id	sid	tid	token	lemma	pos
fbem-30127	1	1	frontiers	frontier	NOUN
fbem-30127	1	2	in	in	ADP
fbem-30127	1	3	business	business	NOUN
fbem-30127	1	4	,	,	PUNCT
fbem-30127	1	5	economics	economic	NOUN
fbem-30127	1	6	and	and	CCONJ
fbem-30127	1	7	management	management	NOUN
fbem-30127	1	8	issn	issn	PROPN
fbem-30127	1	9	:	:	PUNCT
fbem-30127	1	10	2766	2766	NUM
fbem-30127	1	11	-	-	PUNCT
fbem-30127	1	12	824x	824x	NUM
fbem-30127	1	13	|	|	ADJ
fbem-30127	1	14	vol	vol	NOUN
fbem-30127	1	15	.	.	PROPN
fbem-30127	1	16	18	18	NUM
fbem-30127	1	17	,	,	PUNCT
fbem-30127	1	18	no	no	INTJ
fbem-30127	1	19	.	.	NOUN
fbem-30127	1	20	3	3	NUM
fbem-30127	1	21	,	,	PUNCT
fbem-30127	1	22	2025	2025	NUM
fbem-30127	1	23	242	242	NUM
fbem-30127	1	24	research	research	NOUN
fbem-30127	1	25	on	on	ADP
fbem-30127	1	26	the	the	DET
fbem-30127	1	27	impact	impact	NOUN
fbem-30127	1	28	mechanism	mechanism	NOUN
fbem-30127	1	29	of	of	ADP
fbem-30127	1	30	digital	digital	ADJ
fbem-30127	1	31	finance	finance	NOUN
fbem-30127	1	32	on	on	ADP
fbem-30127	1	33	total	total	ADJ
fbem-30127	1	34	factor	factor	NOUN
fbem-30127	1	35	productivity	productivity	NOUN
fbem-30127	1	36	of	of	ADP
fbem-30127	1	37	enterprises	enterprise	NOUN
fbem-30127	1	38	:	:	PUNCT
fbem-30127	1	39	a	a	DET
fbem-30127	1	40	case	case	NOUN
fbem-30127	1	41	study	study	NOUN
fbem-30127	1	42	of	of	ADP
fbem-30127	1	43	shanghai	shanghai	PROPN
fbem-30127	1	44	and	and	CCONJ
fbem-30127	1	45	shenzhen	shenzhen	PROPN
fbem-30127	1	46	a	a	PROPN
fbem-30127	1	47	-	-	PUNCT
fbem-30127	1	48	share	share	NOUN
fbem-30127	1	49	listed	list	VERB
fbem-30127	1	50	companies	company	NOUN
fbem-30127	1	51	zhihong	zhihong	PROPN
fbem-30127	1	52	hui	hui	PROPN
fbem-30127	1	53	,	,	PUNCT
fbem-30127	1	54	xiaotian	xiaotian	PROPN
fbem-30127	1	55	huang	huang	PROPN
fbem-30127	1	56	*	*	PROPN
fbem-30127	1	57	school	school	PROPN
fbem-30127	1	58	of	of	ADP
fbem-30127	1	59	statistics	statistic	NOUN
fbem-30127	1	60	and	and	CCONJ
fbem-30127	1	61	applied	applied	ADJ
fbem-30127	1	62	mathematics	mathematic	NOUN
fbem-30127	1	63	,	,	PUNCT
fbem-30127	1	64	anhui	anhui	PROPN
fbem-30127	1	65	university	university	PROPN
fbem-30127	1	66	of	of	ADP
fbem-30127	1	67	finance	finance	NOUN
fbem-30127	1	68	and	and	CCONJ
fbem-30127	1	69	economics	economic	NOUN
fbem-30127	1	70	,	,	PUNCT
fbem-30127	1	71	bengbu	bengbu	NOUN
fbem-30127	1	72	,	,	PUNCT
fbem-30127	1	73	china	china	PROPN
fbem-30127	1	74	*	*	PUNCT
fbem-30127	1	75	corresponding	correspond	VERB
fbem-30127	1	76	author	author	NOUN
fbem-30127	1	77	:	:	PUNCT
fbem-30127	1	78	854824390@qq.com	854824390@qq.com	NUM
fbem-30127	1	79	abstract	abstract	NOUN
fbem-30127	1	80	:	:	PUNCT
fbem-30127	1	81	the	the	DET
fbem-30127	1	82	improvement	improvement	NOUN
fbem-30127	1	83	of	of	ADP
fbem-30127	1	84	total	total	ADJ
fbem-30127	1	85	factor	factor	NOUN
fbem-30127	1	86	productivity	productivity	NOUN
fbem-30127	1	87	(	(	PUNCT
fbem-30127	1	88	tfp	tfp	PROPN
fbem-30127	1	89	)	)	PUNCT
fbem-30127	1	90	of	of	ADP
fbem-30127	1	91	enterprises	enterprise	NOUN
fbem-30127	1	92	is	be	AUX
fbem-30127	1	93	the	the	DET
fbem-30127	1	94	key	key	NOUN
fbem-30127	1	95	to	to	ADP
fbem-30127	1	96	achieving	achieve	VERB
fbem-30127	1	97	high	high	ADJ
fbem-30127	1	98	-	-	PUNCT
fbem-30127	1	99	quality	quality	NOUN
fbem-30127	1	100	economic	economic	ADJ
fbem-30127	1	101	development	development	NOUN
fbem-30127	1	102	.	.	PUNCT
fbem-30127	2	1	digital	digital	ADJ
fbem-30127	2	2	finance	finance	NOUN
fbem-30127	2	3	,	,	PUNCT
fbem-30127	2	4	as	as	ADP
fbem-30127	2	5	a	a	DET
fbem-30127	2	6	new	new	ADJ
fbem-30127	2	7	form	form	NOUN
fbem-30127	2	8	of	of	ADP
fbem-30127	2	9	financial	financial	ADJ
fbem-30127	2	10	services	service	NOUN
fbem-30127	2	11	,	,	PUNCT
fbem-30127	2	12	has	have	VERB
fbem-30127	2	13	a	a	DET
fbem-30127	2	14	significant	significant	ADJ
fbem-30127	2	15	impact	impact	NOUN
fbem-30127	2	16	on	on	ADP
fbem-30127	2	17	the	the	DET
fbem-30127	2	18	total	total	ADJ
fbem-30127	2	19	factor	factor	NOUN
fbem-30127	2	20	productivity	productivity	NOUN
fbem-30127	2	21	of	of	ADP
fbem-30127	2	22	enterprises	enterprise	NOUN
fbem-30127	2	23	.	.	PUNCT
fbem-30127	3	1	therefore	therefore	ADV
fbem-30127	3	2	,	,	PUNCT
fbem-30127	3	3	this	this	DET
fbem-30127	3	4	article	article	NOUN
fbem-30127	3	5	searched	search	VERB
fbem-30127	3	6	for	for	ADP
fbem-30127	3	7	data	datum	NOUN
fbem-30127	3	8	on	on	ADP
fbem-30127	3	9	a	a	DET
fbem-30127	3	10	-	-	PUNCT
fbem-30127	3	11	share	share	NOUN
fbem-30127	3	12	listed	list	VERB
fbem-30127	3	13	companies	company	NOUN
fbem-30127	3	14	in	in	ADP
fbem-30127	3	15	shanghai	shanghai	PROPN
fbem-30127	3	16	and	and	CCONJ
fbem-30127	3	17	shenzhen	shenzhen	PROPN
fbem-30127	3	18	from	from	ADP
fbem-30127	3	19	2010	2010	NUM
fbem-30127	3	20	to	to	ADP
fbem-30127	3	21	2021	2021	NUM
fbem-30127	3	22	,	,	PUNCT
fbem-30127	3	23	and	and	CCONJ
fbem-30127	3	24	used	use	VERB
fbem-30127	3	25	a	a	DET
fbem-30127	3	26	fixed	fix	VERB
fbem-30127	3	27	effects	effect	NOUN
fbem-30127	3	28	model	model	NOUN
fbem-30127	3	29	and	and	CCONJ
fbem-30127	3	30	instrumental	instrumental	ADJ
fbem-30127	3	31	variable	variable	ADJ
fbem-30127	3	32	method	method	NOUN
fbem-30127	3	33	to	to	PART
fbem-30127	3	34	empirically	empirically	ADV
fbem-30127	3	35	analyze	analyze	VERB
fbem-30127	3	36	the	the	DET
fbem-30127	3	37	impact	impact	NOUN
fbem-30127	3	38	and	and	CCONJ
fbem-30127	3	39	mechanism	mechanism	NOUN
fbem-30127	3	40	of	of	ADP
fbem-30127	3	41	digital	digital	ADJ
fbem-30127	3	42	finance	finance	NOUN
fbem-30127	3	43	on	on	ADP
fbem-30127	3	44	tfp	tfp	PROPN
fbem-30127	3	45	.	.	PUNCT
fbem-30127	4	1	research	research	NOUN
fbem-30127	4	2	has	have	AUX
fbem-30127	4	3	found	find	VERB
fbem-30127	4	4	that	that	SCONJ
fbem-30127	4	5	:	:	PUNCT
fbem-30127	4	6	(	(	PUNCT
fbem-30127	4	7	1	1	X
fbem-30127	4	8	)	)	PUNCT
fbem-30127	4	9	digital	digital	ADJ
fbem-30127	4	10	finance	finance	NOUN
fbem-30127	4	11	and	and	CCONJ
fbem-30127	4	12	its	its	PRON
fbem-30127	4	13	sub	sub	NOUN
fbem-30127	4	14	dimensions	dimension	NOUN
fbem-30127	4	15	(	(	PUNCT
fbem-30127	4	16	especially	especially	ADV
fbem-30127	4	17	the	the	DET
fbem-30127	4	18	degree	degree	NOUN
fbem-30127	4	19	of	of	ADP
fbem-30127	4	20	digitization	digitization	NOUN
fbem-30127	4	21	)	)	PUNCT
fbem-30127	4	22	significantly	significantly	ADV
fbem-30127	4	23	improve	improve	VERB
fbem-30127	4	24	enterprise	enterprise	NOUN
fbem-30127	4	25	tfp;(2)digital	tfp;(2)digital	PROPN
fbem-30127	4	26	finance	finance	NOUN
fbem-30127	4	27	has	have	VERB
fbem-30127	4	28	a	a	DET
fbem-30127	4	29	stronger	strong	ADJ
fbem-30127	4	30	tfp	tfp	PROPN
fbem-30127	4	31	promotion	promotion	NOUN
fbem-30127	4	32	effect	effect	NOUN
fbem-30127	4	33	on	on	ADP
fbem-30127	4	34	small	small	ADJ
fbem-30127	4	35	-	-	PUNCT
fbem-30127	4	36	scale	scale	NOUN
fbem-30127	4	37	enterprises	enterprise	NOUN
fbem-30127	4	38	,	,	PUNCT
fbem-30127	4	39	nonstate	nonstate	NOUN
fbem-30127	4	40	-	-	PUNCT
fbem-30127	4	41	owned	own	VERB
fbem-30127	4	42	enterprises	enterprise	NOUN
fbem-30127	4	43	,	,	PUNCT
fbem-30127	4	44	high	high	ADJ
fbem-30127	4	45	-	-	PUNCT
fbem-30127	4	46	tech	tech	NOUN
fbem-30127	4	47	enterprises	enterprise	NOUN
fbem-30127	4	48	,	,	PUNCT
fbem-30127	4	49	and	and	CCONJ
fbem-30127	4	50	enterprises	enterprise	NOUN
fbem-30127	4	51	in	in	ADP
fbem-30127	4	52	western	western	ADJ
fbem-30127	4	53	regions	region	NOUN
fbem-30127	4	54	;	;	PUNCT
fbem-30127	4	55	(	(	PUNCT
fbem-30127	4	56	3	3	X
fbem-30127	4	57	)	)	PUNCT
fbem-30127	4	58	digital	digital	ADJ
fbem-30127	4	59	finance	finance	NOUN
fbem-30127	4	60	promotes	promote	VERB
fbem-30127	4	61	tfp	tfp	PROPN
fbem-30127	4	62	growth	growth	NOUN
fbem-30127	4	63	through	through	ADP
fbem-30127	4	64	mechanisms	mechanism	NOUN
fbem-30127	4	65	such	such	ADJ
fbem-30127	4	66	as	as	ADP
fbem-30127	4	67	increasing	increase	VERB
fbem-30127	4	68	research	research	NOUN
fbem-30127	4	69	and	and	CCONJ
fbem-30127	4	70	development	development	NOUN
fbem-30127	4	71	investment	investment	NOUN
fbem-30127	4	72	,	,	PUNCT
fbem-30127	4	73	enhancing	enhance	VERB
fbem-30127	4	74	human	human	ADJ
fbem-30127	4	75	capital	capital	NOUN
fbem-30127	4	76	,	,	PUNCT
fbem-30127	4	77	improving	improve	VERB
fbem-30127	4	78	resource	resource	NOUN
fbem-30127	4	79	allocation	allocation	NOUN
fbem-30127	4	80	,	,	PUNCT
fbem-30127	4	81	improving	improve	VERB
fbem-30127	4	82	information	information	NOUN
fbem-30127	4	83	disclosure	disclosure	NOUN
fbem-30127	4	84	quality	quality	NOUN
fbem-30127	4	85	,	,	PUNCT
fbem-30127	4	86	strengthening	strengthen	VERB
fbem-30127	4	87	risk	risk	NOUN
fbem-30127	4	88	-	-	PUNCT
fbem-30127	4	89	taking	take	VERB
fbem-30127	4	90	ability	ability	NOUN
fbem-30127	4	91	,	,	PUNCT
fbem-30127	4	92	and	and	CCONJ
fbem-30127	4	93	optimizing	optimize	VERB
fbem-30127	4	94	corporate	corporate	ADJ
fbem-30127	4	95	governance	governance	NOUN
fbem-30127	4	96	.	.	PUNCT
fbem-30127	5	1	based	base	VERB
fbem-30127	5	2	on	on	ADP
fbem-30127	5	3	this	this	PRON
fbem-30127	5	4	,	,	PUNCT
fbem-30127	5	5	this	this	DET
fbem-30127	5	6	article	article	NOUN
fbem-30127	5	7	proposes	propose	VERB
fbem-30127	5	8	policy	policy	NOUN
fbem-30127	5	9	recommendations	recommendation	NOUN
fbem-30127	5	10	to	to	PART
fbem-30127	5	11	promote	promote	VERB
fbem-30127	5	12	the	the	DET
fbem-30127	5	13	healthy	healthy	ADJ
fbem-30127	5	14	development	development	NOUN
fbem-30127	5	15	of	of	ADP
fbem-30127	5	16	digital	digital	ADJ
fbem-30127	5	17	finance	finance	NOUN
fbem-30127	5	18	and	and	CCONJ
fbem-30127	5	19	enhance	enhance	VERB
fbem-30127	5	20	the	the	DET
fbem-30127	5	21	tfp	tfp	PROPN
fbem-30127	5	22	of	of	ADP
fbem-30127	5	23	enterprises	enterprise	NOUN
fbem-30127	5	24	.	.	PUNCT
fbem-30127	6	1	keywords	keyword	NOUN
fbem-30127	6	2	:	:	PUNCT
fbem-30127	6	3	digital	digital	ADJ
fbem-30127	6	4	finance	finance	NOUN
fbem-30127	6	5	;	;	PUNCT
fbem-30127	6	6	enterprise	enterprise	NOUN
fbem-30127	6	7	total	total	ADJ
fbem-30127	6	8	factor	factor	NOUN
fbem-30127	6	9	productivity	productivity	NOUN
fbem-30127	6	10	;	;	PUNCT
fbem-30127	6	11	impact	impact	NOUN
fbem-30127	6	12	mechanism	mechanism	NOUN
fbem-30127	6	13	.	.	PUNCT
fbem-30127	7	1	1	1	X
fbem-30127	7	2	.	.	X
fbem-30127	7	3	introduction	introduction	NOUN
fbem-30127	7	4	1.1	1.1	NUM
fbem-30127	7	5	.	.	PUNCT
fbem-30127	8	1	research	research	NOUN
fbem-30127	8	2	background	background	NOUN
fbem-30127	8	3	with	with	ADP
fbem-30127	8	4	the	the	DET
fbem-30127	8	5	rapid	rapid	ADJ
fbem-30127	8	6	development	development	NOUN
fbem-30127	8	7	of	of	ADP
fbem-30127	8	8	digital	digital	ADJ
fbem-30127	8	9	technology	technology	NOUN
fbem-30127	8	10	,	,	PUNCT
fbem-30127	8	11	digital	digital	ADJ
fbem-30127	8	12	finance	finance	NOUN
fbem-30127	8	13	,	,	PUNCT
fbem-30127	8	14	as	as	ADP
fbem-30127	8	15	an	an	DET
fbem-30127	8	16	emerging	emerge	VERB
fbem-30127	8	17	financial	financial	ADJ
fbem-30127	8	18	service	service	NOUN
fbem-30127	8	19	model	model	NOUN
fbem-30127	8	20	,	,	PUNCT
fbem-30127	8	21	is	be	AUX
fbem-30127	8	22	profoundly	profoundly	ADV
fbem-30127	8	23	changing	change	VERB
fbem-30127	8	24	the	the	DET
fbem-30127	8	25	operation	operation	NOUN
fbem-30127	8	26	of	of	ADP
fbem-30127	8	27	the	the	DET
fbem-30127	8	28	traditional	traditional	ADJ
fbem-30127	8	29	financial	financial	ADJ
fbem-30127	8	30	system	system	NOUN
fbem-30127	8	31	.	.	PUNCT
fbem-30127	9	1	through	through	ADP
fbem-30127	9	2	the	the	DET
fbem-30127	9	3	application	application	NOUN
fbem-30127	9	4	of	of	ADP
fbem-30127	9	5	technologies	technology	NOUN
fbem-30127	9	6	such	such	ADJ
fbem-30127	9	7	as	as	ADP
fbem-30127	9	8	big	big	ADJ
fbem-30127	9	9	data	datum	NOUN
fbem-30127	9	10	,	,	PUNCT
fbem-30127	9	11	cloud	cloud	NOUN
fbem-30127	9	12	computing	computing	NOUN
fbem-30127	9	13	,	,	PUNCT
fbem-30127	9	14	and	and	CCONJ
fbem-30127	9	15	blockchain	blockchain	PROPN
fbem-30127	9	16	,	,	PUNCT
fbem-30127	9	17	digital	digital	ADJ
fbem-30127	9	18	finance	finance	NOUN
fbem-30127	9	19	not	not	PART
fbem-30127	9	20	only	only	ADV
fbem-30127	9	21	improves	improve	VERB
fbem-30127	9	22	the	the	DET
fbem-30127	9	23	efficiency	efficiency	NOUN
fbem-30127	9	24	and	and	CCONJ
fbem-30127	9	25	coverage	coverage	NOUN
fbem-30127	9	26	of	of	ADP
fbem-30127	9	27	financial	financial	ADJ
fbem-30127	9	28	services	service	NOUN
fbem-30127	9	29	,	,	PUNCT
fbem-30127	9	30	but	but	CCONJ
fbem-30127	9	31	also	also	ADV
fbem-30127	9	32	injects	inject	VERB
fbem-30127	9	33	new	new	ADJ
fbem-30127	9	34	vitality	vitality	NOUN
fbem-30127	9	35	into	into	ADP
fbem-30127	9	36	the	the	DET
fbem-30127	9	37	real	real	ADJ
fbem-30127	9	38	economy	economy	NOUN
fbem-30127	9	39	.	.	PUNCT
fbem-30127	10	1	in	in	ADP
fbem-30127	10	2	this	this	DET
fbem-30127	10	3	context	context	NOUN
fbem-30127	10	4	,	,	PUNCT
fbem-30127	10	5	total	total	ADJ
fbem-30127	10	6	factor	factor	NOUN
fbem-30127	10	7	productivity	productivity	NOUN
fbem-30127	10	8	(	(	PUNCT
fbem-30127	10	9	tfp	tfp	PROPN
fbem-30127	10	10	)	)	PUNCT
fbem-30127	10	11	of	of	ADP
fbem-30127	10	12	enterprises	enterprise	NOUN
fbem-30127	10	13	,	,	PUNCT
fbem-30127	10	14	as	as	ADP
fbem-30127	10	15	a	a	DET
fbem-30127	10	16	core	core	NOUN
fbem-30127	10	17	indicator	indicator	NOUN
fbem-30127	10	18	for	for	ADP
fbem-30127	10	19	measuring	measure	VERB
fbem-30127	10	20	comprehensive	comprehensive	ADJ
fbem-30127	10	21	efficiency	efficiency	NOUN
fbem-30127	10	22	and	and	CCONJ
fbem-30127	10	23	technological	technological	ADJ
fbem-30127	10	24	progress	progress	NOUN
fbem-30127	10	25	,	,	PUNCT
fbem-30127	10	26	has	have	AUX
fbem-30127	10	27	received	receive	VERB
fbem-30127	10	28	widespread	widespread	ADJ
fbem-30127	10	29	attention	attention	NOUN
fbem-30127	10	30	.	.	PUNCT
fbem-30127	11	1	improving	improve	VERB
fbem-30127	11	2	enterprise	enterprise	NOUN
fbem-30127	11	3	tfp	tfp	NOUN
fbem-30127	11	4	is	be	AUX
fbem-30127	11	5	not	not	PART
fbem-30127	11	6	only	only	ADV
fbem-30127	11	7	an	an	DET
fbem-30127	11	8	important	important	ADJ
fbem-30127	11	9	way	way	NOUN
fbem-30127	11	10	to	to	PART
fbem-30127	11	11	achieve	achieve	VERB
fbem-30127	11	12	high	high	ADJ
fbem-30127	11	13	-	-	PUNCT
fbem-30127	11	14	quality	quality	NOUN
fbem-30127	11	15	economic	economic	ADJ
fbem-30127	11	16	development	development	NOUN
fbem-30127	11	17	,	,	PUNCT
fbem-30127	11	18	but	but	CCONJ
fbem-30127	11	19	also	also	ADV
fbem-30127	11	20	a	a	DET
fbem-30127	11	21	key	key	ADJ
fbem-30127	11	22	factor	factor	NOUN
fbem-30127	11	23	in	in	ADP
fbem-30127	11	24	enhancing	enhance	VERB
fbem-30127	11	25	enterprise	enterprise	NOUN
fbem-30127	11	26	competitiveness	competitiveness	NOUN
fbem-30127	11	27	.	.	PUNCT
fbem-30127	12	1	in	in	ADP
fbem-30127	12	2	recent	recent	ADJ
fbem-30127	12	3	years	year	NOUN
fbem-30127	12	4	,	,	PUNCT
fbem-30127	12	5	china	china	PROPN
fbem-30127	12	6	's	's	PART
fbem-30127	12	7	digital	digital	ADJ
fbem-30127	12	8	finance	finance	NOUN
fbem-30127	12	9	has	have	AUX
fbem-30127	12	10	developed	develop	VERB
fbem-30127	12	11	rapidly	rapidly	ADV
fbem-30127	12	12	,	,	PUNCT
fbem-30127	12	13	especially	especially	ADV
fbem-30127	12	14	in	in	ADP
fbem-30127	12	15	areas	area	NOUN
fbem-30127	12	16	such	such	ADJ
fbem-30127	12	17	as	as	ADP
fbem-30127	12	18	mobile	mobile	ADJ
fbem-30127	12	19	payments	payment	NOUN
fbem-30127	12	20	,	,	PUNCT
fbem-30127	12	21	online	online	ADJ
fbem-30127	12	22	lending	lending	NOUN
fbem-30127	12	23	,	,	PUNCT
fbem-30127	12	24	and	and	CCONJ
fbem-30127	12	25	intelligent	intelligent	ADJ
fbem-30127	12	26	investment	investment	NOUN
fbem-30127	12	27	advisory	advisory	NOUN
fbem-30127	12	28	,	,	PUNCT
fbem-30127	12	29	which	which	PRON
fbem-30127	12	30	have	have	AUX
fbem-30127	12	31	provided	provide	VERB
fbem-30127	12	32	more	more	ADV
fbem-30127	12	33	convenient	convenient	ADJ
fbem-30127	12	34	and	and	CCONJ
fbem-30127	12	35	low	low	ADJ
fbem-30127	12	36	-	-	PUNCT
fbem-30127	12	37	cost	cost	NOUN
fbem-30127	12	38	financing	financing	NOUN
fbem-30127	12	39	channels	channel	NOUN
fbem-30127	12	40	for	for	ADP
fbem-30127	12	41	small	small	ADJ
fbem-30127	12	42	and	and	CCONJ
fbem-30127	12	43	medium	medium	ADJ
fbem-30127	12	44	-	-	PUNCT
fbem-30127	12	45	sized	sized	ADJ
fbem-30127	12	46	enterprises	enterprise	NOUN
fbem-30127	12	47	.	.	PUNCT
fbem-30127	13	1	however	however	ADV
fbem-30127	13	2	,	,	PUNCT
fbem-30127	13	3	the	the	DET
fbem-30127	13	4	longstanding	longstanding	ADJ
fbem-30127	13	5	problems	problem	NOUN
fbem-30127	13	6	of	of	ADP
fbem-30127	13	7	credit	credit	NOUN
fbem-30127	13	8	discrimination	discrimination	NOUN
fbem-30127	13	9	and	and	CCONJ
fbem-30127	13	10	information	information	NOUN
fbem-30127	13	11	asymmetry	asymmetry	NOUN
fbem-30127	13	12	in	in	ADP
fbem-30127	13	13	the	the	DET
fbem-30127	13	14	traditional	traditional	ADJ
fbem-30127	13	15	financial	financial	ADJ
fbem-30127	13	16	system	system	NOUN
fbem-30127	13	17	have	have	AUX
fbem-30127	13	18	led	lead	VERB
fbem-30127	13	19	many	many	ADJ
fbem-30127	13	20	enterprises	enterprise	NOUN
fbem-30127	13	21	,	,	PUNCT
fbem-30127	13	22	especially	especially	ADV
fbem-30127	13	23	non	non	ADJ
fbem-30127	13	24	-	-	ADJ
fbem-30127	13	25	state	state	NOUN
fbem-30127	13	26	-	-	PUNCT
fbem-30127	13	27	owned	own	VERB
fbem-30127	13	28	enterprises	enterprise	NOUN
fbem-30127	13	29	and	and	CCONJ
fbem-30127	13	30	small	small	ADJ
fbem-30127	13	31	and	and	CCONJ
fbem-30127	13	32	medium	medium	ADJ
fbem-30127	13	33	-	-	PUNCT
fbem-30127	13	34	sized	sized	ADJ
fbem-30127	13	35	enterprises	enterprise	NOUN
fbem-30127	13	36	,	,	PUNCT
fbem-30127	13	37	to	to	PART
fbem-30127	13	38	face	face	VERB
fbem-30127	13	39	difficulties	difficulty	NOUN
fbem-30127	13	40	and	and	CCONJ
fbem-30127	13	41	high	high	ADJ
fbem-30127	13	42	financing	financing	NOUN
fbem-30127	13	43	costs	cost	NOUN
fbem-30127	13	44	.	.	PUNCT
fbem-30127	14	1	the	the	DET
fbem-30127	14	2	rise	rise	NOUN
fbem-30127	14	3	of	of	ADP
fbem-30127	14	4	digital	digital	ADJ
fbem-30127	14	5	finance	finance	NOUN
fbem-30127	14	6	provides	provide	VERB
fbem-30127	14	7	a	a	DET
fbem-30127	14	8	new	new	ADJ
fbem-30127	14	9	path	path	NOUN
fbem-30127	14	10	to	to	PART
fbem-30127	14	11	address	address	VERB
fbem-30127	14	12	these	these	DET
fbem-30127	14	13	issues	issue	NOUN
fbem-30127	14	14	.	.	PUNCT
fbem-30127	15	1	by	by	ADP
fbem-30127	15	2	optimizing	optimize	VERB
fbem-30127	15	3	resource	resource	NOUN
fbem-30127	15	4	allocation	allocation	NOUN
fbem-30127	15	5	,	,	PUNCT
fbem-30127	15	6	reducing	reduce	VERB
fbem-30127	15	7	financing	financing	NOUN
fbem-30127	15	8	costs	cost	NOUN
fbem-30127	15	9	,	,	PUNCT
fbem-30127	15	10	and	and	CCONJ
fbem-30127	15	11	enhancing	enhance	VERB
fbem-30127	15	12	information	information	NOUN
fbem-30127	15	13	transparency	transparency	NOUN
fbem-30127	15	14	,	,	PUNCT
fbem-30127	15	15	digital	digital	ADJ
fbem-30127	15	16	finance	finance	NOUN
fbem-30127	15	17	has	have	AUX
fbem-30127	15	18	created	create	VERB
fbem-30127	15	19	favorable	favorable	ADJ
fbem-30127	15	20	conditions	condition	NOUN
fbem-30127	15	21	for	for	ADP
fbem-30127	15	22	enterprise	enterprise	NOUN
fbem-30127	15	23	technological	technological	ADJ
fbem-30127	15	24	innovation	innovation	NOUN
fbem-30127	15	25	and	and	CCONJ
fbem-30127	15	26	production	production	NOUN
fbem-30127	15	27	efficiency	efficiency	NOUN
fbem-30127	15	28	improvement	improvement	NOUN
fbem-30127	15	29	.	.	PUNCT
fbem-30127	16	1	although	although	SCONJ
fbem-30127	16	2	the	the	DET
fbem-30127	16	3	development	development	NOUN
fbem-30127	16	4	of	of	ADP
fbem-30127	16	5	digital	digital	ADJ
fbem-30127	16	6	finance	finance	NOUN
fbem-30127	16	7	has	have	AUX
fbem-30127	16	8	brought	bring	VERB
fbem-30127	16	9	many	many	ADJ
fbem-30127	16	10	opportunities	opportunity	NOUN
fbem-30127	16	11	for	for	ADP
fbem-30127	16	12	enterprises	enterprise	NOUN
fbem-30127	16	13	,	,	PUNCT
fbem-30127	16	14	its	its	PRON
fbem-30127	16	15	specific	specific	ADJ
fbem-30127	16	16	impact	impact	NOUN
fbem-30127	16	17	mechanism	mechanism	NOUN
fbem-30127	16	18	on	on	ADP
fbem-30127	16	19	enterprise	enterprise	NOUN
fbem-30127	16	20	tfp	tfp	PROPN
fbem-30127	16	21	has	have	AUX
fbem-30127	16	22	not	not	PART
fbem-30127	16	23	been	be	AUX
fbem-30127	16	24	fully	fully	ADV
fbem-30127	16	25	studied	study	VERB
fbem-30127	16	26	.	.	PUNCT
fbem-30127	17	1	existing	exist	VERB
fbem-30127	17	2	literature	literature	NOUN
fbem-30127	17	3	mostly	mostly	ADV
fbem-30127	17	4	focuses	focus	VERB
fbem-30127	17	5	on	on	ADP
fbem-30127	17	6	the	the	DET
fbem-30127	17	7	impact	impact	NOUN
fbem-30127	17	8	of	of	ADP
fbem-30127	17	9	digital	digital	ADJ
fbem-30127	17	10	finance	finance	NOUN
fbem-30127	17	11	on	on	ADP
fbem-30127	17	12	economic	economic	ADJ
fbem-30127	17	13	growth	growth	NOUN
fbem-30127	17	14	or	or	CCONJ
fbem-30127	17	15	financial	financial	ADJ
fbem-30127	17	16	inclusion	inclusion	NOUN
fbem-30127	17	17	,	,	PUNCT
fbem-30127	17	18	while	while	SCONJ
fbem-30127	17	19	there	there	PRON
fbem-30127	17	20	is	be	VERB
fbem-30127	17	21	relatively	relatively	ADV
fbem-30127	17	22	little	little	ADJ
fbem-30127	17	23	research	research	NOUN
fbem-30127	17	24	on	on	ADP
fbem-30127	17	25	how	how	SCONJ
fbem-30127	17	26	it	it	PRON
fbem-30127	17	27	affects	affect	VERB
fbem-30127	17	28	corporate	corporate	ADJ
fbem-30127	17	29	tfp	tfp	PROPN
fbem-30127	17	30	through	through	ADP
fbem-30127	17	31	different	different	ADJ
fbem-30127	17	32	channels	channel	NOUN
fbem-30127	17	33	.	.	PUNCT
fbem-30127	18	1	whether	whether	SCONJ
fbem-30127	18	2	there	there	PRON
fbem-30127	18	3	is	be	VERB
fbem-30127	18	4	heterogeneity	heterogeneity	NOUN
fbem-30127	18	5	in	in	ADP
fbem-30127	18	6	the	the	DET
fbem-30127	18	7	role	role	NOUN
fbem-30127	18	8	of	of	ADP
fbem-30127	18	9	digital	digital	ADJ
fbem-30127	18	10	finance	finance	NOUN
fbem-30127	18	11	,	,	PUNCT
fbem-30127	18	12	especially	especially	ADV
fbem-30127	18	13	for	for	ADP
fbem-30127	18	14	enterprises	enterprise	NOUN
fbem-30127	18	15	of	of	ADP
fbem-30127	18	16	different	different	ADJ
fbem-30127	18	17	ownerships	ownership	NOUN
fbem-30127	18	18	,	,	PUNCT
fbem-30127	18	19	scales	scale	NOUN
fbem-30127	18	20	,	,	PUNCT
fbem-30127	18	21	and	and	CCONJ
fbem-30127	18	22	industries	industry	NOUN
fbem-30127	18	23	,	,	PUNCT
fbem-30127	18	24	still	still	ADV
fbem-30127	18	25	needs	need	VERB
fbem-30127	18	26	further	further	ADJ
fbem-30127	18	27	exploration	exploration	NOUN
fbem-30127	18	28	.	.	PUNCT
fbem-30127	19	1	based	base	VERB
fbem-30127	19	2	on	on	ADP
fbem-30127	19	3	this	this	PRON
fbem-30127	19	4	,	,	PUNCT
fbem-30127	19	5	this	this	DET
fbem-30127	19	6	article	article	NOUN
fbem-30127	19	7	takes	take	VERB
fbem-30127	19	8	a	a	DET
fbem-30127	19	9	-	-	PUNCT
fbem-30127	19	10	share	share	NOUN
fbem-30127	19	11	listed	list	VERB
fbem-30127	19	12	companies	company	NOUN
fbem-30127	19	13	in	in	ADP
fbem-30127	19	14	shanghai	shanghai	PROPN
fbem-30127	19	15	and	and	CCONJ
fbem-30127	19	16	shenzhen	shenzhen	PROPN
fbem-30127	19	17	as	as	ADP
fbem-30127	19	18	the	the	DET
fbem-30127	19	19	research	research	NOUN
fbem-30127	19	20	object	object	NOUN
fbem-30127	19	21	,	,	PUNCT
fbem-30127	19	22	and	and	CCONJ
fbem-30127	19	23	explores	explore	VERB
fbem-30127	19	24	the	the	DET
fbem-30127	19	25	impact	impact	NOUN
fbem-30127	19	26	mechanism	mechanism	NOUN
fbem-30127	19	27	of	of	ADP
fbem-30127	19	28	digital	digital	ADJ
fbem-30127	19	29	finance	finance	NOUN
fbem-30127	19	30	on	on	ADP
fbem-30127	19	31	corporate	corporate	ADJ
fbem-30127	19	32	tfp	tfp	NOUN
fbem-30127	19	33	.	.	PUNCT
fbem-30127	20	1	by	by	ADP
fbem-30127	20	2	analyzing	analyze	VERB
fbem-30127	20	3	the	the	DET
fbem-30127	20	4	role	role	NOUN
fbem-30127	20	5	of	of	ADP
fbem-30127	20	6	digital	digital	ADJ
fbem-30127	20	7	finance	finance	NOUN
fbem-30127	20	8	in	in	ADP
fbem-30127	20	9	fund	fund	NOUN
fbem-30127	20	10	financing	financing	NOUN
fbem-30127	20	11	,	,	PUNCT
fbem-30127	20	12	resource	resource	NOUN
fbem-30127	20	13	allocation	allocation	NOUN
fbem-30127	20	14	,	,	PUNCT
fbem-30127	20	15	information	information	NOUN
fbem-30127	20	16	disclosure	disclosure	NOUN
fbem-30127	20	17	,	,	PUNCT
fbem-30127	20	18	and	and	CCONJ
fbem-30127	20	19	risk	risk	NOUN
fbem-30127	20	20	-	-	PUNCT
fbem-30127	20	21	taking	taking	NOUN
fbem-30127	20	22	,	,	PUNCT
fbem-30127	20	23	this	this	DET
fbem-30127	20	24	article	article	NOUN
fbem-30127	20	25	aims	aim	VERB
fbem-30127	20	26	to	to	PART
fbem-30127	20	27	reveal	reveal	VERB
fbem-30127	20	28	how	how	SCONJ
fbem-30127	20	29	digital	digital	ADJ
fbem-30127	20	30	finance	finance	NOUN
fbem-30127	20	31	can	can	AUX
fbem-30127	20	32	enhance	enhance	VERB
fbem-30127	20	33	enterprise	enterprise	NOUN
fbem-30127	20	34	tfp	tfp	PROPN
fbem-30127	20	35	through	through	ADP
fbem-30127	20	36	various	various	ADJ
fbem-30127	20	37	channels	channel	NOUN
fbem-30127	20	38	,	,	PUNCT
fbem-30127	20	39	and	and	CCONJ
fbem-30127	20	40	provide	provide	VERB
fbem-30127	20	41	theoretical	theoretical	ADJ
fbem-30127	20	42	basis	basis	NOUN
fbem-30127	20	43	and	and	CCONJ
fbem-30127	20	44	policy	policy	NOUN
fbem-30127	20	45	recommendations	recommendation	NOUN
fbem-30127	20	46	for	for	ADP
fbem-30127	20	47	promoting	promote	VERB
fbem-30127	20	48	the	the	DET
fbem-30127	20	49	healthy	healthy	ADJ
fbem-30127	20	50	development	development	NOUN
fbem-30127	20	51	of	of	ADP
fbem-30127	20	52	digital	digital	ADJ
fbem-30127	20	53	finance	finance	NOUN
fbem-30127	20	54	and	and	CCONJ
fbem-30127	20	55	high	high	ADJ
fbem-30127	20	56	-	-	PUNCT
fbem-30127	20	57	quality	quality	NOUN
fbem-30127	20	58	development	development	NOUN
fbem-30127	20	59	of	of	ADP
fbem-30127	20	60	enterprises	enterprise	NOUN
fbem-30127	20	61	.	.	PUNCT
fbem-30127	21	1	2	2	X
fbem-30127	21	2	.	.	X
fbem-30127	21	3	literature	literature	NOUN
fbem-30127	21	4	review	review	VERB
fbem-30127	21	5	2.1	2.1	NUM
fbem-30127	21	6	.	.	PUNCT
fbem-30127	22	1	research	research	NOUN
fbem-30127	22	2	on	on	ADP
fbem-30127	22	3	total	total	ADJ
fbem-30127	22	4	factor	factor	NOUN
fbem-30127	22	5	productivity	productivity	NOUN
fbem-30127	22	6	of	of	ADP
fbem-30127	22	7	enterprises	enterprise	NOUN
fbem-30127	22	8	2.1.1	2.1.1	NUM
fbem-30127	22	9	.	.	PUNCT
fbem-30127	23	1	research	research	NOUN
fbem-30127	23	2	on	on	ADP
fbem-30127	23	3	measuring	measure	VERB
fbem-30127	23	4	total	total	ADJ
fbem-30127	23	5	factor	factor	NOUN
fbem-30127	23	6	productivity	productivity	NOUN
fbem-30127	23	7	of	of	ADP
fbem-30127	23	8	enterprises	enterprise	NOUN
fbem-30127	23	9	since	since	SCONJ
fbem-30127	23	10	solow	solow	PROPN
fbem-30127	23	11	(	(	PUNCT
fbem-30127	23	12	1957	1957	NUM
fbem-30127	23	13	)	)	PUNCT
fbem-30127	23	14	proposed	propose	VERB
fbem-30127	23	15	the	the	DET
fbem-30127	23	16	concept	concept	NOUN
fbem-30127	23	17	of	of	ADP
fbem-30127	23	18	total	total	ADJ
fbem-30127	23	19	factor	factor	NOUN
fbem-30127	23	20	productivity	productivity	NOUN
fbem-30127	23	21	,	,	PUNCT
fbem-30127	23	22	scholars	scholar	NOUN
fbem-30127	23	23	have	have	AUX
fbem-30127	23	24	regarded	regard	VERB
fbem-30127	23	25	how	how	SCONJ
fbem-30127	23	26	to	to	PART
fbem-30127	23	27	accurately	accurately	ADV
fbem-30127	23	28	measure	measure	VERB
fbem-30127	23	29	total	total	ADJ
fbem-30127	23	30	factor	factor	NOUN
fbem-30127	23	31	productivity	productivity	NOUN
fbem-30127	23	32	as	as	ADP
fbem-30127	23	33	a	a	DET
fbem-30127	23	34	new	new	ADJ
fbem-30127	23	35	key	key	ADJ
fbem-30127	23	36	research	research	NOUN
fbem-30127	23	37	direction	direction	NOUN
fbem-30127	23	38	.	.	PUNCT
fbem-30127	24	1	during	during	ADP
fbem-30127	24	2	this	this	DET
fbem-30127	24	3	period	period	NOUN
fbem-30127	24	4	,	,	PUNCT
fbem-30127	24	5	many	many	ADJ
fbem-30127	24	6	methods	method	NOUN
fbem-30127	24	7	for	for	ADP
fbem-30127	24	8	measuring	measure	VERB
fbem-30127	24	9	total	total	ADJ
fbem-30127	24	10	factor	factor	NOUN
fbem-30127	24	11	productivity	productivity	NOUN
fbem-30127	24	12	emerged	emerge	VERB
fbem-30127	24	13	,	,	PUNCT
fbem-30127	24	14	such	such	ADJ
fbem-30127	24	15	as	as	ADP
fbem-30127	24	16	the	the	DET
fbem-30127	24	17	solow	solow	PROPN
fbem-30127	24	18	model	model	NOUN
fbem-30127	24	19	method	method	NOUN
fbem-30127	24	20	(	(	PUNCT
fbem-30127	24	21	chen	chen	PROPN
fbem-30127	24	22	chaofan	chaofan	PROPN
fbem-30127	24	23	,	,	PUNCT
fbem-30127	24	24	2016	2016	NUM
fbem-30127	24	25	)	)	PUNCT
fbem-30127	25	1	[	[	X
fbem-30127	25	2	2	2	NUM
fbem-30127	25	3	]	]	PUNCT
fbem-30127	25	4	,	,	PUNCT
fbem-30127	25	5	the	the	DET
fbem-30127	25	6	stochastic	stochastic	ADJ
fbem-30127	25	7	frontier	frontier	NOUN
fbem-30127	25	8	analysis	analysis	NOUN
fbem-30127	25	9	method	method	NOUN
fbem-30127	25	10	(	(	PUNCT
fbem-30127	25	11	li	li	PROPN
fbem-30127	25	12	xuesong	xuesong	PROPN
fbem-30127	25	13	and	and	CCONJ
fbem-30127	25	14	gong	gong	PROPN
fbem-30127	25	15	xiaoqian	xiaoqian	PROPN
fbem-30127	25	16	,	,	PUNCT
fbem-30127	25	17	2021	2021	NUM
fbem-30127	25	18	)	)	PUNCT
fbem-30127	26	1	[	[	X
fbem-30127	26	2	3	3	NUM
fbem-30127	26	3	]	]	PUNCT
fbem-30127	26	4	,	,	PUNCT
fbem-30127	26	5	the	the	DET
fbem-30127	26	6	data	datum	NOUN
fbem-30127	26	7	envelopment	envelopment	ADJ
fbem-30127	26	8	analysis	analysis	NOUN
fbem-30127	26	9	method	method	NOUN
fbem-30127	26	10	(	(	PUNCT
fbem-30127	26	11	dea	dea	NOUN
fbem-30127	26	12	)	)	PUNCT
fbem-30127	26	13	,	,	PUNCT
fbem-30127	26	14	and	and	CCONJ
fbem-30127	26	15	the	the	DET
fbem-30127	26	16	243	243	NUM
fbem-30127	26	17	directional	directional	ADJ
fbem-30127	26	18	distance	distance	NOUN
fbem-30127	26	19	function	function	NOUN
fbem-30127	26	20	method	method	NOUN
fbem-30127	26	21	evolved	evolve	VERB
fbem-30127	26	22	from	from	ADP
fbem-30127	26	23	it	it	PRON
fbem-30127	26	24	(	(	PUNCT
fbem-30127	26	25	sun	sun	NOUN
fbem-30127	26	26	huashu	huashu	PROPN
fbem-30127	26	27	and	and	CCONJ
fbem-30127	26	28	lv	lv	PROPN
fbem-30127	26	29	yiqing	yiqing	NOUN
fbem-30127	26	30	,	,	PUNCT
fbem-30127	26	31	2019	2019	NUM
fbem-30127	27	1	[	[	X
fbem-30127	27	2	4	4	NUM
fbem-30127	27	3	]	]	PUNCT
fbem-30127	27	4	;	;	PUNCT
fbem-30127	27	5	zhou	zhou	PROPN
fbem-30127	27	6	xiaohui	xiaohui	PROPN
fbem-30127	27	7	et	et	PROPN
fbem-30127	27	8	al	al	PROPN
fbem-30127	27	9	.	.	PROPN
fbem-30127	27	10	,	,	PUNCT
fbem-30127	27	11	2021	2021	NUM
fbem-30127	27	12	[	[	X
fbem-30127	27	13	5	5	NUM
fbem-30127	27	14	]	]	PUNCT
fbem-30127	27	15	)	)	PUNCT
fbem-30127	27	16	.	.	PUNCT
fbem-30127	28	1	in	in	ADP
fbem-30127	28	2	addition	addition	NOUN
fbem-30127	28	3	,	,	PUNCT
fbem-30127	28	4	with	with	ADP
fbem-30127	28	5	the	the	DET
fbem-30127	28	6	development	development	NOUN
fbem-30127	28	7	of	of	ADP
fbem-30127	28	8	internet	internet	NOUN
fbem-30127	28	9	technology	technology	NOUN
fbem-30127	28	10	,	,	PUNCT
fbem-30127	28	11	we	we	PRON
fbem-30127	28	12	have	have	VERB
fbem-30127	28	13	more	more	ADJ
fbem-30127	28	14	and	and	CCONJ
fbem-30127	28	15	more	more	ADV
fbem-30127	28	16	convenient	convenient	ADJ
fbem-30127	28	17	access	access	NOUN
fbem-30127	28	18	to	to	ADP
fbem-30127	28	19	enterprise	enterprise	NOUN
fbem-30127	28	20	data	datum	NOUN
fbem-30127	28	21	,	,	PUNCT
fbem-30127	28	22	and	and	CCONJ
fbem-30127	28	23	the	the	DET
fbem-30127	28	24	reliability	reliability	NOUN
fbem-30127	28	25	of	of	ADP
fbem-30127	28	26	data	datum	NOUN
fbem-30127	28	27	has	have	AUX
fbem-30127	28	28	been	be	AUX
fbem-30127	28	29	greatly	greatly	ADV
fbem-30127	28	30	improved	improve	VERB
fbem-30127	28	31	.	.	PUNCT
fbem-30127	29	1	therefore	therefore	ADV
fbem-30127	29	2	,	,	PUNCT
fbem-30127	29	3	scholars	scholar	NOUN
fbem-30127	29	4	began	begin	VERB
fbem-30127	29	5	their	their	PRON
fbem-30127	29	6	journey	journey	NOUN
fbem-30127	29	7	to	to	PART
fbem-30127	29	8	explore	explore	VERB
fbem-30127	29	9	how	how	SCONJ
fbem-30127	29	10	to	to	PART
fbem-30127	29	11	measure	measure	VERB
fbem-30127	29	12	enterprise	enterprise	NOUN
fbem-30127	29	13	total	total	ADJ
fbem-30127	29	14	factor	factor	NOUN
fbem-30127	29	15	productivity	productivity	NOUN
fbem-30127	29	16	,	,	PUNCT
fbem-30127	29	17	and	and	CCONJ
fbem-30127	29	18	what	what	DET
fbem-30127	29	19	methods	method	NOUN
fbem-30127	29	20	can	can	AUX
fbem-30127	29	21	be	be	AUX
fbem-30127	29	22	used	use	VERB
fbem-30127	29	23	to	to	PART
fbem-30127	29	24	measure	measure	VERB
fbem-30127	29	25	total	total	ADJ
fbem-30127	29	26	factor	factor	NOUN
fbem-30127	29	27	productivity	productivity	NOUN
fbem-30127	29	28	.	.	PUNCT
fbem-30127	30	1	the	the	DET
fbem-30127	30	2	methods	method	NOUN
fbem-30127	30	3	we	we	PRON
fbem-30127	30	4	are	be	AUX
fbem-30127	30	5	familiar	familiar	ADJ
fbem-30127	30	6	with	with	ADP
fbem-30127	30	7	mainly	mainly	ADV
fbem-30127	30	8	include	include	VERB
fbem-30127	30	9	ols	ol	NOUN
fbem-30127	30	10	method	method	NOUN
fbem-30127	30	11	,	,	PUNCT
fbem-30127	30	12	op	op	NOUN
fbem-30127	30	13	method	method	NOUN
fbem-30127	30	14	,	,	PUNCT
fbem-30127	30	15	lp	lp	NOUN
fbem-30127	30	16	method	method	NOUN
fbem-30127	30	17	,	,	PUNCT
fbem-30127	30	18	fe	fe	NOUN
fbem-30127	30	19	method	method	NOUN
fbem-30127	30	20	,	,	PUNCT
fbem-30127	30	21	and	and	CCONJ
fbem-30127	30	22	generalized	generalized	ADJ
fbem-30127	30	23	estimation	estimation	NOUN
fbem-30127	30	24	method	method	NOUN
fbem-30127	30	25	.	.	PUNCT
fbem-30127	31	1	2.1.2	2.1.2	X
fbem-30127	31	2	.	.	PUNCT
fbem-30127	31	3	factors	factor	NOUN
fbem-30127	31	4	affecting	affect	VERB
fbem-30127	31	5	total	total	ADJ
fbem-30127	31	6	factor	factor	NOUN
fbem-30127	31	7	productivity	productivity	NOUN
fbem-30127	31	8	of	of	ADP
fbem-30127	31	9	enterprises	enterprise	NOUN
fbem-30127	31	10	zhai	zhai	PROPN
fbem-30127	31	11	shuping	shupe	VERB
fbem-30127	31	12	and	and	CCONJ
fbem-30127	31	13	gu	gu	PROPN
fbem-30127	31	14	qun	qun	PROPN
fbem-30127	31	15	(	(	PUNCT
fbem-30127	31	16	2013	2013	NUM
fbem-30127	31	17	)	)	PUNCT
fbem-30127	31	18	found	find	VERB
fbem-30127	31	19	that	that	SCONJ
fbem-30127	31	20	the	the	DET
fbem-30127	31	21	development	development	NOUN
fbem-30127	31	22	of	of	ADP
fbem-30127	31	23	the	the	DET
fbem-30127	31	24	financial	financial	ADJ
fbem-30127	31	25	industry	industry	NOUN
fbem-30127	31	26	can	can	AUX
fbem-30127	31	27	release	release	VERB
fbem-30127	31	28	the	the	DET
fbem-30127	31	29	financing	financing	NOUN
fbem-30127	31	30	pressure	pressure	NOUN
fbem-30127	31	31	of	of	ADP
fbem-30127	31	32	domestic	domestic	ADJ
fbem-30127	31	33	high	high	ADJ
fbem-30127	31	34	-	-	PUNCT
fbem-30127	31	35	tech	tech	NOUN
fbem-30127	31	36	enterprises	enterprise	NOUN
fbem-30127	31	37	,	,	PUNCT
fbem-30127	31	38	thereby	thereby	ADV
fbem-30127	31	39	promoting	promote	VERB
fbem-30127	31	40	the	the	DET
fbem-30127	31	41	total	total	ADJ
fbem-30127	31	42	factor	factor	NOUN
fbem-30127	31	43	productivity	productivity	NOUN
fbem-30127	31	44	of	of	ADP
fbem-30127	31	45	enterprises	enterprise	NOUN
fbem-30127	31	46	.	.	PUNCT
fbem-30127	32	1	luo	luo	PROPN
fbem-30127	32	2	liangwen	liangwen	PROPN
fbem-30127	32	3	and	and	CCONJ
fbem-30127	32	4	sun	sun	PROPN
fbem-30127	32	5	xiaoning	xiaoning	PROPN
fbem-30127	32	6	(	(	PUNCT
fbem-30127	32	7	2020	2020	NUM
fbem-30127	32	8	)	)	PUNCT
fbem-30127	32	9	studied	study	VERB
fbem-30127	32	10	chinese	chinese	ADJ
fbem-30127	32	11	industrial	industrial	ADJ
fbem-30127	32	12	enterprises	enterprise	NOUN
fbem-30127	32	13	and	and	CCONJ
fbem-30127	32	14	explored	explore	VERB
fbem-30127	32	15	the	the	DET
fbem-30127	32	16	impact	impact	NOUN
fbem-30127	32	17	of	of	ADP
fbem-30127	32	18	financial	financial	ADJ
fbem-30127	32	19	development	development	NOUN
fbem-30127	32	20	on	on	ADP
fbem-30127	32	21	enterprise	enterprise	NOUN
fbem-30127	32	22	tfp	tfp	PROPN
fbem-30127	32	23	from	from	ADP
fbem-30127	32	24	two	two	NUM
fbem-30127	32	25	dimensions	dimension	NOUN
fbem-30127	32	26	:	:	PUNCT
fbem-30127	32	27	the	the	DET
fbem-30127	32	28	scale	scale	NOUN
fbem-30127	32	29	and	and	CCONJ
fbem-30127	32	30	efficiency	efficiency	NOUN
fbem-30127	32	31	of	of	ADP
fbem-30127	32	32	financial	financial	ADJ
fbem-30127	32	33	development	development	NOUN
fbem-30127	32	34	.	.	PUNCT
fbem-30127	33	1	the	the	DET
fbem-30127	33	2	study	study	NOUN
fbem-30127	33	3	found	find	VERB
fbem-30127	33	4	that	that	SCONJ
fbem-30127	33	5	the	the	DET
fbem-30127	33	6	development	development	NOUN
fbem-30127	33	7	of	of	ADP
fbem-30127	33	8	the	the	DET
fbem-30127	33	9	financial	financial	ADJ
fbem-30127	33	10	industry	industry	NOUN
fbem-30127	33	11	,	,	PUNCT
fbem-30127	33	12	especially	especially	ADV
fbem-30127	33	13	in	in	ADP
fbem-30127	33	14	recent	recent	ADJ
fbem-30127	33	15	years	year	NOUN
fbem-30127	33	16	,	,	PUNCT
fbem-30127	33	17	has	have	AUX
fbem-30127	33	18	provided	provide	VERB
fbem-30127	33	19	domestic	domestic	ADJ
fbem-30127	33	20	enterprises	enterprise	NOUN
fbem-30127	33	21	with	with	ADP
fbem-30127	33	22	a	a	DET
fbem-30127	33	23	large	large	ADJ
fbem-30127	33	24	amount	amount	NOUN
fbem-30127	33	25	of	of	ADP
fbem-30127	33	26	funds	fund	NOUN
fbem-30127	33	27	,	,	PUNCT
fbem-30127	33	28	allowing	allow	VERB
fbem-30127	33	29	them	they	PRON
fbem-30127	33	30	to	to	PART
fbem-30127	33	31	vigorously	vigorously	ADV
fbem-30127	33	32	promote	promote	VERB
fbem-30127	33	33	their	their	PRON
fbem-30127	33	34	own	own	ADJ
fbem-30127	33	35	technological	technological	ADJ
fbem-30127	33	36	improvements	improvement	NOUN
fbem-30127	33	37	and	and	CCONJ
fbem-30127	33	38	resource	resource	NOUN
fbem-30127	33	39	allocation	allocation	NOUN
fbem-30127	33	40	,	,	PUNCT
fbem-30127	33	41	effectively	effectively	ADV
fbem-30127	33	42	utilizing	utilize	VERB
fbem-30127	33	43	resources	resource	NOUN
fbem-30127	33	44	and	and	CCONJ
fbem-30127	33	45	promoting	promote	VERB
fbem-30127	33	46	the	the	DET
fbem-30127	33	47	rapid	rapid	ADJ
fbem-30127	33	48	growth	growth	NOUN
fbem-30127	33	49	of	of	ADP
fbem-30127	33	50	enterprise	enterprise	NOUN
fbem-30127	33	51	tfp	tfp	PROPN
fbem-30127	33	52	.	.	PUNCT
fbem-30127	34	1	2.2	2.2	NUM
fbem-30127	34	2	.	.	PUNCT
fbem-30127	34	3	research	research	NOUN
fbem-30127	34	4	on	on	ADP
fbem-30127	34	5	total	total	ADJ
fbem-30127	34	6	factor	factor	NOUN
fbem-30127	34	7	productivity	productivity	NOUN
fbem-30127	34	8	of	of	ADP
fbem-30127	34	9	digital	digital	ADJ
fbem-30127	34	10	finance	finance	NOUN
fbem-30127	34	11	2.2.1	2.2.1	NUM
fbem-30127	34	12	.	.	PUNCT
fbem-30127	35	1	research	research	NOUN
fbem-30127	35	2	on	on	ADP
fbem-30127	35	3	the	the	DET
fbem-30127	35	4	impact	impact	NOUN
fbem-30127	35	5	of	of	ADP
fbem-30127	35	6	digital	digital	ADJ
fbem-30127	35	7	finance	finance	NOUN
fbem-30127	35	8	on	on	ADP
fbem-30127	35	9	macroeconomics	macroeconomic	NOUN
fbem-30127	35	10	wang	wang	PROPN
fbem-30127	35	11	yongcang	yongcang	PROPN
fbem-30127	35	12	and	and	CCONJ
fbem-30127	35	13	wen	wen	PROPN
fbem-30127	35	14	tao	tao	PROPN
fbem-30127	35	15	(	(	PUNCT
fbem-30127	35	16	2020	2020	NUM
fbem-30127	35	17	)	)	PUNCT
fbem-30127	35	18	found	find	VERB
fbem-30127	35	19	based	base	VERB
fbem-30127	35	20	on	on	ADP
fbem-30127	35	21	provincial	provincial	ADJ
fbem-30127	35	22	level	level	NOUN
fbem-30127	35	23	data	datum	NOUN
fbem-30127	35	24	from	from	ADP
fbem-30127	35	25	2011	2011	NUM
fbem-30127	35	26	to	to	ADP
fbem-30127	35	27	2017	2017	NUM
fbem-30127	35	28	that	that	SCONJ
fbem-30127	35	29	the	the	DET
fbem-30127	35	30	positive	positive	ADJ
fbem-30127	35	31	correlation	correlation	NOUN
fbem-30127	35	32	between	between	ADP
fbem-30127	35	33	digital	digital	ADJ
fbem-30127	35	34	inclusive	inclusive	ADJ
fbem-30127	35	35	finance	finance	NOUN
fbem-30127	35	36	and	and	CCONJ
fbem-30127	35	37	economic	economic	ADJ
fbem-30127	35	38	growth	growth	NOUN
fbem-30127	35	39	gradually	gradually	ADV
fbem-30127	35	40	deepens	deepen	VERB
fbem-30127	35	41	over	over	ADP
fbem-30127	35	42	time	time	NOUN
fbem-30127	35	43	,	,	PUNCT
fbem-30127	35	44	and	and	CCONJ
fbem-30127	35	45	in	in	ADP
fbem-30127	35	46	china	china	PROPN
fbem-30127	35	47	,	,	PUNCT
fbem-30127	35	48	compared	compare	VERB
fbem-30127	35	49	to	to	ADP
fbem-30127	35	50	other	other	ADJ
fbem-30127	35	51	regions	region	NOUN
fbem-30127	35	52	,	,	PUNCT
fbem-30127	35	53	this	this	DET
fbem-30127	35	54	positive	positive	ADJ
fbem-30127	35	55	effect	effect	NOUN
fbem-30127	35	56	is	be	AUX
fbem-30127	35	57	stronger	strong	ADJ
fbem-30127	35	58	in	in	ADP
fbem-30127	35	59	the	the	DET
fbem-30127	35	60	central	central	ADJ
fbem-30127	35	61	and	and	CCONJ
fbem-30127	35	62	western	western	ADJ
fbem-30127	35	63	regions	region	NOUN
fbem-30127	35	64	[	[	X
fbem-30127	35	65	8	8	NUM
fbem-30127	35	66	]	]	PUNCT
fbem-30127	35	67	.	.	PUNCT
fbem-30127	36	1	cheng	cheng	PROPN
fbem-30127	36	2	et	et	PROPN
fbem-30127	36	3	al	al	PROPN
fbem-30127	36	4	.	.	PROPN
fbem-30127	36	5	(	(	PUNCT
fbem-30127	36	6	2021	2021	NUM
fbem-30127	36	7	)	)	PUNCT
fbem-30127	36	8	studied	study	VERB
fbem-30127	36	9	72	72	NUM
fbem-30127	36	10	countries	country	NOUN
fbem-30127	36	11	from	from	ADP
fbem-30127	36	12	2000	2000	NUM
fbem-30127	36	13	to	to	ADP
fbem-30127	36	14	2015	2015	NUM
fbem-30127	36	15	and	and	CCONJ
fbem-30127	36	16	used	use	VERB
fbem-30127	36	17	principal	principal	ADJ
fbem-30127	36	18	component	component	NOUN
fbem-30127	36	19	analysis	analysis	NOUN
fbem-30127	36	20	to	to	PART
fbem-30127	36	21	verify	verify	VERB
fbem-30127	36	22	that	that	SCONJ
fbem-30127	36	23	the	the	DET
fbem-30127	36	24	application	application	NOUN
fbem-30127	36	25	of	of	ADP
fbem-30127	36	26	information	information	NOUN
fbem-30127	36	27	technology	technology	NOUN
fbem-30127	36	28	in	in	ADP
fbem-30127	36	29	the	the	DET
fbem-30127	36	30	financial	financial	ADJ
fbem-30127	36	31	industry	industry	NOUN
fbem-30127	36	32	greatly	greatly	ADV
fbem-30127	36	33	weakened	weaken	VERB
fbem-30127	36	34	the	the	DET
fbem-30127	36	35	negative	negative	ADJ
fbem-30127	36	36	effects	effect	NOUN
fbem-30127	36	37	of	of	ADP
fbem-30127	36	38	finance	finance	NOUN
fbem-30127	36	39	,	,	PUNCT
fbem-30127	36	40	thereby	thereby	ADV
fbem-30127	36	41	promoting	promote	VERB
fbem-30127	36	42	economic	economic	ADJ
fbem-30127	36	43	growth	growth	NOUN
fbem-30127	36	44	[	[	X
fbem-30127	36	45	9	9	NUM
fbem-30127	36	46	]	]	PUNCT
fbem-30127	36	47	.	.	PUNCT
fbem-30127	37	1	2.2.2	2.2.2	X
fbem-30127	37	2	.	.	PUNCT
fbem-30127	38	1	research	research	NOUN
fbem-30127	38	2	on	on	ADP
fbem-30127	38	3	the	the	DET
fbem-30127	38	4	impact	impact	NOUN
fbem-30127	38	5	of	of	ADP
fbem-30127	38	6	digital	digital	ADJ
fbem-30127	38	7	finance	finance	NOUN
fbem-30127	38	8	on	on	ADP
fbem-30127	38	9	micro	micro	ADJ
fbem-30127	38	10	enterprises	enterprise	NOUN
fbem-30127	38	11	zhao	zhao	PROPN
fbem-30127	38	12	rui	rui	PROPN
fbem-30127	38	13	and	and	CCONJ
fbem-30127	38	14	cao	cao	PROPN
fbem-30127	38	15	tinggui	tinggui	PROPN
fbem-30127	38	16	(	(	PUNCT
fbem-30127	38	17	2022	2022	NUM
fbem-30127	38	18	)	)	PUNCT
fbem-30127	38	19	found	find	VERB
fbem-30127	38	20	that	that	SCONJ
fbem-30127	38	21	digital	digital	ADJ
fbem-30127	38	22	finance	finance	NOUN
fbem-30127	38	23	can	can	AUX
fbem-30127	38	24	improve	improve	VERB
fbem-30127	38	25	corporate	corporate	ADJ
fbem-30127	38	26	leverage	leverage	NOUN
fbem-30127	38	27	by	by	ADP
fbem-30127	38	28	reducing	reduce	VERB
fbem-30127	38	29	financing	financing	NOUN
fbem-30127	38	30	costs	cost	NOUN
fbem-30127	38	31	and	and	CCONJ
fbem-30127	38	32	operational	operational	ADJ
fbem-30127	38	33	risks	risk	NOUN
fbem-30127	38	34	,	,	PUNCT
fbem-30127	38	35	and	and	CCONJ
fbem-30127	38	36	has	have	VERB
fbem-30127	38	37	a	a	DET
fbem-30127	38	38	more	more	ADV
fbem-30127	38	39	significant	significant	ADJ
fbem-30127	38	40	deleveraging	deleveraging	NOUN
fbem-30127	38	41	effect	effect	NOUN
fbem-30127	38	42	on	on	ADP
fbem-30127	38	43	state	state	NOUN
fbem-30127	38	44	-	-	PUNCT
fbem-30127	38	45	owned	own	VERB
fbem-30127	38	46	and	and	CCONJ
fbem-30127	38	47	large	large	ADJ
fbem-30127	38	48	-	-	PUNCT
fbem-30127	38	49	scale	scale	NOUN
fbem-30127	38	50	enterprises	enterprise	NOUN
fbem-30127	38	51	[	[	X
fbem-30127	38	52	10	10	NUM
fbem-30127	38	53	]	]	PUNCT
fbem-30127	38	54	.	.	PUNCT
fbem-30127	39	1	li	li	PROPN
fbem-30127	39	2	bin	bin	PROPN
fbem-30127	39	3	et	et	PROPN
fbem-30127	39	4	al	al	PROPN
fbem-30127	39	5	.	.	PROPN
fbem-30127	39	6	(	(	PUNCT
fbem-30127	39	7	2021	2021	NUM
fbem-30127	39	8	)	)	PUNCT
fbem-30127	39	9	studied	study	VERB
fbem-30127	39	10	the	the	DET
fbem-30127	39	11	relationship	relationship	NOUN
fbem-30127	39	12	between	between	ADP
fbem-30127	39	13	digital	digital	ADJ
fbem-30127	39	14	finance	finance	NOUN
fbem-30127	39	15	and	and	CCONJ
fbem-30127	39	16	the	the	DET
fbem-30127	39	17	financial	financial	ADJ
fbem-30127	39	18	sustainability	sustainability	NOUN
fbem-30127	39	19	of	of	ADP
fbem-30127	39	20	small	small	ADJ
fbem-30127	39	21	and	and	CCONJ
fbem-30127	39	22	medium	medium	ADJ
fbem-30127	39	23	-	-	PUNCT
fbem-30127	39	24	sized	sized	ADJ
fbem-30127	39	25	enterprises	enterprise	NOUN
fbem-30127	39	26	,	,	PUNCT
fbem-30127	39	27	and	and	CCONJ
fbem-30127	39	28	found	find	VERB
fbem-30127	39	29	that	that	SCONJ
fbem-30127	39	30	digital	digital	ADJ
fbem-30127	39	31	finance	finance	NOUN
fbem-30127	39	32	has	have	VERB
fbem-30127	39	33	a	a	DET
fbem-30127	39	34	positive	positive	ADJ
fbem-30127	39	35	impact	impact	NOUN
fbem-30127	39	36	on	on	ADP
fbem-30127	39	37	the	the	DET
fbem-30127	39	38	financial	financial	ADJ
fbem-30127	39	39	sustainability	sustainability	NOUN
fbem-30127	39	40	of	of	ADP
fbem-30127	39	41	enterprises	enterprise	NOUN
fbem-30127	39	42	,	,	PUNCT
fbem-30127	39	43	mainly	mainly	ADV
fbem-30127	39	44	through	through	ADP
fbem-30127	39	45	the	the	DET
fbem-30127	39	46	bridging	bridging	NOUN
fbem-30127	39	47	effect	effect	NOUN
fbem-30127	39	48	of	of	ADP
fbem-30127	39	49	financing	financing	NOUN
fbem-30127	39	50	constraints	constraint	NOUN
fbem-30127	39	51	[	[	X
fbem-30127	39	52	11	11	NUM
fbem-30127	39	53	]	]	PUNCT
fbem-30127	39	54	.	.	PUNCT
fbem-30127	40	1	3	3	X
fbem-30127	40	2	.	.	X
fbem-30127	40	3	theoretical	theoretical	ADJ
fbem-30127	40	4	analysis	analysis	NOUN
fbem-30127	40	5	and	and	CCONJ
fbem-30127	40	6	research	research	NOUN
fbem-30127	40	7	hypotheses	hypothesis	NOUN
fbem-30127	40	8	3.1	3.1	NUM
fbem-30127	40	9	.	.	PUNCT
fbem-30127	40	10	financial	financial	ADJ
fbem-30127	40	11	intermediary	intermediary	NOUN
fbem-30127	40	12	theory	theory	NOUN
fbem-30127	40	13	throughout	throughout	ADP
fbem-30127	40	14	history	history	NOUN
fbem-30127	40	15	,	,	PUNCT
fbem-30127	40	16	the	the	DET
fbem-30127	40	17	theory	theory	NOUN
fbem-30127	40	18	of	of	ADP
fbem-30127	40	19	financial	financial	ADJ
fbem-30127	40	20	intermediation	intermediation	NOUN
fbem-30127	40	21	has	have	AUX
fbem-30127	40	22	been	be	AUX
fbem-30127	40	23	able	able	ADJ
fbem-30127	40	24	to	to	PART
fbem-30127	40	25	be	be	AUX
fbem-30127	40	26	analyzed	analyze	VERB
fbem-30127	40	27	and	and	CCONJ
fbem-30127	40	28	elaborated	elaborate	VERB
fbem-30127	40	29	from	from	ADP
fbem-30127	40	30	multiple	multiple	ADJ
fbem-30127	40	31	perspectives	perspective	NOUN
fbem-30127	40	32	.	.	PUNCT
fbem-30127	41	1	with	with	ADP
fbem-30127	41	2	the	the	DET
fbem-30127	41	3	development	development	NOUN
fbem-30127	41	4	of	of	ADP
fbem-30127	41	5	the	the	DET
fbem-30127	41	6	times	time	NOUN
fbem-30127	41	7	,	,	PUNCT
fbem-30127	41	8	transaction	transaction	NOUN
fbem-30127	41	9	costs	cost	NOUN
fbem-30127	41	10	,	,	PUNCT
fbem-30127	41	11	information	information	NOUN
fbem-30127	41	12	asymmetry	asymmetry	NOUN
fbem-30127	41	13	,	,	PUNCT
fbem-30127	41	14	and	and	CCONJ
fbem-30127	41	15	agency	agency	NOUN
fbem-30127	41	16	have	have	AUX
fbem-30127	41	17	become	become	VERB
fbem-30127	41	18	the	the	DET
fbem-30127	41	19	main	main	ADJ
fbem-30127	41	20	aspects	aspect	NOUN
fbem-30127	41	21	of	of	ADP
fbem-30127	41	22	analyzing	analyze	VERB
fbem-30127	41	23	the	the	DET
fbem-30127	41	24	necessity	necessity	NOUN
fbem-30127	41	25	of	of	ADP
fbem-30127	41	26	the	the	DET
fbem-30127	41	27	theory	theory	NOUN
fbem-30127	41	28	of	of	ADP
fbem-30127	41	29	financial	financial	ADJ
fbem-30127	41	30	intermediation	intermediation	NOUN
fbem-30127	41	31	.	.	PUNCT
fbem-30127	42	1	3.1.1	3.1.1	X
fbem-30127	42	2	.	.	PUNCT
fbem-30127	42	3	transaction	transaction	NOUN
fbem-30127	42	4	cost	cost	NOUN
fbem-30127	42	5	theory	theory	NOUN
fbem-30127	42	6	in	in	ADP
fbem-30127	42	7	the	the	DET
fbem-30127	42	8	financial	financial	ADJ
fbem-30127	42	9	market	market	NOUN
fbem-30127	42	10	,	,	PUNCT
fbem-30127	42	11	any	any	DET
fbem-30127	42	12	trading	trading	NOUN
fbem-30127	42	13	behavior	behavior	NOUN
fbem-30127	42	14	incurs	incur	VERB
fbem-30127	42	15	certain	certain	ADJ
fbem-30127	42	16	costs	cost	NOUN
fbem-30127	42	17	,	,	PUNCT
fbem-30127	42	18	and	and	CCONJ
fbem-30127	42	19	individual	individual	ADJ
fbem-30127	42	20	investors	investor	NOUN
fbem-30127	42	21	often	often	ADV
fbem-30127	42	22	need	need	VERB
fbem-30127	42	23	to	to	PART
fbem-30127	42	24	bear	bear	VERB
fbem-30127	42	25	higher	high	ADJ
fbem-30127	42	26	fees	fee	NOUN
fbem-30127	42	27	.	.	PUNCT
fbem-30127	43	1	in	in	ADP
fbem-30127	43	2	contrast	contrast	NOUN
fbem-30127	43	3	,	,	PUNCT
fbem-30127	43	4	financial	financial	ADJ
fbem-30127	43	5	intermediaries	intermediary	NOUN
fbem-30127	43	6	,	,	PUNCT
fbem-30127	43	7	with	with	ADP
fbem-30127	43	8	their	their	PRON
fbem-30127	43	9	scale	scale	NOUN
fbem-30127	43	10	advantage	advantage	NOUN
fbem-30127	43	11	and	and	CCONJ
fbem-30127	43	12	advanced	advanced	ADJ
fbem-30127	43	13	technological	technological	ADJ
fbem-30127	43	14	capabilities	capability	NOUN
fbem-30127	43	15	,	,	PUNCT
fbem-30127	43	16	can	can	AUX
fbem-30127	43	17	collect	collect	VERB
fbem-30127	43	18	,	,	PUNCT
fbem-30127	43	19	process	process	NOUN
fbem-30127	43	20	,	,	PUNCT
fbem-30127	43	21	and	and	CCONJ
fbem-30127	43	22	analyze	analyze	VERB
fbem-30127	43	23	information	information	NOUN
fbem-30127	43	24	more	more	ADV
fbem-30127	43	25	efficiently	efficiently	ADV
fbem-30127	43	26	,	,	PUNCT
fbem-30127	43	27	thereby	thereby	ADV
fbem-30127	43	28	significantly	significantly	ADV
fbem-30127	43	29	reducing	reduce	VERB
fbem-30127	43	30	the	the	DET
fbem-30127	43	31	cost	cost	NOUN
fbem-30127	43	32	burden	burden	NOUN
fbem-30127	43	33	of	of	ADP
fbem-30127	43	34	individual	individual	ADJ
fbem-30127	43	35	investors	investor	NOUN
fbem-30127	43	36	in	in	ADP
fbem-30127	43	37	information	information	NOUN
fbem-30127	43	38	acquisition	acquisition	NOUN
fbem-30127	43	39	and	and	CCONJ
fbem-30127	43	40	processing	processing	NOUN
fbem-30127	43	41	.	.	PUNCT
fbem-30127	44	1	3.1.2	3.1.2	X
fbem-30127	44	2	.	.	PUNCT
fbem-30127	44	3	asymmetric	asymmetric	ADJ
fbem-30127	44	4	information	information	NOUN
fbem-30127	44	5	theory	theory	NOUN
fbem-30127	44	6	the	the	DET
fbem-30127	44	7	emergence	emergence	NOUN
fbem-30127	44	8	of	of	ADP
fbem-30127	44	9	information	information	NOUN
fbem-30127	44	10	asymmetry	asymmetry	NOUN
fbem-30127	44	11	mainly	mainly	ADV
fbem-30127	44	12	stems	stem	VERB
fbem-30127	44	13	from	from	ADP
fbem-30127	44	14	the	the	DET
fbem-30127	44	15	following	follow	VERB
fbem-30127	44	16	three	three	NUM
fbem-30127	44	17	reasons	reason	NOUN
fbem-30127	44	18	.	.	PUNCT
fbem-30127	45	1	firstly	firstly	ADV
fbem-30127	45	2	,	,	PUNCT
fbem-30127	45	3	the	the	DET
fbem-30127	45	4	existence	existence	NOUN
fbem-30127	45	5	of	of	ADP
fbem-30127	45	6	information	information	NOUN
fbem-30127	45	7	acquisition	acquisition	NOUN
fbem-30127	45	8	costs	cost	NOUN
fbem-30127	45	9	makes	make	VERB
fbem-30127	45	10	some	some	DET
fbem-30127	45	11	market	market	NOUN
fbem-30127	45	12	participants	participant	NOUN
fbem-30127	45	13	choose	choose	VERB
fbem-30127	45	14	to	to	PART
fbem-30127	45	15	give	give	VERB
fbem-30127	45	16	up	up	ADP
fbem-30127	45	17	information	information	NOUN
fbem-30127	45	18	search	search	NOUN
fbem-30127	45	19	in	in	ADP
fbem-30127	45	20	the	the	DET
fbem-30127	45	21	decision	decision	NOUN
fbem-30127	45	22	-	-	PUNCT
fbem-30127	45	23	making	make	VERB
fbem-30127	45	24	process	process	NOUN
fbem-30127	45	25	due	due	ADP
fbem-30127	45	26	to	to	ADP
fbem-30127	45	27	the	the	DET
fbem-30127	45	28	inability	inability	NOUN
fbem-30127	45	29	to	to	PART
fbem-30127	45	30	afford	afford	VERB
fbem-30127	45	31	the	the	DET
fbem-30127	45	32	high	high	ADJ
fbem-30127	45	33	cost	cost	NOUN
fbem-30127	45	34	of	of	ADP
fbem-30127	45	35	information	information	NOUN
fbem-30127	45	36	collection	collection	NOUN
fbem-30127	45	37	or	or	CCONJ
fbem-30127	45	38	the	the	DET
fbem-30127	45	39	cost	cost	NOUN
fbem-30127	45	40	exceeding	exceed	VERB
fbem-30127	45	41	expected	expect	VERB
fbem-30127	45	42	benefits	benefit	NOUN
fbem-30127	45	43	,	,	PUNCT
fbem-30127	45	44	resulting	result	VERB
fbem-30127	45	45	in	in	ADP
fbem-30127	45	46	information	information	NOUN
fbem-30127	45	47	gaps	gap	NOUN
fbem-30127	45	48	among	among	ADP
fbem-30127	45	49	participants	participant	NOUN
fbem-30127	45	50	.	.	PUNCT
fbem-30127	46	1	secondly	secondly	ADV
fbem-30127	46	2	,	,	PUNCT
fbem-30127	46	3	the	the	DET
fbem-30127	46	4	differences	difference	NOUN
fbem-30127	46	5	in	in	ADP
fbem-30127	46	6	information	information	NOUN
fbem-30127	46	7	held	hold	VERB
fbem-30127	46	8	by	by	ADP
fbem-30127	46	9	different	different	ADJ
fbem-30127	46	10	economic	economic	ADJ
fbem-30127	46	11	entities	entity	NOUN
fbem-30127	46	12	gradually	gradually	ADV
fbem-30127	46	13	widen	widen	VERB
fbem-30127	46	14	with	with	ADP
fbem-30127	46	15	changes	change	NOUN
fbem-30127	46	16	in	in	ADP
fbem-30127	46	17	social	social	ADJ
fbem-30127	46	18	division	division	NOUN
fbem-30127	46	19	of	of	ADP
fbem-30127	46	20	labor	labor	NOUN
fbem-30127	46	21	,	,	PUNCT
fbem-30127	46	22	and	and	CCONJ
fbem-30127	46	23	their	their	PRON
fbem-30127	46	24	abilities	ability	NOUN
fbem-30127	46	25	to	to	PART
fbem-30127	46	26	discern	discern	VERB
fbem-30127	46	27	and	and	CCONJ
fbem-30127	46	28	process	process	NOUN
fbem-30127	46	29	information	information	NOUN
fbem-30127	46	30	also	also	ADV
fbem-30127	46	31	gradually	gradually	ADV
fbem-30127	46	32	differentiate	differentiate	VERB
fbem-30127	46	33	,	,	PUNCT
fbem-30127	46	34	further	far	ADV
fbem-30127	46	35	exacerbating	exacerbate	VERB
fbem-30127	46	36	the	the	DET
fbem-30127	46	37	problem	problem	NOUN
fbem-30127	46	38	of	of	ADP
fbem-30127	46	39	information	information	NOUN
fbem-30127	46	40	asymmetry	asymmetry	NOUN
fbem-30127	46	41	.	.	PUNCT
fbem-30127	47	1	finally	finally	ADV
fbem-30127	47	2	,	,	PUNCT
fbem-30127	47	3	the	the	DET
fbem-30127	47	4	market	market	NOUN
fbem-30127	47	5	mechanism	mechanism	NOUN
fbem-30127	47	6	itself	itself	PRON
fbem-30127	47	7	may	may	AUX
fbem-30127	47	8	have	have	VERB
fbem-30127	47	9	flaws	flaw	NOUN
fbem-30127	47	10	,	,	PUNCT
fbem-30127	47	11	such	such	ADJ
fbem-30127	47	12	as	as	ADP
fbem-30127	47	13	inadequate	inadequate	ADJ
fbem-30127	47	14	systems	system	NOUN
fbem-30127	47	15	or	or	CCONJ
fbem-30127	47	16	regulatory	regulatory	ADJ
fbem-30127	47	17	frameworks	framework	NOUN
fbem-30127	47	18	,	,	PUNCT
fbem-30127	47	19	where	where	SCONJ
fbem-30127	47	20	some	some	DET
fbem-30127	47	21	participants	participant	NOUN
fbem-30127	47	22	exploit	exploit	VERB
fbem-30127	47	23	regulatory	regulatory	ADJ
fbem-30127	47	24	loopholes	loophole	NOUN
fbem-30127	47	25	to	to	PART
fbem-30127	47	26	spread	spread	VERB
fbem-30127	47	27	false	false	ADJ
fbem-30127	47	28	information	information	NOUN
fbem-30127	47	29	,	,	PUNCT
fbem-30127	47	30	exacerbating	exacerbate	VERB
fbem-30127	47	31	the	the	DET
fbem-30127	47	32	problem	problem	NOUN
fbem-30127	47	33	of	of	ADP
fbem-30127	47	34	information	information	NOUN
fbem-30127	47	35	asymmetry	asymmetry	NOUN
fbem-30127	47	36	.	.	PUNCT
fbem-30127	48	1	3.1.3	3.1.3	NUM
fbem-30127	48	2	.	.	PUNCT
fbem-30127	48	3	principal	principal	ADJ
fbem-30127	48	4	agent	agent	NOUN
fbem-30127	48	5	theory	theory	NOUN
fbem-30127	48	6	when	when	SCONJ
fbem-30127	48	7	ownership	ownership	NOUN
fbem-30127	48	8	and	and	CCONJ
fbem-30127	48	9	management	management	NOUN
fbem-30127	48	10	rights	right	NOUN
fbem-30127	48	11	of	of	ADP
fbem-30127	48	12	a	a	DET
fbem-30127	48	13	company	company	NOUN
fbem-30127	48	14	are	be	AUX
fbem-30127	48	15	separated	separate	VERB
fbem-30127	48	16	,	,	PUNCT
fbem-30127	48	17	conflicts	conflict	NOUN
fbem-30127	48	18	of	of	ADP
fbem-30127	48	19	interest	interest	NOUN
fbem-30127	48	20	between	between	ADP
fbem-30127	48	21	owners	owner	NOUN
fbem-30127	48	22	and	and	CCONJ
fbem-30127	48	23	operators	operator	NOUN
fbem-30127	48	24	may	may	AUX
fbem-30127	48	25	lead	lead	VERB
fbem-30127	48	26	to	to	ADP
fbem-30127	48	27	agency	agency	NOUN
fbem-30127	48	28	problems	problem	NOUN
fbem-30127	48	29	.	.	PUNCT
fbem-30127	49	1	taking	take	VERB
fbem-30127	49	2	controlling	control	VERB
fbem-30127	49	3	shareholders	shareholder	NOUN
fbem-30127	49	4	and	and	CCONJ
fbem-30127	49	5	small	small	ADJ
fbem-30127	49	6	and	and	CCONJ
fbem-30127	49	7	medium	medium	ADJ
fbem-30127	49	8	-	-	PUNCT
fbem-30127	49	9	sized	sized	ADJ
fbem-30127	49	10	shareholders	shareholder	NOUN
fbem-30127	49	11	as	as	ADP
fbem-30127	49	12	examples	example	NOUN
fbem-30127	49	13	,	,	PUNCT
fbem-30127	49	14	the	the	DET
fbem-30127	49	15	agency	agency	NOUN
fbem-30127	49	16	problem	problem	NOUN
fbem-30127	49	17	between	between	ADP
fbem-30127	49	18	the	the	DET
fbem-30127	49	19	two	two	NUM
fbem-30127	49	20	mainly	mainly	ADV
fbem-30127	49	21	stems	stem	VERB
fbem-30127	49	22	from	from	ADP
fbem-30127	49	23	differences	difference	NOUN
fbem-30127	49	24	in	in	ADP
fbem-30127	49	25	equity	equity	NOUN
fbem-30127	49	26	structure	structure	NOUN
fbem-30127	49	27	.	.	PUNCT
fbem-30127	50	1	the	the	DET
fbem-30127	50	2	controlling	control	VERB
fbem-30127	50	3	shareholder	shareholder	NOUN
fbem-30127	50	4	holds	hold	VERB
fbem-30127	50	5	a	a	DET
fbem-30127	50	6	dominant	dominant	ADJ
fbem-30127	50	7	position	position	NOUN
fbem-30127	50	8	and	and	CCONJ
fbem-30127	50	9	decision	decision	NOUN
fbem-30127	50	10	-	-	PUNCT
fbem-30127	50	11	making	make	VERB
fbem-30127	50	12	power	power	NOUN
fbem-30127	50	13	in	in	ADP
fbem-30127	50	14	the	the	DET
fbem-30127	50	15	board	board	NOUN
fbem-30127	50	16	of	of	ADP
fbem-30127	50	17	directors	director	NOUN
fbem-30127	50	18	through	through	ADP
fbem-30127	50	19	their	their	PRON
fbem-30127	50	20	control	control	NOUN
fbem-30127	50	21	over	over	ADP
fbem-30127	50	22	the	the	DET
fbem-30127	50	23	company	company	NOUN
fbem-30127	50	24	's	's	PART
fbem-30127	50	25	equity	equity	NOUN
fbem-30127	50	26	,	,	PUNCT
fbem-30127	50	27	while	while	SCONJ
fbem-30127	50	28	small	small	ADJ
fbem-30127	50	29	and	and	CCONJ
fbem-30127	50	30	medium	medium	ADJ
fbem-30127	50	31	-	-	PUNCT
fbem-30127	50	32	sized	sized	ADJ
fbem-30127	50	33	shareholders	shareholder	NOUN
fbem-30127	50	34	,	,	PUNCT
fbem-30127	50	35	due	due	ADP
fbem-30127	50	36	to	to	ADP
fbem-30127	50	37	their	their	PRON
fbem-30127	50	38	lower	low	ADJ
fbem-30127	50	39	shareholding	shareholding	NOUN
fbem-30127	50	40	ratio	ratio	NOUN
fbem-30127	50	41	,	,	PUNCT
fbem-30127	50	42	can	can	AUX
fbem-30127	50	43	usually	usually	ADV
fbem-30127	50	44	only	only	ADV
fbem-30127	50	45	express	express	VERB
fbem-30127	50	46	their	their	PRON
fbem-30127	50	47	opinions	opinion	NOUN
fbem-30127	50	48	through	through	ADP
fbem-30127	50	49	"	"	PUNCT
fbem-30127	50	50	voting	vote	VERB
fbem-30127	50	51	with	with	ADP
fbem-30127	50	52	their	their	PRON
fbem-30127	50	53	feet	foot	NOUN
fbem-30127	50	54	"	"	PUNCT
fbem-30127	50	55	.	.	PUNCT
fbem-30127	51	1	this	this	DET
fbem-30127	51	2	power	power	NOUN
fbem-30127	51	3	imbalance	imbalance	NOUN
fbem-30127	51	4	may	may	AUX
fbem-30127	51	5	lead	lead	VERB
fbem-30127	51	6	to	to	ADP
fbem-30127	51	7	controlling	control	VERB
fbem-30127	51	8	shareholders	shareholder	NOUN
fbem-30127	51	9	engaging	engage	VERB
fbem-30127	51	10	in	in	ADP
fbem-30127	51	11	improper	improper	ADJ
fbem-30127	51	12	behaviors	behavior	NOUN
fbem-30127	51	13	such	such	ADJ
fbem-30127	51	14	as	as	ADP
fbem-30127	51	15	manipulating	manipulate	VERB
fbem-30127	51	16	stock	stock	NOUN
fbem-30127	51	17	prices	price	NOUN
fbem-30127	51	18	and	and	CCONJ
fbem-30127	51	19	financial	financial	ADJ
fbem-30127	51	20	fraud	fraud	NOUN
fbem-30127	51	21	in	in	ADP
fbem-30127	51	22	pursuit	pursuit	NOUN
fbem-30127	51	23	of	of	ADP
fbem-30127	51	24	their	their	PRON
fbem-30127	51	25	own	own	ADJ
fbem-30127	51	26	interests	interest	NOUN
fbem-30127	51	27	,	,	PUNCT
fbem-30127	51	28	damaging	damage	VERB
fbem-30127	51	29	the	the	DET
fbem-30127	51	30	rights	right	NOUN
fbem-30127	51	31	and	and	CCONJ
fbem-30127	51	32	interests	interest	NOUN
fbem-30127	51	33	of	of	ADP
fbem-30127	51	34	small	small	ADJ
fbem-30127	51	35	and	and	CCONJ
fbem-30127	51	36	medium	medium	ADJ
fbem-30127	51	37	-	-	PUNCT
fbem-30127	51	38	sized	sized	ADJ
fbem-30127	51	39	shareholders	shareholder	NOUN
fbem-30127	51	40	,	,	PUNCT
fbem-30127	51	41	and	and	CCONJ
fbem-30127	51	42	ultimately	ultimately	ADV
fbem-30127	51	43	having	have	VERB
fbem-30127	51	44	a	a	DET
fbem-30127	51	45	negative	negative	ADJ
fbem-30127	51	46	impact	impact	NOUN
fbem-30127	51	47	on	on	ADP
fbem-30127	51	48	the	the	DET
fbem-30127	51	49	overall	overall	ADJ
fbem-30127	51	50	interests	interest	NOUN
fbem-30127	51	51	of	of	ADP
fbem-30127	51	52	the	the	DET
fbem-30127	51	53	company	company	NOUN
fbem-30127	51	54	.	.	PUNCT
fbem-30127	52	1	3.2	3.2	NUM
fbem-30127	52	2	.	.	PUNCT
fbem-30127	52	3	financial	financial	ADJ
fbem-30127	52	4	function	function	NOUN
fbem-30127	52	5	theory	theory	NOUN
fbem-30127	52	6	merton	merton	NOUN
fbem-30127	52	7	and	and	CCONJ
fbem-30127	52	8	bodie	bodie	PROPN
fbem-30127	52	9	proposed	propose	VERB
fbem-30127	52	10	six	six	NUM
fbem-30127	52	11	basic	basic	ADJ
fbem-30127	52	12	functions	function	NOUN
fbem-30127	52	13	of	of	ADP
fbem-30127	52	14	finance	finance	NOUN
fbem-30127	52	15	,	,	PUNCT
fbem-30127	52	16	including	include	VERB
fbem-30127	52	17	risk	risk	NOUN
fbem-30127	52	18	management	management	NOUN
fbem-30127	52	19	,	,	PUNCT
fbem-30127	52	20	information	information	NOUN
fbem-30127	52	21	transmission	transmission	NOUN
fbem-30127	52	22	,	,	PUNCT
fbem-30127	52	23	incentive	incentive	NOUN
fbem-30127	52	24	mechanisms	mechanism	NOUN
fbem-30127	52	25	,	,	PUNCT
fbem-30127	52	26	clearing	clearing	NOUN
fbem-30127	52	27	and	and	CCONJ
fbem-30127	52	28	payment	payment	NOUN
fbem-30127	52	29	,	,	PUNCT
fbem-30127	52	30	resource	resource	NOUN
fbem-30127	52	31	transfer	transfer	NOUN
fbem-30127	52	32	,	,	PUNCT
fbem-30127	52	33	and	and	CCONJ
fbem-30127	52	34	resource	resource	NOUN
fbem-30127	52	35	accumulation	accumulation	NOUN
fbem-30127	52	36	.	.	PUNCT
fbem-30127	53	1	subsequently	subsequently	ADV
fbem-30127	53	2	,	,	PUNCT
fbem-30127	53	3	levine	levine	PROPN
fbem-30127	53	4	(	(	PUNCT
fbem-30127	53	5	1997	1997	NUM
fbem-30127	53	6	;	;	PUNCT
fbem-30127	53	7	2004	2004	NUM
fbem-30127	53	8	)	)	PUNCT
fbem-30127	53	9	classified	classify	VERB
fbem-30127	53	10	financial	financial	ADJ
fbem-30127	53	11	functions	function	NOUN
fbem-30127	53	12	into	into	ADP
fbem-30127	53	13	five	five	NUM
fbem-30127	53	14	categories	category	NOUN
fbem-30127	53	15	:	:	PUNCT
fbem-30127	53	16	promoting	promote	VERB
fbem-30127	53	17	savings	saving	NOUN
fbem-30127	53	18	,	,	PUNCT
fbem-30127	53	19	managing	manage	VERB
fbem-30127	53	20	risks	risk	NOUN
fbem-30127	53	21	,	,	PUNCT
fbem-30127	53	22	facilitating	facilitate	VERB
fbem-30127	53	23	transactions	transaction	NOUN
fbem-30127	53	24	,	,	PUNCT
fbem-30127	53	25	optimizing	optimize	VERB
fbem-30127	53	26	resource	resource	NOUN
fbem-30127	53	27	allocation	allocation	NOUN
fbem-30127	53	28	,	,	PUNCT
fbem-30127	53	29	and	and	CCONJ
fbem-30127	53	30	improving	improve	VERB
fbem-30127	53	31	corporate	corporate	ADJ
fbem-30127	53	32	governance	governance	NOUN
fbem-30127	53	33	.	.	PUNCT
fbem-30127	54	1	domestic	domestic	ADJ
fbem-30127	54	2	scholars	scholar	NOUN
fbem-30127	54	3	have	have	AUX
fbem-30127	54	4	also	also	ADV
fbem-30127	54	5	extensively	extensively	ADV
fbem-30127	54	6	explored	explore	VERB
fbem-30127	54	7	the	the	DET
fbem-30127	54	8	functions	function	NOUN
fbem-30127	54	9	of	of	ADP
fbem-30127	54	10	finance	finance	NOUN
fbem-30127	54	11	,	,	PUNCT
fbem-30127	54	12	and	and	CCONJ
fbem-30127	54	13	some	some	DET
fbem-30127	54	14	scholars	scholar	NOUN
fbem-30127	54	15	believe	believe	VERB
fbem-30127	54	16	that	that	SCONJ
fbem-30127	54	17	the	the	DET
fbem-30127	54	18	core	core	NOUN
fbem-30127	54	19	functions	function	NOUN
fbem-30127	54	20	of	of	ADP
fbem-30127	54	21	finance	finance	NOUN
fbem-30127	54	22	include	include	VERB
fbem-30127	54	23	resource	resource	NOUN
fbem-30127	54	24	allocation	allocation	NOUN
fbem-30127	54	25	,	,	PUNCT
fbem-30127	54	26	risk	risk	NOUN
fbem-30127	54	27	avoidance	avoidance	NOUN
fbem-30127	54	28	,	,	PUNCT
fbem-30127	54	29	and	and	CCONJ
fbem-30127	54	30	consumption	consumption	NOUN
fbem-30127	54	31	guidance	guidance	NOUN
fbem-30127	54	32	.	.	PUNCT
fbem-30127	55	1	although	although	SCONJ
fbem-30127	55	2	there	there	PRON
fbem-30127	55	3	are	be	VERB
fbem-30127	55	4	some	some	DET
fbem-30127	55	5	differences	difference	NOUN
fbem-30127	55	6	in	in	ADP
fbem-30127	55	7	the	the	DET
fbem-30127	55	8	expression	expression	NOUN
fbem-30127	55	9	of	of	ADP
fbem-30127	55	10	these	these	DET
fbem-30127	55	11	functions	function	NOUN
fbem-30127	55	12	,	,	PUNCT
fbem-30127	55	13	this	this	PRON
fbem-30127	55	14	is	be	AUX
fbem-30127	55	15	mainly	mainly	ADV
fbem-30127	55	16	due	due	ADJ
fbem-30127	55	17	to	to	ADP
fbem-30127	55	18	differences	difference	NOUN
fbem-30127	55	19	in	in	ADP
fbem-30127	55	20	research	research	NOUN
fbem-30127	55	21	perspectives	perspective	NOUN
fbem-30127	55	22	and	and	CCONJ
fbem-30127	55	23	research	research	NOUN
fbem-30127	55	24	objects	object	NOUN
fbem-30127	55	25	,	,	PUNCT
fbem-30127	55	26	and	and	CCONJ
fbem-30127	55	27	their	their	PRON
fbem-30127	55	28	essential	essential	ADJ
fbem-30127	55	29	connotations	connotation	NOUN
fbem-30127	55	30	are	be	AUX
fbem-30127	55	31	consistent	consistent	ADJ
fbem-30127	55	32	.	.	PUNCT
fbem-30127	56	1	based	base	VERB
fbem-30127	56	2	on	on	ADP
fbem-30127	56	3	the	the	DET
fbem-30127	56	4	research	research	NOUN
fbem-30127	56	5	direction	direction	NOUN
fbem-30127	56	6	of	of	ADP
fbem-30127	56	7	this	this	DET
fbem-30127	56	8	article	article	NOUN
fbem-30127	56	9	,	,	PUNCT
fbem-30127	56	10	it	it	PRON
fbem-30127	56	11	mainly	mainly	ADV
fbem-30127	56	12	244	244	NUM
fbem-30127	56	13	analyzes	analyze	VERB
fbem-30127	56	14	the	the	DET
fbem-30127	56	15	following	follow	VERB
fbem-30127	56	16	six	six	NUM
fbem-30127	56	17	functions	function	NOUN
fbem-30127	56	18	:	:	PUNCT
fbem-30127	56	19	fund	fund	NOUN
fbem-30127	56	20	financing	financing	NOUN
fbem-30127	56	21	,	,	PUNCT
fbem-30127	56	22	information	information	NOUN
fbem-30127	56	23	transmission	transmission	NOUN
fbem-30127	56	24	,	,	PUNCT
fbem-30127	56	25	resource	resource	NOUN
fbem-30127	56	26	allocation	allocation	NOUN
fbem-30127	56	27	,	,	PUNCT
fbem-30127	56	28	corporate	corporate	ADJ
fbem-30127	56	29	governance	governance	NOUN
fbem-30127	56	30	,	,	PUNCT
fbem-30127	56	31	risk	risk	NOUN
fbem-30127	56	32	management	management	NOUN
fbem-30127	56	33	,	,	PUNCT
fbem-30127	56	34	and	and	CCONJ
fbem-30127	56	35	human	human	ADJ
fbem-30127	56	36	capital	capital	NOUN
fbem-30127	56	37	accumulation	accumulation	NOUN
fbem-30127	56	38	.	.	PUNCT
fbem-30127	57	1	3.3	3.3	NUM
fbem-30127	57	2	.	.	PUNCT
fbem-30127	58	1	analysis	analysis	NOUN
fbem-30127	58	2	of	of	ADP
fbem-30127	58	3	the	the	DET
fbem-30127	58	4	impact	impact	NOUN
fbem-30127	58	5	of	of	ADP
fbem-30127	58	6	digital	digital	ADJ
fbem-30127	58	7	finance	finance	NOUN
fbem-30127	58	8	on	on	ADP
fbem-30127	58	9	total	total	ADJ
fbem-30127	58	10	factor	factor	NOUN
fbem-30127	58	11	productivity	productivity	NOUN
fbem-30127	58	12	of	of	ADP
fbem-30127	58	13	enterprises	enterprise	NOUN
fbem-30127	58	14	the	the	DET
fbem-30127	58	15	popularity	popularity	NOUN
fbem-30127	58	16	of	of	ADP
fbem-30127	58	17	the	the	DET
fbem-30127	58	18	internet	internet	NOUN
fbem-30127	58	19	and	and	CCONJ
fbem-30127	58	20	the	the	DET
fbem-30127	58	21	5	5	NUM
fbem-30127	58	22	g	g	NOUN
fbem-30127	58	23	upgrade	upgrade	NOUN
fbem-30127	58	24	have	have	AUX
fbem-30127	58	25	promoted	promote	VERB
fbem-30127	58	26	the	the	DET
fbem-30127	58	27	rapid	rapid	ADJ
fbem-30127	58	28	development	development	NOUN
fbem-30127	58	29	of	of	ADP
fbem-30127	58	30	digital	digital	ADJ
fbem-30127	58	31	finance	finance	NOUN
fbem-30127	58	32	,	,	PUNCT
fbem-30127	58	33	effectively	effectively	ADV
fbem-30127	58	34	solved	solve	VERB
fbem-30127	58	35	the	the	DET
fbem-30127	58	36	problems	problem	NOUN
fbem-30127	58	37	of	of	ADP
fbem-30127	58	38	credit	credit	NOUN
fbem-30127	58	39	discrimination	discrimination	NOUN
fbem-30127	58	40	and	and	CCONJ
fbem-30127	58	41	information	information	NOUN
fbem-30127	58	42	asymmetry	asymmetry	NOUN
fbem-30127	58	43	in	in	ADP
fbem-30127	58	44	traditional	traditional	ADJ
fbem-30127	58	45	financial	financial	ADJ
fbem-30127	58	46	services	service	NOUN
fbem-30127	58	47	,	,	PUNCT
fbem-30127	58	48	and	and	CCONJ
fbem-30127	58	49	alleviated	alleviate	VERB
fbem-30127	58	50	the	the	DET
fbem-30127	58	51	financing	financing	NOUN
fbem-30127	58	52	difficulties	difficulty	NOUN
fbem-30127	58	53	of	of	ADP
fbem-30127	58	54	enterprises	enterprise	NOUN
fbem-30127	58	55	.	.	PUNCT
fbem-30127	59	1	digital	digital	ADJ
fbem-30127	59	2	finance	finance	NOUN
fbem-30127	59	3	breaks	break	VERB
fbem-30127	59	4	the	the	DET
fbem-30127	59	5	limitations	limitation	NOUN
fbem-30127	59	6	of	of	ADP
fbem-30127	59	7	time	time	NOUN
fbem-30127	59	8	and	and	CCONJ
fbem-30127	59	9	space	space	NOUN
fbem-30127	59	10	through	through	ADP
fbem-30127	59	11	online	online	ADJ
fbem-30127	59	12	services	service	NOUN
fbem-30127	59	13	,	,	PUNCT
fbem-30127	59	14	gathers	gather	VERB
fbem-30127	59	15	idle	idle	ADJ
fbem-30127	59	16	funds	fund	NOUN
fbem-30127	59	17	,	,	PUNCT
fbem-30127	59	18	reduces	reduce	VERB
fbem-30127	59	19	financing	financing	NOUN
fbem-30127	59	20	costs	cost	NOUN
fbem-30127	59	21	,	,	PUNCT
fbem-30127	59	22	and	and	CCONJ
fbem-30127	59	23	uses	use	VERB
fbem-30127	59	24	big	big	ADJ
fbem-30127	59	25	data	datum	NOUN
fbem-30127	59	26	to	to	PART
fbem-30127	59	27	accurately	accurately	ADV
fbem-30127	59	28	assess	assess	VERB
fbem-30127	59	29	corporate	corporate	ADJ
fbem-30127	59	30	credit	credit	NOUN
fbem-30127	59	31	risks	risk	NOUN
fbem-30127	59	32	,	,	PUNCT
fbem-30127	59	33	lowering	lower	VERB
fbem-30127	59	34	financing	financing	NOUN
fbem-30127	59	35	thresholds	threshold	NOUN
fbem-30127	59	36	.	.	PUNCT
fbem-30127	60	1	at	at	ADP
fbem-30127	60	2	the	the	DET
fbem-30127	60	3	same	same	ADJ
fbem-30127	60	4	time	time	NOUN
fbem-30127	60	5	,	,	PUNCT
fbem-30127	60	6	digital	digital	ADJ
fbem-30127	60	7	finance	finance	NOUN
fbem-30127	60	8	develops	develop	VERB
fbem-30127	60	9	diversified	diversified	ADJ
fbem-30127	60	10	financial	financial	ADJ
fbem-30127	60	11	products	product	NOUN
fbem-30127	60	12	,	,	PUNCT
fbem-30127	60	13	enriches	enrich	VERB
fbem-30127	60	14	financing	financing	NOUN
fbem-30127	60	15	channels	channel	NOUN
fbem-30127	60	16	,	,	PUNCT
fbem-30127	60	17	and	and	CCONJ
fbem-30127	60	18	strengthens	strengthen	VERB
fbem-30127	60	19	risk	risk	NOUN
fbem-30127	60	20	control	control	NOUN
fbem-30127	60	21	through	through	ADP
fbem-30127	60	22	artificial	artificial	ADJ
fbem-30127	60	23	intelligence	intelligence	NOUN
fbem-30127	60	24	and	and	CCONJ
fbem-30127	60	25	blockchain	blockchain	PROPN
fbem-30127	60	26	technology	technology	PROPN
fbem-30127	60	27	,	,	PUNCT
fbem-30127	60	28	improving	improve	VERB
fbem-30127	60	29	enterprise	enterprise	NOUN
fbem-30127	60	30	resource	resource	NOUN
fbem-30127	60	31	utilization	utilization	NOUN
fbem-30127	60	32	and	and	CCONJ
fbem-30127	60	33	total	total	ADJ
fbem-30127	60	34	factor	factor	NOUN
fbem-30127	60	35	productivity	productivity	NOUN
fbem-30127	60	36	.	.	PUNCT
fbem-30127	61	1	based	base	VERB
fbem-30127	61	2	on	on	ADP
fbem-30127	61	3	this	this	PRON
fbem-30127	61	4	,	,	PUNCT
fbem-30127	61	5	the	the	DET
fbem-30127	61	6	following	follow	VERB
fbem-30127	61	7	hypothesis	hypothesis	NOUN
fbem-30127	61	8	is	be	AUX
fbem-30127	61	9	proposed	propose	VERB
fbem-30127	61	10	:	:	PUNCT
fbem-30127	61	11	assumption	assumption	NOUN
fbem-30127	61	12	1	1	NUM
fbem-30127	61	13	:	:	PUNCT
fbem-30127	61	14	digital	digital	ADJ
fbem-30127	61	15	finance	finance	NOUN
fbem-30127	61	16	promotes	promote	VERB
fbem-30127	61	17	the	the	DET
fbem-30127	61	18	total	total	ADJ
fbem-30127	61	19	factor	factor	NOUN
fbem-30127	61	20	productivity	productivity	NOUN
fbem-30127	61	21	of	of	ADP
fbem-30127	61	22	enterprises	enterprise	NOUN
fbem-30127	61	23	.	.	PUNCT
fbem-30127	62	1	3.4	3.4	NUM
fbem-30127	62	2	.	.	PUNCT
fbem-30127	62	3	analysis	analysis	NOUN
fbem-30127	62	4	of	of	ADP
fbem-30127	62	5	the	the	DET
fbem-30127	62	6	impact	impact	NOUN
fbem-30127	62	7	mechanism	mechanism	NOUN
fbem-30127	62	8	of	of	ADP
fbem-30127	62	9	digital	digital	ADJ
fbem-30127	62	10	finance	finance	NOUN
fbem-30127	62	11	on	on	ADP
fbem-30127	62	12	total	total	ADJ
fbem-30127	62	13	factor	factor	NOUN
fbem-30127	62	14	productivity	productivity	NOUN
fbem-30127	62	15	of	of	ADP
fbem-30127	62	16	enterprises	enterprise	NOUN
fbem-30127	62	17	3.4.1	3.4.1	NUM
fbem-30127	62	18	.	.	PUNCT
fbem-30127	63	1	r&d	r&d	NOUN
fbem-30127	63	2	investment	investment	NOUN
fbem-30127	63	3	channels	channel	NOUN
fbem-30127	63	4	digital	digital	ADJ
fbem-30127	63	5	finance	finance	NOUN
fbem-30127	63	6	combines	combine	VERB
fbem-30127	63	7	advanced	advanced	ADJ
fbem-30127	63	8	technologies	technology	NOUN
fbem-30127	63	9	such	such	ADJ
fbem-30127	63	10	as	as	ADP
fbem-30127	63	11	big	big	ADJ
fbem-30127	63	12	data	datum	NOUN
fbem-30127	63	13	and	and	CCONJ
fbem-30127	63	14	machine	machine	NOUN
fbem-30127	63	15	learning	learn	VERB
fbem-30127	63	16	with	with	ADP
fbem-30127	63	17	financial	financial	ADJ
fbem-30127	63	18	services	service	NOUN
fbem-30127	63	19	,	,	PUNCT
fbem-30127	63	20	further	far	ADV
fbem-30127	63	21	enhancing	enhance	VERB
fbem-30127	63	22	the	the	DET
fbem-30127	63	23	function	function	NOUN
fbem-30127	63	24	of	of	ADP
fbem-30127	63	25	fund	fund	NOUN
fbem-30127	63	26	financing	financing	NOUN
fbem-30127	63	27	and	and	CCONJ
fbem-30127	63	28	providing	provide	VERB
fbem-30127	63	29	necessary	necessary	ADJ
fbem-30127	63	30	financial	financial	ADJ
fbem-30127	63	31	support	support	NOUN
fbem-30127	63	32	for	for	ADP
fbem-30127	63	33	enterprises	enterprise	NOUN
fbem-30127	63	34	to	to	PART
fbem-30127	63	35	increase	increase	VERB
fbem-30127	63	36	research	research	NOUN
fbem-30127	63	37	and	and	CCONJ
fbem-30127	63	38	development	development	NOUN
fbem-30127	63	39	investment	investment	NOUN
fbem-30127	63	40	.	.	PUNCT
fbem-30127	64	1	the	the	DET
fbem-30127	64	2	increase	increase	NOUN
fbem-30127	64	3	in	in	ADP
fbem-30127	64	4	research	research	NOUN
fbem-30127	64	5	and	and	CCONJ
fbem-30127	64	6	development	development	NOUN
fbem-30127	64	7	investment	investment	NOUN
fbem-30127	64	8	can	can	AUX
fbem-30127	64	9	promote	promote	VERB
fbem-30127	64	10	technological	technological	ADJ
fbem-30127	64	11	progress	progress	NOUN
fbem-30127	64	12	and	and	CCONJ
fbem-30127	64	13	improve	improve	VERB
fbem-30127	64	14	production	production	NOUN
fbem-30127	64	15	efficiency	efficiency	NOUN
fbem-30127	64	16	,	,	PUNCT
fbem-30127	64	17	thereby	thereby	ADV
fbem-30127	64	18	laying	lay	VERB
fbem-30127	64	19	the	the	DET
fbem-30127	64	20	foundation	foundation	NOUN
fbem-30127	64	21	for	for	ADP
fbem-30127	64	22	the	the	DET
fbem-30127	64	23	growth	growth	NOUN
fbem-30127	64	24	of	of	ADP
fbem-30127	64	25	total	total	ADJ
fbem-30127	64	26	factor	factor	NOUN
fbem-30127	64	27	productivity	productivity	NOUN
fbem-30127	64	28	.	.	PUNCT
fbem-30127	65	1	based	base	VERB
fbem-30127	65	2	on	on	ADP
fbem-30127	65	3	this	this	PRON
fbem-30127	65	4	,	,	PUNCT
fbem-30127	65	5	the	the	DET
fbem-30127	65	6	following	follow	VERB
fbem-30127	65	7	hypothesis	hypothesis	NOUN
fbem-30127	65	8	is	be	AUX
fbem-30127	65	9	proposed	propose	VERB
fbem-30127	65	10	:	:	PUNCT
fbem-30127	65	11	assumption	assumption	NOUN
fbem-30127	65	12	2	2	NUM
fbem-30127	65	13	:	:	PUNCT
fbem-30127	65	14	digital	digital	ADJ
fbem-30127	65	15	finance	finance	NOUN
fbem-30127	65	16	drives	drive	VERB
fbem-30127	65	17	the	the	DET
fbem-30127	65	18	growth	growth	NOUN
fbem-30127	65	19	of	of	ADP
fbem-30127	65	20	total	total	ADJ
fbem-30127	65	21	factor	factor	NOUN
fbem-30127	65	22	productivity	productivity	NOUN
fbem-30127	65	23	by	by	ADP
fbem-30127	65	24	increasing	increase	VERB
fbem-30127	65	25	research	research	NOUN
fbem-30127	65	26	and	and	CCONJ
fbem-30127	65	27	development	development	NOUN
fbem-30127	65	28	investment	investment	NOUN
fbem-30127	65	29	in	in	ADP
fbem-30127	65	30	enterprises	enterprise	NOUN
fbem-30127	65	31	.	.	PUNCT
fbem-30127	66	1	3.4.2	3.4.2	X
fbem-30127	66	2	.	.	PUNCT
fbem-30127	66	3	human	human	ADJ
fbem-30127	66	4	capital	capital	NOUN
fbem-30127	66	5	channels	channel	VERB
fbem-30127	66	6	the	the	DET
fbem-30127	66	7	promotion	promotion	NOUN
fbem-30127	66	8	effect	effect	NOUN
fbem-30127	66	9	of	of	ADP
fbem-30127	66	10	digital	digital	ADJ
fbem-30127	66	11	finance	finance	NOUN
fbem-30127	66	12	on	on	ADP
fbem-30127	66	13	human	human	ADJ
fbem-30127	66	14	capital	capital	NOUN
fbem-30127	66	15	accumulation	accumulation	NOUN
fbem-30127	66	16	is	be	AUX
fbem-30127	66	17	mainly	mainly	ADV
fbem-30127	66	18	reflected	reflect	VERB
fbem-30127	66	19	in	in	ADP
fbem-30127	66	20	two	two	NUM
fbem-30127	66	21	aspects	aspect	NOUN
fbem-30127	66	22	:	:	PUNCT
fbem-30127	66	23	the	the	DET
fbem-30127	66	24	increase	increase	NOUN
fbem-30127	66	25	of	of	ADP
fbem-30127	66	26	human	human	ADJ
fbem-30127	66	27	capital	capital	NOUN
fbem-30127	66	28	stock	stock	NOUN
fbem-30127	66	29	and	and	CCONJ
fbem-30127	66	30	the	the	DET
fbem-30127	66	31	improvement	improvement	NOUN
fbem-30127	66	32	of	of	ADP
fbem-30127	66	33	human	human	ADJ
fbem-30127	66	34	capital	capital	NOUN
fbem-30127	66	35	quality	quality	NOUN
fbem-30127	66	36	,	,	PUNCT
fbem-30127	66	37	among	among	ADP
fbem-30127	66	38	which	which	PRON
fbem-30127	66	39	the	the	DET
fbem-30127	66	40	latter	latter	ADJ
fbem-30127	66	41	is	be	AUX
fbem-30127	66	42	particularly	particularly	ADV
fbem-30127	66	43	crucial	crucial	ADJ
fbem-30127	66	44	(	(	PUNCT
fbem-30127	66	45	sun	sun	NOUN
fbem-30127	66	46	yanlin	yanlin	PROPN
fbem-30127	66	47	et	et	PROPN
fbem-30127	66	48	al	al	PROPN
fbem-30127	66	49	.	.	PROPN
fbem-30127	66	50	,	,	PUNCT
fbem-30127	66	51	2022	2022	NUM
fbem-30127	66	52	)	)	PUNCT
fbem-30127	67	1	[	[	X
fbem-30127	67	2	13	13	NUM
fbem-30127	67	3	]	]	PUNCT
fbem-30127	67	4	.	.	PUNCT
fbem-30127	68	1	nelson	nelson	PROPN
fbem-30127	68	2	and	and	CCONJ
fbem-30127	68	3	phelps	phelps	PROPN
fbem-30127	68	4	(	(	PUNCT
fbem-30127	68	5	1966	1966	NUM
fbem-30127	68	6	)	)	PUNCT
fbem-30127	68	7	pointed	point	VERB
fbem-30127	68	8	out	out	ADP
fbem-30127	68	9	through	through	ADP
fbem-30127	68	10	model	model	NOUN
fbem-30127	68	11	analysis	analysis	NOUN
fbem-30127	68	12	that	that	SCONJ
fbem-30127	68	13	human	human	ADJ
fbem-30127	68	14	capital	capital	NOUN
fbem-30127	68	15	mainly	mainly	ADV
fbem-30127	68	16	drives	drive	VERB
fbem-30127	68	17	the	the	DET
fbem-30127	68	18	growth	growth	NOUN
fbem-30127	68	19	of	of	ADP
fbem-30127	68	20	total	total	ADJ
fbem-30127	68	21	factor	factor	NOUN
fbem-30127	68	22	productivity	productivity	NOUN
fbem-30127	68	23	by	by	ADP
fbem-30127	68	24	improving	improve	VERB
fbem-30127	68	25	the	the	DET
fbem-30127	68	26	technological	technological	ADJ
fbem-30127	68	27	level	level	NOUN
fbem-30127	68	28	of	of	ADP
fbem-30127	68	29	enterprises	enterprise	NOUN
fbem-30127	68	30	.	.	PUNCT
fbem-30127	69	1	based	base	VERB
fbem-30127	69	2	on	on	ADP
fbem-30127	69	3	this	this	PRON
fbem-30127	69	4	,	,	PUNCT
fbem-30127	69	5	the	the	DET
fbem-30127	69	6	following	follow	VERB
fbem-30127	69	7	hypothesis	hypothesis	NOUN
fbem-30127	69	8	is	be	AUX
fbem-30127	69	9	proposed	propose	VERB
fbem-30127	69	10	:	:	PUNCT
fbem-30127	69	11	assumption	assumption	NOUN
fbem-30127	69	12	3	3	NUM
fbem-30127	69	13	:	:	PUNCT
fbem-30127	69	14	digital	digital	ADJ
fbem-30127	69	15	finance	finance	NOUN
fbem-30127	69	16	promotes	promote	VERB
fbem-30127	69	17	the	the	DET
fbem-30127	69	18	growth	growth	NOUN
fbem-30127	69	19	of	of	ADP
fbem-30127	69	20	total	total	ADJ
fbem-30127	69	21	factor	factor	NOUN
fbem-30127	69	22	productivity	productivity	NOUN
fbem-30127	69	23	by	by	ADP
fbem-30127	69	24	enhancing	enhance	VERB
fbem-30127	69	25	the	the	DET
fbem-30127	69	26	human	human	ADJ
fbem-30127	69	27	capital	capital	NOUN
fbem-30127	69	28	level	level	NOUN
fbem-30127	69	29	of	of	ADP
fbem-30127	69	30	enterprises	enterprise	NOUN
fbem-30127	69	31	.	.	PUNCT
fbem-30127	70	1	3.4.3	3.4.3	X
fbem-30127	70	2	.	.	PUNCT
fbem-30127	70	3	resource	resource	NOUN
fbem-30127	70	4	allocation	allocation	NOUN
fbem-30127	70	5	channels	channel	VERB
fbem-30127	70	6	the	the	DET
fbem-30127	70	7	development	development	NOUN
fbem-30127	70	8	of	of	ADP
fbem-30127	70	9	digital	digital	ADJ
fbem-30127	70	10	finance	finance	NOUN
fbem-30127	70	11	helps	help	VERB
fbem-30127	70	12	optimize	optimize	VERB
fbem-30127	70	13	the	the	DET
fbem-30127	70	14	efficiency	efficiency	NOUN
fbem-30127	70	15	of	of	ADP
fbem-30127	70	16	resource	resource	NOUN
fbem-30127	70	17	allocation	allocation	NOUN
fbem-30127	70	18	for	for	ADP
fbem-30127	70	19	enterprises	enterprise	NOUN
fbem-30127	70	20	.	.	PUNCT
fbem-30127	71	1	the	the	DET
fbem-30127	71	2	improvement	improvement	NOUN
fbem-30127	71	3	of	of	ADP
fbem-30127	71	4	resource	resource	NOUN
fbem-30127	71	5	allocation	allocation	NOUN
fbem-30127	71	6	efficiency	efficiency	NOUN
fbem-30127	71	7	means	mean	VERB
fbem-30127	71	8	that	that	SCONJ
fbem-30127	71	9	enterprises	enterprise	NOUN
fbem-30127	71	10	can	can	AUX
fbem-30127	71	11	choose	choose	VERB
fbem-30127	71	12	,	,	PUNCT
fbem-30127	71	13	allocate	allocate	ADJ
fbem-30127	71	14	,	,	PUNCT
fbem-30127	71	15	and	and	CCONJ
fbem-30127	71	16	combine	combine	VERB
fbem-30127	71	17	resources	resource	NOUN
fbem-30127	71	18	more	more	ADV
fbem-30127	71	19	reasonably	reasonably	ADV
fbem-30127	71	20	,	,	PUNCT
fbem-30127	71	21	thereby	thereby	ADV
fbem-30127	71	22	achieving	achieve	VERB
fbem-30127	71	23	maximum	maximum	ADJ
fbem-30127	71	24	efficiency	efficiency	NOUN
fbem-30127	71	25	,	,	PUNCT
fbem-30127	71	26	improving	improve	VERB
fbem-30127	71	27	investment	investment	NOUN
fbem-30127	71	28	efficiency	efficiency	NOUN
fbem-30127	71	29	,	,	PUNCT
fbem-30127	71	30	and	and	CCONJ
fbem-30127	71	31	value	value	NOUN
fbem-30127	71	32	creation	creation	NOUN
fbem-30127	71	33	ability	ability	NOUN
fbem-30127	71	34	.	.	PUNCT
fbem-30127	72	1	this	this	PRON
fbem-30127	72	2	not	not	PART
fbem-30127	72	3	only	only	ADV
fbem-30127	72	4	enhances	enhance	VERB
fbem-30127	72	5	the	the	DET
fbem-30127	72	6	investment	investment	NOUN
fbem-30127	72	7	of	of	ADP
fbem-30127	72	8	enterprises	enterprise	NOUN
fbem-30127	72	9	in	in	ADP
fbem-30127	72	10	the	the	DET
fbem-30127	72	11	research	research	NOUN
fbem-30127	72	12	and	and	CCONJ
fbem-30127	72	13	development	development	NOUN
fbem-30127	72	14	of	of	ADP
fbem-30127	72	15	new	new	ADJ
fbem-30127	72	16	technologies	technology	NOUN
fbem-30127	72	17	and	and	CCONJ
fbem-30127	72	18	products	product	NOUN
fbem-30127	72	19	,	,	PUNCT
fbem-30127	72	20	but	but	CCONJ
fbem-30127	72	21	also	also	ADV
fbem-30127	72	22	promotes	promote	VERB
fbem-30127	72	23	the	the	DET
fbem-30127	72	24	improvement	improvement	NOUN
fbem-30127	72	25	of	of	ADP
fbem-30127	72	26	production	production	NOUN
fbem-30127	72	27	efficiency	efficiency	NOUN
fbem-30127	72	28	and	and	CCONJ
fbem-30127	72	29	technological	technological	ADJ
fbem-30127	72	30	level	level	NOUN
fbem-30127	72	31	,	,	PUNCT
fbem-30127	72	32	ultimately	ultimately	ADV
fbem-30127	72	33	having	have	VERB
fbem-30127	72	34	a	a	DET
fbem-30127	72	35	positive	positive	ADJ
fbem-30127	72	36	impact	impact	NOUN
fbem-30127	72	37	on	on	ADP
fbem-30127	72	38	the	the	DET
fbem-30127	72	39	total	total	ADJ
fbem-30127	72	40	factor	factor	NOUN
fbem-30127	72	41	productivity	productivity	NOUN
fbem-30127	72	42	(	(	PUNCT
fbem-30127	72	43	tfp	tfp	PROPN
fbem-30127	72	44	)	)	PUNCT
fbem-30127	72	45	of	of	ADP
fbem-30127	72	46	enterprises	enterprise	NOUN
fbem-30127	72	47	.	.	PUNCT
fbem-30127	73	1	based	base	VERB
fbem-30127	73	2	on	on	ADP
fbem-30127	73	3	this	this	PRON
fbem-30127	73	4	,	,	PUNCT
fbem-30127	73	5	the	the	DET
fbem-30127	73	6	following	follow	VERB
fbem-30127	73	7	hypothesis	hypothesis	NOUN
fbem-30127	73	8	is	be	AUX
fbem-30127	73	9	proposed	propose	VERB
fbem-30127	73	10	:	:	PUNCT
fbem-30127	73	11	assumption	assumption	NOUN
fbem-30127	73	12	4	4	NUM
fbem-30127	73	13	:	:	PUNCT
fbem-30127	73	14	digital	digital	ADJ
fbem-30127	73	15	finance	finance	NOUN
fbem-30127	73	16	promotes	promote	VERB
fbem-30127	73	17	the	the	DET
fbem-30127	73	18	growth	growth	NOUN
fbem-30127	73	19	of	of	ADP
fbem-30127	73	20	total	total	ADJ
fbem-30127	73	21	factor	factor	NOUN
fbem-30127	73	22	productivity	productivity	NOUN
fbem-30127	73	23	by	by	ADP
fbem-30127	73	24	optimizing	optimize	VERB
fbem-30127	73	25	the	the	DET
fbem-30127	73	26	efficiency	efficiency	NOUN
fbem-30127	73	27	of	of	ADP
fbem-30127	73	28	enterprise	enterprise	NOUN
fbem-30127	73	29	resource	resource	NOUN
fbem-30127	73	30	allocation	allocation	NOUN
fbem-30127	73	31	.	.	PUNCT
fbem-30127	74	1	3.4.4	3.4.4	X
fbem-30127	74	2	.	.	PUNCT
fbem-30127	75	1	information	information	NOUN
fbem-30127	75	2	disclosure	disclosure	NOUN
fbem-30127	75	3	channels	channel	VERB
fbem-30127	75	4	the	the	DET
fbem-30127	75	5	development	development	NOUN
fbem-30127	75	6	of	of	ADP
fbem-30127	75	7	digital	digital	ADJ
fbem-30127	75	8	finance	finance	NOUN
fbem-30127	75	9	has	have	AUX
fbem-30127	75	10	prompted	prompt	VERB
fbem-30127	75	11	enterprises	enterprise	NOUN
fbem-30127	75	12	to	to	PART
fbem-30127	75	13	improve	improve	VERB
fbem-30127	75	14	the	the	DET
fbem-30127	75	15	quality	quality	NOUN
fbem-30127	75	16	of	of	ADP
fbem-30127	75	17	information	information	NOUN
fbem-30127	75	18	disclosure	disclosure	NOUN
fbem-30127	75	19	.	.	PUNCT
fbem-30127	76	1	in	in	ADP
fbem-30127	76	2	order	order	NOUN
fbem-30127	76	3	to	to	PART
fbem-30127	76	4	increase	increase	VERB
fbem-30127	76	5	the	the	DET
fbem-30127	76	6	likelihood	likelihood	NOUN
fbem-30127	76	7	of	of	ADP
fbem-30127	76	8	successful	successful	ADJ
fbem-30127	76	9	financing	financing	NOUN
fbem-30127	76	10	,	,	PUNCT
fbem-30127	76	11	companies	company	NOUN
fbem-30127	76	12	need	need	VERB
fbem-30127	76	13	to	to	PART
fbem-30127	76	14	enhance	enhance	VERB
fbem-30127	76	15	the	the	DET
fbem-30127	76	16	transparency	transparency	NOUN
fbem-30127	76	17	of	of	ADP
fbem-30127	76	18	information	information	NOUN
fbem-30127	76	19	disclosure	disclosure	NOUN
fbem-30127	76	20	.	.	PUNCT
fbem-30127	77	1	on	on	ADP
fbem-30127	77	2	the	the	DET
fbem-30127	77	3	one	one	NUM
fbem-30127	77	4	hand	hand	NOUN
fbem-30127	77	5	,	,	PUNCT
fbem-30127	77	6	high	high	ADJ
fbem-30127	77	7	-	-	PUNCT
fbem-30127	77	8	quality	quality	NOUN
fbem-30127	77	9	information	information	NOUN
fbem-30127	77	10	disclosure	disclosure	NOUN
fbem-30127	77	11	promotes	promote	VERB
fbem-30127	77	12	the	the	DET
fbem-30127	77	13	improvement	improvement	NOUN
fbem-30127	77	14	of	of	ADP
fbem-30127	77	15	total	total	ADJ
fbem-30127	77	16	factor	factor	NOUN
fbem-30127	77	17	productivity	productivity	NOUN
fbem-30127	77	18	of	of	ADP
fbem-30127	77	19	enterprises	enterprise	NOUN
fbem-30127	77	20	through	through	ADP
fbem-30127	77	21	incentive	incentive	NOUN
fbem-30127	77	22	effects	effect	NOUN
fbem-30127	77	23	;	;	PUNCT
fbem-30127	77	24	on	on	ADP
fbem-30127	77	25	the	the	DET
fbem-30127	77	26	other	other	ADJ
fbem-30127	77	27	hand	hand	NOUN
fbem-30127	77	28	,	,	PUNCT
fbem-30127	77	29	the	the	DET
fbem-30127	77	30	supervisory	supervisory	ADJ
fbem-30127	77	31	effect	effect	NOUN
fbem-30127	77	32	of	of	ADP
fbem-30127	77	33	information	information	NOUN
fbem-30127	77	34	disclosure	disclosure	NOUN
fbem-30127	77	35	has	have	AUX
fbem-30127	77	36	also	also	ADV
fbem-30127	77	37	promoted	promote	VERB
fbem-30127	77	38	the	the	DET
fbem-30127	77	39	growth	growth	NOUN
fbem-30127	77	40	of	of	ADP
fbem-30127	77	41	total	total	ADJ
fbem-30127	77	42	factor	factor	NOUN
fbem-30127	77	43	productivity	productivity	NOUN
fbem-30127	77	44	of	of	ADP
fbem-30127	77	45	enterprises	enterprise	NOUN
fbem-30127	77	46	.	.	PUNCT
fbem-30127	78	1	high	high	ADJ
fbem-30127	78	2	quality	quality	NOUN
fbem-30127	78	3	information	information	NOUN
fbem-30127	78	4	disclosure	disclosure	NOUN
fbem-30127	78	5	has	have	AUX
fbem-30127	78	6	formed	form	VERB
fbem-30127	78	7	an	an	DET
fbem-30127	78	8	effective	effective	ADJ
fbem-30127	78	9	internal	internal	ADJ
fbem-30127	78	10	and	and	CCONJ
fbem-30127	78	11	external	external	ADJ
fbem-30127	78	12	supervision	supervision	NOUN
fbem-30127	78	13	mechanism	mechanism	NOUN
fbem-30127	78	14	,	,	PUNCT
fbem-30127	78	15	which	which	PRON
fbem-30127	78	16	encourages	encourage	VERB
fbem-30127	78	17	management	management	NOUN
fbem-30127	78	18	to	to	PART
fbem-30127	78	19	actively	actively	ADV
fbem-30127	78	20	promote	promote	VERB
fbem-30127	78	21	technological	technological	ADJ
fbem-30127	78	22	upgrading	upgrading	NOUN
fbem-30127	78	23	and	and	CCONJ
fbem-30127	78	24	innovative	innovative	ADJ
fbem-30127	78	25	research	research	NOUN
fbem-30127	78	26	and	and	CCONJ
fbem-30127	78	27	development	development	NOUN
fbem-30127	78	28	,	,	PUNCT
fbem-30127	78	29	alleviates	alleviate	VERB
fbem-30127	78	30	the	the	DET
fbem-30127	78	31	problem	problem	NOUN
fbem-30127	78	32	of	of	ADP
fbem-30127	78	33	insufficient	insufficient	ADJ
fbem-30127	78	34	investment	investment	NOUN
fbem-30127	78	35	in	in	ADP
fbem-30127	78	36	research	research	NOUN
fbem-30127	78	37	and	and	CCONJ
fbem-30127	78	38	development	development	NOUN
fbem-30127	78	39	innovation	innovation	NOUN
fbem-30127	78	40	,	,	PUNCT
fbem-30127	78	41	and	and	CCONJ
fbem-30127	78	42	thus	thus	ADV
fbem-30127	78	43	benefits	benefit	VERB
fbem-30127	78	44	the	the	DET
fbem-30127	78	45	growth	growth	NOUN
fbem-30127	78	46	of	of	ADP
fbem-30127	78	47	total	total	ADJ
fbem-30127	78	48	factor	factor	NOUN
fbem-30127	78	49	productivity	productivity	NOUN
fbem-30127	78	50	of	of	ADP
fbem-30127	78	51	the	the	DET
fbem-30127	78	52	enterprise	enterprise	NOUN
fbem-30127	78	53	.	.	PUNCT
fbem-30127	79	1	based	base	VERB
fbem-30127	79	2	on	on	ADP
fbem-30127	79	3	this	this	PRON
fbem-30127	79	4	,	,	PUNCT
fbem-30127	79	5	the	the	DET
fbem-30127	79	6	following	follow	VERB
fbem-30127	79	7	hypothesis	hypothesis	NOUN
fbem-30127	79	8	is	be	AUX
fbem-30127	79	9	proposed	propose	VERB
fbem-30127	79	10	:	:	PUNCT
fbem-30127	79	11	assumption	assumption	NOUN
fbem-30127	79	12	5	5	NUM
fbem-30127	79	13	:	:	PUNCT
fbem-30127	79	14	digital	digital	ADJ
fbem-30127	79	15	finance	finance	NOUN
fbem-30127	79	16	promotes	promote	VERB
fbem-30127	79	17	the	the	DET
fbem-30127	79	18	growth	growth	NOUN
fbem-30127	79	19	of	of	ADP
fbem-30127	79	20	total	total	ADJ
fbem-30127	79	21	factor	factor	NOUN
fbem-30127	79	22	productivity	productivity	NOUN
fbem-30127	79	23	by	by	ADP
fbem-30127	79	24	improving	improve	VERB
fbem-30127	79	25	the	the	DET
fbem-30127	79	26	quality	quality	NOUN
fbem-30127	79	27	of	of	ADP
fbem-30127	79	28	information	information	NOUN
fbem-30127	79	29	disclosure	disclosure	NOUN
fbem-30127	79	30	of	of	ADP
fbem-30127	79	31	enterprises	enterprise	NOUN
fbem-30127	79	32	.	.	PUNCT
fbem-30127	80	1	3.4.5	3.4.5	X
fbem-30127	80	2	.	.	PUNCT
fbem-30127	80	3	risk	risk	NOUN
fbem-30127	80	4	bearing	bear	VERB
fbem-30127	80	5	channels	channel	NOUN
fbem-30127	80	6	the	the	DET
fbem-30127	80	7	development	development	NOUN
fbem-30127	80	8	of	of	ADP
fbem-30127	80	9	digital	digital	ADJ
fbem-30127	80	10	finance	finance	NOUN
fbem-30127	80	11	has	have	AUX
fbem-30127	80	12	enhanced	enhance	VERB
fbem-30127	80	13	the	the	DET
fbem-30127	80	14	risktaking	risktake	VERB
fbem-30127	80	15	ability	ability	NOUN
fbem-30127	80	16	of	of	ADP
fbem-30127	80	17	enterprises	enterprise	NOUN
fbem-30127	80	18	.	.	PUNCT
fbem-30127	81	1	the	the	DET
fbem-30127	81	2	increase	increase	NOUN
fbem-30127	81	3	in	in	ADP
fbem-30127	81	4	risk	risk	NOUN
fbem-30127	81	5	-	-	PUNCT
fbem-30127	81	6	taking	take	VERB
fbem-30127	81	7	level	level	NOUN
fbem-30127	81	8	means	mean	VERB
fbem-30127	81	9	that	that	SCONJ
fbem-30127	81	10	enterprises	enterprise	NOUN
fbem-30127	81	11	are	be	AUX
fbem-30127	81	12	more	more	ADV
fbem-30127	81	13	capable	capable	ADJ
fbem-30127	81	14	of	of	ADP
fbem-30127	81	15	investing	invest	VERB
fbem-30127	81	16	in	in	ADP
fbem-30127	81	17	highrisk	highrisk	NOUN
fbem-30127	81	18	,	,	PUNCT
fbem-30127	81	19	high	high	ADJ
fbem-30127	81	20	-	-	PUNCT
fbem-30127	81	21	yield	yield	NOUN
fbem-30127	81	22	projects	project	NOUN
fbem-30127	81	23	,	,	PUNCT
fbem-30127	81	24	which	which	PRON
fbem-30127	81	25	helps	help	VERB
fbem-30127	81	26	to	to	PART
fbem-30127	81	27	develop	develop	VERB
fbem-30127	81	28	new	new	ADJ
fbem-30127	81	29	products	product	NOUN
fbem-30127	81	30	and	and	CCONJ
fbem-30127	81	31	upgrade	upgrade	VERB
fbem-30127	81	32	production	production	NOUN
fbem-30127	81	33	technology	technology	NOUN
fbem-30127	81	34	,	,	PUNCT
fbem-30127	81	35	thereby	thereby	ADV
fbem-30127	81	36	improving	improve	VERB
fbem-30127	81	37	production	production	NOUN
fbem-30127	81	38	efficiency	efficiency	NOUN
fbem-30127	81	39	and	and	CCONJ
fbem-30127	81	40	technological	technological	ADJ
fbem-30127	81	41	level	level	NOUN
fbem-30127	81	42	,	,	PUNCT
fbem-30127	81	43	and	and	CCONJ
fbem-30127	81	44	having	have	VERB
fbem-30127	81	45	a	a	DET
fbem-30127	81	46	positive	positive	ADJ
fbem-30127	81	47	effect	effect	NOUN
fbem-30127	81	48	on	on	ADP
fbem-30127	81	49	the	the	DET
fbem-30127	81	50	growth	growth	NOUN
fbem-30127	81	51	of	of	ADP
fbem-30127	81	52	total	total	ADJ
fbem-30127	81	53	factor	factor	NOUN
fbem-30127	81	54	productivity	productivity	NOUN
fbem-30127	81	55	of	of	ADP
fbem-30127	81	56	enterprises	enterprise	NOUN
fbem-30127	81	57	.	.	PUNCT
fbem-30127	82	1	based	base	VERB
fbem-30127	82	2	on	on	ADP
fbem-30127	82	3	this	this	PRON
fbem-30127	82	4	,	,	PUNCT
fbem-30127	82	5	the	the	DET
fbem-30127	82	6	following	follow	VERB
fbem-30127	82	7	hypothesis	hypothesis	NOUN
fbem-30127	82	8	is	be	AUX
fbem-30127	82	9	proposed	propose	VERB
fbem-30127	82	10	:	:	PUNCT
fbem-30127	82	11	assumption	assumption	NOUN
fbem-30127	82	12	6	6	NUM
fbem-30127	82	13	:	:	PUNCT
fbem-30127	82	14	digital	digital	ADJ
fbem-30127	82	15	finance	finance	NOUN
fbem-30127	82	16	promotes	promote	VERB
fbem-30127	82	17	the	the	DET
fbem-30127	82	18	growth	growth	NOUN
fbem-30127	82	19	of	of	ADP
fbem-30127	82	20	total	total	ADJ
fbem-30127	82	21	factor	factor	NOUN
fbem-30127	82	22	productivity	productivity	NOUN
fbem-30127	82	23	by	by	ADP
fbem-30127	82	24	increasing	increase	VERB
fbem-30127	82	25	the	the	DET
fbem-30127	82	26	risk	risk	NOUN
fbem-30127	82	27	-	-	PUNCT
fbem-30127	82	28	taking	take	VERB
fbem-30127	82	29	level	level	NOUN
fbem-30127	82	30	of	of	ADP
fbem-30127	82	31	enterprises	enterprise	NOUN
fbem-30127	82	32	.	.	PUNCT
fbem-30127	83	1	3.4.6	3.4.6	X
fbem-30127	83	2	.	.	PUNCT
fbem-30127	83	3	corporate	corporate	ADJ
fbem-30127	83	4	governance	governance	NOUN
fbem-30127	83	5	channels	channel	NOUN
fbem-30127	83	6	the	the	DET
fbem-30127	83	7	core	core	ADJ
fbem-30127	83	8	feature	feature	NOUN
fbem-30127	83	9	of	of	ADP
fbem-30127	83	10	digital	digital	ADJ
fbem-30127	83	11	finance	finance	NOUN
fbem-30127	83	12	lies	lie	VERB
fbem-30127	83	13	in	in	ADP
fbem-30127	83	14	the	the	DET
fbem-30127	83	15	use	use	NOUN
fbem-30127	83	16	of	of	ADP
fbem-30127	83	17	digital	digital	ADJ
fbem-30127	83	18	technology	technology	NOUN
fbem-30127	83	19	tools	tool	NOUN
fbem-30127	83	20	such	such	ADJ
fbem-30127	83	21	as	as	ADP
fbem-30127	83	22	big	big	ADJ
fbem-30127	83	23	data	datum	NOUN
fbem-30127	83	24	and	and	CCONJ
fbem-30127	83	25	artificial	artificial	ADJ
fbem-30127	83	26	intelligence	intelligence	NOUN
fbem-30127	83	27	,	,	PUNCT
fbem-30127	83	28	which	which	PRON
fbem-30127	83	29	not	not	PART
fbem-30127	83	30	only	only	ADV
fbem-30127	83	31	play	play	VERB
fbem-30127	83	32	a	a	DET
fbem-30127	83	33	role	role	NOUN
fbem-30127	83	34	in	in	ADP
fbem-30127	83	35	credit	credit	NOUN
fbem-30127	83	36	services	service	NOUN
fbem-30127	83	37	but	but	CCONJ
fbem-30127	83	38	also	also	ADV
fbem-30127	83	39	have	have	VERB
fbem-30127	83	40	significant	significant	ADJ
fbem-30127	83	41	implications	implication	NOUN
fbem-30127	83	42	in	in	ADP
fbem-30127	83	43	financial	financial	ADJ
fbem-30127	83	44	regulation	regulation	NOUN
fbem-30127	83	45	.	.	PUNCT
fbem-30127	84	1	therefore	therefore	ADV
fbem-30127	84	2	,	,	PUNCT
fbem-30127	84	3	digital	digital	ADJ
fbem-30127	84	4	finance	finance	NOUN
fbem-30127	84	5	may	may	AUX
fbem-30127	84	6	have	have	VERB
fbem-30127	84	7	a	a	DET
fbem-30127	84	8	positive	positive	ADJ
fbem-30127	84	9	impact	impact	NOUN
fbem-30127	84	10	on	on	ADP
fbem-30127	84	11	the	the	DET
fbem-30127	84	12	internal	internal	ADJ
fbem-30127	84	13	and	and	CCONJ
fbem-30127	84	14	external	external	ADJ
fbem-30127	84	15	governance	governance	NOUN
fbem-30127	84	16	of	of	ADP
fbem-30127	84	17	enterprises	enterprise	NOUN
fbem-30127	84	18	,	,	PUNCT
fbem-30127	84	19	thereby	thereby	ADV
fbem-30127	84	20	promoting	promote	VERB
fbem-30127	84	21	their	their	PRON
fbem-30127	84	22	total	total	ADJ
fbem-30127	84	23	factor	factor	NOUN
fbem-30127	84	24	productivity	productivity	NOUN
fbem-30127	84	25	.	.	PUNCT
fbem-30127	85	1	based	base	VERB
fbem-30127	85	2	on	on	ADP
fbem-30127	85	3	this	this	PRON
fbem-30127	85	4	,	,	PUNCT
fbem-30127	85	5	the	the	DET
fbem-30127	85	6	following	follow	VERB
fbem-30127	85	7	hypothesis	hypothesis	NOUN
fbem-30127	85	8	is	be	AUX
fbem-30127	85	9	proposed	propose	VERB
fbem-30127	85	10	:	:	PUNCT
fbem-30127	85	11	assumption	assumption	NOUN
fbem-30127	85	12	7	7	NUM
fbem-30127	85	13	:	:	PUNCT
fbem-30127	85	14	digital	digital	ADJ
fbem-30127	85	15	finance	finance	NOUN
fbem-30127	85	16	promotes	promote	VERB
fbem-30127	85	17	the	the	DET
fbem-30127	85	18	growth	growth	NOUN
fbem-30127	85	19	of	of	ADP
fbem-30127	85	20	total	total	ADJ
fbem-30127	85	21	factor	factor	NOUN
fbem-30127	85	22	productivity	productivity	NOUN
fbem-30127	85	23	by	by	ADP
fbem-30127	85	24	enhancing	enhance	VERB
fbem-30127	85	25	corporate	corporate	ADJ
fbem-30127	85	26	governance	governance	NOUN
fbem-30127	85	27	.	.	PUNCT
fbem-30127	86	1	4	4	X
fbem-30127	86	2	.	.	X
fbem-30127	86	3	empirical	empirical	ADJ
fbem-30127	86	4	analysis	analysis	NOUN
fbem-30127	86	5	4.1	4.1	NUM
fbem-30127	86	6	.	.	PUNCT
fbem-30127	87	1	research	research	NOUN
fbem-30127	87	2	design	design	PROPN
fbem-30127	87	3	4.1.1	4.1.1	PROPN
fbem-30127	87	4	.	.	PUNCT
fbem-30127	87	5	model	model	NOUN
fbem-30127	87	6	setting	set	VERB
fbem-30127	87	7	the	the	DET
fbem-30127	87	8	fixed	fix	VERB
fbem-30127	87	9	effects	effect	NOUN
fbem-30127	87	10	model	model	NOUN
fbem-30127	87	11	is	be	AUX
fbem-30127	87	12	suitable	suitable	ADJ
fbem-30127	87	13	for	for	ADP
fbem-30127	87	14	eliminating	eliminate	VERB
fbem-30127	87	15	the	the	DET
fbem-30127	87	16	impact	impact	NOUN
fbem-30127	87	17	of	of	ADP
fbem-30127	87	18	heterogeneous	heterogeneous	ADJ
fbem-30127	87	19	factors	factor	NOUN
fbem-30127	87	20	on	on	ADP
fbem-30127	87	21	empirical	empirical	ADJ
fbem-30127	87	22	results	result	NOUN
fbem-30127	87	23	.	.	PUNCT
fbem-30127	88	1	based	base	VERB
fbem-30127	88	2	on	on	ADP
fbem-30127	88	3	the	the	DET
fbem-30127	88	4	empirical	empirical	ADJ
fbem-30127	88	5	object	object	NOUN
fbem-30127	88	6	and	and	CCONJ
fbem-30127	88	7	data	datum	NOUN
fbem-30127	88	8	in	in	ADP
fbem-30127	88	9	this	this	DET
fbem-30127	88	10	article	article	NOUN
fbem-30127	88	11	,	,	PUNCT
fbem-30127	88	12	the	the	DET
fbem-30127	88	13	fixed	fix	VERB
fbem-30127	88	14	effects	effect	NOUN
fbem-30127	88	15	model	model	NOUN
fbem-30127	88	16	was	be	AUX
fbem-30127	88	17	selected	select	VERB
fbem-30127	88	18	for	for	ADP
fbem-30127	88	19	benchmark	benchmark	ADJ
fbem-30127	88	20	regression	regression	NOUN
fbem-30127	88	21	analysis	analysis	NOUN
fbem-30127	88	22	,	,	PUNCT
fbem-30127	88	23	245	245	NUM
fbem-30127	88	24	and	and	CCONJ
fbem-30127	88	25	industry	industry	NOUN
fbem-30127	88	26	and	and	CCONJ
fbem-30127	88	27	year	year	NOUN
fbem-30127	88	28	were	be	AUX
fbem-30127	88	29	fixed	fix	VERB
fbem-30127	88	30	.	.	PUNCT
fbem-30127	89	1	the	the	DET
fbem-30127	89	2	set	set	NOUN
fbem-30127	89	3	model	model	NOUN
fbem-30127	89	4	is	be	AUX
fbem-30127	89	5	as	as	SCONJ
fbem-30127	89	6	follows	follow	VERB
fbem-30127	89	7	:	:	PUNCT
fbem-30127	89	8	,	,	PUNCT
fbem-30127	89	9	0	0	NUM
fbem-30127	89	10	1	1	NUM
fbem-30127	89	11	,	,	PUNCT
fbem-30127	89	12	2	2	NUM
fbem-30127	89	13	,	,	PUNCT
fbem-30127	89	14	,	,	PUNCT
fbem-30127	89	15	i	i	PRON
fbem-30127	89	16	t	t	VERB
fbem-30127	89	17	m	m	VERB
fbem-30127	89	18	t	t	NOUN
fbem-30127	90	1	i	i	PRON
fbem-30127	90	2	t	t	PROPN
fbem-30127	91	1	j	j	PROPN
fbem-30127	91	2	t	t	PROPN
fbem-30127	92	1	i	i	PRON
fbem-30127	92	2	t	t	PROPN
fbem-30127	92	3	tfp	tfp	PROPN
fbem-30127	92	4	difi	difi	PROPN
fbem-30127	92	5	control	control	PROPN
fbem-30127	92	6			X
fbem-30127	92	7			X
fbem-30127	92	8			X
fbem-30127	92	9			NOUN
fbem-30127	92	10	=	=	NOUN
fbem-30127	92	11	+	+	CCONJ
fbem-30127	93	1	+	+	PUNCT
fbem-30127	93	2	+	+	PUNCT
fbem-30127	94	1	+	+	CCONJ
fbem-30127	94	2	+	+	ADJ
fbem-30127	94	3			X
fbem-30127	94	4	where	where	SCONJ
fbem-30127	94	5	,	,	PUNCT
fbem-30127	94	6	,	,	PUNCT
fbem-30127	94	7	m	m	PROPN
fbem-30127	94	8	tdifi	tdifi	NOUN
fbem-30127	94	9	represents	represent	VERB
fbem-30127	94	10	the	the	DET
fbem-30127	94	11	level	level	NOUN
fbem-30127	94	12	of	of	ADP
fbem-30127	94	13	digital	digital	ADJ
fbem-30127	94	14	finance	finance	NOUN
fbem-30127	94	15	development	development	NOUN
fbem-30127	94	16	in	in	ADP
fbem-30127	94	17	province	province	PROPN
fbem-30127	94	18	m	m	PROPN
fbem-30127	94	19	where	where	SCONJ
fbem-30127	94	20	company	company	NOUN
fbem-30127	94	21	i	i	PRON
fbem-30127	94	22	is	be	AUX
fbem-30127	94	23	located	locate	VERB
fbem-30127	94	24	in	in	ADP
fbem-30127	94	25	year	year	NOUN
fbem-30127	94	26	t	t	PROPN
fbem-30127	94	27	,	,	PUNCT
fbem-30127	94	28	control	control	NOUN
fbem-30127	94	29	is	be	AUX
fbem-30127	94	30	the	the	DET
fbem-30127	94	31	control	control	NOUN
fbem-30127	94	32	variable	variable	NOUN
fbem-30127	94	33	,	,	PUNCT
fbem-30127	94	34	j	j	PROPN
fbem-30127	94	35	and	and	CCONJ
fbem-30127	94	36	t	t	PROPN
fbem-30127	94	37	represent	represent	VERB
fbem-30127	94	38	industry	industry	NOUN
fbem-30127	94	39	fixed	fix	VERB
fbem-30127	94	40	and	and	CCONJ
fbem-30127	94	41	time	time	NOUN
fbem-30127	94	42	fixed	fix	VERB
fbem-30127	94	43	effects	effect	NOUN
fbem-30127	94	44	,	,	PUNCT
fbem-30127	94	45	respectively	respectively	ADV
fbem-30127	94	46	,	,	PUNCT
fbem-30127	94	47	and	and	CCONJ
fbem-30127	94	48	,	,	PUNCT
fbem-30127	94	49	i	i	PRON
fbem-30127	94	50	t	t	PROPN
fbem-30127	94	51	is	be	AUX
fbem-30127	94	52	the	the	DET
fbem-30127	94	53	random	random	ADJ
fbem-30127	94	54	error	error	NOUN
fbem-30127	94	55	term	term	NOUN
fbem-30127	94	56	.	.	PUNCT
fbem-30127	95	1	4.1.2	4.1.2	X
fbem-30127	95	2	.	.	PUNCT
fbem-30127	95	3	variable	variable	ADJ
fbem-30127	95	4	description	description	NOUN
fbem-30127	95	5	(	(	PUNCT
fbem-30127	95	6	1	1	NUM
fbem-30127	95	7	)	)	PUNCT
fbem-30127	95	8	dependent	dependent	ADJ
fbem-30127	95	9	variable	variable	NOUN
fbem-30127	95	10	.	.	PUNCT
fbem-30127	96	1	total	total	ADJ
fbem-30127	96	2	factor	factor	NOUN
fbem-30127	96	3	productivity	productivity	NOUN
fbem-30127	96	4	(	(	PUNCT
fbem-30127	96	5	tfp	tfp	PROPN
fbem-30127	96	6	)	)	PUNCT
fbem-30127	96	7	of	of	ADP
fbem-30127	96	8	enterprises	enterprise	NOUN
fbem-30127	96	9	:	:	PUNCT
fbem-30127	96	10	tfp	tfp	PROPN
fbem-30127	96	11	is	be	AUX
fbem-30127	96	12	an	an	DET
fbem-30127	96	13	indicator	indicator	NOUN
fbem-30127	96	14	that	that	PRON
fbem-30127	96	15	measures	measure	VERB
fbem-30127	96	16	the	the	DET
fbem-30127	96	17	comprehensive	comprehensive	ADJ
fbem-30127	96	18	efficiency	efficiency	NOUN
fbem-30127	96	19	of	of	ADP
fbem-30127	96	20	enterprises	enterprise	NOUN
fbem-30127	96	21	in	in	ADP
fbem-30127	96	22	the	the	DET
fbem-30127	96	23	production	production	NOUN
fbem-30127	96	24	process	process	NOUN
fbem-30127	96	25	,	,	PUNCT
fbem-30127	96	26	reflecting	reflect	VERB
fbem-30127	96	27	the	the	DET
fbem-30127	96	28	output	output	NOUN
fbem-30127	96	29	level	level	NOUN
fbem-30127	96	30	that	that	SCONJ
fbem-30127	96	31	enterprises	enterprise	NOUN
fbem-30127	96	32	can	can	AUX
fbem-30127	96	33	achieve	achieve	VERB
fbem-30127	96	34	under	under	ADP
fbem-30127	96	35	given	give	VERB
fbem-30127	96	36	inputs	input	NOUN
fbem-30127	96	37	(	(	PUNCT
fbem-30127	96	38	such	such	ADJ
fbem-30127	96	39	as	as	ADP
fbem-30127	96	40	capital	capital	NOUN
fbem-30127	96	41	,	,	PUNCT
fbem-30127	96	42	labor	labor	NOUN
fbem-30127	96	43	,	,	PUNCT
fbem-30127	96	44	and	and	CCONJ
fbem-30127	96	45	other	other	ADJ
fbem-30127	96	46	production	production	NOUN
fbem-30127	96	47	factors	factor	NOUN
fbem-30127	96	48	)	)	PUNCT
fbem-30127	96	49	.	.	PUNCT
fbem-30127	97	1	nowadays	nowadays	ADV
fbem-30127	97	2	,	,	PUNCT
fbem-30127	97	3	the	the	DET
fbem-30127	97	4	op	op	NOUN
fbem-30127	97	5	method	method	NOUN
fbem-30127	97	6	,	,	PUNCT
fbem-30127	97	7	which	which	PRON
fbem-30127	97	8	has	have	VERB
fbem-30127	97	9	better	well	ADJ
fbem-30127	97	10	accuracy	accuracy	NOUN
fbem-30127	97	11	,	,	PUNCT
fbem-30127	97	12	is	be	AUX
fbem-30127	97	13	generally	generally	ADV
fbem-30127	97	14	used	use	VERB
fbem-30127	97	15	to	to	PART
fbem-30127	97	16	measure	measure	VERB
fbem-30127	97	17	the	the	DET
fbem-30127	97	18	total	total	ADJ
fbem-30127	97	19	factor	factor	NOUN
fbem-30127	97	20	productivity	productivity	NOUN
fbem-30127	97	21	of	of	ADP
fbem-30127	97	22	micro	micro	ADJ
fbem-30127	97	23	enterprises	enterprise	NOUN
fbem-30127	97	24	.	.	PUNCT
fbem-30127	98	1	the	the	DET
fbem-30127	98	2	op	op	NOUN
fbem-30127	98	3	method	method	NOUN
fbem-30127	98	4	is	be	AUX
fbem-30127	98	5	more	more	ADV
fbem-30127	98	6	suitable	suitable	ADJ
fbem-30127	98	7	for	for	ADP
fbem-30127	98	8	solving	solve	VERB
fbem-30127	98	9	the	the	DET
fbem-30127	98	10	problems	problem	NOUN
fbem-30127	98	11	of	of	ADP
fbem-30127	98	12	simultaneity	simultaneity	NOUN
fbem-30127	98	13	bias	bias	NOUN
fbem-30127	98	14	and	and	CCONJ
fbem-30127	98	15	sample	sample	NOUN
fbem-30127	98	16	selection	selection	NOUN
fbem-30127	98	17	bias	bias	NOUN
fbem-30127	98	18	.	.	PUNCT
fbem-30127	99	1	(	(	PUNCT
fbem-30127	99	2	2	2	X
fbem-30127	99	3	)	)	PUNCT
fbem-30127	99	4	explanatory	explanatory	ADJ
fbem-30127	99	5	variables	variable	NOUN
fbem-30127	99	6	.	.	PUNCT
fbem-30127	100	1	digital	digital	ADJ
fbem-30127	100	2	finance	finance	NOUN
fbem-30127	100	3	(	(	PUNCT
fbem-30127	100	4	difi	difi	NOUN
fbem-30127	100	5	):	):	PUNCT
fbem-30127	100	6	this	this	DET
fbem-30127	100	7	article	article	NOUN
fbem-30127	100	8	selects	select	VERB
fbem-30127	100	9	the	the	DET
fbem-30127	100	10	provincial	provincial	ADJ
fbem-30127	100	11	-	-	PUNCT
fbem-30127	100	12	level	level	NOUN
fbem-30127	100	13	peking	peking	NOUN
fbem-30127	100	14	university	university	NOUN
fbem-30127	100	15	digital	digital	PROPN
fbem-30127	100	16	inclusive	inclusive	ADJ
fbem-30127	100	17	finance	finance	NOUN
fbem-30127	100	18	index	index	NOUN
fbem-30127	100	19	as	as	ADP
fbem-30127	100	20	the	the	DET
fbem-30127	100	21	explanatory	explanatory	ADJ
fbem-30127	100	22	variable	variable	NOUN
fbem-30127	100	23	and	and	CCONJ
fbem-30127	100	24	matches	match	VERB
fbem-30127	100	25	it	it	PRON
fbem-30127	100	26	with	with	ADP
fbem-30127	100	27	sample	sample	NOUN
fbem-30127	100	28	enterprise	enterprise	NOUN
fbem-30127	100	29	data	datum	NOUN
fbem-30127	100	30	.	.	PUNCT
fbem-30127	101	1	the	the	DET
fbem-30127	101	2	digital	digital	PROPN
fbem-30127	101	3	inclusive	inclusive	ADJ
fbem-30127	101	4	finance	finance	NOUN
fbem-30127	101	5	index	index	NOUN
fbem-30127	101	6	(	(	PUNCT
fbem-30127	101	7	difi	difi	NOUN
fbem-30127	101	8	)	)	PUNCT
fbem-30127	101	9	is	be	AUX
fbem-30127	101	10	a	a	DET
fbem-30127	101	11	weighted	weighted	ADJ
fbem-30127	101	12	index	index	NOUN
fbem-30127	101	13	of	of	ADP
fbem-30127	101	14	three	three	NUM
fbem-30127	101	15	dimensions	dimension	NOUN
fbem-30127	101	16	:	:	PUNCT
fbem-30127	101	17	digital	digital	ADJ
fbem-30127	101	18	finance	finance	NOUN
fbem-30127	101	19	coverage	coverage	NOUN
fbem-30127	101	20	,	,	PUNCT
fbem-30127	101	21	usage	usage	NOUN
fbem-30127	101	22	depth	depth	NOUN
fbem-30127	101	23	,	,	PUNCT
fbem-30127	101	24	and	and	CCONJ
fbem-30127	101	25	digitalization	digitalization	NOUN
fbem-30127	101	26	level	level	NOUN
fbem-30127	101	27	.	.	PUNCT
fbem-30127	102	1	it	it	PRON
fbem-30127	102	2	clearly	clearly	ADV
fbem-30127	102	3	reflects	reflect	VERB
fbem-30127	102	4	the	the	DET
fbem-30127	102	5	status	status	NOUN
fbem-30127	102	6	and	and	CCONJ
fbem-30127	102	7	evolving	evolve	VERB
fbem-30127	102	8	trends	trend	NOUN
fbem-30127	102	9	of	of	ADP
fbem-30127	102	10	digital	digital	ADJ
fbem-30127	102	11	finance	finance	NOUN
fbem-30127	102	12	development	development	NOUN
fbem-30127	102	13	at	at	ADP
fbem-30127	102	14	the	the	DET
fbem-30127	102	15	provincial	provincial	ADJ
fbem-30127	102	16	,	,	PUNCT
fbem-30127	102	17	municipal	municipal	ADJ
fbem-30127	102	18	,	,	PUNCT
fbem-30127	102	19	and	and	CCONJ
fbem-30127	102	20	county	county	NOUN
fbem-30127	102	21	levels	level	NOUN
fbem-30127	102	22	in	in	ADP
fbem-30127	102	23	china	china	PROPN
fbem-30127	102	24	.	.	PUNCT
fbem-30127	103	1	(	(	PUNCT
fbem-30127	103	2	3	3	X
fbem-30127	103	3	)	)	PUNCT
fbem-30127	103	4	control	control	NOUN
fbem-30127	103	5	variables	variable	NOUN
fbem-30127	103	6	.	.	PUNCT
fbem-30127	104	1	referring	refer	VERB
fbem-30127	104	2	to	to	ADP
fbem-30127	104	3	existing	exist	VERB
fbem-30127	104	4	literature	literature	NOUN
fbem-30127	104	5	,	,	PUNCT
fbem-30127	104	6	this	this	DET
fbem-30127	104	7	article	article	NOUN
fbem-30127	104	8	comprehensively	comprehensively	ADV
fbem-30127	104	9	considers	consider	VERB
fbem-30127	104	10	multiple	multiple	ADJ
fbem-30127	104	11	aspects	aspect	NOUN
fbem-30127	104	12	of	of	ADP
fbem-30127	104	13	a	a	DET
fbem-30127	104	14	company	company	NOUN
fbem-30127	104	15	's	's	PART
fbem-30127	104	16	profitability	profitability	NOUN
fbem-30127	104	17	,	,	PUNCT
fbem-30127	104	18	debt	debt	NOUN
fbem-30127	104	19	paying	pay	VERB
fbem-30127	104	20	ability	ability	NOUN
fbem-30127	104	21	,	,	PUNCT
fbem-30127	104	22	growth	growth	NOUN
fbem-30127	104	23	ability	ability	NOUN
fbem-30127	104	24	,	,	PUNCT
fbem-30127	104	25	etc	etc	X
fbem-30127	104	26	.	.	X
fbem-30127	105	1	it	it	PRON
fbem-30127	105	2	selects	select	VERB
fbem-30127	105	3	return	return	VERB
fbem-30127	105	4	on	on	ADP
fbem-30127	105	5	assets	asset	NOUN
fbem-30127	105	6	(	(	PUNCT
fbem-30127	105	7	roa	roa	NOUN
fbem-30127	105	8	)	)	PUNCT
fbem-30127	105	9	,	,	PUNCT
fbem-30127	105	10	debt	debt	NOUN
fbem-30127	105	11	to	to	ADP
fbem-30127	105	12	asset	asset	NOUN
fbem-30127	105	13	ratio	ratio	NOUN
fbem-30127	105	14	(	(	PUNCT
fbem-30127	105	15	lev	lev	NOUN
fbem-30127	105	16	)	)	PUNCT
fbem-30127	105	17	,	,	PUNCT
fbem-30127	105	18	revenue	revenue	NOUN
fbem-30127	105	19	growth	growth	NOUN
fbem-30127	105	20	rate	rate	NOUN
fbem-30127	105	21	(	(	PUNCT
fbem-30127	105	22	growth	growth	NOUN
fbem-30127	105	23	)	)	PUNCT
fbem-30127	105	24	,	,	PUNCT
fbem-30127	105	25	cash	cash	NOUN
fbem-30127	105	26	ratio	ratio	NOUN
fbem-30127	105	27	(	(	PUNCT
fbem-30127	105	28	cash	cash	NOUN
fbem-30127	105	29	)	)	PUNCT
fbem-30127	105	30	,	,	PUNCT
fbem-30127	105	31	and	and	CCONJ
fbem-30127	105	32	independent	independent	ADJ
fbem-30127	105	33	director	director	NOUN
fbem-30127	105	34	ratio	ratio	NOUN
fbem-30127	105	35	(	(	PUNCT
fbem-30127	105	36	indep	indep	NOUN
fbem-30127	105	37	)	)	PUNCT
fbem-30127	105	38	as	as	ADP
fbem-30127	105	39	control	control	NOUN
fbem-30127	105	40	variables	variable	NOUN
fbem-30127	105	41	.	.	PUNCT
fbem-30127	106	1	in	in	ADP
fbem-30127	106	2	addition	addition	NOUN
fbem-30127	106	3	,	,	PUNCT
fbem-30127	106	4	the	the	DET
fbem-30127	106	5	age	age	NOUN
fbem-30127	106	6	and	and	CCONJ
fbem-30127	106	7	size	size	NOUN
fbem-30127	106	8	of	of	ADP
fbem-30127	106	9	the	the	DET
fbem-30127	106	10	company	company	NOUN
fbem-30127	106	11	are	be	AUX
fbem-30127	106	12	also	also	ADV
fbem-30127	106	13	included	include	VERB
fbem-30127	106	14	as	as	ADP
fbem-30127	106	15	control	control	NOUN
fbem-30127	106	16	variables	variable	NOUN
fbem-30127	106	17	.	.	PUNCT
fbem-30127	107	1	(	(	PUNCT
fbem-30127	107	2	4	4	X
fbem-30127	107	3	)	)	PUNCT
fbem-30127	107	4	intermediary	intermediary	ADJ
fbem-30127	107	5	variable	variable	NOUN
fbem-30127	107	6	.	.	PUNCT
fbem-30127	108	1	based	base	VERB
fbem-30127	108	2	on	on	ADP
fbem-30127	108	3	existing	exist	VERB
fbem-30127	108	4	research	research	NOUN
fbem-30127	108	5	,	,	PUNCT
fbem-30127	108	6	r&d	r&d	NOUN
fbem-30127	108	7	investment	investment	NOUN
fbem-30127	108	8	intensity	intensity	NOUN
fbem-30127	108	9	(	(	PUNCT
fbem-30127	108	10	r&d	r&d	NOUN
fbem-30127	108	11	)	)	PUNCT
fbem-30127	108	12	,	,	PUNCT
fbem-30127	108	13	human	human	ADJ
fbem-30127	108	14	capital	capital	NOUN
fbem-30127	108	15	level	level	NOUN
fbem-30127	108	16	(	(	PUNCT
fbem-30127	108	17	human	human	NOUN
fbem-30127	108	18	)	)	PUNCT
fbem-30127	108	19	,	,	PUNCT
fbem-30127	108	20	resource	resource	NOUN
fbem-30127	108	21	allocation	allocation	NOUN
fbem-30127	108	22	efficiency	efficiency	NOUN
fbem-30127	108	23	(	(	PUNCT
fbem-30127	108	24	effic	effic	ADJ
fbem-30127	108	25	)	)	PUNCT
fbem-30127	108	26	,	,	PUNCT
fbem-30127	108	27	risk	risk	NOUN
fbem-30127	108	28	-	-	PUNCT
fbem-30127	108	29	taking	take	VERB
fbem-30127	108	30	level	level	NOUN
fbem-30127	108	31	(	(	PUNCT
fbem-30127	108	32	risk	risk	NOUN
fbem-30127	108	33	)	)	PUNCT
fbem-30127	108	34	,	,	PUNCT
fbem-30127	108	35	information	information	NOUN
fbem-30127	108	36	disclosure	disclosure	NOUN
fbem-30127	108	37	quality	quality	NOUN
fbem-30127	108	38	(	(	PUNCT
fbem-30127	108	39	kv	kv	PROPN
fbem-30127	108	40	)	)	PUNCT
fbem-30127	108	41	,	,	PUNCT
fbem-30127	108	42	and	and	CCONJ
fbem-30127	108	43	corporate	corporate	ADJ
fbem-30127	108	44	governance	governance	NOUN
fbem-30127	108	45	level	level	NOUN
fbem-30127	108	46	(	(	PUNCT
fbem-30127	108	47	maga	maga	NOUN
fbem-30127	108	48	)	)	PUNCT
fbem-30127	108	49	are	be	AUX
fbem-30127	108	50	selected	select	VERB
fbem-30127	108	51	as	as	ADP
fbem-30127	108	52	mediating	mediate	VERB
fbem-30127	108	53	variables	variable	NOUN
fbem-30127	108	54	.	.	PUNCT
fbem-30127	109	1	the	the	DET
fbem-30127	109	2	specific	specific	ADJ
fbem-30127	109	3	variable	variable	ADJ
fbem-30127	109	4	definitions	definition	NOUN
fbem-30127	109	5	are	be	AUX
fbem-30127	109	6	shown	show	VERB
fbem-30127	109	7	in	in	ADP
fbem-30127	109	8	table	table	NOUN
fbem-30127	109	9	1	1	NUM
fbem-30127	109	10	.	.	PUNCT
fbem-30127	109	11	table	table	NOUN
fbem-30127	109	12	1	1	NUM
fbem-30127	109	13	.	.	PUNCT
fbem-30127	109	14	related	relate	VERB
fbem-30127	109	15	variables	variable	NOUN
fbem-30127	109	16	table	table	NOUN
fbem-30127	109	17	variable	variable	ADJ
fbem-30127	109	18	type	type	NOUN
fbem-30127	109	19	variable	variable	ADJ
fbem-30127	109	20	name	name	NOUN
fbem-30127	109	21	variable	variable	ADJ
fbem-30127	109	22	symbol	symbol	NOUN
fbem-30127	109	23	measurement	measurement	NOUN
fbem-30127	109	24	method	method	NOUN
fbem-30127	109	25	explained	explain	VERB
fbem-30127	109	26	variable	variable	ADJ
fbem-30127	109	27	total	total	ADJ
fbem-30127	109	28	factor	factor	NOUN
fbem-30127	109	29	productivity	productivity	NOUN
fbem-30127	109	30	of	of	ADP
fbem-30127	109	31	enterprises	enterprise	NOUN
fbem-30127	109	32	tfp	tfp	PROPN
fbem-30127	109	33	-	-	PUNCT
fbem-30127	109	34	op	op	NOUN
fbem-30127	109	35	op	op	NOUN
fbem-30127	109	36	method	method	NOUN
fbem-30127	109	37	explanatory	explanatory	ADJ
fbem-30127	109	38	variable	variable	ADJ
fbem-30127	109	39	digital	digital	ADJ
fbem-30127	109	40	finance	finance	NOUN
fbem-30127	109	41	index	index	NOUN
fbem-30127	109	42	dift	dift	NOUN
fbem-30127	109	43	refer	refer	VERB
fbem-30127	109	44	to	to	ADP
fbem-30127	109	45	the	the	DET
fbem-30127	109	46	digital	digital	ADJ
fbem-30127	109	47	financial	financial	ADJ
fbem-30127	109	48	inclusion	inclusion	NOUN
fbem-30127	109	49	index	index	NOUN
fbem-30127	109	50	released	release	VERB
fbem-30127	109	51	by	by	ADP
fbem-30127	109	52	peking	peking	NOUN
fbem-30127	109	53	university	university	NOUN
fbem-30127	109	54	breadth	breadth	NOUN
fbem-30127	109	55	of	of	ADP
fbem-30127	109	56	digital	digital	ADJ
fbem-30127	109	57	finance	finance	NOUN
fbem-30127	109	58	coverage	coverage	NOUN
fbem-30127	109	59	coverage	coverage	NOUN
fbem-30127	109	60	depth	depth	NOUN
fbem-30127	109	61	of	of	ADP
fbem-30127	109	62	use	use	NOUN
fbem-30127	109	63	of	of	ADP
fbem-30127	109	64	digital	digital	ADJ
fbem-30127	109	65	finance	finance	NOUN
fbem-30127	109	66	usage	usage	NOUN
fbem-30127	109	67	the	the	DET
fbem-30127	109	68	degree	degree	NOUN
fbem-30127	109	69	of	of	ADP
fbem-30127	109	70	digitalization	digitalization	NOUN
fbem-30127	109	71	in	in	ADP
fbem-30127	109	72	digital	digital	ADJ
fbem-30127	109	73	finance	finance	NOUN
fbem-30127	109	74	digi	digi	NOUN
fbem-30127	109	75	intermediary	intermediary	ADJ
fbem-30127	109	76	variable	variable	ADJ
fbem-30127	109	77	r&d	r&d	NOUN
fbem-30127	109	78	investment	investment	NOUN
fbem-30127	109	79	intensity	intensity	NOUN
fbem-30127	109	80	r&d	r&d	NOUN
fbem-30127	109	81	r&d	r&d	NOUN
fbem-30127	109	82	expenditure	expenditure	NOUN
fbem-30127	109	83	human	human	ADJ
fbem-30127	109	84	capital	capital	NOUN
fbem-30127	109	85	level	level	NOUN
fbem-30127	109	86	human	human	ADJ
fbem-30127	109	87	proportion	proportion	NOUN
fbem-30127	109	88	of	of	ADP
fbem-30127	109	89	employees	employee	NOUN
fbem-30127	109	90	with	with	ADP
fbem-30127	109	91	a	a	DET
fbem-30127	109	92	bachelor	bachelor	NOUN
fbem-30127	109	93	's	's	PART
fbem-30127	109	94	degree	degree	NOUN
fbem-30127	109	95	or	or	CCONJ
fbem-30127	109	96	above	above	ADP
fbem-30127	109	97	allocative	allocative	ADJ
fbem-30127	109	98	efficiency	efficiency	NOUN
fbem-30127	109	99	effic	effic	ADJ
fbem-30127	109	100	standard	standard	ADJ
fbem-30127	109	101	deviation	deviation	NOUN
fbem-30127	109	102	of	of	ADP
fbem-30127	109	103	total	total	ADJ
fbem-30127	109	104	factor	factor	NOUN
fbem-30127	109	105	productivity	productivity	NOUN
fbem-30127	109	106	in	in	ADP
fbem-30127	109	107	the	the	DET
fbem-30127	109	108	industry	industry	NOUN
fbem-30127	109	109	quality	quality	NOUN
fbem-30127	109	110	of	of	ADP
fbem-30127	109	111	information	information	NOUN
fbem-30127	109	112	disclosure	disclosure	PROPN
fbem-30127	109	113	kv	kv	PROPN
fbem-30127	109	114	kv	kv	PROPN
fbem-30127	109	115	method	method	PROPN
fbem-30127	109	116	risk	risk	NOUN
fbem-30127	109	117	bearing	bearing	NOUN
fbem-30127	109	118	level	level	NOUN
fbem-30127	109	119	risk	risk	NOUN
fbem-30127	109	120	three	three	NUM
fbem-30127	109	121	year	year	NOUN
fbem-30127	109	122	profit	profit	NOUN
fbem-30127	109	123	volatility	volatility	NOUN
fbem-30127	109	124	corporate	corporate	ADJ
fbem-30127	109	125	governance	governance	NOUN
fbem-30127	109	126	level	level	NOUN
fbem-30127	109	127	magn	magn	VERB
fbem-30127	109	128	principal	principal	ADJ
fbem-30127	109	129	component	component	NOUN
fbem-30127	109	130	analysis	analysis	NOUN
fbem-30127	109	131	control	control	NOUN
fbem-30127	109	132	variable	variable	ADJ
fbem-30127	109	133	return	return	NOUN
fbem-30127	109	134	on	on	ADP
fbem-30127	109	135	assets	asset	NOUN
fbem-30127	109	136	roa	roa	PROPN
fbem-30127	109	137	profit	profit	NOUN
fbem-30127	109	138	/	/	SYM
fbem-30127	109	139	total	total	ADJ
fbem-30127	109	140	assets	asset	NOUN
fbem-30127	109	141	asset	asset	NOUN
fbem-30127	109	142	liability	liability	NOUN
fbem-30127	109	143	ratio	ratio	NOUN
fbem-30127	109	144	lev	lev	NOUN
fbem-30127	109	145	total	total	ADJ
fbem-30127	109	146	liabilities	liability	NOUN
fbem-30127	109	147	/	/	SYM
fbem-30127	109	148	total	total	ADJ
fbem-30127	109	149	assets	asset	NOUN
fbem-30127	109	150	revenue	revenue	NOUN
fbem-30127	109	151	growth	growth	NOUN
fbem-30127	109	152	rate	rate	NOUN
fbem-30127	109	153	growth	growth	NOUN
fbem-30127	109	154	revenue	revenue	NOUN
fbem-30127	109	155	growth	growth	NOUN
fbem-30127	109	156	/	/	SYM
fbem-30127	109	157	previous	previous	ADJ
fbem-30127	109	158	year	year	NOUN
fbem-30127	109	159	's	's	PART
fbem-30127	109	160	revenue	revenue	NOUN
fbem-30127	109	161	cash	cash	NOUN
fbem-30127	109	162	ratio	ratio	NOUN
fbem-30127	109	163	cash	cash	NOUN
fbem-30127	109	164	net	net	ADJ
fbem-30127	109	165	cash	cash	NOUN
fbem-30127	109	166	flow	flow	NOUN
fbem-30127	109	167	generated	generate	VERB
fbem-30127	109	168	from	from	ADP
fbem-30127	109	169	operating	operate	VERB
fbem-30127	109	170	activities	activity	NOUN
fbem-30127	109	171	/	/	SYM
fbem-30127	109	172	total	total	ADJ
fbem-30127	109	173	assets	asset	NOUN
fbem-30127	109	174	proportion	proportion	NOUN
fbem-30127	109	175	of	of	ADP
fbem-30127	109	176	independent	independent	ADJ
fbem-30127	109	177	directors	director	NOUN
fbem-30127	109	178	indep	indep	NOUN
fbem-30127	109	179	proportion	proportion	NOUN
fbem-30127	109	180	of	of	ADP
fbem-30127	109	181	independent	independent	ADJ
fbem-30127	109	182	directors	director	NOUN
fbem-30127	109	183	in	in	ADP
fbem-30127	109	184	the	the	DET
fbem-30127	109	185	board	board	NOUN
fbem-30127	109	186	of	of	ADP
fbem-30127	109	187	directors	director	NOUN
fbem-30127	109	188	enterprise	enterprise	NOUN
fbem-30127	109	189	size	size	NOUN
fbem-30127	109	190	size	size	NOUN
fbem-30127	109	191	logarithmic	logarithmic	ADJ
fbem-30127	109	192	ratio	ratio	NOUN
fbem-30127	109	193	of	of	ADP
fbem-30127	109	194	total	total	ADJ
fbem-30127	109	195	assets	asset	NOUN
fbem-30127	109	196	of	of	ADP
fbem-30127	109	197	the	the	DET
fbem-30127	109	198	enterprise	enterprise	NOUN
fbem-30127	109	199	enterprise	enterprise	NOUN
fbem-30127	109	200	age	age	NOUN
fbem-30127	109	201	age	age	NOUN
fbem-30127	109	202	long	long	ADJ
fbem-30127	109	203	term	term	NOUN
fbem-30127	109	204	existence	existence	NOUN
fbem-30127	109	205	of	of	ADP
fbem-30127	109	206	the	the	DET
fbem-30127	109	207	enterprise	enterprise	NOUN
fbem-30127	109	208	4.1.3	4.1.3	NUM
fbem-30127	109	209	.	.	PUNCT
fbem-30127	109	210	sample	sample	NOUN
fbem-30127	109	211	selection	selection	NOUN
fbem-30127	109	212	and	and	CCONJ
fbem-30127	109	213	data	datum	NOUN
fbem-30127	109	214	sources	source	NOUN
fbem-30127	109	215	based	base	VERB
fbem-30127	109	216	on	on	ADP
fbem-30127	109	217	the	the	DET
fbem-30127	109	218	research	research	NOUN
fbem-30127	109	219	content	content	NOUN
fbem-30127	109	220	and	and	CCONJ
fbem-30127	109	221	direction	direction	NOUN
fbem-30127	109	222	of	of	ADP
fbem-30127	109	223	this	this	DET
fbem-30127	109	224	article	article	NOUN
fbem-30127	109	225	,	,	PUNCT
fbem-30127	109	226	relevant	relevant	ADJ
fbem-30127	109	227	data	datum	NOUN
fbem-30127	109	228	of	of	ADP
fbem-30127	109	229	a	a	DET
fbem-30127	109	230	-	-	PUNCT
fbem-30127	109	231	share	share	NOUN
fbem-30127	109	232	listed	list	VERB
fbem-30127	109	233	companies	company	NOUN
fbem-30127	109	234	in	in	ADP
fbem-30127	109	235	shanghai	shanghai	PROPN
fbem-30127	109	236	and	and	CCONJ
fbem-30127	109	237	shenzhen	shenzhen	PROPN
fbem-30127	109	238	from	from	ADP
fbem-30127	109	239	2010	2010	NUM
fbem-30127	109	240	to	to	ADP
fbem-30127	109	241	2021	2021	NUM
fbem-30127	109	242	are	be	AUX
fbem-30127	109	243	selected	select	VERB
fbem-30127	109	244	as	as	ADP
fbem-30127	109	245	the	the	DET
fbem-30127	109	246	experimental	experimental	ADJ
fbem-30127	109	247	data	datum	NOUN
fbem-30127	109	248	.	.	PUNCT
fbem-30127	110	1	the	the	DET
fbem-30127	110	2	data	datum	NOUN
fbem-30127	110	3	in	in	ADP
fbem-30127	110	4	this	this	DET
fbem-30127	110	5	article	article	NOUN
fbem-30127	110	6	mainly	mainly	ADV
fbem-30127	110	7	comes	come	VERB
fbem-30127	110	8	from	from	ADP
fbem-30127	110	9	guotai	guotai	PROPN
fbem-30127	110	10	junan	junan	PROPN
fbem-30127	110	11	financial	financial	ADJ
fbem-30127	110	12	database	database	NOUN
fbem-30127	110	13	and	and	CCONJ
fbem-30127	110	14	wind	wind	NOUN
fbem-30127	110	15	database	database	NOUN
fbem-30127	110	16	.	.	PUNCT
fbem-30127	111	1	4.1.4	4.1.4	X
fbem-30127	111	2	.	.	PUNCT
fbem-30127	112	1	descriptive	descriptive	ADJ
fbem-30127	112	2	statistics	statistic	NOUN
fbem-30127	112	3	after	after	ADP
fbem-30127	112	4	performing	perform	VERB
fbem-30127	112	5	simple	simple	ADJ
fbem-30127	112	6	filtering	filtering	NOUN
fbem-30127	112	7	,	,	PUNCT
fbem-30127	112	8	exclusion	exclusion	NOUN
fbem-30127	112	9	,	,	PUNCT
fbem-30127	112	10	and	and	CCONJ
fbem-30127	112	11	other	other	ADJ
fbem-30127	112	12	processing	processing	NOUN
fbem-30127	112	13	on	on	ADP
fbem-30127	112	14	the	the	DET
fbem-30127	112	15	data	datum	NOUN
fbem-30127	112	16	,	,	PUNCT
fbem-30127	112	17	we	we	PRON
fbem-30127	112	18	first	first	ADV
fbem-30127	112	19	use	use	VERB
fbem-30127	112	20	descriptive	descriptive	ADJ
fbem-30127	112	21	statistical	statistical	ADJ
fbem-30127	112	22	methods	method	NOUN
fbem-30127	112	23	to	to	PART
fbem-30127	112	24	perform	perform	VERB
fbem-30127	112	25	simple	simple	ADJ
fbem-30127	112	26	descriptive	descriptive	ADJ
fbem-30127	112	27	statistics	statistic	NOUN
fbem-30127	112	28	on	on	ADP
fbem-30127	112	29	the	the	DET
fbem-30127	112	30	processed	process	VERB
fbem-30127	112	31	data	datum	NOUN
fbem-30127	112	32	,	,	PUNCT
fbem-30127	112	33	observe	observe	VERB
fbem-30127	112	34	the	the	DET
fbem-30127	112	35	patterns	pattern	NOUN
fbem-30127	112	36	of	of	ADP
fbem-30127	112	37	enterprise	enterprise	NOUN
fbem-30127	112	38	data	datum	NOUN
fbem-30127	112	39	,	,	PUNCT
fbem-30127	112	40	and	and	CCONJ
fbem-30127	112	41	draw	draw	VERB
fbem-30127	112	42	some	some	DET
fbem-30127	112	43	simple	simple	ADJ
fbem-30127	112	44	conclusions	conclusion	NOUN
fbem-30127	112	45	from	from	ADP
fbem-30127	112	46	it	it	PRON
fbem-30127	112	47	.	.	PUNCT
fbem-30127	113	1	table	table	NOUN
fbem-30127	113	2	2	2	NUM
fbem-30127	113	3	shows	show	VERB
fbem-30127	113	4	the	the	DET
fbem-30127	113	5	descriptive	descriptive	ADJ
fbem-30127	113	6	statistical	statistical	ADJ
fbem-30127	113	7	results	result	NOUN
fbem-30127	113	8	of	of	ADP
fbem-30127	113	9	data	datum	NOUN
fbem-30127	113	10	related	relate	VERB
fbem-30127	113	11	to	to	ADP
fbem-30127	113	12	a	a	DET
fbem-30127	113	13	-	-	PUNCT
fbem-30127	113	14	share	share	NOUN
fbem-30127	113	15	listed	list	VERB
fbem-30127	113	16	companies	company	NOUN
fbem-30127	113	17	from	from	ADP
fbem-30127	113	18	2010	2010	NUM
fbem-30127	113	19	to	to	ADP
fbem-30127	113	20	2021	2021	NUM
fbem-30127	113	21	.	.	PUNCT
fbem-30127	114	1	from	from	ADP
fbem-30127	114	2	the	the	DET
fbem-30127	114	3	results	result	NOUN
fbem-30127	114	4	in	in	ADP
fbem-30127	114	5	the	the	DET
fbem-30127	114	6	table	table	NOUN
fbem-30127	114	7	,	,	PUNCT
fbem-30127	114	8	the	the	DET
fbem-30127	114	9	average	average	ADJ
fbem-30127	114	10	total	total	ADJ
fbem-30127	114	11	factor	factor	NOUN
fbem-30127	114	12	productivity	productivity	NOUN
fbem-30127	114	13	of	of	ADP
fbem-30127	114	14	a	a	DET
fbem-30127	114	15	-	-	PUNCT
fbem-30127	114	16	share	share	NOUN
fbem-30127	114	17	listed	list	VERB
fbem-30127	114	18	companies	company	NOUN
fbem-30127	114	19	is	be	AUX
fbem-30127	114	20	16.123	16.123	NUM
fbem-30127	114	21	,	,	PUNCT
fbem-30127	114	22	with	with	ADP
fbem-30127	114	23	a	a	DET
fbem-30127	114	24	maximum	maximum	ADJ
fbem-30127	114	25	value	value	NOUN
fbem-30127	114	26	of	of	ADP
fbem-30127	114	27	19.789	19.789	NUM
fbem-30127	114	28	and	and	CCONJ
fbem-30127	114	29	a	a	DET
fbem-30127	114	30	minimum	minimum	ADJ
fbem-30127	114	31	value	value	NOUN
fbem-30127	114	32	of	of	ADP
fbem-30127	114	33	12.778	12.778	NUM
fbem-30127	114	34	,	,	PUNCT
fbem-30127	114	35	indicating	indicate	VERB
fbem-30127	114	36	that	that	SCONJ
fbem-30127	114	37	there	there	PRON
fbem-30127	114	38	is	be	VERB
fbem-30127	114	39	a	a	DET
fbem-30127	114	40	certain	certain	ADJ
fbem-30127	114	41	gap	gap	NOUN
fbem-30127	114	42	in	in	ADP
fbem-30127	114	43	total	total	ADJ
fbem-30127	114	44	factor	factor	NOUN
fbem-30127	114	45	productivity	productivity	NOUN
fbem-30127	114	46	between	between	ADP
fbem-30127	114	47	companies	company	NOUN
fbem-30127	114	48	.	.	PUNCT
fbem-30127	115	1	the	the	DET
fbem-30127	115	2	maximum	maximum	ADJ
fbem-30127	115	3	value	value	NOUN
fbem-30127	115	4	of	of	ADP
fbem-30127	115	5	the	the	DET
fbem-30127	115	6	digital	digital	ADJ
fbem-30127	115	7	finance	finance	NOUN
fbem-30127	115	8	index	index	NOUN
fbem-30127	115	9	(	(	PUNCT
fbem-30127	115	10	difi	difi	NOUN
fbem-30127	115	11	)	)	PUNCT
fbem-30127	115	12	is	be	AUX
fbem-30127	115	13	4.321	4.321	NUM
fbem-30127	115	14	and	and	CCONJ
fbem-30127	115	15	the	the	DET
fbem-30127	115	16	minimum	minimum	ADJ
fbem-30127	115	17	value	value	NOUN
fbem-30127	115	18	is	be	AUX
fbem-30127	115	19	0.243	0.243	NUM
fbem-30127	115	20	,	,	PUNCT
fbem-30127	115	21	indicating	indicate	VERB
fbem-30127	115	22	that	that	SCONJ
fbem-30127	115	23	the	the	DET
fbem-30127	115	24	degree	degree	NOUN
fbem-30127	115	25	of	of	ADP
fbem-30127	115	26	influence	influence	NOUN
fbem-30127	115	27	of	of	ADP
fbem-30127	115	28	digital	digital	ADJ
fbem-30127	115	29	finance	finance	NOUN
fbem-30127	115	30	varies	vary	VERB
fbem-30127	115	31	among	among	ADP
fbem-30127	115	32	enterprises	enterprise	NOUN
fbem-30127	115	33	.	.	PUNCT
fbem-30127	116	1	the	the	DET
fbem-30127	116	2	mean	mean	NOUN
fbem-30127	116	3	of	of	ADP
fbem-30127	116	4	the	the	DET
fbem-30127	116	5	digital	digital	ADJ
fbem-30127	116	6	finance	finance	NOUN
fbem-30127	116	7	index	index	NOUN
fbem-30127	116	8	is	be	AUX
fbem-30127	116	9	2.541	2.541	NUM
fbem-30127	116	10	,	,	PUNCT
fbem-30127	116	11	with	with	ADP
fbem-30127	116	12	a	a	DET
fbem-30127	116	13	median	median	NOUN
fbem-30127	116	14	of	of	ADP
fbem-30127	116	15	2.662	2.662	NUM
fbem-30127	116	16	,	,	PUNCT
fbem-30127	116	17	indicating	indicate	VERB
fbem-30127	116	18	that	that	SCONJ
fbem-30127	116	19	the	the	DET
fbem-30127	116	20	digital	digital	ADJ
fbem-30127	116	21	finance	finance	NOUN
fbem-30127	116	22	index	index	NOUN
fbem-30127	116	23	in	in	ADP
fbem-30127	116	24	most	most	ADJ
fbem-30127	116	25	provinces	province	NOUN
fbem-30127	116	26	of	of	ADP
fbem-30127	116	27	china	china	PROPN
fbem-30127	116	28	is	be	AUX
fbem-30127	116	29	above	above	ADP
fbem-30127	116	30	the	the	DET
fbem-30127	116	31	mean	mean	NOUN
fbem-30127	116	32	.	.	PUNCT
fbem-30127	117	1	the	the	DET
fbem-30127	117	2	maximum	maximum	ADJ
fbem-30127	117	3	value	value	NOUN
fbem-30127	117	4	of	of	ADP
fbem-30127	117	5	revenue	revenue	NOUN
fbem-30127	117	6	growth	growth	NOUN
fbem-30127	117	7	rate	rate	NOUN
fbem-30127	117	8	is	be	AUX
fbem-30127	117	9	2.531	2.531	NUM
fbem-30127	117	10	and	and	CCONJ
fbem-30127	117	11	the	the	DET
fbem-30127	117	12	minimum	minimum	ADJ
fbem-30127	117	13	value	value	NOUN
fbem-30127	117	14	is	be	AUX
fbem-30127	117	15	-0.373	-0.373	PUNCT
fbem-30127	117	16	,	,	PUNCT
fbem-30127	117	17	indicating	indicate	VERB
fbem-30127	117	18	that	that	SCONJ
fbem-30127	117	19	there	there	PRON
fbem-30127	117	20	is	be	VERB
fbem-30127	117	21	a	a	DET
fbem-30127	117	22	gap	gap	NOUN
fbem-30127	117	23	in	in	ADP
fbem-30127	117	24	the	the	DET
fbem-30127	117	25	246	246	NUM
fbem-30127	117	26	growth	growth	NOUN
fbem-30127	117	27	ability	ability	NOUN
fbem-30127	117	28	of	of	ADP
fbem-30127	117	29	a	a	DET
fbem-30127	117	30	-	-	PUNCT
fbem-30127	117	31	share	share	NOUN
fbem-30127	117	32	listed	list	VERB
fbem-30127	117	33	companies	company	NOUN
fbem-30127	117	34	in	in	ADP
fbem-30127	117	35	china	china	PROPN
fbem-30127	117	36	,	,	PUNCT
fbem-30127	117	37	with	with	ADP
fbem-30127	117	38	an	an	DET
fbem-30127	117	39	average	average	NOUN
fbem-30127	117	40	of	of	ADP
fbem-30127	117	41	0.171	0.171	NUM
fbem-30127	117	42	and	and	CCONJ
fbem-30127	117	43	a	a	DET
fbem-30127	117	44	standard	standard	ADJ
fbem-30127	117	45	deviation	deviation	NOUN
fbem-30127	117	46	of	of	ADP
fbem-30127	117	47	0.377	0.377	NUM
fbem-30127	117	48	.	.	PUNCT
fbem-30127	118	1	this	this	PRON
fbem-30127	118	2	suggests	suggest	VERB
fbem-30127	118	3	that	that	SCONJ
fbem-30127	118	4	the	the	DET
fbem-30127	118	5	overall	overall	ADJ
fbem-30127	118	6	growth	growth	NOUN
fbem-30127	118	7	ability	ability	NOUN
fbem-30127	118	8	of	of	ADP
fbem-30127	118	9	chinese	chinese	ADJ
fbem-30127	118	10	companies	company	NOUN
fbem-30127	118	11	still	still	ADV
fbem-30127	118	12	needs	need	VERB
fbem-30127	118	13	to	to	PART
fbem-30127	118	14	be	be	AUX
fbem-30127	118	15	improved	improve	VERB
fbem-30127	118	16	.	.	PUNCT
fbem-30127	119	1	table	table	NOUN
fbem-30127	119	2	2	2	NUM
fbem-30127	119	3	.	.	PUNCT
fbem-30127	119	4	describes	describe	VERB
fbem-30127	119	5	the	the	DET
fbem-30127	119	6	statistical	statistical	ADJ
fbem-30127	119	7	results	result	NOUN
fbem-30127	119	8	variable	variable	ADJ
fbem-30127	119	9	name	name	NOUN
fbem-30127	119	10	sample	sample	NOUN
fbem-30127	119	11	size	size	NOUN
fbem-30127	119	12	mean	mean	NOUN
fbem-30127	119	13	median	median	PROPN
fbem-30127	119	14	standard	standard	ADJ
fbem-30127	119	15	deviation	deviation	NOUN
fbem-30127	119	16	min	min	PROPN
fbem-30127	119	17	max	max	PROPN
fbem-30127	119	18	tfp	tfp	PROPN
fbem-30127	119	19	-	-	PUNCT
fbem-30127	119	20	op	op	NOUN
fbem-30127	119	21	24943	24943	NUM
fbem-30127	119	22	16.121	16.121	NUM
fbem-30127	119	23	16.0241	16.0241	NUM
fbem-30127	119	24	1.304	1.304	NUM
fbem-30127	119	25	12.774	12.774	NUM
fbem-30127	119	26	19.784	19.784	NUM
fbem-30127	119	27	difi	difi	NOUN
fbem-30127	119	28	24943	24943	NUM
fbem-30127	119	29	2.546	2.546	NUM
fbem-30127	119	30	2.6718	2.6718	NUM
fbem-30127	119	31	1.016	1.016	NUM
fbem-30127	119	32	0.245	0.245	NUM
fbem-30127	119	33	4.319	4.319	NUM
fbem-30127	119	34	coverage	coverage	NOUN
fbem-30127	119	35	24943	24943	NUM
fbem-30127	119	36	2.354	2.354	NUM
fbem-30127	119	37	2.4392	2.4392	NUM
fbem-30127	119	38	0.988	0.988	NUM
fbem-30127	119	39	0.129	0.129	NUM
fbem-30127	119	40	3.97	3.97	NUM
fbem-30127	119	41	usage	usage	NOUN
fbem-30127	119	42	24943	24943	NUM
fbem-30127	119	43	2.596	2.596	NUM
fbem-30127	119	44	2.6374	2.6374	NUM
fbem-30127	119	45	1.071	1.071	NUM
fbem-30127	119	46	0.236	0.236	NUM
fbem-30127	119	47	4.887	4.887	NUM
fbem-30127	119	48	digi	digi	NOUN
fbem-30127	119	49	24943	24943	NUM
fbem-30127	119	50	3.086	3.086	NUM
fbem-30127	119	51	3.3031	3.3031	NUM
fbem-30127	119	52	1.192	1.192	NUM
fbem-30127	119	53	0.076	0.076	NUM
fbem-30127	119	54	4.537	4.537	NUM
fbem-30127	119	55	roa	roa	NOUN
fbem-30127	119	56	24943	24943	NUM
fbem-30127	119	57	0.039	0.039	NUM
fbem-30127	119	58	0.0379	0.0379	NUM
fbem-30127	119	59	0.069	0.069	NUM
fbem-30127	119	60	-0.277	-0.277	NOUN
fbem-30127	119	61	0.231	0.231	NUM
fbem-30127	119	62	growth	growth	NOUN
fbem-30127	119	63	24943	24943	NUM
fbem-30127	119	64	0.171	0.171	NUM
fbem-30127	119	65	0.0791	0.0791	NUM
fbem-30127	119	66	0.377	0.377	NUM
fbem-30127	119	67	-0.373	-0.373	PUNCT
fbem-30127	119	68	2.531	2.531	NUM
fbem-30127	119	69	size	size	NOUN
fbem-30127	119	70	24943	24943	NUM
fbem-30127	119	71	21.754	21.754	NUM
fbem-30127	119	72	21.5673	21.5673	NUM
fbem-30127	119	73	1.432	1.432	NUM
fbem-30127	119	74	18.998	18.998	NUM
fbem-30127	119	75	26.701	26.701	NUM
fbem-30127	119	76	lev	lev	NOUN
fbem-30127	119	77	24943	24943	NUM
fbem-30127	119	78	0.447	0.447	NUM
fbem-30127	119	79	0.4366	0.4366	NUM
fbem-30127	119	80	0.218	0.218	NUM
fbem-30127	119	81	0.052	0.052	NUM
fbem-30127	119	82	1.035	1.035	NUM
fbem-30127	119	83	age	age	NOUN
fbem-30127	119	84	24943	24943	NUM
fbem-30127	119	85	2.859	2.859	NUM
fbem-30127	119	86	2.8904	2.8904	NUM
fbem-30127	119	87	0.345	0.345	NUM
fbem-30127	119	88	1.792	1.792	NUM
fbem-30127	119	89	3.497	3.497	NUM
fbem-30127	119	90	cash	cash	NOUN
fbem-30127	119	91	24943	24943	NUM
fbem-30127	119	92	1.191	1.191	NUM
fbem-30127	119	93	0.5649	0.5649	NUM
fbem-30127	119	94	1.854	1.854	NUM
fbem-30127	119	95	0.033	0.033	NUM
fbem-30127	119	96	12.033	12.033	NUM
fbem-30127	119	97	indep	indep	NOUN
fbem-30127	119	98	24943	24943	NUM
fbem-30127	119	99	0.353	0.353	NUM
fbem-30127	119	100	0.3333	0.3333	NUM
fbem-30127	119	101	0.091	0.091	NUM
fbem-30127	119	102	0	0	NUM
fbem-30127	119	103	0.571	0.571	NUM
fbem-30127	119	104	4.2	4.2	NUM
fbem-30127	119	105	.	.	PUNCT
fbem-30127	120	1	benchmark	benchmark	NOUN
fbem-30127	120	2	regression	regression	NOUN
fbem-30127	120	3	test	test	NOUN
fbem-30127	120	4	after	after	ADP
fbem-30127	120	5	conducting	conduct	VERB
fbem-30127	120	6	descriptive	descriptive	ADJ
fbem-30127	120	7	statistical	statistical	ADJ
fbem-30127	120	8	analysis	analysis	NOUN
fbem-30127	120	9	,	,	PUNCT
fbem-30127	120	10	perform	perform	VERB
fbem-30127	120	11	benchmark	benchmark	NOUN
fbem-30127	120	12	regression	regression	NOUN
fbem-30127	120	13	tests	test	NOUN
fbem-30127	120	14	to	to	PART
fbem-30127	120	15	estimate	estimate	VERB
fbem-30127	120	16	the	the	DET
fbem-30127	120	17	potential	potential	ADJ
fbem-30127	120	18	impact	impact	NOUN
fbem-30127	120	19	of	of	ADP
fbem-30127	120	20	digital	digital	ADJ
fbem-30127	120	21	finance	finance	NOUN
fbem-30127	120	22	on	on	ADP
fbem-30127	120	23	total	total	ADJ
fbem-30127	120	24	factor	factor	NOUN
fbem-30127	120	25	productivity	productivity	NOUN
fbem-30127	120	26	of	of	ADP
fbem-30127	120	27	enterprises	enterprise	NOUN
fbem-30127	120	28	.	.	PUNCT
fbem-30127	121	1	table	table	NOUN
fbem-30127	121	2	3	3	NUM
fbem-30127	121	3	.	.	PUNCT
fbem-30127	121	4	benchmark	benchmark	NOUN
fbem-30127	121	5	regression	regression	NOUN
fbem-30127	121	6	results	result	VERB
fbem-30127	121	7	variable	variable	ADJ
fbem-30127	121	8	1	1	NUM
fbem-30127	121	9	2	2	NUM
fbem-30127	121	10	3	3	NUM
fbem-30127	121	11	4	4	NUM
fbem-30127	121	12	tfp	tfp	PROPN
fbem-30127	121	13	-	-	PUNCT
fbem-30127	121	14	op	op	NOUN
fbem-30127	121	15	tfp	tfp	PROPN
fbem-30127	121	16	-	-	PUNCT
fbem-30127	121	17	op	op	NOUN
fbem-30127	121	18	tfp	tfp	PROPN
fbem-30127	121	19	-	-	PUNCT
fbem-30127	121	20	op	op	NOUN
fbem-30127	121	21	tfp	tfp	PROPN
fbem-30127	121	22	-	-	PUNCT
fbem-30127	121	23	op	op	NOUN
fbem-30127	121	24	difì	difì	VERB
fbem-30127	121	25	0.0553	0.0553	PROPN
fbem-30127	121	26	*	*	PUNCT
fbem-30127	121	27	*	*	PUNCT
fbem-30127	121	28	*	*	PUNCT
fbem-30127	121	29	(	(	PUNCT
fbem-30127	121	30	-3.5361	-3.5361	NOUN
fbem-30127	121	31	)	)	PUNCT
fbem-30127	122	1	0.0440	0.0440	NUM
fbem-30127	122	2	*	*	PUNCT
fbem-30127	122	3	*	*	PUNCT
fbem-30127	122	4	*	*	PUNCT
fbem-30127	122	5	coverage	coverage	NOUN
fbem-30127	122	6	(	(	PUNCT
fbem-30127	122	7	-3.0572	-3.0572	NOUN
fbem-30127	122	8	)	)	PUNCT
fbem-30127	122	9	usage	usage	NOUN
fbem-30127	122	10	0.0404	0.0404	NUM
fbem-30127	122	11	*	*	PUNCT
fbem-30127	122	12	*	*	PUNCT
fbem-30127	122	13	*	*	PUNCT
fbem-30127	122	14	(	(	PUNCT
fbem-30127	122	15	-3.6415	-3.6415	ADJ
fbem-30127	122	16	)	)	PUNCT
fbem-30127	122	17	digi	digi	NOUN
fbem-30127	122	18	0.0514	0.0514	NUM
fbem-30127	122	19	*	*	SYM
fbem-30127	122	20	*	*	PUNCT
fbem-30127	122	21	(	(	PUNCT
fbem-30127	122	22	-2.0652	-2.0652	PROPN
fbem-30127	122	23	)	)	PUNCT
fbem-30127	122	24	roa	roa	PROPN
fbem-30127	123	1	3.0694	3.0694	NUM
fbem-30127	123	2	*	*	PUNCT
fbem-30127	123	3	*	*	PUNCT
fbem-30127	123	4	*	*	PUNCT
fbem-30127	124	1	3.0695	3.0695	NUM
fbem-30127	124	2	*	*	PUNCT
fbem-30127	124	3	*	*	PUNCT
fbem-30127	124	4	*	*	PUNCT
fbem-30127	125	1	3.0691	3.0691	NUM
fbem-30127	125	2	*	*	PUNCT
fbem-30127	125	3	*	*	PUNCT
fbem-30127	125	4	*	*	PUNCT
fbem-30127	126	1	3.0684	3.0684	NUM
fbem-30127	126	2	*	*	PUNCT
fbem-30127	126	3	*	*	PUNCT
fbem-30127	126	4	*	*	PUNCT
fbem-30127	126	5	(	(	PUNCT
fbem-30127	126	6	-36.1046	-36.1046	NUM
fbem-30127	126	7	)	)	PUNCT
fbem-30127	126	8	(	(	PUNCT
fbem-30127	126	9	-36.1077	-36.1077	NUM
fbem-30127	126	10	)	)	PUNCT
fbem-30127	126	11	(	(	PUNCT
fbem-30127	126	12	-36.1	-36.1	PROPN
fbem-30127	126	13	)	)	PUNCT
fbem-30127	126	14	(	(	PUNCT
fbem-30127	126	15	-36.1038	-36.1038	NUM
fbem-30127	126	16	)	)	PUNCT
fbem-30127	126	17	growth	growth	NOUN
fbem-30127	126	18	-0.1921	-0.1921	NOUN
fbem-30127	126	19	*	*	PUNCT
fbem-30127	126	20	*	*	PUNCT
fbem-30127	126	21	*	*	PUNCT
fbem-30127	126	22	-0.1921	-0.1921	X
fbem-30127	126	23	*	*	PUNCT
fbem-30127	126	24	*	*	PUNCT
fbem-30127	126	25	*	*	PUNCT
fbem-30127	126	26	-0.1921	-0.1921	X
fbem-30127	126	27	*	*	PUNCT
fbem-30127	126	28	*	*	PUNCT
fbem-30127	126	29	*	*	NOUN
fbem-30127	126	30	-0.1918	-0.1918	NOUN
fbem-30127	126	31	*	*	PUNCT
fbem-30127	126	32	*	*	PUNCT
fbem-30127	126	33	*	*	PUNCT
fbem-30127	126	34	(	(	PUNCT
fbem-30127	126	35	-13.5817	-13.5817	X
fbem-30127	126	36	)	)	PUNCT
fbem-30127	126	37	(	(	PUNCT
fbem-30127	126	38	-13.5826	-13.5826	NUM
fbem-30127	126	39	)	)	PUNCT
fbem-30127	126	40	(	(	PUNCT
fbem-30127	126	41	-13.5819	-13.5819	NUM
fbem-30127	126	42	)	)	PUNCT
fbem-30127	126	43	(	(	PUNCT
fbem-30127	126	44	-13.5627	-13.5627	SYM
fbem-30127	126	45	)	)	PUNCT
fbem-30127	126	46	size	size	NOUN
fbem-30127	126	47	0.7398	0.7398	NUM
fbem-30127	126	48	*	*	PUNCT
fbem-30127	126	49	*	*	PUNCT
fbem-30127	126	50	*	*	PUNCT
fbem-30127	126	51	0.7398	0.7398	NUM
fbem-30127	126	52	*	*	PUNCT
fbem-30127	126	53	*	*	PUNCT
fbem-30127	126	54	*	*	PUNCT
fbem-30127	126	55	0.7399	0.7399	NUM
fbem-30127	126	56	*	*	PUNCT
fbem-30127	126	57	*	*	PUNCT
fbem-30127	126	58	*	*	PUNCT
fbem-30127	126	59	0.7398	0.7398	NUM
fbem-30127	126	60	*	*	PUNCT
fbem-30127	126	61	*	*	PUNCT
fbem-30127	126	62	*	*	PUNCT
fbem-30127	126	63	(	(	PUNCT
fbem-30127	126	64	-170.1598	-170.1598	NOUN
fbem-30127	126	65	)	)	PUNCT
fbem-30127	126	66	(	(	PUNCT
fbem-30127	126	67	-170.1367	-170.1367	NUM
fbem-30127	126	68	)	)	PUNCT
fbem-30127	126	69	(	(	PUNCT
fbem-30127	126	70	-170.1895	-170.1895	NUM
fbem-30127	126	71	)	)	PUNCT
fbem-30127	126	72	(	(	PUNCT
fbem-30127	126	73	-170.168	-170.168	NOUN
fbem-30127	126	74	)	)	PUNCT
fbem-30127	126	75	lev	lev	NOUN
fbem-30127	126	76	0.6507	0.6507	NUM
fbem-30127	126	77	*	*	PUNCT
fbem-30127	126	78	*	*	PUNCT
fbem-30127	126	79	*	*	PUNCT
fbem-30127	126	80	0.6509	0.6509	NUM
fbem-30127	126	81	*	*	PUNCT
fbem-30127	126	82	*	*	PUNCT
fbem-30127	126	83	*	*	PUNCT
fbem-30127	126	84	0.6506	0.6506	NUM
fbem-30127	126	85	*	*	PUNCT
fbem-30127	126	86	*	*	PUNCT
fbem-30127	126	87	*	*	PUNCT
fbem-30127	127	1	0.6516	0.6516	NUM
fbem-30127	127	2	*	*	PUNCT
fbem-30127	127	3	*	*	PUNCT
fbem-30127	127	4	*	*	PUNCT
fbem-30127	127	5	(	(	PUNCT
fbem-30127	127	6	-21.9835	-21.9835	NUM
fbem-30127	127	7	)	)	PUNCT
fbem-30127	127	8	(	(	PUNCT
fbem-30127	127	9	-21.9936	-21.9936	INTJ
fbem-30127	127	10	)	)	PUNCT
fbem-30127	127	11	(	(	PUNCT
fbem-30127	127	12	-21.9763	-21.9763	NUM
fbem-30127	127	13	)	)	PUNCT
fbem-30127	127	14	(	(	PUNCT
fbem-30127	127	15	-22.0083	-22.0083	SYM
fbem-30127	127	16	)	)	PUNCT
fbem-30127	127	17	age	age	NOUN
fbem-30127	127	18	-0.0061	-0.0061	NOUN
fbem-30127	127	19	-0.0065	-0.0065	PROPN
fbem-30127	127	20	-0.006	-0.006	PROPN
fbem-30127	127	21	-0.0095	-0.0095	NOUN
fbem-30127	127	22	(	(	PUNCT
fbem-30127	127	23	-0.4324	-0.4324	ADJ
fbem-30127	127	24	)	)	PUNCT
fbem-30127	127	25	(	(	PUNCT
fbem-30127	127	26	-0.4577	-0.4577	INTJ
fbem-30127	127	27	)	)	PUNCT
fbem-30127	127	28	(	(	PUNCT
fbem-30127	127	29	-0.4257	-0.4257	NOUN
fbem-30127	127	30	)	)	PUNCT
fbem-30127	127	31	(	(	PUNCT
fbem-30127	127	32	-0.6694	-0.6694	ADV
fbem-30127	127	33	)	)	PUNCT
fbem-30127	127	34	cash	cash	NOUN
fbem-30127	127	35	0.0195	0.0195	NUM
fbem-30127	127	36	*	*	NOUN
fbem-30127	127	37	*	*	PUNCT
fbem-30127	127	38	*	*	PUNCT
fbem-30127	127	39	0.0195	0.0195	NUM
fbem-30127	127	40	*	*	NOUN
fbem-30127	127	41	*	*	PUNCT
fbem-30127	127	42	*	*	PUNCT
fbem-30127	127	43	0.0195	0.0195	NUM
fbem-30127	127	44	*	*	PUNCT
fbem-30127	127	45	*	*	PUNCT
fbem-30127	127	46	*	*	PUNCT
fbem-30127	127	47	0.0198	0.0198	NUM
fbem-30127	127	48	*	*	PUNCT
fbem-30127	127	49	*	*	PUNCT
fbem-30127	127	50	*	*	PUNCT
fbem-30127	127	51	(	(	PUNCT
fbem-30127	127	52	-8.3049	-8.3049	NOUN
fbem-30127	127	53	)	)	PUNCT
fbem-30127	127	54	(	(	PUNCT
fbem-30127	127	55	-8.3044	-8.3044	PROPN
fbem-30127	127	56	)	)	PUNCT
fbem-30127	127	57	(	(	PUNCT
fbem-30127	127	58	-8.3389	-8.3389	NOUN
fbem-30127	127	59	)	)	PUNCT
fbem-30127	127	60	(	(	PUNCT
fbem-30127	127	61	-8.4528	-8.4528	NOUN
fbem-30127	127	62	)	)	PUNCT
fbem-30127	127	63	indep	indep	NOUN
fbem-30127	127	64	0.2589	0.2589	NUM
fbem-30127	127	65	*	*	PUNCT
fbem-30127	127	66	*	*	PUNCT
fbem-30127	127	67	*	*	PUNCT
fbem-30127	127	68	0.2595	0.2595	NUM
fbem-30127	127	69	…	…	PUNCT
fbem-30127	127	70	0.2585	0.2585	NUM
fbem-30127	127	71	*	*	PUNCT
fbem-30127	127	72	*	*	PUNCT
fbem-30127	127	73	*	*	PUNCT
fbem-30127	128	1	0.2610	0.2610	NUM
fbem-30127	128	2	*	*	PUNCT
fbem-30127	128	3	*	*	PUNCT
fbem-30127	128	4	*	*	PUNCT
fbem-30127	128	5	(	(	PUNCT
fbem-30127	128	6	-5.5236	-5.5236	INTJ
fbem-30127	128	7	)	)	PUNCT
fbem-30127	128	8	(	(	PUNCT
fbem-30127	128	9	-5.5335	-5.5335	PROPN
fbem-30127	128	10	)	)	PUNCT
fbem-30127	128	11	(	(	PUNCT
fbem-30127	128	12	-5.5146	-5.5146	ADV
fbem-30127	128	13	)	)	PUNCT
fbem-30127	128	14	(	(	PUNCT
fbem-30127	128	15	-5.5705	-5.5705	NOUN
fbem-30127	128	16	)	)	PUNCT
fbem-30127	128	17	constant	constant	ADJ
fbem-30127	128	18	-0.5426	-0.5426	NOUN
fbem-30127	128	19	*	*	PUNCT
fbem-30127	128	20	*	*	PUNCT
fbem-30127	128	21	*	*	PUNCT
fbem-30127	128	22	-0.5362	-0.5362	ADJ
fbem-30127	128	23	*	*	PUNCT
fbem-30127	128	24	*	*	PUNCT
fbem-30127	128	25	*	*	PUNCT
fbem-30127	128	26	-0.5385	-0.5385	NOUN
fbem-30127	128	27	*	*	PUNCT
fbem-30127	128	28	*	*	PUNCT
fbem-30127	128	29	*	*	PUNCT
fbem-30127	128	30	-0.535	-0.535	NOUN
fbem-30127	128	31	*	*	PUNCT
fbem-30127	128	32	*	*	PUNCT
fbem-30127	128	33	*	*	PUNCT
fbem-30127	128	34	(	(	PUNCT
fbem-30127	128	35	-5.2349	-5.2349	PROPN
fbem-30127	128	36	)	)	PUNCT
fbem-30127	128	37	(	(	PUNCT
fbem-30127	128	38	-5.1747	-5.1747	INTJ
fbem-30127	128	39	)	)	PUNCT
fbem-30127	128	40	(	(	PUNCT
fbem-30127	128	41	-5.2021	-5.2021	NOUN
fbem-30127	128	42	)	)	PUNCT
fbem-30127	128	43	(	(	PUNCT
fbem-30127	128	44	-5.1499	-5.1499	NOUN
fbem-30127	128	45	)	)	PUNCT
fbem-30127	128	46	industry	industry	NOUN
fbem-30127	128	47	fixed	fix	VERB
fbem-30127	129	1	yes	yes	INTJ
fbem-30127	130	1	yes	yes	INTJ
fbem-30127	131	1	yes	yes	INTJ
fbem-30127	132	1	yes	yes	INTJ
fbem-30127	132	2	fixed	fix	VERB
fbem-30127	132	3	year	year	NOUN
fbem-30127	133	1	yes	yes	INTJ
fbem-30127	134	1	yes	yes	INTJ
fbem-30127	135	1	yes	yes	INTJ
fbem-30127	136	1	yes	yes	INTJ
fbem-30127	137	1	n	n	CCONJ
fbem-30127	137	2	24943	24943	NUM
fbem-30127	137	3	24943	24943	NUM
fbem-30127	137	4	24943	24943	NUM
fbem-30127	137	5	24943	24943	NUM
fbem-30127	137	6	adj.r²	adj.r²	VERB
fbem-30127	137	7	0.734	0.734	NUM
fbem-30127	137	8	0.734	0.734	NUM
fbem-30127	137	9	0.734	0.734	NUM
fbem-30127	137	10	0.734	0.734	NUM
fbem-30127	137	11	note	note	NOUN
fbem-30127	137	12	:	:	PUNCT
fbem-30127	137	13	*	*	PUNCT
fbem-30127	137	14	,	,	PUNCT
fbem-30127	137	15	*	*	PUNCT
fbem-30127	138	1	*	*	PUNCT
fbem-30127	138	2	,	,	PUNCT
fbem-30127	138	3	*	*	PUNCT
fbem-30127	138	4	*	*	PUNCT
fbem-30127	138	5	*	*	PUNCT
fbem-30127	138	6	indicate	indicate	VERB
fbem-30127	138	7	significant	significant	ADJ
fbem-30127	138	8	at	at	ADP
fbem-30127	138	9	the	the	DET
fbem-30127	138	10	10	10	NUM
fbem-30127	138	11	%	%	NOUN
fbem-30127	138	12	,	,	PUNCT
fbem-30127	138	13	5	5	NUM
fbem-30127	138	14	%	%	NOUN
fbem-30127	138	15	,	,	PUNCT
fbem-30127	138	16	and	and	CCONJ
fbem-30127	138	17	1	1	NUM
fbem-30127	138	18	%	%	NOUN
fbem-30127	138	19	levels	level	NOUN
fbem-30127	138	20	,	,	PUNCT
fbem-30127	138	21	respectively	respectively	ADV
fbem-30127	138	22	.	.	PUNCT
fbem-30127	139	1	the	the	DET
fbem-30127	139	2	t	t	PROPN
fbem-30127	139	3	-	-	PUNCT
fbem-30127	139	4	statistic	statistic	NOUN
fbem-30127	139	5	is	be	AUX
fbem-30127	139	6	in	in	ADP
fbem-30127	139	7	parentheses	parenthesis	NOUN
fbem-30127	139	8	,	,	PUNCT
fbem-30127	139	9	the	the	DET
fbem-30127	139	10	same	same	ADJ
fbem-30127	139	11	applies	apply	VERB
fbem-30127	139	12	below	below	ADV
fbem-30127	139	13	.	.	PUNCT
fbem-30127	140	1	the	the	DET
fbem-30127	140	2	first	first	ADJ
fbem-30127	140	3	to	to	ADP
fbem-30127	140	4	fourth	fourth	ADJ
fbem-30127	140	5	columns	column	NOUN
fbem-30127	140	6	of	of	ADP
fbem-30127	140	7	table	table	NOUN
fbem-30127	140	8	3	3	NUM
fbem-30127	140	9	show	show	VERB
fbem-30127	140	10	the	the	DET
fbem-30127	140	11	regression	regression	NOUN
fbem-30127	140	12	results	result	NOUN
fbem-30127	140	13	of	of	ADP
fbem-30127	140	14	the	the	DET
fbem-30127	140	15	impact	impact	NOUN
fbem-30127	140	16	of	of	ADP
fbem-30127	140	17	the	the	DET
fbem-30127	140	18	total	total	ADJ
fbem-30127	140	19	digital	digital	ADJ
fbem-30127	140	20	finance	finance	NOUN
fbem-30127	140	21	index	index	NOUN
fbem-30127	140	22	,	,	PUNCT
fbem-30127	140	23	coverage	coverage	NOUN
fbem-30127	140	24	breadth	breadth	NOUN
fbem-30127	140	25	,	,	PUNCT
fbem-30127	140	26	usage	usage	NOUN
fbem-30127	140	27	depth	depth	NOUN
fbem-30127	140	28	,	,	PUNCT
fbem-30127	140	29	and	and	CCONJ
fbem-30127	140	30	digitalization	digitalization	NOUN
fbem-30127	140	31	degree	degree	NOUN
fbem-30127	140	32	on	on	ADP
fbem-30127	140	33	the	the	DET
fbem-30127	140	34	total	total	ADJ
fbem-30127	140	35	factor	factor	NOUN
fbem-30127	140	36	productivity	productivity	NOUN
fbem-30127	140	37	(	(	PUNCT
fbem-30127	140	38	tfp	tfp	PROPN
fbem-30127	140	39	)	)	PUNCT
fbem-30127	140	40	of	of	ADP
fbem-30127	140	41	enterprises	enterprise	NOUN
fbem-30127	140	42	.	.	PUNCT
fbem-30127	141	1	overall	overall	ADV
fbem-30127	141	2	,	,	PUNCT
fbem-30127	141	3	the	the	DET
fbem-30127	141	4	coefficients	coefficient	NOUN
fbem-30127	141	5	of	of	ADP
fbem-30127	141	6	digital	digital	ADJ
fbem-30127	141	7	finance	finance	NOUN
fbem-30127	141	8	and	and	CCONJ
fbem-30127	141	9	its	its	PRON
fbem-30127	141	10	sub	sub	NOUN
fbem-30127	141	11	dimensions	dimension	NOUN
fbem-30127	141	12	are	be	AUX
fbem-30127	141	13	significantly	significantly	ADV
fbem-30127	141	14	positive	positive	ADJ
fbem-30127	141	15	,	,	PUNCT
fbem-30127	141	16	indicating	indicate	VERB
fbem-30127	141	17	that	that	SCONJ
fbem-30127	141	18	various	various	ADJ
fbem-30127	141	19	aspects	aspect	NOUN
fbem-30127	141	20	of	of	ADP
fbem-30127	141	21	digital	digital	ADJ
fbem-30127	141	22	finance	finance	NOUN
fbem-30127	141	23	development	development	NOUN
fbem-30127	141	24	have	have	VERB
fbem-30127	141	25	a	a	DET
fbem-30127	141	26	significant	significant	ADJ
fbem-30127	141	27	driving	driving	NOUN
fbem-30127	141	28	effect	effect	NOUN
fbem-30127	141	29	on	on	ADP
fbem-30127	141	30	the	the	DET
fbem-30127	141	31	growth	growth	NOUN
fbem-30127	141	32	of	of	ADP
fbem-30127	141	33	enterprise	enterprise	NOUN
fbem-30127	141	34	tfp	tfp	NOUN
fbem-30127	141	35	,	,	PUNCT
fbem-30127	141	36	thus	thus	ADV
fbem-30127	141	37	verifying	verify	VERB
fbem-30127	141	38	hypothesis	hypothesis	NOUN
fbem-30127	141	39	1	1	NUM
fbem-30127	141	40	.	.	PUNCT
fbem-30127	142	1	specifically	specifically	ADV
fbem-30127	142	2	,	,	PUNCT
fbem-30127	142	3	column	column	NOUN
fbem-30127	142	4	(	(	PUNCT
fbem-30127	142	5	1	1	X
fbem-30127	142	6	)	)	PUNCT
fbem-30127	142	7	displays	display	VERB
fbem-30127	142	8	the	the	DET
fbem-30127	142	9	regression	regression	NOUN
fbem-30127	142	10	results	result	NOUN
fbem-30127	142	11	of	of	ADP
fbem-30127	142	12	the	the	DET
fbem-30127	142	13	digital	digital	ADJ
fbem-30127	142	14	finance	finance	NOUN
fbem-30127	142	15	index	index	NOUN
fbem-30127	142	16	,	,	PUNCT
fbem-30127	142	17	with	with	ADP
fbem-30127	142	18	a	a	DET
fbem-30127	142	19	coefficient	coefficient	NOUN
fbem-30127	142	20	of	of	ADP
fbem-30127	142	21	0.0553	0.0553	NUM
fbem-30127	142	22	and	and	CCONJ
fbem-30127	142	23	a	a	DET
fbem-30127	142	24	significant	significant	ADJ
fbem-30127	142	25	positive	positive	ADJ
fbem-30127	142	26	value	value	NOUN
fbem-30127	142	27	at	at	ADP
fbem-30127	142	28	the	the	DET
fbem-30127	142	29	1	1	NUM
fbem-30127	142	30	%	%	NOUN
fbem-30127	142	31	level	level	NOUN
fbem-30127	142	32	.	.	PUNCT
fbem-30127	143	1	this	this	PRON
fbem-30127	143	2	means	mean	VERB
fbem-30127	143	3	that	that	SCONJ
fbem-30127	143	4	for	for	SCONJ
fbem-30127	143	5	every	every	DET
fbem-30127	143	6	unit	unit	NOUN
fbem-30127	143	7	increase	increase	NOUN
fbem-30127	143	8	in	in	ADP
fbem-30127	143	9	the	the	DET
fbem-30127	143	10	digital	digital	ADJ
fbem-30127	143	11	finance	finance	NOUN
fbem-30127	143	12	index	index	NOUN
fbem-30127	143	13	,	,	PUNCT
fbem-30127	143	14	the	the	DET
fbem-30127	143	15	tfp	tfp	PROPN
fbem-30127	143	16	of	of	ADP
fbem-30127	143	17	enterprises	enterprise	NOUN
fbem-30127	143	18	will	will	AUX
fbem-30127	143	19	increase	increase	VERB
fbem-30127	143	20	by	by	ADP
fbem-30127	143	21	0.055	0.055	NUM
fbem-30127	143	22	units	unit	NOUN
fbem-30127	143	23	.	.	PUNCT
fbem-30127	144	1	the	the	DET
fbem-30127	144	2	regression	regression	NOUN
fbem-30127	144	3	results	result	VERB
fbem-30127	144	4	for	for	ADP
fbem-30127	144	5	coverage	coverage	NOUN
fbem-30127	144	6	breadth	breadth	NOUN
fbem-30127	144	7	and	and	CCONJ
fbem-30127	144	8	usage	usage	NOUN
fbem-30127	144	9	depth	depth	NOUN
fbem-30127	144	10	are	be	AUX
fbem-30127	144	11	shown	show	VERB
fbem-30127	144	12	in	in	ADP
fbem-30127	144	13	columns	column	NOUN
fbem-30127	144	14	(	(	PUNCT
fbem-30127	144	15	2	2	NUM
fbem-30127	144	16	)	)	PUNCT
fbem-30127	144	17	and	and	CCONJ
fbem-30127	144	18	(	(	PUNCT
fbem-30127	144	19	3	3	NUM
fbem-30127	144	20	)	)	PUNCT
fbem-30127	144	21	,	,	PUNCT
fbem-30127	144	22	respectively	respectively	ADV
fbem-30127	144	23	,	,	PUNCT
fbem-30127	144	24	with	with	ADP
fbem-30127	144	25	coefficients	coefficient	NOUN
fbem-30127	144	26	of	of	ADP
fbem-30127	144	27	0.0440	0.0440	NUM
fbem-30127	144	28	and	and	CCONJ
fbem-30127	144	29	0.0404	0.0404	NUM
fbem-30127	144	30	,	,	PUNCT
fbem-30127	144	31	both	both	PRON
fbem-30127	144	32	significant	significant	ADJ
fbem-30127	144	33	at	at	ADP
fbem-30127	144	34	the	the	DET
fbem-30127	144	35	1	1	NUM
fbem-30127	144	36	%	%	NOUN
fbem-30127	144	37	level	level	NOUN
fbem-30127	144	38	.	.	PUNCT
fbem-30127	145	1	this	this	PRON
fbem-30127	145	2	indicates	indicate	VERB
fbem-30127	145	3	that	that	SCONJ
fbem-30127	145	4	the	the	DET
fbem-30127	145	5	breadth	breadth	NOUN
fbem-30127	145	6	of	of	ADP
fbem-30127	145	7	coverage	coverage	NOUN
fbem-30127	145	8	and	and	CCONJ
fbem-30127	145	9	depth	depth	NOUN
fbem-30127	145	10	of	of	ADP
fbem-30127	145	11	247	247	NUM
fbem-30127	145	12	use	use	NOUN
fbem-30127	145	13	of	of	ADP
fbem-30127	145	14	digital	digital	ADJ
fbem-30127	145	15	finance	finance	NOUN
fbem-30127	145	16	have	have	VERB
fbem-30127	145	17	a	a	DET
fbem-30127	145	18	positive	positive	ADJ
fbem-30127	145	19	effect	effect	NOUN
fbem-30127	145	20	on	on	ADP
fbem-30127	145	21	improving	improve	VERB
fbem-30127	145	22	the	the	DET
fbem-30127	145	23	tfp	tfp	NOUN
fbem-30127	145	24	of	of	ADP
fbem-30127	145	25	enterprises	enterprise	NOUN
fbem-30127	145	26	.	.	PUNCT
fbem-30127	146	1	the	the	DET
fbem-30127	146	2	fourth	fourth	ADJ
fbem-30127	146	3	column	column	NOUN
fbem-30127	146	4	shows	show	VERB
fbem-30127	146	5	the	the	DET
fbem-30127	146	6	regression	regression	NOUN
fbem-30127	146	7	results	result	NOUN
fbem-30127	146	8	of	of	ADP
fbem-30127	146	9	the	the	DET
fbem-30127	146	10	degree	degree	NOUN
fbem-30127	146	11	of	of	ADP
fbem-30127	146	12	digitization	digitization	NOUN
fbem-30127	146	13	,	,	PUNCT
fbem-30127	146	14	with	with	ADP
fbem-30127	146	15	a	a	DET
fbem-30127	146	16	coefficient	coefficient	NOUN
fbem-30127	146	17	of	of	ADP
fbem-30127	146	18	0.0514	0.0514	NUM
fbem-30127	146	19	,	,	PUNCT
fbem-30127	146	20	which	which	PRON
fbem-30127	146	21	is	be	AUX
fbem-30127	146	22	significant	significant	ADJ
fbem-30127	146	23	at	at	ADP
fbem-30127	146	24	the	the	DET
fbem-30127	146	25	5	5	NUM
fbem-30127	146	26	%	%	NOUN
fbem-30127	146	27	level	level	NOUN
fbem-30127	146	28	.	.	PUNCT
fbem-30127	147	1	this	this	PRON
fbem-30127	147	2	indicates	indicate	VERB
fbem-30127	147	3	that	that	SCONJ
fbem-30127	147	4	the	the	DET
fbem-30127	147	5	increase	increase	NOUN
fbem-30127	147	6	in	in	ADP
fbem-30127	147	7	digitalization	digitalization	NOUN
fbem-30127	147	8	contributes	contribute	VERB
fbem-30127	147	9	to	to	ADP
fbem-30127	147	10	the	the	DET
fbem-30127	147	11	growth	growth	NOUN
fbem-30127	147	12	of	of	ADP
fbem-30127	147	13	total	total	ADJ
fbem-30127	147	14	factor	factor	NOUN
fbem-30127	147	15	productivity	productivity	NOUN
fbem-30127	147	16	in	in	ADP
fbem-30127	147	17	enterprises	enterprise	NOUN
fbem-30127	147	18	.	.	PUNCT
fbem-30127	148	1	4.3	4.3	NUM
fbem-30127	148	2	.	.	PUNCT
fbem-30127	148	3	robustness	robustness	NOUN
fbem-30127	148	4	and	and	CCONJ
fbem-30127	148	5	endogeneity	endogeneity	NOUN
fbem-30127	148	6	tests	test	NOUN
fbem-30127	148	7	in	in	ADP
fbem-30127	148	8	order	order	NOUN
fbem-30127	148	9	to	to	PART
fbem-30127	148	10	examine	examine	VERB
fbem-30127	148	11	the	the	DET
fbem-30127	148	12	impact	impact	NOUN
fbem-30127	148	13	of	of	ADP
fbem-30127	148	14	different	different	ADJ
fbem-30127	148	15	measurement	measurement	NOUN
fbem-30127	148	16	methods	method	NOUN
fbem-30127	148	17	for	for	ADP
fbem-30127	148	18	total	total	ADJ
fbem-30127	148	19	factor	factor	NOUN
fbem-30127	148	20	productivity	productivity	NOUN
fbem-30127	148	21	of	of	ADP
fbem-30127	148	22	enterprises	enterprise	NOUN
fbem-30127	148	23	on	on	ADP
fbem-30127	148	24	research	research	NOUN
fbem-30127	148	25	conclusions	conclusion	NOUN
fbem-30127	148	26	,	,	PUNCT
fbem-30127	148	27	this	this	DET
fbem-30127	148	28	paper	paper	NOUN
fbem-30127	148	29	re	re	AUX
fbem-30127	148	30	estimated	estimate	VERB
fbem-30127	148	31	the	the	DET
fbem-30127	148	32	total	total	ADJ
fbem-30127	148	33	factor	factor	NOUN
fbem-30127	148	34	productivity	productivity	NOUN
fbem-30127	148	35	of	of	ADP
fbem-30127	148	36	enterprises	enterprise	NOUN
fbem-30127	148	37	using	use	VERB
fbem-30127	148	38	lp	lp	PROPN
fbem-30127	148	39	method	method	NOUN
fbem-30127	148	40	,	,	PUNCT
fbem-30127	148	41	fe	fe	NOUN
fbem-30127	148	42	method	method	NOUN
fbem-30127	148	43	,	,	PUNCT
fbem-30127	148	44	and	and	CCONJ
fbem-30127	148	45	gmm	gmm	PROPN
fbem-30127	148	46	method	method	NOUN
fbem-30127	148	47	,	,	PUNCT
fbem-30127	148	48	and	and	CCONJ
fbem-30127	148	49	used	use	VERB
fbem-30127	148	50	the	the	DET
fbem-30127	148	51	results	result	NOUN
fbem-30127	148	52	as	as	ADP
fbem-30127	148	53	the	the	DET
fbem-30127	148	54	dependent	dependent	ADJ
fbem-30127	148	55	variable	variable	NOUN
fbem-30127	148	56	for	for	ADP
fbem-30127	148	57	benchmark	benchmark	ADJ
fbem-30127	148	58	regression	regression	NOUN
fbem-30127	148	59	again	again	ADV
fbem-30127	148	60	.	.	PUNCT
fbem-30127	149	1	the	the	DET
fbem-30127	149	2	robustness	robustness	NOUN
fbem-30127	149	3	results	result	NOUN
fbem-30127	149	4	are	be	AUX
fbem-30127	149	5	shown	show	VERB
fbem-30127	149	6	in	in	ADP
fbem-30127	149	7	table	table	NOUN
fbem-30127	149	8	4	4	NUM
fbem-30127	149	9	.	.	PUNCT
fbem-30127	150	1	the	the	DET
fbem-30127	150	2	results	result	NOUN
fbem-30127	150	3	show	show	VERB
fbem-30127	150	4	that	that	SCONJ
fbem-30127	150	5	the	the	DET
fbem-30127	150	6	digital	digital	ADJ
fbem-30127	150	7	financial	financial	ADJ
fbem-30127	150	8	coefficients	coefficient	NOUN
fbem-30127	150	9	have	have	AUX
fbem-30127	150	10	passed	pass	VERB
fbem-30127	150	11	the	the	DET
fbem-30127	150	12	significance	significance	NOUN
fbem-30127	150	13	test	test	NOUN
fbem-30127	150	14	,	,	PUNCT
fbem-30127	150	15	and	and	CCONJ
fbem-30127	150	16	the	the	DET
fbem-30127	150	17	reliability	reliability	NOUN
fbem-30127	150	18	of	of	ADP
fbem-30127	150	19	the	the	DET
fbem-30127	150	20	benchmark	benchmark	NOUN
fbem-30127	150	21	regression	regression	NOUN
fbem-30127	150	22	results	result	NOUN
fbem-30127	150	23	in	in	ADP
fbem-30127	150	24	the	the	DET
fbem-30127	150	25	previous	previous	ADJ
fbem-30127	150	26	section	section	NOUN
fbem-30127	150	27	has	have	AUX
fbem-30127	150	28	been	be	AUX
fbem-30127	150	29	verified	verify	VERB
fbem-30127	150	30	.	.	PUNCT
fbem-30127	151	1	table	table	NOUN
fbem-30127	151	2	4	4	NUM
fbem-30127	151	3	.	.	PUNCT
fbem-30127	152	1	results	result	NOUN
fbem-30127	152	2	of	of	ADP
fbem-30127	152	3	robustness	robustness	NOUN
fbem-30127	152	4	test	test	NOUN
fbem-30127	152	5	variable	variable	NOUN
fbem-30127	152	6	1	1	NUM
fbem-30127	152	7	2	2	NUM
fbem-30127	152	8	3	3	NUM
fbem-30127	152	9	4	4	NUM
fbem-30127	152	10	tfp	tfp	PROPN
fbem-30127	152	11	-	-	PUNCT
fbem-30127	152	12	op	op	NOUN
fbem-30127	152	13	tfp	tfp	PROPN
fbem-30127	152	14	-	-	PUNCT
fbem-30127	152	15	lp	lp	NOUN
fbem-30127	152	16	tfp	tfp	PROPN
fbem-30127	152	17	-	-	PUNCT
fbem-30127	152	18	fe	fe	NOUN
fbem-30127	152	19	tfp	tfp	PROPN
fbem-30127	152	20	-	-	PUNCT
fbem-30127	152	21	gmm	gmm	PROPN
fbem-30127	152	22	difi	difi	NOUN
fbem-30127	152	23	0.0553	0.0553	NUM
fbem-30127	152	24	*	*	PUNCT
fbem-30127	152	25	*	*	PUNCT
fbem-30127	152	26	*	*	PUNCT
fbem-30127	152	27	0.0119	0.0119	NUM
fbem-30127	152	28	*	*	NOUN
fbem-30127	152	29	0.0248	0.0248	NUM
fbem-30127	152	30	*	*	PUNCT
fbem-30127	152	31	*	*	PUNCT
fbem-30127	153	1	0.0413	0.0413	NUM
fbem-30127	153	2	*	*	PUNCT
fbem-30127	153	3	*	*	PUNCT
fbem-30127	153	4	(	(	PUNCT
fbem-30127	153	5	-3.5361	-3.5361	NOUN
fbem-30127	153	6	)	)	PUNCT
fbem-30127	153	7	(	(	PUNCT
fbem-30127	153	8	-1.9585	-1.9585	NOUN
fbem-30127	153	9	)	)	PUNCT
fbem-30127	153	10	(	(	PUNCT
fbem-30127	153	11	-2.3415	-2.3415	ADV
fbem-30127	153	12	)	)	PUNCT
fbem-30127	153	13	(	(	PUNCT
fbem-30127	153	14	-2.5067	-2.5067	PROPN
fbem-30127	153	15	)	)	PUNCT
fbem-30127	153	16	roa	roa	NOUN
fbem-30127	153	17	3.0694	3.0694	NUM
fbem-30127	153	18	*	*	PROPN
fbem-30127	153	19	*	*	PUNCT
fbem-30127	153	20	*	*	PUNCT
fbem-30127	154	1	1.1898	1.1898	NUM
fbem-30127	154	2	*	*	PUNCT
fbem-30127	154	3	*	*	PUNCT
fbem-30127	154	4	*	*	PUNCT
fbem-30127	155	1	1.4788	1.4788	NUM
fbem-30127	155	2	*	*	PUNCT
fbem-30127	155	3	*	*	PUNCT
fbem-30127	155	4	*	*	PUNCT
fbem-30127	155	5	2.1113	2.1113	NUM
fbem-30127	155	6	*	*	PUNCT
fbem-30127	155	7	*	*	PUNCT
fbem-30127	155	8	*	*	PUNCT
fbem-30127	155	9	(	(	PUNCT
fbem-30127	155	10	-36.1046	-36.1046	NUM
fbem-30127	155	11	)	)	PUNCT
fbem-30127	155	12	(	(	PUNCT
fbem-30127	155	13	-35.4758	-35.4758	X
fbem-30127	155	14	)	)	PUNCT
fbem-30127	155	15	(	(	PUNCT
fbem-30127	155	16	-23.355	-23.355	PROPN
fbem-30127	155	17	)	)	PUNCT
fbem-30127	155	18	(	(	PUNCT
fbem-30127	155	19	-25.2396	-25.2396	X
fbem-30127	155	20	)	)	PUNCT
fbem-30127	155	21	growth	growth	NOUN
fbem-30127	155	22	-0.1921	-0.1921	NOUN
fbem-30127	155	23	*	*	PUNCT
fbem-30127	155	24	*	*	PUNCT
fbem-30127	155	25	*	*	NOUN
fbem-30127	155	26	-0.0555	-0.0555	NOUN
fbem-30127	155	27	*	*	PUNCT
fbem-30127	155	28	*	*	PUNCT
fbem-30127	155	29	*	*	PUNCT
fbem-30127	155	30	-0.0680	-0.0680	PROPN
fbem-30127	155	31	*	*	PUNCT
fbem-30127	155	32	*	*	PUNCT
fbem-30127	155	33	*	*	PUNCT
fbem-30127	155	34	0.0472	0.0472	NUM
fbem-30127	155	35	*	*	PUNCT
fbem-30127	155	36	*	*	PUNCT
fbem-30127	155	37	*	*	PUNCT
fbem-30127	155	38	(	(	PUNCT
fbem-30127	155	39	-13.5817	-13.5817	X
fbem-30127	155	40	)	)	PUNCT
fbem-30127	155	41	(	(	PUNCT
fbem-30127	155	42	-10.1346	-10.1346	NUM
fbem-30127	155	43	)	)	PUNCT
fbem-30127	155	44	(	(	PUNCT
fbem-30127	155	45	-6.7337	-6.7337	NOUN
fbem-30127	155	46	)	)	PUNCT
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fbem-30127	155	49	)	)	PUNCT
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fbem-30127	155	52	*	*	PUNCT
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fbem-30127	155	54	*	*	PUNCT
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fbem-30127	155	56	*	*	PUNCT
fbem-30127	155	57	*	*	PUNCT
fbem-30127	155	58	*	*	PUNCT
fbem-30127	156	1	0.1584	0.1584	NUM
fbem-30127	156	2	*	*	PUNCT
fbem-30127	156	3	*	*	PUNCT
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fbem-30127	156	6	*	*	PUNCT
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fbem-30127	156	8	*	*	PUNCT
fbem-30127	156	9	(	(	PUNCT
fbem-30127	156	10	-170.1598	-170.1598	NOUN
fbem-30127	156	11	)	)	PUNCT
fbem-30127	156	12	(	(	PUNCT
fbem-30127	156	13	-144.5769	-144.5769	PROPN
fbem-30127	156	14	)	)	PUNCT
fbem-30127	156	15	(	(	PUNCT
fbem-30127	156	16	-51.7008	-51.7008	NOUN
fbem-30127	156	17	)	)	PUNCT
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fbem-30127	156	20	)	)	PUNCT
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fbem-30127	156	23	*	*	PUNCT
fbem-30127	156	24	*	*	PUNCT
fbem-30127	156	25	*	*	PUNCT
fbem-30127	157	1	0.2932	0.2932	NUM
fbem-30127	157	2	*	*	PUNCT
fbem-30127	157	3	*	*	PUNCT
fbem-30127	157	4	*	*	PUNCT
fbem-30127	157	5	-0.3740	-0.3740	NOUN
fbem-30127	157	6	*	*	PUNCT
fbem-30127	157	7	*	*	PUNCT
fbem-30127	157	8	*	*	PUNCT
fbem-30127	157	9	0.8970	0.8970	X
fbem-30127	157	10	*	*	PUNCT
fbem-30127	157	11	*	*	PUNCT
fbem-30127	157	12	*	*	PUNCT
fbem-30127	157	13	(	(	PUNCT
fbem-30127	157	14	-21.9835	-21.9835	NUM
fbem-30127	157	15	)	)	PUNCT
fbem-30127	157	16	(	(	PUNCT
fbem-30127	157	17	-24.892	-24.892	NOUN
fbem-30127	157	18	)	)	PUNCT
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fbem-30127	157	21	)	)	PUNCT
fbem-30127	157	22	(	(	PUNCT
fbem-30127	157	23	-30.0785	-30.0785	X
fbem-30127	157	24	)	)	PUNCT
fbem-30127	157	25	age	age	NOUN
fbem-30127	157	26	-0.0061	-0.0061	NOUN
fbem-30127	158	1	0.0150	0.0150	NUM
fbem-30127	158	2	*	*	PUNCT
fbem-30127	158	3	*	*	PUNCT
fbem-30127	158	4	*	*	NOUN
fbem-30127	158	5	-0.0244	-0.0244	PROPN
fbem-30127	158	6	*	*	PUNCT
fbem-30127	158	7	0.0932	0.0932	NUM
fbem-30127	158	8	*	*	PUNCT
fbem-30127	158	9	*	*	PUNCT
fbem-30127	158	10	*	*	PUNCT
fbem-30127	158	11	(	(	PUNCT
fbem-30127	158	12	-0.4324	-0.4324	ADJ
fbem-30127	158	13	)	)	PUNCT
fbem-30127	158	14	(	(	PUNCT
fbem-30127	158	15	-2.7084	-2.7084	NOUN
fbem-30127	158	16	)	)	PUNCT
fbem-30127	158	17	(	(	PUNCT
fbem-30127	158	18	-2.5264	-2.5264	NOUN
fbem-30127	158	19	)	)	PUNCT
fbem-30127	158	20	(	(	PUNCT
fbem-30127	158	21	-6.2761	-6.2761	NOUN
fbem-30127	158	22	)	)	PUNCT
fbem-30127	158	23	cash	cash	NOUN
fbem-30127	158	24	0.0195	0.0195	NUM
fbem-30127	158	25	*	*	NOUN
fbem-30127	158	26	*	*	PUNCT
fbem-30127	158	27	*	*	SYM
fbem-30127	158	28	0	0	NUM
fbem-30127	158	29	-0.002	-0.002	PUNCT
fbem-30127	158	30	-0.0003	-0.0003	ADJ
fbem-30127	158	31	(	(	PUNCT
fbem-30127	158	32	-8.3049	-8.3049	NOUN
fbem-30127	158	33	)	)	PUNCT
fbem-30127	158	34	(	(	PUNCT
fbem-30127	158	35	-0.0452	-0.0452	NOUN
fbem-30127	158	36	)	)	PUNCT
fbem-30127	158	37	(	(	PUNCT
fbem-30127	158	38	-1.2829	-1.2829	NOUN
fbem-30127	158	39	)	)	PUNCT
fbem-30127	158	40	(	(	PUNCT
fbem-30127	158	41	-0.1326	-0.1326	NOUN
fbem-30127	158	42	)	)	PUNCT
fbem-30127	158	43	indep	indep	NOUN
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fbem-30127	158	45	*	*	PUNCT
fbem-30127	158	46	*	*	PUNCT
fbem-30127	158	47	*	*	PUNCT
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fbem-30127	158	49	*	*	PUNCT
fbem-30127	159	1	*	*	PUNCT
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fbem-30127	159	3	*	*	PUNCT
fbem-30127	159	4	*	*	PUNCT
fbem-30127	159	5	*	*	PUNCT
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fbem-30127	159	7	*	*	PUNCT
fbem-30127	159	8	*	*	PUNCT
fbem-30127	159	9	*	*	PUNCT
fbem-30127	159	10	(	(	PUNCT
fbem-30127	159	11	-5.5236	-5.5236	INTJ
fbem-30127	159	12	)	)	PUNCT
fbem-30127	159	13	(	(	PUNCT
fbem-30127	159	14	-1.9808	-1.9808	NOUN
fbem-30127	159	15	)	)	PUNCT
fbem-30127	159	16	(	(	PUNCT
fbem-30127	159	17	-7.4535	-7.4535	NOUN
fbem-30127	159	18	)	)	PUNCT
fbem-30127	159	19	(	(	PUNCT
fbem-30127	159	20	-18.2288	-18.2288	CCONJ
fbem-30127	159	21	)	)	PUNCT
fbem-30127	159	22	constant	constant	ADJ
fbem-30127	159	23	-0.5426	-0.5426	NOUN
fbem-30127	159	24	*	*	PUNCT
fbem-30127	159	25	*	*	PUNCT
fbem-30127	159	26	*	*	PUNCT
fbem-30127	160	1	3.4626	3.4626	NUM
fbem-30127	160	2	*	*	PUNCT
fbem-30127	160	3	*	*	PUNCT
fbem-30127	160	4	*	*	PUNCT
fbem-30127	160	5	0.3802	0.3802	NUM
fbem-30127	160	6	*	*	PUNCT
fbem-30127	160	7	*	*	PUNCT
fbem-30127	160	8	*	*	PUNCT
fbem-30127	160	9	1.3138	1.3138	NUM
fbem-30127	160	10	*	*	PUNCT
fbem-30127	160	11	*	*	PUNCT
fbem-30127	160	12	*	*	PUNCT
fbem-30127	160	13	(	(	PUNCT
fbem-30127	160	14	-5.2349	-5.2349	PROPN
fbem-30127	160	15	)	)	PUNCT
fbem-30127	160	16	(	(	PUNCT
fbem-30127	160	17	-85.4685	-85.4685	NUM
fbem-30127	160	18	)	)	PUNCT
fbem-30127	160	19	(	(	PUNCT
fbem-30127	160	20	-5.0774	-5.0774	NOUN
fbem-30127	160	21	)	)	PUNCT
fbem-30127	160	22	(	(	PUNCT
fbem-30127	160	23	-12.6192	-12.6192	X
fbem-30127	160	24	)	)	PUNCT
fbem-30127	160	25	industry	industry	NOUN
fbem-30127	160	26	fixed	fix	VERB
fbem-30127	161	1	yes	yes	INTJ
fbem-30127	162	1	yes	yes	INTJ
fbem-30127	163	1	yes	yes	INTJ
fbem-30127	164	1	yes	yes	INTJ
fbem-30127	164	2	fixed	fix	VERB
fbem-30127	164	3	year	year	NOUN
fbem-30127	165	1	yes	yes	INTJ
fbem-30127	166	1	yes	yes	INTJ
fbem-30127	167	1	yes	yes	INTJ
fbem-30127	168	1	yes	yes	INTJ
fbem-30127	169	1	n	n	CCONJ
fbem-30127	169	2	24943	24943	NUM
fbem-30127	169	3	24943	24943	NUM
fbem-30127	169	4	24943	24943	NUM
fbem-30127	169	5	24943	24943	NUM
fbem-30127	169	6	adj.r²	adj.r²	VERB
fbem-30127	169	7	0.734	0.734	NUM
fbem-30127	169	8	0.677	0.677	NUM
fbem-30127	169	9	0.206	0.206	NUM
fbem-30127	169	10	0.146	0.146	NUM
fbem-30127	169	11	4.4	4.4	NUM
fbem-30127	169	12	.	.	PUNCT
fbem-30127	170	1	heterogeneity	heterogeneity	NOUN
fbem-30127	170	2	test	test	NOUN
fbem-30127	170	3	table	table	NOUN
fbem-30127	170	4	5	5	NUM
fbem-30127	170	5	.	.	PUNCT
fbem-30127	170	6	heterogeneity	heterogeneity	NOUN
fbem-30127	170	7	test	test	NOUN
fbem-30127	170	8	results	result	VERB
fbem-30127	170	9	variable	variable	ADJ
fbem-30127	170	10	state	state	NOUN
fbem-30127	170	11	-	-	PUNCT
fbem-30127	170	12	owned	own	VERB
fbem-30127	170	13	non	non	ADJ
fbem-30127	170	14	-	-	ADJ
fbem-30127	170	15	state	state	ADJ
fbem-30127	170	16	tfp	tfp	PROPN
fbem-30127	170	17	-	-	PUNCT
fbem-30127	170	18	op	op	NOUN
fbem-30127	170	19	tfp	tfp	PROPN
fbem-30127	170	20	-	-	PUNCT
fbem-30127	170	21	op	op	NOUN
fbem-30127	170	22	difi	difi	NOUN
fbem-30127	170	23	0.0216	0.0216	NUM
fbem-30127	170	24	0.0732	0.0732	NUM
fbem-30127	170	25	*	*	PUNCT
fbem-30127	170	26	*	*	PUNCT
fbem-30127	170	27	*	*	PUNCT
fbem-30127	170	28	(	(	PUNCT
fbem-30127	170	29	-0.8558	-0.8558	ADJ
fbem-30127	170	30	)	)	PUNCT
fbem-30127	170	31	(	(	PUNCT
fbem-30127	170	32	-3.5522	-3.5522	X
fbem-30127	170	33	)	)	PUNCT
fbem-30127	170	34	roa	roa	PROPN
fbem-30127	171	1	2.9942	2.9942	NUM
fbem-30127	171	2	*	*	PUNCT
fbem-30127	171	3	*	*	PUNCT
fbem-30127	171	4	*	*	PUNCT
fbem-30127	171	5	3.0985	3.0985	NUM
fbem-30127	171	6	*	*	PUNCT
fbem-30127	171	7	*	*	PUNCT
fbem-30127	171	8	*	*	PUNCT
fbem-30127	171	9	(	(	PUNCT
fbem-30127	171	10	-22.1079	-22.1079	NUM
fbem-30127	171	11	)	)	PUNCT
fbem-30127	171	12	(	(	PUNCT
fbem-30127	171	13	-28.1796	-28.1796	X
fbem-30127	171	14	)	)	PUNCT
fbem-30127	171	15	growth	growth	NOUN
fbem-30127	171	16	-0.1272	-0.1272	NOUN
fbem-30127	171	17	*	*	PUNCT
fbem-30127	172	1	*	*	PUNCT
fbem-30127	172	2	*	*	PUNCT
fbem-30127	172	3	-0.2203	-0.2203	PUNCT
fbem-30127	172	4	*	*	PUNCT
fbem-30127	172	5	*	*	PUNCT
fbem-30127	172	6	*	*	PUNCT
fbem-30127	172	7	(	(	PUNCT
fbem-30127	172	8	-4.9158	-4.9158	PROPN
fbem-30127	172	9	)	)	PUNCT
fbem-30127	172	10	(	(	PUNCT
fbem-30127	172	11	-12.9641	-12.9641	NUM
fbem-30127	172	12	)	)	PUNCT
fbem-30127	172	13	size	size	NOUN
fbem-30127	172	14	0.7322	0.7322	NUM
fbem-30127	172	15	*	*	PUNCT
fbem-30127	172	16	*	*	PUNCT
fbem-30127	172	17	*	*	PUNCT
fbem-30127	173	1	0.7422	0.7422	NUM
fbem-30127	173	2	*	*	PUNCT
fbem-30127	173	3	*	*	PUNCT
fbem-30127	173	4	*	*	PUNCT
fbem-30127	173	5	(	(	PUNCT
fbem-30127	173	6	-100.3996	-100.3996	NOUN
fbem-30127	173	7	)	)	PUNCT
fbem-30127	173	8	(	(	PUNCT
fbem-30127	173	9	-136.4207	-136.4207	NOUN
fbem-30127	173	10	)	)	PUNCT
fbem-30127	173	11	lev	lev	NOUN
fbem-30127	173	12	0.5896	0.5896	NUM
fbem-30127	173	13	*	*	PUNCT
fbem-30127	173	14	*	*	PUNCT
fbem-30127	173	15	*	*	PUNCT
fbem-30127	173	16	0.6867	0.6867	NUM
fbem-30127	173	17	*	*	PUNCT
fbem-30127	173	18	*	*	PUNCT
fbem-30127	173	19	*	*	PUNCT
fbem-30127	173	20	(	(	PUNCT
fbem-30127	173	21	-12.0278	-12.0278	NUM
fbem-30127	173	22	)	)	PUNCT
fbem-30127	173	23	(	(	PUNCT
fbem-30127	173	24	-18.3535	-18.3535	X
fbem-30127	173	25	)	)	PUNCT
fbem-30127	173	26	age	age	NOUN
fbem-30127	173	27	0.0128	0.0128	NUM
fbem-30127	173	28	0.0005	0.0005	NUM
fbem-30127	173	29	(	(	PUNCT
fbem-30127	173	30	-0.4058	-0.4058	ADJ
fbem-30127	173	31	)	)	PUNCT
fbem-30127	173	32	(	(	PUNCT
fbem-30127	173	33	-0.0271	-0.0271	NOUN
fbem-30127	173	34	)	)	PUNCT
fbem-30127	173	35	cash	cash	NOUN
fbem-30127	173	36	0.0210	0.0210	NUM
fbem-30127	173	37	*	*	PUNCT
fbem-30127	173	38	*	*	PUNCT
fbem-30127	173	39	*	*	PUNCT
fbem-30127	173	40	0.0188	0.0188	NUM
fbem-30127	173	41	*	*	PUNCT
fbem-30127	173	42	*	*	PUNCT
fbem-30127	173	43	*	*	PUNCT
fbem-30127	173	44	(	(	PUNCT
fbem-30127	173	45	-3.4386	-3.4386	X
fbem-30127	173	46	)	)	PUNCT
fbem-30127	173	47	(	(	PUNCT
fbem-30127	173	48	-7.2584	-7.2584	NOUN
fbem-30127	173	49	)	)	PUNCT
fbem-30127	173	50	indep	indep	NOUN
fbem-30127	173	51	0.3067	0.3067	NUM
fbem-30127	173	52	*	*	PUNCT
fbem-30127	173	53	*	*	PUNCT
fbem-30127	173	54	*	*	PUNCT
fbem-30127	173	55	0.1814	0.1814	PUNCT
fbem-30127	173	56	*	*	PUNCT
fbem-30127	173	57	*	*	PUNCT
fbem-30127	173	58	*	*	PUNCT
fbem-30127	173	59	(	(	PUNCT
fbem-30127	173	60	-4.3945	-4.3945	ADJ
fbem-30127	173	61	)	)	PUNCT
fbem-30127	173	62	(	(	PUNCT
fbem-30127	173	63	-2.8024	-2.8024	NOUN
fbem-30127	173	64	)	)	PUNCT
fbem-30127	173	65	constant	constant	ADJ
fbem-30127	173	66	-0.2984	-0.2984	PROPN
fbem-30127	173	67	*	*	PUNCT
fbem-30127	173	68	-0.6714	-0.6714	PROPN
fbem-30127	173	69	*	*	PUNCT
fbem-30127	173	70	*	*	PUNCT
fbem-30127	173	71	*	*	PUNCT
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fbem-30127	173	74	)	)	PUNCT
fbem-30127	173	75	(	(	PUNCT
fbem-30127	173	76	-5.2364	-5.2364	NOUN
fbem-30127	173	77	)	)	PUNCT
fbem-30127	173	78	industry	industry	NOUN
fbem-30127	173	79	fixed	fix	VERB
fbem-30127	174	1	yes	yes	INTJ
fbem-30127	174	2	yes	yes	INTJ
fbem-30127	174	3	fixed	fix	VERB
fbem-30127	174	4	year	year	NOUN
fbem-30127	175	1	yes	yes	INTJ
fbem-30127	176	1	yes	yes	INTJ
fbem-30127	177	1	n	n	CCONJ
fbem-30127	177	2	9198	9198	NUM
fbem-30127	177	3	15745	15745	NUM
fbem-30127	177	4	adj.r²	adj.r²	VERB
fbem-30127	177	5	0.722	0.722	NUM
fbem-30127	177	6	0.739	0.739	NUM
fbem-30127	177	7	all	all	DET
fbem-30127	177	8	enterprises	enterprise	NOUN
fbem-30127	177	9	face	face	VERB
fbem-30127	177	10	external	external	ADJ
fbem-30127	177	11	financing	financing	NOUN
fbem-30127	177	12	difficulties	difficulty	NOUN
fbem-30127	177	13	when	when	SCONJ
fbem-30127	177	14	improving	improve	VERB
fbem-30127	177	15	total	total	ADJ
fbem-30127	177	16	factor	factor	NOUN
fbem-30127	177	17	productivity	productivity	NOUN
fbem-30127	177	18	(	(	PUNCT
fbem-30127	177	19	tfp	tfp	PROPN
fbem-30127	177	20	)	)	PUNCT
fbem-30127	177	21	.	.	PUNCT
fbem-30127	178	1	state	state	NOUN
fbem-30127	178	2	owned	own	VERB
fbem-30127	178	3	enterprises	enterprise	NOUN
fbem-30127	178	4	have	have	VERB
fbem-30127	178	5	limited	limit	VERB
fbem-30127	178	6	financing	financing	NOUN
fbem-30127	178	7	constraints	constraint	NOUN
fbem-30127	178	8	due	due	ADJ
fbem-30127	178	9	to	to	ADP
fbem-30127	178	10	national	national	ADJ
fbem-30127	178	11	credit	credit	NOUN
fbem-30127	178	12	guarantees	guarantee	NOUN
fbem-30127	178	13	and	and	CCONJ
fbem-30127	178	14	government	government	NOUN
fbem-30127	178	15	support	support	NOUN
fbem-30127	178	16	,	,	PUNCT
fbem-30127	178	17	and	and	CCONJ
fbem-30127	178	18	the	the	DET
fbem-30127	178	19	marginal	marginal	ADJ
fbem-30127	178	20	contribution	contribution	NOUN
fbem-30127	178	21	of	of	ADP
fbem-30127	178	22	digital	digital	ADJ
fbem-30127	178	23	finance	finance	NOUN
fbem-30127	178	24	to	to	ADP
fbem-30127	178	25	them	they	PRON
fbem-30127	178	26	is	be	AUX
fbem-30127	178	27	limited	limited	ADJ
fbem-30127	178	28	.	.	PUNCT
fbem-30127	179	1	in	in	ADP
fbem-30127	179	2	contrast	contrast	NOUN
fbem-30127	179	3	,	,	PUNCT
fbem-30127	179	4	non	non	ADJ
fbem-30127	179	5	-	-	ADJ
fbem-30127	179	6	state	state	NOUN
fbem-30127	179	7	-	-	PUNCT
fbem-30127	179	8	owned	own	VERB
fbem-30127	179	9	enterprises	enterprise	NOUN
fbem-30127	179	10	have	have	VERB
fbem-30127	179	11	weak	weak	ADJ
fbem-30127	179	12	resource	resource	NOUN
fbem-30127	179	13	accumulation	accumulation	NOUN
fbem-30127	179	14	and	and	CCONJ
fbem-30127	179	15	rely	rely	VERB
fbem-30127	179	16	on	on	ADP
fbem-30127	179	17	external	external	ADJ
fbem-30127	179	18	financing	financing	NOUN
fbem-30127	179	19	.	.	PUNCT
fbem-30127	180	1	however	however	ADV
fbem-30127	180	2	,	,	PUNCT
fbem-30127	180	3	they	they	PRON
fbem-30127	180	4	often	often	ADV
fbem-30127	180	5	face	face	VERB
fbem-30127	180	6	credit	credit	NOUN
fbem-30127	180	7	discrimination	discrimination	NOUN
fbem-30127	180	8	and	and	CCONJ
fbem-30127	180	9	severe	severe	ADJ
fbem-30127	180	10	financing	financing	NOUN
fbem-30127	180	11	difficulties	difficulty	NOUN
fbem-30127	180	12	in	in	ADP
fbem-30127	180	13	traditional	traditional	ADJ
fbem-30127	180	14	financial	financial	ADJ
fbem-30127	180	15	markets	market	NOUN
fbem-30127	180	16	,	,	PUNCT
fbem-30127	180	17	which	which	PRON
fbem-30127	180	18	is	be	AUX
fbem-30127	180	19	not	not	PART
fbem-30127	180	20	conducive	conducive	ADJ
fbem-30127	180	21	to	to	ADP
fbem-30127	180	22	innovation	innovation	NOUN
fbem-30127	180	23	and	and	CCONJ
fbem-30127	180	24	total	total	ADJ
fbem-30127	180	25	factor	factor	NOUN
fbem-30127	180	26	productivitygrowth	productivitygrowth	NOUN
fbem-30127	180	27	.	.	PUNCT
fbem-30127	181	1	digital	digital	ADJ
fbem-30127	181	2	finance	finance	NOUN
fbem-30127	181	3	aims	aim	VERB
fbem-30127	181	4	to	to	PART
fbem-30127	181	5	counteract	counteract	VERB
fbem-30127	181	6	credit	credit	NOUN
fbem-30127	181	7	discrimination	discrimination	NOUN
fbem-30127	181	8	against	against	ADP
fbem-30127	181	9	non	non	ADJ
fbem-30127	181	10	-	-	ADJ
fbem-30127	181	11	state	state	ADJ
fbem-30127	181	12	enterprises	enterprise	NOUN
fbem-30127	181	13	through	through	ADP
fbem-30127	181	14	digital	digital	ADJ
fbem-30127	181	15	means	mean	NOUN
fbem-30127	181	16	,	,	PUNCT
fbem-30127	181	17	alleviate	alleviate	VERB
fbem-30127	181	18	financing	financing	NOUN
fbem-30127	181	19	restrictions	restriction	NOUN
fbem-30127	181	20	,	,	PUNCT
fbem-30127	181	21	and	and	CCONJ
fbem-30127	181	22	may	may	AUX
fbem-30127	181	23	have	have	VERB
fbem-30127	181	24	a	a	DET
fbem-30127	181	25	positive	positive	ADJ
fbem-30127	181	26	impact	impact	NOUN
fbem-30127	181	27	on	on	ADP
fbem-30127	181	28	the	the	DET
fbem-30127	181	29	total	total	ADJ
fbem-30127	181	30	factor	factor	NOUN
fbem-30127	181	31	productivity	productivity	NOUN
fbem-30127	181	32	of	of	ADP
fbem-30127	181	33	enterprises	enterprise	NOUN
fbem-30127	181	34	.	.	PUNCT
fbem-30127	182	1	this	this	DET
fbem-30127	182	2	article	article	NOUN
fbem-30127	182	3	explores	explore	VERB
fbem-30127	182	4	the	the	DET
fbem-30127	182	5	differences	difference	NOUN
fbem-30127	182	6	in	in	ADP
fbem-30127	182	7	the	the	DET
fbem-30127	182	8	impact	impact	NOUN
fbem-30127	182	9	of	of	ADP
fbem-30127	182	10	digital	digital	ADJ
fbem-30127	182	11	finance	finance	NOUN
fbem-30127	182	12	on	on	ADP
fbem-30127	182	13	tfp	tfp	PROPN
fbem-30127	182	14	of	of	ADP
fbem-30127	182	15	enterprises	enterprise	NOUN
fbem-30127	182	16	with	with	ADP
fbem-30127	182	17	different	different	ADJ
fbem-30127	182	18	ownership	ownership	NOUN
fbem-30127	182	19	types	type	NOUN
fbem-30127	182	20	by	by	ADP
fbem-30127	182	21	examining	examine	VERB
fbem-30127	182	22	information	information	NOUN
fbem-30127	182	23	related	relate	VERB
fbem-30127	182	24	to	to	ADP
fbem-30127	182	25	state	state	NOUN
fbem-30127	182	26	-	-	PUNCT
fbem-30127	182	27	owned	own	VERB
fbem-30127	182	28	and	and	CCONJ
fbem-30127	182	29	non	non	ADJ
fbem-30127	182	30	-	-	ADJ
fbem-30127	182	31	state	state	NOUN
fbem-30127	182	32	-	-	PUNCT
fbem-30127	182	33	owned	own	VERB
fbem-30127	182	34	enterprises	enterprise	NOUN
fbem-30127	182	35	.	.	PUNCT
fbem-30127	183	1	the	the	DET
fbem-30127	183	2	results	result	NOUN
fbem-30127	183	3	are	be	AUX
fbem-30127	183	4	shown	show	VERB
fbem-30127	183	5	in	in	ADP
fbem-30127	183	6	table	table	NOUN
fbem-30127	183	7	5	5	NUM
fbem-30127	183	8	.	.	PUNCT
fbem-30127	184	1	the	the	DET
fbem-30127	184	2	grouped	group	VERB
fbem-30127	184	3	regression	regression	NOUN
fbem-30127	184	4	results	result	NOUN
fbem-30127	184	5	in	in	ADP
fbem-30127	184	6	table	table	NOUN
fbem-30127	184	7	5	5	NUM
fbem-30127	184	8	indicate	indicate	VERB
fbem-30127	184	9	that	that	SCONJ
fbem-30127	184	10	the	the	DET
fbem-30127	184	11	positive	positive	ADJ
fbem-30127	184	12	relationship	relationship	NOUN
fbem-30127	184	13	between	between	ADP
fbem-30127	184	14	digital	digital	ADJ
fbem-30127	184	15	finance	finance	NOUN
fbem-30127	184	16	and	and	CCONJ
fbem-30127	184	17	tfp	tfp	PROPN
fbem-30127	184	18	of	of	ADP
fbem-30127	184	19	stateowned	stateowne	VERB
fbem-30127	184	20	enterprises	enterprise	NOUN
fbem-30127	184	21	is	be	AUX
fbem-30127	184	22	not	not	PART
fbem-30127	184	23	significant	significant	ADJ
fbem-30127	184	24	,	,	PUNCT
fbem-30127	184	25	but	but	CCONJ
fbem-30127	184	26	it	it	PRON
fbem-30127	184	27	shows	show	VERB
fbem-30127	184	28	a	a	DET
fbem-30127	184	29	positive	positive	ADJ
fbem-30127	184	30	correlation	correlation	NOUN
fbem-30127	184	31	with	with	ADP
fbem-30127	184	32	tfp	tfp	PROPN
fbem-30127	184	33	of	of	ADP
fbem-30127	184	34	non	non	ADJ
fbem-30127	184	35	-	-	ADJ
fbem-30127	184	36	state	state	NOUN
fbem-30127	184	37	-	-	PUNCT
fbem-30127	184	38	owned	own	VERB
fbem-30127	184	39	enterprises	enterprise	NOUN
fbem-30127	184	40	at	at	ADP
fbem-30127	184	41	the	the	DET
fbem-30127	184	42	1	1	NUM
fbem-30127	184	43	%	%	NOUN
fbem-30127	184	44	significance	significance	NOUN
fbem-30127	184	45	level	level	NOUN
fbem-30127	184	46	,	,	PUNCT
fbem-30127	184	47	with	with	ADP
fbem-30127	184	48	a	a	DET
fbem-30127	184	49	coefficient	coefficient	NOUN
fbem-30127	184	50	of	of	ADP
fbem-30127	184	51	0.0732	0.0732	NUM
fbem-30127	184	52	.	.	PUNCT
fbem-30127	185	1	this	this	PRON
fbem-30127	185	2	indicates	indicate	VERB
fbem-30127	185	3	that	that	SCONJ
fbem-30127	185	4	digital	digital	ADJ
fbem-30127	185	5	finance	finance	NOUN
fbem-30127	185	6	has	have	VERB
fbem-30127	185	7	a	a	DET
fbem-30127	185	8	more	more	ADV
fbem-30127	185	9	significant	significant	ADJ
fbem-30127	185	10	driving	driving	NOUN
fbem-30127	185	11	effect	effect	NOUN
fbem-30127	185	12	on	on	ADP
fbem-30127	185	13	the	the	DET
fbem-30127	185	14	tfp	tfp	PROPN
fbem-30127	185	15	of	of	ADP
fbem-30127	185	16	non	non	ADJ
fbem-30127	185	17	-	-	ADJ
fbem-30127	185	18	state	state	NOUN
fbem-30127	185	19	-	-	PUNCT
fbem-30127	185	20	owned	own	VERB
fbem-30127	185	21	enterprises	enterprise	NOUN
fbem-30127	185	22	.	.	PUNCT
fbem-30127	186	1	the	the	DET
fbem-30127	186	2	main	main	ADJ
fbem-30127	186	3	reason	reason	NOUN
fbem-30127	186	4	is	be	AUX
fbem-30127	186	5	that	that	SCONJ
fbem-30127	186	6	digital	digital	ADJ
fbem-30127	186	7	finance	finance	NOUN
fbem-30127	186	8	supports	support	VERB
fbem-30127	186	9	diversified	diversified	ADJ
fbem-30127	186	10	financing	financing	NOUN
fbem-30127	186	11	channels	channel	NOUN
fbem-30127	186	12	through	through	ADP
fbem-30127	186	13	technologies	technology	NOUN
fbem-30127	186	14	such	such	ADJ
fbem-30127	186	15	as	as	ADP
fbem-30127	186	16	cloud	cloud	NOUN
fbem-30127	186	17	computing	computing	NOUN
fbem-30127	186	18	and	and	CCONJ
fbem-30127	186	19	blockchain	blockchain	PROPN
fbem-30127	186	20	,	,	PUNCT
fbem-30127	186	21	optimizes	optimize	VERB
fbem-30127	186	22	the	the	DET
fbem-30127	186	23	credit	credit	NOUN
fbem-30127	186	24	evaluation	evaluation	NOUN
fbem-30127	186	25	system	system	NOUN
fbem-30127	186	26	,	,	PUNCT
fbem-30127	186	27	and	and	CCONJ
fbem-30127	186	28	thus	thus	ADV
fbem-30127	186	29	improves	improve	VERB
fbem-30127	186	30	the	the	DET
fbem-30127	186	31	financing	financing	NOUN
fbem-30127	186	32	success	success	NOUN
fbem-30127	186	33	rate	rate	NOUN
fbem-30127	186	34	of	of	ADP
fbem-30127	186	35	non	non	ADJ
fbem-30127	186	36	-	-	ADJ
fbem-30127	186	37	state	state	NOUN
fbem-30127	186	38	-	-	PUNCT
fbem-30127	186	39	owned	own	VERB
fbem-30127	186	40	enterprises	enterprise	NOUN
fbem-30127	186	41	.	.	PUNCT
fbem-30127	187	1	in	in	ADP
fbem-30127	187	2	addition	addition	NOUN
fbem-30127	187	3	,	,	PUNCT
fbem-30127	187	4	the	the	DET
fbem-30127	187	5	application	application	NOUN
fbem-30127	187	6	of	of	ADP
fbem-30127	187	7	big	big	ADJ
fbem-30127	187	8	data	datum	NOUN
fbem-30127	187	9	technology	technology	NOUN
fbem-30127	187	10	effectively	effectively	ADV
fbem-30127	187	11	alleviates	alleviate	VERB
fbem-30127	187	12	the	the	DET
fbem-30127	187	13	problem	problem	NOUN
fbem-30127	187	14	of	of	ADP
fbem-30127	187	15	information	information	NOUN
fbem-30127	187	16	asymmetry	asymmetry	NOUN
fbem-30127	187	17	,	,	PUNCT
fbem-30127	187	18	248	248	NUM
fbem-30127	187	19	enabling	enable	VERB
fbem-30127	187	20	investors	investor	NOUN
fbem-30127	187	21	to	to	PART
fbem-30127	187	22	more	more	ADV
fbem-30127	187	23	scientifically	scientifically	ADV
fbem-30127	187	24	evaluate	evaluate	VERB
fbem-30127	187	25	the	the	DET
fbem-30127	187	26	investment	investment	NOUN
fbem-30127	187	27	value	value	NOUN
fbem-30127	187	28	of	of	ADP
fbem-30127	187	29	non	non	ADJ
fbem-30127	187	30	-	-	ADJ
fbem-30127	187	31	state	state	NOUN
fbem-30127	187	32	-	-	PUNCT
fbem-30127	187	33	owned	own	VERB
fbem-30127	187	34	enterprises	enterprise	NOUN
fbem-30127	187	35	and	and	CCONJ
fbem-30127	187	36	further	far	ADV
fbem-30127	187	37	promoting	promote	VERB
fbem-30127	187	38	their	their	PRON
fbem-30127	187	39	financing	financing	NOUN
fbem-30127	187	40	capabilities	capability	NOUN
fbem-30127	187	41	.	.	PUNCT
fbem-30127	188	1	non	non	PRON
fbem-30127	188	2	state	state	NOUN
fbem-30127	188	3	-	-	PUNCT
fbem-30127	188	4	owned	own	VERB
fbem-30127	188	5	enterprises	enterprise	NOUN
fbem-30127	188	6	have	have	AUX
fbem-30127	188	7	fully	fully	ADV
fbem-30127	188	8	utilized	utilize	VERB
fbem-30127	188	9	the	the	DET
fbem-30127	188	10	opportunities	opportunity	NOUN
fbem-30127	188	11	brought	bring	VERB
fbem-30127	188	12	by	by	ADP
fbem-30127	188	13	digital	digital	ADJ
fbem-30127	188	14	finance	finance	NOUN
fbem-30127	188	15	,	,	PUNCT
fbem-30127	188	16	increased	increase	VERB
fbem-30127	188	17	equipment	equipment	NOUN
fbem-30127	188	18	updates	update	NOUN
fbem-30127	188	19	and	and	CCONJ
fbem-30127	188	20	research	research	NOUN
fbem-30127	188	21	and	and	CCONJ
fbem-30127	188	22	development	development	NOUN
fbem-30127	188	23	investment	investment	NOUN
fbem-30127	188	24	,	,	PUNCT
fbem-30127	188	25	significantly	significantly	ADV
fbem-30127	188	26	improved	improve	VERB
fbem-30127	188	27	production	production	NOUN
fbem-30127	188	28	efficiency	efficiency	NOUN
fbem-30127	188	29	and	and	CCONJ
fbem-30127	188	30	technological	technological	ADJ
fbem-30127	188	31	level	level	NOUN
fbem-30127	188	32	,	,	PUNCT
fbem-30127	188	33	and	and	CCONJ
fbem-30127	188	34	thus	thus	ADV
fbem-30127	188	35	promoted	promote	VERB
fbem-30127	188	36	the	the	DET
fbem-30127	188	37	growth	growth	NOUN
fbem-30127	188	38	of	of	ADP
fbem-30127	188	39	tfp	tfp	PROPN
fbem-30127	188	40	.	.	PUNCT
fbem-30127	189	1	in	in	ADP
fbem-30127	189	2	contrast	contrast	NOUN
fbem-30127	189	3	,	,	PUNCT
fbem-30127	189	4	state	state	NOUN
fbem-30127	189	5	-	-	PUNCT
fbem-30127	189	6	owned	own	VERB
fbem-30127	189	7	enterprises	enterprise	NOUN
fbem-30127	189	8	have	have	VERB
fbem-30127	189	9	relatively	relatively	ADV
fbem-30127	189	10	limited	limit	VERB
fbem-30127	189	11	promotion	promotion	NOUN
fbem-30127	189	12	effect	effect	NOUN
fbem-30127	189	13	of	of	ADP
fbem-30127	189	14	digital	digital	ADJ
fbem-30127	189	15	finance	finance	NOUN
fbem-30127	189	16	on	on	ADP
fbem-30127	189	17	their	their	PRON
fbem-30127	189	18	tfp	tfp	PROPN
fbem-30127	189	19	due	due	ADP
fbem-30127	189	20	to	to	ADP
fbem-30127	189	21	smaller	small	ADJ
fbem-30127	189	22	financing	financing	NOUN
fbem-30127	189	23	constraints	constraint	NOUN
fbem-30127	189	24	and	and	CCONJ
fbem-30127	189	25	insufficient	insufficient	ADJ
fbem-30127	189	26	motivation	motivation	NOUN
fbem-30127	189	27	for	for	ADP
fbem-30127	189	28	technological	technological	ADJ
fbem-30127	189	29	upgrading	upgrading	NOUN
fbem-30127	189	30	.	.	PUNCT
fbem-30127	190	1	4.5	4.5	NUM
fbem-30127	190	2	.	.	PUNCT
fbem-30127	191	1	impact	impact	NOUN
fbem-30127	191	2	mechanism	mechanism	NOUN
fbem-30127	191	3	testing	test	VERB
fbem-30127	191	4	this	this	DET
fbem-30127	191	5	article	article	NOUN
fbem-30127	191	6	adopts	adopt	VERB
fbem-30127	191	7	a	a	DET
fbem-30127	191	8	mediation	mediation	NOUN
fbem-30127	191	9	effect	effect	NOUN
fbem-30127	191	10	test	test	NOUN
fbem-30127	191	11	step	step	NOUN
fbem-30127	191	12	to	to	PART
fbem-30127	191	13	further	far	ADV
fbem-30127	191	14	analyze	analyze	VERB
fbem-30127	191	15	the	the	DET
fbem-30127	191	16	path	path	NOUN
fbem-30127	191	17	through	through	ADP
fbem-30127	191	18	which	which	PRON
fbem-30127	191	19	digital	digital	ADJ
fbem-30127	191	20	finance	finance	NOUN
fbem-30127	191	21	affects	affect	VERB
fbem-30127	191	22	the	the	DET
fbem-30127	191	23	total	total	ADJ
fbem-30127	191	24	factor	factor	NOUN
fbem-30127	191	25	productivity	productivity	NOUN
fbem-30127	191	26	of	of	ADP
fbem-30127	191	27	enterprises	enterprise	NOUN
fbem-30127	191	28	.	.	PUNCT
fbem-30127	192	1	it	it	PRON
fbem-30127	192	2	introduces	introduce	VERB
fbem-30127	192	3	r&d	r&d	NOUN
fbem-30127	192	4	investment	investment	NOUN
fbem-30127	192	5	intensity	intensity	NOUN
fbem-30127	192	6	,	,	PUNCT
fbem-30127	192	7	human	human	ADJ
fbem-30127	192	8	capital	capital	NOUN
fbem-30127	192	9	level	level	NOUN
fbem-30127	192	10	,	,	PUNCT
fbem-30127	192	11	resource	resource	NOUN
fbem-30127	192	12	allocation	allocation	NOUN
fbem-30127	192	13	efficiency	efficiency	NOUN
fbem-30127	192	14	,	,	PUNCT
fbem-30127	192	15	information	information	NOUN
fbem-30127	192	16	disclosure	disclosure	NOUN
fbem-30127	192	17	quality	quality	NOUN
fbem-30127	192	18	,	,	PUNCT
fbem-30127	192	19	risk	risk	NOUN
fbem-30127	192	20	-	-	PUNCT
fbem-30127	192	21	taking	take	VERB
fbem-30127	192	22	level	level	NOUN
fbem-30127	192	23	,	,	PUNCT
fbem-30127	192	24	and	and	CCONJ
fbem-30127	192	25	corporate	corporate	ADJ
fbem-30127	192	26	governance	governance	NOUN
fbem-30127	192	27	level	level	NOUN
fbem-30127	192	28	as	as	ADP
fbem-30127	192	29	mediating	mediate	VERB
fbem-30127	192	30	variables	variable	NOUN
fbem-30127	192	31	,	,	PUNCT
fbem-30127	192	32	and	and	CCONJ
fbem-30127	192	33	constructs	construct	VERB
fbem-30127	192	34	the	the	DET
fbem-30127	192	35	following	follow	VERB
fbem-30127	192	36	model	model	NOUN
fbem-30127	192	37	:	:	PUNCT
fbem-30127	192	38	,	,	PUNCT
fbem-30127	192	39	0	0	NUM
fbem-30127	192	40	1	1	NUM
fbem-30127	192	41	,	,	PUNCT
fbem-30127	192	42	2	2	NUM
fbem-30127	192	43	,	,	PUNCT
fbem-30127	192	44	,	,	PUNCT
fbem-30127	192	45	i	i	PRON
fbem-30127	192	46	t	t	VERB
fbem-30127	192	47	m	m	VERB
fbem-30127	193	1	t	t	NOUN
fbem-30127	194	1	i	i	PRON
fbem-30127	194	2	t	t	PROPN
fbem-30127	195	1	j	j	PROPN
fbem-30127	195	2	t	t	PROPN
fbem-30127	196	1	i	i	PRON
fbem-30127	196	2	t	t	PROPN
fbem-30127	196	3	tfp	tfp	PROPN
fbem-30127	196	4	difi	difi	PROPN
fbem-30127	196	5	controls	controls	PROPN
fbem-30127	196	6			NOUN
fbem-30127	196	7			X
fbem-30127	196	8			X
fbem-30127	196	9			NOUN
fbem-30127	196	10	=	=	NOUN
fbem-30127	196	11	+	+	CCONJ
fbem-30127	197	1	+	+	PUNCT
fbem-30127	197	2	+	+	PUNCT
fbem-30127	197	3	+	+	CCONJ
fbem-30127	197	4	+	+	CCONJ
fbem-30127	197	5	,	,	PUNCT
fbem-30127	197	6	0	0	NUM
fbem-30127	197	7	1	1	NUM
fbem-30127	197	8	,	,	PUNCT
fbem-30127	197	9	1	1	NUM
fbem-30127	197	10	,	,	PUNCT
fbem-30127	197	11	,	,	PUNCT
fbem-30127	197	12	i	i	PRON
fbem-30127	197	13	t	t	VERB
fbem-30127	197	14	m	m	VERB
fbem-30127	197	15	t	t	NOUN
fbem-30127	198	1	i	i	PRON
fbem-30127	198	2	t	t	NOUN
fbem-30127	199	1	t	t	X
fbem-30127	199	2	i	i	PRON
fbem-30127	199	3	t	t	PROPN
fbem-30127	199	4	mediator	mediator	NOUN
fbem-30127	199	5	difi	difi	PROPN
fbem-30127	199	6	controls	controls	ADJ
fbem-30127	199	7			PROPN
fbem-30127	199	8			PROPN
fbem-30127	199	9			NOUN
fbem-30127	199	10	=	=	NOUN
fbem-30127	199	11	+	+	CCONJ
fbem-30127	200	1	+	+	PUNCT
fbem-30127	201	1	+	+	CCONJ
fbem-30127	201	2	+	+	CCONJ
fbem-30127	201	3	,	,	PUNCT
fbem-30127	201	4	0	0	NUM
fbem-30127	201	5	1	1	NUM
fbem-30127	201	6	,	,	PUNCT
fbem-30127	201	7	2	2	NUM
fbem-30127	201	8	,	,	PUNCT
fbem-30127	201	9	3	3	NUM
fbem-30127	201	10	,	,	PUNCT
fbem-30127	201	11	,	,	PUNCT
fbem-30127	201	12	i	i	PRON
fbem-30127	201	13	t	t	VERB
fbem-30127	201	14	m	m	VERB
fbem-30127	201	15	t	t	NOUN
fbem-30127	202	1	i	i	PRON
fbem-30127	202	2	t	t	X
fbem-30127	203	1	i	i	PRON
fbem-30127	203	2	t	t	PROPN
fbem-30127	204	1	j	j	PROPN
fbem-30127	204	2	t	t	PROPN
fbem-30127	205	1	i	i	PRON
fbem-30127	205	2	t	t	PROPN
fbem-30127	205	3	tfp	tfp	PROPN
fbem-30127	205	4	difi	difi	PROPN
fbem-30127	205	5	mediator	mediator	NOUN
fbem-30127	205	6	controls	controls	PROPN
fbem-30127	205	7			NUM
fbem-30127	205	8			NUM
fbem-30127	205	9			NUM
fbem-30127	205	10			NOUN
fbem-30127	205	11			NOUN
fbem-30127	205	12	=	=	NOUN
fbem-30127	205	13	+	+	CCONJ
fbem-30127	205	14	+	+	PUNCT
fbem-30127	205	15	+	+	PUNCT
fbem-30127	205	16	+	+	PUNCT
fbem-30127	205	17	+	+	CCONJ
fbem-30127	205	18	+	+	X
fbem-30127	205	19	among	among	ADP
fbem-30127	205	20	them	they	PRON
fbem-30127	205	21	,	,	PUNCT
fbem-30127	205	22	,	,	PUNCT
fbem-30127	205	23	i	i	PRON
fbem-30127	205	24	tmediator	tmediator	NOUN
fbem-30127	205	25	mainly	mainly	ADV
fbem-30127	205	26	includes	include	VERB
fbem-30127	205	27	r&d	r&d	NOUN
fbem-30127	205	28	investment	investment	NOUN
fbem-30127	205	29	intensity	intensity	NOUN
fbem-30127	205	30	,	,	PUNCT
fbem-30127	205	31	human	human	ADJ
fbem-30127	205	32	capital	capital	NOUN
fbem-30127	205	33	level	level	NOUN
fbem-30127	205	34	,	,	PUNCT
fbem-30127	205	35	resource	resource	NOUN
fbem-30127	205	36	allocation	allocation	NOUN
fbem-30127	205	37	efficiency	efficiency	NOUN
fbem-30127	205	38	,	,	PUNCT
fbem-30127	205	39	information	information	NOUN
fbem-30127	205	40	disclosure	disclosure	NOUN
fbem-30127	205	41	quality	quality	NOUN
fbem-30127	205	42	,	,	PUNCT
fbem-30127	205	43	risk	risk	NOUN
fbem-30127	205	44	-	-	PUNCT
fbem-30127	205	45	taking	take	VERB
fbem-30127	205	46	level	level	NOUN
fbem-30127	205	47	,	,	PUNCT
fbem-30127	205	48	and	and	CCONJ
fbem-30127	205	49	corporate	corporate	ADJ
fbem-30127	205	50	governance	governance	NOUN
fbem-30127	205	51	level	level	NOUN
fbem-30127	205	52	.	.	PUNCT
fbem-30127	206	1	the	the	DET
fbem-30127	206	2	judgment	judgment	NOUN
fbem-30127	206	3	criteria	criterion	NOUN
fbem-30127	206	4	for	for	ADP
fbem-30127	206	5	the	the	DET
fbem-30127	206	6	existence	existence	NOUN
fbem-30127	206	7	of	of	ADP
fbem-30127	206	8	intermediary	intermediary	ADJ
fbem-30127	206	9	effect	effect	NOUN
fbem-30127	206	10	:	:	PUNCT
fbem-30127	206	11	1	1	PROPN
fbem-30127	206	12	is	be	AUX
fbem-30127	206	13	significant	significant	ADJ
fbem-30127	206	14	,	,	PUNCT
fbem-30127	206	15	indicating	indicate	VERB
fbem-30127	206	16	that	that	SCONJ
fbem-30127	206	17	digital	digital	ADJ
fbem-30127	206	18	finance	finance	NOUN
fbem-30127	206	19	has	have	VERB
fbem-30127	206	20	an	an	DET
fbem-30127	206	21	impact	impact	NOUN
fbem-30127	206	22	on	on	ADP
fbem-30127	206	23	the	the	DET
fbem-30127	206	24	total	total	ADJ
fbem-30127	206	25	factor	factor	NOUN
fbem-30127	206	26	productivity	productivity	NOUN
fbem-30127	206	27	of	of	ADP
fbem-30127	206	28	enterprises	enterprise	NOUN
fbem-30127	206	29	;	;	PUNCT
fbem-30127	206	30	1	1	PROPN
fbem-30127	206	31	is	be	AUX
fbem-30127	206	32	significant	significant	ADJ
fbem-30127	206	33	,	,	PUNCT
fbem-30127	206	34	indicating	indicate	VERB
fbem-30127	206	35	that	that	SCONJ
fbem-30127	206	36	digital	digital	ADJ
fbem-30127	206	37	finance	finance	NOUN
fbem-30127	206	38	has	have	VERB
fbem-30127	206	39	an	an	DET
fbem-30127	206	40	impact	impact	NOUN
fbem-30127	206	41	on	on	ADP
fbem-30127	206	42	intermediary	intermediary	ADJ
fbem-30127	206	43	variables	variable	NOUN
fbem-30127	206	44	;	;	PUNCT
fbem-30127	206	45	1	1	NUM
fbem-30127	206	46	and	and	CCONJ
fbem-30127	206	47	2	2	NUM
fbem-30127	206	48	are	be	AUX
fbem-30127	206	49	both	both	ADV
fbem-30127	206	50	significant	significant	ADJ
fbem-30127	206	51	,	,	PUNCT
fbem-30127	206	52	indicating	indicate	VERB
fbem-30127	206	53	that	that	SCONJ
fbem-30127	206	54	intermediary	intermediary	ADJ
fbem-30127	206	55	variables	variable	NOUN
fbem-30127	206	56	have	have	VERB
fbem-30127	206	57	a	a	DET
fbem-30127	206	58	partial	partial	ADJ
fbem-30127	206	59	intermediary	intermediary	ADJ
fbem-30127	206	60	effect	effect	NOUN
fbem-30127	206	61	on	on	ADP
fbem-30127	206	62	the	the	DET
fbem-30127	206	63	total	total	ADJ
fbem-30127	206	64	factor	factor	NOUN
fbem-30127	206	65	productivity	productivity	NOUN
fbem-30127	206	66	of	of	ADP
fbem-30127	206	67	enterprises	enterprise	NOUN
fbem-30127	206	68	.	.	PUNCT
fbem-30127	207	1	4.5.1	4.5.1	X
fbem-30127	207	2	.	.	PUNCT
fbem-30127	208	1	r&d	r&d	NOUN
fbem-30127	208	2	investment	investment	NOUN
fbem-30127	208	3	channels	channel	NOUN
fbem-30127	208	4	this	this	DET
fbem-30127	208	5	article	article	NOUN
fbem-30127	208	6	first	first	ADV
fbem-30127	208	7	analyzes	analyze	VERB
fbem-30127	208	8	whether	whether	SCONJ
fbem-30127	208	9	digital	digital	ADJ
fbem-30127	208	10	finance	finance	NOUN
fbem-30127	208	11	has	have	AUX
fbem-30127	208	12	had	have	VERB
fbem-30127	208	13	a	a	DET
fbem-30127	208	14	positive	positive	ADJ
fbem-30127	208	15	impact	impact	NOUN
fbem-30127	208	16	on	on	ADP
fbem-30127	208	17	corporate	corporate	ADJ
fbem-30127	208	18	tfp	tfp	NOUN
fbem-30127	208	19	by	by	ADP
fbem-30127	208	20	increasing	increase	VERB
fbem-30127	208	21	r&d	r&d	NOUN
fbem-30127	208	22	investment	investment	NOUN
fbem-30127	208	23	.	.	PUNCT
fbem-30127	209	1	empirical	empirical	ADJ
fbem-30127	209	2	analysis	analysis	NOUN
fbem-30127	209	3	was	be	AUX
fbem-30127	209	4	conducted	conduct	VERB
fbem-30127	209	5	on	on	ADP
fbem-30127	209	6	models	model	NOUN
fbem-30127	209	7	1	1	NUM
fbem-30127	209	8	,	,	PUNCT
fbem-30127	209	9	2	2	NUM
fbem-30127	209	10	,	,	PUNCT
fbem-30127	209	11	and	and	CCONJ
fbem-30127	209	12	3	3	NUM
fbem-30127	209	13	in	in	ADP
fbem-30127	209	14	sequence	sequence	NOUN
fbem-30127	209	15	,	,	PUNCT
fbem-30127	209	16	and	and	CCONJ
fbem-30127	209	17	the	the	DET
fbem-30127	209	18	regression	regression	NOUN
fbem-30127	209	19	results	result	NOUN
fbem-30127	209	20	are	be	AUX
fbem-30127	209	21	shown	show	VERB
fbem-30127	209	22	in	in	ADP
fbem-30127	209	23	table	table	NOUN
fbem-30127	209	24	6	6	NUM
fbem-30127	209	25	.	.	PUNCT
fbem-30127	209	26	table	table	NOUN
fbem-30127	209	27	6	6	NUM
fbem-30127	209	28	.	.	PUNCT
fbem-30127	209	29	estimated	estimate	VERB
fbem-30127	209	30	results	result	NOUN
fbem-30127	209	31	of	of	ADP
fbem-30127	209	32	r&d	r&d	NOUN
fbem-30127	209	33	investment	investment	NOUN
fbem-30127	209	34	channels	channel	NOUN
fbem-30127	209	35	variable	variable	ADJ
fbem-30127	209	36	1	1	NUM
fbem-30127	209	37	2	2	NUM
fbem-30127	209	38	3	3	NUM
fbem-30127	209	39	tfp	tfp	PROPN
fbem-30127	209	40	-	-	PUNCT
fbem-30127	209	41	op	op	NOUN
fbem-30127	209	42	r&d	r&d	NOUN
fbem-30127	209	43	tfp	tfp	PROPN
fbem-30127	209	44	-	-	PUNCT
fbem-30127	209	45	op	op	NOUN
fbem-30127	209	46	difi	difi	NOUN
fbem-30127	209	47	0.0553	0.0553	PROPN
fbem-30127	209	48	*	*	PUNCT
fbem-30127	209	49	*	*	PUNCT
fbem-30127	209	50	*	*	PUNCT
fbem-30127	210	1	1.5486	1.5486	NUM
fbem-30127	210	2	*	*	PUNCT
fbem-30127	210	3	*	*	PUNCT
fbem-30127	210	4	*	*	X
fbem-30127	210	5	0.0491	0.0491	NUM
fbem-30127	210	6	*	*	PUNCT
fbem-30127	210	7	*	*	PUNCT
fbem-30127	210	8	*	*	PUNCT
fbem-30127	210	9	(	(	PUNCT
fbem-30127	210	10	-3.5361	-3.5361	NOUN
fbem-30127	210	11	)	)	PUNCT
fbem-30127	210	12	(	(	PUNCT
fbem-30127	210	13	-13.7367	-13.7367	X
fbem-30127	210	14	)	)	PUNCT
fbem-30127	210	15	(	(	PUNCT
fbem-30127	210	16	-3.2361	-3.2361	NOUN
fbem-30127	210	17	)	)	PUNCT
fbem-30127	210	18	r&d	r&d	NOUN
fbem-30127	210	19	0.0040	0.0040	NUM
fbem-30127	210	20	*	*	PUNCT
fbem-30127	210	21	*	*	PUNCT
fbem-30127	210	22	*	*	PUNCT
fbem-30127	210	23	(	(	PUNCT
fbem-30127	210	24	-2.9594	-2.9594	NOUN
fbem-30127	210	25	)	)	PUNCT
fbem-30127	210	26	constant	constant	ADJ
fbem-30127	210	27	-0.5426	-0.5426	NOUN
fbem-30127	210	28	*	*	PUNCT
fbem-30127	210	29	*	*	PUNCT
fbem-30127	210	30	*	*	PUNCT
fbem-30127	211	1	1.9030	1.9030	NUM
fbem-30127	211	2	*	*	PUNCT
fbem-30127	211	3	*	*	PUNCT
fbem-30127	211	4	*	*	NOUN
fbem-30127	211	5	-0.4915	-0.4915	NOUN
fbem-30127	211	6	*	*	PUNCT
fbem-30127	211	7	*	*	PUNCT
fbem-30127	211	8	*	*	PUNCT
fbem-30127	211	9	(	(	PUNCT
fbem-30127	211	10	-5.2349	-5.2349	PROPN
fbem-30127	211	11	)	)	PUNCT
fbem-30127	211	12	(	(	PUNCT
fbem-30127	211	13	-3.3668	-3.3668	NOUN
fbem-30127	211	14	)	)	PUNCT
fbem-30127	211	15	(	(	PUNCT
fbem-30127	211	16	-3.8859	-3.8859	NOUN
fbem-30127	211	17	)	)	PUNCT
fbem-30127	211	18	control	control	NOUN
fbem-30127	211	19	variable	variable	NOUN
fbem-30127	212	1	yes	yes	INTJ
fbem-30127	212	2	yes	yes	INTJ
fbem-30127	213	1	yes	yes	INTJ
fbem-30127	213	2	industry	industry	NOUN
fbem-30127	213	3	fixed	fix	VERB
fbem-30127	214	1	yes	yes	INTJ
fbem-30127	215	1	yes	yes	INTJ
fbem-30127	216	1	yes	yes	INTJ
fbem-30127	216	2	fixed	fix	VERB
fbem-30127	216	3	year	year	NOUN
fbem-30127	217	1	yes	yes	INTJ
fbem-30127	218	1	yes	yes	INTJ
fbem-30127	219	1	yes	yes	INTJ
fbem-30127	220	1	n	n	CCONJ
fbem-30127	220	2	24943	24943	NUM
fbem-30127	220	3	24943	24943	NUM
fbem-30127	220	4	24943	24943	NUM
fbem-30127	220	5	adj.r²	adj.r²	VERB
fbem-30127	220	6	0.734	0.734	NUM
fbem-30127	220	7	0.29	0.29	NUM
fbem-30127	220	8	0.734	0.734	NUM
fbem-30127	220	9	in	in	ADP
fbem-30127	220	10	the	the	DET
fbem-30127	220	11	regression	regression	NOUN
fbem-30127	220	12	results	result	NOUN
fbem-30127	220	13	of	of	ADP
fbem-30127	220	14	column	column	NOUN
fbem-30127	220	15	(	(	PUNCT
fbem-30127	220	16	2	2	NUM
fbem-30127	220	17	)	)	PUNCT
fbem-30127	220	18	,	,	PUNCT
fbem-30127	220	19	the	the	DET
fbem-30127	220	20	coefficient	coefficient	NOUN
fbem-30127	220	21	of	of	ADP
fbem-30127	220	22	digital	digital	ADJ
fbem-30127	220	23	finance	finance	NOUN
fbem-30127	220	24	is	be	AUX
fbem-30127	220	25	1.5486	1.5486	NUM
fbem-30127	220	26	,	,	PUNCT
fbem-30127	220	27	which	which	PRON
fbem-30127	220	28	is	be	AUX
fbem-30127	220	29	significant	significant	ADJ
fbem-30127	220	30	at	at	ADP
fbem-30127	220	31	the	the	DET
fbem-30127	220	32	1	1	NUM
fbem-30127	220	33	%	%	NOUN
fbem-30127	220	34	level	level	NOUN
fbem-30127	220	35	,	,	PUNCT
fbem-30127	220	36	indicating	indicate	VERB
fbem-30127	220	37	that	that	SCONJ
fbem-30127	220	38	digital	digital	ADJ
fbem-30127	220	39	finance	finance	NOUN
fbem-30127	220	40	can	can	AUX
fbem-30127	220	41	significantly	significantly	ADV
fbem-30127	220	42	enhance	enhance	VERB
fbem-30127	220	43	the	the	DET
fbem-30127	220	44	r&d	r&d	NOUN
fbem-30127	220	45	investment	investment	NOUN
fbem-30127	220	46	intensity	intensity	NOUN
fbem-30127	220	47	of	of	ADP
fbem-30127	220	48	enterprises	enterprise	NOUN
fbem-30127	220	49	.	.	PUNCT
fbem-30127	221	1	this	this	PRON
fbem-30127	221	2	is	be	AUX
fbem-30127	221	3	mainly	mainly	ADV
fbem-30127	221	4	due	due	ADJ
fbem-30127	221	5	to	to	ADP
fbem-30127	221	6	the	the	DET
fbem-30127	221	7	optimization	optimization	NOUN
fbem-30127	221	8	of	of	ADP
fbem-30127	221	9	the	the	DET
fbem-30127	221	10	loan	loan	NOUN
fbem-30127	221	11	evaluation	evaluation	NOUN
fbem-30127	221	12	system	system	NOUN
fbem-30127	221	13	through	through	ADP
fbem-30127	221	14	new	new	ADJ
fbem-30127	221	15	technologies	technology	NOUN
fbem-30127	221	16	in	in	ADP
fbem-30127	221	17	digital	digital	ADJ
fbem-30127	221	18	finance	finance	NOUN
fbem-30127	221	19	,	,	PUNCT
fbem-30127	221	20	which	which	PRON
fbem-30127	221	21	reduces	reduce	VERB
fbem-30127	221	22	financing	financing	NOUN
fbem-30127	221	23	costs	cost	NOUN
fbem-30127	221	24	,	,	PUNCT
fbem-30127	221	25	improves	improve	VERB
fbem-30127	221	26	the	the	DET
fbem-30127	221	27	success	success	NOUN
fbem-30127	221	28	rate	rate	NOUN
fbem-30127	221	29	of	of	ADP
fbem-30127	221	30	enterprise	enterprise	NOUN
fbem-30127	221	31	financing	financing	NOUN
fbem-30127	221	32	,	,	PUNCT
fbem-30127	221	33	and	and	CCONJ
fbem-30127	221	34	enhances	enhance	VERB
fbem-30127	221	35	the	the	DET
fbem-30127	221	36	willingness	willingness	NOUN
fbem-30127	221	37	and	and	CCONJ
fbem-30127	221	38	ability	ability	NOUN
fbem-30127	221	39	of	of	ADP
fbem-30127	221	40	enterprises	enterprise	NOUN
fbem-30127	221	41	to	to	PART
fbem-30127	221	42	increase	increase	VERB
fbem-30127	221	43	research	research	NOUN
fbem-30127	221	44	and	and	CCONJ
fbem-30127	221	45	development	development	NOUN
fbem-30127	221	46	expenditures	expenditure	NOUN
fbem-30127	221	47	.	.	PUNCT
fbem-30127	222	1	the	the	DET
fbem-30127	222	2	results	result	NOUN
fbem-30127	222	3	in	in	ADP
fbem-30127	222	4	column	column	NOUN
fbem-30127	222	5	(	(	PUNCT
fbem-30127	222	6	3	3	X
fbem-30127	222	7	)	)	PUNCT
fbem-30127	222	8	show	show	VERB
fbem-30127	222	9	that	that	SCONJ
fbem-30127	222	10	after	after	ADP
fbem-30127	222	11	adding	add	VERB
fbem-30127	222	12	r&d	r&d	NOUN
fbem-30127	222	13	investment	investment	NOUN
fbem-30127	222	14	as	as	ADP
fbem-30127	222	15	a	a	DET
fbem-30127	222	16	mediator	mediator	NOUN
fbem-30127	222	17	variable	variable	NOUN
fbem-30127	222	18	,	,	PUNCT
fbem-30127	222	19	the	the	DET
fbem-30127	222	20	coefficient	coefficient	NOUN
fbem-30127	222	21	of	of	ADP
fbem-30127	222	22	digital	digital	ADJ
fbem-30127	222	23	finance	finance	NOUN
fbem-30127	222	24	is	be	AUX
fbem-30127	222	25	0.0491	0.0491	NUM
fbem-30127	222	26	and	and	CCONJ
fbem-30127	222	27	the	the	DET
fbem-30127	222	28	coefficient	coefficient	NOUN
fbem-30127	222	29	of	of	ADP
fbem-30127	222	30	r&d	r&d	NOUN
fbem-30127	222	31	investment	investment	NOUN
fbem-30127	222	32	is	be	AUX
fbem-30127	222	33	0.004	0.004	NUM
fbem-30127	222	34	,	,	PUNCT
fbem-30127	222	35	both	both	CCONJ
fbem-30127	222	36	significant	significant	ADJ
fbem-30127	222	37	at	at	ADP
fbem-30127	222	38	the	the	DET
fbem-30127	222	39	1	1	NUM
fbem-30127	222	40	%	%	NOUN
fbem-30127	222	41	level	level	NOUN
fbem-30127	222	42	,	,	PUNCT
fbem-30127	222	43	indicating	indicate	VERB
fbem-30127	222	44	that	that	SCONJ
fbem-30127	222	45	r&d	r&d	NOUN
fbem-30127	222	46	investment	investment	NOUN
fbem-30127	222	47	plays	play	VERB
fbem-30127	222	48	a	a	DET
fbem-30127	222	49	partial	partial	ADJ
fbem-30127	222	50	mediating	mediate	VERB
fbem-30127	222	51	role	role	NOUN
fbem-30127	222	52	in	in	ADP
fbem-30127	222	53	the	the	DET
fbem-30127	222	54	impact	impact	NOUN
fbem-30127	222	55	of	of	ADP
fbem-30127	222	56	digital	digital	ADJ
fbem-30127	222	57	finance	finance	NOUN
fbem-30127	222	58	on	on	ADP
fbem-30127	222	59	firm	firm	ADJ
fbem-30127	222	60	tfp	tfp	PROPN
fbem-30127	222	61	,	,	PUNCT
fbem-30127	222	62	with	with	ADP
fbem-30127	222	63	a	a	DET
fbem-30127	222	64	mediation	mediation	NOUN
fbem-30127	222	65	effect	effect	NOUN
fbem-30127	222	66	accounting	account	VERB
fbem-30127	222	67	for	for	ADP
fbem-30127	222	68	11.20	11.20	NUM
fbem-30127	222	69	%	%	NOUN
fbem-30127	222	70	.	.	PUNCT
fbem-30127	223	1	this	this	PRON
fbem-30127	223	2	indicates	indicate	VERB
fbem-30127	223	3	that	that	SCONJ
fbem-30127	223	4	digital	digital	ADJ
fbem-30127	223	5	finance	finance	NOUN
fbem-30127	223	6	promotes	promote	VERB
fbem-30127	223	7	the	the	DET
fbem-30127	223	8	increase	increase	NOUN
fbem-30127	223	9	of	of	ADP
fbem-30127	223	10	research	research	NOUN
fbem-30127	223	11	and	and	CCONJ
fbem-30127	223	12	development	development	NOUN
fbem-30127	223	13	investment	investment	NOUN
fbem-30127	223	14	by	by	ADP
fbem-30127	223	15	enterprises	enterprise	NOUN
fbem-30127	223	16	,	,	PUNCT
fbem-30127	223	17	drives	drive	VERB
fbem-30127	223	18	the	the	DET
fbem-30127	223	19	development	development	NOUN
fbem-30127	223	20	of	of	ADP
fbem-30127	223	21	new	new	ADJ
fbem-30127	223	22	products	product	NOUN
fbem-30127	223	23	and	and	CCONJ
fbem-30127	223	24	the	the	DET
fbem-30127	223	25	improvement	improvement	NOUN
fbem-30127	223	26	of	of	ADP
fbem-30127	223	27	technological	technological	ADJ
fbem-30127	223	28	level	level	NOUN
fbem-30127	223	29	,	,	PUNCT
fbem-30127	223	30	and	and	CCONJ
fbem-30127	223	31	ultimately	ultimately	ADV
fbem-30127	223	32	assists	assist	VERB
fbem-30127	223	33	in	in	ADP
fbem-30127	223	34	the	the	DET
fbem-30127	223	35	growth	growth	NOUN
fbem-30127	223	36	of	of	ADP
fbem-30127	223	37	total	total	ADJ
fbem-30127	223	38	factor	factor	NOUN
fbem-30127	223	39	productivity	productivity	NOUN
fbem-30127	223	40	of	of	ADP
fbem-30127	223	41	enterprises	enterprise	NOUN
fbem-30127	223	42	.	.	PUNCT
fbem-30127	224	1	4.5.2	4.5.2	NUM
fbem-30127	224	2	.	.	PUNCT
fbem-30127	224	3	human	human	ADJ
fbem-30127	224	4	capital	capital	NOUN
fbem-30127	224	5	channels	channel	NOUN
fbem-30127	224	6	this	this	DET
fbem-30127	224	7	article	article	NOUN
fbem-30127	224	8	explores	explore	VERB
fbem-30127	224	9	whether	whether	SCONJ
fbem-30127	224	10	digital	digital	ADJ
fbem-30127	224	11	finance	finance	NOUN
fbem-30127	224	12	has	have	VERB
fbem-30127	224	13	a	a	DET
fbem-30127	224	14	positive	positive	ADJ
fbem-30127	224	15	impact	impact	NOUN
fbem-30127	224	16	on	on	ADP
fbem-30127	224	17	the	the	DET
fbem-30127	224	18	tfp	tfp	PROPN
fbem-30127	224	19	of	of	ADP
fbem-30127	224	20	enterprises	enterprise	NOUN
fbem-30127	224	21	by	by	ADP
fbem-30127	224	22	improving	improve	VERB
fbem-30127	224	23	their	their	PRON
fbem-30127	224	24	human	human	ADJ
fbem-30127	224	25	capital	capital	NOUN
fbem-30127	224	26	level	level	NOUN
fbem-30127	224	27	.	.	PUNCT
fbem-30127	225	1	the	the	DET
fbem-30127	225	2	estimated	estimate	VERB
fbem-30127	225	3	results	result	NOUN
fbem-30127	225	4	are	be	AUX
fbem-30127	225	5	shown	show	VERB
fbem-30127	225	6	in	in	ADP
fbem-30127	225	7	table	table	NOUN
fbem-30127	225	8	7	7	NUM
fbem-30127	225	9	.	.	PUNCT
fbem-30127	225	10	table	table	NOUN
fbem-30127	225	11	7	7	NUM
fbem-30127	225	12	.	.	PUNCT
fbem-30127	225	13	estimated	estimate	VERB
fbem-30127	225	14	results	result	NOUN
fbem-30127	225	15	of	of	ADP
fbem-30127	225	16	human	human	ADJ
fbem-30127	225	17	capital	capital	NOUN
fbem-30127	225	18	channels	channel	NOUN
fbem-30127	225	19	variable	variable	ADJ
fbem-30127	225	20	1	1	NUM
fbem-30127	225	21	2	2	NUM
fbem-30127	225	22	3	3	NUM
fbem-30127	225	23	tfp	tfp	PROPN
fbem-30127	225	24	-	-	PUNCT
fbem-30127	225	25	op	op	NOUN
fbem-30127	225	26	human	human	ADJ
fbem-30127	225	27	tfp	tfp	PROPN
fbem-30127	225	28	-	-	PUNCT
fbem-30127	225	29	op	op	NOUN
fbem-30127	225	30	difi	difi	NOUN
fbem-30127	225	31	0.0553	0.0553	NUM
fbem-30127	225	32	*	*	PUNCT
fbem-30127	225	33	*	*	PUNCT
fbem-30127	225	34	*	*	PUNCT
fbem-30127	226	1	5.3760	5.3760	NUM
fbem-30127	226	2	*	*	PUNCT
fbem-30127	226	3	*	*	PUNCT
fbem-30127	226	4	*	*	PUNCT
fbem-30127	226	5	0.0505	0.0505	NUM
fbem-30127	226	6	*	*	PUNCT
fbem-30127	226	7	*	*	PUNCT
fbem-30127	226	8	*	*	PUNCT
fbem-30127	226	9	(	(	PUNCT
fbem-30127	226	10	-3.5361	-3.5361	NOUN
fbem-30127	226	11	)	)	PUNCT
fbem-30127	226	12	(	(	PUNCT
fbem-30127	226	13	-12.8035	-12.8035	NUM
fbem-30127	226	14	)	)	PUNCT
fbem-30127	226	15	-3.3709	-3.3709	NOUN
fbem-30127	226	16	human	human	PROPN
fbem-30127	226	17	0.0009	0.0009	NUM
fbem-30127	226	18	*	*	PUNCT
fbem-30127	226	19	*	*	PUNCT
fbem-30127	226	20	*	*	PUNCT
fbem-30127	226	21	(	(	PUNCT
fbem-30127	226	22	-3.668	-3.668	NOUN
fbem-30127	226	23	)	)	PUNCT
fbem-30127	226	24	constant	constant	ADJ
fbem-30127	226	25	-0.5426	-0.5426	NOUN
fbem-30127	226	26	*	*	PUNCT
fbem-30127	226	27	*	*	PUNCT
fbem-30127	226	28	*	*	PUNCT
fbem-30127	226	29	8.7370	8.7370	NUM
fbem-30127	226	30	*	*	NOUN
fbem-30127	226	31	*	*	PUNCT
fbem-30127	226	32	*	*	PUNCT
fbem-30127	226	33	-0.5611	-0.5611	NOUN
fbem-30127	226	34	*	*	PUNCT
fbem-30127	226	35	*	*	PUNCT
fbem-30127	226	36	*	*	PUNCT
fbem-30127	226	37	(	(	PUNCT
fbem-30127	226	38	-5.2349	-5.2349	PROPN
fbem-30127	226	39	)	)	PUNCT
fbem-30127	226	40	(	(	PUNCT
fbem-30127	226	41	-4.0397	-4.0397	NOUN
fbem-30127	226	42	)	)	PUNCT
fbem-30127	226	43	(	(	PUNCT
fbem-30127	226	44	-5.3555	-5.3555	NOUN
fbem-30127	226	45	)	)	PUNCT
fbem-30127	226	46	control	control	NOUN
fbem-30127	226	47	variable	variable	NOUN
fbem-30127	227	1	yes	yes	INTJ
fbem-30127	227	2	yes	yes	INTJ
fbem-30127	228	1	yes	yes	INTJ
fbem-30127	228	2	industry	industry	NOUN
fbem-30127	228	3	fixed	fix	VERB
fbem-30127	229	1	yes	yes	INTJ
fbem-30127	230	1	yes	yes	INTJ
fbem-30127	231	1	yes	yes	INTJ
fbem-30127	231	2	fixed	fix	VERB
fbem-30127	231	3	year	year	NOUN
fbem-30127	232	1	yes	yes	INTJ
fbem-30127	233	1	yes	yes	INTJ
fbem-30127	234	1	yes	yes	INTJ
fbem-30127	235	1	n	n	CCONJ
fbem-30127	235	2	24943	24943	NUM
fbem-30127	235	3	24943	24943	NUM
fbem-30127	235	4	24943	24943	NUM
fbem-30127	235	5	adj.r²	adj.r²	VERB
fbem-30127	235	6	0.734	0.734	NUM
fbem-30127	235	7	0.328	0.328	NUM
fbem-30127	235	8	0.734	0.734	NUM
fbem-30127	235	9	the	the	DET
fbem-30127	235	10	results	result	NOUN
fbem-30127	235	11	in	in	ADP
fbem-30127	235	12	column	column	NOUN
fbem-30127	235	13	(	(	PUNCT
fbem-30127	235	14	2	2	X
fbem-30127	235	15	)	)	PUNCT
fbem-30127	235	16	show	show	VERB
fbem-30127	235	17	that	that	SCONJ
fbem-30127	235	18	the	the	DET
fbem-30127	235	19	coefficient	coefficient	NOUN
fbem-30127	235	20	of	of	ADP
fbem-30127	235	21	digital	digital	ADJ
fbem-30127	235	22	finance	finance	NOUN
fbem-30127	235	23	is	be	AUX
fbem-30127	235	24	5.3760	5.3760	NUM
fbem-30127	235	25	,	,	PUNCT
fbem-30127	235	26	indicating	indicate	VERB
fbem-30127	235	27	a	a	DET
fbem-30127	235	28	significant	significant	ADJ
fbem-30127	235	29	improvement	improvement	NOUN
fbem-30127	235	30	in	in	ADP
fbem-30127	235	31	human	human	ADJ
fbem-30127	235	32	capital	capital	NOUN
fbem-30127	235	33	level	level	NOUN
fbem-30127	235	34	.	.	PUNCT
fbem-30127	236	1	the	the	DET
fbem-30127	236	2	development	development	NOUN
fbem-30127	236	3	of	of	ADP
fbem-30127	236	4	digital	digital	ADJ
fbem-30127	236	5	finance	finance	NOUN
fbem-30127	236	6	may	may	AUX
fbem-30127	236	7	indirectly	indirectly	ADV
fbem-30127	236	8	promote	promote	VERB
fbem-30127	236	9	the	the	DET
fbem-30127	236	10	improvement	improvement	NOUN
fbem-30127	236	11	of	of	ADP
fbem-30127	236	12	the	the	DET
fbem-30127	236	13	education	education	NOUN
fbem-30127	236	14	level	level	NOUN
fbem-30127	236	15	of	of	ADP
fbem-30127	236	16	enterprise	enterprise	NOUN
fbem-30127	236	17	employees	employee	NOUN
fbem-30127	236	18	by	by	ADP
fbem-30127	236	19	improving	improve	VERB
fbem-30127	236	20	the	the	DET
fbem-30127	236	21	overall	overall	ADJ
fbem-30127	236	22	education	education	NOUN
fbem-30127	236	23	level	level	NOUN
fbem-30127	236	24	of	of	ADP
fbem-30127	236	25	regions	region	NOUN
fbem-30127	236	26	or	or	CCONJ
fbem-30127	236	27	industries	industry	NOUN
fbem-30127	236	28	,	,	PUNCT
fbem-30127	236	29	providing	provide	VERB
fbem-30127	236	30	low	low	ADJ
fbem-30127	236	31	-	-	PUNCT
fbem-30127	236	32	cost	cost	NOUN
fbem-30127	236	33	credit	credit	NOUN
fbem-30127	236	34	services	service	NOUN
fbem-30127	236	35	,	,	PUNCT
fbem-30127	236	36	and	and	CCONJ
fbem-30127	236	37	promoting	promote	VERB
fbem-30127	236	38	the	the	DET
fbem-30127	236	39	application	application	NOUN
fbem-30127	236	40	of	of	ADP
fbem-30127	236	41	digital	digital	ADJ
fbem-30127	236	42	technology	technology	NOUN
fbem-30127	236	43	.	.	PUNCT
fbem-30127	237	1	therefore	therefore	ADV
fbem-30127	237	2	,	,	PUNCT
fbem-30127	237	3	enterprises	enterprise	NOUN
fbem-30127	237	4	are	be	AUX
fbem-30127	237	5	more	more	ADV
fbem-30127	237	6	capable	capable	ADJ
fbem-30127	237	7	of	of	ADP
fbem-30127	237	8	providing	provide	VERB
fbem-30127	237	9	training	training	NOUN
fbem-30127	237	10	for	for	ADP
fbem-30127	237	11	employees	employee	NOUN
fbem-30127	237	12	and	and	CCONJ
fbem-30127	237	13	attracting	attract	VERB
fbem-30127	237	14	high	high	ADJ
fbem-30127	237	15	-	-	PUNCT
fbem-30127	237	16	quality	quality	NOUN
fbem-30127	237	17	talents	talent	NOUN
fbem-30127	237	18	.	.	PUNCT
fbem-30127	238	1	at	at	ADP
fbem-30127	238	2	the	the	DET
fbem-30127	238	3	same	same	ADJ
fbem-30127	238	4	time	time	NOUN
fbem-30127	238	5	,	,	PUNCT
fbem-30127	238	6	employees	employee	NOUN
fbem-30127	238	7	actively	actively	ADV
fbem-30127	238	8	learn	learn	VERB
fbem-30127	238	9	due	due	ADP
fbem-30127	238	10	to	to	ADP
fbem-30127	238	11	technical	technical	ADJ
fbem-30127	238	12	needs	need	NOUN
fbem-30127	238	13	,	,	PUNCT
fbem-30127	238	14	further	far	ADV
fbem-30127	238	15	enhancing	enhance	VERB
fbem-30127	238	16	their	their	PRON
fbem-30127	238	17	human	human	ADJ
fbem-30127	238	18	capital	capital	NOUN
fbem-30127	238	19	.	.	PUNCT
fbem-30127	239	1	after	after	ADP
fbem-30127	239	2	adding	add	VERB
fbem-30127	239	3	the	the	DET
fbem-30127	239	4	mediating	mediate	VERB
fbem-30127	239	5	variable	variable	NOUN
fbem-30127	239	6	of	of	ADP
fbem-30127	239	7	human	human	ADJ
fbem-30127	239	8	capital	capital	NOUN
fbem-30127	239	9	in	in	ADP
fbem-30127	239	10	column	column	NOUN
fbem-30127	239	11	(	(	PUNCT
fbem-30127	239	12	3	3	NUM
fbem-30127	239	13	)	)	PUNCT
fbem-30127	239	14	,	,	PUNCT
fbem-30127	239	15	the	the	DET
fbem-30127	239	16	coefficients	coefficient	NOUN
fbem-30127	239	17	of	of	ADP
fbem-30127	239	18	digital	digital	ADJ
fbem-30127	239	19	finance	finance	NOUN
fbem-30127	239	20	and	and	CCONJ
fbem-30127	239	21	human	human	ADJ
fbem-30127	239	22	capital	capital	NOUN
fbem-30127	239	23	are	be	AUX
fbem-30127	239	24	0.0505	0.0505	NUM
fbem-30127	239	25	and	and	CCONJ
fbem-30127	239	26	0.0009	0.0009	NUM
fbem-30127	239	27	,	,	PUNCT
fbem-30127	239	28	respectively	respectively	ADV
fbem-30127	239	29	,	,	PUNCT
fbem-30127	239	30	both	both	PRON
fbem-30127	239	31	significantly	significantly	ADV
fbem-30127	239	32	positive	positive	ADJ
fbem-30127	239	33	,	,	PUNCT
fbem-30127	239	34	indicating	indicate	VERB
fbem-30127	239	35	that	that	SCONJ
fbem-30127	239	36	human	human	ADJ
fbem-30127	239	37	capital	capital	NOUN
fbem-30127	239	38	plays	play	VERB
fbem-30127	239	39	a	a	DET
fbem-30127	239	40	partial	partial	ADJ
fbem-30127	239	41	249	249	NUM
fbem-30127	239	42	mediating	mediate	VERB
fbem-30127	239	43	role	role	NOUN
fbem-30127	239	44	in	in	ADP
fbem-30127	239	45	the	the	DET
fbem-30127	239	46	impact	impact	NOUN
fbem-30127	239	47	of	of	ADP
fbem-30127	239	48	digital	digital	ADJ
fbem-30127	239	49	finance	finance	NOUN
fbem-30127	239	50	on	on	ADP
fbem-30127	239	51	enterprise	enterprise	NOUN
fbem-30127	239	52	tfp	tfp	PROPN
fbem-30127	239	53	,	,	PUNCT
fbem-30127	239	54	with	with	ADP
fbem-30127	239	55	a	a	DET
fbem-30127	239	56	mediating	mediate	VERB
fbem-30127	239	57	effect	effect	NOUN
fbem-30127	239	58	accounting	account	VERB
fbem-30127	239	59	for	for	ADP
fbem-30127	239	60	8.75	8.75	NUM
fbem-30127	239	61	%	%	NOUN
fbem-30127	239	62	.	.	PUNCT
fbem-30127	240	1	a	a	DET
fbem-30127	240	2	higher	high	ADJ
fbem-30127	240	3	level	level	NOUN
fbem-30127	240	4	of	of	ADP
fbem-30127	240	5	human	human	ADJ
fbem-30127	240	6	capital	capital	NOUN
fbem-30127	240	7	provides	provide	VERB
fbem-30127	240	8	knowledge	knowledge	NOUN
fbem-30127	240	9	reserves	reserve	NOUN
fbem-30127	240	10	for	for	ADP
fbem-30127	240	11	technological	technological	ADJ
fbem-30127	240	12	innovation	innovation	NOUN
fbem-30127	240	13	,	,	PUNCT
fbem-30127	240	14	improves	improve	VERB
fbem-30127	240	15	production	production	NOUN
fbem-30127	240	16	efficiency	efficiency	NOUN
fbem-30127	240	17	,	,	PUNCT
fbem-30127	240	18	and	and	CCONJ
fbem-30127	240	19	thus	thus	ADV
fbem-30127	240	20	has	have	VERB
fbem-30127	240	21	a	a	DET
fbem-30127	240	22	positive	positive	ADJ
fbem-30127	240	23	impact	impact	NOUN
fbem-30127	240	24	on	on	ADP
fbem-30127	240	25	the	the	DET
fbem-30127	240	26	growth	growth	NOUN
fbem-30127	240	27	of	of	ADP
fbem-30127	240	28	enterprise	enterprise	NOUN
fbem-30127	240	29	tfp	tfp	PROPN
fbem-30127	240	30	.	.	PUNCT
fbem-30127	241	1	4.5.3	4.5.3	NUM
fbem-30127	241	2	.	.	PUNCT
fbem-30127	242	1	resource	resource	NOUN
fbem-30127	242	2	allocation	allocation	NOUN
fbem-30127	242	3	channels	channel	NOUN
fbem-30127	242	4	this	this	DET
fbem-30127	242	5	article	article	NOUN
fbem-30127	242	6	analyzes	analyze	VERB
fbem-30127	242	7	whether	whether	SCONJ
fbem-30127	242	8	digital	digital	ADJ
fbem-30127	242	9	finance	finance	NOUN
fbem-30127	242	10	has	have	AUX
fbem-30127	242	11	had	have	VERB
fbem-30127	242	12	a	a	DET
fbem-30127	242	13	positive	positive	ADJ
fbem-30127	242	14	impact	impact	NOUN
fbem-30127	242	15	on	on	ADP
fbem-30127	242	16	enterprise	enterprise	NOUN
fbem-30127	242	17	tfp	tfp	PROPN
fbem-30127	242	18	by	by	ADP
fbem-30127	242	19	improving	improve	VERB
fbem-30127	242	20	the	the	DET
fbem-30127	242	21	efficiency	efficiency	NOUN
fbem-30127	242	22	of	of	ADP
fbem-30127	242	23	resource	resource	NOUN
fbem-30127	242	24	allocation	allocation	NOUN
fbem-30127	242	25	.	.	PUNCT
fbem-30127	243	1	the	the	DET
fbem-30127	243	2	estimated	estimate	VERB
fbem-30127	243	3	results	result	NOUN
fbem-30127	243	4	are	be	AUX
fbem-30127	243	5	shown	show	VERB
fbem-30127	243	6	in	in	ADP
fbem-30127	243	7	table	table	NOUN
fbem-30127	243	8	8	8	NUM
fbem-30127	243	9	.	.	PUNCT
fbem-30127	243	10	table	table	NOUN
fbem-30127	243	11	8	8	NUM
fbem-30127	243	12	.	.	PUNCT
fbem-30127	244	1	estimated	estimate	VERB
fbem-30127	244	2	results	result	NOUN
fbem-30127	244	3	of	of	ADP
fbem-30127	244	4	resource	resource	NOUN
fbem-30127	244	5	allocation	allocation	NOUN
fbem-30127	244	6	channels	channel	NOUN
fbem-30127	244	7	variable	variable	ADJ
fbem-30127	244	8	1	1	NUM
fbem-30127	244	9	2	2	NUM
fbem-30127	244	10	3	3	NUM
fbem-30127	244	11	tfp	tfp	PROPN
fbem-30127	244	12	-	-	PUNCT
fbem-30127	244	13	op	op	NOUN
fbem-30127	244	14	human	human	ADJ
fbem-30127	244	15	tfp	tfp	PROPN
fbem-30127	244	16	-	-	PUNCT
fbem-30127	244	17	op	op	NOUN
fbem-30127	244	18	difi	difi	NOUN
fbem-30127	244	19	0.0553	0.0553	PROPN
fbem-30127	244	20	*	*	PUNCT
fbem-30127	244	21	*	*	PUNCT
fbem-30127	244	22	*	*	PUNCT
fbem-30127	244	23	-0.0364	-0.0364	PROPN
fbem-30127	244	24	*	*	PUNCT
fbem-30127	244	25	*	*	PUNCT
fbem-30127	244	26	*	*	PUNCT
fbem-30127	245	1	0.0645	0.0645	NUM
fbem-30127	245	2	*	*	PUNCT
fbem-30127	245	3	*	*	PUNCT
fbem-30127	245	4	*	*	PUNCT
fbem-30127	245	5	(	(	PUNCT
fbem-30127	245	6	3.5361	3.5361	NUM
fbem-30127	245	7	)	)	PUNCT
fbem-30127	245	8	(	(	PUNCT
fbem-30127	245	9	-2.8936	-2.8936	ADP
fbem-30127	245	10	)	)	PUNCT
fbem-30127	245	11	3.3709	3.3709	NUM
fbem-30127	245	12	human	human	NOUN
fbem-30127	245	13	-0.0109	-0.0109	NOUN
fbem-30127	245	14	*	*	PUNCT
fbem-30127	245	15	*	*	PUNCT
fbem-30127	245	16	*	*	PUNCT
fbem-30127	245	17	(	(	PUNCT
fbem-30127	245	18	-3.568	-3.568	NOUN
fbem-30127	245	19	)	)	PUNCT
fbem-30127	245	20	constant	constant	ADJ
fbem-30127	245	21	-0.5426	-0.5426	NOUN
fbem-30127	245	22	*	*	PUNCT
fbem-30127	245	23	*	*	PUNCT
fbem-30127	245	24	*	*	PUNCT
fbem-30127	245	25	0.7370	0.7370	PUNCT
fbem-30127	245	26	*	*	PUNCT
fbem-30127	245	27	*	*	PUNCT
fbem-30127	245	28	*	*	PUNCT
fbem-30127	245	29	-0.5611	-0.5611	NOUN
fbem-30127	245	30	*	*	PUNCT
fbem-30127	245	31	*	*	PUNCT
fbem-30127	245	32	*	*	PUNCT
fbem-30127	245	33	(	(	PUNCT
fbem-30127	245	34	-5.2349	-5.2349	PROPN
fbem-30127	245	35	)	)	PUNCT
fbem-30127	245	36	(	(	PUNCT
fbem-30127	245	37	24.0397	24.0397	NUM
fbem-30127	245	38	)	)	PUNCT
fbem-30127	245	39	(	(	PUNCT
fbem-30127	245	40	-4.3555	-4.3555	NOUN
fbem-30127	245	41	)	)	PUNCT
fbem-30127	245	42	control	control	NOUN
fbem-30127	245	43	variable	variable	NOUN
fbem-30127	246	1	yes	yes	INTJ
fbem-30127	246	2	yes	yes	INTJ
fbem-30127	247	1	yes	yes	INTJ
fbem-30127	247	2	industry	industry	NOUN
fbem-30127	247	3	fixed	fix	VERB
fbem-30127	248	1	yes	yes	INTJ
fbem-30127	249	1	yes	yes	INTJ
fbem-30127	250	1	yes	yes	INTJ
fbem-30127	250	2	fixed	fix	VERB
fbem-30127	250	3	year	year	NOUN
fbem-30127	251	1	yes	yes	INTJ
fbem-30127	252	1	yes	yes	INTJ
fbem-30127	253	1	yes	yes	INTJ
fbem-30127	254	1	n	n	CCONJ
fbem-30127	254	2	24943	24943	NUM
fbem-30127	254	3	24943	24943	NUM
fbem-30127	254	4	24943	24943	NUM
fbem-30127	254	5	adj.r²	adj.r²	VERB
fbem-30127	254	6	0.734	0.734	NUM
fbem-30127	254	7	0.308	0.308	NUM
fbem-30127	254	8	0.734	0.734	NUM
fbem-30127	254	9	the	the	DET
fbem-30127	254	10	results	result	NOUN
fbem-30127	254	11	in	in	ADP
fbem-30127	254	12	column	column	NOUN
fbem-30127	254	13	(	(	PUNCT
fbem-30127	254	14	2	2	X
fbem-30127	254	15	)	)	PUNCT
fbem-30127	254	16	show	show	VERB
fbem-30127	254	17	that	that	SCONJ
fbem-30127	254	18	the	the	DET
fbem-30127	254	19	coefficient	coefficient	NOUN
fbem-30127	254	20	of	of	ADP
fbem-30127	254	21	digital	digital	ADJ
fbem-30127	254	22	finance	finance	NOUN
fbem-30127	254	23	is	be	AUX
fbem-30127	254	24	-0.0364	-0.0364	ADJ
fbem-30127	254	25	,	,	PUNCT
fbem-30127	254	26	which	which	PRON
fbem-30127	254	27	is	be	AUX
fbem-30127	254	28	significant	significant	ADJ
fbem-30127	254	29	at	at	ADP
fbem-30127	254	30	the	the	DET
fbem-30127	254	31	1	1	NUM
fbem-30127	254	32	%	%	NOUN
fbem-30127	254	33	level	level	NOUN
fbem-30127	254	34	,	,	PUNCT
fbem-30127	254	35	indicating	indicate	VERB
fbem-30127	254	36	that	that	SCONJ
fbem-30127	254	37	digital	digital	ADJ
fbem-30127	254	38	finance	finance	NOUN
fbem-30127	254	39	can	can	AUX
fbem-30127	254	40	significantly	significantly	ADV
fbem-30127	254	41	improve	improve	VERB
fbem-30127	254	42	the	the	DET
fbem-30127	254	43	efficiency	efficiency	NOUN
fbem-30127	254	44	of	of	ADP
fbem-30127	254	45	enterprise	enterprise	NOUN
fbem-30127	254	46	resource	resource	NOUN
fbem-30127	254	47	allocation	allocation	NOUN
fbem-30127	254	48	.	.	PUNCT
fbem-30127	255	1	this	this	PRON
fbem-30127	255	2	is	be	AUX
fbem-30127	255	3	mainly	mainly	ADV
fbem-30127	255	4	because	because	SCONJ
fbem-30127	255	5	digital	digital	ADJ
fbem-30127	255	6	finance	finance	NOUN
fbem-30127	255	7	alleviates	alleviate	VERB
fbem-30127	255	8	the	the	DET
fbem-30127	255	9	financing	financing	NOUN
fbem-30127	255	10	difficulties	difficulty	NOUN
fbem-30127	255	11	of	of	ADP
fbem-30127	255	12	enterprises	enterprise	NOUN
fbem-30127	255	13	,	,	PUNCT
fbem-30127	255	14	and	and	CCONJ
fbem-30127	255	15	analyzes	analyze	NOUN
fbem-30127	255	16	and	and	CCONJ
fbem-30127	255	17	supervises	supervise	VERB
fbem-30127	255	18	enterprise	enterprise	NOUN
fbem-30127	255	19	information	information	NOUN
fbem-30127	255	20	through	through	ADP
fbem-30127	255	21	internet	internet	NOUN
fbem-30127	255	22	,	,	PUNCT
fbem-30127	255	23	artificial	artificial	ADJ
fbem-30127	255	24	intelligence	intelligence	NOUN
fbem-30127	255	25	and	and	CCONJ
fbem-30127	255	26	other	other	ADJ
fbem-30127	255	27	technologies	technology	NOUN
fbem-30127	255	28	,	,	PUNCT
fbem-30127	255	29	so	so	SCONJ
fbem-30127	255	30	as	as	SCONJ
fbem-30127	255	31	to	to	PART
fbem-30127	255	32	promote	promote	VERB
fbem-30127	255	33	the	the	DET
fbem-30127	255	34	inclination	inclination	NOUN
fbem-30127	255	35	of	of	ADP
fbem-30127	255	36	resources	resource	NOUN
fbem-30127	255	37	to	to	ADP
fbem-30127	255	38	high	high	ADJ
fbem-30127	255	39	productivity	productivity	NOUN
fbem-30127	255	40	sectors	sector	NOUN
fbem-30127	255	41	,	,	PUNCT
fbem-30127	255	42	thus	thus	ADV
fbem-30127	255	43	optimizing	optimize	VERB
fbem-30127	255	44	the	the	DET
fbem-30127	255	45	efficiency	efficiency	NOUN
fbem-30127	255	46	of	of	ADP
fbem-30127	255	47	resource	resource	NOUN
fbem-30127	255	48	allocation	allocation	NOUN
fbem-30127	255	49	.	.	PUNCT
fbem-30127	256	1	the	the	DET
fbem-30127	256	2	results	result	NOUN
fbem-30127	256	3	in	in	ADP
fbem-30127	256	4	column	column	NOUN
fbem-30127	256	5	(	(	PUNCT
fbem-30127	256	6	3	3	X
fbem-30127	256	7	)	)	PUNCT
fbem-30127	256	8	show	show	VERB
fbem-30127	256	9	that	that	SCONJ
fbem-30127	256	10	the	the	DET
fbem-30127	256	11	coefficient	coefficient	NOUN
fbem-30127	256	12	of	of	ADP
fbem-30127	256	13	digital	digital	ADJ
fbem-30127	256	14	finance	finance	NOUN
fbem-30127	256	15	is	be	AUX
fbem-30127	256	16	0.0645	0.0645	NUM
fbem-30127	256	17	,	,	PUNCT
fbem-30127	256	18	and	and	CCONJ
fbem-30127	256	19	the	the	DET
fbem-30127	256	20	coefficient	coefficient	NOUN
fbem-30127	256	21	of	of	ADP
fbem-30127	256	22	resource	resource	NOUN
fbem-30127	256	23	allocation	allocation	NOUN
fbem-30127	256	24	efficiency	efficiency	NOUN
fbem-30127	256	25	is	be	AUX
fbem-30127	256	26	-0.0109	-0.0109	VERB
fbem-30127	256	27	,	,	PUNCT
fbem-30127	256	28	both	both	PRON
fbem-30127	256	29	significant	significant	ADJ
fbem-30127	256	30	at	at	ADP
fbem-30127	256	31	the	the	DET
fbem-30127	256	32	1	1	NUM
fbem-30127	256	33	%	%	NOUN
fbem-30127	256	34	level	level	NOUN
fbem-30127	256	35	,	,	PUNCT
fbem-30127	256	36	indicating	indicate	VERB
fbem-30127	256	37	that	that	SCONJ
fbem-30127	256	38	resource	resource	NOUN
fbem-30127	256	39	allocation	allocation	NOUN
fbem-30127	256	40	efficiency	efficiency	NOUN
fbem-30127	256	41	plays	play	VERB
fbem-30127	256	42	a	a	DET
fbem-30127	256	43	partial	partial	ADJ
fbem-30127	256	44	mediating	mediate	VERB
fbem-30127	256	45	role	role	NOUN
fbem-30127	256	46	in	in	ADP
fbem-30127	256	47	the	the	DET
fbem-30127	256	48	impact	impact	NOUN
fbem-30127	256	49	of	of	ADP
fbem-30127	256	50	digital	digital	ADJ
fbem-30127	256	51	finance	finance	NOUN
fbem-30127	256	52	on	on	ADP
fbem-30127	256	53	enterprise	enterprise	NOUN
fbem-30127	256	54	tfp	tfp	PROPN
fbem-30127	256	55	,	,	PUNCT
fbem-30127	256	56	with	with	ADP
fbem-30127	256	57	a	a	DET
fbem-30127	256	58	mediating	mediate	VERB
fbem-30127	256	59	effect	effect	NOUN
fbem-30127	256	60	accounting	account	VERB
fbem-30127	256	61	for	for	ADP
fbem-30127	256	62	1.45	1.45	NUM
fbem-30127	256	63	%	%	NOUN
fbem-30127	256	64	.	.	PUNCT
fbem-30127	257	1	this	this	PRON
fbem-30127	257	2	indicates	indicate	VERB
fbem-30127	257	3	that	that	SCONJ
fbem-30127	257	4	digital	digital	ADJ
fbem-30127	257	5	finance	finance	NOUN
fbem-30127	257	6	has	have	AUX
fbem-30127	257	7	improved	improve	VERB
fbem-30127	257	8	the	the	DET
fbem-30127	257	9	r&d	r&d	NOUN
fbem-30127	257	10	capabilities	capability	NOUN
fbem-30127	257	11	of	of	ADP
fbem-30127	257	12	enterprises	enterprise	NOUN
fbem-30127	257	13	by	by	ADP
fbem-30127	257	14	optimizing	optimize	VERB
fbem-30127	257	15	resource	resource	NOUN
fbem-30127	257	16	allocation	allocation	NOUN
fbem-30127	257	17	efficiency	efficiency	NOUN
fbem-30127	257	18	,	,	PUNCT
fbem-30127	257	19	but	but	CCONJ
fbem-30127	257	20	its	its	PRON
fbem-30127	257	21	incentive	incentive	NOUN
fbem-30127	257	22	effect	effect	NOUN
fbem-30127	257	23	on	on	ADP
fbem-30127	257	24	r&d	r&d	NOUN
fbem-30127	257	25	enthusiasm	enthusiasm	NOUN
fbem-30127	257	26	is	be	AUX
fbem-30127	257	27	limited	limited	ADJ
fbem-30127	257	28	,	,	PUNCT
fbem-30127	257	29	so	so	ADV
fbem-30127	257	30	its	its	PRON
fbem-30127	257	31	promotion	promotion	NOUN
fbem-30127	257	32	effect	effect	NOUN
fbem-30127	257	33	on	on	ADP
fbem-30127	257	34	tfp	tfp	PROPN
fbem-30127	257	35	growth	growth	NOUN
fbem-30127	257	36	of	of	ADP
fbem-30127	257	37	enterprises	enterprise	NOUN
fbem-30127	257	38	is	be	AUX
fbem-30127	257	39	relatively	relatively	ADV
fbem-30127	257	40	small	small	ADJ
fbem-30127	257	41	.	.	PUNCT
fbem-30127	258	1	4.5.4	4.5.4	X
fbem-30127	258	2	.	.	PROPN
fbem-30127	258	3	information	information	NOUN
fbem-30127	258	4	disclosure	disclosure	NOUN
fbem-30127	258	5	channels	channel	NOUN
fbem-30127	258	6	this	this	DET
fbem-30127	258	7	article	article	NOUN
fbem-30127	258	8	analyzes	analyze	VERB
fbem-30127	258	9	whether	whether	SCONJ
fbem-30127	258	10	digital	digital	ADJ
fbem-30127	258	11	finance	finance	NOUN
fbem-30127	258	12	has	have	AUX
fbem-30127	258	13	had	have	VERB
fbem-30127	258	14	a	a	DET
fbem-30127	258	15	positive	positive	ADJ
fbem-30127	258	16	impact	impact	NOUN
fbem-30127	258	17	on	on	ADP
fbem-30127	258	18	corporate	corporate	ADJ
fbem-30127	258	19	tfp	tfp	NOUN
fbem-30127	258	20	by	by	ADP
fbem-30127	258	21	improving	improve	VERB
fbem-30127	258	22	the	the	DET
fbem-30127	258	23	quality	quality	NOUN
fbem-30127	258	24	of	of	ADP
fbem-30127	258	25	information	information	NOUN
fbem-30127	258	26	disclosure	disclosure	NOUN
fbem-30127	258	27	.	.	PUNCT
fbem-30127	259	1	the	the	DET
fbem-30127	259	2	estimated	estimate	VERB
fbem-30127	259	3	results	result	NOUN
fbem-30127	259	4	are	be	AUX
fbem-30127	259	5	shown	show	VERB
fbem-30127	259	6	in	in	ADP
fbem-30127	259	7	table	table	NOUN
fbem-30127	259	8	9	9	NUM
fbem-30127	259	9	.	.	PUNCT
fbem-30127	260	1	the	the	DET
fbem-30127	260	2	results	result	NOUN
fbem-30127	260	3	in	in	ADP
fbem-30127	260	4	column	column	NOUN
fbem-30127	260	5	(	(	PUNCT
fbem-30127	260	6	2	2	X
fbem-30127	260	7	)	)	PUNCT
fbem-30127	260	8	show	show	VERB
fbem-30127	260	9	that	that	SCONJ
fbem-30127	260	10	the	the	DET
fbem-30127	260	11	coefficient	coefficient	NOUN
fbem-30127	260	12	of	of	ADP
fbem-30127	260	13	digital	digital	ADJ
fbem-30127	260	14	finance	finance	NOUN
fbem-30127	260	15	is	be	AUX
fbem-30127	260	16	-0.1364	-0.1364	NOUN
fbem-30127	260	17	,	,	PUNCT
fbem-30127	260	18	which	which	PRON
fbem-30127	260	19	is	be	AUX
fbem-30127	260	20	significant	significant	ADJ
fbem-30127	260	21	at	at	ADP
fbem-30127	260	22	the	the	DET
fbem-30127	260	23	10	10	NUM
fbem-30127	260	24	%	%	NOUN
fbem-30127	260	25	level	level	NOUN
fbem-30127	260	26	,	,	PUNCT
fbem-30127	260	27	indicating	indicate	VERB
fbem-30127	260	28	that	that	SCONJ
fbem-30127	260	29	digital	digital	ADJ
fbem-30127	260	30	finance	finance	NOUN
fbem-30127	260	31	can	can	AUX
fbem-30127	260	32	improve	improve	VERB
fbem-30127	260	33	the	the	DET
fbem-30127	260	34	quality	quality	NOUN
fbem-30127	260	35	of	of	ADP
fbem-30127	260	36	information	information	NOUN
fbem-30127	260	37	disclosure	disclosure	NOUN
fbem-30127	260	38	for	for	ADP
fbem-30127	260	39	enterprises	enterprise	NOUN
fbem-30127	260	40	.	.	PUNCT
fbem-30127	261	1	this	this	PRON
fbem-30127	261	2	is	be	AUX
fbem-30127	261	3	mainly	mainly	ADV
fbem-30127	261	4	due	due	ADJ
fbem-30127	261	5	to	to	ADP
fbem-30127	261	6	:	:	PUNCT
fbem-30127	261	7	on	on	ADP
fbem-30127	261	8	the	the	DET
fbem-30127	261	9	one	one	NUM
fbem-30127	261	10	hand	hand	NOUN
fbem-30127	261	11	,	,	PUNCT
fbem-30127	261	12	the	the	DET
fbem-30127	261	13	information	information	NOUN
fbem-30127	261	14	disclosed	disclose	VERB
fbem-30127	261	15	by	by	ADP
fbem-30127	261	16	enterprises	enterprise	NOUN
fbem-30127	261	17	is	be	AUX
fbem-30127	261	18	the	the	DET
fbem-30127	261	19	foundation	foundation	NOUN
fbem-30127	261	20	of	of	ADP
fbem-30127	261	21	big	big	ADJ
fbem-30127	261	22	data	datum	NOUN
fbem-30127	261	23	analysis	analysis	NOUN
fbem-30127	261	24	,	,	PUNCT
fbem-30127	261	25	and	and	CCONJ
fbem-30127	261	26	investors	investor	NOUN
fbem-30127	261	27	evaluate	evaluate	VERB
fbem-30127	261	28	the	the	DET
fbem-30127	261	29	value	value	NOUN
fbem-30127	261	30	of	of	ADP
fbem-30127	261	31	enterprises	enterprise	NOUN
fbem-30127	261	32	through	through	ADP
fbem-30127	261	33	data	datum	NOUN
fbem-30127	261	34	,	,	PUNCT
fbem-30127	261	35	prompting	prompt	VERB
fbem-30127	261	36	enterprises	enterprise	NOUN
fbem-30127	261	37	to	to	PART
fbem-30127	261	38	improve	improve	VERB
fbem-30127	261	39	the	the	DET
fbem-30127	261	40	quality	quality	NOUN
fbem-30127	261	41	of	of	ADP
fbem-30127	261	42	information	information	NOUN
fbem-30127	261	43	disclosure	disclosure	NOUN
fbem-30127	261	44	to	to	PART
fbem-30127	261	45	increase	increase	VERB
fbem-30127	261	46	the	the	DET
fbem-30127	261	47	success	success	NOUN
fbem-30127	261	48	rate	rate	NOUN
fbem-30127	261	49	of	of	ADP
fbem-30127	261	50	financing	financing	NOUN
fbem-30127	261	51	;	;	PUNCT
fbem-30127	261	52	on	on	ADP
fbem-30127	261	53	the	the	DET
fbem-30127	261	54	other	other	ADJ
fbem-30127	261	55	hand	hand	NOUN
fbem-30127	261	56	,	,	PUNCT
fbem-30127	261	57	the	the	DET
fbem-30127	261	58	dynamic	dynamic	ADJ
fbem-30127	261	59	risk	risk	NOUN
fbem-30127	261	60	monitoring	monitoring	NOUN
fbem-30127	261	61	and	and	CCONJ
fbem-30127	261	62	big	big	ADJ
fbem-30127	261	63	data	datum	NOUN
fbem-30127	261	64	analysis	analysis	NOUN
fbem-30127	261	65	of	of	ADP
fbem-30127	261	66	digital	digital	ADJ
fbem-30127	261	67	finance	finance	NOUN
fbem-30127	261	68	have	have	AUX
fbem-30127	261	69	increased	increase	VERB
fbem-30127	261	70	the	the	DET
fbem-30127	261	71	cost	cost	NOUN
fbem-30127	261	72	of	of	ADP
fbem-30127	261	73	false	false	ADJ
fbem-30127	261	74	information	information	NOUN
fbem-30127	261	75	disclosure	disclosure	NOUN
fbem-30127	261	76	,	,	PUNCT
fbem-30127	261	77	forcing	force	VERB
fbem-30127	261	78	companies	company	NOUN
fbem-30127	261	79	to	to	PART
fbem-30127	261	80	improve	improve	VERB
fbem-30127	261	81	the	the	DET
fbem-30127	261	82	quality	quality	NOUN
fbem-30127	261	83	of	of	ADP
fbem-30127	261	84	information	information	NOUN
fbem-30127	261	85	disclosure	disclosure	NOUN
fbem-30127	261	86	.	.	PUNCT
fbem-30127	262	1	the	the	DET
fbem-30127	262	2	results	result	NOUN
fbem-30127	262	3	in	in	ADP
fbem-30127	262	4	column	column	NOUN
fbem-30127	262	5	(	(	PUNCT
fbem-30127	262	6	3	3	X
fbem-30127	262	7	)	)	PUNCT
fbem-30127	262	8	show	show	VERB
fbem-30127	262	9	that	that	SCONJ
fbem-30127	262	10	the	the	DET
fbem-30127	262	11	coefficient	coefficient	NOUN
fbem-30127	262	12	of	of	ADP
fbem-30127	262	13	digital	digital	ADJ
fbem-30127	262	14	finance	finance	NOUN
fbem-30127	262	15	is	be	AUX
fbem-30127	262	16	0.0545	0.0545	NUM
fbem-30127	262	17	,	,	PUNCT
fbem-30127	262	18	and	and	CCONJ
fbem-30127	262	19	the	the	DET
fbem-30127	262	20	coefficient	coefficient	NOUN
fbem-30127	262	21	of	of	ADP
fbem-30127	262	22	information	information	NOUN
fbem-30127	262	23	disclosure	disclosure	NOUN
fbem-30127	262	24	quality	quality	NOUN
fbem-30127	262	25	is	be	AUX
fbem-30127	262	26	significantly	significantly	ADV
fbem-30127	262	27	negative	negative	ADJ
fbem-30127	262	28	,	,	PUNCT
fbem-30127	262	29	indicating	indicate	VERB
fbem-30127	262	30	that	that	SCONJ
fbem-30127	262	31	information	information	NOUN
fbem-30127	262	32	disclosure	disclosure	NOUN
fbem-30127	262	33	quality	quality	NOUN
fbem-30127	262	34	plays	play	VERB
fbem-30127	262	35	a	a	DET
fbem-30127	262	36	partial	partial	ADJ
fbem-30127	262	37	mediating	mediate	VERB
fbem-30127	262	38	role	role	NOUN
fbem-30127	262	39	in	in	ADP
fbem-30127	262	40	the	the	DET
fbem-30127	262	41	impact	impact	NOUN
fbem-30127	262	42	of	of	ADP
fbem-30127	262	43	digital	digital	ADJ
fbem-30127	262	44	finance	finance	NOUN
fbem-30127	262	45	on	on	ADP
fbem-30127	262	46	enterprise	enterprise	NOUN
fbem-30127	262	47	tfp	tfp	PROPN
fbem-30127	262	48	,	,	PUNCT
fbem-30127	262	49	with	with	ADP
fbem-30127	262	50	the	the	DET
fbem-30127	262	51	mediating	mediate	VERB
fbem-30127	262	52	effect	effect	NOUN
fbem-30127	262	53	accounting	account	VERB
fbem-30127	262	54	for	for	ADP
fbem-30127	262	55	13.92	13.92	NUM
fbem-30127	262	56	%	%	NOUN
fbem-30127	262	57	.	.	PUNCT
fbem-30127	263	1	high	high	ADJ
fbem-30127	263	2	quality	quality	NOUN
fbem-30127	263	3	information	information	NOUN
fbem-30127	263	4	disclosure	disclosure	NOUN
fbem-30127	263	5	not	not	PART
fbem-30127	263	6	only	only	ADV
fbem-30127	263	7	increases	increase	VERB
fbem-30127	263	8	the	the	DET
fbem-30127	263	9	probability	probability	NOUN
fbem-30127	263	10	of	of	ADP
fbem-30127	263	11	corporate	corporate	ADJ
fbem-30127	263	12	financing	financing	NOUN
fbem-30127	263	13	,	,	PUNCT
fbem-30127	263	14	provides	provide	VERB
fbem-30127	263	15	financial	financial	ADJ
fbem-30127	263	16	support	support	NOUN
fbem-30127	263	17	for	for	ADP
fbem-30127	263	18	expanding	expand	VERB
fbem-30127	263	19	production	production	NOUN
fbem-30127	263	20	scale	scale	NOUN
fbem-30127	263	21	and	and	CCONJ
fbem-30127	263	22	technological	technological	ADJ
fbem-30127	263	23	innovation	innovation	NOUN
fbem-30127	263	24	,	,	PUNCT
fbem-30127	263	25	but	but	CCONJ
fbem-30127	263	26	also	also	ADV
fbem-30127	263	27	sends	send	VERB
fbem-30127	263	28	positive	positive	ADJ
fbem-30127	263	29	signals	signal	NOUN
fbem-30127	263	30	to	to	ADP
fbem-30127	263	31	investors	investor	NOUN
fbem-30127	263	32	,	,	PUNCT
fbem-30127	263	33	enhances	enhance	VERB
fbem-30127	263	34	corporate	corporate	ADJ
fbem-30127	263	35	value	value	NOUN
fbem-30127	263	36	,	,	PUNCT
fbem-30127	263	37	and	and	CCONJ
fbem-30127	263	38	thus	thus	ADV
fbem-30127	263	39	has	have	VERB
fbem-30127	263	40	a	a	DET
fbem-30127	263	41	positive	positive	ADJ
fbem-30127	263	42	impact	impact	NOUN
fbem-30127	263	43	on	on	ADP
fbem-30127	263	44	the	the	DET
fbem-30127	263	45	growth	growth	NOUN
fbem-30127	263	46	of	of	ADP
fbem-30127	263	47	corporate	corporate	ADJ
fbem-30127	263	48	tfp	tfp	PROPN
fbem-30127	263	49	.	.	PUNCT
fbem-30127	263	50	table	table	NOUN
fbem-30127	263	51	9	9	NUM
fbem-30127	263	52	.	.	PUNCT
fbem-30127	263	53	estimated	estimate	VERB
fbem-30127	263	54	results	result	NOUN
fbem-30127	263	55	of	of	ADP
fbem-30127	263	56	information	information	NOUN
fbem-30127	263	57	disclosure	disclosure	NOUN
fbem-30127	263	58	channels	channel	NOUN
fbem-30127	263	59	variable	variable	ADJ
fbem-30127	263	60	1	1	NUM
fbem-30127	263	61	2	2	NUM
fbem-30127	263	62	3	3	NUM
fbem-30127	263	63	tfp	tfp	PROPN
fbem-30127	263	64	-	-	PUNCT
fbem-30127	263	65	op	op	NOUN
fbem-30127	263	66	human	human	ADJ
fbem-30127	263	67	tfp	tfp	PROPN
fbem-30127	263	68	-	-	PUNCT
fbem-30127	263	69	op	op	NOUN
fbem-30127	263	70	difi	difi	NOUN
fbem-30127	263	71	0.0553	0.0553	PROPN
fbem-30127	263	72	*	*	PUNCT
fbem-30127	263	73	*	*	PUNCT
fbem-30127	263	74	*	*	NOUN
fbem-30127	263	75	-0.1364	-0.1364	NOUN
fbem-30127	263	76	*	*	PUNCT
fbem-30127	263	77	*	*	PUNCT
fbem-30127	263	78	*	*	PUNCT
fbem-30127	263	79	0.0545	0.0545	NUM
fbem-30127	263	80	*	*	PUNCT
fbem-30127	263	81	*	*	PUNCT
fbem-30127	263	82	*	*	PUNCT
fbem-30127	263	83	(	(	PUNCT
fbem-30127	263	84	3.5361	3.5361	NUM
fbem-30127	263	85	)	)	PUNCT
fbem-30127	263	86	(	(	PUNCT
fbem-30127	263	87	-1.7412	-1.7412	ADV
fbem-30127	263	88	)	)	PUNCT
fbem-30127	263	89	4.3709	4.3709	NUM
fbem-30127	263	90	human	human	ADJ
fbem-30127	263	91	-0.0609	-0.0609	NOUN
fbem-30127	263	92	*	*	PUNCT
fbem-30127	263	93	*	*	PUNCT
fbem-30127	263	94	*	*	PUNCT
fbem-30127	263	95	(	(	PUNCT
fbem-30127	263	96	-3.468	-3.468	X
fbem-30127	263	97	)	)	PUNCT
fbem-30127	263	98	constant	constant	ADJ
fbem-30127	263	99	-0.5426	-0.5426	NOUN
fbem-30127	263	100	*	*	PUNCT
fbem-30127	263	101	*	*	PUNCT
fbem-30127	263	102	*	*	PUNCT
fbem-30127	263	103	0.8370	0.8370	NUM
fbem-30127	263	104	*	*	PUNCT
fbem-30127	263	105	*	*	PUNCT
fbem-30127	263	106	*	*	X
fbem-30127	263	107	-0.7611	-0.7611	NOUN
fbem-30127	263	108	*	*	PUNCT
fbem-30127	263	109	*	*	PUNCT
fbem-30127	263	110	*	*	PUNCT
fbem-30127	263	111	(	(	PUNCT
fbem-30127	263	112	-5.2349	-5.2349	PROPN
fbem-30127	263	113	)	)	PUNCT
fbem-30127	263	114	(	(	PUNCT
fbem-30127	263	115	15.0397	15.0397	NUM
fbem-30127	263	116	)	)	PUNCT
fbem-30127	263	117	(	(	PUNCT
fbem-30127	263	118	-8.3555	-8.3555	NOUN
fbem-30127	263	119	)	)	PUNCT
fbem-30127	263	120	control	control	NOUN
fbem-30127	263	121	variable	variable	NOUN
fbem-30127	264	1	yes	yes	INTJ
fbem-30127	264	2	yes	yes	INTJ
fbem-30127	265	1	yes	yes	INTJ
fbem-30127	265	2	industry	industry	NOUN
fbem-30127	265	3	fixed	fix	VERB
fbem-30127	266	1	yes	yes	INTJ
fbem-30127	267	1	yes	yes	INTJ
fbem-30127	268	1	yes	yes	INTJ
fbem-30127	268	2	fixed	fix	VERB
fbem-30127	268	3	year	year	NOUN
fbem-30127	269	1	yes	yes	INTJ
fbem-30127	270	1	yes	yes	INTJ
fbem-30127	271	1	yes	yes	INTJ
fbem-30127	272	1	n	n	CCONJ
fbem-30127	272	2	24943	24943	NUM
fbem-30127	272	3	24943	24943	NUM
fbem-30127	272	4	24943	24943	NUM
fbem-30127	272	5	adj.r²	adj.r²	VERB
fbem-30127	272	6	0.734	0.734	NUM
fbem-30127	272	7	0.108	0.108	NUM
fbem-30127	272	8	0.734	0.734	NUM
fbem-30127	272	9	4.5.5	4.5.5	NUM
fbem-30127	272	10	.	.	PUNCT
fbem-30127	273	1	risk	risk	NOUN
fbem-30127	273	2	bearing	bear	VERB
fbem-30127	273	3	channels	channel	NOUN
fbem-30127	273	4	this	this	DET
fbem-30127	273	5	article	article	NOUN
fbem-30127	273	6	explores	explore	VERB
fbem-30127	273	7	whether	whether	SCONJ
fbem-30127	273	8	digital	digital	ADJ
fbem-30127	273	9	finance	finance	NOUN
fbem-30127	273	10	has	have	AUX
fbem-30127	273	11	promoted	promote	VERB
fbem-30127	273	12	the	the	DET
fbem-30127	273	13	growth	growth	NOUN
fbem-30127	273	14	of	of	ADP
fbem-30127	273	15	total	total	ADJ
fbem-30127	273	16	factor	factor	NOUN
fbem-30127	273	17	productivity	productivity	NOUN
fbem-30127	273	18	of	of	ADP
fbem-30127	273	19	enterprises	enterprise	NOUN
fbem-30127	273	20	by	by	ADP
fbem-30127	273	21	increasing	increase	VERB
fbem-30127	273	22	their	their	PRON
fbem-30127	273	23	risk	risk	NOUN
fbem-30127	273	24	-	-	PUNCT
fbem-30127	273	25	taking	take	VERB
fbem-30127	273	26	level	level	NOUN
fbem-30127	273	27	.	.	PUNCT
fbem-30127	274	1	the	the	DET
fbem-30127	274	2	estimated	estimate	VERB
fbem-30127	274	3	results	result	NOUN
fbem-30127	274	4	are	be	AUX
fbem-30127	274	5	shown	show	VERB
fbem-30127	274	6	in	in	ADP
fbem-30127	274	7	table	table	NOUN
fbem-30127	274	8	10	10	NUM
fbem-30127	274	9	.	.	PUNCT
fbem-30127	274	10	table	table	NOUN
fbem-30127	274	11	10	10	NUM
fbem-30127	274	12	.	.	PUNCT
fbem-30127	275	1	estimated	estimate	VERB
fbem-30127	275	2	results	result	NOUN
fbem-30127	275	3	of	of	ADP
fbem-30127	275	4	risk	risk	NOUN
fbem-30127	275	5	bearing	bear	VERB
fbem-30127	275	6	channels	channel	NOUN
fbem-30127	275	7	variable	variable	ADJ
fbem-30127	275	8	1	1	NUM
fbem-30127	275	9	2	2	NUM
fbem-30127	275	10	3	3	NUM
fbem-30127	275	11	tfp	tfp	PROPN
fbem-30127	275	12	-	-	PUNCT
fbem-30127	275	13	op	op	NOUN
fbem-30127	275	14	human	human	ADJ
fbem-30127	275	15	tfp	tfp	PROPN
fbem-30127	275	16	-	-	PUNCT
fbem-30127	275	17	op	op	NOUN
fbem-30127	275	18	difi	difi	NOUN
fbem-30127	275	19	0.0553	0.0553	PROPN
fbem-30127	275	20	*	*	PUNCT
fbem-30127	275	21	*	*	PUNCT
fbem-30127	275	22	*	*	PUNCT
fbem-30127	275	23	0.1364	0.1364	NUM
fbem-30127	275	24	*	*	PUNCT
fbem-30127	275	25	*	*	PUNCT
fbem-30127	275	26	*	*	PUNCT
fbem-30127	275	27	0.0345	0.0345	NUM
fbem-30127	275	28	*	*	PUNCT
fbem-30127	275	29	*	*	PUNCT
fbem-30127	275	30	*	*	PUNCT
fbem-30127	275	31	(	(	PUNCT
fbem-30127	275	32	3.5361	3.5361	NUM
fbem-30127	275	33	)	)	PUNCT
fbem-30127	275	34	(	(	PUNCT
fbem-30127	275	35	8.8936	8.8936	NUM
fbem-30127	275	36	)	)	PUNCT
fbem-30127	275	37	3.6709	3.6709	NUM
fbem-30127	275	38	human	human	ADJ
fbem-30127	275	39	0.1509	0.1509	NUM
fbem-30127	275	40	*	*	PUNCT
fbem-30127	275	41	*	*	PUNCT
fbem-30127	275	42	*	*	PUNCT
fbem-30127	275	43	(	(	PUNCT
fbem-30127	275	44	3.868	3.868	NUM
fbem-30127	275	45	)	)	PUNCT
fbem-30127	275	46	constant	constant	ADJ
fbem-30127	275	47	-0.5426	-0.5426	NOUN
fbem-30127	275	48	*	*	PUNCT
fbem-30127	275	49	*	*	PUNCT
fbem-30127	275	50	*	*	PUNCT
fbem-30127	275	51	0.0570	0.0570	NUM
fbem-30127	275	52	*	*	PUNCT
fbem-30127	275	53	*	*	PUNCT
fbem-30127	275	54	*	*	PUNCT
fbem-30127	275	55	-11.5611	-11.5611	PUNCT
fbem-30127	275	56	*	*	PUNCT
fbem-30127	275	57	*	*	PUNCT
fbem-30127	275	58	*	*	PUNCT
fbem-30127	275	59	(	(	PUNCT
fbem-30127	275	60	-5.2349	-5.2349	PROPN
fbem-30127	275	61	)	)	PUNCT
fbem-30127	275	62	(	(	PUNCT
fbem-30127	275	63	7.0397	7.0397	NUM
fbem-30127	275	64	)	)	PUNCT
fbem-30127	275	65	(	(	PUNCT
fbem-30127	275	66	-19.3555	-19.3555	NUM
fbem-30127	275	67	)	)	PUNCT
fbem-30127	275	68	control	control	NOUN
fbem-30127	275	69	variable	variable	NOUN
fbem-30127	276	1	yes	yes	INTJ
fbem-30127	276	2	yes	yes	INTJ
fbem-30127	277	1	yes	yes	INTJ
fbem-30127	277	2	industry	industry	NOUN
fbem-30127	277	3	fixed	fix	VERB
fbem-30127	278	1	yes	yes	INTJ
fbem-30127	279	1	yes	yes	INTJ
fbem-30127	280	1	yes	yes	INTJ
fbem-30127	280	2	fixed	fix	VERB
fbem-30127	280	3	year	year	NOUN
fbem-30127	281	1	yes	yes	INTJ
fbem-30127	282	1	yes	yes	INTJ
fbem-30127	283	1	yes	yes	INTJ
fbem-30127	284	1	n	n	CCONJ
fbem-30127	284	2	24943	24943	NUM
fbem-30127	284	3	24943	24943	NUM
fbem-30127	284	4	24943	24943	NUM
fbem-30127	284	5	adj.r²	adj.r²	VERB
fbem-30127	284	6	0.734	0.734	NUM
fbem-30127	284	7	0.118	0.118	NUM
fbem-30127	284	8	0.734	0.734	NUM
fbem-30127	284	9	the	the	DET
fbem-30127	284	10	results	result	NOUN
fbem-30127	284	11	in	in	ADP
fbem-30127	284	12	column	column	NOUN
fbem-30127	284	13	(	(	PUNCT
fbem-30127	284	14	2	2	X
fbem-30127	284	15	)	)	PUNCT
fbem-30127	284	16	show	show	VERB
fbem-30127	284	17	that	that	SCONJ
fbem-30127	284	18	the	the	DET
fbem-30127	284	19	coefficient	coefficient	NOUN
fbem-30127	284	20	of	of	ADP
fbem-30127	284	21	digital	digital	ADJ
fbem-30127	284	22	finance	finance	NOUN
fbem-30127	284	23	is	be	AUX
fbem-30127	284	24	0.1364	0.1364	NUM
fbem-30127	284	25	,	,	PUNCT
fbem-30127	284	26	which	which	PRON
fbem-30127	284	27	is	be	AUX
fbem-30127	284	28	significant	significant	ADJ
fbem-30127	284	29	at	at	ADP
fbem-30127	284	30	the	the	DET
fbem-30127	284	31	1	1	NUM
fbem-30127	284	32	%	%	NOUN
fbem-30127	284	33	level	level	NOUN
fbem-30127	284	34	,	,	PUNCT
fbem-30127	284	35	indicating	indicate	VERB
fbem-30127	284	36	that	that	SCONJ
fbem-30127	284	37	digital	digital	ADJ
fbem-30127	284	38	finance	finance	NOUN
fbem-30127	284	39	can	can	AUX
fbem-30127	284	40	significantly	significantly	ADV
fbem-30127	284	41	improve	improve	VERB
fbem-30127	284	42	the	the	DET
fbem-30127	284	43	risk	risk	NOUN
fbem-30127	284	44	-	-	PUNCT
fbem-30127	284	45	taking	take	VERB
fbem-30127	284	46	level	level	NOUN
fbem-30127	284	47	of	of	ADP
fbem-30127	284	48	enterprises	enterprise	NOUN
fbem-30127	284	49	.	.	PUNCT
fbem-30127	285	1	this	this	PRON
fbem-30127	285	2	is	be	AUX
fbem-30127	285	3	mainly	mainly	ADV
fbem-30127	285	4	due	due	ADJ
fbem-30127	285	5	to	to	ADP
fbem-30127	285	6	the	the	DET
fbem-30127	285	7	relief	relief	NOUN
fbem-30127	285	8	of	of	ADP
fbem-30127	285	9	financing	financing	NOUN
fbem-30127	285	10	constraints	constraint	NOUN
fbem-30127	285	11	for	for	ADP
fbem-30127	285	12	enterprises	enterprise	NOUN
fbem-30127	285	13	by	by	ADP
fbem-30127	285	14	digital	digital	ADJ
fbem-30127	285	15	finance	finance	NOUN
fbem-30127	285	16	,	,	PUNCT
fbem-30127	285	17	providing	provide	VERB
fbem-30127	285	18	low	low	ADJ
fbem-30127	285	19	-	-	PUNCT
fbem-30127	285	20	cost	cost	NOUN
fbem-30127	285	21	financial	financial	ADJ
fbem-30127	285	22	support	support	NOUN
fbem-30127	285	23	,	,	PUNCT
fbem-30127	285	24	and	and	CCONJ
fbem-30127	285	25	building	build	VERB
fbem-30127	285	26	risk	risk	NOUN
fbem-30127	285	27	control	control	NOUN
fbem-30127	285	28	and	and	CCONJ
fbem-30127	285	29	information	information	NOUN
fbem-30127	285	30	sharing	sharing	NOUN
fbem-30127	285	31	platforms	platform	NOUN
fbem-30127	285	32	through	through	ADP
fbem-30127	285	33	intelligent	intelligent	ADJ
fbem-30127	285	34	technology	technology	NOUN
fbem-30127	285	35	,	,	PUNCT
fbem-30127	285	36	reducing	reduce	VERB
fbem-30127	285	37	information	information	NOUN
fbem-30127	285	38	asymmetry	asymmetry	NOUN
fbem-30127	285	39	and	and	CCONJ
fbem-30127	285	40	agency	agency	NOUN
fbem-30127	285	41	problems	problem	NOUN
fbem-30127	285	42	,	,	PUNCT
fbem-30127	285	43	and	and	CCONJ
fbem-30127	285	44	enhancing	enhance	VERB
fbem-30127	285	45	enterprises	enterprise	NOUN
fbem-30127	285	46	'	'	PART
fbem-30127	285	47	confidence	confidence	NOUN
fbem-30127	285	48	in	in	ADP
fbem-30127	285	49	high	high	ADJ
fbem-30127	285	50	-	-	PUNCT
fbem-30127	285	51	risk	risk	NOUN
fbem-30127	285	52	investments	investment	NOUN
fbem-30127	285	53	.	.	PUNCT
fbem-30127	286	1	the	the	DET
fbem-30127	286	2	results	result	NOUN
fbem-30127	286	3	in	in	ADP
fbem-30127	286	4	column	column	NOUN
fbem-30127	286	5	(	(	PUNCT
fbem-30127	286	6	3	3	X
fbem-30127	286	7	)	)	PUNCT
fbem-30127	286	8	show	show	VERB
fbem-30127	286	9	that	that	SCONJ
fbem-30127	286	10	the	the	DET
fbem-30127	286	11	coefficient	coefficient	NOUN
fbem-30127	286	12	of	of	ADP
fbem-30127	286	13	digital	digital	ADJ
fbem-30127	286	14	finance	finance	NOUN
fbem-30127	286	15	is	be	AUX
fbem-30127	286	16	0.0345	0.0345	NUM
fbem-30127	286	17	and	and	CCONJ
fbem-30127	286	18	the	the	DET
fbem-30127	286	19	coefficient	coefficient	NOUN
fbem-30127	286	20	of	of	ADP
fbem-30127	286	21	risk	risk	NOUN
fbem-30127	286	22	-	-	PUNCT
fbem-30127	286	23	taking	take	VERB
fbem-30127	286	24	level	level	NOUN
fbem-30127	286	25	is	be	AUX
fbem-30127	286	26	0.1509	0.1509	NUM
fbem-30127	286	27	,	,	PUNCT
fbem-30127	286	28	both	both	PRON
fbem-30127	286	29	of	of	ADP
fbem-30127	286	30	which	which	PRON
fbem-30127	286	31	pass	pass	VERB
fbem-30127	286	32	the	the	DET
fbem-30127	286	33	1	1	NUM
fbem-30127	286	34	%	%	NOUN
fbem-30127	286	35	250	250	NUM
fbem-30127	286	36	significance	significance	NOUN
fbem-30127	286	37	test	test	NOUN
fbem-30127	286	38	,	,	PUNCT
fbem-30127	286	39	indicating	indicate	VERB
fbem-30127	286	40	that	that	SCONJ
fbem-30127	286	41	risk	risk	NOUN
fbem-30127	286	42	-	-	PUNCT
fbem-30127	286	43	taking	take	VERB
fbem-30127	286	44	level	level	NOUN
fbem-30127	286	45	plays	play	VERB
fbem-30127	286	46	a	a	DET
fbem-30127	286	47	partial	partial	ADJ
fbem-30127	286	48	mediating	mediate	VERB
fbem-30127	286	49	role	role	NOUN
fbem-30127	286	50	in	in	ADP
fbem-30127	286	51	the	the	DET
fbem-30127	286	52	impact	impact	NOUN
fbem-30127	286	53	of	of	ADP
fbem-30127	286	54	digital	digital	ADJ
fbem-30127	286	55	finance	finance	NOUN
fbem-30127	286	56	on	on	ADP
fbem-30127	286	57	enterprise	enterprise	NOUN
fbem-30127	286	58	tfp	tfp	PROPN
fbem-30127	286	59	,	,	PUNCT
fbem-30127	286	60	with	with	ADP
fbem-30127	286	61	the	the	DET
fbem-30127	286	62	mediating	mediate	VERB
fbem-30127	286	63	effect	effect	NOUN
fbem-30127	286	64	accounting	account	VERB
fbem-30127	286	65	for	for	ADP
fbem-30127	286	66	31.69	31.69	NUM
fbem-30127	286	67	%	%	NOUN
fbem-30127	286	68	.	.	PUNCT
fbem-30127	287	1	digital	digital	ADJ
fbem-30127	287	2	finance	finance	NOUN
fbem-30127	287	3	improves	improve	VERB
fbem-30127	287	4	the	the	DET
fbem-30127	287	5	risk	risk	NOUN
fbem-30127	287	6	-	-	PUNCT
fbem-30127	287	7	taking	take	VERB
fbem-30127	287	8	level	level	NOUN
fbem-30127	287	9	of	of	ADP
fbem-30127	287	10	enterprises	enterprise	NOUN
fbem-30127	287	11	,	,	PUNCT
fbem-30127	287	12	optimizes	optimize	VERB
fbem-30127	287	13	investment	investment	NOUN
fbem-30127	287	14	efficiency	efficiency	NOUN
fbem-30127	287	15	,	,	PUNCT
fbem-30127	287	16	increases	increase	VERB
fbem-30127	287	17	investment	investment	NOUN
fbem-30127	287	18	in	in	ADP
fbem-30127	287	19	technological	technological	ADJ
fbem-30127	287	20	innovation	innovation	NOUN
fbem-30127	287	21	,	,	PUNCT
fbem-30127	287	22	and	and	CCONJ
fbem-30127	287	23	thus	thus	ADV
fbem-30127	287	24	promotes	promote	VERB
fbem-30127	287	25	the	the	DET
fbem-30127	287	26	growth	growth	NOUN
fbem-30127	287	27	of	of	ADP
fbem-30127	287	28	total	total	ADJ
fbem-30127	287	29	factor	factor	NOUN
fbem-30127	287	30	productivity	productivity	NOUN
fbem-30127	287	31	of	of	ADP
fbem-30127	287	32	enterprises	enterprise	NOUN
fbem-30127	287	33	.	.	PUNCT
fbem-30127	288	1	4.5.6	4.5.6	X
fbem-30127	288	2	.	.	PUNCT
fbem-30127	288	3	corporate	corporate	ADJ
fbem-30127	288	4	governance	governance	NOUN
fbem-30127	288	5	channels	channel	NOUN
fbem-30127	288	6	this	this	DET
fbem-30127	288	7	article	article	NOUN
fbem-30127	288	8	explores	explore	VERB
fbem-30127	288	9	whether	whether	SCONJ
fbem-30127	288	10	digital	digital	ADJ
fbem-30127	288	11	finance	finance	NOUN
fbem-30127	288	12	has	have	VERB
fbem-30127	288	13	a	a	DET
fbem-30127	288	14	promoting	promote	VERB
fbem-30127	288	15	effect	effect	NOUN
fbem-30127	288	16	on	on	ADP
fbem-30127	288	17	corporate	corporate	ADJ
fbem-30127	288	18	tfp	tfp	NOUN
fbem-30127	288	19	by	by	ADP
fbem-30127	288	20	improving	improve	VERB
fbem-30127	288	21	corporate	corporate	ADJ
fbem-30127	288	22	governance	governance	NOUN
fbem-30127	288	23	.	.	PUNCT
fbem-30127	289	1	the	the	DET
fbem-30127	289	2	estimated	estimate	VERB
fbem-30127	289	3	results	result	NOUN
fbem-30127	289	4	are	be	AUX
fbem-30127	289	5	shown	show	VERB
fbem-30127	289	6	in	in	ADP
fbem-30127	289	7	table	table	NOUN
fbem-30127	289	8	11	11	NUM
fbem-30127	289	9	.	.	PUNCT
fbem-30127	289	10	table	table	NOUN
fbem-30127	289	11	11	11	NUM
fbem-30127	289	12	.	.	PUNCT
fbem-30127	290	1	estimated	estimate	VERB
fbem-30127	290	2	results	result	NOUN
fbem-30127	290	3	of	of	ADP
fbem-30127	290	4	corporate	corporate	ADJ
fbem-30127	290	5	governance	governance	NOUN
fbem-30127	290	6	channels	channel	NOUN
fbem-30127	290	7	variable	variable	ADJ
fbem-30127	290	8	1	1	NUM
fbem-30127	290	9	2	2	NUM
fbem-30127	290	10	3	3	NUM
fbem-30127	290	11	tfp	tfp	PROPN
fbem-30127	290	12	-	-	PUNCT
fbem-30127	290	13	op	op	NOUN
fbem-30127	290	14	human	human	ADJ
fbem-30127	290	15	tfp	tfp	PROPN
fbem-30127	290	16	-	-	PUNCT
fbem-30127	290	17	op	op	NOUN
fbem-30127	290	18	difi	difi	NOUN
fbem-30127	290	19	0.0553	0.0553	PROPN
fbem-30127	290	20	*	*	PUNCT
fbem-30127	290	21	*	*	PUNCT
fbem-30127	290	22	*	*	PUNCT
fbem-30127	290	23	0.3264	0.3264	NUM
fbem-30127	290	24	*	*	PUNCT
fbem-30127	290	25	*	*	PUNCT
fbem-30127	290	26	*	*	PUNCT
fbem-30127	291	1	0.0445	0.0445	NUM
fbem-30127	291	2	*	*	PUNCT
fbem-30127	291	3	*	*	PUNCT
fbem-30127	291	4	*	*	PUNCT
fbem-30127	291	5	(	(	PUNCT
fbem-30127	291	6	3.5361	3.5361	NUM
fbem-30127	291	7	)	)	PUNCT
fbem-30127	291	8	(	(	PUNCT
fbem-30127	291	9	15.8936	15.8936	NUM
fbem-30127	291	10	)	)	PUNCT
fbem-30127	291	11	3.0409	3.0409	NUM
fbem-30127	291	12	human	human	NOUN
fbem-30127	291	13	0.0309	0.0309	NUM
fbem-30127	291	14	*	*	PUNCT
fbem-30127	291	15	*	*	PUNCT
fbem-30127	291	16	*	*	PUNCT
fbem-30127	291	17	(	(	PUNCT
fbem-30127	291	18	6.568	6.568	NUM
fbem-30127	291	19	)	)	PUNCT
fbem-30127	291	20	constant	constant	ADJ
fbem-30127	291	21	-0.5426	-0.5426	NOUN
fbem-30127	291	22	*	*	PUNCT
fbem-30127	291	23	*	*	PUNCT
fbem-30127	291	24	*	*	PUNCT
fbem-30127	291	25	0.6870	0.6870	NUM
fbem-30127	291	26	*	*	PUNCT
fbem-30127	291	27	*	*	PUNCT
fbem-30127	291	28	*	*	PUNCT
fbem-30127	291	29	-0.5611	-0.5611	NOUN
fbem-30127	291	30	*	*	PUNCT
fbem-30127	291	31	*	*	PUNCT
fbem-30127	291	32	*	*	PUNCT
fbem-30127	291	33	(	(	PUNCT
fbem-30127	291	34	-5.2349	-5.2349	PROPN
fbem-30127	291	35	)	)	PUNCT
fbem-30127	291	36	(	(	PUNCT
fbem-30127	291	37	5.0397	5.0397	NUM
fbem-30127	291	38	)	)	PUNCT
fbem-30127	291	39	(	(	PUNCT
fbem-30127	291	40	-5.3555	-5.3555	NOUN
fbem-30127	291	41	)	)	PUNCT
fbem-30127	291	42	control	control	NOUN
fbem-30127	291	43	variable	variable	NOUN
fbem-30127	292	1	yes	yes	INTJ
fbem-30127	292	2	yes	yes	INTJ
fbem-30127	293	1	yes	yes	INTJ
fbem-30127	293	2	industry	industry	NOUN
fbem-30127	293	3	fixed	fix	VERB
fbem-30127	294	1	yes	yes	INTJ
fbem-30127	295	1	yes	yes	INTJ
fbem-30127	296	1	yes	yes	INTJ
fbem-30127	296	2	fixed	fix	VERB
fbem-30127	296	3	year	year	NOUN
fbem-30127	297	1	yes	yes	INTJ
fbem-30127	298	1	yes	yes	INTJ
fbem-30127	299	1	yes	yes	INTJ
fbem-30127	300	1	n	n	CCONJ
fbem-30127	300	2	24943	24943	NUM
fbem-30127	300	3	24943	24943	NUM
fbem-30127	300	4	24943	24943	NUM
fbem-30127	300	5	adj.r²	adj.r²	VERB
fbem-30127	300	6	0.734	0.734	NUM
fbem-30127	300	7	0.196	0.196	NUM
fbem-30127	300	8	0.734	0.734	NUM
fbem-30127	300	9	the	the	DET
fbem-30127	300	10	results	result	NOUN
fbem-30127	300	11	in	in	ADP
fbem-30127	300	12	column	column	NOUN
fbem-30127	300	13	(	(	PUNCT
fbem-30127	300	14	2	2	X
fbem-30127	300	15	)	)	PUNCT
fbem-30127	300	16	show	show	VERB
fbem-30127	300	17	that	that	SCONJ
fbem-30127	300	18	the	the	DET
fbem-30127	300	19	coefficient	coefficient	NOUN
fbem-30127	300	20	of	of	ADP
fbem-30127	300	21	digital	digital	ADJ
fbem-30127	300	22	finance	finance	NOUN
fbem-30127	300	23	is	be	AUX
fbem-30127	300	24	0.3264	0.3264	NUM
fbem-30127	300	25	,	,	PUNCT
fbem-30127	300	26	indicating	indicate	VERB
fbem-30127	300	27	that	that	SCONJ
fbem-30127	300	28	it	it	PRON
fbem-30127	300	29	significantly	significantly	ADV
fbem-30127	300	30	improves	improve	VERB
fbem-30127	300	31	the	the	DET
fbem-30127	300	32	level	level	NOUN
fbem-30127	300	33	of	of	ADP
fbem-30127	300	34	corporate	corporate	ADJ
fbem-30127	300	35	governance	governance	NOUN
fbem-30127	300	36	.	.	PUNCT
fbem-30127	301	1	this	this	PRON
fbem-30127	301	2	is	be	AUX
fbem-30127	301	3	mainly	mainly	ADV
fbem-30127	301	4	due	due	ADJ
fbem-30127	301	5	to	to	ADP
fbem-30127	301	6	the	the	DET
fbem-30127	301	7	fact	fact	NOUN
fbem-30127	301	8	that	that	SCONJ
fbem-30127	301	9	digital	digital	ADJ
fbem-30127	301	10	finance	finance	NOUN
fbem-30127	301	11	has	have	AUX
fbem-30127	301	12	improved	improve	VERB
fbem-30127	301	13	governance	governance	NOUN
fbem-30127	301	14	efficiency	efficiency	NOUN
fbem-30127	301	15	by	by	ADP
fbem-30127	301	16	enhancing	enhance	VERB
fbem-30127	301	17	the	the	DET
fbem-30127	301	18	external	external	ADJ
fbem-30127	301	19	and	and	CCONJ
fbem-30127	301	20	internal	internal	ADJ
fbem-30127	301	21	governance	governance	NOUN
fbem-30127	301	22	environment	environment	NOUN
fbem-30127	301	23	.	.	PUNCT
fbem-30127	302	1	on	on	ADP
fbem-30127	302	2	the	the	DET
fbem-30127	302	3	one	one	NUM
fbem-30127	302	4	hand	hand	NOUN
fbem-30127	302	5	,	,	PUNCT
fbem-30127	302	6	digital	digital	ADJ
fbem-30127	302	7	finance	finance	NOUN
fbem-30127	302	8	provides	provide	VERB
fbem-30127	302	9	regulators	regulator	NOUN
fbem-30127	302	10	with	with	ADP
fbem-30127	302	11	digital	digital	ADJ
fbem-30127	302	12	regulatory	regulatory	ADJ
fbem-30127	302	13	tools	tool	NOUN
fbem-30127	302	14	,	,	PUNCT
fbem-30127	302	15	improves	improve	VERB
fbem-30127	302	16	regulatory	regulatory	ADJ
fbem-30127	302	17	quality	quality	NOUN
fbem-30127	302	18	,	,	PUNCT
fbem-30127	302	19	constrains	constrain	VERB
fbem-30127	302	20	improper	improper	ADJ
fbem-30127	302	21	behavior	behavior	NOUN
fbem-30127	302	22	of	of	ADP
fbem-30127	302	23	management	management	NOUN
fbem-30127	302	24	,	,	PUNCT
fbem-30127	302	25	and	and	CCONJ
fbem-30127	302	26	optimizes	optimize	VERB
fbem-30127	302	27	decision	decision	NOUN
fbem-30127	302	28	-	-	PUNCT
fbem-30127	302	29	making	make	VERB
fbem-30127	302	30	levels	level	NOUN
fbem-30127	302	31	;	;	PUNCT
fbem-30127	302	32	on	on	ADP
fbem-30127	302	33	the	the	DET
fbem-30127	302	34	other	other	ADJ
fbem-30127	302	35	hand	hand	NOUN
fbem-30127	302	36	,	,	PUNCT
fbem-30127	302	37	the	the	DET
fbem-30127	302	38	intelligent	intelligent	ADJ
fbem-30127	302	39	analysis	analysis	NOUN
fbem-30127	302	40	system	system	NOUN
fbem-30127	302	41	of	of	ADP
fbem-30127	302	42	digital	digital	ADJ
fbem-30127	302	43	finance	finance	NOUN
fbem-30127	302	44	alleviates	alleviate	VERB
fbem-30127	302	45	information	information	NOUN
fbem-30127	302	46	asymmetry	asymmetry	NOUN
fbem-30127	302	47	,	,	PUNCT
fbem-30127	302	48	encourages	encourage	VERB
fbem-30127	302	49	investors	investor	NOUN
fbem-30127	302	50	to	to	PART
fbem-30127	302	51	pay	pay	VERB
fbem-30127	302	52	more	more	ADJ
fbem-30127	302	53	attention	attention	NOUN
fbem-30127	302	54	to	to	ADP
fbem-30127	302	55	the	the	DET
fbem-30127	302	56	overall	overall	ADJ
fbem-30127	302	57	risk	risk	NOUN
fbem-30127	302	58	of	of	ADP
fbem-30127	302	59	the	the	DET
fbem-30127	302	60	enterprise	enterprise	NOUN
fbem-30127	302	61	rather	rather	ADV
fbem-30127	302	62	than	than	ADP
fbem-30127	302	63	the	the	DET
fbem-30127	302	64	value	value	NOUN
fbem-30127	302	65	of	of	ADP
fbem-30127	302	66	collateral	collateral	NOUN
fbem-30127	302	67	,	,	PUNCT
fbem-30127	302	68	and	and	CCONJ
fbem-30127	302	69	motivates	motivate	VERB
fbem-30127	302	70	management	management	NOUN
fbem-30127	302	71	to	to	PART
fbem-30127	302	72	actively	actively	ADV
fbem-30127	302	73	improve	improve	VERB
fbem-30127	302	74	internal	internal	ADJ
fbem-30127	302	75	governance	governance	NOUN
fbem-30127	302	76	.	.	PUNCT
fbem-30127	303	1	the	the	DET
fbem-30127	303	2	results	result	NOUN
fbem-30127	303	3	in	in	ADP
fbem-30127	303	4	column	column	NOUN
fbem-30127	303	5	(	(	PUNCT
fbem-30127	303	6	3	3	X
fbem-30127	303	7	)	)	PUNCT
fbem-30127	303	8	show	show	VERB
fbem-30127	303	9	that	that	SCONJ
fbem-30127	303	10	the	the	DET
fbem-30127	303	11	coefficients	coefficient	NOUN
fbem-30127	303	12	of	of	ADP
fbem-30127	303	13	corporate	corporate	ADJ
fbem-30127	303	14	governance	governance	NOUN
fbem-30127	303	15	level	level	NOUN
fbem-30127	303	16	and	and	CCONJ
fbem-30127	303	17	digital	digital	ADJ
fbem-30127	303	18	finance	finance	NOUN
fbem-30127	303	19	are	be	AUX
fbem-30127	303	20	0.0309	0.0309	NUM
fbem-30127	303	21	and	and	CCONJ
fbem-30127	303	22	0.0445	0.0445	NUM
fbem-30127	303	23	,	,	PUNCT
fbem-30127	303	24	respectively	respectively	ADV
fbem-30127	303	25	,	,	PUNCT
fbem-30127	303	26	both	both	PRON
fbem-30127	303	27	significantly	significantly	ADV
fbem-30127	303	28	positive	positive	ADJ
fbem-30127	303	29	,	,	PUNCT
fbem-30127	303	30	indicating	indicate	VERB
fbem-30127	303	31	that	that	SCONJ
fbem-30127	303	32	corporate	corporate	ADJ
fbem-30127	303	33	governance	governance	NOUN
fbem-30127	303	34	plays	play	VERB
fbem-30127	303	35	a	a	DET
fbem-30127	303	36	partial	partial	ADJ
fbem-30127	303	37	mediating	mediate	VERB
fbem-30127	303	38	role	role	NOUN
fbem-30127	303	39	in	in	ADP
fbem-30127	303	40	the	the	DET
fbem-30127	303	41	impact	impact	NOUN
fbem-30127	303	42	of	of	ADP
fbem-30127	303	43	digital	digital	ADJ
fbem-30127	303	44	finance	finance	NOUN
fbem-30127	303	45	on	on	ADP
fbem-30127	303	46	enterprise	enterprise	NOUN
fbem-30127	303	47	tfp	tfp	PROPN
fbem-30127	303	48	,	,	PUNCT
fbem-30127	303	49	with	with	ADP
fbem-30127	303	50	a	a	DET
fbem-30127	303	51	mediating	mediate	VERB
fbem-30127	303	52	effect	effect	NOUN
fbem-30127	303	53	accounting	account	VERB
fbem-30127	303	54	for	for	ADP
fbem-30127	303	55	19.20	19.20	NUM
fbem-30127	303	56	%	%	NOUN
fbem-30127	303	57	.	.	PUNCT
fbem-30127	304	1	digital	digital	ADJ
fbem-30127	304	2	finance	finance	NOUN
fbem-30127	304	3	has	have	AUX
fbem-30127	304	4	improved	improve	VERB
fbem-30127	304	5	corporate	corporate	ADJ
fbem-30127	304	6	governance	governance	NOUN
fbem-30127	304	7	,	,	PUNCT
fbem-30127	304	8	reduced	reduce	VERB
fbem-30127	304	9	information	information	NOUN
fbem-30127	304	10	asymmetry	asymmetry	NOUN
fbem-30127	304	11	and	and	CCONJ
fbem-30127	304	12	management	management	NOUN
fbem-30127	304	13	conflicts	conflict	NOUN
fbem-30127	304	14	,	,	PUNCT
fbem-30127	304	15	stimulated	stimulate	VERB
fbem-30127	304	16	technological	technological	ADJ
fbem-30127	304	17	innovation	innovation	NOUN
fbem-30127	304	18	enthusiasm	enthusiasm	NOUN
fbem-30127	304	19	,	,	PUNCT
fbem-30127	304	20	and	and	CCONJ
fbem-30127	304	21	thus	thus	ADV
fbem-30127	304	22	had	have	VERB
fbem-30127	304	23	a	a	DET
fbem-30127	304	24	positive	positive	ADJ
fbem-30127	304	25	impact	impact	NOUN
fbem-30127	304	26	on	on	ADP
fbem-30127	304	27	the	the	DET
fbem-30127	304	28	tfp	tfp	PROPN
fbem-30127	304	29	growth	growth	NOUN
fbem-30127	304	30	of	of	ADP
fbem-30127	304	31	enterprises	enterprise	NOUN
fbem-30127	304	32	.	.	PUNCT
fbem-30127	305	1	5	5	X
fbem-30127	305	2	.	.	X
fbem-30127	305	3	conclusion	conclusion	NOUN
fbem-30127	305	4	and	and	CCONJ
fbem-30127	305	5	suggestions	suggestion	NOUN
fbem-30127	305	6	5.1	5.1	NUM
fbem-30127	305	7	.	.	PUNCT
fbem-30127	306	1	conclusion	conclusion	NOUN
fbem-30127	306	2	this	this	DET
fbem-30127	306	3	article	article	NOUN
fbem-30127	306	4	is	be	AUX
fbem-30127	306	5	based	base	VERB
fbem-30127	306	6	on	on	ADP
fbem-30127	306	7	data	datum	NOUN
fbem-30127	306	8	from	from	ADP
fbem-30127	306	9	a	a	DET
fbem-30127	306	10	-	-	PUNCT
fbem-30127	306	11	share	share	NOUN
fbem-30127	306	12	listed	list	VERB
fbem-30127	306	13	companies	company	NOUN
fbem-30127	306	14	in	in	ADP
fbem-30127	306	15	shanghai	shanghai	PROPN
fbem-30127	306	16	and	and	CCONJ
fbem-30127	306	17	shenzhen	shenzhen	PROPN
fbem-30127	306	18	from	from	ADP
fbem-30127	306	19	2010	2010	NUM
fbem-30127	306	20	to	to	ADP
fbem-30127	306	21	2021	2021	NUM
fbem-30127	306	22	,	,	PUNCT
fbem-30127	306	23	using	use	VERB
fbem-30127	306	24	a	a	DET
fbem-30127	306	25	fixed	fix	VERB
fbem-30127	306	26	effects	effect	NOUN
fbem-30127	306	27	model	model	NOUN
fbem-30127	306	28	to	to	PART
fbem-30127	306	29	study	study	VERB
fbem-30127	306	30	the	the	DET
fbem-30127	306	31	impact	impact	NOUN
fbem-30127	306	32	and	and	CCONJ
fbem-30127	306	33	mechanism	mechanism	NOUN
fbem-30127	306	34	of	of	ADP
fbem-30127	306	35	digital	digital	ADJ
fbem-30127	306	36	finance	finance	NOUN
fbem-30127	306	37	on	on	ADP
fbem-30127	306	38	total	total	ADJ
fbem-30127	306	39	factor	factor	NOUN
fbem-30127	306	40	productivity	productivity	NOUN
fbem-30127	306	41	(	(	PUNCT
fbem-30127	306	42	tfp	tfp	PROPN
fbem-30127	306	43	)	)	PUNCT
fbem-30127	306	44	of	of	ADP
fbem-30127	306	45	enterprises	enterprise	NOUN
fbem-30127	306	46	.	.	PUNCT
fbem-30127	307	1	the	the	DET
fbem-30127	307	2	specific	specific	ADJ
fbem-30127	307	3	impact	impact	NOUN
fbem-30127	307	4	paths	path	NOUN
fbem-30127	307	5	are	be	AUX
fbem-30127	307	6	analyzed	analyze	VERB
fbem-30127	307	7	from	from	ADP
fbem-30127	307	8	six	six	NUM
fbem-30127	307	9	channels	channel	NOUN
fbem-30127	307	10	:	:	PUNCT
fbem-30127	307	11	r&d	r&d	NOUN
fbem-30127	307	12	investment	investment	NOUN
fbem-30127	307	13	,	,	PUNCT
fbem-30127	307	14	human	human	ADJ
fbem-30127	307	15	capital	capital	NOUN
fbem-30127	307	16	,	,	PUNCT
fbem-30127	307	17	resource	resource	NOUN
fbem-30127	307	18	allocation	allocation	NOUN
fbem-30127	307	19	,	,	PUNCT
fbem-30127	307	20	information	information	NOUN
fbem-30127	307	21	disclosure	disclosure	NOUN
fbem-30127	307	22	,	,	PUNCT
fbem-30127	307	23	risk	risk	NOUN
fbem-30127	307	24	-	-	PUNCT
fbem-30127	307	25	taking	taking	NOUN
fbem-30127	307	26	,	,	PUNCT
fbem-30127	307	27	and	and	CCONJ
fbem-30127	307	28	corporate	corporate	ADJ
fbem-30127	307	29	governance	governance	NOUN
fbem-30127	307	30	.	.	PUNCT
fbem-30127	308	1	meanwhile	meanwhile	ADV
fbem-30127	308	2	,	,	PUNCT
fbem-30127	308	3	through	through	ADP
fbem-30127	308	4	group	group	NOUN
fbem-30127	308	5	comparison	comparison	NOUN
fbem-30127	308	6	,	,	PUNCT
fbem-30127	308	7	the	the	DET
fbem-30127	308	8	heterogeneous	heterogeneous	ADJ
fbem-30127	308	9	impact	impact	NOUN
fbem-30127	308	10	of	of	ADP
fbem-30127	308	11	digital	digital	ADJ
fbem-30127	308	12	finance	finance	NOUN
fbem-30127	308	13	on	on	ADP
fbem-30127	308	14	different	different	ADJ
fbem-30127	308	15	types	type	NOUN
fbem-30127	308	16	of	of	ADP
fbem-30127	308	17	enterprises	enterprise	NOUN
fbem-30127	308	18	was	be	AUX
fbem-30127	308	19	explored	explore	VERB
fbem-30127	308	20	,	,	PUNCT
fbem-30127	308	21	and	and	CCONJ
fbem-30127	308	22	the	the	DET
fbem-30127	308	23	following	follow	VERB
fbem-30127	308	24	conclusions	conclusion	NOUN
fbem-30127	308	25	were	be	AUX
fbem-30127	308	26	drawn	draw	VERB
fbem-30127	308	27	:	:	PUNCT
fbem-30127	308	28	(	(	PUNCT
fbem-30127	308	29	1	1	X
fbem-30127	308	30	)	)	PUNCT
fbem-30127	308	31	digital	digital	ADJ
fbem-30127	308	32	finance	finance	NOUN
fbem-30127	308	33	significantly	significantly	ADV
fbem-30127	308	34	promotes	promote	VERB
fbem-30127	308	35	the	the	DET
fbem-30127	308	36	growth	growth	NOUN
fbem-30127	308	37	of	of	ADP
fbem-30127	308	38	enterprise	enterprise	NOUN
fbem-30127	308	39	tfp	tfp	PROPN
fbem-30127	308	40	.	.	PUNCT
fbem-30127	309	1	the	the	DET
fbem-30127	309	2	robustness	robustness	NOUN
fbem-30127	309	3	and	and	CCONJ
fbem-30127	309	4	endogeneity	endogeneity	NOUN
fbem-30127	309	5	tests	test	NOUN
fbem-30127	309	6	were	be	AUX
fbem-30127	309	7	conducted	conduct	VERB
fbem-30127	309	8	by	by	ADP
fbem-30127	309	9	replacing	replace	VERB
fbem-30127	309	10	the	the	DET
fbem-30127	309	11	tfp	tfp	PROPN
fbem-30127	309	12	measurement	measurement	NOUN
fbem-30127	309	13	method	method	NOUN
fbem-30127	309	14	,	,	PUNCT
fbem-30127	309	15	lagged	lag	VERB
fbem-30127	309	16	the	the	DET
fbem-30127	309	17	explanatory	explanatory	ADJ
fbem-30127	309	18	variable	variable	NOUN
fbem-30127	309	19	by	by	ADP
fbem-30127	309	20	one	one	NUM
fbem-30127	309	21	period	period	NOUN
fbem-30127	309	22	,	,	PUNCT
fbem-30127	309	23	and	and	CCONJ
fbem-30127	309	24	using	use	VERB
fbem-30127	309	25	the	the	DET
fbem-30127	309	26	instrumental	instrumental	ADJ
fbem-30127	309	27	variable	variable	ADJ
fbem-30127	309	28	method	method	NOUN
fbem-30127	309	29	,	,	PUNCT
fbem-30127	309	30	and	and	CCONJ
fbem-30127	309	31	the	the	DET
fbem-30127	309	32	results	result	NOUN
fbem-30127	309	33	all	all	PRON
fbem-30127	309	34	supported	support	VERB
fbem-30127	309	35	this	this	DET
fbem-30127	309	36	conclusion	conclusion	NOUN
fbem-30127	309	37	.	.	PUNCT
fbem-30127	310	1	(	(	PUNCT
fbem-30127	310	2	2	2	X
fbem-30127	310	3	)	)	PUNCT
fbem-30127	310	4	heterogeneity	heterogeneity	NOUN
fbem-30127	310	5	of	of	ADP
fbem-30127	310	6	ownership	ownership	NOUN
fbem-30127	310	7	nature	nature	NOUN
fbem-30127	310	8	:	:	PUNCT
fbem-30127	310	9	the	the	DET
fbem-30127	310	10	promotion	promotion	NOUN
fbem-30127	310	11	effect	effect	NOUN
fbem-30127	310	12	of	of	ADP
fbem-30127	310	13	digital	digital	ADJ
fbem-30127	310	14	finance	finance	NOUN
fbem-30127	310	15	on	on	ADP
fbem-30127	310	16	the	the	DET
fbem-30127	310	17	tfp	tfp	PROPN
fbem-30127	310	18	of	of	ADP
fbem-30127	310	19	non	non	ADJ
fbem-30127	310	20	-	-	ADJ
fbem-30127	310	21	state	state	NOUN
fbem-30127	310	22	-	-	PUNCT
fbem-30127	310	23	owned	own	VERB
fbem-30127	310	24	enterprises	enterprise	NOUN
fbem-30127	310	25	is	be	AUX
fbem-30127	310	26	stronger	strong	ADJ
fbem-30127	310	27	than	than	ADP
fbem-30127	310	28	that	that	PRON
fbem-30127	310	29	of	of	ADP
fbem-30127	310	30	state	state	NOUN
fbem-30127	310	31	-	-	PUNCT
fbem-30127	310	32	owned	own	VERB
fbem-30127	310	33	enterprises	enterprise	NOUN
fbem-30127	310	34	,	,	PUNCT
fbem-30127	310	35	mainly	mainly	ADV
fbem-30127	310	36	because	because	SCONJ
fbem-30127	310	37	non	non	ADJ
fbem-30127	310	38	-	-	ADJ
fbem-30127	310	39	state	state	NOUN
fbem-30127	310	40	-	-	PUNCT
fbem-30127	310	41	owned	own	VERB
fbem-30127	310	42	enterprises	enterprise	NOUN
fbem-30127	310	43	have	have	VERB
fbem-30127	310	44	greater	great	ADJ
fbem-30127	310	45	financing	financing	NOUN
fbem-30127	310	46	constraints	constraint	NOUN
fbem-30127	310	47	,	,	PUNCT
fbem-30127	310	48	and	and	CCONJ
fbem-30127	310	49	digital	digital	ADJ
fbem-30127	310	50	finance	finance	NOUN
fbem-30127	310	51	provides	provide	VERB
fbem-30127	310	52	them	they	PRON
fbem-30127	310	53	with	with	ADP
fbem-30127	310	54	more	more	ADJ
fbem-30127	310	55	financing	financing	NOUN
fbem-30127	310	56	opportunities	opportunity	NOUN
fbem-30127	310	57	.	.	PUNCT
fbem-30127	311	1	(	(	PUNCT
fbem-30127	311	2	3	3	X
fbem-30127	311	3	)	)	PUNCT
fbem-30127	311	4	scale	scale	NOUN
fbem-30127	311	5	heterogeneity	heterogeneity	NOUN
fbem-30127	311	6	:	:	PUNCT
fbem-30127	311	7	digital	digital	ADJ
fbem-30127	311	8	finance	finance	NOUN
fbem-30127	311	9	has	have	VERB
fbem-30127	311	10	a	a	DET
fbem-30127	311	11	more	more	ADV
fbem-30127	311	12	significant	significant	ADJ
fbem-30127	311	13	promoting	promote	VERB
fbem-30127	311	14	effect	effect	NOUN
fbem-30127	311	15	on	on	ADP
fbem-30127	311	16	tfp	tfp	PROPN
fbem-30127	311	17	of	of	ADP
fbem-30127	311	18	small	small	ADJ
fbem-30127	311	19	-	-	PUNCT
fbem-30127	311	20	scale	scale	NOUN
fbem-30127	311	21	enterprises	enterprise	NOUN
fbem-30127	311	22	,	,	PUNCT
fbem-30127	311	23	as	as	SCONJ
fbem-30127	311	24	they	they	PRON
fbem-30127	311	25	face	face	VERB
fbem-30127	311	26	greater	great	ADJ
fbem-30127	311	27	financing	financing	NOUN
fbem-30127	311	28	difficulties	difficulty	NOUN
fbem-30127	311	29	in	in	ADP
fbem-30127	311	30	traditional	traditional	ADJ
fbem-30127	311	31	financial	financial	ADJ
fbem-30127	311	32	markets	market	NOUN
fbem-30127	311	33	,	,	PUNCT
fbem-30127	311	34	and	and	CCONJ
fbem-30127	311	35	digital	digital	ADJ
fbem-30127	311	36	finance	finance	NOUN
fbem-30127	311	37	effectively	effectively	ADV
fbem-30127	311	38	alleviates	alleviate	VERB
fbem-30127	311	39	their	their	PRON
fbem-30127	311	40	financing	financing	NOUN
fbem-30127	311	41	constraints	constraint	NOUN
fbem-30127	311	42	.	.	PUNCT
fbem-30127	312	1	(	(	PUNCT
fbem-30127	312	2	4	4	X
fbem-30127	312	3	)	)	PUNCT
fbem-30127	312	4	regional	regional	ADJ
fbem-30127	312	5	heterogeneity	heterogeneity	NOUN
fbem-30127	312	6	:	:	PUNCT
fbem-30127	312	7	the	the	DET
fbem-30127	312	8	promotion	promotion	NOUN
fbem-30127	312	9	effect	effect	NOUN
fbem-30127	312	10	of	of	ADP
fbem-30127	312	11	digital	digital	ADJ
fbem-30127	312	12	finance	finance	NOUN
fbem-30127	312	13	on	on	ADP
fbem-30127	312	14	tfp	tfp	PROPN
fbem-30127	312	15	of	of	ADP
fbem-30127	312	16	enterprises	enterprise	NOUN
fbem-30127	312	17	in	in	ADP
fbem-30127	312	18	the	the	DET
fbem-30127	312	19	western	western	ADJ
fbem-30127	312	20	region	region	NOUN
fbem-30127	312	21	is	be	AUX
fbem-30127	312	22	stronger	strong	ADJ
fbem-30127	312	23	than	than	ADP
fbem-30127	312	24	that	that	PRON
fbem-30127	312	25	in	in	ADP
fbem-30127	312	26	the	the	DET
fbem-30127	312	27	eastern	eastern	ADJ
fbem-30127	312	28	and	and	CCONJ
fbem-30127	312	29	central	central	ADJ
fbem-30127	312	30	regions	region	NOUN
fbem-30127	312	31	.	.	PUNCT
fbem-30127	313	1	due	due	ADP
fbem-30127	313	2	to	to	ADP
fbem-30127	313	3	the	the	DET
fbem-30127	313	4	relative	relative	ADJ
fbem-30127	313	5	scarcity	scarcity	NOUN
fbem-30127	313	6	of	of	ADP
fbem-30127	313	7	financial	financial	ADJ
fbem-30127	313	8	resources	resource	NOUN
fbem-30127	313	9	in	in	ADP
fbem-30127	313	10	the	the	DET
fbem-30127	313	11	western	western	ADJ
fbem-30127	313	12	region	region	NOUN
fbem-30127	313	13	,	,	PUNCT
fbem-30127	313	14	digital	digital	ADJ
fbem-30127	313	15	finance	finance	NOUN
fbem-30127	313	16	has	have	AUX
fbem-30127	313	17	made	make	VERB
fbem-30127	313	18	up	up	ADP
fbem-30127	313	19	for	for	ADP
fbem-30127	313	20	the	the	DET
fbem-30127	313	21	shortcomings	shortcoming	NOUN
fbem-30127	313	22	of	of	ADP
fbem-30127	313	23	traditional	traditional	ADJ
fbem-30127	313	24	financial	financial	ADJ
fbem-30127	313	25	services	service	NOUN
fbem-30127	313	26	.	.	PUNCT
fbem-30127	314	1	(	(	PUNCT
fbem-30127	314	2	5	5	X
fbem-30127	314	3	)	)	PUNCT
fbem-30127	314	4	industry	industry	NOUN
fbem-30127	314	5	heterogeneity	heterogeneity	NOUN
fbem-30127	314	6	:	:	PUNCT
fbem-30127	314	7	digital	digital	ADJ
fbem-30127	314	8	finance	finance	NOUN
fbem-30127	314	9	has	have	VERB
fbem-30127	314	10	a	a	DET
fbem-30127	314	11	more	more	ADV
fbem-30127	314	12	significant	significant	ADJ
fbem-30127	314	13	promoting	promote	VERB
fbem-30127	314	14	effect	effect	NOUN
fbem-30127	314	15	on	on	ADP
fbem-30127	314	16	tfp	tfp	PROPN
fbem-30127	314	17	of	of	ADP
fbem-30127	314	18	high	high	ADJ
fbem-30127	314	19	-	-	PUNCT
fbem-30127	314	20	tech	tech	NOUN
fbem-30127	314	21	enterprises	enterprise	NOUN
fbem-30127	314	22	,	,	PUNCT
fbem-30127	314	23	as	as	SCONJ
fbem-30127	314	24	it	it	PRON
fbem-30127	314	25	has	have	VERB
fbem-30127	314	26	higher	high	ADJ
fbem-30127	314	27	demands	demand	NOUN
fbem-30127	314	28	for	for	ADP
fbem-30127	314	29	research	research	NOUN
fbem-30127	314	30	and	and	CCONJ
fbem-30127	314	31	development	development	NOUN
fbem-30127	314	32	innovation	innovation	NOUN
fbem-30127	314	33	and	and	CCONJ
fbem-30127	314	34	funding	funding	NOUN
fbem-30127	314	35	.	.	PUNCT
fbem-30127	315	1	digital	digital	ADJ
fbem-30127	315	2	finance	finance	NOUN
fbem-30127	315	3	provides	provide	VERB
fbem-30127	315	4	them	they	PRON
fbem-30127	315	5	with	with	ADP
fbem-30127	315	6	more	more	ADJ
fbem-30127	315	7	financing	financing	NOUN
fbem-30127	315	8	channels	channel	NOUN
fbem-30127	315	9	and	and	CCONJ
fbem-30127	315	10	technological	technological	ADJ
fbem-30127	315	11	support	support	NOUN
fbem-30127	315	12	.	.	PUNCT
fbem-30127	316	1	(	(	PUNCT
fbem-30127	316	2	6	6	NUM
fbem-30127	316	3	)	)	PUNCT
fbem-30127	316	4	mechanism	mechanism	NOUN
fbem-30127	316	5	of	of	ADP
fbem-30127	316	6	action	action	NOUN
fbem-30127	316	7	:	:	PUNCT
fbem-30127	316	8	digital	digital	ADJ
fbem-30127	316	9	finance	finance	NOUN
fbem-30127	316	10	promotes	promote	VERB
fbem-30127	316	11	the	the	DET
fbem-30127	316	12	growth	growth	NOUN
fbem-30127	316	13	of	of	ADP
fbem-30127	316	14	enterprise	enterprise	NOUN
fbem-30127	316	15	tfp	tfp	PROPN
fbem-30127	316	16	through	through	ADP
fbem-30127	316	17	six	six	NUM
fbem-30127	316	18	channels	channel	NOUN
fbem-30127	316	19	:	:	PUNCT
fbem-30127	316	20	increasing	increase	VERB
fbem-30127	316	21	research	research	NOUN
fbem-30127	316	22	and	and	CCONJ
fbem-30127	316	23	development	development	NOUN
fbem-30127	316	24	investment	investment	NOUN
fbem-30127	316	25	,	,	PUNCT
fbem-30127	316	26	enhancing	enhance	VERB
fbem-30127	316	27	human	human	ADJ
fbem-30127	316	28	capital	capital	NOUN
fbem-30127	316	29	,	,	PUNCT
fbem-30127	316	30	optimizing	optimize	VERB
fbem-30127	316	31	resource	resource	NOUN
fbem-30127	316	32	allocation	allocation	NOUN
fbem-30127	316	33	,	,	PUNCT
fbem-30127	316	34	improving	improve	VERB
fbem-30127	316	35	information	information	NOUN
fbem-30127	316	36	disclosure	disclosure	NOUN
fbem-30127	316	37	quality	quality	NOUN
fbem-30127	316	38	,	,	PUNCT
fbem-30127	316	39	enhancing	enhance	VERB
fbem-30127	316	40	risk	risk	NOUN
fbem-30127	316	41	-	-	PUNCT
fbem-30127	316	42	taking	take	VERB
fbem-30127	316	43	ability	ability	NOUN
fbem-30127	316	44	,	,	PUNCT
fbem-30127	316	45	and	and	CCONJ
fbem-30127	316	46	improving	improve	VERB
fbem-30127	316	47	corporate	corporate	ADJ
fbem-30127	316	48	governance	governance	NOUN
fbem-30127	316	49	level	level	NOUN
fbem-30127	316	50	.	.	PUNCT
fbem-30127	317	1	5.2	5.2	NUM
fbem-30127	317	2	.	.	PUNCT
fbem-30127	317	3	suggestions	suggestion	NOUN
fbem-30127	317	4	(	(	PUNCT
fbem-30127	317	5	1	1	X
fbem-30127	317	6	)	)	PUNCT
fbem-30127	317	7	improve	improve	VERB
fbem-30127	317	8	the	the	DET
fbem-30127	317	9	construction	construction	NOUN
fbem-30127	317	10	of	of	ADP
fbem-30127	317	11	digital	digital	ADJ
fbem-30127	317	12	financial	financial	ADJ
fbem-30127	317	13	infrastructure	infrastructure	NOUN
fbem-30127	317	14	.	.	PUNCT
fbem-30127	318	1	digital	digital	ADJ
fbem-30127	318	2	finance	finance	NOUN
fbem-30127	318	3	relies	rely	VERB
fbem-30127	318	4	on	on	ADP
fbem-30127	318	5	the	the	DET
fbem-30127	318	6	internet	internet	NOUN
fbem-30127	318	7	and	and	CCONJ
fbem-30127	318	8	intelligent	intelligent	ADJ
fbem-30127	318	9	equipment	equipment	NOUN
fbem-30127	318	10	.	.	PUNCT
fbem-30127	319	1	the	the	DET
fbem-30127	319	2	government	government	NOUN
fbem-30127	319	3	should	should	AUX
fbem-30127	319	4	increase	increase	VERB
fbem-30127	319	5	investment	investment	NOUN
fbem-30127	319	6	in	in	ADP
fbem-30127	319	7	network	network	NOUN
fbem-30127	319	8	infrastructure	infrastructure	NOUN
fbem-30127	319	9	,	,	PUNCT
fbem-30127	319	10	promote	promote	VERB
fbem-30127	319	11	5	5	NUM
fbem-30127	319	12	g	g	NOUN
fbem-30127	319	13	and	and	CCONJ
fbem-30127	319	14	6	6	NUM
fbem-30127	319	15	g	g	NOUN
fbem-30127	319	16	construction	construction	NOUN
fbem-30127	319	17	,	,	PUNCT
fbem-30127	319	18	and	and	CCONJ
fbem-30127	319	19	narrow	narrow	VERB
fbem-30127	319	20	the	the	DET
fbem-30127	319	21	"	"	PUNCT
fbem-30127	319	22	digital	digital	ADJ
fbem-30127	319	23	divide	divide	NOUN
fbem-30127	319	24	"	"	PUNCT
fbem-30127	319	25	between	between	ADP
fbem-30127	319	26	the	the	DET
fbem-30127	319	27	eastern	eastern	ADJ
fbem-30127	319	28	,	,	PUNCT
fbem-30127	319	29	central	central	ADJ
fbem-30127	319	30	and	and	CCONJ
fbem-30127	319	31	western	western	ADJ
fbem-30127	319	32	regions	region	NOUN
fbem-30127	319	33	.	.	PUNCT
fbem-30127	320	1	the	the	DET
fbem-30127	320	2	central	central	ADJ
fbem-30127	320	3	and	and	CCONJ
fbem-30127	320	4	western	western	ADJ
fbem-30127	320	5	regions	region	NOUN
fbem-30127	320	6	should	should	AUX
fbem-30127	320	7	seize	seize	VERB
fbem-30127	320	8	the	the	DET
fbem-30127	320	9	dividends	dividend	NOUN
fbem-30127	320	10	of	of	ADP
fbem-30127	320	11	the	the	DET
fbem-30127	320	12	digital	digital	ADJ
fbem-30127	320	13	economy	economy	NOUN
fbem-30127	320	14	and	and	CCONJ
fbem-30127	320	15	deepen	deepen	VERB
fbem-30127	320	16	the	the	DET
fbem-30127	320	17	penetration	penetration	NOUN
fbem-30127	320	18	rate	rate	NOUN
fbem-30127	320	19	of	of	ADP
fbem-30127	320	20	financial	financial	ADJ
fbem-30127	320	21	services	service	NOUN
fbem-30127	320	22	;	;	PUNCT
fbem-30127	320	23	developed	develop	VERB
fbem-30127	320	24	regions	region	NOUN
fbem-30127	320	25	should	should	AUX
fbem-30127	320	26	promote	promote	VERB
fbem-30127	320	27	the	the	DET
fbem-30127	320	28	digital	digital	ADJ
fbem-30127	320	29	transformation	transformation	NOUN
fbem-30127	320	30	of	of	ADP
fbem-30127	320	31	traditional	traditional	ADJ
fbem-30127	320	32	financial	financial	ADJ
fbem-30127	320	33	institutions	institution	NOUN
fbem-30127	320	34	to	to	PART
fbem-30127	320	35	provide	provide	VERB
fbem-30127	320	36	a	a	DET
fbem-30127	320	37	better	well	ADJ
fbem-30127	320	38	investment	investment	NOUN
fbem-30127	320	39	and	and	CCONJ
fbem-30127	320	40	financing	financing	NOUN
fbem-30127	320	41	environment	environment	NOUN
fbem-30127	320	42	for	for	ADP
fbem-30127	320	43	enterprises	enterprise	NOUN
fbem-30127	320	44	.	.	PUNCT
fbem-30127	321	1	(	(	PUNCT
fbem-30127	321	2	2	2	X
fbem-30127	321	3	)	)	PUNCT
fbem-30127	321	4	strengthening	strengthen	VERB
fbem-30127	321	5	the	the	DET
fbem-30127	321	6	cultivation	cultivation	NOUN
fbem-30127	321	7	of	of	ADP
fbem-30127	321	8	digital	digital	ADJ
fbem-30127	321	9	finance	finance	NOUN
fbem-30127	321	10	talents	talent	NOUN
fbem-30127	321	11	.	.	PUNCT
fbem-30127	322	1	talents	talent	NOUN
fbem-30127	322	2	are	be	AUX
fbem-30127	322	3	the	the	DET
fbem-30127	322	4	core	core	NOUN
fbem-30127	322	5	driving	driving	NOUN
fbem-30127	322	6	force	force	NOUN
fbem-30127	322	7	for	for	ADP
fbem-30127	322	8	the	the	DET
fbem-30127	322	9	development	development	NOUN
fbem-30127	322	10	of	of	ADP
fbem-30127	322	11	digital	digital	ADJ
fbem-30127	322	12	finance	finance	NOUN
fbem-30127	322	13	.	.	PUNCT
fbem-30127	323	1	the	the	DET
fbem-30127	323	2	government	government	NOUN
fbem-30127	323	3	should	should	AUX
fbem-30127	323	4	encourage	encourage	VERB
fbem-30127	323	5	universities	university	NOUN
fbem-30127	323	6	to	to	PART
fbem-30127	323	7	strengthen	strengthen	VERB
fbem-30127	323	8	financial	financial	ADJ
fbem-30127	323	9	technology	technology	NOUN
fbem-30127	323	10	education	education	NOUN
fbem-30127	323	11	and	and	CCONJ
fbem-30127	323	12	develop	develop	VERB
fbem-30127	323	13	preferential	preferential	ADJ
fbem-30127	323	14	policies	policy	NOUN
fbem-30127	323	15	for	for	ADP
fbem-30127	323	16	talent	talent	NOUN
fbem-30127	323	17	introduction	introduction	NOUN
fbem-30127	323	18	in	in	ADP
fbem-30127	323	19	the	the	DET
fbem-30127	323	20	central	central	ADJ
fbem-30127	323	21	and	and	CCONJ
fbem-30127	323	22	western	western	ADJ
fbem-30127	323	23	regions	region	NOUN
fbem-30127	323	24	.	.	PUNCT
fbem-30127	324	1	at	at	ADP
fbem-30127	324	2	the	the	DET
fbem-30127	324	3	same	same	ADJ
fbem-30127	324	4	time	time	NOUN
fbem-30127	324	5	,	,	PUNCT
fbem-30127	324	6	promoting	promote	VERB
fbem-30127	324	7	digital	digital	ADJ
fbem-30127	324	8	finance	finance	NOUN
fbem-30127	324	9	knowledge	knowledge	NOUN
fbem-30127	324	10	through	through	ADP
fbem-30127	324	11	exhibitions	exhibition	NOUN
fbem-30127	324	12	,	,	PUNCT
fbem-30127	324	13	lectures	lecture	NOUN
fbem-30127	324	14	,	,	PUNCT
fbem-30127	324	15	and	and	CCONJ
fbem-30127	324	16	other	other	ADJ
fbem-30127	324	17	means	mean	NOUN
fbem-30127	324	18	can	can	AUX
fbem-30127	324	19	increase	increase	VERB
fbem-30127	324	20	public	public	ADJ
fbem-30127	324	21	and	and	CCONJ
fbem-30127	324	22	corporate	corporate	ADJ
fbem-30127	324	23	awareness	awareness	NOUN
fbem-30127	324	24	and	and	CCONJ
fbem-30127	324	25	participation	participation	NOUN
fbem-30127	324	26	in	in	ADP
fbem-30127	324	27	digital	digital	ADJ
fbem-30127	324	28	finance	finance	NOUN
fbem-30127	324	29	.	.	PUNCT
fbem-30127	325	1	(	(	PUNCT
fbem-30127	325	2	3	3	X
fbem-30127	325	3	)	)	PUNCT
fbem-30127	325	4	improve	improve	VERB
fbem-30127	325	5	the	the	DET
fbem-30127	325	6	regulatory	regulatory	ADJ
fbem-30127	325	7	system	system	NOUN
fbem-30127	325	8	for	for	ADP
fbem-30127	325	9	digital	digital	ADJ
fbem-30127	325	10	finance	finance	NOUN
fbem-30127	325	11	.	.	PUNCT
fbem-30127	326	1	digital	digital	ADJ
fbem-30127	326	2	finance	finance	NOUN
fbem-30127	326	3	has	have	VERB
fbem-30127	326	4	a	a	DET
fbem-30127	326	5	wide	wide	ADJ
fbem-30127	326	6	coverage	coverage	NOUN
fbem-30127	326	7	and	and	CCONJ
fbem-30127	326	8	complex	complex	ADJ
fbem-30127	326	9	technology	technology	NOUN
fbem-30127	326	10	,	,	PUNCT
fbem-30127	326	11	requiring	require	VERB
fbem-30127	326	12	the	the	DET
fbem-30127	326	13	construction	construction	NOUN
fbem-30127	326	14	of	of	ADP
fbem-30127	326	15	a	a	DET
fbem-30127	326	16	dynamic	dynamic	ADJ
fbem-30127	326	17	risk	risk	NOUN
fbem-30127	326	18	management	management	NOUN
fbem-30127	326	19	platform	platform	NOUN
fbem-30127	326	20	combined	combine	VERB
fbem-30127	326	21	with	with	ADP
fbem-30127	326	22	blockchain	blockchain	PROPN
fbem-30127	326	23	and	and	CCONJ
fbem-30127	326	24	other	other	ADJ
fbem-30127	326	25	technologies	technology	NOUN
fbem-30127	326	26	,	,	PUNCT
fbem-30127	326	27	and	and	CCONJ
fbem-30127	326	28	implementing	implement	VERB
fbem-30127	326	29	real	real	ADJ
fbem-30127	326	30	-	-	PUNCT
fbem-30127	326	31	time	time	NOUN
fbem-30127	326	32	supervision	supervision	NOUN
fbem-30127	326	33	through	through	ADP
fbem-30127	326	34	models	model	NOUN
fbem-30127	326	35	such	such	ADJ
fbem-30127	326	36	as	as	ADP
fbem-30127	326	37	"	"	PUNCT
fbem-30127	326	38	sandbox	sandbox	NOUN
fbem-30127	326	39	supervision	supervision	NOUN
fbem-30127	326	40	"	"	PUNCT
fbem-30127	326	41	.	.	PUNCT
fbem-30127	327	1	at	at	ADP
fbem-30127	327	2	the	the	DET
fbem-30127	327	3	same	same	ADJ
fbem-30127	327	4	time	time	NOUN
fbem-30127	327	5	,	,	PUNCT
fbem-30127	327	6	we	we	PRON
fbem-30127	327	7	will	will	AUX
fbem-30127	327	8	251	251	NUM
fbem-30127	327	9	accelerate	accelerate	VERB
fbem-30127	327	10	the	the	DET
fbem-30127	327	11	construction	construction	NOUN
fbem-30127	327	12	of	of	ADP
fbem-30127	327	13	the	the	DET
fbem-30127	327	14	legal	legal	ADJ
fbem-30127	327	15	system	system	NOUN
fbem-30127	327	16	for	for	ADP
fbem-30127	327	17	digital	digital	ADJ
fbem-30127	327	18	finance	finance	NOUN
fbem-30127	327	19	,	,	PUNCT
fbem-30127	327	20	formulate	formulate	VERB
fbem-30127	327	21	normative	normative	ADJ
fbem-30127	327	22	guidance	guidance	NOUN
fbem-30127	327	23	,	,	PUNCT
fbem-30127	327	24	and	and	CCONJ
fbem-30127	327	25	ensure	ensure	VERB
fbem-30127	327	26	the	the	DET
fbem-30127	327	27	healthy	healthy	ADJ
fbem-30127	327	28	development	development	NOUN
fbem-30127	327	29	of	of	ADP
fbem-30127	327	30	digital	digital	ADJ
fbem-30127	327	31	finance	finance	NOUN
fbem-30127	327	32	.	.	PUNCT
fbem-30127	328	1	(	(	PUNCT
fbem-30127	328	2	4	4	X
fbem-30127	328	3	)	)	PUNCT
fbem-30127	328	4	enterprises	enterprise	NOUN
fbem-30127	328	5	should	should	AUX
fbem-30127	328	6	seize	seize	VERB
fbem-30127	328	7	the	the	DET
fbem-30127	328	8	opportunities	opportunity	NOUN
fbem-30127	328	9	of	of	ADP
fbem-30127	328	10	digital	digital	ADJ
fbem-30127	328	11	finance	finance	NOUN
fbem-30127	328	12	and	and	CCONJ
fbem-30127	328	13	strengthen	strengthen	VERB
fbem-30127	328	14	their	their	PRON
fbem-30127	328	15	own	own	ADJ
fbem-30127	328	16	construction	construction	NOUN
fbem-30127	328	17	.	.	PUNCT
fbem-30127	329	1	enterprises	enterprise	NOUN
fbem-30127	329	2	should	should	AUX
fbem-30127	329	3	actively	actively	ADV
fbem-30127	329	4	utilize	utilize	VERB
fbem-30127	329	5	digital	digital	ADJ
fbem-30127	329	6	financial	financial	ADJ
fbem-30127	329	7	resources	resource	NOUN
fbem-30127	329	8	,	,	PUNCT
fbem-30127	329	9	increase	increase	VERB
fbem-30127	329	10	research	research	NOUN
fbem-30127	329	11	and	and	CCONJ
fbem-30127	329	12	development	development	NOUN
fbem-30127	329	13	investment	investment	NOUN
fbem-30127	329	14	,	,	PUNCT
fbem-30127	329	15	introduce	introduce	VERB
fbem-30127	329	16	advanced	advanced	ADJ
fbem-30127	329	17	equipment	equipment	NOUN
fbem-30127	329	18	,	,	PUNCT
fbem-30127	329	19	and	and	CCONJ
fbem-30127	329	20	enhance	enhance	VERB
fbem-30127	329	21	innovation	innovation	NOUN
fbem-30127	329	22	capabilities	capability	NOUN
fbem-30127	329	23	;	;	PUNCT
fbem-30127	329	24	value	value	NOUN
fbem-30127	329	25	human	human	ADJ
fbem-30127	329	26	capital	capital	NOUN
fbem-30127	329	27	and	and	CCONJ
fbem-30127	329	28	enhance	enhance	VERB
fbem-30127	329	29	digital	digital	ADJ
fbem-30127	329	30	capabilities	capability	NOUN
fbem-30127	329	31	through	through	ADP
fbem-30127	329	32	training	training	NOUN
fbem-30127	329	33	and	and	CCONJ
fbem-30127	329	34	talent	talent	NOUN
fbem-30127	329	35	introduction	introduction	NOUN
fbem-30127	329	36	;	;	PUNCT
fbem-30127	329	37	optimize	optimize	VERB
fbem-30127	329	38	resource	resource	NOUN
fbem-30127	329	39	allocation	allocation	NOUN
fbem-30127	329	40	to	to	PART
fbem-30127	329	41	avoid	avoid	VERB
fbem-30127	329	42	wastage	wastage	NOUN
fbem-30127	329	43	of	of	ADP
fbem-30127	329	44	resources	resource	NOUN
fbem-30127	329	45	;	;	PUNCT
fbem-30127	329	46	timely	timely	ADJ
fbem-30127	329	47	disclosure	disclosure	NOUN
fbem-30127	329	48	of	of	ADP
fbem-30127	329	49	information	information	NOUN
fbem-30127	329	50	to	to	PART
fbem-30127	329	51	reduce	reduce	VERB
fbem-30127	329	52	information	information	NOUN
fbem-30127	329	53	asymmetry	asymmetry	NOUN
fbem-30127	329	54	;	;	PUNCT
fbem-30127	329	55	applying	apply	VERB
fbem-30127	329	56	machine	machine	NOUN
fbem-30127	329	57	learning	learning	NOUN
fbem-30127	329	58	and	and	CCONJ
fbem-30127	329	59	other	other	ADJ
fbem-30127	329	60	technologies	technology	NOUN
fbem-30127	329	61	to	to	PART
fbem-30127	329	62	optimize	optimize	VERB
fbem-30127	329	63	decision	decision	NOUN
fbem-30127	329	64	-	-	PUNCT
fbem-30127	329	65	making	making	NOUN
fbem-30127	329	66	and	and	CCONJ
fbem-30127	329	67	enhance	enhance	VERB
fbem-30127	329	68	corporate	corporate	ADJ
fbem-30127	329	69	governance	governance	NOUN
fbem-30127	329	70	.	.	PUNCT
fbem-30127	330	1	acknowledgments	acknowledgment	NOUN
fbem-30127	330	2	this	this	DET
fbem-30127	330	3	work	work	NOUN
fbem-30127	330	4	is	be	AUX
fbem-30127	330	5	supported	support	VERB
fbem-30127	330	6	by	by	ADP
fbem-30127	330	7	the	the	DET
fbem-30127	330	8	anhui	anhui	PROPN
fbem-30127	330	9	university	university	PROPN
fbem-30127	330	10	of	of	ADP
fbem-30127	330	11	finance	finance	PROPN
fbem-30127	330	12	and	and	CCONJ
fbem-30127	330	13	economics	economic	NOUN
fbem-30127	330	14	college	college	NOUN
fbem-30127	330	15	student	student	NOUN
fbem-30127	330	16	innovation	innovation	NOUN
fbem-30127	330	17	and	and	CCONJ
fbem-30127	330	18	entrepreneurship	entrepreneurship	NOUN
fbem-30127	330	19	training	training	NOUN
fbem-30127	330	20	program	program	NOUN
fbem-30127	330	21	project	project	NOUN
fbem-30127	330	22	,	,	PUNCT
fbem-30127	330	23	"	"	PUNCT
fbem-30127	330	24	research	research	NOUN
fbem-30127	330	25	on	on	ADP
fbem-30127	330	26	the	the	DET
fbem-30127	330	27	impact	impact	NOUN
fbem-30127	330	28	mechanism	mechanism	NOUN
fbem-30127	330	29	of	of	ADP
fbem-30127	330	30	digital	digital	ADJ
fbem-30127	330	31	finance	finance	NOUN
fbem-30127	330	32	on	on	ADP
fbem-30127	330	33	enterprise	enterprise	NOUN
fbem-30127	330	34	total	total	ADJ
fbem-30127	330	35	factor	factor	NOUN
fbem-30127	330	36	productivity	productivity	NOUN
fbem-30127	330	37	:	:	PUNCT
fbem-30127	330	38	taking	take	VERB
fbem-30127	330	39	shanghai	shanghai	PROPN
fbem-30127	330	40	and	and	CCONJ
fbem-30127	330	41	shenzhen	shenzhen	PROPN
fbem-30127	330	42	a	a	PROPN
fbem-30127	330	43	-	-	PUNCT
fbem-30127	330	44	share	share	NOUN
fbem-30127	330	45	listed	list	VERB
fbem-30127	330	46	enterprises	enterprise	NOUN
fbem-30127	330	47	as	as	ADP
fbem-30127	330	48	examples	example	NOUN
fbem-30127	330	49	"	"	PUNCT
fbem-30127	330	50	(	(	PUNCT
fbem-30127	330	51	no	no	INTJ
fbem-30127	330	52	.	.	NOUN
fbem-30127	330	53	202310378201	202310378201	NUM
fbem-30127	330	54	)	)	PUNCT
fbem-30127	330	55	.	.	PUNCT
fbem-30127	331	1	references	reference	NOUN
fbem-30127	331	2	[	[	X
fbem-30127	331	3	1	1	NUM
fbem-30127	331	4	]	]	X
fbem-30127	331	5	solow	solow	PROPN
fbem-30127	331	6	r	r	NOUN
fbem-30127	331	7	m.technical	m.technical	ADJ
fbem-30127	331	8	change	change	NOUN
fbem-30127	331	9	and	and	CCONJ
fbem-30127	331	10	the	the	DET
fbem-30127	331	11	aggregate	aggregate	ADJ
fbem-30127	331	12	production	production	NOUN
fbem-30127	331	13	function	function	NOUN
fbem-30127	332	1	[	[	X
fbem-30127	332	2	j	j	X
fbem-30127	332	3	]	]	X
fbem-30127	332	4	.	.	PUNCT
fbem-30127	333	1	review	review	NOUN
fbem-30127	333	2	of	of	ADP
fbem-30127	333	3	economics	economics	PROPN
fbem-30127	333	4	&	&	CCONJ
fbem-30127	333	5	statistics	statistic	NOUN
fbem-30127	333	6	,	,	PUNCT
fbem-30127	333	7	1957(03):554562	1957(03):554562	NUM
fbem-30127	333	8	.	.	PUNCT
fbem-30127	334	1	[	[	X
fbem-30127	334	2	2	2	NUM
fbem-30127	334	3	]	]	PUNCT
fbem-30127	334	4	chen	chen	PROPN
fbem-30127	334	5	chaofan	chaofan	PROPN
fbem-30127	334	6	.	.	PUNCT
fbem-30127	335	1	empirical	empirical	ADJ
fbem-30127	335	2	study	study	NOUN
fbem-30127	335	3	on	on	ADP
fbem-30127	335	4	china	china	PROPN
fbem-30127	335	5	's	's	PART
fbem-30127	335	6	industrial	industrial	ADJ
fbem-30127	335	7	green	green	ADJ
fbem-30127	335	8	total	total	ADJ
fbem-30127	335	9	factor	factor	NOUN
fbem-30127	335	10	productivity	productivity	NOUN
fbem-30127	335	11	and	and	CCONJ
fbem-30127	335	12	its	its	PRON
fbem-30127	335	13	influencing	influence	VERB
fbem-30127	335	14	factors	factor	NOUN
fbem-30127	335	15	based	base	VERB
fbem-30127	335	16	on	on	ADP
fbem-30127	335	17	ml	ml	PROPN
fbem-30127	335	18	productivity	productivity	NOUN
fbem-30127	335	19	index	index	NOUN
fbem-30127	335	20	and	and	CCONJ
fbem-30127	335	21	dynamic	dynamic	ADJ
fbem-30127	335	22	panel	panel	NOUN
fbem-30127	335	23	model	model	NOUN
fbem-30127	336	1	[	[	X
fbem-30127	336	2	j	j	X
fbem-30127	336	3	]	]	X
fbem-30127	336	4	.	.	PUNCT
fbem-30127	337	1	statistical	statistical	ADJ
fbem-30127	337	2	research	research	NOUN
fbem-30127	337	3	,	,	PUNCT
fbem-30127	337	4	2016	2016	NUM
fbem-30127	337	5	,	,	PUNCT
fbem-30127	337	6	33	33	NUM
fbem-30127	337	7	(	(	PUNCT
fbem-30127	337	8	03	03	NUM
fbem-30127	337	9	):	):	PUNCT
fbem-30127	337	10	53	53	NUM
fbem-30127	337	11	-	-	SYM
fbem-30127	337	12	62	62	NUM
fbem-30127	337	13	.	.	PUNCT
fbem-30127	338	1	[	[	X
fbem-30127	338	2	3	3	X
fbem-30127	338	3	]	]	X
fbem-30127	338	4	li	li	PROPN
fbem-30127	338	5	xuesong	xuesong	PROPN
fbem-30127	338	6	,	,	PUNCT
fbem-30127	338	7	gong	gong	PROPN
fbem-30127	338	8	xiaoqian	xiaoqian	PROPN
fbem-30127	338	9	.	.	PUNCT
fbem-30127	339	1	the	the	DET
fbem-30127	339	2	coordinated	coordinated	ADJ
fbem-30127	339	3	development	development	NOUN
fbem-30127	339	4	of	of	ADP
fbem-30127	339	5	regional	regional	ADJ
fbem-30127	339	6	industrial	industrial	ADJ
fbem-30127	339	7	chain	chain	NOUN
fbem-30127	339	8	and	and	CCONJ
fbem-30127	339	9	innovation	innovation	NOUN
fbem-30127	339	10	chain	chain	NOUN
fbem-30127	339	11	and	and	CCONJ
fbem-30127	339	12	total	total	ADJ
fbem-30127	339	13	factor	factor	NOUN
fbem-30127	339	14	productivity	productivity	NOUN
fbem-30127	340	1	[	[	X
fbem-30127	340	2	j	j	X
fbem-30127	340	3	]	]	X
fbem-30127	340	4	.	.	PUNCT
fbem-30127	341	1	economic	economic	ADJ
fbem-30127	341	2	issues	issue	NOUN
fbem-30127	341	3	exploration	exploration	NOUN
fbem-30127	341	4	,	,	PUNCT
fbem-30127	341	5	2021	2021	NUM
fbem-30127	341	6	(	(	PUNCT
fbem-30127	341	7	11	11	NUM
fbem-30127	341	8	):	):	PUNCT
fbem-30127	341	9	30	30	NUM
fbem-30127	341	10	-	-	SYM
fbem-30127	341	11	44	44	NUM
fbem-30127	341	12	.	.	PUNCT
fbem-30127	342	1	[	[	X
fbem-30127	342	2	4	4	X
fbem-30127	342	3	]	]	X
fbem-30127	342	4	sun	sun	NOUN
fbem-30127	342	5	huayu	huayu	PROPN
fbem-30127	342	6	,	,	PUNCT
fbem-30127	342	7	lv	lv	PROPN
fbem-30127	342	8	yiqing	yiqing	NOUN
fbem-30127	342	9	.	.	PUNCT
fbem-30127	343	1	re	re	PROPN
fbem-30127	343	2	measurement	measurement	NOUN
fbem-30127	343	3	of	of	ADP
fbem-30127	343	4	total	total	ADJ
fbem-30127	343	5	factor	factor	NOUN
fbem-30127	343	6	productivity	productivity	NOUN
fbem-30127	343	7	in	in	ADP
fbem-30127	343	8	shenzhen	shenzhen	PROPN
fbem-30127	343	9	and	and	CCONJ
fbem-30127	343	10	its	its	PRON
fbem-30127	343	11	driving	driving	NOUN
fbem-30127	343	12	factors	factor	NOUN
fbem-30127	343	13	:	:	PUNCT
fbem-30127	343	14	a	a	DET
fbem-30127	343	15	study	study	NOUN
fbem-30127	343	16	based	base	VERB
fbem-30127	343	17	on	on	ADP
fbem-30127	343	18	industries	industry	NOUN
fbem-30127	343	19	and	and	CCONJ
fbem-30127	343	20	segmented	segment	VERB
fbem-30127	343	21	industries	industry	NOUN
fbem-30127	344	1	[	[	X
fbem-30127	344	2	j	j	X
fbem-30127	344	3	]	]	X
fbem-30127	344	4	.	.	PUNCT
fbem-30127	344	5	soft	soft	ADJ
fbem-30127	344	6	science	science	NOUN
fbem-30127	344	7	,	,	PUNCT
fbem-30127	344	8	2019	2019	NUM
fbem-30127	344	9	,	,	PUNCT
fbem-30127	344	10	33	33	NUM
fbem-30127	344	11	(	(	PUNCT
fbem-30127	344	12	02	02	NUM
fbem-30127	344	13	):	):	PUNCT
fbem-30127	344	14	69	69	NUM
fbem-30127	344	15	-	-	SYM
fbem-30127	344	16	74	74	NUM
fbem-30127	344	17	.	.	PUNCT
fbem-30127	345	1	[	[	X
fbem-30127	345	2	5	5	X
fbem-30127	345	3	]	]	X
fbem-30127	345	4	zhou	zhou	PROPN
fbem-30127	345	5	xiaohui	xiaohui	PROPN
fbem-30127	345	6	,	,	PUNCT
fbem-30127	345	7	liu	liu	PROPN
fbem-30127	345	8	yingying	yingying	PROPN
fbem-30127	345	9	,	,	PUNCT
fbem-30127	345	10	peng	peng	PROPN
fbem-30127	345	11	liuying	liuying	NOUN
fbem-30127	345	12	.	.	PUNCT
fbem-30127	346	1	development	development	NOUN
fbem-30127	346	2	of	of	ADP
fbem-30127	346	3	digital	digital	ADJ
fbem-30127	346	4	economy	economy	NOUN
fbem-30127	346	5	and	and	CCONJ
fbem-30127	346	6	improvement	improvement	NOUN
fbem-30127	346	7	of	of	ADP
fbem-30127	346	8	green	green	ADJ
fbem-30127	346	9	total	total	ADJ
fbem-30127	346	10	factor	factor	NOUN
fbem-30127	346	11	productivity	productivity	NOUN
fbem-30127	346	12	[	[	X
fbem-30127	346	13	j	j	X
fbem-30127	346	14	]	]	X
fbem-30127	346	15	.	.	PUNCT
fbem-30127	347	1	shanghai	shanghai	PROPN
fbem-30127	347	2	economic	economic	ADJ
fbem-30127	347	3	research	research	PROPN
fbem-30127	347	4	,	,	PUNCT
fbem-30127	347	5	2021	2021	NUM
fbem-30127	347	6	(	(	PUNCT
fbem-30127	347	7	2	2	NUM
fbem-30127	347	8	):	):	PUNCT
fbem-30127	347	9	5163	5163	NUM
fbem-30127	347	10	.	.	PUNCT
fbem-30127	348	1	[	[	X
fbem-30127	348	2	6	6	X
fbem-30127	348	3	]	]	X
fbem-30127	348	4	zhai	zhai	PROPN
fbem-30127	348	5	shuping	shuping	NOUN
fbem-30127	348	6	,	,	PUNCT
fbem-30127	348	7	gu	gu	PROPN
fbem-30127	348	8	qun	qun	PROPN
fbem-30127	348	9	.	.	PUNCT
fbem-30127	349	1	research	research	NOUN
fbem-30127	349	2	on	on	ADP
fbem-30127	349	3	financial	financial	ADJ
fbem-30127	349	4	development	development	NOUN
fbem-30127	349	5	,	,	PUNCT
fbem-30127	349	6	financing	financing	NOUN
fbem-30127	349	7	constraint	constraint	NOUN
fbem-30127	349	8	relief	relief	NOUN
fbem-30127	349	9	,	,	PUNCT
fbem-30127	349	10	and	and	CCONJ
fbem-30127	349	11	r&d	r&d	NOUN
fbem-30127	349	12	investment	investment	NOUN
fbem-30127	349	13	efficiency	efficiency	NOUN
fbem-30127	349	14	of	of	ADP
fbem-30127	349	15	high	high	ADJ
fbem-30127	349	16	tech	tech	NOUN
fbem-30127	349	17	enterprises	enterprise	NOUN
fbem-30127	350	1	[	[	X
fbem-30127	350	2	j	j	X
fbem-30127	350	3	]	]	X
fbem-30127	350	4	.	.	PUNCT
fbem-30127	351	1	economic	economic	ADJ
fbem-30127	351	2	review	review	PROPN
fbem-30127	351	3	,	,	PUNCT
fbem-30127	351	4	2013	2013	NUM
fbem-30127	351	5	(	(	PUNCT
fbem-30127	351	6	02	02	NUM
fbem-30127	351	7	):	):	PUNCT
fbem-30127	351	8	138	138	NUM
fbem-30127	351	9	-	-	SYM
fbem-30127	351	10	143	143	NUM
fbem-30127	351	11	.	.	PUNCT
fbem-30127	352	1	[	[	X
fbem-30127	352	2	7	7	X
fbem-30127	352	3	]	]	X
fbem-30127	352	4	luo	luo	PROPN
fbem-30127	352	5	liangwen	liangwen	PROPN
fbem-30127	352	6	,	,	PUNCT
fbem-30127	352	7	sun	sun	PROPN
fbem-30127	352	8	xiaoning	xiaoning	PROPN
fbem-30127	352	9	.	.	PUNCT
fbem-30127	353	1	the	the	DET
fbem-30127	353	2	impact	impact	NOUN
fbem-30127	353	3	of	of	ADP
fbem-30127	353	4	financial	financial	ADJ
fbem-30127	353	5	development	development	NOUN
fbem-30127	353	6	on	on	ADP
fbem-30127	353	7	total	total	ADJ
fbem-30127	353	8	factor	factor	NOUN
fbem-30127	353	9	productivity	productivity	NOUN
fbem-30127	353	10	of	of	ADP
fbem-30127	353	11	industrial	industrial	ADJ
fbem-30127	353	12	enterprises	enterprise	NOUN
fbem-30127	353	13	:	:	PUNCT
fbem-30127	353	14	an	an	DET
fbem-30127	353	15	analysis	analysis	NOUN
fbem-30127	353	16	based	base	VERB
fbem-30127	353	17	on	on	ADP
fbem-30127	353	18	r&d	r&d	NOUN
fbem-30127	353	19	innovation	innovation	NOUN
fbem-30127	353	20	investment	investment	NOUN
fbem-30127	354	1	[	[	X
fbem-30127	354	2	j	j	X
fbem-30127	354	3	]	]	X
fbem-30127	354	4	.	.	PUNCT
fbem-30127	355	1	jianghan	jianghan	PROPN
fbem-30127	355	2	forum	forum	PROPN
fbem-30127	355	3	,	,	PUNCT
fbem-30127	355	4	2020	2020	NUM
fbem-30127	355	5	(	(	PUNCT
fbem-30127	355	6	01	01	NUM
fbem-30127	355	7	):	):	PUNCT
fbem-30127	355	8	31	31	NUM
fbem-30127	355	9	-	-	SYM
fbem-30127	355	10	39	39	NUM
fbem-30127	355	11	.	.	PUNCT
fbem-30127	356	1	[	[	X
fbem-30127	356	2	8	8	NUM
fbem-30127	356	3	]	]	X
fbem-30127	356	4	wang	wang	PROPN
fbem-30127	356	5	yongcang	yongcang	PROPN
fbem-30127	356	6	,	,	PUNCT
fbem-30127	356	7	wen	wen	PROPN
fbem-30127	356	8	tao	tao	PROPN
fbem-30127	356	9	.	.	PUNCT
fbem-30127	357	1	research	research	NOUN
fbem-30127	357	2	on	on	ADP
fbem-30127	357	3	the	the	DET
fbem-30127	357	4	economic	economic	ADJ
fbem-30127	357	5	growth	growth	NOUN
fbem-30127	357	6	effect	effect	NOUN
fbem-30127	357	7	and	and	CCONJ
fbem-30127	357	8	heterogeneity	heterogeneity	NOUN
fbem-30127	357	9	of	of	ADP
fbem-30127	357	10	digital	digital	ADJ
fbem-30127	357	11	finance	finance	NOUN
fbem-30127	358	1	[	[	X
fbem-30127	358	2	j	j	X
fbem-30127	358	3	]	]	X
fbem-30127	358	4	.	.	PUNCT
fbem-30127	359	1	modern	modern	ADJ
fbem-30127	359	2	economic	economic	ADJ
fbem-30127	359	3	discussion	discussion	NOUN
fbem-30127	359	4	,	,	PUNCT
fbem-30127	359	5	2020	2020	NUM
fbem-30127	359	6	(	(	PUNCT
fbem-30127	359	7	22	22	NUM
fbem-30127	359	8	):	):	PUNCT
fbem-30127	359	9	56	56	NUM
fbem-30127	359	10	-	-	SYM
fbem-30127	359	11	69	69	NUM
fbem-30127	359	12	.	.	PUNCT
fbem-30127	360	1	[	[	X
fbem-30127	360	2	9	9	NUM
fbem-30127	360	3	]	]	X
fbem-30127	360	4	cheng	cheng	PROPN
fbem-30127	360	5	c	c	PROPN
fbem-30127	360	6	y	y	PROPN
fbem-30127	360	7	,	,	PUNCT
fbem-30127	360	8	chien	chien	PROPN
fbem-30127	360	9	m	m	PROPN
fbem-30127	360	10	s	s	PROPN
fbem-30127	360	11	,	,	PUNCT
fbem-30127	360	12	lee	lee	PROPN
fbem-30127	360	13	c	c	PROPN
fbem-30127	360	14	c.	c.	PROPN
fbem-30127	360	15	ict	ict	PROPN
fbem-30127	360	16	diffusion	diffusion	NOUN
fbem-30127	360	17	,	,	PUNCT
fbem-30127	360	18	financial	financial	ADJ
fbem-30127	360	19	development	development	NOUN
fbem-30127	360	20	,	,	PUNCT
fbem-30127	360	21	and	and	CCONJ
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fbem-30127	360	23	growth	growth	NOUN
fbem-30127	360	24	:	:	PUNCT
fbem-30127	360	25	an	an	DET
fbem-30127	360	26	international	international	ADJ
fbem-30127	360	27	crosscountryanalysis	crosscountryanalysis	NOUN
fbem-30127	361	1	[	[	X
fbem-30127	361	2	j	j	X
fbem-30127	361	3	]	]	X
fbem-30127	361	4	.	.	PUNCT
fbem-30127	362	1	economic	economic	ADJ
fbem-30127	362	2	modelling	modelling	NOUN
fbem-30127	362	3	,	,	PUNCT
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fbem-30127	362	5	-	-	SYM
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fbem-30127	362	7	.	.	PUNCT
fbem-30127	363	1	[	[	X
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fbem-30127	363	5	rui	rui	PROPN
fbem-30127	363	6	,	,	PUNCT
fbem-30127	363	7	cao	cao	PROPN
fbem-30127	363	8	tinggui	tinggui	PROPN
fbem-30127	363	9	.	.	PUNCT
fbem-30127	364	1	does	do	AUX
fbem-30127	364	2	the	the	DET
fbem-30127	364	3	development	development	NOUN
fbem-30127	364	4	of	of	ADP
fbem-30127	364	5	digital	digital	ADJ
fbem-30127	364	6	finance	finance	NOUN
fbem-30127	364	7	help	help	VERB
fbem-30127	364	8	enterprises	enterprise	NOUN
fbem-30127	364	9	deleverage	deleverage	VERB
fbem-30127	364	10	?	?	PUNCT
fbem-30127	365	1	"	"	PUNCT
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fbem-30127	365	3	economic	economic	ADJ
fbem-30127	365	4	discussion	discussion	NOUN
fbem-30127	365	5	,	,	PUNCT
fbem-30127	365	6	2022	2022	NUM
fbem-30127	365	7	(	(	PUNCT
fbem-30127	365	8	01	01	NUM
fbem-30127	365	9	):	):	PUNCT
fbem-30127	365	10	71	71	NUM
fbem-30127	365	11	-	-	SYM
fbem-30127	365	12	82	82	NUM
fbem-30127	365	13	.	.	PUNCT
fbem-30127	366	1	[	[	X
fbem-30127	366	2	11	11	NUM
fbem-30127	366	3	]	]	X
fbem-30127	366	4	li	li	PROPN
fbem-30127	366	5	bin	bin	PROPN
fbem-30127	366	6	,	,	PUNCT
fbem-30127	366	7	gong	gong	PROPN
fbem-30127	366	8	shuang	shuang	PROPN
fbem-30127	366	9	,	,	PUNCT
fbem-30127	366	10	zeng	zeng	PROPN
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fbem-30127	366	12	.	.	PUNCT
fbem-30127	367	1	digital	digital	ADJ
fbem-30127	367	2	inclusive	inclusive	ADJ
fbem-30127	367	3	finance	finance	NOUN
fbem-30127	367	4	,	,	PUNCT
fbem-30127	367	5	financing	financing	NOUN
fbem-30127	367	6	constraints	constraint	NOUN
fbem-30127	367	7	,	,	PUNCT
fbem-30127	367	8	and	and	CCONJ
fbem-30127	367	9	financial	financial	ADJ
fbem-30127	367	10	sustainability	sustainability	NOUN
fbem-30127	367	11	of	of	ADP
fbem-30127	367	12	small	small	ADJ
fbem-30127	367	13	and	and	CCONJ
fbem-30127	367	14	medium	medium	ADJ
fbem-30127	367	15	sized	sized	ADJ
fbem-30127	367	16	enterprises	enterprise	NOUN
fbem-30127	367	17	[	[	X
fbem-30127	367	18	j	j	X
fbem-30127	367	19	]	]	X
fbem-30127	367	20	.	.	PUNCT
fbem-30127	368	1	reform	reform	NOUN
fbem-30127	368	2	,	,	PUNCT
fbem-30127	368	3	2021	2021	NUM
fbem-30127	368	4	.	.	PUNCT
fbem-30127	369	1	[	[	X
fbem-30127	369	2	12	12	NUM
fbem-30127	369	3	]	]	PUNCT
fbem-30127	369	4	levine	levine	PROPN
fbem-30127	369	5	r.financial	r.financial	ADJ
fbem-30127	369	6	development	development	NOUN
fbem-30127	369	7	and	and	CCONJ
fbem-30127	369	8	economic	economic	ADJ
fbem-30127	369	9	growth	growth	NOUN
fbem-30127	369	10	:	:	PUNCT
fbem-30127	369	11	views	view	NOUN
fbem-30127	369	12	and	and	CCONJ
fbem-30127	369	13	agenda	agenda	NOUN
fbem-30127	370	1	[	[	X
fbem-30127	370	2	j	j	X
fbem-30127	370	3	]	]	X
fbem-30127	370	4	.	.	PUNCT
fbem-30127	371	1	journal	journal	PROPN
fbem-30127	371	2	of	of	ADP
fbem-30127	371	3	economic	economic	ADJ
fbem-30127	371	4	literature	literature	NOUN
fbem-30127	371	5	,	,	PUNCT
fbem-30127	371	6	1997(35):688	1997(35):688	NUM
fbem-30127	371	7	-	-	SYM
fbem-30127	371	8	726	726	NUM
fbem-30127	371	9	.	.	PUNCT
fbem-30127	372	1	[	[	X
fbem-30127	372	2	13	13	NUM
fbem-30127	372	3	]	]	X
fbem-30127	372	4	sun	sun	NOUN
fbem-30127	372	5	yanlin	yanlin	PROPN
fbem-30127	372	6	,	,	PUNCT
fbem-30127	372	7	li	li	PROPN
fbem-30127	372	8	ge	ge	PROPN
fbem-30127	372	9	,	,	PUNCT
fbem-30127	372	10	wang	wang	PROPN
fbem-30127	372	11	xiaoyu	xiaoyu	PROPN
fbem-30127	372	12	.	.	PUNCT
fbem-30127	373	1	the	the	DET
fbem-30127	373	2	impact	impact	NOUN
fbem-30127	373	3	of	of	ADP
fbem-30127	373	4	digital	digital	ADJ
fbem-30127	373	5	finance	finance	NOUN
fbem-30127	373	6	on	on	ADP
fbem-30127	373	7	labor	labor	NOUN
fbem-30127	373	8	mismatch	mismatch	NOUN
fbem-30127	373	9	and	and	CCONJ
fbem-30127	373	10	its	its	PRON
fbem-30127	373	11	heterogeneity	heterogeneity	NOUN
fbem-30127	373	12	analysis	analysis	NOUN
fbem-30127	373	13	:	:	PUNCT
fbem-30127	373	14	based	base	VERB
fbem-30127	373	15	on	on	ADP
fbem-30127	373	16	panel	panel	NOUN
fbem-30127	373	17	data	datum	NOUN
fbem-30127	373	18	of	of	ADP
fbem-30127	373	19	chinese	chinese	ADJ
fbem-30127	373	20	prefecture	prefecture	NOUN
fbem-30127	373	21	level	level	NOUN
fbem-30127	373	22	cities	city	NOUN
fbem-30127	374	1	[	[	X
fbem-30127	374	2	j	j	X
fbem-30127	374	3	]	]	X
fbem-30127	374	4	.	.	PUNCT
fbem-30127	375	1	scientific	scientific	ADJ
fbem-30127	375	2	research	research	NOUN
fbem-30127	375	3	,	,	PUNCT
fbem-30127	375	4	2022	2022	NUM
fbem-30127	375	5	,	,	PUNCT
fbem-30127	375	6	40	40	NUM
fbem-30127	375	7	(	(	PUNCT
fbem-30127	375	8	01	01	NUM
fbem-30127	375	9	):	):	PUNCT
fbem-30127	375	10	47	47	NUM
fbem-30127	375	11	-	-	SYM
fbem-30127	375	12	56	56	NUM
fbem-30127	375	13	.	.	PUNCT
fbem-30127	376	1	[	[	X
fbem-30127	376	2	14	14	NUM
fbem-30127	376	3	]	]	X
fbem-30127	376	4	nelson	nelson	PROPN
fbem-30127	376	5	r	r	PROPN
fbem-30127	376	6	r	r	PROPN
fbem-30127	376	7	,	,	PUNCT
fbem-30127	376	8	phelps	phelps	PROPN
fbem-30127	376	9	e	e	PROPN
fbem-30127	376	10	s.	s.	PROPN
fbem-30127	376	11	investment	investment	PROPN
fbem-30127	376	12	in	in	ADP
fbem-30127	376	13	humans	human	NOUN
fbem-30127	376	14	,	,	PUNCT
fbem-30127	376	15	technological	technological	ADJ
fbem-30127	376	16	diffusion	diffusion	NOUN
fbem-30127	376	17	,	,	PUNCT
fbem-30127	376	18	and	and	CCONJ
fbem-30127	376	19	economic	economic	ADJ
fbem-30127	376	20	growth	growth	NOUN
fbem-30127	377	1	[	[	X
fbem-30127	377	2	j	j	X
fbem-30127	377	3	]	]	X
fbem-30127	377	4	.	.	PUNCT
fbem-30127	378	1	american	american	PROPN
fbem-30127	378	2	economic	economic	PROPN
fbem-30127	378	3	review	review	PROPN
fbem-30127	378	4	,	,	PUNCT
fbem-30127	378	5	1966(56):69	1966(56):69	NUM
fbem-30127	378	6	-	-	SYM
fbem-30127	378	7	75	75	NUM
fbem-30127	378	8	.	.	PUNCT
fbem-30127	379	1	[	[	X
fbem-30127	379	2	15	15	NUM
fbem-30127	379	3	]	]	X
fbem-30127	379	4	lu	lu	PROPN
fbem-30127	379	5	xiaodong	xiaodong	PROPN
fbem-30127	379	6	,	,	PUNCT
fbem-30127	379	7	lian	lian	PROPN
fbem-30127	379	8	yujun	yujun	PROPN
fbem-30127	379	9	.	.	PUNCT
fbem-30127	380	1	estimation	estimation	NOUN
fbem-30127	380	2	of	of	ADP
fbem-30127	380	3	total	total	ADJ
fbem-30127	380	4	factor	factor	NOUN
fbem-30127	380	5	productivity	productivity	NOUN
fbem-30127	380	6	of	of	ADP
fbem-30127	380	7	chinese	chinese	ADJ
fbem-30127	380	8	industrial	industrial	ADJ
fbem-30127	380	9	enterprises	enterprise	NOUN
fbem-30127	380	10	:	:	PUNCT
fbem-30127	380	11	1999	1999	NUM
fbem-30127	380	12	-	-	SYM
fbem-30127	380	13	2007	2007	NUM
fbem-30127	381	1	[	[	X
fbem-30127	381	2	j	j	X
fbem-30127	381	3	]	]	X
fbem-30127	381	4	.	.	PUNCT
fbem-30127	382	1	economics	economic	NOUN
fbem-30127	382	2	(	(	PUNCT
fbem-30127	382	3	quarterly	quarterly	ADJ
fbem-30127	382	4	)	)	PUNCT
fbem-30127	382	5	,	,	PUNCT
fbem-30127	382	6	2012	2012	NUM
fbem-30127	382	7	,	,	PUNCT
fbem-30127	382	8	11	11	NUM
fbem-30127	382	9	(	(	PUNCT
fbem-30127	382	10	02	02	NUM
fbem-30127	382	11	):	):	PUNCT
fbem-30127	382	12	541	541	NUM
fbem-30127	382	13	-	-	SYM
fbem-30127	382	14	558	558	NUM
fbem-30127	382	15	.	.	PUNCT