id	sid	tid	token	lemma	pos
fbem-4561	1	1	frontiers	frontier	NOUN
fbem-4561	1	2	in	in	ADP
fbem-4561	1	3	business	business	NOUN
fbem-4561	1	4	,	,	PUNCT
fbem-4561	1	5	economics	economic	NOUN
fbem-4561	1	6	and	and	CCONJ
fbem-4561	1	7	management	management	NOUN
fbem-4561	1	8	issn	issn	PROPN
fbem-4561	1	9	:	:	PUNCT
fbem-4561	1	10	2766	2766	NUM
fbem-4561	1	11	-	-	PUNCT
fbem-4561	1	12	824x	824x	NUM
fbem-4561	1	13	|	|	ADJ
fbem-4561	1	14	vol	vol	NOUN
fbem-4561	1	15	.	.	PUNCT
fbem-4561	2	1	7	7	NUM
fbem-4561	2	2	,	,	PUNCT
fbem-4561	2	3	no	no	INTJ
fbem-4561	2	4	.	.	NOUN
fbem-4561	2	5	2	2	NUM
fbem-4561	2	6	,	,	PUNCT
fbem-4561	2	7	2023	2023	NUM
fbem-4561	2	8	36	36	NUM
fbem-4561	2	9	ipo	ipo	NOUN
fbem-4561	2	10	system	system	NOUN
fbem-4561	2	11	,	,	PUNCT
fbem-4561	2	12	social	social	ADJ
fbem-4561	2	13	experience	experience	NOUN
fbem-4561	2	14	of	of	ADP
fbem-4561	2	15	sponsor	sponsor	NOUN
fbem-4561	2	16	representatives	representative	NOUN
fbem-4561	2	17	and	and	CCONJ
fbem-4561	2	18	ipo	ipo	NOUN
fbem-4561	2	19	performance	performance	NOUN
fbem-4561	2	20	junjie	junjie	PROPN
fbem-4561	3	1	lin	lin	PROPN
fbem-4561	3	2	*	*	PROPN
fbem-4561	3	3	department	department	PROPN
fbem-4561	3	4	of	of	ADP
fbem-4561	3	5	accounting	accounting	PROPN
fbem-4561	3	6	,	,	PUNCT
fbem-4561	3	7	shanghai	shanghai	PROPN
fbem-4561	3	8	university	university	PROPN
fbem-4561	3	9	,	,	PUNCT
fbem-4561	3	10	shanghai	shanghai	PROPN
fbem-4561	3	11	,	,	PUNCT
fbem-4561	3	12	china	china	PROPN
fbem-4561	3	13	*	*	PUNCT
fbem-4561	3	14	corresponding	correspond	VERB
fbem-4561	3	15	author	author	NOUN
fbem-4561	3	16	:	:	PUNCT
fbem-4561	3	17	964735201@qq.com	964735201@qq.com	NUM
fbem-4561	3	18	abstract	abstract	NOUN
fbem-4561	3	19	:	:	PUNCT
fbem-4561	3	20	based	base	VERB
fbem-4561	3	21	on	on	ADP
fbem-4561	3	22	the	the	DET
fbem-4561	3	23	background	background	NOUN
fbem-4561	3	24	of	of	ADP
fbem-4561	3	25	the	the	DET
fbem-4561	3	26	pilot	pilot	NOUN
fbem-4561	3	27	implementation	implementation	NOUN
fbem-4561	3	28	of	of	ADP
fbem-4561	3	29	the	the	DET
fbem-4561	3	30	registration	registration	NOUN
fbem-4561	3	31	system	system	NOUN
fbem-4561	3	32	in	in	ADP
fbem-4561	3	33	shanghai	shanghai	PROPN
fbem-4561	3	34	stock	stock	PROPN
fbem-4561	3	35	exchange	exchange	PROPN
fbem-4561	3	36	,	,	PUNCT
fbem-4561	3	37	this	this	DET
fbem-4561	3	38	paper	paper	NOUN
fbem-4561	3	39	studies	study	VERB
fbem-4561	3	40	the	the	DET
fbem-4561	3	41	impact	impact	NOUN
fbem-4561	3	42	of	of	ADP
fbem-4561	3	43	the	the	DET
fbem-4561	3	44	social	social	ADJ
fbem-4561	3	45	experience	experience	NOUN
fbem-4561	3	46	of	of	ADP
fbem-4561	3	47	the	the	DET
fbem-4561	3	48	sponsor	sponsor	NOUN
fbem-4561	3	49	representatives	representative	NOUN
fbem-4561	3	50	on	on	ADP
fbem-4561	3	51	ipo	ipo	NOUN
fbem-4561	3	52	performance	performance	NOUN
fbem-4561	3	53	,	,	PUNCT
fbem-4561	3	54	to	to	PART
fbem-4561	3	55	explore	explore	VERB
fbem-4561	3	56	whether	whether	SCONJ
fbem-4561	3	57	the	the	DET
fbem-4561	3	58	sponsor	sponsor	NOUN
fbem-4561	3	59	representatives	representative	NOUN
fbem-4561	3	60	with	with	ADP
fbem-4561	3	61	rich	rich	ADJ
fbem-4561	3	62	social	social	ADJ
fbem-4561	3	63	experience	experience	NOUN
fbem-4561	3	64	can	can	AUX
fbem-4561	3	65	better	well	ADV
fbem-4561	3	66	play	play	VERB
fbem-4561	3	67	their	their	PRON
fbem-4561	3	68	information	information	NOUN
fbem-4561	3	69	production	production	NOUN
fbem-4561	3	70	and	and	CCONJ
fbem-4561	3	71	certification	certification	NOUN
fbem-4561	3	72	intermediary	intermediary	NOUN
fbem-4561	3	73	functions	function	NOUN
fbem-4561	3	74	in	in	ADP
fbem-4561	3	75	the	the	DET
fbem-4561	3	76	securities	security	NOUN
fbem-4561	3	77	issuance	issuance	NOUN
fbem-4561	3	78	market	market	NOUN
fbem-4561	3	79	,	,	PUNCT
fbem-4561	3	80	thereby	thereby	ADV
fbem-4561	3	81	improving	improve	VERB
fbem-4561	3	82	ipo	ipo	NOUN
fbem-4561	3	83	performance	performance	NOUN
fbem-4561	3	84	.	.	PUNCT
fbem-4561	4	1	the	the	DET
fbem-4561	4	2	research	research	NOUN
fbem-4561	4	3	finds	find	VERB
fbem-4561	4	4	that	that	SCONJ
fbem-4561	4	5	:	:	PUNCT
fbem-4561	4	6	the	the	DET
fbem-4561	4	7	social	social	ADJ
fbem-4561	4	8	experience	experience	NOUN
fbem-4561	4	9	of	of	ADP
fbem-4561	4	10	the	the	DET
fbem-4561	4	11	sponsor	sponsor	NOUN
fbem-4561	4	12	representatives	representative	NOUN
fbem-4561	4	13	has	have	VERB
fbem-4561	4	14	a	a	DET
fbem-4561	4	15	more	more	ADV
fbem-4561	4	16	effective	effective	ADJ
fbem-4561	4	17	inhibition	inhibition	NOUN
fbem-4561	4	18	on	on	ADP
fbem-4561	4	19	the	the	DET
fbem-4561	4	20	earnings	earning	NOUN
fbem-4561	4	21	management	management	NOUN
fbem-4561	4	22	level	level	NOUN
fbem-4561	4	23	of	of	ADP
fbem-4561	4	24	the	the	DET
fbem-4561	4	25	companies	company	NOUN
fbem-4561	4	26	to	to	PART
fbem-4561	4	27	be	be	AUX
fbem-4561	4	28	listed	list	VERB
fbem-4561	4	29	under	under	ADP
fbem-4561	4	30	the	the	DET
fbem-4561	4	31	registration	registration	NOUN
fbem-4561	4	32	system	system	NOUN
fbem-4561	4	33	;	;	PUNCT
fbem-4561	4	34	the	the	DET
fbem-4561	4	35	social	social	ADJ
fbem-4561	4	36	experience	experience	NOUN
fbem-4561	4	37	of	of	ADP
fbem-4561	4	38	the	the	DET
fbem-4561	4	39	sponsor	sponsor	NOUN
fbem-4561	4	40	representative	representative	NOUN
fbem-4561	4	41	has	have	VERB
fbem-4561	4	42	a	a	DET
fbem-4561	4	43	more	more	ADV
fbem-4561	4	44	effective	effective	ADJ
fbem-4561	4	45	inhibition	inhibition	NOUN
fbem-4561	4	46	on	on	ADP
fbem-4561	4	47	the	the	DET
fbem-4561	4	48	ipo	ipo	NOUN
fbem-4561	4	49	underpricing	underprice	VERB
fbem-4561	4	50	rate	rate	NOUN
fbem-4561	4	51	on	on	ADP
fbem-4561	4	52	the	the	DET
fbem-4561	4	53	first	first	ADJ
fbem-4561	4	54	day	day	NOUN
fbem-4561	4	55	under	under	ADP
fbem-4561	4	56	the	the	DET
fbem-4561	4	57	registration	registration	NOUN
fbem-4561	4	58	system	system	NOUN
fbem-4561	4	59	;	;	PUNCT
fbem-4561	4	60	under	under	ADP
fbem-4561	4	61	the	the	DET
fbem-4561	4	62	registration	registration	NOUN
fbem-4561	4	63	system	system	NOUN
fbem-4561	4	64	,	,	PUNCT
fbem-4561	4	65	the	the	DET
fbem-4561	4	66	promotion	promotion	NOUN
fbem-4561	4	67	of	of	ADP
fbem-4561	4	68	social	social	ADJ
fbem-4561	4	69	experience	experience	NOUN
fbem-4561	4	70	of	of	ADP
fbem-4561	4	71	the	the	DET
fbem-4561	4	72	sponsor	sponsor	NOUN
fbem-4561	4	73	representative	representative	NOUN
fbem-4561	4	74	on	on	ADP
fbem-4561	4	75	the	the	DET
fbem-4561	4	76	long	long	ADJ
fbem-4561	4	77	-	-	PUNCT
fbem-4561	4	78	term	term	NOUN
fbem-4561	4	79	return	return	NOUN
fbem-4561	4	80	of	of	ADP
fbem-4561	4	81	listed	list	VERB
fbem-4561	4	82	companies	company	NOUN
fbem-4561	4	83	is	be	AUX
fbem-4561	4	84	more	more	ADV
fbem-4561	4	85	effective	effective	ADJ
fbem-4561	4	86	.	.	PUNCT
fbem-4561	5	1	keywords	keyword	NOUN
fbem-4561	5	2	:	:	PUNCT
fbem-4561	5	3	ipo	ipo	NOUN
fbem-4561	5	4	system	system	NOUN
fbem-4561	5	5	,	,	PUNCT
fbem-4561	5	6	social	social	ADJ
fbem-4561	5	7	experience	experience	NOUN
fbem-4561	5	8	of	of	ADP
fbem-4561	5	9	sponsor	sponsor	NOUN
fbem-4561	5	10	representative	representative	NOUN
fbem-4561	5	11	,	,	PUNCT
fbem-4561	5	12	ipo	ipo	NOUN
fbem-4561	5	13	performance	performance	NOUN
fbem-4561	5	14	.	.	PUNCT
fbem-4561	6	1	1	1	X
fbem-4561	6	2	.	.	X
fbem-4561	6	3	introduction	introduction	NOUN
fbem-4561	6	4	since	since	SCONJ
fbem-4561	6	5	then	then	ADV
fbem-4561	6	6	,	,	PUNCT
fbem-4561	6	7	the	the	DET
fbem-4561	6	8	preparation	preparation	NOUN
fbem-4561	6	9	for	for	ADP
fbem-4561	6	10	the	the	DET
fbem-4561	6	11	establishment	establishment	NOUN
fbem-4561	6	12	of	of	ADP
fbem-4561	6	13	the	the	DET
fbem-4561	6	14	science	science	NOUN
fbem-4561	6	15	and	and	CCONJ
fbem-4561	6	16	technology	technology	NOUN
fbem-4561	6	17	innovation	innovation	NOUN
fbem-4561	6	18	board	board	NOUN
fbem-4561	6	19	and	and	CCONJ
fbem-4561	6	20	the	the	DET
fbem-4561	6	21	pilot	pilot	NOUN
fbem-4561	6	22	registration	registration	NOUN
fbem-4561	6	23	system	system	NOUN
fbem-4561	6	24	has	have	AUX
fbem-4561	6	25	been	be	AUX
fbem-4561	6	26	rapidly	rapidly	ADV
fbem-4561	6	27	promoted	promote	VERB
fbem-4561	6	28	.	.	PUNCT
fbem-4561	7	1	on	on	ADP
fbem-4561	7	2	january	january	PROPN
fbem-4561	7	3	31	31	NUM
fbem-4561	7	4	,	,	PUNCT
fbem-4561	7	5	2019	2019	NUM
fbem-4561	7	6	,	,	PUNCT
fbem-4561	7	7	the	the	DET
fbem-4561	7	8	shanghai	shanghai	PROPN
fbem-4561	7	9	stock	stock	PROPN
fbem-4561	7	10	exchange	exchange	PROPN
fbem-4561	7	11	has	have	AUX
fbem-4561	7	12	completed	complete	VERB
fbem-4561	7	13	the	the	DET
fbem-4561	7	14	draft	draft	NOUN
fbem-4561	7	15	of	of	ADP
fbem-4561	7	16	the	the	DET
fbem-4561	7	17	supporting	support	VERB
fbem-4561	7	18	business	business	NOUN
fbem-4561	7	19	rules	rule	NOUN
fbem-4561	7	20	related	relate	VERB
fbem-4561	7	21	to	to	ADP
fbem-4561	7	22	the	the	DET
fbem-4561	7	23	establishment	establishment	NOUN
fbem-4561	7	24	of	of	ADP
fbem-4561	7	25	the	the	DET
fbem-4561	7	26	science	science	NOUN
fbem-4561	7	27	and	and	CCONJ
fbem-4561	7	28	technology	technology	NOUN
fbem-4561	7	29	innovation	innovation	NOUN
fbem-4561	7	30	board	board	NOUN
fbem-4561	7	31	and	and	CCONJ
fbem-4561	7	32	the	the	DET
fbem-4561	7	33	pilot	pilot	NOUN
fbem-4561	7	34	registration	registration	NOUN
fbem-4561	7	35	system	system	NOUN
fbem-4561	7	36	,	,	PUNCT
fbem-4561	7	37	and	and	CCONJ
fbem-4561	7	38	solicited	solicit	VERB
fbem-4561	7	39	public	public	ADJ
fbem-4561	7	40	opinions	opinion	NOUN
fbem-4561	7	41	;	;	PUNCT
fbem-4561	7	42	on	on	ADP
fbem-4561	7	43	the	the	DET
fbem-4561	7	44	same	same	ADJ
fbem-4561	7	45	day	day	NOUN
fbem-4561	7	46	,	,	PUNCT
fbem-4561	7	47	the	the	DET
fbem-4561	7	48	csrc	csrc	NOUN
fbem-4561	7	49	launched	launch	VERB
fbem-4561	7	50	the	the	DET
fbem-4561	7	51	administrative	administrative	ADJ
fbem-4561	7	52	measures	measure	NOUN
fbem-4561	7	53	for	for	ADP
fbem-4561	7	54	the	the	DET
fbem-4561	7	55	registration	registration	NOUN
fbem-4561	7	56	of	of	ADP
fbem-4561	7	57	initial	initial	ADJ
fbem-4561	7	58	public	public	ADJ
fbem-4561	7	59	offerings	offering	NOUN
fbem-4561	7	60	of	of	ADP
fbem-4561	7	61	shares	share	NOUN
fbem-4561	7	62	on	on	ADP
fbem-4561	7	63	the	the	DET
fbem-4561	7	64	science	science	NOUN
fbem-4561	7	65	and	and	CCONJ
fbem-4561	7	66	technology	technology	NOUN
fbem-4561	7	67	innovation	innovation	NOUN
fbem-4561	7	68	board	board	NOUN
fbem-4561	7	69	(	(	PUNCT
fbem-4561	7	70	for	for	ADP
fbem-4561	7	71	trial	trial	NOUN
fbem-4561	7	72	implementation	implementation	NOUN
fbem-4561	7	73	)	)	PUNCT
fbem-4561	7	74	and	and	CCONJ
fbem-4561	7	75	the	the	DET
fbem-4561	7	76	measures	measure	NOUN
fbem-4561	7	77	for	for	ADP
fbem-4561	7	78	the	the	DET
fbem-4561	7	79	continuous	continuous	ADJ
fbem-4561	7	80	supervision	supervision	NOUN
fbem-4561	7	81	of	of	ADP
fbem-4561	7	82	listed	list	VERB
fbem-4561	7	83	companies	company	NOUN
fbem-4561	7	84	on	on	ADP
fbem-4561	7	85	the	the	DET
fbem-4561	7	86	science	science	NOUN
fbem-4561	7	87	and	and	CCONJ
fbem-4561	7	88	technology	technology	NOUN
fbem-4561	7	89	innovation	innovation	NOUN
fbem-4561	7	90	board	board	NOUN
fbem-4561	7	91	(	(	PUNCT
fbem-4561	7	92	for	for	ADP
fbem-4561	7	93	trial	trial	NOUN
fbem-4561	7	94	implementation	implementation	NOUN
fbem-4561	7	95	)	)	PUNCT
fbem-4561	7	96	and	and	CCONJ
fbem-4561	7	97	solicited	solicit	VERB
fbem-4561	7	98	public	public	ADJ
fbem-4561	7	99	opinions	opinion	NOUN
fbem-4561	7	100	.	.	PUNCT
fbem-4561	8	1	on	on	ADP
fbem-4561	8	2	march	march	PROPN
fbem-4561	8	3	2	2	NUM
fbem-4561	8	4	,	,	PUNCT
fbem-4561	8	5	2019	2019	NUM
fbem-4561	8	6	,	,	PUNCT
fbem-4561	8	7	the	the	DET
fbem-4561	8	8	csrc	csrc	NOUN
fbem-4561	8	9	and	and	CCONJ
fbem-4561	8	10	the	the	DET
fbem-4561	8	11	shanghai	shanghai	PROPN
fbem-4561	8	12	stock	stock	PROPN
fbem-4561	8	13	exchange	exchange	PROPN
fbem-4561	8	14	released	release	VERB
fbem-4561	8	15	the	the	DET
fbem-4561	8	16	official	official	ADJ
fbem-4561	8	17	version	version	NOUN
fbem-4561	8	18	of	of	ADP
fbem-4561	8	19	the	the	DET
fbem-4561	8	20	above	above	ADJ
fbem-4561	8	21	documents	document	NOUN
fbem-4561	8	22	on	on	ADP
fbem-4561	8	23	the	the	DET
fbem-4561	8	24	basis	basis	NOUN
fbem-4561	8	25	of	of	ADP
fbem-4561	8	26	the	the	DET
fbem-4561	8	27	"	"	PUNCT
fbem-4561	8	28	2	2	NUM
fbem-4561	8	29	+	+	NOUN
fbem-4561	8	30	6	6	NUM
fbem-4561	8	31	"	"	PUNCT
fbem-4561	8	32	draft	draft	NOUN
fbem-4561	8	33	rules	rule	NOUN
fbem-4561	8	34	for	for	ADP
fbem-4561	8	35	comments	comment	NOUN
fbem-4561	8	36	on	on	ADP
fbem-4561	8	37	the	the	DET
fbem-4561	8	38	science	science	NOUN
fbem-4561	8	39	and	and	CCONJ
fbem-4561	8	40	technology	technology	NOUN
fbem-4561	8	41	innovation	innovation	NOUN
fbem-4561	8	42	board	board	NOUN
fbem-4561	8	43	issued	issue	VERB
fbem-4561	8	44	on	on	ADP
fbem-4561	8	45	january	january	PROPN
fbem-4561	8	46	30	30	NUM
fbem-4561	8	47	,	,	PUNCT
fbem-4561	8	48	2019	2019	NUM
fbem-4561	8	49	and	and	CCONJ
fbem-4561	8	50	in	in	ADP
fbem-4561	8	51	combination	combination	NOUN
fbem-4561	8	52	with	with	ADP
fbem-4561	8	53	the	the	DET
fbem-4561	8	54	comments	comment	NOUN
fbem-4561	8	55	.	.	PUNCT
fbem-4561	9	1	at	at	ADP
fbem-4561	9	2	the	the	DET
fbem-4561	9	3	same	same	ADJ
fbem-4561	9	4	time	time	NOUN
fbem-4561	9	5	,	,	PUNCT
fbem-4561	9	6	the	the	DET
fbem-4561	9	7	csrc	csrc	NOUN
fbem-4561	9	8	and	and	CCONJ
fbem-4561	9	9	the	the	DET
fbem-4561	9	10	shanghai	shanghai	PROPN
fbem-4561	9	11	stock	stock	PROPN
fbem-4561	9	12	exchange	exchange	PROPN
fbem-4561	9	13	also	also	ADV
fbem-4561	9	14	issued	issue	VERB
fbem-4561	9	15	two	two	NUM
fbem-4561	9	16	information	information	NOUN
fbem-4561	9	17	disclosure	disclosure	NOUN
fbem-4561	9	18	format	format	NOUN
fbem-4561	9	19	standards	standard	NOUN
fbem-4561	9	20	and	and	CCONJ
fbem-4561	9	21	four	four	NUM
fbem-4561	9	22	sets	set	NOUN
fbem-4561	9	23	of	of	ADP
fbem-4561	9	24	supporting	support	VERB
fbem-4561	9	25	guidelines	guideline	NOUN
fbem-4561	9	26	for	for	ADP
fbem-4561	9	27	the	the	DET
fbem-4561	9	28	science	science	NOUN
fbem-4561	9	29	and	and	CCONJ
fbem-4561	9	30	technology	technology	NOUN
fbem-4561	9	31	innovation	innovation	NOUN
fbem-4561	9	32	board	board	NOUN
fbem-4561	9	33	;	;	PUNCT
fbem-4561	9	34	china	china	PROPN
fbem-4561	9	35	securities	securities	PROPN
fbem-4561	9	36	depository	depository	PROPN
fbem-4561	9	37	and	and	CCONJ
fbem-4561	9	38	clearing	clearing	PROPN
fbem-4561	9	39	co.	co.	PROPN
fbem-4561	9	40	,	,	PUNCT
fbem-4561	9	41	ltd	ltd	PROPN
fbem-4561	9	42	.	.	PROPN
fbem-4561	9	43	has	have	AUX
fbem-4561	9	44	also	also	ADV
fbem-4561	9	45	formulated	formulate	VERB
fbem-4561	9	46	the	the	DET
fbem-4561	9	47	detailed	detailed	ADJ
fbem-4561	9	48	rules	rule	NOUN
fbem-4561	9	49	for	for	ADP
fbem-4561	9	50	the	the	DET
fbem-4561	9	51	equity	equity	NOUN
fbem-4561	9	52	registration	registration	NOUN
fbem-4561	9	53	and	and	CCONJ
fbem-4561	9	54	clearing	clearing	NOUN
fbem-4561	9	55	business	business	NOUN
fbem-4561	9	56	of	of	ADP
fbem-4561	9	57	the	the	DET
fbem-4561	9	58	science	science	NOUN
fbem-4561	9	59	and	and	CCONJ
fbem-4561	9	60	technology	technology	NOUN
fbem-4561	9	61	innovation	innovation	NOUN
fbem-4561	9	62	board	board	NOUN
fbem-4561	9	63	.	.	PUNCT
fbem-4561	10	1	since	since	SCONJ
fbem-4561	10	2	then	then	ADV
fbem-4561	10	3	,	,	PUNCT
fbem-4561	10	4	the	the	DET
fbem-4561	10	5	reform	reform	NOUN
fbem-4561	10	6	of	of	ADP
fbem-4561	10	7	the	the	DET
fbem-4561	10	8	registration	registration	NOUN
fbem-4561	10	9	system	system	NOUN
fbem-4561	10	10	,	,	PUNCT
fbem-4561	10	11	which	which	PRON
fbem-4561	10	12	has	have	AUX
fbem-4561	10	13	been	be	AUX
fbem-4561	10	14	discussed	discuss	VERB
fbem-4561	10	15	for	for	ADP
fbem-4561	10	16	nearly	nearly	ADV
fbem-4561	10	17	six	six	NUM
fbem-4561	10	18	years	year	NOUN
fbem-4561	10	19	,	,	PUNCT
fbem-4561	10	20	has	have	AUX
fbem-4561	10	21	finally	finally	ADV
fbem-4561	10	22	ushered	usher	VERB
fbem-4561	10	23	in	in	ADP
fbem-4561	10	24	a	a	DET
fbem-4561	10	25	new	new	ADJ
fbem-4561	10	26	opportunity	opportunity	NOUN
fbem-4561	10	27	and	and	CCONJ
fbem-4561	10	28	been	be	AUX
fbem-4561	10	29	able	able	ADJ
fbem-4561	10	30	to	to	PART
fbem-4561	10	31	start	start	VERB
fbem-4561	10	32	a	a	DET
fbem-4561	10	33	real	real	ADJ
fbem-4561	10	34	practice	practice	NOUN
fbem-4561	10	35	.	.	PUNCT
fbem-4561	11	1	as	as	SCONJ
fbem-4561	11	2	we	we	PRON
fbem-4561	11	3	all	all	PRON
fbem-4561	11	4	know	know	VERB
fbem-4561	11	5	,	,	PUNCT
fbem-4561	11	6	the	the	DET
fbem-4561	11	7	essence	essence	NOUN
fbem-4561	11	8	of	of	ADP
fbem-4561	11	9	the	the	DET
fbem-4561	11	10	registration	registration	NOUN
fbem-4561	11	11	system	system	NOUN
fbem-4561	11	12	is	be	AUX
fbem-4561	11	13	to	to	PART
fbem-4561	11	14	take	take	VERB
fbem-4561	11	15	information	information	NOUN
fbem-4561	11	16	disclosure	disclosure	NOUN
fbem-4561	11	17	as	as	ADP
fbem-4561	11	18	the	the	DET
fbem-4561	11	19	center	center	NOUN
fbem-4561	11	20	,	,	PUNCT
fbem-4561	11	21	put	put	VERB
fbem-4561	11	22	more	more	ADJ
fbem-4561	11	23	emphasis	emphasis	NOUN
fbem-4561	11	24	on	on	ADP
fbem-4561	11	25	formal	formal	ADJ
fbem-4561	11	26	audit	audit	NOUN
fbem-4561	11	27	,	,	PUNCT
fbem-4561	11	28	and	and	CCONJ
fbem-4561	11	29	let	let	VERB
fbem-4561	11	30	the	the	DET
fbem-4561	11	31	invisible	invisible	ADJ
fbem-4561	11	32	hand	hand	NOUN
fbem-4561	11	33	select	select	ADJ
fbem-4561	11	34	high	high	ADJ
fbem-4561	11	35	-	-	PUNCT
fbem-4561	11	36	quality	quality	NOUN
fbem-4561	11	37	listed	list	VERB
fbem-4561	11	38	companies	company	NOUN
fbem-4561	11	39	through	through	ADP
fbem-4561	11	40	the	the	DET
fbem-4561	11	41	establishment	establishment	NOUN
fbem-4561	11	42	of	of	ADP
fbem-4561	11	43	diversified	diversified	ADJ
fbem-4561	11	44	audit	audit	NOUN
fbem-4561	11	45	standards	standard	NOUN
fbem-4561	11	46	with	with	ADP
fbem-4561	11	47	market	market	NOUN
fbem-4561	11	48	value	value	NOUN
fbem-4561	11	49	as	as	ADP
fbem-4561	11	50	the	the	DET
fbem-4561	11	51	core	core	NOUN
fbem-4561	11	52	,	,	PUNCT
fbem-4561	11	53	so	so	SCONJ
fbem-4561	11	54	as	as	SCONJ
fbem-4561	11	55	to	to	PART
fbem-4561	11	56	provide	provide	VERB
fbem-4561	11	57	more	more	ADJ
fbem-4561	11	58	high	high	ADJ
fbem-4561	11	59	-	-	PUNCT
fbem-4561	11	60	quality	quality	NOUN
fbem-4561	11	61	companies	company	NOUN
fbem-4561	11	62	with	with	ADP
fbem-4561	11	63	an	an	DET
fbem-4561	11	64	open	open	ADJ
fbem-4561	11	65	and	and	CCONJ
fbem-4561	11	66	transparent	transparent	ADJ
fbem-4561	11	67	listing	listing	NOUN
fbem-4561	11	68	opportunity	opportunity	NOUN
fbem-4561	11	69	,	,	PUNCT
fbem-4561	11	70	that	that	ADV
fbem-4561	11	71	is	is	ADV
fbem-4561	11	72	,	,	PUNCT
fbem-4561	11	73	the	the	DET
fbem-4561	11	74	market	market	NOUN
fbem-4561	11	75	subjects	subject	NOUN
fbem-4561	11	76	make	make	VERB
fbem-4561	11	77	judgments	judgment	NOUN
fbem-4561	11	78	on	on	ADP
fbem-4561	11	79	the	the	DET
fbem-4561	11	80	issuer	issuer	NOUN
fbem-4561	11	81	's	's	PART
fbem-4561	11	82	assets	asset	NOUN
fbem-4561	11	83	,	,	PUNCT
fbem-4561	11	84	securities	security	NOUN
fbem-4561	11	85	quality	quality	NOUN
fbem-4561	11	86	,	,	PUNCT
fbem-4561	11	87	and	and	CCONJ
fbem-4561	11	88	investment	investment	NOUN
fbem-4561	11	89	value	value	NOUN
fbem-4561	11	90	,	,	PUNCT
fbem-4561	11	91	and	and	CCONJ
fbem-4561	11	92	play	play	VERB
fbem-4561	11	93	the	the	DET
fbem-4561	11	94	role	role	NOUN
fbem-4561	11	95	of	of	ADP
fbem-4561	11	96	the	the	DET
fbem-4561	11	97	market	market	NOUN
fbem-4561	11	98	in	in	ADP
fbem-4561	11	99	resource	resource	NOUN
fbem-4561	11	100	allocation	allocation	NOUN
fbem-4561	11	101	.	.	PUNCT
fbem-4561	12	1	in	in	ADP
fbem-4561	12	2	the	the	DET
fbem-4561	12	3	pilot	pilot	NOUN
fbem-4561	12	4	registration	registration	NOUN
fbem-4561	12	5	system	system	NOUN
fbem-4561	12	6	of	of	ADP
fbem-4561	12	7	the	the	DET
fbem-4561	12	8	science	science	NOUN
fbem-4561	12	9	and	and	CCONJ
fbem-4561	12	10	technology	technology	NOUN
fbem-4561	12	11	innovation	innovation	NOUN
fbem-4561	12	12	board	board	NOUN
fbem-4561	12	13	,	,	PUNCT
fbem-4561	12	14	the	the	DET
fbem-4561	12	15	listing	listing	NOUN
fbem-4561	12	16	of	of	ADP
fbem-4561	12	17	enterprises	enterprise	NOUN
fbem-4561	12	18	is	be	AUX
fbem-4561	12	19	reviewed	review	VERB
fbem-4561	12	20	by	by	ADP
fbem-4561	12	21	the	the	DET
fbem-4561	12	22	shanghai	shanghai	PROPN
fbem-4561	12	23	stock	stock	PROPN
fbem-4561	12	24	exchange	exchange	PROPN
fbem-4561	12	25	and	and	CCONJ
fbem-4561	12	26	registered	register	VERB
fbem-4561	12	27	by	by	ADP
fbem-4561	12	28	the	the	DET
fbem-4561	12	29	china	china	PROPN
fbem-4561	12	30	securities	securities	PROPN
fbem-4561	12	31	regulatory	regulatory	PROPN
fbem-4561	12	32	commission	commission	PROPN
fbem-4561	12	33	.	.	PUNCT
fbem-4561	13	1	the	the	DET
fbem-4561	13	2	enterprises	enterprise	NOUN
fbem-4561	13	3	are	be	AUX
fbem-4561	13	4	positioned	position	VERB
fbem-4561	13	5	in	in	ADP
fbem-4561	13	6	high	high	ADJ
fbem-4561	13	7	-	-	PUNCT
fbem-4561	13	8	tech	tech	NOUN
fbem-4561	13	9	industries	industry	NOUN
fbem-4561	13	10	,	,	PUNCT
fbem-4561	13	11	strategic	strategic	ADJ
fbem-4561	13	12	emerging	emerge	VERB
fbem-4561	13	13	industries	industry	NOUN
fbem-4561	13	14	or	or	CCONJ
fbem-4561	13	15	innovative	innovative	ADJ
fbem-4561	13	16	enterprises	enterprise	NOUN
fbem-4561	13	17	of	of	ADP
fbem-4561	13	18	considerable	considerable	ADJ
fbem-4561	13	19	scale	scale	NOUN
fbem-4561	13	20	,	,	PUNCT
fbem-4561	13	21	including	include	VERB
fbem-4561	13	22	artificial	artificial	ADJ
fbem-4561	13	23	intelligence	intelligence	NOUN
fbem-4561	13	24	,	,	PUNCT
fbem-4561	13	25	cloud	cloud	NOUN
fbem-4561	13	26	computing	computing	NOUN
fbem-4561	13	27	,	,	PUNCT
fbem-4561	13	28	big	big	ADJ
fbem-4561	13	29	data	datum	NOUN
fbem-4561	13	30	,	,	PUNCT
fbem-4561	13	31	biotechnology	biotechnology	NOUN
fbem-4561	13	32	,	,	PUNCT
fbem-4561	13	33	software	software	NOUN
fbem-4561	13	34	,	,	PUNCT
fbem-4561	13	35	new	new	ADJ
fbem-4561	13	36	energy	energy	NOUN
fbem-4561	13	37	and	and	CCONJ
fbem-4561	13	38	other	other	ADJ
fbem-4561	13	39	industries	industry	NOUN
fbem-4561	13	40	facing	face	VERB
fbem-4561	13	41	the	the	DET
fbem-4561	13	42	world	world	NOUN
fbem-4561	13	43	's	's	PART
fbem-4561	13	44	scientific	scientific	ADJ
fbem-4561	13	45	and	and	CCONJ
fbem-4561	13	46	technological	technological	ADJ
fbem-4561	13	47	frontier	frontier	NOUN
fbem-4561	13	48	and	and	CCONJ
fbem-4561	13	49	major	major	ADJ
fbem-4561	13	50	national	national	ADJ
fbem-4561	13	51	needs	need	NOUN
fbem-4561	13	52	,	,	PUNCT
fbem-4561	13	53	which	which	PRON
fbem-4561	13	54	will	will	AUX
fbem-4561	13	55	trigger	trigger	VERB
fbem-4561	13	56	the	the	DET
fbem-4561	13	57	china	china	PROPN
fbem-4561	13	58	securities	securities	PROPN
fbem-4561	13	59	regulatory	regulatory	PROPN
fbem-4561	13	60	commission	commission	PROPN
fbem-4561	13	61	,	,	PUNCT
fbem-4561	13	62	the	the	DET
fbem-4561	13	63	exchange	exchange	NOUN
fbem-4561	13	64	a	a	DET
fbem-4561	13	65	series	series	NOUN
fbem-4561	13	66	of	of	ADP
fbem-4561	13	67	changes	change	NOUN
fbem-4561	13	68	in	in	ADP
fbem-4561	13	69	the	the	DET
fbem-4561	13	70	roles	role	NOUN
fbem-4561	13	71	and	and	CCONJ
fbem-4561	13	72	functions	function	NOUN
fbem-4561	13	73	of	of	ADP
fbem-4561	13	74	intermediaries	intermediary	NOUN
fbem-4561	13	75	and	and	CCONJ
fbem-4561	13	76	other	other	ADJ
fbem-4561	13	77	parties	party	NOUN
fbem-4561	13	78	.	.	PUNCT
fbem-4561	14	1	the	the	DET
fbem-4561	14	2	comprehensive	comprehensive	ADJ
fbem-4561	14	3	implementation	implementation	NOUN
fbem-4561	14	4	of	of	ADP
fbem-4561	14	5	the	the	DET
fbem-4561	14	6	registration	registration	NOUN
fbem-4561	14	7	system	system	NOUN
fbem-4561	14	8	reform	reform	NOUN
fbem-4561	14	9	can	can	AUX
fbem-4561	14	10	not	not	PART
fbem-4561	14	11	only	only	ADV
fbem-4561	14	12	improve	improve	VERB
fbem-4561	14	13	the	the	DET
fbem-4561	14	14	quality	quality	NOUN
fbem-4561	14	15	of	of	ADP
fbem-4561	14	16	listed	list	VERB
fbem-4561	14	17	companies	company	NOUN
fbem-4561	14	18	,	,	PUNCT
fbem-4561	14	19	but	but	CCONJ
fbem-4561	14	20	also	also	ADV
fbem-4561	14	21	drive	drive	VERB
fbem-4561	14	22	the	the	DET
fbem-4561	14	23	capital	capital	NOUN
fbem-4561	14	24	market	market	NOUN
fbem-4561	14	25	to	to	PART
fbem-4561	14	26	comprehensively	comprehensively	ADV
fbem-4561	14	27	deepen	deepen	VERB
fbem-4561	14	28	the	the	DET
fbem-4561	14	29	reform	reform	NOUN
fbem-4561	14	30	,	,	PUNCT
fbem-4561	14	31	so	so	SCONJ
fbem-4561	14	32	as	as	SCONJ
fbem-4561	14	33	to	to	PART
fbem-4561	14	34	build	build	VERB
fbem-4561	14	35	a	a	DET
fbem-4561	14	36	standardized	standardized	ADJ
fbem-4561	14	37	,	,	PUNCT
fbem-4561	14	38	transparent	transparent	ADJ
fbem-4561	14	39	,	,	PUNCT
fbem-4561	14	40	open	open	ADJ
fbem-4561	14	41	,	,	PUNCT
fbem-4561	14	42	dynamic	dynamic	ADJ
fbem-4561	14	43	and	and	CCONJ
fbem-4561	14	44	resilient	resilient	ADJ
fbem-4561	14	45	capital	capital	NOUN
fbem-4561	14	46	market	market	NOUN
fbem-4561	14	47	,	,	PUNCT
fbem-4561	14	48	and	and	CCONJ
fbem-4561	14	49	improve	improve	VERB
fbem-4561	14	50	the	the	DET
fbem-4561	14	51	ability	ability	NOUN
fbem-4561	14	52	of	of	ADP
fbem-4561	14	53	financial	financial	ADJ
fbem-4561	14	54	services	service	NOUN
fbem-4561	14	55	to	to	ADP
fbem-4561	14	56	the	the	DET
fbem-4561	14	57	real	real	ADJ
fbem-4561	14	58	economy	economy	NOUN
fbem-4561	14	59	.	.	PUNCT
fbem-4561	15	1	since	since	SCONJ
fbem-4561	15	2	2004	2004	NUM
fbem-4561	15	3	,	,	PUNCT
fbem-4561	15	4	the	the	DET
fbem-4561	15	5	sponsor	sponsor	NOUN
fbem-4561	15	6	system	system	NOUN
fbem-4561	15	7	adopted	adopt	VERB
fbem-4561	15	8	in	in	ADP
fbem-4561	15	9	china	china	PROPN
fbem-4561	15	10	's	's	PART
fbem-4561	15	11	a	a	DET
fbem-4561	15	12	-	-	PUNCT
fbem-4561	15	13	share	share	NOUN
fbem-4561	15	14	market	market	NOUN
fbem-4561	15	15	has	have	AUX
fbem-4561	15	16	shown	show	VERB
fbem-4561	15	17	the	the	DET
fbem-4561	15	18	characteristics	characteristic	NOUN
fbem-4561	15	19	of	of	ADP
fbem-4561	15	20	dual	dual	ADJ
fbem-4561	15	21	sponsor	sponsor	NOUN
fbem-4561	15	22	,	,	PUNCT
fbem-4561	15	23	that	that	ADV
fbem-4561	15	24	is	is	ADV
fbem-4561	15	25	,	,	PUNCT
fbem-4561	15	26	in	in	ADP
fbem-4561	15	27	addition	addition	NOUN
fbem-4561	15	28	to	to	ADP
fbem-4561	15	29	the	the	DET
fbem-4561	15	30	sponsor	sponsor	NOUN
fbem-4561	15	31	,	,	PUNCT
fbem-4561	15	32	there	there	PRON
fbem-4561	15	33	are	be	VERB
fbem-4561	15	34	also	also	ADV
fbem-4561	15	35	sponsor	sponsor	NOUN
fbem-4561	15	36	representatives	representative	NOUN
fbem-4561	15	37	.	.	PUNCT
fbem-4561	16	1	according	accord	VERB
fbem-4561	16	2	to	to	ADP
fbem-4561	16	3	the	the	DET
fbem-4561	16	4	decision	decision	NOUN
fbem-4561	16	5	on	on	ADP
fbem-4561	16	6	amending	amend	VERB
fbem-4561	16	7	the	the	DET
fbem-4561	16	8	measures	measure	NOUN
fbem-4561	16	9	for	for	ADP
fbem-4561	16	10	the	the	DET
fbem-4561	16	11	administration	administration	NOUN
fbem-4561	16	12	of	of	ADP
fbem-4561	16	13	securities	security	NOUN
fbem-4561	16	14	issuance	issuance	NOUN
fbem-4561	16	15	and	and	CCONJ
fbem-4561	16	16	listing	list	VERB
fbem-4561	16	17	recommendation	recommendation	NOUN
fbem-4561	16	18	business	business	NOUN
fbem-4561	16	19	adopted	adopt	VERB
fbem-4561	16	20	by	by	ADP
fbem-4561	16	21	the	the	DET
fbem-4561	16	22	csrc	csrc	NOUN
fbem-4561	16	23	in	in	ADP
fbem-4561	16	24	april	april	PROPN
fbem-4561	16	25	2009	2009	NUM
fbem-4561	16	26	and	and	CCONJ
fbem-4561	16	27	the	the	DET
fbem-4561	16	28	opinions	opinion	NOUN
fbem-4561	16	29	on	on	ADP
fbem-4561	16	30	further	far	ADV
fbem-4561	16	31	strengthening	strengthen	VERB
fbem-4561	16	32	the	the	DET
fbem-4561	16	33	supervision	supervision	NOUN
fbem-4561	16	34	of	of	ADP
fbem-4561	16	35	recommendation	recommendation	NOUN
fbem-4561	16	36	business	business	NOUN
fbem-4561	16	37	issued	issue	VERB
fbem-4561	16	38	in	in	ADP
fbem-4561	16	39	march	march	PROPN
fbem-4561	16	40	2012	2012	NUM
fbem-4561	16	41	,	,	PUNCT
fbem-4561	16	42	the	the	DET
fbem-4561	16	43	recommendation	recommendation	NOUN
fbem-4561	16	44	institution	institution	NOUN
fbem-4561	16	45	and	and	CCONJ
fbem-4561	16	46	the	the	DET
fbem-4561	16	47	recommendation	recommendation	NOUN
fbem-4561	16	48	representative	representative	NOUN
fbem-4561	16	49	are	be	AUX
fbem-4561	16	50	mainly	mainly	ADV
fbem-4561	16	51	responsible	responsible	ADJ
fbem-4561	16	52	for	for	ADP
fbem-4561	16	53	the	the	DET
fbem-4561	16	54	recommendation	recommendation	NOUN
fbem-4561	16	55	work	work	NOUN
fbem-4561	16	56	before	before	ADP
fbem-4561	16	57	the	the	DET
fbem-4561	16	58	listing	listing	NOUN
fbem-4561	16	59	and	and	CCONJ
fbem-4561	16	60	the	the	DET
fbem-4561	16	61	continuous	continuous	ADJ
fbem-4561	16	62	supervision	supervision	NOUN
fbem-4561	16	63	of	of	ADP
fbem-4561	16	64	the	the	DET
fbem-4561	16	65	issuer	issuer	NOUN
fbem-4561	16	66	after	after	ADP
fbem-4561	16	67	the	the	DET
fbem-4561	16	68	listing	listing	NOUN
fbem-4561	16	69	.	.	PUNCT
fbem-4561	17	1	from	from	ADP
fbem-4561	17	2	the	the	DET
fbem-4561	17	3	relationship	relationship	NOUN
fbem-4561	17	4	between	between	ADP
fbem-4561	17	5	the	the	DET
fbem-4561	17	6	two	two	NUM
fbem-4561	17	7	,	,	PUNCT
fbem-4561	17	8	the	the	DET
fbem-4561	17	9	sponsor	sponsor	NOUN
fbem-4561	17	10	representative	representative	NOUN
fbem-4561	17	11	and	and	CCONJ
fbem-4561	17	12	the	the	DET
fbem-4561	17	13	sponsor	sponsor	NOUN
fbem-4561	17	14	institution	institution	NOUN
fbem-4561	17	15	are	be	AUX
fbem-4561	17	16	interdependent	interdependent	ADJ
fbem-4561	17	17	and	and	CCONJ
fbem-4561	17	18	independent	independent	ADJ
fbem-4561	17	19	,	,	PUNCT
fbem-4561	17	20	playing	play	VERB
fbem-4561	17	21	an	an	DET
fbem-4561	17	22	important	important	ADJ
fbem-4561	17	23	role	role	NOUN
fbem-4561	17	24	in	in	ADP
fbem-4561	17	25	the	the	DET
fbem-4561	17	26	ipo	ipo	NOUN
fbem-4561	17	27	process	process	NOUN
fbem-4561	17	28	.	.	PUNCT
fbem-4561	18	1	different	different	ADJ
fbem-4561	18	2	from	from	ADP
fbem-4561	18	3	the	the	DET
fbem-4561	18	4	foreign	foreign	ADJ
fbem-4561	18	5	recommendation	recommendation	NOUN
fbem-4561	18	6	system	system	NOUN
fbem-4561	18	7	,	,	PUNCT
fbem-4561	18	8	a	a	DET
fbem-4561	18	9	distinctive	distinctive	ADJ
fbem-4561	18	10	feature	feature	NOUN
fbem-4561	18	11	of	of	ADP
fbem-4561	18	12	the	the	DET
fbem-4561	18	13	recommendation	recommendation	NOUN
fbem-4561	18	14	system	system	NOUN
fbem-4561	18	15	in	in	ADP
fbem-4561	18	16	china	china	PROPN
fbem-4561	18	17	's	's	PART
fbem-4561	18	18	stock	stock	NOUN
fbem-4561	18	19	market	market	NOUN
fbem-4561	18	20	is	be	AUX
fbem-4561	18	21	dual	dual	ADJ
fbem-4561	18	22	recommendation	recommendation	NOUN
fbem-4561	18	23	,	,	PUNCT
fbem-4561	18	24	that	that	ADV
fbem-4561	18	25	is	is	ADV
fbem-4561	18	26	,	,	PUNCT
fbem-4561	18	27	a	a	DET
fbem-4561	18	28	recommendation	recommendation	NOUN
fbem-4561	18	29	representative	representative	NOUN
fbem-4561	18	30	is	be	AUX
fbem-4561	18	31	set	set	VERB
fbem-4561	18	32	up	up	ADP
fbem-4561	18	33	under	under	ADP
fbem-4561	18	34	the	the	DET
fbem-4561	18	35	recommendation	recommendation	NOUN
fbem-4561	18	36	institution	institution	NOUN
fbem-4561	18	37	to	to	PART
fbem-4561	18	38	undertake	undertake	VERB
fbem-4561	18	39	the	the	DET
fbem-4561	18	40	recommendation	recommendation	NOUN
fbem-4561	18	41	work	work	NOUN
fbem-4561	18	42	and	and	CCONJ
fbem-4561	18	43	risks	risk	NOUN
fbem-4561	18	44	in	in	ADP
fbem-4561	18	45	the	the	DET
fbem-4561	18	46	name	name	NOUN
fbem-4561	18	47	of	of	ADP
fbem-4561	18	48	an	an	DET
fbem-4561	18	49	individual	individual	NOUN
fbem-4561	18	50	.	.	PUNCT
fbem-4561	19	1	the	the	DET
fbem-4561	19	2	recommendation	recommendation	NOUN
fbem-4561	19	3	representative	representative	NOUN
fbem-4561	19	4	shall	shall	AUX
fbem-4561	19	5	be	be	AUX
fbem-4561	19	6	responsible	responsible	ADJ
fbem-4561	19	7	for	for	ADP
fbem-4561	19	8	the	the	DET
fbem-4561	19	9	underwriting	underwriting	NOUN
fbem-4561	19	10	of	of	ADP
fbem-4561	19	11	securities	security	NOUN
fbem-4561	19	12	issuance	issuance	NOUN
fbem-4561	19	13	,	,	PUNCT
fbem-4561	19	14	conduct	conduct	VERB
fbem-4561	19	15	substantive	substantive	ADJ
fbem-4561	19	16	verification	verification	NOUN
fbem-4561	19	17	of	of	ADP
fbem-4561	19	18	the	the	DET
fbem-4561	19	19	company	company	NOUN
fbem-4561	19	20	's	's	PART
fbem-4561	19	21	public	public	ADJ
fbem-4561	19	22	offering	offering	NOUN
fbem-4561	19	23	documents	document	NOUN
fbem-4561	19	24	37	37	NUM
fbem-4561	19	25	according	accord	VERB
fbem-4561	19	26	to	to	ADP
fbem-4561	19	27	law	law	NOUN
fbem-4561	19	28	,	,	PUNCT
fbem-4561	19	29	and	and	CCONJ
fbem-4561	19	30	issue	issue	VERB
fbem-4561	19	31	recommendation	recommendation	NOUN
fbem-4561	19	32	opinions	opinion	NOUN
fbem-4561	19	33	to	to	ADP
fbem-4561	19	34	the	the	DET
fbem-4561	19	35	csrc	csrc	NOUN
fbem-4561	19	36	.	.	PUNCT
fbem-4561	20	1	the	the	DET
fbem-4561	20	2	sponsor	sponsor	NOUN
fbem-4561	20	3	system	system	NOUN
fbem-4561	20	4	tries	try	VERB
fbem-4561	20	5	to	to	PART
fbem-4561	20	6	directly	directly	ADV
fbem-4561	20	7	link	link	VERB
fbem-4561	20	8	the	the	DET
fbem-4561	20	9	quality	quality	NOUN
fbem-4561	20	10	of	of	ADP
fbem-4561	20	11	the	the	DET
fbem-4561	20	12	issuer	issuer	NOUN
fbem-4561	20	13	with	with	ADP
fbem-4561	20	14	the	the	DET
fbem-4561	20	15	interests	interest	NOUN
fbem-4561	20	16	of	of	ADP
fbem-4561	20	17	the	the	DET
fbem-4561	20	18	sponsor	sponsor	NOUN
fbem-4561	20	19	representative	representative	NOUN
fbem-4561	20	20	through	through	ADP
fbem-4561	20	21	the	the	DET
fbem-4561	20	22	joint	joint	ADJ
fbem-4561	20	23	and	and	CCONJ
fbem-4561	20	24	several	several	ADJ
fbem-4561	20	25	liability	liability	NOUN
fbem-4561	20	26	mechanism	mechanism	NOUN
fbem-4561	20	27	.	.	PUNCT
fbem-4561	21	1	if	if	SCONJ
fbem-4561	21	2	the	the	DET
fbem-4561	21	3	sponsor	sponsor	NOUN
fbem-4561	21	4	representative	representative	NOUN
fbem-4561	21	5	fails	fail	VERB
fbem-4561	21	6	to	to	PART
fbem-4561	21	7	supervise	supervise	VERB
fbem-4561	21	8	effectively	effectively	ADV
fbem-4561	21	9	,	,	PUNCT
fbem-4561	21	10	and	and	CCONJ
fbem-4561	21	11	serious	serious	ADJ
fbem-4561	21	12	violations	violation	NOUN
fbem-4561	21	13	such	such	ADJ
fbem-4561	21	14	as	as	ADP
fbem-4561	21	15	major	major	ADJ
fbem-4561	21	16	shareholders	shareholder	NOUN
fbem-4561	21	17	,	,	PUNCT
fbem-4561	21	18	directors	director	NOUN
fbem-4561	21	19	or	or	CCONJ
fbem-4561	21	20	managers	manager	NOUN
fbem-4561	21	21	encroach	encroach	VERB
fbem-4561	21	22	on	on	ADP
fbem-4561	21	23	the	the	DET
fbem-4561	21	24	interests	interest	NOUN
fbem-4561	21	25	of	of	ADP
fbem-4561	21	26	the	the	DET
fbem-4561	21	27	company	company	NOUN
fbem-4561	21	28	occur	occur	VERB
fbem-4561	21	29	during	during	ADP
fbem-4561	21	30	the	the	DET
fbem-4561	21	31	sponsor	sponsor	NOUN
fbem-4561	21	32	liability	liability	NOUN
fbem-4561	21	33	period	period	NOUN
fbem-4561	21	34	,	,	PUNCT
fbem-4561	21	35	the	the	DET
fbem-4561	21	36	sponsor	sponsor	NOUN
fbem-4561	21	37	representative	representative	NOUN
fbem-4561	21	38	will	will	AUX
fbem-4561	21	39	bear	bear	VERB
fbem-4561	21	40	joint	joint	ADJ
fbem-4561	21	41	and	and	CCONJ
fbem-4561	21	42	several	several	ADJ
fbem-4561	21	43	liabilities	liability	NOUN
fbem-4561	21	44	.	.	PUNCT
fbem-4561	22	1	under	under	ADP
fbem-4561	22	2	the	the	DET
fbem-4561	22	3	research	research	NOUN
fbem-4561	22	4	framework	framework	NOUN
fbem-4561	22	5	of	of	ADP
fbem-4561	22	6	the	the	DET
fbem-4561	22	7	efficient	efficient	ADJ
fbem-4561	22	8	market	market	NOUN
fbem-4561	22	9	hypothesis	hypothesis	NOUN
fbem-4561	22	10	,	,	PUNCT
fbem-4561	22	11	financial	financial	ADJ
fbem-4561	22	12	market	market	NOUN
fbem-4561	22	13	participants	participant	NOUN
fbem-4561	22	14	are	be	AUX
fbem-4561	22	15	assumed	assume	VERB
fbem-4561	22	16	to	to	PART
fbem-4561	22	17	be	be	AUX
fbem-4561	22	18	rational	rational	ADJ
fbem-4561	22	19	economic	economic	ADJ
fbem-4561	22	20	people	people	NOUN
fbem-4561	22	21	,	,	PUNCT
fbem-4561	22	22	who	who	PRON
fbem-4561	22	23	are	be	AUX
fbem-4561	22	24	close	close	ADJ
fbem-4561	22	25	to	to	ADP
fbem-4561	22	26	nature	nature	NOUN
fbem-4561	22	27	and	and	CCONJ
fbem-4561	22	28	completely	completely	ADV
fbem-4561	22	29	rational	rational	ADJ
fbem-4561	22	30	,	,	PUNCT
fbem-4561	22	31	and	and	CCONJ
fbem-4561	22	32	can	can	AUX
fbem-4561	22	33	objectively	objectively	ADV
fbem-4561	22	34	and	and	CCONJ
fbem-4561	22	35	correctly	correctly	ADV
fbem-4561	22	36	respond	respond	VERB
fbem-4561	22	37	to	to	ADP
fbem-4561	22	38	all	all	DET
fbem-4561	22	39	information	information	NOUN
fbem-4561	22	40	in	in	ADP
fbem-4561	22	41	the	the	DET
fbem-4561	22	42	market	market	NOUN
fbem-4561	22	43	.	.	PUNCT
fbem-4561	23	1	however	however	ADV
fbem-4561	23	2	,	,	PUNCT
fbem-4561	23	3	strict	strict	ADJ
fbem-4561	23	4	assumptions	assumption	NOUN
fbem-4561	23	5	also	also	ADV
fbem-4561	23	6	make	make	VERB
fbem-4561	23	7	them	they	PRON
fbem-4561	23	8	fall	fall	VERB
fbem-4561	23	9	into	into	ADP
fbem-4561	23	10	a	a	DET
fbem-4561	23	11	dilemma	dilemma	NOUN
fbem-4561	23	12	when	when	SCONJ
fbem-4561	23	13	facing	face	VERB
fbem-4561	23	14	many	many	ADJ
fbem-4561	23	15	market	market	NOUN
fbem-4561	23	16	anomalies	anomaly	NOUN
fbem-4561	23	17	.	.	PUNCT
fbem-4561	24	1	behavioral	behavioral	ADJ
fbem-4561	24	2	finance	finance	NOUN
fbem-4561	24	3	,	,	PUNCT
fbem-4561	24	4	which	which	PRON
fbem-4561	24	5	emerged	emerge	VERB
fbem-4561	24	6	in	in	ADP
fbem-4561	24	7	the	the	DET
fbem-4561	24	8	1990s	1990s	NUM
fbem-4561	24	9	,	,	PUNCT
fbem-4561	24	10	restored	restore	VERB
fbem-4561	24	11	rational	rational	ADJ
fbem-4561	24	12	economic	economic	ADJ
fbem-4561	24	13	people	people	NOUN
fbem-4561	24	14	to	to	ADP
fbem-4561	24	15	ordinary	ordinary	ADJ
fbem-4561	24	16	people	people	NOUN
fbem-4561	24	17	who	who	PRON
fbem-4561	24	18	are	be	AUX
fbem-4561	24	19	closer	close	ADJ
fbem-4561	24	20	to	to	ADP
fbem-4561	24	21	life	life	NOUN
fbem-4561	24	22	.	.	PUNCT
fbem-4561	25	1	they	they	PRON
fbem-4561	25	2	are	be	AUX
fbem-4561	25	3	vivid	vivid	ADJ
fbem-4561	25	4	and	and	CCONJ
fbem-4561	25	5	ordinary	ordinary	ADJ
fbem-4561	25	6	,	,	PUNCT
fbem-4561	25	7	often	often	ADV
fbem-4561	25	8	expressed	express	VERB
fbem-4561	25	9	as	as	ADP
fbem-4561	25	10	limited	limited	ADJ
fbem-4561	25	11	rationality	rationality	NOUN
fbem-4561	25	12	,	,	PUNCT
fbem-4561	25	13	and	and	CCONJ
fbem-4561	25	14	easily	easily	ADV
fbem-4561	25	15	affected	affect	VERB
fbem-4561	25	16	by	by	ADP
fbem-4561	25	17	emotions	emotion	NOUN
fbem-4561	25	18	.	.	PUNCT
fbem-4561	26	1	however	however	ADV
fbem-4561	26	2	,	,	PUNCT
fbem-4561	26	3	in	in	ADP
fbem-4561	26	4	reality	reality	NOUN
fbem-4561	26	5	,	,	PUNCT
fbem-4561	26	6	market	market	NOUN
fbem-4561	26	7	participants	participant	NOUN
fbem-4561	26	8	are	be	AUX
fbem-4561	26	9	not	not	PART
fbem-4561	26	10	alone	alone	ADV
fbem-4561	26	11	active	active	ADJ
fbem-4561	26	12	in	in	ADP
fbem-4561	26	13	the	the	DET
fbem-4561	26	14	information	information	NOUN
fbem-4561	26	15	and	and	CCONJ
fbem-4561	26	16	capital	capital	NOUN
fbem-4561	26	17	of	of	ADP
fbem-4561	26	18	the	the	DET
fbem-4561	26	19	financial	financial	ADJ
fbem-4561	26	20	system	system	NOUN
fbem-4561	26	21	.	.	PUNCT
fbem-4561	27	1	while	while	SCONJ
fbem-4561	27	2	they	they	PRON
fbem-4561	27	3	enter	enter	VERB
fbem-4561	27	4	the	the	DET
fbem-4561	27	5	capital	capital	NOUN
fbem-4561	27	6	market	market	NOUN
fbem-4561	27	7	and	and	CCONJ
fbem-4561	27	8	become	become	VERB
fbem-4561	27	9	investors	investor	NOUN
fbem-4561	27	10	,	,	PUNCT
fbem-4561	27	11	company	company	NOUN
fbem-4561	27	12	executives	executive	NOUN
fbem-4561	27	13	,	,	PUNCT
fbem-4561	27	14	fund	fund	NOUN
fbem-4561	27	15	managers	manager	NOUN
fbem-4561	27	16	and	and	CCONJ
fbem-4561	27	17	securities	security	NOUN
fbem-4561	27	18	analysts	analyst	NOUN
fbem-4561	27	19	,	,	PUNCT
fbem-4561	27	20	they	they	PRON
fbem-4561	27	21	are	be	AUX
fbem-4561	27	22	also	also	ADV
fbem-4561	27	23	in	in	ADP
fbem-4561	27	24	a	a	DET
fbem-4561	27	25	complex	complex	ADJ
fbem-4561	27	26	social	social	ADJ
fbem-4561	27	27	network	network	NOUN
fbem-4561	27	28	as	as	ADP
fbem-4561	27	29	fellow	fellow	ADJ
fbem-4561	27	30	villagers	villager	NOUN
fbem-4561	27	31	,	,	PUNCT
fbem-4561	27	32	classmates	classmate	NOUN
fbem-4561	27	33	and	and	CCONJ
fbem-4561	27	34	colleagues	colleague	NOUN
fbem-4561	27	35	,	,	PUNCT
fbem-4561	27	36	and	and	CCONJ
fbem-4561	27	37	they	they	PRON
fbem-4561	27	38	also	also	ADV
fbem-4561	27	39	form	form	VERB
fbem-4561	27	40	part	part	NOUN
fbem-4561	27	41	of	of	ADP
fbem-4561	27	42	the	the	DET
fbem-4561	27	43	social	social	ADJ
fbem-4561	27	44	network	network	NOUN
fbem-4561	27	45	.	.	PUNCT
fbem-4561	28	1	these	these	DET
fbem-4561	28	2	close	close	ADJ
fbem-4561	28	3	or	or	CCONJ
fbem-4561	28	4	distant	distant	ADJ
fbem-4561	28	5	social	social	ADJ
fbem-4561	28	6	relations	relation	NOUN
fbem-4561	28	7	and	and	CCONJ
fbem-4561	28	8	the	the	DET
fbem-4561	28	9	information	information	NOUN
fbem-4561	28	10	flow	flow	NOUN
fbem-4561	28	11	and	and	CCONJ
fbem-4561	28	12	capital	capital	NOUN
fbem-4561	28	13	flow	flow	NOUN
fbem-4561	28	14	hidden	hide	VERB
fbem-4561	28	15	behind	behind	ADP
fbem-4561	28	16	them	they	PRON
fbem-4561	28	17	,	,	PUNCT
fbem-4561	28	18	as	as	ADV
fbem-4561	28	19	well	well	ADV
fbem-4561	28	20	as	as	ADP
fbem-4561	28	21	the	the	DET
fbem-4561	28	22	personal	personal	ADJ
fbem-4561	28	23	characteristics	characteristic	NOUN
fbem-4561	28	24	such	such	ADJ
fbem-4561	28	25	as	as	ADP
fbem-4561	28	26	character	character	NOUN
fbem-4561	28	27	,	,	PUNCT
fbem-4561	28	28	style	style	NOUN
fbem-4561	28	29	and	and	CCONJ
fbem-4561	28	30	risk	risk	NOUN
fbem-4561	28	31	preference	preference	NOUN
fbem-4561	28	32	formed	form	VERB
fbem-4561	28	33	in	in	ADP
fbem-4561	28	34	the	the	DET
fbem-4561	28	35	growth	growth	NOUN
fbem-4561	28	36	experience	experience	NOUN
fbem-4561	28	37	and	and	CCONJ
fbem-4561	28	38	social	social	ADJ
fbem-4561	28	39	experience	experience	NOUN
fbem-4561	28	40	of	of	ADP
fbem-4561	28	41	the	the	DET
fbem-4561	28	42	social	social	ADJ
fbem-4561	28	43	network	network	NOUN
fbem-4561	28	44	,	,	PUNCT
fbem-4561	28	45	will	will	AUX
fbem-4561	28	46	inevitably	inevitably	ADV
fbem-4561	28	47	have	have	VERB
fbem-4561	28	48	a	a	DET
fbem-4561	28	49	practical	practical	ADJ
fbem-4561	28	50	and	and	CCONJ
fbem-4561	28	51	profound	profound	ADJ
fbem-4561	28	52	impact	impact	NOUN
fbem-4561	28	53	on	on	ADP
fbem-4561	28	54	the	the	DET
fbem-4561	28	55	investment	investment	NOUN
fbem-4561	28	56	decisions	decision	NOUN
fbem-4561	28	57	of	of	ADP
fbem-4561	28	58	the	the	DET
fbem-4561	28	59	above	above	ADJ
fbem-4561	28	60	market	market	NOUN
fbem-4561	28	61	participants	participant	NOUN
fbem-4561	28	62	,	,	PUNCT
fbem-4561	28	63	thus	thus	ADV
fbem-4561	28	64	affecting	affect	VERB
fbem-4561	28	65	the	the	DET
fbem-4561	28	66	corporate	corporate	ADJ
fbem-4561	28	67	finance	finance	NOUN
fbem-4561	28	68	and	and	CCONJ
fbem-4561	28	69	asset	asset	NOUN
fbem-4561	28	70	pricing	pricing	NOUN
fbem-4561	28	71	of	of	ADP
fbem-4561	28	72	the	the	DET
fbem-4561	28	73	capital	capital	NOUN
fbem-4561	28	74	market	market	NOUN
fbem-4561	28	75	,	,	PUNCT
fbem-4561	28	76	as	as	ADV
fbem-4561	28	77	well	well	ADV
fbem-4561	28	78	as	as	ADP
fbem-4561	28	79	the	the	DET
fbem-4561	28	80	openness	openness	NOUN
fbem-4561	28	81	justice	justice	NOUN
fbem-4561	28	82	and	and	CCONJ
fbem-4561	28	83	fairness	fairness	NOUN
fbem-4561	28	84	.	.	PUNCT
fbem-4561	29	1	if	if	SCONJ
fbem-4561	29	2	social	social	ADJ
fbem-4561	29	3	relations	relation	NOUN
fbem-4561	29	4	are	be	AUX
fbem-4561	29	5	a	a	DET
fbem-4561	29	6	kind	kind	NOUN
fbem-4561	29	7	of	of	ADP
fbem-4561	29	8	horizontal	horizontal	ADJ
fbem-4561	29	9	social	social	ADJ
fbem-4561	29	10	connection	connection	NOUN
fbem-4561	29	11	of	of	ADP
fbem-4561	29	12	market	market	NOUN
fbem-4561	29	13	participants	participant	NOUN
fbem-4561	29	14	,	,	PUNCT
fbem-4561	29	15	they	they	PRON
fbem-4561	29	16	can	can	AUX
fbem-4561	29	17	be	be	AUX
fbem-4561	29	18	either	either	CCONJ
fbem-4561	29	19	present	present	ADJ
fbem-4561	29	20	or	or	CCONJ
fbem-4561	29	21	historical	historical	ADJ
fbem-4561	29	22	;	;	PUNCT
fbem-4561	29	23	then	then	ADV
fbem-4561	29	24	,	,	PUNCT
fbem-4561	29	25	social	social	ADJ
fbem-4561	29	26	experience	experience	NOUN
fbem-4561	29	27	including	include	VERB
fbem-4561	29	28	growth	growth	NOUN
fbem-4561	29	29	experience	experience	NOUN
fbem-4561	29	30	and	and	CCONJ
fbem-4561	29	31	social	social	ADJ
fbem-4561	29	32	experience	experience	NOUN
fbem-4561	29	33	is	be	AUX
fbem-4561	29	34	a	a	DET
fbem-4561	29	35	vertical	vertical	ADJ
fbem-4561	29	36	social	social	ADJ
fbem-4561	29	37	connection	connection	NOUN
fbem-4561	29	38	,	,	PUNCT
fbem-4561	29	39	which	which	PRON
fbem-4561	29	40	is	be	AUX
fbem-4561	29	41	often	often	ADV
fbem-4561	29	42	historical	historical	ADJ
fbem-4561	29	43	.	.	PUNCT
fbem-4561	30	1	in	in	ADP
fbem-4561	30	2	a	a	DET
fbem-4561	30	3	word	word	NOUN
fbem-4561	30	4	,	,	PUNCT
fbem-4561	30	5	capital	capital	NOUN
fbem-4561	30	6	market	market	NOUN
fbem-4561	30	7	participants	participant	NOUN
fbem-4561	30	8	are	be	AUX
fbem-4561	30	9	not	not	PART
fbem-4561	30	10	only	only	ADV
fbem-4561	30	11	affected	affect	VERB
fbem-4561	30	12	by	by	ADP
fbem-4561	30	13	their	their	PRON
fbem-4561	30	14	own	own	ADJ
fbem-4561	30	15	internal	internal	ADJ
fbem-4561	30	16	cognitive	cognitive	ADJ
fbem-4561	30	17	and	and	CCONJ
fbem-4561	30	18	psychological	psychological	ADJ
fbem-4561	30	19	factors	factor	NOUN
fbem-4561	30	20	,	,	PUNCT
fbem-4561	30	21	but	but	CCONJ
fbem-4561	30	22	also	also	ADV
fbem-4561	30	23	by	by	ADP
fbem-4561	30	24	external	external	ADJ
fbem-4561	30	25	social	social	ADJ
fbem-4561	30	26	relations	relation	NOUN
fbem-4561	30	27	;	;	PUNCT
fbem-4561	30	28	and	and	CCONJ
fbem-4561	30	29	his	his	PRON
fbem-4561	30	30	growth	growth	NOUN
fbem-4561	30	31	experience	experience	NOUN
fbem-4561	30	32	and	and	CCONJ
fbem-4561	30	33	social	social	ADJ
fbem-4561	30	34	experience	experience	NOUN
fbem-4561	30	35	will	will	AUX
fbem-4561	30	36	also	also	ADV
fbem-4561	30	37	have	have	VERB
fbem-4561	30	38	a	a	DET
fbem-4561	30	39	subtle	subtle	ADJ
fbem-4561	30	40	or	or	CCONJ
fbem-4561	30	41	profound	profound	ADJ
fbem-4561	30	42	and	and	CCONJ
fbem-4561	30	43	significant	significant	ADJ
fbem-4561	30	44	impact	impact	NOUN
fbem-4561	30	45	on	on	ADP
fbem-4561	30	46	his	his	PRON
fbem-4561	30	47	cognition	cognition	NOUN
fbem-4561	30	48	and	and	CCONJ
fbem-4561	30	49	psychology	psychology	NOUN
fbem-4561	30	50	,	,	PUNCT
fbem-4561	30	51	thus	thus	ADV
fbem-4561	30	52	affecting	affect	VERB
fbem-4561	30	53	his	his	PRON
fbem-4561	30	54	decision	decision	NOUN
fbem-4561	30	55	-	-	PUNCT
fbem-4561	30	56	making	making	NOUN
fbem-4561	30	57	and	and	CCONJ
fbem-4561	30	58	behavior	behavior	NOUN
fbem-4561	30	59	in	in	ADP
fbem-4561	30	60	the	the	DET
fbem-4561	30	61	capital	capital	NOUN
fbem-4561	30	62	market	market	NOUN
fbem-4561	30	63	.	.	PUNCT
fbem-4561	31	1	this	this	DET
fbem-4561	31	2	proposition	proposition	NOUN
fbem-4561	31	3	is	be	AUX
fbem-4561	31	4	almost	almost	ADV
fbem-4561	31	5	self	self	NOUN
fbem-4561	31	6	-	-	PUNCT
fbem-4561	31	7	evident	evident	ADJ
fbem-4561	31	8	,	,	PUNCT
fbem-4561	31	9	but	but	CCONJ
fbem-4561	31	10	the	the	DET
fbem-4561	31	11	empirical	empirical	ADJ
fbem-4561	31	12	research	research	NOUN
fbem-4561	31	13	of	of	ADP
fbem-4561	31	14	financial	financial	ADJ
fbem-4561	31	15	scholars	scholar	NOUN
fbem-4561	31	16	in	in	ADP
fbem-4561	31	17	this	this	DET
fbem-4561	31	18	field	field	NOUN
fbem-4561	31	19	has	have	AUX
fbem-4561	31	20	just	just	ADV
fbem-4561	31	21	emerged	emerge	VERB
fbem-4561	31	22	.	.	PUNCT
fbem-4561	32	1	cohen	cohen	PROPN
fbem-4561	32	2	et	et	PROPN
fbem-4561	32	3	al	al	PROPN
fbem-4561	32	4	(	(	PUNCT
fbem-4561	32	5	2008	2008	NUM
fbem-4561	32	6	.	.	PUNCT
fbem-4561	33	1	the	the	DET
fbem-4561	33	2	research	research	NOUN
fbem-4561	33	3	assumption	assumption	NOUN
fbem-4561	33	4	of	of	ADP
fbem-4561	33	5	market	market	NOUN
fbem-4561	33	6	participants	participant	NOUN
fbem-4561	33	7	:	:	PUNCT
fbem-4561	33	8	from	from	ADP
fbem-4561	33	9	rational	rational	ADJ
fbem-4561	33	10	economic	economic	ADJ
fbem-4561	33	11	man	man	NOUN
fbem-4561	33	12	to	to	ADP
fbem-4561	33	13	limited	limited	ADJ
fbem-4561	33	14	rational	rational	ADJ
fbem-4561	33	15	man	man	NOUN
fbem-4561	33	16	and	and	CCONJ
fbem-4561	33	17	then	then	ADV
fbem-4561	33	18	to	to	ADP
fbem-4561	33	19	social	social	ADJ
fbem-4561	33	20	man	man	NOUN
fbem-4561	33	21	,	,	PUNCT
fbem-4561	33	22	also	also	ADV
fbem-4561	33	23	reflects	reflect	VERB
fbem-4561	33	24	the	the	DET
fbem-4561	33	25	fact	fact	NOUN
fbem-4561	33	26	that	that	SCONJ
fbem-4561	33	27	modern	modern	ADJ
fbem-4561	33	28	financial	financial	ADJ
fbem-4561	33	29	research	research	NOUN
fbem-4561	33	30	is	be	AUX
fbem-4561	33	31	getting	get	VERB
fbem-4561	33	32	closer	close	ADJ
fbem-4561	33	33	to	to	ADP
fbem-4561	33	34	the	the	DET
fbem-4561	33	35	reality	reality	NOUN
fbem-4561	33	36	of	of	ADP
fbem-4561	33	37	the	the	DET
fbem-4561	33	38	market	market	NOUN
fbem-4561	33	39	and	and	CCONJ
fbem-4561	33	40	the	the	DET
fbem-4561	33	41	real	real	ADJ
fbem-4561	33	42	reaction	reaction	NOUN
fbem-4561	33	43	of	of	ADP
fbem-4561	33	44	investors	investor	NOUN
fbem-4561	33	45	.	.	PUNCT
fbem-4561	34	1	compared	compare	VERB
fbem-4561	34	2	with	with	ADP
fbem-4561	34	3	western	western	ADJ
fbem-4561	34	4	mature	mature	ADJ
fbem-4561	34	5	market	market	NOUN
fbem-4561	34	6	countries	country	NOUN
fbem-4561	34	7	,	,	PUNCT
fbem-4561	34	8	china	china	PROPN
fbem-4561	34	9	is	be	AUX
fbem-4561	34	10	a	a	DET
fbem-4561	34	11	typical	typical	ADJ
fbem-4561	34	12	human	human	ADJ
fbem-4561	34	13	society	society	NOUN
fbem-4561	34	14	,	,	PUNCT
fbem-4561	34	15	and	and	CCONJ
fbem-4561	34	16	social	social	ADJ
fbem-4561	34	17	ties	tie	NOUN
fbem-4561	34	18	have	have	VERB
fbem-4561	34	19	a	a	DET
fbem-4561	34	20	more	more	ADV
fbem-4561	34	21	profound	profound	ADJ
fbem-4561	34	22	impact	impact	NOUN
fbem-4561	34	23	on	on	ADP
fbem-4561	34	24	the	the	DET
fbem-4561	34	25	capital	capital	NOUN
fbem-4561	34	26	market	market	NOUN
fbem-4561	34	27	than	than	ADP
fbem-4561	34	28	western	western	ADJ
fbem-4561	34	29	mature	mature	ADJ
fbem-4561	34	30	markets	market	NOUN
fbem-4561	34	31	.	.	PUNCT
fbem-4561	35	1	social	social	ADJ
fbem-4561	35	2	connections	connection	NOUN
fbem-4561	35	3	,	,	PUNCT
fbem-4561	35	4	such	such	ADJ
fbem-4561	35	5	as	as	ADP
fbem-4561	35	6	contacts	contact	NOUN
fbem-4561	35	7	,	,	PUNCT
fbem-4561	35	8	relationships	relationship	NOUN
fbem-4561	35	9	and	and	CCONJ
fbem-4561	35	10	circles	circle	NOUN
fbem-4561	35	11	,	,	PUNCT
fbem-4561	35	12	have	have	VERB
fbem-4561	35	13	a	a	DET
fbem-4561	35	14	more	more	ADV
fbem-4561	35	15	comprehensive	comprehensive	ADJ
fbem-4561	35	16	and	and	CCONJ
fbem-4561	35	17	profound	profound	ADJ
fbem-4561	35	18	impact	impact	NOUN
fbem-4561	35	19	on	on	ADP
fbem-4561	35	20	the	the	DET
fbem-4561	35	21	operation	operation	NOUN
fbem-4561	35	22	of	of	ADP
fbem-4561	35	23	social	social	ADJ
fbem-4561	35	24	economy	economy	NOUN
fbem-4561	35	25	and	and	CCONJ
fbem-4561	35	26	financial	financial	ADJ
fbem-4561	35	27	system	system	NOUN
fbem-4561	35	28	.	.	PUNCT
fbem-4561	36	1	as	as	ADP
fbem-4561	36	2	the	the	DET
fbem-4561	36	3	core	core	NOUN
fbem-4561	36	4	of	of	ADP
fbem-4561	36	5	modern	modern	ADJ
fbem-4561	36	6	economy	economy	NOUN
fbem-4561	36	7	,	,	PUNCT
fbem-4561	36	8	finance	finance	NOUN
fbem-4561	36	9	,	,	PUNCT
fbem-4561	36	10	information	information	NOUN
fbem-4561	36	11	and	and	CCONJ
fbem-4561	36	12	wealth	wealth	NOUN
fbem-4561	36	13	,	,	PUNCT
fbem-4561	36	14	the	the	DET
fbem-4561	36	15	capital	capital	NOUN
fbem-4561	36	16	market	market	NOUN
fbem-4561	36	17	gathers	gather	VERB
fbem-4561	36	18	and	and	CCONJ
fbem-4561	36	19	involves	involve	VERB
fbem-4561	36	20	a	a	DET
fbem-4561	36	21	large	large	ADJ
fbem-4561	36	22	number	number	NOUN
fbem-4561	36	23	of	of	ADP
fbem-4561	36	24	complex	complex	ADJ
fbem-4561	36	25	social	social	ADJ
fbem-4561	36	26	relationships	relationship	NOUN
fbem-4561	36	27	.	.	PUNCT
fbem-4561	37	1	however	however	ADV
fbem-4561	37	2	,	,	PUNCT
fbem-4561	37	3	in	in	ADP
fbem-4561	37	4	china	china	PROPN
fbem-4561	37	5	,	,	PUNCT
fbem-4561	37	6	the	the	DET
fbem-4561	37	7	research	research	NOUN
fbem-4561	37	8	on	on	ADP
fbem-4561	37	9	the	the	DET
fbem-4561	37	10	impact	impact	NOUN
fbem-4561	37	11	of	of	ADP
fbem-4561	37	12	social	social	ADJ
fbem-4561	37	13	ties	tie	NOUN
fbem-4561	37	14	on	on	ADP
fbem-4561	37	15	the	the	DET
fbem-4561	37	16	capital	capital	NOUN
fbem-4561	37	17	market	market	NOUN
fbem-4561	37	18	has	have	AUX
fbem-4561	37	19	not	not	PART
fbem-4561	37	20	attracted	attract	VERB
fbem-4561	37	21	enough	enough	ADJ
fbem-4561	37	22	attention	attention	NOUN
fbem-4561	37	23	from	from	ADP
fbem-4561	37	24	domestic	domestic	ADJ
fbem-4561	37	25	scholars	scholar	NOUN
fbem-4561	37	26	.	.	PUNCT
fbem-4561	38	1	therefore	therefore	ADV
fbem-4561	38	2	,	,	PUNCT
fbem-4561	38	3	based	base	VERB
fbem-4561	38	4	on	on	ADP
fbem-4561	38	5	the	the	DET
fbem-4561	38	6	background	background	NOUN
fbem-4561	38	7	of	of	ADP
fbem-4561	38	8	the	the	DET
fbem-4561	38	9	pilot	pilot	NOUN
fbem-4561	38	10	implementation	implementation	NOUN
fbem-4561	38	11	of	of	ADP
fbem-4561	38	12	the	the	DET
fbem-4561	38	13	registration	registration	NOUN
fbem-4561	38	14	system	system	NOUN
fbem-4561	38	15	in	in	ADP
fbem-4561	38	16	the	the	DET
fbem-4561	38	17	shanghai	shanghai	PROPN
fbem-4561	38	18	stock	stock	PROPN
fbem-4561	38	19	exchange	exchange	PROPN
fbem-4561	38	20	,	,	PUNCT
fbem-4561	38	21	this	this	DET
fbem-4561	38	22	paper	paper	NOUN
fbem-4561	38	23	studies	study	VERB
fbem-4561	38	24	the	the	DET
fbem-4561	38	25	impact	impact	NOUN
fbem-4561	38	26	of	of	ADP
fbem-4561	38	27	the	the	DET
fbem-4561	38	28	social	social	ADJ
fbem-4561	38	29	experience	experience	NOUN
fbem-4561	38	30	of	of	ADP
fbem-4561	38	31	the	the	DET
fbem-4561	38	32	sponsor	sponsor	NOUN
fbem-4561	38	33	representatives	representative	NOUN
fbem-4561	38	34	on	on	ADP
fbem-4561	38	35	the	the	DET
fbem-4561	38	36	ipo	ipo	NOUN
fbem-4561	38	37	performance	performance	NOUN
fbem-4561	38	38	.	.	PUNCT
fbem-4561	39	1	the	the	DET
fbem-4561	39	2	ipo	ipo	NOUN
fbem-4561	39	3	performance	performance	NOUN
fbem-4561	39	4	includes	include	VERB
fbem-4561	39	5	the	the	DET
fbem-4561	39	6	earnings	earning	NOUN
fbem-4561	39	7	management	management	NOUN
fbem-4561	39	8	level	level	NOUN
fbem-4561	39	9	of	of	ADP
fbem-4561	39	10	the	the	DET
fbem-4561	39	11	company	company	NOUN
fbem-4561	39	12	to	to	PART
fbem-4561	39	13	be	be	AUX
fbem-4561	39	14	listed	list	VERB
fbem-4561	39	15	,	,	PUNCT
fbem-4561	39	16	the	the	DET
fbem-4561	39	17	ipo	ipo	NOUN
fbem-4561	39	18	underpricing	underprice	VERB
fbem-4561	39	19	rate	rate	NOUN
fbem-4561	39	20	and	and	CCONJ
fbem-4561	39	21	the	the	DET
fbem-4561	39	22	long	long	ADJ
fbem-4561	39	23	-	-	PUNCT
fbem-4561	39	24	term	term	NOUN
fbem-4561	39	25	return	return	NOUN
fbem-4561	39	26	rate	rate	NOUN
fbem-4561	39	27	after	after	SCONJ
fbem-4561	39	28	the	the	DET
fbem-4561	39	29	company	company	NOUN
fbem-4561	39	30	is	be	AUX
fbem-4561	39	31	listed	list	VERB
fbem-4561	39	32	,	,	PUNCT
fbem-4561	39	33	to	to	PART
fbem-4561	39	34	explore	explore	VERB
fbem-4561	39	35	whether	whether	SCONJ
fbem-4561	39	36	the	the	DET
fbem-4561	39	37	sponsor	sponsor	NOUN
fbem-4561	39	38	representatives	representative	NOUN
fbem-4561	39	39	with	with	ADP
fbem-4561	39	40	rich	rich	ADJ
fbem-4561	39	41	social	social	ADJ
fbem-4561	39	42	experience	experience	NOUN
fbem-4561	39	43	can	can	AUX
fbem-4561	39	44	better	well	ADV
fbem-4561	39	45	play	play	VERB
fbem-4561	39	46	their	their	PRON
fbem-4561	39	47	information	information	NOUN
fbem-4561	39	48	production	production	NOUN
fbem-4561	39	49	and	and	CCONJ
fbem-4561	39	50	certification	certification	NOUN
fbem-4561	39	51	intermediary	intermediary	NOUN
fbem-4561	39	52	functions	function	NOUN
fbem-4561	39	53	in	in	ADP
fbem-4561	39	54	the	the	DET
fbem-4561	39	55	securities	security	NOUN
fbem-4561	39	56	issuance	issuance	NOUN
fbem-4561	39	57	market	market	NOUN
fbem-4561	39	58	,	,	PUNCT
fbem-4561	39	59	so	so	SCONJ
fbem-4561	39	60	as	as	SCONJ
fbem-4561	39	61	to	to	PART
fbem-4561	39	62	improve	improve	VERB
fbem-4561	39	63	the	the	DET
fbem-4561	39	64	ipo	ipo	NOUN
fbem-4561	39	65	performance	performance	NOUN
fbem-4561	39	66	,	,	PUNCT
fbem-4561	39	67	it	it	PRON
fbem-4561	39	68	also	also	ADV
fbem-4561	39	69	analyzes	analyze	VERB
fbem-4561	39	70	the	the	DET
fbem-4561	39	71	impact	impact	NOUN
fbem-4561	39	72	of	of	ADP
fbem-4561	39	73	the	the	DET
fbem-4561	39	74	registration	registration	NOUN
fbem-4561	39	75	system	system	NOUN
fbem-4561	39	76	on	on	ADP
fbem-4561	39	77	the	the	DET
fbem-4561	39	78	issuance	issuance	NOUN
fbem-4561	39	79	market	market	NOUN
fbem-4561	39	80	,	,	PUNCT
fbem-4561	39	81	discusses	discuss	VERB
fbem-4561	39	82	whether	whether	SCONJ
fbem-4561	39	83	the	the	DET
fbem-4561	39	84	registration	registration	NOUN
fbem-4561	39	85	system	system	NOUN
fbem-4561	39	86	being	be	AUX
fbem-4561	39	87	implemented	implement	VERB
fbem-4561	39	88	on	on	ADP
fbem-4561	39	89	the	the	DET
fbem-4561	39	90	science	science	NOUN
fbem-4561	39	91	and	and	CCONJ
fbem-4561	39	92	technology	technology	NOUN
fbem-4561	39	93	innovation	innovation	NOUN
fbem-4561	39	94	board	board	NOUN
fbem-4561	39	95	can	can	AUX
fbem-4561	39	96	improve	improve	VERB
fbem-4561	39	97	the	the	DET
fbem-4561	39	98	securities	security	NOUN
fbem-4561	39	99	issuance	issuance	NOUN
fbem-4561	39	100	market	market	NOUN
fbem-4561	39	101	in	in	ADP
fbem-4561	39	102	china	china	PROPN
fbem-4561	39	103	,	,	PUNCT
fbem-4561	39	104	and	and	CCONJ
fbem-4561	39	105	answers	answer	NOUN
fbem-4561	39	106	under	under	ADP
fbem-4561	39	107	which	which	PRON
fbem-4561	39	108	issuance	issuance	NOUN
fbem-4561	39	109	system	system	NOUN
fbem-4561	39	110	,	,	PUNCT
fbem-4561	39	111	the	the	DET
fbem-4561	39	112	ability	ability	NOUN
fbem-4561	39	113	of	of	ADP
fbem-4561	39	114	sponsor	sponsor	NOUN
fbem-4561	39	115	representatives	representative	NOUN
fbem-4561	39	116	can	can	AUX
fbem-4561	39	117	be	be	AUX
fbem-4561	39	118	more	more	ADV
fbem-4561	39	119	effectively	effectively	ADV
fbem-4561	39	120	played	play	VERB
fbem-4561	39	121	,	,	PUNCT
fbem-4561	39	122	the	the	DET
fbem-4561	39	123	earnings	earning	NOUN
fbem-4561	39	124	management	management	NOUN
fbem-4561	39	125	level	level	NOUN
fbem-4561	39	126	of	of	ADP
fbem-4561	39	127	companies	company	NOUN
fbem-4561	39	128	to	to	PART
fbem-4561	39	129	be	be	AUX
fbem-4561	39	130	listed	list	VERB
fbem-4561	39	131	can	can	AUX
fbem-4561	39	132	be	be	AUX
fbem-4561	39	133	reduced	reduce	VERB
fbem-4561	39	134	,	,	PUNCT
fbem-4561	39	135	and	and	CCONJ
fbem-4561	39	136	a	a	DET
fbem-4561	39	137	reasonable	reasonable	ADJ
fbem-4561	39	138	and	and	CCONJ
fbem-4561	39	139	fair	fair	ADJ
fbem-4561	39	140	price	price	NOUN
fbem-4561	39	141	that	that	PRON
fbem-4561	39	142	is	be	AUX
fbem-4561	39	143	more	more	ADV
fbem-4561	39	144	conducive	conducive	ADJ
fbem-4561	39	145	to	to	ADP
fbem-4561	39	146	listed	list	VERB
fbem-4561	39	147	companies	company	NOUN
fbem-4561	39	148	and	and	CCONJ
fbem-4561	39	149	closer	close	ADJ
fbem-4561	39	150	to	to	ADP
fbem-4561	39	151	the	the	DET
fbem-4561	39	152	actual	actual	ADJ
fbem-4561	39	153	market	market	NOUN
fbem-4561	39	154	can	can	AUX
fbem-4561	39	155	be	be	AUX
fbem-4561	39	156	formulated	formulate	VERB
fbem-4561	39	157	,	,	PUNCT
fbem-4561	39	158	so	so	SCONJ
fbem-4561	39	159	as	as	SCONJ
fbem-4561	39	160	to	to	PART
fbem-4561	39	161	improve	improve	VERB
fbem-4561	39	162	the	the	DET
fbem-4561	39	163	financing	financing	NOUN
fbem-4561	39	164	efficiency	efficiency	NOUN
fbem-4561	39	165	and	and	CCONJ
fbem-4561	39	166	long	long	ADJ
fbem-4561	39	167	-	-	PUNCT
fbem-4561	39	168	term	term	NOUN
fbem-4561	39	169	performance	performance	NOUN
fbem-4561	39	170	of	of	ADP
fbem-4561	39	171	the	the	DET
fbem-4561	39	172	company	company	NOUN
fbem-4561	39	173	after	after	ADP
fbem-4561	39	174	listing	list	VERB
fbem-4561	39	175	.	.	PUNCT
fbem-4561	40	1	2	2	X
fbem-4561	40	2	.	.	X
fbem-4561	40	3	literature	literature	NOUN
fbem-4561	40	4	review	review	NOUN
fbem-4561	40	5	in	in	ADP
fbem-4561	40	6	the	the	DET
fbem-4561	40	7	foreign	foreign	ADJ
fbem-4561	40	8	recommendation	recommendation	NOUN
fbem-4561	40	9	system	system	NOUN
fbem-4561	40	10	,	,	PUNCT
fbem-4561	40	11	there	there	PRON
fbem-4561	40	12	is	be	VERB
fbem-4561	40	13	no	no	DET
fbem-4561	40	14	special	special	ADJ
fbem-4561	40	15	role	role	NOUN
fbem-4561	40	16	of	of	ADP
fbem-4561	40	17	the	the	DET
fbem-4561	40	18	recommendation	recommendation	NOUN
fbem-4561	40	19	representative	representative	NOUN
fbem-4561	40	20	.	.	PUNCT
fbem-4561	41	1	the	the	DET
fbem-4561	41	2	recommendation	recommendation	NOUN
fbem-4561	41	3	representative	representative	NOUN
fbem-4561	41	4	is	be	AUX
fbem-4561	41	5	either	either	CCONJ
fbem-4561	41	6	subdivided	subdivide	VERB
fbem-4561	41	7	into	into	ADP
fbem-4561	41	8	several	several	ADJ
fbem-4561	41	9	different	different	ADJ
fbem-4561	41	10	positions	position	NOUN
fbem-4561	41	11	or	or	CCONJ
fbem-4561	41	12	integrated	integrate	VERB
fbem-4561	41	13	into	into	ADP
fbem-4561	41	14	the	the	DET
fbem-4561	41	15	team	team	NOUN
fbem-4561	41	16	responsibilities	responsibility	NOUN
fbem-4561	41	17	of	of	ADP
fbem-4561	41	18	the	the	DET
fbem-4561	41	19	recommendation	recommendation	NOUN
fbem-4561	41	20	agency	agency	NOUN
fbem-4561	41	21	in	in	ADP
fbem-4561	41	22	the	the	DET
fbem-4561	41	23	relevant	relevant	ADJ
fbem-4561	41	24	foreign	foreign	ADJ
fbem-4561	41	25	systems	system	NOUN
fbem-4561	41	26	.	.	PUNCT
fbem-4561	42	1	in	in	ADP
fbem-4561	42	2	addition	addition	NOUN
fbem-4561	42	3	,	,	PUNCT
fbem-4561	42	4	limited	limit	VERB
fbem-4561	42	5	by	by	ADP
fbem-4561	42	6	the	the	DET
fbem-4561	42	7	availability	availability	NOUN
fbem-4561	42	8	of	of	ADP
fbem-4561	42	9	data	datum	NOUN
fbem-4561	42	10	,	,	PUNCT
fbem-4561	42	11	there	there	PRON
fbem-4561	42	12	is	be	VERB
fbem-4561	42	13	little	little	ADJ
fbem-4561	42	14	research	research	NOUN
fbem-4561	42	15	on	on	ADP
fbem-4561	42	16	sponsor	sponsor	NOUN
fbem-4561	42	17	representatives	representative	NOUN
fbem-4561	42	18	abroad	abroad	ADV
fbem-4561	42	19	.	.	PUNCT
fbem-4561	43	1	in	in	ADP
fbem-4561	43	2	the	the	DET
fbem-4561	43	3	domestic	domestic	ADJ
fbem-4561	43	4	capital	capital	NOUN
fbem-4561	43	5	market	market	NOUN
fbem-4561	43	6	,	,	PUNCT
fbem-4561	43	7	special	special	ADJ
fbem-4561	43	8	data	datum	NOUN
fbem-4561	43	9	on	on	ADP
fbem-4561	43	10	sponsor	sponsor	NOUN
fbem-4561	43	11	representatives	representative	NOUN
fbem-4561	43	12	can	can	AUX
fbem-4561	43	13	be	be	AUX
fbem-4561	43	14	obtained	obtain	VERB
fbem-4561	43	15	,	,	PUNCT
fbem-4561	43	16	so	so	SCONJ
fbem-4561	43	17	the	the	DET
fbem-4561	43	18	research	research	NOUN
fbem-4561	43	19	on	on	ADP
fbem-4561	43	20	sponsor	sponsor	NOUN
fbem-4561	43	21	representatives	representative	NOUN
fbem-4561	43	22	in	in	ADP
fbem-4561	43	23	domestic	domestic	ADJ
fbem-4561	43	24	literature	literature	NOUN
fbem-4561	43	25	will	will	AUX
fbem-4561	43	26	be	be	AUX
fbem-4561	43	27	relatively	relatively	ADV
fbem-4561	43	28	rich	rich	ADJ
fbem-4561	43	29	.	.	PUNCT
fbem-4561	44	1	when	when	SCONJ
fbem-4561	44	2	analyzing	analyze	VERB
fbem-4561	44	3	the	the	DET
fbem-4561	44	4	system	system	NOUN
fbem-4561	44	5	design	design	NOUN
fbem-4561	44	6	of	of	ADP
fbem-4561	44	7	sponsor	sponsor	NOUN
fbem-4561	44	8	representatives	representative	NOUN
fbem-4561	44	9	,	,	PUNCT
fbem-4561	44	10	two	two	NUM
fbem-4561	44	11	analysis	analysis	NOUN
fbem-4561	44	12	methods	method	NOUN
fbem-4561	44	13	are	be	AUX
fbem-4561	44	14	basically	basically	ADV
fbem-4561	44	15	used	use	VERB
fbem-4561	44	16	:	:	PUNCT
fbem-4561	44	17	one	one	NUM
fbem-4561	44	18	is	be	AUX
fbem-4561	44	19	to	to	PART
fbem-4561	44	20	analyze	analyze	VERB
fbem-4561	44	21	the	the	DET
fbem-4561	44	22	sponsor	sponsor	NOUN
fbem-4561	44	23	representatives	representative	NOUN
fbem-4561	44	24	as	as	ADP
fbem-4561	44	25	a	a	DET
fbem-4561	44	26	single	single	ADJ
fbem-4561	44	27	subject	subject	NOUN
fbem-4561	44	28	;	;	PUNCT
fbem-4561	44	29	the	the	DET
fbem-4561	44	30	other	other	ADJ
fbem-4561	44	31	is	be	AUX
fbem-4561	44	32	to	to	PART
fbem-4561	44	33	study	study	VERB
fbem-4561	44	34	from	from	ADP
fbem-4561	44	35	the	the	DET
fbem-4561	44	36	perspective	perspective	NOUN
fbem-4561	44	37	of	of	ADP
fbem-4561	44	38	intermediaries	intermediary	NOUN
fbem-4561	44	39	,	,	PUNCT
fbem-4561	44	40	taking	take	VERB
fbem-4561	44	41	the	the	DET
fbem-4561	44	42	sponsor	sponsor	NOUN
fbem-4561	44	43	and	and	CCONJ
fbem-4561	44	44	the	the	DET
fbem-4561	44	45	sponsor	sponsor	NOUN
fbem-4561	44	46	representative	representative	NOUN
fbem-4561	44	47	as	as	ADP
fbem-4561	44	48	a	a	DET
fbem-4561	44	49	subject	subject	NOUN
fbem-4561	44	50	.	.	PUNCT
fbem-4561	45	1	2.1	2.1	NUM
fbem-4561	45	2	.	.	PUNCT
fbem-4561	45	3	research	research	NOUN
fbem-4561	45	4	on	on	ADP
fbem-4561	45	5	the	the	DET
fbem-4561	45	6	reputation	reputation	NOUN
fbem-4561	45	7	of	of	ADP
fbem-4561	45	8	the	the	DET
fbem-4561	45	9	sponsor	sponsor	NOUN
fbem-4561	45	10	representative	representative	NOUN
fbem-4561	45	11	some	some	DET
fbem-4561	45	12	domestic	domestic	ADJ
fbem-4561	45	13	scholars	scholar	NOUN
fbem-4561	45	14	found	find	VERB
fbem-4561	45	15	that	that	SCONJ
fbem-4561	45	16	the	the	DET
fbem-4561	45	17	reputation	reputation	NOUN
fbem-4561	45	18	of	of	ADP
fbem-4561	45	19	sponsor	sponsor	NOUN
fbem-4561	45	20	representatives	representative	NOUN
fbem-4561	45	21	has	have	VERB
fbem-4561	45	22	a	a	DET
fbem-4561	45	23	positive	positive	ADJ
fbem-4561	45	24	effect	effect	NOUN
fbem-4561	45	25	on	on	ADP
fbem-4561	45	26	ipo	ipo	NOUN
fbem-4561	45	27	performance	performance	NOUN
fbem-4561	45	28	.	.	PUNCT
fbem-4561	46	1	luo	luo	PROPN
fbem-4561	46	2	danglun	danglun	PROPN
fbem-4561	46	3	and	and	CCONJ
fbem-4561	46	4	wang	wang	PROPN
fbem-4561	46	5	hong	hong	PROPN
fbem-4561	46	6	(	(	PUNCT
fbem-4561	46	7	2013	2013	NUM
fbem-4561	46	8	)	)	PUNCT
fbem-4561	46	9	measured	measure	VERB
fbem-4561	46	10	the	the	DET
fbem-4561	46	11	reputation	reputation	NOUN
fbem-4561	46	12	of	of	ADP
fbem-4561	46	13	female	female	ADJ
fbem-4561	46	14	sponsors	sponsor	NOUN
fbem-4561	46	15	from	from	ADP
fbem-4561	46	16	the	the	DET
fbem-4561	46	17	four	four	NUM
fbem-4561	46	18	dimensions	dimension	NOUN
fbem-4561	46	19	of	of	ADP
fbem-4561	46	20	their	their	PRON
fbem-4561	46	21	participation	participation	NOUN
fbem-4561	46	22	,	,	PUNCT
fbem-4561	46	23	age	age	NOUN
fbem-4561	46	24	,	,	PUNCT
fbem-4561	46	25	education	education	NOUN
fbem-4561	46	26	and	and	CCONJ
fbem-4561	46	27	the	the	DET
fbem-4561	46	28	time	time	NOUN
fbem-4561	46	29	from	from	ADP
fbem-4561	46	30	project	project	NOUN
fbem-4561	46	31	registration	registration	NOUN
fbem-4561	46	32	to	to	PART
fbem-4561	46	33	acceptance	acceptance	VERB
fbem-4561	46	34	.	.	PUNCT
fbem-4561	47	1	the	the	DET
fbem-4561	47	2	study	study	NOUN
fbem-4561	47	3	found	find	VERB
fbem-4561	47	4	that	that	SCONJ
fbem-4561	47	5	the	the	PRON
fbem-4561	47	6	better	well	ADJ
fbem-4561	47	7	the	the	DET
fbem-4561	47	8	reputation	reputation	NOUN
fbem-4561	47	9	of	of	ADP
fbem-4561	47	10	sponsors	sponsor	NOUN
fbem-4561	47	11	,	,	PUNCT
fbem-4561	47	12	the	the	DET
fbem-4561	47	13	shorter	short	ADJ
fbem-4561	47	14	the	the	DET
fbem-4561	47	15	ipo	ipo	PROPN
fbem-4561	47	16	meeting	meeting	NOUN
fbem-4561	47	17	time	time	NOUN
fbem-4561	47	18	.	.	PUNCT
fbem-4561	48	1	cai	cai	PROPN
fbem-4561	48	2	qingfeng	qingfeng	PROPN
fbem-4561	48	3	(	(	PUNCT
fbem-4561	48	4	2014	2014	NUM
fbem-4561	48	5	)	)	PUNCT
fbem-4561	49	1	[	[	X
fbem-4561	49	2	14	14	NUM
fbem-4561	49	3	]	]	PUNCT
fbem-4561	49	4	according	accord	VERB
fbem-4561	49	5	to	to	ADP
fbem-4561	49	6	the	the	DET
fbem-4561	49	7	data	datum	NOUN
fbem-4561	49	8	of	of	ADP
fbem-4561	49	9	sme	sme	PROPN
fbem-4561	49	10	board	board	PROPN
fbem-4561	49	11	and	and	CCONJ
fbem-4561	49	12	gem	gem	NOUN
fbem-4561	49	13	,	,	PUNCT
fbem-4561	49	14	the	the	DET
fbem-4561	49	15	results	result	NOUN
fbem-4561	49	16	of	of	ADP
fbem-4561	49	17	empirical	empirical	ADJ
fbem-4561	49	18	research	research	NOUN
fbem-4561	49	19	show	show	VERB
fbem-4561	49	20	that	that	SCONJ
fbem-4561	49	21	high	high	ADJ
fbem-4561	49	22	reputation	reputation	NOUN
fbem-4561	49	23	sponsor	sponsor	NOUN
fbem-4561	49	24	representatives	representative	NOUN
fbem-4561	49	25	in	in	ADP
fbem-4561	49	26	the	the	DET
fbem-4561	49	27	primary	primary	ADJ
fbem-4561	49	28	market	market	NOUN
fbem-4561	49	29	can	can	AUX
fbem-4561	49	30	have	have	VERB
fbem-4561	49	31	a	a	DET
fbem-4561	49	32	positive	positive	ADJ
fbem-4561	49	33	impact	impact	NOUN
fbem-4561	49	34	on	on	ADP
fbem-4561	49	35	the	the	DET
fbem-4561	49	36	earnings	earning	NOUN
fbem-4561	49	37	management	management	NOUN
fbem-4561	49	38	behavior	behavior	NOUN
fbem-4561	49	39	of	of	ADP
fbem-4561	49	40	companies	company	NOUN
fbem-4561	49	41	to	to	PART
fbem-4561	49	42	be	be	AUX
fbem-4561	49	43	listed	list	VERB
fbem-4561	49	44	,	,	PUNCT
fbem-4561	49	45	and	and	CCONJ
fbem-4561	49	46	investors	investor	NOUN
fbem-4561	49	47	in	in	ADP
fbem-4561	49	48	the	the	DET
fbem-4561	49	49	secondary	secondary	ADJ
fbem-4561	49	50	market	market	NOUN
fbem-4561	49	51	also	also	ADV
fbem-4561	49	52	recognize	recognize	VERB
fbem-4561	49	53	the	the	DET
fbem-4561	49	54	positive	positive	ADJ
fbem-4561	49	55	role	role	NOUN
fbem-4561	49	56	of	of	ADP
fbem-4561	49	57	sponsor	sponsor	NOUN
fbem-4561	49	58	representatives	representative	NOUN
fbem-4561	49	59	during	during	ADP
fbem-4561	49	60	continuous	continuous	ADJ
fbem-4561	49	61	supervision	supervision	NOUN
fbem-4561	49	62	to	to	ADP
fbem-4561	49	63	a	a	DET
fbem-4561	49	64	certain	certain	ADJ
fbem-4561	49	65	extent	extent	NOUN
fbem-4561	49	66	.	.	PUNCT
fbem-4561	50	1	dai	dai	PROPN
fbem-4561	50	2	yiyi	yiyi	PROPN
fbem-4561	50	3	(	(	PUNCT
fbem-4561	50	4	2014	2014	NUM
fbem-4561	50	5	)	)	PUNCT
fbem-4561	50	6	took	take	VERB
fbem-4561	50	7	the	the	DET
fbem-4561	50	8	company	company	NOUN
fbem-4561	50	9	data	datum	NOUN
fbem-4561	50	10	of	of	ADP
fbem-4561	50	11	the	the	DET
fbem-4561	50	12	ipo	ipo	NOUN
fbem-4561	50	13	application	application	NOUN
fbem-4561	50	14	received	receive	VERB
fbem-4561	50	15	by	by	ADP
fbem-4561	50	16	the	the	DET
fbem-4561	50	17	development	development	NOUN
fbem-4561	50	18	and	and	CCONJ
fbem-4561	50	19	examination	examination	NOUN
fbem-4561	50	20	commission	commission	NOUN
fbem-4561	50	21	from	from	ADP
fbem-4561	50	22	2007	2007	NUM
fbem-4561	50	23	to	to	ADP
fbem-4561	50	24	2012	2012	NUM
fbem-4561	50	25	as	as	ADP
fbem-4561	50	26	the	the	DET
fbem-4561	50	27	research	research	NOUN
fbem-4561	50	28	sample	sample	NOUN
fbem-4561	50	29	,	,	PUNCT
fbem-4561	50	30	and	and	CCONJ
fbem-4561	50	31	positively	positively	ADV
fbem-4561	50	32	discussed	discuss	VERB
fbem-4561	50	33	the	the	DET
fbem-4561	50	34	impact	impact	NOUN
fbem-4561	50	35	of	of	ADP
fbem-4561	50	36	the	the	DET
fbem-4561	50	37	dual	dual	ADJ
fbem-4561	50	38	sponsorship	sponsorship	NOUN
fbem-4561	50	39	of	of	ADP
fbem-4561	50	40	individuals	individual	NOUN
fbem-4561	50	41	and	and	CCONJ
fbem-4561	50	42	institutions	institution	NOUN
fbem-4561	50	43	on	on	ADP
fbem-4561	50	44	the	the	DET
fbem-4561	50	45	ipo	ipo	NOUN
fbem-4561	50	46	application	application	NOUN
fbem-4561	50	47	.	.	PUNCT
fbem-4561	51	1	the	the	DET
fbem-4561	51	2	research	research	NOUN
fbem-4561	51	3	believed	believe	VERB
fbem-4561	51	4	that	that	SCONJ
fbem-4561	51	5	the	the	DET
fbem-4561	51	6	sponsor	sponsor	NOUN
fbem-4561	51	7	representative	representative	NOUN
fbem-4561	51	8	really	really	ADV
fbem-4561	51	9	played	play	VERB
fbem-4561	51	10	an	an	DET
fbem-4561	51	11	important	important	ADJ
fbem-4561	51	12	role	role	NOUN
fbem-4561	51	13	in	in	ADP
fbem-4561	51	14	the	the	DET
fbem-4561	51	15	process	process	NOUN
fbem-4561	51	16	of	of	ADP
fbem-4561	51	17	enterprises	enterprise	NOUN
fbem-4561	51	18	applying	apply	VERB
fbem-4561	51	19	for	for	ADP
fbem-4561	51	20	listing	listing	NOUN
fbem-4561	51	21	,	,	PUNCT
fbem-4561	51	22	and	and	CCONJ
fbem-4561	51	23	the	the	DET
fbem-4561	51	24	role	role	NOUN
fbem-4561	51	25	of	of	ADP
fbem-4561	51	26	the	the	DET
fbem-4561	51	27	guarantee	guarantee	NOUN
fbem-4561	51	28	institution	institution	NOUN
fbem-4561	51	29	was	be	AUX
fbem-4561	51	30	not	not	PART
fbem-4561	51	31	38	38	NUM
fbem-4561	51	32	obvious	obvious	ADJ
fbem-4561	51	33	.	.	PUNCT
fbem-4561	52	1	in	in	ADP
fbem-4561	52	2	addition	addition	NOUN
fbem-4561	52	3	,	,	PUNCT
fbem-4561	52	4	in	in	ADP
fbem-4561	52	5	areas	area	NOUN
fbem-4561	52	6	with	with	ADP
fbem-4561	52	7	low	low	ADJ
fbem-4561	52	8	social	social	ADJ
fbem-4561	52	9	integrity	integrity	NOUN
fbem-4561	52	10	,	,	PUNCT
fbem-4561	52	11	enterprises	enterprise	NOUN
fbem-4561	52	12	often	often	ADV
fbem-4561	52	13	use	use	VERB
fbem-4561	52	14	reputable	reputable	ADJ
fbem-4561	52	15	sponsor	sponsor	NOUN
fbem-4561	52	16	representatives	representative	NOUN
fbem-4561	52	17	to	to	PART
fbem-4561	52	18	obtain	obtain	VERB
fbem-4561	52	19	high	high	ADJ
fbem-4561	52	20	ipo	ipo	NOUN
fbem-4561	52	21	success	success	NOUN
fbem-4561	52	22	rate	rate	NOUN
fbem-4561	52	23	.	.	PUNCT
fbem-4561	53	1	luo	luo	PROPN
fbem-4561	53	2	danglun	danglun	PROPN
fbem-4561	53	3	(	(	PUNCT
fbem-4561	53	4	2013	2013	NUM
fbem-4561	53	5	)	)	PUNCT
fbem-4561	53	6	found	find	VERB
fbem-4561	53	7	that	that	SCONJ
fbem-4561	53	8	if	if	SCONJ
fbem-4561	53	9	the	the	DET
fbem-4561	53	10	sponsor	sponsor	NOUN
fbem-4561	53	11	or	or	CCONJ
fbem-4561	53	12	its	its	PRON
fbem-4561	53	13	institution	institution	NOUN
fbem-4561	53	14	has	have	AUX
fbem-4561	53	15	been	be	AUX
fbem-4561	53	16	punished	punish	VERB
fbem-4561	53	17	by	by	ADP
fbem-4561	53	18	the	the	DET
fbem-4561	53	19	csrc	csrc	NOUN
fbem-4561	53	20	,	,	PUNCT
fbem-4561	53	21	the	the	PRON
fbem-4561	53	22	lower	low	ADJ
fbem-4561	53	23	the	the	DET
fbem-4561	53	24	ipo	ipo	NOUN
fbem-4561	53	25	discount	discount	NOUN
fbem-4561	53	26	level	level	NOUN
fbem-4561	53	27	of	of	ADP
fbem-4561	53	28	the	the	DET
fbem-4561	53	29	proposed	propose	VERB
fbem-4561	53	30	listed	list	VERB
fbem-4561	53	31	company	company	NOUN
fbem-4561	53	32	recommended	recommend	VERB
fbem-4561	53	33	by	by	ADP
fbem-4561	53	34	it	it	PRON
fbem-4561	53	35	will	will	AUX
fbem-4561	53	36	be	be	AUX
fbem-4561	53	37	;	;	PUNCT
fbem-4561	53	38	however	however	ADV
fbem-4561	53	39	,	,	PUNCT
fbem-4561	53	40	some	some	DET
fbem-4561	53	41	other	other	ADJ
fbem-4561	53	42	characteristics	characteristic	NOUN
fbem-4561	53	43	of	of	ADP
fbem-4561	53	44	the	the	DET
fbem-4561	53	45	sponsor	sponsor	NOUN
fbem-4561	53	46	,	,	PUNCT
fbem-4561	53	47	such	such	ADJ
fbem-4561	53	48	as	as	ADP
fbem-4561	53	49	gender	gender	NOUN
fbem-4561	53	50	,	,	PUNCT
fbem-4561	53	51	age	age	NOUN
fbem-4561	53	52	,	,	PUNCT
fbem-4561	53	53	education	education	NOUN
fbem-4561	53	54	and	and	CCONJ
fbem-4561	53	55	employment	employment	NOUN
fbem-4561	53	56	background	background	NOUN
fbem-4561	53	57	,	,	PUNCT
fbem-4561	53	58	have	have	VERB
fbem-4561	53	59	little	little	ADJ
fbem-4561	53	60	impact	impact	NOUN
fbem-4561	53	61	on	on	ADP
fbem-4561	53	62	the	the	DET
fbem-4561	53	63	ipo	ipo	NOUN
fbem-4561	53	64	discount	discount	NOUN
fbem-4561	53	65	of	of	ADP
fbem-4561	53	66	the	the	DET
fbem-4561	53	67	company	company	NOUN
fbem-4561	53	68	they	they	PRON
fbem-4561	53	69	sponsor	sponsor	VERB
fbem-4561	53	70	.	.	PUNCT
fbem-4561	54	1	a	a	DET
fbem-4561	54	2	few	few	ADJ
fbem-4561	54	3	domestic	domestic	ADJ
fbem-4561	54	4	scholars	scholar	NOUN
fbem-4561	54	5	believe	believe	VERB
fbem-4561	54	6	that	that	SCONJ
fbem-4561	54	7	the	the	DET
fbem-4561	54	8	reputation	reputation	NOUN
fbem-4561	54	9	of	of	ADP
fbem-4561	54	10	the	the	DET
fbem-4561	54	11	sponsor	sponsor	NOUN
fbem-4561	54	12	representative	representative	NOUN
fbem-4561	54	13	has	have	VERB
fbem-4561	54	14	no	no	DET
fbem-4561	54	15	significant	significant	ADJ
fbem-4561	54	16	positive	positive	ADJ
fbem-4561	54	17	impact	impact	NOUN
fbem-4561	54	18	on	on	ADP
fbem-4561	54	19	ipo	ipo	NOUN
fbem-4561	54	20	performance	performance	NOUN
fbem-4561	54	21	.	.	PUNCT
fbem-4561	55	1	ying	ying	PROPN
fbem-4561	55	2	qianwei	qianwei	PROPN
fbem-4561	55	3	(	(	PUNCT
fbem-4561	55	4	2016	2016	NUM
fbem-4561	55	5	)	)	PUNCT
fbem-4561	55	6	took	take	VERB
fbem-4561	55	7	the	the	DET
fbem-4561	55	8	sponsors	sponsor	NOUN
fbem-4561	55	9	and	and	CCONJ
fbem-4561	55	10	sponsor	sponsor	NOUN
fbem-4561	55	11	institutions	institution	NOUN
fbem-4561	55	12	punished	punish	VERB
fbem-4561	55	13	by	by	ADP
fbem-4561	55	14	the	the	DET
fbem-4561	55	15	csrc	csrc	NOUN
fbem-4561	55	16	from	from	ADP
fbem-4561	55	17	2004	2004	NUM
fbem-4561	55	18	to	to	ADP
fbem-4561	55	19	2013	2013	NUM
fbem-4561	55	20	as	as	ADP
fbem-4561	55	21	the	the	DET
fbem-4561	55	22	research	research	NOUN
fbem-4561	55	23	object	object	NOUN
fbem-4561	55	24	,	,	PUNCT
fbem-4561	55	25	explored	explore	VERB
fbem-4561	55	26	the	the	DET
fbem-4561	55	27	relationship	relationship	NOUN
fbem-4561	55	28	between	between	ADP
fbem-4561	55	29	the	the	DET
fbem-4561	55	30	sponsors	sponsor	NOUN
fbem-4561	55	31	'	'	PART
fbem-4561	55	32	violations	violation	NOUN
fbem-4561	55	33	and	and	CCONJ
fbem-4561	55	34	reputation	reputation	NOUN
fbem-4561	55	35	capital	capital	NOUN
fbem-4561	55	36	,	,	PUNCT
fbem-4561	55	37	and	and	CCONJ
fbem-4561	55	38	found	find	VERB
fbem-4561	55	39	that	that	SCONJ
fbem-4561	55	40	compared	compare	VERB
fbem-4561	55	41	with	with	ADP
fbem-4561	55	42	the	the	DET
fbem-4561	55	43	guarantee	guarantee	NOUN
fbem-4561	55	44	institutions	institution	NOUN
fbem-4561	55	45	,	,	PUNCT
fbem-4561	55	46	the	the	DET
fbem-4561	55	47	negative	negative	ADJ
fbem-4561	55	48	impact	impact	NOUN
fbem-4561	55	49	of	of	ADP
fbem-4561	55	50	the	the	DET
fbem-4561	55	51	sponsor	sponsor	NOUN
fbem-4561	55	52	representatives	representative	NOUN
fbem-4561	55	53	'	'	PART
fbem-4561	55	54	punishment	punishment	NOUN
fbem-4561	55	55	on	on	ADP
fbem-4561	55	56	the	the	DET
fbem-4561	55	57	previous	previous	ADJ
fbem-4561	55	58	customer	customer	NOUN
fbem-4561	55	59	market	market	NOUN
fbem-4561	55	60	reaction	reaction	NOUN
fbem-4561	55	61	was	be	AUX
fbem-4561	55	62	weak	weak	ADJ
fbem-4561	55	63	.	.	PUNCT
fbem-4561	56	1	it	it	PRON
fbem-4561	56	2	shows	show	VERB
fbem-4561	56	3	that	that	SCONJ
fbem-4561	56	4	in	in	ADP
fbem-4561	56	5	the	the	DET
fbem-4561	56	6	chinese	chinese	ADJ
fbem-4561	56	7	securities	security	NOUN
fbem-4561	56	8	market	market	NOUN
fbem-4561	56	9	,	,	PUNCT
fbem-4561	56	10	the	the	DET
fbem-4561	56	11	reputation	reputation	NOUN
fbem-4561	56	12	mechanism	mechanism	NOUN
fbem-4561	56	13	of	of	ADP
fbem-4561	56	14	the	the	DET
fbem-4561	56	15	sponsor	sponsor	NOUN
fbem-4561	56	16	system	system	NOUN
fbem-4561	56	17	is	be	AUX
fbem-4561	56	18	mainly	mainly	ADV
fbem-4561	56	19	reflected	reflect	VERB
fbem-4561	56	20	in	in	ADP
fbem-4561	56	21	the	the	DET
fbem-4561	56	22	level	level	NOUN
fbem-4561	56	23	of	of	ADP
fbem-4561	56	24	the	the	DET
fbem-4561	56	25	sponsor	sponsor	NOUN
fbem-4561	56	26	institution	institution	NOUN
fbem-4561	56	27	,	,	PUNCT
fbem-4561	56	28	and	and	CCONJ
fbem-4561	56	29	the	the	DET
fbem-4561	56	30	corresponding	corresponding	ADJ
fbem-4561	56	31	reputation	reputation	NOUN
fbem-4561	56	32	correlation	correlation	NOUN
fbem-4561	56	33	effect	effect	NOUN
fbem-4561	56	34	of	of	ADP
fbem-4561	56	35	the	the	DET
fbem-4561	56	36	sponsor	sponsor	NOUN
fbem-4561	56	37	representative	representative	NOUN
fbem-4561	56	38	is	be	AUX
fbem-4561	56	39	weak	weak	ADJ
fbem-4561	56	40	.	.	PUNCT
fbem-4561	57	1	2.2	2.2	NUM
fbem-4561	57	2	.	.	PUNCT
fbem-4561	57	3	research	research	NOUN
fbem-4561	57	4	on	on	ADP
fbem-4561	57	5	the	the	DET
fbem-4561	57	6	social	social	ADJ
fbem-4561	57	7	relationship	relationship	NOUN
fbem-4561	57	8	network	network	NOUN
fbem-4561	57	9	of	of	ADP
fbem-4561	57	10	sponsor	sponsor	NOUN
fbem-4561	57	11	representatives	representative	NOUN
fbem-4561	57	12	zhang	zhang	PROPN
fbem-4561	57	13	tiesheng	tiesheng	PROPN
fbem-4561	57	14	(	(	PUNCT
fbem-4561	57	15	2016	2016	NUM
fbem-4561	57	16	)	)	PUNCT
fbem-4561	57	17	,	,	PUNCT
fbem-4561	57	18	starting	start	VERB
fbem-4561	57	19	from	from	ADP
fbem-4561	57	20	the	the	DET
fbem-4561	57	21	relational	relational	ADJ
fbem-4561	57	22	contract	contract	NOUN
fbem-4561	57	23	,	,	PUNCT
fbem-4561	57	24	found	find	VERB
fbem-4561	57	25	that	that	SCONJ
fbem-4561	57	26	the	the	DET
fbem-4561	57	27	existing	exist	VERB
fbem-4561	57	28	cooperative	cooperative	ADJ
fbem-4561	57	29	relationship	relationship	NOUN
fbem-4561	57	30	between	between	ADP
fbem-4561	57	31	the	the	DET
fbem-4561	57	32	sponsor	sponsor	NOUN
fbem-4561	57	33	representative	representative	NOUN
fbem-4561	57	34	and	and	CCONJ
fbem-4561	57	35	the	the	DET
fbem-4561	57	36	accounting	accounting	NOUN
fbem-4561	57	37	firm	firm	NOUN
fbem-4561	57	38	where	where	SCONJ
fbem-4561	57	39	the	the	DET
fbem-4561	57	40	iec	iec	NOUN
fbem-4561	57	41	member	member	NOUN
fbem-4561	57	42	acts	act	VERB
fbem-4561	57	43	as	as	ADP
fbem-4561	57	44	the	the	DET
fbem-4561	57	45	issuer	issuer	NOUN
fbem-4561	57	46	's	's	PART
fbem-4561	57	47	auditor	auditor	NOUN
fbem-4561	57	48	is	be	AUX
fbem-4561	57	49	helpful	helpful	ADJ
fbem-4561	57	50	to	to	ADP
fbem-4561	57	51	the	the	DET
fbem-4561	57	52	ipo	ipo	NOUN
fbem-4561	57	53	process	process	NOUN
fbem-4561	57	54	.	.	PUNCT
fbem-4561	58	1	chen	chen	PROPN
fbem-4561	58	2	yunsen	yunsen	PROPN
fbem-4561	58	3	(	(	PUNCT
fbem-4561	58	4	2014	2014	NUM
fbem-4561	58	5	)	)	PUNCT
fbem-4561	58	6	also	also	ADV
fbem-4561	58	7	showed	show	VERB
fbem-4561	58	8	that	that	SCONJ
fbem-4561	58	9	the	the	DET
fbem-4561	58	10	social	social	ADJ
fbem-4561	58	11	relations	relation	NOUN
fbem-4561	58	12	of	of	ADP
fbem-4561	58	13	the	the	DET
fbem-4561	58	14	iec	iec	NOUN
fbem-4561	58	15	can	can	AUX
fbem-4561	58	16	be	be	AUX
fbem-4561	58	17	used	use	VERB
fbem-4561	58	18	as	as	ADP
fbem-4561	58	19	a	a	DET
fbem-4561	58	20	rent	rent	NOUN
fbem-4561	58	21	-	-	PUNCT
fbem-4561	58	22	seeking	seek	VERB
fbem-4561	58	23	tool	tool	NOUN
fbem-4561	58	24	for	for	SCONJ
fbem-4561	58	25	enterprises	enterprise	NOUN
fbem-4561	58	26	to	to	PART
fbem-4561	58	27	be	be	AUX
fbem-4561	58	28	listed	list	VERB
fbem-4561	58	29	.	.	PUNCT
fbem-4561	59	1	he	he	PRON
fbem-4561	59	2	found	find	VERB
fbem-4561	59	3	that	that	SCONJ
fbem-4561	59	4	the	the	DET
fbem-4561	59	5	social	social	ADJ
fbem-4561	59	6	relations	relation	NOUN
fbem-4561	59	7	of	of	ADP
fbem-4561	59	8	the	the	DET
fbem-4561	59	9	iec	iec	NOUN
fbem-4561	59	10	of	of	ADP
fbem-4561	59	11	intermediary	intermediary	ADJ
fbem-4561	59	12	institutions	institution	NOUN
fbem-4561	59	13	,	,	PUNCT
fbem-4561	59	14	especially	especially	ADV
fbem-4561	59	15	those	those	PRON
fbem-4561	59	16	owned	own	VERB
fbem-4561	59	17	by	by	ADP
fbem-4561	59	18	accounting	accounting	NOUN
fbem-4561	59	19	firms	firm	NOUN
fbem-4561	59	20	,	,	PUNCT
fbem-4561	59	21	can	can	AUX
fbem-4561	59	22	improve	improve	VERB
fbem-4561	59	23	the	the	DET
fbem-4561	59	24	passing	pass	VERB
fbem-4561	59	25	rate	rate	NOUN
fbem-4561	59	26	of	of	ADP
fbem-4561	59	27	private	private	ADJ
fbem-4561	59	28	enterprises	enterprise	NOUN
fbem-4561	59	29	through	through	ADP
fbem-4561	59	30	his	his	PRON
fbem-4561	59	31	research	research	NOUN
fbem-4561	59	32	on	on	ADP
fbem-4561	59	33	private	private	ADJ
fbem-4561	59	34	enterprises	enterprise	NOUN
fbem-4561	59	35	to	to	PART
fbem-4561	59	36	be	be	AUX
fbem-4561	59	37	listed	list	VERB
fbem-4561	59	38	in	in	ADP
fbem-4561	59	39	2007	2007	NUM
fbem-4561	59	40	-	-	SYM
fbem-4561	59	41	2012	2012	NUM
fbem-4561	59	42	,	,	PUNCT
fbem-4561	59	43	but	but	CCONJ
fbem-4561	59	44	such	such	ADJ
fbem-4561	59	45	social	social	ADJ
fbem-4561	59	46	relations	relation	NOUN
fbem-4561	59	47	are	be	AUX
fbem-4561	59	48	timely	timely	ADJ
fbem-4561	59	49	.	.	PUNCT
fbem-4561	60	1	2.3	2.3	NUM
fbem-4561	60	2	.	.	PUNCT
fbem-4561	61	1	research	research	NOUN
fbem-4561	61	2	on	on	ADP
fbem-4561	61	3	the	the	DET
fbem-4561	61	4	causes	cause	NOUN
fbem-4561	61	5	and	and	CCONJ
fbem-4561	61	6	effects	effect	NOUN
fbem-4561	61	7	of	of	ADP
fbem-4561	61	8	the	the	DET
fbem-4561	61	9	change	change	NOUN
fbem-4561	61	10	of	of	ADP
fbem-4561	61	11	the	the	DET
fbem-4561	61	12	sponsor	sponsor	NOUN
fbem-4561	61	13	representative	representative	NOUN
fbem-4561	61	14	liao	liao	PROPN
fbem-4561	61	15	liyan	liyan	PROPN
fbem-4561	61	16	(	(	PUNCT
fbem-4561	61	17	2010	2010	NUM
fbem-4561	61	18	)	)	PUNCT
fbem-4561	61	19	first	first	ADV
fbem-4561	61	20	touched	touch	VERB
fbem-4561	61	21	on	on	ADP
fbem-4561	61	22	the	the	DET
fbem-4561	61	23	replacement	replacement	NOUN
fbem-4561	61	24	of	of	ADP
fbem-4561	61	25	the	the	DET
fbem-4561	61	26	sponsor	sponsor	NOUN
fbem-4561	61	27	representative	representative	NOUN
fbem-4561	61	28	during	during	ADP
fbem-4561	61	29	the	the	DET
fbem-4561	61	30	continuous	continuous	ADJ
fbem-4561	61	31	supervision	supervision	NOUN
fbem-4561	61	32	period	period	NOUN
fbem-4561	61	33	.	.	PUNCT
fbem-4561	62	1	she	she	PRON
fbem-4561	62	2	found	find	VERB
fbem-4561	62	3	that	that	SCONJ
fbem-4561	62	4	the	the	DET
fbem-4561	62	5	operating	operating	NOUN
fbem-4561	62	6	performance	performance	NOUN
fbem-4561	62	7	of	of	ADP
fbem-4561	62	8	listed	list	VERB
fbem-4561	62	9	companies	company	NOUN
fbem-4561	62	10	would	would	AUX
fbem-4561	62	11	deteriorate	deteriorate	VERB
fbem-4561	62	12	after	after	ADP
fbem-4561	62	13	the	the	DET
fbem-4561	62	14	replacement	replacement	NOUN
fbem-4561	62	15	of	of	ADP
fbem-4561	62	16	the	the	DET
fbem-4561	62	17	sponsor	sponsor	NOUN
fbem-4561	62	18	representative	representative	NOUN
fbem-4561	62	19	.	.	PUNCT
fbem-4561	63	1	the	the	DET
fbem-4561	63	2	author	author	NOUN
fbem-4561	63	3	also	also	ADV
fbem-4561	63	4	found	find	VERB
fbem-4561	63	5	that	that	SCONJ
fbem-4561	63	6	the	the	DET
fbem-4561	63	7	replacement	replacement	NOUN
fbem-4561	63	8	of	of	ADP
fbem-4561	63	9	the	the	DET
fbem-4561	63	10	sponsor	sponsor	NOUN
fbem-4561	63	11	is	be	AUX
fbem-4561	63	12	bad	bad	ADJ
fbem-4561	63	13	news	news	NOUN
fbem-4561	63	14	for	for	ADP
fbem-4561	63	15	the	the	DET
fbem-4561	63	16	market	market	NOUN
fbem-4561	63	17	from	from	ADP
fbem-4561	63	18	the	the	DET
fbem-4561	63	19	perspective	perspective	NOUN
fbem-4561	63	20	of	of	ADP
fbem-4561	63	21	the	the	DET
fbem-4561	63	22	wealth	wealth	NOUN
fbem-4561	63	23	effect	effect	NOUN
fbem-4561	63	24	,	,	PUNCT
fbem-4561	63	25	and	and	CCONJ
fbem-4561	63	26	the	the	DET
fbem-4561	63	27	wealth	wealth	NOUN
fbem-4561	63	28	of	of	ADP
fbem-4561	63	29	shareholders	shareholder	NOUN
fbem-4561	63	30	would	would	AUX
fbem-4561	63	31	decrease	decrease	VERB
fbem-4561	63	32	.	.	PUNCT
fbem-4561	64	1	fu	fu	PROPN
fbem-4561	64	2	juan	juan	PROPN
fbem-4561	64	3	and	and	CCONJ
fbem-4561	64	4	ren	ren	PROPN
fbem-4561	64	5	ting	ting	PROPN
fbem-4561	64	6	(	(	PUNCT
fbem-4561	64	7	2012	2012	NUM
fbem-4561	64	8	)	)	PUNCT
fbem-4561	64	9	studied	study	VERB
fbem-4561	64	10	the	the	DET
fbem-4561	64	11	relationship	relationship	NOUN
fbem-4561	64	12	between	between	ADP
fbem-4561	64	13	the	the	DET
fbem-4561	64	14	replacement	replacement	NOUN
fbem-4561	64	15	of	of	ADP
fbem-4561	64	16	sponsor	sponsor	NOUN
fbem-4561	64	17	representatives	representative	NOUN
fbem-4561	64	18	and	and	CCONJ
fbem-4561	64	19	the	the	DET
fbem-4561	64	20	quality	quality	NOUN
fbem-4561	64	21	of	of	ADP
fbem-4561	64	22	information	information	NOUN
fbem-4561	64	23	disclosure	disclosure	NOUN
fbem-4561	64	24	,	,	PUNCT
fbem-4561	64	25	and	and	CCONJ
fbem-4561	64	26	the	the	DET
fbem-4561	64	27	impact	impact	NOUN
fbem-4561	64	28	of	of	ADP
fbem-4561	64	29	underwriter	underwriter	NOUN
fbem-4561	64	30	reputation	reputation	NOUN
fbem-4561	64	31	and	and	CCONJ
fbem-4561	64	32	corporate	corporate	ADJ
fbem-4561	64	33	governance	governance	NOUN
fbem-4561	64	34	structure	structure	NOUN
fbem-4561	64	35	on	on	ADP
fbem-4561	64	36	information	information	NOUN
fbem-4561	64	37	disclosure	disclosure	NOUN
fbem-4561	64	38	during	during	ADP
fbem-4561	64	39	the	the	DET
fbem-4561	64	40	continuous	continuous	ADJ
fbem-4561	64	41	supervision	supervision	NOUN
fbem-4561	64	42	period	period	NOUN
fbem-4561	64	43	,	,	PUNCT
fbem-4561	64	44	taking	take	VERB
fbem-4561	64	45	156	156	NUM
fbem-4561	64	46	ipo	ipo	NOUN
fbem-4561	64	47	companies	company	NOUN
fbem-4561	64	48	of	of	ADP
fbem-4561	64	49	shenzhen	shenzhen	PROPN
fbem-4561	64	50	stock	stock	PROPN
fbem-4561	64	51	exchange	exchange	PROPN
fbem-4561	64	52	that	that	PRON
fbem-4561	64	53	were	be	AUX
fbem-4561	64	54	under	under	ADP
fbem-4561	64	55	continuous	continuous	ADJ
fbem-4561	64	56	supervision	supervision	NOUN
fbem-4561	64	57	from	from	ADP
fbem-4561	64	58	2005	2005	NUM
fbem-4561	64	59	to	to	ADP
fbem-4561	64	60	2010	2010	NUM
fbem-4561	64	61	as	as	ADP
fbem-4561	64	62	the	the	DET
fbem-4561	64	63	research	research	NOUN
fbem-4561	64	64	sample	sample	NOUN
fbem-4561	64	65	.	.	PUNCT
fbem-4561	65	1	the	the	DET
fbem-4561	65	2	results	result	NOUN
fbem-4561	65	3	showed	show	VERB
fbem-4561	65	4	that	that	SCONJ
fbem-4561	65	5	the	the	DET
fbem-4561	65	6	replacement	replacement	NOUN
fbem-4561	65	7	of	of	ADP
fbem-4561	65	8	sponsor	sponsor	NOUN
fbem-4561	65	9	representatives	representative	NOUN
fbem-4561	65	10	would	would	AUX
fbem-4561	65	11	reduce	reduce	VERB
fbem-4561	65	12	the	the	DET
fbem-4561	65	13	quality	quality	NOUN
fbem-4561	65	14	of	of	ADP
fbem-4561	65	15	information	information	NOUN
fbem-4561	65	16	disclosure	disclosure	NOUN
fbem-4561	65	17	of	of	ADP
fbem-4561	65	18	listed	list	VERB
fbem-4561	65	19	companies	company	NOUN
fbem-4561	65	20	during	during	ADP
fbem-4561	65	21	the	the	DET
fbem-4561	65	22	continuous	continuous	ADJ
fbem-4561	65	23	supervision	supervision	NOUN
fbem-4561	65	24	period	period	NOUN
fbem-4561	65	25	.	.	PUNCT
fbem-4561	66	1	baiyun	baiyun	PROPN
fbem-4561	66	2	xia	xia	PROPN
fbem-4561	66	3	(	(	PUNCT
fbem-4561	66	4	2014	2014	NUM
fbem-4561	66	5	)	)	PUNCT
fbem-4561	66	6	investigated	investigate	VERB
fbem-4561	66	7	the	the	DET
fbem-4561	66	8	reasons	reason	NOUN
fbem-4561	66	9	for	for	ADP
fbem-4561	66	10	the	the	DET
fbem-4561	66	11	change	change	NOUN
fbem-4561	66	12	of	of	ADP
fbem-4561	66	13	the	the	DET
fbem-4561	66	14	sponsor	sponsor	NOUN
fbem-4561	66	15	representative	representative	NOUN
fbem-4561	66	16	and	and	CCONJ
fbem-4561	66	17	the	the	DET
fbem-4561	66	18	market	market	NOUN
fbem-4561	66	19	reaction	reaction	NOUN
fbem-4561	66	20	based	base	VERB
fbem-4561	66	21	on	on	ADP
fbem-4561	66	22	the	the	DET
fbem-4561	66	23	sample	sample	NOUN
fbem-4561	66	24	of	of	ADP
fbem-4561	66	25	the	the	DET
fbem-4561	66	26	listed	list	VERB
fbem-4561	66	27	companies	company	NOUN
fbem-4561	66	28	with	with	ADP
fbem-4561	66	29	private	private	ADJ
fbem-4561	66	30	placement	placement	NOUN
fbem-4561	66	31	from	from	ADP
fbem-4561	66	32	2006	2006	NUM
fbem-4561	66	33	to	to	ADP
fbem-4561	66	34	2009	2009	NUM
fbem-4561	66	35	,	,	PUNCT
fbem-4561	66	36	and	and	CCONJ
fbem-4561	66	37	found	find	VERB
fbem-4561	66	38	that	that	SCONJ
fbem-4561	66	39	the	the	PRON
fbem-4561	66	40	larger	large	ADJ
fbem-4561	66	41	the	the	DET
fbem-4561	66	42	risk	risk	NOUN
fbem-4561	66	43	of	of	ADP
fbem-4561	66	44	the	the	DET
fbem-4561	66	45	sponsor	sponsor	NOUN
fbem-4561	66	46	project	project	NOUN
fbem-4561	66	47	,	,	PUNCT
fbem-4561	66	48	the	the	PRON
fbem-4561	66	49	higher	high	ADJ
fbem-4561	66	50	the	the	DET
fbem-4561	66	51	earnings	earning	NOUN
fbem-4561	66	52	management	management	NOUN
fbem-4561	66	53	level	level	NOUN
fbem-4561	66	54	before	before	ADP
fbem-4561	66	55	the	the	DET
fbem-4561	66	56	fixed	fix	VERB
fbem-4561	66	57	increase	increase	NOUN
fbem-4561	66	58	,	,	PUNCT
fbem-4561	66	59	and	and	CCONJ
fbem-4561	66	60	the	the	PRON
fbem-4561	66	61	lower	low	ADJ
fbem-4561	66	62	the	the	DET
fbem-4561	66	63	level	level	NOUN
fbem-4561	66	64	of	of	ADP
fbem-4561	66	65	the	the	DET
fbem-4561	66	66	sponsor	sponsor	NOUN
fbem-4561	66	67	institution	institution	NOUN
fbem-4561	66	68	,	,	PUNCT
fbem-4561	66	69	would	would	AUX
fbem-4561	66	70	make	make	VERB
fbem-4561	66	71	the	the	DET
fbem-4561	66	72	sponsor	sponsor	NOUN
fbem-4561	66	73	representative	representative	NOUN
fbem-4561	66	74	easy	easy	ADJ
fbem-4561	66	75	to	to	PART
fbem-4561	66	76	change	change	VERB
fbem-4561	66	77	.	.	PUNCT
fbem-4561	67	1	further	further	ADJ
fbem-4561	67	2	research	research	NOUN
fbem-4561	67	3	also	also	ADV
fbem-4561	67	4	found	find	VERB
fbem-4561	67	5	that	that	SCONJ
fbem-4561	67	6	when	when	SCONJ
fbem-4561	67	7	the	the	DET
fbem-4561	67	8	sponsor	sponsor	NOUN
fbem-4561	67	9	representative	representative	NOUN
fbem-4561	67	10	changed	change	VERB
fbem-4561	67	11	,	,	PUNCT
fbem-4561	67	12	the	the	DET
fbem-4561	67	13	investor	investor	NOUN
fbem-4561	67	14	's	's	PART
fbem-4561	67	15	reaction	reaction	NOUN
fbem-4561	67	16	was	be	AUX
fbem-4561	67	17	mostly	mostly	ADV
fbem-4561	67	18	negative	negative	ADJ
fbem-4561	67	19	,	,	PUNCT
fbem-4561	67	20	because	because	SCONJ
fbem-4561	67	21	the	the	DET
fbem-4561	67	22	change	change	NOUN
fbem-4561	67	23	of	of	ADP
fbem-4561	67	24	sponsor	sponsor	NOUN
fbem-4561	67	25	representative	representative	NOUN
fbem-4561	67	26	will	will	AUX
fbem-4561	67	27	send	send	VERB
fbem-4561	67	28	a	a	DET
fbem-4561	67	29	signal	signal	NOUN
fbem-4561	67	30	of	of	ADP
fbem-4561	67	31	poor	poor	ADJ
fbem-4561	67	32	project	project	NOUN
fbem-4561	67	33	quality	quality	NOUN
fbem-4561	67	34	to	to	ADP
fbem-4561	67	35	the	the	DET
fbem-4561	67	36	market	market	NOUN
fbem-4561	67	37	.	.	PUNCT
fbem-4561	68	1	cao	cao	PROPN
fbem-4561	68	2	shuxin	shuxin	PROPN
fbem-4561	68	3	(	(	PUNCT
fbem-4561	68	4	2015	2015	NUM
fbem-4561	68	5	)	)	PUNCT
fbem-4561	68	6	found	find	VERB
fbem-4561	68	7	through	through	ADP
fbem-4561	68	8	research	research	NOUN
fbem-4561	68	9	that	that	SCONJ
fbem-4561	68	10	the	the	DET
fbem-4561	68	11	change	change	NOUN
fbem-4561	68	12	of	of	ADP
fbem-4561	68	13	information	information	NOUN
fbem-4561	68	14	disclosure	disclosure	NOUN
fbem-4561	68	15	of	of	ADP
fbem-4561	68	16	non	non	ADJ
fbem-4561	68	17	ipo	ipo	PROPN
fbem-4561	68	18	sponsors	sponsor	NOUN
fbem-4561	68	19	caused	cause	VERB
fbem-4561	68	20	negative	negative	ADJ
fbem-4561	68	21	market	market	NOUN
fbem-4561	68	22	sensitivity	sensitivity	NOUN
fbem-4561	68	23	reaction	reaction	NOUN
fbem-4561	68	24	,	,	PUNCT
fbem-4561	68	25	and	and	CCONJ
fbem-4561	68	26	the	the	DET
fbem-4561	68	27	change	change	NOUN
fbem-4561	68	28	of	of	ADP
fbem-4561	68	29	information	information	NOUN
fbem-4561	68	30	disclosure	disclosure	NOUN
fbem-4561	68	31	of	of	ADP
fbem-4561	68	32	sponsors	sponsor	NOUN
fbem-4561	68	33	had	have	VERB
fbem-4561	68	34	a	a	DET
fbem-4561	68	35	relationship	relationship	NOUN
fbem-4561	68	36	with	with	ADP
fbem-4561	68	37	the	the	DET
fbem-4561	68	38	risk	risk	NOUN
fbem-4561	68	39	,	,	PUNCT
fbem-4561	68	40	profitability	profitability	NOUN
fbem-4561	68	41	and	and	CCONJ
fbem-4561	68	42	growth	growth	NOUN
fbem-4561	68	43	of	of	ADP
fbem-4561	68	44	the	the	DET
fbem-4561	68	45	securities	security	NOUN
fbem-4561	68	46	market	market	NOUN
fbem-4561	68	47	category	category	NOUN
fbem-4561	68	48	and	and	CCONJ
fbem-4561	68	49	listed	list	VERB
fbem-4561	68	50	companies	company	NOUN
fbem-4561	68	51	,	,	PUNCT
fbem-4561	68	52	but	but	CCONJ
fbem-4561	68	53	not	not	PART
fbem-4561	68	54	significant	significant	ADJ
fbem-4561	68	55	.	.	PUNCT
fbem-4561	69	1	2.4	2.4	NUM
fbem-4561	69	2	.	.	PUNCT
fbem-4561	69	3	research	research	NOUN
fbem-4561	69	4	on	on	ADP
fbem-4561	69	5	the	the	DET
fbem-4561	69	6	supervision	supervision	NOUN
fbem-4561	69	7	of	of	ADP
fbem-4561	69	8	sponsor	sponsor	NOUN
fbem-4561	69	9	representatives	representative	NOUN
fbem-4561	69	10	li	li	PROPN
fbem-4561	69	11	xu	xu	PROPN
fbem-4561	69	12	(	(	PUNCT
fbem-4561	69	13	2005	2005	NUM
fbem-4561	69	14	)	)	PUNCT
fbem-4561	69	15	made	make	VERB
fbem-4561	69	16	a	a	DET
fbem-4561	69	17	comparative	comparative	ADJ
fbem-4561	69	18	study	study	NOUN
fbem-4561	69	19	on	on	ADP
fbem-4561	69	20	the	the	DET
fbem-4561	69	21	legal	legal	ADJ
fbem-4561	69	22	status	status	NOUN
fbem-4561	69	23	,	,	PUNCT
fbem-4561	69	24	behavior	behavior	NOUN
fbem-4561	69	25	,	,	PUNCT
fbem-4561	69	26	behavior	behavior	NOUN
fbem-4561	69	27	results	result	NOUN
fbem-4561	69	28	and	and	CCONJ
fbem-4561	69	29	management	management	NOUN
fbem-4561	69	30	system	system	NOUN
fbem-4561	69	31	of	of	ADP
fbem-4561	69	32	the	the	DET
fbem-4561	69	33	sponsor	sponsor	NOUN
fbem-4561	69	34	representative	representative	NOUN
fbem-4561	69	35	according	accord	VERB
fbem-4561	69	36	to	to	ADP
fbem-4561	69	37	the	the	DET
fbem-4561	69	38	current	current	ADJ
fbem-4561	69	39	laws	law	NOUN
fbem-4561	69	40	and	and	CCONJ
fbem-4561	69	41	regulations	regulation	NOUN
fbem-4561	69	42	,	,	PUNCT
fbem-4561	69	43	and	and	CCONJ
fbem-4561	69	44	studied	study	VERB
fbem-4561	69	45	the	the	DET
fbem-4561	69	46	positioning	positioning	NOUN
fbem-4561	69	47	of	of	ADP
fbem-4561	69	48	the	the	DET
fbem-4561	69	49	sponsor	sponsor	NOUN
fbem-4561	69	50	representative	representative	NOUN
fbem-4561	69	51	in	in	ADP
fbem-4561	69	52	the	the	DET
fbem-4561	69	53	sponsor	sponsor	NOUN
fbem-4561	69	54	system	system	NOUN
fbem-4561	69	55	,	,	PUNCT
fbem-4561	69	56	the	the	DET
fbem-4561	69	57	management	management	NOUN
fbem-4561	69	58	mode	mode	NOUN
fbem-4561	69	59	of	of	ADP
fbem-4561	69	60	the	the	DET
fbem-4561	69	61	sponsor	sponsor	NOUN
fbem-4561	69	62	representative	representative	NOUN
fbem-4561	69	63	,	,	PUNCT
fbem-4561	69	64	and	and	CCONJ
fbem-4561	69	65	the	the	DET
fbem-4561	69	66	criminal	criminal	ADJ
fbem-4561	69	67	liability	liability	NOUN
fbem-4561	69	68	,	,	PUNCT
fbem-4561	69	69	administrative	administrative	ADJ
fbem-4561	69	70	liability	liability	NOUN
fbem-4561	69	71	and	and	CCONJ
fbem-4561	69	72	civil	civil	ADJ
fbem-4561	69	73	liability	liability	NOUN
fbem-4561	69	74	of	of	ADP
fbem-4561	69	75	the	the	DET
fbem-4561	69	76	sponsor	sponsor	NOUN
fbem-4561	69	77	representative	representative	NOUN
fbem-4561	69	78	.	.	PUNCT
fbem-4561	70	1	tian	tian	PROPN
fbem-4561	70	2	xiaoyi	xiaoyi	PROPN
fbem-4561	70	3	(	(	PUNCT
fbem-4561	70	4	2008	2008	NUM
fbem-4561	70	5	)	)	PUNCT
fbem-4561	70	6	analyzed	analyze	VERB
fbem-4561	70	7	the	the	DET
fbem-4561	70	8	legal	legal	ADJ
fbem-4561	70	9	definition	definition	NOUN
fbem-4561	70	10	of	of	ADP
fbem-4561	70	11	the	the	DET
fbem-4561	70	12	sponsor	sponsor	NOUN
fbem-4561	70	13	and	and	CCONJ
fbem-4561	70	14	the	the	DET
fbem-4561	70	15	sponsor	sponsor	NOUN
fbem-4561	70	16	representative	representative	NOUN
fbem-4561	70	17	,	,	PUNCT
fbem-4561	70	18	and	and	CCONJ
fbem-4561	70	19	studied	study	VERB
fbem-4561	70	20	the	the	DET
fbem-4561	70	21	nature	nature	NOUN
fbem-4561	70	22	of	of	ADP
fbem-4561	70	23	the	the	DET
fbem-4561	70	24	liability	liability	NOUN
fbem-4561	70	25	of	of	ADP
fbem-4561	70	26	the	the	DET
fbem-4561	70	27	sponsor	sponsor	NOUN
fbem-4561	70	28	and	and	CCONJ
fbem-4561	70	29	the	the	DET
fbem-4561	70	30	sponsor	sponsor	NOUN
fbem-4561	70	31	representative	representative	NOUN
fbem-4561	70	32	to	to	ADP
fbem-4561	70	33	the	the	DET
fbem-4561	70	34	third	third	ADJ
fbem-4561	70	35	party	party	NOUN
fbem-4561	70	36	,	,	PUNCT
fbem-4561	70	37	the	the	DET
fbem-4561	70	38	principle	principle	NOUN
fbem-4561	70	39	of	of	ADP
fbem-4561	70	40	liability	liability	NOUN
fbem-4561	70	41	fixation	fixation	NOUN
fbem-4561	70	42	,	,	PUNCT
fbem-4561	70	43	the	the	DET
fbem-4561	70	44	identification	identification	NOUN
fbem-4561	70	45	of	of	ADP
fbem-4561	70	46	the	the	DET
fbem-4561	70	47	practice	practice	NOUN
fbem-4561	70	48	fault	fault	NOUN
fbem-4561	70	49	of	of	ADP
fbem-4561	70	50	the	the	DET
fbem-4561	70	51	sponsor	sponsor	NOUN
fbem-4561	70	52	representative	representative	NOUN
fbem-4561	70	53	,	,	PUNCT
fbem-4561	70	54	and	and	CCONJ
fbem-4561	70	55	the	the	DET
fbem-4561	70	56	civil	civil	ADJ
fbem-4561	70	57	liability	liability	NOUN
fbem-4561	70	58	of	of	ADP
fbem-4561	70	59	the	the	DET
fbem-4561	70	60	sponsor	sponsor	NOUN
fbem-4561	70	61	and	and	CCONJ
fbem-4561	70	62	the	the	DET
fbem-4561	70	63	sponsor	sponsor	NOUN
fbem-4561	70	64	to	to	ADP
fbem-4561	70	65	the	the	DET
fbem-4561	70	66	third	third	ADJ
fbem-4561	70	67	party	party	NOUN
fbem-4561	70	68	.	.	PUNCT
fbem-4561	71	1	hu	hu	PROPN
fbem-4561	71	2	xin	xin	PROPN
fbem-4561	71	3	(	(	PUNCT
fbem-4561	71	4	2010	2010	NUM
fbem-4561	71	5	)	)	PUNCT
fbem-4561	71	6	analyzed	analyze	VERB
fbem-4561	71	7	the	the	DET
fbem-4561	71	8	sponsor	sponsor	NOUN
fbem-4561	71	9	system	system	NOUN
fbem-4561	71	10	from	from	ADP
fbem-4561	71	11	both	both	PRON
fbem-4561	71	12	macro	macro	NOUN
fbem-4561	71	13	and	and	CCONJ
fbem-4561	71	14	micro	micro	ADJ
fbem-4561	71	15	perspectives	perspective	NOUN
fbem-4561	71	16	.	.	PUNCT
fbem-4561	72	1	from	from	ADP
fbem-4561	72	2	a	a	DET
fbem-4561	72	3	macro	macro	ADJ
fbem-4561	72	4	perspective	perspective	NOUN
fbem-4561	72	5	,	,	PUNCT
fbem-4561	72	6	due	due	ADP
fbem-4561	72	7	to	to	ADP
fbem-4561	72	8	the	the	DET
fbem-4561	72	9	low	low	ADJ
fbem-4561	72	10	legislative	legislative	ADJ
fbem-4561	72	11	level	level	NOUN
fbem-4561	72	12	of	of	ADP
fbem-4561	72	13	the	the	DET
fbem-4561	72	14	relevant	relevant	ADJ
fbem-4561	72	15	provisions	provision	NOUN
fbem-4561	72	16	on	on	ADP
fbem-4561	72	17	sponsors	sponsor	NOUN
fbem-4561	72	18	in	in	ADP
fbem-4561	72	19	china	china	PROPN
fbem-4561	72	20	,	,	PUNCT
fbem-4561	72	21	the	the	DET
fbem-4561	72	22	development	development	NOUN
fbem-4561	72	23	of	of	ADP
fbem-4561	72	24	the	the	DET
fbem-4561	72	25	sponsor	sponsor	NOUN
fbem-4561	72	26	system	system	NOUN
fbem-4561	72	27	is	be	AUX
fbem-4561	72	28	at	at	ADP
fbem-4561	72	29	a	a	DET
fbem-4561	72	30	congenital	congenital	ADJ
fbem-4561	72	31	disadvantage	disadvantage	NOUN
fbem-4561	72	32	,	,	PUNCT
fbem-4561	72	33	so	so	SCONJ
fbem-4561	72	34	we	we	PRON
fbem-4561	72	35	should	should	AUX
fbem-4561	72	36	improve	improve	VERB
fbem-4561	72	37	the	the	DET
fbem-4561	72	38	status	status	NOUN
fbem-4561	72	39	of	of	ADP
fbem-4561	72	40	the	the	DET
fbem-4561	72	41	sponsor	sponsor	NOUN
fbem-4561	72	42	system	system	NOUN
fbem-4561	72	43	in	in	ADP
fbem-4561	72	44	china	china	PROPN
fbem-4561	72	45	's	's	PART
fbem-4561	72	46	legal	legal	ADJ
fbem-4561	72	47	system	system	NOUN
fbem-4561	72	48	,	,	PUNCT
fbem-4561	72	49	and	and	CCONJ
fbem-4561	72	50	point	point	VERB
fbem-4561	72	51	out	out	ADP
fbem-4561	72	52	that	that	SCONJ
fbem-4561	72	53	the	the	DET
fbem-4561	72	54	most	most	ADV
fbem-4561	72	55	prudent	prudent	ADJ
fbem-4561	72	56	way	way	NOUN
fbem-4561	72	57	is	be	AUX
fbem-4561	72	58	to	to	PART
fbem-4561	72	59	repair	repair	VERB
fbem-4561	72	60	the	the	DET
fbem-4561	72	61	relevant	relevant	ADJ
fbem-4561	72	62	provisions	provision	NOUN
fbem-4561	72	63	of	of	ADP
fbem-4561	72	64	the	the	DET
fbem-4561	72	65	securities	security	NOUN
fbem-4561	72	66	law	law	NOUN
fbem-4561	72	67	;	;	PUNCT
fbem-4561	72	68	speed	speed	VERB
fbem-4561	72	69	up	up	ADP
fbem-4561	72	70	the	the	DET
fbem-4561	72	71	implementation	implementation	NOUN
fbem-4561	72	72	of	of	ADP
fbem-4561	72	73	the	the	DET
fbem-4561	72	74	registration	registration	NOUN
fbem-4561	72	75	system	system	NOUN
fbem-4561	72	76	in	in	ADP
fbem-4561	72	77	china	china	PROPN
fbem-4561	72	78	's	's	PART
fbem-4561	72	79	securities	securities	PROPN
fbem-4561	72	80	issuance	issuance	NOUN
fbem-4561	72	81	market	market	NOUN
fbem-4561	72	82	.	.	PUNCT
fbem-4561	73	1	from	from	ADP
fbem-4561	73	2	the	the	DET
fbem-4561	73	3	micro	micro	ADJ
fbem-4561	73	4	level	level	NOUN
fbem-4561	73	5	,	,	PUNCT
fbem-4561	73	6	the	the	DET
fbem-4561	73	7	human	human	ADJ
fbem-4561	73	8	rights	right	NOUN
fbem-4561	73	9	responsibilities	responsibility	NOUN
fbem-4561	73	10	of	of	ADP
fbem-4561	73	11	the	the	DET
fbem-4561	73	12	sponsor	sponsor	NOUN
fbem-4561	73	13	representatives	representative	NOUN
fbem-4561	73	14	in	in	ADP
fbem-4561	73	15	china	china	PROPN
fbem-4561	73	16	are	be	AUX
fbem-4561	73	17	unbalanced	unbalanced	ADJ
fbem-4561	73	18	to	to	ADP
fbem-4561	73	19	a	a	DET
fbem-4561	73	20	large	large	ADJ
fbem-4561	73	21	extent	extent	NOUN
fbem-4561	73	22	,	,	PUNCT
fbem-4561	73	23	which	which	PRON
fbem-4561	73	24	are	be	AUX
fbem-4561	73	25	mostly	mostly	ADV
fbem-4561	73	26	manifested	manifest	VERB
fbem-4561	73	27	in	in	ADP
fbem-4561	73	28	the	the	DET
fbem-4561	73	29	excessive	excessive	ADJ
fbem-4561	73	30	responsibilities	responsibility	NOUN
fbem-4561	73	31	of	of	ADP
fbem-4561	73	32	the	the	DET
fbem-4561	73	33	sponsor	sponsor	NOUN
fbem-4561	73	34	representatives	representative	NOUN
fbem-4561	73	35	and	and	CCONJ
fbem-4561	73	36	the	the	DET
fbem-4561	73	37	smaller	small	ADJ
fbem-4561	73	38	scope	scope	NOUN
fbem-4561	73	39	of	of	ADP
fbem-4561	73	40	authority	authority	NOUN
fbem-4561	73	41	of	of	ADP
fbem-4561	73	42	the	the	DET
fbem-4561	73	43	sponsors	sponsor	NOUN
fbem-4561	73	44	,	,	PUNCT
fbem-4561	73	45	which	which	PRON
fbem-4561	73	46	limit	limit	VERB
fbem-4561	73	47	the	the	DET
fbem-4561	73	48	maximum	maximum	ADJ
fbem-4561	73	49	effect	effect	NOUN
fbem-4561	73	50	of	of	ADP
fbem-4561	73	51	the	the	DET
fbem-4561	73	52	sponsor	sponsor	NOUN
fbem-4561	73	53	system	system	NOUN
fbem-4561	73	54	.	.	PUNCT
fbem-4561	74	1	therefore	therefore	ADV
fbem-4561	74	2	,	,	PUNCT
fbem-4561	74	3	we	we	PRON
fbem-4561	74	4	should	should	AUX
fbem-4561	74	5	distinguish	distinguish	VERB
fbem-4561	74	6	the	the	DET
fbem-4561	74	7	relationship	relationship	NOUN
fbem-4561	74	8	between	between	ADP
fbem-4561	74	9	the	the	DET
fbem-4561	74	10	sponsor	sponsor	NOUN
fbem-4561	74	11	representative	representative	NOUN
fbem-4561	74	12	and	and	CCONJ
fbem-4561	74	13	other	other	ADJ
fbem-4561	74	14	relevant	relevant	ADJ
fbem-4561	74	15	subjects	subject	NOUN
fbem-4561	74	16	,	,	PUNCT
fbem-4561	74	17	and	and	CCONJ
fbem-4561	74	18	further	far	ADV
fbem-4561	74	19	clarify	clarify	VERB
fbem-4561	74	20	the	the	DET
fbem-4561	74	21	scope	scope	NOUN
fbem-4561	74	22	of	of	ADP
fbem-4561	74	23	responsibility	responsibility	NOUN
fbem-4561	74	24	of	of	ADP
fbem-4561	74	25	the	the	DET
fbem-4561	74	26	sponsor	sponsor	NOUN
fbem-4561	74	27	representative	representative	NOUN
fbem-4561	74	28	;	;	PUNCT
fbem-4561	74	29	expand	expand	VERB
fbem-4561	74	30	the	the	DET
fbem-4561	74	31	sponsor	sponsor	NOUN
fbem-4561	74	32	representative	representative	NOUN
fbem-4561	74	33	's	's	PART
fbem-4561	74	34	audit	audit	NOUN
fbem-4561	74	35	power	power	NOUN
fbem-4561	74	36	in	in	ADP
fbem-4561	74	37	the	the	DET
fbem-4561	74	38	issuer	issuer	NOUN
fbem-4561	74	39	's	's	PART
fbem-4561	74	40	personnel	personnel	NOUN
fbem-4561	74	41	and	and	CCONJ
fbem-4561	74	42	major	major	ADJ
fbem-4561	74	43	transactions	transaction	NOUN
fbem-4561	74	44	;	;	PUNCT
fbem-4561	74	45	extend	extend	VERB
fbem-4561	74	46	the	the	DET
fbem-4561	74	47	term	term	NOUN
fbem-4561	74	48	of	of	ADP
fbem-4561	74	49	office	office	NOUN
fbem-4561	74	50	of	of	ADP
fbem-4561	74	51	the	the	DET
fbem-4561	74	52	recommendation	recommendation	NOUN
fbem-4561	74	53	representative	representative	NOUN
fbem-4561	74	54	.	.	PUNCT
fbem-4561	75	1	zhang	zhang	PROPN
fbem-4561	75	2	bo	bo	PROPN
fbem-4561	75	3	and	and	CCONJ
fbem-4561	75	4	wang	wang	PROPN
fbem-4561	75	5	yuan	yuan	PROPN
fbem-4561	75	6	(	(	PUNCT
fbem-4561	75	7	2010	2010	NUM
fbem-4561	75	8	)	)	PUNCT
fbem-4561	75	9	believed	believe	VERB
fbem-4561	75	10	that	that	SCONJ
fbem-4561	75	11	there	there	PRON
fbem-4561	75	12	were	be	VERB
fbem-4561	75	13	three	three	NUM
fbem-4561	75	14	main	main	ADJ
fbem-4561	75	15	problems	problem	NOUN
fbem-4561	75	16	in	in	ADP
fbem-4561	75	17	china	china	PROPN
fbem-4561	75	18	's	's	PART
fbem-4561	75	19	recommendation	recommendation	NOUN
fbem-4561	75	20	system	system	NOUN
fbem-4561	75	21	:	:	PUNCT
fbem-4561	75	22	first	first	ADV
fbem-4561	75	23	,	,	PUNCT
fbem-4561	75	24	the	the	DET
fbem-4561	75	25	sponsors	sponsor	NOUN
fbem-4561	75	26	did	do	AUX
fbem-4561	75	27	not	not	PART
fbem-4561	75	28	implement	implement	VERB
fbem-4561	75	29	due	due	ADJ
fbem-4561	75	30	diligence	diligence	NOUN
fbem-4561	75	31	;	;	PUNCT
fbem-4561	75	32	the	the	DET
fbem-4561	75	33	second	second	NOUN
fbem-4561	75	34	is	be	AUX
fbem-4561	75	35	the	the	DET
fbem-4561	75	36	virtual	virtual	ADJ
fbem-4561	75	37	continuous	continuous	ADJ
fbem-4561	75	38	supervision	supervision	NOUN
fbem-4561	75	39	period	period	NOUN
fbem-4561	75	40	;	;	PUNCT
fbem-4561	75	41	third	third	X
fbem-4561	75	42	,	,	PUNCT
fbem-4561	75	43	the	the	DET
fbem-4561	75	44	division	division	NOUN
fbem-4561	75	45	of	of	ADP
fbem-4561	75	46	responsibilities	responsibility	NOUN
fbem-4561	75	47	between	between	ADP
fbem-4561	75	48	the	the	DET
fbem-4561	75	49	sponsor	sponsor	NOUN
fbem-4561	75	50	representative	representative	NOUN
fbem-4561	75	51	and	and	CCONJ
fbem-4561	75	52	the	the	DET
fbem-4561	75	53	sponsor	sponsor	NOUN
fbem-4561	75	54	is	be	AUX
fbem-4561	75	55	not	not	PART
fbem-4561	75	56	clear	clear	ADJ
fbem-4561	75	57	.	.	PUNCT
fbem-4561	76	1	in	in	ADP
fbem-4561	76	2	addition	addition	NOUN
fbem-4561	76	3	,	,	PUNCT
fbem-4561	76	4	if	if	SCONJ
fbem-4561	76	5	the	the	DET
fbem-4561	76	6	sponsor	sponsor	NOUN
fbem-4561	76	7	representative	representative	NOUN
fbem-4561	76	8	and	and	CCONJ
fbem-4561	76	9	the	the	DET
fbem-4561	76	10	sponsor	sponsor	NOUN
fbem-4561	76	11	institution	institution	NOUN
fbem-4561	76	12	have	have	VERB
fbem-4561	76	13	different	different	ADJ
fbem-4561	76	14	opinions	opinion	NOUN
fbem-4561	76	15	on	on	ADP
fbem-4561	76	16	the	the	DET
fbem-4561	76	17	qualification	qualification	NOUN
fbem-4561	76	18	of	of	ADP
fbem-4561	76	19	the	the	DET
fbem-4561	76	20	company	company	NOUN
fbem-4561	76	21	to	to	PART
fbem-4561	76	22	be	be	AUX
fbem-4561	76	23	listed	list	VERB
fbem-4561	76	24	,	,	PUNCT
fbem-4561	76	25	the	the	DET
fbem-4561	76	26	sponsor	sponsor	NOUN
fbem-4561	76	27	institution	institution	NOUN
fbem-4561	76	28	can	can	AUX
fbem-4561	76	29	strip	strip	VERB
fbem-4561	76	30	the	the	DET
fbem-4561	76	31	rights	right	NOUN
fbem-4561	76	32	of	of	ADP
fbem-4561	76	33	the	the	DET
fbem-4561	76	34	sponsor	sponsor	NOUN
fbem-4561	76	35	with	with	ADP
fbem-4561	76	36	the	the	DET
fbem-4561	76	37	letter	letter	NOUN
fbem-4561	76	38	of	of	ADP
fbem-4561	76	39	supervision	supervision	NOUN
fbem-4561	76	40	,	,	PUNCT
fbem-4561	76	41	which	which	PRON
fbem-4561	76	42	has	have	VERB
fbem-4561	76	43	no	no	DET
fbem-4561	76	44	independence	independence	NOUN
fbem-4561	76	45	for	for	ADP
fbem-4561	76	46	the	the	DET
fbem-4561	76	47	sponsor	sponsor	NOUN
fbem-4561	76	48	.	.	PUNCT
fbem-4561	77	1	yi	yi	PROPN
fbem-4561	77	2	yang	yang	PROPN
fbem-4561	77	3	and	and	CCONJ
fbem-4561	77	4	tian	tian	PROPN
fbem-4561	77	5	hanyi	hanyi	PROPN
fbem-4561	77	6	et	et	PROPN
fbem-4561	77	7	al	al	PROPN
fbem-4561	77	8	.	.	PROPN
fbem-4561	78	1	(	(	PUNCT
fbem-4561	78	2	2019	2019	NUM
fbem-4561	78	3	)	)	PUNCT
fbem-4561	78	4	,	,	PUNCT
fbem-4561	78	5	by	by	ADP
fbem-4561	78	6	studying	study	VERB
fbem-4561	78	7	the	the	DET
fbem-4561	78	8	sponsor	sponsor	NOUN
fbem-4561	78	9	credit	credit	NOUN
fbem-4561	78	10	supervision	supervision	NOUN
fbem-4561	78	11	data	datum	NOUN
fbem-4561	78	12	from	from	ADP
fbem-4561	78	13	2004	2004	NUM
fbem-4561	78	14	to	to	ADP
fbem-4561	78	15	2015	2015	NUM
fbem-4561	78	16	,	,	PUNCT
fbem-4561	78	17	found	find	VERB
fbem-4561	78	18	that	that	SCONJ
fbem-4561	78	19	,	,	PUNCT
fbem-4561	78	20	compared	compare	VERB
fbem-4561	78	21	with	with	ADP
fbem-4561	78	22	other	other	ADJ
fbem-4561	78	23	sponsor	sponsor	NOUN
fbem-4561	78	24	representatives	representative	NOUN
fbem-4561	78	25	,	,	PUNCT
fbem-4561	78	26	the	the	DET
fbem-4561	78	27	number	number	NOUN
fbem-4561	78	28	of	of	ADP
fbem-4561	78	29	ipo	ipo	NOUN
fbem-4561	78	30	projects	project	NOUN
fbem-4561	78	31	received	receive	VERB
fbem-4561	78	32	by	by	ADP
fbem-4561	78	33	the	the	DET
fbem-4561	78	34	sponsor	sponsor	NOUN
fbem-4561	78	35	representatives	representative	NOUN
fbem-4561	78	36	with	with	ADP
fbem-4561	78	37	a	a	DET
fbem-4561	78	38	history	history	NOUN
fbem-4561	78	39	of	of	ADP
fbem-4561	78	40	violations	violation	NOUN
fbem-4561	78	41	was	be	AUX
fbem-4561	78	42	significantly	significantly	ADV
fbem-4561	78	43	reduced	reduce	VERB
fbem-4561	78	44	,	,	PUNCT
fbem-4561	78	45	the	the	DET
fbem-4561	78	46	scale	scale	NOUN
fbem-4561	78	47	was	be	AUX
fbem-4561	78	48	significantly	significantly	ADV
fbem-4561	78	49	reduced	reduce	VERB
fbem-4561	78	50	,	,	PUNCT
fbem-4561	78	51	the	the	DET
fbem-4561	78	52	cost	cost	NOUN
fbem-4561	78	53	of	of	ADP
fbem-4561	78	54	sponsor	sponsor	NOUN
fbem-4561	78	55	services	service	NOUN
fbem-4561	78	56	was	be	AUX
fbem-4561	78	57	significantly	significantly	ADV
fbem-4561	78	58	reduced	reduce	VERB
fbem-4561	78	59	,	,	PUNCT
fbem-4561	78	60	and	and	CCONJ
fbem-4561	78	61	the	the	DET
fbem-4561	78	62	quality	quality	NOUN
fbem-4561	78	63	of	of	ADP
fbem-4561	78	64	the	the	DET
fbem-4561	78	65	ipo	ipo	NOUN
fbem-4561	78	66	projects	project	VERB
fbem-4561	78	67	39	39	NUM
fbem-4561	78	68	undertaken	undertake	VERB
fbem-4561	78	69	was	be	AUX
fbem-4561	78	70	significantly	significantly	ADV
fbem-4561	78	71	improved	improve	VERB
fbem-4561	78	72	,	,	PUNCT
fbem-4561	78	73	which	which	PRON
fbem-4561	78	74	was	be	AUX
fbem-4561	78	75	reflected	reflect	VERB
fbem-4561	78	76	in	in	ADP
fbem-4561	78	77	the	the	DET
fbem-4561	78	78	lower	low	ADJ
fbem-4561	78	79	level	level	NOUN
fbem-4561	78	80	of	of	ADP
fbem-4561	78	81	earnings	earning	NOUN
fbem-4561	78	82	management	management	NOUN
fbem-4561	78	83	and	and	CCONJ
fbem-4561	78	84	higher	high	ADJ
fbem-4561	78	85	profitability	profitability	NOUN
fbem-4561	78	86	of	of	ADP
fbem-4561	78	87	the	the	DET
fbem-4561	78	88	project	project	NOUN
fbem-4561	78	89	.	.	PUNCT
fbem-4561	79	1	although	although	SCONJ
fbem-4561	79	2	the	the	DET
fbem-4561	79	3	sponsor	sponsor	NOUN
fbem-4561	79	4	system	system	NOUN
fbem-4561	79	5	has	have	VERB
fbem-4561	79	6	some	some	DET
fbem-4561	79	7	problems	problem	NOUN
fbem-4561	79	8	due	due	ADP
fbem-4561	79	9	to	to	ADP
fbem-4561	79	10	the	the	DET
fbem-4561	79	11	imperfect	imperfect	ADJ
fbem-4561	79	12	system	system	NOUN
fbem-4561	79	13	design	design	NOUN
fbem-4561	79	14	,	,	PUNCT
fbem-4561	79	15	it	it	PRON
fbem-4561	79	16	can	can	AUX
fbem-4561	79	17	improve	improve	VERB
fbem-4561	79	18	the	the	DET
fbem-4561	79	19	market	market	NOUN
fbem-4561	79	20	health	health	NOUN
fbem-4561	79	21	and	and	CCONJ
fbem-4561	79	22	stock	stock	NOUN
fbem-4561	79	23	issuance	issuance	NOUN
fbem-4561	79	24	efficiency	efficiency	NOUN
fbem-4561	79	25	under	under	ADP
fbem-4561	79	26	the	the	DET
fbem-4561	79	27	sponsor	sponsor	NOUN
fbem-4561	79	28	system	system	NOUN
fbem-4561	79	29	by	by	ADP
fbem-4561	79	30	optimizing	optimize	VERB
fbem-4561	79	31	the	the	DET
fbem-4561	79	32	way	way	NOUN
fbem-4561	79	33	of	of	ADP
fbem-4561	79	34	action	action	NOUN
fbem-4561	79	35	of	of	ADP
fbem-4561	79	36	each	each	DET
fbem-4561	79	37	subject	subject	NOUN
fbem-4561	79	38	.	.	PUNCT
fbem-4561	80	1	by	by	ADP
fbem-4561	80	2	means	mean	NOUN
fbem-4561	80	3	of	of	ADP
fbem-4561	80	4	theoretical	theoretical	ADJ
fbem-4561	80	5	modeling	modeling	NOUN
fbem-4561	80	6	,	,	PUNCT
fbem-4561	80	7	we	we	PRON
fbem-4561	80	8	can	can	AUX
fbem-4561	80	9	clarify	clarify	VERB
fbem-4561	80	10	the	the	DET
fbem-4561	80	11	internal	internal	ADJ
fbem-4561	80	12	relationship	relationship	NOUN
fbem-4561	80	13	of	of	ADP
fbem-4561	80	14	the	the	DET
fbem-4561	80	15	various	various	ADJ
fbem-4561	80	16	actors	actor	NOUN
fbem-4561	80	17	in	in	ADP
fbem-4561	80	18	the	the	DET
fbem-4561	80	19	sponsorship	sponsorship	NOUN
fbem-4561	80	20	system	system	NOUN
fbem-4561	80	21	,	,	PUNCT
fbem-4561	80	22	and	and	CCONJ
fbem-4561	80	23	obtain	obtain	VERB
fbem-4561	80	24	the	the	DET
fbem-4561	80	25	optimal	optimal	ADJ
fbem-4561	80	26	way	way	NOUN
fbem-4561	80	27	of	of	ADP
fbem-4561	80	28	action	action	NOUN
fbem-4561	80	29	of	of	ADP
fbem-4561	80	30	the	the	DET
fbem-4561	80	31	various	various	ADJ
fbem-4561	80	32	actors	actor	NOUN
fbem-4561	80	33	under	under	ADP
fbem-4561	80	34	the	the	DET
fbem-4561	80	35	sponsorship	sponsorship	NOUN
fbem-4561	80	36	system	system	NOUN
fbem-4561	80	37	.	.	PUNCT
fbem-4561	81	1	meng	meng	PROPN
fbem-4561	81	2	yaohui	yaohui	PROPN
fbem-4561	81	3	(	(	PUNCT
fbem-4561	81	4	2011	2011	NUM
fbem-4561	81	5	)	)	PUNCT
fbem-4561	81	6	established	establish	VERB
fbem-4561	81	7	the	the	DET
fbem-4561	81	8	"	"	PUNCT
fbem-4561	81	9	bo	bo	PROPN
fbem-4561	81	10	abandonment	abandonment	PROPN
fbem-4561	81	11	model	model	PROPN
fbem-4561	81	12	"	"	PUNCT
fbem-4561	81	13	based	base	VERB
fbem-4561	81	14	on	on	ADP
fbem-4561	81	15	information	information	NOUN
fbem-4561	81	16	disclosure	disclosure	NOUN
fbem-4561	81	17	between	between	ADP
fbem-4561	81	18	csrc	csrc	NOUN
fbem-4561	81	19	and	and	CCONJ
fbem-4561	81	20	listed	list	VERB
fbem-4561	81	21	companies	company	NOUN
fbem-4561	81	22	,	,	PUNCT
fbem-4561	81	23	and	and	CCONJ
fbem-4561	81	24	achieved	achieve	VERB
fbem-4561	81	25	nash	nash	PROPN
fbem-4561	81	26	equilibrium	equilibrium	NOUN
fbem-4561	81	27	by	by	ADP
fbem-4561	81	28	gradually	gradually	ADV
fbem-4561	81	29	increasing	increase	VERB
fbem-4561	81	30	incentives	incentive	NOUN
fbem-4561	81	31	.	.	PUNCT
fbem-4561	82	1	he	he	PRON
fbem-4561	82	2	believed	believe	VERB
fbem-4561	82	3	that	that	SCONJ
fbem-4561	82	4	listed	list	VERB
fbem-4561	82	5	companies	company	NOUN
fbem-4561	82	6	that	that	PRON
fbem-4561	82	7	fully	fully	ADV
fbem-4561	82	8	disclosed	disclose	VERB
fbem-4561	82	9	information	information	NOUN
fbem-4561	82	10	would	would	AUX
fbem-4561	82	11	be	be	AUX
fbem-4561	82	12	rewarded	reward	VERB
fbem-4561	82	13	,	,	PUNCT
fbem-4561	82	14	and	and	CCONJ
fbem-4561	82	15	under	under	ADP
fbem-4561	82	16	certain	certain	ADJ
fbem-4561	82	17	incentive	incentive	NOUN
fbem-4561	82	18	conditions	condition	NOUN
fbem-4561	82	19	,	,	PUNCT
fbem-4561	82	20	listed	list	VERB
fbem-4561	82	21	companies	company	NOUN
fbem-4561	82	22	could	could	AUX
fbem-4561	82	23	still	still	ADV
fbem-4561	82	24	perform	perform	VERB
fbem-4561	82	25	full	full	ADJ
fbem-4561	82	26	information	information	NOUN
fbem-4561	82	27	disclosure	disclosure	NOUN
fbem-4561	82	28	without	without	ADP
fbem-4561	82	29	supervision	supervision	NOUN
fbem-4561	82	30	.	.	PUNCT
fbem-4561	83	1	liu	liu	PROPN
fbem-4561	83	2	manbi	manbi	PROPN
fbem-4561	83	3	(	(	PUNCT
fbem-4561	83	4	2011	2011	NUM
fbem-4561	83	5	)	)	PUNCT
fbem-4561	83	6	found	find	VERB
fbem-4561	83	7	the	the	DET
fbem-4561	83	8	main	main	ADJ
fbem-4561	83	9	factors	factor	NOUN
fbem-4561	83	10	that	that	PRON
fbem-4561	83	11	determine	determine	VERB
fbem-4561	83	12	the	the	DET
fbem-4561	83	13	decision	decision	NOUN
fbem-4561	83	14	-	-	PUNCT
fbem-4561	83	15	making	making	NOUN
fbem-4561	83	16	of	of	ADP
fbem-4561	83	17	the	the	DET
fbem-4561	83	18	parties	party	NOUN
fbem-4561	83	19	involved	involve	VERB
fbem-4561	83	20	in	in	ADP
fbem-4561	83	21	the	the	DET
fbem-4561	83	22	abandonment	abandonment	NOUN
fbem-4561	83	23	by	by	ADP
fbem-4561	83	24	establishing	establish	VERB
fbem-4561	83	25	a	a	DET
fbem-4561	83	26	dynamic	dynamic	ADJ
fbem-4561	83	27	abandonment	abandonment	NOUN
fbem-4561	83	28	model	model	NOUN
fbem-4561	83	29	with	with	ADP
fbem-4561	83	30	complete	complete	ADJ
fbem-4561	83	31	but	but	CCONJ
fbem-4561	83	32	imperfect	imperfect	ADJ
fbem-4561	83	33	information	information	NOUN
fbem-4561	83	34	containing	contain	VERB
fbem-4561	83	35	uncertain	uncertain	ADJ
fbem-4561	83	36	factors	factor	NOUN
fbem-4561	83	37	.	.	PUNCT
fbem-4561	84	1	on	on	ADP
fbem-4561	84	2	this	this	DET
fbem-4561	84	3	basis	basis	NOUN
fbem-4561	84	4	,	,	PUNCT
fbem-4561	84	5	he	he	PRON
fbem-4561	84	6	studied	study	VERB
fbem-4561	84	7	how	how	SCONJ
fbem-4561	84	8	to	to	PART
fbem-4561	84	9	reduce	reduce	VERB
fbem-4561	84	10	the	the	DET
fbem-4561	84	11	probability	probability	NOUN
fbem-4561	84	12	of	of	ADP
fbem-4561	84	13	non	non	ADJ
fbem-4561	84	14	compliant	compliant	ADJ
fbem-4561	84	15	companies	company	NOUN
fbem-4561	84	16	recommended	recommend	VERB
fbem-4561	84	17	by	by	ADP
fbem-4561	84	18	the	the	DET
fbem-4561	84	19	sponsor	sponsor	NOUN
fbem-4561	84	20	and	and	CCONJ
fbem-4561	84	21	dereliction	dereliction	NOUN
fbem-4561	84	22	of	of	ADP
fbem-4561	84	23	duty	duty	NOUN
fbem-4561	84	24	audit	audit	NOUN
fbem-4561	84	25	conducted	conduct	VERB
fbem-4561	84	26	by	by	ADP
fbem-4561	84	27	the	the	DET
fbem-4561	84	28	csrc	csrc	NOUN
fbem-4561	84	29	under	under	ADP
fbem-4561	84	30	asymmetric	asymmetric	ADJ
fbem-4561	84	31	information	information	NOUN
fbem-4561	84	32	.	.	PUNCT
fbem-4561	85	1	cai	cai	PROPN
fbem-4561	85	2	qingfeng	qingfeng	PROPN
fbem-4561	85	3	and	and	CCONJ
fbem-4561	85	4	liu	liu	PROPN
fbem-4561	85	5	jin	jin	PROPN
fbem-4561	85	6	(	(	PUNCT
fbem-4561	85	7	2014	2014	NUM
fbem-4561	85	8	)	)	PUNCT
fbem-4561	85	9	found	find	VERB
fbem-4561	85	10	that	that	SCONJ
fbem-4561	85	11	within	within	ADP
fbem-4561	85	12	the	the	DET
fbem-4561	85	13	sponsor	sponsor	NOUN
fbem-4561	85	14	,	,	PUNCT
fbem-4561	85	15	the	the	DET
fbem-4561	85	16	responsibilities	responsibility	NOUN
fbem-4561	85	17	of	of	ADP
fbem-4561	85	18	the	the	DET
fbem-4561	85	19	sponsor	sponsor	NOUN
fbem-4561	85	20	and	and	CCONJ
fbem-4561	85	21	the	the	DET
fbem-4561	85	22	sponsor	sponsor	NOUN
fbem-4561	85	23	representative	representative	NOUN
fbem-4561	85	24	need	need	VERB
fbem-4561	85	25	to	to	PART
fbem-4561	85	26	be	be	AUX
fbem-4561	85	27	sorted	sort	VERB
fbem-4561	85	28	out	out	ADP
fbem-4561	85	29	.	.	PUNCT
fbem-4561	86	1	the	the	DET
fbem-4561	86	2	relevant	relevant	ADJ
fbem-4561	86	3	laws	law	NOUN
fbem-4561	86	4	and	and	CCONJ
fbem-4561	86	5	regulations	regulation	NOUN
fbem-4561	86	6	of	of	ADP
fbem-4561	86	7	china	china	PROPN
fbem-4561	86	8	do	do	AUX
fbem-4561	86	9	not	not	PART
fbem-4561	86	10	clearly	clearly	ADV
fbem-4561	86	11	stipulate	stipulate	VERB
fbem-4561	86	12	how	how	SCONJ
fbem-4561	86	13	to	to	PART
fbem-4561	86	14	divide	divide	VERB
fbem-4561	86	15	the	the	DET
fbem-4561	86	16	responsibilities	responsibility	NOUN
fbem-4561	86	17	of	of	ADP
fbem-4561	86	18	the	the	DET
fbem-4561	86	19	sponsor	sponsor	NOUN
fbem-4561	86	20	and	and	CCONJ
fbem-4561	86	21	the	the	DET
fbem-4561	86	22	sponsor	sponsor	NOUN
fbem-4561	86	23	representative	representative	NOUN
fbem-4561	86	24	when	when	SCONJ
fbem-4561	86	25	they	they	PRON
fbem-4561	86	26	are	be	AUX
fbem-4561	86	27	responsible	responsible	ADJ
fbem-4561	86	28	for	for	ADP
fbem-4561	86	29	the	the	DET
fbem-4561	86	30	same	same	ADJ
fbem-4561	86	31	project	project	NOUN
fbem-4561	86	32	according	accord	VERB
fbem-4561	86	33	to	to	ADP
fbem-4561	86	34	the	the	DET
fbem-4561	86	35	proportion	proportion	NOUN
fbem-4561	86	36	and	and	CCONJ
fbem-4561	86	37	how	how	SCONJ
fbem-4561	86	38	to	to	PART
fbem-4561	86	39	assume	assume	VERB
fbem-4561	86	40	the	the	DET
fbem-4561	86	41	responsibilities	responsibility	NOUN
fbem-4561	86	42	.	.	PUNCT
fbem-4561	87	1	when	when	SCONJ
fbem-4561	87	2	problems	problem	NOUN
fbem-4561	87	3	occur	occur	VERB
fbem-4561	87	4	,	,	PUNCT
fbem-4561	87	5	the	the	DET
fbem-4561	87	6	sponsor	sponsor	NOUN
fbem-4561	87	7	representative	representative	NOUN
fbem-4561	87	8	often	often	ADV
fbem-4561	87	9	assumes	assume	VERB
fbem-4561	87	10	too	too	ADV
fbem-4561	87	11	many	many	ADJ
fbem-4561	87	12	responsibilities	responsibility	NOUN
fbem-4561	87	13	.	.	PUNCT
fbem-4561	88	1	hou	hou	PROPN
fbem-4561	88	2	dongde	dongde	PROPN
fbem-4561	88	3	and	and	CCONJ
fbem-4561	88	4	bo	bo	NOUN
fbem-4561	88	5	pingping	pingpe	VERB
fbem-4561	88	6	(	(	PUNCT
fbem-4561	88	7	2016	2016	NUM
fbem-4561	88	8	)	)	PUNCT
fbem-4561	88	9	found	find	VERB
fbem-4561	88	10	through	through	ADP
fbem-4561	88	11	empirical	empirical	ADJ
fbem-4561	88	12	sample	sample	NOUN
fbem-4561	88	13	analysis	analysis	NOUN
fbem-4561	88	14	that	that	SCONJ
fbem-4561	88	15	at	at	ADP
fbem-4561	88	16	this	this	DET
fbem-4561	88	17	stage	stage	NOUN
fbem-4561	88	18	,	,	PUNCT
fbem-4561	88	19	china	china	PROPN
fbem-4561	88	20	's	's	PART
fbem-4561	88	21	securities	security	NOUN
fbem-4561	88	22	market	market	NOUN
fbem-4561	88	23	intermediaries	intermediary	NOUN
fbem-4561	88	24	frequently	frequently	ADV
fbem-4561	88	25	violate	violate	VERB
fbem-4561	88	26	laws	law	NOUN
fbem-4561	88	27	and	and	CCONJ
fbem-4561	88	28	regulations	regulation	NOUN
fbem-4561	88	29	.	.	PUNCT
fbem-4561	89	1	part	part	NOUN
fbem-4561	89	2	of	of	ADP
fbem-4561	89	3	the	the	DET
fbem-4561	89	4	reason	reason	NOUN
fbem-4561	89	5	is	be	AUX
fbem-4561	89	6	the	the	DET
fbem-4561	89	7	influence	influence	NOUN
fbem-4561	89	8	of	of	ADP
fbem-4561	89	9	external	external	ADJ
fbem-4561	89	10	market	market	NOUN
fbem-4561	89	11	factors	factor	NOUN
fbem-4561	89	12	,	,	PUNCT
fbem-4561	89	13	and	and	CCONJ
fbem-4561	89	14	the	the	DET
fbem-4561	89	15	other	other	ADJ
fbem-4561	89	16	part	part	NOUN
fbem-4561	89	17	is	be	AUX
fbem-4561	89	18	the	the	DET
fbem-4561	89	19	influence	influence	NOUN
fbem-4561	89	20	of	of	ADP
fbem-4561	89	21	the	the	DET
fbem-4561	89	22	role	role	NOUN
fbem-4561	89	23	dislocation	dislocation	NOUN
fbem-4561	89	24	of	of	ADP
fbem-4561	89	25	securities	security	NOUN
fbem-4561	89	26	intermediaries	intermediary	NOUN
fbem-4561	89	27	,	,	PUNCT
fbem-4561	89	28	which	which	PRON
fbem-4561	89	29	leads	lead	VERB
fbem-4561	89	30	to	to	ADP
fbem-4561	89	31	the	the	DET
fbem-4561	89	32	loss	loss	NOUN
fbem-4561	89	33	of	of	ADP
fbem-4561	89	34	their	their	PRON
fbem-4561	89	35	due	due	ADJ
fbem-4561	89	36	value	value	NOUN
fbem-4561	89	37	.	.	PUNCT
fbem-4561	90	1	therefore	therefore	ADV
fbem-4561	90	2	,	,	PUNCT
fbem-4561	90	3	under	under	ADP
fbem-4561	90	4	the	the	DET
fbem-4561	90	5	new	new	ADJ
fbem-4561	90	6	trend	trend	NOUN
fbem-4561	90	7	of	of	ADP
fbem-4561	90	8	comprehensively	comprehensively	ADV
fbem-4561	90	9	promoting	promote	VERB
fbem-4561	90	10	the	the	DET
fbem-4561	90	11	reform	reform	NOUN
fbem-4561	90	12	of	of	ADP
fbem-4561	90	13	the	the	DET
fbem-4561	90	14	registration	registration	NOUN
fbem-4561	90	15	system	system	NOUN
fbem-4561	90	16	,	,	PUNCT
fbem-4561	90	17	securities	security	NOUN
fbem-4561	90	18	intermediaries	intermediary	NOUN
fbem-4561	90	19	need	need	VERB
fbem-4561	90	20	to	to	PART
fbem-4561	90	21	re	re	VERB
fbem-4561	90	22	-	-	VERB
fbem-4561	90	23	establish	establish	VERB
fbem-4561	90	24	the	the	DET
fbem-4561	90	25	principal	principal	ADJ
fbem-4561	90	26	-	-	PUNCT
fbem-4561	90	27	agent	agent	NOUN
fbem-4561	90	28	relationship	relationship	NOUN
fbem-4561	90	29	from	from	ADP
fbem-4561	90	30	both	both	CCONJ
fbem-4561	90	31	theoretical	theoretical	ADJ
fbem-4561	90	32	and	and	CCONJ
fbem-4561	90	33	practical	practical	ADJ
fbem-4561	90	34	dimensions	dimension	NOUN
fbem-4561	90	35	,	,	PUNCT
fbem-4561	90	36	establish	establish	VERB
fbem-4561	90	37	and	and	CCONJ
fbem-4561	90	38	improve	improve	VERB
fbem-4561	90	39	the	the	DET
fbem-4561	90	40	litigation	litigation	NOUN
fbem-4561	90	41	mechanism	mechanism	NOUN
fbem-4561	90	42	and	and	CCONJ
fbem-4561	90	43	integrity	integrity	NOUN
fbem-4561	90	44	system	system	NOUN
fbem-4561	90	45	,	,	PUNCT
fbem-4561	90	46	and	and	CCONJ
fbem-4561	90	47	build	build	VERB
fbem-4561	90	48	a	a	DET
fbem-4561	90	49	diversified	diversified	ADJ
fbem-4561	90	50	approach	approach	NOUN
fbem-4561	90	51	for	for	ADP
fbem-4561	90	52	securities	security	NOUN
fbem-4561	90	53	intermediaries	intermediary	NOUN
fbem-4561	90	54	to	to	PART
fbem-4561	90	55	strengthen	strengthen	VERB
fbem-4561	90	56	their	their	PRON
fbem-4561	90	57	self	self	NOUN
fbem-4561	90	58	-	-	PUNCT
fbem-4561	90	59	restraint	restraint	NOUN
fbem-4561	90	60	.	.	PUNCT
fbem-4561	91	1	2.5	2.5	NUM
fbem-4561	91	2	.	.	PUNCT
fbem-4561	92	1	literature	literature	NOUN
fbem-4561	92	2	review	review	NOUN
fbem-4561	92	3	on	on	ADP
fbem-4561	92	4	the	the	DET
fbem-4561	92	5	whole	whole	NOUN
fbem-4561	92	6	,	,	PUNCT
fbem-4561	92	7	the	the	DET
fbem-4561	92	8	research	research	NOUN
fbem-4561	92	9	on	on	ADP
fbem-4561	92	10	the	the	DET
fbem-4561	92	11	behavior	behavior	NOUN
fbem-4561	92	12	of	of	ADP
fbem-4561	92	13	sponsor	sponsor	NOUN
fbem-4561	92	14	representatives	representative	NOUN
fbem-4561	92	15	in	in	ADP
fbem-4561	92	16	the	the	DET
fbem-4561	92	17	domestic	domestic	ADJ
fbem-4561	92	18	ipo	ipo	NOUN
fbem-4561	92	19	market	market	NOUN
fbem-4561	92	20	is	be	AUX
fbem-4561	92	21	still	still	ADV
fbem-4561	92	22	in	in	ADP
fbem-4561	92	23	the	the	DET
fbem-4561	92	24	initial	initial	ADJ
fbem-4561	92	25	stage	stage	NOUN
fbem-4561	92	26	,	,	PUNCT
fbem-4561	92	27	and	and	CCONJ
fbem-4561	92	28	there	there	PRON
fbem-4561	92	29	are	be	VERB
fbem-4561	92	30	deficiencies	deficiency	NOUN
fbem-4561	92	31	.	.	PUNCT
fbem-4561	93	1	first	first	ADV
fbem-4561	93	2	of	of	ADP
fbem-4561	93	3	all	all	PRON
fbem-4561	93	4	,	,	PUNCT
fbem-4561	93	5	the	the	DET
fbem-4561	93	6	domestic	domestic	ADJ
fbem-4561	93	7	research	research	NOUN
fbem-4561	93	8	on	on	ADP
fbem-4561	93	9	the	the	DET
fbem-4561	93	10	sponsor	sponsor	NOUN
fbem-4561	93	11	representative	representative	NOUN
fbem-4561	93	12	focuses	focus	VERB
fbem-4561	93	13	on	on	ADP
fbem-4561	93	14	the	the	DET
fbem-4561	93	15	reputation	reputation	NOUN
fbem-4561	93	16	,	,	PUNCT
fbem-4561	93	17	change	change	NOUN
fbem-4561	93	18	and	and	CCONJ
fbem-4561	93	19	supervision	supervision	NOUN
fbem-4561	93	20	of	of	ADP
fbem-4561	93	21	the	the	DET
fbem-4561	93	22	sponsor	sponsor	NOUN
fbem-4561	93	23	representative	representative	NOUN
fbem-4561	93	24	.	.	PUNCT
fbem-4561	94	1	there	there	PRON
fbem-4561	94	2	are	be	VERB
fbem-4561	94	3	very	very	ADV
fbem-4561	94	4	few	few	ADJ
fbem-4561	94	5	literatures	literature	NOUN
fbem-4561	94	6	that	that	PRON
fbem-4561	94	7	combine	combine	VERB
fbem-4561	94	8	the	the	DET
fbem-4561	94	9	sponsor	sponsor	NOUN
fbem-4561	94	10	representative	representative	NOUN
fbem-4561	94	11	with	with	ADP
fbem-4561	94	12	the	the	DET
fbem-4561	94	13	social	social	ADJ
fbem-4561	94	14	network	network	NOUN
fbem-4561	94	15	theory	theory	NOUN
fbem-4561	94	16	.	.	PUNCT
fbem-4561	95	1	most	most	ADJ
fbem-4561	95	2	of	of	ADP
fbem-4561	95	3	these	these	DET
fbem-4561	95	4	literatures	literature	NOUN
fbem-4561	95	5	are	be	AUX
fbem-4561	95	6	related	relate	VERB
fbem-4561	95	7	to	to	ADP
fbem-4561	95	8	the	the	DET
fbem-4561	95	9	government	government	NOUN
fbem-4561	95	10	,	,	PUNCT
fbem-4561	95	11	auditors	auditor	NOUN
fbem-4561	95	12	and	and	CCONJ
fbem-4561	95	13	other	other	ADJ
fbem-4561	95	14	horizontal	horizontal	ADJ
fbem-4561	95	15	social	social	ADJ
fbem-4561	95	16	connections	connection	NOUN
fbem-4561	95	17	,	,	PUNCT
fbem-4561	95	18	but	but	CCONJ
fbem-4561	95	19	not	not	PART
fbem-4561	95	20	the	the	DET
fbem-4561	95	21	vertical	vertical	ADJ
fbem-4561	95	22	social	social	ADJ
fbem-4561	95	23	connection	connection	NOUN
fbem-4561	95	24	of	of	ADP
fbem-4561	95	25	social	social	ADJ
fbem-4561	95	26	experience	experience	NOUN
fbem-4561	95	27	.	.	PUNCT
fbem-4561	96	1	therefore	therefore	ADV
fbem-4561	96	2	,	,	PUNCT
fbem-4561	96	3	the	the	DET
fbem-4561	96	4	research	research	NOUN
fbem-4561	96	5	on	on	ADP
fbem-4561	96	6	the	the	DET
fbem-4561	96	7	influence	influence	NOUN
fbem-4561	96	8	of	of	ADP
fbem-4561	96	9	social	social	ADJ
fbem-4561	96	10	experience	experience	NOUN
fbem-4561	96	11	of	of	ADP
fbem-4561	96	12	sponsor	sponsor	NOUN
fbem-4561	96	13	representatives	representative	NOUN
fbem-4561	96	14	in	in	ADP
fbem-4561	96	15	china	china	PROPN
fbem-4561	96	16	needs	need	VERB
fbem-4561	96	17	to	to	PART
fbem-4561	96	18	be	be	AUX
fbem-4561	96	19	strengthened	strengthen	VERB
fbem-4561	96	20	.	.	PUNCT
fbem-4561	97	1	secondly	secondly	ADV
fbem-4561	97	2	,	,	PUNCT
fbem-4561	97	3	domestic	domestic	ADJ
fbem-4561	97	4	research	research	NOUN
fbem-4561	97	5	on	on	ADP
fbem-4561	97	6	sponsor	sponsor	NOUN
fbem-4561	97	7	representatives	representative	NOUN
fbem-4561	97	8	is	be	AUX
fbem-4561	97	9	carried	carry	VERB
fbem-4561	97	10	out	out	ADP
fbem-4561	97	11	under	under	ADP
fbem-4561	97	12	the	the	DET
fbem-4561	97	13	background	background	NOUN
fbem-4561	97	14	of	of	ADP
fbem-4561	97	15	the	the	DET
fbem-4561	97	16	approval	approval	NOUN
fbem-4561	97	17	system	system	NOUN
fbem-4561	97	18	,	,	PUNCT
fbem-4561	97	19	and	and	CCONJ
fbem-4561	97	20	china	china	PROPN
fbem-4561	97	21	's	's	PART
fbem-4561	97	22	stock	stock	NOUN
fbem-4561	97	23	issuance	issuance	NOUN
fbem-4561	97	24	system	system	NOUN
fbem-4561	97	25	is	be	AUX
fbem-4561	97	26	changing	change	VERB
fbem-4561	97	27	from	from	ADP
fbem-4561	97	28	the	the	DET
fbem-4561	97	29	approval	approval	NOUN
fbem-4561	97	30	system	system	NOUN
fbem-4561	97	31	to	to	ADP
fbem-4561	97	32	the	the	DET
fbem-4561	97	33	comprehensive	comprehensive	ADJ
fbem-4561	97	34	registration	registration	NOUN
fbem-4561	97	35	system	system	NOUN
fbem-4561	97	36	,	,	PUNCT
fbem-4561	97	37	and	and	CCONJ
fbem-4561	97	38	the	the	DET
fbem-4561	97	39	previous	previous	ADJ
fbem-4561	97	40	research	research	NOUN
fbem-4561	97	41	conclusions	conclusion	NOUN
fbem-4561	97	42	may	may	AUX
fbem-4561	97	43	no	no	ADV
fbem-4561	97	44	longer	long	ADV
fbem-4561	97	45	apply	apply	VERB
fbem-4561	97	46	to	to	ADP
fbem-4561	97	47	the	the	DET
fbem-4561	97	48	current	current	ADJ
fbem-4561	97	49	system	system	NOUN
fbem-4561	97	50	.	.	PUNCT
fbem-4561	98	1	therefore	therefore	ADV
fbem-4561	98	2	,	,	PUNCT
fbem-4561	98	3	it	it	PRON
fbem-4561	98	4	is	be	AUX
fbem-4561	98	5	of	of	ADP
fbem-4561	98	6	practical	practical	ADJ
fbem-4561	98	7	significance	significance	NOUN
fbem-4561	98	8	to	to	PART
fbem-4561	98	9	further	far	ADV
fbem-4561	98	10	study	study	VERB
fbem-4561	98	11	the	the	DET
fbem-4561	98	12	behavior	behavior	NOUN
fbem-4561	98	13	of	of	ADP
fbem-4561	98	14	the	the	DET
fbem-4561	98	15	sponsor	sponsor	NOUN
fbem-4561	98	16	representative	representative	NOUN
fbem-4561	98	17	in	in	ADP
fbem-4561	98	18	combination	combination	NOUN
fbem-4561	98	19	with	with	ADP
fbem-4561	98	20	the	the	DET
fbem-4561	98	21	background	background	NOUN
fbem-4561	98	22	of	of	ADP
fbem-4561	98	23	the	the	DET
fbem-4561	98	24	registration	registration	NOUN
fbem-4561	98	25	system	system	NOUN
fbem-4561	98	26	.	.	PUNCT
fbem-4561	99	1	finally	finally	ADV
fbem-4561	99	2	,	,	PUNCT
fbem-4561	99	3	the	the	DET
fbem-4561	99	4	existing	exist	VERB
fbem-4561	99	5	research	research	NOUN
fbem-4561	99	6	literature	literature	NOUN
fbem-4561	99	7	has	have	AUX
fbem-4561	99	8	not	not	PART
fbem-4561	99	9	deeply	deeply	ADV
fbem-4561	99	10	studied	study	VERB
fbem-4561	99	11	the	the	DET
fbem-4561	99	12	generally	generally	ADV
fbem-4561	99	13	implemented	implement	VERB
fbem-4561	99	14	sponsor	sponsor	NOUN
fbem-4561	99	15	system	system	NOUN
fbem-4561	99	16	,	,	PUNCT
fbem-4561	99	17	especially	especially	ADV
fbem-4561	99	18	the	the	DET
fbem-4561	99	19	lack	lack	NOUN
fbem-4561	99	20	of	of	ADP
fbem-4561	99	21	effective	effective	ADJ
fbem-4561	99	22	empirical	empirical	ADJ
fbem-4561	99	23	tests	test	NOUN
fbem-4561	99	24	on	on	ADP
fbem-4561	99	25	the	the	DET
fbem-4561	99	26	implementation	implementation	NOUN
fbem-4561	99	27	effect	effect	NOUN
fbem-4561	99	28	of	of	ADP
fbem-4561	99	29	the	the	DET
fbem-4561	99	30	sponsor	sponsor	NOUN
fbem-4561	99	31	system	system	NOUN
fbem-4561	99	32	,	,	PUNCT
fbem-4561	99	33	and	and	CCONJ
fbem-4561	99	34	most	most	ADJ
fbem-4561	99	35	of	of	ADP
fbem-4561	99	36	the	the	DET
fbem-4561	99	37	relevant	relevant	ADJ
fbem-4561	99	38	research	research	NOUN
fbem-4561	99	39	focuses	focus	VERB
fbem-4561	99	40	on	on	ADP
fbem-4561	99	41	the	the	DET
fbem-4561	99	42	stage	stage	NOUN
fbem-4561	99	43	of	of	ADP
fbem-4561	99	44	ipo	ipo	NOUN
fbem-4561	99	45	and	and	CCONJ
fbem-4561	99	46	listing	list	VERB
fbem-4561	99	47	,	,	PUNCT
fbem-4561	99	48	with	with	ADP
fbem-4561	99	49	little	little	ADJ
fbem-4561	99	50	attention	attention	NOUN
fbem-4561	99	51	paid	pay	VERB
fbem-4561	99	52	to	to	ADP
fbem-4561	99	53	the	the	DET
fbem-4561	99	54	stage	stage	NOUN
fbem-4561	99	55	of	of	ADP
fbem-4561	99	56	continuous	continuous	ADJ
fbem-4561	99	57	supervision	supervision	NOUN
fbem-4561	99	58	after	after	ADP
fbem-4561	99	59	listing	list	VERB
fbem-4561	99	60	.	.	PUNCT
fbem-4561	100	1	3	3	X
fbem-4561	100	2	.	.	X
fbem-4561	100	3	theoretical	theoretical	ADJ
fbem-4561	100	4	analysis	analysis	NOUN
fbem-4561	100	5	and	and	CCONJ
fbem-4561	100	6	research	research	NOUN
fbem-4561	100	7	assumptions	assumption	NOUN
fbem-4561	100	8	the	the	DET
fbem-4561	100	9	sponsor	sponsor	NOUN
fbem-4561	100	10	representative	representative	NOUN
fbem-4561	100	11	plays	play	VERB
fbem-4561	100	12	the	the	DET
fbem-4561	100	13	role	role	NOUN
fbem-4561	100	14	of	of	ADP
fbem-4561	100	15	gatekeeper	gatekeeper	NOUN
fbem-4561	100	16	in	in	ADP
fbem-4561	100	17	the	the	DET
fbem-4561	100	18	process	process	NOUN
fbem-4561	100	19	of	of	ADP
fbem-4561	100	20	ipo	ipo	NOUN
fbem-4561	100	21	listing	listing	NOUN
fbem-4561	100	22	,	,	PUNCT
fbem-4561	100	23	which	which	PRON
fbem-4561	100	24	can	can	AUX
fbem-4561	100	25	reduce	reduce	VERB
fbem-4561	100	26	market	market	NOUN
fbem-4561	100	27	friction	friction	NOUN
fbem-4561	100	28	and	and	CCONJ
fbem-4561	100	29	the	the	DET
fbem-4561	100	30	financing	financing	NOUN
fbem-4561	100	31	cost	cost	NOUN
fbem-4561	100	32	of	of	ADP
fbem-4561	100	33	the	the	DET
fbem-4561	100	34	issuer	issuer	NOUN
fbem-4561	100	35	.	.	PUNCT
fbem-4561	101	1	first	first	ADV
fbem-4561	101	2	of	of	ADP
fbem-4561	101	3	all	all	PRON
fbem-4561	101	4	,	,	PUNCT
fbem-4561	101	5	as	as	ADP
fbem-4561	101	6	the	the	DET
fbem-4561	101	7	facilitator	facilitator	NOUN
fbem-4561	101	8	and	and	CCONJ
fbem-4561	101	9	supervisor	supervisor	NOUN
fbem-4561	101	10	of	of	ADP
fbem-4561	101	11	the	the	DET
fbem-4561	101	12	ipo	ipo	NOUN
fbem-4561	101	13	,	,	PUNCT
fbem-4561	101	14	the	the	DET
fbem-4561	101	15	more	more	ADV
fbem-4561	101	16	competent	competent	ADJ
fbem-4561	101	17	the	the	DET
fbem-4561	101	18	sponsor	sponsor	NOUN
fbem-4561	101	19	representative	representative	NOUN
fbem-4561	101	20	is	be	AUX
fbem-4561	101	21	,	,	PUNCT
fbem-4561	101	22	the	the	PRON
fbem-4561	101	23	more	more	ADV
fbem-4561	101	24	effectively	effectively	ADV
fbem-4561	101	25	he	he	PRON
fbem-4561	101	26	can	can	AUX
fbem-4561	101	27	identify	identify	VERB
fbem-4561	101	28	and	and	CCONJ
fbem-4561	101	29	control	control	VERB
fbem-4561	101	30	the	the	DET
fbem-4561	101	31	issuer	issuer	NOUN
fbem-4561	101	32	's	's	PART
fbem-4561	101	33	financial	financial	ADJ
fbem-4561	101	34	fraud	fraud	NOUN
fbem-4561	101	35	,	,	PUNCT
fbem-4561	101	36	information	information	NOUN
fbem-4561	101	37	manipulation	manipulation	NOUN
fbem-4561	101	38	and	and	CCONJ
fbem-4561	101	39	other	other	ADJ
fbem-4561	101	40	violations	violation	NOUN
fbem-4561	101	41	.	.	PUNCT
fbem-4561	102	1	the	the	DET
fbem-4561	102	2	past	past	ADJ
fbem-4561	102	3	sponsor	sponsor	NOUN
fbem-4561	102	4	experience	experience	NOUN
fbem-4561	102	5	,	,	PUNCT
fbem-4561	102	6	familiarity	familiarity	NOUN
fbem-4561	102	7	with	with	ADP
fbem-4561	102	8	industry	industry	NOUN
fbem-4561	102	9	practices	practice	NOUN
fbem-4561	102	10	and	and	CCONJ
fbem-4561	102	11	the	the	DET
fbem-4561	102	12	accumulation	accumulation	NOUN
fbem-4561	102	13	of	of	ADP
fbem-4561	102	14	professional	professional	ADJ
fbem-4561	102	15	knowledge	knowledge	NOUN
fbem-4561	102	16	help	help	VERB
fbem-4561	102	17	the	the	DET
fbem-4561	102	18	sponsor	sponsor	NOUN
fbem-4561	102	19	representative	representative	NOUN
fbem-4561	102	20	identify	identify	VERB
fbem-4561	102	21	the	the	DET
fbem-4561	102	22	management	management	NOUN
fbem-4561	102	23	's	's	PART
fbem-4561	102	24	earnings	earning	NOUN
fbem-4561	102	25	management	management	NOUN
fbem-4561	102	26	motivation	motivation	NOUN
fbem-4561	102	27	,	,	PUNCT
fbem-4561	102	28	thereby	thereby	ADV
fbem-4561	102	29	improving	improve	VERB
fbem-4561	102	30	the	the	DET
fbem-4561	102	31	sponsor	sponsor	NOUN
fbem-4561	102	32	quality	quality	NOUN
fbem-4561	102	33	of	of	ADP
fbem-4561	102	34	the	the	DET
fbem-4561	102	35	stock	stock	NOUN
fbem-4561	102	36	issuance	issuance	NOUN
fbem-4561	102	37	;	;	PUNCT
fbem-4561	102	38	secondly	secondly	ADV
fbem-4561	102	39	,	,	PUNCT
fbem-4561	102	40	carter	carter	PROPN
fbem-4561	102	41	&	&	CCONJ
fbem-4561	102	42	manaster	manaster	PROPN
fbem-4561	102	43	(	(	PUNCT
fbem-4561	102	44	1990	1990	NUM
fbem-4561	102	45	)	)	PUNCT
fbem-4561	103	1	[	[	X
fbem-4561	103	2	2	2	X
fbem-4561	103	3	]	]	PUNCT
fbem-4561	103	4	and	and	CCONJ
fbem-4561	103	5	chemmanur	chemmanur	PROPN
fbem-4561	103	6	&	&	CCONJ
fbem-4561	103	7	fulghieri	fulghieri	PROPN
fbem-4561	103	8	(	(	PUNCT
fbem-4561	103	9	1994	1994	NUM
fbem-4561	103	10	)	)	PUNCT
fbem-4561	103	11	pointed	point	VERB
fbem-4561	103	12	out	out	ADP
fbem-4561	103	13	that	that	SCONJ
fbem-4561	103	14	stock	stock	NOUN
fbem-4561	103	15	underwriting	underwriting	NOUN
fbem-4561	103	16	practitioners	practitioner	NOUN
fbem-4561	103	17	build	build	VERB
fbem-4561	103	18	their	their	PRON
fbem-4561	103	19	own	own	ADJ
fbem-4561	103	20	brands	brand	NOUN
fbem-4561	103	21	and	and	CCONJ
fbem-4561	103	22	reputations	reputation	NOUN
fbem-4561	103	23	on	on	ADP
fbem-4561	103	24	their	their	PRON
fbem-4561	103	25	own	own	ADJ
fbem-4561	103	26	ability	ability	NOUN
fbem-4561	103	27	in	in	ADP
fbem-4561	103	28	the	the	DET
fbem-4561	103	29	ipo	ipo	NOUN
fbem-4561	103	30	market	market	NOUN
fbem-4561	103	31	.	.	PUNCT
fbem-4561	104	1	therefore	therefore	ADV
fbem-4561	104	2	,	,	PUNCT
fbem-4561	104	3	in	in	ADP
fbem-4561	104	4	order	order	NOUN
fbem-4561	104	5	to	to	PART
fbem-4561	104	6	maintain	maintain	VERB
fbem-4561	104	7	their	their	PRON
fbem-4561	104	8	prestige	prestige	NOUN
fbem-4561	104	9	and	and	CCONJ
fbem-4561	104	10	reputation	reputation	NOUN
fbem-4561	104	11	,	,	PUNCT
fbem-4561	104	12	the	the	DET
fbem-4561	104	13	sponsor	sponsor	NOUN
fbem-4561	104	14	representatives	representative	NOUN
fbem-4561	104	15	have	have	VERB
fbem-4561	104	16	a	a	DET
fbem-4561	104	17	stronger	strong	ADJ
fbem-4561	104	18	motivation	motivation	NOUN
fbem-4561	104	19	to	to	PART
fbem-4561	104	20	discover	discover	VERB
fbem-4561	104	21	and	and	CCONJ
fbem-4561	104	22	curb	curb	VERB
fbem-4561	104	23	the	the	DET
fbem-4561	104	24	earnings	earning	NOUN
fbem-4561	104	25	management	management	NOUN
fbem-4561	104	26	behavior	behavior	NOUN
fbem-4561	104	27	of	of	ADP
fbem-4561	104	28	the	the	DET
fbem-4561	104	29	management	management	NOUN
fbem-4561	104	30	;	;	PUNCT
fbem-4561	104	31	finally	finally	ADV
fbem-4561	104	32	,	,	PUNCT
fbem-4561	104	33	when	when	SCONJ
fbem-4561	104	34	the	the	DET
fbem-4561	104	35	company	company	NOUN
fbem-4561	104	36	has	have	VERB
fbem-4561	104	37	ipo	ipo	PROPN
fbem-4561	104	38	fraud	fraud	NOUN
fbem-4561	104	39	or	or	CCONJ
fbem-4561	104	40	other	other	ADJ
fbem-4561	104	41	violations	violation	NOUN
fbem-4561	104	42	,	,	PUNCT
fbem-4561	104	43	both	both	CCONJ
fbem-4561	104	44	the	the	DET
fbem-4561	104	45	sponsor	sponsor	NOUN
fbem-4561	104	46	and	and	CCONJ
fbem-4561	104	47	the	the	DET
fbem-4561	104	48	sponsor	sponsor	NOUN
fbem-4561	104	49	representative	representative	NOUN
fbem-4561	104	50	will	will	AUX
fbem-4561	104	51	be	be	AUX
fbem-4561	104	52	severely	severely	ADV
fbem-4561	104	53	punished	punish	VERB
fbem-4561	104	54	.	.	PUNCT
fbem-4561	105	1	in	in	ADP
fbem-4561	105	2	the	the	DET
fbem-4561	105	3	case	case	NOUN
fbem-4561	105	4	of	of	ADP
fbem-4561	105	5	ipo	ipo	PROPN
fbem-4561	105	6	fraud	fraud	NOUN
fbem-4561	105	7	,	,	PUNCT
fbem-4561	105	8	the	the	DET
fbem-4561	105	9	sponsor	sponsor	NOUN
fbem-4561	105	10	representative	representative	NOUN
fbem-4561	105	11	will	will	AUX
fbem-4561	105	12	be	be	AUX
fbem-4561	105	13	more	more	ADV
fbem-4561	105	14	severely	severely	ADV
fbem-4561	105	15	punished	punish	VERB
fbem-4561	105	16	.	.	PUNCT
fbem-4561	106	1	therefore	therefore	ADV
fbem-4561	106	2	,	,	PUNCT
fbem-4561	106	3	the	the	DET
fbem-4561	106	4	sponsor	sponsor	NOUN
fbem-4561	106	5	representative	representative	NOUN
fbem-4561	106	6	will	will	AUX
fbem-4561	106	7	not	not	PART
fbem-4561	106	8	completely	completely	ADV
fbem-4561	106	9	rely	rely	VERB
fbem-4561	106	10	on	on	ADP
fbem-4561	106	11	the	the	DET
fbem-4561	106	12	recommendation	recommendation	NOUN
fbem-4561	106	13	of	of	ADP
fbem-4561	106	14	the	the	DET
fbem-4561	106	15	sponsor	sponsor	NOUN
fbem-4561	106	16	with	with	ADP
fbem-4561	106	17	rich	rich	ADJ
fbem-4561	106	18	social	social	ADJ
fbem-4561	106	19	experience	experience	NOUN
fbem-4561	106	20	,	,	PUNCT
fbem-4561	106	21	and	and	CCONJ
fbem-4561	106	22	their	their	PRON
fbem-4561	106	23	independent	independent	ADJ
fbem-4561	106	24	judgment	judgment	NOUN
fbem-4561	106	25	consciousness	consciousness	NOUN
fbem-4561	106	26	is	be	AUX
fbem-4561	106	27	stronger	strong	ADJ
fbem-4561	106	28	,	,	PUNCT
fbem-4561	106	29	and	and	CCONJ
fbem-4561	106	30	their	their	PRON
fbem-4561	106	31	working	work	VERB
fbem-4561	106	32	attitude	attitude	NOUN
fbem-4561	106	33	is	be	AUX
fbem-4561	106	34	more	more	ADV
fbem-4561	106	35	rigorous	rigorous	ADJ
fbem-4561	106	36	.	.	PUNCT
fbem-4561	107	1	in	in	ADP
fbem-4561	107	2	addition	addition	NOUN
fbem-4561	107	3	,	,	PUNCT
fbem-4561	107	4	in	in	ADP
fbem-4561	107	5	order	order	NOUN
fbem-4561	107	6	to	to	PART
fbem-4561	107	7	obtain	obtain	VERB
fbem-4561	107	8	long	long	ADJ
fbem-4561	107	9	-	-	PUNCT
fbem-4561	107	10	term	term	NOUN
fbem-4561	107	11	benefits	benefit	NOUN
fbem-4561	107	12	,	,	PUNCT
fbem-4561	107	13	sponsor	sponsor	NOUN
fbem-4561	107	14	representatives	representative	NOUN
fbem-4561	107	15	with	with	ADP
fbem-4561	107	16	rich	rich	ADJ
fbem-4561	107	17	social	social	ADJ
fbem-4561	107	18	experience	experience	NOUN
fbem-4561	107	19	are	be	AUX
fbem-4561	107	20	more	more	ADV
fbem-4561	107	21	inclined	inclined	ADJ
fbem-4561	107	22	to	to	PART
fbem-4561	107	23	abide	abide	VERB
fbem-4561	107	24	by	by	ADP
fbem-4561	107	25	the	the	DET
fbem-4561	107	26	contract	contract	NOUN
fbem-4561	107	27	and	and	CCONJ
fbem-4561	107	28	reduce	reduce	VERB
fbem-4561	107	29	opportunistic	opportunistic	ADJ
fbem-4561	107	30	behavior	behavior	NOUN
fbem-4561	107	31	.	.	PUNCT
fbem-4561	108	1	the	the	DET
fbem-4561	108	2	successful	successful	ADJ
fbem-4561	108	3	premise	premise	NOUN
fbem-4561	108	4	of	of	ADP
fbem-4561	108	5	the	the	DET
fbem-4561	108	6	transformation	transformation	NOUN
fbem-4561	108	7	from	from	ADP
fbem-4561	108	8	stock	stock	NOUN
fbem-4561	108	9	issuance	issuance	NOUN
fbem-4561	108	10	to	to	ADP
fbem-4561	108	11	registration	registration	NOUN
fbem-4561	108	12	system	system	NOUN
fbem-4561	108	13	proposed	propose	VERB
fbem-4561	108	14	by	by	ADP
fbem-4561	108	15	the	the	DET
fbem-4561	108	16	18th	18th	ADJ
fbem-4561	108	17	national	national	ADJ
fbem-4561	108	18	congress	congress	PROPN
fbem-4561	108	19	of	of	ADP
fbem-4561	108	20	the	the	DET
fbem-4561	108	21	communist	communist	PROPN
fbem-4561	108	22	party	party	PROPN
fbem-4561	108	23	of	of	ADP
fbem-4561	108	24	china	china	PROPN
fbem-4561	108	25	is	be	AUX
fbem-4561	108	26	that	that	SCONJ
fbem-4561	108	27	financial	financial	ADJ
fbem-4561	108	28	intermediaries	intermediary	NOUN
fbem-4561	108	29	play	play	VERB
fbem-4561	108	30	a	a	DET
fbem-4561	108	31	key	key	ADJ
fbem-4561	108	32	supervisory	supervisory	ADJ
fbem-4561	108	33	role	role	NOUN
fbem-4561	108	34	in	in	ADP
fbem-4561	108	35	the	the	DET
fbem-4561	108	36	earnings	earning	NOUN
fbem-4561	108	37	management	management	NOUN
fbem-4561	108	38	of	of	ADP
fbem-4561	108	39	listed	list	VERB
fbem-4561	108	40	companies	company	NOUN
fbem-4561	108	41	instead	instead	ADV
fbem-4561	108	42	of	of	ADP
fbem-4561	108	43	the	the	DET
fbem-4561	108	44	csrc	csrc	NOUN
fbem-4561	108	45	in	in	ADP
fbem-4561	108	46	corporate	corporate	ADJ
fbem-4561	108	47	ipo	ipo	NOUN
fbem-4561	108	48	.	.	PUNCT
fbem-4561	109	1	the	the	DET
fbem-4561	109	2	registration	registration	NOUN
fbem-4561	109	3	system	system	NOUN
fbem-4561	109	4	of	of	ADP
fbem-4561	109	5	new	new	ADJ
fbem-4561	109	6	share	share	NOUN
fbem-4561	109	7	issuance	issuance	NOUN
fbem-4561	109	8	means	mean	VERB
fbem-4561	109	9	that	that	SCONJ
fbem-4561	109	10	the	the	DET
fbem-4561	109	11	responsibility	responsibility	NOUN
fbem-4561	109	12	for	for	ADP
fbem-4561	109	13	supervising	supervise	VERB
fbem-4561	109	14	the	the	DET
fbem-4561	109	15	issuing	issue	VERB
fbem-4561	109	16	information	information	NOUN
fbem-4561	109	17	of	of	ADP
fbem-4561	109	18	the	the	DET
fbem-4561	109	19	applicant	applicant	ADJ
fbem-4561	109	20	company	company	NOUN
fbem-4561	109	21	,	,	PUNCT
fbem-4561	109	22	especially	especially	ADV
fbem-4561	109	23	the	the	DET
fbem-4561	109	24	earnings	earning	NOUN
fbem-4561	109	25	information	information	NOUN
fbem-4561	109	26	,	,	PUNCT
fbem-4561	109	27	in	in	ADP
fbem-4561	109	28	the	the	DET
fbem-4561	109	29	new	new	ADJ
fbem-4561	109	30	share	share	NOUN
fbem-4561	109	31	issuance	issuance	NOUN
fbem-4561	109	32	will	will	AUX
fbem-4561	109	33	be	be	AUX
fbem-4561	109	34	transferred	transfer	VERB
fbem-4561	109	35	to	to	ADP
fbem-4561	109	36	the	the	DET
fbem-4561	109	37	sponsor	sponsor	NOUN
fbem-4561	109	38	institution	institution	NOUN
fbem-4561	109	39	and	and	CCONJ
fbem-4561	109	40	sponsor	sponsor	NOUN
fbem-4561	109	41	representative	representative	NOUN
fbem-4561	109	42	responsible	responsible	ADJ
fbem-4561	109	43	for	for	ADP
fbem-4561	109	44	the	the	DET
fbem-4561	109	45	stock	stock	NOUN
fbem-4561	109	46	issuance	issuance	NOUN
fbem-4561	109	47	.	.	PUNCT
fbem-4561	110	1	whether	whether	SCONJ
fbem-4561	110	2	the	the	DET
fbem-4561	110	3	sponsor	sponsor	NOUN
fbem-4561	110	4	institution	institution	NOUN
fbem-4561	110	5	and	and	CCONJ
fbem-4561	110	6	sponsor	sponsor	NOUN
fbem-4561	110	7	representative	representative	NOUN
fbem-4561	110	8	can	can	AUX
fbem-4561	110	9	effectively	effectively	ADV
fbem-4561	110	10	implement	implement	VERB
fbem-4561	110	11	the	the	DET
fbem-4561	110	12	supervision	supervision	NOUN
fbem-4561	110	13	function	function	NOUN
fbem-4561	110	14	of	of	ADP
fbem-4561	110	15	the	the	DET
fbem-4561	110	16	earnings	earning	NOUN
fbem-4561	110	17	information	information	NOUN
fbem-4561	110	18	in	in	ADP
fbem-4561	110	19	the	the	DET
fbem-4561	110	20	new	new	ADJ
fbem-4561	110	21	share	share	NOUN
fbem-4561	110	22	issuance	issuance	NOUN
fbem-4561	110	23	determines	determine	VERB
fbem-4561	110	24	whether	whether	SCONJ
fbem-4561	110	25	the	the	DET
fbem-4561	110	26	stock	stock	NOUN
fbem-4561	110	27	market	market	NOUN
fbem-4561	110	28	can	can	AUX
fbem-4561	110	29	truly	truly	ADV
fbem-4561	110	30	realize	realize	VERB
fbem-4561	110	31	its	its	PRON
fbem-4561	110	32	decisive	decisive	ADJ
fbem-4561	110	33	role	role	NOUN
fbem-4561	110	34	.	.	PUNCT
fbem-4561	111	1	therefore	therefore	ADV
fbem-4561	111	2	,	,	PUNCT
fbem-4561	111	3	this	this	DET
fbem-4561	111	4	paper	paper	NOUN
fbem-4561	111	5	proposes	propose	VERB
fbem-4561	111	6	the	the	DET
fbem-4561	111	7	following	follow	VERB
fbem-4561	111	8	assumptions	assumption	NOUN
fbem-4561	111	9	:	:	PUNCT
fbem-4561	111	10	hypothesis	hypothesis	NOUN
fbem-4561	111	11	1	1	NUM
fbem-4561	111	12	:	:	PUNCT
fbem-4561	111	13	under	under	ADP
fbem-4561	111	14	the	the	DET
fbem-4561	111	15	registration	registration	NOUN
fbem-4561	111	16	system	system	NOUN
fbem-4561	111	17	,	,	PUNCT
fbem-4561	111	18	the	the	DET
fbem-4561	111	19	social	social	ADJ
fbem-4561	111	20	experience	experience	NOUN
fbem-4561	111	21	of	of	ADP
fbem-4561	111	22	the	the	DET
fbem-4561	111	23	sponsor	sponsor	NOUN
fbem-4561	111	24	representative	representative	NOUN
fbem-4561	111	25	has	have	VERB
fbem-4561	111	26	a	a	DET
fbem-4561	111	27	significant	significant	ADJ
fbem-4561	111	28	negative	negative	ADJ
fbem-4561	111	29	impact	impact	NOUN
fbem-4561	111	30	on	on	ADP
fbem-4561	111	31	the	the	DET
fbem-4561	111	32	earnings	earning	NOUN
fbem-4561	111	33	management	management	NOUN
fbem-4561	111	34	level	level	NOUN
fbem-4561	111	35	of	of	ADP
fbem-4561	111	36	the	the	DET
fbem-4561	111	37	40	40	NUM
fbem-4561	111	38	proposed	propose	VERB
fbem-4561	111	39	listed	list	VERB
fbem-4561	111	40	company	company	NOUN
fbem-4561	111	41	,	,	PUNCT
fbem-4561	111	42	that	that	ADV
fbem-4561	111	43	is	is	ADV
fbem-4561	111	44	,	,	PUNCT
fbem-4561	111	45	the	the	DET
fbem-4561	111	46	level	level	NOUN
fbem-4561	111	47	of	of	ADP
fbem-4561	111	48	earnings	earning	NOUN
fbem-4561	111	49	management	management	NOUN
fbem-4561	111	50	of	of	ADP
fbem-4561	111	51	the	the	DET
fbem-4561	111	52	proposed	propose	VERB
fbem-4561	111	53	listed	list	VERB
fbem-4561	111	54	company	company	NOUN
fbem-4561	111	55	recommended	recommend	VERB
fbem-4561	111	56	by	by	ADP
fbem-4561	111	57	the	the	DET
fbem-4561	111	58	sponsor	sponsor	NOUN
fbem-4561	111	59	representative	representative	NOUN
fbem-4561	111	60	with	with	ADP
fbem-4561	111	61	rich	rich	ADJ
fbem-4561	111	62	social	social	ADJ
fbem-4561	111	63	experience	experience	NOUN
fbem-4561	111	64	is	be	AUX
fbem-4561	111	65	lower	low	ADJ
fbem-4561	111	66	;	;	PUNCT
fbem-4561	111	67	under	under	ADP
fbem-4561	111	68	the	the	DET
fbem-4561	111	69	approval	approval	NOUN
fbem-4561	111	70	system	system	NOUN
fbem-4561	111	71	,	,	PUNCT
fbem-4561	111	72	the	the	DET
fbem-4561	111	73	social	social	ADJ
fbem-4561	111	74	experience	experience	NOUN
fbem-4561	111	75	of	of	ADP
fbem-4561	111	76	the	the	DET
fbem-4561	111	77	sponsor	sponsor	NOUN
fbem-4561	111	78	representative	representative	NOUN
fbem-4561	111	79	has	have	VERB
fbem-4561	111	80	no	no	DET
fbem-4561	111	81	significant	significant	ADJ
fbem-4561	111	82	negative	negative	ADJ
fbem-4561	111	83	impact	impact	NOUN
fbem-4561	111	84	on	on	ADP
fbem-4561	111	85	the	the	DET
fbem-4561	111	86	earnings	earning	NOUN
fbem-4561	111	87	management	management	NOUN
fbem-4561	111	88	level	level	NOUN
fbem-4561	111	89	of	of	ADP
fbem-4561	111	90	the	the	DET
fbem-4561	111	91	company	company	NOUN
fbem-4561	111	92	to	to	PART
fbem-4561	111	93	be	be	AUX
fbem-4561	111	94	listed	list	VERB
fbem-4561	111	95	.	.	PUNCT
fbem-4561	112	1	as	as	ADP
fbem-4561	112	2	an	an	DET
fbem-4561	112	3	important	important	ADJ
fbem-4561	112	4	part	part	NOUN
fbem-4561	112	5	of	of	ADP
fbem-4561	112	6	the	the	DET
fbem-4561	112	7	dual	dual	ADJ
fbem-4561	112	8	recommendation	recommendation	NOUN
fbem-4561	112	9	system	system	NOUN
fbem-4561	112	10	,	,	PUNCT
fbem-4561	112	11	the	the	DET
fbem-4561	112	12	recommendation	recommendation	NOUN
fbem-4561	112	13	representative	representative	NOUN
fbem-4561	112	14	performs	perform	VERB
fbem-4561	112	15	the	the	DET
fbem-4561	112	16	underwriting	underwriting	NOUN
fbem-4561	112	17	recommendation	recommendation	NOUN
fbem-4561	112	18	work	work	NOUN
fbem-4561	112	19	on	on	ADP
fbem-4561	112	20	behalf	behalf	NOUN
fbem-4561	112	21	of	of	ADP
fbem-4561	112	22	the	the	DET
fbem-4561	112	23	recommendation	recommendation	NOUN
fbem-4561	112	24	institution	institution	NOUN
fbem-4561	112	25	,	,	PUNCT
fbem-4561	112	26	and	and	CCONJ
fbem-4561	112	27	assumes	assume	VERB
fbem-4561	112	28	responsibilities	responsibility	NOUN
fbem-4561	112	29	and	and	CCONJ
fbem-4561	112	30	risks	risk	NOUN
fbem-4561	112	31	in	in	ADP
fbem-4561	112	32	his	his	PRON
fbem-4561	112	33	own	own	ADJ
fbem-4561	112	34	name	name	NOUN
fbem-4561	112	35	.	.	PUNCT
fbem-4561	113	1	because	because	SCONJ
fbem-4561	113	2	of	of	ADP
fbem-4561	113	3	the	the	DET
fbem-4561	113	4	close	close	ADJ
fbem-4561	113	5	interaction	interaction	NOUN
fbem-4561	113	6	between	between	ADP
fbem-4561	113	7	the	the	DET
fbem-4561	113	8	sponsor	sponsor	NOUN
fbem-4561	113	9	representative	representative	NOUN
fbem-4561	113	10	with	with	ADP
fbem-4561	113	11	rich	rich	ADJ
fbem-4561	113	12	social	social	ADJ
fbem-4561	113	13	experience	experience	NOUN
fbem-4561	113	14	and	and	CCONJ
fbem-4561	113	15	other	other	ADJ
fbem-4561	113	16	market	market	NOUN
fbem-4561	113	17	participants	participant	NOUN
fbem-4561	113	18	,	,	PUNCT
fbem-4561	113	19	it	it	PRON
fbem-4561	113	20	can	can	AUX
fbem-4561	113	21	reduce	reduce	VERB
fbem-4561	113	22	the	the	DET
fbem-4561	113	23	information	information	NOUN
fbem-4561	113	24	asymmetry	asymmetry	NOUN
fbem-4561	113	25	between	between	ADP
fbem-4561	113	26	the	the	DET
fbem-4561	113	27	issuer	issuer	NOUN
fbem-4561	113	28	and	and	CCONJ
fbem-4561	113	29	investors	investor	NOUN
fbem-4561	113	30	,	,	PUNCT
fbem-4561	113	31	so	so	SCONJ
fbem-4561	113	32	that	that	SCONJ
fbem-4561	113	33	the	the	DET
fbem-4561	113	34	ipo	ipo	NOUN
fbem-4561	113	35	price	price	NOUN
fbem-4561	113	36	can	can	AUX
fbem-4561	113	37	more	more	ADV
fbem-4561	113	38	accurately	accurately	ADV
fbem-4561	113	39	reflect	reflect	VERB
fbem-4561	113	40	the	the	DET
fbem-4561	113	41	true	true	ADJ
fbem-4561	113	42	value	value	NOUN
fbem-4561	113	43	of	of	ADP
fbem-4561	113	44	the	the	DET
fbem-4561	113	45	enterprise	enterprise	NOUN
fbem-4561	113	46	,	,	PUNCT
fbem-4561	113	47	thus	thus	ADV
fbem-4561	113	48	helping	help	VERB
fbem-4561	113	49	to	to	PART
fbem-4561	113	50	reduce	reduce	VERB
fbem-4561	113	51	the	the	DET
fbem-4561	113	52	ipo	ipo	NOUN
fbem-4561	113	53	underpricing	underprice	VERB
fbem-4561	113	54	rate	rate	NOUN
fbem-4561	113	55	,	,	PUNCT
fbem-4561	113	56	so	so	SCONJ
fbem-4561	113	57	that	that	SCONJ
fbem-4561	113	58	the	the	DET
fbem-4561	113	59	ipo	ipo	NOUN
fbem-4561	113	60	price	price	NOUN
fbem-4561	113	61	can	can	AUX
fbem-4561	113	62	more	more	ADV
fbem-4561	113	63	truly	truly	ADV
fbem-4561	113	64	reflect	reflect	VERB
fbem-4561	113	65	the	the	DET
fbem-4561	113	66	internal	internal	ADJ
fbem-4561	113	67	value	value	NOUN
fbem-4561	113	68	of	of	ADP
fbem-4561	113	69	the	the	DET
fbem-4561	113	70	company	company	NOUN
fbem-4561	113	71	.	.	PUNCT
fbem-4561	114	1	to	to	PART
fbem-4561	114	2	sum	sum	VERB
fbem-4561	114	3	up	up	ADP
fbem-4561	114	4	,	,	PUNCT
fbem-4561	114	5	the	the	PRON
fbem-4561	114	6	richer	rich	ADJ
fbem-4561	114	7	the	the	DET
fbem-4561	114	8	social	social	ADJ
fbem-4561	114	9	experience	experience	NOUN
fbem-4561	114	10	of	of	ADP
fbem-4561	114	11	the	the	DET
fbem-4561	114	12	sponsor	sponsor	NOUN
fbem-4561	114	13	representatives	representative	NOUN
fbem-4561	114	14	,	,	PUNCT
fbem-4561	114	15	the	the	PRON
fbem-4561	114	16	lower	low	ADJ
fbem-4561	114	17	the	the	DET
fbem-4561	114	18	ipo	ipo	NOUN
fbem-4561	114	19	underpricing	underprice	VERB
fbem-4561	114	20	rate	rate	NOUN
fbem-4561	114	21	of	of	ADP
fbem-4561	114	22	the	the	DET
fbem-4561	114	23	new	new	ADJ
fbem-4561	114	24	shares	share	NOUN
fbem-4561	114	25	they	they	PRON
fbem-4561	114	26	sponsor	sponsor	VERB
fbem-4561	114	27	.	.	PUNCT
fbem-4561	115	1	in	in	ADP
fbem-4561	115	2	addition	addition	NOUN
fbem-4561	115	3	,	,	PUNCT
fbem-4561	115	4	compared	compare	VERB
fbem-4561	115	5	with	with	ADP
fbem-4561	115	6	the	the	DET
fbem-4561	115	7	approval	approval	NOUN
fbem-4561	115	8	system	system	NOUN
fbem-4561	115	9	,	,	PUNCT
fbem-4561	115	10	the	the	DET
fbem-4561	115	11	power	power	NOUN
fbem-4561	115	12	and	and	CCONJ
fbem-4561	115	13	responsibility	responsibility	NOUN
fbem-4561	115	14	of	of	ADP
fbem-4561	115	15	the	the	DET
fbem-4561	115	16	sponsor	sponsor	NOUN
fbem-4561	115	17	representative	representative	NOUN
fbem-4561	115	18	under	under	ADP
fbem-4561	115	19	the	the	DET
fbem-4561	115	20	registration	registration	NOUN
fbem-4561	115	21	system	system	NOUN
fbem-4561	115	22	are	be	AUX
fbem-4561	115	23	strengthened	strengthen	VERB
fbem-4561	115	24	,	,	PUNCT
fbem-4561	115	25	making	make	VERB
fbem-4561	115	26	this	this	DET
fbem-4561	115	27	effect	effect	NOUN
fbem-4561	115	28	more	more	ADV
fbem-4561	115	29	significant	significant	ADJ
fbem-4561	115	30	.	.	PUNCT
fbem-4561	116	1	therefore	therefore	ADV
fbem-4561	116	2	,	,	PUNCT
fbem-4561	116	3	this	this	DET
fbem-4561	116	4	paper	paper	NOUN
fbem-4561	116	5	proposes	propose	VERB
fbem-4561	116	6	the	the	DET
fbem-4561	116	7	following	follow	VERB
fbem-4561	116	8	assumptions	assumption	NOUN
fbem-4561	116	9	:	:	PUNCT
fbem-4561	116	10	hypothesis	hypothesis	NOUN
fbem-4561	116	11	2	2	NUM
fbem-4561	116	12	:	:	PUNCT
fbem-4561	116	13	under	under	ADP
fbem-4561	116	14	the	the	DET
fbem-4561	116	15	registration	registration	NOUN
fbem-4561	116	16	system	system	NOUN
fbem-4561	116	17	,	,	PUNCT
fbem-4561	116	18	the	the	DET
fbem-4561	116	19	social	social	ADJ
fbem-4561	116	20	experience	experience	NOUN
fbem-4561	116	21	of	of	ADP
fbem-4561	116	22	the	the	DET
fbem-4561	116	23	sponsor	sponsor	NOUN
fbem-4561	116	24	representative	representative	NOUN
fbem-4561	116	25	has	have	VERB
fbem-4561	116	26	a	a	DET
fbem-4561	116	27	significant	significant	ADJ
fbem-4561	116	28	negative	negative	ADJ
fbem-4561	116	29	impact	impact	NOUN
fbem-4561	116	30	on	on	ADP
fbem-4561	116	31	the	the	DET
fbem-4561	116	32	ipo	ipo	NOUN
fbem-4561	116	33	underpricing	underprice	VERB
fbem-4561	116	34	rate	rate	NOUN
fbem-4561	116	35	on	on	ADP
fbem-4561	116	36	the	the	DET
fbem-4561	116	37	first	first	ADJ
fbem-4561	116	38	day	day	NOUN
fbem-4561	116	39	,	,	PUNCT
fbem-4561	116	40	that	that	ADV
fbem-4561	116	41	is	is	ADV
fbem-4561	116	42	,	,	PUNCT
fbem-4561	116	43	the	the	DET
fbem-4561	116	44	underpricing	underprice	VERB
fbem-4561	116	45	rate	rate	NOUN
fbem-4561	116	46	of	of	ADP
fbem-4561	116	47	the	the	DET
fbem-4561	116	48	new	new	ADJ
fbem-4561	116	49	shares	share	NOUN
fbem-4561	116	50	recommended	recommend	VERB
fbem-4561	116	51	by	by	ADP
fbem-4561	116	52	the	the	DET
fbem-4561	116	53	sponsor	sponsor	NOUN
fbem-4561	116	54	representative	representative	NOUN
fbem-4561	116	55	with	with	ADP
fbem-4561	116	56	rich	rich	ADJ
fbem-4561	116	57	social	social	ADJ
fbem-4561	116	58	experience	experience	NOUN
fbem-4561	116	59	is	be	AUX
fbem-4561	116	60	low	low	ADJ
fbem-4561	116	61	on	on	ADP
fbem-4561	116	62	the	the	DET
fbem-4561	116	63	first	first	ADJ
fbem-4561	116	64	day	day	NOUN
fbem-4561	116	65	,	,	PUNCT
fbem-4561	116	66	that	that	ADV
fbem-4561	116	67	is	is	ADV
fbem-4561	116	68	,	,	PUNCT
fbem-4561	116	69	the	the	DET
fbem-4561	116	70	issue	issue	NOUN
fbem-4561	116	71	price	price	NOUN
fbem-4561	116	72	of	of	ADP
fbem-4561	116	73	the	the	DET
fbem-4561	116	74	new	new	ADJ
fbem-4561	116	75	shares	share	NOUN
fbem-4561	116	76	recommended	recommend	VERB
fbem-4561	116	77	by	by	ADP
fbem-4561	116	78	the	the	DET
fbem-4561	116	79	sponsor	sponsor	NOUN
fbem-4561	116	80	representative	representative	NOUN
fbem-4561	116	81	with	with	ADP
fbem-4561	116	82	rich	rich	ADJ
fbem-4561	116	83	social	social	ADJ
fbem-4561	116	84	experience	experience	NOUN
fbem-4561	116	85	is	be	AUX
fbem-4561	116	86	closer	close	ADJ
fbem-4561	116	87	to	to	ADP
fbem-4561	116	88	the	the	DET
fbem-4561	116	89	internal	internal	ADJ
fbem-4561	116	90	value	value	NOUN
fbem-4561	116	91	of	of	ADP
fbem-4561	116	92	the	the	DET
fbem-4561	116	93	listed	list	VERB
fbem-4561	116	94	company	company	NOUN
fbem-4561	116	95	;	;	PUNCT
fbem-4561	116	96	under	under	ADP
fbem-4561	116	97	the	the	DET
fbem-4561	116	98	approval	approval	NOUN
fbem-4561	116	99	system	system	NOUN
fbem-4561	116	100	,	,	PUNCT
fbem-4561	116	101	the	the	DET
fbem-4561	116	102	social	social	ADJ
fbem-4561	116	103	experience	experience	NOUN
fbem-4561	116	104	of	of	ADP
fbem-4561	116	105	the	the	DET
fbem-4561	116	106	sponsor	sponsor	NOUN
fbem-4561	116	107	representative	representative	NOUN
fbem-4561	116	108	has	have	VERB
fbem-4561	116	109	no	no	DET
fbem-4561	116	110	significant	significant	ADJ
fbem-4561	116	111	negative	negative	ADJ
fbem-4561	116	112	impact	impact	NOUN
fbem-4561	116	113	on	on	ADP
fbem-4561	116	114	the	the	DET
fbem-4561	116	115	ipo	ipo	NOUN
fbem-4561	116	116	underpricing	underprice	VERB
fbem-4561	116	117	rate	rate	NOUN
fbem-4561	116	118	on	on	ADP
fbem-4561	116	119	the	the	DET
fbem-4561	116	120	first	first	ADJ
fbem-4561	116	121	day	day	NOUN
fbem-4561	116	122	.	.	PUNCT
fbem-4561	117	1	considering	consider	VERB
fbem-4561	117	2	the	the	DET
fbem-4561	117	3	importance	importance	NOUN
fbem-4561	117	4	of	of	ADP
fbem-4561	117	5	their	their	PRON
fbem-4561	117	6	reputation	reputation	NOUN
fbem-4561	117	7	,	,	PUNCT
fbem-4561	117	8	the	the	DET
fbem-4561	117	9	sponsor	sponsor	NOUN
fbem-4561	117	10	representatives	representative	NOUN
fbem-4561	117	11	with	with	ADP
fbem-4561	117	12	rich	rich	ADJ
fbem-4561	117	13	social	social	ADJ
fbem-4561	117	14	experience	experience	NOUN
fbem-4561	117	15	are	be	AUX
fbem-4561	117	16	more	more	ADV
fbem-4561	117	17	willing	willing	ADJ
fbem-4561	117	18	to	to	PART
fbem-4561	117	19	use	use	VERB
fbem-4561	117	20	their	their	PRON
fbem-4561	117	21	professional	professional	ADJ
fbem-4561	117	22	knowledge	knowledge	NOUN
fbem-4561	117	23	and	and	CCONJ
fbem-4561	117	24	past	past	ADJ
fbem-4561	117	25	experience	experience	NOUN
fbem-4561	117	26	to	to	PART
fbem-4561	117	27	strictly	strictly	ADV
fbem-4561	117	28	supervise	supervise	VERB
fbem-4561	117	29	and	and	CCONJ
fbem-4561	117	30	review	review	VERB
fbem-4561	117	31	the	the	DET
fbem-4561	117	32	issuer	issuer	NOUN
fbem-4561	117	33	,	,	PUNCT
fbem-4561	117	34	so	so	SCONJ
fbem-4561	117	35	they	they	PRON
fbem-4561	117	36	are	be	AUX
fbem-4561	117	37	more	more	ADV
fbem-4561	117	38	likely	likely	ADJ
fbem-4561	117	39	to	to	PART
fbem-4561	117	40	identify	identify	VERB
fbem-4561	117	41	the	the	DET
fbem-4561	117	42	different	different	ADJ
fbem-4561	117	43	motives	motive	NOUN
fbem-4561	117	44	of	of	ADP
fbem-4561	117	45	earnings	earning	NOUN
fbem-4561	117	46	management	management	NOUN
fbem-4561	117	47	behaviors	behavior	NOUN
fbem-4561	117	48	of	of	ADP
fbem-4561	117	49	the	the	DET
fbem-4561	117	50	originators	originator	NOUN
fbem-4561	117	51	during	during	ADP
fbem-4561	117	52	the	the	DET
fbem-4561	117	53	listing	listing	NOUN
fbem-4561	117	54	process	process	NOUN
fbem-4561	117	55	and	and	CCONJ
fbem-4561	117	56	curb	curb	VERB
fbem-4561	117	57	opportunistic	opportunistic	ADJ
fbem-4561	117	58	earnings	earning	NOUN
fbem-4561	117	59	management	management	NOUN
fbem-4561	117	60	behaviors	behavior	NOUN
fbem-4561	117	61	,	,	PUNCT
fbem-4561	117	62	so	so	SCONJ
fbem-4561	117	63	that	that	SCONJ
fbem-4561	117	64	the	the	DET
fbem-4561	117	65	quality	quality	NOUN
fbem-4561	117	66	of	of	ADP
fbem-4561	117	67	the	the	DET
fbem-4561	117	68	company	company	NOUN
fbem-4561	117	69	they	they	PRON
fbem-4561	117	70	sponsor	sponsor	VERB
fbem-4561	117	71	is	be	AUX
fbem-4561	117	72	better	well	ADJ
fbem-4561	117	73	and	and	CCONJ
fbem-4561	117	74	the	the	DET
fbem-4561	117	75	long	long	ADJ
fbem-4561	117	76	-	-	PUNCT
fbem-4561	117	77	term	term	NOUN
fbem-4561	117	78	return	return	NOUN
fbem-4561	117	79	of	of	ADP
fbem-4561	117	80	the	the	DET
fbem-4561	117	81	corresponding	correspond	VERB
fbem-4561	117	82	stocks	stock	NOUN
fbem-4561	117	83	will	will	AUX
fbem-4561	117	84	be	be	AUX
fbem-4561	117	85	higher	high	ADJ
fbem-4561	117	86	,	,	PUNCT
fbem-4561	117	87	the	the	DET
fbem-4561	117	88	performance	performance	NOUN
fbem-4561	117	89	will	will	AUX
fbem-4561	117	90	not	not	PART
fbem-4561	117	91	change	change	VERB
fbem-4561	117	92	.	.	PUNCT
fbem-4561	118	1	on	on	ADP
fbem-4561	118	2	the	the	DET
fbem-4561	118	3	contrary	contrary	NOUN
fbem-4561	118	4	,	,	PUNCT
fbem-4561	118	5	the	the	DET
fbem-4561	118	6	earnings	earning	NOUN
fbem-4561	118	7	management	management	NOUN
fbem-4561	118	8	of	of	ADP
fbem-4561	118	9	the	the	DET
fbem-4561	118	10	company	company	NOUN
fbem-4561	118	11	recommended	recommend	VERB
fbem-4561	118	12	by	by	ADP
fbem-4561	118	13	the	the	DET
fbem-4561	118	14	sponsor	sponsor	NOUN
fbem-4561	118	15	representative	representative	NOUN
fbem-4561	118	16	who	who	PRON
fbem-4561	118	17	lacks	lack	VERB
fbem-4561	118	18	social	social	ADJ
fbem-4561	118	19	experience	experience	NOUN
fbem-4561	118	20	reflects	reflect	VERB
fbem-4561	118	21	more	more	ADJ
fbem-4561	118	22	about	about	ADP
fbem-4561	118	23	an	an	DET
fbem-4561	118	24	opportunistic	opportunistic	ADJ
fbem-4561	118	25	behavior	behavior	NOUN
fbem-4561	118	26	of	of	ADP
fbem-4561	118	27	the	the	DET
fbem-4561	118	28	management	management	NOUN
fbem-4561	118	29	to	to	PART
fbem-4561	118	30	maximize	maximize	VERB
fbem-4561	118	31	its	its	PRON
fbem-4561	118	32	private	private	ADJ
fbem-4561	118	33	benefits	benefit	NOUN
fbem-4561	118	34	.	.	PUNCT
fbem-4561	119	1	the	the	DET
fbem-4561	119	2	reversal	reversal	NOUN
fbem-4561	119	3	of	of	ADP
fbem-4561	119	4	manipulative	manipulative	ADJ
fbem-4561	119	5	accruals	accrual	NOUN
fbem-4561	119	6	in	in	ADP
fbem-4561	119	7	the	the	DET
fbem-4561	119	8	subsequent	subsequent	ADJ
fbem-4561	119	9	period	period	NOUN
fbem-4561	119	10	and	and	CCONJ
fbem-4561	119	11	the	the	DET
fbem-4561	119	12	adverse	adverse	ADJ
fbem-4561	119	13	impact	impact	NOUN
fbem-4561	119	14	of	of	ADP
fbem-4561	119	15	real	real	ADJ
fbem-4561	119	16	economic	economic	ADJ
fbem-4561	119	17	activity	activity	NOUN
fbem-4561	119	18	manipulation	manipulation	NOUN
fbem-4561	119	19	on	on	ADP
fbem-4561	119	20	normal	normal	ADJ
fbem-4561	119	21	business	business	NOUN
fbem-4561	119	22	activities	activity	NOUN
fbem-4561	119	23	will	will	AUX
fbem-4561	119	24	lead	lead	VERB
fbem-4561	119	25	to	to	ADP
fbem-4561	119	26	poor	poor	ADJ
fbem-4561	119	27	performance	performance	NOUN
fbem-4561	119	28	after	after	SCONJ
fbem-4561	119	29	the	the	DET
fbem-4561	119	30	company	company	NOUN
fbem-4561	119	31	goes	go	VERB
fbem-4561	119	32	public	public	ADJ
fbem-4561	119	33	,	,	PUNCT
fbem-4561	119	34	and	and	CCONJ
fbem-4561	119	35	the	the	DET
fbem-4561	119	36	corresponding	corresponding	ADJ
fbem-4561	119	37	long	long	ADJ
fbem-4561	119	38	-	-	PUNCT
fbem-4561	119	39	term	term	NOUN
fbem-4561	119	40	return	return	NOUN
fbem-4561	119	41	will	will	AUX
fbem-4561	119	42	be	be	AUX
fbem-4561	119	43	low	low	ADJ
fbem-4561	119	44	,	,	PUNCT
fbem-4561	119	45	performance	performance	NOUN
fbem-4561	119	46	is	be	AUX
fbem-4561	119	47	often	often	ADV
fbem-4561	119	48	turned	turn	VERB
fbem-4561	119	49	upside	upside	ADV
fbem-4561	119	50	down	down	ADV
fbem-4561	119	51	.	.	PUNCT
fbem-4561	120	1	for	for	ADP
fbem-4561	120	2	investors	investor	NOUN
fbem-4561	120	3	,	,	PUNCT
fbem-4561	120	4	although	although	SCONJ
fbem-4561	120	5	they	they	PRON
fbem-4561	120	6	can	can	AUX
fbem-4561	120	7	not	not	PART
fbem-4561	120	8	directly	directly	ADV
fbem-4561	120	9	understand	understand	VERB
fbem-4561	120	10	the	the	DET
fbem-4561	120	11	internal	internal	ADJ
fbem-4561	120	12	information	information	NOUN
fbem-4561	120	13	of	of	ADP
fbem-4561	120	14	the	the	DET
fbem-4561	120	15	enterprise	enterprise	NOUN
fbem-4561	120	16	as	as	ADP
fbem-4561	120	17	the	the	DET
fbem-4561	120	18	sponsor	sponsor	NOUN
fbem-4561	120	19	representative	representative	NOUN
fbem-4561	120	20	,	,	PUNCT
fbem-4561	120	21	they	they	PRON
fbem-4561	120	22	can	can	AUX
fbem-4561	120	23	indirectly	indirectly	ADV
fbem-4561	120	24	judge	judge	VERB
fbem-4561	120	25	the	the	DET
fbem-4561	120	26	value	value	NOUN
fbem-4561	120	27	of	of	ADP
fbem-4561	120	28	the	the	DET
fbem-4561	120	29	enterprise	enterprise	NOUN
fbem-4561	120	30	by	by	ADP
fbem-4561	120	31	judging	judge	VERB
fbem-4561	120	32	the	the	DET
fbem-4561	120	33	social	social	ADJ
fbem-4561	120	34	experience	experience	NOUN
fbem-4561	120	35	of	of	ADP
fbem-4561	120	36	the	the	DET
fbem-4561	120	37	sponsor	sponsor	NOUN
fbem-4561	120	38	representative	representative	NOUN
fbem-4561	120	39	,	,	PUNCT
fbem-4561	120	40	so	so	SCONJ
fbem-4561	120	41	that	that	SCONJ
fbem-4561	120	42	the	the	DET
fbem-4561	120	43	sponsor	sponsor	NOUN
fbem-4561	120	44	representative	representative	NOUN
fbem-4561	120	45	with	with	ADP
fbem-4561	120	46	rich	rich	ADJ
fbem-4561	120	47	social	social	ADJ
fbem-4561	120	48	experience	experience	NOUN
fbem-4561	120	49	can	can	AUX
fbem-4561	120	50	effectively	effectively	ADV
fbem-4561	120	51	reduce	reduce	VERB
fbem-4561	120	52	the	the	DET
fbem-4561	120	53	information	information	NOUN
fbem-4561	120	54	asymmetry	asymmetry	NOUN
fbem-4561	120	55	between	between	ADP
fbem-4561	120	56	investors	investor	NOUN
fbem-4561	120	57	and	and	CCONJ
fbem-4561	120	58	ipo	ipo	NOUN
fbem-4561	120	59	companies	company	NOUN
fbem-4561	120	60	.	.	PUNCT
fbem-4561	121	1	in	in	ADP
fbem-4561	121	2	addition	addition	NOUN
fbem-4561	121	3	,	,	PUNCT
fbem-4561	121	4	compared	compare	VERB
fbem-4561	121	5	with	with	ADP
fbem-4561	121	6	the	the	DET
fbem-4561	121	7	approval	approval	NOUN
fbem-4561	121	8	system	system	NOUN
fbem-4561	121	9	,	,	PUNCT
fbem-4561	121	10	the	the	DET
fbem-4561	121	11	power	power	NOUN
fbem-4561	121	12	and	and	CCONJ
fbem-4561	121	13	responsibility	responsibility	NOUN
fbem-4561	121	14	of	of	ADP
fbem-4561	121	15	the	the	DET
fbem-4561	121	16	sponsor	sponsor	NOUN
fbem-4561	121	17	representative	representative	NOUN
fbem-4561	121	18	under	under	ADP
fbem-4561	121	19	the	the	DET
fbem-4561	121	20	registration	registration	NOUN
fbem-4561	121	21	system	system	NOUN
fbem-4561	121	22	are	be	AUX
fbem-4561	121	23	strengthened	strengthen	VERB
fbem-4561	121	24	,	,	PUNCT
fbem-4561	121	25	making	make	VERB
fbem-4561	121	26	this	this	DET
fbem-4561	121	27	effect	effect	NOUN
fbem-4561	121	28	more	more	ADV
fbem-4561	121	29	significant	significant	ADJ
fbem-4561	121	30	.	.	PUNCT
fbem-4561	122	1	therefore	therefore	ADV
fbem-4561	122	2	,	,	PUNCT
fbem-4561	122	3	this	this	DET
fbem-4561	122	4	paper	paper	NOUN
fbem-4561	122	5	proposes	propose	VERB
fbem-4561	122	6	the	the	DET
fbem-4561	122	7	following	follow	VERB
fbem-4561	122	8	assumptions	assumption	NOUN
fbem-4561	122	9	:	:	PUNCT
fbem-4561	122	10	hypothesis	hypothesis	NOUN
fbem-4561	122	11	3	3	NUM
fbem-4561	122	12	:	:	PUNCT
fbem-4561	122	13	under	under	ADP
fbem-4561	122	14	the	the	DET
fbem-4561	122	15	registration	registration	NOUN
fbem-4561	122	16	system	system	NOUN
fbem-4561	122	17	,	,	PUNCT
fbem-4561	122	18	the	the	DET
fbem-4561	122	19	social	social	ADJ
fbem-4561	122	20	experience	experience	NOUN
fbem-4561	122	21	of	of	ADP
fbem-4561	122	22	the	the	DET
fbem-4561	122	23	sponsor	sponsor	NOUN
fbem-4561	122	24	representative	representative	NOUN
fbem-4561	122	25	has	have	VERB
fbem-4561	122	26	a	a	DET
fbem-4561	122	27	significant	significant	ADJ
fbem-4561	122	28	positive	positive	ADJ
fbem-4561	122	29	impact	impact	NOUN
fbem-4561	122	30	on	on	ADP
fbem-4561	122	31	the	the	DET
fbem-4561	122	32	long	long	ADJ
fbem-4561	122	33	-	-	PUNCT
fbem-4561	122	34	term	term	NOUN
fbem-4561	122	35	return	return	NOUN
fbem-4561	122	36	of	of	ADP
fbem-4561	122	37	the	the	DET
fbem-4561	122	38	listed	list	VERB
fbem-4561	122	39	company	company	NOUN
fbem-4561	122	40	,	,	PUNCT
fbem-4561	122	41	that	that	ADV
fbem-4561	122	42	is	is	ADV
fbem-4561	122	43	,	,	PUNCT
fbem-4561	122	44	the	the	DET
fbem-4561	122	45	listed	list	VERB
fbem-4561	122	46	company	company	NOUN
fbem-4561	122	47	recommended	recommend	VERB
fbem-4561	122	48	by	by	ADP
fbem-4561	122	49	the	the	DET
fbem-4561	122	50	sponsor	sponsor	NOUN
fbem-4561	122	51	representative	representative	NOUN
fbem-4561	122	52	with	with	ADP
fbem-4561	122	53	rich	rich	ADJ
fbem-4561	122	54	social	social	ADJ
fbem-4561	122	55	experience	experience	NOUN
fbem-4561	122	56	has	have	VERB
fbem-4561	122	57	a	a	DET
fbem-4561	122	58	high	high	ADJ
fbem-4561	122	59	longterm	longterm	NOUN
fbem-4561	122	60	return	return	NOUN
fbem-4561	122	61	;	;	PUNCT
fbem-4561	122	62	under	under	ADP
fbem-4561	122	63	the	the	DET
fbem-4561	122	64	approval	approval	NOUN
fbem-4561	122	65	system	system	NOUN
fbem-4561	122	66	,	,	PUNCT
fbem-4561	122	67	the	the	DET
fbem-4561	122	68	social	social	ADJ
fbem-4561	122	69	experience	experience	NOUN
fbem-4561	122	70	of	of	ADP
fbem-4561	122	71	the	the	DET
fbem-4561	122	72	sponsor	sponsor	NOUN
fbem-4561	122	73	representative	representative	NOUN
fbem-4561	122	74	has	have	VERB
fbem-4561	122	75	no	no	DET
fbem-4561	122	76	significant	significant	ADJ
fbem-4561	122	77	positive	positive	ADJ
fbem-4561	122	78	impact	impact	NOUN
fbem-4561	122	79	on	on	ADP
fbem-4561	122	80	the	the	DET
fbem-4561	122	81	long	long	ADJ
fbem-4561	122	82	-	-	PUNCT
fbem-4561	122	83	term	term	NOUN
fbem-4561	122	84	return	return	NOUN
fbem-4561	122	85	of	of	ADP
fbem-4561	122	86	listed	list	VERB
fbem-4561	122	87	companies	company	NOUN
fbem-4561	122	88	.	.	PUNCT
fbem-4561	123	1	4	4	X
fbem-4561	123	2	.	.	X
fbem-4561	123	3	research	research	NOUN
fbem-4561	123	4	method	method	NOUN
fbem-4561	123	5	design	design	NOUN
fbem-4561	123	6	4.1	4.1	NUM
fbem-4561	123	7	.	.	PUNCT
fbem-4561	124	1	samples	sample	NOUN
fbem-4561	124	2	and	and	CCONJ
fbem-4561	124	3	data	datum	NOUN
fbem-4561	124	4	sources	source	NOUN
fbem-4561	124	5	this	this	DET
fbem-4561	124	6	paper	paper	NOUN
fbem-4561	124	7	selects	select	VERB
fbem-4561	124	8	the	the	DET
fbem-4561	124	9	data	datum	NOUN
fbem-4561	124	10	of	of	ADP
fbem-4561	124	11	listed	list	VERB
fbem-4561	124	12	stocks	stock	NOUN
fbem-4561	124	13	from	from	ADP
fbem-4561	124	14	october	october	PROPN
fbem-4561	124	15	31	31	NUM
fbem-4561	124	16	,	,	PUNCT
fbem-4561	124	17	2009	2009	NUM
fbem-4561	124	18	to	to	ADP
fbem-4561	124	19	december	december	PROPN
fbem-4561	124	20	31	31	NUM
fbem-4561	124	21	,	,	PUNCT
fbem-4561	124	22	2020	2020	NUM
fbem-4561	124	23	as	as	ADP
fbem-4561	124	24	the	the	DET
fbem-4561	124	25	research	research	NOUN
fbem-4561	124	26	sample	sample	NOUN
fbem-4561	124	27	,	,	PUNCT
fbem-4561	124	28	with	with	ADP
fbem-4561	124	29	march	march	PROPN
fbem-4561	124	30	2019	2019	NUM
fbem-4561	124	31	as	as	ADP
fbem-4561	124	32	the	the	DET
fbem-4561	124	33	dividing	dividing	NOUN
fbem-4561	124	34	point	point	NOUN
fbem-4561	124	35	.	.	PUNCT
fbem-4561	125	1	the	the	DET
fbem-4561	125	2	data	datum	NOUN
fbem-4561	125	3	of	of	ADP
fbem-4561	125	4	listed	list	VERB
fbem-4561	125	5	stocks	stock	NOUN
fbem-4561	125	6	from	from	ADP
fbem-4561	125	7	october	october	PROPN
fbem-4561	125	8	31	31	NUM
fbem-4561	125	9	,	,	PUNCT
fbem-4561	125	10	2009	2009	NUM
fbem-4561	125	11	to	to	ADP
fbem-4561	125	12	march	march	PROPN
fbem-4561	125	13	31	31	NUM
fbem-4561	125	14	,	,	PUNCT
fbem-4561	125	15	2019	2019	NUM
fbem-4561	125	16	are	be	AUX
fbem-4561	125	17	mainly	mainly	ADV
fbem-4561	125	18	from	from	ADP
fbem-4561	125	19	the	the	DET
fbem-4561	125	20	shenzhen	shenzhen	PROPN
fbem-4561	125	21	stock	stock	PROPN
fbem-4561	125	22	exchange	exchange	PROPN
fbem-4561	125	23	gem	gem	NOUN
fbem-4561	125	24	,	,	PUNCT
fbem-4561	125	25	while	while	SCONJ
fbem-4561	125	26	the	the	DET
fbem-4561	125	27	data	datum	NOUN
fbem-4561	125	28	of	of	ADP
fbem-4561	125	29	listed	list	VERB
fbem-4561	125	30	stocks	stock	NOUN
fbem-4561	125	31	from	from	ADP
fbem-4561	125	32	march	march	PROPN
fbem-4561	125	33	31	31	NUM
fbem-4561	125	34	,	,	PUNCT
fbem-4561	125	35	2019	2019	NUM
fbem-4561	125	36	to	to	ADP
fbem-4561	125	37	december	december	PROPN
fbem-4561	125	38	31	31	NUM
fbem-4561	125	39	,	,	PUNCT
fbem-4561	125	40	2020	2020	NUM
fbem-4561	125	41	are	be	AUX
fbem-4561	125	42	mainly	mainly	ADV
fbem-4561	125	43	from	from	ADP
fbem-4561	125	44	the	the	DET
fbem-4561	125	45	shanghai	shanghai	PROPN
fbem-4561	125	46	stock	stock	PROPN
fbem-4561	125	47	exchange	exchange	PROPN
fbem-4561	125	48	science	science	NOUN
fbem-4561	125	49	and	and	CCONJ
fbem-4561	125	50	technology	technology	NOUN
fbem-4561	125	51	innovation	innovation	NOUN
fbem-4561	125	52	board	board	NOUN
fbem-4561	125	53	.	.	PUNCT
fbem-4561	126	1	the	the	DET
fbem-4561	126	2	observations	observation	NOUN
fbem-4561	126	3	were	be	AUX
fbem-4561	126	4	screened	screen	VERB
fbem-4561	126	5	according	accord	VERB
fbem-4561	126	6	to	to	ADP
fbem-4561	126	7	the	the	DET
fbem-4561	126	8	following	follow	VERB
fbem-4561	126	9	rules	rule	NOUN
fbem-4561	126	10	:	:	PUNCT
fbem-4561	126	11	(	(	PUNCT
fbem-4561	126	12	1	1	X
fbem-4561	126	13	)	)	PUNCT
fbem-4561	126	14	the	the	DET
fbem-4561	126	15	sample	sample	NOUN
fbem-4561	126	16	of	of	ADP
fbem-4561	126	17	ipo	ipo	PROPN
fbem-4561	126	18	of	of	ADP
fbem-4561	126	19	listed	list	VERB
fbem-4561	126	20	companies	company	NOUN
fbem-4561	126	21	in	in	ADP
fbem-4561	126	22	the	the	DET
fbem-4561	126	23	financial	financial	ADJ
fbem-4561	126	24	industry	industry	NOUN
fbem-4561	126	25	was	be	AUX
fbem-4561	126	26	excluded	exclude	VERB
fbem-4561	126	27	.	.	PUNCT
fbem-4561	127	1	because	because	SCONJ
fbem-4561	127	2	the	the	DET
fbem-4561	127	3	business	business	NOUN
fbem-4561	127	4	scope	scope	NOUN
fbem-4561	127	5	of	of	ADP
fbem-4561	127	6	listed	list	VERB
fbem-4561	127	7	companies	company	NOUN
fbem-4561	127	8	in	in	ADP
fbem-4561	127	9	the	the	DET
fbem-4561	127	10	financial	financial	ADJ
fbem-4561	127	11	industry	industry	NOUN
fbem-4561	127	12	is	be	AUX
fbem-4561	127	13	quite	quite	ADV
fbem-4561	127	14	different	different	ADJ
fbem-4561	127	15	from	from	ADP
fbem-4561	127	16	that	that	PRON
fbem-4561	127	17	of	of	ADP
fbem-4561	127	18	listed	list	VERB
fbem-4561	127	19	companies	company	NOUN
fbem-4561	127	20	in	in	ADP
fbem-4561	127	21	other	other	ADJ
fbem-4561	127	22	industries	industry	NOUN
fbem-4561	127	23	,	,	PUNCT
fbem-4561	127	24	they	they	PRON
fbem-4561	127	25	have	have	VERB
fbem-4561	127	26	special	special	ADJ
fbem-4561	127	27	business	business	NOUN
fbem-4561	127	28	characteristics	characteristic	NOUN
fbem-4561	127	29	and	and	CCONJ
fbem-4561	127	30	accounting	accounting	NOUN
fbem-4561	127	31	procedures	procedure	NOUN
fbem-4561	127	32	,	,	PUNCT
fbem-4561	127	33	and	and	CCONJ
fbem-4561	127	34	are	be	AUX
fbem-4561	127	35	not	not	PART
fbem-4561	127	36	comparable	comparable	ADJ
fbem-4561	127	37	with	with	ADP
fbem-4561	127	38	companies	company	NOUN
fbem-4561	127	39	in	in	ADP
fbem-4561	127	40	other	other	ADJ
fbem-4561	127	41	industries	industry	NOUN
fbem-4561	127	42	.	.	PUNCT
fbem-4561	128	1	(	(	PUNCT
fbem-4561	128	2	2	2	X
fbem-4561	128	3	)	)	PUNCT
fbem-4561	128	4	the	the	DET
fbem-4561	128	5	samples	sample	NOUN
fbem-4561	128	6	with	with	ADP
fbem-4561	128	7	missing	miss	VERB
fbem-4561	128	8	financial	financial	ADJ
fbem-4561	128	9	data	datum	NOUN
fbem-4561	128	10	and	and	CCONJ
fbem-4561	128	11	transaction	transaction	NOUN
fbem-4561	128	12	data	datum	NOUN
fbem-4561	128	13	are	be	AUX
fbem-4561	128	14	eliminated	eliminate	VERB
fbem-4561	128	15	.	.	PUNCT
fbem-4561	129	1	the	the	DET
fbem-4561	129	2	financial	financial	ADJ
fbem-4561	129	3	data	datum	NOUN
fbem-4561	129	4	in	in	ADP
fbem-4561	129	5	this	this	DET
fbem-4561	129	6	paper	paper	NOUN
fbem-4561	129	7	are	be	AUX
fbem-4561	129	8	from	from	ADP
fbem-4561	129	9	wind	wind	NOUN
fbem-4561	129	10	and	and	CCONJ
fbem-4561	129	11	csmar	csmar	PROPN
fbem-4561	129	12	databases	database	NOUN
fbem-4561	129	13	,	,	PUNCT
fbem-4561	129	14	and	and	CCONJ
fbem-4561	129	15	the	the	DET
fbem-4561	129	16	sponsor	sponsor	NOUN
fbem-4561	129	17	representative	representative	NOUN
fbem-4561	129	18	data	datum	NOUN
fbem-4561	129	19	are	be	AUX
fbem-4561	129	20	manually	manually	ADV
fbem-4561	129	21	collected	collect	VERB
fbem-4561	129	22	through	through	ADP
fbem-4561	129	23	the	the	DET
fbem-4561	129	24	sponsor	sponsor	NOUN
fbem-4561	129	25	credit	credit	NOUN
fbem-4561	129	26	supervision	supervision	NOUN
fbem-4561	129	27	system	system	NOUN
fbem-4561	129	28	on	on	ADP
fbem-4561	129	29	the	the	DET
fbem-4561	129	30	website	website	NOUN
fbem-4561	129	31	of	of	ADP
fbem-4561	129	32	the	the	DET
fbem-4561	129	33	csrc	csrc	NOUN
fbem-4561	129	34	and	and	CCONJ
fbem-4561	129	35	the	the	DET
fbem-4561	129	36	website	website	NOUN
fbem-4561	129	37	of	of	ADP
fbem-4561	129	38	the	the	DET
fbem-4561	129	39	securities	securities	PROPN
fbem-4561	129	40	association	association	PROPN
fbem-4561	129	41	of	of	ADP
fbem-4561	129	42	china	china	PROPN
fbem-4561	129	43	.	.	PUNCT
fbem-4561	130	1	in	in	ADP
fbem-4561	130	2	order	order	NOUN
fbem-4561	130	3	to	to	PART
fbem-4561	130	4	avoid	avoid	VERB
fbem-4561	130	5	the	the	DET
fbem-4561	130	6	influence	influence	NOUN
fbem-4561	130	7	of	of	ADP
fbem-4561	130	8	extreme	extreme	ADJ
fbem-4561	130	9	values	value	NOUN
fbem-4561	130	10	on	on	ADP
fbem-4561	130	11	the	the	DET
fbem-4561	130	12	research	research	NOUN
fbem-4561	130	13	results	result	NOUN
fbem-4561	130	14	,	,	PUNCT
fbem-4561	130	15	we	we	PRON
fbem-4561	130	16	carried	carry	VERB
fbem-4561	130	17	out	out	ADP
fbem-4561	130	18	1	1	NUM
fbem-4561	130	19	%	%	NOUN
fbem-4561	130	20	winsorize	winsorize	NOUN
fbem-4561	130	21	for	for	ADP
fbem-4561	130	22	all	all	DET
fbem-4561	130	23	continuous	continuous	ADJ
fbem-4561	130	24	variables	variable	NOUN
fbem-4561	130	25	.	.	PUNCT
fbem-4561	131	1	4.2	4.2	NUM
fbem-4561	131	2	.	.	PUNCT
fbem-4561	132	1	variable	variable	ADJ
fbem-4561	132	2	design	design	NOUN
fbem-4561	132	3	in	in	ADP
fbem-4561	132	4	order	order	NOUN
fbem-4561	132	5	to	to	PART
fbem-4561	132	6	examine	examine	VERB
fbem-4561	132	7	the	the	DET
fbem-4561	132	8	impact	impact	NOUN
fbem-4561	132	9	of	of	ADP
fbem-4561	132	10	social	social	ADJ
fbem-4561	132	11	experience	experience	NOUN
fbem-4561	132	12	of	of	ADP
fbem-4561	132	13	sponsor	sponsor	NOUN
fbem-4561	132	14	representatives	representative	NOUN
fbem-4561	132	15	on	on	ADP
fbem-4561	132	16	ipo	ipo	NOUN
fbem-4561	132	17	performance	performance	NOUN
fbem-4561	132	18	,	,	PUNCT
fbem-4561	132	19	this	this	DET
fbem-4561	132	20	paper	paper	NOUN
fbem-4561	132	21	constructs	construct	VERB
fbem-4561	132	22	the	the	DET
fbem-4561	132	23	following	follow	VERB
fbem-4561	132	24	probit	probit	NOUN
fbem-4561	132	25	model	model	NOUN
fbem-4561	132	26	:	:	PUNCT
fbem-4561	132	27	prob(performancei)=α0+α1igs+α2female+α3underwriter+α4	prob(performancei)=α0+α1igs+α2female+α3underwriter+α4	NOUN
fbem-4561	132	28	big4+α5soe	big4+α5soe	VERB
fbem-4561	133	1	+	+	PUNCT
fbem-4561	133	2	α6size+α7age+α8roa+α9lev+α10pro	α6size+α7age+α8roa+α9lev+α10pro	ADJ
fbem-4561	133	3	+	+	PROPN
fbem-4561	133	4	α11growth+α12mr+∑ind+∑year+ε	α11growth+α12mr+∑ind+∑year+ε	PROPN
fbem-4561	133	5	4.2.1	4.2.1	NUM
fbem-4561	133	6	.	.	PUNCT
fbem-4561	133	7	interpreted	interpret	VERB
fbem-4561	133	8	variable	variable	ADJ
fbem-4561	133	9	performancei	performancei	NOUN
fbem-4561	133	10	(	(	PUNCT
fbem-4561	133	11	i=1	i=1	PROPN
fbem-4561	133	12	,	,	PUNCT
fbem-4561	133	13	2	2	NUM
fbem-4561	133	14	,	,	PUNCT
fbem-4561	133	15	3	3	NUM
fbem-4561	133	16	)	)	PUNCT
fbem-4561	133	17	represents	represent	VERB
fbem-4561	133	18	the	the	DET
fbem-4561	133	19	ipo	ipo	NOUN
fbem-4561	133	20	performance	performance	NOUN
fbem-4561	133	21	,	,	PUNCT
fbem-4561	133	22	wherein	wherein	SCONJ
fbem-4561	133	23	performance1	performance1	NOUN
fbem-4561	133	24	represents	represent	VERB
fbem-4561	133	25	the	the	DET
fbem-4561	133	26	earnings	earning	NOUN
fbem-4561	133	27	management	management	NOUN
fbem-4561	133	28	level	level	NOUN
fbem-4561	133	29	of	of	ADP
fbem-4561	133	30	the	the	DET
fbem-4561	133	31	company	company	NOUN
fbem-4561	133	32	to	to	PART
fbem-4561	133	33	be	be	AUX
fbem-4561	133	34	listed	list	VERB
fbem-4561	133	35	,	,	PUNCT
fbem-4561	133	36	performance2	performance2	NOUN
fbem-4561	133	37	represents	represent	VERB
fbem-4561	133	38	the	the	DET
fbem-4561	133	39	underpricing	underprice	VERB
fbem-4561	133	40	rate	rate	NOUN
fbem-4561	133	41	on	on	ADP
fbem-4561	133	42	the	the	DET
fbem-4561	133	43	first	first	ADJ
fbem-4561	133	44	day	day	NOUN
fbem-4561	133	45	of	of	ADP
fbem-4561	133	46	ipo	ipo	NOUN
fbem-4561	133	47	,	,	PUNCT
fbem-4561	133	48	and	and	CCONJ
fbem-4561	133	49	performance3	performance3	NOUN
fbem-4561	133	50	represents	represent	VERB
fbem-4561	133	51	the	the	DET
fbem-4561	133	52	long	long	ADJ
fbem-4561	133	53	-	-	PUNCT
fbem-4561	133	54	term	term	NOUN
fbem-4561	133	55	return	return	NOUN
fbem-4561	133	56	rate	rate	NOUN
fbem-4561	133	57	of	of	ADP
fbem-4561	133	58	ipo	ipo	NOUN
fbem-4561	133	59	.	.	PUNCT
fbem-4561	134	1	4.2.2	4.2.2	X
fbem-4561	134	2	.	.	PUNCT
fbem-4561	135	1	core	core	PROPN
fbem-4561	135	2	explanatory	explanatory	ADJ
fbem-4561	135	3	variables	variables	PROPN
fbem-4561	135	4	igs	igs	PROPN
fbem-4561	135	5	refers	refer	VERB
fbem-4561	135	6	to	to	ADP
fbem-4561	135	7	the	the	DET
fbem-4561	135	8	richness	richness	NOUN
fbem-4561	135	9	of	of	ADP
fbem-4561	135	10	social	social	ADJ
fbem-4561	135	11	experience	experience	NOUN
fbem-4561	135	12	of	of	ADP
fbem-4561	135	13	the	the	DET
fbem-4561	135	14	sponsor	sponsor	NOUN
fbem-4561	135	15	representative	representative	NOUN
fbem-4561	135	16	.	.	PUNCT
fbem-4561	136	1	referring	refer	VERB
fbem-4561	136	2	to	to	ADP
fbem-4561	136	3	the	the	DET
fbem-4561	136	4	research	research	NOUN
fbem-4561	136	5	of	of	ADP
fbem-4561	136	6	customio	customio	PROPN
fbem-4561	136	7	et	et	PROPN
fbem-4561	136	8	al	al	PROPN
fbem-4561	136	9	.	.	PROPN
fbem-4561	137	1	(	(	PUNCT
fbem-4561	137	2	2013	2013	NUM
fbem-4561	137	3	)	)	PUNCT
fbem-4561	138	1	[	[	X
fbem-4561	138	2	7	7	NUM
fbem-4561	138	3	]	]	PUNCT
fbem-4561	138	4	,	,	PUNCT
fbem-4561	138	5	the	the	DET
fbem-4561	138	6	index	index	NOUN
fbem-4561	138	7	of	of	ADP
fbem-4561	138	8	general	general	ADJ
fbem-4561	138	9	skills	skill	NOUN
fbem-4561	138	10	of	of	ADP
fbem-4561	138	11	the	the	DET
fbem-4561	138	12	sponsor	sponsor	NOUN
fbem-4561	138	13	representative	representative	NOUN
fbem-4561	138	14	has	have	AUX
fbem-4561	138	15	been	be	AUX
fbem-4561	138	16	constructed	construct	VERB
fbem-4561	138	17	based	base	VERB
fbem-4561	138	18	on	on	ADP
fbem-4561	138	19	the	the	DET
fbem-4561	138	20	information	information	NOUN
fbem-4561	138	21	of	of	ADP
fbem-4561	138	22	past	past	ADJ
fbem-4561	138	23	work	work	NOUN
fbem-4561	138	24	experience	experience	NOUN
fbem-4561	138	25	.	.	PUNCT
fbem-4561	139	1	the	the	DET
fbem-4561	139	2	omnipotent	omnipotent	ADJ
fbem-4561	139	3	index	index	NOUN
fbem-4561	139	4	can	can	AUX
fbem-4561	139	5	measure	measure	VERB
fbem-4561	139	6	the	the	DET
fbem-4561	139	7	richness	richness	NOUN
fbem-4561	139	8	of	of	ADP
fbem-4561	139	9	personal	personal	ADJ
fbem-4561	139	10	social	social	ADJ
fbem-4561	139	11	experience	experience	NOUN
fbem-4561	139	12	.	.	PUNCT
fbem-4561	140	1	the	the	PRON
fbem-4561	140	2	higher	high	ADJ
fbem-4561	140	3	the	the	DET
fbem-4561	140	4	omnipotent	omnipotent	ADJ
fbem-4561	140	5	index	index	NOUN
fbem-4561	140	6	,	,	PUNCT
fbem-4561	140	7	the	the	PRON
fbem-4561	140	8	richer	rich	ADJ
fbem-4561	140	9	the	the	DET
fbem-4561	140	10	social	social	ADJ
fbem-4561	140	11	experience	experience	NOUN
fbem-4561	140	12	of	of	ADP
fbem-4561	140	13	the	the	DET
fbem-4561	140	14	sponsor	sponsor	NOUN
fbem-4561	140	15	representative	representative	NOUN
fbem-4561	140	16	.	.	PUNCT
fbem-4561	141	1	41	41	NUM
fbem-4561	141	2	4.2.3	4.2.3	NUM
fbem-4561	141	3	.	.	PUNCT
fbem-4561	142	1	control	control	NOUN
fbem-4561	142	2	variables	variable	NOUN
fbem-4561	142	3	with	with	ADP
fbem-4561	142	4	reference	reference	NOUN
fbem-4561	142	5	to	to	ADP
fbem-4561	142	6	existing	exist	VERB
fbem-4561	142	7	literature	literature	NOUN
fbem-4561	142	8	,	,	PUNCT
fbem-4561	142	9	this	this	DET
fbem-4561	142	10	paper	paper	NOUN
fbem-4561	142	11	controls	control	VERB
fbem-4561	142	12	other	other	ADJ
fbem-4561	142	13	factors	factor	NOUN
fbem-4561	142	14	that	that	PRON
fbem-4561	142	15	may	may	AUX
fbem-4561	142	16	affect	affect	VERB
fbem-4561	142	17	the	the	DET
fbem-4561	142	18	company	company	NOUN
fbem-4561	142	19	's	's	PART
fbem-4561	142	20	ipo	ipo	NOUN
fbem-4561	142	21	performance	performance	NOUN
fbem-4561	142	22	,	,	PUNCT
fbem-4561	142	23	including	include	VERB
fbem-4561	142	24	:	:	PUNCT
fbem-4561	142	25	(	(	PUNCT
fbem-4561	142	26	1	1	X
fbem-4561	142	27	)	)	PUNCT
fbem-4561	142	28	gender	gender	NOUN
fbem-4561	142	29	of	of	ADP
fbem-4561	142	30	the	the	DET
fbem-4561	142	31	sponsor	sponsor	NOUN
fbem-4561	142	32	representative	representative	NOUN
fbem-4561	142	33	(	(	PUNCT
fbem-4561	142	34	female	female	NOUN
fbem-4561	142	35	)	)	PUNCT
fbem-4561	142	36	,	,	PUNCT
fbem-4561	142	37	if	if	SCONJ
fbem-4561	142	38	one	one	NUM
fbem-4561	142	39	of	of	ADP
fbem-4561	142	40	the	the	DET
fbem-4561	142	41	two	two	NUM
fbem-4561	142	42	sponsor	sponsor	NOUN
fbem-4561	142	43	representatives	representative	NOUN
fbem-4561	142	44	of	of	ADP
fbem-4561	142	45	the	the	DET
fbem-4561	142	46	company	company	NOUN
fbem-4561	142	47	to	to	PART
fbem-4561	142	48	be	be	AUX
fbem-4561	142	49	listed	list	VERB
fbem-4561	142	50	is	be	AUX
fbem-4561	142	51	female	female	ADJ
fbem-4561	142	52	,	,	PUNCT
fbem-4561	142	53	the	the	DET
fbem-4561	142	54	value	value	NOUN
fbem-4561	142	55	is	be	AUX
fbem-4561	142	56	1	1	NUM
fbem-4561	142	57	;	;	PUNCT
fbem-4561	142	58	otherwise	otherwise	ADV
fbem-4561	142	59	,	,	PUNCT
fbem-4561	142	60	it	it	PRON
fbem-4561	142	61	is	be	AUX
fbem-4561	142	62	0	0	NUM
fbem-4561	142	63	;	;	PUNCT
fbem-4561	142	64	(	(	PUNCT
fbem-4561	142	65	2	2	X
fbem-4561	142	66	)	)	PUNCT
fbem-4561	142	67	if	if	SCONJ
fbem-4561	142	68	the	the	DET
fbem-4561	142	69	sponsor	sponsor	NOUN
fbem-4561	142	70	is	be	AUX
fbem-4561	142	71	in	in	ADP
fbem-4561	142	72	the	the	DET
fbem-4561	142	73	top	top	ADJ
fbem-4561	142	74	ten	ten	NUM
fbem-4561	142	75	of	of	ADP
fbem-4561	142	76	the	the	DET
fbem-4561	142	77	annual	annual	ADJ
fbem-4561	142	78	net	net	ADJ
fbem-4561	142	79	income	income	NOUN
fbem-4561	142	80	rankings	ranking	NOUN
fbem-4561	142	81	of	of	ADP
fbem-4561	142	82	underwriting	underwriting	NOUN
fbem-4561	142	83	and	and	CCONJ
fbem-4561	142	84	recommendation	recommendation	NOUN
fbem-4561	142	85	business	business	NOUN
fbem-4561	142	86	published	publish	VERB
fbem-4561	142	87	by	by	ADP
fbem-4561	142	88	the	the	DET
fbem-4561	142	89	securities	securities	PROPN
fbem-4561	142	90	association	association	PROPN
fbem-4561	142	91	of	of	ADP
fbem-4561	142	92	china	china	PROPN
fbem-4561	142	93	,	,	PUNCT
fbem-4561	142	94	the	the	DET
fbem-4561	142	95	value	value	NOUN
fbem-4561	142	96	of	of	ADP
fbem-4561	142	97	the	the	DET
fbem-4561	142	98	sponsor	sponsor	NOUN
fbem-4561	142	99	is	be	AUX
fbem-4561	142	100	1	1	NUM
fbem-4561	142	101	;	;	PUNCT
fbem-4561	142	102	otherwise	otherwise	ADV
fbem-4561	142	103	,	,	PUNCT
fbem-4561	142	104	it	it	PRON
fbem-4561	142	105	is	be	AUX
fbem-4561	142	106	0	0	NUM
fbem-4561	142	107	;	;	PUNCT
fbem-4561	142	108	(	(	PUNCT
fbem-4561	142	109	3	3	X
fbem-4561	142	110	)	)	PUNCT
fbem-4561	142	111	auditor	auditor	NOUN
fbem-4561	142	112	reputation	reputation	NOUN
fbem-4561	142	113	(	(	PUNCT
fbem-4561	142	114	big4	big4	PROPN
fbem-4561	142	115	)	)	PUNCT
fbem-4561	142	116	,	,	PUNCT
fbem-4561	142	117	if	if	SCONJ
fbem-4561	142	118	the	the	DET
fbem-4561	142	119	company	company	NOUN
fbem-4561	142	120	's	's	PART
fbem-4561	142	121	ipo	ipo	NOUN
fbem-4561	142	122	employs	employ	VERB
fbem-4561	142	123	four	four	NUM
fbem-4561	142	124	audit	audit	NOUN
fbem-4561	142	125	firms	firm	NOUN
fbem-4561	142	126	,	,	PUNCT
fbem-4561	142	127	the	the	DET
fbem-4561	142	128	value	value	NOUN
fbem-4561	142	129	is	be	AUX
fbem-4561	142	130	1	1	NUM
fbem-4561	142	131	,	,	PUNCT
fbem-4561	142	132	otherwise	otherwise	ADV
fbem-4561	142	133	it	it	PRON
fbem-4561	142	134	is	be	AUX
fbem-4561	142	135	0	0	NUM
fbem-4561	142	136	;	;	PUNCT
fbem-4561	142	137	(	(	PUNCT
fbem-4561	142	138	4	4	X
fbem-4561	142	139	)	)	PUNCT
fbem-4561	142	140	nature	nature	NOUN
fbem-4561	142	141	of	of	ADP
fbem-4561	142	142	ownership	ownership	NOUN
fbem-4561	142	143	(	(	PUNCT
fbem-4561	142	144	soe	soe	PROPN
fbem-4561	142	145	):	):	PUNCT
fbem-4561	142	146	if	if	SCONJ
fbem-4561	142	147	the	the	DET
fbem-4561	142	148	company	company	NOUN
fbem-4561	142	149	to	to	PART
fbem-4561	142	150	be	be	AUX
fbem-4561	142	151	listed	list	VERB
fbem-4561	142	152	is	be	AUX
fbem-4561	142	153	a	a	DET
fbem-4561	142	154	state	state	NOUN
fbem-4561	142	155	-	-	PUNCT
fbem-4561	142	156	owned	own	VERB
fbem-4561	142	157	enterprise	enterprise	NOUN
fbem-4561	142	158	,	,	PUNCT
fbem-4561	142	159	the	the	DET
fbem-4561	142	160	value	value	NOUN
fbem-4561	142	161	is	be	AUX
fbem-4561	142	162	1	1	NUM
fbem-4561	142	163	;	;	PUNCT
fbem-4561	142	164	otherwise	otherwise	ADV
fbem-4561	142	165	,	,	PUNCT
fbem-4561	142	166	it	it	PRON
fbem-4561	142	167	is	be	AUX
fbem-4561	142	168	0	0	NUM
fbem-4561	142	169	;	;	PUNCT
fbem-4561	142	170	(	(	PUNCT
fbem-4561	142	171	5	5	X
fbem-4561	142	172	)	)	PUNCT
fbem-4561	142	173	company	company	NOUN
fbem-4561	142	174	size	size	NOUN
fbem-4561	142	175	(	(	PUNCT
fbem-4561	142	176	size	size	NOUN
fbem-4561	142	177	)	)	PUNCT
fbem-4561	142	178	,	,	PUNCT
fbem-4561	142	179	equal	equal	ADJ
fbem-4561	142	180	to	to	ADP
fbem-4561	142	181	the	the	DET
fbem-4561	142	182	natural	natural	ADJ
fbem-4561	142	183	logarithm	logarithm	NOUN
fbem-4561	142	184	of	of	ADP
fbem-4561	142	185	the	the	DET
fbem-4561	142	186	company	company	NOUN
fbem-4561	142	187	's	's	PART
fbem-4561	142	188	total	total	ADJ
fbem-4561	142	189	assets	asset	NOUN
fbem-4561	142	190	;	;	PUNCT
fbem-4561	142	191	(	(	PUNCT
fbem-4561	142	192	6	6	X
fbem-4561	142	193	)	)	PUNCT
fbem-4561	142	194	age	age	NOUN
fbem-4561	142	195	of	of	ADP
fbem-4561	142	196	the	the	DET
fbem-4561	142	197	company	company	NOUN
fbem-4561	142	198	(	(	PUNCT
fbem-4561	142	199	age	age	NOUN
fbem-4561	142	200	)	)	PUNCT
fbem-4561	142	201	,	,	PUNCT
fbem-4561	142	202	equal	equal	ADJ
fbem-4561	142	203	to	to	ADP
fbem-4561	142	204	the	the	DET
fbem-4561	142	205	cumulative	cumulative	ADJ
fbem-4561	142	206	number	number	NOUN
fbem-4561	142	207	of	of	ADP
fbem-4561	142	208	months	month	NOUN
fbem-4561	142	209	from	from	ADP
fbem-4561	142	210	the	the	DET
fbem-4561	142	211	establishment	establishment	NOUN
fbem-4561	142	212	to	to	ADP
fbem-4561	142	213	the	the	DET
fbem-4561	142	214	listing	listing	NOUN
fbem-4561	142	215	of	of	ADP
fbem-4561	142	216	the	the	DET
fbem-4561	142	217	listed	list	VERB
fbem-4561	142	218	company	company	NOUN
fbem-4561	142	219	;	;	PUNCT
fbem-4561	142	220	(	(	PUNCT
fbem-4561	142	221	7	7	X
fbem-4561	142	222	)	)	PUNCT
fbem-4561	142	223	return	return	NOUN
fbem-4561	142	224	on	on	ADP
fbem-4561	142	225	assets	asset	NOUN
fbem-4561	142	226	(	(	PUNCT
fbem-4561	142	227	roa	roa	NOUN
fbem-4561	142	228	)	)	PUNCT
fbem-4561	142	229	of	of	ADP
fbem-4561	142	230	the	the	DET
fbem-4561	142	231	company	company	NOUN
fbem-4561	142	232	,	,	PUNCT
fbem-4561	142	233	equal	equal	ADJ
fbem-4561	142	234	to	to	ADP
fbem-4561	142	235	the	the	DET
fbem-4561	142	236	total	total	ADJ
fbem-4561	142	237	profit	profit	NOUN
fbem-4561	142	238	of	of	ADP
fbem-4561	142	239	the	the	DET
fbem-4561	142	240	company	company	NOUN
fbem-4561	142	241	divided	divide	VERB
fbem-4561	142	242	by	by	ADP
fbem-4561	142	243	the	the	DET
fbem-4561	142	244	total	total	ADJ
fbem-4561	142	245	assets	asset	NOUN
fbem-4561	142	246	;	;	PUNCT
fbem-4561	142	247	(	(	PUNCT
fbem-4561	142	248	8)	8)	X
fbem-4561	142	249	the	the	DET
fbem-4561	142	250	company	company	NOUN
fbem-4561	142	251	's	's	PART
fbem-4561	142	252	asset	asset	NOUN
fbem-4561	142	253	liability	liability	NOUN
fbem-4561	142	254	ratio	ratio	NOUN
fbem-4561	142	255	(	(	PUNCT
fbem-4561	142	256	lev	lev	NOUN
fbem-4561	142	257	)	)	PUNCT
fbem-4561	142	258	is	be	AUX
fbem-4561	142	259	equal	equal	ADJ
fbem-4561	142	260	to	to	ADP
fbem-4561	142	261	the	the	DET
fbem-4561	142	262	ratio	ratio	NOUN
fbem-4561	142	263	of	of	ADP
fbem-4561	142	264	the	the	DET
fbem-4561	142	265	company	company	NOUN
fbem-4561	142	266	's	's	PART
fbem-4561	142	267	total	total	ADJ
fbem-4561	142	268	liabilities	liability	NOUN
fbem-4561	142	269	to	to	PART
fbem-4561	142	270	total	total	ADJ
fbem-4561	142	271	assets	asset	NOUN
fbem-4561	142	272	;	;	PUNCT
fbem-4561	142	273	(	(	PUNCT
fbem-4561	142	274	9	9	X
fbem-4561	142	275	)	)	PUNCT
fbem-4561	142	276	the	the	DET
fbem-4561	142	277	scale	scale	NOUN
fbem-4561	142	278	of	of	ADP
fbem-4561	142	279	raised	raise	VERB
fbem-4561	142	280	funds	fund	NOUN
fbem-4561	142	281	(	(	PUNCT
fbem-4561	142	282	pro	pro	ADJ
fbem-4561	142	283	)	)	PUNCT
fbem-4561	142	284	is	be	AUX
fbem-4561	142	285	equal	equal	ADJ
fbem-4561	142	286	to	to	ADP
fbem-4561	142	287	the	the	DET
fbem-4561	142	288	logarithm	logarithm	NOUN
fbem-4561	142	289	of	of	ADP
fbem-4561	142	290	raised	raise	VERB
fbem-4561	142	291	funds	fund	NOUN
fbem-4561	142	292	(	(	PUNCT
fbem-4561	142	293	unit	unit	NOUN
fbem-4561	142	294	:	:	PUNCT
fbem-4561	142	295	1	1	NUM
fbem-4561	142	296	million	million	NUM
fbem-4561	142	297	yuan	yuan	NOUN
fbem-4561	142	298	)	)	PUNCT
fbem-4561	142	299	plus	plus	CCONJ
fbem-4561	142	300	1	1	NUM
fbem-4561	142	301	;	;	PUNCT
fbem-4561	142	302	(	(	PUNCT
fbem-4561	142	303	10	10	X
fbem-4561	142	304	)	)	PUNCT
fbem-4561	142	305	company	company	NOUN
fbem-4561	142	306	growth	growth	NOUN
fbem-4561	142	307	(	(	PUNCT
fbem-4561	142	308	gorwth	gorwth	NOUN
fbem-4561	142	309	)	)	PUNCT
fbem-4561	142	310	,	,	PUNCT
fbem-4561	142	311	equal	equal	ADJ
fbem-4561	142	312	to	to	ADP
fbem-4561	142	313	the	the	DET
fbem-4561	142	314	growth	growth	NOUN
fbem-4561	142	315	rate	rate	NOUN
fbem-4561	142	316	of	of	ADP
fbem-4561	142	317	the	the	DET
fbem-4561	142	318	company	company	NOUN
fbem-4561	142	319	's	's	PART
fbem-4561	142	320	annual	annual	ADJ
fbem-4561	142	321	sales	sale	NOUN
fbem-4561	142	322	revenue	revenue	NOUN
fbem-4561	142	323	;	;	PUNCT
fbem-4561	142	324	(	(	PUNCT
fbem-4561	142	325	11	11	X
fbem-4561	142	326	)	)	PUNCT
fbem-4561	142	327	market	market	NOUN
fbem-4561	142	328	return	return	NOUN
fbem-4561	142	329	(	(	PUNCT
fbem-4561	142	330	mr	mr	PROPN
fbem-4561	142	331	)	)	PUNCT
fbem-4561	142	332	is	be	AUX
fbem-4561	142	333	equal	equal	ADJ
fbem-4561	142	334	to	to	ADP
fbem-4561	142	335	the	the	DET
fbem-4561	142	336	average	average	ADJ
fbem-4561	142	337	market	market	NOUN
fbem-4561	142	338	return	return	VERB
fbem-4561	142	339	90	90	NUM
fbem-4561	142	340	days	day	NOUN
fbem-4561	142	341	before	before	ADP
fbem-4561	142	342	listing	list	VERB
fbem-4561	142	343	.	.	PUNCT
fbem-4561	143	1	in	in	ADP
fbem-4561	143	2	addition	addition	NOUN
fbem-4561	143	3	,	,	PUNCT
fbem-4561	143	4	this	this	DET
fbem-4561	143	5	paper	paper	NOUN
fbem-4561	143	6	also	also	ADV
fbem-4561	143	7	controls	control	VERB
fbem-4561	143	8	the	the	DET
fbem-4561	143	9	industry	industry	NOUN
fbem-4561	143	10	effect	effect	NOUN
fbem-4561	143	11	(	(	PUNCT
fbem-4561	143	12	ind	ind	NOUN
fbem-4561	143	13	)	)	PUNCT
fbem-4561	143	14	and	and	CCONJ
fbem-4561	143	15	annual	annual	ADJ
fbem-4561	143	16	effect	effect	NOUN
fbem-4561	143	17	(	(	PUNCT
fbem-4561	143	18	year	year	NOUN
fbem-4561	143	19	)	)	PUNCT
fbem-4561	143	20	.	.	PUNCT
fbem-4561	144	1	table	table	NOUN
fbem-4561	144	2	1	1	NUM
fbem-4561	144	3	.	.	PUNCT
fbem-4561	145	1	variable	variable	ADJ
fbem-4561	145	2	definition	definition	NOUN
fbem-4561	145	3	type	type	NOUN
fbem-4561	145	4	symbol	symbol	NOUN
fbem-4561	145	5	definition	definition	NOUN
fbem-4561	145	6	explained	explain	VERB
fbem-4561	145	7	variable	variable	ADJ
fbem-4561	145	8	performance1	performance1	NOUN
fbem-4561	146	1	the	the	DET
fbem-4561	146	2	modified	modify	VERB
fbem-4561	146	3	jones	jones	PROPN
fbem-4561	146	4	model	model	PROPN
fbem-4561	146	5	estimation	estimation	NOUN
fbem-4561	146	6	was	be	AUX
fbem-4561	146	7	used	use	VERB
fbem-4561	146	8	performance2	performance2	NOUN
fbem-4561	146	9	the	the	DET
fbem-4561	146	10	intrinsic	intrinsic	ADJ
fbem-4561	146	11	discount	discount	NOUN
fbem-4561	146	12	rate	rate	NOUN
fbem-4561	146	13	in	in	ADP
fbem-4561	146	14	the	the	DET
fbem-4561	146	15	primary	primary	ADJ
fbem-4561	146	16	market	market	NOUN
fbem-4561	146	17	performance3	performance3	NOUN
fbem-4561	146	18	one	one	NUM
fbem-4561	146	19	year	year	NOUN
fbem-4561	146	20	long	long	ADJ
fbem-4561	146	21	-	-	PUNCT
fbem-4561	146	22	term	term	NOUN
fbem-4561	146	23	returns	return	NOUN
fbem-4561	146	24	for	for	ADP
fbem-4561	146	25	ipo	ipo	NOUN
fbem-4561	146	26	companies	company	NOUN
fbem-4561	146	27	explaining	explain	VERB
fbem-4561	146	28	variable	variable	ADJ
fbem-4561	146	29	igs	ig	NOUN
fbem-4561	146	30	based	base	VERB
fbem-4561	146	31	on	on	ADP
fbem-4561	146	32	the	the	DET
fbem-4561	146	33	research	research	NOUN
fbem-4561	146	34	of	of	ADP
fbem-4561	146	35	custodio	custodio	PROPN
fbem-4561	146	36	et	et	PROPN
fbem-4561	146	37	al	al	PROPN
fbem-4561	146	38	(	(	PUNCT
fbem-4561	146	39	2013	2013	NUM
fbem-4561	146	40	)	)	PUNCT
fbem-4561	146	41	,	,	PUNCT
fbem-4561	146	42	the	the	DET
fbem-4561	146	43	universal	universal	ADJ
fbem-4561	146	44	index	index	NOUN
fbem-4561	146	45	of	of	ADP
fbem-4561	146	46	sponsor	sponsor	NOUN
fbem-4561	146	47	representative	representative	NOUN
fbem-4561	146	48	skills	skill	NOUN
fbem-4561	146	49	is	be	AUX
fbem-4561	146	50	constructed	construct	VERB
fbem-4561	146	51	according	accord	VERB
fbem-4561	146	52	to	to	ADP
fbem-4561	146	53	the	the	DET
fbem-4561	146	54	information	information	NOUN
fbem-4561	146	55	of	of	ADP
fbem-4561	146	56	past	past	ADJ
fbem-4561	146	57	work	work	NOUN
fbem-4561	146	58	experience	experience	NOUN
fbem-4561	146	59	controlled	control	VERB
fbem-4561	146	60	variable	variable	ADJ
fbem-4561	146	61	female	female	NOUN
fbem-4561	146	62	if	if	SCONJ
fbem-4561	146	63	one	one	NUM
fbem-4561	146	64	of	of	ADP
fbem-4561	146	65	the	the	DET
fbem-4561	146	66	two	two	NUM
fbem-4561	146	67	sponsor	sponsor	NOUN
fbem-4561	146	68	representatives	representative	NOUN
fbem-4561	146	69	of	of	ADP
fbem-4561	146	70	the	the	DET
fbem-4561	146	71	company	company	NOUN
fbem-4561	146	72	to	to	PART
fbem-4561	146	73	be	be	AUX
fbem-4561	146	74	listed	list	VERB
fbem-4561	146	75	is	be	AUX
fbem-4561	146	76	female	female	ADJ
fbem-4561	146	77	,	,	PUNCT
fbem-4561	146	78	the	the	DET
fbem-4561	146	79	value	value	NOUN
fbem-4561	146	80	is	be	AUX
fbem-4561	146	81	1	1	NUM
fbem-4561	146	82	,	,	PUNCT
fbem-4561	146	83	otherwise	otherwise	ADV
fbem-4561	146	84	it	it	PRON
fbem-4561	146	85	is	be	AUX
fbem-4561	146	86	0	0	NUM
fbem-4561	146	87	underwriter	underwriter	NOUN
fbem-4561	146	88	if	if	SCONJ
fbem-4561	146	89	the	the	DET
fbem-4561	146	90	sponsor	sponsor	NOUN
fbem-4561	146	91	institution	institution	NOUN
fbem-4561	146	92	ranks	rank	VERB
fbem-4561	146	93	the	the	DET
fbem-4561	146	94	top	top	NOUN
fbem-4561	146	95	10	10	NUM
fbem-4561	146	96	in	in	ADP
fbem-4561	146	97	the	the	DET
fbem-4561	146	98	annual	annual	ADJ
fbem-4561	146	99	net	net	ADJ
fbem-4561	146	100	income	income	NOUN
fbem-4561	146	101	ranking	ranking	NOUN
fbem-4561	146	102	of	of	ADP
fbem-4561	146	103	underwriting	underwriting	NOUN
fbem-4561	146	104	and	and	CCONJ
fbem-4561	146	105	sponsor	sponsor	NOUN
fbem-4561	146	106	business	business	NOUN
fbem-4561	146	107	released	release	VERB
fbem-4561	146	108	by	by	ADP
fbem-4561	146	109	the	the	DET
fbem-4561	146	110	securities	securities	PROPN
fbem-4561	146	111	association	association	PROPN
fbem-4561	146	112	of	of	ADP
fbem-4561	146	113	china	china	PROPN
fbem-4561	146	114	,	,	PUNCT
fbem-4561	146	115	the	the	DET
fbem-4561	146	116	value	value	NOUN
fbem-4561	146	117	is	be	AUX
fbem-4561	146	118	1	1	NUM
fbem-4561	146	119	,	,	PUNCT
fbem-4561	146	120	otherwise	otherwise	ADV
fbem-4561	146	121	it	it	PRON
fbem-4561	146	122	is	be	AUX
fbem-4561	146	123	0	0	NUM
fbem-4561	146	124	big4	big4	NOUN
fbem-4561	146	125	if	if	SCONJ
fbem-4561	146	126	the	the	DET
fbem-4561	146	127	company	company	NOUN
fbem-4561	146	128	ipo	ipo	PROPN
fbem-4561	146	129	employs	employ	VERB
fbem-4561	146	130	four	four	NUM
fbem-4561	146	131	audit	audit	NOUN
fbem-4561	146	132	,	,	PUNCT
fbem-4561	146	133	the	the	DET
fbem-4561	146	134	value	value	NOUN
fbem-4561	146	135	is	be	AUX
fbem-4561	146	136	1	1	NUM
fbem-4561	146	137	,	,	PUNCT
fbem-4561	146	138	otherwise	otherwise	ADV
fbem-4561	146	139	it	it	PRON
fbem-4561	146	140	is	be	AUX
fbem-4561	146	141	0	0	NUM
fbem-4561	146	142	soe	soe	PROPN
fbem-4561	146	143	if	if	SCONJ
fbem-4561	146	144	the	the	DET
fbem-4561	146	145	company	company	NOUN
fbem-4561	146	146	to	to	PART
fbem-4561	146	147	be	be	AUX
fbem-4561	146	148	listed	list	VERB
fbem-4561	146	149	is	be	AUX
fbem-4561	146	150	a	a	DET
fbem-4561	146	151	state	state	NOUN
fbem-4561	146	152	-	-	PUNCT
fbem-4561	146	153	owned	own	VERB
fbem-4561	146	154	enterprise	enterprise	NOUN
fbem-4561	146	155	,	,	PUNCT
fbem-4561	146	156	the	the	DET
fbem-4561	146	157	value	value	NOUN
fbem-4561	146	158	is	be	AUX
fbem-4561	146	159	1	1	NUM
fbem-4561	146	160	,	,	PUNCT
fbem-4561	146	161	otherwise	otherwise	ADV
fbem-4561	146	162	it	it	PRON
fbem-4561	146	163	is	be	AUX
fbem-4561	146	164	0	0	NUM
fbem-4561	146	165	size	size	NOUN
fbem-4561	146	166	equal	equal	ADJ
fbem-4561	146	167	to	to	ADP
fbem-4561	146	168	the	the	DET
fbem-4561	146	169	natural	natural	ADJ
fbem-4561	146	170	log	log	NOUN
fbem-4561	146	171	value	value	NOUN
fbem-4561	146	172	of	of	ADP
fbem-4561	146	173	the	the	DET
fbem-4561	146	174	company	company	NOUN
fbem-4561	146	175	's	's	PART
fbem-4561	146	176	total	total	ADJ
fbem-4561	146	177	assets	asset	NOUN
fbem-4561	146	178	age	age	NOUN
fbem-4561	146	179	equal	equal	ADJ
fbem-4561	146	180	to	to	ADP
fbem-4561	146	181	the	the	DET
fbem-4561	146	182	cumulative	cumulative	ADJ
fbem-4561	146	183	number	number	NOUN
fbem-4561	146	184	of	of	ADP
fbem-4561	146	185	months	month	NOUN
fbem-4561	146	186	of	of	ADP
fbem-4561	146	187	the	the	DET
fbem-4561	146	188	listed	list	VERB
fbem-4561	146	189	company	company	NOUN
fbem-4561	146	190	from	from	ADP
fbem-4561	146	191	its	its	PRON
fbem-4561	146	192	establishment	establishment	NOUN
fbem-4561	146	193	to	to	ADP
fbem-4561	146	194	its	its	PRON
fbem-4561	146	195	listing	listing	NOUN
fbem-4561	146	196	roa	roa	NOUN
fbem-4561	146	197	equal	equal	ADJ
fbem-4561	146	198	to	to	ADP
fbem-4561	146	199	the	the	DET
fbem-4561	146	200	total	total	ADJ
fbem-4561	146	201	company	company	NOUN
fbem-4561	146	202	profit	profit	NOUN
fbem-4561	146	203	divided	divide	VERB
fbem-4561	146	204	by	by	ADP
fbem-4561	146	205	the	the	DET
fbem-4561	146	206	total	total	ADJ
fbem-4561	146	207	assets	asset	NOUN
fbem-4561	146	208	lev	lev	NOUN
fbem-4561	146	209	equal	equal	ADJ
fbem-4561	146	210	to	to	ADP
fbem-4561	146	211	the	the	DET
fbem-4561	146	212	ratio	ratio	NOUN
fbem-4561	146	213	of	of	ADP
fbem-4561	146	214	total	total	ADJ
fbem-4561	146	215	liabilities	liability	NOUN
fbem-4561	146	216	to	to	PART
fbem-4561	146	217	total	total	VERB
fbem-4561	146	218	assets	asset	NOUN
fbem-4561	146	219	pro	pro	ADV
fbem-4561	146	220	equal	equal	ADJ
fbem-4561	146	221	to	to	PART
fbem-4561	146	222	raise	raise	VERB
fbem-4561	146	223	funds	fund	NOUN
fbem-4561	146	224	(	(	PUNCT
fbem-4561	146	225	unit	unit	NOUN
fbem-4561	146	226	1	1	NUM
fbem-4561	146	227	million	million	NUM
fbem-4561	146	228	yuan	yuan	NOUN
fbem-4561	146	229	)	)	PUNCT
fbem-4561	146	230	add	add	VERB
fbem-4561	146	231	1	1	NUM
fbem-4561	146	232	take	take	VERB
fbem-4561	146	233	a	a	DET
fbem-4561	146	234	log	log	NOUN
fbem-4561	146	235	gorwth	gorwth	NOUN
fbem-4561	146	236	equal	equal	ADJ
fbem-4561	146	237	to	to	ADP
fbem-4561	146	238	the	the	DET
fbem-4561	146	239	growth	growth	NOUN
fbem-4561	146	240	rate	rate	NOUN
fbem-4561	146	241	of	of	ADP
fbem-4561	146	242	the	the	DET
fbem-4561	146	243	company	company	NOUN
fbem-4561	146	244	's	's	PART
fbem-4561	146	245	annual	annual	ADJ
fbem-4561	146	246	sales	sale	NOUN
fbem-4561	146	247	revenue	revenue	NOUN
fbem-4561	146	248	mr	mr	PROPN
fbem-4561	146	249	equal	equal	ADJ
fbem-4561	146	250	to	to	ADP
fbem-4561	146	251	the	the	DET
fbem-4561	146	252	average	average	ADJ
fbem-4561	146	253	market	market	NOUN
fbem-4561	146	254	return	return	NOUN
fbem-4561	146	255	rate	rate	NOUN
fbem-4561	146	256	of	of	ADP
fbem-4561	146	257	the	the	DET
fbem-4561	146	258	first	first	ADJ
fbem-4561	146	259	90	90	NUM
fbem-4561	146	260	days	day	NOUN
fbem-4561	146	261	of	of	ADP
fbem-4561	146	262	the	the	DET
fbem-4561	146	263	listing	list	VERB
fbem-4561	146	264	ind	ind	NOUN
fbem-4561	146	265	according	accord	VERB
fbem-4561	146	266	to	to	ADP
fbem-4561	146	267	the	the	DET
fbem-4561	146	268	annual	annual	ADJ
fbem-4561	146	269	virtual	virtual	ADJ
fbem-4561	146	270	variables	variable	NOUN
fbem-4561	146	271	classified	classify	VERB
fbem-4561	146	272	by	by	ADP
fbem-4561	146	273	the	the	DET
fbem-4561	146	274	csrc	csrc	NOUN
fbem-4561	146	275	industry	industry	NOUN
fbem-4561	146	276	,	,	PUNCT
fbem-4561	146	277	it	it	PRON
fbem-4561	146	278	is	be	AUX
fbem-4561	146	279	used	use	VERB
fbem-4561	146	280	to	to	PART
fbem-4561	146	281	control	control	VERB
fbem-4561	146	282	the	the	DET
fbem-4561	146	283	impact	impact	NOUN
fbem-4561	146	284	of	of	ADP
fbem-4561	146	285	different	different	ADJ
fbem-4561	146	286	industries	industry	NOUN
fbem-4561	146	287	year	year	NOUN
fbem-4561	146	288	annual	annual	ADJ
fbem-4561	146	289	dummy	dummy	ADJ
fbem-4561	146	290	variables	variable	NOUN
fbem-4561	146	291	,	,	PUNCT
fbem-4561	146	292	used	use	VERB
fbem-4561	146	293	to	to	PART
fbem-4561	146	294	control	control	VERB
fbem-4561	146	295	for	for	ADP
fbem-4561	146	296	the	the	DET
fbem-4561	146	297	effect	effect	NOUN
fbem-4561	146	298	of	of	ADP
fbem-4561	146	299	time	time	NOUN
fbem-4561	146	300	5	5	NUM
fbem-4561	146	301	.	.	PUNCT
fbem-4561	146	302	empirical	empirical	ADJ
fbem-4561	146	303	results	result	NOUN
fbem-4561	146	304	and	and	CCONJ
fbem-4561	146	305	analysis	analysis	NOUN
fbem-4561	146	306	5.1	5.1	NUM
fbem-4561	146	307	.	.	PUNCT
fbem-4561	147	1	the	the	DET
fbem-4561	147	2	influence	influence	NOUN
fbem-4561	147	3	of	of	ADP
fbem-4561	147	4	the	the	DET
fbem-4561	147	5	social	social	ADJ
fbem-4561	147	6	experience	experience	NOUN
fbem-4561	147	7	of	of	ADP
fbem-4561	147	8	the	the	DET
fbem-4561	147	9	sponsor	sponsor	NOUN
fbem-4561	147	10	representative	representative	NOUN
fbem-4561	147	11	on	on	ADP
fbem-4561	147	12	the	the	DET
fbem-4561	147	13	earnings	earning	NOUN
fbem-4561	147	14	management	management	NOUN
fbem-4561	147	15	level	level	NOUN
fbem-4561	147	16	of	of	ADP
fbem-4561	147	17	the	the	DET
fbem-4561	147	18	company	company	NOUN
fbem-4561	147	19	to	to	PART
fbem-4561	147	20	be	be	AUX
fbem-4561	147	21	listed	list	VERB
fbem-4561	147	22	the	the	DET
fbem-4561	147	23	result	result	NOUN
fbem-4561	147	24	of	of	ADP
fbem-4561	147	25	grouping	group	VERB
fbem-4561	147	26	regression	regression	NOUN
fbem-4561	147	27	is	be	AUX
fbem-4561	147	28	that	that	SCONJ
fbem-4561	147	29	the	the	DET
fbem-4561	147	30	coefficient	coefficient	NOUN
fbem-4561	147	31	of	of	ADP
fbem-4561	147	32	igs	igs	PROPN
fbem-4561	147	33	is	be	AUX
fbem-4561	147	34	significantly	significantly	ADV
fbem-4561	147	35	negative	negative	ADJ
fbem-4561	147	36	in	in	ADP
fbem-4561	147	37	the	the	DET
fbem-4561	147	38	sample	sample	NOUN
fbem-4561	147	39	group	group	NOUN
fbem-4561	147	40	of	of	ADP
fbem-4561	147	41	the	the	DET
fbem-4561	147	42	registration	registration	NOUN
fbem-4561	147	43	system	system	NOUN
fbem-4561	147	44	,	,	PUNCT
fbem-4561	147	45	indicating	indicate	VERB
fbem-4561	147	46	that	that	SCONJ
fbem-4561	147	47	under	under	ADP
fbem-4561	147	48	the	the	DET
fbem-4561	147	49	registration	registration	NOUN
fbem-4561	147	50	system	system	NOUN
fbem-4561	147	51	,	,	PUNCT
fbem-4561	147	52	the	the	PRON
fbem-4561	147	53	richer	rich	ADJ
fbem-4561	147	54	the	the	DET
fbem-4561	147	55	social	social	ADJ
fbem-4561	147	56	experience	experience	NOUN
fbem-4561	147	57	of	of	ADP
fbem-4561	147	58	the	the	DET
fbem-4561	147	59	sponsor	sponsor	NOUN
fbem-4561	147	60	representative	representative	NOUN
fbem-4561	147	61	is	be	AUX
fbem-4561	147	62	,	,	PUNCT
fbem-4561	147	63	the	the	PRON
fbem-4561	147	64	lower	low	ADJ
fbem-4561	147	65	the	the	DET
fbem-4561	147	66	earnings	earning	NOUN
fbem-4561	147	67	management	management	NOUN
fbem-4561	147	68	level	level	NOUN
fbem-4561	147	69	of	of	ADP
fbem-4561	147	70	the	the	DET
fbem-4561	147	71	company	company	NOUN
fbem-4561	147	72	to	to	PART
fbem-4561	147	73	be	be	AUX
fbem-4561	147	74	listed	list	VERB
fbem-4561	147	75	performance1	performance1	NOUN
fbem-4561	147	76	is	be	AUX
fbem-4561	147	77	.	.	PUNCT
fbem-4561	148	1	the	the	DET
fbem-4561	148	2	coefficient	coefficient	NOUN
fbem-4561	148	3	of	of	ADP
fbem-4561	148	4	igs	igs	PROPN
fbem-4561	148	5	in	in	ADP
fbem-4561	148	6	the	the	DET
fbem-4561	148	7	approved	approve	VERB
fbem-4561	148	8	sample	sample	NOUN
fbem-4561	148	9	group	group	NOUN
fbem-4561	148	10	was	be	AUX
fbem-4561	148	11	negative	negative	ADJ
fbem-4561	148	12	,	,	PUNCT
fbem-4561	148	13	but	but	CCONJ
fbem-4561	148	14	not	not	PART
fbem-4561	148	15	significant	significant	ADJ
fbem-4561	148	16	.	.	PUNCT
fbem-4561	149	1	the	the	DET
fbem-4561	149	2	igs	igs	PROPN
fbem-4561	149	3	coefficients	coefficient	NOUN
fbem-4561	149	4	of	of	ADP
fbem-4561	149	5	the	the	DET
fbem-4561	149	6	registered	register	VERB
fbem-4561	149	7	sample	sample	NOUN
fbem-4561	149	8	group	group	NOUN
fbem-4561	149	9	and	and	CCONJ
fbem-4561	149	10	the	the	DET
fbem-4561	149	11	approved	approve	VERB
fbem-4561	149	12	sample	sample	NOUN
fbem-4561	149	13	group	group	NOUN
fbem-4561	149	14	were	be	AUX
fbem-4561	149	15	significantly	significantly	ADV
fbem-4561	149	16	different	different	ADJ
fbem-4561	149	17	.	.	PUNCT
fbem-4561	150	1	the	the	DET
fbem-4561	150	2	result	result	NOUN
fbem-4561	150	3	is	be	AUX
fbem-4561	150	4	consistent	consistent	ADJ
fbem-4561	150	5	with	with	ADP
fbem-4561	150	6	hypothesis	hypothesis	NOUN
fbem-4561	150	7	1	1	NUM
fbem-4561	150	8	,	,	PUNCT
fbem-4561	150	9	that	that	ADV
fbem-4561	150	10	is	is	ADV
fbem-4561	150	11	,	,	PUNCT
fbem-4561	150	12	the	the	DET
fbem-4561	150	13	social	social	ADJ
fbem-4561	150	14	experience	experience	NOUN
fbem-4561	150	15	of	of	ADP
fbem-4561	150	16	the	the	DET
fbem-4561	150	17	sponsor	sponsor	NOUN
fbem-4561	150	18	representative	representative	NOUN
fbem-4561	150	19	is	be	AUX
fbem-4561	150	20	more	more	ADV
fbem-4561	150	21	effective	effective	ADJ
fbem-4561	150	22	in	in	ADP
fbem-4561	150	23	restraining	restrain	VERB
fbem-4561	150	24	the	the	DET
fbem-4561	150	25	earnings	earning	NOUN
fbem-4561	150	26	management	management	NOUN
fbem-4561	150	27	level	level	NOUN
fbem-4561	150	28	of	of	ADP
fbem-4561	150	29	the	the	DET
fbem-4561	150	30	companies	company	NOUN
fbem-4561	150	31	to	to	PART
fbem-4561	150	32	be	be	AUX
fbem-4561	150	33	listed	list	VERB
fbem-4561	150	34	under	under	ADP
fbem-4561	150	35	the	the	DET
fbem-4561	150	36	registration	registration	NOUN
fbem-4561	150	37	system	system	NOUN
fbem-4561	150	38	.	.	PUNCT
fbem-4561	151	1	in	in	ADP
fbem-4561	151	2	addition	addition	NOUN
fbem-4561	151	3	,	,	PUNCT
fbem-4561	151	4	the	the	DET
fbem-4561	151	5	coefficient	coefficient	NOUN
fbem-4561	151	6	of	of	ADP
fbem-4561	151	7	underwriter	underwriter	NOUN
fbem-4561	151	8	is	be	AUX
fbem-4561	151	9	significantly	significantly	ADV
fbem-4561	151	10	negative	negative	ADJ
fbem-4561	151	11	,	,	PUNCT
fbem-4561	151	12	indicating	indicate	VERB
fbem-4561	151	13	that	that	SCONJ
fbem-4561	151	14	the	the	DET
fbem-4561	151	15	reputation	reputation	NOUN
fbem-4561	151	16	of	of	ADP
fbem-4561	151	17	the	the	DET
fbem-4561	151	18	sponsor	sponsor	NOUN
fbem-4561	151	19	is	be	AUX
fbem-4561	151	20	helpful	helpful	ADJ
fbem-4561	151	21	to	to	PART
fbem-4561	151	22	restrain	restrain	VERB
fbem-4561	151	23	the	the	DET
fbem-4561	151	24	earnings	earning	NOUN
fbem-4561	151	25	management	management	NOUN
fbem-4561	151	26	level	level	NOUN
fbem-4561	151	27	of	of	ADP
fbem-4561	151	28	the	the	DET
fbem-4561	151	29	companies	company	NOUN
fbem-4561	151	30	to	to	PART
fbem-4561	151	31	be	be	AUX
fbem-4561	151	32	listed	list	VERB
fbem-4561	151	33	;	;	PUNCT
fbem-4561	151	34	the	the	DET
fbem-4561	151	35	coefficients	coefficient	NOUN
fbem-4561	151	36	of	of	ADP
fbem-4561	151	37	size	size	NOUN
fbem-4561	151	38	and	and	CCONJ
fbem-4561	151	39	roe	roe	NOUN
fbem-4561	151	40	are	be	AUX
fbem-4561	151	41	significantly	significantly	ADV
fbem-4561	151	42	negative	negative	ADJ
fbem-4561	151	43	,	,	PUNCT
fbem-4561	151	44	indicating	indicate	VERB
fbem-4561	151	45	that	that	SCONJ
fbem-4561	151	46	the	the	PRON
fbem-4561	151	47	larger	large	ADJ
fbem-4561	151	48	the	the	DET
fbem-4561	151	49	scale	scale	NOUN
fbem-4561	151	50	,	,	PUNCT
fbem-4561	151	51	the	the	PRON
fbem-4561	151	52	better	well	ADJ
fbem-4561	151	53	the	the	DET
fbem-4561	151	54	performance	performance	NOUN
fbem-4561	151	55	,	,	PUNCT
fbem-4561	151	56	the	the	PRON
fbem-4561	151	57	lower	low	ADJ
fbem-4561	151	58	the	the	DET
fbem-4561	151	59	degree	degree	NOUN
fbem-4561	151	60	of	of	ADP
fbem-4561	151	61	earnings	earning	NOUN
fbem-4561	151	62	42	42	NUM
fbem-4561	151	63	management	management	NOUN
fbem-4561	151	64	.	.	PUNCT
fbem-4561	152	1	5.2	5.2	NUM
fbem-4561	152	2	.	.	PUNCT
fbem-4561	152	3	impact	impact	NOUN
fbem-4561	152	4	of	of	ADP
fbem-4561	152	5	social	social	ADJ
fbem-4561	152	6	experience	experience	NOUN
fbem-4561	152	7	of	of	ADP
fbem-4561	152	8	sponsor	sponsor	NOUN
fbem-4561	152	9	representatives	representative	NOUN
fbem-4561	152	10	on	on	ADP
fbem-4561	152	11	ipo	ipo	NOUN
fbem-4561	152	12	underpricing	underpricing	NOUN
fbem-4561	152	13	rate	rate	NOUN
fbem-4561	152	14	the	the	DET
fbem-4561	152	15	result	result	NOUN
fbem-4561	152	16	of	of	ADP
fbem-4561	152	17	group	group	NOUN
fbem-4561	152	18	regression	regression	NOUN
fbem-4561	152	19	is	be	AUX
fbem-4561	152	20	that	that	SCONJ
fbem-4561	152	21	the	the	DET
fbem-4561	152	22	coefficient	coefficient	NOUN
fbem-4561	152	23	of	of	ADP
fbem-4561	152	24	igs	igs	PROPN
fbem-4561	152	25	is	be	AUX
fbem-4561	152	26	significantly	significantly	ADV
fbem-4561	152	27	negative	negative	ADJ
fbem-4561	152	28	in	in	ADP
fbem-4561	152	29	the	the	DET
fbem-4561	152	30	sample	sample	NOUN
fbem-4561	152	31	group	group	NOUN
fbem-4561	152	32	of	of	ADP
fbem-4561	152	33	the	the	DET
fbem-4561	152	34	registration	registration	NOUN
fbem-4561	152	35	system	system	NOUN
fbem-4561	152	36	,	,	PUNCT
fbem-4561	152	37	indicating	indicate	VERB
fbem-4561	152	38	that	that	SCONJ
fbem-4561	152	39	under	under	ADP
fbem-4561	152	40	the	the	DET
fbem-4561	152	41	registration	registration	NOUN
fbem-4561	152	42	system	system	NOUN
fbem-4561	152	43	,	,	PUNCT
fbem-4561	152	44	the	the	PRON
fbem-4561	152	45	richer	rich	ADJ
fbem-4561	152	46	the	the	DET
fbem-4561	152	47	social	social	ADJ
fbem-4561	152	48	experience	experience	NOUN
fbem-4561	152	49	of	of	ADP
fbem-4561	152	50	the	the	DET
fbem-4561	152	51	sponsor	sponsor	NOUN
fbem-4561	152	52	representative	representative	NOUN
fbem-4561	152	53	,	,	PUNCT
fbem-4561	152	54	the	the	PRON
fbem-4561	152	55	lower	low	ADJ
fbem-4561	152	56	the	the	DET
fbem-4561	152	57	underpricing	underprice	VERB
fbem-4561	152	58	rate	rate	NOUN
fbem-4561	152	59	performance2	performance2	NOUN
fbem-4561	152	60	on	on	ADP
fbem-4561	152	61	the	the	DET
fbem-4561	152	62	first	first	ADJ
fbem-4561	152	63	day	day	NOUN
fbem-4561	152	64	of	of	ADP
fbem-4561	152	65	ipo	ipo	PROPN
fbem-4561	152	66	.	.	PUNCT
fbem-4561	153	1	the	the	DET
fbem-4561	153	2	coefficient	coefficient	NOUN
fbem-4561	153	3	of	of	ADP
fbem-4561	153	4	igs	igs	PROPN
fbem-4561	153	5	in	in	ADP
fbem-4561	153	6	the	the	DET
fbem-4561	153	7	approved	approve	VERB
fbem-4561	153	8	sample	sample	NOUN
fbem-4561	153	9	group	group	NOUN
fbem-4561	153	10	was	be	AUX
fbem-4561	153	11	negative	negative	ADJ
fbem-4561	153	12	,	,	PUNCT
fbem-4561	153	13	but	but	CCONJ
fbem-4561	153	14	not	not	PART
fbem-4561	153	15	significant	significant	ADJ
fbem-4561	153	16	.	.	PUNCT
fbem-4561	154	1	the	the	DET
fbem-4561	154	2	igs	igs	PROPN
fbem-4561	154	3	coefficients	coefficient	NOUN
fbem-4561	154	4	of	of	ADP
fbem-4561	154	5	the	the	DET
fbem-4561	154	6	registered	register	VERB
fbem-4561	154	7	sample	sample	NOUN
fbem-4561	154	8	group	group	NOUN
fbem-4561	154	9	and	and	CCONJ
fbem-4561	154	10	the	the	DET
fbem-4561	154	11	approved	approve	VERB
fbem-4561	154	12	sample	sample	NOUN
fbem-4561	154	13	group	group	NOUN
fbem-4561	154	14	were	be	AUX
fbem-4561	154	15	significantly	significantly	ADV
fbem-4561	154	16	different	different	ADJ
fbem-4561	154	17	.	.	PUNCT
fbem-4561	155	1	the	the	DET
fbem-4561	155	2	result	result	NOUN
fbem-4561	155	3	is	be	AUX
fbem-4561	155	4	consistent	consistent	ADJ
fbem-4561	155	5	with	with	ADP
fbem-4561	155	6	hypothesis	hypothesis	NOUN
fbem-4561	155	7	2	2	NUM
fbem-4561	155	8	,	,	PUNCT
fbem-4561	155	9	that	that	ADV
fbem-4561	155	10	is	is	ADV
fbem-4561	155	11	,	,	PUNCT
fbem-4561	155	12	the	the	DET
fbem-4561	155	13	social	social	ADJ
fbem-4561	155	14	experience	experience	NOUN
fbem-4561	155	15	of	of	ADP
fbem-4561	155	16	the	the	DET
fbem-4561	155	17	sponsor	sponsor	NOUN
fbem-4561	155	18	representative	representative	NOUN
fbem-4561	155	19	is	be	AUX
fbem-4561	155	20	more	more	ADV
fbem-4561	155	21	effective	effective	ADJ
fbem-4561	155	22	in	in	ADP
fbem-4561	155	23	inhibiting	inhibit	VERB
fbem-4561	155	24	the	the	DET
fbem-4561	155	25	ipo	ipo	NOUN
fbem-4561	155	26	underpricing	underprice	VERB
fbem-4561	155	27	rate	rate	NOUN
fbem-4561	155	28	on	on	ADP
fbem-4561	155	29	the	the	DET
fbem-4561	155	30	first	first	ADJ
fbem-4561	155	31	day	day	NOUN
fbem-4561	155	32	under	under	ADP
fbem-4561	155	33	the	the	DET
fbem-4561	155	34	registration	registration	NOUN
fbem-4561	155	35	system	system	NOUN
fbem-4561	155	36	.	.	PUNCT
fbem-4561	156	1	in	in	ADP
fbem-4561	156	2	addition	addition	NOUN
fbem-4561	156	3	,	,	PUNCT
fbem-4561	156	4	the	the	DET
fbem-4561	156	5	coefficient	coefficient	NOUN
fbem-4561	156	6	of	of	ADP
fbem-4561	156	7	underwriter	underwriter	NOUN
fbem-4561	156	8	is	be	AUX
fbem-4561	156	9	significantly	significantly	ADV
fbem-4561	156	10	negative	negative	ADJ
fbem-4561	156	11	,	,	PUNCT
fbem-4561	156	12	indicating	indicate	VERB
fbem-4561	156	13	that	that	SCONJ
fbem-4561	156	14	the	the	DET
fbem-4561	156	15	reputation	reputation	NOUN
fbem-4561	156	16	of	of	ADP
fbem-4561	156	17	the	the	DET
fbem-4561	156	18	sponsor	sponsor	NOUN
fbem-4561	156	19	is	be	AUX
fbem-4561	156	20	helpful	helpful	ADJ
fbem-4561	156	21	to	to	PART
fbem-4561	156	22	reduce	reduce	VERB
fbem-4561	156	23	the	the	DET
fbem-4561	156	24	underpricing	underprice	VERB
fbem-4561	156	25	rate	rate	NOUN
fbem-4561	156	26	on	on	ADP
fbem-4561	156	27	the	the	DET
fbem-4561	156	28	first	first	ADJ
fbem-4561	156	29	day	day	NOUN
fbem-4561	156	30	of	of	ADP
fbem-4561	156	31	ipo	ipo	NOUN
fbem-4561	156	32	;	;	PUNCT
fbem-4561	156	33	the	the	DET
fbem-4561	156	34	coefficients	coefficient	NOUN
fbem-4561	156	35	of	of	ADP
fbem-4561	156	36	size	size	NOUN
fbem-4561	156	37	and	and	CCONJ
fbem-4561	156	38	roe	roe	NOUN
fbem-4561	156	39	are	be	AUX
fbem-4561	156	40	significantly	significantly	ADV
fbem-4561	156	41	negative	negative	ADJ
fbem-4561	156	42	,	,	PUNCT
fbem-4561	156	43	indicating	indicate	VERB
fbem-4561	156	44	that	that	SCONJ
fbem-4561	156	45	the	the	PRON
fbem-4561	156	46	larger	large	ADJ
fbem-4561	156	47	the	the	DET
fbem-4561	156	48	company	company	NOUN
fbem-4561	156	49	is	be	AUX
fbem-4561	156	50	,	,	PUNCT
fbem-4561	156	51	the	the	PRON
fbem-4561	156	52	lower	low	ADJ
fbem-4561	156	53	the	the	DET
fbem-4561	156	54	underpricing	underprice	VERB
fbem-4561	156	55	rate	rate	NOUN
fbem-4561	156	56	on	on	ADP
fbem-4561	156	57	the	the	DET
fbem-4561	156	58	first	first	ADJ
fbem-4561	156	59	day	day	NOUN
fbem-4561	156	60	of	of	ADP
fbem-4561	156	61	ipo	ipo	NOUN
fbem-4561	156	62	is	be	AUX
fbem-4561	156	63	.	.	PUNCT
fbem-4561	157	1	5.3	5.3	NUM
fbem-4561	157	2	.	.	PUNCT
fbem-4561	157	3	impact	impact	NOUN
fbem-4561	157	4	of	of	ADP
fbem-4561	157	5	social	social	ADJ
fbem-4561	157	6	experience	experience	NOUN
fbem-4561	157	7	of	of	ADP
fbem-4561	157	8	sponsor	sponsor	NOUN
fbem-4561	157	9	representatives	representative	NOUN
fbem-4561	157	10	on	on	ADP
fbem-4561	157	11	long	long	ADJ
fbem-4561	157	12	-	-	PUNCT
fbem-4561	157	13	term	term	NOUN
fbem-4561	157	14	returns	return	NOUN
fbem-4561	157	15	the	the	DET
fbem-4561	157	16	result	result	NOUN
fbem-4561	157	17	of	of	ADP
fbem-4561	157	18	grouping	group	VERB
fbem-4561	157	19	regression	regression	NOUN
fbem-4561	157	20	is	be	AUX
fbem-4561	157	21	that	that	SCONJ
fbem-4561	157	22	the	the	DET
fbem-4561	157	23	coefficient	coefficient	NOUN
fbem-4561	157	24	of	of	ADP
fbem-4561	157	25	igs	igs	PROPN
fbem-4561	157	26	is	be	AUX
fbem-4561	157	27	significantly	significantly	ADV
fbem-4561	157	28	positive	positive	ADJ
fbem-4561	157	29	in	in	ADP
fbem-4561	157	30	the	the	DET
fbem-4561	157	31	sample	sample	NOUN
fbem-4561	157	32	group	group	NOUN
fbem-4561	157	33	of	of	ADP
fbem-4561	157	34	the	the	DET
fbem-4561	157	35	registration	registration	NOUN
fbem-4561	157	36	system	system	NOUN
fbem-4561	157	37	,	,	PUNCT
fbem-4561	157	38	indicating	indicate	VERB
fbem-4561	157	39	that	that	SCONJ
fbem-4561	157	40	the	the	DET
fbem-4561	157	41	richer	rich	ADJ
fbem-4561	157	42	the	the	DET
fbem-4561	157	43	social	social	ADJ
fbem-4561	157	44	experience	experience	NOUN
fbem-4561	157	45	of	of	ADP
fbem-4561	157	46	the	the	DET
fbem-4561	157	47	sponsor	sponsor	NOUN
fbem-4561	157	48	representative	representative	NOUN
fbem-4561	157	49	is	be	AUX
fbem-4561	157	50	,	,	PUNCT
fbem-4561	157	51	the	the	PRON
fbem-4561	157	52	higher	high	ADJ
fbem-4561	157	53	the	the	DET
fbem-4561	157	54	long	long	ADJ
fbem-4561	157	55	-	-	PUNCT
fbem-4561	157	56	term	term	NOUN
fbem-4561	157	57	return	return	NOUN
fbem-4561	157	58	of	of	ADP
fbem-4561	157	59	listed	list	VERB
fbem-4561	157	60	companies	company	NOUN
fbem-4561	157	61	performance3	performance3	NOUN
fbem-4561	157	62	is	be	AUX
fbem-4561	157	63	.	.	PUNCT
fbem-4561	158	1	the	the	DET
fbem-4561	158	2	coefficient	coefficient	NOUN
fbem-4561	158	3	of	of	ADP
fbem-4561	158	4	igs	igs	PROPN
fbem-4561	158	5	in	in	ADP
fbem-4561	158	6	the	the	DET
fbem-4561	158	7	approved	approve	VERB
fbem-4561	158	8	sample	sample	NOUN
fbem-4561	158	9	group	group	NOUN
fbem-4561	158	10	was	be	AUX
fbem-4561	158	11	positive	positive	ADJ
fbem-4561	158	12	,	,	PUNCT
fbem-4561	158	13	but	but	CCONJ
fbem-4561	158	14	not	not	PART
fbem-4561	158	15	significant	significant	ADJ
fbem-4561	158	16	.	.	PUNCT
fbem-4561	159	1	the	the	DET
fbem-4561	159	2	igs	igs	PROPN
fbem-4561	159	3	coefficients	coefficient	NOUN
fbem-4561	159	4	of	of	ADP
fbem-4561	159	5	the	the	DET
fbem-4561	159	6	registered	register	VERB
fbem-4561	159	7	sample	sample	NOUN
fbem-4561	159	8	group	group	NOUN
fbem-4561	159	9	and	and	CCONJ
fbem-4561	159	10	the	the	DET
fbem-4561	159	11	approved	approve	VERB
fbem-4561	159	12	sample	sample	NOUN
fbem-4561	159	13	group	group	NOUN
fbem-4561	159	14	were	be	AUX
fbem-4561	159	15	significantly	significantly	ADV
fbem-4561	159	16	different	different	ADJ
fbem-4561	159	17	.	.	PUNCT
fbem-4561	160	1	the	the	DET
fbem-4561	160	2	result	result	NOUN
fbem-4561	160	3	is	be	AUX
fbem-4561	160	4	consistent	consistent	ADJ
fbem-4561	160	5	with	with	ADP
fbem-4561	160	6	hypothesis	hypothesis	NOUN
fbem-4561	160	7	3	3	NUM
fbem-4561	160	8	,	,	PUNCT
fbem-4561	160	9	that	that	ADV
fbem-4561	160	10	is	is	ADV
fbem-4561	160	11	,	,	PUNCT
fbem-4561	160	12	the	the	DET
fbem-4561	160	13	social	social	ADJ
fbem-4561	160	14	experience	experience	NOUN
fbem-4561	160	15	of	of	ADP
fbem-4561	160	16	the	the	DET
fbem-4561	160	17	sponsor	sponsor	NOUN
fbem-4561	160	18	representative	representative	NOUN
fbem-4561	160	19	is	be	AUX
fbem-4561	160	20	more	more	ADV
fbem-4561	160	21	effective	effective	ADJ
fbem-4561	160	22	in	in	ADP
fbem-4561	160	23	promoting	promote	VERB
fbem-4561	160	24	the	the	DET
fbem-4561	160	25	long	long	ADJ
fbem-4561	160	26	-	-	PUNCT
fbem-4561	160	27	term	term	NOUN
fbem-4561	160	28	return	return	NOUN
fbem-4561	160	29	of	of	ADP
fbem-4561	160	30	listed	list	VERB
fbem-4561	160	31	companies	company	NOUN
fbem-4561	160	32	under	under	ADP
fbem-4561	160	33	the	the	DET
fbem-4561	160	34	registration	registration	NOUN
fbem-4561	160	35	system	system	NOUN
fbem-4561	160	36	.	.	PUNCT
fbem-4561	161	1	in	in	ADP
fbem-4561	161	2	addition	addition	NOUN
fbem-4561	161	3	,	,	PUNCT
fbem-4561	161	4	the	the	DET
fbem-4561	161	5	coefficient	coefficient	NOUN
fbem-4561	161	6	of	of	ADP
fbem-4561	161	7	underwriter	underwriter	NOUN
fbem-4561	161	8	is	be	AUX
fbem-4561	161	9	significantly	significantly	ADV
fbem-4561	161	10	positive	positive	ADJ
fbem-4561	161	11	,	,	PUNCT
fbem-4561	161	12	indicating	indicate	VERB
fbem-4561	161	13	that	that	SCONJ
fbem-4561	161	14	the	the	DET
fbem-4561	161	15	reputation	reputation	NOUN
fbem-4561	161	16	of	of	ADP
fbem-4561	161	17	the	the	DET
fbem-4561	161	18	sponsor	sponsor	NOUN
fbem-4561	161	19	is	be	AUX
fbem-4561	161	20	conducive	conducive	ADJ
fbem-4561	161	21	to	to	ADP
fbem-4561	161	22	improving	improve	VERB
fbem-4561	161	23	the	the	DET
fbem-4561	161	24	long	long	ADJ
fbem-4561	161	25	-	-	PUNCT
fbem-4561	161	26	term	term	NOUN
fbem-4561	161	27	return	return	NOUN
fbem-4561	161	28	of	of	ADP
fbem-4561	161	29	listed	list	VERB
fbem-4561	161	30	companies	company	NOUN
fbem-4561	161	31	;	;	PUNCT
fbem-4561	161	32	the	the	DET
fbem-4561	161	33	coefficients	coefficient	NOUN
fbem-4561	161	34	of	of	ADP
fbem-4561	161	35	size	size	NOUN
fbem-4561	161	36	and	and	CCONJ
fbem-4561	161	37	roe	roe	NOUN
fbem-4561	161	38	are	be	AUX
fbem-4561	161	39	both	both	PRON
fbem-4561	161	40	significantly	significantly	ADV
fbem-4561	161	41	positive	positive	ADJ
fbem-4561	161	42	,	,	PUNCT
fbem-4561	161	43	indicating	indicate	VERB
fbem-4561	161	44	that	that	SCONJ
fbem-4561	161	45	the	the	PRON
fbem-4561	161	46	larger	large	ADJ
fbem-4561	161	47	the	the	DET
fbem-4561	161	48	scale	scale	NOUN
fbem-4561	161	49	,	,	PUNCT
fbem-4561	161	50	the	the	PRON
fbem-4561	161	51	better	well	ADJ
fbem-4561	161	52	the	the	DET
fbem-4561	161	53	performance	performance	NOUN
fbem-4561	161	54	,	,	PUNCT
fbem-4561	161	55	the	the	PRON
fbem-4561	161	56	better	well	ADJ
fbem-4561	161	57	the	the	DET
fbem-4561	161	58	long	long	ADJ
fbem-4561	161	59	-	-	PUNCT
fbem-4561	161	60	term	term	NOUN
fbem-4561	161	61	return	return	NOUN
fbem-4561	161	62	of	of	ADP
fbem-4561	161	63	the	the	DET
fbem-4561	161	64	company	company	NOUN
fbem-4561	161	65	.	.	PUNCT
fbem-4561	162	1	5.4	5.4	NUM
fbem-4561	162	2	.	.	PUNCT
fbem-4561	162	3	robustness	robustness	NOUN
fbem-4561	162	4	test	test	NOUN
fbem-4561	162	5	results	result	VERB
fbem-4561	162	6	5.4.1	5.4.1	NUM
fbem-4561	162	7	.	.	PUNCT
fbem-4561	163	1	tool	tool	NOUN
fbem-4561	163	2	variable	variable	ADJ
fbem-4561	163	3	method	method	NOUN
fbem-4561	163	4	(	(	PUNCT
fbem-4561	163	5	iv	iv	X
fbem-4561	163	6	)	)	PUNCT
fbem-4561	163	7	the	the	DET
fbem-4561	163	8	two	two	NUM
fbem-4561	163	9	-	-	PUNCT
fbem-4561	163	10	stage	stage	NOUN
fbem-4561	163	11	regression	regression	NOUN
fbem-4561	163	12	results	result	NOUN
fbem-4561	163	13	under	under	ADP
fbem-4561	163	14	the	the	DET
fbem-4561	163	15	tool	tool	NOUN
fbem-4561	163	16	variable	variable	ADJ
fbem-4561	163	17	method	method	NOUN
fbem-4561	163	18	show	show	VERB
fbem-4561	163	19	that	that	SCONJ
fbem-4561	163	20	the	the	DET
fbem-4561	163	21	coefficient	coefficient	NOUN
fbem-4561	163	22	of	of	ADP
fbem-4561	163	23	igs	igs	PROPN
fbem-4561	163	24	is	be	AUX
fbem-4561	163	25	similar	similar	ADJ
fbem-4561	163	26	to	to	ADP
fbem-4561	163	27	the	the	DET
fbem-4561	163	28	original	original	ADJ
fbem-4561	163	29	regression	regression	NOUN
fbem-4561	163	30	results	result	NOUN
fbem-4561	163	31	,	,	PUNCT
fbem-4561	163	32	indicating	indicate	VERB
fbem-4561	163	33	that	that	SCONJ
fbem-4561	163	34	under	under	ADP
fbem-4561	163	35	the	the	DET
fbem-4561	163	36	registration	registration	NOUN
fbem-4561	163	37	system	system	NOUN
fbem-4561	163	38	,	,	PUNCT
fbem-4561	163	39	the	the	PRON
fbem-4561	163	40	richer	rich	ADJ
fbem-4561	163	41	the	the	DET
fbem-4561	163	42	social	social	ADJ
fbem-4561	163	43	experience	experience	NOUN
fbem-4561	163	44	of	of	ADP
fbem-4561	163	45	the	the	DET
fbem-4561	163	46	sponsor	sponsor	NOUN
fbem-4561	163	47	representative	representative	NOUN
fbem-4561	163	48	is	be	AUX
fbem-4561	163	49	,	,	PUNCT
fbem-4561	163	50	the	the	PRON
fbem-4561	163	51	better	well	ADJ
fbem-4561	163	52	the	the	DET
fbem-4561	163	53	company	company	NOUN
fbem-4561	163	54	's	's	PART
fbem-4561	163	55	ipo	ipo	NOUN
fbem-4561	163	56	performance	performance	NOUN
fbem-4561	163	57	is	be	AUX
fbem-4561	163	58	.	.	PUNCT
fbem-4561	164	1	moreover	moreover	ADV
fbem-4561	164	2	,	,	PUNCT
fbem-4561	164	3	there	there	PRON
fbem-4561	164	4	is	be	VERB
fbem-4561	164	5	a	a	DET
fbem-4561	164	6	significant	significant	ADJ
fbem-4561	164	7	difference	difference	NOUN
fbem-4561	164	8	between	between	ADP
fbem-4561	164	9	the	the	DET
fbem-4561	164	10	igs	igs	PROPN
fbem-4561	164	11	coefficients	coefficient	NOUN
fbem-4561	164	12	of	of	ADP
fbem-4561	164	13	the	the	DET
fbem-4561	164	14	registration	registration	NOUN
fbem-4561	164	15	system	system	NOUN
fbem-4561	164	16	sample	sample	NOUN
fbem-4561	164	17	group	group	NOUN
fbem-4561	164	18	and	and	CCONJ
fbem-4561	164	19	the	the	DET
fbem-4561	164	20	approval	approval	NOUN
fbem-4561	164	21	system	system	NOUN
fbem-4561	164	22	sample	sample	NOUN
fbem-4561	164	23	group	group	NOUN
fbem-4561	164	24	,	,	PUNCT
fbem-4561	164	25	indicating	indicate	VERB
fbem-4561	164	26	that	that	SCONJ
fbem-4561	164	27	the	the	DET
fbem-4561	164	28	promotion	promotion	NOUN
fbem-4561	164	29	of	of	ADP
fbem-4561	164	30	the	the	DET
fbem-4561	164	31	social	social	ADJ
fbem-4561	164	32	experience	experience	NOUN
fbem-4561	164	33	of	of	ADP
fbem-4561	164	34	the	the	DET
fbem-4561	164	35	sponsor	sponsor	NOUN
fbem-4561	164	36	representative	representative	NOUN
fbem-4561	164	37	on	on	ADP
fbem-4561	164	38	the	the	DET
fbem-4561	164	39	company	company	NOUN
fbem-4561	164	40	's	's	PART
fbem-4561	164	41	ipo	ipo	NOUN
fbem-4561	164	42	performance	performance	NOUN
fbem-4561	164	43	is	be	AUX
fbem-4561	164	44	more	more	ADV
fbem-4561	164	45	effective	effective	ADJ
fbem-4561	164	46	under	under	ADP
fbem-4561	164	47	the	the	DET
fbem-4561	164	48	registration	registration	NOUN
fbem-4561	164	49	system	system	NOUN
fbem-4561	164	50	,	,	PUNCT
fbem-4561	164	51	which	which	PRON
fbem-4561	164	52	supports	support	VERB
fbem-4561	164	53	the	the	DET
fbem-4561	164	54	research	research	NOUN
fbem-4561	164	55	hypothesis	hypothesis	NOUN
fbem-4561	164	56	of	of	ADP
fbem-4561	164	57	this	this	DET
fbem-4561	164	58	paper	paper	NOUN
fbem-4561	164	59	.	.	PUNCT
fbem-4561	165	1	5.4.2	5.4.2	X
fbem-4561	165	2	.	.	PUNCT
fbem-4561	165	3	tendency	tendency	NOUN
fbem-4561	165	4	score	score	NOUN
fbem-4561	165	5	matching	matching	NOUN
fbem-4561	165	6	method	method	NOUN
fbem-4561	165	7	(	(	PUNCT
fbem-4561	165	8	psm	psm	PROPN
fbem-4561	165	9	)	)	PUNCT
fbem-4561	165	10	the	the	DET
fbem-4561	165	11	regression	regression	NOUN
fbem-4561	165	12	result	result	VERB
fbem-4561	165	13	after	after	ADP
fbem-4561	165	14	matching	match	VERB
fbem-4561	165	15	the	the	DET
fbem-4561	165	16	propensity	propensity	NOUN
fbem-4561	165	17	score	score	NOUN
fbem-4561	165	18	is	be	AUX
fbem-4561	165	19	similar	similar	ADJ
fbem-4561	165	20	to	to	ADP
fbem-4561	165	21	the	the	DET
fbem-4561	165	22	result	result	NOUN
fbem-4561	165	23	of	of	ADP
fbem-4561	165	24	the	the	DET
fbem-4561	165	25	average	average	ADJ
fbem-4561	165	26	treatment	treatment	NOUN
fbem-4561	165	27	effect	effect	NOUN
fbem-4561	165	28	,	,	PUNCT
fbem-4561	165	29	the	the	DET
fbem-4561	165	30	coefficient	coefficient	NOUN
fbem-4561	165	31	of	of	ADP
fbem-4561	165	32	igs	igs	PROPN
fbem-4561	165	33	is	be	AUX
fbem-4561	165	34	similar	similar	ADJ
fbem-4561	165	35	to	to	ADP
fbem-4561	165	36	the	the	DET
fbem-4561	165	37	original	original	ADJ
fbem-4561	165	38	regression	regression	NOUN
fbem-4561	165	39	result	result	NOUN
fbem-4561	165	40	,	,	PUNCT
fbem-4561	165	41	and	and	CCONJ
fbem-4561	165	42	there	there	PRON
fbem-4561	165	43	is	be	VERB
fbem-4561	165	44	a	a	DET
fbem-4561	165	45	significant	significant	ADJ
fbem-4561	165	46	difference	difference	NOUN
fbem-4561	165	47	between	between	ADP
fbem-4561	165	48	the	the	DET
fbem-4561	165	49	igs	igs	PROPN
fbem-4561	165	50	coefficients	coefficient	NOUN
fbem-4561	165	51	of	of	ADP
fbem-4561	165	52	the	the	DET
fbem-4561	165	53	registration	registration	NOUN
fbem-4561	165	54	system	system	NOUN
fbem-4561	165	55	sample	sample	NOUN
fbem-4561	165	56	group	group	NOUN
fbem-4561	165	57	and	and	CCONJ
fbem-4561	165	58	the	the	DET
fbem-4561	165	59	approval	approval	NOUN
fbem-4561	165	60	system	system	NOUN
fbem-4561	165	61	sample	sample	NOUN
fbem-4561	165	62	group	group	NOUN
fbem-4561	165	63	,	,	PUNCT
fbem-4561	165	64	which	which	PRON
fbem-4561	165	65	indicates	indicate	VERB
fbem-4561	165	66	that	that	SCONJ
fbem-4561	165	67	the	the	DET
fbem-4561	165	68	social	social	ADJ
fbem-4561	165	69	experience	experience	NOUN
fbem-4561	165	70	of	of	ADP
fbem-4561	165	71	the	the	DET
fbem-4561	165	72	sponsor	sponsor	NOUN
fbem-4561	165	73	representative	representative	NOUN
fbem-4561	165	74	is	be	AUX
fbem-4561	165	75	more	more	ADV
fbem-4561	165	76	effective	effective	ADJ
fbem-4561	165	77	in	in	ADP
fbem-4561	165	78	improving	improve	VERB
fbem-4561	165	79	the	the	DET
fbem-4561	165	80	company	company	NOUN
fbem-4561	165	81	's	's	PART
fbem-4561	165	82	ipo	ipo	NOUN
fbem-4561	165	83	performance	performance	NOUN
fbem-4561	165	84	under	under	ADP
fbem-4561	165	85	the	the	DET
fbem-4561	165	86	registration	registration	NOUN
fbem-4561	165	87	system	system	NOUN
fbem-4561	165	88	,	,	PUNCT
fbem-4561	165	89	which	which	PRON
fbem-4561	165	90	supports	support	VERB
fbem-4561	165	91	the	the	DET
fbem-4561	165	92	research	research	NOUN
fbem-4561	165	93	hypothesis	hypothesis	NOUN
fbem-4561	165	94	of	of	ADP
fbem-4561	165	95	this	this	DET
fbem-4561	165	96	paper	paper	NOUN
fbem-4561	165	97	.	.	PUNCT
fbem-4561	166	1	5.4.3	5.4.3	X
fbem-4561	166	2	.	.	PUNCT
fbem-4561	167	1	replacement	replacement	NOUN
fbem-4561	167	2	of	of	ADP
fbem-4561	167	3	proxy	proxy	NOUN
fbem-4561	167	4	variables	variable	NOUN
fbem-4561	167	5	the	the	DET
fbem-4561	167	6	results	result	NOUN
fbem-4561	167	7	of	of	ADP
fbem-4561	167	8	proxy	proxy	ADJ
fbem-4561	167	9	change	change	NOUN
fbem-4561	167	10	method	method	NOUN
fbem-4561	167	11	show	show	VERB
fbem-4561	167	12	that	that	SCONJ
fbem-4561	167	13	after	after	ADP
fbem-4561	167	14	proxy	proxy	NOUN
fbem-4561	167	15	change	change	NOUN
fbem-4561	167	16	,	,	PUNCT
fbem-4561	167	17	the	the	DET
fbem-4561	167	18	coefficient	coefficient	NOUN
fbem-4561	167	19	of	of	ADP
fbem-4561	167	20	igs	igs	PROPN
fbem-4561	167	21	is	be	AUX
fbem-4561	167	22	similar	similar	ADJ
fbem-4561	167	23	to	to	ADP
fbem-4561	167	24	the	the	DET
fbem-4561	167	25	original	original	ADJ
fbem-4561	167	26	regression	regression	NOUN
fbem-4561	167	27	results	result	NOUN
fbem-4561	167	28	,	,	PUNCT
fbem-4561	167	29	and	and	CCONJ
fbem-4561	167	30	there	there	PRON
fbem-4561	167	31	is	be	VERB
fbem-4561	167	32	a	a	DET
fbem-4561	167	33	significant	significant	ADJ
fbem-4561	167	34	difference	difference	NOUN
fbem-4561	167	35	between	between	ADP
fbem-4561	167	36	the	the	DET
fbem-4561	167	37	igs	igs	PROPN
fbem-4561	167	38	coefficients	coefficient	NOUN
fbem-4561	167	39	of	of	ADP
fbem-4561	167	40	the	the	DET
fbem-4561	167	41	registration	registration	NOUN
fbem-4561	167	42	system	system	NOUN
fbem-4561	167	43	sample	sample	NOUN
fbem-4561	167	44	group	group	NOUN
fbem-4561	167	45	and	and	CCONJ
fbem-4561	167	46	the	the	DET
fbem-4561	167	47	approval	approval	NOUN
fbem-4561	167	48	system	system	NOUN
fbem-4561	167	49	sample	sample	NOUN
fbem-4561	167	50	group	group	NOUN
fbem-4561	167	51	,	,	PUNCT
fbem-4561	167	52	indicating	indicate	VERB
fbem-4561	167	53	that	that	SCONJ
fbem-4561	167	54	the	the	DET
fbem-4561	167	55	social	social	ADJ
fbem-4561	167	56	experience	experience	NOUN
fbem-4561	167	57	of	of	ADP
fbem-4561	167	58	the	the	DET
fbem-4561	167	59	sponsor	sponsor	NOUN
fbem-4561	167	60	representative	representative	NOUN
fbem-4561	167	61	is	be	AUX
fbem-4561	167	62	more	more	ADV
fbem-4561	167	63	effective	effective	ADJ
fbem-4561	167	64	in	in	ADP
fbem-4561	167	65	improving	improve	VERB
fbem-4561	167	66	the	the	DET
fbem-4561	167	67	company	company	NOUN
fbem-4561	167	68	's	's	PART
fbem-4561	167	69	ipo	ipo	NOUN
fbem-4561	167	70	performance	performance	NOUN
fbem-4561	167	71	under	under	ADP
fbem-4561	167	72	the	the	DET
fbem-4561	167	73	registration	registration	NOUN
fbem-4561	167	74	system	system	NOUN
fbem-4561	167	75	,	,	PUNCT
fbem-4561	167	76	which	which	PRON
fbem-4561	167	77	also	also	ADV
fbem-4561	167	78	supports	support	VERB
fbem-4561	167	79	the	the	DET
fbem-4561	167	80	research	research	NOUN
fbem-4561	167	81	hypothesis	hypothesis	NOUN
fbem-4561	167	82	of	of	ADP
fbem-4561	167	83	this	this	DET
fbem-4561	167	84	paper	paper	NOUN
fbem-4561	167	85	.	.	PUNCT
fbem-4561	168	1	5.4.4	5.4.4	NUM
fbem-4561	168	2	.	.	PUNCT
fbem-4561	168	3	other	other	ADJ
fbem-4561	168	4	sensitivity	sensitivity	NOUN
fbem-4561	168	5	tests	test	VERB
fbem-4561	168	6	the	the	DET
fbem-4561	168	7	regression	regression	NOUN
fbem-4561	168	8	results	result	NOUN
fbem-4561	168	9	of	of	ADP
fbem-4561	168	10	other	other	ADJ
fbem-4561	168	11	sensitivity	sensitivity	NOUN
fbem-4561	168	12	tests	test	NOUN
fbem-4561	168	13	have	have	AUX
fbem-4561	168	14	not	not	PART
fbem-4561	168	15	changed	change	VERB
fbem-4561	168	16	substantially	substantially	ADV
fbem-4561	168	17	,	,	PUNCT
fbem-4561	168	18	which	which	PRON
fbem-4561	168	19	supports	support	VERB
fbem-4561	168	20	the	the	DET
fbem-4561	168	21	hypothesis	hypothesis	NOUN
fbem-4561	168	22	of	of	ADP
fbem-4561	168	23	this	this	DET
fbem-4561	168	24	study	study	NOUN
fbem-4561	168	25	.	.	PUNCT
fbem-4561	169	1	6	6	X
fbem-4561	169	2	.	.	X
fbem-4561	169	3	summary	summary	NOUN
fbem-4561	169	4	based	base	VERB
fbem-4561	169	5	on	on	ADP
fbem-4561	169	6	the	the	DET
fbem-4561	169	7	institutional	institutional	ADJ
fbem-4561	169	8	background	background	NOUN
fbem-4561	169	9	of	of	ADP
fbem-4561	169	10	the	the	DET
fbem-4561	169	11	registration	registration	NOUN
fbem-4561	169	12	system	system	NOUN
fbem-4561	169	13	,	,	PUNCT
fbem-4561	169	14	this	this	DET
fbem-4561	169	15	paper	paper	NOUN
fbem-4561	169	16	makes	make	VERB
fbem-4561	169	17	a	a	DET
fbem-4561	169	18	systematic	systematic	ADJ
fbem-4561	169	19	analysis	analysis	NOUN
fbem-4561	169	20	of	of	ADP
fbem-4561	169	21	ipo	ipo	NOUN
fbem-4561	169	22	performance	performance	NOUN
fbem-4561	169	23	from	from	ADP
fbem-4561	169	24	the	the	DET
fbem-4561	169	25	perspective	perspective	NOUN
fbem-4561	169	26	of	of	ADP
fbem-4561	169	27	the	the	DET
fbem-4561	169	28	social	social	ADJ
fbem-4561	169	29	experience	experience	NOUN
fbem-4561	169	30	of	of	ADP
fbem-4561	169	31	the	the	DET
fbem-4561	169	32	sponsor	sponsor	NOUN
fbem-4561	169	33	representatives	representative	NOUN
fbem-4561	169	34	,	,	PUNCT
fbem-4561	169	35	which	which	PRON
fbem-4561	169	36	is	be	AUX
fbem-4561	169	37	a	a	DET
fbem-4561	169	38	vertical	vertical	ADJ
fbem-4561	169	39	social	social	ADJ
fbem-4561	169	40	connection	connection	NOUN
fbem-4561	169	41	,	,	PUNCT
fbem-4561	169	42	to	to	PART
fbem-4561	169	43	explore	explore	VERB
fbem-4561	169	44	whether	whether	SCONJ
fbem-4561	169	45	the	the	DET
fbem-4561	169	46	sponsor	sponsor	NOUN
fbem-4561	169	47	representatives	representative	NOUN
fbem-4561	169	48	with	with	ADP
fbem-4561	169	49	rich	rich	ADJ
fbem-4561	169	50	social	social	ADJ
fbem-4561	169	51	experience	experience	NOUN
fbem-4561	169	52	can	can	AUX
fbem-4561	169	53	better	well	ADV
fbem-4561	169	54	play	play	VERB
fbem-4561	169	55	their	their	PRON
fbem-4561	169	56	information	information	NOUN
fbem-4561	169	57	production	production	NOUN
fbem-4561	169	58	and	and	CCONJ
fbem-4561	169	59	certification	certification	NOUN
fbem-4561	169	60	intermediary	intermediary	NOUN
fbem-4561	169	61	functions	function	NOUN
fbem-4561	169	62	in	in	ADP
fbem-4561	169	63	the	the	DET
fbem-4561	169	64	securities	security	NOUN
fbem-4561	169	65	issuance	issuance	NOUN
fbem-4561	169	66	market	market	NOUN
fbem-4561	169	67	,	,	PUNCT
fbem-4561	169	68	so	so	SCONJ
fbem-4561	169	69	as	as	SCONJ
fbem-4561	169	70	to	to	PART
fbem-4561	169	71	improve	improve	VERB
fbem-4561	169	72	ipo	ipo	NOUN
fbem-4561	169	73	performance	performance	NOUN
fbem-4561	169	74	.	.	PUNCT
fbem-4561	170	1	it	it	PRON
fbem-4561	170	2	also	also	ADV
fbem-4561	170	3	analyzes	analyze	VERB
fbem-4561	170	4	the	the	DET
fbem-4561	170	5	impact	impact	NOUN
fbem-4561	170	6	of	of	ADP
fbem-4561	170	7	the	the	DET
fbem-4561	170	8	registration	registration	NOUN
fbem-4561	170	9	system	system	NOUN
fbem-4561	170	10	on	on	ADP
fbem-4561	170	11	the	the	DET
fbem-4561	170	12	issuance	issuance	NOUN
fbem-4561	170	13	market	market	NOUN
fbem-4561	170	14	,	,	PUNCT
fbem-4561	170	15	and	and	CCONJ
fbem-4561	170	16	answers	answer	NOUN
fbem-4561	170	17	under	under	ADP
fbem-4561	170	18	which	which	PRON
fbem-4561	170	19	issuance	issuance	NOUN
fbem-4561	170	20	system	system	NOUN
fbem-4561	170	21	,	,	PUNCT
fbem-4561	170	22	it	it	PRON
fbem-4561	170	23	can	can	AUX
fbem-4561	170	24	more	more	ADV
fbem-4561	170	25	effectively	effectively	ADV
fbem-4561	170	26	play	play	VERB
fbem-4561	170	27	the	the	DET
fbem-4561	170	28	role	role	NOUN
fbem-4561	170	29	of	of	ADP
fbem-4561	170	30	social	social	ADJ
fbem-4561	170	31	experience	experience	NOUN
fbem-4561	170	32	of	of	ADP
fbem-4561	170	33	sponsor	sponsor	NOUN
fbem-4561	170	34	representatives	representative	NOUN
fbem-4561	170	35	.	.	PUNCT
fbem-4561	171	1	while	while	SCONJ
fbem-4561	171	2	enriching	enrich	VERB
fbem-4561	171	3	the	the	DET
fbem-4561	171	4	relevant	relevant	ADJ
fbem-4561	171	5	research	research	NOUN
fbem-4561	171	6	on	on	ADP
fbem-4561	171	7	domestic	domestic	ADJ
fbem-4561	171	8	sponsor	sponsor	NOUN
fbem-4561	171	9	representatives	representative	NOUN
fbem-4561	171	10	,	,	PUNCT
fbem-4561	171	11	it	it	PRON
fbem-4561	171	12	also	also	ADV
fbem-4561	171	13	enriches	enrich	VERB
fbem-4561	171	14	the	the	DET
fbem-4561	171	15	domestic	domestic	ADJ
fbem-4561	171	16	research	research	NOUN
fbem-4561	171	17	on	on	ADP
fbem-4561	171	18	social	social	ADJ
fbem-4561	171	19	network	network	NOUN
fbem-4561	171	20	relationship	relationship	NOUN
fbem-4561	171	21	theory	theory	NOUN
fbem-4561	171	22	,	,	PUNCT
fbem-4561	171	23	which	which	PRON
fbem-4561	171	24	has	have	VERB
fbem-4561	171	25	important	important	ADJ
fbem-4561	171	26	practical	practical	ADJ
fbem-4561	171	27	significance	significance	NOUN
fbem-4561	171	28	for	for	ADP
fbem-4561	171	29	understanding	understand	VERB
fbem-4561	171	30	the	the	DET
fbem-4561	171	31	role	role	NOUN
fbem-4561	171	32	of	of	ADP
fbem-4561	171	33	sponsor	sponsor	NOUN
fbem-4561	171	34	representatives	representative	NOUN
fbem-4561	171	35	in	in	ADP
fbem-4561	171	36	the	the	DET
fbem-4561	171	37	process	process	NOUN
fbem-4561	171	38	of	of	ADP
fbem-4561	171	39	corporate	corporate	ADJ
fbem-4561	171	40	ipo	ipo	NOUN
fbem-4561	171	41	,	,	PUNCT
fbem-4561	171	42	criticizing	criticize	VERB
fbem-4561	171	43	china	china	PROPN
fbem-4561	171	44	's	's	PART
fbem-4561	171	45	current	current	ADJ
fbem-4561	171	46	stock	stock	NOUN
fbem-4561	171	47	issuance	issuance	NOUN
fbem-4561	171	48	system	system	NOUN
fbem-4561	171	49	,	,	PUNCT
fbem-4561	171	50	improving	improve	VERB
fbem-4561	171	51	the	the	DET
fbem-4561	171	52	operating	operating	NOUN
fbem-4561	171	53	efficiency	efficiency	NOUN
fbem-4561	171	54	of	of	ADP
fbem-4561	171	55	china	china	PROPN
fbem-4561	171	56	's	's	PART
fbem-4561	171	57	capital	capital	NOUN
fbem-4561	171	58	market	market	NOUN
fbem-4561	171	59	,	,	PUNCT
fbem-4561	171	60	improving	improve	VERB
fbem-4561	171	61	the	the	DET
fbem-4561	171	62	corporate	corporate	ADJ
fbem-4561	171	63	governance	governance	NOUN
fbem-4561	171	64	mechanism	mechanism	NOUN
fbem-4561	171	65	,	,	PUNCT
fbem-4561	171	66	and	and	CCONJ
fbem-4561	171	67	improving	improve	VERB
fbem-4561	171	68	the	the	DET
fbem-4561	171	69	regulatory	regulatory	ADJ
fbem-4561	171	70	system	system	NOUN
fbem-4561	171	71	.	.	PUNCT
fbem-4561	172	1	the	the	DET
fbem-4561	172	2	innovation	innovation	NOUN
fbem-4561	172	3	points	point	NOUN
fbem-4561	172	4	of	of	ADP
fbem-4561	172	5	this	this	DET
fbem-4561	172	6	paper	paper	NOUN
fbem-4561	172	7	mainly	mainly	ADV
fbem-4561	172	8	include	include	VERB
fbem-4561	172	9	the	the	DET
fbem-4561	172	10	following	follow	VERB
fbem-4561	172	11	aspects	aspect	NOUN
fbem-4561	172	12	:	:	PUNCT
fbem-4561	172	13	first	first	ADV
fbem-4561	172	14	,	,	PUNCT
fbem-4561	172	15	this	this	DET
fbem-4561	172	16	paper	paper	NOUN
fbem-4561	172	17	divides	divide	VERB
fbem-4561	172	18	the	the	DET
fbem-4561	172	19	research	research	NOUN
fbem-4561	172	20	interval	interval	NOUN
fbem-4561	172	21	according	accord	VERB
fbem-4561	172	22	to	to	ADP
fbem-4561	172	23	different	different	ADJ
fbem-4561	172	24	issuance	issuance	NOUN
fbem-4561	172	25	systems	system	NOUN
fbem-4561	172	26	of	of	ADP
fbem-4561	172	27	chinese	chinese	ADJ
fbem-4561	172	28	stocks	stock	NOUN
fbem-4561	172	29	,	,	PUNCT
fbem-4561	172	30	and	and	CCONJ
fbem-4561	172	31	makes	make	VERB
fbem-4561	172	32	a	a	DET
fbem-4561	172	33	comparative	comparative	ADJ
fbem-4561	172	34	analysis	analysis	NOUN
fbem-4561	172	35	.	.	PUNCT
fbem-4561	173	1	by	by	ADP
fbem-4561	173	2	studying	study	VERB
fbem-4561	173	3	and	and	CCONJ
fbem-4561	173	4	answering	answer	VERB
fbem-4561	173	5	the	the	DET
fbem-4561	173	6	issue	issue	NOUN
fbem-4561	173	7	system	system	NOUN
fbem-4561	173	8	,	,	PUNCT
fbem-4561	173	9	we	we	PRON
fbem-4561	173	10	can	can	AUX
fbem-4561	173	11	give	give	VERB
fbem-4561	173	12	more	more	ADV
fbem-4561	173	13	effective	effective	ADJ
fbem-4561	173	14	play	play	NOUN
fbem-4561	173	15	to	to	ADP
fbem-4561	173	16	the	the	DET
fbem-4561	173	17	ability	ability	NOUN
fbem-4561	173	18	of	of	ADP
fbem-4561	173	19	the	the	DET
fbem-4561	173	20	sponsor	sponsor	NOUN
fbem-4561	173	21	representative	representative	NOUN
fbem-4561	173	22	,	,	PUNCT
fbem-4561	173	23	formulate	formulate	VERB
fbem-4561	173	24	a	a	DET
fbem-4561	173	25	reasonable	reasonable	ADJ
fbem-4561	173	26	and	and	CCONJ
fbem-4561	173	27	fair	fair	ADJ
fbem-4561	173	28	price	price	NOUN
fbem-4561	173	29	that	that	PRON
fbem-4561	173	30	is	be	AUX
fbem-4561	173	31	more	more	ADV
fbem-4561	173	32	conducive	conducive	ADJ
fbem-4561	173	33	to	to	ADP
fbem-4561	173	34	the	the	DET
fbem-4561	173	35	listed	list	VERB
fbem-4561	173	36	company	company	NOUN
fbem-4561	173	37	and	and	CCONJ
fbem-4561	173	38	close	close	ADJ
fbem-4561	173	39	to	to	ADP
fbem-4561	173	40	the	the	DET
fbem-4561	173	41	actual	actual	ADJ
fbem-4561	173	42	market	market	NOUN
fbem-4561	173	43	,	,	PUNCT
fbem-4561	173	44	so	so	SCONJ
fbem-4561	173	45	as	as	SCONJ
fbem-4561	173	46	to	to	PART
fbem-4561	173	47	improve	improve	VERB
fbem-4561	173	48	the	the	DET
fbem-4561	173	49	financing	financing	NOUN
fbem-4561	173	50	efficiency	efficiency	NOUN
fbem-4561	173	51	of	of	ADP
fbem-4561	173	52	the	the	DET
fbem-4561	173	53	company	company	NOUN
fbem-4561	173	54	's	's	PART
fbem-4561	173	55	listing	listing	NOUN
fbem-4561	173	56	and	and	CCONJ
fbem-4561	173	57	its	its	PRON
fbem-4561	173	58	long	long	ADJ
fbem-4561	173	59	-	-	PUNCT
fbem-4561	173	60	term	term	NOUN
fbem-4561	173	61	performance	performance	NOUN
fbem-4561	173	62	after	after	ADP
fbem-4561	173	63	listing	list	VERB
fbem-4561	173	64	.	.	PUNCT
fbem-4561	174	1	second	second	ADJ
fbem-4561	174	2	,	,	PUNCT
fbem-4561	174	3	under	under	ADP
fbem-4561	174	4	the	the	DET
fbem-4561	174	5	dual	dual	ADJ
fbem-4561	174	6	sponsor	sponsor	NOUN
fbem-4561	174	7	system	system	NOUN
fbem-4561	174	8	in	in	ADP
fbem-4561	174	9	china	china	PROPN
fbem-4561	174	10	,	,	PUNCT
fbem-4561	174	11	most	most	ADJ
fbem-4561	174	12	of	of	ADP
fbem-4561	174	13	the	the	DET
fbem-4561	174	14	existing	exist	VERB
fbem-4561	174	15	literature	literature	NOUN
fbem-4561	174	16	has	have	AUX
fbem-4561	174	17	examined	examine	VERB
fbem-4561	174	18	the	the	DET
fbem-4561	174	19	impact	impact	NOUN
fbem-4561	174	20	of	of	ADP
fbem-4561	174	21	sponsor	sponsor	NOUN
fbem-4561	174	22	institutions	institution	NOUN
fbem-4561	174	23	on	on	ADP
fbem-4561	174	24	ipo	ipo	NOUN
fbem-4561	174	25	performance	performance	NOUN
fbem-4561	174	26	,	,	PUNCT
fbem-4561	174	27	while	while	SCONJ
fbem-4561	174	28	ignoring	ignore	VERB
fbem-4561	174	29	the	the	DET
fbem-4561	174	30	role	role	NOUN
fbem-4561	174	31	of	of	ADP
fbem-4561	174	32	sponsor	sponsor	NOUN
fbem-4561	174	33	representatives	representative	NOUN
fbem-4561	174	34	.	.	PUNCT
fbem-4561	175	1	this	this	DET
fbem-4561	175	2	paper	paper	NOUN
fbem-4561	175	3	discusses	discuss	VERB
fbem-4561	175	4	the	the	DET
fbem-4561	175	5	role	role	NOUN
fbem-4561	175	6	of	of	ADP
fbem-4561	175	7	sponsor	sponsor	NOUN
fbem-4561	175	8	representatives	representative	NOUN
fbem-4561	175	9	in	in	ADP
fbem-4561	175	10	ipo	ipo	PROPN
fbem-4561	175	11	performance	performance	NOUN
fbem-4561	175	12	from	from	ADP
fbem-4561	175	13	the	the	DET
fbem-4561	175	14	individual	individual	ADJ
fbem-4561	175	15	level	level	NOUN
fbem-4561	175	16	,	,	PUNCT
fbem-4561	175	17	expanding	expand	VERB
fbem-4561	175	18	and	and	CCONJ
fbem-4561	175	19	enriching	enrich	VERB
fbem-4561	175	20	the	the	DET
fbem-4561	175	21	existing	exist	VERB
fbem-4561	175	22	literature	literature	NOUN
fbem-4561	175	23	.	.	PUNCT
fbem-4561	176	1	thirdly	thirdly	ADV
fbem-4561	176	2	,	,	PUNCT
fbem-4561	176	3	the	the	DET
fbem-4561	176	4	domestic	domestic	ADJ
fbem-4561	176	5	research	research	NOUN
fbem-4561	176	6	on	on	ADP
fbem-4561	176	7	social	social	ADJ
fbem-4561	176	8	connection	connection	NOUN
fbem-4561	176	9	and	and	CCONJ
fbem-4561	176	10	capital	capital	NOUN
fbem-4561	176	11	market	market	NOUN
fbem-4561	176	12	mostly	mostly	ADV
fbem-4561	176	13	focuses	focus	VERB
fbem-4561	176	14	on	on	ADP
fbem-4561	176	15	the	the	DET
fbem-4561	176	16	horizontal	horizontal	ADJ
fbem-4561	176	17	social	social	ADJ
fbem-4561	176	18	connection	connection	NOUN
fbem-4561	176	19	,	,	PUNCT
fbem-4561	176	20	while	while	SCONJ
fbem-4561	176	21	this	this	DET
fbem-4561	176	22	paper	paper	NOUN
fbem-4561	176	23	examines	examine	VERB
fbem-4561	176	24	the	the	DET
fbem-4561	176	25	role	role	NOUN
fbem-4561	176	26	played	play	VERB
fbem-4561	176	27	by	by	ADP
fbem-4561	176	28	the	the	DET
fbem-4561	176	29	sponsor	sponsor	NOUN
fbem-4561	176	30	representative	representative	NOUN
fbem-4561	176	31	in	in	ADP
fbem-4561	176	32	the	the	DET
fbem-4561	176	33	ipo	ipo	NOUN
fbem-4561	176	34	process	process	NOUN
fbem-4561	176	35	from	from	ADP
fbem-4561	176	36	the	the	DET
fbem-4561	176	37	unique	unique	ADJ
fbem-4561	176	38	perspective	perspective	NOUN
fbem-4561	176	39	of	of	ADP
fbem-4561	176	40	social	social	ADJ
fbem-4561	176	41	experience	experience	NOUN
fbem-4561	176	42	,	,	PUNCT
fbem-4561	176	43	43	43	NUM
fbem-4561	176	44	which	which	PRON
fbem-4561	176	45	not	not	PART
fbem-4561	176	46	only	only	ADV
fbem-4561	176	47	enriches	enrich	VERB
fbem-4561	176	48	the	the	DET
fbem-4561	176	49	domestic	domestic	ADJ
fbem-4561	176	50	research	research	NOUN
fbem-4561	176	51	on	on	ADP
fbem-4561	176	52	the	the	DET
fbem-4561	176	53	sponsor	sponsor	NOUN
fbem-4561	176	54	representative	representative	NOUN
fbem-4561	176	55	,	,	PUNCT
fbem-4561	176	56	but	but	CCONJ
fbem-4561	176	57	also	also	ADV
fbem-4561	176	58	enriches	enrich	VERB
fbem-4561	176	59	the	the	DET
fbem-4561	176	60	research	research	NOUN
fbem-4561	176	61	on	on	ADP
fbem-4561	176	62	the	the	DET
fbem-4561	176	63	social	social	ADJ
fbem-4561	176	64	network	network	NOUN
fbem-4561	176	65	theory	theory	NOUN
fbem-4561	176	66	.	.	PUNCT
fbem-4561	177	1	references	reference	NOUN
fbem-4561	177	2	[	[	X
fbem-4561	177	3	1	1	NUM
fbem-4561	177	4	]	]	PUNCT
fbem-4561	177	5	richard	richard	PROPN
fbem-4561	177	6	b.	b.	PROPN
fbem-4561	177	7	carter	carter	PROPN
fbem-4561	177	8	,	,	PUNCT
fbem-4561	177	9	frederick	frederick	PROPN
fbem-4561	177	10	h.	h.	PROPN
fbem-4561	177	11	dark	dark	PROPN
fbem-4561	177	12	,	,	PUNCT
fbem-4561	177	13	ajai	ajai	PROPN
fbem-4561	177	14	k.	k.	PROPN
fbem-4561	177	15	singh	singh	PROPN
fbem-4561	177	16	.	.	PUNCT
fbem-4561	178	1	underwriter	underwriter	NOUN
fbem-4561	178	2	reputation	reputation	NOUN
fbem-4561	178	3	,	,	PUNCT
fbem-4561	178	4	initial	initial	ADJ
fbem-4561	178	5	returns	return	NOUN
fbem-4561	178	6	,	,	PUNCT
fbem-4561	178	7	and	and	CCONJ
fbem-4561	178	8	the	the	DET
fbem-4561	178	9	long	long	ADV
fbem-4561	178	10	-	-	PUNCT
fbem-4561	178	11	run	run	NOUN
fbem-4561	178	12	performance	performance	NOUN
fbem-4561	178	13	of	of	ADP
fbem-4561	178	14	ipo	ipo	PROPN
fbem-4561	178	15	stocks[j	stocks[j	PROPN
fbem-4561	178	16	]	]	PUNCT
fbem-4561	178	17	.	.	PUNCT
fbem-4561	179	1	the	the	DET
fbem-4561	179	2	journal	journal	PROPN
fbem-4561	179	3	of	of	ADP
fbem-4561	179	4	finance	finance	NOUN
fbem-4561	179	5	,	,	PUNCT
fbem-4561	179	6	1998	1998	NUM
fbem-4561	179	7	,	,	PUNCT
fbem-4561	179	8	53(1	53(1	NUM
fbem-4561	179	9	):	):	PUNCT
fbem-4561	179	10	285	285	NUM
fbem-4561	179	11	-	-	SYM
fbem-4561	179	12	311	311	NUM
fbem-4561	179	13	.	.	PUNCT
fbem-4561	180	1	[	[	X
fbem-4561	180	2	2	2	NUM
fbem-4561	180	3	]	]	X
fbem-4561	180	4	carter	carter	PROPN
fbem-4561	180	5	r.	r.	PROPN
fbem-4561	180	6	and	and	CCONJ
fbem-4561	180	7	s.	s.	PROPN
fbem-4561	180	8	manaster	manaster	PROPN
fbem-4561	180	9	.	.	PUNCT
fbem-4561	181	1	initial	initial	ADJ
fbem-4561	181	2	public	public	ADJ
fbem-4561	181	3	offerings	offering	NOUN
fbem-4561	181	4	and	and	CCONJ
fbem-4561	181	5	underwriter	underwriter	NOUN
fbem-4561	181	6	reputation[j].journal	reputation[j].journal	NOUN
fbem-4561	181	7	of	of	ADP
fbem-4561	181	8	finance,1990.45(4):10451067	finance,1990.45(4):10451067	NOUN
fbem-4561	181	9	.	.	PUNCT
fbem-4561	182	1	[	[	X
fbem-4561	182	2	3	3	X
fbem-4561	182	3	]	]	X
fbem-4561	182	4	randall	randall	PROPN
fbem-4561	182	5	s.	s.	PROPN
fbem-4561	182	6	kroszner	kroszner	PROPN
fbem-4561	182	7	,	,	PUNCT
fbem-4561	182	8	raghuram	raghuram	PROPN
fbem-4561	182	9	g.	g.	PROPN
fbem-4561	182	10	rajan	rajan	PROPN
fbem-4561	182	11	.	.	PROPN
fbem-4561	182	12	organization	organization	NOUN
fbem-4561	182	13	structure	structure	NOUN
fbem-4561	182	14	and	and	CCONJ
fbem-4561	182	15	credibility	credibility	NOUN
fbem-4561	182	16	:	:	PUNCT
fbem-4561	182	17	evidence	evidence	NOUN
fbem-4561	182	18	from	from	ADP
fbem-4561	182	19	commercial	commercial	ADJ
fbem-4561	182	20	bank	bank	NOUN
fbem-4561	182	21	securities	security	NOUN
fbem-4561	182	22	activities	activity	NOUN
fbem-4561	182	23	before	before	ADP
fbem-4561	182	24	the	the	DET
fbem-4561	182	25	glass	glass	NOUN
fbem-4561	182	26	-	-	PUNCT
fbem-4561	182	27	steagall	steagall	NOUN
fbem-4561	182	28	act[j	act[j	NOUN
fbem-4561	182	29	]	]	PUNCT
fbem-4561	182	30	.	.	PUNCT
fbem-4561	183	1	journal	journal	PROPN
fbem-4561	183	2	of	of	ADP
fbem-4561	183	3	monetary	monetary	ADJ
fbem-4561	183	4	economics,1997,39(3	economics,1997,39(3	PROPN
fbem-4561	183	5	):	):	PUNCT
fbem-4561	183	6	475	475	NUM
fbem-4561	183	7	-	-	SYM
fbem-4561	183	8	516	516	NUM
fbem-4561	183	9	.	.	PUNCT
fbem-4561	184	1	[	[	X
fbem-4561	184	2	4	4	NUM
fbem-4561	184	3	]	]	X
fbem-4561	184	4	beatty	beatty	PROPN
fbem-4561	184	5	randolph	randolph	PROPN
fbem-4561	184	6	p.	p.	PROPN
fbem-4561	184	7	,ritter	,ritter	PUNCT
fbem-4561	184	8	jay	jay	PROPN
fbem-4561	184	9	r	r	PROPN
fbem-4561	184	10	..	..	PUNCT
fbem-4561	184	11	investment	investment	NOUN
fbem-4561	184	12	banking	banking	NOUN
fbem-4561	184	13	,	,	PUNCT
fbem-4561	184	14	reputation	reputation	NOUN
fbem-4561	184	15	,	,	PUNCT
fbem-4561	184	16	and	and	CCONJ
fbem-4561	184	17	the	the	DET
fbem-4561	184	18	underpricing	underpricing	NOUN
fbem-4561	184	19	of	of	ADP
fbem-4561	184	20	initial	initial	ADJ
fbem-4561	184	21	public	public	ADJ
fbem-4561	184	22	offerings	offering	NOUN
fbem-4561	184	23	[	[	X
fbem-4561	184	24	j	j	X
fbem-4561	184	25	]	]	X
fbem-4561	184	26	.	.	PUNCT
fbem-4561	185	1	journal	journal	PROPN
fbem-4561	185	2	of	of	ADP
fbem-4561	185	3	financial	financial	ADJ
fbem-4561	185	4	economics,1986,15(1	economics,1986,15(1	NOUN
fbem-4561	185	5	-	-	PUNCT
fbem-4561	185	6	2	2	NUM
fbem-4561	185	7	):	):	PUNCT
fbem-4561	185	8	213	213	NUM
fbem-4561	185	9	-	-	SYM
fbem-4561	185	10	232	232	NUM
fbem-4561	185	11	.	.	PUNCT
fbem-4561	186	1	[	[	X
fbem-4561	186	2	5	5	NUM
fbem-4561	186	3	]	]	X
fbem-4561	186	4	manju	manju	PROPN
fbem-4561	186	5	puri	puri	PROPN
fbem-4561	186	6	.	.	PUNCT
fbem-4561	187	1	commercial	commercial	ADJ
fbem-4561	187	2	banks	bank	NOUN
fbem-4561	187	3	in	in	ADP
fbem-4561	187	4	investment	investment	NOUN
fbem-4561	187	5	banking	banking	NOUN
fbem-4561	187	6	conflict	conflict	NOUN
fbem-4561	187	7	of	of	ADP
fbem-4561	187	8	interest	interest	NOUN
fbem-4561	187	9	or	or	CCONJ
fbem-4561	187	10	certification	certification	NOUN
fbem-4561	187	11	role?[j	role?[j	NOUN
fbem-4561	187	12	]	]	PUNCT
fbem-4561	187	13	.	.	PUNCT
fbem-4561	188	1	journal	journal	PROPN
fbem-4561	188	2	of	of	ADP
fbem-4561	188	3	financial	financial	ADJ
fbem-4561	188	4	economics	economic	NOUN
fbem-4561	188	5	,	,	PUNCT
fbem-4561	188	6	1996	1996	NUM
fbem-4561	188	7	,	,	PUNCT
fbem-4561	188	8	40(3	40(3	NUM
fbem-4561	188	9	):	):	PUNCT
fbem-4561	188	10	373	373	NUM
fbem-4561	188	11	-	-	SYM
fbem-4561	188	12	401	401	NUM
fbem-4561	188	13	.	.	PUNCT
fbem-4561	189	1	[	[	X
fbem-4561	189	2	6	6	NUM
fbem-4561	189	3	]	]	SYM
fbem-4561	189	4	s.p	s.p	PROPN
fbem-4561	189	5	.	.	PUNCT
fbem-4561	189	6	kothari	kothari	PROPN
fbem-4561	189	7	,	,	PUNCT
fbem-4561	189	8	andrew	andrew	PROPN
fbem-4561	189	9	j.	j.	PROPN
fbem-4561	189	10	leone	leone	PROPN
fbem-4561	189	11	,	,	PUNCT
fbem-4561	189	12	charles	charles	PROPN
fbem-4561	189	13	e.	e.	PROPN
fbem-4561	189	14	wasley	wasley	PROPN
fbem-4561	189	15	.	.	PUNCT
fbem-4561	190	1	performance	performance	NOUN
fbem-4561	190	2	matched	match	VERB
fbem-4561	190	3	discretionary	discretionary	ADJ
fbem-4561	190	4	accrual	accrual	ADJ
fbem-4561	190	5	measures[j	measures[j	NOUN
fbem-4561	190	6	]	]	PUNCT
fbem-4561	190	7	.	.	PUNCT
fbem-4561	191	1	journal	journal	PROPN
fbem-4561	191	2	of	of	ADP
fbem-4561	191	3	accounting	accounting	NOUN
fbem-4561	191	4	and	and	CCONJ
fbem-4561	191	5	economics,2004,39(1):163	economics,2004,39(1):163	PROPN
fbem-4561	191	6	-	-	PROPN
fbem-4561	191	7	197	197	NUM
fbem-4561	191	8	.	.	PUNCT
fbem-4561	192	1	[	[	X
fbem-4561	192	2	7	7	X
fbem-4561	192	3	]	]	X
fbem-4561	192	4	custódio	custódio	ADJ
fbem-4561	192	5	cláudia	cláudia	NOUN
fbem-4561	192	6	,	,	PUNCT
fbem-4561	192	7	metzger	metzger	PROPN
fbem-4561	192	8	daniel	daniel	PROPN
fbem-4561	192	9	.	.	PUNCT
fbem-4561	193	1	how	how	SCONJ
fbem-4561	193	2	do	do	AUX
fbem-4561	193	3	ceos	ceos	NOUN
fbem-4561	193	4	matter	matter	VERB
fbem-4561	193	5	?	?	PUNCT
fbem-4561	194	1	the	the	DET
fbem-4561	194	2	effect	effect	NOUN
fbem-4561	194	3	of	of	ADP
fbem-4561	194	4	industry	industry	NOUN
fbem-4561	194	5	expertise	expertise	NOUN
fbem-4561	194	6	on	on	ADP
fbem-4561	194	7	acquisition	acquisition	NOUN
fbem-4561	194	8	returns[j	returns[j	PROPN
fbem-4561	194	9	]	]	PUNCT
fbem-4561	194	10	.	.	PUNCT
fbem-4561	195	1	narnia,2013,26(8):2008	narnia,2013,26(8):2008	NOUN
fbem-4561	195	2	-	-	PUNCT
fbem-4561	195	3	2047	2047	NUM
fbem-4561	195	4	.	.	PUNCT
fbem-4561	196	1	[	[	X
fbem-4561	196	2	8	8	NUM
fbem-4561	196	3	]	]	X
fbem-4561	196	4	cláudia	cláudia	PROPN
fbem-4561	196	5	custódio	custódio	PROPN
fbem-4561	196	6	,	,	PUNCT
fbem-4561	196	7	daniel	daniel	PROPN
fbem-4561	196	8	metzger	metzger	PROPN
fbem-4561	196	9	.	.	PUNCT
fbem-4561	197	1	financial	financial	ADJ
fbem-4561	197	2	expert	expert	ADJ
fbem-4561	197	3	ceos	ceos	PROPN
fbem-4561	197	4	:	:	PUNCT
fbem-4561	197	5	ceo	ceo	PROPN
fbem-4561	197	6	’s	’s	PART
fbem-4561	197	7	work	work	NOUN
fbem-4561	197	8	experience	experience	NOUN
fbem-4561	197	9	and	and	CCONJ
fbem-4561	197	10	firm	firm	NOUN
fbem-4561	197	11	’s	’s	PART
fbem-4561	197	12	financial	financial	ADJ
fbem-4561	197	13	policies[j	policies[j	NOUN
fbem-4561	197	14	]	]	PUNCT
fbem-4561	197	15	.	.	PUNCT
fbem-4561	198	1	journal	journal	PROPN
fbem-4561	198	2	of	of	ADP
fbem-4561	198	3	financial	financial	ADJ
fbem-4561	198	4	economics,2014,114(1):125	economics,2014,114(1):125	PROPN
fbem-4561	198	5	-	-	SYM
fbem-4561	198	6	154	154	NUM
fbem-4561	198	7	.	.	PUNCT
fbem-4561	199	1	[	[	X
fbem-4561	199	2	9	9	NUM
fbem-4561	199	3	]	]	PUNCT
fbem-4561	199	4	walid	walid	PROPN
fbem-4561	199	5	y.	y.	PROPN
fbem-4561	199	6	busaba	busaba	PROPN
fbem-4561	199	7	,	,	PUNCT
fbem-4561	199	8	zheng	zheng	PROPN
fbem-4561	199	9	liu	liu	PROPN
fbem-4561	199	10	,	,	PUNCT
fbem-4561	199	11	felipe	felipe	PROPN
fbem-4561	199	12	restrepo	restrepo	PROPN
fbem-4561	199	13	.	.	PUNCT
fbem-4561	200	1	do	do	VERB
fbem-4561	200	2	underwriters	underwriter	NOUN
fbem-4561	200	3	price	price	VERB
fbem-4561	200	4	up	up	ADP
fbem-4561	200	5	ipos	ipos	NOUN
fbem-4561	200	6	to	to	PART
fbem-4561	200	7	prevent	prevent	VERB
fbem-4561	200	8	withdrawal?[j	withdrawal?[j	ADV
fbem-4561	200	9	]	]	PUNCT
fbem-4561	200	10	.	.	PUNCT
fbem-4561	201	1	journal	journal	PROPN
fbem-4561	201	2	of	of	ADP
fbem-4561	201	3	financial	financial	ADJ
fbem-4561	201	4	and	and	CCONJ
fbem-4561	201	5	quantitative	quantitative	ADJ
fbem-4561	201	6	analysis,2020,55(6):2005	analysis,2020,55(6):2005	PROPN
fbem-4561	201	7	-	-	PUNCT
fbem-4561	201	8	2036	2036	NUM
fbem-4561	201	9	.	.	PUNCT
fbem-4561	202	1	[	[	X
fbem-4561	202	2	10	10	NUM
fbem-4561	202	3	]	]	X
fbem-4561	202	4	yao	yao	PROPN
fbem-4561	202	5	-	-	PUNCT
fbem-4561	202	6	min	min	PROPN
fbem-4561	202	7	chiang	chiang	PROPN
fbem-4561	202	8	,	,	PUNCT
fbem-4561	202	9	michelle	michelle	PROPN
fbem-4561	202	10	lowry	lowry	PROPN
fbem-4561	202	11	,	,	PUNCT
fbem-4561	202	12	yiming	yiming	PROPN
fbem-4561	202	13	qian	qian	PROPN
fbem-4561	202	14	.	.	PUNCT
fbem-4561	203	1	the	the	DET
fbem-4561	203	2	information	information	NOUN
fbem-4561	203	3	advantage	advantage	NOUN
fbem-4561	203	4	of	of	ADP
fbem-4561	203	5	underwriters	underwriter	NOUN
fbem-4561	203	6	in	in	ADP
fbem-4561	203	7	ipos[j	ipos[j	PROPN
fbem-4561	203	8	]	]	PUNCT
fbem-4561	203	9	.	.	PUNCT
fbem-4561	204	1	management	management	NOUN
fbem-4561	204	2	science	science	NOUN
fbem-4561	204	3	,	,	PUNCT
fbem-4561	204	4	2019:62	2019:62	NUM
fbem-4561	204	5	-	-	SYM
fbem-4561	204	6	78	78	NUM
fbem-4561	204	7	.	.	PUNCT
fbem-4561	205	1	[	[	X
fbem-4561	205	2	11	11	NUM
fbem-4561	205	3	]	]	X
fbem-4561	205	4	xingqiang	xingqiang	PROPN
fbem-4561	205	5	du	du	PROPN
fbem-4561	205	6	,	,	PUNCT
fbem-4561	205	7	xu	xu	PROPN
fbem-4561	205	8	li	li	PROPN
fbem-4561	205	9	,	,	PUNCT
fbem-4561	205	10	xuejiao	xuejiao	PROPN
fbem-4561	205	11	liu	liu	PROPN
fbem-4561	205	12	,	,	PUNCT
fbem-4561	205	13	shaojuan	shaojuan	PROPN
fbem-4561	205	14	lai	lai	PROPN
fbem-4561	205	15	.	.	PUNCT
fbem-4561	206	1	underwriter	underwriter	PROPN
fbem-4561	206	2	–	–	PUNCT
fbem-4561	206	3	auditor	auditor	NOUN
fbem-4561	206	4	relationship	relationship	NOUN
fbem-4561	206	5	and	and	CCONJ
fbem-4561	206	6	pre	pre	ADJ
fbem-4561	206	7	-	-	ADJ
fbem-4561	206	8	ipo	ipo	ADJ
fbem-4561	206	9	earnings	earning	NOUN
fbem-4561	206	10	management	management	NOUN
fbem-4561	206	11	:	:	PUNCT
fbem-4561	206	12	evidence	evidence	NOUN
fbem-4561	206	13	from	from	ADP
fbem-4561	206	14	china	china	PROPN
fbem-4561	207	1	[	[	X
fbem-4561	207	2	j	j	X
fbem-4561	207	3	]	]	X
fbem-4561	207	4	.	.	PUNCT
fbem-4561	208	1	journal	journal	PROPN
fbem-4561	208	2	of	of	ADP
fbem-4561	208	3	business	business	NOUN
fbem-4561	208	4	ethics	ethic	NOUN
fbem-4561	208	5	,	,	PUNCT
fbem-4561	208	6	2018	2018	NUM
fbem-4561	208	7	,	,	PUNCT
fbem-4561	208	8	152(2	152(2	NUM
fbem-4561	208	9	):	):	PUNCT
fbem-4561	208	10	365	365	NUM
fbem-4561	208	11	-	-	SYM
fbem-4561	208	12	392	392	NUM
fbem-4561	208	13	.	.	PUNCT
fbem-4561	209	1	[	[	X
fbem-4561	209	2	12	12	NUM
fbem-4561	209	3	]	]	PUNCT
fbem-4561	209	4	jin	jin	PROPN
fbem-4561	209	5	q.	q.	PROPN
fbem-4561	209	6	jeon	jeon	PROPN
fbem-4561	209	7	,	,	PUNCT
fbem-4561	209	8	cheolwoo	cheolwoo	PROPN
fbem-4561	209	9	lee	lee	PROPN
fbem-4561	209	10	,	,	PUNCT
fbem-4561	209	11	tareque	tareque	PROPN
fbem-4561	209	12	nasser	nasser	PROPN
fbem-4561	209	13	,	,	PUNCT
fbem-4561	209	14	m.	m.	NOUN
fbem-4561	209	15	tony	tony	PROPN
fbem-4561	209	16	via	via	PROPN
fbem-4561	209	17	.	.	PUNCT
fbem-4561	209	18	multiple	multiple	ADJ
fbem-4561	209	19	lead	lead	ADJ
fbem-4561	209	20	underwriter	underwriter	NOUN
fbem-4561	209	21	ipos	ipos	NOUN
fbem-4561	209	22	and	and	CCONJ
fbem-4561	209	23	firm	firm	ADJ
fbem-4561	209	24	visibility[j	visibility[j	PROPN
fbem-4561	209	25	]	]	PUNCT
fbem-4561	209	26	.	.	PUNCT
fbem-4561	210	1	journal	journal	PROPN
fbem-4561	210	2	of	of	ADP
fbem-4561	210	3	corporate	corporate	ADJ
fbem-4561	210	4	finance,2015,32:128	finance,2015,32:128	NOUN
fbem-4561	210	5	-	-	PUNCT
fbem-4561	210	6	149	149	NUM
fbem-4561	210	7	.	.	PUNCT
fbem-4561	211	1	[	[	X
fbem-4561	211	2	13	13	NUM
fbem-4561	211	3	]	]	X
fbem-4561	211	4	kevin	kevin	PROPN
fbem-4561	211	5	k.	k.	PROPN
fbem-4561	211	6	boeh	boeh	PROPN
fbem-4561	211	7	,	,	PUNCT
fbem-4561	211	8	craig	craig	PROPN
fbem-4561	211	9	dunbar	dunbar	PROPN
fbem-4561	211	10	.	.	PUNCT
fbem-4561	212	1	underwriter	underwriter	NOUN
fbem-4561	212	2	deal	deal	NOUN
fbem-4561	212	3	pipeline	pipeline	NOUN
fbem-4561	212	4	and	and	CCONJ
fbem-4561	212	5	the	the	DET
fbem-4561	212	6	pricing	pricing	NOUN
fbem-4561	212	7	of	of	ADP
fbem-4561	212	8	ipos[j	ipos[j	PROPN
fbem-4561	212	9	]	]	PUNCT
fbem-4561	212	10	.	.	PUNCT
fbem-4561	213	1	journal	journal	PROPN
fbem-4561	213	2	of	of	ADP
fbem-4561	213	3	financial	financial	ADJ
fbem-4561	213	4	economics	economic	NOUN
fbem-4561	213	5	,	,	PUNCT
fbem-4561	213	6	2016	2016	NUM
fbem-4561	213	7	,	,	PUNCT
fbem-4561	213	8	120(2	120(2	NUM
fbem-4561	213	9	):	):	PUNCT
fbem-4561	213	10	383	383	NUM
fbem-4561	213	11	-	-	SYM
fbem-4561	213	12	399	399	NUM
fbem-4561	213	13	.	.	PUNCT
fbem-4561	214	1	[	[	X
fbem-4561	214	2	14	14	NUM
fbem-4561	214	3	]	]	X
fbem-4561	214	4	cai	cai	PROPN
fbem-4561	214	5	qingfeng	qingfeng	PROPN
fbem-4561	214	6	,	,	PUNCT
fbem-4561	214	7	guo	guo	PROPN
fbem-4561	214	8	chunsong	chunsong	PROPN
fbem-4561	214	9	,	,	PUNCT
fbem-4561	214	10	huang	huang	PROPN
fbem-4561	214	11	kaisong	kaisong	PROPN
fbem-4561	214	12	.	.	PUNCT
fbem-4561	215	1	research	research	NOUN
fbem-4561	215	2	progress	progress	NOUN
fbem-4561	215	3	on	on	ADP
fbem-4561	215	4	the	the	DET
fbem-4561	215	5	impact	impact	NOUN
fbem-4561	215	6	of	of	ADP
fbem-4561	215	7	social	social	ADJ
fbem-4561	215	8	relations	relation	NOUN
fbem-4561	215	9	and	and	CCONJ
fbem-4561	215	10	social	social	ADJ
fbem-4561	215	11	experience	experience	NOUN
fbem-4561	215	12	on	on	ADP
fbem-4561	215	13	the	the	DET
fbem-4561	215	14	capital	capital	NOUN
fbem-4561	215	15	market	market	NOUN
fbem-4561	216	1	[	[	X
fbem-4561	216	2	j	j	X
fbem-4561	216	3	]	]	X
fbem-4561	216	4	.	.	PUNCT
fbem-4561	217	1	economic	economic	ADJ
fbem-4561	217	2	trends	trend	NOUN
fbem-4561	217	3	,	,	PUNCT
fbem-4561	217	4	2016	2016	NUM
fbem-4561	217	5	(	(	PUNCT
fbem-4561	217	6	02	02	NUM
fbem-4561	217	7	):	):	PUNCT
fbem-4561	217	8	126	126	NUM
fbem-4561	217	9	-	-	SYM
fbem-4561	217	10	140	140	NUM
fbem-4561	217	11	.	.	PUNCT
fbem-4561	218	1	[	[	X
fbem-4561	218	2	15	15	NUM
fbem-4561	218	3	]	]	X
fbem-4561	218	4	cao	cao	PROPN
fbem-4561	218	5	fengqi	fengqi	PROPN
fbem-4561	218	6	.	.	PUNCT
fbem-4561	219	1	promoting	promote	VERB
fbem-4561	219	2	the	the	DET
fbem-4561	219	3	reform	reform	NOUN
fbem-4561	219	4	of	of	ADP
fbem-4561	219	5	china	china	PROPN
fbem-4561	219	6	's	's	PART
fbem-4561	219	7	stock	stock	NOUN
fbem-4561	219	8	issuance	issuance	NOUN
fbem-4561	219	9	registration	registration	NOUN
fbem-4561	219	10	system	system	NOUN
fbem-4561	220	1	[	[	X
fbem-4561	220	2	j	j	X
fbem-4561	220	3	]	]	X
fbem-4561	220	4	.	.	PUNCT
fbem-4561	221	1	nankai	nankai	PROPN
fbem-4561	221	2	journal	journal	PROPN
fbem-4561	221	3	(	(	PUNCT
fbem-4561	221	4	philosophy	philosophy	NOUN
fbem-4561	221	5	and	and	CCONJ
fbem-4561	221	6	social	social	ADJ
fbem-4561	221	7	sciences	sciences	PROPN
fbem-4561	221	8	edition	edition	NOUN
fbem-4561	221	9	)	)	PUNCT
fbem-4561	221	10	,	,	PUNCT
fbem-4561	221	11	2014	2014	NUM
fbem-4561	221	12	(	(	PUNCT
fbem-4561	221	13	02	02	NUM
fbem-4561	221	14	):	):	PUNCT
fbem-4561	221	15	118	118	NUM
fbem-4561	221	16	-	-	SYM
fbem-4561	221	17	126	126	NUM
fbem-4561	221	18	.	.	PUNCT
fbem-4561	222	1	[	[	X
fbem-4561	222	2	16	16	NUM
fbem-4561	222	3	]	]	X
fbem-4561	222	4	liu	liu	PROPN
fbem-4561	222	5	jianhua	jianhua	PROPN
fbem-4561	222	6	,	,	PUNCT
fbem-4561	222	7	sun	sun	PROPN
fbem-4561	222	8	liang	liang	PROPN
fbem-4561	222	9	,	,	PUNCT
fbem-4561	222	10	lu	lu	PROPN
fbem-4561	222	11	rui	rui	PROPN
fbem-4561	222	12	.	.	PUNCT
fbem-4561	223	1	securities	security	NOUN
fbem-4561	223	2	firm	firm	ADJ
fbem-4561	223	3	reputation	reputation	NOUN
fbem-4561	223	4	,	,	PUNCT
fbem-4561	223	5	institutional	institutional	ADJ
fbem-4561	223	6	environment	environment	NOUN
fbem-4561	223	7	and	and	CCONJ
fbem-4561	223	8	earnings	earning	NOUN
fbem-4561	223	9	management	management	NOUN
fbem-4561	223	10	of	of	ADP
fbem-4561	223	11	ipo	ipo	NOUN
fbem-4561	223	12	companies	company	NOUN
fbem-4561	223	13	[	[	X
fbem-4561	223	14	j	j	X
fbem-4561	223	15	]	]	X
fbem-4561	223	16	.	.	PUNCT
fbem-4561	224	1	journal	journal	PROPN
fbem-4561	224	2	of	of	ADP
fbem-4561	224	3	management	management	NOUN
fbem-4561	224	4	science	science	NOUN
fbem-4561	224	5	,	,	PUNCT
fbem-4561	224	6	2017	2017	NUM
fbem-4561	224	7	,	,	PUNCT
fbem-4561	224	8	20	20	NUM
fbem-4561	224	9	(	(	PUNCT
fbem-4561	224	10	07	07	NUM
fbem-4561	224	11	):	):	PUNCT
fbem-4561	224	12	24	24	NUM
fbem-4561	224	13	-	-	SYM
fbem-4561	224	14	42	42	NUM
fbem-4561	224	15	.	.	PUNCT
fbem-4561	225	1	[	[	X
fbem-4561	225	2	17	17	NUM
fbem-4561	225	3	]	]	X
fbem-4561	225	4	li	li	PROPN
fbem-4561	225	5	ting	ting	PROPN
fbem-4561	225	6	,	,	PUNCT
fbem-4561	225	7	zhao	zhao	PROPN
fbem-4561	225	8	yu	yu	PROPN
fbem-4561	225	9	,	,	PUNCT
fbem-4561	225	10	wei	wei	PROPN
fbem-4561	225	11	haoqiang	haoqiang	PROPN
fbem-4561	225	12	,	,	PUNCT
fbem-4561	225	13	lan	lan	PROPN
fbem-4561	225	14	bojing	bojing	NOUN
fbem-4561	225	15	.	.	PUNCT
fbem-4561	226	1	sponsor	sponsor	NOUN
fbem-4561	226	2	project	project	NOUN
fbem-4561	226	3	experience	experience	NOUN
fbem-4561	226	4	,	,	PUNCT
fbem-4561	226	5	ipo	ipo	PROPN
fbem-4561	226	6	review	review	NOUN
fbem-4561	226	7	and	and	CCONJ
fbem-4561	226	8	resource	resource	NOUN
fbem-4561	226	9	allocation	allocation	NOUN
fbem-4561	226	10	efficiency	efficiency	NOUN
fbem-4561	227	1	[	[	X
fbem-4561	227	2	j	j	X
fbem-4561	227	3	]	]	X
fbem-4561	227	4	.	.	PUNCT
fbem-4561	228	1	financial	financial	ADJ
fbem-4561	228	2	research	research	NOUN
fbem-4561	228	3	,	,	PUNCT
fbem-4561	228	4	2019	2019	NUM
fbem-4561	228	5	,	,	PUNCT
fbem-4561	228	6	45	45	NUM
fbem-4561	228	7	(	(	PUNCT
fbem-4561	228	8	11	11	NUM
fbem-4561	228	9	):	):	PUNCT
fbem-4561	228	10	70	70	NUM
fbem-4561	228	11	-	-	SYM
fbem-4561	228	12	82	82	NUM
fbem-4561	228	13	.	.	PUNCT
fbem-4561	229	1	[	[	X
fbem-4561	229	2	18	18	NUM
fbem-4561	229	3	]	]	X
fbem-4561	229	4	li	li	PROPN
fbem-4561	229	5	jianjun	jianjun	PROPN
fbem-4561	229	6	,	,	PUNCT
fbem-4561	229	7	tang	tang	PROPN
fbem-4561	229	8	songlian	songlian	PROPN
fbem-4561	229	9	.	.	PUNCT
fbem-4561	230	1	sponsor	sponsor	NOUN
fbem-4561	230	2	institutions	institution	NOUN
fbem-4561	230	3	,	,	PUNCT
fbem-4561	230	4	venture	venture	NOUN
fbem-4561	230	5	capital	capital	NOUN
fbem-4561	230	6	reputation	reputation	NOUN
fbem-4561	230	7	and	and	CCONJ
fbem-4561	230	8	earnings	earning	NOUN
fbem-4561	230	9	information	information	NOUN
fbem-4561	230	10	quality	quality	NOUN
fbem-4561	230	11	before	before	ADP
fbem-4561	230	12	and	and	CCONJ
fbem-4561	230	13	after	after	ADP
fbem-4561	230	14	ipo	ipo	PROPN
fbem-4561	230	15	[	[	X
fbem-4561	230	16	j	j	X
fbem-4561	230	17	]	]	X
fbem-4561	230	18	.	.	PUNCT
fbem-4561	231	1	journal	journal	PROPN
fbem-4561	231	2	of	of	ADP
fbem-4561	231	3	east	east	PROPN
fbem-4561	231	4	china	china	PROPN
fbem-4561	231	5	university	university	PROPN
fbem-4561	231	6	of	of	ADP
fbem-4561	231	7	science	science	NOUN
fbem-4561	231	8	and	and	CCONJ
fbem-4561	231	9	technology	technology	NOUN
fbem-4561	231	10	(	(	PUNCT
fbem-4561	231	11	social	social	ADJ
fbem-4561	231	12	science	science	NOUN
fbem-4561	231	13	edition	edition	PROPN
fbem-4561	231	14	)	)	PUNCT
fbem-4561	231	15	,	,	PUNCT
fbem-4561	231	16	2019	2019	NUM
fbem-4561	231	17	,	,	PUNCT
fbem-4561	231	18	34	34	NUM
fbem-4561	231	19	(	(	PUNCT
fbem-4561	231	20	03	03	NUM
fbem-4561	231	21	):	):	PUNCT
fbem-4561	231	22	51	51	NUM
fbem-4561	231	23	-	-	SYM
fbem-4561	231	24	62	62	NUM
fbem-4561	231	25	.	.	PUNCT
fbem-4561	232	1	[	[	X
fbem-4561	232	2	19	19	NUM
fbem-4561	232	3	]	]	X
fbem-4561	232	4	chen	chen	PROPN
fbem-4561	232	5	yuting	yuting	PROPN
fbem-4561	232	6	.	.	PUNCT
fbem-4561	233	1	the	the	DET
fbem-4561	233	2	entry	entry	NOUN
fbem-4561	233	3	threshold	threshold	NOUN
fbem-4561	233	4	of	of	ADP
fbem-4561	233	5	sponsor	sponsor	NOUN
fbem-4561	233	6	representatives	representative	NOUN
fbem-4561	233	7	and	and	CCONJ
fbem-4561	233	8	the	the	DET
fbem-4561	233	9	efficiency	efficiency	NOUN
fbem-4561	233	10	of	of	ADP
fbem-4561	233	11	ipo	ipo	NOUN
fbem-4561	233	12	resource	resource	NOUN
fbem-4561	233	13	allocation	allocation	NOUN
fbem-4561	233	14	-an	-an	ADP
fbem-4561	233	15	empirical	empirical	ADJ
fbem-4561	233	16	analysis	analysis	NOUN
fbem-4561	233	17	based	base	VERB
fbem-4561	233	18	on	on	ADP
fbem-4561	233	19	china	china	PROPN
fbem-4561	233	20	's	's	PART
fbem-4561	233	21	a	a	DET
fbem-4561	233	22	-	-	PUNCT
fbem-4561	233	23	share	share	NOUN
fbem-4561	233	24	market	market	NOUN
fbem-4561	234	1	[	[	X
fbem-4561	234	2	j	j	X
fbem-4561	234	3	]	]	X
fbem-4561	234	4	.	.	PUNCT
fbem-4561	235	1	northern	northern	ADJ
fbem-4561	235	2	economic	economic	ADJ
fbem-4561	235	3	and	and	CCONJ
fbem-4561	235	4	trade	trade	NOUN
fbem-4561	235	5	,	,	PUNCT
fbem-4561	235	6	2020	2020	NUM
fbem-4561	235	7	(	(	PUNCT
fbem-4561	235	8	01	01	NUM
fbem-4561	235	9	):	):	PUNCT
fbem-4561	235	10	107	107	NUM
fbem-4561	235	11	-	-	SYM
fbem-4561	235	12	111	111	NUM
fbem-4561	235	13	.	.	PUNCT
fbem-4561	236	1	[	[	X
fbem-4561	236	2	20	20	NUM
fbem-4561	236	3	]	]	PUNCT
fbem-4561	236	4	lv	lv	PROPN
fbem-4561	236	5	jianzhuo	jianzhuo	NOUN
fbem-4561	236	6	sponsor	sponsor	NOUN
fbem-4561	236	7	reputation	reputation	NOUN
fbem-4561	236	8	and	and	CCONJ
fbem-4561	236	9	ipo	ipo	NOUN
fbem-4561	236	10	research	research	NOUN
fbem-4561	236	11	[	[	X
fbem-4561	236	12	d	d	X
fbem-4561	236	13	]	]	X
fbem-4561	236	14	.	.	PUNCT
fbem-4561	237	1	xiamen	xiamen	PROPN
fbem-4561	237	2	university	university	PROPN
fbem-4561	237	3	,	,	PUNCT
fbem-4561	237	4	2019	2019	NUM
fbem-4561	237	5	.	.	PUNCT
fbem-4561	238	1	[	[	X
fbem-4561	238	2	21	21	NUM
fbem-4561	238	3	]	]	PUNCT
fbem-4561	238	4	ren	ren	NOUN
fbem-4561	238	5	zeyu	zeyu	NOUN
fbem-4561	238	6	.	.	PUNCT
fbem-4561	239	1	reputation	reputation	NOUN
fbem-4561	239	2	effect	effect	NOUN
fbem-4561	239	3	and	and	CCONJ
fbem-4561	239	4	responsibility	responsibility	NOUN
fbem-4561	239	5	of	of	ADP
fbem-4561	239	6	sponsors	sponsor	NOUN
fbem-4561	239	7	'	'	PART
fbem-4561	239	8	ipo	ipo	NOUN
fbem-4561	239	9	under	under	ADP
fbem-4561	239	10	the	the	DET
fbem-4561	239	11	classification	classification	NOUN
fbem-4561	239	12	system	system	NOUN
fbem-4561	239	13	of	of	ADP
fbem-4561	239	14	securities	security	NOUN
fbem-4561	239	15	firms	firm	NOUN
fbem-4561	239	16	-also	-also	ADV
fbem-4561	239	17	on	on	ADP
fbem-4561	239	18	the	the	DET
fbem-4561	239	19	recommendation	recommendation	NOUN
fbem-4561	239	20	system	system	NOUN
fbem-4561	239	21	of	of	ADP
fbem-4561	239	22	science	science	NOUN
fbem-4561	239	23	and	and	CCONJ
fbem-4561	239	24	technology	technology	NOUN
fbem-4561	239	25	innovation	innovation	NOUN
fbem-4561	239	26	board	board	NOUN
fbem-4561	239	27	under	under	ADP
fbem-4561	239	28	the	the	DET
fbem-4561	239	29	amendment	amendment	NOUN
fbem-4561	239	30	of	of	ADP
fbem-4561	239	31	the	the	DET
fbem-4561	239	32	securities	security	NOUN
fbem-4561	239	33	law	law	NOUN
fbem-4561	240	1	[	[	X
fbem-4561	240	2	j	j	X
fbem-4561	240	3	]	]	X
fbem-4561	240	4	.	.	PUNCT
fbem-4561	241	1	hebei	hebei	PROPN
fbem-4561	241	2	law	law	PROPN
fbem-4561	241	3	,	,	PUNCT
fbem-4561	241	4	2020,38	2020,38	NUM
fbem-4561	241	5	(	(	PUNCT
fbem-4561	241	6	06	06	NUM
fbem-4561	241	7	):	):	PUNCT
fbem-4561	241	8	167	167	NUM
fbem-4561	241	9	-	-	SYM
fbem-4561	241	10	178	178	NUM
fbem-4561	241	11	.	.	PUNCT
fbem-4561	242	1	[	[	X
fbem-4561	242	2	22	22	NUM
fbem-4561	242	3	]	]	X
fbem-4561	242	4	yi	yi	PROPN
fbem-4561	242	5	yang	yang	PROPN
fbem-4561	242	6	,	,	PUNCT
fbem-4561	242	7	tian	tian	PROPN
fbem-4561	242	8	hanyi	hanyi	PROPN
fbem-4561	242	9	,	,	PUNCT
fbem-4561	242	10	song	song	NOUN
fbem-4561	242	11	shunlin	shunlin	NOUN
fbem-4561	242	12	,	,	PUNCT
fbem-4561	242	13	tan	tan	PROPN
fbem-4561	242	14	jinsong	jinsong	PROPN
fbem-4561	242	15	.	.	PUNCT
fbem-4561	243	1	can	can	AUX
fbem-4561	243	2	chongqing	chongqe	VERB
fbem-4561	243	3	chongqing	chongqing	NOUN
fbem-4561	243	4	punish	punish	NOUN
fbem-4561	243	5	disorders	disorder	NOUN
fbem-4561	243	6	:	:	PUNCT
fbem-4561	243	7	an	an	DET
fbem-4561	243	8	analysis	analysis	NOUN
fbem-4561	243	9	of	of	ADP
fbem-4561	243	10	the	the	DET
fbem-4561	243	11	economic	economic	ADJ
fbem-4561	243	12	consequences	consequence	NOUN
fbem-4561	243	13	of	of	ADP
fbem-4561	243	14	the	the	DET
fbem-4561	243	15	violation	violation	NOUN
fbem-4561	243	16	of	of	ADP
fbem-4561	243	17	administrative	administrative	ADJ
fbem-4561	243	18	penalties	penalty	NOUN
fbem-4561	243	19	by	by	ADP
fbem-4561	243	20	sponsor	sponsor	NOUN
fbem-4561	243	21	representatives	representative	NOUN
fbem-4561	244	1	[	[	X
fbem-4561	244	2	j	j	X
fbem-4561	244	3	]	]	X
fbem-4561	244	4	.	.	PUNCT
fbem-4561	245	1	accounting	accounting	NOUN
fbem-4561	245	2	research	research	NOUN
fbem-4561	245	3	,	,	PUNCT
fbem-4561	245	4	2019	2019	NUM
fbem-4561	245	5	(	(	PUNCT
fbem-4561	245	6	05	05	NUM
fbem-4561	245	7	):	):	PUNCT
fbem-4561	245	8	33	33	NUM
fbem-4561	245	9	-	-	SYM
fbem-4561	245	10	41	41	NUM
fbem-4561	245	11	.	.	PUNCT
fbem-4561	246	1	[	[	X
fbem-4561	246	2	23	23	NUM
fbem-4561	246	3	]	]	X
fbem-4561	246	4	zhou	zhou	PROPN
fbem-4561	246	5	xiaosu	xiaosu	PROPN
fbem-4561	246	6	,	,	PUNCT
fbem-4561	246	7	wang	wang	PROPN
fbem-4561	246	8	lei	lei	PROPN
fbem-4561	246	9	.	.	PROPN
fbem-4561	246	10	reputation	reputation	NOUN
fbem-4561	246	11	of	of	ADP
fbem-4561	246	12	sponsor	sponsor	NOUN
fbem-4561	246	13	representatives	representative	NOUN
fbem-4561	246	14	,	,	PUNCT
fbem-4561	246	15	earnings	earning	NOUN
fbem-4561	246	16	management	management	NOUN
fbem-4561	246	17	of	of	ADP
fbem-4561	246	18	private	private	ADJ
fbem-4561	246	19	placement	placement	NOUN
fbem-4561	246	20	and	and	CCONJ
fbem-4561	246	21	long	long	ADJ
fbem-4561	246	22	-	-	PUNCT
fbem-4561	246	23	term	term	NOUN
fbem-4561	246	24	market	market	NOUN
fbem-4561	246	25	performance	performance	NOUN
fbem-4561	246	26	of	of	ADP
fbem-4561	246	27	stock	stock	NOUN
fbem-4561	246	28	prices	price	NOUN
fbem-4561	246	29	[	[	X
fbem-4561	246	30	j	j	X
fbem-4561	246	31	]	]	X
fbem-4561	246	32	.	.	PUNCT
fbem-4561	247	1	investment	investment	NOUN
fbem-4561	247	2	research	research	NOUN
fbem-4561	247	3	,	,	PUNCT
fbem-4561	247	4	2017,36	2017,36	NUM
fbem-4561	247	5	(	(	PUNCT
fbem-4561	247	6	05	05	NUM
fbem-4561	247	7	):	):	PUNCT
fbem-4561	247	8	29	29	NUM
fbem-4561	247	9	-	-	SYM
fbem-4561	247	10	47	47	NUM
fbem-4561	247	11	.	.	PUNCT