id	sid	tid	token	lemma	pos
fbem-5556	1	1	frontiers	frontier	NOUN
fbem-5556	1	2	in	in	ADP
fbem-5556	1	3	business	business	NOUN
fbem-5556	1	4	,	,	PUNCT
fbem-5556	1	5	economics	economic	NOUN
fbem-5556	1	6	and	and	CCONJ
fbem-5556	1	7	management	management	NOUN
fbem-5556	1	8	issn	issn	PROPN
fbem-5556	1	9	:	:	PUNCT
fbem-5556	1	10	2766	2766	NUM
fbem-5556	1	11	-	-	PUNCT
fbem-5556	1	12	824x	824x	NUM
fbem-5556	1	13	|	|	ADJ
fbem-5556	1	14	vol	vol	NOUN
fbem-5556	1	15	.	.	PUNCT
fbem-5556	2	1	7	7	NUM
fbem-5556	2	2	,	,	PUNCT
fbem-5556	2	3	no	no	INTJ
fbem-5556	2	4	.	.	NOUN
fbem-5556	2	5	3	3	NUM
fbem-5556	2	6	,	,	PUNCT
fbem-5556	2	7	2023	2023	NUM
fbem-5556	2	8	223	223	NUM
fbem-5556	3	1	the	the	DET
fbem-5556	3	2	impact	impact	NOUN
fbem-5556	3	3	of	of	ADP
fbem-5556	3	4	executive	executive	ADJ
fbem-5556	3	5	incentive	incentive	NOUN
fbem-5556	3	6	on	on	ADP
fbem-5556	3	7	enterprise	enterprise	NOUN
fbem-5556	3	8	performance	performance	NOUN
fbem-5556	3	9	-a	-a	PUNCT
fbem-5556	3	10	case	case	NOUN
fbem-5556	3	11	study	study	NOUN
fbem-5556	3	12	of	of	ADP
fbem-5556	3	13	liquor	liquor	NOUN
fbem-5556	3	14	enterprises	enterprise	NOUN
fbem-5556	3	15	xin	xin	PROPN
fbem-5556	3	16	liu	liu	PROPN
fbem-5556	3	17	,	,	PUNCT
fbem-5556	3	18	xingzheng	xingzheng	PROPN
fbem-5556	3	19	xiao	xiao	PROPN
fbem-5556	3	20	school	school	PROPN
fbem-5556	3	21	of	of	ADP
fbem-5556	3	22	management	management	NOUN
fbem-5556	3	23	,	,	PUNCT
fbem-5556	3	24	sichuan	sichuan	PROPN
fbem-5556	3	25	university	university	PROPN
fbem-5556	3	26	of	of	ADP
fbem-5556	3	27	science	science	PROPN
fbem-5556	3	28	&	&	CCONJ
fbem-5556	3	29	engineering	engineering	PROPN
fbem-5556	3	30	,	,	PUNCT
fbem-5556	3	31	yibin	yibin	PROPN
fbem-5556	3	32	644000	644000	NUM
fbem-5556	3	33	,	,	PUNCT
fbem-5556	3	34	sichuan	sichuan	PROPN
fbem-5556	3	35	,	,	PUNCT
fbem-5556	3	36	china	china	PROPN
fbem-5556	3	37	abstract	abstract	PROPN
fbem-5556	3	38	:	:	PUNCT
fbem-5556	3	39	this	this	DET
fbem-5556	3	40	paper	paper	NOUN
fbem-5556	3	41	empirically	empirically	ADV
fbem-5556	3	42	examines	examine	VERB
fbem-5556	3	43	the	the	DET
fbem-5556	3	44	relationship	relationship	NOUN
fbem-5556	3	45	between	between	ADP
fbem-5556	3	46	compensation	compensation	NOUN
fbem-5556	3	47	incentive	incentive	NOUN
fbem-5556	3	48	,	,	PUNCT
fbem-5556	3	49	equity	equity	NOUN
fbem-5556	3	50	incentive	incentive	NOUN
fbem-5556	3	51	and	and	CCONJ
fbem-5556	3	52	enterprise	enterprise	NOUN
fbem-5556	3	53	performance	performance	NOUN
fbem-5556	3	54	in	in	ADP
fbem-5556	3	55	executive	executive	ADJ
fbem-5556	3	56	incentive	incentive	NOUN
fbem-5556	3	57	by	by	ADP
fbem-5556	3	58	selecting	select	VERB
fbem-5556	3	59	the	the	DET
fbem-5556	3	60	relevant	relevant	ADJ
fbem-5556	3	61	data	datum	NOUN
fbem-5556	3	62	of	of	ADP
fbem-5556	3	63	listed	list	VERB
fbem-5556	3	64	companies	company	NOUN
fbem-5556	3	65	of	of	ADP
fbem-5556	3	66	liquor	liquor	NOUN
fbem-5556	3	67	enterprises	enterprise	NOUN
fbem-5556	3	68	from	from	ADP
fbem-5556	3	69	2010	2010	NUM
fbem-5556	3	70	to	to	ADP
fbem-5556	3	71	2020	2020	NUM
fbem-5556	3	72	.	.	PUNCT
fbem-5556	4	1	the	the	DET
fbem-5556	4	2	results	result	NOUN
fbem-5556	4	3	show	show	VERB
fbem-5556	4	4	that	that	SCONJ
fbem-5556	4	5	executive	executive	ADJ
fbem-5556	4	6	compensation	compensation	NOUN
fbem-5556	4	7	incentive	incentive	NOUN
fbem-5556	4	8	can	can	AUX
fbem-5556	4	9	significantly	significantly	ADV
fbem-5556	4	10	and	and	CCONJ
fbem-5556	4	11	positively	positively	ADV
fbem-5556	4	12	affect	affect	VERB
fbem-5556	4	13	enterprise	enterprise	NOUN
fbem-5556	4	14	performance	performance	NOUN
fbem-5556	4	15	,	,	PUNCT
fbem-5556	4	16	while	while	SCONJ
fbem-5556	4	17	executive	executive	ADJ
fbem-5556	4	18	equity	equity	NOUN
fbem-5556	4	19	incentive	incentive	NOUN
fbem-5556	4	20	has	have	VERB
fbem-5556	4	21	no	no	DET
fbem-5556	4	22	significant	significant	ADJ
fbem-5556	4	23	impact	impact	NOUN
fbem-5556	4	24	on	on	ADP
fbem-5556	4	25	enterprise	enterprise	NOUN
fbem-5556	4	26	performance	performance	NOUN
fbem-5556	4	27	.	.	PUNCT
fbem-5556	5	1	keywords	keyword	NOUN
fbem-5556	5	2	:	:	PUNCT
fbem-5556	5	3	executive	executive	ADJ
fbem-5556	5	4	compensation	compensation	NOUN
fbem-5556	5	5	incentive	incentive	NOUN
fbem-5556	5	6	,	,	PUNCT
fbem-5556	5	7	executive	executive	ADJ
fbem-5556	5	8	equity	equity	NOUN
fbem-5556	5	9	incentive	incentive	NOUN
fbem-5556	5	10	,	,	PUNCT
fbem-5556	5	11	enterprise	enterprise	NOUN
fbem-5556	5	12	performance	performance	NOUN
fbem-5556	5	13	.	.	PUNCT
fbem-5556	6	1	1	1	X
fbem-5556	6	2	.	.	X
fbem-5556	6	3	introduction	introduction	NOUN
fbem-5556	6	4	in	in	ADP
fbem-5556	6	5	the	the	DET
fbem-5556	6	6	principal	principal	ADJ
fbem-5556	6	7	-	-	PUNCT
fbem-5556	6	8	agent	agent	NOUN
fbem-5556	6	9	theory	theory	NOUN
fbem-5556	6	10	,	,	PUNCT
fbem-5556	6	11	executive	executive	ADJ
fbem-5556	6	12	incentive	incentive	NOUN
fbem-5556	6	13	has	have	AUX
fbem-5556	6	14	been	be	AUX
fbem-5556	6	15	a	a	DET
fbem-5556	6	16	hot	hot	ADJ
fbem-5556	6	17	topic	topic	NOUN
fbem-5556	6	18	for	for	ADP
fbem-5556	6	19	scholars	scholar	NOUN
fbem-5556	6	20	.	.	PUNCT
fbem-5556	7	1	according	accord	VERB
fbem-5556	7	2	to	to	ADP
fbem-5556	7	3	the	the	DET
fbem-5556	7	4	principal	principal	ADJ
fbem-5556	7	5	-	-	PUNCT
fbem-5556	7	6	agent	agent	NOUN
fbem-5556	7	7	theory	theory	NOUN
fbem-5556	7	8	,	,	PUNCT
fbem-5556	7	9	the	the	DET
fbem-5556	7	10	ultimate	ultimate	ADJ
fbem-5556	7	11	goal	goal	NOUN
fbem-5556	7	12	of	of	ADP
fbem-5556	7	13	the	the	DET
fbem-5556	7	14	principal	principal	NOUN
fbem-5556	7	15	is	be	AUX
fbem-5556	7	16	to	to	PART
fbem-5556	7	17	maximize	maximize	VERB
fbem-5556	7	18	the	the	DET
fbem-5556	7	19	value	value	NOUN
fbem-5556	7	20	of	of	ADP
fbem-5556	7	21	the	the	DET
fbem-5556	7	22	enterprise	enterprise	NOUN
fbem-5556	7	23	and	and	CCONJ
fbem-5556	7	24	enable	enable	VERB
fbem-5556	7	25	the	the	DET
fbem-5556	7	26	enterprise	enterprise	NOUN
fbem-5556	7	27	to	to	PART
fbem-5556	7	28	achieve	achieve	VERB
fbem-5556	7	29	sustainable	sustainable	ADJ
fbem-5556	7	30	development	development	NOUN
fbem-5556	7	31	.	.	PUNCT
fbem-5556	8	1	and	and	CCONJ
fbem-5556	8	2	executives	executive	NOUN
fbem-5556	8	3	,	,	PUNCT
fbem-5556	8	4	as	as	ADP
fbem-5556	8	5	agents	agent	NOUN
fbem-5556	8	6	,	,	PUNCT
fbem-5556	8	7	care	care	VERB
fbem-5556	8	8	more	more	ADJ
fbem-5556	8	9	about	about	ADP
fbem-5556	8	10	their	their	PRON
fbem-5556	8	11	own	own	ADJ
fbem-5556	8	12	salaries	salary	NOUN
fbem-5556	8	13	.	.	PUNCT
fbem-5556	9	1	the	the	DET
fbem-5556	9	2	difference	difference	NOUN
fbem-5556	9	3	between	between	ADP
fbem-5556	9	4	the	the	DET
fbem-5556	9	5	two	two	NUM
fbem-5556	9	6	goals	goal	NOUN
fbem-5556	9	7	may	may	AUX
fbem-5556	9	8	lead	lead	VERB
fbem-5556	9	9	executives	executive	NOUN
fbem-5556	9	10	to	to	PART
fbem-5556	9	11	do	do	VERB
fbem-5556	9	12	things	thing	NOUN
fbem-5556	9	13	that	that	PRON
fbem-5556	9	14	harm	harm	VERB
fbem-5556	9	15	the	the	DET
fbem-5556	9	16	interests	interest	NOUN
fbem-5556	9	17	of	of	ADP
fbem-5556	9	18	the	the	DET
fbem-5556	9	19	enterprise	enterprise	NOUN
fbem-5556	9	20	for	for	ADP
fbem-5556	9	21	their	their	PRON
fbem-5556	9	22	own	own	ADJ
fbem-5556	9	23	interests	interest	NOUN
fbem-5556	9	24	.	.	PUNCT
fbem-5556	10	1	the	the	DET
fbem-5556	10	2	conflict	conflict	NOUN
fbem-5556	10	3	between	between	ADP
fbem-5556	10	4	the	the	DET
fbem-5556	10	5	two	two	NUM
fbem-5556	10	6	goals	goal	NOUN
fbem-5556	10	7	may	may	AUX
fbem-5556	10	8	also	also	ADV
fbem-5556	10	9	affect	affect	VERB
fbem-5556	10	10	the	the	DET
fbem-5556	10	11	performance	performance	NOUN
fbem-5556	10	12	of	of	ADP
fbem-5556	10	13	the	the	DET
fbem-5556	10	14	enterprise	enterprise	NOUN
fbem-5556	10	15	,	,	PUNCT
fbem-5556	10	16	which	which	PRON
fbem-5556	10	17	can	can	AUX
fbem-5556	10	18	not	not	PART
fbem-5556	10	19	maximize	maximize	VERB
fbem-5556	10	20	the	the	DET
fbem-5556	10	21	performance	performance	NOUN
fbem-5556	10	22	.	.	PUNCT
fbem-5556	11	1	therefore	therefore	ADV
fbem-5556	11	2	,	,	PUNCT
fbem-5556	11	3	in	in	ADP
fbem-5556	11	4	order	order	NOUN
fbem-5556	11	5	to	to	PART
fbem-5556	11	6	align	align	VERB
fbem-5556	11	7	the	the	DET
fbem-5556	11	8	purposes	purpose	NOUN
fbem-5556	11	9	and	and	CCONJ
fbem-5556	11	10	interests	interest	NOUN
fbem-5556	11	11	of	of	ADP
fbem-5556	11	12	shareholders	shareholder	NOUN
fbem-5556	11	13	and	and	CCONJ
fbem-5556	11	14	executives	executive	NOUN
fbem-5556	11	15	,	,	PUNCT
fbem-5556	11	16	enterprises	enterprise	NOUN
fbem-5556	11	17	will	will	AUX
fbem-5556	11	18	use	use	VERB
fbem-5556	11	19	some	some	DET
fbem-5556	11	20	systems	system	NOUN
fbem-5556	11	21	or	or	CCONJ
fbem-5556	11	22	methods	method	NOUN
fbem-5556	11	23	to	to	PART
fbem-5556	11	24	encourage	encourage	VERB
fbem-5556	11	25	executives	executive	NOUN
fbem-5556	11	26	.	.	PUNCT
fbem-5556	12	1	generally	generally	ADV
fbem-5556	12	2	speaking	speak	VERB
fbem-5556	12	3	,	,	PUNCT
fbem-5556	12	4	there	there	PRON
fbem-5556	12	5	are	be	VERB
fbem-5556	12	6	two	two	NUM
fbem-5556	12	7	types	type	NOUN
fbem-5556	12	8	of	of	ADP
fbem-5556	12	9	incentives	incentive	NOUN
fbem-5556	12	10	for	for	ADP
fbem-5556	12	11	senior	senior	ADJ
fbem-5556	12	12	executives	executive	NOUN
fbem-5556	12	13	,	,	PUNCT
fbem-5556	12	14	namely	namely	ADV
fbem-5556	12	15	short	short	ADJ
fbem-5556	12	16	-	-	PUNCT
fbem-5556	12	17	term	term	NOUN
fbem-5556	12	18	incentives	incentive	NOUN
fbem-5556	12	19	and	and	CCONJ
fbem-5556	12	20	long	long	ADJ
fbem-5556	12	21	-	-	PUNCT
fbem-5556	12	22	term	term	NOUN
fbem-5556	12	23	incentives	incentive	NOUN
fbem-5556	12	24	.	.	PUNCT
fbem-5556	13	1	the	the	DET
fbem-5556	13	2	short	short	ADJ
fbem-5556	13	3	-	-	PUNCT
fbem-5556	13	4	term	term	NOUN
fbem-5556	13	5	incentive	incentive	NOUN
fbem-5556	13	6	method	method	NOUN
fbem-5556	13	7	is	be	AUX
fbem-5556	13	8	mainly	mainly	ADV
fbem-5556	13	9	compensation	compensation	NOUN
fbem-5556	13	10	incentive	incentive	NOUN
fbem-5556	13	11	,	,	PUNCT
fbem-5556	13	12	that	that	ADV
fbem-5556	13	13	is	is	ADV
fbem-5556	13	14	,	,	PUNCT
fbem-5556	13	15	to	to	PART
fbem-5556	13	16	give	give	VERB
fbem-5556	13	17	executives	executive	NOUN
fbem-5556	13	18	related	relate	VERB
fbem-5556	13	19	compensation	compensation	NOUN
fbem-5556	13	20	.	.	PUNCT
fbem-5556	14	1	the	the	DET
fbem-5556	14	2	long	long	ADJ
fbem-5556	14	3	-	-	PUNCT
fbem-5556	14	4	term	term	NOUN
fbem-5556	14	5	incentive	incentive	NOUN
fbem-5556	14	6	method	method	NOUN
fbem-5556	14	7	is	be	AUX
fbem-5556	14	8	mainly	mainly	ADV
fbem-5556	14	9	equity	equity	NOUN
fbem-5556	14	10	incentive	incentive	NOUN
fbem-5556	14	11	,	,	PUNCT
fbem-5556	14	12	that	that	ADV
fbem-5556	14	13	is	is	ADV
fbem-5556	14	14	,	,	PUNCT
fbem-5556	14	15	to	to	PART
fbem-5556	14	16	give	give	VERB
fbem-5556	14	17	executives	executive	NOUN
fbem-5556	14	18	some	some	DET
fbem-5556	14	19	equity	equity	NOUN
fbem-5556	14	20	in	in	ADP
fbem-5556	14	21	enterprise	enterprise	NOUN
fbem-5556	14	22	,	,	PUNCT
fbem-5556	14	23	so	so	SCONJ
fbem-5556	14	24	that	that	SCONJ
fbem-5556	14	25	the	the	DET
fbem-5556	14	26	interests	interest	NOUN
fbem-5556	14	27	of	of	ADP
fbem-5556	14	28	executives	executive	NOUN
fbem-5556	14	29	are	be	AUX
fbem-5556	14	30	related	relate	VERB
fbem-5556	14	31	to	to	ADP
fbem-5556	14	32	the	the	DET
fbem-5556	14	33	interests	interest	NOUN
fbem-5556	14	34	of	of	ADP
fbem-5556	14	35	enterprises	enterprise	NOUN
fbem-5556	14	36	.	.	PUNCT
fbem-5556	15	1	however	however	ADV
fbem-5556	15	2	,	,	PUNCT
fbem-5556	15	3	with	with	ADP
fbem-5556	15	4	the	the	DET
fbem-5556	15	5	continuous	continuous	ADJ
fbem-5556	15	6	in	in	ADP
fbem-5556	15	7	-	-	PUNCT
fbem-5556	15	8	depth	depth	NOUN
fbem-5556	15	9	research	research	NOUN
fbem-5556	15	10	on	on	ADP
fbem-5556	15	11	executive	executive	ADJ
fbem-5556	15	12	incentive	incentive	NOUN
fbem-5556	15	13	by	by	ADP
fbem-5556	15	14	domestic	domestic	ADJ
fbem-5556	15	15	and	and	CCONJ
fbem-5556	15	16	foreign	foreign	ADJ
fbem-5556	15	17	scholars	scholar	NOUN
fbem-5556	15	18	,	,	PUNCT
fbem-5556	15	19	the	the	DET
fbem-5556	15	20	research	research	NOUN
fbem-5556	15	21	conclusions	conclusion	NOUN
fbem-5556	15	22	are	be	AUX
fbem-5556	15	23	different	different	ADJ
fbem-5556	15	24	.	.	PUNCT
fbem-5556	16	1	and	and	CCONJ
fbem-5556	16	2	because	because	SCONJ
fbem-5556	16	3	of	of	ADP
fbem-5556	16	4	the	the	DET
fbem-5556	16	5	different	different	ADJ
fbem-5556	16	6	market	market	NOUN
fbem-5556	16	7	environment	environment	NOUN
fbem-5556	16	8	at	at	ADP
fbem-5556	16	9	home	home	NOUN
fbem-5556	16	10	and	and	CCONJ
fbem-5556	16	11	abroad	abroad	ADV
fbem-5556	16	12	,	,	PUNCT
fbem-5556	16	13	the	the	DET
fbem-5556	16	14	relevant	relevant	ADJ
fbem-5556	16	15	influencing	influence	VERB
fbem-5556	16	16	factors	factor	NOUN
fbem-5556	16	17	are	be	AUX
fbem-5556	16	18	also	also	ADV
fbem-5556	16	19	different	different	ADJ
fbem-5556	16	20	.	.	PUNCT
fbem-5556	17	1	therefore	therefore	ADV
fbem-5556	17	2	,	,	PUNCT
fbem-5556	17	3	based	base	VERB
fbem-5556	17	4	on	on	ADP
fbem-5556	17	5	the	the	DET
fbem-5556	17	6	data	datum	NOUN
fbem-5556	17	7	of	of	ADP
fbem-5556	17	8	a	a	DET
fbem-5556	17	9	-	-	PUNCT
fbem-5556	17	10	share	share	NOUN
fbem-5556	17	11	listed	list	VERB
fbem-5556	17	12	companies	company	NOUN
fbem-5556	17	13	from	from	ADP
fbem-5556	17	14	2010	2010	NUM
fbem-5556	17	15	to	to	ADP
fbem-5556	17	16	2020	2020	NUM
fbem-5556	17	17	,	,	PUNCT
fbem-5556	17	18	this	this	DET
fbem-5556	17	19	paper	paper	NOUN
fbem-5556	17	20	empirically	empirically	ADV
fbem-5556	17	21	analyzes	analyze	VERB
fbem-5556	17	22	the	the	DET
fbem-5556	17	23	impact	impact	NOUN
fbem-5556	17	24	of	of	ADP
fbem-5556	17	25	compensation	compensation	NOUN
fbem-5556	17	26	incentive	incentive	NOUN
fbem-5556	17	27	and	and	CCONJ
fbem-5556	17	28	equity	equity	NOUN
fbem-5556	17	29	incentive	incentive	NOUN
fbem-5556	17	30	on	on	ADP
fbem-5556	17	31	enterprise	enterprise	NOUN
fbem-5556	17	32	performance	performance	NOUN
fbem-5556	17	33	from	from	ADP
fbem-5556	17	34	the	the	DET
fbem-5556	17	35	perspective	perspective	NOUN
fbem-5556	17	36	of	of	ADP
fbem-5556	17	37	executive	executive	ADJ
fbem-5556	17	38	incentive	incentive	NOUN
fbem-5556	17	39	,	,	PUNCT
fbem-5556	17	40	taking	take	VERB
fbem-5556	17	41	liquor	liquor	NOUN
fbem-5556	17	42	enterprises	enterprise	NOUN
fbem-5556	17	43	as	as	ADP
fbem-5556	17	44	the	the	DET
fbem-5556	17	45	research	research	NOUN
fbem-5556	17	46	object	object	NOUN
fbem-5556	17	47	.	.	PUNCT
fbem-5556	18	1	2	2	X
fbem-5556	18	2	.	.	X
fbem-5556	18	3	literature	literature	NOUN
fbem-5556	18	4	review	review	VERB
fbem-5556	18	5	2.1	2.1	NUM
fbem-5556	18	6	.	.	PUNCT
fbem-5556	19	1	executive	executive	PROPN
fbem-5556	19	2	compensation	compensation	NOUN
fbem-5556	19	3	incentive	incentive	NOUN
fbem-5556	19	4	and	and	CCONJ
fbem-5556	19	5	enterprise	enterprise	NOUN
fbem-5556	19	6	performance	performance	NOUN
fbem-5556	19	7	most	most	ADJ
fbem-5556	19	8	scholars	scholar	NOUN
fbem-5556	19	9	believe	believe	VERB
fbem-5556	19	10	that	that	SCONJ
fbem-5556	19	11	executive	executive	ADJ
fbem-5556	19	12	compensation	compensation	NOUN
fbem-5556	19	13	incentive	incentive	NOUN
fbem-5556	19	14	can	can	AUX
fbem-5556	19	15	promote	promote	VERB
fbem-5556	19	16	the	the	DET
fbem-5556	19	17	improvement	improvement	NOUN
fbem-5556	19	18	of	of	ADP
fbem-5556	19	19	enterprise	enterprise	NOUN
fbem-5556	19	20	performance	performance	NOUN
fbem-5556	19	21	,	,	PUNCT
fbem-5556	19	22	that	that	ADV
fbem-5556	19	23	is	is	ADV
fbem-5556	19	24	,	,	PUNCT
fbem-5556	19	25	the	the	PRON
fbem-5556	19	26	greater	great	ADJ
fbem-5556	19	27	the	the	DET
fbem-5556	19	28	executive	executive	PROPN
fbem-5556	19	29	compensation	compensation	NOUN
fbem-5556	19	30	incentive	incentive	NOUN
fbem-5556	19	31	,	,	PUNCT
fbem-5556	19	32	the	the	PRON
fbem-5556	19	33	better	well	ADJ
fbem-5556	19	34	the	the	DET
fbem-5556	19	35	company	company	NOUN
fbem-5556	19	36	performance[1](zhang	performance[1](zhang	PROPN
fbem-5556	19	37	jing	jing	PROPN
fbem-5556	19	38	,	,	PUNCT
fbem-5556	19	39	2021	2021	NUM
fbem-5556	19	40	)	)	PUNCT
fbem-5556	19	41	.	.	PUNCT
fbem-5556	20	1	xi	xi	X
fbem-5556	20	2	yunting	yunte	VERB
fbem-5556	20	3	(	(	PUNCT
fbem-5556	20	4	2021	2021	NUM
fbem-5556	20	5	)	)	PUNCT
fbem-5556	20	6	found	find	VERB
fbem-5556	20	7	a	a	DET
fbem-5556	20	8	positive	positive	ADJ
fbem-5556	20	9	relationship	relationship	NOUN
fbem-5556	20	10	between	between	ADP
fbem-5556	20	11	executive	executive	ADJ
fbem-5556	20	12	compensation	compensation	NOUN
fbem-5556	20	13	incentive	incentive	NOUN
fbem-5556	20	14	and	and	CCONJ
fbem-5556	20	15	enterprise	enterprise	NOUN
fbem-5556	20	16	performance	performance	NOUN
fbem-5556	20	17	through	through	ADP
fbem-5556	20	18	empirical	empirical	ADJ
fbem-5556	20	19	research	research	NOUN
fbem-5556	20	20	on	on	ADP
fbem-5556	20	21	tourism	tourism	NOUN
fbem-5556	20	22	listed	list	VERB
fbem-5556	20	23	companies	company	NOUN
fbem-5556	20	24	.	.	PUNCT
fbem-5556	21	1	in	in	ADP
fbem-5556	21	2	addition	addition	NOUN
fbem-5556	21	3	,	,	PUNCT
fbem-5556	21	4	between	between	ADP
fbem-5556	21	5	state	state	NOUN
fbem-5556	21	6	-	-	PUNCT
fbem-5556	21	7	owned	own	VERB
fbem-5556	21	8	enterprises	enterprise	NOUN
fbem-5556	21	9	and	and	CCONJ
fbem-5556	21	10	non	non	ADJ
fbem-5556	21	11	-	-	ADJ
fbem-5556	21	12	state	state	NOUN
fbem-5556	21	13	-	-	PUNCT
fbem-5556	21	14	owned	own	VERB
fbem-5556	21	15	enterprises	enterprise	NOUN
fbem-5556	21	16	,	,	PUNCT
fbem-5556	21	17	in	in	ADP
fbem-5556	21	18	the	the	DET
fbem-5556	21	19	past	past	NOUN
fbem-5556	21	20	,	,	PUNCT
fbem-5556	21	21	non	non	ADJ
fbem-5556	21	22	-	-	ADJ
fbem-5556	21	23	state	state	NOUN
fbem-5556	21	24	-	-	PUNCT
fbem-5556	21	25	owned	own	VERB
fbem-5556	21	26	enterprises	enterprise	NOUN
fbem-5556	21	27	had	have	VERB
fbem-5556	21	28	higher	high	ADJ
fbem-5556	21	29	efficiency	efficiency	NOUN
fbem-5556	21	30	and	and	CCONJ
fbem-5556	21	31	more	more	ADV
fbem-5556	21	32	effective	effective	ADJ
fbem-5556	21	33	executive	executive	ADJ
fbem-5556	21	34	incentive	incentive	NOUN
fbem-5556	21	35	,	,	PUNCT
fbem-5556	21	36	but	but	CCONJ
fbem-5556	21	37	in	in	ADP
fbem-5556	21	38	fact	fact	NOUN
fbem-5556	21	39	,	,	PUNCT
fbem-5556	21	40	this	this	PRON
fbem-5556	21	41	was	be	AUX
fbem-5556	21	42	not	not	PART
fbem-5556	21	43	the	the	DET
fbem-5556	21	44	case	case	NOUN
fbem-5556	21	45	.	.	PUNCT
fbem-5556	22	1	some	some	DET
fbem-5556	22	2	scholars	scholar	NOUN
fbem-5556	22	3	found	find	VERB
fbem-5556	22	4	through	through	ADP
fbem-5556	22	5	comparison	comparison	NOUN
fbem-5556	22	6	that	that	SCONJ
fbem-5556	22	7	,	,	PUNCT
fbem-5556	22	8	compared	compare	VERB
fbem-5556	22	9	with	with	ADP
fbem-5556	22	10	non	non	ADJ
fbem-5556	22	11	-	-	ADJ
fbem-5556	22	12	stateowned	stateowned	ADJ
fbem-5556	22	13	enterprises	enterprise	NOUN
fbem-5556	22	14	,	,	PUNCT
fbem-5556	22	15	the	the	DET
fbem-5556	22	16	executive	executive	PROPN
fbem-5556	22	17	compensation	compensation	NOUN
fbem-5556	22	18	of	of	ADP
fbem-5556	22	19	listed	list	VERB
fbem-5556	22	20	companies	company	NOUN
fbem-5556	22	21	in	in	ADP
fbem-5556	22	22	state	state	NOUN
fbem-5556	22	23	-	-	PUNCT
fbem-5556	22	24	owned	own	VERB
fbem-5556	22	25	enterprises	enterprise	NOUN
fbem-5556	22	26	has	have	VERB
fbem-5556	22	27	a	a	DET
fbem-5556	22	28	more	more	ADV
fbem-5556	22	29	obvious	obvious	ADJ
fbem-5556	22	30	role	role	NOUN
fbem-5556	22	31	in	in	ADP
fbem-5556	22	32	improving	improve	VERB
fbem-5556	22	33	enterprise	enterprise	NOUN
fbem-5556	22	34	performance[2](liu	performance[2](liu	NUM
fbem-5556	22	35	yuying	yuying	NOUN
fbem-5556	22	36	,	,	PUNCT
fbem-5556	22	37	2021).however	2021).however	NUM
fbem-5556	22	38	,	,	PUNCT
fbem-5556	22	39	some	some	DET
fbem-5556	22	40	scholars	scholar	NOUN
fbem-5556	22	41	questioned	question	VERB
fbem-5556	22	42	this	this	PRON
fbem-5556	22	43	,	,	PUNCT
fbem-5556	22	44	believing	believe	VERB
fbem-5556	22	45	that	that	SCONJ
fbem-5556	22	46	executive	executive	ADJ
fbem-5556	22	47	compensation	compensation	NOUN
fbem-5556	22	48	is	be	AUX
fbem-5556	22	49	directly	directly	ADV
fbem-5556	22	50	related	relate	VERB
fbem-5556	22	51	to	to	ADP
fbem-5556	22	52	the	the	DET
fbem-5556	22	53	size	size	NOUN
fbem-5556	22	54	of	of	ADP
fbem-5556	22	55	the	the	DET
fbem-5556	22	56	company	company	NOUN
fbem-5556	22	57	and	and	CCONJ
fbem-5556	22	58	not	not	PART
fbem-5556	22	59	related	relate	VERB
fbem-5556	22	60	to	to	ADP
fbem-5556	22	61	enterprise	enterprise	NOUN
fbem-5556	22	62	performance[3](li	performance[3](li	NOUN
fbem-5556	22	63	zengquan	zengquan	PROPN
fbem-5556	22	64	,	,	PUNCT
fbem-5556	22	65	2000	2000	NUM
fbem-5556	22	66	)	)	PUNCT
fbem-5556	22	67	,	,	PUNCT
fbem-5556	22	68	zhao	zhao	NOUN
fbem-5556	22	69	shanshan	shanshan	PROPN
fbem-5556	22	70	and	and	CCONJ
fbem-5556	22	71	chen	chen	PROPN
fbem-5556	22	72	jin	jin	PROPN
fbem-5556	22	73	(	(	PUNCT
fbem-5556	22	74	2019	2019	NUM
fbem-5556	22	75	)	)	PUNCT
fbem-5556	22	76	studied	study	VERB
fbem-5556	22	77	the	the	DET
fbem-5556	22	78	impact	impact	NOUN
fbem-5556	22	79	of	of	ADP
fbem-5556	22	80	executive	executive	ADJ
fbem-5556	22	81	compensation	compensation	NOUN
fbem-5556	22	82	incentives	incentive	NOUN
fbem-5556	22	83	in	in	ADP
fbem-5556	22	84	different	different	ADJ
fbem-5556	22	85	industries	industry	NOUN
fbem-5556	22	86	on	on	ADP
fbem-5556	22	87	enterprise	enterprise	NOUN
fbem-5556	22	88	performance	performance	NOUN
fbem-5556	22	89	,	,	PUNCT
fbem-5556	22	90	and	and	CCONJ
fbem-5556	22	91	the	the	DET
fbem-5556	22	92	results	result	NOUN
fbem-5556	22	93	showed	show	VERB
fbem-5556	22	94	that	that	SCONJ
fbem-5556	22	95	there	there	PRON
fbem-5556	22	96	was	be	VERB
fbem-5556	22	97	a	a	DET
fbem-5556	22	98	significant	significant	ADJ
fbem-5556	22	99	correlation	correlation	NOUN
fbem-5556	22	100	between	between	ADP
fbem-5556	22	101	executive	executive	NOUN
fbem-5556	22	102	compensation	compensation	NOUN
fbem-5556	22	103	incentives	incentive	NOUN
fbem-5556	22	104	and	and	CCONJ
fbem-5556	22	105	enterprise	enterprise	NOUN
fbem-5556	22	106	performance	performance	NOUN
fbem-5556	22	107	in	in	ADP
fbem-5556	22	108	the	the	DET
fbem-5556	22	109	real	real	ADJ
fbem-5556	22	110	estate	estate	NOUN
fbem-5556	22	111	industry	industry	NOUN
fbem-5556	22	112	and	and	CCONJ
fbem-5556	22	113	the	the	DET
fbem-5556	22	114	electronic	electronic	ADJ
fbem-5556	22	115	information	information	NOUN
fbem-5556	22	116	industry	industry	NOUN
fbem-5556	22	117	,	,	PUNCT
fbem-5556	22	118	while	while	SCONJ
fbem-5556	22	119	the	the	DET
fbem-5556	22	120	correlation	correlation	NOUN
fbem-5556	22	121	between	between	ADP
fbem-5556	22	122	the	the	DET
fbem-5556	22	123	two	two	NUM
fbem-5556	22	124	was	be	AUX
fbem-5556	22	125	not	not	PART
fbem-5556	22	126	obvious	obvious	ADJ
fbem-5556	22	127	in	in	ADP
fbem-5556	22	128	the	the	DET
fbem-5556	22	129	traditional	traditional	ADJ
fbem-5556	22	130	manufacturing	manufacturing	NOUN
fbem-5556	22	131	industry	industry	NOUN
fbem-5556	22	132	.	.	PUNCT
fbem-5556	23	1	li	li	PROPN
fbem-5556	23	2	ban	ban	PROPN
fbem-5556	23	3	(	(	PUNCT
fbem-5556	23	4	2020	2020	NUM
fbem-5556	23	5	)	)	PUNCT
fbem-5556	23	6	focused	focus	VERB
fbem-5556	23	7	on	on	ADP
fbem-5556	23	8	the	the	DET
fbem-5556	23	9	data	datum	NOUN
fbem-5556	23	10	of	of	ADP
fbem-5556	23	11	private	private	ADJ
fbem-5556	23	12	enterprises	enterprise	NOUN
fbem-5556	23	13	in	in	ADP
fbem-5556	23	14	china	china	PROPN
fbem-5556	23	15	from	from	ADP
fbem-5556	23	16	2006	2006	NUM
fbem-5556	23	17	to	to	ADP
fbem-5556	23	18	2016	2016	NUM
fbem-5556	23	19	,	,	PUNCT
fbem-5556	23	20	and	and	CCONJ
fbem-5556	23	21	believed	believe	VERB
fbem-5556	23	22	that	that	SCONJ
fbem-5556	23	23	executive	executive	ADJ
fbem-5556	23	24	compensation	compensation	NOUN
fbem-5556	23	25	incentive	incentive	NOUN
fbem-5556	23	26	had	have	VERB
fbem-5556	23	27	no	no	DET
fbem-5556	23	28	significant	significant	ADJ
fbem-5556	23	29	impact	impact	NOUN
fbem-5556	23	30	on	on	ADP
fbem-5556	23	31	the	the	DET
fbem-5556	23	32	performance	performance	NOUN
fbem-5556	23	33	of	of	ADP
fbem-5556	23	34	private	private	ADJ
fbem-5556	23	35	enterprises[4	enterprises[4	NOUN
fbem-5556	23	36	]	]	PUNCT
fbem-5556	23	37	.	.	PUNCT
fbem-5556	24	1	2.2	2.2	NUM
fbem-5556	24	2	.	.	PUNCT
fbem-5556	24	3	executive	executive	ADJ
fbem-5556	24	4	equity	equity	NOUN
fbem-5556	24	5	incentive	incentive	NOUN
fbem-5556	24	6	and	and	CCONJ
fbem-5556	24	7	enterprise	enterprise	NOUN
fbem-5556	24	8	performance	performance	NOUN
fbem-5556	24	9	since	since	SCONJ
fbem-5556	24	10	the	the	DET
fbem-5556	24	11	equity	equity	NOUN
fbem-5556	24	12	incentive	incentive	NOUN
fbem-5556	24	13	system	system	NOUN
fbem-5556	24	14	was	be	AUX
fbem-5556	24	15	introduced	introduce	VERB
fbem-5556	24	16	into	into	ADP
fbem-5556	24	17	china	china	PROPN
fbem-5556	24	18	's	's	PART
fbem-5556	24	19	listed	list	VERB
fbem-5556	24	20	companies	company	NOUN
fbem-5556	24	21	in	in	ADP
fbem-5556	24	22	1999	1999	NUM
fbem-5556	24	23	,	,	PUNCT
fbem-5556	24	24	and	and	CCONJ
fbem-5556	24	25	since	since	SCONJ
fbem-5556	24	26	the	the	DET
fbem-5556	24	27	csrc	csrc	NOUN
fbem-5556	24	28	formally	formally	ADV
fbem-5556	24	29	promulgated	promulgate	VERB
fbem-5556	24	30	the	the	DET
fbem-5556	24	31	measures	measure	NOUN
fbem-5556	24	32	for	for	ADP
fbem-5556	24	33	the	the	DET
fbem-5556	24	34	administration	administration	NOUN
fbem-5556	24	35	of	of	ADP
fbem-5556	24	36	equity	equity	NOUN
fbem-5556	24	37	incentive	incentive	NOUN
fbem-5556	24	38	in	in	ADP
fbem-5556	24	39	listed	list	VERB
fbem-5556	24	40	companies	company	NOUN
fbem-5556	24	41	in	in	ADP
fbem-5556	24	42	2006	2006	NUM
fbem-5556	24	43	,	,	PUNCT
fbem-5556	24	44	the	the	DET
fbem-5556	24	45	equity	equity	NOUN
fbem-5556	24	46	incentive	incentive	NOUN
fbem-5556	24	47	system	system	NOUN
fbem-5556	24	48	has	have	AUX
fbem-5556	24	49	been	be	AUX
fbem-5556	24	50	piloted	pilot	VERB
fbem-5556	24	51	in	in	ADP
fbem-5556	24	52	beijing	beijing	PROPN
fbem-5556	24	53	and	and	CCONJ
fbem-5556	24	54	shanghai	shanghai	PROPN
fbem-5556	24	55	and	and	CCONJ
fbem-5556	24	56	gradually	gradually	ADV
fbem-5556	24	57	extended	extend	VERB
fbem-5556	24	58	to	to	ADP
fbem-5556	24	59	the	the	DET
fbem-5556	24	60	whole	whole	ADJ
fbem-5556	24	61	country	country	NOUN
fbem-5556	24	62	.	.	PUNCT
fbem-5556	25	1	a	a	DET
fbem-5556	25	2	large	large	ADJ
fbem-5556	25	3	number	number	NOUN
fbem-5556	25	4	of	of	ADP
fbem-5556	25	5	studies	study	NOUN
fbem-5556	25	6	on	on	ADP
fbem-5556	25	7	equity	equity	NOUN
fbem-5556	25	8	incentive	incentive	NOUN
fbem-5556	25	9	have	have	AUX
fbem-5556	25	10	also	also	ADV
fbem-5556	25	11	begun	begin	VERB
fbem-5556	25	12	to	to	PART
fbem-5556	25	13	emerge	emerge	VERB
fbem-5556	25	14	in	in	ADP
fbem-5556	25	15	the	the	DET
fbem-5556	25	16	academic	academic	ADJ
fbem-5556	25	17	community	community	NOUN
fbem-5556	25	18	.	.	PUNCT
fbem-5556	26	1	some	some	DET
fbem-5556	26	2	scholars	scholar	NOUN
fbem-5556	26	3	believe	believe	VERB
fbem-5556	26	4	that	that	SCONJ
fbem-5556	26	5	executive	executive	ADJ
fbem-5556	26	6	equity	equity	NOUN
fbem-5556	26	7	incentive	incentive	NOUN
fbem-5556	26	8	has	have	VERB
fbem-5556	26	9	no	no	DET
fbem-5556	26	10	significant	significant	ADJ
fbem-5556	26	11	or	or	CCONJ
fbem-5556	26	12	even	even	ADV
fbem-5556	26	13	negative	negative	ADJ
fbem-5556	26	14	effect	effect	NOUN
fbem-5556	26	15	on	on	ADP
fbem-5556	26	16	enterprise	enterprise	NOUN
fbem-5556	26	17	performance	performance	NOUN
fbem-5556	26	18	.	.	PUNCT
fbem-5556	27	1	zhang	zhang	PROPN
fbem-5556	27	2	jing	jing	PROPN
fbem-5556	27	3	(	(	PUNCT
fbem-5556	27	4	2021	2021	NUM
fbem-5556	27	5	)	)	PUNCT
fbem-5556	27	6	selected	select	VERB
fbem-5556	27	7	small	small	ADJ
fbem-5556	27	8	and	and	CCONJ
fbem-5556	27	9	mediumsized	mediumsized	ADJ
fbem-5556	27	10	board	board	NOUN
fbem-5556	27	11	listed	list	VERB
fbem-5556	27	12	enterprises	enterprise	NOUN
fbem-5556	27	13	from	from	ADP
fbem-5556	27	14	2016	2016	NUM
fbem-5556	27	15	to	to	ADP
fbem-5556	27	16	2018	2018	NUM
fbem-5556	27	17	as	as	ADP
fbem-5556	27	18	research	research	NOUN
fbem-5556	27	19	samples	sample	NOUN
fbem-5556	27	20	and	and	CCONJ
fbem-5556	27	21	found	find	VERB
fbem-5556	27	22	that	that	SCONJ
fbem-5556	27	23	there	there	PRON
fbem-5556	27	24	was	be	VERB
fbem-5556	27	25	no	no	DET
fbem-5556	27	26	significant	significant	ADJ
fbem-5556	27	27	relationship	relationship	NOUN
fbem-5556	27	28	224	224	NUM
fbem-5556	27	29	between	between	ADP
fbem-5556	27	30	executive	executive	ADJ
fbem-5556	27	31	equity	equity	NOUN
fbem-5556	27	32	incentives	incentive	NOUN
fbem-5556	27	33	and	and	CCONJ
fbem-5556	27	34	enterprise	enterprise	NOUN
fbem-5556	27	35	performance	performance	NOUN
fbem-5556	27	36	,	,	PUNCT
fbem-5556	27	37	but	but	CCONJ
fbem-5556	27	38	equity	equity	NOUN
fbem-5556	27	39	incentives	incentive	NOUN
fbem-5556	27	40	could	could	AUX
fbem-5556	27	41	effectively	effectively	ADV
fbem-5556	27	42	reduce	reduce	VERB
fbem-5556	27	43	agency	agency	NOUN
fbem-5556	27	44	problems	problem	NOUN
fbem-5556	27	45	and	and	CCONJ
fbem-5556	27	46	agency	agency	NOUN
fbem-5556	27	47	costs	cost	NOUN
fbem-5556	27	48	.	.	PUNCT
fbem-5556	28	1	sun	sun	PROPN
fbem-5556	28	2	hui	hui	PROPN
fbem-5556	28	3	and	and	CCONJ
fbem-5556	28	4	yang	yang	PROPN
fbem-5556	28	5	wangwei	wangwei	PROPN
fbem-5556	28	6	(	(	PUNCT
fbem-5556	28	7	2019	2019	NUM
fbem-5556	28	8	)	)	PUNCT
fbem-5556	28	9	,	,	PUNCT
fbem-5556	28	10	while	while	SCONJ
fbem-5556	28	11	focusing	focus	VERB
fbem-5556	28	12	on	on	ADP
fbem-5556	28	13	the	the	DET
fbem-5556	28	14	impact	impact	NOUN
fbem-5556	28	15	of	of	ADP
fbem-5556	28	16	executive	executive	ADJ
fbem-5556	28	17	incentive	incentive	NOUN
fbem-5556	28	18	on	on	ADP
fbem-5556	28	19	innovation	innovation	NOUN
fbem-5556	28	20	performance	performance	NOUN
fbem-5556	28	21	,	,	PUNCT
fbem-5556	28	22	were	be	AUX
fbem-5556	28	23	also	also	ADV
fbem-5556	28	24	affected	affect	VERB
fbem-5556	28	25	by	by	ADP
fbem-5556	28	26	executive	executive	ADJ
fbem-5556	28	27	human	human	ADJ
fbem-5556	28	28	capital	capital	NOUN
fbem-5556	28	29	and	and	CCONJ
fbem-5556	28	30	found	find	VERB
fbem-5556	28	31	that	that	SCONJ
fbem-5556	28	32	executive	executive	ADJ
fbem-5556	28	33	human	human	ADJ
fbem-5556	28	34	capital	capital	NOUN
fbem-5556	28	35	plays	play	VERB
fbem-5556	28	36	a	a	DET
fbem-5556	28	37	positive	positive	ADJ
fbem-5556	28	38	moderating	moderate	VERB
fbem-5556	28	39	role	role	NOUN
fbem-5556	28	40	in	in	ADP
fbem-5556	28	41	executive	executive	ADJ
fbem-5556	28	42	compensation	compensation	NOUN
fbem-5556	28	43	incentive	incentive	NOUN
fbem-5556	28	44	and	and	CCONJ
fbem-5556	28	45	enterprise	enterprise	NOUN
fbem-5556	28	46	performance	performance	NOUN
fbem-5556	28	47	,	,	PUNCT
fbem-5556	28	48	but	but	CCONJ
fbem-5556	28	49	it	it	PRON
fbem-5556	28	50	plays	play	VERB
fbem-5556	28	51	a	a	DET
fbem-5556	28	52	negative	negative	ADJ
fbem-5556	28	53	moderating	moderate	VERB
fbem-5556	28	54	role	role	NOUN
fbem-5556	28	55	in	in	ADP
fbem-5556	28	56	executive	executive	ADJ
fbem-5556	28	57	equity	equity	NOUN
fbem-5556	28	58	incentive	incentive	NOUN
fbem-5556	28	59	and	and	CCONJ
fbem-5556	28	60	enterprise	enterprise	NOUN
fbem-5556	28	61	performance	performance	NOUN
fbem-5556	28	62	.	.	PUNCT
fbem-5556	29	1	in	in	ADP
fbem-5556	29	2	addition	addition	NOUN
fbem-5556	29	3	,	,	PUNCT
fbem-5556	29	4	there	there	PRON
fbem-5556	29	5	are	be	VERB
fbem-5556	29	6	other	other	ADJ
fbem-5556	29	7	scholars	scholar	NOUN
fbem-5556	29	8	who	who	PRON
fbem-5556	29	9	believe	believe	VERB
fbem-5556	29	10	that	that	SCONJ
fbem-5556	29	11	executive	executive	ADJ
fbem-5556	29	12	equity	equity	NOUN
fbem-5556	29	13	incentive	incentive	NOUN
fbem-5556	29	14	plays	play	VERB
fbem-5556	29	15	a	a	DET
fbem-5556	29	16	positive	positive	ADJ
fbem-5556	29	17	moderating	moderate	VERB
fbem-5556	29	18	role	role	NOUN
fbem-5556	29	19	on	on	ADP
fbem-5556	29	20	enterprise	enterprise	NOUN
fbem-5556	29	21	performance	performance	NOUN
fbem-5556	29	22	.	.	PUNCT
fbem-5556	30	1	for	for	ADP
fbem-5556	30	2	example	example	NOUN
fbem-5556	30	3	,	,	PUNCT
fbem-5556	30	4	from	from	ADP
fbem-5556	30	5	the	the	DET
fbem-5556	30	6	perspective	perspective	NOUN
fbem-5556	30	7	of	of	ADP
fbem-5556	30	8	dual	dual	ADJ
fbem-5556	30	9	innovation	innovation	NOUN
fbem-5556	30	10	,	,	PUNCT
fbem-5556	30	11	liu	liu	PROPN
fbem-5556	30	12	wei	wei	PROPN
fbem-5556	30	13	(	(	PUNCT
fbem-5556	30	14	2020	2020	NUM
fbem-5556	30	15	)	)	PUNCT
fbem-5556	30	16	found	find	VERB
fbem-5556	30	17	that	that	SCONJ
fbem-5556	30	18	executive	executive	ADJ
fbem-5556	30	19	equity	equity	NOUN
fbem-5556	30	20	incentive	incentive	NOUN
fbem-5556	30	21	has	have	VERB
fbem-5556	30	22	a	a	DET
fbem-5556	30	23	significant	significant	ADJ
fbem-5556	30	24	positive	positive	ADJ
fbem-5556	30	25	effect	effect	NOUN
fbem-5556	30	26	on	on	ADP
fbem-5556	30	27	enterprise	enterprise	NOUN
fbem-5556	30	28	performance[5	performance[5	PROPN
fbem-5556	30	29	]	]	PUNCT
fbem-5556	30	30	;	;	PUNCT
fbem-5556	30	31	zhang	zhang	PROPN
fbem-5556	30	32	mingxue	mingxue	PROPN
fbem-5556	30	33	(	(	PUNCT
fbem-5556	30	34	2020	2020	NUM
fbem-5556	30	35	)	)	PUNCT
fbem-5556	30	36	took	take	VERB
fbem-5556	30	37	shanghai	shanghai	PROPN
fbem-5556	30	38	and	and	CCONJ
fbem-5556	30	39	shenzhen	shenzhen	PROPN
fbem-5556	30	40	a	a	PROPN
fbem-5556	30	41	-	-	PUNCT
fbem-5556	30	42	share	share	NOUN
fbem-5556	30	43	listed	list	VERB
fbem-5556	30	44	companies	company	NOUN
fbem-5556	30	45	in	in	ADP
fbem-5556	30	46	2014	2014	NUM
fbem-5556	30	47	-	-	SYM
fbem-5556	30	48	2018	2018	NUM
fbem-5556	30	49	as	as	ADP
fbem-5556	30	50	the	the	DET
fbem-5556	30	51	research	research	NOUN
fbem-5556	30	52	object	object	NOUN
fbem-5556	30	53	,	,	PUNCT
fbem-5556	30	54	and	and	CCONJ
fbem-5556	30	55	found	find	VERB
fbem-5556	30	56	that	that	SCONJ
fbem-5556	30	57	the	the	PRON
fbem-5556	30	58	higher	high	ADJ
fbem-5556	30	59	the	the	DET
fbem-5556	30	60	shareholding	shareholding	NOUN
fbem-5556	30	61	ratio	ratio	NOUN
fbem-5556	30	62	of	of	ADP
fbem-5556	30	63	senior	senior	ADJ
fbem-5556	30	64	executives	executive	NOUN
fbem-5556	30	65	,	,	PUNCT
fbem-5556	30	66	the	the	PRON
fbem-5556	30	67	higher	high	ADJ
fbem-5556	30	68	the	the	DET
fbem-5556	30	69	enterprise	enterprise	NOUN
fbem-5556	30	70	performance[6	performance[6	VERB
fbem-5556	30	71	]	]	PUNCT
fbem-5556	30	72	;	;	PUNCT
fbem-5556	30	73	in	in	ADP
fbem-5556	30	74	addition	addition	NOUN
fbem-5556	30	75	,	,	PUNCT
fbem-5556	30	76	no	no	ADV
fbem-5556	30	77	matter	matter	NOUN
fbem-5556	30	78	from	from	ADP
fbem-5556	30	79	the	the	DET
fbem-5556	30	80	perspective	perspective	NOUN
fbem-5556	30	81	of	of	ADP
fbem-5556	30	82	team	team	NOUN
fbem-5556	30	83	characteristics	characteristic	NOUN
fbem-5556	30	84	or	or	CCONJ
fbem-5556	30	85	from	from	ADP
fbem-5556	30	86	the	the	DET
fbem-5556	30	87	perspective	perspective	NOUN
fbem-5556	30	88	of	of	ADP
fbem-5556	30	89	equity	equity	NOUN
fbem-5556	30	90	nature	nature	NOUN
fbem-5556	30	91	,	,	PUNCT
fbem-5556	30	92	scholars	scholar	NOUN
fbem-5556	30	93	have	have	AUX
fbem-5556	30	94	confirmed	confirm	VERB
fbem-5556	30	95	that	that	SCONJ
fbem-5556	30	96	executive	executive	ADJ
fbem-5556	30	97	equity	equity	NOUN
fbem-5556	30	98	incentive	incentive	NOUN
fbem-5556	30	99	can	can	AUX
fbem-5556	30	100	significantly	significantly	ADV
fbem-5556	30	101	improve	improve	VERB
fbem-5556	30	102	enterprise	enterprise	NOUN
fbem-5556	30	103	performance	performance	NOUN
fbem-5556	30	104	(	(	PUNCT
fbem-5556	30	105	gao	gao	PROPN
fbem-5556	30	106	xin	xin	PROPN
fbem-5556	30	107	,	,	PUNCT
fbem-5556	30	108	2020[7	2020[7	NUM
fbem-5556	30	109	]	]	PUNCT
fbem-5556	30	110	;	;	PUNCT
fbem-5556	30	111	liu	liu	PROPN
fbem-5556	30	112	yuying	yuying	PROPN
fbem-5556	30	113	,	,	PUNCT
fbem-5556	30	114	2021	2021	NUM
fbem-5556	30	115	)	)	PUNCT
fbem-5556	30	116	.	.	PUNCT
fbem-5556	31	1	3	3	X
fbem-5556	31	2	.	.	X
fbem-5556	31	3	research	research	NOUN
fbem-5556	31	4	hypothesis	hypothesis	NOUN
fbem-5556	31	5	and	and	CCONJ
fbem-5556	31	6	model	model	NOUN
fbem-5556	31	7	construction	construction	NOUN
fbem-5556	31	8	3.1	3.1	NUM
fbem-5556	31	9	.	.	PUNCT
fbem-5556	32	1	theoretical	theoretical	ADJ
fbem-5556	32	2	analysis	analysis	NOUN
fbem-5556	32	3	and	and	CCONJ
fbem-5556	32	4	research	research	NOUN
fbem-5556	32	5	hypothesis	hypothesis	NOUN
fbem-5556	32	6	based	base	VERB
fbem-5556	32	7	on	on	ADP
fbem-5556	32	8	the	the	DET
fbem-5556	32	9	"	"	PUNCT
fbem-5556	32	10	interest	interest	NOUN
fbem-5556	32	11	convergence	convergence	NOUN
fbem-5556	32	12	hypothesis	hypothesis	NOUN
fbem-5556	32	13	"	"	PUNCT
fbem-5556	32	14	,	,	PUNCT
fbem-5556	32	15	jensen	jensen	PROPN
fbem-5556	32	16	and	and	CCONJ
fbem-5556	32	17	meckling	meckling	NOUN
fbem-5556	32	18	(	(	PUNCT
fbem-5556	32	19	1976	1976	NUM
fbem-5556	32	20	)	)	PUNCT
fbem-5556	32	21	believed	believe	VERB
fbem-5556	32	22	that	that	SCONJ
fbem-5556	32	23	the	the	DET
fbem-5556	32	24	inconsistency	inconsistency	NOUN
fbem-5556	32	25	between	between	ADP
fbem-5556	32	26	the	the	DET
fbem-5556	32	27	residual	residual	ADJ
fbem-5556	32	28	value	value	NOUN
fbem-5556	32	29	claim	claim	NOUN
fbem-5556	32	30	and	and	CCONJ
fbem-5556	32	31	the	the	DET
fbem-5556	32	32	control	control	NOUN
fbem-5556	32	33	right	right	NOUN
fbem-5556	32	34	of	of	ADP
fbem-5556	32	35	the	the	DET
fbem-5556	32	36	enterprise	enterprise	NOUN
fbem-5556	32	37	was	be	AUX
fbem-5556	32	38	one	one	NUM
fbem-5556	32	39	of	of	ADP
fbem-5556	32	40	the	the	DET
fbem-5556	32	41	important	important	ADJ
fbem-5556	32	42	reasons	reason	NOUN
fbem-5556	32	43	for	for	ADP
fbem-5556	32	44	agency	agency	NOUN
fbem-5556	32	45	costs	cost	NOUN
fbem-5556	32	46	.	.	PUNCT
fbem-5556	33	1	under	under	ADP
fbem-5556	33	2	the	the	DET
fbem-5556	33	3	background	background	NOUN
fbem-5556	33	4	of	of	ADP
fbem-5556	33	5	separation	separation	NOUN
fbem-5556	33	6	of	of	ADP
fbem-5556	33	7	two	two	NUM
fbem-5556	33	8	rights	right	NOUN
fbem-5556	33	9	in	in	ADP
fbem-5556	33	10	modern	modern	ADJ
fbem-5556	33	11	enterprise	enterprise	NOUN
fbem-5556	33	12	management	management	NOUN
fbem-5556	33	13	,	,	PUNCT
fbem-5556	33	14	there	there	PRON
fbem-5556	33	15	is	be	VERB
fbem-5556	33	16	a	a	DET
fbem-5556	33	17	significant	significant	ADJ
fbem-5556	33	18	difference	difference	NOUN
fbem-5556	33	19	between	between	ADP
fbem-5556	33	20	shareholders	shareholder	NOUN
fbem-5556	33	21	and	and	CCONJ
fbem-5556	33	22	managers	manager	NOUN
fbem-5556	33	23	in	in	ADP
fbem-5556	33	24	pursuit	pursuit	NOUN
fbem-5556	33	25	of	of	ADP
fbem-5556	33	26	goals	goal	NOUN
fbem-5556	33	27	.	.	PUNCT
fbem-5556	34	1	the	the	DET
fbem-5556	34	2	goal	goal	NOUN
fbem-5556	34	3	of	of	ADP
fbem-5556	34	4	shareholders	shareholder	NOUN
fbem-5556	34	5	is	be	AUX
fbem-5556	34	6	to	to	PART
fbem-5556	34	7	maximize	maximize	VERB
fbem-5556	34	8	enterprise	enterprise	NOUN
fbem-5556	34	9	value	value	NOUN
fbem-5556	34	10	and	and	CCONJ
fbem-5556	34	11	shareholder	shareholder	NOUN
fbem-5556	34	12	wealth	wealth	NOUN
fbem-5556	34	13	,	,	PUNCT
fbem-5556	34	14	while	while	SCONJ
fbem-5556	34	15	the	the	DET
fbem-5556	34	16	ultimate	ultimate	ADJ
fbem-5556	34	17	goal	goal	NOUN
fbem-5556	34	18	of	of	ADP
fbem-5556	34	19	managers	manager	NOUN
fbem-5556	34	20	is	be	AUX
fbem-5556	34	21	to	to	PART
fbem-5556	34	22	maximize	maximize	VERB
fbem-5556	34	23	their	their	PRON
fbem-5556	34	24	own	own	ADJ
fbem-5556	34	25	interests	interest	NOUN
fbem-5556	34	26	.	.	PUNCT
fbem-5556	35	1	in	in	ADP
fbem-5556	35	2	the	the	DET
fbem-5556	35	3	case	case	NOUN
fbem-5556	35	4	of	of	ADP
fbem-5556	35	5	serious	serious	ADJ
fbem-5556	35	6	information	information	NOUN
fbem-5556	35	7	asymmetry	asymmetry	NOUN
fbem-5556	35	8	between	between	ADP
fbem-5556	35	9	shareholders	shareholder	NOUN
fbem-5556	35	10	and	and	CCONJ
fbem-5556	35	11	executives	executive	NOUN
fbem-5556	35	12	,	,	PUNCT
fbem-5556	35	13	executives	executive	NOUN
fbem-5556	35	14	may	may	AUX
fbem-5556	35	15	sacrifice	sacrifice	VERB
fbem-5556	35	16	shareholders	shareholder	NOUN
fbem-5556	35	17	'	'	PART
fbem-5556	35	18	equity	equity	NOUN
fbem-5556	35	19	or	or	CCONJ
fbem-5556	35	20	damage	damage	VERB
fbem-5556	35	21	the	the	DET
fbem-5556	35	22	company	company	NOUN
fbem-5556	35	23	's	's	PART
fbem-5556	35	24	value	value	NOUN
fbem-5556	35	25	,	,	PUNCT
fbem-5556	35	26	use	use	VERB
fbem-5556	35	27	the	the	DET
fbem-5556	35	28	company	company	NOUN
fbem-5556	35	29	's	's	PART
fbem-5556	35	30	resources	resource	NOUN
fbem-5556	35	31	to	to	PART
fbem-5556	35	32	gain	gain	VERB
fbem-5556	35	33	benefits	benefit	NOUN
fbem-5556	35	34	for	for	ADP
fbem-5556	35	35	themselves	themselves	PRON
fbem-5556	35	36	,	,	PUNCT
fbem-5556	35	37	conduct	conduct	VERB
fbem-5556	35	38	short	short	ADJ
fbem-5556	35	39	-	-	PUNCT
fbem-5556	35	40	term	term	NOUN
fbem-5556	35	41	speculation	speculation	NOUN
fbem-5556	35	42	,	,	PUNCT
fbem-5556	35	43	and	and	CCONJ
fbem-5556	35	44	increase	increase	VERB
fbem-5556	35	45	agency	agency	NOUN
fbem-5556	35	46	costs	cost	NOUN
fbem-5556	35	47	,	,	PUNCT
fbem-5556	35	48	which	which	PRON
fbem-5556	35	49	not	not	PART
fbem-5556	35	50	only	only	ADV
fbem-5556	35	51	affects	affect	VERB
fbem-5556	35	52	the	the	DET
fbem-5556	35	53	improvement	improvement	NOUN
fbem-5556	35	54	of	of	ADP
fbem-5556	35	55	the	the	DET
fbem-5556	35	56	financial	financial	ADJ
fbem-5556	35	57	performance	performance	NOUN
fbem-5556	35	58	of	of	ADP
fbem-5556	35	59	the	the	DET
fbem-5556	35	60	enterprise	enterprise	NOUN
fbem-5556	35	61	to	to	ADP
fbem-5556	35	62	a	a	DET
fbem-5556	35	63	certain	certain	ADJ
fbem-5556	35	64	extent	extent	NOUN
fbem-5556	35	65	,	,	PUNCT
fbem-5556	35	66	but	but	CCONJ
fbem-5556	35	67	also	also	ADV
fbem-5556	35	68	is	be	AUX
fbem-5556	35	69	not	not	PART
fbem-5556	35	70	conducive	conducive	ADJ
fbem-5556	35	71	to	to	ADP
fbem-5556	35	72	the	the	DET
fbem-5556	35	73	sustainable	sustainable	ADJ
fbem-5556	35	74	and	and	CCONJ
fbem-5556	35	75	stable	stable	ADJ
fbem-5556	35	76	operation	operation	NOUN
fbem-5556	35	77	of	of	ADP
fbem-5556	35	78	the	the	DET
fbem-5556	35	79	enterprise	enterprise	NOUN
fbem-5556	35	80	.	.	PUNCT
fbem-5556	36	1	in	in	ADP
fbem-5556	36	2	order	order	NOUN
fbem-5556	36	3	to	to	PART
fbem-5556	36	4	minimize	minimize	VERB
fbem-5556	36	5	the	the	DET
fbem-5556	36	6	agency	agency	NOUN
fbem-5556	36	7	costs	cost	NOUN
fbem-5556	36	8	caused	cause	VERB
fbem-5556	36	9	by	by	ADP
fbem-5556	36	10	the	the	DET
fbem-5556	36	11	principal	principal	ADJ
fbem-5556	36	12	-	-	PUNCT
fbem-5556	36	13	agent	agent	NOUN
fbem-5556	36	14	relationship	relationship	NOUN
fbem-5556	36	15	,	,	PUNCT
fbem-5556	36	16	enterprises	enterprise	NOUN
fbem-5556	36	17	often	often	ADV
fbem-5556	36	18	choose	choose	VERB
fbem-5556	36	19	to	to	PART
fbem-5556	36	20	sign	sign	VERB
fbem-5556	36	21	compensation	compensation	NOUN
fbem-5556	36	22	performance	performance	NOUN
fbem-5556	36	23	contracts	contract	NOUN
fbem-5556	36	24	with	with	ADP
fbem-5556	36	25	executives	executive	NOUN
fbem-5556	36	26	when	when	SCONJ
fbem-5556	36	27	formulating	formulate	VERB
fbem-5556	36	28	incentive	incentive	NOUN
fbem-5556	36	29	strategies	strategy	NOUN
fbem-5556	36	30	.	.	PUNCT
fbem-5556	37	1	under	under	ADP
fbem-5556	37	2	this	this	DET
fbem-5556	37	3	contract	contract	NOUN
fbem-5556	37	4	,	,	PUNCT
fbem-5556	37	5	executive	executive	ADJ
fbem-5556	37	6	compensation	compensation	NOUN
fbem-5556	37	7	is	be	AUX
fbem-5556	37	8	determined	determine	VERB
fbem-5556	37	9	by	by	ADP
fbem-5556	37	10	the	the	DET
fbem-5556	37	11	performance	performance	NOUN
fbem-5556	37	12	it	it	PRON
fbem-5556	37	13	creates	create	VERB
fbem-5556	37	14	,	,	PUNCT
fbem-5556	37	15	which	which	PRON
fbem-5556	37	16	virtually	virtually	ADV
fbem-5556	37	17	drives	drive	VERB
fbem-5556	37	18	senior	senior	ADJ
fbem-5556	37	19	managers	manager	NOUN
fbem-5556	37	20	to	to	PART
fbem-5556	37	21	improve	improve	VERB
fbem-5556	37	22	the	the	DET
fbem-5556	37	23	company	company	NOUN
fbem-5556	37	24	's	's	PART
fbem-5556	37	25	performance	performance	NOUN
fbem-5556	37	26	to	to	PART
fbem-5556	37	27	achieve	achieve	VERB
fbem-5556	37	28	their	their	PRON
fbem-5556	37	29	own	own	ADJ
fbem-5556	37	30	compensation	compensation	NOUN
fbem-5556	37	31	expectations	expectation	NOUN
fbem-5556	37	32	,	,	PUNCT
fbem-5556	37	33	forming	form	VERB
fbem-5556	37	34	a	a	DET
fbem-5556	37	35	linkage	linkage	NOUN
fbem-5556	37	36	mechanism	mechanism	NOUN
fbem-5556	37	37	between	between	ADP
fbem-5556	37	38	executive	executive	ADJ
fbem-5556	37	39	compensation	compensation	NOUN
fbem-5556	37	40	and	and	CCONJ
fbem-5556	37	41	enterprise	enterprise	NOUN
fbem-5556	37	42	performance	performance	NOUN
fbem-5556	37	43	.	.	PUNCT
fbem-5556	38	1	in	in	ADP
fbem-5556	38	2	order	order	NOUN
fbem-5556	38	3	to	to	PART
fbem-5556	38	4	improve	improve	VERB
fbem-5556	38	5	their	their	PRON
fbem-5556	38	6	own	own	ADJ
fbem-5556	38	7	profits	profit	NOUN
fbem-5556	38	8	as	as	ADV
fbem-5556	38	9	much	much	ADV
fbem-5556	38	10	as	as	ADP
fbem-5556	38	11	possible	possible	ADJ
fbem-5556	38	12	,	,	PUNCT
fbem-5556	38	13	executives	executive	NOUN
fbem-5556	38	14	will	will	AUX
fbem-5556	38	15	give	give	VERB
fbem-5556	38	16	up	up	ADP
fbem-5556	38	17	the	the	DET
fbem-5556	38	18	speculative	speculative	ADJ
fbem-5556	38	19	behavior	behavior	NOUN
fbem-5556	38	20	that	that	PRON
fbem-5556	38	21	harms	harm	VERB
fbem-5556	38	22	the	the	DET
fbem-5556	38	23	company	company	NOUN
fbem-5556	38	24	's	's	PART
fbem-5556	38	25	interests	interest	NOUN
fbem-5556	38	26	,	,	PUNCT
fbem-5556	38	27	and	and	CCONJ
fbem-5556	38	28	do	do	VERB
fbem-5556	38	29	everything	everything	PRON
fbem-5556	38	30	possible	possible	ADJ
fbem-5556	38	31	to	to	PART
fbem-5556	38	32	improve	improve	VERB
fbem-5556	38	33	the	the	DET
fbem-5556	38	34	company	company	NOUN
fbem-5556	38	35	's	's	PART
fbem-5556	38	36	performance	performance	NOUN
fbem-5556	38	37	to	to	PART
fbem-5556	38	38	maximize	maximize	VERB
fbem-5556	38	39	their	their	PRON
fbem-5556	38	40	own	own	ADJ
fbem-5556	38	41	interests	interest	NOUN
fbem-5556	38	42	.	.	PUNCT
fbem-5556	39	1	therefore	therefore	ADV
fbem-5556	39	2	,	,	PUNCT
fbem-5556	39	3	this	this	DET
fbem-5556	39	4	paper	paper	NOUN
fbem-5556	39	5	believes	believe	VERB
fbem-5556	39	6	that	that	SCONJ
fbem-5556	39	7	the	the	DET
fbem-5556	39	8	implementation	implementation	NOUN
fbem-5556	39	9	of	of	ADP
fbem-5556	39	10	incentives	incentive	NOUN
fbem-5556	39	11	to	to	ADP
fbem-5556	39	12	senior	senior	ADJ
fbem-5556	39	13	executives	executive	NOUN
fbem-5556	39	14	by	by	ADP
fbem-5556	39	15	improving	improve	VERB
fbem-5556	39	16	the	the	DET
fbem-5556	39	17	salary	salary	NOUN
fbem-5556	39	18	level	level	NOUN
fbem-5556	39	19	can	can	AUX
fbem-5556	39	20	bring	bring	VERB
fbem-5556	39	21	about	about	ADP
fbem-5556	39	22	the	the	DET
fbem-5556	39	23	improvement	improvement	NOUN
fbem-5556	39	24	of	of	ADP
fbem-5556	39	25	enterprise	enterprise	NOUN
fbem-5556	39	26	performance	performance	NOUN
fbem-5556	39	27	.	.	PUNCT
fbem-5556	40	1	therefore	therefore	ADV
fbem-5556	40	2	,	,	PUNCT
fbem-5556	40	3	the	the	DET
fbem-5556	40	4	hypothesis	hypothesis	NOUN
fbem-5556	40	5	is	be	AUX
fbem-5556	40	6	put	put	VERB
fbem-5556	40	7	forward	forward	ADV
fbem-5556	40	8	:	:	PUNCT
fbem-5556	40	9	h1	h1	PROPN
fbem-5556	40	10	:	:	PUNCT
fbem-5556	40	11	executive	executive	ADJ
fbem-5556	40	12	compensation	compensation	NOUN
fbem-5556	40	13	incentive	incentive	NOUN
fbem-5556	40	14	has	have	VERB
fbem-5556	40	15	a	a	DET
fbem-5556	40	16	significant	significant	ADJ
fbem-5556	40	17	positive	positive	ADJ
fbem-5556	40	18	impact	impact	NOUN
fbem-5556	40	19	on	on	ADP
fbem-5556	40	20	enterprise	enterprise	NOUN
fbem-5556	40	21	performance	performance	NOUN
fbem-5556	40	22	.	.	PUNCT
fbem-5556	41	1	since	since	SCONJ
fbem-5556	41	2	the	the	DET
fbem-5556	41	3	reform	reform	NOUN
fbem-5556	41	4	of	of	ADP
fbem-5556	41	5	non	non	ADJ
fbem-5556	41	6	-	-	ADJ
fbem-5556	41	7	tradable	tradable	ADJ
fbem-5556	41	8	shares	share	NOUN
fbem-5556	41	9	,	,	PUNCT
fbem-5556	41	10	china	china	PROPN
fbem-5556	41	11	's	's	PART
fbem-5556	41	12	capital	capital	NOUN
fbem-5556	41	13	market	market	NOUN
fbem-5556	41	14	has	have	AUX
fbem-5556	41	15	gradually	gradually	ADV
fbem-5556	41	16	tended	tend	VERB
fbem-5556	41	17	to	to	PART
fbem-5556	41	18	mature	mature	VERB
fbem-5556	41	19	.	.	PUNCT
fbem-5556	42	1	the	the	DET
fbem-5556	42	2	improvement	improvement	NOUN
fbem-5556	42	3	of	of	ADP
fbem-5556	42	4	the	the	DET
fbem-5556	42	5	external	external	ADJ
fbem-5556	42	6	environment	environment	NOUN
fbem-5556	42	7	has	have	AUX
fbem-5556	42	8	enabled	enable	VERB
fbem-5556	42	9	the	the	DET
fbem-5556	42	10	implementation	implementation	NOUN
fbem-5556	42	11	and	and	CCONJ
fbem-5556	42	12	development	development	NOUN
fbem-5556	42	13	of	of	ADP
fbem-5556	42	14	the	the	DET
fbem-5556	42	15	executive	executive	ADJ
fbem-5556	42	16	stock	stock	NOUN
fbem-5556	42	17	ownership	ownership	NOUN
fbem-5556	42	18	plan	plan	NOUN
fbem-5556	42	19	in	in	ADP
fbem-5556	42	20	modern	modern	ADJ
fbem-5556	42	21	enterprises	enterprise	NOUN
fbem-5556	42	22	.	.	PUNCT
fbem-5556	43	1	the	the	DET
fbem-5556	43	2	residual	residual	ADJ
fbem-5556	43	3	value	value	NOUN
fbem-5556	43	4	of	of	ADP
fbem-5556	43	5	enterprises	enterprise	NOUN
fbem-5556	43	6	can	can	AUX
fbem-5556	43	7	be	be	AUX
fbem-5556	43	8	shared	share	VERB
fbem-5556	43	9	through	through	ADP
fbem-5556	43	10	the	the	DET
fbem-5556	43	11	executive	executive	ADJ
fbem-5556	43	12	stock	stock	NOUN
fbem-5556	43	13	ownership	ownership	NOUN
fbem-5556	43	14	,	,	PUNCT
fbem-5556	43	15	thus	thus	ADV
fbem-5556	43	16	avoiding	avoid	VERB
fbem-5556	43	17	the	the	DET
fbem-5556	43	18	short	short	ADJ
fbem-5556	43	19	-	-	PUNCT
fbem-5556	43	20	sighted	sighted	ADJ
fbem-5556	43	21	behavior	behavior	NOUN
fbem-5556	43	22	of	of	ADP
fbem-5556	43	23	managers	manager	NOUN
fbem-5556	43	24	in	in	ADP
fbem-5556	43	25	the	the	DET
fbem-5556	43	26	process	process	NOUN
fbem-5556	43	27	of	of	ADP
fbem-5556	43	28	business	business	NOUN
fbem-5556	43	29	decision	decision	NOUN
fbem-5556	43	30	-	-	PUNCT
fbem-5556	43	31	making	making	NOUN
fbem-5556	43	32	,	,	PUNCT
fbem-5556	43	33	promoting	promote	VERB
fbem-5556	43	34	the	the	DET
fbem-5556	43	35	consistency	consistency	NOUN
fbem-5556	43	36	of	of	ADP
fbem-5556	43	37	interests	interest	NOUN
fbem-5556	43	38	between	between	ADP
fbem-5556	43	39	the	the	DET
fbem-5556	43	40	principal	principal	NOUN
fbem-5556	43	41	and	and	CCONJ
fbem-5556	43	42	agent	agent	NOUN
fbem-5556	43	43	,	,	PUNCT
fbem-5556	43	44	and	and	CCONJ
fbem-5556	43	45	producing	produce	VERB
fbem-5556	43	46	the	the	DET
fbem-5556	43	47	effect	effect	NOUN
fbem-5556	43	48	of	of	ADP
fbem-5556	43	49	convergence	convergence	NOUN
fbem-5556	43	50	of	of	ADP
fbem-5556	43	51	interests	interest	NOUN
fbem-5556	43	52	.	.	PUNCT
fbem-5556	44	1	make	make	VERB
fbem-5556	44	2	the	the	DET
fbem-5556	44	3	managers	manager	NOUN
fbem-5556	44	4	'	'	PART
fbem-5556	44	5	control	control	NOUN
fbem-5556	44	6	over	over	ADP
fbem-5556	44	7	the	the	DET
fbem-5556	44	8	enterprise	enterprise	NOUN
fbem-5556	44	9	and	and	CCONJ
fbem-5556	44	10	their	their	PRON
fbem-5556	44	11	enthusiasm	enthusiasm	NOUN
fbem-5556	44	12	for	for	ADP
fbem-5556	44	13	operation	operation	NOUN
fbem-5556	44	14	gradually	gradually	ADV
fbem-5556	44	15	increase	increase	VERB
fbem-5556	44	16	with	with	ADP
fbem-5556	44	17	the	the	DET
fbem-5556	44	18	increase	increase	NOUN
fbem-5556	44	19	of	of	ADP
fbem-5556	44	20	incentives	incentive	NOUN
fbem-5556	44	21	,	,	PUNCT
fbem-5556	44	22	and	and	CCONJ
fbem-5556	44	23	make	make	VERB
fbem-5556	44	24	each	each	DET
fbem-5556	44	25	other	other	ADJ
fbem-5556	44	26	become	become	VERB
fbem-5556	44	27	a	a	DET
fbem-5556	44	28	community	community	NOUN
fbem-5556	44	29	of	of	ADP
fbem-5556	44	30	interests	interest	NOUN
fbem-5556	44	31	.	.	PUNCT
fbem-5556	45	1	the	the	DET
fbem-5556	45	2	implementation	implementation	NOUN
fbem-5556	45	3	of	of	ADP
fbem-5556	45	4	equity	equity	NOUN
fbem-5556	45	5	incentive	incentive	NOUN
fbem-5556	45	6	for	for	ADP
fbem-5556	45	7	senior	senior	ADJ
fbem-5556	45	8	executives	executive	NOUN
fbem-5556	45	9	enables	enable	VERB
fbem-5556	45	10	them	they	PRON
fbem-5556	45	11	to	to	PART
fbem-5556	45	12	have	have	VERB
fbem-5556	45	13	the	the	DET
fbem-5556	45	14	identity	identity	NOUN
fbem-5556	45	15	of	of	ADP
fbem-5556	45	16	enterprise	enterprise	NOUN
fbem-5556	45	17	owners	owner	NOUN
fbem-5556	45	18	to	to	ADP
fbem-5556	45	19	a	a	DET
fbem-5556	45	20	certain	certain	ADJ
fbem-5556	45	21	extent	extent	NOUN
fbem-5556	45	22	.	.	PUNCT
fbem-5556	46	1	by	by	ADP
fbem-5556	46	2	binding	bind	VERB
fbem-5556	46	3	the	the	DET
fbem-5556	46	4	interests	interest	NOUN
fbem-5556	46	5	of	of	ADP
fbem-5556	46	6	senior	senior	ADJ
fbem-5556	46	7	executives	executive	NOUN
fbem-5556	46	8	and	and	CCONJ
fbem-5556	46	9	shareholders	shareholder	NOUN
fbem-5556	46	10	,	,	PUNCT
fbem-5556	46	11	they	they	PRON
fbem-5556	46	12	will	will	AUX
fbem-5556	46	13	help	help	VERB
fbem-5556	46	14	enterprises	enterprise	NOUN
fbem-5556	46	15	to	to	PART
fbem-5556	46	16	obtain	obtain	VERB
fbem-5556	46	17	more	more	ADJ
fbem-5556	46	18	development	development	NOUN
fbem-5556	46	19	opportunities	opportunity	NOUN
fbem-5556	46	20	and	and	CCONJ
fbem-5556	46	21	long	long	ADJ
fbem-5556	46	22	-	-	PUNCT
fbem-5556	46	23	term	term	NOUN
fbem-5556	46	24	development	development	NOUN
fbem-5556	46	25	momentum	momentum	NOUN
fbem-5556	46	26	for	for	ADP
fbem-5556	46	27	their	their	PRON
fbem-5556	46	28	own	own	ADJ
fbem-5556	46	29	economic	economic	ADJ
fbem-5556	46	30	benefits	benefit	NOUN
fbem-5556	46	31	brought	bring	VERB
fbem-5556	46	32	by	by	ADP
fbem-5556	46	33	shares	share	NOUN
fbem-5556	46	34	,	,	PUNCT
fbem-5556	46	35	thereby	thereby	ADV
fbem-5556	46	36	improving	improve	VERB
fbem-5556	46	37	the	the	DET
fbem-5556	46	38	financial	financial	ADJ
fbem-5556	46	39	performance	performance	NOUN
fbem-5556	46	40	of	of	ADP
fbem-5556	46	41	enterprises	enterprise	NOUN
fbem-5556	46	42	.	.	PUNCT
fbem-5556	47	1	the	the	PRON
fbem-5556	47	2	higher	high	ADJ
fbem-5556	47	3	the	the	DET
fbem-5556	47	4	degree	degree	NOUN
fbem-5556	47	5	of	of	ADP
fbem-5556	47	6	equity	equity	NOUN
fbem-5556	47	7	incentive	incentive	NOUN
fbem-5556	47	8	,	,	PUNCT
fbem-5556	47	9	the	the	PRON
fbem-5556	47	10	more	more	ADV
fbem-5556	47	11	the	the	DET
fbem-5556	47	12	management	management	NOUN
fbem-5556	47	13	will	will	AUX
fbem-5556	47	14	pay	pay	VERB
fbem-5556	47	15	accordingly	accordingly	ADV
fbem-5556	47	16	,	,	PUNCT
fbem-5556	47	17	and	and	CCONJ
fbem-5556	47	18	the	the	DET
fbem-5556	47	19	more	more	ADV
fbem-5556	47	20	effective	effective	ADJ
fbem-5556	47	21	the	the	DET
fbem-5556	47	22	equity	equity	NOUN
fbem-5556	47	23	incentive	incentive	NOUN
fbem-5556	47	24	will	will	AUX
fbem-5556	47	25	be	be	AUX
fbem-5556	47	26	.	.	PUNCT
fbem-5556	48	1	based	base	VERB
fbem-5556	48	2	on	on	ADP
fbem-5556	48	3	the	the	DET
fbem-5556	48	4	above	above	ADJ
fbem-5556	48	5	analysis	analysis	NOUN
fbem-5556	48	6	,	,	PUNCT
fbem-5556	48	7	the	the	DET
fbem-5556	48	8	following	follow	VERB
fbem-5556	48	9	hypothesis	hypothesis	NOUN
fbem-5556	48	10	is	be	AUX
fbem-5556	48	11	proposed	propose	VERB
fbem-5556	48	12	:	:	PUNCT
fbem-5556	48	13	h2	h2	NOUN
fbem-5556	48	14	:	:	PUNCT
fbem-5556	48	15	executive	executive	ADJ
fbem-5556	48	16	equity	equity	NOUN
fbem-5556	48	17	incentive	incentive	NOUN
fbem-5556	48	18	has	have	VERB
fbem-5556	48	19	a	a	DET
fbem-5556	48	20	significant	significant	ADJ
fbem-5556	48	21	positive	positive	ADJ
fbem-5556	48	22	impact	impact	NOUN
fbem-5556	48	23	on	on	ADP
fbem-5556	48	24	enterprise	enterprise	NOUN
fbem-5556	48	25	performance	performance	NOUN
fbem-5556	48	26	.	.	PUNCT
fbem-5556	49	1	3.2	3.2	NUM
fbem-5556	49	2	.	.	PUNCT
fbem-5556	49	3	model	model	PROPN
fbem-5556	49	4	building	building	PROPN
fbem-5556	49	5	according	accord	VERB
fbem-5556	49	6	to	to	ADP
fbem-5556	49	7	the	the	DET
fbem-5556	49	8	research	research	NOUN
fbem-5556	49	9	hypothesis	hypothesis	NOUN
fbem-5556	49	10	put	put	VERB
fbem-5556	49	11	forward	forward	ADV
fbem-5556	49	12	earlier	early	ADV
fbem-5556	49	13	in	in	ADP
fbem-5556	49	14	this	this	DET
fbem-5556	49	15	paper	paper	NOUN
fbem-5556	49	16	,	,	PUNCT
fbem-5556	49	17	by	by	ADP
fbem-5556	49	18	referring	refer	VERB
fbem-5556	49	19	to	to	ADP
fbem-5556	49	20	the	the	DET
fbem-5556	49	21	model	model	NOUN
fbem-5556	49	22	building	building	NOUN
fbem-5556	49	23	methods	method	NOUN
fbem-5556	49	24	of	of	ADP
fbem-5556	49	25	wen	wen	PROPN
fbem-5556	49	26	zhonglin	zhonglin	PROPN
fbem-5556	49	27	,	,	PUNCT
fbem-5556	49	28	hou	hou	PROPN
fbem-5556	49	29	jietai	jietai	PROPN
fbem-5556	49	30	,	,	PUNCT
fbem-5556	49	31	zhang	zhang	PROPN
fbem-5556	49	32	lei	lei	PROPN
fbem-5556	49	33	(	(	PUNCT
fbem-5556	49	34	2005)[8	2005)[8	PROPN
fbem-5556	49	35	]	]	PUNCT
fbem-5556	49	36	and	and	CCONJ
fbem-5556	49	37	liu	liu	PROPN
fbem-5556	49	38	wei	wei	PROPN
fbem-5556	49	39	(	(	PUNCT
fbem-5556	49	40	2020	2020	NUM
fbem-5556	49	41	)	)	PUNCT
fbem-5556	49	42	,	,	PUNCT
fbem-5556	49	43	the	the	DET
fbem-5556	49	44	following	follow	VERB
fbem-5556	49	45	two	two	NUM
fbem-5556	49	46	models	model	NOUN
fbem-5556	49	47	are	be	AUX
fbem-5556	49	48	established	establish	VERB
fbem-5556	49	49	respectively	respectively	ADV
fbem-5556	49	50	:	:	PUNCT
fbem-5556	49	51	roa	roa	PROPN
fbem-5556	49	52	,	,	PUNCT
fbem-5556	49	53	β	β	X
fbem-5556	49	54	β	β	X
fbem-5556	49	55	sal	sal	PROPN
fbem-5556	49	56	,	,	PUNCT
fbem-5556	49	57	β	β	X
fbem-5556	49	58	size	size	NOUN
fbem-5556	49	59	,	,	PUNCT
fbem-5556	49	60	β	β	X
fbem-5556	49	61	cf	cf	NOUN
fbem-5556	49	62	,	,	PUNCT
fbem-5556	49	63	β	β	X
fbem-5556	49	64	growth	growth	NOUN
fbem-5556	49	65	,	,	PUNCT
fbem-5556	49	66	β	β	X
fbem-5556	49	67	top10	top10	PROPN
fbem-5556	49	68	,	,	PUNCT
fbem-5556	49	69	β	β	NOUN
fbem-5556	49	70	debt	debt	NOUN
fbem-5556	49	71	,	,	PUNCT
fbem-5556	49	72	ε	ε	PROPN
fbem-5556	49	73	,	,	PUNCT
fbem-5556	49	74	(	(	PUNCT
fbem-5556	49	75	1	1	X
fbem-5556	49	76	)	)	PUNCT
fbem-5556	49	77	roa	roa	NOUN
fbem-5556	49	78	,	,	PUNCT
fbem-5556	49	79	β	β	X
fbem-5556	49	80	β	β	X
fbem-5556	49	81	msr	msr	PROPN
fbem-5556	49	82	,	,	PUNCT
fbem-5556	49	83	β	β	X
fbem-5556	49	84	size	size	NOUN
fbem-5556	49	85	,	,	PUNCT
fbem-5556	49	86	β	β	X
fbem-5556	49	87	cf	cf	NOUN
fbem-5556	49	88	,	,	PUNCT
fbem-5556	49	89	β	β	X
fbem-5556	49	90	growth	growth	NOUN
fbem-5556	49	91	,	,	PUNCT
fbem-5556	49	92	β	β	X
fbem-5556	49	93	top10	top10	PROPN
fbem-5556	49	94	,	,	PUNCT
fbem-5556	49	95	β	β	NOUN
fbem-5556	49	96	debt	debt	NOUN
fbem-5556	49	97	,	,	PUNCT
fbem-5556	49	98	ε	ε	PROPN
fbem-5556	49	99	,	,	PUNCT
fbem-5556	49	100	(	(	PUNCT
fbem-5556	49	101	2	2	X
fbem-5556	49	102	)	)	PUNCT
fbem-5556	49	103	where	where	SCONJ
fbem-5556	49	104	𝛽	𝛽	NOUN
fbem-5556	49	105	is	be	AUX
fbem-5556	49	106	a	a	DET
fbem-5556	49	107	constant	constant	ADJ
fbem-5556	49	108	term	term	NOUN
fbem-5556	49	109	,	,	PUNCT
fbem-5556	49	110	𝛽	𝛽	NOUN
fbem-5556	49	111	......	......	PUNCT
fbem-5556	50	1	𝛽	𝛽	NOUN
fbem-5556	50	2	are	be	AUX
fbem-5556	50	3	regression	regression	NOUN
fbem-5556	50	4	coefficient	coefficient	NOUN
fbem-5556	50	5	,	,	PUNCT
fbem-5556	50	6	where	where	SCONJ
fbem-5556	50	7	𝛽	𝛽	NOUN
fbem-5556	50	8	represents	represent	VERB
fbem-5556	50	9	the	the	DET
fbem-5556	50	10	impact	impact	NOUN
fbem-5556	50	11	factors	factor	NOUN
fbem-5556	50	12	of	of	ADP
fbem-5556	50	13	executive	executive	ADJ
fbem-5556	50	14	compensation	compensation	NOUN
fbem-5556	50	15	incentive	incentive	NOUN
fbem-5556	50	16	(	(	PUNCT
fbem-5556	50	17	sal	sal	NOUN
fbem-5556	50	18	)	)	PUNCT
fbem-5556	50	19	and	and	CCONJ
fbem-5556	50	20	executive	executive	ADJ
fbem-5556	50	21	equity	equity	NOUN
fbem-5556	50	22	incentive	incentive	NOUN
fbem-5556	50	23	(	(	PUNCT
fbem-5556	50	24	msr	msr	NOUN
fbem-5556	50	25	)	)	PUNCT
fbem-5556	50	26	on	on	ADP
fbem-5556	50	27	enterprise	enterprise	NOUN
fbem-5556	50	28	performance	performance	NOUN
fbem-5556	50	29	(	(	PUNCT
fbem-5556	50	30	roa	roa	NOUN
fbem-5556	50	31	)	)	PUNCT
fbem-5556	50	32	respectively	respectively	ADV
fbem-5556	50	33	in	in	ADP
fbem-5556	50	34	the	the	DET
fbem-5556	50	35	two	two	NUM
fbem-5556	50	36	regression	regression	NOUN
fbem-5556	50	37	models	model	NOUN
fbem-5556	50	38	,	,	PUNCT
fbem-5556	50	39	and	and	CCONJ
fbem-5556	50	40	𝛽	𝛽	NOUN
fbem-5556	50	41	to	to	ADP
fbem-5556	50	42	𝛽	𝛽	PROPN
fbem-5556	50	43	represent	represent	VERB
fbem-5556	50	44	the	the	DET
fbem-5556	50	45	impact	impact	NOUN
fbem-5556	50	46	factors	factor	NOUN
fbem-5556	50	47	of	of	ADP
fbem-5556	50	48	each	each	DET
fbem-5556	50	49	control	control	NOUN
fbem-5556	50	50	variable	variable	NOUN
fbem-5556	50	51	on	on	ADP
fbem-5556	50	52	enterprise	enterprise	NOUN
fbem-5556	50	53	performance	performance	NOUN
fbem-5556	50	54	respectively	respectively	ADV
fbem-5556	50	55	.	.	PUNCT
fbem-5556	51	1	ε	ε	PROPN
fbem-5556	51	2	is	be	AUX
fbem-5556	51	3	a	a	DET
fbem-5556	51	4	random	random	ADJ
fbem-5556	51	5	interference	interference	NOUN
fbem-5556	51	6	term	term	NOUN
fbem-5556	51	7	,	,	PUNCT
fbem-5556	51	8	where	where	SCONJ
fbem-5556	51	9	subscript	subscript	NOUN
fbem-5556	51	10	i	i	PRON
fbem-5556	51	11	represents	represent	VERB
fbem-5556	51	12	enterprise	enterprise	NOUN
fbem-5556	51	13	and	and	CCONJ
fbem-5556	51	14	subscript	subscript	NOUN
fbem-5556	51	15	t	t	PROPN
fbem-5556	51	16	represents	represent	VERB
fbem-5556	51	17	time	time	NOUN
fbem-5556	51	18	.	.	PUNCT
fbem-5556	52	1	4	4	X
fbem-5556	52	2	.	.	X
fbem-5556	52	3	research	research	NOUN
fbem-5556	52	4	design	design	NOUN
fbem-5556	52	5	4.1	4.1	NUM
fbem-5556	52	6	.	.	PUNCT
fbem-5556	53	1	sample	sample	NOUN
fbem-5556	53	2	selection	selection	NOUN
fbem-5556	53	3	and	and	CCONJ
fbem-5556	53	4	data	datum	NOUN
fbem-5556	53	5	source	source	NOUN
fbem-5556	53	6	this	this	DET
fbem-5556	53	7	paper	paper	NOUN
fbem-5556	53	8	takes	take	VERB
fbem-5556	53	9	the	the	DET
fbem-5556	53	10	relevant	relevant	ADJ
fbem-5556	53	11	data	datum	NOUN
fbem-5556	53	12	of	of	ADP
fbem-5556	53	13	listed	list	VERB
fbem-5556	53	14	companies	company	NOUN
fbem-5556	53	15	of	of	ADP
fbem-5556	53	16	liquor	liquor	NOUN
fbem-5556	53	17	enterprises	enterprise	NOUN
fbem-5556	53	18	in	in	ADP
fbem-5556	53	19	china	china	PROPN
fbem-5556	53	20	from	from	ADP
fbem-5556	53	21	2010	2010	NUM
fbem-5556	53	22	to	to	ADP
fbem-5556	53	23	2020	2020	NUM
fbem-5556	53	24	as	as	ADP
fbem-5556	53	25	samples	sample	NOUN
fbem-5556	53	26	,	,	PUNCT
fbem-5556	53	27	and	and	CCONJ
fbem-5556	53	28	conducts	conduct	VERB
fbem-5556	53	29	sorting	sort	VERB
fbem-5556	53	30	and	and	CCONJ
fbem-5556	53	31	screening	screen	VERB
fbem-5556	53	32	.	.	PUNCT
fbem-5556	54	1	in	in	ADP
fbem-5556	54	2	order	order	NOUN
fbem-5556	54	3	to	to	PART
fbem-5556	54	4	ensure	ensure	VERB
fbem-5556	54	5	the	the	DET
fbem-5556	54	6	reliability	reliability	NOUN
fbem-5556	54	7	of	of	ADP
fbem-5556	54	8	the	the	DET
fbem-5556	54	9	research	research	NOUN
fbem-5556	54	10	results	result	NOUN
fbem-5556	54	11	,	,	PUNCT
fbem-5556	54	12	the	the	DET
fbem-5556	54	13	st	st	PROPN
fbem-5556	54	14	companies	company	NOUN
fbem-5556	54	15	and	and	CCONJ
fbem-5556	54	16	the	the	DET
fbem-5556	54	17	company	company	NOUN
fbem-5556	54	18	samples	sample	VERB
fbem-5556	54	19	with	with	ADP
fbem-5556	54	20	missing	missing	ADJ
fbem-5556	54	21	or	or	CCONJ
fbem-5556	54	22	abnormal	abnormal	ADJ
fbem-5556	54	23	data	datum	NOUN
fbem-5556	54	24	were	be	AUX
fbem-5556	54	25	removed	remove	VERB
fbem-5556	54	26	from	from	ADP
fbem-5556	54	27	the	the	DET
fbem-5556	54	28	data	datum	NOUN
fbem-5556	54	29	screening	screen	VERB
fbem-5556	54	30	.	.	PUNCT
fbem-5556	55	1	finally	finally	ADV
fbem-5556	55	2	,	,	PUNCT
fbem-5556	55	3	411	411	NUM
fbem-5556	55	4	sample	sample	NOUN
fbem-5556	55	5	data	datum	NOUN
fbem-5556	55	6	225	225	NUM
fbem-5556	55	7	were	be	AUX
fbem-5556	55	8	selected	select	VERB
fbem-5556	55	9	from	from	ADP
fbem-5556	55	10	41	41	NUM
fbem-5556	55	11	companies	company	NOUN
fbem-5556	55	12	.	.	PUNCT
fbem-5556	56	1	all	all	DET
fbem-5556	56	2	the	the	DET
fbem-5556	56	3	data	datum	NOUN
fbem-5556	56	4	in	in	ADP
fbem-5556	56	5	this	this	DET
fbem-5556	56	6	paper	paper	NOUN
fbem-5556	56	7	came	come	VERB
fbem-5556	56	8	from	from	ADP
fbem-5556	56	9	csmar	csmar	PROPN
fbem-5556	56	10	database	database	NOUN
fbem-5556	56	11	and	and	CCONJ
fbem-5556	56	12	were	be	AUX
fbem-5556	56	13	collated	collate	VERB
fbem-5556	56	14	and	and	CCONJ
fbem-5556	56	15	analyzed	analyze	VERB
fbem-5556	56	16	using	use	VERB
fbem-5556	56	17	excel	excel	NOUN
fbem-5556	56	18	2016	2016	NUM
fbem-5556	56	19	and	and	CCONJ
fbem-5556	56	20	spss	spss	VERB
fbem-5556	56	21	23.0	23.0	NUM
fbem-5556	56	22	.	.	PUNCT
fbem-5556	57	1	4.2	4.2	NUM
fbem-5556	57	2	.	.	PUNCT
fbem-5556	58	1	variable	variable	ADJ
fbem-5556	58	2	selection	selection	NOUN
fbem-5556	58	3	through	through	ADP
fbem-5556	58	4	reading	read	VERB
fbem-5556	58	5	relevant	relevant	ADJ
fbem-5556	58	6	literature	literature	NOUN
fbem-5556	58	7	,	,	PUNCT
fbem-5556	58	8	in	in	ADP
fbem-5556	58	9	this	this	DET
fbem-5556	58	10	study	study	NOUN
fbem-5556	58	11	,	,	PUNCT
fbem-5556	58	12	enterprise	enterprise	NOUN
fbem-5556	58	13	performance	performance	NOUN
fbem-5556	58	14	is	be	AUX
fbem-5556	58	15	selected	select	VERB
fbem-5556	58	16	as	as	ADP
fbem-5556	58	17	the	the	DET
fbem-5556	58	18	explained	explain	VERB
fbem-5556	58	19	variable	variable	NOUN
fbem-5556	58	20	,	,	PUNCT
fbem-5556	58	21	and	and	CCONJ
fbem-5556	58	22	executive	executive	ADJ
fbem-5556	58	23	incentive	incentive	NOUN
fbem-5556	58	24	as	as	ADP
fbem-5556	58	25	the	the	DET
fbem-5556	58	26	explanatory	explanatory	ADJ
fbem-5556	58	27	variable	variable	NOUN
fbem-5556	58	28	.	.	PUNCT
fbem-5556	59	1	the	the	DET
fbem-5556	59	2	control	control	NOUN
fbem-5556	59	3	variables	variable	NOUN
fbem-5556	59	4	mainly	mainly	ADV
fbem-5556	59	5	include	include	VERB
fbem-5556	59	6	enterprise	enterprise	NOUN
fbem-5556	59	7	size	size	NOUN
fbem-5556	59	8	,	,	PUNCT
fbem-5556	59	9	cash	cash	NOUN
fbem-5556	59	10	flow	flow	NOUN
fbem-5556	59	11	,	,	PUNCT
fbem-5556	59	12	enterprise	enterprise	NOUN
fbem-5556	59	13	growth	growth	NOUN
fbem-5556	59	14	,	,	PUNCT
fbem-5556	59	15	equity	equity	NOUN
fbem-5556	59	16	concentration	concentration	NOUN
fbem-5556	59	17	and	and	CCONJ
fbem-5556	59	18	debt	debt	NOUN
fbem-5556	59	19	.	.	PUNCT
fbem-5556	60	1	the	the	DET
fbem-5556	60	2	specific	specific	ADJ
fbem-5556	60	3	selection	selection	NOUN
fbem-5556	60	4	and	and	CCONJ
fbem-5556	60	5	definition	definition	NOUN
fbem-5556	60	6	of	of	ADP
fbem-5556	60	7	relevant	relevant	ADJ
fbem-5556	60	8	indicators	indicator	NOUN
fbem-5556	60	9	are	be	AUX
fbem-5556	60	10	as	as	SCONJ
fbem-5556	60	11	follows	follow	VERB
fbem-5556	60	12	:	:	PUNCT
fbem-5556	60	13	4.2.1	4.2.1	NUM
fbem-5556	60	14	.	.	PUNCT
fbem-5556	60	15	explained	explain	VERB
fbem-5556	60	16	variable	variable	ADJ
fbem-5556	60	17	the	the	DET
fbem-5556	60	18	explained	explain	VERB
fbem-5556	60	19	variable	variable	NOUN
fbem-5556	60	20	of	of	ADP
fbem-5556	60	21	this	this	DET
fbem-5556	60	22	paper	paper	NOUN
fbem-5556	60	23	is	be	AUX
fbem-5556	60	24	enterprise	enterprise	NOUN
fbem-5556	60	25	performance	performance	NOUN
fbem-5556	60	26	.	.	PUNCT
fbem-5556	61	1	at	at	ADP
fbem-5556	61	2	present	present	ADJ
fbem-5556	61	3	,	,	PUNCT
fbem-5556	61	4	the	the	DET
fbem-5556	61	5	most	most	ADV
fbem-5556	61	6	commonly	commonly	ADV
fbem-5556	61	7	used	use	VERB
fbem-5556	61	8	indicators	indicator	NOUN
fbem-5556	61	9	to	to	PART
fbem-5556	61	10	measure	measure	VERB
fbem-5556	61	11	enterprise	enterprise	NOUN
fbem-5556	61	12	performance	performance	NOUN
fbem-5556	61	13	are	be	AUX
fbem-5556	61	14	return	return	NOUN
fbem-5556	61	15	on	on	ADP
fbem-5556	61	16	total	total	ADJ
fbem-5556	61	17	assets	asset	NOUN
fbem-5556	61	18	(	(	PUNCT
fbem-5556	61	19	roa	roa	NOUN
fbem-5556	61	20	)	)	PUNCT
fbem-5556	61	21	,	,	PUNCT
fbem-5556	61	22	return	return	VERB
fbem-5556	61	23	on	on	ADP
fbem-5556	61	24	equity(roe	equity(roe	PROPN
fbem-5556	61	25	)	)	PUNCT
fbem-5556	61	26	and	and	CCONJ
fbem-5556	61	27	tobin	tobin	PROPN
fbem-5556	61	28	q.	q.	PROPN
fbem-5556	61	29	return	return	VERB
fbem-5556	61	30	on	on	ADP
fbem-5556	61	31	equity(roe	equity(roe	PROPN
fbem-5556	61	32	)	)	PUNCT
fbem-5556	61	33	refers	refer	VERB
fbem-5556	61	34	to	to	ADP
fbem-5556	61	35	the	the	DET
fbem-5556	61	36	proportion	proportion	NOUN
fbem-5556	61	37	of	of	ADP
fbem-5556	61	38	net	net	ADJ
fbem-5556	61	39	profits	profit	NOUN
fbem-5556	61	40	in	in	ADP
fbem-5556	61	41	shareholders	shareholder	NOUN
fbem-5556	61	42	'	'	PART
fbem-5556	61	43	equity	equity	NOUN
fbem-5556	61	44	.	.	PUNCT
fbem-5556	62	1	it	it	PRON
fbem-5556	62	2	can	can	AUX
fbem-5556	62	3	reflect	reflect	VERB
fbem-5556	62	4	the	the	DET
fbem-5556	62	5	company	company	NOUN
fbem-5556	62	6	's	's	PART
fbem-5556	62	7	ability	ability	NOUN
fbem-5556	62	8	to	to	PART
fbem-5556	62	9	use	use	VERB
fbem-5556	62	10	funds	fund	NOUN
fbem-5556	62	11	to	to	PART
fbem-5556	62	12	obtain	obtain	VERB
fbem-5556	62	13	profits	profit	NOUN
fbem-5556	62	14	to	to	ADP
fbem-5556	62	15	a	a	DET
fbem-5556	62	16	certain	certain	ADJ
fbem-5556	62	17	extent	extent	NOUN
fbem-5556	62	18	and	and	CCONJ
fbem-5556	62	19	reflect	reflect	VERB
fbem-5556	62	20	the	the	DET
fbem-5556	62	21	actual	actual	ADJ
fbem-5556	62	22	profits	profit	NOUN
fbem-5556	62	23	.	.	PUNCT
fbem-5556	63	1	however	however	ADV
fbem-5556	63	2	,	,	PUNCT
fbem-5556	63	3	roe	roe	PROPN
fbem-5556	63	4	is	be	AUX
fbem-5556	63	5	one	one	NUM
fbem-5556	63	6	of	of	ADP
fbem-5556	63	7	the	the	DET
fbem-5556	63	8	performance	performance	NOUN
fbem-5556	63	9	evaluation	evaluation	NOUN
fbem-5556	63	10	indicators	indicator	NOUN
fbem-5556	63	11	of	of	ADP
fbem-5556	63	12	the	the	DET
fbem-5556	63	13	regulatory	regulatory	ADJ
fbem-5556	63	14	authorities	authority	NOUN
fbem-5556	63	15	,	,	PUNCT
fbem-5556	63	16	which	which	PRON
fbem-5556	63	17	is	be	AUX
fbem-5556	63	18	easy	easy	ADJ
fbem-5556	63	19	to	to	PART
fbem-5556	63	20	be	be	AUX
fbem-5556	63	21	overestimated	overestimate	VERB
fbem-5556	63	22	and	and	CCONJ
fbem-5556	63	23	lacks	lack	VERB
fbem-5556	63	24	practicality	practicality	NOUN
fbem-5556	63	25	.	.	PUNCT
fbem-5556	64	1	tobin	tobin	PROPN
fbem-5556	64	2	q	q	PROPN
fbem-5556	64	3	value	value	NOUN
fbem-5556	64	4	refers	refer	VERB
fbem-5556	64	5	to	to	ADP
fbem-5556	64	6	the	the	DET
fbem-5556	64	7	ratio	ratio	NOUN
fbem-5556	64	8	between	between	ADP
fbem-5556	64	9	the	the	DET
fbem-5556	64	10	company	company	NOUN
fbem-5556	64	11	's	's	PART
fbem-5556	64	12	market	market	NOUN
fbem-5556	64	13	value	value	NOUN
fbem-5556	64	14	and	and	CCONJ
fbem-5556	64	15	its	its	PRON
fbem-5556	64	16	capital	capital	NOUN
fbem-5556	64	17	replacement	replacement	NOUN
fbem-5556	64	18	cost	cost	NOUN
fbem-5556	64	19	.	.	PUNCT
fbem-5556	65	1	like	like	ADP
fbem-5556	65	2	primary	primary	ADJ
fbem-5556	65	3	earnings	earning	NOUN
fbem-5556	65	4	per	per	ADP
fbem-5556	65	5	share(eps	share(ep	NOUN
fbem-5556	65	6	)	)	PUNCT
fbem-5556	65	7	,	,	PUNCT
fbem-5556	65	8	tobin	tobin	PROPN
fbem-5556	65	9	q	q	PROPN
fbem-5556	65	10	value	value	NOUN
fbem-5556	65	11	is	be	AUX
fbem-5556	65	12	dynamically	dynamically	ADV
fbem-5556	65	13	changing	change	VERB
fbem-5556	65	14	.	.	PUNCT
fbem-5556	66	1	compared	compare	VERB
fbem-5556	66	2	with	with	ADP
fbem-5556	66	3	the	the	DET
fbem-5556	66	4	company	company	NOUN
fbem-5556	66	5	's	's	PART
fbem-5556	66	6	development	development	NOUN
fbem-5556	66	7	,	,	PUNCT
fbem-5556	66	8	it	it	PRON
fbem-5556	66	9	more	more	ADV
fbem-5556	66	10	reflects	reflect	VERB
fbem-5556	66	11	the	the	DET
fbem-5556	66	12	company	company	NOUN
fbem-5556	66	13	's	's	PART
fbem-5556	66	14	earnings	earning	NOUN
fbem-5556	66	15	in	in	ADP
fbem-5556	66	16	the	the	DET
fbem-5556	66	17	current	current	ADJ
fbem-5556	66	18	year	year	NOUN
fbem-5556	66	19	.	.	PUNCT
fbem-5556	67	1	return	return	NOUN
fbem-5556	67	2	on	on	ADP
fbem-5556	67	3	total	total	ADJ
fbem-5556	67	4	assets	asset	NOUN
fbem-5556	67	5	(	(	PUNCT
fbem-5556	67	6	roa	roa	NOUN
fbem-5556	67	7	)	)	PUNCT
fbem-5556	67	8	refers	refer	VERB
fbem-5556	67	9	to	to	ADP
fbem-5556	67	10	the	the	DET
fbem-5556	67	11	ratio	ratio	NOUN
fbem-5556	67	12	of	of	ADP
fbem-5556	67	13	net	net	ADJ
fbem-5556	67	14	profit	profit	NOUN
fbem-5556	67	15	to	to	ADP
fbem-5556	67	16	total	total	ADJ
fbem-5556	67	17	assets	asset	NOUN
fbem-5556	67	18	,	,	PUNCT
fbem-5556	67	19	which	which	PRON
fbem-5556	67	20	objectively	objectively	ADV
fbem-5556	67	21	reflects	reflect	VERB
fbem-5556	67	22	the	the	DET
fbem-5556	67	23	ability	ability	NOUN
fbem-5556	67	24	of	of	ADP
fbem-5556	67	25	an	an	DET
fbem-5556	67	26	enterprise	enterprise	NOUN
fbem-5556	67	27	to	to	PART
fbem-5556	67	28	use	use	VERB
fbem-5556	67	29	all	all	DET
fbem-5556	67	30	assets	asset	NOUN
fbem-5556	67	31	to	to	PART
fbem-5556	67	32	obtain	obtain	VERB
fbem-5556	67	33	benefits	benefit	NOUN
fbem-5556	67	34	,	,	PUNCT
fbem-5556	67	35	and	and	CCONJ
fbem-5556	67	36	reflects	reflect	VERB
fbem-5556	67	37	the	the	DET
fbem-5556	67	38	overall	overall	ADJ
fbem-5556	67	39	profitability	profitability	NOUN
fbem-5556	67	40	of	of	ADP
fbem-5556	67	41	an	an	DET
fbem-5556	67	42	enterprise	enterprise	NOUN
fbem-5556	67	43	.	.	PUNCT
fbem-5556	68	1	therefore	therefore	ADV
fbem-5556	68	2	,	,	PUNCT
fbem-5556	68	3	this	this	DET
fbem-5556	68	4	paper	paper	NOUN
fbem-5556	68	5	takes	take	VERB
fbem-5556	68	6	the	the	DET
fbem-5556	68	7	return	return	NOUN
fbem-5556	68	8	on	on	ADP
fbem-5556	68	9	total	total	ADJ
fbem-5556	68	10	assets	asset	NOUN
fbem-5556	68	11	(	(	PUNCT
fbem-5556	68	12	roa	roa	NOUN
fbem-5556	68	13	)	)	PUNCT
fbem-5556	68	14	as	as	SCONJ
fbem-5556	68	15	the	the	DET
fbem-5556	68	16	index	index	NOUN
fbem-5556	68	17	to	to	PART
fbem-5556	68	18	measure	measure	VERB
fbem-5556	68	19	the	the	DET
fbem-5556	68	20	enterprise	enterprise	NOUN
fbem-5556	68	21	performance	performance	NOUN
fbem-5556	68	22	.	.	PUNCT
fbem-5556	69	1	4.2.2	4.2.2	X
fbem-5556	69	2	.	.	PUNCT
fbem-5556	70	1	explanatory	explanatory	ADJ
fbem-5556	70	2	variable	variable	NOUN
fbem-5556	70	3	the	the	DET
fbem-5556	70	4	explanatory	explanatory	ADJ
fbem-5556	70	5	variables	variable	NOUN
fbem-5556	70	6	of	of	ADP
fbem-5556	70	7	this	this	DET
fbem-5556	70	8	paper	paper	NOUN
fbem-5556	70	9	are	be	AUX
fbem-5556	70	10	executive	executive	ADJ
fbem-5556	70	11	incentive	incentive	NOUN
fbem-5556	70	12	,	,	PUNCT
fbem-5556	70	13	including	include	VERB
fbem-5556	70	14	executive	executive	NOUN
fbem-5556	70	15	compensation	compensation	NOUN
fbem-5556	70	16	incentive	incentive	NOUN
fbem-5556	70	17	(	(	PUNCT
fbem-5556	70	18	sal	sal	NOUN
fbem-5556	70	19	)	)	PUNCT
fbem-5556	70	20	and	and	CCONJ
fbem-5556	70	21	executive	executive	ADJ
fbem-5556	70	22	equity	equity	NOUN
fbem-5556	70	23	incentive	incentive	NOUN
fbem-5556	70	24	(	(	PUNCT
fbem-5556	70	25	msr	msr	NOUN
fbem-5556	70	26	)	)	PUNCT
fbem-5556	70	27	.	.	PUNCT
fbem-5556	71	1	in	in	ADP
fbem-5556	71	2	this	this	DET
fbem-5556	71	3	paper	paper	NOUN
fbem-5556	71	4	,	,	PUNCT
fbem-5556	71	5	senior	senior	ADJ
fbem-5556	71	6	executives	executive	NOUN
fbem-5556	71	7	are	be	AUX
fbem-5556	71	8	defined	define	VERB
fbem-5556	71	9	as	as	ADP
fbem-5556	71	10	directors	director	NOUN
fbem-5556	71	11	,	,	PUNCT
fbem-5556	71	12	supervisors	supervisor	NOUN
fbem-5556	71	13	and	and	CCONJ
fbem-5556	71	14	senior	senior	ADJ
fbem-5556	71	15	managers	manager	NOUN
fbem-5556	71	16	who	who	PRON
fbem-5556	71	17	have	have	VERB
fbem-5556	71	18	significant	significant	ADJ
fbem-5556	71	19	decision	decision	NOUN
fbem-5556	71	20	-	-	PUNCT
fbem-5556	71	21	making	make	VERB
fbem-5556	71	22	power	power	NOUN
fbem-5556	71	23	over	over	ADP
fbem-5556	71	24	the	the	DET
fbem-5556	71	25	company	company	NOUN
fbem-5556	71	26	's	's	PART
fbem-5556	71	27	business	business	NOUN
fbem-5556	71	28	activities	activity	NOUN
fbem-5556	71	29	.	.	PUNCT
fbem-5556	72	1	since	since	SCONJ
fbem-5556	72	2	non	non	ADJ
fbem-5556	72	3	-	-	ADJ
fbem-5556	72	4	cash	cash	ADJ
fbem-5556	72	5	compensation	compensation	NOUN
fbem-5556	72	6	of	of	ADP
fbem-5556	72	7	senior	senior	ADJ
fbem-5556	72	8	executives	executive	NOUN
fbem-5556	72	9	is	be	AUX
fbem-5556	72	10	difficult	difficult	ADJ
fbem-5556	72	11	to	to	PART
fbem-5556	72	12	be	be	AUX
fbem-5556	72	13	calculated	calculate	VERB
fbem-5556	72	14	and	and	CCONJ
fbem-5556	72	15	quantified	quantify	VERB
fbem-5556	72	16	,	,	PUNCT
fbem-5556	72	17	domestic	domestic	ADJ
fbem-5556	72	18	and	and	CCONJ
fbem-5556	72	19	foreign	foreign	ADJ
fbem-5556	72	20	scholars	scholar	NOUN
fbem-5556	72	21	usually	usually	ADV
fbem-5556	72	22	take	take	VERB
fbem-5556	72	23	"	"	PUNCT
fbem-5556	72	24	natural	natural	ADJ
fbem-5556	72	25	logarithm	logarithm	NOUN
fbem-5556	72	26	of	of	ADP
fbem-5556	72	27	total	total	ADJ
fbem-5556	72	28	compensation	compensation	NOUN
fbem-5556	72	29	of	of	ADP
fbem-5556	72	30	top	top	ADJ
fbem-5556	72	31	three	three	NUM
fbem-5556	72	32	executives	executive	NOUN
fbem-5556	72	33	"	"	PUNCT
fbem-5556	72	34	or	or	CCONJ
fbem-5556	72	35	"	"	PUNCT
fbem-5556	72	36	natural	natural	ADJ
fbem-5556	72	37	logarithm	logarithm	NOUN
fbem-5556	72	38	of	of	ADP
fbem-5556	72	39	total	total	ADJ
fbem-5556	72	40	compensation	compensation	NOUN
fbem-5556	72	41	of	of	ADP
fbem-5556	72	42	senior	senior	ADJ
fbem-5556	72	43	executives	executive	NOUN
fbem-5556	72	44	"	"	PUNCT
fbem-5556	72	45	as	as	ADP
fbem-5556	72	46	the	the	DET
fbem-5556	72	47	index	index	NOUN
fbem-5556	72	48	of	of	ADP
fbem-5556	72	49	executive	executive	ADJ
fbem-5556	72	50	compensation	compensation	NOUN
fbem-5556	72	51	incentive	incentive	NOUN
fbem-5556	72	52	(	(	PUNCT
fbem-5556	72	53	sal	sal	NOUN
fbem-5556	72	54	)	)	PUNCT
fbem-5556	72	55	.	.	PUNCT
fbem-5556	73	1	in	in	ADP
fbem-5556	73	2	this	this	DET
fbem-5556	73	3	paper	paper	NOUN
fbem-5556	73	4	,	,	PUNCT
fbem-5556	73	5	referring	refer	VERB
fbem-5556	73	6	to	to	ADP
fbem-5556	73	7	the	the	DET
fbem-5556	73	8	measurement	measurement	NOUN
fbem-5556	73	9	index	index	NOUN
fbem-5556	73	10	of	of	ADP
fbem-5556	73	11	zhou	zhou	PROPN
fbem-5556	73	12	fei	fei	PROPN
fbem-5556	73	13	et	et	PROPN
fbem-5556	73	14	al	al	PROPN
fbem-5556	73	15	.	.	PROPN
fbem-5556	74	1	(	(	PUNCT
fbem-5556	74	2	2019	2019	NUM
fbem-5556	74	3	)	)	PUNCT
fbem-5556	75	1	[	[	X
fbem-5556	75	2	9	9	NUM
fbem-5556	75	3	]	]	PUNCT
fbem-5556	75	4	and	and	CCONJ
fbem-5556	75	5	he	he	PRON
fbem-5556	75	6	weihong	weihong	NOUN
fbem-5556	75	7	(	(	PUNCT
fbem-5556	75	8	2015	2015	NUM
fbem-5556	75	9	)	)	PUNCT
fbem-5556	76	1	[	[	X
fbem-5556	76	2	10	10	NUM
fbem-5556	76	3	]	]	PUNCT
fbem-5556	76	4	in	in	ADP
fbem-5556	76	5	their	their	PRON
fbem-5556	76	6	research	research	NOUN
fbem-5556	76	7	,	,	PUNCT
fbem-5556	76	8	"	"	PUNCT
fbem-5556	76	9	natural	natural	ADJ
fbem-5556	76	10	logarithm	logarithm	NOUN
fbem-5556	76	11	of	of	ADP
fbem-5556	76	12	total	total	ADJ
fbem-5556	76	13	compensation	compensation	NOUN
fbem-5556	76	14	of	of	ADP
fbem-5556	76	15	top	top	ADJ
fbem-5556	76	16	three	three	NUM
fbem-5556	76	17	executives	executive	NOUN
fbem-5556	76	18	"	"	PUNCT
fbem-5556	76	19	is	be	AUX
fbem-5556	76	20	selected	select	VERB
fbem-5556	76	21	as	as	ADP
fbem-5556	76	22	the	the	DET
fbem-5556	76	23	measurement	measurement	NOUN
fbem-5556	76	24	index	index	NOUN
fbem-5556	76	25	of	of	ADP
fbem-5556	76	26	executive	executive	ADJ
fbem-5556	76	27	compensation	compensation	NOUN
fbem-5556	76	28	incentive	incentive	NOUN
fbem-5556	76	29	,	,	PUNCT
fbem-5556	76	30	and	and	CCONJ
fbem-5556	76	31	"	"	PUNCT
fbem-5556	76	32	natural	natural	ADJ
fbem-5556	76	33	logarithm	logarithm	NOUN
fbem-5556	76	34	of	of	ADP
fbem-5556	76	35	total	total	ADJ
fbem-5556	76	36	compensation	compensation	NOUN
fbem-5556	76	37	of	of	ADP
fbem-5556	76	38	senior	senior	ADJ
fbem-5556	76	39	executives	executive	NOUN
fbem-5556	76	40	"	"	PUNCT
fbem-5556	76	41	is	be	AUX
fbem-5556	76	42	used	use	VERB
fbem-5556	76	43	as	as	ADP
fbem-5556	76	44	the	the	DET
fbem-5556	76	45	robustness	robustness	NOUN
fbem-5556	76	46	test	test	NOUN
fbem-5556	76	47	.	.	PUNCT
fbem-5556	77	1	as	as	ADP
fbem-5556	77	2	for	for	ADP
fbem-5556	77	3	the	the	DET
fbem-5556	77	4	executive	executive	ADJ
fbem-5556	77	5	equity	equity	NOUN
fbem-5556	77	6	incentive	incentive	NOUN
fbem-5556	77	7	,	,	PUNCT
fbem-5556	77	8	the	the	DET
fbem-5556	77	9	proportion	proportion	NOUN
fbem-5556	77	10	of	of	ADP
fbem-5556	77	11	the	the	DET
fbem-5556	77	12	number	number	NOUN
fbem-5556	77	13	of	of	ADP
fbem-5556	77	14	senior	senior	ADJ
fbem-5556	77	15	executives	executive	NOUN
fbem-5556	77	16	'	'	PART
fbem-5556	77	17	shareholding	shareholding	NOUN
fbem-5556	77	18	in	in	ADP
fbem-5556	77	19	the	the	DET
fbem-5556	77	20	total	total	ADJ
fbem-5556	77	21	capital	capital	NOUN
fbem-5556	77	22	stock	stock	NOUN
fbem-5556	77	23	of	of	ADP
fbem-5556	77	24	their	their	PRON
fbem-5556	77	25	enterprises	enterprise	NOUN
fbem-5556	77	26	(	(	PUNCT
fbem-5556	77	27	the	the	DET
fbem-5556	77	28	number	number	NOUN
fbem-5556	77	29	of	of	ADP
fbem-5556	77	30	shareholding	shareholding	NOUN
fbem-5556	77	31	will	will	AUX
fbem-5556	77	32	not	not	PART
fbem-5556	77	33	be	be	AUX
fbem-5556	77	34	calculated	calculate	VERB
fbem-5556	77	35	repeatedly	repeatedly	ADV
fbem-5556	77	36	when	when	SCONJ
fbem-5556	77	37	there	there	PRON
fbem-5556	77	38	is	be	VERB
fbem-5556	77	39	a	a	DET
fbem-5556	77	40	part	part	ADJ
fbem-5556	77	41	-	-	PUNCT
fbem-5556	77	42	time	time	NOUN
fbem-5556	77	43	job	job	NOUN
fbem-5556	77	44	)	)	PUNCT
fbem-5556	77	45	is	be	AUX
fbem-5556	77	46	selected	select	VERB
fbem-5556	77	47	as	as	ADP
fbem-5556	77	48	the	the	DET
fbem-5556	77	49	measurement	measurement	NOUN
fbem-5556	77	50	indicator	indicator	NOUN
fbem-5556	77	51	of	of	ADP
fbem-5556	77	52	the	the	DET
fbem-5556	77	53	executive	executive	ADJ
fbem-5556	77	54	equity	equity	NOUN
fbem-5556	77	55	incentive(msr	incentive(msr	NOUN
fbem-5556	77	56	)	)	PUNCT
fbem-5556	77	57	,	,	PUNCT
fbem-5556	77	58	based	base	VERB
fbem-5556	77	59	on	on	ADP
fbem-5556	77	60	the	the	DET
fbem-5556	77	61	measurement	measurement	NOUN
fbem-5556	77	62	indicators	indicator	NOUN
fbem-5556	77	63	of	of	ADP
fbem-5556	77	64	xiao	xiao	PROPN
fbem-5556	77	65	jianhua	jianhua	PROPN
fbem-5556	77	66	et	et	PROPN
fbem-5556	77	67	al	al	PROPN
fbem-5556	77	68	.	.	PROPN
fbem-5556	78	1	(	(	PUNCT
fbem-5556	78	2	2022	2022	NUM
fbem-5556	78	3	)	)	PUNCT
fbem-5556	79	1	[	[	X
fbem-5556	79	2	11	11	NUM
fbem-5556	79	3	]	]	PUNCT
fbem-5556	79	4	and	and	CCONJ
fbem-5556	79	5	li	li	PROPN
fbem-5556	79	6	shufeng	shufeng	PROPN
fbem-5556	79	7	et	et	PROPN
fbem-5556	79	8	al	al	PROPN
fbem-5556	79	9	.	.	PROPN
fbem-5556	79	10	(	(	PUNCT
fbem-5556	79	11	2020	2020	NUM
fbem-5556	79	12	)	)	PUNCT
fbem-5556	80	1	[	[	X
fbem-5556	80	2	12	12	NUM
fbem-5556	80	3	]	]	PUNCT
fbem-5556	80	4	in	in	ADP
fbem-5556	80	5	their	their	PRON
fbem-5556	80	6	research.and	research.and	NOUN
fbem-5556	80	7	𝛽	𝛽	NOUN
fbem-5556	80	8	represents	represent	VERB
fbem-5556	80	9	the	the	DET
fbem-5556	80	10	impact	impact	NOUN
fbem-5556	80	11	factor	factor	NOUN
fbem-5556	80	12	of	of	ADP
fbem-5556	80	13	senior	senior	ADJ
fbem-5556	80	14	executives	executive	NOUN
fbem-5556	80	15	'	'	PART
fbem-5556	80	16	incentive	incentive	NOUN
fbem-5556	80	17	on	on	ADP
fbem-5556	80	18	enterprise	enterprise	NOUN
fbem-5556	80	19	performance	performance	NOUN
fbem-5556	80	20	.	.	PUNCT
fbem-5556	81	1	4.2.3	4.2.3	X
fbem-5556	81	2	.	.	PUNCT
fbem-5556	82	1	control	control	VERB
fbem-5556	82	2	variable	variable	NOUN
fbem-5556	82	3	through	through	ADP
fbem-5556	82	4	consulting	consult	VERB
fbem-5556	82	5	relevant	relevant	ADJ
fbem-5556	82	6	literature	literature	NOUN
fbem-5556	82	7	,	,	PUNCT
fbem-5556	82	8	there	there	PRON
fbem-5556	82	9	are	be	VERB
fbem-5556	82	10	many	many	ADJ
fbem-5556	82	11	factors	factor	NOUN
fbem-5556	82	12	that	that	PRON
fbem-5556	82	13	affect	affect	VERB
fbem-5556	82	14	enterprise	enterprise	NOUN
fbem-5556	82	15	performance	performance	NOUN
fbem-5556	82	16	,	,	PUNCT
fbem-5556	82	17	and	and	CCONJ
fbem-5556	82	18	these	these	DET
fbem-5556	82	19	factors	factor	NOUN
fbem-5556	82	20	should	should	AUX
fbem-5556	82	21	be	be	AUX
fbem-5556	82	22	controlled	control	VERB
fbem-5556	82	23	.	.	PUNCT
fbem-5556	83	1	in	in	ADP
fbem-5556	83	2	this	this	DET
fbem-5556	83	3	paper	paper	NOUN
fbem-5556	83	4	,	,	PUNCT
fbem-5556	83	5	the	the	DET
fbem-5556	83	6	selection	selection	NOUN
fbem-5556	83	7	of	of	ADP
fbem-5556	83	8	control	control	NOUN
fbem-5556	83	9	variables	variable	NOUN
fbem-5556	83	10	is	be	AUX
fbem-5556	83	11	determined	determine	VERB
fbem-5556	83	12	as	as	ADP
fbem-5556	83	13	:	:	PUNCT
fbem-5556	83	14	enterprise	enterprise	NOUN
fbem-5556	83	15	size	size	NOUN
fbem-5556	83	16	(	(	PUNCT
fbem-5556	83	17	size	size	NOUN
fbem-5556	83	18	)	)	PUNCT
fbem-5556	83	19	,	,	PUNCT
fbem-5556	83	20	cash	cash	NOUN
fbem-5556	83	21	flow	flow	NOUN
fbem-5556	83	22	(	(	PUNCT
fbem-5556	83	23	cf	cf	NOUN
fbem-5556	83	24	)	)	PUNCT
fbem-5556	83	25	,	,	PUNCT
fbem-5556	83	26	enterprise	enterprise	NOUN
fbem-5556	83	27	growth	growth	NOUN
fbem-5556	83	28	(	(	PUNCT
fbem-5556	83	29	growth	growth	NOUN
fbem-5556	83	30	)	)	PUNCT
fbem-5556	83	31	,	,	PUNCT
fbem-5556	83	32	equity	equity	NOUN
fbem-5556	83	33	concentration	concentration	NOUN
fbem-5556	83	34	(	(	PUNCT
fbem-5556	83	35	top10	top10	NOUN
fbem-5556	83	36	)	)	PUNCT
fbem-5556	83	37	and	and	CCONJ
fbem-5556	83	38	debt	debt	NOUN
fbem-5556	83	39	to	to	ADP
fbem-5556	83	40	asset	asset	NOUN
fbem-5556	83	41	ratio	ratio	NOUN
fbem-5556	83	42	(	(	PUNCT
fbem-5556	83	43	debt	debt	NOUN
fbem-5556	83	44	)	)	PUNCT
fbem-5556	83	45	.	.	PUNCT
fbem-5556	84	1	(	(	PUNCT
fbem-5556	84	2	1	1	X
fbem-5556	84	3	)	)	PUNCT
fbem-5556	84	4	enterprise	enterprise	NOUN
fbem-5556	84	5	size	size	NOUN
fbem-5556	84	6	(	(	PUNCT
fbem-5556	84	7	size	size	NOUN
fbem-5556	84	8	)	)	PUNCT
fbem-5556	84	9	.	.	PUNCT
fbem-5556	85	1	generally	generally	ADV
fbem-5556	85	2	speaking	speak	VERB
fbem-5556	85	3	,	,	PUNCT
fbem-5556	85	4	the	the	PRON
fbem-5556	85	5	larger	large	ADJ
fbem-5556	85	6	the	the	DET
fbem-5556	85	7	size	size	NOUN
fbem-5556	85	8	of	of	ADP
fbem-5556	85	9	the	the	DET
fbem-5556	85	10	enterprise	enterprise	NOUN
fbem-5556	85	11	,	,	PUNCT
fbem-5556	85	12	the	the	PRON
fbem-5556	85	13	higher	high	ADJ
fbem-5556	85	14	the	the	DET
fbem-5556	85	15	enterprise	enterprise	NOUN
fbem-5556	85	16	performance	performance	NOUN
fbem-5556	85	17	.	.	PUNCT
fbem-5556	86	1	some	some	DET
fbem-5556	86	2	scholars	scholar	NOUN
fbem-5556	86	3	believe	believe	VERB
fbem-5556	86	4	that	that	SCONJ
fbem-5556	86	5	for	for	ADP
fbem-5556	86	6	large	large	ADJ
fbem-5556	86	7	-	-	PUNCT
fbem-5556	86	8	scale	scale	NOUN
fbem-5556	86	9	enterprises	enterprise	NOUN
fbem-5556	86	10	,	,	PUNCT
fbem-5556	86	11	it	it	PRON
fbem-5556	86	12	will	will	AUX
fbem-5556	86	13	be	be	AUX
fbem-5556	86	14	easier	easy	ADJ
fbem-5556	86	15	to	to	PART
fbem-5556	86	16	obtain	obtain	VERB
fbem-5556	86	17	resources	resource	NOUN
fbem-5556	86	18	,	,	PUNCT
fbem-5556	86	19	and	and	CCONJ
fbem-5556	86	20	more	more	ADJ
fbem-5556	86	21	financial	financial	ADJ
fbem-5556	86	22	support	support	NOUN
fbem-5556	86	23	will	will	AUX
fbem-5556	86	24	make	make	VERB
fbem-5556	86	25	it	it	PRON
fbem-5556	86	26	easier	easy	ADJ
fbem-5556	86	27	to	to	PART
fbem-5556	86	28	create	create	VERB
fbem-5556	86	29	value	value	NOUN
fbem-5556	86	30	;	;	PUNCT
fbem-5556	86	31	some	some	DET
fbem-5556	86	32	scholars	scholar	NOUN
fbem-5556	86	33	believe	believe	VERB
fbem-5556	86	34	that	that	SCONJ
fbem-5556	86	35	small	small	ADJ
fbem-5556	86	36	-	-	PUNCT
fbem-5556	86	37	scale	scale	NOUN
fbem-5556	86	38	enterprises	enterprise	NOUN
fbem-5556	86	39	are	be	AUX
fbem-5556	86	40	more	more	ADV
fbem-5556	86	41	flexible	flexible	ADJ
fbem-5556	86	42	and	and	CCONJ
fbem-5556	86	43	can	can	AUX
fbem-5556	86	44	quickly	quickly	ADV
fbem-5556	86	45	change	change	VERB
fbem-5556	86	46	their	their	PRON
fbem-5556	86	47	business	business	NOUN
fbem-5556	86	48	methods	method	NOUN
fbem-5556	86	49	according	accord	VERB
fbem-5556	86	50	to	to	ADP
fbem-5556	86	51	market	market	NOUN
fbem-5556	86	52	changes	change	NOUN
fbem-5556	86	53	,	,	PUNCT
fbem-5556	86	54	thereby	thereby	ADV
fbem-5556	86	55	reducing	reduce	VERB
fbem-5556	86	56	the	the	DET
fbem-5556	86	57	risks	risk	NOUN
fbem-5556	86	58	and	and	CCONJ
fbem-5556	86	59	possible	possible	ADJ
fbem-5556	86	60	losses	loss	NOUN
fbem-5556	86	61	they	they	PRON
fbem-5556	86	62	face	face	VERB
fbem-5556	86	63	.	.	PUNCT
fbem-5556	87	1	according	accord	VERB
fbem-5556	87	2	to	to	ADP
fbem-5556	87	3	the	the	DET
fbem-5556	87	4	existing	exist	VERB
fbem-5556	87	5	literature	literature	NOUN
fbem-5556	87	6	,	,	PUNCT
fbem-5556	87	7	enterprise	enterprise	NOUN
fbem-5556	87	8	size	size	NOUN
fbem-5556	87	9	can	can	AUX
fbem-5556	87	10	affect	affect	VERB
fbem-5556	87	11	enterprise	enterprise	NOUN
fbem-5556	87	12	performance	performance	NOUN
fbem-5556	87	13	,	,	PUNCT
fbem-5556	87	14	so	so	SCONJ
fbem-5556	87	15	in	in	ADP
fbem-5556	87	16	this	this	DET
fbem-5556	87	17	paper	paper	NOUN
fbem-5556	87	18	,	,	PUNCT
fbem-5556	87	19	the	the	DET
fbem-5556	87	20	natural	natural	ADJ
fbem-5556	87	21	logarithm	logarithm	NOUN
fbem-5556	87	22	of	of	ADP
fbem-5556	87	23	enterprise	enterprise	NOUN
fbem-5556	87	24	total	total	ADJ
fbem-5556	87	25	assets	asset	NOUN
fbem-5556	87	26	is	be	AUX
fbem-5556	87	27	used	use	VERB
fbem-5556	87	28	as	as	ADP
fbem-5556	87	29	an	an	DET
fbem-5556	87	30	indicator	indicator	NOUN
fbem-5556	87	31	to	to	PART
fbem-5556	87	32	measure	measure	VERB
fbem-5556	87	33	enterprise	enterprise	NOUN
fbem-5556	87	34	size	size	NOUN
fbem-5556	87	35	.	.	PUNCT
fbem-5556	88	1	(	(	PUNCT
fbem-5556	88	2	2	2	X
fbem-5556	88	3	)	)	PUNCT
fbem-5556	88	4	cash	cash	NOUN
fbem-5556	88	5	flow	flow	NOUN
fbem-5556	88	6	(	(	PUNCT
fbem-5556	88	7	cf	cf	NOUN
fbem-5556	88	8	)	)	PUNCT
fbem-5556	88	9	.	.	PUNCT
fbem-5556	89	1	the	the	DET
fbem-5556	89	2	cash	cash	NOUN
fbem-5556	89	3	flow	flow	NOUN
fbem-5556	89	4	generated	generate	VERB
fbem-5556	89	5	in	in	ADP
fbem-5556	89	6	the	the	DET
fbem-5556	89	7	business	business	NOUN
fbem-5556	89	8	activities	activity	NOUN
fbem-5556	89	9	of	of	ADP
fbem-5556	89	10	an	an	DET
fbem-5556	89	11	enterprise	enterprise	NOUN
fbem-5556	89	12	can	can	AUX
fbem-5556	89	13	well	well	ADV
fbem-5556	89	14	reflect	reflect	VERB
fbem-5556	89	15	the	the	DET
fbem-5556	89	16	operating	operating	NOUN
fbem-5556	89	17	capacity	capacity	NOUN
fbem-5556	89	18	and	and	CCONJ
fbem-5556	89	19	financial	financial	ADJ
fbem-5556	89	20	status	status	NOUN
fbem-5556	89	21	of	of	ADP
fbem-5556	89	22	the	the	DET
fbem-5556	89	23	enterprise	enterprise	NOUN
fbem-5556	89	24	.	.	PUNCT
fbem-5556	90	1	having	have	VERB
fbem-5556	90	2	a	a	DET
fbem-5556	90	3	good	good	ADJ
fbem-5556	90	4	cash	cash	NOUN
fbem-5556	90	5	flow	flow	NOUN
fbem-5556	90	6	is	be	AUX
fbem-5556	90	7	the	the	DET
fbem-5556	90	8	guarantee	guarantee	NOUN
fbem-5556	90	9	for	for	ADP
fbem-5556	90	10	the	the	DET
fbem-5556	90	11	normal	normal	ADJ
fbem-5556	90	12	operation	operation	NOUN
fbem-5556	90	13	of	of	ADP
fbem-5556	90	14	the	the	DET
fbem-5556	90	15	enterprise	enterprise	NOUN
fbem-5556	90	16	.	.	PUNCT
fbem-5556	91	1	the	the	DET
fbem-5556	91	2	socalled	socalled	ADJ
fbem-5556	91	3	cash	cash	NOUN
fbem-5556	91	4	is	be	AUX
fbem-5556	91	5	king	king	NOUN
fbem-5556	91	6	,	,	PUNCT
fbem-5556	91	7	sufficient	sufficient	ADJ
fbem-5556	91	8	cash	cash	NOUN
fbem-5556	91	9	flow	flow	NOUN
fbem-5556	91	10	can	can	AUX
fbem-5556	91	11	not	not	PART
fbem-5556	91	12	only	only	ADV
fbem-5556	91	13	ensure	ensure	VERB
fbem-5556	91	14	the	the	DET
fbem-5556	91	15	normal	normal	ADJ
fbem-5556	91	16	production	production	NOUN
fbem-5556	91	17	of	of	ADP
fbem-5556	91	18	the	the	DET
fbem-5556	91	19	enterprise	enterprise	NOUN
fbem-5556	91	20	,	,	PUNCT
fbem-5556	91	21	but	but	CCONJ
fbem-5556	91	22	also	also	ADV
fbem-5556	91	23	can	can	AUX
fbem-5556	91	24	have	have	VERB
fbem-5556	91	25	the	the	DET
fbem-5556	91	26	power	power	NOUN
fbem-5556	91	27	to	to	PART
fbem-5556	91	28	support	support	VERB
fbem-5556	91	29	the	the	DET
fbem-5556	91	30	enterprise	enterprise	NOUN
fbem-5556	91	31	long	long	ADJ
fbem-5556	91	32	-	-	PUNCT
fbem-5556	91	33	term	term	NOUN
fbem-5556	91	34	development	development	NOUN
fbem-5556	91	35	plan	plan	NOUN
fbem-5556	91	36	or	or	CCONJ
fbem-5556	91	37	other	other	ADJ
fbem-5556	91	38	activities	activity	NOUN
fbem-5556	91	39	conducive	conducive	ADJ
fbem-5556	91	40	to	to	ADP
fbem-5556	91	41	business	business	NOUN
fbem-5556	91	42	operation	operation	NOUN
fbem-5556	91	43	.	.	PUNCT
fbem-5556	92	1	on	on	ADP
fbem-5556	92	2	the	the	DET
fbem-5556	92	3	contrary	contrary	NOUN
fbem-5556	92	4	,	,	PUNCT
fbem-5556	92	5	the	the	DET
fbem-5556	92	6	lack	lack	NOUN
fbem-5556	92	7	of	of	ADP
fbem-5556	92	8	cash	cash	NOUN
fbem-5556	92	9	flow	flow	NOUN
fbem-5556	92	10	will	will	AUX
fbem-5556	92	11	not	not	PART
fbem-5556	92	12	only	only	ADV
fbem-5556	92	13	make	make	VERB
fbem-5556	92	14	the	the	DET
fbem-5556	92	15	enterprise	enterprise	NOUN
fbem-5556	92	16	's	's	PART
fbem-5556	92	17	operation	operation	NOUN
fbem-5556	92	18	unstable	unstable	ADJ
fbem-5556	92	19	,	,	PUNCT
fbem-5556	92	20	but	but	CCONJ
fbem-5556	92	21	also	also	ADV
fbem-5556	92	22	make	make	VERB
fbem-5556	92	23	the	the	DET
fbem-5556	92	24	enterprise	enterprise	NOUN
fbem-5556	92	25	face	face	VERB
fbem-5556	92	26	greater	great	ADJ
fbem-5556	92	27	risks	risk	NOUN
fbem-5556	92	28	due	due	ADP
fbem-5556	92	29	to	to	ADP
fbem-5556	92	30	the	the	DET
fbem-5556	92	31	rupture	rupture	NOUN
fbem-5556	92	32	of	of	ADP
fbem-5556	92	33	the	the	DET
fbem-5556	92	34	capital	capital	NOUN
fbem-5556	92	35	chain	chain	NOUN
fbem-5556	92	36	.	.	PUNCT
fbem-5556	93	1	therefore	therefore	ADV
fbem-5556	93	2	,	,	PUNCT
fbem-5556	93	3	this	this	DET
fbem-5556	93	4	paper	paper	NOUN
fbem-5556	93	5	selects	select	VERB
fbem-5556	93	6	the	the	DET
fbem-5556	93	7	ratio	ratio	NOUN
fbem-5556	93	8	of	of	ADP
fbem-5556	93	9	net	net	ADJ
fbem-5556	93	10	cash	cash	NOUN
fbem-5556	93	11	flow	flow	NOUN
fbem-5556	93	12	and	and	CCONJ
fbem-5556	93	13	total	total	ADJ
fbem-5556	93	14	assets	asset	NOUN
fbem-5556	93	15	in	in	ADP
fbem-5556	93	16	business	business	NOUN
fbem-5556	93	17	activities	activity	NOUN
fbem-5556	93	18	as	as	ADP
fbem-5556	93	19	an	an	DET
fbem-5556	93	20	indicator	indicator	NOUN
fbem-5556	93	21	to	to	PART
fbem-5556	93	22	measure	measure	VERB
fbem-5556	93	23	the	the	DET
fbem-5556	93	24	cash	cash	NOUN
fbem-5556	93	25	flow	flow	NOUN
fbem-5556	93	26	of	of	ADP
fbem-5556	93	27	enterprises	enterprise	NOUN
fbem-5556	93	28	.	.	PUNCT
fbem-5556	94	1	(	(	PUNCT
fbem-5556	94	2	3	3	X
fbem-5556	94	3	)	)	PUNCT
fbem-5556	94	4	enterprise	enterprise	NOUN
fbem-5556	94	5	growth	growth	NOUN
fbem-5556	94	6	(	(	PUNCT
fbem-5556	94	7	growth	growth	NOUN
fbem-5556	94	8	)	)	PUNCT
fbem-5556	94	9	.	.	PUNCT
fbem-5556	95	1	enterprise	enterprise	NOUN
fbem-5556	95	2	growth	growth	NOUN
fbem-5556	95	3	can	can	AUX
fbem-5556	95	4	represent	represent	VERB
fbem-5556	95	5	the	the	DET
fbem-5556	95	6	ability	ability	NOUN
fbem-5556	95	7	of	of	ADP
fbem-5556	95	8	sustainable	sustainable	ADJ
fbem-5556	95	9	development	development	NOUN
fbem-5556	95	10	and	and	CCONJ
fbem-5556	95	11	the	the	DET
fbem-5556	95	12	stability	stability	NOUN
fbem-5556	95	13	of	of	ADP
fbem-5556	95	14	the	the	DET
fbem-5556	95	15	enterprise	enterprise	NOUN
fbem-5556	95	16	.	.	PUNCT
fbem-5556	96	1	if	if	SCONJ
fbem-5556	96	2	an	an	DET
fbem-5556	96	3	enterprise	enterprise	NOUN
fbem-5556	96	4	can	can	AUX
fbem-5556	96	5	grow	grow	VERB
fbem-5556	96	6	continuously	continuously	ADV
fbem-5556	96	7	and	and	CCONJ
fbem-5556	96	8	steadily	steadily	ADV
fbem-5556	96	9	,	,	PUNCT
fbem-5556	96	10	it	it	PRON
fbem-5556	96	11	is	be	AUX
fbem-5556	96	12	easier	easy	ADJ
fbem-5556	96	13	to	to	PART
fbem-5556	96	14	get	get	VERB
fbem-5556	96	15	the	the	DET
fbem-5556	96	16	favor	favor	NOUN
fbem-5556	96	17	of	of	ADP
fbem-5556	96	18	investors	investor	NOUN
fbem-5556	96	19	,	,	PUNCT
fbem-5556	96	20	raise	raise	VERB
fbem-5556	96	21	the	the	DET
fbem-5556	96	22	enterprise	enterprise	NOUN
fbem-5556	96	23	valuation	valuation	NOUN
fbem-5556	96	24	,	,	PUNCT
fbem-5556	96	25	and	and	CCONJ
fbem-5556	96	26	make	make	VERB
fbem-5556	96	27	the	the	DET
fbem-5556	96	28	enterprise	enterprise	NOUN
fbem-5556	96	29	more	more	ADV
fbem-5556	96	30	competitive	competitive	ADJ
fbem-5556	96	31	in	in	ADP
fbem-5556	96	32	the	the	DET
fbem-5556	96	33	market	market	NOUN
fbem-5556	96	34	.	.	PUNCT
fbem-5556	97	1	in	in	ADP
fbem-5556	97	2	this	this	DET
fbem-5556	97	3	respect	respect	NOUN
fbem-5556	97	4	,	,	PUNCT
fbem-5556	97	5	the	the	DET
fbem-5556	97	6	increase	increase	NOUN
fbem-5556	97	7	of	of	ADP
fbem-5556	97	8	operating	operate	VERB
fbem-5556	97	9	income	income	NOUN
fbem-5556	97	10	can	can	AUX
fbem-5556	97	11	more	more	ADV
fbem-5556	97	12	intuitively	intuitively	ADV
fbem-5556	97	13	reflect	reflect	VERB
fbem-5556	97	14	the	the	DET
fbem-5556	97	15	growth	growth	NOUN
fbem-5556	97	16	of	of	ADP
fbem-5556	97	17	enterprises	enterprise	NOUN
fbem-5556	97	18	and	and	CCONJ
fbem-5556	97	19	send	send	VERB
fbem-5556	97	20	positive	positive	ADJ
fbem-5556	97	21	signals	signal	NOUN
fbem-5556	97	22	to	to	ADP
fbem-5556	97	23	the	the	DET
fbem-5556	97	24	outside	outside	ADJ
fbem-5556	97	25	world	world	NOUN
fbem-5556	97	26	,	,	PUNCT
fbem-5556	97	27	and	and	CCONJ
fbem-5556	97	28	the	the	DET
fbem-5556	97	29	increase	increase	NOUN
fbem-5556	97	30	of	of	ADP
fbem-5556	97	31	operating	operate	VERB
fbem-5556	97	32	income	income	NOUN
fbem-5556	97	33	is	be	AUX
fbem-5556	97	34	also	also	ADV
fbem-5556	97	35	more	more	ADV
fbem-5556	97	36	conducive	conducive	ADJ
fbem-5556	97	37	to	to	ADP
fbem-5556	97	38	the	the	DET
fbem-5556	97	39	improvement	improvement	NOUN
fbem-5556	97	40	of	of	ADP
fbem-5556	97	41	enterprise	enterprise	NOUN
fbem-5556	97	42	performance	performance	NOUN
fbem-5556	97	43	.	.	PUNCT
fbem-5556	98	1	therefore	therefore	ADV
fbem-5556	98	2	,	,	PUNCT
fbem-5556	98	3	this	this	DET
fbem-5556	98	4	paper	paper	NOUN
fbem-5556	98	5	selects	select	VERB
fbem-5556	98	6	the	the	DET
fbem-5556	98	7	increase	increase	NOUN
fbem-5556	98	8	rate	rate	NOUN
fbem-5556	98	9	of	of	ADP
fbem-5556	98	10	main	main	ADJ
fbem-5556	98	11	business	business	NOUN
fbem-5556	98	12	revenue	revenue	NOUN
fbem-5556	98	13	as	as	ADP
fbem-5556	98	14	an	an	DET
fbem-5556	98	15	indicator	indicator	NOUN
fbem-5556	98	16	to	to	PART
fbem-5556	98	17	measure	measure	VERB
fbem-5556	98	18	the	the	DET
fbem-5556	98	19	enterprise	enterprise	NOUN
fbem-5556	98	20	growth	growth	NOUN
fbem-5556	98	21	.	.	PUNCT
fbem-5556	99	1	(	(	PUNCT
fbem-5556	99	2	4	4	X
fbem-5556	99	3	)	)	PUNCT
fbem-5556	99	4	equity	equity	NOUN
fbem-5556	99	5	concentration	concentration	NOUN
fbem-5556	99	6	(	(	PUNCT
fbem-5556	99	7	top10	top10	NOUN
fbem-5556	99	8	)	)	PUNCT
fbem-5556	99	9	equity	equity	NOUN
fbem-5556	99	10	concentration	concentration	NOUN
fbem-5556	99	11	is	be	AUX
fbem-5556	99	12	an	an	DET
fbem-5556	99	13	indicator	indicator	NOUN
fbem-5556	99	14	of	of	ADP
fbem-5556	99	15	the	the	DET
fbem-5556	99	16	dispersion	dispersion	NOUN
fbem-5556	99	17	or	or	CCONJ
fbem-5556	99	18	concentration	concentration	NOUN
fbem-5556	99	19	of	of	ADP
fbem-5556	99	20	equity	equity	NOUN
fbem-5556	99	21	by	by	ADP
fbem-5556	99	22	the	the	DET
fbem-5556	99	23	different	different	ADJ
fbem-5556	99	24	shareholding	shareholding	NOUN
fbem-5556	99	25	ratios	ratio	NOUN
fbem-5556	99	26	of	of	ADP
fbem-5556	99	27	shareholders	shareholder	NOUN
fbem-5556	99	28	.	.	PUNCT
fbem-5556	100	1	the	the	PRON
fbem-5556	100	2	higher	high	ADJ
fbem-5556	100	3	the	the	DET
fbem-5556	100	4	degree	degree	NOUN
fbem-5556	100	5	of	of	ADP
fbem-5556	100	6	equity	equity	NOUN
fbem-5556	100	7	concentration	concentration	NOUN
fbem-5556	100	8	,	,	PUNCT
fbem-5556	100	9	the	the	PRON
fbem-5556	100	10	stronger	strong	ADJ
fbem-5556	100	11	the	the	DET
fbem-5556	100	12	shareholder	shareholder	NOUN
fbem-5556	100	13	's	's	PART
fbem-5556	100	14	control	control	NOUN
fbem-5556	100	15	over	over	ADP
fbem-5556	100	16	the	the	DET
fbem-5556	100	17	enterprise	enterprise	NOUN
fbem-5556	100	18	,	,	PUNCT
fbem-5556	100	19	and	and	CCONJ
fbem-5556	100	20	the	the	PRON
fbem-5556	100	21	less	less	ADJ
fbem-5556	100	22	the	the	DET
fbem-5556	100	23	freedom	freedom	NOUN
fbem-5556	100	24	of	of	ADP
fbem-5556	100	25	senior	senior	ADJ
fbem-5556	100	26	executives	executive	NOUN
fbem-5556	100	27	.	.	PUNCT
fbem-5556	101	1	moreover	moreover	ADV
fbem-5556	101	2	,	,	PUNCT
fbem-5556	101	3	the	the	PRON
fbem-5556	101	4	higher	high	ADJ
fbem-5556	101	5	the	the	DET
fbem-5556	101	6	degree	degree	NOUN
fbem-5556	101	7	of	of	ADP
fbem-5556	101	8	freedom	freedom	NOUN
fbem-5556	101	9	of	of	ADP
fbem-5556	101	10	shareholders	shareholder	NOUN
fbem-5556	101	11	,	,	PUNCT
fbem-5556	101	12	the	the	DET
fbem-5556	101	13	more	more	ADV
fbem-5556	101	14	discourse	discourse	NOUN
fbem-5556	101	15	shareholders	shareholder	NOUN
fbem-5556	101	16	may	may	AUX
fbem-5556	101	17	make	make	VERB
fbem-5556	101	18	decisions	decision	NOUN
fbem-5556	101	19	that	that	PRON
fbem-5556	101	20	are	be	AUX
fbem-5556	101	21	more	more	ADV
fbem-5556	101	22	beneficial	beneficial	ADJ
fbem-5556	101	23	to	to	ADP
fbem-5556	101	24	their	their	PRON
fbem-5556	101	25	own	own	ADJ
fbem-5556	101	26	interests	interest	NOUN
fbem-5556	101	27	and	and	CCONJ
fbem-5556	101	28	affect	affect	VERB
fbem-5556	101	29	enterprise	enterprise	NOUN
fbem-5556	101	30	performance.therefore	performance.therefore	NOUN
fbem-5556	101	31	,	,	PUNCT
fbem-5556	101	32	this	this	DET
fbem-5556	101	33	paper	paper	NOUN
fbem-5556	101	34	selects	select	VERB
fbem-5556	101	35	the	the	DET
fbem-5556	101	36	sum	sum	NOUN
fbem-5556	101	37	of	of	ADP
fbem-5556	101	38	the	the	DET
fbem-5556	101	39	proportion	proportion	NOUN
fbem-5556	101	40	of	of	ADP
fbem-5556	101	41	the	the	DET
fbem-5556	101	42	top	top	ADJ
fbem-5556	101	43	ten	ten	NUM
fbem-5556	101	44	shareholders	shareholder	NOUN
fbem-5556	101	45	of	of	ADP
fbem-5556	101	46	the	the	DET
fbem-5556	101	47	enterprise	enterprise	NOUN
fbem-5556	101	48	as	as	SCONJ
fbem-5556	101	49	the	the	DET
fbem-5556	101	50	index	index	NOUN
fbem-5556	101	51	to	to	PART
fbem-5556	101	52	measure	measure	VERB
fbem-5556	101	53	the	the	DET
fbem-5556	101	54	equity	equity	NOUN
fbem-5556	101	55	concentration	concentration	NOUN
fbem-5556	101	56	,	,	PUNCT
fbem-5556	101	57	drawing	draw	VERB
fbem-5556	101	58	on	on	ADP
fbem-5556	101	59	the	the	DET
fbem-5556	101	60	measurement	measurement	NOUN
fbem-5556	101	61	index	index	NOUN
fbem-5556	101	62	of	of	ADP
fbem-5556	101	63	li	li	PROPN
fbem-5556	101	64	lan	lan	PROPN
fbem-5556	101	65	(	(	PUNCT
fbem-5556	101	66	2020	2020	NUM
fbem-5556	101	67	)	)	PUNCT
fbem-5556	101	68	in	in	ADP
fbem-5556	101	69	her	her	PRON
fbem-5556	101	70	research	research	NOUN
fbem-5556	101	71	[	[	X
fbem-5556	101	72	13	13	NUM
fbem-5556	101	73	]	]	PUNCT
fbem-5556	101	74	.	.	PUNCT
fbem-5556	102	1	(	(	PUNCT
fbem-5556	102	2	5	5	X
fbem-5556	102	3	)	)	PUNCT
fbem-5556	102	4	debt	debt	NOUN
fbem-5556	102	5	to	to	ADP
fbem-5556	102	6	asset	asset	NOUN
fbem-5556	102	7	ratio	ratio	NOUN
fbem-5556	102	8	(	(	PUNCT
fbem-5556	102	9	debt	debt	NOUN
fbem-5556	102	10	)	)	PUNCT
fbem-5556	102	11	the	the	DET
fbem-5556	102	12	debt	debt	NOUN
fbem-5556	102	13	to	to	ADP
fbem-5556	102	14	asset	asset	NOUN
fbem-5556	102	15	ratio	ratio	NOUN
fbem-5556	102	16	is	be	AUX
fbem-5556	102	17	a	a	DET
fbem-5556	102	18	manifestation	manifestation	NOUN
fbem-5556	102	19	of	of	ADP
fbem-5556	102	20	a	a	DET
fbem-5556	102	21	company	company	NOUN
fbem-5556	102	22	's	's	PART
fbem-5556	102	23	capital	capital	NOUN
fbem-5556	102	24	structure	structure	NOUN
fbem-5556	102	25	,	,	PUNCT
fbem-5556	102	26	and	and	CCONJ
fbem-5556	102	27	the	the	DET
fbem-5556	102	28	capital	capital	NOUN
fbem-5556	102	29	structure	structure	NOUN
fbem-5556	102	30	of	of	ADP
fbem-5556	102	31	an	an	DET
fbem-5556	102	32	enterprise	enterprise	NOUN
fbem-5556	102	33	will	will	AUX
fbem-5556	102	34	226	226	NUM
fbem-5556	102	35	affect	affect	VERB
fbem-5556	102	36	its	its	PRON
fbem-5556	102	37	performance	performance	NOUN
fbem-5556	102	38	.	.	PUNCT
fbem-5556	103	1	the	the	DET
fbem-5556	103	2	debt	debt	NOUN
fbem-5556	103	3	to	to	ADP
fbem-5556	103	4	asset	asset	NOUN
fbem-5556	103	5	ratio	ratio	NOUN
fbem-5556	103	6	refers	refer	VERB
fbem-5556	103	7	to	to	ADP
fbem-5556	103	8	the	the	DET
fbem-5556	103	9	ratio	ratio	NOUN
fbem-5556	103	10	of	of	ADP
fbem-5556	103	11	enterprise	enterprise	NOUN
fbem-5556	103	12	debt	debt	NOUN
fbem-5556	103	13	to	to	ADP
fbem-5556	103	14	total	total	ADJ
fbem-5556	103	15	assets	asset	NOUN
fbem-5556	103	16	.	.	PUNCT
fbem-5556	104	1	the	the	PRON
fbem-5556	104	2	higher	high	ADJ
fbem-5556	104	3	the	the	DET
fbem-5556	104	4	debt	debt	NOUN
fbem-5556	104	5	to	to	ADP
fbem-5556	104	6	asset	asset	NOUN
fbem-5556	104	7	ratio	ratio	NOUN
fbem-5556	104	8	,	,	PUNCT
fbem-5556	104	9	the	the	PRON
fbem-5556	104	10	higher	high	ADJ
fbem-5556	104	11	the	the	DET
fbem-5556	104	12	enterprise	enterprise	NOUN
fbem-5556	104	13	debt	debt	NOUN
fbem-5556	104	14	.	.	PUNCT
fbem-5556	105	1	generally	generally	ADV
fbem-5556	105	2	speaking	speak	VERB
fbem-5556	105	3	,	,	PUNCT
fbem-5556	105	4	in	in	ADP
fbem-5556	105	5	the	the	DET
fbem-5556	105	6	capital	capital	NOUN
fbem-5556	105	7	structure	structure	NOUN
fbem-5556	105	8	of	of	ADP
fbem-5556	105	9	enterprises	enterprise	NOUN
fbem-5556	105	10	,	,	PUNCT
fbem-5556	105	11	the	the	DET
fbem-5556	105	12	cost	cost	NOUN
fbem-5556	105	13	of	of	ADP
fbem-5556	105	14	debt	debt	NOUN
fbem-5556	105	15	is	be	AUX
fbem-5556	105	16	lower	low	ADJ
fbem-5556	105	17	than	than	ADP
fbem-5556	105	18	the	the	DET
fbem-5556	105	19	cost	cost	NOUN
fbem-5556	105	20	of	of	ADP
fbem-5556	105	21	equity	equity	NOUN
fbem-5556	105	22	.	.	PUNCT
fbem-5556	106	1	therefore	therefore	ADV
fbem-5556	106	2	,	,	PUNCT
fbem-5556	106	3	enterprises	enterprise	NOUN
fbem-5556	106	4	are	be	AUX
fbem-5556	106	5	more	more	ADV
fbem-5556	106	6	inclined	inclined	ADJ
fbem-5556	106	7	to	to	PART
fbem-5556	106	8	operate	operate	VERB
fbem-5556	106	9	through	through	ADP
fbem-5556	106	10	debt	debt	NOUN
fbem-5556	106	11	and	and	CCONJ
fbem-5556	106	12	achieve	achieve	VERB
fbem-5556	106	13	profits	profit	NOUN
fbem-5556	106	14	through	through	ADP
fbem-5556	106	15	financial	financial	ADJ
fbem-5556	106	16	leverage	leverage	NOUN
fbem-5556	106	17	.	.	PUNCT
fbem-5556	107	1	therefore	therefore	ADV
fbem-5556	107	2	,	,	PUNCT
fbem-5556	107	3	this	this	DET
fbem-5556	107	4	paper	paper	NOUN
fbem-5556	107	5	selects	select	VERB
fbem-5556	107	6	debt	debt	NOUN
fbem-5556	107	7	to	to	ADP
fbem-5556	107	8	asset	asset	NOUN
fbem-5556	107	9	ratio	ratio	NOUN
fbem-5556	107	10	as	as	ADP
fbem-5556	107	11	a	a	DET
fbem-5556	107	12	control	control	NOUN
fbem-5556	107	13	variable	variable	NOUN
fbem-5556	107	14	to	to	PART
fbem-5556	107	15	control	control	VERB
fbem-5556	107	16	its	its	PRON
fbem-5556	107	17	impact	impact	NOUN
fbem-5556	107	18	on	on	ADP
fbem-5556	107	19	enterprise	enterprise	NOUN
fbem-5556	107	20	performance	performance	NOUN
fbem-5556	107	21	.	.	PUNCT
fbem-5556	108	1	see	see	VERB
fbem-5556	108	2	table	table	NOUN
fbem-5556	108	3	1	1	NUM
fbem-5556	108	4	for	for	ADP
fbem-5556	108	5	the	the	DET
fbem-5556	108	6	definition	definition	NOUN
fbem-5556	108	7	of	of	ADP
fbem-5556	108	8	each	each	DET
fbem-5556	108	9	variable	variable	ADJ
fbem-5556	108	10	table	table	NOUN
fbem-5556	108	11	1	1	NUM
fbem-5556	108	12	.	.	PUNCT
fbem-5556	109	1	definitions	definition	NOUN
fbem-5556	109	2	of	of	ADP
fbem-5556	109	3	variables	variable	NOUN
fbem-5556	109	4	variable	variable	ADJ
fbem-5556	109	5	name	name	NOUN
fbem-5556	109	6	symbol	symbol	NOUN
fbem-5556	109	7	definitions	definition	NOUN
fbem-5556	109	8	of	of	ADP
fbem-5556	109	9	variables	variable	NOUN
fbem-5556	109	10	explained	explain	VERB
fbem-5556	109	11	variable	variable	ADJ
fbem-5556	109	12	enterprise	enterprise	NOUN
fbem-5556	109	13	performance	performance	NOUN
fbem-5556	109	14	roa	roa	PROPN
fbem-5556	109	15	net	net	ADJ
fbem-5556	109	16	profit	profit	NOUN
fbem-5556	109	17	/	/	SYM
fbem-5556	109	18	total	total	ADJ
fbem-5556	109	19	assets	asset	NOUN
fbem-5556	109	20	explanatory	explanatory	ADJ
fbem-5556	109	21	variable	variable	ADJ
fbem-5556	109	22	executive	executive	PROPN
fbem-5556	109	23	compensation	compensation	PROPN
fbem-5556	109	24	incentive	incentive	PROPN
fbem-5556	109	25	sal	sal	PROPN
fbem-5556	109	26	natural	natural	ADJ
fbem-5556	109	27	logarithm	logarithm	NOUN
fbem-5556	109	28	of	of	ADP
fbem-5556	109	29	total	total	ADJ
fbem-5556	109	30	compensation	compensation	NOUN
fbem-5556	109	31	of	of	ADP
fbem-5556	109	32	top	top	ADJ
fbem-5556	109	33	three	three	NUM
fbem-5556	109	34	executives	executive	NOUN
fbem-5556	109	35	executive	executive	ADJ
fbem-5556	109	36	equity	equity	NOUN
fbem-5556	109	37	incentive	incentive	PROPN
fbem-5556	109	38	msr	msr	PROPN
fbem-5556	109	39			NOUN
fbem-5556	109	40	number	number	NOUN
fbem-5556	109	41	of	of	ADP
fbem-5556	109	42	shares	share	NOUN
fbem-5556	109	43	held	hold	VERB
fbem-5556	109	44	by	by	ADP
fbem-5556	109	45	executives	executive	NOUN
fbem-5556	109	46	/	/	SYM
fbem-5556	109	47	total	total	ADJ
fbem-5556	109	48	share	share	NOUN
fbem-5556	109	49	capital	capital	NOUN
fbem-5556	109	50	of	of	ADP
fbem-5556	109	51	the	the	DET
fbem-5556	109	52	company	company	NOUN
fbem-5556	109	53	control	control	VERB
fbem-5556	109	54	variable	variable	ADJ
fbem-5556	109	55	enterprise	enterprise	NOUN
fbem-5556	109	56	size	size	NOUN
fbem-5556	109	57	size	size	NOUN
fbem-5556	109	58	natural	natural	ADJ
fbem-5556	109	59	logarithm	logarithm	NOUN
fbem-5556	109	60	of	of	ADP
fbem-5556	109	61	enterprise	enterprise	NOUN
fbem-5556	109	62	total	total	ADJ
fbem-5556	109	63	assets	asset	NOUN
fbem-5556	109	64	cash	cash	NOUN
fbem-5556	109	65	flow	flow	NOUN
fbem-5556	109	66	cf	cf	NOUN
fbem-5556	109	67	net	net	ADJ
fbem-5556	109	68	cash	cash	NOUN
fbem-5556	109	69	flow	flow	NOUN
fbem-5556	109	70	/	/	SYM
fbem-5556	109	71	total	total	ADJ
fbem-5556	109	72	assets	asset	NOUN
fbem-5556	109	73	enterprise	enterprise	NOUN
fbem-5556	109	74	growth	growth	NOUN
fbem-5556	109	75	growth	growth	NOUN
fbem-5556	109	76	(	(	PUNCT
fbem-5556	109	77	amount	amount	NOUN
fbem-5556	109	78	of	of	ADP
fbem-5556	109	79	operating	operate	VERB
fbem-5556	109	80	revenue	revenue	NOUN
fbem-5556	109	81	in	in	ADP
fbem-5556	109	82	the	the	DET
fbem-5556	109	83	current	current	ADJ
fbem-5556	109	84	period	period	NOUN
fbem-5556	109	85	of	of	ADP
fbem-5556	109	86	this	this	DET
fbem-5556	109	87	year	year	NOUN
fbem-5556	109	88	amount	amount	NOUN
fbem-5556	109	89	of	of	ADP
fbem-5556	109	90	operating	operate	VERB
fbem-5556	109	91	revenue	revenue	NOUN
fbem-5556	109	92	in	in	ADP
fbem-5556	109	93	the	the	DET
fbem-5556	109	94	same	same	ADJ
fbem-5556	109	95	period	period	NOUN
fbem-5556	109	96	of	of	ADP
fbem-5556	109	97	last	last	ADJ
fbem-5556	109	98	year)/amount	year)/amount	NOUN
fbem-5556	109	99	of	of	ADP
fbem-5556	109	100	operating	operate	VERB
fbem-5556	109	101	revenue	revenue	NOUN
fbem-5556	109	102	in	in	ADP
fbem-5556	109	103	the	the	DET
fbem-5556	109	104	same	same	ADJ
fbem-5556	109	105	period	period	NOUN
fbem-5556	109	106	of	of	ADP
fbem-5556	109	107	last	last	ADJ
fbem-5556	109	108	year	year	NOUN
fbem-5556	109	109	equity	equity	NOUN
fbem-5556	109	110	concentration	concentration	NOUN
fbem-5556	109	111	top10	top10	PROPN
fbem-5556	109	112	the	the	DET
fbem-5556	109	113	sum	sum	NOUN
fbem-5556	109	114	of	of	ADP
fbem-5556	109	115	the	the	DET
fbem-5556	109	116	proportion	proportion	NOUN
fbem-5556	109	117	of	of	ADP
fbem-5556	109	118	the	the	DET
fbem-5556	109	119	top	top	ADJ
fbem-5556	109	120	ten	ten	NUM
fbem-5556	109	121	shareholders	shareholder	NOUN
fbem-5556	109	122	of	of	ADP
fbem-5556	109	123	the	the	DET
fbem-5556	109	124	enterprise	enterprise	NOUN
fbem-5556	109	125	debt	debt	NOUN
fbem-5556	109	126	to	to	ADP
fbem-5556	109	127	asset	asset	NOUN
fbem-5556	109	128	ratio	ratio	NOUN
fbem-5556	109	129	debt	debt	NOUN
fbem-5556	109	130	total	total	NOUN
fbem-5556	109	131	debt	debt	NOUN
fbem-5556	109	132	/	/	SYM
fbem-5556	109	133	total	total	ADJ
fbem-5556	109	134	assets	asset	NOUN
fbem-5556	109	135	5	5	NUM
fbem-5556	109	136	.	.	PUNCT
fbem-5556	110	1	empirical	empirical	ADJ
fbem-5556	110	2	analysis	analysis	NOUN
fbem-5556	110	3	5.1	5.1	NUM
fbem-5556	110	4	.	.	PUNCT
fbem-5556	111	1	descriptive	descriptive	ADJ
fbem-5556	111	2	statistics	statistic	NOUN
fbem-5556	111	3	analysis	analysis	NOUN
fbem-5556	111	4	through	through	ADP
fbem-5556	111	5	descriptive	descriptive	ADJ
fbem-5556	111	6	statistical	statistical	ADJ
fbem-5556	111	7	analysis	analysis	NOUN
fbem-5556	111	8	,	,	PUNCT
fbem-5556	111	9	data	datum	NOUN
fbem-5556	111	10	distribution	distribution	NOUN
fbem-5556	111	11	,	,	PUNCT
fbem-5556	111	12	average	average	ADJ
fbem-5556	111	13	level	level	NOUN
fbem-5556	111	14	and	and	CCONJ
fbem-5556	111	15	change	change	NOUN
fbem-5556	111	16	trend	trend	NOUN
fbem-5556	111	17	can	can	AUX
fbem-5556	111	18	be	be	AUX
fbem-5556	111	19	seen	see	VERB
fbem-5556	111	20	,	,	PUNCT
fbem-5556	111	21	reflecting	reflect	VERB
fbem-5556	111	22	the	the	DET
fbem-5556	111	23	overall	overall	ADJ
fbem-5556	111	24	situation	situation	NOUN
fbem-5556	111	25	of	of	ADP
fbem-5556	111	26	variables	variable	NOUN
fbem-5556	111	27	.	.	PUNCT
fbem-5556	112	1	table	table	NOUN
fbem-5556	112	2	2	2	NUM
fbem-5556	112	3	shows	show	VERB
fbem-5556	112	4	the	the	DET
fbem-5556	112	5	descriptive	descriptive	ADJ
fbem-5556	112	6	statistical	statistical	ADJ
fbem-5556	112	7	results	result	NOUN
fbem-5556	112	8	of	of	ADP
fbem-5556	112	9	related	related	ADJ
fbem-5556	112	10	variables	variable	NOUN
fbem-5556	112	11	of	of	ADP
fbem-5556	112	12	listed	list	VERB
fbem-5556	112	13	liquor	liquor	NOUN
fbem-5556	112	14	enterprises	enterprise	NOUN
fbem-5556	112	15	.	.	PUNCT
fbem-5556	113	1	table	table	NOUN
fbem-5556	113	2	2	2	NUM
fbem-5556	113	3	.	.	PUNCT
fbem-5556	113	4	descriptive	descriptive	ADJ
fbem-5556	113	5	statistics	statistic	NOUN
fbem-5556	113	6	of	of	ADP
fbem-5556	113	7	main	main	ADJ
fbem-5556	113	8	variables	variable	NOUN
fbem-5556	113	9	variable	variable	ADJ
fbem-5556	113	10	number	number	NOUN
fbem-5556	113	11	min	min	PROPN
fbem-5556	113	12	max	max	PROPN
fbem-5556	113	13	average	average	PROPN
fbem-5556	113	14	standard	standard	ADJ
fbem-5556	113	15	deviation	deviation	NOUN
fbem-5556	113	16	roa	roa	PROPN
fbem-5556	113	17	411	411	NUM
fbem-5556	113	18	-0.6768	-0.6768	PROPN
fbem-5556	113	19	0.4939	0.4939	NUM
fbem-5556	113	20	0.0657	0.0657	NUM
fbem-5556	113	21	0.1037	0.1037	NUM
fbem-5556	113	22	sal	sal	NOUN
fbem-5556	113	23	411	411	NUM
fbem-5556	113	24	12.1548	12.1548	NUM
fbem-5556	113	25	16.9999	16.9999	NUM
fbem-5556	113	26	14.4861	14.4861	NUM
fbem-5556	113	27	0.8491	0.8491	NUM
fbem-5556	113	28	msr	msr	NOUN
fbem-5556	113	29	411	411	NUM
fbem-5556	113	30	0.0000	0.0000	NUM
fbem-5556	113	31	0.5758	0.5758	NUM
fbem-5556	113	32	0.0189	0.0189	NUM
fbem-5556	113	33	0.0846	0.0846	NUM
fbem-5556	113	34	size	size	NOUN
fbem-5556	113	35	411	411	NUM
fbem-5556	113	36	19.3714	19.3714	NUM
fbem-5556	113	37	27.9656	27.9656	NUM
fbem-5556	113	38	22.5277	22.5277	NUM
fbem-5556	113	39	1.4401	1.4401	NUM
fbem-5556	113	40	cf	cf	NOUN
fbem-5556	113	41	411	411	NUM
fbem-5556	113	42	-0.6571	-0.6571	NOUN
fbem-5556	113	43	0.9201	0.9201	NUM
fbem-5556	114	1	0.0632	0.0632	NUM
fbem-5556	114	2	0.1186	0.1186	NUM
fbem-5556	114	3	growth	growth	NOUN
fbem-5556	114	4	411	411	NUM
fbem-5556	114	5	-0.9913	-0.9913	NOUN
fbem-5556	114	6	6.1752	6.1752	NUM
fbem-5556	114	7	0.1897	0.1897	NUM
fbem-5556	114	8	0.5719	0.5719	NUM
fbem-5556	114	9	top10	top10	NOUN
fbem-5556	114	10	411	411	NUM
fbem-5556	114	11	18.9184	18.9184	NUM
fbem-5556	114	12	90.6228	90.6228	NUM
fbem-5556	114	13	57.9723	57.9723	NUM
fbem-5556	114	14	17.0405	17.0405	NUM
fbem-5556	114	15	debt	debt	NOUN
fbem-5556	114	16	411	411	NUM
fbem-5556	114	17	0.0084	0.0084	NUM
fbem-5556	114	18	1.8061	1.8061	NUM
fbem-5556	114	19	0.4239	0.4239	NUM
fbem-5556	114	20	0.2386	0.2386	NUM
fbem-5556	114	21	from	from	ADP
fbem-5556	114	22	the	the	DET
fbem-5556	114	23	descriptive	descriptive	ADJ
fbem-5556	114	24	statistical	statistical	ADJ
fbem-5556	114	25	results	result	NOUN
fbem-5556	114	26	in	in	ADP
fbem-5556	114	27	table	table	NOUN
fbem-5556	114	28	4	4	NUM
fbem-5556	114	29	-	-	SYM
fbem-5556	114	30	1	1	NUM
fbem-5556	114	31	,	,	PUNCT
fbem-5556	114	32	it	it	PRON
fbem-5556	114	33	can	can	AUX
fbem-5556	114	34	be	be	AUX
fbem-5556	114	35	seen	see	VERB
fbem-5556	114	36	that	that	SCONJ
fbem-5556	114	37	the	the	DET
fbem-5556	114	38	minimum	minimum	ADJ
fbem-5556	114	39	value	value	NOUN
fbem-5556	114	40	of	of	ADP
fbem-5556	114	41	the	the	DET
fbem-5556	114	42	enterprise	enterprise	NOUN
fbem-5556	114	43	performance	performance	NOUN
fbem-5556	114	44	(	(	PUNCT
fbem-5556	114	45	roa	roa	NOUN
fbem-5556	114	46	)	)	PUNCT
fbem-5556	114	47	of	of	ADP
fbem-5556	114	48	the	the	DET
fbem-5556	114	49	explained	explain	VERB
fbem-5556	114	50	variable	variable	NOUN
fbem-5556	114	51	is	be	AUX
fbem-5556	114	52	-0.6768	-0.6768	PROPN
fbem-5556	114	53	,	,	PUNCT
fbem-5556	114	54	the	the	DET
fbem-5556	114	55	maximum	maximum	ADJ
fbem-5556	114	56	value	value	NOUN
fbem-5556	114	57	is	be	AUX
fbem-5556	114	58	0.4939	0.4939	NUM
fbem-5556	114	59	,	,	PUNCT
fbem-5556	114	60	the	the	DET
fbem-5556	114	61	average	average	ADJ
fbem-5556	114	62	value	value	NOUN
fbem-5556	114	63	is	be	AUX
fbem-5556	114	64	0.0657	0.0657	NUM
fbem-5556	114	65	,	,	PUNCT
fbem-5556	114	66	and	and	CCONJ
fbem-5556	114	67	the	the	DET
fbem-5556	114	68	standard	standard	ADJ
fbem-5556	114	69	deviation	deviation	NOUN
fbem-5556	114	70	is	be	AUX
fbem-5556	114	71	0.1037	0.1037	NUM
fbem-5556	114	72	.	.	PUNCT
fbem-5556	115	1	from	from	ADP
fbem-5556	115	2	the	the	DET
fbem-5556	115	3	data	datum	NOUN
fbem-5556	115	4	,	,	PUNCT
fbem-5556	115	5	the	the	DET
fbem-5556	115	6	profit	profit	NOUN
fbem-5556	115	7	level	level	NOUN
fbem-5556	115	8	of	of	ADP
fbem-5556	115	9	most	most	ADJ
fbem-5556	115	10	enterprises	enterprise	NOUN
fbem-5556	115	11	is	be	AUX
fbem-5556	115	12	around	around	ADP
fbem-5556	115	13	0.0657	0.0657	NUM
fbem-5556	115	14	,	,	PUNCT
fbem-5556	115	15	but	but	CCONJ
fbem-5556	115	16	some	some	DET
fbem-5556	115	17	enterprises	enterprise	NOUN
fbem-5556	115	18	have	have	VERB
fbem-5556	115	19	losses	loss	NOUN
fbem-5556	115	20	,	,	PUNCT
fbem-5556	115	21	and	and	CCONJ
fbem-5556	115	22	the	the	DET
fbem-5556	115	23	performance	performance	NOUN
fbem-5556	115	24	level	level	NOUN
fbem-5556	115	25	gap	gap	NOUN
fbem-5556	115	26	between	between	ADP
fbem-5556	115	27	enterprises	enterprise	NOUN
fbem-5556	115	28	is	be	AUX
fbem-5556	115	29	large	large	ADJ
fbem-5556	115	30	.	.	PUNCT
fbem-5556	116	1	in	in	ADP
fbem-5556	116	2	terms	term	NOUN
fbem-5556	116	3	of	of	ADP
fbem-5556	116	4	executive	executive	ADJ
fbem-5556	116	5	compensation	compensation	NOUN
fbem-5556	116	6	incentive	incentive	NOUN
fbem-5556	116	7	(	(	PUNCT
fbem-5556	116	8	sal	sal	NOUN
fbem-5556	116	9	)	)	PUNCT
fbem-5556	116	10	,	,	PUNCT
fbem-5556	116	11	the	the	DET
fbem-5556	116	12	minimum	minimum	ADJ
fbem-5556	116	13	value	value	NOUN
fbem-5556	116	14	is	be	AUX
fbem-5556	116	15	12.1548	12.1548	NUM
fbem-5556	116	16	,	,	PUNCT
fbem-5556	116	17	the	the	DET
fbem-5556	116	18	maximum	maximum	ADJ
fbem-5556	116	19	value	value	NOUN
fbem-5556	116	20	is	be	AUX
fbem-5556	116	21	16.9999	16.9999	NUM
fbem-5556	116	22	,	,	PUNCT
fbem-5556	116	23	the	the	DET
fbem-5556	116	24	average	average	ADJ
fbem-5556	116	25	value	value	NOUN
fbem-5556	116	26	is	be	AUX
fbem-5556	116	27	14.4861	14.4861	NUM
fbem-5556	116	28	,	,	PUNCT
fbem-5556	116	29	and	and	CCONJ
fbem-5556	116	30	the	the	DET
fbem-5556	116	31	standard	standard	ADJ
fbem-5556	116	32	deviation	deviation	NOUN
fbem-5556	116	33	is	be	AUX
fbem-5556	116	34	0.8491	0.8491	NUM
fbem-5556	116	35	,	,	PUNCT
fbem-5556	116	36	indicating	indicate	VERB
fbem-5556	116	37	that	that	SCONJ
fbem-5556	116	38	there	there	PRON
fbem-5556	116	39	are	be	VERB
fbem-5556	116	40	certain	certain	ADJ
fbem-5556	116	41	differences	difference	NOUN
fbem-5556	116	42	in	in	ADP
fbem-5556	116	43	executive	executive	ADJ
fbem-5556	116	44	compensation	compensation	NOUN
fbem-5556	116	45	among	among	ADP
fbem-5556	116	46	enterprises	enterprise	NOUN
fbem-5556	116	47	.	.	PUNCT
fbem-5556	117	1	in	in	ADP
fbem-5556	117	2	terms	term	NOUN
fbem-5556	117	3	of	of	ADP
fbem-5556	117	4	executive	executive	ADJ
fbem-5556	117	5	equity	equity	NOUN
fbem-5556	117	6	incentive	incentive	NOUN
fbem-5556	117	7	(	(	PUNCT
fbem-5556	117	8	msr	msr	PROPN
fbem-5556	117	9	)	)	PUNCT
fbem-5556	117	10	,	,	PUNCT
fbem-5556	117	11	the	the	DET
fbem-5556	117	12	minimum	minimum	ADJ
fbem-5556	117	13	value	value	NOUN
fbem-5556	117	14	is	be	AUX
fbem-5556	117	15	0	0	NUM
fbem-5556	117	16	,	,	PUNCT
fbem-5556	117	17	and	and	CCONJ
fbem-5556	117	18	the	the	DET
fbem-5556	117	19	average	average	ADJ
fbem-5556	117	20	value	value	NOUN
fbem-5556	117	21	is	be	AUX
fbem-5556	117	22	0.0189	0.0189	NUM
fbem-5556	117	23	,	,	PUNCT
fbem-5556	117	24	indicating	indicate	VERB
fbem-5556	117	25	that	that	SCONJ
fbem-5556	117	26	the	the	DET
fbem-5556	117	27	share	share	NOUN
fbem-5556	117	28	of	of	ADP
fbem-5556	117	29	executives	executive	NOUN
fbem-5556	117	30	in	in	ADP
fbem-5556	117	31	enterprises	enterprise	NOUN
fbem-5556	117	32	is	be	AUX
fbem-5556	117	33	generally	generally	ADV
fbem-5556	117	34	not	not	PART
fbem-5556	117	35	high	high	ADJ
fbem-5556	117	36	,	,	PUNCT
fbem-5556	117	37	and	and	CCONJ
fbem-5556	117	38	some	some	DET
fbem-5556	117	39	enterprises	enterprise	NOUN
fbem-5556	117	40	have	have	AUX
fbem-5556	117	41	not	not	PART
fbem-5556	117	42	implemented	implement	VERB
fbem-5556	117	43	equity	equity	NOUN
fbem-5556	117	44	incentive	incentive	NOUN
fbem-5556	117	45	plans	plan	NOUN
fbem-5556	117	46	.	.	PUNCT
fbem-5556	118	1	in	in	ADP
fbem-5556	118	2	each	each	DET
fbem-5556	118	3	control	control	NOUN
fbem-5556	118	4	variable	variable	NOUN
fbem-5556	118	5	,	,	PUNCT
fbem-5556	118	6	the	the	DET
fbem-5556	118	7	minimum	minimum	ADJ
fbem-5556	118	8	value	value	NOUN
fbem-5556	118	9	of	of	ADP
fbem-5556	118	10	enterprise	enterprise	NOUN
fbem-5556	118	11	size	size	NOUN
fbem-5556	118	12	(	(	PUNCT
fbem-5556	118	13	size	size	NOUN
fbem-5556	118	14	)	)	PUNCT
fbem-5556	118	15	is	be	AUX
fbem-5556	118	16	19.3714	19.3714	NUM
fbem-5556	118	17	,	,	PUNCT
fbem-5556	118	18	and	and	CCONJ
fbem-5556	118	19	the	the	DET
fbem-5556	118	20	maximum	maximum	ADJ
fbem-5556	118	21	value	value	NOUN
fbem-5556	118	22	is	be	AUX
fbem-5556	118	23	27.9656	27.9656	NUM
fbem-5556	118	24	.	.	PUNCT
fbem-5556	119	1	it	it	PRON
fbem-5556	119	2	can	can	AUX
fbem-5556	119	3	be	be	AUX
fbem-5556	119	4	seen	see	VERB
fbem-5556	119	5	that	that	SCONJ
fbem-5556	119	6	there	there	PRON
fbem-5556	119	7	is	be	VERB
fbem-5556	119	8	a	a	DET
fbem-5556	119	9	large	large	ADJ
fbem-5556	119	10	difference	difference	NOUN
fbem-5556	119	11	in	in	ADP
fbem-5556	119	12	size	size	NOUN
fbem-5556	119	13	among	among	ADP
fbem-5556	119	14	enterprises	enterprise	NOUN
fbem-5556	119	15	.	.	PUNCT
fbem-5556	120	1	the	the	DET
fbem-5556	120	2	sample	sample	NOUN
fbem-5556	120	3	covers	cover	VERB
fbem-5556	120	4	listed	list	VERB
fbem-5556	120	5	companies	company	NOUN
fbem-5556	120	6	of	of	ADP
fbem-5556	120	7	liquor	liquor	NOUN
fbem-5556	120	8	enterprises	enterprise	NOUN
fbem-5556	120	9	of	of	ADP
fbem-5556	120	10	different	different	ADJ
fbem-5556	120	11	sizes	size	NOUN
fbem-5556	120	12	,	,	PUNCT
fbem-5556	120	13	and	and	CCONJ
fbem-5556	120	14	the	the	DET
fbem-5556	120	15	research	research	NOUN
fbem-5556	120	16	results	result	NOUN
fbem-5556	120	17	are	be	AUX
fbem-5556	120	18	universal	universal	ADJ
fbem-5556	120	19	.	.	PUNCT
fbem-5556	121	1	in	in	ADP
fbem-5556	121	2	terms	term	NOUN
fbem-5556	121	3	of	of	ADP
fbem-5556	121	4	cash	cash	NOUN
fbem-5556	121	5	flow	flow	NOUN
fbem-5556	121	6	(	(	PUNCT
fbem-5556	121	7	cf	cf	NOUN
fbem-5556	121	8	)	)	PUNCT
fbem-5556	121	9	,	,	PUNCT
fbem-5556	121	10	the	the	DET
fbem-5556	121	11	average	average	ADJ
fbem-5556	121	12	value	value	NOUN
fbem-5556	121	13	is	be	AUX
fbem-5556	121	14	0.0632	0.0632	NUM
fbem-5556	121	15	,	,	PUNCT
fbem-5556	121	16	and	and	CCONJ
fbem-5556	121	17	the	the	DET
fbem-5556	121	18	standard	standard	ADJ
fbem-5556	121	19	deviation	deviation	NOUN
fbem-5556	121	20	is	be	AUX
fbem-5556	121	21	0.1186	0.1186	NUM
fbem-5556	121	22	,	,	PUNCT
fbem-5556	121	23	indicating	indicate	VERB
fbem-5556	121	24	that	that	SCONJ
fbem-5556	121	25	the	the	DET
fbem-5556	121	26	difference	difference	NOUN
fbem-5556	121	27	of	of	ADP
fbem-5556	121	28	cash	cash	NOUN
fbem-5556	121	29	flow	flow	NOUN
fbem-5556	121	30	generated	generate	VERB
fbem-5556	121	31	by	by	ADP
fbem-5556	121	32	operating	operate	VERB
fbem-5556	121	33	activities	activity	NOUN
fbem-5556	121	34	among	among	ADP
fbem-5556	121	35	enterprises	enterprise	NOUN
fbem-5556	121	36	is	be	AUX
fbem-5556	121	37	not	not	PART
fbem-5556	121	38	large	large	ADJ
fbem-5556	121	39	,	,	PUNCT
fbem-5556	121	40	but	but	CCONJ
fbem-5556	121	41	there	there	PRON
fbem-5556	121	42	are	be	VERB
fbem-5556	121	43	still	still	ADV
fbem-5556	121	44	enterprises	enterprise	NOUN
fbem-5556	121	45	in	in	ADP
fbem-5556	121	46	a	a	DET
fbem-5556	121	47	loss	loss	NOUN
fbem-5556	121	48	state	state	NOUN
fbem-5556	121	49	.	.	PUNCT
fbem-5556	122	1	in	in	ADP
fbem-5556	122	2	terms	term	NOUN
fbem-5556	122	3	of	of	ADP
fbem-5556	122	4	enterprise	enterprise	NOUN
fbem-5556	122	5	growth	growth	NOUN
fbem-5556	122	6	(	(	PUNCT
fbem-5556	122	7	growth	growth	NOUN
fbem-5556	122	8	)	)	PUNCT
fbem-5556	122	9	,	,	PUNCT
fbem-5556	122	10	there	there	PRON
fbem-5556	122	11	is	be	VERB
fbem-5556	122	12	a	a	DET
fbem-5556	122	13	large	large	ADJ
fbem-5556	122	14	gap	gap	NOUN
fbem-5556	122	15	between	between	ADP
fbem-5556	122	16	the	the	DET
fbem-5556	122	17	maximum	maximum	ADJ
fbem-5556	122	18	value	value	NOUN
fbem-5556	122	19	and	and	CCONJ
fbem-5556	122	20	the	the	DET
fbem-5556	122	21	minimum	minimum	ADJ
fbem-5556	122	22	value	value	NOUN
fbem-5556	122	23	,	,	PUNCT
fbem-5556	122	24	indicating	indicate	VERB
fbem-5556	122	25	that	that	SCONJ
fbem-5556	122	26	there	there	PRON
fbem-5556	122	27	is	be	VERB
fbem-5556	122	28	a	a	DET
fbem-5556	122	29	large	large	ADJ
fbem-5556	122	30	gap	gap	NOUN
fbem-5556	122	31	in	in	ADP
fbem-5556	122	32	the	the	DET
fbem-5556	122	33	level	level	NOUN
fbem-5556	122	34	of	of	ADP
fbem-5556	122	35	profitability	profitability	NOUN
fbem-5556	122	36	among	among	ADP
fbem-5556	122	37	enterprises	enterprise	NOUN
fbem-5556	122	38	.	.	PUNCT
fbem-5556	123	1	in	in	ADP
fbem-5556	123	2	terms	term	NOUN
fbem-5556	123	3	of	of	ADP
fbem-5556	123	4	equity	equity	NOUN
fbem-5556	123	5	concentration	concentration	NOUN
fbem-5556	123	6	(	(	PUNCT
fbem-5556	123	7	top10	top10	NOUN
fbem-5556	123	8	)	)	PUNCT
fbem-5556	123	9	,	,	PUNCT
fbem-5556	123	10	the	the	DET
fbem-5556	123	11	minimum	minimum	ADJ
fbem-5556	123	12	value	value	NOUN
fbem-5556	123	13	is	be	AUX
fbem-5556	123	14	18.9184	18.9184	NUM
fbem-5556	123	15	and	and	CCONJ
fbem-5556	123	16	the	the	DET
fbem-5556	123	17	maximum	maximum	ADJ
fbem-5556	123	18	value	value	NOUN
fbem-5556	123	19	is	be	AUX
fbem-5556	123	20	90.6228	90.6228	NUM
fbem-5556	123	21	.	.	PUNCT
fbem-5556	124	1	the	the	DET
fbem-5556	124	2	gap	gap	NOUN
fbem-5556	124	3	between	between	ADP
fbem-5556	124	4	the	the	DET
fbem-5556	124	5	two	two	NUM
fbem-5556	124	6	extreme	extreme	ADJ
fbem-5556	124	7	values	value	NOUN
fbem-5556	124	8	is	be	AUX
fbem-5556	124	9	large	large	ADJ
fbem-5556	124	10	,	,	PUNCT
fbem-5556	124	11	indicating	indicate	VERB
fbem-5556	124	12	that	that	SCONJ
fbem-5556	124	13	some	some	DET
fbem-5556	124	14	enterprises	enterprise	NOUN
fbem-5556	124	15	have	have	VERB
fbem-5556	124	16	excessive	excessive	ADJ
fbem-5556	124	17	equity	equity	NOUN
fbem-5556	124	18	concentration	concentration	NOUN
fbem-5556	124	19	.	.	PUNCT
fbem-5556	125	1	in	in	ADP
fbem-5556	125	2	the	the	DET
fbem-5556	125	3	debt	debt	NOUN
fbem-5556	125	4	to	to	ADP
fbem-5556	125	5	asset	asset	NOUN
fbem-5556	125	6	ratio	ratio	NOUN
fbem-5556	125	7	(	(	PUNCT
fbem-5556	125	8	debt	debt	NOUN
fbem-5556	125	9	)	)	PUNCT
fbem-5556	125	10	,	,	PUNCT
fbem-5556	125	11	the	the	DET
fbem-5556	125	12	difference	difference	NOUN
fbem-5556	125	13	between	between	ADP
fbem-5556	125	14	extreme	extreme	ADJ
fbem-5556	125	15	values	value	NOUN
fbem-5556	125	16	is	be	AUX
fbem-5556	125	17	large	large	ADJ
fbem-5556	125	18	,	,	PUNCT
fbem-5556	125	19	with	with	ADP
fbem-5556	125	20	the	the	DET
fbem-5556	125	21	average	average	ADJ
fbem-5556	125	22	value	value	NOUN
fbem-5556	125	23	of	of	ADP
fbem-5556	125	24	0.4239	0.4239	NUM
fbem-5556	125	25	and	and	CCONJ
fbem-5556	125	26	the	the	DET
fbem-5556	125	27	standard	standard	ADJ
fbem-5556	125	28	deviation	deviation	NOUN
fbem-5556	125	29	of	of	ADP
fbem-5556	125	30	0.2386	0.2386	NUM
fbem-5556	125	31	,	,	PUNCT
fbem-5556	125	32	which	which	PRON
fbem-5556	125	33	indicates	indicate	VERB
fbem-5556	125	34	that	that	SCONJ
fbem-5556	125	35	most	most	ADJ
fbem-5556	125	36	enterprises	enterprise	NOUN
fbem-5556	125	37	are	be	AUX
fbem-5556	125	38	in	in	ADP
fbem-5556	125	39	good	good	ADJ
fbem-5556	125	40	operating	operating	NOUN
fbem-5556	125	41	conditions	condition	NOUN
fbem-5556	125	42	and	and	CCONJ
fbem-5556	125	43	have	have	VERB
fbem-5556	125	44	high	high	ADJ
fbem-5556	125	45	stability	stability	NOUN
fbem-5556	125	46	,	,	PUNCT
fbem-5556	125	47	but	but	CCONJ
fbem-5556	125	48	there	there	PRON
fbem-5556	125	49	are	be	VERB
fbem-5556	125	50	also	also	ADV
fbem-5556	125	51	enterprises	enterprise	NOUN
fbem-5556	125	52	with	with	ADP
fbem-5556	125	53	high	high	ADJ
fbem-5556	125	54	liabilities	liability	NOUN
fbem-5556	125	55	and	and	CCONJ
fbem-5556	125	56	high	high	ADJ
fbem-5556	125	57	financial	financial	ADJ
fbem-5556	125	58	risk	risk	NOUN
fbem-5556	125	59	level	level	NOUN
fbem-5556	125	60	.	.	PUNCT
fbem-5556	126	1	227	227	NUM
fbem-5556	126	2	5.2	5.2	NUM
fbem-5556	126	3	.	.	PUNCT
fbem-5556	127	1	correlation	correlation	NOUN
fbem-5556	127	2	analysis	analysis	NOUN
fbem-5556	127	3	in	in	ADP
fbem-5556	127	4	order	order	NOUN
fbem-5556	127	5	to	to	PART
fbem-5556	127	6	understand	understand	VERB
fbem-5556	127	7	the	the	DET
fbem-5556	127	8	correlation	correlation	NOUN
fbem-5556	127	9	between	between	ADP
fbem-5556	127	10	the	the	DET
fbem-5556	127	11	variables	variable	NOUN
fbem-5556	127	12	and	and	CCONJ
fbem-5556	127	13	lay	lie	VERB
fbem-5556	127	14	a	a	DET
fbem-5556	127	15	foundation	foundation	NOUN
fbem-5556	127	16	for	for	ADP
fbem-5556	127	17	subsequent	subsequent	ADJ
fbem-5556	127	18	regression	regression	NOUN
fbem-5556	127	19	analysis	analysis	NOUN
fbem-5556	127	20	,	,	PUNCT
fbem-5556	127	21	pearson	pearson	PROPN
fbem-5556	127	22	correlation	correlation	NOUN
fbem-5556	127	23	test	test	NOUN
fbem-5556	127	24	was	be	AUX
fbem-5556	127	25	conducted	conduct	VERB
fbem-5556	127	26	for	for	ADP
fbem-5556	127	27	the	the	DET
fbem-5556	127	28	following	following	ADJ
fbem-5556	127	29	variables	variable	NOUN
fbem-5556	127	30	,	,	PUNCT
fbem-5556	127	31	as	as	SCONJ
fbem-5556	127	32	shown	show	VERB
fbem-5556	127	33	in	in	ADP
fbem-5556	127	34	table	table	NOUN
fbem-5556	127	35	3	3	NUM
fbem-5556	127	36	.	.	PUNCT
fbem-5556	127	37	table	table	NOUN
fbem-5556	127	38	3	3	PROPN
fbem-5556	127	39	.	.	PUNCT
fbem-5556	127	40	pearson	pearson	PROPN
fbem-5556	127	41	correlation	correlation	PROPN
fbem-5556	127	42	test	test	PROPN
fbem-5556	127	43	roa	roa	PROPN
fbem-5556	127	44	sal	sal	PROPN
fbem-5556	127	45	msr	msr	PROPN
fbem-5556	127	46	size	size	NOUN
fbem-5556	127	47	cf	cf	NOUN
fbem-5556	127	48	growth	growth	NOUN
fbem-5556	127	49	top10	top10	PROPN
fbem-5556	127	50	debt	debt	NOUN
fbem-5556	127	51	roa	roa	PROPN
fbem-5556	127	52	1	1	NUM
fbem-5556	127	53	sal	sal	PROPN
fbem-5556	127	54	0.300	0.300	NUM
fbem-5556	127	55	*	*	PUNCT
fbem-5556	127	56	*	*	PUNCT
fbem-5556	127	57	*	*	PUNCT
fbem-5556	127	58	1	1	NUM
fbem-5556	127	59	msr	msr	NOUN
fbem-5556	127	60	0.083	0.083	NUM
fbem-5556	127	61	*	*	NOUN
fbem-5556	127	62	-0.049	-0.049	PUNCT
fbem-5556	127	63	1	1	NUM
fbem-5556	127	64	size	size	NOUN
fbem-5556	127	65	0.265	0.265	NOUN
fbem-5556	127	66	*	*	PUNCT
fbem-5556	127	67	*	*	PUNCT
fbem-5556	127	68	*	*	PUNCT
fbem-5556	127	69	0.603	0.603	NUM
fbem-5556	127	70	*	*	PUNCT
fbem-5556	127	71	*	*	PUNCT
fbem-5556	127	72	*	*	PUNCT
fbem-5556	128	1	-0.150	-0.150	PUNCT
fbem-5556	129	1	*	*	PUNCT
fbem-5556	129	2	*	*	PUNCT
fbem-5556	129	3	*	*	PUNCT
fbem-5556	129	4	1	1	NUM
fbem-5556	129	5	cf	cf	NOUN
fbem-5556	129	6	0.541	0.541	NUM
fbem-5556	129	7	*	*	PUNCT
fbem-5556	130	1	*	*	PUNCT
fbem-5556	130	2	*	*	PUNCT
fbem-5556	131	1	0.219	0.219	NUM
fbem-5556	131	2	*	*	PUNCT
fbem-5556	131	3	*	*	PUNCT
fbem-5556	131	4	*	*	NOUN
fbem-5556	132	1	0.032	0.032	NUM
fbem-5556	132	2	0.228	0.228	NUM
fbem-5556	132	3	*	*	PUNCT
fbem-5556	132	4	*	*	PUNCT
fbem-5556	132	5	*	*	PUNCT
fbem-5556	132	6	1	1	NUM
fbem-5556	132	7	growth	growth	NOUN
fbem-5556	132	8	0.038	0.038	NUM
fbem-5556	132	9	-0.055	-0.055	NOUN
fbem-5556	132	10	0.037	0.037	NUM
fbem-5556	132	11	-0.047	-0.047	NUM
fbem-5556	132	12	0.102	0.102	NUM
fbem-5556	132	13	*	*	PUNCT
fbem-5556	132	14	*	*	PUNCT
fbem-5556	132	15	1	1	NUM
fbem-5556	132	16	top10	top10	NOUN
fbem-5556	132	17	0.316	0.316	NUM
fbem-5556	132	18	*	*	NOUN
fbem-5556	132	19	*	*	PUNCT
fbem-5556	132	20	*	*	PUNCT
fbem-5556	132	21	0.280	0.280	NUM
fbem-5556	132	22	*	*	PUNCT
fbem-5556	132	23	*	*	PUNCT
fbem-5556	132	24	*	*	PUNCT
fbem-5556	132	25	0.182	0.182	NUM
fbem-5556	132	26	*	*	PUNCT
fbem-5556	132	27	*	*	PUNCT
fbem-5556	132	28	*	*	PUNCT
fbem-5556	132	29	0.361	0.361	NUM
fbem-5556	132	30	*	*	PUNCT
fbem-5556	132	31	*	*	PUNCT
fbem-5556	132	32	*	*	PUNCT
fbem-5556	132	33	0.324	0.324	NUM
fbem-5556	132	34	*	*	PUNCT
fbem-5556	132	35	*	*	PUNCT
fbem-5556	132	36	*	*	PUNCT
fbem-5556	132	37	-0.082	-0.082	PROPN
fbem-5556	132	38	*	*	SYM
fbem-5556	132	39	1	1	NUM
fbem-5556	132	40	debt	debt	NOUN
fbem-5556	132	41	-0.334	-0.334	NOUN
fbem-5556	132	42	*	*	PUNCT
fbem-5556	132	43	*	*	PUNCT
fbem-5556	132	44	*	*	PUNCT
fbem-5556	132	45	-0.092	-0.092	PUNCT
fbem-5556	132	46	*	*	PUNCT
fbem-5556	132	47	-0.107	-0.107	PUNCT
fbem-5556	132	48	*	*	PUNCT
fbem-5556	132	49	*	*	PUNCT
fbem-5556	132	50	0.087	0.087	NUM
fbem-5556	132	51	*	*	NUM
fbem-5556	132	52	-0.289	-0.289	NOUN
fbem-5556	132	53	*	*	PUNCT
fbem-5556	132	54	*	*	PUNCT
fbem-5556	132	55	*	*	PUNCT
fbem-5556	132	56	0.092	0.092	NUM
fbem-5556	132	57	*	*	PUNCT
fbem-5556	132	58	-0.187	-0.187	PUNCT
fbem-5556	132	59	*	*	PUNCT
fbem-5556	132	60	*	*	PUNCT
fbem-5556	132	61	*	*	SYM
fbem-5556	132	62	1	1	NUM
fbem-5556	132	63	note	note	NOUN
fbem-5556	132	64	:	:	PUNCT
fbem-5556	132	65	*	*	PUNCT
fbem-5556	132	66	refers	refer	VERB
fbem-5556	132	67	to	to	ADP
fbem-5556	132	68	p<0.1	p<0.1	NUM
fbem-5556	132	69	;	;	PUNCT
fbem-5556	132	70	*	*	PUNCT
fbem-5556	132	71	*	*	NOUN
fbem-5556	132	72	refers	refer	VERB
fbem-5556	132	73	to	to	ADP
fbem-5556	132	74	p<0.1	p<0.1	NUM
fbem-5556	132	75	;	;	PUNCT
fbem-5556	132	76	*	*	PUNCT
fbem-5556	132	77	*	*	PUNCT
fbem-5556	132	78	*	*	PUNCT
fbem-5556	132	79	refers	refer	VERB
fbem-5556	132	80	to	to	ADP
fbem-5556	132	81	p<0.01	p<0.01	PROPN
fbem-5556	132	82	.	.	PUNCT
fbem-5556	133	1	it	it	PRON
fbem-5556	133	2	can	can	AUX
fbem-5556	133	3	be	be	AUX
fbem-5556	133	4	seen	see	VERB
fbem-5556	133	5	from	from	ADP
fbem-5556	133	6	table	table	NOUN
fbem-5556	133	7	4	4	NUM
fbem-5556	133	8	-	-	SYM
fbem-5556	133	9	2	2	NUM
fbem-5556	133	10	that	that	SCONJ
fbem-5556	133	11	the	the	DET
fbem-5556	133	12	correlation	correlation	NOUN
fbem-5556	133	13	coefficient	coefficient	NOUN
fbem-5556	133	14	between	between	ADP
fbem-5556	133	15	executive	executive	ADJ
fbem-5556	133	16	compensation	compensation	NOUN
fbem-5556	133	17	incentive	incentive	NOUN
fbem-5556	133	18	(	(	PUNCT
fbem-5556	133	19	sal	sal	NOUN
fbem-5556	133	20	)	)	PUNCT
fbem-5556	133	21	and	and	CCONJ
fbem-5556	133	22	enterprise	enterprise	NOUN
fbem-5556	133	23	performance	performance	NOUN
fbem-5556	133	24	(	(	PUNCT
fbem-5556	133	25	roa	roa	NOUN
fbem-5556	133	26	)	)	PUNCT
fbem-5556	133	27	is	be	AUX
fbem-5556	133	28	0.300	0.300	NUM
fbem-5556	133	29	,	,	PUNCT
fbem-5556	133	30	and	and	CCONJ
fbem-5556	133	31	there	there	PRON
fbem-5556	133	32	is	be	VERB
fbem-5556	133	33	a	a	DET
fbem-5556	133	34	significant	significant	ADJ
fbem-5556	133	35	positive	positive	ADJ
fbem-5556	133	36	correlation	correlation	NOUN
fbem-5556	133	37	at	at	ADP
fbem-5556	133	38	the	the	DET
fbem-5556	133	39	level	level	NOUN
fbem-5556	133	40	of	of	ADP
fbem-5556	133	41	1	1	NUM
fbem-5556	133	42	%	%	NOUN
fbem-5556	133	43	,	,	PUNCT
fbem-5556	133	44	indicating	indicate	VERB
fbem-5556	133	45	that	that	SCONJ
fbem-5556	133	46	in	in	ADP
fbem-5556	133	47	listed	list	VERB
fbem-5556	133	48	companies	company	NOUN
fbem-5556	133	49	of	of	ADP
fbem-5556	133	50	liquor	liquor	NOUN
fbem-5556	133	51	enterprises	enterprise	NOUN
fbem-5556	133	52	,	,	PUNCT
fbem-5556	133	53	the	the	PRON
fbem-5556	133	54	greater	great	ADJ
fbem-5556	133	55	the	the	DET
fbem-5556	133	56	executive	executive	PROPN
fbem-5556	133	57	compensation	compensation	NOUN
fbem-5556	133	58	incentive	incentive	NOUN
fbem-5556	133	59	,	,	PUNCT
fbem-5556	133	60	the	the	PRON
fbem-5556	133	61	better	well	ADJ
fbem-5556	133	62	the	the	DET
fbem-5556	133	63	enterprise	enterprise	NOUN
fbem-5556	133	64	performance	performance	NOUN
fbem-5556	133	65	,	,	PUNCT
fbem-5556	133	66	and	and	CCONJ
fbem-5556	133	67	preliminarily	preliminarily	ADV
fbem-5556	133	68	verified	verify	VERB
fbem-5556	133	69	hypothesis	hypothesis	NOUN
fbem-5556	133	70	1	1	NUM
fbem-5556	133	71	.	.	PUNCT
fbem-5556	134	1	the	the	DET
fbem-5556	134	2	correlation	correlation	NOUN
fbem-5556	134	3	coefficient	coefficient	NOUN
fbem-5556	134	4	between	between	ADP
fbem-5556	134	5	executive	executive	ADJ
fbem-5556	134	6	equity	equity	NOUN
fbem-5556	134	7	incentive	incentive	NOUN
fbem-5556	134	8	(	(	PUNCT
fbem-5556	134	9	msr	msr	NOUN
fbem-5556	134	10	)	)	PUNCT
fbem-5556	134	11	and	and	CCONJ
fbem-5556	134	12	enterprise	enterprise	NOUN
fbem-5556	134	13	performance	performance	NOUN
fbem-5556	134	14	(	(	PUNCT
fbem-5556	134	15	roa	roa	NOUN
fbem-5556	134	16	)	)	PUNCT
fbem-5556	134	17	is	be	AUX
fbem-5556	134	18	0.083	0.083	NUM
fbem-5556	134	19	,	,	PUNCT
fbem-5556	134	20	which	which	PRON
fbem-5556	134	21	is	be	AUX
fbem-5556	134	22	significantly	significantly	ADV
fbem-5556	134	23	positive	positive	ADJ
fbem-5556	134	24	at	at	ADP
fbem-5556	134	25	the	the	DET
fbem-5556	134	26	level	level	NOUN
fbem-5556	134	27	of	of	ADP
fbem-5556	134	28	10	10	NUM
fbem-5556	134	29	%	%	NOUN
fbem-5556	134	30	.	.	PUNCT
fbem-5556	135	1	hypothesis	hypothesis	NOUN
fbem-5556	135	2	2	2	NUM
fbem-5556	135	3	is	be	AUX
fbem-5556	135	4	preliminarily	preliminarily	ADV
fbem-5556	135	5	verified	verify	VERB
fbem-5556	135	6	.	.	PUNCT
fbem-5556	136	1	in	in	ADP
fbem-5556	136	2	addition	addition	NOUN
fbem-5556	136	3	,	,	PUNCT
fbem-5556	136	4	in	in	ADP
fbem-5556	136	5	the	the	DET
fbem-5556	136	6	selection	selection	NOUN
fbem-5556	136	7	of	of	ADP
fbem-5556	136	8	control	control	NOUN
fbem-5556	136	9	variables	variable	NOUN
fbem-5556	136	10	,	,	PUNCT
fbem-5556	136	11	the	the	DET
fbem-5556	136	12	correlation	correlation	NOUN
fbem-5556	136	13	coefficient	coefficient	NOUN
fbem-5556	136	14	between	between	ADP
fbem-5556	136	15	control	control	NOUN
fbem-5556	136	16	variables	variable	NOUN
fbem-5556	136	17	and	and	CCONJ
fbem-5556	136	18	enterprise	enterprise	NOUN
fbem-5556	136	19	performance	performance	NOUN
fbem-5556	136	20	is	be	AUX
fbem-5556	136	21	mostly	mostly	ADV
fbem-5556	136	22	significant	significant	ADJ
fbem-5556	136	23	at	at	ADP
fbem-5556	136	24	the	the	DET
fbem-5556	136	25	level	level	NOUN
fbem-5556	136	26	of	of	ADP
fbem-5556	136	27	1	1	NUM
fbem-5556	136	28	%	%	NOUN
fbem-5556	136	29	,	,	PUNCT
fbem-5556	136	30	which	which	PRON
fbem-5556	136	31	indicates	indicate	VERB
fbem-5556	136	32	that	that	SCONJ
fbem-5556	136	33	the	the	DET
fbem-5556	136	34	selection	selection	NOUN
fbem-5556	136	35	of	of	ADP
fbem-5556	136	36	control	control	NOUN
fbem-5556	136	37	variables	variable	NOUN
fbem-5556	136	38	is	be	AUX
fbem-5556	136	39	good	good	ADJ
fbem-5556	136	40	,	,	PUNCT
fbem-5556	136	41	which	which	PRON
fbem-5556	136	42	effectively	effectively	ADV
fbem-5556	136	43	controls	control	VERB
fbem-5556	136	44	the	the	DET
fbem-5556	136	45	impact	impact	NOUN
fbem-5556	136	46	of	of	ADP
fbem-5556	136	47	other	other	ADJ
fbem-5556	136	48	variables	variable	NOUN
fbem-5556	136	49	on	on	ADP
fbem-5556	136	50	enterprise	enterprise	NOUN
fbem-5556	136	51	performance	performance	NOUN
fbem-5556	136	52	except	except	SCONJ
fbem-5556	136	53	executive	executive	ADJ
fbem-5556	136	54	compensation	compensation	NOUN
fbem-5556	136	55	incentive	incentive	NOUN
fbem-5556	136	56	and	and	CCONJ
fbem-5556	136	57	equity	equity	NOUN
fbem-5556	136	58	incentive	incentive	NOUN
fbem-5556	136	59	,	,	PUNCT
fbem-5556	136	60	making	make	VERB
fbem-5556	136	61	the	the	DET
fbem-5556	136	62	model	model	NOUN
fbem-5556	136	63	more	more	ADV
fbem-5556	136	64	reliable	reliable	ADJ
fbem-5556	136	65	.	.	PUNCT
fbem-5556	137	1	5.3	5.3	NUM
fbem-5556	137	2	.	.	PUNCT
fbem-5556	137	3	multicollinearity	multicollinearity	NOUN
fbem-5556	137	4	test	test	NOUN
fbem-5556	137	5	in	in	ADP
fbem-5556	137	6	order	order	NOUN
fbem-5556	137	7	to	to	PART
fbem-5556	137	8	avoid	avoid	VERB
fbem-5556	137	9	multicollinearity	multicollinearity	NOUN
fbem-5556	137	10	among	among	ADP
fbem-5556	137	11	variables	variable	NOUN
fbem-5556	137	12	,	,	PUNCT
fbem-5556	137	13	this	this	DET
fbem-5556	137	14	paper	paper	NOUN
fbem-5556	137	15	tests	test	VERB
fbem-5556	137	16	multicollinearity	multicollinearity	NOUN
fbem-5556	137	17	among	among	ADP
fbem-5556	137	18	variables	variable	NOUN
fbem-5556	137	19	.	.	PUNCT
fbem-5556	138	1	as	as	SCONJ
fbem-5556	138	2	shown	show	VERB
fbem-5556	138	3	in	in	ADP
fbem-5556	138	4	table	table	NOUN
fbem-5556	138	5	4	4	NUM
fbem-5556	138	6	.	.	PUNCT
fbem-5556	138	7	table	table	NOUN
fbem-5556	138	8	4	4	NUM
fbem-5556	138	9	.	.	PUNCT
fbem-5556	138	10	multicollinearity	multicollinearity	NOUN
fbem-5556	138	11	test	test	NOUN
fbem-5556	138	12	variable	variable	ADJ
fbem-5556	138	13	tolerance	tolerance	NOUN
fbem-5556	138	14	vif	vif	X
fbem-5556	138	15	sal	sal	PROPN
fbem-5556	138	16	0.612	0.612	NUM
fbem-5556	138	17	1.634	1.634	NUM
fbem-5556	138	18	msr	msr	NOUN
fbem-5556	138	19	0.908	0.908	NUM
fbem-5556	138	20	1.101	1.101	NUM
fbem-5556	138	21	size	size	NOUN
fbem-5556	138	22	0.533	0.533	NUM
fbem-5556	138	23	1.876	1.876	NUM
fbem-5556	138	24	cf	cf	NOUN
fbem-5556	138	25	0.79	0.79	NUM
fbem-5556	138	26	1.266	1.266	NUM
fbem-5556	138	27	growth	growth	NOUN
fbem-5556	138	28	0.954	0.954	NUM
fbem-5556	138	29	1.048	1.048	NUM
fbem-5556	138	30	top10	top10	PROPN
fbem-5556	138	31	0.734	0.734	NUM
fbem-5556	138	32	1.363	1.363	NUM
fbem-5556	138	33	debt	debt	NOUN
fbem-5556	138	34	0.834	0.834	NUM
fbem-5556	138	35	1.199	1.199	NUM
fbem-5556	138	36	it	it	PRON
fbem-5556	138	37	can	can	AUX
fbem-5556	138	38	be	be	AUX
fbem-5556	138	39	seen	see	VERB
fbem-5556	138	40	from	from	ADP
fbem-5556	138	41	table	table	NOUN
fbem-5556	138	42	4	4	NUM
fbem-5556	138	43	-	-	SYM
fbem-5556	138	44	3	3	NUM
fbem-5556	138	45	that	that	SCONJ
fbem-5556	138	46	the	the	DET
fbem-5556	138	47	collinearity	collinearity	NOUN
fbem-5556	138	48	tolerance	tolerance	NOUN
fbem-5556	138	49	between	between	ADP
fbem-5556	138	50	the	the	DET
fbem-5556	138	51	main	main	ADJ
fbem-5556	138	52	variables	variable	NOUN
fbem-5556	138	53	is	be	AUX
fbem-5556	138	54	far	far	ADV
fbem-5556	138	55	greater	great	ADJ
fbem-5556	138	56	than	than	ADP
fbem-5556	138	57	0.1	0.1	NUM
fbem-5556	138	58	,	,	PUNCT
fbem-5556	138	59	and	and	CCONJ
fbem-5556	138	60	the	the	DET
fbem-5556	138	61	variance	variance	NOUN
fbem-5556	138	62	inflation	inflation	NOUN
fbem-5556	138	63	factor	factor	NOUN
fbem-5556	138	64	(	(	PUNCT
fbem-5556	138	65	vif	vif	NOUN
fbem-5556	138	66	)	)	PUNCT
fbem-5556	138	67	is	be	AUX
fbem-5556	138	68	far	far	ADV
fbem-5556	138	69	less	less	ADJ
fbem-5556	138	70	than	than	ADP
fbem-5556	138	71	10	10	NUM
fbem-5556	138	72	,	,	PUNCT
fbem-5556	138	73	indicating	indicate	VERB
fbem-5556	138	74	that	that	SCONJ
fbem-5556	138	75	there	there	PRON
fbem-5556	138	76	is	be	VERB
fbem-5556	138	77	no	no	DET
fbem-5556	138	78	serious	serious	ADJ
fbem-5556	138	79	multicollinearity	multicollinearity	NOUN
fbem-5556	138	80	problem	problem	NOUN
fbem-5556	138	81	among	among	ADP
fbem-5556	138	82	the	the	DET
fbem-5556	138	83	variables	variable	NOUN
fbem-5556	138	84	,	,	PUNCT
fbem-5556	138	85	which	which	PRON
fbem-5556	138	86	establishes	establish	VERB
fbem-5556	138	87	the	the	DET
fbem-5556	138	88	data	data	NOUN
fbem-5556	138	89	basis	basis	NOUN
fbem-5556	138	90	for	for	ADP
fbem-5556	138	91	the	the	DET
fbem-5556	138	92	next	next	ADJ
fbem-5556	138	93	step	step	NOUN
fbem-5556	138	94	of	of	ADP
fbem-5556	138	95	regression	regression	NOUN
fbem-5556	138	96	analysis	analysis	NOUN
fbem-5556	138	97	.	.	PUNCT
fbem-5556	139	1	5.4	5.4	NUM
fbem-5556	139	2	.	.	PUNCT
fbem-5556	140	1	regression	regression	VERB
fbem-5556	140	2	analysis	analysis	NOUN
fbem-5556	140	3	regression	regression	NOUN
fbem-5556	140	4	analysis	analysis	NOUN
fbem-5556	140	5	is	be	AUX
fbem-5556	140	6	made	make	VERB
fbem-5556	140	7	between	between	ADP
fbem-5556	140	8	executive	executive	ADJ
fbem-5556	140	9	compensation	compensation	NOUN
fbem-5556	140	10	incentive	incentive	NOUN
fbem-5556	140	11	(	(	PUNCT
fbem-5556	140	12	sal	sal	NOUN
fbem-5556	140	13	)	)	PUNCT
fbem-5556	140	14	and	and	CCONJ
fbem-5556	140	15	executive	executive	ADJ
fbem-5556	140	16	equity	equity	NOUN
fbem-5556	140	17	incentive	incentive	NOUN
fbem-5556	140	18	(	(	PUNCT
fbem-5556	140	19	msr	msr	NOUN
fbem-5556	140	20	)	)	PUNCT
fbem-5556	140	21	and	and	CCONJ
fbem-5556	140	22	enterprise	enterprise	NOUN
fbem-5556	140	23	performance	performance	NOUN
fbem-5556	140	24	(	(	PUNCT
fbem-5556	140	25	roa	roa	NOUN
fbem-5556	140	26	)	)	PUNCT
fbem-5556	140	27	,	,	PUNCT
fbem-5556	140	28	and	and	CCONJ
fbem-5556	140	29	the	the	DET
fbem-5556	140	30	results	result	NOUN
fbem-5556	140	31	are	be	AUX
fbem-5556	140	32	shown	show	VERB
fbem-5556	140	33	in	in	ADP
fbem-5556	140	34	table	table	NOUN
fbem-5556	140	35	5	5	NUM
fbem-5556	140	36	.	.	PUNCT
fbem-5556	140	37	table	table	NOUN
fbem-5556	140	38	5	5	NUM
fbem-5556	140	39	.	.	PUNCT
fbem-5556	141	1	regression	regression	VERB
fbem-5556	141	2	analysis	analysis	NOUN
fbem-5556	141	3	of	of	ADP
fbem-5556	141	4	executive	executive	ADJ
fbem-5556	141	5	incentive	incentive	NOUN
fbem-5556	141	6	and	and	CCONJ
fbem-5556	141	7	enterprise	enterprise	NOUN
fbem-5556	141	8	performance	performance	NOUN
fbem-5556	141	9	variable	variable	ADJ
fbem-5556	141	10	roa	roa	PROPN
fbem-5556	141	11	roa	roa	PROPN
fbem-5556	141	12	sal	sal	PROPN
fbem-5556	141	13	0.116	0.116	PROPN
fbem-5556	141	14	*	*	PUNCT
fbem-5556	142	1	*	*	PUNCT
fbem-5556	142	2	*	*	PUNCT
fbem-5556	142	3	(	(	PUNCT
fbem-5556	142	4	2.306	2.306	NUM
fbem-5556	142	5	)	)	PUNCT
fbem-5556	142	6	msr	msr	NOUN
fbem-5556	142	7	0.058	0.058	NUM
fbem-5556	142	8	(	(	PUNCT
fbem-5556	142	9	1.405	1.405	NUM
fbem-5556	142	10	)	)	PUNCT
fbem-5556	142	11	size	size	NOUN
fbem-5556	142	12	0.09	0.09	NUM
fbem-5556	142	13	*	*	SYM
fbem-5556	142	14	0.173	0.173	NUM
fbem-5556	142	15	*	*	PUNCT
fbem-5556	142	16	*	*	PUNCT
fbem-5556	142	17	*	*	PUNCT
fbem-5556	142	18	(	(	PUNCT
fbem-5556	142	19	1.71	1.71	NUM
fbem-5556	142	20	)	)	PUNCT
fbem-5556	142	21	(	(	PUNCT
fbem-5556	142	22	3.859	3.859	NUM
fbem-5556	142	23	)	)	PUNCT
fbem-5556	143	1	cf	cf	NOUN
fbem-5556	143	2	0.406	0.406	NUM
fbem-5556	143	3	*	*	PUNCT
fbem-5556	143	4	*	*	PUNCT
fbem-5556	143	5	*	*	PUNCT
fbem-5556	143	6	0.412	0.412	NUM
fbem-5556	143	7	*	*	PUNCT
fbem-5556	143	8	*	*	PUNCT
fbem-5556	143	9	*	*	PUNCT
fbem-5556	143	10	(	(	PUNCT
fbem-5556	143	11	9.159	9.159	NUM
fbem-5556	143	12	)	)	PUNCT
fbem-5556	143	13	(	(	PUNCT
fbem-5556	143	14	9.26	9.26	NUM
fbem-5556	143	15	)	)	PUNCT
fbem-5556	143	16	growth	growth	NOUN
fbem-5556	143	17	0.033	0.033	NUM
fbem-5556	143	18	0.028	0.028	NUM
fbem-5556	143	19	(	(	PUNCT
fbem-5556	143	20	0.816	0.816	NUM
fbem-5556	143	21	)	)	PUNCT
fbem-5556	143	22	(	(	PUNCT
fbem-5556	143	23	0.682	0.682	NUM
fbem-5556	143	24	)	)	PUNCT
fbem-5556	143	25	top10	top10	NOUN
fbem-5556	143	26	0.085	0.085	NUM
fbem-5556	143	27	*	*	NOUN
fbem-5556	143	28	0.072	0.072	NUM
fbem-5556	143	29	(	(	PUNCT
fbem-5556	143	30	1.899	1.899	NUM
fbem-5556	143	31	)	)	PUNCT
fbem-5556	143	32	(	(	PUNCT
fbem-5556	143	33	1.563	1.563	NUM
fbem-5556	143	34	)	)	PUNCT
fbem-5556	143	35	debt	debt	NOUN
fbem-5556	143	36	-0.201	-0.201	NUM
fbem-5556	143	37	*	*	PUNCT
fbem-5556	143	38	*	*	PUNCT
fbem-5556	143	39	*	*	PUNCT
fbem-5556	143	40	-0.213	-0.213	NOUN
fbem-5556	143	41	*	*	PUNCT
fbem-5556	143	42	*	*	PUNCT
fbem-5556	143	43	*	*	PUNCT
fbem-5556	143	44	(	(	PUNCT
fbem-5556	143	45	-4.659	-4.659	NOUN
fbem-5556	143	46	)	)	PUNCT
fbem-5556	143	47	(	(	PUNCT
fbem-5556	143	48	-4.962	-4.962	X
fbem-5556	143	49	)	)	PUNCT
fbem-5556	143	50	f	f	PROPN
fbem-5556	144	1	40.103	40.103	NUM
fbem-5556	144	2	*	*	PUNCT
fbem-5556	144	3	*	*	PUNCT
fbem-5556	144	4	*	*	PUNCT
fbem-5556	145	1	39.226	39.226	NUM
fbem-5556	145	2	*	*	PUNCT
fbem-5556	145	3	*	*	PUNCT
fbem-5556	145	4	*	*	PUNCT
fbem-5556	145	5	adj.r2	adj.r2	VERB
fbem-5556	145	6	0.364	0.364	NUM
fbem-5556	145	7	0.359	0.359	NUM
fbem-5556	145	8	dw	dw	NOUN
fbem-5556	145	9	1.454	1.454	NUM
fbem-5556	145	10	1.435	1.435	NUM
fbem-5556	145	11	n	n	DET
fbem-5556	145	12	411	411	NUM
fbem-5556	145	13	411	411	NUM
fbem-5556	145	14	note	note	NOUN
fbem-5556	145	15	:	:	PUNCT
fbem-5556	145	16	*	*	PUNCT
fbem-5556	145	17	refers	refer	VERB
fbem-5556	145	18	to	to	ADP
fbem-5556	145	19	p<0.1	p<0.1	NUM
fbem-5556	145	20	;	;	PUNCT
fbem-5556	145	21	*	*	PUNCT
fbem-5556	145	22	*	*	NOUN
fbem-5556	145	23	refers	refer	VERB
fbem-5556	145	24	to	to	ADP
fbem-5556	145	25	p<0.1	p<0.1	NUM
fbem-5556	145	26	;	;	PUNCT
fbem-5556	145	27	*	*	PUNCT
fbem-5556	145	28	*	*	PUNCT
fbem-5556	145	29	*	*	PUNCT
fbem-5556	145	30	refers	refer	VERB
fbem-5556	145	31	to	to	ADP
fbem-5556	145	32	p<0.01，the	p<0.01，the	PROPN
fbem-5556	145	33	t	t	PROPN
fbem-5556	145	34	values	value	NOUN
fbem-5556	145	35	are	be	AUX
fbem-5556	145	36	in	in	ADP
fbem-5556	145	37	parentheses	parenthesis	NOUN
fbem-5556	145	38	.	.	PUNCT
fbem-5556	146	1	228	228	NUM
fbem-5556	146	2	according	accord	VERB
fbem-5556	146	3	to	to	ADP
fbem-5556	146	4	the	the	DET
fbem-5556	146	5	results	result	NOUN
fbem-5556	146	6	in	in	ADP
fbem-5556	146	7	table	table	NOUN
fbem-5556	146	8	4	4	NUM
fbem-5556	146	9	-	-	SYM
fbem-5556	146	10	4	4	NUM
fbem-5556	146	11	,	,	PUNCT
fbem-5556	146	12	the	the	DET
fbem-5556	146	13	f	f	PROPN
fbem-5556	146	14	value	value	NOUN
fbem-5556	146	15	of	of	ADP
fbem-5556	146	16	the	the	DET
fbem-5556	146	17	regression	regression	NOUN
fbem-5556	146	18	model	model	NOUN
fbem-5556	146	19	between	between	ADP
fbem-5556	146	20	executive	executive	ADJ
fbem-5556	146	21	incentive	incentive	NOUN
fbem-5556	146	22	and	and	CCONJ
fbem-5556	146	23	enterprise	enterprise	NOUN
fbem-5556	146	24	performance	performance	NOUN
fbem-5556	146	25	is	be	AUX
fbem-5556	146	26	significant	significant	ADJ
fbem-5556	146	27	at	at	ADP
fbem-5556	146	28	the	the	DET
fbem-5556	146	29	level	level	NOUN
fbem-5556	146	30	of	of	ADP
fbem-5556	146	31	1	1	NUM
fbem-5556	146	32	%	%	NOUN
fbem-5556	146	33	,	,	PUNCT
fbem-5556	146	34	indicating	indicate	VERB
fbem-5556	146	35	that	that	SCONJ
fbem-5556	146	36	there	there	PRON
fbem-5556	146	37	is	be	VERB
fbem-5556	146	38	a	a	DET
fbem-5556	146	39	significant	significant	ADJ
fbem-5556	146	40	linear	linear	ADJ
fbem-5556	146	41	relationship	relationship	NOUN
fbem-5556	146	42	between	between	ADP
fbem-5556	146	43	enterprise	enterprise	NOUN
fbem-5556	146	44	performance	performance	NOUN
fbem-5556	146	45	and	and	CCONJ
fbem-5556	146	46	executive	executive	ADJ
fbem-5556	146	47	incentive	incentive	NOUN
fbem-5556	146	48	in	in	ADP
fbem-5556	146	49	the	the	DET
fbem-5556	146	50	model	model	NOUN
fbem-5556	146	51	,	,	PUNCT
fbem-5556	146	52	and	and	CCONJ
fbem-5556	146	53	the	the	DET
fbem-5556	146	54	significance	significance	NOUN
fbem-5556	146	55	in	in	ADP
fbem-5556	146	56	the	the	DET
fbem-5556	146	57	model	model	NOUN
fbem-5556	146	58	is	be	AUX
fbem-5556	146	59	0.000	0.000	NUM
fbem-5556	146	60	,	,	PUNCT
fbem-5556	146	61	less	less	ADJ
fbem-5556	146	62	than	than	ADP
fbem-5556	146	63	0.05	0.05	NUM
fbem-5556	146	64	,	,	PUNCT
fbem-5556	146	65	indicating	indicate	VERB
fbem-5556	146	66	that	that	SCONJ
fbem-5556	146	67	the	the	DET
fbem-5556	146	68	regression	regression	NOUN
fbem-5556	146	69	coefficient	coefficient	NOUN
fbem-5556	146	70	is	be	AUX
fbem-5556	146	71	not	not	PART
fbem-5556	146	72	all	all	DET
fbem-5556	146	73	0	0	NUM
fbem-5556	146	74	,	,	PUNCT
fbem-5556	146	75	and	and	CCONJ
fbem-5556	146	76	the	the	DET
fbem-5556	146	77	adjusted	adjust	VERB
fbem-5556	146	78	r2	r2	NOUN
fbem-5556	146	79	is	be	AUX
fbem-5556	146	80	0.364	0.364	NUM
fbem-5556	146	81	and	and	CCONJ
fbem-5556	146	82	0.359	0.359	NUM
fbem-5556	146	83	respectively	respectively	ADV
fbem-5556	146	84	,	,	PUNCT
fbem-5556	146	85	with	with	ADP
fbem-5556	146	86	a	a	DET
fbem-5556	146	87	good	good	ADJ
fbem-5556	146	88	fitting	fitting	ADJ
fbem-5556	146	89	degree	degree	NOUN
fbem-5556	146	90	.	.	PUNCT
fbem-5556	147	1	the	the	DET
fbem-5556	147	2	dw	dw	PROPN
fbem-5556	147	3	value	value	NOUN
fbem-5556	147	4	is	be	AUX
fbem-5556	147	5	close	close	ADJ
fbem-5556	147	6	to	to	ADP
fbem-5556	147	7	2	2	NUM
fbem-5556	147	8	,	,	PUNCT
fbem-5556	147	9	and	and	CCONJ
fbem-5556	147	10	there	there	PRON
fbem-5556	147	11	is	be	VERB
fbem-5556	147	12	no	no	DET
fbem-5556	147	13	significant	significant	ADJ
fbem-5556	147	14	correlation	correlation	NOUN
fbem-5556	147	15	between	between	ADP
fbem-5556	147	16	the	the	DET
fbem-5556	147	17	residuals	residual	NOUN
fbem-5556	147	18	.	.	PUNCT
fbem-5556	148	1	the	the	DET
fbem-5556	148	2	regression	regression	NOUN
fbem-5556	148	3	equation	equation	NOUN
fbem-5556	148	4	has	have	VERB
fbem-5556	148	5	strong	strong	ADJ
fbem-5556	148	6	explanatory	explanatory	ADJ
fbem-5556	148	7	significance	significance	NOUN
fbem-5556	148	8	,	,	PUNCT
fbem-5556	148	9	and	and	CCONJ
fbem-5556	148	10	the	the	DET
fbem-5556	148	11	regression	regression	NOUN
fbem-5556	148	12	results	result	NOUN
fbem-5556	148	13	are	be	AUX
fbem-5556	148	14	reliable	reliable	ADJ
fbem-5556	148	15	.	.	PUNCT
fbem-5556	149	1	the	the	DET
fbem-5556	149	2	regression	regression	NOUN
fbem-5556	149	3	coefficient	coefficient	NOUN
fbem-5556	149	4	between	between	ADP
fbem-5556	149	5	executive	executive	ADJ
fbem-5556	149	6	compensation	compensation	NOUN
fbem-5556	149	7	incentive	incentive	NOUN
fbem-5556	149	8	(	(	PUNCT
fbem-5556	149	9	sal	sal	NOUN
fbem-5556	149	10	)	)	PUNCT
fbem-5556	149	11	and	and	CCONJ
fbem-5556	149	12	enterprise	enterprise	NOUN
fbem-5556	149	13	performance	performance	NOUN
fbem-5556	149	14	(	(	PUNCT
fbem-5556	149	15	roa	roa	NOUN
fbem-5556	149	16	)	)	PUNCT
fbem-5556	149	17	is	be	AUX
fbem-5556	149	18	0.116	0.116	NUM
fbem-5556	149	19	,	,	PUNCT
fbem-5556	149	20	which	which	PRON
fbem-5556	149	21	is	be	AUX
fbem-5556	149	22	significant	significant	ADJ
fbem-5556	149	23	at	at	ADP
fbem-5556	149	24	the	the	DET
fbem-5556	149	25	level	level	NOUN
fbem-5556	149	26	of	of	ADP
fbem-5556	149	27	1	1	NUM
fbem-5556	149	28	%	%	NOUN
fbem-5556	149	29	,	,	PUNCT
fbem-5556	149	30	indicating	indicate	VERB
fbem-5556	149	31	that	that	SCONJ
fbem-5556	149	32	executive	executive	ADJ
fbem-5556	149	33	compensation	compensation	NOUN
fbem-5556	149	34	incentive	incentive	NOUN
fbem-5556	149	35	is	be	AUX
fbem-5556	149	36	positively	positively	ADV
fbem-5556	149	37	correlated	correlate	VERB
fbem-5556	149	38	with	with	ADP
fbem-5556	149	39	enterprise	enterprise	NOUN
fbem-5556	149	40	performance	performance	NOUN
fbem-5556	149	41	.	.	PUNCT
fbem-5556	150	1	in	in	ADP
fbem-5556	150	2	terms	term	NOUN
fbem-5556	150	3	of	of	ADP
fbem-5556	150	4	control	control	NOUN
fbem-5556	150	5	variables	variable	NOUN
fbem-5556	150	6	,	,	PUNCT
fbem-5556	150	7	enterprise	enterprise	NOUN
fbem-5556	150	8	size	size	NOUN
fbem-5556	150	9	(	(	PUNCT
fbem-5556	150	10	size	size	NOUN
fbem-5556	150	11	)	)	PUNCT
fbem-5556	150	12	,	,	PUNCT
fbem-5556	150	13	equity	equity	NOUN
fbem-5556	150	14	concentration	concentration	NOUN
fbem-5556	150	15	(	(	PUNCT
fbem-5556	150	16	top10	top10	NOUN
fbem-5556	150	17	)	)	PUNCT
fbem-5556	150	18	and	and	CCONJ
fbem-5556	150	19	enterprise	enterprise	NOUN
fbem-5556	150	20	performance	performance	NOUN
fbem-5556	150	21	(	(	PUNCT
fbem-5556	150	22	roa	roa	NOUN
fbem-5556	150	23	)	)	PUNCT
fbem-5556	150	24	are	be	AUX
fbem-5556	150	25	significantly	significantly	ADV
fbem-5556	150	26	positively	positively	ADV
fbem-5556	150	27	correlated	correlate	VERB
fbem-5556	150	28	at	at	ADP
fbem-5556	150	29	the	the	DET
fbem-5556	150	30	level	level	NOUN
fbem-5556	150	31	of	of	ADP
fbem-5556	150	32	10	10	NUM
fbem-5556	150	33	%	%	NOUN
fbem-5556	150	34	,	,	PUNCT
fbem-5556	150	35	cash	cash	NOUN
fbem-5556	150	36	flow	flow	NOUN
fbem-5556	150	37	(	(	PUNCT
fbem-5556	150	38	cf	cf	NOUN
fbem-5556	150	39	)	)	PUNCT
fbem-5556	150	40	and	and	CCONJ
fbem-5556	150	41	enterprise	enterprise	NOUN
fbem-5556	150	42	performance	performance	NOUN
fbem-5556	150	43	(	(	PUNCT
fbem-5556	150	44	roa	roa	NOUN
fbem-5556	150	45	)	)	PUNCT
fbem-5556	150	46	are	be	AUX
fbem-5556	150	47	significantly	significantly	ADV
fbem-5556	150	48	positively	positively	ADV
fbem-5556	150	49	correlated	correlate	VERB
fbem-5556	150	50	at	at	ADP
fbem-5556	150	51	the	the	DET
fbem-5556	150	52	level	level	NOUN
fbem-5556	150	53	of	of	ADP
fbem-5556	150	54	1	1	NUM
fbem-5556	150	55	%	%	NOUN
fbem-5556	150	56	,	,	PUNCT
fbem-5556	150	57	and	and	CCONJ
fbem-5556	150	58	the	the	DET
fbem-5556	150	59	debt	debt	NOUN
fbem-5556	150	60	to	to	ADP
fbem-5556	150	61	asset	asset	NOUN
fbem-5556	150	62	ratio	ratio	NOUN
fbem-5556	150	63	(	(	PUNCT
fbem-5556	150	64	debt	debt	NOUN
fbem-5556	150	65	)	)	PUNCT
fbem-5556	150	66	and	and	CCONJ
fbem-5556	150	67	enterprise	enterprise	NOUN
fbem-5556	150	68	performance	performance	NOUN
fbem-5556	150	69	(	(	PUNCT
fbem-5556	150	70	roa	roa	NOUN
fbem-5556	150	71	)	)	PUNCT
fbem-5556	150	72	are	be	AUX
fbem-5556	150	73	significantly	significantly	ADV
fbem-5556	150	74	negatively	negatively	ADV
fbem-5556	150	75	correlated	correlate	VERB
fbem-5556	150	76	at	at	ADP
fbem-5556	150	77	the	the	DET
fbem-5556	150	78	level	level	NOUN
fbem-5556	150	79	of	of	ADP
fbem-5556	150	80	1	1	NUM
fbem-5556	150	81	%	%	NOUN
fbem-5556	150	82	.	.	PUNCT
fbem-5556	151	1	the	the	DET
fbem-5556	151	2	regression	regression	NOUN
fbem-5556	151	3	coefficient	coefficient	NOUN
fbem-5556	151	4	between	between	ADP
fbem-5556	151	5	executive	executive	ADJ
fbem-5556	151	6	equity	equity	NOUN
fbem-5556	151	7	incentive	incentive	NOUN
fbem-5556	151	8	(	(	PUNCT
fbem-5556	151	9	msr	msr	NOUN
fbem-5556	151	10	)	)	PUNCT
fbem-5556	151	11	and	and	CCONJ
fbem-5556	151	12	enterprise	enterprise	NOUN
fbem-5556	151	13	performance	performance	NOUN
fbem-5556	151	14	(	(	PUNCT
fbem-5556	151	15	roa	roa	NOUN
fbem-5556	151	16	)	)	PUNCT
fbem-5556	151	17	is	be	AUX
fbem-5556	151	18	0.058	0.058	NUM
fbem-5556	151	19	,	,	PUNCT
fbem-5556	151	20	but	but	CCONJ
fbem-5556	151	21	it	it	PRON
fbem-5556	151	22	is	be	AUX
fbem-5556	151	23	not	not	PART
fbem-5556	151	24	significant	significant	ADJ
fbem-5556	151	25	.	.	PUNCT
fbem-5556	152	1	in	in	ADP
fbem-5556	152	2	terms	term	NOUN
fbem-5556	152	3	of	of	ADP
fbem-5556	152	4	control	control	NOUN
fbem-5556	152	5	variables	variable	NOUN
fbem-5556	152	6	,	,	PUNCT
fbem-5556	152	7	enterprise	enterprise	NOUN
fbem-5556	152	8	size	size	NOUN
fbem-5556	152	9	(	(	PUNCT
fbem-5556	152	10	size	size	NOUN
fbem-5556	152	11	)	)	PUNCT
fbem-5556	152	12	and	and	CCONJ
fbem-5556	152	13	cash	cash	NOUN
fbem-5556	152	14	flow	flow	NOUN
fbem-5556	152	15	(	(	PUNCT
fbem-5556	152	16	cf	cf	NOUN
fbem-5556	152	17	)	)	PUNCT
fbem-5556	152	18	are	be	AUX
fbem-5556	152	19	significantly	significantly	ADV
fbem-5556	152	20	positively	positively	ADV
fbem-5556	152	21	correlated	correlate	VERB
fbem-5556	152	22	with	with	ADP
fbem-5556	152	23	enterprise	enterprise	NOUN
fbem-5556	152	24	performance	performance	NOUN
fbem-5556	152	25	(	(	PUNCT
fbem-5556	152	26	roa	roa	NOUN
fbem-5556	152	27	)	)	PUNCT
fbem-5556	152	28	at	at	ADP
fbem-5556	152	29	the	the	DET
fbem-5556	152	30	level	level	NOUN
fbem-5556	152	31	of	of	ADP
fbem-5556	152	32	1	1	NUM
fbem-5556	152	33	%	%	NOUN
fbem-5556	152	34	,	,	PUNCT
fbem-5556	152	35	while	while	SCONJ
fbem-5556	152	36	the	the	DET
fbem-5556	152	37	debt	debt	NOUN
fbem-5556	152	38	to	to	ADP
fbem-5556	152	39	asset	asset	NOUN
fbem-5556	152	40	ratio	ratio	NOUN
fbem-5556	152	41	(	(	PUNCT
fbem-5556	152	42	debt	debt	NOUN
fbem-5556	152	43	)	)	PUNCT
fbem-5556	152	44	is	be	AUX
fbem-5556	152	45	significantly	significantly	ADV
fbem-5556	152	46	negatively	negatively	ADV
fbem-5556	152	47	correlated	correlate	VERB
fbem-5556	152	48	with	with	ADP
fbem-5556	152	49	enterprise	enterprise	NOUN
fbem-5556	152	50	performance	performance	NOUN
fbem-5556	152	51	(	(	PUNCT
fbem-5556	152	52	roa	roa	NOUN
fbem-5556	152	53	)	)	PUNCT
fbem-5556	152	54	at	at	ADP
fbem-5556	152	55	the	the	DET
fbem-5556	152	56	level	level	NOUN
fbem-5556	152	57	of	of	ADP
fbem-5556	152	58	1	1	NUM
fbem-5556	152	59	%	%	NOUN
fbem-5556	152	60	.	.	PUNCT
fbem-5556	153	1	to	to	PART
fbem-5556	153	2	sum	sum	VERB
fbem-5556	153	3	up	up	ADP
fbem-5556	153	4	,	,	PUNCT
fbem-5556	153	5	according	accord	VERB
fbem-5556	153	6	to	to	ADP
fbem-5556	153	7	the	the	DET
fbem-5556	153	8	analysis	analysis	NOUN
fbem-5556	153	9	of	of	ADP
fbem-5556	153	10	regression	regression	NOUN
fbem-5556	153	11	results	result	NOUN
fbem-5556	153	12	,	,	PUNCT
fbem-5556	153	13	hypothesis	hypothesis	NOUN
fbem-5556	153	14	1	1	NUM
fbem-5556	153	15	has	have	AUX
fbem-5556	153	16	been	be	AUX
fbem-5556	153	17	verified	verify	VERB
fbem-5556	153	18	and	and	CCONJ
fbem-5556	153	19	hypothesis	hypothesis	NOUN
fbem-5556	153	20	2	2	NUM
fbem-5556	153	21	has	have	AUX
fbem-5556	153	22	not	not	PART
fbem-5556	153	23	been	be	AUX
fbem-5556	153	24	verified	verify	VERB
fbem-5556	153	25	.	.	PUNCT
fbem-5556	154	1	5.5	5.5	NUM
fbem-5556	154	2	.	.	PUNCT
fbem-5556	154	3	robustness	robustness	NOUN
fbem-5556	154	4	test	test	NOUN
fbem-5556	154	5	in	in	ADP
fbem-5556	154	6	order	order	NOUN
fbem-5556	154	7	to	to	PART
fbem-5556	154	8	ensure	ensure	VERB
fbem-5556	154	9	the	the	DET
fbem-5556	154	10	reliability	reliability	NOUN
fbem-5556	154	11	and	and	CCONJ
fbem-5556	154	12	accuracy	accuracy	NOUN
fbem-5556	154	13	of	of	ADP
fbem-5556	154	14	the	the	DET
fbem-5556	154	15	research	research	NOUN
fbem-5556	154	16	results	result	NOUN
fbem-5556	154	17	,	,	PUNCT
fbem-5556	154	18	the	the	DET
fbem-5556	154	19	robustness	robustness	NOUN
fbem-5556	154	20	analysis	analysis	NOUN
fbem-5556	154	21	is	be	AUX
fbem-5556	154	22	carried	carry	VERB
fbem-5556	154	23	out	out	ADP
fbem-5556	154	24	in	in	ADP
fbem-5556	154	25	this	this	DET
fbem-5556	154	26	paper	paper	NOUN
fbem-5556	154	27	.	.	PUNCT
fbem-5556	155	1	since	since	SCONJ
fbem-5556	155	2	domestic	domestic	ADJ
fbem-5556	155	3	and	and	CCONJ
fbem-5556	155	4	foreign	foreign	ADJ
fbem-5556	155	5	scholars	scholar	NOUN
fbem-5556	155	6	often	often	ADV
fbem-5556	155	7	use	use	VERB
fbem-5556	155	8	"	"	PUNCT
fbem-5556	155	9	natural	natural	ADJ
fbem-5556	155	10	logarithm	logarithm	NOUN
fbem-5556	155	11	of	of	ADP
fbem-5556	155	12	total	total	ADJ
fbem-5556	155	13	compensation	compensation	NOUN
fbem-5556	155	14	of	of	ADP
fbem-5556	155	15	senior	senior	ADJ
fbem-5556	155	16	executives	executive	NOUN
fbem-5556	155	17	"	"	PUNCT
fbem-5556	155	18	as	as	ADP
fbem-5556	155	19	an	an	DET
fbem-5556	155	20	indicator	indicator	NOUN
fbem-5556	155	21	of	of	ADP
fbem-5556	155	22	executive	executive	ADJ
fbem-5556	155	23	compensation	compensation	NOUN
fbem-5556	155	24	incentive	incentive	NOUN
fbem-5556	155	25	,	,	PUNCT
fbem-5556	155	26	this	this	DET
fbem-5556	155	27	paper	paper	NOUN
fbem-5556	155	28	uses	use	VERB
fbem-5556	155	29	"	"	PUNCT
fbem-5556	155	30	natural	natural	ADJ
fbem-5556	155	31	logarithm	logarithm	NOUN
fbem-5556	155	32	of	of	ADP
fbem-5556	155	33	total	total	ADJ
fbem-5556	155	34	compensation	compensation	NOUN
fbem-5556	155	35	of	of	ADP
fbem-5556	155	36	senior	senior	ADJ
fbem-5556	155	37	executives	executive	NOUN
fbem-5556	155	38	"	"	PUNCT
fbem-5556	155	39	(	(	PUNCT
fbem-5556	155	40	sal2	sal2	PROPN
fbem-5556	155	41	)	)	PUNCT
fbem-5556	155	42	as	as	ADP
fbem-5556	155	43	a	a	DET
fbem-5556	155	44	robustness	robustness	NOUN
fbem-5556	155	45	test	test	NOUN
fbem-5556	155	46	,	,	PUNCT
fbem-5556	155	47	and	and	CCONJ
fbem-5556	155	48	the	the	DET
fbem-5556	155	49	results	result	NOUN
fbem-5556	155	50	are	be	AUX
fbem-5556	155	51	shown	show	VERB
fbem-5556	155	52	in	in	ADP
fbem-5556	155	53	model	model	NOUN
fbem-5556	155	54	(	(	PUNCT
fbem-5556	155	55	3	3	NUM
fbem-5556	155	56	)	)	PUNCT
fbem-5556	155	57	in	in	ADP
fbem-5556	155	58	table	table	NOUN
fbem-5556	155	59	6	6	NUM
fbem-5556	155	60	.	.	PUNCT
fbem-5556	155	61	table	table	NOUN
fbem-5556	155	62	6	6	NUM
fbem-5556	155	63	.	.	PUNCT
fbem-5556	155	64	results	result	NOUN
fbem-5556	155	65	of	of	ADP
fbem-5556	155	66	robustness	robustness	NOUN
fbem-5556	155	67	test	test	NOUN
fbem-5556	155	68	variable	variable	ADJ
fbem-5556	155	69	roa(3	roa(3	NOUN
fbem-5556	155	70	)	)	PUNCT
fbem-5556	155	71	sal2	sal2	NOUN
fbem-5556	155	72	0.123	0.123	NUM
fbem-5556	155	73	*	*	NOUN
fbem-5556	155	74	*	*	PUNCT
fbem-5556	155	75	(	(	PUNCT
fbem-5556	155	76	2.33	2.33	NUM
fbem-5556	155	77	)	)	PUNCT
fbem-5556	155	78	size	size	NOUN
fbem-5556	155	79	0.081	0.081	NUM
fbem-5556	155	80	(	(	PUNCT
fbem-5556	155	81	1.479	1.479	NUM
fbem-5556	155	82	)	)	PUNCT
fbem-5556	155	83	cf	cf	NOUN
fbem-5556	155	84	0.402	0.402	NUM
fbem-5556	155	85	*	*	PUNCT
fbem-5556	155	86	*	*	PUNCT
fbem-5556	155	87	*	*	PUNCT
fbem-5556	155	88	(	(	PUNCT
fbem-5556	155	89	9.04	9.04	NUM
fbem-5556	155	90	)	)	PUNCT
fbem-5556	155	91	growth	growth	NOUN
fbem-5556	155	92	0.04	0.04	NUM
fbem-5556	155	93	(	(	PUNCT
fbem-5556	155	94	0.98	0.98	NUM
fbem-5556	155	95	)	)	PUNCT
fbem-5556	155	96	top10	top10	NOUN
fbem-5556	155	97	0.088	0.088	NUM
fbem-5556	155	98	*	*	NOUN
fbem-5556	155	99	*	*	PUNCT
fbem-5556	155	100	(	(	PUNCT
fbem-5556	155	101	1.976	1.976	NUM
fbem-5556	155	102	)	)	PUNCT
fbem-5556	155	103	debt	debt	NOUN
fbem-5556	155	104	-0.197	-0.197	NOUN
fbem-5556	155	105	*	*	PUNCT
fbem-5556	155	106	*	*	PUNCT
fbem-5556	155	107	*	*	PUNCT
fbem-5556	155	108	(	(	PUNCT
fbem-5556	155	109	-4.543	-4.543	ADJ
fbem-5556	155	110	)	)	PUNCT
fbem-5556	155	111	f	f	PROPN
fbem-5556	156	1	40.132	40.132	NUM
fbem-5556	156	2	*	*	PUNCT
fbem-5556	156	3	*	*	PUNCT
fbem-5556	156	4	*	*	PUNCT
fbem-5556	156	5	adj.r2	adj.r2	VERB
fbem-5556	156	6	0.364	0.364	NUM
fbem-5556	156	7	dw	dw	PROPN
fbem-5556	156	8	1.452	1.452	NUM
fbem-5556	156	9	n	n	PRON
fbem-5556	156	10	411	411	NUM
fbem-5556	156	11	note	note	NOUN
fbem-5556	156	12	:	:	PUNCT
fbem-5556	156	13	*	*	PUNCT
fbem-5556	156	14	refers	refer	VERB
fbem-5556	156	15	to	to	ADP
fbem-5556	156	16	p<0.1	p<0.1	NUM
fbem-5556	156	17	;	;	PUNCT
fbem-5556	156	18	*	*	PUNCT
fbem-5556	156	19	*	*	NOUN
fbem-5556	156	20	refers	refer	VERB
fbem-5556	156	21	to	to	ADP
fbem-5556	156	22	p<0.1	p<0.1	NUM
fbem-5556	156	23	;	;	PUNCT
fbem-5556	156	24	*	*	PUNCT
fbem-5556	156	25	*	*	PUNCT
fbem-5556	156	26	*	*	PUNCT
fbem-5556	156	27	refers	refer	VERB
fbem-5556	156	28	to	to	ADP
fbem-5556	156	29	p<0.01，the	p<0.01，the	PROPN
fbem-5556	156	30	t	t	PROPN
fbem-5556	156	31	values	value	NOUN
fbem-5556	156	32	are	be	AUX
fbem-5556	156	33	in	in	ADP
fbem-5556	156	34	parentheses	parenthesis	NOUN
fbem-5556	156	35	.	.	PUNCT
fbem-5556	157	1	it	it	PRON
fbem-5556	157	2	can	can	AUX
fbem-5556	157	3	be	be	AUX
fbem-5556	157	4	seen	see	VERB
fbem-5556	157	5	from	from	ADP
fbem-5556	157	6	the	the	DET
fbem-5556	157	7	above	above	ADJ
fbem-5556	157	8	table	table	NOUN
fbem-5556	157	9	that	that	SCONJ
fbem-5556	157	10	the	the	DET
fbem-5556	157	11	regression	regression	NOUN
fbem-5556	157	12	coefficient	coefficient	NOUN
fbem-5556	157	13	between	between	ADP
fbem-5556	157	14	the	the	DET
fbem-5556	157	15	new	new	ADJ
fbem-5556	157	16	indicator	indicator	NOUN
fbem-5556	157	17	of	of	ADP
fbem-5556	157	18	executive	executive	ADJ
fbem-5556	157	19	compensation	compensation	NOUN
fbem-5556	157	20	incentive	incentive	NOUN
fbem-5556	157	21	(	(	PUNCT
fbem-5556	157	22	sal2	sal2	NOUN
fbem-5556	157	23	)	)	PUNCT
fbem-5556	157	24	and	and	CCONJ
fbem-5556	157	25	enterprise	enterprise	NOUN
fbem-5556	157	26	performance	performance	NOUN
fbem-5556	157	27	(	(	PUNCT
fbem-5556	157	28	roa	roa	NOUN
fbem-5556	157	29	)	)	PUNCT
fbem-5556	157	30	is	be	AUX
fbem-5556	157	31	0.123	0.123	NUM
fbem-5556	157	32	,	,	PUNCT
fbem-5556	157	33	which	which	PRON
fbem-5556	157	34	is	be	AUX
fbem-5556	157	35	significant	significant	ADJ
fbem-5556	157	36	at	at	ADP
fbem-5556	157	37	the	the	DET
fbem-5556	157	38	level	level	NOUN
fbem-5556	157	39	of	of	ADP
fbem-5556	157	40	5	5	NUM
fbem-5556	157	41	%	%	NOUN
fbem-5556	157	42	.	.	PUNCT
fbem-5556	158	1	based	base	VERB
fbem-5556	158	2	on	on	ADP
fbem-5556	158	3	the	the	DET
fbem-5556	158	4	above	above	ADJ
fbem-5556	158	5	analysis	analysis	NOUN
fbem-5556	158	6	,	,	PUNCT
fbem-5556	158	7	the	the	DET
fbem-5556	158	8	regression	regression	NOUN
fbem-5556	158	9	results	result	NOUN
fbem-5556	158	10	have	have	AUX
fbem-5556	158	11	not	not	PART
fbem-5556	158	12	changed	change	VERB
fbem-5556	158	13	substantially	substantially	ADV
fbem-5556	158	14	,	,	PUNCT
fbem-5556	158	15	and	and	CCONJ
fbem-5556	158	16	the	the	DET
fbem-5556	158	17	original	original	ADJ
fbem-5556	158	18	conclusion	conclusion	NOUN
fbem-5556	158	19	is	be	AUX
fbem-5556	158	20	still	still	ADV
fbem-5556	158	21	valid	valid	ADJ
fbem-5556	158	22	.	.	PUNCT
fbem-5556	159	1	6	6	X
fbem-5556	159	2	.	.	X
fbem-5556	159	3	conclusions	conclusion	NOUN
fbem-5556	159	4	and	and	CCONJ
fbem-5556	159	5	deficiencies	deficiency	NOUN
fbem-5556	159	6	based	base	VERB
fbem-5556	159	7	on	on	ADP
fbem-5556	159	8	the	the	DET
fbem-5556	159	9	principal	principal	ADJ
fbem-5556	159	10	-	-	PUNCT
fbem-5556	159	11	agent	agent	NOUN
fbem-5556	159	12	theory	theory	NOUN
fbem-5556	159	13	and	and	CCONJ
fbem-5556	159	14	incentive	incentive	NOUN
fbem-5556	159	15	theory	theory	NOUN
fbem-5556	159	16	,	,	PUNCT
fbem-5556	159	17	this	this	DET
fbem-5556	159	18	paper	paper	NOUN
fbem-5556	159	19	uses	use	VERB
fbem-5556	159	20	the	the	DET
fbem-5556	159	21	data	datum	NOUN
fbem-5556	159	22	of	of	ADP
fbem-5556	159	23	listed	list	VERB
fbem-5556	159	24	companies	company	NOUN
fbem-5556	159	25	of	of	ADP
fbem-5556	159	26	liquor	liquor	NOUN
fbem-5556	159	27	enterprises	enterprise	NOUN
fbem-5556	159	28	from	from	ADP
fbem-5556	159	29	2010	2010	NUM
fbem-5556	159	30	to	to	ADP
fbem-5556	159	31	2020	2020	NUM
fbem-5556	159	32	as	as	ADP
fbem-5556	159	33	a	a	DET
fbem-5556	159	34	sample	sample	NOUN
fbem-5556	159	35	to	to	PART
fbem-5556	159	36	reasonably	reasonably	ADV
fbem-5556	159	37	estimate	estimate	VERB
fbem-5556	159	38	the	the	DET
fbem-5556	159	39	relationship	relationship	NOUN
fbem-5556	159	40	between	between	ADP
fbem-5556	159	41	executive	executive	ADJ
fbem-5556	159	42	incentive	incentive	NOUN
fbem-5556	159	43	and	and	CCONJ
fbem-5556	159	44	enterprise	enterprise	NOUN
fbem-5556	159	45	performance	performance	NOUN
fbem-5556	159	46	.	.	PUNCT
fbem-5556	160	1	based	base	VERB
fbem-5556	160	2	on	on	ADP
fbem-5556	160	3	the	the	DET
fbem-5556	160	4	empirical	empirical	ADJ
fbem-5556	160	5	test	test	NOUN
fbem-5556	160	6	of	of	ADP
fbem-5556	160	7	the	the	DET
fbem-5556	160	8	influence	influence	NOUN
fbem-5556	160	9	between	between	ADP
fbem-5556	160	10	executive	executive	ADJ
fbem-5556	160	11	incentive	incentive	NOUN
fbem-5556	160	12	and	and	CCONJ
fbem-5556	160	13	enterprise	enterprise	NOUN
fbem-5556	160	14	performance	performance	NOUN
fbem-5556	160	15	,	,	PUNCT
fbem-5556	160	16	the	the	DET
fbem-5556	160	17	company	company	NOUN
fbem-5556	160	18	size	size	NOUN
fbem-5556	160	19	,	,	PUNCT
fbem-5556	160	20	cash	cash	NOUN
fbem-5556	160	21	flow	flow	NOUN
fbem-5556	160	22	,	,	PUNCT
fbem-5556	160	23	enterprise	enterprise	NOUN
fbem-5556	160	24	growth	growth	NOUN
fbem-5556	160	25	,	,	PUNCT
fbem-5556	160	26	debt	debt	NOUN
fbem-5556	160	27	to	to	ADP
fbem-5556	160	28	asset	asset	NOUN
fbem-5556	160	29	ratio	ratio	NOUN
fbem-5556	160	30	and	and	CCONJ
fbem-5556	160	31	equity	equity	NOUN
fbem-5556	160	32	concentration	concentration	NOUN
fbem-5556	160	33	are	be	AUX
fbem-5556	160	34	selected	select	VERB
fbem-5556	160	35	as	as	ADP
fbem-5556	160	36	the	the	DET
fbem-5556	160	37	control	control	NOUN
fbem-5556	160	38	variables	variable	VERB
fbem-5556	160	39	.	.	PUNCT
fbem-5556	161	1	the	the	DET
fbem-5556	161	2	empirical	empirical	ADJ
fbem-5556	161	3	results	result	NOUN
fbem-5556	161	4	show	show	VERB
fbem-5556	161	5	that	that	SCONJ
fbem-5556	161	6	executive	executive	ADJ
fbem-5556	161	7	compensation	compensation	NOUN
fbem-5556	161	8	incentive	incentive	NOUN
fbem-5556	161	9	has	have	VERB
fbem-5556	161	10	a	a	DET
fbem-5556	161	11	significant	significant	ADJ
fbem-5556	161	12	positive	positive	ADJ
fbem-5556	161	13	impact	impact	NOUN
fbem-5556	161	14	on	on	ADP
fbem-5556	161	15	enterprise	enterprise	NOUN
fbem-5556	161	16	performance	performance	NOUN
fbem-5556	161	17	,	,	PUNCT
fbem-5556	161	18	while	while	SCONJ
fbem-5556	161	19	executive	executive	ADJ
fbem-5556	161	20	equity	equity	NOUN
fbem-5556	161	21	incentive	incentive	NOUN
fbem-5556	161	22	has	have	VERB
fbem-5556	161	23	no	no	DET
fbem-5556	161	24	significant	significant	ADJ
fbem-5556	161	25	relationship	relationship	NOUN
fbem-5556	161	26	with	with	ADP
fbem-5556	161	27	enterprise	enterprise	NOUN
fbem-5556	161	28	performance	performance	NOUN
fbem-5556	161	29	.	.	PUNCT
fbem-5556	162	1	this	this	PRON
fbem-5556	162	2	shows	show	VERB
fbem-5556	162	3	that	that	SCONJ
fbem-5556	162	4	enterprises	enterprise	NOUN
fbem-5556	162	5	can	can	AUX
fbem-5556	162	6	enhance	enhance	VERB
fbem-5556	162	7	their	their	PRON
fbem-5556	162	8	enthusiasm	enthusiasm	NOUN
fbem-5556	162	9	for	for	ADP
fbem-5556	162	10	work	work	NOUN
fbem-5556	162	11	and	and	CCONJ
fbem-5556	162	12	pay	pay	VERB
fbem-5556	162	13	more	more	ADJ
fbem-5556	162	14	attention	attention	NOUN
fbem-5556	162	15	to	to	ADP
fbem-5556	162	16	the	the	DET
fbem-5556	162	17	development	development	NOUN
fbem-5556	162	18	of	of	ADP
fbem-5556	162	19	enterprises	enterprise	NOUN
fbem-5556	162	20	by	by	ADP
fbem-5556	162	21	increasing	increase	VERB
fbem-5556	162	22	executive	executive	ADJ
fbem-5556	162	23	compensation	compensation	NOUN
fbem-5556	162	24	and	and	CCONJ
fbem-5556	162	25	enhancing	enhance	VERB
fbem-5556	162	26	the	the	DET
fbem-5556	162	27	incentive	incentive	NOUN
fbem-5556	162	28	effect	effect	NOUN
fbem-5556	162	29	of	of	ADP
fbem-5556	162	30	executive	executive	ADJ
fbem-5556	162	31	compensation	compensation	NOUN
fbem-5556	162	32	.	.	PUNCT
fbem-5556	163	1	the	the	PRON
fbem-5556	163	2	stronger	strong	ADJ
fbem-5556	163	3	the	the	DET
fbem-5556	163	4	executive	executive	ADJ
fbem-5556	163	5	compensation	compensation	NOUN
fbem-5556	163	6	incentive	incentive	NOUN
fbem-5556	163	7	,	,	PUNCT
fbem-5556	163	8	the	the	PRON
fbem-5556	163	9	higher	high	ADJ
fbem-5556	163	10	the	the	DET
fbem-5556	163	11	proportion	proportion	NOUN
fbem-5556	163	12	of	of	ADP
fbem-5556	163	13	r&d	r&d	NOUN
fbem-5556	163	14	investment	investment	NOUN
fbem-5556	163	15	of	of	ADP
fbem-5556	163	16	enterprises	enterprise	NOUN
fbem-5556	163	17	,	,	PUNCT
fbem-5556	163	18	and	and	CCONJ
fbem-5556	163	19	the	the	PRON
fbem-5556	163	20	greater	great	ADJ
fbem-5556	163	21	the	the	DET
fbem-5556	163	22	improvement	improvement	NOUN
fbem-5556	163	23	of	of	ADP
fbem-5556	163	24	enterprise	enterprise	NOUN
fbem-5556	163	25	performance	performance	NOUN
fbem-5556	163	26	.	.	PUNCT
fbem-5556	164	1	however	however	ADV
fbem-5556	164	2	,	,	PUNCT
fbem-5556	164	3	equity	equity	NOUN
fbem-5556	164	4	incentives	incentive	NOUN
fbem-5556	164	5	for	for	ADP
fbem-5556	164	6	senior	senior	ADJ
fbem-5556	164	7	executives	executive	NOUN
fbem-5556	164	8	do	do	AUX
fbem-5556	164	9	not	not	PART
fbem-5556	164	10	necessarily	necessarily	ADV
fbem-5556	164	11	promote	promote	VERB
fbem-5556	164	12	enterprise	enterprise	NOUN
fbem-5556	164	13	performance	performance	NOUN
fbem-5556	164	14	,	,	PUNCT
fbem-5556	164	15	and	and	CCONJ
fbem-5556	164	16	some	some	DET
fbem-5556	164	17	existing	exist	VERB
fbem-5556	164	18	studies	study	NOUN
fbem-5556	164	19	also	also	ADV
fbem-5556	164	20	support	support	VERB
fbem-5556	164	21	this	this	DET
fbem-5556	164	22	conclusion	conclusion	NOUN
fbem-5556	164	23	.	.	PUNCT
fbem-5556	165	1	compared	compare	VERB
fbem-5556	165	2	with	with	ADP
fbem-5556	165	3	compensation	compensation	NOUN
fbem-5556	165	4	incentive	incentive	NOUN
fbem-5556	165	5	,	,	PUNCT
fbem-5556	165	6	equity	equity	NOUN
fbem-5556	165	7	incentive	incentive	NOUN
fbem-5556	165	8	has	have	VERB
fbem-5556	165	9	more	more	ADJ
fbem-5556	165	10	uncertainties	uncertainty	NOUN
fbem-5556	165	11	.	.	PUNCT
fbem-5556	166	1	this	this	DET
fbem-5556	166	2	paper	paper	NOUN
fbem-5556	166	3	empirically	empirically	ADV
fbem-5556	166	4	studies	study	VERB
fbem-5556	166	5	the	the	DET
fbem-5556	166	6	relationship	relationship	NOUN
fbem-5556	166	7	between	between	ADP
fbem-5556	166	8	executive	executive	ADJ
fbem-5556	166	9	incentive	incentive	NOUN
fbem-5556	166	10	and	and	CCONJ
fbem-5556	166	11	enterprise	enterprise	NOUN
fbem-5556	166	12	performance	performance	NOUN
fbem-5556	166	13	in	in	ADP
fbem-5556	166	14	liquor	liquor	NOUN
fbem-5556	166	15	enterprises	enterprise	NOUN
fbem-5556	166	16	,	,	PUNCT
fbem-5556	166	17	which	which	PRON
fbem-5556	166	18	enriches	enrich	VERB
fbem-5556	166	19	the	the	DET
fbem-5556	166	20	existing	exist	VERB
fbem-5556	166	21	research	research	NOUN
fbem-5556	166	22	,	,	PUNCT
fbem-5556	166	23	but	but	CCONJ
fbem-5556	166	24	there	there	PRON
fbem-5556	166	25	are	be	VERB
fbem-5556	166	26	229	229	NUM
fbem-5556	166	27	still	still	ADV
fbem-5556	166	28	some	some	DET
fbem-5556	166	29	shortcomings	shortcoming	NOUN
fbem-5556	166	30	.	.	PUNCT
fbem-5556	167	1	first	first	ADV
fbem-5556	167	2	of	of	ADP
fbem-5556	167	3	all	all	PRON
fbem-5556	167	4	,	,	PUNCT
fbem-5556	167	5	in	in	ADP
fbem-5556	167	6	terms	term	NOUN
fbem-5556	167	7	of	of	ADP
fbem-5556	167	8	sample	sample	NOUN
fbem-5556	167	9	selection	selection	NOUN
fbem-5556	167	10	,	,	PUNCT
fbem-5556	167	11	the	the	DET
fbem-5556	167	12	data	datum	NOUN
fbem-5556	167	13	objects	object	VERB
fbem-5556	167	14	adopted	adopt	VERB
fbem-5556	167	15	in	in	ADP
fbem-5556	167	16	this	this	DET
fbem-5556	167	17	paper	paper	NOUN
fbem-5556	167	18	are	be	AUX
fbem-5556	167	19	all	all	PRON
fbem-5556	167	20	listed	list	VERB
fbem-5556	167	21	companies	company	NOUN
fbem-5556	167	22	of	of	ADP
fbem-5556	167	23	liquor	liquor	NOUN
fbem-5556	167	24	enterprises	enterprise	NOUN
fbem-5556	167	25	,	,	PUNCT
fbem-5556	167	26	and	and	CCONJ
fbem-5556	167	27	the	the	DET
fbem-5556	167	28	data	datum	NOUN
fbem-5556	167	29	sources	source	NOUN
fbem-5556	167	30	are	be	AUX
fbem-5556	167	31	all	all	PRON
fbem-5556	167	32	csmar	csmar	PROPN
fbem-5556	167	33	database	database	NOUN
fbem-5556	167	34	.	.	PUNCT
fbem-5556	168	1	the	the	DET
fbem-5556	168	2	data	data	NOUN
fbem-5556	168	3	sources	source	NOUN
fbem-5556	168	4	are	be	AUX
fbem-5556	168	5	single	single	ADJ
fbem-5556	168	6	and	and	CCONJ
fbem-5556	168	7	not	not	PART
fbem-5556	168	8	comprehensive	comprehensive	ADJ
fbem-5556	168	9	enough	enough	ADV
fbem-5556	168	10	;	;	PUNCT
fbem-5556	168	11	and	and	CCONJ
fbem-5556	168	12	this	this	DET
fbem-5556	168	13	paper	paper	NOUN
fbem-5556	168	14	only	only	ADV
fbem-5556	168	15	studied	study	VERB
fbem-5556	168	16	the	the	DET
fbem-5556	168	17	liquor	liquor	NOUN
fbem-5556	168	18	industry	industry	NOUN
fbem-5556	168	19	,	,	PUNCT
fbem-5556	168	20	not	not	PART
fbem-5556	168	21	other	other	ADJ
fbem-5556	168	22	industries	industry	NOUN
fbem-5556	168	23	,	,	PUNCT
fbem-5556	168	24	and	and	CCONJ
fbem-5556	168	25	different	different	ADJ
fbem-5556	168	26	industries	industry	NOUN
fbem-5556	168	27	have	have	VERB
fbem-5556	168	28	differences	difference	NOUN
fbem-5556	168	29	,	,	PUNCT
fbem-5556	168	30	so	so	SCONJ
fbem-5556	168	31	the	the	DET
fbem-5556	168	32	research	research	NOUN
fbem-5556	168	33	conclusions	conclusion	NOUN
fbem-5556	168	34	may	may	AUX
fbem-5556	168	35	not	not	PART
fbem-5556	168	36	be	be	AUX
fbem-5556	168	37	applicable	applicable	ADJ
fbem-5556	168	38	to	to	ADP
fbem-5556	168	39	other	other	ADJ
fbem-5556	168	40	industries	industry	NOUN
fbem-5556	168	41	.	.	PUNCT
fbem-5556	169	1	in	in	ADP
fbem-5556	169	2	addition	addition	NOUN
fbem-5556	169	3	,	,	PUNCT
fbem-5556	169	4	for	for	ADP
fbem-5556	169	5	the	the	DET
fbem-5556	169	6	incentive	incentive	NOUN
fbem-5556	169	7	of	of	ADP
fbem-5556	169	8	senior	senior	ADJ
fbem-5556	169	9	executives	executive	NOUN
fbem-5556	169	10	,	,	PUNCT
fbem-5556	169	11	this	this	DET
fbem-5556	169	12	paper	paper	NOUN
fbem-5556	169	13	only	only	ADV
fbem-5556	169	14	selects	select	VERB
fbem-5556	169	15	two	two	NUM
fbem-5556	169	16	ways	way	NOUN
fbem-5556	169	17	:	:	PUNCT
fbem-5556	169	18	compensation	compensation	NOUN
fbem-5556	169	19	incentive	incentive	NOUN
fbem-5556	169	20	and	and	CCONJ
fbem-5556	169	21	equity	equity	NOUN
fbem-5556	169	22	incentive	incentive	NOUN
fbem-5556	169	23	.	.	PUNCT
fbem-5556	170	1	other	other	ADJ
fbem-5556	170	2	incentives	incentive	NOUN
fbem-5556	170	3	for	for	ADP
fbem-5556	170	4	senior	senior	ADJ
fbem-5556	170	5	executives	executive	NOUN
fbem-5556	170	6	,	,	PUNCT
fbem-5556	170	7	such	such	ADJ
fbem-5556	170	8	as	as	ADP
fbem-5556	170	9	reputation	reputation	NOUN
fbem-5556	170	10	incentive	incentive	NOUN
fbem-5556	170	11	,	,	PUNCT
fbem-5556	170	12	spiritual	spiritual	ADJ
fbem-5556	170	13	incentive	incentive	NOUN
fbem-5556	170	14	and	and	CCONJ
fbem-5556	170	15	other	other	ADJ
fbem-5556	170	16	implicit	implicit	ADJ
fbem-5556	170	17	incentives	incentive	NOUN
fbem-5556	170	18	,	,	PUNCT
fbem-5556	170	19	are	be	AUX
fbem-5556	170	20	not	not	PART
fbem-5556	170	21	involved	involve	VERB
fbem-5556	170	22	.	.	PUNCT
fbem-5556	171	1	besides	besides	SCONJ
fbem-5556	171	2	,	,	PUNCT
fbem-5556	171	3	there	there	PRON
fbem-5556	171	4	are	be	VERB
fbem-5556	171	5	many	many	ADJ
fbem-5556	171	6	factors	factor	NOUN
fbem-5556	171	7	that	that	PRON
fbem-5556	171	8	affect	affect	VERB
fbem-5556	171	9	enterprise	enterprise	NOUN
fbem-5556	171	10	performance	performance	NOUN
fbem-5556	171	11	.	.	PUNCT
fbem-5556	172	1	in	in	ADP
fbem-5556	172	2	the	the	DET
fbem-5556	172	3	future	future	NOUN
fbem-5556	172	4	,	,	PUNCT
fbem-5556	172	5	in	in	ADP
fbem-5556	172	6	-	-	PUNCT
fbem-5556	172	7	depth	depth	NOUN
fbem-5556	172	8	research	research	NOUN
fbem-5556	172	9	from	from	ADP
fbem-5556	172	10	different	different	ADJ
fbem-5556	172	11	perspectives	perspective	NOUN
fbem-5556	172	12	can	can	AUX
fbem-5556	172	13	be	be	AUX
fbem-5556	172	14	considered	consider	VERB
fbem-5556	172	15	to	to	PART
fbem-5556	172	16	make	make	VERB
fbem-5556	172	17	the	the	DET
fbem-5556	172	18	research	research	NOUN
fbem-5556	172	19	conclusions	conclusion	NOUN
fbem-5556	172	20	more	more	ADV
fbem-5556	172	21	comprehensive	comprehensive	ADJ
fbem-5556	172	22	.	.	PUNCT
fbem-5556	173	1	references	reference	NOUN
fbem-5556	173	2	[	[	X
fbem-5556	173	3	1	1	NUM
fbem-5556	173	4	]	]	X
fbem-5556	173	5	zhang	zhang	PROPN
fbem-5556	173	6	jing	jing	PROPN
fbem-5556	173	7	,	,	PUNCT
fbem-5556	173	8	ding	ding	NOUN
fbem-5556	173	9	yizhen	yizhen	NOUN
fbem-5556	173	10	.	.	PUNCT
fbem-5556	174	1	research	research	NOUN
fbem-5556	174	2	on	on	ADP
fbem-5556	174	3	the	the	DET
fbem-5556	174	4	impact	impact	NOUN
fbem-5556	174	5	of	of	ADP
fbem-5556	174	6	executive	executive	ADJ
fbem-5556	174	7	incentives	incentive	NOUN
fbem-5556	174	8	on	on	ADP
fbem-5556	174	9	enterprise	enterprise	NOUN
fbem-5556	174	10	performance	performance	NOUN
fbem-5556	174	11	-based	-base	VERB
fbem-5556	174	12	on	on	ADP
fbem-5556	174	13	empirical	empirical	ADJ
fbem-5556	174	14	data	datum	NOUN
fbem-5556	174	15	of	of	ADP
fbem-5556	174	16	listed	list	VERB
fbem-5556	174	17	companies	company	NOUN
fbem-5556	174	18	on	on	ADP
fbem-5556	174	19	small	small	ADJ
fbem-5556	174	20	and	and	CCONJ
fbem-5556	174	21	medium	medium	ADJ
fbem-5556	174	22	-	-	PUNCT
fbem-5556	174	23	sized	sized	ADJ
fbem-5556	174	24	boards[j].jiangsu	boards[j].jiangsu	NOUN
fbem-5556	174	25	commercial	commercial	ADJ
fbem-5556	174	26	forum	forum	PROPN
fbem-5556	174	27	,	,	PUNCT
fbem-5556	174	28	2021(02):117	2021(02):117	PROPN
fbem-5556	174	29	-	-	SYM
fbem-5556	174	30	119	119	NUM
fbem-5556	174	31	.	.	PUNCT
fbem-5556	175	1	[	[	X
fbem-5556	175	2	2	2	NUM
fbem-5556	175	3	]	]	X
fbem-5556	175	4	liu	liu	PROPN
fbem-5556	175	5	yuying	yuying	NOUN
fbem-5556	175	6	.	.	PUNCT
fbem-5556	176	1	the	the	DET
fbem-5556	176	2	nature	nature	NOUN
fbem-5556	176	3	of	of	ADP
fbem-5556	176	4	equity	equity	NOUN
fbem-5556	176	5	,	,	PUNCT
fbem-5556	176	6	executive	executive	NOUN
fbem-5556	176	7	incentives	incentive	NOUN
fbem-5556	176	8	and	and	CCONJ
fbem-5556	176	9	enterprise	enterprise	NOUN
fbem-5556	176	10	performance[j].jiangsu	performance[j].jiangsu	NOUN
fbem-5556	176	11	commercial	commercial	ADJ
fbem-5556	176	12	forum	forum	PROPN
fbem-5556	176	13	,	,	PUNCT
fbem-5556	176	14	2021(09):117	2021(09):117	NUM
fbem-5556	176	15	-	-	SYM
fbem-5556	176	16	121	121	NUM
fbem-5556	176	17	.	.	PUNCT
fbem-5556	177	1	[	[	X
fbem-5556	177	2	3	3	X
fbem-5556	177	3	]	]	X
fbem-5556	177	4	li	li	PROPN
fbem-5556	177	5	zengquan	zengquan	PROPN
fbem-5556	177	6	.	.	PUNCT
fbem-5556	178	1	incentive	incentive	NOUN
fbem-5556	178	2	mechanism	mechanism	NOUN
fbem-5556	178	3	and	and	CCONJ
fbem-5556	178	4	enterprise	enterprise	NOUN
fbem-5556	178	5	performance	performance	NOUN
fbem-5556	178	6	-an	-an	ADP
fbem-5556	178	7	empirical	empirical	ADJ
fbem-5556	178	8	study	study	NOUN
fbem-5556	178	9	based	base	VERB
fbem-5556	178	10	on	on	ADP
fbem-5556	178	11	listed	list	VERB
fbem-5556	178	12	companies	company	NOUN
fbem-5556	179	1	[	[	X
fbem-5556	179	2	j	j	X
fbem-5556	179	3	]	]	X
fbem-5556	179	4	.	.	PUNCT
fbem-5556	180	1	accounting	accounting	NOUN
fbem-5556	180	2	research	research	NOUN
fbem-5556	180	3	,	,	PUNCT
fbem-5556	180	4	2000	2000	NUM
fbem-5556	180	5	(	(	PUNCT
fbem-5556	180	6	01	01	NUM
fbem-5556	180	7	):	):	PUNCT
fbem-5556	180	8	24	24	NUM
fbem-5556	180	9	-	-	SYM
fbem-5556	180	10	30	30	NUM
fbem-5556	180	11	.	.	PUNCT
fbem-5556	181	1	[	[	X
fbem-5556	181	2	4	4	NUM
fbem-5556	181	3	]	]	X
fbem-5556	181	4	li	li	PROPN
fbem-5556	181	5	ban	ban	PROPN
fbem-5556	181	6	.	.	PUNCT
fbem-5556	182	1	does	do	AUX
fbem-5556	182	2	executive	executive	NOUN
fbem-5556	182	3	compensation	compensation	NOUN
fbem-5556	182	4	incentive	incentive	NOUN
fbem-5556	182	5	affect	affect	VERB
fbem-5556	182	6	corporate	corporate	ADJ
fbem-5556	182	7	performance	performance	NOUN
fbem-5556	183	1	[	[	X
fbem-5556	183	2	j	j	X
fbem-5556	183	3	]	]	X
fbem-5556	183	4	.	.	PUNCT
fbem-5556	184	1	national	national	ADJ
fbem-5556	184	2	circulation	circulation	NOUN
fbem-5556	184	3	economy	economy	NOUN
fbem-5556	184	4	,	,	PUNCT
fbem-5556	184	5	2020	2020	NUM
fbem-5556	184	6	(	(	PUNCT
fbem-5556	184	7	04	04	NUM
fbem-5556	184	8	):	):	PUNCT
fbem-5556	184	9	79	79	NUM
fbem-5556	184	10	-	-	SYM
fbem-5556	184	11	80	80	NUM
fbem-5556	184	12	.	.	PUNCT
fbem-5556	185	1	[	[	X
fbem-5556	185	2	5	5	X
fbem-5556	185	3	]	]	X
fbem-5556	185	4	liu	liu	PROPN
fbem-5556	185	5	wei	wei	PROPN
fbem-5556	185	6	.	.	PUNCT
fbem-5556	186	1	research	research	NOUN
fbem-5556	186	2	on	on	ADP
fbem-5556	186	3	the	the	DET
fbem-5556	186	4	relationship	relationship	NOUN
fbem-5556	186	5	between	between	ADP
fbem-5556	186	6	executive	executive	ADJ
fbem-5556	186	7	incentive	incentive	NOUN
fbem-5556	186	8	,	,	PUNCT
fbem-5556	186	9	dual	dual	ADJ
fbem-5556	186	10	innovation	innovation	NOUN
fbem-5556	186	11	and	and	CCONJ
fbem-5556	186	12	enterprise	enterprise	NOUN
fbem-5556	186	13	financial	financial	ADJ
fbem-5556	186	14	performance	performance	NOUN
fbem-5556	187	1	[	[	X
fbem-5556	187	2	d	d	X
fbem-5556	187	3	]	]	X
fbem-5556	187	4	.	.	PUNCT
fbem-5556	188	1	heilongjiang	heilongjiang	PROPN
fbem-5556	188	2	bayi	bayi	PROPN
fbem-5556	188	3	agricultural	agricultural	PROPN
fbem-5556	188	4	university	university	NOUN
fbem-5556	188	5	,	,	PUNCT
fbem-5556	188	6	2020	2020	NUM
fbem-5556	188	7	.	.	PUNCT
fbem-5556	189	1	[	[	X
fbem-5556	189	2	6	6	NUM
fbem-5556	189	3	]	]	X
fbem-5556	189	4	zhang	zhang	PROPN
fbem-5556	189	5	mingxue	mingxue	PROPN
fbem-5556	189	6	the	the	DET
fbem-5556	189	7	impact	impact	NOUN
fbem-5556	189	8	of	of	ADP
fbem-5556	189	9	executive	executive	ADJ
fbem-5556	189	10	incentives	incentive	NOUN
fbem-5556	189	11	on	on	ADP
fbem-5556	189	12	enterprise	enterprise	NOUN
fbem-5556	189	13	performance	performance	NOUN
fbem-5556	190	1	[	[	X
fbem-5556	190	2	d	d	X
fbem-5556	190	3	]	]	X
fbem-5556	190	4	.	.	PUNCT
fbem-5556	191	1	beijing	beijing	PROPN
fbem-5556	191	2	foreign	foreign	PROPN
fbem-5556	191	3	studies	studies	PROPN
fbem-5556	191	4	university	university	NOUN
fbem-5556	191	5	,	,	PUNCT
fbem-5556	191	6	2020	2020	NUM
fbem-5556	191	7	.	.	PUNCT
fbem-5556	192	1	[	[	X
fbem-5556	192	2	7	7	X
fbem-5556	192	3	]	]	X
fbem-5556	192	4	gao	gao	PROPN
fbem-5556	192	5	xin	xin	PROPN
fbem-5556	192	6	research	research	PROPN
fbem-5556	192	7	on	on	ADP
fbem-5556	192	8	the	the	DET
fbem-5556	192	9	impact	impact	NOUN
fbem-5556	192	10	of	of	ADP
fbem-5556	192	11	executive	executive	ADJ
fbem-5556	192	12	incentive	incentive	NOUN
fbem-5556	192	13	and	and	CCONJ
fbem-5556	192	14	enterprise	enterprise	NOUN
fbem-5556	192	15	performance	performance	NOUN
fbem-5556	193	1	[	[	X
fbem-5556	193	2	d	d	X
fbem-5556	193	3	]	]	X
fbem-5556	193	4	.	.	PUNCT
fbem-5556	194	1	yanbian	yanbian	ADJ
fbem-5556	194	2	university	university	NOUN
fbem-5556	194	3	,	,	PUNCT
fbem-5556	194	4	2020	2020	NUM
fbem-5556	195	1	[	[	X
fbem-5556	195	2	8	8	NUM
fbem-5556	195	3	]	]	X
fbem-5556	195	4	wen	wen	PROPN
fbem-5556	195	5	zhonglin	zhonglin	PROPN
fbem-5556	195	6	,	,	PUNCT
fbem-5556	195	7	zhang	zhang	PROPN
fbem-5556	195	8	lei	lei	PROPN
fbem-5556	195	9	,	,	PUNCT
fbem-5556	195	10	hou	hou	PROPN
fbem-5556	195	11	jietai	jietai	PROPN
fbem-5556	195	12	,	,	PUNCT
fbem-5556	195	13	liu	liu	PROPN
fbem-5556	195	14	hongyun	hongyun	NOUN
fbem-5556	195	15	.	.	PUNCT
fbem-5556	196	1	testing	testing	NOUN
fbem-5556	196	2	and	and	CCONJ
fbem-5556	196	3	application	application	NOUN
fbem-5556	196	4	of	of	ADP
fbem-5556	196	5	the	the	DET
fbem-5556	196	6	mediating	mediate	VERB
fbem-5556	196	7	effects	effect	NOUN
fbem-5556	196	8	[	[	X
fbem-5556	196	9	j	j	X
fbem-5556	196	10	]	]	X
fbem-5556	196	11	.	.	PUNCT
fbem-5556	197	1	acta	acta	PROPN
fbem-5556	197	2	psychologica	psychologica	PROPN
fbem-5556	197	3	sinica	sinica	PROPN
fbem-5556	197	4	,	,	PUNCT
fbem-5556	197	5	2004,36(05):614	2004,36(05):614	NUM
fbem-5556	197	6	-	-	SYM
fbem-5556	197	7	620	620	NUM
fbem-5556	197	8	.	.	PUNCT
fbem-5556	198	1	[	[	X
fbem-5556	198	2	9	9	NUM
fbem-5556	198	3	]	]	X
fbem-5556	198	4	zhou	zhou	PROPN
fbem-5556	198	5	fei	fei	PROPN
fbem-5556	198	6	,	,	PUNCT
fbem-5556	198	7	yang	yang	PROPN
fbem-5556	198	8	dongxu	dongxu	PROPN
fbem-5556	198	9	.	.	PUNCT
fbem-5556	199	1	executives	executive	NOUN
fbem-5556	199	2	incentive	incentive	NOUN
fbem-5556	199	3	,	,	PUNCT
fbem-5556	199	4	r&d	r&d	NOUN
fbem-5556	199	5	investment	investment	NOUN
fbem-5556	199	6	and	and	CCONJ
fbem-5556	199	7	high	high	ADJ
fbem-5556	199	8	-	-	PUNCT
fbem-5556	199	9	tech	tech	NOUN
fbem-5556	199	10	enterprise	enterprise	NOUN
fbem-5556	199	11	performance	performance	NOUN
fbem-5556	199	12	:	:	PUNCT
fbem-5556	199	13	based	base	VERB
fbem-5556	199	14	on	on	ADP
fbem-5556	199	15	endogenous	endogenous	ADJ
fbem-5556	199	16	perspective[j	perspective[j	NOUN
fbem-5556	199	17	]	]	PUNCT
fbem-5556	199	18	.	.	PUNCT
fbem-5556	200	1	journal	journal	PROPN
fbem-5556	200	2	of	of	ADP
fbem-5556	200	3	nanjing	nanjing	PROPN
fbem-5556	200	4	audit	audit	PROPN
fbem-5556	200	5	university	university	NOUN
fbem-5556	200	6	,	,	PUNCT
fbem-5556	200	7	2019	2019	NUM
fbem-5556	200	8	,	,	PUNCT
fbem-5556	200	9	16(1	16(1	NUM
fbem-5556	200	10	):	):	PUNCT
fbem-5556	200	11	71	71	NUM
fbem-5556	200	12	-	-	SYM
fbem-5556	200	13	80	80	NUM
fbem-5556	200	14	.	.	PUNCT
fbem-5556	201	1	[	[	X
fbem-5556	201	2	10	10	NUM
fbem-5556	201	3	]	]	X
fbem-5556	201	4	he	he	PRON
fbem-5556	201	5	weihong	weihong	PROPN
fbem-5556	201	6	,	,	PUNCT
fbem-5556	201	7	chen	chen	PROPN
fbem-5556	201	8	yan	yan	PROPN
fbem-5556	201	9	.	.	PUNCT
fbem-5556	201	10	executive	executive	ADJ
fbem-5556	201	11	incentive	incentive	NOUN
fbem-5556	201	12	,	,	PUNCT
fbem-5556	201	13	technological	technological	ADJ
fbem-5556	201	14	innovation	innovation	NOUN
fbem-5556	201	15	and	and	CCONJ
fbem-5556	201	16	enterprise	enterprise	NOUN
fbem-5556	201	17	performance	performance	NOUN
fbem-5556	201	18	-take	-take	NOUN
fbem-5556	201	19	gem	gem	NOUN
fbem-5556	201	20	hightech	hightech	NOUN
fbem-5556	201	21	enterprises	enterprise	NOUN
fbem-5556	201	22	as	as	ADP
fbem-5556	201	23	an	an	DET
fbem-5556	201	24	example[j	example[j	NOUN
fbem-5556	201	25	]	]	PUNCT
fbem-5556	201	26	communication	communication	NOUN
fbem-5556	201	27	of	of	ADP
fbem-5556	201	28	finance	finance	NOUN
fbem-5556	201	29	and	and	CCONJ
fbem-5556	201	30	accounting	accounting	NOUN
fbem-5556	201	31	,	,	PUNCT
fbem-5556	201	32	2015	2015	NUM
fbem-5556	201	33	,	,	PUNCT
fbem-5556	201	34	(	(	PUNCT
fbem-5556	201	35	30	30	NUM
fbem-5556	201	36	):	):	PUNCT
fbem-5556	201	37	60	60	NUM
fbem-5556	201	38	-	-	SYM
fbem-5556	201	39	64	64	NUM
fbem-5556	201	40	.	.	PUNCT
fbem-5556	202	1	[	[	X
fbem-5556	202	2	11	11	NUM
fbem-5556	202	3	]	]	X
fbem-5556	202	4	xiao	xiao	PROPN
fbem-5556	202	5	jianhua	jianhua	PROPN
fbem-5556	202	6	,	,	PUNCT
fbem-5556	202	7	wang	wang	PROPN
fbem-5556	202	8	ruofan	ruofan	NOUN
fbem-5556	202	9	.	.	PUNCT
fbem-5556	203	1	pay	pay	NOUN
fbem-5556	203	2	,	,	PUNCT
fbem-5556	203	3	equity	equity	NOUN
fbem-5556	203	4	and	and	CCONJ
fbem-5556	203	5	promotion	promotion	NOUN
fbem-5556	203	6	,	,	PUNCT
fbem-5556	203	7	which	which	PRON
fbem-5556	203	8	is	be	AUX
fbem-5556	203	9	more	more	ADV
fbem-5556	203	10	effective	effective	ADJ
fbem-5556	203	11	incentive	incentive	NOUN
fbem-5556	203	12	for	for	ADP
fbem-5556	203	13	executives	executive	NOUN
fbem-5556	203	14	in	in	ADP
fbem-5556	203	15	academic	academic	ADJ
fbem-5556	203	16	spin	spin	NOUN
fbem-5556	203	17	-	-	PUNCT
fbem-5556	203	18	offs	off	NOUN
fbem-5556	203	19	?	?	PUNCT
fbem-5556	204	1	-evidence	-evidence	NOUN
fbem-5556	204	2	from	from	ADP
fbem-5556	204	3	listed	list	VERB
fbem-5556	204	4	companies	company	NOUN
fbem-5556	204	5	in	in	ADP
fbem-5556	204	6	china[j	china[j	PROPN
fbem-5556	204	7	]	]	PUNCT
fbem-5556	204	8	.	.	PUNCT
fbem-5556	205	1	management	management	NOUN
fbem-5556	205	2	review	review	PROPN
fbem-5556	205	3	,	,	PUNCT
fbem-5556	205	4	2022	2022	NUM
fbem-5556	205	5	,	,	PUNCT
fbem-5556	205	6	34(1	34(1	NUM
fbem-5556	205	7	):	):	PUNCT
fbem-5556	205	8	79	79	NUM
fbem-5556	205	9	-	-	SYM
fbem-5556	205	10	91	91	NUM
fbem-5556	205	11	.	.	PUNCT
fbem-5556	206	1	[	[	X
fbem-5556	206	2	12	12	NUM
fbem-5556	206	3	]	]	X
fbem-5556	206	4	li	li	PROPN
fbem-5556	206	5	shufeng	shufeng	PROPN
fbem-5556	206	6	,	,	PUNCT
fbem-5556	206	7	yang	yang	PROPN
fbem-5556	206	8	yun	yun	PROPN
fbem-5556	206	9	,	,	PUNCT
fbem-5556	206	10	huang	huang	PROPN
fbem-5556	206	11	xiaolin	xiaolin	PROPN
fbem-5556	206	12	.	.	PUNCT
fbem-5556	207	1	research	research	NOUN
fbem-5556	207	2	on	on	ADP
fbem-5556	207	3	the	the	DET
fbem-5556	207	4	relationship	relationship	NOUN
fbem-5556	207	5	between	between	ADP
fbem-5556	207	6	r&d	r&d	NOUN
fbem-5556	207	7	investment	investment	NOUN
fbem-5556	207	8	and	and	CCONJ
fbem-5556	207	9	corporate	corporate	ADJ
fbem-5556	207	10	performance	performance	NOUN
fbem-5556	207	11	under	under	ADP
fbem-5556	207	12	the	the	DET
fbem-5556	207	13	regulation	regulation	NOUN
fbem-5556	207	14	of	of	ADP
fbem-5556	207	15	executive	executive	ADJ
fbem-5556	207	16	incentives	incentive	NOUN
fbem-5556	207	17	[	[	X
fbem-5556	207	18	j	j	X
fbem-5556	207	19	]	]	X
fbem-5556	207	20	friends	friend	NOUN
fbem-5556	207	21	of	of	ADP
fbem-5556	207	22	accounting	accounting	NOUN
fbem-5556	207	23	,	,	PUNCT
fbem-5556	207	24	2020	2020	NUM
fbem-5556	207	25	,	,	PUNCT
fbem-5556	207	26	(	(	PUNCT
fbem-5556	207	27	11	11	NUM
fbem-5556	207	28	):	):	PUNCT
fbem-5556	207	29	66	66	NUM
fbem-5556	207	30	-	-	SYM
fbem-5556	207	31	72	72	NUM
fbem-5556	208	1	[	[	X
fbem-5556	208	2	13	13	NUM
fbem-5556	208	3	]	]	SYM
fbem-5556	208	4	li	li	PROPN
fbem-5556	208	5	lan	lan	PROPN
fbem-5556	208	6	.	.	PUNCT
fbem-5556	209	1	research	research	NOUN
fbem-5556	209	2	on	on	ADP
fbem-5556	209	3	the	the	DET
fbem-5556	209	4	relationship	relationship	NOUN
fbem-5556	209	5	between	between	ADP
fbem-5556	209	6	executive	executive	ADJ
fbem-5556	209	7	incentive	incentive	NOUN
fbem-5556	209	8	,	,	PUNCT
fbem-5556	209	9	r&d	r&d	NOUN
fbem-5556	209	10	investment	investment	NOUN
fbem-5556	209	11	and	and	CCONJ
fbem-5556	209	12	enterprise	enterprise	NOUN
fbem-5556	209	13	perfor.mance	perfor.mance	NOUN
fbem-5556	209	14	[	[	X
fbem-5556	209	15	d	d	X
fbem-5556	209	16	]	]	X
fbem-5556	209	17	zhengzhou	zhengzhou	PROPN
fbem-5556	209	18	university	university	PROPN
fbem-5556	209	19	,	,	PUNCT
fbem-5556	209	20	2020	2020	NUM
fbem-5556	209	21	.	.	PUNCT