id	sid	tid	token	lemma	pos
fbem-31327	1	1	frontiers	frontier	NOUN
fbem-31327	1	2	in	in	ADP
fbem-31327	1	3	business	business	NOUN
fbem-31327	1	4	,	,	PUNCT
fbem-31327	1	5	economics	economic	NOUN
fbem-31327	1	6	and	and	CCONJ
fbem-31327	1	7	management	management	NOUN
fbem-31327	1	8	issn	issn	PROPN
fbem-31327	1	9	:	:	PUNCT
fbem-31327	1	10	2766	2766	NUM
fbem-31327	1	11	-	-	PUNCT
fbem-31327	1	12	824x	824x	NUM
fbem-31327	1	13	|	|	ADJ
fbem-31327	1	14	vol	vol	NOUN
fbem-31327	1	15	.	.	PROPN
fbem-31327	1	16	20	20	NUM
fbem-31327	1	17	,	,	PUNCT
fbem-31327	1	18	no	no	INTJ
fbem-31327	1	19	.	.	NOUN
fbem-31327	1	20	1	1	NUM
fbem-31327	1	21	,	,	PUNCT
fbem-31327	1	22	2025	2025	NUM
fbem-31327	1	23	164	164	NUM
fbem-31327	1	24	does	do	AUX
fbem-31327	1	25	strict	strict	ADJ
fbem-31327	1	26	regulation	regulation	NOUN
fbem-31327	1	27	of	of	ADP
fbem-31327	1	28	capital	capital	NOUN
fbem-31327	1	29	markets	market	NOUN
fbem-31327	1	30	enhance	enhance	VERB
fbem-31327	1	31	firms	firm	NOUN
fbem-31327	1	32	'	'	PART
fbem-31327	1	33	ability	ability	NOUN
fbem-31327	1	34	to	to	PART
fbem-31327	1	35	spend	spend	VERB
fbem-31327	1	36	on	on	ADP
fbem-31327	1	37	r&d	r&d	NOUN
fbem-31327	1	38	?	?	PUNCT
fbem-31327	2	1	-an	-an	ADP
fbem-31327	2	2	empirical	empirical	ADJ
fbem-31327	2	3	analysis	analysis	NOUN
fbem-31327	2	4	against	against	ADP
fbem-31327	2	5	the	the	DET
fbem-31327	2	6	newly	newly	ADV
fbem-31327	2	7	enacted	enact	VERB
fbem-31327	2	8	securities	security	NOUN
fbem-31327	2	9	laws	law	NOUN
fbem-31327	2	10	zhenna	zhenna	PROPN
fbem-31327	2	11	huang	huang	PROPN
fbem-31327	2	12	,	,	PUNCT
fbem-31327	2	13	lina	lina	PROPN
fbem-31327	2	14	jiang	jiang	PROPN
fbem-31327	2	15	,	,	PUNCT
fbem-31327	2	16	weixin	weixin	PROPN
fbem-31327	3	1	hong	hong	PROPN
fbem-31327	3	2	*	*	PUNCT
fbem-31327	3	3	faculty	faculty	NOUN
fbem-31327	3	4	of	of	ADP
fbem-31327	3	5	finance	finance	NOUN
fbem-31327	3	6	,	,	PUNCT
fbem-31327	3	7	city	city	PROPN
fbem-31327	3	8	university	university	PROPN
fbem-31327	3	9	of	of	ADP
fbem-31327	3	10	macau	macau	PROPN
fbem-31327	3	11	,	,	PUNCT
fbem-31327	3	12	macau	macau	PROPN
fbem-31327	3	13	,	,	PUNCT
fbem-31327	3	14	china	china	PROPN
fbem-31327	3	15	*	*	PUNCT
fbem-31327	3	16	corresponding	correspond	VERB
fbem-31327	3	17	author	author	NOUN
fbem-31327	3	18	abstract	abstract	NOUN
fbem-31327	3	19	:	:	PUNCT
fbem-31327	3	20	china	china	PROPN
fbem-31327	3	21	's	's	PART
fbem-31327	3	22	updated	update	VERB
fbem-31327	3	23	securities	security	NOUN
fbem-31327	3	24	law	law	NOUN
fbem-31327	3	25	aims	aim	VERB
fbem-31327	3	26	to	to	PART
fbem-31327	3	27	promote	promote	VERB
fbem-31327	3	28	enterprise	enterprise	NOUN
fbem-31327	3	29	value	value	NOUN
fbem-31327	3	30	creation	creation	NOUN
fbem-31327	3	31	,	,	PUNCT
fbem-31327	3	32	optimize	optimize	VERB
fbem-31327	3	33	resource	resource	NOUN
fbem-31327	3	34	allocation	allocation	NOUN
fbem-31327	3	35	,	,	PUNCT
fbem-31327	3	36	and	and	CCONJ
fbem-31327	3	37	foster	foster	ADJ
fbem-31327	3	38	high	high	ADJ
fbem-31327	3	39	-	-	PUNCT
fbem-31327	3	40	quality	quality	NOUN
fbem-31327	3	41	economic	economic	ADJ
fbem-31327	3	42	development	development	NOUN
fbem-31327	3	43	,	,	PUNCT
fbem-31327	3	44	with	with	ADP
fbem-31327	3	45	a	a	DET
fbem-31327	3	46	core	core	NOUN
fbem-31327	3	47	focus	focus	NOUN
fbem-31327	3	48	on	on	ADP
fbem-31327	3	49	protecting	protect	VERB
fbem-31327	3	50	small	small	ADJ
fbem-31327	3	51	and	and	CCONJ
fbem-31327	3	52	medium	medium	ADJ
fbem-31327	3	53	-	-	PUNCT
fbem-31327	3	54	sized	sized	ADJ
fbem-31327	3	55	investors	investor	NOUN
fbem-31327	3	56	,	,	PUNCT
fbem-31327	3	57	strengthening	strengthen	VERB
fbem-31327	3	58	information	information	NOUN
fbem-31327	3	59	disclosure	disclosure	NOUN
fbem-31327	3	60	,	,	PUNCT
fbem-31327	3	61	and	and	CCONJ
fbem-31327	3	62	enhancing	enhance	VERB
fbem-31327	3	63	financial	financial	ADJ
fbem-31327	3	64	market	market	NOUN
fbem-31327	3	65	stability	stability	NOUN
fbem-31327	3	66	.	.	PUNCT
fbem-31327	4	1	this	this	DET
fbem-31327	4	2	study	study	NOUN
fbem-31327	4	3	employs	employ	VERB
fbem-31327	4	4	the	the	DET
fbem-31327	4	5	difference	difference	NOUN
fbem-31327	4	6	-	-	PUNCT
fbem-31327	4	7	in	in	ADP
fbem-31327	4	8	-	-	PUNCT
fbem-31327	4	9	differences	difference	NOUN
fbem-31327	4	10	(	(	PUNCT
fbem-31327	4	11	did	do	AUX
fbem-31327	4	12	)	)	PUNCT
fbem-31327	4	13	method	method	VERB
fbem-31327	4	14	to	to	PART
fbem-31327	4	15	empirically	empirically	ADV
fbem-31327	4	16	analyze	analyze	VERB
fbem-31327	4	17	the	the	DET
fbem-31327	4	18	impact	impact	NOUN
fbem-31327	4	19	of	of	ADP
fbem-31327	4	20	the	the	DET
fbem-31327	4	21	new	new	ADJ
fbem-31327	4	22	law	law	NOUN
fbem-31327	4	23	on	on	ADP
fbem-31327	4	24	firms	firm	NOUN
fbem-31327	4	25	'	'	PART
fbem-31327	4	26	r&d	r&d	NOUN
fbem-31327	4	27	investment	investment	NOUN
fbem-31327	4	28	.	.	PUNCT
fbem-31327	5	1	results	result	NOUN
fbem-31327	5	2	show	show	VERB
fbem-31327	5	3	that	that	SCONJ
fbem-31327	5	4	stringent	stringent	ADJ
fbem-31327	5	5	capital	capital	NOUN
fbem-31327	5	6	market	market	NOUN
fbem-31327	5	7	regulation	regulation	NOUN
fbem-31327	5	8	significantly	significantly	ADV
fbem-31327	5	9	boosts	boost	VERB
fbem-31327	5	10	r&d	r&d	NOUN
fbem-31327	5	11	expenditure	expenditure	NOUN
fbem-31327	5	12	,	,	PUNCT
fbem-31327	5	13	particularly	particularly	ADV
fbem-31327	5	14	in	in	ADP
fbem-31327	5	15	heavily	heavily	ADV
fbem-31327	5	16	polluting	pollute	VERB
fbem-31327	5	17	industries	industry	NOUN
fbem-31327	5	18	and	and	CCONJ
fbem-31327	5	19	non	non	ADJ
fbem-31327	5	20	-	-	ADJ
fbem-31327	5	21	manufacturing	manufacturing	ADJ
fbem-31327	5	22	sectors	sector	NOUN
fbem-31327	5	23	.	.	PUNCT
fbem-31327	6	1	the	the	DET
fbem-31327	6	2	mechanism	mechanism	NOUN
fbem-31327	6	3	analysis	analysis	NOUN
fbem-31327	6	4	reveals	reveal	VERB
fbem-31327	6	5	that	that	SCONJ
fbem-31327	6	6	improved	improve	VERB
fbem-31327	6	7	disclosure	disclosure	NOUN
fbem-31327	6	8	quality	quality	NOUN
fbem-31327	6	9	and	and	CCONJ
fbem-31327	6	10	reduced	reduce	VERB
fbem-31327	6	11	financing	financing	NOUN
fbem-31327	6	12	constraints	constraint	NOUN
fbem-31327	6	13	(	(	PUNCT
fbem-31327	6	14	measured	measure	VERB
fbem-31327	6	15	by	by	ADP
fbem-31327	6	16	the	the	DET
fbem-31327	6	17	sa	sa	PROPN
fbem-31327	6	18	index	index	PROPN
fbem-31327	6	19	)	)	PUNCT
fbem-31327	6	20	mediate	mediate	VERB
fbem-31327	6	21	this	this	DET
fbem-31327	6	22	effect	effect	NOUN
fbem-31327	6	23	,	,	PUNCT
fbem-31327	6	24	while	while	SCONJ
fbem-31327	6	25	internal	internal	ADJ
fbem-31327	6	26	control	control	NOUN
fbem-31327	6	27	quality	quality	NOUN
fbem-31327	6	28	and	and	CCONJ
fbem-31327	6	29	equity	equity	NOUN
fbem-31327	6	30	concentration	concentration	NOUN
fbem-31327	6	31	moderate	moderate	ADJ
fbem-31327	6	32	the	the	DET
fbem-31327	6	33	relationship	relationship	NOUN
fbem-31327	6	34	.	.	PUNCT
fbem-31327	7	1	these	these	DET
fbem-31327	7	2	findings	finding	NOUN
fbem-31327	7	3	provide	provide	VERB
fbem-31327	7	4	theoretical	theoretical	ADJ
fbem-31327	7	5	and	and	CCONJ
fbem-31327	7	6	empirical	empirical	ADJ
fbem-31327	7	7	support	support	NOUN
fbem-31327	7	8	for	for	ADP
fbem-31327	7	9	optimizing	optimize	VERB
fbem-31327	7	10	capital	capital	NOUN
fbem-31327	7	11	market	market	NOUN
fbem-31327	7	12	regulations	regulation	NOUN
fbem-31327	7	13	to	to	PART
fbem-31327	7	14	stimulate	stimulate	VERB
fbem-31327	7	15	corporate	corporate	ADJ
fbem-31327	7	16	innovation	innovation	NOUN
fbem-31327	7	17	.	.	PUNCT
fbem-31327	8	1	keywords	keyword	NOUN
fbem-31327	8	2	:	:	PUNCT
fbem-31327	8	3	securities	security	NOUN
fbem-31327	8	4	law	law	NOUN
fbem-31327	8	5	;	;	PUNCT
fbem-31327	8	6	difference	difference	NOUN
fbem-31327	8	7	-	-	PUNCT
fbem-31327	8	8	in	in	ADP
fbem-31327	8	9	-	-	PUNCT
fbem-31327	8	10	differences	difference	NOUN
fbem-31327	8	11	(	(	PUNCT
fbem-31327	8	12	did	do	VERB
fbem-31327	8	13	)	)	PUNCT
fbem-31327	8	14	;	;	PUNCT
fbem-31327	8	15	capital	capital	NOUN
fbem-31327	8	16	market	market	NOUN
fbem-31327	8	17	regulations	regulation	NOUN
fbem-31327	8	18	.	.	PUNCT
fbem-31327	9	1	1	1	X
fbem-31327	9	2	.	.	X
fbem-31327	9	3	introduction	introduction	NOUN
fbem-31327	9	4	china	china	PROPN
fbem-31327	9	5	's	's	PART
fbem-31327	9	6	latest	late	ADJ
fbem-31327	9	7	securities	security	NOUN
fbem-31327	9	8	law	law	NOUN
fbem-31327	9	9	comprehensively	comprehensively	ADV
fbem-31327	9	10	regulates	regulate	VERB
fbem-31327	9	11	securities	security	NOUN
fbem-31327	9	12	-	-	PUNCT
fbem-31327	9	13	related	relate	VERB
fbem-31327	9	14	activities	activity	NOUN
fbem-31327	9	15	,	,	PUNCT
fbem-31327	9	16	including	include	VERB
fbem-31327	9	17	market	market	NOUN
fbem-31327	9	18	fundamentals	fundamental	NOUN
fbem-31327	9	19	,	,	PUNCT
fbem-31327	9	20	foreign	foreign	ADJ
fbem-31327	9	21	capital	capital	NOUN
fbem-31327	9	22	stock	stock	NOUN
fbem-31327	9	23	issuance	issuance	NOUN
fbem-31327	9	24	,	,	PUNCT
fbem-31327	9	25	information	information	NOUN
fbem-31327	9	26	disclosure	disclosure	NOUN
fbem-31327	9	27	,	,	PUNCT
fbem-31327	9	28	and	and	CCONJ
fbem-31327	9	29	penalties	penalty	NOUN
fbem-31327	9	30	for	for	ADP
fbem-31327	9	31	unlawful	unlawful	ADJ
fbem-31327	9	32	behavior	behavior	NOUN
fbem-31327	9	33	.	.	PUNCT
fbem-31327	10	1	encompassing	encompass	VERB
fbem-31327	10	2	ten	ten	NUM
fbem-31327	10	3	key	key	ADJ
fbem-31327	10	4	areas	area	NOUN
fbem-31327	10	5	of	of	ADP
fbem-31327	10	6	amendment	amendment	NOUN
fbem-31327	10	7	,	,	PUNCT
fbem-31327	10	8	it	it	PRON
fbem-31327	10	9	serves	serve	VERB
fbem-31327	10	10	as	as	ADP
fbem-31327	10	11	a	a	DET
fbem-31327	10	12	pivotal	pivotal	ADJ
fbem-31327	10	13	policy	policy	NOUN
fbem-31327	10	14	tool	tool	NOUN
fbem-31327	10	15	to	to	PART
fbem-31327	10	16	enhance	enhance	VERB
fbem-31327	10	17	capital	capital	NOUN
fbem-31327	10	18	market	market	NOUN
fbem-31327	10	19	resource	resource	NOUN
fbem-31327	10	20	allocation	allocation	NOUN
fbem-31327	10	21	,	,	PUNCT
fbem-31327	10	22	foster	foster	ADJ
fbem-31327	10	23	enterprise	enterprise	NOUN
fbem-31327	10	24	value	value	NOUN
fbem-31327	10	25	creation	creation	NOUN
fbem-31327	10	26	,	,	PUNCT
fbem-31327	10	27	and	and	CCONJ
fbem-31327	10	28	drive	drive	VERB
fbem-31327	10	29	high	high	ADJ
fbem-31327	10	30	-	-	PUNCT
fbem-31327	10	31	quality	quality	NOUN
fbem-31327	10	32	economic	economic	ADJ
fbem-31327	10	33	growth	growth	NOUN
fbem-31327	10	34	.	.	PUNCT
fbem-31327	11	1	central	central	ADJ
fbem-31327	11	2	to	to	ADP
fbem-31327	11	3	this	this	PRON
fbem-31327	11	4	is	be	AUX
fbem-31327	11	5	r&d	r&d	NOUN
fbem-31327	11	6	investment	investment	NOUN
fbem-31327	11	7	,	,	PUNCT
fbem-31327	11	8	which	which	PRON
fbem-31327	11	9	embodies	embody	VERB
fbem-31327	11	10	enterprises	enterprise	NOUN
fbem-31327	11	11	'	'	PART
fbem-31327	11	12	expenditures	expenditure	NOUN
fbem-31327	11	13	on	on	ADP
fbem-31327	11	14	scientific	scientific	ADJ
fbem-31327	11	15	and	and	CCONJ
fbem-31327	11	16	technological	technological	ADJ
fbem-31327	11	17	advancement	advancement	NOUN
fbem-31327	11	18	,	,	PUNCT
fbem-31327	11	19	directly	directly	ADV
fbem-31327	11	20	impacting	impact	VERB
fbem-31327	11	21	their	their	PRON
fbem-31327	11	22	core	core	NOUN
fbem-31327	11	23	competitiveness	competitiveness	NOUN
fbem-31327	11	24	and	and	CCONJ
fbem-31327	11	25	innovation	innovation	NOUN
fbem-31327	11	26	capabilities	capability	NOUN
fbem-31327	11	27	.	.	PUNCT
fbem-31327	12	1	the	the	DET
fbem-31327	12	2	law	law	NOUN
fbem-31327	12	3	's	's	PART
fbem-31327	12	4	stringent	stringent	ADJ
fbem-31327	12	5	capital	capital	NOUN
fbem-31327	12	6	market	market	NOUN
fbem-31327	12	7	regulations	regulation	NOUN
fbem-31327	12	8	thus	thus	ADV
fbem-31327	12	9	warrant	warrant	VERB
fbem-31327	12	10	investigation	investigation	NOUN
fbem-31327	12	11	into	into	ADP
fbem-31327	12	12	their	their	PRON
fbem-31327	12	13	effects	effect	NOUN
fbem-31327	12	14	on	on	ADP
fbem-31327	12	15	corporate	corporate	ADJ
fbem-31327	12	16	r&d	r&d	NOUN
fbem-31327	12	17	and	and	CCONJ
fbem-31327	12	18	broader	broad	ADJ
fbem-31327	12	19	economic	economic	ADJ
fbem-31327	12	20	growth	growth	NOUN
fbem-31327	12	21	.	.	PUNCT
fbem-31327	13	1	scholarly	scholarly	ADJ
fbem-31327	13	2	inquiry	inquiry	NOUN
fbem-31327	13	3	into	into	ADP
fbem-31327	13	4	the	the	DET
fbem-31327	13	5	new	new	ADJ
fbem-31327	13	6	securities	security	NOUN
fbem-31327	13	7	law	law	NOUN
fbem-31327	13	8	has	have	AUX
fbem-31327	13	9	primarily	primarily	ADV
fbem-31327	13	10	focused	focus	VERB
fbem-31327	13	11	on	on	ADP
fbem-31327	13	12	information	information	NOUN
fbem-31327	13	13	disclosure	disclosure	NOUN
fbem-31327	13	14	and	and	CCONJ
fbem-31327	13	15	investor	investor	NOUN
fbem-31327	13	16	protection	protection	NOUN
fbem-31327	13	17	.	.	PUNCT
fbem-31327	14	1	the	the	DET
fbem-31327	14	2	revised	revise	VERB
fbem-31327	14	3	law	law	NOUN
fbem-31327	14	4	strengthens	strengthen	VERB
fbem-31327	14	5	the	the	DET
fbem-31327	14	6	legal	legal	ADJ
fbem-31327	14	7	obligations	obligation	NOUN
fbem-31327	14	8	of	of	ADP
fbem-31327	14	9	listed	list	VERB
fbem-31327	14	10	companies	company	NOUN
fbem-31327	14	11	for	for	ADP
fbem-31327	14	12	disclosure	disclosure	NOUN
fbem-31327	14	13	,	,	PUNCT
fbem-31327	14	14	reducing	reduce	VERB
fbem-31327	14	15	the	the	DET
fbem-31327	14	16	frequency	frequency	NOUN
fbem-31327	14	17	of	of	ADP
fbem-31327	14	18	financial	financial	ADJ
fbem-31327	14	19	forecast	forecast	NOUN
fbem-31327	14	20	announcements	announcement	NOUN
fbem-31327	14	21	by	by	ADP
fbem-31327	14	22	private	private	ADJ
fbem-31327	14	23	firms	firm	NOUN
fbem-31327	14	24	while	while	SCONJ
fbem-31327	14	25	enhancing	enhance	VERB
fbem-31327	14	26	forecast	forecast	NOUN
fbem-31327	14	27	precision	precision	NOUN
fbem-31327	14	28	and	and	CCONJ
fbem-31327	14	29	risk	risk	NOUN
fbem-31327	14	30	warnings	warning	NOUN
fbem-31327	14	31	,	,	PUNCT
fbem-31327	14	32	particularly	particularly	ADV
fbem-31327	14	33	in	in	ADP
fbem-31327	14	34	firms	firm	NOUN
fbem-31327	14	35	with	with	ADP
fbem-31327	14	36	high	high	ADJ
fbem-31327	14	37	agency	agency	NOUN
fbem-31327	14	38	costs	cost	NOUN
fbem-31327	14	39	or	or	CCONJ
fbem-31327	14	40	bankruptcy	bankruptcy	NOUN
fbem-31327	14	41	risks	risk	NOUN
fbem-31327	14	42	[	[	X
fbem-31327	14	43	1	1	NUM
fbem-31327	14	44	]	]	PUNCT
fbem-31327	14	45	.	.	PUNCT
fbem-31327	15	1	it	it	PRON
fbem-31327	15	2	has	have	AUX
fbem-31327	15	3	also	also	ADV
fbem-31327	15	4	improved	improve	VERB
fbem-31327	15	5	the	the	DET
fbem-31327	15	6	quality	quality	NOUN
fbem-31327	15	7	of	of	ADP
fbem-31327	15	8	earnings	earning	NOUN
fbem-31327	15	9	announcements	announcement	NOUN
fbem-31327	15	10	and	and	CCONJ
fbem-31327	15	11	market	market	NOUN
fbem-31327	15	12	reactions	reaction	NOUN
fbem-31327	15	13	,	,	PUNCT
fbem-31327	15	14	with	with	ADP
fbem-31327	15	15	the	the	DET
fbem-31327	15	16	law	law	NOUN
fbem-31327	15	17	's	's	PART
fbem-31327	15	18	informational	informational	ADJ
fbem-31327	15	19	effects	effect	NOUN
fbem-31327	15	20	—	—	PUNCT
fbem-31327	15	21	shaped	shape	VERB
fbem-31327	15	22	by	by	ADP
fbem-31327	15	23	report	report	NOUN
fbem-31327	15	24	type	type	NOUN
fbem-31327	15	25	and	and	CCONJ
fbem-31327	15	26	enforcement	enforcement	NOUN
fbem-31327	15	27	rigor	rigor	NOUN
fbem-31327	15	28	—	—	PUNCT
fbem-31327	15	29	influencing	influence	VERB
fbem-31327	15	30	investor	investor	NOUN
fbem-31327	15	31	legal	legal	ADJ
fbem-31327	15	32	awareness	awareness	NOUN
fbem-31327	15	33	[	[	X
fbem-31327	15	34	2	2	NUM
fbem-31327	15	35	]	]	PUNCT
fbem-31327	15	36	.	.	PUNCT
fbem-31327	16	1	state	state	NOUN
fbem-31327	16	2	-	-	PUNCT
fbem-31327	16	3	owned	own	VERB
fbem-31327	16	4	enterprises	enterprise	NOUN
fbem-31327	16	5	exhibit	exhibit	VERB
fbem-31327	16	6	heightened	heighten	VERB
fbem-31327	16	7	disclosure	disclosure	NOUN
fbem-31327	16	8	quality	quality	NOUN
fbem-31327	16	9	under	under	ADP
fbem-31327	16	10	the	the	DET
fbem-31327	16	11	law	law	NOUN
fbem-31327	16	12	.	.	PUNCT
fbem-31327	17	1	at	at	ADP
fbem-31327	17	2	the	the	DET
fbem-31327	17	3	same	same	ADJ
fbem-31327	17	4	time	time	NOUN
fbem-31327	17	5	,	,	PUNCT
fbem-31327	17	6	a	a	DET
fbem-31327	17	7	dedicated	dedicated	ADJ
fbem-31327	17	8	investor	investor	NOUN
fbem-31327	17	9	protection	protection	NOUN
fbem-31327	17	10	chapter	chapter	NOUN
fbem-31327	17	11	safeguards	safeguard	VERB
fbem-31327	17	12	small	small	ADJ
fbem-31327	17	13	and	and	CCONJ
fbem-31327	17	14	mediumsized	mediumsized	ADJ
fbem-31327	17	15	investors	investor	NOUN
fbem-31327	17	16	,	,	PUNCT
fbem-31327	17	17	particularly	particularly	ADV
fbem-31327	17	18	in	in	ADP
fbem-31327	17	19	firms	firm	NOUN
fbem-31327	17	20	with	with	ADP
fbem-31327	17	21	high	high	ADJ
fbem-31327	17	22	goodwill	goodwill	NOUN
fbem-31327	17	23	or	or	CCONJ
fbem-31327	17	24	low	low	ADJ
fbem-31327	17	25	product	product	NOUN
fbem-31327	17	26	market	market	NOUN
fbem-31327	17	27	competition	competition	NOUN
fbem-31327	17	28	[	[	X
fbem-31327	17	29	2	2	NUM
fbem-31327	17	30	-	-	SYM
fbem-31327	17	31	4	4	NUM
fbem-31327	17	32	]	]	PUNCT
fbem-31327	17	33	.	.	PUNCT
fbem-31327	18	1	the	the	DET
fbem-31327	18	2	law	law	NOUN
fbem-31327	18	3	's	's	PART
fbem-31327	18	4	"	"	PUNCT
fbem-31327	18	5	zero	zero	NUM
fbem-31327	18	6	-	-	PUNCT
fbem-31327	18	7	tolerance	tolerance	NOUN
fbem-31327	18	8	"	"	PUNCT
fbem-31327	18	9	stance	stance	NOUN
fbem-31327	18	10	on	on	ADP
fbem-31327	18	11	financial	financial	ADJ
fbem-31327	18	12	fraud	fraud	NOUN
fbem-31327	18	13	is	be	AUX
fbem-31327	18	14	exemplified	exemplify	VERB
fbem-31327	18	15	by	by	ADP
fbem-31327	18	16	penalties	penalty	NOUN
fbem-31327	18	17	,	,	PUNCT
fbem-31327	18	18	such	such	ADJ
fbem-31327	18	19	as	as	ADP
fbem-31327	18	20	the	the	DET
fbem-31327	18	21	tens	ten	NOUN
fbem-31327	18	22	of	of	ADP
fbem-31327	18	23	millions	million	NOUN
fbem-31327	18	24	of	of	ADP
fbem-31327	18	25	yuan	yuan	NOUN
fbem-31327	18	26	fine	fine	NOUN
fbem-31327	18	27	imposed	impose	VERB
fbem-31327	18	28	on	on	ADP
fbem-31327	18	29	guangdong	guangdong	PROPN
fbem-31327	18	30	rongtai	rongtai	PROPN
fbem-31327	18	31	,	,	PUNCT
fbem-31327	18	32	which	which	PRON
fbem-31327	18	33	surpasses	surpass	VERB
fbem-31327	18	34	the	the	DET
fbem-31327	18	35	pre	pre	NOUN
fbem-31327	18	36	-	-	NOUN
fbem-31327	18	37	revision	revision	ADJ
fbem-31327	18	38	maximum	maximum	NOUN
fbem-31327	18	39	of	of	ADP
fbem-31327	18	40	$	$	SYM
fbem-31327	18	41	600,000	600,000	NUM
fbem-31327	18	42	[	[	NOUN
fbem-31327	18	43	5	5	NUM
fbem-31327	18	44	]	]	PUNCT
fbem-31327	18	45	.	.	PUNCT
fbem-31327	19	1	it	it	PRON
fbem-31327	19	2	also	also	ADV
fbem-31327	19	3	reduces	reduce	VERB
fbem-31327	19	4	stock	stock	NOUN
fbem-31327	19	5	price	price	NOUN
fbem-31327	19	6	crash	crash	NOUN
fbem-31327	19	7	risks	risk	NOUN
fbem-31327	19	8	by	by	ADP
fbem-31327	19	9	curbing	curb	VERB
fbem-31327	19	10	managers	manager	NOUN
fbem-31327	19	11	'	'	PART
fbem-31327	19	12	incentives	incentive	NOUN
fbem-31327	19	13	to	to	PART
fbem-31327	19	14	conceal	conceal	VERB
fbem-31327	19	15	bad	bad	ADJ
fbem-31327	19	16	news	news	NOUN
fbem-31327	19	17	,	,	PUNCT
fbem-31327	19	18	with	with	ADP
fbem-31327	19	19	low	low	ADJ
fbem-31327	19	20	-	-	PUNCT
fbem-31327	19	21	transparency	transparency	NOUN
fbem-31327	19	22	annual	annual	ADJ
fbem-31327	19	23	reports	report	NOUN
fbem-31327	19	24	being	be	AUX
fbem-31327	19	25	linked	link	VERB
fbem-31327	19	26	to	to	ADP
fbem-31327	19	27	a	a	DET
fbem-31327	19	28	higher	high	ADJ
fbem-31327	19	29	likelihood	likelihood	NOUN
fbem-31327	19	30	of	of	ADP
fbem-31327	19	31	crashes	crash	NOUN
fbem-31327	19	32	[	[	X
fbem-31327	19	33	6	6	NUM
fbem-31327	19	34	]	]	PUNCT
fbem-31327	19	35	.	.	PUNCT
fbem-31327	20	1	firms	firm	NOUN
fbem-31327	20	2	with	with	ADP
fbem-31327	20	3	internal	internal	ADJ
fbem-31327	20	4	control	control	NOUN
fbem-31327	20	5	deficiencies	deficiency	NOUN
fbem-31327	20	6	exhibit	exhibit	VERB
fbem-31327	20	7	reduced	reduce	VERB
fbem-31327	20	8	earnings	earning	NOUN
fbem-31327	20	9	management	management	NOUN
fbem-31327	20	10	post	post	NOUN
fbem-31327	20	11	-	-	NOUN
fbem-31327	20	12	law	law	NOUN
fbem-31327	20	13	,	,	PUNCT
fbem-31327	20	14	particularly	particularly	ADV
fbem-31327	20	15	when	when	SCONJ
fbem-31327	20	16	they	they	PRON
fbem-31327	20	17	are	be	AUX
fbem-31327	20	18	equipped	equip	VERB
fbem-31327	20	19	with	with	ADP
fbem-31327	20	20	independent	independent	ADJ
fbem-31327	20	21	academic	academic	ADJ
fbem-31327	20	22	directors	director	NOUN
fbem-31327	20	23	or	or	CCONJ
fbem-31327	20	24	high	high	ADJ
fbem-31327	20	25	analyst	analyst	NOUN
fbem-31327	20	26	coverage	coverage	NOUN
fbem-31327	20	27	,	,	PUNCT
fbem-31327	20	28	reflecting	reflect	VERB
fbem-31327	20	29	improved	improve	VERB
fbem-31327	20	30	internal	internal	ADJ
fbem-31327	20	31	controls	control	NOUN
fbem-31327	20	32	and	and	CCONJ
fbem-31327	20	33	external	external	ADJ
fbem-31327	20	34	regulation	regulation	NOUN
fbem-31327	20	35	[	[	X
fbem-31327	20	36	7	7	NUM
fbem-31327	20	37	]	]	PUNCT
fbem-31327	20	38	.	.	PUNCT
fbem-31327	21	1	tang	tang	PROPN
fbem-31327	21	2	et	et	PROPN
fbem-31327	22	1	al	al	PROPN
fbem-31327	22	2	.	.	PROPN
fbem-31327	23	1	highlight	highlight	VERB
fbem-31327	23	2	the	the	DET
fbem-31327	23	3	higher	high	ADJ
fbem-31327	23	4	vulnerability	vulnerability	NOUN
fbem-31327	23	5	of	of	ADP
fbem-31327	23	6	private	private	ADJ
fbem-31327	23	7	firms	firm	NOUN
fbem-31327	23	8	to	to	ADP
fbem-31327	23	9	majority	majority	NOUN
fbem-31327	23	10	shareholder	shareholder	NOUN
fbem-31327	23	11	expropriation	expropriation	NOUN
fbem-31327	23	12	through	through	ADP
fbem-31327	23	13	financial	financial	ADJ
fbem-31327	23	14	manipulation	manipulation	NOUN
fbem-31327	23	15	and	and	CCONJ
fbem-31327	23	16	insider	insider	NOUN
fbem-31327	23	17	trading	trading	NOUN
fbem-31327	23	18	,	,	PUNCT
fbem-31327	23	19	thereby	thereby	ADV
fbem-31327	23	20	exacerbating	exacerbate	VERB
fbem-31327	23	21	ethical	ethical	ADJ
fbem-31327	23	22	crises	crisis	NOUN
fbem-31327	23	23	and	and	CCONJ
fbem-31327	23	24	legal	legal	ADJ
fbem-31327	23	25	risks	risk	NOUN
fbem-31327	23	26	.	.	PUNCT
fbem-31327	24	1	these	these	DET
fbem-31327	24	2	firms	firm	NOUN
fbem-31327	24	3	rely	rely	VERB
fbem-31327	24	4	on	on	ADP
fbem-31327	24	5	disclosure	disclosure	NOUN
fbem-31327	24	6	to	to	PART
fbem-31327	24	7	mitigate	mitigate	VERB
fbem-31327	24	8	information	information	NOUN
fbem-31327	24	9	asymmetry	asymmetry	NOUN
fbem-31327	24	10	,	,	PUNCT
fbem-31327	24	11	while	while	SCONJ
fbem-31327	24	12	the	the	DET
fbem-31327	24	13	law	law	NOUN
fbem-31327	24	14	's	's	PART
fbem-31327	24	15	class	class	NOUN
fbem-31327	24	16	action	action	NOUN
fbem-31327	24	17	system	system	NOUN
fbem-31327	24	18	—	—	PUNCT
fbem-31327	24	19	allowing	allow	VERB
fbem-31327	24	20	protection	protection	NOUN
fbem-31327	24	21	organizations	organization	NOUN
fbem-31327	24	22	to	to	PART
fbem-31327	24	23	sue	sue	VERB
fbem-31327	24	24	for	for	ADP
fbem-31327	24	25	damages	damage	NOUN
fbem-31327	24	26	—	—	PUNCT
fbem-31327	24	27	lowers	lower	VERB
fbem-31327	24	28	investor	investor	NOUN
fbem-31327	24	29	litigation	litigation	NOUN
fbem-31327	24	30	costs	cost	NOUN
fbem-31327	24	31	.	.	PUNCT
fbem-31327	25	1	ye	ye	PRON
fbem-31327	25	2	et	et	PROPN
fbem-31327	25	3	al	al	PROPN
fbem-31327	25	4	.	.	PROPN
fbem-31327	25	5	emphasize	emphasize	VERB
fbem-31327	25	6	the	the	DET
fbem-31327	25	7	law	law	NOUN
fbem-31327	25	8	's	's	PART
fbem-31327	25	9	role	role	NOUN
fbem-31327	25	10	in	in	ADP
fbem-31327	25	11	stabilizing	stabilize	VERB
fbem-31327	25	12	financial	financial	ADJ
fbem-31327	25	13	markets	market	NOUN
fbem-31327	25	14	by	by	ADP
fbem-31327	25	15	reducing	reduce	VERB
fbem-31327	25	16	crash	crash	NOUN
fbem-31327	25	17	risks	risk	NOUN
fbem-31327	25	18	tied	tie	VERB
fbem-31327	25	19	to	to	ADP
fbem-31327	25	20	information	information	NOUN
fbem-31327	25	21	opacity	opacity	NOUN
fbem-31327	25	22	[	[	X
fbem-31327	25	23	6	6	NUM
fbem-31327	25	24	]	]	PUNCT
fbem-31327	25	25	.	.	PUNCT
fbem-31327	26	1	despite	despite	SCONJ
fbem-31327	26	2	extensive	extensive	ADJ
fbem-31327	26	3	research	research	NOUN
fbem-31327	26	4	on	on	ADP
fbem-31327	26	5	disclosure	disclosure	NOUN
fbem-31327	26	6	and	and	CCONJ
fbem-31327	26	7	investor	investor	NOUN
fbem-31327	26	8	protection	protection	NOUN
fbem-31327	26	9	,	,	PUNCT
fbem-31327	26	10	fewer	few	ADJ
fbem-31327	26	11	studies	study	NOUN
fbem-31327	26	12	address	address	VERB
fbem-31327	26	13	the	the	DET
fbem-31327	26	14	law	law	NOUN
fbem-31327	26	15	's	's	PART
fbem-31327	26	16	impact	impact	NOUN
fbem-31327	26	17	on	on	ADP
fbem-31327	26	18	r&d	r&d	NOUN
fbem-31327	26	19	investment	investment	NOUN
fbem-31327	26	20	.	.	PUNCT
fbem-31327	27	1	existing	exist	VERB
fbem-31327	27	2	literature	literature	NOUN
fbem-31327	27	3	identifies	identify	VERB
fbem-31327	27	4	government	government	NOUN
fbem-31327	27	5	subsidies	subsidy	NOUN
fbem-31327	27	6	and	and	CCONJ
fbem-31327	27	7	tax	tax	NOUN
fbem-31327	27	8	breaks	break	NOUN
fbem-31327	27	9	as	as	ADP
fbem-31327	27	10	catalysts	catalyst	NOUN
fbem-31327	27	11	for	for	ADP
fbem-31327	27	12	r&d	r&d	NOUN
fbem-31327	27	13	[	[	X
fbem-31327	27	14	8	8	NUM
fbem-31327	27	15	]	]	PUNCT
fbem-31327	27	16	,	,	PUNCT
fbem-31327	27	17	while	while	SCONJ
fbem-31327	27	18	family	family	NOUN
fbem-31327	27	19	ownership	ownership	NOUN
fbem-31327	27	20	correlates	correlate	VERB
fbem-31327	27	21	negatively	negatively	ADV
fbem-31327	27	22	with	with	ADP
fbem-31327	27	23	r&d	r&d	NOUN
fbem-31327	27	24	intensity	intensity	NOUN
fbem-31327	27	25	;	;	PUNCT
fbem-31327	27	26	however	however	ADV
fbem-31327	27	27	,	,	PUNCT
fbem-31327	27	28	family	family	NOUN
fbem-31327	27	29	management	management	NOUN
fbem-31327	27	30	involvement	involvement	NOUN
fbem-31327	27	31	has	have	VERB
fbem-31327	27	32	the	the	DET
fbem-31327	27	33	opposite	opposite	ADJ
fbem-31327	27	34	effect	effect	NOUN
fbem-31327	27	35	[	[	X
fbem-31327	27	36	9	9	NUM
fbem-31327	27	37	]	]	PUNCT
fbem-31327	27	38	.	.	PUNCT
fbem-31327	28	1	convertible	convertible	ADJ
fbem-31327	28	2	bond	bond	NOUN
fbem-31327	28	3	issuances	issuance	NOUN
fbem-31327	28	4	also	also	ADV
fbem-31327	28	5	boost	boost	VERB
fbem-31327	28	6	r&d	r&d	NOUN
fbem-31327	28	7	investment	investment	NOUN
fbem-31327	28	8	[	[	X
fbem-31327	28	9	10	10	NUM
fbem-31327	28	10	]	]	PUNCT
fbem-31327	28	11	.	.	PUNCT
fbem-31327	29	1	financial	financial	ADJ
fbem-31327	29	2	leverage	leverage	NOUN
fbem-31327	29	3	hurts	hurt	VERB
fbem-31327	29	4	r&d	r&d	NOUN
fbem-31327	29	5	[	[	X
fbem-31327	29	6	15	15	NUM
fbem-31327	29	7	]	]	PUNCT
fbem-31327	29	8	,	,	PUNCT
fbem-31327	29	9	whereas	whereas	SCONJ
fbem-31327	29	10	policy	policy	NOUN
fbem-31327	29	11	support	support	NOUN
fbem-31327	29	12	and	and	CCONJ
fbem-31327	29	13	tax	tax	NOUN
fbem-31327	29	14	incentives	incentive	NOUN
fbem-31327	29	15	help	help	AUX
fbem-31327	29	16	offset	offset	VERB
fbem-31327	29	17	innovationrelated	innovationrelate	VERB
fbem-31327	29	18	income	income	NOUN
fbem-31327	29	19	gaps	gap	NOUN
fbem-31327	29	20	and	and	CCONJ
fbem-31327	29	21	expand	expand	VERB
fbem-31327	29	22	capital	capital	NOUN
fbem-31327	29	23	pools	pool	NOUN
fbem-31327	29	24	,	,	PUNCT
fbem-31327	29	25	thereby	thereby	ADV
fbem-31327	29	26	enhancing	enhance	VERB
fbem-31327	29	27	r&d	r&d	NOUN
fbem-31327	29	28	capacity	capacity	NOUN
fbem-31327	29	29	.	.	PUNCT
fbem-31327	30	1	in	in	ADP
fbem-31327	30	2	family	family	NOUN
fbem-31327	30	3	firms	firm	NOUN
fbem-31327	30	4	,	,	PUNCT
fbem-31327	30	5	the	the	DET
fbem-31327	30	6	ceo	ceo	NOUN
fbem-31327	30	7	-	-	PUNCT
fbem-31327	30	8	chairman	chairman	NOUN
fbem-31327	30	9	duality	duality	NOUN
fbem-31327	30	10	correlates	correlate	VERB
fbem-31327	30	11	inversely	inversely	ADV
fbem-31327	30	12	with	with	ADP
fbem-31327	30	13	r&d	r&d	NOUN
fbem-31327	30	14	intensity	intensity	NOUN
fbem-31327	30	15	due	due	ADP
fbem-31327	30	16	to	to	PART
fbem-31327	30	17	risk	risk	NOUN
fbem-31327	30	18	aversion	aversion	NOUN
fbem-31327	30	19	driven	drive	VERB
fbem-31327	30	20	by	by	ADP
fbem-31327	30	21	the	the	DET
fbem-31327	30	22	prioritization	prioritization	NOUN
fbem-31327	30	23	of	of	ADP
fbem-31327	30	24	family	family	NOUN
fbem-31327	30	25	interests	interest	NOUN
fbem-31327	30	26	[	[	X
fbem-31327	30	27	17	17	NUM
fbem-31327	30	28	]	]	PUNCT
fbem-31327	30	29	.	.	PUNCT
fbem-31327	31	1	this	this	DET
fbem-31327	31	2	study	study	NOUN
fbem-31327	31	3	bridges	bridge	VERB
fbem-31327	31	4	the	the	DET
fbem-31327	31	5	gap	gap	NOUN
fbem-31327	31	6	by	by	ADP
fbem-31327	31	7	examining	examine	VERB
fbem-31327	31	8	how	how	SCONJ
fbem-31327	31	9	the	the	DET
fbem-31327	31	10	securities	security	NOUN
fbem-31327	31	11	law	law	NOUN
fbem-31327	31	12	's	's	PART
fbem-31327	31	13	regulatory	regulatory	ADJ
fbem-31327	31	14	framework	framework	NOUN
fbem-31327	31	15	influences	influence	VERB
fbem-31327	31	16	r&d	r&d	NOUN
fbem-31327	31	17	investment	investment	NOUN
fbem-31327	31	18	through	through	ADP
fbem-31327	31	19	the	the	DET
fbem-31327	31	20	quality	quality	NOUN
fbem-31327	31	21	of	of	ADP
fbem-31327	31	22	disclosure	disclosure	NOUN
fbem-31327	31	23	,	,	PUNCT
fbem-31327	31	24	financing	financing	NOUN
fbem-31327	31	25	constraints	constraint	NOUN
fbem-31327	31	26	,	,	PUNCT
fbem-31327	31	27	and	and	CCONJ
fbem-31327	31	28	corporate	corporate	ADJ
fbem-31327	31	29	governance	governance	NOUN
fbem-31327	31	30	mechanisms	mechanism	NOUN
fbem-31327	31	31	.	.	PUNCT
fbem-31327	32	1	analyzing	analyze	VERB
fbem-31327	32	2	heterogeneous	heterogeneous	ADJ
fbem-31327	32	3	effects	effect	NOUN
fbem-31327	32	4	across	across	ADP
fbem-31327	32	5	industries	industry	NOUN
fbem-31327	32	6	and	and	CCONJ
fbem-31327	32	7	firm	firm	ADJ
fbem-31327	32	8	types	type	NOUN
fbem-31327	32	9	enhances	enhance	VERB
fbem-31327	32	10	our	our	PRON
fbem-31327	32	11	understanding	understanding	NOUN
fbem-31327	32	12	of	of	ADP
fbem-31327	32	13	the	the	DET
fbem-31327	32	14	law	law	NOUN
fbem-31327	32	15	's	's	PART
fbem-31327	32	16	role	role	NOUN
fbem-31327	32	17	in	in	ADP
fbem-31327	32	18	shaping	shape	VERB
fbem-31327	32	19	innovation	innovation	NOUN
fbem-31327	32	20	-	-	PUNCT
fbem-31327	32	21	driven	drive	VERB
fbem-31327	32	22	growth	growth	NOUN
fbem-31327	32	23	,	,	PUNCT
fbem-31327	32	24	complementing	complement	VERB
fbem-31327	32	25	prior	prior	ADJ
fbem-31327	32	26	research	research	NOUN
fbem-31327	32	27	on	on	ADP
fbem-31327	32	28	capital	capital	NOUN
fbem-31327	32	29	market	market	NOUN
fbem-31327	32	30	reforms	reform	NOUN
fbem-31327	32	31	and	and	CCONJ
fbem-31327	32	32	corporate	corporate	ADJ
fbem-31327	32	33	strategic	strategic	ADJ
fbem-31327	32	34	behavior	behavior	NOUN
fbem-31327	32	35	.	.	PUNCT
fbem-31327	33	1	165	165	NUM
fbem-31327	33	2	2	2	NUM
fbem-31327	33	3	.	.	PUNCT
fbem-31327	33	4	policy	policy	NOUN
fbem-31327	33	5	background	background	NOUN
fbem-31327	33	6	and	and	CCONJ
fbem-31327	33	7	theoretical	theoretical	ADJ
fbem-31327	33	8	analysis	analysis	NOUN
fbem-31327	33	9	2.1	2.1	NUM
fbem-31327	33	10	.	.	PUNCT
fbem-31327	34	1	policy	policy	NOUN
fbem-31327	34	2	and	and	CCONJ
fbem-31327	34	3	institutional	institutional	ADJ
fbem-31327	34	4	background	background	NOUN
fbem-31327	34	5	of	of	ADP
fbem-31327	34	6	china	china	PROPN
fbem-31327	34	7	's	's	PART
fbem-31327	34	8	new	new	ADJ
fbem-31327	34	9	securities	security	NOUN
fbem-31327	34	10	law	law	NOUN
fbem-31327	34	11	on	on	ADP
fbem-31327	34	12	december	december	PROPN
fbem-31327	34	13	29th	29th	NOUN
fbem-31327	34	14	,	,	PUNCT
fbem-31327	34	15	1998	1998	NUM
fbem-31327	34	16	,	,	PUNCT
fbem-31327	34	17	the	the	DET
fbem-31327	34	18	standing	standing	PROPN
fbem-31327	34	19	committee	committee	PROPN
fbem-31327	34	20	of	of	ADP
fbem-31327	34	21	the	the	DET
fbem-31327	34	22	9th	9th	ADJ
fbem-31327	34	23	national	national	ADJ
fbem-31327	34	24	people	people	NOUN
fbem-31327	34	25	's	's	PART
fbem-31327	34	26	congress	congress	PROPN
fbem-31327	34	27	of	of	ADP
fbem-31327	34	28	china	china	PROPN
fbem-31327	34	29	gave	give	VERB
fbem-31327	34	30	its	its	PRON
fbem-31327	34	31	blessing	blessing	NOUN
fbem-31327	34	32	to	to	ADP
fbem-31327	34	33	the	the	DET
fbem-31327	34	34	securities	security	NOUN
fbem-31327	34	35	law	law	NOUN
fbem-31327	34	36	,	,	PUNCT
fbem-31327	34	37	a	a	DET
fbem-31327	34	38	cornerstone	cornerstone	NOUN
fbem-31327	34	39	of	of	ADP
fbem-31327	34	40	the	the	DET
fbem-31327	34	41	capital	capital	NOUN
fbem-31327	34	42	market	market	NOUN
fbem-31327	34	43	,	,	PUNCT
fbem-31327	34	44	and	and	CCONJ
fbem-31327	34	45	it	it	PRON
fbem-31327	34	46	was	be	AUX
fbem-31327	34	47	put	put	VERB
fbem-31327	34	48	into	into	ADP
fbem-31327	34	49	effect	effect	NOUN
fbem-31327	34	50	on	on	ADP
fbem-31327	34	51	july	july	PROPN
fbem-31327	34	52	1st	1st	NOUN
fbem-31327	34	53	,	,	PUNCT
fbem-31327	34	54	1999	1999	NUM
fbem-31327	34	55	.	.	PUNCT
fbem-31327	35	1	since	since	SCONJ
fbem-31327	35	2	its	its	PRON
fbem-31327	35	3	issuance	issuance	NOUN
fbem-31327	35	4	,	,	PUNCT
fbem-31327	35	5	the	the	DET
fbem-31327	35	6	text	text	NOUN
fbem-31327	35	7	of	of	ADP
fbem-31327	35	8	the	the	DET
fbem-31327	35	9	law	law	NOUN
fbem-31327	35	10	has	have	AUX
fbem-31327	35	11	been	be	AUX
fbem-31327	35	12	subject	subject	ADJ
fbem-31327	35	13	to	to	ADP
fbem-31327	35	14	minor	minor	ADJ
fbem-31327	35	15	revisions	revision	NOUN
fbem-31327	35	16	in	in	ADP
fbem-31327	35	17	2004	2004	NUM
fbem-31327	35	18	,	,	PUNCT
fbem-31327	35	19	2013	2013	NUM
fbem-31327	35	20	,	,	PUNCT
fbem-31327	35	21	and	and	CCONJ
fbem-31327	35	22	2014	2014	NUM
fbem-31327	35	23	,	,	PUNCT
fbem-31327	35	24	respectively	respectively	ADV
fbem-31327	35	25	.	.	PUNCT
fbem-31327	36	1	in	in	ADP
fbem-31327	36	2	2015	2015	NUM
fbem-31327	36	3	,	,	PUNCT
fbem-31327	36	4	the	the	DET
fbem-31327	36	5	content	content	NOUN
fbem-31327	36	6	suffered	suffer	VERB
fbem-31327	36	7	an	an	DET
fbem-31327	36	8	extensive	extensive	ADJ
fbem-31327	36	9	overhaul	overhaul	NOUN
fbem-31327	36	10	.	.	PUNCT
fbem-31327	37	1	the	the	DET
fbem-31327	37	2	securities	security	NOUN
fbem-31327	37	3	law	law	NOUN
fbem-31327	37	4	was	be	AUX
fbem-31327	37	5	finalised	finalise	VERB
fbem-31327	37	6	after	after	ADP
fbem-31327	37	7	three	three	NUM
fbem-31327	37	8	rounds	round	NOUN
fbem-31327	37	9	of	of	ADP
fbem-31327	37	10	discussions	discussion	NOUN
fbem-31327	37	11	,	,	PUNCT
fbem-31327	37	12	from	from	ADP
fbem-31327	37	13	the	the	DET
fbem-31327	37	14	beginning	beginning	NOUN
fbem-31327	37	15	of	of	ADP
fbem-31327	37	16	the	the	DET
fbem-31327	37	17	text	text	NOUN
fbem-31327	37	18	to	to	ADP
fbem-31327	37	19	the	the	DET
fbem-31327	37	20	second	second	ADJ
fbem-31327	37	21	overhaul	overhaul	NOUN
fbem-31327	37	22	.	.	PUNCT
fbem-31327	38	1	on	on	ADP
fbem-31327	38	2	21	21	NUM
fbem-31327	38	3	april	april	PROPN
fbem-31327	38	4	2015	2015	NUM
fbem-31327	38	5	,	,	PUNCT
fbem-31327	38	6	the	the	DET
fbem-31327	38	7	public	public	NOUN
fbem-31327	38	8	was	be	AUX
fbem-31327	38	9	made	make	VERB
fbem-31327	38	10	aware	aware	ADJ
fbem-31327	38	11	of	of	ADP
fbem-31327	38	12	the	the	DET
fbem-31327	38	13	draft	draft	NOUN
fbem-31327	38	14	's	's	PART
fbem-31327	38	15	initial	initial	ADJ
fbem-31327	38	16	version	version	NOUN
fbem-31327	38	17	,	,	PUNCT
fbem-31327	38	18	coinciding	coincide	VERB
fbem-31327	38	19	with	with	ADP
fbem-31327	38	20	the	the	DET
fbem-31327	38	21	14th	14th	ADJ
fbem-31327	38	22	and	and	CCONJ
fbem-31327	38	23	14th	14th	ADJ
fbem-31327	38	24	assemblies	assembly	NOUN
fbem-31327	38	25	of	of	ADP
fbem-31327	38	26	the	the	DET
fbem-31327	38	27	standing	standing	PROPN
fbem-31327	38	28	committee	committee	PROPN
fbem-31327	38	29	of	of	ADP
fbem-31327	38	30	the	the	DET
fbem-31327	38	31	national	national	PROPN
fbem-31327	38	32	people	people	NOUN
fbem-31327	38	33	's	's	PART
fbem-31327	38	34	congress	congress	PROPN
fbem-31327	38	35	a	a	DET
fbem-31327	38	36	sign	sign	NOUN
fbem-31327	38	37	that	that	SCONJ
fbem-31327	38	38	the	the	DET
fbem-31327	38	39	draft	draft	NOUN
fbem-31327	38	40	had	have	AUX
fbem-31327	38	41	just	just	ADV
fbem-31327	38	42	started	start	VERB
fbem-31327	38	43	its	its	PRON
fbem-31327	38	44	pre	pre	ADJ
fbem-31327	38	45	-	-	ADJ
fbem-31327	38	46	trial	trial	ADJ
fbem-31327	38	47	process	process	NOUN
fbem-31327	38	48	.	.	PUNCT
fbem-31327	39	1	then	then	ADV
fbem-31327	39	2	,	,	PUNCT
fbem-31327	39	3	on	on	ADP
fbem-31327	39	4	24	24	NUM
fbem-31327	39	5	april	april	PROPN
fbem-31327	39	6	2017	2017	NUM
fbem-31327	39	7	,	,	PUNCT
fbem-31327	39	8	the	the	DET
fbem-31327	39	9	27th	27th	ADJ
fbem-31327	39	10	assembly	assembly	NOUN
fbem-31327	39	11	of	of	ADP
fbem-31327	39	12	the	the	DET
fbem-31327	39	13	standing	standing	PROPN
fbem-31327	39	14	committee	committee	PROPN
fbem-31327	39	15	of	of	ADP
fbem-31327	39	16	the	the	DET
fbem-31327	39	17	14th	14th	ADJ
fbem-31327	39	18	national	national	PROPN
fbem-31327	39	19	people	people	NOUN
fbem-31327	39	20	's	's	PART
fbem-31327	39	21	congress	congress	PROPN
fbem-31327	39	22	put	put	VERB
fbem-31327	39	23	the	the	DET
fbem-31327	39	24	securities	security	NOUN
fbem-31327	39	25	law	law	NOUN
fbem-31327	39	26	amendments	amendment	NOUN
fbem-31327	39	27	back	back	ADV
fbem-31327	39	28	on	on	ADP
fbem-31327	39	29	the	the	DET
fbem-31327	39	30	agenda	agenda	NOUN
fbem-31327	39	31	,	,	PUNCT
fbem-31327	39	32	thus	thus	ADV
fbem-31327	39	33	initiating	initiate	VERB
fbem-31327	39	34	the	the	DET
fbem-31327	39	35	second	second	ADJ
fbem-31327	39	36	round	round	NOUN
fbem-31327	39	37	of	of	ADP
fbem-31327	39	38	deliberation	deliberation	NOUN
fbem-31327	39	39	.	.	PUNCT
fbem-31327	40	1	at	at	ADP
fbem-31327	40	2	the	the	DET
fbem-31327	40	3	13th	13th	ADJ
fbem-31327	40	4	tenth	tenth	ADJ
fbem-31327	40	5	session	session	NOUN
fbem-31327	40	6	of	of	ADP
fbem-31327	40	7	the	the	DET
fbem-31327	40	8	national	national	PROPN
fbem-31327	40	9	people	people	NOUN
fbem-31327	40	10	's	's	PART
fbem-31327	40	11	congress	congress	PROPN
fbem-31327	40	12	of	of	ADP
fbem-31327	40	13	the	the	DET
fbem-31327	40	14	prc	prc	PROPN
fbem-31327	40	15	,	,	PUNCT
fbem-31327	40	16	held	hold	VERB
fbem-31327	40	17	on	on	ADP
fbem-31327	40	18	20	20	NUM
fbem-31327	40	19	april	april	PROPN
fbem-31327	40	20	2019	2019	NUM
fbem-31327	40	21	,	,	PUNCT
fbem-31327	40	22	the	the	DET
fbem-31327	40	23	main	main	ADJ
fbem-31327	40	24	topics	topic	NOUN
fbem-31327	40	25	discussed	discuss	VERB
fbem-31327	40	26	were	be	AUX
fbem-31327	40	27	the	the	DET
fbem-31327	40	28	suspension	suspension	NOUN
fbem-31327	40	29	of	of	ADP
fbem-31327	40	30	the	the	DET
fbem-31327	40	31	registration	registration	NOUN
fbem-31327	40	32	system	system	NOUN
fbem-31327	40	33	,	,	PUNCT
fbem-31327	40	34	the	the	DET
fbem-31327	40	35	strengthening	strengthening	NOUN
fbem-31327	40	36	of	of	ADP
fbem-31327	40	37	capital	capital	NOUN
fbem-31327	40	38	market	market	NOUN
fbem-31327	40	39	oversight	oversight	NOUN
fbem-31327	40	40	,	,	PUNCT
fbem-31327	40	41	stringent	stringent	ADJ
fbem-31327	40	42	merger	merger	NOUN
fbem-31327	40	43	and	and	CCONJ
fbem-31327	40	44	acquisition	acquisition	NOUN
fbem-31327	40	45	regulations	regulation	NOUN
fbem-31327	40	46	,	,	PUNCT
fbem-31327	40	47	increased	increase	VERB
fbem-31327	40	48	transparency	transparency	NOUN
fbem-31327	40	49	in	in	ADP
fbem-31327	40	50	information	information	NOUN
fbem-31327	40	51	,	,	PUNCT
fbem-31327	40	52	and	and	CCONJ
fbem-31327	40	53	the	the	DET
fbem-31327	40	54	strengthening	strengthening	NOUN
fbem-31327	40	55	of	of	ADP
fbem-31327	40	56	the	the	DET
fbem-31327	40	57	protection	protection	NOUN
fbem-31327	40	58	of	of	ADP
fbem-31327	40	59	investors	investor	NOUN
fbem-31327	40	60	'	'	PART
fbem-31327	40	61	legitimate	legitimate	ADJ
fbem-31327	40	62	interests	interest	NOUN
fbem-31327	40	63	.	.	PUNCT
fbem-31327	41	1	this	this	PRON
fbem-31327	41	2	was	be	AUX
fbem-31327	41	3	the	the	DET
fbem-31327	41	4	third	third	ADJ
fbem-31327	41	5	time	time	NOUN
fbem-31327	41	6	the	the	DET
fbem-31327	41	7	draft	draft	NOUN
fbem-31327	41	8	revised	revise	VERB
fbem-31327	41	9	securities	security	NOUN
fbem-31327	41	10	law	law	NOUN
fbem-31327	41	11	was	be	AUX
fbem-31327	41	12	being	be	AUX
fbem-31327	41	13	reviewed	review	VERB
fbem-31327	41	14	.	.	PUNCT
fbem-31327	42	1	at	at	ADP
fbem-31327	42	2	the	the	DET
fbem-31327	42	3	15th	15th	ADJ
fbem-31327	42	4	standing	standing	PROPN
fbem-31327	42	5	committee	committee	PROPN
fbem-31327	42	6	meeting	meeting	NOUN
fbem-31327	42	7	of	of	ADP
fbem-31327	42	8	the	the	DET
fbem-31327	42	9	13th	13th	ADJ
fbem-31327	42	10	national	national	PROPN
fbem-31327	42	11	people	people	NOUN
fbem-31327	42	12	's	's	PART
fbem-31327	42	13	congress	congress	PROPN
fbem-31327	42	14	,	,	PUNCT
fbem-31327	42	15	on	on	ADP
fbem-31327	42	16	28	28	NUM
fbem-31327	42	17	december	december	PROPN
fbem-31327	42	18	2019	2019	NUM
fbem-31327	42	19	,	,	PUNCT
fbem-31327	42	20	it	it	PRON
fbem-31327	42	21	was	be	AUX
fbem-31327	42	22	declared	declare	VERB
fbem-31327	42	23	that	that	SCONJ
fbem-31327	42	24	the	the	DET
fbem-31327	42	25	revised	revise	VERB
fbem-31327	42	26	securities	security	NOUN
fbem-31327	42	27	law	law	NOUN
fbem-31327	42	28	would	would	AUX
fbem-31327	42	29	be	be	AUX
fbem-31327	42	30	effective	effective	ADJ
fbem-31327	42	31	on	on	ADP
fbem-31327	42	32	1	1	NUM
fbem-31327	42	33	march	march	NOUN
fbem-31327	42	34	2020	2020	NUM
fbem-31327	42	35	after	after	ADP
fbem-31327	42	36	a	a	DET
fbem-31327	42	37	comparison	comparison	NOUN
fbem-31327	42	38	to	to	ADP
fbem-31327	42	39	the	the	DET
fbem-31327	42	40	2005	2005	NUM
fbem-31327	42	41	version	version	NOUN
fbem-31327	42	42	.	.	PUNCT
fbem-31327	43	1	this	this	DET
fbem-31327	43	2	new	new	ADJ
fbem-31327	43	3	version	version	NOUN
fbem-31327	43	4	of	of	ADP
fbem-31327	43	5	the	the	DET
fbem-31327	43	6	law	law	NOUN
fbem-31327	43	7	had	have	VERB
fbem-31327	43	8	a	a	DET
fbem-31327	43	9	decrease	decrease	NOUN
fbem-31327	43	10	of	of	ADP
fbem-31327	43	11	14	14	NUM
fbem-31327	43	12	articles	article	NOUN
fbem-31327	43	13	and	and	CCONJ
fbem-31327	43	14	two	two	NUM
fbem-31327	43	15	chapters	chapter	NOUN
fbem-31327	43	16	on	on	ADP
fbem-31327	43	17	"	"	PUNCT
fbem-31327	43	18	information	information	NOUN
fbem-31327	43	19	transparency	transparency	NOUN
fbem-31327	43	20	"	"	PUNCT
fbem-31327	43	21	and	and	CCONJ
fbem-31327	43	22	"	"	PUNCT
fbem-31327	43	23	protection	protection	NOUN
fbem-31327	43	24	of	of	ADP
fbem-31327	43	25	investors	investor	NOUN
fbem-31327	43	26	'	'	PART
fbem-31327	43	27	interests	interest	NOUN
fbem-31327	43	28	"	"	PUNCT
fbem-31327	43	29	that	that	PRON
fbem-31327	43	30	addressed	address	VERB
fbem-31327	43	31	more	more	ADJ
fbem-31327	43	32	than	than	ADP
fbem-31327	43	33	100	100	NUM
fbem-31327	43	34	regulations	regulation	NOUN
fbem-31327	43	35	.	.	PUNCT
fbem-31327	44	1	these	these	DET
fbem-31327	44	2	measures	measure	NOUN
fbem-31327	44	3	are	be	AUX
fbem-31327	44	4	designed	design	VERB
fbem-31327	44	5	to	to	PART
fbem-31327	44	6	strengthen	strengthen	VERB
fbem-31327	44	7	the	the	DET
fbem-31327	44	8	legal	legal	ADJ
fbem-31327	44	9	protection	protection	NOUN
fbem-31327	44	10	network	network	NOUN
fbem-31327	44	11	and	and	CCONJ
fbem-31327	44	12	ensure	ensure	VERB
fbem-31327	44	13	that	that	SCONJ
fbem-31327	44	14	investors	investor	NOUN
fbem-31327	44	15	'	'	PART
fbem-31327	44	16	interests	interest	NOUN
fbem-31327	44	17	are	be	AUX
fbem-31327	44	18	substantially	substantially	ADV
fbem-31327	44	19	safeguarded	safeguard	VERB
fbem-31327	44	20	,	,	PUNCT
fbem-31327	44	21	and	and	CCONJ
fbem-31327	44	22	their	their	PRON
fbem-31327	44	23	impact	impact	NOUN
fbem-31327	44	24	is	be	AUX
fbem-31327	44	25	significant	significant	ADJ
fbem-31327	44	26	and	and	CCONJ
fbem-31327	44	27	far	far	ADV
fbem-31327	44	28	-	-	PUNCT
fbem-31327	44	29	reaching	reach	VERB
fbem-31327	44	30	.	.	PUNCT
fbem-31327	45	1	an	an	DET
fbem-31327	45	2	examination	examination	NOUN
fbem-31327	45	3	of	of	ADP
fbem-31327	45	4	how	how	SCONJ
fbem-31327	45	5	the	the	DET
fbem-31327	45	6	new	new	ADJ
fbem-31327	45	7	securities	security	NOUN
fbem-31327	45	8	law	law	NOUN
fbem-31327	45	9	has	have	AUX
fbem-31327	45	10	impacted	impact	VERB
fbem-31327	45	11	enterprises	enterprise	NOUN
fbem-31327	45	12	'	'	PART
fbem-31327	45	13	r&d	r&d	NOUN
fbem-31327	45	14	investments	investment	NOUN
fbem-31327	45	15	is	be	AUX
fbem-31327	45	16	to	to	PART
fbem-31327	45	17	be	be	AUX
fbem-31327	45	18	conducted	conduct	VERB
fbem-31327	45	19	.	.	PUNCT
fbem-31327	46	1	two	two	NUM
fbem-31327	46	2	main	main	ADJ
fbem-31327	46	3	effects	effect	NOUN
fbem-31327	46	4	of	of	ADP
fbem-31327	46	5	the	the	DET
fbem-31327	46	6	new	new	ADJ
fbem-31327	46	7	securities	security	NOUN
fbem-31327	46	8	law	law	NOUN
fbem-31327	46	9	on	on	ADP
fbem-31327	46	10	corporate	corporate	ADJ
fbem-31327	46	11	r&d	r&d	NOUN
fbem-31327	46	12	are	be	AUX
fbem-31327	46	13	the	the	DET
fbem-31327	46	14	performance	performance	NOUN
fbem-31327	46	15	and	and	CCONJ
fbem-31327	46	16	debt	debt	NOUN
fbem-31327	46	17	financing	financing	NOUN
fbem-31327	46	18	levels	level	NOUN
fbem-31327	46	19	.	.	PUNCT
fbem-31327	47	1	in	in	ADP
fbem-31327	47	2	this	this	DET
fbem-31327	47	3	paper	paper	NOUN
fbem-31327	47	4	,	,	PUNCT
fbem-31327	47	5	we	we	PRON
fbem-31327	47	6	will	will	AUX
fbem-31327	47	7	analyze	analyze	VERB
fbem-31327	47	8	these	these	DET
fbem-31327	47	9	two	two	NUM
fbem-31327	47	10	channels	channel	NOUN
fbem-31327	47	11	in	in	ADP
fbem-31327	47	12	depth	depth	NOUN
fbem-31327	47	13	,	,	PUNCT
fbem-31327	47	14	taking	take	VERB
fbem-31327	47	15	into	into	ADP
fbem-31327	47	16	account	account	NOUN
fbem-31327	47	17	the	the	DET
fbem-31327	47	18	structural	structural	ADJ
fbem-31327	47	19	difference	difference	NOUN
fbem-31327	47	20	perspective	perspective	NOUN
fbem-31327	47	21	.	.	PUNCT
fbem-31327	48	1	2.2	2.2	NUM
fbem-31327	48	2	.	.	PUNCT
fbem-31327	48	3	corporate	corporate	ADJ
fbem-31327	48	4	performance	performance	NOUN
fbem-31327	48	5	channel	channel	NOUN
fbem-31327	48	6	stringent	stringent	ADJ
fbem-31327	48	7	regulation	regulation	NOUN
fbem-31327	48	8	improves	improve	VERB
fbem-31327	48	9	corporate	corporate	ADJ
fbem-31327	48	10	governance	governance	NOUN
fbem-31327	48	11	by	by	ADP
fbem-31327	48	12	reducing	reduce	VERB
fbem-31327	48	13	agency	agency	NOUN
fbem-31327	48	14	costs	cost	NOUN
fbem-31327	48	15	and	and	CCONJ
fbem-31327	48	16	enhancing	enhance	VERB
fbem-31327	48	17	operational	operational	ADJ
fbem-31327	48	18	transparency	transparency	NOUN
fbem-31327	49	1	[	[	X
fbem-31327	49	2	12	12	NUM
fbem-31327	49	3	]	]	PUNCT
fbem-31327	49	4	.	.	PUNCT
fbem-31327	50	1	better	well	ADJ
fbem-31327	50	2	governance	governance	NOUN
fbem-31327	50	3	leads	lead	VERB
fbem-31327	50	4	to	to	ADP
fbem-31327	50	5	more	more	ADV
fbem-31327	50	6	efficient	efficient	ADJ
fbem-31327	50	7	resource	resource	NOUN
fbem-31327	50	8	allocation	allocation	NOUN
fbem-31327	50	9	,	,	PUNCT
fbem-31327	50	10	higher	high	ADJ
fbem-31327	50	11	profitability	profitability	NOUN
fbem-31327	50	12	,	,	PUNCT
fbem-31327	50	13	and	and	CCONJ
fbem-31327	50	14	increased	increase	VERB
fbem-31327	50	15	willingness	willingness	NOUN
fbem-31327	50	16	to	to	PART
fbem-31327	50	17	invest	invest	VERB
fbem-31327	50	18	in	in	ADP
fbem-31327	50	19	r&d	r&d	NOUN
fbem-31327	50	20	.	.	PUNCT
fbem-31327	51	1	for	for	ADP
fbem-31327	51	2	example	example	NOUN
fbem-31327	51	3	,	,	PUNCT
fbem-31327	51	4	improved	improve	VERB
fbem-31327	51	5	disclosure	disclosure	NOUN
fbem-31327	51	6	quality	quality	NOUN
fbem-31327	51	7	reduces	reduce	VERB
fbem-31327	51	8	information	information	NOUN
fbem-31327	51	9	asymmetry	asymmetry	NOUN
fbem-31327	51	10	,	,	PUNCT
fbem-31327	51	11	enhancing	enhance	VERB
fbem-31327	51	12	investor	investor	NOUN
fbem-31327	51	13	confidence	confidence	NOUN
fbem-31327	51	14	and	and	CCONJ
fbem-31327	51	15	attracting	attract	VERB
fbem-31327	51	16	long	long	ADJ
fbem-31327	51	17	-	-	PUNCT
fbem-31327	51	18	term	term	NOUN
fbem-31327	51	19	capital	capital	NOUN
fbem-31327	51	20	for	for	ADP
fbem-31327	51	21	innovation	innovation	NOUN
fbem-31327	51	22	[	[	X
fbem-31327	51	23	13	13	NUM
fbem-31327	51	24	-	-	SYM
fbem-31327	51	25	14	14	NUM
fbem-31327	51	26	]	]	PUNCT
fbem-31327	51	27	.	.	PUNCT
fbem-31327	52	1	2.3	2.3	NUM
fbem-31327	52	2	.	.	PUNCT
fbem-31327	52	3	level	level	NOUN
fbem-31327	52	4	of	of	ADP
fbem-31327	52	5	debt	debt	NOUN
fbem-31327	52	6	financing	financing	NOUN
fbem-31327	52	7	wu	wu	PROPN
fbem-31327	52	8	found	find	VERB
fbem-31327	52	9	that	that	SCONJ
fbem-31327	52	10	firms	firm	NOUN
fbem-31327	52	11	with	with	ADP
fbem-31327	52	12	a	a	DET
fbem-31327	52	13	greater	great	ADJ
fbem-31327	52	14	financial	financial	ADJ
fbem-31327	52	15	flexibility	flexibility	NOUN
fbem-31327	52	16	expend	expend	VERB
fbem-31327	52	17	substantially	substantially	ADV
fbem-31327	52	18	more	more	ADV
fbem-31327	52	19	on	on	ADP
fbem-31327	52	20	r&d	r&d	NOUN
fbem-31327	52	21	than	than	ADP
fbem-31327	52	22	those	those	PRON
fbem-31327	52	23	with	with	ADP
fbem-31327	52	24	a	a	DET
fbem-31327	52	25	greater	great	ADJ
fbem-31327	52	26	financial	financial	ADJ
fbem-31327	52	27	limitation	limitation	NOUN
fbem-31327	52	28	[	[	X
fbem-31327	52	29	16	16	NUM
fbem-31327	52	30	]	]	PUNCT
fbem-31327	52	31	.	.	PUNCT
fbem-31327	53	1	the	the	PRON
fbem-31327	53	2	more	more	ADV
fbem-31327	53	3	a	a	DET
fbem-31327	53	4	firm	firm	NOUN
fbem-31327	53	5	spends	spend	VERB
fbem-31327	53	6	on	on	ADP
fbem-31327	53	7	r&d	r&d	NOUN
fbem-31327	53	8	,	,	PUNCT
fbem-31327	53	9	the	the	PRON
fbem-31327	53	10	more	more	ADJ
fbem-31327	53	11	it	it	PRON
fbem-31327	53	12	tends	tend	VERB
fbem-31327	53	13	to	to	PART
fbem-31327	53	14	reduce	reduce	VERB
fbem-31327	53	15	its	its	PRON
fbem-31327	53	16	reliance	reliance	NOUN
fbem-31327	53	17	on	on	ADP
fbem-31327	53	18	debt	debt	NOUN
fbem-31327	53	19	as	as	ADP
fbem-31327	53	20	a	a	DET
fbem-31327	53	21	means	means	NOUN
fbem-31327	53	22	of	of	ADP
fbem-31327	53	23	financing	financing	NOUN
fbem-31327	53	24	in	in	ADP
fbem-31327	53	25	order	order	NOUN
fbem-31327	53	26	to	to	PART
fbem-31327	53	27	avoid	avoid	VERB
fbem-31327	53	28	the	the	DET
fbem-31327	53	29	greater	great	ADJ
fbem-31327	53	30	cost	cost	NOUN
fbem-31327	53	31	of	of	ADP
fbem-31327	53	32	capital	capital	NOUN
fbem-31327	53	33	and	and	CCONJ
fbem-31327	53	34	economic	economic	ADJ
fbem-31327	53	35	risk	risk	NOUN
fbem-31327	53	36	,	,	PUNCT
fbem-31327	53	37	and	and	CCONJ
fbem-31327	53	38	instead	instead	ADV
fbem-31327	53	39	makes	make	VERB
fbem-31327	53	40	greater	great	ADJ
fbem-31327	53	41	use	use	NOUN
fbem-31327	53	42	of	of	ADP
fbem-31327	53	43	internal	internal	ADJ
fbem-31327	53	44	company	company	NOUN
fbem-31327	53	45	funds	fund	NOUN
fbem-31327	53	46	and	and	CCONJ
fbem-31327	53	47	attracts	attract	VERB
fbem-31327	53	48	external	external	ADJ
fbem-31327	53	49	equity	equity	NOUN
fbem-31327	53	50	funds	fund	NOUN
fbem-31327	53	51	[	[	X
fbem-31327	53	52	19	19	NUM
fbem-31327	53	53	-	-	SYM
fbem-31327	53	54	20	20	NUM
fbem-31327	53	55	]	]	PUNCT
fbem-31327	53	56	.	.	PUNCT
fbem-31327	54	1	it	it	PRON
fbem-31327	54	2	is	be	AUX
fbem-31327	54	3	also	also	ADV
fbem-31327	54	4	suggested	suggest	VERB
fbem-31327	54	5	by	by	ADP
fbem-31327	54	6	[	[	X
fbem-31327	54	7	16	16	NUM
fbem-31327	54	8	]	]	PUNCT
fbem-31327	54	9	that	that	SCONJ
fbem-31327	54	10	the	the	PRON
fbem-31327	54	11	greater	great	ADJ
fbem-31327	54	12	the	the	DET
fbem-31327	54	13	intensity	intensity	NOUN
fbem-31327	54	14	of	of	ADP
fbem-31327	54	15	r&d	r&d	NOUN
fbem-31327	54	16	expenditures	expenditure	NOUN
fbem-31327	54	17	of	of	ADP
fbem-31327	54	18	small	small	ADJ
fbem-31327	54	19	and	and	CCONJ
fbem-31327	54	20	medium	medium	ADJ
fbem-31327	54	21	-	-	PUNCT
fbem-31327	54	22	sized	sized	ADJ
fbem-31327	54	23	enterprises	enterprise	NOUN
fbem-31327	54	24	(	(	PUNCT
fbem-31327	54	25	smes	sme	NOUN
fbem-31327	54	26	)	)	PUNCT
fbem-31327	54	27	focusing	focus	VERB
fbem-31327	54	28	on	on	ADP
fbem-31327	54	29	high	high	ADJ
fbem-31327	54	30	technology	technology	NOUN
fbem-31327	54	31	,	,	PUNCT
fbem-31327	54	32	the	the	PRON
fbem-31327	54	33	lower	low	ADJ
fbem-31327	54	34	the	the	DET
fbem-31327	54	35	debt	debt	NOUN
fbem-31327	54	36	ratio	ratio	NOUN
fbem-31327	54	37	they	they	PRON
fbem-31327	54	38	usually	usually	ADV
fbem-31327	54	39	incur	incur	VERB
fbem-31327	54	40	.	.	PUNCT
fbem-31327	55	1	however	however	ADV
fbem-31327	55	2	,	,	PUNCT
fbem-31327	55	3	the	the	DET
fbem-31327	55	4	debt	debt	NOUN
fbem-31327	55	5	ratios	ratio	NOUN
fbem-31327	55	6	of	of	ADP
fbem-31327	55	7	these	these	DET
fbem-31327	55	8	firms	firm	NOUN
fbem-31327	55	9	increase	increase	VERB
fbem-31327	55	10	if	if	SCONJ
fbem-31327	55	11	the	the	DET
fbem-31327	55	12	r&d	r&d	NOUN
fbem-31327	55	13	programme	programme	NOUN
fbem-31327	55	14	progresses	progress	VERB
fbem-31327	55	15	smoothly	smoothly	ADV
fbem-31327	55	16	,	,	PUNCT
fbem-31327	55	17	and	and	CCONJ
fbem-31327	55	18	the	the	DET
fbem-31327	55	19	smooth	smooth	ADJ
fbem-31327	55	20	progress	progress	NOUN
fbem-31327	55	21	of	of	ADP
fbem-31327	55	22	r&d	r&d	NOUN
fbem-31327	55	23	can	can	AUX
fbem-31327	55	24	have	have	VERB
fbem-31327	55	25	an	an	DET
fbem-31327	55	26	inverse	inverse	NOUN
fbem-31327	55	27	moderating	moderate	VERB
fbem-31327	55	28	effect	effect	NOUN
fbem-31327	55	29	on	on	ADP
fbem-31327	55	30	the	the	DET
fbem-31327	55	31	negative	negative	ADJ
fbem-31327	55	32	relationship	relationship	NOUN
fbem-31327	55	33	between	between	ADP
fbem-31327	55	34	the	the	DET
fbem-31327	55	35	intensity	intensity	NOUN
fbem-31327	55	36	of	of	ADP
fbem-31327	55	37	r&d	r&d	NOUN
fbem-31327	55	38	expenditures	expenditure	NOUN
fbem-31327	55	39	and	and	CCONJ
fbem-31327	55	40	the	the	DET
fbem-31327	55	41	level	level	NOUN
fbem-31327	55	42	of	of	ADP
fbem-31327	55	43	debt	debt	NOUN
fbem-31327	55	44	,	,	PUNCT
fbem-31327	55	45	i.e.	i.e.	X
fbem-31327	55	46	the	the	DET
fbem-31327	55	47	smoother	smooth	ADJ
fbem-31327	55	48	the	the	DET
fbem-31327	55	49	project	project	NOUN
fbem-31327	55	50	progresses	progress	VERB
fbem-31327	55	51	,	,	PUNCT
fbem-31327	55	52	the	the	PRON
fbem-31327	55	53	more	more	ADV
fbem-31327	55	54	the	the	DET
fbem-31327	55	55	negative	negative	ADJ
fbem-31327	55	56	impact	impact	NOUN
fbem-31327	55	57	of	of	ADP
fbem-31327	55	58	r&d	r&d	NOUN
fbem-31327	55	59	expenditures	expenditure	NOUN
fbem-31327	55	60	on	on	ADP
fbem-31327	55	61	the	the	DET
fbem-31327	55	62	debt	debt	NOUN
fbem-31327	55	63	ratios	ratio	NOUN
fbem-31327	55	64	is	be	AUX
fbem-31327	55	65	attenuated	attenuate	VERB
fbem-31327	55	66	.	.	PUNCT
fbem-31327	56	1	the	the	DET
fbem-31327	56	2	new	new	ADJ
fbem-31327	56	3	securities	security	NOUN
fbem-31327	56	4	law	law	NOUN
fbem-31327	56	5	proposes	propose	VERB
fbem-31327	56	6	zero	zero	NUM
fbem-31327	56	7	-	-	PUNCT
fbem-31327	56	8	tolerance	tolerance	NOUN
fbem-31327	56	9	regulation	regulation	NOUN
fbem-31327	56	10	of	of	ADP
fbem-31327	56	11	financial	financial	ADJ
fbem-31327	56	12	fraud	fraud	NOUN
fbem-31327	56	13	,	,	PUNCT
fbem-31327	56	14	disclosure	disclosure	NOUN
fbem-31327	56	15	of	of	ADP
fbem-31327	56	16	a	a	DET
fbem-31327	56	17	company	company	NOUN
fbem-31327	56	18	's	's	PART
fbem-31327	56	19	debt	debt	NOUN
fbem-31327	56	20	financing	financing	NOUN
fbem-31327	56	21	level	level	NOUN
fbem-31327	56	22	,	,	PUNCT
fbem-31327	56	23	and	and	CCONJ
fbem-31327	56	24	lowering	lower	VERB
fbem-31327	56	25	the	the	DET
fbem-31327	56	26	level	level	NOUN
fbem-31327	56	27	of	of	ADP
fbem-31327	56	28	debt	debt	NOUN
fbem-31327	56	29	financing	financing	NOUN
fbem-31327	56	30	to	to	PART
fbem-31327	56	31	improve	improve	VERB
fbem-31327	56	32	the	the	DET
fbem-31327	56	33	r&d	r&d	NOUN
fbem-31327	56	34	level	level	NOUN
fbem-31327	56	35	of	of	ADP
fbem-31327	56	36	enterprises	enterprise	NOUN
fbem-31327	56	37	[	[	X
fbem-31327	56	38	21	21	NUM
fbem-31327	56	39	]	]	PUNCT
fbem-31327	56	40	.	.	PUNCT
fbem-31327	57	1	3	3	X
fbem-31327	57	2	.	.	X
fbem-31327	57	3	data	datum	NOUN
fbem-31327	57	4	and	and	CCONJ
fbem-31327	57	5	methods	method	NOUN
fbem-31327	57	6	3.1	3.1	NUM
fbem-31327	57	7	.	.	PUNCT
fbem-31327	58	1	modelling	modelling	NOUN
fbem-31327	58	2	(	(	PUNCT
fbem-31327	58	3	1	1	X
fbem-31327	58	4	)	)	PUNCT
fbem-31327	58	5	did	do	AUX
fbem-31327	58	6	model	model	VERB
fbem-31327	58	7	this	this	DET
fbem-31327	58	8	paper	paper	NOUN
fbem-31327	58	9	employs	employ	VERB
fbem-31327	58	10	ashenfelter	ashenfelter	NOUN
fbem-31327	58	11	and	and	CCONJ
fbem-31327	58	12	card	card	NOUN
fbem-31327	58	13	's	's	PART
fbem-31327	58	14	double	double	ADJ
fbem-31327	58	15	difference	difference	NOUN
fbem-31327	58	16	difference	difference	NOUN
fbem-31327	58	17	(	(	PUNCT
fbem-31327	58	18	did	do	AUX
fbem-31327	58	19	)	)	PUNCT
fbem-31327	58	20	technique	technique	NOUN
fbem-31327	58	21	to	to	PART
fbem-31327	58	22	evaluate	evaluate	VERB
fbem-31327	58	23	the	the	DET
fbem-31327	58	24	influence	influence	NOUN
fbem-31327	58	25	of	of	ADP
fbem-31327	58	26	stringent	stringent	ADJ
fbem-31327	58	27	capital	capital	NOUN
fbem-31327	58	28	market	market	NOUN
fbem-31327	58	29	regulation	regulation	NOUN
fbem-31327	58	30	on	on	ADP
fbem-31327	58	31	the	the	DET
fbem-31327	58	32	magnitude	magnitude	NOUN
fbem-31327	58	33	of	of	ADP
fbem-31327	58	34	companies	company	NOUN
fbem-31327	58	35	'	'	PART
fbem-31327	58	36	r&d	r&d	NOUN
fbem-31327	58	37	investment	investment	NOUN
fbem-31327	58	38	,	,	PUNCT
fbem-31327	58	39	utilizing	utilize	VERB
fbem-31327	58	40	the	the	DET
fbem-31327	58	41	implementation	implementation	NOUN
fbem-31327	58	42	of	of	ADP
fbem-31327	58	43	the	the	DET
fbem-31327	58	44	new	new	ADJ
fbem-31327	58	45	securities	security	NOUN
fbem-31327	58	46	law	law	NOUN
fbem-31327	58	47	as	as	ADP
fbem-31327	58	48	a	a	DET
fbem-31327	58	49	quasi	quasi	ADJ
fbem-31327	58	50	-	-	ADJ
fbem-31327	58	51	natural	natural	ADJ
fbem-31327	58	52	experiment	experiment	NOUN
fbem-31327	58	53	to	to	PART
fbem-31327	58	54	validate	validate	VERB
fbem-31327	58	55	the	the	DET
fbem-31327	58	56	theoretical	theoretical	ADJ
fbem-31327	58	57	hypotheses	hypothesis	NOUN
fbem-31327	58	58	[	[	X
fbem-31327	58	59	11	11	NUM
fbem-31327	58	60	]	]	PUNCT
fbem-31327	58	61	.	.	PUNCT
fbem-31327	59	1	the	the	DET
fbem-31327	59	2	double	double	ADJ
fbem-31327	59	3	difference	difference	NOUN
fbem-31327	59	4	method	method	NOUN
fbem-31327	59	5	can	can	AUX
fbem-31327	59	6	test	test	VERB
fbem-31327	59	7	whether	whether	SCONJ
fbem-31327	59	8	there	there	PRON
fbem-31327	59	9	is	be	VERB
fbem-31327	59	10	a	a	DET
fbem-31327	59	11	significant	significant	ADJ
fbem-31327	59	12	difference	difference	NOUN
fbem-31327	59	13	in	in	ADP
fbem-31327	59	14	the	the	DET
fbem-31327	59	15	level	level	NOUN
fbem-31327	59	16	of	of	ADP
fbem-31327	59	17	r&d	r&d	NOUN
fbem-31327	59	18	investment	investment	NOUN
fbem-31327	59	19	between	between	ADP
fbem-31327	59	20	firms	firm	NOUN
fbem-31327	59	21	in	in	ADP
fbem-31327	59	22	the	the	DET
fbem-31327	59	23	experimental	experimental	ADJ
fbem-31327	59	24	and	and	CCONJ
fbem-31327	59	25	control	control	NOUN
fbem-31327	59	26	groups	group	NOUN
fbem-31327	59	27	before	before	ADP
fbem-31327	59	28	and	and	CCONJ
fbem-31327	59	29	after	after	ADP
fbem-31327	59	30	the	the	DET
fbem-31327	59	31	implementation	implementation	NOUN
fbem-31327	59	32	of	of	ADP
fbem-31327	59	33	the	the	DET
fbem-31327	59	34	new	new	ADJ
fbem-31327	59	35	securities	security	NOUN
fbem-31327	59	36	law	law	NOUN
fbem-31327	59	37	.	.	PUNCT
fbem-31327	60	1	the	the	DET
fbem-31327	60	2	experimental	experimental	ADJ
fbem-31327	60	3	group	group	NOUN
fbem-31327	60	4	in	in	ADP
fbem-31327	60	5	this	this	DET
fbem-31327	60	6	paper	paper	NOUN
fbem-31327	60	7	is	be	AUX
fbem-31327	60	8	563	563	NUM
fbem-31327	60	9	non	non	ADJ
fbem-31327	60	10	-	-	ADJ
fbem-31327	60	11	state	state	NOUN
fbem-31327	60	12	-	-	PUNCT
fbem-31327	60	13	owned	own	VERB
fbem-31327	60	14	enterprises	enterprise	NOUN
fbem-31327	60	15	,	,	PUNCT
fbem-31327	60	16	and	and	CCONJ
fbem-31327	60	17	the	the	DET
fbem-31327	60	18	control	control	NOUN
fbem-31327	60	19	group	group	NOUN
fbem-31327	60	20	is	be	AUX
fbem-31327	60	21	509	509	NUM
fbem-31327	60	22	state	state	NOUN
fbem-31327	60	23	-	-	PUNCT
fbem-31327	60	24	owned	own	VERB
fbem-31327	60	25	enterprises	enterprise	NOUN
fbem-31327	60	26	.	.	PUNCT
fbem-31327	61	1	therefore	therefore	ADV
fbem-31327	61	2	,	,	PUNCT
fbem-31327	61	3	the	the	DET
fbem-31327	61	4	econometric	econometric	ADJ
fbem-31327	61	5	model	model	NOUN
fbem-31327	61	6	is	be	AUX
fbem-31327	61	7	set	set	VERB
fbem-31327	61	8	as	as	SCONJ
fbem-31327	61	9	follows	follow	VERB
fbem-31327	61	10	:	:	PUNCT
fbem-31327	61	11	𝑅𝐷𝑅𝑎𝑡𝑖𝑜_𝑖𝑐𝑖𝑡	𝑅𝐷𝑅𝑎𝑡𝑖𝑜_𝑖𝑐𝑖𝑡	X
fbem-31327	61	12	=	=	SYM
fbem-31327	61	13	𝛼0	𝛼0	PROPN
fbem-31327	61	14	+	+	CCONJ
fbem-31327	61	15	𝛼1inter𝑖𝑡	𝛼1inter𝑖𝑡	PROPN
fbem-31327	61	16	+	+	CCONJ
fbem-31327	61	17	𝛼3𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑖𝑡	𝛼3𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑖𝑡	PROPN
fbem-31327	61	18	+	+	SYM
fbem-31327	61	19	𝛿𝑖	𝛿𝑖	PROPN
fbem-31327	61	20	+	+	CCONJ
fbem-31327	61	21	𝜌𝑡	𝜌𝑡	PROPN
fbem-31327	62	1	+	+	NUM
fbem-31327	62	2	𝑖𝑡	𝑖𝑡	X
fbem-31327	62	3	(	(	PUNCT
fbem-31327	62	4	1	1	NUM
fbem-31327	62	5	)	)	PUNCT
fbem-31327	62	6	the	the	DET
fbem-31327	62	7	subscripts	subscript	NOUN
fbem-31327	62	8	i	i	PRON
fbem-31327	62	9	and	and	CCONJ
fbem-31327	62	10	t	t	PROPN
fbem-31327	62	11	denote	denote	VERB
fbem-31327	62	12	county	county	NOUN
fbem-31327	62	13	individuals	individual	NOUN
fbem-31327	62	14	and	and	CCONJ
fbem-31327	62	15	years	year	NOUN
fbem-31327	62	16	,	,	PUNCT
fbem-31327	62	17	respectively	respectively	ADV
fbem-31327	62	18	,	,	PUNCT
fbem-31327	62	19	and	and	CCONJ
fbem-31327	62	20	the	the	DET
fbem-31327	62	21	level	level	NOUN
fbem-31327	62	22	of	of	ADP
fbem-31327	62	23	firms	firm	NOUN
fbem-31327	62	24	'	'	PART
fbem-31327	62	25	r&d	r&d	NOUN
fbem-31327	62	26	investment	investment	NOUN
fbem-31327	62	27	(	(	PUNCT
fbem-31327	62	28	rdratio_ic	rdratio_ic	PROPN
fbem-31327	62	29	)	)	PUNCT
fbem-31327	62	30	is	be	AUX
fbem-31327	62	31	the	the	DET
fbem-31327	62	32	explanatory	explanatory	ADJ
fbem-31327	62	33	variable	variable	NOUN
fbem-31327	62	34	.	.	PUNCT
fbem-31327	63	1	𝑖𝑛𝑡𝑒𝑟𝑖𝑡	𝑖𝑛𝑡𝑒𝑟𝑖𝑡	NOUN
fbem-31327	64	1	(	(	PUNCT
fbem-31327	64	2	𝑖𝑛𝑡𝑒𝑟𝑑𝑡	𝑖𝑛𝑡𝑒𝑟𝑑𝑡	VERB
fbem-31327	64	3	=	=	PUNCT
fbem-31327	64	4	𝑡𝑟𝑒𝑎𝑡𝑚𝑒𝑛𝑡𝑖	𝑡𝑟𝑒𝑎𝑡𝑚𝑒𝑛𝑡𝑖	NOUN
fbem-31327	64	5	×	×	NOUN
fbem-31327	64	6	𝑝𝑜𝑠𝑡𝑡	𝑝𝑜𝑠𝑡𝑡	ADV
fbem-31327	64	7	)	)	PUNCT
fbem-31327	64	8	is	be	AUX
fbem-31327	64	9	the	the	DET
fbem-31327	64	10	core	core	NOUN
fbem-31327	64	11	explanatory	explanatory	ADJ
fbem-31327	64	12	variable.𝑡𝑟𝑒𝑎𝑡𝑚𝑒𝑛𝑡𝑖	variable.𝑡𝑟𝑒𝑎𝑡𝑚𝑒𝑛𝑡𝑖	PROPN
fbem-31327	64	13	denotes	denote	VERB
fbem-31327	64	14	the	the	DET
fbem-31327	64	15	experimental	experimental	ADJ
fbem-31327	64	16	and	and	CCONJ
fbem-31327	64	17	control	control	NOUN
fbem-31327	64	18	group	group	NOUN
fbem-31327	64	19	dummy	dummy	ADJ
fbem-31327	64	20	variables	variable	NOUN
fbem-31327	64	21	,	,	PUNCT
fbem-31327	64	22	referring	refer	VERB
fbem-31327	64	23	to	to	ADP
fbem-31327	64	24	tang	tang	PROPN
fbem-31327	64	25	xuesong	xuesong	PROPN
fbem-31327	64	26	et	et	PROPN
fbem-31327	64	27	al	al	PROPN
fbem-31327	64	28	.	.	PROPN
fbem-31327	64	29	,	,	PUNCT
fbem-31327	64	30	based	base	VERB
fbem-31327	64	31	on	on	ADP
fbem-31327	64	32	the	the	DET
fbem-31327	64	33	nature	nature	NOUN
fbem-31327	64	34	of	of	ADP
fbem-31327	64	35	property	property	NOUN
fbem-31327	64	36	rights	right	NOUN
fbem-31327	64	37	to	to	PART
fbem-31327	64	38	distinguish	distinguish	VERB
fbem-31327	64	39	the	the	DET
fbem-31327	64	40	experimental	experimental	ADJ
fbem-31327	64	41	group	group	NOUN
fbem-31327	64	42	as	as	ADP
fbem-31327	64	43	non	non	ADJ
fbem-31327	64	44	-	-	ADJ
fbem-31327	64	45	state	state	NOUN
fbem-31327	64	46	-	-	PUNCT
fbem-31327	64	47	owned	own	VERB
fbem-31327	64	48	enterprises	enterprise	NOUN
fbem-31327	64	49	,	,	PUNCT
fbem-31327	64	50	the	the	DET
fbem-31327	64	51	variable	variable	NOUN
fbem-31327	64	52	takes	take	VERB
fbem-31327	64	53	the	the	DET
fbem-31327	64	54	value	value	NOUN
fbem-31327	64	55	of	of	ADP
fbem-31327	64	56	1	1	NUM
fbem-31327	64	57	;	;	PUNCT
fbem-31327	64	58	the	the	DET
fbem-31327	64	59	control	control	NOUN
fbem-31327	64	60	group	group	NOUN
fbem-31327	64	61	as	as	ADP
fbem-31327	64	62	state	state	NOUN
fbem-31327	64	63	-	-	PUNCT
fbem-31327	64	64	owned	own	VERB
fbem-31327	64	65	enterprises	enterprise	NOUN
fbem-31327	64	66	,	,	PUNCT
fbem-31327	64	67	the	the	DET
fbem-31327	64	68	variable	variable	NOUN
fbem-31327	64	69	takes	take	VERB
fbem-31327	64	70	the	the	DET
fbem-31327	64	71	value	value	NOUN
fbem-31327	64	72	of	of	ADP
fbem-31327	64	73	0	0	NUM
fbem-31327	65	1	[	[	X
fbem-31327	65	2	1	1	NUM
fbem-31327	65	3	]	]	PUNCT
fbem-31327	65	4	.	.	PUNCT
fbem-31327	66	1	𝑝𝑜𝑠𝑡𝑡	𝑝𝑜𝑠𝑡𝑡	PROPN
fbem-31327	66	2	is	be	AUX
fbem-31327	66	3	a	a	DET
fbem-31327	66	4	policy	policy	NOUN
fbem-31327	66	5	year	year	NOUN
fbem-31327	66	6	dummy	dummy	ADJ
fbem-31327	66	7	variable	variable	NOUN
fbem-31327	66	8	,	,	PUNCT
fbem-31327	66	9	with	with	ADP
fbem-31327	66	10	the	the	DET
fbem-31327	66	11	variable	variable	NOUN
fbem-31327	66	12	taking	take	VERB
fbem-31327	66	13	the	the	DET
fbem-31327	66	14	value	value	NOUN
fbem-31327	66	15	of	of	ADP
fbem-31327	66	16	1	1	NUM
fbem-31327	66	17	for	for	ADP
fbem-31327	66	18	the	the	DET
fbem-31327	66	19	years	year	NOUN
fbem-31327	66	20	2020	2020	NUM
fbem-31327	66	21	and	and	CCONJ
fbem-31327	66	22	after	after	ADP
fbem-31327	66	23	,	,	PUNCT
fbem-31327	66	24	and	and	CCONJ
fbem-31327	66	25	0	0	NUM
fbem-31327	66	26	for	for	ADP
fbem-31327	66	27	the	the	DET
fbem-31327	66	28	years	year	NOUN
fbem-31327	66	29	before.𝛿𝑖	before.𝛿𝑖	PROPN
fbem-31327	66	30	denotes	denote	VERB
fbem-31327	66	31	individual	individual	ADJ
fbem-31327	66	32	fixed	fix	VERB
fbem-31327	66	33	effects	effect	NOUN
fbem-31327	66	34	,	,	PUNCT
fbem-31327	66	35	and	and	CCONJ
fbem-31327	67	1	𝜌𝑡	𝜌𝑡	ADP
fbem-31327	67	2	denotes	denote	NOUN
fbem-31327	67	3	time	time	NOUN
fbem-31327	67	4	effects	effect	NOUN
fbem-31327	67	5	,	,	PUNCT
fbem-31327	67	6	and	and	CCONJ
fbem-31327	67	7	to	to	PART
fbem-31327	67	8	address	address	VERB
fbem-31327	67	9	potential	potential	ADJ
fbem-31327	67	10	serial	serial	ADJ
fbem-31327	67	11	correlation	correlation	NOUN
fbem-31327	67	12	and	and	CCONJ
fbem-31327	67	13	heteroskedasticity	heteroskedasticity	NOUN
fbem-31327	67	14	,	,	PUNCT
fbem-31327	67	15	robust	robust	ADJ
fbem-31327	67	16	standard	standard	ADJ
fbem-31327	67	17	errors	error	NOUN
fbem-31327	67	18	for	for	ADP
fbem-31327	67	19	individual	individual	ADJ
fbem-31327	67	20	clustering	clustering	NOUN
fbem-31327	67	21	reported	report	VERB
fbem-31327	67	22	in	in	ADP
fbem-31327	67	23	the	the	DET
fbem-31327	67	24	regression	regression	NOUN
fbem-31327	67	25	results	result	NOUN
fbem-31327	67	26	in	in	ADP
fbem-31327	67	27	the	the	DET
fbem-31327	67	28	latter	latter	ADJ
fbem-31327	67	29	section	section	NOUN
fbem-31327	67	30	.	.	PUNCT
fbem-31327	68	1	(	(	PUNCT
fbem-31327	68	2	2	2	X
fbem-31327	68	3	)	)	PUNCT
fbem-31327	68	4	mediated	mediate	VERB
fbem-31327	68	5	effects	effect	NOUN
fbem-31327	68	6	model	model	NOUN
fbem-31327	68	7	exploring	explore	VERB
fbem-31327	68	8	the	the	DET
fbem-31327	68	9	potential	potential	ADJ
fbem-31327	68	10	transmission	transmission	NOUN
fbem-31327	68	11	mechanism	mechanism	NOUN
fbem-31327	68	12	or	or	CCONJ
fbem-31327	68	13	mediating	mediate	VERB
fbem-31327	68	14	variables	variable	NOUN
fbem-31327	68	15	of	of	ADP
fbem-31327	68	16	stringent	stringent	ADJ
fbem-31327	68	17	capital	capital	NOUN
fbem-31327	68	18	market	market	NOUN
fbem-31327	68	19	regulation	regulation	NOUN
fbem-31327	68	20	on	on	ADP
fbem-31327	68	21	corporate	corporate	ADJ
fbem-31327	68	22	r&d	r&d	NOUN
fbem-31327	68	23	investment	investment	NOUN
fbem-31327	68	24	,	,	PUNCT
fbem-31327	68	25	this	this	DET
fbem-31327	68	26	section	section	NOUN
fbem-31327	68	27	applies	apply	VERB
fbem-31327	68	28	the	the	DET
fbem-31327	68	29	mediation	mediation	NOUN
fbem-31327	68	30	effect	effect	NOUN
fbem-31327	68	31	model	model	NOUN
fbem-31327	68	32	and	and	CCONJ
fbem-31327	68	33	empirically	empirically	ADV
fbem-31327	68	34	examines	examine	VERB
fbem-31327	68	35	the	the	DET
fbem-31327	68	36	sa	sa	PROPN
fbem-31327	68	37	index	index	NOUN
fbem-31327	68	38	and	and	CCONJ
fbem-31327	68	39	the	the	DET
fbem-31327	68	40	quality	quality	NOUN
fbem-31327	68	41	of	of	ADP
fbem-31327	68	42	disclosure	disclosure	NOUN
fbem-31327	68	43	(	(	PUNCT
fbem-31327	68	44	kv_r	kv_r	X
fbem-31327	68	45	)	)	PUNCT
fbem-31327	68	46	as	as	ADP
fbem-31327	68	47	the	the	DET
fbem-31327	68	48	mediating	mediate	VERB
fbem-31327	68	49	factor	factor	NOUN
fbem-31327	68	50	m.	m.	NOUN
fbem-31327	68	51	the	the	DET
fbem-31327	68	52	model	model	NOUN
fbem-31327	68	53	is	be	AUX
fbem-31327	68	54	constructed	construct	VERB
fbem-31327	68	55	as	as	SCONJ
fbem-31327	68	56	follows	follow	VERB
fbem-31327	68	57	[	[	X
fbem-31327	68	58	18	18	NUM
fbem-31327	68	59	]	]	SYM
fbem-31327	68	60	:	:	PUNCT
fbem-31327	69	1	𝑅𝐷𝑅𝑎𝑡𝑖𝑜_𝑖𝑐𝑖𝑡	𝑅𝐷𝑅𝑎𝑡𝑖𝑜_𝑖𝑐𝑖𝑡	X
fbem-31327	69	2	=	=	SYM
fbem-31327	69	3	𝛼0	𝛼0	PROPN
fbem-31327	69	4	+	+	CCONJ
fbem-31327	69	5	𝛼1inter𝑖𝑡	𝛼1inter𝑖𝑡	PROPN
fbem-31327	69	6	+	+	CCONJ
fbem-31327	69	7	𝛼3𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑖𝑡	𝛼3𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑖𝑡	PROPN
fbem-31327	69	8	+	+	SYM
fbem-31327	69	9	𝛿𝑖	𝛿𝑖	PROPN
fbem-31327	69	10	+	+	CCONJ
fbem-31327	69	11	𝜌𝑡	𝜌𝑡	PROPN
fbem-31327	69	12	+	+	NUM
fbem-31327	69	13	𝑖𝑡	𝑖𝑡	X
fbem-31327	69	14	(	(	PUNCT
fbem-31327	69	15	2	2	NUM
fbem-31327	69	16	)	)	PUNCT
fbem-31327	69	17	m𝑖𝑡	m𝑖𝑡	NOUN
fbem-31327	69	18	=	=	PROPN
fbem-31327	69	19	𝛼0	𝛼0	PROPN
fbem-31327	69	20	+	+	CCONJ
fbem-31327	69	21	𝛼1inter𝑖𝑡	𝛼1inter𝑖𝑡	PROPN
fbem-31327	69	22	+	+	CCONJ
fbem-31327	69	23	𝛼3𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑖𝑡	𝛼3𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑖𝑡	PROPN
fbem-31327	69	24	+	+	SYM
fbem-31327	69	25	𝛿𝑖	𝛿𝑖	PROPN
fbem-31327	69	26	+	+	CCONJ
fbem-31327	69	27	𝜌𝑡	𝜌𝑡	PROPN
fbem-31327	69	28	+	+	CCONJ
fbem-31327	69	29	𝑖𝑡	𝑖𝑡	NOUN
fbem-31327	69	30	166	166	NUM
fbem-31327	69	31	𝑅𝐷𝑅𝑎𝑡𝑖𝑜_𝑖𝑐𝑖𝑡	𝑅𝐷𝑅𝑎𝑡𝑖𝑜_𝑖𝑐𝑖𝑡	NOUN
fbem-31327	69	32	=	=	SYM
fbem-31327	69	33	𝛼0	𝛼0	PROPN
fbem-31327	69	34	+	+	CCONJ
fbem-31327	69	35	𝛼1inter𝑖𝑡	𝛼1inter𝑖𝑡	PROPN
fbem-31327	69	36	+	+	CCONJ
fbem-31327	69	37	𝛼2m𝑖𝑡	𝛼2m𝑖𝑡	PROPN
fbem-31327	69	38	+	+	CCONJ
fbem-31327	69	39	𝛼3𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑖𝑡	𝛼3𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑖𝑡	PROPN
fbem-31327	69	40	+	+	SYM
fbem-31327	69	41	𝛿𝑖	𝛿𝑖	PROPN
fbem-31327	69	42	+	+	CCONJ
fbem-31327	69	43	𝜌𝑡	𝜌𝑡	PROPN
fbem-31327	69	44	+	+	CCONJ
fbem-31327	69	45	𝑖𝑡	𝑖𝑡	INTJ
fbem-31327	69	46	to	to	PART
fbem-31327	69	47	test	test	VERB
fbem-31327	69	48	the	the	DET
fbem-31327	69	49	"	"	PUNCT
fbem-31327	69	50	core	core	ADJ
fbem-31327	69	51	explanatory	explanatory	ADJ
fbem-31327	69	52	variables	variable	NOUN
fbem-31327	69	53	mediating	mediate	VERB
fbem-31327	69	54	variables	variable	NOUN
fbem-31327	69	55	explanatory	explanatory	ADJ
fbem-31327	69	56	variables	variable	NOUN
fbem-31327	69	57	"	"	PUNCT
fbem-31327	69	58	transmission	transmission	NOUN
fbem-31327	69	59	,	,	PUNCT
fbem-31327	69	60	three	three	NUM
fbem-31327	69	61	equations	equation	NOUN
fbem-31327	69	62	similar	similar	ADJ
fbem-31327	69	63	to	to	ADP
fbem-31327	69	64	fixed	fix	VERB
fbem-31327	69	65	effects	effect	NOUN
fbem-31327	69	66	models	model	NOUN
fbem-31327	69	67	are	be	AUX
fbem-31327	69	68	used	use	VERB
fbem-31327	69	69	.	.	PUNCT
fbem-31327	70	1	they	they	PRON
fbem-31327	70	2	assess	assess	VERB
fbem-31327	70	3	impacts	impact	NOUN
fbem-31327	70	4	of	of	ADP
fbem-31327	70	5	capital	capital	NOUN
fbem-31327	70	6	market	market	NOUN
fbem-31327	70	7	regulation	regulation	NOUN
fbem-31327	70	8	on	on	ADP
fbem-31327	70	9	r&d	r&d	NOUN
fbem-31327	70	10	,	,	PUNCT
fbem-31327	70	11	mediating	mediating	NOUN
fbem-31327	70	12	variables	variable	NOUN
fbem-31327	70	13	,	,	PUNCT
fbem-31327	70	14	and	and	CCONJ
fbem-31327	70	15	combined	combined	ADJ
fbem-31327	70	16	effects	effect	NOUN
fbem-31327	70	17	,	,	PUNCT
fbem-31327	70	18	with	with	ADP
fbem-31327	70	19	coefficient	coefficient	ADJ
fbem-31327	70	20	comparisons	comparison	NOUN
fbem-31327	70	21	validating	validate	VERB
fbem-31327	70	22	mediating	mediate	VERB
fbem-31327	70	23	variables	variable	NOUN
fbem-31327	70	24	.	.	PUNCT
fbem-31327	71	1	(	(	PUNCT
fbem-31327	71	2	3	3	X
fbem-31327	71	3	)	)	PUNCT
fbem-31327	71	4	moderating	moderating	NOUN
fbem-31327	71	5	effects	effect	NOUN
fbem-31327	71	6	the	the	DET
fbem-31327	71	7	presence	presence	NOUN
fbem-31327	71	8	of	of	ADP
fbem-31327	71	9	one	one	NUM
fbem-31327	71	10	or	or	CCONJ
fbem-31327	71	11	more	more	ADJ
fbem-31327	71	12	moderating	moderate	VERB
fbem-31327	71	13	variables	variable	NOUN
fbem-31327	71	14	alters	alter	VERB
fbem-31327	71	15	the	the	DET
fbem-31327	71	16	relationship	relationship	NOUN
fbem-31327	71	17	between	between	ADP
fbem-31327	71	18	the	the	DET
fbem-31327	71	19	independent	independent	ADJ
fbem-31327	71	20	and	and	CCONJ
fbem-31327	71	21	dependent	dependent	ADJ
fbem-31327	71	22	variables	variable	NOUN
fbem-31327	71	23	in	in	ADP
fbem-31327	71	24	a	a	DET
fbem-31327	71	25	regression	regression	NOUN
fbem-31327	71	26	model	model	NOUN
fbem-31327	71	27	,	,	PUNCT
fbem-31327	71	28	resulting	result	VERB
fbem-31327	71	29	in	in	ADP
fbem-31327	71	30	moderating	moderating	NOUN
fbem-31327	71	31	effects	effect	NOUN
fbem-31327	71	32	.	.	PUNCT
fbem-31327	72	1	these	these	DET
fbem-31327	72	2	moderating	moderate	VERB
fbem-31327	72	3	effects	effect	NOUN
fbem-31327	72	4	alter	alter	VERB
fbem-31327	72	5	the	the	DET
fbem-31327	72	6	strength	strength	NOUN
fbem-31327	72	7	or	or	CCONJ
fbem-31327	72	8	direction	direction	NOUN
fbem-31327	72	9	of	of	ADP
fbem-31327	72	10	the	the	DET
fbem-31327	72	11	relationship	relationship	NOUN
fbem-31327	72	12	between	between	ADP
fbem-31327	72	13	the	the	DET
fbem-31327	72	14	independent	independent	ADJ
fbem-31327	72	15	and	and	CCONJ
fbem-31327	72	16	dependent	dependent	ADJ
fbem-31327	72	17	variables	variable	NOUN
fbem-31327	72	18	.	.	PUNCT
fbem-31327	73	1	we	we	PRON
fbem-31327	73	2	refer	refer	VERB
fbem-31327	73	3	to	to	ADP
fbem-31327	73	4	the	the	DET
fbem-31327	73	5	moderating	moderate	VERB
fbem-31327	73	6	variable	variable	NOUN
fbem-31327	73	7	's	's	PART
fbem-31327	73	8	significant	significant	ADJ
fbem-31327	73	9	impact	impact	NOUN
fbem-31327	73	10	on	on	ADP
fbem-31327	73	11	the	the	DET
fbem-31327	73	12	independent	independent	ADJ
fbem-31327	73	13	and	and	CCONJ
fbem-31327	73	14	dependent	dependent	ADJ
fbem-31327	73	15	variables	variable	NOUN
fbem-31327	73	16	as	as	ADP
fbem-31327	73	17	either	either	CCONJ
fbem-31327	73	18	a	a	DET
fbem-31327	73	19	positive	positive	ADJ
fbem-31327	73	20	or	or	CCONJ
fbem-31327	73	21	negative	negative	ADJ
fbem-31327	73	22	moderating	moderate	VERB
fbem-31327	73	23	effect	effect	NOUN
fbem-31327	73	24	,	,	PUNCT
fbem-31327	73	25	depending	depend	VERB
fbem-31327	73	26	on	on	ADP
fbem-31327	73	27	the	the	DET
fbem-31327	73	28	direction	direction	NOUN
fbem-31327	73	29	in	in	ADP
fbem-31327	73	30	which	which	PRON
fbem-31327	73	31	it	it	PRON
fbem-31327	73	32	influences	influence	VERB
fbem-31327	73	33	the	the	DET
fbem-31327	73	34	relationship	relationship	NOUN
fbem-31327	73	35	.	.	PUNCT
fbem-31327	74	1	the	the	DET
fbem-31327	74	2	moderating	moderate	VERB
fbem-31327	74	3	effect	effect	NOUN
fbem-31327	74	4	model	model	NOUN
fbem-31327	74	5	,	,	PUNCT
fbem-31327	74	6	which	which	PRON
fbem-31327	74	7	this	this	DET
fbem-31327	74	8	paper	paper	NOUN
fbem-31327	74	9	constructs	construct	NOUN
fbem-31327	74	10	,	,	PUNCT
fbem-31327	74	11	is	be	AUX
fbem-31327	74	12	based	base	VERB
fbem-31327	74	13	on	on	ADP
fbem-31327	74	14	the	the	DET
fbem-31327	74	15	fact	fact	NOUN
fbem-31327	74	16	that	that	SCONJ
fbem-31327	74	17	when	when	SCONJ
fbem-31327	74	18	a	a	DET
fbem-31327	74	19	moderating	moderate	VERB
fbem-31327	74	20	variable	variable	NOUN
fbem-31327	74	21	has	have	VERB
fbem-31327	74	22	a	a	DET
fbem-31327	74	23	moderating	moderate	VERB
fbem-31327	74	24	effect	effect	NOUN
fbem-31327	74	25	,	,	PUNCT
fbem-31327	74	26	the	the	DET
fbem-31327	74	27	coefficient	coefficient	NOUN
fbem-31327	74	28	estimation	estimation	NOUN
fbem-31327	74	29	in	in	ADP
fbem-31327	74	30	the	the	DET
fbem-31327	74	31	regression	regression	NOUN
fbem-31327	74	32	model	model	NOUN
fbem-31327	74	33	must	must	AUX
fbem-31327	74	34	not	not	PART
fbem-31327	74	35	only	only	ADV
fbem-31327	74	36	consider	consider	VERB
fbem-31327	74	37	the	the	DET
fbem-31327	74	38	independent	independent	ADJ
fbem-31327	74	39	variable	variable	NOUN
fbem-31327	74	40	's	's	PART
fbem-31327	74	41	direct	direct	ADJ
fbem-31327	74	42	effect	effect	NOUN
fbem-31327	74	43	on	on	ADP
fbem-31327	74	44	the	the	DET
fbem-31327	74	45	dependent	dependent	ADJ
fbem-31327	74	46	variable	variable	NOUN
fbem-31327	74	47	,	,	PUNCT
fbem-31327	74	48	but	but	CCONJ
fbem-31327	74	49	also	also	ADV
fbem-31327	74	50	its	its	PRON
fbem-31327	74	51	moderating	moderate	VERB
fbem-31327	74	52	effect	effect	NOUN
fbem-31327	74	53	on	on	ADP
fbem-31327	74	54	the	the	DET
fbem-31327	74	55	relationship	relationship	NOUN
fbem-31327	74	56	.	.	PUNCT
fbem-31327	75	1	𝑅𝐷𝑅𝑎𝑡𝑖𝑜_𝑖𝑐𝑖𝑡	𝑅𝐷𝑅𝑎𝑡𝑖𝑜_𝑖𝑐𝑖𝑡	X
fbem-31327	75	2	=	=	SYM
fbem-31327	75	3	𝛼0	𝛼0	PROPN
fbem-31327	75	4	+	+	CCONJ
fbem-31327	75	5	𝛼1inter𝑖𝑡	𝛼1inter𝑖𝑡	PROPN
fbem-31327	75	6	+	+	CCONJ
fbem-31327	75	7	𝛼2inter𝑖𝑡	𝛼2inter𝑖𝑡	NOUN
fbem-31327	75	8	∗	∗	NOUN
fbem-31327	75	9	𝑊𝑖𝑡	𝑊𝑖𝑡	NOUN
fbem-31327	75	10	+	+	CCONJ
fbem-31327	75	11	𝛼3𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑖𝑡	𝛼3𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑖𝑡	PROPN
fbem-31327	75	12	+	+	SYM
fbem-31327	75	13	𝛿𝑖	𝛿𝑖	PROPN
fbem-31327	75	14	+	+	CCONJ
fbem-31327	75	15	𝜌𝑡	𝜌𝑡	PROPN
fbem-31327	76	1	+	+	NUM
fbem-31327	76	2	𝑖𝑡	𝑖𝑡	X
fbem-31327	76	3	(	(	PUNCT
fbem-31327	76	4	3	3	NUM
fbem-31327	76	5	)	)	PUNCT
fbem-31327	76	6	where	where	SCONJ
fbem-31327	76	7	w	w	NOUN
fbem-31327	76	8	is	be	AUX
fbem-31327	76	9	the	the	DET
fbem-31327	76	10	moderating	moderate	VERB
fbem-31327	76	11	variable	variable	NOUN
fbem-31327	76	12	,	,	PUNCT
fbem-31327	76	13	which	which	PRON
fbem-31327	76	14	in	in	ADP
fbem-31327	76	15	this	this	DET
fbem-31327	76	16	paper	paper	NOUN
fbem-31327	76	17	is	be	AUX
fbem-31327	76	18	the	the	DET
fbem-31327	76	19	internal	internal	PROPN
fbem-31327	76	20	control	control	PROPN
fbem-31327	76	21	index	index	NOUN
fbem-31327	76	22	(	(	PUNCT
fbem-31327	76	23	nk	nk	PROPN
fbem-31327	76	24	)	)	PUNCT
fbem-31327	76	25	,	,	PUNCT
fbem-31327	76	26	media	medium	NOUN
fbem-31327	76	27	attention	attention	NOUN
fbem-31327	76	28	(	(	PUNCT
fbem-31327	76	29	media	medium	NOUN
fbem-31327	76	30	)	)	PUNCT
fbem-31327	76	31	,	,	PUNCT
fbem-31327	76	32	and	and	CCONJ
fbem-31327	76	33	equity	equity	NOUN
fbem-31327	76	34	herfindahl	herfindahl	NOUN
fbem-31327	76	35	index	index	NOUN
fbem-31327	76	36	(	(	PUNCT
fbem-31327	76	37	hhi	hhi	NOUN
fbem-31327	76	38	)	)	PUNCT
fbem-31327	76	39	.	.	PUNCT
fbem-31327	77	1	3.2	3.2	NUM
fbem-31327	77	2	.	.	PUNCT
fbem-31327	77	3	description	description	NOUN
fbem-31327	77	4	of	of	ADP
fbem-31327	77	5	variables	variable	NOUN
fbem-31327	77	6	table	table	NOUN
fbem-31327	77	7	1	1	NUM
fbem-31327	77	8	.	.	PUNCT
fbem-31327	77	9	description	description	NOUN
fbem-31327	77	10	of	of	ADP
fbem-31327	77	11	variables	variable	NOUN
fbem-31327	77	12	varname	varname	NOUN
fbem-31327	77	13	explanatory	explanatory	ADJ
fbem-31327	77	14	variable	variable	ADJ
fbem-31327	77	15	rdratio_ic	rdratio_ic	NOUN
fbem-31327	77	16	r&d	r&d	NOUN
fbem-31327	77	17	as	as	ADP
fbem-31327	77	18	a	a	DET
fbem-31327	77	19	percentage	percentage	NOUN
fbem-31327	77	20	ratio	ratio	NOUN
fbem-31327	77	21	of	of	ADP
fbem-31327	77	22	r&d	r&d	NOUN
fbem-31327	77	23	expenditure	expenditure	NOUN
fbem-31327	77	24	to	to	ADP
fbem-31327	77	25	current	current	ADJ
fbem-31327	77	26	operating	operating	NOUN
fbem-31327	77	27	income	income	NOUN
fbem-31327	77	28	inter1	inter1	PROPN
fbem-31327	77	29	𝑡𝑟𝑒𝑎𝑡𝑚𝑒𝑛𝑡𝑖	𝑡𝑟𝑒𝑎𝑡𝑚𝑒𝑛𝑡𝑖	PROPN
fbem-31327	77	30	×	×	NOUN
fbem-31327	77	31	𝑝𝑜𝑠𝑡𝑡	𝑝𝑜𝑠𝑡𝑡	CCONJ
fbem-31327	77	32	intermediary	intermediary	ADJ
fbem-31327	77	33	variable	variable	NOUN
fbem-31327	77	34	sa	sa	PROPN
fbem-31327	77	35	sa	sa	PROPN
fbem-31327	77	36	index	index	NOUN
fbem-31327	77	37	the	the	PRON
fbem-31327	77	38	larger	large	ADJ
fbem-31327	77	39	the	the	DET
fbem-31327	77	40	absolute	absolute	ADJ
fbem-31327	77	41	value	value	NOUN
fbem-31327	77	42	,	,	PUNCT
fbem-31327	77	43	the	the	PRON
fbem-31327	77	44	more	more	ADV
fbem-31327	77	45	severe	severe	ADJ
fbem-31327	77	46	the	the	DET
fbem-31327	77	47	degree	degree	NOUN
fbem-31327	77	48	of	of	ADP
fbem-31327	77	49	financing	financing	NOUN
fbem-31327	77	50	constraints	constraint	NOUN
fbem-31327	77	51	.	.	PUNCT
fbem-31327	78	1	kv_r	kv_r	X
fbem-31327	78	2	quality	quality	NOUN
fbem-31327	78	3	of	of	ADP
fbem-31327	78	4	disclosure	disclosure	NOUN
fbem-31327	78	5	kv	kv	PROPN
fbem-31327	78	6	index	index	PROPN
fbem-31327	78	7	moderator	moderator	NOUN
fbem-31327	78	8	variable	variable	PROPN
fbem-31327	78	9	nk	nk	PROPN
fbem-31327	78	10	internal	internal	PROPN
fbem-31327	78	11	control	control	PROPN
fbem-31327	78	12	natural	natural	ADJ
fbem-31327	78	13	logarithm	logarithm	NOUN
fbem-31327	78	14	of	of	ADP
fbem-31327	78	15	the	the	DET
fbem-31327	78	16	dibble	dibble	ADJ
fbem-31327	78	17	internal	internal	PROPN
fbem-31327	78	18	control	control	NOUN
fbem-31327	78	19	index	index	NOUN
fbem-31327	78	20	media	media	NOUN
fbem-31327	78	21	media	medium	NOUN
fbem-31327	78	22	focus	focus	VERB
fbem-31327	78	23	total	total	ADJ
fbem-31327	78	24	media	medium	NOUN
fbem-31327	78	25	coverage	coverage	NOUN
fbem-31327	78	26	,	,	PUNCT
fbem-31327	78	27	plus	plus	CCONJ
fbem-31327	78	28	one	one	NUM
fbem-31327	78	29	takes	take	VERB
fbem-31327	78	30	natural	natural	ADJ
fbem-31327	78	31	logarithm	logarithm	NOUN
fbem-31327	78	32	hhi	hhi	NOUN
fbem-31327	78	33	equity	equity	PROPN
fbem-31327	78	34	herfindahl	herfindahl	PROPN
fbem-31327	78	35	index	index	NOUN
fbem-31327	78	36	the	the	DET
fbem-31327	78	37	sum	sum	NOUN
fbem-31327	78	38	of	of	ADP
fbem-31327	78	39	the	the	DET
fbem-31327	78	40	squares	square	NOUN
fbem-31327	78	41	of	of	ADP
fbem-31327	78	42	the	the	DET
fbem-31327	78	43	shareholdings	shareholding	NOUN
fbem-31327	78	44	of	of	ADP
fbem-31327	78	45	the	the	DET
fbem-31327	78	46	top	top	ADJ
fbem-31327	78	47	10	10	NUM
fbem-31327	78	48	largest	large	ADJ
fbem-31327	78	49	shareholders	shareholder	NOUN
fbem-31327	78	50	of	of	ADP
fbem-31327	78	51	the	the	DET
fbem-31327	78	52	company	company	NOUN
fbem-31327	78	53	control	control	VERB
fbem-31327	78	54	variable	variable	ADJ
fbem-31327	78	55	size	size	NOUN
fbem-31327	78	56	company	company	NOUN
fbem-31327	78	57	size	size	VERB
fbem-31327	78	58	natural	natural	ADJ
fbem-31327	78	59	logarithm	logarithm	NOUN
fbem-31327	78	60	of	of	ADP
fbem-31327	78	61	total	total	ADJ
fbem-31327	78	62	assets	asset	NOUN
fbem-31327	78	63	for	for	ADP
fbem-31327	78	64	the	the	DET
fbem-31327	78	65	year	year	NOUN
fbem-31327	78	66	lev	lev	NOUN
fbem-31327	78	67	financial	financial	ADJ
fbem-31327	78	68	leverage	leverage	NOUN
fbem-31327	78	69	total	total	ADJ
fbem-31327	78	70	liabilities	liability	NOUN
fbem-31327	78	71	at	at	ADP
fbem-31327	78	72	year	year	NOUN
fbem-31327	78	73	-	-	PUNCT
fbem-31327	78	74	end	end	NOUN
fbem-31327	78	75	divided	divide	VERB
fbem-31327	78	76	by	by	ADP
fbem-31327	78	77	total	total	ADJ
fbem-31327	78	78	assets	asset	NOUN
fbem-31327	78	79	at	at	ADP
fbem-31327	78	80	year	year	NOUN
fbem-31327	78	81	-	-	PUNCT
fbem-31327	78	82	end	end	NOUN
fbem-31327	78	83	roa	roa	NOUN
fbem-31327	78	84	net	net	ADJ
fbem-31327	78	85	profit	profit	NOUN
fbem-31327	78	86	margin	margin	NOUN
fbem-31327	78	87	on	on	ADP
fbem-31327	78	88	total	total	ADJ
fbem-31327	78	89	assets	asset	NOUN
fbem-31327	78	90	net	net	ADJ
fbem-31327	78	91	profit	profit	NOUN
fbem-31327	78	92	/	/	SYM
fbem-31327	78	93	average	average	ADJ
fbem-31327	78	94	balance	balance	NOUN
fbem-31327	78	95	of	of	ADP
fbem-31327	78	96	total	total	ADJ
fbem-31327	78	97	assets	asset	NOUN
fbem-31327	78	98	cashflow	cashflow	ADJ
fbem-31327	78	99	cash	cash	NOUN
fbem-31327	78	100	flow	flow	NOUN
fbem-31327	78	101	levels	level	NOUN
fbem-31327	78	102	net	net	ADJ
fbem-31327	78	103	cash	cash	NOUN
fbem-31327	78	104	flows	flow	NOUN
fbem-31327	78	105	from	from	ADP
fbem-31327	78	106	operating	operate	VERB
fbem-31327	78	107	activities	activity	NOUN
fbem-31327	78	108	divided	divide	VERB
fbem-31327	78	109	by	by	ADP
fbem-31327	78	110	total	total	ADJ
fbem-31327	78	111	assets	asset	NOUN
fbem-31327	78	112	fixed	fix	VERB
fbem-31327	78	113	fixed	fix	VERB
fbem-31327	78	114	assets	asset	NOUN
fbem-31327	78	115	as	as	ADP
fbem-31327	78	116	a	a	DET
fbem-31327	78	117	percentage	percentage	NOUN
fbem-31327	78	118	due	due	ADP
fbem-31327	78	119	to	to	ADP
fbem-31327	78	120	the	the	DET
fbem-31327	78	121	ratio	ratio	NOUN
fbem-31327	78	122	of	of	ADP
fbem-31327	78	123	net	net	ADJ
fbem-31327	78	124	fixed	fix	VERB
fbem-31327	78	125	assets	asset	NOUN
fbem-31327	78	126	to	to	PART
fbem-31327	78	127	total	total	VERB
fbem-31327	78	128	assets	asset	NOUN
fbem-31327	78	129	growth	growth	NOUN
fbem-31327	78	130	growth	growth	NOUN
fbem-31327	78	131	rate	rate	NOUN
fbem-31327	78	132	of	of	ADP
fbem-31327	78	133	operating	operate	VERB
fbem-31327	78	134	income	income	NOUN
fbem-31327	78	135	current	current	ADJ
fbem-31327	78	136	year	year	NOUN
fbem-31327	78	137	's	's	PART
fbem-31327	78	138	operating	operate	VERB
fbem-31327	78	139	income	income	NOUN
fbem-31327	78	140	/	/	SYM
fbem-31327	78	141	previous	previous	ADJ
fbem-31327	78	142	year	year	NOUN
fbem-31327	78	143	's	's	PART
fbem-31327	78	144	operating	operate	VERB
fbem-31327	78	145	income	income	NOUN
fbem-31327	78	146	1	1	NUM
fbem-31327	78	147	indep	indep	NOUN
fbem-31327	78	148	proportion	proportion	NOUN
fbem-31327	78	149	of	of	ADP
fbem-31327	78	150	independent	independent	ADJ
fbem-31327	78	151	directors	director	NOUN
fbem-31327	78	152	independent	independent	ADJ
fbem-31327	78	153	directors	director	NOUN
fbem-31327	78	154	divided	divide	VERB
fbem-31327	78	155	by	by	ADP
fbem-31327	78	156	number	number	NOUN
fbem-31327	78	157	of	of	ADP
fbem-31327	78	158	directors	director	NOUN
fbem-31327	78	159	top1	top1	PROPN
fbem-31327	78	160	shareholding	shareholding	NOUN
fbem-31327	78	161	ratio	ratio	NOUN
fbem-31327	78	162	of	of	ADP
fbem-31327	78	163	the	the	DET
fbem-31327	78	164	largest	large	ADJ
fbem-31327	78	165	shareholder	shareholder	NOUN
fbem-31327	78	166	number	number	NOUN
fbem-31327	78	167	of	of	ADP
fbem-31327	78	168	shares	share	NOUN
fbem-31327	78	169	held	hold	VERB
fbem-31327	78	170	by	by	ADP
fbem-31327	78	171	the	the	DET
fbem-31327	78	172	largest	large	ADJ
fbem-31327	78	173	shareholder	shareholder	NOUN
fbem-31327	78	174	/	/	SYM
fbem-31327	78	175	total	total	ADJ
fbem-31327	78	176	number	number	NOUN
fbem-31327	78	177	of	of	ADP
fbem-31327	78	178	shares	share	NOUN
fbem-31327	78	179	for	for	ADP
fbem-31327	78	180	this	this	DET
fbem-31327	78	181	paper	paper	NOUN
fbem-31327	78	182	,	,	PUNCT
fbem-31327	78	183	1072	1072	NUM
fbem-31327	78	184	enterprises	enterprise	NOUN
fbem-31327	78	185	have	have	AUX
fbem-31327	78	186	been	be	AUX
fbem-31327	78	187	chosen	choose	VERB
fbem-31327	78	188	as	as	ADP
fbem-31327	78	189	the	the	DET
fbem-31327	78	190	research	research	NOUN
fbem-31327	78	191	object	object	NOUN
fbem-31327	78	192	for	for	ADP
fbem-31327	78	193	the	the	DET
fbem-31327	78	194	period	period	NOUN
fbem-31327	78	195	of	of	ADP
fbem-31327	78	196	2017	2017	NUM
fbem-31327	78	197	-	-	SYM
fbem-31327	78	198	2022	2022	NUM
fbem-31327	78	199	,	,	PUNCT
fbem-31327	78	200	with	with	ADP
fbem-31327	78	201	a	a	DET
fbem-31327	78	202	total	total	NOUN
fbem-31327	78	203	of	of	ADP
fbem-31327	78	204	16,678	16,678	NUM
fbem-31327	78	205	observations	observation	NOUN
fbem-31327	78	206	.	.	PUNCT
fbem-31327	79	1	three	three	NUM
fbem-31327	79	2	treatments	treatment	NOUN
fbem-31327	79	3	have	have	AUX
fbem-31327	79	4	been	be	AUX
fbem-31327	79	5	implemented	implement	VERB
fbem-31327	79	6	:	:	PUNCT
fbem-31327	79	7	(	(	PUNCT
fbem-31327	79	8	1	1	X
fbem-31327	79	9	)	)	PUNCT
fbem-31327	79	10	excluding	exclude	VERB
fbem-31327	79	11	financial	financial	ADJ
fbem-31327	79	12	categories	category	NOUN
fbem-31327	79	13	;	;	PUNCT
fbem-31327	79	14	(	(	PUNCT
fbem-31327	79	15	2	2	X
fbem-31327	79	16	)	)	PUNCT
fbem-31327	79	17	excluding	exclude	VERB
fbem-31327	79	18	st	st	PROPN
fbem-31327	79	19	and	and	CCONJ
fbem-31327	79	20	*	*	PROPN
fbem-31327	79	21	st	st	PROPN
fbem-31327	79	22	enterprises	enterprise	NOUN
fbem-31327	79	23	;	;	PUNCT
fbem-31327	79	24	and	and	CCONJ
fbem-31327	79	25	(	(	PUNCT
fbem-31327	79	26	3	3	X
fbem-31327	79	27	)	)	PUNCT
fbem-31327	79	28	excluding	exclude	VERB
fbem-31327	79	29	enterprises	enterprise	NOUN
fbem-31327	79	30	with	with	ADP
fbem-31327	79	31	more	more	ADV
fbem-31327	79	32	missing	missing	ADJ
fbem-31327	79	33	values	value	NOUN
fbem-31327	79	34	.	.	PUNCT
fbem-31327	80	1	to	to	PART
fbem-31327	80	2	minimize	minimize	VERB
fbem-31327	80	3	the	the	DET
fbem-31327	80	4	impact	impact	NOUN
fbem-31327	80	5	of	of	ADP
fbem-31327	80	6	extreme	extreme	ADJ
fbem-31327	80	7	values	value	NOUN
fbem-31327	80	8	,	,	PUNCT
fbem-31327	80	9	the	the	DET
fbem-31327	80	10	continuous	continuous	ADJ
fbem-31327	80	11	variables	variable	NOUN
fbem-31327	80	12	in	in	ADP
fbem-31327	80	13	this	this	DET
fbem-31327	80	14	paper	paper	NOUN
fbem-31327	80	15	have	have	AUX
fbem-31327	80	16	been	be	AUX
fbem-31327	80	17	shrink	shrink	NOUN
fbem-31327	80	18	-	-	PUNCT
fbem-31327	80	19	tailed	tail	VERB
fbem-31327	80	20	in	in	ADP
fbem-31327	80	21	the	the	DET
fbem-31327	80	22	upper	upper	ADJ
fbem-31327	80	23	and	and	CCONJ
fbem-31327	80	24	lower	low	ADJ
fbem-31327	80	25	1	1	NUM
fbem-31327	80	26	%	%	NOUN
fbem-31327	80	27	quartiles	quartile	NOUN
fbem-31327	80	28	.	.	PUNCT
fbem-31327	81	1	3.3	3.3	NUM
fbem-31327	81	2	.	.	PUNCT
fbem-31327	82	1	correlation	correlation	NOUN
fbem-31327	82	2	analysis	analysis	NOUN
fbem-31327	82	3	after	after	ADP
fbem-31327	82	4	obtaining	obtain	VERB
fbem-31327	82	5	relevant	relevant	ADJ
fbem-31327	82	6	data	datum	NOUN
fbem-31327	82	7	,	,	PUNCT
fbem-31327	82	8	this	this	DET
fbem-31327	82	9	paper	paper	NOUN
fbem-31327	82	10	conducts	conduct	VERB
fbem-31327	82	11	a	a	DET
fbem-31327	82	12	correlation	correlation	NOUN
fbem-31327	82	13	analysis	analysis	NOUN
fbem-31327	82	14	to	to	PART
fbem-31327	82	15	examine	examine	VERB
fbem-31327	82	16	variable	variable	ADJ
fbem-31327	82	17	relationships	relationship	NOUN
fbem-31327	82	18	.	.	PUNCT
fbem-31327	83	1	simple	simple	ADJ
fbem-31327	83	2	correlation	correlation	NOUN
fbem-31327	83	3	analysis	analysis	NOUN
fbem-31327	83	4	is	be	AUX
fbem-31327	83	5	applied	apply	VERB
fbem-31327	83	6	to	to	ADP
fbem-31327	83	7	variables	variable	NOUN
fbem-31327	83	8	including	include	VERB
fbem-31327	83	9	enterprise	enterprise	NOUN
fbem-31327	83	10	r&d	r&d	NOUN
fbem-31327	83	11	investment	investment	NOUN
fbem-31327	83	12	,	,	PUNCT
fbem-31327	83	13	capital	capital	NOUN
fbem-31327	83	14	market	market	NOUN
fbem-31327	83	15	regulation	regulation	NOUN
fbem-31327	83	16	intensity	intensity	NOUN
fbem-31327	83	17	,	,	PUNCT
fbem-31327	83	18	sa	sa	PROPN
fbem-31327	83	19	index	index	NOUN
fbem-31327	83	20	,	,	PUNCT
fbem-31327	83	21	and	and	CCONJ
fbem-31327	83	22	disclosure	disclosure	NOUN
fbem-31327	83	23	quality	quality	NOUN
fbem-31327	83	24	.	.	PUNCT
fbem-31327	84	1	results	result	NOUN
fbem-31327	84	2	show	show	VERB
fbem-31327	84	3	a	a	DET
fbem-31327	84	4	significant	significant	ADJ
fbem-31327	84	5	positive	positive	ADJ
fbem-31327	84	6	correlation	correlation	NOUN
fbem-31327	84	7	coefficient	coefficient	NOUN
fbem-31327	84	8	of	of	ADP
fbem-31327	84	9	0.102	0.102	NUM
fbem-31327	84	10	(	(	PUNCT
fbem-31327	84	11	at	at	ADP
fbem-31327	84	12	the	the	DET
fbem-31327	84	13	1	1	NUM
fbem-31327	84	14	%	%	NOUN
fbem-31327	84	15	level	level	NOUN
fbem-31327	84	16	)	)	PUNCT
fbem-31327	84	17	between	between	ADP
fbem-31327	84	18	r&d	r&d	NOUN
fbem-31327	84	19	investment	investment	NOUN
fbem-31327	84	20	and	and	CCONJ
fbem-31327	84	21	regulation	regulation	NOUN
fbem-31327	84	22	,	,	PUNCT
fbem-31327	84	23	indicating	indicate	VERB
fbem-31327	84	24	a	a	DET
fbem-31327	84	25	strong	strong	ADJ
fbem-31327	84	26	association	association	NOUN
fbem-31327	84	27	.	.	PUNCT
fbem-31327	85	1	other	other	ADJ
fbem-31327	85	2	variables	variable	NOUN
fbem-31327	85	3	'	'	PART
fbem-31327	85	4	coefficients	coefficient	NOUN
fbem-31327	85	5	range	range	VERB
fbem-31327	85	6	between	between	ADP
fbem-31327	85	7	-0.5	-0.5	PROPN
fbem-31327	85	8	and	and	CCONJ
fbem-31327	85	9	0.5	0.5	NUM
fbem-31327	85	10	,	,	PUNCT
fbem-31327	85	11	suggesting	suggest	VERB
fbem-31327	85	12	low	low	ADJ
fbem-31327	85	13	interdependence	interdependence	NOUN
fbem-31327	85	14	and	and	CCONJ
fbem-31327	85	15	minimal	minimal	ADJ
fbem-31327	85	16	covariance	covariance	NOUN
fbem-31327	85	17	issues	issue	NOUN
fbem-31327	85	18	.	.	PUNCT
fbem-31327	86	1	this	this	PRON
fbem-31327	86	2	confirms	confirm	VERB
fbem-31327	86	3	data	datum	NOUN
fbem-31327	86	4	reliability	reliability	NOUN
fbem-31327	86	5	,	,	PUNCT
fbem-31327	86	6	mitigates	mitigate	VERB
fbem-31327	86	7	regression	regression	NOUN
fbem-31327	86	8	model	model	NOUN
fbem-31327	86	9	concerns	concern	NOUN
fbem-31327	86	10	,	,	PUNCT
fbem-31327	86	11	and	and	CCONJ
fbem-31327	86	12	validates	validate	VERB
fbem-31327	86	13	the	the	DET
fbem-31327	86	14	feasibility	feasibility	NOUN
fbem-31327	86	15	of	of	ADP
fbem-31327	86	16	subsequent	subsequent	ADJ
fbem-31327	86	17	regression	regression	NOUN
fbem-31327	86	18	analyses	analysis	NOUN
fbem-31327	86	19	.	.	PUNCT
fbem-31327	87	1	4	4	X
fbem-31327	87	2	.	.	X
fbem-31327	87	3	empirical	empirical	ADJ
fbem-31327	87	4	results	result	NOUN
fbem-31327	87	5	4.1	4.1	NUM
fbem-31327	87	6	.	.	PUNCT
fbem-31327	88	1	benchmark	benchmark	NOUN
fbem-31327	88	2	regression	regression	NOUN
fbem-31327	88	3	results	result	VERB
fbem-31327	88	4	the	the	DET
fbem-31327	88	5	did	did	NOUN
fbem-31327	88	6	estimate	estimate	NOUN
fbem-31327	88	7	shows	show	VERB
fbem-31327	88	8	that	that	SCONJ
fbem-31327	88	9	the	the	DET
fbem-31327	88	10	new	new	ADJ
fbem-31327	88	11	law	law	NOUN
fbem-31327	88	12	increases	increase	VERB
fbem-31327	88	13	r&d	r&d	NOUN
fbem-31327	88	14	investment	investment	NOUN
fbem-31327	88	15	by	by	ADP
fbem-31327	88	16	0.89	0.89	NUM
fbem-31327	88	17	percentage	percentage	NOUN
fbem-31327	88	18	points	point	NOUN
fbem-31327	88	19	(	(	PUNCT
fbem-31327	88	20	p<0.01	p<0.01	PROPN
fbem-31327	88	21	)	)	PUNCT
fbem-31327	88	22	,	,	PUNCT
fbem-31327	88	23	indicating	indicate	VERB
fbem-31327	88	24	that	that	SCONJ
fbem-31327	88	25	stricter	strict	ADJ
fbem-31327	88	26	regulation	regulation	NOUN
fbem-31327	88	27	enhances	enhance	VERB
fbem-31327	88	28	disclosure	disclosure	NOUN
fbem-31327	88	29	quality	quality	NOUN
fbem-31327	88	30	and	and	CCONJ
fbem-31327	88	31	reduces	reduce	VERB
fbem-31327	88	32	information	information	NOUN
fbem-31327	88	33	asymmetry	asymmetry	NOUN
fbem-31327	88	34	,	,	PUNCT
fbem-31327	88	35	thereby	thereby	ADV
fbem-31327	88	36	stimulating	stimulate	VERB
fbem-31327	88	37	innovation	innovation	NOUN
fbem-31327	88	38	.	.	PUNCT
fbem-31327	89	1	control	control	NOUN
fbem-31327	89	2	variables	variable	NOUN
fbem-31327	89	3	reveal	reveal	VERB
fbem-31327	89	4	that	that	SCONJ
fbem-31327	89	5	financial	financial	ADJ
fbem-31327	89	6	leverage	leverage	NOUN
fbem-31327	89	7	(	(	PUNCT
fbem-31327	89	8	lev	lev	NOUN
fbem-31327	89	9	)	)	PUNCT
fbem-31327	89	10	,	,	PUNCT
fbem-31327	89	11	profitability	profitability	NOUN
fbem-31327	89	12	(	(	PUNCT
fbem-31327	89	13	roa	roa	NOUN
fbem-31327	89	14	)	)	PUNCT
fbem-31327	89	15	,	,	PUNCT
fbem-31327	89	16	and	and	CCONJ
fbem-31327	89	17	fixed	fix	VERB
fbem-31327	89	18	asset	asset	NOUN
fbem-31327	89	19	ratio	ratio	NOUN
fbem-31327	89	20	(	(	PUNCT
fbem-31327	89	21	fixed	fix	VERB
fbem-31327	89	22	)	)	PUNCT
fbem-31327	89	23	negatively	negatively	ADV
fbem-31327	89	24	affect	affect	VERB
fbem-31327	89	25	r&d	r&d	NOUN
fbem-31327	89	26	,	,	PUNCT
fbem-31327	89	27	while	while	SCONJ
fbem-31327	89	28	revenue	revenue	NOUN
fbem-31327	89	29	growth	growth	NOUN
fbem-31327	89	30	(	(	PUNCT
fbem-31327	89	31	growth	growth	NOUN
fbem-31327	89	32	)	)	PUNCT
fbem-31327	89	33	has	have	VERB
fbem-31327	89	34	a	a	DET
fbem-31327	89	35	positive	positive	ADJ
fbem-31327	89	36	effect	effect	NOUN
fbem-31327	89	37	.	.	PUNCT
fbem-31327	90	1	4.2	4.2	NUM
fbem-31327	90	2	.	.	PUNCT
fbem-31327	91	1	heterogeneity	heterogeneity	NOUN
fbem-31327	91	2	analysis	analysis	NOUN
fbem-31327	91	3	4.2.1	4.2.1	NUM
fbem-31327	91	4	.	.	PUNCT
fbem-31327	92	1	industry	industry	NOUN
fbem-31327	92	2	pollution	pollution	NOUN
fbem-31327	92	3	levels	level	NOUN
fbem-31327	92	4	heavily	heavily	ADV
fbem-31327	92	5	polluting	pollute	VERB
fbem-31327	92	6	industries	industry	NOUN
fbem-31327	92	7	:	:	PUNCT
fbem-31327	92	8	inter	inter	ADJ
fbem-31327	92	9	coefficient	coefficient	NOUN
fbem-31327	92	10	=	=	NOUN
fbem-31327	92	11	0.0262	0.0262	NUM
fbem-31327	92	12	(	(	PUNCT
fbem-31327	92	13	p<0.01	p<0.01	PROPN
fbem-31327	92	14	)	)	PUNCT
fbem-31327	92	15	,	,	PUNCT
fbem-31327	92	16	driven	drive	VERB
fbem-31327	92	17	by	by	ADP
fbem-31327	92	18	environmental	environmental	ADJ
fbem-31327	92	19	regulations	regulation	NOUN
fbem-31327	92	20	and	and	CCONJ
fbem-31327	92	21	public	public	ADJ
fbem-31327	92	22	pressure	pressure	NOUN
fbem-31327	92	23	to	to	PART
fbem-31327	92	24	innovate	innovate	VERB
fbem-31327	92	25	cleaner	clean	ADJ
fbem-31327	92	26	technologies	technology	NOUN
fbem-31327	92	27	.	.	PUNCT
fbem-31327	93	1	non	non	ADJ
fbem-31327	93	2	-	-	ADJ
fbem-31327	93	3	heavily	heavily	ADV
fbem-31327	93	4	polluting	polluting	ADJ
fbem-31327	93	5	industries	industry	NOUN
fbem-31327	93	6	:	:	PUNCT
fbem-31327	93	7	inter	inter	ADJ
fbem-31327	93	8	coefficient	coefficient	NOUN
fbem-31327	93	9	=	=	X
fbem-31327	93	10	0.0014	0.0014	NUM
fbem-31327	93	11	(	(	PUNCT
fbem-31327	93	12	insignificant	insignificant	ADJ
fbem-31327	93	13	)	)	PUNCT
fbem-31327	93	14	,	,	PUNCT
fbem-31327	93	15	due	due	ADP
fbem-31327	93	16	to	to	ADP
fbem-31327	93	17	weaker	weak	ADJ
fbem-31327	93	18	environmental	environmental	ADJ
fbem-31327	93	19	incentives	incentive	NOUN
fbem-31327	93	20	.	.	PUNCT
fbem-31327	94	1	4.2.2	4.2.2	X
fbem-31327	94	2	.	.	PUNCT
fbem-31327	95	1	manufacturing	manufacturing	NOUN
fbem-31327	95	2	vs.	vs.	ADP
fbem-31327	95	3	non	non	ADJ
fbem-31327	95	4	-	-	ADJ
fbem-31327	95	5	manufacturing	manufacturing	ADJ
fbem-31327	95	6	firms	firm	NOUN
fbem-31327	95	7	non	non	ADJ
fbem-31327	95	8	-	-	ADJ
fbem-31327	95	9	manufacturing	manufacturing	ADJ
fbem-31327	95	10	firms	firm	NOUN
fbem-31327	95	11	:	:	PUNCT
fbem-31327	95	12	stronger	strong	ADJ
fbem-31327	95	13	positive	positive	ADJ
fbem-31327	95	14	effect	effect	NOUN
fbem-31327	95	15	(	(	PUNCT
fbem-31327	95	16	coefficient	coefficient	NOUN
fbem-31327	95	17	=	=	PUNCT
fbem-31327	95	18	0.015	0.015	NUM
fbem-31327	95	19	)	)	PUNCT
fbem-31327	95	20	,	,	PUNCT
fbem-31327	95	21	likely	likely	ADJ
fbem-31327	95	22	due	due	ADP
fbem-31327	95	23	to	to	ADP
fbem-31327	95	24	higher	high	ADJ
fbem-31327	95	25	reliance	reliance	NOUN
fbem-31327	95	26	on	on	ADP
fbem-31327	95	27	external	external	ADJ
fbem-31327	95	28	167	167	NUM
fbem-31327	95	29	financing	financing	NOUN
fbem-31327	95	30	and	and	CCONJ
fbem-31327	95	31	market	market	NOUN
fbem-31327	95	32	mechanisms	mechanism	NOUN
fbem-31327	95	33	.	.	PUNCT
fbem-31327	96	1	manufacturing	manufacturing	NOUN
fbem-31327	96	2	firms	firm	NOUN
fbem-31327	96	3	:	:	PUNCT
fbem-31327	96	4	weaker	weak	ADJ
fbem-31327	96	5	effect	effect	NOUN
fbem-31327	96	6	(	(	PUNCT
fbem-31327	96	7	coefficient	coefficient	NOUN
fbem-31327	96	8	=	=	NOUN
fbem-31327	96	9	0.007	0.007	NUM
fbem-31327	96	10	)	)	PUNCT
fbem-31327	96	11	,	,	PUNCT
fbem-31327	96	12	as	as	SCONJ
fbem-31327	96	13	they	they	PRON
fbem-31327	96	14	rely	rely	VERB
fbem-31327	96	15	more	more	ADV
fbem-31327	96	16	on	on	ADP
fbem-31327	96	17	internal	internal	ADJ
fbem-31327	96	18	funds	fund	NOUN
fbem-31327	96	19	and	and	CCONJ
fbem-31327	96	20	traditional	traditional	ADJ
fbem-31327	96	21	bank	bank	NOUN
fbem-31327	96	22	loans	loan	NOUN
fbem-31327	96	23	.	.	PUNCT
fbem-31327	97	1	4.2.3	4.2.3	X
fbem-31327	97	2	.	.	PUNCT
fbem-31327	97	3	high	high	ADJ
fbem-31327	97	4	-	-	PUNCT
fbem-31327	97	5	tech	tech	NOUN
fbem-31327	97	6	vs.	vs.	ADP
fbem-31327	97	7	non	non	ADJ
fbem-31327	97	8	-	-	ADJ
fbem-31327	97	9	high	high	ADJ
fbem-31327	97	10	-	-	PUNCT
fbem-31327	97	11	tech	tech	NOUN
fbem-31327	97	12	firms	firm	NOUN
fbem-31327	97	13	high	high	ADJ
fbem-31327	97	14	-	-	PUNCT
fbem-31327	97	15	tech	tech	NOUN
fbem-31327	97	16	firms	firm	NOUN
fbem-31327	97	17	:	:	PUNCT
fbem-31327	97	18	inter	inter	ADJ
fbem-31327	97	19	coefficient	coefficient	NOUN
fbem-31327	97	20	=	=	PROPN
fbem-31327	97	21	0.0107	0.0107	NUM
fbem-31327	97	22	(	(	PUNCT
fbem-31327	97	23	p<0.05	p<0.05	NOUN
fbem-31327	97	24	)	)	PUNCT
fbem-31327	97	25	,	,	PUNCT
fbem-31327	97	26	reflecting	reflect	VERB
fbem-31327	97	27	their	their	PRON
fbem-31327	97	28	need	need	NOUN
fbem-31327	97	29	for	for	SCONJ
fbem-31327	97	30	continuous	continuous	ADJ
fbem-31327	97	31	r&d	r&d	NOUN
fbem-31327	97	32	to	to	PART
fbem-31327	97	33	maintain	maintain	VERB
fbem-31327	97	34	competitiveness	competitiveness	NOUN
fbem-31327	97	35	.	.	PUNCT
fbem-31327	98	1	non	non	ADJ
fbem-31327	98	2	-	-	ADJ
fbem-31327	98	3	high	high	ADJ
fbem-31327	98	4	-	-	PUNCT
fbem-31327	98	5	tech	tech	NOUN
fbem-31327	98	6	firms	firm	NOUN
fbem-31327	98	7	:	:	PUNCT
fbem-31327	98	8	inter	inter	ADJ
fbem-31327	98	9	coefficient	coefficient	NOUN
fbem-31327	98	10	=	=	PROPN
fbem-31327	98	11	0.0019	0.0019	NUM
fbem-31327	98	12	(	(	PUNCT
fbem-31327	98	13	p<0.05	p<0.05	NOUN
fbem-31327	98	14	)	)	PUNCT
fbem-31327	98	15	,	,	PUNCT
fbem-31327	98	16	with	with	ADP
fbem-31327	98	17	smaller	small	ADJ
fbem-31327	98	18	effect	effect	NOUN
fbem-31327	98	19	size	size	NOUN
fbem-31327	98	20	due	due	ADP
fbem-31327	98	21	to	to	ADP
fbem-31327	98	22	lower	low	ADJ
fbem-31327	98	23	innovation	innovation	NOUN
fbem-31327	98	24	dependency	dependency	NOUN
fbem-31327	98	25	.	.	PUNCT
fbem-31327	99	1	4.3	4.3	NUM
fbem-31327	99	2	.	.	PUNCT
fbem-31327	100	1	moderation	moderation	NOUN
fbem-31327	100	2	effects	effect	NOUN
fbem-31327	100	3	the	the	DET
fbem-31327	100	4	interaction	interaction	NOUN
fbem-31327	100	5	term	term	NOUN
fbem-31327	100	6	inter×nk	inter×nk	PROPN
fbem-31327	100	7	is	be	AUX
fbem-31327	100	8	-0.0100	-0.0100	ADJ
fbem-31327	100	9	(	(	PUNCT
fbem-31327	100	10	p<0.05	p<0.05	NOUN
fbem-31327	100	11	)	)	PUNCT
fbem-31327	100	12	,	,	PUNCT
fbem-31327	100	13	indicating	indicate	VERB
fbem-31327	100	14	that	that	SCONJ
fbem-31327	100	15	strong	strong	ADJ
fbem-31327	100	16	internal	internal	ADJ
fbem-31327	100	17	controls	control	NOUN
fbem-31327	100	18	weaken	weaken	VERB
fbem-31327	100	19	the	the	DET
fbem-31327	100	20	positive	positive	ADJ
fbem-31327	100	21	effect	effect	NOUN
fbem-31327	100	22	of	of	ADP
fbem-31327	100	23	regulation	regulation	NOUN
fbem-31327	100	24	on	on	ADP
fbem-31327	100	25	r&d	r&d	NOUN
fbem-31327	100	26	,	,	PUNCT
fbem-31327	100	27	possibly	possibly	ADV
fbem-31327	100	28	due	due	ADP
fbem-31327	100	29	to	to	PART
fbem-31327	100	30	redundant	redundant	VERB
fbem-31327	100	31	compliance	compliance	NOUN
fbem-31327	100	32	costs	cost	NOUN
fbem-31327	100	33	.	.	PUNCT
fbem-31327	101	1	the	the	DET
fbem-31327	101	2	interaction	interaction	NOUN
fbem-31327	101	3	term	term	NOUN
fbem-31327	101	4	inter×media	inter×media	PROPN
fbem-31327	101	5	is	be	AUX
fbem-31327	101	6	0.0131	0.0131	NUM
fbem-31327	101	7	(	(	PUNCT
fbem-31327	101	8	p<0.01	p<0.01	PROPN
fbem-31327	101	9	)	)	PUNCT
fbem-31327	101	10	,	,	PUNCT
fbem-31327	101	11	showing	show	VERB
fbem-31327	101	12	that	that	SCONJ
fbem-31327	101	13	media	medium	NOUN
fbem-31327	101	14	scrutiny	scrutiny	NOUN
fbem-31327	101	15	amplifies	amplify	VERB
fbem-31327	101	16	the	the	DET
fbem-31327	101	17	regulatory	regulatory	ADJ
fbem-31327	101	18	effect	effect	NOUN
fbem-31327	101	19	on	on	ADP
fbem-31327	101	20	r&d	r&d	NOUN
fbem-31327	101	21	by	by	ADP
fbem-31327	101	22	increasing	increase	VERB
fbem-31327	101	23	public	public	ADJ
fbem-31327	101	24	accountability	accountability	NOUN
fbem-31327	101	25	and	and	CCONJ
fbem-31327	101	26	firm	firm	ADJ
fbem-31327	101	27	visibility	visibility	NOUN
fbem-31327	101	28	.	.	PUNCT
fbem-31327	102	1	the	the	DET
fbem-31327	102	2	interaction	interaction	NOUN
fbem-31327	102	3	term	term	NOUN
fbem-31327	102	4	inter×hhi	inter×hhi	PROPN
fbem-31327	102	5	is	be	AUX
fbem-31327	102	6	-0.0006	-0.0006	NOUN
fbem-31327	102	7	(	(	PUNCT
fbem-31327	102	8	p<0.1	p<0.1	NOUN
fbem-31327	102	9	)	)	PUNCT
fbem-31327	102	10	,	,	PUNCT
fbem-31327	102	11	suggesting	suggest	VERB
fbem-31327	102	12	that	that	SCONJ
fbem-31327	102	13	concentrated	concentrated	ADJ
fbem-31327	102	14	ownership	ownership	NOUN
fbem-31327	102	15	reduces	reduce	VERB
fbem-31327	102	16	r&d	r&d	NOUN
fbem-31327	102	17	responsiveness	responsiveness	NOUN
fbem-31327	102	18	to	to	ADP
fbem-31327	102	19	regulation	regulation	NOUN
fbem-31327	102	20	,	,	PUNCT
fbem-31327	102	21	likely	likely	ADJ
fbem-31327	102	22	due	due	ADP
fbem-31327	102	23	to	to	ADP
fbem-31327	102	24	slower	slow	ADJ
fbem-31327	102	25	decision	decision	NOUN
fbem-31327	102	26	-	-	PUNCT
fbem-31327	102	27	making	make	VERB
fbem-31327	102	28	and	and	CCONJ
fbem-31327	102	29	risk	risk	NOUN
fbem-31327	102	30	aversion	aversion	NOUN
fbem-31327	102	31	.	.	PUNCT
fbem-31327	103	1	4.4	4.4	NUM
fbem-31327	103	2	.	.	PUNCT
fbem-31327	103	3	inspection	inspection	NOUN
fbem-31327	103	4	4.4.1	4.4.1	NUM
fbem-31327	103	5	.	.	PUNCT
fbem-31327	104	1	parallel	parallel	ADJ
fbem-31327	104	2	trend	trend	NOUN
fbem-31327	104	3	test	test	NOUN
fbem-31327	104	4	a	a	DET
fbem-31327	104	5	dynamic	dynamic	ADJ
fbem-31327	104	6	effects	effect	NOUN
fbem-31327	104	7	test	test	NOUN
fbem-31327	104	8	is	be	AUX
fbem-31327	104	9	essentially	essentially	ADV
fbem-31327	104	10	the	the	DET
fbem-31327	104	11	introduction	introduction	NOUN
fbem-31327	104	12	of	of	ADP
fbem-31327	104	13	a	a	DET
fbem-31327	104	14	finite	finite	ADJ
fbem-31327	104	15	number	number	NOUN
fbem-31327	104	16	of	of	ADP
fbem-31327	104	17	time	time	NOUN
fbem-31327	104	18	dummy	dummy	ADJ
fbem-31327	104	19	variables	variable	NOUN
fbem-31327	104	20	and	and	CCONJ
fbem-31327	104	21	cross	cross	ADJ
fbem-31327	104	22	-	-	ADJ
fbem-31327	104	23	multiplying	multiply	VERB
fbem-31327	104	24	them	they	PRON
fbem-31327	104	25	with	with	ADP
fbem-31327	104	26	the	the	DET
fbem-31327	104	27	treatment	treatment	NOUN
fbem-31327	104	28	group	group	NOUN
fbem-31327	104	29	dummy	dummy	NOUN
fbem-31327	104	30	variables	variable	NOUN
fbem-31327	104	31	to	to	PART
fbem-31327	104	32	examine	examine	VERB
fbem-31327	104	33	the	the	DET
fbem-31327	104	34	significance	significance	NOUN
fbem-31327	104	35	of	of	ADP
fbem-31327	104	36	the	the	DET
fbem-31327	104	37	cross	cross	ADJ
fbem-31327	104	38	-	-	ADJ
fbem-31327	104	39	multiplication	multiplication	ADJ
fbem-31327	104	40	term	term	NOUN
fbem-31327	104	41	.	.	PUNCT
fbem-31327	105	1	a	a	DET
fbem-31327	105	2	contrast	contrast	NOUN
fbem-31327	105	3	exists	exist	VERB
fbem-31327	105	4	between	between	ADP
fbem-31327	105	5	the	the	DET
fbem-31327	105	6	dynamic	dynamic	ADJ
fbem-31327	105	7	effects	effect	NOUN
fbem-31327	105	8	assessment	assessment	NOUN
fbem-31327	105	9	and	and	CCONJ
fbem-31327	105	10	the	the	DET
fbem-31327	105	11	parallel	parallel	ADJ
fbem-31327	105	12	trend	trend	NOUN
fbem-31327	105	13	assessment	assessment	NOUN
fbem-31327	105	14	.	.	PUNCT
fbem-31327	106	1	in	in	ADP
fbem-31327	106	2	the	the	DET
fbem-31327	106	3	parallel	parallel	ADJ
fbem-31327	106	4	trend	trend	NOUN
fbem-31327	106	5	test	test	NOUN
fbem-31327	106	6	,	,	PUNCT
fbem-31327	106	7	it	it	PRON
fbem-31327	106	8	is	be	AUX
fbem-31327	106	9	sufficient	sufficient	ADJ
fbem-31327	106	10	to	to	PART
fbem-31327	106	11	examine	examine	VERB
fbem-31327	106	12	whether	whether	SCONJ
fbem-31327	106	13	the	the	DET
fbem-31327	106	14	cross	cross	ADJ
fbem-31327	106	15	-	-	ADJ
fbem-31327	106	16	multiplication	multiplication	ADJ
fbem-31327	106	17	term	term	NOUN
fbem-31327	106	18	is	be	AUX
fbem-31327	106	19	significant	significant	ADJ
fbem-31327	106	20	before	before	ADP
fbem-31327	106	21	period	period	NOUN
fbem-31327	106	22	0	0	NUM
fbem-31327	106	23	.	.	PUNCT
fbem-31327	107	1	no	no	DET
fbem-31327	107	2	significant	significant	ADJ
fbem-31327	107	3	difference	difference	NOUN
fbem-31327	107	4	between	between	ADP
fbem-31327	107	5	the	the	DET
fbem-31327	107	6	treatment	treatment	NOUN
fbem-31327	107	7	and	and	CCONJ
fbem-31327	107	8	control	control	NOUN
fbem-31327	107	9	groups	group	NOUN
fbem-31327	107	10	being	be	AUX
fbem-31327	107	11	present	present	ADJ
fbem-31327	107	12	prior	prior	ADV
fbem-31327	107	13	to	to	ADP
fbem-31327	107	14	the	the	DET
fbem-31327	107	15	did	do	AUX
fbem-31327	107	16	can	can	AUX
fbem-31327	107	17	be	be	AUX
fbem-31327	107	18	assumed	assume	VERB
fbem-31327	107	19	.	.	PUNCT
fbem-31327	108	1	to	to	PART
fbem-31327	108	2	do	do	VERB
fbem-31327	108	3	this	this	PRON
fbem-31327	108	4	,	,	PUNCT
fbem-31327	108	5	we	we	PRON
fbem-31327	108	6	first	first	ADV
fbem-31327	108	7	generate	generate	VERB
fbem-31327	108	8	the	the	DET
fbem-31327	108	9	interaction	interaction	NOUN
fbem-31327	108	10	terms	term	NOUN
fbem-31327	108	11	between	between	ADP
fbem-31327	108	12	the	the	DET
fbem-31327	108	13	dummy	dummy	ADJ
fbem-31327	108	14	variables	variable	NOUN
fbem-31327	108	15	and	and	CCONJ
fbem-31327	108	16	the	the	DET
fbem-31327	108	17	treatment	treatment	NOUN
fbem-31327	108	18	group	group	NOUN
fbem-31327	108	19	dummy	dummy	ADJ
fbem-31327	108	20	variables	variable	NOUN
fbem-31327	108	21	,	,	PUNCT
fbem-31327	108	22	and	and	CCONJ
fbem-31327	108	23	then	then	ADV
fbem-31327	108	24	regress	regress	VERB
fbem-31327	108	25	them	they	PRON
fbem-31327	108	26	on	on	ADP
fbem-31327	108	27	the	the	DET
fbem-31327	108	28	dummies	dummy	NOUN
fbem-31327	108	29	as	as	ADP
fbem-31327	108	30	explanatory	explanatory	ADJ
fbem-31327	108	31	variables	variable	NOUN
fbem-31327	108	32	.	.	PUNCT
fbem-31327	109	1	the	the	DET
fbem-31327	109	2	coefficients	coefficient	NOUN
fbem-31327	109	3	of	of	ADP
fbem-31327	109	4	the	the	DET
fbem-31327	109	5	interaction	interaction	NOUN
fbem-31327	109	6	terms	term	NOUN
fbem-31327	109	7	then	then	ADV
fbem-31327	109	8	reflect	reflect	VERB
fbem-31327	109	9	the	the	DET
fbem-31327	109	10	differences	difference	NOUN
fbem-31327	109	11	between	between	ADP
fbem-31327	109	12	the	the	DET
fbem-31327	109	13	treatment	treatment	NOUN
fbem-31327	109	14	and	and	CCONJ
fbem-31327	109	15	control	control	NOUN
fbem-31327	109	16	groups	group	NOUN
fbem-31327	109	17	.	.	PUNCT
fbem-31327	110	1	figure	figure	NOUN
fbem-31327	110	2	1	1	NUM
fbem-31327	110	3	reveals	reveal	VERB
fbem-31327	110	4	that	that	SCONJ
fbem-31327	110	5	the	the	DET
fbem-31327	110	6	coefficients	coefficient	NOUN
fbem-31327	110	7	of	of	ADP
fbem-31327	110	8	the	the	DET
fbem-31327	110	9	interaction	interaction	NOUN
fbem-31327	110	10	terms	term	NOUN
fbem-31327	110	11	are	be	AUX
fbem-31327	110	12	not	not	PART
fbem-31327	110	13	significantly	significantly	ADV
fbem-31327	110	14	different	different	ADJ
fbem-31327	110	15	from	from	ADP
fbem-31327	110	16	0	0	NUM
fbem-31327	110	17	prior	prior	ADV
fbem-31327	110	18	to	to	ADP
fbem-31327	110	19	the	the	DET
fbem-31327	110	20	policy	policy	NOUN
fbem-31327	110	21	,	,	PUNCT
fbem-31327	110	22	with	with	ADP
fbem-31327	110	23	the	the	DET
fbem-31327	110	24	95	95	NUM
fbem-31327	110	25	%	%	NOUN
fbem-31327	110	26	confidence	confidence	NOUN
fbem-31327	110	27	interval	interval	NOUN
fbem-31327	110	28	including	include	VERB
fbem-31327	110	29	a	a	DET
fbem-31327	110	30	value	value	NOUN
fbem-31327	110	31	of	of	ADP
fbem-31327	110	32	0	0	NUM
fbem-31327	110	33	,	,	PUNCT
fbem-31327	110	34	thus	thus	ADV
fbem-31327	110	35	demonstrating	demonstrate	VERB
fbem-31327	110	36	that	that	SCONJ
fbem-31327	110	37	no	no	DET
fbem-31327	110	38	noteworthy	noteworthy	ADJ
fbem-31327	110	39	distinction	distinction	NOUN
fbem-31327	110	40	exists	exist	VERB
fbem-31327	110	41	between	between	ADP
fbem-31327	110	42	the	the	DET
fbem-31327	110	43	treatment	treatment	NOUN
fbem-31327	110	44	and	and	CCONJ
fbem-31327	110	45	control	control	NOUN
fbem-31327	110	46	groups	group	NOUN
fbem-31327	110	47	before	before	ADP
fbem-31327	110	48	the	the	DET
fbem-31327	110	49	policy	policy	NOUN
fbem-31327	110	50	's	's	PART
fbem-31327	110	51	time	time	NOUN
fbem-31327	110	52	point.e	point.e	PROPN
fbem-31327	110	53	.	.	PUNCT
fbem-31327	111	1	,	,	PUNCT
fbem-31327	111	2	the	the	DET
fbem-31327	111	3	assumption	assumption	NOUN
fbem-31327	111	4	of	of	ADP
fbem-31327	111	5	parallel	parallel	ADJ
fbem-31327	111	6	trends	trend	NOUN
fbem-31327	111	7	is	be	AUX
fbem-31327	111	8	satisfied	satisfied	ADJ
fbem-31327	111	9	.	.	PUNCT
fbem-31327	112	1	figure	figure	NOUN
fbem-31327	112	2	1	1	NUM
fbem-31327	112	3	.	.	PUNCT
fbem-31327	112	4	parallel	parallel	ADJ
fbem-31327	112	5	trend	trend	NOUN
fbem-31327	112	6	test	test	NOUN
fbem-31327	112	7	4.4.2	4.4.2	NUM
fbem-31327	112	8	.	.	PUNCT
fbem-31327	113	1	placebo	placebo	NOUN
fbem-31327	113	2	test	test	NOUN
fbem-31327	113	3	the	the	DET
fbem-31327	113	4	individual	individual	ADJ
fbem-31327	113	5	placebo	placebo	NOUN
fbem-31327	113	6	test	test	NOUN
fbem-31327	113	7	is	be	AUX
fbem-31327	113	8	the	the	DET
fbem-31327	113	9	most	most	ADV
fbem-31327	113	10	frequent	frequent	ADJ
fbem-31327	113	11	type	type	NOUN
fbem-31327	113	12	of	of	ADP
fbem-31327	113	13	placebo	placebo	NOUN
fbem-31327	113	14	test	test	NOUN
fbem-31327	113	15	,	,	PUNCT
fbem-31327	113	16	where	where	SCONJ
fbem-31327	113	17	the	the	DET
fbem-31327	113	18	treatment	treatment	NOUN
fbem-31327	113	19	group	group	NOUN
fbem-31327	113	20	is	be	AUX
fbem-31327	113	21	randomly	randomly	ADV
fbem-31327	113	22	chosen	choose	VERB
fbem-31327	113	23	and	and	CCONJ
fbem-31327	113	24	repeated	repeat	VERB
fbem-31327	113	25	500	500	NUM
fbem-31327	113	26	or	or	CCONJ
fbem-31327	113	27	1000	1000	NUM
fbem-31327	113	28	times	time	NOUN
fbem-31327	113	29	to	to	PART
fbem-31327	113	30	determine	determine	VERB
fbem-31327	113	31	if	if	SCONJ
fbem-31327	113	32	the	the	DET
fbem-31327	113	33	coefficients	coefficient	NOUN
fbem-31327	113	34	of	of	ADP
fbem-31327	113	35	the	the	DET
fbem-31327	113	36	"	"	PUNCT
fbem-31327	113	37	pseudo	pseudo	NOUN
fbem-31327	113	38	-	-	PUNCT
fbem-31327	113	39	policy	policy	NOUN
fbem-31327	113	40	dummy	dummy	ADJ
fbem-31327	113	41	variables	variable	NOUN
fbem-31327	113	42	"	"	PUNCT
fbem-31327	113	43	are	be	AUX
fbem-31327	113	44	statistically	statistically	ADV
fbem-31327	113	45	significant	significant	ADJ
fbem-31327	113	46	.	.	PUNCT
fbem-31327	114	1	to	to	PART
fbem-31327	114	2	ensure	ensure	VERB
fbem-31327	114	3	the	the	DET
fbem-31327	114	4	rigor	rigor	NOUN
fbem-31327	114	5	of	of	ADP
fbem-31327	114	6	the	the	DET
fbem-31327	114	7	research	research	NOUN
fbem-31327	114	8	results	result	NOUN
fbem-31327	114	9	and	and	CCONJ
fbem-31327	114	10	to	to	PART
fbem-31327	114	11	test	test	VERB
fbem-31327	114	12	the	the	DET
fbem-31327	114	13	robustness	robustness	NOUN
fbem-31327	114	14	of	of	ADP
fbem-31327	114	15	the	the	DET
fbem-31327	114	16	double	double	ADJ
fbem-31327	114	17	-	-	PUNCT
fbem-31327	114	18	difference	difference	NOUN
fbem-31327	114	19	model	model	NOUN
fbem-31327	114	20	constructed	construct	VERB
fbem-31327	114	21	in	in	ADP
fbem-31327	114	22	the	the	DET
fbem-31327	114	23	preceding	precede	VERB
fbem-31327	114	24	section	section	NOUN
fbem-31327	114	25	,	,	PUNCT
fbem-31327	114	26	we	we	PRON
fbem-31327	114	27	repeat	repeat	VERB
fbem-31327	114	28	the	the	DET
fbem-31327	114	29	process	process	NOUN
fbem-31327	114	30	500	500	NUM
fbem-31327	114	31	times	time	NOUN
fbem-31327	114	32	,	,	PUNCT
fbem-31327	114	33	yielding	yield	VERB
fbem-31327	114	34	500	500	NUM
fbem-31327	114	35	regression	regression	NOUN
fbem-31327	114	36	results	result	NOUN
fbem-31327	114	37	(	(	PUNCT
fbem-31327	114	38	including	include	VERB
fbem-31327	114	39	the	the	DET
fbem-31327	114	40	estimated	estimate	VERB
fbem-31327	114	41	coefficients	coefficient	NOUN
fbem-31327	114	42	of	of	ADP
fbem-31327	114	43	the	the	DET
fbem-31327	114	44	pseudo	pseudo	NOUN
fbem-31327	114	45	-	-	PUNCT
fbem-31327	114	46	policy	policy	NOUN
fbem-31327	114	47	dummy	dummy	ADJ
fbem-31327	114	48	variables	variable	NOUN
fbem-31327	114	49	,	,	PUNCT
fbem-31327	114	50	the	the	DET
fbem-31327	114	51	standard	standard	ADJ
fbem-31327	114	52	error	error	NOUN
fbem-31327	114	53	,	,	PUNCT
fbem-31327	114	54	and	and	CCONJ
fbem-31327	114	55	the	the	DET
fbem-31327	114	56	p	p	NOUN
fbem-31327	114	57	-	-	PUNCT
fbem-31327	114	58	value	value	NOUN
fbem-31327	114	59	)	)	PUNCT
fbem-31327	114	60	.	.	PUNCT
fbem-31327	115	1	finally	finally	ADV
fbem-31327	115	2	,	,	PUNCT
fbem-31327	115	3	we	we	PRON
fbem-31327	115	4	can	can	AUX
fbem-31327	115	5	plot	plot	VERB
fbem-31327	115	6	the	the	DET
fbem-31327	115	7	results	result	NOUN
fbem-31327	115	8	of	of	ADP
fbem-31327	115	9	the	the	DET
fbem-31327	115	10	500	500	NUM
fbem-31327	115	11	finally	finally	ADV
fbem-31327	115	12	.	.	PUNCT
fbem-31327	116	1	by	by	ADP
fbem-31327	116	2	plotting	plot	VERB
fbem-31327	116	3	the	the	DET
fbem-31327	116	4	estimated	estimate	VERB
fbem-31327	116	5	coefficients	coefficient	NOUN
fbem-31327	116	6	of	of	ADP
fbem-31327	116	7	the	the	DET
fbem-31327	116	8	"	"	PUNCT
fbem-31327	116	9	pseudo	pseudo	NOUN
fbem-31327	116	10	-	-	PUNCT
fbem-31327	116	11	policy	policy	NOUN
fbem-31327	116	12	dummy	dummy	ADJ
fbem-31327	116	13	variables	variable	NOUN
fbem-31327	116	14	,	,	PUNCT
fbem-31327	116	15	"	"	PUNCT
fbem-31327	116	16	we	we	PRON
fbem-31327	116	17	can	can	AUX
fbem-31327	116	18	observe	observe	VERB
fbem-31327	116	19	the	the	DET
fbem-31327	116	20	results	result	NOUN
fbem-31327	116	21	of	of	ADP
fbem-31327	116	22	the	the	DET
fbem-31327	116	23	placebo	placebo	NOUN
fbem-31327	116	24	test	test	NOUN
fbem-31327	116	25	,	,	PUNCT
fbem-31327	116	26	depicted	depict	VERB
fbem-31327	116	27	in	in	ADP
fbem-31327	116	28	figure	figure	NOUN
fbem-31327	116	29	2	2	NUM
fbem-31327	116	30	,	,	PUNCT
fbem-31327	116	31	with	with	ADP
fbem-31327	116	32	zero	zero	NUM
fbem-31327	116	33	as	as	ADP
fbem-31327	116	34	the	the	DET
fbem-31327	116	35	mean	mean	NOUN
fbem-31327	116	36	.	.	PUNCT
fbem-31327	117	1	additionally	additionally	ADV
fbem-31327	117	2	,	,	PUNCT
fbem-31327	117	3	the	the	DET
fbem-31327	117	4	coefficients	coefficient	NOUN
fbem-31327	117	5	of	of	ADP
fbem-31327	117	6	the	the	DET
fbem-31327	117	7	random	random	ADJ
fbem-31327	117	8	sample	sample	NOUN
fbem-31327	117	9	are	be	AUX
fbem-31327	117	10	seen	see	VERB
fbem-31327	117	11	to	to	PART
fbem-31327	117	12	be	be	AUX
fbem-31327	117	13	normally	normally	ADV
fbem-31327	117	14	distributed	distribute	VERB
fbem-31327	117	15	.	.	PUNCT
fbem-31327	118	1	this	this	PRON
fbem-31327	118	2	suggests	suggest	VERB
fbem-31327	118	3	that	that	SCONJ
fbem-31327	118	4	our	our	PRON
fbem-31327	118	5	estimates	estimate	NOUN
fbem-31327	118	6	are	be	AUX
fbem-31327	118	7	unlikely	unlikely	ADJ
fbem-31327	118	8	to	to	PART
fbem-31327	118	9	have	have	AUX
fbem-31327	118	10	been	be	AUX
fbem-31327	118	11	obtained	obtain	VERB
fbem-31327	118	12	by	by	ADP
fbem-31327	118	13	chance	chance	NOUN
fbem-31327	118	14	and	and	CCONJ
fbem-31327	118	15	,	,	PUNCT
fbem-31327	118	16	thus	thus	ADV
fbem-31327	118	17	,	,	PUNCT
fbem-31327	118	18	are	be	AUX
fbem-31327	118	19	unlikely	unlikely	ADJ
fbem-31327	118	20	to	to	PART
fbem-31327	118	21	have	have	AUX
fbem-31327	118	22	been	be	AUX
fbem-31327	118	23	influenced	influence	VERB
fbem-31327	118	24	by	by	ADP
fbem-31327	118	25	other	other	ADJ
fbem-31327	118	26	policy	policy	NOUN
fbem-31327	118	27	or	or	CCONJ
fbem-31327	118	28	randomness	randomness	NOUN
fbem-31327	118	29	factors	factor	NOUN
fbem-31327	118	30	.	.	PUNCT
fbem-31327	119	1	the	the	DET
fbem-31327	119	2	model	model	NOUN
fbem-31327	119	3	,	,	PUNCT
fbem-31327	119	4	therefore	therefore	ADV
fbem-31327	119	5	,	,	PUNCT
fbem-31327	119	6	passes	pass	VERB
fbem-31327	119	7	the	the	DET
fbem-31327	119	8	placebo	placebo	NOUN
fbem-31327	119	9	test	test	NOUN
fbem-31327	119	10	.	.	PUNCT
fbem-31327	120	1	figure	figure	NOUN
fbem-31327	120	2	2	2	NUM
fbem-31327	120	3	.	.	PUNCT
fbem-31327	120	4	placebo	placebo	NOUN
fbem-31327	120	5	test	test	NOUN
fbem-31327	120	6	for	for	ADP
fbem-31327	120	7	coefficient	coefficient	ADJ
fbem-31327	120	8	distribution	distribution	NOUN
fbem-31327	120	9	5	5	NUM
fbem-31327	120	10	.	.	PUNCT
fbem-31327	121	1	conclusion	conclusion	NOUN
fbem-31327	121	2	this	this	DET
fbem-31327	121	3	study	study	NOUN
fbem-31327	121	4	finds	find	VERB
fbem-31327	121	5	that	that	SCONJ
fbem-31327	121	6	china	china	PROPN
fbem-31327	121	7	's	's	PART
fbem-31327	121	8	new	new	ADJ
fbem-31327	121	9	securities	security	NOUN
fbem-31327	121	10	law	law	NOUN
fbem-31327	121	11	significantly	significantly	ADV
fbem-31327	121	12	promotes	promote	VERB
fbem-31327	121	13	corporate	corporate	ADJ
fbem-31327	121	14	r&d	r&d	NOUN
fbem-31327	121	15	investment	investment	NOUN
fbem-31327	121	16	by	by	ADP
fbem-31327	121	17	improving	improve	VERB
fbem-31327	121	18	disclosure	disclosure	NOUN
fbem-31327	121	19	quality	quality	NOUN
fbem-31327	121	20	and	and	CCONJ
fbem-31327	121	21	reducing	reduce	VERB
fbem-31327	121	22	financing	financing	NOUN
fbem-31327	121	23	constraints	constraint	NOUN
fbem-31327	121	24	.	.	PUNCT
fbem-31327	122	1	the	the	DET
fbem-31327	122	2	effect	effect	NOUN
fbem-31327	122	3	is	be	AUX
fbem-31327	122	4	heterogeneous	heterogeneous	ADJ
fbem-31327	122	5	:	:	PUNCT
fbem-31327	122	6	stronger	strong	ADJ
fbem-31327	122	7	in	in	ADP
fbem-31327	122	8	heavily	heavily	ADV
fbem-31327	122	9	polluting	pollute	VERB
fbem-31327	122	10	industries	industry	NOUN
fbem-31327	122	11	,	,	PUNCT
fbem-31327	122	12	non	non	ADJ
fbem-31327	122	13	-	-	ADJ
fbem-31327	122	14	manufacturing	manufacturing	ADJ
fbem-31327	122	15	sectors	sector	NOUN
fbem-31327	122	16	,	,	PUNCT
fbem-31327	122	17	and	and	CCONJ
fbem-31327	122	18	hightech	hightech	ADJ
fbem-31327	122	19	firms	firm	NOUN
fbem-31327	122	20	.	.	PUNCT
fbem-31327	123	1	internal	internal	ADJ
fbem-31327	123	2	control	control	NOUN
fbem-31327	123	3	quality	quality	NOUN
fbem-31327	123	4	and	and	CCONJ
fbem-31327	123	5	equity	equity	NOUN
fbem-31327	123	6	concentration	concentration	NOUN
fbem-31327	123	7	weaken	weaken	VERB
fbem-31327	123	8	the	the	DET
fbem-31327	123	9	effect	effect	NOUN
fbem-31327	123	10	,	,	PUNCT
fbem-31327	123	11	while	while	SCONJ
fbem-31327	123	12	media	medium	NOUN
fbem-31327	123	13	attention	attention	NOUN
fbem-31327	123	14	strengthens	strengthen	VERB
fbem-31327	123	15	it	it	PRON
fbem-31327	123	16	.	.	PUNCT
fbem-31327	124	1	these	these	DET
fbem-31327	124	2	168	168	NUM
fbem-31327	124	3	findings	finding	NOUN
fbem-31327	124	4	suggest	suggest	VERB
fbem-31327	124	5	that	that	SCONJ
fbem-31327	124	6	capital	capital	NOUN
fbem-31327	124	7	market	market	NOUN
fbem-31327	124	8	regulation	regulation	NOUN
fbem-31327	124	9	can	can	AUX
fbem-31327	124	10	effectively	effectively	ADV
fbem-31327	124	11	drive	drive	VERB
fbem-31327	124	12	innovation	innovation	NOUN
fbem-31327	124	13	by	by	ADP
fbem-31327	124	14	creating	create	VERB
fbem-31327	124	15	a	a	DET
fbem-31327	124	16	transparent	transparent	ADJ
fbem-31327	124	17	and	and	CCONJ
fbem-31327	124	18	stable	stable	ADJ
fbem-31327	124	19	environment	environment	NOUN
fbem-31327	124	20	,	,	PUNCT
fbem-31327	124	21	particularly	particularly	ADV
fbem-31327	124	22	for	for	ADP
fbem-31327	124	23	firms	firm	NOUN
fbem-31327	124	24	that	that	PRON
fbem-31327	124	25	rely	rely	VERB
fbem-31327	124	26	on	on	ADP
fbem-31327	124	27	external	external	ADJ
fbem-31327	124	28	financing	financing	NOUN
fbem-31327	124	29	and	and	CCONJ
fbem-31327	124	30	face	face	VERB
fbem-31327	124	31	environmental	environmental	ADJ
fbem-31327	124	32	or	or	CCONJ
fbem-31327	124	33	technological	technological	ADJ
fbem-31327	124	34	pressures	pressure	NOUN
fbem-31327	124	35	.	.	PUNCT
fbem-31327	125	1	policymakers	policymaker	NOUN
fbem-31327	125	2	should	should	AUX
fbem-31327	125	3	prioritize	prioritize	VERB
fbem-31327	125	4	industry	industry	NOUN
fbem-31327	125	5	-	-	PUNCT
fbem-31327	125	6	specific	specific	ADJ
fbem-31327	125	7	regulatory	regulatory	ADJ
fbem-31327	125	8	designs	design	NOUN
fbem-31327	125	9	and	and	CCONJ
fbem-31327	125	10	leverage	leverage	NOUN
fbem-31327	125	11	media	medium	NOUN
fbem-31327	125	12	oversight	oversight	NOUN
fbem-31327	125	13	to	to	PART
fbem-31327	125	14	maximize	maximize	VERB
fbem-31327	125	15	innovation	innovation	NOUN
fbem-31327	125	16	incentives	incentive	NOUN
fbem-31327	125	17	while	while	SCONJ
fbem-31327	125	18	avoiding	avoid	VERB
fbem-31327	125	19	excessive	excessive	ADJ
fbem-31327	125	20	compliance	compliance	NOUN
fbem-31327	125	21	burdens	burden	NOUN
fbem-31327	125	22	for	for	ADP
fbem-31327	125	23	firms	firm	NOUN
fbem-31327	125	24	with	with	ADP
fbem-31327	125	25	strong	strong	ADJ
fbem-31327	125	26	internal	internal	ADJ
fbem-31327	125	27	governance	governance	NOUN
fbem-31327	125	28	.	.	PUNCT
fbem-31327	126	1	references	reference	NOUN
fbem-31327	126	2	[	[	X
fbem-31327	126	3	1	1	NUM
fbem-31327	126	4	]	]	PUNCT
fbem-31327	126	5	tang	tang	X
fbem-31327	126	6	x	x	PROPN
fbem-31327	126	7	,	,	PUNCT
fbem-31327	126	8	liao	liao	PROPN
fbem-31327	126	9	q	q	PROPN
fbem-31327	126	10	,	,	PUNCT
fbem-31327	126	11	bai	bai	PROPN
fbem-31327	126	12	j.	j.	PROPN
fbem-31327	126	13	legal	legal	ADJ
fbem-31327	126	14	infrastructure	infrastructure	NOUN
fbem-31327	126	15	and	and	CCONJ
fbem-31327	126	16	corporate	corporate	ADJ
fbem-31327	126	17	information	information	NOUN
fbem-31327	126	18	disclosure	disclosure	NOUN
fbem-31327	126	19	decisions	decision	NOUN
fbem-31327	126	20	:	:	PUNCT
fbem-31327	126	21	a	a	DET
fbem-31327	126	22	quasi	quasi	ADJ
fbem-31327	126	23	-	-	ADJ
fbem-31327	126	24	natural	natural	ADJ
fbem-31327	126	25	experiment	experiment	NOUN
fbem-31327	126	26	based	base	VERB
fbem-31327	126	27	on	on	ADP
fbem-31327	126	28	the	the	DET
fbem-31327	126	29	new	new	ADJ
fbem-31327	126	30	securities	security	NOUN
fbem-31327	126	31	law	law	NOUN
fbem-31327	126	32	(	(	PUNCT
fbem-31327	126	33	in	in	ADP
fbem-31327	126	34	chinese	chinese	PROPN
fbem-31327	126	35	)	)	PUNCT
fbem-31327	127	1	[	[	X
fbem-31327	127	2	j	j	X
fbem-31327	127	3	]	]	X
fbem-31327	127	4	.	.	PUNCT
fbem-31327	128	1	modern	modern	ADJ
fbem-31327	128	2	economic	economic	ADJ
fbem-31327	128	3	science	science	NOUN
fbem-31327	128	4	,	,	PUNCT
fbem-31327	128	5	2023	2023	NUM
fbem-31327	128	6	,	,	PUNCT
fbem-31327	128	7	45(3	45(3	NUM
fbem-31327	128	8	)	)	PUNCT
fbem-31327	128	9	.	.	PUNCT
fbem-31327	129	1	https://doi.org/10.20069/j.cnki.djkx.202303010	https://doi.org/10.20069/j.cnki.djkx.202303010	PROPN
fbem-31327	130	1	[	[	X
fbem-31327	130	2	2	2	NUM
fbem-31327	130	3	]	]	X
fbem-31327	130	4	sun	sun	PROPN
fbem-31327	130	5	j	j	PROPN
fbem-31327	130	6	,	,	PUNCT
fbem-31327	130	7	wang	wang	PROPN
fbem-31327	130	8	z.	z.	PROPN
fbem-31327	131	1	the	the	DET
fbem-31327	131	2	information	information	NOUN
fbem-31327	131	3	effect	effect	NOUN
fbem-31327	131	4	of	of	ADP
fbem-31327	131	5	the	the	DET
fbem-31327	131	6	new	new	ADJ
fbem-31327	131	7	"	"	PUNCT
fbem-31327	131	8	securities	security	NOUN
fbem-31327	131	9	law	law	NOUN
fbem-31327	131	10	"	"	PUNCT
fbem-31327	131	11	:	:	PUNCT
fbem-31327	131	12	evidence	evidence	NOUN
fbem-31327	131	13	based	base	VERB
fbem-31327	131	14	on	on	ADP
fbem-31327	131	15	earnings	earning	NOUN
fbem-31327	131	16	forecasts	forecast	NOUN
fbem-31327	131	17	(	(	PUNCT
fbem-31327	131	18	in	in	ADP
fbem-31327	131	19	chinese	chinese	PROPN
fbem-31327	131	20	)	)	PUNCT
fbem-31327	132	1	[	[	X
fbem-31327	132	2	j	j	X
fbem-31327	132	3	]	]	X
fbem-31327	132	4	.	.	PUNCT
fbem-31327	133	1	journal	journal	PROPN
fbem-31327	133	2	of	of	ADP
fbem-31327	133	3	guangdong	guangdong	PROPN
fbem-31327	133	4	university	university	PROPN
fbem-31327	133	5	of	of	ADP
fbem-31327	133	6	finance	finance	PROPN
fbem-31327	133	7	&	&	CCONJ
fbem-31327	133	8	economics	economic	NOUN
fbem-31327	133	9	,	,	PUNCT
fbem-31327	133	10	2023(4	2023(4	NOUN
fbem-31327	133	11	)	)	PUNCT
fbem-31327	133	12	.	.	PUNCT
fbem-31327	134	1	[	[	X
fbem-31327	134	2	3	3	X
fbem-31327	134	3	]	]	X
fbem-31327	134	4	zhang	zhang	PROPN
fbem-31327	134	5	y.	y.	PROPN
fbem-31327	134	6	has	have	AUX
fbem-31327	134	7	the	the	DET
fbem-31327	134	8	new	new	ADJ
fbem-31327	134	9	securities	security	NOUN
fbem-31327	134	10	law	law	NOUN
fbem-31327	134	11	improved	improve	VERB
fbem-31327	134	12	the	the	DET
fbem-31327	134	13	information	information	NOUN
fbem-31327	134	14	environment	environment	NOUN
fbem-31327	134	15	of	of	ADP
fbem-31327	134	16	the	the	DET
fbem-31327	134	17	capital	capital	NOUN
fbem-31327	134	18	market	market	NOUN
fbem-31327	134	19	?	?	PUNCT
fbem-31327	135	1	[	[	X
fbem-31327	135	2	j	j	X
fbem-31327	135	3	]	]	X
fbem-31327	135	4	.	.	PUNCT
fbem-31327	136	1	contemporary	contemporary	ADJ
fbem-31327	136	2	finance	finance	PROPN
fbem-31327	136	3	&	&	CCONJ
fbem-31327	136	4	economics	economic	NOUN
fbem-31327	136	5	,	,	PUNCT
fbem-31327	136	6	2023	2023	NUM
fbem-31327	136	7	.	.	PUNCT
fbem-31327	137	1	https://doi.org/10.13676/j.cnki.cn36-1030/f.20231212.001	https://doi.org/10.13676/j.cnki.cn36-1030/f.20231212.001	X
fbem-31327	138	1	[	[	X
fbem-31327	138	2	4	4	NUM
fbem-31327	138	3	]	]	PUNCT
fbem-31327	138	4	zhao	zhao	PROPN
fbem-31327	138	5	w.	w.	PROPN
fbem-31327	138	6	exploration	exploration	NOUN
fbem-31327	138	7	of	of	ADP
fbem-31327	138	8	the	the	DET
fbem-31327	138	9	path	path	NOUN
fbem-31327	138	10	of	of	ADP
fbem-31327	138	11	small	small	ADJ
fbem-31327	138	12	and	and	CCONJ
fbem-31327	138	13	medium	medium	ADJ
fbem-31327	138	14	-	-	PUNCT
fbem-31327	138	15	sized	sized	ADJ
fbem-31327	138	16	investors	investor	NOUN
fbem-31327	138	17	'	'	PART
fbem-31327	138	18	rights	right	NOUN
fbem-31327	138	19	and	and	CCONJ
fbem-31327	138	20	interests	interest	NOUN
fbem-31327	138	21	protection	protection	NOUN
fbem-31327	138	22	under	under	ADP
fbem-31327	138	23	the	the	DET
fbem-31327	138	24	perspective	perspective	NOUN
fbem-31327	138	25	of	of	ADP
fbem-31327	138	26	the	the	DET
fbem-31327	138	27	new	new	ADJ
fbem-31327	138	28	securities	security	NOUN
fbem-31327	138	29	law	law	NOUN
fbem-31327	138	30	(	(	PUNCT
fbem-31327	138	31	in	in	ADP
fbem-31327	138	32	chinese	chinese	PROPN
fbem-31327	138	33	)	)	PUNCT
fbem-31327	139	1	[	[	X
fbem-31327	139	2	j	j	X
fbem-31327	139	3	]	]	X
fbem-31327	139	4	.	.	PUNCT
fbem-31327	139	5	law	law	NOUN
fbem-31327	139	6	,	,	PUNCT
fbem-31327	139	7	2022	2022	NUM
fbem-31327	139	8	.	.	PUNCT
fbem-31327	140	1	[	[	X
fbem-31327	140	2	5	5	X
fbem-31327	140	3	]	]	PUNCT
fbem-31327	140	4	wang	wang	PROPN
fbem-31327	140	5	s.	s.	PROPN
fbem-31327	140	6	study	study	VERB
fbem-31327	140	7	on	on	ADP
fbem-31327	140	8	zero	zero	NUM
fbem-31327	140	9	-	-	PUNCT
fbem-31327	140	10	tolerance	tolerance	NOUN
fbem-31327	140	11	supervision	supervision	NOUN
fbem-31327	140	12	of	of	ADP
fbem-31327	140	13	financial	financial	ADJ
fbem-31327	140	14	falsification	falsification	NOUN
fbem-31327	140	15	of	of	ADP
fbem-31327	140	16	listed	list	VERB
fbem-31327	140	17	companies	company	NOUN
fbem-31327	140	18	under	under	ADP
fbem-31327	140	19	the	the	DET
fbem-31327	140	20	new	new	ADJ
fbem-31327	140	21	securities	security	NOUN
fbem-31327	140	22	law	law	NOUN
fbem-31327	140	23	--	--	PUNCT
fbem-31327	140	24	taking	take	VERB
fbem-31327	140	25	guangdong	guangdong	PROPN
fbem-31327	140	26	rongtai	rongtai	PROPN
fbem-31327	140	27	as	as	ADP
fbem-31327	140	28	an	an	DET
fbem-31327	140	29	example	example	NOUN
fbem-31327	140	30	(	(	PUNCT
fbem-31327	140	31	in	in	ADP
fbem-31327	140	32	chinese	chinese	PROPN
fbem-31327	140	33	)	)	PUNCT
fbem-31327	141	1	[	[	X
fbem-31327	141	2	j	j	X
fbem-31327	141	3	]	]	X
fbem-31327	141	4	.	.	PUNCT
fbem-31327	142	1	modern	modern	ADJ
fbem-31327	142	2	business	business	NOUN
fbem-31327	142	3	trade	trade	NOUN
fbem-31327	142	4	industry	industry	NOUN
fbem-31327	142	5	,	,	PUNCT
fbem-31327	142	6	2023(6	2023(6	PROPN
fbem-31327	142	7	)	)	PUNCT
fbem-31327	142	8	.	.	PUNCT
fbem-31327	143	1	https://doi.org/10.19311/j.cnki.1672-3198.2023.06.050	https://doi.org/10.19311/j.cnki.1672-3198.2023.06.050	PROPN
fbem-31327	144	1	[	[	X
fbem-31327	144	2	6	6	NUM
fbem-31327	144	3	]	]	PUNCT
fbem-31327	144	4	ye	ye	PROPN
fbem-31327	144	5	j	j	PROPN
fbem-31327	144	6	,	,	PUNCT
fbem-31327	144	7	diao	diao	PROPN
fbem-31327	144	8	m	m	PROPN
fbem-31327	144	9	,	,	PUNCT
fbem-31327	144	10	wu	wu	PROPN
fbem-31327	144	11	y.	y.	PROPN
fbem-31327	144	12	the	the	DET
fbem-31327	144	13	impact	impact	NOUN
fbem-31327	144	14	of	of	ADP
fbem-31327	144	15	strong	strong	ADJ
fbem-31327	144	16	capital	capital	NOUN
fbem-31327	144	17	market	market	NOUN
fbem-31327	144	18	regulation	regulation	NOUN
fbem-31327	144	19	on	on	ADP
fbem-31327	144	20	the	the	DET
fbem-31327	144	21	risk	risk	NOUN
fbem-31327	144	22	of	of	ADP
fbem-31327	144	23	stock	stock	NOUN
fbem-31327	144	24	price	price	NOUN
fbem-31327	144	25	crash	crash	NOUN
fbem-31327	144	26	based	base	VERB
fbem-31327	144	27	on	on	ADP
fbem-31327	144	28	the	the	DET
fbem-31327	144	29	implementation	implementation	NOUN
fbem-31327	144	30	of	of	ADP
fbem-31327	144	31	the	the	DET
fbem-31327	144	32	new	new	ADJ
fbem-31327	144	33	securities	security	NOUN
fbem-31327	144	34	law	law	NOUN
fbem-31327	144	35	(	(	PUNCT
fbem-31327	144	36	in	in	ADP
fbem-31327	144	37	chinese	chinese	PROPN
fbem-31327	144	38	)	)	PUNCT
fbem-31327	145	1	[	[	X
fbem-31327	145	2	j	j	X
fbem-31327	145	3	]	]	X
fbem-31327	145	4	.	.	PUNCT
fbem-31327	146	1	finance	finance	NOUN
fbem-31327	146	2	and	and	CCONJ
fbem-31327	146	3	accounting	account	VERB
fbem-31327	146	4	monthly	monthly	ADV
fbem-31327	146	5	,	,	PUNCT
fbem-31327	146	6	2023(20	2023(20	NUM
fbem-31327	146	7	)	)	PUNCT
fbem-31327	146	8	.	.	PUNCT
fbem-31327	147	1	[	[	X
fbem-31327	147	2	7	7	X
fbem-31327	147	3	]	]	SYM
fbem-31327	147	4	li	li	PROPN
fbem-31327	147	5	n	n	PROPN
fbem-31327	147	6	,	,	PUNCT
fbem-31327	147	7	jia	jia	PROPN
fbem-31327	147	8	w	w	PROPN
fbem-31327	147	9	,	,	PUNCT
fbem-31327	147	10	lu	lu	PROPN
fbem-31327	147	11	x.	x.	NOUN
fbem-31327	147	12	research	research	NOUN
fbem-31327	147	13	on	on	ADP
fbem-31327	147	14	the	the	DET
fbem-31327	147	15	impact	impact	NOUN
fbem-31327	147	16	of	of	ADP
fbem-31327	147	17	new	new	ADJ
fbem-31327	147	18	securities	security	NOUN
fbem-31327	147	19	law	law	NOUN
fbem-31327	147	20	on	on	ADP
fbem-31327	147	21	earnings	earning	NOUN
fbem-31327	147	22	management	management	NOUN
fbem-31327	147	23	of	of	ADP
fbem-31327	147	24	listed	list	VERB
fbem-31327	147	25	companies	company	NOUN
fbem-31327	148	1	[	[	X
fbem-31327	148	2	j	j	X
fbem-31327	148	3	]	]	X
fbem-31327	148	4	.	.	PUNCT
fbem-31327	149	1	academic	academic	ADJ
fbem-31327	149	2	journal	journal	NOUN
fbem-31327	149	3	of	of	ADP
fbem-31327	149	4	business	business	PROPN
fbem-31327	149	5	&	&	CCONJ
fbem-31327	149	6	management	management	NOUN
fbem-31327	149	7	,	,	PUNCT
fbem-31327	149	8	2022	2022	NUM
fbem-31327	149	9	,	,	PUNCT
fbem-31327	149	10	4(8	4(8	NUM
fbem-31327	149	11	)	)	PUNCT
fbem-31327	149	12	.	.	PUNCT
fbem-31327	150	1	https://doi.org/10.25236/ajbm.2022.040811	https://doi.org/10.25236/ajbm.2022.040811	PROPN
fbem-31327	151	1	[	[	X
fbem-31327	151	2	8	8	X
fbem-31327	151	3	]	]	PUNCT
fbem-31327	151	4	he	he	PRON
fbem-31327	151	5	x	x	PROPN
fbem-31327	151	6	,	,	PUNCT
fbem-31327	151	7	zhu	zhu	PROPN
fbem-31327	151	8	q.	q.	PROPN
fbem-31327	151	9	analysis	analysis	NOUN
fbem-31327	151	10	on	on	ADP
fbem-31327	151	11	the	the	DET
fbem-31327	151	12	influencing	influence	VERB
fbem-31327	151	13	factors	factor	NOUN
fbem-31327	151	14	of	of	ADP
fbem-31327	151	15	r&d	r&d	NOUN
fbem-31327	151	16	investment	investment	NOUN
fbem-31327	151	17	of	of	ADP
fbem-31327	151	18	high	high	ADJ
fbem-31327	151	19	-	-	PUNCT
fbem-31327	151	20	tech	tech	NOUN
fbem-31327	151	21	enterprises	enterprise	NOUN
fbem-31327	151	22	:	:	PUNCT
fbem-31327	151	23	based	base	VERB
fbem-31327	151	24	on	on	ADP
fbem-31327	151	25	the	the	DET
fbem-31327	151	26	sample	sample	NOUN
fbem-31327	151	27	of	of	ADP
fbem-31327	151	28	high	high	ADJ
fbem-31327	151	29	-	-	PUNCT
fbem-31327	151	30	tech	tech	NOUN
fbem-31327	151	31	enterprises	enterprise	NOUN
fbem-31327	151	32	in	in	ADP
fbem-31327	151	33	nantong	nantong	PROPN
fbem-31327	151	34	(	(	PUNCT
fbem-31327	151	35	in	in	ADP
fbem-31327	151	36	chinese	chinese	PROPN
fbem-31327	151	37	)	)	PUNCT
fbem-31327	152	1	[	[	X
fbem-31327	152	2	j	j	X
fbem-31327	152	3	]	]	X
fbem-31327	152	4	.	.	PUNCT
fbem-31327	153	1	jiangsu	jiangsu	PROPN
fbem-31327	153	2	science	science	PROPN
fbem-31327	153	3	and	and	CCONJ
fbem-31327	153	4	technology	technology	NOUN
fbem-31327	153	5	information	information	NOUN
fbem-31327	153	6	,	,	PUNCT
fbem-31327	153	7	2023(18	2023(18	NUM
fbem-31327	153	8	)	)	PUNCT
fbem-31327	153	9	.	.	PUNCT
fbem-31327	154	1	[	[	X
fbem-31327	154	2	9	9	NUM
fbem-31327	154	3	]	]	X
fbem-31327	154	4	yan	yan	PROPN
fbem-31327	155	1	r	r	NOUN
fbem-31327	155	2	,	,	PUNCT
fbem-31327	155	3	ye	ye	PROPN
fbem-31327	155	4	y.	y.	PROPN
fbem-31327	155	5	family	family	PROPN
fbem-31327	155	6	ownership	ownership	NOUN
fbem-31327	155	7	,	,	PUNCT
fbem-31327	155	8	family	family	NOUN
fbem-31327	155	9	involvement	involvement	NOUN
fbem-31327	155	10	in	in	ADP
fbem-31327	155	11	management	management	NOUN
fbem-31327	155	12	and	and	CCONJ
fbem-31327	155	13	the	the	DET
fbem-31327	155	14	level	level	NOUN
fbem-31327	155	15	of	of	ADP
fbem-31327	155	16	enterprise	enterprise	NOUN
fbem-31327	155	17	r&d	r&d	NOUN
fbem-31327	155	18	investment	investment	NOUN
fbem-31327	155	19	:	:	PUNCT
fbem-31327	155	20	from	from	ADP
fbem-31327	155	21	the	the	DET
fbem-31327	155	22	perspective	perspective	NOUN
fbem-31327	155	23	of	of	ADP
fbem-31327	155	24	socioemotional	socioemotional	ADJ
fbem-31327	155	25	wealth	wealth	NOUN
fbem-31327	155	26	(	(	PUNCT
fbem-31327	155	27	in	in	ADP
fbem-31327	155	28	chinese	chinese	PROPN
fbem-31327	155	29	)	)	PUNCT
fbem-31327	156	1	[	[	X
fbem-31327	156	2	j	j	X
fbem-31327	156	3	]	]	X
fbem-31327	156	4	.	.	PUNCT
fbem-31327	157	1	economic	economic	ADJ
fbem-31327	157	2	management	management	NOUN
fbem-31327	157	3	,	,	PUNCT
fbem-31327	157	4	2014(12	2014(12	NUM
fbem-31327	157	5	)	)	PUNCT
fbem-31327	157	6	.	.	PUNCT
fbem-31327	158	1	https://doi.org/10.19616/j.cnki.bmj.2014.12.008	https://doi.org/10.19616/j.cnki.bmj.2014.12.008	NOUN
fbem-31327	158	2	.	.	PUNCT
fbem-31327	159	1	[	[	X
fbem-31327	159	2	10	10	NUM
fbem-31327	159	3	]	]	X
fbem-31327	159	4	zhang	zhang	PROPN
fbem-31327	159	5	x	x	SYM
fbem-31327	159	6	p	p	PROPN
fbem-31327	159	7	,	,	PUNCT
fbem-31327	159	8	sun	sun	PROPN
fbem-31327	159	9	g.	g.	PROPN
fbem-31327	159	10	convertible	convertible	PROPN
fbem-31327	159	11	bond	bond	NOUN
fbem-31327	159	12	,	,	PUNCT
fbem-31327	159	13	option	option	NOUN
fbem-31327	159	14	contract	contract	NOUN
fbem-31327	159	15	heterogeneity	heterogeneity	NOUN
fbem-31327	159	16	and	and	CCONJ
fbem-31327	159	17	r&d	r&d	NOUN
fbem-31327	159	18	investment	investment	NOUN
fbem-31327	159	19	level	level	NOUN
fbem-31327	159	20	(	(	PUNCT
fbem-31327	159	21	in	in	ADP
fbem-31327	159	22	chinese	chinese	PROPN
fbem-31327	159	23	)	)	PUNCT
fbem-31327	160	1	[	[	X
fbem-31327	160	2	j	j	X
fbem-31327	160	3	]	]	X
fbem-31327	160	4	.	.	PUNCT
fbem-31327	161	1	modern	modern	ADJ
fbem-31327	161	2	finance	finance	NOUN
fbem-31327	161	3	and	and	CCONJ
fbem-31327	161	4	economics	economic	NOUN
fbem-31327	161	5	-	-	PUNCT
fbem-31327	161	6	journal	journal	NOUN
fbem-31327	161	7	of	of	ADP
fbem-31327	161	8	tianjin	tianjin	PROPN
fbem-31327	161	9	university	university	PROPN
fbem-31327	161	10	of	of	ADP
fbem-31327	161	11	finance	finance	NOUN
fbem-31327	161	12	and	and	CCONJ
fbem-31327	161	13	economics	economic	NOUN
fbem-31327	161	14	,	,	PUNCT
fbem-31327	161	15	2021(3	2021(3	NUM
fbem-31327	161	16	)	)	PUNCT
fbem-31327	161	17	.	.	PUNCT
fbem-31327	162	1	https://doi.org/10.19559/j.cnki.12-1387.2021.03.004	https://doi.org/10.19559/j.cnki.12-1387.2021.03.004	X
fbem-31327	163	1	[	[	X
fbem-31327	163	2	11	11	NUM
fbem-31327	163	3	]	]	PUNCT
fbem-31327	163	4	ashenfelter	ashenfelter	NOUN
fbem-31327	163	5	o	o	NOUN
fbem-31327	163	6	,	,	PUNCT
fbem-31327	163	7	card	card	NOUN
fbem-31327	163	8	d.	d.	NOUN
fbem-31327	163	9	using	use	VERB
fbem-31327	163	10	the	the	DET
fbem-31327	163	11	longitudinal	longitudinal	ADJ
fbem-31327	163	12	structure	structure	NOUN
fbem-31327	163	13	of	of	ADP
fbem-31327	163	14	earnings	earning	NOUN
fbem-31327	163	15	data	datum	NOUN
fbem-31327	163	16	to	to	PART
fbem-31327	163	17	estimate	estimate	VERB
fbem-31327	163	18	the	the	DET
fbem-31327	163	19	effect	effect	NOUN
fbem-31327	163	20	of	of	ADP
fbem-31327	163	21	training	training	NOUN
fbem-31327	163	22	programs	program	NOUN
fbem-31327	164	1	[	[	X
fbem-31327	164	2	j	j	X
fbem-31327	164	3	]	]	X
fbem-31327	164	4	.	.	PUNCT
fbem-31327	165	1	the	the	DET
fbem-31327	165	2	review	review	NOUN
fbem-31327	165	3	of	of	ADP
fbem-31327	165	4	economics	economic	NOUN
fbem-31327	165	5	and	and	CCONJ
fbem-31327	165	6	statistics	statistic	NOUN
fbem-31327	165	7	,	,	PUNCT
fbem-31327	165	8	1985	1985	NUM
fbem-31327	165	9	,	,	PUNCT
fbem-31327	165	10	67(4	67(4	NUM
fbem-31327	165	11	):	):	PUNCT
fbem-31327	165	12	648	648	NUM
fbem-31327	165	13	.	.	PUNCT
fbem-31327	166	1	https://doi.org/10.2307/1924810	https://doi.org/10.2307/1924810	X
fbem-31327	167	1	[	[	X
fbem-31327	167	2	12	12	NUM
fbem-31327	167	3	]	]	X
fbem-31327	167	4	li	li	PROPN
fbem-31327	167	5	b.	b.	PROPN
fbem-31327	167	6	a	a	DET
fbem-31327	167	7	study	study	NOUN
fbem-31327	167	8	on	on	ADP
fbem-31327	167	9	the	the	DET
fbem-31327	167	10	impact	impact	NOUN
fbem-31327	167	11	of	of	ADP
fbem-31327	167	12	the	the	DET
fbem-31327	167	13	level	level	NOUN
fbem-31327	167	14	of	of	ADP
fbem-31327	167	15	integrated	integrate	VERB
fbem-31327	167	16	corporate	corporate	ADJ
fbem-31327	167	17	governance	governance	NOUN
fbem-31327	167	18	on	on	ADP
fbem-31327	167	19	the	the	DET
fbem-31327	167	20	performance	performance	NOUN
fbem-31327	167	21	of	of	ADP
fbem-31327	167	22	state	state	NOUN
fbem-31327	167	23	-	-	PUNCT
fbem-31327	167	24	owned	own	VERB
fbem-31327	167	25	enterprises	enterprise	NOUN
fbem-31327	167	26	based	base	VERB
fbem-31327	167	27	on	on	ADP
fbem-31327	167	28	the	the	DET
fbem-31327	167	29	mediating	mediate	VERB
fbem-31327	167	30	effect	effect	NOUN
fbem-31327	167	31	of	of	ADP
fbem-31327	167	32	r&d	r&d	NOUN
fbem-31327	167	33	investment	investment	NOUN
fbem-31327	167	34	(	(	PUNCT
fbem-31327	167	35	in	in	ADP
fbem-31327	167	36	chinese	chinese	PROPN
fbem-31327	167	37	)	)	PUNCT
fbem-31327	168	1	[	[	X
fbem-31327	168	2	j	j	X
fbem-31327	168	3	]	]	X
fbem-31327	168	4	.	.	PUNCT
fbem-31327	168	5	management	management	NOUN
fbem-31327	168	6	&	&	CCONJ
fbem-31327	168	7	technology	technology	PROPN
fbem-31327	168	8	of	of	ADP
fbem-31327	168	9	sme	sme	NOUN
fbem-31327	168	10	,	,	PUNCT
fbem-31327	168	11	2023	2023	NUM
fbem-31327	168	12	.	.	PUNCT
fbem-31327	169	1	[	[	X
fbem-31327	169	2	13	13	NUM
fbem-31327	169	3	]	]	X
fbem-31327	170	1	lin	lin	PROPN
fbem-31327	170	2	h	h	PROPN
fbem-31327	170	3	e	e	PROPN
fbem-31327	170	4	,	,	PUNCT
fbem-31327	170	5	yu	yu	PROPN
fbem-31327	170	6	a	a	PRON
fbem-31327	170	7	,	,	PUNCT
fbem-31327	170	8	stambaugh	stambaugh	PROPN
fbem-31327	170	9	j	j	PROPN
fbem-31327	170	10	,	,	PUNCT
fbem-31327	170	11	et	et	PROPN
fbem-31327	170	12	al	al	PROPN
fbem-31327	170	13	.	.	PROPN
fbem-31327	170	14	family	family	PROPN
fbem-31327	170	15	ceo	ceo	NOUN
fbem-31327	170	16	duality	duality	NOUN
fbem-31327	170	17	and	and	CCONJ
fbem-31327	170	18	research	research	NOUN
fbem-31327	170	19	and	and	CCONJ
fbem-31327	170	20	development	development	NOUN
fbem-31327	170	21	intensity	intensity	NOUN
fbem-31327	170	22	in	in	ADP
fbem-31327	170	23	public	public	ADJ
fbem-31327	170	24	family	family	NOUN
fbem-31327	170	25	enterprises	enterprise	NOUN
fbem-31327	170	26	:	:	PUNCT
fbem-31327	170	27	temporality	temporality	NOUN
fbem-31327	170	28	as	as	ADP
fbem-31327	170	29	a	a	DET
fbem-31327	170	30	model	model	NOUN
fbem-31327	170	31	boundary	boundary	NOUN
fbem-31327	171	1	[	[	X
fbem-31327	171	2	j	j	X
fbem-31327	171	3	]	]	X
fbem-31327	171	4	.	.	PUNCT
fbem-31327	172	1	journal	journal	PROPN
fbem-31327	172	2	of	of	ADP
fbem-31327	172	3	business	business	NOUN
fbem-31327	172	4	research	research	NOUN
fbem-31327	172	5	,	,	PUNCT
fbem-31327	172	6	2023	2023	NUM
fbem-31327	172	7	,	,	PUNCT
fbem-31327	172	8	158	158	NUM
fbem-31327	172	9	:	:	SYM
fbem-31327	172	10	113572	113572	NUM
fbem-31327	172	11	.	.	PUNCT
fbem-31327	173	1	https://doi.org/10.1016/j.jbusres.2022.113572	https://doi.org/10.1016/j.jbusres.2022.113572	PROPN
fbem-31327	173	2	[	[	X
fbem-31327	173	3	14	14	NUM
fbem-31327	173	4	]	]	X
fbem-31327	173	5	miao	miao	PROPN
fbem-31327	173	6	w.	w.	PROPN
fbem-31327	173	7	shareholding	shareholding	PROPN
fbem-31327	173	8	concentration	concentration	NOUN
fbem-31327	173	9	,	,	PUNCT
fbem-31327	173	10	management	management	NOUN
fbem-31327	173	11	defence	defence	NOUN
fbem-31327	173	12	and	and	CCONJ
fbem-31327	173	13	firms	firm	NOUN
fbem-31327	173	14	'	'	PART
fbem-31327	173	15	level	level	NOUN
fbem-31327	173	16	of	of	ADP
fbem-31327	173	17	r&d	r&d	NOUN
fbem-31327	173	18	investment	investment	NOUN
fbem-31327	173	19	(	(	PUNCT
fbem-31327	173	20	in	in	ADP
fbem-31327	173	21	chinese	chinese	PROPN
fbem-31327	173	22	)	)	PUNCT
fbem-31327	174	1	[	[	X
fbem-31327	174	2	j	j	X
fbem-31327	174	3	]	]	X
fbem-31327	174	4	.	.	PUNCT
fbem-31327	175	1	communication	communication	NOUN
fbem-31327	175	2	of	of	ADP
fbem-31327	175	3	finance	finance	NOUN
fbem-31327	175	4	and	and	CCONJ
fbem-31327	175	5	accounting	accounting	NOUN
fbem-31327	175	6	,	,	PUNCT
fbem-31327	175	7	2017(12	2017(12	NUM
fbem-31327	175	8	)	)	PUNCT
fbem-31327	175	9	.	.	PUNCT
fbem-31327	176	1	https://doi.org/10.16144/j.cnki.issn1002-8072.2017.12.024	https://doi.org/10.16144/j.cnki.issn1002-8072.2017.12.024	PRON
fbem-31327	176	2	[	[	X
fbem-31327	176	3	15	15	NUM
fbem-31327	176	4	]	]	X
fbem-31327	176	5	wang	wang	PROPN
fbem-31327	176	6	h	h	PROPN
fbem-31327	176	7	,	,	PUNCT
fbem-31327	176	8	liang	liang	PROPN
fbem-31327	176	9	p	p	PROPN
fbem-31327	176	10	,	,	PUNCT
fbem-31327	176	11	li	li	PROPN
fbem-31327	176	12	h	h	PROPN
fbem-31327	176	13	,	,	PUNCT
fbem-31327	176	14	et	et	PROPN
fbem-31327	176	15	al	al	PROPN
fbem-31327	176	16	.	.	PUNCT
fbem-31327	177	1	financing	financing	NOUN
fbem-31327	177	2	sources	source	NOUN
fbem-31327	177	3	,	,	PUNCT
fbem-31327	177	4	r&d	r&d	NOUN
fbem-31327	177	5	investment	investment	NOUN
fbem-31327	177	6	and	and	CCONJ
fbem-31327	177	7	enterprise	enterprise	NOUN
fbem-31327	177	8	risk	risk	NOUN
fbem-31327	178	1	[	[	X
fbem-31327	178	2	j	j	X
fbem-31327	178	3	]	]	X
fbem-31327	178	4	.	.	PUNCT
fbem-31327	179	1	procedia	procedia	PROPN
fbem-31327	179	2	computer	computer	NOUN
fbem-31327	179	3	science	science	NOUN
fbem-31327	179	4	,	,	PUNCT
fbem-31327	179	5	2016	2016	NUM
fbem-31327	179	6	,	,	PUNCT
fbem-31327	179	7	91	91	NUM
fbem-31327	179	8	:	:	SYM
fbem-31327	179	9	122	122	NUM
fbem-31327	179	10	-	-	SYM
fbem-31327	179	11	130	130	NUM
fbem-31327	179	12	.	.	PUNCT
fbem-31327	180	1	[	[	X
fbem-31327	180	2	16	16	NUM
fbem-31327	180	3	]	]	X
fbem-31327	180	4	wu	wu	PROPN
fbem-31327	180	5	w	w	PROPN
fbem-31327	180	6	,	,	PUNCT
fbem-31327	180	7	wan	wan	PROPN
fbem-31327	180	8	d.	d.	PROPN
fbem-31327	180	9	r&d	r&d	PROPN
fbem-31327	180	10	investment	investment	NOUN
fbem-31327	180	11	,	,	PUNCT
fbem-31327	180	12	r&d	r&d	NOUN
fbem-31327	180	13	project	project	NOUN
fbem-31327	180	14	progress	progress	NOUN
fbem-31327	180	15	and	and	CCONJ
fbem-31327	180	16	debt	debt	NOUN
fbem-31327	180	17	financing	financing	NOUN
fbem-31327	180	18	levels	level	NOUN
fbem-31327	180	19	evidence	evidence	NOUN
fbem-31327	180	20	from	from	ADP
fbem-31327	180	21	new	new	ADJ
fbem-31327	180	22	third	third	ADJ
fbem-31327	180	23	board	board	NOUN
fbem-31327	180	24	hightech	hightech	NOUN
fbem-31327	180	25	smes	sme	NOUN
fbem-31327	180	26	(	(	PUNCT
fbem-31327	180	27	in	in	ADP
fbem-31327	180	28	chinese	chinese	PROPN
fbem-31327	180	29	)	)	PUNCT
fbem-31327	181	1	[	[	X
fbem-31327	181	2	j	j	X
fbem-31327	181	3	]	]	X
fbem-31327	181	4	.	.	PUNCT
fbem-31327	182	1	securities	security	NOUN
fbem-31327	182	2	market	market	PROPN
fbem-31327	182	3	herald	herald	PROPN
fbem-31327	182	4	,	,	PUNCT
fbem-31327	182	5	2019	2019	NUM
fbem-31327	182	6	.	.	PUNCT
fbem-31327	183	1	[	[	X
fbem-31327	183	2	17	17	NUM
fbem-31327	183	3	]	]	X
fbem-31327	183	4	wu	wu	PROPN
fbem-31327	183	5	c.	c.	PROPN
fbem-31327	183	6	financial	financial	PROPN
fbem-31327	183	7	resilience	resilience	PROPN
fbem-31327	183	8	,	,	PUNCT
fbem-31327	183	9	profitability	profitability	NOUN
fbem-31327	183	10	level	level	NOUN
fbem-31327	183	11	and	and	CCONJ
fbem-31327	183	12	corporate	corporate	ADJ
fbem-31327	183	13	r&d	r&d	NOUN
fbem-31327	183	14	investment	investment	NOUN
fbem-31327	183	15	(	(	PUNCT
fbem-31327	183	16	in	in	ADP
fbem-31327	183	17	chinese	chinese	PROPN
fbem-31327	183	18	)	)	PUNCT
fbem-31327	184	1	[	[	X
fbem-31327	184	2	j	j	X
fbem-31327	184	3	]	]	X
fbem-31327	184	4	.	.	PUNCT
fbem-31327	185	1	2023	2023	NUM
fbem-31327	185	2	.	.	PUNCT
fbem-31327	186	1	[	[	X
fbem-31327	186	2	18	18	NUM
fbem-31327	186	3	]	]	X
fbem-31327	186	4	yan	yan	PROPN
fbem-31327	187	1	r	r	NOUN
fbem-31327	187	2	,	,	PUNCT
fbem-31327	187	3	ye	ye	PROPN
fbem-31327	187	4	y.	y.	PROPN
fbem-31327	187	5	family	family	PROPN
fbem-31327	187	6	ownership	ownership	NOUN
fbem-31327	187	7	,	,	PUNCT
fbem-31327	187	8	family	family	NOUN
fbem-31327	187	9	involvement	involvement	NOUN
fbem-31327	187	10	in	in	ADP
fbem-31327	187	11	management	management	NOUN
fbem-31327	187	12	and	and	CCONJ
fbem-31327	187	13	the	the	DET
fbem-31327	187	14	level	level	NOUN
fbem-31327	187	15	of	of	ADP
fbem-31327	187	16	enterprise	enterprise	NOUN
fbem-31327	187	17	r&d	r&d	NOUN
fbem-31327	187	18	investment	investment	NOUN
fbem-31327	187	19	:	:	PUNCT
fbem-31327	187	20	from	from	ADP
fbem-31327	187	21	the	the	DET
fbem-31327	187	22	perspective	perspective	NOUN
fbem-31327	187	23	of	of	ADP
fbem-31327	187	24	socioemotional	socioemotional	ADJ
fbem-31327	187	25	wealth	wealth	NOUN
fbem-31327	187	26	(	(	PUNCT
fbem-31327	187	27	in	in	ADP
fbem-31327	187	28	chinese	chinese	PROPN
fbem-31327	187	29	)	)	PUNCT
fbem-31327	188	1	[	[	X
fbem-31327	188	2	j	j	X
fbem-31327	188	3	]	]	X
fbem-31327	188	4	.	.	PUNCT
fbem-31327	189	1	economic	economic	ADJ
fbem-31327	189	2	management	management	NOUN
fbem-31327	189	3	,	,	PUNCT
fbem-31327	189	4	2014(12	2014(12	NUM
fbem-31327	189	5	)	)	PUNCT
fbem-31327	189	6	.	.	PUNCT
fbem-31327	190	1	https://doi.org/10.19616/j.cnki.bmj.2014.12.008	https://doi.org/10.19616/j.cnki.bmj.2014.12.008	PROPN
fbem-31327	191	1	[	[	X
fbem-31327	191	2	19	19	NUM
fbem-31327	191	3	]	]	PUNCT
fbem-31327	191	4	yu	yu	PROPN
fbem-31327	191	5	f	f	PROPN
fbem-31327	191	6	,	,	PUNCT
fbem-31327	191	7	guo	guo	PROPN
fbem-31327	191	8	y	y	PROPN
fbem-31327	191	9	,	,	PUNCT
fbem-31327	191	10	le	le	PROPN
fbem-31327	191	11	-	-	NOUN
fbem-31327	191	12	nguyen	nguyen	NOUN
fbem-31327	191	13	k	k	PROPN
fbem-31327	191	14	,	,	PUNCT
fbem-31327	191	15	et	et	PROPN
fbem-31327	191	16	al	al	PROPN
fbem-31327	191	17	.	.	PUNCT
fbem-31327	192	1	the	the	DET
fbem-31327	192	2	impact	impact	NOUN
fbem-31327	192	3	of	of	ADP
fbem-31327	192	4	government	government	NOUN
fbem-31327	192	5	subsidies	subsidy	NOUN
fbem-31327	192	6	and	and	CCONJ
fbem-31327	192	7	enterprises	enterprise	NOUN
fbem-31327	192	8	'	'	PART
fbem-31327	192	9	r&d	r&d	NOUN
fbem-31327	192	10	investment	investment	NOUN
fbem-31327	192	11	:	:	PUNCT
fbem-31327	192	12	a	a	DET
fbem-31327	192	13	panel	panel	NOUN
fbem-31327	192	14	data	datum	NOUN
fbem-31327	192	15	study	study	NOUN
fbem-31327	192	16	from	from	ADP
fbem-31327	192	17	renewable	renewable	ADJ
fbem-31327	192	18	energy	energy	NOUN
fbem-31327	192	19	in	in	ADP
fbem-31327	192	20	china	china	PROPN
fbem-31327	193	1	[	[	X
fbem-31327	193	2	j	j	X
fbem-31327	193	3	]	]	X
fbem-31327	193	4	.	.	PUNCT
fbem-31327	194	1	energy	energy	NOUN
fbem-31327	194	2	policy	policy	NOUN
fbem-31327	194	3	,	,	PUNCT
fbem-31327	194	4	2016	2016	NUM
fbem-31327	194	5	,	,	PUNCT
fbem-31327	194	6	89	89	NUM
fbem-31327	194	7	:	:	SYM
fbem-31327	194	8	106	106	NUM
fbem-31327	194	9	-	-	SYM
fbem-31327	194	10	113	113	NUM
fbem-31327	194	11	.	.	PUNCT
fbem-31327	195	1	[	[	X
fbem-31327	195	2	20	20	NUM
fbem-31327	195	3	]	]	X
fbem-31327	195	4	zhang	zhang	PROPN
fbem-31327	195	5	x	x	SYM
fbem-31327	195	6	h	h	PROPN
fbem-31327	195	7	,	,	PUNCT
fbem-31327	195	8	peng	peng	PROPN
fbem-31327	195	9	j	j	PROPN
fbem-31327	195	10	j.	j.	PROPN
fbem-31327	196	1	the	the	DET
fbem-31327	196	2	impact	impact	NOUN
fbem-31327	196	3	of	of	ADP
fbem-31327	196	4	corporate	corporate	ADJ
fbem-31327	196	5	social	social	ADJ
fbem-31327	196	6	responsibility	responsibility	NOUN
fbem-31327	196	7	level	level	NOUN
fbem-31327	196	8	,	,	PUNCT
fbem-31327	196	9	r&d	r&d	NOUN
fbem-31327	196	10	investment	investment	NOUN
fbem-31327	196	11	on	on	ADP
fbem-31327	196	12	capital	capital	NOUN
fbem-31327	196	13	structure	structure	NOUN
fbem-31327	196	14	an	an	DET
fbem-31327	196	15	empirical	empirical	ADJ
fbem-31327	196	16	analysis	analysis	NOUN
fbem-31327	196	17	based	base	VERB
fbem-31327	196	18	on	on	ADP
fbem-31327	196	19	china	china	PROPN
fbem-31327	196	20	's	's	PART
fbem-31327	196	21	small	small	ADJ
fbem-31327	196	22	and	and	CCONJ
fbem-31327	196	23	medium	medium	ADJ
fbem-31327	196	24	-	-	PUNCT
fbem-31327	196	25	sized	sized	ADJ
fbem-31327	196	26	enterprises	enterprise	NOUN
fbem-31327	196	27	listed	list	VERB
fbem-31327	196	28	on	on	ADP
fbem-31327	196	29	smes	sme	NOUN
fbem-31327	196	30	(	(	PUNCT
fbem-31327	196	31	in	in	ADP
fbem-31327	196	32	chinese	chinese	PROPN
fbem-31327	196	33	)	)	PUNCT
fbem-31327	197	1	[	[	X
fbem-31327	197	2	j	j	X
fbem-31327	197	3	]	]	X
fbem-31327	197	4	.	.	PUNCT
fbem-31327	198	1	friends	friend	NOUN
fbem-31327	198	2	of	of	ADP
fbem-31327	198	3	accounting	accounting	NOUN
fbem-31327	198	4	,	,	PUNCT
fbem-31327	198	5	2019(7	2019(7	NUM
fbem-31327	198	6	)	)	PUNCT
fbem-31327	198	7	.	.	PUNCT
fbem-31327	199	1	[	[	X
fbem-31327	199	2	21	21	NUM
fbem-31327	199	3	]	]	X
fbem-31327	199	4	zheng	zheng	PROPN
fbem-31327	199	5	q	q	PROPN
fbem-31327	199	6	,	,	PUNCT
fbem-31327	199	7	wang	wang	PROPN
fbem-31327	199	8	x	x	PROPN
fbem-31327	199	9	,	,	PUNCT
fbem-31327	199	10	bao	bao	PROPN
fbem-31327	199	11	c.	c.	PROPN
fbem-31327	199	12	enterprise	enterprise	PROPN
fbem-31327	199	13	r&d	r&d	PROPN
fbem-31327	199	14	,	,	PUNCT
fbem-31327	199	15	manufacturing	manufacturing	NOUN
fbem-31327	199	16	innovation	innovation	NOUN
fbem-31327	199	17	and	and	CCONJ
fbem-31327	199	18	macroeconomic	macroeconomic	ADJ
fbem-31327	199	19	impact	impact	NOUN
fbem-31327	199	20	:	:	PUNCT
fbem-31327	199	21	an	an	DET
fbem-31327	199	22	evaluation	evaluation	NOUN
fbem-31327	199	23	of	of	ADP
fbem-31327	199	24	china	china	PROPN
fbem-31327	199	25	's	's	PART
fbem-31327	199	26	policy	policy	NOUN
fbem-31327	200	1	[	[	X
fbem-31327	200	2	j	j	X
fbem-31327	200	3	]	]	X
fbem-31327	200	4	.	.	PUNCT
fbem-31327	201	1	journal	journal	PROPN
fbem-31327	201	2	of	of	ADP
fbem-31327	201	3	policy	policy	NOUN
fbem-31327	201	4	modelling	modelling	NOUN
fbem-31327	201	5	,	,	PUNCT
fbem-31327	201	6	2023	2023	NUM
fbem-31327	201	7	.	.	PUNCT
fbem-31327	202	1	https://doi.org/10.1016/j.jpolmod.2023.09.002	https://doi.org/10.1016/j.jpolmod.2023.09.002	NUM
fbem-31327	202	2	https://doi.org/10.20069/j.cnki.djkx.202303010	https://doi.org/10.20069/j.cnki.djkx.202303010	NOUN
fbem-31327	203	1	https://doi.org/10.13676/j.cnki.cn36-1030/f.20231212.001	https://doi.org/10.13676/j.cnki.cn36-1030/f.20231212.001	PROPN
fbem-31327	203	2	https://doi.org/10.19311/j.cnki.1672-3198.2023.06.050	https://doi.org/10.19311/j.cnki.1672-3198.2023.06.050	PROPN
fbem-31327	203	3	https://doi.org/10.25236/ajbm.2022.040811	https://doi.org/10.25236/ajbm.2022.040811	PROPN
fbem-31327	203	4	https://doi.org/10.19616/j.cnki.bmj.2014.12.008	https://doi.org/10.19616/j.cnki.bmj.2014.12.008	PROPN
fbem-31327	203	5	https://doi.org/10.19559/j.cnki.12-1387.2021.03.004	https://doi.org/10.19559/j.cnki.12-1387.2021.03.004	NOUN
fbem-31327	203	6	https://doi.org/10.2307/1924810	https://doi.org/10.2307/1924810	X
fbem-31327	203	7	https://doi.org/10.1016/j.jbusres.2022.113572	https://doi.org/10.1016/j.jbusres.2022.113572	PROPN
fbem-31327	203	8	https://doi.org/10.16144/j.cnki.issn1002-8072.2017.12.024	https://doi.org/10.16144/j.cnki.issn1002-8072.2017.12.024	PROPN
fbem-31327	203	9	https://doi.org/10.19616/j.cnki.bmj.2014.12.008	https://doi.org/10.19616/j.cnki.bmj.2014.12.008	NOUN