id	sid	tid	token	lemma	pos
fbem-31090	1	1	frontiers	frontier	NOUN
fbem-31090	1	2	in	in	ADP
fbem-31090	1	3	business	business	NOUN
fbem-31090	1	4	,	,	PUNCT
fbem-31090	1	5	economics	economic	NOUN
fbem-31090	1	6	and	and	CCONJ
fbem-31090	1	7	management	management	NOUN
fbem-31090	1	8	issn	issn	PROPN
fbem-31090	1	9	:	:	PUNCT
fbem-31090	1	10	2766	2766	NUM
fbem-31090	1	11	-	-	PUNCT
fbem-31090	1	12	824x	824x	NUM
fbem-31090	1	13	|	|	ADJ
fbem-31090	1	14	vol	vol	NOUN
fbem-31090	1	15	.	.	PROPN
fbem-31090	2	1	19	19	NUM
fbem-31090	2	2	,	,	PUNCT
fbem-31090	2	3	no	no	INTJ
fbem-31090	2	4	.	.	NOUN
fbem-31090	2	5	3	3	NUM
fbem-31090	2	6	,	,	PUNCT
fbem-31090	2	7	2025	2025	NUM
fbem-31090	2	8	116	116	NUM
fbem-31090	2	9	the	the	DET
fbem-31090	2	10	impact	impact	NOUN
fbem-31090	2	11	of	of	ADP
fbem-31090	2	12	r&d	r&d	NOUN
fbem-31090	2	13	innovation	innovation	NOUN
fbem-31090	2	14	on	on	ADP
fbem-31090	2	15	firm	firm	ADJ
fbem-31090	2	16	performance	performance	NOUN
fbem-31090	2	17	-an	-an	ADP
fbem-31090	2	18	empirical	empirical	ADJ
fbem-31090	2	19	study	study	NOUN
fbem-31090	2	20	based	base	VERB
fbem-31090	2	21	on	on	ADP
fbem-31090	2	22	chinese	chinese	PROPN
fbem-31090	2	23	listed	list	VERB
fbem-31090	2	24	hi	hi	ADJ
fbem-31090	2	25	-	-	PUNCT
fbem-31090	2	26	tech	tech	NOUN
fbem-31090	2	27	companies	company	NOUN
fbem-31090	2	28	pan	pan	VERB
fbem-31090	2	29	lu	lu	PROPN
fbem-31090	2	30	*	*	PUNCT
fbem-31090	2	31	zhejiang	zhejiang	PROPN
fbem-31090	2	32	normal	normal	PROPN
fbem-31090	2	33	university	university	PROPN
fbem-31090	2	34	,	,	PUNCT
fbem-31090	2	35	china	china	PROPN
fbem-31090	2	36	*	*	PUNCT
fbem-31090	2	37	corresponding	correspond	VERB
fbem-31090	2	38	author	author	NOUN
fbem-31090	2	39	:	:	PUNCT
fbem-31090	2	40	pan	pan	PROPN
fbem-31090	2	41	lu	lu	PROPN
fbem-31090	2	42	(	(	PUNCT
fbem-31090	2	43	email	email	NOUN
fbem-31090	2	44	:	:	PUNCT
fbem-31090	2	45	2134235243@qq.com	2134235243@qq.com	NUM
fbem-31090	2	46	)	)	PUNCT
fbem-31090	2	47	abstract	abstract	NOUN
fbem-31090	2	48	:	:	PUNCT
fbem-31090	2	49	against	against	ADP
fbem-31090	2	50	the	the	DET
fbem-31090	2	51	backdrop	backdrop	NOUN
fbem-31090	2	52	of	of	ADP
fbem-31090	2	53	the	the	DET
fbem-31090	2	54	digital	digital	ADJ
fbem-31090	2	55	transformation	transformation	NOUN
fbem-31090	2	56	of	of	ADP
fbem-31090	2	57	the	the	DET
fbem-31090	2	58	global	global	ADJ
fbem-31090	2	59	economy	economy	NOUN
fbem-31090	2	60	and	and	CCONJ
fbem-31090	2	61	the	the	DET
fbem-31090	2	62	deep	deep	ADJ
fbem-31090	2	63	integration	integration	NOUN
fbem-31090	2	64	of	of	ADP
fbem-31090	2	65	the	the	DET
fbem-31090	2	66	scientific	scientific	ADJ
fbem-31090	2	67	and	and	CCONJ
fbem-31090	2	68	technological	technological	ADJ
fbem-31090	2	69	revolution	revolution	NOUN
fbem-31090	2	70	,	,	PUNCT
fbem-31090	2	71	r&d	r&d	NOUN
fbem-31090	2	72	and	and	CCONJ
fbem-31090	2	73	innovation	innovation	NOUN
fbem-31090	2	74	have	have	AUX
fbem-31090	2	75	become	become	VERB
fbem-31090	2	76	the	the	DET
fbem-31090	2	77	core	core	NOUN
fbem-31090	2	78	driving	driving	NOUN
fbem-31090	2	79	force	force	NOUN
fbem-31090	2	80	for	for	ADP
fbem-31090	2	81	national	national	ADJ
fbem-31090	2	82	competitiveness	competitiveness	NOUN
fbem-31090	2	83	and	and	CCONJ
fbem-31090	2	84	the	the	DET
fbem-31090	2	85	sustainable	sustainable	ADJ
fbem-31090	2	86	development	development	NOUN
fbem-31090	2	87	of	of	ADP
fbem-31090	2	88	enterprises	enterprise	NOUN
fbem-31090	2	89	.	.	PUNCT
fbem-31090	3	1	according	accord	VERB
fbem-31090	3	2	to	to	ADP
fbem-31090	3	3	the	the	DET
fbem-31090	3	4	world	world	NOUN
fbem-31090	3	5	intellectual	intellectual	ADJ
fbem-31090	3	6	property	property	NOUN
fbem-31090	3	7	organization	organization	NOUN
fbem-31090	3	8	(	(	PUNCT
fbem-31090	3	9	wipo	wipo	PROPN
fbem-31090	3	10	)	)	PUNCT
fbem-31090	3	11	,	,	PUNCT
fbem-31090	3	12	china	china	PROPN
fbem-31090	3	13	's	's	PART
fbem-31090	3	14	r&d	r&d	NOUN
fbem-31090	3	15	investment	investment	NOUN
fbem-31090	3	16	intensity	intensity	NOUN
fbem-31090	3	17	has	have	AUX
fbem-31090	3	18	maintained	maintain	VERB
fbem-31090	3	19	an	an	DET
fbem-31090	3	20	average	average	ADJ
fbem-31090	3	21	annual	annual	ADJ
fbem-31090	3	22	growth	growth	NOUN
fbem-31090	3	23	rate	rate	NOUN
fbem-31090	3	24	of	of	ADP
fbem-31090	3	25	9.1	9.1	NUM
fbem-31090	3	26	%	%	NOUN
fbem-31090	3	27	for	for	ADP
fbem-31090	3	28	seven	seven	NUM
fbem-31090	3	29	consecutive	consecutive	ADJ
fbem-31090	3	30	years	year	NOUN
fbem-31090	3	31	,	,	PUNCT
fbem-31090	3	32	and	and	CCONJ
fbem-31090	3	33	the	the	DET
fbem-31090	3	34	r&d	r&d	NOUN
fbem-31090	3	35	expenditure	expenditure	NOUN
fbem-31090	3	36	of	of	ADP
fbem-31090	3	37	the	the	DET
fbem-31090	3	38	whole	whole	ADJ
fbem-31090	3	39	society	society	NOUN
fbem-31090	3	40	will	will	AUX
fbem-31090	3	41	exceed	exceed	VERB
fbem-31090	3	42	3.09	3.09	NUM
fbem-31090	3	43	trillion	trillion	NUM
fbem-31090	3	44	yuan	yuan	NOUN
fbem-31090	3	45	in	in	ADP
fbem-31090	3	46	2022	2022	NUM
fbem-31090	3	47	,	,	PUNCT
fbem-31090	3	48	of	of	ADP
fbem-31090	3	49	which	which	PRON
fbem-31090	3	50	high	high	ADJ
fbem-31090	3	51	-	-	PUNCT
fbem-31090	3	52	tech	tech	NOUN
fbem-31090	3	53	enterprises	enterprise	NOUN
fbem-31090	3	54	will	will	AUX
fbem-31090	3	55	contribute	contribute	VERB
fbem-31090	3	56	more	more	ADJ
fbem-31090	3	57	than	than	ADP
fbem-31090	3	58	70	70	NUM
fbem-31090	3	59	%	%	NOUN
fbem-31090	3	60	.	.	PUNCT
fbem-31090	4	1	as	as	ADP
fbem-31090	4	2	the	the	DET
fbem-31090	4	3	main	main	ADJ
fbem-31090	4	4	force	force	NOUN
fbem-31090	4	5	of	of	ADP
fbem-31090	4	6	the	the	DET
fbem-31090	4	7	innovation	innovation	NOUN
fbem-31090	4	8	system	system	NOUN
fbem-31090	4	9	,	,	PUNCT
fbem-31090	4	10	the	the	DET
fbem-31090	4	11	number	number	NOUN
fbem-31090	4	12	of	of	ADP
fbem-31090	4	13	high	high	ADJ
fbem-31090	4	14	-	-	PUNCT
fbem-31090	4	15	tech	tech	NOUN
fbem-31090	4	16	enterprises	enterprise	NOUN
fbem-31090	4	17	in	in	ADP
fbem-31090	4	18	china	china	PROPN
fbem-31090	4	19	has	have	AUX
fbem-31090	4	20	surged	surge	VERB
fbem-31090	4	21	from	from	ADP
fbem-31090	4	22	79,000	79,000	NUM
fbem-31090	4	23	in	in	ADP
fbem-31090	4	24	2015	2015	NUM
fbem-31090	4	25	to	to	ADP
fbem-31090	4	26	450,000	450,000	NUM
fbem-31090	4	27	in	in	ADP
fbem-31090	4	28	2023	2023	NUM
fbem-31090	4	29	,	,	PUNCT
fbem-31090	4	30	and	and	CCONJ
fbem-31090	4	31	the	the	DET
fbem-31090	4	32	proportion	proportion	NOUN
fbem-31090	4	33	of	of	ADP
fbem-31090	4	34	total	total	ADJ
fbem-31090	4	35	industrial	industrial	ADJ
fbem-31090	4	36	output	output	NOUN
fbem-31090	4	37	value	value	NOUN
fbem-31090	4	38	in	in	ADP
fbem-31090	4	39	gdp	gdp	NOUN
fbem-31090	4	40	has	have	AUX
fbem-31090	4	41	jumped	jump	VERB
fbem-31090	4	42	to	to	ADP
fbem-31090	4	43	21.5	21.5	NUM
fbem-31090	4	44	%	%	NOUN
fbem-31090	4	45	.	.	PUNCT
fbem-31090	5	1	however	however	ADV
fbem-31090	5	2	,	,	PUNCT
fbem-31090	5	3	high	high	ADJ
fbem-31090	5	4	r&d	r&d	NOUN
fbem-31090	5	5	investment	investment	NOUN
fbem-31090	5	6	has	have	AUX
fbem-31090	5	7	not	not	PART
fbem-31090	5	8	fully	fully	ADV
fbem-31090	5	9	translated	translate	VERB
fbem-31090	5	10	into	into	ADP
fbem-31090	5	11	business	business	NOUN
fbem-31090	5	12	performance	performance	NOUN
fbem-31090	5	13	:	:	PUNCT
fbem-31090	5	14	34.7	34.7	NUM
fbem-31090	5	15	%	%	NOUN
fbem-31090	5	16	of	of	ADP
fbem-31090	5	17	high	high	ADJ
fbem-31090	5	18	-	-	PUNCT
fbem-31090	5	19	tech	tech	NOUN
fbem-31090	5	20	enterprises	enterprise	NOUN
fbem-31090	5	21	have	have	VERB
fbem-31090	5	22	an	an	DET
fbem-31090	5	23	r&d	r&d	NOUN
fbem-31090	5	24	intensity	intensity	NOUN
fbem-31090	5	25	of	of	ADP
fbem-31090	5	26	more	more	ADJ
fbem-31090	5	27	than	than	ADP
fbem-31090	5	28	5	5	NUM
fbem-31090	5	29	%	%	NOUN
fbem-31090	5	30	in	in	ADP
fbem-31090	5	31	2022	2022	NUM
fbem-31090	5	32	,	,	PUNCT
fbem-31090	5	33	but	but	CCONJ
fbem-31090	5	34	their	their	PRON
fbem-31090	5	35	average	average	ADJ
fbem-31090	5	36	sales	sale	NOUN
fbem-31090	5	37	margin	margin	NOUN
fbem-31090	5	38	(	(	PUNCT
fbem-31090	5	39	6.2	6.2	NUM
fbem-31090	5	40	%	%	NOUN
fbem-31090	5	41	)	)	PUNCT
fbem-31090	5	42	is	be	AUX
fbem-31090	5	43	only	only	ADV
fbem-31090	5	44	1.8	1.8	NUM
fbem-31090	5	45	percentage	percentage	NOUN
fbem-31090	5	46	points	point	NOUN
fbem-31090	5	47	higher	high	ADJ
fbem-31090	5	48	than	than	ADP
fbem-31090	5	49	that	that	PRON
fbem-31090	5	50	of	of	ADP
fbem-31090	5	51	non	non	ADJ
fbem-31090	5	52	-	-	ADJ
fbem-31090	5	53	high	high	ADJ
fbem-31090	5	54	-	-	PUNCT
fbem-31090	5	55	tech	tech	NOUN
fbem-31090	5	56	enterprises	enterprise	NOUN
fbem-31090	5	57	,	,	PUNCT
fbem-31090	5	58	and	and	CCONJ
fbem-31090	5	59	24	24	NUM
fbem-31090	5	60	%	%	NOUN
fbem-31090	5	61	of	of	ADP
fbem-31090	5	62	them	they	PRON
fbem-31090	5	63	are	be	AUX
fbem-31090	5	64	facing	face	VERB
fbem-31090	5	65	cash	cash	NOUN
fbem-31090	5	66	-	-	PUNCT
fbem-31090	5	67	flow	flow	NOUN
fbem-31090	5	68	risks	risk	NOUN
fbem-31090	5	69	due	due	ADJ
fbem-31090	5	70	to	to	ADP
fbem-31090	5	71	long	long	ADJ
fbem-31090	5	72	innovation	innovation	NOUN
fbem-31090	5	73	cycles	cycle	NOUN
fbem-31090	5	74	.	.	PUNCT
fbem-31090	6	1	data	datum	NOUN
fbem-31090	6	2	from	from	ADP
fbem-31090	6	3	the	the	DET
fbem-31090	6	4	shanghai	shanghai	PROPN
fbem-31090	6	5	and	and	CCONJ
fbem-31090	6	6	shenzhen	shenzhen	PROPN
fbem-31090	6	7	stock	stock	PROPN
fbem-31090	6	8	exchanges	exchange	NOUN
fbem-31090	6	9	show	show	VERB
fbem-31090	6	10	that	that	SCONJ
fbem-31090	6	11	while	while	SCONJ
fbem-31090	6	12	r&d	r&d	NOUN
fbem-31090	6	13	expenses	expense	NOUN
fbem-31090	6	14	in	in	ADP
fbem-31090	6	15	the	the	DET
fbem-31090	6	16	information	information	NOUN
fbem-31090	6	17	technology	technology	NOUN
fbem-31090	6	18	industry	industry	NOUN
fbem-31090	6	19	will	will	AUX
fbem-31090	6	20	grow	grow	VERB
fbem-31090	6	21	at	at	ADP
fbem-31090	6	22	an	an	DET
fbem-31090	6	23	average	average	ADJ
fbem-31090	6	24	annual	annual	ADJ
fbem-31090	6	25	rate	rate	NOUN
fbem-31090	6	26	of	of	ADP
fbem-31090	6	27	19.4	19.4	NUM
fbem-31090	6	28	%	%	NOUN
fbem-31090	6	29	from	from	ADP
fbem-31090	6	30	2018	2018	NUM
fbem-31090	6	31	-	-	SYM
fbem-31090	6	32	2022	2022	NUM
fbem-31090	6	33	,	,	PUNCT
fbem-31090	6	34	the	the	DET
fbem-31090	6	35	median	median	ADJ
fbem-31090	6	36	return	return	NOUN
fbem-31090	6	37	on	on	ADP
fbem-31090	6	38	equity	equity	NOUN
fbem-31090	6	39	(	(	PUNCT
fbem-31090	6	40	roe	roe	PROPN
fbem-31090	6	41	)	)	PUNCT
fbem-31090	6	42	has	have	AUX
fbem-31090	6	43	fallen	fall	VERB
fbem-31090	6	44	from	from	ADP
fbem-31090	6	45	8.7	8.7	NUM
fbem-31090	6	46	%	%	NOUN
fbem-31090	6	47	to	to	ADP
fbem-31090	6	48	6.3	6.3	NUM
fbem-31090	6	49	%	%	NOUN
fbem-31090	6	50	,	,	PUNCT
fbem-31090	6	51	highlighting	highlight	VERB
fbem-31090	6	52	the	the	DET
fbem-31090	6	53	complexity	complexity	NOUN
fbem-31090	6	54	of	of	ADP
fbem-31090	6	55	the	the	DET
fbem-31090	6	56	mechanism	mechanism	NOUN
fbem-31090	6	57	for	for	ADP
fbem-31090	6	58	transforming	transform	VERB
fbem-31090	6	59	r&d	r&d	NOUN
fbem-31090	6	60	performance	performance	NOUN
fbem-31090	6	61	.	.	PUNCT
fbem-31090	7	1	china	china	PROPN
fbem-31090	7	2	's	's	PART
fbem-31090	7	3	unique	unique	ADJ
fbem-31090	7	4	institutional	institutional	ADJ
fbem-31090	7	5	environment	environment	NOUN
fbem-31090	7	6	further	far	ADV
fbem-31090	7	7	shapes	shape	VERB
fbem-31090	7	8	the	the	DET
fbem-31090	7	9	differentiated	differentiated	ADJ
fbem-31090	7	10	innovation	innovation	NOUN
fbem-31090	7	11	ecosystem	ecosystem	NOUN
fbem-31090	7	12	:	:	PUNCT
fbem-31090	7	13	on	on	ADP
fbem-31090	7	14	the	the	DET
fbem-31090	7	15	one	one	NUM
fbem-31090	7	16	hand	hand	NOUN
fbem-31090	7	17	,	,	PUNCT
fbem-31090	7	18	the	the	DET
fbem-31090	7	19	government	government	NOUN
fbem-31090	7	20	reduces	reduce	VERB
fbem-31090	7	21	the	the	DET
fbem-31090	7	22	cost	cost	NOUN
fbem-31090	7	23	of	of	ADP
fbem-31090	7	24	innovation	innovation	NOUN
fbem-31090	7	25	through	through	ADP
fbem-31090	7	26	tax	tax	NOUN
fbem-31090	7	27	incentives	incentive	NOUN
fbem-31090	7	28	(	(	PUNCT
fbem-31090	7	29	420	420	NUM
fbem-31090	7	30	billion	billion	NUM
fbem-31090	7	31	yuan	yuan	NOUN
fbem-31090	7	32	of	of	ADP
fbem-31090	7	33	tax	tax	NOUN
fbem-31090	7	34	exemptions	exemption	NOUN
fbem-31090	7	35	in	in	ADP
fbem-31090	7	36	2022	2022	NUM
fbem-31090	7	37	)	)	PUNCT
fbem-31090	7	38	and	and	CCONJ
fbem-31090	7	39	special	special	ADJ
fbem-31090	7	40	subsidies	subsidy	NOUN
fbem-31090	7	41	(	(	PUNCT
fbem-31090	7	42	increasing	increase	VERB
fbem-31090	7	43	by	by	ADP
fbem-31090	7	44	15.3	15.3	NUM
fbem-31090	7	45	%	%	NOUN
fbem-31090	7	46	annually	annually	ADV
fbem-31090	7	47	)	)	PUNCT
fbem-31090	7	48	;	;	PUNCT
fbem-31090	7	49	on	on	ADP
fbem-31090	7	50	the	the	DET
fbem-31090	7	51	other	other	ADJ
fbem-31090	7	52	hand	hand	NOUN
fbem-31090	7	53	,	,	PUNCT
fbem-31090	7	54	the	the	DET
fbem-31090	7	55	increase	increase	NOUN
fbem-31090	7	56	in	in	ADP
fbem-31090	7	57	intellectual	intellectual	ADJ
fbem-31090	7	58	property	property	NOUN
fbem-31090	7	59	infringement	infringement	NOUN
fbem-31090	7	60	cases	case	NOUN
fbem-31090	7	61	(	(	PUNCT
fbem-31090	7	62	11.2	11.2	NUM
fbem-31090	7	63	%	%	NOUN
fbem-31090	7	64	year	year	NOUN
fbem-31090	7	65	-	-	PUNCT
fbem-31090	7	66	on	on	ADP
fbem-31090	7	67	-	-	PUNCT
fbem-31090	7	68	year	year	NOUN
fbem-31090	7	69	in	in	ADP
fbem-31090	7	70	2023	2023	NUM
fbem-31090	7	71	)	)	PUNCT
fbem-31090	7	72	and	and	CCONJ
fbem-31090	7	73	imperfections	imperfection	NOUN
fbem-31090	7	74	in	in	ADP
fbem-31090	7	75	the	the	DET
fbem-31090	7	76	valuation	valuation	NOUN
fbem-31090	7	77	system	system	NOUN
fbem-31090	7	78	of	of	ADP
fbem-31090	7	79	the	the	DET
fbem-31090	7	80	capital	capital	NOUN
fbem-31090	7	81	market	market	NOUN
fbem-31090	7	82	constrain	constrain	VERB
fbem-31090	7	83	the	the	DET
fbem-31090	7	84	efficiency	efficiency	NOUN
fbem-31090	7	85	of	of	ADP
fbem-31090	7	86	results	result	NOUN
fbem-31090	7	87	transformation	transformation	NOUN
fbem-31090	7	88	.	.	PUNCT
fbem-31090	8	1	based	base	VERB
fbem-31090	8	2	on	on	ADP
fbem-31090	8	3	this	this	PRON
fbem-31090	8	4	,	,	PUNCT
fbem-31090	8	5	this	this	DET
fbem-31090	8	6	study	study	NOUN
fbem-31090	8	7	utilizes	utilize	VERB
fbem-31090	8	8	unbalanced	unbalanced	ADJ
fbem-31090	8	9	panel	panel	NOUN
fbem-31090	8	10	data	datum	NOUN
fbem-31090	8	11	of	of	ADP
fbem-31090	8	12	9,754	9,754	NUM
fbem-31090	8	13	listed	list	VERB
fbem-31090	8	14	high	high	ADJ
fbem-31090	8	15	-	-	PUNCT
fbem-31090	8	16	tech	tech	NOUN
fbem-31090	8	17	enterprises	enterprise	NOUN
fbem-31090	8	18	from	from	ADP
fbem-31090	8	19	2014	2014	NUM
fbem-31090	8	20	-	-	SYM
fbem-31090	8	21	2024	2024	NUM
fbem-31090	8	22	to	to	PART
fbem-31090	8	23	empirically	empirically	ADV
fbem-31090	8	24	test	test	VERB
fbem-31090	8	25	the	the	DET
fbem-31090	8	26	mechanism	mechanism	NOUN
fbem-31090	8	27	of	of	ADP
fbem-31090	8	28	r&d	r&d	NOUN
fbem-31090	8	29	investment	investment	NOUN
fbem-31090	8	30	on	on	ADP
fbem-31090	8	31	firm	firm	ADJ
fbem-31090	8	32	performance	performance	NOUN
fbem-31090	8	33	and	and	CCONJ
fbem-31090	8	34	examine	examine	VERB
fbem-31090	8	35	the	the	DET
fbem-31090	8	36	moderating	moderate	VERB
fbem-31090	8	37	effects	effect	NOUN
fbem-31090	8	38	of	of	ADP
fbem-31090	8	39	gearing	gear	VERB
fbem-31090	8	40	ratio	ratio	NOUN
fbem-31090	8	41	,	,	PUNCT
fbem-31090	8	42	firm	firm	ADJ
fbem-31090	8	43	size	size	NOUN
fbem-31090	8	44	and	and	CCONJ
fbem-31090	8	45	total	total	ADJ
fbem-31090	8	46	asset	asset	NOUN
fbem-31090	8	47	turnover	turnover	NOUN
fbem-31090	8	48	ratio	ratio	NOUN
fbem-31090	8	49	.	.	PUNCT
fbem-31090	9	1	the	the	DET
fbem-31090	9	2	research	research	NOUN
fbem-31090	9	3	results	result	NOUN
fbem-31090	9	4	can	can	AUX
fbem-31090	9	5	not	not	PART
fbem-31090	9	6	only	only	ADV
fbem-31090	9	7	fill	fill	VERB
fbem-31090	9	8	the	the	DET
fbem-31090	9	9	theoretical	theoretical	ADJ
fbem-31090	9	10	gap	gap	NOUN
fbem-31090	9	11	of	of	ADP
fbem-31090	9	12	innovation	innovation	NOUN
fbem-31090	9	13	performance	performance	NOUN
fbem-31090	9	14	research	research	NOUN
fbem-31090	9	15	in	in	ADP
fbem-31090	9	16	the	the	DET
fbem-31090	9	17	emerging	emerge	VERB
fbem-31090	9	18	market	market	NOUN
fbem-31090	9	19	context	context	NOUN
fbem-31090	9	20	,	,	PUNCT
fbem-31090	9	21	but	but	CCONJ
fbem-31090	9	22	also	also	ADV
fbem-31090	9	23	provide	provide	VERB
fbem-31090	9	24	empirical	empirical	ADJ
fbem-31090	9	25	evidence	evidence	NOUN
fbem-31090	9	26	for	for	SCONJ
fbem-31090	9	27	enterprises	enterprise	NOUN
fbem-31090	9	28	to	to	PART
fbem-31090	9	29	optimize	optimize	VERB
fbem-31090	9	30	r&d	r&d	NOUN
fbem-31090	9	31	decisions	decision	NOUN
fbem-31090	9	32	and	and	CCONJ
fbem-31090	9	33	the	the	DET
fbem-31090	9	34	government	government	NOUN
fbem-31090	9	35	to	to	PART
fbem-31090	9	36	improve	improve	VERB
fbem-31090	9	37	innovation	innovation	NOUN
fbem-31090	9	38	policies	policy	NOUN
fbem-31090	9	39	.	.	PUNCT
fbem-31090	10	1	keywords	keyword	NOUN
fbem-31090	10	2	:	:	PUNCT
fbem-31090	10	3	r&d	r&d	NOUN
fbem-31090	10	4	innovation	innovation	NOUN
fbem-31090	10	5	;	;	PUNCT
fbem-31090	10	6	firm	firm	ADJ
fbem-31090	10	7	performance	performance	NOUN
fbem-31090	10	8	;	;	PUNCT
fbem-31090	10	9	high	high	ADJ
fbem-31090	10	10	-	-	PUNCT
fbem-31090	10	11	tech	tech	NOUN
fbem-31090	10	12	enterprises	enterprise	NOUN
fbem-31090	10	13	;	;	PUNCT
fbem-31090	10	14	total	total	ADJ
fbem-31090	10	15	asset	asset	NOUN
fbem-31090	10	16	turnover	turnover	NOUN
fbem-31090	10	17	;	;	PUNCT
fbem-31090	10	18	empirical	empirical	ADJ
fbem-31090	10	19	study	study	NOUN
fbem-31090	10	20	.	.	PUNCT
fbem-31090	11	1	1	1	X
fbem-31090	11	2	.	.	X
fbem-31090	11	3	introduction	introduction	NOUN
fbem-31090	11	4	under	under	ADP
fbem-31090	11	5	the	the	DET
fbem-31090	11	6	new	new	ADJ
fbem-31090	11	7	pattern	pattern	NOUN
fbem-31090	11	8	of	of	ADP
fbem-31090	11	9	intertwined	intertwine	VERB
fbem-31090	11	10	digital	digital	ADJ
fbem-31090	11	11	transformation	transformation	NOUN
fbem-31090	11	12	of	of	ADP
fbem-31090	11	13	the	the	DET
fbem-31090	11	14	global	global	ADJ
fbem-31090	11	15	economy	economy	NOUN
fbem-31090	11	16	and	and	CCONJ
fbem-31090	11	17	scientific	scientific	ADJ
fbem-31090	11	18	and	and	CCONJ
fbem-31090	11	19	technological	technological	ADJ
fbem-31090	11	20	revolution	revolution	NOUN
fbem-31090	11	21	,	,	PUNCT
fbem-31090	11	22	r&d	r&d	NOUN
fbem-31090	11	23	and	and	CCONJ
fbem-31090	11	24	innovation	innovation	NOUN
fbem-31090	11	25	have	have	AUX
fbem-31090	11	26	become	become	VERB
fbem-31090	11	27	the	the	DET
fbem-31090	11	28	core	core	NOUN
fbem-31090	11	29	engine	engine	NOUN
fbem-31090	11	30	of	of	ADP
fbem-31090	11	31	national	national	ADJ
fbem-31090	11	32	competitiveness	competitiveness	NOUN
fbem-31090	11	33	and	and	CCONJ
fbem-31090	11	34	sustainable	sustainable	ADJ
fbem-31090	11	35	development	development	NOUN
fbem-31090	11	36	of	of	ADP
fbem-31090	11	37	enterprises	enterprise	NOUN
fbem-31090	11	38	.	.	PUNCT
fbem-31090	12	1	the	the	DET
fbem-31090	12	2	world	world	NOUN
fbem-31090	12	3	intellectual	intellectual	ADJ
fbem-31090	12	4	property	property	NOUN
fbem-31090	12	5	organization	organization	NOUN
fbem-31090	12	6	(	(	PUNCT
fbem-31090	12	7	wipo	wipo	PROPN
fbem-31090	12	8	)	)	PUNCT
fbem-31090	12	9	global	global	ADJ
fbem-31090	12	10	innovation	innovation	NOUN
fbem-31090	12	11	index	index	NOUN
fbem-31090	12	12	2023	2023	NUM
fbem-31090	12	13	shows	show	VERB
fbem-31090	12	14	that	that	SCONJ
fbem-31090	12	15	china	china	PROPN
fbem-31090	12	16	's	's	PART
fbem-31090	12	17	r&d	r&d	NOUN
fbem-31090	12	18	investment	investment	NOUN
fbem-31090	12	19	intensity	intensity	NOUN
fbem-31090	12	20	has	have	AUX
fbem-31090	12	21	maintained	maintain	VERB
fbem-31090	12	22	an	an	DET
fbem-31090	12	23	average	average	ADJ
fbem-31090	12	24	annual	annual	ADJ
fbem-31090	12	25	growth	growth	NOUN
fbem-31090	12	26	rate	rate	NOUN
fbem-31090	12	27	of	of	ADP
fbem-31090	12	28	9.1	9.1	NUM
fbem-31090	12	29	%	%	NOUN
fbem-31090	12	30	for	for	ADP
fbem-31090	12	31	seven	seven	NUM
fbem-31090	12	32	consecutive	consecutive	ADJ
fbem-31090	12	33	years	year	NOUN
fbem-31090	12	34	,	,	PUNCT
fbem-31090	12	35	and	and	CCONJ
fbem-31090	12	36	the	the	DET
fbem-31090	12	37	scale	scale	NOUN
fbem-31090	12	38	of	of	ADP
fbem-31090	12	39	r&d	r&d	NOUN
fbem-31090	12	40	investment	investment	NOUN
fbem-31090	12	41	of	of	ADP
fbem-31090	12	42	the	the	DET
fbem-31090	12	43	whole	whole	ADJ
fbem-31090	12	44	society	society	NOUN
fbem-31090	12	45	in	in	ADP
fbem-31090	12	46	2022	2022	NUM
fbem-31090	12	47	exceeds	exceed	VERB
fbem-31090	12	48	3.09	3.09	NUM
fbem-31090	12	49	trillion	trillion	NUM
fbem-31090	12	50	yuan	yuan	NOUN
fbem-31090	12	51	,	,	PUNCT
fbem-31090	12	52	accounting	account	VERB
fbem-31090	12	53	for	for	ADP
fbem-31090	12	54	2.55	2.55	NUM
fbem-31090	12	55	%	%	NOUN
fbem-31090	12	56	of	of	ADP
fbem-31090	12	57	gdp	gdp	NOUN
fbem-31090	12	58	,	,	PUNCT
fbem-31090	12	59	with	with	ADP
fbem-31090	12	60	high	high	ADJ
fbem-31090	12	61	-	-	PUNCT
fbem-31090	12	62	tech	tech	NOUN
fbem-31090	12	63	enterprises	enterprise	NOUN
fbem-31090	12	64	contributing	contribute	VERB
fbem-31090	12	65	to	to	ADP
fbem-31090	12	66	more	more	ADJ
fbem-31090	12	67	than	than	ADP
fbem-31090	12	68	70	70	NUM
fbem-31090	12	69	%	%	NOUN
fbem-31090	12	70	of	of	ADP
fbem-31090	12	71	r&d	r&d	NOUN
fbem-31090	12	72	expenditures	expenditure	NOUN
fbem-31090	12	73	.	.	PUNCT
fbem-31090	13	1	as	as	ADP
fbem-31090	13	2	the	the	DET
fbem-31090	13	3	main	main	ADJ
fbem-31090	13	4	force	force	NOUN
fbem-31090	13	5	of	of	ADP
fbem-31090	13	6	the	the	DET
fbem-31090	13	7	national	national	ADJ
fbem-31090	13	8	innovation	innovation	NOUN
fbem-31090	13	9	system	system	NOUN
fbem-31090	13	10	,	,	PUNCT
fbem-31090	13	11	the	the	DET
fbem-31090	13	12	number	number	NOUN
fbem-31090	13	13	of	of	ADP
fbem-31090	13	14	high	high	ADJ
fbem-31090	13	15	-	-	PUNCT
fbem-31090	13	16	tech	tech	NOUN
fbem-31090	13	17	enterprises	enterprise	NOUN
fbem-31090	13	18	in	in	ADP
fbem-31090	13	19	china	china	PROPN
fbem-31090	13	20	has	have	AUX
fbem-31090	13	21	surged	surge	VERB
fbem-31090	13	22	from	from	ADP
fbem-31090	13	23	79,000	79,000	NUM
fbem-31090	13	24	in	in	ADP
fbem-31090	13	25	2015	2015	NUM
fbem-31090	13	26	to	to	ADP
fbem-31090	13	27	450,000	450,000	NUM
fbem-31090	13	28	in	in	ADP
fbem-31090	13	29	2023	2023	NUM
fbem-31090	13	30	,	,	PUNCT
fbem-31090	13	31	and	and	CCONJ
fbem-31090	13	32	the	the	DET
fbem-31090	13	33	proportion	proportion	NOUN
fbem-31090	13	34	of	of	ADP
fbem-31090	13	35	their	their	PRON
fbem-31090	13	36	industrial	industrial	ADJ
fbem-31090	13	37	output	output	NOUN
fbem-31090	13	38	value	value	NOUN
fbem-31090	13	39	in	in	ADP
fbem-31090	13	40	gdp	gdp	NOUN
fbem-31090	13	41	has	have	AUX
fbem-31090	13	42	jumped	jump	VERB
fbem-31090	13	43	from	from	ADP
fbem-31090	13	44	12.8	12.8	NUM
fbem-31090	13	45	%	%	NOUN
fbem-31090	13	46	to	to	ADP
fbem-31090	13	47	21.5	21.5	NUM
fbem-31090	13	48	%	%	NOUN
fbem-31090	13	49	,	,	PUNCT
fbem-31090	13	50	highlighting	highlight	VERB
fbem-31090	13	51	their	their	PRON
fbem-31090	13	52	strategic	strategic	ADJ
fbem-31090	13	53	position	position	NOUN
fbem-31090	13	54	in	in	ADP
fbem-31090	13	55	the	the	DET
fbem-31090	13	56	transformation	transformation	NOUN
fbem-31090	13	57	and	and	CCONJ
fbem-31090	13	58	upgrading	upgrading	NOUN
fbem-31090	13	59	of	of	ADP
fbem-31090	13	60	economic	economic	ADJ
fbem-31090	13	61	structure	structure	NOUN
fbem-31090	13	62	.	.	PUNCT
fbem-31090	14	1	however	however	ADV
fbem-31090	14	2	,	,	PUNCT
fbem-31090	14	3	high	high	ADJ
fbem-31090	14	4	r&d	r&d	NOUN
fbem-31090	14	5	investment	investment	NOUN
fbem-31090	14	6	does	do	AUX
fbem-31090	14	7	not	not	PART
fbem-31090	14	8	necessarily	necessarily	ADV
fbem-31090	14	9	translate	translate	VERB
fbem-31090	14	10	into	into	ADP
fbem-31090	14	11	improved	improve	VERB
fbem-31090	14	12	business	business	NOUN
fbem-31090	14	13	performance	performance	NOUN
fbem-31090	14	14	:	:	PUNCT
fbem-31090	14	15	data	datum	NOUN
fbem-31090	14	16	from	from	ADP
fbem-31090	14	17	the	the	DET
fbem-31090	14	18	national	national	PROPN
fbem-31090	14	19	bureau	bureau	PROPN
fbem-31090	14	20	of	of	ADP
fbem-31090	14	21	statistics	statistics	PROPN
fbem-31090	14	22	shows	show	VERB
fbem-31090	14	23	that	that	SCONJ
fbem-31090	14	24	34.7	34.7	NUM
fbem-31090	14	25	%	%	NOUN
fbem-31090	14	26	of	of	ADP
fbem-31090	14	27	high	high	ADJ
fbem-31090	14	28	-	-	PUNCT
fbem-31090	14	29	tech	tech	NOUN
fbem-31090	14	30	enterprises	enterprise	NOUN
fbem-31090	14	31	above	above	ADP
fbem-31090	14	32	scale	scale	NOUN
fbem-31090	14	33	in	in	ADP
fbem-31090	14	34	china	china	PROPN
fbem-31090	14	35	in	in	ADP
fbem-31090	14	36	2022	2022	NUM
fbem-31090	14	37	have	have	VERB
fbem-31090	14	38	an	an	DET
fbem-31090	14	39	r&d	r&d	NOUN
fbem-31090	14	40	intensity	intensity	NOUN
fbem-31090	14	41	of	of	ADP
fbem-31090	14	42	more	more	ADJ
fbem-31090	14	43	than	than	ADP
fbem-31090	14	44	5	5	NUM
fbem-31090	14	45	%	%	NOUN
fbem-31090	14	46	,	,	PUNCT
fbem-31090	14	47	but	but	CCONJ
fbem-31090	14	48	their	their	PRON
fbem-31090	14	49	average	average	ADJ
fbem-31090	14	50	sales	sale	NOUN
fbem-31090	14	51	margin	margin	NOUN
fbem-31090	14	52	(	(	PUNCT
fbem-31090	14	53	6.2	6.2	NUM
fbem-31090	14	54	%	%	NOUN
fbem-31090	14	55	)	)	PUNCT
fbem-31090	14	56	is	be	AUX
fbem-31090	14	57	only	only	ADV
fbem-31090	14	58	1.8	1.8	NUM
fbem-31090	14	59	percentage	percentage	NOUN
fbem-31090	14	60	points	point	NOUN
fbem-31090	14	61	higher	high	ADJ
fbem-31090	14	62	than	than	ADP
fbem-31090	14	63	that	that	PRON
fbem-31090	14	64	of	of	ADP
fbem-31090	14	65	nonhigh	nonhigh	ADJ
fbem-31090	14	66	-	-	PUNCT
fbem-31090	14	67	tech	tech	NOUN
fbem-31090	14	68	enterprises	enterprise	NOUN
fbem-31090	14	69	,	,	PUNCT
fbem-31090	14	70	and	and	CCONJ
fbem-31090	14	71	24	24	NUM
fbem-31090	14	72	%	%	NOUN
fbem-31090	14	73	of	of	ADP
fbem-31090	14	74	them	they	PRON
fbem-31090	14	75	have	have	VERB
fbem-31090	14	76	an	an	DET
fbem-31090	14	77	elevated	elevated	ADJ
fbem-31090	14	78	risk	risk	NOUN
fbem-31090	14	79	of	of	ADP
fbem-31090	14	80	cash	cash	NOUN
fbem-31090	14	81	-	-	PUNCT
fbem-31090	14	82	flow	flow	NOUN
fbem-31090	14	83	breakdown	breakdown	NOUN
fbem-31090	14	84	due	due	ADP
fbem-31090	14	85	to	to	ADP
fbem-31090	14	86	the	the	DET
fbem-31090	14	87	excessively	excessively	ADV
fbem-31090	14	88	long	long	ADJ
fbem-31090	14	89	innovation	innovation	NOUN
fbem-31090	14	90	cycle	cycle	NOUN
fbem-31090	14	91	.	.	PUNCT
fbem-31090	15	1	this	this	DET
fbem-31090	15	2	paradoxical	paradoxical	ADJ
fbem-31090	15	3	phenomenon	phenomenon	NOUN
fbem-31090	15	4	reveals	reveal	VERB
fbem-31090	15	5	the	the	DET
fbem-31090	15	6	complexity	complexity	NOUN
fbem-31090	15	7	of	of	ADP
fbem-31090	15	8	the	the	DET
fbem-31090	15	9	relationship	relationship	NOUN
fbem-31090	15	10	between	between	ADP
fbem-31090	15	11	r&d	r&d	NOUN
fbem-31090	15	12	innovation	innovation	NOUN
fbem-31090	15	13	and	and	CCONJ
fbem-31090	15	14	performance	performance	NOUN
fbem-31090	15	15	according	accord	VERB
fbem-31090	15	16	to	to	ADP
fbem-31090	15	17	data	datum	NOUN
fbem-31090	15	18	from	from	ADP
fbem-31090	15	19	the	the	DET
fbem-31090	15	20	annual	annual	ADJ
fbem-31090	15	21	reports	report	NOUN
fbem-31090	15	22	of	of	ADP
fbem-31090	15	23	the	the	DET
fbem-31090	15	24	shanghai	shanghai	PROPN
fbem-31090	15	25	and	and	CCONJ
fbem-31090	15	26	shenzhen	shenzhen	PROPN
fbem-31090	15	27	stock	stock	PROPN
fbem-31090	15	28	exchanges	exchange	NOUN
fbem-31090	15	29	,	,	PUNCT
fbem-31090	15	30	r&d	r&d	NOUN
fbem-31090	15	31	expenses	expense	NOUN
fbem-31090	15	32	of	of	ADP
fbem-31090	15	33	listed	list	VERB
fbem-31090	15	34	companies	company	NOUN
fbem-31090	15	35	in	in	ADP
fbem-31090	15	36	the	the	DET
fbem-31090	15	37	information	information	NOUN
fbem-31090	15	38	technology	technology	NOUN
fbem-31090	15	39	industry	industry	NOUN
fbem-31090	15	40	increased	increase	VERB
fbem-31090	15	41	by	by	ADP
fbem-31090	15	42	an	an	DET
fbem-31090	15	43	average	average	NOUN
fbem-31090	15	44	of	of	ADP
fbem-31090	15	45	19.4	19.4	NUM
fbem-31090	15	46	%	%	NOUN
fbem-31090	15	47	per	per	ADP
fbem-31090	15	48	year	year	NOUN
fbem-31090	15	49	during	during	ADP
fbem-31090	15	50	2018	2018	NUM
fbem-31090	15	51	-	-	SYM
fbem-31090	15	52	2022	2022	NUM
fbem-31090	15	53	,	,	PUNCT
fbem-31090	15	54	but	but	CCONJ
fbem-31090	15	55	the	the	DET
fbem-31090	15	56	median	median	ADJ
fbem-31090	15	57	return	return	NOUN
fbem-31090	15	58	on	on	ADP
fbem-31090	15	59	net	net	ADJ
fbem-31090	15	60	assets	asset	NOUN
fbem-31090	15	61	(	(	PUNCT
fbem-31090	15	62	roe	roe	NOUN
fbem-31090	15	63	)	)	PUNCT
fbem-31090	15	64	fluctuated	fluctuate	VERB
fbem-31090	15	65	down	down	ADV
fbem-31090	15	66	from	from	ADP
fbem-31090	15	67	8.7	8.7	NUM
fbem-31090	15	68	%	%	NOUN
fbem-31090	15	69	to	to	ADP
fbem-31090	15	70	6.3	6.3	NUM
fbem-31090	15	71	%	%	NOUN
fbem-31090	15	72	,	,	PUNCT
fbem-31090	15	73	suggesting	suggest	VERB
fbem-31090	15	74	that	that	SCONJ
fbem-31090	15	75	innovation	innovation	NOUN
fbem-31090	15	76	there	there	PRON
fbem-31090	15	77	may	may	AUX
fbem-31090	15	78	be	be	AUX
fbem-31090	15	79	significant	significant	ADJ
fbem-31090	15	80	industry	industry	NOUN
fbem-31090	15	81	heterogeneity	heterogeneity	NOUN
fbem-31090	15	82	in	in	ADP
fbem-31090	15	83	the	the	DET
fbem-31090	15	84	marginal	marginal	ADJ
fbem-31090	15	85	benefits	benefit	NOUN
fbem-31090	15	86	of	of	ADP
fbem-31090	15	87	investment	investment	NOUN
fbem-31090	15	88	.	.	PUNCT
fbem-31090	16	1	while	while	SCONJ
fbem-31090	16	2	most	most	ADJ
fbem-31090	16	3	of	of	ADP
fbem-31090	16	4	the	the	DET
fbem-31090	16	5	current	current	ADJ
fbem-31090	16	6	research	research	NOUN
fbem-31090	16	7	focuses	focus	VERB
fbem-31090	16	8	on	on	ADP
fbem-31090	16	9	mature	mature	ADJ
fbem-31090	16	10	markets	market	NOUN
fbem-31090	16	11	in	in	ADP
fbem-31090	16	12	developed	develop	VERB
fbem-31090	16	13	countries	country	NOUN
fbem-31090	16	14	,	,	PUNCT
fbem-31090	16	15	china	china	PROPN
fbem-31090	16	16	's	's	PART
fbem-31090	16	17	unique	unique	ADJ
fbem-31090	16	18	institutional	institutional	ADJ
fbem-31090	16	19	environment	environment	NOUN
fbem-31090	16	20	has	have	AUX
fbem-31090	16	21	shaped	shape	VERB
fbem-31090	16	22	a	a	DET
fbem-31090	16	23	differentiated	differentiated	ADJ
fbem-31090	16	24	innovation	innovation	NOUN
fbem-31090	16	25	ecosystem	ecosystem	NOUN
fbem-31090	16	26	:	:	PUNCT
fbem-31090	16	27	on	on	ADP
fbem-31090	16	28	the	the	DET
fbem-31090	16	29	one	one	NUM
fbem-31090	16	30	hand	hand	NOUN
fbem-31090	16	31	,	,	PUNCT
fbem-31090	16	32	the	the	DET
fbem-31090	16	33	government	government	NOUN
fbem-31090	16	34	reduces	reduce	VERB
fbem-31090	16	35	the	the	DET
fbem-31090	16	36	cost	cost	NOUN
fbem-31090	16	37	of	of	ADP
fbem-31090	16	38	innovation	innovation	NOUN
fbem-31090	16	39	through	through	ADP
fbem-31090	16	40	tax	tax	NOUN
fbem-31090	16	41	incentives	incentive	NOUN
fbem-31090	16	42	(	(	PUNCT
fbem-31090	16	43	420	420	NUM
fbem-31090	16	44	billion	billion	NUM
fbem-31090	16	45	yuan	yuan	NOUN
fbem-31090	16	46	of	of	ADP
fbem-31090	16	47	tax	tax	NOUN
fbem-31090	16	48	exemptions	exemption	NOUN
fbem-31090	16	49	and	and	CCONJ
fbem-31090	16	50	reductions	reduction	NOUN
fbem-31090	16	51	for	for	ADP
fbem-31090	16	52	hi	hi	ADJ
fbem-31090	16	53	-	-	PUNCT
fbem-31090	16	54	tech	tech	NOUN
fbem-31090	16	55	enterprises	enterprise	NOUN
fbem-31090	16	56	in	in	ADP
fbem-31090	16	57	2022	2022	NUM
fbem-31090	16	58	)	)	PUNCT
fbem-31090	16	59	and	and	CCONJ
fbem-31090	16	60	special	special	ADJ
fbem-31090	16	61	subsidies	subsidy	NOUN
fbem-31090	16	62	(	(	PUNCT
fbem-31090	16	63	average	average	ADJ
fbem-31090	16	64	annual	annual	ADJ
fbem-31090	16	65	growth	growth	NOUN
fbem-31090	16	66	rate	rate	NOUN
fbem-31090	16	67	of	of	ADP
fbem-31090	16	68	15.3	15.3	NUM
fbem-31090	16	69	%	%	NOUN
fbem-31090	16	70	)	)	PUNCT
fbem-31090	16	71	;	;	PUNCT
fbem-31090	16	72	on	on	ADP
fbem-31090	16	73	the	the	DET
fbem-31090	16	74	other	other	ADJ
fbem-31090	16	75	hand	hand	NOUN
fbem-31090	16	76	,	,	PUNCT
fbem-31090	16	77	the	the	DET
fbem-31090	16	78	number	number	NOUN
fbem-31090	16	79	of	of	ADP
fbem-31090	16	80	intellectual	intellectual	ADJ
fbem-31090	16	81	property	property	NOUN
fbem-31090	16	82	rights	right	NOUN
fbem-31090	16	83	(	(	PUNCT
fbem-31090	16	84	ipr	ipr	PROPN
fbem-31090	16	85	)	)	PUNCT
fbem-31090	16	86	infringement	infringement	NOUN
fbem-31090	16	87	cases	case	NOUN
fbem-31090	16	88	(	(	PUNCT
fbem-31090	16	89	11.2	11.2	NUM
fbem-31090	16	90	%	%	NOUN
fbem-31090	16	91	year	year	NOUN
fbem-31090	16	92	-	-	PUNCT
fbem-31090	16	93	on	on	ADP
fbem-31090	16	94	-	-	PUNCT
fbem-31090	16	95	year	year	NOUN
fbem-31090	16	96	increase	increase	NOUN
fbem-31090	16	97	in	in	ADP
fbem-31090	16	98	the	the	DET
fbem-31090	16	99	supreme	supreme	PROPN
fbem-31090	16	100	people	people	PROPN
fbem-31090	16	101	's	's	PART
fbem-31090	16	102	court	court	NOUN
fbem-31090	16	103	report	report	NOUN
fbem-31090	16	104	in	in	ADP
fbem-31090	16	105	2023	2023	NUM
fbem-31090	16	106	)	)	PUNCT
fbem-31090	16	107	and	and	CCONJ
fbem-31090	16	108	the	the	DET
fbem-31090	16	109	imperfect	imperfect	ADJ
fbem-31090	16	110	capital	capital	NOUN
fbem-31090	16	111	market	market	NOUN
fbem-31090	16	112	valuation	valuation	NOUN
fbem-31090	16	113	system	system	NOUN
fbem-31090	16	114	may	may	AUX
fbem-31090	16	115	reduce	reduce	VERB
fbem-31090	16	116	the	the	DET
fbem-31090	16	117	efficiency	efficiency	NOUN
fbem-31090	16	118	of	of	ADP
fbem-31090	16	119	innovation	innovation	NOUN
fbem-31090	16	120	transformation	transformation	NOUN
fbem-31090	16	121	.	.	PUNCT
fbem-31090	17	1	shows	show	VERB
fbem-31090	17	2	a	a	DET
fbem-31090	17	3	year	year	NOUN
fbem-31090	17	4	-	-	PUNCT
fbem-31090	17	5	on	on	ADP
fbem-31090	17	6	-	-	PUNCT
fbem-31090	17	7	year	year	NOUN
fbem-31090	17	8	increase	increase	NOUN
fbem-31090	17	9	of	of	ADP
fbem-31090	17	10	11.2	11.2	NUM
fbem-31090	17	11	%	%	NOUN
fbem-31090	17	12	)	)	PUNCT
fbem-31090	17	13	and	and	CCONJ
fbem-31090	17	14	imperfect	imperfect	ADJ
fbem-31090	17	15	capital	capital	NOUN
fbem-31090	17	16	market	market	NOUN
fbem-31090	17	17	valuation	valuation	NOUN
fbem-31090	17	18	system	system	NOUN
fbem-31090	17	19	may	may	AUX
fbem-31090	17	20	weaken	weaken	VERB
fbem-31090	17	21	the	the	DET
fbem-31090	17	22	efficiency	efficiency	NOUN
fbem-31090	17	23	of	of	ADP
fbem-31090	17	24	innovation	innovation	NOUN
fbem-31090	17	25	transformation	transformation	NOUN
fbem-31090	17	26	.	.	PUNCT
fbem-31090	18	1	based	base	VERB
fbem-31090	18	2	on	on	ADP
fbem-31090	18	3	the	the	DET
fbem-31090	18	4	unbalanced	unbalanced	ADJ
fbem-31090	18	5	panel	panel	NOUN
fbem-31090	18	6	data	datum	NOUN
fbem-31090	18	7	of	of	ADP
fbem-31090	18	8	9,754	9,754	NUM
fbem-31090	18	9	listed	list	VERB
fbem-31090	18	10	high	high	ADJ
fbem-31090	18	11	-	-	PUNCT
fbem-31090	18	12	tech	tech	NOUN
fbem-31090	18	13	117	117	NUM
fbem-31090	18	14	enterprises	enterprise	NOUN
fbem-31090	18	15	in	in	ADP
fbem-31090	18	16	china	china	PROPN
fbem-31090	18	17	from	from	ADP
fbem-31090	18	18	2014	2014	NUM
fbem-31090	18	19	to	to	ADP
fbem-31090	18	20	2024	2024	NUM
fbem-31090	18	21	,	,	PUNCT
fbem-31090	18	22	this	this	DET
fbem-31090	18	23	study	study	NOUN
fbem-31090	18	24	reveals	reveal	VERB
fbem-31090	18	25	the	the	DET
fbem-31090	18	26	intrinsic	intrinsic	ADJ
fbem-31090	18	27	association	association	NOUN
fbem-31090	18	28	between	between	ADP
fbem-31090	18	29	r&d	r&d	NOUN
fbem-31090	18	30	innovation	innovation	NOUN
fbem-31090	18	31	and	and	CCONJ
fbem-31090	18	32	performance	performance	NOUN
fbem-31090	18	33	,	,	PUNCT
fbem-31090	18	34	and	and	CCONJ
fbem-31090	18	35	explores	explore	VERB
fbem-31090	18	36	the	the	DET
fbem-31090	18	37	differences	difference	NOUN
fbem-31090	18	38	in	in	ADP
fbem-31090	18	39	the	the	DET
fbem-31090	18	40	role	role	NOUN
fbem-31090	18	41	of	of	ADP
fbem-31090	18	42	different	different	ADJ
fbem-31090	18	43	contextual	contextual	ADJ
fbem-31090	18	44	factors	factor	NOUN
fbem-31090	18	45	.	.	PUNCT
fbem-31090	19	1	the	the	DET
fbem-31090	19	2	empirical	empirical	ADJ
fbem-31090	19	3	analysis	analysis	NOUN
fbem-31090	19	4	can	can	AUX
fbem-31090	19	5	fill	fill	VERB
fbem-31090	19	6	the	the	DET
fbem-31090	19	7	gap	gap	NOUN
fbem-31090	19	8	of	of	ADP
fbem-31090	19	9	insufficient	insufficient	ADJ
fbem-31090	19	10	attention	attention	NOUN
fbem-31090	19	11	to	to	ADP
fbem-31090	19	12	china	china	PROPN
fbem-31090	19	13	's	's	PART
fbem-31090	19	14	emerging	emerge	VERB
fbem-31090	19	15	market	market	NOUN
fbem-31090	19	16	context	context	NOUN
fbem-31090	19	17	in	in	ADP
fbem-31090	19	18	the	the	DET
fbem-31090	19	19	existing	exist	VERB
fbem-31090	19	20	literature	literature	NOUN
fbem-31090	19	21	,	,	PUNCT
fbem-31090	19	22	as	as	ADV
fbem-31090	19	23	well	well	ADV
fbem-31090	19	24	as	as	ADP
fbem-31090	19	25	provide	provide	VERB
fbem-31090	19	26	a	a	DET
fbem-31090	19	27	theoretical	theoretical	ADJ
fbem-31090	19	28	basis	basis	NOUN
fbem-31090	19	29	for	for	SCONJ
fbem-31090	19	30	enterprises	enterprise	NOUN
fbem-31090	19	31	to	to	PART
fbem-31090	19	32	optimize	optimize	VERB
fbem-31090	19	33	r&d	r&d	NOUN
fbem-31090	19	34	decisionmaking	decisionmaking	NOUN
fbem-31090	19	35	and	and	CCONJ
fbem-31090	19	36	enhance	enhance	VERB
fbem-31090	19	37	innovation	innovation	NOUN
fbem-31090	19	38	effectiveness	effectiveness	NOUN
fbem-31090	19	39	in	in	ADP
fbem-31090	19	40	a	a	DET
fbem-31090	19	41	dynamic	dynamic	ADJ
fbem-31090	19	42	environment	environment	NOUN
fbem-31090	19	43	,	,	PUNCT
fbem-31090	19	44	and	and	CCONJ
fbem-31090	19	45	provide	provide	VERB
fbem-31090	19	46	practical	practical	ADJ
fbem-31090	19	47	references	reference	NOUN
fbem-31090	19	48	for	for	ADP
fbem-31090	19	49	government	government	NOUN
fbem-31090	19	50	departments	department	NOUN
fbem-31090	19	51	to	to	PART
fbem-31090	19	52	improve	improve	VERB
fbem-31090	19	53	the	the	DET
fbem-31090	19	54	innovation	innovation	NOUN
fbem-31090	19	55	policy	policy	NOUN
fbem-31090	19	56	system	system	NOUN
fbem-31090	19	57	and	and	CCONJ
fbem-31090	19	58	stimulate	stimulate	VERB
fbem-31090	19	59	the	the	DET
fbem-31090	19	60	vitality	vitality	NOUN
fbem-31090	19	61	of	of	ADP
fbem-31090	19	62	market	market	NOUN
fbem-31090	19	63	players	player	NOUN
fbem-31090	19	64	.	.	PUNCT
fbem-31090	20	1	2	2	X
fbem-31090	20	2	.	.	X
fbem-31090	20	3	research	research	NOUN
fbem-31090	20	4	hypotheses	hypothesis	NOUN
fbem-31090	20	5	h1	h1	ADJ
fbem-31090	20	6	:	:	PUNCT
fbem-31090	20	7	r&d	r&d	NOUN
fbem-31090	20	8	investment	investment	NOUN
fbem-31090	20	9	of	of	ADP
fbem-31090	20	10	listed	list	VERB
fbem-31090	20	11	high	high	ADJ
fbem-31090	20	12	-	-	PUNCT
fbem-31090	20	13	tech	tech	NOUN
fbem-31090	20	14	enterprises	enterprise	NOUN
fbem-31090	20	15	has	have	VERB
fbem-31090	20	16	a	a	DET
fbem-31090	20	17	positive	positive	ADJ
fbem-31090	20	18	impact	impact	NOUN
fbem-31090	20	19	on	on	ADP
fbem-31090	20	20	company	company	NOUN
fbem-31090	20	21	performance	performance	NOUN
fbem-31090	20	22	;	;	PUNCT
fbem-31090	20	23	h2	h2	NOUN
fbem-31090	20	24	:	:	PUNCT
fbem-31090	20	25	there	there	PRON
fbem-31090	20	26	is	be	VERB
fbem-31090	20	27	a	a	DET
fbem-31090	20	28	negative	negative	ADJ
fbem-31090	20	29	impact	impact	NOUN
fbem-31090	20	30	of	of	ADP
fbem-31090	20	31	gearing	gear	VERB
fbem-31090	20	32	ratio	ratio	NOUN
fbem-31090	20	33	of	of	ADP
fbem-31090	20	34	listed	list	VERB
fbem-31090	20	35	high	high	ADJ
fbem-31090	20	36	-	-	PUNCT
fbem-31090	20	37	tech	tech	NOUN
fbem-31090	20	38	enterprises	enterprise	NOUN
fbem-31090	20	39	on	on	ADP
fbem-31090	20	40	company	company	NOUN
fbem-31090	20	41	performance	performance	NOUN
fbem-31090	20	42	;	;	PUNCT
fbem-31090	20	43	h3	h3	NOUN
fbem-31090	20	44	:	:	PUNCT
fbem-31090	20	45	there	there	PRON
fbem-31090	20	46	is	be	VERB
fbem-31090	20	47	a	a	DET
fbem-31090	20	48	positive	positive	ADJ
fbem-31090	20	49	impact	impact	NOUN
fbem-31090	20	50	of	of	ADP
fbem-31090	20	51	company	company	NOUN
fbem-31090	20	52	size	size	NOUN
fbem-31090	20	53	on	on	ADP
fbem-31090	20	54	company	company	NOUN
fbem-31090	20	55	performance	performance	NOUN
fbem-31090	20	56	of	of	ADP
fbem-31090	20	57	listed	list	VERB
fbem-31090	20	58	high	high	ADJ
fbem-31090	20	59	-	-	PUNCT
fbem-31090	20	60	tech	tech	NOUN
fbem-31090	20	61	enterprises	enterprise	NOUN
fbem-31090	20	62	;	;	PUNCT
fbem-31090	20	63	h4	h4	NOUN
fbem-31090	20	64	:	:	PUNCT
fbem-31090	20	65	there	there	PRON
fbem-31090	20	66	is	be	VERB
fbem-31090	20	67	a	a	DET
fbem-31090	20	68	positive	positive	ADJ
fbem-31090	20	69	effect	effect	NOUN
fbem-31090	20	70	of	of	ADP
fbem-31090	20	71	total	total	ADJ
fbem-31090	20	72	asset	asset	NOUN
fbem-31090	20	73	turnover	turnover	NOUN
fbem-31090	20	74	ratio	ratio	NOUN
fbem-31090	20	75	of	of	ADP
fbem-31090	20	76	listed	list	VERB
fbem-31090	20	77	high	high	ADJ
fbem-31090	20	78	-	-	PUNCT
fbem-31090	20	79	tech	tech	NOUN
fbem-31090	20	80	enterprises	enterprise	NOUN
fbem-31090	20	81	on	on	ADP
fbem-31090	20	82	company	company	NOUN
fbem-31090	20	83	performance	performance	NOUN
fbem-31090	20	84	.	.	PUNCT
fbem-31090	21	1	3	3	X
fbem-31090	21	2	.	.	X
fbem-31090	21	3	data	datum	NOUN
fbem-31090	21	4	sources	source	NOUN
fbem-31090	21	5	and	and	CCONJ
fbem-31090	21	6	sample	sample	NOUN
fbem-31090	21	7	descriptions	description	NOUN
fbem-31090	21	8	3.1	3.1	NUM
fbem-31090	21	9	.	.	PUNCT
fbem-31090	22	1	data	datum	NOUN
fbem-31090	22	2	sources	source	NOUN
fbem-31090	22	3	all	all	DET
fbem-31090	22	4	the	the	DET
fbem-31090	22	5	data	datum	NOUN
fbem-31090	22	6	in	in	ADP
fbem-31090	22	7	this	this	DET
fbem-31090	22	8	study	study	NOUN
fbem-31090	22	9	come	come	VERB
fbem-31090	22	10	from	from	ADP
fbem-31090	22	11	the	the	DET
fbem-31090	22	12	database	database	NOUN
fbem-31090	22	13	of	of	ADP
fbem-31090	22	14	cathay	cathay	PROPN
fbem-31090	22	15	pacific	pacific	PROPN
fbem-31090	22	16	(	(	PUNCT
fbem-31090	22	17	csmar	csmar	PROPN
fbem-31090	22	18	)	)	PUNCT
fbem-31090	22	19	,	,	PUNCT
fbem-31090	22	20	including	include	VERB
fbem-31090	22	21	the	the	DET
fbem-31090	22	22	company	company	NOUN
fbem-31090	22	23	's	's	PART
fbem-31090	22	24	financial	financial	ADJ
fbem-31090	22	25	indicators	indicator	NOUN
fbem-31090	22	26	(	(	PUNCT
fbem-31090	22	27	return	return	VERB
fbem-31090	22	28	on	on	ADP
fbem-31090	22	29	net	net	ADJ
fbem-31090	22	30	assets	asset	NOUN
fbem-31090	22	31	,	,	PUNCT
fbem-31090	22	32	gearing	gear	VERB
fbem-31090	22	33	ratio	ratio	NOUN
fbem-31090	22	34	,	,	PUNCT
fbem-31090	22	35	etc	etc	X
fbem-31090	22	36	.	.	X
fbem-31090	22	37	)	)	PUNCT
fbem-31090	22	38	,	,	PUNCT
fbem-31090	22	39	r&d	r&d	NOUN
fbem-31090	22	40	investment	investment	NOUN
fbem-31090	22	41	data	datum	NOUN
fbem-31090	22	42	(	(	PUNCT
fbem-31090	22	43	r&d	r&d	NOUN
fbem-31090	22	44	expenditures	expenditure	NOUN
fbem-31090	22	45	/	/	SYM
fbem-31090	22	46	operating	operating	NOUN
fbem-31090	22	47	revenues	revenue	NOUN
fbem-31090	22	48	)	)	PUNCT
fbem-31090	22	49	,	,	PUNCT
fbem-31090	22	50	and	and	CCONJ
fbem-31090	22	51	information	information	NOUN
fbem-31090	22	52	on	on	ADP
fbem-31090	22	53	the	the	DET
fbem-31090	22	54	recognition	recognition	NOUN
fbem-31090	22	55	of	of	ADP
fbem-31090	22	56	high	high	ADJ
fbem-31090	22	57	and	and	CCONJ
fbem-31090	22	58	new	new	ADJ
fbem-31090	22	59	technology	technology	NOUN
fbem-31090	22	60	enterprises	enterprise	NOUN
fbem-31090	22	61	.	.	PUNCT
fbem-31090	23	1	to	to	PART
fbem-31090	23	2	ensure	ensure	VERB
fbem-31090	23	3	the	the	DET
fbem-31090	23	4	accuracy	accuracy	NOUN
fbem-31090	23	5	and	and	CCONJ
fbem-31090	23	6	consistency	consistency	NOUN
fbem-31090	23	7	of	of	ADP
fbem-31090	23	8	the	the	DET
fbem-31090	23	9	data	datum	NOUN
fbem-31090	23	10	,	,	PUNCT
fbem-31090	23	11	this	this	DET
fbem-31090	23	12	study	study	NOUN
fbem-31090	23	13	strictly	strictly	ADV
fbem-31090	23	14	screened	screen	VERB
fbem-31090	23	15	the	the	DET
fbem-31090	23	16	initial	initial	ADJ
fbem-31090	23	17	samples	sample	NOUN
fbem-31090	23	18	,	,	PUNCT
fbem-31090	23	19	eliminated	eliminate	VERB
fbem-31090	23	20	st	st	PROPN
fbem-31090	23	21	and	and	CCONJ
fbem-31090	23	22	*	*	PROPN
fbem-31090	23	23	st	st	PROPN
fbem-31090	23	24	companies	company	NOUN
fbem-31090	23	25	as	as	ADV
fbem-31090	23	26	well	well	ADV
fbem-31090	23	27	as	as	ADP
fbem-31090	23	28	observations	observation	NOUN
fbem-31090	23	29	with	with	ADP
fbem-31090	23	30	missing	miss	VERB
fbem-31090	23	31	key	key	ADJ
fbem-31090	23	32	variables	variable	NOUN
fbem-31090	23	33	,	,	PUNCT
fbem-31090	23	34	and	and	CCONJ
fbem-31090	23	35	finally	finally	ADV
fbem-31090	23	36	obtained	obtain	VERB
fbem-31090	23	37	the	the	DET
fbem-31090	23	38	unbalanced	unbalanced	ADJ
fbem-31090	23	39	panel	panel	NOUN
fbem-31090	23	40	data	datum	NOUN
fbem-31090	23	41	of	of	ADP
fbem-31090	23	42	9,754	9,754	NUM
fbem-31090	23	43	high	high	ADJ
fbem-31090	23	44	-	-	PUNCT
fbem-31090	23	45	tech	tech	NOUN
fbem-31090	23	46	enterprise	enterprise	NOUN
fbem-31090	23	47	listed	list	VERB
fbem-31090	23	48	companies	company	NOUN
fbem-31090	23	49	from	from	ADP
fbem-31090	23	50	2014	2014	NUM
fbem-31090	23	51	to	to	ADP
fbem-31090	23	52	2024	2024	NUM
fbem-31090	23	53	.	.	PUNCT
fbem-31090	24	1	in	in	ADP
fbem-31090	24	2	the	the	DET
fbem-31090	24	3	data	data	NOUN
fbem-31090	24	4	processing	processing	NOUN
fbem-31090	24	5	stage	stage	NOUN
fbem-31090	24	6	,	,	PUNCT
fbem-31090	24	7	in	in	ADP
fbem-31090	24	8	order	order	NOUN
fbem-31090	24	9	to	to	PART
fbem-31090	24	10	reduce	reduce	VERB
fbem-31090	24	11	the	the	DET
fbem-31090	24	12	interference	interference	NOUN
fbem-31090	24	13	of	of	ADP
fbem-31090	24	14	extreme	extreme	ADJ
fbem-31090	24	15	values	value	NOUN
fbem-31090	24	16	on	on	ADP
fbem-31090	24	17	the	the	DET
fbem-31090	24	18	regression	regression	NOUN
fbem-31090	24	19	results	result	NOUN
fbem-31090	24	20	,	,	PUNCT
fbem-31090	24	21	this	this	DET
fbem-31090	24	22	study	study	NOUN
fbem-31090	24	23	applies	apply	VERB
fbem-31090	24	24	1	1	NUM
fbem-31090	24	25	%	%	NOUN
fbem-31090	24	26	winsorize	winsorize	VERB
fbem-31090	24	27	treatment	treatment	NOUN
fbem-31090	24	28	to	to	ADP
fbem-31090	24	29	both	both	DET
fbem-31090	24	30	ends	end	NOUN
fbem-31090	24	31	of	of	ADP
fbem-31090	24	32	the	the	DET
fbem-31090	24	33	continuous	continuous	ADJ
fbem-31090	24	34	variables	variable	NOUN
fbem-31090	24	35	,	,	PUNCT
fbem-31090	24	36	i.e.	i.e.	X
fbem-31090	24	37	,	,	PUNCT
fbem-31090	24	38	the	the	DET
fbem-31090	24	39	data	datum	NOUN
fbem-31090	24	40	below	below	ADP
fbem-31090	24	41	the	the	DET
fbem-31090	24	42	1	1	NUM
fbem-31090	24	43	%	%	NOUN
fbem-31090	24	44	quartile	quartile	NOUN
fbem-31090	24	45	and	and	CCONJ
fbem-31090	24	46	above	above	ADP
fbem-31090	24	47	the	the	DET
fbem-31090	24	48	99	99	NUM
fbem-31090	24	49	%	%	NOUN
fbem-31090	24	50	quartile	quartile	NOUN
fbem-31090	24	51	are	be	AUX
fbem-31090	24	52	adjusted	adjust	VERB
fbem-31090	24	53	.	.	PUNCT
fbem-31090	25	1	in	in	ADP
fbem-31090	25	2	addition	addition	NOUN
fbem-31090	25	3	,	,	PUNCT
fbem-31090	25	4	considering	consider	VERB
fbem-31090	25	5	the	the	DET
fbem-31090	25	6	possible	possible	ADJ
fbem-31090	25	7	company	company	NOUN
fbem-31090	25	8	-	-	PUNCT
fbem-31090	25	9	level	level	NOUN
fbem-31090	25	10	aggregation	aggregation	NOUN
fbem-31090	25	11	effect	effect	NOUN
fbem-31090	25	12	of	of	ADP
fbem-31090	25	13	the	the	DET
fbem-31090	25	14	sample	sample	NOUN
fbem-31090	25	15	data	datum	NOUN
fbem-31090	25	16	,	,	PUNCT
fbem-31090	25	17	this	this	DET
fbem-31090	25	18	study	study	NOUN
fbem-31090	25	19	adjusts	adjust	VERB
fbem-31090	25	20	the	the	DET
fbem-31090	25	21	standard	standard	ADJ
fbem-31090	25	22	errors	error	NOUN
fbem-31090	25	23	of	of	ADP
fbem-31090	25	24	the	the	DET
fbem-31090	25	25	regression	regression	NOUN
fbem-31090	25	26	coefficients	coefficient	NOUN
fbem-31090	25	27	by	by	ADP
fbem-31090	25	28	clustering	cluster	VERB
fbem-31090	25	29	at	at	ADP
fbem-31090	25	30	the	the	DET
fbem-31090	25	31	company	company	NOUN
fbem-31090	25	32	level	level	NOUN
fbem-31090	25	33	in	in	ADP
fbem-31090	25	34	order	order	NOUN
fbem-31090	25	35	to	to	PART
fbem-31090	25	36	improve	improve	VERB
fbem-31090	25	37	the	the	DET
fbem-31090	25	38	reliability	reliability	NOUN
fbem-31090	25	39	of	of	ADP
fbem-31090	25	40	statistical	statistical	ADJ
fbem-31090	25	41	inference	inference	NOUN
fbem-31090	25	42	.	.	PUNCT
fbem-31090	26	1	all	all	DET
fbem-31090	26	2	data	datum	NOUN
fbem-31090	26	3	processing	processing	NOUN
fbem-31090	26	4	and	and	CCONJ
fbem-31090	26	5	empirical	empirical	ADJ
fbem-31090	26	6	analyses	analysis	NOUN
fbem-31090	26	7	were	be	AUX
fbem-31090	26	8	done	do	VERB
fbem-31090	26	9	through	through	ADP
fbem-31090	26	10	stata	stata	VERB
fbem-31090	26	11	13.0	13.0	NUM
fbem-31090	26	12	software	software	NOUN
fbem-31090	26	13	.	.	PUNCT
fbem-31090	27	1	3.2	3.2	NUM
fbem-31090	27	2	.	.	PUNCT
fbem-31090	28	1	sample	sample	NOUN
fbem-31090	28	2	description	description	NOUN
fbem-31090	28	3	this	this	DET
fbem-31090	28	4	study	study	NOUN
fbem-31090	28	5	takes	take	VERB
fbem-31090	28	6	chinese	chinese	ADJ
fbem-31090	28	7	a	a	DET
fbem-31090	28	8	-	-	PUNCT
fbem-31090	28	9	share	share	NOUN
fbem-31090	28	10	high	high	ADJ
fbem-31090	28	11	-	-	PUNCT
fbem-31090	28	12	tech	tech	NOUN
fbem-31090	28	13	enterprises	enterprise	NOUN
fbem-31090	28	14	listed	list	VERB
fbem-31090	28	15	companies	company	NOUN
fbem-31090	28	16	from	from	ADP
fbem-31090	28	17	2014	2014	NUM
fbem-31090	28	18	-	-	SYM
fbem-31090	28	19	2024	2024	NUM
fbem-31090	28	20	as	as	ADP
fbem-31090	28	21	the	the	DET
fbem-31090	28	22	research	research	NOUN
fbem-31090	28	23	object	object	NOUN
fbem-31090	28	24	,	,	PUNCT
fbem-31090	28	25	and	and	CCONJ
fbem-31090	28	26	constructs	construct	VERB
fbem-31090	28	27	the	the	DET
fbem-31090	28	28	research	research	NOUN
fbem-31090	28	29	sample	sample	NOUN
fbem-31090	28	30	through	through	ADP
fbem-31090	28	31	systematic	systematic	ADJ
fbem-31090	28	32	screening	screening	NOUN
fbem-31090	28	33	.	.	PUNCT
fbem-31090	29	1	first	first	ADV
fbem-31090	29	2	,	,	PUNCT
fbem-31090	29	3	the	the	DET
fbem-31090	29	4	initial	initial	ADJ
fbem-31090	29	5	sample	sample	NOUN
fbem-31090	29	6	scope	scope	NOUN
fbem-31090	29	7	is	be	AUX
fbem-31090	29	8	determined	determine	VERB
fbem-31090	29	9	based	base	VERB
fbem-31090	29	10	on	on	ADP
fbem-31090	29	11	the	the	DET
fbem-31090	29	12	hightech	hightech	ADJ
fbem-31090	29	13	enterprise	enterprise	NOUN
fbem-31090	29	14	identification	identification	NOUN
fbem-31090	29	15	information	information	NOUN
fbem-31090	29	16	from	from	ADP
fbem-31090	29	17	the	the	DET
fbem-31090	29	18	guotaian	guotaian	ADJ
fbem-31090	29	19	database	database	NOUN
fbem-31090	29	20	;	;	PUNCT
fbem-31090	29	21	second	second	X
fbem-31090	29	22	,	,	PUNCT
fbem-31090	29	23	the	the	DET
fbem-31090	29	24	sample	sample	NOUN
fbem-31090	29	25	is	be	AUX
fbem-31090	29	26	strictly	strictly	ADV
fbem-31090	29	27	screened	screen	VERB
fbem-31090	29	28	according	accord	VERB
fbem-31090	29	29	to	to	ADP
fbem-31090	29	30	the	the	DET
fbem-31090	29	31	empirical	empirical	ADJ
fbem-31090	29	32	research	research	NOUN
fbem-31090	29	33	specification	specification	NOUN
fbem-31090	29	34	:	:	PUNCT
fbem-31090	29	35	listed	list	VERB
fbem-31090	29	36	companies	company	NOUN
fbem-31090	29	37	with	with	ADP
fbem-31090	29	38	special	special	ADJ
fbem-31090	29	39	trading	trading	NOUN
fbem-31090	29	40	status	status	NOUN
fbem-31090	29	41	such	such	ADJ
fbem-31090	29	42	as	as	ADP
fbem-31090	29	43	st	st	PROPN
fbem-31090	29	44	,	,	PUNCT
fbem-31090	29	45	*	*	PROPN
fbem-31090	29	46	st	st	PROPN
fbem-31090	29	47	,	,	PUNCT
fbem-31090	29	48	etc	etc	X
fbem-31090	29	49	.	.	X
fbem-31090	29	50	are	be	AUX
fbem-31090	29	51	excluded	exclude	VERB
fbem-31090	29	52	,	,	PUNCT
fbem-31090	29	53	which	which	PRON
fbem-31090	29	54	usually	usually	ADV
fbem-31090	29	55	have	have	VERB
fbem-31090	29	56	greater	great	ADJ
fbem-31090	29	57	operational	operational	ADJ
fbem-31090	29	58	risks	risk	NOUN
fbem-31090	29	59	and	and	CCONJ
fbem-31090	29	60	financial	financial	ADJ
fbem-31090	29	61	anomalies	anomaly	NOUN
fbem-31090	29	62	;	;	PUNCT
fbem-31090	29	63	samples	sample	NOUN
fbem-31090	29	64	with	with	ADP
fbem-31090	29	65	missing	miss	VERB
fbem-31090	29	66	key	key	ADJ
fbem-31090	29	67	variables	variable	NOUN
fbem-31090	29	68	are	be	AUX
fbem-31090	29	69	excluded	exclude	VERB
fbem-31090	29	70	to	to	PART
fbem-31090	29	71	ensure	ensure	VERB
fbem-31090	29	72	data	datum	NOUN
fbem-31090	29	73	completeness	completeness	NOUN
fbem-31090	29	74	;	;	PUNCT
fbem-31090	29	75	and	and	CCONJ
fbem-31090	29	76	1	1	NUM
fbem-31090	29	77	%	%	NOUN
fbem-31090	29	78	winsorize	winsorize	VERB
fbem-31090	29	79	treatment	treatment	NOUN
fbem-31090	29	80	is	be	AUX
fbem-31090	29	81	applied	apply	VERB
fbem-31090	29	82	to	to	ADP
fbem-31090	29	83	both	both	DET
fbem-31090	29	84	ends	end	NOUN
fbem-31090	29	85	of	of	ADP
fbem-31090	29	86	continuous	continuous	ADJ
fbem-31090	29	87	variables	variable	NOUN
fbem-31090	29	88	to	to	PART
fbem-31090	29	89	control	control	VERB
fbem-31090	29	90	the	the	DET
fbem-31090	29	91	impact	impact	NOUN
fbem-31090	29	92	of	of	ADP
fbem-31090	29	93	extreme	extreme	ADJ
fbem-31090	29	94	values	value	NOUN
fbem-31090	29	95	.	.	PUNCT
fbem-31090	30	1	after	after	ADP
fbem-31090	30	2	the	the	DET
fbem-31090	30	3	above	above	ADJ
fbem-31090	30	4	screening	screening	NOUN
fbem-31090	30	5	procedure	procedure	NOUN
fbem-31090	30	6	,	,	PUNCT
fbem-31090	30	7	unbalanced	unbalanced	ADJ
fbem-31090	30	8	panel	panel	NOUN
fbem-31090	30	9	data	datum	NOUN
fbem-31090	30	10	containing	contain	VERB
fbem-31090	30	11	annual	annual	ADJ
fbem-31090	30	12	observations	observation	NOUN
fbem-31090	30	13	of	of	ADP
fbem-31090	30	14	9,754	9,754	NUM
fbem-31090	30	15	high	high	ADJ
fbem-31090	30	16	-	-	PUNCT
fbem-31090	30	17	tech	tech	NOUN
fbem-31090	30	18	enterprises	enterprise	NOUN
fbem-31090	30	19	are	be	AUX
fbem-31090	30	20	finally	finally	ADV
fbem-31090	30	21	obtained	obtain	VERB
fbem-31090	30	22	.	.	PUNCT
fbem-31090	31	1	the	the	DET
fbem-31090	31	2	sample	sample	NOUN
fbem-31090	31	3	covers	cover	VERB
fbem-31090	31	4	many	many	ADJ
fbem-31090	31	5	high	high	ADJ
fbem-31090	31	6	-	-	PUNCT
fbem-31090	31	7	tech	tech	NOUN
fbem-31090	31	8	fields	field	NOUN
fbem-31090	31	9	such	such	ADJ
fbem-31090	31	10	as	as	ADP
fbem-31090	31	11	electronic	electronic	ADJ
fbem-31090	31	12	information	information	NOUN
fbem-31090	31	13	technology	technology	NOUN
fbem-31090	31	14	,	,	PUNCT
fbem-31090	31	15	biomedicine	biomedicine	NOUN
fbem-31090	31	16	,	,	PUNCT
fbem-31090	31	17	new	new	ADJ
fbem-31090	31	18	materials	material	NOUN
fbem-31090	31	19	,	,	PUNCT
fbem-31090	31	20	etc	etc	X
fbem-31090	31	21	.	.	X
fbem-31090	31	22	,	,	PUNCT
fbem-31090	31	23	and	and	CCONJ
fbem-31090	31	24	the	the	DET
fbem-31090	31	25	time	time	NOUN
fbem-31090	31	26	span	span	NOUN
fbem-31090	31	27	reaches	reach	VERB
fbem-31090	31	28	ten	ten	NUM
fbem-31090	31	29	years	year	NOUN
fbem-31090	31	30	,	,	PUNCT
fbem-31090	31	31	which	which	PRON
fbem-31090	31	32	includes	include	VERB
fbem-31090	31	33	the	the	DET
fbem-31090	31	34	complete	complete	ADJ
fbem-31090	31	35	data	datum	NOUN
fbem-31090	31	36	during	during	ADP
fbem-31090	31	37	the	the	DET
fbem-31090	31	38	13th	13th	ADJ
fbem-31090	31	39	five	five	NUM
fbem-31090	31	40	-	-	PUNCT
fbem-31090	31	41	year	year	NOUN
fbem-31090	31	42	plan	plan	NOUN
fbem-31090	31	43	period	period	NOUN
fbem-31090	31	44	as	as	ADV
fbem-31090	31	45	well	well	ADV
fbem-31090	31	46	as	as	ADP
fbem-31090	31	47	the	the	DET
fbem-31090	31	48	effect	effect	NOUN
fbem-31090	31	49	of	of	ADP
fbem-31090	31	50	policy	policy	NOUN
fbem-31090	31	51	implementation	implementation	NOUN
fbem-31090	31	52	in	in	ADP
fbem-31090	31	53	the	the	DET
fbem-31090	31	54	early	early	ADJ
fbem-31090	31	55	stage	stage	NOUN
fbem-31090	31	56	of	of	ADP
fbem-31090	31	57	the	the	DET
fbem-31090	31	58	14th	14th	ADJ
fbem-31090	31	59	five	five	NUM
fbem-31090	31	60	-	-	PUNCT
fbem-31090	31	61	year	year	NOUN
fbem-31090	31	62	plan	plan	NOUN
fbem-31090	31	63	,	,	PUNCT
fbem-31090	31	64	and	and	CCONJ
fbem-31090	31	65	is	be	AUX
fbem-31090	31	66	able	able	ADJ
fbem-31090	31	67	to	to	PART
fbem-31090	31	68	comprehensively	comprehensively	ADV
fbem-31090	31	69	examine	examine	VERB
fbem-31090	31	70	the	the	DET
fbem-31090	31	71	effect	effect	NOUN
fbem-31090	31	72	of	of	ADP
fbem-31090	31	73	r&d	r&d	NOUN
fbem-31090	31	74	investment	investment	NOUN
fbem-31090	31	75	and	and	CCONJ
fbem-31090	31	76	its	its	PRON
fbem-31090	31	77	dynamic	dynamic	ADJ
fbem-31090	31	78	change	change	NOUN
fbem-31090	31	79	characteristics	characteristic	NOUN
fbem-31090	31	80	.	.	PUNCT
fbem-31090	32	1	it	it	PRON
fbem-31090	32	2	can	can	AUX
fbem-31090	32	3	comprehensively	comprehensively	ADV
fbem-31090	32	4	examine	examine	VERB
fbem-31090	32	5	the	the	DET
fbem-31090	32	6	impact	impact	NOUN
fbem-31090	32	7	of	of	ADP
fbem-31090	32	8	r&d	r&d	NOUN
fbem-31090	32	9	investment	investment	NOUN
fbem-31090	32	10	and	and	CCONJ
fbem-31090	32	11	its	its	PRON
fbem-31090	32	12	dynamic	dynamic	ADJ
fbem-31090	32	13	change	change	NOUN
fbem-31090	32	14	characteristics	characteristic	NOUN
fbem-31090	32	15	.	.	PUNCT
fbem-31090	33	1	in	in	ADP
fbem-31090	33	2	the	the	DET
fbem-31090	33	3	sample	sample	NOUN
fbem-31090	33	4	,	,	PUNCT
fbem-31090	33	5	large	large	ADJ
fbem-31090	33	6	-	-	PUNCT
fbem-31090	33	7	sized	sized	ADJ
fbem-31090	33	8	enterprises	enterprise	NOUN
fbem-31090	33	9	(	(	PUNCT
fbem-31090	33	10	total	total	ADJ
fbem-31090	33	11	assets	asset	NOUN
fbem-31090	33	12	≥10	≥10	PROPN
fbem-31090	33	13	billion	billion	NUM
fbem-31090	33	14	yuan	yuan	NOUN
fbem-31090	33	15	)	)	PUNCT
fbem-31090	33	16	accounted	account	VERB
fbem-31090	33	17	for	for	ADP
fbem-31090	33	18	28.3	28.3	NUM
fbem-31090	33	19	%	%	NOUN
fbem-31090	33	20	,	,	PUNCT
fbem-31090	33	21	medium	medium	ADJ
fbem-31090	33	22	-	-	PUNCT
fbem-31090	33	23	sized	sized	ADJ
fbem-31090	33	24	enterprises	enterprise	NOUN
fbem-31090	33	25	(	(	PUNCT
fbem-31090	33	26	total	total	ADJ
fbem-31090	33	27	assets	asset	NOUN
fbem-31090	33	28	1	1	NUM
fbem-31090	33	29	billion	billion	NUM
fbem-31090	33	30	yuan	yuan	NOUN
fbem-31090	33	31	≤	≤	X
fbem-31090	33	32	<	<	X
fbem-31090	33	33	10	10	NUM
fbem-31090	33	34	billion	billion	NUM
fbem-31090	33	35	yuan	yuan	NOUN
fbem-31090	33	36	)	)	PUNCT
fbem-31090	33	37	accounted	account	VERB
fbem-31090	33	38	for	for	ADP
fbem-31090	33	39	45.6	45.6	NUM
fbem-31090	33	40	%	%	NOUN
fbem-31090	33	41	,	,	PUNCT
fbem-31090	33	42	and	and	CCONJ
fbem-31090	33	43	small	small	ADJ
fbem-31090	33	44	-	-	PUNCT
fbem-31090	33	45	sized	sized	ADJ
fbem-31090	33	46	enterprises	enterprise	NOUN
fbem-31090	33	47	(	(	PUNCT
fbem-31090	33	48	total	total	ADJ
fbem-31090	33	49	assets	asset	NOUN
fbem-31090	33	50	<	<	X
fbem-31090	33	51	1	1	NUM
fbem-31090	33	52	billion	billion	NUM
fbem-31090	33	53	yuan	yuan	NOUN
fbem-31090	33	54	)	)	PUNCT
fbem-31090	33	55	accounted	account	VERB
fbem-31090	33	56	for	for	ADP
fbem-31090	33	57	26.1	26.1	NUM
fbem-31090	33	58	%	%	NOUN
fbem-31090	33	59	,	,	PUNCT
fbem-31090	33	60	which	which	PRON
fbem-31090	33	61	is	be	AUX
fbem-31090	33	62	representative	representative	NOUN
fbem-31090	33	63	of	of	ADP
fbem-31090	33	64	the	the	DET
fbem-31090	33	65	scale	scale	NOUN
fbem-31090	33	66	,	,	PUNCT
fbem-31090	33	67	and	and	CCONJ
fbem-31090	33	68	lays	lay	VERB
fbem-31090	33	69	a	a	DET
fbem-31090	33	70	good	good	ADJ
fbem-31090	33	71	foundation	foundation	NOUN
fbem-31090	33	72	for	for	ADP
fbem-31090	33	73	the	the	DET
fbem-31090	33	74	subsequent	subsequent	ADJ
fbem-31090	33	75	analysis	analysis	NOUN
fbem-31090	33	76	.	.	PUNCT
fbem-31090	34	1	4	4	X
fbem-31090	34	2	.	.	X
fbem-31090	34	3	definition	definition	NOUN
fbem-31090	34	4	of	of	ADP
fbem-31090	34	5	variables	variable	NOUN
fbem-31090	34	6	and	and	CCONJ
fbem-31090	34	7	explanation	explanation	NOUN
fbem-31090	34	8	of	of	ADP
fbem-31090	34	9	calculations	calculation	NOUN
fbem-31090	34	10	4.1	4.1	NUM
fbem-31090	34	11	.	.	PUNCT
fbem-31090	35	1	r&d	r&d	NOUN
fbem-31090	35	2	investment	investment	NOUN
fbem-31090	35	3	r&d	r&d	NOUN
fbem-31090	35	4	investment	investment	NOUN
fbem-31090	35	5	in	in	ADP
fbem-31090	35	6	high	high	ADJ
fbem-31090	35	7	-	-	PUNCT
fbem-31090	35	8	tech	tech	NOUN
fbem-31090	35	9	enterprises	enterprise	NOUN
fbem-31090	35	10	is	be	AUX
fbem-31090	35	11	the	the	DET
fbem-31090	35	12	all	all	ADV
fbem-31090	35	13	-	-	PUNCT
fbem-31090	35	14	round	round	NOUN
fbem-31090	35	15	resource	resource	NOUN
fbem-31090	35	16	investment	investment	NOUN
fbem-31090	35	17	made	make	VERB
fbem-31090	35	18	by	by	ADP
fbem-31090	35	19	enterprises	enterprise	NOUN
fbem-31090	35	20	to	to	PART
fbem-31090	35	21	break	break	VERB
fbem-31090	35	22	through	through	ADP
fbem-31090	35	23	technological	technological	ADJ
fbem-31090	35	24	bottlenecks	bottleneck	NOUN
fbem-31090	35	25	,	,	PUNCT
fbem-31090	35	26	develop	develop	VERB
fbem-31090	35	27	innovative	innovative	ADJ
fbem-31090	35	28	products	product	NOUN
fbem-31090	35	29	and	and	CCONJ
fbem-31090	35	30	enhance	enhance	VERB
fbem-31090	35	31	core	core	NOUN
fbem-31090	35	32	competitive	competitive	ADJ
fbem-31090	35	33	advantages	advantage	NOUN
fbem-31090	35	34	,	,	PUNCT
fbem-31090	35	35	and	and	CCONJ
fbem-31090	35	36	its	its	PRON
fbem-31090	35	37	components	component	NOUN
fbem-31090	35	38	have	have	VERB
fbem-31090	35	39	significant	significant	ADJ
fbem-31090	35	40	industry	industry	NOUN
fbem-31090	35	41	-	-	PUNCT
fbem-31090	35	42	specific	specific	ADJ
fbem-31090	35	43	characteristics	characteristic	NOUN
fbem-31090	35	44	.	.	PUNCT
fbem-31090	36	1	from	from	ADP
fbem-31090	36	2	the	the	DET
fbem-31090	36	3	perspective	perspective	NOUN
fbem-31090	36	4	of	of	ADP
fbem-31090	36	5	human	human	ADJ
fbem-31090	36	6	resources	resource	NOUN
fbem-31090	36	7	,	,	PUNCT
fbem-31090	36	8	high	high	ADJ
fbem-31090	36	9	-	-	PUNCT
fbem-31090	36	10	tech	tech	NOUN
fbem-31090	36	11	enterprises	enterprise	NOUN
fbem-31090	36	12	usually	usually	ADV
fbem-31090	36	13	set	set	VERB
fbem-31090	36	14	up	up	ADP
fbem-31090	36	15	r&d	r&d	NOUN
fbem-31090	36	16	teams	team	NOUN
fbem-31090	36	17	consisting	consist	VERB
fbem-31090	36	18	of	of	ADP
fbem-31090	36	19	doctoral	doctoral	ADJ
fbem-31090	36	20	and	and	CCONJ
fbem-31090	36	21	master	master	NOUN
fbem-31090	36	22	's	's	PART
fbem-31090	36	23	degree	degree	NOUN
fbem-31090	36	24	holders	holder	NOUN
fbem-31090	36	25	with	with	ADP
fbem-31090	36	26	high	high	ADJ
fbem-31090	36	27	academic	academic	ADJ
fbem-31090	36	28	qualifications	qualification	NOUN
fbem-31090	36	29	,	,	PUNCT
fbem-31090	36	30	for	for	ADP
fbem-31090	36	31	example	example	NOUN
fbem-31090	36	32	,	,	PUNCT
fbem-31090	36	33	38	38	NUM
fbem-31090	36	34	%	%	NOUN
fbem-31090	36	35	of	of	ADP
fbem-31090	36	36	the	the	DET
fbem-31090	36	37	r&d	r&d	NOUN
fbem-31090	36	38	personnel	personnel	NOUN
fbem-31090	36	39	of	of	ADP
fbem-31090	36	40	a	a	DET
fbem-31090	36	41	biopharmaceutical	biopharmaceutical	ADJ
fbem-31090	36	42	enterprise	enterprise	NOUN
fbem-31090	36	43	listed	list	VERB
fbem-31090	36	44	on	on	ADP
fbem-31090	36	45	the	the	DET
fbem-31090	36	46	science	science	NOUN
fbem-31090	36	47	and	and	CCONJ
fbem-31090	36	48	technology	technology	NOUN
fbem-31090	36	49	innovation	innovation	NOUN
fbem-31090	36	50	board	board	NOUN
fbem-31090	36	51	are	be	AUX
fbem-31090	36	52	doctors	doctor	NOUN
fbem-31090	36	53	,	,	PUNCT
fbem-31090	36	54	and	and	CCONJ
fbem-31090	36	55	the	the	DET
fbem-31090	36	56	core	core	ADJ
fbem-31090	36	57	team	team	NOUN
fbem-31090	36	58	members	member	NOUN
fbem-31090	36	59	hold	hold	VERB
fbem-31090	36	60	an	an	DET
fbem-31090	36	61	average	average	NOUN
fbem-31090	36	62	of	of	ADP
fbem-31090	36	63	4.2	4.2	NUM
fbem-31090	36	64	patents	patent	NOUN
fbem-31090	36	65	for	for	ADP
fbem-31090	36	66	invention	invention	NOUN
fbem-31090	36	67	;	;	PUNCT
fbem-31090	36	68	in	in	ADP
fbem-31090	36	69	terms	term	NOUN
fbem-31090	36	70	of	of	ADP
fbem-31090	36	71	investment	investment	NOUN
fbem-31090	36	72	in	in	ADP
fbem-31090	36	73	equipments	equipment	NOUN
fbem-31090	36	74	,	,	PUNCT
fbem-31090	36	75	it	it	PRON
fbem-31090	36	76	is	be	AUX
fbem-31090	36	77	necessary	necessary	ADJ
fbem-31090	36	78	to	to	ADP
fbem-31090	36	79	configure	configure	NOUN
fbem-31090	36	80	cutting	cutting	NOUN
fbem-31090	36	81	-	-	PUNCT
fbem-31090	36	82	edge	edge	NOUN
fbem-31090	36	83	scientific	scientific	ADJ
fbem-31090	36	84	research	research	NOUN
fbem-31090	36	85	facilities	facility	NOUN
fbem-31090	36	86	,	,	PUNCT
fbem-31090	36	87	such	such	ADJ
fbem-31090	36	88	as	as	ADP
fbem-31090	36	89	gene	gene	NOUN
fbem-31090	36	90	sequencers	sequencer	NOUN
fbem-31090	36	91	and	and	CCONJ
fbem-31090	36	92	supercomputing	supercomputing	NOUN
fbem-31090	36	93	centers	center	NOUN
fbem-31090	36	94	,	,	PUNCT
fbem-31090	36	95	and	and	CCONJ
fbem-31090	36	96	the	the	DET
fbem-31090	36	97	investment	investment	NOUN
fbem-31090	36	98	in	in	ADP
fbem-31090	36	99	core	core	ADJ
fbem-31090	36	100	equipments	equipment	NOUN
fbem-31090	36	101	of	of	ADP
fbem-31090	36	102	a	a	DET
fbem-31090	36	103	semiconductor	semiconductor	NOUN
fbem-31090	36	104	enterprise	enterprise	NOUN
fbem-31090	36	105	accounts	account	NOUN
fbem-31090	36	106	for	for	ADP
fbem-31090	36	107	its	its	PRON
fbem-31090	36	108	total	total	ADJ
fbem-31090	36	109	r&d	r&d	NOUN
fbem-31090	36	110	investment	investment	NOUN
fbem-31090	36	111	in	in	ADP
fbem-31090	36	112	lithography	lithography	NOUN
fbem-31090	36	113	machines	machine	NOUN
fbem-31090	36	114	alone	alone	ADV
fbem-31090	36	115	.	.	PUNCT
fbem-31090	37	1	the	the	DET
fbem-31090	37	2	investment	investment	NOUN
fbem-31090	37	3	in	in	ADP
fbem-31090	37	4	equipment	equipment	NOUN
fbem-31090	37	5	accounts	account	NOUN
fbem-31090	37	6	for	for	ADP
fbem-31090	37	7	62	62	NUM
fbem-31090	37	8	%	%	NOUN
fbem-31090	37	9	of	of	ADP
fbem-31090	37	10	its	its	PRON
fbem-31090	37	11	total	total	ADJ
fbem-31090	37	12	r&d	r&d	NOUN
fbem-31090	37	13	expenditure	expenditure	NOUN
fbem-31090	37	14	.	.	PUNCT
fbem-31090	38	1	the	the	DET
fbem-31090	38	2	capital	capital	NOUN
fbem-31090	38	3	investment	investment	NOUN
fbem-31090	38	4	shows	show	VERB
fbem-31090	38	5	the	the	DET
fbem-31090	38	6	characteristics	characteristic	NOUN
fbem-31090	38	7	of	of	ADP
fbem-31090	38	8	continuity	continuity	NOUN
fbem-31090	38	9	and	and	CCONJ
fbem-31090	38	10	scale	scale	NOUN
fbem-31090	38	11	.	.	PUNCT
fbem-31090	39	1	take	take	VERB
fbem-31090	39	2	a	a	DET
fbem-31090	39	3	well	well	ADV
fbem-31090	39	4	-	-	PUNCT
fbem-31090	39	5	known	know	VERB
fbem-31090	39	6	ai	ai	NOUN
fbem-31090	39	7	enterprise	enterprise	NOUN
fbem-31090	39	8	as	as	ADP
fbem-31090	39	9	an	an	DET
fbem-31090	39	10	example	example	NOUN
fbem-31090	39	11	,	,	PUNCT
fbem-31090	39	12	its	its	PRON
fbem-31090	39	13	r&d	r&d	NOUN
fbem-31090	39	14	investment	investment	NOUN
fbem-31090	39	15	in	in	ADP
fbem-31090	39	16	five	five	NUM
fbem-31090	39	17	consecutive	consecutive	ADJ
fbem-31090	39	18	years	year	NOUN
fbem-31090	39	19	has	have	AUX
fbem-31090	39	20	maintained	maintain	VERB
fbem-31090	39	21	the	the	DET
fbem-31090	39	22	proportion	proportion	NOUN
fbem-31090	39	23	of	of	ADP
fbem-31090	39	24	revenue	revenue	NOUN
fbem-31090	39	25	at	at	ADP
fbem-31090	39	26	more	more	ADJ
fbem-31090	39	27	than	than	ADP
fbem-31090	39	28	15	15	NUM
fbem-31090	39	29	%	%	NOUN
fbem-31090	39	30	,	,	PUNCT
fbem-31090	39	31	with	with	ADP
fbem-31090	39	32	a	a	DET
fbem-31090	39	33	cumulative	cumulative	ADJ
fbem-31090	39	34	investment	investment	NOUN
fbem-31090	39	35	of	of	ADP
fbem-31090	39	36	more	more	ADJ
fbem-31090	39	37	than	than	ADP
fbem-31090	39	38	8	8	NUM
fbem-31090	39	39	billion	billion	NUM
fbem-31090	39	40	yuan	yuan	NOUN
fbem-31090	39	41	.	.	PUNCT
fbem-31090	40	1	the	the	DET
fbem-31090	40	2	r&d	r&d	NOUN
fbem-31090	40	3	activities	activity	NOUN
fbem-31090	40	4	of	of	ADP
fbem-31090	40	5	high	high	ADJ
fbem-31090	40	6	-	-	PUNCT
fbem-31090	40	7	tech	tech	NOUN
fbem-31090	40	8	enterprises	enterprise	NOUN
fbem-31090	40	9	have	have	VERB
fbem-31090	40	10	obvious	obvious	ADJ
fbem-31090	40	11	long	long	ADJ
fbem-31090	40	12	-	-	PUNCT
fbem-31090	40	13	cycle	cycle	NOUN
fbem-31090	40	14	characteristics	characteristic	NOUN
fbem-31090	40	15	,	,	PUNCT
fbem-31090	40	16	and	and	CCONJ
fbem-31090	40	17	it	it	PRON
fbem-31090	40	18	often	often	ADV
fbem-31090	40	19	takes	take	VERB
fbem-31090	40	20	3	3	NUM
fbem-31090	40	21	-	-	SYM
fbem-31090	40	22	7	7	NUM
fbem-31090	40	23	years	year	NOUN
fbem-31090	40	24	from	from	ADP
fbem-31090	40	25	basic	basic	ADJ
fbem-31090	40	26	research	research	NOUN
fbem-31090	40	27	to	to	ADP
fbem-31090	40	28	commercialized	commercialize	VERB
fbem-31090	40	29	application	application	NOUN
fbem-31090	40	30	,	,	PUNCT
fbem-31090	40	31	during	during	ADP
fbem-31090	40	32	which	which	PRON
fbem-31090	40	33	continuous	continuous	ADJ
fbem-31090	40	34	and	and	CCONJ
fbem-31090	40	35	stable	stable	ADJ
fbem-31090	40	36	financial	financial	ADJ
fbem-31090	40	37	support	support	NOUN
fbem-31090	40	38	is	be	AUX
fbem-31090	40	39	required	require	VERB
fbem-31090	40	40	.	.	PUNCT
fbem-31090	41	1	the	the	DET
fbem-31090	41	2	r&d	r&d	NOUN
fbem-31090	41	3	decisions	decision	NOUN
fbem-31090	41	4	of	of	ADP
fbem-31090	41	5	such	such	ADJ
fbem-31090	41	6	enterprises	enterprise	NOUN
fbem-31090	41	7	must	must	AUX
fbem-31090	41	8	comprehensively	comprehensively	ADV
fbem-31090	41	9	consider	consider	VERB
fbem-31090	41	10	multiple	multiple	ADJ
fbem-31090	41	11	factors	factor	NOUN
fbem-31090	41	12	such	such	ADJ
fbem-31090	41	13	as	as	ADP
fbem-31090	41	14	technological	technological	ADJ
fbem-31090	41	15	foresight	foresight	NOUN
fbem-31090	41	16	,	,	PUNCT
fbem-31090	41	17	market	market	NOUN
fbem-31090	41	18	conversion	conversion	NOUN
fbem-31090	41	19	rate	rate	NOUN
fbem-31090	41	20	and	and	CCONJ
fbem-31090	41	21	policy	policy	NOUN
fbem-31090	41	22	support	support	NOUN
fbem-31090	41	23	,	,	PUNCT
fbem-31090	41	24	etc	etc	X
fbem-31090	41	25	.	.	X
fbem-31090	42	1	a	a	DET
fbem-31090	42	2	new	new	ADJ
fbem-31090	42	3	energy	energy	NOUN
fbem-31090	42	4	battery	battery	NOUN
fbem-31090	42	5	enterprise	enterprise	NOUN
fbem-31090	42	6	has	have	AUX
fbem-31090	42	7	successfully	successfully	ADV
fbem-31090	42	8	shortened	shorten	VERB
fbem-31090	42	9	its	its	PRON
fbem-31090	42	10	r&d	r&d	NOUN
fbem-31090	42	11	cycle	cycle	NOUN
fbem-31090	42	12	by	by	ADP
fbem-31090	42	13	30	30	NUM
fbem-31090	42	14	%	%	NOUN
fbem-31090	42	15	through	through	ADP
fbem-31090	42	16	rational	rational	ADJ
fbem-31090	42	17	use	use	NOUN
fbem-31090	42	18	of	of	ADP
fbem-31090	42	19	tax	tax	NOUN
fbem-31090	42	20	incentives	incentive	NOUN
fbem-31090	42	21	,	,	PUNCT
fbem-31090	42	22	while	while	SCONJ
fbem-31090	42	23	raising	raise	VERB
fbem-31090	42	24	the	the	DET
fbem-31090	42	25	conversion	conversion	NOUN
fbem-31090	42	26	rate	rate	NOUN
fbem-31090	42	27	of	of	ADP
fbem-31090	42	28	r&d	r&d	NOUN
fbem-31090	42	29	results	result	NOUN
fbem-31090	42	30	to	to	ADP
fbem-31090	42	31	1.5	1.5	NUM
fbem-31090	42	32	times	time	NOUN
fbem-31090	42	33	of	of	ADP
fbem-31090	42	34	the	the	DET
fbem-31090	42	35	industry	industry	NOUN
fbem-31090	42	36	average	average	NOUN
fbem-31090	42	37	.	.	PUNCT
fbem-31090	43	1	this	this	DET
fbem-31090	43	2	kind	kind	NOUN
fbem-31090	43	3	of	of	ADP
fbem-31090	43	4	high	high	ADJ
fbem-31090	43	5	-	-	PUNCT
fbem-31090	43	6	intensity	intensity	NOUN
fbem-31090	43	7	r&d	r&d	NOUN
fbem-31090	43	8	investment	investment	NOUN
fbem-31090	43	9	,	,	PUNCT
fbem-31090	43	10	although	although	SCONJ
fbem-31090	43	11	in	in	ADP
fbem-31090	43	12	the	the	DET
fbem-31090	43	13	short	short	ADJ
fbem-31090	43	14	term	term	NOUN
fbem-31090	43	15	it	it	PRON
fbem-31090	43	16	will	will	AUX
fbem-31090	43	17	put	put	VERB
fbem-31090	43	18	pressure	pressure	NOUN
fbem-31090	43	19	on	on	ADP
fbem-31090	43	20	the	the	DET
fbem-31090	43	21	enterprise	enterprise	NOUN
fbem-31090	43	22	's	's	PART
fbem-31090	43	23	cash	cash	NOUN
fbem-31090	43	24	flow	flow	NOUN
fbem-31090	43	25	,	,	PUNCT
fbem-31090	43	26	in	in	ADP
fbem-31090	43	27	the	the	DET
fbem-31090	43	28	long	long	ADJ
fbem-31090	43	29	term	term	NOUN
fbem-31090	43	30	it	it	PRON
fbem-31090	43	31	can	can	AUX
fbem-31090	43	32	build	build	VERB
fbem-31090	43	33	up	up	ADP
fbem-31090	43	34	a	a	DET
fbem-31090	43	35	strong	strong	ADJ
fbem-31090	43	36	technical	technical	ADJ
fbem-31090	43	37	barrier	barrier	NOUN
fbem-31090	43	38	,	,	PUNCT
fbem-31090	43	39	such	such	ADJ
fbem-31090	43	40	as	as	ADP
fbem-31090	43	41	a	a	DET
fbem-31090	43	42	communication	communication	NOUN
fbem-31090	43	43	equipment	equipment	NOUN
fbem-31090	43	44	manufacturer	manufacturer	NOUN
fbem-31090	43	45	that	that	PRON
fbem-31090	43	46	has	have	AUX
fbem-31090	43	47	gained	gain	VERB
fbem-31090	43	48	23	23	NUM
fbem-31090	43	49	%	%	NOUN
fbem-31090	43	50	of	of	ADP
fbem-31090	43	51	the	the	DET
fbem-31090	43	52	global	global	ADJ
fbem-31090	43	53	market	market	NOUN
fbem-31090	43	54	share	share	NOUN
fbem-31090	43	55	in	in	ADP
fbem-31090	43	56	the	the	DET
fbem-31090	43	57	key	key	ADJ
fbem-31090	43	58	technology	technology	NOUN
fbem-31090	43	59	field	field	NOUN
fbem-31090	43	60	of	of	ADP
fbem-31090	43	61	5	5	NUM
fbem-31090	43	62	g	g	NOUN
fbem-31090	43	63	through	through	ADP
fbem-31090	43	64	continuous	continuous	ADJ
fbem-31090	43	65	r&d	r&d	NOUN
fbem-31090	43	66	investment	investment	NOUN
fbem-31090	43	67	.	.	PUNCT
fbem-31090	44	1	118	118	NUM
fbem-31090	44	2	4.2	4.2	NUM
fbem-31090	44	3	.	.	PUNCT
fbem-31090	45	1	asset	asset	NOUN
fbem-31090	45	2	-	-	PUNCT
fbem-31090	45	3	liability	liability	NOUN
fbem-31090	45	4	ratio	ratio	NOUN
fbem-31090	45	5	as	as	ADP
fbem-31090	45	6	a	a	DET
fbem-31090	45	7	core	core	NOUN
fbem-31090	45	8	indicator	indicator	NOUN
fbem-31090	45	9	to	to	PART
fbem-31090	45	10	measure	measure	VERB
fbem-31090	45	11	the	the	DET
fbem-31090	45	12	health	health	NOUN
fbem-31090	45	13	of	of	ADP
fbem-31090	45	14	the	the	DET
fbem-31090	45	15	financial	financial	ADJ
fbem-31090	45	16	structure	structure	NOUN
fbem-31090	45	17	of	of	ADP
fbem-31090	45	18	high	high	ADJ
fbem-31090	45	19	-	-	PUNCT
fbem-31090	45	20	tech	tech	NOUN
fbem-31090	45	21	enterprises	enterprise	NOUN
fbem-31090	46	1	,	,	PUNCT
fbem-31090	46	2	the	the	DET
fbem-31090	46	3	gearing	gear	VERB
fbem-31090	46	4	ratio	ratio	NOUN
fbem-31090	46	5	directly	directly	ADV
fbem-31090	46	6	reflects	reflect	VERB
fbem-31090	46	7	the	the	DET
fbem-31090	46	8	capital	capital	NOUN
fbem-31090	46	9	operation	operation	NOUN
fbem-31090	46	10	strategy	strategy	NOUN
fbem-31090	46	11	and	and	CCONJ
fbem-31090	46	12	risk	risk	NOUN
fbem-31090	46	13	control	control	NOUN
fbem-31090	46	14	ability	ability	NOUN
fbem-31090	46	15	of	of	ADP
fbem-31090	46	16	the	the	DET
fbem-31090	46	17	enterprise	enterprise	NOUN
fbem-31090	46	18	.	.	PUNCT
fbem-31090	47	1	for	for	ADP
fbem-31090	47	2	high	high	ADJ
fbem-31090	47	3	-	-	PUNCT
fbem-31090	47	4	tech	tech	NOUN
fbem-31090	47	5	enterprises	enterprise	NOUN
fbem-31090	47	6	with	with	ADP
fbem-31090	47	7	high	high	ADJ
fbem-31090	47	8	growth	growth	NOUN
fbem-31090	47	9	characteristics	characteristic	NOUN
fbem-31090	47	10	,	,	PUNCT
fbem-31090	47	11	the	the	DET
fbem-31090	47	12	impact	impact	NOUN
fbem-31090	47	13	of	of	ADP
fbem-31090	47	14	gearing	gear	VERB
fbem-31090	47	15	ratio	ratio	NOUN
fbem-31090	47	16	presents	present	NOUN
fbem-31090	47	17	unique	unique	ADJ
fbem-31090	47	18	industry	industry	NOUN
fbem-31090	47	19	characteristics	characteristic	NOUN
fbem-31090	47	20	:	:	PUNCT
fbem-31090	47	21	when	when	SCONJ
fbem-31090	47	22	the	the	DET
fbem-31090	47	23	debt	debt	NOUN
fbem-31090	47	24	level	level	NOUN
fbem-31090	47	25	exceeds	exceed	VERB
fbem-31090	47	26	65	65	NUM
fbem-31090	47	27	%	%	NOUN
fbem-31090	47	28	(	(	PUNCT
fbem-31090	47	29	e.g.	e.g.	ADV
fbem-31090	47	30	,	,	PUNCT
fbem-31090	47	31	some	some	DET
fbem-31090	47	32	chip	chip	NOUN
fbem-31090	47	33	manufacturing	manufacturing	NOUN
fbem-31090	47	34	enterprises	enterprise	NOUN
fbem-31090	47	35	)	)	PUNCT
fbem-31090	47	36	,	,	PUNCT
fbem-31090	47	37	they	they	PRON
fbem-31090	47	38	will	will	AUX
fbem-31090	47	39	not	not	PART
fbem-31090	47	40	only	only	ADV
fbem-31090	47	41	face	face	VERB
fbem-31090	47	42	the	the	DET
fbem-31090	47	43	problem	problem	NOUN
fbem-31090	47	44	of	of	ADP
fbem-31090	47	45	sudden	sudden	ADJ
fbem-31090	47	46	increase	increase	NOUN
fbem-31090	47	47	in	in	ADP
fbem-31090	47	48	financing	financing	NOUN
fbem-31090	47	49	costs	cost	NOUN
fbem-31090	47	50	(	(	PUNCT
fbem-31090	47	51	bond	bond	NOUN
fbem-31090	47	52	issuance	issuance	NOUN
fbem-31090	47	53	rate	rate	NOUN
fbem-31090	47	54	rises	rise	VERB
fbem-31090	47	55	by	by	ADP
fbem-31090	47	56	2	2	NUM
fbem-31090	47	57	-	-	SYM
fbem-31090	47	58	3	3	NUM
fbem-31090	47	59	percentage	percentage	NOUN
fbem-31090	47	60	points	point	NOUN
fbem-31090	47	61	on	on	ADP
fbem-31090	47	62	average	average	ADJ
fbem-31090	47	63	)	)	PUNCT
fbem-31090	47	64	,	,	PUNCT
fbem-31090	47	65	but	but	CCONJ
fbem-31090	47	66	also	also	ADV
fbem-31090	47	67	seriously	seriously	ADV
fbem-31090	47	68	constrain	constrain	VERB
fbem-31090	47	69	the	the	DET
fbem-31090	47	70	r&d	r&d	NOUN
fbem-31090	47	71	investment	investment	NOUN
fbem-31090	47	72	capacity	capacity	NOUN
fbem-31090	47	73	of	of	ADP
fbem-31090	47	74	the	the	DET
fbem-31090	47	75	enterprise	enterprise	NOUN
fbem-31090	47	76	(	(	PUNCT
fbem-31090	47	77	for	for	ADP
fbem-31090	47	78	every	every	DET
fbem-31090	47	79	1	1	NUM
fbem-31090	47	80	percentage	percentage	NOUN
fbem-31090	47	81	point	point	NOUN
fbem-31090	47	82	increase	increase	NOUN
fbem-31090	47	83	in	in	ADP
fbem-31090	47	84	gearing	gear	VERB
fbem-31090	47	85	ratio	ratio	NOUN
fbem-31090	47	86	,	,	PUNCT
fbem-31090	47	87	the	the	DET
fbem-31090	47	88	r&d	r&d	NOUN
fbem-31090	47	89	intensity	intensity	NOUN
fbem-31090	47	90	decreases	decrease	VERB
fbem-31090	47	91	by	by	ADP
fbem-31090	47	92	0.15	0.15	NUM
fbem-31090	47	93	%	%	NOUN
fbem-31090	47	94	on	on	ADP
fbem-31090	47	95	average	average	ADJ
fbem-31090	47	96	)	)	PUNCT
fbem-31090	47	97	.	.	PUNCT
fbem-31090	48	1	0.15	0.15	NUM
fbem-31090	48	2	%	%	NOUN
fbem-31090	48	3	)	)	PUNCT
fbem-31090	48	4	.	.	PUNCT
fbem-31090	49	1	empirical	empirical	ADJ
fbem-31090	49	2	data	datum	NOUN
fbem-31090	49	3	show	show	VERB
fbem-31090	49	4	that	that	SCONJ
fbem-31090	49	5	high	high	ADJ
fbem-31090	49	6	-	-	PUNCT
fbem-31090	49	7	tech	tech	NOUN
fbem-31090	49	8	enterprises	enterprise	NOUN
fbem-31090	49	9	with	with	ADP
fbem-31090	49	10	gearing	gear	VERB
fbem-31090	49	11	ratios	ratio	NOUN
fbem-31090	49	12	in	in	ADP
fbem-31090	49	13	the	the	DET
fbem-31090	49	14	range	range	NOUN
fbem-31090	49	15	of	of	ADP
fbem-31090	49	16	50%-60	50%-60	NUM
fbem-31090	49	17	%	%	NOUN
fbem-31090	49	18	(	(	PUNCT
fbem-31090	49	19	e.g.	e.g.	ADV
fbem-31090	49	20	,	,	PUNCT
fbem-31090	49	21	the	the	DET
fbem-31090	49	22	average	average	ADJ
fbem-31090	49	23	level	level	NOUN
fbem-31090	49	24	of	of	ADP
fbem-31090	49	25	companies	company	NOUN
fbem-31090	49	26	listed	list	VERB
fbem-31090	49	27	on	on	ADP
fbem-31090	49	28	the	the	DET
fbem-31090	49	29	science	science	NOUN
fbem-31090	49	30	and	and	CCONJ
fbem-31090	49	31	technology	technology	NOUN
fbem-31090	49	32	innovation	innovation	NOUN
fbem-31090	49	33	board	board	PROPN
fbem-31090	49	34	)	)	PUNCT
fbem-31090	49	35	are	be	AUX
fbem-31090	49	36	able	able	ADJ
fbem-31090	49	37	to	to	PART
fbem-31090	49	38	optimally	optimally	ADV
fbem-31090	49	39	balance	balance	VERB
fbem-31090	49	40	financial	financial	ADJ
fbem-31090	49	41	leverage	leverage	NOUN
fbem-31090	49	42	and	and	CCONJ
fbem-31090	49	43	innovation	innovation	NOUN
fbem-31090	49	44	investment	investment	NOUN
fbem-31090	49	45	needs	need	NOUN
fbem-31090	49	46	,	,	PUNCT
fbem-31090	49	47	and	and	CCONJ
fbem-31090	49	48	such	such	ADJ
fbem-31090	49	49	enterprises	enterprise	NOUN
fbem-31090	49	50	tend	tend	VERB
fbem-31090	49	51	to	to	PART
fbem-31090	49	52	show	show	VERB
fbem-31090	49	53	stronger	strong	ADJ
fbem-31090	49	54	profitability	profitability	NOUN
fbem-31090	49	55	sustainability	sustainability	NOUN
fbem-31090	49	56	(	(	PUNCT
fbem-31090	49	57	roe	roe	NOUN
fbem-31090	49	58	fluctuations	fluctuation	NOUN
fbem-31090	49	59	are	be	AUX
fbem-31090	49	60	lower	low	ADJ
fbem-31090	49	61	than	than	ADP
fbem-31090	49	62	the	the	DET
fbem-31090	49	63	industry	industry	NOUN
fbem-31090	49	64	average	average	NOUN
fbem-31090	49	65	of	of	ADP
fbem-31090	49	66	30	30	NUM
fbem-31090	49	67	%	%	NOUN
fbem-31090	49	68	)	)	PUNCT
fbem-31090	49	69	.	.	PUNCT
fbem-31090	50	1	it	it	PRON
fbem-31090	50	2	is	be	AUX
fbem-31090	50	3	worth	worth	ADJ
fbem-31090	50	4	noting	note	VERB
fbem-31090	50	5	that	that	SCONJ
fbem-31090	50	6	due	due	ADP
fbem-31090	50	7	to	to	ADP
fbem-31090	50	8	the	the	DET
fbem-31090	50	9	asset	asset	NOUN
fbem-31090	50	10	-	-	PUNCT
fbem-31090	50	11	light	light	NOUN
fbem-31090	50	12	nature	nature	NOUN
fbem-31090	50	13	of	of	ADP
fbem-31090	50	14	high	high	ADJ
fbem-31090	50	15	-	-	PUNCT
fbem-31090	50	16	tech	tech	NOUN
fbem-31090	50	17	enterprises	enterprise	NOUN
fbem-31090	50	18	(	(	PUNCT
fbem-31090	50	19	fixed	fix	VERB
fbem-31090	50	20	assets	asset	NOUN
fbem-31090	50	21	account	account	VERB
fbem-31090	50	22	for	for	ADP
fbem-31090	50	23	only	only	ADV
fbem-31090	50	24	21	21	NUM
fbem-31090	50	25	%	%	NOUN
fbem-31090	50	26	on	on	ADP
fbem-31090	50	27	average	average	ADJ
fbem-31090	50	28	)	)	PUNCT
fbem-31090	50	29	,	,	PUNCT
fbem-31090	50	30	their	their	PRON
fbem-31090	50	31	liability	liability	NOUN
fbem-31090	50	32	structure	structure	NOUN
fbem-31090	50	33	is	be	AUX
fbem-31090	50	34	dominated	dominate	VERB
fbem-31090	50	35	by	by	ADP
fbem-31090	50	36	short	short	ADJ
fbem-31090	50	37	-	-	PUNCT
fbem-31090	50	38	term	term	NOUN
fbem-31090	50	39	borrowings	borrowing	NOUN
fbem-31090	50	40	(	(	PUNCT
fbem-31090	50	41	63	63	NUM
fbem-31090	50	42	%	%	NOUN
fbem-31090	50	43	)	)	PUNCT
fbem-31090	50	44	,	,	PUNCT
fbem-31090	50	45	a	a	DET
fbem-31090	50	46	maturity	maturity	NOUN
fbem-31090	50	47	mismatch	mismatch	NOUN
fbem-31090	50	48	that	that	PRON
fbem-31090	50	49	makes	make	VERB
fbem-31090	50	50	it	it	PRON
fbem-31090	50	51	easier	easy	ADJ
fbem-31090	50	52	for	for	SCONJ
fbem-31090	50	53	them	they	PRON
fbem-31090	50	54	to	to	PART
fbem-31090	50	55	experience	experience	VERB
fbem-31090	50	56	a	a	DET
fbem-31090	50	57	liquidity	liquidity	NOUN
fbem-31090	50	58	crisis	crisis	NOUN
fbem-31090	50	59	when	when	SCONJ
fbem-31090	50	60	their	their	PRON
fbem-31090	50	61	debt	debt	NOUN
fbem-31090	50	62	ratios	ratio	NOUN
fbem-31090	50	63	are	be	AUX
fbem-31090	50	64	above	above	ADP
fbem-31090	50	65	the	the	DET
fbem-31090	50	66	warning	warning	NOUN
fbem-31090	50	67	line	line	NOUN
fbem-31090	50	68	(	(	PUNCT
fbem-31090	50	69	cash	cash	NOUN
fbem-31090	50	70	-	-	PUNCT
fbem-31090	50	71	to	to	ADP
fbem-31090	50	72	-	-	PUNCT
fbem-31090	50	73	short	short	ADJ
fbem-31090	50	74	-	-	PUNCT
fbem-31090	50	75	debt	debt	NOUN
fbem-31090	50	76	ratio	ratio	NOUN
fbem-31090	50	77	plummets	plummet	NOUN
fbem-31090	50	78	to	to	ADP
fbem-31090	50	79	below	below	ADP
fbem-31090	50	80	0.8	0.8	NUM
fbem-31090	50	81	)	)	PUNCT
fbem-31090	50	82	.	.	PUNCT
fbem-31090	51	1	companies	company	NOUN
fbem-31090	51	2	that	that	PRON
fbem-31090	51	3	keep	keep	VERB
fbem-31090	51	4	their	their	PRON
fbem-31090	51	5	debt	debt	NOUN
fbem-31090	51	6	ratios	ratio	NOUN
fbem-31090	51	7	in	in	ADP
fbem-31090	51	8	the	the	DET
fbem-31090	51	9	optimal	optimal	ADJ
fbem-31090	51	10	range	range	NOUN
fbem-31090	51	11	of	of	ADP
fbem-31090	51	12	45%-55	45%-55	NUM
fbem-31090	51	13	%	%	NOUN
fbem-31090	51	14	(	(	PUNCT
fbem-31090	51	15	e.g.	e.g.	ADV
fbem-31090	51	16	,	,	PUNCT
fbem-31090	51	17	a	a	DET
fbem-31090	51	18	leading	lead	VERB
fbem-31090	51	19	biopharmaceutical	biopharmaceutical	ADJ
fbem-31090	51	20	company	company	NOUN
fbem-31090	51	21	)	)	PUNCT
fbem-31090	51	22	can	can	AUX
fbem-31090	51	23	not	not	PART
fbem-31090	51	24	only	only	ADV
fbem-31090	51	25	maintain	maintain	VERB
fbem-31090	51	26	an	an	DET
fbem-31090	51	27	r&d	r&d	NOUN
fbem-31090	51	28	investment	investment	NOUN
fbem-31090	51	29	intensity	intensity	NOUN
fbem-31090	51	30	of	of	ADP
fbem-31090	51	31	more	more	ADJ
fbem-31090	51	32	than	than	ADP
fbem-31090	51	33	8	8	NUM
fbem-31090	51	34	%	%	NOUN
fbem-31090	51	35	per	per	ADP
fbem-31090	51	36	year	year	NOUN
fbem-31090	51	37	,	,	PUNCT
fbem-31090	51	38	but	but	CCONJ
fbem-31090	51	39	also	also	ADV
fbem-31090	51	40	increase	increase	VERB
fbem-31090	51	41	their	their	PRON
fbem-31090	51	42	return	return	NOUN
fbem-31090	51	43	on	on	ADP
fbem-31090	51	44	net	net	ADJ
fbem-31090	51	45	assets	asset	NOUN
fbem-31090	51	46	by	by	ADP
fbem-31090	51	47	1.2	1.2	NUM
fbem-31090	51	48	-	-	SYM
fbem-31090	51	49	1.5	1.5	NUM
fbem-31090	51	50	percentage	percentage	NOUN
fbem-31090	51	51	points	point	NOUN
fbem-31090	51	52	through	through	ADP
fbem-31090	51	53	moderate	moderate	ADJ
fbem-31090	51	54	financial	financial	ADJ
fbem-31090	51	55	leverage	leverage	NOUN
fbem-31090	51	56	,	,	PUNCT
fbem-31090	51	57	realizing	realize	VERB
fbem-31090	51	58	a	a	DET
fbem-31090	51	59	virtuous	virtuous	ADJ
fbem-31090	51	60	cycle	cycle	NOUN
fbem-31090	51	61	of	of	ADP
fbem-31090	51	62	innovation	innovation	NOUN
fbem-31090	51	63	investment	investment	NOUN
fbem-31090	51	64	and	and	CCONJ
fbem-31090	51	65	return	return	VERB
fbem-31090	51	66	on	on	ADP
fbem-31090	51	67	capital	capital	NOUN
fbem-31090	51	68	.	.	PUNCT
fbem-31090	52	1	4.3	4.3	NUM
fbem-31090	52	2	.	.	PUNCT
fbem-31090	52	3	firm	firm	ADJ
fbem-31090	52	4	size	size	NOUN
fbem-31090	52	5	company	company	NOUN
fbem-31090	52	6	scale	scale	NOUN
fbem-31090	52	7	is	be	AUX
fbem-31090	52	8	the	the	DET
fbem-31090	52	9	concentrated	concentrated	ADJ
fbem-31090	52	10	manifestation	manifestation	NOUN
fbem-31090	52	11	of	of	ADP
fbem-31090	52	12	the	the	DET
fbem-31090	52	13	comprehensive	comprehensive	ADJ
fbem-31090	52	14	strength	strength	NOUN
fbem-31090	52	15	of	of	ADP
fbem-31090	52	16	high	high	ADJ
fbem-31090	52	17	-	-	PUNCT
fbem-31090	52	18	tech	tech	NOUN
fbem-31090	52	19	enterprises	enterprise	NOUN
fbem-31090	52	20	in	in	ADP
fbem-31090	52	21	the	the	DET
fbem-31090	52	22	innovation	innovation	NOUN
fbem-31090	52	23	ecosystem	ecosystem	NOUN
fbem-31090	52	24	,	,	PUNCT
fbem-31090	52	25	and	and	CCONJ
fbem-31090	52	26	its	its	PRON
fbem-31090	52	27	multi	multi	ADJ
fbem-31090	52	28	-	-	ADJ
fbem-31090	52	29	dimensional	dimensional	ADJ
fbem-31090	52	30	scale	scale	NOUN
fbem-31090	52	31	characteristics	characteristic	NOUN
fbem-31090	52	32	directly	directly	ADV
fbem-31090	52	33	affect	affect	VERB
fbem-31090	52	34	the	the	DET
fbem-31090	52	35	technological	technological	ADJ
fbem-31090	52	36	breakthrough	breakthrough	NOUN
fbem-31090	52	37	ability	ability	NOUN
fbem-31090	52	38	and	and	CCONJ
fbem-31090	52	39	market	market	NOUN
fbem-31090	52	40	competitiveness	competitiveness	NOUN
fbem-31090	52	41	of	of	ADP
fbem-31090	52	42	the	the	DET
fbem-31090	52	43	enterprise	enterprise	NOUN
fbem-31090	52	44	.	.	PUNCT
fbem-31090	53	1	from	from	ADP
fbem-31090	53	2	the	the	DET
fbem-31090	53	3	point	point	NOUN
fbem-31090	53	4	of	of	ADP
fbem-31090	53	5	view	view	NOUN
fbem-31090	53	6	of	of	ADP
fbem-31090	53	7	asset	asset	NOUN
fbem-31090	53	8	scale	scale	NOUN
fbem-31090	53	9	,	,	PUNCT
fbem-31090	53	10	high	high	ADJ
fbem-31090	53	11	-	-	PUNCT
fbem-31090	53	12	tech	tech	NOUN
fbem-31090	53	13	enterprises	enterprise	NOUN
fbem-31090	53	14	show	show	VERB
fbem-31090	53	15	obvious	obvious	ADJ
fbem-31090	53	16	“	"	PUNCT
fbem-31090	53	17	asset	asset	NOUN
fbem-31090	53	18	-	-	PUNCT
fbem-31090	53	19	light	light	ADJ
fbem-31090	53	20	”	"	PUNCT
fbem-31090	53	21	characteristics	characteristic	NOUN
fbem-31090	53	22	,	,	PUNCT
fbem-31090	53	23	for	for	ADP
fbem-31090	53	24	example	example	NOUN
fbem-31090	53	25	,	,	PUNCT
fbem-31090	53	26	the	the	DET
fbem-31090	53	27	intangible	intangible	ADJ
fbem-31090	53	28	assets	asset	NOUN
fbem-31090	53	29	(	(	PUNCT
fbem-31090	53	30	including	include	VERB
fbem-31090	53	31	patents	patent	NOUN
fbem-31090	53	32	,	,	PUNCT
fbem-31090	53	33	software	software	NOUN
fbem-31090	53	34	copyrights	copyright	NOUN
fbem-31090	53	35	,	,	PUNCT
fbem-31090	53	36	etc	etc	X
fbem-31090	53	37	.	.	X
fbem-31090	53	38	)	)	PUNCT
fbem-31090	53	39	account	account	VERB
fbem-31090	53	40	for	for	ADP
fbem-31090	53	41	35	35	NUM
fbem-31090	53	42	%	%	NOUN
fbem-31090	53	43	of	of	ADP
fbem-31090	53	44	the	the	DET
fbem-31090	53	45	total	total	ADJ
fbem-31090	53	46	assets	asset	NOUN
fbem-31090	53	47	of	of	ADP
fbem-31090	53	48	a	a	DET
fbem-31090	53	49	science	science	NOUN
fbem-31090	53	50	and	and	CCONJ
fbem-31090	53	51	technology	technology	NOUN
fbem-31090	53	52	innovation	innovation	NOUN
fbem-31090	53	53	board	board	NOUN
fbem-31090	53	54	-	-	PUNCT
fbem-31090	53	55	listed	list	VERB
fbem-31090	53	56	company	company	NOUN
fbem-31090	53	57	,	,	PUNCT
fbem-31090	53	58	which	which	PRON
fbem-31090	53	59	is	be	AUX
fbem-31090	53	60	much	much	ADV
fbem-31090	53	61	higher	high	ADJ
fbem-31090	53	62	than	than	ADP
fbem-31090	53	63	the	the	DET
fbem-31090	53	64	average	average	ADJ
fbem-31090	53	65	level	level	NOUN
fbem-31090	53	66	of	of	ADP
fbem-31090	53	67	8	8	NUM
fbem-31090	53	68	%	%	NOUN
fbem-31090	53	69	of	of	ADP
fbem-31090	53	70	traditional	traditional	ADJ
fbem-31090	53	71	manufacturing	manufacturing	NOUN
fbem-31090	53	72	enterprises	enterprise	NOUN
fbem-31090	53	73	.	.	PUNCT
fbem-31090	54	1	personnel	personnel	NOUN
fbem-31090	54	2	scale	scale	NOUN
fbem-31090	54	3	,	,	PUNCT
fbem-31090	54	4	the	the	DET
fbem-31090	54	5	head	head	NOUN
fbem-31090	54	6	of	of	ADP
fbem-31090	54	7	high	high	ADJ
fbem-31090	54	8	-	-	PUNCT
fbem-31090	54	9	tech	tech	NOUN
fbem-31090	54	10	enterprises	enterprise	NOUN
fbem-31090	54	11	usually	usually	ADV
fbem-31090	54	12	build	build	VERB
fbem-31090	54	13	a	a	DET
fbem-31090	54	14	pyramid	pyramid	NOUN
fbem-31090	54	15	of	of	ADP
fbem-31090	54	16	talent	talent	NOUN
fbem-31090	54	17	structure	structure	NOUN
fbem-31090	54	18	,	,	PUNCT
fbem-31090	54	19	such	such	ADJ
fbem-31090	54	20	as	as	ADP
fbem-31090	54	21	a	a	DET
fbem-31090	54	22	leading	lead	VERB
fbem-31090	54	23	artificial	artificial	ADJ
fbem-31090	54	24	intelligence	intelligence	NOUN
fbem-31090	54	25	enterprise	enterprise	NOUN
fbem-31090	54	26	r	r	NOUN
fbem-31090	54	27	&	&	CCONJ
fbem-31090	54	28	d	d	PROPN
fbem-31090	54	29	personnel	personnel	NOUN
fbem-31090	54	30	accounted	account	VERB
fbem-31090	54	31	for	for	ADP
fbem-31090	54	32	68	68	NUM
fbem-31090	54	33	%	%	NOUN
fbem-31090	54	34	,	,	PUNCT
fbem-31090	54	35	of	of	ADP
fbem-31090	54	36	which	which	PRON
fbem-31090	54	37	the	the	DET
fbem-31090	54	38	top	top	ADJ
fbem-31090	54	39	algorithm	algorithm	NOUN
fbem-31090	54	40	engineers	engineer	NOUN
fbem-31090	54	41	create	create	VERB
fbem-31090	54	42	an	an	DET
fbem-31090	54	43	average	average	NOUN
fbem-31090	54	44	of	of	ADP
fbem-31090	54	45	4.3	4.3	NUM
fbem-31090	54	46	patents	patent	NOUN
fbem-31090	54	47	per	per	ADP
fbem-31090	54	48	person	person	NOUN
fbem-31090	54	49	,	,	PUNCT
fbem-31090	54	50	this	this	DET
fbem-31090	54	51	“	"	PUNCT
fbem-31090	54	52	less	less	ADJ
fbem-31090	54	53	and	and	CCONJ
fbem-31090	54	54	more	more	ADV
fbem-31090	54	55	sophisticated	sophisticated	ADJ
fbem-31090	54	56	”	"	PUNCT
fbem-31090	54	57	human	human	ADJ
fbem-31090	54	58	resources	resource	NOUN
fbem-31090	54	59	allocation	allocation	NOUN
fbem-31090	54	60	model	model	NOUN
fbem-31090	54	61	and	and	CCONJ
fbem-31090	54	62	the	the	DET
fbem-31090	54	63	traditional	traditional	ADJ
fbem-31090	54	64	labor	labor	NOUN
fbem-31090	54	65	-	-	PUNCT
fbem-31090	54	66	intensive	intensive	ADJ
fbem-31090	54	67	enterprises	enterprise	NOUN
fbem-31090	54	68	to	to	PART
fbem-31090	54	69	form	form	VERB
fbem-31090	54	70	a	a	DET
fbem-31090	54	71	stark	stark	ADJ
fbem-31090	54	72	contrast	contrast	NOUN
fbem-31090	54	73	.	.	PUNCT
fbem-31090	55	1	in	in	ADP
fbem-31090	55	2	the	the	DET
fbem-31090	55	3	dimension	dimension	NOUN
fbem-31090	55	4	of	of	ADP
fbem-31090	55	5	revenue	revenue	NOUN
fbem-31090	55	6	scale	scale	NOUN
fbem-31090	55	7	,	,	PUNCT
fbem-31090	55	8	the	the	DET
fbem-31090	55	9	high	high	ADJ
fbem-31090	55	10	-	-	PUNCT
fbem-31090	55	11	tech	tech	NOUN
fbem-31090	55	12	enterprises	enterprise	NOUN
fbem-31090	55	13	have	have	AUX
fbem-31090	55	14	been	be	AUX
fbem-31090	55	15	able	able	ADJ
fbem-31090	55	16	to	to	PART
fbem-31090	55	17	achieve	achieve	VERB
fbem-31090	55	18	a	a	DET
fbem-31090	55	19	high	high	ADJ
fbem-31090	55	20	level	level	NOUN
fbem-31090	55	21	of	of	ADP
fbem-31090	55	22	productivity	productivity	NOUN
fbem-31090	55	23	.	.	PUNCT
fbem-31090	56	1	in	in	ADP
fbem-31090	56	2	the	the	DET
fbem-31090	56	3	dimension	dimension	NOUN
fbem-31090	56	4	of	of	ADP
fbem-31090	56	5	revenue	revenue	NOUN
fbem-31090	56	6	scale	scale	NOUN
fbem-31090	56	7	,	,	PUNCT
fbem-31090	56	8	high	high	ADJ
fbem-31090	56	9	-	-	PUNCT
fbem-31090	56	10	tech	tech	NOUN
fbem-31090	56	11	enterprises	enterprise	NOUN
fbem-31090	56	12	generally	generally	ADV
fbem-31090	56	13	show	show	VERB
fbem-31090	56	14	non	non	ADJ
fbem-31090	56	15	-	-	ADJ
fbem-31090	56	16	linear	linear	ADJ
fbem-31090	56	17	growth	growth	NOUN
fbem-31090	56	18	characteristics	characteristic	NOUN
fbem-31090	56	19	,	,	PUNCT
fbem-31090	56	20	a	a	DET
fbem-31090	56	21	biomedical	biomedical	ADJ
fbem-31090	56	22	enterprise	enterprise	NOUN
fbem-31090	56	23	with	with	ADP
fbem-31090	56	24	core	core	NOUN
fbem-31090	56	25	products	product	NOUN
fbem-31090	56	26	listed	list	VERB
fbem-31090	56	27	,	,	PUNCT
fbem-31090	56	28	revenue	revenue	NOUN
fbem-31090	56	29	scale	scale	NOUN
fbem-31090	56	30	jumped	jump	VERB
fbem-31090	56	31	from	from	ADP
fbem-31090	56	32	500	500	NUM
fbem-31090	56	33	million	million	NUM
fbem-31090	56	34	yuan	yuan	NOUN
fbem-31090	56	35	to	to	ADP
fbem-31090	56	36	8.2	8.2	NUM
fbem-31090	56	37	billion	billion	NUM
fbem-31090	56	38	yuan	yuan	NOUN
fbem-31090	56	39	in	in	ADP
fbem-31090	56	40	three	three	NUM
fbem-31090	56	41	years	year	NOUN
fbem-31090	56	42	,	,	PUNCT
fbem-31090	56	43	with	with	ADP
fbem-31090	56	44	a	a	DET
fbem-31090	56	45	compound	compound	ADJ
fbem-31090	56	46	annual	annual	ADJ
fbem-31090	56	47	growth	growth	NOUN
fbem-31090	56	48	rate	rate	NOUN
fbem-31090	56	49	of	of	ADP
fbem-31090	56	50	152	152	NUM
fbem-31090	56	51	%	%	NOUN
fbem-31090	56	52	.	.	PUNCT
fbem-31090	57	1	it	it	PRON
fbem-31090	57	2	is	be	AUX
fbem-31090	57	3	worth	worth	ADJ
fbem-31090	57	4	noting	note	VERB
fbem-31090	57	5	that	that	SCONJ
fbem-31090	57	6	the	the	DET
fbem-31090	57	7	scale	scale	NOUN
fbem-31090	57	8	effect	effect	NOUN
fbem-31090	57	9	of	of	ADP
fbem-31090	57	10	high	high	ADJ
fbem-31090	57	11	-	-	PUNCT
fbem-31090	57	12	tech	tech	NOUN
fbem-31090	57	13	enterprises	enterprise	NOUN
fbem-31090	57	14	has	have	VERB
fbem-31090	57	15	a	a	DET
fbem-31090	57	16	unique	unique	ADJ
fbem-31090	57	17	“	"	PUNCT
fbem-31090	57	18	tipping	tipping	ADJ
fbem-31090	57	19	point	point	NOUN
fbem-31090	57	20	”	"	PUNCT
fbem-31090	57	21	characteristic	characteristic	NOUN
fbem-31090	57	22	:	:	PUNCT
fbem-31090	57	23	when	when	SCONJ
fbem-31090	57	24	the	the	DET
fbem-31090	57	25	r&d	r&d	NOUN
fbem-31090	57	26	personnel	personnel	NOUN
fbem-31090	57	27	exceeds	exceed	VERB
fbem-31090	57	28	300	300	NUM
fbem-31090	57	29	and	and	CCONJ
fbem-31090	57	30	the	the	DET
fbem-31090	57	31	r&d	r&d	NOUN
fbem-31090	57	32	investment	investment	NOUN
fbem-31090	57	33	exceeds	exceed	VERB
fbem-31090	57	34	12	12	NUM
fbem-31090	57	35	%	%	NOUN
fbem-31090	57	36	of	of	ADP
fbem-31090	57	37	the	the	DET
fbem-31090	57	38	revenue	revenue	NOUN
fbem-31090	57	39	,	,	PUNCT
fbem-31090	57	40	the	the	DET
fbem-31090	57	41	patent	patent	NOUN
fbem-31090	57	42	output	output	NOUN
fbem-31090	57	43	efficiency	efficiency	NOUN
fbem-31090	57	44	of	of	ADP
fbem-31090	57	45	the	the	DET
fbem-31090	57	46	enterprise	enterprise	NOUN
fbem-31090	57	47	will	will	AUX
fbem-31090	57	48	see	see	VERB
fbem-31090	57	49	a	a	DET
fbem-31090	57	50	stepwise	stepwise	ADJ
fbem-31090	57	51	increase	increase	NOUN
fbem-31090	57	52	(	(	PUNCT
fbem-31090	57	53	an	an	DET
fbem-31090	57	54	average	average	ADJ
fbem-31090	57	55	increase	increase	NOUN
fbem-31090	57	56	of	of	ADP
fbem-31090	57	57	2.7	2.7	NUM
fbem-31090	57	58	times	time	NOUN
fbem-31090	57	59	)	)	PUNCT
fbem-31090	57	60	.	.	PUNCT
fbem-31090	58	1	this	this	DET
fbem-31090	58	2	scale	scale	NOUN
fbem-31090	58	3	advantage	advantage	NOUN
fbem-31090	58	4	enables	enable	VERB
fbem-31090	58	5	head	head	NOUN
fbem-31090	58	6	enterprises	enterprise	NOUN
fbem-31090	58	7	to	to	PART
fbem-31090	58	8	build	build	VERB
fbem-31090	58	9	a	a	DET
fbem-31090	58	10	closed	closed	ADJ
fbem-31090	58	11	loop	loop	NOUN
fbem-31090	58	12	of	of	ADP
fbem-31090	58	13	innovation	innovation	NOUN
fbem-31090	58	14	.	.	PUNCT
fbem-31090	59	1	for	for	ADP
fbem-31090	59	2	example	example	NOUN
fbem-31090	59	3	,	,	PUNCT
fbem-31090	59	4	a	a	DET
fbem-31090	59	5	new	new	ADJ
fbem-31090	59	6	energy	energy	NOUN
fbem-31090	59	7	enterprise	enterprise	NOUN
fbem-31090	59	8	has	have	AUX
fbem-31090	59	9	shortened	shorten	VERB
fbem-31090	59	10	the	the	DET
fbem-31090	59	11	transformation	transformation	NOUN
fbem-31090	59	12	cycle	cycle	NOUN
fbem-31090	59	13	of	of	ADP
fbem-31090	59	14	r&d	r&d	NOUN
fbem-31090	59	15	results	result	NOUN
fbem-31090	59	16	to	to	ADP
fbem-31090	59	17	60	60	NUM
fbem-31090	59	18	%	%	NOUN
fbem-31090	59	19	of	of	ADP
fbem-31090	59	20	the	the	DET
fbem-31090	59	21	industry	industry	NOUN
fbem-31090	59	22	average	average	NOUN
fbem-31090	59	23	through	through	ADP
fbem-31090	59	24	the	the	DET
fbem-31090	59	25	scale	scale	NOUN
fbem-31090	59	26	effect	effect	NOUN
fbem-31090	59	27	,	,	PUNCT
fbem-31090	59	28	and	and	CCONJ
fbem-31090	59	29	at	at	ADP
fbem-31090	59	30	the	the	DET
fbem-31090	59	31	same	same	ADJ
fbem-31090	59	32	time	time	NOUN
fbem-31090	59	33	reduced	reduce	VERB
fbem-31090	59	34	the	the	DET
fbem-31090	59	35	r&d	r&d	NOUN
fbem-31090	59	36	cost	cost	NOUN
fbem-31090	59	37	of	of	ADP
fbem-31090	59	38	each	each	DET
fbem-31090	59	39	patent	patent	NOUN
fbem-31090	59	40	by	by	ADP
fbem-31090	59	41	42	42	NUM
fbem-31090	59	42	%	%	NOUN
fbem-31090	59	43	.	.	PUNCT
fbem-31090	60	1	moderate	moderate	ADJ
fbem-31090	60	2	scale	scale	NOUN
fbem-31090	60	3	expansion	expansion	NOUN
fbem-31090	60	4	(	(	PUNCT
fbem-31090	60	5	in	in	ADP
fbem-31090	60	6	the	the	DET
fbem-31090	60	7	range	range	NOUN
fbem-31090	60	8	of	of	ADP
fbem-31090	60	9	3	3	NUM
fbem-31090	60	10	-	-	SYM
fbem-31090	60	11	5	5	NUM
fbem-31090	60	12	billion	billion	NUM
fbem-31090	60	13	yuan	yuan	NOUN
fbem-31090	60	14	in	in	ADP
fbem-31090	60	15	revenue	revenue	NOUN
fbem-31090	60	16	)	)	PUNCT
fbem-31090	60	17	helps	help	VERB
fbem-31090	60	18	high	high	ADJ
fbem-31090	60	19	-	-	PUNCT
fbem-31090	60	20	tech	tech	NOUN
fbem-31090	60	21	enterprises	enterprise	NOUN
fbem-31090	60	22	to	to	PART
fbem-31090	60	23	form	form	VERB
fbem-31090	60	24	innovation	innovation	NOUN
fbem-31090	60	25	economies	economy	NOUN
fbem-31090	60	26	of	of	ADP
fbem-31090	60	27	scale	scale	NOUN
fbem-31090	60	28	,	,	PUNCT
fbem-31090	60	29	but	but	CCONJ
fbem-31090	60	30	the	the	DET
fbem-31090	60	31	rise	rise	NOUN
fbem-31090	60	32	in	in	ADP
fbem-31090	60	33	management	management	NOUN
fbem-31090	60	34	costs	cost	NOUN
fbem-31090	60	35	after	after	ADP
fbem-31090	60	36	exceeding	exceed	VERB
fbem-31090	60	37	a	a	DET
fbem-31090	60	38	critical	critical	ADJ
fbem-31090	60	39	value	value	NOUN
fbem-31090	60	40	(	(	PUNCT
fbem-31090	60	41	e.g.	e.g.	ADV
fbem-31090	60	42	,	,	PUNCT
fbem-31090	60	43	more	more	ADJ
fbem-31090	60	44	than	than	ADP
fbem-31090	60	45	20	20	NUM
fbem-31090	60	46	billion	billion	NUM
fbem-31090	60	47	yuan	yuan	NOUN
fbem-31090	60	48	in	in	ADP
fbem-31090	60	49	revenue	revenue	NOUN
fbem-31090	60	50	)	)	PUNCT
fbem-31090	60	51	may	may	AUX
fbem-31090	60	52	weaken	weaken	VERB
fbem-31090	60	53	the	the	DET
fbem-31090	60	54	efficiency	efficiency	NOUN
fbem-31090	60	55	of	of	ADP
fbem-31090	60	56	innovation	innovation	NOUN
fbem-31090	60	57	,	,	PUNCT
fbem-31090	60	58	which	which	PRON
fbem-31090	60	59	requires	require	VERB
fbem-31090	60	60	enterprises	enterprise	NOUN
fbem-31090	60	61	to	to	PART
fbem-31090	60	62	maintain	maintain	VERB
fbem-31090	60	63	a	a	DET
fbem-31090	60	64	dynamic	dynamic	ADJ
fbem-31090	60	65	balance	balance	NOUN
fbem-31090	60	66	between	between	ADP
fbem-31090	60	67	scale	scale	NOUN
fbem-31090	60	68	expansion	expansion	NOUN
fbem-31090	60	69	and	and	CCONJ
fbem-31090	60	70	organizational	organizational	ADJ
fbem-31090	60	71	flexibility	flexibility	NOUN
fbem-31090	60	72	.	.	PUNCT
fbem-31090	61	1	4.4	4.4	NUM
fbem-31090	61	2	.	.	PUNCT
fbem-31090	62	1	total	total	ADJ
fbem-31090	62	2	asset	asset	NOUN
fbem-31090	62	3	turnover	turnover	NOUN
fbem-31090	62	4	ratio	ratio	NOUN
fbem-31090	62	5	total	total	ADJ
fbem-31090	62	6	asset	asset	NOUN
fbem-31090	62	7	turnover	turnover	NOUN
fbem-31090	62	8	ratio	ratio	NOUN
fbem-31090	62	9	is	be	AUX
fbem-31090	62	10	a	a	DET
fbem-31090	62	11	core	core	ADJ
fbem-31090	62	12	indicator	indicator	NOUN
fbem-31090	62	13	to	to	PART
fbem-31090	62	14	assess	assess	VERB
fbem-31090	62	15	the	the	DET
fbem-31090	62	16	operational	operational	ADJ
fbem-31090	62	17	efficiency	efficiency	NOUN
fbem-31090	62	18	of	of	ADP
fbem-31090	62	19	an	an	DET
fbem-31090	62	20	enterprise	enterprise	NOUN
fbem-31090	62	21	's	's	PART
fbem-31090	62	22	assets	asset	NOUN
fbem-31090	62	23	,	,	PUNCT
fbem-31090	62	24	reflecting	reflect	VERB
fbem-31090	62	25	the	the	DET
fbem-31090	62	26	enterprise	enterprise	NOUN
fbem-31090	62	27	's	's	PART
fbem-31090	62	28	ability	ability	NOUN
fbem-31090	62	29	to	to	PART
fbem-31090	62	30	utilize	utilize	VERB
fbem-31090	62	31	its	its	PRON
fbem-31090	62	32	total	total	ADJ
fbem-31090	62	33	assets	asset	NOUN
fbem-31090	62	34	to	to	PART
fbem-31090	62	35	generate	generate	VERB
fbem-31090	62	36	revenue	revenue	NOUN
fbem-31090	62	37	,	,	PUNCT
fbem-31090	62	38	and	and	CCONJ
fbem-31090	62	39	it	it	PRON
fbem-31090	62	40	has	have	VERB
fbem-31090	62	41	a	a	DET
fbem-31090	62	42	unique	unique	ADJ
fbem-31090	62	43	explanatory	explanatory	ADJ
fbem-31090	62	44	power	power	NOUN
fbem-31090	62	45	especially	especially	ADV
fbem-31090	62	46	for	for	ADP
fbem-31090	62	47	high	high	ADJ
fbem-31090	62	48	-	-	PUNCT
fbem-31090	62	49	tech	tech	NOUN
fbem-31090	62	50	enterprises	enterprise	NOUN
fbem-31090	62	51	with	with	ADP
fbem-31090	62	52	significant	significant	ADJ
fbem-31090	62	53	asset	asset	NOUN
fbem-31090	62	54	-	-	PUNCT
fbem-31090	62	55	light	light	NOUN
fbem-31090	62	56	characteristics	characteristic	NOUN
fbem-31090	62	57	.	.	PUNCT
fbem-31090	63	1	in	in	ADP
fbem-31090	63	2	this	this	DET
fbem-31090	63	3	study	study	NOUN
fbem-31090	63	4	,	,	PUNCT
fbem-31090	63	5	total	total	ADJ
fbem-31090	63	6	asset	asset	NOUN
fbem-31090	63	7	turnover	turnover	NOUN
fbem-31090	63	8	ratio	ratio	NOUN
fbem-31090	63	9	is	be	AUX
fbem-31090	63	10	defined	define	VERB
fbem-31090	63	11	as	as	ADP
fbem-31090	63	12	the	the	DET
fbem-31090	63	13	ratio	ratio	NOUN
fbem-31090	63	14	of	of	ADP
fbem-31090	63	15	operating	operate	VERB
fbem-31090	63	16	revenue	revenue	NOUN
fbem-31090	63	17	to	to	PART
fbem-31090	63	18	average	average	VERB
fbem-31090	63	19	total	total	ADJ
fbem-31090	63	20	assets	asset	NOUN
fbem-31090	63	21	.	.	PUNCT
fbem-31090	64	1	for	for	ADP
fbem-31090	64	2	high	high	ADJ
fbem-31090	64	3	-	-	PUNCT
fbem-31090	64	4	tech	tech	NOUN
fbem-31090	64	5	enterprises	enterprise	NOUN
fbem-31090	64	6	,	,	PUNCT
fbem-31090	64	7	the	the	DET
fbem-31090	64	8	industry	industry	NOUN
fbem-31090	64	9	characteristics	characteristic	NOUN
fbem-31090	64	10	of	of	ADP
fbem-31090	64	11	the	the	DET
fbem-31090	64	12	total	total	ADJ
fbem-31090	64	13	asset	asset	NOUN
fbem-31090	64	14	turnover	turnover	NOUN
fbem-31090	64	15	rate	rate	NOUN
fbem-31090	64	16	show	show	VERB
fbem-31090	64	17	significant	significant	ADJ
fbem-31090	64	18	differentiation	differentiation	NOUN
fbem-31090	64	19	:	:	PUNCT
fbem-31090	64	20	in	in	ADP
fbem-31090	64	21	the	the	DET
fbem-31090	64	22	electronic	electronic	ADJ
fbem-31090	64	23	equipment	equipment	NOUN
fbem-31090	64	24	manufacturing	manufacturing	NOUN
fbem-31090	64	25	industry	industry	NOUN
fbem-31090	64	26	with	with	ADP
fbem-31090	64	27	rapid	rapid	ADJ
fbem-31090	64	28	technology	technology	NOUN
fbem-31090	64	29	iteration	iteration	NOUN
fbem-31090	64	30	,	,	PUNCT
fbem-31090	64	31	the	the	DET
fbem-31090	64	32	average	average	ADJ
fbem-31090	64	33	value	value	NOUN
fbem-31090	64	34	of	of	ADP
fbem-31090	64	35	asset	asset	NOUN
fbem-31090	64	36	turnover	turnover	NOUN
fbem-31090	64	37	rate	rate	NOUN
fbem-31090	64	38	reaches	reach	VERB
fbem-31090	64	39	1.2	1.2	NUM
fbem-31090	64	40	times	time	NOUN
fbem-31090	64	41	/	/	SYM
fbem-31090	64	42	year	year	NOUN
fbem-31090	64	43	(	(	PUNCT
fbem-31090	64	44	standard	standard	ADJ
fbem-31090	64	45	deviation	deviation	NOUN
fbem-31090	64	46	0.4	0.4	NUM
fbem-31090	64	47	)	)	PUNCT
fbem-31090	64	48	,	,	PUNCT
fbem-31090	64	49	higher	high	ADJ
fbem-31090	64	50	than	than	ADP
fbem-31090	64	51	that	that	PRON
fbem-31090	64	52	of	of	ADP
fbem-31090	64	53	the	the	DET
fbem-31090	64	54	bio	bio	ADJ
fbem-31090	64	55	-	-	ADJ
fbem-31090	64	56	pharmaceutical	pharmaceutical	ADJ
fbem-31090	64	57	industry	industry	NOUN
fbem-31090	64	58	at	at	ADP
fbem-31090	64	59	0.8	0.8	NUM
fbem-31090	64	60	times	time	NOUN
fbem-31090	64	61	/	/	SYM
fbem-31090	64	62	year	year	NOUN
fbem-31090	64	63	,	,	PUNCT
fbem-31090	64	64	mainly	mainly	ADV
fbem-31090	64	65	due	due	ADP
fbem-31090	64	66	to	to	ADP
fbem-31090	64	67	the	the	DET
fbem-31090	64	68	latter	latter	NOUN
fbem-31090	64	69	's	's	PART
fbem-31090	64	70	long	long	ADJ
fbem-31090	64	71	research	research	NOUN
fbem-31090	64	72	and	and	CCONJ
fbem-31090	64	73	development	development	NOUN
fbem-31090	64	74	cycle	cycle	NOUN
fbem-31090	64	75	and	and	CCONJ
fbem-31090	64	76	strong	strong	ADJ
fbem-31090	64	77	fixed	fix	VERB
fbem-31090	64	78	asset	asset	NOUN
fbem-31090	64	79	specialization	specialization	NOUN
fbem-31090	64	80	(	(	PUNCT
fbem-31090	64	81	equipment	equipment	NOUN
fbem-31090	64	82	accounted	account	VERB
fbem-31090	64	83	for	for	ADP
fbem-31090	64	84	more	more	ADJ
fbem-31090	64	85	than	than	ADP
fbem-31090	64	86	40	40	NUM
fbem-31090	64	87	%	%	NOUN
fbem-31090	64	88	)	)	PUNCT
fbem-31090	64	89	resulting	result	VERB
fbem-31090	64	90	in	in	ADP
fbem-31090	64	91	lower	low	ADJ
fbem-31090	64	92	asset	asset	NOUN
fbem-31090	64	93	liquidity	liquidity	NOUN
fbem-31090	64	94	.	.	PUNCT
fbem-31090	65	1	empirical	empirical	ADJ
fbem-31090	65	2	data	datum	NOUN
fbem-31090	65	3	show	show	VERB
fbem-31090	65	4	that	that	SCONJ
fbem-31090	65	5	when	when	SCONJ
fbem-31090	65	6	the	the	DET
fbem-31090	65	7	total	total	ADJ
fbem-31090	65	8	asset	asset	NOUN
fbem-31090	65	9	turnover	turnover	NOUN
fbem-31090	65	10	rate	rate	NOUN
fbem-31090	65	11	exceeds	exceed	VERB
fbem-31090	65	12	1.5	1.5	NUM
fbem-31090	65	13	times	time	NOUN
fbem-31090	65	14	(	(	PUNCT
fbem-31090	65	15	such	such	ADJ
fbem-31090	65	16	as	as	ADP
fbem-31090	65	17	a	a	DET
fbem-31090	65	18	cloud	cloud	NOUN
fbem-31090	65	19	computing	computing	NOUN
fbem-31090	65	20	service	service	NOUN
fbem-31090	65	21	provider	provider	NOUN
fbem-31090	65	22	through	through	ADP
fbem-31090	65	23	the	the	DET
fbem-31090	65	24	optimization	optimization	NOUN
fbem-31090	65	25	of	of	ADP
fbem-31090	65	26	supply	supply	NOUN
fbem-31090	65	27	chain	chain	NOUN
fbem-31090	65	28	management	management	NOUN
fbem-31090	65	29	to	to	PART
fbem-31090	65	30	achieve	achieve	VERB
fbem-31090	65	31	)	)	PUNCT
fbem-31090	65	32	,	,	PUNCT
fbem-31090	65	33	the	the	DET
fbem-31090	65	34	enterprise	enterprise	NOUN
fbem-31090	65	35	r	r	NOUN
fbem-31090	65	36	&	&	CCONJ
fbem-31090	65	37	d	d	PROPN
fbem-31090	65	38	investment	investment	NOUN
fbem-31090	65	39	conversion	conversion	NOUN
fbem-31090	65	40	efficiency	efficiency	NOUN
fbem-31090	65	41	is	be	AUX
fbem-31090	65	42	significantly	significantly	ADV
fbem-31090	65	43	improved	improve	VERB
fbem-31090	65	44	,	,	PUNCT
fbem-31090	65	45	every	every	DET
fbem-31090	65	46	increase	increase	NOUN
fbem-31090	65	47	of	of	ADP
fbem-31090	65	48	0.1	0.1	NUM
fbem-31090	65	49	times	time	NOUN
fbem-31090	65	50	turnover	turnover	NOUN
fbem-31090	65	51	rate	rate	NOUN
fbem-31090	65	52	can	can	AUX
fbem-31090	65	53	lead	lead	VERB
fbem-31090	65	54	to	to	ADP
fbem-31090	65	55	the	the	DET
fbem-31090	65	56	r	r	NOUN
fbem-31090	65	57	&	&	CCONJ
fbem-31090	65	58	d	d	PROPN
fbem-31090	65	59	intensity	intensity	NOUN
fbem-31090	65	60	of	of	ADP
fbem-31090	65	61	the	the	DET
fbem-31090	65	62	rise	rise	NOUN
fbem-31090	65	63	of	of	ADP
fbem-31090	65	64	0.3	0.3	NUM
fbem-31090	65	65	percentage	percentage	NOUN
fbem-31090	65	66	points	point	NOUN
fbem-31090	65	67	;	;	PUNCT
fbem-31090	65	68	conversely	conversely	ADV
fbem-31090	65	69	,	,	PUNCT
fbem-31090	65	70	if	if	SCONJ
fbem-31090	65	71	the	the	DET
fbem-31090	65	72	turnover	turnover	NOUN
fbem-31090	65	73	rate	rate	NOUN
fbem-31090	65	74	is	be	AUX
fbem-31090	65	75	lower	low	ADJ
fbem-31090	65	76	than	than	ADP
fbem-31090	65	77	0.6	0.6	NUM
fbem-31090	65	78	times	time	NOUN
fbem-31090	65	79	(	(	PUNCT
fbem-31090	65	80	such	such	ADJ
fbem-31090	65	81	as	as	ADP
fbem-31090	65	82	part	part	NOUN
fbem-31090	65	83	of	of	ADP
fbem-31090	65	84	semiconductor	semiconductor	NOUN
fbem-31090	65	85	materials	material	NOUN
fbem-31090	65	86	companies	company	NOUN
fbem-31090	65	87	due	due	ADJ
fbem-31090	65	88	to	to	ADP
fbem-31090	65	89	inventory	inventory	NOUN
fbem-31090	65	90	backlog	backlog	NOUN
fbem-31090	65	91	)	)	PUNCT
fbem-31090	65	92	,	,	PUNCT
fbem-31090	65	93	its	its	PRON
fbem-31090	65	94	r	r	NOUN
fbem-31090	65	95	&	&	CCONJ
fbem-31090	65	96	d	d	NOUN
fbem-31090	65	97	expenses	expense	NOUN
fbem-31090	65	98	accounted	account	VERB
fbem-31090	65	99	for	for	ADP
fbem-31090	65	100	every	every	DET
fbem-31090	65	101	reduction	reduction	NOUN
fbem-31090	65	102	of	of	ADP
fbem-31090	65	103	one	one	NUM
fbem-31090	65	104	percentage	percentage	NOUN
fbem-31090	65	105	point	point	NOUN
fbem-31090	65	106	,	,	PUNCT
fbem-31090	65	107	the	the	DET
fbem-31090	65	108	return	return	NOUN
fbem-31090	65	109	on	on	ADP
fbem-31090	65	110	equity	equity	NOUN
fbem-31090	65	111	(	(	PUNCT
fbem-31090	65	112	roe	roe	PROPN
fbem-31090	65	113	)	)	PUNCT
fbem-31090	65	114	will	will	AUX
fbem-31090	65	115	decline	decline	VERB
fbem-31090	65	116	by	by	ADP
fbem-31090	65	117	0.8	0.8	NUM
fbem-31090	65	118	percentage	percentage	NOUN
fbem-31090	65	119	points	point	NOUN
fbem-31090	65	120	.	.	PUNCT
fbem-31090	66	1	high	high	ADJ
fbem-31090	66	2	-	-	PUNCT
fbem-31090	66	3	tech	tech	NOUN
fbem-31090	66	4	enterprises	enterprise	NOUN
fbem-31090	66	5	generally	generally	ADV
fbem-31090	66	6	adopt	adopt	VERB
fbem-31090	66	7	the	the	DET
fbem-31090	66	8	“	"	PUNCT
fbem-31090	66	9	core	core	ADJ
fbem-31090	66	10	r&d	r&d	NOUN
fbem-31090	66	11	+	+	CCONJ
fbem-31090	66	12	outsourced	outsourced	ADJ
fbem-31090	66	13	production	production	NOUN
fbem-31090	66	14	”	"	PUNCT
fbem-31090	66	15	model	model	NOUN
fbem-31090	66	16	,	,	PUNCT
fbem-31090	66	17	with	with	ADP
fbem-31090	66	18	fixed	fix	VERB
fbem-31090	66	19	assets	asset	NOUN
fbem-31090	66	20	accounting	account	VERB
fbem-31090	66	21	for	for	ADP
fbem-31090	66	22	an	an	DET
fbem-31090	66	23	average	average	NOUN
fbem-31090	66	24	of	of	ADP
fbem-31090	66	25	only	only	ADV
fbem-31090	66	26	21	21	NUM
fbem-31090	66	27	%	%	NOUN
fbem-31090	66	28	,	,	PUNCT
fbem-31090	66	29	which	which	PRON
fbem-31090	66	30	makes	make	VERB
fbem-31090	66	31	their	their	PRON
fbem-31090	66	32	turnover	turnover	NOUN
fbem-31090	66	33	rate	rate	NOUN
fbem-31090	66	34	more	more	ADV
fbem-31090	66	35	susceptible	susceptible	ADJ
fbem-31090	66	36	to	to	ADP
fbem-31090	66	37	the	the	DET
fbem-31090	66	38	impact	impact	NOUN
fbem-31090	66	39	of	of	ADP
fbem-31090	66	40	intangible	intangible	ADJ
fbem-31090	66	41	asset	asset	NOUN
fbem-31090	66	42	operating	operating	NOUN
fbem-31090	66	43	efficiency	efficiency	NOUN
fbem-31090	66	44	.	.	PUNCT
fbem-31090	67	1	for	for	ADP
fbem-31090	67	2	example	example	NOUN
fbem-31090	67	3	,	,	PUNCT
fbem-31090	67	4	an	an	DET
fbem-31090	67	5	artificial	artificial	ADJ
fbem-31090	67	6	intelligence	intelligence	NOUN
fbem-31090	67	7	enterprise	enterprise	NOUN
fbem-31090	67	8	through	through	ADP
fbem-31090	67	9	technology	technology	NOUN
fbem-31090	67	10	licensing	licensing	NOUN
fbem-31090	67	11	(	(	PUNCT
fbem-31090	67	12	intangible	intangible	ADJ
fbem-31090	67	13	asset	asset	NOUN
fbem-31090	67	14	turnover	turnover	NOUN
fbem-31090	67	15	rate	rate	NOUN
fbem-31090	67	16	increased	increase	VERB
fbem-31090	67	17	to	to	ADP
fbem-31090	67	18	2.3	2.3	NUM
fbem-31090	67	19	times	time	NOUN
fbem-31090	67	20	)	)	PUNCT
fbem-31090	67	21	to	to	PART
fbem-31090	67	22	promote	promote	VERB
fbem-31090	67	23	the	the	DET
fbem-31090	67	24	total	total	ADJ
fbem-31090	67	25	asset	asset	NOUN
fbem-31090	67	26	turnover	turnover	NOUN
fbem-31090	67	27	rate	rate	NOUN
fbem-31090	67	28	jumped	jump	VERB
fbem-31090	67	29	to	to	ADP
fbem-31090	67	30	1.8	1.8	NUM
fbem-31090	67	31	times	time	NOUN
fbem-31090	67	32	,	,	PUNCT
fbem-31090	67	33	the	the	DET
fbem-31090	67	34	same	same	ADJ
fbem-31090	67	35	period	period	NOUN
fbem-31090	67	36	of	of	ADP
fbem-31090	67	37	r	r	NOUN
fbem-31090	67	38	&	&	CCONJ
fbem-31090	67	39	d	d	PROPN
fbem-31090	67	40	investment	investment	NOUN
fbem-31090	67	41	intensity	intensity	NOUN
fbem-31090	67	42	grew	grow	VERB
fbem-31090	67	43	to	to	ADP
fbem-31090	67	44	12.5	12.5	NUM
fbem-31090	67	45	%	%	NOUN
fbem-31090	67	46	against	against	ADP
fbem-31090	67	47	the	the	DET
fbem-31090	67	48	trend	trend	NOUN
fbem-31090	67	49	,	,	PUNCT
fbem-31090	67	50	forming	form	VERB
fbem-31090	67	51	a	a	DET
fbem-31090	67	52	“	"	PUNCT
fbem-31090	67	53	high	high	ADJ
fbem-31090	67	54	turnover	turnover	NOUN
fbem-31090	67	55	high	high	ADJ
fbem-31090	67	56	innovation	innovation	NOUN
fbem-31090	67	57	”	"	PUNCT
fbem-31090	67	58	synergistic	synergistic	ADJ
fbem-31090	67	59	effect	effect	NOUN
fbem-31090	67	60	.	.	PUNCT
fbem-31090	68	1	enterprises	enterprise	NOUN
fbem-31090	68	2	with	with	ADP
fbem-31090	68	3	total	total	ADJ
fbem-31090	68	4	asset	asset	NOUN
fbem-31090	68	5	turnover	turnover	NOUN
fbem-31090	68	6	ratio	ratio	NOUN
fbem-31090	68	7	in	in	ADP
fbem-31090	68	8	the	the	DET
fbem-31090	68	9	optimal	optimal	ADJ
fbem-31090	68	10	range	range	NOUN
fbem-31090	68	11	of	of	ADP
fbem-31090	68	12	0.9	0.9	NUM
fbem-31090	68	13	-	-	SYM
fbem-31090	68	14	1.2	1.2	NUM
fbem-31090	68	15	times	time	NOUN
fbem-31090	68	16	(	(	PUNCT
fbem-31090	68	17	such	such	ADJ
fbem-31090	68	18	as	as	ADP
fbem-31090	68	19	the	the	DET
fbem-31090	68	20	median	median	ADJ
fbem-31090	68	21	level	level	NOUN
fbem-31090	68	22	of	of	ADP
fbem-31090	68	23	companies	company	NOUN
fbem-31090	68	24	listed	list	VERB
fbem-31090	68	25	on	on	ADP
fbem-31090	68	26	the	the	DET
fbem-31090	68	27	science	science	NOUN
fbem-31090	68	28	and	and	CCONJ
fbem-31090	68	29	innovation	innovation	PROPN
fbem-31090	68	30	board	board	PROPN
fbem-31090	68	31	)	)	PUNCT
fbem-31090	68	32	tend	tend	VERB
fbem-31090	68	33	to	to	PART
fbem-31090	68	34	be	be	AUX
fbem-31090	68	35	able	able	ADJ
fbem-31090	68	36	to	to	PART
fbem-31090	68	37	balance	balance	VERB
fbem-31090	68	38	the	the	DET
fbem-31090	68	39	efficiency	efficiency	NOUN
fbem-31090	68	40	of	of	ADP
fbem-31090	68	41	asset	asset	NOUN
fbem-31090	68	42	utilization	utilization	NOUN
fbem-31090	68	43	with	with	ADP
fbem-31090	68	44	the	the	DET
fbem-31090	68	45	demand	demand	NOUN
fbem-31090	68	46	for	for	ADP
fbem-31090	68	47	innovation	innovation	NOUN
fbem-31090	68	48	investment	investment	NOUN
fbem-31090	68	49	,	,	PUNCT
fbem-31090	68	50	with	with	ADP
fbem-31090	68	51	operating	operate	VERB
fbem-31090	68	52	profit	profit	NOUN
fbem-31090	68	53	margin	margin	NOUN
fbem-31090	68	54	(	(	PUNCT
fbem-31090	68	55	9.2	9.2	NUM
fbem-31090	68	56	%	%	NOUN
fbem-31090	68	57	)	)	PUNCT
fbem-31090	68	58	2.1	2.1	NUM
fbem-31090	68	59	percentage	percentage	NOUN
fbem-31090	68	60	points	point	NOUN
fbem-31090	68	61	higher	high	ADJ
fbem-31090	68	62	than	than	ADP
fbem-31090	68	63	the	the	DET
fbem-31090	68	64	industry	industry	NOUN
fbem-31090	68	65	average	average	NOUN
fbem-31090	68	66	,	,	PUNCT
fbem-31090	68	67	and	and	CCONJ
fbem-31090	68	68	accounts	account	VERB
fbem-31090	68	69	receivable	receivable	ADJ
fbem-31090	68	70	turnover	turnover	NOUN
fbem-31090	68	71	days	day	NOUN
fbem-31090	68	72	shortened	shorten	VERB
fbem-31090	68	73	to	to	ADP
fbem-31090	68	74	54	54	NUM
fbem-31090	68	75	days	day	NOUN
fbem-31090	68	76	(	(	PUNCT
fbem-31090	68	77	lower	low	ADJ
fbem-31090	68	78	than	than	ADP
fbem-31090	68	79	the	the	DET
fbem-31090	68	80	industry	industry	NOUN
fbem-31090	68	81	average	average	NOUN
fbem-31090	68	82	of	of	ADP
fbem-31090	68	83	23	23	NUM
fbem-31090	68	84	days	day	NOUN
fbem-31090	68	85	)	)	PUNCT
fbem-31090	68	86	.	.	PUNCT
fbem-31090	69	1	the	the	DET
fbem-31090	69	2	nonlinear	nonlinear	ADJ
fbem-31090	69	3	effect	effect	NOUN
fbem-31090	69	4	of	of	ADP
fbem-31090	69	5	total	total	ADJ
fbem-31090	69	6	asset	asset	NOUN
fbem-31090	69	7	turnover	turnover	NOUN
fbem-31090	69	8	on	on	ADP
fbem-31090	69	9	performance	performance	NOUN
fbem-31090	69	10	is	be	AUX
fbem-31090	69	11	moderated	moderate	VERB
fbem-31090	69	12	by	by	ADP
fbem-31090	69	13	technology	technology	NOUN
fbem-31090	69	14	intensity	intensity	NOUN
fbem-31090	69	15	:	:	PUNCT
fbem-31090	69	16	in	in	ADP
fbem-31090	69	17	low	low	ADJ
fbem-31090	69	18	-	-	PUNCT
fbem-31090	69	19	technology	technology	NOUN
fbem-31090	69	20	intensive	intensive	ADJ
fbem-31090	69	21	industries	industry	NOUN
fbem-31090	69	22	(	(	PUNCT
fbem-31090	69	23	e.g.	e.g.	ADV
fbem-31090	69	24	,	,	PUNCT
fbem-31090	69	25	general	general	ADJ
fbem-31090	69	26	equipment	equipment	NOUN
fbem-31090	69	27	manufacturing	manufacturing	NOUN
fbem-31090	69	28	)	)	PUNCT
fbem-31090	69	29	,	,	PUNCT
fbem-31090	69	30	119	119	NUM
fbem-31090	69	31	every	every	DET
fbem-31090	69	32	0.1	0.1	NUM
fbem-31090	69	33	increase	increase	NOUN
fbem-31090	69	34	in	in	ADP
fbem-31090	69	35	turnover	turnover	NOUN
fbem-31090	69	36	increases	increase	NOUN
fbem-31090	69	37	roa	roa	NOUN
fbem-31090	69	38	by	by	ADP
fbem-31090	69	39	0.4	0.4	NUM
fbem-31090	69	40	percentage	percentage	NOUN
fbem-31090	69	41	points	point	NOUN
fbem-31090	69	42	;	;	PUNCT
fbem-31090	69	43	while	while	SCONJ
fbem-31090	69	44	in	in	ADP
fbem-31090	69	45	high	high	ADJ
fbem-31090	69	46	-	-	PUNCT
fbem-31090	69	47	technology	technology	NOUN
fbem-31090	69	48	intensive	intensive	ADJ
fbem-31090	69	49	industries	industry	NOUN
fbem-31090	69	50	(	(	PUNCT
fbem-31090	69	51	e.g.	e.g.	ADV
fbem-31090	69	52	,	,	PUNCT
fbem-31090	69	53	integrated	integrated	ADJ
fbem-31090	69	54	circuit	circuit	NOUN
fbem-31090	69	55	design	design	NOUN
fbem-31090	69	56	)	)	PUNCT
fbem-31090	69	57	,	,	PUNCT
fbem-31090	69	58	the	the	DET
fbem-31090	69	59	effect	effect	NOUN
fbem-31090	69	60	is	be	AUX
fbem-31090	69	61	magnified	magnify	VERB
fbem-31090	69	62	to	to	ADP
fbem-31090	69	63	0.7	0.7	NUM
fbem-31090	69	64	percentage	percentage	NOUN
fbem-31090	69	65	points	point	NOUN
fbem-31090	69	66	,	,	PUNCT
fbem-31090	69	67	confirming	confirm	VERB
fbem-31090	69	68	the	the	DET
fbem-31090	69	69	leverage	leverage	NOUN
fbem-31090	69	70	of	of	ADP
fbem-31090	69	71	asset	asset	NOUN
fbem-31090	69	72	operating	operating	NOUN
fbem-31090	69	73	efficiency	efficiency	NOUN
fbem-31090	69	74	on	on	ADP
fbem-31090	69	75	the	the	DET
fbem-31090	69	76	commercialization	commercialization	NOUN
fbem-31090	69	77	of	of	ADP
fbem-31090	69	78	innovation	innovation	NOUN
fbem-31090	69	79	results	result	NOUN
fbem-31090	69	80	.	.	PUNCT
fbem-31090	70	1	this	this	DET
fbem-31090	70	2	finding	finding	NOUN
fbem-31090	70	3	provides	provide	VERB
fbem-31090	70	4	a	a	DET
fbem-31090	70	5	quantitative	quantitative	ADJ
fbem-31090	70	6	basis	basis	NOUN
fbem-31090	70	7	for	for	SCONJ
fbem-31090	70	8	firms	firm	NOUN
fbem-31090	70	9	to	to	PART
fbem-31090	70	10	optimize	optimize	VERB
fbem-31090	70	11	their	their	PRON
fbem-31090	70	12	asset	asset	NOUN
fbem-31090	70	13	allocation	allocation	NOUN
fbem-31090	70	14	strategies	strategy	NOUN
fbem-31090	70	15	(	(	PUNCT
fbem-31090	70	16	e.g.	e.g.	ADV
fbem-31090	70	17	,	,	PUNCT
fbem-31090	70	18	dynamically	dynamically	ADV
fbem-31090	70	19	adjusting	adjust	VERB
fbem-31090	70	20	the	the	DET
fbem-31090	70	21	ratio	ratio	NOUN
fbem-31090	70	22	of	of	ADP
fbem-31090	70	23	fixed	fix	VERB
fbem-31090	70	24	assets	asset	NOUN
fbem-31090	70	25	to	to	ADP
fbem-31090	70	26	r&d	r&d	NOUN
fbem-31090	70	27	investment	investment	NOUN
fbem-31090	70	28	)	)	PUNCT
fbem-31090	70	29	.	.	PUNCT
fbem-31090	71	1	5	5	X
fbem-31090	71	2	.	.	X
fbem-31090	71	3	analysis	analysis	NOUN
fbem-31090	71	4	of	of	ADP
fbem-31090	71	5	empirical	empirical	ADJ
fbem-31090	71	6	results	result	NOUN
fbem-31090	71	7	this	this	DET
fbem-31090	71	8	paper	paper	NOUN
fbem-31090	71	9	mainly	mainly	ADV
fbem-31090	71	10	uses	use	VERB
fbem-31090	71	11	the	the	DET
fbem-31090	71	12	model	model	NOUN
fbem-31090	71	13	for	for	ADP
fbem-31090	71	14	analysis	analysis	NOUN
fbem-31090	71	15	,	,	PUNCT
fbem-31090	71	16	the	the	DET
fbem-31090	71	17	specific	specific	ADJ
fbem-31090	71	18	model	model	NOUN
fbem-31090	71	19	formula	formula	NOUN
fbem-31090	71	20	is	be	AUX
fbem-31090	71	21	shown	show	VERB
fbem-31090	71	22	below	below	ADP
fbem-31090	71	23	:	:	PUNCT
fbem-31090	71	24	𝑅𝑂𝐸	𝑅𝑂𝐸	PROPN
fbem-31090	71	25	=	=	PUNCT
fbem-31090	71	26	𝛼	𝛼	NOUN
fbem-31090	71	27	+	+	CCONJ
fbem-31090	71	28	𝛽1𝑅𝐷𝑖,𝑡	𝛽1𝑅𝐷𝑖,𝑡	VERB
fbem-31090	71	29	+	+	CCONJ
fbem-31090	71	30	𝛽2𝐿𝐸𝑉𝑖,𝑡	𝛽2𝐿𝐸𝑉𝑖,𝑡	ADJ
fbem-31090	71	31	+	+	CCONJ
fbem-31090	71	32	𝛽3𝑆𝐼𝑍𝐸𝑖,𝑡	𝛽3𝑆𝐼𝑍𝐸𝑖,𝑡	VERB
fbem-31090	71	33	+	+	NUM
fbem-31090	71	34	𝛽4𝐴𝑇𝑂𝑖,𝑡	𝛽4𝐴𝑇𝑂𝑖,𝑡	NOUN
fbem-31090	71	35	+	+	CCONJ
fbem-31090	71	36	𝜀𝑖,𝑡	𝜀𝑖,𝑡	X
fbem-31090	71	37	in	in	ADP
fbem-31090	71	38	the	the	DET
fbem-31090	71	39	above	above	ADJ
fbem-31090	71	40	model	model	NOUN
fbem-31090	71	41	,	,	PUNCT
fbem-31090	71	42	subscript	subscript	NOUN
fbem-31090	71	43	i	i	PRON
fbem-31090	71	44	and	and	CCONJ
fbem-31090	71	45	subscript	subscript	PROPN
fbem-31090	71	46	t	t	PROPN
fbem-31090	71	47	denote	denote	VERB
fbem-31090	71	48	individual	individual	ADJ
fbem-31090	71	49	firms	firm	NOUN
fbem-31090	71	50	and	and	CCONJ
fbem-31090	71	51	years	year	NOUN
fbem-31090	71	52	,	,	PUNCT
fbem-31090	71	53	respectively	respectively	ADV
fbem-31090	71	54	;	;	PUNCT
fbem-31090	71	55	α	α	PRON
fbem-31090	71	56	represents	represent	VERB
fbem-31090	71	57	the	the	DET
fbem-31090	71	58	constant	constant	ADJ
fbem-31090	71	59	term	term	NOUN
fbem-31090	71	60	;	;	PUNCT
fbem-31090	71	61	βi	βi	X
fbem-31090	71	62	(	(	PUNCT
fbem-31090	71	63	i=1	i=1	X
fbem-31090	71	64	,	,	PUNCT
fbem-31090	71	65	…	…	PUNCT
fbem-31090	71	66	,	,	PUNCT
fbem-31090	71	67	4	4	X
fbem-31090	71	68	)	)	PUNCT
fbem-31090	71	69	denotes	denote	VERB
fbem-31090	71	70	the	the	DET
fbem-31090	71	71	regression	regression	NOUN
fbem-31090	71	72	coefficients	coefficient	NOUN
fbem-31090	71	73	of	of	ADP
fbem-31090	71	74	the	the	DET
fbem-31090	71	75	explanatory	explanatory	ADJ
fbem-31090	71	76	variables	variable	NOUN
fbem-31090	71	77	;	;	PUNCT
fbem-31090	71	78	and	and	CCONJ
fbem-31090	71	79	i	i	PROPN
fbem-31090	71	80	,	,	PUNCT
fbem-31090	71	81	t	t	PROPN
fbem-31090	71	82	denotes	denote	VERB
fbem-31090	71	83	the	the	DET
fbem-31090	71	84	residual	residual	ADJ
fbem-31090	71	85	term	term	NOUN
fbem-31090	71	86	.	.	PUNCT
fbem-31090	72	1	5.1	5.1	NUM
fbem-31090	72	2	.	.	PUNCT
fbem-31090	73	1	descriptive	descriptive	ADJ
fbem-31090	73	2	statistical	statistical	ADJ
fbem-31090	73	3	analysis	analysis	NOUN
fbem-31090	73	4	table	table	NOUN
fbem-31090	73	5	1	1	NUM
fbem-31090	73	6	.	.	PUNCT
fbem-31090	73	7	descriptive	descriptive	ADJ
fbem-31090	73	8	statistical	statistical	ADJ
fbem-31090	73	9	analysis	analysis	NOUN
fbem-31090	73	10	of	of	ADP
fbem-31090	73	11	key	key	ADJ
fbem-31090	73	12	variables	variable	NOUN
fbem-31090	73	13	obs	obs	PROPN
fbem-31090	73	14	mean	mean	VERB
fbem-31090	73	15	sd	sd	ADP
fbem-31090	73	16	min	min	PROPN
fbem-31090	73	17	max	max	PROPN
fbem-31090	73	18	roe	roe	PROPN
fbem-31090	73	19	9754	9754	NUM
fbem-31090	73	20	0.3042	0.3042	NUM
fbem-31090	73	21	0.2527	0.2527	NUM
fbem-31090	73	22	-1.8947	-1.8947	VERB
fbem-31090	74	1	0.4936	0.4936	NUM
fbem-31090	74	2	rd	rd	NOUN
fbem-31090	74	3	9754	9754	NUM
fbem-31090	74	4	0.0789	0.0789	NUM
fbem-31090	74	5	0.0469	0.0469	NUM
fbem-31090	74	6	0.0036	0.0036	NUM
fbem-31090	74	7	0.3654	0.3654	NUM
fbem-31090	74	8	lev	lev	NOUN
fbem-31090	74	9	9754	9754	NUM
fbem-31090	74	10	0.4078	0.4078	NUM
fbem-31090	74	11	0.2383	0.2383	NUM
fbem-31090	74	12	0.0091	0.0091	NUM
fbem-31090	74	13	0.8864	0.8864	NUM
fbem-31090	74	14	size	size	NOUN
fbem-31090	74	15	9754	9754	NUM
fbem-31090	74	16	22.0130	22.0130	NUM
fbem-31090	74	17	1.2048	1.2048	NUM
fbem-31090	74	18	19.7501	19.7501	NUM
fbem-31090	74	19	25.9757	25.9757	NUM
fbem-31090	74	20	ato	ato	NOUN
fbem-31090	74	21	9754	9754	NUM
fbem-31090	74	22	0.5799	0.5799	NUM
fbem-31090	74	23	0.4510	0.4510	NUM
fbem-31090	74	24	0.0269	0.0269	NUM
fbem-31090	74	25	1.4155	1.4155	NUM
fbem-31090	74	26	from	from	ADP
fbem-31090	74	27	the	the	DET
fbem-31090	74	28	results	result	NOUN
fbem-31090	74	29	of	of	ADP
fbem-31090	74	30	descriptive	descriptive	ADJ
fbem-31090	74	31	statistics	statistic	NOUN
fbem-31090	74	32	,	,	PUNCT
fbem-31090	74	33	it	it	PRON
fbem-31090	74	34	can	can	AUX
fbem-31090	74	35	be	be	AUX
fbem-31090	74	36	seen	see	VERB
fbem-31090	74	37	that	that	SCONJ
fbem-31090	74	38	the	the	DET
fbem-31090	74	39	statistical	statistical	ADJ
fbem-31090	74	40	characteristics	characteristic	NOUN
fbem-31090	74	41	of	of	ADP
fbem-31090	74	42	each	each	DET
fbem-31090	74	43	variable	variable	NOUN
fbem-31090	74	44	are	be	AUX
fbem-31090	74	45	within	within	ADP
fbem-31090	74	46	a	a	DET
fbem-31090	74	47	reasonable	reasonable	ADJ
fbem-31090	74	48	range	range	NOUN
fbem-31090	74	49	,	,	PUNCT
fbem-31090	74	50	from	from	ADP
fbem-31090	74	51	which	which	PRON
fbem-31090	74	52	we	we	PRON
fbem-31090	74	53	can	can	AUX
fbem-31090	74	54	see	see	VERB
fbem-31090	74	55	that	that	SCONJ
fbem-31090	74	56	the	the	DET
fbem-31090	74	57	overall	overall	ADJ
fbem-31090	74	58	level	level	NOUN
fbem-31090	74	59	of	of	ADP
fbem-31090	74	60	development	development	NOUN
fbem-31090	74	61	of	of	ADP
fbem-31090	74	62	the	the	DET
fbem-31090	74	63	industry	industry	NOUN
fbem-31090	74	64	is	be	AUX
fbem-31090	74	65	uneven	uneven	ADJ
fbem-31090	74	66	,	,	PUNCT
fbem-31090	74	67	and	and	CCONJ
fbem-31090	74	68	the	the	DET
fbem-31090	74	69	maximum	maximum	ADJ
fbem-31090	74	70	and	and	CCONJ
fbem-31090	74	71	minimum	minimum	ADJ
fbem-31090	74	72	values	value	NOUN
fbem-31090	74	73	of	of	ADP
fbem-31090	74	74	the	the	DET
fbem-31090	74	75	indicators	indicator	NOUN
fbem-31090	74	76	are	be	AUX
fbem-31090	74	77	significantly	significantly	ADV
fbem-31090	74	78	different	different	ADJ
fbem-31090	74	79	.	.	PUNCT
fbem-31090	75	1	5.2	5.2	NUM
fbem-31090	75	2	.	.	PUNCT
fbem-31090	76	1	correlation	correlation	NOUN
fbem-31090	76	2	analysis	analysis	NOUN
fbem-31090	76	3	table	table	NOUN
fbem-31090	76	4	2	2	NUM
fbem-31090	76	5	.	.	PUNCT
fbem-31090	76	6	results	result	NOUN
fbem-31090	76	7	of	of	ADP
fbem-31090	76	8	correlation	correlation	NOUN
fbem-31090	76	9	analysis	analysis	NOUN
fbem-31090	76	10	between	between	ADP
fbem-31090	76	11	variables	variables	PROPN
fbem-31090	76	12	roe	roe	PROPN
fbem-31090	76	13	rd	rd	PROPN
fbem-31090	76	14	lev	lev	PROPN
fbem-31090	76	15	size	size	PROPN
fbem-31090	76	16	ato	ato	PROPN
fbem-31090	76	17	roe	roe	PROPN
fbem-31090	76	18	1.0000	1.0000	NUM
fbem-31090	76	19	rd	rd	PROPN
fbem-31090	76	20	0.0978	0.0978	NUM
fbem-31090	76	21	1.0000	1.0000	NUM
fbem-31090	76	22	lev	lev	NOUN
fbem-31090	76	23	-0.2036	-0.2036	NOUN
fbem-31090	76	24	-0.0360	-0.0360	VERB
fbem-31090	76	25	1.0000	1.0000	NUM
fbem-31090	76	26	size	size	NOUN
fbem-31090	76	27	0.0431	0.0431	NUM
fbem-31090	76	28	-0.2603	-0.2603	NOUN
fbem-31090	76	29	0.4182	0.4182	NUM
fbem-31090	76	30	1.0000	1.0000	NUM
fbem-31090	76	31	ato	ato	NOUN
fbem-31090	77	1	0.5236	0.5236	NUM
fbem-31090	77	2	-0.3000	-0.3000	NOUN
fbem-31090	77	3	0.2042	0.2042	NUM
fbem-31090	78	1	0.2315	0.2315	NUM
fbem-31090	78	2	1.0000	1.0000	NUM
fbem-31090	78	3	the	the	DET
fbem-31090	78	4	results	result	NOUN
fbem-31090	78	5	of	of	ADP
fbem-31090	78	6	the	the	DET
fbem-31090	78	7	correlation	correlation	NOUN
fbem-31090	78	8	analysis	analysis	NOUN
fbem-31090	78	9	show	show	VERB
fbem-31090	78	10	that	that	SCONJ
fbem-31090	78	11	there	there	PRON
fbem-31090	78	12	is	be	VERB
fbem-31090	78	13	a	a	DET
fbem-31090	78	14	significant	significant	ADJ
fbem-31090	78	15	correlation	correlation	NOUN
fbem-31090	78	16	between	between	ADP
fbem-31090	78	17	r&d	r&d	NOUN
fbem-31090	78	18	investment	investment	NOUN
fbem-31090	78	19	,	,	PUNCT
fbem-31090	78	20	gearing	gear	VERB
fbem-31090	78	21	ratio	ratio	NOUN
fbem-31090	78	22	,	,	PUNCT
fbem-31090	78	23	company	company	NOUN
fbem-31090	78	24	size	size	NOUN
fbem-31090	78	25	and	and	CCONJ
fbem-31090	78	26	total	total	ADJ
fbem-31090	78	27	asset	asset	NOUN
fbem-31090	78	28	turnover	turnover	NOUN
fbem-31090	78	29	and	and	CCONJ
fbem-31090	78	30	return	return	VERB
fbem-31090	78	31	on	on	ADP
fbem-31090	78	32	net	net	ADJ
fbem-31090	78	33	assets	asset	NOUN
fbem-31090	78	34	.	.	PUNCT
fbem-31090	79	1	specifically	specifically	ADV
fbem-31090	79	2	,	,	PUNCT
fbem-31090	79	3	gearing	gear	VERB
fbem-31090	79	4	ratio	ratio	NOUN
fbem-31090	79	5	and	and	CCONJ
fbem-31090	79	6	return	return	NOUN
fbem-31090	79	7	on	on	ADP
fbem-31090	79	8	net	net	ADJ
fbem-31090	79	9	assets	asset	NOUN
fbem-31090	79	10	are	be	AUX
fbem-31090	79	11	significant	significant	ADJ
fbem-31090	79	12	at	at	ADP
fbem-31090	79	13	the	the	DET
fbem-31090	79	14	1	1	NUM
fbem-31090	79	15	%	%	NOUN
fbem-31090	79	16	level	level	NOUN
fbem-31090	79	17	,	,	PUNCT
fbem-31090	79	18	a	a	DET
fbem-31090	79	19	result	result	NOUN
fbem-31090	79	20	that	that	PRON
fbem-31090	79	21	validates	validate	VERB
fbem-31090	79	22	the	the	DET
fbem-31090	79	23	negative	negative	ADJ
fbem-31090	79	24	impact	impact	NOUN
fbem-31090	79	25	of	of	ADP
fbem-31090	79	26	financial	financial	ADJ
fbem-31090	79	27	leverage	leverage	NOUN
fbem-31090	79	28	on	on	ADP
fbem-31090	79	29	corporate	corporate	ADJ
fbem-31090	79	30	profitability	profitability	NOUN
fbem-31090	79	31	,	,	PUNCT
fbem-31090	79	32	suggesting	suggest	VERB
fbem-31090	79	33	that	that	SCONJ
fbem-31090	79	34	excessive	excessive	ADJ
fbem-31090	79	35	debt	debt	NOUN
fbem-31090	79	36	levels	level	NOUN
fbem-31090	79	37	increase	increase	VERB
fbem-31090	79	38	a	a	DET
fbem-31090	79	39	company	company	NOUN
fbem-31090	79	40	's	's	PART
fbem-31090	79	41	financial	financial	ADJ
fbem-31090	79	42	risk	risk	NOUN
fbem-31090	79	43	,	,	PUNCT
fbem-31090	79	44	which	which	PRON
fbem-31090	79	45	in	in	ADP
fbem-31090	79	46	turn	turn	NOUN
fbem-31090	79	47	reduces	reduce	VERB
fbem-31090	79	48	its	its	PRON
fbem-31090	79	49	profitability	profitability	NOUN
fbem-31090	79	50	performance	performance	NOUN
fbem-31090	79	51	.	.	PUNCT
fbem-31090	80	1	r&d	r&d	NOUN
fbem-31090	80	2	investment	investment	NOUN
fbem-31090	80	3	and	and	CCONJ
fbem-31090	80	4	return	return	NOUN
fbem-31090	80	5	on	on	ADP
fbem-31090	80	6	net	net	ADJ
fbem-31090	80	7	assets	asset	NOUN
fbem-31090	80	8	are	be	AUX
fbem-31090	80	9	significant	significant	ADJ
fbem-31090	80	10	at	at	ADP
fbem-31090	80	11	the	the	DET
fbem-31090	80	12	10	10	NUM
fbem-31090	80	13	%	%	NOUN
fbem-31090	80	14	level	level	NOUN
fbem-31090	80	15	,	,	PUNCT
fbem-31090	80	16	suggesting	suggest	VERB
fbem-31090	80	17	that	that	SCONJ
fbem-31090	80	18	r&d	r&d	NOUN
fbem-31090	80	19	and	and	CCONJ
fbem-31090	80	20	innovation	innovation	NOUN
fbem-31090	80	21	have	have	VERB
fbem-31090	80	22	a	a	DET
fbem-31090	80	23	positive	positive	ADJ
fbem-31090	80	24	effect	effect	NOUN
fbem-31090	80	25	on	on	ADP
fbem-31090	80	26	enhancing	enhance	VERB
fbem-31090	80	27	firm	firm	ADJ
fbem-31090	80	28	performance	performance	NOUN
fbem-31090	80	29	,	,	PUNCT
fbem-31090	80	30	although	although	SCONJ
fbem-31090	80	31	this	this	DET
fbem-31090	80	32	effect	effect	NOUN
fbem-31090	80	33	is	be	AUX
fbem-31090	80	34	relatively	relatively	ADV
fbem-31090	80	35	weak	weak	ADJ
fbem-31090	80	36	,	,	PUNCT
fbem-31090	80	37	possibly	possibly	ADV
fbem-31090	80	38	reflecting	reflect	VERB
fbem-31090	80	39	the	the	DET
fbem-31090	80	40	fact	fact	NOUN
fbem-31090	80	41	that	that	SCONJ
fbem-31090	80	42	it	it	PRON
fbem-31090	80	43	takes	take	VERB
fbem-31090	80	44	a	a	DET
fbem-31090	80	45	certain	certain	ADJ
fbem-31090	80	46	amount	amount	NOUN
fbem-31090	80	47	of	of	ADP
fbem-31090	80	48	time	time	NOUN
fbem-31090	80	49	for	for	SCONJ
fbem-31090	80	50	r&d	r&d	NOUN
fbem-31090	80	51	investment	investment	NOUN
fbem-31090	80	52	to	to	PART
fbem-31090	80	53	be	be	AUX
fbem-31090	80	54	transformed	transform	VERB
fbem-31090	80	55	into	into	ADP
fbem-31090	80	56	actual	actual	ADJ
fbem-31090	80	57	profitability	profitability	NOUN
fbem-31090	80	58	.	.	PUNCT
fbem-31090	81	1	the	the	DET
fbem-31090	81	2	positive	positive	ADJ
fbem-31090	81	3	correlation	correlation	NOUN
fbem-31090	81	4	between	between	ADP
fbem-31090	81	5	firm	firm	ADJ
fbem-31090	81	6	size	size	NOUN
fbem-31090	81	7	and	and	CCONJ
fbem-31090	81	8	return	return	NOUN
fbem-31090	81	9	on	on	ADP
fbem-31090	81	10	net	net	ADJ
fbem-31090	81	11	assets	asset	NOUN
fbem-31090	81	12	is	be	AUX
fbem-31090	81	13	weak	weak	ADJ
fbem-31090	81	14	and	and	CCONJ
fbem-31090	81	15	insignificant	insignificant	ADJ
fbem-31090	81	16	,	,	PUNCT
fbem-31090	81	17	suggesting	suggest	VERB
fbem-31090	81	18	that	that	SCONJ
fbem-31090	81	19	the	the	DET
fbem-31090	81	20	direct	direct	ADJ
fbem-31090	81	21	effect	effect	NOUN
fbem-31090	81	22	of	of	ADP
fbem-31090	81	23	size	size	NOUN
fbem-31090	81	24	expansion	expansion	NOUN
fbem-31090	81	25	on	on	ADP
fbem-31090	81	26	profitability	profitability	NOUN
fbem-31090	81	27	is	be	AUX
fbem-31090	81	28	limited	limit	VERB
fbem-31090	81	29	and	and	CCONJ
fbem-31090	81	30	may	may	AUX
fbem-31090	81	31	need	need	VERB
fbem-31090	81	32	to	to	PART
fbem-31090	81	33	be	be	AUX
fbem-31090	81	34	combined	combine	VERB
fbem-31090	81	35	with	with	ADP
fbem-31090	81	36	other	other	ADJ
fbem-31090	81	37	factors	factor	NOUN
fbem-31090	81	38	.	.	PUNCT
fbem-31090	82	1	total	total	ADJ
fbem-31090	82	2	asset	asset	NOUN
fbem-31090	82	3	turnover	turnover	NOUN
fbem-31090	82	4	and	and	CCONJ
fbem-31090	82	5	return	return	VERB
fbem-31090	82	6	on	on	ADP
fbem-31090	82	7	net	net	ADJ
fbem-31090	82	8	assets	asset	NOUN
fbem-31090	82	9	are	be	AUX
fbem-31090	82	10	significant	significant	ADJ
fbem-31090	82	11	at	at	ADP
fbem-31090	82	12	the	the	DET
fbem-31090	82	13	1	1	NUM
fbem-31090	82	14	%	%	NOUN
fbem-31090	82	15	level	level	NOUN
fbem-31090	82	16	)	)	PUNCT
fbem-31090	82	17	,	,	PUNCT
fbem-31090	82	18	highlighting	highlight	VERB
fbem-31090	82	19	the	the	DET
fbem-31090	82	20	key	key	ADJ
fbem-31090	82	21	role	role	NOUN
fbem-31090	82	22	of	of	ADP
fbem-31090	82	23	operational	operational	ADJ
fbem-31090	82	24	efficiency	efficiency	NOUN
fbem-31090	82	25	on	on	ADP
fbem-31090	82	26	corporate	corporate	ADJ
fbem-31090	82	27	performance	performance	NOUN
fbem-31090	82	28	,	,	PUNCT
fbem-31090	82	29	and	and	CCONJ
fbem-31090	82	30	efficient	efficient	ADJ
fbem-31090	82	31	asset	asset	NOUN
fbem-31090	82	32	turnover	turnover	NOUN
fbem-31090	82	33	can	can	AUX
fbem-31090	82	34	significantly	significantly	ADV
fbem-31090	82	35	improve	improve	VERB
fbem-31090	82	36	the	the	DET
fbem-31090	82	37	return	return	NOUN
fbem-31090	82	38	on	on	ADP
fbem-31090	82	39	capital	capital	NOUN
fbem-31090	82	40	.	.	PUNCT
fbem-31090	83	1	5.3	5.3	NUM
fbem-31090	83	2	.	.	PUNCT
fbem-31090	84	1	regression	regression	VERB
fbem-31090	84	2	analysis	analysis	NOUN
fbem-31090	84	3	table	table	NOUN
fbem-31090	84	4	3	3	NUM
fbem-31090	84	5	.	.	PUNCT
fbem-31090	85	1	regression	regression	NOUN
fbem-31090	85	2	results	result	NOUN
fbem-31090	85	3	roe	roe	PROPN
fbem-31090	85	4	rd	rd	PROPN
fbem-31090	85	5	0.7542	0.7542	NUM
fbem-31090	85	6	(	(	PUNCT
fbem-31090	85	7	3.65	3.65	NUM
fbem-31090	85	8	)	)	PUNCT
fbem-31090	85	9	lev	lev	NOUN
fbem-31090	85	10	-0.4216	-0.4216	NOUN
fbem-31090	85	11	(	(	PUNCT
fbem-31090	85	12	-27.23	-27.23	ADJ
fbem-31090	85	13	)	)	PUNCT
fbem-31090	85	14	size	size	NOUN
fbem-31090	85	15	0.0548	0.0548	NUM
fbem-31090	85	16	(	(	PUNCT
fbem-31090	85	17	12.58	12.58	NUM
fbem-31090	85	18	)	)	PUNCT
fbem-31090	85	19	ato	ato	NOUN
fbem-31090	85	20	0.3456	0.3456	PROPN
fbem-31090	85	21	(	(	PUNCT
fbem-31090	85	22	12.46	12.46	NUM
fbem-31090	85	23	)	)	PUNCT
fbem-31090	85	24	n	n	CCONJ
fbem-31090	85	25	9754	9754	NUM
fbem-31090	85	26	r2	r2	NOUN
fbem-31090	85	27	0.278	0.278	NUM
fbem-31090	85	28	from	from	ADP
fbem-31090	85	29	the	the	DET
fbem-31090	85	30	results	result	NOUN
fbem-31090	85	31	of	of	ADP
fbem-31090	85	32	regression	regression	NOUN
fbem-31090	85	33	analysis	analysis	NOUN
fbem-31090	85	34	,	,	PUNCT
fbem-31090	85	35	it	it	PRON
fbem-31090	85	36	can	can	AUX
fbem-31090	85	37	be	be	AUX
fbem-31090	85	38	seen	see	VERB
fbem-31090	85	39	that	that	SCONJ
fbem-31090	85	40	r&d	r&d	NOUN
fbem-31090	85	41	investment	investment	NOUN
fbem-31090	85	42	,	,	PUNCT
fbem-31090	85	43	gearing	gear	VERB
fbem-31090	85	44	ratio	ratio	NOUN
fbem-31090	85	45	,	,	PUNCT
fbem-31090	85	46	company	company	NOUN
fbem-31090	85	47	size	size	NOUN
fbem-31090	85	48	,	,	PUNCT
fbem-31090	85	49	and	and	CCONJ
fbem-31090	85	50	total	total	ADJ
fbem-31090	85	51	asset	asset	NOUN
fbem-31090	85	52	turnover	turnover	NOUN
fbem-31090	85	53	will	will	AUX
fbem-31090	85	54	have	have	VERB
fbem-31090	85	55	a	a	DET
fbem-31090	85	56	positive	positive	ADJ
fbem-31090	85	57	impact	impact	NOUN
fbem-31090	85	58	on	on	ADP
fbem-31090	85	59	the	the	DET
fbem-31090	85	60	explanatory	explanatory	ADJ
fbem-31090	85	61	variable	variable	ADJ
fbem-31090	85	62	return	return	NOUN
fbem-31090	85	63	on	on	ADP
fbem-31090	85	64	equity	equity	NOUN
fbem-31090	85	65	roe	roe	NOUN
fbem-31090	85	66	,	,	PUNCT
fbem-31090	85	67	and	and	CCONJ
fbem-31090	85	68	the	the	DET
fbem-31090	85	69	original	original	ADJ
fbem-31090	85	70	hypothesis	hypothesis	NOUN
fbem-31090	85	71	is	be	AUX
fbem-31090	85	72	valid	valid	ADJ
fbem-31090	85	73	.	.	PUNCT
fbem-31090	86	1	the	the	DET
fbem-31090	86	2	coefficient	coefficient	NOUN
fbem-31090	86	3	of	of	ADP
fbem-31090	86	4	r&d	r&d	NOUN
fbem-31090	86	5	investment	investment	NOUN
fbem-31090	86	6	is	be	AUX
fbem-31090	86	7	0.7542	0.7542	NUM
fbem-31090	86	8	and	and	CCONJ
fbem-31090	86	9	is	be	AUX
fbem-31090	86	10	significant	significant	ADJ
fbem-31090	86	11	at	at	ADP
fbem-31090	86	12	the	the	DET
fbem-31090	86	13	1	1	NUM
fbem-31090	86	14	%	%	NOUN
fbem-31090	86	15	level	level	NOUN
fbem-31090	86	16	,	,	PUNCT
fbem-31090	86	17	which	which	PRON
fbem-31090	86	18	indicates	indicate	VERB
fbem-31090	86	19	that	that	SCONJ
fbem-31090	86	20	every	every	DET
fbem-31090	86	21	one	one	NUM
fbem-31090	86	22	unit	unit	NOUN
fbem-31090	86	23	increase	increase	NOUN
fbem-31090	86	24	in	in	ADP
fbem-31090	86	25	r&d	r&d	NOUN
fbem-31090	86	26	investment	investment	NOUN
fbem-31090	86	27	by	by	ADP
fbem-31090	86	28	the	the	DET
fbem-31090	86	29	firm	firm	NOUN
fbem-31090	86	30	will	will	AUX
fbem-31090	86	31	drive	drive	VERB
fbem-31090	86	32	roe	roe	NOUN
fbem-31090	86	33	up	up	ADP
fbem-31090	86	34	by	by	ADP
fbem-31090	86	35	about	about	ADV
fbem-31090	86	36	0.75	0.75	NUM
fbem-31090	86	37	percentage	percentage	NOUN
fbem-31090	86	38	points	point	NOUN
fbem-31090	86	39	,	,	PUNCT
fbem-31090	86	40	controlling	control	VERB
fbem-31090	86	41	for	for	ADP
fbem-31090	86	42	other	other	ADJ
fbem-31090	86	43	variables	variable	NOUN
fbem-31090	86	44	.	.	PUNCT
fbem-31090	87	1	this	this	DET
fbem-31090	87	2	result	result	NOUN
fbem-31090	87	3	verifies	verify	VERB
fbem-31090	87	4	the	the	DET
fbem-31090	87	5	positive	positive	ADJ
fbem-31090	87	6	contribution	contribution	NOUN
fbem-31090	87	7	of	of	ADP
fbem-31090	87	8	r&d	r&d	NOUN
fbem-31090	87	9	innovation	innovation	NOUN
fbem-31090	87	10	to	to	PART
fbem-31090	87	11	firm	firm	VERB
fbem-31090	87	12	performance	performance	NOUN
fbem-31090	87	13	and	and	CCONJ
fbem-31090	87	14	supports	support	VERB
fbem-31090	87	15	research	research	NOUN
fbem-31090	87	16	hypothesis	hypothesis	NOUN
fbem-31090	87	17	h1	h1	NOUN
fbem-31090	87	18	.	.	PUNCT
fbem-31090	88	1	gearing	gear	VERB
fbem-31090	88	2	ratio	ratio	NOUN
fbem-31090	88	3	negatively	negatively	ADV
fbem-31090	88	4	affects	affect	VERB
fbem-31090	88	5	the	the	DET
fbem-31090	88	6	explanatory	explanatory	ADJ
fbem-31090	88	7	variable	variable	ADJ
fbem-31090	88	8	roe	roe	NOUN
fbem-31090	88	9	,	,	PUNCT
fbem-31090	88	10	and	and	CCONJ
fbem-31090	88	11	this	this	DET
fbem-31090	88	12	effect	effect	NOUN
fbem-31090	88	13	is	be	AUX
fbem-31090	88	14	significant	significant	ADJ
fbem-31090	88	15	at	at	ADP
fbem-31090	88	16	the	the	DET
fbem-31090	88	17	1	1	NUM
fbem-31090	88	18	%	%	NOUN
fbem-31090	88	19	level	level	NOUN
fbem-31090	88	20	,	,	PUNCT
fbem-31090	88	21	which	which	PRON
fbem-31090	88	22	indicates	indicate	VERB
fbem-31090	88	23	that	that	SCONJ
fbem-31090	88	24	every	every	DET
fbem-31090	88	25	1	1	NUM
fbem-31090	88	26	percentage	percentage	NOUN
fbem-31090	88	27	point	point	NOUN
fbem-31090	88	28	increase	increase	NOUN
fbem-31090	88	29	in	in	ADP
fbem-31090	88	30	a	a	DET
fbem-31090	88	31	firm	firm	NOUN
fbem-31090	88	32	's	's	PART
fbem-31090	88	33	gearing	gear	VERB
fbem-31090	88	34	ratio	ratio	NOUN
fbem-31090	88	35	will	will	AUX
fbem-31090	88	36	lead	lead	VERB
fbem-31090	88	37	to	to	ADP
fbem-31090	88	38	a	a	DET
fbem-31090	88	39	decrease	decrease	NOUN
fbem-31090	88	40	in	in	ADP
fbem-31090	88	41	roe	roe	NOUN
fbem-31090	88	42	of	of	ADP
fbem-31090	88	43	about	about	ADV
fbem-31090	88	44	0.42	0.42	NUM
fbem-31090	88	45	percentage	percentage	NOUN
fbem-31090	88	46	points	point	NOUN
fbem-31090	88	47	,	,	PUNCT
fbem-31090	88	48	which	which	PRON
fbem-31090	88	49	may	may	AUX
fbem-31090	88	50	stem	stem	VERB
fbem-31090	88	51	from	from	ADP
fbem-31090	88	52	the	the	DET
fbem-31090	88	53	increase	increase	NOUN
fbem-31090	88	54	in	in	ADP
fbem-31090	88	55	interest	interest	NOUN
fbem-31090	88	56	expense	expense	NOUN
fbem-31090	88	57	and	and	CCONJ
fbem-31090	88	58	the	the	DET
fbem-31090	88	59	rise	rise	NOUN
fbem-31090	88	60	in	in	ADP
fbem-31090	88	61	financial	financial	ADJ
fbem-31090	88	62	risk	risk	NOUN
fbem-31090	88	63	brought	bring	VERB
fbem-31090	88	64	about	about	ADP
fbem-31090	88	65	by	by	ADP
fbem-31090	88	66	high	high	ADJ
fbem-31090	88	67	indebtedness	indebtedness	NOUN
fbem-31090	88	68	.	.	PUNCT
fbem-31090	89	1	the	the	DET
fbem-31090	89	2	regression	regression	NOUN
fbem-31090	89	3	coefficient	coefficient	NOUN
fbem-31090	89	4	of	of	ADP
fbem-31090	89	5	company	company	NOUN
fbem-31090	89	6	size	size	NOUN
fbem-31090	89	7	is	be	AUX
fbem-31090	89	8	significant	significant	ADJ
fbem-31090	89	9	at	at	ADP
fbem-31090	89	10	the	the	DET
fbem-31090	89	11	1	1	NUM
fbem-31090	89	12	%	%	NOUN
fbem-31090	89	13	level	level	NOUN
fbem-31090	89	14	,	,	PUNCT
fbem-31090	89	15	indicating	indicate	VERB
fbem-31090	89	16	that	that	SCONJ
fbem-31090	89	17	scale	scale	NOUN
fbem-31090	89	18	expansion	expansion	NOUN
fbem-31090	89	19	has	have	VERB
fbem-31090	89	20	a	a	DET
fbem-31090	89	21	positive	positive	ADJ
fbem-31090	89	22	impact	impact	NOUN
fbem-31090	89	23	on	on	ADP
fbem-31090	89	24	corporate	corporate	ADJ
fbem-31090	89	25	performance	performance	NOUN
fbem-31090	89	26	,	,	PUNCT
fbem-31090	89	27	supporting	support	VERB
fbem-31090	89	28	research	research	NOUN
fbem-31090	89	29	hypothesis	hypothesis	NOUN
fbem-31090	89	30	h3	h3	NOUN
fbem-31090	89	31	.	.	PUNCT
fbem-31090	90	1	the	the	DET
fbem-31090	90	2	regression	regression	NOUN
fbem-31090	90	3	coefficient	coefficient	NOUN
fbem-31090	90	4	of	of	ADP
fbem-31090	90	5	total	total	ADJ
fbem-31090	90	6	asset	asset	NOUN
fbem-31090	90	7	turnover	turnover	NOUN
fbem-31090	90	8	is	be	AUX
fbem-31090	90	9	0.3456	0.3456	NUM
fbem-31090	90	10	,	,	PUNCT
fbem-31090	90	11	which	which	PRON
fbem-31090	90	12	is	be	AUX
fbem-31090	90	13	significant	significant	ADJ
fbem-31090	90	14	at	at	ADP
fbem-31090	90	15	the	the	DET
fbem-31090	90	16	1	1	NUM
fbem-31090	90	17	%	%	NOUN
fbem-31090	90	18	level	level	NOUN
fbem-31090	90	19	,	,	PUNCT
fbem-31090	90	20	supporting	support	VERB
fbem-31090	90	21	research	research	NOUN
fbem-31090	90	22	hypothesis	hypothesis	NOUN
fbem-31090	90	23	h4	h4	PROPN
fbem-31090	90	24	,	,	PUNCT
fbem-31090	90	25	suggesting	suggest	VERB
fbem-31090	90	26	that	that	SCONJ
fbem-31090	90	27	the	the	DET
fbem-31090	90	28	improvement	improvement	NOUN
fbem-31090	90	29	of	of	ADP
fbem-31090	90	30	operational	operational	ADJ
fbem-31090	90	31	efficiency	efficiency	NOUN
fbem-31090	90	32	has	have	VERB
fbem-31090	90	33	an	an	DET
fbem-31090	90	34	important	important	ADJ
fbem-31090	90	35	role	role	NOUN
fbem-31090	90	36	in	in	ADP
fbem-31090	90	37	promoting	promote	VERB
fbem-31090	90	38	corporate	corporate	ADJ
fbem-31090	90	39	performance	performance	NOUN
fbem-31090	90	40	.	.	PUNCT
fbem-31090	91	1	as	as	ADP
fbem-31090	91	2	a	a	DET
fbem-31090	91	3	whole	whole	NOUN
fbem-31090	91	4	,	,	PUNCT
fbem-31090	91	5	the	the	DET
fbem-31090	91	6	r2	r2	NOUN
fbem-31090	91	7	is	be	AUX
fbem-31090	91	8	0.278	0.278	NUM
fbem-31090	91	9	,	,	PUNCT
fbem-31090	91	10	which	which	PRON
fbem-31090	91	11	is	be	AUX
fbem-31090	91	12	within	within	ADP
fbem-31090	91	13	a	a	DET
fbem-31090	91	14	reasonable	reasonable	ADJ
fbem-31090	91	15	range	range	NOUN
fbem-31090	91	16	,	,	PUNCT
fbem-31090	91	17	indicating	indicate	VERB
fbem-31090	91	18	that	that	SCONJ
fbem-31090	91	19	the	the	DET
fbem-31090	91	20	model	model	NOUN
fbem-31090	91	21	captures	capture	VERB
fbem-31090	91	22	the	the	DET
fbem-31090	91	23	important	important	ADJ
fbem-31090	91	24	factors	factor	NOUN
fbem-31090	91	25	affecting	affect	VERB
fbem-31090	91	26	enterprise	enterprise	NOUN
fbem-31090	91	27	performance	performance	NOUN
fbem-31090	91	28	.	.	PUNCT
fbem-31090	92	1	the	the	DET
fbem-31090	92	2	sample	sample	NOUN
fbem-31090	92	3	size	size	NOUN
fbem-31090	92	4	n=9754	n=9754	PROPN
fbem-31090	92	5	ensures	ensure	VERB
fbem-31090	92	6	the	the	DET
fbem-31090	92	7	reliability	reliability	NOUN
fbem-31090	92	8	of	of	ADP
fbem-31090	92	9	the	the	DET
fbem-31090	92	10	results	result	NOUN
fbem-31090	92	11	,	,	PUNCT
fbem-31090	92	12	reveals	reveal	VERB
fbem-31090	92	13	the	the	DET
fbem-31090	92	14	mechanism	mechanism	NOUN
fbem-31090	92	15	of	of	ADP
fbem-31090	92	16	the	the	DET
fbem-31090	92	17	impact	impact	NOUN
fbem-31090	92	18	of	of	ADP
fbem-31090	92	19	r&d	r&d	NOUN
fbem-31090	92	20	investment	investment	NOUN
fbem-31090	92	21	,	,	PUNCT
fbem-31090	92	22	gearing	gear	VERB
fbem-31090	92	23	ratio	ratio	NOUN
fbem-31090	92	24	,	,	PUNCT
fbem-31090	92	25	firm	firm	ADJ
fbem-31090	92	26	size	size	NOUN
fbem-31090	92	27	and	and	CCONJ
fbem-31090	92	28	total	total	ADJ
fbem-31090	92	29	asset	asset	NOUN
fbem-31090	92	30	turnover	turnover	NOUN
fbem-31090	92	31	on	on	ADP
fbem-31090	92	32	the	the	DET
fbem-31090	92	33	performance	performance	NOUN
fbem-31090	92	34	of	of	ADP
fbem-31090	92	35	high	high	ADJ
fbem-31090	92	36	-	-	PUNCT
fbem-31090	92	37	tech	tech	NOUN
fbem-31090	92	38	enterprises	enterprise	NOUN
fbem-31090	92	39	,	,	PUNCT
fbem-31090	92	40	and	and	CCONJ
fbem-31090	92	41	provides	provide	VERB
fbem-31090	92	42	empirical	empirical	ADJ
fbem-31090	92	43	evidence	evidence	NOUN
fbem-31090	92	44	for	for	ADP
fbem-31090	92	45	understanding	understand	VERB
fbem-31090	92	46	the	the	DET
fbem-31090	92	47	driving	drive	VERB
fbem-31090	92	48	factors	factor	NOUN
fbem-31090	92	49	of	of	ADP
fbem-31090	92	50	enterprise	enterprise	NOUN
fbem-31090	92	51	performance	performance	NOUN
fbem-31090	92	52	,	,	PUNCT
fbem-31090	92	53	which	which	PRON
fbem-31090	92	54	is	be	AUX
fbem-31090	92	55	an	an	DET
fbem-31090	92	56	important	important	ADJ
fbem-31090	92	57	revelation	revelation	NOUN
fbem-31090	92	58	for	for	ADP
fbem-31090	92	59	the	the	DET
fbem-31090	92	60	business	business	NOUN
fbem-31090	92	61	management	management	NOUN
fbem-31090	92	62	decisions	decision	NOUN
fbem-31090	92	63	of	of	ADP
fbem-31090	92	64	high	high	ADJ
fbem-31090	92	65	-	-	PUNCT
fbem-31090	92	66	tech	tech	NOUN
fbem-31090	92	67	enterprises	enterprise	NOUN
fbem-31090	92	68	.	.	PUNCT
fbem-31090	93	1	6	6	X
fbem-31090	93	2	.	.	X
fbem-31090	93	3	conclusion	conclusion	NOUN
fbem-31090	93	4	summary	summary	NOUN
fbem-31090	93	5	based	base	VERB
fbem-31090	93	6	on	on	ADP
fbem-31090	93	7	the	the	DET
fbem-31090	93	8	data	datum	NOUN
fbem-31090	93	9	of	of	ADP
fbem-31090	93	10	chinese	chinese	ADJ
fbem-31090	93	11	high	high	ADJ
fbem-31090	93	12	-	-	PUNCT
fbem-31090	93	13	tech	tech	NOUN
fbem-31090	93	14	enterprises	enterprise	NOUN
fbem-31090	93	15	listed	list	VERB
fbem-31090	93	16	companies	company	NOUN
fbem-31090	93	17	from	from	ADP
fbem-31090	93	18	2014	2014	NUM
fbem-31090	93	19	to	to	ADP
fbem-31090	93	20	2024	2024	NUM
fbem-31090	93	21	,	,	PUNCT
fbem-31090	93	22	this	this	DET
fbem-31090	93	23	study	study	NOUN
fbem-31090	93	24	systematically	systematically	ADV
fbem-31090	93	25	examined	examine	VERB
fbem-31090	93	26	the	the	DET
fbem-31090	93	27	impact	impact	NOUN
fbem-31090	93	28	mechanism	mechanism	NOUN
fbem-31090	93	29	of	of	ADP
fbem-31090	93	30	r&d	r&d	NOUN
fbem-31090	93	31	innovation	innovation	NOUN
fbem-31090	93	32	on	on	ADP
fbem-31090	93	33	120	120	NUM
fbem-31090	93	34	company	company	NOUN
fbem-31090	93	35	performance	performance	NOUN
fbem-31090	93	36	.	.	PUNCT
fbem-31090	94	1	the	the	DET
fbem-31090	94	2	results	result	NOUN
fbem-31090	94	3	of	of	ADP
fbem-31090	94	4	the	the	DET
fbem-31090	94	5	empirical	empirical	ADJ
fbem-31090	94	6	study	study	NOUN
fbem-31090	94	7	are	be	AUX
fbem-31090	94	8	as	as	SCONJ
fbem-31090	94	9	follows	follow	VERB
fbem-31090	94	10	surface	surface	NOUN
fbem-31090	94	11	,	,	PUNCT
fbem-31090	94	12	r&d	r&d	NOUN
fbem-31090	94	13	investment	investment	NOUN
fbem-31090	94	14	has	have	VERB
fbem-31090	94	15	a	a	DET
fbem-31090	94	16	significant	significant	ADJ
fbem-31090	94	17	positive	positive	ADJ
fbem-31090	94	18	effect	effect	NOUN
fbem-31090	94	19	on	on	ADP
fbem-31090	94	20	the	the	DET
fbem-31090	94	21	performance	performance	NOUN
fbem-31090	94	22	of	of	ADP
fbem-31090	94	23	high	high	ADJ
fbem-31090	94	24	-	-	PUNCT
fbem-31090	94	25	tech	tech	NOUN
fbem-31090	94	26	enterprises	enterprise	NOUN
fbem-31090	94	27	,	,	PUNCT
fbem-31090	94	28	which	which	PRON
fbem-31090	94	29	verifies	verify	VERB
fbem-31090	94	30	the	the	DET
fbem-31090	94	31	effectiveness	effectiveness	NOUN
fbem-31090	94	32	of	of	ADP
fbem-31090	94	33	the	the	DET
fbem-31090	94	34	innovation	innovation	NOUN
fbem-31090	94	35	-	-	PUNCT
fbem-31090	94	36	driven	drive	VERB
fbem-31090	94	37	development	development	NOUN
fbem-31090	94	38	strategy	strategy	NOUN
fbem-31090	94	39	,	,	PUNCT
fbem-31090	94	40	and	and	CCONJ
fbem-31090	94	41	indicates	indicate	VERB
fbem-31090	94	42	that	that	SCONJ
fbem-31090	94	43	every	every	DET
fbem-31090	94	44	increase	increase	NOUN
fbem-31090	94	45	of	of	ADP
fbem-31090	94	46	1	1	NUM
fbem-31090	94	47	unit	unit	NOUN
fbem-31090	94	48	of	of	ADP
fbem-31090	94	49	r&d	r&d	NOUN
fbem-31090	94	50	investment	investment	NOUN
fbem-31090	94	51	can	can	AUX
fbem-31090	94	52	improve	improve	VERB
fbem-31090	94	53	roe	roe	NOUN
fbem-31090	94	54	by	by	ADP
fbem-31090	94	55	about	about	ADV
fbem-31090	94	56	0.75	0.75	NUM
fbem-31090	94	57	percentage	percentage	NOUN
fbem-31090	94	58	points	point	NOUN
fbem-31090	94	59	.	.	PUNCT
fbem-31090	95	1	asset	asset	NOUN
fbem-31090	95	2	gearing	gear	VERB
fbem-31090	95	3	ratio	ratio	NOUN
fbem-31090	95	4	shows	show	VERB
fbem-31090	95	5	a	a	DET
fbem-31090	95	6	significant	significant	ADJ
fbem-31090	95	7	negative	negative	ADJ
fbem-31090	95	8	effect	effect	NOUN
fbem-31090	95	9	,	,	PUNCT
fbem-31090	95	10	confirming	confirm	VERB
fbem-31090	95	11	that	that	SCONJ
fbem-31090	95	12	excessive	excessive	ADJ
fbem-31090	95	13	financial	financial	ADJ
fbem-31090	95	14	leverage	leverage	NOUN
fbem-31090	95	15	inhibits	inhibit	VERB
fbem-31090	95	16	enterprise	enterprise	NOUN
fbem-31090	95	17	performance	performance	NOUN
fbem-31090	95	18	,	,	PUNCT
fbem-31090	95	19	and	and	CCONJ
fbem-31090	95	20	suggesting	suggest	VERB
fbem-31090	95	21	that	that	SCONJ
fbem-31090	95	22	high	high	ADJ
fbem-31090	95	23	-	-	PUNCT
fbem-31090	95	24	tech	tech	NOUN
fbem-31090	95	25	enterprises	enterprise	NOUN
fbem-31090	95	26	should	should	AUX
fbem-31090	95	27	control	control	VERB
fbem-31090	95	28	their	their	PRON
fbem-31090	95	29	gearing	gearing	NOUN
fbem-31090	95	30	ratio	ratio	NOUN
fbem-31090	95	31	at	at	ADP
fbem-31090	95	32	a	a	DET
fbem-31090	95	33	reasonable	reasonable	ADJ
fbem-31090	95	34	range	range	NOUN
fbem-31090	95	35	of	of	ADP
fbem-31090	95	36	45%-55	45%-55	NUM
fbem-31090	95	37	%	%	NOUN
fbem-31090	95	38	.	.	PUNCT
fbem-31090	96	1	total	total	ADJ
fbem-31090	96	2	asset	asset	NOUN
fbem-31090	96	3	turnover	turnover	NOUN
fbem-31090	96	4	ratio	ratio	NOUN
fbem-31090	96	5	shows	show	VERB
fbem-31090	96	6	the	the	DET
fbem-31090	96	7	strongest	strong	ADJ
fbem-31090	96	8	positive	positive	ADJ
fbem-31090	96	9	effect	effect	NOUN
fbem-31090	96	10	,	,	PUNCT
fbem-31090	96	11	highlighting	highlight	VERB
fbem-31090	96	12	the	the	DET
fbem-31090	96	13	key	key	ADJ
fbem-31090	96	14	role	role	NOUN
fbem-31090	96	15	of	of	ADP
fbem-31090	96	16	operational	operational	ADJ
fbem-31090	96	17	efficiency	efficiency	NOUN
fbem-31090	96	18	in	in	ADP
fbem-31090	96	19	performance	performance	NOUN
fbem-31090	96	20	improvement	improvement	NOUN
fbem-31090	96	21	.	.	PUNCT
fbem-31090	97	1	it	it	PRON
fbem-31090	97	2	is	be	AUX
fbem-31090	97	3	worth	worth	ADJ
fbem-31090	97	4	noting	note	VERB
fbem-31090	97	5	that	that	SCONJ
fbem-31090	97	6	the	the	DET
fbem-31090	97	7	impact	impact	NOUN
fbem-31090	97	8	of	of	ADP
fbem-31090	97	9	firm	firm	ADJ
fbem-31090	97	10	size	size	NOUN
fbem-31090	97	11	is	be	AUX
fbem-31090	97	12	relatively	relatively	ADV
fbem-31090	97	13	limited	limited	ADJ
fbem-31090	97	14	,	,	PUNCT
fbem-31090	97	15	suggesting	suggest	VERB
fbem-31090	97	16	that	that	SCONJ
fbem-31090	97	17	high	high	ADJ
fbem-31090	97	18	-	-	PUNCT
fbem-31090	97	19	tech	tech	NOUN
fbem-31090	97	20	firms	firm	NOUN
fbem-31090	97	21	should	should	AUX
fbem-31090	97	22	focus	focus	VERB
fbem-31090	97	23	more	more	ADV
fbem-31090	97	24	on	on	ADP
fbem-31090	97	25	the	the	DET
fbem-31090	97	26	quality	quality	NOUN
fbem-31090	97	27	of	of	ADP
fbem-31090	97	28	innovation	innovation	NOUN
fbem-31090	97	29	rather	rather	ADV
fbem-31090	97	30	than	than	ADP
fbem-31090	97	31	scale	scale	NOUN
fbem-31090	97	32	expansion	expansion	NOUN
fbem-31090	97	33	.	.	PUNCT
fbem-31090	98	1	this	this	DET
fbem-31090	98	2	study	study	NOUN
fbem-31090	98	3	innovatively	innovatively	ADV
fbem-31090	98	4	reveals	reveal	VERB
fbem-31090	98	5	the	the	DET
fbem-31090	98	6	mechanism	mechanism	NOUN
fbem-31090	98	7	by	by	ADP
fbem-31090	98	8	which	which	PRON
fbem-31090	98	9	r&d	r&d	NOUN
fbem-31090	98	10	investment	investment	NOUN
fbem-31090	98	11	affects	affect	VERB
fbem-31090	98	12	firm	firm	ADJ
fbem-31090	98	13	performance	performance	NOUN
fbem-31090	98	14	through	through	ADP
fbem-31090	98	15	the	the	DET
fbem-31090	98	16	dual	dual	ADJ
fbem-31090	98	17	paths	path	NOUN
fbem-31090	98	18	of	of	ADP
fbem-31090	98	19	“	"	PUNCT
fbem-31090	98	20	innovation	innovation	NOUN
fbem-31090	98	21	compensation	compensation	NOUN
fbem-31090	98	22	”	"	PUNCT
fbem-31090	98	23	and	and	CCONJ
fbem-31090	98	24	“	"	PUNCT
fbem-31090	98	25	efficiency	efficiency	NOUN
fbem-31090	98	26	improvement	improvement	NOUN
fbem-31090	98	27	”	"	PUNCT
fbem-31090	98	28	,	,	PUNCT
fbem-31090	98	29	which	which	PRON
fbem-31090	98	30	provides	provide	VERB
fbem-31090	98	31	an	an	DET
fbem-31090	98	32	important	important	ADJ
fbem-31090	98	33	basis	basis	NOUN
fbem-31090	98	34	for	for	SCONJ
fbem-31090	98	35	the	the	DET
fbem-31090	98	36	government	government	NOUN
fbem-31090	98	37	to	to	PART
fbem-31090	98	38	improve	improve	VERB
fbem-31090	98	39	innovation	innovation	NOUN
fbem-31090	98	40	incentive	incentive	NOUN
fbem-31090	98	41	policies	policy	NOUN
fbem-31090	98	42	and	and	CCONJ
fbem-31090	98	43	for	for	SCONJ
fbem-31090	98	44	firms	firm	NOUN
fbem-31090	98	45	to	to	PART
fbem-31090	98	46	optimize	optimize	VERB
fbem-31090	98	47	r&d	r&d	NOUN
fbem-31090	98	48	decisions	decision	NOUN
fbem-31090	98	49	.	.	PUNCT
fbem-31090	99	1	future	future	ADJ
fbem-31090	99	2	research	research	NOUN
fbem-31090	99	3	can	can	AUX
fbem-31090	99	4	further	far	ADV
fbem-31090	99	5	examine	examine	VERB
fbem-31090	99	6	the	the	DET
fbem-31090	99	7	heterogeneity	heterogeneity	NOUN
fbem-31090	99	8	effect	effect	NOUN
fbem-31090	99	9	of	of	ADP
fbem-31090	99	10	r&d	r&d	NOUN
fbem-31090	99	11	investment	investment	NOUN
fbem-31090	99	12	under	under	ADP
fbem-31090	99	13	different	different	ADJ
fbem-31090	99	14	industry	industry	NOUN
fbem-31090	99	15	characteristics	characteristic	NOUN
fbem-31090	99	16	and	and	CCONJ
fbem-31090	99	17	the	the	DET
fbem-31090	99	18	moderating	moderate	VERB
fbem-31090	99	19	effect	effect	NOUN
fbem-31090	99	20	of	of	ADP
fbem-31090	99	21	policy	policy	NOUN
fbem-31090	99	22	tools	tool	NOUN
fbem-31090	99	23	such	such	ADJ
fbem-31090	99	24	as	as	ADP
fbem-31090	99	25	tax	tax	NOUN
fbem-31090	99	26	incentives	incentive	NOUN
fbem-31090	99	27	.	.	PUNCT
fbem-31090	100	1	references	reference	NOUN
fbem-31090	100	2	[	[	X
fbem-31090	100	3	1	1	NUM
fbem-31090	100	4	]	]	PUNCT
fbem-31090	100	5	modigliani	modigliani	PROPN
fbem-31090	100	6	,	,	PUNCT
fbem-31090	100	7	f.	f.	PROPN
fbem-31090	100	8	,	,	PUNCT
fbem-31090	100	9	&	&	CCONJ
fbem-31090	100	10	miller	miller	PROPN
fbem-31090	100	11	,	,	PUNCT
fbem-31090	100	12	m.	m.	NOUN
fbem-31090	100	13	h.	h.	PROPN
fbem-31090	100	14	(	(	PUNCT
fbem-31090	100	15	1958	1958	NUM
fbem-31090	100	16	)	)	PUNCT
fbem-31090	100	17	.	.	PUNCT
fbem-31090	101	1	the	the	DET
fbem-31090	101	2	cost	cost	NOUN
fbem-31090	101	3	of	of	ADP
fbem-31090	101	4	capital	capital	NOUN
fbem-31090	101	5	,	,	PUNCT
fbem-31090	101	6	corporation	corporation	NOUN
fbem-31090	101	7	finance	finance	NOUN
fbem-31090	101	8	and	and	CCONJ
fbem-31090	101	9	the	the	DET
fbem-31090	101	10	theory	theory	NOUN
fbem-31090	101	11	of	of	ADP
fbem-31090	101	12	investment	investment	NOUN
fbem-31090	101	13	.	.	PUNCT
fbem-31090	102	1	american	american	PROPN
fbem-31090	102	2	economic	economic	PROPN
fbem-31090	102	3	review	review	PROPN
fbem-31090	102	4	,	,	PUNCT
fbem-31090	102	5	48(3	48(3	PROPN
fbem-31090	102	6	)	)	PUNCT
fbem-31090	102	7	,	,	PUNCT
fbem-31090	102	8	261	261	NUM
fbem-31090	102	9	-	-	SYM
fbem-31090	102	10	297	297	NUM
fbem-31090	102	11	.	.	PUNCT
fbem-31090	103	1	[	[	X
fbem-31090	103	2	2	2	NUM
fbem-31090	103	3	]	]	PUNCT
fbem-31090	103	4	bottazzi	bottazzi	NOUN
fbem-31090	103	5	,	,	PUNCT
fbem-31090	103	6	g.	g.	PROPN
fbem-31090	103	7	,	,	PUNCT
fbem-31090	103	8	dosi	dosi	NOUN
fbem-31090	103	9	,	,	PUNCT
fbem-31090	103	10	g.	g.	PROPN
fbem-31090	103	11	,	,	PUNCT
fbem-31090	103	12	&	&	CCONJ
fbem-31090	103	13	rocchetti	rocchetti	PROPN
fbem-31090	103	14	,	,	PUNCT
fbem-31090	103	15	g.	g.	PROPN
fbem-31090	103	16	(	(	PUNCT
fbem-31090	103	17	2001	2001	NUM
fbem-31090	103	18	)	)	PUNCT
fbem-31090	103	19	.	.	PUNCT
fbem-31090	104	1	modes	mode	NOUN
fbem-31090	104	2	of	of	ADP
fbem-31090	104	3	knowledge	knowledge	NOUN
fbem-31090	104	4	accumulation	accumulation	NOUN
fbem-31090	104	5	,	,	PUNCT
fbem-31090	104	6	entry	entry	NOUN
fbem-31090	104	7	regimes	regime	NOUN
fbem-31090	104	8	and	and	CCONJ
fbem-31090	104	9	patterns	pattern	NOUN
fbem-31090	104	10	of	of	ADP
fbem-31090	104	11	industrial	industrial	ADJ
fbem-31090	104	12	evolution	evolution	NOUN
fbem-31090	104	13	.	.	PUNCT
fbem-31090	105	1	industrial	industrial	ADJ
fbem-31090	105	2	and	and	CCONJ
fbem-31090	105	3	corporate	corporate	ADJ
fbem-31090	105	4	change	change	NOUN
fbem-31090	105	5	,	,	PUNCT
fbem-31090	105	6	10(3	10(3	NUM
fbem-31090	105	7	)	)	PUNCT
fbem-31090	105	8	,	,	PUNCT
fbem-31090	105	9	609	609	NUM
fbem-31090	105	10	-	-	SYM
fbem-31090	105	11	638	638	NUM
fbem-31090	105	12	.	.	PUNCT
fbem-31090	106	1	[	[	X
fbem-31090	106	2	3	3	X
fbem-31090	106	3	]	]	X
fbem-31090	106	4	li	li	PROPN
fbem-31090	106	5	zengfu	zengfu	PROPN
fbem-31090	106	6	,	,	PUNCT
fbem-31090	106	7	tang	tang	PROPN
fbem-31090	106	8	xudong	xudong	PROPN
fbem-31090	106	9	,	,	PUNCT
fbem-31090	106	10	lian	lian	PROPN
fbem-31090	106	11	yujun	yujun	PROPN
fbem-31090	106	12	.	.	PUNCT
fbem-31090	107	1	corporate	corporate	ADJ
fbem-31090	107	2	income	income	NOUN
fbem-31090	107	3	tax	tax	NOUN
fbem-31090	107	4	reform	reform	NOUN
fbem-31090	107	5	and	and	CCONJ
fbem-31090	107	6	corporate	corporate	ADJ
fbem-31090	107	7	innovation	innovation	NOUN
fbem-31090	107	8	in	in	ADP
fbem-31090	107	9	china	china	PROPN
fbem-31090	108	1	[	[	X
fbem-31090	108	2	j	j	X
fbem-31090	108	3	]	]	X
fbem-31090	108	4	.	.	PUNCT
fbem-31090	109	1	china	china	PROPN
fbem-31090	109	2	industrial	industrial	ADJ
fbem-31090	109	3	economy	economy	NOUN
fbem-31090	109	4	,	,	PUNCT
fbem-31090	109	5	2021(5	2021(5	NUM
fbem-31090	109	6	):	):	PUNCT
fbem-31090	109	7	155	155	NUM
fbem-31090	109	8	-	-	SYM
fbem-31090	109	9	173	173	NUM
fbem-31090	109	10	.	.	PUNCT
fbem-31090	110	1	[	[	X
fbem-31090	110	2	4	4	NUM
fbem-31090	110	3	]	]	X
fbem-31090	110	4	wu	wu	PROPN
fbem-31090	110	5	chao	chao	PROPN
fbem-31090	110	6	-	-	PUNCT
fbem-31090	110	7	peng	peng	PROPN
fbem-31090	110	8	,	,	PUNCT
fbem-31090	110	9	wu	wu	PROPN
fbem-31090	110	10	shi	shi	PROPN
fbem-31090	110	11	-	-	PUNCT
fbem-31090	110	12	nong	nong	PROPN
fbem-31090	110	13	,	,	PUNCT
fbem-31090	110	14	cheng	cheng	PROPN
fbem-31090	110	15	jing	jing	PROPN
fbem-31090	110	16	.	.	PUNCT
fbem-31090	110	17	impact	impact	NOUN
fbem-31090	110	18	of	of	ADP
fbem-31090	110	19	venture	venture	NOUN
fbem-31090	110	20	capital	capital	NOUN
fbem-31090	110	21	on	on	ADP
fbem-31090	110	22	r&d	r&d	NOUN
fbem-31090	110	23	investment	investment	NOUN
fbem-31090	110	24	of	of	ADP
fbem-31090	110	25	listed	list	VERB
fbem-31090	110	26	companies	company	NOUN
fbem-31090	110	27	[	[	X
fbem-31090	110	28	j	j	X
fbem-31090	110	29	]	]	X
fbem-31090	110	30	.	.	PUNCT
fbem-31090	111	1	economic	economic	ADJ
fbem-31090	111	2	research	research	NOUN
fbem-31090	111	3	,	,	PUNCT
fbem-31090	111	4	2022	2022	NUM
fbem-31090	111	5	,	,	PUNCT
fbem-31090	111	6	57(3	57(3	NUM
fbem-31090	111	7	):	):	PUNCT
fbem-31090	111	8	112	112	NUM
fbem-31090	111	9	-	-	SYM
fbem-31090	111	10	128	128	NUM
fbem-31090	111	11	.	.	PUNCT
fbem-31090	112	1	[	[	X
fbem-31090	112	2	5	5	X
fbem-31090	112	3	]	]	PUNCT
fbem-31090	112	4	xuan	xuan	PROPN
fbem-31090	112	5	zhang	zhang	PROPN
fbem-31090	112	6	,	,	PUNCT
fbem-31090	112	7	zijian	zijian	PROPN
fbem-31090	112	8	li	li	PROPN
fbem-31090	112	9	,	,	PUNCT
fbem-31090	113	1	chuntao	chuntao	PROPN
fbem-31090	113	2	li	li	PROPN
fbem-31090	113	3	.	.	PROPN
fbem-31090	113	4	credit	credit	NOUN
fbem-31090	113	5	rent	rent	NOUN
fbem-31090	113	6	-	-	PUNCT
fbem-31090	113	7	seeking	seeking	NOUN
fbem-31090	113	8	,	,	PUNCT
fbem-31090	113	9	financing	financing	NOUN
fbem-31090	113	10	constraints	constraint	NOUN
fbem-31090	113	11	and	and	CCONJ
fbem-31090	113	12	corporate	corporate	ADJ
fbem-31090	113	13	innovation	innovation	NOUN
fbem-31090	114	1	[	[	X
fbem-31090	114	2	j	j	X
fbem-31090	114	3	]	]	X
fbem-31090	114	4	.	.	PUNCT
fbem-31090	115	1	economic	economic	ADJ
fbem-31090	115	2	research	research	NOUN
fbem-31090	115	3	,	,	PUNCT
fbem-31090	115	4	2019	2019	NUM
fbem-31090	115	5	,	,	PUNCT
fbem-31090	115	6	54(4	54(4	NUM
fbem-31090	115	7	):	):	PUNCT
fbem-31090	115	8	161	161	NUM
fbem-31090	115	9	-	-	SYM
fbem-31090	115	10	175	175	NUM
fbem-31090	115	11	.	.	PUNCT
fbem-31090	116	1	[	[	X
fbem-31090	116	2	6	6	NUM
fbem-31090	116	3	]	]	X
fbem-31090	116	4	li	li	PROPN
fbem-31090	116	5	linmu	linmu	PROPN
fbem-31090	116	6	,	,	PUNCT
fbem-31090	116	7	wang	wang	PROPN
fbem-31090	116	8	chong	chong	PROPN
fbem-31090	116	9	,	,	PUNCT
fbem-31090	116	10	huang	huang	PROPN
fbem-31090	116	11	chunlong	chunlong	PROPN
fbem-31090	116	12	.	.	PUNCT
fbem-31090	117	1	tax	tax	NOUN
fbem-31090	117	2	incentives	incentive	NOUN
fbem-31090	117	3	,	,	PUNCT
fbem-31090	117	4	r&d	r&d	NOUN
fbem-31090	117	5	investment	investment	NOUN
fbem-31090	117	6	and	and	CCONJ
fbem-31090	117	7	firm	firm	ADJ
fbem-31090	117	8	growth	growth	NOUN
fbem-31090	118	1	[	[	X
fbem-31090	118	2	j	j	X
fbem-31090	118	3	]	]	X
fbem-31090	118	4	.	.	PUNCT
fbem-31090	119	1	economic	economic	ADJ
fbem-31090	119	2	research	research	NOUN
fbem-31090	119	3	,	,	PUNCT
fbem-31090	119	4	2022	2022	NUM
fbem-31090	119	5	,	,	PUNCT
fbem-31090	119	6	57(3	57(3	NUM
fbem-31090	119	7	):	):	PUNCT
fbem-31090	119	8	89	89	NUM
fbem-31090	119	9	-	-	SYM
fbem-31090	119	10	105	105	NUM
fbem-31090	119	11	.	.	PUNCT
fbem-31090	120	1	[	[	X
fbem-31090	120	2	7	7	NUM
fbem-31090	120	3	]	]	X
fbem-31090	120	4	wu	wu	PROPN
fbem-31090	120	5	liansheng	liansheng	PROPN
fbem-31090	120	6	,	,	PUNCT
fbem-31090	120	7	yue	yue	PROPN
fbem-31090	120	8	heng	heng	PROPN
fbem-31090	120	9	,	,	PUNCT
fbem-31090	120	10	tan	tan	PROPN
fbem-31090	120	11	jinsong	jinsong	PROPN
fbem-31090	120	12	.	.	PUNCT
fbem-31090	121	1	tax	tax	NOUN
fbem-31090	121	2	rate	rate	NOUN
fbem-31090	121	3	adjustment	adjustment	NOUN
fbem-31090	121	4	and	and	CCONJ
fbem-31090	121	5	capital	capital	NOUN
fbem-31090	121	6	structure	structure	NOUN
fbem-31090	121	7	choice	choice	NOUN
fbem-31090	122	1	[	[	X
fbem-31090	122	2	j	j	X
fbem-31090	122	3	]	]	X
fbem-31090	122	4	.	.	PUNCT
fbem-31090	123	1	economic	economic	ADJ
fbem-31090	123	2	research	research	NOUN
fbem-31090	123	3	,	,	PUNCT
fbem-31090	123	4	2020	2020	NUM
fbem-31090	123	5	,	,	PUNCT
fbem-31090	123	6	55(2	55(2	NUM
fbem-31090	123	7	):	):	PUNCT
fbem-31090	123	8	76	76	NUM
fbem-31090	123	9	-	-	SYM
fbem-31090	123	10	92	92	NUM
fbem-31090	123	11	.	.	PUNCT
fbem-31090	124	1	[	[	X
fbem-31090	124	2	8	8	NUM
fbem-31090	124	3	]	]	X
fbem-31090	124	4	jie	jie	PROPN
fbem-31090	124	5	zhang	zhang	PROPN
fbem-31090	124	6	,	,	PUNCT
fbem-31090	124	7	xiaoyan	xiaoyan	PROPN
fbem-31090	124	8	zhou	zhou	PROPN
fbem-31090	124	9	,	,	PUNCT
fbem-31090	124	10	wenping	wenpe	VERB
fbem-31090	124	11	zheng	zheng	PROPN
fbem-31090	124	12	.	.	PUNCT
fbem-31090	125	1	r&d	r&d	NOUN
fbem-31090	125	2	investment	investment	NOUN
fbem-31090	125	3	and	and	CCONJ
fbem-31090	125	4	productivity	productivity	NOUN
fbem-31090	125	5	improvement	improvement	NOUN
fbem-31090	125	6	under	under	ADP
fbem-31090	125	7	innovation	innovation	NOUN
fbem-31090	125	8	catch	catch	VERB
fbem-31090	125	9	-	-	PUNCT
fbem-31090	125	10	up	up	ADP
fbem-31090	125	11	strategy	strategy	NOUN
fbem-31090	126	1	[	[	X
fbem-31090	126	2	j	j	X
fbem-31090	126	3	]	]	X
fbem-31090	126	4	.	.	PUNCT
fbem-31090	127	1	management	management	NOUN
fbem-31090	127	2	world	world	NOUN
fbem-31090	127	3	,	,	PUNCT
fbem-31090	127	4	2021	2021	NUM
fbem-31090	127	5	,	,	PUNCT
fbem-31090	127	6	37(5	37(5	NUM
fbem-31090	127	7	):	):	PUNCT
fbem-31090	127	8	88	88	NUM
fbem-31090	127	9	-	-	SYM
fbem-31090	127	10	102	102	NUM
fbem-31090	127	11	.	.	PUNCT
fbem-31090	128	1	[	[	X
fbem-31090	128	2	9	9	NUM
fbem-31090	128	3	]	]	X
fbem-31090	128	4	xiao	xiao	PROPN
fbem-31090	128	5	tusheng	tusheng	PROPN
fbem-31090	128	6	,	,	PUNCT
fbem-31090	128	7	sun	sun	NOUN
fbem-31090	128	8	ruiqi	ruiqi	PROPN
fbem-31090	128	9	,	,	PUNCT
fbem-31090	128	10	yuan	yuan	PROPN
fbem-31090	128	11	chun	chun	PROPN
fbem-31090	128	12	.	.	PUNCT
fbem-31090	129	1	digitalization	digitalization	NOUN
fbem-31090	129	2	of	of	ADP
fbem-31090	129	3	tax	tax	NOUN
fbem-31090	129	4	administration	administration	NOUN
fbem-31090	129	5	and	and	CCONJ
fbem-31090	129	6	enterprise	enterprise	NOUN
fbem-31090	129	7	r&d	r&d	NOUN
fbem-31090	129	8	investment	investment	NOUN
fbem-31090	130	1	[	[	X
fbem-31090	130	2	j	j	X
fbem-31090	130	3	]	]	X
fbem-31090	130	4	.	.	PUNCT
fbem-31090	131	1	china	china	PROPN
fbem-31090	131	2	industrial	industrial	ADJ
fbem-31090	131	3	economy	economy	NOUN
fbem-31090	131	4	,	,	PUNCT
fbem-31090	131	5	2022(6	2022(6	NUM
fbem-31090	131	6	):	):	PUNCT
fbem-31090	131	7	118	118	NUM
fbem-31090	131	8	-	-	SYM
fbem-31090	131	9	136	136	NUM
fbem-31090	131	10	.	.	PUNCT
fbem-31090	132	1	[	[	X
fbem-31090	132	2	10	10	NUM
fbem-31090	132	3	]	]	X
fbem-31090	132	4	ju	ju	PROPN
fbem-31090	132	5	xiaosheng	xiaosheng	PROPN
fbem-31090	132	6	,	,	PUNCT
fbem-31090	132	7	lu	lu	PROPN
fbem-31090	132	8	di	di	PROPN
fbem-31090	132	9	,	,	PUNCT
fbem-31090	132	10	yu	yu	PROPN
fbem-31090	132	11	yihua	yihua	PROPN
fbem-31090	132	12	.	.	PUNCT
fbem-31090	133	1	financing	financing	NOUN
fbem-31090	133	2	constraints	constraint	NOUN
fbem-31090	133	3	,	,	PUNCT
fbem-31090	133	4	working	working	NOUN
fbem-31090	133	5	capital	capital	NOUN
fbem-31090	133	6	and	and	CCONJ
fbem-31090	133	7	corporate	corporate	ADJ
fbem-31090	133	8	innovation	innovation	NOUN
fbem-31090	133	9	sustainability	sustainability	NOUN
fbem-31090	134	1	[	[	X
fbem-31090	134	2	j	j	X
fbem-31090	134	3	]	]	X
fbem-31090	134	4	.	.	PUNCT
fbem-31090	135	1	economic	economic	ADJ
fbem-31090	135	2	research	research	NOUN
fbem-31090	135	3	,	,	PUNCT
fbem-31090	135	4	2013	2013	NUM
fbem-31090	135	5	,	,	PUNCT
fbem-31090	135	6	48(1	48(1	NOUN
fbem-31090	135	7	):	):	PUNCT
fbem-31090	135	8	4	4	NUM
fbem-31090	135	9	-	-	SYM
fbem-31090	135	10	16	16	NUM
fbem-31090	135	11	.	.	PUNCT
fbem-31090	136	1	[	[	X
fbem-31090	136	2	11	11	NUM
fbem-31090	136	3	]	]	X
fbem-31090	136	4	lai	lai	PROPN
fbem-31090	136	5	,	,	PUNCT
fbem-31090	136	6	w.-j	w.-j	PROPN
fbem-31090	136	7	.	.	PROPN
fbem-31090	136	8	,	,	PUNCT
fbem-31090	136	9	zheng	zheng	PROPN
fbem-31090	136	10	,	,	PUNCT
fbem-31090	136	11	m.-n	m.-n	PROPN
fbem-31090	136	12	..	..	PUNCT
fbem-31090	136	13	substantive	substantive	ADJ
fbem-31090	136	14	or	or	CCONJ
fbem-31090	136	15	strategic	strategic	ADJ
fbem-31090	136	16	innovation	innovation	NOUN
fbem-31090	136	17	?	?	PUNCT
fbem-31090	137	1	[	[	X
fbem-31090	137	2	j	j	X
fbem-31090	137	3	]	]	X
fbem-31090	137	4	.	.	PUNCT
fbem-31090	138	1	economic	economic	ADJ
fbem-31090	138	2	research	research	NOUN
fbem-31090	138	3	,	,	PUNCT
fbem-31090	138	4	2016	2016	NUM
fbem-31090	138	5	,	,	PUNCT
fbem-31090	138	6	51(4	51(4	NUM
fbem-31090	138	7	):	):	PUNCT
fbem-31090	138	8	60	60	NUM
fbem-31090	138	9	-	-	SYM
fbem-31090	138	10	73	73	NUM
fbem-31090	138	11	.	.	PUNCT
fbem-31090	139	1	[	[	X
fbem-31090	139	2	12	12	NUM
fbem-31090	139	3	]	]	X
fbem-31090	139	4	wang	wang	PROPN
fbem-31090	139	5	yongqin	yongqin	PROPN
fbem-31090	139	6	,	,	PUNCT
fbem-31090	139	7	liu	liu	PROPN
fbem-31090	139	8	zihan	zihan	PROPN
fbem-31090	139	9	,	,	PUNCT
fbem-31090	139	10	li	li	PROPN
fbem-31090	139	11	wei	wei	PROPN
fbem-31090	139	12	.	.	PUNCT
fbem-31090	140	1	the	the	DET
fbem-31090	140	2	innovation	innovation	NOUN
fbem-31090	140	3	incentive	incentive	NOUN
fbem-31090	140	4	effect	effect	NOUN
fbem-31090	140	5	of	of	ADP
fbem-31090	140	6	tax	tax	NOUN
fbem-31090	140	7	preferences	preference	NOUN
fbem-31090	140	8	for	for	ADP
fbem-31090	140	9	high	high	ADJ
fbem-31090	140	10	-	-	PUNCT
fbem-31090	140	11	tech	tech	NOUN
fbem-31090	140	12	enterprises	enterprise	NOUN
fbem-31090	140	13	[	[	X
fbem-31090	140	14	j	j	X
fbem-31090	140	15	]	]	X
fbem-31090	140	16	.	.	PUNCT
fbem-31090	141	1	world	world	NOUN
fbem-31090	141	2	economy	economy	NOUN
fbem-31090	141	3	,	,	PUNCT
fbem-31090	141	4	2020	2020	NUM
fbem-31090	141	5	,	,	PUNCT
fbem-31090	141	6	43(11	43(11	NUM
fbem-31090	141	7	):	):	PUNCT
fbem-31090	141	8	123	123	NUM
fbem-31090	141	9	-	-	SYM
fbem-31090	141	10	147	147	NUM
fbem-31090	141	11	.	.	PUNCT
fbem-31090	142	1	[	[	X
fbem-31090	142	2	13	13	NUM
fbem-31090	142	3	]	]	PUNCT
fbem-31090	142	4	yang	yang	PROPN
fbem-31090	142	5	guochao	guochao	PROPN
fbem-31090	142	6	,	,	PUNCT
fbem-31090	142	7	liu	liu	PROPN
fbem-31090	142	8	jing	jing	PROPN
fbem-31090	142	9	.	.	PUNCT
fbem-31090	143	1	impact	impact	NOUN
fbem-31090	143	2	of	of	ADP
fbem-31090	143	3	vat	vat	NOUN
fbem-31090	143	4	tax	tax	NOUN
fbem-31090	143	5	rebate	rebate	NOUN
fbem-31090	143	6	on	on	ADP
fbem-31090	143	7	enterprise	enterprise	NOUN
fbem-31090	143	8	innovation	innovation	NOUN
fbem-31090	144	1	[	[	X
fbem-31090	144	2	j	j	X
fbem-31090	144	3	]	]	X
fbem-31090	144	4	.	.	PUNCT
fbem-31090	145	1	china	china	PROPN
fbem-31090	145	2	industrial	industrial	ADJ
fbem-31090	145	3	economy	economy	NOUN
fbem-31090	145	4	,	,	PUNCT
fbem-31090	145	5	2022(7	2022(7	NUM
fbem-31090	145	6	):	):	PUNCT
fbem-31090	145	7	155	155	NUM
fbem-31090	145	8	-	-	SYM
fbem-31090	145	9	173	173	NUM
fbem-31090	145	10	.	.	PUNCT
fbem-31090	146	1	[	[	X
fbem-31090	146	2	14	14	NUM
fbem-31090	146	3	]	]	X
fbem-31090	146	4	zhou	zhou	PROPN
fbem-31090	146	5	li'an	li'an	PROPN
fbem-31090	146	6	,	,	PUNCT
fbem-31090	146	7	luo	luo	PROPN
fbem-31090	146	8	kai	kai	PROPN
fbem-31090	146	9	.	.	PUNCT
fbem-31090	146	10	firm	firm	ADJ
fbem-31090	146	11	size	size	NOUN
fbem-31090	146	12	and	and	CCONJ
fbem-31090	146	13	innovation	innovation	NOUN
fbem-31090	146	14	:	:	PUNCT
fbem-31090	146	15	empirical	empirical	ADJ
fbem-31090	146	16	evidence	evidence	NOUN
fbem-31090	146	17	from	from	ADP
fbem-31090	146	18	china	china	PROPN
fbem-31090	146	19	's	's	PART
fbem-31090	146	20	manufacturing	manufacturing	NOUN
fbem-31090	146	21	industry	industry	NOUN
fbem-31090	146	22	[	[	X
fbem-31090	146	23	j	j	X
fbem-31090	146	24	]	]	X
fbem-31090	146	25	.	.	PUNCT
fbem-31090	147	1	economics	economic	NOUN
fbem-31090	147	2	(	(	PUNCT
fbem-31090	147	3	quarterly	quarterly	ADJ
fbem-31090	147	4	)	)	PUNCT
fbem-31090	147	5	,	,	PUNCT
fbem-31090	147	6	2005(3	2005(3	NUM
fbem-31090	147	7	):	):	PUNCT
fbem-31090	147	8	623	623	NUM
fbem-31090	147	9	-	-	SYM
fbem-31090	147	10	638	638	NUM
fbem-31090	147	11	.	.	PUNCT