28	life	life	NOUN
fbem-25570	174	29	cycles	cycle	NOUN
fbem-25570	174	30	have	have	VERB
fbem-25570	174	31	different	different	ADJ
fbem-25570	174	32	characteristics	characteristic	NOUN
fbem-25570	174	33	,	,	PUNCT
fbem-25570	174	34	local	local	ADJ
fbem-25570	174	35	government	government	NOUN
fbem-25570	174	36	debt	debt	NOUN
fbem-25570	174	37	may	may	AUX
fbem-25570	174	38	have	have	VERB
fbem-25570	174	39	different	different	ADJ
fbem-25570	174	40	economic	economic	ADJ
fbem-25570	174	41	consequences	consequence	NOUN
fbem-25570	174	42	for	for	ADP
fbem-25570	174	43	firms	firm	NOUN
fbem-25570	174	44	in	in	ADP
fbem-25570	174	45	different	different	ADJ
fbem-25570	174	46	life	life	NOUN
fbem-25570	174	47	cycles	cycle	NOUN
fbem-25570	174	48	.	.	PUNCT
fbem-25570	175	1	to	to	PART
fbem-25570	175	2	test	test	VERB
fbem-25570	175	3	the	the	DET
fbem-25570	175	4	above	above	ADJ
fbem-25570	175	5	conjecture	conjecture	NOUN
fbem-25570	175	6	,	,	PUNCT
fbem-25570	175	7	growth	growth	NOUN
fbem-25570	175	8	firms	firm	NOUN
fbem-25570	175	9	may	may	AUX
fbem-25570	175	10	be	be	AUX
fbem-25570	175	11	less	less	ADJ
fbem-25570	175	12	risk	risk	NOUN
fbem-25570	175	13	tolerant	tolerant	ADJ
fbem-25570	175	14	as	as	SCONJ
fbem-25570	175	15	they	they	PRON
fbem-25570	175	16	have	have	VERB
fbem-25570	175	17	a	a	DET
fbem-25570	175	18	strong	strong	ADJ
fbem-25570	175	19	demand	demand	NOUN
fbem-25570	175	20	for	for	ADP
fbem-25570	175	21	capital	capital	NOUN
fbem-25570	175	22	but	but	CCONJ
fbem-25570	175	23	higher	high	ADJ
fbem-25570	175	24	financing	financing	NOUN
fbem-25570	175	25	constraints	constraint	NOUN
fbem-25570	175	26	,	,	PUNCT
fbem-25570	175	27	lack	lack	NOUN
fbem-25570	175	28	of	of	ADP
fbem-25570	175	29	r&d	r&d	NOUN
fbem-25570	175	30	experience	experience	NOUN
fbem-25570	175	31	and	and	CCONJ
fbem-25570	175	32	lower	low	ADJ
fbem-25570	175	33	innovation	innovation	NOUN
fbem-25570	175	34	success	success	NOUN
fbem-25570	175	35	rates	rate	NOUN
fbem-25570	175	36	,	,	PUNCT
fbem-25570	175	37	and	and	CCONJ
fbem-25570	175	38	thus	thus	ADV
fbem-25570	175	39	are	be	AUX
fbem-25570	175	40	more	more	ADV
fbem-25570	175	41	inclined	inclined	ADJ
fbem-25570	175	42	to	to	PART
fbem-25570	175	43	adopt	adopt	VERB
fbem-25570	175	44	a	a	DET
fbem-25570	175	45	conservative	conservative	ADJ
fbem-25570	175	46	approach	approach	NOUN
fbem-25570	175	47	to	to	ADP
fbem-25570	175	48	risk	risk	NOUN
fbem-25570	175	49	aversion	aversion	NOUN
fbem-25570	175	50	.	.	PUNCT
fbem-25570	176	1	mature	mature	ADJ
fbem-25570	176	2	stage	stage	NOUN
fbem-25570	176	3	companies	company	NOUN
fbem-25570	176	4	are	be	AUX
fbem-25570	176	5	well	well	ADV
fbem-25570	176	6	capitalized	capitalize	VERB
fbem-25570	176	7	and	and	CCONJ
fbem-25570	176	8	well	well	ADV
fbem-25570	176	9	run	run	VERB
fbem-25570	176	10	,	,	PUNCT
fbem-25570	176	11	and	and	CCONJ
fbem-25570	176	12	companies	company	NOUN
fbem-25570	176	13	have	have	VERB
fbem-25570	176	14	the	the	DET
fbem-25570	176	15	ability	ability	NOUN
fbem-25570	176	16	and	and	CCONJ
fbem-25570	176	17	incentive	incentive	NOUN
fbem-25570	176	18	to	to	PART
fbem-25570	176	19	differentiate	differentiate	VERB
fbem-25570	176	20	their	their	PRON
fbem-25570	176	21	strategic	strategic	ADJ
fbem-25570	176	22	allocations	allocation	NOUN
fbem-25570	176	23	to	to	PART
fbem-25570	176	24	explore	explore	VERB
fbem-25570	176	25	riskier	risky	ADJ
fbem-25570	176	26	and	and	CCONJ
fbem-25570	176	27	higher	higher	ADV
fbem-25570	176	28	yielding	yield	VERB
fbem-25570	176	29	investment	investment	NOUN
fbem-25570	176	30	opportunities	opportunity	NOUN
fbem-25570	176	31	,	,	PUNCT
fbem-25570	176	32	and	and	CCONJ
fbem-25570	176	33	their	their	PRON
fbem-25570	176	34	risk	risk	NOUN
fbem-25570	176	35	tolerance	tolerance	NOUN
fbem-25570	176	36	is	be	AUX
fbem-25570	176	37	significantly	significantly	ADV
fbem-25570	176	38	affected	affect	VERB
fbem-25570	176	39	by	by	ADP
fbem-25570	176	40	local	local	ADJ
fbem-25570	176	41	government	government	NOUN
fbem-25570	176	42	liabilities	liability	NOUN
fbem-25570	176	43	.	.	PUNCT
fbem-25570	177	1	in	in	ADP
fbem-25570	177	2	times	time	NOUN
fbem-25570	177	3	of	of	ADP
fbem-25570	177	4	recession	recession	NOUN
fbem-25570	177	5	,	,	PUNCT
fbem-25570	177	6	the	the	DET
fbem-25570	177	7	profitability	profitability	NOUN
fbem-25570	177	8	of	of	ADP
fbem-25570	177	9	the	the	DET
fbem-25570	177	10	company	company	NOUN
fbem-25570	177	11	decreases	decrease	VERB
fbem-25570	177	12	due	due	ADP
fbem-25570	177	13	to	to	ADP
fbem-25570	177	14	the	the	DET
fbem-25570	177	15	risk	risk	NOUN
fbem-25570	177	16	of	of	ADP
fbem-25570	177	17	delisting	delisting	NOUN
fbem-25570	177	18	or	or	CCONJ
fbem-25570	177	19	merger	merger	NOUN
fbem-25570	177	20	,	,	PUNCT
fbem-25570	177	21	in	in	ADP
fbem-25570	177	22	which	which	DET
fbem-25570	177	23	case	case	NOUN
fbem-25570	177	24	the	the	DET
fbem-25570	177	25	company	company	NOUN
fbem-25570	177	26	chooses	choose	VERB
fbem-25570	177	27	to	to	PART
fbem-25570	177	28	exit	exit	VERB
fbem-25570	177	29	the	the	DET
fbem-25570	177	30	industry	industry	NOUN
fbem-25570	177	31	at	at	ADP
fbem-25570	177	32	the	the	DET
fbem-25570	177	33	lowest	low	ADJ
fbem-25570	177	34	cost	cost	NOUN
fbem-25570	177	35	and	and	CCONJ
fbem-25570	177	36	with	with	ADP
fbem-25570	177	37	the	the	DET
fbem-25570	177	38	least	least	ADJ
fbem-25570	177	39	amount	amount	NOUN
fbem-25570	177	40	of	of	ADP
fbem-25570	177	41	risk	risk	NOUN
fbem-25570	177	42	,	,	PUNCT
fbem-25570	177	43	thus	thus	ADV
fbem-25570	177	44	reducing	reduce	VERB
fbem-25570	177	45	the	the	DET
fbem-25570	177	46	level	level	NOUN
fbem-25570	177	47	of	of	ADP
fbem-25570	177	48	risk	risk	NOUN
fbem-25570	177	49	-	-	PUNCT
fbem-25570	177	50	taking	taking	NOUN
fbem-25570	177	51	of	of	ADP
fbem-25570	177	52	the	the	DET
fbem-25570	177	53	company	company	NOUN
fbem-25570	177	54	.	.	PUNCT
fbem-25570	178	1	to	to	PART
fbem-25570	178	2	test	test	VERB
fbem-25570	178	3	this	this	DET
fbem-25570	178	4	hypothesis	hypothesis	NOUN
fbem-25570	178	5	,	,	PUNCT
fbem-25570	178	6	we	we	PRON
fbem-25570	178	7	will	will	AUX
fbem-25570	178	8	refer	refer	VERB
fbem-25570	178	9	to	to	ADP
fbem-25570	178	10	the	the	DET
fbem-25570	178	11	cash	cash	NOUN
fbem-25570	178	12	flow	flow	NOUN
fbem-25570	178	13	portfolio	portfolio	NOUN
fbem-25570	178	14	method	method	NOUN
fbem-25570	178	15	proposed	propose	VERB
fbem-25570	178	16	by	by	ADP
fbem-25570	178	17	dickinson	dickinson	PROPN
fbem-25570	178	18	(	(	PUNCT
fbem-25570	178	19	2011	2011	NUM
fbem-25570	178	20	)	)	PUNCT
fbem-25570	178	21	to	to	PART
fbem-25570	178	22	classify	classify	VERB
fbem-25570	178	23	the	the	DET
fbem-25570	178	24	life	life	NOUN
fbem-25570	178	25	cycle	cycle	NOUN
fbem-25570	178	26	of	of	ADP
fbem-25570	178	27	a	a	DET
fbem-25570	178	28	company	company	NOUN
fbem-25570	178	29	and	and	CCONJ
fbem-25570	178	30	determine	determine	VERB
fbem-25570	178	31	it	it	PRON
fbem-25570	178	32	based	base	VERB
fbem-25570	178	33	on	on	ADP
fbem-25570	178	34	the	the	DET
fbem-25570	178	35	positive	positive	ADJ
fbem-25570	178	36	and	and	CCONJ
fbem-25570	178	37	negative	negative	ADJ
fbem-25570	178	38	cash	cash	NOUN
fbem-25570	178	39	flow	flow	NOUN
fbem-25570	178	40	,	,	PUNCT
fbem-25570	178	41	which	which	PRON
fbem-25570	178	42	can	can	AUX
fbem-25570	178	43	effectively	effectively	ADV
fbem-25570	178	44	circumvent	circumvent	VERB
fbem-25570	178	45	the	the	DET
fbem-25570	178	46	negative	negative	ADJ
fbem-25570	178	47	impacts	impact	NOUN
fbem-25570	178	48	of	of	ADP
fbem-25570	178	49	surplus	surplus	ADJ
fbem-25570	178	50	management	management	NOUN
fbem-25570	178	51	.	.	PUNCT
fbem-25570	179	1	since	since	SCONJ
fbem-25570	179	2	most	most	ADJ
fbem-25570	179	3	of	of	ADP
fbem-25570	179	4	the	the	DET
fbem-25570	179	5	listed	list	VERB
fbem-25570	179	6	companies	company	NOUN
fbem-25570	179	7	have	have	AUX
fbem-25570	179	8	passed	pass	VERB
fbem-25570	179	9	the	the	DET
fbem-25570	179	10	start	start	VERB
fbem-25570	179	11	-	-	PUNCT
fbem-25570	179	12	up	up	ADP
fbem-25570	179	13	period	period	NOUN
fbem-25570	179	14	,	,	PUNCT
fbem-25570	179	15	this	this	DET
fbem-25570	179	16	paper	paper	NOUN
fbem-25570	179	17	draws	draw	VERB
fbem-25570	179	18	on	on	ADP
fbem-25570	179	19	previous	previous	ADJ
fbem-25570	179	20	research	research	NOUN
fbem-25570	179	21	methods	method	NOUN
fbem-25570	179	22	and	and	CCONJ
fbem-25570	179	23	categorizes	categorize	VERB
fbem-25570	179	24	them	they	PRON
fbem-25570	179	25	into	into	ADP
fbem-25570	179	26	growth	growth	NOUN
fbem-25570	179	27	,	,	PUNCT
fbem-25570	179	28	maturity	maturity	NOUN
fbem-25570	179	29	and	and	CCONJ
fbem-25570	179	30	decline	decline	NOUN
fbem-25570	179	31	periods	period	NOUN
fbem-25570	179	32	.	.	PUNCT
fbem-25570	180	1	the	the	DET
fbem-25570	180	2	specific	specific	ADJ
fbem-25570	180	3	method	method	NOUN
fbem-25570	180	4	of	of	ADP
fbem-25570	180	5	determination	determination	NOUN
fbem-25570	180	6	is	be	AUX
fbem-25570	180	7	shown	show	VERB
fbem-25570	180	8	in	in	ADP
fbem-25570	180	9	table	table	NOUN
fbem-25570	180	10	10	10	NUM
fbem-25570	180	11	.	.	PUNCT
fbem-25570	180	12	table	table	NOUN
fbem-25570	180	13	10	10	NUM
fbem-25570	180	14	.	.	PUNCT
fbem-25570	181	1	judgment	judgment	NOUN
fbem-25570	181	2	of	of	ADP
fbem-25570	181	3	business	business	NOUN
fbem-25570	181	4	life	life	NOUN
fbem-25570	181	5	cycle	cycle	NOUN
fbem-25570	181	6	based	base	VERB
fbem-25570	181	7	on	on	ADP
fbem-25570	181	8	cash	cash	NOUN
fbem-25570	181	9	flow	flow	NOUN
fbem-25570	181	10	direction	direction	NOUN
fbem-25570	181	11	method	method	NOUN
fbem-25570	181	12	life	life	NOUN
fbem-25570	181	13	cycle	cycle	NOUN
fbem-25570	181	14	operating	operating	NOUN
fbem-25570	181	15	activities	activity	NOUN
fbem-25570	181	16	net	net	ADJ
fbem-25570	181	17	cash	cash	NOUN
fbem-25570	181	18	investing	investing	NOUN
fbem-25570	181	19	activities	activity	NOUN
fbem-25570	181	20	net	net	ADJ
fbem-25570	181	21	cash	cash	NOUN
fbem-25570	181	22	financing	financing	NOUN
fbem-25570	181	23	activities	activity	NOUN
fbem-25570	181	24	net	net	ADJ
fbem-25570	181	25	cash	cash	NOUN
fbem-25570	181	26	growth	growth	NOUN
fbem-25570	181	27	—	—	PUNCT
fbem-25570	181	28	—	—	PUNCT
fbem-25570	181	29	+	+	PUNCT
fbem-25570	181	30	+	+	X
fbem-25570	181	31	—	—	PUNCT
fbem-25570	181	32	+	+	CCONJ
fbem-25570	181	33	mature	mature	ADJ
fbem-25570	181	34	+	+	X
fbem-25570	181	35	—	—	PUNCT
fbem-25570	181	36	—	—	PUNCT
fbem-25570	181	37	—	—	PUNCT
fbem-25570	181	38	—	—	PUNCT
fbem-25570	181	39	—	—	PUNCT
fbem-25570	181	40	+	+	PUNCT
fbem-25570	181	41	+	+	PUNCT
fbem-25570	181	42	+	+	NUM
fbem-25570	181	43	recession	recession	NOUN
fbem-25570	181	44	+	+	X
fbem-25570	182	1	+	+	CCONJ
fbem-25570	182	2	—	—	PUNCT
fbem-25570	182	3	—	—	PUNCT
fbem-25570	182	4	+	+	PUNCT
fbem-25570	182	5	+	+	CCONJ
fbem-25570	182	6	—	—	PUNCT
fbem-25570	182	7	+	+	CCONJ
fbem-25570	182	8	—	—	PUNCT
fbem-25570	182	9	separate	separate	ADJ
fbem-25570	182	10	regressions	regression	NOUN
fbem-25570	182	11	are	be	AUX
fbem-25570	182	12	performed	perform	VERB
fbem-25570	182	13	for	for	ADP
fbem-25570	182	14	growth	growth	NOUN
fbem-25570	182	15	,	,	PUNCT
fbem-25570	182	16	maturity	maturity	NOUN
fbem-25570	182	17	,	,	PUNCT
fbem-25570	182	18	and	and	CCONJ
fbem-25570	182	19	decline	decline	NOUN
fbem-25570	182	20	firms	firm	NOUN
fbem-25570	182	21	,	,	PUNCT
fbem-25570	182	22	and	and	CCONJ
fbem-25570	182	23	the	the	DET
fbem-25570	182	24	results	result	NOUN
fbem-25570	182	25	are	be	AUX
fbem-25570	182	26	shown	show	VERB
fbem-25570	182	27	in	in	ADP
fbem-25570	182	28	table	table	NOUN
fbem-25570	182	29	11	11	NUM
fbem-25570	182	30	.	.	PUNCT
fbem-25570	183	1	it	it	PRON
fbem-25570	183	2	can	can	AUX
fbem-25570	183	3	be	be	AUX
fbem-25570	183	4	seen	see	VERB
fbem-25570	183	5	that	that	SCONJ
fbem-25570	183	6	the	the	DET
fbem-25570	183	7	risk	risk	NOUN
fbem-25570	183	8	-	-	PUNCT
fbem-25570	183	9	taking	take	VERB
fbem-25570	183	10	level	level	NOUN
fbem-25570	183	11	of	of	ADP
fbem-25570	183	12	mature	mature	ADJ
fbem-25570	183	13	firms	firm	NOUN
fbem-25570	183	14	is	be	AUX
fbem-25570	183	15	negatively	negatively	ADV
fbem-25570	183	16	and	and	CCONJ
fbem-25570	183	17	significantly	significantly	ADV
fbem-25570	183	18	affected	affect	VERB
fbem-25570	183	19	by	by	ADP
fbem-25570	183	20	local	local	ADJ
fbem-25570	183	21	government	government	NOUN
fbem-25570	183	22	debt	debt	NOUN
fbem-25570	183	23	,	,	PUNCT
fbem-25570	183	24	while	while	SCONJ
fbem-25570	183	25	the	the	DET
fbem-25570	183	26	regression	regression	NOUN
fbem-25570	183	27	results	result	VERB
fbem-25570	183	28	for	for	ADP
fbem-25570	183	29	growth	growth	NOUN
fbem-25570	183	30	and	and	CCONJ
fbem-25570	183	31	decline	decline	NOUN
fbem-25570	183	32	firms	firm	NOUN
fbem-25570	183	33	are	be	AUX
fbem-25570	183	34	not	not	PART
fbem-25570	183	35	significant	significant	ADJ
fbem-25570	183	36	.	.	PUNCT
fbem-25570	184	1	it	it	PRON
fbem-25570	184	2	is	be	AUX
fbem-25570	184	3	noteworthy	noteworthy	ADJ
fbem-25570	184	4	that	that	SCONJ
fbem-25570	184	5	during	during	ADP
fbem-25570	184	6	the	the	DET
fbem-25570	184	7	growth	growth	NOUN
fbem-25570	184	8	177	177	NUM
fbem-25570	184	9	period	period	NOUN
fbem-25570	184	10	,	,	PUNCT
fbem-25570	184	11	local	local	ADJ
fbem-25570	184	12	government	government	NOUN
fbem-25570	184	13	debt	debt	NOUN
fbem-25570	184	14	plays	play	VERB
fbem-25570	184	15	a	a	DET
fbem-25570	184	16	crowding	crowd	VERB
fbem-25570	184	17	-	-	PUNCT
fbem-25570	184	18	in	in	ADP
fbem-25570	184	19	effect	effect	NOUN
fbem-25570	184	20	,	,	PUNCT
fbem-25570	184	21	and	and	CCONJ
fbem-25570	184	22	local	local	ADJ
fbem-25570	184	23	government	government	NOUN
fbem-25570	184	24	debt	debt	NOUN
fbem-25570	184	25	expansion	expansion	NOUN
fbem-25570	184	26	instead	instead	ADV
fbem-25570	184	27	increases	increase	VERB
fbem-25570	184	28	the	the	DET
fbem-25570	184	29	risktaking	risktake	VERB
fbem-25570	184	30	capacity	capacity	NOUN
fbem-25570	184	31	of	of	ADP
fbem-25570	184	32	firms	firm	NOUN
fbem-25570	184	33	.	.	PUNCT
fbem-25570	185	1	table	table	NOUN
fbem-25570	185	2	11	11	NUM
fbem-25570	185	3	.	.	PUNCT
fbem-25570	186	1	regression	regression	NOUN
fbem-25570	186	2	results	result	NOUN
fbem-25570	186	3	for	for	ADP
fbem-25570	186	4	firms	firm	NOUN
fbem-25570	186	5	with	with	ADP
fbem-25570	186	6	different	different	ADJ
fbem-25570	186	7	life	life	NOUN
fbem-25570	186	8	cycles	cycle	NOUN
fbem-25570	186	9	growth	growth	NOUN
fbem-25570	186	10	period	period	NOUN
fbem-25570	186	11	maturity	maturity	NOUN
fbem-25570	186	12	period	period	NOUN
fbem-25570	186	13	decline	decline	NOUN
fbem-25570	186	14	period	period	NOUN
fbem-25570	186	15	risk1	risk1	NOUN
fbem-25570	186	16	risk1	risk1	NOUN
fbem-25570	186	17	risk1	risk1	NOUN
fbem-25570	186	18	localgovdebt	localgovdebt	PROPN
fbem-25570	186	19	0.002	0.002	NUM
fbem-25570	186	20	-0.011	-0.011	NOUN
fbem-25570	186	21	*	*	PUNCT
fbem-25570	186	22	*	*	PUNCT
fbem-25570	186	23	*	*	PROPN
fbem-25570	186	24	-0.006	-0.006	PROPN
fbem-25570	186	25	(	(	PUNCT
fbem-25570	186	26	0.84	0.84	NUM
fbem-25570	186	27	)	)	PUNCT
fbem-25570	186	28	(	(	PUNCT
fbem-25570	186	29	-3.59	-3.59	NOUN
fbem-25570	186	30	)	)	PUNCT
fbem-25570	186	31	(	(	PUNCT
fbem-25570	186	32	-1.07	-1.07	X
fbem-25570	186	33	)	)	PUNCT
fbem-25570	186	34	size	size	NOUN
fbem-25570	186	35	-0.002	-0.002	PUNCT
fbem-25570	186	36	*	*	PUNCT
fbem-25570	186	37	*	*	PUNCT
fbem-25570	186	38	*	*	PUNCT
fbem-25570	186	39	-0.003	-0.003	PUNCT
fbem-25570	186	40	*	*	PUNCT
fbem-25570	186	41	*	*	PUNCT
fbem-25570	186	42	*	*	PUNCT
fbem-25570	187	1	-0.008	-0.008	NOUN
fbem-25570	187	2	*	*	PUNCT
fbem-25570	187	3	*	*	PUNCT
fbem-25570	187	4	*	*	PUNCT
fbem-25570	187	5	(	(	PUNCT
fbem-25570	187	6	-9.10	-9.10	NOUN
fbem-25570	187	7	)	)	PUNCT
fbem-25570	187	8	(	(	PUNCT
fbem-25570	187	9	-9.99	-9.99	INTJ
fbem-25570	187	10	)	)	PUNCT
fbem-25570	187	11	(	(	PUNCT
fbem-25570	187	12	-11.40	-11.40	NOUN
fbem-25570	187	13	)	)	PUNCT
fbem-25570	187	14	lev	lev	NOUN
fbem-25570	187	15	-0.035	-0.035	PROPN
fbem-25570	187	16	*	*	PUNCT
fbem-25570	187	17	*	*	PUNCT
fbem-25570	187	18	*	*	PUNCT
fbem-25570	187	19	-0.014	-0.014	NOUN
fbem-25570	187	20	*	*	PUNCT
fbem-25570	187	21	*	*	PUNCT
fbem-25570	187	22	*	*	PUNCT
fbem-25570	187	23	0.020	0.020	NUM
fbem-25570	187	24	*	*	PUNCT
fbem-25570	187	25	*	*	PUNCT
fbem-25570	187	26	*	*	PUNCT
fbem-25570	187	27	(	(	PUNCT
fbem-25570	187	28	-15.90	-15.90	PROPN
fbem-25570	187	29	)	)	PUNCT
fbem-25570	187	30	(	(	PUNCT
fbem-25570	187	31	-5.42	-5.42	NUM
fbem-25570	187	32	)	)	PUNCT
fbem-25570	187	33	(	(	PUNCT
fbem-25570	187	34	4.47	4.47	X
fbem-25570	187	35	)	)	PUNCT
fbem-25570	187	36	roa	roa	NOUN
fbem-25570	187	37	-0.174	-0.174	PUNCT
fbem-25570	187	38	*	*	PUNCT
fbem-25570	187	39	*	*	PUNCT
fbem-25570	187	40	*	*	PUNCT
fbem-25570	187	41	-0.159	-0.159	PUNCT
fbem-25570	187	42	*	*	PUNCT
fbem-25570	187	43	*	*	PUNCT
fbem-25570	187	44	*	*	PUNCT
fbem-25570	187	45	-0.188	-0.188	PUNCT
fbem-25570	187	46	*	*	PUNCT
fbem-25570	187	47	*	*	PUNCT
fbem-25570	187	48	*	*	PUNCT
fbem-25570	187	49	(	(	PUNCT
fbem-25570	187	50	-17.56	-17.56	PROPN
fbem-25570	187	51	)	)	PUNCT
fbem-25570	187	52	(	(	PUNCT
fbem-25570	187	53	-16.21	-16.21	PROPN
fbem-25570	187	54	)	)	PUNCT
fbem-25570	187	55	(	(	PUNCT
fbem-25570	187	56	-13.04	-13.04	NOUN
fbem-25570	187	57	)	)	PUNCT
fbem-25570	187	58	contrshrproportion	contrshrproportion	NOUN
fbem-25570	188	1	0.000	0.000	NUM
fbem-25570	188	2	*	*	PUNCT
fbem-25570	188	3	*	*	PUNCT
fbem-25570	188	4	-0.000	-0.000	PUNCT
fbem-25570	188	5	*	*	PUNCT
fbem-25570	188	6	*	*	PUNCT
fbem-25570	188	7	*	*	PUNCT
fbem-25570	188	8	-0.000	-0.000	PUNCT
fbem-25570	188	9	*	*	PUNCT
fbem-25570	188	10	*	*	PUNCT
fbem-25570	188	11	*	*	PUNCT
fbem-25570	188	12	(	(	PUNCT
fbem-25570	188	13	2.23	2.23	NUM
fbem-25570	188	14	)	)	PUNCT
fbem-25570	188	15	(	(	PUNCT
fbem-25570	188	16	-4.72	-4.72	NOUN
fbem-25570	188	17	)	)	PUNCT
fbem-25570	188	18	(	(	PUNCT
fbem-25570	188	19	-5.50	-5.50	NOUN
fbem-25570	188	20	)	)	PUNCT
fbem-25570	188	21	inddirectorratio	inddirectorratio	VERB
fbem-25570	188	22	0.000	0.000	NUM
fbem-25570	188	23	0.000	0.000	NUM
fbem-25570	188	24	0.000	0.000	NUM
fbem-25570	188	25	(	(	PUNCT
fbem-25570	188	26	0.53	0.53	NUM
fbem-25570	188	27	)	)	PUNCT
fbem-25570	188	28	(	(	PUNCT
fbem-25570	188	29	0.12	0.12	NUM
fbem-25570	188	30	)	)	PUNCT
fbem-25570	188	31	(	(	PUNCT
fbem-25570	188	32	1.17	1.17	NUM
fbem-25570	188	33	)	)	PUNCT
fbem-25570	188	34	businessyear	businessyear	NOUN
fbem-25570	188	35	-0.000	-0.000	PUNCT
fbem-25570	188	36	*	*	PUNCT
fbem-25570	188	37	*	*	PUNCT
fbem-25570	188	38	*	*	PUNCT
fbem-25570	188	39	-0.000	-0.000	PROPN
fbem-25570	188	40	*	*	PUNCT
fbem-25570	188	41	-0.000	-0.000	PRON
fbem-25570	188	42	(	(	PUNCT
fbem-25570	188	43	-2.75	-2.75	NOUN
fbem-25570	188	44	)	)	PUNCT
fbem-25570	188	45	(	(	PUNCT
fbem-25570	188	46	-1.85	-1.85	INTJ
fbem-25570	188	47	)	)	PUNCT
fbem-25570	188	48	(	(	PUNCT
fbem-25570	188	49	-0.94	-0.94	NOUN
fbem-25570	188	50	)	)	PUNCT
fbem-25570	188	51	boardsize	boardsize	NOUN
fbem-25570	188	52	-0.001	-0.001	PUNCT
fbem-25570	188	53	*	*	PUNCT
fbem-25570	188	54	*	*	PUNCT
fbem-25570	188	55	*	*	PUNCT
fbem-25570	188	56	-0.001	-0.001	PUNCT
fbem-25570	189	1	*	*	PUNCT
fbem-25570	189	2	*	*	PUNCT
fbem-25570	189	3	*	*	PUNCT
fbem-25570	189	4	-0.001	-0.001	PUNCT
fbem-25570	189	5	(	(	PUNCT
fbem-25570	189	6	-4.40	-4.40	NOUN
fbem-25570	189	7	)	)	PUNCT
fbem-25570	189	8	(	(	PUNCT
fbem-25570	189	9	-2.69	-2.69	NOUN
fbem-25570	189	10	)	)	PUNCT
fbem-25570	189	11	(	(	PUNCT
fbem-25570	189	12	-1.54	-1.54	NOUN
fbem-25570	189	13	)	)	PUNCT
fbem-25570	189	14	ceoage	ceoage	NOUN
fbem-25570	189	15	-0.000	-0.000	PUNCT
fbem-25570	189	16	*	*	PUNCT
fbem-25570	189	17	*	*	PUNCT
fbem-25570	189	18	*	*	PUNCT
fbem-25570	189	19	-0.000	-0.000	PUNCT
fbem-25570	189	20	*	*	PUNCT
fbem-25570	189	21	*	*	PUNCT
fbem-25570	189	22	*	*	PUNCT
fbem-25570	189	23	-0.000	-0.000	PRON
fbem-25570	189	24	(	(	PUNCT
fbem-25570	189	25	-6.63	-6.63	NOUN
fbem-25570	189	26	)	)	PUNCT
fbem-25570	189	27	(	(	PUNCT
fbem-25570	189	28	-3.43	-3.43	NOUN
fbem-25570	189	29	)	)	PUNCT
fbem-25570	189	30	(	(	PUNCT
fbem-25570	189	31	-1.27	-1.27	NOUN
fbem-25570	189	32	)	)	PUNCT
fbem-25570	189	33	ceogender	ceogender	NOUN
fbem-25570	189	34	-0.003	-0.003	PROPN
fbem-25570	189	35	*	*	PUNCT
fbem-25570	189	36	*	*	PUNCT
fbem-25570	189	37	*	*	PUNCT
fbem-25570	189	38	-0.002	-0.002	PUNCT
fbem-25570	189	39	-0.001	-0.001	PUNCT
fbem-25570	189	40	(	(	PUNCT
fbem-25570	189	41	-2.67	-2.67	NOUN
fbem-25570	189	42	)	)	PUNCT
fbem-25570	189	43	(	(	PUNCT
fbem-25570	189	44	-1.47	-1.47	X
fbem-25570	189	45	)	)	PUNCT
fbem-25570	189	46	(	(	PUNCT
fbem-25570	189	47	-0.37	-0.37	X
fbem-25570	189	48	)	)	PUNCT
fbem-25570	189	49	isduality	isduality	NOUN
fbem-25570	189	50	0.003	0.003	NUM
fbem-25570	189	51	*	*	PUNCT
fbem-25570	189	52	*	*	PUNCT
fbem-25570	190	1	*	*	PUNCT
fbem-25570	190	2	0.004	0.004	NUM
fbem-25570	190	3	*	*	PUNCT
fbem-25570	190	4	*	*	PUNCT
fbem-25570	190	5	*	*	PUNCT
fbem-25570	190	6	0.000	0.000	NUM
fbem-25570	190	7	(	(	PUNCT
fbem-25570	190	8	5.88	5.88	NUM
fbem-25570	190	9	)	)	PUNCT
fbem-25570	190	10	(	(	PUNCT
fbem-25570	190	11	4.65	4.65	NUM
fbem-25570	190	12	)	)	PUNCT
fbem-25570	190	13	(	(	PUNCT
fbem-25570	190	14	0.02	0.02	NUM
fbem-25570	190	15	)	)	PUNCT
fbem-25570	190	16	_	_	NOUN
fbem-25570	190	17	cons	con	NOUN
fbem-25570	190	18	0.147	0.147	NUM
fbem-25570	190	19	*	*	PUNCT
fbem-25570	190	20	*	*	PUNCT
fbem-25570	190	21	*	*	PUNCT
fbem-25570	190	22	0.156	0.156	NUM
fbem-25570	190	23	*	*	PUNCT
fbem-25570	190	24	*	*	PUNCT
fbem-25570	190	25	*	*	PUNCT
fbem-25570	190	26	0.237	0.237	NUM
fbem-25570	190	27	*	*	PUNCT
fbem-25570	190	28	*	*	PUNCT
fbem-25570	190	29	*	*	PUNCT
fbem-25570	190	30	(	(	PUNCT
fbem-25570	190	31	23.01	23.01	NUM
fbem-25570	190	32	)	)	PUNCT
fbem-25570	190	33	(	(	PUNCT
fbem-25570	190	34	18.79	18.79	NUM
fbem-25570	190	35	)	)	PUNCT
fbem-25570	190	36	(	(	PUNCT
fbem-25570	190	37	14.40	14.40	NUM
fbem-25570	190	38	)	)	PUNCT
fbem-25570	190	39	industry	industry	NOUN
fbem-25570	190	40	effect	effect	NOUN
fbem-25570	191	1	yes	yes	INTJ
fbem-25570	191	2	yes	yes	INTJ
fbem-25570	191	3	yes	yes	INTJ
fbem-25570	191	4	annual	annual	ADJ
fbem-25570	191	5	effect	effect	NOUN
fbem-25570	192	1	yes	yes	INTJ
fbem-25570	192	2	yes	yes	INTJ
fbem-25570	192	3	yes	yes	INTJ
fbem-25570	192	4	adj	adj	NOUN
fbem-25570	192	5	-	-	PUNCT
fbem-25570	192	6	r2	r2	NOUN
fbem-25570	192	7	0.1789	0.1789	NUM
fbem-25570	192	8	0.1702	0.1702	NUM
fbem-25570	192	9	0.2743	0.2743	NUM
fbem-25570	192	10	n	n	NUM
fbem-25570	192	11	13827	13827	NUM
fbem-25570	192	12	11765	11765	NUM
fbem-25570	192	13	4142	4142	NUM
fbem-25570	192	14	7	7	NUM
fbem-25570	192	15	.	.	PUNCT
fbem-25570	192	16	conclusion	conclusion	NOUN
fbem-25570	192	17	this	this	DET
fbem-25570	192	18	paper	paper	NOUN
fbem-25570	192	19	analyzes	analyze	VERB
fbem-25570	192	20	the	the	DET
fbem-25570	192	21	impact	impact	NOUN
fbem-25570	192	22	of	of	ADP
fbem-25570	192	23	local	local	ADJ
fbem-25570	192	24	government	government	NOUN
fbem-25570	192	25	debt	debt	NOUN
fbem-25570	192	26	expansion	expansion	NOUN
fbem-25570	192	27	on	on	ADP
fbem-25570	192	28	corporate	corporate	ADJ
fbem-25570	192	29	risk	risk	NOUN
fbem-25570	192	30	-	-	PUNCT
fbem-25570	192	31	taking	taking	NOUN
fbem-25570	192	32	by	by	ADP
fbem-25570	192	33	using	use	VERB
fbem-25570	192	34	the	the	DET
fbem-25570	192	35	data	datum	NOUN
fbem-25570	192	36	of	of	ADP
fbem-25570	192	37	ashare	ashare	ADJ
fbem-25570	192	38	listed	list	VERB
fbem-25570	192	39	companies	company	NOUN
fbem-25570	192	40	in	in	ADP
fbem-25570	192	41	shanghai	shanghai	PROPN
fbem-25570	192	42	and	and	CCONJ
fbem-25570	192	43	shenzhen	shenzhen	PROPN
fbem-25570	192	44	from	from	ADP
fbem-25570	192	45	2011	2011	NUM
fbem-25570	192	46	to	to	ADP
fbem-25570	192	47	2021	2021	NUM
fbem-25570	192	48	as	as	ADP
fbem-25570	192	49	a	a	DET
fbem-25570	192	50	research	research	NOUN
fbem-25570	192	51	sample	sample	NOUN
fbem-25570	192	52	.	.	PUNCT
fbem-25570	193	1	the	the	DET
fbem-25570	193	2	results	result	NOUN
fbem-25570	193	3	show	show	VERB
fbem-25570	193	4	that	that	SCONJ
fbem-25570	193	5	(	(	PUNCT
fbem-25570	193	6	1	1	X
fbem-25570	193	7	)	)	PUNCT
fbem-25570	193	8	local	local	ADJ
fbem-25570	193	9	government	government	NOUN
fbem-25570	193	10	debt	debt	NOUN
fbem-25570	193	11	expansion	expansion	NOUN
fbem-25570	193	12	reduces	reduce	VERB
fbem-25570	193	13	the	the	DET
fbem-25570	193	14	level	level	NOUN
fbem-25570	193	15	of	of	ADP
fbem-25570	193	16	corporate	corporate	ADJ
fbem-25570	193	17	risk	risk	NOUN
fbem-25570	193	18	-	-	PUNCT
fbem-25570	193	19	taking	taking	NOUN
fbem-25570	193	20	,	,	PUNCT
fbem-25570	193	21	a	a	DET
fbem-25570	193	22	finding	finding	NOUN
fbem-25570	193	23	that	that	PRON
fbem-25570	193	24	remains	remain	VERB
fbem-25570	193	25	valid	valid	ADJ
fbem-25570	193	26	after	after	ADP
fbem-25570	193	27	a	a	DET
fbem-25570	193	28	series	series	NOUN
fbem-25570	193	29	of	of	ADP
fbem-25570	193	30	robustness	robustness	NOUN
fbem-25570	193	31	tests.(2	tests.(2	NOUN
fbem-25570	193	32	)	)	PUNCT
fbem-25570	193	33	financing	financing	NOUN
fbem-25570	193	34	constraints	constraint	NOUN
fbem-25570	193	35	act	act	VERB
fbem-25570	193	36	as	as	ADP
fbem-25570	193	37	a	a	DET
fbem-25570	193	38	partial	partial	ADJ
fbem-25570	193	39	mediating	mediating	NOUN
fbem-25570	193	40	effect	effect	NOUN
fbem-25570	193	41	in	in	ADP
fbem-25570	193	42	the	the	DET
fbem-25570	193	43	impact	impact	NOUN
fbem-25570	193	44	of	of	ADP
fbem-25570	193	45	local	local	ADJ
fbem-25570	193	46	government	government	NOUN
fbem-25570	193	47	debt	debt	NOUN
fbem-25570	193	48	on	on	ADP
fbem-25570	193	49	firm	firm	ADJ
fbem-25570	193	50	risk	risk	NOUN
fbem-25570	193	51	-	-	PUNCT
fbem-25570	193	52	taking.(3	taking.(3	NOUN
fbem-25570	193	53	)	)	PUNCT
fbem-25570	193	54	the	the	DET
fbem-25570	193	55	level	level	NOUN
fbem-25570	193	56	of	of	ADP
fbem-25570	193	57	risk	risk	NOUN
fbem-25570	193	58	-	-	PUNCT
fbem-25570	193	59	taking	taking	NOUN
fbem-25570	193	60	by	by	ADP
fbem-25570	193	61	mature	mature	ADJ
fbem-25570	193	62	firms	firm	NOUN
fbem-25570	193	63	is	be	AUX
fbem-25570	193	64	most	most	ADV
fbem-25570	193	65	significantly	significantly	ADV
fbem-25570	193	66	affected	affect	VERB
fbem-25570	193	67	by	by	ADP
fbem-25570	193	68	local	local	ADJ
fbem-25570	193	69	government	government	NOUN
fbem-25570	193	70	debt	debt	NOUN
fbem-25570	193	71	.	.	PUNCT
fbem-25570	194	1	the	the	DET
fbem-25570	194	2	conclusions	conclusion	NOUN
fbem-25570	194	3	of	of	ADP
fbem-25570	194	4	this	this	DET
fbem-25570	194	5	paper	paper	NOUN
fbem-25570	194	6	are	be	AUX
fbem-25570	194	7	of	of	ADP
fbem-25570	194	8	great	great	ADJ
fbem-25570	194	9	significance	significance	NOUN
fbem-25570	194	10	in	in	ADP
fbem-25570	194	11	promoting	promote	VERB
fbem-25570	194	12	the	the	DET
fbem-25570	194	13	sustainable	sustainable	ADJ
fbem-25570	194	14	and	and	CCONJ
fbem-25570	194	15	healthy	healthy	ADJ
fbem-25570	194	16	development	development	NOUN
fbem-25570	194	17	of	of	ADP
fbem-25570	194	18	enterprises	enterprise	NOUN
fbem-25570	194	19	.	.	PUNCT
fbem-25570	195	1	first	first	ADV
fbem-25570	195	2	of	of	ADP
fbem-25570	195	3	all	all	PRON
fbem-25570	195	4	,	,	PUNCT
fbem-25570	195	5	for	for	ADP
fbem-25570	195	6	enterprises	enterprise	NOUN
fbem-25570	195	7	themselves	themselves	PRON
fbem-25570	195	8	,	,	PUNCT
fbem-25570	195	9	they	they	PRON
fbem-25570	195	10	should	should	AUX
fbem-25570	195	11	combine	combine	VERB
fbem-25570	195	12	the	the	DET
fbem-25570	195	13	characteristics	characteristic	NOUN
fbem-25570	195	14	of	of	ADP
fbem-25570	195	15	life	life	NOUN
fbem-25570	195	16	cycle	cycle	NOUN
fbem-25570	195	17	,	,	PUNCT
fbem-25570	195	18	expand	expand	VERB
fbem-25570	195	19	financing	financing	NOUN
fbem-25570	195	20	channels	channel	NOUN
fbem-25570	195	21	,	,	PUNCT
fbem-25570	195	22	strengthen	strengthen	VERB
fbem-25570	195	23	their	their	PRON
fbem-25570	195	24	own	own	ADJ
fbem-25570	195	25	competitiveness	competitiveness	NOUN
fbem-25570	195	26	,	,	PUNCT
fbem-25570	195	27	and	and	CCONJ
fbem-25570	195	28	improve	improve	VERB
fbem-25570	195	29	the	the	DET
fbem-25570	195	30	level	level	NOUN
fbem-25570	195	31	of	of	ADP
fbem-25570	195	32	risk	risk	NOUN
fbem-25570	195	33	-	-	PUNCT
fbem-25570	195	34	taking	taking	NOUN
fbem-25570	195	35	,	,	PUNCT
fbem-25570	195	36	and	and	CCONJ
fbem-25570	195	37	only	only	ADV
fbem-25570	195	38	in	in	ADP
fbem-25570	195	39	this	this	DET
fbem-25570	195	40	way	way	NOUN
fbem-25570	195	41	can	can	AUX
fbem-25570	195	42	they	they	PRON
fbem-25570	195	43	develop	develop	VERB
fbem-25570	195	44	sustainably	sustainably	ADV
fbem-25570	195	45	and	and	CCONJ
fbem-25570	195	46	healthily	healthily	ADV
fbem-25570	195	47	in	in	ADP
fbem-25570	195	48	the	the	DET
fbem-25570	195	49	fierce	fierce	ADJ
fbem-25570	195	50	market	market	NOUN
fbem-25570	195	51	.	.	PUNCT
fbem-25570	196	1	secondly	secondly	ADV
fbem-25570	196	2	,	,	PUNCT
fbem-25570	196	3	the	the	DET
fbem-25570	196	4	relevant	relevant	ADJ
fbem-25570	196	5	departments	department	NOUN
fbem-25570	196	6	should	should	AUX
fbem-25570	196	7	pay	pay	VERB
fbem-25570	196	8	attention	attention	NOUN
fbem-25570	196	9	to	to	ADP
fbem-25570	196	10	further	far	ADV
fbem-25570	196	11	optimizing	optimize	VERB
fbem-25570	196	12	the	the	DET
fbem-25570	196	13	allocation	allocation	NOUN
fbem-25570	196	14	of	of	ADP
fbem-25570	196	15	resources	resource	NOUN
fbem-25570	196	16	,	,	PUNCT
fbem-25570	196	17	especially	especially	ADV
fbem-25570	196	18	credit	credit	NOUN
fbem-25570	196	19	resources	resource	NOUN
fbem-25570	196	20	,	,	PUNCT
fbem-25570	196	21	among	among	ADP
fbem-25570	196	22	local	local	ADJ
fbem-25570	196	23	governments	government	NOUN
fbem-25570	196	24	and	and	CCONJ
fbem-25570	196	25	enterprises	enterprise	NOUN
fbem-25570	196	26	,	,	PUNCT
fbem-25570	196	27	creating	create	VERB
fbem-25570	196	28	financing	financing	NOUN
fbem-25570	196	29	opportunities	opportunity	NOUN
fbem-25570	196	30	for	for	ADP
fbem-25570	196	31	enterprises	enterprise	NOUN
fbem-25570	196	32	,	,	PUNCT
fbem-25570	196	33	reducing	reduce	VERB
fbem-25570	196	34	the	the	DET
fbem-25570	196	35	financing	financing	NOUN
fbem-25570	196	36	constraints	constraint	NOUN
fbem-25570	196	37	of	of	ADP
fbem-25570	196	38	enterprises	enterprise	NOUN
fbem-25570	196	39	and	and	CCONJ
fbem-25570	196	40	promoting	promote	VERB
fbem-25570	196	41	the	the	DET
fbem-25570	196	42	good	good	ADJ
fbem-25570	196	43	operation	operation	NOUN
fbem-25570	196	44	of	of	ADP
fbem-25570	196	45	the	the	DET
fbem-25570	196	46	capital	capital	NOUN
fbem-25570	196	47	market	market	NOUN
fbem-25570	196	48	.	.	PUNCT
fbem-25570	197	1	finally	finally	ADV
fbem-25570	197	2	,	,	PUNCT
fbem-25570	197	3	local	local	ADJ
fbem-25570	197	4	governments	government	NOUN
fbem-25570	197	5	should	should	AUX
fbem-25570	197	6	limit	limit	VERB
fbem-25570	197	7	the	the	DET
fbem-25570	197	8	scale	scale	NOUN
fbem-25570	197	9	of	of	ADP
fbem-25570	197	10	debt	debt	NOUN
fbem-25570	197	11	raising	raising	NOUN
fbem-25570	197	12	,	,	PUNCT
fbem-25570	197	13	improve	improve	VERB
fbem-25570	197	14	the	the	DET
fbem-25570	197	15	financial	financial	ADJ
fbem-25570	197	16	system	system	NOUN
fbem-25570	197	17	,	,	PUNCT
fbem-25570	197	18	promote	promote	VERB
fbem-25570	197	19	the	the	DET
fbem-25570	197	20	division	division	NOUN
fbem-25570	197	21	of	of	ADP
fbem-25570	197	22	income	income	NOUN
fbem-25570	197	23	distribution	distribution	NOUN
fbem-25570	197	24	between	between	ADP
fbem-25570	197	25	the	the	DET
fbem-25570	197	26	central	central	ADJ
fbem-25570	197	27	and	and	CCONJ
fbem-25570	197	28	local	local	ADJ
fbem-25570	197	29	governments	government	NOUN
fbem-25570	197	30	,	,	PUNCT
fbem-25570	197	31	effectively	effectively	ADV
fbem-25570	197	32	alleviate	alleviate	VERB
fbem-25570	197	33	the	the	DET
fbem-25570	197	34	mediumand	mediumand	NOUN
fbem-25570	197	35	long	long	ADJ
fbem-25570	197	36	-	-	PUNCT
fbem-25570	197	37	term	term	NOUN
fbem-25570	197	38	financial	financial	ADJ
fbem-25570	197	39	pressure	pressure	NOUN
fbem-25570	197	40	on	on	ADP
fbem-25570	197	41	local	local	ADJ
fbem-25570	197	42	governments	government	NOUN
fbem-25570	197	43	,	,	PUNCT
fbem-25570	197	44	and	and	CCONJ
fbem-25570	197	45	release	release	VERB
fbem-25570	197	46	the	the	DET
fbem-25570	197	47	vitality	vitality	NOUN
fbem-25570	197	48	of	of	ADP
fbem-25570	197	49	the	the	DET
fbem-25570	197	50	real	real	ADJ
fbem-25570	197	51	economy	economy	NOUN
fbem-25570	197	52	,	,	PUNCT
fbem-25570	197	53	and	and	CCONJ
fbem-25570	197	54	at	at	ADP
fbem-25570	197	55	the	the	DET
fbem-25570	197	56	same	same	ADJ
fbem-25570	197	57	time	time	NOUN
fbem-25570	197	58	,	,	PUNCT
fbem-25570	197	59	strengthen	strengthen	VERB
fbem-25570	197	60	the	the	DET
fbem-25570	197	61	disclosure	disclosure	NOUN
fbem-25570	197	62	of	of	ADP
fbem-25570	197	63	information	information	NOUN
fbem-25570	197	64	on	on	ADP
fbem-25570	197	65	the	the	DET
fbem-25570	197	66	debt	debt	NOUN
fbem-25570	197	67	of	of	ADP
fbem-25570	197	68	local	local	ADJ
fbem-25570	197	69	governments	government	NOUN
fbem-25570	197	70	and	and	CCONJ
fbem-25570	197	71	accept	accept	VERB
fbem-25570	197	72	the	the	DET
fbem-25570	197	73	supervision	supervision	NOUN
fbem-25570	197	74	of	of	ADP
fbem-25570	197	75	all	all	DET
fbem-25570	197	76	parties	party	NOUN
fbem-25570	197	77	.	.	PUNCT
fbem-25570	198	1	references	reference	NOUN
fbem-25570	198	2	[	[	X
fbem-25570	198	3	1	1	NUM
fbem-25570	198	4	]	]	X
fbem-25570	198	5	zhao	zhao	X
fbem-25570	198	6	can	can	AUX
fbem-25570	198	7	,	,	PUNCT
fbem-25570	198	8	liu	liu	PROPN
fbem-25570	198	9	qiren	qiren	PROPN
fbem-25570	198	10	,	,	PUNCT
fbem-25570	198	11	yuan	yuan	PROPN
fbem-25570	198	12	jin	jin	PROPN
fbem-25570	198	13	.	.	PUNCT
fbem-25570	199	1	tax	tax	NOUN
fbem-25570	199	2	policy	policy	NOUN
fbem-25570	199	3	incentives	incentive	NOUN
fbem-25570	199	4	and	and	CCONJ
fbem-25570	199	5	corporate	corporate	ADJ
fbem-25570	199	6	risk	risk	NOUN
fbem-25570	199	7	taking	take	VERB
fbem-25570	199	8	micro	micro	ADJ
fbem-25570	199	9	empirical	empirical	ADJ
fbem-25570	199	10	evidence	evidence	NOUN
fbem-25570	199	11	based	base	VERB
fbem-25570	199	12	on	on	ADP
fbem-25570	199	13	accelerated	accelerate	VERB
fbem-25570	199	14	depreciation	depreciation	NOUN
fbem-25570	199	15	policy	policy	NOUN
fbem-25570	199	16	for	for	ADP
fbem-25570	199	17	fixed	fix	VERB
fbem-25570	199	18	assets	asset	NOUN
fbem-25570	200	1	[	[	X
fbem-25570	200	2	j	j	X
fbem-25570	200	3	]	]	X
fbem-25570	200	4	.	.	PUNCT
fbem-25570	201	1	economic	economic	ADJ
fbem-25570	201	2	science	science	NOUN
fbem-25570	201	3	,	,	PUNCT
fbem-25570	201	4	2022(05):95	2022(05):95	NUM
fbem-25570	201	5	-	-	SYM
fbem-25570	201	6	106	106	NUM
fbem-25570	201	7	.	.	PUNCT
fbem-25570	202	1	[	[	X
fbem-25570	202	2	2	2	NUM
fbem-25570	202	3	]	]	SYM
fbem-25570	202	4	boubakri	boubakri	NOUN
fbem-25570	202	5	n	n	CCONJ
fbem-25570	202	6	,	,	PUNCT
fbem-25570	202	7	cosset	cosset	VERB
fbem-25570	202	8	j	j	PROPN
fbem-25570	202	9	c	c	PROPN
fbem-25570	202	10	,	,	PUNCT
fbem-25570	202	11	saffar	saffar	ADV
fbem-25570	202	12	w.	w.	NOUN
fbem-25570	202	13	the	the	DET
fbem-25570	202	14	role	role	NOUN
fbem-25570	202	15	of	of	ADP
fbem-25570	202	16	state	state	NOUN
fbem-25570	202	17	and	and	CCONJ
fbem-25570	202	18	foreign	foreign	ADJ
fbem-25570	202	19	owners	owner	NOUN
fbem-25570	202	20	in	in	ADP
fbem-25570	202	21	corporate	corporate	ADJ
fbem-25570	202	22	risk	risk	NOUN
fbem-25570	202	23	-	-	PUNCT
fbem-25570	202	24	taking	taking	NOUN
fbem-25570	202	25	:	:	PUNCT
fbem-25570	202	26	evidence	evidence	NOUN
fbem-25570	202	27	from	from	ADP
fbem-25570	202	28	privatization	privatization	NOUN
fbem-25570	203	1	[	[	X
fbem-25570	203	2	j	j	X
fbem-25570	203	3	]	]	X
fbem-25570	203	4	.	.	PUNCT
fbem-25570	204	1	journal	journal	PROPN
fbem-25570	204	2	of	of	ADP
fbem-25570	204	3	financial	financial	ADJ
fbem-25570	204	4	economics	economic	NOUN
fbem-25570	204	5	,	,	PUNCT
fbem-25570	204	6	2013	2013	NUM
fbem-25570	204	7	,	,	PUNCT
fbem-25570	204	8	108(3	108(3	NUM
fbem-25570	204	9	):	):	PUNCT
fbem-25570	204	10	641	641	NUM
fbem-25570	204	11	-	-	SYM
fbem-25570	204	12	658	658	NUM
fbem-25570	204	13	.	.	PUNCT
fbem-25570	205	1	[	[	X
fbem-25570	205	2	3	3	X
fbem-25570	205	3	]	]	X
fbem-25570	205	4	zhang	zhang	PROPN
fbem-25570	205	5	min	min	PROPN
fbem-25570	205	6	,	,	PUNCT
fbem-25570	205	7	tong	tong	PROPN
fbem-25570	205	8	lijing	lijing	PROPN
fbem-25570	205	9	,	,	PUNCT
fbem-25570	205	10	xu	xu	PROPN
fbem-25570	205	11	haoran	haoran	PROPN
fbem-25570	205	12	.	.	PUNCT
fbem-25570	206	1	social	social	ADJ
fbem-25570	206	2	networks	network	NOUN
fbem-25570	206	3	and	and	CCONJ
fbem-25570	206	4	corporate	corporate	ADJ
fbem-25570	206	5	risk	risk	NOUN
fbem-25570	206	6	taking	taking	NOUN
fbem-25570	206	7	-	-	PUNCT
fbem-25570	206	8	empirical	empirical	ADJ
fbem-25570	206	9	evidence	evidence	NOUN
fbem-25570	206	10	based	base	VERB
fbem-25570	206	11	on	on	ADP
fbem-25570	206	12	listed	list	VERB
fbem-25570	206	13	companies	company	NOUN
fbem-25570	206	14	in	in	ADP
fbem-25570	206	15	china	china	PROPN
fbem-25570	207	1	[	[	X
fbem-25570	207	2	j	j	X
fbem-25570	207	3	]	]	X
fbem-25570	207	4	.	.	PUNCT
fbem-25570	208	1	management	management	NOUN
fbem-25570	208	2	world	world	NOUN
fbem-25570	208	3	,	,	PUNCT
fbem-25570	208	4	2015(11):161175	2015(11):161175	NUM
fbem-25570	208	5	.	.	PUNCT
fbem-25570	209	1	[	[	X
fbem-25570	209	2	4	4	NUM
fbem-25570	209	3	]	]	X
fbem-25570	209	4	tang	tang	PROPN
fbem-25570	209	5	wei	wei	PROPN
fbem-25570	209	6	,	,	PUNCT
fbem-25570	209	7	hu	hu	PROPN
fbem-25570	209	8	chao	chao	PROPN
fbem-25570	209	9	,	,	PUNCT
fbem-25570	209	10	zhao	zhao	PROPN
fbem-25570	209	11	yan	yan	PROPN
fbem-25570	209	12	.	.	PROPN
fbem-25570	209	13	does	do	AUX
fbem-25570	209	14	local	local	ADJ
fbem-25570	209	15	government	government	NOUN
fbem-25570	209	16	debt	debt	NOUN
fbem-25570	209	17	affect	affect	VERB
fbem-25570	209	18	corporate	corporate	ADJ
fbem-25570	209	19	social	social	ADJ
fbem-25570	209	20	responsibility	responsibility	NOUN
fbem-25570	209	21	performance	performance	NOUN
fbem-25570	209	22	?	?	PUNCT
fbem-25570	210	1	[	[	X
fbem-25570	210	2	j	j	X
fbem-25570	210	3	]	]	X
fbem-25570	210	4	.	.	PUNCT
fbem-25570	211	1	finance	finance	NOUN
fbem-25570	211	2	and	and	CCONJ
fbem-25570	211	3	economics	economic	NOUN
fbem-25570	211	4	,	,	PUNCT
fbem-25570	211	5	2022(10):71	2022(10):71	NUM
fbem-25570	211	6	-	-	SYM
fbem-25570	211	7	80	80	NUM
fbem-25570	211	8	.	.	PUNCT
fbem-25570	212	1	[	[	X
fbem-25570	212	2	5	5	NUM
fbem-25570	212	3	]	]	PUNCT
fbem-25570	212	4	eden	eden	PROPN
fbem-25570	212	5	m	m	PROPN
fbem-25570	212	6	,	,	PUNCT
fbem-25570	212	7	kraay	kraay	ADJ
fbem-25570	212	8	a.	a.	NOUN
fbem-25570	212	9	‘	'	PUNCT
fbem-25570	212	10	crowding	crowd	VERB
fbem-25570	212	11	in	in	ADP
fbem-25570	212	12	’	'	PUNCT
fbem-25570	212	13	and	and	CCONJ
fbem-25570	212	14	the	the	DET
fbem-25570	212	15	returns	return	NOUN
fbem-25570	212	16	to	to	ADP
fbem-25570	212	17	government	government	NOUN
fbem-25570	212	18	investment	investment	NOUN
fbem-25570	212	19	in	in	ADP
fbem-25570	212	20	low	low	ADJ
fbem-25570	212	21	-	-	PUNCT
fbem-25570	212	22	income	income	NOUN
fbem-25570	212	23	countries	country	NOUN
fbem-25570	213	1	[	[	X
fbem-25570	213	2	j	j	X
fbem-25570	213	3	]	]	X
fbem-25570	213	4	.	.	PUNCT
fbem-25570	214	1	2014	2014	NUM
fbem-25570	214	2	.	.	PUNCT
fbem-25570	215	1	[	[	X
fbem-25570	215	2	6	6	NUM
fbem-25570	215	3	]	]	X
fbem-25570	215	4	bai	bai	PROPN
fbem-25570	215	5	chong'en	chong'en	PROPN
fbem-25570	215	6	,	,	PUNCT
fbem-25570	215	7	zhang	zhang	PROPN
fbem-25570	215	8	qiong	qiong	PROPN
fbem-25570	215	9	.	.	PUNCT
fbem-25570	216	1	analysis	analysis	NOUN
fbem-25570	216	2	of	of	ADP
fbem-25570	216	3	return	return	NOUN
fbem-25570	216	4	on	on	ADP
fbem-25570	216	5	capital	capital	NOUN
fbem-25570	216	6	and	and	CCONJ
fbem-25570	216	7	its	its	PRON
fbem-25570	216	8	influencing	influence	VERB
fbem-25570	216	9	factors	factor	NOUN
fbem-25570	216	10	in	in	ADP
fbem-25570	216	11	china	china	PROPN
fbem-25570	217	1	[	[	X
fbem-25570	217	2	j	j	X
fbem-25570	217	3	]	]	X
fbem-25570	217	4	.	.	PUNCT
fbem-25570	218	1	world	world	NOUN
fbem-25570	218	2	economy	economy	NOUN
fbem-25570	218	3	,	,	PUNCT
fbem-25570	218	4	2014	2014	NUM
fbem-25570	218	5	(	(	PUNCT
fbem-25570	218	6	10	10	NUM
fbem-25570	218	7	):	):	PUNCT
fbem-25570	218	8	3	3	NUM
fbem-25570	218	9	-	-	SYM
fbem-25570	218	10	30	30	NUM
fbem-25570	218	11	.	.	PUNCT
fbem-25570	219	1	[	[	X
fbem-25570	219	2	7	7	X
fbem-25570	219	3	]	]	X
fbem-25570	219	4	li	li	PROPN
fbem-25570	219	5	hongquan	hongquan	PROPN
fbem-25570	219	6	,	,	PUNCT
fbem-25570	219	7	yin	yin	PROPN
fbem-25570	219	8	panpan	panpan	PROPN
fbem-25570	219	9	.	.	PUNCT
fbem-25570	220	1	research	research	NOUN
fbem-25570	220	2	on	on	ADP
fbem-25570	220	3	the	the	DET
fbem-25570	220	4	income	income	NOUN
fbem-25570	220	5	distribution	distribution	NOUN
fbem-25570	220	6	effect	effect	NOUN
fbem-25570	220	7	of	of	ADP
fbem-25570	220	8	local	local	ADJ
fbem-25570	220	9	government	government	NOUN
fbem-25570	220	10	debt	debt	NOUN
fbem-25570	220	11	in	in	ADP
fbem-25570	220	12	china	china	PROPN
fbem-25570	221	1	[	[	X
fbem-25570	221	2	j	j	X
fbem-25570	221	3	]	]	X
fbem-25570	221	4	.	.	PUNCT
fbem-25570	222	1	financial	financial	PROPN
fbem-25570	222	2	review	review	PROPN
fbem-25570	222	3	,	,	PUNCT
fbem-25570	222	4	2019	2019	NUM
fbem-25570	222	5	,	,	PUNCT
fbem-25570	222	6	11(6	11(6	NUM
fbem-25570	222	7	):	):	PUNCT
fbem-25570	222	8	86	86	NUM
fbem-25570	222	9	-	-	SYM
fbem-25570	222	10	97	97	NUM
fbem-25570	222	11	.	.	PUNCT
fbem-25570	223	1	[	[	X
fbem-25570	223	2	8	8	NUM
fbem-25570	223	3	]	]	X
fbem-25570	223	4	yin	yin	PROPN
fbem-25570	223	5	shifen	shifen	NOUN
fbem-25570	223	6	,	,	PUNCT
fbem-25570	223	7	luo	luo	PROPN
fbem-25570	223	8	zhiheng	zhiheng	PROPN
fbem-25570	223	9	.	.	PUNCT
fbem-25570	224	1	local	local	ADJ
fbem-25570	224	2	government	government	NOUN
fbem-25570	224	3	debt	debt	NOUN
fbem-25570	224	4	risk	risk	NOUN
fbem-25570	224	5	,	,	PUNCT
fbem-25570	224	6	causes	cause	NOUN
fbem-25570	224	7	and	and	CCONJ
fbem-25570	224	8	governance	governance	NOUN
fbem-25570	224	9	path	path	NOUN
fbem-25570	224	10	in	in	ADP
fbem-25570	224	11	china	china	PROPN
fbem-25570	225	1	[	[	X
fbem-25570	225	2	j	j	X
fbem-25570	225	3	]	]	X
fbem-25570	225	4	.	.	PUNCT
fbem-25570	226	1	economic	economic	ADJ
fbem-25570	226	2	and	and	CCONJ
fbem-25570	226	3	management	management	NOUN
fbem-25570	226	4	research	research	NOUN
fbem-25570	226	5	,	,	PUNCT
fbem-25570	226	6	2013(05):119	2013(05):119	PROPN
fbem-25570	226	7	-	-	SYM
fbem-25570	226	8	123	123	NUM
fbem-25570	226	9	.	.	PUNCT
fbem-25570	227	1	[	[	X
fbem-25570	227	2	9	9	NUM
fbem-25570	227	3	]	]	SYM
fbem-25570	227	4	mao	mao	PROPN
fbem-25570	227	5	rui	rui	PROPN
fbem-25570	227	6	,	,	PUNCT
fbem-25570	227	7	liu	liu	PROPN
fbem-25570	227	8	nannan	nannan	PROPN
fbem-25570	227	9	,	,	PUNCT
fbem-25570	227	10	liu	liu	PROPN
fbem-25570	227	11	rong	rong	PROPN
fbem-25570	227	12	.	.	PUNCT
fbem-25570	227	13	trigger	trigger	NOUN
fbem-25570	227	14	mechanism	mechanism	NOUN
fbem-25570	227	15	of	of	ADP
fbem-25570	227	16	local	local	ADJ
fbem-25570	227	17	government	government	NOUN
fbem-25570	227	18	debt	debt	NOUN
fbem-25570	227	19	expansion	expansion	NOUN
fbem-25570	227	20	and	and	CCONJ
fbem-25570	227	21	systemic	systemic	ADJ
fbem-25570	227	22	financial	financial	ADJ
fbem-25570	227	23	risk	risk	NOUN
fbem-25570	228	1	[	[	X
fbem-25570	228	2	j	j	X
fbem-25570	228	3	]	]	X
fbem-25570	228	4	.	.	PUNCT
fbem-25570	229	1	china	china	PROPN
fbem-25570	229	2	industrial	industrial	ADJ
fbem-25570	229	3	economy	economy	NOUN
fbem-25570	229	4	,	,	PUNCT
fbem-25570	229	5	2018(04):19	2018(04):19	NUM
fbem-25570	229	6	-	-	SYM
fbem-25570	229	7	38	38	NUM
fbem-25570	229	8	.	.	PUNCT
fbem-25570	230	1	[	[	X
fbem-25570	230	2	10	10	NUM
fbem-25570	230	3	]	]	X
fbem-25570	230	4	hao	hao	PROPN
fbem-25570	230	5	yi	yi	PROPN
fbem-25570	230	6	,	,	PUNCT
fbem-25570	230	7	li	li	PROPN
fbem-25570	230	8	zheng	zheng	PROPN
fbem-25570	230	9	.	.	PUNCT
fbem-25570	231	1	research	research	NOUN
fbem-25570	231	2	on	on	ADP
fbem-25570	231	3	land	land	NOUN
fbem-25570	231	4	finance	finance	NOUN
fbem-25570	231	5	,	,	PUNCT
fbem-25570	231	6	local	local	ADJ
fbem-25570	231	7	government	government	NOUN
fbem-25570	231	8	debt	debt	NOUN
fbem-25570	231	9	and	and	CCONJ
fbem-25570	231	10	macroeconomic	macroeconomic	ADJ
fbem-25570	231	11	fluctuations	fluctuation	NOUN
fbem-25570	231	12	--	--	PUNCT
fbem-25570	231	13	taking	take	VERB
fbem-25570	231	14	local	local	ADJ
fbem-25570	231	15	government	government	NOUN
fbem-25570	231	16	investment	investment	NOUN
fbem-25570	231	17	and	and	CCONJ
fbem-25570	231	18	financing	financing	NOUN
fbem-25570	231	19	platform	platform	NOUN
fbem-25570	231	20	as	as	ADP
fbem-25570	231	21	an	an	DET
fbem-25570	231	22	example	example	NOUN
fbem-25570	232	1	[	[	X
fbem-25570	232	2	j	j	X
fbem-25570	232	3	]	]	X
fbem-25570	232	4	.	.	PUNCT
fbem-25570	233	1	contemporary	contemporary	ADJ
fbem-25570	233	2	economic	economic	ADJ
fbem-25570	233	3	science	science	NOUN
fbem-25570	233	4	,	,	PUNCT
fbem-25570	233	5	2017	2017	NUM
fbem-25570	233	6	,	,	PUNCT
fbem-25570	233	7	39(01):1	39(01):1	NUM
fbem-25570	233	8	-	-	SYM
fbem-25570	233	9	12	12	NUM
fbem-25570	233	10	.	.	PUNCT
fbem-25570	234	1	[	[	X
fbem-25570	234	2	11	11	NUM
fbem-25570	234	3	]	]	X
fbem-25570	234	4	han	han	PROPN
fbem-25570	234	5	jian	jian	PROPN
fbem-25570	234	6	,	,	PUNCT
fbem-25570	234	7	cheng	cheng	PROPN
fbem-25570	234	8	yudan	yudan	PROPN
fbem-25570	234	9	.	.	PUNCT
fbem-25570	235	1	regional	regional	ADJ
fbem-25570	235	2	heterogeneity	heterogeneity	NOUN
fbem-25570	235	3	analysis	analysis	NOUN
fbem-25570	235	4	of	of	ADP
fbem-25570	235	5	local	local	ADJ
fbem-25570	235	6	government	government	NOUN
fbem-25570	235	7	debt	debt	NOUN
fbem-25570	235	8	affecting	affect	VERB
fbem-25570	235	9	economic	economic	ADJ
fbem-25570	235	10	growth	growth	NOUN
fbem-25570	235	11	path	path	NOUN
fbem-25570	236	1	[	[	X
fbem-25570	236	2	j	j	X
fbem-25570	236	3	]	]	X
fbem-25570	236	4	.	.	PUNCT
fbem-25570	237	1	statistical	statistical	ADJ
fbem-25570	237	2	research	research	NOUN
fbem-25570	237	3	,	,	PUNCT
fbem-25570	237	4	2019	2019	NUM
fbem-25570	237	5	,	,	PUNCT
fbem-25570	237	6	36(3	36(3	NUM
fbem-25570	237	7	):	):	PUNCT
fbem-25570	237	8	32	32	NUM
fbem-25570	237	9	-	-	SYM
fbem-25570	237	10	41	41	NUM
fbem-25570	237	11	.	.	PUNCT
fbem-25570	238	1	[	[	X
fbem-25570	238	2	12	12	NUM
fbem-25570	238	3	]	]	X
fbem-25570	238	4	fu	fu	PROPN
fbem-25570	238	5	junhui	junhui	PROPN
fbem-25570	238	6	,	,	PUNCT
fbem-25570	238	7	yang	yang	PROPN
fbem-25570	238	8	jiawei	jiawei	PROPN
fbem-25570	238	9	,	,	PUNCT
fbem-25570	238	10	xia	xia	PROPN
fbem-25570	238	11	yujia	yujia	PROPN
fbem-25570	238	12	,	,	PUNCT
fbem-25570	238	13	mok	mok	PROPN
fbem-25570	238	14	yanling	yanling	PROPN
fbem-25570	238	15	.	.	PUNCT
fbem-25570	239	1	managerial	managerial	ADJ
fbem-25570	239	2	competence	competence	NOUN
fbem-25570	239	3	and	and	CCONJ
fbem-25570	239	4	corporate	corporate	ADJ
fbem-25570	239	5	strategic	strategic	ADJ
fbem-25570	239	6	risk	risk	NOUN
fbem-25570	239	7	taking	taking	NOUN
fbem-25570	239	8	:	:	PUNCT
fbem-25570	239	9	“	"	PUNCT
fbem-25570	239	10	rising	rise	VERB
fbem-25570	239	11	to	to	ADP
fbem-25570	239	12	the	the	DET
fbem-25570	239	13	wind	wind	NOUN
fbem-25570	239	14	”	"	PUNCT
fbem-25570	239	15	or	or	CCONJ
fbem-25570	239	16	“	"	PUNCT
fbem-25570	239	17	retreating	retreat	VERB
fbem-25570	239	18	from	from	ADP
fbem-25570	239	19	danger	danger	NOUN
fbem-25570	239	20	”	"	PUNCT
fbem-25570	239	21	?	?	PUNCT
fbem-25570	240	1	[	[	X
fbem-25570	240	2	j	j	X
fbem-25570	240	3	]	]	X
fbem-25570	240	4	.	.	PUNCT
fbem-25570	241	1	finance	finance	NOUN
fbem-25570	241	2	and	and	CCONJ
fbem-25570	241	3	economics	economic	NOUN
fbem-25570	241	4	,	,	PUNCT
fbem-25570	241	5	2022(08):69	2022(08):69	NUM
fbem-25570	241	6	-	-	SYM
fbem-25570	241	7	79	79	NUM
fbem-25570	241	8	.	.	PUNCT
fbem-25570	242	1	[	[	X
fbem-25570	242	2	13	13	NUM
fbem-25570	242	3	]	]	SYM
fbem-25570	242	4	yang	yang	PROPN
fbem-25570	242	5	hanming	hanming	PROPN
fbem-25570	242	6	,	,	PUNCT
fbem-25570	242	7	yu	yu	PROPN
fbem-25570	242	8	xiaoliang	xiaoliang	PROPN
fbem-25570	242	9	,	,	PUNCT
fbem-25570	242	10	zhang	zhang	PROPN
fbem-25570	242	11	qing	qing	PROPN
fbem-25570	242	12	.	.	PUNCT
fbem-25570	243	1	entrepreneurial	entrepreneurial	ADJ
fbem-25570	243	2	sentiment	sentiment	NOUN
fbem-25570	243	3	,	,	PUNCT
fbem-25570	243	4	legitimacy	legitimacy	NOUN
fbem-25570	243	5	and	and	CCONJ
fbem-25570	243	6	risk	risk	NOUN
fbem-25570	243	7	taking	take	VERB
fbem-25570	243	8	[	[	X
fbem-25570	243	9	j	j	X
fbem-25570	243	10	]	]	X
fbem-25570	243	11	.	.	PUNCT
fbem-25570	244	1	management	management	PROPN
fbem-25570	244	2	review	review	PROPN
fbem-25570	244	3	,	,	PUNCT
fbem-25570	244	4	2022	2022	NUM
fbem-25570	244	5	,	,	PUNCT
fbem-25570	244	6	34(05):252	34(05):252	NUM
fbem-25570	244	7	-	-	SYM
fbem-25570	244	8	264	264	NUM
fbem-25570	244	9	.	.	PUNCT
fbem-25570	245	1	[	[	X
fbem-25570	245	2	14	14	NUM
fbem-25570	245	3	]	]	SYM
fbem-25570	245	4	su	su	PROPN
fbem-25570	245	5	zhongqin	zhongqin	PROPN
fbem-25570	245	6	,	,	PUNCT
fbem-25570	245	7	ge	ge	PROPN
fbem-25570	245	8	biao	biao	PROPN
fbem-25570	245	9	.	.	PUNCT
fbem-25570	246	1	foreign	foreign	ADJ
fbem-25570	246	2	ceos	ceos	NOUN
fbem-25570	246	3	and	and	CCONJ
fbem-25570	246	4	corporate	corporate	ADJ
fbem-25570	246	5	risk	risk	NOUN
fbem-25570	246	6	taking	taking	NOUN
fbem-25570	246	7	:	:	PUNCT
fbem-25570	246	8	is	be	AUX
fbem-25570	246	9	a	a	DET
fbem-25570	246	10	foreign	foreign	ADJ
fbem-25570	246	11	monk	monk	NOUN
fbem-25570	246	12	good	good	ADJ
fbem-25570	246	13	at	at	ADP
fbem-25570	246	14	reading	read	VERB
fbem-25570	246	15	?	?	PUNCT
fbem-25570	247	1	[	[	X
fbem-25570	247	2	j	j	X
fbem-25570	247	3	]	]	X
fbem-25570	247	4	.	.	PUNCT
fbem-25570	248	1	securities	security	NOUN
fbem-25570	248	2	market	market	PROPN
fbem-25570	248	3	herald	herald	PROPN
fbem-25570	248	4	,	,	PUNCT
fbem-25570	248	5	2022(09):23	2022(09):23	NUM
fbem-25570	248	6	-	-	SYM
fbem-25570	248	7	36	36	NUM
fbem-25570	248	8	.	.	PUNCT
fbem-25570	249	1	[	[	X
fbem-25570	249	2	15	15	NUM
fbem-25570	249	3	]	]	X
fbem-25570	249	4	niu	niu	PROPN
fbem-25570	249	5	feng	feng	PROPN
fbem-25570	249	6	,	,	PUNCT
fbem-25570	249	7	zhang	zhang	PROPN
fbem-25570	249	8	liuzhen	liuzhen	PROPN
fbem-25570	249	9	,	,	PUNCT
fbem-25570	249	10	xiao	xiao	PROPN
fbem-25570	249	11	zuoping	zuoping	NOUN
fbem-25570	249	12	.	.	PUNCT
fbem-25570	250	1	the	the	DET
fbem-25570	250	2	impact	impact	NOUN
fbem-25570	250	3	of	of	ADP
fbem-25570	250	4	stateowned	stateowne	VERB
fbem-25570	250	5	equity	equity	NOUN
fbem-25570	250	6	participation	participation	NOUN
fbem-25570	250	7	on	on	ADP
fbem-25570	250	8	the	the	DET
fbem-25570	250	9	risk	risk	NOUN
fbem-25570	250	10	-	-	PUNCT
fbem-25570	250	11	taking	take	VERB
fbem-25570	250	12	level	level	NOUN
fbem-25570	250	13	of	of	ADP
fbem-25570	250	14	private	private	ADJ
fbem-25570	250	15	enterprises	enterprise	NOUN
fbem-25570	250	16	--	--	PUNCT
fbem-25570	250	17	a	a	DET
fbem-25570	250	18	study	study	NOUN
fbem-25570	250	19	based	base	VERB
fbem-25570	250	20	on	on	ADP
fbem-25570	250	21	the	the	DET
fbem-25570	250	22	data	datum	NOUN
fbem-25570	250	23	of	of	ADP
fbem-25570	250	24	listed	list	VERB
fbem-25570	250	25	private	private	ADJ
fbem-25570	250	26	enterprises	enterprise	NOUN
fbem-25570	250	27	[	[	X
fbem-25570	250	28	j	j	X
fbem-25570	250	29	]	]	X
fbem-25570	250	30	.	.	PUNCT
fbem-25570	251	1	business	business	NOUN
fbem-25570	251	2	economics	economic	NOUN
fbem-25570	251	3	and	and	CCONJ
fbem-25570	251	4	management	management	NOUN
fbem-25570	251	5	,	,	PUNCT
fbem-25570	251	6	2022(09):72	2022(09):72	NUM
fbem-25570	251	7	-	-	SYM
fbem-25570	251	8	89	89	NUM
fbem-25570	251	9	.	.	PUNCT
fbem-25570	252	1	[	[	X
fbem-25570	252	2	16	16	NUM
fbem-25570	252	3	]	]	X
fbem-25570	252	4	huang	huang	PROPN
fbem-25570	252	5	dayu	dayu	PROPN
fbem-25570	252	6	,	,	PUNCT
fbem-25570	252	7	xie	xie	PROPN
fbem-25570	252	8	yuobao	yuobao	PROPN
fbem-25570	252	9	,	,	PUNCT
fbem-25570	252	10	zou	zou	PROPN
fbem-25570	252	11	mengting	mengting	PROPN
fbem-25570	252	12	,	,	PUNCT
fbem-25570	252	13	meng	meng	PROPN
fbem-25570	252	14	xiangyu	xiangyu	PROPN
fbem-25570	252	15	.	.	PUNCT
fbem-25570	253	1	the	the	DET
fbem-25570	253	2	impact	impact	NOUN
fbem-25570	253	3	of	of	ADP
fbem-25570	253	4	digital	digital	ADJ
fbem-25570	253	5	transformation	transformation	NOUN
fbem-25570	253	6	on	on	ADP
fbem-25570	253	7	the	the	DET
fbem-25570	253	8	level	level	NOUN
fbem-25570	253	9	of	of	ADP
fbem-25570	253	10	corporate	corporate	ADJ
fbem-25570	253	11	risk	risk	NOUN
fbem-25570	253	12	-	-	PUNCT
fbem-25570	253	13	taking	take	VERB
fbem-25570	253	14	-	-	PUNCT
fbem-25570	253	15	acting	act	VERB
fbem-25570	253	16	mechanism	mechanism	NOUN
fbem-25570	253	17	and	and	CCONJ
fbem-25570	253	18	influencing	influence	VERB
fbem-25570	253	19	channels	channel	NOUN
fbem-25570	253	20	[	[	X
fbem-25570	253	21	j	j	X
fbem-25570	253	22	/	/	SYM
fbem-25570	253	23	ol	ol	PROPN
fbem-25570	253	24	]	]	PUNCT
fbem-25570	253	25	.	.	PUNCT
fbem-25570	253	26	178	178	NUM
fbem-25570	253	27	science	science	NOUN
fbem-25570	253	28	and	and	CCONJ
fbem-25570	253	29	technology	technology	NOUN
fbem-25570	253	30	progress	progress	NOUN
fbem-25570	253	31	and	and	CCONJ
fbem-25570	253	32	countermeasures	countermeasure	NOUN
fbem-25570	253	33	:	:	PUNCT
fbem-25570	253	34	110[2022	110[2022	NUM
fbem-25570	253	35	-	-	SYM
fbem-25570	253	36	11	11	NUM
fbem-25570	253	37	-	-	SYM
fbem-25570	253	38	20	20	NUM
fbem-25570	253	39	]	]	PUNCT
fbem-25570	253	40	.	.	PUNCT
fbem-25570	254	1	[	[	X
fbem-25570	254	2	17	17	NUM
fbem-25570	254	3	]	]	X
fbem-25570	254	4	li	li	PROPN
fbem-25570	254	5	wengui	wengui	PROPN
fbem-25570	254	6	,	,	PUNCT
fbem-25570	254	7	yu	yu	PROPN
fbem-25570	254	8	minggui	minggui	PROPN
fbem-25570	254	9	.	.	PUNCT
fbem-25570	255	1	ownership	ownership	NOUN
fbem-25570	255	2	nature	nature	NOUN
fbem-25570	255	3	,	,	PUNCT
fbem-25570	255	4	marketization	marketization	NOUN
fbem-25570	255	5	process	process	NOUN
fbem-25570	255	6	and	and	CCONJ
fbem-25570	255	7	enterprise	enterprise	NOUN
fbem-25570	255	8	risk	risk	NOUN
fbem-25570	255	9	taking	take	VERB
fbem-25570	255	10	[	[	X
fbem-25570	255	11	j	j	X
fbem-25570	255	12	]	]	X
fbem-25570	255	13	.	.	PUNCT
fbem-25570	256	1	china	china	PROPN
fbem-25570	256	2	industrial	industrial	ADJ
fbem-25570	256	3	economy	economy	NOUN
fbem-25570	256	4	,	,	PUNCT
fbem-25570	256	5	2012(12):115	2012(12):115	NOUN
fbem-25570	256	6	-	-	SYM
fbem-25570	256	7	127	127	NUM
fbem-25570	256	8	.	.	PUNCT
fbem-25570	257	1	[	[	X
fbem-25570	257	2	18	18	NUM
fbem-25570	257	3	]	]	X
fbem-25570	257	4	zhao	zhao	PROPN
fbem-25570	257	5	chan	chan	PROPN
fbem-25570	257	6	,	,	PUNCT
fbem-25570	257	7	liu	liu	PROPN
fbem-25570	257	8	qiren	qiren	PROPN
fbem-25570	257	9	,	,	PUNCT
fbem-25570	257	10	yuan	yuan	PROPN
fbem-25570	257	11	jin	jin	PROPN
fbem-25570	257	12	.	.	PUNCT
fbem-25570	258	1	tax	tax	NOUN
fbem-25570	258	2	policy	policy	NOUN
fbem-25570	258	3	incentives	incentive	NOUN
fbem-25570	258	4	and	and	CCONJ
fbem-25570	258	5	corporate	corporate	ADJ
fbem-25570	258	6	risk	risk	NOUN
fbem-25570	258	7	taking	take	VERB
fbem-25570	258	8	micro	micro	ADJ
fbem-25570	258	9	empirical	empirical	ADJ
fbem-25570	258	10	evidence	evidence	NOUN
fbem-25570	258	11	based	base	VERB
fbem-25570	258	12	on	on	ADP
fbem-25570	258	13	accelerated	accelerate	VERB
fbem-25570	258	14	depreciation	depreciation	NOUN
fbem-25570	258	15	policy	policy	NOUN
fbem-25570	258	16	for	for	ADP
fbem-25570	258	17	fixed	fix	VERB
fbem-25570	258	18	assets	asset	NOUN
fbem-25570	259	1	[	[	X
fbem-25570	259	2	j	j	X
fbem-25570	259	3	]	]	X
fbem-25570	259	4	.	.	PUNCT
fbem-25570	260	1	economic	economic	ADJ
fbem-25570	260	2	science	science	NOUN
fbem-25570	260	3	,	,	PUNCT
fbem-25570	260	4	2022(05):95	2022(05):95	NUM
fbem-25570	260	5	-	-	SYM
fbem-25570	260	6	106	106	NUM
fbem-25570	260	7	.	.	PUNCT
fbem-25570	261	1	[	[	X
fbem-25570	261	2	19	19	NUM
fbem-25570	261	3	]	]	X
fbem-25570	261	4	chen	chen	PROPN
fbem-25570	261	5	xian	xian	PROPN
fbem-25570	261	6	,	,	PUNCT
fbem-25570	261	7	li	li	PROPN
fbem-25570	261	8	qiangqiang	qiangqiang	PROPN
fbem-25570	261	9	,	,	PUNCT
fbem-25570	261	10	chen	chen	PROPN
fbem-25570	261	11	xing	xing	PROPN
fbem-25570	261	12	.	.	PUNCT
fbem-25570	262	1	crude	crude	ADJ
fbem-25570	262	2	oil	oil	NOUN
fbem-25570	262	3	price	price	NOUN
fbem-25570	262	4	shock	shock	NOUN
fbem-25570	262	5	,	,	PUNCT
fbem-25570	262	6	financing	financing	NOUN
fbem-25570	262	7	constraints	constraint	NOUN
fbem-25570	262	8	and	and	CCONJ
fbem-25570	262	9	corporate	corporate	ADJ
fbem-25570	262	10	risk	risk	NOUN
fbem-25570	262	11	taking	take	VERB
fbem-25570	262	12	empirical	empirical	ADJ
fbem-25570	262	13	evidence	evidence	NOUN
fbem-25570	262	14	based	base	VERB
fbem-25570	262	15	on	on	ADP
fbem-25570	262	16	chinese	chinese	ADJ
fbem-25570	262	17	listed	list	VERB
fbem-25570	262	18	companies	company	NOUN
fbem-25570	263	1	[	[	X
fbem-25570	263	2	j	j	X
fbem-25570	263	3	]	]	X
fbem-25570	263	4	.	.	PUNCT
fbem-25570	264	1	journal	journal	PROPN
fbem-25570	264	2	of	of	ADP
fbem-25570	264	3	central	central	PROPN
fbem-25570	264	4	south	south	PROPN
fbem-25570	264	5	university	university	PROPN
fbem-25570	264	6	(	(	PUNCT
fbem-25570	264	7	social	social	ADJ
fbem-25570	264	8	science	science	NOUN
fbem-25570	264	9	edition	edition	PROPN
fbem-25570	264	10	)	)	PUNCT
fbem-25570	264	11	,	,	PUNCT
fbem-25570	264	12	2022	2022	NUM
fbem-25570	264	13	,	,	PUNCT
fbem-25570	264	14	28(04):65	28(04):65	NUM
fbem-25570	264	15	-	-	SYM
fbem-25570	264	16	79	79	NUM
fbem-25570	264	17	.	.	PUNCT
fbem-25570	265	1	[	[	X
fbem-25570	265	2	20	20	NUM
fbem-25570	265	3	]	]	X
fbem-25570	265	4	zhang	zhang	PROPN
fbem-25570	265	5	sanbao	sanbao	VERB
fbem-25570	265	6	,	,	PUNCT
fbem-25570	265	7	zhang	zhang	PROPN
fbem-25570	265	8	zhixue	zhixue	PROPN
fbem-25570	265	9	.	.	PUNCT
fbem-25570	266	1	regional	regional	ADJ
fbem-25570	266	2	institutional	institutional	ADJ
fbem-25570	266	3	differences	difference	NOUN
fbem-25570	266	4	,	,	PUNCT
fbem-25570	266	5	ceo	ceo	NOUN
fbem-25570	266	6	management	management	NOUN
fbem-25570	266	7	autonomy	autonomy	NOUN
fbem-25570	266	8	and	and	CCONJ
fbem-25570	266	9	corporate	corporate	ADJ
fbem-25570	266	10	risk	risk	NOUN
fbem-25570	266	11	taking	taking	NOUN
fbem-25570	266	12	-	-	PUNCT
fbem-25570	266	13	evidence	evidence	NOUN
fbem-25570	266	14	from	from	ADP
fbem-25570	266	15	high	high	ADJ
fbem-25570	266	16	-	-	PUNCT
fbem-25570	266	17	tech	tech	NOUN
fbem-25570	266	18	industries	industry	NOUN
fbem-25570	266	19	in	in	ADP
fbem-25570	266	20	30	30	NUM
fbem-25570	266	21	provinces	province	NOUN
fbem-25570	266	22	in	in	ADP
fbem-25570	266	23	china	china	PROPN
fbem-25570	267	1	[	[	X
fbem-25570	267	2	j	j	X
fbem-25570	267	3	]	]	X
fbem-25570	267	4	.	.	PUNCT
fbem-25570	268	1	management	management	NOUN
fbem-25570	268	2	world	world	NOUN
fbem-25570	268	3	,	,	PUNCT
fbem-25570	268	4	2012(04):101	2012(04):101	NUM
fbem-25570	268	5	-	-	SYM
fbem-25570	268	6	114	114	NUM
fbem-25570	268	7	.	.	PUNCT
fbem-25570	269	1	[	[	X
fbem-25570	269	2	21	21	NUM
fbem-25570	269	3	]	]	X
fbem-25570	269	4	zhang	zhang	PROPN
fbem-25570	269	5	huilin	huilin	PROPN
fbem-25570	269	6	,	,	PUNCT
fbem-25570	269	7	ni	ni	PROPN
fbem-25570	269	8	xuiran	xuiran	PROPN
fbem-25570	269	9	.	.	PUNCT
fbem-25570	270	1	financial	financial	ADJ
fbem-25570	270	2	development	development	NOUN
fbem-25570	270	3	,	,	PUNCT
fbem-25570	270	4	rule	rule	NOUN
fbem-25570	270	5	of	of	ADP
fbem-25570	270	6	law	law	NOUN
fbem-25570	270	7	deepening	deepening	NOUN
fbem-25570	270	8	and	and	CCONJ
fbem-25570	270	9	risk	risk	NOUN
fbem-25570	270	10	taking	taking	NOUN
fbem-25570	270	11	of	of	ADP
fbem-25570	270	12	listed	list	VERB
fbem-25570	270	13	firms	firm	NOUN
fbem-25570	271	1	[	[	X
fbem-25570	271	2	j	j	X
fbem-25570	271	3	]	]	X
fbem-25570	271	4	.	.	PUNCT
fbem-25570	272	1	investment	investment	NOUN
fbem-25570	272	2	research	research	NOUN
fbem-25570	272	3	,	,	PUNCT
fbem-25570	272	4	2017	2017	NUM
fbem-25570	272	5	,	,	PUNCT
fbem-25570	272	6	36(04):4	36(04):4	NUM
fbem-25570	272	7	-	-	SYM
fbem-25570	272	8	23	23	NUM
fbem-25570	272	9	.	.	PUNCT
fbem-25570	273	1	[	[	X
fbem-25570	273	2	22	22	NUM
fbem-25570	273	3	]	]	X
fbem-25570	273	4	liang	liang	PROPN
fbem-25570	273	5	qi	qi	PROPN
fbem-25570	273	6	,	,	PUNCT
fbem-25570	273	7	hao	hao	PROPN
fbem-25570	273	8	yi	yi	PROPN
fbem-25570	273	9	.	.	PUNCT
fbem-25570	274	1	research	research	NOUN
fbem-25570	274	2	on	on	ADP
fbem-25570	274	3	local	local	ADJ
fbem-25570	274	4	government	government	NOUN
fbem-25570	274	5	debt	debt	NOUN
fbem-25570	274	6	replacement	replacement	NOUN
fbem-25570	274	7	and	and	CCONJ
fbem-25570	274	8	macroeconomic	macroeconomic	ADJ
fbem-25570	274	9	risk	risk	NOUN
fbem-25570	274	10	mitigation	mitigation	NOUN
fbem-25570	275	1	[	[	X
fbem-25570	275	2	j	j	X
fbem-25570	275	3	]	]	X
fbem-25570	275	4	.	.	PUNCT
fbem-25570	276	1	economic	economic	ADJ
fbem-25570	276	2	research	research	NOUN
fbem-25570	276	3	,	,	PUNCT
fbem-25570	276	4	2019	2019	NUM
fbem-25570	276	5	,	,	PUNCT
fbem-25570	276	6	54(04):18	54(04):18	NUM
fbem-25570	276	7	-	-	SYM
fbem-25570	276	8	32	32	NUM
fbem-25570	276	9	.	.	PUNCT
fbem-25570	277	1	[	[	X
fbem-25570	277	2	23	23	NUM
fbem-25570	277	3	]	]	X
fbem-25570	277	4	fan	fan	NOUN
fbem-25570	277	5	xiaoyun	xiaoyun	PROPN
fbem-25570	277	6	,	,	PUNCT
fbem-25570	277	7	fang	fang	PROPN
fbem-25570	277	8	cai	cai	PROPN
fbem-25570	277	9	,	,	PUNCT
fbem-25570	277	10	he	he	PRON
fbem-25570	277	11	qing	qe	VERB
fbem-25570	277	12	.	.	PUNCT
fbem-25570	278	1	who	who	PRON
fbem-25570	278	2	is	be	AUX
fbem-25570	278	3	pushing	push	VERB
fbem-25570	278	4	up	up	ADP
fbem-25570	278	5	the	the	DET
fbem-25570	278	6	cost	cost	NOUN
fbem-25570	278	7	of	of	ADP
fbem-25570	278	8	corporate	corporate	ADJ
fbem-25570	278	9	debt	debt	NOUN
fbem-25570	278	10	financing	financing	NOUN
fbem-25570	278	11	--	--	PUNCT
fbem-25570	278	12	a	a	DET
fbem-25570	278	13	test	test	NOUN
fbem-25570	278	14	of	of	ADP
fbem-25570	278	15	the	the	DET
fbem-25570	278	16	“	"	PUNCT
fbem-25570	278	17	portfolio	portfolio	NOUN
fbem-25570	278	18	effect	effect	NOUN
fbem-25570	278	19	”	"	PUNCT
fbem-25570	278	20	of	of	ADP
fbem-25570	278	21	government	government	NOUN
fbem-25570	278	22	financing	financing	NOUN
fbem-25570	279	1	[	[	X
fbem-25570	279	2	j	j	X
fbem-25570	279	3	]	]	X
fbem-25570	279	4	.	.	PUNCT
fbem-25570	280	1	finance	finance	NOUN
fbem-25570	280	2	and	and	CCONJ
fbem-25570	280	3	trade	trade	NOUN
fbem-25570	280	4	economics	economic	NOUN
fbem-25570	280	5	,	,	PUNCT
fbem-25570	280	6	2017	2017	NUM
fbem-25570	280	7	,	,	PUNCT
fbem-25570	280	8	38(01):51	38(01):51	NUM
fbem-25570	280	9	-	-	SYM
fbem-25570	280	10	65	65	NUM
fbem-25570	280	11	.	.	PUNCT
fbem-25570	281	1	[	[	X
fbem-25570	281	2	24	24	NUM
fbem-25570	281	3	]	]	X
fbem-25570	281	4	huang	huang	PROPN
fbem-25570	281	5	y	y	PROPN
fbem-25570	281	6	,	,	PUNCT
fbem-25570	281	7	pagano	pagano	PROPN
fbem-25570	281	8	m	m	PROPN
fbem-25570	281	9	,	,	PUNCT
fbem-25570	281	10	panizza	panizza	PROPN
fbem-25570	281	11	u.	u.	PROPN
fbem-25570	281	12	local	local	ADJ
fbem-25570	281	13	crowding‐out	crowding‐out	PROPN
fbem-25570	281	14	in	in	ADP
fbem-25570	281	15	china	china	PROPN
fbem-25570	282	1	[	[	X
fbem-25570	282	2	j	j	X
fbem-25570	282	3	]	]	X
fbem-25570	282	4	.	.	PUNCT
fbem-25570	283	1	the	the	DET
fbem-25570	283	2	journal	journal	PROPN
fbem-25570	283	3	of	of	ADP
fbem-25570	283	4	finance	finance	NOUN
fbem-25570	283	5	,	,	PUNCT
fbem-25570	283	6	2020	2020	NUM
fbem-25570	283	7	,	,	PUNCT
fbem-25570	283	8	75(6	75(6	NUM
fbem-25570	283	9	):	):	PUNCT
fbem-25570	283	10	2855	2855	NUM
fbem-25570	283	11	-	-	SYM
fbem-25570	283	12	2898	2898	NUM
fbem-25570	283	13	.	.	PUNCT
fbem-25570	284	1	[	[	X
fbem-25570	284	2	25	25	NUM
fbem-25570	284	3	]	]	X
fbem-25570	284	4	yang	yang	PROPN
fbem-25570	284	5	hualing	hualing	PROPN
fbem-25570	284	6	,	,	PUNCT
fbem-25570	284	7	song	song	PROPN
fbem-25570	284	8	chang	chang	PROPN
fbem-25570	284	9	.	.	PUNCT
fbem-25570	285	1	local	local	ADJ
fbem-25570	285	2	government	government	NOUN
fbem-25570	285	3	debt	debt	NOUN
fbem-25570	285	4	,	,	PUNCT
fbem-25570	285	5	property	property	NOUN
fbem-25570	285	6	rights	right	NOUN
fbem-25570	285	7	attributes	attribute	NOUN
fbem-25570	285	8	and	and	CCONJ
fbem-25570	285	9	corporate	corporate	ADJ
fbem-25570	285	10	tax	tax	NOUN
fbem-25570	285	11	burden	burden	NOUN
fbem-25570	286	1	[	[	X
fbem-25570	286	2	j	j	X
fbem-25570	286	3	]	]	X
fbem-25570	286	4	.	.	PUNCT
fbem-25570	287	1	finance	finance	NOUN
fbem-25570	287	2	and	and	CCONJ
fbem-25570	287	3	economics	economic	NOUN
fbem-25570	287	4	,	,	PUNCT
fbem-25570	287	5	2015(08):27	2015(08):27	NUM
fbem-25570	287	6	-	-	SYM
fbem-25570	287	7	36	36	NUM
fbem-25570	287	8	.	.	PUNCT
fbem-25570	288	1	[	[	X
fbem-25570	288	2	26	26	NUM
fbem-25570	288	3	]	]	X
fbem-25570	288	4	mu	mu	PROPN
fbem-25570	288	5	xiaolin	xiaolin	PROPN
fbem-25570	288	6	,	,	PUNCT
fbem-25570	288	7	fu	fu	NOUN
fbem-25570	288	8	runmin	runmin	NOUN
fbem-25570	288	9	.	.	PUNCT
fbem-25570	289	1	separation	separation	NOUN
fbem-25570	289	2	of	of	ADP
fbem-25570	289	3	power	power	NOUN
fbem-25570	289	4	and	and	CCONJ
fbem-25570	289	5	responsibility	responsibility	NOUN
fbem-25570	289	6	,	,	PUNCT
fbem-25570	289	7	performance	performance	NOUN
fbem-25570	289	8	interest	interest	NOUN
fbem-25570	289	9	environment	environment	NOUN
fbem-25570	289	10	and	and	CCONJ
fbem-25570	289	11	extraordinary	extraordinary	ADJ
fbem-25570	289	12	growth	growth	NOUN
fbem-25570	289	13	of	of	ADP
fbem-25570	289	14	local	local	ADJ
fbem-25570	289	15	government	government	NOUN
fbem-25570	289	16	debt	debt	NOUN
fbem-25570	290	1	[	[	X
fbem-25570	290	2	j	j	X
fbem-25570	290	3	]	]	X
fbem-25570	290	4	.	.	PUNCT
fbem-25570	291	1	finance	finance	NOUN
fbem-25570	291	2	and	and	CCONJ
fbem-25570	291	3	trade	trade	NOUN
fbem-25570	291	4	economy	economy	NOUN
fbem-25570	291	5	,	,	PUNCT
fbem-25570	291	6	2015(04):17	2015(04):17	NUM
fbem-25570	291	7	-	-	X
fbem-25570	291	8	31	31	NUM
fbem-25570	291	9	.	.	PUNCT
fbem-25570	292	1	[	[	X
fbem-25570	292	2	27	27	NUM
fbem-25570	292	3	]	]	SYM
fbem-25570	292	4	boubakri	boubakri	NOUN
fbem-25570	292	5	n	n	CCONJ
fbem-25570	292	6	,	,	PUNCT
fbem-25570	292	7	cosset	cosset	VERB
fbem-25570	292	8	j	j	PROPN
fbem-25570	292	9	c	c	PROPN
fbem-25570	292	10	,	,	PUNCT
fbem-25570	292	11	saffar	saffar	ADV
fbem-25570	292	12	w.	w.	NOUN
fbem-25570	292	13	the	the	DET
fbem-25570	292	14	role	role	NOUN
fbem-25570	292	15	of	of	ADP
fbem-25570	292	16	state	state	NOUN
fbem-25570	292	17	and	and	CCONJ
fbem-25570	292	18	foreign	foreign	ADJ
fbem-25570	292	19	owners	owner	NOUN
fbem-25570	292	20	in	in	ADP
fbem-25570	292	21	corporate	corporate	ADJ
fbem-25570	292	22	risk	risk	NOUN
fbem-25570	292	23	-	-	PUNCT
fbem-25570	292	24	taking	taking	NOUN
fbem-25570	292	25	:	:	PUNCT
fbem-25570	292	26	evidence	evidence	NOUN
fbem-25570	292	27	from	from	ADP
fbem-25570	292	28	privatization	privatization	NOUN
fbem-25570	293	1	[	[	X
fbem-25570	293	2	j	j	X
fbem-25570	293	3	]	]	X
fbem-25570	293	4	.	.	PUNCT
fbem-25570	294	1	journal	journal	PROPN
fbem-25570	294	2	of	of	ADP
fbem-25570	294	3	financial	financial	ADJ
fbem-25570	294	4	economics	economic	NOUN
fbem-25570	294	5	,	,	PUNCT
fbem-25570	294	6	2013	2013	NUM
fbem-25570	294	7	,	,	PUNCT
fbem-25570	294	8	108(3	108(3	NUM
fbem-25570	294	9	):	):	PUNCT
fbem-25570	294	10	641	641	NUM
fbem-25570	294	11	-	-	SYM
fbem-25570	294	12	658	658	NUM
fbem-25570	294	13	.	.	PUNCT
fbem-25570	295	1	[	[	X
fbem-25570	295	2	28	28	NUM
fbem-25570	295	3	]	]	X
fbem-25570	295	4	zhang	zhang	PROPN
fbem-25570	295	5	min	min	PROPN
fbem-25570	295	6	,	,	PUNCT
fbem-25570	295	7	tong	tong	PROPN
fbem-25570	295	8	lijing	lijing	PROPN
fbem-25570	295	9	,	,	PUNCT
fbem-25570	295	10	xu	xu	PROPN
fbem-25570	295	11	haoran	haoran	PROPN
fbem-25570	295	12	.	.	PUNCT
fbem-25570	296	1	social	social	ADJ
fbem-25570	296	2	networks	network	NOUN
fbem-25570	296	3	and	and	CCONJ
fbem-25570	296	4	corporate	corporate	ADJ
fbem-25570	296	5	risk	risk	NOUN
fbem-25570	296	6	taking	taking	NOUN
fbem-25570	296	7	-	-	PUNCT
fbem-25570	296	8	empirical	empirical	ADJ
fbem-25570	296	9	evidence	evidence	NOUN
fbem-25570	296	10	based	base	VERB
fbem-25570	296	11	on	on	ADP
fbem-25570	296	12	listed	list	VERB
fbem-25570	296	13	companies	company	NOUN
fbem-25570	296	14	in	in	ADP
fbem-25570	296	15	china	china	PROPN
fbem-25570	297	1	[	[	X
fbem-25570	297	2	j	j	X
fbem-25570	297	3	]	]	X
fbem-25570	297	4	.	.	PUNCT
fbem-25570	298	1	management	management	NOUN
fbem-25570	298	2	world	world	NOUN
fbem-25570	298	3	,	,	PUNCT
fbem-25570	298	4	2015(11):161175	2015(11):161175	NUM
fbem-25570	298	5	.	.	PUNCT
fbem-25570	299	1	[	[	X
fbem-25570	299	2	29	29	NUM
fbem-25570	299	3	]	]	X
fbem-25570	299	4	faccio	faccio	PROPN
fbem-25570	299	5	m	m	PROPN
fbem-25570	299	6	,	,	PUNCT
fbem-25570	299	7	marchica	marchica	PROPN
fbem-25570	299	8	m	m	PROPN
fbem-25570	299	9	t	t	PROPN
fbem-25570	299	10	,	,	PUNCT
fbem-25570	299	11	mura	mura	PROPN
fbem-25570	299	12	r.	r.	PROPN
fbem-25570	299	13	large	large	ADJ
fbem-25570	299	14	shareholder	shareholder	NOUN
fbem-25570	299	15	diversification	diversification	NOUN
fbem-25570	299	16	and	and	CCONJ
fbem-25570	299	17	corporate	corporate	ADJ
fbem-25570	299	18	risk	risk	NOUN
fbem-25570	299	19	-	-	PUNCT
fbem-25570	299	20	taking	take	VERB
fbem-25570	299	21	[	[	X
fbem-25570	299	22	j	j	X
fbem-25570	299	23	]	]	X
fbem-25570	299	24	.	.	PUNCT
fbem-25570	300	1	the	the	DET
fbem-25570	300	2	review	review	NOUN
fbem-25570	300	3	of	of	ADP
fbem-25570	300	4	financial	financial	ADJ
fbem-25570	300	5	studies	study	NOUN
fbem-25570	300	6	,	,	PUNCT
fbem-25570	300	7	2011	2011	NUM
fbem-25570	300	8	,	,	PUNCT
fbem-25570	300	9	24(11	24(11	NUM
fbem-25570	300	10	):	):	PUNCT
fbem-25570	300	11	3601	3601	NUM
fbem-25570	300	12	-	-	SYM
fbem-25570	300	13	3641	3641	NUM
fbem-25570	300	14	.	.	PUNCT
fbem-25570	301	1	[	[	X
fbem-25570	301	2	30	30	NUM
fbem-25570	301	3	]	]	X
fbem-25570	301	4	hadlock	hadlock	NOUN
fbem-25570	301	5	c	c	PROPN
fbem-25570	301	6	j	j	PROPN
fbem-25570	301	7	,	,	PUNCT
fbem-25570	301	8	pierce	pierce	PROPN
fbem-25570	301	9	j	j	PROPN
fbem-25570	301	10	r.	r.	PROPN
fbem-25570	301	11	new	new	PROPN
fbem-25570	301	12	evidence	evidence	NOUN
fbem-25570	301	13	on	on	ADP
fbem-25570	301	14	measuring	measure	VERB
fbem-25570	301	15	financial	financial	ADJ
fbem-25570	301	16	constraints	constraint	NOUN
fbem-25570	301	17	:	:	PUNCT
fbem-25570	301	18	moving	move	VERB
fbem-25570	301	19	beyond	beyond	ADP
fbem-25570	301	20	the	the	DET
fbem-25570	301	21	kz	kz	PROPN
fbem-25570	301	22	index	index	NOUN
fbem-25570	301	23	[	[	X
fbem-25570	301	24	j	j	X
fbem-25570	301	25	]	]	X
fbem-25570	301	26	.	.	PUNCT
fbem-25570	302	1	the	the	DET
fbem-25570	302	2	review	review	NOUN
fbem-25570	302	3	of	of	ADP
fbem-25570	302	4	financial	financial	ADJ
fbem-25570	302	5	studies	study	NOUN
fbem-25570	302	6	,	,	PUNCT
fbem-25570	302	7	2010	2010	NUM
fbem-25570	302	8	,	,	PUNCT
fbem-25570	302	9	23(5	23(5	NUM
fbem-25570	302	10	):	):	PUNCT
fbem-25570	302	11	1909	1909	NUM
fbem-25570	302	12	-	-	SYM
fbem-25570	302	13	1940	1940	NUM
fbem-25570	302	14	.	.	PUNCT
fbem-25570	303	1	[	[	X
fbem-25570	303	2	31	31	NUM
fbem-25570	303	3	]	]	PUNCT
fbem-25570	303	4	diao	diao	PROPN
fbem-25570	303	5	weitao	weitao	PROPN
fbem-25570	303	6	,	,	PUNCT
fbem-25570	303	7	fu	fu	PROPN
fbem-25570	303	8	towel	towel	NOUN
fbem-25570	303	9	yi	yi	PROPN
fbem-25570	303	10	.	.	PUNCT
fbem-25570	304	1	categorical	categorical	ADJ
fbem-25570	304	2	measures	measure	NOUN
fbem-25570	304	3	,	,	PUNCT
fbem-25570	304	4	regional	regional	ADJ
fbem-25570	304	5	distribution	distribution	NOUN
fbem-25570	304	6	and	and	CCONJ
fbem-25570	304	7	change	change	NOUN
fbem-25570	304	8	characteristics	characteristic	NOUN
fbem-25570	304	9	of	of	ADP
fbem-25570	304	10	county	county	NOUN
fbem-25570	304	11	government	government	NOUN
fbem-25570	304	12	debt	debt	NOUN
fbem-25570	304	13	risk	risk	NOUN
fbem-25570	304	14	in	in	ADP
fbem-25570	304	15	china:2015	china:2015	NOUN
fbem-25570	304	16	-	-	SYM
fbem-25570	304	17	2017	2017	NUM
fbem-25570	304	18	[	[	X
fbem-25570	304	19	j	j	X
fbem-25570	304	20	]	]	X
fbem-25570	304	21	.	.	PUNCT
fbem-25570	305	1	fiscal	fiscal	ADJ
fbem-25570	305	2	research	research	NOUN
fbem-25570	305	3	,	,	PUNCT
fbem-25570	305	4	2019(05):58	2019(05):58	NUM
fbem-25570	305	5	-	-	SYM
fbem-25570	305	6	76	76	NUM
fbem-25570	305	7	.	.	PUNCT
fbem-25570	306	1	[	[	X
fbem-25570	306	2	32	32	NUM
fbem-25570	306	3	]	]	X
fbem-25570	306	4	kaplan	kaplan	PROPN
fbem-25570	306	5	s	s	PART
fbem-25570	306	6	n	n	CCONJ
fbem-25570	306	7	,	,	PUNCT
fbem-25570	306	8	zingales	zingales	PROPN
fbem-25570	306	9	l.	l.	PROPN
fbem-25570	306	10	do	do	AUX
fbem-25570	306	11	investment	investment	NOUN
fbem-25570	306	12	-	-	PUNCT
fbem-25570	306	13	cash	cash	NOUN
fbem-25570	306	14	flow	flow	NOUN
fbem-25570	306	15	sensitivities	sensitivity	NOUN
fbem-25570	306	16	provide	provide	VERB
fbem-25570	306	17	useful	useful	ADJ
fbem-25570	306	18	measures	measure	NOUN
fbem-25570	306	19	of	of	ADP
fbem-25570	306	20	financing	financing	NOUN
fbem-25570	306	21	constraints	constraint	NOUN
fbem-25570	306	22	?	?	PUNCT
fbem-25570	307	1	[	[	X
fbem-25570	307	2	j	j	X
fbem-25570	307	3	]	]	X
fbem-25570	307	4	.	.	PUNCT
fbem-25570	308	1	the	the	DET
fbem-25570	308	2	quarterly	quarterly	ADJ
fbem-25570	308	3	journal	journal	NOUN
fbem-25570	308	4	of	of	ADP
fbem-25570	308	5	economics	economic	NOUN
fbem-25570	308	6	,	,	PUNCT
fbem-25570	308	7	1997	1997	NUM
fbem-25570	308	8	,	,	PUNCT
fbem-25570	308	9	112(1	112(1	NUM
fbem-25570	308	10	):	):	PUNCT
fbem-25570	308	11	169	169	NUM
fbem-25570	308	12	-	-	SYM
fbem-25570	308	13	215	215	NUM
fbem-25570	308	14	.	.	PUNCT
fbem-25570	309	1	[	[	X
fbem-25570	309	2	33	33	NUM
fbem-25570	309	3	]	]	PUNCT
fbem-25570	309	4	demirci	demirci	VERB
fbem-25570	309	5	i	i	PROPN
fbem-25570	309	6	,	,	PUNCT
fbem-25570	309	7	huang	huang	PROPN
fbem-25570	309	8	j	j	PROPN
fbem-25570	309	9	,	,	PUNCT
fbem-25570	309	10	sialm	sialm	PROPN
fbem-25570	309	11	c.	c.	NOUN
fbem-25570	309	12	government	government	NOUN
fbem-25570	309	13	debt	debt	NOUN
fbem-25570	309	14	and	and	CCONJ
fbem-25570	309	15	corporate	corporate	ADJ
fbem-25570	309	16	leverage	leverage	NOUN
fbem-25570	309	17	:	:	PUNCT
fbem-25570	309	18	international	international	ADJ
fbem-25570	309	19	evidence	evidence	NOUN
fbem-25570	310	1	[	[	X
fbem-25570	310	2	j	j	X
fbem-25570	310	3	]	]	X
fbem-25570	310	4	.	.	PUNCT
fbem-25570	311	1	journal	journal	PROPN
fbem-25570	311	2	of	of	ADP
fbem-25570	311	3	financial	financial	ADJ
fbem-25570	311	4	economics	economic	NOUN
fbem-25570	311	5	,	,	PUNCT
fbem-25570	311	6	2019	2019	NUM
fbem-25570	311	7	,	,	PUNCT
fbem-25570	311	8	133(2	133(2	NUM
fbem-25570	311	9	):	):	PUNCT
fbem-25570	311	10	337	337	NUM
fbem-25570	311	11	-	-	SYM
fbem-25570	311	12	356	356	NUM
fbem-25570	311	13	.	.	PUNCT
fbem-25570	312	1	[	[	X
fbem-25570	312	2	34	34	NUM
fbem-25570	312	3	]	]	X
fbem-25570	312	4	dickinson	dickinson	PROPN
fbem-25570	312	5	v.	v.	ADP
fbem-25570	312	6	cash	cash	NOUN
fbem-25570	312	7	flow	flow	NOUN
fbem-25570	312	8	patterns	pattern	NOUN
fbem-25570	312	9	as	as	ADP
fbem-25570	312	10	a	a	DET
fbem-25570	312	11	proxy	proxy	NOUN
fbem-25570	312	12	for	for	ADP
fbem-25570	312	13	firm	firm	ADJ
fbem-25570	312	14	life	life	NOUN
fbem-25570	312	15	cycle	cycle	NOUN
fbem-25570	313	1	[	[	X
fbem-25570	313	2	j	j	X
fbem-25570	313	3	]	]	X
fbem-25570	313	4	.	.	PUNCT
fbem-25570	314	1	the	the	DET
fbem-25570	314	2	accounting	accounting	PROPN
fbem-25570	314	3	review	review	NOUN
fbem-25570	314	4	,	,	PUNCT
fbem-25570	314	5	2011	2011	NUM
fbem-25570	314	6	,	,	PUNCT
fbem-25570	314	7	86(6	86(6	NUM
fbem-25570	314	8	):	):	PUNCT
fbem-25570	314	9	1969	1969	NUM
fbem-25570	314	10	-	-	SYM
fbem-25570	314	11	1994	1994	NUM
fbem-25570	314	12	.	.	PUNCT