id	sid	tid	token	lemma	pos
fbem-7721	1	1	frontiers	frontier	NOUN
fbem-7721	1	2	in	in	ADP
fbem-7721	1	3	business	business	NOUN
fbem-7721	1	4	,	,	PUNCT
fbem-7721	1	5	economics	economic	NOUN
fbem-7721	1	6	and	and	CCONJ
fbem-7721	1	7	management	management	NOUN
fbem-7721	1	8	issn	issn	PROPN
fbem-7721	1	9	:	:	PUNCT
fbem-7721	1	10	2766	2766	NUM
fbem-7721	1	11	-	-	PUNCT
fbem-7721	1	12	824x	824x	NUM
fbem-7721	1	13	|	|	ADJ
fbem-7721	1	14	vol	vol	NOUN
fbem-7721	1	15	.	.	PROPN
fbem-7721	1	16	8	8	NUM
fbem-7721	1	17	,	,	PUNCT
fbem-7721	1	18	no	no	INTJ
fbem-7721	1	19	.	.	NOUN
fbem-7721	1	20	3	3	NUM
fbem-7721	1	21	,	,	PUNCT
fbem-7721	1	22	2023	2023	NUM
fbem-7721	1	23	55	55	NUM
fbem-7721	1	24	research	research	NOUN
fbem-7721	1	25	on	on	ADP
fbem-7721	1	26	the	the	DET
fbem-7721	1	27	influence	influence	NOUN
fbem-7721	1	28	of	of	ADP
fbem-7721	1	29	economic	economic	ADJ
fbem-7721	1	30	policy	policy	NOUN
fbem-7721	1	31	uncertainty	uncertainty	NOUN
fbem-7721	1	32	on	on	ADP
fbem-7721	1	33	cash	cash	NOUN
fbem-7721	1	34	dividend	dividend	NOUN
fbem-7721	1	35	policy	policy	NOUN
fbem-7721	1	36	li	li	PROPN
fbem-7721	1	37	qian	qian	PROPN
fbem-7721	1	38	business	business	PROPN
fbem-7721	1	39	school	school	PROPN
fbem-7721	1	40	of	of	ADP
fbem-7721	1	41	jinan	jinan	PROPN
fbem-7721	1	42	university	university	PROPN
fbem-7721	1	43	,	,	PUNCT
fbem-7721	1	44	jinan	jinan	PROPN
fbem-7721	1	45	,	,	PUNCT
fbem-7721	1	46	250000	250000	NUM
fbem-7721	1	47	,	,	PUNCT
fbem-7721	1	48	shandong	shandong	PROPN
fbem-7721	1	49	,	,	PUNCT
fbem-7721	1	50	china	china	PROPN
fbem-7721	1	51	abstract	abstract	NOUN
fbem-7721	1	52	:	:	PUNCT
fbem-7721	1	53	based	base	VERB
fbem-7721	1	54	on	on	ADP
fbem-7721	1	55	the	the	DET
fbem-7721	1	56	sample	sample	NOUN
fbem-7721	1	57	of	of	ADP
fbem-7721	1	58	a	a	DET
fbem-7721	1	59	-	-	PUNCT
fbem-7721	1	60	share	share	NOUN
fbem-7721	1	61	listed	list	VERB
fbem-7721	1	62	companies	company	NOUN
fbem-7721	1	63	in	in	ADP
fbem-7721	1	64	china	china	PROPN
fbem-7721	1	65	from	from	ADP
fbem-7721	1	66	2013	2013	NUM
fbem-7721	1	67	to	to	ADP
fbem-7721	1	68	2021	2021	NUM
fbem-7721	1	69	,	,	PUNCT
fbem-7721	1	70	this	this	DET
fbem-7721	1	71	paper	paper	NOUN
fbem-7721	1	72	explores	explore	VERB
fbem-7721	1	73	the	the	DET
fbem-7721	1	74	influence	influence	NOUN
fbem-7721	1	75	of	of	ADP
fbem-7721	1	76	economic	economic	ADJ
fbem-7721	1	77	policy	policy	NOUN
fbem-7721	1	78	uncertainty	uncertainty	NOUN
fbem-7721	1	79	on	on	ADP
fbem-7721	1	80	cash	cash	NOUN
fbem-7721	1	81	dividend	dividend	NOUN
fbem-7721	1	82	policy	policy	NOUN
fbem-7721	1	83	through	through	ADP
fbem-7721	1	84	random	random	ADJ
fbem-7721	1	85	effect	effect	NOUN
fbem-7721	1	86	panel	panel	NOUN
fbem-7721	1	87	regression	regression	NOUN
fbem-7721	1	88	,	,	PUNCT
fbem-7721	1	89	and	and	CCONJ
fbem-7721	1	90	draws	draw	VERB
fbem-7721	1	91	the	the	DET
fbem-7721	1	92	following	following	ADJ
fbem-7721	1	93	conclusions	conclusion	NOUN
fbem-7721	1	94	:	:	PUNCT
fbem-7721	1	95	first	first	ADV
fbem-7721	1	96	,	,	PUNCT
fbem-7721	1	97	the	the	DET
fbem-7721	1	98	increase	increase	NOUN
fbem-7721	1	99	of	of	ADP
fbem-7721	1	100	economic	economic	ADJ
fbem-7721	1	101	policy	policy	NOUN
fbem-7721	1	102	uncertainty	uncertainty	NOUN
fbem-7721	1	103	will	will	AUX
fbem-7721	1	104	make	make	VERB
fbem-7721	1	105	enterprises	enterprise	NOUN
fbem-7721	1	106	pay	pay	VERB
fbem-7721	1	107	more	more	ADJ
fbem-7721	1	108	cash	cash	NOUN
fbem-7721	1	109	dividends	dividend	NOUN
fbem-7721	1	110	;	;	PUNCT
fbem-7721	1	111	secondly	secondly	ADV
fbem-7721	1	112	,	,	PUNCT
fbem-7721	1	113	compared	compare	VERB
fbem-7721	1	114	with	with	ADP
fbem-7721	1	115	enterprises	enterprise	NOUN
fbem-7721	1	116	with	with	ADP
fbem-7721	1	117	low	low	ADJ
fbem-7721	1	118	financing	financing	NOUN
fbem-7721	1	119	constraints	constraint	NOUN
fbem-7721	1	120	,	,	PUNCT
fbem-7721	1	121	enterprises	enterprise	NOUN
fbem-7721	1	122	with	with	ADP
fbem-7721	1	123	high	high	ADJ
fbem-7721	1	124	financing	financing	NOUN
fbem-7721	1	125	constraints	constraint	NOUN
fbem-7721	1	126	are	be	AUX
fbem-7721	1	127	more	more	ADV
fbem-7721	1	128	willing	willing	ADJ
fbem-7721	1	129	to	to	PART
fbem-7721	1	130	pay	pay	VERB
fbem-7721	1	131	more	more	ADJ
fbem-7721	1	132	cash	cash	NOUN
fbem-7721	1	133	dividends	dividend	NOUN
fbem-7721	1	134	in	in	ADP
fbem-7721	1	135	the	the	DET
fbem-7721	1	136	face	face	NOUN
fbem-7721	1	137	of	of	ADP
fbem-7721	1	138	increasing	increase	VERB
fbem-7721	1	139	economic	economic	ADJ
fbem-7721	1	140	policy	policy	NOUN
fbem-7721	1	141	uncertainty	uncertainty	NOUN
fbem-7721	1	142	;	;	PUNCT
fbem-7721	1	143	finally	finally	ADV
fbem-7721	1	144	,	,	PUNCT
fbem-7721	1	145	the	the	PRON
fbem-7721	1	146	higher	high	ADJ
fbem-7721	1	147	the	the	DET
fbem-7721	1	148	growth	growth	NOUN
fbem-7721	1	149	of	of	ADP
fbem-7721	1	150	enterprises	enterprise	NOUN
fbem-7721	1	151	,	,	PUNCT
fbem-7721	1	152	the	the	PRON
fbem-7721	1	153	more	more	ADV
fbem-7721	1	154	significant	significant	ADJ
fbem-7721	1	155	the	the	DET
fbem-7721	1	156	impact	impact	NOUN
fbem-7721	1	157	of	of	ADP
fbem-7721	1	158	economic	economic	ADJ
fbem-7721	1	159	policy	policy	NOUN
fbem-7721	1	160	uncertainty	uncertainty	NOUN
fbem-7721	1	161	on	on	ADP
fbem-7721	1	162	cash	cash	NOUN
fbem-7721	1	163	dividends	dividend	NOUN
fbem-7721	1	164	of	of	ADP
fbem-7721	1	165	enterprises	enterprise	NOUN
fbem-7721	1	166	.	.	PUNCT
fbem-7721	2	1	the	the	DET
fbem-7721	2	2	research	research	NOUN
fbem-7721	2	3	of	of	ADP
fbem-7721	2	4	this	this	DET
fbem-7721	2	5	paper	paper	NOUN
fbem-7721	2	6	not	not	PART
fbem-7721	2	7	only	only	ADV
fbem-7721	2	8	further	far	ADV
fbem-7721	2	9	expands	expand	VERB
fbem-7721	2	10	the	the	DET
fbem-7721	2	11	research	research	NOUN
fbem-7721	2	12	direction	direction	NOUN
fbem-7721	2	13	of	of	ADP
fbem-7721	2	14	economic	economic	ADJ
fbem-7721	2	15	policy	policy	NOUN
fbem-7721	2	16	uncertainty	uncertainty	NOUN
fbem-7721	2	17	and	and	CCONJ
fbem-7721	2	18	cash	cash	NOUN
fbem-7721	2	19	dividend	dividend	NOUN
fbem-7721	2	20	policy	policy	NOUN
fbem-7721	2	21	,	,	PUNCT
fbem-7721	2	22	but	but	CCONJ
fbem-7721	2	23	also	also	ADV
fbem-7721	2	24	has	have	VERB
fbem-7721	2	25	certain	certain	ADJ
fbem-7721	2	26	guiding	guide	VERB
fbem-7721	2	27	role	role	NOUN
fbem-7721	2	28	for	for	ADP
fbem-7721	2	29	enterprises	enterprise	NOUN
fbem-7721	2	30	to	to	PART
fbem-7721	2	31	formulate	formulate	VERB
fbem-7721	2	32	more	more	ADV
fbem-7721	2	33	reasonable	reasonable	ADJ
fbem-7721	2	34	cash	cash	NOUN
fbem-7721	2	35	dividend	dividend	NOUN
fbem-7721	2	36	policy	policy	NOUN
fbem-7721	2	37	.	.	PUNCT
fbem-7721	3	1	keywords	keyword	NOUN
fbem-7721	3	2	:	:	PUNCT
fbem-7721	3	3	economic	economic	ADJ
fbem-7721	3	4	policy	policy	NOUN
fbem-7721	3	5	uncertainty	uncertainty	NOUN
fbem-7721	3	6	,	,	PUNCT
fbem-7721	3	7	cash	cash	NOUN
fbem-7721	3	8	dividend	dividend	NOUN
fbem-7721	3	9	,	,	PUNCT
fbem-7721	3	10	financing	financing	NOUN
fbem-7721	3	11	constraints	constraint	NOUN
fbem-7721	3	12	,	,	PUNCT
fbem-7721	3	13	growth	growth	NOUN
fbem-7721	3	14	.	.	PUNCT
fbem-7721	4	1	1	1	X
fbem-7721	4	2	.	.	X
fbem-7721	4	3	introduction	introduction	NOUN
fbem-7721	4	4	the	the	DET
fbem-7721	4	5	financial	financial	ADJ
fbem-7721	4	6	crisis	crisis	NOUN
fbem-7721	4	7	in	in	ADP
fbem-7721	4	8	2008	2008	NUM
fbem-7721	4	9	has	have	AUX
fbem-7721	4	10	severely	severely	ADV
fbem-7721	4	11	impacted	impact	VERB
fbem-7721	4	12	the	the	DET
fbem-7721	4	13	world	world	NOUN
fbem-7721	4	14	economy	economy	NOUN
fbem-7721	4	15	,	,	PUNCT
fbem-7721	4	16	and	and	CCONJ
fbem-7721	4	17	the	the	DET
fbem-7721	4	18	overall	overall	ADJ
fbem-7721	4	19	economic	economic	ADJ
fbem-7721	4	20	situation	situation	NOUN
fbem-7721	4	21	of	of	ADP
fbem-7721	4	22	all	all	DET
fbem-7721	4	23	countries	country	NOUN
fbem-7721	4	24	has	have	AUX
fbem-7721	4	25	been	be	AUX
fbem-7721	4	26	seriously	seriously	ADV
fbem-7721	4	27	affected	affect	VERB
fbem-7721	4	28	.	.	PUNCT
fbem-7721	5	1	in	in	ADP
fbem-7721	5	2	order	order	NOUN
fbem-7721	5	3	to	to	PART
fbem-7721	5	4	alleviate	alleviate	VERB
fbem-7721	5	5	the	the	DET
fbem-7721	5	6	negative	negative	ADJ
fbem-7721	5	7	impact	impact	NOUN
fbem-7721	5	8	caused	cause	VERB
fbem-7721	5	9	by	by	ADP
fbem-7721	5	10	the	the	DET
fbem-7721	5	11	financial	financial	ADJ
fbem-7721	5	12	crisis	crisis	NOUN
fbem-7721	5	13	,	,	PUNCT
fbem-7721	5	14	governments	government	NOUN
fbem-7721	5	15	of	of	ADP
fbem-7721	5	16	various	various	ADJ
fbem-7721	5	17	countries	country	NOUN
fbem-7721	5	18	have	have	AUX
fbem-7721	5	19	successively	successively	ADV
fbem-7721	5	20	issued	issue	VERB
fbem-7721	5	21	a	a	DET
fbem-7721	5	22	series	series	NOUN
fbem-7721	5	23	of	of	ADP
fbem-7721	5	24	policies	policy	NOUN
fbem-7721	5	25	to	to	PART
fbem-7721	5	26	deal	deal	VERB
fbem-7721	5	27	with	with	ADP
fbem-7721	5	28	it	it	PRON
fbem-7721	5	29	.	.	PUNCT
fbem-7721	6	1	however	however	ADV
fbem-7721	6	2	,	,	PUNCT
fbem-7721	6	3	so	so	ADV
fbem-7721	6	4	far	far	ADV
fbem-7721	6	5	,	,	PUNCT
fbem-7721	6	6	the	the	DET
fbem-7721	6	7	impact	impact	NOUN
fbem-7721	6	8	of	of	ADP
fbem-7721	6	9	the	the	DET
fbem-7721	6	10	financial	financial	ADJ
fbem-7721	6	11	crisis	crisis	NOUN
fbem-7721	6	12	on	on	ADP
fbem-7721	6	13	the	the	DET
fbem-7721	6	14	economies	economy	NOUN
fbem-7721	6	15	of	of	ADP
fbem-7721	6	16	various	various	ADJ
fbem-7721	6	17	countries	country	NOUN
fbem-7721	6	18	still	still	ADV
fbem-7721	6	19	exists	exist	VERB
fbem-7721	6	20	,	,	PUNCT
fbem-7721	6	21	and	and	CCONJ
fbem-7721	6	22	the	the	DET
fbem-7721	6	23	outbreak	outbreak	NOUN
fbem-7721	6	24	of	of	ADP
fbem-7721	6	25	the	the	DET
fbem-7721	6	26	russian	russian	ADJ
fbem-7721	6	27	-	-	PUNCT
fbem-7721	6	28	ukrainian	ukrainian	ADJ
fbem-7721	6	29	war	war	NOUN
fbem-7721	6	30	has	have	AUX
fbem-7721	6	31	aggravated	aggravate	VERB
fbem-7721	6	32	the	the	DET
fbem-7721	6	33	instability	instability	NOUN
fbem-7721	6	34	of	of	ADP
fbem-7721	6	35	the	the	DET
fbem-7721	6	36	world	world	NOUN
fbem-7721	6	37	economy	economy	NOUN
fbem-7721	6	38	to	to	ADP
fbem-7721	6	39	a	a	DET
fbem-7721	6	40	certain	certain	ADJ
fbem-7721	6	41	extent	extent	NOUN
fbem-7721	6	42	.	.	PUNCT
fbem-7721	7	1	in	in	ADP
fbem-7721	7	2	such	such	DET
fbem-7721	7	3	a	a	DET
fbem-7721	7	4	turbulent	turbulent	ADJ
fbem-7721	7	5	international	international	ADJ
fbem-7721	7	6	economic	economic	ADJ
fbem-7721	7	7	environment	environment	NOUN
fbem-7721	7	8	,	,	PUNCT
fbem-7721	7	9	our	our	PRON
fbem-7721	7	10	government	government	NOUN
fbem-7721	7	11	has	have	AUX
fbem-7721	7	12	issued	issue	VERB
fbem-7721	7	13	a	a	DET
fbem-7721	7	14	series	series	NOUN
fbem-7721	7	15	of	of	ADP
fbem-7721	7	16	fiscal	fiscal	ADJ
fbem-7721	7	17	and	and	CCONJ
fbem-7721	7	18	monetary	monetary	ADJ
fbem-7721	7	19	policies	policy	NOUN
fbem-7721	7	20	,	,	PUNCT
fbem-7721	7	21	which	which	PRON
fbem-7721	7	22	have	have	AUX
fbem-7721	7	23	indeed	indeed	ADV
fbem-7721	7	24	played	play	VERB
fbem-7721	7	25	a	a	DET
fbem-7721	7	26	positive	positive	ADJ
fbem-7721	7	27	role	role	NOUN
fbem-7721	7	28	in	in	ADP
fbem-7721	7	29	stabilizing	stabilize	VERB
fbem-7721	7	30	the	the	DET
fbem-7721	7	31	price	price	NOUN
fbem-7721	7	32	level	level	NOUN
fbem-7721	7	33	,	,	PUNCT
fbem-7721	7	34	promoting	promote	VERB
fbem-7721	7	35	economic	economic	ADJ
fbem-7721	7	36	growth	growth	NOUN
fbem-7721	7	37	and	and	CCONJ
fbem-7721	7	38	alleviating	alleviate	VERB
fbem-7721	7	39	the	the	DET
fbem-7721	7	40	negative	negative	ADJ
fbem-7721	7	41	impact	impact	NOUN
fbem-7721	7	42	of	of	ADP
fbem-7721	7	43	the	the	DET
fbem-7721	7	44	international	international	ADJ
fbem-7721	7	45	situation	situation	NOUN
fbem-7721	7	46	on	on	ADP
fbem-7721	7	47	our	our	PRON
fbem-7721	7	48	economy	economy	NOUN
fbem-7721	7	49	.	.	PUNCT
fbem-7721	8	1	however	however	ADV
fbem-7721	8	2	,	,	PUNCT
fbem-7721	8	3	it	it	PRON
fbem-7721	8	4	is	be	AUX
fbem-7721	8	5	undeniable	undeniable	ADJ
fbem-7721	8	6	that	that	SCONJ
fbem-7721	8	7	the	the	DET
fbem-7721	8	8	constant	constant	ADJ
fbem-7721	8	9	adjustment	adjustment	NOUN
fbem-7721	8	10	of	of	ADP
fbem-7721	8	11	macroeconomic	macroeconomic	ADJ
fbem-7721	8	12	policies	policy	NOUN
fbem-7721	8	13	will	will	AUX
fbem-7721	8	14	also	also	ADV
fbem-7721	8	15	affect	affect	VERB
fbem-7721	8	16	the	the	DET
fbem-7721	8	17	economic	economic	ADJ
fbem-7721	8	18	situation	situation	NOUN
fbem-7721	8	19	of	of	ADP
fbem-7721	8	20	micro	micro	NOUN
fbem-7721	8	21	-	-	NOUN
fbem-7721	8	22	enterprises	enterprise	NOUN
fbem-7721	8	23	.	.	PUNCT
fbem-7721	9	1	in	in	ADP
fbem-7721	9	2	a	a	DET
fbem-7721	9	3	narrow	narrow	ADJ
fbem-7721	9	4	sense	sense	NOUN
fbem-7721	9	5	,	,	PUNCT
fbem-7721	9	6	dividend	dividend	NOUN
fbem-7721	9	7	policy	policy	NOUN
fbem-7721	9	8	refers	refer	VERB
fbem-7721	9	9	to	to	ADP
fbem-7721	9	10	the	the	DET
fbem-7721	9	11	principles	principle	NOUN
fbem-7721	9	12	and	and	CCONJ
fbem-7721	9	13	strategies	strategy	NOUN
fbem-7721	9	14	for	for	SCONJ
fbem-7721	9	15	enterprises	enterprise	NOUN
fbem-7721	9	16	to	to	PART
fbem-7721	9	17	determine	determine	VERB
fbem-7721	9	18	how	how	SCONJ
fbem-7721	9	19	to	to	PART
fbem-7721	9	20	distribute	distribute	VERB
fbem-7721	9	21	the	the	DET
fbem-7721	9	22	company	company	NOUN
fbem-7721	9	23	's	's	PART
fbem-7721	9	24	net	net	ADJ
fbem-7721	9	25	profit	profit	NOUN
fbem-7721	9	26	,	,	PUNCT
fbem-7721	9	27	which	which	PRON
fbem-7721	9	28	is	be	AUX
fbem-7721	9	29	an	an	DET
fbem-7721	9	30	indicator	indicator	NOUN
fbem-7721	9	31	to	to	PART
fbem-7721	9	32	reflect	reflect	VERB
fbem-7721	9	33	the	the	DET
fbem-7721	9	34	company	company	NOUN
fbem-7721	9	35	's	's	PART
fbem-7721	9	36	operating	operating	NOUN
fbem-7721	9	37	conditions	condition	NOUN
fbem-7721	9	38	.	.	PUNCT
fbem-7721	10	1	therefore	therefore	ADV
fbem-7721	10	2	,	,	PUNCT
fbem-7721	10	3	dividend	dividend	NOUN
fbem-7721	10	4	policy	policy	NOUN
fbem-7721	10	5	is	be	AUX
fbem-7721	10	6	very	very	ADV
fbem-7721	10	7	important	important	ADJ
fbem-7721	10	8	to	to	ADP
fbem-7721	10	9	enterprises	enterprise	NOUN
fbem-7721	10	10	.	.	PUNCT
fbem-7721	11	1	the	the	DET
fbem-7721	11	2	stable	stable	ADJ
fbem-7721	11	3	dividend	dividend	NOUN
fbem-7721	11	4	policy	policy	NOUN
fbem-7721	11	5	reflects	reflect	VERB
fbem-7721	11	6	that	that	SCONJ
fbem-7721	11	7	the	the	DET
fbem-7721	11	8	enterprise	enterprise	NOUN
fbem-7721	11	9	is	be	AUX
fbem-7721	11	10	in	in	ADP
fbem-7721	11	11	good	good	ADJ
fbem-7721	11	12	operating	operating	NOUN
fbem-7721	11	13	condition	condition	NOUN
fbem-7721	11	14	,	,	PUNCT
fbem-7721	11	15	and	and	CCONJ
fbem-7721	11	16	investors	investor	NOUN
fbem-7721	11	17	will	will	AUX
fbem-7721	11	18	think	think	VERB
fbem-7721	11	19	that	that	SCONJ
fbem-7721	11	20	the	the	DET
fbem-7721	11	21	development	development	NOUN
fbem-7721	11	22	prospect	prospect	NOUN
fbem-7721	11	23	of	of	ADP
fbem-7721	11	24	the	the	DET
fbem-7721	11	25	enterprise	enterprise	NOUN
fbem-7721	11	26	is	be	AUX
fbem-7721	11	27	considerable	considerable	ADJ
fbem-7721	11	28	and	and	CCONJ
fbem-7721	11	29	are	be	AUX
fbem-7721	11	30	more	more	ADV
fbem-7721	11	31	inclined	inclined	ADJ
fbem-7721	11	32	to	to	PART
fbem-7721	11	33	invest	invest	VERB
fbem-7721	11	34	in	in	ADP
fbem-7721	11	35	it	it	PRON
fbem-7721	11	36	.	.	PUNCT
fbem-7721	12	1	under	under	ADP
fbem-7721	12	2	the	the	DET
fbem-7721	12	3	current	current	ADJ
fbem-7721	12	4	macroeconomic	macroeconomic	ADJ
fbem-7721	12	5	situation	situation	NOUN
fbem-7721	12	6	,	,	PUNCT
fbem-7721	12	7	the	the	DET
fbem-7721	12	8	impact	impact	NOUN
fbem-7721	12	9	of	of	ADP
fbem-7721	12	10	the	the	DET
fbem-7721	12	11	uncertainty	uncertainty	NOUN
fbem-7721	12	12	of	of	ADP
fbem-7721	12	13	economic	economic	ADJ
fbem-7721	12	14	policy	policy	NOUN
fbem-7721	12	15	on	on	ADP
fbem-7721	12	16	dividend	dividend	NOUN
fbem-7721	12	17	policy	policy	NOUN
fbem-7721	12	18	has	have	AUX
fbem-7721	12	19	always	always	ADV
fbem-7721	12	20	been	be	AUX
fbem-7721	12	21	a	a	DET
fbem-7721	12	22	research	research	NOUN
fbem-7721	12	23	topic	topic	NOUN
fbem-7721	12	24	for	for	ADP
fbem-7721	12	25	scholars	scholar	NOUN
fbem-7721	12	26	.	.	PUNCT
fbem-7721	13	1	however	however	ADV
fbem-7721	13	2	,	,	PUNCT
fbem-7721	13	3	there	there	PRON
fbem-7721	13	4	are	be	VERB
fbem-7721	13	5	few	few	ADJ
fbem-7721	13	6	literatures	literature	NOUN
fbem-7721	13	7	on	on	ADP
fbem-7721	13	8	the	the	DET
fbem-7721	13	9	impact	impact	NOUN
fbem-7721	13	10	of	of	ADP
fbem-7721	13	11	economic	economic	ADJ
fbem-7721	13	12	policy	policy	NOUN
fbem-7721	13	13	uncertainty	uncertainty	NOUN
fbem-7721	13	14	on	on	ADP
fbem-7721	13	15	cash	cash	NOUN
fbem-7721	13	16	dividend	dividend	NOUN
fbem-7721	13	17	policy	policy	NOUN
fbem-7721	13	18	from	from	ADP
fbem-7721	13	19	the	the	DET
fbem-7721	13	20	perspective	perspective	NOUN
fbem-7721	13	21	of	of	ADP
fbem-7721	13	22	financing	financing	NOUN
fbem-7721	13	23	constraints	constraint	NOUN
fbem-7721	13	24	.	.	PUNCT
fbem-7721	14	1	based	base	VERB
fbem-7721	14	2	on	on	ADP
fbem-7721	14	3	this	this	PRON
fbem-7721	14	4	,	,	PUNCT
fbem-7721	14	5	this	this	DET
fbem-7721	14	6	paper	paper	NOUN
fbem-7721	14	7	not	not	PART
fbem-7721	14	8	only	only	ADV
fbem-7721	14	9	studies	study	VERB
fbem-7721	14	10	the	the	DET
fbem-7721	14	11	direct	direct	ADJ
fbem-7721	14	12	negative	negative	ADJ
fbem-7721	14	13	impact	impact	NOUN
fbem-7721	14	14	of	of	ADP
fbem-7721	14	15	economic	economic	ADJ
fbem-7721	14	16	policy	policy	NOUN
fbem-7721	14	17	on	on	ADP
fbem-7721	14	18	cash	cash	NOUN
fbem-7721	14	19	dividend	dividend	NOUN
fbem-7721	14	20	policy	policy	NOUN
fbem-7721	14	21	,	,	PUNCT
fbem-7721	14	22	but	but	CCONJ
fbem-7721	14	23	also	also	ADV
fbem-7721	14	24	explores	explore	VERB
fbem-7721	14	25	the	the	DET
fbem-7721	14	26	regulatory	regulatory	ADJ
fbem-7721	14	27	effect	effect	NOUN
fbem-7721	14	28	of	of	ADP
fbem-7721	14	29	financing	financing	NOUN
fbem-7721	14	30	constraint	constraint	NOUN
fbem-7721	14	31	and	and	CCONJ
fbem-7721	14	32	the	the	DET
fbem-7721	14	33	different	different	ADJ
fbem-7721	14	34	effects	effect	NOUN
fbem-7721	14	35	of	of	ADP
fbem-7721	14	36	economic	economic	ADJ
fbem-7721	14	37	policy	policy	NOUN
fbem-7721	14	38	uncertainty	uncertainty	NOUN
fbem-7721	14	39	on	on	ADP
fbem-7721	14	40	cash	cash	NOUN
fbem-7721	14	41	dividend	dividend	NOUN
fbem-7721	14	42	policy	policy	NOUN
fbem-7721	14	43	under	under	ADP
fbem-7721	14	44	different	different	ADJ
fbem-7721	14	45	growth	growth	NOUN
fbem-7721	14	46	conditions	condition	NOUN
fbem-7721	14	47	,	,	PUNCT
fbem-7721	14	48	thus	thus	ADV
fbem-7721	14	49	further	far	ADV
fbem-7721	14	50	expanding	expand	VERB
fbem-7721	14	51	the	the	DET
fbem-7721	14	52	research	research	NOUN
fbem-7721	14	53	scope	scope	NOUN
fbem-7721	14	54	of	of	ADP
fbem-7721	14	55	influencing	influence	VERB
fbem-7721	14	56	factors	factor	NOUN
fbem-7721	14	57	of	of	ADP
fbem-7721	14	58	cash	cash	NOUN
fbem-7721	14	59	dividend	dividend	NOUN
fbem-7721	14	60	policy	policy	NOUN
fbem-7721	14	61	.	.	PUNCT
fbem-7721	15	1	at	at	ADP
fbem-7721	15	2	the	the	DET
fbem-7721	15	3	same	same	ADJ
fbem-7721	15	4	time	time	NOUN
fbem-7721	15	5	,	,	PUNCT
fbem-7721	15	6	for	for	ADP
fbem-7721	15	7	external	external	ADJ
fbem-7721	15	8	investors	investor	NOUN
fbem-7721	15	9	,	,	PUNCT
fbem-7721	15	10	the	the	DET
fbem-7721	15	11	cash	cash	NOUN
fbem-7721	15	12	dividend	dividend	NOUN
fbem-7721	15	13	policy	policy	NOUN
fbem-7721	15	14	reflects	reflect	VERB
fbem-7721	15	15	the	the	DET
fbem-7721	15	16	operating	operating	NOUN
fbem-7721	15	17	conditions	condition	NOUN
fbem-7721	15	18	of	of	ADP
fbem-7721	15	19	the	the	DET
fbem-7721	15	20	enterprise	enterprise	NOUN
fbem-7721	15	21	,	,	PUNCT
fbem-7721	15	22	and	and	CCONJ
fbem-7721	15	23	investors	investor	NOUN
fbem-7721	15	24	will	will	AUX
fbem-7721	15	25	make	make	VERB
fbem-7721	15	26	investment	investment	NOUN
fbem-7721	15	27	decisions	decision	NOUN
fbem-7721	15	28	according	accord	VERB
fbem-7721	15	29	to	to	ADP
fbem-7721	15	30	the	the	DET
fbem-7721	15	31	principles	principle	NOUN
fbem-7721	15	32	and	and	CCONJ
fbem-7721	15	33	strategies	strategy	NOUN
fbem-7721	15	34	of	of	ADP
fbem-7721	15	35	the	the	DET
fbem-7721	15	36	enterprise	enterprise	NOUN
fbem-7721	15	37	's	's	PART
fbem-7721	15	38	distribution	distribution	NOUN
fbem-7721	15	39	of	of	ADP
fbem-7721	15	40	net	net	ADJ
fbem-7721	15	41	profit	profit	NOUN
fbem-7721	15	42	.	.	PUNCT
fbem-7721	16	1	the	the	DET
fbem-7721	16	2	research	research	NOUN
fbem-7721	16	3	in	in	ADP
fbem-7721	16	4	this	this	DET
fbem-7721	16	5	paper	paper	NOUN
fbem-7721	16	6	is	be	AUX
fbem-7721	16	7	also	also	ADV
fbem-7721	16	8	helpful	helpful	ADJ
fbem-7721	16	9	for	for	ADP
fbem-7721	16	10	enterprise	enterprise	NOUN
fbem-7721	16	11	management	management	NOUN
fbem-7721	16	12	to	to	PART
fbem-7721	16	13	formulate	formulate	VERB
fbem-7721	16	14	a	a	DET
fbem-7721	16	15	more	more	ADV
fbem-7721	16	16	reasonable	reasonable	ADJ
fbem-7721	16	17	cash	cash	NOUN
fbem-7721	16	18	dividend	dividend	NOUN
fbem-7721	16	19	policy	policy	NOUN
fbem-7721	16	20	considering	consider	VERB
fbem-7721	16	21	the	the	DET
fbem-7721	16	22	macroeconomic	macroeconomic	ADJ
fbem-7721	16	23	environment	environment	NOUN
fbem-7721	16	24	,	,	PUNCT
fbem-7721	16	25	and	and	CCONJ
fbem-7721	16	26	then	then	ADV
fbem-7721	16	27	help	help	VERB
fbem-7721	16	28	enterprises	enterprise	NOUN
fbem-7721	16	29	attract	attract	VERB
fbem-7721	16	30	more	more	ADJ
fbem-7721	16	31	external	external	ADJ
fbem-7721	16	32	investors	investor	NOUN
fbem-7721	16	33	and	and	CCONJ
fbem-7721	16	34	improve	improve	VERB
fbem-7721	16	35	investors	investor	NOUN
fbem-7721	16	36	'	'	PART
fbem-7721	16	37	confidence	confidence	NOUN
fbem-7721	16	38	in	in	ADP
fbem-7721	16	39	the	the	DET
fbem-7721	16	40	enterprise	enterprise	NOUN
fbem-7721	16	41	.	.	PUNCT
fbem-7721	17	1	many	many	ADJ
fbem-7721	17	2	scholars	scholar	NOUN
fbem-7721	17	3	at	at	ADP
fbem-7721	17	4	home	home	ADV
fbem-7721	17	5	and	and	CCONJ
fbem-7721	17	6	abroad	abroad	ADV
fbem-7721	17	7	have	have	AUX
fbem-7721	17	8	studied	study	VERB
fbem-7721	17	9	the	the	DET
fbem-7721	17	10	relationship	relationship	NOUN
fbem-7721	17	11	between	between	ADP
fbem-7721	17	12	economic	economic	ADJ
fbem-7721	17	13	policy	policy	NOUN
fbem-7721	17	14	uncertainty	uncertainty	NOUN
fbem-7721	17	15	and	and	CCONJ
fbem-7721	17	16	cash	cash	NOUN
fbem-7721	17	17	dividend	dividend	NOUN
fbem-7721	17	18	policy	policy	NOUN
fbem-7721	17	19	,	,	PUNCT
fbem-7721	17	20	but	but	CCONJ
fbem-7721	17	21	the	the	DET
fbem-7721	17	22	conclusions	conclusion	NOUN
fbem-7721	17	23	are	be	AUX
fbem-7721	17	24	not	not	PART
fbem-7721	17	25	uniform	uniform	ADJ
fbem-7721	17	26	.	.	PUNCT
fbem-7721	18	1	on	on	ADP
fbem-7721	18	2	the	the	DET
fbem-7721	18	3	one	one	NUM
fbem-7721	18	4	hand	hand	NOUN
fbem-7721	18	5	,	,	PUNCT
fbem-7721	18	6	some	some	DET
fbem-7721	18	7	domestic	domestic	ADJ
fbem-7721	18	8	scholars	scholar	NOUN
fbem-7721	18	9	come	come	VERB
fbem-7721	18	10	to	to	ADP
fbem-7721	18	11	the	the	DET
fbem-7721	18	12	conclusion	conclusion	NOUN
fbem-7721	18	13	that	that	SCONJ
fbem-7721	18	14	the	the	DET
fbem-7721	18	15	uncertainty	uncertainty	NOUN
fbem-7721	18	16	of	of	ADP
fbem-7721	18	17	economic	economic	ADJ
fbem-7721	18	18	policy	policy	NOUN
fbem-7721	18	19	is	be	AUX
fbem-7721	18	20	negatively	negatively	ADV
fbem-7721	18	21	related	relate	VERB
fbem-7721	18	22	to	to	ADP
fbem-7721	18	23	the	the	DET
fbem-7721	18	24	payment	payment	NOUN
fbem-7721	18	25	of	of	ADP
fbem-7721	18	26	cash	cash	NOUN
fbem-7721	18	27	dividends	dividend	NOUN
fbem-7721	18	28	.	.	PUNCT
fbem-7721	19	1	among	among	ADP
fbem-7721	19	2	them	they	PRON
fbem-7721	19	3	,	,	PUNCT
fbem-7721	19	4	li	li	PROPN
fbem-7721	19	5	fengyu	fengyu	PROPN
fbem-7721	19	6	and	and	CCONJ
fbem-7721	19	7	other	other	ADJ
fbem-7721	19	8	scholars	scholar	NOUN
fbem-7721	19	9	(	(	PUNCT
fbem-7721	19	10	li	li	PROPN
fbem-7721	19	11	fengyu	fengyu	PROPN
fbem-7721	19	12	,	,	PUNCT
fbem-7721	19	13	shi	shi	PROPN
fbem-7721	19	14	yongdong	yongdong	PROPN
fbem-7721	19	15	2016	2016	NUM
fbem-7721	19	16	;	;	PUNCT
fbem-7721	19	17	han	han	PROPN
fbem-7721	19	18	tong	tong	PROPN
fbem-7721	19	19	,	,	PUNCT
fbem-7721	19	20	xu	xu	PROPN
fbem-7721	19	21	xiwen	xiwen	PROPN
fbem-7721	19	22	,	,	PUNCT
fbem-7721	19	23	yang	yang	PROPN
fbem-7721	19	24	haoyu	haoyu	PROPN
fbem-7721	19	25	2017	2017	NUM
fbem-7721	19	26	;	;	PUNCT
fbem-7721	19	27	chen	chen	PROPN
fbem-7721	19	28	yanyan	yanyan	PROPN
fbem-7721	19	29	,	,	PUNCT
fbem-7721	19	30	cheng	cheng	PROPN
fbem-7721	19	31	liubing	liube	VERB
fbem-7721	19	32	2018	2018	NUM
fbem-7721	19	33	;	;	PUNCT
fbem-7721	19	34	yao	yao	PROPN
fbem-7721	19	35	na	na	X
fbem-7721	19	36	(	(	PUNCT
fbem-7721	19	37	2019	2019	NUM
fbem-7721	19	38	)	)	PUNCT
fbem-7721	19	39	studies	study	NOUN
fbem-7721	19	40	the	the	DET
fbem-7721	19	41	relationship	relationship	NOUN
fbem-7721	19	42	between	between	ADP
fbem-7721	19	43	economic	economic	ADJ
fbem-7721	19	44	policy	policy	NOUN
fbem-7721	19	45	uncertainty	uncertainty	NOUN
fbem-7721	19	46	and	and	CCONJ
fbem-7721	19	47	cash	cash	NOUN
fbem-7721	19	48	holdings	holding	NOUN
fbem-7721	19	49	of	of	ADP
fbem-7721	19	50	enterprises	enterprise	NOUN
fbem-7721	19	51	,	,	PUNCT
fbem-7721	19	52	and	and	CCONJ
fbem-7721	19	53	draws	draw	VERB
fbem-7721	19	54	the	the	DET
fbem-7721	19	55	conclusion	conclusion	NOUN
fbem-7721	19	56	that	that	SCONJ
fbem-7721	19	57	enterprises	enterprise	NOUN
fbem-7721	19	58	will	will	AUX
fbem-7721	19	59	increase	increase	VERB
fbem-7721	19	60	cash	cash	NOUN
fbem-7721	19	61	holdings	holding	NOUN
fbem-7721	19	62	when	when	SCONJ
fbem-7721	19	63	economic	economic	ADJ
fbem-7721	19	64	policy	policy	NOUN
fbem-7721	19	65	uncertainty	uncertainty	NOUN
fbem-7721	19	66	increases	increase	VERB
fbem-7721	19	67	[	[	X
fbem-7721	19	68	1][2][4][5	1][2][4][5	NUM
fbem-7721	19	69	]	]	PUNCT
fbem-7721	19	70	,	,	PUNCT
fbem-7721	19	71	while	while	SCONJ
fbem-7721	19	72	shen	shen	PROPN
fbem-7721	19	73	chen	chen	PROPN
fbem-7721	19	74	(	(	PUNCT
fbem-7721	19	75	2018	2018	NUM
fbem-7721	19	76	)	)	PUNCT
fbem-7721	19	77	selects	select	VERB
fbem-7721	19	78	the	the	DET
fbem-7721	19	79	annual	annual	ADJ
fbem-7721	19	80	data	datum	NOUN
fbem-7721	19	81	of	of	ADP
fbem-7721	19	82	china	china	PROPN
fbem-7721	19	83	a	a	DET
fbem-7721	19	84	-	-	PUNCT
fbem-7721	19	85	share	share	NOUN
fbem-7721	19	86	listed	list	VERB
fbem-7721	19	87	companies	company	NOUN
fbem-7721	19	88	from	from	ADP
fbem-7721	19	89	2007	2007	NUM
fbem-7721	19	90	to	to	ADP
fbem-7721	19	91	2016	2016	NUM
fbem-7721	19	92	as	as	ADP
fbem-7721	19	93	the	the	DET
fbem-7721	19	94	research	research	NOUN
fbem-7721	19	95	sample	sample	NOUN
fbem-7721	19	96	,	,	PUNCT
fbem-7721	19	97	and	and	CCONJ
fbem-7721	19	98	through	through	ADP
fbem-7721	19	99	regression	regression	NOUN
fbem-7721	19	100	analysis	analysis	NOUN
fbem-7721	19	101	,	,	PUNCT
fbem-7721	19	102	it	it	PRON
fbem-7721	19	103	is	be	AUX
fbem-7721	19	104	concluded	conclude	VERB
fbem-7721	19	105	that	that	SCONJ
fbem-7721	19	106	economic	economic	ADJ
fbem-7721	19	107	policy	policy	NOUN
fbem-7721	19	108	uncertainty	uncertainty	NOUN
fbem-7721	19	109	will	will	AUX
fbem-7721	19	110	have	have	VERB
fbem-7721	19	111	a	a	DET
fbem-7721	19	112	negative	negative	ADJ
fbem-7721	19	113	impact	impact	NOUN
fbem-7721	19	114	on	on	ADP
fbem-7721	19	115	cash	cash	NOUN
fbem-7721	19	116	dividend	dividend	NOUN
fbem-7721	19	117	distribution	distribution	NOUN
fbem-7721	19	118	of	of	ADP
fbem-7721	19	119	enterprises	enterprise	NOUN
fbem-7721	19	120	.	.	PUNCT
fbem-7721	20	1	in	in	ADP
fbem-7721	20	2	addition	addition	NOUN
fbem-7721	20	3	,	,	PUNCT
fbem-7721	20	4	foreign	foreign	ADJ
fbem-7721	20	5	scholars	scholar	NOUN
fbem-7721	20	6	tran	tran	PROPN
fbem-7721	20	7	,	,	PUNCT
fbem-7721	20	8	d.v.(2020	d.v.(2020	PROPN
fbem-7721	20	9	)	)	PUNCT
fbem-7721	20	10	conducted	conduct	VERB
fbem-7721	20	11	a	a	DET
fbem-7721	20	12	study	study	NOUN
fbem-7721	20	13	on	on	ADP
fbem-7721	20	14	banking	banking	NOUN
fbem-7721	20	15	enterprises	enterprise	NOUN
fbem-7721	20	16	,	,	PUNCT
fbem-7721	20	17	and	and	CCONJ
fbem-7721	20	18	concluded	conclude	VERB
fbem-7721	20	19	that	that	SCONJ
fbem-7721	20	20	when	when	SCONJ
fbem-7721	20	21	faced	face	VERB
fbem-7721	20	22	with	with	ADP
fbem-7721	20	23	economic	economic	ADJ
fbem-7721	20	24	policy	policy	NOUN
fbem-7721	20	25	uncertainty	uncertainty	NOUN
fbem-7721	20	26	,	,	PUNCT
fbem-7721	20	27	banks	bank	NOUN
fbem-7721	20	28	became	become	VERB
fbem-7721	20	29	more	more	ADV
fbem-7721	20	30	cautious	cautious	ADJ
fbem-7721	20	31	and	and	CCONJ
fbem-7721	20	32	reduced	reduced	ADJ
fbem-7721	20	33	dividend	dividend	NOUN
fbem-7721	20	34	payments	payment	NOUN
fbem-7721	20	35	to	to	PART
fbem-7721	20	36	protect	protect	VERB
fbem-7721	20	37	resources	resource	NOUN
fbem-7721	20	38	and	and	CCONJ
fbem-7721	20	39	resist	resist	VERB
fbem-7721	20	40	potential	potential	ADJ
fbem-7721	20	41	adverse	adverse	ADJ
fbem-7721	20	42	financial	financial	ADJ
fbem-7721	20	43	shocks	shock	NOUN
fbem-7721	20	44	in	in	ADP
fbem-7721	20	45	uncertain	uncertain	ADJ
fbem-7721	20	46	times	time	NOUN
fbem-7721	21	1	[	[	X
fbem-7721	21	2	6	6	NUM
fbem-7721	21	3	]	]	PUNCT
fbem-7721	21	4	.	.	PUNCT
fbem-7721	22	1	on	on	ADP
fbem-7721	22	2	the	the	DET
fbem-7721	22	3	other	other	ADJ
fbem-7721	22	4	hand	hand	NOUN
fbem-7721	22	5	,	,	PUNCT
fbem-7721	22	6	some	some	DET
fbem-7721	22	7	scholars	scholar	NOUN
fbem-7721	22	8	believe	believe	VERB
fbem-7721	22	9	that	that	SCONJ
fbem-7721	22	10	the	the	DET
fbem-7721	22	11	uncertainty	uncertainty	NOUN
fbem-7721	22	12	of	of	ADP
fbem-7721	22	13	economic	economic	ADJ
fbem-7721	22	14	policy	policy	NOUN
fbem-7721	22	15	is	be	AUX
fbem-7721	22	16	positively	positively	ADV
fbem-7721	22	17	related	relate	VERB
fbem-7721	22	18	to	to	ADP
fbem-7721	22	19	the	the	DET
fbem-7721	22	20	cash	cash	NOUN
fbem-7721	22	21	dividend	dividend	NOUN
fbem-7721	22	22	of	of	ADP
fbem-7721	22	23	enterprises	enterprise	NOUN
fbem-7721	22	24	.	.	PUNCT
fbem-7721	23	1	liu	liu	PROPN
fbem-7721	23	2	bin	bin	PROPN
fbem-7721	23	3	(	(	PUNCT
fbem-7721	23	4	2018	2018	NUM
fbem-7721	23	5	)	)	PUNCT
fbem-7721	23	6	inferred	infer	VERB
fbem-7721	23	7	by	by	ADP
fbem-7721	23	8	analyzing	analyze	VERB
fbem-7721	23	9	the	the	DET
fbem-7721	23	10	empirical	empirical	ADJ
fbem-7721	23	11	data	datum	NOUN
fbem-7721	23	12	of	of	ADP
fbem-7721	23	13	listed	list	VERB
fbem-7721	23	14	companies	company	NOUN
fbem-7721	23	15	in	in	ADP
fbem-7721	23	16	china	china	PROPN
fbem-7721	23	17	's	's	PART
fbem-7721	23	18	main	main	ADJ
fbem-7721	23	19	board	board	NOUN
fbem-7721	23	20	and	and	CCONJ
fbem-7721	23	21	small	small	ADJ
fbem-7721	23	22	and	and	CCONJ
fbem-7721	23	23	medium	medium	ADJ
fbem-7721	23	24	-	-	PUNCT
fbem-7721	23	25	sized	sized	ADJ
fbem-7721	23	26	board	board	NOUN
fbem-7721	23	27	market	market	NOUN
fbem-7721	23	28	that	that	SCONJ
fbem-7721	23	29	when	when	SCONJ
fbem-7721	23	30	the	the	DET
fbem-7721	23	31	uncertainty	uncertainty	NOUN
fbem-7721	23	32	of	of	ADP
fbem-7721	23	33	economic	economic	ADJ
fbem-7721	23	34	policy	policy	NOUN
fbem-7721	23	35	rises	rise	NOUN
fbem-7721	23	36	,	,	PUNCT
fbem-7721	23	37	the	the	DET
fbem-7721	23	38	cash	cash	NOUN
fbem-7721	23	39	dividend	dividend	NOUN
fbem-7721	23	40	payment	payment	NOUN
fbem-7721	23	41	rate	rate	NOUN
fbem-7721	23	42	of	of	ADP
fbem-7721	23	43	enterprises	enterprise	NOUN
fbem-7721	23	44	rises	rise	VERB
fbem-7721	23	45	[	[	X
fbem-7721	23	46	7	7	NUM
fbem-7721	23	47	]	]	PUNCT
fbem-7721	23	48	.	.	PUNCT
fbem-7721	24	1	domestic	domestic	ADJ
fbem-7721	24	2	scholars	scholar	NOUN
fbem-7721	24	3	he	he	PRON
fbem-7721	24	4	baolu	baolu	X
fbem-7721	24	5	(	(	PUNCT
fbem-7721	24	6	2020	2020	NUM
fbem-7721	24	7	)	)	PUNCT
fbem-7721	24	8	and	and	CCONJ
fbem-7721	24	9	li	li	PROPN
fbem-7721	24	10	chunyun	chunyun	PROPN
fbem-7721	24	11	(	(	PUNCT
fbem-7721	24	12	2020	2020	NUM
fbem-7721	24	13	)	)	PUNCT
fbem-7721	24	14	believe	believe	VERB
fbem-7721	24	15	that	that	SCONJ
fbem-7721	24	16	enterprises	enterprise	NOUN
fbem-7721	24	17	will	will	AUX
fbem-7721	24	18	adopt	adopt	VERB
fbem-7721	24	19	a	a	DET
fbem-7721	24	20	more	more	ADV
fbem-7721	24	21	active	active	ADJ
fbem-7721	24	22	cash	cash	NOUN
fbem-7721	24	23	dividend	dividend	NOUN
fbem-7721	24	24	policy	policy	NOUN
fbem-7721	24	25	when	when	SCONJ
fbem-7721	24	26	the	the	DET
fbem-7721	24	27	uncertainty	uncertainty	NOUN
fbem-7721	24	28	of	of	ADP
fbem-7721	24	29	economic	economic	ADJ
fbem-7721	24	30	policy	policy	NOUN
fbem-7721	24	31	increases	increase	NOUN
fbem-7721	24	32	due	due	ADJ
fbem-7721	24	33	to	to	ADP
fbem-7721	24	34	agency	agency	NOUN
fbem-7721	24	35	problems	problem	NOUN
fbem-7721	24	36	[	[	X
fbem-7721	24	37	8][9	8][9	NOUN
fbem-7721	24	38	]	]	X
fbem-7721	24	39	.	.	PUNCT
fbem-7721	25	1	in	in	ADP
fbem-7721	25	2	addition	addition	NOUN
fbem-7721	25	3	,	,	PUNCT
fbem-7721	25	4	kai	kai	PROPN
fbem-7721	25	5	zhong	zhong	PROPN
fbem-7721	25	6	,	,	PUNCT
fbem-7721	25	7	liang	liang	PROPN
fbem-7721	25	8	peng	peng	PROPN
fbem-7721	25	9	and	and	CCONJ
fbem-7721	25	10	peng	peng	PROPN
fbem-7721	25	11	wen	wen	PROPN
fbem-7721	25	12	(	(	PUNCT
fbem-7721	25	13	2021	2021	NUM
fbem-7721	25	14	)	)	PUNCT
fbem-7721	25	15	made	make	VERB
fbem-7721	25	16	an	an	DET
fbem-7721	25	17	in	in	ADP
fbem-7721	25	18	-	-	PUNCT
fbem-7721	25	19	depth	depth	NOUN
fbem-7721	25	20	study	study	NOUN
fbem-7721	25	21	of	of	ADP
fbem-7721	25	22	the	the	DET
fbem-7721	25	23	impact	impact	NOUN
fbem-7721	25	24	56	56	NUM
fbem-7721	25	25	of	of	ADP
fbem-7721	25	26	monetary	monetary	ADJ
fbem-7721	25	27	policy	policy	NOUN
fbem-7721	25	28	uncertainty	uncertainty	NOUN
fbem-7721	25	29	on	on	ADP
fbem-7721	25	30	cash	cash	NOUN
fbem-7721	25	31	dividend	dividend	NOUN
fbem-7721	25	32	policy	policy	NOUN
fbem-7721	25	33	,	,	PUNCT
fbem-7721	25	34	and	and	CCONJ
fbem-7721	25	35	they	they	PRON
fbem-7721	25	36	found	find	VERB
fbem-7721	25	37	that	that	SCONJ
fbem-7721	25	38	monetary	monetary	ADJ
fbem-7721	25	39	policy	policy	NOUN
fbem-7721	25	40	uncertainty	uncertainty	NOUN
fbem-7721	25	41	will	will	AUX
fbem-7721	25	42	lead	lead	VERB
fbem-7721	25	43	to	to	ADP
fbem-7721	25	44	a	a	DET
fbem-7721	25	45	decline	decline	NOUN
fbem-7721	25	46	in	in	ADP
fbem-7721	25	47	the	the	DET
fbem-7721	25	48	level	level	NOUN
fbem-7721	25	49	of	of	ADP
fbem-7721	25	50	cash	cash	NOUN
fbem-7721	25	51	holdings	holding	NOUN
fbem-7721	25	52	of	of	ADP
fbem-7721	25	53	enterprises	enterprise	NOUN
fbem-7721	25	54	,	,	PUNCT
fbem-7721	25	55	because	because	SCONJ
fbem-7721	25	56	the	the	DET
fbem-7721	25	57	cash	cash	NOUN
fbem-7721	25	58	held	hold	VERB
fbem-7721	25	59	by	by	ADP
fbem-7721	25	60	enterprises	enterprise	NOUN
fbem-7721	25	61	is	be	AUX
fbem-7721	25	62	an	an	DET
fbem-7721	25	63	important	important	ADJ
fbem-7721	25	64	fund	fund	NOUN
fbem-7721	25	65	to	to	PART
fbem-7721	25	66	support	support	VERB
fbem-7721	25	67	cash	cash	NOUN
fbem-7721	25	68	dividend	dividend	NOUN
fbem-7721	25	69	distribution	distribution	NOUN
fbem-7721	25	70	during	during	ADP
fbem-7721	25	71	the	the	DET
fbem-7721	25	72	period	period	NOUN
fbem-7721	25	73	of	of	ADP
fbem-7721	25	74	high	high	ADJ
fbem-7721	25	75	monetary	monetary	ADJ
fbem-7721	25	76	policy	policy	NOUN
fbem-7721	25	77	uncertainty	uncertainty	NOUN
fbem-7721	25	78	[	[	X
fbem-7721	25	79	10	10	NUM
fbem-7721	25	80	]	]	PUNCT
fbem-7721	25	81	.	.	PUNCT
fbem-7721	26	1	attig	attig	PROPN
fbem-7721	26	2	,	,	PUNCT
fbem-7721	26	3	najah	najah	ADV
fbem-7721	26	4	et	et	PROPN
fbem-7721	26	5	al	al	PROPN
fbem-7721	26	6	.	.	PROPN
fbem-7721	26	7	(	(	PUNCT
fbem-7721	26	8	2021	2021	NUM
fbem-7721	26	9	)	)	PUNCT
fbem-7721	26	10	found	find	VERB
fbem-7721	26	11	that	that	SCONJ
fbem-7721	26	12	a	a	DET
fbem-7721	26	13	high	high	ADJ
fbem-7721	26	14	level	level	NOUN
fbem-7721	26	15	of	of	ADP
fbem-7721	26	16	economic	economic	ADJ
fbem-7721	26	17	policy	policy	NOUN
fbem-7721	26	18	uncertainty	uncertainty	NOUN
fbem-7721	26	19	(	(	PUNCT
fbem-7721	26	20	epu	epu	PROPN
fbem-7721	26	21	)	)	PUNCT
fbem-7721	26	22	is	be	AUX
fbem-7721	26	23	positively	positively	ADV
fbem-7721	26	24	correlated	correlate	VERB
fbem-7721	26	25	with	with	ADP
fbem-7721	26	26	dividend	dividend	NOUN
fbem-7721	26	27	payout	payout	NOUN
fbem-7721	26	28	by	by	ADP
fbem-7721	26	29	using	use	VERB
fbem-7721	26	30	data	datum	NOUN
fbem-7721	26	31	from	from	ADP
fbem-7721	26	32	19	19	NUM
fbem-7721	26	33	countries	country	NOUN
fbem-7721	26	34	[	[	X
fbem-7721	26	35	11	11	NUM
fbem-7721	26	36	]	]	PUNCT
fbem-7721	26	37	.	.	PUNCT
fbem-7721	27	1	the	the	DET
fbem-7721	27	2	relationship	relationship	NOUN
fbem-7721	27	3	between	between	ADP
fbem-7721	27	4	economic	economic	ADJ
fbem-7721	27	5	policy	policy	NOUN
fbem-7721	27	6	uncertainty	uncertainty	NOUN
fbem-7721	27	7	and	and	CCONJ
fbem-7721	27	8	cash	cash	NOUN
fbem-7721	27	9	dividend	dividend	NOUN
fbem-7721	27	10	policy	policy	NOUN
fbem-7721	27	11	is	be	AUX
fbem-7721	27	12	influenced	influence	VERB
fbem-7721	27	13	by	by	ADP
fbem-7721	27	14	many	many	ADJ
fbem-7721	27	15	factors	factor	NOUN
fbem-7721	27	16	.	.	PUNCT
fbem-7721	28	1	liu	liu	PROPN
fbem-7721	28	2	liwen	liwen	PROPN
fbem-7721	28	3	(	(	PUNCT
fbem-7721	28	4	2019	2019	NUM
fbem-7721	28	5	)	)	PUNCT
fbem-7721	28	6	first	first	ADV
fbem-7721	28	7	analyzed	analyze	VERB
fbem-7721	28	8	the	the	DET
fbem-7721	28	9	regression	regression	NOUN
fbem-7721	28	10	results	result	NOUN
fbem-7721	28	11	with	with	ADP
fbem-7721	28	12	different	different	ADJ
fbem-7721	28	13	property	property	NOUN
fbem-7721	28	14	rights	right	NOUN
fbem-7721	28	15	of	of	ADP
fbem-7721	28	16	enterprises	enterprise	NOUN
fbem-7721	28	17	as	as	ADP
fbem-7721	28	18	samples	sample	NOUN
fbem-7721	28	19	,	,	PUNCT
fbem-7721	28	20	and	and	CCONJ
fbem-7721	28	21	found	find	VERB
fbem-7721	28	22	that	that	SCONJ
fbem-7721	28	23	compared	compare	VERB
fbem-7721	28	24	with	with	ADP
fbem-7721	28	25	private	private	ADJ
fbem-7721	28	26	enterprises	enterprise	NOUN
fbem-7721	28	27	,	,	PUNCT
fbem-7721	28	28	the	the	DET
fbem-7721	28	29	degree	degree	NOUN
fbem-7721	28	30	of	of	ADP
fbem-7721	28	31	economic	economic	ADJ
fbem-7721	28	32	policy	policy	NOUN
fbem-7721	28	33	uncertainty	uncertainty	NOUN
fbem-7721	28	34	has	have	VERB
fbem-7721	28	35	a	a	DET
fbem-7721	28	36	stronger	strong	ADJ
fbem-7721	28	37	inhibitory	inhibitory	ADJ
fbem-7721	28	38	effect	effect	NOUN
fbem-7721	28	39	on	on	ADP
fbem-7721	28	40	cash	cash	NOUN
fbem-7721	28	41	dividends	dividend	NOUN
fbem-7721	28	42	in	in	ADP
fbem-7721	28	43	state	state	NOUN
fbem-7721	28	44	-	-	PUNCT
fbem-7721	28	45	owned	own	VERB
fbem-7721	28	46	enterprises	enterprise	NOUN
fbem-7721	28	47	.	.	PUNCT
fbem-7721	29	1	he	he	PRON
fbem-7721	29	2	believes	believe	VERB
fbem-7721	29	3	that	that	SCONJ
fbem-7721	29	4	it	it	PRON
fbem-7721	29	5	is	be	AUX
fbem-7721	29	6	because	because	SCONJ
fbem-7721	29	7	of	of	ADP
fbem-7721	29	8	the	the	DET
fbem-7721	29	9	problem	problem	NOUN
fbem-7721	29	10	of	of	ADP
fbem-7721	29	11	"	"	PUNCT
fbem-7721	29	12	absence	absence	NOUN
fbem-7721	29	13	of	of	ADP
fbem-7721	29	14	owners	owner	NOUN
fbem-7721	29	15	"	"	PUNCT
fbem-7721	29	16	in	in	ADP
fbem-7721	29	17	stateowned	stateowne	VERB
fbem-7721	29	18	enterprises	enterprise	NOUN
fbem-7721	29	19	in	in	ADP
fbem-7721	29	20	china	china	PROPN
fbem-7721	29	21	,	,	PUNCT
fbem-7721	29	22	and	and	CCONJ
fbem-7721	29	23	the	the	DET
fbem-7721	29	24	owner	owner	NOUN
fbem-7721	29	25	's	's	PART
fbem-7721	29	26	control	control	NOUN
fbem-7721	29	27	chain	chain	NOUN
fbem-7721	29	28	is	be	AUX
fbem-7721	29	29	long	long	ADJ
fbem-7721	29	30	.	.	PUNCT
fbem-7721	30	1	in	in	ADP
fbem-7721	30	2	the	the	DET
fbem-7721	30	3	face	face	NOUN
fbem-7721	30	4	of	of	ADP
fbem-7721	30	5	rising	rise	VERB
fbem-7721	30	6	economic	economic	ADJ
fbem-7721	30	7	policy	policy	NOUN
fbem-7721	30	8	uncertainty	uncertainty	NOUN
fbem-7721	30	9	,	,	PUNCT
fbem-7721	30	10	it	it	PRON
fbem-7721	30	11	is	be	AUX
fbem-7721	30	12	more	more	ADV
fbem-7721	30	13	difficult	difficult	ADJ
fbem-7721	30	14	for	for	SCONJ
fbem-7721	30	15	owners	owner	NOUN
fbem-7721	30	16	to	to	PART
fbem-7721	30	17	observe	observe	VERB
fbem-7721	30	18	the	the	DET
fbem-7721	30	19	efficiency	efficiency	NOUN
fbem-7721	30	20	and	and	CCONJ
fbem-7721	30	21	personal	personal	ADJ
fbem-7721	30	22	efforts	effort	NOUN
fbem-7721	30	23	of	of	ADP
fbem-7721	30	24	their	their	PRON
fbem-7721	30	25	investment	investment	NOUN
fbem-7721	30	26	decisions	decision	NOUN
fbem-7721	30	27	,	,	PUNCT
fbem-7721	30	28	thus	thus	ADV
fbem-7721	30	29	the	the	DET
fbem-7721	30	30	management	management	NOUN
fbem-7721	30	31	has	have	VERB
fbem-7721	30	32	greater	great	ADJ
fbem-7721	30	33	motivation[12	motivation[12	NOUN
fbem-7721	30	34	]	]	NOUN
fbem-7721	30	35	.	.	PUNCT
fbem-7721	31	1	b	b	X
fbem-7721	31	2	sarwar	sarwar	NOUN
fbem-7721	31	3	and	and	CCONJ
fbem-7721	31	4	m	m	PROPN
fbem-7721	31	5	hassan(2020	hassan(2020	NOUN
fbem-7721	31	6	)	)	PUNCT
fbem-7721	31	7	studied	study	VERB
fbem-7721	31	8	the	the	DET
fbem-7721	31	9	moderating	moderate	VERB
fbem-7721	31	10	effect	effect	NOUN
fbem-7721	31	11	of	of	ADP
fbem-7721	31	12	financial	financial	ADJ
fbem-7721	31	13	expertise	expertise	NOUN
fbem-7721	31	14	of	of	ADP
fbem-7721	31	15	the	the	DET
fbem-7721	31	16	board	board	NOUN
fbem-7721	31	17	of	of	ADP
fbem-7721	31	18	directors	director	NOUN
fbem-7721	31	19	on	on	ADP
fbem-7721	31	20	the	the	DET
fbem-7721	31	21	relationship	relationship	NOUN
fbem-7721	31	22	between	between	ADP
fbem-7721	31	23	them	they	PRON
fbem-7721	31	24	.	.	PUNCT
fbem-7721	32	1	by	by	ADP
fbem-7721	32	2	using	use	VERB
fbem-7721	32	3	logit	logit	PROPN
fbem-7721	32	4	model	model	NOUN
fbem-7721	32	5	,	,	PUNCT
fbem-7721	32	6	dividend	dividend	NOUN
fbem-7721	32	7	initiation	initiation	NOUN
fbem-7721	32	8	(	(	PUNCT
fbem-7721	32	9	di	di	NOUN
fbem-7721	32	10	)	)	PUNCT
fbem-7721	32	11	and	and	CCONJ
fbem-7721	32	12	dividend	dividend	NOUN
fbem-7721	32	13	termination	termination	NOUN
fbem-7721	32	14	(	(	PUNCT
fbem-7721	32	15	dt	dt	NOUN
fbem-7721	32	16	)	)	PUNCT
fbem-7721	32	17	were	be	AUX
fbem-7721	32	18	introduced	introduce	VERB
fbem-7721	32	19	.	.	PUNCT
fbem-7721	33	1	the	the	DET
fbem-7721	33	2	two	two	NUM
fbem-7721	33	3	scholars	scholar	NOUN
fbem-7721	33	4	found	find	VERB
fbem-7721	33	5	that	that	SCONJ
fbem-7721	33	6	maintaining	maintain	VERB
fbem-7721	33	7	a	a	DET
fbem-7721	33	8	high	high	ADJ
fbem-7721	33	9	level	level	NOUN
fbem-7721	33	10	of	of	ADP
fbem-7721	33	11	financial	financial	ADJ
fbem-7721	33	12	expertise	expertise	NOUN
fbem-7721	33	13	of	of	ADP
fbem-7721	33	14	the	the	DET
fbem-7721	33	15	board	board	NOUN
fbem-7721	33	16	of	of	ADP
fbem-7721	33	17	directors	director	NOUN
fbem-7721	33	18	is	be	AUX
fbem-7721	33	19	beneficial	beneficial	ADJ
fbem-7721	33	20	to	to	ADP
fbem-7721	33	21	reducing	reduce	VERB
fbem-7721	33	22	the	the	DET
fbem-7721	33	23	negative	negative	ADJ
fbem-7721	33	24	(	(	PUNCT
fbem-7721	33	25	positive	positive	ADJ
fbem-7721	33	26	)	)	PUNCT
fbem-7721	33	27	impact	impact	NOUN
fbem-7721	33	28	of	of	ADP
fbem-7721	33	29	economic	economic	ADJ
fbem-7721	33	30	policy	policy	NOUN
fbem-7721	33	31	uncertainty	uncertainty	NOUN
fbem-7721	33	32	on	on	ADP
fbem-7721	33	33	dividend	dividend	NOUN
fbem-7721	33	34	distribution	distribution	NOUN
fbem-7721	33	35	[	[	X
fbem-7721	33	36	13	13	NUM
fbem-7721	33	37	]	]	PUNCT
fbem-7721	33	38	.	.	PUNCT
fbem-7721	34	1	based	base	VERB
fbem-7721	34	2	on	on	ADP
fbem-7721	34	3	the	the	DET
fbem-7721	34	4	above	above	ADJ
fbem-7721	34	5	analysis	analysis	NOUN
fbem-7721	34	6	,	,	PUNCT
fbem-7721	34	7	we	we	PRON
fbem-7721	34	8	can	can	AUX
fbem-7721	34	9	find	find	VERB
fbem-7721	34	10	that	that	SCONJ
fbem-7721	34	11	economic	economic	ADJ
fbem-7721	34	12	policy	policy	NOUN
fbem-7721	34	13	uncertainty	uncertainty	NOUN
fbem-7721	34	14	,	,	PUNCT
fbem-7721	34	15	as	as	ADP
fbem-7721	34	16	a	a	DET
fbem-7721	34	17	new	new	ADJ
fbem-7721	34	18	research	research	NOUN
fbem-7721	34	19	direction	direction	NOUN
fbem-7721	34	20	,	,	PUNCT
fbem-7721	34	21	has	have	AUX
fbem-7721	34	22	been	be	AUX
fbem-7721	34	23	studied	study	VERB
fbem-7721	34	24	by	by	ADP
fbem-7721	34	25	many	many	ADJ
fbem-7721	34	26	scholars	scholar	NOUN
fbem-7721	34	27	at	at	ADP
fbem-7721	34	28	home	home	NOUN
fbem-7721	34	29	and	and	CCONJ
fbem-7721	34	30	abroad	abroad	ADV
fbem-7721	34	31	,	,	PUNCT
fbem-7721	34	32	but	but	CCONJ
fbem-7721	34	33	so	so	ADV
fbem-7721	34	34	far	far	ADV
fbem-7721	34	35	,	,	PUNCT
fbem-7721	34	36	the	the	DET
fbem-7721	34	37	impact	impact	NOUN
fbem-7721	34	38	of	of	ADP
fbem-7721	34	39	economic	economic	ADJ
fbem-7721	34	40	policy	policy	NOUN
fbem-7721	34	41	uncertainty	uncertainty	NOUN
fbem-7721	34	42	on	on	ADP
fbem-7721	34	43	corporate	corporate	ADJ
fbem-7721	34	44	cash	cash	NOUN
fbem-7721	34	45	dividend	dividend	NOUN
fbem-7721	34	46	policy	policy	NOUN
fbem-7721	34	47	is	be	AUX
fbem-7721	34	48	still	still	ADV
fbem-7721	34	49	in	in	ADP
fbem-7721	34	50	the	the	DET
fbem-7721	34	51	exploratory	exploratory	ADJ
fbem-7721	34	52	stage	stage	NOUN
fbem-7721	34	53	,	,	PUNCT
fbem-7721	34	54	and	and	CCONJ
fbem-7721	34	55	the	the	DET
fbem-7721	34	56	existing	exist	VERB
fbem-7721	34	57	research	research	NOUN
fbem-7721	34	58	on	on	ADP
fbem-7721	34	59	the	the	DET
fbem-7721	34	60	relationship	relationship	NOUN
fbem-7721	34	61	between	between	ADP
fbem-7721	34	62	the	the	DET
fbem-7721	34	63	two	two	NUM
fbem-7721	34	64	mainly	mainly	ADV
fbem-7721	34	65	focuses	focus	VERB
fbem-7721	34	66	on	on	ADP
fbem-7721	34	67	the	the	DET
fbem-7721	34	68	nature	nature	NOUN
fbem-7721	34	69	of	of	ADP
fbem-7721	34	70	enterprise	enterprise	NOUN
fbem-7721	34	71	property	property	NOUN
fbem-7721	34	72	rights	right	NOUN
fbem-7721	34	73	,	,	PUNCT
fbem-7721	34	74	enterprise	enterprise	NOUN
fbem-7721	34	75	life	life	NOUN
fbem-7721	34	76	cycle	cycle	NOUN
fbem-7721	34	77	,	,	PUNCT
fbem-7721	34	78	agency	agency	NOUN
fbem-7721	34	79	issues	issue	NOUN
fbem-7721	34	80	,	,	PUNCT
fbem-7721	34	81	etc	etc	X
fbem-7721	34	82	.	.	X
fbem-7721	34	83	,	,	PUNCT
fbem-7721	34	84	but	but	CCONJ
fbem-7721	34	85	there	there	PRON
fbem-7721	34	86	is	be	VERB
fbem-7721	34	87	a	a	DET
fbem-7721	34	88	lack	lack	NOUN
fbem-7721	34	89	of	of	ADP
fbem-7721	34	90	research	research	NOUN
fbem-7721	34	91	on	on	ADP
fbem-7721	34	92	the	the	DET
fbem-7721	34	93	adjustment	adjustment	NOUN
fbem-7721	34	94	and	and	CCONJ
fbem-7721	34	95	effect	effect	NOUN
fbem-7721	34	96	of	of	ADP
fbem-7721	34	97	financing	financing	NOUN
fbem-7721	34	98	constraints	constraint	NOUN
fbem-7721	34	99	.	.	PUNCT
fbem-7721	35	1	therefore	therefore	ADV
fbem-7721	35	2	,	,	PUNCT
fbem-7721	35	3	this	this	DET
fbem-7721	35	4	paper	paper	NOUN
fbem-7721	35	5	first	first	ADV
fbem-7721	35	6	studies	study	VERB
fbem-7721	35	7	the	the	DET
fbem-7721	35	8	relationship	relationship	NOUN
fbem-7721	35	9	between	between	ADP
fbem-7721	35	10	economic	economic	ADJ
fbem-7721	35	11	policy	policy	NOUN
fbem-7721	35	12	uncertainty	uncertainty	NOUN
fbem-7721	35	13	and	and	CCONJ
fbem-7721	35	14	cash	cash	NOUN
fbem-7721	35	15	dividend	dividend	NOUN
fbem-7721	35	16	payment	payment	NOUN
fbem-7721	35	17	of	of	ADP
fbem-7721	35	18	enterprises	enterprise	NOUN
fbem-7721	35	19	,	,	PUNCT
fbem-7721	35	20	and	and	CCONJ
fbem-7721	35	21	then	then	ADV
fbem-7721	35	22	studies	study	VERB
fbem-7721	35	23	the	the	DET
fbem-7721	35	24	intermediary	intermediary	ADJ
fbem-7721	35	25	role	role	NOUN
fbem-7721	35	26	of	of	ADP
fbem-7721	35	27	financing	financing	NOUN
fbem-7721	35	28	constraints	constraint	NOUN
fbem-7721	35	29	and	and	CCONJ
fbem-7721	35	30	the	the	DET
fbem-7721	35	31	influence	influence	NOUN
fbem-7721	35	32	of	of	ADP
fbem-7721	35	33	macroeconomic	macroeconomic	ADJ
fbem-7721	35	34	policy	policy	NOUN
fbem-7721	35	35	uncertainty	uncertainty	NOUN
fbem-7721	35	36	on	on	ADP
fbem-7721	35	37	cash	cash	NOUN
fbem-7721	35	38	dividend	dividend	NOUN
fbem-7721	35	39	policy	policy	NOUN
fbem-7721	35	40	of	of	ADP
fbem-7721	35	41	enterprises	enterprise	NOUN
fbem-7721	35	42	under	under	ADP
fbem-7721	35	43	different	different	ADJ
fbem-7721	35	44	growth	growth	NOUN
fbem-7721	35	45	conditions	condition	NOUN
fbem-7721	35	46	.	.	PUNCT
fbem-7721	36	1	2	2	X
fbem-7721	36	2	.	.	X
fbem-7721	36	3	theoretical	theoretical	ADJ
fbem-7721	36	4	analysis	analysis	NOUN
fbem-7721	36	5	and	and	CCONJ
fbem-7721	36	6	research	research	NOUN
fbem-7721	36	7	hypothesis	hypothesis	NOUN
fbem-7721	36	8	based	base	VERB
fbem-7721	36	9	on	on	ADP
fbem-7721	36	10	the	the	DET
fbem-7721	36	11	signal	signal	ADJ
fbem-7721	36	12	transmission	transmission	NOUN
fbem-7721	36	13	theory	theory	NOUN
fbem-7721	36	14	,	,	PUNCT
fbem-7721	36	15	investors	investor	NOUN
fbem-7721	36	16	often	often	ADV
fbem-7721	36	17	regard	regard	VERB
fbem-7721	36	18	the	the	DET
fbem-7721	36	19	dividend	dividend	NOUN
fbem-7721	36	20	policy	policy	NOUN
fbem-7721	36	21	of	of	ADP
fbem-7721	36	22	enterprises	enterprise	NOUN
fbem-7721	36	23	as	as	ADP
fbem-7721	36	24	a	a	DET
fbem-7721	36	25	reflection	reflection	NOUN
fbem-7721	36	26	of	of	ADP
fbem-7721	36	27	the	the	DET
fbem-7721	36	28	operating	operating	NOUN
fbem-7721	36	29	conditions	condition	NOUN
fbem-7721	36	30	of	of	ADP
fbem-7721	36	31	enterprises	enterprise	NOUN
fbem-7721	36	32	in	in	ADP
fbem-7721	36	33	order	order	NOUN
fbem-7721	36	34	to	to	PART
fbem-7721	36	35	make	make	VERB
fbem-7721	36	36	rational	rational	ADJ
fbem-7721	36	37	investment	investment	NOUN
fbem-7721	36	38	decisions	decision	NOUN
fbem-7721	36	39	.	.	PUNCT
fbem-7721	37	1	the	the	DET
fbem-7721	37	2	management	management	NOUN
fbem-7721	37	3	of	of	ADP
fbem-7721	37	4	the	the	DET
fbem-7721	37	5	enterprise	enterprise	NOUN
fbem-7721	37	6	sends	send	VERB
fbem-7721	37	7	good	good	ADJ
fbem-7721	37	8	information	information	NOUN
fbem-7721	37	9	to	to	ADP
fbem-7721	37	10	investors	investor	NOUN
fbem-7721	37	11	by	by	ADP
fbem-7721	37	12	issuing	issue	VERB
fbem-7721	37	13	cash	cash	NOUN
fbem-7721	37	14	dividends	dividend	NOUN
fbem-7721	37	15	.	.	PUNCT
fbem-7721	38	1	liu	liu	PROPN
fbem-7721	38	2	yujing	yujing	PROPN
fbem-7721	38	3	(	(	PUNCT
fbem-7721	38	4	2013	2013	NUM
fbem-7721	38	5	)	)	PUNCT
fbem-7721	38	6	pointed	point	VERB
fbem-7721	38	7	out	out	ADP
fbem-7721	38	8	that	that	SCONJ
fbem-7721	38	9	when	when	SCONJ
fbem-7721	38	10	the	the	DET
fbem-7721	38	11	company	company	NOUN
fbem-7721	38	12	has	have	VERB
fbem-7721	38	13	more	more	ADJ
fbem-7721	38	14	information	information	NOUN
fbem-7721	38	15	about	about	ADP
fbem-7721	38	16	future	future	ADJ
fbem-7721	38	17	investment	investment	NOUN
fbem-7721	38	18	opportunities	opportunity	NOUN
fbem-7721	38	19	,	,	PUNCT
fbem-7721	38	20	profit	profit	NOUN
fbem-7721	38	21	prospects	prospect	NOUN
fbem-7721	38	22	and	and	CCONJ
fbem-7721	38	23	abundant	abundant	ADJ
fbem-7721	38	24	cash	cash	NOUN
fbem-7721	38	25	flow	flow	NOUN
fbem-7721	38	26	,	,	PUNCT
fbem-7721	38	27	the	the	DET
fbem-7721	38	28	management	management	NOUN
fbem-7721	38	29	authorities	authority	NOUN
fbem-7721	38	30	will	will	AUX
fbem-7721	38	31	choose	choose	VERB
fbem-7721	38	32	to	to	PART
fbem-7721	38	33	increase	increase	VERB
fbem-7721	38	34	the	the	DET
fbem-7721	38	35	dividend	dividend	NOUN
fbem-7721	38	36	payment	payment	NOUN
fbem-7721	38	37	rate	rate	NOUN
fbem-7721	38	38	to	to	PART
fbem-7721	38	39	tell	tell	VERB
fbem-7721	38	40	shareholders	shareholder	NOUN
fbem-7721	38	41	and	and	CCONJ
fbem-7721	38	42	potential	potential	ADJ
fbem-7721	38	43	investors	investor	NOUN
fbem-7721	38	44	;	;	PUNCT
fbem-7721	38	45	on	on	ADP
fbem-7721	38	46	the	the	DET
fbem-7721	38	47	other	other	ADJ
fbem-7721	38	48	hand	hand	NOUN
fbem-7721	38	49	,	,	PUNCT
fbem-7721	38	50	when	when	SCONJ
fbem-7721	38	51	there	there	PRON
fbem-7721	38	52	is	be	VERB
fbem-7721	38	53	a	a	DET
fbem-7721	38	54	lack	lack	NOUN
fbem-7721	38	55	of	of	ADP
fbem-7721	38	56	investment	investment	NOUN
fbem-7721	38	57	opportunities	opportunity	NOUN
fbem-7721	38	58	and	and	CCONJ
fbem-7721	38	59	confidence	confidence	NOUN
fbem-7721	38	60	in	in	ADP
fbem-7721	38	61	the	the	DET
fbem-7721	38	62	future	future	ADJ
fbem-7721	38	63	business	business	NOUN
fbem-7721	38	64	development	development	NOUN
fbem-7721	38	65	of	of	ADP
fbem-7721	38	66	the	the	DET
fbem-7721	38	67	enterprise	enterprise	NOUN
fbem-7721	38	68	,	,	PUNCT
fbem-7721	38	69	the	the	DET
fbem-7721	38	70	signal	signal	NOUN
fbem-7721	38	71	released	release	VERB
fbem-7721	38	72	by	by	ADP
fbem-7721	38	73	the	the	DET
fbem-7721	38	74	management	management	NOUN
fbem-7721	38	75	to	to	PART
fbem-7721	38	76	reduce	reduce	VERB
fbem-7721	38	77	the	the	DET
fbem-7721	38	78	dividend	dividend	NOUN
fbem-7721	38	79	level	level	NOUN
fbem-7721	38	80	will	will	AUX
fbem-7721	38	81	also	also	ADV
fbem-7721	38	82	be	be	AUX
fbem-7721	38	83	received	receive	VERB
fbem-7721	38	84	by	by	ADP
fbem-7721	38	85	the	the	DET
fbem-7721	38	86	outside	outside	ADJ
fbem-7721	38	87	world	world	NOUN
fbem-7721	38	88	,	,	PUNCT
fbem-7721	38	89	and	and	CCONJ
fbem-7721	38	90	the	the	DET
fbem-7721	38	91	stock	stock	NOUN
fbem-7721	38	92	price	price	NOUN
fbem-7721	38	93	may	may	AUX
fbem-7721	38	94	therefore	therefore	ADV
fbem-7721	38	95	fall	fall	VERB
fbem-7721	38	96	[	[	X
fbem-7721	38	97	14	14	NUM
fbem-7721	38	98	]	]	PUNCT
fbem-7721	38	99	.	.	PUNCT
fbem-7721	39	1	therefore	therefore	ADV
fbem-7721	39	2	,	,	PUNCT
fbem-7721	39	3	yang	yang	PROPN
fbem-7721	39	4	yuchen	yuchen	PROPN
fbem-7721	39	5	(	(	PUNCT
fbem-7721	39	6	2021	2021	NUM
fbem-7721	39	7	)	)	PUNCT
fbem-7721	39	8	thinks	think	VERB
fbem-7721	39	9	that	that	SCONJ
fbem-7721	39	10	when	when	SCONJ
fbem-7721	39	11	an	an	DET
fbem-7721	39	12	enterprise	enterprise	NOUN
fbem-7721	39	13	is	be	AUX
fbem-7721	39	14	faced	face	VERB
fbem-7721	39	15	with	with	ADP
fbem-7721	39	16	uncertainty	uncertainty	NOUN
fbem-7721	39	17	,	,	PUNCT
fbem-7721	39	18	the	the	DET
fbem-7721	39	19	management	management	NOUN
fbem-7721	39	20	's	's	PART
fbem-7721	39	21	prediction	prediction	NOUN
fbem-7721	39	22	of	of	ADP
fbem-7721	39	23	the	the	DET
fbem-7721	39	24	future	future	ADJ
fbem-7721	39	25	economic	economic	ADJ
fbem-7721	39	26	prospects	prospect	NOUN
fbem-7721	39	27	will	will	AUX
fbem-7721	39	28	become	become	VERB
fbem-7721	39	29	pessimistic	pessimistic	ADJ
fbem-7721	39	30	,	,	PUNCT
fbem-7721	39	31	and	and	CCONJ
fbem-7721	39	32	the	the	DET
fbem-7721	39	33	company	company	NOUN
fbem-7721	39	34	's	's	PART
fbem-7721	39	35	dividend	dividend	NOUN
fbem-7721	39	36	policy	policy	NOUN
fbem-7721	39	37	will	will	AUX
fbem-7721	39	38	also	also	ADV
fbem-7721	39	39	change	change	VERB
fbem-7721	39	40	accordingly	accordingly	ADV
fbem-7721	39	41	[	[	X
fbem-7721	39	42	16	16	NUM
fbem-7721	39	43	]	]	PUNCT
fbem-7721	39	44	.	.	PUNCT
fbem-7721	40	1	li	li	PROPN
fbem-7721	40	2	demei	demei	PROPN
fbem-7721	40	3	(	(	PUNCT
fbem-7721	40	4	2021	2021	NUM
fbem-7721	40	5	)	)	PUNCT
fbem-7721	40	6	also	also	ADV
fbem-7721	40	7	proposed	propose	VERB
fbem-7721	40	8	that	that	SCONJ
fbem-7721	40	9	when	when	SCONJ
fbem-7721	40	10	the	the	DET
fbem-7721	40	11	uncertainty	uncertainty	NOUN
fbem-7721	40	12	of	of	ADP
fbem-7721	40	13	economic	economic	ADJ
fbem-7721	40	14	policy	policy	NOUN
fbem-7721	40	15	intensifies	intensifie	NOUN
fbem-7721	40	16	,	,	PUNCT
fbem-7721	40	17	in	in	ADP
fbem-7721	40	18	order	order	NOUN
fbem-7721	40	19	to	to	PART
fbem-7721	40	20	cater	cater	VERB
fbem-7721	40	21	to	to	ADP
fbem-7721	40	22	investors	investor	NOUN
fbem-7721	40	23	'	'	PART
fbem-7721	40	24	preferences	preference	NOUN
fbem-7721	40	25	,	,	PUNCT
fbem-7721	40	26	reduce	reduce	VERB
fbem-7721	40	27	the	the	DET
fbem-7721	40	28	perceived	perceive	VERB
fbem-7721	40	29	investment	investment	NOUN
fbem-7721	40	30	risk	risk	NOUN
fbem-7721	40	31	of	of	ADP
fbem-7721	40	32	investors	investor	NOUN
fbem-7721	40	33	and	and	CCONJ
fbem-7721	40	34	stabilize	stabilize	VERB
fbem-7721	40	35	the	the	DET
fbem-7721	40	36	stock	stock	NOUN
fbem-7721	40	37	price	price	NOUN
fbem-7721	40	38	,	,	PUNCT
fbem-7721	40	39	enterprises	enterprise	NOUN
fbem-7721	40	40	will	will	AUX
fbem-7721	40	41	also	also	ADV
fbem-7721	40	42	increase	increase	VERB
fbem-7721	40	43	the	the	DET
fbem-7721	40	44	payment	payment	NOUN
fbem-7721	40	45	of	of	ADP
fbem-7721	40	46	cash	cash	NOUN
fbem-7721	40	47	dividends	dividend	NOUN
fbem-7721	40	48	[	[	X
fbem-7721	40	49	17	17	NUM
fbem-7721	40	50	]	]	PUNCT
fbem-7721	40	51	.	.	PUNCT
fbem-7721	41	1	therefore	therefore	ADV
fbem-7721	41	2	,	,	PUNCT
fbem-7721	41	3	based	base	VERB
fbem-7721	41	4	on	on	ADP
fbem-7721	41	5	the	the	DET
fbem-7721	41	6	signaling	signal	VERB
fbem-7721	41	7	theory	theory	NOUN
fbem-7721	41	8	,	,	PUNCT
fbem-7721	41	9	this	this	DET
fbem-7721	41	10	paper	paper	NOUN
fbem-7721	41	11	assumes	assume	VERB
fbem-7721	41	12	that	that	SCONJ
fbem-7721	41	13	when	when	SCONJ
fbem-7721	41	14	the	the	DET
fbem-7721	41	15	uncertainty	uncertainty	NOUN
fbem-7721	41	16	of	of	ADP
fbem-7721	41	17	macroeconomic	macroeconomic	ADJ
fbem-7721	41	18	policies	policy	NOUN
fbem-7721	41	19	increases	increase	NOUN
fbem-7721	41	20	,	,	PUNCT
fbem-7721	41	21	the	the	DET
fbem-7721	41	22	management	management	NOUN
fbem-7721	41	23	of	of	ADP
fbem-7721	41	24	enterprises	enterprise	NOUN
fbem-7721	41	25	will	will	AUX
fbem-7721	41	26	pay	pay	VERB
fbem-7721	41	27	more	more	ADJ
fbem-7721	41	28	cash	cash	NOUN
fbem-7721	41	29	dividends	dividend	NOUN
fbem-7721	41	30	in	in	ADP
fbem-7721	41	31	order	order	NOUN
fbem-7721	41	32	to	to	PART
fbem-7721	41	33	stabilize	stabilize	VERB
fbem-7721	41	34	the	the	DET
fbem-7721	41	35	stock	stock	NOUN
fbem-7721	41	36	price	price	NOUN
fbem-7721	41	37	and	and	CCONJ
fbem-7721	41	38	send	send	VERB
fbem-7721	41	39	good	good	ADJ
fbem-7721	41	40	information	information	NOUN
fbem-7721	41	41	to	to	ADP
fbem-7721	41	42	investors	investor	NOUN
fbem-7721	41	43	.	.	PUNCT
fbem-7721	42	1	based	base	VERB
fbem-7721	42	2	on	on	ADP
fbem-7721	42	3	the	the	DET
fbem-7721	42	4	above	above	ADJ
fbem-7721	42	5	analysis	analysis	NOUN
fbem-7721	42	6	,	,	PUNCT
fbem-7721	42	7	hypothesis	hypothesis	NOUN
fbem-7721	42	8	h1	h1	NOUN
fbem-7721	42	9	is	be	AUX
fbem-7721	42	10	proposed	propose	VERB
fbem-7721	42	11	.	.	PUNCT
fbem-7721	43	1	h1	h1	PROPN
fbem-7721	43	2	:	:	PUNCT
fbem-7721	43	3	uncertainty	uncertainty	NOUN
fbem-7721	43	4	of	of	ADP
fbem-7721	43	5	economic	economic	ADJ
fbem-7721	43	6	policy	policy	NOUN
fbem-7721	43	7	will	will	AUX
fbem-7721	43	8	have	have	VERB
fbem-7721	43	9	a	a	DET
fbem-7721	43	10	positive	positive	ADJ
fbem-7721	43	11	impact	impact	NOUN
fbem-7721	43	12	on	on	ADP
fbem-7721	43	13	cash	cash	NOUN
fbem-7721	43	14	dividend	dividend	NOUN
fbem-7721	43	15	distribution	distribution	NOUN
fbem-7721	43	16	of	of	ADP
fbem-7721	43	17	enterprises	enterprise	NOUN
fbem-7721	43	18	.	.	PUNCT
fbem-7721	44	1	the	the	DET
fbem-7721	44	2	theory	theory	NOUN
fbem-7721	44	3	of	of	ADP
fbem-7721	44	4	financing	financing	NOUN
fbem-7721	44	5	constraint	constraint	NOUN
fbem-7721	44	6	was	be	AUX
fbem-7721	44	7	first	first	ADV
fbem-7721	44	8	put	put	VERB
fbem-7721	44	9	forward	forward	ADV
fbem-7721	44	10	by	by	ADP
fbem-7721	44	11	robert	robert	PROPN
fbem-7721	44	12	blank	blank	PROPN
fbem-7721	44	13	,	,	PUNCT
fbem-7721	44	14	which	which	PRON
fbem-7721	44	15	is	be	AUX
fbem-7721	44	16	a	a	DET
fbem-7721	44	17	theory	theory	NOUN
fbem-7721	44	18	used	use	VERB
fbem-7721	44	19	to	to	PART
fbem-7721	44	20	describe	describe	VERB
fbem-7721	44	21	the	the	DET
fbem-7721	44	22	financing	financing	NOUN
fbem-7721	44	23	behavior	behavior	NOUN
fbem-7721	44	24	and	and	CCONJ
fbem-7721	44	25	financial	financial	ADJ
fbem-7721	44	26	situation	situation	NOUN
fbem-7721	44	27	of	of	ADP
fbem-7721	44	28	enterprises	enterprise	NOUN
fbem-7721	44	29	.	.	PUNCT
fbem-7721	45	1	based	base	VERB
fbem-7721	45	2	on	on	ADP
fbem-7721	45	3	this	this	DET
fbem-7721	45	4	theory	theory	NOUN
fbem-7721	45	5	,	,	PUNCT
fbem-7721	45	6	chen	chen	PROPN
fbem-7721	45	7	junlan	junlan	PROPN
fbem-7721	45	8	(	(	PUNCT
fbem-7721	45	9	2022	2022	NUM
fbem-7721	45	10	)	)	PUNCT
fbem-7721	45	11	thinks	think	VERB
fbem-7721	45	12	that	that	SCONJ
fbem-7721	45	13	the	the	DET
fbem-7721	45	14	forms	form	NOUN
fbem-7721	45	15	of	of	ADP
fbem-7721	45	16	corporate	corporate	ADJ
fbem-7721	45	17	financing	financing	NOUN
fbem-7721	45	18	are	be	AUX
fbem-7721	45	19	external	external	ADJ
fbem-7721	45	20	financing	financing	NOUN
fbem-7721	45	21	with	with	ADP
fbem-7721	45	22	debt	debt	NOUN
fbem-7721	45	23	financing	financing	NOUN
fbem-7721	45	24	(	(	PUNCT
fbem-7721	45	25	bank	bank	NOUN
fbem-7721	45	26	credit	credit	NOUN
fbem-7721	45	27	)	)	PUNCT
fbem-7721	45	28	and	and	CCONJ
fbem-7721	45	29	equity	equity	NOUN
fbem-7721	45	30	financing	financing	NOUN
fbem-7721	45	31	(	(	PUNCT
fbem-7721	45	32	margin	margin	NOUN
fbem-7721	45	33	financing	financing	NOUN
fbem-7721	45	34	and	and	CCONJ
fbem-7721	45	35	securities	security	NOUN
fbem-7721	45	36	lending	lending	NOUN
fbem-7721	45	37	)	)	PUNCT
fbem-7721	45	38	and	and	CCONJ
fbem-7721	45	39	internal	internal	ADJ
fbem-7721	45	40	financing	financing	NOUN
fbem-7721	45	41	with	with	ADP
fbem-7721	45	42	internal	internal	ADJ
fbem-7721	45	43	operating	operating	NOUN
fbem-7721	45	44	profit	profit	NOUN
fbem-7721	45	45	as	as	ADP
fbem-7721	45	46	specific	specific	ADJ
fbem-7721	45	47	typical	typical	ADJ
fbem-7721	45	48	[	[	X
fbem-7721	45	49	15	15	NUM
fbem-7721	45	50	]	]	PUNCT
fbem-7721	45	51	.	.	PUNCT
fbem-7721	46	1	although	although	SCONJ
fbem-7721	46	2	,	,	PUNCT
fbem-7721	46	3	under	under	ADP
fbem-7721	46	4	the	the	DET
fbem-7721	46	5	conditional	conditional	ADJ
fbem-7721	46	6	assumption	assumption	NOUN
fbem-7721	46	7	of	of	ADP
fbem-7721	46	8	mm	mm	PROPN
fbem-7721	46	9	theory	theory	NOUN
fbem-7721	46	10	,	,	PUNCT
fbem-7721	46	11	the	the	DET
fbem-7721	46	12	internal	internal	ADJ
fbem-7721	46	13	and	and	CCONJ
fbem-7721	46	14	external	external	ADJ
fbem-7721	46	15	financing	financing	NOUN
fbem-7721	46	16	situation	situation	NOUN
fbem-7721	46	17	of	of	ADP
fbem-7721	46	18	enterprises	enterprise	NOUN
fbem-7721	46	19	will	will	AUX
fbem-7721	46	20	not	not	PART
fbem-7721	46	21	affect	affect	VERB
fbem-7721	46	22	their	their	PRON
fbem-7721	46	23	development	development	NOUN
fbem-7721	46	24	,	,	PUNCT
fbem-7721	46	25	in	in	ADP
fbem-7721	46	26	reality	reality	NOUN
fbem-7721	46	27	,	,	PUNCT
fbem-7721	46	28	the	the	DET
fbem-7721	46	29	investment	investment	NOUN
fbem-7721	46	30	decision	decision	NOUN
fbem-7721	46	31	of	of	ADP
fbem-7721	46	32	enterprises	enterprise	NOUN
fbem-7721	46	33	will	will	AUX
fbem-7721	46	34	also	also	ADV
fbem-7721	46	35	be	be	AUX
fbem-7721	46	36	limited	limit	VERB
fbem-7721	46	37	by	by	ADP
fbem-7721	46	38	financing	finance	VERB
fbem-7721	46	39	constraints	constraint	NOUN
fbem-7721	46	40	.	.	PUNCT
fbem-7721	47	1	when	when	SCONJ
fbem-7721	47	2	the	the	DET
fbem-7721	47	3	financing	financing	NOUN
fbem-7721	47	4	constraints	constraint	NOUN
fbem-7721	47	5	faced	face	VERB
fbem-7721	47	6	by	by	ADP
fbem-7721	47	7	enterprises	enterprise	NOUN
fbem-7721	47	8	are	be	AUX
fbem-7721	47	9	higher	high	ADJ
fbem-7721	47	10	,	,	PUNCT
fbem-7721	47	11	the	the	DET
fbem-7721	47	12	financing	financing	NOUN
fbem-7721	47	13	channels	channel	NOUN
fbem-7721	47	14	of	of	ADP
fbem-7721	47	15	enterprises	enterprise	NOUN
fbem-7721	47	16	become	become	VERB
fbem-7721	47	17	narrower	narrow	ADJ
fbem-7721	47	18	and	and	CCONJ
fbem-7721	47	19	the	the	DET
fbem-7721	47	20	financing	financing	NOUN
fbem-7721	47	21	costs	cost	NOUN
fbem-7721	47	22	increase	increase	VERB
fbem-7721	47	23	.	.	PUNCT
fbem-7721	48	1	in	in	ADP
fbem-7721	48	2	order	order	NOUN
fbem-7721	48	3	to	to	PART
fbem-7721	48	4	alleviate	alleviate	VERB
fbem-7721	48	5	this	this	DET
fbem-7721	48	6	situation	situation	NOUN
fbem-7721	48	7	,	,	PUNCT
fbem-7721	48	8	enterprise	enterprise	NOUN
fbem-7721	48	9	management	management	NOUN
fbem-7721	48	10	will	will	AUX
fbem-7721	48	11	be	be	AUX
fbem-7721	48	12	more	more	ADV
fbem-7721	48	13	inclined	inclined	ADJ
fbem-7721	48	14	to	to	PART
fbem-7721	48	15	carry	carry	VERB
fbem-7721	48	16	out	out	ADP
fbem-7721	48	17	equity	equity	NOUN
fbem-7721	48	18	financing	financing	NOUN
fbem-7721	48	19	and	and	CCONJ
fbem-7721	48	20	absorb	absorb	VERB
fbem-7721	48	21	more	more	ADV
fbem-7721	48	22	external	external	ADJ
fbem-7721	48	23	investment	investment	NOUN
fbem-7721	48	24	.	.	PUNCT
fbem-7721	49	1	at	at	ADP
fbem-7721	49	2	this	this	DET
fbem-7721	49	3	time	time	NOUN
fbem-7721	49	4	,	,	PUNCT
fbem-7721	49	5	enterprises	enterprise	NOUN
fbem-7721	49	6	need	need	VERB
fbem-7721	49	7	to	to	PART
fbem-7721	49	8	establish	establish	VERB
fbem-7721	49	9	a	a	DET
fbem-7721	49	10	good	good	ADJ
fbem-7721	49	11	reputation	reputation	NOUN
fbem-7721	49	12	to	to	PART
fbem-7721	49	13	gain	gain	VERB
fbem-7721	49	14	the	the	DET
fbem-7721	49	15	trust	trust	NOUN
fbem-7721	49	16	of	of	ADP
fbem-7721	49	17	investors	investor	NOUN
fbem-7721	49	18	.	.	PUNCT
fbem-7721	50	1	therefore	therefore	ADV
fbem-7721	50	2	,	,	PUNCT
fbem-7721	50	3	companies	company	NOUN
fbem-7721	50	4	with	with	ADP
fbem-7721	50	5	high	high	ADJ
fbem-7721	50	6	financing	financing	NOUN
fbem-7721	50	7	constraints	constraint	NOUN
fbem-7721	50	8	are	be	AUX
fbem-7721	50	9	more	more	ADV
fbem-7721	50	10	likely	likely	ADJ
fbem-7721	50	11	to	to	PART
fbem-7721	50	12	send	send	VERB
fbem-7721	50	13	a	a	DET
fbem-7721	50	14	positive	positive	ADJ
fbem-7721	50	15	signal	signal	NOUN
fbem-7721	50	16	to	to	ADP
fbem-7721	50	17	the	the	DET
fbem-7721	50	18	outside	outside	NOUN
fbem-7721	50	19	of	of	ADP
fbem-7721	50	20	the	the	DET
fbem-7721	50	21	company	company	NOUN
fbem-7721	50	22	through	through	ADP
fbem-7721	50	23	a	a	DET
fbem-7721	50	24	stable	stable	ADJ
fbem-7721	50	25	dividend	dividend	NOUN
fbem-7721	50	26	policy	policy	NOUN
fbem-7721	50	27	and	and	CCONJ
fbem-7721	50	28	attract	attract	VERB
fbem-7721	50	29	external	external	ADJ
fbem-7721	50	30	investors	investor	NOUN
fbem-7721	50	31	.	.	PUNCT
fbem-7721	51	1	based	base	VERB
fbem-7721	51	2	on	on	ADP
fbem-7721	51	3	financing	financing	NOUN
fbem-7721	51	4	constraint	constraint	NOUN
fbem-7721	51	5	theory	theory	NOUN
fbem-7721	51	6	,	,	PUNCT
fbem-7721	51	7	hypothesis	hypothesis	NOUN
fbem-7721	51	8	h2	h2	NOUN
fbem-7721	51	9	is	be	AUX
fbem-7721	51	10	proposed	propose	VERB
fbem-7721	51	11	.	.	PUNCT
fbem-7721	52	1	h2	h2	NOUN
fbem-7721	52	2	:	:	PUNCT
fbem-7721	52	3	financing	financing	NOUN
fbem-7721	52	4	constraints	constraint	NOUN
fbem-7721	52	5	positively	positively	ADV
fbem-7721	52	6	regulate	regulate	VERB
fbem-7721	52	7	the	the	DET
fbem-7721	52	8	impact	impact	NOUN
fbem-7721	52	9	of	of	ADP
fbem-7721	52	10	economic	economic	ADJ
fbem-7721	52	11	policy	policy	NOUN
fbem-7721	52	12	uncertainty	uncertainty	NOUN
fbem-7721	52	13	on	on	ADP
fbem-7721	52	14	cash	cash	NOUN
fbem-7721	52	15	dividends	dividend	NOUN
fbem-7721	52	16	.	.	PUNCT
fbem-7721	53	1	from	from	ADP
fbem-7721	53	2	the	the	DET
fbem-7721	53	3	perspective	perspective	NOUN
fbem-7721	53	4	of	of	ADP
fbem-7721	53	5	enterprise	enterprise	NOUN
fbem-7721	53	6	growth	growth	NOUN
fbem-7721	53	7	,	,	PUNCT
fbem-7721	53	8	enterprises	enterprise	NOUN
fbem-7721	53	9	with	with	ADP
fbem-7721	53	10	high	high	ADJ
fbem-7721	53	11	growth	growth	NOUN
fbem-7721	53	12	have	have	VERB
fbem-7721	53	13	more	more	ADJ
fbem-7721	53	14	room	room	NOUN
fbem-7721	53	15	for	for	ADP
fbem-7721	53	16	growth	growth	NOUN
fbem-7721	53	17	and	and	CCONJ
fbem-7721	53	18	more	more	ADJ
fbem-7721	53	19	investment	investment	NOUN
fbem-7721	53	20	opportunities	opportunity	NOUN
fbem-7721	53	21	.	.	PUNCT
fbem-7721	54	1	in	in	ADP
fbem-7721	54	2	this	this	DET
fbem-7721	54	3	case	case	NOUN
fbem-7721	54	4	,	,	PUNCT
fbem-7721	54	5	enterprises	enterprise	NOUN
fbem-7721	54	6	need	need	VERB
fbem-7721	54	7	more	more	ADJ
fbem-7721	54	8	funds	fund	NOUN
fbem-7721	54	9	.	.	PUNCT
fbem-7721	55	1	however	however	ADV
fbem-7721	55	2	,	,	PUNCT
fbem-7721	55	3	most	most	ADJ
fbem-7721	55	4	of	of	ADP
fbem-7721	55	5	these	these	DET
fbem-7721	55	6	enterprises	enterprise	NOUN
fbem-7721	55	7	are	be	AUX
fbem-7721	55	8	in	in	ADP
fbem-7721	55	9	the	the	DET
fbem-7721	55	10	initial	initial	ADJ
fbem-7721	55	11	stage	stage	NOUN
fbem-7721	55	12	,	,	PUNCT
fbem-7721	55	13	with	with	ADP
fbem-7721	55	14	a	a	DET
fbem-7721	55	15	high	high	ADJ
fbem-7721	55	16	degree	degree	NOUN
fbem-7721	55	17	of	of	ADP
fbem-7721	55	18	financing	financing	NOUN
fbem-7721	55	19	constraints	constraint	NOUN
fbem-7721	55	20	.	.	PUNCT
fbem-7721	56	1	at	at	ADP
fbem-7721	56	2	this	this	DET
fbem-7721	56	3	time	time	NOUN
fbem-7721	56	4	,	,	PUNCT
fbem-7721	56	5	the	the	DET
fbem-7721	56	6	main	main	ADJ
fbem-7721	56	7	source	source	NOUN
fbem-7721	56	8	of	of	ADP
fbem-7721	56	9	funds	fund	NOUN
fbem-7721	56	10	for	for	ADP
fbem-7721	56	11	enterprises	enterprise	NOUN
fbem-7721	56	12	is	be	AUX
fbem-7721	56	13	to	to	PART
fbem-7721	56	14	absorb	absorb	VERB
fbem-7721	56	15	external	external	ADJ
fbem-7721	56	16	equity	equity	NOUN
fbem-7721	56	17	investment	investment	NOUN
fbem-7721	56	18	,	,	PUNCT
fbem-7721	56	19	which	which	PRON
fbem-7721	56	20	requires	require	VERB
fbem-7721	56	21	enterprises	enterprise	NOUN
fbem-7721	56	22	to	to	PART
fbem-7721	56	23	maintain	maintain	VERB
fbem-7721	56	24	a	a	DET
fbem-7721	56	25	good	good	ADJ
fbem-7721	56	26	reputation	reputation	NOUN
fbem-7721	56	27	and	and	CCONJ
fbem-7721	56	28	attract	attract	VERB
fbem-7721	56	29	investors	investor	NOUN
fbem-7721	56	30	.	.	PUNCT
fbem-7721	57	1	therefore	therefore	ADV
fbem-7721	57	2	,	,	PUNCT
fbem-7721	57	3	when	when	SCONJ
fbem-7721	57	4	the	the	DET
fbem-7721	57	5	uncertainty	uncertainty	NOUN
fbem-7721	57	6	of	of	ADP
fbem-7721	57	7	economic	economic	ADJ
fbem-7721	57	8	policy	policy	NOUN
fbem-7721	57	9	increases	increase	NOUN
fbem-7721	57	10	,	,	PUNCT
fbem-7721	57	11	the	the	DET
fbem-7721	57	12	management	management	NOUN
fbem-7721	57	13	of	of	ADP
fbem-7721	57	14	these	these	DET
fbem-7721	57	15	high	high	ADJ
fbem-7721	57	16	-	-	PUNCT
fbem-7721	57	17	growth	growth	NOUN
fbem-7721	57	18	enterprises	enterprise	NOUN
fbem-7721	57	19	will	will	AUX
fbem-7721	57	20	increase	increase	VERB
fbem-7721	57	21	the	the	DET
fbem-7721	57	22	payment	payment	NOUN
fbem-7721	57	23	of	of	ADP
fbem-7721	57	24	cash	cash	NOUN
fbem-7721	57	25	dividends	dividend	NOUN
fbem-7721	57	26	to	to	PART
fbem-7721	57	27	cater	cater	VERB
fbem-7721	57	28	to	to	ADP
fbem-7721	57	29	investors	investor	NOUN
fbem-7721	57	30	in	in	ADP
fbem-7721	57	31	order	order	NOUN
fbem-7721	57	32	to	to	PART
fbem-7721	57	33	establish	establish	VERB
fbem-7721	57	34	their	their	PRON
fbem-7721	57	35	corporate	corporate	ADJ
fbem-7721	57	36	image	image	NOUN
fbem-7721	57	37	.	.	PUNCT
fbem-7721	58	1	based	base	VERB
fbem-7721	58	2	on	on	ADP
fbem-7721	58	3	the	the	DET
fbem-7721	58	4	above	above	ADJ
fbem-7721	58	5	analysis	analysis	NOUN
fbem-7721	58	6	,	,	PUNCT
fbem-7721	58	7	hypothesis	hypothesis	NOUN
fbem-7721	58	8	h3	h3	NOUN
fbem-7721	58	9	is	be	AUX
fbem-7721	58	10	proposed	propose	VERB
fbem-7721	58	11	.	.	PUNCT
fbem-7721	59	1	h3	h3	NOUN
fbem-7721	59	2	:	:	PUNCT
fbem-7721	59	3	compared	compare	VERB
fbem-7721	59	4	with	with	ADP
fbem-7721	59	5	enterprises	enterprise	NOUN
fbem-7721	59	6	with	with	ADP
fbem-7721	59	7	low	low	ADJ
fbem-7721	59	8	growth	growth	NOUN
fbem-7721	59	9	,	,	PUNCT
fbem-7721	59	10	the	the	DET
fbem-7721	59	11	uncertainty	uncertainty	NOUN
fbem-7721	59	12	of	of	ADP
fbem-7721	59	13	economic	economic	ADJ
fbem-7721	59	14	policies	policy	NOUN
fbem-7721	59	15	of	of	ADP
fbem-7721	59	16	enterprises	enterprise	NOUN
fbem-7721	59	17	with	with	ADP
fbem-7721	59	18	high	high	ADJ
fbem-7721	59	19	growth	growth	NOUN
fbem-7721	59	20	has	have	VERB
fbem-7721	59	21	a	a	DET
fbem-7721	59	22	more	more	ADV
fbem-7721	59	23	significant	significant	ADJ
fbem-7721	59	24	impact	impact	NOUN
fbem-7721	59	25	on	on	ADP
fbem-7721	59	26	cash	cash	NOUN
fbem-7721	59	27	dividends	dividend	NOUN
fbem-7721	59	28	.	.	PUNCT
fbem-7721	60	1	3	3	X
fbem-7721	60	2	.	.	X
fbem-7721	60	3	research	research	NOUN
fbem-7721	60	4	design	design	NOUN
fbem-7721	60	5	section	section	NOUN
fbem-7721	60	6	1	1	NUM
fbem-7721	60	7	sample	sample	NOUN
fbem-7721	60	8	selection	selection	NOUN
fbem-7721	60	9	and	and	CCONJ
fbem-7721	60	10	data	datum	NOUN
fbem-7721	60	11	source	source	NOUN
fbem-7721	60	12	this	this	DET
fbem-7721	60	13	paper	paper	NOUN
fbem-7721	60	14	takes	take	VERB
fbem-7721	60	15	the	the	DET
fbem-7721	60	16	listed	list	VERB
fbem-7721	60	17	companies	company	NOUN
fbem-7721	60	18	in	in	ADP
fbem-7721	60	19	shanghai	shanghai	PROPN
fbem-7721	60	20	and	and	CCONJ
fbem-7721	60	21	shenzhen	shenzhen	PROPN
fbem-7721	60	22	a	a	PROPN
fbem-7721	60	23	-	-	PUNCT
fbem-7721	60	24	shares	share	NOUN
fbem-7721	60	25	from	from	ADP
fbem-7721	60	26	2013	2013	NUM
fbem-7721	60	27	to	to	ADP
fbem-7721	60	28	2021	2021	NUM
fbem-7721	60	29	as	as	ADP
fbem-7721	60	30	samples	sample	NOUN
fbem-7721	60	31	,	,	PUNCT
fbem-7721	60	32	and	and	CCONJ
fbem-7721	60	33	the	the	DET
fbem-7721	60	34	sample	sample	NOUN
fbem-7721	60	35	data	datum	NOUN
fbem-7721	60	36	comes	come	VERB
fbem-7721	60	37	from	from	ADP
fbem-7721	60	38	guotai	guotai	PROPN
fbem-7721	60	39	'	'	PUNCT
fbem-7721	60	40	an	an	DET
fbem-7721	60	41	database	database	NOUN
fbem-7721	60	42	and	and	CCONJ
fbem-7721	60	43	ruisi	ruisi	VERB
fbem-7721	60	44	database	database	NOUN
fbem-7721	60	45	.	.	PUNCT
fbem-7721	61	1	in	in	ADP
fbem-7721	61	2	order	order	NOUN
fbem-7721	61	3	to	to	PART
fbem-7721	61	4	facilitate	facilitate	VERB
fbem-7721	61	5	the	the	DET
fbem-7721	61	6	empirical	empirical	ADJ
fbem-7721	61	7	analysis	analysis	NOUN
fbem-7721	61	8	,	,	PUNCT
fbem-7721	61	9	this	this	DET
fbem-7721	61	10	57	57	NUM
fbem-7721	61	11	paper	paper	NOUN
fbem-7721	61	12	preprocesses	preprocesse	NOUN
fbem-7721	61	13	the	the	DET
fbem-7721	61	14	data	datum	NOUN
fbem-7721	61	15	as	as	SCONJ
fbem-7721	61	16	follows	follow	VERB
fbem-7721	61	17	:	:	PUNCT
fbem-7721	61	18	first	first	ADV
fbem-7721	61	19	,	,	PUNCT
fbem-7721	61	20	remove	remove	VERB
fbem-7721	61	21	the	the	DET
fbem-7721	61	22	samples	sample	NOUN
fbem-7721	61	23	of	of	ADP
fbem-7721	61	24	listed	list	VERB
fbem-7721	61	25	companies	company	NOUN
fbem-7721	61	26	whose	whose	DET
fbem-7721	61	27	financial	financial	ADJ
fbem-7721	61	28	or	or	CCONJ
fbem-7721	61	29	other	other	ADJ
fbem-7721	61	30	conditions	condition	NOUN
fbem-7721	61	31	are	be	AUX
fbem-7721	61	32	abnormal	abnormal	ADJ
fbem-7721	61	33	by	by	ADP
fbem-7721	61	34	st	st	PROPN
fbem-7721	61	35	and	and	CCONJ
fbem-7721	61	36	pt	pt	PROPN
fbem-7721	61	37	.	.	PROPN
fbem-7721	61	38	second	second	ADJ
fbem-7721	61	39	,	,	PUNCT
fbem-7721	61	40	delete	delete	VERB
fbem-7721	61	41	the	the	DET
fbem-7721	61	42	samples	sample	NOUN
fbem-7721	61	43	with	with	ADP
fbem-7721	61	44	missing	miss	VERB
fbem-7721	61	45	main	main	ADJ
fbem-7721	61	46	variables	variable	NOUN
fbem-7721	61	47	.	.	PUNCT
fbem-7721	62	1	third	third	ADJ
fbem-7721	62	2	,	,	PUNCT
fbem-7721	62	3	delete	delete	VERB
fbem-7721	62	4	the	the	DET
fbem-7721	62	5	samples	sample	NOUN
fbem-7721	62	6	of	of	ADP
fbem-7721	62	7	observation	observation	NOUN
fbem-7721	62	8	values	value	NOUN
fbem-7721	62	9	that	that	PRON
fbem-7721	62	10	have	have	AUX
fbem-7721	62	11	been	be	AUX
fbem-7721	62	12	listed	list	VERB
fbem-7721	62	13	for	for	ADP
fbem-7721	62	14	less	less	ADJ
fbem-7721	62	15	than	than	ADP
fbem-7721	62	16	one	one	NUM
fbem-7721	62	17	year	year	NOUN
fbem-7721	62	18	.	.	PUNCT
fbem-7721	63	1	fourthly	fourthly	ADV
fbem-7721	63	2	,	,	PUNCT
fbem-7721	63	3	in	in	ADP
fbem-7721	63	4	order	order	NOUN
fbem-7721	63	5	to	to	PART
fbem-7721	63	6	avoid	avoid	VERB
fbem-7721	63	7	the	the	DET
fbem-7721	63	8	influence	influence	NOUN
fbem-7721	63	9	of	of	ADP
fbem-7721	63	10	extreme	extreme	ADJ
fbem-7721	63	11	values	value	NOUN
fbem-7721	63	12	in	in	ADP
fbem-7721	63	13	the	the	DET
fbem-7721	63	14	sample	sample	NOUN
fbem-7721	63	15	on	on	ADP
fbem-7721	63	16	the	the	DET
fbem-7721	63	17	regression	regression	NOUN
fbem-7721	63	18	results	result	NOUN
fbem-7721	63	19	,	,	PUNCT
fbem-7721	63	20	winsor2	winsor2	NOUN
fbem-7721	63	21	processing	processing	NOUN
fbem-7721	63	22	is	be	AUX
fbem-7721	63	23	carried	carry	VERB
fbem-7721	63	24	out	out	ADP
fbem-7721	63	25	on	on	ADP
fbem-7721	63	26	continuous	continuous	ADJ
fbem-7721	63	27	variables	variable	NOUN
fbem-7721	63	28	at	at	ADP
fbem-7721	63	29	the	the	DET
fbem-7721	63	30	level	level	NOUN
fbem-7721	63	31	of	of	ADP
fbem-7721	63	32	1	1	NUM
fbem-7721	63	33	%	%	NOUN
fbem-7721	63	34	and	and	CCONJ
fbem-7721	63	35	99	99	NUM
fbem-7721	63	36	%	%	NOUN
fbem-7721	63	37	.	.	PUNCT
fbem-7721	64	1	through	through	ADP
fbem-7721	64	2	the	the	DET
fbem-7721	64	3	above	above	ADJ
fbem-7721	64	4	processing	processing	NOUN
fbem-7721	64	5	,	,	PUNCT
fbem-7721	64	6	2340	2340	NUM
fbem-7721	64	7	sample	sample	NOUN
fbem-7721	64	8	data	datum	NOUN
fbem-7721	64	9	are	be	AUX
fbem-7721	64	10	obtained	obtain	VERB
fbem-7721	64	11	in	in	ADP
fbem-7721	64	12	this	this	DET
fbem-7721	64	13	paper	paper	NOUN
fbem-7721	64	14	,	,	PUNCT
fbem-7721	64	15	and	and	CCONJ
fbem-7721	64	16	the	the	DET
fbem-7721	64	17	data	data	NOUN
fbem-7721	64	18	processing	processing	NOUN
fbem-7721	64	19	and	and	CCONJ
fbem-7721	64	20	operation	operation	NOUN
fbem-7721	64	21	are	be	AUX
fbem-7721	64	22	completed	complete	VERB
fbem-7721	64	23	by	by	ADP
fbem-7721	64	24	using	use	VERB
fbem-7721	64	25	excel	excel	NOUN
fbem-7721	64	26	software	software	NOUN
fbem-7721	64	27	and	and	CCONJ
fbem-7721	64	28	stata16.0	stata16.0	PROPN
fbem-7721	64	29	software	software	NOUN
fbem-7721	64	30	.	.	PUNCT
fbem-7721	65	1	section	section	NOUN
fbem-7721	65	2	2	2	NUM
fbem-7721	65	3	variable	variable	ADJ
fbem-7721	65	4	definition	definition	NOUN
fbem-7721	65	5	1	1	NUM
fbem-7721	65	6	.	.	PUNCT
fbem-7721	66	1	the	the	DET
fbem-7721	66	2	explained	explain	VERB
fbem-7721	66	3	variable	variable	NOUN
fbem-7721	66	4	-	-	PUNCT
fbem-7721	66	5	the	the	DET
fbem-7721	66	6	level	level	NOUN
fbem-7721	66	7	of	of	ADP
fbem-7721	66	8	cash	cash	NOUN
fbem-7721	66	9	dividend	dividend	NOUN
fbem-7721	66	10	payment	payment	NOUN
fbem-7721	66	11	(	(	PUNCT
fbem-7721	66	12	divpay	divpay	PROPN
fbem-7721	66	13	)	)	PUNCT
fbem-7721	66	14	the	the	DET
fbem-7721	66	15	research	research	NOUN
fbem-7721	66	16	object	object	NOUN
fbem-7721	66	17	of	of	ADP
fbem-7721	66	18	this	this	DET
fbem-7721	66	19	paper	paper	NOUN
fbem-7721	66	20	is	be	AUX
fbem-7721	66	21	the	the	DET
fbem-7721	66	22	cash	cash	NOUN
fbem-7721	66	23	dividend	dividend	NOUN
fbem-7721	66	24	policy	policy	NOUN
fbem-7721	66	25	,	,	PUNCT
fbem-7721	66	26	and	and	CCONJ
fbem-7721	66	27	the	the	DET
fbem-7721	66	28	change	change	NOUN
fbem-7721	66	29	of	of	ADP
fbem-7721	66	30	cash	cash	NOUN
fbem-7721	66	31	dividend	dividend	NOUN
fbem-7721	66	32	policy	policy	NOUN
fbem-7721	66	33	is	be	AUX
fbem-7721	66	34	influenced	influence	VERB
fbem-7721	66	35	by	by	ADP
fbem-7721	66	36	the	the	DET
fbem-7721	66	37	profitability	profitability	NOUN
fbem-7721	66	38	of	of	ADP
fbem-7721	66	39	enterprises	enterprise	NOUN
fbem-7721	66	40	.	.	PUNCT
fbem-7721	67	1	wang	wang	PROPN
fbem-7721	67	2	yaping	yaping	PROPN
fbem-7721	67	3	(	(	PUNCT
fbem-7721	67	4	2020	2020	NUM
fbem-7721	67	5	)	)	PUNCT
fbem-7721	67	6	thinks	think	VERB
fbem-7721	67	7	that	that	SCONJ
fbem-7721	67	8	cash	cash	NOUN
fbem-7721	67	9	dividends	dividend	NOUN
fbem-7721	67	10	issued	issue	VERB
fbem-7721	67	11	by	by	ADP
fbem-7721	67	12	enterprises	enterprise	NOUN
fbem-7721	67	13	usually	usually	ADV
fbem-7721	67	14	meet	meet	VERB
fbem-7721	67	15	the	the	DET
fbem-7721	67	16	following	following	ADJ
fbem-7721	67	17	conditions	condition	NOUN
fbem-7721	67	18	:	:	PUNCT
fbem-7721	67	19	sufficient	sufficient	ADJ
fbem-7721	67	20	retained	retain	VERB
fbem-7721	67	21	earnings	earning	NOUN
fbem-7721	67	22	,	,	PUNCT
fbem-7721	67	23	sufficient	sufficient	ADJ
fbem-7721	67	24	cash	cash	NOUN
fbem-7721	67	25	holdings	holding	NOUN
fbem-7721	67	26	,	,	PUNCT
fbem-7721	67	27	and	and	CCONJ
fbem-7721	67	28	the	the	DET
fbem-7721	67	29	decision	decision	NOUN
fbem-7721	67	30	of	of	ADP
fbem-7721	67	31	the	the	DET
fbem-7721	67	32	board	board	NOUN
fbem-7721	67	33	of	of	ADP
fbem-7721	67	34	directors	director	NOUN
fbem-7721	67	35	[	[	X
fbem-7721	67	36	18	18	NUM
fbem-7721	67	37	]	]	PUNCT
fbem-7721	67	38	.	.	PUNCT
fbem-7721	68	1	this	this	DET
fbem-7721	68	2	paper	paper	NOUN
fbem-7721	68	3	uses	use	VERB
fbem-7721	68	4	the	the	DET
fbem-7721	68	5	level	level	NOUN
fbem-7721	68	6	of	of	ADP
fbem-7721	68	7	cash	cash	NOUN
fbem-7721	68	8	dividend	dividend	NOUN
fbem-7721	68	9	payment	payment	NOUN
fbem-7721	68	10	(	(	PUNCT
fbem-7721	68	11	divpay	divpay	PROPN
fbem-7721	68	12	)	)	PUNCT
fbem-7721	68	13	to	to	PART
fbem-7721	68	14	measure	measure	VERB
fbem-7721	68	15	the	the	DET
fbem-7721	68	16	cash	cash	NOUN
fbem-7721	68	17	dividend	dividend	NOUN
fbem-7721	68	18	policy	policy	NOUN
fbem-7721	68	19	.	.	PUNCT
fbem-7721	69	1	the	the	DET
fbem-7721	69	2	level	level	NOUN
fbem-7721	69	3	of	of	ADP
fbem-7721	69	4	cash	cash	NOUN
fbem-7721	69	5	dividend	dividend	NOUN
fbem-7721	69	6	payment	payment	NOUN
fbem-7721	69	7	reflects	reflect	VERB
fbem-7721	69	8	the	the	DET
fbem-7721	69	9	relative	relative	ADJ
fbem-7721	69	10	level	level	NOUN
fbem-7721	69	11	of	of	ADP
fbem-7721	69	12	cash	cash	NOUN
fbem-7721	69	13	dividend	dividend	NOUN
fbem-7721	69	14	paid	pay	VERB
fbem-7721	69	15	by	by	ADP
fbem-7721	69	16	enterprises	enterprise	NOUN
fbem-7721	69	17	from	from	ADP
fbem-7721	69	18	net	net	ADJ
fbem-7721	69	19	profit	profit	NOUN
fbem-7721	69	20	by	by	ADP
fbem-7721	69	21	calculating	calculate	VERB
fbem-7721	69	22	the	the	DET
fbem-7721	69	23	ratio	ratio	NOUN
fbem-7721	69	24	of	of	ADP
fbem-7721	69	25	total	total	ADJ
fbem-7721	69	26	cash	cash	NOUN
fbem-7721	69	27	dividend	dividend	NOUN
fbem-7721	69	28	to	to	ADP
fbem-7721	69	29	net	net	ADJ
fbem-7721	69	30	profit	profit	NOUN
fbem-7721	69	31	.	.	PUNCT
fbem-7721	70	1	2	2	X
fbem-7721	70	2	.	.	X
fbem-7721	70	3	explanatory	explanatory	ADJ
fbem-7721	70	4	variable	variable	ADJ
fbem-7721	70	5	-	-	PUNCT
fbem-7721	70	6	economic	economic	ADJ
fbem-7721	70	7	policy	policy	NOUN
fbem-7721	70	8	uncertainty	uncertainty	NOUN
fbem-7721	70	9	(	(	PUNCT
fbem-7721	70	10	epu	epu	PROPN
fbem-7721	70	11	)	)	PUNCT
fbem-7721	70	12	the	the	DET
fbem-7721	70	13	economic	economic	ADJ
fbem-7721	70	14	policy	policy	NOUN
fbem-7721	70	15	uncertainty	uncertainty	NOUN
fbem-7721	70	16	(	(	PUNCT
fbem-7721	70	17	epu	epu	PROPN
fbem-7721	70	18	)	)	PUNCT
fbem-7721	70	19	index	index	NOUN
fbem-7721	70	20	was	be	AUX
fbem-7721	70	21	put	put	VERB
fbem-7721	70	22	forward	forward	ADV
fbem-7721	70	23	by	by	ADP
fbem-7721	70	24	scott	scott	PROPN
fbem-7721	70	25	r.	r.	PROPN
fbem-7721	70	26	baker	baker	PROPN
fbem-7721	70	27	,	,	PUNCT
fbem-7721	70	28	nicholas	nicholas	PROPN
fbem-7721	70	29	bloom	bloom	PROPN
fbem-7721	70	30	and	and	CCONJ
fbem-7721	70	31	steven	steven	PROPN
fbem-7721	70	32	j．davis	j．davis	PROPN
fbem-7721	70	33	of	of	ADP
fbem-7721	70	34	stanford	stanford	PROPN
fbem-7721	70	35	university	university	PROPN
fbem-7721	70	36	and	and	CCONJ
fbem-7721	70	37	university	university	PROPN
fbem-7721	70	38	of	of	ADP
fbem-7721	70	39	chicago	chicago	PROPN
fbem-7721	70	40	.	.	PUNCT
fbem-7721	71	1	since	since	SCONJ
fbem-7721	71	2	it	it	PRON
fbem-7721	71	3	was	be	AUX
fbem-7721	71	4	put	put	VERB
fbem-7721	71	5	forward	forward	ADV
fbem-7721	71	6	,	,	PUNCT
fbem-7721	71	7	this	this	DET
fbem-7721	71	8	indicator	indicator	NOUN
fbem-7721	71	9	has	have	AUX
fbem-7721	71	10	been	be	AUX
fbem-7721	71	11	widely	widely	ADV
fbem-7721	71	12	used	use	VERB
fbem-7721	71	13	to	to	PART
fbem-7721	71	14	reflect	reflect	VERB
fbem-7721	71	15	the	the	DET
fbem-7721	71	16	changes	change	NOUN
fbem-7721	71	17	of	of	ADP
fbem-7721	71	18	various	various	ADJ
fbem-7721	71	19	macroeconomic	macroeconomic	ADJ
fbem-7721	71	20	policies	policy	NOUN
fbem-7721	71	21	introduced	introduce	VERB
fbem-7721	71	22	by	by	ADP
fbem-7721	71	23	the	the	DET
fbem-7721	71	24	government	government	NOUN
fbem-7721	71	25	.	.	PUNCT
fbem-7721	72	1	after	after	ADP
fbem-7721	72	2	the	the	DET
fbem-7721	72	3	outbreak	outbreak	NOUN
fbem-7721	72	4	of	of	ADP
fbem-7721	72	5	the	the	DET
fbem-7721	72	6	financial	financial	ADJ
fbem-7721	72	7	crisis	crisis	NOUN
fbem-7721	72	8	,	,	PUNCT
fbem-7721	72	9	the	the	DET
fbem-7721	72	10	government	government	NOUN
fbem-7721	72	11	's	's	PART
fbem-7721	72	12	frequent	frequent	ADJ
fbem-7721	72	13	changes	change	NOUN
fbem-7721	72	14	in	in	ADP
fbem-7721	72	15	economic	economic	ADJ
fbem-7721	72	16	policies	policy	NOUN
fbem-7721	72	17	have	have	AUX
fbem-7721	72	18	had	have	VERB
fbem-7721	72	19	a	a	DET
fbem-7721	72	20	certain	certain	ADJ
fbem-7721	72	21	impact	impact	NOUN
fbem-7721	72	22	on	on	ADP
fbem-7721	72	23	the	the	DET
fbem-7721	72	24	development	development	NOUN
fbem-7721	72	25	of	of	ADP
fbem-7721	72	26	micro	micro	NOUN
fbem-7721	72	27	-	-	NOUN
fbem-7721	72	28	enterprises	enterprise	NOUN
fbem-7721	72	29	.	.	PUNCT
fbem-7721	73	1	starting	start	VERB
fbem-7721	73	2	from	from	ADP
fbem-7721	73	3	the	the	DET
fbem-7721	73	4	impact	impact	NOUN
fbem-7721	73	5	of	of	ADP
fbem-7721	73	6	economic	economic	ADJ
fbem-7721	73	7	policy	policy	NOUN
fbem-7721	73	8	uncertainty	uncertainty	NOUN
fbem-7721	73	9	on	on	ADP
fbem-7721	73	10	the	the	DET
fbem-7721	73	11	cash	cash	NOUN
fbem-7721	73	12	dividend	dividend	NOUN
fbem-7721	73	13	policy	policy	NOUN
fbem-7721	73	14	of	of	ADP
fbem-7721	73	15	enterprises	enterprise	NOUN
fbem-7721	73	16	,	,	PUNCT
fbem-7721	73	17	this	this	DET
fbem-7721	73	18	paper	paper	NOUN
fbem-7721	73	19	uses	use	VERB
fbem-7721	73	20	the	the	DET
fbem-7721	73	21	arithmetic	arithmetic	ADJ
fbem-7721	73	22	average	average	ADJ
fbem-7721	73	23	method	method	NOUN
fbem-7721	73	24	to	to	PART
fbem-7721	73	25	calculate	calculate	VERB
fbem-7721	73	26	the	the	DET
fbem-7721	73	27	economic	economic	ADJ
fbem-7721	73	28	policy	policy	NOUN
fbem-7721	73	29	uncertainty	uncertainty	NOUN
fbem-7721	73	30	(	(	PUNCT
fbem-7721	73	31	epu	epu	PROPN
fbem-7721	73	32	)	)	PUNCT
fbem-7721	73	33	.	.	PUNCT
fbem-7721	74	1	3	3	X
fbem-7721	74	2	.	.	X
fbem-7721	74	3	adjustment	adjustment	NOUN
fbem-7721	74	4	variable	variable	ADJ
fbem-7721	74	5	-	-	PUNCT
fbem-7721	74	6	financing	financing	NOUN
fbem-7721	74	7	constraint	constraint	NOUN
fbem-7721	74	8	(	(	PUNCT
fbem-7721	74	9	kz	kz	PROPN
fbem-7721	74	10	)	)	PUNCT
fbem-7721	74	11	the	the	DET
fbem-7721	74	12	moderating	moderate	VERB
fbem-7721	74	13	variable	variable	NOUN
fbem-7721	74	14	in	in	ADP
fbem-7721	74	15	this	this	DET
fbem-7721	74	16	paper	paper	NOUN
fbem-7721	74	17	is	be	AUX
fbem-7721	74	18	financing	finance	VERB
fbem-7721	74	19	constraint	constraint	NOUN
fbem-7721	74	20	.	.	PUNCT
fbem-7721	75	1	there	there	PRON
fbem-7721	75	2	are	be	VERB
fbem-7721	75	3	many	many	ADJ
fbem-7721	75	4	indexes	index	NOUN
fbem-7721	75	5	to	to	PART
fbem-7721	75	6	measure	measure	VERB
fbem-7721	75	7	financing	financing	NOUN
fbem-7721	75	8	constraints	constraint	NOUN
fbem-7721	75	9	,	,	PUNCT
fbem-7721	75	10	such	such	ADJ
fbem-7721	75	11	as	as	ADP
fbem-7721	75	12	sa	sa	PROPN
fbem-7721	75	13	,	,	PUNCT
fbem-7721	75	14	ww	ww	PROPN
fbem-7721	75	15	,	,	PUNCT
fbem-7721	75	16	fc	fc	X
fbem-7721	75	17	,	,	PUNCT
fbem-7721	75	18	etc	etc	X
fbem-7721	75	19	.	.	X
fbem-7721	75	20	,	,	PUNCT
fbem-7721	75	21	but	but	CCONJ
fbem-7721	75	22	kz	kz	PROPN
fbem-7721	75	23	index	index	NOUN
fbem-7721	75	24	is	be	AUX
fbem-7721	75	25	more	more	ADV
fbem-7721	75	26	intuitive	intuitive	ADJ
fbem-7721	75	27	.	.	PUNCT
fbem-7721	76	1	the	the	DET
fbem-7721	76	2	calculation	calculation	NOUN
fbem-7721	76	3	formula	formula	NOUN
fbem-7721	76	4	of	of	ADP
fbem-7721	76	5	kz	kz	PROPN
fbem-7721	76	6	index	index	NOUN
fbem-7721	76	7	is-1.001909	is-1.001909	PROPN
fbem-7721	76	8	*	*	PUNCT
fbem-7721	76	9	ocf	ocf	PROPN
fbem-7721	76	10	/	/	SYM
fbem-7721	76	11	asset+3.139193	asset+3.139193	PROPN
fbem-7721	76	12	*	*	PUNCT
fbem-7721	76	13	lev-39.3678	lev-39.3678	PROPN
fbem-7721	76	14	*	*	PUNCT
fbem-7721	76	15	divisions	division	NOUN
fbem-7721	76	16	/	/	SYM
fbem-7721	76	17	asset1.314759	asset1.314759	NOUN
fbem-7721	76	18	*	*	PUNCT
fbem-7721	76	19	cash	cash	NOUN
fbem-7721	76	20	/	/	SYM
fbem-7721	76	21	asset+0.2826389	asset+0.2826389	PROPN
fbem-7721	76	22	*	*	PUNCT
fbem-7721	76	23	tobin	tobin	PROPN
fbem-7721	76	24	'	'	PUNCT
fbem-7721	76	25	sq	sq	PROPN
fbem-7721	76	26	.	.	PROPN
fbem-7721	76	27	when	when	SCONJ
fbem-7721	76	28	the	the	DET
fbem-7721	76	29	absolute	absolute	ADJ
fbem-7721	76	30	value	value	NOUN
fbem-7721	76	31	of	of	ADP
fbem-7721	76	32	kz	kz	PROPN
fbem-7721	76	33	index	index	NOUN
fbem-7721	76	34	is	be	AUX
fbem-7721	76	35	greater	great	ADJ
fbem-7721	76	36	,	,	PUNCT
fbem-7721	76	37	it	it	PRON
fbem-7721	76	38	shows	show	VERB
fbem-7721	76	39	that	that	SCONJ
fbem-7721	76	40	the	the	DET
fbem-7721	76	41	financing	financing	NOUN
fbem-7721	76	42	constraint	constraint	NOUN
fbem-7721	76	43	of	of	ADP
fbem-7721	76	44	enterprises	enterprise	NOUN
fbem-7721	76	45	is	be	AUX
fbem-7721	76	46	greater	great	ADJ
fbem-7721	76	47	.	.	PUNCT
fbem-7721	77	1	4	4	X
fbem-7721	77	2	.	.	X
fbem-7721	77	3	control	control	NOUN
fbem-7721	77	4	variables	variable	NOUN
fbem-7721	77	5	(	(	PUNCT
fbem-7721	77	6	plus	plus	CCONJ
fbem-7721	77	7	year	year	NOUN
fbem-7721	77	8	and	and	CCONJ
fbem-7721	77	9	industry	industry	NOUN
fbem-7721	77	10	control	control	NOUN
fbem-7721	77	11	variables	variable	NOUN
fbem-7721	77	12	)	)	PUNCT
fbem-7721	77	13	(	(	PUNCT
fbem-7721	77	14	1	1	X
fbem-7721	77	15	)	)	PUNCT
fbem-7721	77	16	the	the	DET
fbem-7721	77	17	size	size	NOUN
fbem-7721	77	18	of	of	ADP
fbem-7721	77	19	the	the	DET
fbem-7721	77	20	company	company	NOUN
fbem-7721	77	21	(	(	PUNCT
fbem-7721	77	22	size	size	NOUN
fbem-7721	77	23	)	)	PUNCT
fbem-7721	77	24	the	the	DET
fbem-7721	77	25	size	size	NOUN
fbem-7721	77	26	of	of	ADP
fbem-7721	77	27	a	a	DET
fbem-7721	77	28	company	company	NOUN
fbem-7721	77	29	is	be	AUX
fbem-7721	77	30	the	the	DET
fbem-7721	77	31	size	size	NOUN
fbem-7721	77	32	of	of	ADP
fbem-7721	77	33	a	a	DET
fbem-7721	77	34	company	company	NOUN
fbem-7721	77	35	divided	divide	VERB
fbem-7721	77	36	according	accord	VERB
fbem-7721	77	37	to	to	ADP
fbem-7721	77	38	certain	certain	ADJ
fbem-7721	77	39	standards	standard	NOUN
fbem-7721	77	40	and	and	CCONJ
fbem-7721	77	41	regulations	regulation	NOUN
fbem-7721	77	42	,	,	PUNCT
fbem-7721	77	43	which	which	PRON
fbem-7721	77	44	is	be	AUX
fbem-7721	77	45	one	one	NUM
fbem-7721	77	46	of	of	ADP
fbem-7721	77	47	the	the	DET
fbem-7721	77	48	factors	factor	NOUN
fbem-7721	77	49	that	that	PRON
fbem-7721	77	50	affect	affect	VERB
fbem-7721	77	51	the	the	DET
fbem-7721	77	52	payment	payment	NOUN
fbem-7721	77	53	of	of	ADP
fbem-7721	77	54	cash	cash	NOUN
fbem-7721	77	55	dividends	dividend	NOUN
fbem-7721	77	56	by	by	ADP
fbem-7721	77	57	enterprises	enterprise	NOUN
fbem-7721	77	58	.	.	PUNCT
fbem-7721	78	1	the	the	DET
fbem-7721	78	2	company	company	NOUN
fbem-7721	78	3	size	size	NOUN
fbem-7721	78	4	can	can	AUX
fbem-7721	78	5	be	be	AUX
fbem-7721	78	6	determined	determine	VERB
fbem-7721	78	7	by	by	ADP
fbem-7721	78	8	calculating	calculate	VERB
fbem-7721	78	9	ln	ln	ADJ
fbem-7721	78	10	(	(	PUNCT
fbem-7721	78	11	total	total	ADJ
fbem-7721	78	12	assets	asset	NOUN
fbem-7721	78	13	+1	+1	PROPN
fbem-7721	78	14	)	)	PUNCT
fbem-7721	78	15	.	.	PUNCT
fbem-7721	79	1	generally	generally	ADV
fbem-7721	79	2	speaking	speak	VERB
fbem-7721	79	3	,	,	PUNCT
fbem-7721	79	4	other	other	ADJ
fbem-7721	79	5	things	thing	NOUN
fbem-7721	79	6	being	be	AUX
fbem-7721	79	7	equal	equal	ADJ
fbem-7721	79	8	,	,	PUNCT
fbem-7721	79	9	the	the	PRON
fbem-7721	79	10	larger	large	ADJ
fbem-7721	79	11	the	the	DET
fbem-7721	79	12	company	company	NOUN
fbem-7721	79	13	size	size	NOUN
fbem-7721	79	14	,	,	PUNCT
fbem-7721	79	15	the	the	PRON
fbem-7721	79	16	more	more	ADV
fbem-7721	79	17	inclined	inclined	ADJ
fbem-7721	79	18	the	the	DET
fbem-7721	79	19	company	company	NOUN
fbem-7721	79	20	is	be	AUX
fbem-7721	79	21	to	to	PART
fbem-7721	79	22	pay	pay	VERB
fbem-7721	79	23	more	more	ADJ
fbem-7721	79	24	cash	cash	NOUN
fbem-7721	79	25	dividends	dividend	NOUN
fbem-7721	79	26	.	.	PUNCT
fbem-7721	80	1	(	(	PUNCT
fbem-7721	80	2	2	2	X
fbem-7721	80	3	)	)	PUNCT
fbem-7721	80	4	financial	financial	ADJ
fbem-7721	80	5	leverage	leverage	NOUN
fbem-7721	80	6	(	(	PUNCT
fbem-7721	80	7	dfl	dfl	PROPN
fbem-7721	80	8	)	)	PUNCT
fbem-7721	80	9	financial	financial	ADJ
fbem-7721	80	10	leverage	leverage	NOUN
fbem-7721	80	11	(	(	PUNCT
fbem-7721	80	12	dfl	dfl	PROPN
fbem-7721	80	13	)	)	PUNCT
fbem-7721	80	14	is	be	AUX
fbem-7721	80	15	a	a	DET
fbem-7721	80	16	micro	micro	NOUN
fbem-7721	80	17	-	-	NOUN
fbem-7721	80	18	factor	factor	NOUN
fbem-7721	80	19	that	that	PRON
fbem-7721	80	20	affects	affect	VERB
fbem-7721	80	21	the	the	DET
fbem-7721	80	22	cash	cash	NOUN
fbem-7721	80	23	dividend	dividend	NOUN
fbem-7721	80	24	policy	policy	NOUN
fbem-7721	80	25	of	of	ADP
fbem-7721	80	26	enterprises	enterprise	NOUN
fbem-7721	80	27	.	.	PUNCT
fbem-7721	81	1	it	it	PRON
fbem-7721	81	2	refers	refer	VERB
fbem-7721	81	3	to	to	ADP
fbem-7721	81	4	the	the	DET
fbem-7721	81	5	phenomenon	phenomenon	NOUN
fbem-7721	81	6	that	that	SCONJ
fbem-7721	81	7	the	the	DET
fbem-7721	81	8	change	change	NOUN
fbem-7721	81	9	range	range	NOUN
fbem-7721	81	10	of	of	ADP
fbem-7721	81	11	earnings	earning	NOUN
fbem-7721	81	12	per	per	ADP
fbem-7721	81	13	share	share	NOUN
fbem-7721	81	14	of	of	ADP
fbem-7721	81	15	common	common	ADJ
fbem-7721	81	16	stock	stock	NOUN
fbem-7721	81	17	is	be	AUX
fbem-7721	81	18	greater	great	ADJ
fbem-7721	81	19	than	than	ADP
fbem-7721	81	20	that	that	PRON
fbem-7721	81	21	of	of	ADP
fbem-7721	81	22	earnings	earning	NOUN
fbem-7721	81	23	before	before	ADP
fbem-7721	81	24	interest	interest	NOUN
fbem-7721	81	25	and	and	CCONJ
fbem-7721	81	26	tax	tax	NOUN
fbem-7721	81	27	under	under	ADP
fbem-7721	81	28	the	the	DET
fbem-7721	81	29	premise	premise	NOUN
fbem-7721	81	30	of	of	ADP
fbem-7721	81	31	fixed	fix	VERB
fbem-7721	81	32	debt	debt	NOUN
fbem-7721	81	33	interest	interest	NOUN
fbem-7721	81	34	or	or	CCONJ
fbem-7721	81	35	preferred	preferred	ADJ
fbem-7721	81	36	stock	stock	NOUN
fbem-7721	81	37	dividend	dividend	NOUN
fbem-7721	81	38	,	,	PUNCT
fbem-7721	81	39	which	which	PRON
fbem-7721	81	40	can	can	AUX
fbem-7721	81	41	be	be	AUX
fbem-7721	81	42	quantified	quantify	VERB
fbem-7721	81	43	directly	directly	ADV
fbem-7721	81	44	by	by	ADP
fbem-7721	81	45	calculating	calculate	VERB
fbem-7721	81	46	the	the	DET
fbem-7721	81	47	ratio	ratio	NOUN
fbem-7721	81	48	of	of	ADP
fbem-7721	81	49	total	total	ADJ
fbem-7721	81	50	liabilities	liability	NOUN
fbem-7721	81	51	to	to	PART
fbem-7721	81	52	total	total	ADJ
fbem-7721	81	53	assets	asset	NOUN
fbem-7721	81	54	.	.	PUNCT
fbem-7721	82	1	(	(	PUNCT
fbem-7721	82	2	3	3	X
fbem-7721	82	3	)	)	PUNCT
fbem-7721	82	4	ownership	ownership	NOUN
fbem-7721	82	5	concentration	concentration	NOUN
fbem-7721	82	6	(	(	PUNCT
fbem-7721	82	7	oc	oc	NOUN
fbem-7721	82	8	)	)	PUNCT
fbem-7721	82	9	equity	equity	NOUN
fbem-7721	82	10	concentration	concentration	NOUN
fbem-7721	82	11	is	be	AUX
fbem-7721	82	12	the	the	DET
fbem-7721	82	13	main	main	ADJ
fbem-7721	82	14	indicator	indicator	NOUN
fbem-7721	82	15	to	to	PART
fbem-7721	82	16	measure	measure	VERB
fbem-7721	82	17	the	the	DET
fbem-7721	82	18	distribution	distribution	NOUN
fbem-7721	82	19	of	of	ADP
fbem-7721	82	20	the	the	DET
fbem-7721	82	21	company	company	NOUN
fbem-7721	82	22	's	's	PART
fbem-7721	82	23	equity	equity	NOUN
fbem-7721	82	24	,	,	PUNCT
fbem-7721	82	25	and	and	CCONJ
fbem-7721	82	26	it	it	PRON
fbem-7721	82	27	is	be	AUX
fbem-7721	82	28	also	also	ADV
fbem-7721	82	29	an	an	DET
fbem-7721	82	30	important	important	ADJ
fbem-7721	82	31	indicator	indicator	NOUN
fbem-7721	82	32	to	to	PART
fbem-7721	82	33	measure	measure	VERB
fbem-7721	82	34	the	the	DET
fbem-7721	82	35	strength	strength	NOUN
fbem-7721	82	36	of	of	ADP
fbem-7721	82	37	the	the	DET
fbem-7721	82	38	company	company	NOUN
fbem-7721	82	39	's	's	PART
fbem-7721	82	40	stability	stability	NOUN
fbem-7721	82	41	,	,	PUNCT
fbem-7721	82	42	and	and	CCONJ
fbem-7721	82	43	it	it	PRON
fbem-7721	82	44	is	be	AUX
fbem-7721	82	45	also	also	ADV
fbem-7721	82	46	an	an	DET
fbem-7721	82	47	important	important	ADJ
fbem-7721	82	48	indicator	indicator	NOUN
fbem-7721	82	49	to	to	PART
fbem-7721	82	50	measure	measure	VERB
fbem-7721	82	51	the	the	DET
fbem-7721	82	52	company	company	NOUN
fbem-7721	82	53	's	's	PART
fbem-7721	82	54	structure	structure	NOUN
fbem-7721	82	55	.	.	PUNCT
fbem-7721	83	1	we	we	PRON
fbem-7721	83	2	can	can	AUX
fbem-7721	83	3	judge	judge	VERB
fbem-7721	83	4	the	the	DET
fbem-7721	83	5	equity	equity	NOUN
fbem-7721	83	6	concentration	concentration	NOUN
fbem-7721	83	7	by	by	ADP
fbem-7721	83	8	determining	determine	VERB
fbem-7721	83	9	the	the	DET
fbem-7721	83	10	shareholding	shareholding	NOUN
fbem-7721	83	11	ratio	ratio	NOUN
fbem-7721	83	12	of	of	ADP
fbem-7721	83	13	the	the	DET
fbem-7721	83	14	largest	large	ADJ
fbem-7721	83	15	shareholder	shareholder	NOUN
fbem-7721	83	16	.	.	PUNCT
fbem-7721	84	1	bao	bao	PROPN
fbem-7721	84	2	wurihan	wurihan	PROPN
fbem-7721	84	3	(	(	PUNCT
fbem-7721	84	4	2013	2013	NUM
fbem-7721	84	5	)	)	PUNCT
fbem-7721	84	6	believes	believe	VERB
fbem-7721	84	7	that	that	SCONJ
fbem-7721	84	8	the	the	DET
fbem-7721	84	9	relationship	relationship	NOUN
fbem-7721	84	10	between	between	ADP
fbem-7721	84	11	equity	equity	NOUN
fbem-7721	84	12	concentration	concentration	NOUN
fbem-7721	84	13	and	and	CCONJ
fbem-7721	84	14	cash	cash	NOUN
fbem-7721	84	15	dividends	dividend	NOUN
fbem-7721	84	16	is	be	AUX
fbem-7721	84	17	that	that	SCONJ
fbem-7721	84	18	the	the	PRON
fbem-7721	84	19	higher	high	ADJ
fbem-7721	84	20	the	the	DET
fbem-7721	84	21	equity	equity	NOUN
fbem-7721	84	22	concentration	concentration	NOUN
fbem-7721	84	23	,	,	PUNCT
fbem-7721	84	24	the	the	DET
fbem-7721	84	25	more	more	ADJ
fbem-7721	84	26	cash	cash	NOUN
fbem-7721	84	27	dividends	dividend	NOUN
fbem-7721	84	28	will	will	AUX
fbem-7721	84	29	be	be	AUX
fbem-7721	84	30	paid	pay	VERB
fbem-7721	84	31	[	[	PUNCT
fbem-7721	84	32	19	19	NUM
fbem-7721	84	33	]	]	PUNCT
fbem-7721	84	34	.	.	PUNCT
fbem-7721	85	1	(	(	PUNCT
fbem-7721	85	2	4	4	X
fbem-7721	85	3	)	)	PUNCT
fbem-7721	85	4	the	the	DET
fbem-7721	85	5	nature	nature	NOUN
fbem-7721	85	6	of	of	ADP
fbem-7721	85	7	equity	equity	NOUN
fbem-7721	85	8	(	(	PUNCT
fbem-7721	85	9	op	op	NOUN
fbem-7721	85	10	)	)	PUNCT
fbem-7721	85	11	according	accord	VERB
fbem-7721	85	12	to	to	ADP
fbem-7721	85	13	the	the	DET
fbem-7721	85	14	nature	nature	NOUN
fbem-7721	85	15	of	of	ADP
fbem-7721	85	16	equity	equity	NOUN
fbem-7721	85	17	,	,	PUNCT
fbem-7721	85	18	this	this	DET
fbem-7721	85	19	paper	paper	NOUN
fbem-7721	85	20	divides	divide	VERB
fbem-7721	85	21	the	the	DET
fbem-7721	85	22	listed	list	VERB
fbem-7721	85	23	companies	company	NOUN
fbem-7721	85	24	as	as	ADP
fbem-7721	85	25	samples	sample	NOUN
fbem-7721	85	26	into	into	ADP
fbem-7721	85	27	state	state	NOUN
fbem-7721	85	28	-	-	PUNCT
fbem-7721	85	29	owned	own	VERB
fbem-7721	85	30	enterprises	enterprise	NOUN
fbem-7721	85	31	and	and	CCONJ
fbem-7721	85	32	non	non	ADJ
fbem-7721	85	33	-	-	ADJ
fbem-7721	85	34	state	state	NOUN
fbem-7721	85	35	-	-	PUNCT
fbem-7721	85	36	owned	own	VERB
fbem-7721	85	37	enterprises	enterprise	NOUN
fbem-7721	85	38	,	,	PUNCT
fbem-7721	85	39	with	with	ADP
fbem-7721	85	40	the	the	DET
fbem-7721	85	41	state	state	NOUN
fbem-7721	85	42	-	-	PUNCT
fbem-7721	85	43	owned	own	VERB
fbem-7721	85	44	enterprises	enterprise	NOUN
fbem-7721	85	45	assigned	assign	VERB
fbem-7721	85	46	a	a	DET
fbem-7721	85	47	value	value	NOUN
fbem-7721	85	48	of	of	ADP
fbem-7721	85	49	1	1	NUM
fbem-7721	85	50	and	and	CCONJ
fbem-7721	85	51	the	the	DET
fbem-7721	85	52	non	non	ADJ
fbem-7721	85	53	-	-	ADJ
fbem-7721	85	54	state	state	NOUN
fbem-7721	85	55	-	-	PUNCT
fbem-7721	85	56	owned	own	VERB
fbem-7721	85	57	enterprises	enterprise	NOUN
fbem-7721	85	58	assigned	assign	VERB
fbem-7721	85	59	a	a	DET
fbem-7721	85	60	value	value	NOUN
fbem-7721	85	61	of	of	ADP
fbem-7721	85	62	0	0	NUM
fbem-7721	85	63	.	.	PUNCT
fbem-7721	86	1	(	(	PUNCT
fbem-7721	86	2	5	5	X
fbem-7721	86	3	)	)	PUNCT
fbem-7721	86	4	zone	zone	NOUN
fbem-7721	86	5	in	in	ADP
fbem-7721	86	6	this	this	DET
fbem-7721	86	7	paper	paper	NOUN
fbem-7721	86	8	,	,	PUNCT
fbem-7721	86	9	the	the	DET
fbem-7721	86	10	regions	region	NOUN
fbem-7721	86	11	where	where	SCONJ
fbem-7721	86	12	the	the	DET
fbem-7721	86	13	research	research	NOUN
fbem-7721	86	14	samples	sample	NOUN
fbem-7721	86	15	are	be	AUX
fbem-7721	86	16	located	locate	VERB
fbem-7721	86	17	are	be	AUX
fbem-7721	86	18	divided	divide	VERB
fbem-7721	86	19	into	into	ADP
fbem-7721	86	20	economically	economically	ADV
fbem-7721	86	21	developed	develop	VERB
fbem-7721	86	22	regions	region	NOUN
fbem-7721	86	23	and	and	CCONJ
fbem-7721	86	24	economically	economically	ADV
fbem-7721	86	25	underdeveloped	underdeveloped	ADJ
fbem-7721	86	26	regions	region	NOUN
fbem-7721	86	27	,	,	PUNCT
fbem-7721	86	28	in	in	ADP
fbem-7721	86	29	which	which	PRON
fbem-7721	86	30	the	the	DET
fbem-7721	86	31	economically	economically	ADV
fbem-7721	86	32	developed	develop	VERB
fbem-7721	86	33	regions	region	NOUN
fbem-7721	86	34	are	be	AUX
fbem-7721	86	35	assigned	assign	VERB
fbem-7721	86	36	a	a	DET
fbem-7721	86	37	value	value	NOUN
fbem-7721	86	38	of	of	ADP
fbem-7721	86	39	1	1	NUM
fbem-7721	86	40	and	and	CCONJ
fbem-7721	86	41	the	the	DET
fbem-7721	86	42	rest	rest	NOUN
fbem-7721	86	43	are	be	AUX
fbem-7721	86	44	assigned	assign	VERB
fbem-7721	86	45	a	a	DET
fbem-7721	86	46	value	value	NOUN
fbem-7721	86	47	of	of	ADP
fbem-7721	86	48	0	0	NUM
fbem-7721	86	49	.	.	PUNCT
fbem-7721	87	1	in	in	ADP
fbem-7721	87	2	addition	addition	NOUN
fbem-7721	87	3	,	,	PUNCT
fbem-7721	87	4	jiangsu	jiangsu	PROPN
fbem-7721	87	5	,	,	PUNCT
fbem-7721	87	6	zhejiang	zhejiang	PROPN
fbem-7721	87	7	,	,	PUNCT
fbem-7721	87	8	shandong	shandong	PROPN
fbem-7721	87	9	,	,	PUNCT
fbem-7721	87	10	guangdong	guangdong	PROPN
fbem-7721	87	11	,	,	PUNCT
fbem-7721	87	12	beijing	beijing	PROPN
fbem-7721	87	13	,	,	PUNCT
fbem-7721	87	14	tianjin	tianjin	PROPN
fbem-7721	87	15	,	,	PUNCT
fbem-7721	87	16	shanghai	shanghai	PROPN
fbem-7721	87	17	and	and	CCONJ
fbem-7721	87	18	fujian	fujian	PROPN
fbem-7721	87	19	are	be	AUX
fbem-7721	87	20	regarded	regard	VERB
fbem-7721	87	21	as	as	ADP
fbem-7721	87	22	economically	economically	ADV
fbem-7721	87	23	developed	develop	VERB
fbem-7721	87	24	areas	area	NOUN
fbem-7721	87	25	,	,	PUNCT
fbem-7721	87	26	while	while	SCONJ
fbem-7721	87	27	other	other	ADJ
fbem-7721	87	28	provinces	province	NOUN
fbem-7721	87	29	are	be	AUX
fbem-7721	87	30	regarded	regard	VERB
fbem-7721	87	31	as	as	ADP
fbem-7721	87	32	economically	economically	ADV
fbem-7721	87	33	underdeveloped	underdeveloped	ADJ
fbem-7721	87	34	areas	area	NOUN
fbem-7721	87	35	.	.	PUNCT
fbem-7721	88	1	table	table	NOUN
fbem-7721	88	2	1	1	NUM
fbem-7721	88	3	.	.	PUNCT
fbem-7721	88	4	shows	show	VERB
fbem-7721	88	5	the	the	DET
fbem-7721	88	6	main	main	ADJ
fbem-7721	88	7	variables	variable	NOUN
fbem-7721	88	8	and	and	CCONJ
fbem-7721	88	9	their	their	PRON
fbem-7721	88	10	definitions	definition	NOUN
fbem-7721	88	11	in	in	ADP
fbem-7721	88	12	the	the	DET
fbem-7721	88	13	model	model	NOUN
fbem-7721	88	14	.	.	PUNCT
fbem-7721	89	1	table	table	NOUN
fbem-7721	89	2	1	1	NUM
fbem-7721	89	3	.	.	PUNCT
fbem-7721	90	1	variable	variable	ADJ
fbem-7721	90	2	definition	definition	NOUN
fbem-7721	90	3	variable	variable	ADJ
fbem-7721	90	4	category	category	NOUN
fbem-7721	90	5	variable	variable	NOUN
fbem-7721	90	6	name	name	NOUN
fbem-7721	90	7	variable	variable	ADJ
fbem-7721	90	8	symbol	symbol	NOUN
fbem-7721	90	9	variable	variable	ADJ
fbem-7721	90	10	definition	definition	NOUN
fbem-7721	90	11	explained	explain	VERB
fbem-7721	90	12	variable	variable	ADJ
fbem-7721	90	13	cash	cash	NOUN
fbem-7721	90	14	dividend	dividend	NOUN
fbem-7721	90	15	payment	payment	NOUN
fbem-7721	90	16	level	level	NOUN
fbem-7721	90	17	divpay	divpay	NOUN
fbem-7721	90	18	total	total	ADJ
fbem-7721	90	19	cash	cash	NOUN
fbem-7721	90	20	dividend	dividend	NOUN
fbem-7721	90	21	/	/	SYM
fbem-7721	90	22	net	net	ADJ
fbem-7721	90	23	profit	profit	NOUN
fbem-7721	90	24	explanatory	explanatory	ADJ
fbem-7721	90	25	variable	variable	ADJ
fbem-7721	90	26	economic	economic	ADJ
fbem-7721	90	27	policy	policy	NOUN
fbem-7721	90	28	uncertainty	uncertainty	NOUN
fbem-7721	90	29	epu	epu	VERB
fbem-7721	90	30	arithmetic	arithmetic	ADJ
fbem-7721	90	31	average	average	NOUN
fbem-7721	90	32	of	of	ADP
fbem-7721	90	33	"	"	PUNCT
fbem-7721	90	34	china	china	PROPN
fbem-7721	90	35	economic	economic	ADJ
fbem-7721	90	36	policy	policy	NOUN
fbem-7721	90	37	uncertainty	uncertainty	NOUN
fbem-7721	90	38	index	index	NOUN
fbem-7721	90	39	"	"	PUNCT
fbem-7721	90	40	based	base	VERB
fbem-7721	90	41	on	on	ADP
fbem-7721	90	42	bakeretal	bakeretal	ADJ
fbem-7721	90	43	.	.	PUNCT
fbem-7721	91	1	mediator	mediator	NOUN
fbem-7721	91	2	variable	variable	ADJ
fbem-7721	91	3	financing	financing	NOUN
fbem-7721	91	4	constraint	constraint	NOUN
fbem-7721	91	5	kz	kz	PROPN
fbem-7721	91	6	absolute	absolute	ADJ
fbem-7721	91	7	value	value	NOUN
fbem-7721	91	8	of	of	ADP
fbem-7721	91	9	kz	kz	PROPN
fbem-7721	91	10	index	index	PROPN
fbem-7721	91	11	control	control	PROPN
fbem-7721	91	12	variable	variable	ADJ
fbem-7721	91	13	company	company	NOUN
fbem-7721	91	14	size	size	NOUN
fbem-7721	91	15	size	size	NOUN
fbem-7721	91	16	ln	ln	NOUN
fbem-7721	91	17	(	(	PUNCT
fbem-7721	91	18	total	total	ADJ
fbem-7721	91	19	assets	asset	NOUN
fbem-7721	91	20	+1	+1	NOUN
fbem-7721	91	21	)	)	PUNCT
fbem-7721	91	22	trading	trading	NOUN
fbem-7721	91	23	on	on	ADP
fbem-7721	91	24	equity	equity	NOUN
fbem-7721	91	25	dfl	dfl	PROPN
fbem-7721	91	26	earnings	earning	NOUN
fbem-7721	91	27	before	before	ADP
fbem-7721	91	28	interest	interest	NOUN
fbem-7721	91	29	and	and	CCONJ
fbem-7721	91	30	tax	tax	NOUN
fbem-7721	91	31	/	/	SYM
fbem-7721	91	32	total	total	NOUN
fbem-7721	91	33	profit	profit	NOUN
fbem-7721	91	34	before	before	ADP
fbem-7721	91	35	tax	tax	NOUN
fbem-7721	91	36	ownership	ownership	NOUN
fbem-7721	91	37	concentration	concentration	NOUN
fbem-7721	91	38	oc	oc	ADP
fbem-7721	91	39	the	the	DET
fbem-7721	91	40	shareholding	shareholding	NOUN
fbem-7721	91	41	ratio	ratio	NOUN
fbem-7721	91	42	of	of	ADP
fbem-7721	91	43	the	the	DET
fbem-7721	91	44	largest	large	ADJ
fbem-7721	91	45	shareholder	shareholder	NOUN
fbem-7721	91	46	nature	nature	NOUN
fbem-7721	91	47	of	of	ADP
fbem-7721	91	48	equity	equity	NOUN
fbem-7721	91	49	op	op	NOUN
fbem-7721	91	50	state	state	NOUN
fbem-7721	91	51	-	-	PUNCT
fbem-7721	91	52	owned	own	VERB
fbem-7721	91	53	enterprises	enterprise	NOUN
fbem-7721	91	54	assign	assign	VERB
fbem-7721	91	55	1	1	NUM
fbem-7721	91	56	,	,	PUNCT
fbem-7721	91	57	and	and	CCONJ
fbem-7721	91	58	non	non	ADJ
fbem-7721	91	59	-	-	ADJ
fbem-7721	91	60	stateowned	stateowned	ADJ
fbem-7721	91	61	enterprises	enterprise	NOUN
fbem-7721	91	62	assign	assign	VERB
fbem-7721	91	63	0	0	NUM
fbem-7721	91	64	region	region	NOUN
fbem-7721	91	65	zone	zone	NOUN
fbem-7721	91	66	the	the	DET
fbem-7721	91	67	economically	economically	ADV
fbem-7721	91	68	developed	develop	VERB
fbem-7721	91	69	areas	area	NOUN
fbem-7721	91	70	are	be	AUX
fbem-7721	91	71	assigned	assign	VERB
fbem-7721	91	72	1	1	NUM
fbem-7721	91	73	,	,	PUNCT
fbem-7721	91	74	and	and	CCONJ
fbem-7721	91	75	the	the	DET
fbem-7721	91	76	economically	economically	ADV
fbem-7721	91	77	underdeveloped	underdeveloped	ADJ
fbem-7721	91	78	areas	area	NOUN
fbem-7721	91	79	are	be	AUX
fbem-7721	91	80	assigned	assign	VERB
fbem-7721	91	81	0	0	NUM
fbem-7721	91	82	58	58	NUM
fbem-7721	91	83	section	section	NOUN
fbem-7721	91	84	3	3	NUM
fbem-7721	91	85	model	model	NOUN
fbem-7721	91	86	setting	set	VERB
fbem-7721	91	87	in	in	ADP
fbem-7721	91	88	order	order	NOUN
fbem-7721	91	89	to	to	PART
fbem-7721	91	90	verify	verify	VERB
fbem-7721	91	91	hypothesis	hypothesis	NOUN
fbem-7721	91	92	h1	h1	NOUN
fbem-7721	91	93	,	,	PUNCT
fbem-7721	91	94	this	this	DET
fbem-7721	91	95	paper	paper	NOUN
fbem-7721	91	96	designs	design	NOUN
fbem-7721	91	97	model	model	NOUN
fbem-7721	91	98	(	(	PUNCT
fbem-7721	91	99	1	1	NUM
fbem-7721	91	100	):	):	PUNCT
fbem-7721	91	101	divpay	divpay	NOUN
fbem-7721	91	102	𝛽	𝛽	NOUN
fbem-7721	91	103	𝛽	𝛽	NOUN
fbem-7721	91	104	epu	epu	NOUN
fbem-7721	91	105	𝛽	𝛽	NOUN
fbem-7721	91	106	size	size	NOUN
fbem-7721	91	107	𝛽	𝛽	PROPN
fbem-7721	91	108	dfl	dfl	PROPN
fbem-7721	91	109	𝛽	𝛽	PROPN
fbem-7721	91	110	oc	oc	VERB
fbem-7721	91	111	𝛽	𝛽	NOUN
fbem-7721	91	112	op	op	NOUN
fbem-7721	91	113	𝛴𝑦𝑒𝑎𝑟	𝛴𝑦𝑒𝑎𝑟	PROPN
fbem-7721	91	114	𝛴𝑖𝑛𝑑	𝛴𝑖𝑛𝑑	PROPN
fbem-7721	91	115	𝜀	𝜀	X
fbem-7721	91	116	(	(	PUNCT
fbem-7721	91	117	1	1	NUM
fbem-7721	91	118	)	)	PUNCT
fbem-7721	91	119	among	among	ADP
fbem-7721	91	120	them	they	PRON
fbem-7721	91	121	,	,	PUNCT
fbem-7721	91	122	divpay	divpay	PROPN
fbem-7721	91	123	indicates	indicate	VERB
fbem-7721	91	124	that	that	SCONJ
fbem-7721	91	125	the	the	DET
fbem-7721	91	126	cash	cash	NOUN
fbem-7721	91	127	dividend	dividend	NOUN
fbem-7721	91	128	payment	payment	NOUN
fbem-7721	91	129	level	level	NOUN
fbem-7721	91	130	is	be	AUX
fbem-7721	91	131	the	the	DET
fbem-7721	91	132	explained	explain	VERB
fbem-7721	91	133	variable	variable	NOUN
fbem-7721	91	134	,	,	PUNCT
fbem-7721	91	135	and	and	CCONJ
fbem-7721	91	136	epu	epu	NOUN
fbem-7721	91	137	indicates	indicate	VERB
fbem-7721	91	138	that	that	SCONJ
fbem-7721	91	139	the	the	DET
fbem-7721	91	140	uncertainty	uncertainty	NOUN
fbem-7721	91	141	of	of	ADP
fbem-7721	91	142	economic	economic	ADJ
fbem-7721	91	143	policy	policy	NOUN
fbem-7721	91	144	is	be	AUX
fbem-7721	91	145	the	the	DET
fbem-7721	91	146	explained	explain	VERB
fbem-7721	91	147	variable	variable	NOUN
fbem-7721	91	148	.	.	PUNCT
fbem-7721	92	1	𝛽	𝛽	NOUN
fbem-7721	92	2	is	be	AUX
fbem-7721	92	3	a	a	DET
fbem-7721	92	4	constant	constant	ADJ
fbem-7721	92	5	term	term	NOUN
fbem-7721	92	6	in	in	ADP
fbem-7721	92	7	the	the	DET
fbem-7721	92	8	model	model	NOUN
fbem-7721	92	9	.	.	PUNCT
fbem-7721	93	1	in	in	ADP
fbem-7721	93	2	addition	addition	NOUN
fbem-7721	93	3	,	,	PUNCT
fbem-7721	93	4	the	the	DET
fbem-7721	93	5	remaining	remain	VERB
fbem-7721	93	6	variables	variable	NOUN
fbem-7721	93	7	are	be	AUX
fbem-7721	93	8	control	control	NOUN
fbem-7721	93	9	variables	variable	NOUN
fbem-7721	93	10	,	,	PUNCT
fbem-7721	93	11	and	and	CCONJ
fbem-7721	93	12	𝛽	𝛽	NOUN
fbem-7721	93	13	stands	stand	VERB
fbem-7721	93	14	for	for	ADP
fbem-7721	93	15	regression	regression	NOUN
fbem-7721	93	16	coefficient	coefficient	NOUN
fbem-7721	93	17	.	.	PUNCT
fbem-7721	94	1	𝛴𝑦𝑒𝑎𝑟	𝛴𝑦𝑒𝑎𝑟	VERB
fbem-7721	94	2	and	and	CCONJ
fbem-7721	94	3	𝛴𝑖𝑛𝑑	𝛴𝑖𝑛𝑑	PROPN
fbem-7721	94	4	are	be	AUX
fbem-7721	94	5	annual	annual	ADJ
fbem-7721	94	6	virtual	virtual	ADJ
fbem-7721	94	7	variables	variable	NOUN
fbem-7721	94	8	and	and	CCONJ
fbem-7721	94	9	industry	industry	NOUN
fbem-7721	94	10	virtual	virtual	ADJ
fbem-7721	94	11	variables	variable	NOUN
fbem-7721	94	12	respectively	respectively	ADV
fbem-7721	94	13	,	,	PUNCT
fbem-7721	94	14	and	and	CCONJ
fbem-7721	94	15	𝜀	𝜀	NOUN
fbem-7721	94	16	stands	stand	VERB
fbem-7721	94	17	for	for	ADP
fbem-7721	94	18	error	error	NOUN
fbem-7721	94	19	term	term	NOUN
fbem-7721	94	20	.	.	PUNCT
fbem-7721	95	1	if	if	SCONJ
fbem-7721	95	2	the	the	DET
fbem-7721	95	3	assumption	assumption	NOUN
fbem-7721	95	4	h1	h1	NOUN
fbem-7721	95	5	in	in	ADP
fbem-7721	95	6	this	this	DET
fbem-7721	95	7	paper	paper	NOUN
fbem-7721	95	8	holds	hold	VERB
fbem-7721	95	9	,	,	PUNCT
fbem-7721	95	10	𝛽	𝛽	NOUN
fbem-7721	95	11	in	in	ADP
fbem-7721	95	12	model	model	NOUN
fbem-7721	95	13	(	(	PUNCT
fbem-7721	95	14	1	1	NUM
fbem-7721	95	15	)	)	PUNCT
fbem-7721	95	16	should	should	AUX
fbem-7721	95	17	be	be	AUX
fbem-7721	95	18	significantly	significantly	ADV
fbem-7721	95	19	positive	positive	ADJ
fbem-7721	95	20	.	.	PUNCT
fbem-7721	96	1	in	in	ADP
fbem-7721	96	2	order	order	NOUN
fbem-7721	96	3	to	to	PART
fbem-7721	96	4	verify	verify	VERB
fbem-7721	96	5	the	the	DET
fbem-7721	96	6	hypothesis	hypothesis	NOUN
fbem-7721	96	7	h2	h2	NOUN
fbem-7721	96	8	,	,	PUNCT
fbem-7721	96	9	this	this	DET
fbem-7721	96	10	paper	paper	NOUN
fbem-7721	96	11	designs	design	VERB
fbem-7721	96	12	the	the	DET
fbem-7721	96	13	model	model	NOUN
fbem-7721	96	14	(	(	PUNCT
fbem-7721	96	15	2	2	NUM
fbem-7721	96	16	):	):	PUNCT
fbem-7721	96	17	divpay	divpay	NOUN
fbem-7721	96	18	𝛽	𝛽	NOUN
fbem-7721	96	19	𝛽	𝛽	NOUN
fbem-7721	96	20	epu	epu	NOUN
fbem-7721	96	21	𝛽	𝛽	PROPN
fbem-7721	96	22	kz	kz	PROPN
fbem-7721	96	23	𝛽	𝛽	PROPN
fbem-7721	96	24	epu	epu	PROPN
fbem-7721	96	25	kz	kz	PROPN
fbem-7721	96	26	𝛽	𝛽	PROPN
fbem-7721	96	27	size	size	NOUN
fbem-7721	96	28	𝛽	𝛽	PROPN
fbem-7721	96	29	dfl	dfl	PROPN
fbem-7721	96	30	𝛽	𝛽	PROPN
fbem-7721	96	31	oc	oc	VERB
fbem-7721	96	32	𝛽	𝛽	NOUN
fbem-7721	96	33	op	op	NOUN
fbem-7721	96	34	𝛴𝑦𝑒𝑎𝑟	𝛴𝑦𝑒𝑎𝑟	PROPN
fbem-7721	96	35	𝛴𝑖𝑛𝑑	𝛴𝑖𝑛𝑑	PROPN
fbem-7721	96	36	𝜀	𝜀	X
fbem-7721	96	37	(	(	PUNCT
fbem-7721	96	38	2	2	NUM
fbem-7721	96	39	)	)	PUNCT
fbem-7721	96	40	on	on	ADP
fbem-7721	96	41	the	the	DET
fbem-7721	96	42	basis	basis	NOUN
fbem-7721	96	43	of	of	ADP
fbem-7721	96	44	model	model	NOUN
fbem-7721	96	45	(	(	PUNCT
fbem-7721	96	46	1	1	NUM
fbem-7721	96	47	)	)	PUNCT
fbem-7721	96	48	,	,	PUNCT
fbem-7721	96	49	model	model	NOUN
fbem-7721	96	50	(	(	PUNCT
fbem-7721	96	51	2	2	X
fbem-7721	96	52	)	)	PUNCT
fbem-7721	96	53	adds	add	VERB
fbem-7721	96	54	adjustment	adjustment	NOUN
fbem-7721	96	55	variable	variable	NOUN
fbem-7721	96	56	kz	kz	PROPN
fbem-7721	96	57	and	and	CCONJ
fbem-7721	96	58	interaction	interaction	NOUN
fbem-7721	96	59	item	item	NOUN
fbem-7721	96	60	𝐷𝑖𝑣𝑝𝑎𝑦	𝐷𝑖𝑣𝑝𝑎𝑦	PROPN
fbem-7721	96	61	kz	kz	PROPN
fbem-7721	96	62	to	to	PART
fbem-7721	96	63	verify	verify	VERB
fbem-7721	96	64	the	the	DET
fbem-7721	96	65	adjustment	adjustment	NOUN
fbem-7721	96	66	effect	effect	NOUN
fbem-7721	96	67	of	of	ADP
fbem-7721	96	68	hypothetical	hypothetical	ADJ
fbem-7721	96	69	h2	h2	NOUN
fbem-7721	96	70	.	.	PUNCT
fbem-7721	97	1	if	if	SCONJ
fbem-7721	97	2	h2	h2	PROPN
fbem-7721	97	3	is	be	AUX
fbem-7721	97	4	assumed	assume	VERB
fbem-7721	97	5	in	in	ADP
fbem-7721	97	6	this	this	DET
fbem-7721	97	7	paper	paper	NOUN
fbem-7721	97	8	,	,	PUNCT
fbem-7721	97	9	𝛽	𝛽	NOUN
fbem-7721	97	10	should	should	AUX
fbem-7721	97	11	be	be	AUX
fbem-7721	97	12	positive	positive	ADJ
fbem-7721	97	13	.	.	PUNCT
fbem-7721	98	1	4	4	X
fbem-7721	98	2	.	.	X
fbem-7721	98	3	empirical	empirical	ADJ
fbem-7721	98	4	analysis	analysis	NOUN
fbem-7721	98	5	section	section	NOUN
fbem-7721	98	6	1	1	NUM
fbem-7721	98	7	descriptive	descriptive	ADJ
fbem-7721	98	8	statistical	statistical	ADJ
fbem-7721	98	9	analysis	analysis	NOUN
fbem-7721	98	10	the	the	DET
fbem-7721	98	11	descriptive	descriptive	ADJ
fbem-7721	98	12	statistical	statistical	ADJ
fbem-7721	98	13	analysis	analysis	NOUN
fbem-7721	98	14	of	of	ADP
fbem-7721	98	15	the	the	DET
fbem-7721	98	16	main	main	ADJ
fbem-7721	98	17	variables	variable	NOUN
fbem-7721	98	18	in	in	ADP
fbem-7721	98	19	this	this	DET
fbem-7721	98	20	paper	paper	NOUN
fbem-7721	98	21	is	be	AUX
fbem-7721	98	22	shown	show	VERB
fbem-7721	98	23	in	in	ADP
fbem-7721	98	24	table	table	NOUN
fbem-7721	98	25	2	2	NUM
fbem-7721	98	26	.	.	PUNCT
fbem-7721	98	27	first	first	ADV
fbem-7721	98	28	of	of	ADP
fbem-7721	98	29	all	all	PRON
fbem-7721	98	30	,	,	PUNCT
fbem-7721	98	31	the	the	DET
fbem-7721	98	32	average	average	ADJ
fbem-7721	98	33	value	value	NOUN
fbem-7721	98	34	of	of	ADP
fbem-7721	98	35	divpay	divpay	NOUN
fbem-7721	98	36	is	be	AUX
fbem-7721	98	37	4.063	4.063	NUM
fbem-7721	98	38	,	,	PUNCT
fbem-7721	98	39	and	and	CCONJ
fbem-7721	98	40	the	the	DET
fbem-7721	98	41	median	median	ADJ
fbem-7721	98	42	value	value	NOUN
fbem-7721	98	43	is	be	AUX
fbem-7721	98	44	3.648	3.648	NUM
fbem-7721	98	45	,	,	PUNCT
fbem-7721	98	46	which	which	PRON
fbem-7721	98	47	shows	show	VERB
fbem-7721	98	48	that	that	SCONJ
fbem-7721	98	49	the	the	DET
fbem-7721	98	50	cash	cash	NOUN
fbem-7721	98	51	dividend	dividend	NOUN
fbem-7721	98	52	payment	payment	NOUN
fbem-7721	98	53	of	of	ADP
fbem-7721	98	54	chinese	chinese	ADJ
fbem-7721	98	55	enterprises	enterprise	NOUN
fbem-7721	98	56	is	be	AUX
fbem-7721	98	57	at	at	ADP
fbem-7721	98	58	a	a	DET
fbem-7721	98	59	high	high	ADJ
fbem-7721	98	60	level	level	NOUN
fbem-7721	98	61	during	during	ADP
fbem-7721	98	62	the	the	DET
fbem-7721	98	63	sample	sample	NOUN
fbem-7721	98	64	period	period	NOUN
fbem-7721	98	65	.	.	PUNCT
fbem-7721	99	1	the	the	DET
fbem-7721	99	2	standard	standard	ADJ
fbem-7721	99	3	deviation	deviation	NOUN
fbem-7721	99	4	of	of	ADP
fbem-7721	99	5	divpay	divpay	NOUN
fbem-7721	99	6	is	be	AUX
fbem-7721	99	7	0.226	0.226	NUM
fbem-7721	99	8	,	,	PUNCT
fbem-7721	99	9	the	the	DET
fbem-7721	99	10	minimum	minimum	ADJ
fbem-7721	99	11	value	value	NOUN
fbem-7721	99	12	is	be	AUX
fbem-7721	99	13	0.000	0.000	NUM
fbem-7721	99	14	,	,	PUNCT
fbem-7721	99	15	and	and	CCONJ
fbem-7721	99	16	the	the	DET
fbem-7721	99	17	maximum	maximum	ADJ
fbem-7721	99	18	value	value	NOUN
fbem-7721	99	19	is	be	AUX
fbem-7721	99	20	1.295	1.295	NUM
fbem-7721	99	21	.	.	PUNCT
fbem-7721	100	1	comparing	compare	VERB
fbem-7721	100	2	with	with	ADP
fbem-7721	100	3	the	the	DET
fbem-7721	100	4	standard	standard	ADJ
fbem-7721	100	5	deviation	deviation	NOUN
fbem-7721	100	6	of	of	ADP
fbem-7721	100	7	epu	epu	NOUN
fbem-7721	100	8	of	of	ADP
fbem-7721	100	9	2.354	2.354	NUM
fbem-7721	100	10	,	,	PUNCT
fbem-7721	100	11	the	the	DET
fbem-7721	100	12	minimum	minimum	ADJ
fbem-7721	100	13	value	value	NOUN
fbem-7721	100	14	of	of	ADP
fbem-7721	100	15	1.139	1.139	NUM
fbem-7721	100	16	and	and	CCONJ
fbem-7721	100	17	the	the	DET
fbem-7721	100	18	maximum	maximum	ADJ
fbem-7721	100	19	value	value	NOUN
fbem-7721	100	20	of	of	ADP
fbem-7721	100	21	7.919	7.919	NUM
fbem-7721	100	22	,	,	PUNCT
fbem-7721	100	23	it	it	PRON
fbem-7721	100	24	can	can	AUX
fbem-7721	100	25	be	be	AUX
fbem-7721	100	26	concluded	conclude	VERB
fbem-7721	100	27	that	that	SCONJ
fbem-7721	100	28	the	the	DET
fbem-7721	100	29	fluctuation	fluctuation	NOUN
fbem-7721	100	30	of	of	ADP
fbem-7721	100	31	cash	cash	NOUN
fbem-7721	100	32	dividend	dividend	NOUN
fbem-7721	100	33	payment	payment	NOUN
fbem-7721	100	34	level	level	NOUN
fbem-7721	100	35	is	be	AUX
fbem-7721	100	36	smoother	smooth	ADJ
fbem-7721	100	37	than	than	ADP
fbem-7721	100	38	that	that	PRON
fbem-7721	100	39	of	of	ADP
fbem-7721	100	40	economic	economic	ADJ
fbem-7721	100	41	policy	policy	NOUN
fbem-7721	100	42	uncertainty	uncertainty	NOUN
fbem-7721	100	43	in	in	ADP
fbem-7721	100	44	china	china	PROPN
fbem-7721	100	45	.	.	PUNCT
fbem-7721	101	1	secondly	secondly	ADV
fbem-7721	101	2	,	,	PUNCT
fbem-7721	101	3	the	the	DET
fbem-7721	101	4	average	average	ADJ
fbem-7721	101	5	value	value	NOUN
fbem-7721	101	6	of	of	ADP
fbem-7721	101	7	economic	economic	ADJ
fbem-7721	101	8	policy	policy	NOUN
fbem-7721	101	9	uncertainty	uncertainty	NOUN
fbem-7721	101	10	is	be	AUX
fbem-7721	101	11	0.330	0.330	NUM
fbem-7721	101	12	,	,	PUNCT
fbem-7721	101	13	while	while	SCONJ
fbem-7721	101	14	the	the	DET
fbem-7721	101	15	median	median	ADJ
fbem-7721	101	16	value	value	NOUN
fbem-7721	101	17	is	be	AUX
fbem-7721	101	18	0.300	0.300	NUM
fbem-7721	101	19	.	.	PUNCT
fbem-7721	102	1	in	in	ADP
fbem-7721	102	2	addition	addition	NOUN
fbem-7721	102	3	,	,	PUNCT
fbem-7721	102	4	the	the	DET
fbem-7721	102	5	standard	standard	ADJ
fbem-7721	102	6	deviation	deviation	NOUN
fbem-7721	102	7	of	of	ADP
fbem-7721	102	8	epu	epu	NOUN
fbem-7721	102	9	is	be	AUX
fbem-7721	102	10	2.354	2.354	NUM
fbem-7721	102	11	,	,	PUNCT
fbem-7721	102	12	the	the	DET
fbem-7721	102	13	minimum	minimum	ADJ
fbem-7721	102	14	value	value	NOUN
fbem-7721	102	15	is	be	AUX
fbem-7721	102	16	1.139	1.139	NUM
fbem-7721	102	17	,	,	PUNCT
fbem-7721	102	18	and	and	CCONJ
fbem-7721	102	19	the	the	DET
fbem-7721	102	20	maximum	maximum	ADJ
fbem-7721	102	21	value	value	NOUN
fbem-7721	102	22	is	be	AUX
fbem-7721	102	23	7.919	7.919	NUM
fbem-7721	102	24	.	.	PUNCT
fbem-7721	103	1	the	the	DET
fbem-7721	103	2	difference	difference	NOUN
fbem-7721	103	3	between	between	ADP
fbem-7721	103	4	the	the	DET
fbem-7721	103	5	standard	standard	ADJ
fbem-7721	103	6	deviation	deviation	NOUN
fbem-7721	103	7	and	and	CCONJ
fbem-7721	103	8	the	the	DET
fbem-7721	103	9	maximum	maximum	ADJ
fbem-7721	103	10	value	value	NOUN
fbem-7721	103	11	and	and	CCONJ
fbem-7721	103	12	the	the	DET
fbem-7721	103	13	minimum	minimum	ADJ
fbem-7721	103	14	value	value	NOUN
fbem-7721	103	15	is	be	AUX
fbem-7721	103	16	also	also	ADV
fbem-7721	103	17	large	large	ADJ
fbem-7721	103	18	,	,	PUNCT
fbem-7721	103	19	indicating	indicate	VERB
fbem-7721	103	20	that	that	SCONJ
fbem-7721	103	21	the	the	DET
fbem-7721	103	22	uncertainty	uncertainty	NOUN
fbem-7721	103	23	of	of	ADP
fbem-7721	103	24	china	china	PROPN
fbem-7721	103	25	's	's	PART
fbem-7721	103	26	economic	economic	ADJ
fbem-7721	103	27	policy	policy	NOUN
fbem-7721	103	28	fluctuates	fluctuate	VERB
fbem-7721	103	29	greatly	greatly	ADV
fbem-7721	103	30	.	.	PUNCT
fbem-7721	104	1	the	the	DET
fbem-7721	104	2	data	datum	NOUN
fbem-7721	104	3	of	of	ADP
fbem-7721	104	4	other	other	ADJ
fbem-7721	104	5	variables	variable	NOUN
fbem-7721	104	6	are	be	AUX
fbem-7721	104	7	shown	show	VERB
fbem-7721	104	8	in	in	ADP
fbem-7721	104	9	table	table	NOUN
fbem-7721	104	10	2	2	NUM
fbem-7721	104	11	,	,	PUNCT
fbem-7721	104	12	and	and	CCONJ
fbem-7721	104	13	will	will	AUX
fbem-7721	104	14	not	not	PART
fbem-7721	104	15	be	be	AUX
fbem-7721	104	16	described	describe	VERB
fbem-7721	104	17	one	one	NUM
fbem-7721	104	18	by	by	ADP
fbem-7721	104	19	one	one	NUM
fbem-7721	104	20	.	.	PUNCT
fbem-7721	105	1	table	table	NOUN
fbem-7721	105	2	2	2	NUM
fbem-7721	105	3	.	.	PUNCT
fbem-7721	105	4	descriptive	descriptive	ADJ
fbem-7721	105	5	statistic	statistic	ADJ
fbem-7721	105	6	variable	variable	NOUN
fbem-7721	106	1	n	n	PRON
fbem-7721	106	2	mean	mean	VERB
fbem-7721	106	3	p50	p50	NOUN
fbem-7721	106	4	sd	sd	NOUN
fbem-7721	106	5	min	min	PROPN
fbem-7721	106	6	max	max	PROPN
fbem-7721	106	7	divpay	divpay	PROPN
fbem-7721	106	8	2,340.000	2,340.000	NUM
fbem-7721	106	9	0.330	0.330	NUM
fbem-7721	106	10	0.300	0.300	NUM
fbem-7721	106	11	0.226	0.226	NUM
fbem-7721	106	12	0.000	0.000	NUM
fbem-7721	106	13	1.295	1.295	NUM
fbem-7721	106	14	epu	epu	NOUN
fbem-7721	106	15	2,340.000	2,340.000	NUM
fbem-7721	106	16	4.063	4.063	NUM
fbem-7721	106	17	3.648	3.648	NUM
fbem-7721	106	18	2.354	2.354	NUM
fbem-7721	106	19	1.139	1.139	NUM
fbem-7721	106	20	7.919	7.919	NUM
fbem-7721	106	21	kz	kz	PROPN
fbem-7721	106	22	2,340.000	2,340.000	NUM
fbem-7721	106	23	1.692	1.692	NUM
fbem-7721	106	24	1.444	1.444	NUM
fbem-7721	106	25	1.274	1.274	NUM
fbem-7721	106	26	0.038	0.038	NUM
fbem-7721	106	27	6.423	6.423	NUM
fbem-7721	106	28	size	size	NOUN
fbem-7721	106	29	2,340.000	2,340.000	NUM
fbem-7721	106	30	23.467	23.467	NUM
fbem-7721	106	31	23.309	23.309	NUM
fbem-7721	106	32	1.489	1.489	NUM
fbem-7721	106	33	20.754	20.754	NUM
fbem-7721	106	34	27.897	27.897	NUM
fbem-7721	106	35	dfl	dfl	PROPN
fbem-7721	106	36	2,340.000	2,340.000	NUM
fbem-7721	106	37	1.225	1.225	NUM
fbem-7721	106	38	1.033	1.033	NUM
fbem-7721	106	39	0.685	0.685	NUM
fbem-7721	106	40	0.554	0.554	NUM
fbem-7721	106	41	5.852	5.852	NUM
fbem-7721	106	42	oc	oc	ADP
fbem-7721	106	43	2,340.000	2,340.000	NUM
fbem-7721	106	44	61.227	61.227	NUM
fbem-7721	106	45	61.790	61.790	NUM
fbem-7721	106	46	15.692	15.692	NUM
fbem-7721	106	47	28.310	28.310	NUM
fbem-7721	106	48	94.470	94.470	NUM
fbem-7721	106	49	zone	zone	NOUN
fbem-7721	106	50	2,340.000	2,340.000	NUM
fbem-7721	106	51	0.685	0.685	NUM
fbem-7721	106	52	1.000	1.000	NUM
fbem-7721	106	53	0.465	0.465	NUM
fbem-7721	106	54	0.000	0.000	NUM
fbem-7721	106	55	1.000	1.000	NUM
fbem-7721	106	56	section	section	NOUN
fbem-7721	106	57	2	2	NUM
fbem-7721	106	58	correlation	correlation	NOUN
fbem-7721	106	59	test	test	NOUN
fbem-7721	106	60	the	the	DET
fbem-7721	106	61	correlation	correlation	NOUN
fbem-7721	106	62	test	test	NOUN
fbem-7721	106	63	between	between	ADP
fbem-7721	106	64	the	the	DET
fbem-7721	106	65	main	main	ADJ
fbem-7721	106	66	variables	variable	NOUN
fbem-7721	106	67	in	in	ADP
fbem-7721	106	68	this	this	DET
fbem-7721	106	69	paper	paper	NOUN
fbem-7721	106	70	is	be	AUX
fbem-7721	106	71	shown	show	VERB
fbem-7721	106	72	in	in	ADP
fbem-7721	106	73	table	table	NOUN
fbem-7721	106	74	3	3	NUM
fbem-7721	106	75	.	.	PUNCT
fbem-7721	106	76	from	from	ADP
fbem-7721	106	77	the	the	DET
fbem-7721	106	78	relationship	relationship	NOUN
fbem-7721	106	79	between	between	ADP
fbem-7721	106	80	explanatory	explanatory	ADJ
fbem-7721	106	81	variables	variable	NOUN
fbem-7721	106	82	and	and	CCONJ
fbem-7721	106	83	explained	explain	VERB
fbem-7721	106	84	variables	variable	NOUN
fbem-7721	106	85	,	,	PUNCT
fbem-7721	106	86	the	the	DET
fbem-7721	106	87	correlation	correlation	NOUN
fbem-7721	106	88	coefficient	coefficient	NOUN
fbem-7721	106	89	between	between	ADP
fbem-7721	106	90	economic	economic	ADJ
fbem-7721	106	91	policy	policy	NOUN
fbem-7721	106	92	uncertainty	uncertainty	NOUN
fbem-7721	106	93	(	(	PUNCT
fbem-7721	106	94	epu	epu	PROPN
fbem-7721	106	95	)	)	PUNCT
fbem-7721	106	96	and	and	CCONJ
fbem-7721	106	97	cash	cash	NOUN
fbem-7721	106	98	dividend	dividend	NOUN
fbem-7721	106	99	payment	payment	NOUN
fbem-7721	106	100	level	level	NOUN
fbem-7721	106	101	(	(	PUNCT
fbem-7721	106	102	divpay	divpay	NOUN
fbem-7721	106	103	)	)	PUNCT
fbem-7721	106	104	is	be	AUX
fbem-7721	106	105	0.048	0.048	NUM
fbem-7721	106	106	,	,	PUNCT
fbem-7721	106	107	which	which	PRON
fbem-7721	106	108	is	be	AUX
fbem-7721	106	109	a	a	DET
fbem-7721	106	110	significant	significant	ADJ
fbem-7721	106	111	positive	positive	ADJ
fbem-7721	106	112	correlation	correlation	NOUN
fbem-7721	106	113	,	,	PUNCT
fbem-7721	106	114	that	that	ADV
fbem-7721	106	115	is	is	ADV
fbem-7721	106	116	,	,	PUNCT
fbem-7721	106	117	when	when	SCONJ
fbem-7721	106	118	the	the	DET
fbem-7721	106	119	degree	degree	NOUN
fbem-7721	106	120	of	of	ADP
fbem-7721	106	121	economic	economic	ADJ
fbem-7721	106	122	policy	policy	NOUN
fbem-7721	106	123	uncertainty	uncertainty	NOUN
fbem-7721	106	124	faced	face	VERB
fbem-7721	106	125	by	by	ADP
fbem-7721	106	126	enterprises	enterprise	NOUN
fbem-7721	106	127	increases	increase	NOUN
fbem-7721	106	128	,	,	PUNCT
fbem-7721	106	129	enterprise	enterprise	NOUN
fbem-7721	106	130	management	management	NOUN
fbem-7721	106	131	tends	tend	VERB
fbem-7721	106	132	to	to	PART
fbem-7721	106	133	pay	pay	VERB
fbem-7721	106	134	more	more	ADJ
fbem-7721	106	135	cash	cash	NOUN
fbem-7721	106	136	dividends	dividend	NOUN
fbem-7721	106	137	,	,	PUNCT
fbem-7721	106	138	which	which	PRON
fbem-7721	106	139	preliminarily	preliminarily	ADV
fbem-7721	106	140	verifies	verify	VERB
fbem-7721	106	141	the	the	DET
fbem-7721	106	142	first	first	ADJ
fbem-7721	106	143	hypothesis	hypothesis	NOUN
fbem-7721	106	144	h1	h1	NOUN
fbem-7721	106	145	of	of	ADP
fbem-7721	106	146	this	this	DET
fbem-7721	106	147	paper	paper	NOUN
fbem-7721	106	148	.	.	PUNCT
fbem-7721	107	1	from	from	ADP
fbem-7721	107	2	the	the	DET
fbem-7721	107	3	relationship	relationship	NOUN
fbem-7721	107	4	between	between	ADP
fbem-7721	107	5	the	the	DET
fbem-7721	107	6	control	control	NOUN
fbem-7721	107	7	variable	variable	NOUN
fbem-7721	107	8	and	and	CCONJ
fbem-7721	107	9	the	the	DET
fbem-7721	107	10	explained	explain	VERB
fbem-7721	107	11	variable	variable	NOUN
fbem-7721	107	12	,	,	PUNCT
fbem-7721	107	13	the	the	DET
fbem-7721	107	14	correlation	correlation	NOUN
fbem-7721	107	15	coefficient	coefficient	NOUN
fbem-7721	107	16	between	between	ADP
fbem-7721	107	17	the	the	DET
fbem-7721	107	18	ownership	ownership	NOUN
fbem-7721	107	19	concentration	concentration	NOUN
fbem-7721	107	20	(	(	PUNCT
fbem-7721	107	21	oc	oc	NOUN
fbem-7721	107	22	)	)	PUNCT
fbem-7721	107	23	and	and	CCONJ
fbem-7721	107	24	the	the	DET
fbem-7721	107	25	explained	explain	VERB
fbem-7721	107	26	variable	variable	NOUN
fbem-7721	107	27	is	be	AUX
fbem-7721	107	28	0.138	0.138	NUM
fbem-7721	107	29	,	,	PUNCT
fbem-7721	107	30	and	and	CCONJ
fbem-7721	107	31	the	the	DET
fbem-7721	107	32	relationship	relationship	NOUN
fbem-7721	107	33	between	between	ADP
fbem-7721	107	34	them	they	PRON
fbem-7721	107	35	is	be	AUX
fbem-7721	107	36	significantly	significantly	ADV
fbem-7721	107	37	positive	positive	ADJ
fbem-7721	107	38	,	,	PUNCT
fbem-7721	107	39	that	that	ADV
fbem-7721	107	40	is	is	ADV
fbem-7721	107	41	,	,	PUNCT
fbem-7721	107	42	the	the	PRON
fbem-7721	107	43	higher	high	ADJ
fbem-7721	107	44	the	the	DET
fbem-7721	107	45	ownership	ownership	NOUN
fbem-7721	107	46	concentration	concentration	NOUN
fbem-7721	107	47	,	,	PUNCT
fbem-7721	107	48	the	the	DET
fbem-7721	107	49	more	more	ADV
fbem-7721	107	50	inclined	inclined	ADJ
fbem-7721	107	51	to	to	PART
fbem-7721	107	52	distribute	distribute	VERB
fbem-7721	107	53	cash	cash	NOUN
fbem-7721	107	54	dividends	dividend	NOUN
fbem-7721	107	55	.	.	PUNCT
fbem-7721	108	1	zhao	zhao	PROPN
fbem-7721	108	2	ruijie	ruijie	PROPN
fbem-7721	108	3	and	and	CCONJ
fbem-7721	108	4	wu	wu	PROPN
fbem-7721	108	5	chaoyang	chaoyang	PROPN
fbem-7721	108	6	(	(	PUNCT
fbem-7721	108	7	2017	2017	NUM
fbem-7721	108	8	)	)	PUNCT
fbem-7721	108	9	believe	believe	VERB
fbem-7721	108	10	that	that	SCONJ
fbem-7721	108	11	this	this	PRON
fbem-7721	108	12	is	be	AUX
fbem-7721	108	13	because	because	SCONJ
fbem-7721	108	14	the	the	PRON
fbem-7721	108	15	greater	great	ADJ
fbem-7721	108	16	the	the	DET
fbem-7721	108	17	control	control	NOUN
fbem-7721	108	18	right	right	NOUN
fbem-7721	108	19	of	of	ADP
fbem-7721	108	20	the	the	DET
fbem-7721	108	21	major	major	ADJ
fbem-7721	108	22	shareholders	shareholder	NOUN
fbem-7721	108	23	,	,	PUNCT
fbem-7721	108	24	the	the	PRON
fbem-7721	108	25	stronger	strong	ADJ
fbem-7721	108	26	the	the	DET
fbem-7721	108	27	motivation	motivation	NOUN
fbem-7721	108	28	to	to	PART
fbem-7721	108	29	occupy	occupy	VERB
fbem-7721	108	30	the	the	DET
fbem-7721	108	31	interests	interest	NOUN
fbem-7721	108	32	of	of	ADP
fbem-7721	108	33	the	the	DET
fbem-7721	108	34	minor	minor	ADJ
fbem-7721	108	35	shareholders	shareholder	NOUN
fbem-7721	108	36	,	,	PUNCT
fbem-7721	108	37	and	and	CCONJ
fbem-7721	108	38	the	the	DET
fbem-7721	108	39	possibility	possibility	NOUN
fbem-7721	108	40	of	of	ADP
fbem-7721	108	41	listed	list	VERB
fbem-7721	108	42	companies	company	NOUN
fbem-7721	108	43	using	use	VERB
fbem-7721	108	44	cash	cash	NOUN
fbem-7721	108	45	dividends	dividend	NOUN
fbem-7721	108	46	to	to	PART
fbem-7721	108	47	convey	convey	VERB
fbem-7721	108	48	benefits	benefit	NOUN
fbem-7721	108	49	to	to	ADP
fbem-7721	108	50	the	the	DET
fbem-7721	108	51	major	major	ADJ
fbem-7721	108	52	shareholders[20	shareholders[20	PROPN
fbem-7721	108	53	]	]	PUNCT
fbem-7721	108	54	.	.	PUNCT
fbem-7721	109	1	the	the	DET
fbem-7721	109	2	correlation	correlation	NOUN
fbem-7721	109	3	coefficient	coefficient	NOUN
fbem-7721	109	4	between	between	ADP
fbem-7721	109	5	zone	zone	NOUN
fbem-7721	109	6	and	and	CCONJ
fbem-7721	109	7	explanatory	explanatory	ADJ
fbem-7721	109	8	variables	variable	NOUN
fbem-7721	109	9	is	be	AUX
fbem-7721	109	10	-0.085	-0.085	PUNCT
fbem-7721	109	11	,	,	PUNCT
fbem-7721	109	12	which	which	PRON
fbem-7721	109	13	indicates	indicate	VERB
fbem-7721	109	14	that	that	SCONJ
fbem-7721	109	15	there	there	PRON
fbem-7721	109	16	is	be	VERB
fbem-7721	109	17	a	a	DET
fbem-7721	109	18	significant	significant	ADJ
fbem-7721	109	19	negative	negative	ADJ
fbem-7721	109	20	correlation	correlation	NOUN
fbem-7721	109	21	between	between	ADP
fbem-7721	109	22	zone	zone	NOUN
fbem-7721	109	23	characteristics	characteristic	NOUN
fbem-7721	109	24	and	and	CCONJ
fbem-7721	109	25	cash	cash	NOUN
fbem-7721	109	26	dividend	dividend	NOUN
fbem-7721	109	27	payment	payment	NOUN
fbem-7721	109	28	level	level	NOUN
fbem-7721	109	29	.	.	PUNCT
fbem-7721	110	1	in	in	ADP
fbem-7721	110	2	addition	addition	NOUN
fbem-7721	110	3	,	,	PUNCT
fbem-7721	110	4	it	it	PRON
fbem-7721	110	5	can	can	AUX
fbem-7721	110	6	be	be	AUX
fbem-7721	110	7	seen	see	VERB
fbem-7721	110	8	from	from	ADP
fbem-7721	110	9	the	the	DET
fbem-7721	110	10	table	table	NOUN
fbem-7721	110	11	that	that	SCONJ
fbem-7721	110	12	the	the	DET
fbem-7721	110	13	maximum	maximum	ADJ
fbem-7721	110	14	correlation	correlation	NOUN
fbem-7721	110	15	coefficient	coefficient	NOUN
fbem-7721	110	16	between	between	ADP
fbem-7721	110	17	different	different	ADJ
fbem-7721	110	18	variables	variable	NOUN
fbem-7721	110	19	is	be	AUX
fbem-7721	110	20	0.480	0.480	NUM
fbem-7721	110	21	,	,	PUNCT
fbem-7721	110	22	which	which	PRON
fbem-7721	110	23	is	be	AUX
fbem-7721	110	24	less	less	ADJ
fbem-7721	110	25	than	than	ADP
fbem-7721	110	26	0.6	0.6	NUM
fbem-7721	110	27	,	,	PUNCT
fbem-7721	110	28	indicating	indicate	VERB
fbem-7721	110	29	that	that	SCONJ
fbem-7721	110	30	there	there	PRON
fbem-7721	110	31	is	be	VERB
fbem-7721	110	32	no	no	DET
fbem-7721	110	33	serious	serious	ADJ
fbem-7721	110	34	multicollinearity	multicollinearity	NOUN
fbem-7721	110	35	problem	problem	NOUN
fbem-7721	110	36	between	between	ADP
fbem-7721	110	37	variables	variable	NOUN
fbem-7721	110	38	in	in	ADP
fbem-7721	110	39	the	the	DET
fbem-7721	110	40	table	table	NOUN
fbem-7721	110	41	.	.	PUNCT
fbem-7721	111	1	therefore	therefore	ADV
fbem-7721	111	2	,	,	PUNCT
fbem-7721	111	3	this	this	DET
fbem-7721	111	4	paper	paper	NOUN
fbem-7721	111	5	can	can	AUX
fbem-7721	111	6	make	make	VERB
fbem-7721	111	7	further	further	ADJ
fbem-7721	111	8	regression	regression	VERB
fbem-7721	111	9	analysis	analysis	NOUN
fbem-7721	111	10	to	to	PART
fbem-7721	111	11	further	far	ADV
fbem-7721	111	12	explore	explore	VERB
fbem-7721	111	13	the	the	DET
fbem-7721	111	14	correlation	correlation	NOUN
fbem-7721	111	15	between	between	ADP
fbem-7721	111	16	variables	variable	NOUN
fbem-7721	111	17	.	.	PUNCT
fbem-7721	112	1	table	table	NOUN
fbem-7721	112	2	3	3	NUM
fbem-7721	112	3	.	.	PUNCT
fbem-7721	112	4	correlation	correlation	NOUN
fbem-7721	112	5	coefficient	coefficient	NOUN
fbem-7721	112	6	between	between	ADP
fbem-7721	112	7	main	main	ADJ
fbem-7721	112	8	variables	variable	NOUN
fbem-7721	112	9	divpay	divpay	NOUN
fbem-7721	112	10	epu	epu	PROPN
fbem-7721	112	11	kz	kz	PROPN
fbem-7721	112	12	size	size	PROPN
fbem-7721	112	13	dfl	dfl	PROPN
fbem-7721	112	14	oc	oc	PROPN
fbem-7721	112	15	zone	zone	PROPN
fbem-7721	112	16	divpay	divpay	NOUN
fbem-7721	112	17	1.000	1.000	NUM
fbem-7721	112	18	epu	epu	NOUN
fbem-7721	112	19	0.048	0.048	NUM
fbem-7721	112	20	*	*	NOUN
fbem-7721	112	21	*	*	PROPN
fbem-7721	112	22	1.000	1.000	NUM
fbem-7721	112	23	kz	kz	PROPN
fbem-7721	112	24	0.039	0.039	NUM
fbem-7721	112	25	*	*	PUNCT
fbem-7721	112	26	-0.022	-0.022	NUM
fbem-7721	112	27	1.000	1.000	NUM
fbem-7721	112	28	size	size	NOUN
fbem-7721	112	29	0.001	0.001	NUM
fbem-7721	112	30	0.161	0.161	NUM
fbem-7721	112	31	*	*	PUNCT
fbem-7721	112	32	*	*	PUNCT
fbem-7721	112	33	*	*	PUNCT
fbem-7721	113	1	0.144	0.144	NUM
fbem-7721	113	2	*	*	PUNCT
fbem-7721	113	3	*	*	PUNCT
fbem-7721	113	4	*	*	PROPN
fbem-7721	113	5	1.000	1.000	NUM
fbem-7721	113	6	dfl	dfl	NOUN
fbem-7721	113	7	-0.007	-0.007	NOUN
fbem-7721	113	8	-0.059	-0.059	PUNCT
fbem-7721	113	9	*	*	PUNCT
fbem-7721	113	10	*	*	PUNCT
fbem-7721	113	11	*	*	PUNCT
fbem-7721	113	12	0.151	0.151	NUM
fbem-7721	113	13	*	*	PUNCT
fbem-7721	113	14	*	*	PUNCT
fbem-7721	113	15	*	*	PUNCT
fbem-7721	113	16	0.069	0.069	NUM
fbem-7721	113	17	*	*	PUNCT
fbem-7721	113	18	*	*	PUNCT
fbem-7721	113	19	*	*	PUNCT
fbem-7721	113	20	1.000	1.000	NUM
fbem-7721	113	21	oc	oc	ADP
fbem-7721	113	22	0.138	0.138	NUM
fbem-7721	113	23	*	*	PUNCT
fbem-7721	113	24	*	*	PUNCT
fbem-7721	113	25	*	*	PUNCT
fbem-7721	113	26	0.012	0.012	NUM
fbem-7721	113	27	0.059	0.059	NUM
fbem-7721	113	28	*	*	PUNCT
fbem-7721	113	29	*	*	PUNCT
fbem-7721	113	30	*	*	PUNCT
fbem-7721	113	31	0.480	0.480	NUM
fbem-7721	113	32	*	*	PUNCT
fbem-7721	113	33	*	*	PUNCT
fbem-7721	113	34	*	*	NOUN
fbem-7721	113	35	-0.115	-0.115	PUNCT
fbem-7721	113	36	*	*	PUNCT
fbem-7721	113	37	*	*	PUNCT
fbem-7721	113	38	*	*	PUNCT
fbem-7721	113	39	1.000	1.000	NUM
fbem-7721	113	40	zone	zone	NOUN
fbem-7721	113	41	-0.085	-0.085	PUNCT
fbem-7721	113	42	*	*	PUNCT
fbem-7721	113	43	*	*	PUNCT
fbem-7721	113	44	*	*	PUNCT
fbem-7721	113	45	0.000	0.000	NUM
fbem-7721	113	46	-0.121	-0.121	NOUN
fbem-7721	113	47	*	*	PUNCT
fbem-7721	113	48	*	*	PUNCT
fbem-7721	113	49	*	*	PUNCT
fbem-7721	113	50	0.108	0.108	NUM
fbem-7721	113	51	*	*	PUNCT
fbem-7721	113	52	*	*	PUNCT
fbem-7721	113	53	*	*	PUNCT
fbem-7721	113	54	-0.113	-0.113	NOUN
fbem-7721	113	55	*	*	PUNCT
fbem-7721	113	56	*	*	PUNCT
fbem-7721	113	57	*	*	PUNCT
fbem-7721	113	58	0.006	0.006	NUM
fbem-7721	113	59	1.000	1.000	NUM
fbem-7721	113	60	0.000	0.000	NUM
fbem-7721	113	61	note	note	NOUN
fbem-7721	113	62	:	:	PUNCT
fbem-7721	113	63	*	*	PUNCT
fbem-7721	113	64	*	*	PUNCT
fbem-7721	113	65	*	*	PUNCT
fbem-7721	113	66	p<0.01	p<0.01	PROPN
fbem-7721	113	67	,	,	PUNCT
fbem-7721	113	68	*	*	PUNCT
fbem-7721	113	69	*	*	PUNCT
fbem-7721	113	70	p<0.05	p<0.05	NOUN
fbem-7721	113	71	,	,	PUNCT
fbem-7721	113	72	*	*	PUNCT
fbem-7721	113	73	p<0.1	p<0.1	X
fbem-7721	113	74	.	.	NOUN
fbem-7721	113	75	59	59	NUM
fbem-7721	113	76	section	section	NOUN
fbem-7721	113	77	3	3	NUM
fbem-7721	113	78	regression	regression	NOUN
fbem-7721	113	79	analysis	analysis	NOUN
fbem-7721	113	80	1	1	NUM
fbem-7721	113	81	.	.	PUNCT
fbem-7721	113	82	benchmark	benchmark	NOUN
fbem-7721	113	83	regression	regression	NOUN
fbem-7721	113	84	this	this	DET
fbem-7721	113	85	paper	paper	NOUN
fbem-7721	113	86	makes	make	VERB
fbem-7721	113	87	a	a	DET
fbem-7721	113	88	regression	regression	NOUN
fbem-7721	113	89	analysis	analysis	NOUN
fbem-7721	113	90	on	on	ADP
fbem-7721	113	91	the	the	DET
fbem-7721	113	92	uncertainty	uncertainty	NOUN
fbem-7721	113	93	of	of	ADP
fbem-7721	113	94	economic	economic	ADJ
fbem-7721	113	95	policy	policy	NOUN
fbem-7721	113	96	and	and	CCONJ
fbem-7721	113	97	the	the	DET
fbem-7721	113	98	level	level	NOUN
fbem-7721	113	99	of	of	ADP
fbem-7721	113	100	cash	cash	NOUN
fbem-7721	113	101	dividend	dividend	NOUN
fbem-7721	113	102	payment	payment	NOUN
fbem-7721	113	103	,	,	PUNCT
fbem-7721	113	104	and	and	CCONJ
fbem-7721	113	105	the	the	DET
fbem-7721	113	106	regression	regression	NOUN
fbem-7721	113	107	results	result	NOUN
fbem-7721	113	108	are	be	AUX
fbem-7721	113	109	shown	show	VERB
fbem-7721	113	110	in	in	ADP
fbem-7721	113	111	table	table	NOUN
fbem-7721	113	112	4	4	NUM
fbem-7721	113	113	.	.	PUNCT
fbem-7721	114	1	it	it	PRON
fbem-7721	114	2	can	can	AUX
fbem-7721	114	3	be	be	AUX
fbem-7721	114	4	seen	see	VERB
fbem-7721	114	5	from	from	ADP
fbem-7721	114	6	the	the	DET
fbem-7721	114	7	regression	regression	NOUN
fbem-7721	114	8	results	result	NOUN
fbem-7721	114	9	of	of	ADP
fbem-7721	114	10	(	(	PUNCT
fbem-7721	114	11	3	3	X
fbem-7721	114	12	)	)	PUNCT
fbem-7721	114	13	listed	list	VERB
fbem-7721	114	14	rich	rich	ADJ
fbem-7721	114	15	people	people	NOUN
fbem-7721	114	16	that	that	SCONJ
fbem-7721	114	17	the	the	DET
fbem-7721	114	18	explanatory	explanatory	ADJ
fbem-7721	114	19	variables	variable	NOUN
fbem-7721	114	20	are	be	AUX
fbem-7721	114	21	significantly	significantly	ADV
fbem-7721	114	22	positively	positively	ADV
fbem-7721	114	23	correlated	correlate	VERB
fbem-7721	114	24	with	with	ADP
fbem-7721	114	25	the	the	DET
fbem-7721	114	26	explained	explain	VERB
fbem-7721	114	27	variables	variable	NOUN
fbem-7721	114	28	at	at	ADP
fbem-7721	114	29	a	a	DET
fbem-7721	114	30	significant	significant	ADJ
fbem-7721	114	31	level	level	NOUN
fbem-7721	114	32	of	of	ADP
fbem-7721	114	33	1	1	NUM
fbem-7721	114	34	%	%	NOUN
fbem-7721	114	35	,	,	PUNCT
fbem-7721	114	36	which	which	PRON
fbem-7721	114	37	indicates	indicate	VERB
fbem-7721	114	38	that	that	SCONJ
fbem-7721	114	39	the	the	DET
fbem-7721	114	40	uncertainty	uncertainty	NOUN
fbem-7721	114	41	of	of	ADP
fbem-7721	114	42	economic	economic	ADJ
fbem-7721	114	43	policy	policy	NOUN
fbem-7721	114	44	has	have	VERB
fbem-7721	114	45	a	a	DET
fbem-7721	114	46	positive	positive	ADJ
fbem-7721	114	47	impact	impact	NOUN
fbem-7721	114	48	on	on	ADP
fbem-7721	114	49	the	the	DET
fbem-7721	114	50	level	level	NOUN
fbem-7721	114	51	of	of	ADP
fbem-7721	114	52	cash	cash	NOUN
fbem-7721	114	53	dividends	dividend	NOUN
fbem-7721	114	54	paid	pay	VERB
fbem-7721	114	55	by	by	ADP
fbem-7721	114	56	enterprises	enterprise	NOUN
fbem-7721	114	57	.	.	PUNCT
fbem-7721	115	1	this	this	PRON
fbem-7721	115	2	is	be	AUX
fbem-7721	115	3	because	because	SCONJ
fbem-7721	115	4	when	when	SCONJ
fbem-7721	115	5	the	the	DET
fbem-7721	115	6	uncertainty	uncertainty	NOUN
fbem-7721	115	7	of	of	ADP
fbem-7721	115	8	economic	economic	ADJ
fbem-7721	115	9	policy	policy	NOUN
fbem-7721	115	10	increases	increase	NOUN
fbem-7721	115	11	,	,	PUNCT
fbem-7721	115	12	enterprises	enterprise	NOUN
fbem-7721	115	13	hope	hope	VERB
fbem-7721	115	14	to	to	PART
fbem-7721	115	15	send	send	VERB
fbem-7721	115	16	good	good	ADJ
fbem-7721	115	17	information	information	NOUN
fbem-7721	115	18	to	to	ADP
fbem-7721	115	19	investors	investor	NOUN
fbem-7721	115	20	by	by	ADP
fbem-7721	115	21	increasing	increase	VERB
fbem-7721	115	22	the	the	DET
fbem-7721	115	23	payment	payment	NOUN
fbem-7721	115	24	of	of	ADP
fbem-7721	115	25	cash	cash	NOUN
fbem-7721	115	26	dividends	dividend	NOUN
fbem-7721	115	27	in	in	ADP
fbem-7721	115	28	order	order	NOUN
fbem-7721	115	29	to	to	PART
fbem-7721	115	30	absorb	absorb	VERB
fbem-7721	115	31	equity	equity	NOUN
fbem-7721	115	32	investments	investment	NOUN
fbem-7721	115	33	.	.	PUNCT
fbem-7721	116	1	at	at	ADP
fbem-7721	116	2	the	the	DET
fbem-7721	116	3	same	same	ADJ
fbem-7721	116	4	time	time	NOUN
fbem-7721	116	5	,	,	PUNCT
fbem-7721	116	6	the	the	DET
fbem-7721	116	7	regression	regression	NOUN
fbem-7721	116	8	results	result	VERB
fbem-7721	116	9	further	far	ADV
fbem-7721	116	10	verify	verify	VERB
fbem-7721	116	11	the	the	DET
fbem-7721	116	12	hypothesis	hypothesis	NOUN
fbem-7721	116	13	h1	h1	NOUN
fbem-7721	116	14	of	of	ADP
fbem-7721	116	15	this	this	DET
fbem-7721	116	16	paper	paper	NOUN
fbem-7721	116	17	.	.	PUNCT
fbem-7721	117	1	financial	financial	ADJ
fbem-7721	117	2	leverage	leverage	NOUN
fbem-7721	117	3	,	,	PUNCT
fbem-7721	117	4	equity	equity	NOUN
fbem-7721	117	5	concentration	concentration	NOUN
fbem-7721	117	6	and	and	CCONJ
fbem-7721	117	7	the	the	DET
fbem-7721	117	8	explained	explain	VERB
fbem-7721	117	9	variables	variable	NOUN
fbem-7721	117	10	are	be	AUX
fbem-7721	117	11	also	also	ADV
fbem-7721	117	12	positively	positively	ADV
fbem-7721	117	13	correlated	correlate	VERB
fbem-7721	117	14	,	,	PUNCT
fbem-7721	117	15	indicating	indicate	VERB
fbem-7721	117	16	that	that	SCONJ
fbem-7721	117	17	the	the	PRON
fbem-7721	117	18	higher	high	ADJ
fbem-7721	117	19	the	the	DET
fbem-7721	117	20	financial	financial	ADJ
fbem-7721	117	21	leverage	leverage	NOUN
fbem-7721	117	22	and	and	CCONJ
fbem-7721	117	23	equity	equity	NOUN
fbem-7721	117	24	concentration	concentration	NOUN
fbem-7721	117	25	,	,	PUNCT
fbem-7721	117	26	the	the	PRON
fbem-7721	117	27	higher	high	ADJ
fbem-7721	117	28	the	the	DET
fbem-7721	117	29	cash	cash	NOUN
fbem-7721	117	30	dividend	dividend	NOUN
fbem-7721	117	31	payment	payment	NOUN
fbem-7721	117	32	level	level	NOUN
fbem-7721	117	33	.	.	PUNCT
fbem-7721	118	1	when	when	SCONJ
fbem-7721	118	2	the	the	DET
fbem-7721	118	3	financial	financial	ADJ
fbem-7721	118	4	leverage	leverage	NOUN
fbem-7721	118	5	of	of	ADP
fbem-7721	118	6	an	an	DET
fbem-7721	118	7	enterprise	enterprise	NOUN
fbem-7721	118	8	increases	increase	NOUN
fbem-7721	118	9	,	,	PUNCT
fbem-7721	118	10	investors	investor	NOUN
fbem-7721	118	11	will	will	AUX
fbem-7721	118	12	think	think	VERB
fbem-7721	118	13	that	that	SCONJ
fbem-7721	118	14	the	the	DET
fbem-7721	118	15	financial	financial	ADJ
fbem-7721	118	16	risk	risk	NOUN
fbem-7721	118	17	of	of	ADP
fbem-7721	118	18	the	the	DET
fbem-7721	118	19	enterprise	enterprise	NOUN
fbem-7721	118	20	will	will	AUX
fbem-7721	118	21	increase	increase	VERB
fbem-7721	118	22	and	and	CCONJ
fbem-7721	118	23	the	the	DET
fbem-7721	118	24	possibility	possibility	NOUN
fbem-7721	118	25	of	of	ADP
fbem-7721	118	26	bankruptcy	bankruptcy	NOUN
fbem-7721	118	27	will	will	AUX
fbem-7721	118	28	increase	increase	VERB
fbem-7721	118	29	,	,	PUNCT
fbem-7721	118	30	and	and	CCONJ
fbem-7721	118	31	investors	investor	NOUN
fbem-7721	118	32	will	will	AUX
fbem-7721	118	33	take	take	VERB
fbem-7721	118	34	measures	measure	NOUN
fbem-7721	118	35	to	to	PART
fbem-7721	118	36	transfer	transfer	VERB
fbem-7721	118	37	the	the	DET
fbem-7721	118	38	risk	risk	NOUN
fbem-7721	118	39	as	as	ADV
fbem-7721	118	40	soon	soon	ADV
fbem-7721	118	41	as	as	ADP
fbem-7721	118	42	possible	possible	ADJ
fbem-7721	118	43	.	.	PUNCT
fbem-7721	119	1	faced	face	VERB
fbem-7721	119	2	with	with	ADP
fbem-7721	119	3	this	this	DET
fbem-7721	119	4	situation	situation	NOUN
fbem-7721	119	5	,	,	PUNCT
fbem-7721	119	6	the	the	DET
fbem-7721	119	7	management	management	NOUN
fbem-7721	119	8	of	of	ADP
fbem-7721	119	9	enterprises	enterprise	NOUN
fbem-7721	119	10	will	will	AUX
fbem-7721	119	11	pay	pay	VERB
fbem-7721	119	12	more	more	ADJ
fbem-7721	119	13	cash	cash	NOUN
fbem-7721	119	14	dividends	dividend	NOUN
fbem-7721	119	15	to	to	PART
fbem-7721	119	16	appease	appease	VERB
fbem-7721	119	17	investors	investor	NOUN
fbem-7721	119	18	'	'	PART
fbem-7721	119	19	emotions	emotion	NOUN
fbem-7721	119	20	and	and	CCONJ
fbem-7721	119	21	ensure	ensure	VERB
fbem-7721	119	22	the	the	DET
fbem-7721	119	23	normal	normal	ADJ
fbem-7721	119	24	operation	operation	NOUN
fbem-7721	119	25	of	of	ADP
fbem-7721	119	26	the	the	DET
fbem-7721	119	27	company	company	NOUN
fbem-7721	119	28	.	.	PUNCT
fbem-7721	120	1	table	table	NOUN
fbem-7721	120	2	4	4	NUM
fbem-7721	120	3	.	.	PUNCT
fbem-7721	121	1	regression	regression	VERB
fbem-7721	121	2	analysis	analysis	NOUN
fbem-7721	121	3	of	of	ADP
fbem-7721	121	4	economic	economic	ADJ
fbem-7721	121	5	policy	policy	NOUN
fbem-7721	121	6	uncertainty	uncertainty	NOUN
fbem-7721	121	7	and	and	CCONJ
fbem-7721	121	8	cash	cash	NOUN
fbem-7721	121	9	dividend	dividend	NOUN
fbem-7721	121	10	payment	payment	NOUN
fbem-7721	121	11	level	level	NOUN
fbem-7721	121	12	(	(	PUNCT
fbem-7721	121	13	1	1	NUM
fbem-7721	121	14	)	)	PUNCT
fbem-7721	121	15	(	(	PUNCT
fbem-7721	121	16	2	2	NUM
fbem-7721	121	17	)	)	PUNCT
fbem-7721	121	18	(	(	PUNCT
fbem-7721	121	19	3	3	X
fbem-7721	121	20	)	)	PUNCT
fbem-7721	121	21	variables	variable	NOUN
fbem-7721	121	22	divpay	divpay	PROPN
fbem-7721	121	23	divpay	divpay	PROPN
fbem-7721	121	24	divpay	divpay	NOUN
fbem-7721	121	25	epu	epu	VERB
fbem-7721	121	26	0.010	0.010	NUM
fbem-7721	121	27	*	*	PUNCT
fbem-7721	121	28	*	*	PUNCT
fbem-7721	121	29	*	*	PUNCT
fbem-7721	121	30	0.012	0.012	NUM
fbem-7721	121	31	*	*	PUNCT
fbem-7721	121	32	*	*	PUNCT
fbem-7721	121	33	*	*	PUNCT
fbem-7721	121	34	(	(	PUNCT
fbem-7721	121	35	2.53	2.53	NUM
fbem-7721	121	36	)	)	PUNCT
fbem-7721	121	37	(	(	PUNCT
fbem-7721	121	38	2.85	2.85	NUM
fbem-7721	121	39	)	)	PUNCT
fbem-7721	121	40	size	size	NOUN
fbem-7721	121	41	-0.003	-0.003	PROPN
fbem-7721	121	42	-0.003	-0.003	PROPN
fbem-7721	121	43	(	(	PUNCT
fbem-7721	121	44	-0.37	-0.37	NUM
fbem-7721	121	45	)	)	PUNCT
fbem-7721	121	46	(	(	PUNCT
fbem-7721	121	47	-0.37	-0.37	X
fbem-7721	121	48	)	)	PUNCT
fbem-7721	121	49	dfl	dfl	PROPN
fbem-7721	121	50	0.020	0.020	NUM
fbem-7721	121	51	*	*	PUNCT
fbem-7721	121	52	*	*	PUNCT
fbem-7721	121	53	*	*	PUNCT
fbem-7721	121	54	0.020	0.020	NUM
fbem-7721	121	55	*	*	PUNCT
fbem-7721	121	56	*	*	PUNCT
fbem-7721	121	57	*	*	PUNCT
fbem-7721	121	58	(	(	PUNCT
fbem-7721	121	59	2.85	2.85	NUM
fbem-7721	121	60	)	)	PUNCT
fbem-7721	121	61	(	(	PUNCT
fbem-7721	121	62	2.85	2.85	NUM
fbem-7721	121	63	)	)	PUNCT
fbem-7721	121	64	oc	oc	ADP
fbem-7721	121	65	0.002	0.002	NUM
fbem-7721	121	66	*	*	PUNCT
fbem-7721	121	67	*	*	PUNCT
fbem-7721	121	68	*	*	PUNCT
fbem-7721	121	69	0.002	0.002	NUM
fbem-7721	121	70	*	*	PUNCT
fbem-7721	121	71	*	*	PUNCT
fbem-7721	121	72	*	*	PUNCT
fbem-7721	121	73	(	(	PUNCT
fbem-7721	121	74	4.13	4.13	NUM
fbem-7721	121	75	)	)	PUNCT
fbem-7721	121	76	(	(	PUNCT
fbem-7721	121	77	4.13	4.13	X
fbem-7721	121	78	)	)	PUNCT
fbem-7721	121	79	op	op	NOUN
fbem-7721	122	1	-0.031	-0.031	NOUN
fbem-7721	123	1	-0.031	-0.031	NOUN
fbem-7721	124	1	(	(	PUNCT
fbem-7721	124	2	-1.46	-1.46	NOUN
fbem-7721	124	3	)	)	PUNCT
fbem-7721	124	4	(	(	PUNCT
fbem-7721	124	5	-1.46	-1.46	X
fbem-7721	124	6	)	)	PUNCT
fbem-7721	124	7	zone	zone	NOUN
fbem-7721	124	8	-0.011	-0.011	PRON
fbem-7721	124	9	-0.011	-0.011	X
fbem-7721	124	10	(	(	PUNCT
fbem-7721	124	11	-0.55	-0.55	NOUN
fbem-7721	124	12	)	)	PUNCT
fbem-7721	124	13	(	(	PUNCT
fbem-7721	124	14	-0.55	-0.55	NOUN
fbem-7721	124	15	)	)	PUNCT
fbem-7721	124	16	year	year	NOUN
fbem-7721	124	17	control	control	NOUN
fbem-7721	124	18	control	control	PROPN
fbem-7721	124	19	control	control	PROPN
fbem-7721	124	20	industry	industry	NOUN
fbem-7721	124	21	control	control	PROPN
fbem-7721	124	22	control	control	PROPN
fbem-7721	124	23	control	control	PROPN
fbem-7721	124	24	constant	constant	ADJ
fbem-7721	124	25	0.373	0.373	NUM
fbem-7721	124	26	*	*	PUNCT
fbem-7721	124	27	*	*	PUNCT
fbem-7721	124	28	*	*	NUM
fbem-7721	124	29	0.288	0.288	NUM
fbem-7721	124	30	0.274	0.274	NUM
fbem-7721	124	31	(	(	PUNCT
fbem-7721	124	32	6.19	6.19	NUM
fbem-7721	124	33	)	)	PUNCT
fbem-7721	124	34	(	(	PUNCT
fbem-7721	124	35	1.58	1.58	NUM
fbem-7721	124	36	)	)	PUNCT
fbem-7721	124	37	(	(	PUNCT
fbem-7721	124	38	1.52	1.52	NUM
fbem-7721	124	39	)	)	PUNCT
fbem-7721	124	40	n	n	ADV
fbem-7721	124	41	2,340	2,340	NUM
fbem-7721	124	42	2,340	2,340	NUM
fbem-7721	124	43	2,340	2,340	NUM
fbem-7721	124	44	2	2	NUM
fbem-7721	124	45	.	.	PUNCT
fbem-7721	125	1	analysis	analysis	NOUN
fbem-7721	125	2	of	of	ADP
fbem-7721	125	3	regulatory	regulatory	ADJ
fbem-7721	125	4	effect	effect	NOUN
fbem-7721	125	5	table	table	NOUN
fbem-7721	125	6	5	5	NUM
fbem-7721	125	7	analyzes	analyze	VERB
fbem-7721	125	8	the	the	DET
fbem-7721	125	9	moderating	moderate	VERB
fbem-7721	125	10	effect	effect	NOUN
fbem-7721	125	11	of	of	ADP
fbem-7721	125	12	financing	financing	NOUN
fbem-7721	125	13	constraint	constraint	NOUN
fbem-7721	125	14	(	(	PUNCT
fbem-7721	125	15	kz	kz	PROPN
fbem-7721	125	16	)	)	PUNCT
fbem-7721	125	17	on	on	ADP
fbem-7721	125	18	the	the	DET
fbem-7721	125	19	relationship	relationship	NOUN
fbem-7721	125	20	between	between	ADP
fbem-7721	125	21	explanatory	explanatory	ADJ
fbem-7721	125	22	variables	variable	NOUN
fbem-7721	125	23	and	and	CCONJ
fbem-7721	125	24	explained	explain	VERB
fbem-7721	125	25	variables	variable	NOUN
fbem-7721	125	26	.	.	PUNCT
fbem-7721	126	1	from	from	ADP
fbem-7721	126	2	the	the	DET
fbem-7721	126	3	table	table	NOUN
fbem-7721	126	4	,	,	PUNCT
fbem-7721	126	5	it	it	PRON
fbem-7721	126	6	can	can	AUX
fbem-7721	126	7	be	be	AUX
fbem-7721	126	8	seen	see	VERB
fbem-7721	126	9	that	that	SCONJ
fbem-7721	126	10	the	the	DET
fbem-7721	126	11	cross	cross	NOUN
fbem-7721	126	12	term	term	NOUN
fbem-7721	126	13	is	be	AUX
fbem-7721	126	14	significant	significant	ADJ
fbem-7721	126	15	and	and	CCONJ
fbem-7721	126	16	positive	positive	ADJ
fbem-7721	126	17	,	,	PUNCT
fbem-7721	126	18	indicating	indicate	VERB
fbem-7721	126	19	that	that	SCONJ
fbem-7721	126	20	the	the	DET
fbem-7721	126	21	financing	financing	NOUN
fbem-7721	126	22	constraints	constraint	NOUN
fbem-7721	126	23	of	of	ADP
fbem-7721	126	24	enterprises	enterprise	NOUN
fbem-7721	126	25	positively	positively	ADV
fbem-7721	126	26	regulate	regulate	VERB
fbem-7721	126	27	the	the	DET
fbem-7721	126	28	impact	impact	NOUN
fbem-7721	126	29	of	of	ADP
fbem-7721	126	30	economic	economic	ADJ
fbem-7721	126	31	policy	policy	NOUN
fbem-7721	126	32	uncertainty	uncertainty	NOUN
fbem-7721	126	33	on	on	ADP
fbem-7721	126	34	cash	cash	NOUN
fbem-7721	126	35	dividend	dividend	NOUN
fbem-7721	126	36	distribution	distribution	NOUN
fbem-7721	126	37	.	.	PUNCT
fbem-7721	127	1	enterprises	enterprise	NOUN
fbem-7721	127	2	with	with	ADP
fbem-7721	127	3	higher	high	ADJ
fbem-7721	127	4	financing	financing	NOUN
fbem-7721	127	5	constraints	constraint	NOUN
fbem-7721	127	6	are	be	AUX
fbem-7721	127	7	more	more	ADV
fbem-7721	127	8	eager	eager	ADJ
fbem-7721	127	9	to	to	PART
fbem-7721	127	10	establish	establish	VERB
fbem-7721	127	11	a	a	DET
fbem-7721	127	12	good	good	ADJ
fbem-7721	127	13	corporate	corporate	ADJ
fbem-7721	127	14	image	image	NOUN
fbem-7721	127	15	and	and	CCONJ
fbem-7721	127	16	implement	implement	VERB
fbem-7721	127	17	a	a	DET
fbem-7721	127	18	more	more	ADV
fbem-7721	127	19	active	active	ADJ
fbem-7721	127	20	cash	cash	NOUN
fbem-7721	127	21	dividend	dividend	NOUN
fbem-7721	127	22	policy	policy	NOUN
fbem-7721	127	23	in	in	ADP
fbem-7721	127	24	the	the	DET
fbem-7721	127	25	face	face	NOUN
fbem-7721	127	26	of	of	ADP
fbem-7721	127	27	economic	economic	ADJ
fbem-7721	127	28	policy	policy	NOUN
fbem-7721	127	29	uncertainty	uncertainty	NOUN
fbem-7721	127	30	because	because	SCONJ
fbem-7721	127	31	of	of	ADP
fbem-7721	127	32	fewer	few	ADJ
fbem-7721	127	33	financing	financing	NOUN
fbem-7721	127	34	channels	channel	NOUN
fbem-7721	127	35	,	,	PUNCT
fbem-7721	127	36	high	high	ADJ
fbem-7721	127	37	financing	financing	NOUN
fbem-7721	127	38	costs	cost	NOUN
fbem-7721	127	39	and	and	CCONJ
fbem-7721	127	40	increased	increase	VERB
fbem-7721	127	41	financing	financing	NOUN
fbem-7721	127	42	difficulties	difficulty	NOUN
fbem-7721	127	43	.	.	PUNCT
fbem-7721	128	1	this	this	PRON
fbem-7721	128	2	also	also	ADV
fbem-7721	128	3	confirms	confirm	VERB
fbem-7721	128	4	the	the	DET
fbem-7721	128	5	hypothesis	hypothesis	NOUN
fbem-7721	128	6	h2	h2	NOUN
fbem-7721	128	7	in	in	ADP
fbem-7721	128	8	this	this	DET
fbem-7721	128	9	paper	paper	NOUN
fbem-7721	128	10	.	.	PUNCT
fbem-7721	129	1	table	table	NOUN
fbem-7721	129	2	5	5	NUM
fbem-7721	129	3	.	.	PUNCT
fbem-7721	130	1	regression	regression	VERB
fbem-7721	130	2	analysis	analysis	NOUN
fbem-7721	130	3	of	of	ADP
fbem-7721	130	4	economic	economic	ADJ
fbem-7721	130	5	policy	policy	NOUN
fbem-7721	130	6	uncertainty	uncertainty	NOUN
fbem-7721	130	7	,	,	PUNCT
fbem-7721	130	8	corporate	corporate	ADJ
fbem-7721	130	9	financing	financing	NOUN
fbem-7721	130	10	constraints	constraint	NOUN
fbem-7721	130	11	and	and	CCONJ
fbem-7721	130	12	dividend	dividend	NOUN
fbem-7721	130	13	policy	policy	NOUN
fbem-7721	130	14	(	(	PUNCT
fbem-7721	130	15	1	1	NUM
fbem-7721	130	16	)	)	PUNCT
fbem-7721	130	17	(	(	PUNCT
fbem-7721	130	18	2	2	X
fbem-7721	130	19	)	)	PUNCT
fbem-7721	130	20	variables	variable	NOUN
fbem-7721	130	21	divpay	divpay	PROPN
fbem-7721	130	22	divpay	divpay	PROPN
fbem-7721	130	23	epu	epu	PROPN
fbem-7721	130	24	0.017	0.017	NUM
fbem-7721	130	25	*	*	NOUN
fbem-7721	130	26	*	*	X
fbem-7721	130	27	0.016	0.016	NUM
fbem-7721	130	28	*	*	X
fbem-7721	130	29	*	*	PUNCT
fbem-7721	130	30	(	(	PUNCT
fbem-7721	130	31	2.33	2.33	NUM
fbem-7721	130	32	)	)	PUNCT
fbem-7721	130	33	(	(	PUNCT
fbem-7721	130	34	2.22	2.22	NUM
fbem-7721	130	35	)	)	PUNCT
fbem-7721	130	36	kz	kz	PROPN
fbem-7721	130	37	0.017	0.017	NUM
fbem-7721	130	38	*	*	PUNCT
fbem-7721	130	39	*	*	PUNCT
fbem-7721	130	40	*	*	NOUN
fbem-7721	130	41	0.018	0.018	NUM
fbem-7721	130	42	*	*	PUNCT
fbem-7721	130	43	*	*	PUNCT
fbem-7721	130	44	*	*	PUNCT
fbem-7721	130	45	(	(	PUNCT
fbem-7721	130	46	2.67	2.67	NUM
fbem-7721	130	47	)	)	PUNCT
fbem-7721	130	48	(	(	PUNCT
fbem-7721	130	49	2.81	2.81	NUM
fbem-7721	130	50	)	)	PUNCT
fbem-7721	130	51	epu*kz	epu*kz	PROPN
fbem-7721	130	52	0.004	0.004	NUM
fbem-7721	130	53	*	*	SYM
fbem-7721	130	54	(	(	PUNCT
fbem-7721	130	55	1.86	1.86	NUM
fbem-7721	130	56	)	)	PUNCT
fbem-7721	130	57	size	size	NOUN
fbem-7721	130	58	-0.013	-0.013	PUNCT
fbem-7721	130	59	-0.014	-0.014	NOUN
fbem-7721	130	60	(	(	PUNCT
fbem-7721	130	61	-1.26	-1.26	NUM
fbem-7721	130	62	)	)	PUNCT
fbem-7721	130	63	(	(	PUNCT
fbem-7721	130	64	-1.35	-1.35	NOUN
fbem-7721	130	65	)	)	PUNCT
fbem-7721	130	66	dfl	dfl	PROPN
fbem-7721	130	67	0.012	0.012	NUM
fbem-7721	130	68	*	*	PUNCT
fbem-7721	130	69	*	*	PUNCT
fbem-7721	130	70	*	*	PUNCT
fbem-7721	130	71	0.012	0.012	NUM
fbem-7721	130	72	*	*	PUNCT
fbem-7721	130	73	*	*	PUNCT
fbem-7721	130	74	*	*	PUNCT
fbem-7721	130	75	(	(	PUNCT
fbem-7721	130	76	2.59	2.59	NUM
fbem-7721	130	77	)	)	PUNCT
fbem-7721	130	78	(	(	PUNCT
fbem-7721	130	79	2.58	2.58	NUM
fbem-7721	130	80	)	)	PUNCT
fbem-7721	130	81	oc	oc	ADP
fbem-7721	130	82	0.003	0.003	NUM
fbem-7721	130	83	*	*	NOUN
fbem-7721	130	84	*	*	PUNCT
fbem-7721	130	85	*	*	PUNCT
fbem-7721	130	86	0.003	0.003	NUM
fbem-7721	130	87	*	*	PUNCT
fbem-7721	130	88	*	*	PUNCT
fbem-7721	130	89	*	*	PUNCT
fbem-7721	130	90	(	(	PUNCT
fbem-7721	130	91	3.51	3.51	NUM
fbem-7721	130	92	)	)	PUNCT
fbem-7721	130	93	(	(	PUNCT
fbem-7721	130	94	3.56	3.56	NUM
fbem-7721	130	95	)	)	PUNCT
fbem-7721	130	96	op	op	NOUN
fbem-7721	130	97	-0.040	-0.040	NUM
fbem-7721	130	98	-0.041	-0.041	PUNCT
fbem-7721	130	99	(	(	PUNCT
fbem-7721	130	100	-1.35	-1.35	NOUN
fbem-7721	130	101	)	)	PUNCT
fbem-7721	130	102	(	(	PUNCT
fbem-7721	130	103	-1.38	-1.38	NOUN
fbem-7721	130	104	)	)	PUNCT
fbem-7721	130	105	zone	zone	NOUN
fbem-7721	130	106	-0.015	-0.015	PRON
fbem-7721	130	107	-0.012	-0.012	PROPN
fbem-7721	130	108	(	(	PUNCT
fbem-7721	130	109	-0.59	-0.59	NUM
fbem-7721	130	110	)	)	PUNCT
fbem-7721	130	111	(	(	PUNCT
fbem-7721	130	112	-0.48	-0.48	NUM
fbem-7721	130	113	)	)	PUNCT
fbem-7721	130	114	year	year	NOUN
fbem-7721	130	115	control	control	NOUN
fbem-7721	130	116	control	control	PROPN
fbem-7721	130	117	industry	industry	NOUN
fbem-7721	130	118	control	control	NOUN
fbem-7721	130	119	control	control	NOUN
fbem-7721	130	120	constant	constant	ADJ
fbem-7721	130	121	0.450	0.450	NUM
fbem-7721	130	122	*	*	NOUN
fbem-7721	130	123	0.474	0.474	NUM
fbem-7721	130	124	*	*	NOUN
fbem-7721	130	125	*	*	PUNCT
fbem-7721	130	126	(	(	PUNCT
fbem-7721	130	127	1.90	1.90	NUM
fbem-7721	130	128	)	)	PUNCT
fbem-7721	130	129	(	(	PUNCT
fbem-7721	130	130	1.99	1.99	NUM
fbem-7721	130	131	)	)	PUNCT
fbem-7721	130	132	n	n	ADV
fbem-7721	130	133	2,340	2,340	NUM
fbem-7721	130	134	2,340	2,340	NUM
fbem-7721	130	135	60	60	NUM
fbem-7721	130	136	3	3	NUM
fbem-7721	130	137	.	.	PUNCT
fbem-7721	130	138	robustness	robustness	NOUN
fbem-7721	130	139	test	test	NOUN
fbem-7721	130	140	firstly	firstly	ADV
fbem-7721	130	141	,	,	PUNCT
fbem-7721	130	142	this	this	DET
fbem-7721	130	143	paper	paper	NOUN
fbem-7721	130	144	changes	change	VERB
fbem-7721	130	145	the	the	DET
fbem-7721	130	146	measurement	measurement	NOUN
fbem-7721	130	147	method	method	NOUN
fbem-7721	130	148	of	of	ADP
fbem-7721	130	149	epu	epu	PROPN
fbem-7721	130	150	,	,	PUNCT
fbem-7721	130	151	replacing	replace	VERB
fbem-7721	130	152	the	the	DET
fbem-7721	130	153	arithmetic	arithmetic	ADJ
fbem-7721	130	154	average	average	ADJ
fbem-7721	130	155	method	method	NOUN
fbem-7721	130	156	with	with	ADP
fbem-7721	130	157	the	the	DET
fbem-7721	130	158	geometric	geometric	ADJ
fbem-7721	130	159	average	average	ADJ
fbem-7721	130	160	method	method	NOUN
fbem-7721	130	161	.	.	PUNCT
fbem-7721	131	1	it	it	PRON
fbem-7721	131	2	can	can	AUX
fbem-7721	131	3	be	be	AUX
fbem-7721	131	4	concluded	conclude	VERB
fbem-7721	131	5	from	from	ADP
fbem-7721	131	6	table	table	NOUN
fbem-7721	131	7	6	6	NUM
fbem-7721	131	8	that	that	SCONJ
fbem-7721	131	9	after	after	SCONJ
fbem-7721	131	10	the	the	DET
fbem-7721	131	11	measurement	measurement	NOUN
fbem-7721	131	12	method	method	NOUN
fbem-7721	131	13	of	of	ADP
fbem-7721	131	14	epu	epu	PROPN
fbem-7721	131	15	is	be	AUX
fbem-7721	131	16	changed	change	VERB
fbem-7721	131	17	,	,	PUNCT
fbem-7721	131	18	the	the	DET
fbem-7721	131	19	explanatory	explanatory	ADJ
fbem-7721	131	20	variables	variable	NOUN
fbem-7721	131	21	and	and	CCONJ
fbem-7721	131	22	the	the	DET
fbem-7721	131	23	explained	explain	VERB
fbem-7721	131	24	variables	variable	NOUN
fbem-7721	131	25	are	be	AUX
fbem-7721	131	26	still	still	ADV
fbem-7721	131	27	significantly	significantly	ADV
fbem-7721	131	28	positively	positively	ADV
fbem-7721	131	29	correlated	correlate	VERB
fbem-7721	131	30	,	,	PUNCT
fbem-7721	131	31	and	and	CCONJ
fbem-7721	131	32	the	the	DET
fbem-7721	131	33	adjustment	adjustment	NOUN
fbem-7721	131	34	effect	effect	NOUN
fbem-7721	131	35	is	be	AUX
fbem-7721	131	36	still	still	ADV
fbem-7721	131	37	significant	significant	ADJ
fbem-7721	131	38	,	,	PUNCT
fbem-7721	131	39	which	which	PRON
fbem-7721	131	40	shows	show	VERB
fbem-7721	131	41	that	that	SCONJ
fbem-7721	131	42	the	the	DET
fbem-7721	131	43	empirical	empirical	ADJ
fbem-7721	131	44	results	result	NOUN
fbem-7721	131	45	of	of	ADP
fbem-7721	131	46	this	this	DET
fbem-7721	131	47	paper	paper	NOUN
fbem-7721	131	48	are	be	AUX
fbem-7721	131	49	robust	robust	ADJ
fbem-7721	131	50	to	to	ADP
fbem-7721	131	51	some	some	DET
fbem-7721	131	52	extent	extent	NOUN
fbem-7721	131	53	.	.	PUNCT
fbem-7721	132	1	table	table	NOUN
fbem-7721	132	2	6	6	NUM
fbem-7721	132	3	.	.	PUNCT
fbem-7721	133	1	robustness	robustness	NOUN
fbem-7721	133	2	test	test	NOUN
fbem-7721	133	3	of	of	ADP
fbem-7721	133	4	changing	change	VERB
fbem-7721	133	5	the	the	DET
fbem-7721	133	6	measurement	measurement	NOUN
fbem-7721	133	7	method	method	NOUN
fbem-7721	133	8	of	of	ADP
fbem-7721	133	9	explanatory	explanatory	ADJ
fbem-7721	133	10	variables	variable	NOUN
fbem-7721	133	11	(	(	PUNCT
fbem-7721	133	12	1	1	NUM
fbem-7721	133	13	)	)	PUNCT
fbem-7721	133	14	(	(	PUNCT
fbem-7721	133	15	2	2	NUM
fbem-7721	133	16	)	)	PUNCT
fbem-7721	133	17	(	(	PUNCT
fbem-7721	133	18	3	3	X
fbem-7721	133	19	)	)	PUNCT
fbem-7721	133	20	variables	variable	NOUN
fbem-7721	133	21	divpay	divpay	PROPN
fbem-7721	133	22	divpay	divpay	PROPN
fbem-7721	133	23	divpay	divpay	NOUN
fbem-7721	133	24	epu	epu	VERB
fbem-7721	133	25	0.346	0.346	NUM
fbem-7721	133	26	*	*	PUNCT
fbem-7721	133	27	*	*	PUNCT
fbem-7721	133	28	*	*	PUNCT
fbem-7721	133	29	0.370	0.370	NUM
fbem-7721	133	30	*	*	PUNCT
fbem-7721	133	31	*	*	PUNCT
fbem-7721	133	32	*	*	PUNCT
fbem-7721	133	33	0.358	0.358	NUM
fbem-7721	133	34	*	*	PUNCT
fbem-7721	133	35	*	*	PUNCT
fbem-7721	133	36	*	*	PUNCT
fbem-7721	133	37	(	(	PUNCT
fbem-7721	133	38	2.85	2.85	NUM
fbem-7721	133	39	)	)	PUNCT
fbem-7721	133	40	(	(	PUNCT
fbem-7721	133	41	3.04	3.04	NUM
fbem-7721	133	42	)	)	PUNCT
fbem-7721	133	43	(	(	PUNCT
fbem-7721	133	44	2.94	2.94	NUM
fbem-7721	133	45	)	)	PUNCT
fbem-7721	133	46	kz	kz	PROPN
fbem-7721	133	47	0.010	0.010	NUM
fbem-7721	133	48	*	*	PUNCT
fbem-7721	133	49	*	*	PUNCT
fbem-7721	133	50	*	*	PUNCT
fbem-7721	134	1	0.011	0.011	NUM
fbem-7721	134	2	*	*	PUNCT
fbem-7721	134	3	*	*	PUNCT
fbem-7721	134	4	*	*	PUNCT
fbem-7721	134	5	(	(	PUNCT
fbem-7721	134	6	2.64	2.64	NUM
fbem-7721	134	7	)	)	PUNCT
fbem-7721	134	8	(	(	PUNCT
fbem-7721	134	9	2.79	2.79	NUM
fbem-7721	134	10	)	)	PUNCT
fbem-7721	134	11	epu*kz	epu*kz	PROPN
fbem-7721	134	12	0.067	0.067	NUM
fbem-7721	134	13	*	*	PUNCT
fbem-7721	134	14	(	(	PUNCT
fbem-7721	134	15	1.84	1.84	NUM
fbem-7721	134	16	)	)	PUNCT
fbem-7721	134	17	size	size	NOUN
fbem-7721	134	18	-0.003	-0.003	PROPN
fbem-7721	134	19	-0.004	-0.004	PUNCT
fbem-7721	134	20	-0.005	-0.005	PUNCT
fbem-7721	134	21	(	(	PUNCT
fbem-7721	134	22	-0.37	-0.37	NUM
fbem-7721	134	23	)	)	PUNCT
fbem-7721	134	24	(	(	PUNCT
fbem-7721	134	25	-0.56	-0.56	NUM
fbem-7721	134	26	)	)	PUNCT
fbem-7721	134	27	(	(	PUNCT
fbem-7721	134	28	-0.64	-0.64	X
fbem-7721	134	29	)	)	PUNCT
fbem-7721	134	30	dfl	dfl	PROPN
fbem-7721	134	31	0.020	0.020	NUM
fbem-7721	134	32	*	*	PUNCT
fbem-7721	134	33	*	*	PUNCT
fbem-7721	134	34	*	*	PUNCT
fbem-7721	134	35	0.019	0.019	NUM
fbem-7721	134	36	*	*	PUNCT
fbem-7721	134	37	*	*	PUNCT
fbem-7721	134	38	*	*	PUNCT
fbem-7721	134	39	0.019	0.019	NUM
fbem-7721	134	40	*	*	PUNCT
fbem-7721	134	41	*	*	PUNCT
fbem-7721	134	42	*	*	PUNCT
fbem-7721	134	43	(	(	PUNCT
fbem-7721	134	44	2.85	2.85	NUM
fbem-7721	134	45	)	)	PUNCT
fbem-7721	134	46	(	(	PUNCT
fbem-7721	134	47	2.64	2.64	NUM
fbem-7721	134	48	)	)	PUNCT
fbem-7721	134	49	(	(	PUNCT
fbem-7721	134	50	2.65	2.65	NUM
fbem-7721	134	51	)	)	PUNCT
fbem-7721	134	52	oc	oc	ADP
fbem-7721	134	53	0.002	0.002	NUM
fbem-7721	134	54	*	*	PUNCT
fbem-7721	134	55	*	*	PUNCT
fbem-7721	134	56	*	*	PUNCT
fbem-7721	134	57	0.002	0.002	NUM
fbem-7721	134	58	*	*	PUNCT
fbem-7721	134	59	*	*	PUNCT
fbem-7721	134	60	*	*	PUNCT
fbem-7721	134	61	0.002	0.002	NUM
fbem-7721	134	62	*	*	PUNCT
fbem-7721	134	63	*	*	PUNCT
fbem-7721	134	64	*	*	PUNCT
fbem-7721	134	65	(	(	PUNCT
fbem-7721	134	66	4.13	4.13	NUM
fbem-7721	134	67	)	)	PUNCT
fbem-7721	134	68	(	(	PUNCT
fbem-7721	134	69	4.11	4.11	NUM
fbem-7721	134	70	)	)	PUNCT
fbem-7721	134	71	(	(	PUNCT
fbem-7721	134	72	4.13	4.13	X
fbem-7721	134	73	)	)	PUNCT
fbem-7721	134	74	op	op	NOUN
fbem-7721	134	75	-0.031	-0.031	NOUN
fbem-7721	134	76	-0.028	-0.028	PROPN
fbem-7721	134	77	-0.029	-0.029	NOUN
fbem-7721	134	78	(	(	PUNCT
fbem-7721	134	79	-1.46	-1.46	NOUN
fbem-7721	134	80	)	)	PUNCT
fbem-7721	134	81	(	(	PUNCT
fbem-7721	134	82	-1.35	-1.35	NOUN
fbem-7721	134	83	)	)	PUNCT
fbem-7721	134	84	(	(	PUNCT
fbem-7721	134	85	-1.38	-1.38	NOUN
fbem-7721	134	86	)	)	PUNCT
fbem-7721	134	87	zone	zone	NOUN
fbem-7721	134	88	-0.011	-0.011	NUM
fbem-7721	134	89	-0.008	-0.008	X
fbem-7721	134	90	-0.006	-0.006	X
fbem-7721	134	91	(	(	PUNCT
fbem-7721	134	92	-0.55	-0.55	NOUN
fbem-7721	134	93	)	)	PUNCT
fbem-7721	134	94	(	(	PUNCT
fbem-7721	134	95	-0.37	-0.37	NUM
fbem-7721	134	96	)	)	PUNCT
fbem-7721	134	97	(	(	PUNCT
fbem-7721	134	98	-0.29	-0.29	NOUN
fbem-7721	134	99	)	)	PUNCT
fbem-7721	134	100	year	year	NOUN
fbem-7721	134	101	control	control	NOUN
fbem-7721	134	102	control	control	PROPN
fbem-7721	134	103	control	control	PROPN
fbem-7721	134	104	industry	industry	NOUN
fbem-7721	134	105	control	control	PROPN
fbem-7721	134	106	control	control	PROPN
fbem-7721	134	107	control	control	PROPN
fbem-7721	134	108	constant	constant	ADJ
fbem-7721	134	109	-0.093	-0.093	NUM
fbem-7721	134	110	-0.101	-0.101	NOUN
fbem-7721	134	111	-0.073	-0.073	PUNCT
fbem-7721	134	112	(	(	PUNCT
fbem-7721	134	113	-0.49	-0.49	NOUN
fbem-7721	134	114	)	)	PUNCT
fbem-7721	134	115	(	(	PUNCT
fbem-7721	134	116	-0.53	-0.53	NOUN
fbem-7721	134	117	)	)	PUNCT
fbem-7721	134	118	(	(	PUNCT
fbem-7721	134	119	-0.39	-0.39	X
fbem-7721	134	120	)	)	PUNCT
fbem-7721	134	121	n	n	CCONJ
fbem-7721	134	122	2,340	2,340	NUM
fbem-7721	134	123	2,340	2,340	NUM
fbem-7721	134	124	2,340	2,340	NUM
fbem-7721	134	125	secondly	secondly	ADV
fbem-7721	134	126	,	,	PUNCT
fbem-7721	134	127	at	at	ADP
fbem-7721	134	128	the	the	DET
fbem-7721	134	129	end	end	NOUN
fbem-7721	134	130	of	of	ADP
fbem-7721	134	131	2019	2019	NUM
fbem-7721	134	132	,	,	PUNCT
fbem-7721	134	133	the	the	DET
fbem-7721	134	134	covid-19	covid-19	PROPN
fbem-7721	134	135	epidemic	epidemic	NOUN
fbem-7721	134	136	broke	break	VERB
fbem-7721	134	137	out	out	ADP
fbem-7721	134	138	for	for	ADP
fbem-7721	134	139	the	the	DET
fbem-7721	134	140	first	first	ADJ
fbem-7721	134	141	time	time	NOUN
fbem-7721	134	142	,	,	PUNCT
fbem-7721	134	143	which	which	PRON
fbem-7721	134	144	had	have	VERB
fbem-7721	134	145	a	a	DET
fbem-7721	134	146	certain	certain	ADJ
fbem-7721	134	147	impact	impact	NOUN
fbem-7721	134	148	on	on	ADP
fbem-7721	134	149	enterprises	enterprise	NOUN
fbem-7721	134	150	and	and	CCONJ
fbem-7721	134	151	easily	easily	ADV
fbem-7721	134	152	interfered	interfere	VERB
fbem-7721	134	153	with	with	ADP
fbem-7721	134	154	the	the	DET
fbem-7721	134	155	regression	regression	NOUN
fbem-7721	134	156	results	result	NOUN
fbem-7721	134	157	of	of	ADP
fbem-7721	134	158	this	this	DET
fbem-7721	134	159	paper	paper	NOUN
fbem-7721	134	160	.	.	PUNCT
fbem-7721	135	1	therefore	therefore	ADV
fbem-7721	135	2	,	,	PUNCT
fbem-7721	135	3	in	in	ADP
fbem-7721	135	4	order	order	NOUN
fbem-7721	135	5	to	to	PART
fbem-7721	135	6	avoid	avoid	VERB
fbem-7721	135	7	the	the	DET
fbem-7721	135	8	interference	interference	NOUN
fbem-7721	135	9	of	of	ADP
fbem-7721	135	10	epidemic	epidemic	NOUN
fbem-7721	135	11	situation	situation	NOUN
fbem-7721	135	12	,	,	PUNCT
fbem-7721	135	13	the	the	DET
fbem-7721	135	14	sample	sample	NOUN
fbem-7721	135	15	of	of	ADP
fbem-7721	135	16	2019	2019	NUM
fbem-7721	135	17	was	be	AUX
fbem-7721	135	18	excluded	exclude	VERB
fbem-7721	135	19	and	and	CCONJ
fbem-7721	135	20	then	then	ADV
fbem-7721	135	21	regression	regression	NOUN
fbem-7721	135	22	was	be	AUX
fbem-7721	135	23	conducted	conduct	VERB
fbem-7721	135	24	again	again	ADV
fbem-7721	135	25	,	,	PUNCT
fbem-7721	135	26	and	and	CCONJ
fbem-7721	135	27	it	it	PRON
fbem-7721	135	28	was	be	AUX
fbem-7721	135	29	found	find	VERB
fbem-7721	135	30	that	that	SCONJ
fbem-7721	135	31	the	the	DET
fbem-7721	135	32	uncertainty	uncertainty	NOUN
fbem-7721	135	33	of	of	ADP
fbem-7721	135	34	economic	economic	ADJ
fbem-7721	135	35	policy	policy	NOUN
fbem-7721	135	36	was	be	AUX
fbem-7721	135	37	positively	positively	ADV
fbem-7721	135	38	correlated	correlate	VERB
fbem-7721	135	39	with	with	ADP
fbem-7721	135	40	the	the	DET
fbem-7721	135	41	cash	cash	NOUN
fbem-7721	135	42	dividend	dividend	NOUN
fbem-7721	135	43	.	.	PUNCT
fbem-7721	136	1	in	in	ADP
fbem-7721	136	2	addition	addition	NOUN
fbem-7721	136	3	,	,	PUNCT
fbem-7721	136	4	the	the	DET
fbem-7721	136	5	cross	cross	NOUN
fbem-7721	136	6	items	item	NOUN
fbem-7721	136	7	in	in	ADP
fbem-7721	136	8	table	table	NOUN
fbem-7721	136	9	7	7	NUM
fbem-7721	136	10	are	be	AUX
fbem-7721	136	11	also	also	ADV
fbem-7721	136	12	significant	significant	ADJ
fbem-7721	136	13	.	.	PUNCT
fbem-7721	137	1	this	this	DET
fbem-7721	137	2	further	further	ADJ
fbem-7721	137	3	verifies	verifie	NOUN
fbem-7721	137	4	the	the	DET
fbem-7721	137	5	robustness	robustness	NOUN
fbem-7721	137	6	of	of	ADP
fbem-7721	137	7	the	the	DET
fbem-7721	137	8	empirical	empirical	ADJ
fbem-7721	137	9	results	result	NOUN
fbem-7721	137	10	in	in	ADP
fbem-7721	137	11	this	this	DET
fbem-7721	137	12	paper	paper	NOUN
fbem-7721	137	13	.	.	PUNCT
fbem-7721	138	1	table	table	NOUN
fbem-7721	138	2	7	7	NUM
fbem-7721	138	3	.	.	PUNCT
fbem-7721	138	4	robustness	robustness	NOUN
fbem-7721	138	5	test	test	NOUN
fbem-7721	138	6	of	of	ADP
fbem-7721	138	7	excluding	exclude	VERB
fbem-7721	138	8	2019	2019	NUM
fbem-7721	138	9	samples	sample	NOUN
fbem-7721	138	10	(	(	PUNCT
fbem-7721	138	11	1	1	NUM
fbem-7721	138	12	)	)	PUNCT
fbem-7721	138	13	(	(	PUNCT
fbem-7721	138	14	2	2	NUM
fbem-7721	138	15	)	)	PUNCT
fbem-7721	138	16	(	(	PUNCT
fbem-7721	138	17	3	3	X
fbem-7721	138	18	)	)	PUNCT
fbem-7721	138	19	variables	variable	NOUN
fbem-7721	138	20	divpay	divpay	PROPN
fbem-7721	138	21	divpay	divpay	PROPN
fbem-7721	138	22	divpay	divpay	PROPN
fbem-7721	138	23	epu	epu	VERB
fbem-7721	138	24	0.013	0.013	NUM
fbem-7721	138	25	*	*	NOUN
fbem-7721	138	26	*	*	PUNCT
fbem-7721	138	27	*	*	PUNCT
fbem-7721	138	28	0.014	0.014	NUM
fbem-7721	138	29	*	*	PUNCT
fbem-7721	138	30	*	*	PUNCT
fbem-7721	138	31	*	*	PUNCT
fbem-7721	138	32	0.013	0.013	NUM
fbem-7721	138	33	*	*	PUNCT
fbem-7721	138	34	*	*	PUNCT
fbem-7721	138	35	*	*	PUNCT
fbem-7721	138	36	(	(	PUNCT
fbem-7721	138	37	2.93	2.93	NUM
fbem-7721	138	38	)	)	PUNCT
fbem-7721	138	39	(	(	PUNCT
fbem-7721	138	40	3.14	3.14	NUM
fbem-7721	138	41	)	)	PUNCT
fbem-7721	138	42	(	(	PUNCT
fbem-7721	138	43	3.01	3.01	NUM
fbem-7721	138	44	)	)	PUNCT
fbem-7721	138	45	kz	kz	PROPN
fbem-7721	138	46	0.012	0.012	NUM
fbem-7721	138	47	*	*	PROPN
fbem-7721	138	48	*	*	PUNCT
fbem-7721	138	49	*	*	PUNCT
fbem-7721	138	50	0.014	0.014	NUM
fbem-7721	138	51	*	*	PUNCT
fbem-7721	138	52	*	*	PUNCT
fbem-7721	138	53	*	*	PUNCT
fbem-7721	138	54	(	(	PUNCT
fbem-7721	138	55	2.74	2.74	NUM
fbem-7721	138	56	)	)	PUNCT
fbem-7721	138	57	(	(	PUNCT
fbem-7721	138	58	3.32	3.32	NUM
fbem-7721	138	59	)	)	PUNCT
fbem-7721	138	60	epu*kz	epu*kz	PROPN
fbem-7721	138	61	0.004	0.004	NUM
fbem-7721	138	62	*	*	PUNCT
fbem-7721	138	63	*	*	PUNCT
fbem-7721	138	64	*	*	PUNCT
fbem-7721	138	65	(	(	PUNCT
fbem-7721	138	66	2.80	2.80	NUM
fbem-7721	138	67	)	)	PUNCT
fbem-7721	138	68	size	size	NOUN
fbem-7721	138	69	-0.005	-0.005	SYM
fbem-7721	138	70	-0.006	-0.006	X
fbem-7721	138	71	-0.008	-0.008	X
fbem-7721	138	72	(	(	PUNCT
fbem-7721	138	73	-0.56	-0.56	NUM
fbem-7721	138	74	)	)	PUNCT
fbem-7721	138	75	(	(	PUNCT
fbem-7721	138	76	-0.77	-0.77	NOUN
fbem-7721	138	77	)	)	PUNCT
fbem-7721	138	78	(	(	PUNCT
fbem-7721	138	79	-0.97	-0.97	NOUN
fbem-7721	138	80	)	)	PUNCT
fbem-7721	138	81	dfl	dfl	PROPN
fbem-7721	138	82	0.022	0.022	NUM
fbem-7721	138	83	*	*	PUNCT
fbem-7721	138	84	*	*	PUNCT
fbem-7721	138	85	*	*	PUNCT
fbem-7721	138	86	0.020	0.020	NUM
fbem-7721	138	87	*	*	PUNCT
fbem-7721	138	88	*	*	PUNCT
fbem-7721	138	89	*	*	PUNCT
fbem-7721	138	90	0.021	0.021	NUM
fbem-7721	138	91	*	*	PUNCT
fbem-7721	138	92	*	*	PUNCT
fbem-7721	138	93	*	*	PUNCT
fbem-7721	138	94	(	(	PUNCT
fbem-7721	138	95	2.84	2.84	NUM
fbem-7721	138	96	)	)	PUNCT
fbem-7721	138	97	(	(	PUNCT
fbem-7721	138	98	2.65	2.65	NUM
fbem-7721	138	99	)	)	PUNCT
fbem-7721	138	100	(	(	PUNCT
fbem-7721	138	101	2.71	2.71	NUM
fbem-7721	138	102	)	)	PUNCT
fbem-7721	138	103	oc	oc	ADP
fbem-7721	138	104	0.002	0.002	NUM
fbem-7721	138	105	*	*	PUNCT
fbem-7721	138	106	*	*	PUNCT
fbem-7721	138	107	*	*	PUNCT
fbem-7721	138	108	0.002	0.002	NUM
fbem-7721	138	109	*	*	PUNCT
fbem-7721	138	110	*	*	PUNCT
fbem-7721	138	111	*	*	PUNCT
fbem-7721	138	112	0.003	0.003	NUM
fbem-7721	138	113	*	*	PUNCT
fbem-7721	138	114	*	*	PUNCT
fbem-7721	138	115	*	*	PUNCT
fbem-7721	138	116	(	(	PUNCT
fbem-7721	138	117	4.20	4.20	NUM
fbem-7721	138	118	)	)	PUNCT
fbem-7721	138	119	(	(	PUNCT
fbem-7721	138	120	4.18	4.18	NUM
fbem-7721	138	121	)	)	PUNCT
fbem-7721	138	122	(	(	PUNCT
fbem-7721	138	123	4.30	4.30	NUM
fbem-7721	138	124	)	)	PUNCT
fbem-7721	138	125	op	op	NOUN
fbem-7721	138	126	-0.050	-0.050	PROPN
fbem-7721	138	127	*	*	PUNCT
fbem-7721	138	128	*	*	PUNCT
fbem-7721	138	129	-0.047	-0.047	PUNCT
fbem-7721	138	130	*	*	PUNCT
fbem-7721	138	131	*	*	NOUN
fbem-7721	138	132	-0.048	-0.048	NOUN
fbem-7721	138	133	*	*	PUNCT
fbem-7721	138	134	*	*	PUNCT
fbem-7721	138	135	(	(	PUNCT
fbem-7721	138	136	-2.22	-2.22	NOUN
fbem-7721	138	137	)	)	PUNCT
fbem-7721	138	138	(	(	PUNCT
fbem-7721	138	139	-2.10	-2.10	NOUN
fbem-7721	138	140	)	)	PUNCT
fbem-7721	138	141	(	(	PUNCT
fbem-7721	138	142	-2.17	-2.17	NOUN
fbem-7721	138	143	)	)	PUNCT
fbem-7721	138	144	zone	zone	NOUN
fbem-7721	138	145	-0.004	-0.004	PUNCT
fbem-7721	138	146	-0.000	-0.000	NUM
fbem-7721	138	147	0.003	0.003	NUM
fbem-7721	138	148	(	(	PUNCT
fbem-7721	138	149	-0.19	-0.19	NOUN
fbem-7721	138	150	)	)	PUNCT
fbem-7721	138	151	(	(	PUNCT
fbem-7721	138	152	-0.01	-0.01	NUM
fbem-7721	138	153	)	)	PUNCT
fbem-7721	138	154	(	(	PUNCT
fbem-7721	138	155	0.13	0.13	NUM
fbem-7721	138	156	)	)	PUNCT
fbem-7721	138	157	constant	constant	ADJ
fbem-7721	138	158	0.301	0.301	NUM
fbem-7721	138	159	0.319	0.319	NUM
fbem-7721	138	160	*	*	PUNCT
fbem-7721	138	161	0.353	0.353	NUM
fbem-7721	138	162	*	*	SYM
fbem-7721	138	163	(	(	PUNCT
fbem-7721	138	164	1.59	1.59	NUM
fbem-7721	138	165	)	)	PUNCT
fbem-7721	138	166	(	(	PUNCT
fbem-7721	138	167	1.69	1.69	NUM
fbem-7721	138	168	)	)	PUNCT
fbem-7721	138	169	(	(	PUNCT
fbem-7721	138	170	1.86	1.86	NUM
fbem-7721	138	171	)	)	PUNCT
fbem-7721	138	172	year	year	NOUN
fbem-7721	138	173	control	control	NOUN
fbem-7721	138	174	control	control	PROPN
fbem-7721	138	175	control	control	PROPN
fbem-7721	138	176	industry	industry	NOUN
fbem-7721	138	177	control	control	PROPN
fbem-7721	138	178	control	control	PROPN
fbem-7721	138	179	control	control	PROPN
fbem-7721	138	180	n	n	CCONJ
fbem-7721	138	181	2,080	2,080	NUM
fbem-7721	138	182	2,080	2,080	NUM
fbem-7721	138	183	2,080	2,080	NUM
fbem-7721	138	184	4	4	NUM
fbem-7721	138	185	.	.	PUNCT
fbem-7721	139	1	heterogeneity	heterogeneity	NOUN
fbem-7721	139	2	analysis	analysis	NOUN
fbem-7721	139	3	chen	chen	PROPN
fbem-7721	139	4	haifang	haifang	PROPN
fbem-7721	139	5	(	(	PUNCT
fbem-7721	139	6	2023	2023	NUM
fbem-7721	139	7	)	)	PUNCT
fbem-7721	139	8	put	put	VERB
fbem-7721	139	9	forward	forward	ADV
fbem-7721	139	10	that	that	SCONJ
fbem-7721	139	11	the	the	DET
fbem-7721	139	12	production	production	NOUN
fbem-7721	139	13	61	61	NUM
fbem-7721	139	14	capacity	capacity	NOUN
fbem-7721	139	15	of	of	ADP
fbem-7721	139	16	an	an	DET
fbem-7721	139	17	enterprise	enterprise	NOUN
fbem-7721	139	18	represents	represent	VERB
fbem-7721	139	19	the	the	DET
fbem-7721	139	20	growth	growth	NOUN
fbem-7721	139	21	of	of	ADP
fbem-7721	139	22	the	the	DET
fbem-7721	139	23	enterprise	enterprise	NOUN
fbem-7721	139	24	,	,	PUNCT
fbem-7721	139	25	which	which	PRON
fbem-7721	139	26	can	can	AUX
fbem-7721	139	27	reflect	reflect	VERB
fbem-7721	139	28	the	the	DET
fbem-7721	139	29	future	future	ADJ
fbem-7721	139	30	development	development	NOUN
fbem-7721	139	31	possibility	possibility	NOUN
fbem-7721	139	32	of	of	ADP
fbem-7721	139	33	the	the	DET
fbem-7721	139	34	enterprise	enterprise	NOUN
fbem-7721	139	35	using	use	VERB
fbem-7721	139	36	resources	resource	NOUN
fbem-7721	139	37	,	,	PUNCT
fbem-7721	139	38	and	and	CCONJ
fbem-7721	139	39	often	often	ADV
fbem-7721	139	40	involves	involve	VERB
fbem-7721	139	41	the	the	DET
fbem-7721	139	42	human	human	ADJ
fbem-7721	139	43	resources	resource	NOUN
fbem-7721	139	44	,	,	PUNCT
fbem-7721	139	45	organizational	organizational	ADJ
fbem-7721	139	46	structure	structure	NOUN
fbem-7721	139	47	,	,	PUNCT
fbem-7721	139	48	management	management	NOUN
fbem-7721	139	49	level	level	NOUN
fbem-7721	139	50	,	,	PUNCT
fbem-7721	139	51	strategic	strategic	ADJ
fbem-7721	139	52	planning	planning	NOUN
fbem-7721	139	53	and	and	CCONJ
fbem-7721	139	54	an	an	DET
fbem-7721	139	55	expectation	expectation	NOUN
fbem-7721	139	56	that	that	PRON
fbem-7721	139	57	may	may	AUX
fbem-7721	139	58	affect	affect	VERB
fbem-7721	139	59	the	the	DET
fbem-7721	139	60	potential	potential	ADJ
fbem-7721	139	61	development	development	NOUN
fbem-7721	139	62	level	level	NOUN
fbem-7721	139	63	of	of	ADP
fbem-7721	139	64	the	the	DET
fbem-7721	139	65	enterprise	enterprise	NOUN
fbem-7721	139	66	[	[	X
fbem-7721	139	67	21	21	NUM
fbem-7721	139	68	]	]	PUNCT
fbem-7721	139	69	.	.	PUNCT
fbem-7721	140	1	the	the	DET
fbem-7721	140	2	growth	growth	NOUN
fbem-7721	140	3	of	of	ADP
fbem-7721	140	4	an	an	DET
fbem-7721	140	5	enterprise	enterprise	NOUN
fbem-7721	140	6	is	be	AUX
fbem-7721	140	7	also	also	ADV
fbem-7721	140	8	a	a	DET
fbem-7721	140	9	comprehensive	comprehensive	ADJ
fbem-7721	140	10	index	index	NOUN
fbem-7721	140	11	for	for	ADP
fbem-7721	140	12	investors	investor	NOUN
fbem-7721	140	13	and	and	CCONJ
fbem-7721	140	14	other	other	ADJ
fbem-7721	140	15	stakeholders	stakeholder	NOUN
fbem-7721	140	16	to	to	PART
fbem-7721	140	17	evaluate	evaluate	VERB
fbem-7721	140	18	the	the	DET
fbem-7721	140	19	enterprise	enterprise	NOUN
fbem-7721	140	20	,	,	PUNCT
fbem-7721	140	21	so	so	CCONJ
fbem-7721	140	22	the	the	DET
fbem-7721	140	23	growth	growth	NOUN
fbem-7721	140	24	is	be	AUX
fbem-7721	140	25	very	very	ADV
fbem-7721	140	26	important	important	ADJ
fbem-7721	140	27	for	for	ADP
fbem-7721	140	28	the	the	DET
fbem-7721	140	29	enterprise	enterprise	NOUN
fbem-7721	140	30	.	.	PUNCT
fbem-7721	141	1	this	this	DET
fbem-7721	141	2	paper	paper	NOUN
fbem-7721	141	3	analyzes	analyze	VERB
fbem-7721	141	4	the	the	DET
fbem-7721	141	5	effect	effect	NOUN
fbem-7721	141	6	of	of	ADP
fbem-7721	141	7	economic	economic	ADJ
fbem-7721	141	8	policy	policy	NOUN
fbem-7721	141	9	uncertainty	uncertainty	NOUN
fbem-7721	141	10	on	on	ADP
fbem-7721	141	11	cash	cash	NOUN
fbem-7721	141	12	dividend	dividend	NOUN
fbem-7721	141	13	payment	payment	NOUN
fbem-7721	141	14	level	level	NOUN
fbem-7721	141	15	under	under	ADP
fbem-7721	141	16	different	different	ADJ
fbem-7721	141	17	growth	growth	NOUN
fbem-7721	141	18	conditions	condition	NOUN
fbem-7721	141	19	,	,	PUNCT
fbem-7721	141	20	as	as	SCONJ
fbem-7721	141	21	shown	show	VERB
fbem-7721	141	22	in	in	ADP
fbem-7721	141	23	table	table	NOUN
fbem-7721	141	24	8	8	NUM
fbem-7721	141	25	.	.	PUNCT
fbem-7721	142	1	the	the	DET
fbem-7721	142	2	samples	sample	NOUN
fbem-7721	142	3	are	be	AUX
fbem-7721	142	4	divided	divide	VERB
fbem-7721	142	5	into	into	ADP
fbem-7721	142	6	two	two	NUM
fbem-7721	142	7	groups	group	NOUN
fbem-7721	142	8	according	accord	VERB
fbem-7721	142	9	to	to	ADP
fbem-7721	142	10	their	their	PRON
fbem-7721	142	11	growth	growth	NOUN
fbem-7721	142	12	.	.	PUNCT
fbem-7721	143	1	the	the	DET
fbem-7721	143	2	positive	positive	ADJ
fbem-7721	143	3	correlation	correlation	NOUN
fbem-7721	143	4	between	between	ADP
fbem-7721	143	5	explanatory	explanatory	ADJ
fbem-7721	143	6	variables	variable	NOUN
fbem-7721	143	7	and	and	CCONJ
fbem-7721	143	8	explained	explain	VERB
fbem-7721	143	9	variables	variable	NOUN
fbem-7721	143	10	is	be	AUX
fbem-7721	143	11	significant	significant	ADJ
fbem-7721	143	12	in	in	ADP
fbem-7721	143	13	one	one	NUM
fbem-7721	143	14	group	group	NOUN
fbem-7721	143	15	and	and	CCONJ
fbem-7721	143	16	not	not	PART
fbem-7721	143	17	significant	significant	ADJ
fbem-7721	143	18	in	in	ADP
fbem-7721	143	19	the	the	DET
fbem-7721	143	20	other	other	ADJ
fbem-7721	143	21	.	.	PUNCT
fbem-7721	144	1	therefore	therefore	ADV
fbem-7721	144	2	,	,	PUNCT
fbem-7721	144	3	compared	compare	VERB
fbem-7721	144	4	with	with	ADP
fbem-7721	144	5	low	low	ADJ
fbem-7721	144	6	-	-	PUNCT
fbem-7721	144	7	growth	growth	NOUN
fbem-7721	144	8	enterprises	enterprise	NOUN
fbem-7721	144	9	,	,	PUNCT
fbem-7721	144	10	the	the	DET
fbem-7721	144	11	uncertainty	uncertainty	NOUN
fbem-7721	144	12	of	of	ADP
fbem-7721	144	13	economic	economic	ADJ
fbem-7721	144	14	policy	policy	NOUN
fbem-7721	144	15	has	have	VERB
fbem-7721	144	16	a	a	DET
fbem-7721	144	17	more	more	ADV
fbem-7721	144	18	significant	significant	ADJ
fbem-7721	144	19	positive	positive	ADJ
fbem-7721	144	20	impact	impact	NOUN
fbem-7721	144	21	on	on	ADP
fbem-7721	144	22	cash	cash	NOUN
fbem-7721	144	23	dividend	dividend	NOUN
fbem-7721	144	24	policy	policy	NOUN
fbem-7721	144	25	in	in	ADP
fbem-7721	144	26	high	high	ADJ
fbem-7721	144	27	-	-	PUNCT
fbem-7721	144	28	growth	growth	NOUN
fbem-7721	144	29	enterprises	enterprise	NOUN
fbem-7721	144	30	,	,	PUNCT
fbem-7721	144	31	and	and	CCONJ
fbem-7721	144	32	this	this	DET
fbem-7721	144	33	heterogeneity	heterogeneity	NOUN
fbem-7721	144	34	analysis	analysis	NOUN
fbem-7721	144	35	verifies	verifie	NOUN
fbem-7721	144	36	the	the	DET
fbem-7721	144	37	third	third	ADJ
fbem-7721	144	38	hypothesis	hypothesis	NOUN
fbem-7721	144	39	h3	h3	NOUN
fbem-7721	144	40	in	in	ADP
fbem-7721	144	41	this	this	DET
fbem-7721	144	42	paper	paper	NOUN
fbem-7721	144	43	.	.	PUNCT
fbem-7721	145	1	table	table	NOUN
fbem-7721	145	2	8	8	NUM
fbem-7721	145	3	.	.	PUNCT
fbem-7721	146	1	regression	regression	VERB
fbem-7721	146	2	analysis	analysis	NOUN
fbem-7721	146	3	of	of	ADP
fbem-7721	146	4	economic	economic	ADJ
fbem-7721	146	5	policy	policy	NOUN
fbem-7721	146	6	uncertainty	uncertainty	NOUN
fbem-7721	146	7	,	,	PUNCT
fbem-7721	146	8	enterprise	enterprise	NOUN
fbem-7721	146	9	growth	growth	NOUN
fbem-7721	146	10	and	and	CCONJ
fbem-7721	146	11	cash	cash	NOUN
fbem-7721	146	12	dividend	dividend	NOUN
fbem-7721	146	13	payment	payment	NOUN
fbem-7721	146	14	level	level	NOUN
fbem-7721	146	15	(	(	PUNCT
fbem-7721	146	16	1	1	NUM
fbem-7721	146	17	)	)	PUNCT
fbem-7721	146	18	(	(	PUNCT
fbem-7721	146	19	2	2	X
fbem-7721	146	20	)	)	PUNCT
fbem-7721	146	21	variables	variable	VERB
fbem-7721	146	22	high	high	ADJ
fbem-7721	146	23	growth	growth	NOUN
fbem-7721	146	24	low	low	ADJ
fbem-7721	146	25	growth	growth	NOUN
fbem-7721	146	26	epu	epu	NOUN
fbem-7721	146	27	0.017	0.017	NUM
fbem-7721	146	28	*	*	NOUN
fbem-7721	146	29	*	*	PROPN
fbem-7721	146	30	0.003	0.003	NUM
fbem-7721	146	31	(	(	PUNCT
fbem-7721	146	32	2.09	2.09	NUM
fbem-7721	146	33	)	)	PUNCT
fbem-7721	146	34	(	(	PUNCT
fbem-7721	146	35	1.01	1.01	NUM
fbem-7721	146	36	)	)	PUNCT
fbem-7721	146	37	size	size	NOUN
fbem-7721	146	38	0.009	0.009	NUM
fbem-7721	146	39	-0.009	-0.009	NUM
fbem-7721	146	40	*	*	PUNCT
fbem-7721	146	41	(	(	PUNCT
fbem-7721	146	42	0.73	0.73	NUM
fbem-7721	146	43	)	)	PUNCT
fbem-7721	146	44	(	(	PUNCT
fbem-7721	146	45	-1.82	-1.82	NOUN
fbem-7721	146	46	)	)	PUNCT
fbem-7721	146	47	dfl	dfl	PROPN
fbem-7721	146	48	0.063	0.063	NUM
fbem-7721	146	49	*	*	PUNCT
fbem-7721	146	50	*	*	PROPN
fbem-7721	146	51	0.006	0.006	NUM
fbem-7721	146	52	(	(	PUNCT
fbem-7721	146	53	2.36	2.36	NUM
fbem-7721	146	54	)	)	PUNCT
fbem-7721	146	55	(	(	PUNCT
fbem-7721	146	56	0.81	0.81	NUM
fbem-7721	146	57	)	)	PUNCT
fbem-7721	146	58	oc	oc	NOUN
fbem-7721	146	59	-0.000	-0.000	PROPN
fbem-7721	146	60	0.002	0.002	NUM
fbem-7721	146	61	*	*	PUNCT
fbem-7721	146	62	*	*	PUNCT
fbem-7721	146	63	*	*	PUNCT
fbem-7721	146	64	(	(	PUNCT
fbem-7721	146	65	-0.39	-0.39	NOUN
fbem-7721	146	66	)	)	PUNCT
fbem-7721	146	67	(	(	PUNCT
fbem-7721	146	68	5.46	5.46	NUM
fbem-7721	146	69	)	)	PUNCT
fbem-7721	146	70	op	op	NOUN
fbem-7721	146	71	-0.149	-0.149	PROPN
fbem-7721	146	72	*	*	PUNCT
fbem-7721	146	73	*	*	PUNCT
fbem-7721	146	74	*	*	PUNCT
fbem-7721	146	75	-0.025	-0.025	PROPN
fbem-7721	146	76	*	*	PUNCT
fbem-7721	146	77	(	(	PUNCT
fbem-7721	146	78	-3.27	-3.27	NUM
fbem-7721	146	79	)	)	PUNCT
fbem-7721	146	80	(	(	PUNCT
fbem-7721	146	81	-1.73	-1.73	X
fbem-7721	146	82	)	)	PUNCT
fbem-7721	146	83	zone	zone	NOUN
fbem-7721	146	84	0.023	0.023	NUM
fbem-7721	146	85	-0.014	-0.014	NOUN
fbem-7721	146	86	(	(	PUNCT
fbem-7721	146	87	0.55	0.55	NUM
fbem-7721	146	88	)	)	PUNCT
fbem-7721	146	89	(	(	PUNCT
fbem-7721	146	90	-1.25	-1.25	NUM
fbem-7721	146	91	)	)	PUNCT
fbem-7721	146	92	year	year	NOUN
fbem-7721	146	93	control	control	NOUN
fbem-7721	146	94	control	control	PROPN
fbem-7721	146	95	industry	industry	NOUN
fbem-7721	146	96	control	control	NOUN
fbem-7721	146	97	control	control	NOUN
fbem-7721	146	98	constant	constant	ADJ
fbem-7721	146	99	0.271	0.271	NUM
fbem-7721	146	100	0.453	0.453	NUM
fbem-7721	146	101	*	*	PUNCT
fbem-7721	146	102	*	*	PUNCT
fbem-7721	146	103	*	*	PUNCT
fbem-7721	146	104	(	(	PUNCT
fbem-7721	146	105	0.92	0.92	NUM
fbem-7721	146	106	)	)	PUNCT
fbem-7721	146	107	(	(	PUNCT
fbem-7721	146	108	3.97	3.97	NUM
fbem-7721	146	109	)	)	PUNCT
fbem-7721	146	110	n	n	CCONJ
fbem-7721	146	111	230	230	NUM
fbem-7721	146	112	2,110	2,110	NUM
fbem-7721	146	113	5	5	NUM
fbem-7721	146	114	.	.	PUNCT
fbem-7721	147	1	research	research	NOUN
fbem-7721	147	2	conclusions	conclusion	NOUN
fbem-7721	147	3	and	and	CCONJ
fbem-7721	147	4	suggestions	suggestion	NOUN
fbem-7721	147	5	section	section	NOUN
fbem-7721	147	6	1	1	NUM
fbem-7721	147	7	research	research	NOUN
fbem-7721	147	8	conclusion	conclusion	NOUN
fbem-7721	147	9	the	the	DET
fbem-7721	147	10	influence	influence	NOUN
fbem-7721	147	11	of	of	ADP
fbem-7721	147	12	macro	macro	NOUN
fbem-7721	147	13	-	-	NOUN
fbem-7721	147	14	economy	economy	NOUN
fbem-7721	147	15	on	on	ADP
fbem-7721	147	16	the	the	DET
fbem-7721	147	17	dividend	dividend	NOUN
fbem-7721	147	18	policy	policy	NOUN
fbem-7721	147	19	of	of	ADP
fbem-7721	147	20	micro	micro	NOUN
fbem-7721	147	21	-	-	NOUN
fbem-7721	147	22	enterprises	enterprise	NOUN
fbem-7721	147	23	has	have	AUX
fbem-7721	147	24	always	always	ADV
fbem-7721	147	25	been	be	AUX
fbem-7721	147	26	a	a	DET
fbem-7721	147	27	hot	hot	ADJ
fbem-7721	147	28	topic	topic	NOUN
fbem-7721	147	29	for	for	ADP
fbem-7721	147	30	scholars	scholar	NOUN
fbem-7721	147	31	.	.	PUNCT
fbem-7721	148	1	starting	start	VERB
fbem-7721	148	2	with	with	ADP
fbem-7721	148	3	the	the	DET
fbem-7721	148	4	influence	influence	NOUN
fbem-7721	148	5	of	of	ADP
fbem-7721	148	6	macro	macro	ADJ
fbem-7721	148	7	-	-	ADJ
fbem-7721	148	8	economic	economic	ADJ
fbem-7721	148	9	policy	policy	NOUN
fbem-7721	148	10	uncertainty	uncertainty	NOUN
fbem-7721	148	11	on	on	ADP
fbem-7721	148	12	cash	cash	NOUN
fbem-7721	148	13	dividend	dividend	NOUN
fbem-7721	148	14	policy	policy	NOUN
fbem-7721	148	15	,	,	PUNCT
fbem-7721	148	16	this	this	DET
fbem-7721	148	17	paper	paper	NOUN
fbem-7721	148	18	takes	take	VERB
fbem-7721	148	19	the	the	DET
fbem-7721	148	20	listed	list	VERB
fbem-7721	148	21	companies	company	NOUN
fbem-7721	148	22	in	in	ADP
fbem-7721	148	23	shanghai	shanghai	PROPN
fbem-7721	148	24	and	and	CCONJ
fbem-7721	148	25	shenzhen	shenzhen	PROPN
fbem-7721	148	26	a	a	PROPN
fbem-7721	148	27	-	-	PUNCT
fbem-7721	148	28	shares	share	NOUN
fbem-7721	148	29	from	from	ADP
fbem-7721	148	30	2013	2013	NUM
fbem-7721	148	31	to	to	ADP
fbem-7721	148	32	2021	2021	NUM
fbem-7721	148	33	as	as	ADP
fbem-7721	148	34	samples	sample	NOUN
fbem-7721	148	35	,	,	PUNCT
fbem-7721	148	36	and	and	CCONJ
fbem-7721	148	37	makes	make	VERB
fbem-7721	148	38	an	an	DET
fbem-7721	148	39	empirical	empirical	ADJ
fbem-7721	148	40	analysis	analysis	NOUN
fbem-7721	148	41	of	of	ADP
fbem-7721	148	42	the	the	DET
fbem-7721	148	43	relationship	relationship	NOUN
fbem-7721	148	44	between	between	ADP
fbem-7721	148	45	them	they	PRON
fbem-7721	148	46	from	from	ADP
fbem-7721	148	47	different	different	ADJ
fbem-7721	148	48	angles	angle	NOUN
fbem-7721	148	49	.	.	PUNCT
fbem-7721	149	1	finally	finally	ADV
fbem-7721	149	2	,	,	PUNCT
fbem-7721	149	3	the	the	DET
fbem-7721	149	4	conclusions	conclusion	NOUN
fbem-7721	149	5	are	be	AUX
fbem-7721	149	6	as	as	SCONJ
fbem-7721	149	7	follows	follow	VERB
fbem-7721	149	8	:	:	PUNCT
fbem-7721	149	9	there	there	PRON
fbem-7721	149	10	is	be	VERB
fbem-7721	149	11	a	a	DET
fbem-7721	149	12	significant	significant	ADJ
fbem-7721	149	13	positive	positive	ADJ
fbem-7721	149	14	correlation	correlation	NOUN
fbem-7721	149	15	between	between	ADP
fbem-7721	149	16	the	the	DET
fbem-7721	149	17	uncertainty	uncertainty	NOUN
fbem-7721	149	18	of	of	ADP
fbem-7721	149	19	economic	economic	ADJ
fbem-7721	149	20	policy	policy	NOUN
fbem-7721	149	21	and	and	CCONJ
fbem-7721	149	22	the	the	DET
fbem-7721	149	23	cash	cash	NOUN
fbem-7721	149	24	dividend	dividend	NOUN
fbem-7721	149	25	payment	payment	NOUN
fbem-7721	149	26	level	level	NOUN
fbem-7721	149	27	of	of	ADP
fbem-7721	149	28	enterprises	enterprise	NOUN
fbem-7721	149	29	;	;	PUNCT
fbem-7721	149	30	financing	financing	NOUN
fbem-7721	149	31	constraints	constraint	NOUN
fbem-7721	149	32	have	have	VERB
fbem-7721	149	33	a	a	DET
fbem-7721	149	34	positive	positive	ADJ
fbem-7721	149	35	regulatory	regulatory	ADJ
fbem-7721	149	36	effect	effect	NOUN
fbem-7721	149	37	on	on	ADP
fbem-7721	149	38	the	the	DET
fbem-7721	149	39	correlation	correlation	NOUN
fbem-7721	149	40	between	between	ADP
fbem-7721	149	41	economic	economic	ADJ
fbem-7721	149	42	policy	policy	NOUN
fbem-7721	149	43	uncertainty	uncertainty	NOUN
fbem-7721	149	44	and	and	CCONJ
fbem-7721	149	45	cash	cash	NOUN
fbem-7721	149	46	dividend	dividend	NOUN
fbem-7721	149	47	payment	payment	NOUN
fbem-7721	149	48	level	level	NOUN
fbem-7721	149	49	;	;	PUNCT
fbem-7721	149	50	in	in	ADP
fbem-7721	149	51	enterprises	enterprise	NOUN
fbem-7721	149	52	with	with	ADP
fbem-7721	149	53	high	high	ADJ
fbem-7721	149	54	growth	growth	NOUN
fbem-7721	149	55	,	,	PUNCT
fbem-7721	149	56	the	the	DET
fbem-7721	149	57	positive	positive	ADJ
fbem-7721	149	58	impact	impact	NOUN
fbem-7721	149	59	of	of	ADP
fbem-7721	149	60	economic	economic	ADJ
fbem-7721	149	61	policy	policy	NOUN
fbem-7721	149	62	uncertainty	uncertainty	NOUN
fbem-7721	149	63	on	on	ADP
fbem-7721	149	64	cash	cash	NOUN
fbem-7721	149	65	dividend	dividend	NOUN
fbem-7721	149	66	policy	policy	NOUN
fbem-7721	149	67	is	be	AUX
fbem-7721	149	68	more	more	ADV
fbem-7721	149	69	significant	significant	ADJ
fbem-7721	149	70	.	.	PUNCT
fbem-7721	150	1	section	section	NOUN
fbem-7721	150	2	2	2	NUM
fbem-7721	150	3	relevant	relevant	ADJ
fbem-7721	150	4	suggestions	suggestion	NOUN
fbem-7721	150	5	from	from	ADP
fbem-7721	150	6	the	the	DET
fbem-7721	150	7	perspective	perspective	NOUN
fbem-7721	150	8	of	of	ADP
fbem-7721	150	9	the	the	DET
fbem-7721	150	10	government	government	NOUN
fbem-7721	150	11	.	.	PUNCT
fbem-7721	151	1	first	first	ADV
fbem-7721	151	2	of	of	ADP
fbem-7721	151	3	all	all	PRON
fbem-7721	151	4	,	,	PUNCT
fbem-7721	151	5	when	when	SCONJ
fbem-7721	151	6	the	the	DET
fbem-7721	151	7	government	government	NOUN
fbem-7721	151	8	chooses	choose	VERB
fbem-7721	151	9	to	to	PART
fbem-7721	151	10	adjust	adjust	VERB
fbem-7721	151	11	relevant	relevant	ADJ
fbem-7721	151	12	economic	economic	ADJ
fbem-7721	151	13	policies	policy	NOUN
fbem-7721	151	14	to	to	PART
fbem-7721	151	15	promote	promote	VERB
fbem-7721	151	16	economic	economic	ADJ
fbem-7721	151	17	development	development	NOUN
fbem-7721	151	18	,	,	PUNCT
fbem-7721	151	19	it	it	PRON
fbem-7721	151	20	also	also	ADV
fbem-7721	151	21	pays	pay	VERB
fbem-7721	151	22	close	close	ADJ
fbem-7721	151	23	attention	attention	NOUN
fbem-7721	151	24	to	to	ADP
fbem-7721	151	25	the	the	DET
fbem-7721	151	26	reaction	reaction	NOUN
fbem-7721	151	27	of	of	ADP
fbem-7721	151	28	enterprises	enterprise	NOUN
fbem-7721	151	29	to	to	ADP
fbem-7721	151	30	the	the	DET
fbem-7721	151	31	uncertainty	uncertainty	NOUN
fbem-7721	151	32	of	of	ADP
fbem-7721	151	33	economic	economic	ADJ
fbem-7721	151	34	policies	policy	NOUN
fbem-7721	151	35	,	,	PUNCT
fbem-7721	151	36	and	and	CCONJ
fbem-7721	151	37	strives	strive	VERB
fbem-7721	151	38	to	to	PART
fbem-7721	151	39	minimize	minimize	VERB
fbem-7721	151	40	the	the	DET
fbem-7721	151	41	negative	negative	ADJ
fbem-7721	151	42	impact	impact	NOUN
fbem-7721	151	43	of	of	ADP
fbem-7721	151	44	the	the	DET
fbem-7721	151	45	uncertainty	uncertainty	NOUN
fbem-7721	151	46	of	of	ADP
fbem-7721	151	47	economic	economic	ADJ
fbem-7721	151	48	policies	policy	NOUN
fbem-7721	151	49	on	on	ADP
fbem-7721	151	50	enterprises	enterprise	NOUN
fbem-7721	151	51	when	when	SCONJ
fbem-7721	151	52	formulating	formulate	VERB
fbem-7721	151	53	relevant	relevant	ADJ
fbem-7721	151	54	policies	policy	NOUN
fbem-7721	151	55	.	.	PUNCT
fbem-7721	152	1	at	at	ADP
fbem-7721	152	2	the	the	DET
fbem-7721	152	3	same	same	ADJ
fbem-7721	152	4	time	time	NOUN
fbem-7721	152	5	,	,	PUNCT
fbem-7721	152	6	enterprises	enterprise	NOUN
fbem-7721	152	7	need	need	VERB
fbem-7721	152	8	to	to	PART
fbem-7721	152	9	make	make	VERB
fbem-7721	152	10	a	a	DET
fbem-7721	152	11	correct	correct	ADJ
fbem-7721	152	12	judgment	judgment	NOUN
fbem-7721	152	13	on	on	ADP
fbem-7721	152	14	the	the	DET
fbem-7721	152	15	changes	change	NOUN
fbem-7721	152	16	of	of	ADP
fbem-7721	152	17	future	future	ADJ
fbem-7721	152	18	economic	economic	ADJ
fbem-7721	152	19	policies	policy	NOUN
fbem-7721	152	20	.	.	PUNCT
fbem-7721	153	1	relevant	relevant	ADJ
fbem-7721	153	2	government	government	NOUN
fbem-7721	153	3	departments	department	NOUN
fbem-7721	153	4	should	should	AUX
fbem-7721	153	5	increase	increase	VERB
fbem-7721	153	6	the	the	DET
fbem-7721	153	7	information	information	NOUN
fbem-7721	153	8	disclosure	disclosure	NOUN
fbem-7721	153	9	of	of	ADP
fbem-7721	153	10	economic	economic	ADJ
fbem-7721	153	11	policies	policy	NOUN
fbem-7721	153	12	,	,	PUNCT
fbem-7721	153	13	maximize	maximize	VERB
fbem-7721	153	14	the	the	DET
fbem-7721	153	15	transparency	transparency	NOUN
fbem-7721	153	16	of	of	ADP
fbem-7721	153	17	economic	economic	ADJ
fbem-7721	153	18	policy	policy	NOUN
fbem-7721	153	19	changes	change	NOUN
fbem-7721	153	20	,	,	PUNCT
fbem-7721	153	21	and	and	CCONJ
fbem-7721	153	22	make	make	VERB
fbem-7721	153	23	the	the	DET
fbem-7721	153	24	uncertainty	uncertainty	NOUN
fbem-7721	153	25	of	of	ADP
fbem-7721	153	26	economic	economic	ADJ
fbem-7721	153	27	policies	policy	NOUN
fbem-7721	153	28	change	change	VERB
fbem-7721	153	29	within	within	ADP
fbem-7721	153	30	a	a	DET
fbem-7721	153	31	reasonable	reasonable	ADJ
fbem-7721	153	32	range	range	NOUN
fbem-7721	153	33	.	.	PUNCT
fbem-7721	154	1	secondly	secondly	ADV
fbem-7721	154	2	,	,	PUNCT
fbem-7721	154	3	in	in	ADP
fbem-7721	154	4	the	the	DET
fbem-7721	154	5	period	period	NOUN
fbem-7721	154	6	of	of	ADP
fbem-7721	154	7	increasing	increase	VERB
fbem-7721	154	8	economic	economic	ADJ
fbem-7721	154	9	policy	policy	NOUN
fbem-7721	154	10	uncertainty	uncertainty	NOUN
fbem-7721	154	11	,	,	PUNCT
fbem-7721	154	12	enterprises	enterprise	NOUN
fbem-7721	154	13	may	may	AUX
fbem-7721	154	14	have	have	VERB
fbem-7721	154	15	relatively	relatively	ADV
fbem-7721	154	16	negative	negative	ADJ
fbem-7721	154	17	expectations	expectation	NOUN
fbem-7721	154	18	for	for	ADP
fbem-7721	154	19	the	the	DET
fbem-7721	154	20	market	market	NOUN
fbem-7721	154	21	,	,	PUNCT
fbem-7721	154	22	which	which	PRON
fbem-7721	154	23	often	often	ADV
fbem-7721	154	24	leads	lead	VERB
fbem-7721	154	25	to	to	ADP
fbem-7721	154	26	a	a	DET
fbem-7721	154	27	decline	decline	NOUN
fbem-7721	154	28	in	in	ADP
fbem-7721	154	29	output	output	NOUN
fbem-7721	154	30	and	and	CCONJ
fbem-7721	154	31	a	a	DET
fbem-7721	154	32	corresponding	corresponding	ADJ
fbem-7721	154	33	reduction	reduction	NOUN
fbem-7721	154	34	in	in	ADP
fbem-7721	154	35	project	project	NOUN
fbem-7721	154	36	investment	investment	NOUN
fbem-7721	154	37	,	,	PUNCT
fbem-7721	154	38	which	which	PRON
fbem-7721	154	39	is	be	AUX
fbem-7721	154	40	not	not	PART
fbem-7721	154	41	conducive	conducive	ADJ
fbem-7721	154	42	to	to	ADP
fbem-7721	154	43	social	social	ADJ
fbem-7721	154	44	and	and	CCONJ
fbem-7721	154	45	economic	economic	ADJ
fbem-7721	154	46	development	development	NOUN
fbem-7721	154	47	in	in	ADP
fbem-7721	154	48	the	the	DET
fbem-7721	154	49	long	long	ADJ
fbem-7721	154	50	run	run	NOUN
fbem-7721	154	51	.	.	PUNCT
fbem-7721	155	1	therefore	therefore	ADV
fbem-7721	155	2	,	,	PUNCT
fbem-7721	155	3	in	in	ADP
fbem-7721	155	4	order	order	NOUN
fbem-7721	155	5	to	to	PART
fbem-7721	155	6	improve	improve	VERB
fbem-7721	155	7	the	the	DET
fbem-7721	155	8	confidence	confidence	NOUN
fbem-7721	155	9	of	of	ADP
fbem-7721	155	10	enterprises	enterprise	NOUN
fbem-7721	155	11	,	,	PUNCT
fbem-7721	155	12	the	the	DET
fbem-7721	155	13	government	government	NOUN
fbem-7721	155	14	should	should	AUX
fbem-7721	155	15	play	play	VERB
fbem-7721	155	16	a	a	DET
fbem-7721	155	17	guiding	guide	VERB
fbem-7721	155	18	role	role	NOUN
fbem-7721	155	19	in	in	ADP
fbem-7721	155	20	guiding	guide	VERB
fbem-7721	155	21	enterprises	enterprise	NOUN
fbem-7721	155	22	,	,	PUNCT
fbem-7721	155	23	reasonably	reasonably	ADV
fbem-7721	155	24	and	and	CCONJ
fbem-7721	155	25	effectively	effectively	ADV
fbem-7721	155	26	guide	guide	VERB
fbem-7721	155	27	enterprises	enterprise	NOUN
fbem-7721	155	28	to	to	PART
fbem-7721	155	29	predict	predict	VERB
fbem-7721	155	30	the	the	DET
fbem-7721	155	31	changes	change	NOUN
fbem-7721	155	32	of	of	ADP
fbem-7721	155	33	future	future	ADJ
fbem-7721	155	34	economic	economic	ADJ
fbem-7721	155	35	policies	policy	NOUN
fbem-7721	155	36	,	,	PUNCT
fbem-7721	155	37	and	and	CCONJ
fbem-7721	155	38	actively	actively	ADV
fbem-7721	155	39	and	and	CCONJ
fbem-7721	155	40	effectively	effectively	ADV
fbem-7721	155	41	communicate	communicate	VERB
fbem-7721	155	42	with	with	ADP
fbem-7721	155	43	enterprises	enterprise	NOUN
fbem-7721	155	44	and	and	CCONJ
fbem-7721	155	45	other	other	ADJ
fbem-7721	155	46	marketrelated	marketrelated	ADJ
fbem-7721	155	47	subjects	subject	NOUN
fbem-7721	155	48	.	.	PUNCT
fbem-7721	156	1	finally	finally	ADV
fbem-7721	156	2	,	,	PUNCT
fbem-7721	156	3	for	for	ADP
fbem-7721	156	4	enterprises	enterprise	NOUN
fbem-7721	156	5	with	with	ADP
fbem-7721	156	6	strong	strong	ADJ
fbem-7721	156	7	financing	financing	NOUN
fbem-7721	156	8	constraints	constraint	NOUN
fbem-7721	156	9	,	,	PUNCT
fbem-7721	156	10	in	in	ADP
fbem-7721	156	11	the	the	DET
fbem-7721	156	12	period	period	NOUN
fbem-7721	156	13	of	of	ADP
fbem-7721	156	14	strong	strong	ADJ
fbem-7721	156	15	economic	economic	ADJ
fbem-7721	156	16	policy	policy	NOUN
fbem-7721	156	17	uncertainty	uncertainty	NOUN
fbem-7721	156	18	,	,	PUNCT
fbem-7721	156	19	higher	high	ADJ
fbem-7721	156	20	financing	financing	NOUN
fbem-7721	156	21	costs	cost	NOUN
fbem-7721	156	22	limit	limit	VERB
fbem-7721	156	23	foreign	foreign	ADJ
fbem-7721	156	24	investment	investment	NOUN
fbem-7721	156	25	and	and	CCONJ
fbem-7721	156	26	development	development	NOUN
fbem-7721	156	27	.	.	PUNCT
fbem-7721	157	1	therefore	therefore	ADV
fbem-7721	157	2	,	,	PUNCT
fbem-7721	157	3	government	government	NOUN
fbem-7721	157	4	departments	department	NOUN
fbem-7721	157	5	should	should	AUX
fbem-7721	157	6	strive	strive	VERB
fbem-7721	157	7	to	to	PART
fbem-7721	157	8	create	create	VERB
fbem-7721	157	9	a	a	DET
fbem-7721	157	10	good	good	ADJ
fbem-7721	157	11	financing	financing	NOUN
fbem-7721	157	12	environment	environment	NOUN
fbem-7721	157	13	,	,	PUNCT
fbem-7721	157	14	establish	establish	VERB
fbem-7721	157	15	a	a	DET
fbem-7721	157	16	variety	variety	NOUN
fbem-7721	157	17	of	of	ADP
fbem-7721	157	18	financing	financing	NOUN
fbem-7721	157	19	channels	channel	NOUN
fbem-7721	157	20	,	,	PUNCT
fbem-7721	157	21	and	and	CCONJ
fbem-7721	157	22	provide	provide	VERB
fbem-7721	157	23	enterprises	enterprise	NOUN
fbem-7721	157	24	with	with	ADP
fbem-7721	157	25	sufficient	sufficient	ADJ
fbem-7721	157	26	sources	source	NOUN
fbem-7721	157	27	of	of	ADP
fbem-7721	157	28	project	project	NOUN
fbem-7721	157	29	investment	investment	NOUN
fbem-7721	157	30	,	,	PUNCT
fbem-7721	157	31	product	product	NOUN
fbem-7721	157	32	innovation	innovation	NOUN
fbem-7721	157	33	and	and	CCONJ
fbem-7721	157	34	r&d	r&d	NOUN
fbem-7721	157	35	financing	financing	NOUN
fbem-7721	157	36	even	even	ADV
fbem-7721	157	37	in	in	ADP
fbem-7721	157	38	the	the	DET
fbem-7721	157	39	period	period	NOUN
fbem-7721	157	40	of	of	ADP
fbem-7721	157	41	strong	strong	ADJ
fbem-7721	157	42	economic	economic	ADJ
fbem-7721	157	43	policy	policy	NOUN
fbem-7721	157	44	uncertainty	uncertainty	NOUN
fbem-7721	157	45	,	,	PUNCT
fbem-7721	157	46	so	so	SCONJ
fbem-7721	157	47	that	that	SCONJ
fbem-7721	157	48	enterprises	enterprise	NOUN
fbem-7721	157	49	can	can	AUX
fbem-7721	157	50	achieve	achieve	VERB
fbem-7721	157	51	sustained	sustained	ADJ
fbem-7721	157	52	and	and	CCONJ
fbem-7721	157	53	stable	stable	ADJ
fbem-7721	157	54	development	development	NOUN
fbem-7721	157	55	.	.	PUNCT
fbem-7721	158	1	from	from	ADP
fbem-7721	158	2	the	the	DET
fbem-7721	158	3	perspective	perspective	NOUN
fbem-7721	158	4	of	of	ADP
fbem-7721	158	5	enterprises	enterprise	NOUN
fbem-7721	158	6	.	.	PUNCT
fbem-7721	159	1	first	first	ADV
fbem-7721	159	2	of	of	ADP
fbem-7721	159	3	all	all	PRON
fbem-7721	159	4	,	,	PUNCT
fbem-7721	159	5	in	in	ADP
fbem-7721	159	6	the	the	DET
fbem-7721	159	7	period	period	NOUN
fbem-7721	159	8	of	of	ADP
fbem-7721	159	9	increasing	increase	VERB
fbem-7721	159	10	economic	economic	ADJ
fbem-7721	159	11	policy	policy	NOUN
fbem-7721	159	12	uncertainty	uncertainty	NOUN
fbem-7721	159	13	,	,	PUNCT
fbem-7721	159	14	enterprises	enterprise	NOUN
fbem-7721	159	15	should	should	AUX
fbem-7721	159	16	increase	increase	VERB
fbem-7721	159	17	investment	investment	NOUN
fbem-7721	159	18	in	in	ADP
fbem-7721	159	19	commodity	commodity	NOUN
fbem-7721	159	20	development	development	NOUN
fbem-7721	159	21	,	,	PUNCT
fbem-7721	159	22	improve	improve	VERB
fbem-7721	159	23	their	their	PRON
fbem-7721	159	24	market	market	NOUN
fbem-7721	159	25	competitiveness	competitiveness	NOUN
fbem-7721	159	26	and	and	CCONJ
fbem-7721	159	27	make	make	VERB
fbem-7721	159	28	full	full	ADJ
fbem-7721	159	29	use	use	NOUN
fbem-7721	159	30	of	of	ADP
fbem-7721	159	31	their	their	PRON
fbem-7721	159	32	competitive	competitive	ADJ
fbem-7721	159	33	advantages	advantage	NOUN
fbem-7721	159	34	.	.	PUNCT
fbem-7721	160	1	actively	actively	ADV
fbem-7721	160	2	carry	carry	VERB
fbem-7721	160	3	out	out	ADP
fbem-7721	160	4	product	product	NOUN
fbem-7721	160	5	research	research	NOUN
fbem-7721	160	6	and	and	CCONJ
fbem-7721	160	7	development	development	NOUN
fbem-7721	160	8	and	and	CCONJ
fbem-7721	160	9	innovation	innovation	NOUN
fbem-7721	160	10	,	,	PUNCT
fbem-7721	160	11	and	and	CCONJ
fbem-7721	160	12	combine	combine	VERB
fbem-7721	160	13	other	other	ADJ
fbem-7721	160	14	means	mean	NOUN
fbem-7721	160	15	to	to	PART
fbem-7721	160	16	enhance	enhance	VERB
fbem-7721	160	17	the	the	DET
fbem-7721	160	18	vitality	vitality	NOUN
fbem-7721	160	19	of	of	ADP
fbem-7721	160	20	enterprises	enterprise	NOUN
fbem-7721	160	21	.	.	PUNCT
fbem-7721	161	1	according	accord	VERB
fbem-7721	161	2	to	to	ADP
fbem-7721	161	3	the	the	DET
fbem-7721	161	4	present	present	ADJ
fbem-7721	161	5	situation	situation	NOUN
fbem-7721	161	6	of	of	ADP
fbem-7721	161	7	the	the	DET
fbem-7721	161	8	company	company	NOUN
fbem-7721	161	9	's	's	PART
fbem-7721	161	10	business	business	NOUN
fbem-7721	161	11	development	development	NOUN
fbem-7721	161	12	,	,	PUNCT
fbem-7721	161	13	by	by	ADP
fbem-7721	161	14	breaking	break	VERB
fbem-7721	161	15	some	some	DET
fbem-7721	161	16	existing	exist	VERB
fbem-7721	161	17	restrictions	restriction	NOUN
fbem-7721	161	18	in	in	ADP
fbem-7721	161	19	the	the	DET
fbem-7721	161	20	company	company	NOUN
fbem-7721	161	21	's	's	PART
fbem-7721	161	22	current	current	ADJ
fbem-7721	161	23	growth	growth	NOUN
fbem-7721	161	24	process	process	NOUN
fbem-7721	161	25	and	and	CCONJ
fbem-7721	161	26	striving	strive	VERB
fbem-7721	161	27	to	to	PART
fbem-7721	161	28	improve	improve	VERB
fbem-7721	161	29	the	the	DET
fbem-7721	161	30	marketing	marketing	NOUN
fbem-7721	161	31	level	level	NOUN
fbem-7721	161	32	of	of	ADP
fbem-7721	161	33	competitive	competitive	ADJ
fbem-7721	161	34	products	product	NOUN
fbem-7721	161	35	,	,	PUNCT
fbem-7721	161	36	the	the	DET
fbem-7721	161	37	company	company	NOUN
fbem-7721	161	38	can	can	AUX
fbem-7721	161	39	seek	seek	VERB
fbem-7721	161	40	stable	stable	ADJ
fbem-7721	161	41	62	62	NUM
fbem-7721	161	42	development	development	NOUN
fbem-7721	161	43	in	in	ADP
fbem-7721	161	44	the	the	DET
fbem-7721	161	45	market	market	NOUN
fbem-7721	161	46	with	with	ADP
fbem-7721	161	47	more	more	ADJ
fbem-7721	161	48	competitors	competitor	NOUN
fbem-7721	161	49	even	even	ADV
fbem-7721	161	50	in	in	ADP
fbem-7721	161	51	the	the	DET
fbem-7721	161	52	period	period	NOUN
fbem-7721	161	53	of	of	ADP
fbem-7721	161	54	high	high	ADJ
fbem-7721	161	55	external	external	ADJ
fbem-7721	161	56	macro	macro	ADJ
fbem-7721	161	57	risks	risk	NOUN
fbem-7721	161	58	.	.	PUNCT
fbem-7721	162	1	secondly	secondly	ADV
fbem-7721	162	2	,	,	PUNCT
fbem-7721	162	3	enterprises	enterprise	NOUN
fbem-7721	162	4	should	should	AUX
fbem-7721	162	5	keep	keep	VERB
fbem-7721	162	6	abreast	abreast	ADV
fbem-7721	162	7	of	of	ADP
fbem-7721	162	8	the	the	DET
fbem-7721	162	9	changes	change	NOUN
fbem-7721	162	10	in	in	ADP
fbem-7721	162	11	economic	economic	ADJ
fbem-7721	162	12	policies	policy	NOUN
fbem-7721	162	13	,	,	PUNCT
fbem-7721	162	14	keep	keep	VERB
fbem-7721	162	15	a	a	DET
fbem-7721	162	16	clear	clear	ADJ
fbem-7721	162	17	understanding	understanding	NOUN
fbem-7721	162	18	of	of	ADP
fbem-7721	162	19	the	the	DET
fbem-7721	162	20	changing	change	VERB
fbem-7721	162	21	trend	trend	NOUN
fbem-7721	162	22	of	of	ADP
fbem-7721	162	23	economic	economic	ADJ
fbem-7721	162	24	policy	policy	NOUN
fbem-7721	162	25	uncertainty	uncertainty	NOUN
fbem-7721	162	26	,	,	PUNCT
fbem-7721	162	27	and	and	CCONJ
fbem-7721	162	28	closely	closely	ADV
fbem-7721	162	29	monitor	monitor	VERB
fbem-7721	162	30	the	the	DET
fbem-7721	162	31	adjustment	adjustment	NOUN
fbem-7721	162	32	trend	trend	NOUN
fbem-7721	162	33	of	of	ADP
fbem-7721	162	34	economic	economic	ADJ
fbem-7721	162	35	policies	policy	NOUN
fbem-7721	162	36	of	of	ADP
fbem-7721	162	37	relevant	relevant	ADJ
fbem-7721	162	38	government	government	NOUN
fbem-7721	162	39	departments	department	NOUN
fbem-7721	162	40	closely	closely	ADV
fbem-7721	162	41	related	relate	VERB
fbem-7721	162	42	to	to	ADP
fbem-7721	162	43	the	the	DET
fbem-7721	162	44	development	development	NOUN
fbem-7721	162	45	of	of	ADP
fbem-7721	162	46	enterprise	enterprise	NOUN
fbem-7721	162	47	activities	activity	NOUN
fbem-7721	162	48	.	.	PUNCT
fbem-7721	163	1	therefore	therefore	ADV
fbem-7721	163	2	,	,	PUNCT
fbem-7721	163	3	in	in	ADP
fbem-7721	163	4	the	the	DET
fbem-7721	163	5	case	case	NOUN
fbem-7721	163	6	of	of	ADP
fbem-7721	163	7	relevant	relevant	ADJ
fbem-7721	163	8	changes	change	NOUN
fbem-7721	163	9	in	in	ADP
fbem-7721	163	10	economic	economic	ADJ
fbem-7721	163	11	policies	policy	NOUN
fbem-7721	163	12	,	,	PUNCT
fbem-7721	163	13	reasonable	reasonable	ADJ
fbem-7721	163	14	and	and	CCONJ
fbem-7721	163	15	effective	effective	ADJ
fbem-7721	163	16	measures	measure	NOUN
fbem-7721	163	17	can	can	AUX
fbem-7721	163	18	be	be	AUX
fbem-7721	163	19	taken	take	VERB
fbem-7721	163	20	in	in	ADP
fbem-7721	163	21	time	time	NOUN
fbem-7721	163	22	to	to	PART
fbem-7721	163	23	reduce	reduce	VERB
fbem-7721	163	24	the	the	DET
fbem-7721	163	25	risks	risk	NOUN
fbem-7721	163	26	related	relate	VERB
fbem-7721	163	27	to	to	ADP
fbem-7721	163	28	the	the	DET
fbem-7721	163	29	uncertainty	uncertainty	NOUN
fbem-7721	163	30	of	of	ADP
fbem-7721	163	31	economic	economic	ADJ
fbem-7721	163	32	policies	policy	NOUN
fbem-7721	163	33	and	and	CCONJ
fbem-7721	163	34	maintain	maintain	VERB
fbem-7721	163	35	the	the	DET
fbem-7721	163	36	good	good	ADJ
fbem-7721	163	37	development	development	NOUN
fbem-7721	163	38	of	of	ADP
fbem-7721	163	39	enterprises	enterprise	NOUN
fbem-7721	163	40	.	.	PUNCT
fbem-7721	164	1	in	in	ADP
fbem-7721	164	2	the	the	DET
fbem-7721	164	3	case	case	NOUN
fbem-7721	164	4	of	of	ADP
fbem-7721	164	5	increasing	increase	VERB
fbem-7721	164	6	economic	economic	ADJ
fbem-7721	164	7	policy	policy	NOUN
fbem-7721	164	8	uncertainty	uncertainty	NOUN
fbem-7721	164	9	,	,	PUNCT
fbem-7721	164	10	maintaining	maintain	VERB
fbem-7721	164	11	a	a	DET
fbem-7721	164	12	high	high	ADJ
fbem-7721	164	13	level	level	NOUN
fbem-7721	164	14	of	of	ADP
fbem-7721	164	15	capital	capital	NOUN
fbem-7721	164	16	holdings	holding	NOUN
fbem-7721	164	17	is	be	AUX
fbem-7721	164	18	helpful	helpful	ADJ
fbem-7721	164	19	to	to	PART
fbem-7721	164	20	protect	protect	VERB
fbem-7721	164	21	companies	company	NOUN
fbem-7721	164	22	from	from	ADP
fbem-7721	164	23	risks	risk	NOUN
fbem-7721	164	24	by	by	ADP
fbem-7721	164	25	preventive	preventive	ADJ
fbem-7721	164	26	encouragement	encouragement	NOUN
fbem-7721	164	27	of	of	ADP
fbem-7721	164	28	liquidity	liquidity	NOUN
fbem-7721	164	29	holdings	holding	NOUN
fbem-7721	164	30	.	.	PUNCT
fbem-7721	165	1	finally	finally	ADV
fbem-7721	165	2	,	,	PUNCT
fbem-7721	165	3	in	in	ADP
fbem-7721	165	4	order	order	NOUN
fbem-7721	165	5	to	to	PART
fbem-7721	165	6	improve	improve	VERB
fbem-7721	165	7	the	the	DET
fbem-7721	165	8	level	level	NOUN
fbem-7721	165	9	of	of	ADP
fbem-7721	165	10	corporate	corporate	ADJ
fbem-7721	165	11	governance	governance	NOUN
fbem-7721	165	12	,	,	PUNCT
fbem-7721	165	13	the	the	DET
fbem-7721	165	14	management	management	NOUN
fbem-7721	165	15	of	of	ADP
fbem-7721	165	16	the	the	DET
fbem-7721	165	17	company	company	NOUN
fbem-7721	165	18	must	must	AUX
fbem-7721	165	19	strive	strive	VERB
fbem-7721	165	20	to	to	PART
fbem-7721	165	21	improve	improve	VERB
fbem-7721	165	22	its	its	PRON
fbem-7721	165	23	management	management	NOUN
fbem-7721	165	24	ability	ability	NOUN
fbem-7721	165	25	.	.	PUNCT
fbem-7721	166	1	formulate	formulate	VERB
fbem-7721	166	2	an	an	DET
fbem-7721	166	3	appropriate	appropriate	ADJ
fbem-7721	166	4	cash	cash	NOUN
fbem-7721	166	5	dividend	dividend	NOUN
fbem-7721	166	6	policy	policy	NOUN
fbem-7721	166	7	,	,	PUNCT
fbem-7721	166	8	consider	consider	VERB
fbem-7721	166	9	the	the	DET
fbem-7721	166	10	interests	interest	NOUN
fbem-7721	166	11	of	of	ADP
fbem-7721	166	12	major	major	ADJ
fbem-7721	166	13	shareholders	shareholder	NOUN
fbem-7721	166	14	and	and	CCONJ
fbem-7721	166	15	minority	minority	NOUN
fbem-7721	166	16	shareholders	shareholder	NOUN
fbem-7721	166	17	,	,	PUNCT
fbem-7721	166	18	consider	consider	VERB
fbem-7721	166	19	the	the	DET
fbem-7721	166	20	relevant	relevant	ADJ
fbem-7721	166	21	changes	change	NOUN
fbem-7721	166	22	in	in	ADP
fbem-7721	166	23	macroeconomic	macroeconomic	ADJ
fbem-7721	166	24	policies	policy	NOUN
fbem-7721	166	25	,	,	PUNCT
fbem-7721	166	26	and	and	CCONJ
fbem-7721	166	27	consider	consider	VERB
fbem-7721	166	28	the	the	DET
fbem-7721	166	29	company	company	NOUN
fbem-7721	166	30	's	's	PART
fbem-7721	166	31	own	own	ADJ
fbem-7721	166	32	operating	operating	NOUN
fbem-7721	166	33	conditions	condition	NOUN
fbem-7721	166	34	and	and	CCONJ
fbem-7721	166	35	current	current	ADJ
fbem-7721	166	36	financial	financial	ADJ
fbem-7721	166	37	conditions	condition	NOUN
fbem-7721	166	38	.	.	PUNCT
fbem-7721	167	1	under	under	ADP
fbem-7721	167	2	the	the	DET
fbem-7721	167	3	circumstance	circumstance	NOUN
fbem-7721	167	4	of	of	ADP
fbem-7721	167	5	high	high	ADJ
fbem-7721	167	6	financing	financing	NOUN
fbem-7721	167	7	constraints	constraint	NOUN
fbem-7721	167	8	and	and	CCONJ
fbem-7721	167	9	high	high	ADJ
fbem-7721	167	10	economic	economic	ADJ
fbem-7721	167	11	policy	policy	NOUN
fbem-7721	167	12	uncertainty	uncertainty	NOUN
fbem-7721	167	13	,	,	PUNCT
fbem-7721	167	14	through	through	ADP
fbem-7721	167	15	compromise	compromise	NOUN
fbem-7721	167	16	,	,	PUNCT
fbem-7721	167	17	the	the	DET
fbem-7721	167	18	cash	cash	NOUN
fbem-7721	167	19	dividend	dividend	NOUN
fbem-7721	167	20	level	level	NOUN
fbem-7721	167	21	can	can	AUX
fbem-7721	167	22	be	be	AUX
fbem-7721	167	23	appropriately	appropriately	ADV
fbem-7721	167	24	raised	raise	VERB
fbem-7721	167	25	,	,	PUNCT
fbem-7721	167	26	which	which	PRON
fbem-7721	167	27	will	will	AUX
fbem-7721	167	28	send	send	VERB
fbem-7721	167	29	a	a	DET
fbem-7721	167	30	positive	positive	ADJ
fbem-7721	167	31	signal	signal	NOUN
fbem-7721	167	32	to	to	ADP
fbem-7721	167	33	the	the	DET
fbem-7721	167	34	future	future	ADJ
fbem-7721	167	35	business	business	NOUN
fbem-7721	167	36	development	development	NOUN
fbem-7721	167	37	of	of	ADP
fbem-7721	167	38	related	relate	VERB
fbem-7721	167	39	enterprises	enterprise	NOUN
fbem-7721	167	40	and	and	CCONJ
fbem-7721	167	41	show	show	VERB
fbem-7721	167	42	their	their	PRON
fbem-7721	167	43	strong	strong	ADJ
fbem-7721	167	44	comprehensive	comprehensive	ADJ
fbem-7721	167	45	strength	strength	NOUN
fbem-7721	167	46	,	,	PUNCT
fbem-7721	167	47	thus	thus	ADV
fbem-7721	167	48	enhancing	enhance	VERB
fbem-7721	167	49	the	the	DET
fbem-7721	167	50	company	company	NOUN
fbem-7721	167	51	's	's	PART
fbem-7721	167	52	reputation	reputation	NOUN
fbem-7721	167	53	and	and	CCONJ
fbem-7721	167	54	offsetting	offset	VERB
fbem-7721	167	55	the	the	DET
fbem-7721	167	56	negative	negative	ADJ
fbem-7721	167	57	impact	impact	NOUN
fbem-7721	167	58	of	of	ADP
fbem-7721	167	59	economic	economic	ADJ
fbem-7721	167	60	policy	policy	NOUN
fbem-7721	167	61	uncertainty	uncertainty	NOUN
fbem-7721	167	62	on	on	ADP
fbem-7721	167	63	the	the	DET
fbem-7721	167	64	company	company	NOUN
fbem-7721	167	65	,	,	PUNCT
fbem-7721	167	66	thus	thus	ADV
fbem-7721	167	67	attracting	attract	VERB
fbem-7721	167	68	external	external	ADJ
fbem-7721	167	69	investment	investment	NOUN
fbem-7721	167	70	and	and	CCONJ
fbem-7721	167	71	enhancing	enhance	VERB
fbem-7721	167	72	the	the	DET
fbem-7721	167	73	confidence	confidence	NOUN
fbem-7721	167	74	of	of	ADP
fbem-7721	167	75	external	external	ADJ
fbem-7721	167	76	investors	investor	NOUN
fbem-7721	167	77	in	in	ADP
fbem-7721	167	78	the	the	DET
fbem-7721	167	79	future	future	ADJ
fbem-7721	167	80	development	development	NOUN
fbem-7721	167	81	of	of	ADP
fbem-7721	167	82	the	the	DET
fbem-7721	167	83	company	company	NOUN
fbem-7721	167	84	.	.	PUNCT
fbem-7721	168	1	references	reference	NOUN
fbem-7721	168	2	[	[	X
fbem-7721	168	3	1	1	NUM
fbem-7721	168	4	]	]	PUNCT
fbem-7721	168	5	li	li	PROPN
fbem-7721	168	6	fengyu	fengyu	PROPN
fbem-7721	168	7	,	,	PUNCT
fbem-7721	168	8	shi	shi	PROPN
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fbem-7721	168	10	.	.	PUNCT
fbem-7721	169	1	economic	economic	ADJ
fbem-7721	169	2	policy	policy	NOUN
fbem-7721	169	3	uncertainty	uncertainty	NOUN
fbem-7721	169	4	and	and	CCONJ
fbem-7721	169	5	corporate	corporate	ADJ
fbem-7721	169	6	cash	cash	NOUN
fbem-7721	169	7	holding	hold	VERB
fbem-7721	169	8	strategy	strategy	NOUN
fbem-7721	169	9	-	-	PUNCT
fbem-7721	169	10	an	an	DET
fbem-7721	169	11	empirical	empirical	ADJ
fbem-7721	169	12	study	study	NOUN
fbem-7721	169	13	based	base	VERB
fbem-7721	169	14	on	on	ADP
fbem-7721	169	15	china	china	PROPN
fbem-7721	169	16	's	's	PART
fbem-7721	169	17	economic	economic	ADJ
fbem-7721	169	18	policy	policy	NOUN
fbem-7721	169	19	uncertainty	uncertainty	NOUN
fbem-7721	169	20	index	index	NOUN
fbem-7721	170	1	[	[	X
fbem-7721	170	2	j	j	X
fbem-7721	170	3	]	]	X
fbem-7721	170	4	.	.	PUNCT
fbem-7721	171	1	journal	journal	PROPN
fbem-7721	171	2	of	of	ADP
fbem-7721	171	3	management	management	NOUN
fbem-7721	171	4	sciences	sciences	PROPN
fbem-7721	171	5	in	in	ADP
fbem-7721	171	6	china	china	PROPN
fbem-7721	171	7	,	,	PUNCT
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fbem-7721	171	9	-	-	SYM
fbem-7721	171	10	170	170	NUM
fbem-7721	171	11	.	.	PUNCT
fbem-7721	172	1	[	[	X
fbem-7721	172	2	2	2	NUM
fbem-7721	172	3	]	]	X
fbem-7721	172	4	han	han	PROPN
fbem-7721	172	5	tong	tong	PROPN
fbem-7721	172	6	,	,	PUNCT
fbem-7721	172	7	xu	xu	PROPN
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fbem-7721	172	9	,	,	PUNCT
fbem-7721	172	10	yang	yang	PROPN
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fbem-7721	172	12	.	.	PUNCT
fbem-7721	173	1	economic	economic	ADJ
fbem-7721	173	2	policy	policy	NOUN
fbem-7721	173	3	uncertainty	uncertainty	NOUN
fbem-7721	173	4	,	,	PUNCT
fbem-7721	173	5	corporate	corporate	ADJ
fbem-7721	173	6	cash	cash	NOUN
fbem-7721	173	7	holdings	holding	NOUN
fbem-7721	173	8	and	and	CCONJ
fbem-7721	173	9	their	their	PRON
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fbem-7721	173	11	-	-	PUNCT
fbem-7721	173	12	based	base	VERB
fbem-7721	173	13	on	on	ADP
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fbem-7721	173	15	degree	degree	NOUN
fbem-7721	173	16	of	of	ADP
fbem-7721	173	17	corporate	corporate	ADJ
fbem-7721	173	18	financing	financing	NOUN
fbem-7721	173	19	constraints	constraint	NOUN
fbem-7721	173	20	[	[	X
fbem-7721	173	21	j	j	X
fbem-7721	173	22	]	]	X
fbem-7721	173	23	.	.	PUNCT
fbem-7721	174	1	finance	finance	NOUN
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fbem-7721	174	4	,	,	PUNCT
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fbem-7721	174	6	-	-	SYM
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fbem-7721	174	8	.	.	PUNCT
fbem-7721	175	1	[	[	X
fbem-7721	175	2	3	3	X
fbem-7721	175	3	]	]	X
fbem-7721	175	4	shen	shen	PROPN
fbem-7721	175	5	chen	chen	PROPN
fbem-7721	175	6	.	.	PUNCT
fbem-7721	176	1	economic	economic	ADJ
fbem-7721	176	2	policy	policy	NOUN
fbem-7721	176	3	uncertainty	uncertainty	NOUN
fbem-7721	176	4	and	and	CCONJ
fbem-7721	176	5	corporate	corporate	ADJ
fbem-7721	176	6	cash	cash	NOUN
fbem-7721	176	7	dividend	dividend	NOUN
fbem-7721	176	8	policy	policy	NOUN
fbem-7721	177	1	[	[	X
fbem-7721	177	2	d	d	X
fbem-7721	177	3	]	]	X
fbem-7721	177	4	.	.	PUNCT
fbem-7721	178	1	jinan	jinan	PROPN
fbem-7721	178	2	university	university	PROPN
fbem-7721	178	3	,	,	PUNCT
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fbem-7721	178	5	.	.	PUNCT
fbem-7721	179	1	[	[	X
fbem-7721	179	2	4	4	X
fbem-7721	179	3	]	]	X
fbem-7721	179	4	chen	chen	PROPN
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fbem-7721	179	6	,	,	PUNCT
fbem-7721	179	7	cheng	cheng	PROPN
fbem-7721	179	8	liubing	liubing	PROPN
fbem-7721	179	9	.	.	PUNCT
fbem-7721	180	1	economic	economic	ADJ
fbem-7721	180	2	policy	policy	NOUN
fbem-7721	180	3	uncertainty	uncertainty	NOUN
fbem-7721	180	4	,	,	PUNCT
fbem-7721	180	5	executive	executive	ADJ
fbem-7721	180	6	background	background	NOUN
fbem-7721	180	7	and	and	CCONJ
fbem-7721	180	8	cash	cash	NOUN
fbem-7721	180	9	holdings	holding	NOUN
fbem-7721	180	10	[	[	X
fbem-7721	180	11	j	j	X
fbem-7721	180	12	]	]	X
fbem-7721	180	13	.	.	PUNCT
fbem-7721	181	1	journal	journal	PROPN
fbem-7721	181	2	of	of	ADP
fbem-7721	181	3	shanghai	shanghai	PROPN
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fbem-7721	181	5	of	of	ADP
fbem-7721	181	6	finance	finance	NOUN
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fbem-7721	181	9	,	,	PUNCT
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fbem-7721	181	11	(	(	PUNCT
fbem-7721	181	12	06	06	NUM
fbem-7721	181	13	):	):	PUNCT
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fbem-7721	181	15	:	:	PUNCT
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fbem-7721	181	17	/	/	SYM
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fbem-7721	181	19	.	.	PUNCT
fbem-7721	182	1	[	[	X
fbem-7721	182	2	5	5	NUM
fbem-7721	182	3	]	]	X
fbem-7721	182	4	yao	yao	NOUN
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fbem-7721	182	6	.	.	PUNCT
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fbem-7721	182	8	on	on	ADP
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fbem-7721	182	12	economic	economic	ADJ
fbem-7721	182	13	policy	policy	NOUN
fbem-7721	182	14	uncertainty	uncertainty	NOUN
fbem-7721	182	15	on	on	ADP
fbem-7721	182	16	cash	cash	NOUN
fbem-7721	182	17	holdings	holding	NOUN
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fbem-7721	182	20	[	[	X
fbem-7721	182	21	d	d	X
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fbem-7721	182	23	.	.	PUNCT
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fbem-7721	183	2	china	china	PROPN
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fbem-7721	183	6	,	,	PUNCT
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fbem-7721	183	8	.	.	PUNCT
fbem-7721	184	1	doi	doi	NOUN
fbem-7721	184	2	:	:	PUNCT
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fbem-7721	184	4	/	/	SYM
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fbem-7721	184	6	[	[	X
fbem-7721	184	7	6	6	NUM
fbem-7721	184	8	]	]	SYM
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fbem-7721	184	10	,	,	PUNCT
fbem-7721	184	11	d.v	d.v	PROPN
fbem-7721	184	12	.	.	PUNCT
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fbem-7721	184	14	policy	policy	NOUN
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fbem-7721	184	16	and	and	CCONJ
fbem-7721	184	17	bank	bank	NOUN
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fbem-7721	184	19	policy.int	policy.int	X
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fbem-7721	184	22	,	,	PUNCT
fbem-7721	184	23	339–361	339–361	NUM
fbem-7721	184	24	(	(	PUNCT
fbem-7721	184	25	2020	2020	NUM
fbem-7721	184	26	)	)	PUNCT
fbem-7721	184	27	.	.	PUNCT
fbem-7721	185	1	[	[	X
fbem-7721	185	2	7	7	X
fbem-7721	185	3	]	]	X
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fbem-7721	185	6	.	.	PUNCT
fbem-7721	186	1	research	research	NOUN
fbem-7721	186	2	on	on	ADP
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fbem-7721	186	7	policy	policy	NOUN
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fbem-7721	186	9	on	on	ADP
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fbem-7721	186	11	dividend	dividend	NOUN
fbem-7721	186	12	policy	policy	NOUN
fbem-7721	187	1	[	[	X
fbem-7721	187	2	d	d	X
fbem-7721	187	3	]	]	X
fbem-7721	187	4	.	.	PUNCT
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fbem-7721	188	3	,	,	PUNCT
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fbem-7721	188	5	.	.	PUNCT
fbem-7721	189	1	[	[	X
fbem-7721	189	2	8	8	NUM
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fbem-7721	189	6	.	.	PUNCT
fbem-7721	190	1	research	research	NOUN
fbem-7721	190	2	on	on	ADP
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fbem-7721	190	7	policy	policy	NOUN
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fbem-7721	190	9	on	on	ADP
fbem-7721	190	10	cash	cash	NOUN
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fbem-7721	191	1	[	[	X
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fbem-7721	191	4	.	.	PUNCT
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fbem-7721	192	9	.	.	PUNCT
fbem-7721	193	1	doi	doi	NOUN
fbem-7721	193	2	:	:	PUNCT
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fbem-7721	193	4	/	/	SYM
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fbem-7721	193	11	.	.	PUNCT
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fbem-7721	194	9	on	on	ADP
fbem-7721	194	10	cash	cash	NOUN
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fbem-7721	194	12	policy	policy	NOUN
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fbem-7721	195	1	[	[	X
fbem-7721	195	2	d	d	X
fbem-7721	195	3	]	]	X
fbem-7721	195	4	.	.	PUNCT
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fbem-7721	196	3	,	,	PUNCT
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fbem-7721	196	5	.	.	PUNCT
fbem-7721	197	1	doi	doi	NOUN
fbem-7721	197	2	:	:	PUNCT
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fbem-7721	197	4	/	/	SYM
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fbem-7721	199	8	-	-	PUNCT
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fbem-7721	200	1	[	[	X
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fbem-7721	200	3	]	]	X
fbem-7721	200	4	.	.	PUNCT
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fbem-7721	201	3	,	,	PUNCT
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fbem-7721	201	5	-	-	SYM
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fbem-7721	201	7	.	.	PUNCT
fbem-7721	202	1	[	[	X
fbem-7721	202	2	11	11	NUM
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fbem-7721	202	22	:	:	PUNCT
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fbem-7721	202	26	.	.	PUNCT
fbem-7721	203	1	journal	journal	PROPN
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fbem-7721	203	7	,	,	PUNCT
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fbem-7721	204	1	[	[	X
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fbem-7721	204	3	]	]	X
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fbem-7721	204	6	.	.	PUNCT
fbem-7721	205	1	study	study	NOUN
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fbem-7721	205	7	policy	policy	NOUN
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fbem-7721	205	9	on	on	ADP
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fbem-7721	206	1	[	[	X
fbem-7721	206	2	d	d	X
fbem-7721	206	3	]	]	X
fbem-7721	206	4	.	.	PUNCT
fbem-7721	207	1	zhongnan	zhongnan	PROPN
fbem-7721	207	2	university	university	PROPN
fbem-7721	207	3	of	of	ADP
fbem-7721	207	4	economics	economic	NOUN
fbem-7721	207	5	and	and	CCONJ
fbem-7721	207	6	law	law	NOUN
fbem-7721	207	7	,	,	PUNCT
fbem-7721	207	8	2019	2019	NUM
fbem-7721	207	9	.	.	PUNCT
fbem-7721	208	1	[	[	X
fbem-7721	208	2	13	13	NUM
fbem-7721	208	3	]	]	PUNCT
fbem-7721	208	4	sarwar	sarwar	PROPN
fbem-7721	208	5	b	b	PROPN
fbem-7721	208	6	,	,	PUNCT
fbem-7721	208	7	hassan	hassan	PROPN
fbem-7721	208	8	m	m	PROPN
fbem-7721	208	9	.	.	PUNCT
fbem-7721	209	1	impact	impact	NOUN
fbem-7721	209	2	of	of	ADP
fbem-7721	209	3	economic	economic	ADJ
fbem-7721	209	4	policy	policy	NOUN
fbem-7721	209	5	uncertainty	uncertainty	NOUN
fbem-7721	209	6	on	on	ADP
fbem-7721	209	7	dividend	dividend	NOUN
fbem-7721	209	8	decision	decision	NOUN
fbem-7721	209	9	:	:	PUNCT
fbem-7721	209	10	a	a	DET
fbem-7721	209	11	moderating	moderate	VERB
fbem-7721	209	12	role	role	NOUN
fbem-7721	209	13	of	of	ADP
fbem-7721	209	14	board	board	NOUN
fbem-7721	209	15	financial	financial	ADJ
fbem-7721	209	16	expertise[j	expertise[j	PROPN
fbem-7721	209	17	]	]	PUNCT
fbem-7721	209	18	.	.	PUNCT
fbem-7721	210	1	2020.journal	2020.journal	NUM
fbem-7721	210	2	of	of	ADP
fbem-7721	210	3	public	public	ADJ
fbem-7721	210	4	affairs	affair	NOUN
fbem-7721	210	5	.	.	PUNCT
fbem-7721	211	1	[	[	X
fbem-7721	211	2	14	14	NUM
fbem-7721	211	3	]	]	X
fbem-7721	211	4	liu	liu	PROPN
fbem-7721	211	5	yujing	yujing	PROPN
fbem-7721	211	6	.	.	PUNCT
fbem-7721	212	1	china	china	PROPN
fbem-7721	212	2	's	's	PART
fbem-7721	212	3	listed	list	VERB
fbem-7721	212	4	companies	company	NOUN
fbem-7721	212	5	to	to	PART
fbem-7721	212	6	pay	pay	VERB
fbem-7721	212	7	cash	cash	NOUN
fbem-7721	212	8	dividends	dividend	NOUN
fbem-7721	212	9	for	for	ADP
fbem-7721	212	10	the	the	DET
fbem-7721	212	11	first	first	ADJ
fbem-7721	212	12	time	time	NOUN
fbem-7721	212	13	the	the	DET
fbem-7721	212	14	market	market	NOUN
fbem-7721	212	15	reaction	reaction	NOUN
fbem-7721	213	1	[	[	X
fbem-7721	213	2	d	d	X
fbem-7721	213	3	]	]	X
fbem-7721	213	4	.	.	PUNCT
fbem-7721	214	1	southwestern	southwestern	PROPN
fbem-7721	214	2	university	university	PROPN
fbem-7721	214	3	of	of	ADP
fbem-7721	214	4	finance	finance	NOUN
fbem-7721	214	5	and	and	CCONJ
fbem-7721	214	6	economics	economic	NOUN
fbem-7721	214	7	,	,	PUNCT
fbem-7721	214	8	2013	2013	NUM
fbem-7721	214	9	.	.	PUNCT
fbem-7721	215	1	[	[	X
fbem-7721	215	2	15	15	NUM
fbem-7721	215	3	]	]	X
fbem-7721	215	4	[	[	X
fbem-7721	215	5	15	15	NUM
fbem-7721	215	6	]	]	X
fbem-7721	215	7	chen	chen	PROPN
fbem-7721	215	8	junlan	junlan	PROPN
fbem-7721	215	9	.	.	PUNCT
fbem-7721	216	1	research	research	NOUN
fbem-7721	216	2	on	on	ADP
fbem-7721	216	3	the	the	DET
fbem-7721	216	4	impact	impact	NOUN
fbem-7721	216	5	of	of	ADP
fbem-7721	216	6	corporate	corporate	ADJ
fbem-7721	216	7	cash	cash	NOUN
fbem-7721	216	8	holdings	holding	NOUN
fbem-7721	216	9	on	on	ADP
fbem-7721	216	10	investment	investment	NOUN
fbem-7721	216	11	efficiency	efficiency	NOUN
fbem-7721	216	12	under	under	ADP
fbem-7721	216	13	economic	economic	ADJ
fbem-7721	216	14	policy	policy	NOUN
fbem-7721	216	15	uncertainty	uncertainty	NOUN
fbem-7721	216	16	[	[	X
fbem-7721	216	17	d	d	X
fbem-7721	216	18	]	]	X
fbem-7721	216	19	.	.	PUNCT
fbem-7721	217	1	donghua	donghua	PROPN
fbem-7721	217	2	university	university	PROPN
fbem-7721	217	3	,	,	PUNCT
fbem-7721	217	4	2022	2022	NUM
fbem-7721	217	5	.	.	PUNCT
fbem-7721	218	1	[	[	X
fbem-7721	218	2	16	16	NUM
fbem-7721	218	3	]	]	X
fbem-7721	218	4	yang	yang	PROPN
fbem-7721	218	5	yuchen	yuchen	PROPN
fbem-7721	218	6	.	.	PUNCT
fbem-7721	219	1	research	research	NOUN
fbem-7721	219	2	on	on	ADP
fbem-7721	219	3	the	the	DET
fbem-7721	219	4	impact	impact	NOUN
fbem-7721	219	5	of	of	ADP
fbem-7721	219	6	economic	economic	ADJ
fbem-7721	219	7	policy	policy	NOUN
fbem-7721	219	8	uncertainty	uncertainty	NOUN
fbem-7721	219	9	on	on	ADP
fbem-7721	219	10	stock	stock	NOUN
fbem-7721	219	11	returns	return	NOUN
fbem-7721	220	1	[	[	X
fbem-7721	220	2	d	d	X
fbem-7721	220	3	]	]	X
fbem-7721	220	4	.	.	PUNCT
fbem-7721	221	1	ningbo	ningbo	PROPN
fbem-7721	221	2	university	university	PROPN
fbem-7721	221	3	,	,	PUNCT
fbem-7721	221	4	2021	2021	NUM
fbem-7721	221	5	.	.	PUNCT
fbem-7721	222	1	doi	doi	NOUN
fbem-7721	222	2	:	:	PUNCT
fbem-7721	222	3	10.27256	10.27256	NUM
fbem-7721	222	4	/	/	SYM
fbem-7721	222	5	d.cnki.gnbou.20010.000000000105	d.cnki.gnbou.20010.000000000105	PROPN
fbem-7721	223	1	[	[	X
fbem-7721	223	2	17	17	NUM
fbem-7721	223	3	]	]	X
fbem-7721	223	4	li	li	PROPN
fbem-7721	223	5	demei	demei	PROPN
fbem-7721	223	6	.	.	PUNCT
fbem-7721	224	1	uncertainty	uncertainty	NOUN
fbem-7721	224	2	of	of	ADP
fbem-7721	224	3	economic	economic	ADJ
fbem-7721	224	4	policy	policy	NOUN
fbem-7721	224	5	,	,	PUNCT
fbem-7721	224	6	managerial	managerial	ADJ
fbem-7721	224	7	shareholding	shareholding	NOUN
fbem-7721	224	8	and	and	CCONJ
fbem-7721	224	9	cash	cash	NOUN
fbem-7721	224	10	dividend	dividend	NOUN
fbem-7721	224	11	policy	policy	NOUN
fbem-7721	225	1	[	[	X
fbem-7721	225	2	d	d	X
fbem-7721	225	3	]	]	X
fbem-7721	225	4	.	.	PUNCT
fbem-7721	226	1	xiangtan	xiangtan	PROPN
fbem-7721	226	2	university	university	PROPN
fbem-7721	226	3	,	,	PUNCT
fbem-7721	226	4	2021	2021	NUM
fbem-7721	226	5	.	.	PUNCT
fbem-7721	227	1	doi	doi	NOUN
fbem-7721	227	2	:	:	PUNCT
fbem-7721	227	3	10.27426	10.27426	NUM
fbem-7721	227	4	/	/	SYM
fbem-7721	227	5	d.cnki.gxtdu.20010.001000000006	d.cnki.gxtdu.20010.001000000006	NOUN
fbem-7721	227	6	[	[	X
fbem-7721	227	7	18	18	NUM
fbem-7721	227	8	]	]	X
fbem-7721	227	9	wang	wang	PROPN
fbem-7721	227	10	yaping	yaping	PROPN
fbem-7721	227	11	.	.	PUNCT
fbem-7721	228	1	economic	economic	ADJ
fbem-7721	228	2	policy	policy	NOUN
fbem-7721	228	3	uncertainty	uncertainty	NOUN
fbem-7721	228	4	and	and	CCONJ
fbem-7721	228	5	corporate	corporate	ADJ
fbem-7721	228	6	cash	cash	NOUN
fbem-7721	228	7	dividend	dividend	NOUN
fbem-7721	228	8	distribution	distribution	NOUN
fbem-7721	229	1	[	[	X
fbem-7721	229	2	d	d	X
fbem-7721	229	3	]	]	X
fbem-7721	229	4	.	.	PUNCT
fbem-7721	230	1	jinan	jinan	PROPN
fbem-7721	230	2	university	university	PROPN
fbem-7721	230	3	,	,	PUNCT
fbem-7721	230	4	2020	2020	NUM
fbem-7721	230	5	.	.	PUNCT
fbem-7721	231	1	[	[	X
fbem-7721	231	2	19	19	NUM
fbem-7721	231	3	]	]	X
fbem-7721	231	4	bao	bao	PROPN
fbem-7721	231	5	wu	wu	PROPN
fbem-7721	231	6	rihan	rihan	PROPN
fbem-7721	231	7	.	.	PUNCT
fbem-7721	232	1	ownership	ownership	NOUN
fbem-7721	232	2	concentration	concentration	NOUN
fbem-7721	232	3	,	,	PUNCT
fbem-7721	232	4	managerial	managerial	ADJ
fbem-7721	232	5	ownership	ownership	NOUN
fbem-7721	232	6	and	and	CCONJ
fbem-7721	232	7	cash	cash	NOUN
fbem-7721	232	8	dividend	dividend	NOUN
fbem-7721	232	9	policy	policy	NOUN
fbem-7721	233	1	[	[	X
fbem-7721	233	2	j	j	X
fbem-7721	233	3	/	/	SYM
fbem-7721	233	4	ol	ol	PROPN
fbem-7721	233	5	]	]	PUNCT
fbem-7721	233	6	.	.	PUNCT
fbem-7721	234	1	accounting	accounting	NOUN
fbem-7721	234	2	newsletter	newsletter	NOUN
fbem-7721	234	3	:	:	PUNCT
fbem-7721	234	4	1	1	NUM
fbem-7721	234	5	-	-	PUNCT
fbem-7721	234	6	4[2023	4[2023	NUM
fbem-7721	234	7	-	-	PUNCT
fbem-7721	234	8	03	03	NUM
fbem-7721	234	9	-	-	SYM
fbem-7721	234	10	18	18	NUM
fbem-7721	234	11	]	]	PUNCT
fbem-7721	234	12	.	.	PUNCT
fbem-7721	235	1	[	[	X
fbem-7721	235	2	20	20	NUM
fbem-7721	235	3	]	]	X
fbem-7721	235	4	zhao	zhao	PROPN
fbem-7721	235	5	ruijie	ruijie	PROPN
fbem-7721	235	6	,	,	PUNCT
fbem-7721	235	7	wu	wu	PROPN
fbem-7721	235	8	chaoyang	chaoyang	PROPN
fbem-7721	235	9	.	.	PUNCT
fbem-7721	236	1	financial	financial	ADJ
fbem-7721	236	2	flexibility	flexibility	NOUN
fbem-7721	236	3	,	,	PUNCT
fbem-7721	236	4	ownership	ownership	NOUN
fbem-7721	236	5	concentration	concentration	NOUN
fbem-7721	236	6	and	and	CCONJ
fbem-7721	236	7	cash	cash	NOUN
fbem-7721	236	8	dividend	dividend	NOUN
fbem-7721	236	9	policy	policy	NOUN
fbem-7721	236	10	-	-	PUNCT
fbem-7721	236	11	an	an	DET
fbem-7721	236	12	empirical	empirical	ADJ
fbem-7721	236	13	study	study	NOUN
fbem-7721	236	14	based	base	VERB
fbem-7721	236	15	on	on	ADP
fbem-7721	236	16	the	the	DET
fbem-7721	236	17	data	datum	NOUN
fbem-7721	236	18	of	of	ADP
fbem-7721	236	19	a	a	DET
fbem-7721	236	20	-	-	PUNCT
fbem-7721	236	21	share	share	NOUN
fbem-7721	236	22	listed	list	VERB
fbem-7721	236	23	companies	company	NOUN
fbem-7721	237	1	[	[	X
fbem-7721	237	2	j	j	X
fbem-7721	237	3	]	]	X
fbem-7721	237	4	.	.	PUNCT
fbem-7721	238	1	economic	economic	ADJ
fbem-7721	238	2	issues	issue	NOUN
fbem-7721	238	3	,	,	PUNCT
fbem-7721	238	4	2017(11):114	2017(11):114	NUM
fbem-7721	238	5	-	-	SYM
fbem-7721	238	6	117	117	NUM
fbem-7721	238	7	.	.	PUNCT
fbem-7721	239	1	[	[	X
fbem-7721	239	2	21	21	NUM
fbem-7721	239	3	]	]	X
fbem-7721	239	4	chen	chen	PROPN
fbem-7721	239	5	haifang	haifang	PROPN
fbem-7721	239	6	.	.	PUNCT
fbem-7721	240	1	research	research	NOUN
fbem-7721	240	2	on	on	ADP
fbem-7721	240	3	the	the	DET
fbem-7721	240	4	relationship	relationship	NOUN
fbem-7721	240	5	between	between	ADP
fbem-7721	240	6	growth	growth	NOUN
fbem-7721	240	7	,	,	PUNCT
fbem-7721	240	8	internal	internal	ADJ
fbem-7721	240	9	control	control	NOUN
fbem-7721	240	10	and	and	CCONJ
fbem-7721	240	11	cost	cost	NOUN
fbem-7721	240	12	control	control	NOUN
fbem-7721	240	13	of	of	ADP
fbem-7721	240	14	manufacturing	manufacturing	NOUN
fbem-7721	240	15	enterprises	enterprise	NOUN
fbem-7721	240	16	[	[	X
fbem-7721	240	17	j	j	X
fbem-7721	240	18	]	]	X
fbem-7721	240	19	.	.	PUNCT
fbem-7721	241	1	economist	economist	NOUN
fbem-7721	241	2	,	,	PUNCT
fbem-7721	241	3	2023(03):40	2023(03):40	NUM
fbem-7721	241	4	-	-	SYM
fbem-7721	241	5	42	42	NUM
fbem-7721	241	6	.	.	PUNCT