id	sid	tid	token	lemma	pos
fbem-28647	1	1	frontiers	frontier	NOUN
fbem-28647	1	2	in	in	ADP
fbem-28647	1	3	business	business	NOUN
fbem-28647	1	4	,	,	PUNCT
fbem-28647	1	5	economics	economic	NOUN
fbem-28647	1	6	and	and	CCONJ
fbem-28647	1	7	management	management	NOUN
fbem-28647	1	8	issn	issn	PROPN
fbem-28647	1	9	:	:	PUNCT
fbem-28647	1	10	2766	2766	NUM
fbem-28647	1	11	-	-	PUNCT
fbem-28647	1	12	824x	824x	NUM
fbem-28647	1	13	|	|	ADJ
fbem-28647	1	14	vol	vol	NOUN
fbem-28647	1	15	.	.	PROPN
fbem-28647	1	16	17	17	NUM
fbem-28647	1	17	,	,	PUNCT
fbem-28647	1	18	no	no	INTJ
fbem-28647	1	19	.	.	NOUN
fbem-28647	1	20	3	3	NUM
fbem-28647	1	21	,	,	PUNCT
fbem-28647	1	22	2024	2024	NUM
fbem-28647	1	23	418	418	NUM
fbem-28647	1	24	research	research	NOUN
fbem-28647	1	25	on	on	ADP
fbem-28647	1	26	the	the	DET
fbem-28647	1	27	impact	impact	NOUN
fbem-28647	1	28	of	of	ADP
fbem-28647	1	29	corporate	corporate	ADJ
fbem-28647	1	30	financialization	financialization	NOUN
fbem-28647	1	31	on	on	ADP
fbem-28647	1	32	debt	debt	NOUN
fbem-28647	1	33	risk	risk	NOUN
fbem-28647	1	34	under	under	ADP
fbem-28647	1	35	the	the	DET
fbem-28647	1	36	perspective	perspective	NOUN
fbem-28647	1	37	of	of	ADP
fbem-28647	1	38	investment	investment	NOUN
fbem-28647	1	39	income	income	NOUN
fbem-28647	1	40	-taking	-take	VERB
fbem-28647	1	41	yunnan	yunnan	NOUN
fbem-28647	1	42	baiyao	baiyao	ADJ
fbem-28647	1	43	group	group	NOUN
fbem-28647	1	44	as	as	ADP
fbem-28647	1	45	an	an	DET
fbem-28647	1	46	example	example	NOUN
fbem-28647	1	47	chen	chen	PROPN
fbem-28647	1	48	wen	wen	PROPN
fbem-28647	1	49	*	*	PUNCT
fbem-28647	1	50	college	college	PROPN
fbem-28647	1	51	of	of	ADP
fbem-28647	1	52	business	business	NOUN
fbem-28647	1	53	and	and	CCONJ
fbem-28647	1	54	economics	economic	NOUN
fbem-28647	1	55	,	,	PUNCT
fbem-28647	1	56	australian	australian	ADJ
fbem-28647	1	57	national	national	PROPN
fbem-28647	1	58	university	university	PROPN
fbem-28647	1	59	,	,	PUNCT
fbem-28647	1	60	canberra	canberra	PROPN
fbem-28647	1	61	,	,	PUNCT
fbem-28647	1	62	australia	australia	PROPN
fbem-28647	1	63	*	*	SYM
fbem-28647	1	64	corresponding	correspond	VERB
fbem-28647	1	65	author	author	NOUN
fbem-28647	1	66	:	:	PUNCT
fbem-28647	1	67	chen	chen	PROPN
fbem-28647	1	68	wen	wen	PROPN
fbem-28647	1	69	(	(	PUNCT
fbem-28647	1	70	email	email	NOUN
fbem-28647	1	71	:	:	PUNCT
fbem-28647	1	72	chen.wen@anu.edu.au	chen.wen@anu.edu.au	PROPN
fbem-28647	1	73	)	)	PUNCT
fbem-28647	1	74	abstract	abstract	NOUN
fbem-28647	1	75	:	:	PUNCT
fbem-28647	1	76	with	with	ADP
fbem-28647	1	77	the	the	DET
fbem-28647	1	78	high	high	ADJ
fbem-28647	1	79	degree	degree	NOUN
fbem-28647	1	80	of	of	ADP
fbem-28647	1	81	development	development	NOUN
fbem-28647	1	82	of	of	ADP
fbem-28647	1	83	the	the	DET
fbem-28647	1	84	virtual	virtual	ADJ
fbem-28647	1	85	economy	economy	NOUN
fbem-28647	1	86	,	,	PUNCT
fbem-28647	1	87	a	a	DET
fbem-28647	1	88	variety	variety	NOUN
fbem-28647	1	89	of	of	ADP
fbem-28647	1	90	financial	financial	ADJ
fbem-28647	1	91	products	product	NOUN
fbem-28647	1	92	,	,	PUNCT
fbem-28647	1	93	financial	financial	ADJ
fbem-28647	1	94	instruments	instrument	NOUN
fbem-28647	1	95	are	be	AUX
fbem-28647	1	96	emerging	emerge	VERB
fbem-28647	1	97	,	,	PUNCT
fbem-28647	1	98	high	high	ADJ
fbem-28647	1	99	profits	profit	NOUN
fbem-28647	1	100	,	,	PUNCT
fbem-28647	1	101	high	high	ADJ
fbem-28647	1	102	returns	return	NOUN
fbem-28647	1	103	,	,	PUNCT
fbem-28647	1	104	high	high	ADJ
fbem-28647	1	105	efficiency	efficiency	NOUN
fbem-28647	1	106	of	of	ADP
fbem-28647	1	107	the	the	DET
fbem-28647	1	108	financial	financial	ADJ
fbem-28647	1	109	industry	industry	NOUN
fbem-28647	1	110	so	so	SCONJ
fbem-28647	1	111	that	that	SCONJ
fbem-28647	1	112	enterprises	enterprise	NOUN
fbem-28647	1	113	in	in	ADP
fbem-28647	1	114	the	the	DET
fbem-28647	1	115	virtual	virtual	ADJ
fbem-28647	1	116	econom	econom	PROPN
fbem-28647	1	117	y	y	PROPN
fbem-28647	1	118	and	and	CCONJ
fbem-28647	1	119	the	the	DET
fbem-28647	1	120	financial	financial	ADJ
fbem-28647	1	121	industry	industry	NOUN
fbem-28647	1	122	to	to	PART
fbem-28647	1	123	chase	chase	VERB
fbem-28647	1	124	profits	profit	NOUN
fbem-28647	1	125	,	,	PUNCT
fbem-28647	1	126	the	the	DET
fbem-28647	1	127	entity	entity	NOUN
fbem-28647	1	128	enterprises	enterprise	NOUN
fbem-28647	1	129	gradually	gradually	ADV
fbem-28647	1	130	"	"	PUNCT
fbem-28647	1	131	off	off	ADP
fbem-28647	1	132	the	the	DET
fbem-28647	1	133	real	real	NOUN
fbem-28647	1	134	to	to	ADP
fbem-28647	1	135	the	the	DET
fbem-28647	1	136	virtual	virtual	ADJ
fbem-28647	1	137	"	"	PUNCT
fbem-28647	1	138	.	.	PUNCT
fbem-28647	2	1	enterprises	enterprise	NOUN
fbem-28647	2	2	in	in	ADP
fbem-28647	2	3	the	the	DET
fbem-28647	2	4	financial	financial	ADJ
fbem-28647	2	5	industry	industry	NOUN
fbem-28647	2	6	,	,	PUNCT
fbem-28647	2	7	speculation	speculation	NOUN
fbem-28647	2	8	and	and	CCONJ
fbem-28647	2	9	arbitrage	arbitrage	NOUN
fbem-28647	2	10	,	,	PUNCT
fbem-28647	2	11	shift	shift	VERB
fbem-28647	2	12	the	the	DET
fbem-28647	2	13	center	center	NOUN
fbem-28647	2	14	of	of	ADP
fbem-28647	2	15	gravity	gravity	NOUN
fbem-28647	2	16	of	of	ADP
fbem-28647	2	17	production	production	NOUN
fbem-28647	2	18	and	and	CCONJ
fbem-28647	2	19	operation	operation	NOUN
fbem-28647	2	20	,	,	PUNCT
fbem-28647	2	21	to	to	ADP
fbem-28647	2	22	a	a	DET
fbem-28647	2	23	certain	certain	ADJ
fbem-28647	2	24	extent	extent	NOUN
fbem-28647	2	25	,	,	PUNCT
fbem-28647	2	26	jeopardize	jeopardize	VERB
fbem-28647	2	27	the	the	DET
fbem-28647	2	28	development	development	NOUN
fbem-28647	2	29	of	of	ADP
fbem-28647	2	30	the	the	DET
fbem-28647	2	31	main	main	ADJ
fbem-28647	2	32	business	business	NOUN
fbem-28647	2	33	,	,	PUNCT
fbem-28647	2	34	invisible	invisible	ADJ
fbem-28647	2	35	financial	financial	ADJ
fbem-28647	2	36	structure	structure	NOUN
fbem-28647	2	37	and	and	CCONJ
fbem-28647	2	38	capital	capital	NOUN
fbem-28647	2	39	structure	structure	NOUN
fbem-28647	2	40	change	change	NOUN
fbem-28647	2	41	.	.	PUNCT
fbem-28647	3	1	deviation	deviation	NOUN
fbem-28647	3	2	from	from	ADP
fbem-28647	3	3	the	the	DET
fbem-28647	3	4	main	main	ADJ
fbem-28647	3	5	business	business	NOUN
fbem-28647	3	6	development	development	NOUN
fbem-28647	3	7	will	will	AUX
fbem-28647	3	8	weaken	weaken	VERB
fbem-28647	3	9	the	the	DET
fbem-28647	3	10	enterprise	enterprise	NOUN
fbem-28647	3	11	foundation	foundation	NOUN
fbem-28647	3	12	,	,	PUNCT
fbem-28647	3	13	enterprises	enterprise	NOUN
fbem-28647	3	14	face	face	VERB
fbem-28647	3	15	greater	great	ADJ
fbem-28647	3	16	challenges	challenge	NOUN
fbem-28647	3	17	and	and	CCONJ
fbem-28647	3	18	risks	risk	NOUN
fbem-28647	3	19	.	.	PUNCT
fbem-28647	4	1	therefore	therefore	ADV
fbem-28647	4	2	,	,	PUNCT
fbem-28647	4	3	the	the	DET
fbem-28647	4	4	study	study	NOUN
fbem-28647	4	5	of	of	ADP
fbem-28647	4	6	deb	deb	PROPN
fbem-28647	4	7	t	t	PROPN
fbem-28647	4	8	risk	risk	NOUN
fbem-28647	4	9	of	of	ADP
fbem-28647	4	10	financialization	financialization	NOUN
fbem-28647	4	11	under	under	ADP
fbem-28647	4	12	the	the	DET
fbem-28647	4	13	perspective	perspective	NOUN
fbem-28647	4	14	of	of	ADP
fbem-28647	4	15	investment	investment	NOUN
fbem-28647	4	16	income	income	NOUN
fbem-28647	4	17	of	of	ADP
fbem-28647	4	18	real	real	ADJ
fbem-28647	4	19	enterprises	enterprise	NOUN
fbem-28647	4	20	is	be	AUX
fbem-28647	4	21	of	of	ADP
fbem-28647	4	22	great	great	ADJ
fbem-28647	4	23	significance	significance	NOUN
fbem-28647	4	24	for	for	ADP
fbem-28647	4	25	enterprises	enterprise	NOUN
fbem-28647	4	26	t	t	X
fbem-28647	4	27	o	o	NOUN
fbem-28647	4	28	prevent	prevent	NOUN
fbem-28647	4	29	risks	risk	NOUN
fbem-28647	4	30	.	.	PUNCT
fbem-28647	5	1	in	in	ADP
fbem-28647	5	2	this	this	DET
fbem-28647	5	3	paper	paper	NOUN
fbem-28647	5	4	,	,	PUNCT
fbem-28647	5	5	by	by	ADP
fbem-28647	5	6	selecting	select	VERB
fbem-28647	5	7	yunnan	yunnan	NOUN
fbem-28647	5	8	baiyao	baiyao	NOUN
fbem-28647	5	9	,	,	PUNCT
fbem-28647	5	10	one	one	NUM
fbem-28647	5	11	of	of	ADP
fbem-28647	5	12	the	the	DET
fbem-28647	5	13	typical	typical	ADJ
fbem-28647	5	14	representatives	representative	NOUN
fbem-28647	5	15	of	of	ADP
fbem-28647	5	16	financialization	financialization	NOUN
fbem-28647	5	17	of	of	ADP
fbem-28647	5	18	real	real	ADJ
fbem-28647	5	19	enterprises	enterprise	NOUN
fbem-28647	5	20	,	,	PUNCT
fbem-28647	5	21	the	the	DET
fbem-28647	5	22	financial	financial	ADJ
fbem-28647	5	23	statement	statement	NOUN
fbem-28647	5	24	data	datum	NOUN
fbem-28647	5	25	of	of	ADP
fbem-28647	5	26	the	the	DET
fbem-28647	5	27	enterprise	enterprise	NOUN
fbem-28647	5	28	from	from	ADP
fbem-28647	5	29	2017	2017	NUM
fbem-28647	5	30	to	to	ADP
fbem-28647	5	31	2022	2022	NUM
fbem-28647	5	32	are	be	AUX
fbem-28647	5	33	selected	select	VERB
fbem-28647	5	34	.	.	PUNCT
fbem-28647	6	1	the	the	DET
fbem-28647	6	2	impact	impact	NOUN
fbem-28647	6	3	of	of	ADP
fbem-28647	6	4	financialization	financialization	NOUN
fbem-28647	6	5	on	on	ADP
fbem-28647	6	6	debt	debt	NOUN
fbem-28647	6	7	risk	risk	NOUN
fbem-28647	6	8	un	un	PROPN
fbem-28647	6	9	der	der	PROPN
fbem-28647	6	10	the	the	DET
fbem-28647	6	11	perspective	perspective	NOUN
fbem-28647	6	12	of	of	ADP
fbem-28647	6	13	yunnan	yunnan	PROPN
fbem-28647	6	14	baiyao	baiyao	PROPN
fbem-28647	6	15	's	's	PART
fbem-28647	6	16	investment	investment	NOUN
fbem-28647	6	17	income	income	NOUN
fbem-28647	6	18	is	be	AUX
fbem-28647	6	19	comprehensively	comprehensively	ADV
fbem-28647	6	20	analyzed	analyze	VERB
fbem-28647	6	21	through	through	ADP
fbem-28647	6	22	both	both	PRON
fbem-28647	6	23	qualitative	qualitative	ADJ
fbem-28647	6	24	and	and	CCONJ
fbem-28647	6	25	quantitative	quantitative	ADJ
fbem-28647	6	26	aspects	aspect	NOUN
fbem-28647	6	27	.	.	PUNCT
fbem-28647	7	1	first	first	ADV
fbem-28647	7	2	of	of	ADP
fbem-28647	7	3	all	all	PRON
fbem-28647	7	4	,	,	PUNCT
fbem-28647	7	5	the	the	DET
fbem-28647	7	6	proportion	proportion	NOUN
fbem-28647	7	7	of	of	ADP
fbem-28647	7	8	investment	investment	NOUN
fbem-28647	7	9	income	income	NOUN
fbem-28647	7	10	to	to	ADP
fbem-28647	7	11	net	net	ADJ
fbem-28647	7	12	profit	profit	NOUN
fbem-28647	7	13	will	will	AUX
fbem-28647	7	14	be	be	AUX
fbem-28647	7	15	used	use	VERB
fbem-28647	7	16	as	as	ADP
fbem-28647	7	17	a	a	DET
fbem-28647	7	18	financialization	financialization	NOUN
fbem-28647	7	19	indicator	indicator	NOUN
fbem-28647	7	20	to	to	PART
fbem-28647	7	21	analyze	analyze	VERB
fbem-28647	7	22	the	the	DET
fbem-28647	7	23	degree	degree	NOUN
fbem-28647	7	24	of	of	ADP
fbem-28647	7	25	financialization	financialization	NOUN
fbem-28647	7	26	of	of	ADP
fbem-28647	7	27	the	the	DET
fbem-28647	7	28	enterprise	enterprise	NOUN
fbem-28647	7	29	,	,	PUNCT
fbem-28647	7	30	and	and	CCONJ
fbem-28647	7	31	the	the	DET
fbem-28647	7	32	changes	change	NOUN
fbem-28647	7	33	of	of	ADP
fbem-28647	7	34	financialization	financialization	NOUN
fbem-28647	7	35	indicators	indicator	NOUN
fbem-28647	7	36	will	will	AUX
fbem-28647	7	37	be	be	AUX
fbem-28647	7	38	analyzed	analyze	VERB
fbem-28647	7	39	through	through	ADP
fbem-28647	7	40	the	the	DET
fbem-28647	7	41	major	major	ADJ
fbem-28647	7	42	events	event	NOUN
fbem-28647	7	43	of	of	ADP
fbem-28647	7	44	the	the	DET
fbem-28647	7	45	enterprise	enterprise	NOUN
fbem-28647	7	46	such	such	ADJ
fbem-28647	7	47	as	as	ADP
fbem-28647	7	48	"	"	PUNCT
fbem-28647	7	49	mixing	mix	VERB
fbem-28647	7	50	and	and	CCONJ
fbem-28647	7	51	reforming	reform	VERB
fbem-28647	7	52	"	"	PUNCT
fbem-28647	7	53	and	and	CCONJ
fbem-28647	7	54	financialization	financialization	NOUN
fbem-28647	7	55	of	of	ADP
fbem-28647	7	56	the	the	DET
fbem-28647	7	57	business	business	NOUN
fbem-28647	7	58	to	to	PART
fbem-28647	7	59	provide	provide	VERB
fbem-28647	7	60	a	a	DET
fbem-28647	7	61	factual	factual	ADJ
fbem-28647	7	62	basis	basis	NOUN
fbem-28647	7	63	.	.	PUNCT
fbem-28647	8	1	in	in	ADP
fbem-28647	8	2	measuring	measure	VERB
fbem-28647	8	3	yunnan	yunnan	PROPN
fbem-28647	8	4	baiyao	baiyao	NOUN
fbem-28647	8	5	's	's	PART
fbem-28647	8	6	debt	debt	NOUN
fbem-28647	8	7	risk	risk	NOUN
fbem-28647	8	8	,	,	PUNCT
fbem-28647	8	9	changes	change	NOUN
fbem-28647	8	10	in	in	ADP
fbem-28647	8	11	asset	asset	NOUN
fbem-28647	8	12	structure	structure	NOUN
fbem-28647	8	13	,	,	PUNCT
fbem-28647	8	14	short	short	ADJ
fbem-28647	8	15	-	-	PUNCT
fbem-28647	8	16	term	term	NOUN
fbem-28647	8	17	and	and	CCONJ
fbem-28647	8	18	long	long	ADJ
fbem-28647	8	19	-	-	PUNCT
fbem-28647	8	20	term	term	NOUN
fbem-28647	8	21	solvency	solvency	NOUN
fbem-28647	8	22	indicators	indicator	NOUN
fbem-28647	8	23	,	,	PUNCT
fbem-28647	8	24	changes	change	NOUN
fbem-28647	8	25	in	in	ADP
fbem-28647	8	26	net	net	ADJ
fbem-28647	8	27	cash	cash	NOUN
fbem-28647	8	28	flow	flow	NOUN
fbem-28647	8	29	and	and	CCONJ
fbem-28647	8	30	the	the	DET
fbem-28647	8	31	ratio	ratio	NOUN
fbem-28647	8	32	of	of	ADP
fbem-28647	8	33	net	net	ADJ
fbem-28647	8	34	non	non	ADJ
fbem-28647	8	35	-	-	ADJ
fbem-28647	8	36	financing	financing	ADJ
fbem-28647	8	37	cash	cash	NOUN
fbem-28647	8	38	flow	flow	NOUN
fbem-28647	8	39	to	to	ADP
fbem-28647	8	40	total	total	ADJ
fbem-28647	8	41	liabilities	liability	NOUN
fbem-28647	8	42	are	be	AUX
fbem-28647	8	43	used	use	VERB
fbem-28647	8	44	to	to	PART
fbem-28647	8	45	analyze	analyze	VERB
fbem-28647	8	46	the	the	DET
fbem-28647	8	47	changes	change	NOUN
fbem-28647	8	48	in	in	ADP
fbem-28647	8	49	yunnan	yunnan	PROPN
fbem-28647	8	50	baiyao	baiyao	PROPN
fbem-28647	8	51	's	's	PART
fbem-28647	8	52	debt	debt	NOUN
fbem-28647	8	53	risk	risk	NOUN
fbem-28647	8	54	in	in	ADP
fbem-28647	8	55	the	the	DET
fbem-28647	8	56	process	process	NOUN
fbem-28647	8	57	of	of	ADP
fbem-28647	8	58	financialization	financialization	NOUN
fbem-28647	8	59	.	.	PUNCT
fbem-28647	9	1	finally	finally	ADV
fbem-28647	9	2	,	,	PUNCT
fbem-28647	9	3	it	it	PRON
fbem-28647	9	4	reveals	reveal	VERB
fbem-28647	9	5	the	the	DET
fbem-28647	9	6	impact	impact	NOUN
fbem-28647	9	7	of	of	ADP
fbem-28647	9	8	different	different	ADJ
fbem-28647	9	9	degrees	degree	NOUN
fbem-28647	9	10	of	of	ADP
fbem-28647	9	11	financialization	financialization	NOUN
fbem-28647	9	12	on	on	ADP
fbem-28647	9	13	yunnan	yunnan	PROPN
fbem-28647	9	14	baiyao	baiyao	PROPN
fbem-28647	9	15	's	's	PART
fbem-28647	9	16	debt	debt	NOUN
fbem-28647	9	17	risk	risk	NOUN
fbem-28647	9	18	.	.	PUNCT
fbem-28647	10	1	the	the	DET
fbem-28647	10	2	research	research	NOUN
fbem-28647	10	3	in	in	ADP
fbem-28647	10	4	this	this	DET
fbem-28647	10	5	paper	paper	NOUN
fbem-28647	10	6	is	be	AUX
fbem-28647	10	7	not	not	PART
fbem-28647	10	8	only	only	ADV
fbem-28647	10	9	of	of	ADP
fbem-28647	10	10	great	great	ADJ
fbem-28647	10	11	significance	significance	NOUN
fbem-28647	10	12	for	for	ADP
fbem-28647	10	13	yunnan	yunnan	PROPN
fbem-28647	10	14	baiyao	baiyao	PROPN
fbem-28647	10	15	's	's	PART
fbem-28647	10	16	debt	debt	NOUN
fbem-28647	10	17	risk	risk	NOUN
fbem-28647	10	18	prevention	prevention	NOUN
fbem-28647	10	19	of	of	ADP
fbem-28647	10	20	financialization	financialization	NOUN
fbem-28647	10	21	under	under	ADP
fbem-28647	10	22	the	the	DET
fbem-28647	10	23	perspective	perspective	NOUN
fbem-28647	10	24	of	of	ADP
fbem-28647	10	25	investment	investment	NOUN
fbem-28647	10	26	income	income	NOUN
fbem-28647	10	27	,	,	PUNCT
fbem-28647	10	28	but	but	CCONJ
fbem-28647	10	29	also	also	ADV
fbem-28647	10	30	has	have	VERB
fbem-28647	10	31	certain	certain	ADJ
fbem-28647	10	32	reference	reference	NOUN
fbem-28647	10	33	significance	significance	NOUN
fbem-28647	10	34	and	and	CCONJ
fbem-28647	10	35	warning	warning	NOUN
fbem-28647	10	36	effect	effect	NOUN
fbem-28647	10	37	for	for	ADP
fbem-28647	10	38	other	other	ADJ
fbem-28647	10	39	real	real	ADJ
fbem-28647	10	40	enterprises	enterprise	NOUN
fbem-28647	10	41	,	,	PUNCT
fbem-28647	10	42	and	and	CCONJ
fbem-28647	10	43	has	have	VERB
fbem-28647	10	44	certain	certain	ADJ
fbem-28647	10	45	reference	reference	NOUN
fbem-28647	10	46	value	value	NOUN
fbem-28647	10	47	for	for	ADP
fbem-28647	10	48	alleviating	alleviate	VERB
fbem-28647	10	49	the	the	DET
fbem-28647	10	50	economic	economic	ADJ
fbem-28647	10	51	"	"	PUNCT
fbem-28647	10	52	deconstruction	deconstruction	NOUN
fbem-28647	10	53	to	to	ADP
fbem-28647	10	54	emptiness	emptiness	NOUN
fbem-28647	10	55	"	"	PUNCT
fbem-28647	10	56	and	and	CCONJ
fbem-28647	10	57	stabilizing	stabilize	VERB
fbem-28647	10	58	the	the	DET
fbem-28647	10	59	real	real	ADJ
fbem-28647	10	60	economy	economy	NOUN
fbem-28647	10	61	.	.	PUNCT
fbem-28647	11	1	keywords	keyword	NOUN
fbem-28647	11	2	:	:	PUNCT
fbem-28647	11	3	corporate	corporate	ADJ
fbem-28647	11	4	financialization	financialization	NOUN
fbem-28647	11	5	,	,	PUNCT
fbem-28647	11	6	debt	debt	NOUN
fbem-28647	11	7	risk	risk	NOUN
fbem-28647	11	8	,	,	PUNCT
fbem-28647	11	9	investment	investment	NOUN
fbem-28647	11	10	returns	return	NOUN
fbem-28647	11	11	,	,	PUNCT
fbem-28647	11	12	solvency	solvency	NOUN
fbem-28647	11	13	,	,	PUNCT
fbem-28647	11	14	yunnan	yunnan	NOUN
fbem-28647	11	15	baiyao	baiyao	NOUN
fbem-28647	11	16	.	.	PUNCT
fbem-28647	12	1	1	1	X
fbem-28647	12	2	.	.	X
fbem-28647	12	3	introduction	introduction	NOUN
fbem-28647	12	4	1.1	1.1	NUM
fbem-28647	12	5	.	.	PUNCT
fbem-28647	13	1	background	background	NOUN
fbem-28647	13	2	and	and	CCONJ
fbem-28647	13	3	significance	significance	NOUN
fbem-28647	13	4	of	of	ADP
fbem-28647	13	5	the	the	DET
fbem-28647	13	6	study	study	NOUN
fbem-28647	13	7	the	the	DET
fbem-28647	13	8	current	current	ADJ
fbem-28647	13	9	high	high	ADJ
fbem-28647	13	10	degree	degree	NOUN
fbem-28647	13	11	of	of	ADP
fbem-28647	13	12	development	development	NOUN
fbem-28647	13	13	of	of	ADP
fbem-28647	13	14	the	the	DET
fbem-28647	13	15	virtual	virtual	ADJ
fbem-28647	13	16	economy	economy	NOUN
fbem-28647	13	17	,	,	PUNCT
fbem-28647	13	18	especially	especially	ADV
fbem-28647	13	19	the	the	DET
fbem-28647	13	20	internet	internet	NOUN
fbem-28647	13	21	finance	finance	NOUN
fbem-28647	13	22	and	and	CCONJ
fbem-28647	13	23	other	other	ADJ
fbem-28647	13	24	financial	financial	ADJ
fbem-28647	13	25	products	product	NOUN
fbem-28647	13	26	,	,	PUNCT
fbem-28647	13	27	financial	financial	ADJ
fbem-28647	13	28	tools	tool	NOUN
fbem-28647	13	29	are	be	AUX
fbem-28647	13	30	emerging	emerge	VERB
fbem-28647	13	31	,	,	PUNCT
fbem-28647	13	32	many	many	ADJ
fbem-28647	13	33	real	real	ADJ
fbem-28647	13	34	enterprises	enterprise	NOUN
fbem-28647	13	35	in	in	ADP
fbem-28647	13	36	the	the	DET
fbem-28647	13	37	virtual	virtual	ADJ
fbem-28647	13	38	economy	economy	NOUN
fbem-28647	13	39	and	and	CCONJ
fbem-28647	13	40	the	the	DET
fbem-28647	13	41	financial	financial	ADJ
fbem-28647	13	42	industry	industry	NOUN
fbem-28647	13	43	to	to	PART
fbem-28647	13	44	chase	chase	VERB
fbem-28647	13	45	profits	profit	NOUN
fbem-28647	13	46	,	,	PUNCT
fbem-28647	13	47	real	real	ADJ
fbem-28647	13	48	enterprises	enterprise	NOUN
fbem-28647	13	49	gradually	gradually	ADV
fbem-28647	13	50	"	"	PUNCT
fbem-28647	13	51	off	off	ADP
fbem-28647	13	52	the	the	DET
fbem-28647	13	53	real	real	NOUN
fbem-28647	13	54	to	to	ADP
fbem-28647	13	55	the	the	DET
fbem-28647	13	56	virtual	virtual	ADJ
fbem-28647	13	57	"	"	PUNCT
fbem-28647	13	58	.	.	PUNCT
fbem-28647	14	1	enterprises	enterprise	NOUN
fbem-28647	14	2	in	in	ADP
fbem-28647	14	3	the	the	DET
fbem-28647	14	4	financial	financial	ADJ
fbem-28647	14	5	industry	industry	NOUN
fbem-28647	14	6	speculation	speculation	NOUN
fbem-28647	14	7	arbitrage	arbitrage	NOUN
fbem-28647	14	8	,	,	PUNCT
fbem-28647	14	9	shift	shift	NOUN
fbem-28647	14	10	production	production	NOUN
fbem-28647	14	11	and	and	CCONJ
fbem-28647	14	12	operation	operation	NOUN
fbem-28647	14	13	center	center	NOUN
fbem-28647	14	14	of	of	ADP
fbem-28647	14	15	gravity	gravity	NOUN
fbem-28647	14	16	,	,	PUNCT
fbem-28647	14	17	jeopardizing	jeopardize	VERB
fbem-28647	14	18	the	the	DET
fbem-28647	14	19	development	development	NOUN
fbem-28647	14	20	of	of	ADP
fbem-28647	14	21	the	the	DET
fbem-28647	14	22	main	main	ADJ
fbem-28647	14	23	business	business	NOUN
fbem-28647	14	24	,	,	PUNCT
fbem-28647	14	25	invisible	invisible	ADJ
fbem-28647	14	26	financial	financial	ADJ
fbem-28647	14	27	structure	structure	NOUN
fbem-28647	14	28	and	and	CCONJ
fbem-28647	14	29	capital	capital	NOUN
fbem-28647	14	30	structure	structure	NOUN
fbem-28647	14	31	change	change	NOUN
fbem-28647	14	32	.	.	PUNCT
fbem-28647	15	1	deviation	deviation	NOUN
fbem-28647	15	2	from	from	ADP
fbem-28647	15	3	the	the	DET
fbem-28647	15	4	main	main	ADJ
fbem-28647	15	5	business	business	NOUN
fbem-28647	15	6	development	development	NOUN
fbem-28647	15	7	will	will	AUX
fbem-28647	15	8	weaken	weaken	VERB
fbem-28647	15	9	the	the	DET
fbem-28647	15	10	foundation	foundation	NOUN
fbem-28647	15	11	of	of	ADP
fbem-28647	15	12	the	the	DET
fbem-28647	15	13	enterprise	enterprise	NOUN
fbem-28647	15	14	,	,	PUNCT
fbem-28647	15	15	the	the	DET
fbem-28647	15	16	enterprise	enterprise	NOUN
fbem-28647	15	17	faces	face	VERB
fbem-28647	15	18	greater	great	ADJ
fbem-28647	15	19	challenges	challenge	NOUN
fbem-28647	15	20	and	and	CCONJ
fbem-28647	15	21	risks	risk	NOUN
fbem-28647	15	22	.	.	PUNCT
fbem-28647	16	1	most	most	ADJ
fbem-28647	16	2	of	of	ADP
fbem-28647	16	3	china	china	PROPN
fbem-28647	16	4	's	's	PART
fbem-28647	16	5	research	research	NOUN
fbem-28647	16	6	on	on	ADP
fbem-28647	16	7	the	the	DET
fbem-28647	16	8	financialization	financialization	NOUN
fbem-28647	16	9	of	of	ADP
fbem-28647	16	10	enterprises	enterprise	NOUN
fbem-28647	16	11	is	be	AUX
fbem-28647	16	12	at	at	ADP
fbem-28647	16	13	the	the	DET
fbem-28647	16	14	macroeconomic	macroeconomic	ADJ
fbem-28647	16	15	level	level	NOUN
fbem-28647	16	16	,	,	PUNCT
fbem-28647	16	17	the	the	DET
fbem-28647	16	18	research	research	NOUN
fbem-28647	16	19	perspective	perspective	NOUN
fbem-28647	16	20	focuses	focus	VERB
fbem-28647	16	21	on	on	ADP
fbem-28647	16	22	the	the	DET
fbem-28647	16	23	accumulation	accumulation	NOUN
fbem-28647	16	24	of	of	ADP
fbem-28647	16	25	financial	financial	ADJ
fbem-28647	16	26	assets	asset	NOUN
fbem-28647	16	27	,	,	PUNCT
fbem-28647	16	28	and	and	CCONJ
fbem-28647	16	29	there	there	PRON
fbem-28647	16	30	is	be	VERB
fbem-28647	16	31	relatively	relatively	ADV
fbem-28647	16	32	little	little	ADJ
fbem-28647	16	33	research	research	NOUN
fbem-28647	16	34	on	on	ADP
fbem-28647	16	35	the	the	DET
fbem-28647	16	36	microeconomic	microeconomic	ADJ
fbem-28647	16	37	body	body	NOUN
fbem-28647	16	38	under	under	ADP
fbem-28647	16	39	the	the	DET
fbem-28647	16	40	perspective	perspective	NOUN
fbem-28647	16	41	of	of	ADP
fbem-28647	16	42	investment	investment	NOUN
fbem-28647	16	43	returns	return	NOUN
fbem-28647	16	44	.	.	PUNCT
fbem-28647	17	1	in	in	ADP
fbem-28647	17	2	this	this	DET
fbem-28647	17	3	paper	paper	NOUN
fbem-28647	17	4	,	,	PUNCT
fbem-28647	17	5	by	by	ADP
fbem-28647	17	6	selecting	select	VERB
fbem-28647	17	7	an	an	DET
fbem-28647	17	8	entity	entity	NOUN
fbem-28647	17	9	enterprise	enterprise	NOUN
fbem-28647	17	10	,	,	PUNCT
fbem-28647	17	11	yunnan	yunnan	NOUN
fbem-28647	17	12	baiyao	baiyao	NOUN
fbem-28647	17	13	,	,	PUNCT
fbem-28647	17	14	the	the	DET
fbem-28647	17	15	financial	financial	ADJ
fbem-28647	17	16	statement	statement	NOUN
fbem-28647	17	17	data	datum	NOUN
fbem-28647	17	18	of	of	ADP
fbem-28647	17	19	the	the	DET
fbem-28647	17	20	enterprise	enterprise	NOUN
fbem-28647	17	21	from	from	ADP
fbem-28647	17	22	2017	2017	NUM
fbem-28647	17	23	to	to	ADP
fbem-28647	17	24	2022	2022	NUM
fbem-28647	17	25	are	be	AUX
fbem-28647	17	26	selected	select	VERB
fbem-28647	17	27	.	.	PUNCT
fbem-28647	18	1	the	the	DET
fbem-28647	18	2	impact	impact	NOUN
fbem-28647	18	3	of	of	ADP
fbem-28647	18	4	financialization	financialization	NOUN
fbem-28647	18	5	on	on	ADP
fbem-28647	18	6	debt	debt	NOUN
fbem-28647	18	7	risk	risk	NOUN
fbem-28647	18	8	under	under	ADP
fbem-28647	18	9	the	the	DET
fbem-28647	18	10	perspective	perspective	NOUN
fbem-28647	18	11	of	of	ADP
fbem-28647	18	12	investment	investment	NOUN
fbem-28647	18	13	income	income	NOUN
fbem-28647	18	14	of	of	ADP
fbem-28647	18	15	yunnan	yunnan	PROPN
fbem-28647	18	16	baiyao	baiyao	NOUN
fbem-28647	18	17	is	be	AUX
fbem-28647	18	18	comprehensively	comprehensively	ADV
fbem-28647	18	19	analyzed	analyze	VERB
fbem-28647	18	20	through	through	ADP
fbem-28647	18	21	both	both	PRON
fbem-28647	18	22	qualitative	qualitative	ADJ
fbem-28647	18	23	and	and	CCONJ
fbem-28647	18	24	quantitative	quantitative	ADJ
fbem-28647	18	25	aspects	aspect	NOUN
fbem-28647	18	26	.	.	PUNCT
fbem-28647	19	1	the	the	DET
fbem-28647	19	2	proportion	proportion	NOUN
fbem-28647	19	3	of	of	ADP
fbem-28647	19	4	investment	investment	NOUN
fbem-28647	19	5	income	income	NOUN
fbem-28647	19	6	to	to	ADP
fbem-28647	19	7	net	net	ADJ
fbem-28647	19	8	profit	profit	NOUN
fbem-28647	19	9	is	be	AUX
fbem-28647	19	10	used	use	VERB
fbem-28647	19	11	as	as	ADP
fbem-28647	19	12	the	the	DET
fbem-28647	19	13	financialization	financialization	NOUN
fbem-28647	19	14	index	index	NOUN
fbem-28647	19	15	to	to	PART
fbem-28647	19	16	analyze	analyze	VERB
fbem-28647	19	17	the	the	DET
fbem-28647	19	18	degree	degree	NOUN
fbem-28647	19	19	of	of	ADP
fbem-28647	19	20	financialization	financialization	NOUN
fbem-28647	19	21	of	of	ADP
fbem-28647	19	22	the	the	DET
fbem-28647	19	23	enterprise	enterprise	NOUN
fbem-28647	19	24	,	,	PUNCT
fbem-28647	19	25	and	and	CCONJ
fbem-28647	19	26	the	the	DET
fbem-28647	19	27	changes	change	NOUN
fbem-28647	19	28	in	in	ADP
fbem-28647	19	29	the	the	DET
fbem-28647	19	30	financialization	financialization	NOUN
fbem-28647	19	31	index	index	NOUN
fbem-28647	19	32	are	be	AUX
fbem-28647	19	33	analyzed	analyze	VERB
fbem-28647	19	34	through	through	ADP
fbem-28647	19	35	the	the	DET
fbem-28647	19	36	major	major	ADJ
fbem-28647	19	37	events	event	NOUN
fbem-28647	19	38	of	of	ADP
fbem-28647	19	39	the	the	DET
fbem-28647	19	40	enterprise	enterprise	NOUN
fbem-28647	19	41	and	and	CCONJ
fbem-28647	19	42	financialization	financialization	NOUN
fbem-28647	19	43	business	business	NOUN
fbem-28647	19	44	such	such	ADJ
fbem-28647	19	45	as	as	ADP
fbem-28647	19	46	"	"	PUNCT
fbem-28647	19	47	mixing	mix	VERB
fbem-28647	19	48	and	and	CCONJ
fbem-28647	19	49	reforming	reform	VERB
fbem-28647	19	50	"	"	PUNCT
fbem-28647	19	51	to	to	PART
fbem-28647	19	52	provide	provide	VERB
fbem-28647	19	53	a	a	DET
fbem-28647	19	54	factual	factual	ADJ
fbem-28647	19	55	basis	basis	NOUN
fbem-28647	19	56	.	.	PUNCT
fbem-28647	20	1	using	use	VERB
fbem-28647	20	2	relevant	relevant	ADJ
fbem-28647	20	3	solvency	solvency	NOUN
fbem-28647	20	4	indicators	indicator	NOUN
fbem-28647	20	5	and	and	CCONJ
fbem-28647	20	6	cash	cash	NOUN
fbem-28647	20	7	flow	flow	NOUN
fbem-28647	20	8	indicators	indicator	NOUN
fbem-28647	20	9	to	to	PART
fbem-28647	20	10	analyze	analyze	VERB
fbem-28647	20	11	the	the	DET
fbem-28647	20	12	debt	debt	NOUN
fbem-28647	20	13	risk	risk	NOUN
fbem-28647	20	14	brought	bring	VERB
fbem-28647	20	15	by	by	ADP
fbem-28647	20	16	the	the	DET
fbem-28647	20	17	financialization	financialization	NOUN
fbem-28647	20	18	of	of	ADP
fbem-28647	20	19	corporate	corporate	ADJ
fbem-28647	20	20	investment	investment	NOUN
fbem-28647	20	21	income	income	NOUN
fbem-28647	20	22	perspective	perspective	NOUN
fbem-28647	20	23	.	.	PUNCT
fbem-28647	21	1	the	the	DET
fbem-28647	21	2	research	research	NOUN
fbem-28647	21	3	in	in	ADP
fbem-28647	21	4	this	this	DET
fbem-28647	21	5	paper	paper	NOUN
fbem-28647	21	6	is	be	AUX
fbem-28647	21	7	not	not	PART
fbem-28647	21	8	only	only	ADV
fbem-28647	21	9	of	of	ADP
fbem-28647	21	10	great	great	ADJ
fbem-28647	21	11	significance	significance	NOUN
fbem-28647	21	12	for	for	ADP
fbem-28647	21	13	yunnan	yunnan	PROPN
fbem-28647	21	14	baiyao	baiyao	PROPN
fbem-28647	21	15	's	's	PART
fbem-28647	21	16	debt	debt	NOUN
fbem-28647	21	17	risk	risk	NOUN
fbem-28647	21	18	prevention	prevention	NOUN
fbem-28647	21	19	of	of	ADP
fbem-28647	21	20	financialization	financialization	NOUN
fbem-28647	21	21	under	under	ADP
fbem-28647	21	22	the	the	DET
fbem-28647	21	23	perspective	perspective	NOUN
fbem-28647	21	24	of	of	ADP
fbem-28647	21	25	investment	investment	NOUN
fbem-28647	21	26	income	income	NOUN
fbem-28647	21	27	,	,	PUNCT
fbem-28647	21	28	but	but	CCONJ
fbem-28647	21	29	also	also	ADV
fbem-28647	21	30	has	have	VERB
fbem-28647	21	31	certain	certain	ADJ
fbem-28647	21	32	reference	reference	NOUN
fbem-28647	21	33	significance	significance	NOUN
fbem-28647	21	34	and	and	CCONJ
fbem-28647	21	35	warning	warning	NOUN
fbem-28647	21	36	effect	effect	NOUN
fbem-28647	21	37	for	for	ADP
fbem-28647	21	38	other	other	ADJ
fbem-28647	21	39	real	real	ADJ
fbem-28647	21	40	enterprises	enterprise	NOUN
fbem-28647	21	41	,	,	PUNCT
fbem-28647	21	42	and	and	CCONJ
fbem-28647	21	43	has	have	VERB
fbem-28647	21	44	certain	certain	ADJ
fbem-28647	21	45	reference	reference	NOUN
fbem-28647	21	46	value	value	NOUN
fbem-28647	21	47	for	for	ADP
fbem-28647	21	48	alleviating	alleviate	VERB
fbem-28647	21	49	the	the	DET
fbem-28647	21	50	economic	economic	ADJ
fbem-28647	21	51	"	"	PUNCT
fbem-28647	21	52	deconstruction	deconstruction	NOUN
fbem-28647	21	53	to	to	ADP
fbem-28647	21	54	emptiness	emptiness	NOUN
fbem-28647	21	55	"	"	PUNCT
fbem-28647	21	56	and	and	CCONJ
fbem-28647	21	57	stabilizing	stabilize	VERB
fbem-28647	21	58	the	the	DET
fbem-28647	21	59	real	real	ADJ
fbem-28647	21	60	economy	economy	NOUN
fbem-28647	21	61	.	.	PUNCT
fbem-28647	22	1	1.2	1.2	NUM
fbem-28647	22	2	.	.	X
fbem-28647	23	1	literature	literature	PROPN
fbem-28647	23	2	review	review	PROPN
fbem-28647	23	3	1.2.1	1.2.1	NUM
fbem-28647	23	4	.	.	PUNCT
fbem-28647	24	1	meaning	meaning	NOUN
fbem-28647	24	2	of	of	ADP
fbem-28647	24	3	enterprise	enterprise	NOUN
fbem-28647	24	4	financialization	financialization	NOUN
fbem-28647	24	5	with	with	ADP
fbem-28647	24	6	the	the	DET
fbem-28647	24	7	leap	leap	NOUN
fbem-28647	24	8	of	of	ADP
fbem-28647	24	9	the	the	DET
fbem-28647	24	10	economy	economy	NOUN
fbem-28647	24	11	and	and	CCONJ
fbem-28647	24	12	the	the	DET
fbem-28647	24	13	development	development	NOUN
fbem-28647	24	14	of	of	ADP
fbem-28647	24	15	financial	financial	ADJ
fbem-28647	24	16	markets	market	NOUN
fbem-28647	24	17	,	,	PUNCT
fbem-28647	24	18	non	non	ADJ
fbem-28647	24	19	-	-	ADJ
fbem-28647	24	20	financial	financial	ADJ
fbem-28647	24	21	enterprises	enterprise	NOUN
fbem-28647	24	22	have	have	AUX
fbem-28647	24	23	begun	begin	VERB
fbem-28647	24	24	the	the	DET
fbem-28647	24	25	path	path	NOUN
fbem-28647	24	26	of	of	ADP
fbem-28647	24	27	financialization	financialization	NOUN
fbem-28647	24	28	.	.	PUNCT
fbem-28647	25	1	krippner	krippner	NOUN
fbem-28647	25	2	(	(	PUNCT
fbem-28647	25	3	2005	2005	NUM
fbem-28647	25	4	)	)	PUNCT
fbem-28647	25	5	argues	argue	VERB
fbem-28647	25	6	from	from	ADP
fbem-28647	25	7	the	the	DET
fbem-28647	25	8	perspective	perspective	NOUN
fbem-28647	25	9	of	of	ADP
fbem-28647	25	10	capital	capital	NOUN
fbem-28647	25	11	accumulation	accumulation	NOUN
fbem-28647	25	12	that	that	SCONJ
fbem-28647	25	13	financialization	financialization	NOUN
fbem-28647	25	14	is	be	AUX
fbem-28647	25	15	the	the	DET
fbem-28647	25	16	419	419	NUM
fbem-28647	25	17	mode	mode	NOUN
fbem-28647	25	18	of	of	ADP
fbem-28647	25	19	economic	economic	ADJ
fbem-28647	25	20	accumulation	accumulation	NOUN
fbem-28647	25	21	,	,	PUNCT
fbem-28647	25	22	the	the	DET
fbem-28647	25	23	real	real	ADJ
fbem-28647	25	24	economy	economy	NOUN
fbem-28647	25	25	capital	capital	NOUN
fbem-28647	25	26	gradually	gradually	ADV
fbem-28647	25	27	transferred	transfer	VERB
fbem-28647	25	28	from	from	ADP
fbem-28647	25	29	the	the	DET
fbem-28647	25	30	real	real	ADJ
fbem-28647	25	31	industry	industry	NOUN
fbem-28647	25	32	to	to	ADP
fbem-28647	25	33	the	the	DET
fbem-28647	25	34	field	field	NOUN
fbem-28647	25	35	of	of	ADP
fbem-28647	25	36	the	the	DET
fbem-28647	25	37	virtual	virtual	ADJ
fbem-28647	25	38	economy	economy	NOUN
fbem-28647	25	39	,	,	PUNCT
fbem-28647	25	40	and	and	CCONJ
fbem-28647	25	41	the	the	DET
fbem-28647	25	42	main	main	ADJ
fbem-28647	25	43	use	use	NOUN
fbem-28647	25	44	of	of	ADP
fbem-28647	25	45	the	the	DET
fbem-28647	25	46	financial	financial	ADJ
fbem-28647	25	47	channel	channel	NOUN
fbem-28647	25	48	to	to	PART
fbem-28647	25	49	obtain	obtain	VERB
fbem-28647	25	50	profits	profit	NOUN
fbem-28647	25	51	,	,	PUNCT
fbem-28647	25	52	rather	rather	ADV
fbem-28647	25	53	than	than	ADP
fbem-28647	25	54	relying	rely	VERB
fbem-28647	25	55	on	on	ADP
fbem-28647	25	56	trade	trade	NOUN
fbem-28647	25	57	and	and	CCONJ
fbem-28647	25	58	commodity	commodity	NOUN
fbem-28647	25	59	production	production	NOUN
fbem-28647	25	60	to	to	PART
fbem-28647	25	61	obtain	obtain	VERB
fbem-28647	25	62	profits	profit	NOUN
fbem-28647	25	63	[	[	X
fbem-28647	25	64	1	1	NUM
fbem-28647	25	65	]	]	PUNCT
fbem-28647	25	66	.	.	PUNCT
fbem-28647	26	1	orhangazi	orhangazi	NOUN
fbem-28647	26	2	(	(	PUNCT
fbem-28647	26	3	2008	2008	NUM
fbem-28647	26	4	)	)	PUNCT
fbem-28647	26	5	argues	argue	VERB
fbem-28647	26	6	that	that	SCONJ
fbem-28647	26	7	the	the	DET
fbem-28647	26	8	real	real	ADJ
fbem-28647	26	9	economy	economy	NOUN
fbem-28647	26	10	has	have	AUX
fbem-28647	26	11	become	become	VERB
fbem-28647	26	12	more	more	ADV
fbem-28647	26	13	biased	biased	ADJ
fbem-28647	26	14	towards	towards	ADP
fbem-28647	26	15	investing	invest	VERB
fbem-28647	26	16	in	in	ADP
fbem-28647	26	17	the	the	DET
fbem-28647	26	18	financial	financial	ADJ
fbem-28647	26	19	sector	sector	NOUN
fbem-28647	26	20	due	due	ADP
fbem-28647	26	21	to	to	ADP
fbem-28647	26	22	the	the	DET
fbem-28647	26	23	decline	decline	NOUN
fbem-28647	26	24	in	in	ADP
fbem-28647	26	25	the	the	DET
fbem-28647	26	26	rate	rate	NOUN
fbem-28647	26	27	of	of	ADP
fbem-28647	26	28	return	return	NOUN
fbem-28647	26	29	on	on	ADP
fbem-28647	26	30	real	real	ADJ
fbem-28647	26	31	investments	investment	NOUN
fbem-28647	26	32	as	as	ADP
fbem-28647	26	33	a	a	DET
fbem-28647	26	34	result	result	NOUN
fbem-28647	26	35	of	of	ADP
fbem-28647	26	36	overcapacity	overcapacity	NOUN
fbem-28647	26	37	in	in	ADP
fbem-28647	26	38	the	the	DET
fbem-28647	26	39	real	real	ADJ
fbem-28647	26	40	economy	economy	NOUN
fbem-28647	27	1	[	[	X
fbem-28647	27	2	2	2	NUM
fbem-28647	27	3	]	]	PUNCT
fbem-28647	27	4	.	.	PUNCT
fbem-28647	28	1	sun	sun	PROPN
fbem-28647	28	2	jiao	jiao	PROPN
fbem-28647	28	3	yang	yang	PROPN
fbem-28647	28	4	(	(	PUNCT
fbem-28647	28	5	2022	2022	NUM
fbem-28647	28	6	)	)	PUNCT
fbem-28647	28	7	argues	argue	VERB
fbem-28647	28	8	that	that	SCONJ
fbem-28647	28	9	enterprises	enterprise	NOUN
fbem-28647	28	10	apply	apply	VERB
fbem-28647	28	11	their	their	PRON
fbem-28647	28	12	assets	asset	NOUN
fbem-28647	28	13	more	more	ADJ
fbem-28647	28	14	to	to	ADP
fbem-28647	28	15	the	the	DET
fbem-28647	28	16	investment	investment	NOUN
fbem-28647	28	17	of	of	ADP
fbem-28647	28	18	financial	financial	ADJ
fbem-28647	28	19	assets	asset	NOUN
fbem-28647	28	20	rather	rather	ADV
fbem-28647	28	21	than	than	ADP
fbem-28647	28	22	traditional	traditional	ADJ
fbem-28647	28	23	production	production	NOUN
fbem-28647	28	24	and	and	CCONJ
fbem-28647	28	25	operation	operation	NOUN
fbem-28647	28	26	activities	activity	NOUN
fbem-28647	28	27	,	,	PUNCT
fbem-28647	28	28	so	so	SCONJ
fbem-28647	28	29	that	that	SCONJ
fbem-28647	28	30	the	the	DET
fbem-28647	28	31	proportion	proportion	NOUN
fbem-28647	28	32	of	of	ADP
fbem-28647	28	33	investment	investment	NOUN
fbem-28647	28	34	in	in	ADP
fbem-28647	28	35	financial	financial	ADJ
fbem-28647	28	36	assets	asset	NOUN
fbem-28647	28	37	and	and	CCONJ
fbem-28647	28	38	the	the	DET
fbem-28647	28	39	total	total	ADJ
fbem-28647	28	40	amount	amount	NOUN
fbem-28647	28	41	of	of	ADP
fbem-28647	28	42	investment	investment	NOUN
fbem-28647	28	43	is	be	AUX
fbem-28647	28	44	gradually	gradually	ADV
fbem-28647	28	45	increased	increase	VERB
fbem-28647	28	46	,	,	PUNCT
fbem-28647	28	47	and	and	CCONJ
fbem-28647	28	48	the	the	DET
fbem-28647	28	49	day	day	NOUN
fbem-28647	28	50	-	-	PUNCT
fbem-28647	28	51	today	today	NOUN
fbem-28647	28	52	business	business	NOUN
fbem-28647	28	53	activities	activity	NOUN
fbem-28647	28	54	of	of	ADP
fbem-28647	28	55	enterprises	enterprise	NOUN
fbem-28647	28	56	are	be	AUX
fbem-28647	28	57	more	more	ADV
fbem-28647	28	58	and	and	CCONJ
fbem-28647	28	59	more	more	ADJ
fbem-28647	28	60	subject	subject	ADJ
fbem-28647	28	61	to	to	ADP
fbem-28647	28	62	the	the	DET
fbem-28647	28	63	influence	influence	NOUN
fbem-28647	28	64	or	or	CCONJ
fbem-28647	28	65	control	control	NOUN
fbem-28647	28	66	of	of	ADP
fbem-28647	28	67	external	external	ADJ
fbem-28647	28	68	financial	financial	ADJ
fbem-28647	28	69	institutions	institution	NOUN
fbem-28647	28	70	or	or	CCONJ
fbem-28647	28	71	financial	financial	ADJ
fbem-28647	28	72	assets	asset	NOUN
fbem-28647	28	73	[	[	X
fbem-28647	28	74	3	3	NUM
fbem-28647	28	75	]	]	PUNCT
fbem-28647	28	76	.	.	PUNCT
fbem-28647	29	1	zhang	zhang	PROPN
fbem-28647	29	2	hanshu	hanshu	PROPN
fbem-28647	29	3	(	(	PUNCT
fbem-28647	29	4	2023	2023	NUM
fbem-28647	29	5	)	)	PUNCT
fbem-28647	29	6	believes	believe	VERB
fbem-28647	29	7	that	that	SCONJ
fbem-28647	29	8	the	the	DET
fbem-28647	29	9	financialization	financialization	NOUN
fbem-28647	29	10	of	of	ADP
fbem-28647	29	11	enterprises	enterprise	NOUN
fbem-28647	29	12	mainly	mainly	ADV
fbem-28647	29	13	includes	include	VERB
fbem-28647	29	14	enterprises	enterprise	NOUN
fbem-28647	29	15	relying	rely	VERB
fbem-28647	29	16	more	more	ADV
fbem-28647	29	17	on	on	ADP
fbem-28647	29	18	the	the	DET
fbem-28647	29	19	combination	combination	NOUN
fbem-28647	29	20	of	of	ADP
fbem-28647	29	21	financial	financial	ADJ
fbem-28647	29	22	investment	investment	NOUN
fbem-28647	29	23	and	and	CCONJ
fbem-28647	29	24	corporate	corporate	ADJ
fbem-28647	29	25	finance	finance	NOUN
fbem-28647	29	26	leading	lead	VERB
fbem-28647	29	27	to	to	ADP
fbem-28647	29	28	changes	change	NOUN
fbem-28647	29	29	in	in	ADP
fbem-28647	29	30	the	the	DET
fbem-28647	29	31	source	source	NOUN
fbem-28647	29	32	of	of	ADP
fbem-28647	29	33	corporate	corporate	ADJ
fbem-28647	29	34	profits	profit	NOUN
fbem-28647	29	35	[	[	X
fbem-28647	29	36	4	4	NUM
fbem-28647	29	37	]	]	PUNCT
fbem-28647	29	38	.	.	PUNCT
fbem-28647	30	1	the	the	DET
fbem-28647	30	2	financial	financial	ADJ
fbem-28647	30	3	system	system	NOUN
fbem-28647	30	4	continues	continue	VERB
fbem-28647	30	5	to	to	PART
fbem-28647	30	6	improve	improve	VERB
fbem-28647	30	7	,	,	PUNCT
fbem-28647	30	8	the	the	DET
fbem-28647	30	9	rate	rate	NOUN
fbem-28647	30	10	of	of	ADP
fbem-28647	30	11	return	return	NOUN
fbem-28647	30	12	on	on	ADP
fbem-28647	30	13	investment	investment	NOUN
fbem-28647	30	14	compared	compare	VERB
fbem-28647	30	15	to	to	ADP
fbem-28647	30	16	the	the	DET
fbem-28647	30	17	real	real	ADJ
fbem-28647	30	18	economy	economy	NOUN
fbem-28647	30	19	has	have	AUX
fbem-28647	30	20	risen	rise	VERB
fbem-28647	30	21	steadily	steadily	ADV
fbem-28647	30	22	and	and	CCONJ
fbem-28647	30	23	showed	show	VERB
fbem-28647	30	24	a	a	DET
fbem-28647	30	25	trend	trend	NOUN
fbem-28647	30	26	of	of	ADP
fbem-28647	30	27	superiority	superiority	NOUN
fbem-28647	30	28	over	over	ADP
fbem-28647	30	29	the	the	DET
fbem-28647	30	30	real	real	ADJ
fbem-28647	30	31	economy	economy	NOUN
fbem-28647	30	32	,	,	PUNCT
fbem-28647	30	33	real	real	ADJ
fbem-28647	30	34	enterprises	enterprise	NOUN
fbem-28647	30	35	began	begin	VERB
fbem-28647	30	36	to	to	PART
fbem-28647	30	37	enter	enter	VERB
fbem-28647	30	38	the	the	DET
fbem-28647	30	39	financial	financial	ADJ
fbem-28647	30	40	market	market	NOUN
fbem-28647	30	41	through	through	ADP
fbem-28647	30	42	the	the	DET
fbem-28647	30	43	allocation	allocation	NOUN
fbem-28647	30	44	of	of	ADP
fbem-28647	30	45	different	different	ADJ
fbem-28647	30	46	types	type	NOUN
fbem-28647	30	47	of	of	ADP
fbem-28647	30	48	financial	financial	ADJ
fbem-28647	30	49	products	product	NOUN
fbem-28647	30	50	in	in	ADP
fbem-28647	30	51	pursuit	pursuit	NOUN
fbem-28647	30	52	of	of	ADP
fbem-28647	30	53	short	short	ADJ
fbem-28647	30	54	-	-	PUNCT
fbem-28647	30	55	term	term	NOUN
fbem-28647	30	56	high	high	ADJ
fbem-28647	30	57	returns	return	NOUN
fbem-28647	30	58	,	,	PUNCT
fbem-28647	30	59	the	the	DET
fbem-28647	30	60	importance	importance	NOUN
fbem-28647	30	61	of	of	ADP
fbem-28647	30	62	production	production	NOUN
fbem-28647	30	63	and	and	CCONJ
fbem-28647	30	64	operation	operation	NOUN
fbem-28647	30	65	in	in	ADP
fbem-28647	30	66	the	the	DET
fbem-28647	30	67	enterprise	enterprise	NOUN
fbem-28647	30	68	is	be	AUX
fbem-28647	30	69	gradually	gradually	ADV
fbem-28647	30	70	diluted	dilute	VERB
fbem-28647	30	71	.	.	PUNCT
fbem-28647	31	1	1.2.2	1.2.2	X
fbem-28647	31	2	.	.	PUNCT
fbem-28647	31	3	motivations	motivation	NOUN
fbem-28647	31	4	for	for	ADP
fbem-28647	31	5	financialization	financialization	NOUN
fbem-28647	31	6	of	of	ADP
fbem-28647	31	7	real	real	ADJ
fbem-28647	31	8	enterprises	enterprise	NOUN
fbem-28647	31	9	under	under	ADP
fbem-28647	31	10	the	the	DET
fbem-28647	31	11	theory	theory	NOUN
fbem-28647	31	12	of	of	ADP
fbem-28647	31	13	"	"	PUNCT
fbem-28647	31	14	rational	rational	ADJ
fbem-28647	31	15	economic	economic	ADJ
fbem-28647	31	16	man	man	NOUN
fbem-28647	31	17	"	"	PUNCT
fbem-28647	31	18	,	,	PUNCT
fbem-28647	31	19	huang	huang	PROPN
fbem-28647	31	20	(	(	PUNCT
fbem-28647	31	21	2023	2023	NUM
fbem-28647	31	22	)	)	PUNCT
fbem-28647	31	23	argues	argue	VERB
fbem-28647	31	24	that	that	SCONJ
fbem-28647	31	25	enterprises	enterprise	NOUN
fbem-28647	31	26	are	be	AUX
fbem-28647	31	27	rational	rational	ADJ
fbem-28647	31	28	economic	economic	ADJ
fbem-28647	31	29	men	man	NOUN
fbem-28647	31	30	,	,	PUNCT
fbem-28647	31	31	and	and	CCONJ
fbem-28647	31	32	the	the	DET
fbem-28647	31	33	pursuit	pursuit	NOUN
fbem-28647	31	34	of	of	ADP
fbem-28647	31	35	profit	profit	NOUN
fbem-28647	31	36	is	be	AUX
fbem-28647	31	37	the	the	DET
fbem-28647	31	38	fundamental	fundamental	ADJ
fbem-28647	31	39	purpose	purpose	NOUN
fbem-28647	31	40	of	of	ADP
fbem-28647	31	41	their	their	PRON
fbem-28647	31	42	production	production	NOUN
fbem-28647	31	43	and	and	CCONJ
fbem-28647	31	44	operation	operation	NOUN
fbem-28647	31	45	activities	activity	NOUN
fbem-28647	31	46	,	,	PUNCT
fbem-28647	31	47	and	and	CCONJ
fbem-28647	31	48	the	the	DET
fbem-28647	31	49	fact	fact	NOUN
fbem-28647	31	50	that	that	SCONJ
fbem-28647	31	51	the	the	DET
fbem-28647	31	52	rate	rate	NOUN
fbem-28647	31	53	of	of	ADP
fbem-28647	31	54	return	return	NOUN
fbem-28647	31	55	on	on	ADP
fbem-28647	31	56	financial	financial	ADJ
fbem-28647	31	57	assets	asset	NOUN
fbem-28647	31	58	is	be	AUX
fbem-28647	31	59	greater	great	ADJ
fbem-28647	31	60	than	than	ADP
fbem-28647	31	61	the	the	DET
fbem-28647	31	62	rate	rate	NOUN
fbem-28647	31	63	of	of	ADP
fbem-28647	31	64	return	return	NOUN
fbem-28647	31	65	on	on	ADP
fbem-28647	31	66	operating	operate	VERB
fbem-28647	31	67	assets	asset	NOUN
fbem-28647	31	68	is	be	AUX
fbem-28647	31	69	an	an	DET
fbem-28647	31	70	important	important	ADJ
fbem-28647	31	71	incentive	incentive	NOUN
fbem-28647	31	72	for	for	ADP
fbem-28647	31	73	the	the	DET
fbem-28647	31	74	financialization	financialization	NOUN
fbem-28647	31	75	of	of	ADP
fbem-28647	31	76	enterprises	enterprise	NOUN
fbem-28647	31	77	[	[	X
fbem-28647	31	78	5	5	NUM
fbem-28647	31	79	]	]	PUNCT
fbem-28647	31	80	.	.	PUNCT
fbem-28647	32	1	according	accord	VERB
fbem-28647	32	2	to	to	ADP
fbem-28647	32	3	jian	jian	PROPN
fbem-28647	32	4	wang	wang	PROPN
fbem-28647	32	5	(	(	PUNCT
fbem-28647	32	6	2023	2023	NUM
fbem-28647	32	7	)	)	PUNCT
fbem-28647	32	8	,	,	PUNCT
fbem-28647	32	9	the	the	DET
fbem-28647	32	10	entry	entry	NOUN
fbem-28647	32	11	of	of	ADP
fbem-28647	32	12	non	non	ADJ
fbem-28647	32	13	-	-	ADJ
fbem-28647	32	14	state	state	ADJ
fbem-28647	32	15	shareholders	shareholder	NOUN
fbem-28647	32	16	and	and	CCONJ
fbem-28647	32	17	the	the	DET
fbem-28647	32	18	changes	change	NOUN
fbem-28647	32	19	in	in	ADP
fbem-28647	32	20	corporate	corporate	ADJ
fbem-28647	32	21	governance	governance	NOUN
fbem-28647	32	22	structure	structure	NOUN
fbem-28647	32	23	and	and	CCONJ
fbem-28647	32	24	business	business	NOUN
fbem-28647	32	25	strategy	strategy	NOUN
fbem-28647	32	26	formed	form	VERB
fbem-28647	32	27	are	be	AUX
fbem-28647	32	28	important	important	ADJ
fbem-28647	32	29	pushers	pusher	NOUN
fbem-28647	32	30	of	of	ADP
fbem-28647	32	31	corporate	corporate	ADJ
fbem-28647	32	32	financialization	financialization	NOUN
fbem-28647	32	33	[	[	X
fbem-28647	32	34	6	6	NUM
fbem-28647	32	35	]	]	PUNCT
fbem-28647	32	36	.	.	PUNCT
fbem-28647	33	1	therefore	therefore	ADV
fbem-28647	33	2	,	,	PUNCT
fbem-28647	33	3	corporate	corporate	ADJ
fbem-28647	33	4	agents	agent	NOUN
fbem-28647	33	5	short	short	ADV
fbem-28647	33	6	-	-	PUNCT
fbem-28647	33	7	sightedly	sightedly	ADV
fbem-28647	33	8	invest	invest	VERB
fbem-28647	33	9	in	in	ADP
fbem-28647	33	10	highyield	highyield	ADJ
fbem-28647	33	11	financial	financial	ADJ
fbem-28647	33	12	assets	asset	NOUN
fbem-28647	33	13	or	or	CCONJ
fbem-28647	33	14	financial	financial	ADJ
fbem-28647	33	15	speculation	speculation	NOUN
fbem-28647	33	16	to	to	PART
fbem-28647	33	17	satisfy	satisfy	VERB
fbem-28647	33	18	their	their	PRON
fbem-28647	33	19	own	own	ADJ
fbem-28647	33	20	interests	interest	NOUN
fbem-28647	33	21	,	,	PUNCT
fbem-28647	33	22	thus	thus	ADV
fbem-28647	33	23	creating	create	VERB
fbem-28647	33	24	a	a	DET
fbem-28647	33	25	"	"	PUNCT
fbem-28647	33	26	crowding	crowd	VERB
fbem-28647	33	27	out	out	ADP
fbem-28647	33	28	effect	effect	NOUN
fbem-28647	33	29	"	"	PUNCT
fbem-28647	33	30	on	on	ADP
fbem-28647	33	31	investment	investment	NOUN
fbem-28647	33	32	in	in	ADP
fbem-28647	33	33	the	the	DET
fbem-28647	33	34	main	main	ADJ
fbem-28647	33	35	business	business	NOUN
fbem-28647	33	36	,	,	PUNCT
fbem-28647	33	37	damaging	damage	VERB
fbem-28647	33	38	the	the	DET
fbem-28647	33	39	main	main	ADJ
fbem-28647	33	40	business	business	NOUN
fbem-28647	33	41	of	of	ADP
fbem-28647	33	42	the	the	DET
fbem-28647	33	43	enterprise	enterprise	NOUN
fbem-28647	33	44	and	and	CCONJ
fbem-28647	33	45	affecting	affect	VERB
fbem-28647	33	46	the	the	DET
fbem-28647	33	47	long	long	ADJ
fbem-28647	33	48	-	-	PUNCT
fbem-28647	33	49	term	term	NOUN
fbem-28647	33	50	development	development	NOUN
fbem-28647	33	51	of	of	ADP
fbem-28647	33	52	the	the	DET
fbem-28647	33	53	enterprise	enterprise	NOUN
fbem-28647	33	54	.	.	PUNCT
fbem-28647	34	1	under	under	ADP
fbem-28647	34	2	the	the	DET
fbem-28647	34	3	theoretical	theoretical	ADJ
fbem-28647	34	4	motivation	motivation	NOUN
fbem-28647	34	5	of	of	ADP
fbem-28647	34	6	"	"	PUNCT
fbem-28647	34	7	financing	financing	NOUN
fbem-28647	34	8	constraint	constraint	NOUN
fbem-28647	34	9	"	"	PUNCT
fbem-28647	34	10	,	,	PUNCT
fbem-28647	34	11	due	due	ADP
fbem-28647	34	12	to	to	ADP
fbem-28647	34	13	"	"	PUNCT
fbem-28647	34	14	information	information	NOUN
fbem-28647	34	15	asymmetry	asymmetry	NOUN
fbem-28647	34	16	"	"	PUNCT
fbem-28647	34	17	,	,	PUNCT
fbem-28647	34	18	the	the	DET
fbem-28647	34	19	external	external	ADJ
fbem-28647	34	20	capital	capital	NOUN
fbem-28647	34	21	supplier	supplier	NOUN
fbem-28647	34	22	of	of	ADP
fbem-28647	34	23	the	the	DET
fbem-28647	34	24	enterprise	enterprise	NOUN
fbem-28647	34	25	has	have	VERB
fbem-28647	34	26	unequal	unequal	ADJ
fbem-28647	34	27	knowledge	knowledge	NOUN
fbem-28647	34	28	of	of	ADP
fbem-28647	34	29	the	the	DET
fbem-28647	34	30	internal	internal	ADJ
fbem-28647	34	31	information	information	NOUN
fbem-28647	34	32	,	,	PUNCT
fbem-28647	34	33	so	so	CCONJ
fbem-28647	34	34	it	it	PRON
fbem-28647	34	35	raises	raise	VERB
fbem-28647	34	36	the	the	DET
fbem-28647	34	37	cost	cost	NOUN
fbem-28647	34	38	of	of	ADP
fbem-28647	34	39	financing	financing	NOUN
fbem-28647	34	40	to	to	PART
fbem-28647	34	41	compensate	compensate	VERB
fbem-28647	34	42	for	for	ADP
fbem-28647	34	43	the	the	DET
fbem-28647	34	44	risk	risk	NOUN
fbem-28647	34	45	premium	premium	NOUN
fbem-28647	34	46	due	due	ADP
fbem-28647	34	47	to	to	ADP
fbem-28647	34	48	the	the	DET
fbem-28647	34	49	information	information	NOUN
fbem-28647	34	50	gap	gap	NOUN
fbem-28647	34	51	.	.	PUNCT
fbem-28647	35	1	in	in	ADP
fbem-28647	35	2	order	order	NOUN
fbem-28647	35	3	to	to	PART
fbem-28647	35	4	reduce	reduce	VERB
fbem-28647	35	5	the	the	DET
fbem-28647	35	6	financial	financial	ADJ
fbem-28647	35	7	cost	cost	NOUN
fbem-28647	35	8	of	of	ADP
fbem-28647	35	9	obtaining	obtain	VERB
fbem-28647	35	10	funds	fund	NOUN
fbem-28647	35	11	,	,	PUNCT
fbem-28647	35	12	enterprises	enterprise	NOUN
fbem-28647	35	13	should	should	AUX
fbem-28647	35	14	prioritize	prioritize	VERB
fbem-28647	35	15	the	the	DET
fbem-28647	35	16	choice	choice	NOUN
fbem-28647	35	17	of	of	ADP
fbem-28647	35	18	internal	internal	ADJ
fbem-28647	35	19	financing	financing	NOUN
fbem-28647	35	20	,	,	PUNCT
fbem-28647	35	21	followed	follow	VERB
fbem-28647	35	22	by	by	ADP
fbem-28647	35	23	the	the	DET
fbem-28647	35	24	consideration	consideration	NOUN
fbem-28647	35	25	of	of	ADP
fbem-28647	35	26	external	external	ADJ
fbem-28647	35	27	financing	financing	NOUN
fbem-28647	35	28	.	.	PUNCT
fbem-28647	36	1	sun	sun	PROPN
fbem-28647	36	2	jiao	jiao	PROPN
fbem-28647	36	3	yang	yang	PROPN
fbem-28647	36	4	(	(	PUNCT
fbem-28647	36	5	2022	2022	NUM
fbem-28647	36	6	)	)	PUNCT
fbem-28647	36	7	believes	believe	VERB
fbem-28647	36	8	that	that	SCONJ
fbem-28647	36	9	the	the	DET
fbem-28647	36	10	financialization	financialization	NOUN
fbem-28647	36	11	of	of	ADP
fbem-28647	36	12	real	real	ADJ
fbem-28647	36	13	enterprises	enterprise	NOUN
fbem-28647	36	14	has	have	VERB
fbem-28647	36	15	a	a	DET
fbem-28647	36	16	"	"	PUNCT
fbem-28647	36	17	crowding	crowd	VERB
fbem-28647	36	18	out	out	ADP
fbem-28647	36	19	"	"	PUNCT
fbem-28647	36	20	effect	effect	NOUN
fbem-28647	36	21	on	on	ADP
fbem-28647	36	22	the	the	DET
fbem-28647	36	23	enterprise	enterprise	NOUN
fbem-28647	36	24	's	's	PART
fbem-28647	36	25	main	main	ADJ
fbem-28647	36	26	business	business	NOUN
fbem-28647	36	27	investment	investment	NOUN
fbem-28647	36	28	,	,	PUNCT
fbem-28647	36	29	the	the	DET
fbem-28647	36	30	enterprise	enterprise	NOUN
fbem-28647	36	31	configuration	configuration	NOUN
fbem-28647	36	32	of	of	ADP
fbem-28647	36	33	financial	financial	ADJ
fbem-28647	36	34	assets	asset	NOUN
fbem-28647	36	35	will	will	AUX
fbem-28647	36	36	crowd	crowd	VERB
fbem-28647	36	37	out	out	ADP
fbem-28647	36	38	the	the	DET
fbem-28647	36	39	enterprise	enterprise	NOUN
fbem-28647	36	40	's	's	PART
fbem-28647	36	41	physical	physical	ADJ
fbem-28647	36	42	capital	capital	NOUN
fbem-28647	36	43	investment	investment	NOUN
fbem-28647	36	44	funds	fund	NOUN
fbem-28647	36	45	,	,	PUNCT
fbem-28647	36	46	which	which	PRON
fbem-28647	36	47	worsens	worsen	VERB
fbem-28647	36	48	the	the	DET
fbem-28647	36	49	enterprise	enterprise	NOUN
fbem-28647	36	50	's	's	PART
fbem-28647	36	51	financial	financial	ADJ
fbem-28647	36	52	risk	risk	NOUN
fbem-28647	36	53	,	,	PUNCT
fbem-28647	36	54	the	the	DET
fbem-28647	36	55	risk	risk	NOUN
fbem-28647	36	56	of	of	ADP
fbem-28647	36	57	price	price	NOUN
fbem-28647	36	58	fluctuations	fluctuation	NOUN
fbem-28647	36	59	of	of	ADP
fbem-28647	36	60	financial	financial	ADJ
fbem-28647	36	61	assets	asset	NOUN
fbem-28647	36	62	may	may	AUX
fbem-28647	36	63	also	also	ADV
fbem-28647	36	64	be	be	AUX
fbem-28647	36	65	transmitted	transmit	VERB
fbem-28647	36	66	to	to	ADP
fbem-28647	36	67	the	the	DET
fbem-28647	36	68	enterprise	enterprise	NOUN
fbem-28647	36	69	,	,	PUNCT
fbem-28647	36	70	increasing	increase	VERB
fbem-28647	36	71	the	the	DET
fbem-28647	36	72	enterprise	enterprise	NOUN
fbem-28647	36	73	's	's	PART
fbem-28647	36	74	physical	physical	ADJ
fbem-28647	36	75	investment	investment	NOUN
fbem-28647	36	76	and	and	CCONJ
fbem-28647	36	77	main	main	ADJ
fbem-28647	36	78	business	business	NOUN
fbem-28647	36	79	operations	operation	NOUN
fbem-28647	36	80	.	.	PUNCT
fbem-28647	37	1	financial	financial	ADJ
fbem-28647	37	2	risk	risk	NOUN
fbem-28647	37	3	of	of	ADP
fbem-28647	37	4	the	the	DET
fbem-28647	37	5	enterprise	enterprise	NOUN
fbem-28647	37	6	's	's	PART
fbem-28647	37	7	physical	physical	ADJ
fbem-28647	37	8	investment	investment	NOUN
fbem-28647	37	9	and	and	CCONJ
fbem-28647	37	10	main	main	ADJ
fbem-28647	37	11	business	business	NOUN
fbem-28647	37	12	operation	operation	NOUN
fbem-28647	37	13	.	.	PUNCT
fbem-28647	38	1	appropriate	appropriate	ADJ
fbem-28647	38	2	financial	financial	ADJ
fbem-28647	38	3	investment	investment	NOUN
fbem-28647	38	4	can	can	AUX
fbem-28647	38	5	increase	increase	VERB
fbem-28647	38	6	the	the	DET
fbem-28647	38	7	access	access	NOUN
fbem-28647	38	8	to	to	ADP
fbem-28647	38	9	funds	fund	NOUN
fbem-28647	38	10	and	and	CCONJ
fbem-28647	38	11	reduce	reduce	VERB
fbem-28647	38	12	the	the	DET
fbem-28647	38	13	external	external	ADJ
fbem-28647	38	14	financing	financing	NOUN
fbem-28647	38	15	costs	cost	NOUN
fbem-28647	38	16	of	of	ADP
fbem-28647	38	17	enterprises	enterprise	NOUN
fbem-28647	38	18	[	[	X
fbem-28647	38	19	3	3	NUM
fbem-28647	38	20	]	]	PUNCT
fbem-28647	38	21	.	.	PUNCT
fbem-28647	39	1	1.2.3	1.2.3	X
fbem-28647	39	2	.	.	PUNCT
fbem-28647	40	1	summary	summary	NOUN
fbem-28647	40	2	of	of	ADP
fbem-28647	40	3	literature	literature	NOUN
fbem-28647	40	4	there	there	PRON
fbem-28647	40	5	are	be	VERB
fbem-28647	40	6	many	many	ADJ
fbem-28647	40	7	academic	academic	ADJ
fbem-28647	40	8	research	research	NOUN
fbem-28647	40	9	results	result	NOUN
fbem-28647	40	10	on	on	ADP
fbem-28647	40	11	the	the	DET
fbem-28647	40	12	issue	issue	NOUN
fbem-28647	40	13	of	of	ADP
fbem-28647	40	14	enterprise	enterprise	NOUN
fbem-28647	40	15	financialization	financialization	NOUN
fbem-28647	40	16	,	,	PUNCT
fbem-28647	40	17	and	and	CCONJ
fbem-28647	40	18	the	the	DET
fbem-28647	40	19	research	research	NOUN
fbem-28647	40	20	on	on	ADP
fbem-28647	40	21	the	the	DET
fbem-28647	40	22	definition	definition	NOUN
fbem-28647	40	23	and	and	CCONJ
fbem-28647	40	24	motivation	motivation	NOUN
fbem-28647	40	25	of	of	ADP
fbem-28647	40	26	enterprise	enterprise	NOUN
fbem-28647	40	27	financialization	financialization	NOUN
fbem-28647	40	28	has	have	AUX
fbem-28647	40	29	basically	basically	ADV
fbem-28647	40	30	reached	reach	VERB
fbem-28647	40	31	a	a	DET
fbem-28647	40	32	consensus	consensus	NOUN
fbem-28647	40	33	.	.	PUNCT
fbem-28647	41	1	but	but	CCONJ
fbem-28647	41	2	in	in	ADP
fbem-28647	41	3	general	general	ADJ
fbem-28647	41	4	,	,	PUNCT
fbem-28647	41	5	academic	academic	ADJ
fbem-28647	41	6	research	research	NOUN
fbem-28647	41	7	on	on	ADP
fbem-28647	41	8	enterprise	enterprise	NOUN
fbem-28647	41	9	financialization	financialization	NOUN
fbem-28647	41	10	is	be	AUX
fbem-28647	41	11	more	more	ADV
fbem-28647	41	12	inclined	inclined	ADJ
fbem-28647	41	13	to	to	ADP
fbem-28647	41	14	the	the	DET
fbem-28647	41	15	macro	macro	ADJ
fbem-28647	41	16	-	-	NOUN
fbem-28647	41	17	level	level	NOUN
fbem-28647	41	18	mechanism	mechanism	NOUN
fbem-28647	41	19	and	and	CCONJ
fbem-28647	41	20	economic	economic	ADJ
fbem-28647	41	21	consequences	consequence	NOUN
fbem-28647	41	22	,	,	PUNCT
fbem-28647	41	23	mostly	mostly	ADV
fbem-28647	41	24	through	through	ADP
fbem-28647	41	25	the	the	DET
fbem-28647	41	26	macro	macro	NOUN
fbem-28647	41	27	-	-	NOUN
fbem-28647	41	28	analysis	analysis	NOUN
fbem-28647	41	29	of	of	ADP
fbem-28647	41	30	enterprise	enterprise	NOUN
fbem-28647	41	31	financialization	financialization	NOUN
fbem-28647	41	32	brought	bring	VERB
fbem-28647	41	33	about	about	ADP
fbem-28647	41	34	by	by	ADP
fbem-28647	41	35	the	the	DET
fbem-28647	41	36	economic	economic	ADJ
fbem-28647	41	37	consequences	consequence	NOUN
fbem-28647	41	38	of	of	ADP
fbem-28647	41	39	the	the	DET
fbem-28647	41	40	launch	launch	NOUN
fbem-28647	41	41	of	of	ADP
fbem-28647	41	42	the	the	DET
fbem-28647	41	43	impact	impact	NOUN
fbem-28647	41	44	on	on	ADP
fbem-28647	41	45	the	the	DET
fbem-28647	41	46	real	real	ADJ
fbem-28647	41	47	economic	economic	ADJ
fbem-28647	41	48	units	unit	NOUN
fbem-28647	41	49	,	,	PUNCT
fbem-28647	41	50	rarely	rarely	ADV
fbem-28647	41	51	on	on	ADP
fbem-28647	41	52	the	the	DET
fbem-28647	41	53	specific	specific	ADJ
fbem-28647	41	54	financialization	financialization	NOUN
fbem-28647	41	55	of	of	ADP
fbem-28647	41	56	the	the	DET
fbem-28647	41	57	entity	entity	NOUN
fbem-28647	41	58	enterprise	enterprise	NOUN
fbem-28647	41	59	research	research	NOUN
fbem-28647	41	60	on	on	ADP
fbem-28647	41	61	a	a	DET
fbem-28647	41	62	specific	specific	ADJ
fbem-28647	41	63	financial	financial	ADJ
fbem-28647	41	64	capacity	capacity	NOUN
fbem-28647	41	65	.	.	PUNCT
fbem-28647	42	1	academics	academic	NOUN
fbem-28647	42	2	are	be	AUX
fbem-28647	42	3	mainly	mainly	ADV
fbem-28647	42	4	concerned	concerned	ADJ
fbem-28647	42	5	about	about	ADP
fbem-28647	42	6	the	the	DET
fbem-28647	42	7	financialization	financialization	NOUN
fbem-28647	42	8	of	of	ADP
fbem-28647	42	9	enterprises	enterprise	NOUN
fbem-28647	42	10	in	in	ADP
fbem-28647	42	11	the	the	DET
fbem-28647	42	12	asset	asset	NOUN
fbem-28647	42	13	perspective	perspective	NOUN
fbem-28647	42	14	,	,	PUNCT
fbem-28647	42	15	for	for	ADP
fbem-28647	42	16	the	the	DET
fbem-28647	42	17	financialization	financialization	NOUN
fbem-28647	42	18	of	of	ADP
fbem-28647	42	19	investment	investment	NOUN
fbem-28647	42	20	income	income	NOUN
fbem-28647	42	21	from	from	ADP
fbem-28647	42	22	the	the	DET
fbem-28647	42	23	perspective	perspective	NOUN
fbem-28647	42	24	of	of	ADP
fbem-28647	42	25	relatively	relatively	ADV
fbem-28647	42	26	few	few	ADJ
fbem-28647	42	27	,	,	PUNCT
fbem-28647	42	28	for	for	ADP
fbem-28647	42	29	the	the	DET
fbem-28647	42	30	financialization	financialization	NOUN
fbem-28647	42	31	of	of	ADP
fbem-28647	42	32	enterprises	enterprise	NOUN
fbem-28647	42	33	and	and	CCONJ
fbem-28647	42	34	the	the	DET
fbem-28647	42	35	debt	debt	NOUN
fbem-28647	42	36	risk	risk	NOUN
fbem-28647	42	37	of	of	ADP
fbem-28647	42	38	relatively	relatively	ADV
fbem-28647	42	39	few	few	ADJ
fbem-28647	42	40	research	research	NOUN
fbem-28647	42	41	results	result	NOUN
fbem-28647	42	42	,	,	PUNCT
fbem-28647	42	43	scholars	scholar	NOUN
fbem-28647	42	44	for	for	ADP
fbem-28647	42	45	the	the	DET
fbem-28647	42	46	financialization	financialization	NOUN
fbem-28647	42	47	of	of	ADP
fbem-28647	42	48	the	the	DET
fbem-28647	42	49	debt	debt	NOUN
fbem-28647	42	50	risk	risk	NOUN
fbem-28647	42	51	of	of	ADP
fbem-28647	42	52	enterprises	enterprise	NOUN
fbem-28647	42	53	is	be	AUX
fbem-28647	42	54	mainly	mainly	ADV
fbem-28647	42	55	in	in	ADP
fbem-28647	42	56	the	the	DET
fbem-28647	42	57	research	research	NOUN
fbem-28647	42	58	on	on	ADP
fbem-28647	42	59	the	the	DET
fbem-28647	42	60	path	path	NOUN
fbem-28647	42	61	of	of	ADP
fbem-28647	42	62	financialization	financialization	NOUN
fbem-28647	42	63	of	of	ADP
fbem-28647	42	64	the	the	DET
fbem-28647	42	65	entity	entity	NOUN
fbem-28647	42	66	enterprise	enterprise	NOUN
fbem-28647	42	67	for	for	ADP
fbem-28647	42	68	the	the	DET
fbem-28647	42	69	micro	micro	ADJ
fbem-28647	42	70	level	level	NOUN
fbem-28647	42	71	,	,	PUNCT
fbem-28647	42	72	the	the	DET
fbem-28647	42	73	degree	degree	NOUN
fbem-28647	42	74	of	of	ADP
fbem-28647	42	75	financialization	financialization	NOUN
fbem-28647	42	76	,	,	PUNCT
fbem-28647	42	77	and	and	CCONJ
fbem-28647	42	78	the	the	DET
fbem-28647	42	79	financialization	financialization	NOUN
fbem-28647	42	80	of	of	ADP
fbem-28647	42	81	the	the	DET
fbem-28647	42	82	enterprise	enterprise	NOUN
fbem-28647	42	83	's	's	PART
fbem-28647	42	84	own	own	ADJ
fbem-28647	42	85	operating	operating	NOUN
fbem-28647	42	86	capacity	capacity	NOUN
fbem-28647	42	87	,	,	PUNCT
fbem-28647	42	88	especially	especially	ADV
fbem-28647	42	89	the	the	DET
fbem-28647	42	90	debt	debt	NOUN
fbem-28647	42	91	risk	risk	NOUN
fbem-28647	42	92	.	.	PUNCT
fbem-28647	43	1	the	the	DET
fbem-28647	43	2	research	research	NOUN
fbem-28647	43	3	on	on	ADP
fbem-28647	43	4	the	the	DET
fbem-28647	43	5	impact	impact	NOUN
fbem-28647	43	6	of	of	ADP
fbem-28647	43	7	financialization	financialization	NOUN
fbem-28647	43	8	on	on	ADP
fbem-28647	43	9	the	the	DET
fbem-28647	43	10	debt	debt	NOUN
fbem-28647	43	11	risk	risk	NOUN
fbem-28647	43	12	of	of	ADP
fbem-28647	43	13	enterprises	enterprise	NOUN
fbem-28647	43	14	has	have	AUX
fbem-28647	43	15	not	not	PART
fbem-28647	43	16	paid	pay	VERB
fbem-28647	43	17	enough	enough	ADJ
fbem-28647	43	18	attention	attention	NOUN
fbem-28647	43	19	to	to	ADP
fbem-28647	43	20	the	the	DET
fbem-28647	43	21	impact	impact	NOUN
fbem-28647	43	22	of	of	ADP
fbem-28647	43	23	financialization	financialization	NOUN
fbem-28647	43	24	on	on	ADP
fbem-28647	43	25	the	the	DET
fbem-28647	43	26	operating	operating	NOUN
fbem-28647	43	27	ability	ability	NOUN
fbem-28647	43	28	of	of	ADP
fbem-28647	43	29	enterprises	enterprise	NOUN
fbem-28647	43	30	,	,	PUNCT
fbem-28647	43	31	especially	especially	ADV
fbem-28647	43	32	the	the	DET
fbem-28647	43	33	debt	debt	NOUN
fbem-28647	43	34	risk	risk	NOUN
fbem-28647	43	35	,	,	PUNCT
fbem-28647	43	36	and	and	CCONJ
fbem-28647	43	37	the	the	DET
fbem-28647	43	38	research	research	NOUN
fbem-28647	43	39	on	on	ADP
fbem-28647	43	40	the	the	DET
fbem-28647	43	41	measurement	measurement	NOUN
fbem-28647	43	42	index	index	NOUN
fbem-28647	43	43	of	of	ADP
fbem-28647	43	44	financialization	financialization	NOUN
fbem-28647	43	45	of	of	ADP
fbem-28647	43	46	enterprises	enterprise	NOUN
fbem-28647	43	47	varies	vary	VERB
fbem-28647	43	48	greatly	greatly	ADV
fbem-28647	43	49	.	.	PUNCT
fbem-28647	44	1	2	2	X
fbem-28647	44	2	.	.	X
fbem-28647	44	3	concept	concept	NOUN
fbem-28647	44	4	definition	definition	NOUN
fbem-28647	44	5	and	and	CCONJ
fbem-28647	44	6	theoretical	theoretical	ADJ
fbem-28647	44	7	foundations	foundation	NOUN
fbem-28647	44	8	2.1	2.1	NUM
fbem-28647	44	9	.	.	PUNCT
fbem-28647	45	1	measurement	measurement	NOUN
fbem-28647	45	2	of	of	ADP
fbem-28647	45	3	financialization	financialization	NOUN
fbem-28647	45	4	from	from	ADP
fbem-28647	45	5	the	the	DET
fbem-28647	45	6	perspective	perspective	NOUN
fbem-28647	45	7	of	of	ADP
fbem-28647	45	8	investment	investment	NOUN
fbem-28647	45	9	income	income	NOUN
fbem-28647	45	10	there	there	PRON
fbem-28647	45	11	is	be	VERB
fbem-28647	45	12	some	some	DET
fbem-28647	45	13	academic	academic	ADJ
fbem-28647	45	14	research	research	NOUN
fbem-28647	45	15	on	on	ADP
fbem-28647	45	16	the	the	DET
fbem-28647	45	17	measurement	measurement	NOUN
fbem-28647	45	18	and	and	CCONJ
fbem-28647	45	19	measurement	measurement	NOUN
fbem-28647	45	20	of	of	ADP
fbem-28647	45	21	the	the	DET
fbem-28647	45	22	extent	extent	NOUN
fbem-28647	45	23	of	of	ADP
fbem-28647	45	24	financialization	financialization	NOUN
fbem-28647	45	25	,	,	PUNCT
fbem-28647	45	26	and	and	CCONJ
fbem-28647	45	27	studies	study	NOUN
fbem-28647	45	28	on	on	ADP
fbem-28647	45	29	the	the	DET
fbem-28647	45	30	measurement	measurement	NOUN
fbem-28647	45	31	of	of	ADP
fbem-28647	45	32	financialization	financialization	NOUN
fbem-28647	45	33	are	be	AUX
fbem-28647	45	34	broadly	broadly	ADV
fbem-28647	45	35	divided	divide	VERB
fbem-28647	45	36	into	into	ADP
fbem-28647	45	37	macro	macro	ADJ
fbem-28647	45	38	and	and	CCONJ
fbem-28647	45	39	micro	micro	ADJ
fbem-28647	45	40	aspects	aspect	NOUN
fbem-28647	45	41	.	.	PUNCT
fbem-28647	46	1	at	at	ADP
fbem-28647	46	2	the	the	DET
fbem-28647	46	3	macro	macro	ADJ
fbem-28647	46	4	level	level	NOUN
fbem-28647	46	5	,	,	PUNCT
fbem-28647	46	6	it	it	PRON
fbem-28647	46	7	focuses	focus	VERB
fbem-28647	46	8	on	on	ADP
fbem-28647	46	9	socio	socio	NOUN
fbem-28647	46	10	-	-	PUNCT
fbem-28647	46	11	economic	economic	ADJ
fbem-28647	46	12	industries	industry	NOUN
fbem-28647	46	13	where	where	SCONJ
fbem-28647	46	14	the	the	DET
fbem-28647	46	15	flow	flow	NOUN
fbem-28647	46	16	of	of	ADP
fbem-28647	46	17	economic	economic	ADJ
fbem-28647	46	18	capital	capital	NOUN
fbem-28647	46	19	to	to	ADP
fbem-28647	46	20	pan	pan	ADJ
fbem-28647	46	21	-	-	ADJ
fbem-28647	46	22	financial	financial	ADJ
fbem-28647	46	23	industries	industry	NOUN
fbem-28647	46	24	,	,	PUNCT
fbem-28647	46	25	such	such	ADJ
fbem-28647	46	26	as	as	ADP
fbem-28647	46	27	finance	finance	NOUN
fbem-28647	46	28	and	and	CCONJ
fbem-28647	46	29	real	real	ADJ
fbem-28647	46	30	estate	estate	NOUN
fbem-28647	46	31	,	,	PUNCT
fbem-28647	46	32	which	which	PRON
fbem-28647	46	33	are	be	AUX
fbem-28647	46	34	high	high	ADJ
fbem-28647	46	35	-	-	PUNCT
fbem-28647	46	36	risk	risk	NOUN
fbem-28647	46	37	and	and	CCONJ
fbem-28647	46	38	highyield	highyield	NOUN
fbem-28647	46	39	,	,	PUNCT
fbem-28647	46	40	through	through	ADP
fbem-28647	46	41	the	the	DET
fbem-28647	46	42	financial	financial	ADJ
fbem-28647	46	43	sector	sector	NOUN
fbem-28647	46	44	or	or	CCONJ
fbem-28647	46	45	financial	financial	ADJ
fbem-28647	46	46	behaviours	behaviour	NOUN
fbem-28647	46	47	,	,	PUNCT
fbem-28647	46	48	has	have	AUX
fbem-28647	46	49	led	lead	VERB
fbem-28647	46	50	to	to	ADP
fbem-28647	46	51	the	the	DET
fbem-28647	46	52	flow	flow	NOUN
fbem-28647	46	53	of	of	ADP
fbem-28647	46	54	real	real	ADJ
fbem-28647	46	55	capital	capital	NOUN
fbem-28647	46	56	to	to	ADP
fbem-28647	46	57	the	the	DET
fbem-28647	46	58	virtual	virtual	ADJ
fbem-28647	46	59	economy	economy	NOUN
fbem-28647	46	60	.	.	PUNCT
fbem-28647	47	1	in	in	ADP
fbem-28647	47	2	addition	addition	NOUN
fbem-28647	47	3	,	,	PUNCT
fbem-28647	47	4	measuring	measure	VERB
fbem-28647	47	5	the	the	DET
fbem-28647	47	6	proportion	proportion	NOUN
fbem-28647	47	7	of	of	ADP
fbem-28647	47	8	profits	profit	NOUN
fbem-28647	47	9	from	from	ADP
fbem-28647	47	10	real	real	ADJ
fbem-28647	47	11	economy	economy	NOUN
fbem-28647	47	12	industries	industry	NOUN
fbem-28647	47	13	that	that	PRON
fbem-28647	47	14	originate	originate	VERB
fbem-28647	47	15	in	in	ADP
fbem-28647	47	16	the	the	DET
fbem-28647	47	17	virtual	virtual	ADJ
fbem-28647	47	18	economy	economy	NOUN
fbem-28647	47	19	is	be	AUX
fbem-28647	47	20	also	also	ADV
fbem-28647	47	21	an	an	DET
fbem-28647	47	22	important	important	ADJ
fbem-28647	47	23	part	part	NOUN
fbem-28647	47	24	of	of	ADP
fbem-28647	47	25	measuring	measure	VERB
fbem-28647	47	26	financialization	financialization	NOUN
fbem-28647	47	27	.	.	PUNCT
fbem-28647	48	1	the	the	DET
fbem-28647	48	2	measurement	measurement	NOUN
fbem-28647	48	3	of	of	ADP
fbem-28647	48	4	macro	macro	ADJ
fbem-28647	48	5	financialization	financialization	NOUN
fbem-28647	48	6	focuses	focus	VERB
fbem-28647	48	7	on	on	ADP
fbem-28647	48	8	financialization	financialization	NOUN
fbem-28647	48	9	,	,	PUNCT
fbem-28647	48	10	economic	economic	ADJ
fbem-28647	48	11	growth	growth	NOUN
fbem-28647	48	12	,	,	PUNCT
fbem-28647	48	13	economic	economic	ADJ
fbem-28647	48	14	stability	stability	NOUN
fbem-28647	48	15	,	,	PUNCT
fbem-28647	48	16	economic	economic	ADJ
fbem-28647	48	17	capital	capital	NOUN
fbem-28647	48	18	transfers	transfer	NOUN
fbem-28647	48	19	,	,	PUNCT
fbem-28647	48	20	and	and	CCONJ
fbem-28647	48	21	wealth	wealth	NOUN
fbem-28647	48	22	growth	growth	NOUN
fbem-28647	48	23	patterns	pattern	NOUN
fbem-28647	48	24	,	,	PUNCT
fbem-28647	48	25	and	and	CCONJ
fbem-28647	48	26	explores	explore	VERB
fbem-28647	48	27	the	the	DET
fbem-28647	48	28	structure	structure	NOUN
fbem-28647	48	29	and	and	CCONJ
fbem-28647	48	30	flow	flow	NOUN
fbem-28647	48	31	of	of	ADP
fbem-28647	48	32	socio	socio	NOUN
fbem-28647	48	33	-	-	PUNCT
fbem-28647	48	34	economic	economic	ADJ
fbem-28647	48	35	capital	capital	NOUN
fbem-28647	48	36	.	.	PUNCT
fbem-28647	49	1	at	at	ADP
fbem-28647	49	2	the	the	DET
fbem-28647	49	3	micro	micro	ADJ
fbem-28647	49	4	level	level	NOUN
fbem-28647	49	5	,	,	PUNCT
fbem-28647	49	6	the	the	DET
fbem-28647	49	7	measure	measure	NOUN
fbem-28647	49	8	of	of	ADP
fbem-28647	49	9	financialization	financialization	NOUN
fbem-28647	49	10	focuses	focus	VERB
fbem-28647	49	11	more	more	ADJ
fbem-28647	49	12	on	on	ADP
fbem-28647	49	13	the	the	DET
fbem-28647	49	14	profits	profit	NOUN
fbem-28647	49	15	generated	generate	VERB
fbem-28647	49	16	as	as	ADP
fbem-28647	49	17	a	a	DET
fbem-28647	49	18	result	result	NOUN
fbem-28647	49	19	of	of	ADP
fbem-28647	49	20	financial	financial	ADJ
fbem-28647	49	21	behaviors	behavior	NOUN
fbem-28647	49	22	such	such	ADJ
fbem-28647	49	23	as	as	ADP
fbem-28647	49	24	financial	financial	ADJ
fbem-28647	49	25	activities	activity	NOUN
fbem-28647	49	26	,	,	PUNCT
fbem-28647	49	27	financial	financial	ADJ
fbem-28647	49	28	asset	asset	NOUN
fbem-28647	49	29	holdings	holding	NOUN
fbem-28647	49	30	,	,	PUNCT
fbem-28647	49	31	and	and	CCONJ
fbem-28647	49	32	financial	financial	ADJ
fbem-28647	49	33	investments	investment	NOUN
fbem-28647	49	34	of	of	ADP
fbem-28647	49	35	non	non	ADJ
fbem-28647	49	36	-	-	ADJ
fbem-28647	49	37	financial	financial	ADJ
fbem-28647	49	38	firms	firm	NOUN
fbem-28647	49	39	.	.	PUNCT
fbem-28647	50	1	cheng	cheng	PROPN
fbem-28647	50	2	-	-	PUNCT
fbem-28647	50	3	shi	shi	PROPN
fbem-28647	50	4	chang	chang	PROPN
fbem-28647	50	5	and	and	CCONJ
fbem-28647	50	6	bu	bu	PROPN
fbem-28647	50	7	-	-	ADJ
fbem-28647	50	8	tan	tan	ADJ
fbem-28647	50	9	chang	chang	PROPN
fbem-28647	50	10	(	(	PUNCT
fbem-28647	50	11	2016	2016	NUM
fbem-28647	50	12	)	)	PUNCT
fbem-28647	50	13	measure	measure	VERB
fbem-28647	50	14	the	the	DET
fbem-28647	50	15	degree	degree	NOUN
fbem-28647	50	16	of	of	ADP
fbem-28647	50	17	financialization	financialization	NOUN
fbem-28647	50	18	of	of	ADP
fbem-28647	50	19	firms	firm	NOUN
fbem-28647	50	20	by	by	ADP
fbem-28647	50	21	the	the	DET
fbem-28647	50	22	ratio	ratio	NOUN
fbem-28647	50	23	of	of	ADP
fbem-28647	50	24	profitability	profitability	NOUN
fbem-28647	50	25	of	of	ADP
fbem-28647	50	26	broad	broad	ADJ
fbem-28647	50	27	financial	financial	ADJ
fbem-28647	50	28	channels	channel	NOUN
fbem-28647	50	29	to	to	ADP
fbem-28647	50	30	operating	operating	NOUN
fbem-28647	50	31	profit	profit	NOUN
fbem-28647	50	32	,	,	PUNCT
fbem-28647	50	33	and	and	CCONJ
fbem-28647	50	34	the	the	DET
fbem-28647	50	35	ratio	ratio	NOUN
fbem-28647	50	36	of	of	ADP
fbem-28647	50	37	profitability	profitability	NOUN
fbem-28647	50	38	of	of	ADP
fbem-28647	50	39	narrow	narrow	ADJ
fbem-28647	50	40	financial	financial	ADJ
fbem-28647	50	41	channels	channel	NOUN
fbem-28647	50	42	to	to	ADP
fbem-28647	50	43	operating	operate	VERB
fbem-28647	50	44	profit	profit	NOUN
fbem-28647	50	45	[	[	X
fbem-28647	50	46	7	7	NUM
fbem-28647	50	47	]	]	PUNCT
fbem-28647	50	48	.	.	PUNCT
fbem-28647	51	1	the	the	DET
fbem-28647	51	2	proportion	proportion	NOUN
fbem-28647	51	3	of	of	ADP
fbem-28647	51	4	total	total	ADJ
fbem-28647	51	5	returns	return	NOUN
fbem-28647	51	6	from	from	ADP
fbem-28647	51	7	financial	financial	ADJ
fbem-28647	51	8	assets	asset	NOUN
fbem-28647	51	9	held	hold	VERB
fbem-28647	51	10	by	by	ADP
fbem-28647	51	11	an	an	DET
fbem-28647	51	12	entity	entity	NOUN
fbem-28647	51	13	measured	measure	VERB
fbem-28647	51	14	in	in	ADP
fbem-28647	51	15	terms	term	NOUN
fbem-28647	51	16	of	of	ADP
fbem-28647	51	17	investment	investment	NOUN
fbem-28647	51	18	returns	return	NOUN
fbem-28647	51	19	:	:	PUNCT
fbem-28647	51	20	degree	degree	NOUN
fbem-28647	51	21	of	of	ADP
fbem-28647	51	22	financialization	financialization	NOUN
fbem-28647	51	23	of	of	ADP
fbem-28647	51	24	the	the	DET
fbem-28647	51	25	firm=	firm=	PROPN
fbem-28647	51	26	return	return	NOUN
fbem-28647	51	27	on	on	ADP
fbem-28647	51	28	financial	financial	ADJ
fbem-28647	51	29	assets	asset	NOUN
fbem-28647	51	30	/	/	SYM
fbem-28647	51	31	net	net	ADJ
fbem-28647	51	32	profit	profit	NOUN
fbem-28647	51	33	x	x	PUNCT
fbem-28647	51	34	100	100	NUM
fbem-28647	51	35	%	%	NOUN
fbem-28647	51	36	(	(	PUNCT
fbem-28647	51	37	1	1	NUM
fbem-28647	51	38	)	)	PUNCT
fbem-28647	51	39	420	420	NUM
fbem-28647	51	40	2.2	2.2	NUM
fbem-28647	51	41	.	.	PUNCT
fbem-28647	51	42	debt	debt	NOUN
fbem-28647	51	43	risk	risk	NOUN
fbem-28647	51	44	and	and	CCONJ
fbem-28647	51	45	manifestations	manifestation	NOUN
fbem-28647	51	46	debt	debt	NOUN
fbem-28647	51	47	risk	risk	NOUN
fbem-28647	51	48	refers	refer	VERB
fbem-28647	51	49	to	to	ADP
fbem-28647	51	50	the	the	DET
fbem-28647	51	51	possibility	possibility	NOUN
fbem-28647	51	52	that	that	SCONJ
fbem-28647	51	53	a	a	DET
fbem-28647	51	54	company	company	NOUN
fbem-28647	51	55	's	's	PART
fbem-28647	51	56	claims	claim	NOUN
fbem-28647	51	57	can	can	AUX
fbem-28647	51	58	not	not	PART
fbem-28647	51	59	be	be	AUX
fbem-28647	51	60	used	use	VERB
fbem-28647	51	61	or	or	CCONJ
fbem-28647	51	62	are	be	AUX
fbem-28647	51	63	limited	limit	VERB
fbem-28647	51	64	in	in	ADP
fbem-28647	51	65	use	use	NOUN
fbem-28647	51	66	,	,	PUNCT
fbem-28647	51	67	and	and	CCONJ
fbem-28647	51	68	its	its	PRON
fbem-28647	51	69	debts	debt	NOUN
fbem-28647	51	70	can	can	AUX
fbem-28647	51	71	not	not	PART
fbem-28647	51	72	be	be	AUX
fbem-28647	51	73	repaid	repay	VERB
fbem-28647	51	74	or	or	CCONJ
fbem-28647	51	75	are	be	AUX
fbem-28647	51	76	limited	limit	VERB
fbem-28647	51	77	in	in	ADP
fbem-28647	51	78	repayment	repayment	NOUN
fbem-28647	51	79	in	in	ADP
fbem-28647	51	80	the	the	DET
fbem-28647	51	81	course	course	NOUN
fbem-28647	51	82	of	of	ADP
fbem-28647	51	83	its	its	PRON
fbem-28647	51	84	operations	operation	NOUN
fbem-28647	51	85	.	.	PUNCT
fbem-28647	52	1	this	this	DET
fbem-28647	52	2	risk	risk	NOUN
fbem-28647	52	3	mainly	mainly	ADV
fbem-28647	52	4	comes	come	VERB
fbem-28647	52	5	from	from	ADP
fbem-28647	52	6	the	the	DET
fbem-28647	52	7	debt	debt	NOUN
fbem-28647	52	8	financing	financing	NOUN
fbem-28647	52	9	methods	method	NOUN
fbem-28647	52	10	used	use	VERB
fbem-28647	52	11	by	by	ADP
fbem-28647	52	12	the	the	DET
fbem-28647	52	13	company	company	NOUN
fbem-28647	52	14	,	,	PUNCT
fbem-28647	52	15	on	on	ADP
fbem-28647	52	16	the	the	DET
fbem-28647	52	17	one	one	NUM
fbem-28647	52	18	hand	hand	NOUN
fbem-28647	52	19	,	,	PUNCT
fbem-28647	52	20	the	the	DET
fbem-28647	52	21	uncomfortable	uncomfortable	ADJ
fbem-28647	52	22	debt	debt	NOUN
fbem-28647	52	23	financing	financing	NOUN
fbem-28647	52	24	methods	method	NOUN
fbem-28647	52	25	used	use	VERB
fbem-28647	52	26	by	by	ADP
fbem-28647	52	27	the	the	DET
fbem-28647	52	28	company	company	NOUN
fbem-28647	52	29	may	may	AUX
fbem-28647	52	30	lead	lead	VERB
fbem-28647	52	31	to	to	ADP
fbem-28647	52	32	the	the	DET
fbem-28647	52	33	reduction	reduction	NOUN
fbem-28647	52	34	of	of	ADP
fbem-28647	52	35	the	the	DET
fbem-28647	52	36	company	company	NOUN
fbem-28647	52	37	's	's	PART
fbem-28647	52	38	working	working	NOUN
fbem-28647	52	39	capital	capital	NOUN
fbem-28647	52	40	,	,	PUNCT
fbem-28647	52	41	is	be	AUX
fbem-28647	52	42	the	the	DET
fbem-28647	52	43	company	company	NOUN
fbem-28647	52	44	's	's	PART
fbem-28647	52	45	capital	capital	NOUN
fbem-28647	52	46	to	to	PART
fbem-28647	52	47	produce	produce	VERB
fbem-28647	52	48	liquidity	liquidity	NOUN
fbem-28647	52	49	risk	risk	NOUN
fbem-28647	52	50	,	,	PUNCT
fbem-28647	52	51	so	so	SCONJ
fbem-28647	52	52	that	that	SCONJ
fbem-28647	52	53	the	the	DET
fbem-28647	52	54	company	company	NOUN
fbem-28647	52	55	loses	lose	VERB
fbem-28647	52	56	the	the	DET
fbem-28647	52	57	ability	ability	NOUN
fbem-28647	52	58	to	to	PART
fbem-28647	52	59	repay	repay	VERB
fbem-28647	52	60	capital	capital	NOUN
fbem-28647	52	61	and	and	CCONJ
fbem-28647	52	62	interest	interest	NOUN
fbem-28647	52	63	on	on	ADP
fbem-28647	52	64	time	time	NOUN
fbem-28647	52	65	,	,	PUNCT
fbem-28647	52	66	on	on	ADP
fbem-28647	52	67	the	the	DET
fbem-28647	52	68	other	other	ADJ
fbem-28647	52	69	hand	hand	NOUN
fbem-28647	52	70	,	,	PUNCT
fbem-28647	52	71	the	the	DET
fbem-28647	52	72	company	company	NOUN
fbem-28647	52	73	does	do	AUX
fbem-28647	52	74	not	not	PART
fbem-28647	52	75	use	use	VERB
fbem-28647	52	76	the	the	DET
fbem-28647	52	77	debt	debt	NOUN
fbem-28647	52	78	capital	capital	NOUN
fbem-28647	52	79	correctly	correctly	ADV
fbem-28647	52	80	in	in	ADP
fbem-28647	52	81	accordance	accordance	NOUN
fbem-28647	52	82	with	with	ADP
fbem-28647	52	83	the	the	DET
fbem-28647	52	84	intention	intention	NOUN
fbem-28647	52	85	of	of	ADP
fbem-28647	52	86	financing	financing	NOUN
fbem-28647	52	87	after	after	ADP
fbem-28647	52	88	the	the	DET
fbem-28647	52	89	debt	debt	NOUN
fbem-28647	52	90	financing	financing	NOUN
fbem-28647	52	91	.	.	PUNCT
fbem-28647	53	1	creditors	creditor	NOUN
fbem-28647	53	2	can	can	AUX
fbem-28647	53	3	only	only	ADV
fbem-28647	53	4	understand	understand	VERB
fbem-28647	53	5	the	the	DET
fbem-28647	53	6	use	use	NOUN
fbem-28647	53	7	of	of	ADP
fbem-28647	53	8	funds	fund	NOUN
fbem-28647	53	9	through	through	ADP
fbem-28647	53	10	financial	financial	ADJ
fbem-28647	53	11	reports	report	NOUN
fbem-28647	53	12	and	and	CCONJ
fbem-28647	53	13	other	other	ADJ
fbem-28647	53	14	related	related	ADJ
fbem-28647	53	15	disclosures	disclosure	NOUN
fbem-28647	53	16	and	and	CCONJ
fbem-28647	53	17	can	can	AUX
fbem-28647	53	18	not	not	PART
fbem-28647	53	19	directly	directly	ADV
fbem-28647	53	20	interfere	interfere	VERB
fbem-28647	53	21	with	with	ADP
fbem-28647	53	22	the	the	DET
fbem-28647	53	23	company	company	NOUN
fbem-28647	53	24	.	.	PUNCT
fbem-28647	54	1	if	if	SCONJ
fbem-28647	54	2	the	the	DET
fbem-28647	54	3	enterprise	enterprise	NOUN
fbem-28647	54	4	uses	use	VERB
fbem-28647	54	5	the	the	DET
fbem-28647	54	6	funds	fund	NOUN
fbem-28647	54	7	unreasonably	unreasonably	ADV
fbem-28647	54	8	and	and	CCONJ
fbem-28647	54	9	fails	fail	VERB
fbem-28647	54	10	to	to	PART
fbem-28647	54	11	achieve	achieve	VERB
fbem-28647	54	12	the	the	DET
fbem-28647	54	13	expected	expect	VERB
fbem-28647	54	14	results	result	NOUN
fbem-28647	54	15	it	it	PRON
fbem-28647	54	16	will	will	AUX
fbem-28647	54	17	incur	incur	VERB
fbem-28647	54	18	additional	additional	ADJ
fbem-28647	54	19	interest	interest	NOUN
fbem-28647	54	20	expenses	expense	NOUN
fbem-28647	54	21	,	,	PUNCT
fbem-28647	54	22	increasing	increase	VERB
fbem-28647	54	23	the	the	DET
fbem-28647	54	24	burden	burden	NOUN
fbem-28647	54	25	and	and	CCONJ
fbem-28647	54	26	risk	risk	NOUN
fbem-28647	54	27	of	of	ADP
fbem-28647	54	28	the	the	DET
fbem-28647	54	29	enterprise	enterprise	NOUN
fbem-28647	54	30	's	's	PART
fbem-28647	54	31	operation	operation	NOUN
fbem-28647	54	32	and	and	CCONJ
fbem-28647	54	33	finance	finance	NOUN
fbem-28647	54	34	,	,	PUNCT
fbem-28647	54	35	destroying	destroy	VERB
fbem-28647	54	36	the	the	DET
fbem-28647	54	37	healthy	healthy	ADJ
fbem-28647	54	38	financial	financial	ADJ
fbem-28647	54	39	structure	structure	NOUN
fbem-28647	54	40	,	,	PUNCT
fbem-28647	54	41	and	and	CCONJ
fbem-28647	54	42	when	when	SCONJ
fbem-28647	54	43	the	the	DET
fbem-28647	54	44	enterprise	enterprise	NOUN
fbem-28647	54	45	faces	face	VERB
fbem-28647	54	46	a	a	DET
fbem-28647	54	47	major	major	ADJ
fbem-28647	54	48	operational	operational	ADJ
fbem-28647	54	49	or	or	CCONJ
fbem-28647	54	50	financial	financial	ADJ
fbem-28647	54	51	crisis	crisis	NOUN
fbem-28647	54	52	,	,	PUNCT
fbem-28647	54	53	the	the	DET
fbem-28647	54	54	liquidity	liquidity	NOUN
fbem-28647	54	55	crisis	crisis	NOUN
fbem-28647	54	56	of	of	ADP
fbem-28647	54	57	the	the	DET
fbem-28647	54	58	company	company	NOUN
fbem-28647	54	59	's	's	PART
fbem-28647	54	60	capital	capital	NOUN
fbem-28647	54	61	will	will	AUX
fbem-28647	54	62	arise	arise	VERB
fbem-28647	54	63	and	and	CCONJ
fbem-28647	54	64	the	the	DET
fbem-28647	54	65	financial	financial	ADJ
fbem-28647	54	66	situation	situation	NOUN
fbem-28647	54	67	will	will	AUX
fbem-28647	54	68	face	face	VERB
fbem-28647	54	69	a	a	DET
fbem-28647	54	70	crisis	crisis	NOUN
fbem-28647	54	71	.	.	PUNCT
fbem-28647	55	1	it	it	PRON
fbem-28647	55	2	is	be	AUX
fbem-28647	55	3	difficult	difficult	ADJ
fbem-28647	55	4	for	for	SCONJ
fbem-28647	55	5	enterprises	enterprise	NOUN
fbem-28647	55	6	to	to	PART
fbem-28647	55	7	raise	raise	VERB
fbem-28647	55	8	a	a	DET
fbem-28647	55	9	large	large	ADJ
fbem-28647	55	10	amount	amount	NOUN
fbem-28647	55	11	of	of	ADP
fbem-28647	55	12	funds	fund	NOUN
fbem-28647	55	13	in	in	ADP
fbem-28647	55	14	a	a	DET
fbem-28647	55	15	short	short	ADJ
fbem-28647	55	16	period	period	NOUN
fbem-28647	55	17	of	of	ADP
fbem-28647	55	18	time	time	NOUN
fbem-28647	55	19	to	to	PART
fbem-28647	55	20	replenish	replenish	VERB
fbem-28647	55	21	the	the	DET
fbem-28647	55	22	liquidity	liquidity	NOUN
fbem-28647	55	23	of	of	ADP
fbem-28647	55	24	their	their	PRON
fbem-28647	55	25	capital	capital	NOUN
fbem-28647	55	26	in	in	ADP
fbem-28647	55	27	a	a	DET
fbem-28647	55	28	timely	timely	ADJ
fbem-28647	55	29	manner	manner	NOUN
fbem-28647	55	30	,	,	PUNCT
fbem-28647	55	31	and	and	CCONJ
fbem-28647	55	32	it	it	PRON
fbem-28647	55	33	is	be	AUX
fbem-28647	55	34	difficult	difficult	ADJ
fbem-28647	55	35	for	for	SCONJ
fbem-28647	55	36	them	they	PRON
fbem-28647	55	37	to	to	PART
fbem-28647	55	38	repay	repay	VERB
fbem-28647	55	39	their	their	PRON
fbem-28647	55	40	debts	debt	NOUN
fbem-28647	55	41	on	on	ADP
fbem-28647	55	42	time	time	NOUN
fbem-28647	55	43	,	,	PUNCT
fbem-28647	55	44	and	and	CCONJ
fbem-28647	55	45	they	they	PRON
fbem-28647	55	46	will	will	AUX
fbem-28647	55	47	be	be	AUX
fbem-28647	55	48	plunged	plunge	VERB
fbem-28647	55	49	into	into	ADP
fbem-28647	55	50	a	a	DET
fbem-28647	55	51	debt	debt	NOUN
fbem-28647	55	52	crisis	crisis	NOUN
fbem-28647	55	53	.	.	PUNCT
fbem-28647	56	1	2.3	2.3	NUM
fbem-28647	56	2	.	.	PUNCT
fbem-28647	56	3	transmission	transmission	NOUN
fbem-28647	56	4	mechanisms	mechanism	NOUN
fbem-28647	56	5	of	of	ADP
fbem-28647	56	6	corporate	corporate	ADJ
fbem-28647	56	7	financialization	financialization	NOUN
fbem-28647	56	8	on	on	ADP
fbem-28647	56	9	debt	debt	NOUN
fbem-28647	56	10	risk	risk	NOUN
fbem-28647	56	11	2.3.1	2.3.1	NUM
fbem-28647	56	12	.	.	PUNCT
fbem-28647	57	1	changes	change	NOUN
fbem-28647	57	2	in	in	ADP
fbem-28647	57	3	solvency	solvency	NOUN
fbem-28647	57	4	in	in	ADP
fbem-28647	57	5	the	the	DET
fbem-28647	57	6	process	process	NOUN
fbem-28647	57	7	of	of	ADP
fbem-28647	57	8	financialization	financialization	NOUN
fbem-28647	57	9	of	of	ADP
fbem-28647	57	10	enterprises	enterprise	NOUN
fbem-28647	57	11	based	base	VERB
fbem-28647	57	12	on	on	ADP
fbem-28647	57	13	the	the	DET
fbem-28647	57	14	theory	theory	NOUN
fbem-28647	57	15	of	of	ADP
fbem-28647	57	16	"	"	PUNCT
fbem-28647	57	17	preferential	preferential	ADJ
fbem-28647	57	18	financing	financing	NOUN
fbem-28647	57	19	constraint	constraint	NOUN
fbem-28647	57	20	"	"	PUNCT
fbem-28647	57	21	,	,	PUNCT
fbem-28647	57	22	generally	generally	ADV
fbem-28647	57	23	speaking	speak	VERB
fbem-28647	57	24	,	,	PUNCT
fbem-28647	57	25	enterprises	enterprise	NOUN
fbem-28647	57	26	will	will	AUX
fbem-28647	57	27	prefer	prefer	VERB
fbem-28647	57	28	the	the	DET
fbem-28647	57	29	financing	financing	NOUN
fbem-28647	57	30	method	method	NOUN
fbem-28647	57	31	with	with	ADP
fbem-28647	57	32	small	small	ADJ
fbem-28647	57	33	financing	financing	NOUN
fbem-28647	57	34	constraint	constraint	NOUN
fbem-28647	57	35	.	.	PUNCT
fbem-28647	58	1	enterprises	enterprise	NOUN
fbem-28647	58	2	directly	directly	ADV
fbem-28647	58	3	raise	raise	VERB
fbem-28647	58	4	funds	fund	NOUN
fbem-28647	58	5	in	in	ADP
fbem-28647	58	6	the	the	DET
fbem-28647	58	7	market	market	NOUN
fbem-28647	58	8	through	through	ADP
fbem-28647	58	9	bond	bond	NOUN
fbem-28647	58	10	financing	financing	NOUN
fbem-28647	58	11	,	,	PUNCT
fbem-28647	58	12	and	and	CCONJ
fbem-28647	58	13	carry	carry	VERB
fbem-28647	58	14	out	out	ADP
fbem-28647	58	15	financialization	financialization	NOUN
fbem-28647	58	16	,	,	PUNCT
fbem-28647	58	17	and	and	CCONJ
fbem-28647	58	18	there	there	PRON
fbem-28647	58	19	is	be	VERB
fbem-28647	58	20	a	a	DET
fbem-28647	58	21	direct	direct	ADJ
fbem-28647	58	22	correspondence	correspondence	NOUN
fbem-28647	58	23	between	between	ADP
fbem-28647	58	24	borrowers	borrower	NOUN
fbem-28647	58	25	and	and	CCONJ
fbem-28647	58	26	lenders	lender	NOUN
fbem-28647	58	27	,	,	PUNCT
fbem-28647	58	28	so	so	SCONJ
fbem-28647	58	29	the	the	DET
fbem-28647	58	30	financing	financing	NOUN
fbem-28647	58	31	constraint	constraint	NOUN
fbem-28647	58	32	is	be	AUX
fbem-28647	58	33	small	small	ADJ
fbem-28647	58	34	.	.	PUNCT
fbem-28647	59	1	enterprises	enterprise	NOUN
fbem-28647	59	2	are	be	AUX
fbem-28647	59	3	more	more	ADV
fbem-28647	59	4	likely	likely	ADJ
fbem-28647	59	5	to	to	PART
fbem-28647	59	6	obtain	obtain	VERB
fbem-28647	59	7	financing	financing	NOUN
fbem-28647	59	8	when	when	SCONJ
fbem-28647	59	9	they	they	PRON
fbem-28647	59	10	make	make	VERB
fbem-28647	59	11	up	up	ADP
fbem-28647	59	12	for	for	ADP
fbem-28647	59	13	their	their	PRON
fbem-28647	59	14	main	main	ADJ
fbem-28647	59	15	business	business	NOUN
fbem-28647	59	16	income	income	NOUN
fbem-28647	59	17	through	through	ADP
fbem-28647	59	18	investment	investment	NOUN
fbem-28647	59	19	income	income	NOUN
fbem-28647	59	20	,	,	PUNCT
fbem-28647	59	21	thus	thus	ADV
fbem-28647	59	22	affecting	affect	VERB
fbem-28647	59	23	the	the	DET
fbem-28647	59	24	judgment	judgment	NOUN
fbem-28647	59	25	of	of	ADP
fbem-28647	59	26	banks	bank	NOUN
fbem-28647	59	27	and	and	CCONJ
fbem-28647	59	28	other	other	ADJ
fbem-28647	59	29	financial	financial	ADJ
fbem-28647	59	30	institutions	institution	NOUN
fbem-28647	59	31	on	on	ADP
fbem-28647	59	32	the	the	DET
fbem-28647	59	33	company	company	NOUN
fbem-28647	59	34	's	's	PART
fbem-28647	59	35	ability	ability	NOUN
fbem-28647	59	36	to	to	PART
fbem-28647	59	37	repay	repay	VERB
fbem-28647	59	38	its	its	PRON
fbem-28647	59	39	debt	debt	NOUN
fbem-28647	59	40	,	,	PUNCT
fbem-28647	59	41	and	and	CCONJ
fbem-28647	59	42	enterprises	enterprise	NOUN
fbem-28647	59	43	are	be	AUX
fbem-28647	59	44	more	more	ADV
fbem-28647	59	45	likely	likely	ADJ
fbem-28647	59	46	to	to	PART
fbem-28647	59	47	obtain	obtain	VERB
fbem-28647	59	48	financing	financing	NOUN
fbem-28647	59	49	.	.	PUNCT
fbem-28647	60	1	when	when	SCONJ
fbem-28647	60	2	market	market	NOUN
fbem-28647	60	3	expectations	expectation	NOUN
fbem-28647	60	4	are	be	AUX
fbem-28647	60	5	lowered	lower	VERB
fbem-28647	60	6	,	,	PUNCT
fbem-28647	60	7	the	the	DET
fbem-28647	60	8	solvency	solvency	NOUN
fbem-28647	60	9	of	of	ADP
fbem-28647	60	10	highly	highly	ADV
fbem-28647	60	11	financialized	financialize	VERB
fbem-28647	60	12	enterprises	enterprise	NOUN
fbem-28647	60	13	is	be	AUX
fbem-28647	60	14	subject	subject	ADJ
fbem-28647	60	15	to	to	ADP
fbem-28647	60	16	fluctuations	fluctuation	NOUN
fbem-28647	60	17	,	,	PUNCT
fbem-28647	60	18	which	which	PRON
fbem-28647	60	19	in	in	ADP
fbem-28647	60	20	turn	turn	NOUN
fbem-28647	60	21	affects	affect	VERB
fbem-28647	60	22	the	the	DET
fbem-28647	60	23	debt	debt	NOUN
fbem-28647	60	24	risk	risk	NOUN
fbem-28647	60	25	of	of	ADP
fbem-28647	60	26	enterprises	enterprise	NOUN
fbem-28647	60	27	.	.	PUNCT
fbem-28647	61	1	solvency	solvency	NOUN
fbem-28647	61	2	will	will	AUX
fbem-28647	61	3	directly	directly	ADV
fbem-28647	61	4	affect	affect	VERB
fbem-28647	61	5	the	the	DET
fbem-28647	61	6	debt	debt	NOUN
fbem-28647	61	7	obligations	obligation	NOUN
fbem-28647	61	8	of	of	ADP
fbem-28647	61	9	the	the	DET
fbem-28647	61	10	enterprise	enterprise	NOUN
fbem-28647	61	11	,	,	PUNCT
fbem-28647	61	12	whether	whether	SCONJ
fbem-28647	61	13	it	it	PRON
fbem-28647	61	14	can	can	AUX
fbem-28647	61	15	borrow	borrow	VERB
fbem-28647	61	16	money	money	NOUN
fbem-28647	61	17	and	and	CCONJ
fbem-28647	61	18	whether	whether	SCONJ
fbem-28647	61	19	it	it	PRON
fbem-28647	61	20	can	can	AUX
fbem-28647	61	21	be	be	AUX
fbem-28647	61	22	repaid	repay	VERB
fbem-28647	61	23	on	on	ADP
fbem-28647	61	24	time	time	NOUN
fbem-28647	61	25	,	,	PUNCT
fbem-28647	61	26	which	which	PRON
fbem-28647	61	27	directly	directly	ADV
fbem-28647	61	28	affects	affect	VERB
fbem-28647	61	29	the	the	DET
fbem-28647	61	30	size	size	NOUN
fbem-28647	61	31	of	of	ADP
fbem-28647	61	32	the	the	DET
fbem-28647	61	33	enterprise	enterprise	NOUN
fbem-28647	61	34	's	's	PART
fbem-28647	61	35	debt	debt	NOUN
fbem-28647	61	36	risk	risk	NOUN
fbem-28647	61	37	.	.	PUNCT
fbem-28647	62	1	2.3.2	2.3.2	X
fbem-28647	62	2	.	.	X
fbem-28647	62	3	changes	change	NOUN
fbem-28647	62	4	in	in	ADP
fbem-28647	62	5	cash	cash	NOUN
fbem-28647	62	6	flows	flow	NOUN
fbem-28647	62	7	during	during	ADP
fbem-28647	62	8	the	the	DET
fbem-28647	62	9	financialization	financialization	NOUN
fbem-28647	62	10	of	of	ADP
fbem-28647	62	11	enterprises	enterprise	NOUN
fbem-28647	62	12	based	base	VERB
fbem-28647	62	13	on	on	ADP
fbem-28647	62	14	the	the	DET
fbem-28647	62	15	"	"	PUNCT
fbem-28647	62	16	principal	principal	ADJ
fbem-28647	62	17	-	-	PUNCT
fbem-28647	62	18	agent	agent	NOUN
fbem-28647	62	19	"	"	PUNCT
fbem-28647	62	20	theory	theory	NOUN
fbem-28647	62	21	,	,	PUNCT
fbem-28647	62	22	modern	modern	ADJ
fbem-28647	62	23	business	business	NOUN
fbem-28647	62	24	,	,	PUNCT
fbem-28647	62	25	enterprise	enterprise	NOUN
fbem-28647	62	26	ownership	ownership	NOUN
fbem-28647	62	27	and	and	CCONJ
fbem-28647	62	28	operation	operation	NOUN
fbem-28647	62	29	rights	right	NOUN
fbem-28647	62	30	are	be	AUX
fbem-28647	62	31	separated	separate	VERB
fbem-28647	62	32	from	from	ADP
fbem-28647	62	33	each	each	DET
fbem-28647	62	34	other	other	ADJ
fbem-28647	62	35	,	,	PUNCT
fbem-28647	62	36	enterprise	enterprise	NOUN
fbem-28647	62	37	operators	operator	NOUN
fbem-28647	62	38	and	and	CCONJ
fbem-28647	62	39	managers	manager	NOUN
fbem-28647	62	40	have	have	VERB
fbem-28647	62	41	greater	great	ADJ
fbem-28647	62	42	decision	decision	NOUN
fbem-28647	62	43	-	-	PUNCT
fbem-28647	62	44	making	make	VERB
fbem-28647	62	45	power	power	NOUN
fbem-28647	62	46	,	,	PUNCT
fbem-28647	62	47	in	in	ADP
fbem-28647	62	48	the	the	DET
fbem-28647	62	49	face	face	NOUN
fbem-28647	62	50	of	of	ADP
fbem-28647	62	51	the	the	DET
fbem-28647	62	52	assessment	assessment	NOUN
fbem-28647	62	53	pressure	pressure	NOUN
fbem-28647	62	54	,	,	PUNCT
fbem-28647	62	55	in	in	ADP
fbem-28647	62	56	order	order	NOUN
fbem-28647	62	57	to	to	PART
fbem-28647	62	58	performance	performance	NOUN
fbem-28647	62	59	objectives	objective	NOUN
fbem-28647	62	60	,	,	PUNCT
fbem-28647	62	61	by	by	ADP
fbem-28647	62	62	investing	invest	VERB
fbem-28647	62	63	in	in	ADP
fbem-28647	62	64	the	the	DET
fbem-28647	62	65	financial	financial	ADJ
fbem-28647	62	66	market	market	NOUN
fbem-28647	62	67	to	to	PART
fbem-28647	62	68	obtain	obtain	VERB
fbem-28647	62	69	short	short	ADJ
fbem-28647	62	70	-	-	PUNCT
fbem-28647	62	71	term	term	NOUN
fbem-28647	62	72	profits	profit	NOUN
fbem-28647	62	73	and	and	CCONJ
fbem-28647	62	74	returns	return	NOUN
fbem-28647	62	75	,	,	PUNCT
fbem-28647	62	76	so	so	SCONJ
fbem-28647	62	77	as	as	SCONJ
fbem-28647	62	78	to	to	PART
fbem-28647	62	79	achieve	achieve	VERB
fbem-28647	62	80	short	short	ADJ
fbem-28647	62	81	-	-	PUNCT
fbem-28647	62	82	term	term	NOUN
fbem-28647	62	83	corporate	corporate	ADJ
fbem-28647	62	84	profit	profit	NOUN
fbem-28647	62	85	growth	growth	NOUN
fbem-28647	62	86	targets	target	NOUN
fbem-28647	62	87	.	.	PUNCT
fbem-28647	63	1	enterprise	enterprise	NOUN
fbem-28647	63	2	operators	operator	NOUN
fbem-28647	63	3	and	and	CCONJ
fbem-28647	63	4	managers	manager	NOUN
fbem-28647	63	5	will	will	AUX
fbem-28647	63	6	transfer	transfer	VERB
fbem-28647	63	7	the	the	DET
fbem-28647	63	8	enterprise	enterprise	NOUN
fbem-28647	63	9	funds	fund	NOUN
fbem-28647	63	10	to	to	ADP
fbem-28647	63	11	the	the	DET
fbem-28647	63	12	financial	financial	ADJ
fbem-28647	63	13	market	market	NOUN
fbem-28647	63	14	,	,	PUNCT
fbem-28647	63	15	financialization	financialization	NOUN
fbem-28647	63	16	has	have	AUX
fbem-28647	63	17	produced	produce	VERB
fbem-28647	63	18	a	a	DET
fbem-28647	63	19	"	"	PUNCT
fbem-28647	63	20	crowding	crowd	VERB
fbem-28647	63	21	out	out	ADP
fbem-28647	63	22	effect	effect	NOUN
fbem-28647	63	23	"	"	PUNCT
fbem-28647	63	24	,	,	PUNCT
fbem-28647	63	25	to	to	ADP
fbem-28647	63	26	a	a	DET
fbem-28647	63	27	certain	certain	ADJ
fbem-28647	63	28	extent	extent	NOUN
fbem-28647	63	29	,	,	PUNCT
fbem-28647	63	30	the	the	DET
fbem-28647	63	31	development	development	NOUN
fbem-28647	63	32	of	of	ADP
fbem-28647	63	33	the	the	DET
fbem-28647	63	34	company	company	NOUN
fbem-28647	63	35	's	's	PART
fbem-28647	63	36	main	main	ADJ
fbem-28647	63	37	business	business	NOUN
fbem-28647	63	38	of	of	ADP
fbem-28647	63	39	the	the	DET
fbem-28647	63	40	capital	capital	NOUN
fbem-28647	63	41	,	,	PUNCT
fbem-28647	63	42	used	use	VERB
fbem-28647	63	43	to	to	PART
fbem-28647	63	44	maintain	maintain	VERB
fbem-28647	63	45	the	the	DET
fbem-28647	63	46	daily	daily	ADJ
fbem-28647	63	47	operating	operating	NOUN
fbem-28647	63	48	activities	activity	NOUN
fbem-28647	63	49	of	of	ADP
fbem-28647	63	50	the	the	DET
fbem-28647	63	51	funds	fund	NOUN
fbem-28647	63	52	have	have	AUX
fbem-28647	63	53	been	be	AUX
fbem-28647	63	54	squeezed	squeeze	VERB
fbem-28647	63	55	.	.	PUNCT
fbem-28647	64	1	accompanied	accompany	VERB
fbem-28647	64	2	by	by	ADP
fbem-28647	64	3	the	the	DET
fbem-28647	64	4	enterprise	enterprise	NOUN
fbem-28647	64	5	to	to	ADP
fbem-28647	64	6	the	the	DET
fbem-28647	64	7	main	main	ADJ
fbem-28647	64	8	business	business	NOUN
fbem-28647	64	9	of	of	ADP
fbem-28647	64	10	capital	capital	NOUN
fbem-28647	64	11	expenditure	expenditure	NOUN
fbem-28647	64	12	in	in	ADP
fbem-28647	64	13	the	the	DET
fbem-28647	64	14	field	field	NOUN
fbem-28647	64	15	of	of	ADP
fbem-28647	64	16	financial	financial	ADJ
fbem-28647	64	17	investment	investment	NOUN
fbem-28647	64	18	.	.	PUNCT
fbem-28647	65	1	the	the	DET
fbem-28647	65	2	capital	capital	NOUN
fbem-28647	65	3	flow	flow	NOUN
fbem-28647	65	4	brought	bring	VERB
fbem-28647	65	5	by	by	ADP
fbem-28647	65	6	the	the	DET
fbem-28647	65	7	investment	investment	NOUN
fbem-28647	65	8	income	income	NOUN
fbem-28647	65	9	of	of	ADP
fbem-28647	65	10	the	the	DET
fbem-28647	65	11	enterprise	enterprise	NOUN
fbem-28647	65	12	changes	change	VERB
fbem-28647	65	13	the	the	DET
fbem-28647	65	14	structure	structure	NOUN
fbem-28647	65	15	of	of	ADP
fbem-28647	65	16	capital	capital	NOUN
fbem-28647	65	17	inflow	inflow	NOUN
fbem-28647	65	18	,	,	PUNCT
fbem-28647	65	19	the	the	DET
fbem-28647	65	20	main	main	ADJ
fbem-28647	65	21	business	business	NOUN
fbem-28647	65	22	brings	bring	VERB
fbem-28647	65	23	cash	cash	NOUN
fbem-28647	65	24	flow	flow	NOUN
fbem-28647	65	25	reduction	reduction	NOUN
fbem-28647	65	26	,	,	PUNCT
fbem-28647	65	27	and	and	CCONJ
fbem-28647	65	28	the	the	DET
fbem-28647	65	29	stability	stability	NOUN
fbem-28647	65	30	of	of	ADP
fbem-28647	65	31	cash	cash	NOUN
fbem-28647	65	32	flow	flow	NOUN
fbem-28647	65	33	is	be	AUX
fbem-28647	65	34	changed	change	VERB
fbem-28647	65	35	.	.	PUNCT
fbem-28647	66	1	the	the	DET
fbem-28647	66	2	stability	stability	NOUN
fbem-28647	66	3	and	and	CCONJ
fbem-28647	66	4	adequacy	adequacy	NOUN
fbem-28647	66	5	of	of	ADP
fbem-28647	66	6	cash	cash	NOUN
fbem-28647	66	7	flows	flow	NOUN
fbem-28647	66	8	can	can	AUX
fbem-28647	66	9	affect	affect	VERB
fbem-28647	66	10	the	the	DET
fbem-28647	66	11	level	level	NOUN
fbem-28647	66	12	of	of	ADP
fbem-28647	66	13	debt	debt	NOUN
fbem-28647	66	14	risk	risk	NOUN
fbem-28647	66	15	of	of	ADP
fbem-28647	66	16	a	a	DET
fbem-28647	66	17	firm	firm	NOUN
fbem-28647	66	18	.	.	PUNCT
fbem-28647	67	1	if	if	SCONJ
fbem-28647	67	2	a	a	DET
fbem-28647	67	3	firm	firm	NOUN
fbem-28647	67	4	's	's	PART
fbem-28647	67	5	cash	cash	NOUN
fbem-28647	67	6	flow	flow	NOUN
fbem-28647	67	7	is	be	AUX
fbem-28647	67	8	unstable	unstable	ADJ
fbem-28647	67	9	or	or	CCONJ
fbem-28647	67	10	insufficient	insufficient	ADJ
fbem-28647	67	11	to	to	PART
fbem-28647	67	12	support	support	VERB
fbem-28647	67	13	debt	debt	NOUN
fbem-28647	67	14	repayment	repayment	NOUN
fbem-28647	67	15	,	,	PUNCT
fbem-28647	67	16	then	then	ADV
fbem-28647	67	17	debt	debt	NOUN
fbem-28647	67	18	risk	risk	NOUN
fbem-28647	67	19	increases	increase	NOUN
fbem-28647	67	20	.	.	PUNCT
fbem-28647	68	1	3	3	X
fbem-28647	68	2	.	.	X
fbem-28647	68	3	current	current	ADJ
fbem-28647	68	4	situation	situation	NOUN
fbem-28647	68	5	of	of	ADP
fbem-28647	68	6	yunnan	yunnan	PROPN
fbem-28647	68	7	baiyao	baiyao	PROPN
fbem-28647	68	8	's	's	PART
fbem-28647	68	9	financialization	financialization	NOUN
fbem-28647	68	10	from	from	ADP
fbem-28647	68	11	the	the	DET
fbem-28647	68	12	perspective	perspective	NOUN
fbem-28647	68	13	of	of	ADP
fbem-28647	68	14	investment	investment	NOUN
fbem-28647	68	15	income	income	NOUN
fbem-28647	68	16	3.1	3.1	NUM
fbem-28647	68	17	.	.	PUNCT
fbem-28647	69	1	yunnan	yunnan	NOUN
fbem-28647	69	2	baiyao	baiyao	PROPN
fbem-28647	69	3	mixed	mixed	ADJ
fbem-28647	69	4	reform	reform	NOUN
fbem-28647	69	5	history	history	NOUN
fbem-28647	69	6	overview	overview	VERB
fbem-28647	69	7	the	the	DET
fbem-28647	69	8	financialization	financialization	NOUN
fbem-28647	69	9	of	of	ADP
fbem-28647	69	10	yunnan	yunnan	PROPN
fbem-28647	69	11	baiyao	baiyao	PROPN
fbem-28647	69	12	started	start	VERB
fbem-28647	69	13	with	with	ADP
fbem-28647	69	14	the	the	DET
fbem-28647	69	15	mixed	mixed	ADJ
fbem-28647	69	16	ownership	ownership	NOUN
fbem-28647	69	17	reform	reform	NOUN
fbem-28647	69	18	(	(	PUNCT
fbem-28647	69	19	hereinafter	hereinafter	NOUN
fbem-28647	69	20	referred	refer	VERB
fbem-28647	69	21	to	to	ADP
fbem-28647	69	22	as	as	ADP
fbem-28647	69	23	"	"	PUNCT
fbem-28647	69	24	mixed	mixed	ADJ
fbem-28647	69	25	reform	reform	NOUN
fbem-28647	69	26	"	"	PUNCT
fbem-28647	69	27	)	)	PUNCT
fbem-28647	69	28	.	.	PUNCT
fbem-28647	70	1	listed	list	VERB
fbem-28647	70	2	companies	company	NOUN
fbem-28647	70	3	are	be	AUX
fbem-28647	70	4	required	require	VERB
fbem-28647	70	5	to	to	PART
fbem-28647	70	6	introduce	introduce	VERB
fbem-28647	70	7	a	a	DET
fbem-28647	70	8	single	single	ADJ
fbem-28647	70	9	non	non	ADJ
fbem-28647	70	10	-	-	ADJ
fbem-28647	70	11	state	state	ADJ
fbem-28647	70	12	shareholder	shareholder	NOUN
fbem-28647	70	13	with	with	ADP
fbem-28647	70	14	a	a	DET
fbem-28647	70	15	shareholding	shareholding	NOUN
fbem-28647	70	16	of	of	ADP
fbem-28647	70	17	more	more	ADJ
fbem-28647	70	18	than	than	ADP
fbem-28647	70	19	5	5	NUM
fbem-28647	70	20	per	per	ADP
fbem-28647	70	21	cent	cent	NOUN
fbem-28647	70	22	,	,	PUNCT
fbem-28647	70	23	and	and	CCONJ
fbem-28647	70	24	through	through	ADP
fbem-28647	70	25	the	the	DET
fbem-28647	70	26	introduction	introduction	NOUN
fbem-28647	70	27	of	of	ADP
fbem-28647	70	28	non	non	ADJ
fbem-28647	70	29	-	-	ADJ
fbem-28647	70	30	state	state	ADJ
fbem-28647	70	31	shareholders	shareholder	NOUN
fbem-28647	70	32	(	(	PUNCT
fbem-28647	70	33	strategic	strategic	ADJ
fbem-28647	70	34	investors	investor	NOUN
fbem-28647	70	35	)	)	PUNCT
fbem-28647	70	36	with	with	ADP
fbem-28647	70	37	a	a	DET
fbem-28647	70	38	shareholding	shareholding	NOUN
fbem-28647	70	39	of	of	ADP
fbem-28647	70	40	more	more	ADJ
fbem-28647	70	41	than	than	ADP
fbem-28647	70	42	5	5	NUM
fbem-28647	70	43	per	per	ADP
fbem-28647	70	44	cent	cent	NOUN
fbem-28647	70	45	into	into	ADP
fbem-28647	70	46	the	the	DET
fbem-28647	70	47	board	board	NOUN
fbem-28647	70	48	of	of	ADP
fbem-28647	70	49	directors	director	NOUN
fbem-28647	70	50	,	,	PUNCT
fbem-28647	70	51	an	an	DET
fbem-28647	70	52	effective	effective	ADJ
fbem-28647	70	53	decision	decision	NOUN
fbem-28647	70	54	-	-	PUNCT
fbem-28647	70	55	making	make	VERB
fbem-28647	70	56	and	and	CCONJ
fbem-28647	70	57	supervision	supervision	NOUN
fbem-28647	70	58	mechanism	mechanism	NOUN
fbem-28647	70	59	is	be	AUX
fbem-28647	70	60	formed	form	VERB
fbem-28647	70	61	,	,	PUNCT
fbem-28647	70	62	so	so	SCONJ
fbem-28647	70	63	as	as	SCONJ
fbem-28647	70	64	to	to	PART
fbem-28647	70	65	"	"	PUNCT
fbem-28647	70	66	promote	promote	VERB
fbem-28647	70	67	the	the	DET
fbem-28647	70	68	reform	reform	NOUN
fbem-28647	70	69	by	by	ADP
fbem-28647	70	70	mixing	mix	VERB
fbem-28647	70	71	"	"	PUNCT
fbem-28647	70	72	.	.	PUNCT
fbem-28647	71	1	yunnan	yunnan	PROPN
fbem-28647	71	2	baiyao	baiyao	PROPN
fbem-28647	71	3	group	group	PROPN
fbem-28647	71	4	co.	co.	PROPN
fbem-28647	71	5	,	,	PUNCT
fbem-28647	71	6	ltd	ltd	PROPN
fbem-28647	71	7	.	.	PROPN
fbem-28647	71	8	holds	hold	VERB
fbem-28647	71	9	41.52	41.52	NUM
fbem-28647	71	10	%	%	NOUN
fbem-28647	71	11	of	of	ADP
fbem-28647	71	12	the	the	DET
fbem-28647	71	13	shares	share	NOUN
fbem-28647	71	14	,	,	PUNCT
fbem-28647	71	15	and	and	CCONJ
fbem-28647	71	16	xinhua	xinhua	PROPN
fbem-28647	71	17	indirectly	indirectly	ADV
fbem-28647	71	18	holds	hold	VERB
fbem-28647	71	19	20.76	20.76	NUM
fbem-28647	71	20	%	%	NOUN
fbem-28647	71	21	of	of	ADP
fbem-28647	71	22	the	the	DET
fbem-28647	71	23	shares	share	NOUN
fbem-28647	71	24	of	of	ADP
fbem-28647	71	25	yunnan	yunnan	PROPN
fbem-28647	71	26	baiyao	baiyao	PROPN
fbem-28647	71	27	co.	co.	PROPN
fbem-28647	71	28	in	in	ADP
fbem-28647	71	29	2017	2017	NUM
fbem-28647	71	30	,	,	PUNCT
fbem-28647	71	31	yunnan	yunnan	PROPN
fbem-28647	71	32	baiyao	baiyao	PROPN
fbem-28647	71	33	holding	holding	PROPN
fbem-28647	71	34	co.	co.	PROPN
fbem-28647	71	35	,	,	PUNCT
fbem-28647	71	36	ltd	ltd	PROPN
fbem-28647	71	37	.	.	PROPN
fbem-28647	71	38	added	add	VERB
fbem-28647	71	39	a	a	DET
fbem-28647	71	40	new	new	ADJ
fbem-28647	71	41	shareholder	shareholder	NOUN
fbem-28647	71	42	,	,	PUNCT
fbem-28647	71	43	jiangsu	jiangsu	PROPN
fbem-28647	71	44	yueyue	yueyue	PROPN
fbem-28647	71	45	science	science	NOUN
fbem-28647	71	46	and	and	CCONJ
fbem-28647	71	47	technology	technology	NOUN
fbem-28647	71	48	,	,	PUNCT
fbem-28647	71	49	to	to	PART
fbem-28647	71	50	increase	increase	VERB
fbem-28647	71	51	its	its	PRON
fbem-28647	71	52	capital	capital	NOUN
fbem-28647	71	53	by	by	ADP
fbem-28647	71	54	5.638	5.638	NUM
fbem-28647	71	55	billion	billion	NUM
fbem-28647	71	56	yuan	yuan	NOUN
fbem-28647	71	57	to	to	ADP
fbem-28647	71	58	the	the	DET
fbem-28647	71	59	holding	hold	VERB
fbem-28647	71	60	company	company	NOUN
fbem-28647	71	61	to	to	PART
fbem-28647	71	62	obtain	obtain	VERB
fbem-28647	71	63	a	a	DET
fbem-28647	71	64	10	10	NUM
fbem-28647	71	65	%	%	NOUN
fbem-28647	71	66	stake	stake	NOUN
fbem-28647	71	67	in	in	ADP
fbem-28647	71	68	the	the	DET
fbem-28647	71	69	holding	hold	VERB
fbem-28647	71	70	company	company	NOUN
fbem-28647	71	71	.	.	PUNCT
fbem-28647	72	1	so	so	ADV
fbem-28647	72	2	far	far	ADV
fbem-28647	72	3	,	,	PUNCT
fbem-28647	72	4	in	in	ADP
fbem-28647	72	5	yunnan	yunnan	PROPN
fbem-28647	72	6	baiyao	baiyao	PROPN
fbem-28647	72	7	holding	holding	PROPN
fbem-28647	72	8	co.	co.	PROPN
fbem-28647	72	9	board	board	NOUN
fbem-28647	72	10	of	of	ADP
fbem-28647	72	11	directors	director	NOUN
fbem-28647	72	12	of	of	ADP
fbem-28647	72	13	yunnan	yunnan	PROPN
fbem-28647	72	14	state	state	NOUN
fbem-28647	72	15	-	-	PUNCT
fbem-28647	72	16	owned	own	VERB
fbem-28647	72	17	assets	asset	NOUN
fbem-28647	72	18	supervision	supervision	NOUN
fbem-28647	72	19	and	and	CCONJ
fbem-28647	72	20	administration	administration	NOUN
fbem-28647	72	21	commission	commission	PROPN
fbem-28647	72	22	and	and	CCONJ
fbem-28647	72	23	xinhua	xinhua	PROPN
fbem-28647	72	24	accounted	account	VERB
fbem-28647	72	25	for	for	ADP
fbem-28647	72	26	two	two	NUM
fbem-28647	72	27	seats	seat	NOUN
fbem-28647	72	28	,	,	PUNCT
fbem-28647	72	29	jiangsu	jiangsu	PROPN
fbem-28647	72	30	yuyue	yuyue	PROPN
fbem-28647	72	31	accounted	account	VERB
fbem-28647	72	32	for	for	ADP
fbem-28647	72	33	one	one	NUM
fbem-28647	72	34	seat	seat	NOUN
fbem-28647	72	35	,	,	PUNCT
fbem-28647	72	36	in	in	ADP
fbem-28647	72	37	the	the	DET
fbem-28647	72	38	nature	nature	NOUN
fbem-28647	72	39	of	of	ADP
fbem-28647	72	40	the	the	DET
fbem-28647	72	41	shareholding	shareholding	NOUN
fbem-28647	72	42	of	of	ADP
fbem-28647	72	43	private	private	ADJ
fbem-28647	72	44	capital	capital	NOUN
fbem-28647	72	45	and	and	CCONJ
fbem-28647	72	46	more	more	ADJ
fbem-28647	72	47	than	than	ADP
fbem-28647	72	48	the	the	DET
fbem-28647	72	49	state	state	NOUN
fbem-28647	72	50	-	-	PUNCT
fbem-28647	72	51	owned	own	VERB
fbem-28647	72	52	capital	capital	NOUN
fbem-28647	72	53	,	,	PUNCT
fbem-28647	72	54	marking	mark	VERB
fbem-28647	72	55	yunnan	yunnan	NOUN
fbem-28647	72	56	baiyao	baiyao	PROPN
fbem-28647	72	57	holding	holding	PROPN
fbem-28647	72	58	co.	co.	PROPN
fbem-28647	72	59	hybridization	hybridization	NOUN
fbem-28647	72	60	is	be	AUX
fbem-28647	72	61	basically	basically	ADV
fbem-28647	72	62	complete	complete	ADJ
fbem-28647	72	63	.	.	PUNCT
fbem-28647	73	1	in	in	ADP
fbem-28647	73	2	2018	2018	NUM
fbem-28647	73	3	,	,	PUNCT
fbem-28647	73	4	yunnan	yunnan	NOUN
fbem-28647	73	5	baiyao	baiyao	NOUN
fbem-28647	73	6	began	begin	VERB
fbem-28647	73	7	to	to	PART
fbem-28647	73	8	absorb	absorb	VERB
fbem-28647	73	9	the	the	DET
fbem-28647	73	10	entire	entire	ADJ
fbem-28647	73	11	equity	equity	NOUN
fbem-28647	73	12	of	of	ADP
fbem-28647	73	13	yunnan	yunnan	PROPN
fbem-28647	73	14	baiyao	baiyao	PROPN
fbem-28647	73	15	holdings	holdings	PROPN
fbem-28647	73	16	co.	co.	PROPN
fbem-28647	73	17	through	through	ADP
fbem-28647	73	18	a	a	DET
fbem-28647	73	19	directional	directional	ADJ
fbem-28647	73	20	issue	issue	NOUN
fbem-28647	73	21	,	,	PUNCT
fbem-28647	73	22	and	and	CCONJ
fbem-28647	73	23	in	in	ADP
fbem-28647	73	24	2019	2019	NUM
fbem-28647	73	25	,	,	PUNCT
fbem-28647	73	26	the	the	DET
fbem-28647	73	27	securities	securities	PROPN
fbem-28647	73	28	and	and	CCONJ
fbem-28647	73	29	exchange	exchange	PROPN
fbem-28647	73	30	commission	commission	PROPN
fbem-28647	73	31	passed	pass	VERB
fbem-28647	73	32	yunnan	yunnan	PROPN
fbem-28647	73	33	baiyao	baiyao	PROPN
fbem-28647	73	34	's	's	PART
fbem-28647	73	35	mixed	mixed	ADJ
fbem-28647	73	36	reform	reform	NOUN
fbem-28647	73	37	program	program	NOUN
fbem-28647	73	38	to	to	PART
fbem-28647	73	39	be	be	AUX
fbem-28647	73	40	listed	list	VERB
fbem-28647	73	41	as	as	ADP
fbem-28647	73	42	a	a	DET
fbem-28647	73	43	whole	whole	NOUN
fbem-28647	73	44	in	in	ADP
fbem-28647	73	45	july	july	PROPN
fbem-28647	73	46	,	,	PUNCT
fbem-28647	73	47	marking	mark	VERB
fbem-28647	73	48	the	the	DET
fbem-28647	73	49	official	official	ADJ
fbem-28647	73	50	completion	completion	NOUN
fbem-28647	73	51	of	of	ADP
fbem-28647	73	52	yunnan	yunnan	PROPN
fbem-28647	73	53	baiyao	baiyao	PROPN
fbem-28647	73	54	's	's	PART
fbem-28647	73	55	mixed	mixed	ADJ
fbem-28647	73	56	reform	reform	NOUN
fbem-28647	73	57	.	.	PUNCT
fbem-28647	74	1	yunnan	yunnan	NOUN
fbem-28647	74	2	state	state	NOUN
fbem-28647	74	3	-	-	PUNCT
fbem-28647	74	4	owned	own	VERB
fbem-28647	74	5	assets	asset	NOUN
fbem-28647	74	6	supervision	supervision	NOUN
fbem-28647	74	7	and	and	CCONJ
fbem-28647	74	8	administration	administration	PROPN
fbem-28647	74	9	commission	commission	PROPN
fbem-28647	74	10	(	(	PUNCT
fbem-28647	74	11	sasac	sasac	NOUN
fbem-28647	74	12	)	)	PUNCT
fbem-28647	74	13	and	and	CCONJ
fbem-28647	74	14	xinhua	xinhua	PROPN
fbem-28647	74	15	du	du	PROPN
fbem-28647	74	16	each	each	PRON
fbem-28647	74	17	accounted	account	VERB
fbem-28647	74	18	for	for	ADP
fbem-28647	74	19	25.14	25.14	NUM
fbem-28647	74	20	%	%	NOUN
fbem-28647	74	21	,	,	PUNCT
fbem-28647	74	22	and	and	CCONJ
fbem-28647	74	23	jiangsu	jiangsu	PROPN
fbem-28647	74	24	yuyue	yuyue	PROPN
fbem-28647	74	25	accounted	account	VERB
fbem-28647	74	26	for	for	ADP
fbem-28647	74	27	5.59	5.59	NUM
fbem-28647	74	28	%	%	NOUN
fbem-28647	74	29	,	,	PUNCT
fbem-28647	74	30	and	and	CCONJ
fbem-28647	74	31	there	there	PRON
fbem-28647	74	32	was	be	VERB
fbem-28647	74	33	no	no	DET
fbem-28647	74	34	actual	actual	ADJ
fbem-28647	74	35	controller	controller	NOUN
fbem-28647	74	36	of	of	ADP
fbem-28647	74	37	yunnan	yunnan	PROPN
fbem-28647	74	38	baiyao	baiyao	PROPN
fbem-28647	74	39	after	after	ADP
fbem-28647	74	40	the	the	DET
fbem-28647	74	41	second	second	ADJ
fbem-28647	74	42	round	round	NOUN
fbem-28647	74	43	of	of	ADP
fbem-28647	74	44	mixed	mixed	ADJ
fbem-28647	74	45	reform	reform	NOUN
fbem-28647	74	46	.	.	PUNCT
fbem-28647	75	1	figure	figure	NOUN
fbem-28647	75	2	1	1	NUM
fbem-28647	75	3	.	.	PUNCT
fbem-28647	75	4	yunnan	yunnan	PROPN
fbem-28647	75	5	baiyao	baiyao	PROPN
fbem-28647	75	6	's	's	PART
fbem-28647	75	7	shareholding	shareholding	NOUN
fbem-28647	75	8	before	before	ADP
fbem-28647	75	9	the	the	DET
fbem-28647	75	10	merger	merger	NOUN
fbem-28647	75	11	source	source	NOUN
fbem-28647	75	12	:	:	PUNCT
fbem-28647	75	13	yunnan	yunnan	PROPN
fbem-28647	75	14	baiyao	baiyao	ADJ
fbem-28647	75	15	annual	annual	ADJ
fbem-28647	75	16	report	report	NOUN
fbem-28647	75	17	baiyao	baiyao	ADJ
fbem-28647	75	18	holding	holding	NOUN
fbem-28647	75	19	(	(	PUNCT
fbem-28647	75	20	prc	prc	PROPN
fbem-28647	75	21	pharmaceutical	pharmaceutical	NOUN
fbem-28647	75	22	company	company	NOUN
fbem-28647	75	23	)	)	PUNCT
fbem-28647	75	24	42	42	NUM
fbem-28647	75	25	%	%	NOUN
fbem-28647	75	26	xinhua	xinhua	PROPN
fbem-28647	75	27	(	(	PUNCT
fbem-28647	75	28	the	the	DET
fbem-28647	75	29	capital	capital	NOUN
fbem-28647	75	30	of	of	ADP
fbem-28647	75	31	china	china	PROPN
fbem-28647	75	32	)	)	PUNCT
fbem-28647	75	33	4	4	NUM
fbem-28647	75	34	%	%	NOUN
fbem-28647	75	35	(	(	PUNCT
fbem-28647	75	36	sth	sth	PROPN
fbem-28647	75	37	.	.	PROPN
fbem-28647	75	38	or	or	CCONJ
fbem-28647	75	39	sb	sb	NOUN
fbem-28647	75	40	)	)	PUNCT
fbem-28647	75	41	else	else	ADV
fbem-28647	75	42	54	54	NUM
fbem-28647	75	43	%	%	NOUN
fbem-28647	75	44	shareholding	shareholding	NOUN
fbem-28647	75	45	before	before	ADP
fbem-28647	75	46	merger	merger	NOUN
fbem-28647	75	47	baiyao	baiyao	NOUN
fbem-28647	75	48	holding	holding	NOUN
fbem-28647	75	49	(	(	PUNCT
fbem-28647	75	50	prc	prc	PROPN
fbem-28647	75	51	pharmaceutical	pharmaceutical	NOUN
fbem-28647	75	52	company	company	NOUN
fbem-28647	75	53	)	)	PUNCT
fbem-28647	76	1	xinhua	xinhua	PROPN
fbem-28647	77	1	(	(	PUNCT
fbem-28647	77	2	the	the	DET
fbem-28647	77	3	capital	capital	NOUN
fbem-28647	77	4	of	of	ADP
fbem-28647	77	5	china	china	PROPN
fbem-28647	77	6	)	)	PUNCT
fbem-28647	77	7	(	(	PUNCT
fbem-28647	77	8	sth	sth	AUX
fbem-28647	77	9	.	.	PROPN
fbem-28647	77	10	or	or	CCONJ
fbem-28647	77	11	sb	sb	NOUN
fbem-28647	77	12	)	)	PUNCT
fbem-28647	77	13	else	else	ADV
fbem-28647	77	14	421	421	NUM
fbem-28647	77	15	figure	figure	NOUN
fbem-28647	77	16	2	2	NUM
fbem-28647	77	17	.	.	PUNCT
fbem-28647	77	18	yunnan	yunnan	PROPN
fbem-28647	77	19	baiyao	baiyao	PROPN
fbem-28647	77	20	's	's	PART
fbem-28647	77	21	shareholding	shareholding	NOUN
fbem-28647	77	22	after	after	ADP
fbem-28647	77	23	the	the	DET
fbem-28647	77	24	merger	merger	NOUN
fbem-28647	77	25	source	source	NOUN
fbem-28647	77	26	:	:	PUNCT
fbem-28647	77	27	yunnan	yunnan	PROPN
fbem-28647	77	28	baiyao	baiyao	ADJ
fbem-28647	77	29	annual	annual	ADJ
fbem-28647	77	30	report	report	NOUN
fbem-28647	77	31	before	before	ADP
fbem-28647	77	32	the	the	DET
fbem-28647	77	33	mixing	mixing	NOUN
fbem-28647	77	34	reform	reform	NOUN
fbem-28647	77	35	,	,	PUNCT
fbem-28647	77	36	yunnan	yunnan	PROPN
fbem-28647	77	37	baiyao	baiyao	NOUN
fbem-28647	77	38	was	be	AUX
fbem-28647	77	39	only	only	ADV
fbem-28647	77	40	limited	limit	VERB
fbem-28647	77	41	to	to	PART
fbem-28647	77	42	entrusted	entrust	VERB
fbem-28647	77	43	financial	financial	ADJ
fbem-28647	77	44	management	management	NOUN
fbem-28647	77	45	,	,	PUNCT
fbem-28647	77	46	did	do	AUX
fbem-28647	77	47	not	not	PART
fbem-28647	77	48	invest	invest	VERB
fbem-28647	77	49	in	in	ADP
fbem-28647	77	50	securities	security	NOUN
fbem-28647	77	51	,	,	PUNCT
fbem-28647	77	52	and	and	CCONJ
fbem-28647	77	53	stipulated	stipulate	VERB
fbem-28647	77	54	that	that	SCONJ
fbem-28647	77	55	its	its	PRON
fbem-28647	77	56	own	own	ADJ
fbem-28647	77	57	funds	fund	NOUN
fbem-28647	77	58	were	be	AUX
fbem-28647	77	59	not	not	PART
fbem-28647	77	60	allowed	allow	VERB
fbem-28647	77	61	to	to	PART
fbem-28647	77	62	enter	enter	VERB
fbem-28647	77	63	the	the	DET
fbem-28647	77	64	stock	stock	NOUN
fbem-28647	77	65	market	market	NOUN
fbem-28647	77	66	except	except	SCONJ
fbem-28647	77	67	for	for	ADP
fbem-28647	77	68	the	the	DET
fbem-28647	77	69	use	use	NOUN
fbem-28647	77	70	in	in	ADP
fbem-28647	77	71	some	some	DET
fbem-28647	77	72	money	money	NOUN
fbem-28647	77	73	fund	fund	NOUN
fbem-28647	77	74	market	market	NOUN
fbem-28647	77	75	and	and	CCONJ
fbem-28647	77	76	low	low	ADJ
fbem-28647	77	77	-	-	PUNCT
fbem-28647	77	78	risk	risk	NOUN
fbem-28647	77	79	financial	financial	ADJ
fbem-28647	77	80	management	management	NOUN
fbem-28647	77	81	.	.	PUNCT
fbem-28647	78	1	this	this	DET
fbem-28647	78	2	phenomenon	phenomenon	NOUN
fbem-28647	78	3	is	be	AUX
fbem-28647	78	4	broken	break	VERB
fbem-28647	78	5	after	after	ADP
fbem-28647	78	6	the	the	DET
fbem-28647	78	7	mixed	mixed	ADJ
fbem-28647	78	8	reform	reform	NOUN
fbem-28647	78	9	,	,	PUNCT
fbem-28647	78	10	it	it	PRON
fbem-28647	78	11	can	can	AUX
fbem-28647	78	12	be	be	AUX
fbem-28647	78	13	seen	see	VERB
fbem-28647	78	14	that	that	SCONJ
fbem-28647	78	15	the	the	DET
fbem-28647	78	16	entry	entry	NOUN
fbem-28647	78	17	of	of	ADP
fbem-28647	78	18	non	non	ADJ
fbem-28647	78	19	-	-	ADJ
fbem-28647	78	20	state	state	NOUN
fbem-28647	78	21	-	-	PUNCT
fbem-28647	78	22	owned	own	VERB
fbem-28647	78	23	enterprises	enterprise	NOUN
fbem-28647	78	24	makes	make	VERB
fbem-28647	78	25	yunnan	yunnan	PROPN
fbem-28647	78	26	baiyao	baiyao	PROPN
fbem-28647	78	27	invest	invest	VERB
fbem-28647	78	28	a	a	DET
fbem-28647	78	29	lot	lot	NOUN
fbem-28647	78	30	in	in	ADP
fbem-28647	78	31	the	the	DET
fbem-28647	78	32	capital	capital	NOUN
fbem-28647	78	33	market	market	NOUN
fbem-28647	78	34	,	,	PUNCT
fbem-28647	78	35	non	non	ADJ
fbem-28647	78	36	-	-	ADJ
fbem-28647	78	37	state	state	NOUN
fbem-28647	78	38	-	-	PUNCT
fbem-28647	78	39	owned	own	VERB
fbem-28647	78	40	enterprise	enterprise	NOUN
fbem-28647	78	41	shareholders	shareholder	NOUN
fbem-28647	78	42	pay	pay	VERB
fbem-28647	78	43	more	more	ADJ
fbem-28647	78	44	attention	attention	NOUN
fbem-28647	78	45	to	to	ADP
fbem-28647	78	46	profit	profit	NOUN
fbem-28647	78	47	maximization	maximization	NOUN
fbem-28647	78	48	and	and	CCONJ
fbem-28647	78	49	return	return	NOUN
fbem-28647	78	50	on	on	ADP
fbem-28647	78	51	investment	investment	NOUN
fbem-28647	78	52	,	,	PUNCT
fbem-28647	78	53	so	so	SCONJ
fbem-28647	78	54	it	it	PRON
fbem-28647	78	55	can	can	AUX
fbem-28647	78	56	be	be	AUX
fbem-28647	78	57	seen	see	VERB
fbem-28647	78	58	that	that	SCONJ
fbem-28647	78	59	the	the	DET
fbem-28647	78	60	non	non	ADJ
fbem-28647	78	61	-	-	ADJ
fbem-28647	78	62	stateowned	stateowned	ADJ
fbem-28647	78	63	enterprise	enterprise	NOUN
fbem-28647	78	64	shareholders	shareholder	NOUN
fbem-28647	78	65	are	be	AUX
fbem-28647	78	66	the	the	DET
fbem-28647	78	67	important	important	ADJ
fbem-28647	78	68	pushers	pusher	NOUN
fbem-28647	78	69	of	of	ADP
fbem-28647	78	70	yunnan	yunnan	PROPN
fbem-28647	78	71	baiyao	baiyao	PROPN
fbem-28647	78	72	's	's	PART
fbem-28647	78	73	financialization	financialization	NOUN
fbem-28647	78	74	.	.	PUNCT
fbem-28647	79	1	3.2	3.2	NUM
fbem-28647	79	2	.	.	PUNCT
fbem-28647	79	3	measurement	measurement	NOUN
fbem-28647	79	4	of	of	ADP
fbem-28647	79	5	yunnan	yunnan	PROPN
fbem-28647	79	6	baiyao	baiyao	PROPN
fbem-28647	79	7	's	's	PART
fbem-28647	79	8	financialization	financialization	NOUN
fbem-28647	79	9	from	from	ADP
fbem-28647	79	10	the	the	DET
fbem-28647	79	11	perspective	perspective	NOUN
fbem-28647	79	12	of	of	ADP
fbem-28647	79	13	investment	investment	NOUN
fbem-28647	79	14	returns	return	NOUN
fbem-28647	79	15	investment	investment	NOUN
fbem-28647	79	16	income	income	NOUN
fbem-28647	79	17	refers	refer	VERB
fbem-28647	79	18	to	to	ADP
fbem-28647	79	19	a	a	DET
fbem-28647	79	20	series	series	NOUN
fbem-28647	79	21	of	of	ADP
fbem-28647	79	22	income	income	NOUN
fbem-28647	79	23	obtained	obtain	VERB
fbem-28647	79	24	from	from	ADP
fbem-28647	79	25	foreign	foreign	ADJ
fbem-28647	79	26	investment	investment	NOUN
fbem-28647	79	27	with	with	ADP
fbem-28647	79	28	the	the	DET
fbem-28647	79	29	project	project	NOUN
fbem-28647	79	30	as	as	ADP
fbem-28647	79	31	the	the	DET
fbem-28647	79	32	boundary	boundary	NOUN
fbem-28647	79	33	.	.	PUNCT
fbem-28647	80	1	according	accord	VERB
fbem-28647	80	2	to	to	ADP
fbem-28647	80	3	this	this	DET
fbem-28647	80	4	paper	paper	NOUN
fbem-28647	80	5	still	still	ADV
fbem-28647	80	6	uses	use	VERB
fbem-28647	80	7	the	the	DET
fbem-28647	80	8	financial	financial	ADJ
fbem-28647	80	9	statement	statement	NOUN
fbem-28647	80	10	data	datum	NOUN
fbem-28647	80	11	of	of	ADP
fbem-28647	80	12	yunnan	yunnan	PROPN
fbem-28647	80	13	baiyao	baiyao	NOUN
fbem-28647	80	14	from	from	ADP
fbem-28647	80	15	2017	2017	NUM
fbem-28647	80	16	to	to	ADP
fbem-28647	80	17	2022	2022	NUM
fbem-28647	80	18	for	for	ADP
fbem-28647	80	19	calculation	calculation	NOUN
fbem-28647	80	20	,	,	PUNCT
fbem-28647	80	21	and	and	CCONJ
fbem-28647	80	22	the	the	DET
fbem-28647	80	23	result	result	NOUN
fbem-28647	80	24	is	be	AUX
fbem-28647	80	25	calculated	calculate	VERB
fbem-28647	80	26	according	accord	VERB
fbem-28647	80	27	to	to	ADP
fbem-28647	80	28	the	the	DET
fbem-28647	80	29	formula	formula	NOUN
fbem-28647	80	30	(	(	PUNCT
fbem-28647	80	31	1	1	NUM
fbem-28647	80	32	)	)	PUNCT
fbem-28647	80	33	,	,	PUNCT
fbem-28647	80	34	see	see	VERB
fbem-28647	80	35	figure	figure	NOUN
fbem-28647	80	36	3	3	NUM
fbem-28647	80	37	.	.	PUNCT
fbem-28647	80	38	figure	figure	VERB
fbem-28647	80	39	3	3	NUM
fbem-28647	80	40	.	.	NOUN
fbem-28647	80	41	trend	trend	NOUN
fbem-28647	80	42	in	in	ADP
fbem-28647	80	43	the	the	DET
fbem-28647	80	44	degree	degree	NOUN
fbem-28647	80	45	of	of	ADP
fbem-28647	80	46	financialization	financialization	NOUN
fbem-28647	80	47	of	of	ADP
fbem-28647	80	48	yunnan	yunnan	PROPN
fbem-28647	80	49	baiyao	baiyao	NOUN
fbem-28647	80	50	(	(	PUNCT
fbem-28647	80	51	investment	investment	NOUN
fbem-28647	80	52	income	income	NOUN
fbem-28647	80	53	perspective	perspective	NOUN
fbem-28647	80	54	)	)	PUNCT
fbem-28647	80	55	source	source	NOUN
fbem-28647	80	56	:	:	PUNCT
fbem-28647	80	57	yunnan	yunnan	PROPN
fbem-28647	80	58	baiyao	baiyao	ADJ
fbem-28647	80	59	annual	annual	ADJ
fbem-28647	80	60	report	report	NOUN
fbem-28647	80	61	when	when	SCONJ
fbem-28647	80	62	the	the	DET
fbem-28647	80	63	proportion	proportion	NOUN
fbem-28647	80	64	of	of	ADP
fbem-28647	80	65	investment	investment	NOUN
fbem-28647	80	66	income	income	NOUN
fbem-28647	80	67	in	in	ADP
fbem-28647	80	68	yunnan	yunnan	PROPN
fbem-28647	80	69	baiyao	baiyao	PROPN
fbem-28647	80	70	's	's	PART
fbem-28647	80	71	net	net	ADJ
fbem-28647	80	72	profit	profit	NOUN
fbem-28647	80	73	is	be	AUX
fbem-28647	80	74	increasing	increase	VERB
fbem-28647	80	75	before	before	ADP
fbem-28647	80	76	2019	2019	NUM
fbem-28647	80	77	,	,	PUNCT
fbem-28647	80	78	it	it	PRON
fbem-28647	80	79	is	be	AUX
fbem-28647	80	80	related	relate	VERB
fbem-28647	80	81	to	to	ADP
fbem-28647	80	82	yunnan	yunnan	NOUN
fbem-28647	80	83	baiyao	baiyao	PROPN
fbem-28647	80	84	's	's	PART
fbem-28647	80	85	prudent	prudent	ADJ
fbem-28647	80	86	utilization	utilization	NOUN
fbem-28647	80	87	of	of	ADP
fbem-28647	80	88	its	its	PRON
fbem-28647	80	89	own	own	ADJ
fbem-28647	80	90	funds	fund	NOUN
fbem-28647	80	91	before	before	ADP
fbem-28647	80	92	2019	2019	NUM
fbem-28647	80	93	,	,	PUNCT
fbem-28647	80	94	which	which	PRON
fbem-28647	80	95	is	be	AUX
fbem-28647	80	96	mainly	mainly	ADV
fbem-28647	80	97	invested	invest	VERB
fbem-28647	80	98	in	in	ADP
fbem-28647	80	99	money	money	NOUN
fbem-28647	80	100	market	market	NOUN
fbem-28647	80	101	funds	fund	NOUN
fbem-28647	80	102	and	and	CCONJ
fbem-28647	80	103	wealth	wealth	NOUN
fbem-28647	80	104	management	management	NOUN
fbem-28647	80	105	products	product	NOUN
fbem-28647	80	106	such	such	ADJ
fbem-28647	80	107	as	as	ADP
fbem-28647	80	108	banks	bank	NOUN
fbem-28647	80	109	'	'	PART
fbem-28647	80	110	r1	r1	NOUN
fbem-28647	80	111	and	and	CCONJ
fbem-28647	80	112	r2	r2	PROPN
fbem-28647	80	113	etc	etc	X
fbem-28647	80	114	.	.	X
fbem-28647	81	1	after	after	ADP
fbem-28647	81	2	2019	2019	NUM
fbem-28647	81	3	,	,	PUNCT
fbem-28647	81	4	it	it	PRON
fbem-28647	81	5	enters	enter	VERB
fbem-28647	81	6	into	into	ADP
fbem-28647	81	7	the	the	DET
fbem-28647	81	8	equity	equity	NOUN
fbem-28647	81	9	securities	security	NOUN
fbem-28647	81	10	market	market	NOUN
fbem-28647	81	11	with	with	ADP
fbem-28647	81	12	a	a	DET
fbem-28647	81	13	slightly	slightly	ADV
fbem-28647	81	14	more	more	ADV
fbem-28647	81	15	aggressive	aggressive	ADJ
fbem-28647	81	16	investment	investment	NOUN
fbem-28647	81	17	strategy	strategy	NOUN
fbem-28647	81	18	,	,	PUNCT
fbem-28647	81	19	and	and	CCONJ
fbem-28647	81	20	from	from	ADP
fbem-28647	81	21	2020	2020	NUM
fbem-28647	81	22	to	to	ADP
fbem-28647	81	23	2022	2022	NUM
fbem-28647	81	24	,	,	PUNCT
fbem-28647	81	25	the	the	DET
fbem-28647	81	26	investment	investment	NOUN
fbem-28647	81	27	income	income	NOUN
fbem-28647	81	28	shows	show	VERB
fbem-28647	81	29	ups	up	NOUN
fbem-28647	81	30	and	and	CCONJ
fbem-28647	81	31	downs	down	NOUN
fbem-28647	81	32	.	.	PUNCT
fbem-28647	82	1	stable	stable	ADJ
fbem-28647	82	2	.	.	PUNCT
fbem-28647	83	1	from	from	ADP
fbem-28647	83	2	the	the	DET
fbem-28647	83	3	perspective	perspective	NOUN
fbem-28647	83	4	of	of	ADP
fbem-28647	83	5	profit	profit	NOUN
fbem-28647	83	6	,	,	PUNCT
fbem-28647	83	7	yunnan	yunnan	NOUN
fbem-28647	83	8	baiyao	baiyao	ADJ
fbem-28647	83	9	profit	profit	NOUN
fbem-28647	83	10	composition	composition	NOUN
fbem-28647	83	11	,	,	PUNCT
fbem-28647	83	12	between	between	ADP
fbem-28647	83	13	2017	2017	NUM
fbem-28647	83	14	and	and	CCONJ
fbem-28647	83	15	2020	2020	NUM
fbem-28647	83	16	,	,	PUNCT
fbem-28647	83	17	yunnan	yunnan	PROPN
fbem-28647	83	18	baiyao	baiyao	PROPN
fbem-28647	83	19	total	total	ADJ
fbem-28647	83	20	profits	profit	NOUN
fbem-28647	83	21	continue	continue	VERB
fbem-28647	83	22	to	to	PART
fbem-28647	83	23	climb	climb	VERB
fbem-28647	83	24	,	,	PUNCT
fbem-28647	83	25	showing	show	VERB
fbem-28647	83	26	a	a	DET
fbem-28647	83	27	positive	positive	ADJ
fbem-28647	83	28	trend	trend	NOUN
fbem-28647	83	29	,	,	PUNCT
fbem-28647	83	30	financialization	financialization	NOUN
fbem-28647	83	31	for	for	ADP
fbem-28647	83	32	its	its	PRON
fbem-28647	83	33	broadening	broaden	VERB
fbem-28647	83	34	a	a	DET
fbem-28647	83	35	certain	certain	ADJ
fbem-28647	83	36	profit	profit	NOUN
fbem-28647	83	37	channel	channel	NOUN
fbem-28647	83	38	,	,	PUNCT
fbem-28647	83	39	played	play	VERB
fbem-28647	83	40	the	the	DET
fbem-28647	83	41	role	role	NOUN
fbem-28647	83	42	of	of	ADP
fbem-28647	83	43	the	the	DET
fbem-28647	83	44	financial	financial	ADJ
fbem-28647	83	45	"	"	PUNCT
fbem-28647	83	46	reservoir	reservoir	NOUN
fbem-28647	83	47	"	"	PUNCT
fbem-28647	83	48	,	,	PUNCT
fbem-28647	83	49	to	to	ADP
fbem-28647	83	50	a	a	DET
fbem-28647	83	51	certain	certain	ADJ
fbem-28647	83	52	extent	extent	NOUN
fbem-28647	83	53	,	,	PUNCT
fbem-28647	83	54	to	to	PART
fbem-28647	83	55	promote	promote	VERB
fbem-28647	83	56	the	the	DET
fbem-28647	83	57	liquidity	liquidity	NOUN
fbem-28647	83	58	of	of	ADP
fbem-28647	83	59	the	the	DET
fbem-28647	83	60	enterprise	enterprise	NOUN
fbem-28647	83	61	's	's	PART
fbem-28647	83	62	capital	capital	NOUN
fbem-28647	83	63	.	.	PUNCT
fbem-28647	84	1	figure	figure	VERB
fbem-28647	84	2	4	4	NUM
fbem-28647	84	3	.	.	PUNCT
fbem-28647	84	4	yunnan	yunnan	NOUN
fbem-28647	84	5	baiyao	baiyao	ADJ
fbem-28647	84	6	investment	investment	NOUN
fbem-28647	84	7	income	income	NOUN
fbem-28647	84	8	and	and	CCONJ
fbem-28647	84	9	changes	change	NOUN
fbem-28647	84	10	in	in	ADP
fbem-28647	84	11	gains	gain	NOUN
fbem-28647	84	12	and	and	CCONJ
fbem-28647	84	13	losses	loss	NOUN
fbem-28647	84	14	source	source	NOUN
fbem-28647	84	15	:	:	PUNCT
fbem-28647	84	16	yunnan	yunnan	PROPN
fbem-28647	84	17	baiyao	baiyao	ADJ
fbem-28647	84	18	annual	annual	ADJ
fbem-28647	84	19	report	report	NOUN
fbem-28647	84	20	according	accord	VERB
fbem-28647	84	21	to	to	PART
fbem-28647	84	22	figure	figure	VERB
fbem-28647	84	23	4	4	NUM
fbem-28647	84	24	,	,	PUNCT
fbem-28647	84	25	gains	gain	NOUN
fbem-28647	84	26	and	and	CCONJ
fbem-28647	84	27	losses	loss	NOUN
fbem-28647	84	28	from	from	ADP
fbem-28647	84	29	changes	change	NOUN
fbem-28647	84	30	in	in	ADP
fbem-28647	84	31	fair	fair	ADJ
fbem-28647	84	32	value	value	NOUN
fbem-28647	84	33	dropped	drop	VERB
fbem-28647	84	34	sharply	sharply	ADV
fbem-28647	84	35	in	in	ADP
fbem-28647	84	36	2021	2021	NUM
fbem-28647	84	37	,	,	PUNCT
fbem-28647	84	38	exceeding	exceed	VERB
fbem-28647	84	39	$	$	SYM
fbem-28647	84	40	1.9	1.9	NUM
fbem-28647	84	41	billion	billion	NUM
fbem-28647	84	42	,	,	PUNCT
fbem-28647	84	43	and	and	CCONJ
fbem-28647	84	44	the	the	DET
fbem-28647	84	45	reason	reason	NOUN
fbem-28647	84	46	for	for	ADP
fbem-28647	84	47	such	such	DET
fbem-28647	84	48	a	a	DET
fbem-28647	84	49	rapid	rapid	ADJ
fbem-28647	84	50	plunge	plunge	NOUN
fbem-28647	84	51	is	be	AUX
fbem-28647	84	52	that	that	SCONJ
fbem-28647	84	53	in	in	ADP
fbem-28647	84	54	2021	2021	NUM
fbem-28647	84	55	,	,	PUNCT
fbem-28647	84	56	four	four	NUM
fbem-28647	84	57	of	of	ADP
fbem-28647	84	58	yunnan	yunnan	PROPN
fbem-28647	84	59	baiyao	baiyao	PROPN
fbem-28647	84	60	's	's	PART
fbem-28647	84	61	six	six	NUM
fbem-28647	84	62	major	major	ADJ
fbem-28647	84	63	holdings	holding	NOUN
fbem-28647	84	64	suffered	suffer	VERB
fbem-28647	84	65	floating	float	VERB
fbem-28647	84	66	losses	loss	NOUN
fbem-28647	84	67	:	:	PUNCT
fbem-28647	84	68	xiaomi	xiaomi	PROPN
fbem-28647	84	69	group	group	PROPN
fbem-28647	84	70	lost	lose	VERB
fbem-28647	84	71	$	$	SYM
fbem-28647	84	72	610	610	NUM
fbem-28647	84	73	million	million	NUM
fbem-28647	84	74	,	,	PUNCT
fbem-28647	84	75	yili	yili	NOUN
fbem-28647	84	76	shares	share	NOUN
fbem-28647	84	77	lost	lose	VERB
fbem-28647	84	78	$	$	SYM
fbem-28647	84	79	190	190	NUM
fbem-28647	84	80	million	million	NUM
fbem-28647	84	81	,	,	PUNCT
fbem-28647	84	82	hengrui	hengrui	PROPN
fbem-28647	84	83	healthcare	healthcare	PROPN
fbem-28647	84	84	lost	lose	VERB
fbem-28647	84	85	$	$	SYM
fbem-28647	84	86	180	180	NUM
fbem-28647	84	87	million	million	NUM
fbem-28647	84	88	,	,	PUNCT
fbem-28647	84	89	and	and	CCONJ
fbem-28647	84	90	china	china	PROPN
fbem-28647	84	91	antibody	antibody	NOUN
fbem-28647	84	92	lost	lose	VERB
fbem-28647	84	93	$	$	SYM
fbem-28647	84	94	50	50	NUM
fbem-28647	84	95	million	million	NUM
fbem-28647	84	96	.	.	PUNCT
fbem-28647	85	1	in	in	ADP
fbem-28647	85	2	terms	term	NOUN
fbem-28647	85	3	of	of	ADP
fbem-28647	85	4	investment	investment	NOUN
fbem-28647	85	5	income	income	NOUN
fbem-28647	85	6	,	,	PUNCT
fbem-28647	85	7	yunnan	yunnan	PROPN
fbem-28647	85	8	baiyao	baiyao	PROPN
fbem-28647	85	9	's	's	PART
fbem-28647	85	10	investment	investment	NOUN
fbem-28647	85	11	income	income	NOUN
fbem-28647	85	12	is	be	AUX
fbem-28647	85	13	positive	positive	ADJ
fbem-28647	85	14	from	from	ADP
fbem-28647	85	15	2017	2017	NUM
fbem-28647	85	16	to	to	ADP
fbem-28647	85	17	2022	2022	NUM
fbem-28647	85	18	,	,	PUNCT
fbem-28647	85	19	reaching	reach	VERB
fbem-28647	85	20	a	a	DET
fbem-28647	85	21	maximum	maximum	NOUN
fbem-28647	85	22	of	of	ADP
fbem-28647	85	23	$	$	SYM
fbem-28647	85	24	1.470	1.470	NUM
fbem-28647	85	25	billion	billion	NUM
fbem-28647	85	26	in	in	ADP
fbem-28647	85	27	2019	2019	NUM
fbem-28647	85	28	when	when	SCONJ
fbem-28647	85	29	it	it	PRON
fbem-28647	85	30	invested	invest	VERB
fbem-28647	85	31	heavily	heavily	ADV
fbem-28647	85	32	in	in	ADP
fbem-28647	85	33	the	the	DET
fbem-28647	85	34	financial	financial	ADJ
fbem-28647	85	35	market	market	NOUN
fbem-28647	85	36	.	.	PUNCT
fbem-28647	86	1	baiyao	baiyao	ADJ
fbem-28647	86	2	holding	holding	NOUN
fbem-28647	86	3	(	(	PUNCT
fbem-28647	86	4	prc	prc	PROPN
fbem-28647	86	5	pharmaceutical	pharmaceutical	NOUN
fbem-28647	86	6	company	company	NOUN
fbem-28647	86	7	)	)	PUNCT
fbem-28647	86	8	25	25	NUM
fbem-28647	86	9	%	%	NOUN
fbem-28647	86	10	xinhua	xinhua	NOUN
fbem-28647	86	11	(	(	PUNCT
fbem-28647	86	12	the	the	DET
fbem-28647	86	13	capital	capital	NOUN
fbem-28647	86	14	of	of	ADP
fbem-28647	86	15	china	china	PROPN
fbem-28647	86	16	)	)	PUNCT
fbem-28647	86	17	25	25	NUM
fbem-28647	86	18	%	%	NOUN
fbem-28647	86	19	jiangsu	jiangsu	PROPN
fbem-28647	86	20	yuyue	yuyue	PROPN
fbem-28647	86	21	6	6	NUM
fbem-28647	86	22	%	%	NOUN
fbem-28647	86	23	(	(	PUNCT
fbem-28647	86	24	sth	sth	PROPN
fbem-28647	86	25	.	.	PROPN
fbem-28647	86	26	or	or	CCONJ
fbem-28647	86	27	sb	sb	NOUN
fbem-28647	86	28	)	)	PUNCT
fbem-28647	86	29	else	else	ADV
fbem-28647	86	30	44	44	NUM
fbem-28647	86	31	%	%	NOUN
fbem-28647	86	32	shareholding	shareholding	NOUN
fbem-28647	86	33	ratio	ratio	NOUN
fbem-28647	86	34	after	after	ADP
fbem-28647	86	35	the	the	DET
fbem-28647	86	36	merger	merger	NOUN
fbem-28647	86	37	baiyao	baiyao	NOUN
fbem-28647	86	38	holding	holding	NOUN
fbem-28647	86	39	(	(	PUNCT
fbem-28647	86	40	prc	prc	PROPN
fbem-28647	86	41	pharmaceutical	pharmaceutical	NOUN
fbem-28647	86	42	company	company	NOUN
fbem-28647	86	43	)	)	PUNCT
fbem-28647	86	44	xinhua	xinhua	PROPN
fbem-28647	86	45	(	(	PUNCT
fbem-28647	86	46	the	the	DET
fbem-28647	86	47	capital	capital	NOUN
fbem-28647	86	48	of	of	ADP
fbem-28647	86	49	china	china	PROPN
fbem-28647	86	50	)	)	PUNCT
fbem-28647	86	51	jiangsu	jiangsu	PROPN
fbem-28647	86	52	yuyue	yuyue	PROPN
fbem-28647	86	53	(	(	PUNCT
fbem-28647	86	54	sth	sth	PROPN
fbem-28647	86	55	.	.	PROPN
fbem-28647	86	56	or	or	CCONJ
fbem-28647	86	57	sb	sb	NOUN
fbem-28647	86	58	)	)	PUNCT
fbem-28647	86	59	else	else	ADV
fbem-28647	86	60	8.84	8.84	NUM
fbem-28647	86	61	%	%	NOUN
fbem-28647	86	62	8.58	8.58	NUM
fbem-28647	86	63	%	%	NOUN
fbem-28647	86	64	35.24	35.24	NUM
fbem-28647	86	65	%	%	NOUN
fbem-28647	86	66	7.12	7.12	NUM
fbem-28647	86	67	%	%	NOUN
fbem-28647	86	68	37.35	37.35	NUM
fbem-28647	86	69	%	%	NOUN
fbem-28647	86	70	30.57	30.57	NUM
fbem-28647	86	71	%	%	NOUN
fbem-28647	86	72	0.00	0.00	NUM
fbem-28647	86	73	%	%	NOUN
fbem-28647	86	74	10.00	10.00	NUM
fbem-28647	86	75	%	%	NOUN
fbem-28647	86	76	20.00	20.00	NUM
fbem-28647	86	77	%	%	NOUN
fbem-28647	86	78	30.00	30.00	NUM
fbem-28647	86	79	%	%	NOUN
fbem-28647	86	80	40.00	40.00	NUM
fbem-28647	86	81	%	%	NOUN
fbem-28647	86	82	0	0	NUM
fbem-28647	86	83	billion	billion	NUM
fbem-28647	86	84	1	1	NUM
fbem-28647	86	85	billion	billion	NUM
fbem-28647	86	86	2	2	NUM
fbem-28647	86	87	billion	billion	NUM
fbem-28647	86	88	3	3	NUM
fbem-28647	86	89	billion	billion	NUM
fbem-28647	86	90	4	4	NUM
fbem-28647	86	91	billion	billion	NUM
fbem-28647	86	92	5	5	NUM
fbem-28647	86	93	billion	billion	NUM
fbem-28647	86	94	6	6	NUM
fbem-28647	86	95	billion	billion	NUM
fbem-28647	86	96	2017	2017	NUM
fbem-28647	86	97	2018	2018	NUM
fbem-28647	86	98	2019	2019	NUM
fbem-28647	86	99	2020	2020	NUM
fbem-28647	86	100	2021	2021	NUM
fbem-28647	86	101	2022	2022	NUM
fbem-28647	86	102	trends	trend	NOUN
fbem-28647	86	103	in	in	ADP
fbem-28647	86	104	the	the	DET
fbem-28647	86	105	degree	degree	NOUN
fbem-28647	86	106	of	of	ADP
fbem-28647	86	107	financialization	financialization	NOUN
fbem-28647	86	108	investment	investment	NOUN
fbem-28647	86	109	income	income	NOUN
fbem-28647	86	110	net	net	ADJ
fbem-28647	86	111	profit	profit	NOUN
fbem-28647	86	112	degree	degree	NOUN
fbem-28647	86	113	of	of	ADP
fbem-28647	86	114	financialization	financialization	NOUN
fbem-28647	86	115	-3	-3	INTJ
fbem-28647	86	116	billion	billion	NUM
fbem-28647	86	117	-2	-2	NUM
fbem-28647	86	118	billion	billion	NUM
fbem-28647	86	119	-2	-2	SYM
fbem-28647	86	120	billion	billion	NUM
fbem-28647	86	121	-1	-1	SYM
fbem-28647	86	122	billion	billion	NUM
fbem-28647	86	123	-1	-1	SYM
fbem-28647	86	124	billion	billion	NUM
fbem-28647	86	125	0	0	NUM
fbem-28647	86	126	billion	billion	NUM
fbem-28647	86	127	1	1	NUM
fbem-28647	86	128	billion	billion	NUM
fbem-28647	86	129	1	1	NUM
fbem-28647	86	130	billion	billion	NUM
fbem-28647	86	131	2	2	NUM
fbem-28647	86	132	billion	billion	NUM
fbem-28647	86	133	2	2	NUM
fbem-28647	86	134	billion	billion	NUM
fbem-28647	86	135	3	3	NUM
fbem-28647	86	136	billion	billion	NUM
fbem-28647	86	137	2017	2017	NUM
fbem-28647	86	138	2018	2018	NUM
fbem-28647	86	139	2019	2019	NUM
fbem-28647	86	140	2020	2020	NUM
fbem-28647	86	141	2021	2021	NUM
fbem-28647	86	142	2022	2022	NUM
fbem-28647	86	143	investment	investment	NOUN
fbem-28647	86	144	income	income	NOUN
fbem-28647	86	145	and	and	CCONJ
fbem-28647	86	146	changes	change	NOUN
fbem-28647	86	147	in	in	ADP
fbem-28647	86	148	profit	profit	NOUN
fbem-28647	86	149	or	or	CCONJ
fbem-28647	86	150	loss	loss	NOUN
fbem-28647	86	151	investment	investment	NOUN
fbem-28647	86	152	income	income	NOUN
fbem-28647	86	153	gains	gain	NOUN
fbem-28647	86	154	and	and	CCONJ
fbem-28647	86	155	losses	loss	NOUN
fbem-28647	86	156	on	on	ADP
fbem-28647	86	157	changes	change	NOUN
fbem-28647	86	158	in	in	ADP
fbem-28647	86	159	fair	fair	ADJ
fbem-28647	86	160	value	value	NOUN
fbem-28647	86	161	422	422	NUM
fbem-28647	86	162	4	4	NUM
fbem-28647	86	163	.	.	PUNCT
fbem-28647	86	164	impact	impact	NOUN
fbem-28647	86	165	of	of	ADP
fbem-28647	86	166	yunnan	yunnan	PROPN
fbem-28647	86	167	baiyao	baiyao	NOUN
fbem-28647	86	168	's	's	PART
fbem-28647	86	169	financialization	financialization	NOUN
fbem-28647	86	170	on	on	ADP
fbem-28647	86	171	debt	debt	NOUN
fbem-28647	86	172	risks	risk	NOUN
fbem-28647	86	173	4.1	4.1	NUM
fbem-28647	86	174	.	.	PUNCT
fbem-28647	87	1	impact	impact	NOUN
fbem-28647	87	2	of	of	ADP
fbem-28647	87	3	changes	change	NOUN
fbem-28647	87	4	in	in	ADP
fbem-28647	87	5	yunnan	yunnan	PROPN
fbem-28647	87	6	baiyao	baiyao	NOUN
fbem-28647	87	7	's	's	PART
fbem-28647	87	8	debt	debt	NOUN
fbem-28647	87	9	capacity	capacity	NOUN
fbem-28647	87	10	on	on	ADP
fbem-28647	87	11	debt	debt	NOUN
fbem-28647	87	12	risk	risk	NOUN
fbem-28647	87	13	table	table	NOUN
fbem-28647	87	14	1	1	NUM
fbem-28647	87	15	.	.	PUNCT
fbem-28647	87	16	yunnan	yunnan	PROPN
fbem-28647	87	17	baiyao	baiyao	PROPN
fbem-28647	87	18	related	relate	VERB
fbem-28647	87	19	solvency	solvency	NOUN
fbem-28647	87	20	indicators	indicator	NOUN
fbem-28647	87	21	year	year	NOUN
fbem-28647	87	22	2017	2017	NUM
fbem-28647	87	23	2018	2018	NUM
fbem-28647	87	24	2019	2019	NUM
fbem-28647	87	25	2020	2020	NUM
fbem-28647	87	26	2021	2021	NUM
fbem-28647	87	27	2022	2022	NUM
fbem-28647	87	28	current	current	ADJ
fbem-28647	87	29	ratio	ratio	NOUN
fbem-28647	87	30	3.34	3.34	NUM
fbem-28647	87	31	2.68	2.68	NUM
fbem-28647	87	32	4.65	4.65	NUM
fbem-28647	87	33	3.15	3.15	NUM
fbem-28647	87	34	3.58	3.58	NUM
fbem-28647	87	35	2.63	2.63	NUM
fbem-28647	87	36	quick	quick	ADJ
fbem-28647	87	37	ratio	ratio	NOUN
fbem-28647	87	38	2.00	2.00	NUM
fbem-28647	87	39	1.53	1.53	NUM
fbem-28647	87	40	2.71	2.71	NUM
fbem-28647	87	41	2.13	2.13	NUM
fbem-28647	87	42	2.46	2.46	NUM
fbem-28647	87	43	1.88	1.88	NUM
fbem-28647	87	44	cash	cash	NOUN
fbem-28647	87	45	ratio	ratio	NOUN
fbem-28647	87	46	1.25	1.25	NUM
fbem-28647	87	47	1.01	1.01	NUM
fbem-28647	87	48	2.27	2.27	NUM
fbem-28647	87	49	1.70	1.70	NUM
fbem-28647	87	50	1.85	1.85	NUM
fbem-28647	87	51	1.14	1.14	NUM
fbem-28647	87	52	interest	interest	NOUN
fbem-28647	87	53	coverage	coverage	NOUN
fbem-28647	87	54	multiple	multiple	NOUN
fbem-28647	87	55	74.21	74.21	NUM
fbem-28647	87	56	20.53	20.53	NUM
fbem-28647	87	57	37.13	37.13	NUM
fbem-28647	87	58	38.84	38.84	NUM
fbem-28647	87	59	62.40	62.40	NUM
fbem-28647	87	60	44.72	44.72	NUM
fbem-28647	87	61	cash	cash	NOUN
fbem-28647	87	62	flow	flow	NOUN
fbem-28647	87	63	interest	interest	NOUN
fbem-28647	87	64	coverage	coverage	NOUN
fbem-28647	87	65	multiples	multiple	VERB
fbem-28647	87	66	23.21	23.21	NUM
fbem-28647	87	67	13.53	13.53	NUM
fbem-28647	87	68	16.76	16.76	NUM
fbem-28647	87	69	22.64	22.64	NUM
fbem-28647	87	70	101.11	101.11	NUM
fbem-28647	87	71	47.30	47.30	NUM
fbem-28647	87	72	gearing	gear	VERB
fbem-28647	87	73	34.51	34.51	NUM
fbem-28647	87	74	%	%	NOUN
fbem-28647	87	75	34.42	34.42	NUM
fbem-28647	87	76	%	%	NOUN
fbem-28647	87	77	23.28	23.28	NUM
fbem-28647	87	78	%	%	NOUN
fbem-28647	87	79	30.56	30.56	NUM
fbem-28647	87	80	%	%	NOUN
fbem-28647	87	81	26.50	26.50	NUM
fbem-28647	87	82	%	%	NOUN
fbem-28647	87	83	27.75	27.75	NUM
fbem-28647	87	84	%	%	NOUN
fbem-28647	87	85	according	accord	VERB
fbem-28647	87	86	to	to	ADP
fbem-28647	87	87	yunnan	yunnan	PROPN
fbem-28647	87	88	baiyao	baiyao	PROPN
fbem-28647	87	89	's	's	PART
fbem-28647	87	90	short	short	ADJ
fbem-28647	87	91	-	-	PUNCT
fbem-28647	87	92	term	term	NOUN
fbem-28647	87	93	solvency	solvency	NOUN
fbem-28647	87	94	indicators	indicator	NOUN
fbem-28647	87	95	,	,	PUNCT
fbem-28647	87	96	period	period	NOUN
fbem-28647	87	97	solvency	solvency	NOUN
fbem-28647	87	98	is	be	AUX
fbem-28647	87	99	fluctuating	fluctuate	VERB
fbem-28647	87	100	steadily	steadily	ADV
fbem-28647	87	101	between	between	ADP
fbem-28647	87	102	2017	2017	NUM
fbem-28647	87	103	and	and	CCONJ
fbem-28647	87	104	2022	2022	NUM
fbem-28647	87	105	,	,	PUNCT
fbem-28647	87	106	short	short	ADJ
fbem-28647	87	107	-	-	PUNCT
fbem-28647	87	108	term	term	NOUN
fbem-28647	87	109	solvency	solvency	NOUN
fbem-28647	87	110	is	be	AUX
fbem-28647	87	111	good	good	ADJ
fbem-28647	87	112	,	,	PUNCT
fbem-28647	87	113	and	and	CCONJ
fbem-28647	87	114	yunnan	yunnan	PROPN
fbem-28647	87	115	baiyao	baiyao	PROPN
fbem-28647	87	116	's	's	PART
fbem-28647	87	117	liquidity	liquidity	NOUN
fbem-28647	87	118	is	be	AUX
fbem-28647	87	119	better	well	ADJ
fbem-28647	87	120	.	.	PUNCT
fbem-28647	88	1	among	among	ADP
fbem-28647	88	2	them	they	PRON
fbem-28647	88	3	,	,	PUNCT
fbem-28647	88	4	the	the	DET
fbem-28647	88	5	current	current	ADJ
fbem-28647	88	6	ratio	ratio	NOUN
fbem-28647	88	7	fluctuates	fluctuate	VERB
fbem-28647	88	8	around	around	ADP
fbem-28647	88	9	3.10	3.10	NUM
fbem-28647	88	10	and	and	CCONJ
fbem-28647	88	11	the	the	DET
fbem-28647	88	12	quick	quick	ADJ
fbem-28647	88	13	ratio	ratio	NOUN
fbem-28647	88	14	fluctuates	fluctuate	NOUN
fbem-28647	88	15	steadily	steadily	ADV
fbem-28647	88	16	around	around	ADP
fbem-28647	88	17	2.0	2.0	NUM
fbem-28647	88	18	,	,	PUNCT
fbem-28647	88	19	in	in	ADP
fbem-28647	88	20	2019	2019	NUM
fbem-28647	88	21	,	,	PUNCT
fbem-28647	88	22	with	with	ADP
fbem-28647	88	23	the	the	DET
fbem-28647	88	24	series	series	NOUN
fbem-28647	88	25	of	of	ADP
fbem-28647	88	26	financialization	financialization	NOUN
fbem-28647	88	27	business	business	NOUN
fbem-28647	88	28	such	such	ADJ
fbem-28647	88	29	as	as	ADP
fbem-28647	88	30	the	the	DET
fbem-28647	88	31	arbitrage	arbitrage	NOUN
fbem-28647	88	32	behavior	behavior	NOUN
fbem-28647	88	33	of	of	ADP
fbem-28647	88	34	yunnan	yunnan	PROPN
fbem-28647	88	35	baiyao	baiyao	PROPN
fbem-28647	88	36	's	's	PART
fbem-28647	88	37	non	non	ADJ
fbem-28647	88	38	-	-	ADJ
fbem-28647	88	39	state	state	NOUN
fbem-28647	88	40	-	-	PUNCT
fbem-28647	88	41	owned	own	VERB
fbem-28647	88	42	shareholders	shareholder	NOUN
fbem-28647	88	43	in	in	ADP
fbem-28647	88	44	the	the	DET
fbem-28647	88	45	capital	capital	NOUN
fbem-28647	88	46	market	market	NOUN
fbem-28647	88	47	,	,	PUNCT
fbem-28647	88	48	yunnan	yunnan	PROPN
fbem-28647	88	49	baiyao	baiyao	PROPN
fbem-28647	88	50	's	's	PART
fbem-28647	88	51	short	short	ADJ
fbem-28647	88	52	-	-	PUNCT
fbem-28647	88	53	term	term	NOUN
fbem-28647	88	54	solvency	solvency	NOUN
fbem-28647	88	55	rises	rise	VERB
fbem-28647	88	56	rapidly	rapidly	ADV
fbem-28647	88	57	,	,	PUNCT
fbem-28647	88	58	the	the	DET
fbem-28647	88	59	short	short	ADJ
fbem-28647	88	60	-	-	PUNCT
fbem-28647	88	61	term	term	NOUN
fbem-28647	88	62	solvency	solvency	NOUN
fbem-28647	88	63	indicator	indicator	NOUN
fbem-28647	88	64	rises	rise	VERB
fbem-28647	88	65	,	,	PUNCT
fbem-28647	88	66	yunnan	yunnan	NOUN
fbem-28647	88	67	baiyao	baiyao	ADJ
fbem-28647	88	68	invests	invest	NOUN
fbem-28647	88	69	in	in	ADP
fbem-28647	88	70	the	the	DET
fbem-28647	88	71	financial	financial	ADJ
fbem-28647	88	72	industry	industry	NOUN
fbem-28647	88	73	in	in	ADP
fbem-28647	88	74	2019	2019	NUM
fbem-28647	88	75	to	to	PART
fbem-28647	88	76	get	get	VERB
fbem-28647	88	77	a	a	DET
fbem-28647	88	78	good	good	ADJ
fbem-28647	88	79	return	return	NOUN
fbem-28647	88	80	,	,	PUNCT
fbem-28647	88	81	making	make	VERB
fbem-28647	88	82	yunnan	yunnan	NOUN
fbem-28647	88	83	baiyao	baiyao	PROPN
fbem-28647	88	84	's	's	PART
fbem-28647	88	85	short	short	ADJ
fbem-28647	88	86	-	-	PUNCT
fbem-28647	88	87	term	term	NOUN
fbem-28647	88	88	the	the	DET
fbem-28647	88	89	short	short	ADJ
fbem-28647	88	90	-	-	PUNCT
fbem-28647	88	91	term	term	NOUN
fbem-28647	88	92	solvency	solvency	NOUN
fbem-28647	88	93	capacity	capacity	NOUN
fbem-28647	88	94	of	of	ADP
fbem-28647	88	95	yunnan	yunnan	PROPN
fbem-28647	88	96	baiyao	baiyao	NOUN
fbem-28647	88	97	has	have	AUX
fbem-28647	88	98	risen	rise	VERB
fbem-28647	88	99	sharply	sharply	ADV
fbem-28647	88	100	,	,	PUNCT
fbem-28647	88	101	and	and	CCONJ
fbem-28647	88	102	yunnan	yunnan	PROPN
fbem-28647	88	103	baiyao	baiyao	PROPN
fbem-28647	88	104	's	's	PART
fbem-28647	88	105	financialization	financialization	NOUN
fbem-28647	88	106	has	have	AUX
fbem-28647	88	107	played	play	VERB
fbem-28647	88	108	the	the	DET
fbem-28647	88	109	role	role	NOUN
fbem-28647	88	110	of	of	ADP
fbem-28647	88	111	a	a	DET
fbem-28647	88	112	financial	financial	ADJ
fbem-28647	88	113	"	"	PUNCT
fbem-28647	88	114	reservoir	reservoir	NOUN
fbem-28647	88	115	"	"	PUNCT
fbem-28647	88	116	.	.	PUNCT
fbem-28647	89	1	it	it	PRON
fbem-28647	89	2	can	can	AUX
fbem-28647	89	3	be	be	AUX
fbem-28647	89	4	seen	see	VERB
fbem-28647	89	5	that	that	SCONJ
fbem-28647	89	6	yunnan	yunnan	PROPN
fbem-28647	89	7	baiyao	baiyao	PROPN
fbem-28647	89	8	's	's	PART
fbem-28647	89	9	financialization	financialization	NOUN
fbem-28647	89	10	has	have	AUX
fbem-28647	89	11	strengthened	strengthen	VERB
fbem-28647	89	12	the	the	DET
fbem-28647	89	13	enterprise	enterprise	NOUN
fbem-28647	89	14	's	's	PART
fbem-28647	89	15	short	short	ADJ
fbem-28647	89	16	-	-	PUNCT
fbem-28647	89	17	term	term	NOUN
fbem-28647	89	18	solvency	solvency	NOUN
fbem-28647	89	19	,	,	PUNCT
fbem-28647	89	20	increased	increase	VERB
fbem-28647	89	21	the	the	DET
fbem-28647	89	22	enterprise	enterprise	NOUN
fbem-28647	89	23	's	's	PART
fbem-28647	89	24	capital	capital	NOUN
fbem-28647	89	25	liquidity	liquidity	NOUN
fbem-28647	89	26	,	,	PUNCT
fbem-28647	89	27	played	play	VERB
fbem-28647	89	28	a	a	DET
fbem-28647	89	29	positive	positive	ADJ
fbem-28647	89	30	role	role	NOUN
fbem-28647	89	31	in	in	ADP
fbem-28647	89	32	promoting	promote	VERB
fbem-28647	89	33	the	the	DET
fbem-28647	89	34	enterprise	enterprise	NOUN
fbem-28647	89	35	's	's	PART
fbem-28647	89	36	prevention	prevention	NOUN
fbem-28647	89	37	of	of	ADP
fbem-28647	89	38	short	short	ADJ
fbem-28647	89	39	-	-	PUNCT
fbem-28647	89	40	term	term	NOUN
fbem-28647	89	41	debt	debt	NOUN
fbem-28647	89	42	risk	risk	NOUN
fbem-28647	89	43	,	,	PUNCT
fbem-28647	89	44	and	and	CCONJ
fbem-28647	89	45	played	play	VERB
fbem-28647	89	46	the	the	DET
fbem-28647	89	47	benefit	benefit	NOUN
fbem-28647	89	48	of	of	ADP
fbem-28647	89	49	the	the	DET
fbem-28647	89	50	financial	financial	ADJ
fbem-28647	89	51	reservoir	reservoir	NOUN
fbem-28647	89	52	.	.	PUNCT
fbem-28647	90	1	according	accord	VERB
fbem-28647	90	2	to	to	ADP
fbem-28647	90	3	yunnan	yunnan	PROPN
fbem-28647	90	4	baiyao	baiyao	PROPN
fbem-28647	90	5	's	's	PART
fbem-28647	90	6	long	long	ADJ
fbem-28647	90	7	-	-	PUNCT
fbem-28647	90	8	term	term	NOUN
fbem-28647	90	9	solvency	solvency	NOUN
fbem-28647	90	10	indicators	indicator	NOUN
fbem-28647	90	11	,	,	PUNCT
fbem-28647	90	12	overall	overall	ADJ
fbem-28647	90	13	,	,	PUNCT
fbem-28647	90	14	yunnan	yunnan	PROPN
fbem-28647	90	15	baiyao	baiyao	PROPN
fbem-28647	90	16	's	's	PART
fbem-28647	90	17	long	long	ADJ
fbem-28647	90	18	-	-	PUNCT
fbem-28647	90	19	term	term	NOUN
fbem-28647	90	20	solvency	solvency	NOUN
fbem-28647	90	21	is	be	AUX
fbem-28647	90	22	good	good	ADJ
fbem-28647	90	23	but	but	CCONJ
fbem-28647	90	24	fluctuates	fluctuate	NOUN
fbem-28647	90	25	widely	widely	ADV
fbem-28647	90	26	,	,	PUNCT
fbem-28647	90	27	indicating	indicate	VERB
fbem-28647	90	28	that	that	SCONJ
fbem-28647	90	29	yunnan	yunnan	PROPN
fbem-28647	90	30	baiyao	baiyao	PROPN
fbem-28647	90	31	's	's	PART
fbem-28647	90	32	liquidity	liquidity	NOUN
fbem-28647	90	33	has	have	VERB
fbem-28647	90	34	significant	significant	ADJ
fbem-28647	90	35	fluctuations	fluctuation	NOUN
fbem-28647	90	36	and	and	CCONJ
fbem-28647	90	37	liquidity	liquidity	NOUN
fbem-28647	90	38	risk	risk	NOUN
fbem-28647	90	39	is	be	AUX
fbem-28647	90	40	being	be	AUX
fbem-28647	90	41	highlighted	highlight	VERB
fbem-28647	90	42	.	.	PUNCT
fbem-28647	91	1	the	the	DET
fbem-28647	91	2	interest	interest	NOUN
fbem-28647	91	3	coverage	coverage	NOUN
fbem-28647	91	4	multiple	multiple	NOUN
fbem-28647	91	5	declined	decline	VERB
fbem-28647	91	6	from	from	ADP
fbem-28647	91	7	2017	2017	NUM
fbem-28647	91	8	to	to	ADP
fbem-28647	91	9	2019	2019	NUM
fbem-28647	91	10	,	,	PUNCT
fbem-28647	91	11	then	then	ADV
fbem-28647	91	12	began	begin	VERB
fbem-28647	91	13	to	to	PART
fbem-28647	91	14	climb	climb	VERB
fbem-28647	91	15	and	and	CCONJ
fbem-28647	91	16	reached	reach	VERB
fbem-28647	91	17	62.4	62.4	NUM
fbem-28647	91	18	in	in	ADP
fbem-28647	91	19	2021	2021	NUM
fbem-28647	91	20	,	,	PUNCT
fbem-28647	91	21	and	and	CCONJ
fbem-28647	91	22	then	then	ADV
fbem-28647	91	23	declined	decline	VERB
fbem-28647	91	24	to	to	ADP
fbem-28647	91	25	44.72	44.72	NUM
fbem-28647	91	26	.	.	PUNCT
fbem-28647	92	1	the	the	DET
fbem-28647	92	2	cash	cash	NOUN
fbem-28647	92	3	flow	flow	NOUN
fbem-28647	92	4	interest	interest	NOUN
fbem-28647	92	5	coverage	coverage	NOUN
fbem-28647	92	6	multiple	multiple	NOUN
fbem-28647	92	7	declined	decline	VERB
fbem-28647	92	8	from	from	ADP
fbem-28647	92	9	2017	2017	NUM
fbem-28647	92	10	to	to	ADP
fbem-28647	92	11	2019	2019	NUM
fbem-28647	92	12	,	,	PUNCT
fbem-28647	92	13	and	and	CCONJ
fbem-28647	92	14	then	then	ADV
fbem-28647	92	15	quickly	quickly	ADV
fbem-28647	92	16	rebounded	rebound	VERB
fbem-28647	92	17	to	to	ADP
fbem-28647	92	18	101.11	101.11	NUM
fbem-28647	92	19	in	in	ADP
fbem-28647	92	20	2021.combined	2021.combine	VERB
fbem-28647	92	21	with	with	ADP
fbem-28647	92	22	yunnan	yunnan	PROPN
fbem-28647	92	23	baiyao	baiyao	NOUN
fbem-28647	92	24	's	's	PART
fbem-28647	92	25	financialization	financialization	NOUN
fbem-28647	92	26	history	history	NOUN
fbem-28647	92	27	,	,	PUNCT
fbem-28647	92	28	after	after	ADP
fbem-28647	92	29	2019	2019	NUM
fbem-28647	92	30	yunnan	yunnan	PROPN
fbem-28647	92	31	baiyao	baiyao	PROPN
fbem-28647	92	32	's	's	PART
fbem-28647	92	33	financialization	financialization	NOUN
fbem-28647	92	34	deepens	deepen	VERB
fbem-28647	92	35	,	,	PUNCT
fbem-28647	92	36	its	its	PRON
fbem-28647	92	37	long	long	ADJ
fbem-28647	92	38	-	-	PUNCT
fbem-28647	92	39	term	term	NOUN
fbem-28647	92	40	solvency	solvency	NOUN
fbem-28647	92	41	also	also	ADV
fbem-28647	92	42	turns	turn	VERB
fbem-28647	92	43	to	to	ADP
fbem-28647	92	44	an	an	DET
fbem-28647	92	45	upward	upward	ADJ
fbem-28647	92	46	trend	trend	NOUN
fbem-28647	92	47	,	,	PUNCT
fbem-28647	92	48	and	and	CCONJ
fbem-28647	92	49	long	long	ADJ
fbem-28647	92	50	-	-	PUNCT
fbem-28647	92	51	term	term	NOUN
fbem-28647	92	52	solvency	solvency	NOUN
fbem-28647	92	53	is	be	AUX
fbem-28647	92	54	strengthened	strengthen	VERB
fbem-28647	92	55	,	,	PUNCT
fbem-28647	92	56	but	but	CCONJ
fbem-28647	92	57	there	there	PRON
fbem-28647	92	58	are	be	VERB
fbem-28647	92	59	large	large	ADJ
fbem-28647	92	60	fluctuations	fluctuation	NOUN
fbem-28647	92	61	.	.	PUNCT
fbem-28647	93	1	it	it	PRON
fbem-28647	93	2	can	can	AUX
fbem-28647	93	3	be	be	AUX
fbem-28647	93	4	seen	see	VERB
fbem-28647	93	5	that	that	SCONJ
fbem-28647	93	6	as	as	SCONJ
fbem-28647	93	7	yunnan	yunnan	PROPN
fbem-28647	93	8	baiyao	baiyao	PROPN
fbem-28647	93	9	's	's	PART
fbem-28647	93	10	financialization	financialization	NOUN
fbem-28647	93	11	deepens	deepen	VERB
fbem-28647	93	12	its	its	PRON
fbem-28647	93	13	long	long	ADJ
fbem-28647	93	14	-	-	PUNCT
fbem-28647	93	15	term	term	NOUN
fbem-28647	93	16	solvency	solvency	NOUN
fbem-28647	93	17	is	be	AUX
fbem-28647	93	18	also	also	ADV
fbem-28647	93	19	strengthened	strengthen	VERB
fbem-28647	93	20	,	,	PUNCT
fbem-28647	93	21	but	but	CCONJ
fbem-28647	93	22	excessive	excessive	ADJ
fbem-28647	93	23	financialization	financialization	NOUN
fbem-28647	93	24	will	will	AUX
fbem-28647	93	25	bring	bring	VERB
fbem-28647	93	26	uncertain	uncertain	ADJ
fbem-28647	93	27	risks	risk	NOUN
fbem-28647	93	28	to	to	ADP
fbem-28647	93	29	yunnan	yunnan	PROPN
fbem-28647	93	30	baiyao	baiyao	PROPN
fbem-28647	93	31	's	's	PART
fbem-28647	93	32	capital	capital	NOUN
fbem-28647	93	33	liquidity	liquidity	NOUN
fbem-28647	93	34	leading	lead	VERB
fbem-28647	93	35	to	to	ADP
fbem-28647	93	36	huge	huge	ADJ
fbem-28647	93	37	fluctuations	fluctuation	NOUN
fbem-28647	93	38	in	in	ADP
fbem-28647	93	39	yunnan	yunnan	PROPN
fbem-28647	93	40	baiyao	baiyao	PROPN
fbem-28647	93	41	's	's	PART
fbem-28647	93	42	long	long	ADJ
fbem-28647	93	43	-	-	PUNCT
fbem-28647	93	44	term	term	NOUN
fbem-28647	93	45	solvency	solvency	NOUN
fbem-28647	93	46	.	.	PUNCT
fbem-28647	94	1	according	accord	VERB
fbem-28647	94	2	to	to	ADP
fbem-28647	94	3	yunnan	yunnan	PROPN
fbem-28647	94	4	baiyao	baiyao	PROPN
fbem-28647	94	5	's	's	PART
fbem-28647	94	6	gearing	gearing	NOUN
fbem-28647	94	7	level	level	NOUN
fbem-28647	94	8	,	,	PUNCT
fbem-28647	94	9	it	it	PRON
fbem-28647	94	10	has	have	AUX
fbem-28647	94	11	been	be	AUX
fbem-28647	94	12	maintained	maintain	VERB
fbem-28647	94	13	between	between	ADP
fbem-28647	94	14	27	27	NUM
fbem-28647	94	15	%	%	NOUN
fbem-28647	94	16	and	and	CCONJ
fbem-28647	94	17	35	35	NUM
fbem-28647	94	18	%	%	NOUN
fbem-28647	94	19	,	,	PUNCT
fbem-28647	94	20	which	which	PRON
fbem-28647	94	21	indicates	indicate	VERB
fbem-28647	94	22	that	that	SCONJ
fbem-28647	94	23	yunnan	yunnan	PROPN
fbem-28647	94	24	baiyao	baiyao	NOUN
fbem-28647	94	25	is	be	AUX
fbem-28647	94	26	cautious	cautious	ADJ
fbem-28647	94	27	in	in	ADP
fbem-28647	94	28	raising	raise	VERB
fbem-28647	94	29	debt	debt	NOUN
fbem-28647	94	30	.	.	PUNCT
fbem-28647	95	1	on	on	ADP
fbem-28647	95	2	the	the	DET
fbem-28647	95	3	one	one	NUM
fbem-28647	95	4	hand	hand	NOUN
fbem-28647	95	5	,	,	PUNCT
fbem-28647	95	6	it	it	PRON
fbem-28647	95	7	shows	show	VERB
fbem-28647	95	8	that	that	SCONJ
fbem-28647	95	9	yunnan	yunnan	PROPN
fbem-28647	95	10	baiyao	baiyao	NOUN
fbem-28647	95	11	is	be	AUX
fbem-28647	95	12	conservative	conservative	ADJ
fbem-28647	95	13	in	in	ADP
fbem-28647	95	14	terms	term	NOUN
fbem-28647	95	15	of	of	ADP
fbem-28647	95	16	debt	debt	NOUN
fbem-28647	95	17	risk	risk	NOUN
fbem-28647	95	18	,	,	PUNCT
fbem-28647	95	19	in	in	ADP
fbem-28647	95	20	order	order	NOUN
fbem-28647	95	21	not	not	PART
fbem-28647	95	22	to	to	PART
fbem-28647	95	23	further	far	ADV
fbem-28647	95	24	expand	expand	VERB
fbem-28647	95	25	the	the	DET
fbem-28647	95	26	risk	risk	NOUN
fbem-28647	95	27	,	,	PUNCT
fbem-28647	95	28	yunnan	yunnan	PROPN
fbem-28647	95	29	baiyao	baiyao	PROPN
fbem-28647	95	30	's	's	PART
fbem-28647	95	31	debt	debt	NOUN
fbem-28647	95	32	is	be	AUX
fbem-28647	95	33	prudent	prudent	ADJ
fbem-28647	95	34	and	and	CCONJ
fbem-28647	95	35	progressive	progressive	ADJ
fbem-28647	95	36	.	.	PUNCT
fbem-28647	96	1	on	on	ADP
fbem-28647	96	2	the	the	DET
fbem-28647	96	3	other	other	ADJ
fbem-28647	96	4	hand	hand	NOUN
fbem-28647	96	5	,	,	PUNCT
fbem-28647	96	6	yunnan	yunnan	PROPN
fbem-28647	96	7	baiyao	baiyao	PROPN
fbem-28647	96	8	's	's	PART
fbem-28647	96	9	assets	asset	NOUN
fbem-28647	96	10	are	be	AUX
fbem-28647	96	11	huge	huge	ADJ
fbem-28647	96	12	,	,	PUNCT
fbem-28647	96	13	and	and	CCONJ
fbem-28647	96	14	the	the	DET
fbem-28647	96	15	protection	protection	NOUN
fbem-28647	96	16	of	of	ADP
fbem-28647	96	17	liabilities	liability	NOUN
fbem-28647	96	18	is	be	AUX
fbem-28647	96	19	large	large	ADJ
fbem-28647	96	20	,	,	PUNCT
fbem-28647	96	21	raising	raise	VERB
fbem-28647	96	22	too	too	ADV
fbem-28647	96	23	little	little	ADJ
fbem-28647	96	24	debt	debt	NOUN
fbem-28647	96	25	will	will	AUX
fbem-28647	96	26	lead	lead	VERB
fbem-28647	96	27	to	to	ADP
fbem-28647	96	28	yunnan	yunnan	NOUN
fbem-28647	96	29	baiyao	baiyao	NOUN
fbem-28647	96	30	's	's	PART
fbem-28647	96	31	lack	lack	NOUN
fbem-28647	96	32	of	of	ADP
fbem-28647	96	33	confidence	confidence	NOUN
fbem-28647	96	34	in	in	ADP
fbem-28647	96	35	the	the	DET
fbem-28647	96	36	future	future	NOUN
fbem-28647	96	37	,	,	PUNCT
fbem-28647	96	38	constraining	constrain	VERB
fbem-28647	96	39	the	the	DET
fbem-28647	96	40	potential	potential	ADJ
fbem-28647	96	41	capital	capital	NOUN
fbem-28647	96	42	available	available	ADJ
fbem-28647	96	43	to	to	ADP
fbem-28647	96	44	the	the	DET
fbem-28647	96	45	enterprise	enterprise	NOUN
fbem-28647	96	46	,	,	PUNCT
fbem-28647	96	47	and	and	CCONJ
fbem-28647	96	48	the	the	DET
fbem-28647	96	49	ability	ability	NOUN
fbem-28647	96	50	to	to	PART
fbem-28647	96	51	utilize	utilize	VERB
fbem-28647	96	52	creditor	creditor	NOUN
fbem-28647	96	53	's	's	PART
fbem-28647	96	54	capital	capital	NOUN
fbem-28647	96	55	to	to	PART
fbem-28647	96	56	carry	carry	VERB
fbem-28647	96	57	out	out	ADP
fbem-28647	96	58	business	business	NOUN
fbem-28647	96	59	activities	activity	NOUN
fbem-28647	96	60	will	will	AUX
fbem-28647	96	61	become	become	VERB
fbem-28647	96	62	poor	poor	ADJ
fbem-28647	96	63	,	,	PUNCT
fbem-28647	96	64	which	which	PRON
fbem-28647	96	65	limits	limit	VERB
fbem-28647	96	66	yunnan	yunnan	PROPN
fbem-28647	96	67	baiyao	baiyao	PROPN
fbem-28647	96	68	's	's	PART
fbem-28647	96	69	capital	capital	NOUN
fbem-28647	96	70	investment	investment	NOUN
fbem-28647	96	71	and	and	CCONJ
fbem-28647	96	72	use	use	NOUN
fbem-28647	96	73	to	to	ADP
fbem-28647	96	74	a	a	DET
fbem-28647	96	75	certain	certain	ADJ
fbem-28647	96	76	extent	extent	NOUN
fbem-28647	96	77	.	.	PUNCT
fbem-28647	97	1	figure	figure	NOUN
fbem-28647	97	2	5	5	NUM
fbem-28647	97	3	.	.	PUNCT
fbem-28647	98	1	yunnan	yunnan	NOUN
fbem-28647	98	2	baiyao	baiyao	ADJ
fbem-28647	98	3	gearing	gearing	NOUN
fbem-28647	98	4	ratio	ratio	NOUN
fbem-28647	98	5	vs.	vs.	ADP
fbem-28647	98	6	degree	degree	NOUN
fbem-28647	98	7	of	of	ADP
fbem-28647	98	8	financialization	financialization	NOUN
fbem-28647	98	9	(	(	PUNCT
fbem-28647	98	10	asset	asset	NOUN
fbem-28647	98	11	structure	structure	NOUN
fbem-28647	98	12	perspective	perspective	NOUN
fbem-28647	98	13	)	)	PUNCT
fbem-28647	98	14	image	image	NOUN
fbem-28647	98	15	source	source	NOUN
fbem-28647	98	16	:	:	PUNCT
fbem-28647	98	17	yunnan	yunnan	PROPN
fbem-28647	98	18	baiyao	baiyao	ADJ
fbem-28647	98	19	annual	annual	ADJ
fbem-28647	98	20	report	report	NOUN
fbem-28647	98	21	comparing	compare	VERB
fbem-28647	98	22	yunnan	yunnan	NOUN
fbem-28647	98	23	baiyao	baiyao	NOUN
fbem-28647	98	24	's	's	PART
fbem-28647	98	25	gearing	gear	VERB
fbem-28647	98	26	ratio	ratio	NOUN
fbem-28647	98	27	with	with	ADP
fbem-28647	98	28	the	the	DET
fbem-28647	98	29	degree	degree	NOUN
fbem-28647	98	30	of	of	ADP
fbem-28647	98	31	financialization	financialization	NOUN
fbem-28647	98	32	as	as	SCONJ
fbem-28647	98	33	measured	measure	VERB
fbem-28647	98	34	from	from	ADP
fbem-28647	98	35	an	an	DET
fbem-28647	98	36	asset	asset	NOUN
fbem-28647	98	37	perspective	perspective	NOUN
fbem-28647	98	38	shows	show	VERB
fbem-28647	98	39	that	that	SCONJ
fbem-28647	98	40	along	along	ADP
fbem-28647	98	41	with	with	ADP
fbem-28647	98	42	the	the	DET
fbem-28647	98	43	deepening	deepening	NOUN
fbem-28647	98	44	degree	degree	NOUN
fbem-28647	98	45	of	of	ADP
fbem-28647	98	46	yunnan	yunnan	PROPN
fbem-28647	98	47	baiyao	baiyao	NOUN
fbem-28647	98	48	's	's	PART
fbem-28647	98	49	financialization	financialization	NOUN
fbem-28647	98	50	,	,	PUNCT
fbem-28647	98	51	yunnan	yunnan	PROPN
fbem-28647	98	52	baiyao	baiyao	PROPN
fbem-28647	98	53	's	's	PART
fbem-28647	98	54	gearing	gear	VERB
fbem-28647	98	55	ratio	ratio	NOUN
fbem-28647	98	56	also	also	ADV
fbem-28647	98	57	changes	change	VERB
fbem-28647	98	58	.	.	PUNCT
fbem-28647	99	1	overall	overall	ADV
fbem-28647	99	2	,	,	PUNCT
fbem-28647	99	3	during	during	ADP
fbem-28647	99	4	the	the	DET
fbem-28647	99	5	period	period	NOUN
fbem-28647	99	6	from	from	ADP
fbem-28647	99	7	2017	2017	NUM
fbem-28647	99	8	to	to	ADP
fbem-28647	99	9	2019	2019	NUM
fbem-28647	99	10	,	,	PUNCT
fbem-28647	99	11	the	the	DET
fbem-28647	99	12	degree	degree	NOUN
fbem-28647	99	13	of	of	ADP
fbem-28647	99	14	financialization	financialization	NOUN
fbem-28647	99	15	of	of	ADP
fbem-28647	99	16	yunnan	yunnan	PROPN
fbem-28647	99	17	baiyao	baiyao	PROPN
fbem-28647	99	18	decreases	decrease	VERB
fbem-28647	99	19	significantly	significantly	ADV
fbem-28647	99	20	,	,	PUNCT
fbem-28647	99	21	and	and	CCONJ
fbem-28647	99	22	yunnan	yunnan	PROPN
fbem-28647	99	23	baiyao	baiyao	PROPN
fbem-28647	99	24	's	's	PART
fbem-28647	99	25	gearing	gear	VERB
fbem-28647	99	26	ratio	ratio	NOUN
fbem-28647	99	27	also	also	ADV
fbem-28647	99	28	decreases	decrease	VERB
fbem-28647	99	29	significantly	significantly	ADV
fbem-28647	99	30	,	,	PUNCT
fbem-28647	99	31	and	and	CCONJ
fbem-28647	99	32	yunnan	yunnan	PROPN
fbem-28647	99	33	baiyao	baiyao	NOUN
fbem-28647	99	34	's	's	PART
fbem-28647	99	35	overall	overall	ADJ
fbem-28647	99	36	level	level	NOUN
fbem-28647	99	37	of	of	ADP
fbem-28647	99	38	debt	debt	NOUN
fbem-28647	99	39	risk	risk	NOUN
fbem-28647	99	40	decreases	decrease	VERB
fbem-28647	99	41	along	along	ADP
fbem-28647	99	42	with	with	ADP
fbem-28647	99	43	it.in	it.in	NOUN
fbem-28647	99	44	2020	2020	NUM
fbem-28647	99	45	,	,	PUNCT
fbem-28647	99	46	the	the	DET
fbem-28647	99	47	degree	degree	NOUN
fbem-28647	99	48	of	of	ADP
fbem-28647	99	49	financialization	financialization	NOUN
fbem-28647	99	50	of	of	ADP
fbem-28647	99	51	yunnan	yunnan	PROPN
fbem-28647	99	52	baiyao	baiyao	PROPN
fbem-28647	99	53	turns	turn	VERB
fbem-28647	99	54	back	back	ADV
fbem-28647	99	55	to	to	PART
fbem-28647	99	56	deepen	deepen	VERB
fbem-28647	99	57	,	,	PUNCT
fbem-28647	99	58	and	and	CCONJ
fbem-28647	99	59	at	at	ADP
fbem-28647	99	60	the	the	DET
fbem-28647	99	61	same	same	ADJ
fbem-28647	99	62	time	time	NOUN
fbem-28647	99	63	,	,	PUNCT
fbem-28647	99	64	the	the	DET
fbem-28647	99	65	gearing	gear	VERB
fbem-28647	99	66	ratio	ratio	NOUN
fbem-28647	99	67	begins	begin	VERB
fbem-28647	99	68	to	to	PART
fbem-28647	99	69	turn	turn	VERB
fbem-28647	99	70	back	back	ADV
fbem-28647	99	71	to	to	PART
fbem-28647	99	72	rise	rise	VERB
fbem-28647	99	73	,	,	PUNCT
fbem-28647	99	74	and	and	CCONJ
fbem-28647	99	75	financialization	financialization	NOUN
fbem-28647	99	76	makes	make	VERB
fbem-28647	99	77	yunnan	yunnan	PROPN
fbem-28647	99	78	baiyao	baiyao	NOUN
fbem-28647	99	79	begin	begin	VERB
fbem-28647	99	80	to	to	PART
fbem-28647	99	81	utilize	utilize	VERB
fbem-28647	99	82	the	the	DET
fbem-28647	99	83	creditor	creditor	NOUN
fbem-28647	99	84	's	's	PART
fbem-28647	99	85	capital	capital	NOUN
fbem-28647	99	86	,	,	PUNCT
fbem-28647	99	87	which	which	PRON
fbem-28647	99	88	increases	increase	VERB
fbem-28647	99	89	the	the	DET
fbem-28647	99	90	funds	fund	NOUN
fbem-28647	99	91	'	'	PART
fbem-28647	99	92	financialization	financialization	NOUN
fbem-28647	99	93	enables	enable	VERB
fbem-28647	99	94	yunnan	yunnan	NOUN
fbem-28647	99	95	baiyao	baiyao	NOUN
fbem-28647	99	96	to	to	PART
fbem-28647	99	97	utilize	utilize	VERB
fbem-28647	99	98	creditors	creditor	NOUN
fbem-28647	99	99	'	'	PART
fbem-28647	99	100	capital	capital	NOUN
fbem-28647	99	101	,	,	PUNCT
fbem-28647	99	102	thus	thus	ADV
fbem-28647	99	103	increasing	increase	VERB
fbem-28647	99	104	the	the	DET
fbem-28647	99	105	amount	amount	NOUN
fbem-28647	99	106	of	of	ADP
fbem-28647	99	107	capital	capital	NOUN
fbem-28647	99	108	flow	flow	NOUN
fbem-28647	99	109	.	.	PUNCT
fbem-28647	100	1	at	at	ADP
fbem-28647	100	2	the	the	DET
fbem-28647	100	3	same	same	ADJ
fbem-28647	100	4	time	time	NOUN
fbem-28647	100	5	,	,	PUNCT
fbem-28647	100	6	yunnan	yunnan	PROPN
fbem-28647	100	7	baiyao	baiyao	PROPN
fbem-28647	100	8	's	's	PART
fbem-28647	100	9	long	long	ADJ
fbem-28647	100	10	-	-	PUNCT
fbem-28647	100	11	term	term	NOUN
fbem-28647	100	12	and	and	CCONJ
fbem-28647	100	13	short	short	ADJ
fbem-28647	100	14	-	-	PUNCT
fbem-28647	100	15	term	term	NOUN
fbem-28647	100	16	debt	debt	NOUN
fbem-28647	100	17	repayment	repayment	NOUN
fbem-28647	100	18	ability	ability	NOUN
fbem-28647	100	19	also	also	ADV
fbem-28647	100	20	begins	begin	VERB
fbem-28647	100	21	to	to	PART
fbem-28647	100	22	strengthen	strengthen	VERB
fbem-28647	100	23	,	,	PUNCT
fbem-28647	100	24	yunnan	yunnan	PROPN
fbem-28647	100	25	baiyao	baiyao	PROPN
fbem-28647	100	26	's	's	PART
fbem-28647	100	27	financialization	financialization	NOUN
fbem-28647	100	28	plays	play	VERB
fbem-28647	100	29	the	the	DET
fbem-28647	100	30	role	role	NOUN
fbem-28647	100	31	of	of	ADP
fbem-28647	100	32	preventive	preventive	ADJ
fbem-28647	100	33	reserve	reserve	NOUN
fbem-28647	100	34	,	,	PUNCT
fbem-28647	100	35	greatly	greatly	ADV
fbem-28647	100	36	increasing	increase	VERB
fbem-28647	100	37	yunnan	yunnan	NOUN
fbem-28647	100	38	baiyao	baiyao	NOUN
fbem-28647	100	39	's	's	PART
fbem-28647	100	40	ability	ability	NOUN
fbem-28647	100	41	to	to	PART
fbem-28647	100	42	pay	pay	VERB
fbem-28647	100	43	back	back	ADP
fbem-28647	100	44	instantly	instantly	ADV
fbem-28647	100	45	,	,	PUNCT
fbem-28647	100	46	and	and	CCONJ
fbem-28647	100	47	plays	play	VERB
fbem-28647	100	48	a	a	DET
fbem-28647	100	49	positive	positive	ADJ
fbem-28647	100	50	role	role	NOUN
fbem-28647	100	51	in	in	ADP
fbem-28647	100	52	preventing	prevent	VERB
fbem-28647	100	53	debt	debt	NOUN
fbem-28647	100	54	risk	risk	NOUN
fbem-28647	100	55	for	for	ADP
fbem-28647	100	56	yunnan	yunnan	NOUN
fbem-28647	100	57	baiyao	baiyao	NOUN
fbem-28647	100	58	.	.	PUNCT
fbem-28647	101	1	in	in	ADP
fbem-28647	101	2	2022	2022	NUM
fbem-28647	101	3	,	,	PUNCT
fbem-28647	101	4	yunnan	yunnan	PROPN
fbem-28647	101	5	baiyao	baiyao	ADJ
fbem-28647	101	6	financialization	financialization	NOUN
fbem-28647	101	7	deepened	deepen	VERB
fbem-28647	101	8	drastically	drastically	ADV
fbem-28647	101	9	,	,	PUNCT
fbem-28647	101	10	a	a	DET
fbem-28647	101	11	short	short	ADJ
fbem-28647	101	12	period	period	NOUN
fbem-28647	101	13	of	of	ADP
fbem-28647	101	14	time	time	NOUN
fbem-28647	101	15	to	to	PART
fbem-28647	101	16	speed	speed	VERB
fbem-28647	101	17	up	up	ADP
fbem-28647	101	18	the	the	DET
fbem-28647	101	19	degree	degree	NOUN
fbem-28647	101	20	of	of	ADP
fbem-28647	101	21	financialization	financialization	NOUN
fbem-28647	101	22	for	for	ADP
fbem-28647	101	23	yunnan	yunnan	PROPN
fbem-28647	101	24	baiyao	baiyao	PROPN
fbem-28647	101	25	's	's	PART
fbem-28647	101	26	debt	debt	NOUN
fbem-28647	101	27	repayment	repayment	NOUN
fbem-28647	101	28	ability	ability	NOUN
fbem-28647	101	29	is	be	AUX
fbem-28647	101	30	not	not	PART
fbem-28647	101	31	a	a	DET
fbem-28647	101	32	great	great	ADJ
fbem-28647	101	33	help	help	NOUN
fbem-28647	101	34	,	,	PUNCT
fbem-28647	101	35	yunnan	yunnan	PROPN
fbem-28647	101	36	baiyao	baiyao	PROPN
fbem-28647	101	37	's	's	PART
fbem-28647	101	38	ability	ability	NOUN
fbem-28647	101	39	to	to	PART
fbem-28647	101	40	prevent	prevent	VERB
fbem-28647	101	41	debt	debt	NOUN
fbem-28647	101	42	risk	risk	NOUN
fbem-28647	101	43	is	be	AUX
fbem-28647	101	44	only	only	ADV
fbem-28647	101	45	slightly	slightly	ADV
fbem-28647	101	46	improved	improve	VERB
fbem-28647	101	47	.	.	PUNCT
fbem-28647	102	1	34.51	34.51	NUM
fbem-28647	102	2	%	%	NOUN
fbem-28647	102	3	34.42	34.42	NUM
fbem-28647	102	4	%	%	NOUN
fbem-28647	102	5	23.28	23.28	NUM
fbem-28647	102	6	%	%	NOUN
fbem-28647	102	7	30.56	30.56	NUM
fbem-28647	102	8	%	%	NOUN
fbem-28647	102	9	26.50	26.50	NUM
fbem-28647	102	10	%	%	NOUN
fbem-28647	102	11	27.75	27.75	NUM
fbem-28647	102	12	%	%	NOUN
fbem-28647	102	13	24.60	24.60	NUM
fbem-28647	102	14	%	%	NOUN
fbem-28647	102	15	24.61	24.61	NUM
fbem-28647	102	16	%	%	NOUN
fbem-28647	102	17	18.55	18.55	NUM
fbem-28647	102	18	%	%	NOUN
fbem-28647	102	19	20.93	20.93	NUM
fbem-28647	102	20	%	%	NOUN
fbem-28647	102	21	9.38	9.38	NUM
fbem-28647	102	22	%	%	NOUN
fbem-28647	102	23	25.86	25.86	NUM
fbem-28647	102	24	%	%	NOUN
fbem-28647	102	25	0.00	0.00	NUM
fbem-28647	102	26	%	%	NOUN
fbem-28647	102	27	10.00	10.00	NUM
fbem-28647	102	28	%	%	NOUN
fbem-28647	102	29	20.00	20.00	NUM
fbem-28647	102	30	%	%	NOUN
fbem-28647	102	31	30.00	30.00	NUM
fbem-28647	102	32	%	%	NOUN
fbem-28647	102	33	40.00	40.00	NUM
fbem-28647	102	34	%	%	NOUN
fbem-28647	102	35	2017	2017	NUM
fbem-28647	102	36	2018	2018	NUM
fbem-28647	102	37	2019	2019	NUM
fbem-28647	102	38	2020	2020	NUM
fbem-28647	102	39	2021	2021	NUM
fbem-28647	102	40	2022	2022	NUM
fbem-28647	102	41	gearing	gearing	NOUN
fbem-28647	102	42	ratio	ratio	NOUN
fbem-28647	102	43	vs.	vs.	ADP
fbem-28647	102	44	degree	degree	NOUN
fbem-28647	102	45	of	of	ADP
fbem-28647	102	46	financialization	financialization	NOUN
fbem-28647	102	47	gearing	gearing	NOUN
fbem-28647	102	48	degree	degree	NOUN
fbem-28647	102	49	of	of	ADP
fbem-28647	102	50	financialization	financialization	NOUN
fbem-28647	102	51	423	423	NUM
fbem-28647	102	52	4.2	4.2	NUM
fbem-28647	102	53	.	.	PUNCT
fbem-28647	103	1	impact	impact	NOUN
fbem-28647	103	2	of	of	ADP
fbem-28647	103	3	changes	change	NOUN
fbem-28647	103	4	in	in	ADP
fbem-28647	103	5	yunnan	yunnan	PROPN
fbem-28647	103	6	baiyao	baiyao	NOUN
fbem-28647	103	7	's	's	PART
fbem-28647	103	8	cash	cash	NOUN
fbem-28647	103	9	flows	flow	NOUN
fbem-28647	103	10	on	on	ADP
fbem-28647	103	11	debt	debt	NOUN
fbem-28647	103	12	risks	risk	NOUN
fbem-28647	103	13	table	table	NOUN
fbem-28647	103	14	2	2	NUM
fbem-28647	103	15	.	.	PUNCT
fbem-28647	103	16	yunnan	yunnan	PROPN
fbem-28647	103	17	baiyao	baiyao	PROPN
fbem-28647	103	18	related	relate	VERB
fbem-28647	103	19	cash	cash	NOUN
fbem-28647	103	20	flows	flow	NOUN
fbem-28647	103	21	unit	unit	NOUN
fbem-28647	103	22	:	:	PUNCT
fbem-28647	103	23	million	million	NUM
fbem-28647	103	24	year	year	NOUN
fbem-28647	103	25	2017	2017	NUM
fbem-28647	103	26	2018	2018	NUM
fbem-28647	103	27	2019	2019	NUM
fbem-28647	103	28	2020	2020	NUM
fbem-28647	103	29	2021	2021	NUM
fbem-28647	103	30	2022	2022	NUM
fbem-28647	103	31	net	net	ADJ
fbem-28647	103	32	cash	cash	NOUN
fbem-28647	103	33	flows	flow	NOUN
fbem-28647	103	34	from	from	ADP
fbem-28647	103	35	operating	operate	VERB
fbem-28647	103	36	activities	activity	NOUN
fbem-28647	103	37	1,156	1,156	NUM
fbem-28647	103	38	2,630	2,630	NUM
fbem-28647	103	39	2,105	2,105	NUM
fbem-28647	103	40	3,829	3,829	NUM
fbem-28647	103	41	5,223	5,223	NUM
fbem-28647	103	42	3,209	3,209	NUM
fbem-28647	103	43	net	net	ADJ
fbem-28647	103	44	cash	cash	NOUN
fbem-28647	103	45	flows	flow	NOUN
fbem-28647	103	46	from	from	ADP
fbem-28647	103	47	investing	invest	VERB
fbem-28647	103	48	activities	activity	NOUN
fbem-28647	103	49	-352	-352	VERB
fbem-28647	103	50	-859	-859	PROPN
fbem-28647	103	51	13,966	13,966	NUM
fbem-28647	103	52	1,086	1,086	NUM
fbem-28647	103	53	3,999	3,999	NUM
fbem-28647	103	54	-6,316	-6,316	NOUN
fbem-28647	103	55	net	net	ADJ
fbem-28647	103	56	cash	cash	NOUN
fbem-28647	103	57	flows	flow	NOUN
fbem-28647	103	58	from	from	ADP
fbem-28647	103	59	financing	financing	NOUN
fbem-28647	103	60	activities	activity	NOUN
fbem-28647	103	61	-912	-912	PROPN
fbem-28647	103	62	-1,620	-1,620	INTJ
fbem-28647	103	63	-9,341	-9,341	INTJ
fbem-28647	104	1	-$2,978	-$2,978	PROPN
fbem-28647	104	2	-4,623	-4,623	INTJ
fbem-28647	104	3	-2,733	-2,733	ADJ
fbem-28647	104	4	net	net	ADJ
fbem-28647	104	5	increase	increase	NOUN
fbem-28647	104	6	in	in	ADP
fbem-28647	104	7	cash	cash	NOUN
fbem-28647	104	8	and	and	CCONJ
fbem-28647	104	9	cash	cash	NOUN
fbem-28647	104	10	equivalents	equivalent	NOUN
fbem-28647	104	11	-113	-113	NUM
fbem-28647	104	12	153	153	NUM
fbem-28647	104	13	6,737	6,737	NUM
fbem-28647	104	14	1,934	1,934	NUM
fbem-28647	104	15	4,592	4,592	NUM
fbem-28647	104	16	-5,824	-5,824	ADV
fbem-28647	104	17	based	base	VERB
fbem-28647	104	18	on	on	ADP
fbem-28647	104	19	yunnan	yunnan	PROPN
fbem-28647	104	20	baiyao	baiyao	PROPN
fbem-28647	104	21	's	's	PART
fbem-28647	104	22	net	net	ADJ
fbem-28647	104	23	cash	cash	NOUN
fbem-28647	104	24	flows	flow	NOUN
fbem-28647	104	25	from	from	ADP
fbem-28647	104	26	operating	operate	VERB
fbem-28647	104	27	activities	activity	NOUN
fbem-28647	104	28	,	,	PUNCT
fbem-28647	104	29	investing	invest	VERB
fbem-28647	104	30	activities	activity	NOUN
fbem-28647	104	31	and	and	CCONJ
fbem-28647	104	32	financing	financing	NOUN
fbem-28647	104	33	activities	activity	NOUN
fbem-28647	104	34	,	,	PUNCT
fbem-28647	104	35	it	it	PRON
fbem-28647	104	36	can	can	AUX
fbem-28647	104	37	be	be	AUX
fbem-28647	104	38	seen	see	VERB
fbem-28647	104	39	that	that	SCONJ
fbem-28647	104	40	yunnan	yunnan	PROPN
fbem-28647	104	41	baiyao	baiyao	NOUN
fbem-28647	104	42	's	's	PART
fbem-28647	104	43	cash	cash	NOUN
fbem-28647	104	44	from	from	ADP
fbem-28647	104	45	financing	financing	NOUN
fbem-28647	104	46	activities	activity	NOUN
fbem-28647	104	47	has	have	AUX
fbem-28647	104	48	been	be	AUX
fbem-28647	104	49	in	in	ADP
fbem-28647	104	50	an	an	DET
fbem-28647	104	51	outflow	outflow	ADJ
fbem-28647	104	52	state	state	NOUN
fbem-28647	104	53	,	,	PUNCT
fbem-28647	104	54	yunnan	yunnan	PROPN
fbem-28647	104	55	baiyao	baiyao	NOUN
fbem-28647	104	56	is	be	AUX
fbem-28647	104	57	more	more	ADV
fbem-28647	104	58	constrained	constrain	VERB
fbem-28647	104	59	in	in	ADP
fbem-28647	104	60	raising	raise	VERB
fbem-28647	104	61	funds	fund	NOUN
fbem-28647	104	62	,	,	PUNCT
fbem-28647	104	63	which	which	PRON
fbem-28647	104	64	is	be	AUX
fbem-28647	104	65	one	one	NUM
fbem-28647	104	66	of	of	ADP
fbem-28647	104	67	the	the	DET
fbem-28647	104	68	reasons	reason	NOUN
fbem-28647	104	69	why	why	SCONJ
fbem-28647	104	70	yunnan	yunnan	NOUN
fbem-28647	104	71	baiyao	baiyao	NOUN
fbem-28647	104	72	is	be	AUX
fbem-28647	104	73	investing	invest	VERB
fbem-28647	104	74	in	in	ADP
fbem-28647	104	75	the	the	DET
fbem-28647	104	76	financial	financial	ADJ
fbem-28647	104	77	sector	sector	NOUN
fbem-28647	104	78	.	.	PUNCT
fbem-28647	105	1	yunnan	yunnan	PROPN
fbem-28647	105	2	baiyao	baiyao	PROPN
fbem-28647	105	3	's	's	PART
fbem-28647	105	4	net	net	ADJ
fbem-28647	105	5	cash	cash	NOUN
fbem-28647	105	6	flow	flow	NOUN
fbem-28647	105	7	from	from	ADP
fbem-28647	105	8	investing	invest	VERB
fbem-28647	105	9	activities	activity	NOUN
fbem-28647	105	10	is	be	AUX
fbem-28647	105	11	sizable	sizable	ADJ
fbem-28647	105	12	,	,	PUNCT
fbem-28647	105	13	up	up	ADP
fbem-28647	105	14	to	to	ADP
fbem-28647	105	15	13.966	13.966	NUM
fbem-28647	105	16	billion	billion	NUM
fbem-28647	105	17	yuan	yuan	NOUN
fbem-28647	105	18	in	in	ADP
fbem-28647	105	19	2019	2019	NUM
fbem-28647	105	20	.	.	PUNCT
fbem-28647	106	1	due	due	ADP
fbem-28647	106	2	to	to	ADP
fbem-28647	106	3	the	the	DET
fbem-28647	106	4	success	success	NOUN
fbem-28647	106	5	of	of	ADP
fbem-28647	106	6	yunnan	yunnan	PROPN
fbem-28647	106	7	baiyao	baiyao	PROPN
fbem-28647	106	8	's	's	PART
fbem-28647	106	9	financialization	financialization	NOUN
fbem-28647	106	10	to	to	ADP
fbem-28647	106	11	finance	finance	NOUN
fbem-28647	106	12	and	and	CCONJ
fbem-28647	106	13	other	other	ADJ
fbem-28647	106	14	virtual	virtual	ADJ
fbem-28647	106	15	economy	economy	NOUN
fbem-28647	106	16	business	business	NOUN
fbem-28647	106	17	,	,	PUNCT
fbem-28647	106	18	yunnan	yunnan	PROPN
fbem-28647	106	19	baiyao	baiyao	PROPN
fbem-28647	106	20	's	's	PART
fbem-28647	106	21	financialization	financialization	NOUN
fbem-28647	106	22	in	in	ADP
fbem-28647	106	23	also	also	ADV
fbem-28647	106	24	squeezed	squeeze	VERB
fbem-28647	106	25	its	its	PRON
fbem-28647	106	26	fundraising	fundraising	NOUN
fbem-28647	106	27	and	and	CCONJ
fbem-28647	106	28	financing	financing	NOUN
fbem-28647	106	29	.	.	PUNCT
fbem-28647	107	1	yunnan	yunnan	PROPN
fbem-28647	107	2	baiyao	baiyao	PROPN
fbem-28647	107	3	's	's	PART
fbem-28647	107	4	financialization	financialization	NOUN
fbem-28647	107	5	achieved	achieve	VERB
fbem-28647	107	6	a	a	DET
fbem-28647	107	7	lot	lot	NOUN
fbem-28647	107	8	of	of	ADP
fbem-28647	107	9	net	net	ADJ
fbem-28647	107	10	cash	cash	NOUN
fbem-28647	107	11	flow	flow	NOUN
fbem-28647	107	12	value	value	NOUN
fbem-28647	107	13	,	,	PUNCT
fbem-28647	107	14	and	and	CCONJ
fbem-28647	107	15	the	the	DET
fbem-28647	107	16	squeeze	squeeze	NOUN
fbem-28647	107	17	out	out	ADP
fbem-28647	107	18	also	also	ADV
fbem-28647	107	19	made	make	VERB
fbem-28647	107	20	up	up	ADP
fbem-28647	107	21	for	for	ADP
fbem-28647	107	22	the	the	DET
fbem-28647	107	23	cash	cash	NOUN
fbem-28647	107	24	outflow	outflow	NOUN
fbem-28647	107	25	due	due	ADP
fbem-28647	107	26	to	to	ADP
fbem-28647	107	27	financing	financing	NOUN
fbem-28647	107	28	activities	activity	NOUN
fbem-28647	107	29	,	,	PUNCT
fbem-28647	107	30	which	which	PRON
fbem-28647	107	31	greatly	greatly	ADV
fbem-28647	107	32	strengthened	strengthen	VERB
fbem-28647	107	33	the	the	DET
fbem-28647	107	34	liquidity	liquidity	NOUN
fbem-28647	107	35	of	of	ADP
fbem-28647	107	36	yunnan	yunnan	PROPN
fbem-28647	107	37	baiyao	baiyao	PROPN
fbem-28647	107	38	's	's	PART
fbem-28647	107	39	capital	capital	NOUN
fbem-28647	107	40	and	and	CCONJ
fbem-28647	107	41	enhanced	enhance	VERB
fbem-28647	107	42	yunnan	yunnan	PROPN
fbem-28647	107	43	baiyao	baiyao	PROPN
fbem-28647	107	44	's	's	PART
fbem-28647	107	45	ability	ability	NOUN
fbem-28647	107	46	to	to	PART
fbem-28647	107	47	prevent	prevent	VERB
fbem-28647	107	48	debt	debt	NOUN
fbem-28647	107	49	risk	risk	NOUN
fbem-28647	107	50	.	.	PUNCT
fbem-28647	108	1	this	this	DET
fbem-28647	108	2	paper	paper	NOUN
fbem-28647	108	3	introduces	introduce	VERB
fbem-28647	108	4	the	the	DET
fbem-28647	108	5	indicator	indicator	NOUN
fbem-28647	108	6	of	of	ADP
fbem-28647	108	7	"	"	PUNCT
fbem-28647	108	8	ratio	ratio	NOUN
fbem-28647	108	9	of	of	ADP
fbem-28647	108	10	nonfinancing	nonfinance	VERB
fbem-28647	108	11	cash	cash	NOUN
fbem-28647	108	12	flow	flow	NOUN
fbem-28647	108	13	to	to	ADP
fbem-28647	108	14	total	total	ADJ
fbem-28647	108	15	liabilities	liability	NOUN
fbem-28647	108	16	"	"	PUNCT
fbem-28647	108	17	,	,	PUNCT
fbem-28647	108	18	through	through	ADP
fbem-28647	108	19	which	which	PRON
fbem-28647	108	20	we	we	PRON
fbem-28647	108	21	can	can	AUX
fbem-28647	108	22	observe	observe	VERB
fbem-28647	108	23	the	the	DET
fbem-28647	108	24	ability	ability	NOUN
fbem-28647	108	25	of	of	ADP
fbem-28647	108	26	yunnan	yunnan	PROPN
fbem-28647	108	27	baiyao	baiyao	PROPN
fbem-28647	108	28	's	's	PART
fbem-28647	108	29	non	non	ADJ
fbem-28647	108	30	-	-	ADJ
fbem-28647	108	31	financing	financing	ADJ
fbem-28647	108	32	cash	cash	NOUN
fbem-28647	108	33	flow	flow	NOUN
fbem-28647	108	34	to	to	PART
fbem-28647	108	35	repay	repay	VERB
fbem-28647	108	36	its	its	PRON
fbem-28647	108	37	liabilities	liability	NOUN
fbem-28647	108	38	,	,	PUNCT
fbem-28647	108	39	and	and	CCONJ
fbem-28647	108	40	the	the	PRON
fbem-28647	108	41	larger	large	ADJ
fbem-28647	108	42	the	the	DET
fbem-28647	108	43	value	value	NOUN
fbem-28647	108	44	of	of	ADP
fbem-28647	108	45	the	the	DET
fbem-28647	108	46	indicator	indicator	NOUN
fbem-28647	108	47	,	,	PUNCT
fbem-28647	108	48	the	the	PRON
fbem-28647	108	49	better	well	ADJ
fbem-28647	108	50	the	the	DET
fbem-28647	108	51	enterprise	enterprise	NOUN
fbem-28647	108	52	's	's	PART
fbem-28647	108	53	debt	debt	NOUN
fbem-28647	108	54	servicing	servicing	NOUN
fbem-28647	108	55	situation	situation	NOUN
fbem-28647	108	56	is	be	AUX
fbem-28647	108	57	,	,	PUNCT
fbem-28647	108	58	and	and	CCONJ
fbem-28647	108	59	vice	vice	ADV
fbem-28647	108	60	versa	versa	ADV
fbem-28647	108	61	,	,	PUNCT
fbem-28647	108	62	the	the	PRON
fbem-28647	108	63	worse	bad	ADJ
fbem-28647	108	64	it	it	PRON
fbem-28647	108	65	is	be	AUX
fbem-28647	108	66	,	,	PUNCT
fbem-28647	108	67	and	and	CCONJ
fbem-28647	108	68	the	the	DET
fbem-28647	108	69	formula	formula	NOUN
fbem-28647	108	70	of	of	ADP
fbem-28647	108	71	the	the	DET
fbem-28647	108	72	indicator	indicator	NOUN
fbem-28647	108	73	is	be	AUX
fbem-28647	108	74	as	as	SCONJ
fbem-28647	108	75	follows	follow	VERB
fbem-28647	108	76	:	:	PUNCT
fbem-28647	108	77	ratio	ratio	NOUN
fbem-28647	108	78	of	of	ADP
fbem-28647	108	79	net	net	ADJ
fbem-28647	108	80	non	non	ADJ
fbem-28647	108	81	-	-	ADJ
fbem-28647	108	82	financing	financing	ADJ
fbem-28647	108	83	cash	cash	NOUN
fbem-28647	108	84	flows	flow	NOUN
fbem-28647	108	85	to	to	PART
fbem-28647	108	86	total	total	ADJ
fbem-28647	108	87	liabilities	liability	NOUN
fbem-28647	108	88	=	=	SYM
fbem-28647	108	89	net	net	ADJ
fbem-28647	108	90	non	non	ADJ
fbem-28647	108	91	-	-	ADJ
fbem-28647	108	92	financing	financing	ADJ
fbem-28647	108	93	cash	cash	NOUN
fbem-28647	108	94	flows/(average	flows/(average	NOUN
fbem-28647	108	95	total	total	NOUN
fbem-28647	108	96	liabilities/2	liabilities/2	NUM
fbem-28647	108	97	)	)	PUNCT
fbem-28647	108	98	(	(	PUNCT
fbem-28647	108	99	2	2	X
fbem-28647	108	100	)	)	PUNCT
fbem-28647	108	101	figure	figure	NOUN
fbem-28647	108	102	6	6	NUM
fbem-28647	108	103	.	.	PUNCT
fbem-28647	109	1	yunnan	yunnan	PROPN
fbem-28647	109	2	baiyao	baiyao	ADJ
fbem-28647	109	3	non	non	ADJ
fbem-28647	109	4	-	-	ADJ
fbem-28647	109	5	financing	financing	ADJ
fbem-28647	109	6	net	net	ADJ
fbem-28647	109	7	cash	cash	NOUN
fbem-28647	109	8	flow	flow	NOUN
fbem-28647	109	9	to	to	ADP
fbem-28647	109	10	total	total	ADJ
fbem-28647	109	11	liabilities	liability	NOUN
fbem-28647	109	12	ratio	ratio	NOUN
fbem-28647	109	13	vs.	vs.	ADP
fbem-28647	109	14	degree	degree	NOUN
fbem-28647	109	15	of	of	ADP
fbem-28647	109	16	financialization	financialization	NOUN
fbem-28647	109	17	(	(	PUNCT
fbem-28647	109	18	investment	investment	NOUN
fbem-28647	109	19	income	income	NOUN
fbem-28647	109	20	perspective	perspective	NOUN
fbem-28647	109	21	)	)	PUNCT
fbem-28647	109	22	image	image	NOUN
fbem-28647	109	23	source	source	NOUN
fbem-28647	109	24	:	:	PUNCT
fbem-28647	109	25	yunnan	yunnan	PROPN
fbem-28647	109	26	baiyao	baiyao	ADJ
fbem-28647	109	27	annual	annual	ADJ
fbem-28647	109	28	report	report	NOUN
fbem-28647	109	29	from	from	ADP
fbem-28647	109	30	2017	2017	NUM
fbem-28647	109	31	to	to	ADP
fbem-28647	109	32	2021	2021	NUM
fbem-28647	109	33	,	,	PUNCT
fbem-28647	109	34	yunnan	yunnan	PROPN
fbem-28647	109	35	baiyao	baiyao	PROPN
fbem-28647	109	36	's	's	PART
fbem-28647	109	37	net	net	ADJ
fbem-28647	109	38	non	non	ADJ
fbem-28647	109	39	-	-	ADJ
fbem-28647	109	40	financial	financial	ADJ
fbem-28647	109	41	cash	cash	NOUN
fbem-28647	109	42	flow	flow	NOUN
fbem-28647	109	43	to	to	ADP
fbem-28647	109	44	total	total	ADJ
fbem-28647	109	45	liabilities	liability	NOUN
fbem-28647	109	46	ratio	ratio	NOUN
fbem-28647	109	47	is	be	AUX
fbem-28647	109	48	positive	positive	ADJ
fbem-28647	109	49	,	,	PUNCT
fbem-28647	109	50	and	and	CCONJ
fbem-28647	109	51	the	the	DET
fbem-28647	109	52	ratio	ratio	NOUN
fbem-28647	109	53	of	of	ADP
fbem-28647	109	54	net	net	ADJ
fbem-28647	109	55	non	non	ADJ
fbem-28647	109	56	-	-	ADJ
fbem-28647	109	57	financial	financial	ADJ
fbem-28647	109	58	cash	cash	NOUN
fbem-28647	109	59	flow	flow	NOUN
fbem-28647	109	60	to	to	ADP
fbem-28647	109	61	total	total	ADJ
fbem-28647	109	62	liabilities	liability	NOUN
fbem-28647	109	63	shows	show	VERB
fbem-28647	109	64	a	a	DET
fbem-28647	109	65	significant	significant	ADJ
fbem-28647	109	66	increase	increase	NOUN
fbem-28647	109	67	from	from	ADP
fbem-28647	109	68	2017	2017	NUM
fbem-28647	109	69	to	to	ADP
fbem-28647	109	70	2019	2019	NUM
fbem-28647	109	71	,	,	PUNCT
fbem-28647	109	72	which	which	PRON
fbem-28647	109	73	is	be	AUX
fbem-28647	109	74	due	due	ADJ
fbem-28647	109	75	to	to	ADP
fbem-28647	109	76	the	the	DET
fbem-28647	109	77	net	net	ADJ
fbem-28647	109	78	cash	cash	NOUN
fbem-28647	109	79	flow	flow	NOUN
fbem-28647	109	80	from	from	ADP
fbem-28647	109	81	investing	invest	VERB
fbem-28647	109	82	activities	activity	NOUN
fbem-28647	109	83	climbing	climb	VERB
fbem-28647	109	84	rapidly	rapidly	ADV
fbem-28647	109	85	,	,	PUNCT
fbem-28647	109	86	in	in	ADP
fbem-28647	109	87	addition	addition	NOUN
fbem-28647	109	88	to	to	ADP
fbem-28647	109	89	the	the	DET
fbem-28647	109	90	steady	steady	ADJ
fbem-28647	109	91	increase	increase	NOUN
fbem-28647	109	92	in	in	ADP
fbem-28647	109	93	net	net	ADJ
fbem-28647	109	94	cash	cash	NOUN
fbem-28647	109	95	flow	flow	NOUN
fbem-28647	109	96	from	from	ADP
fbem-28647	109	97	operating	operating	NOUN
fbem-28647	109	98	activities	activity	NOUN
fbem-28647	109	99	and	and	CCONJ
fbem-28647	109	100	the	the	DET
fbem-28647	109	101	development	development	NOUN
fbem-28647	109	102	of	of	ADP
fbem-28647	109	103	yunnan	yunnan	PROPN
fbem-28647	109	104	baiyao	baiyao	PROPN
fbem-28647	109	105	's	's	PART
fbem-28647	109	106	financialization	financialization	NOUN
fbem-28647	109	107	.	.	PUNCT
fbem-28647	110	1	the	the	DET
fbem-28647	110	2	large	large	ADJ
fbem-28647	110	3	inflow	inflow	NOUN
fbem-28647	110	4	of	of	ADP
fbem-28647	110	5	cash	cash	NOUN
fbem-28647	110	6	flow	flow	NOUN
fbem-28647	110	7	from	from	ADP
fbem-28647	110	8	investment	investment	NOUN
fbem-28647	110	9	can	can	AUX
fbem-28647	110	10	meet	meet	VERB
fbem-28647	110	11	the	the	DET
fbem-28647	110	12	needs	need	NOUN
fbem-28647	110	13	of	of	ADP
fbem-28647	110	14	safeguarding	safeguard	VERB
fbem-28647	110	15	its	its	PRON
fbem-28647	110	16	own	own	ADJ
fbem-28647	110	17	investment	investment	NOUN
fbem-28647	110	18	and	and	CCONJ
fbem-28647	110	19	debt	debt	NOUN
fbem-28647	110	20	repayment	repayment	NOUN
fbem-28647	110	21	,	,	PUNCT
fbem-28647	110	22	and	and	CCONJ
fbem-28647	110	23	yunnan	yunnan	PROPN
fbem-28647	110	24	baiyao	baiyao	PROPN
fbem-28647	110	25	's	's	PART
fbem-28647	110	26	nonfinancing	nonfinance	VERB
fbem-28647	110	27	cash	cash	NOUN
fbem-28647	110	28	flow	flow	NOUN
fbem-28647	110	29	has	have	AUX
fbem-28647	110	30	strengthened	strengthen	VERB
fbem-28647	110	31	its	its	PRON
fbem-28647	110	32	ability	ability	NOUN
fbem-28647	110	33	to	to	PART
fbem-28647	110	34	cope	cope	VERB
fbem-28647	110	35	with	with	ADP
fbem-28647	110	36	debt	debt	NOUN
fbem-28647	110	37	risk	risk	NOUN
fbem-28647	110	38	and	and	CCONJ
fbem-28647	110	39	liquidity	liquidity	NOUN
fbem-28647	110	40	risk	risk	NOUN
fbem-28647	110	41	during	during	ADP
fbem-28647	110	42	this	this	DET
fbem-28647	110	43	period	period	NOUN
fbem-28647	110	44	.	.	PUNCT
fbem-28647	111	1	5	5	X
fbem-28647	111	2	.	.	X
fbem-28647	111	3	conclusions	conclusion	NOUN
fbem-28647	111	4	and	and	CCONJ
fbem-28647	111	5	recommendations	recommendation	NOUN
fbem-28647	111	6	5.1	5.1	NUM
fbem-28647	111	7	.	.	PUNCT
fbem-28647	112	1	research	research	NOUN
fbem-28647	112	2	findings	finding	NOUN
fbem-28647	112	3	(	(	PUNCT
fbem-28647	112	4	i	i	NOUN
fbem-28647	112	5	)	)	PUNCT
fbem-28647	112	6	according	accord	VERB
fbem-28647	112	7	to	to	ADP
fbem-28647	112	8	the	the	DET
fbem-28647	112	9	study	study	NOUN
fbem-28647	112	10	on	on	ADP
fbem-28647	112	11	the	the	DET
fbem-28647	112	12	impact	impact	NOUN
fbem-28647	112	13	of	of	ADP
fbem-28647	112	14	changes	change	NOUN
fbem-28647	112	15	in	in	ADP
fbem-28647	112	16	the	the	DET
fbem-28647	112	17	solvency	solvency	NOUN
fbem-28647	112	18	of	of	ADP
fbem-28647	112	19	yunnan	yunnan	PROPN
fbem-28647	112	20	baiyao	baiyao	NOUN
fbem-28647	112	21	in	in	ADP
fbem-28647	112	22	the	the	DET
fbem-28647	112	23	process	process	NOUN
fbem-28647	112	24	of	of	ADP
fbem-28647	112	25	financialization	financialization	NOUN
fbem-28647	112	26	on	on	ADP
fbem-28647	112	27	debt	debt	NOUN
fbem-28647	112	28	risk	risk	NOUN
fbem-28647	112	29	,	,	PUNCT
fbem-28647	112	30	in	in	ADP
fbem-28647	112	31	the	the	DET
fbem-28647	112	32	long	long	ADJ
fbem-28647	112	33	run	run	NOUN
fbem-28647	112	34	,	,	PUNCT
fbem-28647	112	35	the	the	DET
fbem-28647	112	36	uncertainty	uncertainty	NOUN
fbem-28647	112	37	of	of	ADP
fbem-28647	112	38	yunnan	yunnan	PROPN
fbem-28647	112	39	baiyao	baiyao	PROPN
fbem-28647	112	40	's	's	PART
fbem-28647	112	41	financialization	financialization	NOUN
fbem-28647	112	42	investment	investment	NOUN
fbem-28647	112	43	returns	return	NOUN
fbem-28647	112	44	will	will	AUX
fbem-28647	112	45	be	be	AUX
fbem-28647	112	46	transmitted	transmit	VERB
fbem-28647	112	47	to	to	ADP
fbem-28647	112	48	debt	debt	NOUN
fbem-28647	112	49	risk	risk	NOUN
fbem-28647	112	50	.	.	PUNCT
fbem-28647	113	1	when	when	SCONJ
fbem-28647	113	2	the	the	DET
fbem-28647	113	3	degree	degree	NOUN
fbem-28647	113	4	of	of	ADP
fbem-28647	113	5	financialization	financialization	NOUN
fbem-28647	113	6	of	of	ADP
fbem-28647	113	7	yunnan	yunnan	PROPN
fbem-28647	113	8	baiyao	baiyao	PROPN
fbem-28647	113	9	deepened	deepen	VERB
fbem-28647	113	10	,	,	PUNCT
fbem-28647	113	11	yunnan	yunnan	NOUN
fbem-28647	113	12	baiyao	baiyao	ADJ
fbem-28647	113	13	financial	financial	ADJ
fbem-28647	113	14	assets	asset	NOUN
fbem-28647	113	15	held	hold	VERB
fbem-28647	113	16	by	by	ADP
fbem-28647	113	17	the	the	DET
fbem-28647	113	18	main	main	ADJ
fbem-28647	113	19	speculative	speculative	ADJ
fbem-28647	113	20	arbitrage	arbitrage	NOUN
fbem-28647	113	21	,	,	PUNCT
fbem-28647	113	22	the	the	DET
fbem-28647	113	23	pursuit	pursuit	NOUN
fbem-28647	113	24	of	of	ADP
fbem-28647	113	25	high	high	ADJ
fbem-28647	113	26	profits	profit	NOUN
fbem-28647	113	27	and	and	CCONJ
fbem-28647	113	28	short	short	ADJ
fbem-28647	113	29	-	-	PUNCT
fbem-28647	113	30	term	term	NOUN
fbem-28647	113	31	returns	return	NOUN
fbem-28647	113	32	,	,	PUNCT
fbem-28647	113	33	long	long	ADJ
fbem-28647	113	34	-	-	PUNCT
fbem-28647	113	35	term	term	NOUN
fbem-28647	113	36	large	large	ADJ
fbem-28647	113	37	-	-	PUNCT
fbem-28647	113	38	scale	scale	NOUN
fbem-28647	113	39	investment	investment	NOUN
fbem-28647	113	40	in	in	ADP
fbem-28647	113	41	the	the	DET
fbem-28647	113	42	virtual	virtual	ADJ
fbem-28647	113	43	economy	economy	NOUN
fbem-28647	113	44	holding	hold	VERB
fbem-28647	113	45	a	a	DET
fbem-28647	113	46	high	high	ADJ
fbem-28647	113	47	return	return	NOUN
fbem-28647	113	48	so	so	SCONJ
fbem-28647	113	49	that	that	SCONJ
fbem-28647	113	50	the	the	DET
fbem-28647	113	51	enterprise	enterprise	NOUN
fbem-28647	113	52	's	's	PART
fbem-28647	113	53	long	long	ADJ
fbem-28647	113	54	-	-	PUNCT
fbem-28647	113	55	term	term	NOUN
fbem-28647	113	56	solvency	solvency	NOUN
fbem-28647	113	57	affected	affect	VERB
fbem-28647	113	58	,	,	PUNCT
fbem-28647	113	59	fluctuations	fluctuation	NOUN
fbem-28647	113	60	,	,	PUNCT
fbem-28647	113	61	once	once	SCONJ
fbem-28647	113	62	the	the	DET
fbem-28647	113	63	liquidity	liquidity	NOUN
fbem-28647	113	64	crisis	crisis	NOUN
fbem-28647	113	65	will	will	AUX
fbem-28647	113	66	bring	bring	VERB
fbem-28647	113	67	serious	serious	ADJ
fbem-28647	113	68	debt	debt	NOUN
fbem-28647	113	69	risk	risk	NOUN
fbem-28647	113	70	to	to	ADP
fbem-28647	113	71	the	the	DET
fbem-28647	113	72	enterprise	enterprise	NOUN
fbem-28647	113	73	.	.	PUNCT
fbem-28647	114	1	(	(	PUNCT
fbem-28647	114	2	ii	ii	NOUN
fbem-28647	114	3	)	)	PUNCT
fbem-28647	114	4	according	accord	VERB
fbem-28647	114	5	to	to	ADP
fbem-28647	114	6	the	the	DET
fbem-28647	114	7	research	research	NOUN
fbem-28647	114	8	on	on	ADP
fbem-28647	114	9	the	the	DET
fbem-28647	114	10	impact	impact	NOUN
fbem-28647	114	11	of	of	ADP
fbem-28647	114	12	changes	change	NOUN
fbem-28647	114	13	in	in	ADP
fbem-28647	114	14	cash	cash	NOUN
fbem-28647	114	15	flow	flow	NOUN
fbem-28647	114	16	on	on	ADP
fbem-28647	114	17	debt	debt	NOUN
fbem-28647	114	18	risk	risk	NOUN
fbem-28647	114	19	in	in	ADP
fbem-28647	114	20	the	the	DET
fbem-28647	114	21	process	process	NOUN
fbem-28647	114	22	of	of	ADP
fbem-28647	114	23	yunnan	yunnan	PROPN
fbem-28647	114	24	baiyao	baiyao	PROPN
fbem-28647	114	25	's	's	PART
fbem-28647	114	26	financialization	financialization	NOUN
fbem-28647	114	27	,	,	PUNCT
fbem-28647	114	28	it	it	PRON
fbem-28647	114	29	is	be	AUX
fbem-28647	114	30	concluded	conclude	VERB
fbem-28647	114	31	that	that	SCONJ
fbem-28647	114	32	in	in	ADP
fbem-28647	114	33	the	the	DET
fbem-28647	114	34	short	short	ADJ
fbem-28647	114	35	term	term	NOUN
fbem-28647	114	36	,	,	PUNCT
fbem-28647	114	37	yunnan	yunnan	PROPN
fbem-28647	114	38	baiyao	baiyao	NOUN
fbem-28647	114	39	's	's	PART
fbem-28647	114	40	financialization	financialization	NOUN
fbem-28647	114	41	investment	investment	NOUN
fbem-28647	114	42	income	income	NOUN
fbem-28647	114	43	reduces	reduce	VERB
fbem-28647	114	44	debt	debt	NOUN
fbem-28647	114	45	risk	risk	NOUN
fbem-28647	114	46	to	to	ADP
fbem-28647	114	47	a	a	DET
fbem-28647	114	48	certain	certain	ADJ
fbem-28647	114	49	extent	extent	NOUN
fbem-28647	114	50	.	.	PUNCT
fbem-28647	115	1	yunnan	yunnan	PROPN
fbem-28647	115	2	baiyao	baiyao	PROPN
fbem-28647	115	3	's	's	PART
fbem-28647	115	4	financialization	financialization	NOUN
fbem-28647	115	5	of	of	ADP
fbem-28647	115	6	the	the	DET
fbem-28647	115	7	development	development	NOUN
fbem-28647	115	8	of	of	ADP
fbem-28647	115	9	the	the	DET
fbem-28647	115	10	short	short	ADJ
fbem-28647	115	11	cycle	cycle	NOUN
fbem-28647	115	12	of	of	ADP
fbem-28647	115	13	cash	cash	NOUN
fbem-28647	115	14	flow	flow	NOUN
fbem-28647	115	15	generated	generate	VERB
fbem-28647	115	16	by	by	ADP
fbem-28647	115	17	the	the	DET
fbem-28647	115	18	investment	investment	NOUN
fbem-28647	115	19	of	of	ADP
fbem-28647	115	20	a	a	DET
fbem-28647	115	21	large	large	ADJ
fbem-28647	115	22	number	number	NOUN
fbem-28647	115	23	of	of	ADP
fbem-28647	115	24	inflows	inflow	NOUN
fbem-28647	115	25	,	,	PUNCT
fbem-28647	115	26	briefly	briefly	ADV
fbem-28647	115	27	enriched	enrich	VERB
fbem-28647	115	28	the	the	DET
fbem-28647	115	29	enterprise	enterprise	NOUN
fbem-28647	115	30	capital	capital	NOUN
fbem-28647	115	31	pool	pool	NOUN
fbem-28647	115	32	income	income	NOUN
fbem-28647	115	33	sources	source	NOUN
fbem-28647	115	34	,	,	PUNCT
fbem-28647	115	35	can	can	AUX
fbem-28647	115	36	timely	timely	ADV
fbem-28647	115	37	and	and	CCONJ
fbem-28647	115	38	effective	effective	ADJ
fbem-28647	115	39	supplement	supplement	VERB
fbem-28647	115	40	the	the	DET
fbem-28647	115	41	enterprise	enterprise	NOUN
fbem-28647	115	42	's	's	PART
fbem-28647	115	43	short	short	ADJ
fbem-28647	115	44	-	-	PUNCT
fbem-28647	115	45	term	term	NOUN
fbem-28647	115	46	debt	debt	NOUN
fbem-28647	115	47	servicing	servicing	NOUN
fbem-28647	115	48	capacity	capacity	NOUN
fbem-28647	115	49	.	.	PUNCT
fbem-28647	116	1	although	although	SCONJ
fbem-28647	116	2	the	the	DET
fbem-28647	116	3	enterprise	enterprise	NOUN
fbem-28647	116	4	investment	investment	NOUN
fbem-28647	116	5	income	income	NOUN
fbem-28647	116	6	can	can	AUX
fbem-28647	116	7	play	play	VERB
fbem-28647	116	8	a	a	DET
fbem-28647	116	9	"	"	PUNCT
fbem-28647	116	10	reservoir	reservoir	NOUN
fbem-28647	116	11	"	"	PUNCT
fbem-28647	116	12	effect	effect	NOUN
fbem-28647	116	13	,	,	PUNCT
fbem-28647	116	14	but	but	CCONJ
fbem-28647	116	15	for	for	ADP
fbem-28647	116	16	the	the	DET
fbem-28647	116	17	enterprise	enterprise	NOUN
fbem-28647	116	18	to	to	PART
fbem-28647	116	19	increase	increase	VERB
fbem-28647	116	20	the	the	DET
fbem-28647	116	21	uncertainty	uncertainty	NOUN
fbem-28647	116	22	,	,	PUNCT
fbem-28647	116	23	the	the	DET
fbem-28647	116	24	harm	harm	NOUN
fbem-28647	116	25	is	be	AUX
fbem-28647	116	26	greater	great	ADJ
fbem-28647	116	27	than	than	ADP
fbem-28647	116	28	the	the	DET
fbem-28647	116	29	good	good	NOUN
fbem-28647	116	30	,	,	PUNCT
fbem-28647	116	31	once	once	ADV
fbem-28647	116	32	affected	affect	VERB
fbem-28647	116	33	by	by	ADP
fbem-28647	116	34	the	the	DET
fbem-28647	116	35	market	market	NOUN
fbem-28647	116	36	expectations	expectation	NOUN
fbem-28647	116	37	,	,	PUNCT
fbem-28647	116	38	out	out	ADP
fbem-28647	116	39	of	of	ADP
fbem-28647	116	40	the	the	DET
fbem-28647	116	41	shortterm	shortterm	NOUN
fbem-28647	116	42	cash	cash	NOUN
fbem-28647	116	43	flow	flow	NOUN
fbem-28647	116	44	of	of	ADP
fbem-28647	116	45	the	the	DET
fbem-28647	116	46	squeeze	squeeze	NOUN
fbem-28647	116	47	,	,	PUNCT
fbem-28647	116	48	the	the	DET
fbem-28647	116	49	enterprise	enterprise	NOUN
fbem-28647	116	50	faces	face	VERB
fbem-28647	116	51	debt	debt	NOUN
fbem-28647	116	52	risk	risk	NOUN
fbem-28647	116	53	.	.	PUNCT
fbem-28647	117	1	5.2	5.2	NUM
fbem-28647	117	2	.	.	PUNCT
fbem-28647	117	3	related	relate	VERB
fbem-28647	117	4	recommendations	recommendation	NOUN
fbem-28647	117	5	(	(	PUNCT
fbem-28647	117	6	i	i	NOUN
fbem-28647	117	7	)	)	PUNCT
fbem-28647	117	8	yunnan	yunnan	PROPN
fbem-28647	117	9	baiyao	baiyao	ADJ
fbem-28647	117	10	financialization	financialization	NOUN
fbem-28647	117	11	can	can	AUX
fbem-28647	117	12	be	be	AUX
fbem-28647	117	13	to	to	PART
fbem-28647	117	14	prevent	prevent	VERB
fbem-28647	117	15	reserves	reserve	NOUN
fbem-28647	117	16	for	for	ADP
fbem-28647	117	17	the	the	DET
fbem-28647	117	18	purpose	purpose	NOUN
fbem-28647	117	19	of	of	ADP
fbem-28647	117	20	giving	give	VERB
fbem-28647	117	21	up	up	ADP
fbem-28647	117	22	speculative	speculative	ADJ
fbem-28647	117	23	arbitrage	arbitrage	NOUN
fbem-28647	117	24	focus	focus	NOUN
fbem-28647	117	25	on	on	ADP
fbem-28647	117	26	industrial	industrial	ADJ
fbem-28647	117	27	development	development	NOUN
fbem-28647	117	28	.	.	PUNCT
fbem-28647	118	1	yunnan	yunnan	PROPN
fbem-28647	118	2	baiyao	baiyao	NOUN
fbem-28647	118	3	should	should	AUX
fbem-28647	118	4	always	always	ADV
fbem-28647	118	5	adhere	adhere	VERB
fbem-28647	118	6	to	to	ADP
fbem-28647	118	7	the	the	DET
fbem-28647	118	8	concept	concept	NOUN
fbem-28647	118	9	of	of	ADP
fbem-28647	118	10	"	"	PUNCT
fbem-28647	118	11	financial	financial	ADJ
fbem-28647	118	12	services	service	NOUN
fbem-28647	118	13	entity	entity	NOUN
fbem-28647	118	14	"	"	PUNCT
fbem-28647	118	15	,	,	PUNCT
fbem-28647	118	16	adhere	adhere	VERB
fbem-28647	118	17	to	to	ADP
fbem-28647	118	18	the	the	DET
fbem-28647	118	19	industry	industry	NOUN
fbem-28647	118	20	-	-	PUNCT
fbem-28647	118	21	based	base	VERB
fbem-28647	118	22	,	,	PUNCT
fbem-28647	118	23	more	more	ADV
fbem-28647	118	24	based	base	VERB
fbem-28647	118	25	on	on	ADP
fbem-28647	118	26	the	the	DET
fbem-28647	118	27	main	main	ADJ
fbem-28647	118	28	business	business	NOUN
fbem-28647	118	29	of	of	ADP
fbem-28647	118	30	innovation	innovation	NOUN
fbem-28647	118	31	and	and	CCONJ
fbem-28647	118	32	research	research	NOUN
fbem-28647	118	33	and	and	CCONJ
fbem-28647	118	34	development	development	NOUN
fbem-28647	118	35	,	,	PUNCT
fbem-28647	118	36	coordination	coordination	NOUN
fbem-28647	118	37	of	of	ADP
fbem-28647	118	38	production	production	NOUN
fbem-28647	118	39	and	and	CCONJ
fbem-28647	118	40	operation	operation	NOUN
fbem-28647	118	41	and	and	CCONJ
fbem-28647	118	42	financial	financial	ADJ
fbem-28647	118	43	investment	investment	NOUN
fbem-28647	118	44	in	in	ADP
fbem-28647	118	45	the	the	DET
fbem-28647	118	46	interrelationship	interrelationship	NOUN
fbem-28647	118	47	,	,	PUNCT
fbem-28647	118	48	the	the	DET
fbem-28647	118	49	entity	entity	NOUN
fbem-28647	118	50	enterprise	enterprise	NOUN
fbem-28647	118	51	to	to	PART
fbem-28647	118	52	do	do	VERB
fbem-28647	118	53	a	a	DET
fbem-28647	118	54	good	good	ADJ
fbem-28647	118	55	job	job	NOUN
fbem-28647	118	56	in	in	ADP
fbem-28647	118	57	order	order	NOUN
fbem-28647	118	58	to	to	PART
fbem-28647	118	59	be	be	AUX
fbem-28647	118	60	able	able	ADJ
fbem-28647	118	61	to	to	PART
fbem-28647	118	62	effectively	effectively	ADV
fbem-28647	118	63	prevent	prevent	VERB
fbem-28647	118	64	risk	risk	NOUN
fbem-28647	118	65	,	,	PUNCT
fbem-28647	118	66	to	to	PART
fbem-28647	118	67	cope	cope	VERB
fbem-28647	118	68	with	with	ADP
fbem-28647	118	69	risk	risk	NOUN
fbem-28647	118	70	.	.	PUNCT
fbem-28647	119	1	(	(	PUNCT
fbem-28647	119	2	ii	ii	X
fbem-28647	119	3	)	)	PUNCT
fbem-28647	119	4	yunnan	yunnan	PROPN
fbem-28647	119	5	baiyao	baiyao	NOUN
fbem-28647	119	6	should	should	AUX
fbem-28647	119	7	optimize	optimize	VERB
fbem-28647	119	8	debt	debt	NOUN
fbem-28647	119	9	risk	risk	NOUN
fbem-28647	119	10	control	control	NOUN
fbem-28647	119	11	and	and	CCONJ
fbem-28647	119	12	strengthen	strengthen	VERB
fbem-28647	119	13	the	the	DET
fbem-28647	119	14	level	level	NOUN
fbem-28647	119	15	of	of	ADP
fbem-28647	119	16	debt	debt	NOUN
fbem-28647	119	17	risk	risk	NOUN
fbem-28647	119	18	prevention	prevention	NOUN
fbem-28647	119	19	.	.	PUNCT
fbem-28647	120	1	strengthen	strengthen	VERB
fbem-28647	120	2	its	its	PRON
fbem-28647	120	3	own	own	ADJ
fbem-28647	120	4	internal	internal	ADJ
fbem-28647	120	5	risk	risk	NOUN
fbem-28647	120	6	management	management	NOUN
fbem-28647	120	7	enterprises	enterprise	NOUN
fbem-28647	120	8	should	should	AUX
fbem-28647	120	9	establish	establish	VERB
fbem-28647	120	10	a	a	DET
fbem-28647	120	11	perfect	perfect	ADJ
fbem-28647	120	12	risk	risk	NOUN
fbem-28647	120	13	management	management	NOUN
fbem-28647	120	14	system	system	NOUN
fbem-28647	120	15	,	,	PUNCT
fbem-28647	120	16	strengthen	strengthen	VERB
fbem-28647	120	17	the	the	DET
fbem-28647	120	18	early	early	ADJ
fbem-28647	120	19	warning	warning	NOUN
fbem-28647	120	20	and	and	CCONJ
fbem-28647	120	21	prevention	prevention	NOUN
fbem-28647	120	22	of	of	ADP
fbem-28647	120	23	external	external	ADJ
fbem-28647	120	24	risks	risk	NOUN
fbem-28647	120	25	enterprises	enterprise	NOUN
fbem-28647	120	26	should	should	AUX
fbem-28647	120	27	strengthen	strengthen	VERB
fbem-28647	120	28	the	the	DET
fbem-28647	120	29	early	early	ADJ
fbem-28647	120	30	warning	warning	NOUN
fbem-28647	120	31	and	and	CCONJ
fbem-28647	120	32	prevention	prevention	NOUN
fbem-28647	120	33	of	of	ADP
fbem-28647	120	34	external	external	ADJ
fbem-28647	120	35	risks	risk	NOUN
fbem-28647	120	36	,	,	PUNCT
fbem-28647	120	37	understand	understand	VERB
fbem-28647	120	38	the	the	DET
fbem-28647	120	39	macroeconomic	macroeconomic	ADJ
fbem-28647	120	40	situation	situation	NOUN
fbem-28647	120	41	,	,	PUNCT
fbem-28647	120	42	keep	keep	VERB
fbem-28647	120	43	abreast	abreast	ADV
fbem-28647	120	44	of	of	ADP
fbem-28647	120	45	the	the	DET
fbem-28647	120	46	market	market	NOUN
fbem-28647	120	47	7.55	7.55	NUM
fbem-28647	120	48	%	%	NOUN
fbem-28647	120	49	19.22	19.22	NUM
fbem-28647	120	50	%	%	NOUN
fbem-28647	120	51	178.88	178.88	NUM
fbem-28647	120	52	%	%	NOUN
fbem-28647	120	53	48.17	48.17	NUM
fbem-28647	120	54	%	%	NOUN
fbem-28647	120	55	89.89	89.89	NUM
fbem-28647	120	56	%	%	NOUN
fbem-28647	120	57	-62.25	-62.25	NOUN
fbem-28647	120	58	%	%	NOUN
fbem-28647	120	59	8.84	8.84	NUM
fbem-28647	120	60	%	%	NOUN
fbem-28647	120	61	8.58	8.58	NUM
fbem-28647	120	62	%	%	NOUN
fbem-28647	120	63	35.24	35.24	NUM
fbem-28647	120	64	%	%	NOUN
fbem-28647	120	65	7.12	7.12	NUM
fbem-28647	120	66	%	%	NOUN
fbem-28647	120	67	37.35	37.35	NUM
fbem-28647	120	68	%	%	NOUN
fbem-28647	120	69	30.57	30.57	NUM
fbem-28647	120	70	%	%	NOUN
fbem-28647	120	71	-100.00	-100.00	PROPN
fbem-28647	120	72	%	%	NOUN
fbem-28647	120	73	-50.00	-50.00	INTJ
fbem-28647	120	74	%	%	NOUN
fbem-28647	120	75	0.00	0.00	NUM
fbem-28647	120	76	%	%	NOUN
fbem-28647	120	77	50.00	50.00	NUM
fbem-28647	120	78	%	%	NOUN
fbem-28647	120	79	100.00	100.00	NUM
fbem-28647	120	80	%	%	NOUN
fbem-28647	120	81	150.00	150.00	NUM
fbem-28647	120	82	%	%	NOUN
fbem-28647	120	83	200.00	200.00	NUM
fbem-28647	120	84	%	%	NOUN
fbem-28647	120	85	2017	2017	NUM
fbem-28647	120	86	2018	2018	NUM
fbem-28647	120	87	2019	2019	NUM
fbem-28647	120	88	2020	2020	NUM
fbem-28647	120	89	2021	2021	NUM
fbem-28647	120	90	2022	2022	NUM
fbem-28647	120	91	non	non	ADJ
fbem-28647	120	92	-	-	ADJ
fbem-28647	120	93	financing	financing	ADJ
fbem-28647	120	94	net	net	ADJ
fbem-28647	120	95	cash	cash	NOUN
fbem-28647	120	96	flow	flow	NOUN
fbem-28647	120	97	to	to	ADP
fbem-28647	120	98	total	total	ADJ
fbem-28647	120	99	liabilities	liability	NOUN
fbem-28647	120	100	ratio	ratio	NOUN
fbem-28647	120	101	vs.	vs.	ADP
fbem-28647	120	102	degree	degree	NOUN
fbem-28647	120	103	of	of	ADP
fbem-28647	120	104	financialization	financialization	NOUN
fbem-28647	120	105	non	non	ADJ
fbem-28647	120	106	-	-	ADJ
fbem-28647	120	107	financing	financing	ADJ
fbem-28647	120	108	net	net	ADJ
fbem-28647	120	109	cash	cash	NOUN
fbem-28647	120	110	flow	flow	NOUN
fbem-28647	120	111	to	to	ADP
fbem-28647	120	112	total	total	ADJ
fbem-28647	120	113	liabilities	liability	NOUN
fbem-28647	120	114	ratio	ratio	NOUN
fbem-28647	120	115	degree	degree	NOUN
fbem-28647	120	116	of	of	ADP
fbem-28647	120	117	financialization	financialization	NOUN
fbem-28647	120	118	(	(	PUNCT
fbem-28647	120	119	investment	investment	NOUN
fbem-28647	120	120	return	return	NOUN
fbem-28647	120	121	perspective	perspective	NOUN
fbem-28647	120	122	)	)	PUNCT
fbem-28647	120	123	424	424	NUM
fbem-28647	120	124	dynamics	dynamic	NOUN
fbem-28647	120	125	,	,	PUNCT
fbem-28647	120	126	and	and	CCONJ
fbem-28647	120	127	avoid	avoid	VERB
fbem-28647	120	128	being	be	AUX
fbem-28647	120	129	affected	affect	VERB
fbem-28647	120	130	by	by	ADP
fbem-28647	120	131	external	external	ADJ
fbem-28647	120	132	risks	risk	NOUN
fbem-28647	120	133	.	.	PUNCT
fbem-28647	121	1	optimize	optimize	VERB
fbem-28647	121	2	the	the	DET
fbem-28647	121	3	structure	structure	NOUN
fbem-28647	121	4	of	of	ADP
fbem-28647	121	5	assets	asset	NOUN
fbem-28647	121	6	and	and	CCONJ
fbem-28647	121	7	liabilities	liability	NOUN
fbem-28647	121	8	,	,	PUNCT
fbem-28647	121	9	rationally	rationally	ADV
fbem-28647	121	10	use	use	VERB
fbem-28647	121	11	financial	financial	ADJ
fbem-28647	121	12	instruments	instrument	NOUN
fbem-28647	121	13	,	,	PUNCT
fbem-28647	121	14	strengthen	strengthen	VERB
fbem-28647	121	15	compliance	compliance	NOUN
fbem-28647	121	16	management	management	NOUN
fbem-28647	121	17	,	,	PUNCT
fbem-28647	121	18	and	and	CCONJ
fbem-28647	121	19	enhance	enhance	VERB
fbem-28647	121	20	the	the	DET
fbem-28647	121	21	early	early	ADJ
fbem-28647	121	22	warning	warning	NOUN
fbem-28647	121	23	and	and	CCONJ
fbem-28647	121	24	prevention	prevention	NOUN
fbem-28647	121	25	of	of	ADP
fbem-28647	121	26	external	external	ADJ
fbem-28647	121	27	risks	risk	NOUN
fbem-28647	121	28	.	.	PUNCT
fbem-28647	122	1	references	reference	NOUN
fbem-28647	122	2	[	[	X
fbem-28647	122	3	1	1	NUM
fbem-28647	122	4	]	]	PUNCT
fbem-28647	122	5	krippner	krippner	NOUN
fbem-28647	122	6	g	g	PROPN
fbem-28647	122	7	r.	r.	PROPN
fbem-28647	122	8	the	the	DET
fbem-28647	122	9	financialization	financialization	NOUN
fbem-28647	122	10	of	of	ADP
fbem-28647	122	11	the	the	DET
fbem-28647	122	12	american	american	ADJ
fbem-28647	122	13	economy	economy	NOUN
fbem-28647	123	1	[	[	X
fbem-28647	123	2	j	j	X
fbem-28647	123	3	]	]	X
fbem-28647	123	4	.	.	PUNCT
fbem-28647	123	5	socio	socio	NOUN
fbem-28647	123	6	-	-	PUNCT
fbem-28647	123	7	economic	economic	ADJ
fbem-28647	123	8	review	review	NOUN
fbem-28647	123	9	,	,	PUNCT
fbem-28647	123	10	2005	2005	NUM
fbem-28647	123	11	,	,	PUNCT
fbem-28647	123	12	3(2):173	3(2):173	NUM
fbem-28647	123	13	-	-	SYM
fbem-28647	123	14	208	208	NUM
fbem-28647	123	15	.	.	PUNCT
fbem-28647	124	1	[	[	X
fbem-28647	124	2	2	2	NUM
fbem-28647	124	3	]	]	PUNCT
fbem-28647	124	4	orhangazi	orhangazi	NOUN
fbem-28647	124	5	o.	o.	NOUN
fbem-28647	124	6	financialization	financialization	NOUN
fbem-28647	124	7	and	and	CCONJ
fbem-28647	124	8	capital	capital	NOUN
fbem-28647	124	9	accumulation	accumulation	NOUN
fbem-28647	124	10	in	in	ADP
fbem-28647	124	11	the	the	DET
fbem-28647	124	12	non	non	ADJ
fbem-28647	124	13	-	-	ADJ
fbem-28647	124	14	financial	financial	ADJ
fbem-28647	124	15	corporate	corporate	ADJ
fbem-28647	124	16	sector	sector	NOUN
fbem-28647	124	17	:	:	PUNCT
fbem-28647	124	18	an	an	DET
fbem-28647	124	19	theoretical	theoretical	ADJ
fbem-28647	124	20	and	and	CCONJ
fbem-28647	124	21	empirical	empirical	ADJ
fbem-28647	124	22	investigation	investigation	NOUN
fbem-28647	124	23	on	on	ADP
fbem-28647	124	24	the	the	DET
fbem-28647	124	25	us	us	PROPN
fbem-28647	124	26	economy	economy	NOUN
fbem-28647	124	27	:	:	PUNCT
fbem-28647	124	28	1973	1973	NUM
fbem-28647	124	29	-	-	SYM
fbem-28647	124	30	2003	2003	NUM
fbem-28647	124	31	[	[	X
fbem-28647	124	32	j].cambridge	j].cambridge	PROPN
fbem-28647	124	33	journal	journal	NOUN
fbem-28647	124	34	of	of	ADP
fbem-28647	124	35	economics	economic	NOUN
fbem-28647	124	36	,	,	PUNCT
fbem-28647	124	37	2008	2008	NUM
fbem-28647	124	38	,	,	PUNCT
fbem-28647	124	39	32(6):863	32(6):863	NOUN
fbem-28647	124	40	-	-	SYM
fbem-28647	124	41	886	886	NUM
fbem-28647	124	42	.	.	PUNCT
fbem-28647	125	1	[	[	X
fbem-28647	125	2	3	3	X
fbem-28647	125	3	]	]	X
fbem-28647	125	4	sun	sun	PROPN
fbem-28647	125	5	jiao	jiao	PROPN
fbem-28647	125	6	yang	yang	PROPN
fbem-28647	125	7	.	.	PUNCT
fbem-28647	126	1	an	an	DET
fbem-28647	126	2	empirical	empirical	ADJ
fbem-28647	126	3	study	study	NOUN
fbem-28647	126	4	on	on	ADP
fbem-28647	126	5	the	the	DET
fbem-28647	126	6	impact	impact	NOUN
fbem-28647	126	7	of	of	ADP
fbem-28647	126	8	financialization	financialization	NOUN
fbem-28647	126	9	of	of	ADP
fbem-28647	126	10	chinese	chinese	ADJ
fbem-28647	126	11	real	real	ADJ
fbem-28647	126	12	enterprises	enterprise	NOUN
fbem-28647	126	13	on	on	ADP
fbem-28647	126	14	corporate	corporate	ADJ
fbem-28647	126	15	financial	financial	ADJ
fbem-28647	126	16	risk	risk	NOUN
fbem-28647	127	1	[	[	X
fbem-28647	127	2	d	d	X
fbem-28647	127	3	]	]	X
fbem-28647	127	4	.	.	PUNCT
fbem-28647	128	1	liaoning	liaoning	PROPN
fbem-28647	128	2	university	university	PROPN
fbem-28647	128	3	,	,	PUNCT
fbem-28647	128	4	2022	2022	NUM
fbem-28647	128	5	.	.	PUNCT
fbem-28647	129	1	[	[	X
fbem-28647	129	2	4	4	X
fbem-28647	129	3	]	]	X
fbem-28647	129	4	zhang	zhang	PROPN
fbem-28647	129	5	hanshu	hanshu	PROPN
fbem-28647	129	6	.	.	PUNCT
fbem-28647	130	1	enterprise	enterprise	NOUN
fbem-28647	130	2	financial	financial	ADJ
fbem-28647	130	3	economic	economic	ADJ
fbem-28647	130	4	efficiency	efficiency	NOUN
fbem-28647	130	5	development	development	NOUN
fbem-28647	130	6	risk	risk	NOUN
fbem-28647	130	7	and	and	CCONJ
fbem-28647	130	8	its	its	PRON
fbem-28647	130	9	management	management	NOUN
fbem-28647	130	10	strategy	strategy	NOUN
fbem-28647	131	1	[	[	X
fbem-28647	131	2	j	j	X
fbem-28647	131	3	]	]	X
fbem-28647	131	4	.	.	PUNCT
fbem-28647	132	1	modern	modern	ADJ
fbem-28647	132	2	business	business	NOUN
fbem-28647	132	3	,	,	PUNCT
fbem-28647	132	4	2023(17):113	2023(17):113	NUM
fbem-28647	132	5	-	-	SYM
fbem-28647	132	6	116	116	NUM
fbem-28647	132	7	.	.	PUNCT
fbem-28647	133	1	[	[	X
fbem-28647	133	2	5	5	X
fbem-28647	133	3	]	]	X
fbem-28647	133	4	huang	huang	PROPN
fbem-28647	133	5	xiaobo	xiaobo	PROPN
fbem-28647	133	6	,	,	PUNCT
fbem-28647	133	7	li	li	PROPN
fbem-28647	133	8	shuanghua	shuanghua	PROPN
fbem-28647	133	9	,	,	PUNCT
fbem-28647	133	10	xiao	xiao	PROPN
fbem-28647	133	11	meiqiu	meiqiu	PROPN
fbem-28647	133	12	et	et	PROPN
fbem-28647	133	13	al	al	PROPN
fbem-28647	133	14	.	.	PUNCT
fbem-28647	134	1	the	the	DET
fbem-28647	134	2	development	development	NOUN
fbem-28647	134	3	trend	trend	NOUN
fbem-28647	134	4	,	,	PUNCT
fbem-28647	134	5	economic	economic	ADJ
fbem-28647	134	6	consequences	consequence	NOUN
fbem-28647	134	7	and	and	CCONJ
fbem-28647	134	8	moderation	moderation	NOUN
fbem-28647	134	9	of	of	ADP
fbem-28647	134	10	enterprise	enterprise	NOUN
fbem-28647	134	11	financialization	financialization	NOUN
fbem-28647	135	1	[	[	X
fbem-28647	135	2	j	j	X
fbem-28647	135	3	]	]	X
fbem-28647	135	4	.	.	PUNCT
fbem-28647	136	1	journal	journal	PROPN
fbem-28647	136	2	of	of	ADP
fbem-28647	136	3	hunan	hunan	PROPN
fbem-28647	136	4	college	college	PROPN
fbem-28647	136	5	of	of	ADP
fbem-28647	136	6	finance	finance	NOUN
fbem-28647	136	7	and	and	CCONJ
fbem-28647	136	8	economics	economic	NOUN
fbem-28647	136	9	,	,	PUNCT
fbem-28647	136	10	2023	2023	NUM
fbem-28647	136	11	,	,	PUNCT
fbem-28647	136	12	39(02):5	39(02):5	NUM
fbem-28647	136	13	-	-	SYM
fbem-28647	136	14	16	16	NUM
fbem-28647	136	15	.	.	PUNCT
fbem-28647	137	1	[	[	X
fbem-28647	137	2	6	6	NUM
fbem-28647	137	3	]	]	X
fbem-28647	137	4	wang	wang	PROPN
fbem-28647	137	5	jian	jian	PROPN
fbem-28647	137	6	.	.	PROPN
fbem-28647	138	1	introduction	introduction	NOUN
fbem-28647	138	2	of	of	ADP
fbem-28647	138	3	non	non	ADJ
fbem-28647	138	4	-	-	ADJ
fbem-28647	138	5	state	state	ADJ
fbem-28647	138	6	shareholders	shareholder	NOUN
fbem-28647	138	7	and	and	CCONJ
fbem-28647	138	8	corporate	corporate	ADJ
fbem-28647	138	9	financialization	financialization	NOUN
fbem-28647	138	10	a	a	DET
fbem-28647	138	11	longitudinal	longitudinal	ADJ
fbem-28647	138	12	case	case	NOUN
fbem-28647	138	13	study	study	NOUN
fbem-28647	138	14	based	base	VERB
fbem-28647	138	15	on	on	ADP
fbem-28647	138	16	yunnan	yunnan	PROPN
fbem-28647	138	17	baiyao	baiyao	PROPN
fbem-28647	139	1	[	[	X
fbem-28647	139	2	j	j	X
fbem-28647	139	3	]	]	X
fbem-28647	139	4	.	.	PUNCT
fbem-28647	140	1	financial	financial	ADJ
fbem-28647	140	2	management	management	NOUN
fbem-28647	140	3	research	research	NOUN
fbem-28647	140	4	,	,	PUNCT
fbem-28647	140	5	2023(09):1	2023(09):1	NOUN
fbem-28647	140	6	-	-	SYM
fbem-28647	140	7	10	10	NUM
fbem-28647	140	8	.	.	PUNCT
fbem-28647	141	1	[	[	X
fbem-28647	141	2	7	7	X
fbem-28647	141	3	]	]	X
fbem-28647	141	4	ang	ang	PROPN
fbem-28647	141	5	cheng	cheng	PROPN
fbem-28647	141	6	-	-	PUNCT
fbem-28647	141	7	shi	shi	PROPN
fbem-28647	141	8	,	,	PUNCT
fbem-28647	141	9	jang	jang	PROPN
fbem-28647	141	10	bu	bu	PROPN
fbem-28647	141	11	-	-	PROPN
fbem-28647	141	12	tan	tan	ADJ
fbem-28647	141	13	.	.	PUNCT
fbem-28647	142	1	revisiting	revisit	VERB
fbem-28647	142	2	finance	finance	NOUN
fbem-28647	142	3	and	and	CCONJ
fbem-28647	142	4	the	the	DET
fbem-28647	142	5	real	real	ADJ
fbem-28647	142	6	economy	economy	NOUN
fbem-28647	142	7	:	:	PUNCT
fbem-28647	142	8	a	a	DET
fbem-28647	142	9	perspective	perspective	NOUN
fbem-28647	142	10	on	on	ADP
fbem-28647	142	11	the	the	DET
fbem-28647	142	12	financialization	financialization	NOUN
fbem-28647	142	13	of	of	ADP
fbem-28647	142	14	the	the	DET
fbem-28647	142	15	economy	economy	NOUN
fbem-28647	143	1	[	[	X
fbem-28647	143	2	j	j	X
fbem-28647	143	3	]	]	X
fbem-28647	143	4	.	.	PUNCT
fbem-28647	144	1	economics	economic	NOUN
fbem-28647	144	2	dynamics	dynamic	NOUN
fbem-28647	144	3	,	,	PUNCT
fbem-28647	144	4	2015(06):56	2015(06):56	NUM
fbem-28647	144	5	-	-	SYM
fbem-28647	144	6	66	66	NUM
fbem-28647	144	7	.	.	PUNCT