id	sid	tid	token	lemma	pos
fbem-4792	1	1	frontiers	frontier	NOUN
fbem-4792	1	2	in	in	ADP
fbem-4792	1	3	business	business	NOUN
fbem-4792	1	4	,	,	PUNCT
fbem-4792	1	5	economics	economic	NOUN
fbem-4792	1	6	and	and	CCONJ
fbem-4792	1	7	management	management	NOUN
fbem-4792	1	8	issn	issn	PROPN
fbem-4792	1	9	:	:	PUNCT
fbem-4792	1	10	2766	2766	NUM
fbem-4792	1	11	-	-	PUNCT
fbem-4792	1	12	824x	824x	NUM
fbem-4792	1	13	|	|	ADJ
fbem-4792	1	14	vol	vol	NOUN
fbem-4792	1	15	.	.	PUNCT
fbem-4792	2	1	7	7	NUM
fbem-4792	2	2	,	,	PUNCT
fbem-4792	2	3	no	no	INTJ
fbem-4792	2	4	.	.	NOUN
fbem-4792	2	5	2	2	NUM
fbem-4792	2	6	,	,	PUNCT
fbem-4792	2	7	2023	2023	NUM
fbem-4792	2	8	65	65	NUM
fbem-4792	2	9	research	research	NOUN
fbem-4792	2	10	on	on	ADP
fbem-4792	2	11	the	the	DET
fbem-4792	2	12	influence	influence	NOUN
fbem-4792	2	13	of	of	ADP
fbem-4792	2	14	local	local	ADJ
fbem-4792	2	15	government	government	NOUN
fbem-4792	2	16	debt	debt	NOUN
fbem-4792	2	17	on	on	ADP
fbem-4792	2	18	enterprise	enterprise	NOUN
fbem-4792	2	19	debt	debt	NOUN
fbem-4792	2	20	financing	financing	NOUN
fbem-4792	2	21	wenping	wenpe	VERB
fbem-4792	2	22	kong	kong	NOUN
fbem-4792	2	23	xi	xi	ADP
fbem-4792	2	24	'	'	PUNCT
fbem-4792	2	25	an	an	DET
fbem-4792	2	26	polytechnic	polytechnic	ADJ
fbem-4792	2	27	university	university	NOUN
fbem-4792	2	28	,	,	PUNCT
fbem-4792	2	29	xi	xi	ADP
fbem-4792	2	30	'	'	PUNCT
fbem-4792	2	31	an	an	DET
fbem-4792	2	32	710048	710048	NUM
fbem-4792	2	33	,	,	PUNCT
fbem-4792	2	34	shaanxi	shaanxi	PROPN
fbem-4792	2	35	province	province	PROPN
fbem-4792	2	36	,	,	PUNCT
fbem-4792	2	37	china	china	PROPN
fbem-4792	2	38	abstract	abstract	PROPN
fbem-4792	2	39	:	:	PUNCT
fbem-4792	2	40	in	in	ADP
fbem-4792	2	41	recent	recent	ADJ
fbem-4792	2	42	years	year	NOUN
fbem-4792	2	43	,	,	PUNCT
fbem-4792	2	44	china	china	PROPN
fbem-4792	2	45	's	's	PART
fbem-4792	2	46	local	local	ADJ
fbem-4792	2	47	government	government	NOUN
fbem-4792	2	48	debt	debt	NOUN
fbem-4792	2	49	and	and	CCONJ
fbem-4792	2	50	corporate	corporate	ADJ
fbem-4792	2	51	debt	debt	NOUN
fbem-4792	2	52	issues	issue	NOUN
fbem-4792	2	53	have	have	AUX
fbem-4792	2	54	attracted	attract	VERB
fbem-4792	2	55	the	the	DET
fbem-4792	2	56	attention	attention	NOUN
fbem-4792	2	57	of	of	ADP
fbem-4792	2	58	academia	academia	NOUN
fbem-4792	2	59	and	and	CCONJ
fbem-4792	2	60	the	the	DET
fbem-4792	2	61	government	government	NOUN
fbem-4792	2	62	.	.	PUNCT
fbem-4792	3	1	at	at	ADP
fbem-4792	3	2	present	present	ADJ
fbem-4792	3	3	,	,	PUNCT
fbem-4792	3	4	the	the	DET
fbem-4792	3	5	financing	financing	NOUN
fbem-4792	3	6	difficulties	difficulty	NOUN
fbem-4792	3	7	of	of	ADP
fbem-4792	3	8	smes	sme	NOUN
fbem-4792	3	9	have	have	AUX
fbem-4792	3	10	become	become	VERB
fbem-4792	3	11	a	a	DET
fbem-4792	3	12	problem	problem	NOUN
fbem-4792	3	13	in	in	ADP
fbem-4792	3	14	the	the	DET
fbem-4792	3	15	industry	industry	NOUN
fbem-4792	3	16	.	.	PUNCT
fbem-4792	4	1	although	although	SCONJ
fbem-4792	4	2	the	the	DET
fbem-4792	4	3	existing	exist	VERB
fbem-4792	4	4	literature	literature	NOUN
fbem-4792	4	5	has	have	AUX
fbem-4792	4	6	studied	study	VERB
fbem-4792	4	7	the	the	DET
fbem-4792	4	8	impact	impact	NOUN
fbem-4792	4	9	of	of	ADP
fbem-4792	4	10	local	local	ADJ
fbem-4792	4	11	government	government	NOUN
fbem-4792	4	12	debt	debt	NOUN
fbem-4792	4	13	on	on	ADP
fbem-4792	4	14	the	the	DET
fbem-4792	4	15	debt	debt	NOUN
fbem-4792	4	16	financing	financing	NOUN
fbem-4792	4	17	of	of	ADP
fbem-4792	4	18	micro	micro	ADJ
fbem-4792	4	19	enterprises	enterprise	NOUN
fbem-4792	4	20	,	,	PUNCT
fbem-4792	4	21	the	the	DET
fbem-4792	4	22	academic	academic	ADJ
fbem-4792	4	23	circles	circle	NOUN
fbem-4792	4	24	still	still	ADV
fbem-4792	4	25	hold	hold	VERB
fbem-4792	4	26	disputes	dispute	NOUN
fbem-4792	4	27	on	on	ADP
fbem-4792	4	28	the	the	DET
fbem-4792	4	29	"	"	PUNCT
fbem-4792	4	30	crowding	crowd	VERB
fbem-4792	4	31	out	out	ADP
fbem-4792	4	32	effect	effect	NOUN
fbem-4792	4	33	"	"	PUNCT
fbem-4792	4	34	and	and	CCONJ
fbem-4792	4	35	"	"	PUNCT
fbem-4792	4	36	crowding	crowd	VERB
fbem-4792	4	37	in	in	ADP
fbem-4792	4	38	effect	effect	NOUN
fbem-4792	4	39	"	"	PUNCT
fbem-4792	4	40	of	of	ADP
fbem-4792	4	41	local	local	ADJ
fbem-4792	4	42	government	government	NOUN
fbem-4792	4	43	debt	debt	NOUN
fbem-4792	4	44	on	on	ADP
fbem-4792	4	45	micro	micro	ADJ
fbem-4792	4	46	enterprise	enterprise	NOUN
fbem-4792	4	47	behavior	behavior	NOUN
fbem-4792	4	48	.	.	PUNCT
fbem-4792	5	1	this	this	DET
fbem-4792	5	2	paper	paper	NOUN
fbem-4792	5	3	selects	select	VERB
fbem-4792	5	4	the	the	DET
fbem-4792	5	5	panel	panel	NOUN
fbem-4792	5	6	data	datum	NOUN
fbem-4792	5	7	of	of	ADP
fbem-4792	5	8	provincial	provincial	ADJ
fbem-4792	5	9	local	local	ADJ
fbem-4792	5	10	government	government	NOUN
fbem-4792	5	11	debt	debt	NOUN
fbem-4792	5	12	and	and	CCONJ
fbem-4792	5	13	a	a	DET
fbem-4792	5	14	-	-	PUNCT
fbem-4792	5	15	share	share	NOUN
fbem-4792	5	16	listed	list	VERB
fbem-4792	5	17	companies	company	NOUN
fbem-4792	5	18	from	from	ADP
fbem-4792	5	19	2012	2012	NUM
fbem-4792	5	20	to	to	ADP
fbem-4792	5	21	2020	2020	NUM
fbem-4792	5	22	to	to	PART
fbem-4792	5	23	explore	explore	VERB
fbem-4792	5	24	the	the	DET
fbem-4792	5	25	impact	impact	NOUN
fbem-4792	5	26	of	of	ADP
fbem-4792	5	27	local	local	ADJ
fbem-4792	5	28	government	government	NOUN
fbem-4792	5	29	debt	debt	NOUN
fbem-4792	5	30	on	on	ADP
fbem-4792	5	31	corporate	corporate	ADJ
fbem-4792	5	32	debt	debt	NOUN
fbem-4792	5	33	financing	financing	NOUN
fbem-4792	5	34	from	from	ADP
fbem-4792	5	35	the	the	DET
fbem-4792	5	36	scale	scale	NOUN
fbem-4792	5	37	and	and	CCONJ
fbem-4792	5	38	structure	structure	NOUN
fbem-4792	5	39	of	of	ADP
fbem-4792	5	40	corporate	corporate	ADJ
fbem-4792	5	41	debt	debt	NOUN
fbem-4792	5	42	financing	financing	NOUN
fbem-4792	5	43	.	.	PUNCT
fbem-4792	6	1	according	accord	VERB
fbem-4792	6	2	to	to	ADP
fbem-4792	6	3	the	the	DET
fbem-4792	6	4	empirical	empirical	ADJ
fbem-4792	6	5	results	result	NOUN
fbem-4792	6	6	,	,	PUNCT
fbem-4792	6	7	the	the	DET
fbem-4792	6	8	expansion	expansion	NOUN
fbem-4792	6	9	of	of	ADP
fbem-4792	6	10	local	local	ADJ
fbem-4792	6	11	government	government	NOUN
fbem-4792	6	12	debt	debt	NOUN
fbem-4792	6	13	will	will	AUX
fbem-4792	6	14	lead	lead	VERB
fbem-4792	6	15	to	to	ADP
fbem-4792	6	16	a	a	DET
fbem-4792	6	17	decline	decline	NOUN
fbem-4792	6	18	in	in	ADP
fbem-4792	6	19	the	the	DET
fbem-4792	6	20	debt	debt	NOUN
fbem-4792	6	21	financing	financing	NOUN
fbem-4792	6	22	level	level	NOUN
fbem-4792	6	23	of	of	ADP
fbem-4792	6	24	local	local	ADJ
fbem-4792	6	25	enterprises	enterprise	NOUN
fbem-4792	6	26	.	.	PUNCT
fbem-4792	7	1	from	from	ADP
fbem-4792	7	2	the	the	DET
fbem-4792	7	3	perspective	perspective	NOUN
fbem-4792	7	4	of	of	ADP
fbem-4792	7	5	different	different	ADJ
fbem-4792	7	6	debt	debt	NOUN
fbem-4792	7	7	sources	source	NOUN
fbem-4792	7	8	,	,	PUNCT
fbem-4792	7	9	the	the	DET
fbem-4792	7	10	impact	impact	NOUN
fbem-4792	7	11	of	of	ADP
fbem-4792	7	12	local	local	ADJ
fbem-4792	7	13	government	government	NOUN
fbem-4792	7	14	debt	debt	NOUN
fbem-4792	7	15	expansion	expansion	NOUN
fbem-4792	7	16	is	be	AUX
fbem-4792	7	17	significantly	significantly	ADV
fbem-4792	7	18	different	different	ADJ
fbem-4792	7	19	.	.	PUNCT
fbem-4792	8	1	local	local	ADJ
fbem-4792	8	2	government	government	NOUN
fbem-4792	8	3	debt	debt	NOUN
fbem-4792	8	4	expansion	expansion	NOUN
fbem-4792	8	5	has	have	VERB
fbem-4792	8	6	a	a	DET
fbem-4792	8	7	strong	strong	ADJ
fbem-4792	8	8	and	and	CCONJ
fbem-4792	8	9	significant	significant	ADJ
fbem-4792	8	10	crowding	crowd	VERB
fbem-4792	8	11	out	out	ADP
fbem-4792	8	12	effect	effect	NOUN
fbem-4792	8	13	on	on	ADP
fbem-4792	8	14	corporate	corporate	ADJ
fbem-4792	8	15	financial	financial	ADJ
fbem-4792	8	16	liabilities	liability	NOUN
fbem-4792	8	17	,	,	PUNCT
fbem-4792	8	18	while	while	SCONJ
fbem-4792	8	19	this	this	DET
fbem-4792	8	20	effect	effect	NOUN
fbem-4792	8	21	on	on	ADP
fbem-4792	8	22	corporate	corporate	ADJ
fbem-4792	8	23	operating	operating	NOUN
fbem-4792	8	24	liabilities	liability	NOUN
fbem-4792	8	25	is	be	AUX
fbem-4792	8	26	weak	weak	ADJ
fbem-4792	8	27	.	.	PUNCT
fbem-4792	9	1	accordingly	accordingly	ADV
fbem-4792	9	2	,	,	PUNCT
fbem-4792	9	3	this	this	DET
fbem-4792	9	4	paper	paper	NOUN
fbem-4792	9	5	puts	put	VERB
fbem-4792	9	6	forward	forward	ADV
fbem-4792	9	7	corresponding	corresponding	ADJ
fbem-4792	9	8	suggestions	suggestion	NOUN
fbem-4792	9	9	:	:	PUNCT
fbem-4792	9	10	local	local	ADJ
fbem-4792	9	11	governments	government	NOUN
fbem-4792	9	12	should	should	AUX
fbem-4792	9	13	reasonably	reasonably	ADV
fbem-4792	9	14	control	control	VERB
fbem-4792	9	15	their	their	PRON
fbem-4792	9	16	own	own	ADJ
fbem-4792	9	17	debt	debt	NOUN
fbem-4792	9	18	scale	scale	NOUN
fbem-4792	9	19	,	,	PUNCT
fbem-4792	9	20	implement	implement	VERB
fbem-4792	9	21	differentiated	differentiated	ADJ
fbem-4792	9	22	deleveraging	deleveraging	NOUN
fbem-4792	9	23	policies	policy	NOUN
fbem-4792	9	24	according	accord	VERB
fbem-4792	9	25	to	to	ADP
fbem-4792	9	26	local	local	ADJ
fbem-4792	9	27	conditions	condition	NOUN
fbem-4792	9	28	,	,	PUNCT
fbem-4792	9	29	strengthen	strengthen	VERB
fbem-4792	9	30	the	the	DET
fbem-4792	9	31	cooperation	cooperation	NOUN
fbem-4792	9	32	between	between	ADP
fbem-4792	9	33	financing	financing	NOUN
fbem-4792	9	34	platforms	platform	NOUN
fbem-4792	9	35	and	and	CCONJ
fbem-4792	9	36	private	private	ADJ
fbem-4792	9	37	capital	capital	NOUN
fbem-4792	9	38	,	,	PUNCT
fbem-4792	9	39	vigorously	vigorously	ADV
fbem-4792	9	40	develop	develop	VERB
fbem-4792	9	41	the	the	DET
fbem-4792	9	42	direct	direct	ADJ
fbem-4792	9	43	financing	financing	NOUN
fbem-4792	9	44	market	market	NOUN
fbem-4792	9	45	,	,	PUNCT
fbem-4792	9	46	and	and	CCONJ
fbem-4792	9	47	create	create	VERB
fbem-4792	9	48	good	good	ADJ
fbem-4792	9	49	conditions	condition	NOUN
fbem-4792	9	50	for	for	ADP
fbem-4792	9	51	enterprise	enterprise	NOUN
fbem-4792	9	52	financing	financing	NOUN
fbem-4792	9	53	.	.	PUNCT
fbem-4792	10	1	keywords	keyword	NOUN
fbem-4792	10	2	:	:	PUNCT
fbem-4792	10	3	local	local	ADJ
fbem-4792	10	4	government	government	NOUN
fbem-4792	10	5	debt	debt	NOUN
fbem-4792	10	6	,	,	PUNCT
fbem-4792	10	7	corporate	corporate	ADJ
fbem-4792	10	8	debt	debt	NOUN
fbem-4792	10	9	financing	financing	NOUN
fbem-4792	10	10	,	,	PUNCT
fbem-4792	10	11	debt	debt	NOUN
fbem-4792	10	12	financing	financing	NOUN
fbem-4792	10	13	structure	structure	NOUN
fbem-4792	10	14	.	.	PUNCT
fbem-4792	11	1	1	1	X
fbem-4792	11	2	.	.	X
fbem-4792	11	3	introduction	introduction	NOUN
fbem-4792	11	4	local	local	ADJ
fbem-4792	11	5	government	government	NOUN
fbem-4792	11	6	debt	debt	NOUN
fbem-4792	11	7	has	have	AUX
fbem-4792	11	8	always	always	ADV
fbem-4792	11	9	been	be	AUX
fbem-4792	11	10	the	the	DET
fbem-4792	11	11	focus	focus	NOUN
fbem-4792	11	12	of	of	ADP
fbem-4792	11	13	academic	academic	ADJ
fbem-4792	11	14	attention	attention	NOUN
fbem-4792	11	15	.	.	PUNCT
fbem-4792	12	1	this	this	PRON
fbem-4792	12	2	is	be	AUX
fbem-4792	12	3	mainly	mainly	ADV
fbem-4792	12	4	because	because	SCONJ
fbem-4792	12	5	the	the	DET
fbem-4792	12	6	local	local	ADJ
fbem-4792	12	7	government	government	NOUN
fbem-4792	12	8	debt	debt	NOUN
fbem-4792	12	9	has	have	VERB
fbem-4792	12	10	a	a	DET
fbem-4792	12	11	wider	wide	ADJ
fbem-4792	12	12	impact	impact	NOUN
fbem-4792	12	13	,	,	PUNCT
fbem-4792	12	14	whether	whether	SCONJ
fbem-4792	12	15	on	on	ADP
fbem-4792	12	16	the	the	DET
fbem-4792	12	17	macro	macro	ADJ
fbem-4792	12	18	economy	economy	NOUN
fbem-4792	12	19	or	or	CCONJ
fbem-4792	12	20	micro	micro	ADJ
fbem-4792	12	21	enterprises	enterprise	NOUN
fbem-4792	12	22	.	.	PUNCT
fbem-4792	13	1	since	since	SCONJ
fbem-4792	13	2	2012	2012	NUM
fbem-4792	13	3	,	,	PUNCT
fbem-4792	13	4	with	with	ADP
fbem-4792	13	5	the	the	DET
fbem-4792	13	6	continuous	continuous	ADJ
fbem-4792	13	7	expansion	expansion	NOUN
fbem-4792	13	8	of	of	ADP
fbem-4792	13	9	local	local	ADJ
fbem-4792	13	10	government	government	NOUN
fbem-4792	13	11	debt	debt	NOUN
fbem-4792	13	12	,	,	PUNCT
fbem-4792	13	13	the	the	DET
fbem-4792	13	14	transparency	transparency	NOUN
fbem-4792	13	15	of	of	ADP
fbem-4792	13	16	local	local	ADJ
fbem-4792	13	17	government	government	NOUN
fbem-4792	13	18	debt	debt	NOUN
fbem-4792	13	19	in	in	ADP
fbem-4792	13	20	china	china	PROPN
fbem-4792	13	21	has	have	AUX
fbem-4792	13	22	been	be	AUX
fbem-4792	13	23	decreasing	decrease	VERB
fbem-4792	13	24	and	and	CCONJ
fbem-4792	13	25	the	the	DET
fbem-4792	13	26	debt	debt	NOUN
fbem-4792	13	27	risk	risk	NOUN
fbem-4792	13	28	has	have	AUX
fbem-4792	13	29	been	be	AUX
fbem-4792	13	30	increasing	increase	VERB
fbem-4792	13	31	.	.	PUNCT
fbem-4792	14	1	at	at	ADP
fbem-4792	14	2	present	present	ADJ
fbem-4792	14	3	,	,	PUNCT
fbem-4792	14	4	due	due	ADP
fbem-4792	14	5	to	to	ADP
fbem-4792	14	6	the	the	DET
fbem-4792	14	7	impact	impact	NOUN
fbem-4792	14	8	of	of	ADP
fbem-4792	14	9	the	the	DET
fbem-4792	14	10	epidemic	epidemic	NOUN
fbem-4792	14	11	situation	situation	NOUN
fbem-4792	14	12	,	,	PUNCT
fbem-4792	14	13	the	the	DET
fbem-4792	14	14	conflict	conflict	NOUN
fbem-4792	14	15	between	between	ADP
fbem-4792	14	16	russia	russia	PROPN
fbem-4792	14	17	and	and	CCONJ
fbem-4792	14	18	ukraine	ukraine	PROPN
fbem-4792	14	19	and	and	CCONJ
fbem-4792	14	20	other	other	ADJ
fbem-4792	14	21	external	external	ADJ
fbem-4792	14	22	factors	factor	NOUN
fbem-4792	14	23	,	,	PUNCT
fbem-4792	14	24	most	most	ADJ
fbem-4792	14	25	chinese	chinese	ADJ
fbem-4792	14	26	enterprises	enterprise	NOUN
fbem-4792	14	27	are	be	AUX
fbem-4792	14	28	facing	face	VERB
fbem-4792	14	29	difficulties	difficulty	NOUN
fbem-4792	14	30	in	in	ADP
fbem-4792	14	31	financing	financing	NOUN
fbem-4792	14	32	.	.	PUNCT
fbem-4792	15	1	with	with	ADP
fbem-4792	15	2	the	the	DET
fbem-4792	15	3	further	further	ADJ
fbem-4792	15	4	implementation	implementation	NOUN
fbem-4792	15	5	of	of	ADP
fbem-4792	15	6	the	the	DET
fbem-4792	15	7	policy	policy	NOUN
fbem-4792	15	8	of	of	ADP
fbem-4792	15	9	stable	stable	ADJ
fbem-4792	15	10	growth	growth	NOUN
fbem-4792	15	11	,	,	PUNCT
fbem-4792	15	12	the	the	DET
fbem-4792	15	13	burden	burden	NOUN
fbem-4792	15	14	of	of	ADP
fbem-4792	15	15	local	local	ADJ
fbem-4792	15	16	finance	finance	NOUN
fbem-4792	15	17	has	have	AUX
fbem-4792	15	18	become	become	VERB
fbem-4792	15	19	heavier	heavy	ADJ
fbem-4792	15	20	and	and	CCONJ
fbem-4792	15	21	heavier	heavy	ADJ
fbem-4792	15	22	.	.	PUNCT
fbem-4792	16	1	local	local	ADJ
fbem-4792	16	2	governments	government	NOUN
fbem-4792	16	3	and	and	CCONJ
fbem-4792	16	4	micro	micro	ADJ
fbem-4792	16	5	enterprises	enterprise	NOUN
fbem-4792	16	6	are	be	AUX
fbem-4792	16	7	inextricably	inextricably	ADV
fbem-4792	16	8	linked	link	VERB
fbem-4792	16	9	,	,	PUNCT
fbem-4792	16	10	and	and	CCONJ
fbem-4792	16	11	the	the	DET
fbem-4792	16	12	development	development	NOUN
fbem-4792	16	13	of	of	ADP
fbem-4792	16	14	enterprises	enterprise	NOUN
fbem-4792	16	15	can	can	AUX
fbem-4792	16	16	not	not	PART
fbem-4792	16	17	be	be	AUX
fbem-4792	16	18	separated	separate	VERB
fbem-4792	16	19	from	from	ADP
fbem-4792	16	20	the	the	DET
fbem-4792	16	21	development	development	NOUN
fbem-4792	16	22	of	of	ADP
fbem-4792	16	23	macro	macro	ADJ
fbem-4792	16	24	economy	economy	NOUN
fbem-4792	16	25	.	.	PUNCT
fbem-4792	17	1	therefore	therefore	ADV
fbem-4792	17	2	,	,	PUNCT
fbem-4792	17	3	it	it	PRON
fbem-4792	17	4	is	be	AUX
fbem-4792	17	5	of	of	ADP
fbem-4792	17	6	great	great	ADJ
fbem-4792	17	7	value	value	NOUN
fbem-4792	17	8	to	to	PART
fbem-4792	17	9	investigate	investigate	VERB
fbem-4792	17	10	the	the	DET
fbem-4792	17	11	impact	impact	NOUN
fbem-4792	17	12	of	of	ADP
fbem-4792	17	13	local	local	ADJ
fbem-4792	17	14	government	government	NOUN
fbem-4792	17	15	debt	debt	NOUN
fbem-4792	17	16	on	on	ADP
fbem-4792	17	17	corporate	corporate	ADJ
fbem-4792	17	18	debt	debt	NOUN
fbem-4792	17	19	financing	financing	NOUN
fbem-4792	17	20	,	,	PUNCT
fbem-4792	17	21	and	and	CCONJ
fbem-4792	17	22	further	far	ADV
fbem-4792	17	23	explain	explain	VERB
fbem-4792	17	24	the	the	DET
fbem-4792	17	25	current	current	ADJ
fbem-4792	17	26	difficulty	difficulty	NOUN
fbem-4792	17	27	of	of	ADP
fbem-4792	17	28	corporate	corporate	ADJ
fbem-4792	17	29	debt	debt	NOUN
fbem-4792	17	30	financing	financing	NOUN
fbem-4792	17	31	,	,	PUNCT
fbem-4792	17	32	which	which	PRON
fbem-4792	17	33	will	will	AUX
fbem-4792	17	34	help	help	VERB
fbem-4792	17	35	alleviate	alleviate	VERB
fbem-4792	17	36	the	the	DET
fbem-4792	17	37	current	current	ADJ
fbem-4792	17	38	problem	problem	NOUN
fbem-4792	17	39	of	of	ADP
fbem-4792	17	40	corporate	corporate	ADJ
fbem-4792	17	41	debt	debt	NOUN
fbem-4792	17	42	financing	financing	NOUN
fbem-4792	17	43	.	.	PUNCT
fbem-4792	18	1	2	2	X
fbem-4792	18	2	.	.	X
fbem-4792	18	3	literature	literature	NOUN
fbem-4792	18	4	review	review	VERB
fbem-4792	18	5	whether	whether	SCONJ
fbem-4792	18	6	local	local	ADJ
fbem-4792	18	7	government	government	NOUN
fbem-4792	18	8	debt	debt	NOUN
fbem-4792	18	9	is	be	AUX
fbem-4792	18	10	squeezed	squeeze	VERB
fbem-4792	18	11	out	out	ADP
fbem-4792	18	12	of	of	ADP
fbem-4792	18	13	corporate	corporate	ADJ
fbem-4792	18	14	debt	debt	NOUN
fbem-4792	18	15	financing	financing	NOUN
fbem-4792	18	16	or	or	CCONJ
fbem-4792	18	17	included	include	VERB
fbem-4792	18	18	in	in	ADP
fbem-4792	18	19	corporate	corporate	ADJ
fbem-4792	18	20	debt	debt	NOUN
fbem-4792	18	21	financing	financing	NOUN
fbem-4792	18	22	has	have	AUX
fbem-4792	18	23	been	be	AUX
fbem-4792	18	24	controversial	controversial	ADJ
fbem-4792	18	25	in	in	ADP
fbem-4792	18	26	the	the	DET
fbem-4792	18	27	academic	academic	ADJ
fbem-4792	18	28	community	community	NOUN
fbem-4792	18	29	.	.	PUNCT
fbem-4792	19	1	most	most	ADJ
fbem-4792	19	2	scholars	scholar	NOUN
fbem-4792	19	3	believe	believe	VERB
fbem-4792	19	4	that	that	SCONJ
fbem-4792	19	5	the	the	DET
fbem-4792	19	6	expansion	expansion	NOUN
fbem-4792	19	7	of	of	ADP
fbem-4792	19	8	local	local	ADJ
fbem-4792	19	9	government	government	NOUN
fbem-4792	19	10	debt	debt	NOUN
fbem-4792	19	11	will	will	AUX
fbem-4792	19	12	affect	affect	VERB
fbem-4792	19	13	the	the	DET
fbem-4792	19	14	portfolio	portfolio	NOUN
fbem-4792	19	15	and	and	CCONJ
fbem-4792	19	16	pricing	pricing	NOUN
fbem-4792	19	17	of	of	ADP
fbem-4792	19	18	investors	investor	NOUN
fbem-4792	19	19	,	,	PUNCT
fbem-4792	19	20	and	and	CCONJ
fbem-4792	19	21	then	then	ADV
fbem-4792	19	22	affect	affect	VERB
fbem-4792	19	23	the	the	DET
fbem-4792	19	24	leverage	leverage	NOUN
fbem-4792	19	25	ratio	ratio	NOUN
fbem-4792	19	26	of	of	ADP
fbem-4792	19	27	enterprises	enterprise	NOUN
fbem-4792	19	28	,	,	PUNCT
fbem-4792	19	29	that	that	ADV
fbem-4792	19	30	is	is	ADV
fbem-4792	19	31	,	,	PUNCT
fbem-4792	19	32	government	government	NOUN
fbem-4792	19	33	debt	debt	NOUN
fbem-4792	19	34	is	be	AUX
fbem-4792	19	35	negatively	negatively	ADV
fbem-4792	19	36	correlated	correlate	VERB
fbem-4792	19	37	with	with	ADP
fbem-4792	19	38	enterprise	enterprise	NOUN
fbem-4792	19	39	debt	debt	NOUN
fbem-4792	19	40	(	(	PUNCT
fbem-4792	19	41	graham&m	graham&m	PROPN
fbem-4792	19	42	.	.	PUNCT
fbem-4792	20	1	t	t	PROPN
fbem-4792	20	2	,	,	PUNCT
fbem-4792	20	3	2014	2014	NUM
fbem-4792	20	4	;	;	PUNCT
fbem-4792	20	5	krishnamurthy&jorgensen	krishnamurthy&jorgensen	PROPN
fbem-4792	20	6	,	,	PUNCT
fbem-4792	20	7	2015)[1][2	2015)[1][2	PROPN
fbem-4792	20	8	]	]	PUNCT
fbem-4792	20	9	.	.	PUNCT
fbem-4792	21	1	the	the	DET
fbem-4792	21	2	increase	increase	NOUN
fbem-4792	21	3	of	of	ADP
fbem-4792	21	4	local	local	ADJ
fbem-4792	21	5	government	government	NOUN
fbem-4792	21	6	debt	debt	NOUN
fbem-4792	21	7	has	have	AUX
fbem-4792	21	8	pushed	push	VERB
fbem-4792	21	9	up	up	ADP
fbem-4792	21	10	the	the	DET
fbem-4792	21	11	cost	cost	NOUN
fbem-4792	21	12	of	of	ADP
fbem-4792	21	13	corporate	corporate	ADJ
fbem-4792	21	14	debt	debt	NOUN
fbem-4792	21	15	and	and	CCONJ
fbem-4792	21	16	thus	thus	ADV
fbem-4792	21	17	affected	affect	VERB
fbem-4792	21	18	the	the	DET
fbem-4792	21	19	level	level	NOUN
fbem-4792	21	20	of	of	ADP
fbem-4792	21	21	corporate	corporate	ADJ
fbem-4792	21	22	debt	debt	NOUN
fbem-4792	21	23	(	(	PUNCT
fbem-4792	21	24	wang	wang	PROPN
fbem-4792	21	25	jinxiang	jinxiang	PROPN
fbem-4792	21	26	et	et	PROPN
fbem-4792	21	27	al	al	PROPN
fbem-4792	21	28	.	.	PROPN
fbem-4792	21	29	,	,	PUNCT
fbem-4792	21	30	2020	2020	NUM
fbem-4792	21	31	;	;	PUNCT
fbem-4792	21	32	wu	wu	PROPN
fbem-4792	21	33	junpei	junpei	PROPN
fbem-4792	21	34	et	et	PROPN
fbem-4792	21	35	al	al	PROPN
fbem-4792	21	36	.	.	PROPN
fbem-4792	21	37	,	,	PUNCT
fbem-4792	21	38	2021	2021	NUM
fbem-4792	21	39	)	)	PUNCT
fbem-4792	22	1	[	[	X
fbem-4792	22	2	3][4	3][4	NUM
fbem-4792	22	3	]	]	PUNCT
fbem-4792	22	4	.	.	PUNCT
fbem-4792	23	1	considering	consider	VERB
fbem-4792	23	2	the	the	DET
fbem-4792	23	3	crowding	crowding	NOUN
fbem-4792	23	4	in	in	ADP
fbem-4792	23	5	effect	effect	NOUN
fbem-4792	23	6	of	of	ADP
fbem-4792	23	7	infrastructure	infrastructure	NOUN
fbem-4792	23	8	construction	construction	NOUN
fbem-4792	23	9	and	and	CCONJ
fbem-4792	23	10	the	the	DET
fbem-4792	23	11	crowding	crowd	VERB
fbem-4792	23	12	out	out	ADP
fbem-4792	23	13	effect	effect	NOUN
fbem-4792	23	14	of	of	ADP
fbem-4792	23	15	credit	credit	NOUN
fbem-4792	23	16	,	,	PUNCT
fbem-4792	23	17	the	the	DET
fbem-4792	23	18	impact	impact	NOUN
fbem-4792	23	19	of	of	ADP
fbem-4792	23	20	local	local	ADJ
fbem-4792	23	21	government	government	NOUN
fbem-4792	23	22	debt	debt	NOUN
fbem-4792	23	23	expansion	expansion	NOUN
fbem-4792	23	24	on	on	ADP
fbem-4792	23	25	enterprise	enterprise	NOUN
fbem-4792	23	26	financing	financing	NOUN
fbem-4792	23	27	has	have	VERB
fbem-4792	23	28	regional	regional	ADJ
fbem-4792	23	29	heterogeneity	heterogeneity	NOUN
fbem-4792	23	30	,	,	PUNCT
fbem-4792	23	31	which	which	PRON
fbem-4792	23	32	shows	show	VERB
fbem-4792	23	33	that	that	SCONJ
fbem-4792	23	34	local	local	ADJ
fbem-4792	23	35	government	government	NOUN
fbem-4792	23	36	debt	debt	NOUN
fbem-4792	23	37	expansion	expansion	NOUN
fbem-4792	23	38	will	will	AUX
fbem-4792	23	39	increase	increase	VERB
fbem-4792	23	40	the	the	DET
fbem-4792	23	41	scale	scale	NOUN
fbem-4792	23	42	of	of	ADP
fbem-4792	23	43	enterprise	enterprise	NOUN
fbem-4792	23	44	financing	financing	NOUN
fbem-4792	23	45	in	in	ADP
fbem-4792	23	46	the	the	DET
fbem-4792	23	47	eastern	eastern	ADJ
fbem-4792	23	48	region	region	NOUN
fbem-4792	23	49	but	but	CCONJ
fbem-4792	23	50	have	have	VERB
fbem-4792	23	51	no	no	DET
fbem-4792	23	52	impact	impact	NOUN
fbem-4792	23	53	on	on	ADP
fbem-4792	23	54	enterprise	enterprise	NOUN
fbem-4792	23	55	financing	financing	NOUN
fbem-4792	23	56	in	in	ADP
fbem-4792	23	57	the	the	DET
fbem-4792	23	58	western	western	ADJ
fbem-4792	23	59	region	region	NOUN
fbem-4792	23	60	(	(	PUNCT
fbem-4792	23	61	hu	hu	PROPN
fbem-4792	23	62	yumei	yumei	PROPN
fbem-4792	23	63	,	,	PUNCT
fbem-4792	23	64	2019)[5	2019)[5	PROPN
fbem-4792	23	65	]	]	PUNCT
fbem-4792	23	66	.	.	PUNCT
fbem-4792	24	1	further	further	ADJ
fbem-4792	24	2	research	research	NOUN
fbem-4792	24	3	shows	show	VERB
fbem-4792	24	4	that	that	SCONJ
fbem-4792	24	5	the	the	DET
fbem-4792	24	6	negative	negative	ADJ
fbem-4792	24	7	effect	effect	NOUN
fbem-4792	24	8	of	of	ADP
fbem-4792	24	9	local	local	ADJ
fbem-4792	24	10	government	government	NOUN
fbem-4792	24	11	debt	debt	NOUN
fbem-4792	24	12	on	on	ADP
fbem-4792	24	13	corporate	corporate	ADJ
fbem-4792	24	14	debt	debt	NOUN
fbem-4792	24	15	financing	financing	NOUN
fbem-4792	24	16	is	be	AUX
fbem-4792	24	17	more	more	ADV
fbem-4792	24	18	significant	significant	ADJ
fbem-4792	24	19	in	in	ADP
fbem-4792	24	20	regions	region	NOUN
fbem-4792	24	21	with	with	ADP
fbem-4792	24	22	large	large	ADJ
fbem-4792	24	23	scale	scale	NOUN
fbem-4792	24	24	,	,	PUNCT
fbem-4792	24	25	strong	strong	ADJ
fbem-4792	24	26	profitability	profitability	NOUN
fbem-4792	24	27	and	and	CCONJ
fbem-4792	24	28	developed	develop	VERB
fbem-4792	24	29	equity	equity	NOUN
fbem-4792	24	30	financing	financing	NOUN
fbem-4792	24	31	markets	market	NOUN
fbem-4792	24	32	(	(	PUNCT
fbem-4792	24	33	irem	irem	PROPN
fbem-4792	24	34	demirci	demirci	PROPN
fbem-4792	24	35	,	,	PUNCT
fbem-4792	24	36	2019	2019	NUM
fbem-4792	24	37	)	)	PUNCT
fbem-4792	25	1	[	[	X
fbem-4792	25	2	6	6	NUM
fbem-4792	25	3	]	]	PUNCT
fbem-4792	25	4	,	,	PUNCT
fbem-4792	25	5	and	and	CCONJ
fbem-4792	25	6	the	the	DET
fbem-4792	25	7	crowding	crowd	VERB
fbem-4792	25	8	out	out	ADP
fbem-4792	25	9	effect	effect	NOUN
fbem-4792	25	10	exists	exist	VERB
fbem-4792	25	11	in	in	ADP
fbem-4792	25	12	the	the	DET
fbem-4792	25	13	heterogeneity	heterogeneity	NOUN
fbem-4792	25	14	of	of	ADP
fbem-4792	25	15	regions	region	NOUN
fbem-4792	25	16	and	and	CCONJ
fbem-4792	25	17	enterprise	enterprise	NOUN
fbem-4792	25	18	types	type	NOUN
fbem-4792	25	19	(	(	PUNCT
fbem-4792	25	20	liang	liang	PROPN
fbem-4792	25	21	y	y	PROPN
fbem-4792	25	22	,	,	PUNCT
fbem-4792	25	23	2017	2017	NUM
fbem-4792	25	24	;	;	PUNCT
fbem-4792	25	25	liu	liu	PROPN
fbem-4792	25	26	qizhi	qizhi	PROPN
fbem-4792	25	27	and	and	CCONJ
fbem-4792	25	28	baiyun	baiyun	PROPN
fbem-4792	25	29	,	,	PUNCT
fbem-4792	25	30	2020)[7][8	2020)[7][8	NUM
fbem-4792	25	31	]	]	PUNCT
fbem-4792	25	32	.	.	PUNCT
fbem-4792	26	1	a	a	DET
fbem-4792	26	2	few	few	ADJ
fbem-4792	26	3	scholars	scholar	NOUN
fbem-4792	26	4	believe	believe	VERB
fbem-4792	26	5	that	that	SCONJ
fbem-4792	26	6	the	the	DET
fbem-4792	26	7	impact	impact	NOUN
fbem-4792	26	8	of	of	ADP
fbem-4792	26	9	local	local	ADJ
fbem-4792	26	10	government	government	NOUN
fbem-4792	26	11	debt	debt	NOUN
fbem-4792	26	12	on	on	ADP
fbem-4792	26	13	corporate	corporate	ADJ
fbem-4792	26	14	debt	debt	NOUN
fbem-4792	26	15	is	be	AUX
fbem-4792	26	16	not	not	PART
fbem-4792	26	17	negative	negative	ADJ
fbem-4792	26	18	.	.	PUNCT
fbem-4792	27	1	the	the	DET
fbem-4792	27	2	increase	increase	NOUN
fbem-4792	27	3	of	of	ADP
fbem-4792	27	4	government	government	NOUN
fbem-4792	27	5	debt	debt	NOUN
fbem-4792	27	6	will	will	AUX
fbem-4792	27	7	squeeze	squeeze	VERB
fbem-4792	27	8	out	out	ADP
fbem-4792	27	9	junk	junk	NOUN
fbem-4792	27	10	debt	debt	NOUN
fbem-4792	27	11	and	and	CCONJ
fbem-4792	27	12	squeeze	squeeze	VERB
fbem-4792	27	13	into	into	ADP
fbem-4792	27	14	the	the	DET
fbem-4792	27	15	safety	safety	NOUN
fbem-4792	27	16	debt	debt	NOUN
fbem-4792	27	17	of	of	ADP
fbem-4792	27	18	enterprises	enterprise	NOUN
fbem-4792	27	19	(	(	PUNCT
fbem-4792	27	20	chemla&hennessy	chemla&hennessy	PROPN
fbem-4792	27	21	,	,	PUNCT
fbem-4792	27	22	2016	2016	NUM
fbem-4792	27	23	)	)	PUNCT
fbem-4792	28	1	[	[	X
fbem-4792	28	2	9	9	NUM
fbem-4792	28	3	]	]	PUNCT
fbem-4792	28	4	.	.	PUNCT
fbem-4792	29	1	sun	sun	PROPN
fbem-4792	29	2	gang	gang	PROPN
fbem-4792	29	3	and	and	CCONJ
fbem-4792	29	4	zhu	zhu	PROPN
fbem-4792	29	5	kai	kai	PROPN
fbem-4792	29	6	(	(	PUNCT
fbem-4792	29	7	2017	2017	NUM
fbem-4792	29	8	)	)	PUNCT
fbem-4792	29	9	used	use	VERB
fbem-4792	29	10	data	datum	NOUN
fbem-4792	29	11	from	from	ADP
fbem-4792	29	12	247	247	NUM
fbem-4792	29	13	prefecture	prefecture	NOUN
fbem-4792	29	14	level	level	NOUN
fbem-4792	29	15	cities	city	NOUN
fbem-4792	29	16	to	to	PART
fbem-4792	29	17	test	test	VERB
fbem-4792	29	18	the	the	DET
fbem-4792	29	19	impact	impact	NOUN
fbem-4792	29	20	of	of	ADP
fbem-4792	29	21	local	local	ADJ
fbem-4792	29	22	debt	debt	NOUN
fbem-4792	29	23	governance	governance	NOUN
fbem-4792	29	24	on	on	ADP
fbem-4792	29	25	corporate	corporate	ADJ
fbem-4792	29	26	debt	debt	NOUN
fbem-4792	29	27	financing	financing	NOUN
fbem-4792	29	28	,	,	PUNCT
fbem-4792	29	29	and	and	CCONJ
fbem-4792	29	30	found	find	VERB
fbem-4792	29	31	that	that	SCONJ
fbem-4792	29	32	the	the	PRON
fbem-4792	29	33	worse	bad	ADJ
fbem-4792	29	34	the	the	DET
fbem-4792	29	35	local	local	ADJ
fbem-4792	29	36	debt	debt	NOUN
fbem-4792	29	37	governance	governance	NOUN
fbem-4792	29	38	,	,	PUNCT
fbem-4792	29	39	the	the	PRON
fbem-4792	29	40	higher	high	ADJ
fbem-4792	29	41	the	the	DET
fbem-4792	29	42	corporate	corporate	ADJ
fbem-4792	29	43	leverage	leverage	NOUN
fbem-4792	29	44	[	[	X
fbem-4792	29	45	10	10	NUM
fbem-4792	29	46	]	]	PUNCT
fbem-4792	29	47	.	.	PUNCT
fbem-4792	30	1	qu	qu	PROPN
fbem-4792	30	2	qingchun	qingchun	PROPN
fbem-4792	30	3	and	and	CCONJ
fbem-4792	30	4	zhuang	zhuang	PROPN
fbem-4792	30	5	xin	xin	PROPN
fbem-4792	30	6	(	(	PUNCT
fbem-4792	30	7	2021	2021	NUM
fbem-4792	30	8	)	)	PUNCT
fbem-4792	30	9	studied	study	VERB
fbem-4792	30	10	the	the	DET
fbem-4792	30	11	threshold	threshold	NOUN
fbem-4792	30	12	effect	effect	NOUN
fbem-4792	30	13	of	of	ADP
fbem-4792	30	14	the	the	DET
fbem-4792	30	15	degree	degree	NOUN
fbem-4792	30	16	of	of	ADP
fbem-4792	30	17	financial	financial	ADJ
fbem-4792	30	18	marketization	marketization	NOUN
fbem-4792	30	19	on	on	ADP
fbem-4792	30	20	the	the	DET
fbem-4792	30	21	impact	impact	NOUN
fbem-4792	30	22	of	of	ADP
fbem-4792	30	23	local	local	ADJ
fbem-4792	30	24	government	government	NOUN
fbem-4792	30	25	debt	debt	NOUN
fbem-4792	30	26	on	on	ADP
fbem-4792	30	27	the	the	DET
fbem-4792	30	28	scale	scale	NOUN
fbem-4792	30	29	of	of	ADP
fbem-4792	30	30	corporate	corporate	ADJ
fbem-4792	30	31	debt	debt	NOUN
fbem-4792	30	32	financing	financing	NOUN
fbem-4792	30	33	[	[	X
fbem-4792	30	34	11	11	NUM
fbem-4792	30	35	]	]	PUNCT
fbem-4792	30	36	.	.	PUNCT
fbem-4792	31	1	3	3	X
fbem-4792	31	2	.	.	X
fbem-4792	31	3	theoretical	theoretical	ADJ
fbem-4792	31	4	analysis	analysis	NOUN
fbem-4792	31	5	and	and	CCONJ
fbem-4792	31	6	research	research	NOUN
fbem-4792	31	7	hypothesis	hypothesis	NOUN
fbem-4792	31	8	3.1	3.1	NUM
fbem-4792	31	9	.	.	PUNCT
fbem-4792	32	1	local	local	ADJ
fbem-4792	32	2	government	government	NOUN
fbem-4792	32	3	debt	debt	NOUN
fbem-4792	32	4	and	and	CCONJ
fbem-4792	32	5	enterprise	enterprise	NOUN
fbem-4792	32	6	debt	debt	NOUN
fbem-4792	32	7	financing	financing	NOUN
fbem-4792	32	8	based	base	VERB
fbem-4792	32	9	on	on	ADP
fbem-4792	32	10	the	the	DET
fbem-4792	32	11	theory	theory	NOUN
fbem-4792	32	12	of	of	ADP
fbem-4792	32	13	"	"	PUNCT
fbem-4792	32	14	portfolio	portfolio	NOUN
fbem-4792	32	15	effect	effect	NOUN
fbem-4792	32	16	"	"	PUNCT
fbem-4792	32	17	,	,	PUNCT
fbem-4792	32	18	the	the	DET
fbem-4792	32	19	impact	impact	NOUN
fbem-4792	32	20	of	of	ADP
fbem-4792	32	21	local	local	ADJ
fbem-4792	32	22	government	government	NOUN
fbem-4792	32	23	debt	debt	NOUN
fbem-4792	32	24	expansion	expansion	NOUN
fbem-4792	32	25	on	on	ADP
fbem-4792	32	26	micro	micro	ADJ
fbem-4792	32	27	enterprise	enterprise	NOUN
fbem-4792	32	28	debt	debt	NOUN
fbem-4792	32	29	financing	financing	NOUN
fbem-4792	32	30	is	be	AUX
fbem-4792	32	31	reflected	reflect	VERB
fbem-4792	32	32	in	in	ADP
fbem-4792	32	33	price	price	NOUN
fbem-4792	32	34	competition	competition	NOUN
fbem-4792	32	35	mechanism	mechanism	NOUN
fbem-4792	32	36	and	and	CCONJ
fbem-4792	32	37	demand	demand	NOUN
fbem-4792	32	38	competition	competition	NOUN
fbem-4792	32	39	mechanism	mechanism	NOUN
fbem-4792	32	40	.	.	PUNCT
fbem-4792	33	1	according	accord	VERB
fbem-4792	33	2	to	to	ADP
fbem-4792	33	3	the	the	DET
fbem-4792	33	4	demand	demand	NOUN
fbem-4792	33	5	competition	competition	NOUN
fbem-4792	33	6	mechanism	mechanism	NOUN
fbem-4792	33	7	,	,	PUNCT
fbem-4792	33	8	on	on	ADP
fbem-4792	33	9	the	the	DET
fbem-4792	33	10	one	one	NUM
fbem-4792	33	11	hand	hand	NOUN
fbem-4792	33	12	,	,	PUNCT
fbem-4792	33	13	because	because	SCONJ
fbem-4792	33	14	the	the	DET
fbem-4792	33	15	government	government	NOUN
fbem-4792	33	16	can	can	AUX
fbem-4792	33	17	carry	carry	VERB
fbem-4792	33	18	out	out	ADP
fbem-4792	33	19	administrative	administrative	ADJ
fbem-4792	33	20	intervention	intervention	NOUN
fbem-4792	33	21	on	on	ADP
fbem-4792	33	22	66	66	NUM
fbem-4792	33	23	banks	bank	NOUN
fbem-4792	33	24	to	to	ADP
fbem-4792	33	25	a	a	DET
fbem-4792	33	26	certain	certain	ADJ
fbem-4792	33	27	extent	extent	NOUN
fbem-4792	33	28	,	,	PUNCT
fbem-4792	33	29	based	base	VERB
fbem-4792	33	30	on	on	ADP
fbem-4792	33	31	the	the	DET
fbem-4792	33	32	needs	need	NOUN
fbem-4792	33	33	of	of	ADP
fbem-4792	33	34	safe	safe	ADJ
fbem-4792	33	35	operation	operation	NOUN
fbem-4792	33	36	and	and	CCONJ
fbem-4792	33	37	credit	credit	NOUN
fbem-4792	33	38	rationing	rationing	NOUN
fbem-4792	33	39	,	,	PUNCT
fbem-4792	33	40	banks	bank	NOUN
fbem-4792	33	41	will	will	AUX
fbem-4792	33	42	first	first	ADV
fbem-4792	33	43	meet	meet	VERB
fbem-4792	33	44	the	the	DET
fbem-4792	33	45	capital	capital	NOUN
fbem-4792	33	46	needs	need	NOUN
fbem-4792	33	47	of	of	ADP
fbem-4792	33	48	the	the	DET
fbem-4792	33	49	government	government	NOUN
fbem-4792	33	50	departments	department	NOUN
fbem-4792	33	51	,	,	PUNCT
fbem-4792	33	52	and	and	CCONJ
fbem-4792	33	53	the	the	DET
fbem-4792	33	54	credit	credit	NOUN
fbem-4792	33	55	resources	resource	NOUN
fbem-4792	33	56	of	of	ADP
fbem-4792	33	57	the	the	DET
fbem-4792	33	58	whole	whole	ADJ
fbem-4792	33	59	society	society	NOUN
fbem-4792	33	60	will	will	AUX
fbem-4792	33	61	decrease	decrease	VERB
fbem-4792	33	62	,	,	PUNCT
fbem-4792	33	63	leading	lead	VERB
fbem-4792	33	64	to	to	ADP
fbem-4792	33	65	the	the	DET
fbem-4792	33	66	reduction	reduction	NOUN
fbem-4792	33	67	of	of	ADP
fbem-4792	33	68	credit	credit	NOUN
fbem-4792	33	69	funds	fund	NOUN
fbem-4792	33	70	available	available	ADJ
fbem-4792	33	71	to	to	ADP
fbem-4792	33	72	the	the	DET
fbem-4792	33	73	enterprise	enterprise	NOUN
fbem-4792	33	74	departments	department	NOUN
fbem-4792	33	75	,	,	PUNCT
fbem-4792	33	76	which	which	PRON
fbem-4792	33	77	will	will	AUX
fbem-4792	33	78	further	far	ADV
fbem-4792	33	79	reduce	reduce	VERB
fbem-4792	33	80	the	the	DET
fbem-4792	33	81	scale	scale	NOUN
fbem-4792	33	82	of	of	ADP
fbem-4792	33	83	debt	debt	NOUN
fbem-4792	33	84	financing	financing	NOUN
fbem-4792	33	85	.	.	PUNCT
fbem-4792	34	1	on	on	ADP
fbem-4792	34	2	the	the	DET
fbem-4792	34	3	other	other	ADJ
fbem-4792	34	4	hand	hand	NOUN
fbem-4792	34	5	,	,	PUNCT
fbem-4792	34	6	the	the	DET
fbem-4792	34	7	local	local	ADJ
fbem-4792	34	8	government	government	NOUN
fbem-4792	34	9	owns	own	VERB
fbem-4792	34	10	land	land	NOUN
fbem-4792	34	11	and	and	CCONJ
fbem-4792	34	12	other	other	ADJ
fbem-4792	34	13	resources	resource	NOUN
fbem-4792	34	14	,	,	PUNCT
fbem-4792	34	15	which	which	PRON
fbem-4792	34	16	has	have	AUX
fbem-4792	34	17	become	become	VERB
fbem-4792	34	18	a	a	DET
fbem-4792	34	19	kind	kind	NOUN
fbem-4792	34	20	of	of	ADP
fbem-4792	34	21	implicit	implicit	ADJ
fbem-4792	34	22	financial	financial	ADJ
fbem-4792	34	23	guarantee	guarantee	NOUN
fbem-4792	34	24	,	,	PUNCT
fbem-4792	34	25	prompting	prompt	VERB
fbem-4792	34	26	the	the	DET
fbem-4792	34	27	local	local	ADJ
fbem-4792	34	28	government	government	NOUN
fbem-4792	34	29	to	to	PART
fbem-4792	34	30	obtain	obtain	VERB
fbem-4792	34	31	loans	loan	NOUN
fbem-4792	34	32	at	at	ADP
fbem-4792	34	33	a	a	DET
fbem-4792	34	34	lower	low	ADJ
fbem-4792	34	35	interest	interest	NOUN
fbem-4792	34	36	rate	rate	NOUN
fbem-4792	34	37	when	when	SCONJ
fbem-4792	34	38	borrowing	borrowing	NOUN
fbem-4792	34	39	,	,	PUNCT
fbem-4792	34	40	thus	thus	ADV
fbem-4792	34	41	occupying	occupy	VERB
fbem-4792	34	42	high	high	ADJ
fbem-4792	34	43	-	-	PUNCT
fbem-4792	34	44	quality	quality	NOUN
fbem-4792	34	45	resources	resource	NOUN
fbem-4792	34	46	.	.	PUNCT
fbem-4792	35	1	the	the	DET
fbem-4792	35	2	explanation	explanation	NOUN
fbem-4792	35	3	of	of	ADP
fbem-4792	35	4	price	price	NOUN
fbem-4792	35	5	competition	competition	NOUN
fbem-4792	35	6	mechanism	mechanism	NOUN
fbem-4792	35	7	is	be	AUX
fbem-4792	35	8	that	that	SCONJ
fbem-4792	35	9	when	when	SCONJ
fbem-4792	35	10	local	local	ADJ
fbem-4792	35	11	governments	government	NOUN
fbem-4792	35	12	issue	issue	VERB
fbem-4792	35	13	a	a	DET
fbem-4792	35	14	large	large	ADJ
fbem-4792	35	15	number	number	NOUN
fbem-4792	35	16	of	of	ADP
fbem-4792	35	17	bonds	bond	NOUN
fbem-4792	35	18	,	,	PUNCT
fbem-4792	35	19	the	the	DET
fbem-4792	35	20	price	price	NOUN
fbem-4792	35	21	of	of	ADP
fbem-4792	35	22	government	government	NOUN
fbem-4792	35	23	bonds	bond	NOUN
fbem-4792	35	24	will	will	AUX
fbem-4792	35	25	decline	decline	VERB
fbem-4792	35	26	and	and	CCONJ
fbem-4792	35	27	the	the	DET
fbem-4792	35	28	yield	yield	NOUN
fbem-4792	35	29	will	will	AUX
fbem-4792	35	30	rise	rise	VERB
fbem-4792	35	31	.	.	PUNCT
fbem-4792	36	1	on	on	ADP
fbem-4792	36	2	the	the	DET
fbem-4792	36	3	one	one	NUM
fbem-4792	36	4	hand	hand	NOUN
fbem-4792	36	5	,	,	PUNCT
fbem-4792	36	6	the	the	DET
fbem-4792	36	7	valuation	valuation	NOUN
fbem-4792	36	8	of	of	ADP
fbem-4792	36	9	bonds	bond	NOUN
fbem-4792	36	10	will	will	AUX
fbem-4792	36	11	decline	decline	VERB
fbem-4792	36	12	,	,	PUNCT
fbem-4792	36	13	and	and	CCONJ
fbem-4792	36	14	investors	investor	NOUN
fbem-4792	36	15	will	will	AUX
fbem-4792	36	16	reduce	reduce	VERB
fbem-4792	36	17	the	the	DET
fbem-4792	36	18	purchase	purchase	NOUN
fbem-4792	36	19	of	of	ADP
fbem-4792	36	20	such	such	ADJ
fbem-4792	36	21	bonds	bond	NOUN
fbem-4792	36	22	;	;	PUNCT
fbem-4792	36	23	on	on	ADP
fbem-4792	36	24	the	the	DET
fbem-4792	36	25	other	other	ADJ
fbem-4792	36	26	hand	hand	NOUN
fbem-4792	36	27	,	,	PUNCT
fbem-4792	36	28	when	when	SCONJ
fbem-4792	36	29	considering	consider	VERB
fbem-4792	36	30	their	their	PRON
fbem-4792	36	31	own	own	ADJ
fbem-4792	36	32	asset	asset	NOUN
fbem-4792	36	33	portfolio	portfolio	NOUN
fbem-4792	36	34	,	,	PUNCT
fbem-4792	36	35	financial	financial	ADJ
fbem-4792	36	36	institutions	institution	NOUN
fbem-4792	36	37	either	either	CCONJ
fbem-4792	36	38	invest	invest	VERB
fbem-4792	36	39	more	more	ADJ
fbem-4792	36	40	funds	fund	NOUN
fbem-4792	36	41	in	in	ADP
fbem-4792	36	42	government	government	NOUN
fbem-4792	36	43	bonds	bond	NOUN
fbem-4792	36	44	or	or	CCONJ
fbem-4792	36	45	require	require	VERB
fbem-4792	36	46	enterprises	enterprise	NOUN
fbem-4792	36	47	to	to	PART
fbem-4792	36	48	increase	increase	VERB
fbem-4792	36	49	bond	bond	NOUN
fbem-4792	36	50	yields	yield	NOUN
fbem-4792	36	51	.	.	PUNCT
fbem-4792	37	1	either	either	DET
fbem-4792	37	2	way	way	NOUN
fbem-4792	37	3	will	will	AUX
fbem-4792	37	4	increase	increase	VERB
fbem-4792	37	5	the	the	DET
fbem-4792	37	6	cost	cost	NOUN
fbem-4792	37	7	of	of	ADP
fbem-4792	37	8	debt	debt	NOUN
fbem-4792	37	9	financing	financing	NOUN
fbem-4792	37	10	for	for	ADP
fbem-4792	37	11	enterprises	enterprise	NOUN
fbem-4792	37	12	,	,	PUNCT
fbem-4792	37	13	leading	lead	VERB
fbem-4792	37	14	to	to	ADP
fbem-4792	37	15	a	a	DET
fbem-4792	37	16	reduction	reduction	NOUN
fbem-4792	37	17	in	in	ADP
fbem-4792	37	18	the	the	DET
fbem-4792	37	19	scale	scale	NOUN
fbem-4792	37	20	of	of	ADP
fbem-4792	37	21	debt	debt	NOUN
fbem-4792	37	22	financing	financing	NOUN
fbem-4792	37	23	for	for	ADP
fbem-4792	37	24	enterprises	enterprise	NOUN
fbem-4792	37	25	.	.	PUNCT
fbem-4792	38	1	therefore	therefore	ADV
fbem-4792	38	2	,	,	PUNCT
fbem-4792	38	3	hypothesis	hypothesis	NOUN
fbem-4792	38	4	1	1	NUM
fbem-4792	38	5	is	be	AUX
fbem-4792	38	6	put	put	VERB
fbem-4792	38	7	forward	forward	ADV
fbem-4792	38	8	:	:	PUNCT
fbem-4792	38	9	the	the	DET
fbem-4792	38	10	expansion	expansion	NOUN
fbem-4792	38	11	of	of	ADP
fbem-4792	38	12	local	local	ADJ
fbem-4792	38	13	government	government	NOUN
fbem-4792	38	14	debt	debt	NOUN
fbem-4792	38	15	will	will	AUX
fbem-4792	38	16	cause	cause	VERB
fbem-4792	38	17	the	the	DET
fbem-4792	38	18	decline	decline	NOUN
fbem-4792	38	19	of	of	ADP
fbem-4792	38	20	enterprise	enterprise	NOUN
fbem-4792	38	21	debt	debt	NOUN
fbem-4792	38	22	financing	financing	NOUN
fbem-4792	38	23	scale	scale	NOUN
fbem-4792	38	24	.	.	PUNCT
fbem-4792	39	1	3.2	3.2	NUM
fbem-4792	39	2	.	.	PUNCT
fbem-4792	40	1	local	local	ADJ
fbem-4792	40	2	government	government	NOUN
fbem-4792	40	3	debt	debt	NOUN
fbem-4792	40	4	,	,	PUNCT
fbem-4792	40	5	enterprise	enterprise	NOUN
fbem-4792	40	6	financial	financial	ADJ
fbem-4792	40	7	debt	debt	NOUN
fbem-4792	40	8	and	and	CCONJ
fbem-4792	40	9	operating	operate	VERB
fbem-4792	40	10	debt	debt	NOUN
fbem-4792	40	11	in	in	ADP
fbem-4792	40	12	order	order	NOUN
fbem-4792	40	13	to	to	PART
fbem-4792	40	14	explore	explore	VERB
fbem-4792	40	15	the	the	DET
fbem-4792	40	16	relationship	relationship	NOUN
fbem-4792	40	17	between	between	ADP
fbem-4792	40	18	government	government	NOUN
fbem-4792	40	19	debt	debt	NOUN
fbem-4792	40	20	and	and	CCONJ
fbem-4792	40	21	different	different	ADJ
fbem-4792	40	22	sources	source	NOUN
fbem-4792	40	23	of	of	ADP
fbem-4792	40	24	corporate	corporate	ADJ
fbem-4792	40	25	debt	debt	NOUN
fbem-4792	40	26	,	,	PUNCT
fbem-4792	40	27	corporate	corporate	ADJ
fbem-4792	40	28	debt	debt	NOUN
fbem-4792	40	29	is	be	AUX
fbem-4792	40	30	divided	divide	VERB
fbem-4792	40	31	into	into	ADP
fbem-4792	40	32	financial	financial	ADJ
fbem-4792	40	33	debt	debt	NOUN
fbem-4792	40	34	and	and	CCONJ
fbem-4792	40	35	operating	operate	VERB
fbem-4792	40	36	debt	debt	NOUN
fbem-4792	40	37	according	accord	VERB
fbem-4792	40	38	to	to	ADP
fbem-4792	40	39	sources	source	NOUN
fbem-4792	40	40	.	.	PUNCT
fbem-4792	41	1	it	it	PRON
fbem-4792	41	2	can	can	AUX
fbem-4792	41	3	be	be	AUX
fbem-4792	41	4	seen	see	VERB
fbem-4792	41	5	from	from	ADP
fbem-4792	41	6	the	the	DET
fbem-4792	41	7	demand	demand	NOUN
fbem-4792	41	8	competition	competition	NOUN
fbem-4792	41	9	mechanism	mechanism	NOUN
fbem-4792	41	10	that	that	PRON
fbem-4792	41	11	local	local	ADJ
fbem-4792	41	12	government	government	NOUN
fbem-4792	41	13	debt	debt	NOUN
fbem-4792	41	14	is	be	AUX
fbem-4792	41	15	mainly	mainly	ADV
fbem-4792	41	16	used	use	VERB
fbem-4792	41	17	to	to	PART
fbem-4792	41	18	squeeze	squeeze	VERB
fbem-4792	41	19	out	out	ADP
fbem-4792	41	20	the	the	DET
fbem-4792	41	21	debts	debt	NOUN
fbem-4792	41	22	of	of	ADP
fbem-4792	41	23	enterprises	enterprise	NOUN
fbem-4792	41	24	through	through	ADP
fbem-4792	41	25	the	the	DET
fbem-4792	41	26	channels	channel	NOUN
fbem-4792	41	27	of	of	ADP
fbem-4792	41	28	credit	credit	NOUN
fbem-4792	41	29	resources	resource	NOUN
fbem-4792	41	30	,	,	PUNCT
fbem-4792	41	31	while	while	SCONJ
fbem-4792	41	32	the	the	DET
fbem-4792	41	33	operational	operational	ADJ
fbem-4792	41	34	liabilities	liability	NOUN
fbem-4792	41	35	of	of	ADP
fbem-4792	41	36	enterprises	enterprise	NOUN
fbem-4792	41	37	are	be	AUX
fbem-4792	41	38	derived	derive	VERB
fbem-4792	41	39	from	from	ADP
fbem-4792	41	40	daily	daily	ADJ
fbem-4792	41	41	business	business	NOUN
fbem-4792	41	42	activities	activity	NOUN
fbem-4792	41	43	.	.	PUNCT
fbem-4792	42	1	therefore	therefore	ADV
fbem-4792	42	2	,	,	PUNCT
fbem-4792	42	3	from	from	ADP
fbem-4792	42	4	this	this	DET
fbem-4792	42	5	perspective	perspective	NOUN
fbem-4792	42	6	,	,	PUNCT
fbem-4792	42	7	the	the	DET
fbem-4792	42	8	expansion	expansion	NOUN
fbem-4792	42	9	of	of	ADP
fbem-4792	42	10	local	local	ADJ
fbem-4792	42	11	government	government	NOUN
fbem-4792	42	12	debt	debt	NOUN
fbem-4792	42	13	is	be	AUX
fbem-4792	42	14	mainly	mainly	ADV
fbem-4792	42	15	used	use	VERB
fbem-4792	42	16	to	to	PART
fbem-4792	42	17	squeeze	squeeze	VERB
fbem-4792	42	18	out	out	ADP
fbem-4792	42	19	financial	financial	ADJ
fbem-4792	42	20	liabilities	liability	NOUN
fbem-4792	42	21	rather	rather	ADV
fbem-4792	42	22	than	than	ADP
fbem-4792	42	23	operational	operational	ADJ
fbem-4792	42	24	liabilities	liability	NOUN
fbem-4792	42	25	of	of	ADP
fbem-4792	42	26	enterprises	enterprise	NOUN
fbem-4792	42	27	through	through	ADP
fbem-4792	42	28	credit	credit	NOUN
fbem-4792	42	29	channels	channel	NOUN
fbem-4792	42	30	.	.	PUNCT
fbem-4792	43	1	secondly	secondly	ADV
fbem-4792	43	2	,	,	PUNCT
fbem-4792	43	3	as	as	ADV
fbem-4792	43	4	far	far	ADV
fbem-4792	43	5	as	as	SCONJ
fbem-4792	43	6	the	the	DET
fbem-4792	43	7	cost	cost	NOUN
fbem-4792	43	8	of	of	ADP
fbem-4792	43	9	debt	debt	NOUN
fbem-4792	43	10	is	be	AUX
fbem-4792	43	11	concerned	concern	VERB
fbem-4792	43	12	,	,	PUNCT
fbem-4792	43	13	commercial	commercial	ADJ
fbem-4792	43	14	credit	credit	NOUN
fbem-4792	43	15	has	have	AUX
fbem-4792	43	16	not	not	PART
fbem-4792	43	17	yet	yet	ADV
fbem-4792	43	18	implemented	implement	VERB
fbem-4792	43	19	an	an	DET
fbem-4792	43	20	interest	interest	NOUN
fbem-4792	43	21	bearing	bear	VERB
fbem-4792	43	22	system	system	NOUN
fbem-4792	43	23	,	,	PUNCT
fbem-4792	43	24	and	and	CCONJ
fbem-4792	43	25	the	the	DET
fbem-4792	43	26	related	relate	VERB
fbem-4792	43	27	operational	operational	ADJ
fbem-4792	43	28	liabilities	liability	NOUN
fbem-4792	43	29	are	be	AUX
fbem-4792	43	30	low	low	ADJ
fbem-4792	43	31	-	-	PUNCT
fbem-4792	43	32	cost	cost	NOUN
fbem-4792	43	33	or	or	CCONJ
fbem-4792	43	34	even	even	ADV
fbem-4792	43	35	cost	cost	VERB
fbem-4792	43	36	free	free	ADJ
fbem-4792	43	37	;	;	PUNCT
fbem-4792	43	38	however	however	ADV
fbem-4792	43	39	,	,	PUNCT
fbem-4792	43	40	the	the	DET
fbem-4792	43	41	high	high	ADJ
fbem-4792	43	42	interest	interest	NOUN
fbem-4792	43	43	rate	rate	NOUN
fbem-4792	43	44	system	system	NOUN
fbem-4792	43	45	implemented	implement	VERB
fbem-4792	43	46	by	by	ADP
fbem-4792	43	47	bank	bank	NOUN
fbem-4792	43	48	credit	credit	NOUN
fbem-4792	43	49	and	and	CCONJ
fbem-4792	43	50	related	relate	VERB
fbem-4792	43	51	financial	financial	ADJ
fbem-4792	43	52	liabilities	liability	NOUN
fbem-4792	43	53	are	be	AUX
fbem-4792	43	54	high	high	ADJ
fbem-4792	43	55	costs	cost	NOUN
fbem-4792	43	56	.	.	PUNCT
fbem-4792	44	1	in	in	ADP
fbem-4792	44	2	addition	addition	NOUN
fbem-4792	44	3	,	,	PUNCT
fbem-4792	44	4	as	as	ADV
fbem-4792	44	5	far	far	ADV
fbem-4792	44	6	as	as	SCONJ
fbem-4792	44	7	financing	financing	NOUN
fbem-4792	44	8	of	of	ADP
fbem-4792	44	9	chinese	chinese	ADJ
fbem-4792	44	10	enterprises	enterprise	NOUN
fbem-4792	44	11	is	be	AUX
fbem-4792	44	12	concerned	concern	VERB
fbem-4792	44	13	,	,	PUNCT
fbem-4792	44	14	operational	operational	ADJ
fbem-4792	44	15	liabilities	liability	NOUN
fbem-4792	44	16	always	always	ADV
fbem-4792	44	17	take	take	VERB
fbem-4792	44	18	priority	priority	NOUN
fbem-4792	44	19	over	over	ADP
fbem-4792	44	20	financial	financial	ADJ
fbem-4792	44	21	liabilities	liability	NOUN
fbem-4792	44	22	.	.	PUNCT
fbem-4792	45	1	enterprises	enterprise	NOUN
fbem-4792	45	2	will	will	AUX
fbem-4792	45	3	first	first	ADV
fbem-4792	45	4	consider	consider	VERB
fbem-4792	45	5	adopting	adopt	VERB
fbem-4792	45	6	operational	operational	ADJ
fbem-4792	45	7	liabilities	liability	NOUN
fbem-4792	45	8	with	with	ADP
fbem-4792	45	9	low	low	ADJ
fbem-4792	45	10	costs	cost	NOUN
fbem-4792	45	11	and	and	CCONJ
fbem-4792	45	12	risks	risk	NOUN
fbem-4792	45	13	(	(	PUNCT
fbem-4792	45	14	li	li	PROPN
fbem-4792	45	15	xinhe	xinhe	PROPN
fbem-4792	45	16	et	et	PROPN
fbem-4792	45	17	al	al	PROPN
fbem-4792	45	18	.	.	PROPN
fbem-4792	45	19	,	,	PUNCT
fbem-4792	45	20	2014	2014	NUM
fbem-4792	45	21	)	)	PUNCT
fbem-4792	46	1	[	[	X
fbem-4792	46	2	12	12	NUM
fbem-4792	46	3	]	]	PUNCT
fbem-4792	46	4	.	.	PUNCT
fbem-4792	47	1	according	accord	VERB
fbem-4792	47	2	to	to	ADP
fbem-4792	47	3	the	the	DET
fbem-4792	47	4	explanation	explanation	NOUN
fbem-4792	47	5	of	of	ADP
fbem-4792	47	6	the	the	DET
fbem-4792	47	7	price	price	NOUN
fbem-4792	47	8	competition	competition	NOUN
fbem-4792	47	9	mechanism	mechanism	NOUN
fbem-4792	47	10	,	,	PUNCT
fbem-4792	47	11	the	the	DET
fbem-4792	47	12	expansion	expansion	NOUN
fbem-4792	47	13	of	of	ADP
fbem-4792	47	14	local	local	ADJ
fbem-4792	47	15	government	government	NOUN
fbem-4792	47	16	debt	debt	NOUN
fbem-4792	47	17	mainly	mainly	ADV
fbem-4792	47	18	increases	increase	VERB
fbem-4792	47	19	the	the	DET
fbem-4792	47	20	cost	cost	NOUN
fbem-4792	47	21	of	of	ADP
fbem-4792	47	22	enterprise	enterprise	NOUN
fbem-4792	47	23	debt	debt	NOUN
fbem-4792	47	24	financing	financing	NOUN
fbem-4792	47	25	.	.	PUNCT
fbem-4792	48	1	compared	compare	VERB
fbem-4792	48	2	with	with	ADP
fbem-4792	48	3	operational	operational	ADJ
fbem-4792	48	4	debt	debt	NOUN
fbem-4792	48	5	,	,	PUNCT
fbem-4792	48	6	the	the	DET
fbem-4792	48	7	cost	cost	NOUN
fbem-4792	48	8	of	of	ADP
fbem-4792	48	9	financial	financial	ADJ
fbem-4792	48	10	debt	debt	NOUN
fbem-4792	48	11	is	be	AUX
fbem-4792	48	12	much	much	ADV
fbem-4792	48	13	higher	high	ADJ
fbem-4792	48	14	than	than	ADP
fbem-4792	48	15	the	the	DET
fbem-4792	48	16	cost	cost	NOUN
fbem-4792	48	17	of	of	ADP
fbem-4792	48	18	operational	operational	ADJ
fbem-4792	48	19	debt	debt	NOUN
fbem-4792	48	20	,	,	PUNCT
fbem-4792	48	21	which	which	PRON
fbem-4792	48	22	leads	lead	VERB
fbem-4792	48	23	to	to	ADP
fbem-4792	48	24	the	the	DET
fbem-4792	48	25	fact	fact	NOUN
fbem-4792	48	26	that	that	SCONJ
fbem-4792	48	27	during	during	ADP
fbem-4792	48	28	the	the	DET
fbem-4792	48	29	period	period	NOUN
fbem-4792	48	30	of	of	ADP
fbem-4792	48	31	local	local	ADJ
fbem-4792	48	32	government	government	NOUN
fbem-4792	48	33	debt	debt	NOUN
fbem-4792	48	34	expansion	expansion	NOUN
fbem-4792	48	35	,	,	PUNCT
fbem-4792	48	36	enterprises	enterprise	NOUN
fbem-4792	48	37	will	will	AUX
fbem-4792	48	38	reduce	reduce	VERB
fbem-4792	48	39	the	the	DET
fbem-4792	48	40	scale	scale	NOUN
fbem-4792	48	41	of	of	ADP
fbem-4792	48	42	financial	financial	ADJ
fbem-4792	48	43	debt	debt	NOUN
fbem-4792	48	44	more	more	ADV
fbem-4792	48	45	compared	compare	VERB
fbem-4792	48	46	with	with	ADP
fbem-4792	48	47	operational	operational	ADJ
fbem-4792	48	48	debt	debt	NOUN
fbem-4792	48	49	.	.	PUNCT
fbem-4792	49	1	therefore	therefore	ADV
fbem-4792	49	2	,	,	PUNCT
fbem-4792	49	3	hypothesis	hypothesis	NOUN
fbem-4792	49	4	2	2	NUM
fbem-4792	49	5	is	be	AUX
fbem-4792	49	6	put	put	VERB
fbem-4792	49	7	forward	forward	ADV
fbem-4792	49	8	:	:	PUNCT
fbem-4792	49	9	the	the	DET
fbem-4792	49	10	expansion	expansion	NOUN
fbem-4792	49	11	of	of	ADP
fbem-4792	49	12	local	local	ADJ
fbem-4792	49	13	government	government	NOUN
fbem-4792	49	14	debt	debt	NOUN
fbem-4792	49	15	has	have	AUX
fbem-4792	49	16	squeezed	squeeze	VERB
fbem-4792	49	17	out	out	ADP
fbem-4792	49	18	more	more	ADV
fbem-4792	49	19	corporate	corporate	ADJ
fbem-4792	49	20	financial	financial	ADJ
fbem-4792	49	21	liabilities	liability	NOUN
fbem-4792	49	22	than	than	ADP
fbem-4792	49	23	operational	operational	ADJ
fbem-4792	49	24	liabilities	liability	NOUN
fbem-4792	49	25	.	.	PUNCT
fbem-4792	50	1	4	4	X
fbem-4792	50	2	.	.	X
fbem-4792	50	3	research	research	NOUN
fbem-4792	50	4	design	design	NOUN
fbem-4792	50	5	4.1	4.1	NUM
fbem-4792	50	6	.	.	PUNCT
fbem-4792	51	1	data	datum	NOUN
fbem-4792	51	2	source	source	NOUN
fbem-4792	51	3	there	there	PRON
fbem-4792	51	4	are	be	VERB
fbem-4792	51	5	three	three	NUM
fbem-4792	51	6	sources	source	NOUN
fbem-4792	51	7	of	of	ADP
fbem-4792	51	8	variable	variable	ADJ
fbem-4792	51	9	data	datum	NOUN
fbem-4792	51	10	selected	select	VERB
fbem-4792	51	11	in	in	ADP
fbem-4792	51	12	this	this	DET
fbem-4792	51	13	paper	paper	NOUN
fbem-4792	51	14	:	:	PUNCT
fbem-4792	51	15	(	(	PUNCT
fbem-4792	51	16	1	1	X
fbem-4792	51	17	)	)	PUNCT
fbem-4792	51	18	enterprise	enterprise	NOUN
fbem-4792	51	19	level	level	NOUN
fbem-4792	51	20	data	datum	NOUN
fbem-4792	51	21	,	,	PUNCT
fbem-4792	51	22	mainly	mainly	ADV
fbem-4792	51	23	from	from	ADP
fbem-4792	51	24	csmar	csmar	PROPN
fbem-4792	51	25	guotai'an	guotai'an	PROPN
fbem-4792	51	26	database	database	NOUN
fbem-4792	51	27	;	;	PUNCT
fbem-4792	51	28	(	(	PUNCT
fbem-4792	51	29	2	2	X
fbem-4792	51	30	)	)	PUNCT
fbem-4792	51	31	the	the	DET
fbem-4792	51	32	statistical	statistical	ADJ
fbem-4792	51	33	data	datum	NOUN
fbem-4792	51	34	at	at	ADP
fbem-4792	51	35	the	the	DET
fbem-4792	51	36	provincial	provincial	ADJ
fbem-4792	51	37	and	and	CCONJ
fbem-4792	51	38	municipal	municipal	ADJ
fbem-4792	51	39	level	level	NOUN
fbem-4792	51	40	are	be	AUX
fbem-4792	51	41	mainly	mainly	ADV
fbem-4792	51	42	from	from	ADP
fbem-4792	51	43	the	the	DET
fbem-4792	51	44	china	china	PROPN
fbem-4792	51	45	statistical	statistical	ADJ
fbem-4792	51	46	yearbook	yearbook	NOUN
fbem-4792	51	47	of	of	ADP
fbem-4792	51	48	each	each	DET
fbem-4792	51	49	year	year	NOUN
fbem-4792	51	50	;	;	PUNCT
fbem-4792	51	51	(	(	PUNCT
fbem-4792	51	52	3	3	X
fbem-4792	51	53	)	)	PUNCT
fbem-4792	51	54	the	the	DET
fbem-4792	51	55	debt	debt	NOUN
fbem-4792	51	56	data	datum	NOUN
fbem-4792	51	57	at	at	ADP
fbem-4792	51	58	the	the	DET
fbem-4792	51	59	government	government	NOUN
fbem-4792	51	60	level	level	NOUN
fbem-4792	51	61	are	be	AUX
fbem-4792	51	62	publicly	publicly	ADV
fbem-4792	51	63	available	available	ADJ
fbem-4792	51	64	through	through	ADP
fbem-4792	51	65	the	the	DET
fbem-4792	51	66	budget	budget	NOUN
fbem-4792	51	67	and	and	CCONJ
fbem-4792	51	68	final	final	ADJ
fbem-4792	51	69	accounts	account	NOUN
fbem-4792	51	70	of	of	ADP
fbem-4792	51	71	provincial	provincial	ADJ
fbem-4792	51	72	finance	finance	NOUN
fbem-4792	51	73	departments	department	NOUN
fbem-4792	51	74	.	.	PUNCT
fbem-4792	52	1	this	this	DET
fbem-4792	52	2	paper	paper	NOUN
fbem-4792	52	3	selects	select	NOUN
fbem-4792	52	4	all	all	DET
fbem-4792	52	5	listed	list	VERB
fbem-4792	52	6	non	non	ADJ
fbem-4792	52	7	-	-	ADJ
fbem-4792	52	8	financial	financial	ADJ
fbem-4792	52	9	enterprises	enterprise	NOUN
fbem-4792	52	10	in	in	ADP
fbem-4792	52	11	the	the	DET
fbem-4792	52	12	a	a	DET
fbem-4792	52	13	-	-	PUNCT
fbem-4792	52	14	share	share	NOUN
fbem-4792	52	15	market	market	NOUN
fbem-4792	52	16	from	from	ADP
fbem-4792	52	17	2012	2012	NUM
fbem-4792	52	18	to	to	ADP
fbem-4792	52	19	2020	2020	NUM
fbem-4792	52	20	as	as	ADP
fbem-4792	52	21	samples	sample	NOUN
fbem-4792	52	22	.	.	PUNCT
fbem-4792	53	1	due	due	ADP
fbem-4792	53	2	to	to	ADP
fbem-4792	53	3	the	the	DET
fbem-4792	53	4	availability	availability	NOUN
fbem-4792	53	5	of	of	ADP
fbem-4792	53	6	data	datum	NOUN
fbem-4792	53	7	,	,	PUNCT
fbem-4792	53	8	it	it	PRON
fbem-4792	53	9	proposes	propose	VERB
fbem-4792	53	10	taiwan	taiwan	PROPN
fbem-4792	53	11	province	province	PROPN
fbem-4792	53	12	,	,	PUNCT
fbem-4792	53	13	hong	hong	PROPN
fbem-4792	53	14	kong	kong	PROPN
fbem-4792	53	15	special	special	ADJ
fbem-4792	53	16	administrative	administrative	ADJ
fbem-4792	53	17	region	region	NOUN
fbem-4792	53	18	,	,	PUNCT
fbem-4792	53	19	macao	macao	PROPN
fbem-4792	53	20	special	special	ADJ
fbem-4792	53	21	administrative	administrative	ADJ
fbem-4792	53	22	region	region	NOUN
fbem-4792	53	23	and	and	CCONJ
fbem-4792	53	24	tibet	tibet	PROPN
fbem-4792	53	25	autonomous	autonomous	PROPN
fbem-4792	53	26	region	region	NOUN
fbem-4792	53	27	,	,	PUNCT
fbem-4792	53	28	and	and	CCONJ
fbem-4792	53	29	finally	finally	ADV
fbem-4792	53	30	uses	use	VERB
fbem-4792	53	31	panel	panel	NOUN
fbem-4792	53	32	data	datum	NOUN
fbem-4792	53	33	from	from	ADP
fbem-4792	53	34	30	30	NUM
fbem-4792	53	35	provinces	province	NOUN
fbem-4792	53	36	in	in	ADP
fbem-4792	53	37	china	china	PROPN
fbem-4792	53	38	.	.	PUNCT
fbem-4792	54	1	in	in	ADP
fbem-4792	54	2	order	order	NOUN
fbem-4792	54	3	to	to	PART
fbem-4792	54	4	ensure	ensure	VERB
fbem-4792	54	5	the	the	DET
fbem-4792	54	6	integrity	integrity	NOUN
fbem-4792	54	7	and	and	CCONJ
fbem-4792	54	8	validity	validity	NOUN
fbem-4792	54	9	of	of	ADP
fbem-4792	54	10	the	the	DET
fbem-4792	54	11	data	datum	NOUN
fbem-4792	54	12	,	,	PUNCT
fbem-4792	54	13	enterprises	enterprise	NOUN
fbem-4792	54	14	with	with	ADP
fbem-4792	54	15	abnormal	abnormal	ADJ
fbem-4792	54	16	financial	financial	ADJ
fbem-4792	54	17	data	datum	NOUN
fbem-4792	54	18	and	and	CCONJ
fbem-4792	54	19	serious	serious	ADJ
fbem-4792	54	20	data	datum	NOUN
fbem-4792	54	21	missing	miss	VERB
fbem-4792	54	22	were	be	AUX
fbem-4792	54	23	eliminated	eliminate	VERB
fbem-4792	54	24	.	.	PUNCT
fbem-4792	55	1	the	the	DET
fbem-4792	55	2	unbalanced	unbalanced	ADJ
fbem-4792	55	3	panel	panel	NOUN
fbem-4792	55	4	was	be	AUX
fbem-4792	55	5	treated	treat	VERB
fbem-4792	55	6	as	as	ADP
fbem-4792	55	7	a	a	DET
fbem-4792	55	8	balanced	balanced	ADJ
fbem-4792	55	9	panel	panel	NOUN
fbem-4792	55	10	,	,	PUNCT
fbem-4792	55	11	and	and	CCONJ
fbem-4792	55	12	the	the	DET
fbem-4792	55	13	continuous	continuous	ADJ
fbem-4792	55	14	variables	variable	NOUN
fbem-4792	55	15	were	be	AUX
fbem-4792	55	16	shrunk	shrink	VERB
fbem-4792	55	17	.	.	PUNCT
fbem-4792	56	1	finally	finally	ADV
fbem-4792	56	2	,	,	PUNCT
fbem-4792	56	3	the	the	DET
fbem-4792	56	4	nine	nine	NUM
fbem-4792	56	5	year	year	NOUN
fbem-4792	56	6	effective	effective	ADJ
fbem-4792	56	7	data	datum	NOUN
fbem-4792	56	8	of	of	ADP
fbem-4792	56	9	1424	1424	NUM
fbem-4792	56	10	sample	sample	NOUN
fbem-4792	56	11	enterprises	enterprise	NOUN
fbem-4792	56	12	,	,	PUNCT
fbem-4792	56	13	including	include	VERB
fbem-4792	56	14	12816	12816	NUM
fbem-4792	56	15	observations	observation	NOUN
fbem-4792	56	16	,	,	PUNCT
fbem-4792	56	17	were	be	AUX
fbem-4792	56	18	obtained	obtain	VERB
fbem-4792	56	19	.	.	PUNCT
fbem-4792	57	1	4.2	4.2	NUM
fbem-4792	57	2	.	.	PUNCT
fbem-4792	58	1	variable	variable	ADJ
fbem-4792	58	2	selection	selection	NOUN
fbem-4792	58	3	4.2.1	4.2.1	NOUN
fbem-4792	58	4	.	.	PUNCT
fbem-4792	59	1	explanatory	explanatory	ADJ
fbem-4792	59	2	variables	variable	NOUN
fbem-4792	59	3	the	the	DET
fbem-4792	59	4	explanatory	explanatory	ADJ
fbem-4792	59	5	variable	variable	NOUN
fbem-4792	59	6	of	of	ADP
fbem-4792	59	7	this	this	DET
fbem-4792	59	8	paper	paper	NOUN
fbem-4792	59	9	is	be	AUX
fbem-4792	59	10	the	the	DET
fbem-4792	59	11	level	level	NOUN
fbem-4792	59	12	of	of	ADP
fbem-4792	59	13	local	local	ADJ
fbem-4792	59	14	government	government	NOUN
fbem-4792	59	15	debt	debt	NOUN
fbem-4792	59	16	,	,	PUNCT
fbem-4792	59	17	measured	measure	VERB
fbem-4792	59	18	by	by	ADP
fbem-4792	59	19	the	the	DET
fbem-4792	59	20	local	local	ADJ
fbem-4792	59	21	government	government	NOUN
fbem-4792	59	22	debt	debt	NOUN
fbem-4792	59	23	ratio	ratio	NOUN
fbem-4792	59	24	(	(	PUNCT
fbem-4792	59	25	gdebt	gdebt	NOUN
fbem-4792	59	26	)	)	PUNCT
fbem-4792	59	27	,	,	PUNCT
fbem-4792	59	28	which	which	PRON
fbem-4792	59	29	is	be	AUX
fbem-4792	59	30	the	the	DET
fbem-4792	59	31	ratio	ratio	NOUN
fbem-4792	59	32	of	of	ADP
fbem-4792	59	33	the	the	DET
fbem-4792	59	34	debt	debt	NOUN
fbem-4792	59	35	balance	balance	NOUN
fbem-4792	59	36	that	that	PRON
fbem-4792	59	37	the	the	DET
fbem-4792	59	38	local	local	ADJ
fbem-4792	59	39	government	government	NOUN
fbem-4792	59	40	is	be	AUX
fbem-4792	59	41	responsible	responsible	ADJ
fbem-4792	59	42	for	for	ADP
fbem-4792	59	43	repaying	repay	VERB
fbem-4792	59	44	to	to	ADP
fbem-4792	59	45	the	the	DET
fbem-4792	59	46	gdp	gdp	NOUN
fbem-4792	59	47	of	of	ADP
fbem-4792	59	48	the	the	DET
fbem-4792	59	49	region	region	NOUN
fbem-4792	59	50	.	.	PUNCT
fbem-4792	60	1	4.2.2	4.2.2	X
fbem-4792	60	2	.	.	PROPN
fbem-4792	60	3	interpreted	interpret	VERB
fbem-4792	60	4	variable	variable	ADJ
fbem-4792	60	5	the	the	DET
fbem-4792	60	6	main	main	ADJ
fbem-4792	60	7	explanatory	explanatory	ADJ
fbem-4792	60	8	variable	variable	NOUN
fbem-4792	60	9	of	of	ADP
fbem-4792	60	10	this	this	DET
fbem-4792	60	11	paper	paper	NOUN
fbem-4792	60	12	is	be	AUX
fbem-4792	60	13	enterprise	enterprise	NOUN
fbem-4792	60	14	debt	debt	NOUN
fbem-4792	60	15	financing	financing	NOUN
fbem-4792	60	16	,	,	PUNCT
fbem-4792	60	17	which	which	PRON
fbem-4792	60	18	is	be	AUX
fbem-4792	60	19	measured	measure	VERB
fbem-4792	60	20	by	by	ADP
fbem-4792	60	21	the	the	DET
fbem-4792	60	22	enterprise	enterprise	NOUN
fbem-4792	60	23	's	's	PART
fbem-4792	60	24	asset	asset	NOUN
fbem-4792	60	25	liability	liability	NOUN
fbem-4792	60	26	ratio	ratio	NOUN
fbem-4792	60	27	(	(	PUNCT
fbem-4792	60	28	cdebt	cdebt	PROPN
fbem-4792	60	29	)	)	PUNCT
fbem-4792	60	30	,	,	PUNCT
fbem-4792	60	31	that	that	ADV
fbem-4792	60	32	is	is	ADV
fbem-4792	60	33	,	,	PUNCT
fbem-4792	60	34	total	total	ADJ
fbem-4792	60	35	enterprise	enterprise	NOUN
fbem-4792	60	36	debt	debt	NOUN
fbem-4792	60	37	divided	divide	VERB
fbem-4792	60	38	by	by	ADP
fbem-4792	60	39	total	total	ADJ
fbem-4792	60	40	assets	asset	NOUN
fbem-4792	60	41	.	.	PUNCT
fbem-4792	61	1	the	the	DET
fbem-4792	61	2	other	other	ADJ
fbem-4792	61	3	explanatory	explanatory	ADJ
fbem-4792	61	4	variables	variable	NOUN
fbem-4792	61	5	are	be	AUX
fbem-4792	61	6	shown	show	VERB
fbem-4792	61	7	in	in	ADP
fbem-4792	61	8	table	table	NOUN
fbem-4792	61	9	1	1	NUM
fbem-4792	61	10	.	.	PUNCT
fbem-4792	61	11	table	table	NOUN
fbem-4792	61	12	1	1	NUM
fbem-4792	61	13	.	.	PUNCT
fbem-4792	62	1	variable	variable	ADJ
fbem-4792	62	2	description	description	NOUN
fbem-4792	62	3	classification	classification	NOUN
fbem-4792	62	4	variable	variable	ADJ
fbem-4792	62	5	name	name	NOUN
fbem-4792	62	6	indicator	indicator	NOUN
fbem-4792	62	7	description	description	NOUN
fbem-4792	62	8	explanatory	explanatory	VERB
fbem-4792	62	9	variable	variable	ADJ
fbem-4792	62	10	local	local	ADJ
fbem-4792	62	11	government	government	NOUN
fbem-4792	62	12	debt	debt	NOUN
fbem-4792	62	13	level	level	NOUN
fbem-4792	62	14	local	local	ADJ
fbem-4792	62	15	government	government	NOUN
fbem-4792	62	16	debt	debt	NOUN
fbem-4792	62	17	ratio	ratio	NOUN
fbem-4792	62	18	(	(	PUNCT
fbem-4792	62	19	%	%	INTJ
fbem-4792	62	20	)	)	PUNCT
fbem-4792	62	21	explained	explain	VERB
fbem-4792	62	22	variable	variable	ADJ
fbem-4792	62	23	debt	debt	NOUN
fbem-4792	62	24	financing	financing	NOUN
fbem-4792	62	25	asset	asset	NOUN
fbem-4792	62	26	enterprise	enterprise	NOUN
fbem-4792	62	27	asset	asset	NOUN
fbem-4792	62	28	liability	liability	NOUN
fbem-4792	62	29	ratio	ratio	NOUN
fbem-4792	62	30	(	(	PUNCT
fbem-4792	62	31	%	%	INTJ
fbem-4792	62	32	)	)	PUNCT
fbem-4792	62	33	financial	financial	ADJ
fbem-4792	62	34	liabilities	liability	NOUN
fbem-4792	62	35	interest	interest	NOUN
fbem-4792	62	36	bearing	bear	VERB
fbem-4792	62	37	liabilities	liability	NOUN
fbem-4792	62	38	/	/	SYM
fbem-4792	62	39	total	total	ADJ
fbem-4792	62	40	assets	asset	NOUN
fbem-4792	62	41	(	(	PUNCT
fbem-4792	62	42	%	%	INTJ
fbem-4792	62	43	)	)	PUNCT
fbem-4792	62	44	operating	operate	VERB
fbem-4792	62	45	liabilities	liability	NOUN
fbem-4792	62	46	interest	interest	NOUN
fbem-4792	62	47	free	free	ADJ
fbem-4792	62	48	liabilities	liability	NOUN
fbem-4792	62	49	/	/	SYM
fbem-4792	62	50	total	total	ADJ
fbem-4792	62	51	assets	asset	NOUN
fbem-4792	62	52	(	(	PUNCT
fbem-4792	62	53	%	%	INTJ
fbem-4792	62	54	)	)	PUNCT
fbem-4792	62	55	control	control	VERB
fbem-4792	62	56	variable	variable	ADJ
fbem-4792	62	57	growth	growth	NOUN
fbem-4792	62	58	rate	rate	NOUN
fbem-4792	62	59	gdp	gdp	NOUN
fbem-4792	62	60	growth	growth	NOUN
fbem-4792	62	61	rate	rate	NOUN
fbem-4792	62	62	(	(	PUNCT
fbem-4792	62	63	%	%	INTJ
fbem-4792	62	64	)	)	PUNCT
fbem-4792	62	65	inflation	inflation	NOUN
fbem-4792	62	66	cpi	cpi	NOUN
fbem-4792	62	67	enterprise	enterprise	NOUN
fbem-4792	62	68	growth	growth	NOUN
fbem-4792	62	69	(	(	PUNCT
fbem-4792	62	70	amount	amount	NOUN
fbem-4792	62	71	of	of	ADP
fbem-4792	62	72	operating	operate	VERB
fbem-4792	62	73	revenue	revenue	NOUN
fbem-4792	62	74	in	in	ADP
fbem-4792	62	75	the	the	DET
fbem-4792	62	76	current	current	ADJ
fbem-4792	62	77	period	period	NOUN
fbem-4792	62	78	amount	amount	NOUN
fbem-4792	62	79	of	of	ADP
fbem-4792	62	80	operating	operate	VERB
fbem-4792	62	81	revenue	revenue	NOUN
fbem-4792	62	82	in	in	ADP
fbem-4792	62	83	the	the	DET
fbem-4792	62	84	same	same	ADJ
fbem-4792	62	85	period	period	NOUN
fbem-4792	62	86	of	of	ADP
fbem-4792	62	87	last	last	ADJ
fbem-4792	62	88	year)/amount	year)/amount	NOUN
fbem-4792	62	89	of	of	ADP
fbem-4792	62	90	operating	operate	VERB
fbem-4792	62	91	revenue	revenue	NOUN
fbem-4792	62	92	in	in	ADP
fbem-4792	62	93	the	the	DET
fbem-4792	62	94	same	same	ADJ
fbem-4792	62	95	period	period	NOUN
fbem-4792	62	96	of	of	ADP
fbem-4792	62	97	last	last	ADJ
fbem-4792	62	98	year	year	NOUN
fbem-4792	62	99	cash	cash	NOUN
fbem-4792	62	100	holding	holding	NOUN
fbem-4792	62	101	level	level	NOUN
fbem-4792	62	102	monetary	monetary	ADJ
fbem-4792	62	103	capital	capital	NOUN
fbem-4792	62	104	/	/	SYM
fbem-4792	62	105	total	total	ADJ
fbem-4792	62	106	assets	asset	NOUN
fbem-4792	62	107	enterprise	enterprise	NOUN
fbem-4792	62	108	scale	scale	NOUN
fbem-4792	62	109	logarithm	logarithm	NOUN
fbem-4792	62	110	of	of	ADP
fbem-4792	62	111	total	total	ADJ
fbem-4792	62	112	assets(yuan	assets(yuan	PROPN
fbem-4792	62	113	)	)	PUNCT
fbem-4792	62	114	return	return	NOUN
fbem-4792	62	115	on	on	ADP
fbem-4792	62	116	assets	asset	NOUN
fbem-4792	62	117	after	after	ADP
fbem-4792	62	118	tax	tax	NOUN
fbem-4792	62	119	net	net	ADJ
fbem-4792	62	120	profit	profit	NOUN
fbem-4792	62	121	/	/	SYM
fbem-4792	62	122	total	total	ADJ
fbem-4792	62	123	assets	asset	NOUN
fbem-4792	62	124	67	67	NUM
fbem-4792	62	125	4.2.3	4.2.3	NUM
fbem-4792	62	126	.	.	PUNCT
fbem-4792	63	1	control	control	NOUN
fbem-4792	63	2	variables	variable	NOUN
fbem-4792	63	3	with	with	ADP
fbem-4792	63	4	reference	reference	NOUN
fbem-4792	63	5	to	to	ADP
fbem-4792	63	6	the	the	DET
fbem-4792	63	7	practice	practice	NOUN
fbem-4792	63	8	of	of	ADP
fbem-4792	63	9	fan	fan	NOUN
fbem-4792	63	10	xiaoyun	xiaoyun	PROPN
fbem-4792	63	11	,	,	PUNCT
fbem-4792	63	12	zhu	zhu	PROPN
fbem-4792	63	13	chenhe	chenhe	NOUN
fbem-4792	63	14	,	,	PUNCT
fbem-4792	63	15	etc.[13][14	etc.[13][14	PROPN
fbem-4792	63	16	]	]	PUNCT
fbem-4792	63	17	,	,	PUNCT
fbem-4792	63	18	control	control	NOUN
fbem-4792	63	19	variables	variable	NOUN
fbem-4792	63	20	at	at	ADP
fbem-4792	63	21	the	the	DET
fbem-4792	63	22	national	national	PROPN
fbem-4792	63	23	macro	macro	ADJ
fbem-4792	63	24	level	level	NOUN
fbem-4792	63	25	and	and	CCONJ
fbem-4792	63	26	the	the	DET
fbem-4792	63	27	enterprise	enterprise	NOUN
fbem-4792	63	28	micro	micro	ADJ
fbem-4792	63	29	level	level	NOUN
fbem-4792	63	30	are	be	AUX
fbem-4792	63	31	selected	select	VERB
fbem-4792	63	32	,	,	PUNCT
fbem-4792	63	33	as	as	SCONJ
fbem-4792	63	34	shown	show	VERB
fbem-4792	63	35	in	in	ADP
fbem-4792	63	36	table	table	NOUN
fbem-4792	63	37	1	1	NUM
fbem-4792	63	38	.	.	PUNCT
fbem-4792	64	1	it	it	PRON
fbem-4792	64	2	can	can	AUX
fbem-4792	64	3	be	be	AUX
fbem-4792	64	4	seen	see	VERB
fbem-4792	64	5	from	from	ADP
fbem-4792	64	6	table	table	NOUN
fbem-4792	64	7	2	2	NUM
fbem-4792	64	8	that	that	SCONJ
fbem-4792	64	9	the	the	DET
fbem-4792	64	10	average	average	ADJ
fbem-4792	64	11	asset	asset	NOUN
fbem-4792	64	12	liability	liability	NOUN
fbem-4792	64	13	ratio	ratio	NOUN
fbem-4792	64	14	of	of	ADP
fbem-4792	64	15	the	the	DET
fbem-4792	64	16	sample	sample	NOUN
fbem-4792	64	17	enterprises	enterprise	NOUN
fbem-4792	64	18	from	from	ADP
fbem-4792	64	19	2012	2012	NUM
fbem-4792	64	20	to	to	ADP
fbem-4792	64	21	2020	2020	NUM
fbem-4792	64	22	is	be	AUX
fbem-4792	64	23	about	about	ADV
fbem-4792	64	24	44	44	NUM
fbem-4792	64	25	%	%	NOUN
fbem-4792	64	26	,	,	PUNCT
fbem-4792	64	27	the	the	DET
fbem-4792	64	28	minimum	minimum	ADJ
fbem-4792	64	29	value	value	NOUN
fbem-4792	64	30	is	be	AUX
fbem-4792	64	31	about	about	ADV
fbem-4792	64	32	1	1	NUM
fbem-4792	64	33	%	%	NOUN
fbem-4792	64	34	,	,	PUNCT
fbem-4792	64	35	and	and	CCONJ
fbem-4792	64	36	the	the	DET
fbem-4792	64	37	maximum	maximum	ADJ
fbem-4792	64	38	value	value	NOUN
fbem-4792	64	39	is	be	AUX
fbem-4792	64	40	close	close	ADJ
fbem-4792	64	41	to	to	ADP
fbem-4792	64	42	98	98	NUM
fbem-4792	64	43	%	%	NOUN
fbem-4792	64	44	,	,	PUNCT
fbem-4792	64	45	which	which	PRON
fbem-4792	64	46	indicates	indicate	VERB
fbem-4792	64	47	that	that	SCONJ
fbem-4792	64	48	the	the	DET
fbem-4792	64	49	debt	debt	NOUN
fbem-4792	64	50	levels	level	NOUN
fbem-4792	64	51	of	of	ADP
fbem-4792	64	52	different	different	ADJ
fbem-4792	64	53	companies	company	NOUN
fbem-4792	64	54	or	or	CCONJ
fbem-4792	64	55	years	year	NOUN
fbem-4792	64	56	vary	vary	VERB
fbem-4792	64	57	greatly	greatly	ADV
fbem-4792	64	58	.	.	PUNCT
fbem-4792	65	1	the	the	DET
fbem-4792	65	2	financial	financial	ADJ
fbem-4792	65	3	debt	debt	NOUN
fbem-4792	65	4	ratio	ratio	NOUN
fbem-4792	65	5	of	of	ADP
fbem-4792	65	6	the	the	DET
fbem-4792	65	7	sample	sample	NOUN
fbem-4792	65	8	enterprises	enterprise	NOUN
fbem-4792	65	9	is	be	AUX
fbem-4792	65	10	about	about	ADV
fbem-4792	65	11	17	17	NUM
fbem-4792	65	12	%	%	NOUN
fbem-4792	65	13	,	,	PUNCT
fbem-4792	65	14	and	and	CCONJ
fbem-4792	65	15	the	the	DET
fbem-4792	65	16	operating	operate	VERB
fbem-4792	65	17	debt	debt	NOUN
fbem-4792	65	18	ratio	ratio	NOUN
fbem-4792	65	19	is	be	AUX
fbem-4792	65	20	about	about	ADV
fbem-4792	65	21	21	21	NUM
fbem-4792	65	22	%	%	NOUN
fbem-4792	65	23	.	.	PUNCT
fbem-4792	66	1	the	the	DET
fbem-4792	66	2	average	average	ADJ
fbem-4792	66	3	local	local	ADJ
fbem-4792	66	4	government	government	NOUN
fbem-4792	66	5	debt	debt	NOUN
fbem-4792	66	6	ratio	ratio	NOUN
fbem-4792	66	7	is	be	AUX
fbem-4792	66	8	about	about	ADV
fbem-4792	66	9	23	23	NUM
fbem-4792	66	10	%	%	NOUN
fbem-4792	66	11	,	,	PUNCT
fbem-4792	66	12	the	the	DET
fbem-4792	66	13	minimum	minimum	ADJ
fbem-4792	66	14	value	value	NOUN
fbem-4792	66	15	is	be	AUX
fbem-4792	66	16	about	about	ADV
fbem-4792	66	17	5	5	NUM
fbem-4792	66	18	%	%	NOUN
fbem-4792	66	19	,	,	PUNCT
fbem-4792	66	20	the	the	DET
fbem-4792	66	21	maximum	maximum	ADJ
fbem-4792	66	22	value	value	NOUN
fbem-4792	66	23	is	be	AUX
fbem-4792	66	24	close	close	ADJ
fbem-4792	66	25	to	to	ADP
fbem-4792	66	26	142	142	NUM
fbem-4792	66	27	%	%	NOUN
fbem-4792	66	28	,	,	PUNCT
fbem-4792	66	29	and	and	CCONJ
fbem-4792	66	30	the	the	DET
fbem-4792	66	31	difference	difference	NOUN
fbem-4792	66	32	between	between	ADP
fbem-4792	66	33	the	the	DET
fbem-4792	66	34	maximum	maximum	NOUN
fbem-4792	66	35	and	and	CCONJ
fbem-4792	66	36	the	the	DET
fbem-4792	66	37	minimum	minimum	ADJ
fbem-4792	66	38	value	value	NOUN
fbem-4792	66	39	is	be	AUX
fbem-4792	66	40	as	as	ADV
fbem-4792	66	41	high	high	ADJ
fbem-4792	66	42	as	as	ADP
fbem-4792	66	43	137	137	NUM
fbem-4792	66	44	%	%	NOUN
fbem-4792	66	45	,	,	PUNCT
fbem-4792	66	46	indicating	indicate	VERB
fbem-4792	66	47	that	that	SCONJ
fbem-4792	66	48	the	the	DET
fbem-4792	66	49	economic	economic	ADJ
fbem-4792	66	50	scale	scale	NOUN
fbem-4792	66	51	of	of	ADP
fbem-4792	66	52	different	different	ADJ
fbem-4792	66	53	provinces	province	NOUN
fbem-4792	66	54	has	have	VERB
fbem-4792	66	55	a	a	DET
fbem-4792	66	56	large	large	ADJ
fbem-4792	66	57	difference	difference	NOUN
fbem-4792	66	58	in	in	ADP
fbem-4792	66	59	the	the	DET
fbem-4792	66	60	carrying	carry	VERB
fbem-4792	66	61	capacity	capacity	NOUN
fbem-4792	66	62	of	of	ADP
fbem-4792	66	63	local	local	ADJ
fbem-4792	66	64	debt	debt	NOUN
fbem-4792	66	65	,	,	PUNCT
fbem-4792	66	66	which	which	PRON
fbem-4792	66	67	provides	provide	VERB
fbem-4792	66	68	a	a	DET
fbem-4792	66	69	good	good	ADJ
fbem-4792	66	70	data	data	NOUN
fbem-4792	66	71	basis	basis	NOUN
fbem-4792	66	72	for	for	ADP
fbem-4792	66	73	the	the	DET
fbem-4792	66	74	empirical	empirical	ADJ
fbem-4792	66	75	study	study	NOUN
fbem-4792	66	76	in	in	ADP
fbem-4792	66	77	this	this	DET
fbem-4792	66	78	paper	paper	NOUN
fbem-4792	66	79	,	,	PUNCT
fbem-4792	66	80	and	and	CCONJ
fbem-4792	66	81	can	can	AUX
fbem-4792	66	82	easily	easily	ADV
fbem-4792	66	83	capture	capture	VERB
fbem-4792	66	84	the	the	DET
fbem-4792	66	85	impact	impact	NOUN
fbem-4792	66	86	of	of	ADP
fbem-4792	66	87	local	local	ADJ
fbem-4792	66	88	debt	debt	NOUN
fbem-4792	66	89	expansion	expansion	NOUN
fbem-4792	66	90	on	on	ADP
fbem-4792	66	91	corporate	corporate	ADJ
fbem-4792	66	92	debt	debt	NOUN
fbem-4792	66	93	financing	financing	NOUN
fbem-4792	66	94	.	.	PUNCT
fbem-4792	67	1	table	table	NOUN
fbem-4792	67	2	2	2	NUM
fbem-4792	67	3	.	.	PUNCT
fbem-4792	67	4	descriptive	descriptive	ADJ
fbem-4792	67	5	statistics	statistic	NOUN
fbem-4792	67	6	of	of	ADP
fbem-4792	67	7	variables	variable	NOUN
fbem-4792	67	8	variable	variable	ADJ
fbem-4792	67	9	number	number	NOUN
fbem-4792	67	10	of	of	ADP
fbem-4792	67	11	samples	sample	NOUN
fbem-4792	67	12	mean	mean	VERB
fbem-4792	67	13	50	50	NUM
fbem-4792	67	14	%	%	NOUN
fbem-4792	67	15	quantile	quantile	ADJ
fbem-4792	67	16	standard	standard	ADJ
fbem-4792	67	17	deviation	deviation	NOUN
fbem-4792	67	18	minimum	minimum	ADJ
fbem-4792	67	19	maximum	maximum	ADJ
fbem-4792	67	20	local	local	ADJ
fbem-4792	67	21	government	government	NOUN
fbem-4792	67	22	debt	debt	NOUN
fbem-4792	67	23	ratio	ratio	NOUN
fbem-4792	67	24	12816	12816	NUM
fbem-4792	67	25	0.232	0.232	NUM
fbem-4792	67	26	0.192	0.192	NUM
fbem-4792	67	27	0.137	0.137	NUM
fbem-4792	67	28	0.045	0.045	NUM
fbem-4792	67	29	1.423	1.423	NUM
fbem-4792	67	30	enterprise	enterprise	NOUN
fbem-4792	67	31	asset	asset	NOUN
fbem-4792	67	32	liability	liability	NOUN
fbem-4792	67	33	ratio	ratio	NOUN
fbem-4792	67	34	12816	12816	NUM
fbem-4792	67	35	0.437	0.437	NUM
fbem-4792	67	36	0.435	0.435	NUM
fbem-4792	67	37	0.202	0.202	NUM
fbem-4792	67	38	0.008	0.008	NUM
fbem-4792	67	39	0.975	0.975	NUM
fbem-4792	67	40	financial	financial	ADJ
fbem-4792	67	41	liabilities	liability	NOUN
fbem-4792	67	42	12816	12816	NUM
fbem-4792	67	43	0.167	0.167	NUM
fbem-4792	67	44	0.143	0.143	NUM
fbem-4792	67	45	0.145	0.145	NUM
fbem-4792	67	46	0.000	0.000	NUM
fbem-4792	67	47	0.760	0.760	NUM
fbem-4792	67	48	operating	operating	NOUN
fbem-4792	67	49	liabilities	liability	NOUN
fbem-4792	67	50	12816	12816	NUM
fbem-4792	67	51	0.212	0.212	NUM
fbem-4792	67	52	0.183	0.183	NUM
fbem-4792	67	53	0.130	0.130	NUM
fbem-4792	67	54	0.007	0.007	NUM
fbem-4792	67	55	0.828	0.828	NUM
fbem-4792	67	56	economic	economic	ADJ
fbem-4792	67	57	growth	growth	NOUN
fbem-4792	67	58	rate	rate	NOUN
fbem-4792	67	59	12816	12816	NUM
fbem-4792	67	60	7.281	7.281	NUM
fbem-4792	67	61	7.600	7.600	NUM
fbem-4792	67	62	2.409	2.409	NUM
fbem-4792	67	63	-5.000	-5.000	NUM
fbem-4792	67	64	13.800	13.800	NUM
fbem-4792	67	65	inflation	inflation	NOUN
fbem-4792	67	66	12816	12816	NUM
fbem-4792	67	67	102.208	102.208	NUM
fbem-4792	67	68	102.266	102.266	NUM
fbem-4792	67	69	0.573	0.573	NUM
fbem-4792	67	70	100.567	100.567	NUM
fbem-4792	67	71	103.900	103.900	NUM
fbem-4792	67	72	enterprise	enterprise	NOUN
fbem-4792	67	73	growth	growth	NOUN
fbem-4792	67	74	12816	12816	NUM
fbem-4792	67	75	0.134	0.134	NUM
fbem-4792	67	76	0.085	0.085	NUM
fbem-4792	67	77	0.333	0.333	NUM
fbem-4792	67	78	-0.518	-0.518	PROPN
fbem-4792	67	79	1.955	1.955	NUM
fbem-4792	67	80	cash	cash	NOUN
fbem-4792	67	81	holding	holding	NOUN
fbem-4792	67	82	level	level	NOUN
fbem-4792	67	83	12816	12816	NUM
fbem-4792	67	84	20.579	20.579	NUM
fbem-4792	67	85	20.461	20.461	NUM
fbem-4792	67	86	1.383	1.383	NUM
fbem-4792	67	87	12.107	12.107	NUM
fbem-4792	67	88	26.494	26.494	NUM
fbem-4792	67	89	enterprise	enterprise	NOUN
fbem-4792	67	90	scale	scale	NOUN
fbem-4792	67	91	12816	12816	NUM
fbem-4792	67	92	22.569	22.569	NUM
fbem-4792	68	1	22.378	22.378	NUM
fbem-4792	68	2	1.346	1.346	NUM
fbem-4792	68	3	19.078	19.078	NUM
fbem-4792	68	4	28.636	28.636	NUM
fbem-4792	68	5	return	return	NOUN
fbem-4792	68	6	on	on	ADP
fbem-4792	68	7	assets	asset	NOUN
fbem-4792	68	8	12816	12816	NUM
fbem-4792	68	9	0.042	0.042	NUM
fbem-4792	68	10	0.035	0.035	NUM
fbem-4792	68	11	0.059	0.059	NUM
fbem-4792	68	12	-0.662	-0.662	NOUN
fbem-4792	68	13	0.675	0.675	NUM
fbem-4792	68	14	the	the	DET
fbem-4792	68	15	previous	previous	ADJ
fbem-4792	68	16	article	article	NOUN
fbem-4792	68	17	has	have	AUX
fbem-4792	68	18	analyzed	analyze	VERB
fbem-4792	68	19	the	the	DET
fbem-4792	68	20	impact	impact	NOUN
fbem-4792	68	21	of	of	ADP
fbem-4792	68	22	local	local	ADJ
fbem-4792	68	23	government	government	NOUN
fbem-4792	68	24	debt	debt	NOUN
fbem-4792	68	25	expansion	expansion	NOUN
fbem-4792	68	26	on	on	ADP
fbem-4792	68	27	enterprise	enterprise	NOUN
fbem-4792	68	28	debt	debt	NOUN
fbem-4792	68	29	financing	financing	NOUN
fbem-4792	68	30	from	from	ADP
fbem-4792	68	31	the	the	DET
fbem-4792	68	32	theoretical	theoretical	ADJ
fbem-4792	68	33	level	level	NOUN
fbem-4792	68	34	.	.	PUNCT
fbem-4792	69	1	in	in	ADP
fbem-4792	69	2	order	order	NOUN
fbem-4792	69	3	to	to	PART
fbem-4792	69	4	explore	explore	VERB
fbem-4792	69	5	how	how	SCONJ
fbem-4792	69	6	local	local	ADJ
fbem-4792	69	7	government	government	NOUN
fbem-4792	69	8	debt	debt	NOUN
fbem-4792	69	9	expansion	expansion	NOUN
fbem-4792	69	10	affects	affect	VERB
fbem-4792	69	11	the	the	DET
fbem-4792	69	12	scale	scale	NOUN
fbem-4792	69	13	of	of	ADP
fbem-4792	69	14	enterprise	enterprise	NOUN
fbem-4792	69	15	debt	debt	NOUN
fbem-4792	69	16	financing	financing	NOUN
fbem-4792	69	17	,	,	PUNCT
fbem-4792	69	18	the	the	DET
fbem-4792	69	19	following	follow	VERB
fbem-4792	69	20	model	model	NOUN
fbem-4792	69	21	is	be	AUX
fbem-4792	69	22	constructed	construct	VERB
fbem-4792	69	23	:	:	PUNCT
fbem-4792	69	24	considering	consider	VERB
fbem-4792	69	25	the	the	DET
fbem-4792	69	26	different	different	ADJ
fbem-4792	69	27	sources	source	NOUN
fbem-4792	69	28	of	of	ADP
fbem-4792	69	29	corporate	corporate	ADJ
fbem-4792	69	30	debt	debt	NOUN
fbem-4792	69	31	financing	financing	NOUN
fbem-4792	69	32	,	,	PUNCT
fbem-4792	69	33	in	in	ADP
fbem-4792	69	34	order	order	NOUN
fbem-4792	69	35	to	to	PART
fbem-4792	69	36	more	more	ADV
fbem-4792	69	37	carefully	carefully	ADV
fbem-4792	69	38	study	study	VERB
fbem-4792	69	39	the	the	DET
fbem-4792	69	40	impact	impact	NOUN
fbem-4792	69	41	of	of	ADP
fbem-4792	69	42	local	local	ADJ
fbem-4792	69	43	government	government	NOUN
fbem-4792	69	44	debt	debt	NOUN
fbem-4792	69	45	expansion	expansion	NOUN
fbem-4792	69	46	on	on	ADP
fbem-4792	69	47	corporate	corporate	ADJ
fbem-4792	69	48	debt	debt	NOUN
fbem-4792	69	49	financing	financing	NOUN
fbem-4792	69	50	structure	structure	NOUN
fbem-4792	69	51	,	,	PUNCT
fbem-4792	69	52	the	the	DET
fbem-4792	69	53	following	follow	VERB
fbem-4792	69	54	model	model	NOUN
fbem-4792	69	55	is	be	AUX
fbem-4792	69	56	built	build	VERB
fbem-4792	69	57	:	:	PUNCT
fbem-4792	69	58	among	among	ADP
fbem-4792	69	59	them	they	PRON
fbem-4792	69	60	,	,	PUNCT
fbem-4792	69	61	cdebt	cdebt	PROPN
fbem-4792	69	62	in	in	ADP
fbem-4792	69	63	model	model	NOUN
fbem-4792	69	64	(	(	PUNCT
fbem-4792	69	65	1	1	NUM
fbem-4792	69	66	)	)	PUNCT
fbem-4792	69	67	is	be	AUX
fbem-4792	69	68	the	the	DET
fbem-4792	69	69	explanatory	explanatory	ADJ
fbem-4792	69	70	variable	variable	NOUN
fbem-4792	69	71	,	,	PUNCT
fbem-4792	69	72	representing	represent	VERB
fbem-4792	69	73	the	the	DET
fbem-4792	69	74	scale	scale	NOUN
fbem-4792	69	75	of	of	ADP
fbem-4792	69	76	corporate	corporate	ADJ
fbem-4792	69	77	debt	debt	NOUN
fbem-4792	69	78	financing	financing	NOUN
fbem-4792	69	79	;	;	PUNCT
fbem-4792	69	80	finlev	finlev	ADJ
fbem-4792	69	81	and	and	CCONJ
fbem-4792	69	82	opelev	opelev	NOUN
fbem-4792	69	83	in	in	ADP
fbem-4792	69	84	model	model	NOUN
fbem-4792	69	85	(	(	PUNCT
fbem-4792	69	86	2	2	NUM
fbem-4792	69	87	)	)	PUNCT
fbem-4792	69	88	and	and	CCONJ
fbem-4792	69	89	(	(	PUNCT
fbem-4792	69	90	3	3	X
fbem-4792	69	91	)	)	PUNCT
fbem-4792	69	92	represent	represent	VERB
fbem-4792	69	93	corporate	corporate	ADJ
fbem-4792	69	94	financial	financial	ADJ
fbem-4792	69	95	liabilities	liability	NOUN
fbem-4792	69	96	and	and	CCONJ
fbem-4792	69	97	corporate	corporate	ADJ
fbem-4792	69	98	operating	operating	NOUN
fbem-4792	69	99	liabilities	liability	NOUN
fbem-4792	69	100	respectively	respectively	ADV
fbem-4792	69	101	;	;	PUNCT
fbem-4792	69	102	the	the	DET
fbem-4792	69	103	explanatory	explanatory	ADJ
fbem-4792	69	104	variable	variable	NOUN
fbem-4792	69	105	is	be	AUX
fbem-4792	69	106	local	local	ADJ
fbem-4792	69	107	government	government	NOUN
fbem-4792	69	108	debt	debt	NOUN
fbem-4792	69	109	/	/	SYM
fbem-4792	69	110	gdp	gdp	NOUN
fbem-4792	69	111	,	,	PUNCT
fbem-4792	69	112	which	which	PRON
fbem-4792	69	113	is	be	AUX
fbem-4792	69	114	intercept	intercept	NOUN
fbem-4792	69	115	term	term	NOUN
fbem-4792	69	116	,	,	PUNCT
fbem-4792	69	117	coefficient	coefficient	NOUN
fbem-4792	69	118	of	of	ADP
fbem-4792	69	119	variable	variable	NOUN
fbem-4792	69	120	,	,	PUNCT
fbem-4792	69	121	individual	individual	ADJ
fbem-4792	69	122	fixed	fix	VERB
fbem-4792	69	123	effect	effect	NOUN
fbem-4792	69	124	,	,	PUNCT
fbem-4792	69	125	and	and	CCONJ
fbem-4792	69	126	random	random	ADJ
fbem-4792	69	127	disturbance	disturbance	NOUN
fbem-4792	69	128	term	term	NOUN
fbem-4792	69	129	.	.	PUNCT
fbem-4792	70	1	if	if	SCONJ
fbem-4792	70	2	the	the	DET
fbem-4792	70	3	empirical	empirical	ADJ
fbem-4792	70	4	results	result	NOUN
fbem-4792	70	5	show	show	VERB
fbem-4792	70	6	that	that	SCONJ
fbem-4792	70	7	it	it	PRON
fbem-4792	70	8	is	be	AUX
fbem-4792	70	9	significantly	significantly	ADV
fbem-4792	70	10	negative	negative	ADJ
fbem-4792	70	11	,	,	PUNCT
fbem-4792	70	12	it	it	PRON
fbem-4792	70	13	means	mean	VERB
fbem-4792	70	14	that	that	SCONJ
fbem-4792	70	15	there	there	PRON
fbem-4792	70	16	is	be	VERB
fbem-4792	70	17	a	a	DET
fbem-4792	70	18	negative	negative	ADJ
fbem-4792	70	19	correlation	correlation	NOUN
fbem-4792	70	20	between	between	ADP
fbem-4792	70	21	the	the	DET
fbem-4792	70	22	two	two	NUM
fbem-4792	70	23	.	.	PUNCT
fbem-4792	71	1	5	5	NUM
fbem-4792	71	2	.	.	PUNCT
fbem-4792	71	3	empirical	empirical	ADJ
fbem-4792	71	4	results	result	NOUN
fbem-4792	71	5	and	and	CCONJ
fbem-4792	71	6	analysis	analysis	NOUN
fbem-4792	71	7	5.1	5.1	NUM
fbem-4792	71	8	.	.	PUNCT
fbem-4792	72	1	regression	regression	NOUN
fbem-4792	72	2	results	result	VERB
fbem-4792	72	3	5.1.1	5.1.1	NOUN
fbem-4792	72	4	.	.	PUNCT
fbem-4792	73	1	impact	impact	NOUN
fbem-4792	73	2	of	of	ADP
fbem-4792	73	3	local	local	ADJ
fbem-4792	73	4	government	government	NOUN
fbem-4792	73	5	debt	debt	NOUN
fbem-4792	73	6	expansion	expansion	NOUN
fbem-4792	73	7	on	on	ADP
fbem-4792	73	8	enterprise	enterprise	NOUN
fbem-4792	73	9	debt	debt	NOUN
fbem-4792	73	10	financing	financing	NOUN
fbem-4792	73	11	scale	scale	NOUN
fbem-4792	73	12	table	table	NOUN
fbem-4792	73	13	3	3	NUM
fbem-4792	73	14	shows	show	VERB
fbem-4792	73	15	the	the	DET
fbem-4792	73	16	benchmark	benchmark	NOUN
fbem-4792	73	17	regression	regression	NOUN
fbem-4792	73	18	results	result	NOUN
fbem-4792	73	19	of	of	ADP
fbem-4792	73	20	local	local	ADJ
fbem-4792	73	21	government	government	NOUN
fbem-4792	73	22	debt	debt	NOUN
fbem-4792	73	23	and	and	CCONJ
fbem-4792	73	24	enterprise	enterprise	NOUN
fbem-4792	73	25	debt	debt	NOUN
fbem-4792	73	26	financing	financing	NOUN
fbem-4792	73	27	.	.	PUNCT
fbem-4792	74	1	with	with	ADP
fbem-4792	74	2	the	the	DET
fbem-4792	74	3	increase	increase	NOUN
fbem-4792	74	4	of	of	ADP
fbem-4792	74	5	control	control	NOUN
fbem-4792	74	6	variables	variable	NOUN
fbem-4792	74	7	,	,	PUNCT
fbem-4792	74	8	the	the	DET
fbem-4792	74	9	impact	impact	NOUN
fbem-4792	74	10	of	of	ADP
fbem-4792	74	11	local	local	ADJ
fbem-4792	74	12	government	government	NOUN
fbem-4792	74	13	debt	debt	NOUN
fbem-4792	74	14	expansion	expansion	NOUN
fbem-4792	74	15	on	on	ADP
fbem-4792	74	16	corporate	corporate	ADJ
fbem-4792	74	17	debt	debt	NOUN
fbem-4792	74	18	financing	financing	NOUN
fbem-4792	74	19	generally	generally	ADV
fbem-4792	74	20	shows	show	VERB
fbem-4792	74	21	a	a	DET
fbem-4792	74	22	downward	downward	ADJ
fbem-4792	74	23	trend	trend	NOUN
fbem-4792	74	24	,	,	PUNCT
fbem-4792	74	25	and	and	CCONJ
fbem-4792	74	26	finally	finally	ADV
fbem-4792	74	27	tends	tend	VERB
fbem-4792	74	28	to	to	PART
fbem-4792	74	29	be	be	AUX
fbem-4792	74	30	stable	stable	ADJ
fbem-4792	74	31	,	,	PUNCT
fbem-4792	74	32	as	as	SCONJ
fbem-4792	74	33	shown	show	VERB
fbem-4792	74	34	in	in	ADP
fbem-4792	74	35	column	column	NOUN
fbem-4792	74	36	(	(	PUNCT
fbem-4792	74	37	2	2	NUM
fbem-4792	74	38	)	)	PUNCT
fbem-4792	74	39	.	.	PUNCT
fbem-4792	75	1	after	after	ADP
fbem-4792	75	2	considering	consider	VERB
fbem-4792	75	3	the	the	DET
fbem-4792	75	4	control	control	NOUN
fbem-4792	75	5	variables	variable	NOUN
fbem-4792	75	6	,	,	PUNCT
fbem-4792	75	7	control	control	NOUN
fbem-4792	75	8	years	year	NOUN
fbem-4792	75	9	and	and	CCONJ
fbem-4792	75	10	individual	individual	ADJ
fbem-4792	75	11	effects	effect	NOUN
fbem-4792	75	12	,	,	PUNCT
fbem-4792	75	13	the	the	DET
fbem-4792	75	14	local	local	ADJ
fbem-4792	75	15	government	government	NOUN
fbem-4792	75	16	debt	debt	NOUN
fbem-4792	75	17	ratio	ratio	NOUN
fbem-4792	75	18	and	and	CCONJ
fbem-4792	75	19	the	the	DET
fbem-4792	75	20	enterprise	enterprise	NOUN
fbem-4792	75	21	asset	asset	NOUN
fbem-4792	75	22	liability	liability	NOUN
fbem-4792	75	23	ratio	ratio	NOUN
fbem-4792	75	24	are	be	AUX
fbem-4792	75	25	negatively	negatively	ADV
fbem-4792	75	26	correlated	correlate	VERB
fbem-4792	75	27	at	at	ADP
fbem-4792	75	28	the	the	DET
fbem-4792	75	29	level	level	NOUN
fbem-4792	75	30	of	of	ADP
fbem-4792	75	31	1	1	NUM
fbem-4792	75	32	%	%	NOUN
fbem-4792	75	33	,	,	PUNCT
fbem-4792	75	34	and	and	CCONJ
fbem-4792	75	35	the	the	DET
fbem-4792	75	36	correlation	correlation	NOUN
fbem-4792	75	37	coefficient	coefficient	NOUN
fbem-4792	75	38	is	be	AUX
fbem-4792	75	39	-0.033	-0.033	ADJ
fbem-4792	75	40	,	,	PUNCT
fbem-4792	75	41	which	which	PRON
fbem-4792	75	42	indicates	indicate	VERB
fbem-4792	75	43	that	that	SCONJ
fbem-4792	75	44	the	the	DET
fbem-4792	75	45	enterprise	enterprise	NOUN
fbem-4792	75	46	debt	debt	NOUN
fbem-4792	75	47	financing	financing	NOUN
fbem-4792	75	48	scale	scale	NOUN
fbem-4792	75	49	will	will	AUX
fbem-4792	75	50	decrease	decrease	VERB
fbem-4792	75	51	0.033	0.033	NUM
fbem-4792	75	52	units	unit	NOUN
fbem-4792	75	53	for	for	ADP
fbem-4792	75	54	each	each	DET
fbem-4792	75	55	unit	unit	NOUN
fbem-4792	75	56	of	of	ADP
fbem-4792	75	57	local	local	ADJ
fbem-4792	75	58	government	government	NOUN
fbem-4792	75	59	debt	debt	NOUN
fbem-4792	75	60	increase	increase	NOUN
fbem-4792	75	61	.	.	PUNCT
fbem-4792	76	1	assumption	assumption	NOUN
fbem-4792	76	2	1	1	NUM
fbem-4792	76	3	is	be	AUX
fbem-4792	76	4	valid	valid	ADJ
fbem-4792	76	5	.	.	PUNCT
fbem-4792	77	1	68	68	NUM
fbem-4792	77	2	table	table	NOUN
fbem-4792	77	3	3	3	NUM
fbem-4792	77	4	.	.	PUNCT
fbem-4792	77	5	benchmark	benchmark	NOUN
fbem-4792	77	6	regression	regression	NOUN
fbem-4792	77	7	results	result	NOUN
fbem-4792	77	8	of	of	ADP
fbem-4792	77	9	local	local	ADJ
fbem-4792	77	10	government	government	NOUN
fbem-4792	77	11	debt	debt	NOUN
fbem-4792	77	12	and	and	CCONJ
fbem-4792	77	13	enterprise	enterprise	NOUN
fbem-4792	77	14	debt	debt	NOUN
fbem-4792	77	15	financing	financing	NOUN
fbem-4792	77	16	(	(	PUNCT
fbem-4792	77	17	1	1	NUM
fbem-4792	77	18	)	)	PUNCT
fbem-4792	77	19	(	(	PUNCT
fbem-4792	77	20	2	2	X
fbem-4792	77	21	)	)	PUNCT
fbem-4792	77	22	enterprise	enterprise	NOUN
fbem-4792	77	23	asset	asset	NOUN
fbem-4792	77	24	liability	liability	NOUN
fbem-4792	77	25	ratio	ratio	NOUN
fbem-4792	77	26	enterprise	enterprise	NOUN
fbem-4792	77	27	asset	asset	NOUN
fbem-4792	77	28	liability	liability	NOUN
fbem-4792	77	29	ratio	ratio	NOUN
fbem-4792	77	30	local	local	ADJ
fbem-4792	77	31	government	government	NOUN
fbem-4792	77	32	debt	debt	NOUN
fbem-4792	77	33	ratio	ratio	NOUN
fbem-4792	77	34	-0.034	-0.034	NOUN
fbem-4792	77	35	*	*	PUNCT
fbem-4792	77	36	*	*	PUNCT
fbem-4792	77	37	*	*	PUNCT
fbem-4792	77	38	-0.033	-0.033	PUNCT
fbem-4792	77	39	*	*	PUNCT
fbem-4792	77	40	*	*	PUNCT
fbem-4792	77	41	*	*	PUNCT
fbem-4792	77	42	(	(	PUNCT
fbem-4792	77	43	-3.23	-3.23	NOUN
fbem-4792	77	44	)	)	PUNCT
fbem-4792	77	45	(	(	PUNCT
fbem-4792	77	46	-3.16	-3.16	NOUN
fbem-4792	77	47	)	)	PUNCT
fbem-4792	77	48	inflation	inflation	NOUN
fbem-4792	77	49	0.004	0.004	NUM
fbem-4792	77	50	*	*	NOUN
fbem-4792	77	51	0.005	0.005	NUM
fbem-4792	77	52	*	*	PUNCT
fbem-4792	77	53	*	*	PUNCT
fbem-4792	77	54	(	(	PUNCT
fbem-4792	77	55	1.73	1.73	NUM
fbem-4792	77	56	)	)	PUNCT
fbem-4792	77	57	(	(	PUNCT
fbem-4792	77	58	2.31	2.31	NUM
fbem-4792	77	59	)	)	PUNCT
fbem-4792	77	60	economic	economic	ADJ
fbem-4792	77	61	growth	growth	NOUN
fbem-4792	77	62	rate	rate	NOUN
fbem-4792	77	63	0.000	0.000	NUM
fbem-4792	77	64	0.001	0.001	NUM
fbem-4792	77	65	(	(	PUNCT
fbem-4792	77	66	0.41	0.41	NUM
fbem-4792	77	67	)	)	PUNCT
fbem-4792	77	68	(	(	PUNCT
fbem-4792	77	69	0.74	0.74	NUM
fbem-4792	77	70	)	)	PUNCT
fbem-4792	77	71	growth	growth	NOUN
fbem-4792	77	72	0.001	0.001	NUM
fbem-4792	77	73	*	*	PUNCT
fbem-4792	77	74	*	*	PUNCT
fbem-4792	77	75	*	*	NOUN
fbem-4792	77	76	0.001	0.001	NUM
fbem-4792	77	77	*	*	PUNCT
fbem-4792	77	78	*	*	PUNCT
fbem-4792	77	79	*	*	PUNCT
fbem-4792	77	80	(	(	PUNCT
fbem-4792	77	81	5.99	5.99	NUM
fbem-4792	77	82	)	)	PUNCT
fbem-4792	77	83	(	(	PUNCT
fbem-4792	77	84	7.50	7.50	NUM
fbem-4792	77	85	)	)	PUNCT
fbem-4792	77	86	cash	cash	NOUN
fbem-4792	77	87	holding	holding	NOUN
fbem-4792	77	88	level	level	NOUN
fbem-4792	77	89	-0.045	-0.045	NOUN
fbem-4792	77	90	*	*	PUNCT
fbem-4792	77	91	*	*	PUNCT
fbem-4792	77	92	*	*	PUNCT
fbem-4792	77	93	-0.038	-0.038	PUNCT
fbem-4792	77	94	*	*	PUNCT
fbem-4792	77	95	*	*	PUNCT
fbem-4792	77	96	*	*	PUNCT
fbem-4792	77	97	(	(	PUNCT
fbem-4792	77	98	-15.73	-15.73	NOUN
fbem-4792	77	99	)	)	PUNCT
fbem-4792	77	100	(	(	PUNCT
fbem-4792	77	101	-13.66	-13.66	X
fbem-4792	77	102	)	)	PUNCT
fbem-4792	77	103	enterprise	enterprise	NOUN
fbem-4792	77	104	scale	scale	NOUN
fbem-4792	77	105	0.134	0.134	NUM
fbem-4792	77	106	*	*	PUNCT
fbem-4792	77	107	*	*	PUNCT
fbem-4792	77	108	*	*	NOUN
fbem-4792	77	109	0.130	0.130	NUM
fbem-4792	77	110	*	*	PUNCT
fbem-4792	77	111	*	*	PUNCT
fbem-4792	77	112	*	*	PUNCT
fbem-4792	77	113	(	(	PUNCT
fbem-4792	77	114	21.67	21.67	NUM
fbem-4792	77	115	)	)	PUNCT
fbem-4792	77	116	(	(	PUNCT
fbem-4792	77	117	21.88	21.88	NUM
fbem-4792	77	118	)	)	PUNCT
fbem-4792	77	119	return	return	NOUN
fbem-4792	77	120	on	on	ADP
fbem-4792	77	121	assets	asset	NOUN
fbem-4792	77	122	-0.445	-0.445	NOUN
fbem-4792	77	123	*	*	PUNCT
fbem-4792	77	124	*	*	PUNCT
fbem-4792	77	125	*	*	PUNCT
fbem-4792	77	126	(	(	PUNCT
fbem-4792	77	127	-14.22	-14.22	NOUN
fbem-4792	77	128	)	)	PUNCT
fbem-4792	77	129	constant	constant	ADJ
fbem-4792	77	130	term	term	NOUN
fbem-4792	77	131	-2.041	-2.041	NOUN
fbem-4792	77	132	*	*	PUNCT
fbem-4792	77	133	*	*	PUNCT
fbem-4792	77	134	*	*	PUNCT
fbem-4792	77	135	-2.210	-2.210	PUNCT
fbem-4792	77	136	*	*	PUNCT
fbem-4792	77	137	*	*	PUNCT
fbem-4792	77	138	*	*	PUNCT
fbem-4792	77	139	(	(	PUNCT
fbem-4792	77	140	-7.45	-7.45	NOUN
fbem-4792	77	141	)	)	PUNCT
fbem-4792	77	142	(	(	PUNCT
fbem-4792	77	143	-8.49	-8.49	X
fbem-4792	77	144	)	)	PUNCT
fbem-4792	77	145	firm	firm	ADJ
fbem-4792	77	146	fixed	fix	VERB
fbem-4792	77	147	effect	effect	NOUN
fbem-4792	77	148	control	control	NOUN
fbem-4792	77	149	control	control	PROPN
fbem-4792	77	150	year	year	NOUN
fbem-4792	77	151	fixed	fix	VERB
fbem-4792	77	152	effect	effect	NOUN
fbem-4792	77	153	control	control	NOUN
fbem-4792	77	154	control	control	NOUN
fbem-4792	77	155	number	number	NOUN
fbem-4792	77	156	of	of	ADP
fbem-4792	77	157	samples	sample	NOUN
fbem-4792	77	158	12816	12816	NUM
fbem-4792	77	159	12816	12816	NUM
fbem-4792	78	1	𝑅	𝑅	PROPN
fbem-4792	78	2	0.200	0.200	NUM
fbem-4792	78	3	0.254	0.254	NUM
fbem-4792	78	4	f	f	PROPN
fbem-4792	78	5	2158.376	2158.376	PROPN
fbem-4792	78	6	825.677	825.677	NUM
fbem-4792	78	7	5.1.2	5.1.2	NUM
fbem-4792	78	8	.	.	PUNCT
fbem-4792	78	9	local	local	ADJ
fbem-4792	78	10	government	government	NOUN
fbem-4792	78	11	debt	debt	NOUN
fbem-4792	78	12	,	,	PUNCT
fbem-4792	78	13	enterprise	enterprise	NOUN
fbem-4792	78	14	financial	financial	ADJ
fbem-4792	78	15	debt	debt	NOUN
fbem-4792	78	16	and	and	CCONJ
fbem-4792	78	17	operating	operate	VERB
fbem-4792	78	18	debt	debt	NOUN
fbem-4792	78	19	table	table	NOUN
fbem-4792	78	20	4	4	NUM
fbem-4792	78	21	shows	show	VERB
fbem-4792	78	22	the	the	DET
fbem-4792	78	23	regression	regression	NOUN
fbem-4792	78	24	results	result	NOUN
fbem-4792	78	25	of	of	ADP
fbem-4792	78	26	local	local	ADJ
fbem-4792	78	27	government	government	NOUN
fbem-4792	78	28	debt	debt	NOUN
fbem-4792	78	29	,	,	PUNCT
fbem-4792	78	30	corporate	corporate	ADJ
fbem-4792	78	31	financial	financial	ADJ
fbem-4792	78	32	debt	debt	NOUN
fbem-4792	78	33	and	and	CCONJ
fbem-4792	78	34	operating	operate	VERB
fbem-4792	78	35	debt	debt	NOUN
fbem-4792	78	36	.	.	PUNCT
fbem-4792	79	1	it	it	PRON
fbem-4792	79	2	can	can	AUX
fbem-4792	79	3	be	be	AUX
fbem-4792	79	4	seen	see	VERB
fbem-4792	79	5	that	that	SCONJ
fbem-4792	79	6	the	the	DET
fbem-4792	79	7	local	local	ADJ
fbem-4792	79	8	government	government	NOUN
fbem-4792	79	9	debt	debt	NOUN
fbem-4792	79	10	ratio	ratio	NOUN
fbem-4792	79	11	is	be	AUX
fbem-4792	79	12	negatively	negatively	ADV
fbem-4792	79	13	correlated	correlate	VERB
fbem-4792	79	14	with	with	ADP
fbem-4792	79	15	the	the	DET
fbem-4792	79	16	financial	financial	ADJ
fbem-4792	79	17	debt	debt	NOUN
fbem-4792	79	18	ratio	ratio	NOUN
fbem-4792	79	19	at	at	ADP
fbem-4792	79	20	the	the	DET
fbem-4792	79	21	level	level	NOUN
fbem-4792	79	22	of	of	ADP
fbem-4792	79	23	5	5	NUM
fbem-4792	79	24	%	%	NOUN
fbem-4792	79	25	,	,	PUNCT
fbem-4792	79	26	and	and	CCONJ
fbem-4792	79	27	the	the	DET
fbem-4792	79	28	correlation	correlation	NOUN
fbem-4792	79	29	coefficient	coefficient	NOUN
fbem-4792	79	30	is	be	AUX
fbem-4792	79	31	-0.02	-0.02	NUM
fbem-4792	79	32	,	,	PUNCT
fbem-4792	79	33	which	which	PRON
fbem-4792	79	34	means	mean	VERB
fbem-4792	79	35	that	that	SCONJ
fbem-4792	79	36	the	the	DET
fbem-4792	79	37	financial	financial	ADJ
fbem-4792	79	38	debt	debt	NOUN
fbem-4792	79	39	of	of	ADP
fbem-4792	79	40	enterprises	enterprise	NOUN
fbem-4792	79	41	decreases	decrease	VERB
fbem-4792	79	42	by	by	ADP
fbem-4792	79	43	0.02	0.02	NUM
fbem-4792	79	44	units	unit	NOUN
fbem-4792	79	45	every	every	DET
fbem-4792	79	46	time	time	NOUN
fbem-4792	79	47	the	the	DET
fbem-4792	79	48	local	local	ADJ
fbem-4792	79	49	government	government	NOUN
fbem-4792	79	50	debt	debt	NOUN
fbem-4792	79	51	increases	increase	NOUN
fbem-4792	79	52	by	by	ADP
fbem-4792	79	53	1	1	NUM
fbem-4792	79	54	unit	unit	NOUN
fbem-4792	79	55	.	.	PUNCT
fbem-4792	80	1	at	at	ADP
fbem-4792	80	2	the	the	DET
fbem-4792	80	3	same	same	ADJ
fbem-4792	80	4	time	time	NOUN
fbem-4792	80	5	,	,	PUNCT
fbem-4792	80	6	there	there	PRON
fbem-4792	80	7	is	be	VERB
fbem-4792	80	8	a	a	DET
fbem-4792	80	9	negative	negative	ADJ
fbem-4792	80	10	correlation	correlation	NOUN
fbem-4792	80	11	between	between	ADP
fbem-4792	80	12	local	local	ADJ
fbem-4792	80	13	government	government	NOUN
fbem-4792	80	14	debt	debt	NOUN
fbem-4792	80	15	ratio	ratio	NOUN
fbem-4792	80	16	and	and	CCONJ
fbem-4792	80	17	operating	operate	VERB
fbem-4792	80	18	debt	debt	NOUN
fbem-4792	80	19	ratio	ratio	NOUN
fbem-4792	80	20	,	,	PUNCT
fbem-4792	80	21	but	but	CCONJ
fbem-4792	80	22	it	it	PRON
fbem-4792	80	23	is	be	AUX
fbem-4792	80	24	not	not	PART
fbem-4792	80	25	significant	significant	ADJ
fbem-4792	80	26	.	.	PUNCT
fbem-4792	81	1	the	the	DET
fbem-4792	81	2	correlation	correlation	NOUN
fbem-4792	81	3	coefficient	coefficient	NOUN
fbem-4792	81	4	is	be	AUX
fbem-4792	81	5	-0.007	-0.007	VERB
fbem-4792	81	6	,	,	PUNCT
fbem-4792	81	7	indicating	indicate	VERB
fbem-4792	81	8	that	that	SCONJ
fbem-4792	81	9	every	every	DET
fbem-4792	81	10	increase	increase	NOUN
fbem-4792	81	11	in	in	ADP
fbem-4792	81	12	local	local	ADJ
fbem-4792	81	13	government	government	NOUN
fbem-4792	81	14	debt	debt	NOUN
fbem-4792	81	15	will	will	AUX
fbem-4792	81	16	reduce	reduce	VERB
fbem-4792	81	17	the	the	DET
fbem-4792	81	18	operating	operate	VERB
fbem-4792	81	19	debt	debt	NOUN
fbem-4792	81	20	of	of	ADP
fbem-4792	81	21	enterprises	enterprise	NOUN
fbem-4792	81	22	by	by	ADP
fbem-4792	81	23	0.007	0.007	NUM
fbem-4792	81	24	units	unit	NOUN
fbem-4792	81	25	.	.	PUNCT
fbem-4792	82	1	this	this	PRON
fbem-4792	82	2	shows	show	VERB
fbem-4792	82	3	that	that	SCONJ
fbem-4792	82	4	the	the	DET
fbem-4792	82	5	local	local	ADJ
fbem-4792	82	6	government	government	NOUN
fbem-4792	82	7	debt	debt	NOUN
fbem-4792	82	8	ratio	ratio	NOUN
fbem-4792	82	9	is	be	AUX
fbem-4792	82	10	significantly	significantly	ADV
fbem-4792	82	11	negatively	negatively	ADV
fbem-4792	82	12	correlated	correlate	VERB
fbem-4792	82	13	with	with	ADP
fbem-4792	82	14	the	the	DET
fbem-4792	82	15	financial	financial	ADJ
fbem-4792	82	16	debt	debt	NOUN
fbem-4792	82	17	ratio	ratio	NOUN
fbem-4792	82	18	,	,	PUNCT
fbem-4792	82	19	while	while	SCONJ
fbem-4792	82	20	the	the	DET
fbem-4792	82	21	correlation	correlation	NOUN
fbem-4792	82	22	with	with	ADP
fbem-4792	82	23	the	the	DET
fbem-4792	82	24	operating	operate	VERB
fbem-4792	82	25	debt	debt	NOUN
fbem-4792	82	26	ratio	ratio	NOUN
fbem-4792	82	27	is	be	AUX
fbem-4792	82	28	weak	weak	ADJ
fbem-4792	82	29	and	and	CCONJ
fbem-4792	82	30	not	not	PART
fbem-4792	82	31	significant	significant	ADJ
fbem-4792	82	32	.	.	PUNCT
fbem-4792	83	1	that	that	PRON
fbem-4792	83	2	is	is	ADV
fbem-4792	83	3	,	,	PUNCT
fbem-4792	83	4	the	the	DET
fbem-4792	83	5	expansion	expansion	NOUN
fbem-4792	83	6	of	of	ADP
fbem-4792	83	7	local	local	ADJ
fbem-4792	83	8	government	government	NOUN
fbem-4792	83	9	debt	debt	NOUN
fbem-4792	83	10	will	will	AUX
fbem-4792	83	11	significantly	significantly	ADV
fbem-4792	83	12	squeeze	squeeze	VERB
fbem-4792	83	13	out	out	ADP
fbem-4792	83	14	the	the	DET
fbem-4792	83	15	financial	financial	ADJ
fbem-4792	83	16	liabilities	liability	NOUN
fbem-4792	83	17	of	of	ADP
fbem-4792	83	18	enterprises	enterprise	NOUN
fbem-4792	83	19	,	,	PUNCT
fbem-4792	83	20	while	while	SCONJ
fbem-4792	83	21	the	the	DET
fbem-4792	83	22	crowding	crowd	VERB
fbem-4792	83	23	out	out	ADP
fbem-4792	83	24	effect	effect	NOUN
fbem-4792	83	25	on	on	ADP
fbem-4792	83	26	operating	operate	VERB
fbem-4792	83	27	liabilities	liability	NOUN
fbem-4792	83	28	is	be	AUX
fbem-4792	83	29	not	not	PART
fbem-4792	83	30	obvious	obvious	ADJ
fbem-4792	83	31	.	.	PUNCT
fbem-4792	84	1	assumption	assumption	NOUN
fbem-4792	84	2	2	2	NUM
fbem-4792	84	3	is	be	AUX
fbem-4792	84	4	proved	prove	VERB
fbem-4792	84	5	.	.	PUNCT
fbem-4792	85	1	table	table	NOUN
fbem-4792	85	2	4	4	NUM
fbem-4792	85	3	.	.	PUNCT
fbem-4792	86	1	regression	regression	NOUN
fbem-4792	86	2	results	result	NOUN
fbem-4792	86	3	of	of	ADP
fbem-4792	86	4	local	local	ADJ
fbem-4792	86	5	government	government	NOUN
fbem-4792	86	6	debt	debt	NOUN
fbem-4792	86	7	and	and	CCONJ
fbem-4792	86	8	debt	debt	NOUN
fbem-4792	86	9	financing	financing	NOUN
fbem-4792	86	10	of	of	ADP
fbem-4792	86	11	enterprises	enterprise	NOUN
fbem-4792	86	12	from	from	ADP
fbem-4792	86	13	different	different	ADJ
fbem-4792	86	14	sources	source	NOUN
fbem-4792	86	15	financial	financial	ADJ
fbem-4792	86	16	liabilities	liability	NOUN
fbem-4792	86	17	operating	operate	VERB
fbem-4792	86	18	liabilities	liability	NOUN
fbem-4792	86	19	local	local	ADJ
fbem-4792	86	20	government	government	NOUN
fbem-4792	86	21	debt	debt	NOUN
fbem-4792	86	22	ratio	ratio	NOUN
fbem-4792	86	23	-0.020	-0.020	PUNCT
fbem-4792	86	24	*	*	PUNCT
fbem-4792	86	25	*	*	PUNCT
fbem-4792	86	26	-0.007	-0.007	PUNCT
fbem-4792	86	27	(	(	PUNCT
fbem-4792	86	28	-2.25	-2.25	NOUN
fbem-4792	86	29	)	)	PUNCT
fbem-4792	86	30	(	(	PUNCT
fbem-4792	86	31	-0.94	-0.94	NUM
fbem-4792	86	32	)	)	PUNCT
fbem-4792	86	33	inflation	inflation	NOUN
fbem-4792	86	34	0.001	0.001	NUM
fbem-4792	86	35	*	*	SYM
fbem-4792	86	36	0.000	0.000	NUM
fbem-4792	86	37	(	(	PUNCT
fbem-4792	86	38	1.67	1.67	NUM
fbem-4792	86	39	)	)	PUNCT
fbem-4792	86	40	(	(	PUNCT
fbem-4792	86	41	0.43	0.43	NUM
fbem-4792	86	42	)	)	PUNCT
fbem-4792	86	43	economic	economic	ADJ
fbem-4792	86	44	growth	growth	NOUN
fbem-4792	86	45	rate	rate	NOUN
fbem-4792	86	46	0.001	0.001	NUM
fbem-4792	86	47	0.005	0.005	NUM
fbem-4792	86	48	*	*	PUNCT
fbem-4792	86	49	*	*	PUNCT
fbem-4792	86	50	*	*	PUNCT
fbem-4792	86	51	(	(	PUNCT
fbem-4792	86	52	0.59	0.59	NUM
fbem-4792	86	53	)	)	PUNCT
fbem-4792	86	54	(	(	PUNCT
fbem-4792	86	55	2.75	2.75	NUM
fbem-4792	86	56	)	)	PUNCT
fbem-4792	86	57	growth	growth	NOUN
fbem-4792	86	58	-0.001	-0.001	NOUN
fbem-4792	86	59	*	*	PUNCT
fbem-4792	86	60	*	*	PUNCT
fbem-4792	86	61	*	*	PUNCT
fbem-4792	86	62	0.001	0.001	NUM
fbem-4792	86	63	*	*	PUNCT
fbem-4792	86	64	*	*	PUNCT
fbem-4792	86	65	*	*	PUNCT
fbem-4792	86	66	(	(	PUNCT
fbem-4792	86	67	-37.98	-37.98	NOUN
fbem-4792	86	68	)	)	PUNCT
fbem-4792	86	69	(	(	PUNCT
fbem-4792	86	70	49.35	49.35	NUM
fbem-4792	86	71	)	)	PUNCT
fbem-4792	86	72	cash	cash	NOUN
fbem-4792	86	73	holding	holding	NOUN
fbem-4792	86	74	level	level	NOUN
fbem-4792	86	75	-0.021	-0.021	NOUN
fbem-4792	86	76	*	*	PUNCT
fbem-4792	86	77	*	*	PUNCT
fbem-4792	86	78	*	*	PUNCT
fbem-4792	86	79	-0.012	-0.012	PUNCT
fbem-4792	86	80	*	*	PUNCT
fbem-4792	86	81	*	*	PUNCT
fbem-4792	86	82	*	*	PUNCT
fbem-4792	86	83	(	(	PUNCT
fbem-4792	86	84	-9.66	-9.66	NUM
fbem-4792	86	85	)	)	PUNCT
fbem-4792	86	86	(	(	PUNCT
fbem-4792	86	87	-6.36	-6.36	NUM
fbem-4792	86	88	)	)	PUNCT
fbem-4792	86	89	enterprise	enterprise	NOUN
fbem-4792	86	90	scale	scale	NOUN
fbem-4792	86	91	0.081	0.081	NUM
fbem-4792	86	92	*	*	PUNCT
fbem-4792	86	93	*	*	PUNCT
fbem-4792	86	94	*	*	PUNCT
fbem-4792	87	1	0.035	0.035	NUM
fbem-4792	87	2	*	*	PUNCT
fbem-4792	87	3	*	*	PUNCT
fbem-4792	87	4	*	*	PUNCT
fbem-4792	87	5	(	(	PUNCT
fbem-4792	87	6	18.77	18.77	NUM
fbem-4792	87	7	)	)	PUNCT
fbem-4792	87	8	(	(	PUNCT
fbem-4792	87	9	8.10	8.10	NUM
fbem-4792	87	10	)	)	PUNCT
fbem-4792	87	11	return	return	NOUN
fbem-4792	87	12	on	on	ADP
fbem-4792	87	13	assets	asset	NOUN
fbem-4792	87	14	-0.358	-0.358	NOUN
fbem-4792	87	15	*	*	PUNCT
fbem-4792	87	16	*	*	PUNCT
fbem-4792	87	17	*	*	PUNCT
fbem-4792	87	18	-0.055	-0.055	PUNCT
fbem-4792	87	19	*	*	PUNCT
fbem-4792	87	20	*	*	PUNCT
fbem-4792	87	21	*	*	PUNCT
fbem-4792	87	22	(	(	PUNCT
fbem-4792	87	23	-14.28	-14.28	INTJ
fbem-4792	87	24	)	)	PUNCT
fbem-4792	87	25	(	(	PUNCT
fbem-4792	87	26	-2.68	-2.68	NOUN
fbem-4792	87	27	)	)	PUNCT
fbem-4792	87	28	constant	constant	ADJ
fbem-4792	87	29	term	term	NOUN
fbem-4792	87	30	-1.326	-1.326	NOUN
fbem-4792	87	31	*	*	PUNCT
fbem-4792	87	32	*	*	PUNCT
fbem-4792	87	33	*	*	PUNCT
fbem-4792	87	34	-0.848	-0.848	PUNCT
fbem-4792	87	35	*	*	PUNCT
fbem-4792	87	36	*	*	PUNCT
fbem-4792	87	37	*	*	PUNCT
fbem-4792	87	38	(	(	PUNCT
fbem-4792	87	39	-5.97	-5.97	NOUN
fbem-4792	87	40	)	)	PUNCT
fbem-4792	87	41	(	(	PUNCT
fbem-4792	87	42	-3.92	-3.92	NUM
fbem-4792	87	43	)	)	PUNCT
fbem-4792	87	44	firm	firm	ADJ
fbem-4792	87	45	fixed	fix	VERB
fbem-4792	87	46	effect	effect	NOUN
fbem-4792	87	47	control	control	NOUN
fbem-4792	87	48	control	control	PROPN
fbem-4792	87	49	year	year	NOUN
fbem-4792	87	50	fixed	fix	VERB
fbem-4792	87	51	effect	effect	NOUN
fbem-4792	87	52	control	control	NOUN
fbem-4792	87	53	control	control	NOUN
fbem-4792	87	54	number	number	NOUN
fbem-4792	87	55	of	of	ADP
fbem-4792	87	56	samples	sample	NOUN
fbem-4792	87	57	12816	12816	NUM
fbem-4792	87	58	12816	12816	NUM
fbem-4792	88	1	𝑅	𝑅	PROPN
fbem-4792	88	2	0.158	0.158	NUM
fbem-4792	88	3	0.059	0.059	NUM
fbem-4792	88	4	f	f	NUM
fbem-4792	88	5	14000	14000	NUM
fbem-4792	88	6	7297.301	7297.301	PROPN
fbem-4792	88	7	5.1.3	5.1.3	PROPN
fbem-4792	88	8	.	.	PUNCT
fbem-4792	88	9	robustness	robustness	NOUN
fbem-4792	88	10	test	test	NOUN
fbem-4792	88	11	referring	refer	VERB
fbem-4792	88	12	to	to	ADP
fbem-4792	88	13	the	the	DET
fbem-4792	88	14	practice	practice	NOUN
fbem-4792	88	15	of	of	ADP
fbem-4792	88	16	lu	lu	PROPN
fbem-4792	88	17	zhengfei	zhengfei	NOUN
fbem-4792	88	18	et	et	PROPN
fbem-4792	88	19	al	al	PROPN
fbem-4792	88	20	(	(	PUNCT
fbem-4792	88	21	2015	2015	NUM
fbem-4792	88	22	)	)	PUNCT
fbem-4792	88	23	and	and	CCONJ
fbem-4792	88	24	zhang	zhang	PROPN
fbem-4792	88	25	qingjun	qingjun	PROPN
fbem-4792	88	26	et	et	PROPN
fbem-4792	88	27	al	al	PROPN
fbem-4792	88	28	(	(	PUNCT
fbem-4792	88	29	2019)[15][16	2019)[15][16	NOUN
fbem-4792	88	30	]	]	X
fbem-4792	88	31	,	,	PUNCT
fbem-4792	88	32	this	this	DET
fbem-4792	88	33	paper	paper	NOUN
fbem-4792	88	34	replaces	replace	VERB
fbem-4792	88	35	the	the	DET
fbem-4792	88	36	debt	debt	NOUN
fbem-4792	88	37	-	-	PUNCT
fbem-4792	88	38	to	to	ADP
fbem-4792	88	39	-	-	PUNCT
fbem-4792	88	40	asset	asset	NOUN
fbem-4792	88	41	ratio	ratio	NOUN
fbem-4792	88	42	with	with	ADP
fbem-4792	88	43	the	the	DET
fbem-4792	88	44	debt	debt	NOUN
fbem-4792	88	45	-	-	PUNCT
fbem-4792	88	46	to	to	ADP
fbem-4792	88	47	-	-	PUNCT
fbem-4792	88	48	excess	excess	NOUN
fbem-4792	88	49	ratio	ratio	NOUN
fbem-4792	88	50	(	(	PUNCT
fbem-4792	88	51	cdebt	cdebt	PROPN
fbem-4792	88	52	)	)	PUNCT
fbem-4792	88	53	to	to	PART
fbem-4792	88	54	measure	measure	VERB
fbem-4792	88	55	the	the	DET
fbem-4792	88	56	corporate	corporate	ADJ
fbem-4792	88	57	debt	debt	NOUN
fbem-4792	88	58	.	.	PUNCT
fbem-4792	89	1	the	the	DET
fbem-4792	89	2	results	result	NOUN
fbem-4792	89	3	are	be	AUX
fbem-4792	89	4	shown	show	VERB
fbem-4792	89	5	in	in	ADP
fbem-4792	89	6	column	column	NOUN
fbem-4792	89	7	(	(	PUNCT
fbem-4792	89	8	2	2	NUM
fbem-4792	89	9	)	)	PUNCT
fbem-4792	89	10	of	of	ADP
fbem-4792	89	11	table	table	NOUN
fbem-4792	89	12	5	5	NUM
fbem-4792	89	13	,	,	PUNCT
fbem-4792	89	14	there	there	PRON
fbem-4792	89	15	is	be	VERB
fbem-4792	89	16	a	a	DET
fbem-4792	89	17	significant	significant	ADJ
fbem-4792	89	18	negative	negative	ADJ
fbem-4792	89	19	correlation	correlation	NOUN
fbem-4792	89	20	between	between	ADP
fbem-4792	89	21	the	the	DET
fbem-4792	89	22	local	local	ADJ
fbem-4792	89	23	government	government	NOUN
fbem-4792	89	24	debt	debt	NOUN
fbem-4792	89	25	ratio	ratio	NOUN
fbem-4792	89	26	and	and	CCONJ
fbem-4792	89	27	the	the	DET
fbem-4792	89	28	excessive	excessive	ADJ
fbem-4792	89	29	corporate	corporate	ADJ
fbem-4792	89	30	debt	debt	NOUN
fbem-4792	89	31	ratio	ratio	NOUN
fbem-4792	89	32	.	.	PUNCT
fbem-4792	90	1	the	the	DET
fbem-4792	90	2	results	result	NOUN
fbem-4792	90	3	of	of	ADP
fbem-4792	90	4	robustness	robustness	NOUN
fbem-4792	90	5	test	test	NOUN
fbem-4792	90	6	show	show	VERB
fbem-4792	90	7	that	that	SCONJ
fbem-4792	90	8	the	the	DET
fbem-4792	90	9	negative	negative	ADJ
fbem-4792	90	10	effect	effect	NOUN
fbem-4792	90	11	of	of	ADP
fbem-4792	90	12	local	local	ADJ
fbem-4792	90	13	government	government	NOUN
fbem-4792	90	14	debt	debt	NOUN
fbem-4792	90	15	expansion	expansion	NOUN
fbem-4792	90	16	on	on	ADP
fbem-4792	90	17	corporate	corporate	ADJ
fbem-4792	90	18	debt	debt	NOUN
fbem-4792	90	19	financing	financing	NOUN
fbem-4792	90	20	is	be	AUX
fbem-4792	90	21	still	still	ADV
fbem-4792	90	22	robust	robust	ADJ
fbem-4792	90	23	,	,	PUNCT
fbem-4792	90	24	so	so	CCONJ
fbem-4792	90	25	the	the	DET
fbem-4792	90	26	conclusion	conclusion	NOUN
fbem-4792	90	27	of	of	ADP
fbem-4792	90	28	this	this	DET
fbem-4792	90	29	paper	paper	NOUN
fbem-4792	90	30	is	be	AUX
fbem-4792	90	31	reliable	reliable	ADJ
fbem-4792	90	32	.	.	PUNCT
fbem-4792	91	1	69	69	NUM
fbem-4792	91	2	table	table	NOUN
fbem-4792	91	3	5	5	NUM
fbem-4792	91	4	.	.	PUNCT
fbem-4792	92	1	robustness	robustness	NOUN
fbem-4792	92	2	test	test	NOUN
fbem-4792	92	3	enterprise	enterprise	NOUN
fbem-4792	92	4	excessive	excessive	ADJ
fbem-4792	92	5	debt	debt	NOUN
fbem-4792	92	6	ratio	ratio	NOUN
fbem-4792	92	7	local	local	ADJ
fbem-4792	92	8	government	government	NOUN
fbem-4792	92	9	debt	debt	NOUN
fbem-4792	92	10	ratio	ratio	NOUN
fbem-4792	92	11	-0.091	-0.091	PROPN
fbem-4792	92	12	*	*	PUNCT
fbem-4792	92	13	*	*	PUNCT
fbem-4792	92	14	*	*	PUNCT
fbem-4792	92	15	(	(	PUNCT
fbem-4792	92	16	-2.60	-2.60	NUM
fbem-4792	92	17	)	)	PUNCT
fbem-4792	92	18	inflation	inflation	NOUN
fbem-4792	92	19	0.003	0.003	NUM
fbem-4792	92	20	(	(	PUNCT
fbem-4792	92	21	1.06	1.06	NUM
fbem-4792	92	22	)	)	PUNCT
fbem-4792	92	23	economic	economic	ADJ
fbem-4792	92	24	growth	growth	NOUN
fbem-4792	92	25	rate	rate	NOUN
fbem-4792	92	26	0.024	0.024	NUM
fbem-4792	92	27	*	*	PUNCT
fbem-4792	92	28	*	*	PUNCT
fbem-4792	92	29	*	*	PUNCT
fbem-4792	92	30	(	(	PUNCT
fbem-4792	92	31	3.20	3.20	NUM
fbem-4792	92	32	)	)	PUNCT
fbem-4792	92	33	growth	growth	NOUN
fbem-4792	92	34	0.001	0.001	NUM
fbem-4792	92	35	*	*	PUNCT
fbem-4792	92	36	*	*	PUNCT
fbem-4792	92	37	*	*	PUNCT
fbem-4792	92	38	(	(	PUNCT
fbem-4792	92	39	5.19	5.19	NUM
fbem-4792	92	40	)	)	PUNCT
fbem-4792	92	41	cash	cash	NOUN
fbem-4792	92	42	holding	holding	NOUN
fbem-4792	92	43	level	level	NOUN
fbem-4792	92	44	-0.160	-0.160	NOUN
fbem-4792	92	45	*	*	PUNCT
fbem-4792	92	46	*	*	PUNCT
fbem-4792	92	47	*	*	PUNCT
fbem-4792	92	48	(	(	PUNCT
fbem-4792	92	49	-13.23	-13.23	NOUN
fbem-4792	92	50	)	)	PUNCT
fbem-4792	92	51	enterprise	enterprise	NOUN
fbem-4792	92	52	scale	scale	NOUN
fbem-4792	92	53	1.397	1.397	NUM
fbem-4792	92	54	*	*	PUNCT
fbem-4792	92	55	*	*	PUNCT
fbem-4792	92	56	*	*	PUNCT
fbem-4792	92	57	(	(	PUNCT
fbem-4792	92	58	67.15	67.15	NUM
fbem-4792	92	59	)	)	PUNCT
fbem-4792	92	60	return	return	NOUN
fbem-4792	92	61	on	on	ADP
fbem-4792	92	62	assets	asset	NOUN
fbem-4792	92	63	-1.027	-1.027	PUNCT
fbem-4792	93	1	*	*	PUNCT
fbem-4792	93	2	*	*	PUNCT
fbem-4792	93	3	*	*	PUNCT
fbem-4792	93	4	(	(	PUNCT
fbem-4792	93	5	-10.17	-10.17	NOUN
fbem-4792	93	6	)	)	PUNCT
fbem-4792	93	7	constant	constant	ADJ
fbem-4792	93	8	term	term	NOUN
fbem-4792	93	9	-8.950	-8.950	PUNCT
fbem-4792	93	10	*	*	PUNCT
fbem-4792	93	11	*	*	PUNCT
fbem-4792	93	12	*	*	PUNCT
fbem-4792	93	13	(	(	PUNCT
fbem-4792	93	14	-10.48	-10.48	NOUN
fbem-4792	93	15	)	)	PUNCT
fbem-4792	93	16	firm	firm	ADJ
fbem-4792	93	17	fixed	fix	VERB
fbem-4792	93	18	effect	effect	NOUN
fbem-4792	93	19	control	control	NOUN
fbem-4792	93	20	year	year	NOUN
fbem-4792	93	21	fixed	fix	VERB
fbem-4792	93	22	effect	effect	NOUN
fbem-4792	93	23	control	control	NOUN
fbem-4792	93	24	number	number	NOUN
fbem-4792	93	25	of	of	ADP
fbem-4792	93	26	samples	sample	NOUN
fbem-4792	93	27	12816	12816	NUM
fbem-4792	94	1	𝑅	𝑅	PROPN
fbem-4792	94	2	0.827	0.827	NUM
fbem-4792	94	3	f	f	PROPN
fbem-4792	94	4	813.462	813.462	NUM
fbem-4792	94	5	6	6	NUM
fbem-4792	94	6	.	.	PUNCT
fbem-4792	95	1	conclusions	conclusion	NOUN
fbem-4792	95	2	and	and	CCONJ
fbem-4792	95	3	suggestions	suggestion	NOUN
fbem-4792	95	4	in	in	ADP
fbem-4792	95	5	recent	recent	ADJ
fbem-4792	95	6	years	year	NOUN
fbem-4792	95	7	,	,	PUNCT
fbem-4792	95	8	the	the	DET
fbem-4792	95	9	economic	economic	ADJ
fbem-4792	95	10	consequences	consequence	NOUN
fbem-4792	95	11	of	of	ADP
fbem-4792	95	12	the	the	DET
fbem-4792	95	13	expansion	expansion	NOUN
fbem-4792	95	14	of	of	ADP
fbem-4792	95	15	local	local	ADJ
fbem-4792	95	16	debt	debt	NOUN
fbem-4792	95	17	have	have	AUX
fbem-4792	95	18	become	become	VERB
fbem-4792	95	19	the	the	DET
fbem-4792	95	20	focus	focus	NOUN
fbem-4792	95	21	of	of	ADP
fbem-4792	95	22	attention	attention	NOUN
fbem-4792	95	23	and	and	CCONJ
fbem-4792	95	24	discussion	discussion	NOUN
fbem-4792	95	25	.	.	PUNCT
fbem-4792	96	1	at	at	ADP
fbem-4792	96	2	present	present	ADJ
fbem-4792	96	3	,	,	PUNCT
fbem-4792	96	4	the	the	DET
fbem-4792	96	5	financing	financing	NOUN
fbem-4792	96	6	difficulty	difficulty	NOUN
fbem-4792	96	7	of	of	ADP
fbem-4792	96	8	smes	sme	NOUN
fbem-4792	96	9	has	have	AUX
fbem-4792	96	10	become	become	VERB
fbem-4792	96	11	a	a	DET
fbem-4792	96	12	problem	problem	NOUN
fbem-4792	96	13	in	in	ADP
fbem-4792	96	14	the	the	DET
fbem-4792	96	15	industry	industry	NOUN
fbem-4792	96	16	.	.	PUNCT
fbem-4792	97	1	the	the	DET
fbem-4792	97	2	empirical	empirical	ADJ
fbem-4792	97	3	results	result	NOUN
fbem-4792	97	4	of	of	ADP
fbem-4792	97	5	this	this	DET
fbem-4792	97	6	paper	paper	NOUN
fbem-4792	97	7	are	be	AUX
fbem-4792	97	8	consistent	consistent	ADJ
fbem-4792	97	9	with	with	ADP
fbem-4792	97	10	the	the	DET
fbem-4792	97	11	existing	exist	VERB
fbem-4792	97	12	views	view	NOUN
fbem-4792	97	13	.	.	PUNCT
fbem-4792	98	1	the	the	DET
fbem-4792	98	2	empirical	empirical	ADJ
fbem-4792	98	3	results	result	NOUN
fbem-4792	98	4	show	show	VERB
fbem-4792	98	5	that	that	SCONJ
fbem-4792	98	6	the	the	DET
fbem-4792	98	7	expansion	expansion	NOUN
fbem-4792	98	8	of	of	ADP
fbem-4792	98	9	local	local	ADJ
fbem-4792	98	10	government	government	NOUN
fbem-4792	98	11	debt	debt	NOUN
fbem-4792	98	12	will	will	AUX
fbem-4792	98	13	lead	lead	VERB
fbem-4792	98	14	to	to	ADP
fbem-4792	98	15	the	the	DET
fbem-4792	98	16	decline	decline	NOUN
fbem-4792	98	17	of	of	ADP
fbem-4792	98	18	the	the	DET
fbem-4792	98	19	debt	debt	NOUN
fbem-4792	98	20	financing	financing	NOUN
fbem-4792	98	21	level	level	NOUN
fbem-4792	98	22	of	of	ADP
fbem-4792	98	23	local	local	ADJ
fbem-4792	98	24	enterprises	enterprise	NOUN
fbem-4792	98	25	.	.	PUNCT
fbem-4792	99	1	from	from	ADP
fbem-4792	99	2	the	the	DET
fbem-4792	99	3	perspective	perspective	NOUN
fbem-4792	99	4	of	of	ADP
fbem-4792	99	5	different	different	ADJ
fbem-4792	99	6	debt	debt	NOUN
fbem-4792	99	7	sources	source	NOUN
fbem-4792	99	8	,	,	PUNCT
fbem-4792	99	9	the	the	DET
fbem-4792	99	10	impact	impact	NOUN
fbem-4792	99	11	of	of	ADP
fbem-4792	99	12	local	local	ADJ
fbem-4792	99	13	government	government	NOUN
fbem-4792	99	14	debt	debt	NOUN
fbem-4792	99	15	expansion	expansion	NOUN
fbem-4792	99	16	is	be	AUX
fbem-4792	99	17	significantly	significantly	ADV
fbem-4792	99	18	different	different	ADJ
fbem-4792	99	19	.	.	PUNCT
fbem-4792	100	1	local	local	ADJ
fbem-4792	100	2	government	government	NOUN
fbem-4792	100	3	debt	debt	NOUN
fbem-4792	100	4	expansion	expansion	NOUN
fbem-4792	100	5	has	have	VERB
fbem-4792	100	6	a	a	DET
fbem-4792	100	7	strong	strong	ADJ
fbem-4792	100	8	and	and	CCONJ
fbem-4792	100	9	significant	significant	ADJ
fbem-4792	100	10	crowding	crowd	VERB
fbem-4792	100	11	out	out	ADP
fbem-4792	100	12	effect	effect	NOUN
fbem-4792	100	13	on	on	ADP
fbem-4792	100	14	corporate	corporate	ADJ
fbem-4792	100	15	financial	financial	ADJ
fbem-4792	100	16	liabilities	liability	NOUN
fbem-4792	100	17	,	,	PUNCT
fbem-4792	100	18	while	while	SCONJ
fbem-4792	100	19	this	this	DET
fbem-4792	100	20	effect	effect	NOUN
fbem-4792	100	21	on	on	ADP
fbem-4792	100	22	corporate	corporate	ADJ
fbem-4792	100	23	operating	operating	NOUN
fbem-4792	100	24	liabilities	liability	NOUN
fbem-4792	100	25	is	be	AUX
fbem-4792	100	26	weak	weak	ADJ
fbem-4792	100	27	.	.	PUNCT
fbem-4792	101	1	the	the	DET
fbem-4792	101	2	robustness	robustness	NOUN
fbem-4792	101	3	test	test	NOUN
fbem-4792	101	4	results	result	NOUN
fbem-4792	101	5	of	of	ADP
fbem-4792	101	6	changing	change	VERB
fbem-4792	101	7	explanatory	explanatory	ADJ
fbem-4792	101	8	variables	variable	NOUN
fbem-4792	101	9	and	and	CCONJ
fbem-4792	101	10	explained	explain	VERB
fbem-4792	101	11	variables	variable	NOUN
fbem-4792	101	12	show	show	VERB
fbem-4792	101	13	that	that	SCONJ
fbem-4792	101	14	the	the	DET
fbem-4792	101	15	above	above	ADJ
fbem-4792	101	16	research	research	NOUN
fbem-4792	101	17	conclusions	conclusion	NOUN
fbem-4792	101	18	are	be	AUX
fbem-4792	101	19	still	still	ADV
fbem-4792	101	20	valid	valid	ADJ
fbem-4792	101	21	.	.	PUNCT
fbem-4792	102	1	therefore	therefore	ADV
fbem-4792	102	2	,	,	PUNCT
fbem-4792	102	3	first	first	ADV
fbem-4792	102	4	,	,	PUNCT
fbem-4792	102	5	for	for	ADP
fbem-4792	102	6	each	each	DET
fbem-4792	102	7	region	region	NOUN
fbem-4792	102	8	,	,	PUNCT
fbem-4792	102	9	corresponding	correspond	VERB
fbem-4792	102	10	debt	debt	NOUN
fbem-4792	102	11	limit	limit	NOUN
fbem-4792	102	12	measures	measure	NOUN
fbem-4792	102	13	should	should	AUX
fbem-4792	102	14	be	be	AUX
fbem-4792	102	15	formulated	formulate	VERB
fbem-4792	102	16	to	to	PART
fbem-4792	102	17	limit	limit	VERB
fbem-4792	102	18	the	the	DET
fbem-4792	102	19	scale	scale	NOUN
fbem-4792	102	20	of	of	ADP
fbem-4792	102	21	local	local	ADJ
fbem-4792	102	22	debt	debt	NOUN
fbem-4792	102	23	and	and	CCONJ
fbem-4792	102	24	prevent	prevent	VERB
fbem-4792	102	25	local	local	ADJ
fbem-4792	102	26	officials	official	NOUN
fbem-4792	102	27	from	from	ADP
fbem-4792	102	28	issuing	issue	VERB
fbem-4792	102	29	debt	debt	NOUN
fbem-4792	102	30	on	on	ADP
fbem-4792	102	31	a	a	DET
fbem-4792	102	32	large	large	ADJ
fbem-4792	102	33	scale	scale	NOUN
fbem-4792	102	34	to	to	PART
fbem-4792	102	35	meet	meet	VERB
fbem-4792	102	36	promotion	promotion	NOUN
fbem-4792	102	37	requirements	requirement	NOUN
fbem-4792	102	38	.	.	PUNCT
fbem-4792	103	1	at	at	ADP
fbem-4792	103	2	the	the	DET
fbem-4792	103	3	same	same	ADJ
fbem-4792	103	4	time	time	NOUN
fbem-4792	103	5	,	,	PUNCT
fbem-4792	103	6	national	national	ADJ
fbem-4792	103	7	supervision	supervision	NOUN
fbem-4792	103	8	is	be	AUX
fbem-4792	103	9	also	also	ADV
fbem-4792	103	10	essential	essential	ADJ
fbem-4792	103	11	for	for	ADP
fbem-4792	103	12	local	local	ADJ
fbem-4792	103	13	government	government	NOUN
fbem-4792	103	14	debt	debt	NOUN
fbem-4792	103	15	.	.	PUNCT
fbem-4792	104	1	provinces	province	NOUN
fbem-4792	104	2	and	and	CCONJ
fbem-4792	104	3	cities	city	NOUN
fbem-4792	104	4	that	that	PRON
fbem-4792	104	5	exceed	exceed	VERB
fbem-4792	104	6	the	the	DET
fbem-4792	104	7	debt	debt	NOUN
fbem-4792	104	8	limit	limit	NOUN
fbem-4792	104	9	should	should	AUX
fbem-4792	104	10	be	be	AUX
fbem-4792	104	11	held	hold	VERB
fbem-4792	104	12	accountable	accountable	ADJ
fbem-4792	104	13	and	and	CCONJ
fbem-4792	104	14	relevant	relevant	ADJ
fbem-4792	104	15	restraint	restraint	NOUN
fbem-4792	104	16	mechanisms	mechanism	NOUN
fbem-4792	104	17	should	should	AUX
fbem-4792	104	18	be	be	AUX
fbem-4792	104	19	established	establish	VERB
fbem-4792	104	20	.	.	PUNCT
fbem-4792	105	1	second	second	ADJ
fbem-4792	105	2	,	,	PUNCT
fbem-4792	105	3	the	the	DET
fbem-4792	105	4	large	large	ADJ
fbem-4792	105	5	-	-	PUNCT
fbem-4792	105	6	scale	scale	NOUN
fbem-4792	105	7	issuance	issuance	NOUN
fbem-4792	105	8	of	of	ADP
fbem-4792	105	9	bonds	bond	NOUN
fbem-4792	105	10	by	by	ADP
fbem-4792	105	11	local	local	ADJ
fbem-4792	105	12	governments	government	NOUN
fbem-4792	105	13	will	will	AUX
fbem-4792	105	14	seriously	seriously	ADV
fbem-4792	105	15	squeeze	squeeze	VERB
fbem-4792	105	16	out	out	ADP
fbem-4792	105	17	the	the	DET
fbem-4792	105	18	credit	credit	NOUN
fbem-4792	105	19	financing	financing	NOUN
fbem-4792	105	20	of	of	ADP
fbem-4792	105	21	real	real	ADJ
fbem-4792	105	22	enterprises	enterprise	NOUN
fbem-4792	105	23	.	.	PUNCT
fbem-4792	106	1	therefore	therefore	ADV
fbem-4792	106	2	,	,	PUNCT
fbem-4792	106	3	relevant	relevant	ADJ
fbem-4792	106	4	departments	department	NOUN
fbem-4792	106	5	should	should	AUX
fbem-4792	106	6	speed	speed	VERB
fbem-4792	106	7	up	up	ADP
fbem-4792	106	8	the	the	DET
fbem-4792	106	9	marketization	marketization	NOUN
fbem-4792	106	10	process	process	NOUN
fbem-4792	106	11	,	,	PUNCT
fbem-4792	106	12	improve	improve	VERB
fbem-4792	106	13	the	the	DET
fbem-4792	106	14	legal	legal	ADJ
fbem-4792	106	15	environment	environment	NOUN
fbem-4792	106	16	,	,	PUNCT
fbem-4792	106	17	and	and	CCONJ
fbem-4792	106	18	create	create	VERB
fbem-4792	106	19	a	a	DET
fbem-4792	106	20	good	good	ADJ
fbem-4792	106	21	financing	financing	NOUN
fbem-4792	106	22	environment	environment	NOUN
fbem-4792	106	23	for	for	ADP
fbem-4792	106	24	real	real	ADJ
fbem-4792	106	25	enterprise	enterprise	NOUN
fbem-4792	106	26	financing	financing	NOUN
fbem-4792	106	27	.	.	PUNCT
fbem-4792	107	1	references	reference	NOUN
fbem-4792	107	2	[	[	X
fbem-4792	107	3	1	1	NUM
fbem-4792	107	4	]	]	X
fbem-4792	107	5	graham	graham	PROPN
fbem-4792	107	6	,	,	PUNCT
fbem-4792	107	7	j.	j.	PROPN
fbem-4792	107	8	r.	r.	PROPN
fbem-4792	107	9	,leary	,leary	PUNCT
fbem-4792	107	10	,	,	PUNCT
fbem-4792	107	11	m.	m.	NOUN
fbem-4792	107	12	t.	t.	PROPN
fbem-4792	107	13	,	,	PUNCT
fbem-4792	107	14	roberts	roberts	PROPN
fbem-4792	107	15	,	,	PUNCT
fbem-4792	107	16	m.	m.	NOUN
fbem-4792	107	17	r	r	NOUN
fbem-4792	107	18	..	..	PUNCT
fbem-4792	107	19	how	how	SCONJ
fbem-4792	107	20	does	do	AUX
fbem-4792	107	21	government	government	NOUN
fbem-4792	107	22	borrowing	borrowing	NOUN
fbem-4792	107	23	affect	affect	VERB
fbem-4792	107	24	corporate	corporate	ADJ
fbem-4792	107	25	financing	financing	NOUN
fbem-4792	107	26	and	and	CCONJ
fbem-4792	107	27	investment?[j].nber	investment?[j].nber	NOUN
fbem-4792	107	28	working	working	NOUN
fbem-4792	107	29	paper,2014	paper,2014	NOUN
fbem-4792	107	30	.	.	PUNCT
fbem-4792	108	1	[	[	X
fbem-4792	108	2	2	2	NUM
fbem-4792	108	3	]	]	PUNCT
fbem-4792	108	4	krishnamurthy	krishnamurthy	PROPN
fbem-4792	108	5	a	a	PROPN
fbem-4792	108	6	,	,	PUNCT
fbem-4792	108	7	vissing	visse	VERB
fbem-4792	108	8	-	-	PUNCT
fbem-4792	108	9	jorgensen	jorgensen	PROPN
fbem-4792	108	10	a.	a.	NOUN
fbem-4792	108	11	the	the	DET
fbem-4792	108	12	aggregate	aggregate	ADJ
fbem-4792	108	13	demand	demand	NOUN
fbem-4792	108	14	for	for	ADP
fbem-4792	108	15	treasury	treasury	PROPN
fbem-4792	108	16	debt[j].journal	debt[j].journal	NOUN
fbem-4792	108	17	of	of	ADP
fbem-4792	108	18	political	political	ADJ
fbem-4792	108	19	economy	economy	NOUN
fbem-4792	108	20	,	,	PUNCT
fbem-4792	108	21	2012	2012	NUM
fbem-4792	108	22	,	,	PUNCT
fbem-4792	108	23	120	120	NUM
fbem-4792	108	24	(	(	PUNCT
fbem-4792	108	25	2	2	NUM
fbem-4792	108	26	):	):	PUNCT
fbem-4792	108	27	233	233	NUM
fbem-4792	108	28	-	-	SYM
fbem-4792	108	29	267	267	NUM
fbem-4792	108	30	.	.	PUNCT
fbem-4792	109	1	[	[	X
fbem-4792	109	2	3	3	X
fbem-4792	109	3	]	]	X
fbem-4792	109	4	wang	wang	PROPN
fbem-4792	109	5	jinxiang	jinxiang	PROPN
fbem-4792	109	6	,	,	PUNCT
fbem-4792	109	7	wu	wu	PROPN
fbem-4792	109	8	shinong	shinong	PROPN
fbem-4792	109	9	,	,	PUNCT
fbem-4792	109	10	wu	wu	PROPN
fbem-4792	109	11	yuhui	yuhui	PROPN
fbem-4792	109	12	.	.	PUNCT
fbem-4792	110	1	the	the	DET
fbem-4792	110	2	impact	impact	NOUN
fbem-4792	110	3	of	of	ADP
fbem-4792	110	4	local	local	ADJ
fbem-4792	110	5	government	government	NOUN
fbem-4792	110	6	debt	debt	NOUN
fbem-4792	110	7	on	on	ADP
fbem-4792	110	8	corporate	corporate	ADJ
fbem-4792	110	9	debt	debt	NOUN
fbem-4792	110	10	-an	-an	ADP
fbem-4792	110	11	empirical	empirical	ADJ
fbem-4792	110	12	analysis	analysis	NOUN
fbem-4792	110	13	based	base	VERB
fbem-4792	110	14	on	on	ADP
fbem-4792	110	15	prefecture	prefecture	NOUN
fbem-4792	110	16	level	level	NOUN
fbem-4792	110	17	[	[	X
fbem-4792	110	18	j].financial	j].financial	ADJ
fbem-4792	110	19	research	research	NOUN
fbem-4792	110	20	,	,	PUNCT
fbem-4792	110	21	2020	2020	NUM
fbem-4792	110	22	,	,	PUNCT
fbem-4792	110	23	46	46	NUM
fbem-4792	110	24	(	(	PUNCT
fbem-4792	110	25	01	01	NUM
fbem-4792	110	26	):	):	PUNCT
fbem-4792	110	27	111	111	NUM
fbem-4792	110	28	-	-	SYM
fbem-4792	110	29	125	125	NUM
fbem-4792	110	30	[	[	SYM
fbem-4792	110	31	4	4	NUM
fbem-4792	110	32	]	]	X
fbem-4792	110	33	wu	wu	PROPN
fbem-4792	110	34	junpei	junpei	PROPN
fbem-4792	110	35	,	,	PUNCT
fbem-4792	110	36	xu	xu	PROPN
fbem-4792	111	1	yanzhe	yanzhe	PROPN
fbem-4792	111	2	,	,	PUNCT
fbem-4792	111	3	hao	hao	PROPN
fbem-4792	111	4	chu	chu	PROPN
fbem-4792	111	5	.	.	PUNCT
fbem-4792	112	1	economic	economic	ADJ
fbem-4792	112	2	effect	effect	NOUN
fbem-4792	112	3	evaluation	evaluation	NOUN
fbem-4792	112	4	of	of	ADP
fbem-4792	112	5	local	local	ADJ
fbem-4792	112	6	public	public	ADJ
fbem-4792	112	7	debt	debt	NOUN
fbem-4792	112	8	:	:	PUNCT
fbem-4792	112	9	a	a	DET
fbem-4792	112	10	perspective	perspective	NOUN
fbem-4792	112	11	of	of	ADP
fbem-4792	112	12	enterprise	enterprise	NOUN
fbem-4792	112	13	investment	investment	NOUN
fbem-4792	112	14	and	and	CCONJ
fbem-4792	112	15	financing	financing	NOUN
fbem-4792	112	16	decisions	decision	NOUN
fbem-4792	112	17	[	[	X
fbem-4792	112	18	j].macroeconomic	j].macroeconomic	ADJ
fbem-4792	112	19	research	research	NOUN
fbem-4792	112	20	,	,	PUNCT
fbem-4792	112	21	2021	2021	NUM
fbem-4792	112	22	(	(	PUNCT
fbem-4792	112	23	04	04	NUM
fbem-4792	112	24	):	):	PUNCT
fbem-4792	112	25	47	47	NUM
fbem-4792	112	26	-	-	SYM
fbem-4792	112	27	58	58	NUM
fbem-4792	113	1	[	[	X
fbem-4792	113	2	5	5	NUM
fbem-4792	113	3	]	]	SYM
fbem-4792	113	4	hu	hu	PROPN
fbem-4792	113	5	yumei	yumei	PROPN
fbem-4792	113	6	,	,	PUNCT
fbem-4792	113	7	fan	fan	PROPN
fbem-4792	113	8	jianyong	jianyong	PROPN
fbem-4792	113	9	.	.	PUNCT
fbem-4792	114	1	the	the	DET
fbem-4792	114	2	impact	impact	NOUN
fbem-4792	114	3	of	of	ADP
fbem-4792	114	4	local	local	ADJ
fbem-4792	114	5	government	government	NOUN
fbem-4792	114	6	debt	debt	NOUN
fbem-4792	114	7	on	on	ADP
fbem-4792	114	8	enterprise	enterprise	NOUN
fbem-4792	114	9	financing	financing	NOUN
fbem-4792	114	10	:	:	PUNCT
fbem-4792	114	11	from	from	ADP
fbem-4792	114	12	the	the	DET
fbem-4792	114	13	perspective	perspective	NOUN
fbem-4792	114	14	of	of	ADP
fbem-4792	114	15	"	"	PUNCT
fbem-4792	114	16	infrastructure	infrastructure	NOUN
fbem-4792	114	17	crowding	crowd	VERB
fbem-4792	114	18	in	in	ADP
fbem-4792	114	19	effect	effect	NOUN
fbem-4792	114	20	"	"	PUNCT
fbem-4792	114	21	and	and	CCONJ
fbem-4792	114	22	"	"	PUNCT
fbem-4792	114	23	credit	credit	NOUN
fbem-4792	114	24	crowding	crowd	VERB
fbem-4792	114	25	out	out	ADP
fbem-4792	114	26	effect	effect	NOUN
fbem-4792	114	27	"	"	PUNCT
fbem-4792	115	1	[	[	X
fbem-4792	115	2	j].jianghai	j].jianghai	PROPN
fbem-4792	115	3	academic	academic	ADJ
fbem-4792	115	4	journal	journal	NOUN
fbem-4792	115	5	,	,	PUNCT
fbem-4792	115	6	2019	2019	NUM
fbem-4792	115	7	(	(	PUNCT
fbem-4792	115	8	05	05	NUM
fbem-4792	115	9	):	):	PUNCT
fbem-4792	115	10	86	86	NUM
fbem-4792	115	11	-	-	SYM
fbem-4792	115	12	92	92	NUM
fbem-4792	115	13	[	[	SYM
fbem-4792	115	14	6	6	NUM
fbem-4792	115	15	]	]	PUNCT
fbem-4792	115	16	irem	irem	PROPN
fbem-4792	115	17	demirci	demirci	PROPN
fbem-4792	115	18	,	,	PUNCT
fbem-4792	115	19	jennifer	jennifer	PROPN
fbem-4792	115	20	huang	huang	PROPN
fbem-4792	115	21	,	,	PUNCT
fbem-4792	115	22	clemens	clemens	PROPN
fbem-4792	115	23	sialm.government	sialm.government	NOUN
fbem-4792	115	24	debt	debt	NOUN
fbem-4792	115	25	and	and	CCONJ
fbem-4792	115	26	corporate	corporate	ADJ
fbem-4792	115	27	leverage：international	leverage：international	ADJ
fbem-4792	115	28	evidence	evidence	NOUN
fbem-4792	115	29	[	[	X
fbem-4792	115	30	j].elsevier	j].elsevier	PROPN
fbem-4792	115	31	b.v	b.v	PROPN
fbem-4792	115	32	.	.	PROPN
fbem-4792	115	33	,2019,133(2	,2019,133(2	PROPN
fbem-4792	115	34	)	)	PUNCT
fbem-4792	115	35	.	.	PUNCT
fbem-4792	116	1	[	[	X
fbem-4792	116	2	7	7	X
fbem-4792	116	3	]	]	X
fbem-4792	116	4	liang	liang	PROPN
fbem-4792	116	5	y	y	PROPN
fbem-4792	116	6	,	,	PUNCT
fbem-4792	116	7	shi	shi	PROPN
fbem-4792	116	8	k	k	PROPN
fbem-4792	116	9	,	,	PUNCT
fbem-4792	116	10	wang	wang	PROPN
fbem-4792	116	11	l	l	PROPN
fbem-4792	116	12	,	,	PUNCT
fbem-4792	116	13	et	et	PROPN
fbem-4792	116	14	al．local	al．local	ADJ
fbem-4792	116	15	government	government	NOUN
fbem-4792	116	16	debt	debt	NOUN
fbem-4792	116	17	and	and	CCONJ
fbem-4792	116	18	firm	firm	ADJ
fbem-4792	116	19	leverage	leverage	NOUN
fbem-4792	116	20	:	:	PUNCT
fbem-4792	116	21	evidence	evidence	NOUN
fbem-4792	116	22	from	from	ADP
fbem-4792	116	23	china[j].asian	china[j].asian	ADJ
fbem-4792	116	24	economic	economic	ADJ
fbem-4792	116	25	policy	policy	NOUN
fbem-4792	116	26	review,2017,12．	review,2017,12．	PROPN
fbem-4792	117	1	[	[	X
fbem-4792	117	2	8	8	NUM
fbem-4792	117	3	]	]	X
fbem-4792	117	4	liu	liu	PROPN
fbem-4792	117	5	qizhi	qizhi	PROPN
fbem-4792	117	6	,	,	PUNCT
fbem-4792	117	7	baiyun	baiyun	PROPN
fbem-4792	117	8	.	.	PUNCT
fbem-4792	118	1	does	do	AUX
fbem-4792	118	2	the	the	DET
fbem-4792	118	3	increase	increase	NOUN
fbem-4792	118	4	of	of	ADP
fbem-4792	118	5	government	government	NOUN
fbem-4792	118	6	debt	debt	NOUN
fbem-4792	118	7	reduce	reduce	VERB
fbem-4792	118	8	enterprise	enterprise	NOUN
fbem-4792	118	9	leverage	leverage	NOUN
fbem-4792	118	10	?	?	PUNCT
fbem-4792	119	1	[	[	X
fbem-4792	119	2	j	j	X
fbem-4792	119	3	]	]	X
fbem-4792	119	4	financial	financial	ADJ
fbem-4792	119	5	research	research	NOUN
fbem-4792	119	6	,	,	PUNCT
fbem-4792	119	7	2020	2020	NUM
fbem-4792	119	8	(	(	PUNCT
fbem-4792	119	9	03	03	NUM
fbem-4792	119	10	):	):	PUNCT
fbem-4792	119	11	71	71	NUM
fbem-4792	119	12	-	-	SYM
fbem-4792	119	13	84	84	NUM
fbem-4792	119	14	.	.	PUNCT
fbem-4792	120	1	[	[	X
fbem-4792	120	2	9	9	NUM
fbem-4792	120	3	]	]	X
fbem-4792	120	4	chemla	chemla	NOUN
fbem-4792	120	5	gh	gh	PROPN
fbem-4792	120	6	,	,	PUNCT
fbem-4792	120	7	hennessy	hennessy	PROPN
fbem-4792	120	8	ca	ca	PROPN
fbem-4792	120	9	.	.	PUNCT
fbem-4792	121	1	government	government	NOUN
fbem-4792	121	2	as	as	ADP
fbem-4792	121	3	borrower	borrower	NOUN
fbem-4792	121	4	of	of	ADP
fbem-4792	121	5	first	first	ADJ
fbem-4792	121	6	resort	resort	NOUN
fbem-4792	122	1	[	[	X
fbem-4792	122	2	j].journal	j].journal	NOUN
fbem-4792	122	3	of	of	ADP
fbem-4792	122	4	monetary	monetary	ADJ
fbem-4792	122	5	economics,2016(84):1	economics,2016(84):1	PROPN
fbem-4792	122	6	-	-	PUNCT
fbem-4792	122	7	16	16	NUM
fbem-4792	122	8	.	.	PUNCT
fbem-4792	123	1	[	[	X
fbem-4792	123	2	10	10	NUM
fbem-4792	123	3	]	]	X
fbem-4792	123	4	sun	sun	NOUN
fbem-4792	123	5	gang	gang	PROPN
fbem-4792	123	6	,	,	PUNCT
fbem-4792	123	7	zhu	zhu	PROPN
fbem-4792	123	8	kai	kai	PROPN
fbem-4792	123	9	.	.	PUNCT
fbem-4792	124	1	local	local	ADJ
fbem-4792	124	2	government	government	NOUN
fbem-4792	124	3	debt	debt	NOUN
fbem-4792	124	4	governance	governance	NOUN
fbem-4792	124	5	and	and	CCONJ
fbem-4792	124	6	investment	investment	NOUN
fbem-4792	124	7	and	and	CCONJ
fbem-4792	124	8	financing	financing	NOUN
fbem-4792	124	9	of	of	ADP
fbem-4792	124	10	listed	list	VERB
fbem-4792	124	11	enterprises	enterprise	NOUN
fbem-4792	124	12	preliminary	preliminary	ADJ
fbem-4792	124	13	evidence	evidence	NOUN
fbem-4792	124	14	based	base	VERB
fbem-4792	124	15	on	on	ADP
fbem-4792	124	16	247	247	NUM
fbem-4792	124	17	cities	city	NOUN
fbem-4792	124	18	in	in	ADP
fbem-4792	124	19	china	china	PROPN
fbem-4792	125	1	[	[	X
fbem-4792	125	2	j].economic	j].economic	ADJ
fbem-4792	125	3	theory	theory	NOUN
fbem-4792	125	4	and	and	CCONJ
fbem-4792	125	5	economic	economic	ADJ
fbem-4792	125	6	management	management	NOUN
fbem-4792	125	7	,	,	PUNCT
fbem-4792	125	8	2017	2017	NUM
fbem-4792	125	9	(	(	PUNCT
fbem-4792	125	10	07	07	NUM
fbem-4792	125	11	):	):	PUNCT
fbem-4792	125	12	49	49	NUM
fbem-4792	125	13	-	-	SYM
fbem-4792	125	14	63	63	NUM
fbem-4792	125	15	.	.	PUNCT
fbem-4792	126	1	[	[	X
fbem-4792	126	2	11	11	NUM
fbem-4792	126	3	]	]	X
fbem-4792	126	4	qu	qu	PROPN
fbem-4792	126	5	chunqing	chunqe	VERB
fbem-4792	126	6	,	,	PUNCT
fbem-4792	126	7	zhuang	zhuang	PROPN
fbem-4792	126	8	xinxin	xinxin	PROPN
fbem-4792	126	9	.	.	PUNCT
fbem-4792	127	1	can	can	AUX
fbem-4792	127	2	improving	improve	VERB
fbem-4792	127	3	the	the	DET
fbem-4792	127	4	degree	degree	NOUN
fbem-4792	127	5	of	of	ADP
fbem-4792	127	6	financial	financial	ADJ
fbem-4792	127	7	marketization	marketization	NOUN
fbem-4792	127	8	ease	ease	VERB
fbem-4792	127	9	the	the	DET
fbem-4792	127	10	crowding	crowd	VERB
fbem-4792	127	11	out	out	ADP
fbem-4792	127	12	effect	effect	NOUN
fbem-4792	127	13	of	of	ADP
fbem-4792	127	14	local	local	ADJ
fbem-4792	127	15	government	government	NOUN
fbem-4792	127	16	debt	debt	NOUN
fbem-4792	127	17	on	on	ADP
fbem-4792	127	18	enterprise	enterprise	NOUN
fbem-4792	127	19	debt	debt	NOUN
fbem-4792	127	20	financing	financing	NOUN
fbem-4792	127	21	?	?	PUNCT
fbem-4792	128	1	[	[	X
fbem-4792	128	2	j].international	j].international	ADJ
fbem-4792	128	3	finance	finance	NOUN
fbem-4792	128	4	research	research	NOUN
fbem-4792	128	5	,	,	PUNCT
fbem-4792	128	6	2021	2021	NUM
fbem-4792	128	7	(	(	PUNCT
fbem-4792	128	8	12	12	NUM
fbem-4792	128	9	):	):	PUNCT
fbem-4792	128	10	34	34	NUM
fbem-4792	128	11	-	-	SYM
fbem-4792	128	12	43	43	NUM
fbem-4792	128	13	.	.	PUNCT
fbem-4792	129	1	[	[	X
fbem-4792	129	2	12	12	NUM
fbem-4792	129	3	]	]	X
fbem-4792	129	4	li	li	PROPN
fbem-4792	129	5	xinhe	xinhe	PROPN
fbem-4792	129	6	,	,	PUNCT
fbem-4792	129	7	wang	wang	PROPN
fbem-4792	129	8	yaxing	yaxing	PROPN
fbem-4792	129	9	,	,	PUNCT
fbem-4792	129	10	ye	ye	PROPN
fbem-4792	129	11	ling	ling	PROPN
fbem-4792	129	12	.	.	PUNCT
fbem-4792	130	1	new	new	ADJ
fbem-4792	130	2	interpretation	interpretation	NOUN
fbem-4792	130	3	of	of	ADP
fbem-4792	130	4	debt	debt	NOUN
fbem-4792	130	5	heterogeneity	heterogeneity	NOUN
fbem-4792	130	6	hypothesis	hypothesis	NOUN
fbem-4792	130	7	and	and	CCONJ
fbem-4792	130	8	capital	capital	NOUN
fbem-4792	130	9	structure	structure	NOUN
fbem-4792	130	10	selection	selection	NOUN
fbem-4792	130	11	theory	theory	NOUN
fbem-4792	130	12	[	[	X
fbem-4792	130	13	j].accounting	j].accounte	VERB
fbem-4792	130	14	research	research	NOUN
fbem-4792	130	15	,	,	PUNCT
fbem-4792	130	16	2014	2014	NUM
fbem-4792	130	17	(	(	PUNCT
fbem-4792	130	18	12	12	NUM
fbem-4792	130	19	):	):	PUNCT
fbem-4792	130	20	3	3	NUM
fbem-4792	130	21	-	-	SYM
fbem-4792	130	22	10	10	NUM
fbem-4792	130	23	+	+	NOUN
fbem-4792	130	24	95	95	NUM
fbem-4792	130	25	.	.	PUNCT
fbem-4792	131	1	[	[	X
fbem-4792	131	2	13	13	NUM
fbem-4792	131	3	]	]	SYM
fbem-4792	131	4	fan	fan	NOUN
fbem-4792	131	5	xiaoyun	xiaoyun	PROPN
fbem-4792	131	6	,	,	PUNCT
fbem-4792	131	7	fang	fang	PROPN
fbem-4792	131	8	cai	cai	PROPN
fbem-4792	131	9	,	,	PUNCT
fbem-4792	131	10	he	he	PRON
fbem-4792	131	11	qing	qe	VERB
fbem-4792	131	12	.	.	PUNCT
fbem-4792	132	1	who	who	PRON
fbem-4792	132	2	is	be	AUX
fbem-4792	132	3	driving	drive	VERB
fbem-4792	132	4	up	up	ADP
fbem-4792	132	5	the	the	DET
fbem-4792	132	6	cost	cost	NOUN
fbem-4792	132	7	of	of	ADP
fbem-4792	132	8	corporate	corporate	ADJ
fbem-4792	132	9	debt	debt	NOUN
fbem-4792	132	10	financing	financing	NOUN
fbem-4792	132	11	-and	-and	ADP
fbem-4792	132	12	a	a	DET
fbem-4792	132	13	test	test	NOUN
fbem-4792	132	14	of	of	ADP
fbem-4792	132	15	the	the	DET
fbem-4792	132	16	"	"	PUNCT
fbem-4792	132	17	portfolio	portfolio	NOUN
fbem-4792	132	18	effect	effect	NOUN
fbem-4792	132	19	"	"	PUNCT
fbem-4792	132	20	of	of	ADP
fbem-4792	132	21	government	government	NOUN
fbem-4792	132	22	financing	financing	NOUN
fbem-4792	132	23	[	[	X
fbem-4792	132	24	j].finance	j].finance	NOUN
fbem-4792	132	25	and	and	CCONJ
fbem-4792	132	26	trade	trade	NOUN
fbem-4792	132	27	economy	economy	NOUN
fbem-4792	132	28	,	,	PUNCT
fbem-4792	132	29	2017	2017	NUM
fbem-4792	132	30	(	(	PUNCT
fbem-4792	132	31	1	1	NUM
fbem-4792	132	32	):	):	PUNCT
fbem-4792	132	33	51	51	NUM
fbem-4792	132	34	-	-	SYM
fbem-4792	132	35	65	65	NUM
fbem-4792	132	36	.	.	PUNCT
fbem-4792	133	1	70	70	NUM
fbem-4792	134	1	[	[	X
fbem-4792	134	2	14	14	NUM
fbem-4792	134	3	]	]	X
fbem-4792	134	4	zhu	zhu	PROPN
fbem-4792	134	5	chenhe	chenhe	PROPN
fbem-4792	134	6	,	,	PUNCT
fbem-4792	134	7	yang	yang	PROPN
fbem-4792	134	8	zheng	zheng	PROPN
fbem-4792	134	9	,	,	PUNCT
fbem-4792	134	10	cheng	cheng	PROPN
fbem-4792	134	11	chen	chen	PROPN
fbem-4792	134	12	local	local	ADJ
fbem-4792	134	13	government	government	NOUN
fbem-4792	134	14	debt	debt	NOUN
fbem-4792	134	15	and	and	CCONJ
fbem-4792	134	16	enterprise	enterprise	NOUN
fbem-4792	134	17	innovation	innovation	NOUN
fbem-4792	134	18	:	:	PUNCT
fbem-4792	134	19	an	an	DET
fbem-4792	134	20	empirical	empirical	ADJ
fbem-4792	134	21	study	study	NOUN
fbem-4792	134	22	based	base	VERB
fbem-4792	134	23	on	on	ADP
fbem-4792	134	24	provincial	provincial	ADJ
fbem-4792	134	25	panel	panel	NOUN
fbem-4792	134	26	data	datum	NOUN
fbem-4792	134	27	and	and	CCONJ
fbem-4792	134	28	state	state	PROPN
fbem-4792	134	29	council	council	NOUN
fbem-4792	134	30	document	document	NOUN
fbem-4792	134	31	no.43	no.43	PROPN
fbem-4792	134	32	[	[	X
fbem-4792	134	33	j].contemporary	j].contemporary	ADJ
fbem-4792	134	34	finance	finance	NOUN
fbem-4792	134	35	and	and	CCONJ
fbem-4792	134	36	economics	economic	NOUN
fbem-4792	134	37	,	,	PUNCT
fbem-4792	134	38	2018	2018	NUM
fbem-4792	134	39	(	(	PUNCT
fbem-4792	134	40	8)	8)	NUM
fbem-4792	134	41	:	:	PUNCT
fbem-4792	134	42	7789	7789	NUM
fbem-4792	134	43	.	.	PUNCT
fbem-4792	135	1	[	[	X
fbem-4792	135	2	15	15	NUM
fbem-4792	135	3	]	]	X
fbem-4792	135	4	lu	lu	PROPN
fbem-4792	135	5	zhengfei	zhengfei	NOUN
fbem-4792	135	6	,	,	PUNCT
fbem-4792	135	7	he	he	PRON
fbem-4792	135	8	jie	jie	PROPN
fbem-4792	135	9	,	,	PUNCT
fbem-4792	135	10	dou	dou	PROPN
fbem-4792	135	11	huan	huan	PROPN
fbem-4792	135	12	.	.	PUNCT
fbem-4792	136	1	who	who	PRON
fbem-4792	136	2	is	be	AUX
fbem-4792	136	3	more	more	ADV
fbem-4792	136	4	over	over	ADP
fbem-4792	136	5	indebted	indebted	ADJ
fbem-4792	136	6	:	:	PUNCT
fbem-4792	136	7	state	state	NOUN
fbem-4792	136	8	-	-	PUNCT
fbem-4792	136	9	owned	own	VERB
fbem-4792	136	10	or	or	CCONJ
fbem-4792	136	11	non	non	ADJ
fbem-4792	136	12	-	-	ADJ
fbem-4792	136	13	state	state	NOUN
fbem-4792	136	14	-	-	PUNCT
fbem-4792	136	15	owned	own	VERB
fbem-4792	136	16	enterprises	enterprise	NOUN
fbem-4792	136	17	?	?	PUNCT
fbem-4792	137	1	[	[	X
fbem-4792	137	2	j	j	X
fbem-4792	137	3	]	]	X
fbem-4792	137	4	.	.	PUNCT
fbem-4792	138	1	economic	economic	ADJ
fbem-4792	138	2	research	research	NOUN
fbem-4792	138	3	,	,	PUNCT
fbem-4792	138	4	2015	2015	NUM
fbem-4792	138	5	(	(	PUNCT
fbem-4792	138	6	12	12	NUM
fbem-4792	138	7	):	):	PUNCT
fbem-4792	138	8	54	54	NUM
fbem-4792	138	9	-	-	SYM
fbem-4792	138	10	67	67	NUM
fbem-4792	138	11	.	.	PUNCT
fbem-4792	139	1	[	[	X
fbem-4792	139	2	16	16	NUM
fbem-4792	139	3	]	]	X
fbem-4792	139	4	zhang	zhang	PROPN
fbem-4792	139	5	qingjun	qingjun	PROPN
fbem-4792	139	6	,	,	PUNCT
fbem-4792	139	7	min	min	PROPN
fbem-4792	139	8	xiaoying	xiaoying	PROPN
fbem-4792	139	9	.	.	PUNCT
fbem-4792	140	1	fiscal	fiscal	ADJ
fbem-4792	140	2	decentralization	decentralization	NOUN
fbem-4792	140	3	,	,	PUNCT
fbem-4792	140	4	local	local	ADJ
fbem-4792	140	5	government	government	NOUN
fbem-4792	140	6	debt	debt	NOUN
fbem-4792	140	7	and	and	CCONJ
fbem-4792	140	8	corporate	corporate	ADJ
fbem-4792	140	9	leverage	leverage	NOUN
fbem-4792	140	10	:	:	PUNCT
fbem-4792	140	11	stimulus	stimulus	NOUN
fbem-4792	140	12	or	or	CCONJ
fbem-4792	140	13	inhibition	inhibition	NOUN
fbem-4792	140	14	[	[	X
fbem-4792	140	15	j	j	X
fbem-4792	140	16	]	]	X
fbem-4792	140	17	.	.	PUNCT
fbem-4792	141	1	financial	financial	ADJ
fbem-4792	141	2	research	research	NOUN
fbem-4792	141	3	,	,	PUNCT
fbem-4792	141	4	2019	2019	NUM
fbem-4792	141	5	(	(	PUNCT
fbem-4792	141	6	11	11	NUM
fbem-4792	141	7	):	):	PUNCT
fbem-4792	141	8	51	51	NUM
fbem-4792	141	9	-	-	SYM
fbem-4792	141	10	63	63	NUM
fbem-4792	141	11	.	.	PUNCT