id	sid	tid	token	lemma	pos
fbem-871	1	1	frontiers	frontier	NOUN
fbem-871	1	2	in	in	ADP
fbem-871	1	3	business	business	NOUN
fbem-871	1	4	,	,	PUNCT
fbem-871	1	5	economics	economic	NOUN
fbem-871	1	6	and	and	CCONJ
fbem-871	1	7	management	management	NOUN
fbem-871	1	8	issn	issn	PROPN
fbem-871	1	9	:	:	PUNCT
fbem-871	1	10	2766	2766	NUM
fbem-871	1	11	-	-	PUNCT
fbem-871	1	12	824x	824x	NUM
fbem-871	1	13	|	|	ADJ
fbem-871	1	14	vol	vol	NOUN
fbem-871	1	15	.	.	PROPN
fbem-871	2	1	4	4	NUM
fbem-871	2	2	,	,	PUNCT
fbem-871	2	3	no	no	INTJ
fbem-871	2	4	.	.	NOUN
fbem-871	2	5	2	2	NUM
fbem-871	2	6	,	,	PUNCT
fbem-871	2	7	2022	2022	NUM
fbem-871	2	8	111	111	NUM
fbem-871	2	9	business	business	NOUN
fbem-871	2	10	groups	group	NOUN
fbem-871	2	11	and	and	CCONJ
fbem-871	2	12	non‐efficient	non‐efficient	NUM
fbem-871	2	13	investments	investment	NOUN
fbem-871	2	14	hui	hui	PROPN
fbem-871	2	15	tang	tang	PROPN
fbem-871	2	16	*	*	PROPN
fbem-871	2	17	huazhong	huazhong	PROPN
fbem-871	2	18	university	university	PROPN
fbem-871	2	19	of	of	ADP
fbem-871	2	20	science	science	NOUN
fbem-871	2	21	and	and	CCONJ
fbem-871	2	22	technology	technology	NOUN
fbem-871	2	23	,	,	PUNCT
fbem-871	2	24	wuhan	wuhan	PROPN
fbem-871	2	25	430074	430074	PROPN
fbem-871	2	26	,	,	PUNCT
fbem-871	2	27	china	china	PROPN
fbem-871	2	28	abstract	abstract	NOUN
fbem-871	2	29	:	:	PUNCT
fbem-871	2	30	this	this	DET
fbem-871	2	31	paper	paper	NOUN
fbem-871	2	32	takes	take	VERB
fbem-871	2	33	china	china	PROPN
fbem-871	2	34	's	's	PART
fbem-871	2	35	a	a	DET
fbem-871	2	36	-	-	PUNCT
fbem-871	2	37	share	share	NOUN
fbem-871	2	38	listed	list	VERB
fbem-871	2	39	companies	company	NOUN
fbem-871	2	40	from	from	ADP
fbem-871	2	41	2012	2012	NUM
fbem-871	2	42	to	to	ADP
fbem-871	2	43	2019	2019	NUM
fbem-871	2	44	as	as	ADP
fbem-871	2	45	a	a	DET
fbem-871	2	46	sample	sample	NOUN
fbem-871	2	47	to	to	PART
fbem-871	2	48	study	study	VERB
fbem-871	2	49	the	the	DET
fbem-871	2	50	impact	impact	NOUN
fbem-871	2	51	of	of	ADP
fbem-871	2	52	business	business	NOUN
fbem-871	2	53	groups	group	NOUN
fbem-871	2	54	on	on	ADP
fbem-871	2	55	non	non	ADJ
fbem-871	2	56	-	-	ADJ
fbem-871	2	57	efficient	efficient	ADJ
fbem-871	2	58	investments	investment	NOUN
fbem-871	2	59	.	.	PUNCT
fbem-871	3	1	the	the	DET
fbem-871	3	2	study	study	NOUN
fbem-871	3	3	found	find	VERB
fbem-871	3	4	that	that	SCONJ
fbem-871	3	5	business	business	NOUN
fbem-871	3	6	groups	group	NOUN
fbem-871	3	7	will	will	AUX
fbem-871	3	8	reduce	reduce	VERB
fbem-871	3	9	the	the	DET
fbem-871	3	10	degree	degree	NOUN
fbem-871	3	11	of	of	ADP
fbem-871	3	12	investment	investment	NOUN
fbem-871	3	13	deviation	deviation	NOUN
fbem-871	3	14	of	of	ADP
fbem-871	3	15	enterprises	enterprise	NOUN
fbem-871	3	16	,	,	PUNCT
fbem-871	3	17	alleviate	alleviate	VERB
fbem-871	3	18	insufficient	insufficient	ADJ
fbem-871	3	19	investment	investment	NOUN
fbem-871	3	20	,	,	PUNCT
fbem-871	3	21	and	and	CCONJ
fbem-871	3	22	reduce	reduce	VERB
fbem-871	3	23	excessive	excessive	ADJ
fbem-871	3	24	investment	investment	NOUN
fbem-871	3	25	.	.	PUNCT
fbem-871	4	1	further	far	ADV
fbem-871	4	2	considering	consider	VERB
fbem-871	4	3	the	the	DET
fbem-871	4	4	nature	nature	NOUN
fbem-871	4	5	of	of	ADP
fbem-871	4	6	ownership	ownership	NOUN
fbem-871	4	7	,	,	PUNCT
fbem-871	4	8	it	it	PRON
fbem-871	4	9	is	be	AUX
fbem-871	4	10	found	find	VERB
fbem-871	4	11	that	that	SCONJ
fbem-871	4	12	,	,	PUNCT
fbem-871	4	13	compared	compare	VERB
fbem-871	4	14	with	with	ADP
fbem-871	4	15	state	state	NOUN
fbem-871	4	16	-	-	PUNCT
fbem-871	4	17	owned	own	VERB
fbem-871	4	18	enterprises	enterprise	NOUN
fbem-871	4	19	,	,	PUNCT
fbem-871	4	20	the	the	DET
fbem-871	4	21	impact	impact	NOUN
fbem-871	4	22	of	of	ADP
fbem-871	4	23	business	business	NOUN
fbem-871	4	24	groups	group	NOUN
fbem-871	4	25	on	on	ADP
fbem-871	4	26	inefficient	inefficient	ADJ
fbem-871	4	27	investment	investment	NOUN
fbem-871	4	28	is	be	AUX
fbem-871	4	29	more	more	ADV
fbem-871	4	30	obvious	obvious	ADJ
fbem-871	4	31	in	in	ADP
fbem-871	4	32	non	non	ADJ
fbem-871	4	33	-	-	ADJ
fbem-871	4	34	state	state	NOUN
fbem-871	4	35	-	-	PUNCT
fbem-871	4	36	owned	own	VERB
fbem-871	4	37	enterprises	enterprise	NOUN
fbem-871	4	38	.	.	PUNCT
fbem-871	5	1	specifically	specifically	ADV
fbem-871	5	2	,	,	PUNCT
fbem-871	5	3	firstly	firstly	ADV
fbem-871	5	4	,	,	PUNCT
fbem-871	5	5	business	business	NOUN
fbem-871	5	6	group	group	NOUN
fbem-871	5	7	can	can	AUX
fbem-871	5	8	reduce	reduce	VERB
fbem-871	5	9	information	information	NOUN
fbem-871	5	10	asymmetry	asymmetry	NOUN
fbem-871	5	11	through	through	ADP
fbem-871	5	12	its	its	PRON
fbem-871	5	13	internal	internal	ADJ
fbem-871	5	14	capital	capital	NOUN
fbem-871	5	15	market	market	NOUN
fbem-871	5	16	,	,	PUNCT
fbem-871	5	17	improve	improve	VERB
fbem-871	5	18	resource	resource	NOUN
fbem-871	5	19	allocation	allocation	NOUN
fbem-871	5	20	efficiency	efficiency	NOUN
fbem-871	5	21	,	,	PUNCT
fbem-871	5	22	ease	ease	VERB
fbem-871	5	23	financing	financing	NOUN
fbem-871	5	24	constraints	constraint	NOUN
fbem-871	5	25	,	,	PUNCT
fbem-871	5	26	and	and	CCONJ
fbem-871	5	27	reduce	reduce	VERB
fbem-871	5	28	investment	investment	NOUN
fbem-871	5	29	shortages	shortage	NOUN
fbem-871	5	30	;	;	PUNCT
fbem-871	5	31	secondly	secondly	ADV
fbem-871	5	32	,	,	PUNCT
fbem-871	5	33	group	group	NOUN
fbem-871	5	34	companies	company	NOUN
fbem-871	5	35	can	can	AUX
fbem-871	5	36	strengthen	strengthen	VERB
fbem-871	5	37	internal	internal	ADJ
fbem-871	5	38	monitoring	monitoring	NOUN
fbem-871	5	39	by	by	ADP
fbem-871	5	40	assigning	assign	VERB
fbem-871	5	41	managers	manager	NOUN
fbem-871	5	42	and	and	CCONJ
fbem-871	5	43	adopt	adopt	VERB
fbem-871	5	44	relative	relative	ADJ
fbem-871	5	45	performance	performance	NOUN
fbem-871	5	46	evaluation	evaluation	NOUN
fbem-871	5	47	.	.	PUNCT
fbem-871	6	1	and	and	CCONJ
fbem-871	6	2	other	other	ADJ
fbem-871	6	3	measures	measure	NOUN
fbem-871	6	4	to	to	PART
fbem-871	6	5	reduce	reduce	VERB
fbem-871	6	6	agency	agency	NOUN
fbem-871	6	7	problems	problem	NOUN
fbem-871	6	8	and	and	CCONJ
fbem-871	6	9	reduce	reduce	VERB
fbem-871	6	10	excessive	excessive	ADJ
fbem-871	6	11	investment	investment	NOUN
fbem-871	6	12	behavior	behavior	NOUN
fbem-871	6	13	.	.	PUNCT
fbem-871	7	1	and	and	CCONJ
fbem-871	7	2	put	put	VERB
fbem-871	7	3	forward	forward	ADV
fbem-871	7	4	the	the	DET
fbem-871	7	5	following	follow	VERB
fbem-871	7	6	suggestions	suggestion	NOUN
fbem-871	7	7	:	:	PUNCT
fbem-871	7	8	first	first	ADV
fbem-871	7	9	of	of	ADP
fbem-871	7	10	all	all	PRON
fbem-871	7	11	,	,	PUNCT
fbem-871	7	12	actively	actively	ADV
fbem-871	7	13	promote	promote	VERB
fbem-871	7	14	the	the	DET
fbem-871	7	15	development	development	NOUN
fbem-871	7	16	of	of	ADP
fbem-871	7	17	business	business	NOUN
fbem-871	7	18	group	group	NOUN
fbem-871	7	19	,	,	PUNCT
fbem-871	7	20	rationally	rationally	ADV
fbem-871	7	21	use	use	VERB
fbem-871	7	22	the	the	DET
fbem-871	7	23	internal	internal	ADJ
fbem-871	7	24	capital	capital	NOUN
fbem-871	7	25	market	market	NOUN
fbem-871	7	26	functions	function	NOUN
fbem-871	7	27	of	of	ADP
fbem-871	7	28	business	business	NOUN
fbem-871	7	29	group	group	NOUN
fbem-871	7	30	,	,	PUNCT
fbem-871	7	31	improve	improve	VERB
fbem-871	7	32	the	the	DET
fbem-871	7	33	governance	governance	NOUN
fbem-871	7	34	mechanism	mechanism	NOUN
fbem-871	7	35	,	,	PUNCT
fbem-871	7	36	regulate	regulate	VERB
fbem-871	7	37	its	its	PRON
fbem-871	7	38	development	development	NOUN
fbem-871	7	39	,	,	PUNCT
fbem-871	7	40	and	and	CCONJ
fbem-871	7	41	then	then	ADV
fbem-871	7	42	improve	improve	VERB
fbem-871	7	43	the	the	DET
fbem-871	7	44	corporate	corporate	ADJ
fbem-871	7	45	financing	financing	NOUN
fbem-871	7	46	environment	environment	NOUN
fbem-871	7	47	,	,	PUNCT
fbem-871	7	48	alleviate	alleviate	VERB
fbem-871	7	49	agency	agency	NOUN
fbem-871	7	50	problems	problem	NOUN
fbem-871	7	51	,	,	PUNCT
fbem-871	7	52	and	and	CCONJ
fbem-871	7	53	reduce	reduce	VERB
fbem-871	7	54	inefficient	inefficient	ADJ
fbem-871	7	55	investment	investment	NOUN
fbem-871	7	56	.	.	PUNCT
fbem-871	8	1	secondly	secondly	ADV
fbem-871	8	2	,	,	PUNCT
fbem-871	8	3	it	it	PRON
fbem-871	8	4	is	be	AUX
fbem-871	8	5	necessary	necessary	ADJ
fbem-871	8	6	to	to	PART
fbem-871	8	7	improve	improve	VERB
fbem-871	8	8	the	the	DET
fbem-871	8	9	independence	independence	NOUN
fbem-871	8	10	of	of	ADP
fbem-871	8	11	state	state	NOUN
fbem-871	8	12	-	-	PUNCT
fbem-871	8	13	owned	own	VERB
fbem-871	8	14	enterprises	enterprise	NOUN
fbem-871	8	15	,	,	PUNCT
fbem-871	8	16	so	so	SCONJ
fbem-871	8	17	that	that	SCONJ
fbem-871	8	18	the	the	DET
fbem-871	8	19	management	management	NOUN
fbem-871	8	20	decisions	decision	NOUN
fbem-871	8	21	of	of	ADP
fbem-871	8	22	state	state	NOUN
fbem-871	8	23	-	-	PUNCT
fbem-871	8	24	owned	own	VERB
fbem-871	8	25	enterprises	enterprise	NOUN
fbem-871	8	26	are	be	AUX
fbem-871	8	27	carried	carry	VERB
fbem-871	8	28	out	out	ADP
fbem-871	8	29	under	under	ADP
fbem-871	8	30	market	market	NOUN
fbem-871	8	31	regulation	regulation	NOUN
fbem-871	8	32	.	.	PUNCT
fbem-871	9	1	keywords	keyword	NOUN
fbem-871	9	2	:	:	PUNCT
fbem-871	9	3	business	business	NOUN
fbem-871	9	4	groups	group	NOUN
fbem-871	9	5	,	,	PUNCT
fbem-871	9	6	nature	nature	NOUN
fbem-871	9	7	of	of	ADP
fbem-871	9	8	ownership	ownership	NOUN
fbem-871	9	9	,	,	PUNCT
fbem-871	9	10	non	non	ADJ
fbem-871	9	11	-	-	ADJ
fbem-871	9	12	efficient	efficient	ADJ
fbem-871	9	13	investments	investment	NOUN
fbem-871	9	14	.	.	PUNCT
fbem-871	10	1	1	1	X
fbem-871	10	2	.	.	X
fbem-871	10	3	introduction	introduction	NOUN
fbem-871	10	4	the	the	DET
fbem-871	10	5	transition	transition	NOUN
fbem-871	10	6	of	of	ADP
fbem-871	10	7	economic	economic	ADJ
fbem-871	10	8	development	development	NOUN
fbem-871	10	9	from	from	ADP
fbem-871	10	10	high	high	ADJ
fbem-871	10	11	speed	speed	NOUN
fbem-871	10	12	to	to	ADP
fbem-871	10	13	high	high	ADJ
fbem-871	10	14	quality	quality	NOUN
fbem-871	10	15	is	be	AUX
fbem-871	10	16	the	the	DET
fbem-871	10	17	characteristic	characteristic	NOUN
fbem-871	10	18	of	of	ADP
fbem-871	10	19	china	china	PROPN
fbem-871	10	20	's	's	PART
fbem-871	10	21	current	current	ADJ
fbem-871	10	22	economic	economic	ADJ
fbem-871	10	23	development	development	NOUN
fbem-871	10	24	,	,	PUNCT
fbem-871	10	25	and	and	CCONJ
fbem-871	10	26	the	the	DET
fbem-871	10	27	factors	factor	NOUN
fbem-871	10	28	supporting	support	VERB
fbem-871	10	29	economic	economic	ADJ
fbem-871	10	30	growth	growth	NOUN
fbem-871	10	31	are	be	AUX
fbem-871	10	32	also	also	ADV
fbem-871	10	33	changing	change	VERB
fbem-871	10	34	.	.	PUNCT
fbem-871	11	1	the	the	DET
fbem-871	11	2	reduction	reduction	NOUN
fbem-871	11	3	of	of	ADP
fbem-871	11	4	investment	investment	NOUN
fbem-871	11	5	efficiency	efficiency	NOUN
fbem-871	11	6	and	and	CCONJ
fbem-871	11	7	the	the	DET
fbem-871	11	8	reduction	reduction	NOUN
fbem-871	11	9	of	of	ADP
fbem-871	11	10	labor	labor	NOUN
fbem-871	11	11	advantages	advantage	NOUN
fbem-871	11	12	have	have	AUX
fbem-871	11	13	hindered	hinder	VERB
fbem-871	11	14	economic	economic	ADJ
fbem-871	11	15	development	development	NOUN
fbem-871	11	16	.	.	PUNCT
fbem-871	12	1	since	since	SCONJ
fbem-871	12	2	high	high	ADJ
fbem-871	12	3	-	-	PUNCT
fbem-871	12	4	efficiency	efficiency	NOUN
fbem-871	12	5	investment	investment	NOUN
fbem-871	12	6	will	will	AUX
fbem-871	12	7	bring	bring	VERB
fbem-871	12	8	about	about	ADP
fbem-871	12	9	an	an	DET
fbem-871	12	10	improvement	improvement	NOUN
fbem-871	12	11	in	in	ADP
fbem-871	12	12	the	the	DET
fbem-871	12	13	speed	speed	NOUN
fbem-871	12	14	and	and	CCONJ
fbem-871	12	15	quality	quality	NOUN
fbem-871	12	16	of	of	ADP
fbem-871	12	17	economic	economic	ADJ
fbem-871	12	18	development	development	NOUN
fbem-871	12	19	,	,	PUNCT
fbem-871	12	20	related	relate	VERB
fbem-871	12	21	research	research	NOUN
fbem-871	12	22	on	on	ADP
fbem-871	12	23	how	how	SCONJ
fbem-871	12	24	to	to	PART
fbem-871	12	25	improve	improve	VERB
fbem-871	12	26	investment	investment	NOUN
fbem-871	12	27	efficiency	efficiency	NOUN
fbem-871	12	28	has	have	AUX
fbem-871	12	29	received	receive	VERB
fbem-871	12	30	extensive	extensive	ADJ
fbem-871	12	31	attention	attention	NOUN
fbem-871	12	32	from	from	ADP
fbem-871	12	33	scholars	scholar	NOUN
fbem-871	12	34	in	in	ADP
fbem-871	12	35	recent	recent	ADJ
fbem-871	12	36	years	year	NOUN
fbem-871	12	37	.	.	PUNCT
fbem-871	13	1	existing	exist	VERB
fbem-871	13	2	research	research	NOUN
fbem-871	13	3	results	result	NOUN
fbem-871	13	4	on	on	ADP
fbem-871	13	5	inefficient	inefficient	ADJ
fbem-871	13	6	investment	investment	NOUN
fbem-871	13	7	show	show	VERB
fbem-871	13	8	that	that	SCONJ
fbem-871	13	9	enterprises	enterprise	NOUN
fbem-871	13	10	may	may	AUX
fbem-871	13	11	either	either	CCONJ
fbem-871	13	12	under	under	ADV
fbem-871	13	13	-	-	PUNCT
fbem-871	13	14	invest	invest	NOUN
fbem-871	13	15	due	due	ADJ
fbem-871	13	16	to	to	ADP
fbem-871	13	17	external	external	ADJ
fbem-871	13	18	financing	financing	NOUN
fbem-871	13	19	constraints	constraint	NOUN
fbem-871	13	20	or	or	CCONJ
fbem-871	13	21	over	over	ADV
fbem-871	13	22	-	-	PUNCT
fbem-871	13	23	invest	invest	VERB
fbem-871	13	24	due	due	ADJ
fbem-871	13	25	to	to	ADP
fbem-871	13	26	principal	principal	ADJ
fbem-871	13	27	-	-	PUNCT
fbem-871	13	28	agent	agent	NOUN
fbem-871	13	29	problems	problem	NOUN
fbem-871	13	30	.	.	PUNCT
fbem-871	14	1	to	to	ADP
fbem-871	14	2	a	a	DET
fbem-871	14	3	certain	certain	ADJ
fbem-871	14	4	extent	extent	NOUN
fbem-871	14	5	,	,	PUNCT
fbem-871	14	6	business	business	NOUN
fbem-871	14	7	groupoperation	groupoperation	NOUN
fbem-871	14	8	can	can	AUX
fbem-871	14	9	alleviate	alleviate	VERB
fbem-871	14	10	financing	financing	NOUN
fbem-871	14	11	constraints	constraint	NOUN
fbem-871	14	12	and	and	CCONJ
fbem-871	14	13	agency	agency	NOUN
fbem-871	14	14	problems	problem	NOUN
fbem-871	14	15	.	.	PUNCT
fbem-871	15	1	therefore	therefore	ADV
fbem-871	15	2	,	,	PUNCT
fbem-871	15	3	it	it	PRON
fbem-871	15	4	is	be	AUX
fbem-871	15	5	necessary	necessary	ADJ
fbem-871	15	6	to	to	PART
fbem-871	15	7	study	study	VERB
fbem-871	15	8	the	the	DET
fbem-871	15	9	impact	impact	NOUN
fbem-871	15	10	of	of	ADP
fbem-871	15	11	business	business	NOUN
fbem-871	15	12	group	group	NOUN
fbem-871	15	13	on	on	ADP
fbem-871	15	14	non	non	ADJ
fbem-871	15	15	-	-	ADJ
fbem-871	15	16	efficient	efficient	ADJ
fbem-871	15	17	investment	investment	NOUN
fbem-871	15	18	.	.	PUNCT
fbem-871	16	1	as	as	ADP
fbem-871	16	2	a	a	DET
fbem-871	16	3	common	common	ADJ
fbem-871	16	4	organizational	organizational	ADJ
fbem-871	16	5	form	form	NOUN
fbem-871	16	6	,	,	PUNCT
fbem-871	16	7	business	business	NOUN
fbem-871	16	8	group	group	NOUN
fbem-871	16	9	,	,	PUNCT
fbem-871	16	10	based	base	VERB
fbem-871	16	11	on	on	ADP
fbem-871	16	12	the	the	DET
fbem-871	16	13	special	special	ADJ
fbem-871	16	14	functions	function	NOUN
fbem-871	16	15	of	of	ADP
fbem-871	16	16	their	their	PRON
fbem-871	16	17	internal	internal	ADJ
fbem-871	16	18	capital	capital	NOUN
fbem-871	16	19	markets	market	NOUN
fbem-871	16	20	,	,	PUNCT
fbem-871	16	21	have	have	AUX
fbem-871	16	22	continuously	continuously	ADV
fbem-871	16	23	increased	increase	VERB
fbem-871	16	24	their	their	PRON
fbem-871	16	25	influence	influence	NOUN
fbem-871	16	26	in	in	ADP
fbem-871	16	27	recent	recent	ADJ
fbem-871	16	28	years	year	NOUN
fbem-871	16	29	and	and	CCONJ
fbem-871	16	30	have	have	AUX
fbem-871	16	31	played	play	VERB
fbem-871	16	32	an	an	DET
fbem-871	16	33	important	important	ADJ
fbem-871	16	34	role	role	NOUN
fbem-871	16	35	in	in	ADP
fbem-871	16	36	the	the	DET
fbem-871	16	37	economic	economic	ADJ
fbem-871	16	38	development	development	NOUN
fbem-871	16	39	of	of	ADP
fbem-871	16	40	various	various	ADJ
fbem-871	16	41	countries	country	NOUN
fbem-871	16	42	.	.	PUNCT
fbem-871	17	1	compared	compare	VERB
fbem-871	17	2	with	with	ADP
fbem-871	17	3	developed	develop	VERB
fbem-871	17	4	economies	economy	NOUN
fbem-871	17	5	,	,	PUNCT
fbem-871	17	6	as	as	ADP
fbem-871	17	7	a	a	DET
fbem-871	17	8	developing	develop	VERB
fbem-871	17	9	country	country	NOUN
fbem-871	17	10	in	in	ADP
fbem-871	17	11	a	a	DET
fbem-871	17	12	transitional	transitional	ADJ
fbem-871	17	13	period	period	NOUN
fbem-871	17	14	,	,	PUNCT
fbem-871	17	15	my	my	PRON
fbem-871	17	16	country	country	NOUN
fbem-871	17	17	's	's	PART
fbem-871	17	18	external	external	ADJ
fbem-871	17	19	capital	capital	NOUN
fbem-871	17	20	market	market	NOUN
fbem-871	17	21	still	still	ADV
fbem-871	17	22	has	have	VERB
fbem-871	17	23	major	major	ADJ
fbem-871	17	24	defects	defect	NOUN
fbem-871	17	25	,	,	PUNCT
fbem-871	17	26	which	which	PRON
fbem-871	17	27	restrict	restrict	VERB
fbem-871	17	28	the	the	DET
fbem-871	17	29	development	development	NOUN
fbem-871	17	30	of	of	ADP
fbem-871	17	31	enterprises	enterprise	NOUN
fbem-871	17	32	.	.	PUNCT
fbem-871	18	1	therefore	therefore	ADV
fbem-871	18	2	,	,	PUNCT
fbem-871	18	3	the	the	DET
fbem-871	18	4	internal	internal	ADJ
fbem-871	18	5	capital	capital	NOUN
fbem-871	18	6	market	market	NOUN
fbem-871	18	7	has	have	AUX
fbem-871	18	8	become	become	VERB
fbem-871	18	9	an	an	DET
fbem-871	18	10	important	important	ADJ
fbem-871	18	11	path	path	NOUN
fbem-871	18	12	for	for	SCONJ
fbem-871	18	13	enterprises	enterprise	NOUN
fbem-871	18	14	to	to	PART
fbem-871	18	15	achieve	achieve	VERB
fbem-871	18	16	efficiency	efficiency	NOUN
fbem-871	18	17	improvement	improvement	NOUN
fbem-871	18	18	.	.	PUNCT
fbem-871	19	1	existing	exist	VERB
fbem-871	19	2	research	research	NOUN
fbem-871	19	3	shows	show	VERB
fbem-871	19	4	that	that	SCONJ
fbem-871	19	5	the	the	DET
fbem-871	19	6	internal	internal	ADJ
fbem-871	19	7	capital	capital	NOUN
fbem-871	19	8	market	market	NOUN
fbem-871	19	9	of	of	ADP
fbem-871	19	10	business	business	NOUN
fbem-871	19	11	group	group	NOUN
fbem-871	19	12	has	have	VERB
fbem-871	19	13	functions	function	NOUN
fbem-871	19	14	such	such	ADJ
fbem-871	19	15	as	as	ADP
fbem-871	19	16	internal	internal	ADJ
fbem-871	19	17	lending	lending	NOUN
fbem-871	19	18	,	,	PUNCT
fbem-871	19	19	internal	internal	ADJ
fbem-871	19	20	banking	banking	NOUN
fbem-871	19	21	,	,	PUNCT
fbem-871	19	22	internal	internal	ADJ
fbem-871	19	23	guarantee	guarantee	NOUN
fbem-871	19	24	,	,	PUNCT
fbem-871	19	25	internal	internal	ADJ
fbem-871	19	26	investment	investment	NOUN
fbem-871	19	27	,	,	PUNCT
fbem-871	19	28	and	and	CCONJ
fbem-871	19	29	asset	asset	NOUN
fbem-871	19	30	integration	integration	NOUN
fbem-871	19	31	.	.	PUNCT
fbem-871	20	1	moreover	moreover	ADV
fbem-871	20	2	,	,	PUNCT
fbem-871	20	3	as	as	ADP
fbem-871	20	4	a	a	DET
fbem-871	20	5	special	special	ADJ
fbem-871	20	6	organizational	organizational	ADJ
fbem-871	20	7	form	form	NOUN
fbem-871	20	8	,	,	PUNCT
fbem-871	20	9	business	business	NOUN
fbem-871	20	10	group	group	NOUN
fbem-871	20	11	can	can	AUX
fbem-871	20	12	form	form	VERB
fbem-871	20	13	a	a	DET
fbem-871	20	14	governance	governance	NOUN
fbem-871	20	15	system	system	NOUN
fbem-871	20	16	within	within	ADP
fbem-871	20	17	the	the	DET
fbem-871	20	18	group	group	NOUN
fbem-871	20	19	and	and	CCONJ
fbem-871	20	20	reduce	reduce	VERB
fbem-871	20	21	agency	agency	NOUN
fbem-871	20	22	problems	problem	NOUN
fbem-871	20	23	.	.	PUNCT
fbem-871	21	1	therefore	therefore	ADV
fbem-871	21	2	,	,	PUNCT
fbem-871	21	3	business	business	NOUN
fbem-871	21	4	group	group	NOUN
fbem-871	21	5	occupy	occupy	VERB
fbem-871	21	6	an	an	DET
fbem-871	21	7	important	important	ADJ
fbem-871	21	8	position	position	NOUN
fbem-871	21	9	in	in	ADP
fbem-871	21	10	my	my	PRON
fbem-871	21	11	country	country	NOUN
fbem-871	21	12	's	's	PART
fbem-871	21	13	listed	list	VERB
fbem-871	21	14	companies	company	NOUN
fbem-871	21	15	,	,	PUNCT
fbem-871	21	16	which	which	PRON
fbem-871	21	17	is	be	AUX
fbem-871	21	18	of	of	ADP
fbem-871	21	19	great	great	ADJ
fbem-871	21	20	significance	significance	NOUN
fbem-871	21	21	to	to	PART
fbem-871	21	22	enhance	enhance	VERB
fbem-871	21	23	the	the	DET
fbem-871	21	24	value	value	NOUN
fbem-871	21	25	of	of	ADP
fbem-871	21	26	enterprises	enterprise	NOUN
fbem-871	21	27	and	and	CCONJ
fbem-871	21	28	promote	promote	VERB
fbem-871	21	29	economic	economic	ADJ
fbem-871	21	30	development	development	NOUN
fbem-871	21	31	.	.	PUNCT
fbem-871	22	1	unlike	unlike	ADP
fbem-871	22	2	most	most	ADJ
fbem-871	22	3	countries	country	NOUN
fbem-871	22	4	,	,	PUNCT
fbem-871	22	5	my	my	PRON
fbem-871	22	6	country	country	NOUN
fbem-871	22	7	's	's	PART
fbem-871	22	8	state	state	NOUN
fbem-871	22	9	-	-	PUNCT
fbem-871	22	10	owned	own	VERB
fbem-871	22	11	enterprises	enterprise	NOUN
fbem-871	22	12	are	be	AUX
fbem-871	22	13	an	an	DET
fbem-871	22	14	important	important	ADJ
fbem-871	22	15	part	part	NOUN
fbem-871	22	16	of	of	ADP
fbem-871	22	17	the	the	DET
fbem-871	22	18	market	market	NOUN
fbem-871	22	19	,	,	PUNCT
fbem-871	22	20	and	and	CCONJ
fbem-871	22	21	the	the	DET
fbem-871	22	22	different	different	ADJ
fbem-871	22	23	nature	nature	NOUN
fbem-871	22	24	of	of	ADP
fbem-871	22	25	ownership	ownership	NOUN
fbem-871	22	26	often	often	ADV
fbem-871	22	27	leads	lead	VERB
fbem-871	22	28	to	to	ADP
fbem-871	22	29	large	large	ADJ
fbem-871	22	30	differences	difference	NOUN
fbem-871	22	31	in	in	ADP
fbem-871	22	32	enterprise	enterprise	NOUN
fbem-871	22	33	investment	investment	NOUN
fbem-871	22	34	management	management	NOUN
fbem-871	22	35	.	.	PUNCT
fbem-871	23	1	therefore	therefore	ADV
fbem-871	23	2	,	,	PUNCT
fbem-871	23	3	when	when	SCONJ
fbem-871	23	4	analyzing	analyze	VERB
fbem-871	23	5	the	the	DET
fbem-871	23	6	impact	impact	NOUN
fbem-871	23	7	of	of	ADP
fbem-871	23	8	business	business	NOUN
fbem-871	23	9	group	group	NOUN
fbem-871	23	10	on	on	ADP
fbem-871	23	11	inefficient	inefficient	ADJ
fbem-871	23	12	investment	investment	NOUN
fbem-871	23	13	,	,	PUNCT
fbem-871	23	14	ownership	ownership	NOUN
fbem-871	23	15	is	be	AUX
fbem-871	23	16	considered	consider	VERB
fbem-871	23	17	in	in	ADP
fbem-871	23	18	inside	inside	ADV
fbem-871	23	19	,	,	PUNCT
fbem-871	23	20	there	there	PRON
fbem-871	23	21	is	be	VERB
fbem-871	23	22	a	a	DET
fbem-871	23	23	certain	certain	ADJ
fbem-871	23	24	necessity	necessity	NOUN
fbem-871	23	25	.	.	PUNCT
fbem-871	24	1	2	2	X
fbem-871	24	2	.	.	X
fbem-871	24	3	theoretical	theoretical	ADJ
fbem-871	24	4	analysis	analysis	NOUN
fbem-871	24	5	and	and	CCONJ
fbem-871	24	6	research	research	NOUN
fbem-871	24	7	assumptions	assumption	NOUN
fbem-871	24	8	there	there	PRON
fbem-871	24	9	are	be	VERB
fbem-871	24	10	two	two	NUM
fbem-871	24	11	main	main	ADJ
fbem-871	24	12	viewpoints	viewpoint	NOUN
fbem-871	24	13	on	on	ADP
fbem-871	24	14	the	the	DET
fbem-871	24	15	impact	impact	NOUN
fbem-871	24	16	of	of	ADP
fbem-871	24	17	group	group	NOUN
fbem-871	24	18	management	management	NOUN
fbem-871	24	19	on	on	ADP
fbem-871	24	20	inefficient	inefficient	ADJ
fbem-871	24	21	investment	investment	NOUN
fbem-871	24	22	.	.	PUNCT
fbem-871	25	1	one	one	NUM
fbem-871	25	2	is	be	AUX
fbem-871	25	3	that	that	SCONJ
fbem-871	25	4	enterprise	enterprise	NOUN
fbem-871	25	5	groups	group	NOUN
fbem-871	25	6	may	may	AUX
fbem-871	25	7	reduce	reduce	VERB
fbem-871	25	8	agency	agency	NOUN
fbem-871	25	9	problems	problem	NOUN
fbem-871	25	10	,	,	PUNCT
fbem-871	25	11	and	and	CCONJ
fbem-871	25	12	their	their	PRON
fbem-871	25	13	internal	internal	ADJ
fbem-871	25	14	capital	capital	NOUN
fbem-871	25	15	market	market	NOUN
fbem-871	25	16	function	function	NOUN
fbem-871	25	17	will	will	AUX
fbem-871	25	18	also	also	ADV
fbem-871	25	19	improve	improve	VERB
fbem-871	25	20	the	the	DET
fbem-871	25	21	financing	financing	NOUN
fbem-871	25	22	environment	environment	NOUN
fbem-871	25	23	of	of	ADP
fbem-871	25	24	member	member	NOUN
fbem-871	25	25	companies	company	NOUN
fbem-871	25	26	,	,	PUNCT
fbem-871	25	27	improve	improve	VERB
fbem-871	25	28	capital	capital	NOUN
fbem-871	25	29	allocation	allocation	NOUN
fbem-871	25	30	efficiency	efficiency	NOUN
fbem-871	25	31	,	,	PUNCT
fbem-871	25	32	and	and	CCONJ
fbem-871	25	33	reduce	reduce	VERB
fbem-871	25	34	inefficient	inefficient	ADJ
fbem-871	25	35	investment	investment	NOUN
fbem-871	25	36	.	.	PUNCT
fbem-871	26	1	la	la	INTJ
fbem-871	26	2	porta	porta	PROPN
fbem-871	26	3	et	et	PROPN
fbem-871	26	4	al	al	PROPN
fbem-871	26	5	.	.	PROPN
fbem-871	26	6	pointed	point	VERB
fbem-871	26	7	out	out	ADP
fbem-871	26	8	that	that	SCONJ
fbem-871	26	9	in	in	ADP
fbem-871	26	10	emerging	emerge	VERB
fbem-871	26	11	economies	economy	NOUN
fbem-871	26	12	,	,	PUNCT
fbem-871	26	13	due	due	ADP
fbem-871	26	14	to	to	ADP
fbem-871	26	15	insufficient	insufficient	ADJ
fbem-871	26	16	investor	investor	NOUN
fbem-871	26	17	protection	protection	NOUN
fbem-871	26	18	,	,	PUNCT
fbem-871	26	19	it	it	PRON
fbem-871	26	20	is	be	AUX
fbem-871	26	21	difficult	difficult	ADJ
fbem-871	26	22	for	for	SCONJ
fbem-871	26	23	companies	company	NOUN
fbem-871	26	24	to	to	PART
fbem-871	26	25	conduct	conduct	VERB
fbem-871	26	26	equity	equity	NOUN
fbem-871	26	27	financing	financing	NOUN
fbem-871	26	28	through	through	ADP
fbem-871	26	29	external	external	ADJ
fbem-871	26	30	capital	capital	NOUN
fbem-871	26	31	market	market	NOUN
fbem-871	26	32	channels	channel	NOUN
fbem-871	26	33	,	,	PUNCT
fbem-871	26	34	resulting	result	VERB
fbem-871	26	35	in	in	ADP
fbem-871	26	36	serious	serious	ADJ
fbem-871	26	37	financing	financing	NOUN
fbem-871	26	38	constraints	constraint	NOUN
fbem-871	26	39	.	.	PUNCT
fbem-871	27	1	therefore	therefore	ADV
fbem-871	27	2	,	,	PUNCT
fbem-871	27	3	use	use	VERB
fbem-871	27	4	enterprise	enterprise	NOUN
fbem-871	27	5	groups	group	NOUN
fbem-871	27	6	to	to	PART
fbem-871	27	7	form	form	VERB
fbem-871	27	8	an	an	DET
fbem-871	27	9	effective	effective	ADJ
fbem-871	27	10	internal	internal	ADJ
fbem-871	27	11	capital	capital	NOUN
fbem-871	27	12	market	market	NOUN
fbem-871	27	13	to	to	PART
fbem-871	27	14	solve	solve	VERB
fbem-871	27	15	the	the	DET
fbem-871	27	16	financing	financing	NOUN
fbem-871	27	17	difficulties	difficulty	NOUN
fbem-871	27	18	of	of	ADP
fbem-871	27	19	member	member	NOUN
fbem-871	27	20	enterprises	enterprise	NOUN
fbem-871	27	21	.	.	PUNCT
fbem-871	28	1	it	it	PRON
fbem-871	28	2	is	be	AUX
fbem-871	28	3	of	of	ADP
fbem-871	28	4	great	great	ADJ
fbem-871	28	5	significance	significance	NOUN
fbem-871	28	6	to	to	ADP
fbem-871	28	7	the	the	DET
fbem-871	28	8	development	development	NOUN
fbem-871	28	9	of	of	ADP
fbem-871	28	10	enterprises	enterprise	NOUN
fbem-871	28	11	[	[	X
fbem-871	28	12	1	1	NUM
fbem-871	28	13	]	]	PUNCT
fbem-871	28	14	.	.	PUNCT
fbem-871	29	1	xin	xin	PROPN
fbem-871	29	2	et	et	PROPN
fbem-871	29	3	al	al	PROPN
fbem-871	29	4	.	.	PROPN
fbem-871	29	5	pointed	point	VERB
fbem-871	29	6	out	out	ADP
fbem-871	29	7	that	that	SCONJ
fbem-871	29	8	listed	list	VERB
fbem-871	29	9	companies	company	NOUN
fbem-871	29	10	operating	operate	VERB
fbem-871	29	11	in	in	ADP
fbem-871	29	12	groups	group	NOUN
fbem-871	29	13	do	do	VERB
fbem-871	29	14	less	less	ADJ
fbem-871	29	15	damage	damage	NOUN
fbem-871	29	16	to	to	ADP
fbem-871	29	17	investment	investment	NOUN
fbem-871	29	18	value	value	NOUN
fbem-871	29	19	[	[	X
fbem-871	29	20	2	2	NUM
fbem-871	29	21	]	]	PUNCT
fbem-871	29	22	.	.	PUNCT
fbem-871	30	1	khatua	khatua	PROPN
fbem-871	30	2	uses	use	VERB
fbem-871	30	3	india	india	PROPN
fbem-871	30	4	as	as	ADP
fbem-871	30	5	an	an	DET
fbem-871	30	6	example	example	NOUN
fbem-871	30	7	to	to	PART
fbem-871	30	8	study	study	VERB
fbem-871	30	9	the	the	DET
fbem-871	30	10	capital	capital	NOUN
fbem-871	30	11	structure	structure	NOUN
fbem-871	30	12	choices	choice	NOUN
fbem-871	30	13	made	make	VERB
fbem-871	30	14	by	by	ADP
fbem-871	30	15	conglomerates	conglomerate	NOUN
fbem-871	30	16	in	in	ADP
fbem-871	30	17	developing	develop	VERB
fbem-871	30	18	economies	economy	NOUN
fbem-871	30	19	during	during	ADP
fbem-871	30	20	economic	economic	ADJ
fbem-871	30	21	reforms	reform	NOUN
fbem-871	30	22	.	.	PUNCT
fbem-871	31	1	it	it	PRON
fbem-871	31	2	is	be	AUX
fbem-871	31	3	found	find	VERB
fbem-871	31	4	that	that	SCONJ
fbem-871	31	5	group	group	NOUN
fbem-871	31	6	management	management	NOUN
fbem-871	31	7	enterprises	enterprise	NOUN
fbem-871	31	8	can	can	AUX
fbem-871	31	9	reduce	reduce	VERB
fbem-871	31	10	financial	financial	ADJ
fbem-871	31	11	leverage	leverage	NOUN
fbem-871	31	12	and	and	CCONJ
fbem-871	31	13	reduce	reduce	VERB
fbem-871	31	14	financing	financing	NOUN
fbem-871	31	15	shortage	shortage	NOUN
fbem-871	31	16	[	[	X
fbem-871	31	17	3	3	NUM
fbem-871	31	18	]	]	PUNCT
fbem-871	31	19	.	.	PUNCT
fbem-871	32	1	lin	lin	PROPN
fbem-871	32	2	and	and	CCONJ
fbem-871	32	3	yeh	yeh	PROPN
fbem-871	32	4	found	find	VERB
fbem-871	32	5	that	that	SCONJ
fbem-871	32	6	by	by	ADP
fbem-871	32	7	comparing	compare	VERB
fbem-871	32	8	the	the	DET
fbem-871	32	9	investment	investment	NOUN
fbem-871	32	10	cash	cash	NOUN
fbem-871	32	11	flow	flow	NOUN
fbem-871	32	12	sensitivity	sensitivity	NOUN
fbem-871	32	13	of	of	ADP
fbem-871	32	14	enterprise	enterprise	NOUN
fbem-871	32	15	groups	group	NOUN
fbem-871	32	16	and	and	CCONJ
fbem-871	32	17	non	non	ADJ
fbem-871	32	18	-	-	ADJ
fbem-871	32	19	enterprise	enterprise	ADJ
fbem-871	32	20	groups	group	NOUN
fbem-871	32	21	,	,	PUNCT
fbem-871	32	22	because	because	SCONJ
fbem-871	32	23	of	of	ADP
fbem-871	32	24	the	the	DET
fbem-871	32	25	existence	existence	NOUN
fbem-871	32	26	of	of	ADP
fbem-871	32	27	the	the	DET
fbem-871	32	28	internal	internal	ADJ
fbem-871	32	29	capital	capital	NOUN
fbem-871	32	30	market	market	NOUN
fbem-871	32	31	of	of	ADP
fbem-871	32	32	the	the	DET
fbem-871	32	33	enterprise	enterprise	NOUN
fbem-871	32	34	group	group	NOUN
fbem-871	32	35	,	,	PUNCT
fbem-871	32	36	the	the	DET
fbem-871	32	37	financing	financing	NOUN
fbem-871	32	38	problems	problem	NOUN
fbem-871	32	39	of	of	ADP
fbem-871	32	40	member	member	NOUN
fbem-871	32	41	companies	company	NOUN
fbem-871	32	42	were	be	AUX
fbem-871	32	43	alleviated	alleviate	VERB
fbem-871	32	44	[	[	X
fbem-871	32	45	4	4	NUM
fbem-871	32	46	]	]	PUNCT
fbem-871	32	47	.	.	PUNCT
fbem-871	33	1	second	second	ADJ
fbem-871	33	2	,	,	PUNCT
fbem-871	33	3	group	group	NOUN
fbem-871	33	4	member	member	NOUN
fbem-871	33	5	companies	company	NOUN
fbem-871	33	6	may	may	AUX
fbem-871	33	7	cause	cause	VERB
fbem-871	33	8	inefficient	inefficient	ADJ
fbem-871	33	9	investment	investment	NOUN
fbem-871	33	10	due	due	ADP
fbem-871	33	11	to	to	ADP
fbem-871	33	12	excess	excess	ADJ
fbem-871	33	13	cash	cash	NOUN
fbem-871	33	14	flow	flow	NOUN
fbem-871	33	15	and	and	CCONJ
fbem-871	33	16	internal	internal	ADJ
fbem-871	33	17	agency	agency	NOUN
fbem-871	33	18	behavior	behavior	NOUN
fbem-871	33	19	.	.	PUNCT
fbem-871	34	1	bae	bae	PROPN
fbem-871	34	2	's	's	PART
fbem-871	34	3	study	study	NOUN
fbem-871	34	4	shows	show	VERB
fbem-871	34	5	that	that	SCONJ
fbem-871	34	6	when	when	SCONJ
fbem-871	34	7	a	a	DET
fbem-871	34	8	corporate	corporate	ADJ
fbem-871	34	9	group	group	NOUN
fbem-871	34	10	allocates	allocate	VERB
fbem-871	34	11	funds	fund	NOUN
fbem-871	34	12	internally	internally	ADV
fbem-871	34	13	,	,	PUNCT
fbem-871	34	14	if	if	SCONJ
fbem-871	34	15	member	member	NOUN
fbem-871	34	16	companies	company	NOUN
fbem-871	34	17	have	have	VERB
fbem-871	34	18	incomplete	incomplete	ADJ
fbem-871	34	19	understanding	understanding	NOUN
fbem-871	34	20	of	of	ADP
fbem-871	34	21	relevant	relevant	ADJ
fbem-871	34	22	information	information	NOUN
fbem-871	34	23	,	,	PUNCT
fbem-871	34	24	overinvestment	overinvestment	NOUN
fbem-871	34	25	may	may	AUX
fbem-871	34	26	occur	occur	VERB
fbem-871	34	27	[	[	X
fbem-871	34	28	5	5	NUM
fbem-871	34	29	]	]	PUNCT
fbem-871	34	30	.	.	PUNCT
fbem-871	35	1	gopalan	gopalan	PROPN
fbem-871	35	2	et	et	PROPN
fbem-871	35	3	al	al	PROPN
fbem-871	35	4	.	.	PROPN
fbem-871	35	5	studied	study	VERB
fbem-871	35	6	indian	indian	ADJ
fbem-871	35	7	112	112	NUM
fbem-871	35	8	business	business	NOUN
fbem-871	35	9	groups	group	NOUN
fbem-871	35	10	and	and	CCONJ
fbem-871	35	11	found	find	VERB
fbem-871	35	12	that	that	SCONJ
fbem-871	35	13	in	in	ADP
fbem-871	35	14	order	order	NOUN
fbem-871	35	15	to	to	PART
fbem-871	35	16	reduce	reduce	VERB
fbem-871	35	17	defaults	default	NOUN
fbem-871	35	18	,	,	PUNCT
fbem-871	35	19	they	they	PRON
fbem-871	35	20	supported	support	VERB
fbem-871	35	21	underperforming	underperform	VERB
fbem-871	35	22	member	member	NOUN
fbem-871	35	23	firms	firm	NOUN
fbem-871	35	24	through	through	ADP
fbem-871	35	25	internal	internal	ADJ
fbem-871	35	26	fund	fund	NOUN
fbem-871	35	27	transfers	transfer	NOUN
fbem-871	35	28	[	[	X
fbem-871	35	29	6	6	NUM
fbem-871	35	30	]	]	PUNCT
fbem-871	35	31	.	.	PUNCT
fbem-871	36	1	li	li	PROPN
fbem-871	36	2	et	et	PROPN
fbem-871	36	3	al	al	PROPN
fbem-871	36	4	.	.	PROPN
fbem-871	36	5	pointed	point	VERB
fbem-871	36	6	out	out	ADP
fbem-871	36	7	in	in	ADP
fbem-871	36	8	their	their	PRON
fbem-871	36	9	research	research	NOUN
fbem-871	36	10	that	that	SCONJ
fbem-871	36	11	the	the	DET
fbem-871	36	12	internal	internal	ADJ
fbem-871	36	13	capital	capital	NOUN
fbem-871	36	14	market	market	NOUN
fbem-871	36	15	of	of	ADP
fbem-871	36	16	chinese	chinese	ADJ
fbem-871	36	17	group	group	NOUN
fbem-871	36	18	enterprises	enterprise	NOUN
fbem-871	36	19	did	do	AUX
fbem-871	36	20	not	not	PART
fbem-871	36	21	give	give	VERB
fbem-871	36	22	full	full	ADJ
fbem-871	36	23	play	play	NOUN
fbem-871	36	24	to	to	ADP
fbem-871	36	25	its	its	PRON
fbem-871	36	26	role	role	NOUN
fbem-871	36	27	in	in	ADP
fbem-871	36	28	improving	improve	VERB
fbem-871	36	29	the	the	DET
fbem-871	36	30	efficiency	efficiency	NOUN
fbem-871	36	31	of	of	ADP
fbem-871	36	32	group	group	NOUN
fbem-871	36	33	investment	investment	NOUN
fbem-871	36	34	and	and	CCONJ
fbem-871	36	35	financing	financing	NOUN
fbem-871	36	36	[	[	X
fbem-871	36	37	7	7	NUM
fbem-871	36	38	]	]	PUNCT
fbem-871	36	39	.	.	PUNCT
fbem-871	37	1	from	from	ADP
fbem-871	37	2	the	the	DET
fbem-871	37	3	existing	exist	VERB
fbem-871	37	4	research	research	NOUN
fbem-871	37	5	,	,	PUNCT
fbem-871	37	6	enterprise	enterprise	NOUN
fbem-871	37	7	business	business	NOUN
fbem-871	37	8	groups	group	NOUN
fbem-871	37	9	will	will	AUX
fbem-871	37	10	have	have	VERB
fbem-871	37	11	an	an	DET
fbem-871	37	12	impact	impact	NOUN
fbem-871	37	13	on	on	ADP
fbem-871	37	14	inefficient	inefficient	ADJ
fbem-871	37	15	investment	investment	NOUN
fbem-871	37	16	from	from	ADP
fbem-871	37	17	the	the	DET
fbem-871	37	18	following	follow	VERB
fbem-871	37	19	aspects	aspect	NOUN
fbem-871	37	20	.	.	PUNCT
fbem-871	38	1	first	first	ADV
fbem-871	38	2	,	,	PUNCT
fbem-871	38	3	ease	ease	VERB
fbem-871	38	4	financing	financing	NOUN
fbem-871	38	5	constraints	constraint	NOUN
fbem-871	38	6	.	.	PUNCT
fbem-871	39	1	as	as	ADP
fbem-871	39	2	a	a	DET
fbem-871	39	3	developing	develop	VERB
fbem-871	39	4	country	country	NOUN
fbem-871	39	5	in	in	ADP
fbem-871	39	6	transition	transition	NOUN
fbem-871	39	7	,	,	PUNCT
fbem-871	39	8	my	my	PRON
fbem-871	39	9	country	country	NOUN
fbem-871	39	10	's	's	PART
fbem-871	39	11	external	external	ADJ
fbem-871	39	12	capital	capital	NOUN
fbem-871	39	13	market	market	NOUN
fbem-871	39	14	is	be	AUX
fbem-871	39	15	relatively	relatively	ADV
fbem-871	39	16	imperfect	imperfect	ADJ
fbem-871	39	17	.	.	PUNCT
fbem-871	40	1	it	it	PRON
fbem-871	40	2	is	be	AUX
fbem-871	40	3	not	not	PART
fbem-871	40	4	uncommon	uncommon	ADJ
fbem-871	40	5	for	for	SCONJ
fbem-871	40	6	companies	company	NOUN
fbem-871	40	7	to	to	PART
fbem-871	40	8	face	face	VERB
fbem-871	40	9	external	external	ADJ
fbem-871	40	10	financing	financing	NOUN
fbem-871	40	11	difficulties	difficulty	NOUN
fbem-871	40	12	and	and	CCONJ
fbem-871	40	13	other	other	ADJ
fbem-871	40	14	problems	problem	NOUN
fbem-871	40	15	resulting	result	VERB
fbem-871	40	16	in	in	ADP
fbem-871	40	17	insufficient	insufficient	ADJ
fbem-871	40	18	investment	investment	NOUN
fbem-871	40	19	.	.	PUNCT
fbem-871	41	1	cai	cai	PROPN
fbem-871	41	2	et	et	PROPN
fbem-871	41	3	al	al	PROPN
fbem-871	41	4	.	.	PROPN
fbem-871	41	5	pointed	point	VERB
fbem-871	41	6	out	out	ADP
fbem-871	41	7	that	that	SCONJ
fbem-871	41	8	through	through	ADP
fbem-871	41	9	the	the	DET
fbem-871	41	10	internal	internal	ADJ
fbem-871	41	11	capital	capital	NOUN
fbem-871	41	12	market	market	NOUN
fbem-871	41	13	,	,	PUNCT
fbem-871	41	14	funds	fund	NOUN
fbem-871	41	15	can	can	AUX
fbem-871	41	16	flow	flow	VERB
fbem-871	41	17	from	from	ADP
fbem-871	41	18	an	an	DET
fbem-871	41	19	enterprise	enterprise	NOUN
fbem-871	41	20	with	with	ADP
fbem-871	41	21	abundant	abundant	ADJ
fbem-871	41	22	funds	fund	NOUN
fbem-871	41	23	belonging	belong	VERB
fbem-871	41	24	to	to	ADP
fbem-871	41	25	the	the	DET
fbem-871	41	26	same	same	ADJ
fbem-871	41	27	group	group	NOUN
fbem-871	41	28	to	to	ADP
fbem-871	41	29	another	another	DET
fbem-871	41	30	enterprise	enterprise	NOUN
fbem-871	41	31	with	with	ADP
fbem-871	41	32	good	good	ADJ
fbem-871	41	33	investment	investment	NOUN
fbem-871	41	34	opportunities	opportunity	NOUN
fbem-871	41	35	but	but	CCONJ
fbem-871	41	36	difficult	difficult	ADJ
fbem-871	41	37	external	external	ADJ
fbem-871	41	38	financing	financing	NOUN
fbem-871	41	39	,	,	PUNCT
fbem-871	41	40	realizing	realize	VERB
fbem-871	41	41	internal	internal	ADJ
fbem-871	41	42	capital	capital	NOUN
fbem-871	41	43	allocation	allocation	NOUN
fbem-871	41	44	among	among	ADP
fbem-871	41	45	member	member	NOUN
fbem-871	41	46	enterprises	enterprise	NOUN
fbem-871	41	47	and	and	CCONJ
fbem-871	41	48	alleviating	alleviate	VERB
fbem-871	41	49	financing	financing	NOUN
fbem-871	41	50	constraints	constraint	NOUN
fbem-871	41	51	[	[	X
fbem-871	41	52	8	8	NUM
fbem-871	41	53	]	]	PUNCT
fbem-871	41	54	.	.	PUNCT
fbem-871	42	1	second	second	ADV
fbem-871	42	2	,	,	PUNCT
fbem-871	42	3	reduce	reduce	VERB
fbem-871	42	4	inefficient	inefficient	ADJ
fbem-871	42	5	investment	investment	NOUN
fbem-871	42	6	due	due	ADP
fbem-871	42	7	to	to	ADP
fbem-871	42	8	information	information	NOUN
fbem-871	42	9	asymmetry	asymmetry	NOUN
fbem-871	42	10	.	.	PUNCT
fbem-871	43	1	when	when	SCONJ
fbem-871	43	2	studying	study	VERB
fbem-871	43	3	ge	ge	PROPN
fbem-871	43	4	's	's	PART
fbem-871	43	5	internal	internal	ADJ
fbem-871	43	6	capital	capital	NOUN
fbem-871	43	7	market	market	NOUN
fbem-871	43	8	,	,	PUNCT
fbem-871	43	9	alchian	alchian	PROPN
fbem-871	43	10	pointed	point	VERB
fbem-871	43	11	out	out	ADP
fbem-871	43	12	that	that	SCONJ
fbem-871	43	13	,	,	PUNCT
fbem-871	43	14	compared	compare	VERB
fbem-871	43	15	with	with	ADP
fbem-871	43	16	the	the	DET
fbem-871	43	17	external	external	ADJ
fbem-871	43	18	market	market	NOUN
fbem-871	43	19	,	,	PUNCT
fbem-871	43	20	within	within	ADP
fbem-871	43	21	the	the	DET
fbem-871	43	22	business	business	NOUN
fbem-871	43	23	group	group	NOUN
fbem-871	43	24	,	,	PUNCT
fbem-871	43	25	fund	fund	NOUN
fbem-871	43	26	providers	provider	NOUN
fbem-871	43	27	have	have	VERB
fbem-871	43	28	easier	easy	ADJ
fbem-871	43	29	access	access	NOUN
fbem-871	43	30	to	to	ADP
fbem-871	43	31	information	information	NOUN
fbem-871	43	32	,	,	PUNCT
fbem-871	43	33	which	which	PRON
fbem-871	43	34	makes	make	VERB
fbem-871	43	35	the	the	DET
fbem-871	43	36	internal	internal	ADJ
fbem-871	43	37	capital	capital	NOUN
fbem-871	43	38	allocation	allocation	NOUN
fbem-871	43	39	more	more	ADV
fbem-871	43	40	efficient	efficient	ADJ
fbem-871	43	41	.	.	PUNCT
fbem-871	44	1	williamson	williamson	PROPN
fbem-871	44	2	proposed	propose	VERB
fbem-871	44	3	that	that	SCONJ
fbem-871	44	4	the	the	DET
fbem-871	44	5	enterprises	enterprise	NOUN
fbem-871	44	6	in	in	ADP
fbem-871	44	7	the	the	DET
fbem-871	44	8	group	group	NOUN
fbem-871	44	9	realize	realize	VERB
fbem-871	44	10	the	the	DET
fbem-871	44	11	allocation	allocation	NOUN
fbem-871	44	12	of	of	ADP
fbem-871	44	13	resources	resource	NOUN
fbem-871	44	14	through	through	ADP
fbem-871	44	15	competition	competition	NOUN
fbem-871	44	16	with	with	ADP
fbem-871	44	17	each	each	DET
fbem-871	44	18	other	other	ADJ
fbem-871	44	19	.	.	PUNCT
fbem-871	45	1	in	in	ADP
fbem-871	45	2	the	the	DET
fbem-871	45	3	process	process	NOUN
fbem-871	45	4	of	of	ADP
fbem-871	45	5	competition	competition	NOUN
fbem-871	45	6	,	,	PUNCT
fbem-871	45	7	by	by	ADP
fbem-871	45	8	comparing	compare	VERB
fbem-871	45	9	and	and	CCONJ
fbem-871	45	10	selecting	select	VERB
fbem-871	45	11	projects	project	NOUN
fbem-871	45	12	with	with	ADP
fbem-871	45	13	higher	high	ADJ
fbem-871	45	14	investment	investment	NOUN
fbem-871	45	15	value	value	NOUN
fbem-871	45	16	to	to	PART
fbem-871	45	17	invest	invest	VERB
fbem-871	45	18	funds	fund	NOUN
fbem-871	45	19	,	,	PUNCT
fbem-871	45	20	the	the	DET
fbem-871	45	21	information	information	NOUN
fbem-871	45	22	advantages	advantage	NOUN
fbem-871	45	23	of	of	ADP
fbem-871	45	24	the	the	DET
fbem-871	45	25	internal	internal	ADJ
fbem-871	45	26	capital	capital	NOUN
fbem-871	45	27	market	market	NOUN
fbem-871	45	28	can	can	AUX
fbem-871	45	29	be	be	AUX
fbem-871	45	30	fully	fully	ADV
fbem-871	45	31	utilized	utilize	VERB
fbem-871	45	32	,	,	PUNCT
fbem-871	45	33	thereby	thereby	ADV
fbem-871	45	34	improving	improve	VERB
fbem-871	45	35	the	the	DET
fbem-871	45	36	efficiency	efficiency	NOUN
fbem-871	45	37	of	of	ADP
fbem-871	45	38	resource	resource	NOUN
fbem-871	45	39	allocation	allocation	NOUN
fbem-871	45	40	[	[	X
fbem-871	45	41	9	9	NUM
fbem-871	45	42	]	]	PUNCT
fbem-871	45	43	.	.	PUNCT
fbem-871	46	1	third	third	ADV
fbem-871	46	2	,	,	PUNCT
fbem-871	46	3	reduce	reduce	VERB
fbem-871	46	4	agency	agency	NOUN
fbem-871	46	5	problems	problem	NOUN
fbem-871	46	6	.	.	PUNCT
fbem-871	47	1	with	with	ADP
fbem-871	47	2	weak	weak	ADJ
fbem-871	47	3	owner	owner	NOUN
fbem-871	47	4	oversight	oversight	NOUN
fbem-871	47	5	,	,	PUNCT
fbem-871	47	6	management	management	NOUN
fbem-871	47	7	has	have	VERB
fbem-871	47	8	the	the	DET
fbem-871	47	9	opportunity	opportunity	NOUN
fbem-871	47	10	to	to	PART
fbem-871	47	11	increase	increase	VERB
fbem-871	47	12	its	its	PRON
fbem-871	47	13	own	own	ADJ
fbem-871	47	14	interests	interest	NOUN
fbem-871	47	15	by	by	ADP
fbem-871	47	16	controlling	control	VERB
fbem-871	47	17	more	more	ADJ
fbem-871	47	18	resources	resource	NOUN
fbem-871	47	19	,	,	PUNCT
fbem-871	47	20	resulting	result	VERB
fbem-871	47	21	in	in	ADP
fbem-871	47	22	overinvestment	overinvestment	ADJ
fbem-871	47	23	,	,	PUNCT
fbem-871	47	24	and	and	CCONJ
fbem-871	47	25	the	the	DET
fbem-871	47	26	presence	presence	NOUN
fbem-871	47	27	of	of	ADP
fbem-871	47	28	conglomerates	conglomerate	NOUN
fbem-871	47	29	reduces	reduce	VERB
fbem-871	47	30	agency	agency	NOUN
fbem-871	47	31	problems	problem	NOUN
fbem-871	47	32	.	.	PUNCT
fbem-871	48	1	listed	list	VERB
fbem-871	48	2	companies	company	NOUN
fbem-871	48	3	can	can	AUX
fbem-871	48	4	reduce	reduce	VERB
fbem-871	48	5	overinvestment	overinvestment	NOUN
fbem-871	48	6	by	by	ADP
fbem-871	48	7	strengthening	strengthen	VERB
fbem-871	48	8	financial	financial	ADJ
fbem-871	48	9	monitoring	monitoring	NOUN
fbem-871	48	10	.	.	PUNCT
fbem-871	49	1	when	when	SCONJ
fbem-871	49	2	the	the	DET
fbem-871	49	3	group	group	NOUN
fbem-871	49	4	appoints	appoint	VERB
fbem-871	49	5	the	the	DET
fbem-871	49	6	chief	chief	ADJ
fbem-871	49	7	financial	financial	ADJ
fbem-871	49	8	officer	officer	NOUN
fbem-871	49	9	to	to	ADP
fbem-871	49	10	the	the	DET
fbem-871	49	11	member	member	NOUN
fbem-871	49	12	enterprises	enterprise	NOUN
fbem-871	49	13	,	,	PUNCT
fbem-871	49	14	it	it	PRON
fbem-871	49	15	will	will	AUX
fbem-871	49	16	control	control	VERB
fbem-871	49	17	the	the	DET
fbem-871	49	18	agency	agency	NOUN
fbem-871	49	19	problem	problem	NOUN
fbem-871	49	20	of	of	ADP
fbem-871	49	21	the	the	DET
fbem-871	49	22	member	member	NOUN
fbem-871	49	23	enterprises	enterprise	NOUN
fbem-871	49	24	.	.	PUNCT
fbem-871	50	1	the	the	DET
fbem-871	50	2	relative	relative	ADJ
fbem-871	50	3	performance	performance	NOUN
fbem-871	50	4	evaluation	evaluation	NOUN
fbem-871	50	5	mechanism	mechanism	NOUN
fbem-871	50	6	can	can	AUX
fbem-871	50	7	also	also	ADV
fbem-871	50	8	be	be	AUX
fbem-871	50	9	used	use	VERB
fbem-871	50	10	to	to	PART
fbem-871	50	11	supervise	supervise	VERB
fbem-871	50	12	the	the	DET
fbem-871	50	13	behavior	behavior	NOUN
fbem-871	50	14	of	of	ADP
fbem-871	50	15	member	member	NOUN
fbem-871	50	16	enterprises	enterprise	NOUN
fbem-871	50	17	.	.	PUNCT
fbem-871	51	1	compared	compare	VERB
fbem-871	51	2	with	with	ADP
fbem-871	51	3	independent	independent	ADJ
fbem-871	51	4	companies	company	NOUN
fbem-871	51	5	,	,	PUNCT
fbem-871	51	6	business	business	NOUN
fbem-871	51	7	group	group	NOUN
fbem-871	51	8	can	can	AUX
fbem-871	51	9	also	also	ADV
fbem-871	51	10	use	use	VERB
fbem-871	51	11	relative	relative	ADJ
fbem-871	51	12	performance	performance	NOUN
fbem-871	51	13	evaluation	evaluation	NOUN
fbem-871	51	14	to	to	PART
fbem-871	51	15	form	form	VERB
fbem-871	51	16	a	a	DET
fbem-871	51	17	comparative	comparative	ADJ
fbem-871	51	18	competition	competition	NOUN
fbem-871	51	19	mechanism	mechanism	NOUN
fbem-871	51	20	within	within	ADP
fbem-871	51	21	the	the	DET
fbem-871	51	22	group	group	NOUN
fbem-871	51	23	,	,	PUNCT
fbem-871	51	24	provide	provide	VERB
fbem-871	51	25	timely	timely	ADJ
fbem-871	51	26	and	and	CCONJ
fbem-871	51	27	accurate	accurate	ADJ
fbem-871	51	28	feedback	feedback	NOUN
fbem-871	51	29	on	on	ADP
fbem-871	51	30	the	the	DET
fbem-871	51	31	business	business	NOUN
fbem-871	51	32	status	status	NOUN
fbem-871	51	33	of	of	ADP
fbem-871	51	34	the	the	DET
fbem-871	51	35	enterprise	enterprise	NOUN
fbem-871	51	36	,	,	PUNCT
fbem-871	51	37	and	and	CCONJ
fbem-871	51	38	use	use	VERB
fbem-871	51	39	information	information	NOUN
fbem-871	51	40	to	to	PART
fbem-871	51	41	compare	compare	VERB
fbem-871	51	42	motivation	motivation	NOUN
fbem-871	51	43	and	and	CCONJ
fbem-871	51	44	survival	survival	NOUN
fbem-871	51	45	motivation	motivation	NOUN
fbem-871	51	46	to	to	PART
fbem-871	51	47	reduce	reduce	VERB
fbem-871	51	48	managers	manager	NOUN
fbem-871	51	49	’	’	PART
fbem-871	51	50	agency	agency	NOUN
fbem-871	51	51	behavior	behavior	NOUN
fbem-871	51	52	.	.	PUNCT
fbem-871	52	1	through	through	ADP
fbem-871	52	2	the	the	DET
fbem-871	52	3	above	above	ADJ
fbem-871	52	4	methods	method	NOUN
fbem-871	52	5	,	,	PUNCT
fbem-871	52	6	the	the	DET
fbem-871	52	7	group	group	NOUN
fbem-871	52	8	allocates	allocate	VERB
fbem-871	52	9	funds	fund	NOUN
fbem-871	52	10	internally	internally	ADV
fbem-871	52	11	,	,	PUNCT
fbem-871	52	12	and	and	CCONJ
fbem-871	52	13	the	the	DET
fbem-871	52	14	allocation	allocation	NOUN
fbem-871	52	15	of	of	ADP
fbem-871	52	16	funds	fund	NOUN
fbem-871	52	17	will	will	AUX
fbem-871	52	18	be	be	AUX
fbem-871	52	19	carried	carry	VERB
fbem-871	52	20	out	out	ADP
fbem-871	52	21	in	in	ADP
fbem-871	52	22	a	a	DET
fbem-871	52	23	more	more	ADV
fbem-871	52	24	efficient	efficient	ADJ
fbem-871	52	25	direction	direction	NOUN
fbem-871	52	26	.	.	PUNCT
fbem-871	53	1	therefore	therefore	ADV
fbem-871	53	2	,	,	PUNCT
fbem-871	53	3	this	this	DET
fbem-871	53	4	paper	paper	NOUN
fbem-871	53	5	proposes	propose	VERB
fbem-871	53	6	the	the	DET
fbem-871	53	7	hypothesis	hypothesis	NOUN
fbem-871	53	8	h1	h1	NOUN
fbem-871	53	9	:	:	PUNCT
fbem-871	53	10	h1	h1	PROPN
fbem-871	53	11	:	:	PUNCT
fbem-871	53	12	business	business	NOUN
fbem-871	53	13	group	group	NOUN
fbem-871	53	14	will	will	AUX
fbem-871	53	15	reduce	reduce	VERB
fbem-871	53	16	the	the	DET
fbem-871	53	17	inefficient	inefficient	ADJ
fbem-871	53	18	investment	investment	NOUN
fbem-871	53	19	of	of	ADP
fbem-871	53	20	listed	list	VERB
fbem-871	53	21	companies	company	NOUN
fbem-871	53	22	.	.	PUNCT
fbem-871	54	1	the	the	DET
fbem-871	54	2	specific	specific	ADJ
fbem-871	54	3	embodiment	embodiment	NOUN
fbem-871	54	4	is	be	AUX
fbem-871	54	5	that	that	SCONJ
fbem-871	54	6	the	the	DET
fbem-871	54	7	business	business	NOUN
fbem-871	54	8	group	group	NOUN
fbem-871	54	9	reduces	reduce	VERB
fbem-871	54	10	the	the	DET
fbem-871	54	11	underinvestment	underinvestment	NOUN
fbem-871	54	12	of	of	ADP
fbem-871	54	13	enterprises	enterprise	NOUN
fbem-871	54	14	and	and	CCONJ
fbem-871	54	15	alleviates	alleviate	VERB
fbem-871	54	16	the	the	DET
fbem-871	54	17	overinvestment	overinvestment	NOUN
fbem-871	54	18	of	of	ADP
fbem-871	54	19	enterprises	enterprise	NOUN
fbem-871	54	20	.	.	PUNCT
fbem-871	55	1	one	one	NUM
fbem-871	55	2	of	of	ADP
fbem-871	55	3	the	the	DET
fbem-871	55	4	main	main	ADJ
fbem-871	55	5	ways	way	NOUN
fbem-871	55	6	for	for	SCONJ
fbem-871	55	7	business	business	NOUN
fbem-871	55	8	group	group	NOUN
fbem-871	55	9	to	to	PART
fbem-871	55	10	influence	influence	VERB
fbem-871	55	11	inefficient	inefficient	ADJ
fbem-871	55	12	investment	investment	NOUN
fbem-871	55	13	is	be	AUX
fbem-871	55	14	to	to	PART
fbem-871	55	15	ease	ease	VERB
fbem-871	55	16	financing	financing	NOUN
fbem-871	55	17	constraints	constraint	NOUN
fbem-871	55	18	through	through	ADP
fbem-871	55	19	internal	internal	ADJ
fbem-871	55	20	capital	capital	NOUN
fbem-871	55	21	markets	market	NOUN
fbem-871	55	22	,	,	PUNCT
fbem-871	55	23	or	or	CCONJ
fbem-871	55	24	to	to	PART
fbem-871	55	25	reduce	reduce	VERB
fbem-871	55	26	agency	agency	NOUN
fbem-871	55	27	problems	problem	NOUN
fbem-871	55	28	through	through	ADP
fbem-871	55	29	internal	internal	ADJ
fbem-871	55	30	comprehensive	comprehensive	ADJ
fbem-871	55	31	management	management	NOUN
fbem-871	55	32	.	.	PUNCT
fbem-871	56	1	in	in	ADP
fbem-871	56	2	my	my	PRON
fbem-871	56	3	country	country	NOUN
fbem-871	56	4	,	,	PUNCT
fbem-871	56	5	state	state	NOUN
fbem-871	56	6	-	-	PUNCT
fbem-871	56	7	owned	own	VERB
fbem-871	56	8	enterprises	enterprise	NOUN
fbem-871	56	9	are	be	AUX
fbem-871	56	10	supported	support	VERB
fbem-871	56	11	by	by	ADP
fbem-871	56	12	state	state	NOUN
fbem-871	56	13	funds	fund	NOUN
fbem-871	56	14	and	and	CCONJ
fbem-871	56	15	related	related	ADJ
fbem-871	56	16	policies	policy	NOUN
fbem-871	56	17	,	,	PUNCT
fbem-871	56	18	and	and	CCONJ
fbem-871	56	19	credit	credit	NOUN
fbem-871	56	20	support	support	NOUN
fbem-871	56	21	,	,	PUNCT
fbem-871	56	22	and	and	CCONJ
fbem-871	56	23	some	some	DET
fbem-871	56	24	state	state	NOUN
fbem-871	56	25	-	-	PUNCT
fbem-871	56	26	owned	own	VERB
fbem-871	56	27	enterprises	enterprise	NOUN
fbem-871	56	28	have	have	VERB
fbem-871	56	29	a	a	DET
fbem-871	56	30	monopoly	monopoly	NOUN
fbem-871	56	31	position	position	NOUN
fbem-871	56	32	in	in	ADP
fbem-871	56	33	the	the	DET
fbem-871	56	34	market	market	NOUN
fbem-871	56	35	,	,	PUNCT
fbem-871	56	36	which	which	PRON
fbem-871	56	37	makes	make	VERB
fbem-871	56	38	it	it	PRON
fbem-871	56	39	more	more	ADV
fbem-871	56	40	convenient	convenient	ADJ
fbem-871	56	41	for	for	SCONJ
fbem-871	56	42	state	state	NOUN
fbem-871	56	43	-	-	PUNCT
fbem-871	56	44	owned	own	VERB
fbem-871	56	45	enterprises	enterprise	NOUN
fbem-871	56	46	to	to	PART
fbem-871	56	47	have	have	VERB
fbem-871	56	48	external	external	ADJ
fbem-871	56	49	financing	financing	NOUN
fbem-871	56	50	,	,	PUNCT
fbem-871	56	51	and	and	CCONJ
fbem-871	56	52	banks	bank	NOUN
fbem-871	56	53	are	be	AUX
fbem-871	56	54	more	more	ADV
fbem-871	56	55	inclined	inclined	ADJ
fbem-871	56	56	to	to	PART
fbem-871	56	57	provide	provide	VERB
fbem-871	56	58	financing	financing	NOUN
fbem-871	56	59	for	for	ADP
fbem-871	56	60	state	state	NOUN
fbem-871	56	61	-	-	PUNCT
fbem-871	56	62	owned	own	VERB
fbem-871	56	63	enterprises	enterprise	NOUN
fbem-871	56	64	.	.	PUNCT
fbem-871	57	1	therefore	therefore	ADV
fbem-871	57	2	,	,	PUNCT
fbem-871	57	3	soes	soe	NOUN
fbem-871	57	4	are	be	AUX
fbem-871	57	5	less	less	ADV
fbem-871	57	6	likely	likely	ADJ
fbem-871	57	7	to	to	PART
fbem-871	57	8	underinvest	underinv	ADJ
fbem-871	57	9	due	due	ADP
fbem-871	57	10	to	to	ADP
fbem-871	57	11	financing	financing	NOUN
fbem-871	57	12	constraints	constraint	NOUN
fbem-871	57	13	.	.	PUNCT
fbem-871	58	1	on	on	ADP
fbem-871	58	2	the	the	DET
fbem-871	58	3	other	other	ADJ
fbem-871	58	4	hand	hand	NOUN
fbem-871	58	5	,	,	PUNCT
fbem-871	58	6	although	although	SCONJ
fbem-871	58	7	state	state	NOUN
fbem-871	58	8	-	-	PUNCT
fbem-871	58	9	owned	own	VERB
fbem-871	58	10	enterprises	enterprise	NOUN
fbem-871	58	11	have	have	VERB
fbem-871	58	12	the	the	DET
fbem-871	58	13	advantage	advantage	NOUN
fbem-871	58	14	of	of	ADP
fbem-871	58	15	being	be	AUX
fbem-871	58	16	supported	support	VERB
fbem-871	58	17	by	by	ADP
fbem-871	58	18	national	national	ADJ
fbem-871	58	19	policies	policy	NOUN
fbem-871	58	20	,	,	PUNCT
fbem-871	58	21	at	at	ADP
fbem-871	58	22	the	the	DET
fbem-871	58	23	same	same	ADJ
fbem-871	58	24	time	time	NOUN
fbem-871	58	25	,	,	PUNCT
fbem-871	58	26	their	their	PRON
fbem-871	58	27	operation	operation	NOUN
fbem-871	58	28	and	and	CCONJ
fbem-871	58	29	management	management	NOUN
fbem-871	58	30	also	also	ADV
fbem-871	58	31	bear	bear	VERB
fbem-871	58	32	greater	great	ADJ
fbem-871	58	33	constraints	constraint	NOUN
fbem-871	58	34	.	.	PUNCT
fbem-871	59	1	due	due	ADP
fbem-871	59	2	to	to	ADP
fbem-871	59	3	the	the	DET
fbem-871	59	4	requirements	requirement	NOUN
fbem-871	59	5	of	of	ADP
fbem-871	59	6	the	the	DET
fbem-871	59	7	country	country	NOUN
fbem-871	59	8	's	's	PART
fbem-871	59	9	phased	phase	VERB
fbem-871	59	10	industrial	industrial	ADJ
fbem-871	59	11	policies	policy	NOUN
fbem-871	59	12	and	and	CCONJ
fbem-871	59	13	development	development	NOUN
fbem-871	59	14	goals	goal	NOUN
fbem-871	59	15	,	,	PUNCT
fbem-871	59	16	the	the	DET
fbem-871	59	17	investment	investment	NOUN
fbem-871	59	18	decisions	decision	NOUN
fbem-871	59	19	of	of	ADP
fbem-871	59	20	state	state	NOUN
fbem-871	59	21	-	-	PUNCT
fbem-871	59	22	owned	own	VERB
fbem-871	59	23	enterprises	enterprise	NOUN
fbem-871	59	24	often	often	ADV
fbem-871	59	25	can	can	AUX
fbem-871	59	26	not	not	PART
fbem-871	59	27	be	be	AUX
fbem-871	59	28	made	make	VERB
fbem-871	59	29	in	in	ADP
fbem-871	59	30	the	the	DET
fbem-871	59	31	most	most	ADV
fbem-871	59	32	efficient	efficient	ADJ
fbem-871	59	33	direction	direction	NOUN
fbem-871	59	34	,	,	PUNCT
fbem-871	59	35	and	and	CCONJ
fbem-871	59	36	the	the	DET
fbem-871	59	37	policy	policy	NOUN
fbem-871	59	38	burden	burden	NOUN
fbem-871	59	39	is	be	AUX
fbem-871	59	40	heavy	heavy	ADJ
fbem-871	59	41	.	.	PUNCT
fbem-871	60	1	even	even	ADV
fbem-871	60	2	if	if	SCONJ
fbem-871	60	3	measures	measure	NOUN
fbem-871	60	4	such	such	ADJ
fbem-871	60	5	as	as	ADP
fbem-871	60	6	relative	relative	ADJ
fbem-871	60	7	performance	performance	NOUN
fbem-871	60	8	evaluation	evaluation	NOUN
fbem-871	60	9	are	be	AUX
fbem-871	60	10	taken	take	VERB
fbem-871	60	11	,	,	PUNCT
fbem-871	60	12	member	member	NOUN
fbem-871	60	13	companies	company	NOUN
fbem-871	60	14	can	can	AUX
fbem-871	60	15	not	not	PART
fbem-871	60	16	choose	choose	VERB
fbem-871	60	17	more	more	ADV
fbem-871	60	18	efficient	efficient	ADJ
fbem-871	60	19	investments	investment	NOUN
fbem-871	60	20	.	.	PUNCT
fbem-871	61	1	therefore	therefore	ADV
fbem-871	61	2	,	,	PUNCT
fbem-871	61	3	the	the	DET
fbem-871	61	4	transmission	transmission	NOUN
fbem-871	61	5	mechanism	mechanism	NOUN
fbem-871	61	6	of	of	ADP
fbem-871	61	7	improving	improve	VERB
fbem-871	61	8	investment	investment	NOUN
fbem-871	61	9	efficiency	efficiency	NOUN
fbem-871	61	10	by	by	ADP
fbem-871	61	11	solving	solve	VERB
fbem-871	61	12	information	information	NOUN
fbem-871	61	13	asymmetry	asymmetry	NOUN
fbem-871	61	14	and	and	CCONJ
fbem-871	61	15	agency	agency	NOUN
fbem-871	61	16	problems	problem	NOUN
fbem-871	61	17	is	be	AUX
fbem-871	61	18	relatively	relatively	ADV
fbem-871	61	19	ineffective	ineffective	ADJ
fbem-871	61	20	in	in	ADP
fbem-871	61	21	state	state	NOUN
fbem-871	61	22	-	-	PUNCT
fbem-871	61	23	owned	own	VERB
fbem-871	61	24	enterprises	enterprise	NOUN
fbem-871	61	25	.	.	PUNCT
fbem-871	62	1	therefore	therefore	ADV
fbem-871	62	2	,	,	PUNCT
fbem-871	62	3	this	this	DET
fbem-871	62	4	paper	paper	NOUN
fbem-871	62	5	proposes	propose	VERB
fbem-871	62	6	the	the	DET
fbem-871	62	7	hypothesis	hypothesis	NOUN
fbem-871	62	8	h2	h2	NOUN
fbem-871	62	9	:	:	PUNCT
fbem-871	62	10	h2	h2	NOUN
fbem-871	62	11	:	:	PUNCT
fbem-871	62	12	compared	compare	VERB
fbem-871	62	13	with	with	ADP
fbem-871	62	14	state	state	NOUN
fbem-871	62	15	-	-	PUNCT
fbem-871	62	16	owned	own	VERB
fbem-871	62	17	enterprises	enterprise	NOUN
fbem-871	62	18	,	,	PUNCT
fbem-871	62	19	the	the	DET
fbem-871	62	20	influence	influence	NOUN
fbem-871	62	21	of	of	ADP
fbem-871	62	22	business	business	NOUN
fbem-871	62	23	group	group	NOUN
fbem-871	62	24	control	control	NOUN
fbem-871	62	25	on	on	ADP
fbem-871	62	26	the	the	DET
fbem-871	62	27	inefficient	inefficient	ADJ
fbem-871	62	28	investment	investment	NOUN
fbem-871	62	29	of	of	ADP
fbem-871	62	30	listed	list	VERB
fbem-871	62	31	companies	company	NOUN
fbem-871	62	32	is	be	AUX
fbem-871	62	33	more	more	ADV
fbem-871	62	34	significant	significant	ADJ
fbem-871	62	35	in	in	ADP
fbem-871	62	36	private	private	ADJ
fbem-871	62	37	enterprises	enterprise	NOUN
fbem-871	62	38	.	.	PUNCT
fbem-871	63	1	3	3	X
fbem-871	63	2	.	.	X
fbem-871	63	3	reserch	reserch	NOUN
fbem-871	63	4	design	design	NOUN
fbem-871	63	5	3.1	3.1	NUM
fbem-871	63	6	.	.	PUNCT
fbem-871	63	7	model	model	NOUN
fbem-871	63	8	construction	construction	NOUN
fbem-871	63	9	and	and	CCONJ
fbem-871	63	10	variable	variable	ADJ
fbem-871	63	11	definition	definition	NOUN
fbem-871	63	12	when	when	SCONJ
fbem-871	63	13	the	the	DET
fbem-871	63	14	actual	actual	ADJ
fbem-871	63	15	investment	investment	NOUN
fbem-871	63	16	of	of	ADP
fbem-871	63	17	an	an	DET
fbem-871	63	18	enterprise	enterprise	NOUN
fbem-871	63	19	deviates	deviate	VERB
fbem-871	63	20	from	from	ADP
fbem-871	63	21	the	the	DET
fbem-871	63	22	normal	normal	ADJ
fbem-871	63	23	investment	investment	NOUN
fbem-871	63	24	level	level	NOUN
fbem-871	64	1	,	,	PUNCT
fbem-871	64	2	it	it	PRON
fbem-871	64	3	is	be	AUX
fbem-871	64	4	generally	generally	ADV
fbem-871	64	5	said	say	VERB
fbem-871	64	6	that	that	SCONJ
fbem-871	64	7	the	the	DET
fbem-871	64	8	enterprise	enterprise	NOUN
fbem-871	64	9	has	have	VERB
fbem-871	64	10	inefficient	inefficient	ADJ
fbem-871	64	11	investment	investment	NOUN
fbem-871	64	12	.	.	PUNCT
fbem-871	65	1	this	this	DET
fbem-871	65	2	paper	paper	NOUN
fbem-871	65	3	draws	draw	VERB
fbem-871	65	4	on	on	ADP
fbem-871	65	5	the	the	DET
fbem-871	65	6	research	research	NOUN
fbem-871	65	7	of	of	ADP
fbem-871	65	8	richardson	richardson	PROPN
fbem-871	65	9	(	(	PUNCT
fbem-871	65	10	2006	2006	NUM
fbem-871	65	11	)	)	PUNCT
fbem-871	65	12	,	,	PUNCT
fbem-871	65	13	establishes	establish	VERB
fbem-871	65	14	a	a	DET
fbem-871	65	15	regression	regression	NOUN
fbem-871	65	16	model	model	NOUN
fbem-871	65	17	,	,	PUNCT
fbem-871	65	18	see	see	VERB
fbem-871	65	19	equation	equation	NOUN
fbem-871	65	20	(	(	PUNCT
fbem-871	65	21	1	1	NUM
fbem-871	65	22	)	)	PUNCT
fbem-871	65	23	,	,	PUNCT
fbem-871	65	24	and	and	CCONJ
fbem-871	65	25	calculates	calculate	VERB
fbem-871	65	26	the	the	DET
fbem-871	65	27	normal	normal	ADJ
fbem-871	65	28	investment	investment	NOUN
fbem-871	65	29	level	level	NOUN
fbem-871	65	30	of	of	ADP
fbem-871	65	31	enterprises	enterprise	NOUN
fbem-871	65	32	.	.	PUNCT
fbem-871	66	1	the	the	DET
fbem-871	66	2	absolute	absolute	ADJ
fbem-871	66	3	value	value	NOUN
fbem-871	66	4	of	of	ADP
fbem-871	66	5	the	the	DET
fbem-871	66	6	estimated	estimate	VERB
fbem-871	66	7	residual	residual	ADJ
fbem-871	66	8	is	be	AUX
fbem-871	66	9	recorded	record	VERB
fbem-871	66	10	as	as	ADP
fbem-871	66	11	the	the	DET
fbem-871	66	12	index	index	NOUN
fbem-871	66	13	of	of	ADP
fbem-871	66	14	investment	investment	NOUN
fbem-871	66	15	deviation	deviation	NOUN
fbem-871	66	16	.	.	PUNCT
fbem-871	67	1	the	the	DET
fbem-871	67	2	model	model	NOUN
fbem-871	67	3	settings	setting	NOUN
fbem-871	67	4	are	be	AUX
fbem-871	67	5	as	as	SCONJ
fbem-871	67	6	follows	follow	VERB
fbem-871	67	7	:	:	PUNCT
fbem-871	67	8	invni	invni	PROPN
fbem-871	67	9	,	,	PUNCT
fbem-871	67	10	t	t	NOUN
fbem-871	67	11	β	β	X
fbem-871	67	12	β	β	X
fbem-871	67	13	tq	tq	INTJ
fbem-871	67	14	,	,	PUNCT
fbem-871	67	15	β	β	X
fbem-871	67	16	lev	lev	NOUN
fbem-871	67	17	,	,	PUNCT
fbem-871	67	18	β	β	NOUN
fbem-871	67	19	cash	cash	NOUN
fbem-871	67	20	,	,	PUNCT
fbem-871	67	21	β	β	X
fbem-871	67	22	age	age	NOUN
fbem-871	67	23	,	,	PUNCT
fbem-871	67	24	β	β	X
fbem-871	67	25	size	size	NOUN
fbem-871	67	26	,	,	PUNCT
fbem-871	67	27	β	β	X
fbem-871	67	28	rets	ret	NOUN
fbem-871	67	29	,	,	PUNCT
fbem-871	67	30	β	β	X
fbem-871	67	31	invn	invn	NOUN
fbem-871	67	32	,	,	PUNCT
fbem-871	67	33	∑year	∑year	INTJ
fbem-871	67	34	∑ind	∑ind	ADP
fbem-871	68	1	ξ	ξ	PROPN
fbem-871	68	2	,	,	PUNCT
fbem-871	68	3	1	1	NUM
fbem-871	68	4	the	the	DET
fbem-871	68	5	definitions	definition	NOUN
fbem-871	68	6	of	of	ADP
fbem-871	68	7	each	each	DET
fbem-871	68	8	variable	variable	NOUN
fbem-871	68	9	are	be	AUX
fbem-871	68	10	shown	show	VERB
fbem-871	68	11	in	in	ADP
fbem-871	68	12	table	table	NOUN
fbem-871	68	13	1	1	NUM
fbem-871	68	14	,	,	PUNCT
fbem-871	68	15	while	while	SCONJ
fbem-871	68	16	controlling	control	VERB
fbem-871	68	17	for	for	ADP
fbem-871	68	18	year	year	NOUN
fbem-871	68	19	and	and	CCONJ
fbem-871	68	20	industry	industry	NOUN
fbem-871	68	21	effects	effect	NOUN
fbem-871	68	22	.	.	PUNCT
fbem-871	69	1	table	table	NOUN
fbem-871	69	2	1	1	NUM
fbem-871	69	3	.	.	PUNCT
fbem-871	69	4	model	model	NOUN
fbem-871	69	5	(	(	PUNCT
fbem-871	69	6	1	1	NUM
fbem-871	69	7	)	)	PUNCT
fbem-871	69	8	definition	definition	NOUN
fbem-871	69	9	and	and	CCONJ
fbem-871	69	10	calculation	calculation	NOUN
fbem-871	69	11	method	method	NOUN
fbem-871	69	12	of	of	ADP
fbem-871	69	13	each	each	DET
fbem-871	69	14	variable	variable	ADJ
fbem-871	69	15	variable	variable	ADJ
fbem-871	69	16	type	type	NOUN
fbem-871	69	17	variable	variable	ADJ
fbem-871	69	18	name	name	NOUN
fbem-871	69	19	variable	variable	ADJ
fbem-871	69	20	definitions	definition	NOUN
fbem-871	69	21	explained	explain	VERB
fbem-871	69	22	variable	variable	ADJ
fbem-871	69	23	invn	invn	VERB
fbem-871	69	24	the	the	DET
fbem-871	69	25	new	new	ADJ
fbem-871	69	26	investment	investment	NOUN
fbem-871	69	27	of	of	ADP
fbem-871	69	28	enterprises	enterprise	NOUN
fbem-871	69	29	is	be	AUX
fbem-871	69	30	measured	measure	VERB
fbem-871	69	31	by	by	ADP
fbem-871	69	32	the	the	DET
fbem-871	69	33	ratio	ratio	NOUN
fbem-871	69	34	of	of	ADP
fbem-871	69	35	new	new	ADJ
fbem-871	69	36	investment	investment	NOUN
fbem-871	69	37	expenditure	expenditure	NOUN
fbem-871	69	38	of	of	ADP
fbem-871	69	39	enterprises	enterprise	NOUN
fbem-871	69	40	to	to	ADP
fbem-871	69	41	total	total	ADJ
fbem-871	69	42	assets	asset	NOUN
fbem-871	69	43	.	.	PUNCT
fbem-871	70	1	explanatory	explanatory	ADJ
fbem-871	70	2	variables	variable	NOUN
fbem-871	70	3	cash	cash	VERB
fbem-871	70	4	the	the	DET
fbem-871	70	5	cash	cash	NOUN
fbem-871	70	6	position	position	NOUN
fbem-871	70	7	is	be	AUX
fbem-871	70	8	measured	measure	VERB
fbem-871	70	9	by	by	ADP
fbem-871	70	10	the	the	DET
fbem-871	70	11	ratio	ratio	NOUN
fbem-871	70	12	of	of	ADP
fbem-871	70	13	the	the	DET
fbem-871	70	14	company	company	NOUN
fbem-871	70	15	's	's	PART
fbem-871	70	16	net	net	ADJ
fbem-871	70	17	operating	operate	VERB
fbem-871	70	18	cash	cash	NOUN
fbem-871	70	19	flow	flow	NOUN
fbem-871	70	20	to	to	ADP
fbem-871	70	21	total	total	ADJ
fbem-871	70	22	assets	asset	NOUN
fbem-871	70	23	.	.	PUNCT
fbem-871	71	1	tq	tq	ADP
fbem-871	71	2	tobin	tobin	PROPN
fbem-871	71	3	's	's	PART
fbem-871	71	4	q	q	NOUN
fbem-871	71	5	value	value	NOUN
fbem-871	71	6	is	be	AUX
fbem-871	71	7	measured	measure	VERB
fbem-871	71	8	by	by	ADP
fbem-871	71	9	the	the	DET
fbem-871	71	10	ratio	ratio	NOUN
fbem-871	71	11	of	of	ADP
fbem-871	71	12	the	the	DET
fbem-871	71	13	company	company	NOUN
fbem-871	71	14	's	's	PART
fbem-871	71	15	market	market	NOUN
fbem-871	71	16	price	price	NOUN
fbem-871	71	17	to	to	ADP
fbem-871	71	18	the	the	DET
fbem-871	71	19	company	company	NOUN
fbem-871	71	20	's	's	PART
fbem-871	71	21	replacement	replacement	NOUN
fbem-871	71	22	cost	cost	NOUN
fbem-871	71	23	.	.	PUNCT
fbem-871	72	1	lev	lev	NOUN
fbem-871	72	2	leverage	leverage	NOUN
fbem-871	72	3	level	level	NOUN
fbem-871	72	4	,	,	PUNCT
fbem-871	72	5	measured	measure	VERB
fbem-871	72	6	by	by	ADP
fbem-871	72	7	the	the	DET
fbem-871	72	8	ratio	ratio	NOUN
fbem-871	72	9	of	of	ADP
fbem-871	72	10	total	total	ADJ
fbem-871	72	11	assets	asset	NOUN
fbem-871	72	12	to	to	ADP
fbem-871	72	13	total	total	ADJ
fbem-871	72	14	liabilities	liability	NOUN
fbem-871	72	15	.	.	PUNCT
fbem-871	73	1	age	age	NOUN
fbem-871	73	2	the	the	DET
fbem-871	73	3	listing	listing	NOUN
fbem-871	73	4	year	year	NOUN
fbem-871	73	5	is	be	AUX
fbem-871	73	6	measured	measure	VERB
fbem-871	73	7	by	by	ADP
fbem-871	73	8	the	the	DET
fbem-871	73	9	difference	difference	NOUN
fbem-871	73	10	between	between	ADP
fbem-871	73	11	the	the	DET
fbem-871	73	12	financial	financial	ADJ
fbem-871	73	13	reporting	reporting	NOUN
fbem-871	73	14	year	year	NOUN
fbem-871	73	15	and	and	CCONJ
fbem-871	73	16	the	the	DET
fbem-871	73	17	ipo	ipo	PROPN
fbem-871	73	18	year	year	NOUN
fbem-871	73	19	.	.	PUNCT
fbem-871	74	1	size	size	VERB
fbem-871	74	2	the	the	DET
fbem-871	74	3	size	size	NOUN
fbem-871	74	4	of	of	ADP
fbem-871	74	5	the	the	DET
fbem-871	74	6	enterprise	enterprise	NOUN
fbem-871	74	7	is	be	AUX
fbem-871	74	8	measured	measure	VERB
fbem-871	74	9	by	by	ADP
fbem-871	74	10	the	the	DET
fbem-871	74	11	natural	natural	ADJ
fbem-871	74	12	logarithm	logarithm	NOUN
fbem-871	74	13	of	of	ADP
fbem-871	74	14	the	the	DET
fbem-871	74	15	total	total	ADJ
fbem-871	74	16	assets	asset	NOUN
fbem-871	74	17	of	of	ADP
fbem-871	74	18	the	the	DET
fbem-871	74	19	enterprise	enterprise	NOUN
fbem-871	74	20	.	.	PUNCT
fbem-871	75	1	rets	ret	NOUN
fbem-871	75	2	market	market	NOUN
fbem-871	75	3	returns	return	NOUN
fbem-871	75	4	,	,	PUNCT
fbem-871	75	5	measured	measure	VERB
fbem-871	75	6	by	by	ADP
fbem-871	75	7	annual	annual	ADJ
fbem-871	75	8	individual	individual	ADJ
fbem-871	75	9	stock	stock	NOUN
fbem-871	75	10	returns	return	NOUN
fbem-871	75	11	taking	take	VERB
fbem-871	75	12	into	into	ADP
fbem-871	75	13	account	account	NOUN
fbem-871	75	14	cash	cash	NOUN
fbem-871	75	15	dividends	dividend	NOUN
fbem-871	75	16	.	.	PUNCT
fbem-871	76	1	113	113	NUM
fbem-871	76	2	in	in	ADP
fbem-871	76	3	order	order	NOUN
fbem-871	76	4	to	to	PART
fbem-871	76	5	test	test	VERB
fbem-871	76	6	hypothesis	hypothesis	NOUN
fbem-871	76	7	1	1	NUM
fbem-871	76	8	of	of	ADP
fbem-871	76	9	this	this	DET
fbem-871	76	10	paper	paper	NOUN
fbem-871	76	11	,	,	PUNCT
fbem-871	76	12	a	a	DET
fbem-871	76	13	regression	regression	NOUN
fbem-871	76	14	model	model	NOUN
fbem-871	76	15	was	be	AUX
fbem-871	76	16	established	establish	VERB
fbem-871	76	17	,	,	PUNCT
fbem-871	76	18	as	as	SCONJ
fbem-871	76	19	shown	show	VERB
fbem-871	76	20	in	in	ADP
fbem-871	76	21	equation	equation	NOUN
fbem-871	76	22	(	(	PUNCT
fbem-871	76	23	2	2	NUM
fbem-871	76	24	)	)	PUNCT
fbem-871	76	25	,	,	PUNCT
fbem-871	76	26	with	with	ADP
fbem-871	76	27	investment	investment	NOUN
fbem-871	76	28	deviation	deviation	NOUN
fbem-871	76	29	degree	degree	NOUN
fbem-871	76	30	(	(	PUNCT
fbem-871	76	31	auinvn	auinvn	NOUN
fbem-871	76	32	)	)	PUNCT
fbem-871	76	33	as	as	ADP
fbem-871	76	34	the	the	DET
fbem-871	76	35	explained	explain	VERB
fbem-871	76	36	variable	variable	NOUN
fbem-871	76	37	and	and	CCONJ
fbem-871	76	38	business	business	NOUN
fbem-871	76	39	group	group	NOUN
fbem-871	76	40	(	(	PUNCT
fbem-871	76	41	group	group	NOUN
fbem-871	76	42	)	)	PUNCT
fbem-871	76	43	as	as	ADP
fbem-871	76	44	the	the	DET
fbem-871	76	45	explanatory	explanatory	ADJ
fbem-871	76	46	variable	variable	NOUN
fbem-871	76	47	.	.	PUNCT
fbem-871	77	1	analyze	analyze	VERB
fbem-871	77	2	the	the	DET
fbem-871	77	3	relationship	relationship	NOUN
fbem-871	77	4	between	between	ADP
fbem-871	77	5	business	business	NOUN
fbem-871	77	6	groups	group	NOUN
fbem-871	77	7	and	and	CCONJ
fbem-871	77	8	enterprise	enterprise	NOUN
fbem-871	77	9	inefficiency	inefficiency	NOUN
fbem-871	77	10	investment	investment	NOUN
fbem-871	77	11	.	.	PUNCT
fbem-871	78	1	auinvn	auinvn	NOUN
fbem-871	78	2	,	,	PUNCT
fbem-871	78	3	β	β	X
fbem-871	78	4	β	β	X
fbem-871	78	5	group	group	NOUN
fbem-871	78	6	,	,	PUNCT
fbem-871	78	7	β	β	X
fbem-871	78	8	∗	∗	NOUN
fbem-871	78	9	controls	control	NOUN
fbem-871	78	10	,	,	PUNCT
fbem-871	78	11	∑year	∑year	ADJ
fbem-871	78	12	∑ind	∑ind	ADP
fbem-871	79	1	ξ	ξ	X
fbem-871	79	2	,	,	PUNCT
fbem-871	79	3	（	（	PROPN
fbem-871	79	4	2	2	NUM
fbem-871	79	5	）	）	PUNCT
fbem-871	79	6	among	among	ADP
fbem-871	79	7	them	they	PRON
fbem-871	79	8	,	,	PUNCT
fbem-871	79	9	the	the	DET
fbem-871	79	10	explanatory	explanatory	ADJ
fbem-871	79	11	variable	variable	ADJ
fbem-871	79	12	auinvn	auinvn	NOUN
fbem-871	79	13	in	in	ADP
fbem-871	79	14	model	model	NOUN
fbem-871	79	15	(	(	PUNCT
fbem-871	79	16	2	2	NUM
fbem-871	79	17	)	)	PUNCT
fbem-871	79	18	represents	represent	VERB
fbem-871	79	19	the	the	DET
fbem-871	79	20	degree	degree	NOUN
fbem-871	79	21	of	of	ADP
fbem-871	79	22	deviation	deviation	NOUN
fbem-871	79	23	of	of	ADP
fbem-871	79	24	enterprise	enterprise	NOUN
fbem-871	79	25	investment	investment	NOUN
fbem-871	79	26	,	,	PUNCT
fbem-871	79	27	and	and	CCONJ
fbem-871	79	28	the	the	DET
fbem-871	79	29	residual	residual	ADJ
fbem-871	79	30	estimated	estimate	VERB
fbem-871	79	31	in	in	ADP
fbem-871	79	32	model	model	NOUN
fbem-871	79	33	(	(	PUNCT
fbem-871	79	34	1	1	NUM
fbem-871	79	35	)	)	PUNCT
fbem-871	79	36	is	be	AUX
fbem-871	79	37	obtained	obtain	VERB
fbem-871	79	38	by	by	ADP
fbem-871	79	39	taking	take	VERB
fbem-871	79	40	the	the	DET
fbem-871	79	41	absolute	absolute	ADJ
fbem-871	79	42	value	value	NOUN
fbem-871	79	43	.	.	PUNCT
fbem-871	80	1	the	the	DET
fbem-871	80	2	explanatory	explanatory	ADJ
fbem-871	80	3	variable	variable	ADJ
fbem-871	80	4	group	group	NOUN
fbem-871	80	5	indicates	indicate	VERB
fbem-871	80	6	the	the	DET
fbem-871	80	7	group	group	NOUN
fbem-871	80	8	attribute	attribute	NOUN
fbem-871	80	9	of	of	ADP
fbem-871	80	10	the	the	DET
fbem-871	80	11	enterprise	enterprise	NOUN
fbem-871	80	12	,	,	PUNCT
fbem-871	80	13	if	if	SCONJ
fbem-871	80	14	it	it	PRON
fbem-871	80	15	belongs	belong	VERB
fbem-871	80	16	to	to	ADP
fbem-871	80	17	the	the	DET
fbem-871	80	18	business	business	NOUN
fbem-871	80	19	group	group	NOUN
fbem-871	80	20	,	,	PUNCT
fbem-871	80	21	it	it	PRON
fbem-871	80	22	is	be	AUX
fbem-871	80	23	1	1	NUM
fbem-871	80	24	,	,	PUNCT
fbem-871	80	25	otherwise	otherwise	ADV
fbem-871	80	26	it	it	PRON
fbem-871	80	27	is	be	AUX
fbem-871	80	28	0	0	NUM
fbem-871	80	29	.	.	PUNCT
fbem-871	81	1	at	at	ADP
fbem-871	81	2	the	the	DET
fbem-871	81	3	same	same	ADJ
fbem-871	81	4	time	time	NOUN
fbem-871	81	5	,	,	PUNCT
fbem-871	81	6	referring	refer	VERB
fbem-871	81	7	to	to	ADP
fbem-871	81	8	existing	exist	VERB
fbem-871	81	9	research	research	NOUN
fbem-871	81	10	,	,	PUNCT
fbem-871	81	11	the	the	DET
fbem-871	81	12	control	control	NOUN
fbem-871	81	13	variables	variable	NOUN
fbem-871	81	14	are	be	AUX
fbem-871	81	15	tobin	tobin	NOUN
fbem-871	81	16	's	's	PART
fbem-871	81	17	q	q	NOUN
fbem-871	81	18	value	value	NOUN
fbem-871	81	19	,	,	PUNCT
fbem-871	81	20	cash	cash	NOUN
fbem-871	81	21	position	position	NOUN
fbem-871	81	22	,	,	PUNCT
fbem-871	81	23	board	board	NOUN
fbem-871	81	24	size	size	NOUN
fbem-871	81	25	,	,	PUNCT
fbem-871	81	26	executive	executive	NOUN
fbem-871	81	27	compensation	compensation	NOUN
fbem-871	81	28	,	,	PUNCT
fbem-871	81	29	asset	asset	NOUN
fbem-871	81	30	-	-	PUNCT
fbem-871	81	31	liability	liability	NOUN
fbem-871	81	32	ratio	ratio	NOUN
fbem-871	81	33	,	,	PUNCT
fbem-871	81	34	and	and	CCONJ
fbem-871	81	35	return	return	VERB
fbem-871	81	36	on	on	ADP
fbem-871	81	37	assets	asset	NOUN
fbem-871	81	38	.	.	PUNCT
fbem-871	82	1	tobin	tobin	PROPN
fbem-871	82	2	’s	’s	PART
fbem-871	82	3	q	q	NOUN
fbem-871	82	4	value	value	NOUN
fbem-871	82	5	is	be	AUX
fbem-871	82	6	controlled	control	VERB
fbem-871	82	7	to	to	PART
fbem-871	82	8	control	control	VERB
fbem-871	82	9	the	the	DET
fbem-871	82	10	investment	investment	NOUN
fbem-871	82	11	opportunities	opportunity	NOUN
fbem-871	82	12	of	of	ADP
fbem-871	82	13	the	the	DET
fbem-871	82	14	company	company	NOUN
fbem-871	82	15	;	;	PUNCT
fbem-871	82	16	the	the	DET
fbem-871	82	17	net	net	ADJ
fbem-871	82	18	operating	operate	VERB
fbem-871	82	19	cash	cash	NOUN
fbem-871	82	20	flow	flow	NOUN
fbem-871	82	21	of	of	ADP
fbem-871	82	22	the	the	DET
fbem-871	82	23	company	company	NOUN
fbem-871	82	24	is	be	AUX
fbem-871	82	25	controlled	control	VERB
fbem-871	82	26	to	to	PART
fbem-871	82	27	control	control	VERB
fbem-871	82	28	the	the	DET
fbem-871	82	29	free	free	ADJ
fbem-871	82	30	cash	cash	NOUN
fbem-871	82	31	flow	flow	NOUN
fbem-871	82	32	of	of	ADP
fbem-871	82	33	the	the	DET
fbem-871	82	34	company	company	NOUN
fbem-871	82	35	;	;	PUNCT
fbem-871	82	36	the	the	DET
fbem-871	82	37	ratio	ratio	NOUN
fbem-871	82	38	of	of	ADP
fbem-871	82	39	independent	independent	ADJ
fbem-871	82	40	directors	director	NOUN
fbem-871	82	41	,	,	PUNCT
fbem-871	82	42	executive	executive	ADJ
fbem-871	82	43	compensation	compensation	NOUN
fbem-871	82	44	,	,	PUNCT
fbem-871	82	45	return	return	VERB
fbem-871	82	46	on	on	ADP
fbem-871	82	47	assets	asset	NOUN
fbem-871	82	48	,	,	PUNCT
fbem-871	82	49	asset	asset	NOUN
fbem-871	82	50	-	-	PUNCT
fbem-871	82	51	liability	liability	NOUN
fbem-871	82	52	ratio	ratio	NOUN
fbem-871	82	53	and	and	CCONJ
fbem-871	82	54	other	other	ADJ
fbem-871	82	55	factors	factor	NOUN
fbem-871	82	56	are	be	AUX
fbem-871	82	57	controlled	control	VERB
fbem-871	82	58	to	to	PART
fbem-871	82	59	control	control	VERB
fbem-871	82	60	corporate	corporate	ADJ
fbem-871	82	61	financial	financial	ADJ
fbem-871	82	62	governance	governance	NOUN
fbem-871	82	63	.	.	PUNCT
fbem-871	83	1	control	control	NOUN
fbem-871	83	2	for	for	ADP
fbem-871	83	3	both	both	DET
fbem-871	83	4	year	year	NOUN
fbem-871	83	5	and	and	CCONJ
fbem-871	83	6	industry	industry	NOUN
fbem-871	83	7	effects	effect	NOUN
fbem-871	83	8	.	.	PUNCT
fbem-871	84	1	table	table	NOUN
fbem-871	84	2	2	2	NUM
fbem-871	84	3	.	.	PUNCT
fbem-871	84	4	model	model	NOUN
fbem-871	84	5	(	(	PUNCT
fbem-871	84	6	2	2	NUM
fbem-871	84	7	)	)	PUNCT
fbem-871	84	8	definitions	definition	NOUN
fbem-871	84	9	and	and	CCONJ
fbem-871	84	10	calculation	calculation	NOUN
fbem-871	84	11	methods	method	NOUN
fbem-871	84	12	of	of	ADP
fbem-871	84	13	variables	variable	NOUN
fbem-871	84	14	variable	variable	ADJ
fbem-871	84	15	type	type	NOUN
fbem-871	84	16	variable	variable	ADJ
fbem-871	84	17	name	name	NOUN
fbem-871	84	18	variable	variable	ADJ
fbem-871	84	19	definitions	definition	NOUN
fbem-871	84	20	explained	explain	VERB
fbem-871	84	21	variable	variable	ADJ
fbem-871	84	22	auinvn	auinvn	VERB
fbem-871	84	23	the	the	DET
fbem-871	84	24	deviation	deviation	NOUN
fbem-871	84	25	of	of	ADP
fbem-871	84	26	enterprise	enterprise	NOUN
fbem-871	84	27	investment	investment	NOUN
fbem-871	84	28	is	be	AUX
fbem-871	84	29	measured	measure	VERB
fbem-871	84	30	by	by	ADP
fbem-871	84	31	the	the	DET
fbem-871	84	32	absolute	absolute	ADJ
fbem-871	84	33	value	value	NOUN
fbem-871	84	34	of	of	ADP
fbem-871	84	35	the	the	DET
fbem-871	84	36	residual	residual	ADJ
fbem-871	84	37	calculated	calculate	VERB
fbem-871	84	38	in	in	ADP
fbem-871	84	39	model	model	NOUN
fbem-871	84	40	(	(	PUNCT
fbem-871	84	41	1	1	NUM
fbem-871	84	42	)	)	PUNCT
fbem-871	84	43	.	.	PUNCT
fbem-871	85	1	explanatory	explanatory	ADJ
fbem-871	85	2	variables	variables	PROPN
fbem-871	85	3	group	group	PROPN
fbem-871	85	4	business	business	NOUN
fbem-871	85	5	group	group	NOUN
fbem-871	85	6	,	,	PUNCT
fbem-871	85	7	whether	whether	SCONJ
fbem-871	85	8	it	it	PRON
fbem-871	85	9	belongs	belong	VERB
fbem-871	85	10	to	to	ADP
fbem-871	85	11	an	an	DET
fbem-871	85	12	business	business	NOUN
fbem-871	85	13	group	group	NOUN
fbem-871	85	14	,	,	PUNCT
fbem-871	85	15	it	it	PRON
fbem-871	85	16	is	be	AUX
fbem-871	85	17	1	1	NUM
fbem-871	85	18	if	if	SCONJ
fbem-871	85	19	it	it	PRON
fbem-871	85	20	belongs	belong	VERB
fbem-871	85	21	to	to	ADP
fbem-871	85	22	an	an	DET
fbem-871	85	23	business	business	NOUN
fbem-871	85	24	group	group	NOUN
fbem-871	85	25	,	,	PUNCT
fbem-871	85	26	otherwise	otherwise	ADV
fbem-871	85	27	it	it	PRON
fbem-871	85	28	is	be	AUX
fbem-871	85	29	0	0	NUM
fbem-871	85	30	.	.	PUNCT
fbem-871	86	1	control	control	NOUN
fbem-871	86	2	variable	variable	ADJ
fbem-871	86	3	cash	cash	NOUN
fbem-871	86	4	the	the	DET
fbem-871	86	5	cash	cash	NOUN
fbem-871	86	6	position	position	NOUN
fbem-871	86	7	is	be	AUX
fbem-871	86	8	measured	measure	VERB
fbem-871	86	9	by	by	ADP
fbem-871	86	10	the	the	DET
fbem-871	86	11	ratio	ratio	NOUN
fbem-871	86	12	of	of	ADP
fbem-871	86	13	the	the	DET
fbem-871	86	14	company	company	NOUN
fbem-871	86	15	's	's	PART
fbem-871	86	16	net	net	ADJ
fbem-871	86	17	operating	operate	VERB
fbem-871	86	18	cash	cash	NOUN
fbem-871	86	19	flow	flow	NOUN
fbem-871	86	20	to	to	ADP
fbem-871	86	21	total	total	ADJ
fbem-871	86	22	assets	asset	NOUN
fbem-871	86	23	.	.	PUNCT
fbem-871	87	1	tq	tq	ADP
fbem-871	87	2	tobin	tobin	PROPN
fbem-871	87	3	's	's	PART
fbem-871	87	4	q	q	NOUN
fbem-871	87	5	value	value	NOUN
fbem-871	87	6	is	be	AUX
fbem-871	87	7	measured	measure	VERB
fbem-871	87	8	by	by	ADP
fbem-871	87	9	the	the	DET
fbem-871	87	10	ratio	ratio	NOUN
fbem-871	87	11	of	of	ADP
fbem-871	87	12	the	the	DET
fbem-871	87	13	company	company	NOUN
fbem-871	87	14	's	's	PART
fbem-871	87	15	market	market	NOUN
fbem-871	87	16	price	price	NOUN
fbem-871	87	17	to	to	ADP
fbem-871	87	18	the	the	DET
fbem-871	87	19	company	company	NOUN
fbem-871	87	20	's	's	PART
fbem-871	87	21	replacement	replacement	NOUN
fbem-871	87	22	cost	cost	NOUN
fbem-871	87	23	.	.	PUNCT
fbem-871	88	1	board	board	VERB
fbem-871	88	2	the	the	DET
fbem-871	88	3	size	size	NOUN
fbem-871	88	4	of	of	ADP
fbem-871	88	5	the	the	DET
fbem-871	88	6	board	board	NOUN
fbem-871	88	7	of	of	ADP
fbem-871	88	8	directors	director	NOUN
fbem-871	88	9	,	,	PUNCT
fbem-871	88	10	measured	measure	VERB
fbem-871	88	11	by	by	ADP
fbem-871	88	12	the	the	DET
fbem-871	88	13	logarithm	logarithm	NOUN
fbem-871	88	14	of	of	ADP
fbem-871	88	15	the	the	DET
fbem-871	88	16	total	total	ADJ
fbem-871	88	17	number	number	NOUN
fbem-871	88	18	of	of	ADP
fbem-871	88	19	people	people	NOUN
fbem-871	88	20	on	on	ADP
fbem-871	88	21	the	the	DET
fbem-871	88	22	board	board	NOUN
fbem-871	88	23	.	.	PUNCT
fbem-871	89	1	lev	lev	NOUN
fbem-871	89	2	leverage	leverage	NOUN
fbem-871	89	3	level	level	NOUN
fbem-871	89	4	,	,	PUNCT
fbem-871	89	5	measured	measure	VERB
fbem-871	89	6	by	by	ADP
fbem-871	89	7	the	the	DET
fbem-871	89	8	ratio	ratio	NOUN
fbem-871	89	9	of	of	ADP
fbem-871	89	10	total	total	ADJ
fbem-871	89	11	assets	asset	NOUN
fbem-871	89	12	to	to	ADP
fbem-871	89	13	total	total	ADJ
fbem-871	89	14	liabilities	liability	NOUN
fbem-871	89	15	.	.	PUNCT
fbem-871	90	1	salary	salary	NOUN
fbem-871	90	2	executive	executive	PROPN
fbem-871	90	3	compensation	compensation	PROPN
fbem-871	90	4	,	,	PUNCT
fbem-871	90	5	the	the	DET
fbem-871	90	6	natural	natural	ADJ
fbem-871	90	7	logarithm	logarithm	NOUN
fbem-871	90	8	of	of	ADP
fbem-871	90	9	the	the	DET
fbem-871	90	10	total	total	ADJ
fbem-871	90	11	compensation	compensation	NOUN
fbem-871	90	12	of	of	ADP
fbem-871	90	13	the	the	DET
fbem-871	90	14	top	top	ADJ
fbem-871	90	15	3	3	NUM
fbem-871	90	16	executives	executive	NOUN
fbem-871	90	17	of	of	ADP
fbem-871	90	18	the	the	DET
fbem-871	90	19	listed	list	VERB
fbem-871	90	20	company	company	NOUN
fbem-871	90	21	.	.	PUNCT
fbem-871	91	1	roa	roa	PROPN
fbem-871	91	2	return	return	NOUN
fbem-871	91	3	on	on	ADP
fbem-871	91	4	assets	asset	NOUN
fbem-871	91	5	is	be	AUX
fbem-871	91	6	measured	measure	VERB
fbem-871	91	7	by	by	ADP
fbem-871	91	8	net	net	ADJ
fbem-871	91	9	profit	profit	NOUN
fbem-871	91	10	for	for	ADP
fbem-871	91	11	the	the	DET
fbem-871	91	12	year	year	NOUN
fbem-871	91	13	and	and	CCONJ
fbem-871	91	14	total	total	ADJ
fbem-871	91	15	assets	asset	NOUN
fbem-871	91	16	at	at	ADP
fbem-871	91	17	the	the	DET
fbem-871	91	18	end	end	NOUN
fbem-871	91	19	of	of	ADP
fbem-871	91	20	the	the	DET
fbem-871	91	21	year	year	NOUN
fbem-871	91	22	.	.	PUNCT
fbem-871	92	1	3.2	3.2	NUM
fbem-871	92	2	.	.	PUNCT
fbem-871	93	1	data	datum	NOUN
fbem-871	93	2	sources	source	NOUN
fbem-871	93	3	and	and	CCONJ
fbem-871	93	4	sample	sample	NOUN
fbem-871	93	5	selection	selection	NOUN
fbem-871	93	6	this	this	DET
fbem-871	93	7	paper	paper	NOUN
fbem-871	93	8	selects	select	VERB
fbem-871	93	9	all	all	DET
fbem-871	93	10	a	a	DET
fbem-871	93	11	-	-	PUNCT
fbem-871	93	12	share	share	NOUN
fbem-871	93	13	listed	list	VERB
fbem-871	93	14	companies	company	NOUN
fbem-871	93	15	from	from	ADP
fbem-871	93	16	2012	2012	NUM
fbem-871	93	17	to	to	ADP
fbem-871	93	18	2019	2019	NUM
fbem-871	93	19	as	as	ADP
fbem-871	93	20	samples	sample	NOUN
fbem-871	93	21	,	,	PUNCT
fbem-871	93	22	obtains	obtain	VERB
fbem-871	93	23	data	datum	NOUN
fbem-871	93	24	from	from	ADP
fbem-871	93	25	the	the	DET
fbem-871	93	26	csmar	csmar	PROPN
fbem-871	93	27	database	database	NOUN
fbem-871	93	28	,	,	PUNCT
fbem-871	93	29	and	and	CCONJ
fbem-871	93	30	processes	process	VERB
fbem-871	93	31	the	the	DET
fbem-871	93	32	samples	sample	NOUN
fbem-871	93	33	as	as	SCONJ
fbem-871	93	34	follows	follow	VERB
fbem-871	93	35	.	.	PUNCT
fbem-871	94	1	first	first	ADV
fbem-871	94	2	,	,	PUNCT
fbem-871	94	3	st	st	PROPN
fbem-871	94	4	companies	company	NOUN
fbem-871	94	5	,	,	PUNCT
fbem-871	94	6	financial	financial	ADJ
fbem-871	94	7	industries	industry	NOUN
fbem-871	94	8	,	,	PUNCT
fbem-871	94	9	and	and	CCONJ
fbem-871	94	10	companies	company	NOUN
fbem-871	94	11	with	with	ADP
fbem-871	94	12	missing	miss	VERB
fbem-871	94	13	required	require	VERB
fbem-871	94	14	data	datum	NOUN
fbem-871	94	15	were	be	AUX
fbem-871	94	16	excluded	exclude	VERB
fbem-871	94	17	.	.	PUNCT
fbem-871	95	1	second	second	ADJ
fbem-871	95	2	,	,	PUNCT
fbem-871	95	3	in	in	ADP
fbem-871	95	4	order	order	NOUN
fbem-871	95	5	to	to	PART
fbem-871	95	6	reduce	reduce	VERB
fbem-871	95	7	the	the	DET
fbem-871	95	8	impact	impact	NOUN
fbem-871	95	9	of	of	ADP
fbem-871	95	10	outliers	outlier	NOUN
fbem-871	95	11	in	in	ADP
fbem-871	95	12	sample	sample	NOUN
fbem-871	95	13	data	datum	NOUN
fbem-871	95	14	,	,	PUNCT
fbem-871	95	15	1	1	NUM
fbem-871	95	16	%	%	NOUN
fbem-871	95	17	quantile	quantile	ADJ
fbem-871	95	18	winsorize	winsorize	NOUN
fbem-871	95	19	was	be	AUX
fbem-871	95	20	performed	perform	VERB
fbem-871	95	21	on	on	ADP
fbem-871	95	22	continuous	continuous	ADJ
fbem-871	95	23	variables	variable	NOUN
fbem-871	95	24	at	at	ADP
fbem-871	95	25	the	the	DET
fbem-871	95	26	enterprise	enterprise	NOUN
fbem-871	95	27	level	level	NOUN
fbem-871	95	28	.	.	PUNCT
fbem-871	96	1	finally	finally	ADV
fbem-871	96	2	,	,	PUNCT
fbem-871	96	3	in	in	ADP
fbem-871	96	4	order	order	NOUN
fbem-871	96	5	to	to	PART
fbem-871	96	6	control	control	VERB
fbem-871	96	7	the	the	DET
fbem-871	96	8	impact	impact	NOUN
fbem-871	96	9	of	of	ADP
fbem-871	96	10	industry	industry	NOUN
fbem-871	96	11	and	and	CCONJ
fbem-871	96	12	year	year	NOUN
fbem-871	96	13	,	,	PUNCT
fbem-871	96	14	the	the	DET
fbem-871	96	15	models	model	NOUN
fbem-871	96	16	control	control	VERB
fbem-871	96	17	for	for	ADP
fbem-871	96	18	annual	annual	ADJ
fbem-871	96	19	and	and	CCONJ
fbem-871	96	20	industry	industry	NOUN
fbem-871	96	21	effects	effect	NOUN
fbem-871	96	22	.	.	PUNCT
fbem-871	97	1	after	after	ADP
fbem-871	97	2	the	the	DET
fbem-871	97	3	above	above	ADJ
fbem-871	97	4	processing	processing	NOUN
fbem-871	97	5	,	,	PUNCT
fbem-871	97	6	13166	13166	NUM
fbem-871	97	7	samples	sample	NOUN
fbem-871	97	8	were	be	AUX
fbem-871	97	9	finally	finally	ADV
fbem-871	97	10	obtained	obtain	VERB
fbem-871	97	11	.	.	PUNCT
fbem-871	98	1	4	4	X
fbem-871	98	2	.	.	NOUN
fbem-871	98	3	empirical	empirical	ADJ
fbem-871	98	4	analysis	analysis	NOUN
fbem-871	98	5	4.1	4.1	NUM
fbem-871	98	6	.	.	PUNCT
fbem-871	99	1	empirical	empirical	ADJ
fbem-871	99	2	analysis	analysis	NOUN
fbem-871	99	3	of	of	ADP
fbem-871	99	4	business	business	NOUN
fbem-871	99	5	group	group	NOUN
fbem-871	99	6	and	and	CCONJ
fbem-871	99	7	inefficient	inefficient	ADJ
fbem-871	99	8	investment	investment	NOUN
fbem-871	99	9	table	table	NOUN
fbem-871	99	10	3	3	NUM
fbem-871	99	11	shows	show	VERB
fbem-871	99	12	the	the	DET
fbem-871	99	13	regression	regression	NOUN
fbem-871	99	14	results	result	NOUN
fbem-871	99	15	of	of	ADP
fbem-871	99	16	the	the	DET
fbem-871	99	17	degree	degree	NOUN
fbem-871	99	18	of	of	ADP
fbem-871	99	19	deviation	deviation	NOUN
fbem-871	99	20	between	between	ADP
fbem-871	99	21	business	business	NOUN
fbem-871	99	22	group	group	NOUN
fbem-871	99	23	and	and	CCONJ
fbem-871	99	24	investment	investment	NOUN
fbem-871	99	25	efficiency	efficiency	NOUN
fbem-871	99	26	.	.	PUNCT
fbem-871	100	1	column	column	NOUN
fbem-871	100	2	(	(	PUNCT
fbem-871	100	3	1	1	X
fbem-871	100	4	)	)	PUNCT
fbem-871	100	5	is	be	AUX
fbem-871	100	6	the	the	DET
fbem-871	100	7	regression	regression	NOUN
fbem-871	100	8	result	result	NOUN
fbem-871	100	9	without	without	ADP
fbem-871	100	10	controlling	control	VERB
fbem-871	100	11	the	the	DET
fbem-871	100	12	industry	industry	NOUN
fbem-871	100	13	and	and	CCONJ
fbem-871	100	14	annual	annual	ADJ
fbem-871	100	15	effects	effect	NOUN
fbem-871	100	16	,	,	PUNCT
fbem-871	100	17	and	and	CCONJ
fbem-871	100	18	no	no	DET
fbem-871	100	19	control	control	NOUN
fbem-871	100	20	variables	variable	NOUN
fbem-871	100	21	are	be	AUX
fbem-871	100	22	added	add	VERB
fbem-871	100	23	.	.	PUNCT
fbem-871	101	1	the	the	DET
fbem-871	101	2	regression	regression	NOUN
fbem-871	101	3	results	result	VERB
fbem-871	101	4	without	without	ADP
fbem-871	101	5	the	the	DET
fbem-871	101	6	addition	addition	NOUN
fbem-871	101	7	of	of	ADP
fbem-871	101	8	control	control	NOUN
fbem-871	101	9	variables	variable	NOUN
fbem-871	101	10	,	,	PUNCT
fbem-871	101	11	the	the	DET
fbem-871	101	12	third	third	ADJ
fbem-871	101	13	column	column	NOUN
fbem-871	101	14	is	be	AUX
fbem-871	101	15	the	the	DET
fbem-871	101	16	regression	regression	NOUN
fbem-871	101	17	results	result	NOUN
fbem-871	101	18	of	of	ADP
fbem-871	101	19	the	the	DET
fbem-871	101	20	fixed	fix	VERB
fbem-871	101	21	effects	effect	NOUN
fbem-871	101	22	of	of	ADP
fbem-871	101	23	industry	industry	NOUN
fbem-871	101	24	and	and	CCONJ
fbem-871	101	25	year	year	NOUN
fbem-871	101	26	,	,	PUNCT
fbem-871	101	27	and	and	CCONJ
fbem-871	101	28	the	the	DET
fbem-871	101	29	addition	addition	NOUN
fbem-871	101	30	of	of	ADP
fbem-871	101	31	control	control	NOUN
fbem-871	101	32	variables	variable	NOUN
fbem-871	101	33	.	.	PUNCT
fbem-871	102	1	as	as	SCONJ
fbem-871	102	2	shown	show	VERB
fbem-871	102	3	in	in	ADP
fbem-871	102	4	table	table	NOUN
fbem-871	102	5	5.6	5.6	NUM
fbem-871	102	6	,	,	PUNCT
fbem-871	102	7	the	the	DET
fbem-871	102	8	influence	influence	NOUN
fbem-871	102	9	of	of	ADP
fbem-871	102	10	the	the	DET
fbem-871	102	11	business	business	NOUN
fbem-871	102	12	group	group	NOUN
fbem-871	102	13	(	(	PUNCT
fbem-871	102	14	group	group	NOUN
fbem-871	102	15	)	)	PUNCT
fbem-871	102	16	on	on	ADP
fbem-871	102	17	the	the	DET
fbem-871	102	18	investment	investment	NOUN
fbem-871	102	19	deviation	deviation	NOUN
fbem-871	102	20	degree	degree	NOUN
fbem-871	102	21	(	(	PUNCT
fbem-871	102	22	auinvn	auinvn	NOUN
fbem-871	102	23	)	)	PUNCT
fbem-871	102	24	is	be	AUX
fbem-871	102	25	negative	negative	ADJ
fbem-871	102	26	,	,	PUNCT
fbem-871	102	27	and	and	CCONJ
fbem-871	102	28	the	the	DET
fbem-871	102	29	coefficient	coefficient	NOUN
fbem-871	102	30	is	be	AUX
fbem-871	102	31	-0.007	-0.007	VERB
fbem-871	102	32	,	,	PUNCT
fbem-871	102	33	which	which	PRON
fbem-871	102	34	is	be	AUX
fbem-871	102	35	significant	significant	ADJ
fbem-871	102	36	,	,	PUNCT
fbem-871	102	37	indicating	indicate	VERB
fbem-871	102	38	the	the	DET
fbem-871	102	39	robustness	robustness	NOUN
fbem-871	102	40	of	of	ADP
fbem-871	102	41	the	the	DET
fbem-871	102	42	regression	regression	NOUN
fbem-871	102	43	results	result	NOUN
fbem-871	102	44	.	.	PUNCT
fbem-871	103	1	thus	thus	ADV
fbem-871	103	2	,	,	PUNCT
fbem-871	103	3	hypothesis	hypothesis	NOUN
fbem-871	103	4	1	1	NUM
fbem-871	103	5	is	be	AUX
fbem-871	103	6	verified	verify	VERB
fbem-871	103	7	,	,	PUNCT
fbem-871	103	8	indicating	indicate	VERB
fbem-871	103	9	that	that	SCONJ
fbem-871	103	10	business	business	NOUN
fbem-871	103	11	groups	group	NOUN
fbem-871	103	12	will	will	AUX
fbem-871	103	13	reduce	reduce	VERB
fbem-871	103	14	inefficient	inefficient	ADJ
fbem-871	103	15	investment	investment	NOUN
fbem-871	103	16	.	.	PUNCT
fbem-871	104	1	according	accord	VERB
fbem-871	104	2	to	to	ADP
fbem-871	104	3	the	the	DET
fbem-871	104	4	estimation	estimation	NOUN
fbem-871	104	5	results	result	NOUN
fbem-871	104	6	of	of	ADP
fbem-871	104	7	control	control	NOUN
fbem-871	104	8	variables	variable	NOUN
fbem-871	104	9	,	,	PUNCT
fbem-871	104	10	the	the	DET
fbem-871	104	11	coefficient	coefficient	NOUN
fbem-871	104	12	of	of	ADP
fbem-871	104	13	cash	cash	NOUN
fbem-871	104	14	holdings	holding	NOUN
fbem-871	104	15	(	(	PUNCT
fbem-871	104	16	cash	cash	NOUN
fbem-871	104	17	)	)	PUNCT
fbem-871	104	18	to	to	ADP
fbem-871	104	19	investment	investment	NOUN
fbem-871	104	20	deviation	deviation	NOUN
fbem-871	104	21	(	(	PUNCT
fbem-871	104	22	auinvn	auinvn	NOUN
fbem-871	104	23	)	)	PUNCT
fbem-871	104	24	is	be	AUX
fbem-871	104	25	0.052	0.052	NUM
fbem-871	104	26	,	,	PUNCT
fbem-871	104	27	and	and	CCONJ
fbem-871	104	28	it	it	PRON
fbem-871	104	29	is	be	AUX
fbem-871	104	30	significant	significant	ADJ
fbem-871	104	31	,	,	PUNCT
fbem-871	104	32	that	that	ADV
fbem-871	104	33	is	is	ADV
fbem-871	104	34	,	,	PUNCT
fbem-871	104	35	the	the	DET
fbem-871	104	36	more	more	ADJ
fbem-871	104	37	cash	cash	NOUN
fbem-871	104	38	holdings	holding	NOUN
fbem-871	104	39	,	,	PUNCT
fbem-871	104	40	the	the	PRON
fbem-871	104	41	lower	low	ADJ
fbem-871	104	42	the	the	DET
fbem-871	104	43	investment	investment	NOUN
fbem-871	104	44	efficiency	efficiency	NOUN
fbem-871	104	45	.	.	PUNCT
fbem-871	105	1	the	the	DET
fbem-871	105	2	possible	possible	ADJ
fbem-871	105	3	reason	reason	NOUN
fbem-871	105	4	is	be	AUX
fbem-871	105	5	that	that	SCONJ
fbem-871	105	6	too	too	ADV
fbem-871	105	7	much	much	ADV
fbem-871	105	8	free	free	ADJ
fbem-871	105	9	cash	cash	NOUN
fbem-871	105	10	may	may	AUX
fbem-871	105	11	lead	lead	VERB
fbem-871	105	12	to	to	ADP
fbem-871	105	13	the	the	DET
fbem-871	105	14	irrational	irrational	ADJ
fbem-871	105	15	investment	investment	NOUN
fbem-871	105	16	of	of	ADP
fbem-871	105	17	enterprises	enterprise	NOUN
fbem-871	105	18	is	be	AUX
fbem-871	105	19	especially	especially	ADV
fbem-871	105	20	obvious	obvious	ADJ
fbem-871	105	21	in	in	ADP
fbem-871	105	22	over	over	ADP
fbem-871	105	23	-	-	PUNCT
fbem-871	105	24	investment	investment	NOUN
fbem-871	105	25	;	;	PUNCT
fbem-871	105	26	tobin	tobin	PROPN
fbem-871	105	27	's	's	PART
fbem-871	105	28	q	q	NOUN
fbem-871	105	29	value	value	NOUN
fbem-871	105	30	(	(	PUNCT
fbem-871	105	31	tq	tq	NOUN
fbem-871	105	32	)	)	PUNCT
fbem-871	105	33	and	and	CCONJ
fbem-871	105	34	board	board	NOUN
fbem-871	105	35	size	size	NOUN
fbem-871	105	36	(	(	PUNCT
fbem-871	105	37	board	board	NOUN
fbem-871	105	38	)	)	PUNCT
fbem-871	105	39	have	have	VERB
fbem-871	105	40	a	a	DET
fbem-871	105	41	significant	significant	ADJ
fbem-871	105	42	positive	positive	ADJ
fbem-871	105	43	impact	impact	NOUN
fbem-871	105	44	on	on	ADP
fbem-871	105	45	the	the	DET
fbem-871	105	46	degree	degree	NOUN
fbem-871	105	47	of	of	ADP
fbem-871	105	48	investment	investment	NOUN
fbem-871	105	49	deviation	deviation	NOUN
fbem-871	105	50	(	(	PUNCT
fbem-871	105	51	auinvn	auinvn	NOUN
fbem-871	105	52	)	)	PUNCT
fbem-871	105	53	,	,	PUNCT
fbem-871	105	54	with	with	ADP
fbem-871	105	55	coefficients	coefficient	NOUN
fbem-871	105	56	of	of	ADP
fbem-871	105	57	0.007	0.007	NUM
fbem-871	105	58	and	and	CCONJ
fbem-871	105	59	0.027	0.027	NUM
fbem-871	105	60	respectively	respectively	ADV
fbem-871	105	61	,	,	PUNCT
fbem-871	105	62	indicating	indicate	VERB
fbem-871	105	63	that	that	SCONJ
fbem-871	105	64	enterprises	enterprise	NOUN
fbem-871	105	65	have	have	VERB
fbem-871	105	66	investment	investment	NOUN
fbem-871	105	67	opportunities	opportunity	NOUN
fbem-871	105	68	larger	large	ADJ
fbem-871	105	69	and	and	CCONJ
fbem-871	105	70	larger	large	ADJ
fbem-871	105	71	board	board	NOUN
fbem-871	105	72	sizes	size	NOUN
fbem-871	105	73	increase	increase	VERB
fbem-871	105	74	the	the	DET
fbem-871	105	75	firm	firm	NOUN
fbem-871	105	76	's	's	PART
fbem-871	105	77	inefficiency	inefficiency	NOUN
fbem-871	105	78	investments	investment	NOUN
fbem-871	105	79	.	.	PUNCT
fbem-871	106	1	the	the	DET
fbem-871	106	2	company	company	NOUN
fbem-871	106	3	's	's	PART
fbem-871	106	4	asset	asset	NOUN
fbem-871	106	5	-	-	PUNCT
fbem-871	106	6	liability	liability	NOUN
fbem-871	106	7	ratio	ratio	NOUN
fbem-871	106	8	(	(	PUNCT
fbem-871	106	9	lev	lev	NOUN
fbem-871	106	10	)	)	PUNCT
fbem-871	106	11	and	and	CCONJ
fbem-871	106	12	return	return	VERB
fbem-871	106	13	on	on	ADP
fbem-871	106	14	total	total	ADJ
fbem-871	106	15	assets	asset	NOUN
fbem-871	106	16	(	(	PUNCT
fbem-871	106	17	roa	roa	NOUN
fbem-871	106	18	)	)	PUNCT
fbem-871	106	19	have	have	VERB
fbem-871	106	20	a	a	DET
fbem-871	106	21	significant	significant	ADJ
fbem-871	106	22	negative	negative	ADJ
fbem-871	106	23	impact	impact	NOUN
fbem-871	106	24	on	on	ADP
fbem-871	106	25	the	the	DET
fbem-871	106	26	degree	degree	NOUN
fbem-871	106	27	of	of	ADP
fbem-871	106	28	investment	investment	NOUN
fbem-871	106	29	deviation	deviation	NOUN
fbem-871	106	30	,	,	PUNCT
fbem-871	106	31	and	and	CCONJ
fbem-871	106	32	the	the	DET
fbem-871	106	33	coefficients	coefficient	NOUN
fbem-871	106	34	are	be	AUX
fbem-871	106	35	-0.021	-0.021	ADJ
fbem-871	106	36	and	and	CCONJ
fbem-871	106	37	0.374	0.374	NUM
fbem-871	106	38	,	,	PUNCT
fbem-871	106	39	respectively	respectively	ADV
fbem-871	106	40	,	,	PUNCT
fbem-871	106	41	indicating	indicate	VERB
fbem-871	106	42	that	that	SCONJ
fbem-871	106	43	with	with	ADP
fbem-871	106	44	the	the	DET
fbem-871	106	45	increase	increase	NOUN
fbem-871	106	46	of	of	ADP
fbem-871	106	47	the	the	DET
fbem-871	106	48	enterprise	enterprise	NOUN
fbem-871	106	49	's	's	PART
fbem-871	106	50	asset	asset	NOUN
fbem-871	106	51	-	-	PUNCT
fbem-871	106	52	liability	liability	NOUN
fbem-871	106	53	ratio	ratio	NOUN
fbem-871	106	54	and	and	CCONJ
fbem-871	106	55	return	return	VERB
fbem-871	106	56	on	on	ADP
fbem-871	106	57	assets	asset	NOUN
fbem-871	106	58	,	,	PUNCT
fbem-871	106	59	reduced	reduce	VERB
fbem-871	106	60	inefficiency	inefficiency	NOUN
fbem-871	106	61	investments	investment	NOUN
fbem-871	106	62	by	by	ADP
fbem-871	106	63	firms	firm	NOUN
fbem-871	106	64	.	.	PUNCT
fbem-871	107	1	114	114	NUM
fbem-871	107	2	table	table	NOUN
fbem-871	107	3	3	3	NUM
fbem-871	107	4	.	.	PUNCT
fbem-871	107	5	regression	regression	NOUN
fbem-871	107	6	results	result	NOUN
fbem-871	107	7	of	of	ADP
fbem-871	107	8	deviation	deviation	NOUN
fbem-871	107	9	degree	degree	NOUN
fbem-871	107	10	between	between	ADP
fbem-871	107	11	business	business	NOUN
fbem-871	107	12	group	group	NOUN
fbem-871	107	13	and	and	CCONJ
fbem-871	107	14	investment	investment	NOUN
fbem-871	107	15	(	(	PUNCT
fbem-871	107	16	1	1	NUM
fbem-871	107	17	)	)	PUNCT
fbem-871	107	18	(	(	PUNCT
fbem-871	107	19	2	2	NUM
fbem-871	107	20	)	)	PUNCT
fbem-871	107	21	(	(	PUNCT
fbem-871	107	22	3	3	X
fbem-871	107	23	)	)	PUNCT
fbem-871	107	24	variables	variable	NOUN
fbem-871	107	25	auinvn	auinvn	ADJ
fbem-871	107	26	auinvn	auinvn	NOUN
fbem-871	107	27	auinvn	auinvn	NOUN
fbem-871	107	28	l.group	l.group	PROPN
fbem-871	107	29	-0.006	-0.006	PROPN
fbem-871	107	30	*	*	PUNCT
fbem-871	107	31	*	*	PUNCT
fbem-871	107	32	-0.007	-0.007	PUNCT
fbem-871	107	33	*	*	PUNCT
fbem-871	107	34	*	*	PUNCT
fbem-871	107	35	*	*	PUNCT
fbem-871	107	36	-0.007	-0.007	PUNCT
fbem-871	107	37	*	*	PUNCT
fbem-871	107	38	*	*	PUNCT
fbem-871	107	39	*	*	PUNCT
fbem-871	107	40	(	(	PUNCT
fbem-871	107	41	-2.39	-2.39	PROPN
fbem-871	107	42	)	)	PUNCT
fbem-871	107	43	(	(	PUNCT
fbem-871	107	44	-2.98	-2.98	NUM
fbem-871	107	45	)	)	PUNCT
fbem-871	107	46	(	(	PUNCT
fbem-871	107	47	-2.81	-2.81	NOUN
fbem-871	107	48	)	)	PUNCT
fbem-871	107	49	l.cash	l.cash	NOUN
fbem-871	107	50	0.052	0.052	NUM
fbem-871	107	51	*	*	PUNCT
fbem-871	107	52	*	*	PUNCT
fbem-871	107	53	*	*	PUNCT
fbem-871	107	54	0.052	0.052	PRON
fbem-871	107	55	*	*	PUNCT
fbem-871	107	56	*	*	PUNCT
fbem-871	108	1	*	*	PUNCT
fbem-871	109	1	(	(	PUNCT
fbem-871	109	2	3.17	3.17	NUM
fbem-871	109	3	)	)	PUNCT
fbem-871	109	4	(	(	PUNCT
fbem-871	109	5	3.11	3.11	NUM
fbem-871	109	6	)	)	PUNCT
fbem-871	109	7	l.tq	l.tq	NOUN
fbem-871	109	8	0.005	0.005	NUM
fbem-871	109	9	*	*	PUNCT
fbem-871	109	10	*	*	PUNCT
fbem-871	109	11	*	*	PUNCT
fbem-871	109	12	0.007	0.007	NUM
fbem-871	109	13	*	*	PUNCT
fbem-871	109	14	*	*	PUNCT
fbem-871	109	15	*	*	PUNCT
fbem-871	109	16	(	(	PUNCT
fbem-871	109	17	5.96	5.96	NUM
fbem-871	109	18	)	)	PUNCT
fbem-871	109	19	(	(	PUNCT
fbem-871	109	20	6.77	6.77	NUM
fbem-871	109	21	)	)	PUNCT
fbem-871	109	22	l.salary	l.salary	NOUN
fbem-871	109	23	-0.001	-0.001	NUM
fbem-871	109	24	0.002	0.002	NUM
fbem-871	109	25	(	(	PUNCT
fbem-871	109	26	-0.52	-0.52	NUM
fbem-871	109	27	)	)	PUNCT
fbem-871	109	28	(	(	PUNCT
fbem-871	109	29	1.33	1.33	NUM
fbem-871	109	30	)	)	PUNCT
fbem-871	109	31	l.board	l.board	ADV
fbem-871	109	32	0.032	0.032	NUM
fbem-871	109	33	*	*	PUNCT
fbem-871	109	34	*	*	PUNCT
fbem-871	109	35	*	*	PUNCT
fbem-871	109	36	0.027	0.027	NUM
fbem-871	109	37	*	*	PUNCT
fbem-871	109	38	*	*	PUNCT
fbem-871	109	39	*	*	PUNCT
fbem-871	109	40	(	(	PUNCT
fbem-871	109	41	5.52	5.52	NUM
fbem-871	109	42	)	)	PUNCT
fbem-871	109	43	(	(	PUNCT
fbem-871	109	44	4.58	4.58	NUM
fbem-871	109	45	)	)	PUNCT
fbem-871	109	46	llev	llev	NOUN
fbem-871	109	47	-0.008	-0.008	X
fbem-871	110	1	-0.021	-0.021	NOUN
fbem-871	111	1	*	*	PUNCT
fbem-871	112	1	*	*	PUNCT
fbem-871	112	2	*	*	PUNCT
fbem-871	112	3	(	(	PUNCT
fbem-871	112	4	-1.33	-1.33	NUM
fbem-871	112	5	)	)	PUNCT
fbem-871	112	6	(	(	PUNCT
fbem-871	112	7	-3.08	-3.08	X
fbem-871	112	8	)	)	PUNCT
fbem-871	112	9	l.roa	l.roa	NOUN
fbem-871	112	10	-0.353	-0.353	PUNCT
fbem-871	112	11	*	*	PUNCT
fbem-871	112	12	*	*	PUNCT
fbem-871	112	13	*	*	PUNCT
fbem-871	112	14	-0.374	-0.374	PUNCT
fbem-871	112	15	*	*	PUNCT
fbem-871	112	16	*	*	PUNCT
fbem-871	112	17	*	*	PUNCT
fbem-871	112	18	(	(	PUNCT
fbem-871	112	19	-18.33	-18.33	PROPN
fbem-871	112	20	)	)	PUNCT
fbem-871	112	21	(	(	PUNCT
fbem-871	112	22	-19.13	-19.13	NOUN
fbem-871	112	23	)	)	PUNCT
fbem-871	112	24	constant	constant	ADJ
fbem-871	112	25	0.033	0.033	NUM
fbem-871	112	26	*	*	PUNCT
fbem-871	112	27	*	*	PUNCT
fbem-871	112	28	*	*	PUNCT
fbem-871	112	29	-0.021	-0.021	NOUN
fbem-871	112	30	-0.051	-0.051	NOUN
fbem-871	112	31	*	*	PUNCT
fbem-871	112	32	(	(	PUNCT
fbem-871	112	33	20.39	20.39	NUM
fbem-871	112	34	)	)	PUNCT
fbem-871	112	35	(	(	PUNCT
fbem-871	112	36	-0.80	-0.80	NOUN
fbem-871	112	37	)	)	PUNCT
fbem-871	112	38	(	(	PUNCT
fbem-871	112	39	-1.83	-1.83	X
fbem-871	112	40	)	)	PUNCT
fbem-871	112	41	annual	annual	ADJ
fbem-871	112	42	effect	effect	NOUN
fbem-871	112	43	n	n	CCONJ
fbem-871	112	44	n	n	CCONJ
fbem-871	112	45	y	y	PROPN
fbem-871	112	46	industry	industry	NOUN
fbem-871	112	47	effect	effect	NOUN
fbem-871	113	1	n	n	CCONJ
fbem-871	113	2	n	n	CCONJ
fbem-871	113	3	y	y	PROPN
fbem-871	113	4	r	r	NOUN
fbem-871	113	5	-	-	PUNCT
fbem-871	113	6	squared	square	VERB
fbem-871	113	7	0.001	0.001	NUM
fbem-871	113	8	0.039	0.039	NUM
fbem-871	113	9	0.047	0.047	NUM
fbem-871	113	10	adj	adj	ADP
fbem-871	113	11	r	r	NOUN
fbem-871	113	12	-	-	PUNCT
fbem-871	113	13	squared	square	VERB
fbem-871	113	14	0.000454	0.000454	NUM
fbem-871	113	15	0.038	0.038	NUM
fbem-871	113	16	0.044	0.044	NUM
fbem-871	113	17	note	note	NOUN
fbem-871	113	18	:	:	PUNCT
fbem-871	113	19	the	the	DET
fbem-871	113	20	t	t	NOUN
fbem-871	113	21	value	value	NOUN
fbem-871	113	22	in	in	ADP
fbem-871	113	23	parentheses	parenthesis	NOUN
fbem-871	113	24	,	,	PUNCT
fbem-871	113	25	*	*	PUNCT
fbem-871	113	26	*	*	PUNCT
fbem-871	113	27	*	*	PUNCT
fbem-871	113	28	,	,	PUNCT
fbem-871	113	29	*	*	PUNCT
fbem-871	113	30	*	*	PUNCT
fbem-871	113	31	,	,	PUNCT
fbem-871	113	32	and	and	CCONJ
fbem-871	113	33	*	*	PUNCT
fbem-871	113	34	indicate	indicate	VERB
fbem-871	113	35	significance	significance	NOUN
fbem-871	113	36	at	at	ADP
fbem-871	113	37	the	the	DET
fbem-871	113	38	1	1	NUM
fbem-871	113	39	%	%	NOUN
fbem-871	113	40	,	,	PUNCT
fbem-871	113	41	5	5	NUM
fbem-871	113	42	%	%	NOUN
fbem-871	113	43	,	,	PUNCT
fbem-871	113	44	and	and	CCONJ
fbem-871	113	45	10	10	NUM
fbem-871	113	46	%	%	NOUN
fbem-871	113	47	levels	level	NOUN
fbem-871	113	48	,	,	PUNCT
fbem-871	113	49	respectively	respectively	ADV
fbem-871	113	50	.	.	PUNCT
fbem-871	114	1	inefficient	inefficient	ADJ
fbem-871	114	2	investment	investment	NOUN
fbem-871	114	3	can	can	AUX
fbem-871	114	4	be	be	AUX
fbem-871	114	5	divided	divide	VERB
fbem-871	114	6	into	into	ADP
fbem-871	114	7	underinvestment	underinvestment	ADJ
fbem-871	114	8	and	and	CCONJ
fbem-871	114	9	overinvestment	overinvestment	ADJ
fbem-871	114	10	.	.	PUNCT
fbem-871	115	1	according	accord	VERB
fbem-871	115	2	to	to	ADP
fbem-871	115	3	the	the	DET
fbem-871	115	4	residuals	residual	NOUN
fbem-871	115	5	calculated	calculate	VERB
fbem-871	115	6	by	by	ADP
fbem-871	115	7	the	the	DET
fbem-871	115	8	expected	expect	VERB
fbem-871	115	9	investment	investment	NOUN
fbem-871	115	10	model	model	NOUN
fbem-871	115	11	of	of	ADP
fbem-871	115	12	investment	investment	NOUN
fbem-871	115	13	,	,	PUNCT
fbem-871	115	14	this	this	DET
fbem-871	115	15	paper	paper	NOUN
fbem-871	115	16	records	record	VERB
fbem-871	115	17	the	the	DET
fbem-871	115	18	samples	sample	NOUN
fbem-871	115	19	with	with	ADP
fbem-871	115	20	residuals	residual	NOUN
fbem-871	115	21	greater	great	ADJ
fbem-871	115	22	than	than	ADP
fbem-871	115	23	0	0	NUM
fbem-871	115	24	as	as	ADP
fbem-871	115	25	overinvested	overinveste	VERB
fbem-871	115	26	samples	sample	NOUN
fbem-871	115	27	,	,	PUNCT
fbem-871	115	28	and	and	CCONJ
fbem-871	115	29	the	the	DET
fbem-871	115	30	samples	sample	NOUN
fbem-871	115	31	with	with	ADP
fbem-871	115	32	residuals	residual	NOUN
fbem-871	115	33	less	less	ADJ
fbem-871	115	34	than	than	ADP
fbem-871	115	35	0	0	NUM
fbem-871	115	36	as	as	ADP
fbem-871	115	37	under	under	ADV
fbem-871	115	38	-	-	PUNCT
fbem-871	115	39	invested	invest	VERB
fbem-871	115	40	samples	sample	NOUN
fbem-871	115	41	.	.	PUNCT
fbem-871	116	1	regression	regression	NOUN
fbem-871	116	2	is	be	AUX
fbem-871	116	3	carried	carry	VERB
fbem-871	116	4	out	out	ADP
fbem-871	116	5	to	to	PART
fbem-871	116	6	explore	explore	VERB
fbem-871	116	7	the	the	DET
fbem-871	116	8	impact	impact	NOUN
fbem-871	116	9	of	of	ADP
fbem-871	116	10	business	business	NOUN
fbem-871	116	11	groups	group	NOUN
fbem-871	116	12	on	on	ADP
fbem-871	116	13	over	over	ADP
fbem-871	116	14	-	-	PUNCT
fbem-871	116	15	investment	investment	NOUN
fbem-871	116	16	and	and	CCONJ
fbem-871	116	17	the	the	DET
fbem-871	116	18	impact	impact	NOUN
fbem-871	116	19	of	of	ADP
fbem-871	116	20	corporate	corporate	ADJ
fbem-871	116	21	over	over	NOUN
fbem-871	116	22	-	-	PUNCT
fbem-871	116	23	investment	investment	NOUN
fbem-871	116	24	.	.	PUNCT
fbem-871	117	1	differences	difference	NOUN
fbem-871	117	2	in	in	ADP
fbem-871	117	3	the	the	DET
fbem-871	117	4	impact	impact	NOUN
fbem-871	117	5	of	of	ADP
fbem-871	117	6	underinvestment	underinvestment	NOUN
fbem-871	117	7	.	.	PUNCT
fbem-871	118	1	judging	judge	VERB
fbem-871	118	2	from	from	ADP
fbem-871	118	3	the	the	DET
fbem-871	118	4	over	over	ADP
fbem-871	118	5	-	-	PUNCT
fbem-871	118	6	investment	investment	NOUN
fbem-871	118	7	sample	sample	NOUN
fbem-871	118	8	,	,	PUNCT
fbem-871	118	9	the	the	DET
fbem-871	118	10	impact	impact	NOUN
fbem-871	118	11	of	of	ADP
fbem-871	118	12	business	business	NOUN
fbem-871	118	13	groups	group	NOUN
fbem-871	118	14	on	on	ADP
fbem-871	118	15	over	over	ADP
fbem-871	118	16	-	-	PUNCT
fbem-871	118	17	investment	investment	NOUN
fbem-871	118	18	is	be	AUX
fbem-871	118	19	significantly	significantly	ADV
fbem-871	118	20	negative	negative	ADJ
fbem-871	118	21	and	and	CCONJ
fbem-871	118	22	stable	stable	ADJ
fbem-871	118	23	.	.	PUNCT
fbem-871	119	1	among	among	ADP
fbem-871	119	2	them	they	PRON
fbem-871	119	3	,	,	PUNCT
fbem-871	119	4	the	the	DET
fbem-871	119	5	impact	impact	NOUN
fbem-871	119	6	of	of	ADP
fbem-871	119	7	corporate	corporate	ADJ
fbem-871	119	8	cash	cash	NOUN
fbem-871	119	9	position	position	NOUN
fbem-871	119	10	and	and	CCONJ
fbem-871	119	11	tobin	tobin	NOUN
fbem-871	119	12	's	's	PART
fbem-871	119	13	q	q	NOUN
fbem-871	119	14	value	value	NOUN
fbem-871	119	15	on	on	ADP
fbem-871	119	16	overinvestment	overinvestment	NOUN
fbem-871	119	17	is	be	AUX
fbem-871	119	18	significantly	significantly	ADV
fbem-871	119	19	positive	positive	ADJ
fbem-871	119	20	,	,	PUNCT
fbem-871	119	21	indicating	indicate	VERB
fbem-871	119	22	that	that	SCONJ
fbem-871	119	23	overinvestment	overinvestment	NOUN
fbem-871	119	24	will	will	AUX
fbem-871	119	25	be	be	AUX
fbem-871	119	26	more	more	ADV
fbem-871	119	27	serious	serious	ADJ
fbem-871	119	28	with	with	ADP
fbem-871	119	29	the	the	DET
fbem-871	119	30	increase	increase	NOUN
fbem-871	119	31	of	of	ADP
fbem-871	119	32	cash	cash	NOUN
fbem-871	119	33	and	and	CCONJ
fbem-871	119	34	investment	investment	NOUN
fbem-871	119	35	opportunities	opportunity	NOUN
fbem-871	119	36	held	hold	VERB
fbem-871	119	37	by	by	ADP
fbem-871	119	38	companies	company	NOUN
fbem-871	119	39	.	.	PUNCT
fbem-871	120	1	from	from	ADP
fbem-871	120	2	the	the	DET
fbem-871	120	3	sample	sample	NOUN
fbem-871	120	4	of	of	ADP
fbem-871	120	5	underinvestment	underinvestment	NOUN
fbem-871	120	6	,	,	PUNCT
fbem-871	120	7	the	the	DET
fbem-871	120	8	impact	impact	NOUN
fbem-871	120	9	of	of	ADP
fbem-871	120	10	business	business	NOUN
fbem-871	120	11	groups	group	NOUN
fbem-871	120	12	on	on	ADP
fbem-871	120	13	underinvestment	underinvestment	ADJ
fbem-871	120	14	is	be	AUX
fbem-871	120	15	significantly	significantly	ADV
fbem-871	120	16	positive	positive	ADJ
fbem-871	120	17	and	and	CCONJ
fbem-871	120	18	stable	stable	ADJ
fbem-871	120	19	.	.	PUNCT
fbem-871	121	1	based	base	VERB
fbem-871	121	2	on	on	ADP
fbem-871	121	3	the	the	DET
fbem-871	121	4	above	above	ADJ
fbem-871	121	5	analysis	analysis	NOUN
fbem-871	121	6	,	,	PUNCT
fbem-871	121	7	business	business	NOUN
fbem-871	121	8	groups	group	NOUN
fbem-871	121	9	can	can	AUX
fbem-871	121	10	restrain	restrain	VERB
fbem-871	121	11	overinvestment	overinvestment	ADJ
fbem-871	121	12	and	and	CCONJ
fbem-871	121	13	alleviate	alleviate	VERB
fbem-871	121	14	under	under	ADP
fbem-871	121	15	-	-	PUNCT
fbem-871	121	16	investment	investment	NOUN
fbem-871	121	17	.	.	PUNCT
fbem-871	122	1	table	table	NOUN
fbem-871	122	2	4	4	NUM
fbem-871	122	3	.	.	PUNCT
fbem-871	123	1	regression	regression	NOUN
fbem-871	123	2	results	result	NOUN
fbem-871	123	3	of	of	ADP
fbem-871	123	4	business	business	NOUN
fbem-871	123	5	group	group	NOUN
fbem-871	123	6	and	and	CCONJ
fbem-871	123	7	over	over	ADP
fbem-871	123	8	-	-	PUNCT
fbem-871	123	9	investment	investment	NOUN
fbem-871	123	10	and	and	CCONJ
fbem-871	123	11	under	under	NOUN
fbem-871	123	12	-	-	PUNCT
fbem-871	123	13	investment	investment	NOUN
fbem-871	123	14	(	(	PUNCT
fbem-871	123	15	1	1	NUM
fbem-871	123	16	)	)	PUNCT
fbem-871	123	17	(	(	PUNCT
fbem-871	123	18	2	2	NUM
fbem-871	123	19	)	)	PUNCT
fbem-871	123	20	(	(	PUNCT
fbem-871	123	21	3	3	X
fbem-871	123	22	)	)	PUNCT
fbem-871	123	23	(	(	PUNCT
fbem-871	123	24	4	4	NUM
fbem-871	123	25	)	)	PUNCT
fbem-871	123	26	(	(	PUNCT
fbem-871	123	27	5	5	NUM
fbem-871	123	28	)	)	PUNCT
fbem-871	123	29	(	(	PUNCT
fbem-871	123	30	6	6	X
fbem-871	123	31	)	)	PUNCT
fbem-871	123	32	variables	variable	NOUN
fbem-871	123	33	overinv	overinv	ADJ
fbem-871	123	34	overinv	overinv	ADJ
fbem-871	123	35	overinv	overinv	ADJ
fbem-871	123	36	underinv	underinv	PROPN
fbem-871	123	37	underinv	underinv	PROPN
fbem-871	123	38	underinv	underinv	ADJ
fbem-871	123	39	l.group	l.group	NOUN
fbem-871	123	40	-0.004	-0.004	PROPN
fbem-871	123	41	*	*	PUNCT
fbem-871	123	42	*	*	PUNCT
fbem-871	123	43	*	*	PUNCT
fbem-871	123	44	-0.004	-0.004	PUNCT
fbem-871	123	45	*	*	PUNCT
fbem-871	123	46	*	*	PUNCT
fbem-871	123	47	*	*	PUNCT
fbem-871	123	48	-0.003	-0.003	PROPN
fbem-871	123	49	*	*	PUNCT
fbem-871	123	50	*	*	PUNCT
fbem-871	123	51	0.007	0.007	NUM
fbem-871	123	52	*	*	PUNCT
fbem-871	123	53	0.007	0.007	NUM
fbem-871	123	54	*	*	PUNCT
fbem-871	123	55	0.007	0.007	NUM
fbem-871	123	56	*	*	PUNCT
fbem-871	123	57	(	(	PUNCT
fbem-871	123	58	-3.24	-3.24	NOUN
fbem-871	123	59	)	)	PUNCT
fbem-871	123	60	(	(	PUNCT
fbem-871	123	61	-3.13	-3.13	NOUN
fbem-871	123	62	)	)	PUNCT
fbem-871	123	63	(	(	PUNCT
fbem-871	123	64	-2.42	-2.42	NUM
fbem-871	123	65	)	)	PUNCT
fbem-871	123	66	(	(	PUNCT
fbem-871	123	67	1.69	1.69	NUM
fbem-871	123	68	)	)	PUNCT
fbem-871	123	69	(	(	PUNCT
fbem-871	123	70	1.82	1.82	NUM
fbem-871	123	71	)	)	PUNCT
fbem-871	123	72	(	(	PUNCT
fbem-871	123	73	1.93	1.93	NUM
fbem-871	123	74	)	)	PUNCT
fbem-871	123	75	l.cash	l.cash	NOUN
fbem-871	123	76	0.044	0.044	NUM
fbem-871	123	77	*	*	PUNCT
fbem-871	123	78	*	*	PUNCT
fbem-871	123	79	*	*	PUNCT
fbem-871	123	80	0.041	0.041	NUM
fbem-871	123	81	*	*	PUNCT
fbem-871	123	82	*	*	PUNCT
fbem-871	123	83	*	*	PUNCT
fbem-871	123	84	-0.038	-0.038	PUNCT
fbem-871	123	85	-0.040	-0.040	NUM
fbem-871	123	86	(	(	PUNCT
fbem-871	123	87	4.86	4.86	NUM
fbem-871	123	88	)	)	PUNCT
fbem-871	123	89	(	(	PUNCT
fbem-871	123	90	4.53	4.53	NUM
fbem-871	123	91	)	)	PUNCT
fbem-871	123	92	(	(	PUNCT
fbem-871	123	93	-1.44	-1.44	X
fbem-871	123	94	)	)	PUNCT
fbem-871	123	95	(	(	PUNCT
fbem-871	123	96	-1.52	-1.52	X
fbem-871	123	97	)	)	PUNCT
fbem-871	123	98	l.tq	l.tq	NOUN
fbem-871	123	99	0.002	0.002	NUM
fbem-871	123	100	*	*	PUNCT
fbem-871	123	101	*	*	PUNCT
fbem-871	123	102	*	*	PUNCT
fbem-871	123	103	0.001	0.001	NUM
fbem-871	123	104	*	*	PUNCT
fbem-871	123	105	*	*	PUNCT
fbem-871	124	1	-0.008	-0.008	NOUN
fbem-871	124	2	*	*	PUNCT
fbem-871	124	3	*	*	PUNCT
fbem-871	124	4	*	*	PUNCT
fbem-871	124	5	-0.010	-0.010	PUNCT
fbem-871	124	6	*	*	PUNCT
fbem-871	124	7	*	*	PUNCT
fbem-871	124	8	*	*	PUNCT
fbem-871	124	9	(	(	PUNCT
fbem-871	124	10	3.41	3.41	NUM
fbem-871	124	11	)	)	PUNCT
fbem-871	124	12	(	(	PUNCT
fbem-871	124	13	2.56	2.56	NUM
fbem-871	124	14	)	)	PUNCT
fbem-871	124	15	(	(	PUNCT
fbem-871	124	16	-5.29	-5.29	NOUN
fbem-871	124	17	)	)	PUNCT
fbem-871	124	18	(	(	PUNCT
fbem-871	124	19	-6.35	-6.35	NOUN
fbem-871	124	20	)	)	PUNCT
fbem-871	124	21	l.salary	l.salary	NOUN
fbem-871	124	22	-0.003	-0.003	PUNCT
fbem-871	125	1	*	*	PUNCT
fbem-871	125	2	*	*	PUNCT
fbem-871	125	3	*	*	PUNCT
fbem-871	125	4	-0.001	-0.001	NOUN
fbem-871	126	1	-0.005	-0.005	PUNCT
fbem-871	126	2	*	*	PUNCT
fbem-871	127	1	-0.007	-0.007	PROPN
fbem-871	127	2	*	*	PUNCT
fbem-871	127	3	*	*	PUNCT
fbem-871	127	4	(	(	PUNCT
fbem-871	127	5	-3.53	-3.53	NOUN
fbem-871	127	6	)	)	PUNCT
fbem-871	127	7	(	(	PUNCT
fbem-871	127	8	-0.62	-0.62	NOUN
fbem-871	127	9	)	)	PUNCT
fbem-871	127	10	(	(	PUNCT
fbem-871	127	11	-1.69	-1.69	NOUN
fbem-871	127	12	)	)	PUNCT
fbem-871	127	13	(	(	PUNCT
fbem-871	127	14	-2.53	-2.53	NOUN
fbem-871	127	15	)	)	PUNCT
fbem-871	127	16	l.board	l.board	ADJ
fbem-871	127	17	0.009	0.009	NUM
fbem-871	127	18	*	*	PUNCT
fbem-871	127	19	*	*	PUNCT
fbem-871	127	20	*	*	PUNCT
fbem-871	127	21	0.004	0.004	NUM
fbem-871	127	22	-0.051	-0.051	ADJ
fbem-871	127	23	*	*	PUNCT
fbem-871	127	24	*	*	PUNCT
fbem-871	127	25	*	*	PUNCT
fbem-871	127	26	-0.049	-0.049	PUNCT
fbem-871	127	27	*	*	PUNCT
fbem-871	127	28	*	*	PUNCT
fbem-871	127	29	*	*	PUNCT
fbem-871	127	30	(	(	PUNCT
fbem-871	127	31	2.75	2.75	NUM
fbem-871	127	32	)	)	PUNCT
fbem-871	127	33	(	(	PUNCT
fbem-871	127	34	1.11	1.11	NUM
fbem-871	127	35	)	)	PUNCT
fbem-871	127	36	(	(	PUNCT
fbem-871	127	37	-5.47	-5.47	X
fbem-871	127	38	)	)	PUNCT
fbem-871	127	39	(	(	PUNCT
fbem-871	127	40	-5.26	-5.26	X
fbem-871	127	41	)	)	PUNCT
fbem-871	127	42	l.lev	l.lev	NOUN
fbem-871	127	43	0.003	0.003	NUM
fbem-871	127	44	0.004	0.004	NUM
fbem-871	127	45	0.035	0.035	NUM
fbem-871	127	46	*	*	PUNCT
fbem-871	128	1	*	*	PUNCT
fbem-871	128	2	*	*	PUNCT
fbem-871	128	3	0.055	0.055	NUM
fbem-871	128	4	*	*	PUNCT
fbem-871	128	5	*	*	PUNCT
fbem-871	128	6	*	*	PUNCT
fbem-871	128	7	(	(	PUNCT
fbem-871	128	8	0.80	0.80	NUM
fbem-871	128	9	)	)	PUNCT
fbem-871	128	10	(	(	PUNCT
fbem-871	128	11	0.97	0.97	NUM
fbem-871	128	12	)	)	PUNCT
fbem-871	128	13	(	(	PUNCT
fbem-871	128	14	3.39	3.39	NUM
fbem-871	128	15	)	)	PUNCT
fbem-871	128	16	(	(	PUNCT
fbem-871	128	17	5.06	5.06	NUM
fbem-871	128	18	)	)	PUNCT
fbem-871	128	19	l.roa	l.roa	NOUN
fbem-871	128	20	-0.005	-0.005	X
fbem-871	128	21	-0.011	-0.011	PUNCT
fbem-871	129	1	0.734	0.734	NUM
fbem-871	129	2	*	*	PUNCT
fbem-871	129	3	*	*	PUNCT
fbem-871	129	4	*	*	PUNCT
fbem-871	129	5	0.740	0.740	NUM
fbem-871	129	6	*	*	PUNCT
fbem-871	129	7	*	*	PUNCT
fbem-871	129	8	*	*	PUNCT
fbem-871	129	9	(	(	PUNCT
fbem-871	129	10	-0.54	-0.54	NOUN
fbem-871	129	11	)	)	PUNCT
fbem-871	129	12	(	(	PUNCT
fbem-871	129	13	-1.17	-1.17	NUM
fbem-871	129	14	)	)	PUNCT
fbem-871	129	15	(	(	PUNCT
fbem-871	129	16	21.44	21.44	NUM
fbem-871	129	17	)	)	PUNCT
fbem-871	129	18	(	(	PUNCT
fbem-871	129	19	21.53	21.53	NUM
fbem-871	129	20	)	)	PUNCT
fbem-871	129	21	constant	constant	ADJ
fbem-871	129	22	0.038	0.038	NUM
fbem-871	129	23	*	*	PUNCT
fbem-871	129	24	*	*	PUNCT
fbem-871	129	25	*	*	PUNCT
fbem-871	129	26	0.057	0.057	NUM
fbem-871	129	27	*	*	PUNCT
fbem-871	129	28	*	*	PUNCT
fbem-871	129	29	*	*	PUNCT
fbem-871	129	30	0.033	0.033	NUM
fbem-871	129	31	*	*	PUNCT
fbem-871	129	32	*	*	PUNCT
fbem-871	129	33	-0.030	-0.030	PUNCT
fbem-871	129	34	*	*	PUNCT
fbem-871	129	35	*	*	PUNCT
fbem-871	129	36	*	*	PUNCT
fbem-871	129	37	0.123	0.123	NUM
fbem-871	129	38	*	*	PUNCT
fbem-871	129	39	*	*	PUNCT
fbem-871	129	40	*	*	PUNCT
fbem-871	129	41	0.156	0.156	NUM
fbem-871	129	42	*	*	PUNCT
fbem-871	129	43	*	*	PUNCT
fbem-871	129	44	*	*	PUNCT
fbem-871	129	45	(	(	PUNCT
fbem-871	129	46	44.43	44.43	NUM
fbem-871	129	47	)	)	PUNCT
fbem-871	129	48	(	(	PUNCT
fbem-871	129	49	3.97	3.97	NUM
fbem-871	129	50	)	)	PUNCT
fbem-871	129	51	(	(	PUNCT
fbem-871	129	52	2.16	2.16	NUM
fbem-871	129	53	)	)	PUNCT
fbem-871	129	54	(	(	PUNCT
fbem-871	129	55	-10.95	-10.95	NOUN
fbem-871	129	56	)	)	PUNCT
fbem-871	129	57	(	(	PUNCT
fbem-871	129	58	2.90	2.90	NUM
fbem-871	129	59	)	)	PUNCT
fbem-871	129	60	(	(	PUNCT
fbem-871	129	61	3.48	3.48	NUM
fbem-871	129	62	)	)	PUNCT
fbem-871	129	63	year	year	NOUN
fbem-871	129	64	n	n	CCONJ
fbem-871	129	65	n	n	CCONJ
fbem-871	129	66	y	y	PROPN
fbem-871	129	67	n	n	CCONJ
fbem-871	129	68	n	n	CCONJ
fbem-871	129	69	y	y	PROPN
fbem-871	129	70	industry	industry	NOUN
fbem-871	129	71	n	n	CCONJ
fbem-871	129	72	n	n	CCONJ
fbem-871	129	73	y	y	PROPN
fbem-871	129	74	n	n	CCONJ
fbem-871	129	75	n	n	CCONJ
fbem-871	129	76	y	y	PROPN
fbem-871	129	77	r	r	X
fbem-871	129	78	-	-	PUNCT
fbem-871	129	79	squared	square	VERB
fbem-871	129	80	0.002	0.002	NUM
fbem-871	129	81	0.036	0.036	NUM
fbem-871	129	82	0.043	0.043	NUM
fbem-871	129	83	0.000	0.000	NUM
fbem-871	129	84	0.045	0.045	NUM
fbem-871	129	85	0.122	0.122	NUM
fbem-871	129	86	adj	adj	NOUN
fbem-871	129	87	r	r	NOUN
fbem-871	129	88	-	-	PUNCT
fbem-871	129	89	squared	square	VERB
fbem-871	129	90	0.002	0.002	NUM
fbem-871	129	91	0.031	0.031	NUM
fbem-871	129	92	0.036	0.036	NUM
fbem-871	129	93	0.0003	0.0003	NUM
fbem-871	129	94	0.041	0.041	NUM
fbem-871	129	95	0.118	0.118	NUM
fbem-871	129	96	note	note	NOUN
fbem-871	129	97	:	:	PUNCT
fbem-871	129	98	the	the	DET
fbem-871	129	99	t	t	NOUN
fbem-871	129	100	value	value	NOUN
fbem-871	129	101	in	in	ADP
fbem-871	129	102	parentheses	parenthesis	NOUN
fbem-871	129	103	,	,	PUNCT
fbem-871	129	104	*	*	PUNCT
fbem-871	129	105	*	*	PUNCT
fbem-871	129	106	*	*	PUNCT
fbem-871	129	107	,	,	PUNCT
fbem-871	129	108	*	*	PUNCT
fbem-871	129	109	*	*	PUNCT
fbem-871	129	110	,	,	PUNCT
fbem-871	129	111	and	and	CCONJ
fbem-871	129	112	*	*	PUNCT
fbem-871	129	113	indicate	indicate	VERB
fbem-871	129	114	significance	significance	NOUN
fbem-871	129	115	at	at	ADP
fbem-871	129	116	the	the	DET
fbem-871	129	117	1	1	NUM
fbem-871	129	118	%	%	NOUN
fbem-871	129	119	,	,	PUNCT
fbem-871	129	120	5	5	NUM
fbem-871	129	121	%	%	NOUN
fbem-871	129	122	,	,	PUNCT
fbem-871	129	123	and	and	CCONJ
fbem-871	129	124	10	10	NUM
fbem-871	129	125	%	%	NOUN
fbem-871	129	126	levels	level	NOUN
fbem-871	129	127	,	,	PUNCT
fbem-871	129	128	respectively	respectively	ADV
fbem-871	129	129	.	.	PUNCT
fbem-871	130	1	classify	classify	VERB
fbem-871	130	2	the	the	DET
fbem-871	130	3	samples	sample	NOUN
fbem-871	130	4	according	accord	VERB
fbem-871	130	5	to	to	ADP
fbem-871	130	6	ownership	ownership	NOUN
fbem-871	130	7	,	,	PUNCT
fbem-871	130	8	and	and	CCONJ
fbem-871	130	9	explore	explore	VERB
fbem-871	130	10	whether	whether	SCONJ
fbem-871	130	11	the	the	DET
fbem-871	130	12	impact	impact	NOUN
fbem-871	130	13	of	of	ADP
fbem-871	130	14	business	business	NOUN
fbem-871	130	15	groupoperation	groupoperation	NOUN
fbem-871	130	16	on	on	ADP
fbem-871	130	17	investment	investment	NOUN
fbem-871	130	18	efficiency	efficiency	NOUN
fbem-871	130	19	is	be	AUX
fbem-871	130	20	different	different	ADJ
fbem-871	130	21	under	under	ADP
fbem-871	130	22	different	different	ADJ
fbem-871	130	23	ownership	ownership	NOUN
fbem-871	130	24	perspectives	perspective	NOUN
fbem-871	130	25	.	.	PUNCT
fbem-871	131	1	the	the	DET
fbem-871	131	2	results	result	NOUN
fbem-871	131	3	are	be	AUX
fbem-871	131	4	shown	show	VERB
fbem-871	131	5	in	in	ADP
fbem-871	131	6	table	table	NOUN
fbem-871	131	7	5	5	NUM
fbem-871	131	8	.	.	PUNCT
fbem-871	132	1	the	the	DET
fbem-871	132	2	analysis	analysis	NOUN
fbem-871	132	3	and	and	CCONJ
fbem-871	132	4	estimation	estimation	NOUN
fbem-871	132	5	results	result	NOUN
fbem-871	132	6	show	show	VERB
fbem-871	132	7	that	that	SCONJ
fbem-871	132	8	in	in	ADP
fbem-871	132	9	both	both	CCONJ
fbem-871	132	10	the	the	DET
fbem-871	132	11	state	state	NOUN
fbem-871	132	12	-	-	PUNCT
fbem-871	132	13	owned	own	VERB
fbem-871	132	14	ownership	ownership	NOUN
fbem-871	132	15	sample	sample	NOUN
fbem-871	132	16	and	and	CCONJ
fbem-871	132	17	the	the	DET
fbem-871	132	18	non	non	ADJ
fbem-871	132	19	-	-	ADJ
fbem-871	132	20	state	state	NOUN
fbem-871	132	21	-	-	PUNCT
fbem-871	132	22	owned	own	VERB
fbem-871	132	23	ownership	ownership	NOUN
fbem-871	132	24	sample	sample	NOUN
fbem-871	132	25	,	,	PUNCT
fbem-871	132	26	the	the	DET
fbem-871	132	27	impact	impact	NOUN
fbem-871	132	28	of	of	ADP
fbem-871	132	29	115	115	NUM
fbem-871	132	30	business	business	NOUN
fbem-871	132	31	groupoperation	groupoperation	NOUN
fbem-871	132	32	on	on	ADP
fbem-871	132	33	the	the	DET
fbem-871	132	34	degree	degree	NOUN
fbem-871	132	35	of	of	ADP
fbem-871	132	36	investment	investment	NOUN
fbem-871	132	37	deviation	deviation	NOUN
fbem-871	132	38	is	be	AUX
fbem-871	132	39	significantly	significantly	ADV
fbem-871	132	40	negative	negative	ADJ
fbem-871	132	41	,	,	PUNCT
fbem-871	132	42	which	which	PRON
fbem-871	132	43	are	be	AUX
fbem-871	132	44	-0.004	-0.004	PUNCT
fbem-871	132	45	and	and	CCONJ
fbem-871	132	46	0.011	0.011	NUM
fbem-871	132	47	,	,	PUNCT
fbem-871	132	48	respectively	respectively	ADV
fbem-871	132	49	,	,	PUNCT
fbem-871	132	50	indicating	indicate	VERB
fbem-871	132	51	that	that	SCONJ
fbem-871	132	52	business	business	NOUN
fbem-871	132	53	groups	group	NOUN
fbem-871	132	54	will	will	AUX
fbem-871	132	55	reduce	reduce	VERB
fbem-871	132	56	the	the	DET
fbem-871	132	57	degree	degree	NOUN
fbem-871	132	58	of	of	ADP
fbem-871	132	59	investment	investment	NOUN
fbem-871	132	60	deviation	deviation	NOUN
fbem-871	132	61	.	.	PUNCT
fbem-871	132	62	,	,	PUNCT
fbem-871	132	63	and	and	CCONJ
fbem-871	132	64	improve	improve	VERB
fbem-871	132	65	the	the	DET
fbem-871	132	66	investment	investment	NOUN
fbem-871	132	67	efficiency	efficiency	NOUN
fbem-871	132	68	of	of	ADP
fbem-871	132	69	enterprises	enterprise	NOUN
fbem-871	132	70	,	,	PUNCT
fbem-871	132	71	which	which	PRON
fbem-871	132	72	is	be	AUX
fbem-871	132	73	consistent	consistent	ADJ
fbem-871	132	74	with	with	ADP
fbem-871	132	75	the	the	DET
fbem-871	132	76	previous	previous	ADJ
fbem-871	132	77	research	research	NOUN
fbem-871	132	78	results	result	NOUN
fbem-871	132	79	.	.	PUNCT
fbem-871	133	1	the	the	DET
fbem-871	133	2	coefficients	coefficient	NOUN
fbem-871	133	3	of	of	ADP
fbem-871	133	4	the	the	DET
fbem-871	133	5	two	two	NUM
fbem-871	133	6	were	be	AUX
fbem-871	133	7	further	far	ADV
fbem-871	133	8	compared	compare	VERB
fbem-871	133	9	,	,	PUNCT
fbem-871	133	10	and	and	CCONJ
fbem-871	133	11	the	the	DET
fbem-871	133	12	coefficient	coefficient	NOUN
fbem-871	133	13	difference	difference	NOUN
fbem-871	133	14	test	test	NOUN
fbem-871	133	15	between	between	ADP
fbem-871	133	16	groups	group	NOUN
fbem-871	133	17	was	be	AUX
fbem-871	133	18	carried	carry	VERB
fbem-871	133	19	out	out	ADP
fbem-871	133	20	based	base	VERB
fbem-871	133	21	on	on	ADP
fbem-871	133	22	the	the	DET
fbem-871	133	23	sur	sur	PROPN
fbem-871	133	24	estimation	estimation	NOUN
fbem-871	133	25	.	.	PUNCT
fbem-871	134	1	the	the	DET
fbem-871	134	2	test	test	NOUN
fbem-871	134	3	result	result	NOUN
fbem-871	134	4	showed	show	VERB
fbem-871	134	5	that	that	SCONJ
fbem-871	134	6	the	the	DET
fbem-871	134	7	p	p	NOUN
fbem-871	134	8	-	-	PUNCT
fbem-871	134	9	value	value	NOUN
fbem-871	134	10	was	be	AUX
fbem-871	134	11	0.0297	0.0297	NUM
fbem-871	134	12	,	,	PUNCT
fbem-871	134	13	which	which	PRON
fbem-871	134	14	passed	pass	VERB
fbem-871	134	15	the	the	DET
fbem-871	134	16	significance	significance	NOUN
fbem-871	134	17	test	test	NOUN
fbem-871	134	18	at	at	ADP
fbem-871	134	19	the	the	DET
fbem-871	134	20	5	5	NUM
fbem-871	134	21	%	%	NOUN
fbem-871	134	22	level	level	NOUN
fbem-871	134	23	.	.	PUNCT
fbem-871	135	1	therefore	therefore	ADV
fbem-871	135	2	,	,	PUNCT
fbem-871	135	3	it	it	PRON
fbem-871	135	4	is	be	AUX
fbem-871	135	5	concluded	conclude	VERB
fbem-871	135	6	that	that	SCONJ
fbem-871	135	7	in	in	ADP
fbem-871	135	8	non	non	ADJ
fbem-871	135	9	-	-	ADJ
fbem-871	135	10	state	state	NOUN
fbem-871	135	11	-	-	PUNCT
fbem-871	135	12	owned	own	VERB
fbem-871	135	13	enterprises	enterprise	NOUN
fbem-871	135	14	,	,	PUNCT
fbem-871	135	15	the	the	DET
fbem-871	135	16	impact	impact	NOUN
fbem-871	135	17	of	of	ADP
fbem-871	135	18	business	business	NOUN
fbem-871	135	19	groups	group	NOUN
fbem-871	135	20	on	on	ADP
fbem-871	135	21	the	the	DET
fbem-871	135	22	degree	degree	NOUN
fbem-871	135	23	of	of	ADP
fbem-871	135	24	investment	investment	NOUN
fbem-871	135	25	deviation	deviation	NOUN
fbem-871	135	26	is	be	AUX
fbem-871	135	27	more	more	ADV
fbem-871	135	28	obvious	obvious	ADJ
fbem-871	135	29	,	,	PUNCT
fbem-871	135	30	and	and	CCONJ
fbem-871	135	31	then	then	ADV
fbem-871	135	32	the	the	DET
fbem-871	135	33	second	second	ADJ
fbem-871	135	34	hypothesis	hypothesis	NOUN
fbem-871	135	35	of	of	ADP
fbem-871	135	36	this	this	DET
fbem-871	135	37	paper	paper	NOUN
fbem-871	135	38	is	be	AUX
fbem-871	135	39	verified	verify	VERB
fbem-871	135	40	.	.	PUNCT
fbem-871	136	1	table	table	NOUN
fbem-871	136	2	5	5	NUM
fbem-871	136	3	.	.	PUNCT
fbem-871	137	1	regression	regression	NOUN
fbem-871	137	2	results	result	NOUN
fbem-871	137	3	of	of	ADP
fbem-871	137	4	business	business	NOUN
fbem-871	137	5	group	group	NOUN
fbem-871	137	6	,	,	PUNCT
fbem-871	137	7	ownership	ownership	NOUN
fbem-871	137	8	and	and	CCONJ
fbem-871	137	9	investment	investment	NOUN
fbem-871	137	10	deviation	deviation	NOUN
fbem-871	137	11	degree	degree	NOUN
fbem-871	137	12	(	(	PUNCT
fbem-871	137	13	1	1	NUM
fbem-871	137	14	)	)	PUNCT
fbem-871	137	15	(	(	PUNCT
fbem-871	137	16	2	2	NUM
fbem-871	137	17	)	)	PUNCT
fbem-871	137	18	(	(	PUNCT
fbem-871	137	19	3	3	X
fbem-871	137	20	)	)	PUNCT
fbem-871	137	21	(	(	PUNCT
fbem-871	137	22	4	4	X
fbem-871	137	23	)	)	PUNCT
fbem-871	137	24	variables	variable	NOUN
fbem-871	137	25	auinvn	auinvn	ADJ
fbem-871	137	26	auinvn	auinvn	ADJ
fbem-871	137	27	auinvn	auinvn	NOUN
fbem-871	137	28	auinvn	auinvn	NOUN
fbem-871	137	29	state	state	NOUN
fbem-871	137	30	-	-	PUNCT
fbem-871	137	31	owned	own	VERB
fbem-871	137	32	enterprise	enterprise	NOUN
fbem-871	137	33	state	state	NOUN
fbem-871	137	34	-	-	PUNCT
fbem-871	137	35	owned	own	VERB
fbem-871	137	36	enterprise	enterprise	NOUN
fbem-871	137	37	non	non	ADJ
fbem-871	137	38	-	-	ADJ
fbem-871	137	39	state	state	NOUN
fbem-871	137	40	-	-	PUNCT
fbem-871	137	41	owned	own	VERB
fbem-871	137	42	enterprise	enterprise	NOUN
fbem-871	137	43	non	non	ADJ
fbem-871	137	44	-	-	ADJ
fbem-871	137	45	state	state	NOUN
fbem-871	137	46	-	-	PUNCT
fbem-871	137	47	owned	own	VERB
fbem-871	137	48	enterprise	enterprise	NOUN
fbem-871	137	49	l.group	l.group	NOUN
fbem-871	137	50	-0.004	-0.004	PUNCT
fbem-871	137	51	*	*	PUNCT
fbem-871	137	52	*	*	PUNCT
fbem-871	137	53	*	*	PUNCT
fbem-871	137	54	-0.004	-0.004	PUNCT
fbem-871	137	55	*	*	PUNCT
fbem-871	137	56	*	*	PUNCT
fbem-871	137	57	*	*	PUNCT
fbem-871	138	1	-0.009	-0.009	X
fbem-871	138	2	*	*	PUNCT
fbem-871	138	3	-0.011	-0.011	NOUN
fbem-871	138	4	*	*	PUNCT
fbem-871	138	5	*	*	PUNCT
fbem-871	138	6	(	(	PUNCT
fbem-871	138	7	-3.00	-3.00	PROPN
fbem-871	138	8	)	)	PUNCT
fbem-871	138	9	(	(	PUNCT
fbem-871	138	10	-3.01	-3.01	NOUN
fbem-871	138	11	)	)	PUNCT
fbem-871	138	12	(	(	PUNCT
fbem-871	138	13	-1.82	-1.82	NOUN
fbem-871	138	14	)	)	PUNCT
fbem-871	138	15	(	(	PUNCT
fbem-871	138	16	-2.38	-2.38	NOUN
fbem-871	138	17	)	)	PUNCT
fbem-871	138	18	l.cash	l.cash	NOUN
fbem-871	138	19	0.162	0.162	NUM
fbem-871	138	20	*	*	PUNCT
fbem-871	138	21	*	*	PUNCT
fbem-871	138	22	*	*	PUNCT
fbem-871	138	23	-0.014	-0.014	NOUN
fbem-871	138	24	(	(	PUNCT
fbem-871	138	25	4.93	4.93	NUM
fbem-871	138	26	)	)	PUNCT
fbem-871	138	27	(	(	PUNCT
fbem-871	138	28	-1.55	-1.55	X
fbem-871	138	29	)	)	PUNCT
fbem-871	138	30	l.tq	l.tq	NOUN
fbem-871	138	31	0.009	0.009	NUM
fbem-871	138	32	*	*	PUNCT
fbem-871	138	33	*	*	PUNCT
fbem-871	138	34	*	*	PUNCT
fbem-871	138	35	0.003	0.003	NUM
fbem-871	138	36	*	*	PUNCT
fbem-871	138	37	*	*	PUNCT
fbem-871	138	38	*	*	PUNCT
fbem-871	138	39	(	(	PUNCT
fbem-871	138	40	4.34	4.34	NUM
fbem-871	138	41	)	)	PUNCT
fbem-871	138	42	(	(	PUNCT
fbem-871	138	43	6.11	6.11	NUM
fbem-871	138	44	)	)	PUNCT
fbem-871	138	45	l.salary	l.salary	NOUN
fbem-871	138	46	0.013	0.013	NUM
fbem-871	138	47	*	*	PUNCT
fbem-871	138	48	*	*	PUNCT
fbem-871	138	49	*	*	PUNCT
fbem-871	138	50	-0.001	-0.001	PUNCT
fbem-871	138	51	(	(	PUNCT
fbem-871	138	52	3.53	3.53	NUM
fbem-871	138	53	)	)	PUNCT
fbem-871	138	54	(	(	PUNCT
fbem-871	138	55	-1.52	-1.52	NOUN
fbem-871	138	56	)	)	PUNCT
fbem-871	138	57	l.board	l.board	ADJ
fbem-871	138	58	0.058	0.058	NUM
fbem-871	138	59	*	*	PUNCT
fbem-871	138	60	*	*	PUNCT
fbem-871	138	61	*	*	NOUN
fbem-871	138	62	0.004	0.004	NUM
fbem-871	138	63	(	(	PUNCT
fbem-871	138	64	5.06	5.06	NUM
fbem-871	138	65	)	)	PUNCT
fbem-871	138	66	(	(	PUNCT
fbem-871	138	67	1.05	1.05	NUM
fbem-871	138	68	)	)	PUNCT
fbem-871	138	69	l.lev	l.lev	NOUN
fbem-871	138	70	-0.084	-0.084	NOUN
fbem-871	138	71	*	*	PUNCT
fbem-871	138	72	*	*	PUNCT
fbem-871	138	73	*	*	PUNCT
fbem-871	139	1	0.015	0.015	NUM
fbem-871	139	2	*	*	PUNCT
fbem-871	139	3	*	*	PUNCT
fbem-871	139	4	*	*	PUNCT
fbem-871	139	5	(	(	PUNCT
fbem-871	139	6	-6.27	-6.27	PROPN
fbem-871	139	7	)	)	PUNCT
fbem-871	139	8	(	(	PUNCT
fbem-871	139	9	3.85	3.85	NUM
fbem-871	139	10	)	)	PUNCT
fbem-871	139	11	l.roa	l.roa	NOUN
fbem-871	139	12	-0.995	-0.995	ADV
fbem-871	139	13	*	*	PUNCT
fbem-871	139	14	*	*	PUNCT
fbem-871	139	15	*	*	PUNCT
fbem-871	139	16	0.020	0.020	NUM
fbem-871	139	17	*	*	PUNCT
fbem-871	139	18	*	*	PUNCT
fbem-871	139	19	(	(	PUNCT
fbem-871	139	20	-23.71	-23.71	PROPN
fbem-871	139	21	)	)	PUNCT
fbem-871	139	22	(	(	PUNCT
fbem-871	139	23	2.00	2.00	NUM
fbem-871	139	24	)	)	PUNCT
fbem-871	139	25	constant	constant	ADJ
fbem-871	139	26	0.036	0.036	NUM
fbem-871	139	27	*	*	PUNCT
fbem-871	139	28	*	*	PUNCT
fbem-871	139	29	*	*	PUNCT
fbem-871	139	30	-0.243	-0.243	PROPN
fbem-871	139	31	*	*	PUNCT
fbem-871	139	32	*	*	PUNCT
fbem-871	139	33	*	*	PUNCT
fbem-871	139	34	0.032	0.032	NUM
fbem-871	139	35	*	*	PUNCT
fbem-871	139	36	*	*	PUNCT
fbem-871	139	37	*	*	PUNCT
fbem-871	139	38	0.037	0.037	NUM
fbem-871	139	39	*	*	NOUN
fbem-871	139	40	*	*	PUNCT
fbem-871	139	41	(	(	PUNCT
fbem-871	139	42	9.60	9.60	NUM
fbem-871	139	43	)	)	PUNCT
fbem-871	139	44	(	(	PUNCT
fbem-871	139	45	-4.35	-4.35	NOUN
fbem-871	139	46	)	)	PUNCT
fbem-871	139	47	(	(	PUNCT
fbem-871	139	48	39.09	39.09	NUM
fbem-871	139	49	)	)	PUNCT
fbem-871	139	50	(	(	PUNCT
fbem-871	139	51	2.36	2.36	NUM
fbem-871	139	52	)	)	PUNCT
fbem-871	139	53	year	year	NOUN
fbem-871	139	54	n	n	CCONJ
fbem-871	139	55	y	y	PROPN
fbem-871	139	56	n	n	CCONJ
fbem-871	139	57	y	y	PROPN
fbem-871	139	58	industry	industry	PROPN
fbem-871	139	59	n	n	PROPN
fbem-871	139	60	y	y	PROPN
fbem-871	139	61	n	n	CCONJ
fbem-871	139	62	y	y	PROPN
fbem-871	139	63	r	r	NOUN
fbem-871	139	64	-	-	PUNCT
fbem-871	139	65	squared	square	VERB
fbem-871	139	66	0.001	0.001	NUM
fbem-871	139	67	0.118	0.118	NUM
fbem-871	139	68	0.002	0.002	NUM
fbem-871	139	69	0.036	0.036	NUM
fbem-871	139	70	adj	adj	ADP
fbem-871	139	71	r	r	NOUN
fbem-871	139	72	-	-	PUNCT
fbem-871	139	73	squared	square	VERB
fbem-871	139	74	0.0004	0.0004	NUM
fbem-871	139	75	0.113	0.113	NUM
fbem-871	139	76	0.002	0.002	NUM
fbem-871	139	77	0.030	0.030	NUM
fbem-871	139	78	note	note	NOUN
fbem-871	139	79	:	:	PUNCT
fbem-871	139	80	the	the	DET
fbem-871	139	81	t	t	NOUN
fbem-871	139	82	value	value	NOUN
fbem-871	139	83	in	in	ADP
fbem-871	139	84	parentheses	parenthesis	NOUN
fbem-871	139	85	,	,	PUNCT
fbem-871	139	86	*	*	PUNCT
fbem-871	139	87	*	*	PUNCT
fbem-871	139	88	*	*	PUNCT
fbem-871	139	89	,	,	PUNCT
fbem-871	139	90	*	*	PUNCT
fbem-871	139	91	*	*	PUNCT
fbem-871	139	92	,	,	PUNCT
fbem-871	139	93	and	and	CCONJ
fbem-871	139	94	*	*	PUNCT
fbem-871	139	95	indicate	indicate	VERB
fbem-871	139	96	significance	significance	NOUN
fbem-871	139	97	at	at	ADP
fbem-871	139	98	the	the	DET
fbem-871	139	99	1	1	NUM
fbem-871	139	100	%	%	NOUN
fbem-871	139	101	,	,	PUNCT
fbem-871	139	102	5	5	NUM
fbem-871	139	103	%	%	NOUN
fbem-871	139	104	,	,	PUNCT
fbem-871	139	105	and	and	CCONJ
fbem-871	139	106	10	10	NUM
fbem-871	139	107	%	%	NOUN
fbem-871	139	108	levels	level	NOUN
fbem-871	139	109	,	,	PUNCT
fbem-871	139	110	respectively	respectively	ADV
fbem-871	139	111	.	.	PUNCT
fbem-871	139	112	table	table	NOUN
fbem-871	139	113	6	6	NUM
fbem-871	139	114	.	.	PUNCT
fbem-871	140	1	regression	regression	NOUN
fbem-871	140	2	results	result	NOUN
fbem-871	140	3	of	of	ADP
fbem-871	140	4	business	business	NOUN
fbem-871	140	5	group	group	NOUN
fbem-871	140	6	,	,	PUNCT
fbem-871	140	7	ownership	ownership	NOUN
fbem-871	140	8	nature	nature	NOUN
fbem-871	140	9	and	and	CCONJ
fbem-871	140	10	over	over	ADP
fbem-871	140	11	-	-	PUNCT
fbem-871	140	12	investment	investment	NOUN
fbem-871	140	13	and	and	CCONJ
fbem-871	140	14	under	under	NOUN
fbem-871	140	15	-	-	PUNCT
fbem-871	140	16	investment	investment	NOUN
fbem-871	140	17	(	(	PUNCT
fbem-871	140	18	1	1	NUM
fbem-871	140	19	)	)	PUNCT
fbem-871	140	20	(	(	PUNCT
fbem-871	140	21	2	2	NUM
fbem-871	140	22	)	)	PUNCT
fbem-871	140	23	(	(	PUNCT
fbem-871	140	24	3	3	X
fbem-871	140	25	)	)	PUNCT
fbem-871	140	26	(	(	PUNCT
fbem-871	140	27	4	4	X
fbem-871	140	28	)	)	PUNCT
fbem-871	140	29	variables	variable	NOUN
fbem-871	140	30	overinv	overinv	ADJ
fbem-871	140	31	overinv	overinv	ADJ
fbem-871	140	32	underinv	underinv	ADJ
fbem-871	140	33	underinv	underinv	ADJ
fbem-871	140	34	state	state	NOUN
fbem-871	140	35	-	-	PUNCT
fbem-871	140	36	owned	own	VERB
fbem-871	140	37	enterprise	enterprise	NOUN
fbem-871	140	38	non	non	ADJ
fbem-871	140	39	-	-	ADJ
fbem-871	140	40	state	state	NOUN
fbem-871	140	41	-	-	PUNCT
fbem-871	140	42	owned	own	VERB
fbem-871	140	43	enterprise	enterprise	NOUN
fbem-871	140	44	state	state	NOUN
fbem-871	140	45	-	-	PUNCT
fbem-871	140	46	owned	own	VERB
fbem-871	140	47	enterprise	enterprise	NOUN
fbem-871	140	48	non	non	ADJ
fbem-871	140	49	-	-	ADJ
fbem-871	140	50	state	state	NOUN
fbem-871	140	51	-	-	PUNCT
fbem-871	140	52	owned	own	VERB
fbem-871	140	53	enterprise	enterprise	NOUN
fbem-871	140	54	l.group	l.group	NOUN
fbem-871	140	55	-0.001	-0.001	X
fbem-871	140	56	-0.004	-0.004	PUNCT
fbem-871	140	57	*	*	PUNCT
fbem-871	141	1	0.004	0.004	NUM
fbem-871	141	2	*	*	PUNCT
fbem-871	141	3	*	*	PUNCT
fbem-871	141	4	*	*	PUNCT
fbem-871	141	5	0.020	0.020	NUM
fbem-871	141	6	*	*	PUNCT
fbem-871	141	7	*	*	PUNCT
fbem-871	141	8	(	(	PUNCT
fbem-871	141	9	-0.35	-0.35	NOUN
fbem-871	141	10	)	)	PUNCT
fbem-871	141	11	(	(	PUNCT
fbem-871	141	12	-1.69	-1.69	NOUN
fbem-871	141	13	)	)	PUNCT
fbem-871	141	14	(	(	PUNCT
fbem-871	141	15	2.61	2.61	NUM
fbem-871	141	16	)	)	PUNCT
fbem-871	141	17	(	(	PUNCT
fbem-871	141	18	2.29	2.29	NUM
fbem-871	141	19	)	)	PUNCT
fbem-871	141	20	l.cash	l.cash	VERB
fbem-871	141	21	0.052	0.052	NUM
fbem-871	141	22	*	*	PUNCT
fbem-871	141	23	*	*	PUNCT
fbem-871	141	24	*	*	PUNCT
fbem-871	141	25	0.026	0.026	NUM
fbem-871	141	26	*	*	PUNCT
fbem-871	141	27	-0.132	-0.132	X
fbem-871	141	28	*	*	PUNCT
fbem-871	141	29	*	*	PUNCT
fbem-871	141	30	0.056	0.056	NUM
fbem-871	141	31	*	*	PUNCT
fbem-871	141	32	*	*	PUNCT
fbem-871	141	33	*	*	PUNCT
fbem-871	141	34	(	(	PUNCT
fbem-871	141	35	4.21	4.21	NUM
fbem-871	141	36	)	)	PUNCT
fbem-871	141	37	(	(	PUNCT
fbem-871	141	38	1.87	1.87	NUM
fbem-871	141	39	)	)	PUNCT
fbem-871	141	40	(	(	PUNCT
fbem-871	141	41	-2.47	-2.47	X
fbem-871	141	42	)	)	PUNCT
fbem-871	141	43	(	(	PUNCT
fbem-871	141	44	4.64	4.64	NUM
fbem-871	141	45	)	)	PUNCT
fbem-871	141	46	l.tq	l.tq	VERB
fbem-871	141	47	0.000	0.000	NUM
fbem-871	141	48	0.002	0.002	NUM
fbem-871	141	49	*	*	PUNCT
fbem-871	142	1	*	*	PUNCT
fbem-871	142	2	*	*	PUNCT
fbem-871	142	3	-0.016	-0.016	PUNCT
fbem-871	142	4	*	*	PUNCT
fbem-871	142	5	*	*	PUNCT
fbem-871	142	6	*	*	PUNCT
fbem-871	142	7	-0.003	-0.003	PUNCT
fbem-871	142	8	*	*	PUNCT
fbem-871	142	9	*	*	PUNCT
fbem-871	142	10	*	*	PUNCT
fbem-871	142	11	(	(	PUNCT
fbem-871	142	12	0.09	0.09	NUM
fbem-871	142	13	)	)	PUNCT
fbem-871	142	14	(	(	PUNCT
fbem-871	142	15	2.86	2.86	NUM
fbem-871	142	16	)	)	PUNCT
fbem-871	142	17	(	(	PUNCT
fbem-871	142	18	-4.32	-4.32	NUM
fbem-871	142	19	)	)	PUNCT
fbem-871	142	20	(	(	PUNCT
fbem-871	142	21	-4.59	-4.59	NUM
fbem-871	142	22	)	)	PUNCT
fbem-871	142	23	l.salary	l.salary	NOUN
fbem-871	142	24	-0.002	-0.002	PUNCT
fbem-871	143	1	0.000	0.000	NUM
fbem-871	143	2	-0.028	-0.028	NOUN
fbem-871	144	1	*	*	PUNCT
fbem-871	144	2	*	*	PUNCT
fbem-871	144	3	*	*	PUNCT
fbem-871	145	1	0.004	0.004	NUM
fbem-871	145	2	*	*	PUNCT
fbem-871	145	3	*	*	PUNCT
fbem-871	145	4	*	*	PUNCT
fbem-871	145	5	(	(	PUNCT
fbem-871	145	6	-1.32	-1.32	NUM
fbem-871	145	7	)	)	PUNCT
fbem-871	145	8	(	(	PUNCT
fbem-871	145	9	0.01	0.01	NUM
fbem-871	145	10	)	)	PUNCT
fbem-871	145	11	(	(	PUNCT
fbem-871	145	12	-4.83	-4.83	ADJ
fbem-871	145	13	)	)	PUNCT
fbem-871	145	14	(	(	PUNCT
fbem-871	145	15	2.81	2.81	NUM
fbem-871	145	16	)	)	PUNCT
fbem-871	145	17	l.board	l.board	ADV
fbem-871	145	18	0.010	0.010	NUM
fbem-871	145	19	*	*	NOUN
fbem-871	145	20	*	*	PUNCT
fbem-871	145	21	-0.000	-0.000	PUNCT
fbem-871	145	22	-0.095	-0.095	PUNCT
fbem-871	145	23	*	*	PUNCT
fbem-871	145	24	*	*	PUNCT
fbem-871	145	25	*	*	PUNCT
fbem-871	145	26	-0.004	-0.004	PUNCT
fbem-871	145	27	(	(	PUNCT
fbem-871	145	28	2.28	2.28	NUM
fbem-871	145	29	)	)	PUNCT
fbem-871	145	30	(	(	PUNCT
fbem-871	145	31	-0.06	-0.06	NUM
fbem-871	145	32	)	)	PUNCT
fbem-871	145	33	(	(	PUNCT
fbem-871	145	34	-5.38	-5.38	NOUN
fbem-871	145	35	)	)	PUNCT
fbem-871	145	36	(	(	PUNCT
fbem-871	145	37	-0.84	-0.84	NOUN
fbem-871	145	38	)	)	PUNCT
fbem-871	145	39	l.lev	l.lev	NOUN
fbem-871	145	40	-0.004	-0.004	PUNCT
fbem-871	146	1	0.010	0.010	NUM
fbem-871	146	2	*	*	NOUN
fbem-871	146	3	0.146	0.146	NUM
fbem-871	146	4	*	*	PUNCT
fbem-871	146	5	*	*	PUNCT
fbem-871	146	6	*	*	PUNCT
fbem-871	146	7	-0.014	-0.014	NOUN
fbem-871	146	8	*	*	PUNCT
fbem-871	146	9	*	*	PUNCT
fbem-871	146	10	*	*	PUNCT
fbem-871	146	11	(	(	PUNCT
fbem-871	146	12	-0.74	-0.74	NUM
fbem-871	146	13	)	)	PUNCT
fbem-871	146	14	(	(	PUNCT
fbem-871	146	15	1.74	1.74	NUM
fbem-871	146	16	)	)	PUNCT
fbem-871	146	17	(	(	PUNCT
fbem-871	146	18	7.02	7.02	NUM
fbem-871	146	19	)	)	PUNCT
fbem-871	146	20	(	(	PUNCT
fbem-871	146	21	-2.74	-2.74	X
fbem-871	146	22	)	)	PUNCT
fbem-871	146	23	l.roa	l.roa	NOUN
fbem-871	146	24	-0.012	-0.012	NOUN
fbem-871	146	25	-0.012	-0.012	NUM
fbem-871	146	26	1.605	1.605	NUM
fbem-871	146	27	*	*	PUNCT
fbem-871	146	28	*	*	PUNCT
fbem-871	146	29	*	*	PUNCT
fbem-871	146	30	-0.056	-0.056	PUNCT
fbem-871	146	31	*	*	PUNCT
fbem-871	146	32	*	*	PUNCT
fbem-871	146	33	*	*	PUNCT
fbem-871	146	34	(	(	PUNCT
fbem-871	146	35	-0.77	-0.77	NOUN
fbem-871	146	36	)	)	PUNCT
fbem-871	146	37	(	(	PUNCT
fbem-871	146	38	-0.99	-0.99	NOUN
fbem-871	146	39	)	)	PUNCT
fbem-871	146	40	(	(	PUNCT
fbem-871	146	41	24.13	24.13	NUM
fbem-871	146	42	)	)	PUNCT
fbem-871	146	43	(	(	PUNCT
fbem-871	146	44	-3.47	-3.47	NOUN
fbem-871	146	45	)	)	PUNCT
fbem-871	146	46	constant	constant	ADJ
fbem-871	146	47	0.030	0.030	NUM
fbem-871	146	48	0.039	0.039	NUM
fbem-871	146	49	*	*	PUNCT
fbem-871	146	50	0.559	0.559	NUM
fbem-871	146	51	*	*	PUNCT
fbem-871	146	52	*	*	PUNCT
fbem-871	146	53	*	*	PUNCT
fbem-871	146	54	-0.050	-0.050	PUNCT
fbem-871	147	1	*	*	PUNCT
fbem-871	147	2	*	*	PUNCT
fbem-871	147	3	(	(	PUNCT
fbem-871	147	4	1.42	1.42	NUM
fbem-871	147	5	)	)	PUNCT
fbem-871	147	6	(	(	PUNCT
fbem-871	147	7	1.67	1.67	NUM
fbem-871	147	8	)	)	PUNCT
fbem-871	147	9	(	(	PUNCT
fbem-871	147	10	6.17	6.17	NUM
fbem-871	147	11	)	)	PUNCT
fbem-871	147	12	(	(	PUNCT
fbem-871	147	13	-2.40	-2.40	NOUN
fbem-871	147	14	)	)	PUNCT
fbem-871	147	15	year	year	NOUN
fbem-871	147	16	y	y	PROPN
fbem-871	147	17	y	y	PROPN
fbem-871	147	18	y	y	PROPN
fbem-871	147	19	y	y	PROPN
fbem-871	147	20	industry	industry	PROPN
fbem-871	147	21	y	y	PROPN
fbem-871	147	22	y	y	PROPN
fbem-871	147	23	y	y	PROPN
fbem-871	147	24	y	y	PROPN
fbem-871	147	25	r	r	X
fbem-871	147	26	-	-	PUNCT
fbem-871	147	27	squared	square	VERB
fbem-871	147	28	0.069	0.069	NUM
fbem-871	147	29	0.040	0.040	NUM
fbem-871	147	30	0.235	0.235	NUM
fbem-871	147	31	0.060	0.060	NUM
fbem-871	147	32	adj	adj	ADP
fbem-871	147	33	r	r	NOUN
fbem-871	147	34	-	-	PUNCT
fbem-871	147	35	squared	square	VERB
fbem-871	147	36	0.056	0.056	NUM
fbem-871	147	37	0.026	0.026	NUM
fbem-871	147	38	0.227	0.227	NUM
fbem-871	147	39	0.051	0.051	NUM
fbem-871	147	40	note	note	NOUN
fbem-871	147	41	:	:	PUNCT
fbem-871	147	42	the	the	DET
fbem-871	147	43	t	t	NOUN
fbem-871	147	44	value	value	NOUN
fbem-871	147	45	in	in	ADP
fbem-871	147	46	parentheses	parenthesis	NOUN
fbem-871	147	47	,	,	PUNCT
fbem-871	147	48	*	*	PUNCT
fbem-871	147	49	*	*	PUNCT
fbem-871	147	50	*	*	PUNCT
fbem-871	147	51	,	,	PUNCT
fbem-871	147	52	*	*	PUNCT
fbem-871	147	53	*	*	PUNCT
fbem-871	147	54	,	,	PUNCT
fbem-871	147	55	and	and	CCONJ
fbem-871	147	56	*	*	PUNCT
fbem-871	147	57	indicate	indicate	VERB
fbem-871	147	58	significance	significance	NOUN
fbem-871	147	59	at	at	ADP
fbem-871	147	60	the	the	DET
fbem-871	147	61	1	1	NUM
fbem-871	147	62	%	%	NOUN
fbem-871	147	63	,	,	PUNCT
fbem-871	147	64	5	5	NUM
fbem-871	147	65	%	%	NOUN
fbem-871	147	66	,	,	PUNCT
fbem-871	147	67	and	and	CCONJ
fbem-871	147	68	10	10	NUM
fbem-871	147	69	%	%	NOUN
fbem-871	147	70	levels	level	NOUN
fbem-871	147	71	,	,	PUNCT
fbem-871	147	72	respectively	respectively	ADV
fbem-871	147	73	.	.	PUNCT
fbem-871	148	1	4.2	4.2	NUM
fbem-871	148	2	.	.	PUNCT
fbem-871	149	1	further	further	ADJ
fbem-871	149	2	analysis	analysis	NOUN
fbem-871	149	3	in	in	ADP
fbem-871	149	4	order	order	NOUN
fbem-871	149	5	to	to	PART
fbem-871	149	6	study	study	VERB
fbem-871	149	7	whether	whether	SCONJ
fbem-871	149	8	the	the	DET
fbem-871	149	9	influence	influence	NOUN
fbem-871	149	10	of	of	ADP
fbem-871	149	11	business	business	NOUN
fbem-871	149	12	groups	group	NOUN
fbem-871	149	13	on	on	ADP
fbem-871	149	14	under	under	NOUN
fbem-871	149	15	-	-	PUNCT
fbem-871	149	16	investment	investment	NOUN
fbem-871	149	17	and	and	CCONJ
fbem-871	149	18	over	over	ADP
fbem-871	149	19	-	-	PUNCT
fbem-871	149	20	investment	investment	NOUN
fbem-871	149	21	is	be	AUX
fbem-871	149	22	different	different	ADJ
fbem-871	149	23	under	under	ADP
fbem-871	149	24	different	different	ADJ
fbem-871	149	25	ownership	ownership	NOUN
fbem-871	149	26	,	,	PUNCT
fbem-871	149	27	this	this	DET
fbem-871	149	28	paper	paper	NOUN
fbem-871	149	29	further	far	ADV
fbem-871	149	30	tests	test	VERB
fbem-871	149	31	the	the	DET
fbem-871	149	32	overinvestment	overinvestment	ADJ
fbem-871	149	33	and	and	CCONJ
fbem-871	149	34	under	under	NOUN
fbem-871	149	35	-	-	PUNCT
fbem-871	149	36	investment	investment	NOUN
fbem-871	149	37	of	of	ADP
fbem-871	149	38	state	state	NOUN
fbem-871	149	39	-	-	PUNCT
fbem-871	149	40	owned	own	VERB
fbem-871	149	41	and	and	CCONJ
fbem-871	149	42	nonstate	nonstate	ADV
fbem-871	149	43	-	-	PUNCT
fbem-871	149	44	owned	own	VERB
fbem-871	149	45	samples	sample	NOUN
fbem-871	149	46	.	.	PUNCT
fbem-871	150	1	the	the	DET
fbem-871	150	2	estimated	estimate	VERB
fbem-871	150	3	results	result	NOUN
fbem-871	150	4	show	show	VERB
fbem-871	150	5	that	that	SCONJ
fbem-871	150	6	the	the	DET
fbem-871	150	7	impact	impact	NOUN
fbem-871	150	8	of	of	ADP
fbem-871	150	9	business	business	NOUN
fbem-871	150	10	groups	group	NOUN
fbem-871	150	11	on	on	ADP
fbem-871	150	12	over	over	ADP
fbem-871	150	13	-	-	PUNCT
fbem-871	150	14	investment	investment	NOUN
fbem-871	150	15	has	have	AUX
fbem-871	150	16	not	not	PART
fbem-871	150	17	passed	pass	VERB
fbem-871	150	18	the	the	DET
fbem-871	150	19	significance	significance	NOUN
fbem-871	150	20	test	test	NOUN
fbem-871	150	21	at	at	ADP
fbem-871	150	22	the	the	DET
fbem-871	150	23	10	10	NUM
fbem-871	150	24	%	%	NOUN
fbem-871	150	25	level	level	NOUN
fbem-871	150	26	in	in	ADP
fbem-871	150	27	the	the	DET
fbem-871	150	28	soe	soe	PROPN
fbem-871	150	29	sample	sample	NOUN
fbem-871	150	30	.	.	PUNCT
fbem-871	151	1	in	in	ADP
fbem-871	151	2	the	the	DET
fbem-871	151	3	sample	sample	NOUN
fbem-871	151	4	of	of	ADP
fbem-871	151	5	non	non	ADJ
fbem-871	151	6	-	-	ADJ
fbem-871	151	7	state	state	NOUN
fbem-871	151	8	-	-	PUNCT
fbem-871	151	9	owned	own	VERB
fbem-871	151	10	enterprises	enterprise	NOUN
fbem-871	151	11	,	,	PUNCT
fbem-871	151	12	it	it	PRON
fbem-871	151	13	is	be	AUX
fbem-871	151	14	significantly	significantly	ADV
fbem-871	151	15	116	116	NUM
fbem-871	151	16	negative	negative	ADJ
fbem-871	151	17	and	and	CCONJ
fbem-871	151	18	the	the	DET
fbem-871	151	19	coefficient	coefficient	NOUN
fbem-871	151	20	is	be	AUX
fbem-871	151	21	-0.004	-0.004	PUNCT
fbem-871	151	22	.	.	PUNCT
fbem-871	152	1	it	it	PRON
fbem-871	152	2	shows	show	VERB
fbem-871	152	3	that	that	SCONJ
fbem-871	152	4	the	the	DET
fbem-871	152	5	mitigating	mitigate	VERB
fbem-871	152	6	effect	effect	NOUN
fbem-871	152	7	of	of	ADP
fbem-871	152	8	business	business	NOUN
fbem-871	152	9	groups	group	NOUN
fbem-871	152	10	on	on	ADP
fbem-871	152	11	over	over	ADP
fbem-871	152	12	-	-	PUNCT
fbem-871	152	13	investment	investment	NOUN
fbem-871	152	14	is	be	AUX
fbem-871	152	15	more	more	ADV
fbem-871	152	16	obvious	obvious	ADJ
fbem-871	152	17	in	in	ADP
fbem-871	152	18	non	non	ADJ
fbem-871	152	19	-	-	ADJ
fbem-871	152	20	state	state	NOUN
fbem-871	152	21	-	-	PUNCT
fbem-871	152	22	owned	own	VERB
fbem-871	152	23	enterprises	enterprise	NOUN
fbem-871	152	24	.	.	PUNCT
fbem-871	153	1	the	the	DET
fbem-871	153	2	impact	impact	NOUN
fbem-871	153	3	of	of	ADP
fbem-871	153	4	business	business	NOUN
fbem-871	153	5	groups	group	NOUN
fbem-871	153	6	on	on	ADP
fbem-871	153	7	underinvestment	underinvestment	ADJ
fbem-871	153	8	is	be	AUX
fbem-871	153	9	significantly	significantly	ADV
fbem-871	153	10	positive	positive	ADJ
fbem-871	153	11	in	in	ADP
fbem-871	153	12	both	both	DET
fbem-871	153	13	state	state	NOUN
fbem-871	153	14	-	-	PUNCT
fbem-871	153	15	owned	own	VERB
fbem-871	153	16	and	and	CCONJ
fbem-871	153	17	non	non	ADJ
fbem-871	153	18	-	-	ADJ
fbem-871	153	19	state	state	NOUN
fbem-871	153	20	-	-	PUNCT
fbem-871	153	21	owned	own	VERB
fbem-871	153	22	samples	sample	NOUN
fbem-871	153	23	,	,	PUNCT
fbem-871	153	24	0.004	0.004	NUM
fbem-871	153	25	and	and	CCONJ
fbem-871	153	26	0.02	0.02	NUM
fbem-871	153	27	,	,	PUNCT
fbem-871	153	28	respectively	respectively	ADV
fbem-871	153	29	.	.	PUNCT
fbem-871	154	1	the	the	DET
fbem-871	154	2	coefficients	coefficient	NOUN
fbem-871	154	3	of	of	ADP
fbem-871	154	4	the	the	DET
fbem-871	154	5	two	two	NUM
fbem-871	154	6	were	be	AUX
fbem-871	154	7	further	far	ADV
fbem-871	154	8	compared	compare	VERB
fbem-871	154	9	,	,	PUNCT
fbem-871	154	10	and	and	CCONJ
fbem-871	154	11	the	the	DET
fbem-871	154	12	coefficient	coefficient	NOUN
fbem-871	154	13	difference	difference	NOUN
fbem-871	154	14	test	test	NOUN
fbem-871	154	15	between	between	ADP
fbem-871	154	16	the	the	DET
fbem-871	154	17	groups	group	NOUN
fbem-871	154	18	was	be	AUX
fbem-871	154	19	carried	carry	VERB
fbem-871	154	20	out	out	ADP
fbem-871	154	21	based	base	VERB
fbem-871	154	22	on	on	ADP
fbem-871	154	23	the	the	DET
fbem-871	154	24	sur	sur	PROPN
fbem-871	154	25	estimation	estimation	NOUN
fbem-871	154	26	.	.	PUNCT
fbem-871	155	1	the	the	DET
fbem-871	155	2	test	test	NOUN
fbem-871	155	3	results	result	NOUN
fbem-871	155	4	showed	show	VERB
fbem-871	155	5	that	that	SCONJ
fbem-871	155	6	the	the	DET
fbem-871	155	7	p	p	NOUN
fbem-871	155	8	-	-	PUNCT
fbem-871	155	9	value	value	NOUN
fbem-871	155	10	was	be	AUX
fbem-871	155	11	0.3018	0.3018	NUM
fbem-871	155	12	,	,	PUNCT
fbem-871	155	13	and	and	CCONJ
fbem-871	155	14	the	the	DET
fbem-871	155	15	null	null	ADJ
fbem-871	155	16	hypothesis	hypothesis	NOUN
fbem-871	155	17	was	be	AUX
fbem-871	155	18	accepted	accept	VERB
fbem-871	155	19	,	,	PUNCT
fbem-871	155	20	that	that	ADV
fbem-871	155	21	is	is	ADV
fbem-871	155	22	,	,	PUNCT
fbem-871	155	23	there	there	PRON
fbem-871	155	24	was	be	VERB
fbem-871	155	25	no	no	DET
fbem-871	155	26	significant	significant	ADJ
fbem-871	155	27	difference	difference	NOUN
fbem-871	155	28	between	between	ADP
fbem-871	155	29	the	the	DET
fbem-871	155	30	two	two	NUM
fbem-871	155	31	coefficients	coefficient	NOUN
fbem-871	155	32	.	.	PUNCT
fbem-871	156	1	the	the	DET
fbem-871	156	2	above	above	ADJ
fbem-871	156	3	measurement	measurement	NOUN
fbem-871	156	4	results	result	VERB
fbem-871	156	5	further	far	ADV
fbem-871	156	6	verify	verify	VERB
fbem-871	156	7	hypothesis	hypothesis	NOUN
fbem-871	156	8	2	2	NUM
fbem-871	156	9	,	,	PUNCT
fbem-871	156	10	that	that	ADV
fbem-871	156	11	is	is	ADV
fbem-871	156	12	,	,	PUNCT
fbem-871	156	13	because	because	SCONJ
fbem-871	156	14	of	of	ADP
fbem-871	156	15	the	the	DET
fbem-871	156	16	policy	policy	NOUN
fbem-871	156	17	burden	burden	NOUN
fbem-871	156	18	,	,	PUNCT
fbem-871	156	19	state	state	NOUN
fbem-871	156	20	-	-	PUNCT
fbem-871	156	21	owned	own	VERB
fbem-871	156	22	business	business	NOUN
fbem-871	156	23	group	group	NOUN
fbem-871	156	24	sometimes	sometimes	ADV
fbem-871	156	25	have	have	VERB
fbem-871	156	26	to	to	PART
fbem-871	156	27	choose	choose	VERB
fbem-871	156	28	some	some	DET
fbem-871	156	29	projects	project	NOUN
fbem-871	156	30	with	with	ADP
fbem-871	156	31	low	low	ADJ
fbem-871	156	32	investment	investment	NOUN
fbem-871	156	33	efficiency	efficiency	NOUN
fbem-871	156	34	,	,	PUNCT
fbem-871	156	35	which	which	PRON
fbem-871	156	36	leads	lead	VERB
fbem-871	156	37	to	to	ADP
fbem-871	156	38	over	over	ADP
fbem-871	156	39	-	-	PUNCT
fbem-871	156	40	investment	investment	NOUN
fbem-871	156	41	.	.	PUNCT
fbem-871	157	1	therefore	therefore	ADV
fbem-871	157	2	,	,	PUNCT
fbem-871	157	3	even	even	ADV
fbem-871	157	4	in	in	ADP
fbem-871	157	5	the	the	DET
fbem-871	157	6	case	case	NOUN
fbem-871	157	7	of	of	ADP
fbem-871	157	8	business	business	NOUN
fbem-871	157	9	group	group	NOUN
fbem-871	157	10	,	,	PUNCT
fbem-871	157	11	the	the	DET
fbem-871	157	12	over	over	ADP
fbem-871	157	13	-	-	PUNCT
fbem-871	157	14	investment	investment	NOUN
fbem-871	157	15	phenomenon	phenomenon	NOUN
fbem-871	157	16	of	of	ADP
fbem-871	157	17	state	state	NOUN
fbem-871	157	18	-	-	PUNCT
fbem-871	157	19	owned	own	VERB
fbem-871	157	20	enterprises	enterprise	NOUN
fbem-871	157	21	still	still	ADV
fbem-871	157	22	can	can	AUX
fbem-871	157	23	not	not	PART
fbem-871	157	24	be	be	AUX
fbem-871	157	25	significantly	significantly	ADV
fbem-871	157	26	improved	improve	VERB
fbem-871	157	27	.	.	PUNCT
fbem-871	158	1	4.3	4.3	NUM
fbem-871	158	2	.	.	PUNCT
fbem-871	158	3	analysis	analysis	NOUN
fbem-871	158	4	of	of	ADP
fbem-871	158	5	role	role	NOUN
fbem-871	158	6	channels	channel	NOUN
fbem-871	158	7	as	as	SCONJ
fbem-871	158	8	mentioned	mention	VERB
fbem-871	158	9	above	above	ADV
fbem-871	158	10	,	,	PUNCT
fbem-871	158	11	business	business	NOUN
fbem-871	158	12	group	group	NOUN
fbem-871	158	13	can	can	AUX
fbem-871	158	14	significantly	significantly	ADV
fbem-871	158	15	alleviate	alleviate	VERB
fbem-871	158	16	the	the	DET
fbem-871	158	17	financing	financing	NOUN
fbem-871	158	18	constraints	constraint	NOUN
fbem-871	158	19	faced	face	VERB
fbem-871	158	20	by	by	ADP
fbem-871	158	21	their	their	PRON
fbem-871	158	22	member	member	NOUN
fbem-871	158	23	enterprises	enterprise	NOUN
fbem-871	158	24	through	through	ADP
fbem-871	158	25	the	the	DET
fbem-871	158	26	allocation	allocation	NOUN
fbem-871	158	27	of	of	ADP
fbem-871	158	28	funds	fund	NOUN
fbem-871	158	29	and	and	CCONJ
fbem-871	158	30	information	information	NOUN
fbem-871	158	31	transmission	transmission	NOUN
fbem-871	158	32	in	in	ADP
fbem-871	158	33	the	the	DET
fbem-871	158	34	internal	internal	ADJ
fbem-871	158	35	capital	capital	NOUN
fbem-871	158	36	market	market	NOUN
fbem-871	158	37	.	.	PUNCT
fbem-871	159	1	in	in	ADP
fbem-871	159	2	order	order	NOUN
fbem-871	159	3	to	to	PART
fbem-871	159	4	verify	verify	VERB
fbem-871	159	5	the	the	DET
fbem-871	159	6	above	above	ADJ
fbem-871	159	7	mechanism	mechanism	NOUN
fbem-871	159	8	,	,	PUNCT
fbem-871	159	9	this	this	DET
fbem-871	159	10	paper	paper	NOUN
fbem-871	159	11	refers	refer	VERB
fbem-871	159	12	to	to	ADP
fbem-871	159	13	the	the	DET
fbem-871	159	14	article	article	NOUN
fbem-871	159	15	of	of	ADP
fbem-871	159	16	hadlock	hadlock	NOUN
fbem-871	159	17	and	and	CCONJ
fbem-871	159	18	pierce	pierce	PROPN
fbem-871	159	19	to	to	PART
fbem-871	159	20	construct	construct	VERB
fbem-871	159	21	the	the	DET
fbem-871	159	22	sa	sa	PROPN
fbem-871	159	23	index	index	NOUN
fbem-871	159	24	.	.	PUNCT
fbem-871	160	1	the	the	DET
fbem-871	160	2	specific	specific	ADJ
fbem-871	160	3	calculation	calculation	NOUN
fbem-871	160	4	method	method	NOUN
fbem-871	160	5	is	be	AUX
fbem-871	160	6	as	as	ADP
fbem-871	160	7	follows[10	follows[10	ADV
fbem-871	160	8	]	]	X
fbem-871	160	9	:	:	PUNCT
fbem-871	160	10	𝑺𝑨	𝑺𝑨	NOUN
fbem-871	160	11	𝟎.	𝟎.	PUNCT
fbem-871	160	12	𝟕𝟑𝟕𝒔𝒊𝒛𝒆	𝟕𝟑𝟕𝒔𝒊𝒛𝒆	NOUN
fbem-871	160	13	𝟎.	𝟎.	PUNCT
fbem-871	160	14	𝟎𝟒𝟑𝒔𝒊𝒛𝒆𝟐	𝟎𝟒𝟑𝒔𝒊𝒛𝒆𝟐	NOUN
fbem-871	160	15	𝟎.	𝟎.	SYM
fbem-871	160	16	𝟎𝟒𝒂𝒈𝒆	𝟎𝟒𝒂𝒈𝒆	NOUN
fbem-871	160	17	(	(	PUNCT
fbem-871	160	18	3	3	X
fbem-871	160	19	)	)	PUNCT
fbem-871	160	20	the	the	DET
fbem-871	160	21	calculated	calculate	VERB
fbem-871	160	22	sa	sa	NOUN
fbem-871	160	23	index	index	NOUN
fbem-871	160	24	is	be	AUX
fbem-871	160	25	negative	negative	ADJ
fbem-871	160	26	,	,	PUNCT
fbem-871	160	27	and	and	CCONJ
fbem-871	160	28	the	the	PRON
fbem-871	160	29	larger	large	ADJ
fbem-871	160	30	the	the	DET
fbem-871	160	31	value	value	NOUN
fbem-871	160	32	,	,	PUNCT
fbem-871	160	33	the	the	PRON
fbem-871	160	34	lower	low	ADJ
fbem-871	160	35	the	the	DET
fbem-871	160	36	degree	degree	NOUN
fbem-871	160	37	of	of	ADP
fbem-871	160	38	corporate	corporate	ADJ
fbem-871	160	39	financing	financing	NOUN
fbem-871	160	40	constraints	constraint	NOUN
fbem-871	160	41	.	.	PUNCT
fbem-871	161	1	in	in	ADP
fbem-871	161	2	this	this	DET
fbem-871	161	3	paper	paper	NOUN
fbem-871	161	4	,	,	PUNCT
fbem-871	161	5	the	the	DET
fbem-871	161	6	median	median	NOUN
fbem-871	161	7	of	of	ADP
fbem-871	161	8	the	the	DET
fbem-871	161	9	calculated	calculate	VERB
fbem-871	161	10	sa	sa	NOUN
fbem-871	161	11	index	index	NOUN
fbem-871	161	12	is	be	AUX
fbem-871	161	13	used	use	VERB
fbem-871	161	14	as	as	ADP
fbem-871	161	15	the	the	DET
fbem-871	161	16	dividing	dividing	NOUN
fbem-871	161	17	boundary	boundary	NOUN
fbem-871	161	18	,	,	PUNCT
fbem-871	161	19	and	and	CCONJ
fbem-871	161	20	a	a	DET
fbem-871	161	21	dummy	dummy	ADJ
fbem-871	161	22	variable	variable	NOUN
fbem-871	161	23	of	of	ADP
fbem-871	161	24	the	the	DET
fbem-871	161	25	degree	degree	NOUN
fbem-871	161	26	of	of	ADP
fbem-871	161	27	corporate	corporate	ADJ
fbem-871	161	28	financing	financing	NOUN
fbem-871	161	29	constraints	constraint	NOUN
fbem-871	161	30	is	be	AUX
fbem-871	161	31	set	set	VERB
fbem-871	161	32	(	(	PUNCT
fbem-871	161	33	the	the	DET
fbem-871	161	34	financing	financing	NOUN
fbem-871	161	35	constraint	constraint	NOUN
fbem-871	161	36	is	be	AUX
fbem-871	161	37	high	high	ADJ
fbem-871	161	38	,	,	PUNCT
fbem-871	161	39	which	which	PRON
fbem-871	161	40	is	be	AUX
fbem-871	161	41	1	1	NUM
fbem-871	161	42	,	,	PUNCT
fbem-871	161	43	otherwise	otherwise	ADV
fbem-871	161	44	it	it	PRON
fbem-871	161	45	is	be	AUX
fbem-871	161	46	0	0	NUM
fbem-871	161	47	)	)	PUNCT
fbem-871	161	48	.	.	PUNCT
fbem-871	162	1	build	build	VERB
fbem-871	162	2	a	a	DET
fbem-871	162	3	model	model	NOUN
fbem-871	162	4	to	to	PART
fbem-871	162	5	test	test	VERB
fbem-871	162	6	whether	whether	SCONJ
fbem-871	162	7	business	business	NOUN
fbem-871	162	8	groups	group	NOUN
fbem-871	162	9	will	will	AUX
fbem-871	162	10	have	have	VERB
fbem-871	162	11	an	an	DET
fbem-871	162	12	impact	impact	NOUN
fbem-871	162	13	on	on	ADP
fbem-871	162	14	corporate	corporate	ADJ
fbem-871	162	15	financing	financing	NOUN
fbem-871	162	16	constraints	constraint	NOUN
fbem-871	162	17	.	.	PUNCT
fbem-871	163	1	𝑺𝑨i	𝑺𝑨i	NOUN
fbem-871	163	2	,	,	PUNCT
fbem-871	163	3	t	t	PROPN
fbem-871	163	4	𝜷𝟎	𝜷𝟎	PROPN
fbem-871	163	5	𝜷𝟏𝑮roup𝒊,t-1	𝜷𝟏𝑮roup𝒊,t-1	VERB
fbem-871	163	6	𝜷𝒏	𝜷𝒏	NOUN
fbem-871	163	7	∗	∗	NOUN
fbem-871	163	8	𝒄𝒐𝒏𝒕𝒓𝒐𝒍𝒔𝒊,𝒕	𝒄𝒐𝒏𝒕𝒓𝒐𝒍𝒔𝒊,𝒕	NUM
fbem-871	163	9	𝟏	𝟏	NUM
fbem-871	163	10	∑𝒀𝑬𝑨𝑹	∑𝒀𝑬𝑨𝑹	NOUN
fbem-871	163	11	∑𝑰𝑵𝑫	∑𝑰𝑵𝑫	NOUN
fbem-871	163	12	𝝃𝒊,𝒕	𝝃𝒊,𝒕	PUNCT
fbem-871	163	13	(	(	PUNCT
fbem-871	163	14	4	4	X
fbem-871	163	15	)	)	PUNCT
fbem-871	163	16	table	table	NOUN
fbem-871	163	17	7	7	NUM
fbem-871	163	18	.	.	PUNCT
fbem-871	164	1	regression	regression	NOUN
fbem-871	164	2	results	result	NOUN
fbem-871	164	3	of	of	ADP
fbem-871	164	4	business	business	NOUN
fbem-871	164	5	group	group	NOUN
fbem-871	164	6	and	and	CCONJ
fbem-871	164	7	financing	financing	NOUN
fbem-871	164	8	constraints	constraint	NOUN
fbem-871	164	9	(	(	PUNCT
fbem-871	164	10	1	1	NUM
fbem-871	164	11	)	)	PUNCT
fbem-871	164	12	(	(	PUNCT
fbem-871	164	13	2	2	NUM
fbem-871	164	14	)	)	PUNCT
fbem-871	164	15	(	(	PUNCT
fbem-871	164	16	3	3	X
fbem-871	164	17	)	)	PUNCT
fbem-871	164	18	variables	variable	NOUN
fbem-871	164	19	sa	sa	PROPN
fbem-871	164	20	sa	sa	PROPN
fbem-871	164	21	sa	sa	PROPN
fbem-871	164	22	l.group	l.group	PROPN
fbem-871	164	23	-0.198	-0.198	PROPN
fbem-871	164	24	*	*	PUNCT
fbem-871	164	25	*	*	PUNCT
fbem-871	164	26	*	*	PUNCT
fbem-871	164	27	-0.166	-0.166	PUNCT
fbem-871	165	1	*	*	PUNCT
fbem-871	165	2	*	*	PUNCT
fbem-871	165	3	*	*	PUNCT
fbem-871	165	4	-0.166	-0.166	PUNCT
fbem-871	166	1	*	*	PUNCT
fbem-871	166	2	*	*	PUNCT
fbem-871	166	3	*	*	PUNCT
fbem-871	166	4	(	(	PUNCT
fbem-871	166	5	-20.61	-20.61	NOUN
fbem-871	166	6	)	)	PUNCT
fbem-871	166	7	(	(	PUNCT
fbem-871	166	8	-17.41	-17.41	NOUN
fbem-871	166	9	)	)	PUNCT
fbem-871	166	10	(	(	PUNCT
fbem-871	166	11	-17.27	-17.27	NOUN
fbem-871	166	12	)	)	PUNCT
fbem-871	166	13	l.cash	l.cash	NOUN
fbem-871	166	14	-0.092	-0.092	PUNCT
fbem-871	167	1	-0.142	-0.142	PUNCT
fbem-871	167	2	*	*	PUNCT
fbem-871	167	3	*	*	PUNCT
fbem-871	167	4	(	(	PUNCT
fbem-871	167	5	-1.38	-1.38	NOUN
fbem-871	167	6	)	)	PUNCT
fbem-871	167	7	(	(	PUNCT
fbem-871	167	8	-2.14	-2.14	NOUN
fbem-871	167	9	)	)	PUNCT
fbem-871	167	10	l.tq	l.tq	NOUN
fbem-871	167	11	0.019	0.019	NUM
fbem-871	167	12	*	*	PUNCT
fbem-871	167	13	*	*	PUNCT
fbem-871	167	14	*	*	PUNCT
fbem-871	167	15	0.006	0.006	NUM
fbem-871	167	16	*	*	PUNCT
fbem-871	167	17	(	(	PUNCT
fbem-871	167	18	5.25	5.25	NUM
fbem-871	167	19	)	)	PUNCT
fbem-871	167	20	(	(	PUNCT
fbem-871	167	21	1.68	1.68	NUM
fbem-871	167	22	)	)	PUNCT
fbem-871	167	23	l.salary	l.salary	NOUN
fbem-871	167	24	0.016	0.016	NUM
fbem-871	167	25	*	*	X
fbem-871	167	26	*	*	X
fbem-871	167	27	0.016	0.016	NUM
fbem-871	167	28	*	*	X
fbem-871	167	29	*	*	PUNCT
fbem-871	167	30	(	(	PUNCT
fbem-871	167	31	2.31	2.31	NUM
fbem-871	167	32	)	)	PUNCT
fbem-871	167	33	(	(	PUNCT
fbem-871	167	34	2.23	2.23	NUM
fbem-871	167	35	)	)	PUNCT
fbem-871	167	36	l.board	l.board	ADJ
fbem-871	168	1	-0.075	-0.075	PUNCT
fbem-871	168	2	*	*	PUNCT
fbem-871	168	3	*	*	PUNCT
fbem-871	168	4	*	*	PUNCT
fbem-871	168	5	-0.060	-0.060	NOUN
fbem-871	168	6	*	*	NOUN
fbem-871	168	7	*	*	PUNCT
fbem-871	168	8	(	(	PUNCT
fbem-871	168	9	-3.12	-3.12	NUM
fbem-871	168	10	)	)	PUNCT
fbem-871	168	11	(	(	PUNCT
fbem-871	168	12	-2.50	-2.50	X
fbem-871	168	13	)	)	PUNCT
fbem-871	168	14	l.lev	l.lev	NOUN
fbem-871	168	15	-0.487	-0.487	NOUN
fbem-871	168	16	*	*	PUNCT
fbem-871	168	17	*	*	PUNCT
fbem-871	168	18	*	*	PUNCT
fbem-871	168	19	-0.394	-0.394	PUNCT
fbem-871	168	20	*	*	PUNCT
fbem-871	168	21	*	*	PUNCT
fbem-871	168	22	*	*	PUNCT
fbem-871	168	23	(	(	PUNCT
fbem-871	168	24	-18.85	-18.85	PROPN
fbem-871	168	25	)	)	PUNCT
fbem-871	168	26	(	(	PUNCT
fbem-871	168	27	-14.62	-14.62	NOUN
fbem-871	168	28	)	)	PUNCT
fbem-871	168	29	l.roa	l.roa	NOUN
fbem-871	168	30	-0.116	-0.116	PUNCT
fbem-871	168	31	0.026	0.026	NUM
fbem-871	168	32	(	(	PUNCT
fbem-871	168	33	-1.48	-1.48	NOUN
fbem-871	168	34	)	)	PUNCT
fbem-871	168	35	(	(	PUNCT
fbem-871	168	36	0.34	0.34	NUM
fbem-871	168	37	)	)	PUNCT
fbem-871	168	38	constant	constant	ADJ
fbem-871	168	39	0.591	0.591	NUM
fbem-871	168	40	*	*	PUNCT
fbem-871	168	41	*	*	PUNCT
fbem-871	168	42	*	*	PUNCT
fbem-871	168	43	0.703	0.703	NUM
fbem-871	168	44	*	*	PUNCT
fbem-871	168	45	*	*	PUNCT
fbem-871	168	46	*	*	NOUN
fbem-871	168	47	0.624	0.624	NUM
fbem-871	168	48	*	*	PUNCT
fbem-871	168	49	*	*	PUNCT
fbem-871	168	50	*	*	PUNCT
fbem-871	168	51	(	(	PUNCT
fbem-871	168	52	88.13	88.13	NUM
fbem-871	168	53	)	)	PUNCT
fbem-871	168	54	(	(	PUNCT
fbem-871	168	55	6.53	6.53	NUM
fbem-871	168	56	)	)	PUNCT
fbem-871	168	57	(	(	PUNCT
fbem-871	168	58	5.61	5.61	NUM
fbem-871	168	59	)	)	PUNCT
fbem-871	168	60	year	year	NOUN
fbem-871	168	61	n	n	CCONJ
fbem-871	168	62	n	n	CCONJ
fbem-871	168	63	y	y	PROPN
fbem-871	168	64	industry	industry	NOUN
fbem-871	168	65	n	n	CCONJ
fbem-871	168	66	n	n	CCONJ
fbem-871	168	67	y	y	PROPN
fbem-871	168	68	r	r	NOUN
fbem-871	168	69	-	-	PUNCT
fbem-871	168	70	squared	square	VERB
fbem-871	168	71	0.039	0.039	NUM
fbem-871	168	72	0.089	0.089	NUM
fbem-871	168	73	0.144	0.144	NUM
fbem-871	168	74	adj	adj	NOUN
fbem-871	168	75	r	r	NOUN
fbem-871	168	76	-	-	PUNCT
fbem-871	168	77	squared	square	VERB
fbem-871	168	78	0.0392	0.0392	NUM
fbem-871	168	79	0.0885	0.0885	NUM
fbem-871	168	80	0.141	0.141	NUM
fbem-871	168	81	note	note	NOUN
fbem-871	168	82	:	:	PUNCT
fbem-871	168	83	the	the	DET
fbem-871	168	84	t	t	NOUN
fbem-871	168	85	value	value	NOUN
fbem-871	168	86	in	in	ADP
fbem-871	168	87	parentheses	parenthesis	NOUN
fbem-871	168	88	,	,	PUNCT
fbem-871	168	89	*	*	PUNCT
fbem-871	168	90	*	*	PUNCT
fbem-871	168	91	*	*	PUNCT
fbem-871	168	92	,	,	PUNCT
fbem-871	168	93	*	*	PUNCT
fbem-871	168	94	*	*	PUNCT
fbem-871	168	95	,	,	PUNCT
fbem-871	168	96	and	and	CCONJ
fbem-871	168	97	*	*	PUNCT
fbem-871	168	98	indicate	indicate	VERB
fbem-871	168	99	significance	significance	NOUN
fbem-871	168	100	at	at	ADP
fbem-871	168	101	the	the	DET
fbem-871	168	102	1	1	NUM
fbem-871	168	103	%	%	NOUN
fbem-871	168	104	,	,	PUNCT
fbem-871	168	105	5	5	NUM
fbem-871	168	106	%	%	NOUN
fbem-871	168	107	,	,	PUNCT
fbem-871	168	108	and	and	CCONJ
fbem-871	168	109	10	10	NUM
fbem-871	168	110	%	%	NOUN
fbem-871	168	111	levels	level	NOUN
fbem-871	168	112	,	,	PUNCT
fbem-871	168	113	respectively	respectively	ADV
fbem-871	168	114	.	.	PUNCT
fbem-871	169	1	5	5	X
fbem-871	169	2	.	.	X
fbem-871	169	3	conclusion	conclusion	NOUN
fbem-871	169	4	from	from	ADP
fbem-871	169	5	the	the	DET
fbem-871	169	6	perspective	perspective	NOUN
fbem-871	169	7	of	of	ADP
fbem-871	169	8	business	business	NOUN
fbem-871	169	9	groups	group	NOUN
fbem-871	169	10	,	,	PUNCT
fbem-871	169	11	this	this	DET
fbem-871	169	12	paper	paper	NOUN
fbem-871	169	13	draws	draw	VERB
fbem-871	169	14	on	on	ADP
fbem-871	169	15	the	the	DET
fbem-871	169	16	research	research	NOUN
fbem-871	169	17	of	of	ADP
fbem-871	169	18	richardson[11	richardson[11	NOUN
fbem-871	169	19	]	]	PUNCT
fbem-871	169	20	,	,	PUNCT
fbem-871	169	21	calculates	calculate	VERB
fbem-871	169	22	the	the	DET
fbem-871	169	23	index	index	NOUN
fbem-871	169	24	of	of	ADP
fbem-871	169	25	investment	investment	NOUN
fbem-871	169	26	deviation	deviation	NOUN
fbem-871	169	27	,	,	PUNCT
fbem-871	169	28	and	and	CCONJ
fbem-871	169	29	takes	take	VERB
fbem-871	169	30	chinese	chinese	ADJ
fbem-871	169	31	a	a	DET
fbem-871	169	32	-	-	PUNCT
fbem-871	169	33	share	share	NOUN
fbem-871	169	34	listed	list	VERB
fbem-871	169	35	companies	company	NOUN
fbem-871	169	36	as	as	ADP
fbem-871	169	37	a	a	DET
fbem-871	169	38	sample	sample	NOUN
fbem-871	169	39	to	to	PART
fbem-871	169	40	study	study	VERB
fbem-871	169	41	the	the	DET
fbem-871	169	42	impact	impact	NOUN
fbem-871	169	43	of	of	ADP
fbem-871	169	44	business	business	NOUN
fbem-871	169	45	groups	group	NOUN
fbem-871	169	46	on	on	ADP
fbem-871	169	47	enterprise	enterprise	NOUN
fbem-871	169	48	investment	investment	NOUN
fbem-871	169	49	efficiency	efficiency	NOUN
fbem-871	169	50	.	.	PUNCT
fbem-871	170	1	taking	take	VERB
fbem-871	170	2	into	into	ADP
fbem-871	170	3	account	account	NOUN
fbem-871	170	4	china	china	PROPN
fbem-871	170	5	's	's	PART
fbem-871	170	6	special	special	ADJ
fbem-871	170	7	national	national	ADJ
fbem-871	170	8	conditions	condition	NOUN
fbem-871	170	9	,	,	PUNCT
fbem-871	170	10	taking	take	VERB
fbem-871	170	11	the	the	DET
fbem-871	170	12	nature	nature	NOUN
fbem-871	170	13	of	of	ADP
fbem-871	170	14	ownership	ownership	NOUN
fbem-871	170	15	into	into	ADP
fbem-871	170	16	account	account	NOUN
fbem-871	170	17	,	,	PUNCT
fbem-871	170	18	it	it	PRON
fbem-871	170	19	explores	explore	VERB
fbem-871	170	20	the	the	DET
fbem-871	170	21	relationship	relationship	NOUN
fbem-871	170	22	between	between	ADP
fbem-871	170	23	business	business	NOUN
fbem-871	170	24	groups	group	NOUN
fbem-871	170	25	and	and	CCONJ
fbem-871	170	26	inefficient	inefficient	ADJ
fbem-871	170	27	investment	investment	NOUN
fbem-871	170	28	from	from	ADP
fbem-871	170	29	the	the	DET
fbem-871	170	30	perspective	perspective	NOUN
fbem-871	170	31	of	of	ADP
fbem-871	170	32	ownership	ownership	NOUN
fbem-871	170	33	.	.	PUNCT
fbem-871	171	1	the	the	DET
fbem-871	171	2	research	research	NOUN
fbem-871	171	3	finds	find	VERB
fbem-871	171	4	:	:	PUNCT
fbem-871	171	5	(	(	PUNCT
fbem-871	171	6	1	1	X
fbem-871	171	7	)	)	PUNCT
fbem-871	171	8	compared	compare	VERB
fbem-871	171	9	with	with	ADP
fbem-871	171	10	independent	independent	ADJ
fbem-871	171	11	enterprises	enterprise	NOUN
fbem-871	171	12	,	,	PUNCT
fbem-871	171	13	business	business	NOUN
fbem-871	171	14	groups	group	NOUN
fbem-871	171	15	will	will	AUX
fbem-871	171	16	reduce	reduce	VERB
fbem-871	171	17	the	the	DET
fbem-871	171	18	degree	degree	NOUN
fbem-871	171	19	of	of	ADP
fbem-871	171	20	investment	investment	NOUN
fbem-871	171	21	deviation	deviation	NOUN
fbem-871	171	22	of	of	ADP
fbem-871	171	23	enterprises	enterprise	NOUN
fbem-871	171	24	and	and	CCONJ
fbem-871	171	25	reduce	reduce	VERB
fbem-871	171	26	inefficient	inefficient	ADJ
fbem-871	171	27	investment	investment	NOUN
fbem-871	171	28	.	.	PUNCT
fbem-871	172	1	reduce	reduce	VERB
fbem-871	172	2	the	the	DET
fbem-871	172	3	under	under	NOUN
fbem-871	172	4	-	-	PUNCT
fbem-871	172	5	investment	investment	NOUN
fbem-871	172	6	of	of	ADP
fbem-871	172	7	enterprises	enterprise	NOUN
fbem-871	172	8	and	and	CCONJ
fbem-871	172	9	alleviate	alleviate	VERB
fbem-871	172	10	the	the	DET
fbem-871	172	11	over	over	NOUN
fbem-871	172	12	-	-	PUNCT
fbem-871	172	13	investment	investment	NOUN
fbem-871	172	14	of	of	ADP
fbem-871	172	15	enterprises	enterprise	NOUN
fbem-871	172	16	;	;	PUNCT
fbem-871	172	17	(	(	PUNCT
fbem-871	172	18	2	2	X
fbem-871	172	19	)	)	PUNCT
fbem-871	172	20	business	business	NOUN
fbem-871	172	21	groups	group	NOUN
fbem-871	172	22	has	have	VERB
fbem-871	172	23	a	a	DET
fbem-871	172	24	significant	significant	ADJ
fbem-871	172	25	effect	effect	NOUN
fbem-871	172	26	on	on	ADP
fbem-871	172	27	reducing	reduce	VERB
fbem-871	172	28	the	the	DET
fbem-871	172	29	degree	degree	NOUN
fbem-871	172	30	of	of	ADP
fbem-871	172	31	investment	investment	NOUN
fbem-871	172	32	deviation	deviation	NOUN
fbem-871	172	33	of	of	ADP
fbem-871	172	34	state	state	NOUN
fbem-871	172	35	-	-	PUNCT
fbem-871	172	36	owned	own	VERB
fbem-871	172	37	enterprises	enterprise	NOUN
fbem-871	172	38	and	and	CCONJ
fbem-871	172	39	non	non	ADJ
fbem-871	172	40	-	-	ADJ
fbem-871	172	41	state	state	NOUN
fbem-871	172	42	-	-	PUNCT
fbem-871	172	43	owned	own	VERB
fbem-871	172	44	enterprises	enterprise	NOUN
fbem-871	172	45	.	.	PUNCT
fbem-871	173	1	and	and	CCONJ
fbem-871	173	2	compared	compare	VERB
fbem-871	173	3	with	with	ADP
fbem-871	173	4	state	state	NOUN
fbem-871	173	5	-	-	PUNCT
fbem-871	173	6	owned	own	VERB
fbem-871	173	7	enterprises	enterprise	NOUN
fbem-871	173	8	,	,	PUNCT
fbem-871	173	9	the	the	DET
fbem-871	173	10	impact	impact	NOUN
fbem-871	173	11	of	of	ADP
fbem-871	173	12	business	business	NOUN
fbem-871	173	13	groups	group	NOUN
fbem-871	173	14	on	on	ADP
fbem-871	173	15	inefficient	inefficient	ADJ
fbem-871	173	16	investment	investment	NOUN
fbem-871	173	17	is	be	AUX
fbem-871	173	18	more	more	ADV
fbem-871	173	19	obvious	obvious	ADJ
fbem-871	173	20	in	in	ADP
fbem-871	173	21	non	non	ADJ
fbem-871	173	22	-	-	ADJ
fbem-871	173	23	state	state	NOUN
fbem-871	173	24	-	-	PUNCT
fbem-871	173	25	owned	own	VERB
fbem-871	173	26	enterprises.the	enterprises.the	DET
fbem-871	173	27	mitigating	mitigate	VERB
fbem-871	173	28	effect	effect	NOUN
fbem-871	173	29	of	of	ADP
fbem-871	173	30	business	business	NOUN
fbem-871	173	31	groups	group	NOUN
fbem-871	173	32	on	on	ADP
fbem-871	173	33	overinvestment	overinvestment	ADJ
fbem-871	173	34	is	be	AUX
fbem-871	173	35	not	not	PART
fbem-871	173	36	significant	significant	ADJ
fbem-871	173	37	in	in	ADP
fbem-871	173	38	state	state	NOUN
fbem-871	173	39	-	-	PUNCT
fbem-871	173	40	owned	own	VERB
fbem-871	173	41	enterprises	enterprise	NOUN
fbem-871	173	42	,	,	PUNCT
fbem-871	173	43	but	but	CCONJ
fbem-871	173	44	significant	significant	ADJ
fbem-871	173	45	in	in	ADP
fbem-871	173	46	non	non	ADJ
fbem-871	173	47	-	-	ADJ
fbem-871	173	48	state	state	NOUN
fbem-871	173	49	-	-	PUNCT
fbem-871	173	50	owned	own	VERB
fbem-871	173	51	enterprises	enterprise	NOUN
fbem-871	173	52	.	.	PUNCT
fbem-871	174	1	the	the	DET
fbem-871	174	2	impact	impact	NOUN
fbem-871	174	3	on	on	ADP
fbem-871	174	4	underinvestment	underinvestment	ADJ
fbem-871	174	5	was	be	AUX
fbem-871	174	6	not	not	PART
fbem-871	174	7	significantly	significantly	ADV
fbem-871	174	8	different	different	ADJ
fbem-871	174	9	between	between	ADP
fbem-871	174	10	soes	soe	NOUN
fbem-871	174	11	and	and	CCONJ
fbem-871	174	12	non	non	NOUN
fbem-871	174	13	-	-	NOUN
fbem-871	174	14	soes	soe	NOUN
fbem-871	174	15	.	.	PUNCT
fbem-871	175	1	based	base	VERB
fbem-871	175	2	on	on	ADP
fbem-871	175	3	the	the	DET
fbem-871	175	4	research	research	NOUN
fbem-871	175	5	conclusions	conclusion	NOUN
fbem-871	175	6	,	,	PUNCT
fbem-871	175	7	this	this	DET
fbem-871	175	8	paper	paper	NOUN
fbem-871	175	9	puts	put	VERB
fbem-871	175	10	forward	forward	ADV
fbem-871	175	11	the	the	DET
fbem-871	175	12	following	follow	VERB
fbem-871	175	13	suggestions	suggestion	NOUN
fbem-871	175	14	:	:	PUNCT
fbem-871	175	15	first	first	ADV
fbem-871	175	16	,	,	PUNCT
fbem-871	175	17	actively	actively	ADV
fbem-871	175	18	promote	promote	VERB
fbem-871	175	19	the	the	DET
fbem-871	175	20	development	development	NOUN
fbem-871	175	21	of	of	ADP
fbem-871	175	22	business	business	NOUN
fbem-871	175	23	group	group	NOUN
fbem-871	175	24	.	.	PUNCT
fbem-871	176	1	enterprise	enterprise	NOUN
fbem-871	176	2	business	business	NOUN
fbem-871	176	3	groups	group	NOUN
fbem-871	176	4	can	can	AUX
fbem-871	176	5	reduce	reduce	VERB
fbem-871	176	6	inefficient	inefficient	ADJ
fbem-871	176	7	investment	investment	NOUN
fbem-871	176	8	.	.	PUNCT
fbem-871	177	1	therefore	therefore	ADV
fbem-871	177	2	,	,	PUNCT
fbem-871	177	3	under	under	ADP
fbem-871	177	4	the	the	DET
fbem-871	177	5	realistic	realistic	ADJ
fbem-871	177	6	background	background	NOUN
fbem-871	177	7	that	that	SCONJ
fbem-871	177	8	the	the	DET
fbem-871	177	9	economy	economy	NOUN
fbem-871	177	10	is	be	AUX
fbem-871	177	11	in	in	ADP
fbem-871	177	12	a	a	DET
fbem-871	177	13	transition	transition	NOUN
fbem-871	177	14	period	period	NOUN
fbem-871	177	15	,	,	PUNCT
fbem-871	177	16	as	as	ADP
fbem-871	177	17	a	a	DET
fbem-871	177	18	reasonable	reasonable	ADJ
fbem-871	177	19	way	way	NOUN
fbem-871	177	20	to	to	PART
fbem-871	177	21	significantly	significantly	ADV
fbem-871	177	22	improve	improve	VERB
fbem-871	177	23	investment	investment	NOUN
fbem-871	177	24	efficiency	efficiency	NOUN
fbem-871	177	25	,	,	PUNCT
fbem-871	177	26	enterprise	enterprise	NOUN
fbem-871	177	27	business	business	NOUN
fbem-871	177	28	groups	group	NOUN
fbem-871	177	29	should	should	AUX
fbem-871	177	30	actively	actively	ADV
fbem-871	177	31	promote	promote	VERB
fbem-871	177	32	its	its	PRON
fbem-871	177	33	development	development	NOUN
fbem-871	177	34	;	;	PUNCT
fbem-871	177	35	secondly	secondly	ADV
fbem-871	177	36	,	,	PUNCT
fbem-871	177	37	standardize	standardize	VERB
fbem-871	177	38	the	the	DET
fbem-871	177	39	operation	operation	NOUN
fbem-871	177	40	of	of	ADP
fbem-871	177	41	the	the	DET
fbem-871	177	42	group	group	NOUN
fbem-871	177	43	's	's	PART
fbem-871	177	44	internal	internal	ADJ
fbem-871	177	45	capital	capital	NOUN
fbem-871	177	46	market	market	NOUN
fbem-871	177	47	.	.	PUNCT
fbem-871	178	1	although	although	SCONJ
fbem-871	178	2	conglomerates	conglomerate	NOUN
fbem-871	178	3	can	can	AUX
fbem-871	178	4	use	use	VERB
fbem-871	178	5	internal	internal	ADJ
fbem-871	178	6	capital	capital	NOUN
fbem-871	178	7	markets	market	NOUN
fbem-871	178	8	to	to	PART
fbem-871	178	9	reduce	reduce	VERB
fbem-871	178	10	underinvestment	underinvestment	NOUN
fbem-871	178	11	.	.	PUNCT
fbem-871	179	1	however	however	ADV
fbem-871	179	2	,	,	PUNCT
fbem-871	179	3	some	some	DET
fbem-871	179	4	studies	study	NOUN
fbem-871	179	5	have	have	AUX
fbem-871	179	6	found	find	VERB
fbem-871	179	7	that	that	SCONJ
fbem-871	179	8	117	117	NUM
fbem-871	179	9	member	member	NOUN
fbem-871	179	10	companies	company	NOUN
fbem-871	179	11	may	may	AUX
fbem-871	179	12	obtain	obtain	VERB
fbem-871	179	13	excess	excess	ADJ
fbem-871	179	14	cash	cash	NOUN
fbem-871	179	15	flow	flow	NOUN
fbem-871	179	16	through	through	ADP
fbem-871	179	17	the	the	DET
fbem-871	179	18	internal	internal	ADJ
fbem-871	179	19	capital	capital	NOUN
fbem-871	179	20	market	market	NOUN
fbem-871	179	21	,	,	PUNCT
fbem-871	179	22	resulting	result	VERB
fbem-871	179	23	in	in	ADP
fbem-871	179	24	inefficient	inefficient	ADJ
fbem-871	179	25	investment	investment	NOUN
fbem-871	179	26	.	.	PUNCT
fbem-871	180	1	therefore	therefore	ADV
fbem-871	180	2	,	,	PUNCT
fbem-871	180	3	business	business	NOUN
fbem-871	180	4	group	group	NOUN
fbem-871	180	5	should	should	AUX
fbem-871	180	6	take	take	VERB
fbem-871	180	7	measures	measure	NOUN
fbem-871	180	8	to	to	PART
fbem-871	180	9	regulate	regulate	VERB
fbem-871	180	10	the	the	DET
fbem-871	180	11	effective	effective	ADJ
fbem-871	180	12	operation	operation	NOUN
fbem-871	180	13	of	of	ADP
fbem-871	180	14	the	the	DET
fbem-871	180	15	internal	internal	ADJ
fbem-871	180	16	capital	capital	NOUN
fbem-871	180	17	market	market	NOUN
fbem-871	180	18	.	.	PUNCT
fbem-871	181	1	in	in	ADP
fbem-871	181	2	order	order	NOUN
fbem-871	181	3	to	to	PART
fbem-871	181	4	reduce	reduce	VERB
fbem-871	181	5	the	the	DET
fbem-871	181	6	phenomenon	phenomenon	NOUN
fbem-871	181	7	that	that	SCONJ
fbem-871	181	8	the	the	DET
fbem-871	181	9	member	member	NOUN
fbem-871	181	10	enterprises	enterprise	NOUN
fbem-871	181	11	obtain	obtain	VERB
fbem-871	181	12	excess	excess	ADJ
fbem-871	181	13	cash	cash	NOUN
fbem-871	181	14	flow	flow	NOUN
fbem-871	181	15	,	,	PUNCT
fbem-871	181	16	the	the	DET
fbem-871	181	17	business	business	NOUN
fbem-871	181	18	groupcan	groupcan	NOUN
fbem-871	181	19	reasonably	reasonably	ADV
fbem-871	181	20	monitor	monitor	VERB
fbem-871	181	21	the	the	DET
fbem-871	181	22	financial	financial	ADJ
fbem-871	181	23	situation	situation	NOUN
fbem-871	181	24	of	of	ADP
fbem-871	181	25	the	the	DET
fbem-871	181	26	member	member	NOUN
fbem-871	181	27	enterprises	enterprise	NOUN
fbem-871	181	28	.	.	PUNCT
fbem-871	182	1	using	use	VERB
fbem-871	182	2	the	the	DET
fbem-871	182	3	advantages	advantage	NOUN
fbem-871	182	4	of	of	ADP
fbem-871	182	5	the	the	DET
fbem-871	182	6	internal	internal	ADJ
fbem-871	182	7	capital	capital	NOUN
fbem-871	182	8	market	market	NOUN
fbem-871	182	9	in	in	ADP
fbem-871	182	10	information	information	NOUN
fbem-871	182	11	acquisition	acquisition	NOUN
fbem-871	182	12	and	and	CCONJ
fbem-871	182	13	internal	internal	ADJ
fbem-871	182	14	supervision	supervision	NOUN
fbem-871	182	15	,	,	PUNCT
fbem-871	182	16	the	the	DET
fbem-871	182	17	internal	internal	ADJ
fbem-871	182	18	capital	capital	NOUN
fbem-871	182	19	market	market	NOUN
fbem-871	182	20	will	will	AUX
fbem-871	182	21	develop	develop	VERB
fbem-871	182	22	towards	towards	ADP
fbem-871	182	23	a	a	DET
fbem-871	182	24	more	more	ADV
fbem-871	182	25	efficient	efficient	ADJ
fbem-871	182	26	direction	direction	NOUN
fbem-871	182	27	.	.	PUNCT
fbem-871	183	1	third	third	ADV
fbem-871	183	2	,	,	PUNCT
fbem-871	183	3	improve	improve	VERB
fbem-871	183	4	the	the	DET
fbem-871	183	5	governance	governance	NOUN
fbem-871	183	6	mechanism	mechanism	NOUN
fbem-871	183	7	and	and	CCONJ
fbem-871	183	8	reduce	reduce	VERB
fbem-871	183	9	agency	agency	NOUN
fbem-871	183	10	problems	problem	NOUN
fbem-871	183	11	.	.	PUNCT
fbem-871	184	1	in	in	ADP
fbem-871	184	2	order	order	NOUN
fbem-871	184	3	to	to	PART
fbem-871	184	4	make	make	VERB
fbem-871	184	5	the	the	DET
fbem-871	184	6	business	business	NOUN
fbem-871	184	7	groups	group	NOUN
fbem-871	184	8	play	play	VERB
fbem-871	184	9	a	a	DET
fbem-871	184	10	better	well	ADJ
fbem-871	184	11	role	role	NOUN
fbem-871	184	12	in	in	ADP
fbem-871	184	13	alleviating	alleviate	VERB
fbem-871	184	14	the	the	DET
fbem-871	184	15	agency	agency	NOUN
fbem-871	184	16	problem	problem	NOUN
fbem-871	184	17	,	,	PUNCT
fbem-871	184	18	the	the	DET
fbem-871	184	19	business	business	NOUN
fbem-871	184	20	groupneeds	groupneed	VERB
fbem-871	184	21	to	to	PART
fbem-871	184	22	make	make	VERB
fbem-871	184	23	reasonable	reasonable	ADJ
fbem-871	184	24	use	use	NOUN
fbem-871	184	25	of	of	ADP
fbem-871	184	26	the	the	DET
fbem-871	184	27	incentive	incentive	NOUN
fbem-871	184	28	mechanism	mechanism	NOUN
fbem-871	184	29	,	,	PUNCT
fbem-871	184	30	the	the	DET
fbem-871	184	31	supervision	supervision	NOUN
fbem-871	184	32	and	and	CCONJ
fbem-871	184	33	check	check	VERB
fbem-871	184	34	and	and	CCONJ
fbem-871	184	35	balance	balance	NOUN
fbem-871	184	36	mechanism	mechanism	NOUN
fbem-871	184	37	,	,	PUNCT
fbem-871	184	38	and	and	CCONJ
fbem-871	184	39	the	the	DET
fbem-871	184	40	agency	agency	NOUN
fbem-871	184	41	competition	competition	NOUN
fbem-871	184	42	mechanism	mechanism	NOUN
fbem-871	184	43	,	,	PUNCT
fbem-871	184	44	and	and	CCONJ
fbem-871	184	45	use	use	VERB
fbem-871	184	46	the	the	DET
fbem-871	184	47	mutual	mutual	ADJ
fbem-871	184	48	competition	competition	NOUN
fbem-871	184	49	and	and	CCONJ
fbem-871	184	50	comparison	comparison	NOUN
fbem-871	184	51	among	among	ADP
fbem-871	184	52	member	member	NOUN
fbem-871	184	53	enterprises	enterprise	NOUN
fbem-871	184	54	to	to	PART
fbem-871	184	55	reduce	reduce	VERB
fbem-871	184	56	agency	agency	NOUN
fbem-871	184	57	behavior	behavior	NOUN
fbem-871	184	58	.	.	PUNCT
fbem-871	185	1	references	reference	NOUN
fbem-871	185	2	[	[	X
fbem-871	185	3	1	1	NUM
fbem-871	185	4	]	]	PUNCT
fbem-871	185	5	la	la	X
fbem-871	185	6	porta	porta	NOUN
fbem-871	185	7	r	r	PROPN
fbem-871	185	8	,	,	PUNCT
fbem-871	185	9	lopezdesilanes	lopezdesilane	VERB
fbem-871	185	10	f	f	PROPN
fbem-871	185	11	,	,	PUNCT
fbem-871	185	12	shleifer	shleifer	VERB
fbem-871	185	13	a	a	PRON
fbem-871	185	14	,	,	PUNCT
fbem-871	185	15	et	et	NOUN
fbem-871	185	16	al(1998	al(1998	NOUN
fbem-871	185	17	)	)	PUNCT
fbem-871	185	18	.	.	PUNCT
fbem-871	186	1	law	law	NOUN
fbem-871	186	2	and	and	CCONJ
fbem-871	186	3	finance	finance	NOUN
fbem-871	186	4	.	.	PUNCT
fbem-871	187	1	journal	journal	NOUN
fbem-871	187	2	of	of	ADP
fbem-871	187	3	political	political	ADJ
fbem-871	187	4	economy	economy	NOUN
fbem-871	187	5	,	,	PUNCT
fbem-871	187	6	vol.106	vol.106	NOUN
fbem-871	187	7	,	,	PUNCT
fbem-871	187	8	no.6	no.6	PROPN
fbem-871	187	9	,	,	PUNCT
fbem-871	187	10	p.11131155	p.11131155	INTJ
fbem-871	187	11	.	.	PUNCT
fbem-871	188	1	[	[	X
fbem-871	188	2	2	2	X
fbem-871	188	3	]	]	PUNCT
fbem-871	188	4	xin	xin	PROPN
fbem-871	188	5	et	et	NOUN
fbem-871	188	6	al.(2007	al.(2007	PROPN
fbem-871	188	7	)	)	PUNCT
fbem-871	188	8	.	.	PUNCT
fbem-871	189	1	enterprise	enterprise	NOUN
fbem-871	189	2	group	group	NOUN
fbem-871	189	3	,	,	PUNCT
fbem-871	189	4	government	government	NOUN
fbem-871	189	5	control	control	NOUN
fbem-871	189	6	and	and	CCONJ
fbem-871	189	7	investment	investment	NOUN
fbem-871	189	8	efficiency	efficiency	NOUN
fbem-871	189	9	.	.	PUNCT
fbem-871	190	1	financial	financial	ADJ
fbem-871	190	2	research	research	NOUN
fbem-871	190	3	,	,	PUNCT
fbem-871	190	4	vol.10	vol.10	NOUN
fbem-871	190	5	,	,	PUNCT
fbem-871	190	6	p.123	p.123	NOUN
fbem-871	190	7	-	-	SYM
fbem-871	190	8	142	142	NUM
fbem-871	190	9	.	.	PUNCT
fbem-871	191	1	[	[	X
fbem-871	191	2	3	3	NUM
fbem-871	191	3	]	]	PUNCT
fbem-871	191	4	khatua	khatua	NOUN
fbem-871	191	5	,	,	PUNCT
fbem-871	191	6	a(2017	a(2017	PROPN
fbem-871	191	7	)	)	PUNCT
fbem-871	191	8	.	.	PUNCT
fbem-871	192	1	does	do	VERB
fbem-871	192	2	business	business	NOUN
fbem-871	192	3	group	group	NOUN
fbem-871	192	4	affiliation	affiliation	NOUN
fbem-871	192	5	matter	matter	NOUN
fbem-871	192	6	for	for	ADP
fbem-871	192	7	external	external	ADJ
fbem-871	192	8	debt	debt	NOUN
fbem-871	192	9	finance	finance	NOUN
fbem-871	192	10	?	?	PUNCT
fbem-871	193	1	evidence	evidence	NOUN
fbem-871	193	2	from	from	ADP
fbem-871	193	3	india	india	PROPN
fbem-871	193	4	.	.	PUNCT
fbem-871	194	1	asian	asian	ADJ
fbem-871	194	2	bus	bus	NOUN
fbem-871	194	3	manage	manage	NOUN
fbem-871	194	4	,	,	PUNCT
fbem-871	194	5	vol.16	vol.16	PROPN
fbem-871	194	6	,	,	PUNCT
fbem-871	194	7	p.290–322	p.290–322	NOUN
fbem-871	194	8	.	.	PUNCT
fbem-871	195	1	[	[	X
fbem-871	195	2	4	4	NUM
fbem-871	195	3	]	]	X
fbem-871	195	4	lin	lin	PROPN
fbem-871	195	5	j	j	PROPN
fbem-871	195	6	j	j	PROPN
fbem-871	195	7	,	,	PUNCT
fbem-871	195	8	yeh	yeh	PROPN
fbem-871	195	9	y(2020	y(2020	PROPN
fbem-871	195	10	)	)	PUNCT
fbem-871	195	11	.	.	PUNCT
fbem-871	196	1	internal	internal	ADJ
fbem-871	196	2	capital	capital	NOUN
fbem-871	196	3	markets	market	NOUN
fbem-871	196	4	,	,	PUNCT
fbem-871	196	5	ownership	ownership	NOUN
fbem-871	196	6	structure	structure	NOUN
fbem-871	196	7	,	,	PUNCT
fbem-871	196	8	and	and	CCONJ
fbem-871	196	9	investment	investment	NOUN
fbem-871	196	10	efficiency	efficiency	NOUN
fbem-871	196	11	:	:	PUNCT
fbem-871	196	12	evidence	evidence	NOUN
fbem-871	196	13	from	from	ADP
fbem-871	196	14	taiwanese	taiwanese	ADJ
fbem-871	196	15	business	business	NOUN
fbem-871	196	16	groups	group	NOUN
fbem-871	196	17	.	.	PUNCT
fbem-871	197	1	pacific	pacific	ADJ
fbem-871	197	2	-	-	PUNCT
fbem-871	197	3	basin	basin	NOUN
fbem-871	197	4	finance	finance	NOUN
fbem-871	197	5	journal	journal	NOUN
fbem-871	197	6	.	.	PUNCT
fbem-871	198	1	[	[	X
fbem-871	198	2	5	5	NUM
fbem-871	198	3	]	]	X
fbem-871	198	4	bae	bae	PROPN
fbem-871	198	5	k	k	PROPN
fbem-871	198	6	,	,	PUNCT
fbem-871	198	7	kang	kang	PROPN
fbem-871	198	8	j	j	PROPN
fbem-871	198	9	,	,	PUNCT
fbem-871	198	10	kim	kim	PROPN
fbem-871	198	11	j	j	PROPN
fbem-871	198	12	,	,	PUNCT
fbem-871	198	13	et	et	PROPN
fbem-871	198	14	al(2002	al(2002	NOUN
fbem-871	198	15	)	)	PUNCT
fbem-871	198	16	.	.	PUNCT
fbem-871	199	1	tunneling	tunneling	NOUN
fbem-871	199	2	or	or	CCONJ
fbem-871	199	3	value	value	NOUN
fbem-871	199	4	added	add	VERB
fbem-871	199	5	?	?	PUNCT
fbem-871	200	1	evidence	evidence	NOUN
fbem-871	200	2	from	from	ADP
fbem-871	200	3	mergers	merger	NOUN
fbem-871	200	4	by	by	ADP
fbem-871	200	5	korean	korean	ADJ
fbem-871	200	6	business	business	NOUN
fbem-871	200	7	groups	group	NOUN
fbem-871	200	8	.	.	PUNCT
fbem-871	201	1	journal	journal	PROPN
fbem-871	201	2	of	of	ADP
fbem-871	201	3	finance	finance	NOUN
fbem-871	201	4	,	,	PUNCT
fbem-871	201	5	vol.57	vol.57	NOUN
fbem-871	201	6	,	,	PUNCT
fbem-871	201	7	no.6	no.6	PROPN
fbem-871	201	8	,	,	PUNCT
fbem-871	201	9	p.	p.	NOUN
fbem-871	201	10	2695	2695	NUM
fbem-871	201	11	-	-	SYM
fbem-871	201	12	2740	2740	NUM
fbem-871	201	13	.	.	PUNCT
fbem-871	202	1	[	[	X
fbem-871	202	2	6	6	NUM
fbem-871	202	3	]	]	SYM
fbem-871	202	4	gopalan	gopalan	ADJ
fbem-871	202	5	r	r	NOUN
fbem-871	202	6	,	,	PUNCT
fbem-871	202	7	nanda	nanda	ADV
fbem-871	202	8	v	v	NOUN
fbem-871	202	9	k	k	PROPN
fbem-871	202	10	,	,	PUNCT
fbem-871	202	11	seru	seru	PROPN
fbem-871	202	12	a	a	PROPN
fbem-871	202	13	,	,	PUNCT
fbem-871	202	14	et	et	NOUN
fbem-871	202	15	al(2007	al(2007	NOUN
fbem-871	202	16	)	)	PUNCT
fbem-871	202	17	.	.	PUNCT
fbem-871	203	1	affiliated	affiliate	VERB
fbem-871	203	2	firms	firm	NOUN
fbem-871	203	3	and	and	CCONJ
fbem-871	203	4	financial	financial	ADJ
fbem-871	203	5	support	support	NOUN
fbem-871	203	6	:	:	PUNCT
fbem-871	203	7	evidence	evidence	NOUN
fbem-871	203	8	from	from	ADP
fbem-871	203	9	indian	indian	ADJ
fbem-871	203	10	business	business	NOUN
fbem-871	203	11	groups	group	NOUN
fbem-871	203	12	.	.	PUNCT
fbem-871	204	1	journal	journal	NOUN
fbem-871	204	2	of	of	ADP
fbem-871	204	3	financial	financial	ADJ
fbem-871	204	4	economics	economic	NOUN
fbem-871	204	5	,	,	PUNCT
fbem-871	204	6	vol.86	vol.86	NOUN
fbem-871	204	7	,	,	PUNCT
fbem-871	204	8	no.3	no.3	NOUN
fbem-871	204	9	,	,	PUNCT
fbem-871	204	10	p.759	p.759	NOUN
fbem-871	204	11	-	-	SYM
fbem-871	204	12	795	795	NUM
fbem-871	204	13	.	.	PUNCT
fbem-871	205	1	[	[	X
fbem-871	205	2	7	7	X
fbem-871	205	3	]	]	SYM
fbem-871	205	4	li	li	PROPN
fbem-871	205	5	et	et	PROPN
fbem-871	205	6	al.(2019)."hollowout	al.(2019)."hollowout	PROPN
fbem-871	205	7	"	"	PUNCT
fbem-871	205	8	and	and	CCONJ
fbem-871	205	9	ownership	ownership	NOUN
fbem-871	205	10	arrangement	arrangement	NOUN
fbem-871	205	11	:	:	PUNCT
fbem-871	205	12	empirical	empirical	ADJ
fbem-871	205	13	evidence	evidence	NOUN
fbem-871	205	14	from	from	ADP
fbem-871	205	15	capital	capital	NOUN
fbem-871	205	16	occupation	occupation	NOUN
fbem-871	205	17	by	by	ADP
fbem-871	205	18	major	major	ADJ
fbem-871	205	19	shareholders	shareholder	NOUN
fbem-871	205	20	of	of	ADP
fbem-871	205	21	listed	list	VERB
fbem-871	205	22	companies	company	NOUN
fbem-871	205	23	in	in	ADP
fbem-871	205	24	my	my	PRON
fbem-871	205	25	country	country	NOUN
fbem-871	205	26	.	.	PUNCT
fbem-871	206	1	accounting	accounting	NOUN
fbem-871	206	2	research	research	NOUN
fbem-871	206	3	,	,	PUNCT
fbem-871	206	4	vol.12	vol.12	NOUN
fbem-871	206	5	,	,	PUNCT
fbem-871	206	6	p.3	p.3	NOUN
fbem-871	206	7	-	-	PUNCT
fbem-871	206	8	13	13	NUM
fbem-871	206	9	.	.	PUNCT
fbem-871	207	1	[	[	X
fbem-871	207	2	8	8	NUM
fbem-871	207	3	]	]	X
fbem-871	207	4	cai	cai	X
fbem-871	207	5	et	et	PROPN
fbem-871	207	6	al.(2019	al.(2019	PROPN
fbem-871	207	7	)	)	PUNCT
fbem-871	207	8	.	.	PUNCT
fbem-871	208	1	the	the	DET
fbem-871	208	2	impact	impact	NOUN
fbem-871	208	3	of	of	ADP
fbem-871	208	4	enterprise	enterprise	NOUN
fbem-871	208	5	groups	group	NOUN
fbem-871	208	6	on	on	ADP
fbem-871	208	7	innovation	innovation	NOUN
fbem-871	208	8	output	output	NOUN
fbem-871	208	9	:	:	PUNCT
fbem-871	208	10	empirical	empirical	ADJ
fbem-871	208	11	evidence	evidence	NOUN
fbem-871	208	12	from	from	ADP
fbem-871	208	13	listed	list	VERB
fbem-871	208	14	manufacturing	manufacturing	NOUN
fbem-871	208	15	companies	company	NOUN
fbem-871	208	16	.	.	PUNCT
fbem-871	209	1	china	china	PROPN
fbem-871	209	2	industrial	industrial	PROPN
fbem-871	209	3	economics	economic	NOUN
fbem-871	209	4	,	,	PUNCT
fbem-871	209	5	vol.1	vol.1	NUM
fbem-871	209	6	,	,	PUNCT
fbem-871	209	7	p.137	p.137	NOUN
fbem-871	209	8	-	-	SYM
fbem-871	209	9	155	155	NUM
fbem-871	209	10	.	.	PUNCT
fbem-871	210	1	[	[	X
fbem-871	210	2	9	9	NUM
fbem-871	210	3	]	]	X
fbem-871	210	4	williamson	williamson	PROPN
fbem-871	210	5	,	,	PUNCT
fbem-871	210	6	oliver	oliver	PROPN
fbem-871	210	7	e(1975	e(1975	PROPN
fbem-871	210	8	)	)	PUNCT
fbem-871	210	9	.	.	PUNCT
fbem-871	211	1	markets	market	NOUN
fbem-871	211	2	and	and	CCONJ
fbem-871	211	3	hierarchies	hierarchy	NOUN
fbem-871	211	4	:	:	PUNCT
fbem-871	211	5	analysis	analysis	NOUN
fbem-871	211	6	and	and	CCONJ
fbem-871	211	7	antitrust	antitrust	ADJ
fbem-871	211	8	implications	implication	NOUN
fbem-871	211	9	[	[	X
fbem-871	211	10	m	m	X
fbem-871	211	11	]	]	X
fbem-871	211	12	.	.	PUNCT
fbem-871	212	1	new	new	PROPN
fbem-871	212	2	york	york	PROPN
fbem-871	212	3	:	:	PUNCT
fbem-871	212	4	free	free	ADJ
fbem-871	212	5	press	press	NOUN
fbem-871	212	6	,	,	PUNCT
fbem-871	212	7	p.11	p.11	PROPN
fbem-871	212	8	-	-	X
fbem-871	212	9	24	24	NUM
fbem-871	212	10	.	.	PUNCT
fbem-871	213	1	[	[	X
fbem-871	213	2	10	10	NUM
fbem-871	213	3	]	]	X
fbem-871	213	4	hadlock	hadlock	NOUN
fbem-871	213	5	c	c	PROPN
fbem-871	213	6	j	j	PROPN
fbem-871	213	7	,	,	PUNCT
fbem-871	213	8	pierce	pierce	PROPN
fbem-871	213	9	j	j	PROPN
fbem-871	213	10	r(2010	r(2010	PROPN
fbem-871	213	11	)	)	PUNCT
fbem-871	213	12	.	.	PUNCT
fbem-871	214	1	new	new	ADJ
fbem-871	214	2	evidence	evidence	NOUN
fbem-871	214	3	on	on	ADP
fbem-871	214	4	measuring	measure	VERB
fbem-871	214	5	financial	financial	ADJ
fbem-871	214	6	constraints	constraint	NOUN
fbem-871	214	7	:	:	PUNCT
fbem-871	214	8	moving	move	VERB
fbem-871	214	9	beyond	beyond	ADP
fbem-871	214	10	the	the	DET
fbem-871	214	11	kz	kz	PROPN
fbem-871	214	12	index	index	PROPN
fbem-871	214	13	.	.	PUNCT
fbem-871	215	1	review	review	NOUN
fbem-871	215	2	of	of	ADP
fbem-871	215	3	financial	financial	ADJ
fbem-871	215	4	studies	study	NOUN
fbem-871	215	5	,	,	PUNCT
fbem-871	215	6	vol.23	vol.23	PROPN
fbem-871	215	7	,	,	PUNCT
fbem-871	215	8	no.5	no.5	PROPN
fbem-871	215	9	,	,	PUNCT
fbem-871	215	10	p.	p.	NOUN
fbem-871	215	11	1909	1909	NUM
fbem-871	215	12	-	-	SYM
fbem-871	215	13	1940	1940	NUM
fbem-871	215	14	.	.	PUNCT
fbem-871	216	1	[	[	X
fbem-871	216	2	11	11	NUM
fbem-871	216	3	]	]	X
fbem-871	216	4	richardson	richardson	PROPN
fbem-871	216	5	s	s	PROPN
fbem-871	216	6	a(2006	a(2006	PROPN
fbem-871	216	7	)	)	PUNCT
fbem-871	216	8	.	.	PUNCT
fbem-871	217	1	over	over	ADP
fbem-871	217	2	-	-	PUNCT
fbem-871	217	3	investment	investment	NOUN
fbem-871	217	4	of	of	ADP
fbem-871	217	5	free	free	ADJ
fbem-871	217	6	cash	cash	NOUN
fbem-871	217	7	flow	flow	NOUN
fbem-871	217	8	.	.	PUNCT
fbem-871	218	1	review	review	NOUN
fbem-871	218	2	of	of	ADP
fbem-871	218	3	accounting	accounting	NOUN
fbem-871	218	4	studies	study	NOUN
fbem-871	218	5	,	,	PUNCT
fbem-871	218	6	vol.11	vol.11	PROPN
fbem-871	218	7	,	,	PUNCT
fbem-871	218	8	no.2	no.2	PROPN
fbem-871	218	9	,	,	PUNCT
fbem-871	218	10	p.159	p.159	NOUN
fbem-871	218	11	-	-	SYM
fbem-871	218	12	189	189	NUM
fbem-871	218	13	.	.	PUNCT