id sid tid token lemma pos fbem-29181 1 1 frontiers frontier NOUN fbem-29181 1 2 in in ADP fbem-29181 1 3 business business NOUN fbem-29181 1 4 , , PUNCT fbem-29181 1 5 economics economic NOUN fbem-29181 1 6 and and CCONJ fbem-29181 1 7 management management NOUN fbem-29181 1 8 issn issn PROPN fbem-29181 1 9 : : PUNCT fbem-29181 1 10 2766 2766 NUM fbem-29181 1 11 - - PUNCT fbem-29181 1 12 824x 824x NUM fbem-29181 1 13 | | ADJ fbem-29181 1 14 vol vol NOUN fbem-29181 1 15 . . PROPN fbem-29181 1 16 18 18 NUM fbem-29181 1 17 , , PUNCT fbem-29181 1 18 no no INTJ fbem-29181 1 19 . . NOUN fbem-29181 1 20 1 1 NUM fbem-29181 1 21 , , PUNCT fbem-29181 1 22 2025 2025 NUM fbem-29181 1 23 80 80 NUM fbem-29181 1 24 stock stock NOUN fbem-29181 1 25 liquidity liquidity NOUN fbem-29181 1 26 and and CCONJ fbem-29181 1 27 corporate corporate ADJ fbem-29181 1 28 investment investment NOUN fbem-29181 1 29 efficiency efficiency NOUN fbem-29181 1 30 hewen hewen NOUN fbem-29181 1 31 ma ma PROPN fbem-29181 1 32 * * PROPN fbem-29181 1 33 school school NOUN fbem-29181 1 34 of of ADP fbem-29181 1 35 economics economic NOUN fbem-29181 1 36 , , PUNCT fbem-29181 1 37 shanghai shanghai PROPN fbem-29181 1 38 university university PROPN fbem-29181 1 39 , , PUNCT fbem-29181 1 40 shanghai shanghai PROPN fbem-29181 1 41 , , PUNCT fbem-29181 1 42 china china PROPN fbem-29181 1 43 abstract abstract PROPN fbem-29181 1 44 : : PUNCT fbem-29181 1 45 for for ADP fbem-29181 1 46 a a DET fbem-29181 1 47 long long ADJ fbem-29181 1 48 time time NOUN fbem-29181 1 49 , , PUNCT fbem-29181 1 50 investment investment NOUN fbem-29181 1 51 has have AUX fbem-29181 1 52 played play VERB fbem-29181 1 53 a a DET fbem-29181 1 54 key key ADJ fbem-29181 1 55 role role NOUN fbem-29181 1 56 in in ADP fbem-29181 1 57 stimulating stimulate VERB fbem-29181 1 58 the the DET fbem-29181 1 59 economic economic ADJ fbem-29181 1 60 growth growth NOUN fbem-29181 1 61 of of ADP fbem-29181 1 62 our our PRON fbem-29181 1 63 country country NOUN fbem-29181 1 64 , , PUNCT fbem-29181 1 65 but but CCONJ fbem-29181 1 66 the the DET fbem-29181 1 67 low low ADJ fbem-29181 1 68 investment investment NOUN fbem-29181 1 69 efficiency efficiency NOUN fbem-29181 1 70 of of ADP fbem-29181 1 71 listed list VERB fbem-29181 1 72 companies company NOUN fbem-29181 1 73 has have AUX fbem-29181 1 74 hindered hinder VERB fbem-29181 1 75 listed list VERB fbem-29181 1 76 companies company NOUN fbem-29181 1 77 from from ADP fbem-29181 1 78 entering enter VERB fbem-29181 1 79 the the DET fbem-29181 1 80 stage stage NOUN fbem-29181 1 81 of of ADP fbem-29181 1 82 high high ADJ fbem-29181 1 83 - - PUNCT fbem-29181 1 84 quality quality NOUN fbem-29181 1 85 development development NOUN fbem-29181 1 86 . . PUNCT fbem-29181 2 1 with with ADP fbem-29181 2 2 the the DET fbem-29181 2 3 reform reform NOUN fbem-29181 2 4 of of ADP fbem-29181 2 5 financial financial ADJ fbem-29181 2 6 market market NOUN fbem-29181 2 7 and and CCONJ fbem-29181 2 8 the the DET fbem-29181 2 9 rapid rapid ADJ fbem-29181 2 10 development development NOUN fbem-29181 2 11 of of ADP fbem-29181 2 12 china china PROPN fbem-29181 2 13 's 's PART fbem-29181 2 14 capital capital NOUN fbem-29181 2 15 market market NOUN fbem-29181 2 16 , , PUNCT fbem-29181 2 17 the the DET fbem-29181 2 18 impact impact NOUN fbem-29181 2 19 of of ADP fbem-29181 2 20 capital capital NOUN fbem-29181 2 21 market market NOUN fbem-29181 2 22 on on ADP fbem-29181 2 23 the the DET fbem-29181 2 24 investment investment NOUN fbem-29181 2 25 efficiency efficiency NOUN fbem-29181 2 26 of of ADP fbem-29181 2 27 listed list VERB fbem-29181 2 28 companies company NOUN fbem-29181 2 29 has have AUX fbem-29181 2 30 been be AUX fbem-29181 2 31 paid pay VERB fbem-29181 2 32 more more ADJ fbem-29181 2 33 and and CCONJ fbem-29181 2 34 more more ADJ fbem-29181 2 35 attention attention NOUN fbem-29181 2 36 . . PUNCT fbem-29181 3 1 relevant relevant ADJ fbem-29181 3 2 studies study NOUN fbem-29181 3 3 have have AUX fbem-29181 3 4 shown show VERB fbem-29181 3 5 that that SCONJ fbem-29181 3 6 stock stock NOUN fbem-29181 3 7 liquidity liquidity NOUN fbem-29181 3 8 can can AUX fbem-29181 3 9 have have VERB fbem-29181 3 10 an an DET fbem-29181 3 11 obvious obvious ADJ fbem-29181 3 12 effect effect NOUN fbem-29181 3 13 on on ADP fbem-29181 3 14 internal internal ADJ fbem-29181 3 15 factors factor NOUN fbem-29181 3 16 such such ADJ fbem-29181 3 17 as as ADP fbem-29181 3 18 stock stock NOUN fbem-29181 3 19 price price NOUN fbem-29181 3 20 information information NOUN fbem-29181 3 21 content content NOUN fbem-29181 3 22 , , PUNCT fbem-29181 3 23 agency agency NOUN fbem-29181 3 24 cost cost NOUN fbem-29181 3 25 , , PUNCT fbem-29181 3 26 management management NOUN fbem-29181 3 27 compensation compensation NOUN fbem-29181 3 28 incentive incentive NOUN fbem-29181 3 29 , , PUNCT fbem-29181 3 30 etc etc X fbem-29181 3 31 . . X fbem-29181 3 32 , , PUNCT fbem-29181 3 33 and and CCONJ fbem-29181 3 34 then then ADV fbem-29181 3 35 can can AUX fbem-29181 3 36 have have VERB fbem-29181 3 37 a a DET fbem-29181 3 38 certain certain ADJ fbem-29181 3 39 effect effect NOUN fbem-29181 3 40 on on ADP fbem-29181 3 41 its its PRON fbem-29181 3 42 investment investment NOUN fbem-29181 3 43 efficiency efficiency NOUN fbem-29181 3 44 . . PUNCT fbem-29181 4 1 this this DET fbem-29181 4 2 paper paper NOUN fbem-29181 4 3 selects select VERB fbem-29181 4 4 a a DET fbem-29181 4 5 - - PUNCT fbem-29181 4 6 share share NOUN fbem-29181 4 7 nonfinancial nonfinancial ADJ fbem-29181 4 8 listed list VERB fbem-29181 4 9 companies company NOUN fbem-29181 4 10 from from ADP fbem-29181 4 11 2013 2013 NUM fbem-29181 4 12 to to ADP fbem-29181 4 13 2022 2022 NUM fbem-29181 4 14 for for ADP fbem-29181 4 15 empirical empirical ADJ fbem-29181 4 16 test test NOUN fbem-29181 4 17 , , PUNCT fbem-29181 4 18 and and CCONJ fbem-29181 4 19 finally finally ADV fbem-29181 4 20 draws draw VERB fbem-29181 4 21 a a DET fbem-29181 4 22 relatively relatively ADV fbem-29181 4 23 robust robust ADJ fbem-29181 4 24 conclusion conclusion NOUN fbem-29181 4 25 : : PUNCT fbem-29181 4 26 stock stock NOUN fbem-29181 4 27 liquidity liquidity NOUN fbem-29181 4 28 has have VERB fbem-29181 4 29 a a DET fbem-29181 4 30 promoting promote VERB fbem-29181 4 31 effect effect NOUN fbem-29181 4 32 on on ADP fbem-29181 4 33 enterprise enterprise NOUN fbem-29181 4 34 investment investment NOUN fbem-29181 4 35 efficiency efficiency NOUN fbem-29181 4 36 . . PUNCT fbem-29181 5 1 keywords keyword NOUN fbem-29181 5 2 : : PUNCT fbem-29181 5 3 stock stock NOUN fbem-29181 5 4 liquidity liquidity NOUN fbem-29181 5 5 , , PUNCT fbem-29181 5 6 investment investment NOUN fbem-29181 5 7 efficiency efficiency NOUN fbem-29181 5 8 , , PUNCT fbem-29181 5 9 overinvestment overinvestment ADJ fbem-29181 5 10 , , PUNCT fbem-29181 5 11 underinvestment underinvestment ADJ fbem-29181 5 12 , , PUNCT fbem-29181 5 13 empirical empirical ADJ fbem-29181 5 14 test test NOUN fbem-29181 5 15 . . PUNCT fbem-29181 6 1 1 1 X fbem-29181 6 2 . . X fbem-29181 6 3 introduction introduction NOUN fbem-29181 6 4 enterprise enterprise NOUN fbem-29181 6 5 investment investment NOUN fbem-29181 6 6 connects connect VERB fbem-29181 6 7 financing financing NOUN fbem-29181 6 8 and and CCONJ fbem-29181 6 9 capital capital NOUN fbem-29181 6 10 allocation allocation NOUN fbem-29181 6 11 , , PUNCT fbem-29181 6 12 determines determine VERB fbem-29181 6 13 the the DET fbem-29181 6 14 future future ADJ fbem-29181 6 15 cash cash NOUN fbem-29181 6 16 flow flow NOUN fbem-29181 6 17 and and CCONJ fbem-29181 6 18 profit profit NOUN fbem-29181 6 19 level level NOUN fbem-29181 6 20 , , PUNCT fbem-29181 6 21 and and CCONJ fbem-29181 6 22 forms form VERB fbem-29181 6 23 the the DET fbem-29181 6 24 basis basis NOUN fbem-29181 6 25 for for ADP fbem-29181 6 26 the the DET fbem-29181 6 27 growth growth NOUN fbem-29181 6 28 of of ADP fbem-29181 6 29 micro micro NOUN fbem-29181 6 30 - - NOUN fbem-29181 6 31 entities entity NOUN fbem-29181 6 32 . . PUNCT fbem-29181 7 1 in in ADP fbem-29181 7 2 addition addition NOUN fbem-29181 7 3 , , PUNCT fbem-29181 7 4 investment investment NOUN fbem-29181 7 5 , , PUNCT fbem-29181 7 6 together together ADV fbem-29181 7 7 with with ADP fbem-29181 7 8 consumption consumption NOUN fbem-29181 7 9 and and CCONJ fbem-29181 7 10 import import NOUN fbem-29181 7 11 and and CCONJ fbem-29181 7 12 export export NOUN fbem-29181 7 13 , , PUNCT fbem-29181 7 14 constitutes constitute VERB fbem-29181 7 15 the the DET fbem-29181 7 16 troika troika NOUN fbem-29181 7 17 that that PRON fbem-29181 7 18 drives drive VERB fbem-29181 7 19 economic economic ADJ fbem-29181 7 20 growth growth NOUN fbem-29181 7 21 and and CCONJ fbem-29181 7 22 becomes become VERB fbem-29181 7 23 the the DET fbem-29181 7 24 engine engine NOUN fbem-29181 7 25 of of ADP fbem-29181 7 26 macro macro NOUN fbem-29181 7 27 - - NOUN fbem-29181 7 28 economy economy NOUN fbem-29181 7 29 , , PUNCT fbem-29181 7 30 which which PRON fbem-29181 7 31 greatly greatly ADV fbem-29181 7 32 affects affect VERB fbem-29181 7 33 the the DET fbem-29181 7 34 operation operation NOUN fbem-29181 7 35 of of ADP fbem-29181 7 36 macro macro NOUN fbem-29181 7 37 - - NOUN fbem-29181 7 38 economy economy NOUN fbem-29181 7 39 . . PUNCT fbem-29181 8 1 however however ADV fbem-29181 8 2 , , PUNCT fbem-29181 8 3 in in ADP fbem-29181 8 4 recent recent ADJ fbem-29181 8 5 years year NOUN fbem-29181 8 6 , , PUNCT fbem-29181 8 7 a a DET fbem-29181 8 8 series series NOUN fbem-29181 8 9 of of ADP fbem-29181 8 10 studies study NOUN fbem-29181 8 11 have have AUX fbem-29181 8 12 shown show VERB fbem-29181 8 13 that that SCONJ fbem-29181 8 14 the the DET fbem-29181 8 15 investment investment NOUN fbem-29181 8 16 efficiency efficiency NOUN fbem-29181 8 17 of of ADP fbem-29181 8 18 listed list VERB fbem-29181 8 19 companies company NOUN fbem-29181 8 20 in in ADP fbem-29181 8 21 china china PROPN fbem-29181 8 22 is be AUX fbem-29181 8 23 generally generally ADV fbem-29181 8 24 not not PART fbem-29181 8 25 high high ADJ fbem-29181 8 26 , , PUNCT fbem-29181 8 27 and and CCONJ fbem-29181 8 28 there there PRON fbem-29181 8 29 are be VERB fbem-29181 8 30 widespread widespread ADJ fbem-29181 8 31 phenomena phenomenon NOUN fbem-29181 8 32 of of ADP fbem-29181 8 33 under under NOUN fbem-29181 8 34 - - PUNCT fbem-29181 8 35 investment investment NOUN fbem-29181 8 36 and and CCONJ fbem-29181 8 37 over over ADP fbem-29181 8 38 - - PUNCT fbem-29181 8 39 investment investment NOUN fbem-29181 8 40 . . PUNCT fbem-29181 9 1 private private ADJ fbem-29181 9 2 enterprises enterprise NOUN fbem-29181 9 3 and and CCONJ fbem-29181 9 4 large large ADJ fbem-29181 9 5 local local ADJ fbem-29181 9 6 stateowned stateowne VERB fbem-29181 9 7 enterprises enterprise NOUN fbem-29181 9 8 have have VERB fbem-29181 9 9 over over ADV fbem-29181 9 10 - - PUNCT fbem-29181 9 11 invested invest VERB fbem-29181 9 12 , , PUNCT fbem-29181 9 13 while while SCONJ fbem-29181 9 14 china china PROPN fbem-29181 9 15 's 's PART fbem-29181 9 16 smes sme NOUN fbem-29181 9 17 have have VERB fbem-29181 9 18 under under ADV fbem-29181 9 19 - - PUNCT fbem-29181 9 20 invested invest VERB fbem-29181 9 21 due due ADJ fbem-29181 9 22 to to ADP fbem-29181 9 23 many many ADJ fbem-29181 9 24 constraints constraint NOUN fbem-29181 9 25 ( ( PUNCT fbem-29181 9 26 luo luo PROPN fbem-29181 9 27 qi qi PROPN fbem-29181 9 28 et et PROPN fbem-29181 9 29 al al PROPN fbem-29181 9 30 . . PROPN fbem-29181 9 31 , , PUNCT fbem-29181 9 32 2007 2007 NUM fbem-29181 9 33 ) ) PUNCT fbem-29181 9 34 . . PUNCT fbem-29181 10 1 extensive extensive ADJ fbem-29181 10 2 industries industry NOUN fbem-29181 10 3 of of ADP fbem-29181 10 4 traditional traditional ADJ fbem-29181 10 5 industries industry NOUN fbem-29181 10 6 represented represent VERB fbem-29181 10 7 by by ADP fbem-29181 10 8 real real ADJ fbem-29181 10 9 estate estate NOUN fbem-29181 10 10 , , PUNCT fbem-29181 10 11 steel steel NOUN fbem-29181 10 12 , , PUNCT fbem-29181 10 13 coal coal NOUN fbem-29181 10 14 and and CCONJ fbem-29181 10 15 other other ADJ fbem-29181 10 16 industries industry NOUN fbem-29181 10 17 have have AUX fbem-29181 10 18 experienced experience VERB fbem-29181 10 19 excessive excessive ADJ fbem-29181 10 20 investment investment NOUN fbem-29181 10 21 ( ( PUNCT fbem-29181 10 22 zhu zhu PROPN fbem-29181 10 23 xiwei xiwei PROPN fbem-29181 10 24 et et PROPN fbem-29181 10 25 al al PROPN fbem-29181 10 26 . . PROPN fbem-29181 10 27 , , PUNCT fbem-29181 10 28 2017 2017 NUM fbem-29181 10 29 ) ) PUNCT fbem-29181 10 30 . . PUNCT fbem-29181 11 1 in in ADP fbem-29181 11 2 view view NOUN fbem-29181 11 3 of of ADP fbem-29181 11 4 the the DET fbem-29181 11 5 fact fact NOUN fbem-29181 11 6 that that SCONJ fbem-29181 11 7 china china PROPN fbem-29181 11 8 's 's PART fbem-29181 11 9 economy economy NOUN fbem-29181 11 10 is be AUX fbem-29181 11 11 investment investment NOUN fbem-29181 11 12 driven drive VERB fbem-29181 11 13 for for ADP fbem-29181 11 14 a a DET fbem-29181 11 15 long long ADJ fbem-29181 11 16 time time NOUN fbem-29181 11 17 , , PUNCT fbem-29181 11 18 the the DET fbem-29181 11 19 prevalence prevalence NOUN fbem-29181 11 20 of of ADP fbem-29181 11 21 inefficient inefficient ADJ fbem-29181 11 22 investment investment NOUN fbem-29181 11 23 will will AUX fbem-29181 11 24 seriously seriously ADV fbem-29181 11 25 hinder hinder VERB fbem-29181 11 26 the the DET fbem-29181 11 27 steady steady ADJ fbem-29181 11 28 and and CCONJ fbem-29181 11 29 healthy healthy ADJ fbem-29181 11 30 development development NOUN fbem-29181 11 31 of of ADP fbem-29181 11 32 the the DET fbem-29181 11 33 economy economy NOUN fbem-29181 11 34 . . PUNCT fbem-29181 12 1 therefore therefore ADV fbem-29181 12 2 , , PUNCT fbem-29181 12 3 restraining restrain VERB fbem-29181 12 4 over over ADP fbem-29181 12 5 - - PUNCT fbem-29181 12 6 investment investment NOUN fbem-29181 12 7 , , PUNCT fbem-29181 12 8 alleviating alleviate VERB fbem-29181 12 9 under under NOUN fbem-29181 12 10 - - PUNCT fbem-29181 12 11 investment investment NOUN fbem-29181 12 12 and and CCONJ fbem-29181 12 13 improving improve VERB fbem-29181 12 14 the the DET fbem-29181 12 15 efficiency efficiency NOUN fbem-29181 12 16 of of ADP fbem-29181 12 17 capital capital NOUN fbem-29181 12 18 allocation allocation NOUN fbem-29181 12 19 have have AUX fbem-29181 12 20 become become VERB fbem-29181 12 21 practical practical ADJ fbem-29181 12 22 problems problem NOUN fbem-29181 12 23 that that PRON fbem-29181 12 24 need need VERB fbem-29181 12 25 to to PART fbem-29181 12 26 be be AUX fbem-29181 12 27 studied study VERB fbem-29181 12 28 and and CCONJ fbem-29181 12 29 solved solve VERB fbem-29181 12 30 urgently urgently ADV fbem-29181 12 31 . . PUNCT fbem-29181 13 1 the the DET fbem-29181 13 2 factors factor NOUN fbem-29181 13 3 that that PRON fbem-29181 13 4 affect affect VERB fbem-29181 13 5 the the DET fbem-29181 13 6 investment investment NOUN fbem-29181 13 7 efficiency efficiency NOUN fbem-29181 13 8 of of ADP fbem-29181 13 9 listed list VERB fbem-29181 13 10 companies company NOUN fbem-29181 13 11 mainly mainly ADV fbem-29181 13 12 include include VERB fbem-29181 13 13 three three NUM fbem-29181 13 14 aspects aspect NOUN fbem-29181 13 15 : : PUNCT fbem-29181 13 16 cash cash NOUN fbem-29181 13 17 flow flow NOUN fbem-29181 13 18 , , PUNCT fbem-29181 13 19 principalagent principalagent NOUN fbem-29181 13 20 relationship relationship NOUN fbem-29181 13 21 and and CCONJ fbem-29181 13 22 information information NOUN fbem-29181 13 23 asymmetry asymmetry NOUN fbem-29181 13 24 . . PUNCT fbem-29181 14 1 first first ADV fbem-29181 14 2 of of ADP fbem-29181 14 3 all all PRON fbem-29181 14 4 , , PUNCT fbem-29181 14 5 when when SCONJ fbem-29181 14 6 the the DET fbem-29181 14 7 cash cash NOUN fbem-29181 14 8 flow flow NOUN fbem-29181 14 9 available available ADJ fbem-29181 14 10 for for ADP fbem-29181 14 11 investment investment NOUN fbem-29181 14 12 projects project NOUN fbem-29181 14 13 is be AUX fbem-29181 14 14 abundant abundant ADJ fbem-29181 14 15 , , PUNCT fbem-29181 14 16 the the DET fbem-29181 14 17 management management NOUN fbem-29181 14 18 may may AUX fbem-29181 14 19 invest invest VERB fbem-29181 14 20 the the DET fbem-29181 14 21 abundant abundant ADJ fbem-29181 14 22 cash cash NOUN fbem-29181 14 23 flow flow NOUN fbem-29181 14 24 in in ADP fbem-29181 14 25 the the DET fbem-29181 14 26 investment investment NOUN fbem-29181 14 27 projects project NOUN fbem-29181 14 28 with with ADP fbem-29181 14 29 negative negative ADJ fbem-29181 14 30 net net ADJ fbem-29181 14 31 present present ADJ fbem-29181 14 32 value value NOUN fbem-29181 14 33 due due ADP fbem-29181 14 34 to to ADP fbem-29181 14 35 overconfidence overconfidence NOUN fbem-29181 14 36 or or CCONJ fbem-29181 14 37 taking take VERB fbem-29181 14 38 advantage advantage NOUN fbem-29181 14 39 of of ADP fbem-29181 14 40 the the DET fbem-29181 14 41 investment investment NOUN fbem-29181 14 42 projects project NOUN fbem-29181 14 43 for for ADP fbem-29181 14 44 their their PRON fbem-29181 14 45 own own ADJ fbem-29181 14 46 profit profit NOUN fbem-29181 14 47 , , PUNCT fbem-29181 14 48 resulting result VERB fbem-29181 14 49 in in ADP fbem-29181 14 50 the the DET fbem-29181 14 51 investment investment NOUN fbem-29181 14 52 scale scale NOUN fbem-29181 14 53 being be AUX fbem-29181 14 54 blindly blindly ADV fbem-29181 14 55 expanded expand VERB fbem-29181 14 56 . . PUNCT fbem-29181 15 1 in in ADP fbem-29181 15 2 the the DET fbem-29181 15 3 face face NOUN fbem-29181 15 4 of of ADP fbem-29181 15 5 cash cash NOUN fbem-29181 15 6 flow flow NOUN fbem-29181 15 7 shortage shortage NOUN fbem-29181 15 8 , , PUNCT fbem-29181 15 9 the the DET fbem-29181 15 10 lack lack NOUN fbem-29181 15 11 of of ADP fbem-29181 15 12 funds fund NOUN fbem-29181 15 13 causes cause VERB fbem-29181 15 14 the the DET fbem-29181 15 15 company company NOUN fbem-29181 15 16 to to PART fbem-29181 15 17 give give VERB fbem-29181 15 18 up up ADP fbem-29181 15 19 the the DET fbem-29181 15 20 investment investment NOUN fbem-29181 15 21 projects project NOUN fbem-29181 15 22 with with ADP fbem-29181 15 23 high high ADJ fbem-29181 15 24 profits profit NOUN fbem-29181 15 25 in in ADP fbem-29181 15 26 the the DET fbem-29181 15 27 future future NOUN fbem-29181 15 28 , , PUNCT fbem-29181 15 29 resulting result VERB fbem-29181 15 30 in in ADP fbem-29181 15 31 insufficient insufficient ADJ fbem-29181 15 32 investment investment NOUN fbem-29181 15 33 ( ( PUNCT fbem-29181 15 34 xie xie PROPN fbem-29181 15 35 zhong zhong PROPN fbem-29181 15 36 and and CCONJ fbem-29181 15 37 kong kong PROPN fbem-29181 15 38 lingxiang lingxiang PROPN fbem-29181 15 39 , , PUNCT fbem-29181 15 40 2018 2018 NUM fbem-29181 15 41 ) ) PUNCT fbem-29181 15 42 . . PUNCT fbem-29181 16 1 secondly secondly ADV fbem-29181 16 2 , , PUNCT fbem-29181 16 3 due due ADP fbem-29181 16 4 to to ADP fbem-29181 16 5 the the DET fbem-29181 16 6 principal principal ADJ fbem-29181 16 7 - - PUNCT fbem-29181 16 8 agent agent NOUN fbem-29181 16 9 relationship relationship NOUN fbem-29181 16 10 , , PUNCT fbem-29181 16 11 the the DET fbem-29181 16 12 company company NOUN fbem-29181 16 13 is be AUX fbem-29181 16 14 prone prone ADJ fbem-29181 16 15 to to ADP fbem-29181 16 16 over over NOUN fbem-29181 16 17 - - PUNCT fbem-29181 16 18 investment investment NOUN fbem-29181 16 19 . . PUNCT fbem-29181 17 1 the the DET fbem-29181 17 2 management management NOUN fbem-29181 17 3 expands expand VERB fbem-29181 17 4 the the DET fbem-29181 17 5 company company NOUN fbem-29181 17 6 scale scale NOUN fbem-29181 17 7 by by ADP fbem-29181 17 8 increasing increase VERB fbem-29181 17 9 investment investment NOUN fbem-29181 17 10 projects project NOUN fbem-29181 17 11 , , PUNCT fbem-29181 17 12 and and CCONJ fbem-29181 17 13 then then ADV fbem-29181 17 14 negotiates negotiate VERB fbem-29181 17 15 salary salary NOUN fbem-29181 17 16 with with ADP fbem-29181 17 17 the the DET fbem-29181 17 18 company company NOUN fbem-29181 17 19 based base VERB fbem-29181 17 20 on on ADP fbem-29181 17 21 the the DET fbem-29181 17 22 company company NOUN fbem-29181 17 23 scale scale NOUN fbem-29181 17 24 . . PUNCT fbem-29181 18 1 after after ADP fbem-29181 18 2 expanding expand VERB fbem-29181 18 3 the the DET fbem-29181 18 4 company company NOUN fbem-29181 18 5 scale scale NOUN fbem-29181 18 6 , , PUNCT fbem-29181 18 7 on on ADP fbem-29181 18 8 - - PUNCT fbem-29181 18 9 thejob thejob NOUN fbem-29181 18 10 consumption consumption NOUN fbem-29181 18 11 can can AUX fbem-29181 18 12 be be AUX fbem-29181 18 13 increased increase VERB fbem-29181 18 14 . . PUNCT fbem-29181 19 1 finally finally ADV fbem-29181 19 2 , , PUNCT fbem-29181 19 3 china china PROPN fbem-29181 19 4 's 's PART fbem-29181 19 5 capital capital NOUN fbem-29181 19 6 market market NOUN fbem-29181 19 7 is be AUX fbem-29181 19 8 still still ADV fbem-29181 19 9 not not PART fbem-29181 19 10 perfect perfect ADJ fbem-29181 19 11 , , PUNCT fbem-29181 19 12 and and CCONJ fbem-29181 19 13 the the DET fbem-29181 19 14 information information NOUN fbem-29181 19 15 transmission transmission NOUN fbem-29181 19 16 and and CCONJ fbem-29181 19 17 information information NOUN fbem-29181 19 18 feedback feedback NOUN fbem-29181 19 19 mechanism mechanism NOUN fbem-29181 19 20 need need VERB fbem-29181 19 21 to to PART fbem-29181 19 22 be be AUX fbem-29181 19 23 further far ADV fbem-29181 19 24 strengthened strengthen VERB fbem-29181 19 25 . . PUNCT fbem-29181 20 1 chen chen PROPN fbem-29181 20 2 yunsen yunsen PROPN fbem-29181 20 3 and and CCONJ fbem-29181 20 4 huang huang PROPN fbem-29181 20 5 jianqiao jianqiao NOUN fbem-29181 20 6 ( ( PUNCT fbem-29181 20 7 2019 2019 NUM fbem-29181 20 8 ) ) PUNCT fbem-29181 20 9 found find VERB fbem-29181 20 10 that that SCONJ fbem-29181 20 11 the the DET fbem-29181 20 12 opening opening NOUN fbem-29181 20 13 of of ADP fbem-29181 20 14 china china PROPN fbem-29181 20 15 's 's PART fbem-29181 20 16 a a DET fbem-29181 20 17 - - PUNCT fbem-29181 20 18 share share NOUN fbem-29181 20 19 stock stock NOUN fbem-29181 20 20 market market NOUN fbem-29181 20 21 can can AUX fbem-29181 20 22 significantly significantly ADV fbem-29181 20 23 improve improve VERB fbem-29181 20 24 the the DET fbem-29181 20 25 internal internal ADJ fbem-29181 20 26 information information NOUN fbem-29181 20 27 quality quality NOUN fbem-29181 20 28 of of ADP fbem-29181 20 29 companies company NOUN fbem-29181 20 30 , , PUNCT fbem-29181 20 31 improve improve VERB fbem-29181 20 32 the the DET fbem-29181 20 33 accuracy accuracy NOUN fbem-29181 20 34 of of ADP fbem-29181 20 35 analysts analyst NOUN fbem-29181 20 36 ' ' PART fbem-29181 20 37 forecasts forecast NOUN fbem-29181 20 38 , , PUNCT fbem-29181 20 39 and and CCONJ fbem-29181 20 40 thus thus ADV fbem-29181 20 41 improve improve VERB fbem-29181 20 42 the the DET fbem-29181 20 43 investment investment NOUN fbem-29181 20 44 efficiency efficiency NOUN fbem-29181 20 45 of of ADP fbem-29181 20 46 listed list VERB fbem-29181 20 47 companies company NOUN fbem-29181 20 48 . . PUNCT fbem-29181 21 1 stock stock NOUN fbem-29181 21 2 liquidity liquidity NOUN fbem-29181 21 3 is be AUX fbem-29181 21 4 one one NUM fbem-29181 21 5 of of ADP fbem-29181 21 6 the the DET fbem-29181 21 7 important important ADJ fbem-29181 21 8 indicators indicator NOUN fbem-29181 21 9 to to PART fbem-29181 21 10 measure measure VERB fbem-29181 21 11 the the DET fbem-29181 21 12 microstructure microstructure NOUN fbem-29181 21 13 of of ADP fbem-29181 21 14 capital capital NOUN fbem-29181 21 15 market market NOUN fbem-29181 21 16 , , PUNCT fbem-29181 21 17 so so SCONJ fbem-29181 21 18 this this DET fbem-29181 21 19 paper paper NOUN fbem-29181 21 20 studies study NOUN fbem-29181 21 21 whether whether SCONJ fbem-29181 21 22 the the DET fbem-29181 21 23 capital capital NOUN fbem-29181 21 24 market market NOUN fbem-29181 21 25 can can AUX fbem-29181 21 26 improve improve VERB fbem-29181 21 27 the the DET fbem-29181 21 28 investment investment NOUN fbem-29181 21 29 efficiency efficiency NOUN fbem-29181 21 30 of of ADP fbem-29181 21 31 listed list VERB fbem-29181 21 32 companies company NOUN fbem-29181 21 33 from from ADP fbem-29181 21 34 the the DET fbem-29181 21 35 perspective perspective NOUN fbem-29181 21 36 of of ADP fbem-29181 21 37 stock stock NOUN fbem-29181 21 38 liquidity liquidity NOUN fbem-29181 21 39 . . PUNCT fbem-29181 22 1 the the DET fbem-29181 22 2 speed speed NOUN fbem-29181 22 3 and and CCONJ fbem-29181 22 4 difficulty difficulty NOUN fbem-29181 22 5 of of ADP fbem-29181 22 6 equity equity NOUN fbem-29181 22 7 trading trading NOUN fbem-29181 22 8 in in ADP fbem-29181 22 9 capital capital NOUN fbem-29181 22 10 market market NOUN fbem-29181 22 11 can can AUX fbem-29181 22 12 be be AUX fbem-29181 22 13 reflected reflect VERB fbem-29181 22 14 by by ADP fbem-29181 22 15 the the DET fbem-29181 22 16 level level NOUN fbem-29181 22 17 of of ADP fbem-29181 22 18 stock stock NOUN fbem-29181 22 19 liquidity liquidity NOUN fbem-29181 22 20 , , PUNCT fbem-29181 22 21 which which PRON fbem-29181 22 22 is be AUX fbem-29181 22 23 the the DET fbem-29181 22 24 basis basis NOUN fbem-29181 22 25 for for SCONJ fbem-29181 22 26 capital capital NOUN fbem-29181 22 27 market market NOUN fbem-29181 22 28 to to PART fbem-29181 22 29 play play VERB fbem-29181 22 30 its its PRON fbem-29181 22 31 function function NOUN fbem-29181 22 32 of of ADP fbem-29181 22 33 resource resource NOUN fbem-29181 22 34 allocation allocation NOUN fbem-29181 22 35 . . PUNCT fbem-29181 23 1 most most ADJ fbem-29181 23 2 studies study NOUN fbem-29181 23 3 believe believe VERB fbem-29181 23 4 that that SCONJ fbem-29181 23 5 stock stock NOUN fbem-29181 23 6 liquidity liquidity NOUN fbem-29181 23 7 can can AUX fbem-29181 23 8 increase increase VERB fbem-29181 23 9 the the DET fbem-29181 23 10 information information NOUN fbem-29181 23 11 content content NOUN fbem-29181 23 12 of of ADP fbem-29181 23 13 stock stock NOUN fbem-29181 23 14 price price NOUN fbem-29181 23 15 of of ADP fbem-29181 23 16 listed list VERB fbem-29181 23 17 companies company NOUN fbem-29181 23 18 , , PUNCT fbem-29181 23 19 reduce reduce VERB fbem-29181 23 20 the the DET fbem-29181 23 21 principal principal ADJ fbem-29181 23 22 - - PUNCT fbem-29181 23 23 agent agent NOUN fbem-29181 23 24 cost cost NOUN fbem-29181 23 25 and and CCONJ fbem-29181 23 26 improve improve VERB fbem-29181 23 27 the the DET fbem-29181 23 28 sensitivity sensitivity NOUN fbem-29181 23 29 of of ADP fbem-29181 23 30 management management NOUN fbem-29181 23 31 compensation compensation NOUN fbem-29181 23 32 to to ADP fbem-29181 23 33 stock stock NOUN fbem-29181 23 34 price price NOUN fbem-29181 23 35 . . PUNCT fbem-29181 24 1 this this PRON fbem-29181 24 2 indicates indicate VERB fbem-29181 24 3 that that SCONJ fbem-29181 24 4 stock stock NOUN fbem-29181 24 5 liquidity liquidity NOUN fbem-29181 24 6 has have VERB fbem-29181 24 7 many many ADJ fbem-29181 24 8 positive positive ADJ fbem-29181 24 9 impacts impact NOUN fbem-29181 24 10 on on ADP fbem-29181 24 11 the the DET fbem-29181 24 12 internal internal ADJ fbem-29181 24 13 governance governance NOUN fbem-29181 24 14 of of ADP fbem-29181 24 15 listed list VERB fbem-29181 24 16 companies company NOUN fbem-29181 24 17 , , PUNCT fbem-29181 24 18 but but CCONJ fbem-29181 24 19 can can AUX fbem-29181 24 20 improving improve VERB fbem-29181 24 21 stock stock NOUN fbem-29181 24 22 liquidity liquidity NOUN fbem-29181 24 23 further far ADV fbem-29181 24 24 promote promote VERB fbem-29181 24 25 the the DET fbem-29181 24 26 improvement improvement NOUN fbem-29181 24 27 of of ADP fbem-29181 24 28 investment investment NOUN fbem-29181 24 29 efficiency efficiency NOUN fbem-29181 24 30 of of ADP fbem-29181 24 31 listed list VERB fbem-29181 24 32 companies company NOUN fbem-29181 24 33 ? ? PUNCT fbem-29181 25 1 this this DET fbem-29181 25 2 paper paper NOUN fbem-29181 25 3 will will AUX fbem-29181 25 4 try try VERB fbem-29181 25 5 to to PART fbem-29181 25 6 explore explore VERB fbem-29181 25 7 it it PRON fbem-29181 25 8 through through ADP fbem-29181 25 9 the the DET fbem-29181 25 10 method method NOUN fbem-29181 25 11 of of ADP fbem-29181 25 12 empirical empirical ADJ fbem-29181 25 13 analysis analysis NOUN fbem-29181 25 14 . . PUNCT fbem-29181 26 1 2 2 X fbem-29181 26 2 . . X fbem-29181 26 3 literature literature NOUN fbem-29181 26 4 review review VERB fbem-29181 26 5 2.1 2.1 NUM fbem-29181 26 6 . . PUNCT fbem-29181 27 1 factors factor NOUN fbem-29181 27 2 affecting affect VERB fbem-29181 27 3 investment investment NOUN fbem-29181 27 4 efficiency efficiency NOUN fbem-29181 27 5 at at ADP fbem-29181 27 6 the the DET fbem-29181 27 7 micro micro ADJ fbem-29181 27 8 level level NOUN fbem-29181 27 9 , , PUNCT fbem-29181 27 10 a a DET fbem-29181 27 11 large large ADJ fbem-29181 27 12 number number NOUN fbem-29181 27 13 of of ADP fbem-29181 27 14 researches research NOUN fbem-29181 27 15 and and CCONJ fbem-29181 27 16 literatures literature NOUN fbem-29181 27 17 have have AUX fbem-29181 27 18 shown show VERB fbem-29181 27 19 that that SCONJ fbem-29181 27 20 the the DET fbem-29181 27 21 factors factor NOUN fbem-29181 27 22 affecting affect VERB fbem-29181 27 23 investment investment NOUN fbem-29181 27 24 efficiency efficiency NOUN fbem-29181 27 25 mainly mainly ADV fbem-29181 27 26 include include VERB fbem-29181 27 27 information information NOUN fbem-29181 27 28 asymmetry asymmetry NOUN fbem-29181 27 29 , , PUNCT fbem-29181 27 30 principalagent principalagent NOUN fbem-29181 27 31 cost cost NOUN fbem-29181 27 32 , , PUNCT fbem-29181 27 33 financing financing NOUN fbem-29181 27 34 constraints constraint NOUN fbem-29181 27 35 and and CCONJ fbem-29181 27 36 management management NOUN fbem-29181 27 37 characteristics characteristic NOUN fbem-29181 27 38 : : PUNCT fbem-29181 27 39 firstly firstly ADV fbem-29181 27 40 , , PUNCT fbem-29181 27 41 in in ADP fbem-29181 27 42 terms term NOUN fbem-29181 27 43 of of ADP fbem-29181 27 44 the the DET fbem-29181 27 45 impact impact NOUN fbem-29181 27 46 of of ADP fbem-29181 27 47 information information NOUN fbem-29181 27 48 asymmetry asymmetry NOUN fbem-29181 27 49 on on ADP fbem-29181 27 50 the the DET fbem-29181 27 51 investment investment NOUN fbem-29181 27 52 efficiency efficiency NOUN fbem-29181 27 53 of of ADP fbem-29181 27 54 enterprises enterprise NOUN fbem-29181 27 55 , , PUNCT fbem-29181 27 56 myers myer NOUN fbem-29181 27 57 and and CCONJ fbem-29181 27 58 majluf majluf PROPN fbem-29181 27 59 ( ( PUNCT fbem-29181 27 60 1984 1984 NUM fbem-29181 27 61 ) ) PUNCT fbem-29181 27 62 pointed point VERB fbem-29181 27 63 out out ADP fbem-29181 27 64 that that SCONJ fbem-29181 27 65 the the DET fbem-29181 27 66 information information NOUN fbem-29181 27 67 asymmetry asymmetry NOUN fbem-29181 27 68 inside inside ADP fbem-29181 27 69 and and CCONJ fbem-29181 27 70 outside outside ADP fbem-29181 27 71 an an DET fbem-29181 27 72 enterprise enterprise NOUN fbem-29181 27 73 will will AUX fbem-29181 27 74 increase increase VERB fbem-29181 27 75 its its PRON fbem-29181 27 76 financing financing NOUN fbem-29181 27 77 cost cost NOUN fbem-29181 27 78 , , PUNCT fbem-29181 27 79 and and CCONJ fbem-29181 27 80 then then ADV fbem-29181 27 81 cause cause VERB fbem-29181 27 82 the the DET fbem-29181 27 83 under under NOUN fbem-29181 27 84 - - PUNCT fbem-29181 27 85 investment investment NOUN fbem-29181 27 86 of of ADP fbem-29181 27 87 enterprises enterprise NOUN fbem-29181 27 88 with with ADP fbem-29181 27 89 insufficient insufficient ADJ fbem-29181 27 90 capital capital NOUN fbem-29181 27 91 . . PUNCT fbem-29181 28 1 corporate corporate ADJ fbem-29181 28 2 efficiency efficiency NOUN fbem-29181 28 3 will will AUX fbem-29181 28 4 be be AUX fbem-29181 28 5 improved improve VERB fbem-29181 28 6 with with ADP fbem-29181 28 7 the the DET fbem-29181 28 8 improvement improvement NOUN fbem-29181 28 9 of of ADP fbem-29181 28 10 corporate corporate ADJ fbem-29181 28 11 information information NOUN fbem-29181 28 12 quality quality NOUN fbem-29181 28 13 . . PUNCT fbem-29181 29 1 chen chen PROPN fbem-29181 29 2 et et PROPN fbem-29181 29 3 al al PROPN fbem-29181 29 4 . . PROPN fbem-29181 30 1 ( ( PUNCT fbem-29181 30 2 2007 2007 NUM fbem-29181 30 3 ) ) PUNCT fbem-29181 30 4 showed show VERB fbem-29181 30 5 that that SCONJ fbem-29181 30 6 a a DET fbem-29181 30 7 company company NOUN fbem-29181 30 8 's 's PART fbem-29181 30 9 information information NOUN fbem-29181 30 10 environment environment NOUN fbem-29181 30 11 would would AUX fbem-29181 30 12 also also ADV fbem-29181 30 13 affect affect VERB fbem-29181 30 14 its its PRON fbem-29181 30 15 investment investment NOUN fbem-29181 30 16 efficiency efficiency NOUN fbem-29181 30 17 . . PUNCT fbem-29181 31 1 the the DET fbem-29181 31 2 management management NOUN fbem-29181 31 3 could could AUX fbem-29181 31 4 obtain obtain VERB fbem-29181 31 5 meaningful meaningful ADJ fbem-29181 31 6 information information NOUN fbem-29181 31 7 from from ADP fbem-29181 31 8 the the DET fbem-29181 31 9 company company NOUN fbem-29181 31 10 's 's PART fbem-29181 31 11 81 81 NUM fbem-29181 31 12 stock stock NOUN fbem-29181 31 13 price price NOUN fbem-29181 31 14 information information NOUN fbem-29181 31 15 and and CCONJ fbem-29181 31 16 integrate integrate VERB fbem-29181 31 17 it it PRON fbem-29181 31 18 into into ADP fbem-29181 31 19 the the DET fbem-29181 31 20 company company NOUN fbem-29181 31 21 's 's PART fbem-29181 31 22 investment investment NOUN fbem-29181 31 23 . . PUNCT fbem-29181 32 1 zhong zhong PROPN fbem-29181 32 2 ma ma PROPN fbem-29181 32 3 ( ( PUNCT fbem-29181 32 4 2015 2015 NUM fbem-29181 32 5 ) ) PUNCT fbem-29181 32 6 found find VERB fbem-29181 32 7 that that SCONJ fbem-29181 32 8 after after SCONJ fbem-29181 32 9 listed list VERB fbem-29181 32 10 companies company NOUN fbem-29181 32 11 are be AUX fbem-29181 32 12 forced force VERB fbem-29181 32 13 to to PART fbem-29181 32 14 disclose disclose VERB fbem-29181 32 15 social social ADJ fbem-29181 32 16 responsibility responsibility NOUN fbem-29181 32 17 information information NOUN fbem-29181 32 18 , , PUNCT fbem-29181 32 19 their their PRON fbem-29181 32 20 investment investment NOUN fbem-29181 32 21 efficiency efficiency NOUN fbem-29181 32 22 will will AUX fbem-29181 32 23 be be AUX fbem-29181 32 24 significantly significantly ADV fbem-29181 32 25 improved improve VERB fbem-29181 32 26 . . PUNCT fbem-29181 33 1 yu yu PROPN fbem-29181 33 2 wenchao wenchao PROPN fbem-29181 33 3 et et PROPN fbem-29181 33 4 al al PROPN fbem-29181 33 5 . . PROPN fbem-29181 34 1 ( ( PUNCT fbem-29181 34 2 2020 2020 NUM fbem-29181 34 3 ) ) PUNCT fbem-29181 34 4 also also ADV fbem-29181 34 5 found find VERB fbem-29181 34 6 that that SCONJ fbem-29181 34 7 the the DET fbem-29181 34 8 disclosure disclosure NOUN fbem-29181 34 9 of of ADP fbem-29181 34 10 government government NOUN fbem-29181 34 11 information information NOUN fbem-29181 34 12 can can AUX fbem-29181 34 13 significantly significantly ADV fbem-29181 34 14 improve improve VERB fbem-29181 34 15 the the DET fbem-29181 34 16 investment investment NOUN fbem-29181 34 17 efficiency efficiency NOUN fbem-29181 34 18 of of ADP fbem-29181 34 19 enterprises enterprise NOUN fbem-29181 34 20 , , PUNCT fbem-29181 34 21 which which PRON fbem-29181 34 22 is be AUX fbem-29181 34 23 more more ADV fbem-29181 34 24 effective effective ADJ fbem-29181 34 25 for for ADP fbem-29181 34 26 non non ADJ fbem-29181 34 27 - - ADJ fbem-29181 34 28 state state NOUN fbem-29181 34 29 - - PUNCT fbem-29181 34 30 owned own VERB fbem-29181 34 31 enterprises enterprise NOUN fbem-29181 34 32 and and CCONJ fbem-29181 34 33 listed list VERB fbem-29181 34 34 companies company NOUN fbem-29181 34 35 in in ADP fbem-29181 34 36 regulated regulated ADJ fbem-29181 34 37 industries industry NOUN fbem-29181 34 38 . . PUNCT fbem-29181 35 1 secondly secondly ADV fbem-29181 35 2 , , PUNCT fbem-29181 35 3 principal principal ADJ fbem-29181 35 4 - - PUNCT fbem-29181 35 5 agent agent NOUN fbem-29181 35 6 aspects aspect NOUN fbem-29181 35 7 : : PUNCT fbem-29181 35 8 excessive excessive ADJ fbem-29181 35 9 speculative speculative ADJ fbem-29181 35 10 activities activity NOUN fbem-29181 35 11 will will AUX fbem-29181 35 12 produce produce VERB fbem-29181 35 13 serious serious ADJ fbem-29181 35 14 agency agency NOUN fbem-29181 35 15 problems problem NOUN fbem-29181 35 16 and and CCONJ fbem-29181 35 17 reduce reduce VERB fbem-29181 35 18 the the DET fbem-29181 35 19 investment investment NOUN fbem-29181 35 20 efficiency efficiency NOUN fbem-29181 35 21 of of ADP fbem-29181 35 22 the the DET fbem-29181 35 23 company company NOUN fbem-29181 35 24 . . PUNCT fbem-29181 36 1 agency agency NOUN fbem-29181 36 2 conflict conflict NOUN fbem-29181 36 3 causes cause VERB fbem-29181 36 4 enterprise enterprise NOUN fbem-29181 36 5 investment investment NOUN fbem-29181 36 6 to to PART fbem-29181 36 7 deviate deviate VERB fbem-29181 36 8 from from ADP fbem-29181 36 9 the the DET fbem-29181 36 10 optimal optimal ADJ fbem-29181 36 11 investment investment NOUN fbem-29181 36 12 level level NOUN fbem-29181 36 13 , , PUNCT fbem-29181 36 14 resulting result VERB fbem-29181 36 15 in in ADP fbem-29181 36 16 inefficient inefficient ADJ fbem-29181 36 17 investment investment NOUN fbem-29181 36 18 ( ( PUNCT fbem-29181 36 19 stulz stulz ADJ fbem-29181 36 20 , , PUNCT fbem-29181 36 21 1990 1990 NUM fbem-29181 36 22 ; ; PUNCT fbem-29181 36 23 zwiebel zwiebel NOUN fbem-29181 36 24 , , PUNCT fbem-29181 36 25 1996 1996 NUM fbem-29181 36 26 ) ) PUNCT fbem-29181 36 27 . . PUNCT fbem-29181 37 1 jensen jensen PROPN fbem-29181 37 2 ( ( PUNCT fbem-29181 37 3 1986 1986 NUM fbem-29181 37 4 ) ) PUNCT fbem-29181 37 5 believed believe VERB fbem-29181 37 6 that that SCONJ fbem-29181 37 7 the the DET fbem-29181 37 8 agency agency NOUN fbem-29181 37 9 problem problem NOUN fbem-29181 37 10 between between ADP fbem-29181 37 11 the the DET fbem-29181 37 12 principal principal NOUN fbem-29181 37 13 and and CCONJ fbem-29181 37 14 the the DET fbem-29181 37 15 agent agent NOUN fbem-29181 37 16 was be AUX fbem-29181 37 17 the the DET fbem-29181 37 18 main main ADJ fbem-29181 37 19 reason reason NOUN fbem-29181 37 20 for for ADP fbem-29181 37 21 the the DET fbem-29181 37 22 negative negative ADJ fbem-29181 37 23 net net ADJ fbem-29181 37 24 present present ADJ fbem-29181 37 25 value value NOUN fbem-29181 37 26 of of ADP fbem-29181 37 27 the the DET fbem-29181 37 28 agent agent NOUN fbem-29181 37 29 's 's PART fbem-29181 37 30 investment investment NOUN fbem-29181 37 31 projects project NOUN fbem-29181 37 32 . . PUNCT fbem-29181 38 1 verdi verdi X fbem-29181 38 2 ( ( PUNCT fbem-29181 38 3 2006 2006 NUM fbem-29181 38 4 ) ) PUNCT fbem-29181 38 5 believes believe VERB fbem-29181 38 6 that that SCONJ fbem-29181 38 7 the the DET fbem-29181 38 8 impact impact NOUN fbem-29181 38 9 of of ADP fbem-29181 38 10 agency agency NOUN fbem-29181 38 11 problems problem NOUN fbem-29181 38 12 on on ADP fbem-29181 38 13 investment investment NOUN fbem-29181 38 14 efficiency efficiency NOUN fbem-29181 38 15 may may AUX fbem-29181 38 16 lead lead VERB fbem-29181 38 17 to to ADP fbem-29181 38 18 both both PRON fbem-29181 38 19 over over ADP fbem-29181 38 20 - - PUNCT fbem-29181 38 21 investment investment NOUN fbem-29181 38 22 and and CCONJ fbem-29181 38 23 under under NOUN fbem-29181 38 24 - - PUNCT fbem-29181 38 25 investment investment NOUN fbem-29181 38 26 . . PUNCT fbem-29181 39 1 when when SCONJ fbem-29181 39 2 the the DET fbem-29181 39 3 agency agency NOUN fbem-29181 39 4 problem problem NOUN fbem-29181 39 5 is be AUX fbem-29181 39 6 serious serious ADJ fbem-29181 39 7 , , PUNCT fbem-29181 39 8 in in ADP fbem-29181 39 9 order order NOUN fbem-29181 39 10 to to PART fbem-29181 39 11 satisfy satisfy VERB fbem-29181 39 12 its its PRON fbem-29181 39 13 own own ADJ fbem-29181 39 14 interests interest NOUN fbem-29181 39 15 and and CCONJ fbem-29181 39 16 pursue pursue VERB fbem-29181 39 17 short short ADJ fbem-29181 39 18 - - PUNCT fbem-29181 39 19 term term NOUN fbem-29181 39 20 benefits benefit NOUN fbem-29181 39 21 of of ADP fbem-29181 39 22 the the DET fbem-29181 39 23 enterprise enterprise NOUN fbem-29181 39 24 , , PUNCT fbem-29181 39 25 the the DET fbem-29181 39 26 management management NOUN fbem-29181 39 27 may may AUX fbem-29181 39 28 often often ADV fbem-29181 39 29 abandon abandon VERB fbem-29181 39 30 investment investment NOUN fbem-29181 39 31 projects project NOUN fbem-29181 39 32 with with ADP fbem-29181 39 33 positive positive ADJ fbem-29181 39 34 net net ADJ fbem-29181 39 35 present present ADJ fbem-29181 39 36 value value NOUN fbem-29181 39 37 , , PUNCT fbem-29181 39 38 resulting result VERB fbem-29181 39 39 in in ADP fbem-29181 39 40 insufficient insufficient ADJ fbem-29181 39 41 investment investment NOUN fbem-29181 39 42 of of ADP fbem-29181 39 43 the the DET fbem-29181 39 44 enterprise enterprise NOUN fbem-29181 39 45 . . PUNCT fbem-29181 40 1 as as ADP fbem-29181 40 2 a a DET fbem-29181 40 3 result result NOUN fbem-29181 40 4 , , PUNCT fbem-29181 40 5 external external ADJ fbem-29181 40 6 investors investor NOUN fbem-29181 40 7 are be AUX fbem-29181 40 8 not not PART fbem-29181 40 9 optimistic optimistic ADJ fbem-29181 40 10 about about ADP fbem-29181 40 11 the the DET fbem-29181 40 12 operating operating NOUN fbem-29181 40 13 performance performance NOUN fbem-29181 40 14 of of ADP fbem-29181 40 15 the the DET fbem-29181 40 16 company company NOUN fbem-29181 40 17 , , PUNCT fbem-29181 40 18 reducing reduce VERB fbem-29181 40 19 the the DET fbem-29181 40 20 willingness willingness NOUN fbem-29181 40 21 of of ADP fbem-29181 40 22 external external ADJ fbem-29181 40 23 investors investor NOUN fbem-29181 40 24 to to PART fbem-29181 40 25 provide provide VERB fbem-29181 40 26 funds fund NOUN fbem-29181 40 27 for for ADP fbem-29181 40 28 the the DET fbem-29181 40 29 company company NOUN fbem-29181 40 30 , , PUNCT fbem-29181 40 31 and and CCONJ fbem-29181 40 32 raising raise VERB fbem-29181 40 33 the the DET fbem-29181 40 34 financing financing NOUN fbem-29181 40 35 cost cost NOUN fbem-29181 40 36 of of ADP fbem-29181 40 37 the the DET fbem-29181 40 38 company company NOUN fbem-29181 40 39 . . PUNCT fbem-29181 41 1 cause cause VERB fbem-29181 41 2 the the DET fbem-29181 41 3 company company NOUN fbem-29181 41 4 to to PART fbem-29181 41 5 underinvest underinvest VERB fbem-29181 41 6 . . PUNCT fbem-29181 42 1 finally finally ADV fbem-29181 42 2 , , PUNCT fbem-29181 42 3 in in ADP fbem-29181 42 4 terms term NOUN fbem-29181 42 5 of of ADP fbem-29181 42 6 financing financing NOUN fbem-29181 42 7 constraints constraint NOUN fbem-29181 42 8 , , PUNCT fbem-29181 42 9 the the DET fbem-29181 42 10 empirical empirical ADJ fbem-29181 42 11 test test NOUN fbem-29181 42 12 of of ADP fbem-29181 42 13 yu yu PROPN fbem-29181 42 14 kun kun PROPN fbem-29181 42 15 et et PROPN fbem-29181 42 16 al al PROPN fbem-29181 42 17 . . PROPN fbem-29181 43 1 ( ( PUNCT fbem-29181 43 2 2014 2014 NUM fbem-29181 43 3 ) ) PUNCT fbem-29181 43 4 found find VERB fbem-29181 43 5 that that SCONJ fbem-29181 43 6 frequent frequent ADJ fbem-29181 43 7 monetary monetary ADJ fbem-29181 43 8 policy policy NOUN fbem-29181 43 9 stimulus stimulus NOUN fbem-29181 43 10 would would AUX fbem-29181 43 11 expand expand VERB fbem-29181 43 12 the the DET fbem-29181 43 13 difference difference NOUN fbem-29181 43 14 in in ADP fbem-29181 43 15 capital capital NOUN fbem-29181 43 16 supply supply NOUN fbem-29181 43 17 between between ADP fbem-29181 43 18 state state NOUN fbem-29181 43 19 - - PUNCT fbem-29181 43 20 owned own VERB fbem-29181 43 21 enterprises enterprise NOUN fbem-29181 43 22 and and CCONJ fbem-29181 43 23 non non ADJ fbem-29181 43 24 - - ADJ fbem-29181 43 25 state state NOUN fbem-29181 43 26 - - PUNCT fbem-29181 43 27 owned own VERB fbem-29181 43 28 enterprises enterprise NOUN fbem-29181 43 29 . . PUNCT fbem-29181 44 1 specifically specifically ADV fbem-29181 44 2 , , PUNCT fbem-29181 44 3 state state NOUN fbem-29181 44 4 - - PUNCT fbem-29181 44 5 owned own VERB fbem-29181 44 6 enterprises enterprise NOUN fbem-29181 44 7 continue continue VERB fbem-29181 44 8 to to PART fbem-29181 44 9 obtain obtain VERB fbem-29181 44 10 supportive supportive ADJ fbem-29181 44 11 loan loan NOUN fbem-29181 44 12 subsidies subsidy NOUN fbem-29181 44 13 , , PUNCT fbem-29181 44 14 which which PRON fbem-29181 44 15 will will AUX fbem-29181 44 16 inevitably inevitably ADV fbem-29181 44 17 lead lead VERB fbem-29181 44 18 to to ADP fbem-29181 44 19 a a DET fbem-29181 44 20 corresponding corresponding ADJ fbem-29181 44 21 run run NOUN fbem-29181 44 22 on on ADP fbem-29181 44 23 the the DET fbem-29181 44 24 loan loan NOUN fbem-29181 44 25 resources resource NOUN fbem-29181 44 26 of of ADP fbem-29181 44 27 non non ADJ fbem-29181 44 28 - - ADJ fbem-29181 44 29 state state NOUN fbem-29181 44 30 - - PUNCT fbem-29181 44 31 owned own VERB fbem-29181 44 32 enterprises enterprise NOUN fbem-29181 44 33 , , PUNCT fbem-29181 44 34 and and CCONJ fbem-29181 44 35 financing financing NOUN fbem-29181 44 36 constraints constraint NOUN fbem-29181 44 37 will will AUX fbem-29181 44 38 continuously continuously ADV fbem-29181 44 39 reduce reduce VERB fbem-29181 44 40 the the DET fbem-29181 44 41 investment investment NOUN fbem-29181 44 42 efficiency efficiency NOUN fbem-29181 44 43 of of ADP fbem-29181 44 44 non non ADJ fbem-29181 44 45 - - ADJ fbem-29181 44 46 state state NOUN fbem-29181 44 47 - - PUNCT fbem-29181 44 48 owned own VERB fbem-29181 44 49 enterprises enterprise NOUN fbem-29181 44 50 , , PUNCT fbem-29181 44 51 resulting result VERB fbem-29181 44 52 in in ADP fbem-29181 44 53 insufficient insufficient ADJ fbem-29181 44 54 investment investment NOUN fbem-29181 44 55 . . PUNCT fbem-29181 45 1 deng deng PROPN fbem-29181 45 2 lu lu PROPN fbem-29181 45 3 et et PROPN fbem-29181 45 4 al al PROPN fbem-29181 45 5 . . PROPN fbem-29181 46 1 ( ( PUNCT fbem-29181 46 2 2017 2017 NUM fbem-29181 46 3 ) ) PUNCT fbem-29181 46 4 found find VERB fbem-29181 46 5 that that SCONJ fbem-29181 46 6 excess excess ADJ fbem-29181 46 7 bank bank NOUN fbem-29181 46 8 loans loan NOUN fbem-29181 46 9 would would AUX fbem-29181 46 10 encourage encourage VERB fbem-29181 46 11 companies company NOUN fbem-29181 46 12 to to ADP fbem-29181 46 13 over over ADV fbem-29181 46 14 - - PUNCT fbem-29181 46 15 invest invest NOUN fbem-29181 46 16 , , PUNCT fbem-29181 46 17 and and CCONJ fbem-29181 46 18 the the DET fbem-29181 46 19 self self NOUN fbem-29181 46 20 - - PUNCT fbem-29181 46 21 interested interest VERB fbem-29181 46 22 behavior behavior NOUN fbem-29181 46 23 of of ADP fbem-29181 46 24 management management NOUN fbem-29181 46 25 would would AUX fbem-29181 46 26 aggravate aggravate VERB fbem-29181 46 27 such such ADJ fbem-29181 46 28 over over ADP fbem-29181 46 29 - - PUNCT fbem-29181 46 30 investment investment NOUN fbem-29181 46 31 . . PUNCT fbem-29181 47 1 according accord VERB fbem-29181 47 2 to to ADP fbem-29181 47 3 the the DET fbem-29181 47 4 research research NOUN fbem-29181 47 5 of of ADP fbem-29181 47 6 su su PROPN fbem-29181 47 7 fang fang PROPN fbem-29181 47 8 and and CCONJ fbem-29181 47 9 chu chu PROPN fbem-29181 47 10 liping liping PROPN fbem-29181 47 11 ( ( PUNCT fbem-29181 47 12 2017 2017 NUM fbem-29181 47 13 ) ) PUNCT fbem-29181 47 14 , , PUNCT fbem-29181 47 15 china china PROPN fbem-29181 47 16 's 's PART fbem-29181 47 17 financial financial ADJ fbem-29181 47 18 industry industry NOUN fbem-29181 47 19 has have VERB fbem-29181 47 20 a a DET fbem-29181 47 21 serious serious ADJ fbem-29181 47 22 over over ADP fbem-29181 47 23 - - PUNCT fbem-29181 47 24 investment investment NOUN fbem-29181 47 25 situation situation NOUN fbem-29181 47 26 , , PUNCT fbem-29181 47 27 especially especially ADV fbem-29181 47 28 the the DET fbem-29181 47 29 debt debt NOUN fbem-29181 47 30 funds fund NOUN fbem-29181 47 31 are be AUX fbem-29181 47 32 especially especially ADV fbem-29181 47 33 abnormal abnormal ADJ fbem-29181 47 34 . . PUNCT fbem-29181 48 1 2.2 2.2 NUM fbem-29181 48 2 . . PUNCT fbem-29181 49 1 stock stock NOUN fbem-29181 49 2 liquidity liquidity NOUN fbem-29181 49 3 and and CCONJ fbem-29181 49 4 corporate corporate ADJ fbem-29181 49 5 investment investment NOUN fbem-29181 49 6 efficiency efficiency NOUN fbem-29181 49 7 the the DET fbem-29181 49 8 existing exist VERB fbem-29181 49 9 literature literature NOUN fbem-29181 49 10 shows show VERB fbem-29181 49 11 that that SCONJ fbem-29181 49 12 stock stock NOUN fbem-29181 49 13 liquidity liquidity NOUN fbem-29181 49 14 can can AUX fbem-29181 49 15 promote promote VERB fbem-29181 49 16 the the DET fbem-29181 49 17 investment investment NOUN fbem-29181 49 18 efficiency efficiency NOUN fbem-29181 49 19 of of ADP fbem-29181 49 20 enterprises enterprise NOUN fbem-29181 49 21 , , PUNCT fbem-29181 49 22 but but CCONJ fbem-29181 49 23 there there PRON fbem-29181 49 24 are be VERB fbem-29181 49 25 different different ADJ fbem-29181 49 26 opinions opinion NOUN fbem-29181 49 27 on on ADP fbem-29181 49 28 its its PRON fbem-29181 49 29 influence influence NOUN fbem-29181 49 30 mechanism mechanism NOUN fbem-29181 49 31 . . PUNCT fbem-29181 50 1 gu gu PROPN fbem-29181 50 2 naikang naikang PROPN fbem-29181 50 3 and and CCONJ fbem-29181 50 4 chen chen PROPN fbem-29181 50 5 hui hui PROPN fbem-29181 50 6 ( ( PUNCT fbem-29181 50 7 2010 2010 NUM fbem-29181 50 8 ) ) PUNCT fbem-29181 50 9 found find VERB fbem-29181 50 10 that that SCONJ fbem-29181 50 11 stock stock NOUN fbem-29181 50 12 liquidity liquidity NOUN fbem-29181 50 13 improved improve VERB fbem-29181 50 14 the the DET fbem-29181 50 15 investment investment NOUN fbem-29181 50 16 level level NOUN fbem-29181 50 17 of of ADP fbem-29181 50 18 enterprises enterprise NOUN fbem-29181 50 19 . . PUNCT fbem-29181 51 1 xiong xiong PROPN fbem-29181 51 2 jiacai jiacai PROPN fbem-29181 51 3 and and CCONJ fbem-29181 51 4 su su PROPN fbem-29181 51 5 dongwei dongwei PROPN fbem-29181 51 6 ( ( PUNCT fbem-29181 51 7 2014 2014 NUM fbem-29181 51 8 ) ) PUNCT fbem-29181 51 9 found find VERB fbem-29181 51 10 through through ADP fbem-29181 51 11 empirical empirical ADJ fbem-29181 51 12 studies study NOUN fbem-29181 51 13 that that SCONJ fbem-29181 51 14 stock stock NOUN fbem-29181 51 15 liquidity liquidity NOUN fbem-29181 51 16 can can AUX fbem-29181 51 17 help help VERB fbem-29181 51 18 improve improve VERB fbem-29181 51 19 the the DET fbem-29181 51 20 investment investment NOUN fbem-29181 51 21 efficiency efficiency NOUN fbem-29181 51 22 of of ADP fbem-29181 51 23 a a DET fbem-29181 51 24 company company NOUN fbem-29181 51 25 , , PUNCT fbem-29181 51 26 and and CCONJ fbem-29181 51 27 stock stock NOUN fbem-29181 51 28 liquidity liquidity NOUN fbem-29181 51 29 can can AUX fbem-29181 51 30 improve improve VERB fbem-29181 51 31 the the DET fbem-29181 51 32 investment investment NOUN fbem-29181 51 33 efficiency efficiency NOUN fbem-29181 51 34 of of ADP fbem-29181 51 35 a a DET fbem-29181 51 36 company company NOUN fbem-29181 51 37 through through ADP fbem-29181 51 38 three three NUM fbem-29181 51 39 intermediaries intermediary NOUN fbem-29181 51 40 : : PUNCT fbem-29181 51 41 financing financing NOUN fbem-29181 51 42 constraint constraint NOUN fbem-29181 51 43 , , PUNCT fbem-29181 51 44 principal principal NOUN fbem-29181 51 45 - - PUNCT fbem-29181 51 46 agent agent NOUN fbem-29181 51 47 and and CCONJ fbem-29181 51 48 stock stock NOUN fbem-29181 51 49 price price NOUN fbem-29181 51 50 information information NOUN fbem-29181 51 51 content content NOUN fbem-29181 51 52 . . PUNCT fbem-29181 52 1 sun sun PROPN fbem-29181 52 2 jingwen jingwen PROPN fbem-29181 52 3 et et PROPN fbem-29181 52 4 al al PROPN fbem-29181 52 5 . . PROPN fbem-29181 53 1 ( ( PUNCT fbem-29181 53 2 2019 2019 NUM fbem-29181 53 3 ) ) PUNCT fbem-29181 53 4 empirically empirically ADV fbem-29181 53 5 found find VERB fbem-29181 53 6 that that SCONJ fbem-29181 53 7 institutional institutional ADJ fbem-29181 53 8 investors investor NOUN fbem-29181 53 9 have have VERB fbem-29181 53 10 a a DET fbem-29181 53 11 complete complete ADJ fbem-29181 53 12 intermediary intermediary ADJ fbem-29181 53 13 effect effect NOUN fbem-29181 53 14 between between ADP fbem-29181 53 15 stock stock NOUN fbem-29181 53 16 liquidity liquidity NOUN fbem-29181 53 17 and and CCONJ fbem-29181 53 18 investment investment NOUN fbem-29181 53 19 efficiency efficiency NOUN fbem-29181 53 20 , , PUNCT fbem-29181 53 21 and and CCONJ fbem-29181 53 22 this this DET fbem-29181 53 23 intermediary intermediary ADJ fbem-29181 53 24 effect effect NOUN fbem-29181 53 25 in in ADP fbem-29181 53 26 private private ADJ fbem-29181 53 27 enterprises enterprise NOUN fbem-29181 53 28 is be AUX fbem-29181 53 29 regulated regulate VERB fbem-29181 53 30 by by ADP fbem-29181 53 31 the the DET fbem-29181 53 32 heterogeneity heterogeneity NOUN fbem-29181 53 33 of of ADP fbem-29181 53 34 institutional institutional ADJ fbem-29181 53 35 investors investor NOUN fbem-29181 53 36 . . PUNCT fbem-29181 54 1 this this DET fbem-29181 54 2 paper paper NOUN fbem-29181 54 3 holds hold VERB fbem-29181 54 4 that that SCONJ fbem-29181 54 5 information information NOUN fbem-29181 54 6 asymmetry asymmetry NOUN fbem-29181 54 7 and and CCONJ fbem-29181 54 8 principal principal ADJ fbem-29181 54 9 - - PUNCT fbem-29181 54 10 agent agent NOUN fbem-29181 54 11 problem problem NOUN fbem-29181 54 12 are be AUX fbem-29181 54 13 the the DET fbem-29181 54 14 main main ADJ fbem-29181 54 15 influence influence NOUN fbem-29181 54 16 channels channel NOUN fbem-29181 54 17 of of ADP fbem-29181 54 18 stock stock NOUN fbem-29181 54 19 liquidity liquidity NOUN fbem-29181 54 20 to to PART fbem-29181 54 21 improve improve VERB fbem-29181 54 22 the the DET fbem-29181 54 23 investment investment NOUN fbem-29181 54 24 efficiency efficiency NOUN fbem-29181 54 25 of of ADP fbem-29181 54 26 enterprises enterprise NOUN fbem-29181 54 27 . . PUNCT fbem-29181 55 1 in in ADP fbem-29181 55 2 terms term NOUN fbem-29181 55 3 of of ADP fbem-29181 55 4 alleviating alleviate VERB fbem-29181 55 5 information information NOUN fbem-29181 55 6 asymmetry asymmetry NOUN fbem-29181 55 7 , , PUNCT fbem-29181 55 8 the the DET fbem-29181 55 9 improvement improvement NOUN fbem-29181 55 10 of of ADP fbem-29181 55 11 stock stock NOUN fbem-29181 55 12 liquidity liquidity NOUN fbem-29181 55 13 can can AUX fbem-29181 55 14 increase increase VERB fbem-29181 55 15 the the DET fbem-29181 55 16 information information NOUN fbem-29181 55 17 content content NOUN fbem-29181 55 18 of of ADP fbem-29181 55 19 stocks stock NOUN fbem-29181 55 20 , , PUNCT fbem-29181 55 21 and and CCONJ fbem-29181 55 22 affect affect VERB fbem-29181 55 23 the the DET fbem-29181 55 24 investment investment NOUN fbem-29181 55 25 behavior behavior NOUN fbem-29181 55 26 of of ADP fbem-29181 55 27 enterprises enterprise NOUN fbem-29181 55 28 through through ADP fbem-29181 55 29 the the DET fbem-29181 55 30 information information NOUN fbem-29181 55 31 feedback feedback NOUN fbem-29181 55 32 of of ADP fbem-29181 55 33 stock stock NOUN fbem-29181 55 34 prices price NOUN fbem-29181 55 35 . . PUNCT fbem-29181 56 1 when when SCONJ fbem-29181 56 2 stock stock NOUN fbem-29181 56 3 liquidity liquidity NOUN fbem-29181 56 4 rises rise NOUN fbem-29181 56 5 , , PUNCT fbem-29181 56 6 investors investor NOUN fbem-29181 56 7 trading trade VERB fbem-29181 56 8 stocks stock NOUN fbem-29181 56 9 will will AUX fbem-29181 56 10 have have VERB fbem-29181 56 11 less less ADJ fbem-29181 56 12 impact impact NOUN fbem-29181 56 13 on on ADP fbem-29181 56 14 stock stock NOUN fbem-29181 56 15 prices price NOUN fbem-29181 56 16 , , PUNCT fbem-29181 56 17 and and CCONJ fbem-29181 56 18 informed inform VERB fbem-29181 56 19 traders trader NOUN fbem-29181 56 20 will will AUX fbem-29181 56 21 be be AUX fbem-29181 56 22 motivated motivate VERB fbem-29181 56 23 to to PART fbem-29181 56 24 dig dig VERB fbem-29181 56 25 out out ADP fbem-29181 56 26 more more ADV fbem-29181 56 27 characteristic characteristic ADJ fbem-29181 56 28 information information NOUN fbem-29181 56 29 ( ( PUNCT fbem-29181 56 30 su su PROPN fbem-29181 56 31 dongwei dongwei PROPN fbem-29181 56 32 et et PROPN fbem-29181 56 33 al al PROPN fbem-29181 56 34 . . PROPN fbem-29181 56 35 , , PUNCT fbem-29181 56 36 2013 2013 NUM fbem-29181 56 37 ) ) PUNCT fbem-29181 56 38 . . PUNCT fbem-29181 57 1 the the DET fbem-29181 57 2 trading trading NOUN fbem-29181 57 3 behavior behavior NOUN fbem-29181 57 4 of of ADP fbem-29181 57 5 institutional institutional ADJ fbem-29181 57 6 investors investor NOUN fbem-29181 57 7 can can AUX fbem-29181 57 8 integrate integrate VERB fbem-29181 57 9 more more ADV fbem-29181 57 10 characteristic characteristic ADJ fbem-29181 57 11 information information NOUN fbem-29181 57 12 into into ADP fbem-29181 57 13 the the DET fbem-29181 57 14 company company NOUN fbem-29181 57 15 's 's PART fbem-29181 57 16 stock stock NOUN fbem-29181 57 17 price price NOUN fbem-29181 57 18 . . PUNCT fbem-29181 58 1 since since SCONJ fbem-29181 58 2 professional professional ADJ fbem-29181 58 3 investors investor NOUN fbem-29181 58 4 ' ' PART fbem-29181 58 5 professional professional ADJ fbem-29181 58 6 ability ability NOUN fbem-29181 58 7 and and CCONJ fbem-29181 58 8 analytical analytical ADJ fbem-29181 58 9 technology technology NOUN fbem-29181 58 10 can can AUX fbem-29181 58 11 fully fully ADV fbem-29181 58 12 reflect reflect VERB fbem-29181 58 13 the the DET fbem-29181 58 14 economic economic ADJ fbem-29181 58 15 information information NOUN fbem-29181 58 16 , , PUNCT fbem-29181 58 17 they they PRON fbem-29181 58 18 have have AUX fbem-29181 58 19 mastered master VERB fbem-29181 58 20 , , PUNCT fbem-29181 58 21 their their PRON fbem-29181 58 22 trading trading NOUN fbem-29181 58 23 behavior behavior NOUN fbem-29181 58 24 reflects reflect VERB fbem-29181 58 25 the the DET fbem-29181 58 26 change change NOUN fbem-29181 58 27 of of ADP fbem-29181 58 28 information information NOUN fbem-29181 58 29 and and CCONJ fbem-29181 58 30 adds add VERB fbem-29181 58 31 effective effective ADJ fbem-29181 58 32 information information NOUN fbem-29181 58 33 to to ADP fbem-29181 58 34 the the DET fbem-29181 58 35 underlying underlie VERB fbem-29181 58 36 stocks stock NOUN fbem-29181 58 37 . . PUNCT fbem-29181 59 1 such such ADJ fbem-29181 59 2 effective effective ADJ fbem-29181 59 3 information information NOUN fbem-29181 59 4 feedback feedback NOUN fbem-29181 59 5 effect effect NOUN fbem-29181 59 6 can can AUX fbem-29181 59 7 increase increase VERB fbem-29181 59 8 the the DET fbem-29181 59 9 investment investment NOUN fbem-29181 59 10 behavior behavior NOUN fbem-29181 59 11 of of ADP fbem-29181 59 12 enterprises enterprise NOUN fbem-29181 59 13 ( ( PUNCT fbem-29181 59 14 bennett bennett PROPN fbem-29181 59 15 et et PROPN fbem-29181 59 16 al al PROPN fbem-29181 59 17 . . PROPN fbem-29181 59 18 , , PUNCT fbem-29181 59 19 2020 2020 NUM fbem-29181 59 20 ) ) PUNCT fbem-29181 59 21 . . PUNCT fbem-29181 60 1 from from ADP fbem-29181 60 2 the the DET fbem-29181 60 3 perspective perspective NOUN fbem-29181 60 4 of of ADP fbem-29181 60 5 the the DET fbem-29181 60 6 principal principal ADJ fbem-29181 60 7 - - PUNCT fbem-29181 60 8 agent agent NOUN fbem-29181 60 9 relationship relationship NOUN fbem-29181 60 10 , , PUNCT fbem-29181 60 11 the the DET fbem-29181 60 12 improvement improvement NOUN fbem-29181 60 13 of of ADP fbem-29181 60 14 stock stock NOUN fbem-29181 60 15 liquidity liquidity NOUN fbem-29181 60 16 helps help VERB fbem-29181 60 17 to to PART fbem-29181 60 18 enhance enhance VERB fbem-29181 60 19 the the DET fbem-29181 60 20 supervisory supervisory ADJ fbem-29181 60 21 power power NOUN fbem-29181 60 22 of of ADP fbem-29181 60 23 enterprises enterprise NOUN fbem-29181 60 24 , , PUNCT fbem-29181 60 25 and and CCONJ fbem-29181 60 26 the the DET fbem-29181 60 27 external external ADJ fbem-29181 60 28 supervision supervision NOUN fbem-29181 60 29 and and CCONJ fbem-29181 60 30 governance governance NOUN fbem-29181 60 31 function function NOUN fbem-29181 60 32 helps help VERB fbem-29181 60 33 to to PART fbem-29181 60 34 reduce reduce VERB fbem-29181 60 35 managers manager NOUN fbem-29181 60 36 ' ' PART fbem-29181 60 37 irrational irrational ADJ fbem-29181 60 38 investment investment NOUN fbem-29181 60 39 behaviors behavior NOUN fbem-29181 60 40 and and CCONJ fbem-29181 60 41 effectively effectively ADV fbem-29181 60 42 alleviate alleviate VERB fbem-29181 60 43 the the DET fbem-29181 60 44 principalagent principalagent NOUN fbem-29181 60 45 problem problem NOUN fbem-29181 60 46 ( ( PUNCT fbem-29181 60 47 liang liang PROPN fbem-29181 60 48 hongyu hongyu VERB fbem-29181 60 49 et et PROPN fbem-29181 60 50 al al PROPN fbem-29181 60 51 . . PROPN fbem-29181 60 52 , , PUNCT fbem-29181 60 53 2012 2012 NUM fbem-29181 60 54 ) ) PUNCT fbem-29181 60 55 , , PUNCT fbem-29181 60 56 thus thus ADV fbem-29181 60 57 promoting promote VERB fbem-29181 60 58 the the DET fbem-29181 60 59 investment investment NOUN fbem-29181 60 60 efficiency efficiency NOUN fbem-29181 60 61 of of ADP fbem-29181 60 62 enterprises enterprise NOUN fbem-29181 60 63 . . PUNCT fbem-29181 61 1 based base VERB fbem-29181 61 2 on on ADP fbem-29181 61 3 the the DET fbem-29181 61 4 above above ADJ fbem-29181 61 5 theoretical theoretical ADJ fbem-29181 61 6 analysis analysis NOUN fbem-29181 61 7 , , PUNCT fbem-29181 61 8 this this DET fbem-29181 61 9 paper paper NOUN fbem-29181 61 10 proposes propose VERB fbem-29181 61 11 the the DET fbem-29181 61 12 following follow VERB fbem-29181 61 13 hypotheses hypothesis NOUN fbem-29181 61 14 : : PUNCT fbem-29181 61 15 hypothesis hypothesis NOUN fbem-29181 61 16 h h NOUN fbem-29181 61 17 : : PUNCT fbem-29181 61 18 the the DET fbem-29181 61 19 improvement improvement NOUN fbem-29181 61 20 of of ADP fbem-29181 61 21 stock stock NOUN fbem-29181 61 22 liquidity liquidity NOUN fbem-29181 61 23 can can AUX fbem-29181 61 24 promote promote VERB fbem-29181 61 25 the the DET fbem-29181 61 26 investment investment NOUN fbem-29181 61 27 efficiency efficiency NOUN fbem-29181 61 28 of of ADP fbem-29181 61 29 enterprises enterprise NOUN fbem-29181 61 30 . . PUNCT fbem-29181 62 1 3 3 X fbem-29181 62 2 . . X fbem-29181 62 3 empirical empirical ADJ fbem-29181 62 4 framework framework NOUN fbem-29181 62 5 3.1 3.1 NUM fbem-29181 62 6 . . PUNCT fbem-29181 62 7 sample sample NOUN fbem-29181 62 8 selection selection NOUN fbem-29181 62 9 and and CCONJ fbem-29181 62 10 data datum NOUN fbem-29181 62 11 sources source NOUN fbem-29181 62 12 this this DET fbem-29181 62 13 paper paper NOUN fbem-29181 62 14 selects select VERB fbem-29181 62 15 the the DET fbem-29181 62 16 data datum NOUN fbem-29181 62 17 of of ADP fbem-29181 62 18 china china PROPN fbem-29181 62 19 's 's PART fbem-29181 62 20 a a DET fbem-29181 62 21 - - PUNCT fbem-29181 62 22 share share NOUN fbem-29181 62 23 listed list VERB fbem-29181 62 24 companies company NOUN fbem-29181 62 25 from from ADP fbem-29181 62 26 2013 2013 NUM fbem-29181 62 27 to to ADP fbem-29181 62 28 2022 2022 NUM fbem-29181 62 29 to to PART fbem-29181 62 30 study study VERB fbem-29181 62 31 the the DET fbem-29181 62 32 correlation correlation NOUN fbem-29181 62 33 between between ADP fbem-29181 62 34 stock stock NOUN fbem-29181 62 35 liquidity liquidity NOUN fbem-29181 62 36 and and CCONJ fbem-29181 62 37 corporate corporate ADJ fbem-29181 62 38 investment investment NOUN fbem-29181 62 39 efficiency efficiency NOUN fbem-29181 62 40 . . PUNCT fbem-29181 63 1 all all DET fbem-29181 63 2 the the DET fbem-29181 63 3 data datum NOUN fbem-29181 63 4 in in ADP fbem-29181 63 5 this this DET fbem-29181 63 6 paper paper NOUN fbem-29181 63 7 are be AUX fbem-29181 63 8 from from ADP fbem-29181 63 9 the the DET fbem-29181 63 10 china china PROPN fbem-29181 63 11 stock stock PROPN fbem-29181 63 12 market market PROPN fbem-29181 63 13 & & CCONJ fbem-29181 63 14 accounting accounting PROPN fbem-29181 63 15 research research NOUN fbem-29181 63 16 database database NOUN fbem-29181 63 17 , , PUNCT fbem-29181 63 18 and and CCONJ fbem-29181 63 19 the the DET fbem-29181 63 20 data datum NOUN fbem-29181 63 21 are be AUX fbem-29181 63 22 preliminarily preliminarily ADV fbem-29181 63 23 processed process VERB fbem-29181 63 24 as as SCONJ fbem-29181 63 25 follows follow VERB fbem-29181 63 26 : : PUNCT fbem-29181 63 27 ( ( PUNCT fbem-29181 63 28 1 1 X fbem-29181 63 29 ) ) PUNCT fbem-29181 63 30 all all DET fbem-29181 63 31 financial financial ADJ fbem-29181 63 32 listed list VERB fbem-29181 63 33 companies company NOUN fbem-29181 63 34 are be AUX fbem-29181 63 35 excluded exclude VERB fbem-29181 63 36 because because SCONJ fbem-29181 63 37 their their PRON fbem-29181 63 38 capital capital NOUN fbem-29181 63 39 structure structure NOUN fbem-29181 63 40 and and CCONJ fbem-29181 63 41 operating operating NOUN fbem-29181 63 42 conditions condition NOUN fbem-29181 63 43 are be AUX fbem-29181 63 44 quite quite ADV fbem-29181 63 45 different different ADJ fbem-29181 63 46 from from ADP fbem-29181 63 47 those those PRON fbem-29181 63 48 of of ADP fbem-29181 63 49 other other ADJ fbem-29181 63 50 industries industry NOUN fbem-29181 63 51 ; ; PUNCT fbem-29181 63 52 ( ( PUNCT fbem-29181 63 53 2 2 X fbem-29181 63 54 ) ) PUNCT fbem-29181 63 55 data datum NOUN fbem-29181 63 56 with with ADP fbem-29181 63 57 asset asset NOUN fbem-29181 63 58 - - PUNCT fbem-29181 63 59 liability liability NOUN fbem-29181 63 60 ratio ratio NOUN fbem-29181 63 61 greater great ADJ fbem-29181 63 62 than than ADP fbem-29181 63 63 100 100 NUM fbem-29181 63 64 % % NOUN fbem-29181 63 65 are be AUX fbem-29181 63 66 excluded exclude VERB fbem-29181 63 67 , , PUNCT fbem-29181 63 68 which which PRON fbem-29181 63 69 indicates indicate VERB fbem-29181 63 70 that that SCONJ fbem-29181 63 71 the the DET fbem-29181 63 72 company company NOUN fbem-29181 63 73 is be AUX fbem-29181 63 74 insolvent insolvent ADJ fbem-29181 63 75 and and CCONJ fbem-29181 63 76 has have VERB fbem-29181 63 77 greater great ADJ fbem-29181 63 78 operational operational ADJ fbem-29181 63 79 risks risk NOUN fbem-29181 63 80 ; ; PUNCT fbem-29181 63 81 ( ( PUNCT fbem-29181 63 82 3 3 X fbem-29181 63 83 ) ) PUNCT fbem-29181 63 84 the the DET fbem-29181 63 85 data datum NOUN fbem-29181 63 86 of of ADP fbem-29181 63 87 all all DET fbem-29181 63 88 listed list VERB fbem-29181 63 89 companies company NOUN fbem-29181 63 90 in in ADP fbem-29181 63 91 the the DET fbem-29181 63 92 year year NOUN fbem-29181 63 93 of of ADP fbem-29181 63 94 ipo ipo NOUN fbem-29181 63 95 were be AUX fbem-29181 63 96 excluded exclude VERB fbem-29181 63 97 , , PUNCT fbem-29181 63 98 because because SCONJ fbem-29181 63 99 the the DET fbem-29181 63 100 stock stock NOUN fbem-29181 63 101 liquidity liquidity NOUN fbem-29181 63 102 of of ADP fbem-29181 63 103 companies company NOUN fbem-29181 63 104 in in ADP fbem-29181 63 105 the the DET fbem-29181 63 106 year year NOUN fbem-29181 63 107 of of ADP fbem-29181 63 108 listing listing NOUN fbem-29181 63 109 was be AUX fbem-29181 63 110 too too ADV fbem-29181 63 111 volatile volatile ADJ fbem-29181 63 112 ; ; PUNCT fbem-29181 63 113 ( ( PUNCT fbem-29181 63 114 4 4 X fbem-29181 63 115 ) ) PUNCT fbem-29181 63 116 eliminate eliminate VERB fbem-29181 63 117 all all DET fbem-29181 63 118 listed list VERB fbem-29181 63 119 companies company NOUN fbem-29181 63 120 labeled label VERB fbem-29181 63 121 " " PUNCT fbem-29181 63 122 st st NOUN fbem-29181 63 123 " " PUNCT fbem-29181 63 124 , , PUNCT fbem-29181 63 125 " " PUNCT fbem-29181 63 126 * * NOUN fbem-29181 63 127 st st X fbem-29181 63 128 " " PUNCT fbem-29181 63 129 and and CCONJ fbem-29181 63 130 " " PUNCT fbem-29181 63 131 pt pt INTJ fbem-29181 63 132 " " PUNCT fbem-29181 63 133 because because SCONJ fbem-29181 63 134 they they PRON fbem-29181 63 135 have have VERB fbem-29181 63 136 serious serious ADJ fbem-29181 63 137 operational operational ADJ fbem-29181 63 138 problems problem NOUN fbem-29181 63 139 and and CCONJ fbem-29181 63 140 are be AUX fbem-29181 63 141 at at ADP fbem-29181 63 142 risk risk NOUN fbem-29181 63 143 of of ADP fbem-29181 63 144 delisting delisting NOUN fbem-29181 63 145 ; ; PUNCT fbem-29181 63 146 ( ( PUNCT fbem-29181 63 147 5 5 X fbem-29181 63 148 ) ) PUNCT fbem-29181 63 149 obviously obviously ADV fbem-29181 63 150 abnormal abnormal ADJ fbem-29181 63 151 data datum NOUN fbem-29181 63 152 are be AUX fbem-29181 63 153 eliminated eliminate VERB fbem-29181 63 154 . . PUNCT fbem-29181 64 1 3.2 3.2 NUM fbem-29181 64 2 . . PUNCT fbem-29181 65 1 variable variable ADJ fbem-29181 65 2 definitions definition NOUN fbem-29181 65 3 3.2.1 3.2.1 NUM fbem-29181 65 4 . . PUNCT fbem-29181 66 1 measures measure NOUN fbem-29181 66 2 of of ADP fbem-29181 66 3 investment investment NOUN fbem-29181 66 4 efficiency efficiency NOUN fbem-29181 66 5 in in ADP fbem-29181 66 6 this this DET fbem-29181 66 7 paper paper NOUN fbem-29181 66 8 , , PUNCT fbem-29181 66 9 richardson richardson PROPN fbem-29181 66 10 ( ( PUNCT fbem-29181 66 11 2006 2006 NUM fbem-29181 66 12 ) ) PUNCT fbem-29181 66 13 , , PUNCT fbem-29181 66 14 xu xu PROPN fbem-29181 66 15 qian qian PROPN fbem-29181 66 16 ( ( PUNCT fbem-29181 66 17 2014 2014 NUM fbem-29181 66 18 ) ) PUNCT fbem-29181 66 19 , , PUNCT fbem-29181 66 20 chen chen PROPN fbem-29181 66 21 xiaodong xiaodong PROPN fbem-29181 66 22 et et PROPN fbem-29181 66 23 al al PROPN fbem-29181 66 24 . . PUNCT fbem-29181 67 1 ( ( PUNCT fbem-29181 67 2 2016 2016 NUM fbem-29181 67 3 ) ) PUNCT fbem-29181 67 4 , , PUNCT fbem-29181 67 5 li li PROPN fbem-29181 67 6 wenwen wenwen PROPN fbem-29181 67 7 et et PROPN fbem-29181 67 8 al al PROPN fbem-29181 67 9 . . PROPN fbem-29181 68 1 ( ( PUNCT fbem-29181 68 2 2020 2020 NUM fbem-29181 68 3 ) ) PUNCT fbem-29181 68 4 were be AUX fbem-29181 68 5 used use VERB fbem-29181 68 6 to to PART fbem-29181 68 7 measure measure VERB fbem-29181 68 8 the the DET fbem-29181 68 9 investment investment NOUN fbem-29181 68 10 efficiency efficiency NOUN fbem-29181 68 11 of of ADP fbem-29181 68 12 a a DET fbem-29181 68 13 company company NOUN fbem-29181 68 14 to to PART fbem-29181 68 15 establish establish VERB fbem-29181 68 16 a a DET fbem-29181 68 17 model model NOUN fbem-29181 68 18 : : PUNCT fbem-29181 68 19 𝐼𝑛𝑣𝑑 𝐼𝑛𝑣𝑑 PROPN fbem-29181 68 20 = = SYM fbem-29181 68 21 𝛼0 𝛼0 PROPN fbem-29181 68 22 + + CCONJ fbem-29181 69 1 𝛼1πΊπ‘Ÿπ‘œπ‘€π‘‘β„Žπ‘‘βˆ’1 𝛼1πΊπ‘Ÿπ‘œπ‘€π‘‘β„Žπ‘‘βˆ’1 ADJ fbem-29181 69 2 + + CCONJ fbem-29181 69 3 𝛼2πΏπ‘’π‘£π‘‘βˆ’1 𝛼2πΏπ‘’π‘£π‘‘βˆ’1 ADJ fbem-29181 69 4 + + X fbem-29181 69 5 𝛼3πΆπ‘Žπ‘ β„Žπ‘‘βˆ’1 𝛼3πΆπ‘Žπ‘ β„Žπ‘‘βˆ’1 ADJ fbem-29181 69 6 + + CCONJ fbem-29181 69 7 𝛼4π΄π‘”π‘’π‘‘βˆ’1 𝛼4π΄π‘”π‘’π‘‘βˆ’1 NOUN fbem-29181 69 8 + + CCONJ fbem-29181 69 9 𝛼5π‘†π‘–π‘§π‘’π‘‘βˆ’1 𝛼5π‘†π‘–π‘§π‘’π‘‘βˆ’1 NOUN fbem-29181 69 10 + + CCONJ fbem-29181 69 11 𝛼6π‘…π‘’π‘‘π‘‘βˆ’1 𝛼6π‘…π‘’π‘‘π‘‘βˆ’1 VERB fbem-29181 69 12 + + CCONJ fbem-29181 69 13 𝛼7πΌπ‘›π‘£π‘‘βˆ’1 𝛼7πΌπ‘›π‘£π‘‘βˆ’1 ADJ fbem-29181 69 14 + + CCONJ fbem-29181 69 15 π›΄πΌπ‘›π‘‘π‘’π‘ π‘‘π‘Ÿπ‘¦ π›΄πΌπ‘›π‘‘π‘’π‘ π‘‘π‘Ÿπ‘¦ PROPN fbem-29181 69 16 + + X fbem-29181 69 17 π›΄π‘Œπ‘’π‘Žπ‘Ÿ π›΄π‘Œπ‘’π‘Žπ‘Ÿ PROPN fbem-29181 69 18 + + CCONJ fbem-29181 69 19 β„° β„° PROPN fbem-29181 69 20 ( ( PUNCT fbem-29181 69 21 1 1 NUM fbem-29181 69 22 ) ) PUNCT fbem-29181 70 1 where where SCONJ fbem-29181 70 2 : : PUNCT fbem-29181 71 1 𝐼𝑛𝑣𝑑 𝐼𝑛𝑣𝑑 ADV fbem-29181 71 2 : : PUNCT fbem-29181 71 3 t t PROPN fbem-29181 71 4 the the DET fbem-29181 71 5 company company NOUN fbem-29181 71 6 's 's PART fbem-29181 71 7 actual actual ADJ fbem-29181 71 8 new new ADJ fbem-29181 71 9 investment investment NOUN fbem-29181 71 10 82 82 NUM fbem-29181 71 11 expenditure expenditure NOUN fbem-29181 71 12 in in ADP fbem-29181 71 13 year year NOUN fbem-29181 71 14 t t NOUN fbem-29181 71 15 = = SYM fbem-29181 71 16 total total ADJ fbem-29181 71 17 investment investment NOUN fbem-29181 71 18 maintenance maintenance NOUN fbem-29181 71 19 investment investment NOUN fbem-29181 71 20 = = NOUN fbem-29181 71 21 cash cash NOUN fbem-29181 71 22 paid pay VERB fbem-29181 71 23 for for ADP fbem-29181 71 24 the the DET fbem-29181 71 25 purchase purchase NOUN fbem-29181 71 26 and and CCONJ fbem-29181 71 27 construction construction NOUN fbem-29181 71 28 of of ADP fbem-29181 71 29 fixed fix VERB fbem-29181 71 30 assets asset NOUN fbem-29181 71 31 , , PUNCT fbem-29181 71 32 intangible intangible ADJ fbem-29181 71 33 assets asset NOUN fbem-29181 71 34 and and CCONJ fbem-29181 71 35 other other ADJ fbem-29181 71 36 long long ADJ fbem-29181 71 37 - - PUNCT fbem-29181 71 38 term term NOUN fbem-29181 71 39 assets asset NOUN fbem-29181 71 40 + + CCONJ fbem-29181 71 41 net net ADJ fbem-29181 71 42 cash cash NOUN fbem-29181 71 43 paid pay VERB fbem-29181 71 44 for for ADP fbem-29181 71 45 the the DET fbem-29181 71 46 acquisition acquisition NOUN fbem-29181 71 47 of of ADP fbem-29181 71 48 subsidiaries subsidiary NOUN fbem-29181 71 49 and and CCONJ fbem-29181 71 50 other other ADJ fbem-29181 71 51 operating operate VERB fbem-29181 71 52 units unit NOUN fbem-29181 71 53 net net ADJ fbem-29181 71 54 cash cash NOUN fbem-29181 71 55 recovered recover VERB fbem-29181 71 56 from from ADP fbem-29181 71 57 the the DET fbem-29181 71 58 disposal disposal NOUN fbem-29181 71 59 of of ADP fbem-29181 71 60 fixed fix VERB fbem-29181 71 61 assets asset NOUN fbem-29181 71 62 , , PUNCT fbem-29181 71 63 intangible intangible ADJ fbem-29181 71 64 assets asset NOUN fbem-29181 71 65 and and CCONJ fbem-29181 71 66 other other ADJ fbem-29181 71 67 long long ADJ fbem-29181 71 68 - - PUNCT fbem-29181 71 69 term term NOUN fbem-29181 71 70 assets asset NOUN fbem-29181 71 71 net net ADJ fbem-29181 71 72 cash cash NOUN fbem-29181 71 73 received receive VERB fbem-29181 71 74 from from ADP fbem-29181 71 75 the the DET fbem-29181 71 76 disposal disposal NOUN fbem-29181 71 77 of of ADP fbem-29181 71 78 subsidiaries subsidiary NOUN fbem-29181 71 79 and and CCONJ fbem-29181 71 80 other other ADJ fbem-29181 71 81 operating operate VERB fbem-29181 71 82 units unit NOUN fbem-29181 71 83 ( ( PUNCT fbem-29181 71 84 depreciation depreciation NOUN fbem-29181 71 85 of of ADP fbem-29181 71 86 fixed fix VERB fbem-29181 71 87 assets asset NOUN fbem-29181 71 88 + + CCONJ fbem-29181 71 89 amortization amortization NOUN fbem-29181 71 90 of of ADP fbem-29181 71 91 intangible intangible ADJ fbem-29181 71 92 assets asset NOUN fbem-29181 71 93 + + CCONJ fbem-29181 71 94 amortization amortization NOUN fbem-29181 71 95 of of ADP fbem-29181 71 96 long long ADJ fbem-29181 71 97 - - PUNCT fbem-29181 71 98 term term NOUN fbem-29181 71 99 unamortized unamortized ADJ fbem-29181 71 100 expenses expense NOUN fbem-29181 71 101 ) ) PUNCT fbem-29181 71 102 / / SYM fbem-29181 71 103 total total ADJ fbem-29181 71 104 assets asset NOUN fbem-29181 71 105 at at ADP fbem-29181 71 106 the the DET fbem-29181 71 107 beginning beginning NOUN fbem-29181 71 108 of of ADP fbem-29181 71 109 the the DET fbem-29181 71 110 year year NOUN fbem-29181 71 111 . . PUNCT fbem-29181 72 1 πΊπ‘Ÿπ‘œπ‘€π‘‘β„Žπ‘‘βˆ’1 πΊπ‘Ÿπ‘œπ‘€π‘‘β„Žπ‘‘βˆ’1 NOUN fbem-29181 72 2 : : PUNCT fbem-29181 72 3 represents represent VERB fbem-29181 72 4 the the DET fbem-29181 72 5 growth growth NOUN fbem-29181 72 6 opportunity opportunity NOUN fbem-29181 72 7 of of ADP fbem-29181 72 8 the the DET fbem-29181 72 9 company company NOUN fbem-29181 72 10 in in ADP fbem-29181 72 11 the the DET fbem-29181 72 12 year year NOUN fbem-29181 72 13 t-1 t-1 PROPN fbem-29181 72 14 , , PUNCT fbem-29181 72 15 expressed express VERB fbem-29181 72 16 by by ADP fbem-29181 72 17 the the DET fbem-29181 72 18 growth growth NOUN fbem-29181 72 19 rate rate NOUN fbem-29181 72 20 of of ADP fbem-29181 72 21 operating operating NOUN fbem-29181 72 22 revenue revenue NOUN fbem-29181 72 23 ; ; PUNCT fbem-29181 72 24 πΏπ‘’π‘£π‘‘βˆ’1 πΏπ‘’π‘£π‘‘βˆ’1 VERB fbem-29181 72 25 : : PUNCT fbem-29181 72 26 represents represent VERB fbem-29181 72 27 the the DET fbem-29181 72 28 financial financial ADJ fbem-29181 72 29 leverage leverage NOUN fbem-29181 72 30 ratio ratio NOUN fbem-29181 72 31 of of ADP fbem-29181 72 32 the the DET fbem-29181 72 33 company company NOUN fbem-29181 72 34 in in ADP fbem-29181 72 35 t-1 t-1 PROPN fbem-29181 72 36 year year NOUN fbem-29181 72 37 , , PUNCT fbem-29181 72 38 expressed express VERB fbem-29181 72 39 by by ADP fbem-29181 72 40 the the DET fbem-29181 72 41 assetliability assetliability NOUN fbem-29181 72 42 ratio ratio NOUN fbem-29181 72 43 ; ; PUNCT fbem-29181 72 44 πΆπ‘Žπ‘ β„Žπ‘‘βˆ’1 πΆπ‘Žπ‘ β„Žπ‘‘βˆ’1 NUM fbem-29181 72 45 : : PUNCT fbem-29181 72 46 represents represent VERB fbem-29181 72 47 the the DET fbem-29181 72 48 company company NOUN fbem-29181 72 49 's 's PART fbem-29181 72 50 cash cash NOUN fbem-29181 72 51 flow flow NOUN fbem-29181 72 52 situation situation NOUN fbem-29181 72 53 in in ADP fbem-29181 72 54 year year NOUN fbem-29181 72 55 t-1 t-1 PROPN fbem-29181 72 56 , , PUNCT fbem-29181 72 57 using use VERB fbem-29181 72 58 the the DET fbem-29181 72 59 net net ADJ fbem-29181 72 60 cash cash NOUN fbem-29181 72 61 flow flow NOUN fbem-29181 72 62 generated generate VERB fbem-29181 72 63 by by ADP fbem-29181 72 64 operating operate VERB fbem-29181 72 65 activities activity NOUN fbem-29181 72 66 / / SYM fbem-29181 72 67 total total ADJ fbem-29181 72 68 assets asset NOUN fbem-29181 72 69 at at ADP fbem-29181 72 70 the the DET fbem-29181 72 71 beginning beginning NOUN fbem-29181 72 72 of of ADP fbem-29181 72 73 the the DET fbem-29181 72 74 year year NOUN fbem-29181 72 75 ; ; PUNCT fbem-29181 72 76 π΄π‘”π‘’π‘‘βˆ’1 π΄π‘”π‘’π‘‘βˆ’1 PROPN fbem-29181 72 77 : : PUNCT fbem-29181 72 78 indicates indicate VERB fbem-29181 72 79 the the DET fbem-29181 72 80 age age NOUN fbem-29181 72 81 of of ADP fbem-29181 72 82 the the DET fbem-29181 72 83 company company NOUN fbem-29181 72 84 in in ADP fbem-29181 72 85 t-1 t-1 PROPN fbem-29181 72 86 , , PUNCT fbem-29181 72 87 expressed express VERB fbem-29181 72 88 by by ADP fbem-29181 72 89 the the DET fbem-29181 72 90 listing listing NOUN fbem-29181 72 91 years year NOUN fbem-29181 72 92 = = SYM fbem-29181 72 93 observation observation NOUN fbem-29181 72 94 year year NOUN fbem-29181 72 95 -ipo -ipo PUNCT fbem-29181 72 96 year year NOUN fbem-29181 72 97 ; ; PUNCT fbem-29181 72 98 π‘†π‘–π‘§π‘’π‘‘βˆ’1 π‘†π‘–π‘§π‘’π‘‘βˆ’1 NOUN fbem-29181 72 99 : : PUNCT fbem-29181 72 100 indicates indicate VERB fbem-29181 72 101 the the DET fbem-29181 72 102 size size NOUN fbem-29181 72 103 of of ADP fbem-29181 72 104 the the DET fbem-29181 72 105 company company NOUN fbem-29181 72 106 's 's PART fbem-29181 72 107 assets asset NOUN fbem-29181 72 108 in in ADP fbem-29181 72 109 t-1 t-1 PROPN fbem-29181 72 110 year year NOUN fbem-29181 72 111 , , PUNCT fbem-29181 72 112 expressed express VERB fbem-29181 72 113 by by ADP fbem-29181 72 114 the the DET fbem-29181 72 115 natural natural ADJ fbem-29181 72 116 logarithm logarithm NOUN fbem-29181 72 117 of of ADP fbem-29181 72 118 the the DET fbem-29181 72 119 total total ADJ fbem-29181 72 120 assets asset NOUN fbem-29181 72 121 ; ; PUNCT fbem-29181 72 122 π‘…π‘’π‘‘π‘‘βˆ’1 π‘…π‘’π‘‘π‘‘βˆ’1 NOUN fbem-29181 72 123 : : PUNCT fbem-29181 72 124 represents represent VERB fbem-29181 72 125 the the DET fbem-29181 72 126 company company NOUN fbem-29181 72 127 's 's PART fbem-29181 72 128 stock stock NOUN fbem-29181 72 129 return return NOUN fbem-29181 72 130 rate rate NOUN fbem-29181 72 131 in in ADP fbem-29181 72 132 year year NOUN fbem-29181 72 133 t-1 t-1 PROPN fbem-29181 72 134 , , PUNCT fbem-29181 72 135 expressed express VERB fbem-29181 72 136 by by ADP fbem-29181 72 137 the the DET fbem-29181 72 138 annual annual ADJ fbem-29181 72 139 return return NOUN fbem-29181 72 140 rate rate NOUN fbem-29181 72 141 of of ADP fbem-29181 72 142 individual individual ADJ fbem-29181 72 143 stocks stock NOUN fbem-29181 72 144 taking take VERB fbem-29181 72 145 into into ADP fbem-29181 72 146 account account NOUN fbem-29181 72 147 the the DET fbem-29181 72 148 reinvestment reinvestment NOUN fbem-29181 72 149 of of ADP fbem-29181 72 150 cash cash NOUN fbem-29181 72 151 dividends dividend NOUN fbem-29181 72 152 ; ; PUNCT fbem-29181 72 153 πΌπ‘›π‘£π‘‘βˆ’1 πΌπ‘›π‘£π‘‘βˆ’1 ADJ fbem-29181 72 154 : : PUNCT fbem-29181 72 155 indicates indicate VERB fbem-29181 72 156 the the DET fbem-29181 72 157 new new ADJ fbem-29181 72 158 investment investment NOUN fbem-29181 72 159 expenditure expenditure NOUN fbem-29181 72 160 in in ADP fbem-29181 72 161 year year NOUN fbem-29181 72 162 t-1 t-1 PROPN fbem-29181 72 163 . . PUNCT fbem-29181 73 1 βˆ‘πΌndustry βˆ‘πΌndustry NOUN fbem-29181 73 2 : : PUNCT fbem-29181 73 3 indicates indicate VERB fbem-29181 73 4 industry industry NOUN fbem-29181 73 5 dummy dummy ADJ fbem-29181 73 6 variable variable NOUN fbem-29181 73 7 . . PUNCT fbem-29181 74 1 based base VERB fbem-29181 74 2 on on ADP fbem-29181 74 3 the the DET fbem-29181 74 4 2012 2012 NUM fbem-29181 74 5 industry industry NOUN fbem-29181 74 6 standard standard NOUN fbem-29181 74 7 of of ADP fbem-29181 74 8 china china PROPN fbem-29181 74 9 securities securities PROPN fbem-29181 74 10 regulatory regulatory PROPN fbem-29181 74 11 commission commission PROPN fbem-29181 74 12 ( ( PUNCT fbem-29181 74 13 csrc csrc PROPN fbem-29181 74 14 ) ) PUNCT fbem-29181 74 15 , , PUNCT fbem-29181 74 16 the the DET fbem-29181 74 17 prefix prefix NOUN fbem-29181 74 18 " " PUNCT fbem-29181 74 19 c c NOUN fbem-29181 74 20 " " PUNCT fbem-29181 74 21 of of ADP fbem-29181 74 22 manufacturing manufacture VERB fbem-29181 74 23 industry industry NOUN fbem-29181 74 24 is be AUX fbem-29181 74 25 2 2 NUM fbem-29181 74 26 bits bit NOUN fbem-29181 74 27 , , PUNCT fbem-29181 74 28 and and CCONJ fbem-29181 74 29 that that PRON fbem-29181 74 30 of of ADP fbem-29181 74 31 other other ADJ fbem-29181 74 32 industries industry NOUN fbem-29181 74 33 is be AUX fbem-29181 74 34 1 1 NUM fbem-29181 74 35 bit bit NOUN fbem-29181 74 36 , , PUNCT fbem-29181 74 37 for for ADP fbem-29181 74 38 industry industry NOUN fbem-29181 74 39 classification classification NOUN fbem-29181 74 40 . . PUNCT fbem-29181 75 1 βˆ‘π‘Œear βˆ‘π‘Œear NOUN fbem-29181 75 2 : : PUNCT fbem-29181 75 3 represents represent VERB fbem-29181 75 4 the the DET fbem-29181 75 5 year year NOUN fbem-29181 75 6 dummy dummy ADJ fbem-29181 75 7 variable variable NOUN fbem-29181 75 8 ; ; PUNCT fbem-29181 75 9 β„° β„° NOUN fbem-29181 75 10 : : PUNCT fbem-29181 75 11 represents represent VERB fbem-29181 75 12 the the DET fbem-29181 75 13 residual residual NOUN fbem-29181 75 14 of of ADP fbem-29181 75 15 the the DET fbem-29181 75 16 model model NOUN fbem-29181 75 17 . . PUNCT fbem-29181 76 1 the the DET fbem-29181 76 2 absolute absolute ADJ fbem-29181 76 3 residual residual ADJ fbem-29181 76 4 value value NOUN fbem-29181 76 5 derived derive VERB fbem-29181 76 6 from from ADP fbem-29181 76 7 model model NOUN fbem-29181 76 8 ( ( PUNCT fbem-29181 76 9 1 1 NUM fbem-29181 76 10 ) ) PUNCT fbem-29181 76 11 is be AUX fbem-29181 76 12 used use VERB fbem-29181 76 13 to to PART fbem-29181 76 14 represent represent VERB fbem-29181 76 15 the the DET fbem-29181 76 16 non non ADJ fbem-29181 76 17 - - ADJ fbem-29181 76 18 investment investment ADJ fbem-29181 76 19 efficiency efficiency NOUN fbem-29181 76 20 of of ADP fbem-29181 76 21 listed list VERB fbem-29181 76 22 companies company NOUN fbem-29181 76 23 ( ( PUNCT fbem-29181 76 24 represented represent VERB fbem-29181 76 25 by by ADP fbem-29181 76 26 inveff inveff NOUN fbem-29181 76 27 ) ) PUNCT fbem-29181 76 28 , , PUNCT fbem-29181 76 29 which which PRON fbem-29181 76 30 is be AUX fbem-29181 76 31 an an DET fbem-29181 76 32 inverse inverse ADJ fbem-29181 76 33 indicator indicator NOUN fbem-29181 76 34 of of ADP fbem-29181 76 35 investment investment NOUN fbem-29181 76 36 efficiency efficiency NOUN fbem-29181 76 37 . . PUNCT fbem-29181 77 1 therefore therefore ADV fbem-29181 77 2 , , PUNCT fbem-29181 77 3 in in ADP fbem-29181 77 4 the the DET fbem-29181 77 5 subsequent subsequent ADJ fbem-29181 77 6 empirical empirical ADJ fbem-29181 77 7 test test NOUN fbem-29181 77 8 , , PUNCT fbem-29181 77 9 the the DET fbem-29181 77 10 inverse inverse ADJ fbem-29181 77 11 number number NOUN fbem-29181 77 12 of of ADP fbem-29181 77 13 inveff inveff NOUN fbem-29181 77 14 is be AUX fbem-29181 77 15 used use VERB fbem-29181 77 16 for for ADP fbem-29181 77 17 empirical empirical ADJ fbem-29181 77 18 test test NOUN fbem-29181 77 19 ( ( PUNCT fbem-29181 77 20 efficiency efficiency NOUN fbem-29181 77 21 ) ) PUNCT fbem-29181 77 22 . . PUNCT fbem-29181 78 1 3.2.2 3.2.2 X fbem-29181 78 2 . . PUNCT fbem-29181 78 3 measures measure NOUN fbem-29181 78 4 of of ADP fbem-29181 78 5 stock stock NOUN fbem-29181 78 6 liquidity liquidity NOUN fbem-29181 78 7 in in ADP fbem-29181 78 8 this this DET fbem-29181 78 9 paper paper NOUN fbem-29181 78 10 , , PUNCT fbem-29181 78 11 amihud amihud PROPN fbem-29181 78 12 illiquidity illiquidity NOUN fbem-29181 78 13 index index NOUN fbem-29181 78 14 is be AUX fbem-29181 78 15 selected select VERB fbem-29181 78 16 to to PART fbem-29181 78 17 measure measure VERB fbem-29181 78 18 stock stock NOUN fbem-29181 78 19 liquidity liquidity NOUN fbem-29181 78 20 : : PUNCT fbem-29181 78 21 𝐼𝐿𝐿𝐼𝑄𝑖,𝑑 𝐼𝐿𝐿𝐼𝑄𝑖,𝑑 NOUN fbem-29181 78 22 = = NUM fbem-29181 78 23 10 10 NUM fbem-29181 78 24 8 8 NUM fbem-29181 78 25 βˆ— βˆ— NOUN fbem-29181 78 26 1 1 NUM fbem-29181 78 27 𝐷𝑖,𝑑 𝐷𝑖,𝑑 PROPN fbem-29181 78 28 βˆ— βˆ— NOUN fbem-29181 78 29 𝛴 𝛴 PROPN fbem-29181 78 30 |𝑅𝑖,𝑑,𝑑| |𝑅𝑖,𝑑,𝑑| PROPN fbem-29181 78 31 𝑉𝑂𝐿𝑖,𝑑,𝑑 𝑉𝑂𝐿𝑖,𝑑,𝑑 PROPN fbem-29181 78 32 ( ( PUNCT fbem-29181 78 33 2 2 NUM fbem-29181 78 34 ) ) PUNCT fbem-29181 78 35 where where SCONJ fbem-29181 78 36 : : PUNCT fbem-29181 78 37 𝐷𝑖,𝑑 𝐷𝑖,𝑑 NOUN fbem-29181 78 38 : : PUNCT fbem-29181 78 39 indicates indicate VERB fbem-29181 78 40 the the DET fbem-29181 78 41 effective effective ADJ fbem-29181 78 42 trading trading NOUN fbem-29181 78 43 days day NOUN fbem-29181 78 44 of of ADP fbem-29181 78 45 stock stock NOUN fbem-29181 78 46 i i PRON fbem-29181 78 47 in in ADP fbem-29181 78 48 year year NOUN fbem-29181 78 49 t t PROPN fbem-29181 78 50 ; ; PUNCT fbem-29181 78 51 𝑅𝑖,𝑑,𝑑 𝑅𝑖,𝑑,𝑑 NUM fbem-29181 78 52 : : PUNCT fbem-29181 78 53 indicates indicate VERB fbem-29181 78 54 the the DET fbem-29181 78 55 daily daily ADJ fbem-29181 78 56 return return NOUN fbem-29181 78 57 rate rate NOUN fbem-29181 78 58 of of ADP fbem-29181 78 59 stock stock NOUN fbem-29181 78 60 i i PRON fbem-29181 78 61 on on ADP fbem-29181 78 62 day day NOUN fbem-29181 78 63 d d PROPN fbem-29181 78 64 of of ADP fbem-29181 78 65 year year NOUN fbem-29181 78 66 t t NOUN fbem-29181 78 67 considering consider VERB fbem-29181 78 68 the the DET fbem-29181 78 69 cash cash NOUN fbem-29181 78 70 dividend dividend NOUN fbem-29181 78 71 reinvestment reinvestment NOUN fbem-29181 78 72 ; ; PUNCT fbem-29181 78 73 𝑉𝑂𝐿𝑖,𝑑,𝑑 𝑉𝑂𝐿𝑖,𝑑,𝑑 PROPN fbem-29181 78 74 : : PUNCT fbem-29181 78 75 the the DET fbem-29181 78 76 daily daily ADJ fbem-29181 78 77 transaction transaction NOUN fbem-29181 78 78 amount amount NOUN fbem-29181 78 79 of of ADP fbem-29181 78 80 stock stock NOUN fbem-29181 78 81 i i PRON fbem-29181 78 82 on on ADP fbem-29181 78 83 day day NOUN fbem-29181 78 84 d d PROPN fbem-29181 78 85 of of ADP fbem-29181 78 86 year year NOUN fbem-29181 78 87 t t PROPN fbem-29181 78 88 ( ( PUNCT fbem-29181 78 89 unit unit NOUN fbem-29181 78 90 : : PUNCT fbem-29181 78 91 rmb rmb NOUN fbem-29181 78 92 million million NUM fbem-29181 78 93 ) ) PUNCT fbem-29181 78 94 . . PUNCT fbem-29181 79 1 the the PRON fbem-29181 79 2 larger large ADJ fbem-29181 79 3 the the DET fbem-29181 79 4 value value NOUN fbem-29181 79 5 of of ADP fbem-29181 79 6 illiquid illiquid ADJ fbem-29181 79 7 indicator indicator NOUN fbem-29181 79 8 illiq illiq ADV fbem-29181 79 9 is be AUX fbem-29181 79 10 , , PUNCT fbem-29181 79 11 the the PRON fbem-29181 79 12 greater great ADJ fbem-29181 79 13 the the DET fbem-29181 79 14 change change NOUN fbem-29181 79 15 in in ADP fbem-29181 79 16 return return NOUN fbem-29181 79 17 rate rate NOUN fbem-29181 79 18 caused cause VERB fbem-29181 79 19 by by ADP fbem-29181 79 20 trading trading NOUN fbem-29181 79 21 volume volume NOUN fbem-29181 79 22 per per ADP fbem-29181 79 23 unit unit NOUN fbem-29181 79 24 and and CCONJ fbem-29181 79 25 the the DET fbem-29181 79 26 lower low ADJ fbem-29181 79 27 the the DET fbem-29181 79 28 liquidity liquidity NOUN fbem-29181 79 29 of of ADP fbem-29181 79 30 the the DET fbem-29181 79 31 stock stock NOUN fbem-29181 79 32 , , PUNCT fbem-29181 79 33 which which PRON fbem-29181 79 34 is be AUX fbem-29181 79 35 a a DET fbem-29181 79 36 reverse reverse ADJ fbem-29181 79 37 indicator indicator NOUN fbem-29181 79 38 of of ADP fbem-29181 79 39 stock stock NOUN fbem-29181 79 40 liquidity liquidity NOUN fbem-29181 79 41 . . PUNCT fbem-29181 80 1 therefore therefore ADV fbem-29181 80 2 , , PUNCT fbem-29181 80 3 in in ADP fbem-29181 80 4 the the DET fbem-29181 80 5 subsequent subsequent ADJ fbem-29181 80 6 empirical empirical ADJ fbem-29181 80 7 test test NOUN fbem-29181 80 8 , , PUNCT fbem-29181 80 9 the the DET fbem-29181 80 10 negative negative ADJ fbem-29181 80 11 number number NOUN fbem-29181 80 12 of of ADP fbem-29181 80 13 illiq illiq ADV fbem-29181 80 14 is be AUX fbem-29181 80 15 used use VERB fbem-29181 80 16 for for ADP fbem-29181 80 17 empirical empirical ADJ fbem-29181 80 18 test test NOUN fbem-29181 80 19 ( ( PUNCT fbem-29181 80 20 liquidity liquidity NOUN fbem-29181 80 21 ) ) PUNCT fbem-29181 80 22 . . PUNCT fbem-29181 81 1 3.2.3 3.2.3 X fbem-29181 81 2 . . X fbem-29181 81 3 control control NOUN fbem-29181 81 4 variable variable NOUN fbem-29181 81 5 in in ADP fbem-29181 81 6 this this DET fbem-29181 81 7 paper paper NOUN fbem-29181 81 8 , , PUNCT fbem-29181 81 9 the the DET fbem-29181 81 10 control control NOUN fbem-29181 81 11 variables variable NOUN fbem-29181 81 12 of of ADP fbem-29181 81 13 five five NUM fbem-29181 81 14 aspects aspect NOUN fbem-29181 81 15 ( ( PUNCT fbem-29181 81 16 company company NOUN fbem-29181 81 17 size size NOUN fbem-29181 81 18 , , PUNCT fbem-29181 81 19 profitability profitability NOUN fbem-29181 81 20 , , PUNCT fbem-29181 81 21 solvency solvency NOUN fbem-29181 81 22 , , PUNCT fbem-29181 81 23 growth growth NOUN fbem-29181 81 24 ability ability NOUN fbem-29181 81 25 and and CCONJ fbem-29181 81 26 management management NOUN fbem-29181 81 27 characteristics characteristic NOUN fbem-29181 81 28 ) ) PUNCT fbem-29181 81 29 are be AUX fbem-29181 81 30 selected select VERB fbem-29181 81 31 . . PUNCT fbem-29181 82 1 company company NOUN fbem-29181 82 2 size size NOUN fbem-29181 82 3 ( ( PUNCT fbem-29181 82 4 size size NOUN fbem-29181 82 5 ) ) PUNCT fbem-29181 82 6 : : PUNCT fbem-29181 83 1 it it PRON fbem-29181 83 2 is be AUX fbem-29181 83 3 the the DET fbem-29181 83 4 natural natural ADJ fbem-29181 83 5 logarithm logarithm NOUN fbem-29181 83 6 of of ADP fbem-29181 83 7 the the DET fbem-29181 83 8 total total ADJ fbem-29181 83 9 assets asset NOUN fbem-29181 83 10 of of ADP fbem-29181 83 11 the the DET fbem-29181 83 12 listed list VERB fbem-29181 83 13 company company NOUN fbem-29181 83 14 at at ADP fbem-29181 83 15 the the DET fbem-29181 83 16 end end NOUN fbem-29181 83 17 of of ADP fbem-29181 83 18 the the DET fbem-29181 83 19 period period NOUN fbem-29181 83 20 after after ADP fbem-29181 83 21 adding add VERB fbem-29181 83 22 one one NUM fbem-29181 83 23 ; ; PUNCT fbem-29181 83 24 profitability profitability NOUN fbem-29181 83 25 : : PUNCT fbem-29181 83 26 expressed express VERB fbem-29181 83 27 as as ADP fbem-29181 83 28 return return NOUN fbem-29181 83 29 on on ADP fbem-29181 83 30 equity equity NOUN fbem-29181 83 31 ( ( PUNCT fbem-29181 83 32 roe roe PROPN fbem-29181 83 33 ) ) PUNCT fbem-29181 83 34 , , PUNCT fbem-29181 83 35 which which PRON fbem-29181 83 36 is be AUX fbem-29181 83 37 a a DET fbem-29181 83 38 company company NOUN fbem-29181 83 39 's 's PART fbem-29181 83 40 net net ADJ fbem-29181 83 41 profit profit NOUN fbem-29181 83 42 after after ADP fbem-29181 83 43 tax tax NOUN fbem-29181 83 44 divided divide VERB fbem-29181 83 45 by by ADP fbem-29181 83 46 its its PRON fbem-29181 83 47 net net ADJ fbem-29181 83 48 assets asset NOUN fbem-29181 83 49 ; ; PUNCT fbem-29181 83 50 solvency solvency NOUN fbem-29181 83 51 : : PUNCT fbem-29181 83 52 expressed express VERB fbem-29181 83 53 by by ADP fbem-29181 83 54 the the DET fbem-29181 83 55 asset asset NOUN fbem-29181 83 56 - - PUNCT fbem-29181 83 57 liability liability NOUN fbem-29181 83 58 ratio ratio NOUN fbem-29181 83 59 ( ( PUNCT fbem-29181 83 60 lev lev NOUN fbem-29181 83 61 ) ) PUNCT fbem-29181 83 62 and and CCONJ fbem-29181 83 63 the the DET fbem-29181 83 64 current current ADJ fbem-29181 83 65 ratio ratio NOUN fbem-29181 83 66 ( ( PUNCT fbem-29181 83 67 ldr ldr PROPN fbem-29181 83 68 ) ) PUNCT fbem-29181 83 69 , , PUNCT fbem-29181 83 70 the the DET fbem-29181 83 71 assetliability assetliability NOUN fbem-29181 83 72 ratio ratio NOUN fbem-29181 83 73 is be AUX fbem-29181 83 74 equal equal ADJ fbem-29181 83 75 to to ADP fbem-29181 83 76 the the DET fbem-29181 83 77 total total ADJ fbem-29181 83 78 liabilities liability NOUN fbem-29181 83 79 divided divide VERB fbem-29181 83 80 by by ADP fbem-29181 83 81 the the DET fbem-29181 83 82 total total ADJ fbem-29181 83 83 assets asset NOUN fbem-29181 83 84 , , PUNCT fbem-29181 83 85 the the DET fbem-29181 83 86 current current ADJ fbem-29181 83 87 ratio ratio NOUN fbem-29181 83 88 is be AUX fbem-29181 83 89 equal equal ADJ fbem-29181 83 90 to to ADP fbem-29181 83 91 the the DET fbem-29181 83 92 current current ADJ fbem-29181 83 93 assets asset NOUN fbem-29181 83 94 divided divide VERB fbem-29181 83 95 by by ADP fbem-29181 83 96 the the DET fbem-29181 83 97 current current ADJ fbem-29181 83 98 liabilities liability NOUN fbem-29181 83 99 ; ; PUNCT fbem-29181 83 100 growth growth NOUN fbem-29181 83 101 ability ability NOUN fbem-29181 83 102 : : PUNCT fbem-29181 83 103 expressed express VERB fbem-29181 83 104 by by ADP fbem-29181 83 105 the the DET fbem-29181 83 106 operating operating NOUN fbem-29181 83 107 revenue revenue NOUN fbem-29181 83 108 growth growth NOUN fbem-29181 83 109 rate rate NOUN fbem-29181 83 110 ( ( PUNCT fbem-29181 83 111 growth growth NOUN fbem-29181 83 112 ) ) PUNCT fbem-29181 83 113 ; ; PUNCT fbem-29181 83 114 management management NOUN fbem-29181 83 115 characteristics characteristic NOUN fbem-29181 83 116 : : PUNCT fbem-29181 83 117 expressed express VERB fbem-29181 83 118 by by ADP fbem-29181 83 119 the the DET fbem-29181 83 120 ratio ratio NOUN fbem-29181 83 121 of of ADP fbem-29181 83 122 two two NUM fbem-29181 83 123 part part ADJ fbem-29181 83 124 - - PUNCT fbem-29181 83 125 time time NOUN fbem-29181 83 126 directors director NOUN fbem-29181 83 127 ( ( PUNCT fbem-29181 83 128 dual dual ADJ fbem-29181 83 129 ) ) PUNCT fbem-29181 83 130 and and CCONJ fbem-29181 83 131 independent independent ADJ fbem-29181 83 132 director director NOUN fbem-29181 83 133 ratio ratio NOUN fbem-29181 83 134 ( ( PUNCT fbem-29181 83 135 indep indep NOUN fbem-29181 83 136 ) ) PUNCT fbem-29181 83 137 . . PUNCT fbem-29181 84 1 when when SCONJ fbem-29181 84 2 the the DET fbem-29181 84 3 chairman chairman NOUN fbem-29181 84 4 and and CCONJ fbem-29181 84 5 general general ADJ fbem-29181 84 6 manager manager NOUN fbem-29181 84 7 are be AUX fbem-29181 84 8 the the DET fbem-29181 84 9 same same ADJ fbem-29181 84 10 , , PUNCT fbem-29181 84 11 the the DET fbem-29181 84 12 dual dual ADJ fbem-29181 84 13 is be AUX fbem-29181 84 14 1 1 NUM fbem-29181 84 15 ; ; PUNCT fbem-29181 84 16 otherwise otherwise ADV fbem-29181 84 17 take take VERB fbem-29181 84 18 0 0 NUM fbem-29181 84 19 . . PUNCT fbem-29181 85 1 the the DET fbem-29181 85 2 independent independent ADJ fbem-29181 85 3 director director NOUN fbem-29181 85 4 ratio ratio NOUN fbem-29181 85 5 is be AUX fbem-29181 85 6 equal equal ADJ fbem-29181 85 7 to to ADP fbem-29181 85 8 the the DET fbem-29181 85 9 number number NOUN fbem-29181 85 10 of of ADP fbem-29181 85 11 independent independent ADJ fbem-29181 85 12 directors director NOUN fbem-29181 85 13 divided divide VERB fbem-29181 85 14 by by ADP fbem-29181 85 15 the the DET fbem-29181 85 16 total total ADJ fbem-29181 85 17 number number NOUN fbem-29181 85 18 of of ADP fbem-29181 85 19 directors director NOUN fbem-29181 85 20 . . PUNCT fbem-29181 86 1 table table NOUN fbem-29181 86 2 1 1 NUM fbem-29181 86 3 . . PUNCT fbem-29181 87 1 definition definition NOUN fbem-29181 87 2 of of ADP fbem-29181 87 3 variables variable NOUN fbem-29181 87 4 property property NOUN fbem-29181 87 5 of of ADP fbem-29181 87 6 variable variable ADJ fbem-29181 87 7 variable variable ADJ fbem-29181 87 8 symbol symbol NOUN fbem-29181 87 9 calculation calculation NOUN fbem-29181 87 10 mode mode NOUN fbem-29181 87 11 explained explain VERB fbem-29181 87 12 variable variable ADJ fbem-29181 87 13 efficiency efficiency NOUN fbem-29181 87 14 defined define VERB fbem-29181 87 15 in in ADP fbem-29181 87 16 3.2.1 3.2.1 NUM fbem-29181 87 17 explanatory explanatory ADJ fbem-29181 87 18 variable variable ADJ fbem-29181 87 19 liquidity liquidity NOUN fbem-29181 87 20 defined define VERB fbem-29181 87 21 in in ADP fbem-29181 87 22 3.2.2 3.2.2 NUM fbem-29181 87 23 control control NOUN fbem-29181 87 24 variable variable ADJ fbem-29181 87 25 size size NOUN fbem-29181 87 26 ln ln NOUN fbem-29181 87 27 ( ( PUNCT fbem-29181 87 28 ending end VERB fbem-29181 87 29 total total ADJ fbem-29181 87 30 assets+1 assets+1 NOUN fbem-29181 87 31 ) ) PUNCT fbem-29181 87 32 roe roe NOUN fbem-29181 87 33 net net ADJ fbem-29181 87 34 profit profit NOUN fbem-29181 87 35 / / SYM fbem-29181 87 36 net net ADJ fbem-29181 87 37 assets asset NOUN fbem-29181 87 38 lev lev NOUN fbem-29181 87 39 ending end VERB fbem-29181 87 40 total total ADJ fbem-29181 87 41 liabilities liability NOUN fbem-29181 87 42 / / SYM fbem-29181 87 43 total total ADJ fbem-29181 87 44 assets asset NOUN fbem-29181 87 45 ldr ldr VERB fbem-29181 87 46 current current ADJ fbem-29181 87 47 assets asset NOUN fbem-29181 87 48 / / SYM fbem-29181 87 49 current current ADJ fbem-29181 87 50 liabilities liability NOUN fbem-29181 87 51 growth growth VERB fbem-29181 87 52 annual annual ADJ fbem-29181 87 53 operating operating NOUN fbem-29181 87 54 income income NOUN fbem-29181 87 55 growth growth NOUN fbem-29181 87 56 rate rate NOUN fbem-29181 87 57 dual dual ADP fbem-29181 87 58 the the DET fbem-29181 87 59 chairman chairman NOUN fbem-29181 87 60 who who PRON fbem-29181 87 61 is be AUX fbem-29181 87 62 also also ADV fbem-29181 87 63 the the DET fbem-29181 87 64 general general ADJ fbem-29181 87 65 manager manager NOUN fbem-29181 87 66 takes take VERB fbem-29181 87 67 1 1 NUM fbem-29181 87 68 , , PUNCT fbem-29181 87 69 otherwise otherwise ADV fbem-29181 87 70 takes take VERB fbem-29181 87 71 0 0 NUM fbem-29181 87 72 indep indep NOUN fbem-29181 87 73 number number NOUN fbem-29181 87 74 of of ADP fbem-29181 87 75 independent independent ADJ fbem-29181 87 76 directors director NOUN fbem-29181 87 77 / / SYM fbem-29181 87 78 total total ADJ fbem-29181 87 79 number number NOUN fbem-29181 87 80 of of ADP fbem-29181 87 81 board board NOUN fbem-29181 87 82 members member NOUN fbem-29181 87 83 3.3 3.3 NUM fbem-29181 87 84 . . PUNCT fbem-29181 88 1 model model NOUN fbem-29181 88 2 setting set VERB fbem-29181 88 3 in in ADP fbem-29181 88 4 order order NOUN fbem-29181 88 5 to to PART fbem-29181 88 6 test test VERB fbem-29181 88 7 the the DET fbem-29181 88 8 hypothesis hypothesis NOUN fbem-29181 88 9 , , PUNCT fbem-29181 88 10 this this DET fbem-29181 88 11 paper paper NOUN fbem-29181 88 12 draws draw VERB fbem-29181 88 13 on on ADP fbem-29181 88 14 the the DET fbem-29181 88 15 studies study NOUN fbem-29181 88 16 of of ADP fbem-29181 88 17 xiong xiong PROPN fbem-29181 88 18 jiacai jiacai PROPN fbem-29181 88 19 and and CCONJ fbem-29181 88 20 su su PROPN fbem-29181 88 21 dongwei dongwei PROPN fbem-29181 88 22 ( ( PUNCT fbem-29181 88 23 2014 2014 NUM fbem-29181 88 24 ) ) PUNCT fbem-29181 88 25 , , PUNCT fbem-29181 88 26 wen wen PROPN fbem-29181 88 27 jun jun PROPN fbem-29181 88 28 and and CCONJ fbem-29181 88 29 feng feng PROPN fbem-29181 88 30 genfu genfu PROPN fbem-29181 88 31 ( ( PUNCT fbem-29181 88 32 2021 2021 NUM fbem-29181 88 33 ) ) PUNCT fbem-29181 88 34 , , PUNCT fbem-29181 88 35 and and CCONJ fbem-29181 88 36 sets set VERB fbem-29181 88 37 up up ADP fbem-29181 88 38 a a DET fbem-29181 88 39 dual dual ADJ fbem-29181 88 40 fixed fix VERB fbem-29181 88 41 effect effect NOUN fbem-29181 88 42 model model NOUN fbem-29181 88 43 to to PART fbem-29181 88 44 test test VERB fbem-29181 88 45 and and CCONJ fbem-29181 88 46 study study VERB fbem-29181 88 47 the the DET fbem-29181 88 48 relationship relationship NOUN fbem-29181 88 49 between between ADP fbem-29181 88 50 stock stock NOUN fbem-29181 88 51 liquidity liquidity NOUN fbem-29181 88 52 and and CCONJ fbem-29181 88 53 corporate corporate ADJ fbem-29181 88 54 investment investment NOUN fbem-29181 88 55 efficiency efficiency NOUN fbem-29181 88 56 : : PUNCT fbem-29181 88 57 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦𝑖,𝑑 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦𝑖,𝑑 SYM fbem-29181 88 58 = = SYM fbem-29181 88 59 𝛽0 𝛽0 NOUN fbem-29181 88 60 + + CCONJ fbem-29181 88 61 𝛽1πΏπ‘–π‘žπ‘’π‘–π‘‘π‘–π‘‘π‘¦π‘–,𝑑 𝛽1πΏπ‘–π‘žπ‘’π‘–π‘‘π‘–π‘‘π‘¦π‘–,𝑑 X fbem-29181 88 62 + + NOUN fbem-29181 88 63 𝛽𝑋𝑖,𝑑 𝛽𝑋𝑖,𝑑 ADJ fbem-29181 88 64 + + CCONJ fbem-29181 88 65 πœ€π‘– πœ€π‘– NOUN fbem-29181 88 66 + + NOUN fbem-29181 88 67 πœ€π‘‘ πœ€π‘‘ NOUN fbem-29181 88 68 + + CCONJ fbem-29181 88 69 πœ‡π‘–,𝑑 πœ‡π‘–,𝑑 X fbem-29181 88 70 ( ( PUNCT fbem-29181 88 71 3 3 NUM fbem-29181 88 72 ) ) PUNCT fbem-29181 88 73 where where SCONJ fbem-29181 88 74 : : PUNCT fbem-29181 88 75 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦𝑖,𝑑 𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦𝑖,𝑑 X fbem-29181 88 76 represents represent VERB fbem-29181 88 77 the the DET fbem-29181 88 78 investment investment NOUN fbem-29181 88 79 efficiency efficiency NOUN fbem-29181 88 80 of of ADP fbem-29181 88 81 company company NOUN fbem-29181 88 82 i i PRON fbem-29181 88 83 in in ADP fbem-29181 88 84 year year NOUN fbem-29181 88 85 t t PROPN fbem-29181 88 86 ; ; PUNCT fbem-29181 88 87 πΏπ‘–π‘žπ‘’π‘–π‘‘π‘–π‘‘π‘¦π‘–,𝑑 πΏπ‘–π‘žπ‘’π‘–π‘‘π‘–π‘‘π‘¦π‘–,𝑑 NOUN fbem-29181 88 88 indicates indicate VERB fbem-29181 88 89 the the DET fbem-29181 88 90 stock stock NOUN fbem-29181 88 91 liquidity liquidity NOUN fbem-29181 88 92 of of ADP fbem-29181 88 93 company company NOUN fbem-29181 88 94 i i PRON fbem-29181 88 95 in in ADP fbem-29181 88 96 year year NOUN fbem-29181 88 97 t t PROPN fbem-29181 88 98 ; ; PUNCT fbem-29181 88 99 𝑋𝑖,𝑑 𝑋𝑖,𝑑 PROPN fbem-29181 88 100 represents represent VERB fbem-29181 88 101 the the DET fbem-29181 88 102 set set NOUN fbem-29181 88 103 of of ADP fbem-29181 88 104 control control NOUN fbem-29181 88 105 variables variable NOUN fbem-29181 88 106 , , PUNCT fbem-29181 88 107 including include VERB fbem-29181 88 108 company company NOUN fbem-29181 88 109 size size NOUN fbem-29181 88 110 ( ( PUNCT fbem-29181 88 111 size size NOUN fbem-29181 88 112 ) ) PUNCT fbem-29181 88 113 , , PUNCT fbem-29181 88 114 return return VERB fbem-29181 88 115 on on ADP fbem-29181 88 116 equity equity NOUN fbem-29181 88 117 ( ( PUNCT fbem-29181 88 118 roe roe PROPN fbem-29181 88 119 ) ) PUNCT fbem-29181 88 120 , , PUNCT fbem-29181 88 121 asset asset NOUN fbem-29181 88 122 - - PUNCT fbem-29181 88 123 liability liability NOUN fbem-29181 88 124 ratio ratio NOUN fbem-29181 88 125 ( ( PUNCT fbem-29181 88 126 lev lev NOUN fbem-29181 88 127 ) ) PUNCT fbem-29181 88 128 , , PUNCT fbem-29181 88 129 current current ADJ fbem-29181 88 130 ratio ratio NOUN fbem-29181 88 131 ( ( PUNCT fbem-29181 88 132 ldr ldr PROPN fbem-29181 88 133 ) ) PUNCT fbem-29181 88 134 , , PUNCT fbem-29181 88 135 operating operate VERB fbem-29181 88 136 revenue revenue NOUN fbem-29181 88 137 growth growth NOUN fbem-29181 88 138 rate rate NOUN fbem-29181 88 139 ( ( PUNCT fbem-29181 88 140 growth growth NOUN fbem-29181 88 141 ) ) PUNCT fbem-29181 88 142 , , PUNCT fbem-29181 88 143 the the DET fbem-29181 88 144 ratio ratio NOUN fbem-29181 88 145 of of ADP fbem-29181 88 146 two two NUM fbem-29181 88 147 parttime parttime NOUN fbem-29181 88 148 directors director NOUN fbem-29181 88 149 ( ( PUNCT fbem-29181 88 150 dual dual ADJ fbem-29181 88 151 ) ) PUNCT fbem-29181 88 152 and and CCONJ fbem-29181 88 153 independent independent ADJ fbem-29181 88 154 director director NOUN fbem-29181 88 155 ratio ratio NOUN fbem-29181 88 156 ( ( PUNCT fbem-29181 88 157 indep indep NOUN fbem-29181 88 158 ) ) PUNCT fbem-29181 88 159 . . PUNCT fbem-29181 89 1 πœ€π‘– πœ€π‘– NOUN fbem-29181 89 2 indicates indicate VERB fbem-29181 89 3 the the DET fbem-29181 89 4 individual individual ADJ fbem-29181 89 5 fixed fix VERB fbem-29181 89 6 effect effect NOUN fbem-29181 89 7 ; ; PUNCT fbem-29181 89 8 πœ€π‘‘ πœ€π‘‘ NOUN fbem-29181 89 9 indicates indicate VERB fbem-29181 89 10 the the DET fbem-29181 89 11 time time NOUN fbem-29181 89 12 fixed fix VERB fbem-29181 89 13 effect effect NOUN fbem-29181 89 14 ; ; PUNCT fbem-29181 89 15 πœ‡π‘–,𝑑 πœ‡π‘–,𝑑 PUNCT fbem-29181 89 16 represents represent VERB fbem-29181 89 17 the the DET fbem-29181 89 18 random random ADJ fbem-29181 89 19 disturbance disturbance NOUN fbem-29181 89 20 term term NOUN fbem-29181 89 21 . . PUNCT fbem-29181 90 1 4 4 X fbem-29181 90 2 . . X fbem-29181 90 3 conclusion conclusion NOUN fbem-29181 90 4 4.1 4.1 NUM fbem-29181 90 5 . . PUNCT fbem-29181 91 1 descriptive descriptive ADJ fbem-29181 91 2 statistics statistic NOUN fbem-29181 91 3 and and CCONJ fbem-29181 91 4 correlation correlation NOUN fbem-29181 91 5 analysis analysis NOUN fbem-29181 91 6 stata17 stata17 NOUN fbem-29181 91 7 was be AUX fbem-29181 91 8 used use VERB fbem-29181 91 9 for for ADP fbem-29181 91 10 all all DET fbem-29181 91 11 data datum NOUN fbem-29181 91 12 processing processing NOUN fbem-29181 91 13 and and CCONJ fbem-29181 91 14 empirical empirical ADJ fbem-29181 91 15 processes process NOUN fbem-29181 91 16 in in ADP fbem-29181 91 17 this this DET fbem-29181 91 18 paper paper NOUN fbem-29181 91 19 . . PUNCT fbem-29181 92 1 as as SCONJ fbem-29181 92 2 shown show VERB fbem-29181 92 3 in in ADP fbem-29181 92 4 tabel tabel NOUN fbem-29181 92 5 2 2 NUM fbem-29181 92 6 , , PUNCT fbem-29181 92 7 descriptive descriptive ADJ fbem-29181 92 8 statistics statistic NOUN fbem-29181 92 9 are be AUX fbem-29181 92 10 made make VERB fbem-29181 92 11 for for ADP fbem-29181 92 12 the the DET fbem-29181 92 13 main main ADJ fbem-29181 92 14 variables variable NOUN fbem-29181 92 15 in in ADP fbem-29181 92 16 the the DET fbem-29181 92 17 paper paper NOUN fbem-29181 92 18 . . PUNCT fbem-29181 93 1 in in ADP fbem-29181 93 2 terms term NOUN fbem-29181 93 3 of of ADP fbem-29181 93 4 explained explain VERB fbem-29181 93 5 variables variable NOUN fbem-29181 93 6 , , PUNCT fbem-29181 93 7 the the DET fbem-29181 93 8 mean mean ADJ fbem-29181 93 9 value value NOUN fbem-29181 93 10 of of ADP fbem-29181 93 11 the the DET fbem-29181 93 12 index index NOUN fbem-29181 93 13 efficiency efficiency NOUN fbem-29181 93 14 , , PUNCT fbem-29181 93 15 which which PRON fbem-29181 93 16 measures measure VERB fbem-29181 93 17 the the DET fbem-29181 93 18 investment investment NOUN fbem-29181 93 19 efficiency efficiency NOUN fbem-29181 93 20 of of ADP fbem-29181 93 21 listed list VERB fbem-29181 93 22 companies company NOUN fbem-29181 93 23 , , PUNCT fbem-29181 93 24 is be AUX fbem-29181 93 25 -0.0368 -0.0368 PROPN fbem-29181 93 26 , , PUNCT fbem-29181 93 27 the the DET fbem-29181 93 28 standard standard ADJ fbem-29181 93 29 deviation deviation NOUN fbem-29181 93 30 is be AUX fbem-29181 93 31 0.0542 0.0542 NUM fbem-29181 93 32 , , PUNCT fbem-29181 93 33 and and CCONJ fbem-29181 93 34 the the DET fbem-29181 93 35 minimum minimum ADJ fbem-29181 93 36 value value NOUN fbem-29181 93 37 is be AUX fbem-29181 93 38 -0.95 -0.95 NOUN fbem-29181 93 39 , , PUNCT fbem-29181 93 40 indicating indicate VERB fbem-29181 93 41 that that SCONJ fbem-29181 93 42 the the DET fbem-29181 93 43 investment investment NOUN fbem-29181 93 44 efficiency efficiency NOUN fbem-29181 93 45 of of ADP fbem-29181 93 46 different different ADJ fbem-29181 93 47 companies company NOUN fbem-29181 93 48 varies vary VERB fbem-29181 93 49 greatly greatly ADV fbem-29181 93 50 . . PUNCT fbem-29181 94 1 in in ADP fbem-29181 94 2 terms term NOUN fbem-29181 94 3 of of ADP fbem-29181 94 4 explanatory explanatory ADJ fbem-29181 94 5 variables variable NOUN fbem-29181 94 6 , , PUNCT fbem-29181 94 7 the the DET fbem-29181 94 8 mean mean ADJ fbem-29181 94 9 value value NOUN fbem-29181 94 10 of of ADP fbem-29181 94 11 the the DET fbem-29181 94 12 stock stock NOUN fbem-29181 94 13 liquidity liquidity NOUN fbem-29181 94 14 index index NOUN fbem-29181 94 15 ( ( PUNCT fbem-29181 94 16 liquidity liquidity NOUN fbem-29181 94 17 ) ) PUNCT fbem-29181 94 18 is be AUX fbem-29181 94 19 -0.0392 -0.0392 PROPN fbem-29181 94 20 , , PUNCT fbem-29181 94 21 the the DET fbem-29181 94 22 standard standard ADJ fbem-29181 94 23 deviation deviation NOUN fbem-29181 94 24 is be AUX fbem-29181 94 25 0.109 0.109 NUM fbem-29181 94 26 , , PUNCT fbem-29181 94 27 the the DET fbem-29181 94 28 83 83 NUM fbem-29181 94 29 minimum minimum NOUN fbem-29181 94 30 value value NOUN fbem-29181 94 31 is be AUX fbem-29181 94 32 -6.169 -6.169 ADJ fbem-29181 94 33 , , PUNCT fbem-29181 94 34 and and CCONJ fbem-29181 94 35 the the DET fbem-29181 94 36 maximum maximum ADJ fbem-29181 94 37 value value NOUN fbem-29181 94 38 is be AUX fbem-29181 94 39 -0.0002 -0.0002 NOUN fbem-29181 94 40 , , PUNCT fbem-29181 94 41 indicating indicate VERB fbem-29181 94 42 that that SCONJ fbem-29181 94 43 the the DET fbem-29181 94 44 stock stock NOUN fbem-29181 94 45 liquidity liquidity NOUN fbem-29181 94 46 of of ADP fbem-29181 94 47 different different ADJ fbem-29181 94 48 companies company NOUN fbem-29181 94 49 varies vary VERB fbem-29181 94 50 greatly greatly ADV fbem-29181 94 51 . . PUNCT fbem-29181 95 1 the the DET fbem-29181 95 2 average average ADJ fbem-29181 95 3 growth growth NOUN fbem-29181 95 4 rate rate NOUN fbem-29181 95 5 of of ADP fbem-29181 95 6 business business NOUN fbem-29181 95 7 income income NOUN fbem-29181 95 8 is be AUX fbem-29181 95 9 0.538 0.538 NUM fbem-29181 95 10 , , PUNCT fbem-29181 95 11 indicating indicate VERB fbem-29181 95 12 that that SCONJ fbem-29181 95 13 the the DET fbem-29181 95 14 listed list VERB fbem-29181 95 15 companies company NOUN fbem-29181 95 16 in in ADP fbem-29181 95 17 our our PRON fbem-29181 95 18 country country NOUN fbem-29181 95 19 are be AUX fbem-29181 95 20 in in ADP fbem-29181 95 21 the the DET fbem-29181 95 22 rapid rapid ADJ fbem-29181 95 23 growth growth NOUN fbem-29181 95 24 stage stage NOUN fbem-29181 95 25 during during ADP fbem-29181 95 26 the the DET fbem-29181 95 27 study study NOUN fbem-29181 95 28 period period NOUN fbem-29181 95 29 , , PUNCT fbem-29181 95 30 which which PRON fbem-29181 95 31 is be AUX fbem-29181 95 32 consistent consistent ADJ fbem-29181 95 33 with with ADP fbem-29181 95 34 the the DET fbem-29181 95 35 economic economic ADJ fbem-29181 95 36 development development NOUN fbem-29181 95 37 stage stage NOUN fbem-29181 95 38 of of ADP fbem-29181 95 39 our our PRON fbem-29181 95 40 country country NOUN fbem-29181 95 41 , , PUNCT fbem-29181 95 42 and and CCONJ fbem-29181 95 43 the the DET fbem-29181 95 44 listed list VERB fbem-29181 95 45 companies company NOUN fbem-29181 95 46 may may AUX fbem-29181 95 47 have have VERB fbem-29181 95 48 low low ADJ fbem-29181 95 49 investment investment NOUN fbem-29181 95 50 efficiency efficiency NOUN fbem-29181 95 51 due due ADP fbem-29181 95 52 to to ADP fbem-29181 95 53 insufficient insufficient ADJ fbem-29181 95 54 funds fund NOUN fbem-29181 95 55 . . PUNCT fbem-29181 96 1 table table NOUN fbem-29181 96 2 2 2 NUM fbem-29181 96 3 . . PUNCT fbem-29181 96 4 descriptive descriptive ADJ fbem-29181 96 5 statistics statistic NOUN fbem-29181 96 6 of of ADP fbem-29181 96 7 primary primary ADJ fbem-29181 96 8 variables variable NOUN fbem-29181 96 9 ( ( PUNCT fbem-29181 96 10 1 1 NUM fbem-29181 96 11 ) ) PUNCT fbem-29181 96 12 ( ( PUNCT fbem-29181 96 13 2 2 NUM fbem-29181 96 14 ) ) PUNCT fbem-29181 96 15 ( ( PUNCT fbem-29181 96 16 3 3 X fbem-29181 96 17 ) ) PUNCT fbem-29181 96 18 ( ( PUNCT fbem-29181 96 19 4 4 NUM fbem-29181 96 20 ) ) PUNCT fbem-29181 96 21 ( ( PUNCT fbem-29181 96 22 5 5 X fbem-29181 96 23 ) ) PUNCT fbem-29181 96 24 varia varia NOUN fbem-29181 96 25 bles ble NOUN fbem-29181 97 1 n n CCONJ fbem-29181 97 2 mean mean VERB fbem-29181 97 3 sd sd ADP fbem-29181 97 4 min min PROPN fbem-29181 97 5 max max PROPN fbem-29181 97 6 efficien efficien PROPN fbem-29181 97 7 cy cy ADP fbem-29181 97 8 17,090 17,090 NUM fbem-29181 97 9 -0.0368 -0.0368 NOUN fbem-29181 97 10 0.054 0.054 NUM fbem-29181 97 11 2 2 NUM fbem-29181 97 12 -0.950 -0.950 NUM fbem-29181 97 13 -6.20e07 -6.20e07 ADP fbem-29181 98 1 liquidit liquidit VERB fbem-29181 98 2 y y PROPN fbem-29181 98 3 17,090 17,090 NUM fbem-29181 98 4 -0.0392 -0.0392 NOUN fbem-29181 98 5 0.109 0.109 NUM fbem-29181 98 6 -6.169 -6.169 NOUN fbem-29181 98 7 0.00020 0.00020 NUM fbem-29181 98 8 1 1 NUM fbem-29181 98 9 size size NOUN fbem-29181 98 10 17,090 17,090 NUM fbem-29181 98 11 22.66 22.66 NUM fbem-29181 98 12 1.339 1.339 NUM fbem-29181 98 13 18.93 18.93 NUM fbem-29181 98 14 28.64 28.64 NUM fbem-29181 98 15 roe roe NOUN fbem-29181 98 16 17,090 17,090 NUM fbem-29181 98 17 0.0450 0.0450 NUM fbem-29181 98 18 0.468 0.468 NUM fbem-29181 98 19 -45.74 -45.74 NUM fbem-29181 98 20 2.778 2.778 NUM fbem-29181 98 21 lev lev NOUN fbem-29181 98 22 17,090 17,090 NUM fbem-29181 98 23 0.443 0.443 NUM fbem-29181 98 24 0.197 0.197 NUM fbem-29181 98 25 0.0079 0.0079 NUM fbem-29181 98 26 7 7 NUM fbem-29181 98 27 1.037 1.037 NUM fbem-29181 98 28 ldr ldr NOUN fbem-29181 98 29 17,090 17,090 NUM fbem-29181 98 30 2.197 2.197 NUM fbem-29181 98 31 2.954 2.954 NUM fbem-29181 98 32 0.0794 0.0794 NUM fbem-29181 98 33 144.0 144.0 NUM fbem-29181 98 34 growth growth NOUN fbem-29181 98 35 17,090 17,090 NUM fbem-29181 98 36 0.538 0.538 NUM fbem-29181 98 37 5.077 5.077 NUM fbem-29181 98 38 -11.68 -11.68 PROPN fbem-29181 98 39 434.6 434.6 NUM fbem-29181 98 40 dual dual ADJ fbem-29181 98 41 17,090 17,090 NUM fbem-29181 98 42 0.223 0.223 NUM fbem-29181 98 43 0.416 0.416 NUM fbem-29181 98 44 0 0 NUM fbem-29181 98 45 1 1 NUM fbem-29181 98 46 indep indep NOUN fbem-29181 98 47 17,090 17,090 NUM fbem-29181 98 48 0.376 0.376 NUM fbem-29181 98 49 0.057 0.057 NUM fbem-29181 98 50 4 4 NUM fbem-29181 98 51 0 0 NUM fbem-29181 98 52 0.800 0.800 NUM fbem-29181 98 53 table table NOUN fbem-29181 98 54 3 3 NUM fbem-29181 98 55 makes make VERB fbem-29181 98 56 correlation correlation NOUN fbem-29181 98 57 analysis analysis NOUN fbem-29181 98 58 of of ADP fbem-29181 98 59 core core NOUN fbem-29181 98 60 variables variable NOUN fbem-29181 98 61 in in ADP fbem-29181 98 62 the the DET fbem-29181 98 63 model model NOUN fbem-29181 98 64 to to PART fbem-29181 98 65 check check VERB fbem-29181 98 66 whether whether SCONJ fbem-29181 98 67 there there PRON fbem-29181 98 68 are be VERB fbem-29181 98 69 serious serious ADJ fbem-29181 98 70 multicollinearity multicollinearity NOUN fbem-29181 98 71 problems problem NOUN fbem-29181 98 72 in in ADP fbem-29181 98 73 the the DET fbem-29181 98 74 regression regression NOUN fbem-29181 98 75 model model NOUN fbem-29181 98 76 . . PUNCT fbem-29181 99 1 we we PRON fbem-29181 99 2 can can AUX fbem-29181 99 3 observe observe VERB fbem-29181 99 4 from from ADP fbem-29181 99 5 the the DET fbem-29181 99 6 table table NOUN fbem-29181 99 7 that that SCONJ fbem-29181 99 8 the the DET fbem-29181 99 9 stock stock NOUN fbem-29181 99 10 liquidity liquidity NOUN fbem-29181 99 11 ( ( PUNCT fbem-29181 99 12 liquidity liquidity NOUN fbem-29181 99 13 ) ) PUNCT fbem-29181 99 14 is be AUX fbem-29181 99 15 positively positively ADV fbem-29181 99 16 correlated correlate VERB fbem-29181 99 17 with with ADP fbem-29181 99 18 the the DET fbem-29181 99 19 corporate corporate ADJ fbem-29181 99 20 investment investment NOUN fbem-29181 99 21 efficiency efficiency NOUN fbem-29181 99 22 ( ( PUNCT fbem-29181 99 23 efficiency efficiency NOUN fbem-29181 99 24 ) ) PUNCT fbem-29181 99 25 at at ADP fbem-29181 99 26 the the DET fbem-29181 99 27 level level NOUN fbem-29181 99 28 of of ADP fbem-29181 99 29 1 1 NUM fbem-29181 99 30 % % NOUN fbem-29181 99 31 , , PUNCT fbem-29181 99 32 that that ADV fbem-29181 99 33 is is ADV fbem-29181 99 34 , , PUNCT fbem-29181 99 35 the the PRON fbem-29181 99 36 greater great ADJ fbem-29181 99 37 the the DET fbem-29181 99 38 stock stock NOUN fbem-29181 99 39 liquidity liquidity NOUN fbem-29181 99 40 , , PUNCT fbem-29181 99 41 the the PRON fbem-29181 99 42 higher high ADJ fbem-29181 99 43 the the DET fbem-29181 99 44 investment investment NOUN fbem-29181 99 45 efficiency efficiency NOUN fbem-29181 99 46 of of ADP fbem-29181 99 47 the the DET fbem-29181 99 48 company company NOUN fbem-29181 99 49 , , PUNCT fbem-29181 99 50 which which PRON fbem-29181 99 51 can can AUX fbem-29181 99 52 preliminarily preliminarily ADV fbem-29181 99 53 verify verify VERB fbem-29181 99 54 the the DET fbem-29181 99 55 hypothesis hypothesis NOUN fbem-29181 99 56 h h NOUN fbem-29181 99 57 in in ADP fbem-29181 99 58 this this DET fbem-29181 99 59 paper paper NOUN fbem-29181 99 60 . . PUNCT fbem-29181 100 1 table table NOUN fbem-29181 100 2 3 3 NUM fbem-29181 100 3 . . PUNCT fbem-29181 100 4 correlation correlation NOUN fbem-29181 100 5 coefficient coefficient NOUN fbem-29181 100 6 matrix matrix NOUN fbem-29181 100 7 4.2 4.2 NUM fbem-29181 100 8 . . PUNCT fbem-29181 101 1 baseline baseline PROPN fbem-29181 101 2 results result NOUN fbem-29181 101 3 in in ADP fbem-29181 101 4 this this DET fbem-29181 101 5 paper paper NOUN fbem-29181 101 6 , , PUNCT fbem-29181 101 7 the the DET fbem-29181 101 8 two two NUM fbem-29181 101 9 - - PUNCT fbem-29181 101 10 way way NOUN fbem-29181 101 11 fixed fix VERB fbem-29181 101 12 effects effect NOUN fbem-29181 101 13 model model NOUN fbem-29181 101 14 is be AUX fbem-29181 101 15 first first ADV fbem-29181 101 16 used use VERB fbem-29181 101 17 to to PART fbem-29181 101 18 test test VERB fbem-29181 101 19 hypothesis hypothesis NOUN fbem-29181 101 20 h. h. PROPN fbem-29181 101 21 the the DET fbem-29181 101 22 explained explain VERB fbem-29181 101 23 variable variable NOUN fbem-29181 101 24 is be AUX fbem-29181 101 25 efficiency efficiency NOUN fbem-29181 101 26 , , PUNCT fbem-29181 101 27 which which PRON fbem-29181 101 28 represents represent VERB fbem-29181 101 29 the the DET fbem-29181 101 30 investment investment NOUN fbem-29181 101 31 efficiency efficiency NOUN fbem-29181 101 32 of of ADP fbem-29181 101 33 listed list VERB fbem-29181 101 34 companies company NOUN fbem-29181 101 35 . . PUNCT fbem-29181 102 1 the the PRON fbem-29181 102 2 larger large ADJ fbem-29181 102 3 the the DET fbem-29181 102 4 value value NOUN fbem-29181 102 5 , , PUNCT fbem-29181 102 6 the the PRON fbem-29181 102 7 higher high ADJ fbem-29181 102 8 the the DET fbem-29181 102 9 investment investment NOUN fbem-29181 102 10 efficiency efficiency NOUN fbem-29181 102 11 . . PUNCT fbem-29181 103 1 the the DET fbem-29181 103 2 baseline baseline NOUN fbem-29181 103 3 results result NOUN fbem-29181 103 4 are be AUX fbem-29181 103 5 shown show VERB fbem-29181 103 6 in in ADP fbem-29181 103 7 tabel tabel NOUN fbem-29181 103 8 4 4 NUM fbem-29181 103 9 : : PUNCT fbem-29181 103 10 explanatory explanatory ADJ fbem-29181 103 11 variable variable NOUN fbem-29181 103 12 is be AUX fbem-29181 103 13 the the DET fbem-29181 103 14 stock stock NOUN fbem-29181 103 15 liquidity liquidity NOUN fbem-29181 103 16 index index NOUN fbem-29181 103 17 ( ( PUNCT fbem-29181 103 18 liquidity liquidity NOUN fbem-29181 103 19 ) ) PUNCT fbem-29181 103 20 , , PUNCT fbem-29181 103 21 and and CCONJ fbem-29181 103 22 its its PRON fbem-29181 103 23 regression regression NOUN fbem-29181 103 24 coefficient coefficient NOUN fbem-29181 103 25 on on ADP fbem-29181 103 26 the the DET fbem-29181 103 27 investment investment NOUN fbem-29181 103 28 efficiency efficiency NOUN fbem-29181 103 29 of of ADP fbem-29181 103 30 listed list VERB fbem-29181 103 31 companies company NOUN fbem-29181 103 32 is be AUX fbem-29181 103 33 0.020 0.020 NUM fbem-29181 103 34 , , PUNCT fbem-29181 103 35 which which PRON fbem-29181 103 36 has have VERB fbem-29181 103 37 a a DET fbem-29181 103 38 significant significant ADJ fbem-29181 103 39 positive positive ADJ fbem-29181 103 40 correlation correlation NOUN fbem-29181 103 41 at at ADP fbem-29181 103 42 5 5 NUM fbem-29181 103 43 % % NOUN fbem-29181 103 44 level level NOUN fbem-29181 103 45 . . PUNCT fbem-29181 104 1 hypothesis hypothesis NOUN fbem-29181 104 2 h h NOUN fbem-29181 104 3 is be AUX fbem-29181 104 4 verified verify VERB fbem-29181 104 5 , , PUNCT fbem-29181 104 6 indicating indicate VERB fbem-29181 104 7 that that SCONJ fbem-29181 104 8 the the DET fbem-29181 104 9 increase increase NOUN fbem-29181 104 10 of of ADP fbem-29181 104 11 stock stock NOUN fbem-29181 104 12 liquidity liquidity NOUN fbem-29181 104 13 is be AUX fbem-29181 104 14 conducive conducive ADJ fbem-29181 104 15 to to ADP fbem-29181 104 16 improving improve VERB fbem-29181 104 17 the the DET fbem-29181 104 18 investment investment NOUN fbem-29181 104 19 efficiency efficiency NOUN fbem-29181 104 20 of of ADP fbem-29181 104 21 listed list VERB fbem-29181 104 22 companies company NOUN fbem-29181 104 23 . . PUNCT fbem-29181 105 1 table table NOUN fbem-29181 105 2 4 4 NUM fbem-29181 105 3 . . PUNCT fbem-29181 105 4 baseline baseline NOUN fbem-29181 105 5 results result NOUN fbem-29181 105 6 ( ( PUNCT fbem-29181 105 7 1 1 X fbem-29181 105 8 ) ) PUNCT fbem-29181 105 9 variables variable NOUN fbem-29181 105 10 efficiency efficiency NOUN fbem-29181 105 11 liquidity liquidity NOUN fbem-29181 105 12 0.020 0.020 NUM fbem-29181 105 13 * * PUNCT fbem-29181 105 14 * * PUNCT fbem-29181 105 15 ( ( PUNCT fbem-29181 105 16 2.13 2.13 NUM fbem-29181 105 17 ) ) PUNCT fbem-29181 105 18 size size NOUN fbem-29181 105 19 -0.016 -0.016 PROPN fbem-29181 105 20 * * PUNCT fbem-29181 105 21 * * PUNCT fbem-29181 105 22 * * PUNCT fbem-29181 105 23 ( ( PUNCT fbem-29181 105 24 -7.73 -7.73 X fbem-29181 105 25 ) ) PUNCT fbem-29181 105 26 roe roe NOUN fbem-29181 105 27 -0.002 -0.002 PUNCT fbem-29181 105 28 ( ( PUNCT fbem-29181 105 29 -1.34 -1.34 NOUN fbem-29181 105 30 ) ) PUNCT fbem-29181 105 31 lev lev NOUN fbem-29181 105 32 0.005 0.005 NUM fbem-29181 105 33 ( ( PUNCT fbem-29181 105 34 0.61 0.61 NUM fbem-29181 105 35 ) ) PUNCT fbem-29181 105 36 ldr ldr NOUN fbem-29181 106 1 0.000 0.000 NUM fbem-29181 106 2 * * PUNCT fbem-29181 106 3 * * PUNCT fbem-29181 106 4 ( ( PUNCT fbem-29181 106 5 2.26 2.26 NUM fbem-29181 106 6 ) ) PUNCT fbem-29181 106 7 growth growth NOUN fbem-29181 106 8 -0.002 -0.002 PUNCT fbem-29181 106 9 * * PUNCT fbem-29181 106 10 * * PUNCT fbem-29181 106 11 * * PUNCT fbem-29181 106 12 ( ( PUNCT fbem-29181 106 13 -5.08 -5.08 NOUN fbem-29181 106 14 ) ) PUNCT fbem-29181 106 15 dual dual ADJ fbem-29181 106 16 -0.001 -0.001 PUNCT fbem-29181 106 17 ( ( PUNCT fbem-29181 106 18 -0.31 -0.31 NOUN fbem-29181 106 19 ) ) PUNCT fbem-29181 106 20 indep indep NOUN fbem-29181 106 21 -0.003 -0.003 PROPN fbem-29181 106 22 ( ( PUNCT fbem-29181 106 23 -0.17 -0.17 NOUN fbem-29181 106 24 ) ) PUNCT fbem-29181 106 25 constant constant ADJ fbem-29181 106 26 0.320 0.320 NUM fbem-29181 106 27 * * PUNCT fbem-29181 106 28 * * PUNCT fbem-29181 106 29 * * PUNCT fbem-29181 106 30 ( ( PUNCT fbem-29181 106 31 6.84 6.84 NUM fbem-29181 106 32 ) ) PUNCT fbem-29181 106 33 observations observation NOUN fbem-29181 106 34 17,090 17,090 NUM fbem-29181 106 35 number number NOUN fbem-29181 106 36 of of ADP fbem-29181 106 37 i i PROPN fbem-29181 106 38 d d PROPN fbem-29181 106 39 1,709 1,709 NUM fbem-29181 106 40 r r NOUN fbem-29181 106 41 - - PUNCT fbem-29181 106 42 squared square VERB fbem-29181 106 43 0.079 0.079 NUM fbem-29181 106 44 i i PROPN fbem-29181 106 45 d d PROPN fbem-29181 106 46 fe fe PROPN fbem-29181 107 1 yes yes INTJ fbem-29181 107 2 year year NOUN fbem-29181 107 3 fe fe INTJ fbem-29181 108 1 yes yes INTJ fbem-29181 108 2 4.3 4.3 NUM fbem-29181 108 3 . . PUNCT fbem-29181 109 1 robustness robustness NOUN fbem-29181 109 2 test test NOUN fbem-29181 109 3 4.3.1 4.3.1 NUM fbem-29181 109 4 . . PUNCT fbem-29181 109 5 replace replace VERB fbem-29181 109 6 the the DET fbem-29181 109 7 explained explain VERB fbem-29181 109 8 variable variable NOUN fbem-29181 109 9 for for ADP fbem-29181 109 10 the the DET fbem-29181 109 11 explained explain VERB fbem-29181 109 12 variable variable ADJ fbem-29181 109 13 investment investment NOUN fbem-29181 109 14 efficiency efficiency NOUN fbem-29181 109 15 , , PUNCT fbem-29181 109 16 this this DET fbem-29181 109 17 paper paper NOUN fbem-29181 109 18 changes change VERB fbem-29181 109 19 the the DET fbem-29181 109 20 measurement measurement NOUN fbem-29181 109 21 of of ADP fbem-29181 109 22 growth growth NOUN fbem-29181 109 23 in in ADP fbem-29181 109 24 model model NOUN fbem-29181 109 25 ( ( PUNCT fbem-29181 109 26 1 1 NUM fbem-29181 109 27 ) ) PUNCT fbem-29181 109 28 for for ADP fbem-29181 109 29 calculating calculate VERB fbem-29181 109 30 regression regression NOUN fbem-29181 109 31 residual residual ADJ fbem-29181 109 32 from from ADP fbem-29181 109 33 the the DET fbem-29181 109 34 growth growth NOUN fbem-29181 109 35 rate rate NOUN fbem-29181 109 36 of of ADP fbem-29181 109 37 operating operate VERB fbem-29181 109 38 income income NOUN fbem-29181 109 39 to to ADP fbem-29181 109 40 tobin tobin PROPN fbem-29181 109 41 's 's PART fbem-29181 109 42 q q NOUN fbem-29181 109 43 , , PUNCT fbem-29181 109 44 and and CCONJ fbem-29181 109 45 recalculates recalculate VERB fbem-29181 109 46 the the DET fbem-29181 109 47 regression regression NOUN fbem-29181 109 48 residual residual ADJ fbem-29181 109 49 , , PUNCT fbem-29181 109 50 using use VERB fbem-29181 109 51 the the DET fbem-29181 109 52 absolute absolute ADJ fbem-29181 109 53 value value NOUN fbem-29181 109 54 of of ADP fbem-29181 109 55 the the DET fbem-29181 109 56 new new ADJ fbem-29181 109 57 regression regression NOUN fbem-29181 109 58 residual residual ADJ fbem-29181 109 59 to to PART fbem-29181 109 60 take take VERB fbem-29181 109 61 the the DET fbem-29181 109 62 opposite opposite ADJ fbem-29181 109 63 number number NOUN fbem-29181 109 64 as as ADP fbem-29181 109 65 the the DET fbem-29181 109 66 measure measure NOUN fbem-29181 109 67 of of ADP fbem-29181 109 68 investment investment NOUN fbem-29181 109 69 efficiency efficiency NOUN fbem-29181 109 70 level level NOUN fbem-29181 109 71 ( ( PUNCT fbem-29181 109 72 effi2 effi2 NOUN fbem-29181 109 73 ) ) PUNCT fbem-29181 109 74 . . PUNCT fbem-29181 110 1 as as SCONJ fbem-29181 110 2 shown show VERB fbem-29181 110 3 in in ADP fbem-29181 110 4 ( ( PUNCT fbem-29181 110 5 1 1 NUM fbem-29181 110 6 ) ) PUNCT fbem-29181 110 7 of of ADP fbem-29181 110 8 table table NOUN fbem-29181 110 9 5 5 NUM fbem-29181 110 10 , , PUNCT fbem-29181 110 11 after after ADP fbem-29181 110 12 replacing replace VERB fbem-29181 110 13 the the DET fbem-29181 110 14 explained explain VERB fbem-29181 110 15 variable variable NOUN fbem-29181 110 16 , , PUNCT fbem-29181 110 17 the the DET fbem-29181 110 18 coefficient coefficient NOUN fbem-29181 110 19 before before ADP fbem-29181 110 20 explanatory explanatory ADJ fbem-29181 110 21 variable variable ADJ fbem-29181 110 22 liquidity liquidity NOUN fbem-29181 110 23 was be AUX fbem-29181 110 24 0.038 0.038 NUM fbem-29181 110 25 , , PUNCT fbem-29181 110 26 which which PRON fbem-29181 110 27 was be AUX fbem-29181 110 28 significant significant ADJ fbem-29181 110 29 at at ADP fbem-29181 110 30 5 5 NUM fbem-29181 110 31 % % NOUN fbem-29181 110 32 level level NOUN fbem-29181 110 33 , , PUNCT fbem-29181 110 34 indicating indicate VERB fbem-29181 110 35 a a DET fbem-29181 110 36 positive positive ADJ fbem-29181 110 37 correlation correlation NOUN fbem-29181 110 38 between between ADP fbem-29181 110 39 stock stock NOUN fbem-29181 110 40 liquidity liquidity NOUN fbem-29181 110 41 and and CCONJ fbem-29181 110 42 investment investment NOUN fbem-29181 110 43 efficiency efficiency NOUN fbem-29181 110 44 , , PUNCT fbem-29181 110 45 which which PRON fbem-29181 110 46 was be AUX fbem-29181 110 47 consistent consistent ADJ fbem-29181 110 48 with with ADP fbem-29181 110 49 the the DET fbem-29181 110 50 previous previous ADJ fbem-29181 110 51 conclusion conclusion NOUN fbem-29181 110 52 and and CCONJ fbem-29181 110 53 further far ADV fbem-29181 110 54 verified verify VERB fbem-29181 110 55 hypothesis hypothesis NOUN fbem-29181 110 56 h. h. PROPN fbem-29181 110 57 4.3.2 4.3.2 PROPN fbem-29181 110 58 . . PUNCT fbem-29181 111 1 measures measure NOUN fbem-29181 111 2 of of ADP fbem-29181 111 3 stock stock NOUN fbem-29181 111 4 liquidity liquidity NOUN fbem-29181 111 5 for for ADP fbem-29181 111 6 the the DET fbem-29181 111 7 explanatory explanatory ADJ fbem-29181 111 8 variable variable ADJ fbem-29181 111 9 stock stock NOUN fbem-29181 111 10 liquidity liquidity NOUN fbem-29181 111 11 ( ( PUNCT fbem-29181 111 12 liquidity liquidity NOUN fbem-29181 111 13 ) ) PUNCT fbem-29181 111 14 , , PUNCT fbem-29181 111 15 the the DET fbem-29181 111 16 original original ADJ fbem-29181 111 17 illiquid illiquid ADJ fbem-29181 111 18 indicator indicator NOUN fbem-29181 111 19 amihud amihud PROPN fbem-29181 111 20 is be AUX fbem-29181 111 21 replaced replace VERB fbem-29181 111 22 by by ADP fbem-29181 111 23 the the DET fbem-29181 111 24 bid bid NOUN fbem-29181 111 25 - - PUNCT fbem-29181 111 26 ask ask NOUN fbem-29181 111 27 spread spread VERB fbem-29181 111 28 roll roll NOUN fbem-29181 111 29 indicator indicator NOUN fbem-29181 111 30 , , PUNCT fbem-29181 111 31 which which PRON fbem-29181 111 32 is be AUX fbem-29181 111 33 an an DET fbem-29181 111 34 indirect indirect ADJ fbem-29181 111 35 measure measure NOUN fbem-29181 111 36 of of ADP fbem-29181 111 37 effective effective ADJ fbem-29181 111 38 spread spread NOUN fbem-29181 111 39 and and CCONJ fbem-29181 111 40 is be AUX fbem-29181 111 41 calculated calculate VERB fbem-29181 111 42 as as SCONJ fbem-29181 111 43 follows follow VERB fbem-29181 111 44 : : PUNCT fbem-29181 111 45 π‘…π‘œπ‘™π‘™π‘–,𝑑 π‘…π‘œπ‘™π‘™π‘–,𝑑 PUNCT fbem-29181 111 46 = = PRON fbem-29181 111 47 { { PUNCT fbem-29181 111 48 2βˆšβˆ’π‘π‘œπ‘£(π›₯𝑃𝑑,π›₯π‘ƒπ‘‘βˆ’1),𝐼𝑓 2βˆšβˆ’π‘π‘œπ‘£(π›₯𝑃𝑑,π›₯π‘ƒπ‘‘βˆ’1),𝐼𝑓 PROPN fbem-29181 111 49 π‘π‘œπ‘£(π›₯𝑃𝑑,π›₯π‘ƒπ‘‘βˆ’1 π‘π‘œπ‘£(π›₯𝑃𝑑,π›₯π‘ƒπ‘‘βˆ’1 PRON fbem-29181 111 50 ) ) PUNCT fbem-29181 111 51 < < X fbem-29181 111 52 0 0 NUM fbem-29181 111 53 0,𝐼𝑓 0,𝐼𝑓 NUM fbem-29181 112 1 π‘π‘œπ‘£ π‘π‘œπ‘£ PROPN fbem-29181 112 2 ( ( PUNCT fbem-29181 112 3 π›₯𝑃𝑑,π›₯π‘ƒπ‘‘βˆ’1 π›₯𝑃𝑑,π›₯π‘ƒπ‘‘βˆ’1 PROPN fbem-29181 112 4 ) ) PUNCT fbem-29181 112 5 β‰₯ β‰₯ NOUN fbem-29181 112 6 0 0 NUM fbem-29181 112 7 ( ( PUNCT fbem-29181 112 8 4 4 NUM fbem-29181 112 9 ) ) PUNCT fbem-29181 112 10 where where SCONJ fbem-29181 112 11 : : PUNCT fbem-29181 113 1 𝑃𝑑 𝑃𝑑 NOUN fbem-29181 113 2 : : PUNCT fbem-29181 113 3 indicates indicate VERB fbem-29181 113 4 the the DET fbem-29181 113 5 daily daily ADJ fbem-29181 113 6 return return NOUN fbem-29181 113 7 rate rate NOUN fbem-29181 113 8 of of ADP fbem-29181 113 9 stock stock NOUN fbem-29181 113 10 i i PRON fbem-29181 113 11 in in ADP fbem-29181 113 12 the the DET fbem-29181 113 13 t t PROPN fbem-29181 113 14 cycle cycle NOUN fbem-29181 113 15 , , PUNCT fbem-29181 113 16 considering consider VERB fbem-29181 113 17 the the DET fbem-29181 113 18 cash cash NOUN fbem-29181 113 19 dividend dividend NOUN fbem-29181 113 20 reinvestment reinvestment NOUN fbem-29181 113 21 ; ; PUNCT fbem-29181 113 22 π‘π‘œπ‘£(δ𝑃𝑑,Ξ΄π‘ƒπ‘‘βˆ’1 π‘π‘œπ‘£(δ𝑃𝑑,Ξ΄π‘ƒπ‘‘βˆ’1 X fbem-29181 113 23 ) ) PUNCT fbem-29181 113 24 : : PUNCT fbem-29181 113 25 represents represent VERB fbem-29181 113 26 the the DET fbem-29181 113 27 first first ADJ fbem-29181 113 28 - - PUNCT fbem-29181 113 29 order order NOUN fbem-29181 113 30 difference difference NOUN fbem-29181 113 31 series series NOUN fbem-29181 113 32 covariance covariance NOUN fbem-29181 113 33 of of ADP fbem-29181 113 34 the the DET fbem-29181 113 35 daily daily ADJ fbem-29181 113 36 return return NOUN fbem-29181 113 37 rate rate NOUN fbem-29181 113 38 of of ADP fbem-29181 113 39 stock stock NOUN fbem-29181 113 40 i i PRON fbem-29181 113 41 considering consider VERB fbem-29181 113 42 cash cash NOUN fbem-29181 113 43 dividend dividend NOUN fbem-29181 113 44 reinvestment reinvestment NOUN fbem-29181 113 45 during during ADP fbem-29181 113 46 the the DET fbem-29181 113 47 t t NOUN fbem-29181 113 48 period period NOUN fbem-29181 113 49 . . PUNCT fbem-29181 114 1 the the PRON fbem-29181 114 2 greater great ADJ fbem-29181 114 3 the the DET fbem-29181 114 4 value value NOUN fbem-29181 114 5 of of ADP fbem-29181 114 6 this this DET fbem-29181 114 7 index index NOUN fbem-29181 114 8 , , PUNCT fbem-29181 114 9 the the PRON fbem-29181 114 10 lower low ADJ fbem-29181 114 11 the the DET fbem-29181 114 12 liquidity liquidity NOUN fbem-29181 114 13 of of ADP fbem-29181 114 14 the the DET fbem-29181 114 15 stock stock NOUN fbem-29181 114 16 , , PUNCT fbem-29181 114 17 so so CCONJ fbem-29181 114 18 the the DET fbem-29181 114 19 inverse inverse ADJ fbem-29181 114 20 number number NOUN fbem-29181 114 21 ( ( PUNCT fbem-29181 114 22 roll roll NOUN fbem-29181 114 23 ) ) PUNCT fbem-29181 114 24 is be AUX fbem-29181 114 25 also also ADV fbem-29181 114 26 used use VERB fbem-29181 114 27 to to PART fbem-29181 114 28 perform perform VERB fbem-29181 114 29 regression regression NOUN fbem-29181 114 30 in in ADP fbem-29181 114 31 testing test VERB fbem-29181 114 32 the the DET fbem-29181 114 33 hypothesis hypothesis NOUN fbem-29181 114 34 . . PUNCT fbem-29181 115 1 ( ( PUNCT fbem-29181 115 2 2 2 X fbem-29181 115 3 ) ) PUNCT fbem-29181 115 4 of of ADP fbem-29181 115 5 table table NOUN fbem-29181 115 6 5 5 NUM fbem-29181 115 7 shows show VERB fbem-29181 115 8 the the DET fbem-29181 115 9 regression regression NOUN fbem-29181 115 10 results result NOUN fbem-29181 115 11 after after ADP fbem-29181 115 12 the the DET fbem-29181 115 13 replacement replacement NOUN fbem-29181 115 14 of of ADP fbem-29181 115 15 explanatory explanatory ADJ fbem-29181 115 16 variables variable NOUN fbem-29181 115 17 . . PUNCT fbem-29181 116 1 the the DET fbem-29181 116 2 coefficient coefficient NOUN fbem-29181 116 3 before before SCONJ fbem-29181 116 4 84 84 NUM fbem-29181 116 5 explanatory explanatory ADJ fbem-29181 116 6 variable variable ADJ fbem-29181 116 7 roll roll NOUN fbem-29181 116 8 is be AUX fbem-29181 116 9 0.128 0.128 NUM fbem-29181 116 10 and and CCONJ fbem-29181 116 11 is be AUX fbem-29181 116 12 significant significant ADJ fbem-29181 116 13 at at ADP fbem-29181 116 14 the the DET fbem-29181 116 15 1 1 NUM fbem-29181 116 16 % % NOUN fbem-29181 116 17 level level NOUN fbem-29181 116 18 , , PUNCT fbem-29181 116 19 indicating indicate VERB fbem-29181 116 20 a a DET fbem-29181 116 21 positive positive ADJ fbem-29181 116 22 correlation correlation NOUN fbem-29181 116 23 between between ADP fbem-29181 116 24 stock stock NOUN fbem-29181 116 25 liquidity liquidity NOUN fbem-29181 116 26 and and CCONJ fbem-29181 116 27 investment investment NOUN fbem-29181 116 28 efficiency efficiency NOUN fbem-29181 116 29 , , PUNCT fbem-29181 116 30 which which PRON fbem-29181 116 31 is be AUX fbem-29181 116 32 consistent consistent ADJ fbem-29181 116 33 with with ADP fbem-29181 116 34 the the DET fbem-29181 116 35 conclusion conclusion NOUN fbem-29181 116 36 above above ADP fbem-29181 116 37 and and CCONJ fbem-29181 116 38 further further ADJ fbem-29181 116 39 verifies verifie NOUN fbem-29181 117 1 hypothesis hypothesis NOUN fbem-29181 117 2 h. h. PROPN fbem-29181 117 3 4.3.3 4.3.3 AUX fbem-29181 117 4 . . PUNCT fbem-29181 118 1 measures measure NOUN fbem-29181 118 2 of of ADP fbem-29181 118 3 stock stock NOUN fbem-29181 118 4 liquidity liquidity NOUN fbem-29181 118 5 in in ADP fbem-29181 118 6 the the DET fbem-29181 118 7 sample sample NOUN fbem-29181 118 8 time time NOUN fbem-29181 118 9 series series NOUN fbem-29181 118 10 of of ADP fbem-29181 118 11 this this DET fbem-29181 118 12 paper paper NOUN fbem-29181 118 13 , , PUNCT fbem-29181 118 14 there there PRON fbem-29181 118 15 exists exist VERB fbem-29181 118 16 an an DET fbem-29181 118 17 important important ADJ fbem-29181 118 18 domestic domestic ADJ fbem-29181 118 19 financial financial ADJ fbem-29181 118 20 shock shock NOUN fbem-29181 118 21 the the DET fbem-29181 118 22 stock stock NOUN fbem-29181 118 23 market market NOUN fbem-29181 118 24 crash crash NOUN fbem-29181 118 25 in in ADP fbem-29181 118 26 china china PROPN fbem-29181 118 27 in in ADP fbem-29181 118 28 2015 2015 NUM fbem-29181 118 29 . . PUNCT fbem-29181 119 1 after after ADP fbem-29181 119 2 the the DET fbem-29181 119 3 impact impact NOUN fbem-29181 119 4 of of ADP fbem-29181 119 5 major major ADJ fbem-29181 119 6 adverse adverse ADJ fbem-29181 119 7 financial financial ADJ fbem-29181 119 8 events event NOUN fbem-29181 119 9 , , PUNCT fbem-29181 119 10 the the DET fbem-29181 119 11 stock stock NOUN fbem-29181 119 12 liquidity liquidity NOUN fbem-29181 119 13 level level NOUN fbem-29181 119 14 of of ADP fbem-29181 119 15 enterprises enterprise NOUN fbem-29181 119 16 may may AUX fbem-29181 119 17 be be AUX fbem-29181 119 18 depleted deplete VERB fbem-29181 119 19 , , PUNCT fbem-29181 119 20 and and CCONJ fbem-29181 119 21 ignoring ignore VERB fbem-29181 119 22 such such ADJ fbem-29181 119 23 factors factor NOUN fbem-29181 119 24 will will AUX fbem-29181 119 25 easily easily ADV fbem-29181 119 26 cause cause VERB fbem-29181 119 27 some some DET fbem-29181 119 28 endogenous endogenous ADJ fbem-29181 119 29 interference interference NOUN fbem-29181 119 30 . . PUNCT fbem-29181 120 1 therefore therefore ADV fbem-29181 120 2 , , PUNCT fbem-29181 120 3 the the DET fbem-29181 120 4 financial financial ADJ fbem-29181 120 5 crisis crisis NOUN fbem-29181 120 6 factor factor NOUN fbem-29181 120 7 is be AUX fbem-29181 120 8 removed remove VERB fbem-29181 120 9 in in ADP fbem-29181 120 10 the the DET fbem-29181 120 11 following following NOUN fbem-29181 120 12 , , PUNCT fbem-29181 120 13 that that ADV fbem-29181 120 14 is is ADV fbem-29181 120 15 , , PUNCT fbem-29181 120 16 the the DET fbem-29181 120 17 sample sample NOUN fbem-29181 120 18 of of ADP fbem-29181 120 19 enterprises enterprise NOUN fbem-29181 120 20 from from ADP fbem-29181 120 21 2016 2016 NUM fbem-29181 120 22 to to ADP fbem-29181 120 23 2018 2018 NUM fbem-29181 120 24 is be AUX fbem-29181 120 25 deleted delete VERB fbem-29181 120 26 and and CCONJ fbem-29181 120 27 then then ADV fbem-29181 120 28 the the DET fbem-29181 120 29 regression regression NOUN fbem-29181 120 30 is be AUX fbem-29181 120 31 carried carry VERB fbem-29181 120 32 out out ADP fbem-29181 120 33 again again ADV fbem-29181 120 34 . . PUNCT fbem-29181 121 1 ( ( PUNCT fbem-29181 121 2 3 3 X fbem-29181 121 3 ) ) PUNCT fbem-29181 121 4 of of ADP fbem-29181 121 5 table table NOUN fbem-29181 121 6 5 5 NUM fbem-29181 121 7 shows show VERB fbem-29181 121 8 the the DET fbem-29181 121 9 regression regression NOUN fbem-29181 121 10 result result VERB fbem-29181 121 11 after after ADP fbem-29181 121 12 excluding exclude VERB fbem-29181 121 13 the the DET fbem-29181 121 14 impact impact NOUN fbem-29181 121 15 of of ADP fbem-29181 121 16 stock stock NOUN fbem-29181 121 17 market market NOUN fbem-29181 121 18 crash crash NOUN fbem-29181 121 19 . . PUNCT fbem-29181 122 1 the the DET fbem-29181 122 2 coefficient coefficient NOUN fbem-29181 122 3 of of ADP fbem-29181 122 4 explanatory explanatory ADJ fbem-29181 122 5 variable variable NOUN fbem-29181 122 6 is be AUX fbem-29181 122 7 0.020 0.020 NUM fbem-29181 122 8 , , PUNCT fbem-29181 122 9 which which PRON fbem-29181 122 10 is be AUX fbem-29181 122 11 significant significant ADJ fbem-29181 122 12 at at ADP fbem-29181 122 13 the the DET fbem-29181 122 14 10 10 NUM fbem-29181 122 15 % % NOUN fbem-29181 122 16 level level NOUN fbem-29181 122 17 . . PUNCT fbem-29181 123 1 the the DET fbem-29181 123 2 core core NOUN fbem-29181 123 3 conclusion conclusion NOUN fbem-29181 123 4 " " PUNCT fbem-29181 123 5 the the DET fbem-29181 123 6 improvement improvement NOUN fbem-29181 123 7 of of ADP fbem-29181 123 8 stock stock NOUN fbem-29181 123 9 liquidity liquidity NOUN fbem-29181 123 10 has have VERB fbem-29181 123 11 a a DET fbem-29181 123 12 promoting promote VERB fbem-29181 123 13 effect effect NOUN fbem-29181 123 14 on on ADP fbem-29181 123 15 the the DET fbem-29181 123 16 investment investment NOUN fbem-29181 123 17 efficiency efficiency NOUN fbem-29181 123 18 of of ADP fbem-29181 123 19 enterprises enterprise NOUN fbem-29181 123 20 " " PUNCT fbem-29181 123 21 has have AUX fbem-29181 123 22 not not PART fbem-29181 123 23 changed change VERB fbem-29181 123 24 . . PUNCT fbem-29181 124 1 table table NOUN fbem-29181 124 2 5 5 NUM fbem-29181 124 3 . . PUNCT fbem-29181 125 1 robustness robustness NOUN fbem-29181 125 2 tests test NOUN fbem-29181 125 3 ( ( PUNCT fbem-29181 125 4 1 1 NUM fbem-29181 125 5 ) ) PUNCT fbem-29181 125 6 ( ( PUNCT fbem-29181 125 7 2 2 NUM fbem-29181 125 8 ) ) PUNCT fbem-29181 125 9 ( ( PUNCT fbem-29181 125 10 3 3 X fbem-29181 125 11 ) ) PUNCT fbem-29181 125 12 variables variable NOUN fbem-29181 125 13 effi2 effi2 NOUN fbem-29181 125 14 efficiency efficiency NOUN fbem-29181 125 15 efficiency efficiency NOUN fbem-29181 125 16 liquidity liquidity NOUN fbem-29181 125 17 0.038 0.038 NUM fbem-29181 125 18 * * PUNCT fbem-29181 125 19 * * PUNCT fbem-29181 125 20 0.020 0.020 NUM fbem-29181 125 21 * * PUNCT fbem-29181 125 22 ( ( PUNCT fbem-29181 125 23 2.41 2.41 NUM fbem-29181 125 24 ) ) PUNCT fbem-29181 125 25 ( ( PUNCT fbem-29181 125 26 1.88 1.88 NUM fbem-29181 125 27 ) ) PUNCT fbem-29181 125 28 roll roll VERB fbem-29181 125 29 0.128 0.128 NUM fbem-29181 125 30 * * PUNCT fbem-29181 125 31 * * PUNCT fbem-29181 125 32 * * PUNCT fbem-29181 125 33 ( ( PUNCT fbem-29181 125 34 3.31 3.31 NUM fbem-29181 125 35 ) ) PUNCT fbem-29181 125 36 size size NOUN fbem-29181 125 37 -0.014 -0.014 NOUN fbem-29181 125 38 * * PUNCT fbem-29181 125 39 * * PUNCT fbem-29181 125 40 * * PUNCT fbem-29181 125 41 -0.016 -0.016 PUNCT fbem-29181 126 1 * * PUNCT fbem-29181 127 1 * * PUNCT fbem-29181 127 2 * * PUNCT fbem-29181 127 3 -0.007 -0.007 PUNCT fbem-29181 127 4 * * PUNCT fbem-29181 127 5 * * PUNCT fbem-29181 127 6 * * PUNCT fbem-29181 127 7 ( ( PUNCT fbem-29181 127 8 -5.90 -5.90 INTJ fbem-29181 127 9 ) ) PUNCT fbem-29181 127 10 ( ( PUNCT fbem-29181 127 11 -7.70 -7.70 X fbem-29181 127 12 ) ) PUNCT fbem-29181 127 13 ( ( PUNCT fbem-29181 127 14 -4.57 -4.57 X fbem-29181 127 15 ) ) PUNCT fbem-29181 127 16 roe roe NOUN fbem-29181 127 17 -0.007 -0.007 PROPN fbem-29181 127 18 * * PUNCT fbem-29181 127 19 -0.002 -0.002 PUNCT fbem-29181 127 20 -0.002 -0.002 PUNCT fbem-29181 127 21 ( ( PUNCT fbem-29181 127 22 -1.96 -1.96 NUM fbem-29181 127 23 ) ) PUNCT fbem-29181 127 24 ( ( PUNCT fbem-29181 127 25 -1.34 -1.34 NOUN fbem-29181 127 26 ) ) PUNCT fbem-29181 127 27 ( ( PUNCT fbem-29181 127 28 -1.45 -1.45 NOUN fbem-29181 127 29 ) ) PUNCT fbem-29181 127 30 lev lev NOUN fbem-29181 127 31 0.002 0.002 NUM fbem-29181 127 32 0.005 0.005 NUM fbem-29181 127 33 0.001 0.001 NUM fbem-29181 127 34 ( ( PUNCT fbem-29181 127 35 0.19 0.19 NUM fbem-29181 127 36 ) ) PUNCT fbem-29181 127 37 ( ( PUNCT fbem-29181 127 38 0.69 0.69 NUM fbem-29181 127 39 ) ) PUNCT fbem-29181 127 40 ( ( PUNCT fbem-29181 127 41 0.14 0.14 NUM fbem-29181 127 42 ) ) PUNCT fbem-29181 127 43 ldr ldr NOUN fbem-29181 128 1 0.000 0.000 NUM fbem-29181 128 2 * * PUNCT fbem-29181 129 1 * * PUNCT fbem-29181 130 1 0.000 0.000 NUM fbem-29181 130 2 * * PUNCT fbem-29181 130 3 * * PUNCT fbem-29181 130 4 0.000 0.000 NUM fbem-29181 130 5 ( ( PUNCT fbem-29181 130 6 2.46 2.46 NUM fbem-29181 130 7 ) ) PUNCT fbem-29181 130 8 ( ( PUNCT fbem-29181 130 9 2.26 2.26 NUM fbem-29181 130 10 ) ) PUNCT fbem-29181 130 11 ( ( PUNCT fbem-29181 130 12 1.52 1.52 NUM fbem-29181 130 13 ) ) PUNCT fbem-29181 130 14 growth growth NOUN fbem-29181 130 15 -0.002 -0.002 PUNCT fbem-29181 130 16 * * PUNCT fbem-29181 130 17 * * PUNCT fbem-29181 130 18 * * PUNCT fbem-29181 130 19 -0.002 -0.002 PUNCT fbem-29181 130 20 * * PUNCT fbem-29181 130 21 * * PUNCT fbem-29181 130 22 * * PUNCT fbem-29181 130 23 -0.001 -0.001 PUNCT fbem-29181 130 24 * * PUNCT fbem-29181 130 25 * * PUNCT fbem-29181 130 26 ( ( PUNCT fbem-29181 130 27 -5.96 -5.96 NUM fbem-29181 130 28 ) ) PUNCT fbem-29181 130 29 ( ( PUNCT fbem-29181 130 30 -5.12 -5.12 NUM fbem-29181 130 31 ) ) PUNCT fbem-29181 130 32 ( ( PUNCT fbem-29181 130 33 -2.35 -2.35 NOUN fbem-29181 130 34 ) ) PUNCT fbem-29181 130 35 dual dual ADJ fbem-29181 130 36 -0.001 -0.001 X fbem-29181 130 37 -0.001 -0.001 X fbem-29181 130 38 -0.001 -0.001 PUNCT fbem-29181 130 39 ( ( PUNCT fbem-29181 130 40 -0.57 -0.57 NUM fbem-29181 130 41 ) ) PUNCT fbem-29181 130 42 ( ( PUNCT fbem-29181 130 43 -0.29 -0.29 NOUN fbem-29181 130 44 ) ) PUNCT fbem-29181 130 45 ( ( PUNCT fbem-29181 130 46 -0.38 -0.38 NOUN fbem-29181 130 47 ) ) PUNCT fbem-29181 130 48 indep indep NOUN fbem-29181 130 49 -0.012 -0.012 PRON fbem-29181 130 50 -0.003 -0.003 NOUN fbem-29181 130 51 0.010 0.010 NUM fbem-29181 130 52 ( ( PUNCT fbem-29181 130 53 -0.52 -0.52 NUM fbem-29181 130 54 ) ) PUNCT fbem-29181 130 55 ( ( PUNCT fbem-29181 130 56 -0.16 -0.16 X fbem-29181 130 57 ) ) PUNCT fbem-29181 130 58 ( ( PUNCT fbem-29181 130 59 0.74 0.74 NUM fbem-29181 130 60 ) ) PUNCT fbem-29181 130 61 constant constant ADJ fbem-29181 130 62 0.275 0.275 NUM fbem-29181 130 63 * * PUNCT fbem-29181 130 64 * * PUNCT fbem-29181 130 65 * * PUNCT fbem-29181 130 66 0.318 0.318 NUM fbem-29181 130 67 * * PUNCT fbem-29181 130 68 * * PUNCT fbem-29181 130 69 * * PUNCT fbem-29181 130 70 0.110 0.110 NUM fbem-29181 130 71 * * PUNCT fbem-29181 130 72 * * PUNCT fbem-29181 130 73 * * PUNCT fbem-29181 130 74 ( ( PUNCT fbem-29181 130 75 5.28 5.28 NUM fbem-29181 130 76 ) ) PUNCT fbem-29181 130 77 ( ( PUNCT fbem-29181 130 78 6.88 6.88 NUM fbem-29181 130 79 ) ) PUNCT fbem-29181 130 80 ( ( PUNCT fbem-29181 130 81 3.35 3.35 NUM fbem-29181 130 82 ) ) PUNCT fbem-29181 130 83 observations observation NOUN fbem-29181 130 84 14,080 14,080 NUM fbem-29181 130 85 17,090 17,090 NUM fbem-29181 130 86 11,963 11,963 NUM fbem-29181 130 87 r r NOUN fbem-29181 130 88 - - PUNCT fbem-29181 130 89 squared square VERB fbem-29181 130 90 0.085 0.085 NUM fbem-29181 130 91 0.078 0.078 NUM fbem-29181 130 92 0.052 0.052 NUM fbem-29181 130 93 number number NOUN fbem-29181 130 94 of of ADP fbem-29181 130 95 i i PROPN fbem-29181 130 96 d d PROPN fbem-29181 130 97 1,408 1,408 NUM fbem-29181 130 98 1,709 1,709 NUM fbem-29181 130 99 1,709 1,709 NUM fbem-29181 130 100 i i PROPN fbem-29181 130 101 d d PROPN fbem-29181 130 102 fe fe INTJ fbem-29181 131 1 yes yes INTJ fbem-29181 131 2 yes yes INTJ fbem-29181 132 1 yes yes INTJ fbem-29181 132 2 year year NOUN fbem-29181 133 1 fe fe INTJ fbem-29181 134 1 yes yes INTJ fbem-29181 134 2 yes yes INTJ fbem-29181 135 1 yes yes INTJ fbem-29181 135 2 4.4 4.4 NUM fbem-29181 135 3 . . PUNCT fbem-29181 136 1 endogeneity endogeneity NOUN fbem-29181 136 2 test test NOUN fbem-29181 136 3 since since SCONJ fbem-29181 136 4 stock stock NOUN fbem-29181 136 5 liquidity liquidity NOUN fbem-29181 136 6 and and CCONJ fbem-29181 136 7 investment investment NOUN fbem-29181 136 8 efficiency efficiency NOUN fbem-29181 136 9 may may AUX fbem-29181 136 10 be be AUX fbem-29181 136 11 mutually mutually ADV fbem-29181 136 12 causal causal ADV fbem-29181 136 13 , , PUNCT fbem-29181 136 14 leading lead VERB fbem-29181 136 15 to to ADP fbem-29181 136 16 endogenous endogenous ADJ fbem-29181 136 17 problems problem NOUN fbem-29181 136 18 , , PUNCT fbem-29181 136 19 and and CCONJ fbem-29181 136 20 the the DET fbem-29181 136 21 instrumental instrumental ADJ fbem-29181 136 22 variable variable ADJ fbem-29181 136 23 method method NOUN fbem-29181 136 24 can can AUX fbem-29181 136 25 effectively effectively ADV fbem-29181 136 26 solve solve VERB fbem-29181 136 27 endogenous endogenous ADJ fbem-29181 136 28 problems problem NOUN fbem-29181 136 29 , , PUNCT fbem-29181 136 30 this this DET fbem-29181 136 31 paper paper NOUN fbem-29181 136 32 draws draw VERB fbem-29181 136 33 on on ADP fbem-29181 136 34 the the DET fbem-29181 136 35 research research NOUN fbem-29181 136 36 practices practice NOUN fbem-29181 136 37 of of ADP fbem-29181 136 38 su su PROPN fbem-29181 136 39 dongwei dongwei NOUN fbem-29181 136 40 and and CCONJ fbem-29181 136 41 xiong xiong PROPN fbem-29181 136 42 jiacai jiacai PROPN fbem-29181 136 43 ( ( PUNCT fbem-29181 136 44 2013 2013 NUM fbem-29181 136 45 ) ) PUNCT fbem-29181 136 46 and and CCONJ fbem-29181 136 47 jayaraman jayaraman NOUN fbem-29181 136 48 and and CCONJ fbem-29181 136 49 milbourn milbourn NOUN fbem-29181 136 50 ( ( PUNCT fbem-29181 136 51 2012 2012 NUM fbem-29181 136 52 ) ) PUNCT fbem-29181 136 53 . . PUNCT fbem-29181 137 1 in in ADP fbem-29181 137 2 this this DET fbem-29181 137 3 paper paper NOUN fbem-29181 137 4 , , PUNCT fbem-29181 137 5 in in ADP fbem-29181 137 6 this this DET fbem-29181 137 7 paper paper NOUN fbem-29181 137 8 , , PUNCT fbem-29181 137 9 stock stock NOUN fbem-29181 137 10 liquidity liquidity NOUN fbem-29181 137 11 with with ADP fbem-29181 137 12 a a DET fbem-29181 137 13 lag lag NOUN fbem-29181 137 14 of of ADP fbem-29181 137 15 one one NUM fbem-29181 137 16 period period NOUN fbem-29181 137 17 ( ( PUNCT fbem-29181 137 18 liq1 liq1 PROPN fbem-29181 137 19 ) ) PUNCT fbem-29181 137 20 is be AUX fbem-29181 137 21 selected select VERB fbem-29181 137 22 as as ADP fbem-29181 137 23 the the DET fbem-29181 137 24 instrumental instrumental ADJ fbem-29181 137 25 variable variable NOUN fbem-29181 137 26 of of ADP fbem-29181 137 27 stock stock NOUN fbem-29181 137 28 liquidity liquidity NOUN fbem-29181 137 29 ( ( PUNCT fbem-29181 137 30 liquidity liquidity NOUN fbem-29181 137 31 ) ) PUNCT fbem-29181 137 32 , , PUNCT fbem-29181 137 33 and and CCONJ fbem-29181 137 34 twostage twostage NOUN fbem-29181 137 35 least least ADJ fbem-29181 137 36 squares square NOUN fbem-29181 137 37 method method NOUN fbem-29181 137 38 ( ( PUNCT fbem-29181 137 39 2sls 2sls NOUN fbem-29181 137 40 ) ) PUNCT fbem-29181 137 41 is be AUX fbem-29181 137 42 used use VERB fbem-29181 137 43 for for ADP fbem-29181 137 44 regression regression NOUN fbem-29181 137 45 estimation estimation NOUN fbem-29181 137 46 . . PUNCT fbem-29181 138 1 table table NOUN fbem-29181 138 2 6 6 NUM fbem-29181 138 3 shows show VERB fbem-29181 138 4 the the DET fbem-29181 138 5 results result NOUN fbem-29181 138 6 of of ADP fbem-29181 138 7 the the DET fbem-29181 138 8 second second ADJ fbem-29181 138 9 stage stage NOUN fbem-29181 138 10 regression regression NOUN fbem-29181 138 11 of of ADP fbem-29181 138 12 2sls 2sls NOUN fbem-29181 138 13 . . PUNCT fbem-29181 139 1 the the DET fbem-29181 139 2 regression regression NOUN fbem-29181 139 3 coefficient coefficient NOUN fbem-29181 139 4 is be AUX fbem-29181 139 5 0.721 0.721 NUM fbem-29181 139 6 , , PUNCT fbem-29181 139 7 which which PRON fbem-29181 139 8 is be AUX fbem-29181 139 9 significantly significantly ADV fbem-29181 139 10 positive positive ADJ fbem-29181 139 11 at at ADP fbem-29181 139 12 5 5 NUM fbem-29181 139 13 % % NOUN fbem-29181 139 14 level level NOUN fbem-29181 139 15 . . PUNCT fbem-29181 140 1 this this PRON fbem-29181 140 2 is be AUX fbem-29181 140 3 similar similar ADJ fbem-29181 140 4 to to ADP fbem-29181 140 5 the the DET fbem-29181 140 6 results result NOUN fbem-29181 140 7 of of ADP fbem-29181 140 8 baseline baseline NOUN fbem-29181 140 9 results result NOUN fbem-29181 140 10 mentioned mention VERB fbem-29181 140 11 above above ADV fbem-29181 140 12 , , PUNCT fbem-29181 140 13 which which PRON fbem-29181 140 14 further far ADV fbem-29181 140 15 verifies verifie NOUN fbem-29181 140 16 the the DET fbem-29181 140 17 promoting promote VERB fbem-29181 140 18 effect effect NOUN fbem-29181 140 19 of of ADP fbem-29181 140 20 stock stock NOUN fbem-29181 140 21 liquidity liquidity NOUN fbem-29181 140 22 on on ADP fbem-29181 140 23 corporate corporate ADJ fbem-29181 140 24 investment investment NOUN fbem-29181 140 25 efficiency efficiency NOUN fbem-29181 140 26 . . PUNCT fbem-29181 141 1 table table NOUN fbem-29181 141 2 6 6 NUM fbem-29181 141 3 . . PUNCT fbem-29181 142 1 endogeneity endogeneity NOUN fbem-29181 142 2 tests test VERB fbem-29181 142 3 variables variable NOUN fbem-29181 142 4 ( ( PUNCT fbem-29181 142 5 1 1 X fbem-29181 142 6 ) ) PUNCT fbem-29181 142 7 two two NUM fbem-29181 142 8 efficiency efficiency NOUN fbem-29181 142 9 liquidity liquidity NOUN fbem-29181 142 10 0.721 0.721 NUM fbem-29181 142 11 * * PUNCT fbem-29181 142 12 * * PUNCT fbem-29181 142 13 ( ( PUNCT fbem-29181 142 14 2.20 2.20 NUM fbem-29181 142 15 ) ) PUNCT fbem-29181 142 16 size size NOUN fbem-29181 142 17 -0.009 -0.009 PROPN fbem-29181 142 18 * * NOUN fbem-29181 142 19 ( ( PUNCT fbem-29181 142 20 -1.94 -1.94 NOUN fbem-29181 142 21 ) ) PUNCT fbem-29181 142 22 roe roe NOUN fbem-29181 142 23 -0.001 -0.001 PUNCT fbem-29181 142 24 ( ( PUNCT fbem-29181 142 25 -0.96 -0.96 NOUN fbem-29181 142 26 ) ) PUNCT fbem-29181 142 27 lev lev NOUN fbem-29181 142 28 0.032 0.032 NUM fbem-29181 142 29 * * PUNCT fbem-29181 142 30 * * PUNCT fbem-29181 142 31 * * PUNCT fbem-29181 142 32 ( ( PUNCT fbem-29181 142 33 3.10 3.10 NUM fbem-29181 142 34 ) ) PUNCT fbem-29181 142 35 ldr ldr NOUN fbem-29181 142 36 0.001 0.001 NUM fbem-29181 142 37 * * NOUN fbem-29181 142 38 * * PUNCT fbem-29181 142 39 ( ( PUNCT fbem-29181 142 40 2.32 2.32 NUM fbem-29181 142 41 ) ) PUNCT fbem-29181 142 42 growth growth NOUN fbem-29181 142 43 -0.001 -0.001 NOUN fbem-29181 143 1 * * PUNCT fbem-29181 143 2 * * PUNCT fbem-29181 143 3 * * PUNCT fbem-29181 143 4 ( ( PUNCT fbem-29181 143 5 -3.11 -3.11 ADJ fbem-29181 143 6 ) ) PUNCT fbem-29181 143 7 dual dual ADJ fbem-29181 143 8 -0.008 -0.008 NOUN fbem-29181 143 9 * * PUNCT fbem-29181 143 10 * * AUX fbem-29181 143 11 * * PUNCT fbem-29181 143 12 ( ( PUNCT fbem-29181 143 13 -3.81 -3.81 NUM fbem-29181 143 14 ) ) PUNCT fbem-29181 143 15 indep indep NOUN fbem-29181 143 16 0.004 0.004 NUM fbem-29181 143 17 ( ( PUNCT fbem-29181 143 18 0.23 0.23 NUM fbem-29181 143 19 ) ) PUNCT fbem-29181 143 20 constant constant ADJ fbem-29181 143 21 0.172 0.172 NUM fbem-29181 143 22 ( ( PUNCT fbem-29181 143 23 1.58 1.58 NUM fbem-29181 143 24 ) ) PUNCT fbem-29181 143 25 observations observation NOUN fbem-29181 144 1 15,381 15,381 NUM fbem-29181 144 2 r r NOUN fbem-29181 144 3 - - PUNCT fbem-29181 144 4 squared square VERB fbem-29181 144 5 -1.853 -1.853 NOUN fbem-29181 144 6 5 5 NUM fbem-29181 144 7 . . PUNCT fbem-29181 144 8 further further ADJ fbem-29181 144 9 test test VERB fbem-29181 144 10 5.1 5.1 NUM fbem-29181 144 11 . . PUNCT fbem-29181 145 1 property property NOUN fbem-29181 145 2 rights right NOUN fbem-29181 145 3 nature nature NOUN fbem-29181 145 4 difference difference NOUN fbem-29181 145 5 all all DET fbem-29181 145 6 samples sample NOUN fbem-29181 145 7 are be AUX fbem-29181 145 8 divided divide VERB fbem-29181 145 9 into into ADP fbem-29181 145 10 state state NOUN fbem-29181 145 11 - - PUNCT fbem-29181 145 12 owned own VERB fbem-29181 145 13 enterprises enterprise NOUN fbem-29181 145 14 and and CCONJ fbem-29181 145 15 non non ADJ fbem-29181 145 16 - - ADJ fbem-29181 145 17 state state NOUN fbem-29181 145 18 - - PUNCT fbem-29181 145 19 owned own VERB fbem-29181 145 20 enterprises enterprise NOUN fbem-29181 145 21 according accord VERB fbem-29181 145 22 to to ADP fbem-29181 145 23 the the DET fbem-29181 145 24 property property NOUN fbem-29181 145 25 rights right NOUN fbem-29181 145 26 of of ADP fbem-29181 145 27 the the DET fbem-29181 145 28 actual actual ADJ fbem-29181 145 29 controller controller NOUN fbem-29181 145 30 . . PUNCT fbem-29181 146 1 the the DET fbem-29181 146 2 regression regression NOUN fbem-29181 146 3 results result NOUN fbem-29181 146 4 of of ADP fbem-29181 146 5 state state NOUN fbem-29181 146 6 - - PUNCT fbem-29181 146 7 owned own VERB fbem-29181 146 8 enterprises enterprise NOUN fbem-29181 146 9 and and CCONJ fbem-29181 146 10 non non ADJ fbem-29181 146 11 - - ADJ fbem-29181 146 12 state state NOUN fbem-29181 146 13 - - PUNCT fbem-29181 146 14 owned own VERB fbem-29181 146 15 enterprises enterprise NOUN fbem-29181 146 16 are be AUX fbem-29181 146 17 shown show VERB fbem-29181 146 18 in in ADP fbem-29181 146 19 figure figure NOUN fbem-29181 146 20 7 7 NUM fbem-29181 146 21 ( ( PUNCT fbem-29181 146 22 1 1 NUM fbem-29181 146 23 ) ) PUNCT fbem-29181 146 24 and and CCONJ fbem-29181 146 25 ( ( PUNCT fbem-29181 146 26 2 2 X fbem-29181 146 27 ) ) PUNCT fbem-29181 146 28 respectively respectively ADV fbem-29181 146 29 . . PUNCT fbem-29181 147 1 the the DET fbem-29181 147 2 regression regression NOUN fbem-29181 147 3 coefficient coefficient NOUN fbem-29181 147 4 of of ADP fbem-29181 147 5 explanatory explanatory ADJ fbem-29181 147 6 variable variable NOUN fbem-29181 147 7 is be AUX fbem-29181 147 8 insignificant insignificant ADJ fbem-29181 147 9 in in ADP fbem-29181 147 10 state state NOUN fbem-29181 147 11 - - PUNCT fbem-29181 147 12 owned own VERB fbem-29181 147 13 enterprises enterprise NOUN fbem-29181 147 14 , , PUNCT fbem-29181 147 15 while while SCONJ fbem-29181 147 16 the the DET fbem-29181 147 17 regression regression NOUN fbem-29181 147 18 coefficient coefficient NOUN fbem-29181 147 19 of of ADP fbem-29181 147 20 non non ADJ fbem-29181 147 21 - - ADJ fbem-29181 147 22 stateowned stateowned ADJ fbem-29181 147 23 enterprises enterprise NOUN fbem-29181 147 24 is be AUX fbem-29181 147 25 significantly significantly ADV fbem-29181 147 26 positive positive ADJ fbem-29181 147 27 at at ADP fbem-29181 147 28 5 5 NUM fbem-29181 147 29 % % NOUN fbem-29181 147 30 level level NOUN fbem-29181 147 31 . . PUNCT fbem-29181 148 1 this this PRON fbem-29181 148 2 shows show VERB fbem-29181 148 3 that that SCONJ fbem-29181 148 4 the the DET fbem-29181 148 5 promoting promote VERB fbem-29181 148 6 effect effect NOUN fbem-29181 148 7 of of ADP fbem-29181 148 8 stock stock NOUN fbem-29181 148 9 liquidity liquidity NOUN fbem-29181 148 10 on on ADP fbem-29181 148 11 enterprise enterprise NOUN fbem-29181 148 12 efficiency efficiency NOUN fbem-29181 148 13 is be AUX fbem-29181 148 14 more more ADV fbem-29181 148 15 significant significant ADJ fbem-29181 148 16 in in ADP fbem-29181 148 17 non non ADJ fbem-29181 148 18 - - ADJ fbem-29181 148 19 state state NOUN fbem-29181 148 20 - - PUNCT fbem-29181 148 21 owned own VERB fbem-29181 148 22 enterprises enterprise NOUN fbem-29181 148 23 . . PUNCT fbem-29181 149 1 the the DET fbem-29181 149 2 possible possible ADJ fbem-29181 149 3 reasons reason NOUN fbem-29181 149 4 are be AUX fbem-29181 149 5 analyzed analyze VERB fbem-29181 149 6 : : PUNCT fbem-29181 149 7 in in ADP fbem-29181 149 8 non non ADJ fbem-29181 149 9 - - ADJ fbem-29181 149 10 stateowned stateowned ADJ fbem-29181 149 11 enterprises enterprise NOUN fbem-29181 149 12 , , PUNCT fbem-29181 149 13 the the DET fbem-29181 149 14 ownership ownership NOUN fbem-29181 149 15 structure structure NOUN fbem-29181 149 16 is be AUX fbem-29181 149 17 more more ADV fbem-29181 149 18 complex complex ADJ fbem-29181 149 19 , , PUNCT fbem-29181 149 20 and and CCONJ fbem-29181 149 21 the the DET fbem-29181 149 22 role role NOUN fbem-29181 149 23 of of ADP fbem-29181 149 24 ownership ownership NOUN fbem-29181 149 25 structure structure NOUN fbem-29181 149 26 on on ADP fbem-29181 149 27 corporate corporate ADJ fbem-29181 149 28 governance governance NOUN fbem-29181 149 29 is be AUX fbem-29181 149 30 more more ADV fbem-29181 149 31 obvious obvious ADJ fbem-29181 149 32 . . PUNCT fbem-29181 150 1 small small ADJ fbem-29181 150 2 and and CCONJ fbem-29181 150 3 medium medium ADJ fbem-29181 150 4 - - PUNCT fbem-29181 150 5 sized sized ADJ fbem-29181 150 6 shareholders shareholder NOUN fbem-29181 150 7 will will AUX fbem-29181 150 8 also also ADV fbem-29181 150 9 actively actively ADV fbem-29181 150 10 participate participate VERB fbem-29181 150 11 in in ADP fbem-29181 150 12 corporate corporate ADJ fbem-29181 150 13 governance governance NOUN fbem-29181 150 14 , , PUNCT fbem-29181 150 15 so so SCONJ fbem-29181 150 16 that that SCONJ fbem-29181 150 17 the the DET fbem-29181 150 18 investment investment NOUN fbem-29181 150 19 efficiency efficiency NOUN fbem-29181 150 20 is be AUX fbem-29181 150 21 higher high ADJ fbem-29181 150 22 . . PUNCT fbem-29181 151 1 the the DET fbem-29181 151 2 coefficient coefficient NOUN fbem-29181 151 3 of of ADP fbem-29181 151 4 stateowned stateowne VERB fbem-29181 151 5 enterprises enterprise NOUN fbem-29181 151 6 is be AUX fbem-29181 151 7 not not PART fbem-29181 151 8 significant significant ADJ fbem-29181 151 9 , , PUNCT fbem-29181 151 10 which which PRON fbem-29181 151 11 may may AUX fbem-29181 151 12 be be AUX fbem-29181 151 13 due due ADJ fbem-29181 151 14 to to ADP fbem-29181 151 15 the the DET fbem-29181 151 16 special special ADJ fbem-29181 151 17 nature nature NOUN fbem-29181 151 18 of of ADP fbem-29181 151 19 state state NOUN fbem-29181 151 20 - - PUNCT fbem-29181 151 21 owned own VERB fbem-29181 151 22 enterprises enterprise NOUN fbem-29181 151 23 in in ADP fbem-29181 151 24 china china PROPN fbem-29181 151 25 , , PUNCT fbem-29181 151 26 which which PRON fbem-29181 151 27 determines determine VERB fbem-29181 151 28 that that SCONJ fbem-29181 151 29 state state NOUN fbem-29181 151 30 - - PUNCT fbem-29181 151 31 owned own VERB fbem-29181 151 32 shares share NOUN fbem-29181 151 33 occupy occupy VERB fbem-29181 151 34 an an DET fbem-29181 151 35 absolute absolute ADJ fbem-29181 151 36 dominant dominant ADJ fbem-29181 151 37 position position NOUN fbem-29181 151 38 , , PUNCT fbem-29181 151 39 state state NOUN fbem-29181 151 40 - - PUNCT fbem-29181 151 41 owned own VERB fbem-29181 151 42 legal legal ADJ fbem-29181 151 43 persons person NOUN fbem-29181 151 44 have have VERB fbem-29181 151 45 absolute absolute ADJ fbem-29181 151 46 control control NOUN fbem-29181 151 47 over over ADP fbem-29181 151 48 the the DET fbem-29181 151 49 company company NOUN fbem-29181 151 50 , , PUNCT fbem-29181 151 51 and and CCONJ fbem-29181 151 52 small small ADJ fbem-29181 151 53 and and CCONJ fbem-29181 151 54 medium medium ADJ fbem-29181 151 55 - - PUNCT fbem-29181 151 56 sized sized ADJ fbem-29181 151 57 shareholders shareholder NOUN fbem-29181 151 58 have have VERB fbem-29181 151 59 little little ADJ fbem-29181 151 60 checks check NOUN fbem-29181 151 61 and and CCONJ fbem-29181 151 62 balances balance NOUN fbem-29181 151 63 on on ADP fbem-29181 151 64 major major ADJ fbem-29181 151 65 stateowned stateowne VERB fbem-29181 151 66 shareholders shareholder NOUN fbem-29181 151 67 . . PUNCT fbem-29181 152 1 therefore therefore ADV fbem-29181 152 2 , , PUNCT fbem-29181 152 3 stock stock NOUN fbem-29181 152 4 liquidity liquidity NOUN fbem-29181 152 5 has have VERB fbem-29181 152 6 no no DET fbem-29181 152 7 significant significant ADJ fbem-29181 152 8 promoting promote VERB fbem-29181 152 9 effect effect NOUN fbem-29181 152 10 on on ADP fbem-29181 152 11 investment investment NOUN fbem-29181 152 12 efficiency efficiency NOUN fbem-29181 152 13 . . PUNCT fbem-29181 153 1 5.2 5.2 X fbem-29181 153 2 . . PUNCT fbem-29181 153 3 company company NOUN fbem-29181 153 4 size size NOUN fbem-29181 153 5 difference difference NOUN fbem-29181 153 6 all all DET fbem-29181 153 7 samples sample NOUN fbem-29181 153 8 are be AUX fbem-29181 153 9 divided divide VERB fbem-29181 153 10 into into ADP fbem-29181 153 11 large large ADJ fbem-29181 153 12 and and CCONJ fbem-29181 153 13 small small ADJ fbem-29181 153 14 enterprises enterprise NOUN fbem-29181 153 15 85 85 NUM fbem-29181 153 16 according accord VERB fbem-29181 153 17 to to ADP fbem-29181 153 18 the the DET fbem-29181 153 19 median median ADJ fbem-29181 153 20 size size NOUN fbem-29181 153 21 of of ADP fbem-29181 153 22 listed list VERB fbem-29181 153 23 companies company NOUN fbem-29181 153 24 . . PUNCT fbem-29181 154 1 ( ( PUNCT fbem-29181 154 2 3 3 X fbem-29181 154 3 ) ) PUNCT fbem-29181 154 4 and and CCONJ fbem-29181 154 5 ( ( PUNCT fbem-29181 154 6 4 4 X fbem-29181 154 7 ) ) PUNCT fbem-29181 154 8 in in ADP fbem-29181 154 9 figure figure NOUN fbem-29181 154 10 7 7 NUM fbem-29181 154 11 show show VERB fbem-29181 154 12 the the DET fbem-29181 154 13 regression regression NOUN fbem-29181 154 14 results result NOUN fbem-29181 154 15 of of ADP fbem-29181 154 16 large large ADJ fbem-29181 154 17 and and CCONJ fbem-29181 154 18 small small ADJ fbem-29181 154 19 enterprises enterprise NOUN fbem-29181 154 20 respectively respectively ADV fbem-29181 154 21 . . PUNCT fbem-29181 155 1 the the DET fbem-29181 155 2 regression regression NOUN fbem-29181 155 3 coefficient coefficient NOUN fbem-29181 155 4 of of ADP fbem-29181 155 5 explanatory explanatory ADJ fbem-29181 155 6 variable variable ADJ fbem-29181 155 7 stock stock NOUN fbem-29181 155 8 liquidity liquidity NOUN fbem-29181 155 9 is be AUX fbem-29181 155 10 not not PART fbem-29181 155 11 significant significant ADJ fbem-29181 155 12 in in ADP fbem-29181 155 13 large large ADJ fbem-29181 155 14 - - PUNCT fbem-29181 155 15 scale scale NOUN fbem-29181 155 16 enterprises enterprise NOUN fbem-29181 155 17 but but CCONJ fbem-29181 155 18 is be AUX fbem-29181 155 19 significantly significantly ADV fbem-29181 155 20 positive positive ADJ fbem-29181 155 21 at at ADP fbem-29181 155 22 10 10 NUM fbem-29181 155 23 % % NOUN fbem-29181 155 24 level level NOUN fbem-29181 155 25 in in ADP fbem-29181 155 26 small small ADJ fbem-29181 155 27 - - PUNCT fbem-29181 155 28 scale scale NOUN fbem-29181 155 29 enterprises enterprise NOUN fbem-29181 155 30 , , PUNCT fbem-29181 155 31 indicating indicate VERB fbem-29181 155 32 that that SCONJ fbem-29181 155 33 stock stock NOUN fbem-29181 155 34 liquidity liquidity NOUN fbem-29181 155 35 has have VERB fbem-29181 155 36 a a DET fbem-29181 155 37 more more ADV fbem-29181 155 38 significant significant ADJ fbem-29181 155 39 promoting promote VERB fbem-29181 155 40 effect effect NOUN fbem-29181 155 41 on on ADP fbem-29181 155 42 enterprise enterprise NOUN fbem-29181 155 43 efficiency efficiency NOUN fbem-29181 155 44 in in ADP fbem-29181 155 45 small small ADJ fbem-29181 155 46 - - PUNCT fbem-29181 155 47 scale scale NOUN fbem-29181 155 48 enterprises enterprise NOUN fbem-29181 155 49 . . PUNCT fbem-29181 156 1 table table NOUN fbem-29181 156 2 7 7 NUM fbem-29181 156 3 . . PUNCT fbem-29181 156 4 heterogeneity heterogeneity NOUN fbem-29181 156 5 test test NOUN fbem-29181 156 6 ( ( PUNCT fbem-29181 156 7 1 1 NUM fbem-29181 156 8 ) ) PUNCT fbem-29181 156 9 ( ( PUNCT fbem-29181 156 10 2 2 NUM fbem-29181 156 11 ) ) PUNCT fbem-29181 156 12 ( ( PUNCT fbem-29181 156 13 3 3 X fbem-29181 156 14 ) ) PUNCT fbem-29181 156 15 ( ( PUNCT fbem-29181 156 16 4 4 X fbem-29181 156 17 ) ) PUNCT fbem-29181 156 18 variables variable NOUN fbem-29181 156 19 stateowned stateowne VERB fbem-29181 156 20 nonstateowned nonstateowne VERB fbem-29181 156 21 largescale largescale ADJ fbem-29181 156 22 smallscale smallscale NOUN fbem-29181 156 23 liquidity liquidity NOUN fbem-29181 156 24 -0.001 -0.001 NUM fbem-29181 156 25 0.021 0.021 NUM fbem-29181 156 26 * * NOUN fbem-29181 156 27 * * PROPN fbem-29181 156 28 0.060 0.060 NUM fbem-29181 156 29 0.019 0.019 NUM fbem-29181 156 30 * * SYM fbem-29181 156 31 ( ( PUNCT fbem-29181 156 32 -0.15 -0.15 NUM fbem-29181 156 33 ) ) PUNCT fbem-29181 156 34 ( ( PUNCT fbem-29181 156 35 1.97 1.97 NUM fbem-29181 156 36 ) ) PUNCT fbem-29181 156 37 ( ( PUNCT fbem-29181 156 38 1.32 1.32 NUM fbem-29181 156 39 ) ) PUNCT fbem-29181 156 40 ( ( PUNCT fbem-29181 156 41 1.81 1.81 NUM fbem-29181 156 42 ) ) PUNCT fbem-29181 156 43 size size NOUN fbem-29181 156 44 0.011 0.011 NUM fbem-29181 156 45 * * NOUN fbem-29181 156 46 * * PUNCT fbem-29181 156 47 * * PUNCT fbem-29181 156 48 0.020 0.020 NUM fbem-29181 156 49 * * PUNCT fbem-29181 156 50 * * PUNCT fbem-29181 156 51 * * PUNCT fbem-29181 156 52 0.012 0.012 NUM fbem-29181 156 53 * * PUNCT fbem-29181 156 54 * * PUNCT fbem-29181 156 55 * * PUNCT fbem-29181 156 56 0.023 0.023 NUM fbem-29181 156 57 * * PUNCT fbem-29181 156 58 * * PUNCT fbem-29181 157 1 * * PUNCT fbem-29181 158 1 ( ( PUNCT fbem-29181 158 2 -3.51 -3.51 NOUN fbem-29181 158 3 ) ) PUNCT fbem-29181 158 4 ( ( PUNCT fbem-29181 158 5 -6.80 -6.80 NOUN fbem-29181 158 6 ) ) PUNCT fbem-29181 158 7 ( ( PUNCT fbem-29181 158 8 -3.51 -3.51 NOUN fbem-29181 158 9 ) ) PUNCT fbem-29181 158 10 ( ( PUNCT fbem-29181 158 11 -4.45 -4.45 NOUN fbem-29181 158 12 ) ) PUNCT fbem-29181 158 13 roe roe NOUN fbem-29181 158 14 -0.009 -0.009 PUNCT fbem-29181 158 15 * * PUNCT fbem-29181 158 16 * * PUNCT fbem-29181 158 17 -0.001 -0.001 PUNCT fbem-29181 159 1 0.021 0.021 NUM fbem-29181 159 2 * * PUNCT fbem-29181 159 3 * * PUNCT fbem-29181 159 4 * * PUNCT fbem-29181 159 5 -0.001 -0.001 PUNCT fbem-29181 159 6 ( ( PUNCT fbem-29181 159 7 -2.52 -2.52 NOUN fbem-29181 159 8 ) ) PUNCT fbem-29181 159 9 ( ( PUNCT fbem-29181 159 10 -1.15 -1.15 NOUN fbem-29181 159 11 ) ) PUNCT fbem-29181 159 12 ( ( PUNCT fbem-29181 159 13 -11.84 -11.84 PROPN fbem-29181 159 14 ) ) PUNCT fbem-29181 159 15 ( ( PUNCT fbem-29181 159 16 -1.23 -1.23 X fbem-29181 159 17 ) ) PUNCT fbem-29181 159 18 lev lev NOUN fbem-29181 159 19 0.010 0.010 NUM fbem-29181 159 20 -0.010 -0.010 PUNCT fbem-29181 159 21 -0.005 -0.005 PUNCT fbem-29181 159 22 0.006 0.006 NUM fbem-29181 159 23 ( ( PUNCT fbem-29181 159 24 0.79 0.79 NUM fbem-29181 159 25 ) ) PUNCT fbem-29181 159 26 ( ( PUNCT fbem-29181 159 27 -0.90 -0.90 NUM fbem-29181 159 28 ) ) PUNCT fbem-29181 159 29 ( ( PUNCT fbem-29181 159 30 -0.29 -0.29 NOUN fbem-29181 159 31 ) ) PUNCT fbem-29181 159 32 ( ( PUNCT fbem-29181 159 33 0.52 0.52 NUM fbem-29181 159 34 ) ) PUNCT fbem-29181 159 35 ldr ldr NOUN fbem-29181 159 36 -0.000 -0.000 PUNCT fbem-29181 160 1 0.000 0.000 NUM fbem-29181 160 2 * * PUNCT fbem-29181 160 3 * * PUNCT fbem-29181 161 1 -0.000 -0.000 NUM fbem-29181 161 2 0.000 0.000 NUM fbem-29181 161 3 ( ( PUNCT fbem-29181 161 4 -0.51 -0.51 NOUN fbem-29181 161 5 ) ) PUNCT fbem-29181 161 6 ( ( PUNCT fbem-29181 161 7 2.19 2.19 NUM fbem-29181 161 8 ) ) PUNCT fbem-29181 161 9 ( ( PUNCT fbem-29181 161 10 -0.71 -0.71 NOUN fbem-29181 161 11 ) ) PUNCT fbem-29181 161 12 ( ( PUNCT fbem-29181 161 13 1.08 1.08 NUM fbem-29181 161 14 ) ) PUNCT fbem-29181 161 15 growth growth NOUN fbem-29181 161 16 -0.001 -0.001 NOUN fbem-29181 161 17 * * PUNCT fbem-29181 161 18 * * PUNCT fbem-29181 161 19 0.002 0.002 NUM fbem-29181 161 20 * * PUNCT fbem-29181 161 21 * * PUNCT fbem-29181 161 22 * * PUNCT fbem-29181 161 23 0.002 0.002 NUM fbem-29181 161 24 * * PUNCT fbem-29181 161 25 * * PUNCT fbem-29181 161 26 * * PUNCT fbem-29181 161 27 -0.001 -0.001 PUNCT fbem-29181 161 28 ( ( PUNCT fbem-29181 161 29 -2.38 -2.38 NOUN fbem-29181 161 30 ) ) PUNCT fbem-29181 161 31 ( ( PUNCT fbem-29181 161 32 -5.59 -5.59 NUM fbem-29181 161 33 ) ) PUNCT fbem-29181 161 34 ( ( PUNCT fbem-29181 161 35 -5.54 -5.54 NUM fbem-29181 161 36 ) ) PUNCT fbem-29181 161 37 ( ( PUNCT fbem-29181 161 38 -1.52 -1.52 X fbem-29181 161 39 ) ) PUNCT fbem-29181 161 40 dual dual ADJ fbem-29181 161 41 0.003 0.003 NUM fbem-29181 161 42 * * SYM fbem-29181 161 43 -0.002 -0.002 PUNCT fbem-29181 161 44 0.003 0.003 NUM fbem-29181 161 45 -0.002 -0.002 PUNCT fbem-29181 161 46 ( ( PUNCT fbem-29181 161 47 1.77 1.77 NUM fbem-29181 161 48 ) ) PUNCT fbem-29181 161 49 ( ( PUNCT fbem-29181 161 50 -0.89 -0.89 NUM fbem-29181 161 51 ) ) PUNCT fbem-29181 161 52 ( ( PUNCT fbem-29181 161 53 0.86 0.86 NUM fbem-29181 161 54 ) ) PUNCT fbem-29181 161 55 ( ( PUNCT fbem-29181 161 56 -0.93 -0.93 X fbem-29181 161 57 ) ) PUNCT fbem-29181 161 58 indep indep NOUN fbem-29181 161 59 -0.005 -0.005 NUM fbem-29181 162 1 0.010 0.010 NUM fbem-29181 162 2 -0.007 -0.007 NOUN fbem-29181 162 3 -0.014 -0.014 NOUN fbem-29181 162 4 ( ( PUNCT fbem-29181 162 5 -0.13 -0.13 NOUN fbem-29181 162 6 ) ) PUNCT fbem-29181 162 7 ( ( PUNCT fbem-29181 162 8 0.49 0.49 NUM fbem-29181 162 9 ) ) PUNCT fbem-29181 162 10 ( ( PUNCT fbem-29181 162 11 -0.20 -0.20 NOUN fbem-29181 162 12 ) ) PUNCT fbem-29181 162 13 ( ( PUNCT fbem-29181 162 14 -0.84 -0.84 NOUN fbem-29181 162 15 ) ) PUNCT fbem-29181 162 16 constant constant ADJ fbem-29181 162 17 0.222 0.222 NUM fbem-29181 162 18 * * NOUN fbem-29181 162 19 * * PUNCT fbem-29181 162 20 * * PUNCT fbem-29181 162 21 0.393 0.393 NUM fbem-29181 162 22 * * PUNCT fbem-29181 162 23 * * PUNCT fbem-29181 162 24 * * PUNCT fbem-29181 162 25 0.252 0.252 NUM fbem-29181 162 26 * * PUNCT fbem-29181 162 27 * * PUNCT fbem-29181 162 28 * * PUNCT fbem-29181 162 29 0.445 0.445 NUM fbem-29181 162 30 * * PUNCT fbem-29181 162 31 * * PUNCT fbem-29181 162 32 * * PUNCT fbem-29181 162 33 ( ( PUNCT fbem-29181 162 34 3.00 3.00 NUM fbem-29181 162 35 ) ) PUNCT fbem-29181 162 36 ( ( PUNCT fbem-29181 162 37 6.18 6.18 NUM fbem-29181 162 38 ) ) PUNCT fbem-29181 162 39 ( ( PUNCT fbem-29181 162 40 3.15 3.15 NUM fbem-29181 162 41 ) ) PUNCT fbem-29181 162 42 ( ( PUNCT fbem-29181 162 43 4.11 4.11 NUM fbem-29181 162 44 ) ) PUNCT fbem-29181 162 45 observations observation NOUN fbem-29181 162 46 7,615 7,615 NUM fbem-29181 162 47 9,475 9,475 NUM fbem-29181 162 48 8,545 8,545 NUM fbem-29181 162 49 8,545 8,545 NUM fbem-29181 162 50 r r NOUN fbem-29181 162 51 - - PUNCT fbem-29181 162 52 squared square VERB fbem-29181 162 53 0.031 0.031 NUM fbem-29181 162 54 0.114 0.114 NUM fbem-29181 162 55 0.111 0.111 NUM fbem-29181 162 56 0.055 0.055 NUM fbem-29181 162 57 number number NOUN fbem-29181 162 58 of of ADP fbem-29181 162 59 i i PROPN fbem-29181 162 60 d d PROPN fbem-29181 162 61 844 844 NUM fbem-29181 162 62 1,007 1,007 NUM fbem-29181 162 63 1,149 1,149 NUM fbem-29181 162 64 1,199 1,199 NUM fbem-29181 162 65 i i NOUN fbem-29181 162 66 d d PROPN fbem-29181 162 67 fe fe INTJ fbem-29181 163 1 yes yes INTJ fbem-29181 163 2 yes yes INTJ fbem-29181 164 1 yes yes INTJ fbem-29181 165 1 yes yes INTJ fbem-29181 165 2 year year NOUN fbem-29181 166 1 fe fe INTJ fbem-29181 167 1 yes yes INTJ fbem-29181 167 2 yes yes INTJ fbem-29181 168 1 yes yes INTJ fbem-29181 169 1 yes yes INTJ fbem-29181 170 1 6 6 NUM fbem-29181 170 2 . . PUNCT fbem-29181 170 3 conclusion conclusion NOUN fbem-29181 170 4 in in ADP fbem-29181 170 5 the the DET fbem-29181 170 6 past past NOUN fbem-29181 170 7 , , PUNCT fbem-29181 170 8 china china PROPN fbem-29181 170 9 was be AUX fbem-29181 170 10 in in ADP fbem-29181 170 11 the the DET fbem-29181 170 12 stage stage NOUN fbem-29181 170 13 of of ADP fbem-29181 170 14 rapid rapid ADJ fbem-29181 170 15 economic economic ADJ fbem-29181 170 16 growth growth NOUN fbem-29181 170 17 , , PUNCT fbem-29181 170 18 economic economic ADJ fbem-29181 170 19 growth growth NOUN fbem-29181 170 20 mainly mainly ADV fbem-29181 170 21 relies rely VERB fbem-29181 170 22 on on ADP fbem-29181 170 23 the the DET fbem-29181 170 24 production production NOUN fbem-29181 170 25 of of ADP fbem-29181 170 26 high high ADJ fbem-29181 170 27 pollution pollution NOUN fbem-29181 170 28 , , PUNCT fbem-29181 170 29 high high ADJ fbem-29181 170 30 input input NOUN fbem-29181 170 31 and and CCONJ fbem-29181 170 32 high high ADJ fbem-29181 170 33 energy energy NOUN fbem-29181 170 34 consumption consumption NOUN fbem-29181 170 35 to to PART fbem-29181 170 36 pull pull VERB fbem-29181 170 37 , , PUNCT fbem-29181 170 38 for for ADP fbem-29181 170 39 a a DET fbem-29181 170 40 long long ADJ fbem-29181 170 41 time time NOUN fbem-29181 170 42 , , PUNCT fbem-29181 170 43 china china PROPN fbem-29181 170 44 's 's PART fbem-29181 170 45 extensive extensive ADJ fbem-29181 170 46 development development NOUN fbem-29181 170 47 model model NOUN fbem-29181 170 48 is be AUX fbem-29181 170 49 reflected reflect VERB fbem-29181 170 50 in in ADP fbem-29181 170 51 the the DET fbem-29181 170 52 side side NOUN fbem-29181 170 53 as as ADP fbem-29181 170 54 the the DET fbem-29181 170 55 low low ADJ fbem-29181 170 56 investment investment NOUN fbem-29181 170 57 efficiency efficiency NOUN fbem-29181 170 58 of of ADP fbem-29181 170 59 market market NOUN fbem-29181 170 60 players player NOUN fbem-29181 170 61 . . PUNCT fbem-29181 171 1 however however ADV fbem-29181 171 2 , , PUNCT fbem-29181 171 3 with with ADP fbem-29181 171 4 china china PROPN fbem-29181 171 5 's 's PART fbem-29181 171 6 economic economic ADJ fbem-29181 171 7 development development NOUN fbem-29181 171 8 changing change VERB fbem-29181 171 9 from from ADP fbem-29181 171 10 a a DET fbem-29181 171 11 high high ADJ fbem-29181 171 12 - - PUNCT fbem-29181 171 13 speed speed NOUN fbem-29181 171 14 growth growth NOUN fbem-29181 171 15 stage stage NOUN fbem-29181 171 16 to to ADP fbem-29181 171 17 a a DET fbem-29181 171 18 high high ADJ fbem-29181 171 19 - - PUNCT fbem-29181 171 20 quality quality NOUN fbem-29181 171 21 development development NOUN fbem-29181 171 22 stage stage NOUN fbem-29181 171 23 , , PUNCT fbem-29181 171 24 it it PRON fbem-29181 171 25 is be AUX fbem-29181 171 26 very very ADV fbem-29181 171 27 important important ADJ fbem-29181 171 28 to to PART fbem-29181 171 29 study study VERB fbem-29181 171 30 the the DET fbem-29181 171 31 factors factor NOUN fbem-29181 171 32 affecting affect VERB fbem-29181 171 33 the the DET fbem-29181 171 34 company company NOUN fbem-29181 171 35 's 's PART fbem-29181 171 36 investment investment NOUN fbem-29181 171 37 efficiency efficiency NOUN fbem-29181 171 38 and and CCONJ fbem-29181 171 39 how how SCONJ fbem-29181 171 40 to to PART fbem-29181 171 41 improve improve VERB fbem-29181 171 42 the the DET fbem-29181 171 43 company company NOUN fbem-29181 171 44 's 's PART fbem-29181 171 45 investment investment NOUN fbem-29181 171 46 efficiency efficiency NOUN fbem-29181 171 47 . . PUNCT fbem-29181 172 1 this this DET fbem-29181 172 2 paper paper NOUN fbem-29181 172 3 selects select VERB fbem-29181 172 4 china china PROPN fbem-29181 172 5 's 's PART fbem-29181 172 6 a a DET fbem-29181 172 7 - - PUNCT fbem-29181 172 8 share share NOUN fbem-29181 172 9 non non ADJ fbem-29181 172 10 - - ADJ fbem-29181 172 11 financial financial ADJ fbem-29181 172 12 listed list VERB fbem-29181 172 13 companies company NOUN fbem-29181 172 14 from from ADP fbem-29181 172 15 2013 2013 NUM fbem-29181 172 16 to to ADP fbem-29181 172 17 2022 2022 NUM fbem-29181 172 18 as as ADP fbem-29181 172 19 the the DET fbem-29181 172 20 research research NOUN fbem-29181 172 21 object object NOUN fbem-29181 172 22 , , PUNCT fbem-29181 172 23 and and CCONJ fbem-29181 172 24 tests test VERB fbem-29181 172 25 the the DET fbem-29181 172 26 impact impact NOUN fbem-29181 172 27 of of ADP fbem-29181 172 28 stock stock NOUN fbem-29181 172 29 liquidity liquidity NOUN fbem-29181 172 30 changes change NOUN fbem-29181 172 31 from from ADP fbem-29181 172 32 the the DET fbem-29181 172 33 capital capital NOUN fbem-29181 172 34 market market NOUN fbem-29181 172 35 on on ADP fbem-29181 172 36 the the DET fbem-29181 172 37 investment investment NOUN fbem-29181 172 38 efficiency efficiency NOUN fbem-29181 172 39 of of ADP fbem-29181 172 40 enterprises enterprise NOUN fbem-29181 172 41 through through ADP fbem-29181 172 42 the the DET fbem-29181 172 43 dual dual ADJ fbem-29181 172 44 fixed fix VERB fbem-29181 172 45 effect effect NOUN fbem-29181 172 46 model model NOUN fbem-29181 172 47 . . PUNCT fbem-29181 173 1 the the DET fbem-29181 173 2 following follow VERB fbem-29181 173 3 conclusions conclusion NOUN fbem-29181 173 4 are be AUX fbem-29181 173 5 obtained obtain VERB fbem-29181 173 6 : : PUNCT fbem-29181 173 7 the the DET fbem-29181 173 8 improvement improvement NOUN fbem-29181 173 9 of of ADP fbem-29181 173 10 the the DET fbem-29181 173 11 stock stock NOUN fbem-29181 173 12 liquidity liquidity NOUN fbem-29181 173 13 of of ADP fbem-29181 173 14 china china PROPN fbem-29181 173 15 's 's PART fbem-29181 173 16 a a DET fbem-29181 173 17 - - PUNCT fbem-29181 173 18 share share NOUN fbem-29181 173 19 listed list VERB fbem-29181 173 20 companies company NOUN fbem-29181 173 21 has have VERB fbem-29181 173 22 a a DET fbem-29181 173 23 promoting promote VERB fbem-29181 173 24 effect effect NOUN fbem-29181 173 25 on on ADP fbem-29181 173 26 their their PRON fbem-29181 173 27 investment investment NOUN fbem-29181 173 28 efficiency efficiency NOUN fbem-29181 173 29 , , PUNCT fbem-29181 173 30 indicating indicate VERB fbem-29181 173 31 that that SCONJ fbem-29181 173 32 with with ADP fbem-29181 173 33 the the DET fbem-29181 173 34 increase increase NOUN fbem-29181 173 35 of of ADP fbem-29181 173 36 stock stock NOUN fbem-29181 173 37 liquidity liquidity NOUN fbem-29181 173 38 , , PUNCT fbem-29181 173 39 the the DET fbem-29181 173 40 investment investment NOUN fbem-29181 173 41 efficiency efficiency NOUN fbem-29181 173 42 of of ADP fbem-29181 173 43 listed list VERB fbem-29181 173 44 companies company NOUN fbem-29181 173 45 will will AUX fbem-29181 173 46 also also ADV fbem-29181 173 47 be be AUX fbem-29181 173 48 improved improve VERB fbem-29181 173 49 . . PUNCT fbem-29181 174 1 the the DET fbem-29181 174 2 performance performance NOUN fbem-29181 174 3 of of ADP fbem-29181 174 4 the the DET fbem-29181 174 5 company company NOUN fbem-29181 174 6 's 's PART fbem-29181 174 7 stock stock NOUN fbem-29181 174 8 liquidity liquidity NOUN fbem-29181 174 9 in in ADP fbem-29181 174 10 the the DET fbem-29181 174 11 capital capital NOUN fbem-29181 174 12 market market NOUN fbem-29181 174 13 can can AUX fbem-29181 174 14 affect affect VERB fbem-29181 174 15 the the DET fbem-29181 174 16 company company NOUN fbem-29181 174 17 's 's PART fbem-29181 174 18 internal internal ADJ fbem-29181 174 19 behavior behavior NOUN fbem-29181 174 20 , , PUNCT fbem-29181 174 21 so so SCONJ fbem-29181 174 22 as as SCONJ fbem-29181 174 23 to to PART fbem-29181 174 24 improve improve VERB fbem-29181 174 25 the the DET fbem-29181 174 26 company company NOUN fbem-29181 174 27 's 's PART fbem-29181 174 28 investment investment NOUN fbem-29181 174 29 efficiency efficiency NOUN fbem-29181 174 30 . . PUNCT fbem-29181 175 1 in in ADP fbem-29181 175 2 addition addition NOUN fbem-29181 175 3 , , PUNCT fbem-29181 175 4 the the DET fbem-29181 175 5 promoting promote VERB fbem-29181 175 6 effect effect NOUN fbem-29181 175 7 of of ADP fbem-29181 175 8 stock stock NOUN fbem-29181 175 9 liquidity liquidity NOUN fbem-29181 175 10 on on ADP fbem-29181 175 11 enterprise enterprise NOUN fbem-29181 175 12 efficiency efficiency NOUN fbem-29181 175 13 is be AUX fbem-29181 175 14 more more ADV fbem-29181 175 15 significant significant ADJ fbem-29181 175 16 in in ADP fbem-29181 175 17 non non ADJ fbem-29181 175 18 - - ADJ fbem-29181 175 19 state state NOUN fbem-29181 175 20 - - PUNCT fbem-29181 175 21 owned own VERB fbem-29181 175 22 enterprises enterprise NOUN fbem-29181 175 23 . . PUNCT fbem-29181 176 1 the the DET fbem-29181 176 2 ownership ownership NOUN fbem-29181 176 3 structure structure NOUN fbem-29181 176 4 of of ADP fbem-29181 176 5 non non ADJ fbem-29181 176 6 - - ADJ fbem-29181 176 7 state state NOUN fbem-29181 176 8 - - PUNCT fbem-29181 176 9 owned own VERB fbem-29181 176 10 enterprises enterprise NOUN fbem-29181 176 11 is be AUX fbem-29181 176 12 more more ADV fbem-29181 176 13 complex complex ADJ fbem-29181 176 14 , , PUNCT fbem-29181 176 15 so so CCONJ fbem-29181 176 16 its its PRON fbem-29181 176 17 ownership ownership NOUN fbem-29181 176 18 structure structure NOUN fbem-29181 176 19 plays play VERB fbem-29181 176 20 a a DET fbem-29181 176 21 more more ADV fbem-29181 176 22 obvious obvious ADJ fbem-29181 176 23 role role NOUN fbem-29181 176 24 in in ADP fbem-29181 176 25 corporate corporate ADJ fbem-29181 176 26 governance governance NOUN fbem-29181 176 27 . . PUNCT fbem-29181 177 1 minority minority NOUN fbem-29181 177 2 shareholders shareholder NOUN fbem-29181 177 3 will will AUX fbem-29181 177 4 also also ADV fbem-29181 177 5 actively actively ADV fbem-29181 177 6 participate participate VERB fbem-29181 177 7 in in ADP fbem-29181 177 8 corporate corporate ADJ fbem-29181 177 9 governance governance NOUN fbem-29181 177 10 , , PUNCT fbem-29181 177 11 which which PRON fbem-29181 177 12 makes make VERB fbem-29181 177 13 non non ADJ fbem-29181 177 14 - - ADJ fbem-29181 177 15 state state NOUN fbem-29181 177 16 - - PUNCT fbem-29181 177 17 owned own VERB fbem-29181 177 18 enterprises enterprise NOUN fbem-29181 177 19 more more ADV fbem-29181 177 20 efficient efficient ADJ fbem-29181 177 21 in in ADP fbem-29181 177 22 investment investment NOUN fbem-29181 177 23 . . PUNCT fbem-29181 178 1 however however ADV fbem-29181 178 2 , , PUNCT fbem-29181 178 3 the the DET fbem-29181 178 4 special special ADJ fbem-29181 178 5 nature nature NOUN fbem-29181 178 6 of of ADP fbem-29181 178 7 china china PROPN fbem-29181 178 8 's 's PART fbem-29181 178 9 state state NOUN fbem-29181 178 10 - - PUNCT fbem-29181 178 11 owned own VERB fbem-29181 178 12 enterprises enterprise NOUN fbem-29181 178 13 determines determine VERB fbem-29181 178 14 that that SCONJ fbem-29181 178 15 state state NOUN fbem-29181 178 16 - - PUNCT fbem-29181 178 17 owned own VERB fbem-29181 178 18 shares share NOUN fbem-29181 178 19 occupy occupy VERB fbem-29181 178 20 an an DET fbem-29181 178 21 absolute absolute ADJ fbem-29181 178 22 dominant dominant ADJ fbem-29181 178 23 position position NOUN fbem-29181 178 24 , , PUNCT fbem-29181 178 25 state state NOUN fbem-29181 178 26 - - PUNCT fbem-29181 178 27 owned own VERB fbem-29181 178 28 legal legal ADJ fbem-29181 178 29 persons person NOUN fbem-29181 178 30 have have VERB fbem-29181 178 31 absolute absolute ADJ fbem-29181 178 32 control control NOUN fbem-29181 178 33 over over ADP fbem-29181 178 34 the the DET fbem-29181 178 35 company company NOUN fbem-29181 178 36 , , PUNCT fbem-29181 178 37 and and CCONJ fbem-29181 178 38 small small ADJ fbem-29181 178 39 and and CCONJ fbem-29181 178 40 medium medium ADJ fbem-29181 178 41 - - PUNCT fbem-29181 178 42 sized sized ADJ fbem-29181 178 43 shareholders shareholder NOUN fbem-29181 178 44 have have VERB fbem-29181 178 45 little little ADJ fbem-29181 178 46 checks check NOUN fbem-29181 178 47 and and CCONJ fbem-29181 178 48 balances balance NOUN fbem-29181 178 49 on on ADP fbem-29181 178 50 major major ADJ fbem-29181 178 51 state state NOUN fbem-29181 178 52 - - PUNCT fbem-29181 178 53 owned own VERB fbem-29181 178 54 shareholders shareholder NOUN fbem-29181 178 55 . . PUNCT fbem-29181 179 1 therefore therefore ADV fbem-29181 179 2 , , PUNCT fbem-29181 179 3 the the DET fbem-29181 179 4 promotion promotion NOUN fbem-29181 179 5 effect effect NOUN fbem-29181 179 6 of of ADP fbem-29181 179 7 stock stock NOUN fbem-29181 179 8 liquidity liquidity NOUN fbem-29181 179 9 on on ADP fbem-29181 179 10 investment investment NOUN fbem-29181 179 11 efficiency efficiency NOUN fbem-29181 179 12 is be AUX fbem-29181 179 13 not not PART fbem-29181 179 14 significant significant ADJ fbem-29181 179 15 compared compare VERB fbem-29181 179 16 with with ADP fbem-29181 179 17 non non ADJ fbem-29181 179 18 - - ADJ fbem-29181 179 19 state state NOUN fbem-29181 179 20 - - PUNCT fbem-29181 179 21 owned own VERB fbem-29181 179 22 enterprises enterprise NOUN fbem-29181 179 23 . . PUNCT fbem-29181 180 1 references reference NOUN fbem-29181 180 2 [ [ X fbem-29181 180 3 1 1 NUM fbem-29181 180 4 ] ] PUNCT fbem-29181 180 5 xiong xiong PROPN fbem-29181 180 6 jiacai jiacai PROPN fbem-29181 180 7 , , PUNCT fbem-29181 180 8 su su PROPN fbem-29181 180 9 dongwei.stock dongwei.stock PROPN fbem-29181 180 10 liquidity liquidity NOUN fbem-29181 180 11 and and CCONJ fbem-29181 180 12 corporate corporate ADJ fbem-29181 180 13 capital capital NOUN fbem-29181 180 14 allocation allocation NOUN fbem-29181 180 15 efficiency efficiency NOUN fbem-29181 181 1 [ [ X fbem-29181 181 2 j j X fbem-29181 181 3 ] ] X fbem-29181 181 4 . . PUNCT fbem-29181 182 1 accounting account VERB fbem-29181 182 2 research,2014(11):5460 research,2014(11):5460 PROPN fbem-29181 182 3 + + PROPN fbem-29181 182 4 97 97 NUM fbem-29181 182 5 . . PUNCT fbem-29181 183 1 [ [ X fbem-29181 183 2 2 2 NUM fbem-29181 183 3 ] ] PUNCT fbem-29181 183 4 xiong xiong PROPN fbem-29181 183 5 jiacai jiacai PROPN fbem-29181 183 6 , , PUNCT fbem-29181 183 7 ye ye PROPN fbem-29181 183 8 yingmei yingmei PROPN fbem-29181 183 9 . . PUNCT fbem-29181 184 1 stock stock NOUN fbem-29181 184 2 liquidity liquidity PROPN fbem-29181 184 3 , , PUNCT fbem-29181 184 4 firm firm ADJ fbem-29181 184 5 investment investment NOUN fbem-29181 184 6 and and CCONJ fbem-29181 184 7 capital capital NOUN fbem-29181 184 8 allocation allocation NOUN fbem-29181 184 9 efficiency efficiency NOUN fbem-29181 184 10 : : PUNCT fbem-29181 184 11 empirical empirical ADJ fbem-29181 184 12 evidence evidence NOUN fbem-29181 184 13 from from ADP fbem-29181 184 14 chinese chinese ADJ fbem-29181 184 15 listed list VERB fbem-29181 184 16 firms firm NOUN fbem-29181 185 1 [ [ X fbem-29181 185 2 j j X fbem-29181 185 3 ] ] X fbem-29181 185 4 . . PUNCT fbem-29181 186 1 journal journal PROPN fbem-29181 186 2 of of ADP fbem-29181 186 3 jiangxi jiangxi PROPN fbem-29181 186 4 university university PROPN fbem-29181 186 5 of of ADP fbem-29181 186 6 finance finance NOUN fbem-29181 186 7 and and CCONJ fbem-29181 186 8 economics,2016(01):45 economics,2016(01):45 NOUN fbem-29181 186 9 - - PUNCT fbem-29181 186 10 58.doi:10.13676 58.doi:10.13676 ADJ fbem-29181 186 11 / / SYM fbem-29181 186 12 j.cnki.cn361224 j.cnki.cn361224 NOUN fbem-29181 186 13 / / SYM fbem-29181 186 14 f.2016.01.006 f.2016.01.006 NOUN fbem-29181 186 15 . . PUNCT fbem-29181 187 1 [ [ X fbem-29181 187 2 3 3 X fbem-29181 187 3 ] ] X fbem-29181 187 4 shi shi PROPN fbem-29181 187 5 y y PROPN fbem-29181 187 6 d d PROPN fbem-29181 187 7 , , PUNCT fbem-29181 187 8 wang wang PROPN fbem-29181 187 9 c. c. PROPN fbem-29181 187 10 does do AUX fbem-29181 187 11 stock stock NOUN fbem-29181 187 12 liquidity liquidity NOUN fbem-29181 187 13 affect affect VERB fbem-29181 187 14 enterprise enterprise NOUN fbem-29181 187 15 production production NOUN fbem-29181 187 16 efficiency efficiency NOUN fbem-29181 187 17 ? ? PUNCT fbem-29181 188 1 [ [ X fbem-29181 188 2 j j X fbem-29181 188 3 ] ] X fbem-29181 188 4 . . PUNCT fbem-29181 189 1 economic economic ADJ fbem-29181 189 2 management management NOUN fbem-29181 189 3 journal,2021,43(11):156175.doi:10.19616 journal,2021,43(11):156175.doi:10.19616 PROPN fbem-29181 189 4 / / SYM fbem-29181 189 5 j.cnki.bmj.2021.11.010 j.cnki.bmj.2021.11.010 X fbem-29181 189 6 . . PUNCT fbem-29181 190 1 [ [ X fbem-29181 190 2 4 4 X fbem-29181 190 3 ] ] X fbem-29181 190 4 yan yan PROPN fbem-29181 190 5 m m PROPN fbem-29181 190 6 w w PROPN fbem-29181 190 7 c c PROPN fbem-29181 190 8 , , PUNCT fbem-29181 190 9 joong joong PROPN fbem-29181 190 10 h h PROPN fbem-29181 191 1 i i PRON fbem-29181 191 2 , , PUNCT fbem-29181 191 3 srinivasan srinivasan PROPN fbem-29181 191 4 s s PART fbem-29181 191 5 .stock .stock PUNCT fbem-29181 191 6 liquidity liquidity NOUN fbem-29181 191 7 and and CCONJ fbem-29181 191 8 investment investment NOUN fbem-29181 191 9 efficiency efficiency NOUN fbem-29181 191 10 : : PUNCT fbem-29181 191 11 evidence evidence NOUN fbem-29181 191 12 from from ADP fbem-29181 191 13 the the DET fbem-29181 191 14 split split ADJ fbem-29181 191 15 - - PUNCT fbem-29181 191 16 share share NOUN fbem-29181 191 17 structure structure NOUN fbem-29181 191 18 reform reform NOUN fbem-29181 191 19 in in ADP fbem-29181 191 20 china[j].emerging china[j].emerging NOUN fbem-29181 191 21 markets market NOUN fbem-29181 191 22 review,2023,56 review,2023,56 NOUN fbem-29181 191 23 [ [ X fbem-29181 191 24 5 5 NUM fbem-29181 191 25 ] ] X fbem-29181 191 26 sun sun NOUN fbem-29181 191 27 jingwen jingwen PROPN fbem-29181 191 28 , , PUNCT fbem-29181 191 29 wang wang PROPN fbem-29181 191 30 peng peng PROPN fbem-29181 191 31 , , PUNCT fbem-29181 191 32 zhang zhang PROPN fbem-29181 191 33 chao chao PROPN fbem-29181 191 34 . . PUNCT fbem-29181 192 1 stock stock NOUN fbem-29181 192 2 liquidity liquidity PROPN fbem-29181 192 3 , , PUNCT fbem-29181 192 4 heterogeneous heterogeneous ADJ fbem-29181 192 5 institutions institution NOUN fbem-29181 192 6 and and CCONJ fbem-29181 192 7 firm firm ADJ fbem-29181 192 8 investment investment NOUN fbem-29181 192 9 efficiency efficiency NOUN fbem-29181 193 1 [ [ X fbem-29181 193 2 j j X fbem-29181 193 3 ] ] X fbem-29181 193 4 . . PUNCT fbem-29181 194 1 journal journal PROPN fbem-29181 194 2 of of ADP fbem-29181 194 3 xi'an xi'an PROPN fbem-29181 194 4 jiaotong jiaotong PROPN fbem-29181 194 5 university,2019,39(01):3848.doi:10.15896 university,2019,39(01):3848.doi:10.15896 PROPN fbem-29181 194 6 / / SYM fbem-29181 194 7 j.xjtuskxb.201901005 j.xjtuskxb.201901005 PROPN fbem-29181 194 8 . . PUNCT fbem-29181 195 1 [ [ X fbem-29181 195 2 6 6 NUM fbem-29181 195 3 ] ] X fbem-29181 195 4 nian nian ADJ fbem-29181 195 5 rongwei rongwei NOUN fbem-29181 195 6 , , PUNCT fbem-29181 195 7 gu gu PROPN fbem-29181 195 8 naikang naikang PROPN fbem-29181 195 9 . . PUNCT fbem-29181 195 10 stock stock NOUN fbem-29181 195 11 liquidity liquidity NOUN fbem-29181 195 12 and and CCONJ fbem-29181 195 13 corporate corporate ADJ fbem-29181 195 14 social social ADJ fbem-29181 195 15 responsibility responsibility NOUN fbem-29181 195 16 [ [ X fbem-29181 195 17 j j X fbem-29181 195 18 ] ] X fbem-29181 195 19 . . PUNCT fbem-29181 196 1 journal journal PROPN fbem-29181 196 2 of of ADP fbem-29181 196 3 management management NOUN fbem-29181 196 4 science science NOUN fbem-29181 196 5 and and CCONJ fbem-29181 196 6 engineering,2022,25(05):89108.doi:10.19920 engineering,2022,25(05):89108.doi:10.19920 PROPN fbem-29181 196 7 / / SYM fbem-29181 196 8 j.cnki.jmsc.2022.05.007 j.cnki.jmsc.2022.05.007 PROPN fbem-29181 196 9 . . PUNCT fbem-29181 197 1 [ [ X fbem-29181 197 2 7 7 NUM fbem-29181 197 3 ] ] X fbem-29181 197 4 zhang zhang PROPN fbem-29181 197 5 gongfu gongfu PROPN fbem-29181 197 6 , , PUNCT fbem-29181 197 7 song song NOUN fbem-29181 197 8 xianzhong xianzhong PROPN fbem-29181 197 9 . . PUNCT fbem-29181 198 1 investment investment NOUN fbem-29181 198 2 of of ADP fbem-29181 198 3 listed list VERB fbem-29181 198 4 company company NOUN fbem-29181 198 5 of of ADP fbem-29181 198 6 our our PRON fbem-29181 198 7 country country NOUN fbem-29181 198 8 : : PUNCT fbem-29181 198 9 excessive excessive ADJ fbem-29181 198 10 or or CCONJ fbem-29181 198 11 insufficient insufficient ADJ fbem-29181 198 12 ? ? PUNCT fbem-29181 199 1 based base VERB fbem-29181 199 2 on on ADP fbem-29181 199 3 the the DET fbem-29181 199 4 empirical empirical ADJ fbem-29181 199 5 measurement measurement NOUN fbem-29181 199 6 of of ADP fbem-29181 199 7 inefficient inefficient ADJ fbem-29181 199 8 investment investment NOUN fbem-29181 199 9 of of ADP fbem-29181 199 10 industrial industrial ADJ fbem-29181 199 11 listed list VERB fbem-29181 199 12 companies company NOUN fbem-29181 199 13 in in ADP fbem-29181 199 14 shanghai shanghai PROPN fbem-29181 199 15 and and CCONJ fbem-29181 199 16 shenzhen shenzhen PROPN fbem-29181 200 1 [ [ X fbem-29181 200 2 j j X fbem-29181 200 3 ] ] X fbem-29181 200 4 . . PUNCT fbem-29181 201 1 accounting account VERB fbem-29181 201 2 research,2009(05):69 research,2009(05):69 NOUN fbem-29181 201 3 - - PUNCT fbem-29181 201 4 77 77 NUM fbem-29181 201 5 + + NOUN fbem-29181 201 6 97 97 NUM fbem-29181 201 7 . . PUNCT