id	sid	tid	token	lemma	pos
fbem-3317	1	1	frontiers	frontier	NOUN
fbem-3317	1	2	in	in	ADP
fbem-3317	1	3	business	business	NOUN
fbem-3317	1	4	,	,	PUNCT
fbem-3317	1	5	economics	economic	NOUN
fbem-3317	1	6	and	and	CCONJ
fbem-3317	1	7	management	management	NOUN
fbem-3317	1	8	issn	issn	PROPN
fbem-3317	1	9	:	:	PUNCT
fbem-3317	1	10	2766	2766	NUM
fbem-3317	1	11	-	-	PUNCT
fbem-3317	1	12	824x	824x	NUM
fbem-3317	1	13	|	|	ADJ
fbem-3317	1	14	vol	vol	NOUN
fbem-3317	1	15	.	.	PROPN
fbem-3317	2	1	6	6	NUM
fbem-3317	2	2	,	,	PUNCT
fbem-3317	2	3	no	no	INTJ
fbem-3317	2	4	.	.	NOUN
fbem-3317	2	5	3	3	NUM
fbem-3317	2	6	,	,	PUNCT
fbem-3317	2	7	2022	2022	NUM
fbem-3317	2	8	81	81	NUM
fbem-3317	2	9	the	the	DET
fbem-3317	2	10	empirical	empirical	ADJ
fbem-3317	2	11	research	research	NOUN
fbem-3317	2	12	on	on	ADP
fbem-3317	2	13	impact	impact	NOUN
fbem-3317	2	14	of	of	ADP
fbem-3317	2	15	digital	digital	ADJ
fbem-3317	2	16	finance	finance	NOUN
fbem-3317	2	17	development	development	NOUN
fbem-3317	2	18	on	on	ADP
fbem-3317	2	19	the	the	DET
fbem-3317	2	20	performance	performance	NOUN
fbem-3317	2	21	of	of	ADP
fbem-3317	2	22	small	small	ADJ
fbem-3317	2	23	and	and	CCONJ
fbem-3317	2	24	medium‐sized	medium‐size	VERB
fbem-3317	2	25	company	company	NOUN
fbem-3317	2	26	in	in	ADP
fbem-3317	2	27	manufacture	manufacture	NOUN
fbem-3317	2	28	industry	industry	NOUN
fbem-3317	2	29	in	in	ADP
fbem-3317	2	30	china	china	PROPN
fbem-3317	2	31	yuyi	yuyi	PROPN
fbem-3317	2	32	zhang1	zhang1	PROPN
fbem-3317	2	33	,	,	PUNCT
fbem-3317	2	34	*	*	PROPN
fbem-3317	2	35	1faculty	1faculty	NUM
fbem-3317	2	36	of	of	ADP
fbem-3317	2	37	business	business	NOUN
fbem-3317	2	38	administration	administration	NOUN
fbem-3317	2	39	,	,	PUNCT
fbem-3317	2	40	university	university	PROPN
fbem-3317	2	41	of	of	ADP
fbem-3317	2	42	macau	macau	PROPN
fbem-3317	2	43	,	,	PUNCT
fbem-3317	2	44	taipa	taipa	PROPN
fbem-3317	2	45	,	,	PUNCT
fbem-3317	2	46	macau	macau	NOUN
fbem-3317	2	47	,	,	PUNCT
fbem-3317	2	48	999078	999078	NUM
fbem-3317	2	49	,	,	PUNCT
fbem-3317	2	50	china	china	PROPN
fbem-3317	2	51	*	*	PUNCT
fbem-3317	2	52	corresponding	correspond	VERB
fbem-3317	2	53	author	author	NOUN
fbem-3317	2	54	’s	’s	PART
fbem-3317	2	55	e	e	NOUN
fbem-3317	2	56	-	-	NOUN
fbem-3317	2	57	mail	mail	NOUN
fbem-3317	2	58	:	:	PUNCT
fbem-3317	2	59	bb90602@connect.um.edu.mo	bb90602@connect.um.edu.mo	NOUN
fbem-3317	2	60	abstract	abstract	NOUN
fbem-3317	2	61	:	:	PUNCT
fbem-3317	2	62	based	base	VERB
fbem-3317	2	63	on	on	ADP
fbem-3317	2	64	digital	digital	ADJ
fbem-3317	2	65	financial	financial	ADJ
fbem-3317	2	66	inclusion	inclusion	NOUN
fbem-3317	2	67	index	index	NOUN
fbem-3317	2	68	of	of	ADP
fbem-3317	2	69	china	china	PROPN
fbem-3317	2	70	(	(	PUNCT
fbem-3317	2	71	difi	difi	PROPN
fbem-3317	2	72	)	)	PUNCT
fbem-3317	2	73	established	establish	VERB
fbem-3317	2	74	by	by	ADP
fbem-3317	2	75	research	research	NOUN
fbem-3317	2	76	group	group	NOUN
fbem-3317	2	77	of	of	ADP
fbem-3317	2	78	the	the	DET
fbem-3317	2	79	digital	digital	ADJ
fbem-3317	2	80	finance	finance	NOUN
fbem-3317	2	81	research	research	NOUN
fbem-3317	2	82	center	center	NOUN
fbem-3317	2	83	of	of	ADP
fbem-3317	2	84	peking	peking	PROPN
fbem-3317	2	85	university	university	NOUN
fbem-3317	2	86	,	,	PUNCT
fbem-3317	2	87	this	this	DET
fbem-3317	2	88	paper	paper	NOUN
fbem-3317	2	89	chose	choose	VERB
fbem-3317	2	90	the	the	DET
fbem-3317	2	91	panel	panel	NOUN
fbem-3317	2	92	data	datum	NOUN
fbem-3317	2	93	of	of	ADP
fbem-3317	2	94	samples	sample	NOUN
fbem-3317	2	95	from	from	ADP
fbem-3317	2	96	2011	2011	NUM
fbem-3317	2	97	-	-	SYM
fbem-3317	2	98	2020	2020	NUM
fbem-3317	2	99	chinese	chinese	PROPN
fbem-3317	2	100	manufacture	manufacture	VERB
fbem-3317	2	101	industry	industry	NOUN
fbem-3317	2	102	from	from	ADP
fbem-3317	2	103	csmar	csmar	PROPN
fbem-3317	2	104	gem	gem	PROPN
fbem-3317	2	105	data	datum	NOUN
fbem-3317	2	106	,	,	PUNCT
fbem-3317	2	107	analysis	analysis	NOUN
fbem-3317	2	108	the	the	DET
fbem-3317	2	109	digital	digital	ADJ
fbem-3317	2	110	finance	finance	NOUN
fbem-3317	2	111	development	development	NOUN
fbem-3317	2	112	impact	impact	NOUN
fbem-3317	2	113	on	on	ADP
fbem-3317	2	114	the	the	DET
fbem-3317	2	115	performance	performance	NOUN
fbem-3317	2	116	of	of	ADP
fbem-3317	2	117	chinese	chinese	ADJ
fbem-3317	2	118	smes	sme	NOUN
fbem-3317	2	119	in	in	ADP
fbem-3317	2	120	manufacture	manufacture	NOUN
fbem-3317	2	121	industry	industry	NOUN
fbem-3317	2	122	,	,	PUNCT
fbem-3317	2	123	test	test	VERB
fbem-3317	2	124	the	the	DET
fbem-3317	2	125	impact	impact	NOUN
fbem-3317	2	126	of	of	ADP
fbem-3317	2	127	enterprise	enterprise	NOUN
fbem-3317	2	128	performance	performance	NOUN
fbem-3317	2	129	,	,	PUNCT
fbem-3317	2	130	and	and	CCONJ
fbem-3317	2	131	the	the	DET
fbem-3317	2	132	heterogeneity	heterogeneity	NOUN
fbem-3317	2	133	analysis	analysis	NOUN
fbem-3317	2	134	of	of	ADP
fbem-3317	2	135	different	different	ADJ
fbem-3317	2	136	companies	company	NOUN
fbem-3317	2	137	in	in	ADP
fbem-3317	2	138	different	different	ADJ
fbem-3317	2	139	regions	region	NOUN
fbem-3317	2	140	in	in	ADP
fbem-3317	2	141	china	china	PROPN
fbem-3317	2	142	,	,	PUNCT
fbem-3317	2	143	and	and	CCONJ
fbem-3317	2	144	conduct	conduct	VERB
fbem-3317	2	145	the	the	DET
fbem-3317	2	146	necessary	necessary	ADJ
fbem-3317	2	147	endogeneity	endogeneity	NOUN
fbem-3317	2	148	analysis	analysis	NOUN
fbem-3317	2	149	and	and	CCONJ
fbem-3317	2	150	robustness	robustness	NOUN
fbem-3317	2	151	test	test	NOUN
fbem-3317	2	152	.	.	PUNCT
fbem-3317	3	1	the	the	DET
fbem-3317	3	2	empirical	empirical	ADJ
fbem-3317	3	3	research	research	NOUN
fbem-3317	3	4	results	result	NOUN
fbem-3317	3	5	show	show	VERB
fbem-3317	3	6	that	that	SCONJ
fbem-3317	3	7	:	:	PUNCT
fbem-3317	3	8	digital	digital	ADJ
fbem-3317	3	9	finance	finance	NOUN
fbem-3317	3	10	development	development	NOUN
fbem-3317	3	11	improve	improve	VERB
fbem-3317	3	12	the	the	DET
fbem-3317	3	13	performance	performance	NOUN
fbem-3317	3	14	of	of	ADP
fbem-3317	3	15	chinese	chinese	PROPN
fbem-3317	3	16	manufacture	manufacture	VERB
fbem-3317	3	17	industry	industry	NOUN
fbem-3317	3	18	smes	sme	NOUN
fbem-3317	3	19	,	,	PUNCT
fbem-3317	3	20	and	and	CCONJ
fbem-3317	3	21	there	there	PRON
fbem-3317	3	22	is	be	VERB
fbem-3317	3	23	reginal	reginal	ADJ
fbem-3317	3	24	heterogeneity	heterogeneity	NOUN
fbem-3317	3	25	,	,	PUNCT
fbem-3317	3	26	the	the	DET
fbem-3317	3	27	promotion	promotion	NOUN
fbem-3317	3	28	effect	effect	NOUN
fbem-3317	3	29	is	be	AUX
fbem-3317	3	30	more	more	ADV
fbem-3317	3	31	effective	effective	ADJ
fbem-3317	3	32	in	in	ADP
fbem-3317	3	33	western	western	ADJ
fbem-3317	3	34	region	region	NOUN
fbem-3317	3	35	of	of	ADP
fbem-3317	3	36	china	china	PROPN
fbem-3317	3	37	.	.	PUNCT
fbem-3317	4	1	also	also	ADV
fbem-3317	4	2	there	there	PRON
fbem-3317	4	3	exist	exist	VERB
fbem-3317	4	4	significant	significant	ADJ
fbem-3317	4	5	lag	lag	NOUN
fbem-3317	4	6	effect	effect	NOUN
fbem-3317	4	7	on	on	ADP
fbem-3317	4	8	performance	performance	NOUN
fbem-3317	4	9	improvement	improvement	NOUN
fbem-3317	4	10	.	.	PUNCT
fbem-3317	5	1	keywords	keyword	NOUN
fbem-3317	5	2	:	:	PUNCT
fbem-3317	5	3	digital	digital	ADJ
fbem-3317	5	4	inclusion	inclusion	NOUN
fbem-3317	5	5	finance	finance	NOUN
fbem-3317	5	6	,	,	PUNCT
fbem-3317	5	7	manufacture	manufacture	VERB
fbem-3317	5	8	industry	industry	NOUN
fbem-3317	5	9	,	,	PUNCT
fbem-3317	5	10	corporation	corporation	NOUN
fbem-3317	5	11	performance	performance	NOUN
fbem-3317	5	12	.	.	PUNCT
fbem-3317	6	1	1	1	X
fbem-3317	6	2	.	.	X
fbem-3317	6	3	introduction	introduction	NOUN
fbem-3317	6	4	at	at	ADP
fbem-3317	6	5	the	the	DET
fbem-3317	6	6	end	end	NOUN
fbem-3317	6	7	of	of	ADP
fbem-3317	6	8	2015	2015	NUM
fbem-3317	6	9	,	,	PUNCT
fbem-3317	6	10	the	the	DET
fbem-3317	6	11	state	state	PROPN
fbem-3317	6	12	council	council	PROPN
fbem-3317	6	13	issued	issue	VERB
fbem-3317	6	14	the	the	DET
fbem-3317	6	15	development	development	NOUN
fbem-3317	6	16	plan	plan	NOUN
fbem-3317	6	17	for	for	ADP
fbem-3317	6	18	promoting	promote	VERB
fbem-3317	6	19	inclusive	inclusive	ADJ
fbem-3317	6	20	finance	finance	NOUN
fbem-3317	6	21	(	(	PUNCT
fbem-3317	6	22	20162020	20162020	NUM
fbem-3317	6	23	)	)	PUNCT
fbem-3317	6	24	,	,	PUNCT
fbem-3317	6	25	which	which	PRON
fbem-3317	6	26	formally	formally	ADV
fbem-3317	6	27	defined	define	VERB
fbem-3317	6	28	inclusive	inclusive	ADJ
fbem-3317	6	29	finance	finance	NOUN
fbem-3317	6	30	.	.	PUNCT
fbem-3317	7	1	the	the	DET
fbem-3317	7	2	2016	2016	NUM
fbem-3317	7	3	g20	g20	NOUN
fbem-3317	7	4	summit	summit	NOUN
fbem-3317	7	5	established	establish	VERB
fbem-3317	7	6	a	a	DET
fbem-3317	7	7	detailed	detailed	ADJ
fbem-3317	7	8	plan	plan	NOUN
fbem-3317	7	9	for	for	ADP
fbem-3317	7	10	the	the	DET
fbem-3317	7	11	development	development	NOUN
fbem-3317	7	12	of	of	ADP
fbem-3317	7	13	digital	digital	ADJ
fbem-3317	7	14	financial	financial	ADJ
fbem-3317	7	15	inclusion	inclusion	NOUN
fbem-3317	7	16	.	.	PUNCT
fbem-3317	8	1	digital	digital	ADJ
fbem-3317	8	2	services	service	NOUN
fbem-3317	8	3	enable	enable	VERB
fbem-3317	8	4	groups	group	NOUN
fbem-3317	8	5	to	to	PART
fbem-3317	8	6	access	access	VERB
fbem-3317	8	7	corresponding	correspond	VERB
fbem-3317	8	8	financial	financial	ADJ
fbem-3317	8	9	services	service	NOUN
fbem-3317	8	10	through	through	ADP
fbem-3317	8	11	mobile	mobile	ADJ
fbem-3317	8	12	electronic	electronic	ADJ
fbem-3317	8	13	devices	device	NOUN
fbem-3317	8	14	.	.	PUNCT
fbem-3317	9	1	at	at	ADP
fbem-3317	9	2	the	the	DET
fbem-3317	9	3	same	same	ADJ
fbem-3317	9	4	time	time	NOUN
fbem-3317	9	5	,	,	PUNCT
fbem-3317	9	6	the	the	DET
fbem-3317	9	7	online	online	ADJ
fbem-3317	9	8	storage	storage	NOUN
fbem-3317	9	9	of	of	ADP
fbem-3317	9	10	data	datum	NOUN
fbem-3317	9	11	ensures	ensure	VERB
fbem-3317	9	12	the	the	DET
fbem-3317	9	13	convenience	convenience	NOUN
fbem-3317	9	14	of	of	ADP
fbem-3317	9	15	data	datum	NOUN
fbem-3317	9	16	acquisition	acquisition	NOUN
fbem-3317	9	17	and	and	CCONJ
fbem-3317	9	18	accuracy	accuracy	NOUN
fbem-3317	9	19	of	of	ADP
fbem-3317	9	20	storage	storage	NOUN
fbem-3317	9	21	,	,	PUNCT
fbem-3317	9	22	reduce	reduce	VERB
fbem-3317	9	23	the	the	DET
fbem-3317	9	24	threshold	threshold	NOUN
fbem-3317	9	25	of	of	ADP
fbem-3317	9	26	borrowing	borrow	VERB
fbem-3317	9	27	loan	loan	NOUN
fbem-3317	9	28	.	.	PUNCT
fbem-3317	10	1	to	to	PART
fbem-3317	10	2	achieve	achieve	VERB
fbem-3317	10	3	high	high	ADJ
fbem-3317	10	4	-	-	PUNCT
fbem-3317	10	5	quality	quality	NOUN
fbem-3317	10	6	economic	economic	ADJ
fbem-3317	10	7	development	development	NOUN
fbem-3317	10	8	,	,	PUNCT
fbem-3317	10	9	the	the	DET
fbem-3317	10	10	development	development	NOUN
fbem-3317	10	11	of	of	ADP
fbem-3317	10	12	smes	smes	PROPN
fbem-3317	10	13	is	be	AUX
fbem-3317	10	14	an	an	DET
fbem-3317	10	15	indispensable	indispensable	ADJ
fbem-3317	10	16	component	component	NOUN
fbem-3317	10	17	,	,	PUNCT
fbem-3317	10	18	which	which	PRON
fbem-3317	10	19	is	be	AUX
fbem-3317	10	20	conducive	conducive	ADJ
fbem-3317	10	21	to	to	ADP
fbem-3317	10	22	the	the	DET
fbem-3317	10	23	construction	construction	NOUN
fbem-3317	10	24	of	of	ADP
fbem-3317	10	25	a	a	DET
fbem-3317	10	26	complete	complete	ADJ
fbem-3317	10	27	and	and	CCONJ
fbem-3317	10	28	active	active	ADJ
fbem-3317	10	29	market	market	NOUN
fbem-3317	10	30	economy	economy	NOUN
fbem-3317	10	31	system	system	NOUN
fbem-3317	10	32	.	.	PUNCT
fbem-3317	11	1	although	although	SCONJ
fbem-3317	11	2	the	the	DET
fbem-3317	11	3	smes	sme	NOUN
fbem-3317	11	4	developed	develop	VERB
fbem-3317	11	5	rapidly	rapidly	ADV
fbem-3317	11	6	,	,	PUNCT
fbem-3317	11	7	there	there	PRON
fbem-3317	11	8	still	still	ADV
fbem-3317	11	9	are	be	AUX
fbem-3317	11	10	some	some	DET
fbem-3317	11	11	problems	problem	NOUN
fbem-3317	11	12	that	that	PRON
fbem-3317	11	13	need	need	VERB
fbem-3317	11	14	to	to	PART
fbem-3317	11	15	be	be	AUX
fbem-3317	11	16	solved	solve	VERB
fbem-3317	11	17	the	the	DET
fbem-3317	11	18	quickly	quickly	ADV
fbem-3317	11	19	the	the	DET
fbem-3317	11	20	better	well	ADJ
fbem-3317	11	21	.	.	PUNCT
fbem-3317	12	1	due	due	ADP
fbem-3317	12	2	to	to	ADP
fbem-3317	12	3	the	the	DET
fbem-3317	12	4	small	small	ADJ
fbem-3317	12	5	scale	scale	NOUN
fbem-3317	12	6	and	and	CCONJ
fbem-3317	12	7	weak	weak	ADJ
fbem-3317	12	8	ability	ability	NOUN
fbem-3317	12	9	of	of	ADP
fbem-3317	12	10	risk	risk	NOUN
fbem-3317	12	11	resistance	resistance	NOUN
fbem-3317	12	12	,	,	PUNCT
fbem-3317	12	13	the	the	DET
fbem-3317	12	14	smes	sme	NOUN
fbem-3317	12	15	face	face	VERB
fbem-3317	12	16	difficult	difficult	ADJ
fbem-3317	12	17	finance	finance	NOUN
fbem-3317	12	18	problem	problem	NOUN
fbem-3317	12	19	which	which	PRON
fbem-3317	12	20	makes	make	VERB
fbem-3317	12	21	it	it	PRON
fbem-3317	12	22	difficult	difficult	ADJ
fbem-3317	12	23	to	to	PART
fbem-3317	12	24	conduct	conduct	VERB
fbem-3317	12	25	digital	digital	ADJ
fbem-3317	12	26	innovation	innovation	NOUN
fbem-3317	12	27	and	and	CCONJ
fbem-3317	12	28	transformation	transformation	NOUN
fbem-3317	12	29	.	.	PUNCT
fbem-3317	13	1	the	the	DET
fbem-3317	13	2	digital	digital	ADJ
fbem-3317	13	3	innovation	innovation	NOUN
fbem-3317	13	4	and	and	CCONJ
fbem-3317	13	5	transformation	transformation	NOUN
fbem-3317	13	6	are	be	AUX
fbem-3317	13	7	the	the	DET
fbem-3317	13	8	key	key	ADJ
fbem-3317	13	9	factors	factor	NOUN
fbem-3317	13	10	for	for	SCONJ
fbem-3317	13	11	entities	entity	NOUN
fbem-3317	13	12	to	to	PART
fbem-3317	13	13	improve	improve	VERB
fbem-3317	13	14	the	the	DET
fbem-3317	13	15	produce	produce	ADJ
fbem-3317	13	16	efficiency	efficiency	NOUN
fbem-3317	13	17	and	and	CCONJ
fbem-3317	13	18	corporation	corporation	NOUN
fbem-3317	13	19	performance	performance	NOUN
fbem-3317	13	20	.	.	PUNCT
fbem-3317	14	1	2	2	X
fbem-3317	14	2	.	.	X
fbem-3317	14	3	theory	theory	NOUN
fbem-3317	14	4	analysis	analysis	NOUN
fbem-3317	14	5	and	and	CCONJ
fbem-3317	14	6	research	research	NOUN
fbem-3317	14	7	assumption	assumption	NOUN
fbem-3317	14	8	according	accord	VERB
fbem-3317	14	9	to	to	ADP
fbem-3317	14	10	previous	previous	ADJ
fbem-3317	14	11	research	research	NOUN
fbem-3317	14	12	,	,	PUNCT
fbem-3317	14	13	it	it	PRON
fbem-3317	14	14	is	be	AUX
fbem-3317	14	15	more	more	ADV
fbem-3317	14	16	easily	easily	ADV
fbem-3317	14	17	for	for	ADP
fbem-3317	14	18	the	the	DET
fbem-3317	14	19	corporation	corporation	NOUN
fbem-3317	14	20	who	who	PRON
fbem-3317	14	21	disclosed	disclose	VERB
fbem-3317	14	22	its	its	PRON
fbem-3317	14	23	performance	performance	NOUN
fbem-3317	14	24	information	information	NOUN
fbem-3317	14	25	strictly	strictly	ADV
fbem-3317	14	26	comply	comply	VERB
fbem-3317	14	27	with	with	ADP
fbem-3317	14	28	specific	specific	ADJ
fbem-3317	14	29	standards	standard	NOUN
fbem-3317	14	30	to	to	PART
fbem-3317	14	31	obtain	obtain	VERB
fbem-3317	14	32	commercial	commercial	ADJ
fbem-3317	14	33	credit	credit	NOUN
fbem-3317	14	34	and	and	CCONJ
fbem-3317	14	35	loan	loan	NOUN
fbem-3317	14	36	[	[	X
fbem-3317	14	37	1	1	NUM
fbem-3317	14	38	]	]	PUNCT
fbem-3317	14	39	.	.	PUNCT
fbem-3317	15	1	the	the	DET
fbem-3317	15	2	smes	sme	NOUN
fbem-3317	15	3	face	face	VERB
fbem-3317	15	4	more	more	ADJ
fbem-3317	15	5	retrains	retrain	NOUN
fbem-3317	15	6	when	when	SCONJ
fbem-3317	15	7	obtain	obtain	VERB
fbem-3317	15	8	finance	finance	NOUN
fbem-3317	15	9	support	support	NOUN
fbem-3317	15	10	due	due	ADP
fbem-3317	15	11	to	to	ADP
fbem-3317	15	12	lack	lack	NOUN
fbem-3317	15	13	of	of	ADP
fbem-3317	15	14	high	high	ADJ
fbem-3317	15	15	value	value	NOUN
fbem-3317	15	16	collateral	collateral	NOUN
fbem-3317	15	17	and	and	CCONJ
fbem-3317	15	18	reliability	reliability	NOUN
fbem-3317	15	19	of	of	ADP
fbem-3317	15	20	information	information	NOUN
fbem-3317	15	21	disclosed	disclose	VERB
fbem-3317	15	22	.	.	PUNCT
fbem-3317	16	1	for	for	ADP
fbem-3317	16	2	smes	sme	NOUN
fbem-3317	16	3	in	in	ADP
fbem-3317	16	4	manufacture	manufacture	NOUN
fbem-3317	16	5	industry	industry	NOUN
fbem-3317	16	6	,	,	PUNCT
fbem-3317	16	7	constantly	constantly	ADV
fbem-3317	16	8	updated	update	VERB
fbem-3317	16	9	technology	technology	NOUN
fbem-3317	16	10	is	be	AUX
fbem-3317	16	11	necessary	necessary	ADJ
fbem-3317	16	12	for	for	ADP
fbem-3317	16	13	the	the	DET
fbem-3317	16	14	survival	survival	NOUN
fbem-3317	16	15	.	.	PUNCT
fbem-3317	17	1	they	they	PRON
fbem-3317	17	2	need	need	VERB
fbem-3317	17	3	enough	enough	ADJ
fbem-3317	17	4	capital	capital	NOUN
fbem-3317	17	5	to	to	PART
fbem-3317	17	6	implement	implement	VERB
fbem-3317	17	7	technical	technical	ADJ
fbem-3317	17	8	renovation	renovation	NOUN
fbem-3317	17	9	.	.	PUNCT
fbem-3317	18	1	however	however	ADV
fbem-3317	18	2	,	,	PUNCT
fbem-3317	18	3	due	due	ADP
fbem-3317	18	4	to	to	ADP
fbem-3317	18	5	the	the	DET
fbem-3317	18	6	characteristics	characteristic	NOUN
fbem-3317	18	7	of	of	ADP
fbem-3317	18	8	long	long	ADJ
fbem-3317	18	9	recovery	recovery	NOUN
fbem-3317	18	10	waiting	waiting	NOUN
fbem-3317	18	11	period	period	NOUN
fbem-3317	18	12	of	of	ADP
fbem-3317	18	13	the	the	DET
fbem-3317	18	14	research	research	NOUN
fbem-3317	18	15	and	and	CCONJ
fbem-3317	18	16	development	development	NOUN
fbem-3317	18	17	cost	cost	NOUN
fbem-3317	18	18	,	,	PUNCT
fbem-3317	18	19	high	high	ADJ
fbem-3317	18	20	risk	risk	NOUN
fbem-3317	18	21	of	of	ADP
fbem-3317	18	22	return	return	NOUN
fbem-3317	18	23	and	and	CCONJ
fbem-3317	18	24	huge	huge	ADJ
fbem-3317	18	25	initial	initial	ADJ
fbem-3317	18	26	investment	investment	NOUN
fbem-3317	18	27	,	,	PUNCT
fbem-3317	18	28	the	the	DET
fbem-3317	18	29	smes	sme	NOUN
fbem-3317	18	30	lack	lack	NOUN
fbem-3317	18	31	capability	capability	NOUN
fbem-3317	18	32	of	of	ADP
fbem-3317	18	33	internal	internal	ADJ
fbem-3317	18	34	finance	finance	NOUN
fbem-3317	18	35	,	,	PUNCT
fbem-3317	18	36	they	they	PRON
fbem-3317	18	37	have	have	VERB
fbem-3317	18	38	great	great	ADJ
fbem-3317	18	39	level	level	NOUN
fbem-3317	18	40	of	of	ADP
fbem-3317	18	41	reliance	reliance	NOUN
fbem-3317	18	42	on	on	ADP
fbem-3317	18	43	external	external	ADJ
fbem-3317	18	44	finance	finance	NOUN
fbem-3317	18	45	.	.	PUNCT
fbem-3317	19	1	the	the	DET
fbem-3317	19	2	development	development	NOUN
fbem-3317	19	3	of	of	ADP
fbem-3317	19	4	digital	digital	ADJ
fbem-3317	19	5	finance	finance	NOUN
fbem-3317	19	6	makes	make	VERB
fbem-3317	19	7	use	use	NOUN
fbem-3317	19	8	of	of	ADP
fbem-3317	19	9	many	many	ADJ
fbem-3317	19	10	it	it	PRON
fbem-3317	19	11	technology	technology	NOUN
fbem-3317	19	12	to	to	PART
fbem-3317	19	13	achieve	achieve	VERB
fbem-3317	19	14	high	high	ADJ
fbem-3317	19	15	level	level	NOUN
fbem-3317	19	16	of	of	ADP
fbem-3317	19	17	information	information	NOUN
fbem-3317	19	18	sharing	sharing	NOUN
fbem-3317	19	19	,	,	PUNCT
fbem-3317	19	20	which	which	PRON
fbem-3317	19	21	increase	increase	VERB
fbem-3317	19	22	the	the	DET
fbem-3317	19	23	integrity	integrity	NOUN
fbem-3317	19	24	and	and	CCONJ
fbem-3317	19	25	credibility	credibility	NOUN
fbem-3317	19	26	of	of	ADP
fbem-3317	19	27	information	information	NOUN
fbem-3317	19	28	,	,	PUNCT
fbem-3317	19	29	reduce	reduce	VERB
fbem-3317	19	30	the	the	DET
fbem-3317	19	31	cost	cost	NOUN
fbem-3317	19	32	of	of	ADP
fbem-3317	19	33	information	information	NOUN
fbem-3317	19	34	transform	transform	NOUN
fbem-3317	19	35	and	and	CCONJ
fbem-3317	19	36	exchange	exchange	NOUN
fbem-3317	19	37	[	[	X
fbem-3317	19	38	2	2	NUM
fbem-3317	19	39	]	]	PUNCT
fbem-3317	19	40	.	.	PUNCT
fbem-3317	20	1	on	on	ADP
fbem-3317	20	2	the	the	DET
fbem-3317	20	3	other	other	ADJ
fbem-3317	20	4	hand	hand	NOUN
fbem-3317	20	5	,	,	PUNCT
fbem-3317	20	6	it	it	PRON
fbem-3317	20	7	helps	help	VERB
fbem-3317	20	8	more	more	ADV
fbem-3317	20	9	transparent	transparent	ADJ
fbem-3317	20	10	governance	governance	NOUN
fbem-3317	20	11	of	of	ADP
fbem-3317	20	12	management	management	NOUN
fbem-3317	20	13	.	.	PUNCT
fbem-3317	21	1	in	in	ADP
fbem-3317	21	2	addition	addition	NOUN
fbem-3317	21	3	to	to	ADP
fbem-3317	21	4	the	the	DET
fbem-3317	21	5	function	function	NOUN
fbem-3317	21	6	of	of	ADP
fbem-3317	21	7	reducing	reduce	VERB
fbem-3317	21	8	finance	finance	NOUN
fbem-3317	21	9	constrain	constrain	VERB
fbem-3317	21	10	and	and	CCONJ
fbem-3317	21	11	helping	helping	AUX
fbem-3317	21	12	maintain	maintain	VERB
fbem-3317	21	13	innovation	innovation	NOUN
fbem-3317	21	14	of	of	ADP
fbem-3317	21	15	smes	sme	NOUN
fbem-3317	21	16	,	,	PUNCT
fbem-3317	21	17	digital	digital	ADJ
fbem-3317	21	18	finance	finance	NOUN
fbem-3317	21	19	can	can	AUX
fbem-3317	21	20	also	also	ADV
fbem-3317	21	21	increase	increase	VERB
fbem-3317	21	22	the	the	DET
fbem-3317	21	23	sufficiency	sufficiency	NOUN
fbem-3317	21	24	of	of	ADP
fbem-3317	21	25	production	production	NOUN
fbem-3317	21	26	.	.	PUNCT
fbem-3317	22	1	the	the	DET
fbem-3317	22	2	first	first	ADJ
fbem-3317	22	3	assumption	assumption	NOUN
fbem-3317	22	4	is	be	AUX
fbem-3317	22	5	that	that	SCONJ
fbem-3317	22	6	:	:	PUNCT
fbem-3317	22	7	h1	h1	NOUN
fbem-3317	22	8	:	:	PUNCT
fbem-3317	22	9	digital	digital	ADJ
fbem-3317	22	10	finance	finance	NOUN
fbem-3317	22	11	development	development	NOUN
fbem-3317	22	12	promote	promote	VERB
fbem-3317	22	13	the	the	DET
fbem-3317	22	14	performance	performance	NOUN
fbem-3317	22	15	of	of	ADP
fbem-3317	22	16	china	china	PROPN
fbem-3317	22	17	smes	smes	PROPN
fbem-3317	22	18	in	in	ADP
fbem-3317	22	19	manufacture	manufacture	NOUN
fbem-3317	22	20	industry	industry	NOUN
fbem-3317	22	21	.	.	PUNCT
fbem-3317	23	1	the	the	DET
fbem-3317	23	2	aggregate	aggregate	ADJ
fbem-3317	23	3	development	development	NOUN
fbem-3317	23	4	of	of	ADP
fbem-3317	23	5	economy	economy	NOUN
fbem-3317	23	6	and	and	CCONJ
fbem-3317	23	7	technology	technology	NOUN
fbem-3317	23	8	of	of	ADP
fbem-3317	23	9	east	east	NOUN
fbem-3317	23	10	,	,	PUNCT
fbem-3317	23	11	center	center	NOUN
fbem-3317	23	12	and	and	CCONJ
fbem-3317	23	13	west	west	NOUN
fbem-3317	23	14	of	of	ADP
fbem-3317	23	15	china	china	PROPN
fbem-3317	23	16	exist	exist	VERB
fbem-3317	23	17	big	big	ADJ
fbem-3317	23	18	difference	difference	NOUN
fbem-3317	23	19	.	.	PUNCT
fbem-3317	24	1	the	the	DET
fbem-3317	24	2	development	development	NOUN
fbem-3317	24	3	of	of	ADP
fbem-3317	24	4	economy	economy	NOUN
fbem-3317	24	5	and	and	CCONJ
fbem-3317	24	6	digital	digital	ADJ
fbem-3317	24	7	finance	finance	NOUN
fbem-3317	24	8	become	become	VERB
fbem-3317	24	9	weakens	weaken	NOUN
fbem-3317	24	10	from	from	ADP
fbem-3317	24	11	east	east	NOUN
fbem-3317	24	12	to	to	ADP
fbem-3317	24	13	west	west	PROPN
fbem-3317	24	14	.	.	PUNCT
fbem-3317	25	1	the	the	DET
fbem-3317	25	2	advantage	advantage	NOUN
fbem-3317	25	3	of	of	ADP
fbem-3317	25	4	gathering	gathering	NOUN
fbem-3317	25	5	of	of	ADP
fbem-3317	25	6	high	high	ADJ
fbem-3317	25	7	talented	talented	ADJ
fbem-3317	25	8	people	people	NOUN
fbem-3317	25	9	and	and	CCONJ
fbem-3317	25	10	rapid	rapid	ADJ
fbem-3317	25	11	increase	increase	NOUN
fbem-3317	25	12	rate	rate	NOUN
fbem-3317	25	13	of	of	ADP
fbem-3317	25	14	regional	regional	ADJ
fbem-3317	25	15	overall	overall	ADJ
fbem-3317	25	16	economy	economy	NOUN
fbem-3317	25	17	level	level	NOUN
fbem-3317	25	18	,	,	PUNCT
fbem-3317	25	19	make	make	VERB
fbem-3317	25	20	the	the	DET
fbem-3317	25	21	factors	factor	NOUN
fbem-3317	25	22	affecting	affect	VERB
fbem-3317	25	23	performance	performance	NOUN
fbem-3317	25	24	of	of	ADP
fbem-3317	25	25	enterprises	enterprise	NOUN
fbem-3317	25	26	in	in	ADP
fbem-3317	25	27	the	the	DET
fbem-3317	25	28	eastern	eastern	ADJ
fbem-3317	25	29	region	region	NOUN
fbem-3317	25	30	more	more	ADV
fbem-3317	25	31	complicated	complicated	ADJ
fbem-3317	25	32	.	.	PUNCT
fbem-3317	26	1	comparing	compare	VERB
fbem-3317	26	2	with	with	ADP
fbem-3317	26	3	western	western	ADJ
fbem-3317	26	4	region	region	NOUN
fbem-3317	26	5	,	,	PUNCT
fbem-3317	26	6	the	the	DET
fbem-3317	26	7	percentage	percentage	NOUN
fbem-3317	26	8	of	of	ADP
fbem-3317	26	9	influence	influence	NOUN
fbem-3317	26	10	of	of	ADP
fbem-3317	26	11	digital	digital	ADJ
fbem-3317	26	12	finance	finance	NOUN
fbem-3317	26	13	among	among	ADP
fbem-3317	26	14	all	all	DET
fbem-3317	26	15	factors	factor	NOUN
fbem-3317	26	16	is	be	AUX
fbem-3317	26	17	smaller	small	ADJ
fbem-3317	26	18	than	than	ADP
fbem-3317	26	19	in	in	ADP
fbem-3317	26	20	eastern	eastern	ADJ
fbem-3317	26	21	region	region	NOUN
fbem-3317	26	22	.	.	PUNCT
fbem-3317	27	1	it	it	PRON
fbem-3317	27	2	is	be	AUX
fbem-3317	27	3	reasonable	reasonable	ADJ
fbem-3317	27	4	that	that	SCONJ
fbem-3317	27	5	the	the	DET
fbem-3317	27	6	influence	influence	NOUN
fbem-3317	27	7	of	of	ADP
fbem-3317	27	8	increase	increase	NOUN
fbem-3317	27	9	level	level	NOUN
fbem-3317	27	10	of	of	ADP
fbem-3317	27	11	digital	digital	ADJ
fbem-3317	27	12	finance	finance	NOUN
fbem-3317	27	13	has	have	VERB
fbem-3317	27	14	bigger	big	ADJ
fbem-3317	27	15	influence	influence	NOUN
fbem-3317	27	16	on	on	ADP
fbem-3317	27	17	western	western	ADJ
fbem-3317	27	18	company	company	NOUN
fbem-3317	27	19	than	than	ADP
fbem-3317	27	20	those	those	PRON
fbem-3317	27	21	in	in	ADP
fbem-3317	27	22	east	east	PROPN
fbem-3317	27	23	region	region	NOUN
fbem-3317	27	24	.	.	PUNCT
fbem-3317	28	1	second	second	ADJ
fbem-3317	28	2	assumption	assumption	NOUN
fbem-3317	28	3	:	:	PUNCT
fbem-3317	28	4	h2	h2	NOUN
fbem-3317	28	5	:	:	PUNCT
fbem-3317	28	6	the	the	DET
fbem-3317	28	7	impact	impact	NOUN
fbem-3317	28	8	of	of	ADP
fbem-3317	28	9	promotion	promotion	NOUN
fbem-3317	28	10	function	function	NOUN
fbem-3317	28	11	of	of	ADP
fbem-3317	28	12	digital	digital	ADJ
fbem-3317	28	13	finance	finance	NOUN
fbem-3317	28	14	to	to	ADP
fbem-3317	28	15	the	the	DET
fbem-3317	28	16	performance	performance	NOUN
fbem-3317	28	17	of	of	ADP
fbem-3317	28	18	small	small	ADJ
fbem-3317	28	19	and	and	CCONJ
fbem-3317	28	20	medium	medium	ADJ
fbem-3317	28	21	company	company	NOUN
fbem-3317	28	22	in	in	ADP
fbem-3317	28	23	manufacture	manufacture	NOUN
fbem-3317	28	24	industry	industry	NOUN
fbem-3317	28	25	is	be	AUX
fbem-3317	28	26	more	more	ADV
fbem-3317	28	27	obvious	obvious	ADJ
fbem-3317	28	28	in	in	ADP
fbem-3317	28	29	west	west	NOUN
fbem-3317	28	30	than	than	ADP
fbem-3317	28	31	east	east	PROPN
fbem-3317	28	32	.	.	PUNCT
fbem-3317	29	1	the	the	DET
fbem-3317	29	2	main	main	ADJ
fbem-3317	29	3	purpose	purpose	NOUN
fbem-3317	29	4	of	of	ADP
fbem-3317	29	5	smes	sme	NOUN
fbem-3317	29	6	finance	finance	NOUN
fbem-3317	29	7	behavior	behavior	NOUN
fbem-3317	29	8	is	be	AUX
fbem-3317	29	9	to	to	PART
fbem-3317	29	10	get	get	VERB
fbem-3317	29	11	enough	enough	ADJ
fbem-3317	29	12	capital	capital	NOUN
fbem-3317	29	13	to	to	PART
fbem-3317	29	14	support	support	VERB
fbem-3317	29	15	research	research	NOUN
fbem-3317	29	16	and	and	CCONJ
fbem-3317	29	17	development	development	NOUN
fbem-3317	29	18	activities	activity	NOUN
fbem-3317	29	19	and	and	CCONJ
fbem-3317	29	20	reform	reform	NOUN
fbem-3317	29	21	manufacture	manufacture	NOUN
fbem-3317	29	22	technology	technology	NOUN
fbem-3317	29	23	.	.	PUNCT
fbem-3317	30	1	the	the	DET
fbem-3317	30	2	inherent	inherent	ADJ
fbem-3317	30	3	features	feature	NOUN
fbem-3317	30	4	of	of	ADP
fbem-3317	30	5	research	research	NOUN
fbem-3317	30	6	and	and	CCONJ
fbem-3317	30	7	development	development	NOUN
fbem-3317	30	8	cost	cost	NOUN
fbem-3317	30	9	are	be	AUX
fbem-3317	30	10	that	that	SCONJ
fbem-3317	30	11	it	it	PRON
fbem-3317	30	12	needs	need	VERB
fbem-3317	30	13	huge	huge	ADJ
fbem-3317	30	14	amounts	amount	NOUN
fbem-3317	30	15	of	of	ADP
fbem-3317	30	16	initial	initial	ADJ
fbem-3317	30	17	investment	investment	NOUN
fbem-3317	30	18	,	,	PUNCT
fbem-3317	30	19	the	the	DET
fbem-3317	30	20	developing	develop	VERB
fbem-3317	30	21	period	period	NOUN
fbem-3317	30	22	is	be	AUX
fbem-3317	30	23	long	long	ADJ
fbem-3317	30	24	,	,	PUNCT
fbem-3317	30	25	and	and	CCONJ
fbem-3317	30	26	there	there	PRON
fbem-3317	30	27	is	be	VERB
fbem-3317	30	28	risk	risk	NOUN
fbem-3317	30	29	of	of	ADP
fbem-3317	30	30	success	success	NOUN
fbem-3317	30	31	[	[	X
fbem-3317	30	32	3	3	NUM
fbem-3317	30	33	]	]	PUNCT
fbem-3317	30	34	,	,	PUNCT
fbem-3317	30	35	which	which	PRON
fbem-3317	30	36	indicate	indicate	VERB
fbem-3317	30	37	that	that	SCONJ
fbem-3317	30	38	the	the	DET
fbem-3317	30	39	investment	investment	NOUN
fbem-3317	30	40	may	may	AUX
fbem-3317	30	41	end	end	VERB
fbem-3317	30	42	up	up	ADP
fbem-3317	30	43	as	as	ADP
fbem-3317	30	44	loss	loss	NOUN
fbem-3317	30	45	.	.	PUNCT
fbem-3317	31	1	even	even	ADV
fbem-3317	31	2	though	though	SCONJ
fbem-3317	31	3	the	the	DET
fbem-3317	31	4	development	development	NOUN
fbem-3317	31	5	is	be	AUX
fbem-3317	31	6	extremely	extremely	ADV
fbem-3317	31	7	successful	successful	ADJ
fbem-3317	31	8	,	,	PUNCT
fbem-3317	31	9	before	before	SCONJ
fbem-3317	31	10	make	make	VERB
fbem-3317	31	11	use	use	NOUN
fbem-3317	31	12	of	of	ADP
fbem-3317	31	13	the	the	DET
fbem-3317	31	14	new	new	ADJ
fbem-3317	31	15	technology	technology	NOUN
fbem-3317	31	16	,	,	PUNCT
fbem-3317	31	17	the	the	DET
fbem-3317	31	18	cost	cost	NOUN
fbem-3317	31	19	of	of	ADP
fbem-3317	31	20	retraining	retrain	VERB
fbem-3317	31	21	employees	employee	NOUN
fbem-3317	31	22	and	and	CCONJ
fbem-3317	31	23	the	the	DET
fbem-3317	31	24	refrain	refrain	ADJ
fbem-3317	31	25	strategy	strategy	NOUN
fbem-3317	31	26	would	would	AUX
fbem-3317	31	27	bother	bother	VERB
fbem-3317	31	28	the	the	DET
fbem-3317	31	29	company	company	NOUN
fbem-3317	31	30	as	as	ADV
fbem-3317	31	31	well	well	ADV
fbem-3317	31	32	[	[	X
fbem-3317	31	33	4	4	NUM
fbem-3317	31	34	]	]	PUNCT
fbem-3317	31	35	.	.	PUNCT
fbem-3317	32	1	therefore	therefore	ADV
fbem-3317	32	2	,	,	PUNCT
fbem-3317	32	3	it	it	PRON
fbem-3317	32	4	takes	take	VERB
fbem-3317	32	5	a	a	DET
fbem-3317	32	6	long	long	ADJ
fbem-3317	32	7	period	period	NOUN
fbem-3317	32	8	for	for	ADP
fbem-3317	32	9	82	82	NUM
fbem-3317	32	10	the	the	DET
fbem-3317	32	11	influence	influence	NOUN
fbem-3317	32	12	of	of	ADP
fbem-3317	32	13	digital	digital	ADJ
fbem-3317	32	14	finance	finance	NOUN
fbem-3317	32	15	reflect	reflect	VERB
fbem-3317	32	16	on	on	ADP
fbem-3317	32	17	the	the	DET
fbem-3317	32	18	corporation	corporation	NOUN
fbem-3317	32	19	performance	performance	NOUN
fbem-3317	32	20	.	.	PUNCT
fbem-3317	33	1	the	the	DET
fbem-3317	33	2	third	third	ADJ
fbem-3317	33	3	assumption	assumption	NOUN
fbem-3317	33	4	is	be	AUX
fbem-3317	33	5	:	:	PUNCT
fbem-3317	33	6	h3	h3	NOUN
fbem-3317	33	7	:	:	PUNCT
fbem-3317	33	8	the	the	DET
fbem-3317	33	9	impact	impact	NOUN
fbem-3317	33	10	of	of	ADP
fbem-3317	33	11	digital	digital	ADJ
fbem-3317	33	12	finance	finance	NOUN
fbem-3317	33	13	to	to	ADP
fbem-3317	33	14	corporation	corporation	NOUN
fbem-3317	33	15	performance	performance	NOUN
fbem-3317	33	16	exists	exist	VERB
fbem-3317	33	17	lag	lag	ADJ
fbem-3317	33	18	effect	effect	NOUN
fbem-3317	33	19	.	.	PUNCT
fbem-3317	34	1	3	3	X
fbem-3317	34	2	.	.	X
fbem-3317	34	3	design	design	NOUN
fbem-3317	34	4	of	of	ADP
fbem-3317	34	5	research	research	NOUN
fbem-3317	34	6	3.1	3.1	NUM
fbem-3317	34	7	.	.	PUNCT
fbem-3317	34	8	sample	sample	NOUN
fbem-3317	34	9	selection	selection	NOUN
fbem-3317	34	10	and	and	CCONJ
fbem-3317	34	11	data	datum	NOUN
fbem-3317	34	12	sources	source	NOUN
fbem-3317	34	13	the	the	DET
fbem-3317	34	14	enterprise	enterprise	NOUN
fbem-3317	34	15	data	datum	NOUN
fbem-3317	34	16	in	in	ADP
fbem-3317	34	17	the	the	DET
fbem-3317	34	18	paper	paper	NOUN
fbem-3317	34	19	comes	come	VERB
fbem-3317	34	20	from	from	ADP
fbem-3317	34	21	the	the	DET
fbem-3317	34	22	cathay	cathay	PROPN
fbem-3317	34	23	pacific	pacific	PROPN
fbem-3317	34	24	security	security	PROPN
fbem-3317	34	25	database	database	NOUN
fbem-3317	34	26	(	(	PUNCT
fbem-3317	34	27	csmar	csmar	PROPN
fbem-3317	34	28	)	)	PUNCT
fbem-3317	34	29	,	,	PUNCT
fbem-3317	34	30	chose	choose	VERB
fbem-3317	34	31	information	information	NOUN
fbem-3317	34	32	of	of	ADP
fbem-3317	34	33	listed	list	VERB
fbem-3317	34	34	smes	sme	NOUN
fbem-3317	34	35	in	in	ADP
fbem-3317	34	36	manufacturing	manufacture	VERB
fbem-3317	34	37	industry	industry	NOUN
fbem-3317	34	38	from	from	ADP
fbem-3317	34	39	2011	2011	NUM
fbem-3317	34	40	to	to	ADP
fbem-3317	34	41	2020	2020	NUM
fbem-3317	34	42	as	as	ADP
fbem-3317	34	43	empirical	empirical	ADJ
fbem-3317	34	44	research	research	NOUN
fbem-3317	34	45	sample	sample	NOUN
fbem-3317	34	46	.	.	PUNCT
fbem-3317	35	1	data	datum	NOUN
fbem-3317	35	2	of	of	ADP
fbem-3317	35	3	the	the	DET
fbem-3317	35	4	development	development	NOUN
fbem-3317	35	5	level	level	NOUN
fbem-3317	35	6	of	of	ADP
fbem-3317	35	7	digital	digital	ADJ
fbem-3317	35	8	financial	financial	ADJ
fbem-3317	35	9	inclusion	inclusion	NOUN
fbem-3317	35	10	is	be	AUX
fbem-3317	35	11	compiled	compile	VERB
fbem-3317	35	12	by	by	ADP
fbem-3317	35	13	the	the	DET
fbem-3317	35	14	digital	digital	ADJ
fbem-3317	35	15	finance	finance	NOUN
fbem-3317	35	16	research	research	NOUN
fbem-3317	35	17	center	center	NOUN
fbem-3317	35	18	of	of	ADP
fbem-3317	35	19	peking	peking	PROPN
fbem-3317	35	20	university	university	PROPN
fbem-3317	35	21	(	(	PUNCT
fbem-3317	35	22	difi	difi	NOUN
fbem-3317	35	23	)	)	PUNCT
fbem-3317	36	1	[	[	X
fbem-3317	36	2	5	5	NUM
fbem-3317	36	3	]	]	PUNCT
fbem-3317	36	4	.	.	PUNCT
fbem-3317	37	1	process	process	VERB
fbem-3317	37	2	the	the	DET
fbem-3317	37	3	data	datum	NOUN
fbem-3317	37	4	as	as	SCONJ
fbem-3317	37	5	follows	follow	VERB
fbem-3317	37	6	:	:	PUNCT
fbem-3317	37	7	the	the	DET
fbem-3317	37	8	sample	sample	NOUN
fbem-3317	37	9	data	datum	NOUN
fbem-3317	37	10	of	of	ADP
fbem-3317	37	11	st	st	PROPN
fbem-3317	37	12	listed	list	VERB
fbem-3317	37	13	companies	company	NOUN
fbem-3317	37	14	is	be	AUX
fbem-3317	37	15	removed	remove	VERB
fbem-3317	37	16	;	;	PUNCT
fbem-3317	37	17	the	the	DET
fbem-3317	37	18	samples	sample	NOUN
fbem-3317	37	19	of	of	ADP
fbem-3317	37	20	listed	list	VERB
fbem-3317	37	21	companies	company	NOUN
fbem-3317	37	22	which	which	PRON
fbem-3317	37	23	have	have	VERB
fbem-3317	37	24	incomplete	incomplete	ADJ
fbem-3317	37	25	key	key	ADJ
fbem-3317	37	26	data	datum	NOUN
fbem-3317	37	27	are	be	AUX
fbem-3317	37	28	removed	remove	VERB
fbem-3317	37	29	.	.	PUNCT
fbem-3317	38	1	3.2	3.2	NUM
fbem-3317	38	2	.	.	PUNCT
fbem-3317	39	1	variable	variable	ADJ
fbem-3317	39	2	design	design	NOUN
fbem-3317	39	3	explained	explain	VERB
fbem-3317	39	4	variables	variable	NOUN
fbem-3317	39	5	.	.	PUNCT
fbem-3317	40	1	corporation	corporation	NOUN
fbem-3317	40	2	operating	operating	NOUN
fbem-3317	40	3	performance	performance	NOUN
fbem-3317	40	4	.	.	PUNCT
fbem-3317	41	1	the	the	DET
fbem-3317	41	2	paper	paper	NOUN
fbem-3317	41	3	use	use	VERB
fbem-3317	41	4	return	return	NOUN
fbem-3317	41	5	on	on	ADP
fbem-3317	41	6	total	total	ADJ
fbem-3317	41	7	assets	asset	NOUN
fbem-3317	41	8	(	(	PUNCT
fbem-3317	41	9	roa=	roa=	NOUN
fbem-3317	41	10	net	net	ADJ
fbem-3317	41	11	profit	profit	NOUN
fbem-3317	41	12	/	/	SYM
fbem-3317	41	13	total	total	ADJ
fbem-3317	41	14	assets	asset	NOUN
fbem-3317	41	15	)	)	PUNCT
fbem-3317	41	16	to	to	PART
fbem-3317	41	17	measure	measure	VERB
fbem-3317	41	18	the	the	DET
fbem-3317	41	19	business	business	NOUN
fbem-3317	41	20	performance	performance	NOUN
fbem-3317	41	21	of	of	ADP
fbem-3317	41	22	enterprises	enterprise	NOUN
fbem-3317	41	23	.	.	PUNCT
fbem-3317	42	1	explanatory	explanatory	ADJ
fbem-3317	42	2	variables	variable	NOUN
fbem-3317	42	3	.	.	PUNCT
fbem-3317	43	1	the	the	DET
fbem-3317	43	2	paper	paper	NOUN
fbem-3317	43	3	selects	select	VERB
fbem-3317	43	4	the	the	DET
fbem-3317	43	5	digital	digital	ADJ
fbem-3317	43	6	financial	financial	ADJ
fbem-3317	43	7	inclusion	inclusion	NOUN
fbem-3317	43	8	index	index	NOUN
fbem-3317	43	9	which	which	PRON
fbem-3317	43	10	is	be	AUX
fbem-3317	43	11	compiled	compile	VERB
fbem-3317	43	12	by	by	ADP
fbem-3317	43	13	the	the	DET
fbem-3317	43	14	digital	digital	ADJ
fbem-3317	43	15	finance	finance	NOUN
fbem-3317	43	16	research	research	NOUN
fbem-3317	43	17	center	center	NOUN
fbem-3317	43	18	of	of	ADP
fbem-3317	43	19	peking	peking	PROPN
fbem-3317	43	20	university	university	PROPN
fbem-3317	43	21	to	to	PART
fbem-3317	43	22	measure	measure	VERB
fbem-3317	43	23	the	the	DET
fbem-3317	43	24	development	development	NOUN
fbem-3317	43	25	level	level	NOUN
fbem-3317	43	26	of	of	ADP
fbem-3317	43	27	digital	digital	ADJ
fbem-3317	43	28	financial	financial	ADJ
fbem-3317	43	29	inclusion	inclusion	NOUN
fbem-3317	43	30	.	.	PUNCT
fbem-3317	44	1	to	to	PART
fbem-3317	44	2	solve	solve	VERB
fbem-3317	44	3	the	the	DET
fbem-3317	44	4	problem	problem	NOUN
fbem-3317	44	5	of	of	ADP
fbem-3317	44	6	too	too	ADV
fbem-3317	44	7	large	large	ADJ
fbem-3317	44	8	value	value	NOUN
fbem-3317	44	9	related	relate	VERB
fbem-3317	44	10	to	to	ADP
fbem-3317	44	11	the	the	DET
fbem-3317	44	12	explained	explain	VERB
fbem-3317	44	13	variables	variable	NOUN
fbem-3317	44	14	,	,	PUNCT
fbem-3317	44	15	divided	divide	VERB
fbem-3317	44	16	the	the	DET
fbem-3317	44	17	digital	digital	ADJ
fbem-3317	44	18	financial	financial	ADJ
fbem-3317	44	19	inclusion	inclusion	NOUN
fbem-3317	44	20	index	index	NOUN
fbem-3317	44	21	by	by	ADP
fbem-3317	44	22	500	500	NUM
fbem-3317	44	23	.	.	PUNCT
fbem-3317	45	1	control	control	NOUN
fbem-3317	45	2	variables	variable	NOUN
fbem-3317	45	3	.	.	PUNCT
fbem-3317	46	1	this	this	DET
fbem-3317	46	2	article	article	NOUN
fbem-3317	46	3	chose	choose	VERB
fbem-3317	46	4	following	follow	VERB
fbem-3317	46	5	control	control	NOUN
fbem-3317	46	6	variables	variable	NOUN
fbem-3317	46	7	:	:	PUNCT
fbem-3317	46	8	total	total	ADJ
fbem-3317	46	9	assets	asset	NOUN
fbem-3317	46	10	(	(	PUNCT
fbem-3317	46	11	ta=	ta=	PROPN
fbem-3317	46	12	natural	natural	ADJ
fbem-3317	46	13	logarithm	logarithm	NOUN
fbem-3317	46	14	of	of	ADP
fbem-3317	46	15	total	total	ADJ
fbem-3317	46	16	assets	asset	NOUN
fbem-3317	46	17	)	)	PUNCT
fbem-3317	46	18	,	,	PUNCT
fbem-3317	46	19	financial	financial	ADJ
fbem-3317	46	20	leverage	leverage	NOUN
fbem-3317	46	21	(	(	PUNCT
fbem-3317	46	22	lev=	lev=	PROPN
fbem-3317	46	23	total	total	ADJ
fbem-3317	46	24	liability	liability	NOUN
fbem-3317	46	25	/	/	SYM
fbem-3317	46	26	total	total	ADJ
fbem-3317	46	27	assets	asset	NOUN
fbem-3317	46	28	)	)	PUNCT
fbem-3317	46	29	,	,	PUNCT
fbem-3317	46	30	the	the	DET
fbem-3317	46	31	proportion	proportion	NOUN
fbem-3317	46	32	of	of	ADP
fbem-3317	46	33	cash	cash	NOUN
fbem-3317	46	34	and	and	CCONJ
fbem-3317	46	35	cash	cash	NOUN
fbem-3317	46	36	equivalents	equivalent	NOUN
fbem-3317	46	37	to	to	ADP
fbem-3317	46	38	total	total	VERB
fbem-3317	46	39	asset	asset	NOUN
fbem-3317	46	40	(	(	PUNCT
fbem-3317	46	41	cash=	cash=	NUM
fbem-3317	46	42	cash	cash	NOUN
fbem-3317	46	43	and	and	CCONJ
fbem-3317	46	44	cash	cash	NOUN
fbem-3317	46	45	equivalents	equivalent	NOUN
fbem-3317	46	46	/total	/total	PUNCT
fbem-3317	46	47	assets	asset	NOUN
fbem-3317	46	48	)	)	PUNCT
fbem-3317	46	49	,	,	PUNCT
fbem-3317	46	50	the	the	DET
fbem-3317	46	51	turnover	turnover	NOUN
fbem-3317	46	52	rate	rate	NOUN
fbem-3317	46	53	of	of	ADP
fbem-3317	46	54	current	current	ADJ
fbem-3317	46	55	assets	asset	NOUN
fbem-3317	46	56	(	(	PUNCT
fbem-3317	46	57	liq=	liq=	PROPN
fbem-3317	46	58	main	main	ADJ
fbem-3317	46	59	operating	operating	NOUN
fbem-3317	46	60	benefit	benefit	NOUN
fbem-3317	46	61	/	/	SYM
fbem-3317	46	62	current	current	ADJ
fbem-3317	46	63	asset	asset	NOUN
fbem-3317	46	64	)	)	PUNCT
fbem-3317	46	65	,	,	PUNCT
fbem-3317	46	66	and	and	CCONJ
fbem-3317	46	67	the	the	DET
fbem-3317	46	68	ownership	ownership	NOUN
fbem-3317	46	69	of	of	ADP
fbem-3317	46	70	the	the	DET
fbem-3317	46	71	largest	large	ADJ
fbem-3317	46	72	shareholder	shareholder	NOUN
fbem-3317	46	73	(	(	PUNCT
fbem-3317	46	74	top1	top1	PROPN
fbem-3317	46	75	)	)	PUNCT
fbem-3317	46	76	as	as	ADP
fbem-3317	46	77	control	control	NOUN
fbem-3317	46	78	variables	variable	NOUN
fbem-3317	46	79	.	.	PUNCT
fbem-3317	47	1	model	model	NOUN
fbem-3317	47	2	design	design	PROPN
fbem-3317	47	3	.	.	PUNCT
fbem-3317	48	1	the	the	DET
fbem-3317	48	2	model	model	NOUN
fbem-3317	48	3	is	be	AUX
fbem-3317	48	4	designed	design	VERB
fbem-3317	48	5	as	as	SCONJ
fbem-3317	48	6	follows	follow	VERB
fbem-3317	48	7	:	:	PUNCT
fbem-3317	49	1	roait	roait	NOUN
fbem-3317	49	2	=	=	PUNCT
fbem-3317	49	3	β0	β0	PROPN
fbem-3317	49	4	+	+	NUM
fbem-3317	49	5	βdifiit	βdifiit	NOUN
fbem-3317	49	6	+	+	CCONJ
fbem-3317	49	7	β2xit	β2xit	PUNCT
fbem-3317	50	1	+	+	CCONJ
fbem-3317	50	2	εit	εit	VERB
fbem-3317	50	3	where	where	SCONJ
fbem-3317	50	4	:	:	PUNCT
fbem-3317	50	5	i	i	PRON
fbem-3317	50	6	is	be	AUX
fbem-3317	50	7	enterprise	enterprise	NOUN
fbem-3317	50	8	;	;	PUNCT
fbem-3317	50	9	t	t	PROPN
fbem-3317	50	10	is	be	AUX
fbem-3317	50	11	the	the	DET
fbem-3317	50	12	year	year	NOUN
fbem-3317	50	13	;	;	PUNCT
fbem-3317	50	14	roaitis	roaitis	VERB
fbem-3317	50	15	the	the	DET
fbem-3317	50	16	operating	operating	NOUN
fbem-3317	50	17	performance	performance	NOUN
fbem-3317	50	18	of	of	ADP
fbem-3317	50	19	i	i	PRON
fbem-3317	50	20	enterprises	enterprise	NOUN
fbem-3317	50	21	in	in	ADP
fbem-3317	50	22	year	year	NOUN
fbem-3317	50	23	t	t	PROPN
fbem-3317	50	24	;	;	PUNCT
fbem-3317	50	25	difiit	difiit	NOUN
fbem-3317	50	26	is	be	AUX
fbem-3317	50	27	the	the	DET
fbem-3317	50	28	digital	digital	ADJ
fbem-3317	50	29	financial	financial	ADJ
fbem-3317	50	30	inclusion	inclusion	NOUN
fbem-3317	50	31	index	index	NOUN
fbem-3317	50	32	in	in	ADP
fbem-3317	50	33	the	the	DET
fbem-3317	50	34	province	province	NOUN
fbem-3317	50	35	of	of	ADP
fbem-3317	50	36	enterprises	enterprise	NOUN
fbem-3317	50	37	i	i	PRON
fbem-3317	50	38	in	in	ADP
fbem-3317	50	39	year	year	NOUN
fbem-3317	50	40	t	t	PROPN
fbem-3317	50	41	;	;	PUNCT
fbem-3317	50	42	xit	xit	PROPN
fbem-3317	50	43	is	be	AUX
fbem-3317	50	44	the	the	DET
fbem-3317	50	45	collection	collection	NOUN
fbem-3317	50	46	of	of	ADP
fbem-3317	50	47	control	control	NOUN
fbem-3317	50	48	variables，εit	variables，εit	X
fbem-3317	50	49	is	be	AUX
fbem-3317	50	50	random	random	ADJ
fbem-3317	50	51	perturbation	perturbation	NOUN
fbem-3317	50	52	term	term	NOUN
fbem-3317	50	53	,	,	PUNCT
fbem-3317	50	54	4	4	X
fbem-3317	50	55	.	.	PUNCT
fbem-3317	50	56	empirical	empirical	ADJ
fbem-3317	50	57	analysis	analysis	NOUN
fbem-3317	50	58	4.1	4.1	NUM
fbem-3317	50	59	.	.	PUNCT
fbem-3317	51	1	descriptive	descriptive	ADJ
fbem-3317	51	2	statistics	statistic	NOUN
fbem-3317	51	3	the	the	DET
fbem-3317	51	4	descriptive	descriptive	ADJ
fbem-3317	51	5	statistics	statistic	NOUN
fbem-3317	51	6	of	of	ADP
fbem-3317	51	7	all	all	DET
fbem-3317	51	8	variables	variable	NOUN
fbem-3317	51	9	are	be	AUX
fbem-3317	51	10	in	in	ADP
fbem-3317	51	11	table	table	NOUN
fbem-3317	51	12	1	1	NUM
fbem-3317	51	13	.	.	PUNCT
fbem-3317	51	14	table	table	NOUN
fbem-3317	51	15	1	1	NUM
fbem-3317	51	16	.	.	PUNCT
fbem-3317	52	1	descriptive	descriptive	ADJ
fbem-3317	52	2	statistics	statistic	NOUN
fbem-3317	52	3	variables	variable	VERB
fbem-3317	52	4	observations	observation	NOUN
fbem-3317	52	5	mean	mean	VERB
fbem-3317	52	6	standard	standard	ADJ
fbem-3317	52	7	deviation	deviation	NOUN
fbem-3317	52	8	minimum	minimum	ADJ
fbem-3317	52	9	maximum	maximum	ADJ
fbem-3317	52	10	roa	roa	NOUN
fbem-3317	52	11	1,936	1,936	NUM
fbem-3317	52	12	0.0620	0.0620	NUM
fbem-3317	52	13	0.0412	0.0412	NUM
fbem-3317	52	14	-0.126	-0.126	NOUN
fbem-3317	52	15	0.379	0.379	NUM
fbem-3317	52	16	difi	difi	NOUN
fbem-3317	52	17	1,936	1,936	NUM
fbem-3317	52	18	0.0504	0.0504	NUM
fbem-3317	52	19	0.0187	0.0187	NUM
fbem-3317	52	20	0.00377	0.00377	NUM
fbem-3317	52	21	0.0864	0.0864	NUM
fbem-3317	52	22	ta	ta	ADP
fbem-3317	52	23	1,936	1,936	NUM
fbem-3317	52	24	9.261	9.261	NUM
fbem-3317	52	25	0.363	0.363	NUM
fbem-3317	52	26	8.217	8.217	NUM
fbem-3317	52	27	10.90	10.90	NUM
fbem-3317	52	28	cash	cash	NOUN
fbem-3317	52	29	1,936	1,936	NUM
fbem-3317	52	30	0.218	0.218	NUM
fbem-3317	52	31	0.164	0.164	NUM
fbem-3317	52	32	0.00382	0.00382	NUM
fbem-3317	52	33	0.883	0.883	NUM
fbem-3317	52	34	lev	lev	NOUN
fbem-3317	52	35	1,936	1,936	NUM
fbem-3317	52	36	1.143	1.143	NUM
fbem-3317	52	37	1.611	1.611	NUM
fbem-3317	52	38	-5.758	-5.758	NUM
fbem-3317	52	39	60.08	60.08	NUM
fbem-3317	52	40	liq	liq	NOUN
fbem-3317	52	41	1,936	1,936	NUM
fbem-3317	52	42	0.825	0.825	NUM
fbem-3317	52	43	0.399	0.399	NUM
fbem-3317	52	44	0.0778	0.0778	NUM
fbem-3317	52	45	3.879	3.879	NUM
fbem-3317	52	46	top1	top1	PROPN
fbem-3317	52	47	1,936	1,936	NUM
fbem-3317	52	48	0.321	0.321	NUM
fbem-3317	52	49	0.132	0.132	NUM
fbem-3317	52	50	0.0559	0.0559	NUM
fbem-3317	52	51	0.898	0.898	NUM
fbem-3317	52	52	4.2	4.2	NUM
fbem-3317	52	53	.	.	PUNCT
fbem-3317	53	1	correlation	correlation	NOUN
fbem-3317	53	2	analysis	analysis	NOUN
fbem-3317	53	3	the	the	DET
fbem-3317	53	4	correlation	correlation	NOUN
fbem-3317	53	5	analysis	analysis	NOUN
fbem-3317	53	6	results	result	NOUN
fbem-3317	53	7	are	be	AUX
fbem-3317	53	8	in	in	ADP
fbem-3317	53	9	table	table	NOUN
fbem-3317	53	10	2	2	NUM
fbem-3317	53	11	.	.	PUNCT
fbem-3317	53	12	table	table	NOUN
fbem-3317	53	13	2	2	NUM
fbem-3317	53	14	.	.	PUNCT
fbem-3317	54	1	correlation	correlation	NOUN
fbem-3317	54	2	analysis	analysis	NOUN
fbem-3317	54	3	roa	roa	PROPN
fbem-3317	54	4	difi	difi	PROPN
fbem-3317	54	5	ta	ta	ADP
fbem-3317	54	6	lev	lev	NOUN
fbem-3317	54	7	cash	cash	NOUN
fbem-3317	54	8	top1	top1	PROPN
fbem-3317	54	9	liq	liq	NOUN
fbem-3317	54	10	difi	difi	NOUN
fbem-3317	54	11	-0.070	-0.070	NOUN
fbem-3317	54	12	*	*	PUNCT
fbem-3317	54	13	*	*	PUNCT
fbem-3317	54	14	*	*	SYM
fbem-3317	54	15	1	1	NUM
fbem-3317	54	16	ta	ta	PART
fbem-3317	54	17	-0.165	-0.165	VERB
fbem-3317	54	18	*	*	PUNCT
fbem-3317	54	19	*	*	PUNCT
fbem-3317	54	20	*	*	PUNCT
fbem-3317	54	21	0.456	0.456	NUM
fbem-3317	54	22	*	*	PUNCT
fbem-3317	54	23	*	*	PUNCT
fbem-3317	54	24	*	*	PUNCT
fbem-3317	54	25	1	1	NUM
fbem-3317	54	26	lev	lev	NOUN
fbem-3317	54	27	-0.127	-0.127	NOUN
fbem-3317	54	28	*	*	PUNCT
fbem-3317	54	29	*	*	PUNCT
fbem-3317	54	30	*	*	PUNCT
fbem-3317	54	31	0.105	0.105	NUM
fbem-3317	54	32	*	*	PUNCT
fbem-3317	54	33	*	*	PUNCT
fbem-3317	54	34	*	*	PUNCT
fbem-3317	54	35	0.091	0.091	NUM
fbem-3317	54	36	*	*	PUNCT
fbem-3317	54	37	*	*	PUNCT
fbem-3317	54	38	*	*	PUNCT
fbem-3317	54	39	1	1	NUM
fbem-3317	54	40	cash	cash	NOUN
fbem-3317	54	41	0.187	0.187	NUM
fbem-3317	54	42	*	*	PUNCT
fbem-3317	54	43	*	*	PUNCT
fbem-3317	54	44	*	*	PUNCT
fbem-3317	54	45	-0.487	-0.487	PUNCT
fbem-3317	54	46	*	*	PUNCT
fbem-3317	54	47	*	*	PUNCT
fbem-3317	54	48	*	*	PUNCT
fbem-3317	54	49	-0.361	-0.361	NOUN
fbem-3317	54	50	*	*	PUNCT
fbem-3317	54	51	*	*	PUNCT
fbem-3317	54	52	*	*	PUNCT
fbem-3317	54	53	-0.127	-0.127	NOUN
fbem-3317	54	54	*	*	PUNCT
fbem-3317	54	55	*	*	PUNCT
fbem-3317	54	56	*	*	PUNCT
fbem-3317	54	57	1	1	NUM
fbem-3317	54	58	top1	top1	PROPN
fbem-3317	54	59	0.091	0.091	NUM
fbem-3317	54	60	*	*	PUNCT
fbem-3317	54	61	*	*	PUNCT
fbem-3317	54	62	*	*	PUNCT
fbem-3317	54	63	-0.214	-0.214	PROPN
fbem-3317	54	64	*	*	PUNCT
fbem-3317	54	65	*	*	PUNCT
fbem-3317	54	66	*	*	PUNCT
fbem-3317	54	67	-0.110	-0.110	NOUN
fbem-3317	54	68	*	*	PUNCT
fbem-3317	54	69	*	*	PUNCT
fbem-3317	54	70	*	*	PUNCT
fbem-3317	54	71	0.00400	0.00400	NUM
fbem-3317	54	72	0.096	0.096	NUM
fbem-3317	54	73	*	*	PUNCT
fbem-3317	54	74	*	*	PUNCT
fbem-3317	54	75	*	*	PUNCT
fbem-3317	54	76	1	1	NUM
fbem-3317	54	77	liq	liq	NOUN
fbem-3317	54	78	0.089	0.089	NUM
fbem-3317	54	79	*	*	PUNCT
fbem-3317	54	80	*	*	PUNCT
fbem-3317	54	81	*	*	PUNCT
fbem-3317	54	82	0.164	0.164	NUM
fbem-3317	54	83	*	*	PUNCT
fbem-3317	54	84	*	*	PUNCT
fbem-3317	54	85	*	*	PUNCT
fbem-3317	54	86	0.119	0.119	NUM
fbem-3317	54	87	*	*	PUNCT
fbem-3317	54	88	*	*	PUNCT
fbem-3317	54	89	*	*	PUNCT
fbem-3317	54	90	0.078	0.078	NUM
fbem-3317	54	91	*	*	PUNCT
fbem-3317	54	92	*	*	PUNCT
fbem-3317	54	93	*	*	PUNCT
fbem-3317	54	94	-0.442	-0.442	PUNCT
fbem-3317	54	95	*	*	PUNCT
fbem-3317	54	96	*	*	PUNCT
fbem-3317	54	97	*	*	PUNCT
fbem-3317	54	98	-0.0320	-0.0320	PROPN
fbem-3317	54	99	1	1	NUM
fbem-3317	54	100	4.3	4.3	NUM
fbem-3317	54	101	.	.	PUNCT
fbem-3317	54	102	basic	basic	ADJ
fbem-3317	54	103	regression	regression	NOUN
fbem-3317	54	104	to	to	PART
fbem-3317	54	105	make	make	VERB
fbem-3317	54	106	the	the	DET
fbem-3317	54	107	test	test	NOUN
fbem-3317	54	108	results	result	VERB
fbem-3317	54	109	more	more	ADV
fbem-3317	54	110	credible	credible	ADJ
fbem-3317	54	111	,	,	PUNCT
fbem-3317	54	112	carry	carry	VERB
fbem-3317	54	113	out	out	ADP
fbem-3317	54	114	regression	regression	NOUN
fbem-3317	54	115	with	with	ADP
fbem-3317	54	116	control	control	NOUN
fbem-3317	54	117	variables	variable	NOUN
fbem-3317	54	118	.	.	PUNCT
fbem-3317	55	1	before	before	ADP
fbem-3317	55	2	the	the	DET
fbem-3317	55	3	benchmark	benchmark	NOUN
fbem-3317	55	4	regression	regression	NOUN
fbem-3317	55	5	,	,	PUNCT
fbem-3317	55	6	the	the	DET
fbem-3317	55	7	variance	variance	NOUN
fbem-3317	55	8	inflation	inflation	NOUN
fbem-3317	55	9	factor	factor	NOUN
fbem-3317	55	10	(	(	PUNCT
fbem-3317	55	11	vif	vif	NOUN
fbem-3317	55	12	)	)	PUNCT
fbem-3317	55	13	was	be	AUX
fbem-3317	55	14	calculated	calculate	VERB
fbem-3317	55	15	,	,	PUNCT
fbem-3317	55	16	and	and	CCONJ
fbem-3317	55	17	the	the	DET
fbem-3317	55	18	vif	vif	NOUN
fbem-3317	55	19	value	value	NOUN
fbem-3317	55	20	was	be	AUX
fbem-3317	55	21	much	much	ADV
fbem-3317	55	22	less	less	ADJ
fbem-3317	55	23	than	than	ADP
fbem-3317	55	24	10	10	NUM
fbem-3317	55	25	,	,	PUNCT
fbem-3317	55	26	indicating	indicate	VERB
fbem-3317	55	27	that	that	SCONJ
fbem-3317	55	28	there	there	PRON
fbem-3317	55	29	was	be	VERB
fbem-3317	55	30	no	no	DET
fbem-3317	55	31	multicollinearity	multicollinearity	NOUN
fbem-3317	55	32	problem	problem	NOUN
fbem-3317	55	33	in	in	ADP
fbem-3317	55	34	the	the	DET
fbem-3317	55	35	model	model	NOUN
fbem-3317	55	36	.	.	PUNCT
fbem-3317	56	1	the	the	DET
fbem-3317	56	2	regression	regression	NOUN
fbem-3317	56	3	results	result	NOUN
fbem-3317	56	4	are	be	AUX
fbem-3317	56	5	shown	show	VERB
fbem-3317	56	6	in	in	ADP
fbem-3317	56	7	table	table	NOUN
fbem-3317	56	8	3(1	3(1	NUM
fbem-3317	56	9	)	)	PUNCT
fbem-3317	56	10	.	.	PUNCT
fbem-3317	57	1	when	when	SCONJ
fbem-3317	57	2	a	a	DET
fbem-3317	57	3	series	series	NOUN
fbem-3317	57	4	of	of	ADP
fbem-3317	57	5	control	control	NOUN
fbem-3317	57	6	variables	variable	NOUN
fbem-3317	57	7	are	be	AUX
fbem-3317	57	8	considered	consider	VERB
fbem-3317	57	9	,	,	PUNCT
fbem-3317	57	10	the	the	DET
fbem-3317	57	11	coefficient	coefficient	NOUN
fbem-3317	57	12	of	of	ADP
fbem-3317	57	13	digital	digital	ADJ
fbem-3317	57	14	financial	financial	ADJ
fbem-3317	57	15	inclusion	inclusion	NOUN
fbem-3317	57	16	development	development	NOUN
fbem-3317	57	17	level	level	NOUN
fbem-3317	57	18	is	be	AUX
fbem-3317	57	19	significantly	significantly	ADV
fbem-3317	57	20	positive	positive	ADJ
fbem-3317	57	21	.	.	PUNCT
fbem-3317	58	1	digital	digital	ADJ
fbem-3317	58	2	inclusive	inclusive	ADJ
fbem-3317	58	3	finance	finance	NOUN
fbem-3317	58	4	has	have	VERB
fbem-3317	58	5	a	a	DET
fbem-3317	58	6	significant	significant	ADJ
fbem-3317	58	7	role	role	NOUN
fbem-3317	58	8	in	in	ADP
fbem-3317	58	9	promoting	promote	VERB
fbem-3317	58	10	the	the	DET
fbem-3317	58	11	performance	performance	NOUN
fbem-3317	58	12	of	of	ADP
fbem-3317	58	13	smes	sme	NOUN
fbem-3317	58	14	in	in	ADP
fbem-3317	58	15	manufacturing	manufacturing	NOUN
fbem-3317	58	16	industry	industry	NOUN
fbem-3317	58	17	.	.	PUNCT
fbem-3317	59	1	the	the	DET
fbem-3317	59	2	influence	influence	NOUN
fbem-3317	59	3	of	of	ADP
fbem-3317	59	4	total	total	ADJ
fbem-3317	59	5	assets	asset	NOUN
fbem-3317	59	6	on	on	ADP
fbem-3317	59	7	return	return	NOUN
fbem-3317	59	8	on	on	ADP
fbem-3317	59	9	assets	asset	NOUN
fbem-3317	59	10	is	be	AUX
fbem-3317	59	11	significant	significant	ADJ
fbem-3317	59	12	and	and	CCONJ
fbem-3317	59	13	negative	negative	ADJ
fbem-3317	59	14	,	,	PUNCT
fbem-3317	59	15	which	which	PRON
fbem-3317	59	16	supports	support	VERB
fbem-3317	59	17	that	that	SCONJ
fbem-3317	59	18	the	the	DET
fbem-3317	59	19	decline	decline	NOUN
fbem-3317	59	20	of	of	ADP
fbem-3317	59	21	roa	roa	PROPN
fbem-3317	59	22	is	be	AUX
fbem-3317	59	23	due	due	ADJ
fbem-3317	59	24	to	to	ADP
fbem-3317	59	25	the	the	DET
fbem-3317	59	26	excessive	excessive	ADJ
fbem-3317	59	27	growth	growth	NOUN
fbem-3317	59	28	of	of	ADP
fbem-3317	59	29	total	total	ADJ
fbem-3317	59	30	assets	asset	NOUN
fbem-3317	59	31	.	.	PUNCT
fbem-3317	60	1	in	in	ADP
fbem-3317	60	2	addition	addition	NOUN
fbem-3317	60	3	,	,	PUNCT
fbem-3317	60	4	the	the	PRON
fbem-3317	60	5	more	more	ADV
fbem-3317	60	6	concentrated	concentrate	VERB
fbem-3317	60	7	the	the	DET
fbem-3317	60	8	ownership	ownership	NOUN
fbem-3317	60	9	,	,	PUNCT
fbem-3317	60	10	the	the	PRON
fbem-3317	60	11	better	well	ADJ
fbem-3317	60	12	the	the	DET
fbem-3317	60	13	company	company	NOUN
fbem-3317	60	14	performance	performance	NOUN
fbem-3317	60	15	.	.	PUNCT
fbem-3317	61	1	83	83	NUM
fbem-3317	61	2	table	table	NOUN
fbem-3317	61	3	3	3	NUM
fbem-3317	61	4	.	.	PUNCT
fbem-3317	61	5	basic	basic	ADJ
fbem-3317	61	6	regression	regression	NOUN
fbem-3317	61	7	and	and	CCONJ
fbem-3317	61	8	regional	regional	ADJ
fbem-3317	61	9	heterogeneity	heterogeneity	NOUN
fbem-3317	61	10	analysis	analysis	NOUN
fbem-3317	61	11	(	(	PUNCT
fbem-3317	61	12	1	1	NUM
fbem-3317	61	13	)	)	PUNCT
fbem-3317	61	14	(	(	PUNCT
fbem-3317	61	15	3	3	X
fbem-3317	61	16	)	)	PUNCT
fbem-3317	61	17	(	(	PUNCT
fbem-3317	61	18	3	3	X
fbem-3317	61	19	)	)	PUNCT
fbem-3317	61	20	(	(	PUNCT
fbem-3317	61	21	4	4	X
fbem-3317	61	22	)	)	PUNCT
fbem-3317	61	23	variables	variable	NOUN
fbem-3317	61	24	roa	roa	PROPN
fbem-3317	61	25	west	west	PROPN
fbem-3317	61	26	mid	mid	PROPN
fbem-3317	61	27	east	east	PROPN
fbem-3317	61	28	difi	difi	PROPN
fbem-3317	61	29	0.248	0.248	NUM
fbem-3317	61	30	*	*	PUNCT
fbem-3317	61	31	*	*	PUNCT
fbem-3317	61	32	*	*	PUNCT
fbem-3317	61	33	0.585	0.585	NUM
fbem-3317	61	34	*	*	X
fbem-3317	61	35	*	*	PUNCT
fbem-3317	61	36	0.385	0.385	NUM
fbem-3317	61	37	*	*	PUNCT
fbem-3317	61	38	*	*	PUNCT
fbem-3317	61	39	*	*	PUNCT
fbem-3317	61	40	0.244	0.244	NUM
fbem-3317	61	41	*	*	PUNCT
fbem-3317	61	42	*	*	PUNCT
fbem-3317	61	43	*	*	PUNCT
fbem-3317	61	44	(	(	PUNCT
fbem-3317	61	45	3.79	3.79	NUM
fbem-3317	61	46	)	)	PUNCT
fbem-3317	61	47	(	(	PUNCT
fbem-3317	61	48	2.59	2.59	NUM
fbem-3317	61	49	)	)	PUNCT
fbem-3317	61	50	(	(	PUNCT
fbem-3317	61	51	3.13	3.13	NUM
fbem-3317	61	52	)	)	PUNCT
fbem-3317	61	53	(	(	PUNCT
fbem-3317	61	54	2.80	2.80	NUM
fbem-3317	61	55	)	)	PUNCT
fbem-3317	61	56	ta	ta	ADP
fbem-3317	61	57	-0.014	-0.014	NOUN
fbem-3317	61	58	*	*	PUNCT
fbem-3317	61	59	*	*	PUNCT
fbem-3317	61	60	*	*	X
fbem-3317	61	61	0.019	0.019	NUM
fbem-3317	61	62	-0.026	-0.026	X
fbem-3317	61	63	*	*	PUNCT
fbem-3317	61	64	*	*	PUNCT
fbem-3317	61	65	*	*	PUNCT
fbem-3317	61	66	-0.015	-0.015	PUNCT
fbem-3317	61	67	*	*	PUNCT
fbem-3317	61	68	*	*	PUNCT
fbem-3317	61	69	*	*	PUNCT
fbem-3317	61	70	(	(	PUNCT
fbem-3317	61	71	-4.41	-4.41	NOUN
fbem-3317	61	72	)	)	PUNCT
fbem-3317	61	73	(	(	PUNCT
fbem-3317	61	74	1.11	1.11	NUM
fbem-3317	61	75	)	)	PUNCT
fbem-3317	61	76	(	(	PUNCT
fbem-3317	61	77	-5.36	-5.36	NOUN
fbem-3317	61	78	)	)	PUNCT
fbem-3317	61	79	(	(	PUNCT
fbem-3317	61	80	-3.78	-3.78	NOUN
fbem-3317	61	81	)	)	PUNCT
fbem-3317	61	82	lev	lev	NOUN
fbem-3317	61	83	-0.003	-0.003	PROPN
fbem-3317	61	84	*	*	PROPN
fbem-3317	61	85	*	*	PROPN
fbem-3317	61	86	-0.012	-0.012	INTJ
fbem-3317	61	87	-0.013	-0.013	PUNCT
fbem-3317	61	88	*	*	NOUN
fbem-3317	61	89	*	*	PUNCT
fbem-3317	61	90	*	*	PUNCT
fbem-3317	61	91	-0.002	-0.002	PROPN
fbem-3317	61	92	*	*	PUNCT
fbem-3317	61	93	(	(	PUNCT
fbem-3317	61	94	-2.03	-2.03	NUM
fbem-3317	61	95	)	)	PUNCT
fbem-3317	61	96	(	(	PUNCT
fbem-3317	61	97	-1.23	-1.23	X
fbem-3317	61	98	)	)	PUNCT
fbem-3317	61	99	(	(	PUNCT
fbem-3317	61	100	-2.79	-2.79	NOUN
fbem-3317	61	101	)	)	PUNCT
fbem-3317	61	102	(	(	PUNCT
fbem-3317	61	103	-1.79	-1.79	NOUN
fbem-3317	61	104	)	)	PUNCT
fbem-3317	61	105	cash	cash	NOUN
fbem-3317	61	106	0.068	0.068	NUM
fbem-3317	61	107	*	*	PUNCT
fbem-3317	61	108	*	*	PUNCT
fbem-3317	61	109	*	*	PUNCT
fbem-3317	61	110	0.097	0.097	NUM
fbem-3317	61	111	*	*	PUNCT
fbem-3317	61	112	*	*	PUNCT
fbem-3317	61	113	*	*	PUNCT
fbem-3317	61	114	0.071	0.071	NUM
fbem-3317	61	115	*	*	PUNCT
fbem-3317	61	116	*	*	PUNCT
fbem-3317	61	117	*	*	PUNCT
fbem-3317	61	118	0.070	0.070	NUM
fbem-3317	61	119	*	*	PUNCT
fbem-3317	61	120	*	*	PUNCT
fbem-3317	61	121	*	*	PUNCT
fbem-3317	61	122	(	(	PUNCT
fbem-3317	61	123	9.15	9.15	NUM
fbem-3317	61	124	)	)	PUNCT
fbem-3317	61	125	(	(	PUNCT
fbem-3317	61	126	3.12	3.12	NUM
fbem-3317	61	127	)	)	PUNCT
fbem-3317	61	128	(	(	PUNCT
fbem-3317	61	129	5.08	5.08	NUM
fbem-3317	61	130	)	)	PUNCT
fbem-3317	61	131	(	(	PUNCT
fbem-3317	61	132	7.25	7.25	NUM
fbem-3317	61	133	)	)	PUNCT
fbem-3317	61	134	top1	top1	PROPN
fbem-3317	61	135	0.026	0.026	NUM
fbem-3317	61	136	*	*	PUNCT
fbem-3317	61	137	*	*	PUNCT
fbem-3317	61	138	*	*	PUNCT
fbem-3317	61	139	0.049	0.049	NUM
fbem-3317	61	140	0.052	0.052	NUM
fbem-3317	61	141	*	*	PUNCT
fbem-3317	61	142	*	*	PUNCT
fbem-3317	61	143	*	*	PUNCT
fbem-3317	61	144	0.014	0.014	NUM
fbem-3317	61	145	(	(	PUNCT
fbem-3317	61	146	3.48	3.48	NUM
fbem-3317	61	147	)	)	PUNCT
fbem-3317	61	148	(	(	PUNCT
fbem-3317	61	149	1.58	1.58	NUM
fbem-3317	61	150	)	)	PUNCT
fbem-3317	61	151	(	(	PUNCT
fbem-3317	61	152	4.01	4.01	NUM
fbem-3317	61	153	)	)	PUNCT
fbem-3317	61	154	(	(	PUNCT
fbem-3317	61	155	1.43	1.43	NUM
fbem-3317	61	156	)	)	PUNCT
fbem-3317	61	157	liq	liq	NOUN
fbem-3317	61	158	0.022	0.022	NUM
fbem-3317	61	159	*	*	PUNCT
fbem-3317	61	160	*	*	PUNCT
fbem-3317	61	161	*	*	PUNCT
fbem-3317	61	162	0.062	0.062	NUM
fbem-3317	61	163	*	*	PUNCT
fbem-3317	61	164	*	*	PUNCT
fbem-3317	61	165	*	*	PUNCT
fbem-3317	61	166	0.022	0.022	NUM
fbem-3317	61	167	*	*	PUNCT
fbem-3317	61	168	*	*	PUNCT
fbem-3317	61	169	*	*	PUNCT
fbem-3317	61	170	0.019	0.019	NUM
fbem-3317	61	171	*	*	PUNCT
fbem-3317	61	172	*	*	PUNCT
fbem-3317	61	173	*	*	PUNCT
fbem-3317	61	174	(	(	PUNCT
fbem-3317	61	175	8.14	8.14	NUM
fbem-3317	61	176	)	)	PUNCT
fbem-3317	61	177	(	(	PUNCT
fbem-3317	61	178	4.21	4.21	NUM
fbem-3317	61	179	)	)	PUNCT
fbem-3317	61	180	(	(	PUNCT
fbem-3317	61	181	5.38	5.38	NUM
fbem-3317	61	182	)	)	PUNCT
fbem-3317	61	183	(	(	PUNCT
fbem-3317	61	184	5.09	5.09	NUM
fbem-3317	61	185	)	)	PUNCT
fbem-3317	61	186	constant	constant	ADJ
fbem-3317	61	187	0.143	0.143	NUM
fbem-3317	61	188	*	*	PUNCT
fbem-3317	61	189	*	*	PUNCT
fbem-3317	61	190	*	*	PUNCT
fbem-3317	61	191	-0.208	-0.208	X
fbem-3317	61	192	0.242	0.242	NUM
fbem-3317	61	193	*	*	PUNCT
fbem-3317	61	194	*	*	PUNCT
fbem-3317	61	195	*	*	PUNCT
fbem-3317	61	196	0.160	0.160	NUM
fbem-3317	61	197	*	*	PUNCT
fbem-3317	61	198	*	*	PUNCT
fbem-3317	61	199	*	*	PUNCT
fbem-3317	61	200	(	(	PUNCT
fbem-3317	61	201	4.90	4.90	NUM
fbem-3317	61	202	)	)	PUNCT
fbem-3317	61	203	(	(	PUNCT
fbem-3317	61	204	-1.26	-1.26	NUM
fbem-3317	61	205	)	)	PUNCT
fbem-3317	61	206	(	(	PUNCT
fbem-3317	61	207	5.81	5.81	NUM
fbem-3317	61	208	)	)	PUNCT
fbem-3317	61	209	(	(	PUNCT
fbem-3317	61	210	4.34	4.34	NUM
fbem-3317	61	211	)	)	PUNCT
fbem-3317	61	212	observations	observation	NOUN
fbem-3317	61	213	1,936	1,936	NUM
fbem-3317	61	214	130	130	NUM
fbem-3317	61	215	326	326	NUM
fbem-3317	61	216	1,233	1,233	NUM
fbem-3317	61	217	r	r	NOUN
fbem-3317	61	218	-	-	PUNCT
fbem-3317	61	219	squared	square	VERB
fbem-3317	61	220	0.104	0.104	NUM
fbem-3317	61	221	0.234	0.234	NUM
fbem-3317	61	222	0.249	0.249	NUM
fbem-3317	61	223	0.097	0.097	NUM
fbem-3317	61	224	robust	robust	ADJ
fbem-3317	61	225	t	t	NOUN
fbem-3317	61	226	-	-	PUNCT
fbem-3317	61	227	statistics	statistic	NOUN
fbem-3317	61	228	in	in	ADP
fbem-3317	61	229	parentheses	parenthesis	NOUN
fbem-3317	61	230	*	*	PUNCT
fbem-3317	61	231	*	*	PUNCT
fbem-3317	61	232	*	*	PUNCT
fbem-3317	61	233	p<0.01	p<0.01	PROPN
fbem-3317	61	234	,	,	PUNCT
fbem-3317	61	235	*	*	PUNCT
fbem-3317	61	236	*	*	PUNCT
fbem-3317	61	237	p<0.05	p<0.05	NOUN
fbem-3317	61	238	,	,	PUNCT
fbem-3317	61	239	*	*	PUNCT
fbem-3317	61	240	p<0.1	p<0.1	NUM
fbem-3317	61	241	4.4	4.4	NUM
fbem-3317	61	242	.	.	PUNCT
fbem-3317	62	1	regional	regional	ADJ
fbem-3317	62	2	heterogeneity	heterogeneity	NOUN
fbem-3317	62	3	analysis	analysis	NOUN
fbem-3317	62	4	the	the	DET
fbem-3317	62	5	impact	impact	NOUN
fbem-3317	62	6	of	of	ADP
fbem-3317	62	7	digital	digital	ADJ
fbem-3317	62	8	finance	finance	NOUN
fbem-3317	62	9	development	development	NOUN
fbem-3317	62	10	on	on	ADP
fbem-3317	62	11	corporation	corporation	NOUN
fbem-3317	62	12	performance	performance	NOUN
fbem-3317	62	13	varies	vary	VERB
fbem-3317	62	14	with	with	ADP
fbem-3317	62	15	the	the	DET
fbem-3317	62	16	province	province	NOUN
fbem-3317	62	17	of	of	ADP
fbem-3317	62	18	the	the	DET
fbem-3317	62	19	companies	company	NOUN
fbem-3317	62	20	.	.	PUNCT
fbem-3317	63	1	the	the	DET
fbem-3317	63	2	regional	regional	ADJ
fbem-3317	63	3	heterogeneity	heterogeneity	NOUN
fbem-3317	63	4	analysis	analysis	NOUN
fbem-3317	63	5	results	result	NOUN
fbem-3317	63	6	show	show	VERB
fbem-3317	63	7	in	in	ADP
fbem-3317	63	8	table	table	NOUN
fbem-3317	63	9	3	3	NUM
fbem-3317	63	10	(	(	PUNCT
fbem-3317	63	11	2	2	NUM
fbem-3317	63	12	)	)	PUNCT
fbem-3317	63	13	(	(	PUNCT
fbem-3317	63	14	3	3	NUM
fbem-3317	63	15	)	)	PUNCT
fbem-3317	63	16	and	and	CCONJ
fbem-3317	63	17	(	(	PUNCT
fbem-3317	63	18	4	4	NUM
fbem-3317	63	19	)	)	PUNCT
fbem-3317	63	20	.	.	PUNCT
fbem-3317	64	1	the	the	DET
fbem-3317	64	2	impact	impact	NOUN
fbem-3317	64	3	of	of	ADP
fbem-3317	64	4	digital	digital	ADJ
fbem-3317	64	5	inclusive	inclusive	ADJ
fbem-3317	64	6	finance	finance	NOUN
fbem-3317	64	7	on	on	ADP
fbem-3317	64	8	the	the	DET
fbem-3317	64	9	performance	performance	NOUN
fbem-3317	64	10	of	of	ADP
fbem-3317	64	11	enterprises	enterprise	NOUN
fbem-3317	64	12	in	in	ADP
fbem-3317	64	13	the	the	DET
fbem-3317	64	14	west	west	NOUN
fbem-3317	64	15	of	of	ADP
fbem-3317	64	16	china	china	PROPN
fbem-3317	64	17	is	be	AUX
fbem-3317	64	18	more	more	ADV
fbem-3317	64	19	obvious	obvious	ADJ
fbem-3317	64	20	.	.	PUNCT
fbem-3317	65	1	4.5	4.5	NUM
fbem-3317	65	2	.	.	PUNCT
fbem-3317	65	3	problem	problem	NOUN
fbem-3317	65	4	of	of	ADP
fbem-3317	65	5	endogeneity	endogeneity	NOUN
fbem-3317	65	6	to	to	PART
fbem-3317	65	7	alleviate	alleviate	VERB
fbem-3317	65	8	the	the	DET
fbem-3317	65	9	potential	potential	ADJ
fbem-3317	65	10	endogeneity	endogeneity	NOUN
fbem-3317	65	11	problem	problem	NOUN
fbem-3317	65	12	,	,	PUNCT
fbem-3317	65	13	this	this	DET
fbem-3317	65	14	paper	paper	NOUN
fbem-3317	65	15	adopts	adopt	VERB
fbem-3317	65	16	the	the	DET
fbem-3317	65	17	method	method	NOUN
fbem-3317	65	18	of	of	ADP
fbem-3317	65	19	re	re	NOUN
fbem-3317	65	20	-	-	NOUN
fbem-3317	65	21	regression	regression	NOUN
fbem-3317	65	22	of	of	ADP
fbem-3317	65	23	the	the	DET
fbem-3317	65	24	core	core	NOUN
fbem-3317	65	25	explanatory	explanatory	ADJ
fbem-3317	65	26	variables	variable	NOUN
fbem-3317	65	27	with	with	ADP
fbem-3317	65	28	one	one	NUM
fbem-3317	65	29	-	-	PUNCT
fbem-3317	65	30	period	period	NOUN
fbem-3317	65	31	lag	lag	NOUN
fbem-3317	65	32	and	and	CCONJ
fbem-3317	65	33	two	two	NUM
fbem-3317	65	34	-	-	PUNCT
fbem-3317	65	35	period	period	NOUN
fbem-3317	65	36	treatment	treatment	NOUN
fbem-3317	65	37	respectively	respectively	ADV
fbem-3317	65	38	to	to	PART
fbem-3317	65	39	analyze	analyze	VERB
fbem-3317	65	40	the	the	DET
fbem-3317	65	41	endogeneity	endogeneity	NOUN
fbem-3317	65	42	of	of	ADP
fbem-3317	65	43	the	the	DET
fbem-3317	65	44	results	result	NOUN
fbem-3317	65	45	of	of	ADP
fbem-3317	65	46	the	the	DET
fbem-3317	65	47	benchmark	benchmark	NOUN
fbem-3317	65	48	regression	regression	NOUN
fbem-3317	65	49	.	.	PUNCT
fbem-3317	66	1	the	the	DET
fbem-3317	66	2	regression	regression	NOUN
fbem-3317	66	3	results	result	NOUN
fbem-3317	66	4	of	of	ADP
fbem-3317	66	5	the	the	DET
fbem-3317	66	6	core	core	NOUN
fbem-3317	66	7	variables	variable	NOUN
fbem-3317	66	8	with	with	ADP
fbem-3317	66	9	a	a	DET
fbem-3317	66	10	lag	lag	NOUN
fbem-3317	66	11	of	of	ADP
fbem-3317	66	12	one	one	NUM
fbem-3317	66	13	and	and	CCONJ
fbem-3317	66	14	two	two	NUM
fbem-3317	66	15	periods	period	NOUN
fbem-3317	66	16	are	be	AUX
fbem-3317	66	17	shown	show	VERB
fbem-3317	66	18	in	in	ADP
fbem-3317	66	19	table	table	NOUN
fbem-3317	66	20	5	5	NUM
fbem-3317	66	21	(	(	PUNCT
fbem-3317	66	22	1	1	NUM
fbem-3317	66	23	)	)	PUNCT
fbem-3317	66	24	and	and	CCONJ
fbem-3317	66	25	(	(	PUNCT
fbem-3317	66	26	2	2	NUM
fbem-3317	66	27	)	)	PUNCT
fbem-3317	66	28	.	.	PUNCT
fbem-3317	67	1	the	the	DET
fbem-3317	67	2	coefficient	coefficient	NOUN
fbem-3317	67	3	of	of	ADP
fbem-3317	67	4	the	the	DET
fbem-3317	67	5	core	core	ADJ
fbem-3317	67	6	explanatory	explanatory	ADJ
fbem-3317	67	7	variable	variable	NOUN
fbem-3317	67	8	in	in	ADP
fbem-3317	67	9	the	the	DET
fbem-3317	67	10	lag	lag	NOUN
fbem-3317	67	11	one	one	NUM
fbem-3317	67	12	period	period	NOUN
fbem-3317	67	13	is	be	AUX
fbem-3317	67	14	larger	large	ADJ
fbem-3317	67	15	than	than	ADP
fbem-3317	67	16	that	that	PRON
fbem-3317	67	17	in	in	ADP
fbem-3317	67	18	the	the	DET
fbem-3317	67	19	original	original	ADJ
fbem-3317	67	20	regression	regression	NOUN
fbem-3317	67	21	,	,	PUNCT
fbem-3317	67	22	and	and	CCONJ
fbem-3317	67	23	the	the	DET
fbem-3317	67	24	coefficient	coefficient	NOUN
fbem-3317	67	25	of	of	ADP
fbem-3317	67	26	the	the	DET
fbem-3317	67	27	core	core	ADJ
fbem-3317	67	28	explanatory	explanatory	ADJ
fbem-3317	67	29	variable	variable	NOUN
fbem-3317	67	30	of	of	ADP
fbem-3317	67	31	lag	lag	NOUN
fbem-3317	67	32	two	two	NUM
fbem-3317	67	33	period	period	NOUN
fbem-3317	67	34	is	be	AUX
fbem-3317	67	35	more	more	ADV
fbem-3317	67	36	positively	positively	ADV
fbem-3317	67	37	correlated	correlate	VERB
fbem-3317	67	38	than	than	SCONJ
fbem-3317	67	39	that	that	PRON
fbem-3317	67	40	lag	lag	VERB
fbem-3317	67	41	one	one	NUM
fbem-3317	67	42	period	period	NOUN
fbem-3317	67	43	,	,	PUNCT
fbem-3317	67	44	indicating	indicate	VERB
fbem-3317	67	45	that	that	SCONJ
fbem-3317	67	46	digital	digital	ADJ
fbem-3317	67	47	financial	financial	ADJ
fbem-3317	67	48	inclusion	inclusion	NOUN
fbem-3317	67	49	has	have	VERB
fbem-3317	67	50	a	a	DET
fbem-3317	67	51	lag	lag	ADJ
fbem-3317	67	52	effect	effect	NOUN
fbem-3317	67	53	on	on	ADP
fbem-3317	67	54	the	the	DET
fbem-3317	67	55	development	development	NOUN
fbem-3317	67	56	of	of	ADP
fbem-3317	67	57	smes	sme	NOUN
fbem-3317	67	58	.	.	PUNCT
fbem-3317	68	1	table	table	NOUN
fbem-3317	68	2	5	5	NUM
fbem-3317	68	3	.	.	PUNCT
fbem-3317	68	4	endogeneity	endogeneity	NOUN
fbem-3317	68	5	results	result	NOUN
fbem-3317	68	6	and	and	CCONJ
fbem-3317	68	7	robustness	robustness	NOUN
fbem-3317	68	8	test	test	NOUN
fbem-3317	68	9	results	result	NOUN
fbem-3317	68	10	(	(	PUNCT
fbem-3317	68	11	1	1	NUM
fbem-3317	68	12	)	)	PUNCT
fbem-3317	68	13	(	(	PUNCT
fbem-3317	68	14	2	2	NUM
fbem-3317	68	15	)	)	PUNCT
fbem-3317	68	16	(	(	PUNCT
fbem-3317	68	17	3	3	X
fbem-3317	68	18	)	)	PUNCT
fbem-3317	68	19	(	(	PUNCT
fbem-3317	68	20	4	4	NUM
fbem-3317	68	21	)	)	PUNCT
fbem-3317	68	22	(	(	PUNCT
fbem-3317	68	23	5	5	X
fbem-3317	68	24	)	)	PUNCT
fbem-3317	68	25	variables	variable	NOUN
fbem-3317	68	26	lag	lag	VERB
fbem-3317	68	27	one	one	NUM
fbem-3317	68	28	period	period	NOUN
fbem-3317	68	29	lag	lag	VERB
fbem-3317	68	30	two	two	NUM
fbem-3317	68	31	periods	period	NOUN
fbem-3317	68	32	roe	roe	NOUN
fbem-3317	68	33	lag	lag	VERB
fbem-3317	68	34	one	one	NUM
fbem-3317	68	35	period	period	NOUN
fbem-3317	68	36	(	(	PUNCT
fbem-3317	68	37	using	use	VERB
fbem-3317	68	38	roe	roe	NOUN
fbem-3317	68	39	)	)	PUNCT
fbem-3317	68	40	lag	lag	VERB
fbem-3317	68	41	two	two	NUM
fbem-3317	68	42	period	period	NOUN
fbem-3317	68	43	(	(	PUNCT
fbem-3317	68	44	using	use	VERB
fbem-3317	68	45	roe	roe	NOUN
fbem-3317	68	46	)	)	PUNCT
fbem-3317	68	47	l.difi	l.difi	ADV
fbem-3317	68	48	0.317	0.317	NUM
fbem-3317	68	49	*	*	PUNCT
fbem-3317	68	50	*	*	PUNCT
fbem-3317	68	51	*	*	PUNCT
fbem-3317	68	52	0.323	0.323	NUM
fbem-3317	68	53	*	*	PUNCT
fbem-3317	68	54	*	*	PUNCT
fbem-3317	68	55	*	*	PUNCT
fbem-3317	68	56	0.191	0.191	NUM
fbem-3317	68	57	*	*	PUNCT
fbem-3317	68	58	*	*	PUNCT
fbem-3317	68	59	0.308	0.308	NUM
fbem-3317	68	60	*	*	PUNCT
fbem-3317	68	61	*	*	PUNCT
fbem-3317	68	62	*	*	PUNCT
fbem-3317	68	63	0.316	0.316	NUM
fbem-3317	68	64	*	*	PUNCT
fbem-3317	68	65	*	*	PUNCT
fbem-3317	68	66	*	*	PUNCT
fbem-3317	68	67	(	(	PUNCT
fbem-3317	68	68	4.63	4.63	NUM
fbem-3317	68	69	)	)	PUNCT
fbem-3317	68	70	(	(	PUNCT
fbem-3317	68	71	4.40	4.40	NUM
fbem-3317	68	72	)	)	PUNCT
fbem-3317	68	73	(	(	PUNCT
fbem-3317	68	74	2.25	2.25	NUM
fbem-3317	68	75	)	)	PUNCT
fbem-3317	68	76	(	(	PUNCT
fbem-3317	68	77	3.52	3.52	NUM
fbem-3317	68	78	)	)	PUNCT
fbem-3317	68	79	(	(	PUNCT
fbem-3317	68	80	3.43	3.43	NUM
fbem-3317	68	81	)	)	PUNCT
fbem-3317	68	82	ta	ta	ADP
fbem-3317	68	83	-0.008	-0.008	NOUN
fbem-3317	68	84	*	*	PUNCT
fbem-3317	68	85	*	*	PUNCT
fbem-3317	68	86	*	*	PUNCT
fbem-3317	68	87	-0.006	-0.006	PROPN
fbem-3317	68	88	*	*	PROPN
fbem-3317	68	89	0.007	0.007	NUM
fbem-3317	68	90	0.018	0.018	NUM
fbem-3317	68	91	*	*	PUNCT
fbem-3317	68	92	*	*	PUNCT
fbem-3317	68	93	*	*	PUNCT
fbem-3317	69	1	0.023	0.023	NUM
fbem-3317	69	2	*	*	PUNCT
fbem-3317	69	3	*	*	PUNCT
fbem-3317	69	4	*	*	PUNCT
fbem-3317	69	5	(	(	PUNCT
fbem-3317	69	6	-2.61	-2.61	NOUN
fbem-3317	69	7	)	)	PUNCT
fbem-3317	69	8	(	(	PUNCT
fbem-3317	69	9	-1.80	-1.80	X
fbem-3317	69	10	)	)	PUNCT
fbem-3317	69	11	(	(	PUNCT
fbem-3317	69	12	1.43	1.43	NUM
fbem-3317	69	13	)	)	PUNCT
fbem-3317	69	14	(	(	PUNCT
fbem-3317	69	15	3.81	3.81	NUM
fbem-3317	69	16	)	)	PUNCT
fbem-3317	69	17	(	(	PUNCT
fbem-3317	69	18	4.56	4.56	NUM
fbem-3317	69	19	)	)	PUNCT
fbem-3317	69	20	lev	lev	NOUN
fbem-3317	69	21	-0.003	-0.003	PROPN
fbem-3317	69	22	*	*	PROPN
fbem-3317	69	23	*	*	PUNCT
fbem-3317	69	24	-0.003	-0.003	PROPN
fbem-3317	69	25	*	*	PUNCT
fbem-3317	69	26	*	*	PUNCT
fbem-3317	69	27	-0.004	-0.004	PROPN
fbem-3317	69	28	*	*	PUNCT
fbem-3317	69	29	*	*	PUNCT
fbem-3317	69	30	-0.004	-0.004	PROPN
fbem-3317	69	31	*	*	PUNCT
fbem-3317	69	32	*	*	PUNCT
fbem-3317	69	33	-0.004	-0.004	PROPN
fbem-3317	69	34	*	*	PUNCT
fbem-3317	69	35	*	*	PUNCT
fbem-3317	69	36	(	(	PUNCT
fbem-3317	69	37	-2.08	-2.08	NUM
fbem-3317	69	38	)	)	PUNCT
fbem-3317	69	39	(	(	PUNCT
fbem-3317	69	40	-2.04	-2.04	NUM
fbem-3317	69	41	)	)	PUNCT
fbem-3317	69	42	(	(	PUNCT
fbem-3317	69	43	-2.16	-2.16	NOUN
fbem-3317	69	44	)	)	PUNCT
fbem-3317	69	45	(	(	PUNCT
fbem-3317	69	46	-2.20	-2.20	NUM
fbem-3317	69	47	)	)	PUNCT
fbem-3317	69	48	(	(	PUNCT
fbem-3317	69	49	-2.15	-2.15	NOUN
fbem-3317	69	50	)	)	PUNCT
fbem-3317	69	51	cash	cash	NOUN
fbem-3317	69	52	0.073	0.073	NUM
fbem-3317	69	53	*	*	PUNCT
fbem-3317	69	54	*	*	PUNCT
fbem-3317	69	55	*	*	PUNCT
fbem-3317	69	56	0.073	0.073	NUM
fbem-3317	69	57	*	*	PUNCT
fbem-3317	69	58	*	*	PUNCT
fbem-3317	69	59	*	*	PUNCT
fbem-3317	69	60	0.056	0.056	NUM
fbem-3317	69	61	*	*	PUNCT
fbem-3317	69	62	*	*	PUNCT
fbem-3317	69	63	*	*	PUNCT
fbem-3317	69	64	0.067	0.067	NUM
fbem-3317	69	65	*	*	PUNCT
fbem-3317	69	66	*	*	PUNCT
fbem-3317	69	67	*	*	PUNCT
fbem-3317	69	68	0.068	0.068	NUM
fbem-3317	69	69	*	*	PUNCT
fbem-3317	69	70	*	*	PUNCT
fbem-3317	69	71	*	*	PUNCT
fbem-3317	69	72	(	(	PUNCT
fbem-3317	69	73	8.53	8.53	NUM
fbem-3317	69	74	)	)	PUNCT
fbem-3317	69	75	(	(	PUNCT
fbem-3317	69	76	7.26	7.26	NUM
fbem-3317	69	77	)	)	PUNCT
fbem-3317	69	78	(	(	PUNCT
fbem-3317	69	79	5.58	5.58	NUM
fbem-3317	69	80	)	)	PUNCT
fbem-3317	69	81	(	(	PUNCT
fbem-3317	69	82	5.95	5.95	NUM
fbem-3317	69	83	)	)	PUNCT
fbem-3317	69	84	(	(	PUNCT
fbem-3317	69	85	5.32	5.32	NUM
fbem-3317	69	86	)	)	PUNCT
fbem-3317	69	87	top1	top1	PROPN
fbem-3317	69	88	0.017	0.017	NUM
fbem-3317	69	89	*	*	PUNCT
fbem-3317	69	90	*	*	PROPN
fbem-3317	69	91	0.018	0.018	NUM
fbem-3317	69	92	*	*	PUNCT
fbem-3317	69	93	*	*	PUNCT
fbem-3317	69	94	0.046	0.046	NUM
fbem-3317	69	95	*	*	PUNCT
fbem-3317	69	96	*	*	PUNCT
fbem-3317	69	97	*	*	PUNCT
fbem-3317	69	98	0.031	0.031	NUM
fbem-3317	69	99	*	*	PUNCT
fbem-3317	69	100	*	*	PUNCT
fbem-3317	69	101	*	*	PUNCT
fbem-3317	69	102	0.032	0.032	NUM
fbem-3317	69	103	*	*	PUNCT
fbem-3317	69	104	*	*	PUNCT
fbem-3317	69	105	*	*	PUNCT
fbem-3317	69	106	(	(	PUNCT
fbem-3317	69	107	2.26	2.26	NUM
fbem-3317	69	108	)	)	PUNCT
fbem-3317	69	109	(	(	PUNCT
fbem-3317	69	110	2.11	2.11	NUM
fbem-3317	69	111	)	)	PUNCT
fbem-3317	69	112	(	(	PUNCT
fbem-3317	69	113	4.26	4.26	NUM
fbem-3317	69	114	)	)	PUNCT
fbem-3317	69	115	(	(	PUNCT
fbem-3317	69	116	2.92	2.92	NUM
fbem-3317	69	117	)	)	PUNCT
fbem-3317	69	118	(	(	PUNCT
fbem-3317	69	119	2.71	2.71	NUM
fbem-3317	69	120	)	)	PUNCT
fbem-3317	69	121	liq	liq	NOUN
fbem-3317	69	122	0.020	0.020	NUM
fbem-3317	69	123	*	*	PUNCT
fbem-3317	69	124	*	*	PUNCT
fbem-3317	69	125	*	*	PUNCT
fbem-3317	69	126	0.020	0.020	NUM
fbem-3317	69	127	*	*	PUNCT
fbem-3317	69	128	*	*	PUNCT
fbem-3317	69	129	*	*	PUNCT
fbem-3317	69	130	0.039	0.039	NUM
fbem-3317	69	131	*	*	PUNCT
fbem-3317	69	132	*	*	PUNCT
fbem-3317	69	133	*	*	PUNCT
fbem-3317	69	134	0.036	0.036	NUM
fbem-3317	69	135	*	*	PUNCT
fbem-3317	69	136	*	*	PUNCT
fbem-3317	69	137	*	*	PUNCT
fbem-3317	69	138	0.037	0.037	NUM
fbem-3317	69	139	*	*	PUNCT
fbem-3317	69	140	*	*	PUNCT
fbem-3317	69	141	*	*	PUNCT
fbem-3317	69	142	(	(	PUNCT
fbem-3317	69	143	7.30	7.30	NUM
fbem-3317	69	144	)	)	PUNCT
fbem-3317	69	145	(	(	PUNCT
fbem-3317	69	146	7.09	7.09	NUM
fbem-3317	69	147	)	)	PUNCT
fbem-3317	69	148	(	(	PUNCT
fbem-3317	69	149	9.24	9.24	NUM
fbem-3317	69	150	)	)	PUNCT
fbem-3317	69	151	(	(	PUNCT
fbem-3317	69	152	8.40	8.40	NUM
fbem-3317	69	153	)	)	PUNCT
fbem-3317	69	154	(	(	PUNCT
fbem-3317	69	155	8.30	8.30	NUM
fbem-3317	69	156	)	)	PUNCT
fbem-3317	69	157	constant	constant	ADJ
fbem-3317	69	158	0.087	0.087	NUM
fbem-3317	69	159	*	*	NOUN
fbem-3317	69	160	*	*	PUNCT
fbem-3317	69	161	*	*	PUNCT
fbem-3317	69	162	0.067	0.067	NUM
fbem-3317	69	163	*	*	PUNCT
fbem-3317	69	164	*	*	NOUN
fbem-3317	69	165	-0.041	-0.041	NOUN
fbem-3317	69	166	-0.146	-0.146	NOUN
fbem-3317	69	167	*	*	PUNCT
fbem-3317	69	168	*	*	PUNCT
fbem-3317	69	169	*	*	PUNCT
fbem-3317	69	170	-0.194	-0.194	NOUN
fbem-3317	69	171	*	*	PUNCT
fbem-3317	69	172	*	*	PUNCT
fbem-3317	69	173	*	*	PUNCT
fbem-3317	69	174	(	(	PUNCT
fbem-3317	69	175	3.06	3.06	NUM
fbem-3317	69	176	)	)	PUNCT
fbem-3317	69	177	(	(	PUNCT
fbem-3317	69	178	2.17	2.17	NUM
fbem-3317	69	179	)	)	PUNCT
fbem-3317	69	180	(	(	PUNCT
fbem-3317	69	181	-0.94	-0.94	NUM
fbem-3317	69	182	)	)	PUNCT
fbem-3317	69	183	(	(	PUNCT
fbem-3317	69	184	-3.34	-3.34	NOUN
fbem-3317	69	185	)	)	PUNCT
fbem-3317	69	186	(	(	PUNCT
fbem-3317	69	187	-4.10	-4.10	NOUN
fbem-3317	69	188	)	)	PUNCT
fbem-3317	69	189	observations	observation	NOUN
fbem-3317	69	190	1,687	1,687	NUM
fbem-3317	69	191	1,464	1,464	NUM
fbem-3317	69	192	1,936	1,936	NUM
fbem-3317	69	193	r	r	NOUN
fbem-3317	69	194	-	-	PUNCT
fbem-3317	69	195	squared	square	VERB
fbem-3317	69	196	0.089	0.089	NUM
fbem-3317	69	197	0.087	0.087	NUM
fbem-3317	69	198	0.086	0.086	NUM
fbem-3317	69	199	1,687	1,687	NUM
fbem-3317	69	200	1,464	1,464	NUM
fbem-3317	69	201	0.092	0.092	NUM
fbem-3317	69	202	0.108	0.108	NUM
fbem-3317	69	203	robust	robust	ADJ
fbem-3317	69	204	t	t	NOUN
fbem-3317	69	205	-	-	PUNCT
fbem-3317	69	206	statistics	statistic	NOUN
fbem-3317	69	207	in	in	ADP
fbem-3317	69	208	parentheses	parenthesis	NOUN
fbem-3317	69	209	*	*	PUNCT
fbem-3317	69	210	*	*	PUNCT
fbem-3317	69	211	*	*	PUNCT
fbem-3317	69	212	p<0.01	p<0.01	PROPN
fbem-3317	69	213	,	,	PUNCT
fbem-3317	69	214	*	*	PUNCT
fbem-3317	69	215	*	*	PUNCT
fbem-3317	69	216	p<0.05	p<0.05	NOUN
fbem-3317	69	217	,	,	PUNCT
fbem-3317	69	218	*	*	PUNCT
fbem-3317	69	219	p<0.1	p<0.1	NUM
fbem-3317	69	220	4.6	4.6	NUM
fbem-3317	69	221	.	.	PUNCT
fbem-3317	70	1	robustness	robustness	NOUN
fbem-3317	70	2	test	test	NOUN
fbem-3317	70	3	to	to	PART
fbem-3317	70	4	make	make	VERB
fbem-3317	70	5	results	result	NOUN
fbem-3317	70	6	more	more	ADV
fbem-3317	70	7	credible	credible	ADJ
fbem-3317	70	8	,	,	PUNCT
fbem-3317	70	9	this	this	DET
fbem-3317	70	10	paper	paper	NOUN
fbem-3317	70	11	adopts	adopt	VERB
fbem-3317	70	12	replacing	replace	VERB
fbem-3317	70	13	explanatory	explanatory	ADJ
fbem-3317	70	14	variables	variable	NOUN
fbem-3317	70	15	to	to	PART
fbem-3317	70	16	carry	carry	VERB
fbem-3317	70	17	out	out	ADP
fbem-3317	70	18	the	the	DET
fbem-3317	70	19	robustness	robustness	NOUN
fbem-3317	70	20	test	test	NOUN
fbem-3317	70	21	.	.	PUNCT
fbem-3317	71	1	use	use	VERB
fbem-3317	71	2	return	return	NOUN
fbem-3317	71	3	on	on	ADP
fbem-3317	71	4	equity	equity	NOUN
fbem-3317	71	5	(	(	PUNCT
fbem-3317	71	6	roe	roe	PROPN
fbem-3317	71	7	)	)	PUNCT
fbem-3317	71	8	to	to	PART
fbem-3317	71	9	replace	replace	VERB
fbem-3317	71	10	return	return	NOUN
fbem-3317	71	11	on	on	ADP
fbem-3317	71	12	total	total	ADJ
fbem-3317	71	13	assets	asset	NOUN
fbem-3317	71	14	(	(	PUNCT
fbem-3317	71	15	roa	roa	NOUN
fbem-3317	71	16	)	)	PUNCT
fbem-3317	71	17	to	to	PART
fbem-3317	71	18	re	re	VERB
fbem-3317	71	19	-	-	VERB
fbem-3317	71	20	regression	regression	VERB
fbem-3317	71	21	,	,	PUNCT
fbem-3317	71	22	lag	lag	VERB
fbem-3317	71	23	the	the	DET
fbem-3317	71	24	core	core	NOUN
fbem-3317	71	25	explanatory	explanatory	ADJ
fbem-3317	71	26	variables	variable	NOUN
fbem-3317	71	27	to	to	PART
fbem-3317	71	28	test	test	VERB
fbem-3317	71	29	whether	whether	SCONJ
fbem-3317	71	30	there	there	PRON
fbem-3317	71	31	still	still	ADV
fbem-3317	71	32	exist	exist	VERB
fbem-3317	71	33	lag	lag	ADJ
fbem-3317	71	34	effect	effect	NOUN
fbem-3317	71	35	.	.	PUNCT
fbem-3317	72	1	as	as	SCONJ
fbem-3317	72	2	shown	show	VERB
fbem-3317	72	3	in	in	ADP
fbem-3317	72	4	table	table	NOUN
fbem-3317	72	5	5	5	NUM
fbem-3317	72	6	(	(	PUNCT
fbem-3317	72	7	3	3	NUM
fbem-3317	72	8	)	)	PUNCT
fbem-3317	72	9	(	(	PUNCT
fbem-3317	72	10	4	4	NUM
fbem-3317	72	11	)	)	PUNCT
fbem-3317	72	12	(	(	PUNCT
fbem-3317	72	13	5	5	NUM
fbem-3317	72	14	)	)	PUNCT
fbem-3317	72	15	,	,	PUNCT
fbem-3317	72	16	the	the	DET
fbem-3317	72	17	impact	impact	NOUN
fbem-3317	72	18	of	of	ADP
fbem-3317	72	19	digital	digital	ADJ
fbem-3317	72	20	finance	finance	NOUN
fbem-3317	72	21	on	on	ADP
fbem-3317	72	22	corporation	corporation	NOUN
fbem-3317	72	23	performance	performance	NOUN
fbem-3317	72	24	is	be	AUX
fbem-3317	72	25	still	still	ADV
fbem-3317	72	26	significantly	significantly	ADV
fbem-3317	72	27	positive	positive	ADJ
fbem-3317	72	28	,	,	PUNCT
fbem-3317	72	29	and	and	CCONJ
fbem-3317	72	30	there	there	PRON
fbem-3317	72	31	still	still	ADV
fbem-3317	72	32	exist	exist	VERB
fbem-3317	72	33	an	an	DET
fbem-3317	72	34	obvious	obvious	ADJ
fbem-3317	72	35	lag	lag	NOUN
fbem-3317	72	36	effect	effect	NOUN
fbem-3317	72	37	.	.	PUNCT
fbem-3317	73	1	the	the	DET
fbem-3317	73	2	results	result	NOUN
fbem-3317	73	3	are	be	AUX
fbem-3317	73	4	still	still	ADV
fbem-3317	73	5	robust	robust	ADJ
fbem-3317	73	6	.	.	PUNCT
fbem-3317	74	1	84	84	NUM
fbem-3317	74	2	5	5	NUM
fbem-3317	74	3	.	.	PUNCT
fbem-3317	74	4	conclusion	conclusion	NOUN
fbem-3317	74	5	5.1	5.1	NUM
fbem-3317	74	6	.	.	PUNCT
fbem-3317	75	1	research	research	NOUN
fbem-3317	75	2	results	result	NOUN
fbem-3317	75	3	this	this	DET
fbem-3317	75	4	paper	paper	NOUN
fbem-3317	75	5	chose	choose	VERB
fbem-3317	75	6	the	the	DET
fbem-3317	75	7	information	information	NOUN
fbem-3317	75	8	of	of	ADP
fbem-3317	75	9	smes	sme	NOUN
fbem-3317	75	10	in	in	ADP
fbem-3317	75	11	manufacturing	manufacture	VERB
fbem-3317	75	12	industry	industry	NOUN
fbem-3317	75	13	from	from	ADP
fbem-3317	75	14	2011	2011	NUM
fbem-3317	75	15	to	to	ADP
fbem-3317	75	16	2020	2020	NUM
fbem-3317	75	17	as	as	ADP
fbem-3317	75	18	empirical	empirical	ADJ
fbem-3317	75	19	research	research	NOUN
fbem-3317	75	20	samples	sample	NOUN
fbem-3317	75	21	to	to	PART
fbem-3317	75	22	explore	explore	VERB
fbem-3317	75	23	the	the	DET
fbem-3317	75	24	influence	influence	NOUN
fbem-3317	75	25	of	of	ADP
fbem-3317	75	26	digital	digital	ADJ
fbem-3317	75	27	finance	finance	NOUN
fbem-3317	75	28	development	development	NOUN
fbem-3317	75	29	on	on	ADP
fbem-3317	75	30	the	the	DET
fbem-3317	75	31	performance	performance	NOUN
fbem-3317	75	32	of	of	ADP
fbem-3317	75	33	smes	sme	NOUN
fbem-3317	75	34	in	in	ADP
fbem-3317	75	35	manufacturing	manufacturing	NOUN
fbem-3317	75	36	industry	industry	NOUN
fbem-3317	75	37	.	.	PUNCT
fbem-3317	76	1	the	the	DET
fbem-3317	76	2	results	result	NOUN
fbem-3317	76	3	of	of	ADP
fbem-3317	76	4	the	the	DET
fbem-3317	76	5	empirical	empirical	ADJ
fbem-3317	76	6	research	research	NOUN
fbem-3317	76	7	are	be	AUX
fbem-3317	76	8	follows	follow	VERB
fbem-3317	76	9	:	:	PUNCT
fbem-3317	76	10	(	(	PUNCT
fbem-3317	76	11	1	1	X
fbem-3317	76	12	)	)	PUNCT
fbem-3317	76	13	the	the	DET
fbem-3317	76	14	development	development	NOUN
fbem-3317	76	15	of	of	ADP
fbem-3317	76	16	digital	digital	ADJ
fbem-3317	76	17	finance	finance	NOUN
fbem-3317	76	18	has	have	VERB
fbem-3317	76	19	positive	positive	ADJ
fbem-3317	76	20	influence	influence	NOUN
fbem-3317	76	21	on	on	ADP
fbem-3317	76	22	performance	performance	NOUN
fbem-3317	76	23	of	of	ADP
fbem-3317	76	24	smes	sme	NOUN
fbem-3317	76	25	in	in	ADP
fbem-3317	76	26	manufacturing	manufacturing	NOUN
fbem-3317	76	27	industry	industry	NOUN
fbem-3317	76	28	.	.	PUNCT
fbem-3317	77	1	the	the	DET
fbem-3317	77	2	development	development	NOUN
fbem-3317	77	3	of	of	ADP
fbem-3317	77	4	digital	digital	ADJ
fbem-3317	77	5	finance	finance	NOUN
fbem-3317	77	6	reduces	reduce	VERB
fbem-3317	77	7	information	information	NOUN
fbem-3317	77	8	asymmetry	asymmetry	NOUN
fbem-3317	77	9	and	and	CCONJ
fbem-3317	77	10	increase	increase	VERB
fbem-3317	77	11	finance	finance	NOUN
fbem-3317	77	12	speed	speed	NOUN
fbem-3317	77	13	and	and	CCONJ
fbem-3317	77	14	quality	quality	NOUN
fbem-3317	77	15	.	.	PUNCT
fbem-3317	78	1	digital	digital	ADJ
fbem-3317	78	2	finance	finance	NOUN
fbem-3317	78	3	also	also	ADV
fbem-3317	78	4	maintains	maintain	VERB
fbem-3317	78	5	technical	technical	ADJ
fbem-3317	78	6	innovation	innovation	NOUN
fbem-3317	78	7	and	and	CCONJ
fbem-3317	78	8	improve	improve	VERB
fbem-3317	78	9	manufacture	manufacture	NOUN
fbem-3317	78	10	efficiency	efficiency	NOUN
fbem-3317	78	11	and	and	CCONJ
fbem-3317	78	12	reduce	reduce	VERB
fbem-3317	78	13	produce	produce	NOUN
fbem-3317	78	14	cost	cost	NOUN
fbem-3317	78	15	.	.	PUNCT
fbem-3317	79	1	consequently	consequently	ADV
fbem-3317	79	2	,	,	PUNCT
fbem-3317	79	3	the	the	DET
fbem-3317	79	4	operation	operation	NOUN
fbem-3317	79	5	performance	performance	NOUN
fbem-3317	79	6	can	can	AUX
fbem-3317	79	7	increase	increase	VERB
fbem-3317	79	8	.	.	PUNCT
fbem-3317	80	1	(	(	PUNCT
fbem-3317	80	2	2	2	X
fbem-3317	80	3	)	)	PUNCT
fbem-3317	80	4	the	the	DET
fbem-3317	80	5	impact	impact	NOUN
fbem-3317	80	6	of	of	ADP
fbem-3317	80	7	promotion	promotion	NOUN
fbem-3317	80	8	function	function	NOUN
fbem-3317	80	9	of	of	ADP
fbem-3317	80	10	digital	digital	ADJ
fbem-3317	80	11	finance	finance	NOUN
fbem-3317	80	12	to	to	ADP
fbem-3317	80	13	the	the	DET
fbem-3317	80	14	performance	performance	NOUN
fbem-3317	80	15	of	of	ADP
fbem-3317	80	16	smes	sme	NOUN
fbem-3317	80	17	in	in	ADP
fbem-3317	80	18	manufacture	manufacture	NOUN
fbem-3317	80	19	industry	industry	NOUN
fbem-3317	80	20	is	be	AUX
fbem-3317	80	21	more	more	ADV
fbem-3317	80	22	obvious	obvious	ADJ
fbem-3317	80	23	in	in	ADP
fbem-3317	80	24	west	west	NOUN
fbem-3317	80	25	than	than	ADP
fbem-3317	80	26	east	east	PROPN
fbem-3317	80	27	.	.	PUNCT
fbem-3317	81	1	heterogeneity	heterogeneity	NOUN
fbem-3317	81	2	analysis	analysis	NOUN
fbem-3317	81	3	showed	show	VERB
fbem-3317	81	4	that	that	SCONJ
fbem-3317	81	5	the	the	DET
fbem-3317	81	6	rapid	rapid	ADJ
fbem-3317	81	7	development	development	NOUN
fbem-3317	81	8	of	of	ADP
fbem-3317	81	9	digital	digital	ADJ
fbem-3317	81	10	finance	finance	NOUN
fbem-3317	81	11	has	have	VERB
fbem-3317	81	12	more	more	ADV
fbem-3317	81	13	obvious	obvious	ADJ
fbem-3317	81	14	effect	effect	NOUN
fbem-3317	81	15	on	on	ADP
fbem-3317	81	16	the	the	DET
fbem-3317	81	17	company	company	NOUN
fbem-3317	81	18	in	in	ADP
fbem-3317	81	19	western	western	ADJ
fbem-3317	81	20	region	region	NOUN
fbem-3317	81	21	.	.	PUNCT
fbem-3317	82	1	(	(	PUNCT
fbem-3317	82	2	3	3	X
fbem-3317	82	3	)	)	PUNCT
fbem-3317	82	4	the	the	DET
fbem-3317	82	5	impact	impact	NOUN
fbem-3317	82	6	of	of	ADP
fbem-3317	82	7	digital	digital	ADJ
fbem-3317	82	8	finance	finance	NOUN
fbem-3317	82	9	to	to	ADP
fbem-3317	82	10	corporation	corporation	NOUN
fbem-3317	82	11	performance	performance	NOUN
fbem-3317	82	12	exists	exist	VERB
fbem-3317	82	13	lag	lag	ADJ
fbem-3317	82	14	effect	effect	NOUN
fbem-3317	82	15	.	.	PUNCT
fbem-3317	83	1	the	the	DET
fbem-3317	83	2	coefficient	coefficient	NOUN
fbem-3317	83	3	of	of	ADP
fbem-3317	83	4	the	the	DET
fbem-3317	83	5	core	core	ADJ
fbem-3317	83	6	explanatory	explanatory	ADJ
fbem-3317	83	7	variable	variable	NOUN
fbem-3317	83	8	in	in	ADP
fbem-3317	83	9	the	the	DET
fbem-3317	83	10	lag	lag	NOUN
fbem-3317	83	11	one	one	NUM
fbem-3317	83	12	period	period	NOUN
fbem-3317	83	13	is	be	AUX
fbem-3317	83	14	larger	large	ADJ
fbem-3317	83	15	than	than	ADP
fbem-3317	83	16	that	that	PRON
fbem-3317	83	17	in	in	ADP
fbem-3317	83	18	original	original	ADJ
fbem-3317	83	19	regression	regression	NOUN
fbem-3317	83	20	,	,	PUNCT
fbem-3317	83	21	and	and	CCONJ
fbem-3317	83	22	coefficient	coefficient	NOUN
fbem-3317	83	23	of	of	ADP
fbem-3317	83	24	the	the	DET
fbem-3317	83	25	core	core	ADJ
fbem-3317	83	26	explanatory	explanatory	ADJ
fbem-3317	83	27	variable	variable	NOUN
fbem-3317	83	28	of	of	ADP
fbem-3317	83	29	lag	lag	NOUN
fbem-3317	83	30	two	two	NUM
fbem-3317	83	31	period	period	NOUN
fbem-3317	83	32	is	be	AUX
fbem-3317	83	33	more	more	ADV
fbem-3317	83	34	positively	positively	ADV
fbem-3317	83	35	correlated	correlate	VERB
fbem-3317	83	36	than	than	SCONJ
fbem-3317	83	37	that	that	PRON
fbem-3317	83	38	lag	lag	VERB
fbem-3317	83	39	one	one	NUM
fbem-3317	83	40	period	period	NOUN
fbem-3317	83	41	.	.	PUNCT
fbem-3317	84	1	5.2	5.2	NUM
fbem-3317	84	2	.	.	PUNCT
fbem-3317	85	1	recommendation	recommendation	NOUN
fbem-3317	85	2	it	it	PRON
fbem-3317	85	3	is	be	AUX
fbem-3317	85	4	important	important	ADJ
fbem-3317	85	5	to	to	PART
fbem-3317	85	6	combine	combine	VERB
fbem-3317	85	7	digital	digital	ADJ
fbem-3317	85	8	finance	finance	NOUN
fbem-3317	85	9	and	and	CCONJ
fbem-3317	85	10	inclusive	inclusive	ADJ
fbem-3317	85	11	finance	finance	NOUN
fbem-3317	85	12	,	,	PUNCT
fbem-3317	85	13	government	government	NOUN
fbem-3317	85	14	should	should	AUX
fbem-3317	85	15	draw	draw	VERB
fbem-3317	85	16	up	up	ADP
fbem-3317	85	17	different	different	ADJ
fbem-3317	85	18	plan	plan	NOUN
fbem-3317	85	19	and	and	CCONJ
fbem-3317	85	20	strategies	strategy	NOUN
fbem-3317	85	21	for	for	ADP
fbem-3317	85	22	the	the	DET
fbem-3317	85	23	entities	entity	NOUN
fbem-3317	85	24	of	of	ADP
fbem-3317	85	25	various	various	ADJ
fbem-3317	85	26	size	size	NOUN
fbem-3317	85	27	in	in	ADP
fbem-3317	85	28	different	different	ADJ
fbem-3317	85	29	province	province	NOUN
fbem-3317	85	30	.	.	PUNCT
fbem-3317	86	1	government	government	NOUN
fbem-3317	86	2	can	can	AUX
fbem-3317	86	3	introduce	introduce	VERB
fbem-3317	86	4	relevant	relevant	ADJ
fbem-3317	86	5	incentive	incentive	NOUN
fbem-3317	86	6	policies	policy	NOUN
fbem-3317	86	7	,	,	PUNCT
fbem-3317	86	8	such	such	ADJ
fbem-3317	86	9	as	as	ADP
fbem-3317	86	10	reducing	reduce	VERB
fbem-3317	86	11	taxes	taxis	NOUN
fbem-3317	86	12	or	or	CCONJ
fbem-3317	86	13	increasing	increase	VERB
fbem-3317	86	14	government	government	NOUN
fbem-3317	86	15	subsidies	subsidy	NOUN
fbem-3317	86	16	or	or	CCONJ
fbem-3317	86	17	grants	grant	NOUN
fbem-3317	86	18	,	,	PUNCT
fbem-3317	86	19	to	to	PART
fbem-3317	86	20	promote	promote	VERB
fbem-3317	86	21	continuous	continuous	ADJ
fbem-3317	86	22	innovation	innovation	NOUN
fbem-3317	86	23	of	of	ADP
fbem-3317	86	24	smes	sme	NOUN
fbem-3317	86	25	in	in	ADP
fbem-3317	86	26	manufacturing	manufacturing	NOUN
fbem-3317	86	27	industry	industry	NOUN
fbem-3317	86	28	.	.	PUNCT
fbem-3317	87	1	government	government	NOUN
fbem-3317	87	2	should	should	AUX
fbem-3317	87	3	maintain	maintain	VERB
fbem-3317	87	4	stable	stable	ADJ
fbem-3317	87	5	policies	policy	NOUN
fbem-3317	87	6	to	to	PART
fbem-3317	87	7	create	create	VERB
fbem-3317	87	8	a	a	DET
fbem-3317	87	9	stable	stable	ADJ
fbem-3317	87	10	and	and	CCONJ
fbem-3317	87	11	favorable	favorable	ADJ
fbem-3317	87	12	developing	develop	VERB
fbem-3317	87	13	environment	environment	NOUN
fbem-3317	87	14	for	for	ADP
fbem-3317	87	15	the	the	DET
fbem-3317	87	16	corporations	corporation	NOUN
fbem-3317	87	17	[	[	X
fbem-3317	87	18	6	6	NUM
fbem-3317	87	19	]	]	PUNCT
fbem-3317	87	20	.	.	PUNCT
fbem-3317	88	1	as	as	SCONJ
fbem-3317	88	2	it	it	PRON
fbem-3317	88	3	takes	take	VERB
fbem-3317	88	4	time	time	NOUN
fbem-3317	88	5	for	for	SCONJ
fbem-3317	88	6	the	the	DET
fbem-3317	88	7	facilitation	facilitation	NOUN
fbem-3317	88	8	of	of	ADP
fbem-3317	88	9	digital	digital	ADJ
fbem-3317	88	10	financial	financial	ADJ
fbem-3317	88	11	inclusion	inclusion	NOUN
fbem-3317	88	12	obviously	obviously	ADV
fbem-3317	88	13	reflect	reflect	VERB
fbem-3317	88	14	on	on	ADP
fbem-3317	88	15	business	business	NOUN
fbem-3317	88	16	performance	performance	NOUN
fbem-3317	88	17	,	,	PUNCT
fbem-3317	88	18	the	the	DET
fbem-3317	88	19	frequently	frequently	ADV
fbem-3317	88	20	changing	change	VERB
fbem-3317	88	21	and	and	CCONJ
fbem-3317	88	22	fluctuating	fluctuate	VERB
fbem-3317	88	23	political	political	ADJ
fbem-3317	88	24	or	or	CCONJ
fbem-3317	88	25	economic	economic	ADJ
fbem-3317	88	26	environment	environment	NOUN
fbem-3317	88	27	can	can	AUX
fbem-3317	88	28	do	do	VERB
fbem-3317	88	29	great	great	ADJ
fbem-3317	88	30	harm	harm	NOUN
fbem-3317	88	31	to	to	ADP
fbem-3317	88	32	companies	company	NOUN
fbem-3317	88	33	.	.	PUNCT
fbem-3317	89	1	it	it	PRON
fbem-3317	89	2	worth	worth	ADJ
fbem-3317	89	3	noting	note	VERB
fbem-3317	89	4	that	that	SCONJ
fbem-3317	89	5	smes	sme	NOUN
fbem-3317	89	6	should	should	AUX
fbem-3317	89	7	pay	pay	VERB
fbem-3317	89	8	high	high	ADJ
fbem-3317	89	9	attention	attention	NOUN
fbem-3317	89	10	to	to	ADP
fbem-3317	89	11	the	the	DET
fbem-3317	89	12	coordination	coordination	NOUN
fbem-3317	89	13	between	between	ADP
fbem-3317	89	14	digital	digital	ADJ
fbem-3317	89	15	technology	technology	NOUN
fbem-3317	89	16	and	and	CCONJ
fbem-3317	89	17	original	original	ADJ
fbem-3317	89	18	resources	resource	NOUN
fbem-3317	89	19	when	when	SCONJ
fbem-3317	89	20	keeping	keep	VERB
fbem-3317	89	21	up	up	ADP
fbem-3317	89	22	with	with	ADP
fbem-3317	89	23	technological	technological	ADJ
fbem-3317	89	24	development	development	NOUN
fbem-3317	89	25	and	and	CCONJ
fbem-3317	89	26	innovation	innovation	NOUN
fbem-3317	89	27	.	.	PUNCT
fbem-3317	90	1	adopting	adopt	VERB
fbem-3317	90	2	digital	digital	ADJ
fbem-3317	90	3	finance	finance	NOUN
fbem-3317	90	4	and	and	CCONJ
fbem-3317	90	5	other	other	ADJ
fbem-3317	90	6	new	new	ADJ
fbem-3317	90	7	technologies	technology	NOUN
fbem-3317	90	8	does	do	AUX
fbem-3317	90	9	not	not	PART
fbem-3317	90	10	mean	mean	VERB
fbem-3317	90	11	to	to	PART
fbem-3317	90	12	overthrow	overthrow	VERB
fbem-3317	90	13	the	the	DET
fbem-3317	90	14	current	current	ADJ
fbem-3317	90	15	structure	structure	NOUN
fbem-3317	90	16	of	of	ADP
fbem-3317	90	17	production	production	NOUN
fbem-3317	90	18	because	because	SCONJ
fbem-3317	90	19	the	the	DET
fbem-3317	90	20	cost	cost	NOUN
fbem-3317	90	21	of	of	ADP
fbem-3317	90	22	giving	give	VERB
fbem-3317	90	23	up	up	ADP
fbem-3317	90	24	luxury	luxury	NOUN
fbem-3317	90	25	exiting	exit	VERB
fbem-3317	90	26	fixed	fix	VERB
fbem-3317	90	27	asset	asset	NOUN
fbem-3317	90	28	is	be	AUX
fbem-3317	90	29	numerous	numerous	ADJ
fbem-3317	90	30	.	.	PUNCT
fbem-3317	91	1	so	so	ADV
fbem-3317	91	2	,	,	PUNCT
fbem-3317	91	3	it	it	PRON
fbem-3317	91	4	is	be	AUX
fbem-3317	91	5	important	important	ADJ
fbem-3317	91	6	to	to	PART
fbem-3317	91	7	achieve	achieve	VERB
fbem-3317	91	8	harmony	harmony	NOUN
fbem-3317	91	9	between	between	ADP
fbem-3317	91	10	new	new	ADJ
fbem-3317	91	11	technology	technology	NOUN
fbem-3317	91	12	and	and	CCONJ
fbem-3317	91	13	original	original	ADJ
fbem-3317	91	14	resources	resource	NOUN
fbem-3317	91	15	.	.	PUNCT
fbem-3317	92	1	references	reference	NOUN
fbem-3317	92	2	[	[	X
fbem-3317	92	3	1	1	NUM
fbem-3317	92	4	]	]	SYM
fbem-3317	92	5	tao	tao	PROPN
fbem-3317	92	6	,	,	PUNCT
fbem-3317	92	7	z.	z.	PROPN
fbem-3317	92	8	,	,	PUNCT
fbem-3317	92	9	yahui	yahui	PROPN
fbem-3317	92	10	,	,	PUNCT
fbem-3317	92	11	b.	b.	PROPN
fbem-3317	92	12	(	(	PUNCT
fbem-3317	92	13	2016	2016	NUM
fbem-3317	92	14	)	)	PUNCT
fbem-3317	92	15	research	research	NOUN
fbem-3317	92	16	on	on	ADP
fbem-3317	92	17	influence	influence	NOUN
fbem-3317	92	18	of	of	ADP
fbem-3317	92	19	quality	quality	NOUN
fbem-3317	92	20	of	of	ADP
fbem-3317	92	21	smes	smes	PROPN
fbem-3317	92	22	information	information	NOUN
fbem-3317	92	23	disclosure	disclosure	NOUN
fbem-3317	92	24	to	to	PART
fbem-3317	92	25	constrain	constrain	VERB
fbem-3317	92	26	of	of	ADP
fbem-3317	92	27	debt	debt	NOUN
fbem-3317	92	28	finance	finance	NOUN
fbem-3317	92	29	.	.	PUNCT
fbem-3317	93	1	journal	journal	PROPN
fbem-3317	93	2	of	of	ADP
fbem-3317	93	3	shandong	shandong	PROPN
fbem-3317	93	4	university	university	PROPN
fbem-3317	93	5	of	of	ADP
fbem-3317	93	6	finance	finance	NOUN
fbem-3317	93	7	and	and	CCONJ
fbem-3317	93	8	economics	economic	NOUN
fbem-3317	93	9	,	,	PUNCT
fbem-3317	93	10	28(1	28(1	NOUN
fbem-3317	93	11	):	):	PUNCT
fbem-3317	93	12	109	109	NUM
fbem-3317	93	13	-	-	SYM
fbem-3317	93	14	117	117	NUM
fbem-3317	93	15	.	.	PUNCT
fbem-3317	94	1	[	[	X
fbem-3317	94	2	2	2	NUM
fbem-3317	94	3	]	]	X
fbem-3317	94	4	huan	huan	NOUN
fbem-3317	94	5	,	,	PUNCT
fbem-3317	94	6	t.	t.	PROPN
fbem-3317	94	7	,	,	PUNCT
fbem-3317	94	8	peng	peng	PROPN
fbem-3317	94	9	,	,	PUNCT
fbem-3317	94	10	t.	t.	PROPN
fbem-3317	94	11	(	(	PUNCT
fbem-3317	94	12	2021	2021	NUM
fbem-3317	94	13	)	)	PUNCT
fbem-3317	94	14	empirical	empirical	ADJ
fbem-3317	94	15	analysis	analysis	NOUN
fbem-3317	94	16	of	of	ADP
fbem-3317	94	17	digital	digital	ADJ
fbem-3317	94	18	financial	financial	ADJ
fbem-3317	94	19	inclusion	inclusion	NOUN
fbem-3317	94	20	alleviating	alleviate	VERB
fbem-3317	94	21	financing	financing	NOUN
fbem-3317	94	22	constraints	constraint	NOUN
fbem-3317	94	23	for	for	ADP
fbem-3317	94	24	smes	sme	NOUN
fbem-3317	94	25	:	:	PUNCT
fbem-3317	94	26	based	base	VERB
fbem-3317	94	27	on	on	ADP
fbem-3317	94	28	data	datum	NOUN
fbem-3317	94	29	from	from	ADP
fbem-3317	94	30	2011	2011	NUM
fbem-3317	94	31	to	to	ADP
fbem-3317	94	32	2018	2018	NUM
fbem-3317	94	33	.	.	PUNCT
fbem-3317	95	1	investment	investment	NOUN
fbem-3317	95	2	and	and	CCONJ
fbem-3317	95	3	entrepreneurship	entrepreneurship	NOUN
fbem-3317	95	4	,	,	PUNCT
fbem-3317	95	5	9	9	NUM
fbem-3317	95	6	:	:	SYM
fbem-3317	95	7	1	1	NUM
fbem-3317	95	8	-	-	SYM
fbem-3317	95	9	5	5	NUM
fbem-3317	95	10	.	.	PUNCT
fbem-3317	96	1	[	[	X
fbem-3317	96	2	3	3	NUM
fbem-3317	96	3	]	]	PUNCT
fbem-3317	96	4	zhengping	zhengping	NOUN
fbem-3317	96	5	,	,	PUNCT
fbem-3317	96	6	z.	z.	PROPN
fbem-3317	96	7	(	(	PUNCT
fbem-3317	96	8	2021	2021	NUM
fbem-3317	96	9	)	)	PUNCT
fbem-3317	96	10	the	the	DET
fbem-3317	96	11	impact	impact	NOUN
fbem-3317	96	12	of	of	ADP
fbem-3317	96	13	digital	digital	ADJ
fbem-3317	96	14	finance	finance	NOUN
fbem-3317	96	15	on	on	ADP
fbem-3317	96	16	the	the	DET
fbem-3317	96	17	operational	operational	ADJ
fbem-3317	96	18	efficiency	efficiency	NOUN
fbem-3317	96	19	of	of	ADP
fbem-3317	96	20	small	small	ADJ
fbem-3317	96	21	and	and	CCONJ
fbem-3317	96	22	medium	medium	ADJ
fbem-3317	96	23	-	-	PUNCT
fbem-3317	96	24	sized	sized	ADJ
fbem-3317	96	25	enterprises	enterprise	NOUN
fbem-3317	96	26	:	:	PUNCT
fbem-3317	96	27	an	an	DET
fbem-3317	96	28	empirical	empirical	ADJ
fbem-3317	96	29	study	study	NOUN
fbem-3317	96	30	based	base	VERB
fbem-3317	96	31	on	on	ADP
fbem-3317	96	32	the	the	DET
fbem-3317	96	33	data	datum	NOUN
fbem-3317	96	34	of	of	ADP
fbem-3317	96	35	gem	gem	NOUN
fbem-3317	96	36	in	in	ADP
fbem-3317	96	37	shenzhen	shenzhen	PROPN
fbem-3317	96	38	.	.	PUNCT
fbem-3317	97	1	china	china	PROPN
fbem-3317	97	2	's	's	PART
fbem-3317	97	3	circulation	circulation	NOUN
fbem-3317	97	4	economy	economy	NOUN
fbem-3317	97	5	,	,	PUNCT
fbem-3317	97	6	35	35	NUM
fbem-3317	97	7	:	:	SYM
fbem-3317	97	8	30	30	NUM
fbem-3317	97	9	-	-	SYM
fbem-3317	97	10	39	39	NUM
fbem-3317	97	11	.	.	PUNCT
fbem-3317	98	1	[	[	X
fbem-3317	98	2	4	4	NUM
fbem-3317	98	3	]	]	X
fbem-3317	98	4	yudong	yudong	PROPN
fbem-3317	98	5	,	,	PUNCT
fbem-3317	98	6	q.	q.	PROPN
fbem-3317	98	7	,	,	PUNCT
fbem-3317	98	8	chengwei	chengwei	PROPN
fbem-3317	98	9	,	,	PUNCT
fbem-3317	98	10	c.	c.	PROPN
fbem-3317	98	11	(	(	PUNCT
fbem-3317	98	12	2020	2020	NUM
fbem-3317	98	13	)	)	PUNCT
fbem-3317	98	14	research	research	NOUN
fbem-3317	98	15	on	on	ADP
fbem-3317	98	16	the	the	DET
fbem-3317	98	17	multiple	multiple	ADJ
fbem-3317	98	18	effects	effect	NOUN
fbem-3317	98	19	of	of	ADP
fbem-3317	98	20	digitization	digitization	NOUN
fbem-3317	98	21	on	on	ADP
fbem-3317	98	22	manufacturing	manufacturing	NOUN
fbem-3317	98	23	enterprise	enterprise	NOUN
fbem-3317	98	24	performance	performance	NOUN
fbem-3317	98	25	and	and	CCONJ
fbem-3317	98	26	its	its	PRON
fbem-3317	98	27	mechanism	mechanism	NOUN
fbem-3317	98	28	.	.	PUNCT
fbem-3317	99	1	learning	learning	NOUN
fbem-3317	99	2	and	and	CCONJ
fbem-3317	99	3	exploration	exploration	NOUN
fbem-3317	99	4	,	,	PUNCT
fbem-3317	99	5	07	07	NUM
fbem-3317	99	6	:	:	SYM
fbem-3317	99	7	108	108	NUM
fbem-3317	99	8	-	-	SYM
fbem-3317	99	9	119	119	NUM
fbem-3317	99	10	.	.	PUNCT
fbem-3317	100	1	[	[	X
fbem-3317	100	2	5	5	NUM
fbem-3317	100	3	]	]	X
fbem-3317	100	4	feng	feng	X
fbem-3317	100	5	,	,	PUNCT
fbem-3317	100	6	g.	g.	PROPN
fbem-3317	100	7	,	,	PUNCT
fbem-3317	100	8	jingyi	jingyi	PROPN
fbem-3317	100	9	,	,	PUNCT
fbem-3317	100	10	w.	w.	PROPN
fbem-3317	100	11	,	,	PUNCT
fbem-3317	100	12	fang	fang	PROPN
fbem-3317	100	13	,	,	PUNCT
fbem-3317	100	14	w.	w.	PROPN
fbem-3317	100	15	,	,	PUNCT
fbem-3317	100	16	et	et	PROPN
fbem-3317	100	17	al	al	PROPN
fbem-3317	100	18	.	.	PROPN
fbem-3317	100	19	(	(	PUNCT
fbem-3317	100	20	2020	2020	NUM
fbem-3317	100	21	)	)	PUNCT
fbem-3317	100	22	measuring	measure	VERB
fbem-3317	100	23	china	china	PROPN
fbem-3317	100	24	’s	’s	PART
fbem-3317	100	25	digital	digital	ADJ
fbem-3317	100	26	financial	financial	ADJ
fbem-3317	100	27	inclusion	inclusion	NOUN
fbem-3317	100	28	:	:	PUNCT
fbem-3317	100	29	index	index	NOUN
fbem-3317	100	30	compilation	compilation	NOUN
fbem-3317	100	31	and	and	CCONJ
fbem-3317	100	32	spatial	spatial	ADJ
fbem-3317	100	33	characteristics	characteristic	NOUN
fbem-3317	100	34	.	.	PUNCT
fbem-3317	101	1	china	china	PROPN
fbem-3317	101	2	economic	economic	PROPN
fbem-3317	101	3	quarterly	quarterly	PROPN
fbem-3317	101	4	,	,	PUNCT
fbem-3317	101	5	19(4	19(4	NUM
fbem-3317	101	6	):	):	PUNCT
fbem-3317	101	7	1401	1401	NUM
fbem-3317	101	8	-	-	SYM
fbem-3317	101	9	1418	1418	NUM
fbem-3317	101	10	.	.	PUNCT
fbem-3317	102	1	[	[	X
fbem-3317	102	2	6	6	NUM
fbem-3317	102	3	]	]	PUNCT
fbem-3317	102	4	lulu	lulu	PROPN
fbem-3317	102	5	,	,	PUNCT
fbem-3317	102	6	c.	c.	PROPN
fbem-3317	102	7	,	,	PUNCT
fbem-3317	102	8	jingjia	jingjia	PROPN
fbem-3317	102	9	,	,	PUNCT
fbem-3317	102	10	x.	x.	PROPN
fbem-3317	102	11	,	,	PUNCT
fbem-3317	102	12	you	you	PRON
fbem-3317	102	13	,	,	PUNCT
fbem-3317	102	14	l.	l.	PROPN
fbem-3317	102	15	(	(	PUNCT
fbem-3317	102	16	2021	2021	NUM
fbem-3317	102	17	)	)	PUNCT
fbem-3317	102	18	the	the	DET
fbem-3317	102	19	impact	impact	NOUN
fbem-3317	102	20	of	of	ADP
fbem-3317	102	21	digital	digital	ADJ
fbem-3317	102	22	financial	financial	ADJ
fbem-3317	102	23	inclusion	inclusion	NOUN
fbem-3317	102	24	on	on	ADP
fbem-3317	102	25	business	business	NOUN
fbem-3317	102	26	performanceempirical	performanceempirical	ADJ
fbem-3317	102	27	research	research	NOUN
fbem-3317	102	28	based	base	VERB
fbem-3317	102	29	on	on	ADP
fbem-3317	102	30	a	a	DET
fbem-3317	102	31	-	-	PUNCT
fbem-3317	102	32	share	share	NOUN
fbem-3317	102	33	listed	list	VERB
fbem-3317	102	34	companies	company	NOUN
fbem-3317	102	35	.	.	PUNCT
fbem-3317	103	1	technology	technology	NOUN
fbem-3317	103	2	and	and	CCONJ
fbem-3317	103	3	innovation	innovation	NOUN
fbem-3317	103	4	management	management	NOUN
fbem-3317	103	5	,	,	PUNCT
fbem-3317	103	6	42	42	NUM
fbem-3317	103	7	:	:	SYM
fbem-3317	103	8	674	674	NUM
fbem-3317	103	9	-	-	SYM
fbem-3317	103	10	680	680	NUM
fbem-3317	103	11	.	.	PUNCT