id	sid	tid	token	lemma	pos
fbem-7724	1	1	frontiers	frontier	NOUN
fbem-7724	1	2	in	in	ADP
fbem-7724	1	3	business	business	NOUN
fbem-7724	1	4	,	,	PUNCT
fbem-7724	1	5	economics	economic	NOUN
fbem-7724	1	6	and	and	CCONJ
fbem-7724	1	7	management	management	NOUN
fbem-7724	1	8	issn	issn	PROPN
fbem-7724	1	9	:	:	PUNCT
fbem-7724	1	10	2766	2766	NUM
fbem-7724	1	11	-	-	PUNCT
fbem-7724	1	12	824x	824x	NUM
fbem-7724	1	13	|	|	ADJ
fbem-7724	1	14	vol	vol	NOUN
fbem-7724	1	15	.	.	PROPN
fbem-7724	1	16	8	8	NUM
fbem-7724	1	17	,	,	PUNCT
fbem-7724	1	18	no	no	INTJ
fbem-7724	1	19	.	.	NOUN
fbem-7724	1	20	3	3	NUM
fbem-7724	1	21	,	,	PUNCT
fbem-7724	1	22	2023	2023	NUM
fbem-7724	1	23	73	73	NUM
fbem-7724	1	24	research	research	NOUN
fbem-7724	1	25	on	on	ADP
fbem-7724	1	26	the	the	DET
fbem-7724	1	27	impact	impact	NOUN
fbem-7724	1	28	of	of	ADP
fbem-7724	1	29	shareholding	shareholding	NOUN
fbem-7724	1	30	structure	structure	NOUN
fbem-7724	1	31	on	on	ADP
fbem-7724	1	32	financial	financial	ADJ
fbem-7724	1	33	performance	performance	NOUN
fbem-7724	1	34	of	of	ADP
fbem-7724	1	35	manufacturing	manufacture	VERB
fbem-7724	1	36	listed	list	VERB
fbem-7724	1	37	companies	company	NOUN
fbem-7724	1	38	based	base	VERB
fbem-7724	1	39	on	on	ADP
fbem-7724	1	40	social	social	ADJ
fbem-7724	1	41	responsibility	responsibility	NOUN
fbem-7724	1	42	chuling	chule	VERB
fbem-7724	1	43	wu	wu	PROPN
fbem-7724	1	44	,	,	PUNCT
fbem-7724	1	45	yang	yang	PROPN
fbem-7724	1	46	yang	yang	PROPN
fbem-7724	1	47	southwest	southwest	PROPN
fbem-7724	1	48	petroleum	petroleum	PROPN
fbem-7724	1	49	university	university	PROPN
fbem-7724	1	50	,	,	PUNCT
fbem-7724	1	51	chengdu	chengdu	PROPN
fbem-7724	1	52	city	city	PROPN
fbem-7724	1	53	,	,	PUNCT
fbem-7724	1	54	guangzhou	guangzhou	PROPN
fbem-7724	1	55	province	province	PROPN
fbem-7724	1	56	,	,	PUNCT
fbem-7724	1	57	610500	610500	NUM
fbem-7724	1	58	,	,	PUNCT
fbem-7724	1	59	china	china	PROPN
fbem-7724	1	60	abstract	abstract	NOUN
fbem-7724	1	61	:	:	PUNCT
fbem-7724	1	62	most	most	ADJ
fbem-7724	1	63	of	of	ADP
fbem-7724	1	64	the	the	DET
fbem-7724	1	65	studies	study	NOUN
fbem-7724	1	66	on	on	ADP
fbem-7724	1	67	the	the	DET
fbem-7724	1	68	impact	impact	NOUN
fbem-7724	1	69	of	of	ADP
fbem-7724	1	70	financial	financial	ADJ
fbem-7724	1	71	performance	performance	NOUN
fbem-7724	1	72	are	be	AUX
fbem-7724	1	73	related	relate	VERB
fbem-7724	1	74	to	to	ADP
fbem-7724	1	75	the	the	DET
fbem-7724	1	76	concept	concept	NOUN
fbem-7724	1	77	and	and	CCONJ
fbem-7724	1	78	measurement	measurement	NOUN
fbem-7724	1	79	methods	method	NOUN
fbem-7724	1	80	of	of	ADP
fbem-7724	1	81	social	social	ADJ
fbem-7724	1	82	responsibility	responsibility	NOUN
fbem-7724	1	83	,	,	PUNCT
fbem-7724	1	84	the	the	DET
fbem-7724	1	85	direction	direction	NOUN
fbem-7724	1	86	of	of	ADP
fbem-7724	1	87	relationship	relationship	NOUN
fbem-7724	1	88	between	between	ADP
fbem-7724	1	89	the	the	DET
fbem-7724	1	90	two	two	NUM
fbem-7724	1	91	is	be	AUX
fbem-7724	1	92	based	base	VERB
fbem-7724	1	93	on	on	ADP
fbem-7724	1	94	the	the	DET
fbem-7724	1	95	perspective	perspective	NOUN
fbem-7724	1	96	of	of	ADP
fbem-7724	1	97	shareholding	shareholding	NOUN
fbem-7724	1	98	structure	structure	NOUN
fbem-7724	1	99	,	,	PUNCT
fbem-7724	1	100	etc	etc	X
fbem-7724	1	101	.	.	X
fbem-7724	2	1	this	this	DET
fbem-7724	2	2	paper	paper	NOUN
fbem-7724	2	3	mainly	mainly	ADV
fbem-7724	2	4	compares	compare	VERB
fbem-7724	2	5	the	the	DET
fbem-7724	2	6	relevant	relevant	ADJ
fbem-7724	2	7	literature	literature	NOUN
fbem-7724	2	8	from	from	ADP
fbem-7724	2	9	the	the	DET
fbem-7724	2	10	above	above	ADJ
fbem-7724	2	11	three	three	NUM
fbem-7724	2	12	aspects	aspect	NOUN
fbem-7724	2	13	.	.	PUNCT
fbem-7724	3	1	keywords	keyword	NOUN
fbem-7724	3	2	:	:	PUNCT
fbem-7724	3	3	social	social	ADJ
fbem-7724	3	4	responsibility	responsibility	NOUN
fbem-7724	3	5	,	,	PUNCT
fbem-7724	3	6	shareholding	shareholding	NOUN
fbem-7724	3	7	structure	structure	NOUN
fbem-7724	3	8	,	,	PUNCT
fbem-7724	3	9	financial	financial	ADJ
fbem-7724	3	10	performance	performance	NOUN
fbem-7724	3	11	.	.	PUNCT
fbem-7724	4	1	1	1	X
fbem-7724	4	2	.	.	X
fbem-7724	4	3	shareholding	shareholding	NOUN
fbem-7724	4	4	structure	structure	NOUN
fbem-7724	4	5	and	and	CCONJ
fbem-7724	4	6	financial	financial	ADJ
fbem-7724	4	7	performance	performance	NOUN
fbem-7724	4	8	through	through	ADP
fbem-7724	4	9	searching	search	VERB
fbem-7724	4	10	and	and	CCONJ
fbem-7724	4	11	reading	read	VERB
fbem-7724	4	12	domestic	domestic	ADJ
fbem-7724	4	13	and	and	CCONJ
fbem-7724	4	14	international	international	ADJ
fbem-7724	4	15	references	reference	NOUN
fbem-7724	4	16	,	,	PUNCT
fbem-7724	4	17	i	i	PRON
fbem-7724	4	18	found	find	VERB
fbem-7724	4	19	that	that	SCONJ
fbem-7724	4	20	the	the	DET
fbem-7724	4	21	relationship	relationship	NOUN
fbem-7724	4	22	between	between	ADP
fbem-7724	4	23	equity	equity	NOUN
fbem-7724	4	24	structure	structure	NOUN
fbem-7724	4	25	and	and	CCONJ
fbem-7724	4	26	corporate	corporate	ADJ
fbem-7724	4	27	financial	financial	ADJ
fbem-7724	4	28	performance	performance	NOUN
fbem-7724	4	29	is	be	AUX
fbem-7724	4	30	mainly	mainly	ADV
fbem-7724	4	31	studied	study	VERB
fbem-7724	4	32	from	from	ADP
fbem-7724	4	33	three	three	NUM
fbem-7724	4	34	aspects	aspect	NOUN
fbem-7724	4	35	:	:	PUNCT
fbem-7724	4	36	equity	equity	NOUN
fbem-7724	4	37	concentration	concentration	NOUN
fbem-7724	4	38	,	,	PUNCT
fbem-7724	4	39	equity	equity	NOUN
fbem-7724	4	40	nature	nature	NOUN
fbem-7724	4	41	and	and	CCONJ
fbem-7724	4	42	equity	equity	NOUN
fbem-7724	4	43	balances	balance	NOUN
fbem-7724	4	44	,	,	PUNCT
fbem-7724	4	45	and	and	CCONJ
fbem-7724	4	46	this	this	DET
fbem-7724	4	47	paper	paper	NOUN
fbem-7724	4	48	focuses	focus	VERB
fbem-7724	4	49	on	on	ADP
fbem-7724	4	50	the	the	DET
fbem-7724	4	51	first	first	ADJ
fbem-7724	4	52	two	two	NUM
fbem-7724	4	53	aspects	aspect	NOUN
fbem-7724	4	54	.	.	PUNCT
fbem-7724	5	1	the	the	DET
fbem-7724	5	2	theories	theory	NOUN
fbem-7724	5	3	and	and	CCONJ
fbem-7724	5	4	opinions	opinion	NOUN
fbem-7724	5	5	obtained	obtain	VERB
fbem-7724	5	6	by	by	ADP
fbem-7724	5	7	most	most	ADJ
fbem-7724	5	8	scholars	scholar	NOUN
fbem-7724	5	9	at	at	ADP
fbem-7724	5	10	home	home	ADV
fbem-7724	5	11	and	and	CCONJ
fbem-7724	5	12	abroad	abroad	ADV
fbem-7724	5	13	are	be	AUX
fbem-7724	5	14	not	not	PART
fbem-7724	5	15	uniform	uniform	ADJ
fbem-7724	5	16	,	,	PUNCT
fbem-7724	5	17	which	which	PRON
fbem-7724	5	18	means	mean	VERB
fbem-7724	5	19	that	that	SCONJ
fbem-7724	5	20	there	there	PRON
fbem-7724	5	21	is	be	VERB
fbem-7724	5	22	no	no	DET
fbem-7724	5	23	uniform	uniform	ADJ
fbem-7724	5	24	conclusion	conclusion	NOUN
fbem-7724	5	25	on	on	ADP
fbem-7724	5	26	the	the	DET
fbem-7724	5	27	influence	influence	NOUN
fbem-7724	5	28	of	of	ADP
fbem-7724	5	29	equity	equity	NOUN
fbem-7724	5	30	structure	structure	NOUN
fbem-7724	5	31	on	on	ADP
fbem-7724	5	32	financial	financial	ADJ
fbem-7724	5	33	performance	performance	NOUN
fbem-7724	5	34	in	in	ADP
fbem-7724	5	35	the	the	DET
fbem-7724	5	36	relevant	relevant	ADJ
fbem-7724	5	37	studies	study	NOUN
fbem-7724	5	38	.	.	PUNCT
fbem-7724	6	1	(	(	PUNCT
fbem-7724	6	2	1	1	X
fbem-7724	6	3	)	)	PUNCT
fbem-7724	6	4	research	research	NOUN
fbem-7724	6	5	on	on	ADP
fbem-7724	6	6	the	the	DET
fbem-7724	6	7	impact	impact	NOUN
fbem-7724	6	8	of	of	ADP
fbem-7724	6	9	equity	equity	NOUN
fbem-7724	6	10	nature	nature	NOUN
fbem-7724	6	11	on	on	ADP
fbem-7724	6	12	financial	financial	ADJ
fbem-7724	6	13	performance	performance	NOUN
fbem-7724	6	14	the	the	DET
fbem-7724	6	15	shares	share	NOUN
fbem-7724	6	16	of	of	ADP
fbem-7724	6	17	listed	list	VERB
fbem-7724	6	18	companies	company	NOUN
fbem-7724	6	19	in	in	ADP
fbem-7724	6	20	china	china	PROPN
fbem-7724	6	21	can	can	AUX
fbem-7724	6	22	be	be	AUX
fbem-7724	6	23	divided	divide	VERB
fbem-7724	6	24	into	into	ADP
fbem-7724	6	25	state	state	NOUN
fbem-7724	6	26	shares	share	NOUN
fbem-7724	6	27	,	,	PUNCT
fbem-7724	6	28	legal	legal	ADJ
fbem-7724	6	29	person	person	NOUN
fbem-7724	6	30	shares	share	NOUN
fbem-7724	6	31	(	(	PUNCT
fbem-7724	6	32	including	include	VERB
fbem-7724	6	33	institutional	institutional	ADJ
fbem-7724	6	34	shares	share	NOUN
fbem-7724	6	35	)	)	PUNCT
fbem-7724	6	36	,	,	PUNCT
fbem-7724	6	37	social	social	ADJ
fbem-7724	6	38	shares	share	NOUN
fbem-7724	6	39	,	,	PUNCT
fbem-7724	6	40	and	and	CCONJ
fbem-7724	6	41	corporate	corporate	ADJ
fbem-7724	6	42	shares	share	NOUN
fbem-7724	6	43	according	accord	VERB
fbem-7724	6	44	to	to	ADP
fbem-7724	6	45	the	the	DET
fbem-7724	6	46	nature	nature	NOUN
fbem-7724	6	47	of	of	ADP
fbem-7724	6	48	investors.existing	investors.existe	VERB
fbem-7724	6	49	literature	literature	NOUN
fbem-7724	6	50	has	have	AUX
fbem-7724	6	51	also	also	ADV
fbem-7724	6	52	studied	study	VERB
fbem-7724	6	53	the	the	DET
fbem-7724	6	54	impact	impact	NOUN
fbem-7724	6	55	of	of	ADP
fbem-7724	6	56	equity	equity	NOUN
fbem-7724	6	57	attributes	attribute	NOUN
fbem-7724	6	58	on	on	ADP
fbem-7724	6	59	financial	financial	ADJ
fbem-7724	6	60	,	,	PUNCT
fbem-7724	6	61	the	the	DET
fbem-7724	6	62	results	result	NOUN
fbem-7724	6	63	of	of	ADP
fbem-7724	6	64	the	the	DET
fbem-7724	6	65	study	study	NOUN
fbem-7724	6	66	are	be	AUX
fbem-7724	6	67	as	as	SCONJ
fbem-7724	6	68	follows	follow	VERB
fbem-7724	6	69	:	:	PUNCT
fbem-7724	6	70	studies	study	NOUN
fbem-7724	6	71	that	that	PRON
fbem-7724	6	72	address	address	VERB
fbem-7724	6	73	state	state	NOUN
fbem-7724	6	74	-	-	PUNCT
fbem-7724	6	75	owned	own	VERB
fbem-7724	6	76	shares	share	NOUN
fbem-7724	6	77	have	have	AUX
fbem-7724	6	78	mostly	mostly	ADV
fbem-7724	6	79	concluded	conclude	VERB
fbem-7724	6	80	that	that	SCONJ
fbem-7724	6	81	they	they	PRON
fbem-7724	6	82	have	have	VERB
fbem-7724	6	83	a	a	DET
fbem-7724	6	84	negative	negative	ADJ
fbem-7724	6	85	impact	impact	NOUN
fbem-7724	6	86	on	on	ADP
fbem-7724	6	87	financial	financial	ADJ
fbem-7724	6	88	performance	performance	NOUN
fbem-7724	6	89	.	.	PUNCT
fbem-7724	7	1	this	this	PRON
fbem-7724	7	2	is	be	AUX
fbem-7724	7	3	mainly	mainly	ADV
fbem-7724	7	4	because	because	SCONJ
fbem-7724	7	5	in	in	ADP
fbem-7724	7	6	state	state	NOUN
fbem-7724	7	7	there	there	PRON
fbem-7724	7	8	are	be	VERB
fbem-7724	7	9	listed	list	VERB
fbem-7724	7	10	companies	company	NOUN
fbem-7724	7	11	in	in	ADP
fbem-7724	7	12	which	which	PRON
fbem-7724	7	13	the	the	DET
fbem-7724	7	14	state	state	NOUN
fbem-7724	7	15	is	be	AUX
fbem-7724	7	16	in	in	ADP
fbem-7724	7	17	a	a	DET
fbem-7724	7	18	controlling	controlling	NOUN
fbem-7724	7	19	or	or	CCONJ
fbem-7724	7	20	relatively	relatively	ADV
fbem-7724	7	21	controlling	control	VERB
fbem-7724	7	22	position	position	NOUN
fbem-7724	7	23	,	,	PUNCT
fbem-7724	7	24	and	and	CCONJ
fbem-7724	7	25	there	there	PRON
fbem-7724	7	26	are	be	VERB
fbem-7724	7	27	multiple	multiple	ADJ
fbem-7724	7	28	links	link	NOUN
fbem-7724	7	29	and	and	CCONJ
fbem-7724	7	30	subjects	subject	NOUN
fbem-7724	7	31	in	in	ADP
fbem-7724	7	32	the	the	DET
fbem-7724	7	33	agency	agency	NOUN
fbem-7724	7	34	chain	chain	NOUN
fbem-7724	7	35	.	.	PUNCT
fbem-7724	8	1	such	such	ADJ
fbem-7724	8	2	as	as	ADP
fbem-7724	8	3	state	state	NOUN
fbem-7724	8	4	-	-	PUNCT
fbem-7724	8	5	owned	own	VERB
fbem-7724	8	6	assets	asset	NOUN
fbem-7724	8	7	management	management	NOUN
fbem-7724	8	8	committee	committee	NOUN
fbem-7724	8	9	,	,	PUNCT
fbem-7724	8	10	state	state	NOUN
fbem-7724	8	11	-	-	PUNCT
fbem-7724	8	12	owned	own	VERB
fbem-7724	8	13	capital	capital	NOUN
fbem-7724	8	14	investment	investment	NOUN
fbem-7724	8	15	and	and	CCONJ
fbem-7724	8	16	operation	operation	NOUN
fbem-7724	8	17	institutions	institution	NOUN
fbem-7724	8	18	,	,	PUNCT
fbem-7724	8	19	state	state	NOUN
fbem-7724	8	20	-	-	PUNCT
fbem-7724	8	21	owned	own	VERB
fbem-7724	8	22	enterprises	enterprise	NOUN
fbem-7724	8	23	,	,	PUNCT
fbem-7724	8	24	managers	manager	NOUN
fbem-7724	8	25	,	,	PUNCT
fbem-7724	8	26	etc	etc	X
fbem-7724	8	27	.	.	X
fbem-7724	8	28	,	,	PUNCT
fbem-7724	8	29	layers	layer	NOUN
fbem-7724	8	30	of	of	ADP
fbem-7724	8	31	commission	commission	NOUN
fbem-7724	8	32	leads	lead	VERB
fbem-7724	8	33	to	to	ADP
fbem-7724	8	34	higher	high	ADJ
fbem-7724	8	35	agency	agency	NOUN
fbem-7724	8	36	costs[1	costs[1	PROPN
fbem-7724	8	37	]	]	PUNCT
fbem-7724	8	38	;	;	PUNCT
fbem-7724	8	39	also	also	ADV
fbem-7724	8	40	because	because	SCONJ
fbem-7724	8	41	these	these	DET
fbem-7724	8	42	firms	firm	NOUN
fbem-7724	8	43	take	take	VERB
fbem-7724	8	44	on	on	ADP
fbem-7724	8	45	social	social	ADJ
fbem-7724	8	46	goals	goal	NOUN
fbem-7724	8	47	such	such	ADJ
fbem-7724	8	48	as	as	ADP
fbem-7724	8	49	employment	employment	NOUN
fbem-7724	8	50	,	,	PUNCT
fbem-7724	8	51	public	public	ADJ
fbem-7724	8	52	service[2	service[2	NOUN
fbem-7724	8	53	]	]	PUNCT
fbem-7724	8	54	and	and	CCONJ
fbem-7724	8	55	therefore	therefore	ADV
fbem-7724	8	56	have	have	VERB
fbem-7724	8	57	non	non	ADJ
fbem-7724	8	58	-	-	ADJ
fbem-7724	8	59	economic	economic	ADJ
fbem-7724	8	60	missions	mission	NOUN
fbem-7724	8	61	and	and	CCONJ
fbem-7724	8	62	policy	policy	NOUN
fbem-7724	8	63	burdens[3	burdens[3	PROPN
fbem-7724	8	64	]	]	PUNCT
fbem-7724	8	65	.	.	PUNCT
fbem-7724	9	1	other	other	ADJ
fbem-7724	9	2	scholars	scholar	NOUN
fbem-7724	9	3	have	have	AUX
fbem-7724	9	4	found	find	VERB
fbem-7724	9	5	that	that	SCONJ
fbem-7724	9	6	operators	operator	NOUN
fbem-7724	9	7	employed	employ	VERB
fbem-7724	9	8	by	by	ADP
fbem-7724	9	9	the	the	DET
fbem-7724	9	10	government	government	NOUN
fbem-7724	9	11	will	will	AUX
fbem-7724	9	12	focus	focus	VERB
fbem-7724	9	13	more	more	ADV
fbem-7724	9	14	on	on	ADP
fbem-7724	9	15	their	their	PRON
fbem-7724	9	16	own	own	ADJ
fbem-7724	9	17	political	political	ADJ
fbem-7724	9	18	future	future	NOUN
fbem-7724	9	19	and	and	CCONJ
fbem-7724	9	20	personal	personal	ADJ
fbem-7724	9	21	interests	interest	NOUN
fbem-7724	9	22	and	and	CCONJ
fbem-7724	9	23	neglect	neglect	VERB
fbem-7724	9	24	their	their	PRON
fbem-7724	9	25	longterm	longterm	ADJ
fbem-7724	9	26	corporate	corporate	ADJ
fbem-7724	9	27	development	development	NOUN
fbem-7724	9	28	goals	goal	NOUN
fbem-7724	9	29	.	.	PUNCT
fbem-7724	10	1	they	they	PRON
fbem-7724	10	2	often	often	ADV
fbem-7724	10	3	choose	choose	VERB
fbem-7724	10	4	to	to	PART
fbem-7724	10	5	avoid	avoid	VERB
fbem-7724	10	6	risky	risky	ADJ
fbem-7724	10	7	and	and	CCONJ
fbem-7724	10	8	long	long	ADJ
fbem-7724	10	9	-	-	PUNCT
fbem-7724	10	10	cycle	cycle	NOUN
fbem-7724	10	11	projects	project	NOUN
fbem-7724	10	12	like	like	ADP
fbem-7724	10	13	r&d	r&d	NOUN
fbem-7724	10	14	investment[4	investment[4	PROPN
fbem-7724	10	15	]	]	PUNCT
fbem-7724	10	16	.	.	PUNCT
fbem-7724	11	1	the	the	DET
fbem-7724	11	2	results	result	NOUN
fbem-7724	11	3	of	of	ADP
fbem-7724	11	4	chi	chi	NOUN
fbem-7724	11	5	zheng's[5	zheng's[5	PROPN
fbem-7724	11	6	]	]	PUNCT
fbem-7724	11	7	study	study	NOUN
fbem-7724	11	8	suggest	suggest	VERB
fbem-7724	11	9	that	that	SCONJ
fbem-7724	11	10	the	the	DET
fbem-7724	11	11	negative	negative	ADJ
fbem-7724	11	12	effect	effect	NOUN
fbem-7724	11	13	of	of	ADP
fbem-7724	11	14	state	state	NOUN
fbem-7724	11	15	-	-	PUNCT
fbem-7724	11	16	owned	own	VERB
fbem-7724	11	17	shares	share	NOUN
fbem-7724	11	18	is	be	AUX
fbem-7724	11	19	also	also	ADV
fbem-7724	11	20	true	true	ADJ
fbem-7724	11	21	for	for	ADP
fbem-7724	11	22	chinese	chinese	ADJ
fbem-7724	11	23	exporters	exporter	NOUN
fbem-7724	11	24	.	.	PUNCT
fbem-7724	12	1	therefore	therefore	ADV
fbem-7724	12	2	,	,	PUNCT
fbem-7724	12	3	by	by	ADP
fbem-7724	12	4	reducing	reduce	VERB
fbem-7724	12	5	the	the	DET
fbem-7724	12	6	proportion	proportion	NOUN
fbem-7724	12	7	of	of	ADP
fbem-7724	12	8	state	state	NOUN
fbem-7724	12	9	-	-	PUNCT
fbem-7724	12	10	owned	own	VERB
fbem-7724	12	11	shares	share	NOUN
fbem-7724	12	12	,	,	PUNCT
fbem-7724	12	13	firms	firm	NOUN
fbem-7724	12	14	'	'	PART
fbem-7724	12	15	business	business	NOUN
fbem-7724	12	16	objectives	objective	NOUN
fbem-7724	12	17	will	will	AUX
fbem-7724	12	18	focus	focus	VERB
fbem-7724	12	19	on	on	ADP
fbem-7724	12	20	profit	profit	NOUN
fbem-7724	12	21	maximization	maximization	NOUN
fbem-7724	12	22	and	and	CCONJ
fbem-7724	12	23	long	long	ADJ
fbem-7724	12	24	-	-	PUNCT
fbem-7724	12	25	term	term	NOUN
fbem-7724	12	26	development	development	NOUN
fbem-7724	12	27	,	,	PUNCT
fbem-7724	12	28	and	and	CCONJ
fbem-7724	12	29	their	their	PRON
fbem-7724	12	30	risk	risk	NOUN
fbem-7724	12	31	-	-	PUNCT
fbem-7724	12	32	taking	take	VERB
fbem-7724	12	33	capacity	capacity	NOUN
fbem-7724	12	34	will	will	AUX
fbem-7724	12	35	increase	increase	VERB
fbem-7724	12	36	,	,	PUNCT
fbem-7724	12	37	which	which	PRON
fbem-7724	12	38	will	will	AUX
fbem-7724	12	39	promote	promote	VERB
fbem-7724	12	40	the	the	DET
fbem-7724	12	41	value	value	NOUN
fbem-7724	12	42	of	of	ADP
fbem-7724	12	43	the	the	DET
fbem-7724	12	44	firm	firm	ADJ
fbem-7724	12	45	.[6	.[6	NOUN
fbem-7724	12	46	]	]	X
fbem-7724	12	47	many	many	ADJ
fbem-7724	12	48	views	view	NOUN
fbem-7724	12	49	have	have	AUX
fbem-7724	12	50	also	also	ADV
fbem-7724	12	51	been	be	AUX
fbem-7724	12	52	expressed	express	VERB
fbem-7724	12	53	by	by	ADP
fbem-7724	12	54	foreign	foreign	ADJ
fbem-7724	12	55	scholars	scholar	NOUN
fbem-7724	12	56	:	:	PUNCT
fbem-7724	12	57	an	an	DET
fbem-7724	12	58	analysis	analysis	NOUN
fbem-7724	12	59	of	of	ADP
fbem-7724	12	60	earlier	early	ADJ
fbem-7724	12	61	studies	study	NOUN
fbem-7724	12	62	focusing	focus	VERB
fbem-7724	12	63	on	on	ADP
fbem-7724	12	64	the	the	DET
fbem-7724	12	65	linear	linear	ADJ
fbem-7724	12	66	relationship	relationship	NOUN
fbem-7724	12	67	between	between	ADP
fbem-7724	12	68	the	the	DET
fbem-7724	12	69	nature	nature	NOUN
fbem-7724	12	70	of	of	ADP
fbem-7724	12	71	equity	equity	NOUN
fbem-7724	12	72	and	and	CCONJ
fbem-7724	12	73	corporate	corporate	ADJ
fbem-7724	12	74	performance	performance	NOUN
fbem-7724	12	75	shows	show	VERB
fbem-7724	12	76	that	that	SCONJ
fbem-7724	12	77	when	when	SCONJ
fbem-7724	12	78	exploring	explore	VERB
fbem-7724	12	79	the	the	DET
fbem-7724	12	80	correlation	correlation	NOUN
fbem-7724	12	81	between	between	ADP
fbem-7724	12	82	the	the	DET
fbem-7724	12	83	percentage	percentage	NOUN
fbem-7724	12	84	of	of	ADP
fbem-7724	12	85	shareholding	shareholding	NOUN
fbem-7724	12	86	of	of	ADP
fbem-7724	12	87	different	different	ADJ
fbem-7724	12	88	shareholders	shareholder	NOUN
fbem-7724	12	89	and	and	CCONJ
fbem-7724	12	90	corporate	corporate	ADJ
fbem-7724	12	91	value	value	NOUN
fbem-7724	12	92	,	,	PUNCT
fbem-7724	12	93	a	a	DET
fbem-7724	12	94	linear	linear	ADJ
fbem-7724	12	95	relationship	relationship	NOUN
fbem-7724	12	96	is	be	AUX
fbem-7724	12	97	found	find	VERB
fbem-7724	12	98	,	,	PUNCT
fbem-7724	12	99	but	but	CCONJ
fbem-7724	12	100	external	external	ADJ
fbem-7724	12	101	holders	holder	NOUN
fbem-7724	12	102	differ	differ	VERB
fbem-7724	12	103	from	from	ADP
fbem-7724	12	104	internal	internal	ADJ
fbem-7724	12	105	holders	holder	NOUN
fbem-7724	12	106	in	in	ADP
fbem-7724	12	107	that	that	DET
fbem-7724	12	108	studies	study	NOUN
fbem-7724	12	109	conclude	conclude	VERB
fbem-7724	12	110	that	that	SCONJ
fbem-7724	12	111	corporate	corporate	ADJ
fbem-7724	12	112	value	value	NOUN
fbem-7724	12	113	only	only	ADV
fbem-7724	12	114	becomes	become	VERB
fbem-7724	12	115	larger	large	ADJ
fbem-7724	12	116	with	with	ADP
fbem-7724	12	117	the	the	DET
fbem-7724	12	118	percentage	percentage	NOUN
fbem-7724	12	119	of	of	ADP
fbem-7724	12	120	shareholding	shareholding	NOUN
fbem-7724	12	121	of	of	ADP
fbem-7724	12	122	internal	internal	ADJ
fbem-7724	12	123	holders	holder	NOUN
fbem-7724	12	124	(	(	PUNCT
fbem-7724	12	125	jensen	jensen	PROPN
fbem-7724	12	126	and	and	CCONJ
fbem-7724	12	127	meckling	meckling	PROPN
fbem-7724	12	128	,	,	PUNCT
fbem-7724	12	129	1976)[7	1976)[7	NUM
fbem-7724	12	130	]	]	PUNCT
fbem-7724	12	131	.	.	PUNCT
fbem-7724	13	1	however	however	ADV
fbem-7724	13	2	,	,	PUNCT
fbem-7724	13	3	subsequent	subsequent	ADJ
fbem-7724	13	4	studies	study	NOUN
fbem-7724	13	5	on	on	ADP
fbem-7724	13	6	the	the	DET
fbem-7724	13	7	same	same	ADJ
fbem-7724	13	8	topic	topic	NOUN
fbem-7724	13	9	have	have	AUX
fbem-7724	13	10	come	come	VERB
fbem-7724	13	11	to	to	ADP
fbem-7724	13	12	a	a	DET
fbem-7724	13	13	different	different	ADJ
fbem-7724	13	14	conclusion	conclusion	NOUN
fbem-7724	13	15	than	than	ADP
fbem-7724	13	16	the	the	DET
fbem-7724	13	17	previous	previous	ADJ
fbem-7724	13	18	ones	one	NOUN
fbem-7724	13	19	,	,	PUNCT
fbem-7724	13	20	finding	find	VERB
fbem-7724	13	21	that	that	DET
fbem-7724	13	22	firm	firm	ADJ
fbem-7724	13	23	value	value	NOUN
fbem-7724	13	24	changes	change	NOUN
fbem-7724	13	25	with	with	ADP
fbem-7724	13	26	increasing	increase	VERB
fbem-7724	13	27	insider	insider	NOUN
fbem-7724	13	28	ownership；however	ownership；however	PROPN
fbem-7724	13	29	,	,	PUNCT
fbem-7724	13	30	with	with	ADP
fbem-7724	13	31	a	a	DET
fbem-7724	13	32	critical	critical	ADJ
fbem-7724	13	33	point	point	NOUN
fbem-7724	13	34	before	before	ADP
fbem-7724	13	35	which	which	PRON
fbem-7724	13	36	the	the	DET
fbem-7724	13	37	correlation	correlation	NOUN
fbem-7724	13	38	is	be	AUX
fbem-7724	13	39	positive	positive	ADJ
fbem-7724	13	40	and	and	CCONJ
fbem-7724	13	41	after	after	ADP
fbem-7724	13	42	which	which	PRON
fbem-7724	13	43	it	it	PRON
fbem-7724	13	44	is	be	AUX
fbem-7724	13	45	negative	negative	ADJ
fbem-7724	13	46	(	(	PUNCT
fbem-7724	13	47	morck	morck	PROPN
fbem-7724	13	48	et	et	PROPN
fbem-7724	13	49	al	al	PROPN
fbem-7724	13	50	.	.	PROPN
fbem-7724	13	51	,	,	PUNCT
fbem-7724	13	52	1988)[8	1988)[8	X
fbem-7724	13	53	]	]	PUNCT
fbem-7724	13	54	.	.	PUNCT
fbem-7724	14	1	the	the	DET
fbem-7724	14	2	objective	objective	ADJ
fbem-7724	14	3	function	function	NOUN
fbem-7724	14	4	of	of	ADP
fbem-7724	14	5	different	different	ADJ
fbem-7724	14	6	shareholders	shareholder	NOUN
fbem-7724	14	7	is	be	AUX
fbem-7724	14	8	based	base	VERB
fbem-7724	14	9	on	on	ADP
fbem-7724	14	10	their	their	PRON
fbem-7724	14	11	requirements	requirement	NOUN
fbem-7724	14	12	for	for	ADP
fbem-7724	14	13	business	business	NOUN
fbem-7724	14	14	performance	performance	NOUN
fbem-7724	14	15	,	,	PUNCT
fbem-7724	14	16	and	and	CCONJ
fbem-7724	14	17	from	from	ADP
fbem-7724	14	18	this	this	PRON
fbem-7724	14	19	,	,	PUNCT
fbem-7724	14	20	it	it	PRON
fbem-7724	14	21	is	be	AUX
fbem-7724	14	22	found	find	VERB
fbem-7724	14	23	that	that	SCONJ
fbem-7724	14	24	there	there	PRON
fbem-7724	14	25	are	be	VERB
fbem-7724	14	26	differences	difference	NOUN
fbem-7724	14	27	in	in	ADP
fbem-7724	14	28	the	the	DET
fbem-7724	14	29	objective	objective	ADJ
fbem-7724	14	30	functions	function	NOUN
fbem-7724	14	31	of	of	ADP
fbem-7724	14	32	shareholders	shareholder	NOUN
fbem-7724	14	33	of	of	ADP
fbem-7724	14	34	different	different	ADJ
fbem-7724	14	35	nature	nature	NOUN
fbem-7724	14	36	,	,	PUNCT
fbem-7724	14	37	and	and	CCONJ
fbem-7724	14	38	based	base	VERB
fbem-7724	14	39	on	on	ADP
fbem-7724	14	40	this	this	PRON
fbem-7724	14	41	,	,	PUNCT
fbem-7724	14	42	they	they	PRON
fbem-7724	14	43	may	may	AUX
fbem-7724	14	44	regulate	regulate	VERB
fbem-7724	14	45	the	the	DET
fbem-7724	14	46	business	business	NOUN
fbem-7724	14	47	differently	differently	ADV
fbem-7724	14	48	.	.	PUNCT
fbem-7724	15	1	introducing	introduce	VERB
fbem-7724	15	2	and	and	CCONJ
fbem-7724	15	3	combining	combine	VERB
fbem-7724	15	4	it	it	PRON
fbem-7724	15	5	with	with	ADP
fbem-7724	15	6	previous	previous	ADJ
fbem-7724	15	7	studies	study	NOUN
fbem-7724	15	8	,	,	PUNCT
fbem-7724	15	9	it	it	PRON
fbem-7724	15	10	is	be	AUX
fbem-7724	15	11	found	find	VERB
fbem-7724	15	12	that	that	SCONJ
fbem-7724	15	13	there	there	PRON
fbem-7724	15	14	is	be	VERB
fbem-7724	15	15	no	no	PRON
fbem-7724	15	16	longer	long	ADV
fbem-7724	15	17	a	a	DET
fbem-7724	15	18	significant	significant	ADJ
fbem-7724	15	19	correlation	correlation	NOUN
fbem-7724	15	20	between	between	ADP
fbem-7724	15	21	the	the	DET
fbem-7724	15	22	nature	nature	NOUN
fbem-7724	15	23	of	of	ADP
fbem-7724	15	24	equity	equity	NOUN
fbem-7724	15	25	and	and	CCONJ
fbem-7724	15	26	financial	financial	ADJ
fbem-7724	15	27	performance	performance	NOUN
fbem-7724	15	28	.	.	PUNCT
fbem-7724	16	1	some	some	DET
fbem-7724	16	2	scholars	scholar	NOUN
fbem-7724	16	3	have	have	AUX
fbem-7724	16	4	also	also	ADV
fbem-7724	16	5	directly	directly	ADV
fbem-7724	16	6	compared	compare	VERB
fbem-7724	16	7	the	the	DET
fbem-7724	16	8	financial	financial	ADJ
fbem-7724	16	9	performance	performance	NOUN
fbem-7724	16	10	of	of	ADP
fbem-7724	16	11	soes	soe	NOUN
fbem-7724	16	12	and	and	CCONJ
fbem-7724	16	13	non	non	NOUN
fbem-7724	16	14	-	-	NOUN
fbem-7724	16	15	soes	soe	NOUN
fbem-7724	16	16	to	to	PART
fbem-7724	16	17	analyze	analyze	VERB
fbem-7724	16	18	the	the	DET
fbem-7724	16	19	impact	impact	NOUN
fbem-7724	16	20	of	of	ADP
fbem-7724	16	21	different	different	ADJ
fbem-7724	16	22	equity	equity	NOUN
fbem-7724	16	23	characteristics	characteristic	NOUN
fbem-7724	16	24	on	on	ADP
fbem-7724	16	25	financial	financial	ADJ
fbem-7724	16	26	performance	performance	NOUN
fbem-7724	16	27	and	and	CCONJ
fbem-7724	16	28	found	find	VERB
fbem-7724	16	29	that	that	SCONJ
fbem-7724	16	30	the	the	DET
fbem-7724	16	31	financial	financial	ADJ
fbem-7724	16	32	performance	performance	NOUN
fbem-7724	16	33	of	of	ADP
fbem-7724	16	34	non	non	NOUN
fbem-7724	16	35	-	-	NOUN
fbem-7724	16	36	soes	soe	NOUN
fbem-7724	16	37	is	be	AUX
fbem-7724	16	38	higher	high	ADJ
fbem-7724	16	39	than	than	ADP
fbem-7724	16	40	that	that	PRON
fbem-7724	16	41	of	of	ADP
fbem-7724	16	42	soes	soe	NOUN
fbem-7724	16	43	.	.	PUNCT
fbem-7724	17	1	in	in	ADP
fbem-7724	17	2	exploring	explore	VERB
fbem-7724	17	3	the	the	DET
fbem-7724	17	4	extent	extent	NOUN
fbem-7724	17	5	to	to	PART
fbem-7724	17	6	which	which	PRON
fbem-7724	17	7	ownership	ownership	NOUN
fbem-7724	17	8	reform	reform	NOUN
fbem-7724	17	9	affects	affect	VERB
fbem-7724	17	10	the	the	DET
fbem-7724	17	11	financial	financial	ADJ
fbem-7724	17	12	performance	performance	NOUN
fbem-7724	17	13	of	of	ADP
fbem-7724	17	14	firms	firm	NOUN
fbem-7724	17	15	,	,	PUNCT
fbem-7724	17	16	thousands	thousand	NOUN
fbem-7724	17	17	of	of	ADP
fbem-7724	17	18	chinese	chinese	ADJ
fbem-7724	17	19	soes	soe	NOUN
fbem-7724	17	20	were	be	AUX
fbem-7724	17	21	selected	select	VERB
fbem-7724	17	22	for	for	ADP
fbem-7724	17	23	the	the	DET
fbem-7724	17	24	study	study	NOUN
fbem-7724	17	25	,	,	PUNCT
fbem-7724	17	26	and	and	CCONJ
fbem-7724	17	27	it	it	PRON
fbem-7724	17	28	was	be	AUX
fbem-7724	17	29	found	find	VERB
fbem-7724	17	30	that	that	SCONJ
fbem-7724	17	31	soes	soe	NOUN
fbem-7724	17	32	did	do	AUX
fbem-7724	17	33	not	not	PART
fbem-7724	17	34	obtain	obtain	VERB
fbem-7724	17	35	better	well	ADJ
fbem-7724	17	36	financial	financial	ADJ
fbem-7724	17	37	performance	performance	NOUN
fbem-7724	17	38	levels	level	NOUN
fbem-7724	17	39	compared	compare	VERB
fbem-7724	17	40	to	to	ADP
fbem-7724	17	41	non	non	ADJ
fbem-7724	17	42	-	-	NOUN
fbem-7724	17	43	soes	soe	NOUN
fbem-7724	17	44	based	base	VERB
fbem-7724	17	45	on	on	ADP
fbem-7724	17	46	their	their	PRON
fbem-7724	17	47	unique	unique	ADJ
fbem-7724	17	48	status	status	NOUN
fbem-7724	17	49	,	,	PUNCT
fbem-7724	17	50	and	and	CCONJ
fbem-7724	17	51	these	these	DET
fbem-7724	17	52	results	result	NOUN
fbem-7724	17	53	were	be	AUX
fbem-7724	17	54	often	often	ADV
fbem-7724	17	55	attributed	attribute	VERB
fbem-7724	17	56	to	to	ADP
fbem-7724	17	57	the	the	DET
fbem-7724	17	58	existence	existence	NOUN
fbem-7724	17	59	of	of	ADP
fbem-7724	17	60	problems	problem	NOUN
fbem-7724	17	61	such	such	ADJ
fbem-7724	17	62	as	as	ADP
fbem-7724	17	63	more	more	ADV
fbem-7724	17	64	ambiguous	ambiguous	ADJ
fbem-7724	17	65	property	property	NOUN
fbem-7724	17	66	rights	right	NOUN
fbem-7724	17	67	and	and	CCONJ
fbem-7724	17	68	principal	principal	ADJ
fbem-7724	17	69	-	-	PUNCT
fbem-7724	17	70	agent	agent	NOUN
fbem-7724	17	71	failures	failure	NOUN
fbem-7724	17	72	in	in	ADP
fbem-7724	17	73	soes	soe	NOUN
fbem-7724	17	74	.	.	PUNCT
fbem-7724	18	1	in	in	ADP
fbem-7724	18	2	addition	addition	NOUN
fbem-7724	18	3	,	,	PUNCT
fbem-7724	18	4	the	the	DET
fbem-7724	18	5	level	level	NOUN
fbem-7724	18	6	of	of	ADP
fbem-7724	18	7	financial	financial	ADJ
fbem-7724	18	8	performance	performance	NOUN
fbem-7724	18	9	of	of	ADP
fbem-7724	18	10	soes	soe	NOUN
fbem-7724	18	11	is	be	AUX
fbem-7724	18	12	affected	affect	VERB
fbem-7724	18	13	by	by	ADP
fbem-7724	18	14	their	their	PRON
fbem-7724	18	15	shareholding	shareholding	NOUN
fbem-7724	18	16	structure	structure	NOUN
fbem-7724	18	17	.	.	PUNCT
fbem-7724	19	1	(	(	PUNCT
fbem-7724	19	2	2	2	X
fbem-7724	19	3	)	)	PUNCT
fbem-7724	19	4	study	study	NOUN
fbem-7724	19	5	on	on	ADP
fbem-7724	19	6	the	the	DET
fbem-7724	19	7	effect	effect	NOUN
fbem-7724	19	8	of	of	ADP
fbem-7724	19	9	equity	equity	NOUN
fbem-7724	19	10	concentration	concentration	NOUN
fbem-7724	19	11	on	on	ADP
fbem-7724	19	12	financial	financial	ADJ
fbem-7724	19	13	performance	performance	NOUN
fbem-7724	19	14	equity	equity	NOUN
fbem-7724	19	15	concentration	concentration	NOUN
fbem-7724	19	16	measures	measure	VERB
fbem-7724	19	17	the	the	DET
fbem-7724	19	18	quantitative	quantitative	ADJ
fbem-7724	19	19	composition	composition	NOUN
fbem-7724	19	20	of	of	ADP
fbem-7724	19	21	the	the	DET
fbem-7724	19	22	equity	equity	NOUN
fbem-7724	19	23	structure	structure	NOUN
fbem-7724	19	24	.	.	PUNCT
fbem-7724	20	1	from	from	ADP
fbem-7724	20	2	the	the	DET
fbem-7724	20	3	current	current	ADJ
fbem-7724	20	4	perspective	perspective	NOUN
fbem-7724	20	5	,	,	PUNCT
fbem-7724	20	6	the	the	DET
fbem-7724	20	7	relationship	relationship	NOUN
fbem-7724	20	8	between	between	ADP
fbem-7724	20	9	medium	medium	ADJ
fbem-7724	20	10	and	and	CCONJ
fbem-7724	20	11	financial	financial	ADJ
fbem-7724	20	12	performance	performance	NOUN
fbem-7724	20	13	has	have	AUX
fbem-7724	20	14	not	not	PART
fbem-7724	20	15	been	be	AUX
fbem-7724	20	16	uniformly	uniformly	ADV
fbem-7724	20	17	asserted	assert	VERB
fbem-7724	20	18	,	,	PUNCT
fbem-7724	20	19	and	and	CCONJ
fbem-7724	20	20	the	the	DET
fbem-7724	20	21	main	main	ADJ
fbem-7724	20	22	views	view	NOUN
fbem-7724	20	23	can	can	AUX
fbem-7724	20	24	be	be	AUX
fbem-7724	20	25	divided	divide	VERB
fbem-7724	20	26	into	into	ADP
fbem-7724	20	27	two	two	NUM
fbem-7724	20	28	categories	category	NOUN
fbem-7724	20	29	:	:	PUNCT
fbem-7724	20	30	first	first	ADV
fbem-7724	20	31	,	,	PUNCT
fbem-7724	20	32	equity	equity	NOUN
fbem-7724	20	33	concentration	concentration	NOUN
fbem-7724	20	34	is	be	AUX
fbem-7724	20	35	positively	positively	ADV
fbem-7724	20	36	correlated	correlate	VERB
fbem-7724	20	37	with	with	ADP
fbem-7724	20	38	financial	financial	ADJ
fbem-7724	20	39	performance	performance	NOUN
fbem-7724	20	40	berle	berle	NOUN
fbem-7724	20	41	and	and	CCONJ
fbem-7724	20	42	means	mean	NOUN
fbem-7724	20	43	were	be	AUX
fbem-7724	20	44	the	the	DET
fbem-7724	20	45	first	first	ADJ
fbem-7724	20	46	to	to	PART
fbem-7724	20	47	argue	argue	VERB
fbem-7724	20	48	that	that	SCONJ
fbem-7724	20	49	the	the	DET
fbem-7724	20	50	separation	separation	NOUN
fbem-7724	20	51	74	74	NUM
fbem-7724	20	52	of	of	ADP
fbem-7724	20	53	control	control	NOUN
fbem-7724	20	54	and	and	CCONJ
fbem-7724	20	55	ownership	ownership	NOUN
fbem-7724	20	56	results	result	NOUN
fbem-7724	20	57	in	in	ADP
fbem-7724	20	58	managers	manager	NOUN
fbem-7724	20	59	with	with	ADP
fbem-7724	20	60	smaller	small	ADJ
fbem-7724	20	61	shareholdings	shareholding	NOUN
fbem-7724	20	62	actually	actually	ADV
fbem-7724	20	63	holding	hold	VERB
fbem-7724	20	64	control	control	NOUN
fbem-7724	20	65	of	of	ADP
fbem-7724	20	66	the	the	DET
fbem-7724	20	67	firm	firm	NOUN
fbem-7724	20	68	and	and	CCONJ
fbem-7724	20	69	that	that	SCONJ
fbem-7724	20	70	the	the	DET
fbem-7724	20	71	failure	failure	NOUN
fbem-7724	20	72	of	of	ADP
fbem-7724	20	73	owners	owner	NOUN
fbem-7724	20	74	to	to	PART
fbem-7724	20	75	monitor	monitor	VERB
fbem-7724	20	76	managers	manager	NOUN
fbem-7724	20	77	has	have	VERB
fbem-7724	20	78	a	a	DET
fbem-7724	20	79	negative	negative	ADJ
fbem-7724	20	80	impact	impact	NOUN
fbem-7724	20	81	on	on	ADP
fbem-7724	20	82	management	management	NOUN
fbem-7724	20	83	in	in	ADP
fbem-7724	20	84	the	the	DET
fbem-7724	20	85	long	long	ADJ
fbem-7724	20	86	run	run	NOUN
fbem-7724	20	87	,	,	PUNCT
fbem-7724	20	88	i.e.	i.e.	X
fbem-7724	20	89	,	,	PUNCT
fbem-7724	20	90	concentration	concentration	NOUN
fbem-7724	20	91	of	of	ADP
fbem-7724	20	92	equity	equity	NOUN
fbem-7724	20	93	is	be	AUX
fbem-7724	20	94	effective	effective	ADJ
fbem-7724	20	95	in	in	ADP
fbem-7724	20	96	improving	improve	VERB
fbem-7724	20	97	financial	financial	ADJ
fbem-7724	20	98	performance	performance	NOUN
fbem-7724	20	99	.	.	PUNCT
fbem-7724	21	1	he	he	PRON
fbem-7724	21	2	selected	select	VERB
fbem-7724	21	3	listed	list	VERB
fbem-7724	21	4	companies	company	NOUN
fbem-7724	21	5	in	in	ADP
fbem-7724	21	6	mexico	mexico	PROPN
fbem-7724	21	7	as	as	ADP
fbem-7724	21	8	a	a	DET
fbem-7724	21	9	research	research	NOUN
fbem-7724	21	10	sample	sample	NOUN
fbem-7724	21	11	and	and	CCONJ
fbem-7724	21	12	found	find	VERB
fbem-7724	21	13	that	that	SCONJ
fbem-7724	21	14	when	when	SCONJ
fbem-7724	21	15	the	the	DET
fbem-7724	21	16	shareholding	shareholding	NOUN
fbem-7724	21	17	ratio	ratio	NOUN
fbem-7724	21	18	is	be	AUX
fbem-7724	21	19	increased	increase	VERB
fbem-7724	21	20	and	and	CCONJ
fbem-7724	21	21	the	the	DET
fbem-7724	21	22	company	company	NOUN
fbem-7724	21	23	has	have	VERB
fbem-7724	21	24	large	large	ADJ
fbem-7724	21	25	shareholders	shareholder	NOUN
fbem-7724	21	26	,	,	PUNCT
fbem-7724	21	27	they	they	PRON
fbem-7724	21	28	will	will	AUX
fbem-7724	21	29	actively	actively	ADV
fbem-7724	21	30	play	play	VERB
fbem-7724	21	31	a	a	DET
fbem-7724	21	32	supervisory	supervisory	ADJ
fbem-7724	21	33	role	role	NOUN
fbem-7724	21	34	for	for	ADP
fbem-7724	21	35	the	the	DET
fbem-7724	21	36	long	long	ADJ
fbem-7724	21	37	-	-	PUNCT
fbem-7724	21	38	term	term	NOUN
fbem-7724	21	39	development	development	NOUN
fbem-7724	21	40	of	of	ADP
fbem-7724	21	41	the	the	DET
fbem-7724	21	42	company	company	NOUN
fbem-7724	21	43	and	and	CCONJ
fbem-7724	21	44	their	their	PRON
fbem-7724	21	45	own	own	ADJ
fbem-7724	21	46	interests	interest	NOUN
fbem-7724	21	47	,	,	PUNCT
fbem-7724	21	48	which	which	PRON
fbem-7724	21	49	makes	make	VERB
fbem-7724	21	50	the	the	DET
fbem-7724	21	51	business	business	NOUN
fbem-7724	21	52	management	management	NOUN
fbem-7724	21	53	more	more	ADV
fbem-7724	21	54	standardized	standardized	ADJ
fbem-7724	21	55	and	and	CCONJ
fbem-7724	21	56	beneficial	beneficial	ADJ
fbem-7724	21	57	to	to	ADP
fbem-7724	21	58	long	long	ADJ
fbem-7724	21	59	-	-	PUNCT
fbem-7724	21	60	term	term	NOUN
fbem-7724	21	61	development	development	NOUN
fbem-7724	21	62	.	.	PUNCT
fbem-7724	22	1	on	on	ADP
fbem-7724	22	2	this	this	DET
fbem-7724	22	3	basis	basis	NOUN
fbem-7724	22	4	,	,	PUNCT
fbem-7724	22	5	our	our	PRON
fbem-7724	22	6	scholars	scholar	NOUN
fbem-7724	22	7	found	find	VERB
fbem-7724	22	8	that	that	SCONJ
fbem-7724	22	9	after	after	SCONJ
fbem-7724	22	10	the	the	DET
fbem-7724	22	11	concentration	concentration	NOUN
fbem-7724	22	12	of	of	ADP
fbem-7724	22	13	shareholding	shareholding	NOUN
fbem-7724	22	14	is	be	AUX
fbem-7724	22	15	enhanced	enhance	VERB
fbem-7724	22	16	,	,	PUNCT
fbem-7724	22	17	the	the	DET
fbem-7724	22	18	majority	majority	NOUN
fbem-7724	22	19	shareholders	shareholder	NOUN
fbem-7724	22	20	'	'	PART
fbem-7724	22	21	own	own	ADJ
fbem-7724	22	22	interests	interest	NOUN
fbem-7724	22	23	tend	tend	VERB
fbem-7724	22	24	to	to	PART
fbem-7724	22	25	be	be	AUX
fbem-7724	22	26	aligned	align	VERB
fbem-7724	22	27	with	with	ADP
fbem-7724	22	28	the	the	DET
fbem-7724	22	29	business	business	NOUN
fbem-7724	22	30	objectives	objective	NOUN
fbem-7724	22	31	of	of	ADP
fbem-7724	22	32	the	the	DET
fbem-7724	22	33	company	company	NOUN
fbem-7724	22	34	,	,	PUNCT
fbem-7724	22	35	and	and	CCONJ
fbem-7724	22	36	they	they	PRON
fbem-7724	22	37	will	will	AUX
fbem-7724	22	38	participate	participate	VERB
fbem-7724	22	39	more	more	ADV
fbem-7724	22	40	actively	actively	ADV
fbem-7724	22	41	in	in	ADP
fbem-7724	22	42	the	the	DET
fbem-7724	22	43	management	management	NOUN
fbem-7724	22	44	of	of	ADP
fbem-7724	22	45	the	the	DET
fbem-7724	22	46	company	company	NOUN
fbem-7724	22	47	,	,	PUNCT
fbem-7724	22	48	and	and	CCONJ
fbem-7724	22	49	seek	seek	VERB
fbem-7724	22	50	new	new	ADJ
fbem-7724	22	51	development	development	NOUN
fbem-7724	22	52	opportunities	opportunity	NOUN
fbem-7724	22	53	through	through	ADP
fbem-7724	22	54	the	the	DET
fbem-7724	22	55	implementation	implementation	NOUN
fbem-7724	22	56	of	of	ADP
fbem-7724	22	57	diversification	diversification	NOUN
fbem-7724	22	58	strategies	strategy	NOUN
fbem-7724	22	59	.	.	PUNCT
fbem-7724	23	1	moreover	moreover	ADV
fbem-7724	23	2	,	,	PUNCT
fbem-7724	23	3	the	the	DET
fbem-7724	23	4	high	high	ADJ
fbem-7724	23	5	shareholding	shareholding	NOUN
fbem-7724	23	6	ratio	ratio	NOUN
fbem-7724	23	7	of	of	ADP
fbem-7724	23	8	major	major	ADJ
fbem-7724	23	9	shareholders	shareholder	NOUN
fbem-7724	23	10	will	will	AUX
fbem-7724	23	11	pay	pay	VERB
fbem-7724	23	12	more	more	ADJ
fbem-7724	23	13	attention	attention	NOUN
fbem-7724	23	14	to	to	ADP
fbem-7724	23	15	the	the	DET
fbem-7724	23	16	long	long	ADJ
fbem-7724	23	17	-	-	PUNCT
fbem-7724	23	18	term	term	NOUN
fbem-7724	23	19	development	development	NOUN
fbem-7724	23	20	of	of	ADP
fbem-7724	23	21	the	the	DET
fbem-7724	23	22	enterprise	enterprise	NOUN
fbem-7724	23	23	,	,	PUNCT
fbem-7724	23	24	which	which	PRON
fbem-7724	23	25	will	will	AUX
fbem-7724	23	26	urge	urge	VERB
fbem-7724	23	27	the	the	DET
fbem-7724	23	28	enterprise	enterprise	NOUN
fbem-7724	23	29	to	to	PART
fbem-7724	23	30	assume	assume	VERB
fbem-7724	23	31	social	social	ADJ
fbem-7724	23	32	responsibility	responsibility	NOUN
fbem-7724	23	33	and	and	CCONJ
fbem-7724	23	34	achieve	achieve	VERB
fbem-7724	23	35	a	a	DET
fbem-7724	23	36	good	good	ADJ
fbem-7724	23	37	reputation	reputation	NOUN
fbem-7724	23	38	,	,	PUNCT
fbem-7724	23	39	forming	form	VERB
fbem-7724	23	40	a	a	DET
fbem-7724	23	41	favorable	favorable	ADJ
fbem-7724	23	42	external	external	ADJ
fbem-7724	23	43	environment	environment	NOUN
fbem-7724	23	44	.	.	PUNCT
fbem-7724	24	1	it	it	PRON
fbem-7724	24	2	also	also	ADV
fbem-7724	24	3	enhances	enhance	VERB
fbem-7724	24	4	the	the	DET
fbem-7724	24	5	absorptive	absorptive	ADJ
fbem-7724	24	6	capacity	capacity	NOUN
fbem-7724	24	7	of	of	ADP
fbem-7724	24	8	the	the	DET
fbem-7724	24	9	enterprise	enterprise	NOUN
fbem-7724	24	10	,	,	PUNCT
fbem-7724	24	11	and	and	CCONJ
fbem-7724	24	12	draws	draw	VERB
fbem-7724	24	13	on	on	ADP
fbem-7724	24	14	the	the	DET
fbem-7724	24	15	excellent	excellent	ADJ
fbem-7724	24	16	external	external	ADJ
fbem-7724	24	17	knowledge	knowledge	NOUN
fbem-7724	24	18	,	,	PUNCT
fbem-7724	24	19	thus	thus	ADV
fbem-7724	24	20	gaining	gain	VERB
fbem-7724	24	21	the	the	DET
fbem-7724	24	22	enterprise	enterprise	NOUN
fbem-7724	24	23	value	value	NOUN
fbem-7724	24	24	-	-	PUNCT
fbem-7724	24	25	added	add	VERB
fbem-7724	24	26	.	.	PUNCT
fbem-7724	25	1	the	the	DET
fbem-7724	25	2	centralization	centralization	NOUN
fbem-7724	25	3	of	of	ADP
fbem-7724	25	4	power	power	NOUN
fbem-7724	25	5	by	by	ADP
fbem-7724	25	6	major	major	ADJ
fbem-7724	25	7	shareholders	shareholder	NOUN
fbem-7724	25	8	also	also	ADV
fbem-7724	25	9	promotes	promote	VERB
fbem-7724	25	10	enterprises	enterprise	NOUN
fbem-7724	25	11	to	to	PART
fbem-7724	25	12	increase	increase	VERB
fbem-7724	25	13	investment	investment	NOUN
fbem-7724	25	14	in	in	ADP
fbem-7724	25	15	research	research	NOUN
fbem-7724	25	16	and	and	CCONJ
fbem-7724	25	17	development	development	NOUN
fbem-7724	25	18	[	[	X
fbem-7724	25	19	21	21	NUM
fbem-7724	25	20	]	]	PUNCT
fbem-7724	25	21	,	,	PUNCT
fbem-7724	25	22	form	form	NOUN
fbem-7724	25	23	core	core	NOUN
fbem-7724	25	24	competitiveness	competitiveness	NOUN
fbem-7724	25	25	,	,	PUNCT
fbem-7724	25	26	improve	improve	VERB
fbem-7724	25	27	operating	operating	NOUN
fbem-7724	25	28	performance	performance	NOUN
fbem-7724	25	29	,	,	PUNCT
fbem-7724	25	30	contribute	contribute	VERB
fbem-7724	25	31	to	to	PART
fbem-7724	25	32	share	share	VERB
fbem-7724	25	33	price	price	NOUN
fbem-7724	25	34	stability	stability	NOUN
fbem-7724	25	35	and	and	CCONJ
fbem-7724	25	36	reduce	reduce	VERB
fbem-7724	25	37	the	the	DET
fbem-7724	25	38	risk	risk	NOUN
fbem-7724	25	39	of	of	ADP
fbem-7724	25	40	share	share	NOUN
fbem-7724	25	41	price	price	NOUN
fbem-7724	25	42	collapse	collapse	NOUN
fbem-7724	25	43	.	.	PUNCT
fbem-7724	26	1	in	in	ADP
fbem-7724	26	2	addition	addition	NOUN
fbem-7724	26	3	,	,	PUNCT
fbem-7724	26	4	the	the	DET
fbem-7724	26	5	centralization	centralization	NOUN
fbem-7724	26	6	of	of	ADP
fbem-7724	26	7	power	power	NOUN
fbem-7724	26	8	by	by	ADP
fbem-7724	26	9	multiple	multiple	ADJ
fbem-7724	26	10	major	major	ADJ
fbem-7724	26	11	shareholders	shareholder	NOUN
fbem-7724	26	12	can	can	AUX
fbem-7724	26	13	effectively	effectively	ADV
fbem-7724	26	14	reduce	reduce	VERB
fbem-7724	26	15	excessive	excessive	ADJ
fbem-7724	26	16	risk	risk	NOUN
fbem-7724	26	17	-	-	PUNCT
fbem-7724	26	18	averse	averse	ADJ
fbem-7724	26	19	behavior	behavior	NOUN
fbem-7724	26	20	,	,	PUNCT
fbem-7724	26	21	reduce	reduce	VERB
fbem-7724	26	22	the	the	DET
fbem-7724	26	23	probability	probability	NOUN
fbem-7724	26	24	of	of	ADP
fbem-7724	26	25	cash	cash	NOUN
fbem-7724	26	26	idleness	idleness	NOUN
fbem-7724	26	27	,	,	PUNCT
fbem-7724	26	28	and	and	CCONJ
fbem-7724	26	29	enhance	enhance	VERB
fbem-7724	26	30	the	the	DET
fbem-7724	26	31	risk	risk	NOUN
fbem-7724	26	32	-	-	PUNCT
fbem-7724	26	33	taking	take	VERB
fbem-7724	26	34	capacity	capacity	NOUN
fbem-7724	26	35	of	of	ADP
fbem-7724	26	36	enterprises	enterprise	NOUN
fbem-7724	26	37	,	,	PUNCT
fbem-7724	26	38	thus	thus	ADV
fbem-7724	26	39	improving	improve	VERB
fbem-7724	26	40	investment	investment	NOUN
fbem-7724	26	41	efficiency	efficiency	NOUN
fbem-7724	26	42	and	and	CCONJ
fbem-7724	26	43	making	make	VERB
fbem-7724	26	44	enterprises	enterprise	NOUN
fbem-7724	26	45	profitable	profitable	ADJ
fbem-7724	26	46	.	.	PUNCT
fbem-7724	27	1	other	other	ADJ
fbem-7724	27	2	scholars	scholar	NOUN
fbem-7724	27	3	,	,	PUNCT
fbem-7724	27	4	based	base	VERB
fbem-7724	27	5	on	on	ADP
fbem-7724	27	6	the	the	DET
fbem-7724	27	7	context	context	NOUN
fbem-7724	27	8	of	of	ADP
fbem-7724	27	9	mixed	mixed	ADJ
fbem-7724	27	10	ownership	ownership	NOUN
fbem-7724	27	11	reform	reform	NOUN
fbem-7724	27	12	of	of	ADP
fbem-7724	27	13	soes	soe	NOUN
fbem-7724	27	14	in	in	ADP
fbem-7724	27	15	china	china	PROPN
fbem-7724	27	16	,	,	PUNCT
fbem-7724	27	17	have	have	AUX
fbem-7724	27	18	found	find	VERB
fbem-7724	27	19	that	that	SCONJ
fbem-7724	27	20	after	after	ADP
fbem-7724	27	21	the	the	DET
fbem-7724	27	22	introduction	introduction	NOUN
fbem-7724	27	23	of	of	ADP
fbem-7724	27	24	non	non	ADJ
fbem-7724	27	25	-	-	ADJ
fbem-7724	27	26	state	state	ADJ
fbem-7724	27	27	capital	capital	NOUN
fbem-7724	27	28	,	,	PUNCT
fbem-7724	27	29	it	it	PRON
fbem-7724	27	30	is	be	AUX
fbem-7724	27	31	still	still	ADV
fbem-7724	27	32	necessary	necessary	ADJ
fbem-7724	27	33	to	to	PART
fbem-7724	27	34	maintain	maintain	VERB
fbem-7724	27	35	the	the	DET
fbem-7724	27	36	concentration	concentration	NOUN
fbem-7724	27	37	of	of	ADP
fbem-7724	27	38	equity	equity	NOUN
fbem-7724	27	39	and	and	CCONJ
fbem-7724	27	40	make	make	VERB
fbem-7724	27	41	the	the	DET
fbem-7724	27	42	state	state	NOUN
fbem-7724	27	43	capital	capital	NOUN
fbem-7724	27	44	dominant	dominant	NOUN
fbem-7724	27	45	,	,	PUNCT
fbem-7724	27	46	in	in	ADP
fbem-7724	27	47	order	order	NOUN
fbem-7724	27	48	to	to	PART
fbem-7724	27	49	present	present	VERB
fbem-7724	27	50	a	a	DET
fbem-7724	27	51	positive	positive	ADJ
fbem-7724	27	52	effect	effect	NOUN
fbem-7724	27	53	on	on	ADP
fbem-7724	27	54	firm	firm	ADJ
fbem-7724	27	55	performance	performance	NOUN
fbem-7724	27	56	.	.	PUNCT
fbem-7724	28	1	second	second	ADJ
fbem-7724	28	2	,	,	PUNCT
fbem-7724	28	3	equity	equity	NOUN
fbem-7724	28	4	concentration	concentration	NOUN
fbem-7724	28	5	is	be	AUX
fbem-7724	28	6	negatively	negatively	ADV
fbem-7724	28	7	correlated	correlate	VERB
fbem-7724	28	8	with	with	ADP
fbem-7724	28	9	financial	financial	ADJ
fbem-7724	28	10	performance	performance	NOUN
fbem-7724	28	11	the	the	DET
fbem-7724	28	12	market	market	NOUN
fbem-7724	28	13	is	be	AUX
fbem-7724	28	14	liquid	liquid	ADJ
fbem-7724	28	15	and	and	CCONJ
fbem-7724	28	16	all	all	DET
fbem-7724	28	17	parties	party	NOUN
fbem-7724	28	18	can	can	AUX
fbem-7724	28	19	monitor	monitor	VERB
fbem-7724	28	20	management	management	NOUN
fbem-7724	28	21	's	's	PART
fbem-7724	28	22	behavior	behavior	NOUN
fbem-7724	28	23	and	and	CCONJ
fbem-7724	28	24	do	do	AUX
fbem-7724	28	25	not	not	PART
fbem-7724	28	26	have	have	VERB
fbem-7724	28	27	to	to	PART
fbem-7724	28	28	rely	rely	VERB
fbem-7724	28	29	only	only	ADV
fbem-7724	28	30	on	on	ADP
fbem-7724	28	31	the	the	DET
fbem-7724	28	32	majority	majority	NOUN
fbem-7724	28	33	shareholder	shareholder	NOUN
fbem-7724	28	34	.	.	PUNCT
fbem-7724	29	1	the	the	DET
fbem-7724	29	2	strengthening	strengthening	NOUN
fbem-7724	29	3	of	of	ADP
fbem-7724	29	4	the	the	DET
fbem-7724	29	5	shareholding	shareholding	NOUN
fbem-7724	29	6	structure	structure	NOUN
fbem-7724	29	7	may	may	AUX
fbem-7724	29	8	lead	lead	VERB
fbem-7724	29	9	to	to	ADP
fbem-7724	29	10	a	a	DET
fbem-7724	29	11	"	"	PUNCT
fbem-7724	29	12	one	one	NUM
fbem-7724	29	13	-	-	PUNCT
fbem-7724	29	14	talk	talk	NOUN
fbem-7724	29	15	"	"	PUNCT
fbem-7724	29	16	situation	situation	NOUN
fbem-7724	29	17	where	where	SCONJ
fbem-7724	29	18	other	other	ADJ
fbem-7724	29	19	shareholders	shareholder	NOUN
fbem-7724	29	20	have	have	VERB
fbem-7724	29	21	no	no	DET
fbem-7724	29	22	checks	check	NOUN
fbem-7724	29	23	and	and	CCONJ
fbem-7724	29	24	balances	balance	NOUN
fbem-7724	29	25	,	,	PUNCT
fbem-7724	29	26	making	make	VERB
fbem-7724	29	27	the	the	DET
fbem-7724	29	28	firm	firm	NOUN
fbem-7724	29	29	more	more	ADV
fbem-7724	29	30	prone	prone	ADJ
fbem-7724	29	31	to	to	ADP
fbem-7724	29	32	operational	operational	ADJ
fbem-7724	29	33	risks	risk	NOUN
fbem-7724	29	34	and	and	CCONJ
fbem-7724	29	35	causing	cause	VERB
fbem-7724	29	36	significant	significant	ADJ
fbem-7724	29	37	damage	damage	NOUN
fbem-7724	29	38	to	to	ADP
fbem-7724	29	39	financial	financial	ADJ
fbem-7724	29	40	performance	performance	NOUN
fbem-7724	29	41	.	.	PUNCT
fbem-7724	30	1	the	the	DET
fbem-7724	30	2	emergence	emergence	NOUN
fbem-7724	30	3	of	of	ADP
fbem-7724	30	4	overinvestment	overinvestment	ADJ
fbem-7724	30	5	due	due	ADP
fbem-7724	30	6	to	to	ADP
fbem-7724	30	7	the	the	DET
fbem-7724	30	8	preference	preference	NOUN
fbem-7724	30	9	for	for	ADP
fbem-7724	30	10	risky	risky	ADJ
fbem-7724	30	11	investment	investment	NOUN
fbem-7724	30	12	projects	project	NOUN
fbem-7724	30	13	will	will	AUX
fbem-7724	30	14	gradually	gradually	ADV
fbem-7724	30	15	weaken	weaken	VERB
fbem-7724	30	16	the	the	DET
fbem-7724	30	17	wealth	wealth	NOUN
fbem-7724	30	18	and	and	CCONJ
fbem-7724	30	19	resources	resource	NOUN
fbem-7724	30	20	of	of	ADP
fbem-7724	30	21	listed	list	VERB
fbem-7724	30	22	companies	company	NOUN
fbem-7724	30	23	.	.	PUNCT
fbem-7724	31	1	other	other	ADJ
fbem-7724	31	2	scholars	scholar	NOUN
fbem-7724	31	3	take	take	VERB
fbem-7724	31	4	enterprise	enterprise	NOUN
fbem-7724	31	5	connected	connect	VERB
fbem-7724	31	6	transactions	transaction	NOUN
fbem-7724	31	7	as	as	ADP
fbem-7724	31	8	a	a	DET
fbem-7724	31	9	foothold	foothold	NOUN
fbem-7724	31	10	and	and	CCONJ
fbem-7724	31	11	find	find	VERB
fbem-7724	31	12	that	that	SCONJ
fbem-7724	31	13	the	the	DET
fbem-7724	31	14	scale	scale	NOUN
fbem-7724	31	15	of	of	ADP
fbem-7724	31	16	connected	connected	ADJ
fbem-7724	31	17	transactions	transaction	NOUN
fbem-7724	31	18	will	will	AUX
fbem-7724	31	19	expand	expand	VERB
fbem-7724	31	20	when	when	SCONJ
fbem-7724	31	21	the	the	DET
fbem-7724	31	22	equity	equity	NOUN
fbem-7724	31	23	is	be	AUX
fbem-7724	31	24	highly	highly	ADV
fbem-7724	31	25	concentrated	concentrated	ADJ
fbem-7724	31	26	,	,	PUNCT
fbem-7724	31	27	and	and	CCONJ
fbem-7724	31	28	controlling	control	VERB
fbem-7724	31	29	shareholders	shareholder	NOUN
fbem-7724	31	30	are	be	AUX
fbem-7724	31	31	very	very	ADV
fbem-7724	31	32	likely	likely	ADJ
fbem-7724	31	33	to	to	PART
fbem-7724	31	34	take	take	VERB
fbem-7724	31	35	advantage	advantage	NOUN
fbem-7724	31	36	of	of	ADP
fbem-7724	31	37	the	the	DET
fbem-7724	31	38	loopholes	loophole	NOUN
fbem-7724	31	39	of	of	ADP
fbem-7724	31	40	internal	internal	ADJ
fbem-7724	31	41	governance	governance	NOUN
fbem-7724	31	42	structure	structure	NOUN
fbem-7724	31	43	to	to	PART
fbem-7724	31	44	transfer	transfer	VERB
fbem-7724	31	45	benefits	benefit	NOUN
fbem-7724	31	46	through	through	ADP
fbem-7724	31	47	non	non	ADJ
fbem-7724	31	48	-	-	ADJ
fbem-7724	31	49	fair	fair	ADJ
fbem-7724	31	50	connected	connected	ADJ
fbem-7724	31	51	transactions	transaction	NOUN
fbem-7724	31	52	in	in	ADP
fbem-7724	31	53	the	the	DET
fbem-7724	31	54	absence	absence	NOUN
fbem-7724	31	55	of	of	ADP
fbem-7724	31	56	effective	effective	ADJ
fbem-7724	31	57	supervision	supervision	NOUN
fbem-7724	31	58	,	,	PUNCT
fbem-7724	31	59	and	and	CCONJ
fbem-7724	31	60	seize	seize	VERB
fbem-7724	31	61	private	private	ADJ
fbem-7724	31	62	profits	profit	NOUN
fbem-7724	31	63	to	to	PART
fbem-7724	31	64	hollow	hollow	VERB
fbem-7724	31	65	out	out	ADP
fbem-7724	31	66	the	the	DET
fbem-7724	31	67	enterprise	enterprise	NOUN
fbem-7724	31	68	.	.	PUNCT
fbem-7724	32	1	2	2	X
fbem-7724	32	2	.	.	X
fbem-7724	32	3	shareholding	shareholding	NOUN
fbem-7724	32	4	structure	structure	NOUN
fbem-7724	32	5	and	and	CCONJ
fbem-7724	32	6	social	social	ADJ
fbem-7724	32	7	responsibility	responsibility	NOUN
fbem-7724	32	8	the	the	DET
fbem-7724	32	9	shareholding	shareholding	NOUN
fbem-7724	32	10	structure	structure	NOUN
fbem-7724	32	11	is	be	AUX
fbem-7724	32	12	the	the	DET
fbem-7724	32	13	most	most	ADV
fbem-7724	32	14	important	important	ADJ
fbem-7724	32	15	factor	factor	NOUN
fbem-7724	32	16	determining	determine	VERB
fbem-7724	32	17	the	the	DET
fbem-7724	32	18	effectiveness	effectiveness	NOUN
fbem-7724	32	19	of	of	ADP
fbem-7724	32	20	corporate	corporate	ADJ
fbem-7724	32	21	governance	governance	NOUN
fbem-7724	32	22	mechanism	mechanism	NOUN
fbem-7724	32	23	,	,	PUNCT
fbem-7724	32	24	which	which	PRON
fbem-7724	32	25	inevitably	inevitably	ADV
fbem-7724	32	26	affects	affect	VERB
fbem-7724	32	27	the	the	DET
fbem-7724	32	28	fulfillment	fulfillment	NOUN
fbem-7724	32	29	of	of	ADP
fbem-7724	32	30	social	social	ADJ
fbem-7724	32	31	responsibility	responsibility	NOUN
fbem-7724	32	32	of	of	ADP
fbem-7724	32	33	listed	list	VERB
fbem-7724	32	34	companies	company	NOUN
fbem-7724	32	35	.	.	PUNCT
fbem-7724	33	1	with	with	ADP
fbem-7724	33	2	the	the	DET
fbem-7724	33	3	gradual	gradual	ADJ
fbem-7724	33	4	deepening	deepening	NOUN
fbem-7724	33	5	of	of	ADP
fbem-7724	33	6	the	the	DET
fbem-7724	33	7	research	research	NOUN
fbem-7724	33	8	on	on	ADP
fbem-7724	33	9	csr	csr	PROPN
fbem-7724	33	10	,	,	PUNCT
fbem-7724	33	11	the	the	DET
fbem-7724	33	12	use	use	NOUN
fbem-7724	33	13	of	of	ADP
fbem-7724	33	14	stakeholder	stakeholder	NOUN
fbem-7724	33	15	theory	theory	NOUN
fbem-7724	33	16	to	to	PART
fbem-7724	33	17	explore	explore	VERB
fbem-7724	33	18	csr	csr	NOUN
fbem-7724	33	19	issues	issue	NOUN
fbem-7724	33	20	has	have	AUX
fbem-7724	33	21	also	also	ADV
fbem-7724	33	22	become	become	VERB
fbem-7724	33	23	the	the	DET
fbem-7724	33	24	mainstream	mainstream	NOUN
fbem-7724	33	25	of	of	ADP
fbem-7724	33	26	theoretical	theoretical	ADJ
fbem-7724	33	27	research	research	NOUN
fbem-7724	33	28	.	.	PUNCT
fbem-7724	34	1	and	and	CCONJ
fbem-7724	34	2	all	all	DET
fbem-7724	34	3	csr	csr	NOUN
fbem-7724	34	4	subjects	subject	NOUN
fbem-7724	34	5	can	can	AUX
fbem-7724	34	6	be	be	AUX
fbem-7724	34	7	categorized	categorize	VERB
fbem-7724	34	8	into	into	ADP
fbem-7724	34	9	three	three	NUM
fbem-7724	34	10	kinds	kind	NOUN
fbem-7724	34	11	of	of	ADP
fbem-7724	34	12	external	external	ADJ
fbem-7724	34	13	society	society	NOUN
fbem-7724	34	14	,	,	PUNCT
fbem-7724	34	15	shareholders	shareholder	NOUN
fbem-7724	34	16	and	and	CCONJ
fbem-7724	34	17	internal	internal	ADJ
fbem-7724	34	18	employees	employee	NOUN
fbem-7724	34	19	.	.	PUNCT
fbem-7724	35	1	among	among	ADP
fbem-7724	35	2	them	they	PRON
fbem-7724	35	3	,	,	PUNCT
fbem-7724	35	4	shareholders	shareholder	NOUN
fbem-7724	35	5	have	have	VERB
fbem-7724	35	6	a	a	DET
fbem-7724	35	7	direct	direct	ADJ
fbem-7724	35	8	influence	influence	NOUN
fbem-7724	35	9	on	on	ADP
fbem-7724	35	10	csr	csr	PROPN
fbem-7724	35	11	.	.	PUNCT
fbem-7724	36	1	many	many	ADJ
fbem-7724	36	2	normative	normative	ADJ
fbem-7724	36	3	studies	study	NOUN
fbem-7724	36	4	have	have	AUX
fbem-7724	36	5	shown	show	VERB
fbem-7724	36	6	that	that	SCONJ
fbem-7724	36	7	soes	soe	NOUN
fbem-7724	36	8	often	often	ADV
fbem-7724	36	9	take	take	VERB
fbem-7724	36	10	on	on	ADP
fbem-7724	36	11	special	special	ADJ
fbem-7724	36	12	important	important	ADJ
fbem-7724	36	13	social	social	ADJ
fbem-7724	36	14	goals	goal	NOUN
fbem-7724	36	15	that	that	PRON
fbem-7724	36	16	are	be	AUX
fbem-7724	36	17	difficult	difficult	ADJ
fbem-7724	36	18	to	to	PART
fbem-7724	36	19	be	be	AUX
fbem-7724	36	20	achieved	achieve	VERB
fbem-7724	36	21	by	by	ADP
fbem-7724	36	22	non	non	ADJ
fbem-7724	36	23	-	-	NOUN
fbem-7724	36	24	soes	soe	NOUN
fbem-7724	36	25	,	,	PUNCT
fbem-7724	36	26	and	and	CCONJ
fbem-7724	36	27	the	the	DET
fbem-7724	36	28	state	state	NOUN
fbem-7724	36	29	's	's	PART
fbem-7724	36	30	assessment	assessment	NOUN
fbem-7724	36	31	requirements	requirement	NOUN
fbem-7724	36	32	for	for	ADP
fbem-7724	36	33	soes	soe	NOUN
fbem-7724	36	34	in	in	ADP
fbem-7724	36	35	this	this	DET
fbem-7724	36	36	regard	regard	NOUN
fbem-7724	36	37	are	be	AUX
fbem-7724	36	38	even	even	ADV
fbem-7724	36	39	higher	high	ADJ
fbem-7724	36	40	than	than	ADP
fbem-7724	36	41	economic	economic	ADJ
fbem-7724	36	42	goals	goal	NOUN
fbem-7724	36	43	.	.	PUNCT
fbem-7724	37	1	the	the	PRON
fbem-7724	37	2	higher	high	ADJ
fbem-7724	37	3	the	the	DET
fbem-7724	37	4	ratio	ratio	NOUN
fbem-7724	37	5	of	of	ADP
fbem-7724	37	6	foreign	foreign	ADJ
fbem-7724	37	7	capital	capital	NOUN
fbem-7724	37	8	in	in	ADP
fbem-7724	37	9	a	a	DET
fbem-7724	37	10	joint	joint	ADJ
fbem-7724	37	11	venture	venture	NOUN
fbem-7724	37	12	,	,	PUNCT
fbem-7724	37	13	the	the	PRON
fbem-7724	37	14	more	more	ADV
fbem-7724	37	15	effective	effective	ADJ
fbem-7724	37	16	the	the	DET
fbem-7724	37	17	protection	protection	NOUN
fbem-7724	37	18	of	of	ADP
fbem-7724	37	19	shareholders	shareholder	NOUN
fbem-7724	37	20	'	'	PART
fbem-7724	37	21	interests	interest	NOUN
fbem-7724	37	22	and	and	CCONJ
fbem-7724	37	23	employees	employee	NOUN
fbem-7724	37	24	'	'	PART
fbem-7724	37	25	interests	interest	NOUN
fbem-7724	37	26	,	,	PUNCT
fbem-7724	37	27	but	but	CCONJ
fbem-7724	37	28	the	the	DET
fbem-7724	37	29	protection	protection	NOUN
fbem-7724	37	30	of	of	ADP
fbem-7724	37	31	social	social	ADJ
fbem-7724	37	32	interests	interest	NOUN
fbem-7724	37	33	was	be	AUX
fbem-7724	37	34	not	not	PART
fbem-7724	37	35	obvious	obvious	ADJ
fbem-7724	37	36	.	.	PUNCT
fbem-7724	38	1	3	3	X
fbem-7724	38	2	.	.	X
fbem-7724	38	3	conclusion	conclusion	NOUN
fbem-7724	38	4	this	this	DET
fbem-7724	38	5	study	study	NOUN
fbem-7724	38	6	provides	provide	VERB
fbem-7724	38	7	experience	experience	NOUN
fbem-7724	38	8	for	for	SCONJ
fbem-7724	38	9	enterprises	enterprise	NOUN
fbem-7724	38	10	to	to	PART
fbem-7724	38	11	fulfill	fulfill	VERB
fbem-7724	38	12	their	their	PRON
fbem-7724	38	13	social	social	ADJ
fbem-7724	38	14	responsibilities	responsibility	NOUN
fbem-7724	38	15	,	,	PUNCT
fbem-7724	38	16	explores	explore	VERB
fbem-7724	38	17	reasonable	reasonable	ADJ
fbem-7724	38	18	internal	internal	ADJ
fbem-7724	38	19	governance	governance	NOUN
fbem-7724	38	20	structures	structure	NOUN
fbem-7724	38	21	,	,	PUNCT
fbem-7724	38	22	and	and	CCONJ
fbem-7724	38	23	provides	provide	VERB
fbem-7724	38	24	more	more	ADJ
fbem-7724	38	25	decision	decision	NOUN
fbem-7724	38	26	-	-	PUNCT
fbem-7724	38	27	making	make	VERB
fbem-7724	38	28	basis	basis	NOUN
fbem-7724	38	29	and	and	CCONJ
fbem-7724	38	30	theoretical	theoretical	ADJ
fbem-7724	38	31	guidance	guidance	NOUN
fbem-7724	38	32	for	for	ADP
fbem-7724	38	33	decision	decision	NOUN
fbem-7724	38	34	-	-	PUNCT
fbem-7724	38	35	makers	maker	NOUN
fbem-7724	38	36	in	in	ADP
fbem-7724	38	37	enterprises	enterprise	NOUN
fbem-7724	38	38	.	.	PUNCT
fbem-7724	39	1	as	as	ADP
fbem-7724	39	2	the	the	DET
fbem-7724	39	3	main	main	ADJ
fbem-7724	39	4	force	force	NOUN
fbem-7724	39	5	of	of	ADP
fbem-7724	39	6	the	the	DET
fbem-7724	39	7	social	social	ADJ
fbem-7724	39	8	economy	economy	NOUN
fbem-7724	39	9	,	,	PUNCT
fbem-7724	39	10	the	the	DET
fbem-7724	39	11	behavior	behavior	NOUN
fbem-7724	39	12	of	of	ADP
fbem-7724	39	13	enterprises	enterprise	NOUN
fbem-7724	39	14	is	be	AUX
fbem-7724	39	15	the	the	DET
fbem-7724	39	16	result	result	NOUN
fbem-7724	39	17	of	of	ADP
fbem-7724	39	18	the	the	DET
fbem-7724	39	19	joint	joint	ADJ
fbem-7724	39	20	action	action	NOUN
fbem-7724	39	21	of	of	ADP
fbem-7724	39	22	internal	internal	ADJ
fbem-7724	39	23	and	and	CCONJ
fbem-7724	39	24	external	external	ADJ
fbem-7724	39	25	factors	factor	NOUN
fbem-7724	39	26	.	.	PUNCT
fbem-7724	40	1	from	from	ADP
fbem-7724	40	2	a	a	DET
fbem-7724	40	3	philosophical	philosophical	ADJ
fbem-7724	40	4	perspective	perspective	NOUN
fbem-7724	40	5	,	,	PUNCT
fbem-7724	40	6	external	external	ADJ
fbem-7724	40	7	factors	factor	NOUN
fbem-7724	40	8	must	must	AUX
fbem-7724	40	9	come	come	VERB
fbem-7724	40	10	into	into	ADP
fbem-7724	40	11	play	play	NOUN
fbem-7724	40	12	through	through	ADP
fbem-7724	40	13	internal	internal	ADJ
fbem-7724	40	14	factors	factor	NOUN
fbem-7724	40	15	.	.	PUNCT
fbem-7724	41	1	therefore	therefore	ADV
fbem-7724	41	2	,	,	PUNCT
fbem-7724	41	3	identifying	identify	VERB
fbem-7724	41	4	internal	internal	ADJ
fbem-7724	41	5	factors	factor	NOUN
fbem-7724	41	6	that	that	PRON
fbem-7724	41	7	have	have	VERB
fbem-7724	41	8	a	a	DET
fbem-7724	41	9	significant	significant	ADJ
fbem-7724	41	10	impact	impact	NOUN
fbem-7724	41	11	on	on	ADP
fbem-7724	41	12	the	the	DET
fbem-7724	41	13	development	development	NOUN
fbem-7724	41	14	of	of	ADP
fbem-7724	41	15	enterprises	enterprise	NOUN
fbem-7724	41	16	can	can	AUX
fbem-7724	41	17	promote	promote	VERB
fbem-7724	41	18	their	their	PRON
fbem-7724	41	19	green	green	ADJ
fbem-7724	41	20	and	and	CCONJ
fbem-7724	41	21	healthy	healthy	ADJ
fbem-7724	41	22	development	development	NOUN
fbem-7724	41	23	.	.	PUNCT
fbem-7724	42	1	references	reference	NOUN
fbem-7724	42	2	[	[	X
fbem-7724	42	3	1	1	NUM
fbem-7724	42	4	]	]	PUNCT
fbem-7724	42	5	zhang	zhang	PROPN
fbem-7724	42	6	rong	rong	PROPN
fbem-7724	42	7	.	.	PUNCT
fbem-7724	43	1	research	research	NOUN
fbem-7724	43	2	on	on	ADP
fbem-7724	43	3	the	the	DET
fbem-7724	43	4	impact	impact	NOUN
fbem-7724	43	5	of	of	ADP
fbem-7724	43	6	state	state	NOUN
fbem-7724	43	7	owned	own	VERB
fbem-7724	43	8	enterprise	enterprise	NOUN
fbem-7724	43	9	equity	equity	NOUN
fbem-7724	43	10	structure	structure	NOUN
fbem-7724	43	11	on	on	ADP
fbem-7724	43	12	business	business	NOUN
fbem-7724	43	13	performance	performance	NOUN
fbem-7724	43	14	:	:	PUNCT
fbem-7724	43	15	an	an	DET
fbem-7724	43	16	empirical	empirical	ADJ
fbem-7724	43	17	analysis	analysis	NOUN
fbem-7724	43	18	based	base	VERB
fbem-7724	43	19	on	on	ADP
fbem-7724	43	20	data	datum	NOUN
fbem-7724	43	21	from	from	ADP
fbem-7724	43	22	liaoning	liaoning	PROPN
fbem-7724	43	23	state	state	PROPN
fbem-7724	43	24	owned	own	VERB
fbem-7724	43	25	listed	list	VERB
fbem-7724	43	26	companies	company	NOUN
fbem-7724	44	1	[	[	X
fbem-7724	44	2	j	j	X
fbem-7724	44	3	]	]	X
fbem-7724	44	4	.	.	PUNCT
fbem-7724	45	1	friends	friend	NOUN
fbem-7724	45	2	of	of	ADP
fbem-7724	45	3	accounting,2018(06):85	accounting,2018(06):85	PROPN
fbem-7724	45	4	-	-	PUNCT
fbem-7724	45	5	89	89	NUM
fbem-7724	45	6	.	.	PUNCT
fbem-7724	46	1	[	[	X
fbem-7724	46	2	2	2	NUM
fbem-7724	46	3	]	]	PUNCT
fbem-7724	46	4	huo	huo	PROPN
fbem-7724	46	5	xiaoping	xiaoping	PROPN
fbem-7724	46	6	,	,	PUNCT
fbem-7724	46	7	li	li	PROPN
fbem-7724	46	8	huawei	huawei	PROPN
fbem-7724	46	9	,	,	PUNCT
fbem-7724	46	10	qiu	qiu	PROPN
fbem-7724	46	11	sai	sai	PROPN
fbem-7724	46	12	.	.	PUNCT
fbem-7724	47	1	equity	equity	NOUN
fbem-7724	47	2	structure	structure	NOUN
fbem-7724	47	3	,	,	PUNCT
fbem-7724	47	4	executive	executive	NOUN
fbem-7724	47	5	compensation	compensation	NOUN
fbem-7724	47	6	gap	gap	NOUN
fbem-7724	47	7	,	,	PUNCT
fbem-7724	47	8	and	and	CCONJ
fbem-7724	47	9	corporate	corporate	ADJ
fbem-7724	47	10	performance	performance	NOUN
fbem-7724	48	1	[	[	X
fbem-7724	48	2	j	j	X
fbem-7724	48	3	]	]	X
fbem-7724	48	4	.	.	PUNCT
fbem-7724	49	1	friends	friend	NOUN
fbem-7724	49	2	of	of	ADP
fbem-7724	49	3	accounting	accounting	NOUN
fbem-7724	49	4	,	,	PUNCT
fbem-7724	49	5	2019	2019	NUM
fbem-7724	49	6	(	(	PUNCT
fbem-7724	49	7	18	18	NUM
fbem-7724	49	8	):	):	PUNCT
fbem-7724	49	9	25	25	NUM
fbem-7724	49	10	-	-	SYM
fbem-7724	49	11	31	31	NUM
fbem-7724	49	12	.	.	PUNCT
fbem-7724	50	1	[	[	X
fbem-7724	50	2	3	3	X
fbem-7724	50	3	]	]	X
fbem-7724	50	4	zhang	zhang	PROPN
fbem-7724	50	5	weidong	weidong	PROPN
fbem-7724	50	6	,	,	PUNCT
fbem-7724	50	7	zhang	zhang	PROPN
fbem-7724	50	8	jiangkai	jiangkai	PROPN
fbem-7724	50	9	,	,	PUNCT
fbem-7724	50	10	cheng	cheng	PROPN
fbem-7724	50	11	zhice	zhice	PROPN
fbem-7724	50	12	,	,	PUNCT
fbem-7724	50	13	xu	xu	PROPN
fbem-7724	50	14	xiang	xiang	PROPN
fbem-7724	50	15	.	.	PUNCT
fbem-7724	51	1	asset	asset	NOUN
fbem-7724	51	2	injection	injection	NOUN
fbem-7724	51	3	,	,	PUNCT
fbem-7724	51	4	pyramid	pyramid	NOUN
fbem-7724	51	5	equity	equity	NOUN
fbem-7724	51	6	structure	structure	NOUN
fbem-7724	51	7	,	,	PUNCT
fbem-7724	51	8	and	and	CCONJ
fbem-7724	51	9	corporate	corporate	ADJ
fbem-7724	51	10	performance	performance	NOUN
fbem-7724	51	11	under	under	ADP
fbem-7724	51	12	government	government	NOUN
fbem-7724	51	13	intervention	intervention	NOUN
fbem-7724	51	14	:	:	PUNCT
fbem-7724	51	15	empirical	empirical	ADJ
fbem-7724	51	16	evidence	evidence	NOUN
fbem-7724	51	17	from	from	ADP
fbem-7724	51	18	asset	asset	NOUN
fbem-7724	51	19	injection	injection	NOUN
fbem-7724	51	20	in	in	ADP
fbem-7724	51	21	local	local	ADJ
fbem-7724	51	22	state	state	NOUN
fbem-7724	51	23	-	-	PUNCT
fbem-7724	51	24	owned	own	VERB
fbem-7724	51	25	holding	hold	VERB
fbem-7724	51	26	listed	list	VERB
fbem-7724	51	27	companies	company	NOUN
fbem-7724	51	28	in	in	ADP
fbem-7724	51	29	china	china	PROPN
fbem-7724	52	1	[	[	X
fbem-7724	52	2	j].accounting	j].accounte	VERB
fbem-7724	52	3	research	research	NOUN
fbem-7724	52	4	,	,	PUNCT
fbem-7724	52	5	2015	2015	NUM
fbem-7724	52	6	(	(	PUNCT
fbem-7724	52	7	03	03	NUM
fbem-7724	52	8	):	):	PUNCT
fbem-7724	52	9	42	42	NUM
fbem-7724	52	10	-	-	SYM
fbem-7724	52	11	49	49	NUM
fbem-7724	52	12	+	+	NOUN
fbem-7724	52	13	94	94	NUM
fbem-7724	52	14	.	.	PUNCT
fbem-7724	53	1	[	[	X
fbem-7724	53	2	4	4	NUM
fbem-7724	53	3	]	]	X
fbem-7724	53	4	guo	guo	PROPN
fbem-7724	53	5	qianwen	qianwen	PROPN
fbem-7724	53	6	,	,	PUNCT
fbem-7724	53	7	xu	xu	PROPN
fbem-7724	53	8	huanzhang	huanzhang	PROPN
fbem-7724	53	9	,	,	PUNCT
fbem-7724	53	10	wang	wang	PROPN
fbem-7724	53	11	yi	yi	PROPN
fbem-7724	53	12	.	.	PUNCT
fbem-7724	54	1	research	research	NOUN
fbem-7724	54	2	and	and	CCONJ
fbem-7724	54	3	development	development	NOUN
fbem-7724	54	4	investment	investment	NOUN
fbem-7724	54	5	,	,	PUNCT
fbem-7724	54	6	equity	equity	NOUN
fbem-7724	54	7	structure	structure	NOUN
fbem-7724	54	8	,	,	PUNCT
fbem-7724	54	9	and	and	CCONJ
fbem-7724	54	10	corporate	corporate	ADJ
fbem-7724	54	11	performance	performance	NOUN
fbem-7724	55	1	[	[	X
fbem-7724	55	2	j	j	X
fbem-7724	55	3	]	]	X
fbem-7724	55	4	.	.	PUNCT
fbem-7724	56	1	financial	financial	ADJ
fbem-7724	56	2	and	and	CCONJ
fbem-7724	56	3	accounting	accounting	NOUN
fbem-7724	56	4	communication	communication	NOUN
fbem-7724	56	5	,	,	PUNCT
fbem-7724	56	6	2020(12):50	2020(12):50	NUM
fbem-7724	56	7	-	-	SYM
fbem-7724	56	8	57	57	NUM
fbem-7724	56	9	.	.	PUNCT
fbem-7724	57	1	[	[	X
fbem-7724	57	2	5	5	NUM
fbem-7724	57	3	]	]	X
fbem-7724	57	4	chi	chi	PROPN
fbem-7724	57	5	zheng	zheng	PROPN
fbem-7724	57	6	.	.	PUNCT
fbem-7724	58	1	research	research	NOUN
fbem-7724	58	2	on	on	ADP
fbem-7724	58	3	the	the	DET
fbem-7724	58	4	relationship	relationship	NOUN
fbem-7724	58	5	between	between	ADP
fbem-7724	58	6	equity	equity	NOUN
fbem-7724	58	7	structure	structure	NOUN
fbem-7724	58	8	and	and	CCONJ
fbem-7724	58	9	corporate	corporate	ADJ
fbem-7724	58	10	performance	performance	NOUN
fbem-7724	58	11	of	of	ADP
fbem-7724	58	12	chinese	chinese	ADJ
fbem-7724	58	13	export	export	NOUN
fbem-7724	58	14	enterprises	enterprise	NOUN
fbem-7724	58	15	[	[	X
fbem-7724	58	16	j	j	X
fbem-7724	58	17	]	]	X
fbem-7724	58	18	.	.	PUNCT
fbem-7724	59	1	journal	journal	PROPN
fbem-7724	59	2	of	of	ADP
fbem-7724	59	3	beijing	beijing	PROPN
fbem-7724	59	4	business	business	PROPN
fbem-7724	59	5	university	university	PROPN
fbem-7724	59	6	(	(	PUNCT
fbem-7724	59	7	social	social	ADJ
fbem-7724	59	8	sciences	science	NOUN
fbem-7724	59	9	edition),2018,33(05):73	edition),2018,33(05):73	ADV
fbem-7724	59	10	-	-	PUNCT
fbem-7724	59	11	80	80	NUM
fbem-7724	59	12	.	.	PUNCT
fbem-7724	60	1	[	[	X
fbem-7724	60	2	6	6	NUM
fbem-7724	60	3	]	]	X
fbem-7724	60	4	bin	bin	NOUN
fbem-7724	60	5	ke	ke	PROPN
fbem-7724	60	6	,	,	PUNCT
fbem-7724	60	7	lanfang	lanfang	NOUN
fbem-7724	60	8	wang.mixed	wang.mixed	NUM
fbem-7724	60	9	ownership	ownership	NOUN
fbem-7724	60	10	and	and	CCONJ
fbem-7724	60	11	firm	firm	ADJ
fbem-7724	60	12	performance	performance	NOUN
fbem-7724	60	13	:	:	PUNCT
fbem-7724	60	14	evidence	evidence	NOUN
fbem-7724	60	15	from	from	ADP
fbem-7724	60	16	the	the	DET
fbem-7724	60	17	chinese	chinese	ADJ
fbem-7724	60	18	venture	venture	NOUN
fbem-7724	60	19	capital	capital	NOUN
fbem-7724	60	20	industry.[j	industry.[j	PROPN
fbem-7724	60	21	]	]	X
fbem-7724	60	22	emerging	emerge	VERB
fbem-7724	60	23	markets	market	NOUN
fbem-7724	60	24	review.2020(10	review.2020(10	VERB
fbem-7724	60	25	):	):	PUNCT
fbem-7724	60	26	1	1	NUM
fbem-7724	60	27	-	-	SYM
fbem-7724	60	28	34	34	NUM
fbem-7724	60	29	.	.	PUNCT
fbem-7724	60	30	75	75	NUM
fbem-7724	61	1	[	[	SYM
fbem-7724	61	2	7	7	NUM
fbem-7724	61	3	]	]	X
fbem-7724	61	4	jensen	jensen	PROPN
fbem-7724	61	5	,	,	PUNCT
fbem-7724	61	6	meckling.theory	meckling.theory	NOUN
fbem-7724	61	7	of	of	ADP
fbem-7724	61	8	the	the	DET
fbem-7724	61	9	firm	firm	NOUN
fbem-7724	61	10	:	:	PUNCT
fbem-7724	61	11	managerial	managerial	ADJ
fbem-7724	61	12	behavior	behavior	NOUN
fbem-7724	61	13	agency	agency	NOUN
fbem-7724	61	14	costs	cost	NOUN
fbem-7724	61	15	and	and	CCONJ
fbem-7724	61	16	ownership	ownership	NOUN
fbem-7724	61	17	structure[j].journal	structure[j].journal	NOUN
fbem-7724	61	18	of	of	ADP
fbem-7724	61	19	financial	financial	ADJ
fbem-7724	61	20	economics	economic	NOUN
fbem-7724	61	21	,	,	PUNCT
fbem-7724	61	22	1976(10	1976(10	NUM
fbem-7724	61	23	)	)	PUNCT
fbem-7724	61	24	.	.	PUNCT
fbem-7724	62	1	[	[	X
fbem-7724	62	2	8	8	NUM
fbem-7724	62	3	]	]	X
fbem-7724	62	4	morck	morck	PROPN
fbem-7724	62	5	r	r	PROPN
fbem-7724	62	6	,	,	PUNCT
fbem-7724	62	7	shleifer	shleifer	VERB
fbem-7724	62	8	a	a	PRON
fbem-7724	62	9	,	,	PUNCT
fbem-7724	62	10	vishny	vishny	PROPN
fbem-7724	62	11	r.	r.	PROPN
fbem-7724	62	12	management	management	PROPN
fbem-7724	62	13	ownership	ownership	NOUN
fbem-7724	62	14	and	and	CCONJ
fbem-7724	62	15	market	market	NOUN
fbem-7724	62	16	valuation	valuation	NOUN
fbem-7724	62	17	:	:	PUNCT
fbem-7724	62	18	an	an	DET
fbem-7724	62	19	empirical	empirical	ADJ
fbem-7724	62	20	analysis	analysis	NOUN
fbem-7724	63	1	[	[	X
fbem-7724	63	2	j	j	X
fbem-7724	63	3	]	]	X
fbem-7724	63	4	.	.	PUNCT
fbem-7724	64	1	journal	journal	PROPN
fbem-7724	64	2	of	of	ADP
fbem-7724	64	3	financial	financial	ADJ
fbem-7724	64	4	economics	economic	NOUN
fbem-7724	64	5	,	,	PUNCT
fbem-7724	64	6	1988(20	1988(20	NUM
fbem-7724	64	7	)	)	PUNCT
fbem-7724	64	8	.	.	PUNCT