id	sid	tid	token	lemma	pos
fbem-8998	1	1	frontiers	frontier	NOUN
fbem-8998	1	2	in	in	ADP
fbem-8998	1	3	business	business	NOUN
fbem-8998	1	4	,	,	PUNCT
fbem-8998	1	5	economics	economic	NOUN
fbem-8998	1	6	and	and	CCONJ
fbem-8998	1	7	management	management	NOUN
fbem-8998	1	8	issn	issn	PROPN
fbem-8998	1	9	:	:	PUNCT
fbem-8998	1	10	2766	2766	NUM
fbem-8998	1	11	-	-	PUNCT
fbem-8998	1	12	824x	824x	NUM
fbem-8998	1	13	|	|	ADJ
fbem-8998	1	14	vol	vol	NOUN
fbem-8998	1	15	.	.	PROPN
fbem-8998	2	1	9	9	NUM
fbem-8998	2	2	,	,	PUNCT
fbem-8998	2	3	no	no	INTJ
fbem-8998	2	4	.	.	NOUN
fbem-8998	2	5	2	2	NUM
fbem-8998	2	6	,	,	PUNCT
fbem-8998	2	7	2023	2023	NUM
fbem-8998	2	8	62	62	NUM
fbem-8998	2	9	can	can	AUX
fbem-8998	2	10	fiscal	fiscal	ADJ
fbem-8998	2	11	subsidies	subsidy	NOUN
fbem-8998	2	12	and	and	CCONJ
fbem-8998	2	13	tax	tax	NOUN
fbem-8998	2	14	incentives	incentive	NOUN
fbem-8998	2	15	stimulate	stimulate	VERB
fbem-8998	2	16	high‐	high‐	NOUN
fbem-8998	2	17	quality	quality	NOUN
fbem-8998	2	18	innovation	innovation	NOUN
fbem-8998	2	19	in	in	ADP
fbem-8998	2	20	strategic	strategic	ADJ
fbem-8998	2	21	emerging	emerge	VERB
fbem-8998	2	22	industries	industry	NOUN
fbem-8998	2	23	?	?	PUNCT
fbem-8998	3	1	-explanation	-explanation	NOUN
fbem-8998	3	2	based	base	VERB
fbem-8998	3	3	on	on	ADP
fbem-8998	3	4	enterprise	enterprise	NOUN
fbem-8998	3	5	life	life	NOUN
fbem-8998	3	6	cycle	cycle	NOUN
fbem-8998	3	7	theory	theory	NOUN
fbem-8998	3	8	jia	jia	PROPN
fbem-8998	3	9	li1	li1	PROPN
fbem-8998	3	10	,	,	PUNCT
fbem-8998	3	11	2	2	NUM
fbem-8998	3	12	1zhejiang	1zhejiang	NUM
fbem-8998	3	13	research	research	NOUN
fbem-8998	3	14	institute	institute	NOUN
fbem-8998	3	15	of	of	ADP
fbem-8998	3	16	zufe	zufe	NOUN
fbem-8998	3	17	-	-	PUNCT
fbem-8998	3	18	ucass	ucass	NOUN
fbem-8998	3	19	,	,	PUNCT
fbem-8998	3	20	zhejiang	zhejiang	PROPN
fbem-8998	3	21	university	university	PROPN
fbem-8998	3	22	of	of	ADP
fbem-8998	3	23	finance	finance	PROPN
fbem-8998	3	24	&	&	CCONJ
fbem-8998	3	25	economics	economic	NOUN
fbem-8998	3	26	,	,	PUNCT
fbem-8998	3	27	hangzhou	hangzhou	PROPN
fbem-8998	3	28	310018	310018	NUM
fbem-8998	3	29	,	,	PUNCT
fbem-8998	3	30	china	china	PROPN
fbem-8998	3	31	2school	2school	NUM
fbem-8998	3	32	of	of	ADP
fbem-8998	3	33	finance	finance	NOUN
fbem-8998	3	34	and	and	CCONJ
fbem-8998	3	35	public	public	ADJ
fbem-8998	3	36	administration	administration	NOUN
fbem-8998	3	37	,	,	PUNCT
fbem-8998	3	38	anhui	anhui	PROPN
fbem-8998	3	39	university	university	PROPN
fbem-8998	3	40	of	of	ADP
fbem-8998	3	41	finance	finance	PROPN
fbem-8998	3	42	&	&	CCONJ
fbem-8998	3	43	economics	economic	NOUN
fbem-8998	3	44	,	,	PUNCT
fbem-8998	3	45	bengbu	bengbu	NOUN
fbem-8998	3	46	233030	233030	NUM
fbem-8998	3	47	,	,	PUNCT
fbem-8998	3	48	china	china	PROPN
fbem-8998	3	49	abstract	abstract	NOUN
fbem-8998	3	50	:	:	PUNCT
fbem-8998	3	51	this	this	DET
fbem-8998	3	52	paper	paper	NOUN
fbem-8998	3	53	empirically	empirically	ADV
fbem-8998	3	54	examines	examine	VERB
fbem-8998	3	55	the	the	DET
fbem-8998	3	56	incentive	incentive	NOUN
fbem-8998	3	57	effects	effect	NOUN
fbem-8998	3	58	of	of	ADP
fbem-8998	3	59	fiscal	fiscal	ADJ
fbem-8998	3	60	subsidies	subsidy	NOUN
fbem-8998	3	61	and	and	CCONJ
fbem-8998	3	62	tax	tax	NOUN
fbem-8998	3	63	incentives	incentive	NOUN
fbem-8998	3	64	on	on	ADP
fbem-8998	3	65	the	the	DET
fbem-8998	3	66	innovation	innovation	NOUN
fbem-8998	3	67	activities	activity	NOUN
fbem-8998	3	68	of	of	ADP
fbem-8998	3	69	strategic	strategic	ADJ
fbem-8998	3	70	emerging	emerge	VERB
fbem-8998	3	71	enterprises	enterprise	NOUN
fbem-8998	3	72	from	from	ADP
fbem-8998	3	73	the	the	DET
fbem-8998	3	74	perspective	perspective	NOUN
fbem-8998	3	75	of	of	ADP
fbem-8998	3	76	enterprise	enterprise	NOUN
fbem-8998	3	77	life	life	NOUN
fbem-8998	3	78	cycle	cycle	NOUN
fbem-8998	3	79	using	use	VERB
fbem-8998	3	80	data	datum	NOUN
fbem-8998	3	81	of	of	ADP
fbem-8998	3	82	listed	list	VERB
fbem-8998	3	83	companies	company	NOUN
fbem-8998	3	84	in	in	ADP
fbem-8998	3	85	strategic	strategic	ADJ
fbem-8998	3	86	emerging	emerge	VERB
fbem-8998	3	87	industries	industry	NOUN
fbem-8998	3	88	in	in	ADP
fbem-8998	3	89	china	china	PROPN
fbem-8998	3	90	from	from	ADP
fbem-8998	3	91	2010	2010	NUM
fbem-8998	3	92	to	to	ADP
fbem-8998	3	93	2019	2019	NUM
fbem-8998	3	94	.	.	PUNCT
fbem-8998	4	1	the	the	DET
fbem-8998	4	2	results	result	NOUN
fbem-8998	4	3	show	show	VERB
fbem-8998	4	4	that	that	SCONJ
fbem-8998	4	5	:	:	PUNCT
fbem-8998	4	6	in	in	ADP
fbem-8998	4	7	general	general	ADJ
fbem-8998	4	8	,	,	PUNCT
fbem-8998	4	9	both	both	CCONJ
fbem-8998	4	10	fiscal	fiscal	ADJ
fbem-8998	4	11	subsidies	subsidy	NOUN
fbem-8998	4	12	and	and	CCONJ
fbem-8998	4	13	tax	tax	NOUN
fbem-8998	4	14	incentives	incentive	NOUN
fbem-8998	4	15	promote	promote	VERB
fbem-8998	4	16	the	the	DET
fbem-8998	4	17	improvement	improvement	NOUN
fbem-8998	4	18	of	of	ADP
fbem-8998	4	19	total	total	ADJ
fbem-8998	4	20	factor	factor	NOUN
fbem-8998	4	21	productivity	productivity	NOUN
fbem-8998	4	22	of	of	ADP
fbem-8998	4	23	strategic	strategic	ADJ
fbem-8998	4	24	emerging	emerge	VERB
fbem-8998	4	25	enterprises	enterprise	NOUN
fbem-8998	4	26	;	;	PUNCT
fbem-8998	4	27	in	in	ADP
fbem-8998	4	28	terms	term	NOUN
fbem-8998	4	29	of	of	ADP
fbem-8998	4	30	different	different	ADJ
fbem-8998	4	31	stages	stage	NOUN
fbem-8998	4	32	of	of	ADP
fbem-8998	4	33	enterprise	enterprise	NOUN
fbem-8998	4	34	development	development	NOUN
fbem-8998	4	35	,	,	PUNCT
fbem-8998	4	36	the	the	DET
fbem-8998	4	37	incentive	incentive	NOUN
fbem-8998	4	38	effects	effect	NOUN
fbem-8998	4	39	of	of	ADP
fbem-8998	4	40	fiscal	fiscal	ADJ
fbem-8998	4	41	subsidies	subsidy	NOUN
fbem-8998	4	42	and	and	CCONJ
fbem-8998	4	43	tax	tax	NOUN
fbem-8998	4	44	incentives	incentive	NOUN
fbem-8998	4	45	on	on	ADP
fbem-8998	4	46	the	the	DET
fbem-8998	4	47	innovation	innovation	NOUN
fbem-8998	4	48	activities	activity	NOUN
fbem-8998	4	49	of	of	ADP
fbem-8998	4	50	strategic	strategic	ADJ
fbem-8998	4	51	emerging	emerge	VERB
fbem-8998	4	52	enterprises	enterprise	NOUN
fbem-8998	4	53	in	in	ADP
fbem-8998	4	54	the	the	DET
fbem-8998	4	55	growth	growth	NOUN
fbem-8998	4	56	stage	stage	NOUN
fbem-8998	4	57	are	be	AUX
fbem-8998	4	58	more	more	ADV
fbem-8998	4	59	obvious	obvious	ADJ
fbem-8998	4	60	,	,	PUNCT
fbem-8998	4	61	but	but	CCONJ
fbem-8998	4	62	for	for	ADP
fbem-8998	4	63	enterprises	enterprise	NOUN
fbem-8998	4	64	in	in	ADP
fbem-8998	4	65	the	the	DET
fbem-8998	4	66	maturity	maturity	NOUN
fbem-8998	4	67	and	and	CCONJ
fbem-8998	4	68	decline	decline	VERB
fbem-8998	4	69	stages	stage	NOUN
fbem-8998	4	70	,	,	PUNCT
fbem-8998	4	71	the	the	DET
fbem-8998	4	72	incentive	incentive	NOUN
fbem-8998	4	73	effects	effect	NOUN
fbem-8998	4	74	are	be	AUX
fbem-8998	4	75	not	not	PART
fbem-8998	4	76	obvious	obvious	ADJ
fbem-8998	4	77	;	;	PUNCT
fbem-8998	4	78	from	from	ADP
fbem-8998	4	79	the	the	DET
fbem-8998	4	80	perspective	perspective	NOUN
fbem-8998	4	81	of	of	ADP
fbem-8998	4	82	the	the	DET
fbem-8998	4	83	types	type	NOUN
fbem-8998	4	84	of	of	ADP
fbem-8998	4	85	fiscal	fiscal	ADJ
fbem-8998	4	86	subsidies	subsidy	NOUN
fbem-8998	4	87	and	and	CCONJ
fbem-8998	4	88	tax	tax	NOUN
fbem-8998	4	89	incentive	incentive	NOUN
fbem-8998	4	90	policies	policy	NOUN
fbem-8998	4	91	,	,	PUNCT
fbem-8998	4	92	tax	tax	NOUN
fbem-8998	4	93	incentive	incentive	NOUN
fbem-8998	4	94	policies	policy	NOUN
fbem-8998	4	95	are	be	AUX
fbem-8998	4	96	more	more	ADV
fbem-8998	4	97	conducive	conducive	ADJ
fbem-8998	4	98	to	to	ADP
fbem-8998	4	99	the	the	DET
fbem-8998	4	100	innovation	innovation	NOUN
fbem-8998	4	101	activities	activity	NOUN
fbem-8998	4	102	of	of	ADP
fbem-8998	4	103	strategic	strategic	ADJ
fbem-8998	4	104	emerging	emerge	VERB
fbem-8998	4	105	enterprises	enterprise	NOUN
fbem-8998	4	106	;	;	PUNCT
fbem-8998	4	107	the	the	DET
fbem-8998	4	108	further	further	ADJ
fbem-8998	4	109	sub	sub	ADJ
fbem-8998	4	110	-	-	ADJ
fbem-8998	4	111	sample	sample	ADJ
fbem-8998	4	112	study	study	NOUN
fbem-8998	4	113	reveals	reveal	VERB
fbem-8998	4	114	that	that	SCONJ
fbem-8998	4	115	fiscal	fiscal	ADJ
fbem-8998	4	116	subsidies	subsidy	NOUN
fbem-8998	4	117	and	and	CCONJ
fbem-8998	4	118	tax	tax	NOUN
fbem-8998	4	119	incentives	incentive	NOUN
fbem-8998	4	120	significantly	significantly	ADV
fbem-8998	4	121	stimulate	stimulate	VERB
fbem-8998	4	122	the	the	DET
fbem-8998	4	123	innovation	innovation	NOUN
fbem-8998	4	124	activities	activity	NOUN
fbem-8998	4	125	of	of	ADP
fbem-8998	4	126	non	non	ADJ
fbem-8998	4	127	-	-	ADJ
fbem-8998	4	128	state	state	ADJ
fbem-8998	4	129	enterprises	enterprise	NOUN
fbem-8998	4	130	,	,	PUNCT
fbem-8998	4	131	manufacturing	manufacturing	NOUN
fbem-8998	4	132	enterprises	enterprise	NOUN
fbem-8998	4	133	and	and	CCONJ
fbem-8998	4	134	enterprises	enterprise	NOUN
fbem-8998	4	135	in	in	ADP
fbem-8998	4	136	the	the	DET
fbem-8998	4	137	eastern	eastern	ADJ
fbem-8998	4	138	region	region	NOUN
fbem-8998	4	139	in	in	ADP
fbem-8998	4	140	the	the	DET
fbem-8998	4	141	growth	growth	NOUN
fbem-8998	4	142	stage	stage	NOUN
fbem-8998	4	143	;	;	PUNCT
fbem-8998	4	144	from	from	ADP
fbem-8998	4	145	the	the	DET
fbem-8998	4	146	mechanism	mechanism	NOUN
fbem-8998	4	147	test	test	NOUN
fbem-8998	4	148	,	,	PUNCT
fbem-8998	4	149	strategic	strategic	ADJ
fbem-8998	4	150	emerging	emerge	VERB
fbem-8998	4	151	enterprises	enterprise	NOUN
fbem-8998	4	152	that	that	PRON
fbem-8998	4	153	receive	receive	VERB
fbem-8998	4	154	fiscal	fiscal	ADJ
fbem-8998	4	155	subsidies	subsidy	NOUN
fbem-8998	4	156	and	and	CCONJ
fbem-8998	4	157	tax	tax	NOUN
fbem-8998	4	158	incentives	incentive	NOUN
fbem-8998	4	159	have	have	VERB
fbem-8998	4	160	a	a	DET
fbem-8998	4	161	more	more	ADV
fbem-8998	4	162	significant	significant	ADJ
fbem-8998	4	163	increase	increase	NOUN
fbem-8998	4	164	in	in	ADP
fbem-8998	4	165	r&d	r&d	NOUN
fbem-8998	4	166	expenditure	expenditure	NOUN
fbem-8998	4	167	,	,	PUNCT
fbem-8998	4	168	which	which	PRON
fbem-8998	4	169	in	in	ADP
fbem-8998	4	170	turn	turn	NOUN
fbem-8998	4	171	promotes	promote	VERB
fbem-8998	4	172	the	the	DET
fbem-8998	4	173	innovation	innovation	NOUN
fbem-8998	4	174	activities	activity	NOUN
fbem-8998	4	175	of	of	ADP
fbem-8998	4	176	enterprises	enterprise	NOUN
fbem-8998	4	177	.	.	PUNCT
fbem-8998	5	1	after	after	ADP
fbem-8998	5	2	replacing	replace	VERB
fbem-8998	5	3	the	the	DET
fbem-8998	5	4	explained	explain	VERB
fbem-8998	5	5	variable	variable	NOUN
fbem-8998	5	6	,	,	PUNCT
fbem-8998	5	7	replacing	replace	VERB
fbem-8998	5	8	the	the	DET
fbem-8998	5	9	core	core	NOUN
fbem-8998	5	10	explanatory	explanatory	ADJ
fbem-8998	5	11	variables	variable	NOUN
fbem-8998	5	12	and	and	CCONJ
fbem-8998	5	13	considering	consider	VERB
fbem-8998	5	14	the	the	DET
fbem-8998	5	15	endogeneity	endogeneity	NOUN
fbem-8998	5	16	issue	issue	NOUN
fbem-8998	5	17	,	,	PUNCT
fbem-8998	5	18	the	the	DET
fbem-8998	5	19	findings	finding	NOUN
fbem-8998	5	20	of	of	ADP
fbem-8998	5	21	this	this	DET
fbem-8998	5	22	paper	paper	NOUN
fbem-8998	5	23	are	be	AUX
fbem-8998	5	24	still	still	ADV
fbem-8998	5	25	robust	robust	ADJ
fbem-8998	5	26	.	.	PUNCT
fbem-8998	6	1	the	the	DET
fbem-8998	6	2	findings	finding	NOUN
fbem-8998	6	3	of	of	ADP
fbem-8998	6	4	this	this	DET
fbem-8998	6	5	paper	paper	NOUN
fbem-8998	6	6	help	help	NOUN
fbem-8998	6	7	to	to	PART
fbem-8998	6	8	optimise	optimise	VERB
fbem-8998	6	9	the	the	DET
fbem-8998	6	10	allocation	allocation	NOUN
fbem-8998	6	11	of	of	ADP
fbem-8998	6	12	fiscal	fiscal	ADJ
fbem-8998	6	13	subsidy	subsidy	NOUN
fbem-8998	6	14	and	and	CCONJ
fbem-8998	6	15	tax	tax	NOUN
fbem-8998	6	16	incentive	incentive	NOUN
fbem-8998	6	17	funds	fund	NOUN
fbem-8998	6	18	and	and	CCONJ
fbem-8998	6	19	improve	improve	VERB
fbem-8998	6	20	the	the	DET
fbem-8998	6	21	efficiency	efficiency	NOUN
fbem-8998	6	22	of	of	ADP
fbem-8998	6	23	the	the	DET
fbem-8998	6	24	use	use	NOUN
fbem-8998	6	25	of	of	ADP
fbem-8998	6	26	fiscal	fiscal	ADJ
fbem-8998	6	27	subsidy	subsidy	NOUN
fbem-8998	6	28	and	and	CCONJ
fbem-8998	6	29	tax	tax	NOUN
fbem-8998	6	30	incentive	incentive	NOUN
fbem-8998	6	31	funds	fund	NOUN
fbem-8998	6	32	.	.	PUNCT
fbem-8998	7	1	keywords	keyword	NOUN
fbem-8998	7	2	:	:	PUNCT
fbem-8998	7	3	fiscal	fiscal	ADJ
fbem-8998	7	4	subsidies	subsidy	NOUN
fbem-8998	7	5	,	,	PUNCT
fbem-8998	7	6	tax	tax	NOUN
fbem-8998	7	7	incentives	incentive	NOUN
fbem-8998	7	8	,	,	PUNCT
fbem-8998	7	9	strategic	strategic	ADJ
fbem-8998	7	10	emerging	emerge	VERB
fbem-8998	7	11	enterprises	enterprise	NOUN
fbem-8998	7	12	,	,	PUNCT
fbem-8998	7	13	total	total	ADJ
fbem-8998	7	14	factor	factor	NOUN
fbem-8998	7	15	productivity	productivity	NOUN
fbem-8998	7	16	.	.	PUNCT
fbem-8998	8	1	1	1	X
fbem-8998	8	2	.	.	X
fbem-8998	8	3	introduction	introduction	NOUN
fbem-8998	8	4	in	in	ADP
fbem-8998	8	5	recent	recent	ADJ
fbem-8998	8	6	years	year	NOUN
fbem-8998	8	7	,	,	PUNCT
fbem-8998	8	8	china	china	PROPN
fbem-8998	8	9	's	's	PART
fbem-8998	8	10	economy	economy	NOUN
fbem-8998	8	11	has	have	AUX
fbem-8998	8	12	shifted	shift	VERB
fbem-8998	8	13	from	from	ADP
fbem-8998	8	14	a	a	DET
fbem-8998	8	15	stage	stage	NOUN
fbem-8998	8	16	of	of	ADP
fbem-8998	8	17	high	high	ADJ
fbem-8998	8	18	-	-	PUNCT
fbem-8998	8	19	speed	speed	NOUN
fbem-8998	8	20	growth	growth	NOUN
fbem-8998	8	21	to	to	ADP
fbem-8998	8	22	a	a	DET
fbem-8998	8	23	stage	stage	NOUN
fbem-8998	8	24	of	of	ADP
fbem-8998	8	25	high	high	ADJ
fbem-8998	8	26	-	-	PUNCT
fbem-8998	8	27	quality	quality	NOUN
fbem-8998	8	28	development	development	NOUN
fbem-8998	8	29	,	,	PUNCT
fbem-8998	8	30	and	and	CCONJ
fbem-8998	8	31	there	there	PRON
fbem-8998	8	32	is	be	VERB
fbem-8998	8	33	an	an	DET
fbem-8998	8	34	urgent	urgent	ADJ
fbem-8998	8	35	need	need	NOUN
fbem-8998	8	36	to	to	PART
fbem-8998	8	37	transform	transform	VERB
fbem-8998	8	38	the	the	DET
fbem-8998	8	39	dynamics	dynamic	NOUN
fbem-8998	8	40	of	of	ADP
fbem-8998	8	41	economic	economic	ADJ
fbem-8998	8	42	development	development	NOUN
fbem-8998	8	43	and	and	CCONJ
fbem-8998	8	44	to	to	PART
fbem-8998	8	45	stimulate	stimulate	VERB
fbem-8998	8	46	and	and	CCONJ
fbem-8998	8	47	release	release	VERB
fbem-8998	8	48	its	its	PRON
fbem-8998	8	49	inherent	inherent	ADJ
fbem-8998	8	50	vitality	vitality	NOUN
fbem-8998	8	51	.	.	PUNCT
fbem-8998	9	1	against	against	ADP
fbem-8998	9	2	this	this	DET
fbem-8998	9	3	background	background	NOUN
fbem-8998	9	4	,	,	PUNCT
fbem-8998	9	5	the	the	DET
fbem-8998	9	6	18th	18th	ADJ
fbem-8998	9	7	party	party	NOUN
fbem-8998	9	8	congress	congress	PROPN
fbem-8998	9	9	report	report	NOUN
fbem-8998	9	10	clearly	clearly	ADV
fbem-8998	9	11	proposed	propose	VERB
fbem-8998	9	12	"	"	PUNCT
fbem-8998	9	13	implementing	implement	VERB
fbem-8998	9	14	the	the	DET
fbem-8998	9	15	innovation	innovation	NOUN
fbem-8998	9	16	-	-	PUNCT
fbem-8998	9	17	driven	drive	VERB
fbem-8998	9	18	development	development	NOUN
fbem-8998	9	19	strategy	strategy	NOUN
fbem-8998	9	20	"	"	PUNCT
fbem-8998	9	21	,	,	PUNCT
fbem-8998	9	22	and	and	CCONJ
fbem-8998	9	23	the	the	DET
fbem-8998	9	24	19th	19th	ADJ
fbem-8998	9	25	congress	congress	PROPN
fbem-8998	9	26	report	report	NOUN
fbem-8998	9	27	further	far	ADV
fbem-8998	9	28	made	make	VERB
fbem-8998	9	29	accelerating	accelerate	VERB
fbem-8998	9	30	the	the	DET
fbem-8998	9	31	construction	construction	NOUN
fbem-8998	9	32	of	of	ADP
fbem-8998	9	33	an	an	DET
fbem-8998	9	34	innovative	innovative	ADJ
fbem-8998	9	35	country	country	NOUN
fbem-8998	9	36	an	an	DET
fbem-8998	9	37	important	important	ADJ
fbem-8998	9	38	element	element	NOUN
fbem-8998	9	39	of	of	ADP
fbem-8998	9	40	building	build	VERB
fbem-8998	9	41	a	a	DET
fbem-8998	9	42	modern	modern	ADJ
fbem-8998	9	43	economic	economic	ADJ
fbem-8998	9	44	system	system	NOUN
fbem-8998	9	45	,	,	PUNCT
fbem-8998	9	46	and	and	CCONJ
fbem-8998	9	47	stressed	stress	VERB
fbem-8998	9	48	that	that	SCONJ
fbem-8998	9	49	"	"	PUNCT
fbem-8998	9	50	innovation	innovation	NOUN
fbem-8998	9	51	is	be	AUX
fbem-8998	9	52	the	the	DET
fbem-8998	9	53	first	first	ADJ
fbem-8998	9	54	driving	driving	NOUN
fbem-8998	9	55	force	force	NOUN
fbem-8998	9	56	leading	lead	VERB
fbem-8998	9	57	development	development	NOUN
fbem-8998	9	58	the	the	DET
fbem-8998	9	59	nineteenth	nineteenth	PROPN
fbem-8998	9	60	national	national	PROPN
fbem-8998	9	61	congress	congress	PROPN
fbem-8998	9	62	report	report	NOUN
fbem-8998	9	63	further	far	ADV
fbem-8998	9	64	made	make	VERB
fbem-8998	9	65	accelerating	accelerate	VERB
fbem-8998	9	66	the	the	DET
fbem-8998	9	67	building	building	NOUN
fbem-8998	9	68	of	of	ADP
fbem-8998	9	69	an	an	DET
fbem-8998	9	70	innovative	innovative	ADJ
fbem-8998	9	71	country	country	NOUN
fbem-8998	9	72	an	an	DET
fbem-8998	9	73	important	important	ADJ
fbem-8998	9	74	part	part	NOUN
fbem-8998	9	75	of	of	ADP
fbem-8998	9	76	building	build	VERB
fbem-8998	9	77	a	a	DET
fbem-8998	9	78	modern	modern	ADJ
fbem-8998	9	79	economic	economic	ADJ
fbem-8998	9	80	system	system	NOUN
fbem-8998	9	81	,	,	PUNCT
fbem-8998	9	82	and	and	CCONJ
fbem-8998	9	83	emphasized	emphasize	VERB
fbem-8998	9	84	that	that	SCONJ
fbem-8998	9	85	"	"	PUNCT
fbem-8998	9	86	innovation	innovation	NOUN
fbem-8998	9	87	is	be	AUX
fbem-8998	9	88	the	the	DET
fbem-8998	9	89	first	first	ADJ
fbem-8998	9	90	driving	driving	NOUN
fbem-8998	9	91	force	force	NOUN
fbem-8998	9	92	leading	lead	VERB
fbem-8998	9	93	development	development	NOUN
fbem-8998	9	94	.	.	PUNCT
fbem-8998	10	1	china	china	PROPN
fbem-8998	10	2	's	's	PART
fbem-8998	10	3	economic	economic	ADJ
fbem-8998	10	4	take	take	NOUN
fbem-8998	10	5	-	-	PUNCT
fbem-8998	10	6	off	off	NOUN
fbem-8998	10	7	under	under	ADP
fbem-8998	10	8	the	the	DET
fbem-8998	10	9	new	new	ADJ
fbem-8998	10	10	normal	normal	ADJ
fbem-8998	10	11	requires	require	VERB
fbem-8998	10	12	a	a	DET
fbem-8998	10	13	shift	shift	NOUN
fbem-8998	10	14	from	from	ADP
fbem-8998	10	15	"	"	PUNCT
fbem-8998	10	16	made	make	VERB
fbem-8998	10	17	in	in	ADP
fbem-8998	10	18	china	china	PROPN
fbem-8998	10	19	"	"	PUNCT
fbem-8998	10	20	to	to	ADP
fbem-8998	10	21	"	"	PUNCT
fbem-8998	10	22	innovation	innovation	NOUN
fbem-8998	10	23	by	by	ADP
fbem-8998	10	24	china	china	PROPN
fbem-8998	10	25	"	"	PUNCT
fbem-8998	10	26	,	,	PUNCT
fbem-8998	10	27	and	and	CCONJ
fbem-8998	10	28	the	the	DET
fbem-8998	10	29	development	development	NOUN
fbem-8998	10	30	of	of	ADP
fbem-8998	10	31	innovation	innovation	NOUN
fbem-8998	10	32	capabilities	capability	NOUN
fbem-8998	10	33	in	in	ADP
fbem-8998	10	34	strategic	strategic	ADJ
fbem-8998	10	35	emerging	emerge	VERB
fbem-8998	10	36	industries	industry	NOUN
fbem-8998	10	37	is	be	AUX
fbem-8998	10	38	the	the	DET
fbem-8998	10	39	key	key	NOUN
fbem-8998	10	40	to	to	ADP
fbem-8998	10	41	this	this	DET
fbem-8998	10	42	shift	shift	NOUN
fbem-8998	10	43	.	.	PUNCT
fbem-8998	11	1	"	"	PUNCT
fbem-8998	11	2	the	the	DET
fbem-8998	11	3	14th	14th	ADJ
fbem-8998	11	4	five	five	NUM
fbem-8998	11	5	-	-	PUNCT
fbem-8998	11	6	year	year	NOUN
fbem-8998	11	7	plan	plan	NOUN
fbem-8998	11	8	”	"	PUNCT
fbem-8998	11	9	emphasises	emphasise	VERB
fbem-8998	11	10	the	the	DET
fbem-8998	11	11	importance	importance	NOUN
fbem-8998	11	12	and	and	CCONJ
fbem-8998	11	13	leading	lead	VERB
fbem-8998	11	14	role	role	NOUN
fbem-8998	11	15	of	of	ADP
fbem-8998	11	16	strategic	strategic	ADJ
fbem-8998	11	17	emerging	emerge	VERB
fbem-8998	11	18	industries	industry	NOUN
fbem-8998	11	19	in	in	ADP
fbem-8998	11	20	the	the	DET
fbem-8998	11	21	sustainable	sustainable	ADJ
fbem-8998	11	22	development	development	NOUN
fbem-8998	11	23	of	of	ADP
fbem-8998	11	24	the	the	DET
fbem-8998	11	25	national	national	ADJ
fbem-8998	11	26	economy	economy	NOUN
fbem-8998	11	27	.	.	PUNCT
fbem-8998	12	1	the	the	DET
fbem-8998	12	2	development	development	NOUN
fbem-8998	12	3	of	of	ADP
fbem-8998	12	4	strategic	strategic	ADJ
fbem-8998	12	5	emerging	emerge	VERB
fbem-8998	12	6	industries	industry	NOUN
fbem-8998	12	7	is	be	AUX
fbem-8998	12	8	an	an	DET
fbem-8998	12	9	important	important	ADJ
fbem-8998	12	10	decision	decision	NOUN
fbem-8998	12	11	to	to	PART
fbem-8998	12	12	adjust	adjust	VERB
fbem-8998	12	13	the	the	DET
fbem-8998	12	14	economic	economic	ADJ
fbem-8998	12	15	structure	structure	NOUN
fbem-8998	12	16	and	and	CCONJ
fbem-8998	12	17	seize	seize	VERB
fbem-8998	12	18	the	the	DET
fbem-8998	12	19	high	high	ADJ
fbem-8998	12	20	ground	ground	NOUN
fbem-8998	12	21	of	of	ADP
fbem-8998	12	22	economic	economic	ADJ
fbem-8998	12	23	development	development	NOUN
fbem-8998	12	24	,	,	PUNCT
fbem-8998	12	25	and	and	CCONJ
fbem-8998	12	26	it	it	PRON
fbem-8998	12	27	is	be	AUX
fbem-8998	12	28	an	an	DET
fbem-8998	12	29	inevitable	inevitable	ADJ
fbem-8998	12	30	requirement	requirement	NOUN
fbem-8998	12	31	for	for	SCONJ
fbem-8998	12	32	china	china	PROPN
fbem-8998	12	33	to	to	PART
fbem-8998	12	34	establish	establish	VERB
fbem-8998	12	35	an	an	DET
fbem-8998	12	36	innovative	innovative	ADJ
fbem-8998	12	37	country	country	NOUN
fbem-8998	12	38	,	,	PUNCT
fbem-8998	12	39	while	while	SCONJ
fbem-8998	12	40	science	science	NOUN
fbem-8998	12	41	and	and	CCONJ
fbem-8998	12	42	technology	technology	NOUN
fbem-8998	12	43	innovation	innovation	NOUN
fbem-8998	12	44	is	be	AUX
fbem-8998	12	45	the	the	DET
fbem-8998	12	46	key	key	NOUN
fbem-8998	12	47	for	for	ADP
fbem-8998	12	48	strategic	strategic	ADJ
fbem-8998	12	49	emerging	emerge	VERB
fbem-8998	12	50	industries	industry	NOUN
fbem-8998	12	51	to	to	PART
fbem-8998	12	52	add	add	VERB
fbem-8998	12	53	new	new	ADJ
fbem-8998	12	54	impetus	impetus	NOUN
fbem-8998	12	55	to	to	ADP
fbem-8998	12	56	a	a	DET
fbem-8998	12	57	new	new	ADJ
fbem-8998	12	58	round	round	NOUN
fbem-8998	12	59	of	of	ADP
fbem-8998	12	60	economic	economic	ADJ
fbem-8998	12	61	growth	growth	NOUN
fbem-8998	12	62	.	.	PUNCT
fbem-8998	13	1	under	under	ADP
fbem-8998	13	2	the	the	DET
fbem-8998	13	3	background	background	NOUN
fbem-8998	13	4	of	of	ADP
fbem-8998	13	5	the	the	DET
fbem-8998	13	6	new	new	ADJ
fbem-8998	13	7	normal	normal	ADJ
fbem-8998	13	8	where	where	SCONJ
fbem-8998	13	9	the	the	DET
fbem-8998	13	10	downward	downward	ADJ
fbem-8998	13	11	pressure	pressure	NOUN
fbem-8998	13	12	on	on	ADP
fbem-8998	13	13	china	china	PROPN
fbem-8998	13	14	's	's	PART
fbem-8998	13	15	economic	economic	ADJ
fbem-8998	13	16	development	development	NOUN
fbem-8998	13	17	continues	continue	VERB
fbem-8998	13	18	to	to	PART
fbem-8998	13	19	increase	increase	VERB
fbem-8998	13	20	,	,	PUNCT
fbem-8998	13	21	vigorously	vigorously	ADV
fbem-8998	13	22	developing	develop	VERB
fbem-8998	13	23	strategic	strategic	ADJ
fbem-8998	13	24	new	new	ADJ
fbem-8998	13	25	industries	industry	NOUN
fbem-8998	13	26	is	be	AUX
fbem-8998	13	27	not	not	PART
fbem-8998	13	28	only	only	ADV
fbem-8998	13	29	an	an	DET
fbem-8998	13	30	inevitable	inevitable	ADJ
fbem-8998	13	31	measure	measure	NOUN
fbem-8998	13	32	to	to	PART
fbem-8998	13	33	enhance	enhance	VERB
fbem-8998	13	34	the	the	DET
fbem-8998	13	35	core	core	NOUN
fbem-8998	13	36	competitiveness	competitiveness	NOUN
fbem-8998	13	37	of	of	ADP
fbem-8998	13	38	industries	industry	NOUN
fbem-8998	13	39	and	and	CCONJ
fbem-8998	13	40	promote	promote	VERB
fbem-8998	13	41	the	the	DET
fbem-8998	13	42	transformation	transformation	NOUN
fbem-8998	13	43	and	and	CCONJ
fbem-8998	13	44	upgrading	upgrading	NOUN
fbem-8998	13	45	of	of	ADP
fbem-8998	13	46	industrial	industrial	ADJ
fbem-8998	13	47	structure	structure	NOUN
fbem-8998	13	48	,	,	PUNCT
fbem-8998	13	49	but	but	CCONJ
fbem-8998	13	50	also	also	ADV
fbem-8998	13	51	a	a	DET
fbem-8998	13	52	fundamental	fundamental	ADJ
fbem-8998	13	53	requirement	requirement	NOUN
fbem-8998	13	54	to	to	PART
fbem-8998	13	55	improve	improve	VERB
fbem-8998	13	56	comprehensive	comprehensive	ADJ
fbem-8998	13	57	national	national	ADJ
fbem-8998	13	58	power	power	NOUN
fbem-8998	13	59	and	and	CCONJ
fbem-8998	13	60	establish	establish	VERB
fbem-8998	13	61	an	an	DET
fbem-8998	13	62	innovative	innovative	ADJ
fbem-8998	13	63	country	country	NOUN
fbem-8998	13	64	.	.	PUNCT
fbem-8998	14	1	fiscal	fiscal	ADJ
fbem-8998	14	2	subsidies	subsidy	NOUN
fbem-8998	14	3	and	and	CCONJ
fbem-8998	14	4	tax	tax	NOUN
fbem-8998	14	5	incentives	incentive	NOUN
fbem-8998	14	6	,	,	PUNCT
fbem-8998	14	7	as	as	ADP
fbem-8998	14	8	two	two	NUM
fbem-8998	14	9	major	major	ADJ
fbem-8998	14	10	incentive	incentive	NOUN
fbem-8998	14	11	tools	tool	NOUN
fbem-8998	14	12	of	of	ADP
fbem-8998	14	13	fiscal	fiscal	ADJ
fbem-8998	14	14	policy	policy	NOUN
fbem-8998	14	15	,	,	PUNCT
fbem-8998	14	16	can	can	AUX
fbem-8998	14	17	not	not	PART
fbem-8998	14	18	only	only	ADV
fbem-8998	14	19	directly	directly	ADV
fbem-8998	14	20	affect	affect	VERB
fbem-8998	14	21	enterprises	enterprise	NOUN
fbem-8998	14	22	'	'	PART
fbem-8998	14	23	innovation	innovation	NOUN
fbem-8998	14	24	activities	activity	NOUN
fbem-8998	14	25	,	,	PUNCT
fbem-8998	14	26	but	but	CCONJ
fbem-8998	14	27	also	also	ADV
fbem-8998	14	28	have	have	VERB
fbem-8998	14	29	indirect	indirect	ADJ
fbem-8998	14	30	effects	effect	NOUN
fbem-8998	14	31	on	on	ADP
fbem-8998	14	32	enterprises	enterprise	NOUN
fbem-8998	14	33	'	'	PART
fbem-8998	14	34	innovation	innovation	NOUN
fbem-8998	14	35	activities	activity	NOUN
fbem-8998	14	36	by	by	ADP
fbem-8998	14	37	influencing	influence	VERB
fbem-8998	14	38	innovation	innovation	NOUN
fbem-8998	14	39	inputs	input	NOUN
fbem-8998	14	40	and	and	CCONJ
fbem-8998	14	41	input	input	NOUN
fbem-8998	14	42	structures	structure	NOUN
fbem-8998	14	43	.	.	PUNCT
fbem-8998	15	1	therefore	therefore	ADV
fbem-8998	15	2	,	,	PUNCT
fbem-8998	15	3	it	it	PRON
fbem-8998	15	4	is	be	AUX
fbem-8998	15	5	of	of	ADP
fbem-8998	15	6	great	great	ADJ
fbem-8998	15	7	theoretical	theoretical	ADJ
fbem-8998	15	8	significance	significance	NOUN
fbem-8998	15	9	to	to	PART
fbem-8998	15	10	investigate	investigate	VERB
fbem-8998	15	11	the	the	DET
fbem-8998	15	12	relationship	relationship	NOUN
fbem-8998	15	13	between	between	ADP
fbem-8998	15	14	fiscal	fiscal	ADJ
fbem-8998	15	15	subsidies	subsidy	NOUN
fbem-8998	15	16	,	,	PUNCT
fbem-8998	15	17	tax	tax	NOUN
fbem-8998	15	18	incentives	incentive	NOUN
fbem-8998	15	19	and	and	CCONJ
fbem-8998	15	20	innovation	innovation	NOUN
fbem-8998	15	21	activities	activity	NOUN
fbem-8998	15	22	of	of	ADP
fbem-8998	15	23	strategic	strategic	ADJ
fbem-8998	15	24	emerging	emerge	VERB
fbem-8998	15	25	industries	industry	NOUN
fbem-8998	15	26	.	.	PUNCT
fbem-8998	16	1	scholars	scholar	NOUN
fbem-8998	16	2	have	have	AUX
fbem-8998	16	3	not	not	PART
fbem-8998	16	4	yet	yet	ADV
fbem-8998	16	5	reached	reach	VERB
fbem-8998	16	6	a	a	DET
fbem-8998	16	7	unanimous	unanimous	ADJ
fbem-8998	16	8	conclusion	conclusion	NOUN
fbem-8998	16	9	on	on	ADP
fbem-8998	16	10	whether	whether	SCONJ
fbem-8998	16	11	fiscal	fiscal	ADJ
fbem-8998	16	12	and	and	CCONJ
fbem-8998	16	13	tax	tax	NOUN
fbem-8998	16	14	policies	policy	NOUN
fbem-8998	16	15	are	be	AUX
fbem-8998	16	16	effective	effective	ADJ
fbem-8998	16	17	for	for	SCONJ
fbem-8998	16	18	enterprises	enterprise	NOUN
fbem-8998	16	19	to	to	PART
fbem-8998	16	20	innovate	innovate	VERB
fbem-8998	16	21	on	on	ADP
fbem-8998	16	22	their	their	PRON
fbem-8998	16	23	own	own	ADJ
fbem-8998	16	24	.	.	PUNCT
fbem-8998	17	1	some	some	DET
fbem-8998	17	2	scholars	scholar	NOUN
fbem-8998	17	3	believe	believe	VERB
fbem-8998	17	4	that	that	SCONJ
fbem-8998	17	5	fiscal	fiscal	ADJ
fbem-8998	17	6	and	and	CCONJ
fbem-8998	17	7	tax	tax	NOUN
fbem-8998	17	8	policies	policy	NOUN
fbem-8998	17	9	can	can	AUX
fbem-8998	17	10	motivate	motivate	VERB
fbem-8998	17	11	firms	firm	NOUN
fbem-8998	17	12	to	to	PART
fbem-8998	17	13	innovate	innovate	VERB
fbem-8998	17	14	on	on	ADP
fbem-8998	17	15	their	their	PRON
fbem-8998	17	16	own	own	ADJ
fbem-8998	17	17	.	.	PUNCT
fbem-8998	18	1	for	for	ADP
fbem-8998	18	2	example	example	NOUN
fbem-8998	18	3	,	,	PUNCT
fbem-8998	18	4	howell	howell	PROPN
fbem-8998	18	5	(	(	PUNCT
fbem-8998	18	6	2017	2017	NUM
fbem-8998	18	7	)	)	PUNCT
fbem-8998	18	8	studied	study	VERB
fbem-8998	18	9	the	the	DET
fbem-8998	18	10	effect	effect	NOUN
fbem-8998	18	11	of	of	ADP
fbem-8998	18	12	the	the	DET
fbem-8998	18	13	implementation	implementation	NOUN
fbem-8998	18	14	of	of	ADP
fbem-8998	18	15	the	the	DET
fbem-8998	18	16	small	small	ADJ
fbem-8998	18	17	business	business	NOUN
fbem-8998	18	18	r&d	r&d	NOUN
fbem-8998	18	19	innovation	innovation	NOUN
fbem-8998	18	20	subsidy	subsidy	NOUN
fbem-8998	18	21	program	program	NOUN
fbem-8998	18	22	(	(	PUNCT
fbem-8998	18	23	sbir	sbir	NOUN
fbem-8998	18	24	)	)	PUNCT
fbem-8998	18	25	in	in	ADP
fbem-8998	18	26	the	the	DET
fbem-8998	18	27	us	we	PRON
fbem-8998	18	28	using	use	VERB
fbem-8998	18	29	a	a	DET
fbem-8998	18	30	breakpoint	breakpoint	NOUN
fbem-8998	18	31	regression	regression	NOUN
fbem-8998	18	32	method	method	NOUN
fbem-8998	18	33	and	and	CCONJ
fbem-8998	18	34	found	find	VERB
fbem-8998	18	35	that	that	SCONJ
fbem-8998	18	36	fiscal	fiscal	ADJ
fbem-8998	18	37	subsidies	subsidy	NOUN
fbem-8998	18	38	promoted	promote	VERB
fbem-8998	18	39	firms	firm	NOUN
fbem-8998	18	40	'	'	PART
fbem-8998	18	41	innovation	innovation	NOUN
fbem-8998	18	42	output	output	NOUN
fbem-8998	18	43	,	,	PUNCT
fbem-8998	18	44	as	as	SCONJ
fbem-8998	18	45	evidenced	evidence	VERB
fbem-8998	18	46	by	by	ADP
fbem-8998	18	47	an	an	DET
fbem-8998	18	48	increase	increase	NOUN
fbem-8998	18	49	in	in	ADP
fbem-8998	18	50	highquality	highquality	NOUN
fbem-8998	18	51	patents	patent	NOUN
fbem-8998	18	52	and	and	CCONJ
fbem-8998	18	53	growth	growth	NOUN
fbem-8998	18	54	in	in	ADP
fbem-8998	18	55	business	business	NOUN
fbem-8998	18	56	revenue	revenue	NOUN
fbem-8998	18	57	.	.	PUNCT
fbem-8998	19	1	domestic	domestic	ADJ
fbem-8998	19	2	scholars	scholar	NOUN
fbem-8998	19	3	such	such	ADJ
fbem-8998	19	4	as	as	ADP
fbem-8998	19	5	chu	chu	PROPN
fbem-8998	19	6	deyin	deyin	PROPN
fbem-8998	19	7	et	et	PROPN
fbem-8998	19	8	al	al	PROPN
fbem-8998	19	9	.	.	PUNCT
fbem-8998	20	1	(	(	PUNCT
fbem-8998	20	2	2016	2016	NUM
fbem-8998	20	3	)	)	PUNCT
fbem-8998	20	4	found	find	VERB
fbem-8998	20	5	that	that	SCONJ
fbem-8998	20	6	fiscal	fiscal	ADJ
fbem-8998	20	7	subsidies	subsidy	NOUN
fbem-8998	20	8	and	and	CCONJ
fbem-8998	20	9	tax	tax	NOUN
fbem-8998	20	10	incentives	incentive	NOUN
fbem-8998	20	11	had	have	VERB
fbem-8998	20	12	a	a	DET
fbem-8998	20	13	positive	positive	ADJ
fbem-8998	20	14	incentive	incentive	NOUN
fbem-8998	20	15	effect	effect	NOUN
fbem-8998	20	16	on	on	ADP
fbem-8998	20	17	innovation	innovation	NOUN
fbem-8998	20	18	investment	investment	NOUN
fbem-8998	20	19	in	in	ADP
fbem-8998	20	20	strategic	strategic	ADJ
fbem-8998	20	21	emerging	emerge	VERB
fbem-8998	20	22	industries	industry	NOUN
fbem-8998	20	23	,	,	PUNCT
fbem-8998	20	24	but	but	CCONJ
fbem-8998	20	25	the	the	DET
fbem-8998	20	26	incentive	incentive	NOUN
fbem-8998	20	27	effect	effect	NOUN
fbem-8998	20	28	on	on	ADP
fbem-8998	20	29	enterprise	enterprise	NOUN
fbem-8998	20	30	r&d	r&d	NOUN
fbem-8998	20	31	expenditure	expenditure	NOUN
fbem-8998	20	32	investment	investment	NOUN
fbem-8998	20	33	was	be	AUX
fbem-8998	20	34	better	well	ADJ
fbem-8998	20	35	than	than	ADP
fbem-8998	20	36	that	that	PRON
fbem-8998	20	37	of	of	ADP
fbem-8998	20	38	human	human	ADJ
fbem-8998	20	39	capital	capital	NOUN
fbem-8998	20	40	investment	investment	NOUN
fbem-8998	20	41	.	.	PUNCT
fbem-8998	21	1	yao	yao	PROPN
fbem-8998	21	2	,	,	PUNCT
fbem-8998	21	3	linxiang	linxiang	NOUN
fbem-8998	21	4	and	and	CCONJ
fbem-8998	21	5	leng	leng	PROPN
fbem-8998	21	6	,	,	PUNCT
fbem-8998	21	7	nermin	nermin	PROPN
fbem-8998	21	8	(	(	PUNCT
fbem-8998	21	9	2018	2018	NUM
fbem-8998	21	10	)	)	PUNCT
fbem-8998	21	11	found	find	VERB
fbem-8998	21	12	that	that	SCONJ
fbem-8998	21	13	tax	tax	NOUN
fbem-8998	21	14	incentives	incentive	NOUN
fbem-8998	21	15	not	not	PART
fbem-8998	21	16	only	only	ADV
fbem-8998	21	17	significantly	significantly	ADV
fbem-8998	21	18	stimulated	stimulate	VERB
fbem-8998	21	19	corporate	corporate	ADJ
fbem-8998	21	20	innovation	innovation	NOUN
fbem-8998	21	21	,	,	PUNCT
fbem-8998	21	22	but	but	CCONJ
fbem-8998	21	23	also	also	ADV
fbem-8998	21	24	indirectly	indirectly	ADV
fbem-8998	21	25	stimulated	stimulate	VERB
fbem-8998	21	26	corporate	corporate	ADJ
fbem-8998	21	27	innovation	innovation	NOUN
fbem-8998	21	28	by	by	ADP
fbem-8998	21	29	significantly	significantly	ADV
fbem-8998	21	30	increasing	increase	VERB
fbem-8998	21	31	corporate	corporate	ADJ
fbem-8998	21	32	r&d	r&d	NOUN
fbem-8998	21	33	funds	fund	NOUN
fbem-8998	21	34	63	63	NUM
fbem-8998	21	35	and	and	CCONJ
fbem-8998	21	36	r&d	r&d	NOUN
fbem-8998	21	37	personnel	personnel	NOUN
fbem-8998	21	38	,	,	PUNCT
fbem-8998	21	39	while	while	SCONJ
fbem-8998	21	40	fiscal	fiscal	ADJ
fbem-8998	21	41	subsidy	subsidy	NOUN
fbem-8998	21	42	policies	policy	NOUN
fbem-8998	21	43	significantly	significantly	ADV
fbem-8998	21	44	inhibited	inhibit	VERB
fbem-8998	21	45	corporate	corporate	ADJ
fbem-8998	21	46	innovation	innovation	NOUN
fbem-8998	21	47	,	,	PUNCT
fbem-8998	21	48	but	but	CCONJ
fbem-8998	21	49	indirectly	indirectly	ADV
fbem-8998	21	50	stimulated	stimulate	VERB
fbem-8998	21	51	corporate	corporate	ADJ
fbem-8998	21	52	innovation	innovation	NOUN
fbem-8998	21	53	by	by	ADP
fbem-8998	21	54	significantly	significantly	ADV
fbem-8998	21	55	increasing	increase	VERB
fbem-8998	21	56	corporate	corporate	ADJ
fbem-8998	21	57	r&d	r&d	NOUN
fbem-8998	21	58	funds	fund	NOUN
fbem-8998	21	59	.	.	PUNCT
fbem-8998	22	1	wang	wang	PROPN
fbem-8998	22	2	yanchao	yanchao	PROPN
fbem-8998	22	3	et	et	PROPN
fbem-8998	22	4	al	al	PROPN
fbem-8998	22	5	.	.	PROPN
fbem-8998	23	1	(	(	PUNCT
fbem-8998	23	2	2019	2019	NUM
fbem-8998	23	3	)	)	PUNCT
fbem-8998	23	4	found	find	VERB
fbem-8998	23	5	that	that	SCONJ
fbem-8998	23	6	measures	measure	NOUN
fbem-8998	23	7	such	such	ADJ
fbem-8998	23	8	as	as	ADP
fbem-8998	23	9	tax	tax	NOUN
fbem-8998	23	10	incentives	incentive	NOUN
fbem-8998	23	11	and	and	CCONJ
fbem-8998	23	12	fiscal	fiscal	ADJ
fbem-8998	23	13	subsidies	subsidy	NOUN
fbem-8998	23	14	are	be	AUX
fbem-8998	23	15	conducive	conducive	ADJ
fbem-8998	23	16	to	to	ADP
fbem-8998	23	17	promoting	promote	VERB
fbem-8998	23	18	and	and	CCONJ
fbem-8998	23	19	increasing	increase	VERB
fbem-8998	23	20	the	the	DET
fbem-8998	23	21	level	level	NOUN
fbem-8998	23	22	of	of	ADP
fbem-8998	23	23	enterprise	enterprise	NOUN
fbem-8998	23	24	innovation	innovation	NOUN
fbem-8998	23	25	investment	investment	NOUN
fbem-8998	23	26	,	,	PUNCT
fbem-8998	23	27	but	but	CCONJ
fbem-8998	23	28	the	the	DET
fbem-8998	23	29	incentive	incentive	NOUN
fbem-8998	23	30	effects	effect	NOUN
fbem-8998	23	31	vary	vary	VERB
fbem-8998	23	32	significantly	significantly	ADV
fbem-8998	23	33	for	for	ADP
fbem-8998	23	34	enterprises	enterprise	NOUN
fbem-8998	23	35	in	in	ADP
fbem-8998	23	36	different	different	ADJ
fbem-8998	23	37	industries	industry	NOUN
fbem-8998	23	38	and	and	CCONJ
fbem-8998	23	39	with	with	ADP
fbem-8998	23	40	different	different	ADJ
fbem-8998	23	41	property	property	NOUN
fbem-8998	23	42	rights	right	NOUN
fbem-8998	23	43	properties	property	NOUN
fbem-8998	23	44	.	.	PUNCT
fbem-8998	24	1	tax	tax	NOUN
fbem-8998	24	2	incentives	incentive	NOUN
fbem-8998	24	3	and	and	CCONJ
fbem-8998	24	4	fiscal	fiscal	ADJ
fbem-8998	24	5	subsidies	subsidy	NOUN
fbem-8998	24	6	are	be	AUX
fbem-8998	24	7	effective	effective	ADJ
fbem-8998	24	8	in	in	ADP
fbem-8998	24	9	promoting	promote	VERB
fbem-8998	24	10	innovation	innovation	NOUN
fbem-8998	24	11	in	in	ADP
fbem-8998	24	12	private	private	ADJ
fbem-8998	24	13	enterprises	enterprise	NOUN
fbem-8998	24	14	,	,	PUNCT
fbem-8998	24	15	and	and	CCONJ
fbem-8998	24	16	the	the	DET
fbem-8998	24	17	incentive	incentive	NOUN
fbem-8998	24	18	effect	effect	NOUN
fbem-8998	24	19	is	be	AUX
fbem-8998	24	20	more	more	ADV
fbem-8998	24	21	significant	significant	ADJ
fbem-8998	24	22	for	for	ADP
fbem-8998	24	23	some	some	DET
fbem-8998	24	24	tax	tax	NOUN
fbem-8998	24	25	-	-	PUNCT
fbem-8998	24	26	sensitive	sensitive	ADJ
fbem-8998	24	27	industries	industry	NOUN
fbem-8998	24	28	.	.	PUNCT
fbem-8998	25	1	however	however	ADV
fbem-8998	25	2	,	,	PUNCT
fbem-8998	25	3	some	some	DET
fbem-8998	25	4	scholars	scholar	NOUN
fbem-8998	25	5	also	also	ADV
fbem-8998	25	6	argue	argue	VERB
fbem-8998	25	7	that	that	SCONJ
fbem-8998	25	8	fiscal	fiscal	ADJ
fbem-8998	25	9	policies	policy	NOUN
fbem-8998	25	10	may	may	AUX
fbem-8998	25	11	inhibit	inhibit	VERB
fbem-8998	25	12	firms	firm	NOUN
fbem-8998	25	13	'	'	PART
fbem-8998	25	14	independent	independent	ADJ
fbem-8998	25	15	innovation	innovation	NOUN
fbem-8998	25	16	.	.	PUNCT
fbem-8998	26	1	for	for	ADP
fbem-8998	26	2	example	example	NOUN
fbem-8998	26	3	,	,	PUNCT
fbem-8998	26	4	boeing	boeing	PROPN
fbem-8998	26	5	(	(	PUNCT
fbem-8998	26	6	2016	2016	NUM
fbem-8998	26	7	)	)	PUNCT
fbem-8998	26	8	studied	study	VERB
fbem-8998	26	9	the	the	DET
fbem-8998	26	10	effect	effect	NOUN
fbem-8998	26	11	of	of	ADP
fbem-8998	26	12	subsidies	subsidy	NOUN
fbem-8998	26	13	on	on	ADP
fbem-8998	26	14	chinese	chinese	ADJ
fbem-8998	26	15	firms	firm	NOUN
fbem-8998	26	16	'	'	PART
fbem-8998	26	17	r&d	r&d	NOUN
fbem-8998	26	18	policies	policy	NOUN
fbem-8998	26	19	from	from	ADP
fbem-8998	26	20	2001	2001	NUM
fbem-8998	26	21	-	-	SYM
fbem-8998	26	22	2006	2006	NUM
fbem-8998	26	23	and	and	CCONJ
fbem-8998	26	24	found	find	VERB
fbem-8998	26	25	that	that	SCONJ
fbem-8998	26	26	fiscal	fiscal	ADJ
fbem-8998	26	27	subsidies	subsidy	NOUN
fbem-8998	26	28	crowded	crowd	VERB
fbem-8998	26	29	out	out	ADP
fbem-8998	26	30	r&d	r&d	NOUN
fbem-8998	26	31	investment	investment	NOUN
fbem-8998	26	32	in	in	ADP
fbem-8998	26	33	the	the	DET
fbem-8998	26	34	short	short	ADJ
fbem-8998	26	35	term	term	NOUN
fbem-8998	26	36	and	and	CCONJ
fbem-8998	26	37	had	have	VERB
fbem-8998	26	38	no	no	DET
fbem-8998	26	39	effect	effect	NOUN
fbem-8998	26	40	on	on	ADP
fbem-8998	26	41	firms	firm	NOUN
fbem-8998	26	42	'	'	PART
fbem-8998	26	43	r&d	r&d	NOUN
fbem-8998	26	44	investment	investment	NOUN
fbem-8998	26	45	in	in	ADP
fbem-8998	26	46	the	the	DET
fbem-8998	26	47	long	long	ADJ
fbem-8998	26	48	term	term	NOUN
fbem-8998	26	49	.	.	PUNCT
fbem-8998	27	1	zhao	zhao	PROPN
fbem-8998	27	2	yulin	yulin	PROPN
fbem-8998	27	3	and	and	CCONJ
fbem-8998	27	4	gu	gu	NOUN
fbem-8998	27	5	junjian	junjian	ADJ
fbem-8998	27	6	(	(	PUNCT
fbem-8998	27	7	2018	2018	NUM
fbem-8998	27	8	)	)	PUNCT
fbem-8998	27	9	argue	argue	VERB
fbem-8998	27	10	that	that	SCONJ
fbem-8998	27	11	there	there	PRON
fbem-8998	27	12	is	be	VERB
fbem-8998	27	13	a	a	DET
fbem-8998	27	14	structural	structural	ADJ
fbem-8998	27	15	bias	bias	NOUN
fbem-8998	27	16	between	between	ADP
fbem-8998	27	17	the	the	DET
fbem-8998	27	18	current	current	ADJ
fbem-8998	27	19	tendency	tendency	NOUN
fbem-8998	27	20	of	of	ADP
fbem-8998	27	21	government	government	NOUN
fbem-8998	27	22	subsidy	subsidy	NOUN
fbem-8998	27	23	allocation	allocation	NOUN
fbem-8998	27	24	and	and	CCONJ
fbem-8998	27	25	innovation	innovation	NOUN
fbem-8998	27	26	incentives	incentive	NOUN
fbem-8998	27	27	,	,	PUNCT
fbem-8998	27	28	with	with	ADP
fbem-8998	27	29	no	no	DET
fbem-8998	27	30	overall	overall	ADJ
fbem-8998	27	31	incentive	incentive	NOUN
fbem-8998	27	32	effect	effect	NOUN
fbem-8998	27	33	on	on	ADP
fbem-8998	27	34	corporate	corporate	ADJ
fbem-8998	27	35	r&d	r&d	NOUN
fbem-8998	27	36	investment	investment	NOUN
fbem-8998	27	37	.	.	PUNCT
fbem-8998	28	1	yang	yang	PROPN
fbem-8998	28	2	guochao	guochao	PROPN
fbem-8998	28	3	et	et	PROPN
fbem-8998	28	4	al	al	PROPN
fbem-8998	28	5	.	.	PROPN
fbem-8998	29	1	(	(	PUNCT
fbem-8998	29	2	2017	2017	NUM
fbem-8998	29	3	)	)	PUNCT
fbem-8998	29	4	found	find	VERB
fbem-8998	29	5	that	that	SCONJ
fbem-8998	29	6	the	the	DET
fbem-8998	29	7	"	"	PUNCT
fbem-8998	29	8	one	one	NUM
fbem-8998	29	9	-	-	PUNCT
fbem-8998	29	10	size	size	NOUN
fbem-8998	29	11	-	-	PUNCT
fbem-8998	29	12	fits	fit	VERB
fbem-8998	29	13	-	-	PUNCT
fbem-8998	29	14	all	all	PRON
fbem-8998	29	15	"	"	PUNCT
fbem-8998	29	16	microscopic	microscopic	ADJ
fbem-8998	29	17	recognition	recognition	NOUN
fbem-8998	29	18	threshold	threshold	NOUN
fbem-8998	29	19	of	of	ADP
fbem-8998	29	20	the	the	DET
fbem-8998	29	21	ratio	ratio	NOUN
fbem-8998	29	22	of	of	ADP
fbem-8998	29	23	r&d	r&d	NOUN
fbem-8998	29	24	investment	investment	NOUN
fbem-8998	29	25	to	to	ADP
fbem-8998	29	26	sales	sale	NOUN
fbem-8998	29	27	revenue	revenue	NOUN
fbem-8998	29	28	as	as	SCONJ
fbem-8998	29	29	determined	determine	VERB
fbem-8998	29	30	by	by	ADP
fbem-8998	29	31	the	the	DET
fbem-8998	29	32	"	"	PUNCT
fbem-8998	29	33	management	management	NOUN
fbem-8998	29	34	method	method	NOUN
fbem-8998	29	35	for	for	ADP
fbem-8998	29	36	the	the	DET
fbem-8998	29	37	recognition	recognition	NOUN
fbem-8998	29	38	of	of	ADP
fbem-8998	29	39	high	high	ADJ
fbem-8998	29	40	-	-	PUNCT
fbem-8998	29	41	tech	tech	NOUN
fbem-8998	29	42	enterprises	enterprise	NOUN
fbem-8998	29	43	"	"	PUNCT
fbem-8998	29	44	has	have	AUX
fbem-8998	29	45	led	lead	VERB
fbem-8998	29	46	to	to	ADP
fbem-8998	29	47	manipulation	manipulation	NOUN
fbem-8998	29	48	of	of	ADP
fbem-8998	29	49	r&d	r&d	NOUN
fbem-8998	29	50	behaviour	behaviour	NOUN
fbem-8998	29	51	in	in	ADP
fbem-8998	29	52	order	order	NOUN
fbem-8998	29	53	to	to	PART
fbem-8998	29	54	obtain	obtain	VERB
fbem-8998	29	55	more	more	ADJ
fbem-8998	29	56	tax	tax	NOUN
fbem-8998	29	57	incentives	incentive	NOUN
fbem-8998	29	58	and	and	CCONJ
fbem-8998	29	59	fiscal	fiscal	ADJ
fbem-8998	29	60	subsidies	subsidy	NOUN
fbem-8998	29	61	,	,	PUNCT
fbem-8998	29	62	ultimately	ultimately	ADV
fbem-8998	29	63	leading	lead	VERB
fbem-8998	29	64	to	to	ADP
fbem-8998	29	65	a	a	DET
fbem-8998	29	66	decline	decline	NOUN
fbem-8998	29	67	in	in	ADP
fbem-8998	29	68	r&d	r&d	NOUN
fbem-8998	29	69	performance	performance	NOUN
fbem-8998	29	70	.	.	PUNCT
fbem-8998	30	1	as	as	SCONJ
fbem-8998	30	2	can	can	AUX
fbem-8998	30	3	be	be	AUX
fbem-8998	30	4	seen	see	VERB
fbem-8998	30	5	from	from	ADP
fbem-8998	30	6	the	the	DET
fbem-8998	30	7	above	above	NOUN
fbem-8998	30	8	,	,	PUNCT
fbem-8998	30	9	scholars	scholar	NOUN
fbem-8998	30	10	at	at	ADP
fbem-8998	30	11	home	home	ADV
fbem-8998	30	12	and	and	CCONJ
fbem-8998	30	13	abroad	abroad	ADV
fbem-8998	30	14	have	have	AUX
fbem-8998	30	15	conducted	conduct	VERB
fbem-8998	30	16	a	a	DET
fbem-8998	30	17	lot	lot	NOUN
fbem-8998	30	18	of	of	ADP
fbem-8998	30	19	useful	useful	ADJ
fbem-8998	30	20	researches	research	NOUN
fbem-8998	30	21	on	on	ADP
fbem-8998	30	22	the	the	DET
fbem-8998	30	23	impact	impact	NOUN
fbem-8998	30	24	of	of	ADP
fbem-8998	30	25	fiscal	fiscal	ADJ
fbem-8998	30	26	policies	policy	NOUN
fbem-8998	30	27	such	such	ADJ
fbem-8998	30	28	as	as	ADP
fbem-8998	30	29	fiscal	fiscal	ADJ
fbem-8998	30	30	subsidies	subsidy	NOUN
fbem-8998	30	31	and	and	CCONJ
fbem-8998	30	32	tax	tax	NOUN
fbem-8998	30	33	concessions	concession	NOUN
fbem-8998	30	34	on	on	ADP
fbem-8998	30	35	the	the	DET
fbem-8998	30	36	innovation	innovation	NOUN
fbem-8998	30	37	activities	activity	NOUN
fbem-8998	30	38	of	of	ADP
fbem-8998	30	39	strategic	strategic	ADJ
fbem-8998	30	40	emerging	emerge	VERB
fbem-8998	30	41	industries	industry	NOUN
fbem-8998	30	42	,	,	PUNCT
fbem-8998	30	43	some	some	PRON
fbem-8998	30	44	of	of	ADP
fbem-8998	30	45	them	they	PRON
fbem-8998	30	46	have	have	AUX
fbem-8998	30	47	studied	study	VERB
fbem-8998	30	48	the	the	DET
fbem-8998	30	49	paths	path	NOUN
fbem-8998	30	50	and	and	CCONJ
fbem-8998	30	51	effects	effect	NOUN
fbem-8998	30	52	of	of	ADP
fbem-8998	30	53	fiscal	fiscal	ADJ
fbem-8998	30	54	subsidies	subsidy	NOUN
fbem-8998	30	55	and	and	CCONJ
fbem-8998	30	56	tax	tax	NOUN
fbem-8998	30	57	concessions	concession	NOUN
fbem-8998	30	58	on	on	ADP
fbem-8998	30	59	the	the	DET
fbem-8998	30	60	innovation	innovation	NOUN
fbem-8998	30	61	activities	activity	NOUN
fbem-8998	30	62	of	of	ADP
fbem-8998	30	63	strategic	strategic	ADJ
fbem-8998	30	64	emerging	emerge	VERB
fbem-8998	30	65	industries	industry	NOUN
fbem-8998	30	66	separately	separately	ADV
fbem-8998	30	67	,	,	PUNCT
fbem-8998	30	68	while	while	SCONJ
fbem-8998	30	69	others	other	NOUN
fbem-8998	30	70	have	have	AUX
fbem-8998	30	71	incorporated	incorporate	VERB
fbem-8998	30	72	fiscal	fiscal	ADJ
fbem-8998	30	73	subsidies	subsidy	NOUN
fbem-8998	30	74	and	and	CCONJ
fbem-8998	30	75	tax	tax	NOUN
fbem-8998	30	76	concessions	concession	NOUN
fbem-8998	30	77	into	into	ADP
fbem-8998	30	78	a	a	DET
fbem-8998	30	79	framework	framework	NOUN
fbem-8998	30	80	system	system	NOUN
fbem-8998	30	81	to	to	PART
fbem-8998	30	82	analyze	analyze	VERB
fbem-8998	30	83	the	the	DET
fbem-8998	30	84	paths	path	NOUN
fbem-8998	30	85	and	and	CCONJ
fbem-8998	30	86	effects	effect	NOUN
fbem-8998	30	87	on	on	ADP
fbem-8998	30	88	the	the	DET
fbem-8998	30	89	innovation	innovation	NOUN
fbem-8998	30	90	activities	activity	NOUN
fbem-8998	30	91	of	of	ADP
fbem-8998	30	92	strategic	strategic	ADJ
fbem-8998	30	93	emerging	emerge	VERB
fbem-8998	30	94	industries	industry	NOUN
fbem-8998	30	95	.	.	PUNCT
fbem-8998	31	1	however	however	ADV
fbem-8998	31	2	,	,	PUNCT
fbem-8998	31	3	their	their	PRON
fbem-8998	31	4	effects	effect	NOUN
fbem-8998	31	5	are	be	AUX
fbem-8998	31	6	still	still	ADV
fbem-8998	31	7	controversial	controversial	ADJ
fbem-8998	31	8	and	and	CCONJ
fbem-8998	31	9	no	no	DET
fbem-8998	31	10	uniform	uniform	ADJ
fbem-8998	31	11	conclusion	conclusion	NOUN
fbem-8998	31	12	has	have	AUX
fbem-8998	31	13	been	be	AUX
fbem-8998	31	14	reached	reach	VERB
fbem-8998	31	15	.	.	PUNCT
fbem-8998	32	1	specifically	specifically	ADV
fbem-8998	32	2	,	,	PUNCT
fbem-8998	32	3	the	the	DET
fbem-8998	32	4	existing	exist	VERB
fbem-8998	32	5	studies	study	NOUN
fbem-8998	32	6	may	may	AUX
fbem-8998	32	7	have	have	VERB
fbem-8998	32	8	the	the	DET
fbem-8998	32	9	following	follow	VERB
fbem-8998	32	10	shortcomings	shortcoming	NOUN
fbem-8998	32	11	:	:	PUNCT
fbem-8998	32	12	firstly	firstly	ADV
fbem-8998	32	13	,	,	PUNCT
fbem-8998	32	14	most	most	ADJ
fbem-8998	32	15	of	of	ADP
fbem-8998	32	16	the	the	DET
fbem-8998	32	17	existing	exist	VERB
fbem-8998	32	18	studies	study	NOUN
fbem-8998	32	19	use	use	VERB
fbem-8998	32	20	indicators	indicator	NOUN
fbem-8998	32	21	such	such	ADJ
fbem-8998	32	22	as	as	ADP
fbem-8998	32	23	enterprise	enterprise	NOUN
fbem-8998	32	24	r&d	r&d	NOUN
fbem-8998	32	25	investment	investment	NOUN
fbem-8998	32	26	,	,	PUNCT
fbem-8998	32	27	human	human	ADJ
fbem-8998	32	28	capital	capital	NOUN
fbem-8998	32	29	investment	investment	NOUN
fbem-8998	32	30	and	and	CCONJ
fbem-8998	32	31	enterprise	enterprise	NOUN
fbem-8998	32	32	patent	patent	NOUN
fbem-8998	32	33	output	output	NOUN
fbem-8998	32	34	to	to	PART
fbem-8998	32	35	measure	measure	VERB
fbem-8998	32	36	the	the	DET
fbem-8998	32	37	innovation	innovation	NOUN
fbem-8998	32	38	activities	activity	NOUN
fbem-8998	32	39	of	of	ADP
fbem-8998	32	40	strategic	strategic	ADJ
fbem-8998	32	41	emerging	emerge	VERB
fbem-8998	32	42	industries	industry	NOUN
fbem-8998	32	43	,	,	PUNCT
fbem-8998	32	44	but	but	CCONJ
fbem-8998	32	45	there	there	PRON
fbem-8998	32	46	is	be	VERB
fbem-8998	32	47	less	less	ADJ
fbem-8998	32	48	literature	literature	NOUN
fbem-8998	32	49	on	on	ADP
fbem-8998	32	50	the	the	DET
fbem-8998	32	51	measurement	measurement	NOUN
fbem-8998	32	52	of	of	ADP
fbem-8998	32	53	indicators	indicator	NOUN
fbem-8998	32	54	of	of	ADP
fbem-8998	32	55	high	high	ADJ
fbem-8998	32	56	-	-	PUNCT
fbem-8998	32	57	quality	quality	NOUN
fbem-8998	32	58	development	development	NOUN
fbem-8998	32	59	of	of	ADP
fbem-8998	32	60	strategic	strategic	ADJ
fbem-8998	32	61	emerging	emerge	VERB
fbem-8998	32	62	industries	industry	NOUN
fbem-8998	32	63	,	,	PUNCT
fbem-8998	32	64	and	and	CCONJ
fbem-8998	32	65	the	the	DET
fbem-8998	32	66	literature	literature	NOUN
fbem-8998	32	67	on	on	ADP
fbem-8998	32	68	the	the	DET
fbem-8998	32	69	impact	impact	NOUN
fbem-8998	32	70	of	of	ADP
fbem-8998	32	71	fiscal	fiscal	ADJ
fbem-8998	32	72	policies	policy	NOUN
fbem-8998	32	73	such	such	ADJ
fbem-8998	32	74	as	as	ADP
fbem-8998	32	75	fiscal	fiscal	ADJ
fbem-8998	32	76	subsidies	subsidy	NOUN
fbem-8998	32	77	and	and	CCONJ
fbem-8998	32	78	tax	tax	NOUN
fbem-8998	32	79	relief	relief	NOUN
fbem-8998	32	80	on	on	ADP
fbem-8998	32	81	the	the	DET
fbem-8998	32	82	high	high	ADJ
fbem-8998	32	83	-	-	PUNCT
fbem-8998	32	84	quality	quality	NOUN
fbem-8998	32	85	development	development	NOUN
fbem-8998	32	86	of	of	ADP
fbem-8998	32	87	strategic	strategic	ADJ
fbem-8998	32	88	emerging	emerge	VERB
fbem-8998	32	89	industries	industry	NOUN
fbem-8998	32	90	is	be	AUX
fbem-8998	32	91	even	even	ADV
fbem-8998	32	92	more	more	ADV
fbem-8998	32	93	scarce	scarce	ADJ
fbem-8998	32	94	.	.	PUNCT
fbem-8998	33	1	secondly	secondly	ADV
fbem-8998	33	2	,	,	PUNCT
fbem-8998	33	3	most	most	ADJ
fbem-8998	33	4	of	of	ADP
fbem-8998	33	5	the	the	DET
fbem-8998	33	6	existing	exist	VERB
fbem-8998	33	7	studies	study	NOUN
fbem-8998	33	8	are	be	AUX
fbem-8998	33	9	limited	limit	VERB
fbem-8998	33	10	to	to	ADP
fbem-8998	33	11	evaluating	evaluate	VERB
fbem-8998	33	12	the	the	DET
fbem-8998	33	13	incentive	incentive	NOUN
fbem-8998	33	14	effect	effect	NOUN
fbem-8998	33	15	of	of	ADP
fbem-8998	33	16	fiscal	fiscal	ADJ
fbem-8998	33	17	policies	policy	NOUN
fbem-8998	33	18	such	such	ADJ
fbem-8998	33	19	as	as	ADP
fbem-8998	33	20	fiscal	fiscal	ADJ
fbem-8998	33	21	subsidies	subsidy	NOUN
fbem-8998	33	22	and	and	CCONJ
fbem-8998	33	23	tax	tax	NOUN
fbem-8998	33	24	and	and	CCONJ
fbem-8998	33	25	fee	fee	NOUN
fbem-8998	33	26	reductions	reduction	NOUN
fbem-8998	33	27	on	on	ADP
fbem-8998	33	28	the	the	DET
fbem-8998	33	29	policy	policy	NOUN
fbem-8998	33	30	objectives	objective	NOUN
fbem-8998	33	31	of	of	ADP
fbem-8998	33	32	strategic	strategic	ADJ
fbem-8998	33	33	and	and	CCONJ
fbem-8998	33	34	emerging	emerge	VERB
fbem-8998	33	35	industries	industry	NOUN
fbem-8998	33	36	at	at	ADP
fbem-8998	33	37	a	a	DET
fbem-8998	33	38	certain	certain	ADJ
fbem-8998	33	39	stage	stage	NOUN
fbem-8998	33	40	,	,	PUNCT
fbem-8998	33	41	so	so	SCONJ
fbem-8998	33	42	that	that	SCONJ
fbem-8998	33	43	it	it	PRON
fbem-8998	33	44	is	be	AUX
fbem-8998	33	45	difficult	difficult	ADJ
fbem-8998	33	46	to	to	PART
fbem-8998	33	47	explain	explain	VERB
fbem-8998	33	48	whether	whether	SCONJ
fbem-8998	33	49	the	the	DET
fbem-8998	33	50	existing	exist	VERB
fbem-8998	33	51	fiscal	fiscal	ADJ
fbem-8998	33	52	policies	policy	NOUN
fbem-8998	33	53	are	be	AUX
fbem-8998	33	54	really	really	ADV
fbem-8998	33	55	effective	effective	ADJ
fbem-8998	33	56	in	in	ADP
fbem-8998	33	57	promoting	promote	VERB
fbem-8998	33	58	the	the	DET
fbem-8998	33	59	high	high	ADJ
fbem-8998	33	60	-	-	PUNCT
fbem-8998	33	61	quality	quality	NOUN
fbem-8998	33	62	development	development	NOUN
fbem-8998	33	63	of	of	ADP
fbem-8998	33	64	strategic	strategic	ADJ
fbem-8998	33	65	and	and	CCONJ
fbem-8998	33	66	emerging	emerge	VERB
fbem-8998	33	67	industries	industry	NOUN
fbem-8998	33	68	.	.	PUNCT
fbem-8998	34	1	based	base	VERB
fbem-8998	34	2	on	on	ADP
fbem-8998	34	3	this	this	PRON
fbem-8998	34	4	,	,	PUNCT
fbem-8998	34	5	the	the	DET
fbem-8998	34	6	possible	possible	ADJ
fbem-8998	34	7	innovations	innovation	NOUN
fbem-8998	34	8	of	of	ADP
fbem-8998	34	9	this	this	DET
fbem-8998	34	10	paper	paper	NOUN
fbem-8998	34	11	are	be	AUX
fbem-8998	34	12	:	:	PUNCT
fbem-8998	34	13	firstly	firstly	ADV
fbem-8998	34	14	,	,	PUNCT
fbem-8998	34	15	to	to	PART
fbem-8998	34	16	use	use	VERB
fbem-8998	34	17	total	total	ADJ
fbem-8998	34	18	factor	factor	NOUN
fbem-8998	34	19	productivity	productivity	NOUN
fbem-8998	34	20	of	of	ADP
fbem-8998	34	21	enterprises	enterprise	NOUN
fbem-8998	34	22	as	as	ADP
fbem-8998	34	23	an	an	DET
fbem-8998	34	24	indicator	indicator	NOUN
fbem-8998	34	25	to	to	PART
fbem-8998	34	26	measure	measure	VERB
fbem-8998	34	27	the	the	DET
fbem-8998	34	28	high	high	ADJ
fbem-8998	34	29	-	-	PUNCT
fbem-8998	34	30	quality	quality	NOUN
fbem-8998	34	31	development	development	NOUN
fbem-8998	34	32	of	of	ADP
fbem-8998	34	33	strategic	strategic	ADJ
fbem-8998	34	34	emerging	emerge	VERB
fbem-8998	34	35	industries	industry	NOUN
fbem-8998	34	36	,	,	PUNCT
fbem-8998	34	37	to	to	PART
fbem-8998	34	38	use	use	VERB
fbem-8998	34	39	the	the	DET
fbem-8998	34	40	op	op	NOUN
fbem-8998	34	41	and	and	CCONJ
fbem-8998	34	42	lp	lp	NOUN
fbem-8998	34	43	method	method	NOUN
fbem-8998	34	44	to	to	PART
fbem-8998	34	45	comprehensively	comprehensively	ADV
fbem-8998	34	46	measure	measure	VERB
fbem-8998	34	47	the	the	DET
fbem-8998	34	48	current	current	ADJ
fbem-8998	34	49	situation	situation	NOUN
fbem-8998	34	50	of	of	ADP
fbem-8998	34	51	high	high	ADJ
fbem-8998	34	52	-	-	PUNCT
fbem-8998	34	53	quality	quality	NOUN
fbem-8998	34	54	development	development	NOUN
fbem-8998	34	55	of	of	ADP
fbem-8998	34	56	strategic	strategic	ADJ
fbem-8998	34	57	emerging	emerge	VERB
fbem-8998	34	58	industries	industry	NOUN
fbem-8998	34	59	in	in	ADP
fbem-8998	34	60	china	china	PROPN
fbem-8998	34	61	,	,	PUNCT
fbem-8998	34	62	and	and	CCONJ
fbem-8998	34	63	on	on	ADP
fbem-8998	34	64	this	this	DET
fbem-8998	34	65	basis	basis	NOUN
fbem-8998	34	66	to	to	PART
fbem-8998	34	67	empirically	empirically	ADV
fbem-8998	34	68	investigate	investigate	VERB
fbem-8998	34	69	the	the	DET
fbem-8998	34	70	effects	effect	NOUN
fbem-8998	34	71	of	of	ADP
fbem-8998	34	72	fiscal	fiscal	ADJ
fbem-8998	34	73	policies	policy	NOUN
fbem-8998	34	74	such	such	ADJ
fbem-8998	34	75	as	as	ADP
fbem-8998	34	76	fiscal	fiscal	ADJ
fbem-8998	34	77	subsidies	subsidy	NOUN
fbem-8998	34	78	and	and	CCONJ
fbem-8998	34	79	tax	tax	NOUN
fbem-8998	34	80	relief	relief	NOUN
fbem-8998	34	81	on	on	ADP
fbem-8998	34	82	the	the	DET
fbem-8998	34	83	high	high	ADJ
fbem-8998	34	84	-	-	PUNCT
fbem-8998	34	85	quality	quality	NOUN
fbem-8998	34	86	development	development	NOUN
fbem-8998	34	87	of	of	ADP
fbem-8998	34	88	strategic	strategic	ADJ
fbem-8998	34	89	emerging	emerge	VERB
fbem-8998	34	90	industries	industry	NOUN
fbem-8998	34	91	;	;	PUNCT
fbem-8998	34	92	secondly	secondly	ADV
fbem-8998	34	93	,	,	PUNCT
fbem-8998	34	94	to	to	PART
fbem-8998	34	95	examine	examine	VERB
fbem-8998	34	96	the	the	DET
fbem-8998	34	97	effects	effect	NOUN
fbem-8998	34	98	of	of	ADP
fbem-8998	34	99	fiscal	fiscal	ADJ
fbem-8998	34	100	policies	policy	NOUN
fbem-8998	34	101	such	such	ADJ
fbem-8998	34	102	as	as	ADP
fbem-8998	34	103	fiscal	fiscal	ADJ
fbem-8998	34	104	subsidies	subsidy	NOUN
fbem-8998	34	105	and	and	CCONJ
fbem-8998	34	106	tax	tax	NOUN
fbem-8998	34	107	relief	relief	NOUN
fbem-8998	34	108	on	on	ADP
fbem-8998	34	109	the	the	DET
fbem-8998	34	110	high	high	ADJ
fbem-8998	34	111	-	-	PUNCT
fbem-8998	34	112	quality	quality	NOUN
fbem-8998	34	113	development	development	NOUN
fbem-8998	34	114	of	of	ADP
fbem-8998	34	115	strategic	strategic	ADJ
fbem-8998	34	116	emerging	emerge	VERB
fbem-8998	34	117	industries	industry	NOUN
fbem-8998	34	118	from	from	ADP
fbem-8998	34	119	the	the	DET
fbem-8998	34	120	perspective	perspective	NOUN
fbem-8998	34	121	of	of	ADP
fbem-8998	34	122	enterprises	enterprise	NOUN
fbem-8998	34	123	'	'	PART
fbem-8998	34	124	cycle	cycle	NOUN
fbem-8998	34	125	stage	stage	NOUN
fbem-8998	34	126	,	,	PUNCT
fbem-8998	34	127	industry	industry	NOUN
fbem-8998	34	128	category	category	NOUN
fbem-8998	34	129	,	,	PUNCT
fbem-8998	34	130	regional	regional	ADJ
fbem-8998	34	131	location	location	NOUN
fbem-8998	34	132	,	,	PUNCT
fbem-8998	34	133	property	property	NOUN
fbem-8998	34	134	rights	right	NOUN
fbem-8998	34	135	structure	structure	NOUN
fbem-8998	34	136	,	,	PUNCT
fbem-8998	34	137	and	and	CCONJ
fbem-8998	34	138	the	the	DET
fbem-8998	34	139	development	development	NOUN
fbem-8998	34	140	of	of	ADP
fbem-8998	34	141	strategic	strategic	ADJ
fbem-8998	34	142	emerging	emerge	VERB
fbem-8998	34	143	industries	industry	NOUN
fbem-8998	34	144	,	,	PUNCT
fbem-8998	34	145	the	the	DET
fbem-8998	34	146	second	second	NOUN
fbem-8998	34	147	is	be	AUX
fbem-8998	34	148	a	a	DET
fbem-8998	34	149	theoretical	theoretical	ADJ
fbem-8998	34	150	branch	branch	NOUN
fbem-8998	34	151	and	and	CCONJ
fbem-8998	34	152	empirical	empirical	ADJ
fbem-8998	34	153	investigation	investigation	NOUN
fbem-8998	34	154	of	of	ADP
fbem-8998	34	155	the	the	DET
fbem-8998	34	156	effects	effect	NOUN
fbem-8998	34	157	of	of	ADP
fbem-8998	34	158	fiscal	fiscal	ADJ
fbem-8998	34	159	policies	policy	NOUN
fbem-8998	34	160	such	such	ADJ
fbem-8998	34	161	as	as	ADP
fbem-8998	34	162	fiscal	fiscal	ADJ
fbem-8998	34	163	subsidies	subsidy	NOUN
fbem-8998	34	164	and	and	CCONJ
fbem-8998	34	165	tax	tax	NOUN
fbem-8998	34	166	and	and	CCONJ
fbem-8998	34	167	fee	fee	NOUN
fbem-8998	34	168	reductions	reduction	NOUN
fbem-8998	34	169	on	on	ADP
fbem-8998	34	170	the	the	DET
fbem-8998	34	171	high	high	ADJ
fbem-8998	34	172	-	-	PUNCT
fbem-8998	34	173	quality	quality	NOUN
fbem-8998	34	174	development	development	NOUN
fbem-8998	34	175	of	of	ADP
fbem-8998	34	176	strategic	strategic	ADJ
fbem-8998	34	177	emerging	emerge	VERB
fbem-8998	34	178	industries	industry	NOUN
fbem-8998	34	179	from	from	ADP
fbem-8998	34	180	the	the	DET
fbem-8998	34	181	perspective	perspective	NOUN
fbem-8998	34	182	of	of	ADP
fbem-8998	34	183	the	the	DET
fbem-8998	34	184	stage	stage	NOUN
fbem-8998	34	185	of	of	ADP
fbem-8998	34	186	the	the	DET
fbem-8998	34	187	enterprise	enterprise	NOUN
fbem-8998	34	188	's	's	PART
fbem-8998	34	189	cycle	cycle	NOUN
fbem-8998	34	190	,	,	PUNCT
fbem-8998	34	191	industry	industry	NOUN
fbem-8998	34	192	category	category	NOUN
fbem-8998	34	193	,	,	PUNCT
fbem-8998	34	194	regional	regional	ADJ
fbem-8998	34	195	location	location	NOUN
fbem-8998	34	196	and	and	CCONJ
fbem-8998	34	197	ownership	ownership	NOUN
fbem-8998	34	198	structure	structure	NOUN
fbem-8998	34	199	.	.	PUNCT
fbem-8998	35	1	the	the	DET
fbem-8998	35	2	subsequent	subsequent	ADJ
fbem-8998	35	3	structure	structure	NOUN
fbem-8998	35	4	of	of	ADP
fbem-8998	35	5	this	this	DET
fbem-8998	35	6	paper	paper	NOUN
fbem-8998	35	7	is	be	AUX
fbem-8998	35	8	as	as	SCONJ
fbem-8998	35	9	follows	follow	VERB
fbem-8998	35	10	:	:	PUNCT
fbem-8998	35	11	part	part	NOUN
fbem-8998	35	12	ii	ii	PROPN
fbem-8998	35	13	provides	provide	VERB
fbem-8998	35	14	an	an	DET
fbem-8998	35	15	in	in	ADP
fbem-8998	35	16	-	-	PUNCT
fbem-8998	35	17	depth	depth	NOUN
fbem-8998	35	18	analysis	analysis	NOUN
fbem-8998	35	19	of	of	ADP
fbem-8998	35	20	the	the	DET
fbem-8998	35	21	theoretical	theoretical	ADJ
fbem-8998	35	22	paths	path	NOUN
fbem-8998	35	23	of	of	ADP
fbem-8998	35	24	strategic	strategic	ADJ
fbem-8998	35	25	emerging	emerge	VERB
fbem-8998	35	26	enterprises	enterprise	NOUN
fbem-8998	35	27	at	at	ADP
fbem-8998	35	28	different	different	ADJ
fbem-8998	35	29	life	life	NOUN
fbem-8998	35	30	cycle	cycle	NOUN
fbem-8998	35	31	stages	stage	NOUN
fbem-8998	35	32	on	on	ADP
fbem-8998	35	33	their	their	PRON
fbem-8998	35	34	innovation	innovation	NOUN
fbem-8998	35	35	activities	activity	NOUN
fbem-8998	35	36	when	when	SCONJ
fbem-8998	35	37	receiving	receive	VERB
fbem-8998	35	38	two	two	NUM
fbem-8998	35	39	different	different	ADJ
fbem-8998	35	40	incentive	incentive	NOUN
fbem-8998	35	41	policies	policy	NOUN
fbem-8998	35	42	,	,	PUNCT
fbem-8998	35	43	based	base	VERB
fbem-8998	35	44	on	on	ADP
fbem-8998	35	45	life	life	NOUN
fbem-8998	35	46	cycle	cycle	NOUN
fbem-8998	35	47	theory	theory	NOUN
fbem-8998	35	48	and	and	CCONJ
fbem-8998	35	49	combining	combine	VERB
fbem-8998	35	50	the	the	DET
fbem-8998	35	51	differences	difference	NOUN
fbem-8998	35	52	between	between	ADP
fbem-8998	35	53	fiscal	fiscal	ADJ
fbem-8998	35	54	subsidies	subsidy	NOUN
fbem-8998	35	55	and	and	CCONJ
fbem-8998	35	56	tax	tax	NOUN
fbem-8998	35	57	incentives	incentive	NOUN
fbem-8998	35	58	;	;	PUNCT
fbem-8998	35	59	part	part	NOUN
fbem-8998	35	60	iii	iii	NOUN
fbem-8998	35	61	introduces	introduce	VERB
fbem-8998	35	62	the	the	DET
fbem-8998	35	63	empirical	empirical	ADJ
fbem-8998	35	64	model	model	NOUN
fbem-8998	35	65	and	and	CCONJ
fbem-8998	35	66	variable	variable	ADJ
fbem-8998	35	67	definitions	definition	NOUN
fbem-8998	35	68	;	;	PUNCT
fbem-8998	35	69	part	part	NOUN
fbem-8998	35	70	iv	iv	NUM
fbem-8998	35	71	reports	report	VERB
fbem-8998	35	72	the	the	DET
fbem-8998	35	73	empirical	empirical	ADJ
fbem-8998	35	74	estimation	estimation	NOUN
fbem-8998	35	75	results	result	NOUN
fbem-8998	35	76	,	,	PUNCT
fbem-8998	35	77	in	in	ADP
fbem-8998	35	78	terms	term	NOUN
fbem-8998	35	79	of	of	ADP
fbem-8998	35	80	replacing	replace	VERB
fbem-8998	35	81	the	the	DET
fbem-8998	35	82	explained	explain	VERB
fbem-8998	35	83	variable	variable	NOUN
fbem-8998	35	84	,	,	PUNCT
fbem-8998	35	85	replacing	replace	VERB
fbem-8998	35	86	the	the	DET
fbem-8998	35	87	core	core	ADJ
fbem-8998	35	88	explanatory	explanatory	ADJ
fbem-8998	35	89	variables	variable	NOUN
fbem-8998	35	90	,	,	PUNCT
fbem-8998	35	91	and	and	CCONJ
fbem-8998	35	92	endogeneity	endogeneity	NOUN
fbem-8998	35	93	dimensions	dimension	NOUN
fbem-8998	35	94	;	;	PUNCT
fbem-8998	35	95	the	the	DET
fbem-8998	35	96	fifth	fifth	ADJ
fbem-8998	35	97	part	part	NOUN
fbem-8998	35	98	empirically	empirically	ADV
fbem-8998	35	99	analyzes	analyze	VERB
fbem-8998	35	100	the	the	DET
fbem-8998	35	101	mechanism	mechanism	NOUN
fbem-8998	35	102	paths	path	NOUN
fbem-8998	35	103	of	of	ADP
fbem-8998	35	104	fiscal	fiscal	ADJ
fbem-8998	35	105	subsidies	subsidy	NOUN
fbem-8998	35	106	and	and	CCONJ
fbem-8998	35	107	tax	tax	NOUN
fbem-8998	35	108	incentives	incentive	NOUN
fbem-8998	35	109	affecting	affect	VERB
fbem-8998	35	110	the	the	DET
fbem-8998	35	111	innovation	innovation	NOUN
fbem-8998	35	112	activities	activity	NOUN
fbem-8998	35	113	of	of	ADP
fbem-8998	35	114	strategic	strategic	ADJ
fbem-8998	35	115	emerging	emerge	VERB
fbem-8998	35	116	firms	firm	NOUN
fbem-8998	35	117	;	;	PUNCT
fbem-8998	35	118	and	and	CCONJ
fbem-8998	35	119	the	the	DET
fbem-8998	35	120	sixth	sixth	ADJ
fbem-8998	35	121	part	part	NOUN
fbem-8998	35	122	concludes	conclude	VERB
fbem-8998	35	123	the	the	DET
fbem-8998	35	124	paper	paper	NOUN
fbem-8998	35	125	.	.	PUNCT
fbem-8998	36	1	2	2	X
fbem-8998	36	2	.	.	X
fbem-8998	36	3	theoretical	theoretical	ADJ
fbem-8998	36	4	analysis	analysis	NOUN
fbem-8998	36	5	the	the	DET
fbem-8998	36	6	uncertainty	uncertainty	NOUN
fbem-8998	36	7	of	of	ADP
fbem-8998	36	8	innovation	innovation	NOUN
fbem-8998	36	9	investment	investment	NOUN
fbem-8998	36	10	in	in	ADP
fbem-8998	36	11	strategic	strategic	ADJ
fbem-8998	36	12	emerging	emerge	VERB
fbem-8998	36	13	industries	industry	NOUN
fbem-8998	36	14	,	,	PUNCT
fbem-8998	36	15	the	the	DET
fbem-8998	36	16	riskiness	riskiness	NOUN
fbem-8998	36	17	of	of	ADP
fbem-8998	36	18	the	the	DET
fbem-8998	36	19	r&d	r&d	NOUN
fbem-8998	36	20	process	process	NOUN
fbem-8998	36	21	,	,	PUNCT
fbem-8998	36	22	the	the	DET
fbem-8998	36	23	public	public	ADJ
fbem-8998	36	24	nature	nature	NOUN
fbem-8998	36	25	of	of	ADP
fbem-8998	36	26	r&d	r&d	NOUN
fbem-8998	36	27	results	result	NOUN
fbem-8998	36	28	and	and	CCONJ
fbem-8998	36	29	the	the	DET
fbem-8998	36	30	externality	externality	NOUN
fbem-8998	36	31	of	of	ADP
fbem-8998	36	32	product	product	NOUN
fbem-8998	36	33	effects	effect	NOUN
fbem-8998	36	34	not	not	PART
fbem-8998	36	35	only	only	ADV
fbem-8998	36	36	determine	determine	VERB
fbem-8998	36	37	the	the	DET
fbem-8998	36	38	dependence	dependence	NOUN
fbem-8998	36	39	of	of	ADP
fbem-8998	36	40	strategic	strategic	ADJ
fbem-8998	36	41	emerging	emerge	VERB
fbem-8998	36	42	industries	industry	NOUN
fbem-8998	36	43	on	on	ADP
fbem-8998	36	44	government	government	NOUN
fbem-8998	36	45	support	support	NOUN
fbem-8998	36	46	,	,	PUNCT
fbem-8998	36	47	but	but	CCONJ
fbem-8998	36	48	also	also	ADV
fbem-8998	36	49	provide	provide	VERB
fbem-8998	36	50	a	a	DET
fbem-8998	36	51	theoretical	theoretical	ADJ
fbem-8998	36	52	basis	basis	NOUN
fbem-8998	36	53	for	for	ADP
fbem-8998	36	54	government	government	NOUN
fbem-8998	36	55	support	support	NOUN
fbem-8998	36	56	through	through	ADP
fbem-8998	36	57	fiscal	fiscal	ADJ
fbem-8998	36	58	incentives	incentive	NOUN
fbem-8998	36	59	.	.	PUNCT
fbem-8998	37	1	in	in	ADP
fbem-8998	37	2	order	order	NOUN
fbem-8998	37	3	to	to	PART
fbem-8998	37	4	provide	provide	VERB
fbem-8998	37	5	more	more	ADV
fbem-8998	37	6	precise	precise	ADJ
fbem-8998	37	7	and	and	CCONJ
fbem-8998	37	8	effective	effective	ADJ
fbem-8998	37	9	fiscal	fiscal	ADJ
fbem-8998	37	10	incentives	incentive	NOUN
fbem-8998	37	11	,	,	PUNCT
fbem-8998	37	12	improve	improve	VERB
fbem-8998	37	13	the	the	DET
fbem-8998	37	14	efficiency	efficiency	NOUN
fbem-8998	37	15	of	of	ADP
fbem-8998	37	16	policy	policy	NOUN
fbem-8998	37	17	operation	operation	NOUN
fbem-8998	37	18	and	and	CCONJ
fbem-8998	37	19	enhance	enhance	VERB
fbem-8998	37	20	the	the	DET
fbem-8998	37	21	effect	effect	NOUN
fbem-8998	37	22	of	of	ADP
fbem-8998	37	23	policy	policy	NOUN
fbem-8998	37	24	support	support	NOUN
fbem-8998	37	25	,	,	PUNCT
fbem-8998	37	26	it	it	PRON
fbem-8998	37	27	is	be	AUX
fbem-8998	37	28	necessary	necessary	ADJ
fbem-8998	37	29	to	to	PART
fbem-8998	37	30	systematically	systematically	ADV
fbem-8998	37	31	explain	explain	VERB
fbem-8998	37	32	the	the	DET
fbem-8998	37	33	mechanism	mechanism	NOUN
fbem-8998	37	34	of	of	ADP
fbem-8998	37	35	fiscal	fiscal	ADJ
fbem-8998	37	36	subsidies	subsidy	NOUN
fbem-8998	37	37	and	and	CCONJ
fbem-8998	37	38	tax	tax	NOUN
fbem-8998	37	39	incentives	incentive	NOUN
fbem-8998	37	40	on	on	ADP
fbem-8998	37	41	the	the	DET
fbem-8998	37	42	innovation	innovation	NOUN
fbem-8998	37	43	activities	activity	NOUN
fbem-8998	37	44	of	of	ADP
fbem-8998	37	45	strategic	strategic	ADJ
fbem-8998	37	46	emerging	emerge	VERB
fbem-8998	37	47	industries	industry	NOUN
fbem-8998	37	48	.	.	PUNCT
fbem-8998	38	1	as	as	SCONJ
fbem-8998	38	2	there	there	PRON
fbem-8998	38	3	are	be	VERB
fbem-8998	38	4	significant	significant	ADJ
fbem-8998	38	5	differences	difference	NOUN
fbem-8998	38	6	in	in	ADP
fbem-8998	38	7	innovation	innovation	NOUN
fbem-8998	38	8	capability	capability	NOUN
fbem-8998	38	9	,	,	PUNCT
fbem-8998	38	10	r&d	r&d	NOUN
fbem-8998	38	11	needs	need	NOUN
fbem-8998	38	12	,	,	PUNCT
fbem-8998	38	13	cash	cash	NOUN
fbem-8998	38	14	flow	flow	NOUN
fbem-8998	38	15	and	and	CCONJ
fbem-8998	38	16	financing	financing	NOUN
fbem-8998	38	17	constraints	constraint	NOUN
fbem-8998	38	18	at	at	ADP
fbem-8998	38	19	different	different	ADJ
fbem-8998	38	20	stages	stage	NOUN
fbem-8998	38	21	of	of	ADP
fbem-8998	38	22	the	the	DET
fbem-8998	38	23	enterprise	enterprise	NOUN
fbem-8998	38	24	lifecycle	lifecycle	NOUN
fbem-8998	38	25	,	,	PUNCT
fbem-8998	38	26	this	this	DET
fbem-8998	38	27	paper	paper	NOUN
fbem-8998	38	28	provides	provide	VERB
fbem-8998	38	29	an	an	DET
fbem-8998	38	30	insight	insight	NOUN
fbem-8998	38	31	into	into	ADP
fbem-8998	38	32	the	the	DET
fbem-8998	38	33	theoretical	theoretical	ADJ
fbem-8998	38	34	paths	path	NOUN
fbem-8998	38	35	that	that	PRON
fbem-8998	38	36	strategic	strategic	ADJ
fbem-8998	38	37	emerging	emerge	VERB
fbem-8998	38	38	enterprises	enterprise	NOUN
fbem-8998	38	39	take	take	VERB
fbem-8998	38	40	when	when	SCONJ
fbem-8998	38	41	they	they	PRON
fbem-8998	38	42	receive	receive	VERB
fbem-8998	38	43	two	two	NUM
fbem-8998	38	44	different	different	ADJ
fbem-8998	38	45	types	type	NOUN
fbem-8998	38	46	of	of	ADP
fbem-8998	38	47	incentives	incentive	NOUN
fbem-8998	38	48	.	.	PUNCT
fbem-8998	39	1	based	base	VERB
fbem-8998	39	2	on	on	ADP
fbem-8998	39	3	this	this	PRON
fbem-8998	39	4	,	,	PUNCT
fbem-8998	39	5	this	this	DET
fbem-8998	39	6	paper	paper	NOUN
fbem-8998	39	7	analyses	analyse	VERB
fbem-8998	39	8	the	the	DET
fbem-8998	39	9	theoretical	theoretical	ADJ
fbem-8998	39	10	paths	path	NOUN
fbem-8998	39	11	of	of	ADP
fbem-8998	39	12	innovation	innovation	NOUN
fbem-8998	39	13	activities	activity	NOUN
fbem-8998	39	14	of	of	ADP
fbem-8998	39	15	strategic	strategic	ADJ
fbem-8998	39	16	emerging	emerge	VERB
fbem-8998	39	17	enterprises	enterprise	NOUN
fbem-8998	39	18	at	at	ADP
fbem-8998	39	19	different	different	ADJ
fbem-8998	39	20	life	life	NOUN
fbem-8998	39	21	cycle	cycle	NOUN
fbem-8998	39	22	stages	stage	NOUN
fbem-8998	39	23	when	when	SCONJ
fbem-8998	39	24	they	they	PRON
fbem-8998	39	25	receive	receive	VERB
fbem-8998	39	26	two	two	NUM
fbem-8998	39	27	different	different	ADJ
fbem-8998	39	28	incentives	incentive	NOUN
fbem-8998	39	29	based	base	VERB
fbem-8998	39	30	on	on	ADP
fbem-8998	39	31	life	life	NOUN
fbem-8998	39	32	cycle	cycle	NOUN
fbem-8998	39	33	theory	theory	NOUN
fbem-8998	39	34	and	and	CCONJ
fbem-8998	39	35	the	the	DET
fbem-8998	39	36	differences	difference	NOUN
fbem-8998	39	37	between	between	ADP
fbem-8998	39	38	fiscal	fiscal	ADJ
fbem-8998	39	39	subsidies	subsidy	NOUN
fbem-8998	39	40	and	and	CCONJ
fbem-8998	39	41	tax	tax	NOUN
fbem-8998	39	42	incentives	incentive	NOUN
fbem-8998	39	43	.	.	PUNCT
fbem-8998	40	1	to	to	PART
fbem-8998	40	2	facilitate	facilitate	VERB
fbem-8998	40	3	the	the	DET
fbem-8998	40	4	analysis	analysis	NOUN
fbem-8998	40	5	,	,	PUNCT
fbem-8998	40	6	the	the	DET
fbem-8998	40	7	paper	paper	NOUN
fbem-8998	40	8	divides	divide	VERB
fbem-8998	40	9	the	the	DET
fbem-8998	40	10	life	life	NOUN
fbem-8998	40	11	cycle	cycle	NOUN
fbem-8998	40	12	of	of	ADP
fbem-8998	40	13	enterprises	enterprise	NOUN
fbem-8998	40	14	into	into	ADP
fbem-8998	40	15	three	three	NUM
fbem-8998	40	16	stages	stage	NOUN
fbem-8998	40	17	:	:	PUNCT
fbem-8998	40	18	growth	growth	NOUN
fbem-8998	40	19	,	,	PUNCT
fbem-8998	40	20	maturity	maturity	NOUN
fbem-8998	40	21	and	and	CCONJ
fbem-8998	40	22	decline	decline	NOUN
fbem-8998	40	23	.	.	PUNCT
fbem-8998	41	1	compared	compare	VERB
fbem-8998	41	2	to	to	ADP
fbem-8998	41	3	mature	mature	ADJ
fbem-8998	41	4	firms	firm	NOUN
fbem-8998	41	5	,	,	PUNCT
fbem-8998	41	6	growth	growth	NOUN
fbem-8998	41	7	stage	stage	NOUN
fbem-8998	41	8	firms	firm	NOUN
fbem-8998	41	9	generally	generally	ADV
fbem-8998	41	10	have	have	VERB
fbem-8998	41	11	the	the	DET
fbem-8998	41	12	following	follow	VERB
fbem-8998	41	13	three	three	NUM
fbem-8998	41	14	characteristics	characteristic	NOUN
fbem-8998	41	15	:	:	PUNCT
fbem-8998	41	16	(	(	PUNCT
fbem-8998	41	17	1	1	X
fbem-8998	41	18	)	)	PUNCT
fbem-8998	41	19	stronger	strong	ADJ
fbem-8998	41	20	internal	internal	ADJ
fbem-8998	41	21	and	and	CCONJ
fbem-8998	41	22	external	external	ADJ
fbem-8998	41	23	financing	financing	NOUN
fbem-8998	41	24	constraints	constraint	NOUN
fbem-8998	41	25	.	.	PUNCT
fbem-8998	42	1	firms	firm	NOUN
fbem-8998	42	2	in	in	ADP
fbem-8998	42	3	the	the	DET
fbem-8998	42	4	growth	growth	NOUN
fbem-8998	42	5	stage	stage	NOUN
fbem-8998	42	6	have	have	AUX
fbem-8998	42	7	not	not	PART
fbem-8998	42	8	yet	yet	ADV
fbem-8998	42	9	developed	develop	VERB
fbem-8998	42	10	stable	stable	ADJ
fbem-8998	42	11	earnings	earning	NOUN
fbem-8998	42	12	and	and	CCONJ
fbem-8998	42	13	lack	lack	VERB
fbem-8998	42	14	sufficient	sufficient	ADJ
fbem-8998	42	15	internal	internal	ADJ
fbem-8998	42	16	financial	financial	ADJ
fbem-8998	42	17	support	support	NOUN
fbem-8998	42	18	(	(	PUNCT
fbem-8998	42	19	gao	gao	PROPN
fbem-8998	42	20	song	song	PROPN
fbem-8998	42	21	et	et	PROPN
fbem-8998	42	22	al	al	PROPN
fbem-8998	42	23	.	.	PROPN
fbem-8998	42	24	,	,	PUNCT
fbem-8998	42	25	2011	2011	NUM
fbem-8998	42	26	)	)	PUNCT
fbem-8998	42	27	;	;	PUNCT
fbem-8998	42	28	while	while	SCONJ
fbem-8998	42	29	external	external	ADJ
fbem-8998	42	30	suppliers	supplier	NOUN
fbem-8998	42	31	of	of	ADP
fbem-8998	42	32	funds	fund	NOUN
fbem-8998	42	33	tend	tend	VERB
fbem-8998	42	34	to	to	PART
fbem-8998	42	35	maintain	maintain	VERB
fbem-8998	42	36	a	a	DET
fbem-8998	42	37	relatively	relatively	ADV
fbem-8998	42	38	cautious	cautious	ADJ
fbem-8998	42	39	and	and	CCONJ
fbem-8998	42	40	wait	wait	VERB
fbem-8998	42	41	-	-	PUNCT
fbem-8998	42	42	and	and	CCONJ
fbem-8998	42	43	-	-	PUNCT
fbem-8998	42	44	see	see	VERB
fbem-8998	42	45	attitude	attitude	NOUN
fbem-8998	42	46	towards	towards	ADP
fbem-8998	42	47	their	their	PRON
fbem-8998	42	48	investments	investment	NOUN
fbem-8998	42	49	due	due	ADP
fbem-8998	42	50	to	to	ADP
fbem-8998	42	51	their	their	PRON
fbem-8998	42	52	uncertainty	uncertainty	NOUN
fbem-8998	42	53	(	(	PUNCT
fbem-8998	42	54	huang	huang	PROPN
fbem-8998	42	55	hongbin	hongbin	PROPN
fbem-8998	42	56	et	et	PROPN
fbem-8998	42	57	al	al	PROPN
fbem-8998	42	58	.	.	PROPN
fbem-8998	42	59	,	,	PUNCT
fbem-8998	42	60	2016	2016	NUM
fbem-8998	42	61	)	)	PUNCT
fbem-8998	42	62	,	,	PUNCT
fbem-8998	42	63	which	which	PRON
fbem-8998	42	64	in	in	ADP
fbem-8998	42	65	turn	turn	NOUN
fbem-8998	42	66	constrains	constrain	VERB
fbem-8998	42	67	the	the	DET
fbem-8998	42	68	external	external	ADJ
fbem-8998	42	69	financing	financing	NOUN
fbem-8998	42	70	of	of	ADP
fbem-8998	42	71	growth	growth	NOUN
fbem-8998	42	72	stage	stage	NOUN
fbem-8998	42	73	firms	firm	NOUN
fbem-8998	42	74	.	.	PUNCT
fbem-8998	43	1	(	(	PUNCT
fbem-8998	43	2	2	2	X
fbem-8998	43	3	)	)	PUNCT
fbem-8998	43	4	more	more	ADJ
fbem-8998	43	5	demand	demand	NOUN
fbem-8998	43	6	for	for	ADP
fbem-8998	43	7	capital	capital	NOUN
fbem-8998	43	8	expenditure	expenditure	NOUN
fbem-8998	43	9	.	.	PUNCT
fbem-8998	44	1	growth	growth	NOUN
fbem-8998	44	2	stage	stage	NOUN
fbem-8998	44	3	firms	firm	NOUN
fbem-8998	44	4	have	have	AUX
fbem-8998	44	5	not	not	PART
fbem-8998	44	6	been	be	AUX
fbem-8998	44	7	in	in	ADP
fbem-8998	44	8	the	the	DET
fbem-8998	44	9	market	market	NOUN
fbem-8998	44	10	for	for	ADP
fbem-8998	44	11	long	long	ADV
fbem-8998	44	12	,	,	PUNCT
fbem-8998	44	13	and	and	CCONJ
fbem-8998	44	14	their	their	PRON
fbem-8998	44	15	priority	priority	NOUN
fbem-8998	44	16	at	at	ADP
fbem-8998	44	17	this	this	DET
fbem-8998	44	18	64	64	NUM
fbem-8998	44	19	stage	stage	NOUN
fbem-8998	44	20	is	be	AUX
fbem-8998	44	21	not	not	PART
fbem-8998	44	22	to	to	PART
fbem-8998	44	23	engage	engage	VERB
fbem-8998	44	24	in	in	ADP
fbem-8998	44	25	risky	risky	ADJ
fbem-8998	44	26	r&d	r&d	NOUN
fbem-8998	44	27	and	and	CCONJ
fbem-8998	44	28	innovation	innovation	NOUN
fbem-8998	44	29	activities	activity	NOUN
fbem-8998	44	30	,	,	PUNCT
fbem-8998	44	31	but	but	CCONJ
fbem-8998	44	32	rather	rather	ADV
fbem-8998	44	33	to	to	PART
fbem-8998	44	34	seek	seek	VERB
fbem-8998	44	35	to	to	PART
fbem-8998	44	36	"	"	PUNCT
fbem-8998	44	37	establish	establish	VERB
fbem-8998	44	38	a	a	DET
fbem-8998	44	39	firm	firm	ADJ
fbem-8998	44	40	foothold	foothold	NOUN
fbem-8998	44	41	"	"	PUNCT
fbem-8998	44	42	in	in	ADP
fbem-8998	44	43	the	the	DET
fbem-8998	44	44	market	market	NOUN
fbem-8998	44	45	.	.	PUNCT
fbem-8998	45	1	(	(	PUNCT
fbem-8998	45	2	3	3	X
fbem-8998	45	3	)	)	PUNCT
fbem-8998	45	4	greater	great	ADJ
fbem-8998	45	5	risk	risk	NOUN
fbem-8998	45	6	of	of	ADP
fbem-8998	45	7	r&d	r&d	NOUN
fbem-8998	45	8	failure	failure	NOUN
fbem-8998	45	9	and	and	CCONJ
fbem-8998	45	10	lower	low	ADJ
fbem-8998	45	11	willingness	willingness	NOUN
fbem-8998	45	12	to	to	PART
fbem-8998	45	13	innovate	innovate	VERB
fbem-8998	45	14	.	.	PUNCT
fbem-8998	46	1	the	the	DET
fbem-8998	46	2	lack	lack	NOUN
fbem-8998	46	3	of	of	ADP
fbem-8998	46	4	familiarity	familiarity	NOUN
fbem-8998	46	5	with	with	ADP
fbem-8998	46	6	the	the	DET
fbem-8998	46	7	market	market	NOUN
fbem-8998	46	8	,	,	PUNCT
fbem-8998	46	9	the	the	DET
fbem-8998	46	10	lack	lack	NOUN
fbem-8998	46	11	of	of	ADP
fbem-8998	46	12	r&d	r&d	NOUN
fbem-8998	46	13	experience	experience	NOUN
fbem-8998	46	14	and	and	CCONJ
fbem-8998	46	15	the	the	DET
fbem-8998	46	16	lack	lack	NOUN
fbem-8998	46	17	of	of	ADP
fbem-8998	46	18	long	long	ADJ
fbem-8998	46	19	-	-	PUNCT
fbem-8998	46	20	term	term	NOUN
fbem-8998	46	21	technological	technological	ADJ
fbem-8998	46	22	accumulation	accumulation	NOUN
fbem-8998	46	23	,	,	PUNCT
fbem-8998	46	24	coupled	couple	VERB
fbem-8998	46	25	with	with	ADP
fbem-8998	46	26	the	the	DET
fbem-8998	46	27	financing	financing	NOUN
fbem-8998	46	28	constraints	constraint	NOUN
fbem-8998	46	29	mentioned	mention	VERB
fbem-8998	46	30	above	above	ADV
fbem-8998	46	31	,	,	PUNCT
fbem-8998	46	32	means	mean	VERB
fbem-8998	46	33	that	that	SCONJ
fbem-8998	46	34	the	the	DET
fbem-8998	46	35	risk	risk	NOUN
fbem-8998	46	36	of	of	ADP
fbem-8998	46	37	failure	failure	NOUN
fbem-8998	46	38	and	and	CCONJ
fbem-8998	46	39	the	the	DET
fbem-8998	46	40	cost	cost	NOUN
fbem-8998	46	41	of	of	ADP
fbem-8998	46	42	innovation	innovation	NOUN
fbem-8998	46	43	are	be	AUX
fbem-8998	46	44	significantly	significantly	ADV
fbem-8998	46	45	higher	high	ADJ
fbem-8998	46	46	for	for	ADP
fbem-8998	46	47	growth	growth	NOUN
fbem-8998	46	48	stage	stage	NOUN
fbem-8998	46	49	firms	firm	NOUN
fbem-8998	46	50	than	than	ADP
fbem-8998	46	51	for	for	ADP
fbem-8998	46	52	mature	mature	ADJ
fbem-8998	46	53	firms	firm	NOUN
fbem-8998	46	54	.	.	PUNCT
fbem-8998	47	1	fiscal	fiscal	ADJ
fbem-8998	47	2	subsidies	subsidy	NOUN
fbem-8998	47	3	and	and	CCONJ
fbem-8998	47	4	tax	tax	NOUN
fbem-8998	47	5	incentives	incentive	NOUN
fbem-8998	47	6	can	can	AUX
fbem-8998	47	7	reduce	reduce	VERB
fbem-8998	47	8	the	the	DET
fbem-8998	47	9	unit	unit	NOUN
fbem-8998	47	10	cost	cost	NOUN
fbem-8998	47	11	and	and	CCONJ
fbem-8998	47	12	r&d	r&d	NOUN
fbem-8998	47	13	risk	risk	NOUN
fbem-8998	47	14	of	of	ADP
fbem-8998	47	15	innovation	innovation	NOUN
fbem-8998	47	16	activities	activity	NOUN
fbem-8998	47	17	,	,	PUNCT
fbem-8998	47	18	which	which	PRON
fbem-8998	47	19	in	in	ADP
fbem-8998	47	20	turn	turn	NOUN
fbem-8998	47	21	can	can	AUX
fbem-8998	47	22	enhance	enhance	VERB
fbem-8998	47	23	innovation	innovation	NOUN
fbem-8998	47	24	performance	performance	NOUN
fbem-8998	47	25	by	by	ADP
fbem-8998	47	26	increasing	increase	VERB
fbem-8998	47	27	firms	firm	NOUN
fbem-8998	47	28	'	'	PART
fbem-8998	47	29	motivation	motivation	NOUN
fbem-8998	47	30	to	to	PART
fbem-8998	47	31	engage	engage	VERB
fbem-8998	47	32	in	in	ADP
fbem-8998	47	33	innovation	innovation	NOUN
fbem-8998	47	34	activities	activity	NOUN
fbem-8998	47	35	.	.	PUNCT
fbem-8998	48	1	from	from	ADP
fbem-8998	48	2	the	the	DET
fbem-8998	48	3	perspective	perspective	NOUN
fbem-8998	48	4	of	of	ADP
fbem-8998	48	5	the	the	DET
fbem-8998	48	6	spillover	spillover	ADJ
fbem-8998	48	7	effect	effect	NOUN
fbem-8998	48	8	of	of	ADP
fbem-8998	48	9	innovation	innovation	NOUN
fbem-8998	48	10	results	result	NOUN
fbem-8998	48	11	:	:	PUNCT
fbem-8998	48	12	the	the	DET
fbem-8998	48	13	innovation	innovation	NOUN
fbem-8998	48	14	results	result	NOUN
fbem-8998	48	15	of	of	ADP
fbem-8998	48	16	enterprises	enterprise	NOUN
fbem-8998	48	17	have	have	VERB
fbem-8998	48	18	certain	certain	ADJ
fbem-8998	48	19	positive	positive	ADJ
fbem-8998	48	20	externalities	externality	NOUN
fbem-8998	48	21	,	,	PUNCT
fbem-8998	48	22	which	which	PRON
fbem-8998	48	23	are	be	AUX
fbem-8998	48	24	usually	usually	ADV
fbem-8998	48	25	easily	easily	ADV
fbem-8998	48	26	copied	copy	VERB
fbem-8998	48	27	and	and	CCONJ
fbem-8998	48	28	imitated	imitate	VERB
fbem-8998	48	29	by	by	ADP
fbem-8998	48	30	other	other	ADJ
fbem-8998	48	31	enterprises	enterprise	NOUN
fbem-8998	48	32	,	,	PUNCT
fbem-8998	48	33	thus	thus	ADV
fbem-8998	48	34	leading	lead	VERB
fbem-8998	48	35	to	to	ADP
fbem-8998	48	36	a	a	DET
fbem-8998	48	37	decrease	decrease	NOUN
fbem-8998	48	38	in	in	ADP
fbem-8998	48	39	the	the	DET
fbem-8998	48	40	expected	expect	VERB
fbem-8998	48	41	return	return	NOUN
fbem-8998	48	42	of	of	ADP
fbem-8998	48	43	enterprise	enterprise	NOUN
fbem-8998	48	44	innovation	innovation	NOUN
fbem-8998	48	45	.	.	PUNCT
fbem-8998	49	1	at	at	ADP
fbem-8998	49	2	this	this	DET
fbem-8998	49	3	point	point	NOUN
fbem-8998	49	4	,	,	PUNCT
fbem-8998	49	5	if	if	SCONJ
fbem-8998	49	6	fiscal	fiscal	ADJ
fbem-8998	49	7	subsidies	subsidy	NOUN
fbem-8998	49	8	or	or	CCONJ
fbem-8998	49	9	tax	tax	NOUN
fbem-8998	49	10	incentives	incentive	NOUN
fbem-8998	49	11	are	be	AUX
fbem-8998	49	12	introduced	introduce	VERB
fbem-8998	49	13	,	,	PUNCT
fbem-8998	49	14	it	it	PRON
fbem-8998	49	15	will	will	AUX
fbem-8998	49	16	not	not	PART
fbem-8998	49	17	only	only	ADV
fbem-8998	49	18	reduce	reduce	VERB
fbem-8998	49	19	the	the	DET
fbem-8998	49	20	marginal	marginal	ADJ
fbem-8998	49	21	cost	cost	NOUN
fbem-8998	49	22	of	of	ADP
fbem-8998	49	23	innovation	innovation	NOUN
fbem-8998	49	24	and	and	CCONJ
fbem-8998	49	25	increase	increase	VERB
fbem-8998	49	26	the	the	DET
fbem-8998	49	27	expected	expect	VERB
fbem-8998	49	28	return	return	NOUN
fbem-8998	49	29	,	,	PUNCT
fbem-8998	49	30	but	but	CCONJ
fbem-8998	49	31	also	also	ADV
fbem-8998	49	32	further	far	ADV
fbem-8998	49	33	enhance	enhance	VERB
fbem-8998	49	34	the	the	DET
fbem-8998	49	35	enthusiasm	enthusiasm	NOUN
fbem-8998	49	36	of	of	ADP
fbem-8998	49	37	enterprises	enterprise	NOUN
fbem-8998	49	38	to	to	PART
fbem-8998	49	39	carry	carry	VERB
fbem-8998	49	40	out	out	ADP
fbem-8998	49	41	innovation	innovation	NOUN
fbem-8998	49	42	activities	activity	NOUN
fbem-8998	49	43	.	.	PUNCT
fbem-8998	50	1	from	from	ADP
fbem-8998	50	2	the	the	DET
fbem-8998	50	3	perspective	perspective	NOUN
fbem-8998	50	4	of	of	ADP
fbem-8998	50	5	risk	risk	NOUN
fbem-8998	50	6	compensation	compensation	NOUN
fbem-8998	50	7	:	:	PUNCT
fbem-8998	50	8	enterprises	enterprise	NOUN
fbem-8998	50	9	need	need	VERB
fbem-8998	50	10	to	to	PART
fbem-8998	50	11	invest	invest	VERB
fbem-8998	50	12	a	a	DET
fbem-8998	50	13	lot	lot	NOUN
fbem-8998	50	14	of	of	ADP
fbem-8998	50	15	human	human	ADJ
fbem-8998	50	16	and	and	CCONJ
fbem-8998	50	17	material	material	NOUN
fbem-8998	50	18	resources	resource	NOUN
fbem-8998	50	19	to	to	PART
fbem-8998	50	20	carry	carry	VERB
fbem-8998	50	21	out	out	ADP
fbem-8998	50	22	innovation	innovation	NOUN
fbem-8998	50	23	activities	activity	NOUN
fbem-8998	50	24	,	,	PUNCT
fbem-8998	50	25	but	but	CCONJ
fbem-8998	50	26	the	the	DET
fbem-8998	50	27	output	output	NOUN
fbem-8998	50	28	and	and	CCONJ
fbem-8998	50	29	return	return	NOUN
fbem-8998	50	30	of	of	ADP
fbem-8998	50	31	investment	investment	NOUN
fbem-8998	50	32	is	be	AUX
fbem-8998	50	33	very	very	ADV
fbem-8998	50	34	uncertain	uncertain	ADJ
fbem-8998	50	35	,	,	PUNCT
fbem-8998	50	36	enterprises	enterprise	NOUN
fbem-8998	50	37	will	will	AUX
fbem-8998	50	38	inevitably	inevitably	ADV
fbem-8998	50	39	reduce	reduce	VERB
fbem-8998	50	40	their	their	PRON
fbem-8998	50	41	investment	investment	NOUN
fbem-8998	50	42	in	in	ADP
fbem-8998	50	43	innovation	innovation	NOUN
fbem-8998	50	44	in	in	ADP
fbem-8998	50	45	order	order	NOUN
fbem-8998	50	46	to	to	PART
fbem-8998	50	47	avoid	avoid	VERB
fbem-8998	50	48	the	the	DET
fbem-8998	50	49	high	high	ADJ
fbem-8998	50	50	risk	risk	NOUN
fbem-8998	50	51	of	of	ADP
fbem-8998	50	52	possible	possible	ADJ
fbem-8998	50	53	losses	loss	NOUN
fbem-8998	50	54	,	,	PUNCT
fbem-8998	50	55	and	and	CCONJ
fbem-8998	50	56	some	some	PRON
fbem-8998	50	57	even	even	ADV
fbem-8998	50	58	do	do	AUX
fbem-8998	50	59	not	not	PART
fbem-8998	50	60	carry	carry	VERB
fbem-8998	50	61	out	out	ADP
fbem-8998	50	62	innovation	innovation	NOUN
fbem-8998	50	63	activities	activity	NOUN
fbem-8998	50	64	.	.	PUNCT
fbem-8998	51	1	at	at	ADP
fbem-8998	51	2	this	this	DET
fbem-8998	51	3	point	point	NOUN
fbem-8998	51	4	,	,	PUNCT
fbem-8998	51	5	if	if	SCONJ
fbem-8998	51	6	fiscal	fiscal	ADJ
fbem-8998	51	7	subsidies	subsidy	NOUN
fbem-8998	51	8	or	or	CCONJ
fbem-8998	51	9	tax	tax	NOUN
fbem-8998	51	10	concessions	concession	NOUN
fbem-8998	51	11	are	be	AUX
fbem-8998	51	12	provided	provide	VERB
fbem-8998	51	13	,	,	PUNCT
fbem-8998	51	14	it	it	PRON
fbem-8998	51	15	is	be	AUX
fbem-8998	51	16	equivalent	equivalent	ADJ
fbem-8998	51	17	to	to	ADP
fbem-8998	51	18	giving	give	VERB
fbem-8998	51	19	enterprises	enterprise	NOUN
fbem-8998	51	20	a	a	DET
fbem-8998	51	21	certain	certain	ADJ
fbem-8998	51	22	amount	amount	NOUN
fbem-8998	51	23	of	of	ADP
fbem-8998	51	24	risk	risk	NOUN
fbem-8998	51	25	compensation	compensation	NOUN
fbem-8998	51	26	and	and	CCONJ
fbem-8998	51	27	risk	risk	NOUN
fbem-8998	51	28	protection	protection	NOUN
fbem-8998	51	29	.	.	PUNCT
fbem-8998	52	1	from	from	ADP
fbem-8998	52	2	the	the	DET
fbem-8998	52	3	perspective	perspective	NOUN
fbem-8998	52	4	of	of	ADP
fbem-8998	52	5	corporate	corporate	ADJ
fbem-8998	52	6	finance	finance	NOUN
fbem-8998	52	7	:	:	PUNCT
fbem-8998	52	8	compared	compare	VERB
fbem-8998	52	9	to	to	ADP
fbem-8998	52	10	other	other	ADJ
fbem-8998	52	11	activities	activity	NOUN
fbem-8998	52	12	,	,	PUNCT
fbem-8998	52	13	innovation	innovation	NOUN
fbem-8998	52	14	activities	activity	NOUN
fbem-8998	52	15	are	be	AUX
fbem-8998	52	16	characterised	characterise	VERB
fbem-8998	52	17	by	by	ADP
fbem-8998	52	18	larger	large	ADJ
fbem-8998	52	19	investment	investment	NOUN
fbem-8998	52	20	amounts	amount	NOUN
fbem-8998	52	21	,	,	PUNCT
fbem-8998	52	22	longer	long	ADJ
fbem-8998	52	23	investment	investment	NOUN
fbem-8998	52	24	cycles	cycle	NOUN
fbem-8998	52	25	and	and	CCONJ
fbem-8998	52	26	higher	high	ADJ
fbem-8998	52	27	investment	investment	NOUN
fbem-8998	52	28	risks	risk	NOUN
fbem-8998	52	29	,	,	PUNCT
fbem-8998	52	30	which	which	PRON
fbem-8998	52	31	may	may	AUX
fbem-8998	52	32	not	not	PART
fbem-8998	52	33	be	be	AUX
fbem-8998	52	34	fully	fully	ADV
fbem-8998	52	35	supported	support	VERB
fbem-8998	52	36	by	by	ADP
fbem-8998	52	37	the	the	DET
fbem-8998	52	38	size	size	NOUN
fbem-8998	52	39	of	of	ADP
fbem-8998	52	40	the	the	DET
fbem-8998	52	41	company	company	NOUN
fbem-8998	52	42	's	's	PART
fbem-8998	52	43	own	own	ADJ
fbem-8998	52	44	capital	capital	NOUN
fbem-8998	52	45	.	.	PUNCT
fbem-8998	53	1	in	in	ADP
fbem-8998	53	2	addition	addition	NOUN
fbem-8998	53	3	,	,	PUNCT
fbem-8998	53	4	as	as	SCONJ
fbem-8998	53	5	potential	potential	ADJ
fbem-8998	53	6	suppliers	supplier	NOUN
fbem-8998	53	7	of	of	ADP
fbem-8998	53	8	capital	capital	NOUN
fbem-8998	53	9	are	be	AUX
fbem-8998	53	10	also	also	ADV
fbem-8998	53	11	unwilling	unwilling	ADJ
fbem-8998	53	12	to	to	PART
fbem-8998	53	13	take	take	VERB
fbem-8998	53	14	high	high	ADJ
fbem-8998	53	15	risks	risk	NOUN
fbem-8998	53	16	and	and	CCONJ
fbem-8998	53	17	invest	invest	VERB
fbem-8998	53	18	in	in	ADP
fbem-8998	53	19	the	the	DET
fbem-8998	53	20	innovative	innovative	ADJ
fbem-8998	53	21	activities	activity	NOUN
fbem-8998	53	22	of	of	ADP
fbem-8998	53	23	enterprises	enterprise	NOUN
fbem-8998	53	24	,	,	PUNCT
fbem-8998	53	25	if	if	SCONJ
fbem-8998	53	26	fiscal	fiscal	ADJ
fbem-8998	53	27	subsidies	subsidy	NOUN
fbem-8998	53	28	or	or	CCONJ
fbem-8998	53	29	tax	tax	NOUN
fbem-8998	53	30	incentives	incentive	NOUN
fbem-8998	53	31	are	be	AUX
fbem-8998	53	32	adopted	adopt	VERB
fbem-8998	53	33	,	,	PUNCT
fbem-8998	53	34	the	the	DET
fbem-8998	53	35	financing	financing	NOUN
fbem-8998	53	36	problems	problem	NOUN
fbem-8998	53	37	of	of	ADP
fbem-8998	53	38	enterprises	enterprise	NOUN
fbem-8998	53	39	can	can	AUX
fbem-8998	53	40	be	be	AUX
fbem-8998	53	41	reduced	reduce	VERB
fbem-8998	53	42	or	or	CCONJ
fbem-8998	53	43	solved	solve	VERB
fbem-8998	53	44	to	to	ADP
fbem-8998	53	45	a	a	DET
fbem-8998	53	46	certain	certain	ADJ
fbem-8998	53	47	extent	extent	NOUN
fbem-8998	53	48	.	.	PUNCT
fbem-8998	54	1	based	base	VERB
fbem-8998	54	2	on	on	ADP
fbem-8998	54	3	the	the	DET
fbem-8998	54	4	above	above	ADJ
fbem-8998	54	5	analysis	analysis	NOUN
fbem-8998	54	6	,	,	PUNCT
fbem-8998	54	7	hypothesis	hypothesis	NOUN
fbem-8998	54	8	1	1	NUM
fbem-8998	54	9	is	be	AUX
fbem-8998	54	10	proposed	propose	VERB
fbem-8998	54	11	in	in	ADP
fbem-8998	54	12	this	this	DET
fbem-8998	54	13	paper	paper	NOUN
fbem-8998	54	14	.	.	PUNCT
fbem-8998	55	1	hypothesis	hypothesis	NOUN
fbem-8998	55	2	1	1	NUM
fbem-8998	55	3	:	:	PUNCT
fbem-8998	55	4	both	both	DET
fbem-8998	55	5	fiscal	fiscal	ADJ
fbem-8998	55	6	subsidies	subsidy	NOUN
fbem-8998	55	7	and	and	CCONJ
fbem-8998	55	8	tax	tax	NOUN
fbem-8998	55	9	incentives	incentive	NOUN
fbem-8998	55	10	stimulate	stimulate	VERB
fbem-8998	55	11	innovative	innovative	ADJ
fbem-8998	55	12	activities	activity	NOUN
fbem-8998	55	13	of	of	ADP
fbem-8998	55	14	strategic	strategic	ADJ
fbem-8998	55	15	emerging	emerge	VERB
fbem-8998	55	16	firms	firm	NOUN
fbem-8998	55	17	during	during	ADP
fbem-8998	55	18	the	the	DET
fbem-8998	55	19	growth	growth	NOUN
fbem-8998	55	20	phase	phase	NOUN
fbem-8998	55	21	of	of	ADP
fbem-8998	55	22	the	the	DET
fbem-8998	55	23	firm	firm	NOUN
fbem-8998	55	24	.	.	PUNCT
fbem-8998	56	1	when	when	SCONJ
fbem-8998	56	2	firms	firm	NOUN
fbem-8998	56	3	enter	enter	VERB
fbem-8998	56	4	the	the	DET
fbem-8998	56	5	maturity	maturity	NOUN
fbem-8998	56	6	stage	stage	NOUN
fbem-8998	56	7	,	,	PUNCT
fbem-8998	56	8	there	there	PRON
fbem-8998	56	9	are	be	VERB
fbem-8998	56	10	significant	significant	ADJ
fbem-8998	56	11	changes	change	NOUN
fbem-8998	56	12	in	in	ADP
fbem-8998	56	13	firm	firm	ADJ
fbem-8998	56	14	characteristics	characteristic	NOUN
fbem-8998	56	15	such	such	ADJ
fbem-8998	56	16	as	as	ADP
fbem-8998	56	17	their	their	PRON
fbem-8998	56	18	financing	financing	NOUN
fbem-8998	56	19	status	status	NOUN
fbem-8998	56	20	,	,	PUNCT
fbem-8998	56	21	the	the	DET
fbem-8998	56	22	direction	direction	NOUN
fbem-8998	56	23	of	of	ADP
fbem-8998	56	24	capital	capital	NOUN
fbem-8998	56	25	expenditure	expenditure	NOUN
fbem-8998	56	26	and	and	CCONJ
fbem-8998	56	27	their	their	PRON
fbem-8998	56	28	ability	ability	NOUN
fbem-8998	56	29	and	and	CCONJ
fbem-8998	56	30	willingness	willingness	NOUN
fbem-8998	56	31	to	to	PART
fbem-8998	56	32	innovate	innovate	VERB
fbem-8998	56	33	.	.	PUNCT
fbem-8998	57	1	at	at	ADP
fbem-8998	57	2	this	this	DET
fbem-8998	57	3	stage	stage	NOUN
fbem-8998	57	4	,	,	PUNCT
fbem-8998	57	5	the	the	DET
fbem-8998	57	6	most	most	ADV
fbem-8998	57	7	important	important	ADJ
fbem-8998	57	8	characteristics	characteristic	NOUN
fbem-8998	57	9	of	of	ADP
fbem-8998	57	10	enterprise	enterprise	NOUN
fbem-8998	57	11	finance	finance	NOUN
fbem-8998	57	12	are	be	AUX
fbem-8998	57	13	stable	stable	ADJ
fbem-8998	57	14	profit	profit	NOUN
fbem-8998	57	15	level	level	NOUN
fbem-8998	57	16	,	,	PUNCT
fbem-8998	57	17	abundant	abundant	ADJ
fbem-8998	57	18	surplus	surplus	ADJ
fbem-8998	57	19	accumulation	accumulation	NOUN
fbem-8998	57	20	and	and	CCONJ
fbem-8998	57	21	abundant	abundant	ADJ
fbem-8998	57	22	cash	cash	NOUN
fbem-8998	57	23	flow	flow	NOUN
fbem-8998	57	24	(	(	PUNCT
fbem-8998	57	25	huang	huang	PROPN
fbem-8998	57	26	hongbin	hongbin	PROPN
fbem-8998	57	27	et	et	PROPN
fbem-8998	57	28	al	al	PROPN
fbem-8998	57	29	.	.	PROPN
fbem-8998	57	30	,	,	PUNCT
fbem-8998	57	31	2016	2016	NUM
fbem-8998	57	32	)	)	PUNCT
fbem-8998	57	33	,	,	PUNCT
fbem-8998	57	34	and	and	CCONJ
fbem-8998	57	35	enterprises	enterprise	NOUN
fbem-8998	57	36	'	'	PART
fbem-8998	57	37	business	business	NOUN
fbem-8998	57	38	risks	risk	NOUN
fbem-8998	57	39	are	be	AUX
fbem-8998	57	40	reduced	reduce	VERB
fbem-8998	57	41	,	,	PUNCT
fbem-8998	57	42	and	and	CCONJ
fbem-8998	57	43	they	they	PRON
fbem-8998	57	44	are	be	AUX
fbem-8998	57	45	more	more	ADV
fbem-8998	57	46	likely	likely	ADJ
fbem-8998	57	47	to	to	PART
fbem-8998	57	48	be	be	AUX
fbem-8998	57	49	favoured	favour	VERB
fbem-8998	57	50	by	by	ADP
fbem-8998	57	51	individual	individual	ADJ
fbem-8998	57	52	or	or	CCONJ
fbem-8998	57	53	institutional	institutional	ADJ
fbem-8998	57	54	investors	investor	NOUN
fbem-8998	57	55	and	and	CCONJ
fbem-8998	57	56	have	have	VERB
fbem-8998	57	57	more	more	ADV
fbem-8998	57	58	open	open	ADJ
fbem-8998	57	59	financing	financing	NOUN
fbem-8998	57	60	channels	channel	NOUN
fbem-8998	57	61	.	.	PUNCT
fbem-8998	58	1	in	in	ADP
fbem-8998	58	2	addition	addition	NOUN
fbem-8998	58	3	,	,	PUNCT
fbem-8998	58	4	in	in	ADP
fbem-8998	58	5	terms	term	NOUN
fbem-8998	58	6	of	of	ADP
fbem-8998	58	7	expenditure	expenditure	NOUN
fbem-8998	58	8	,	,	PUNCT
fbem-8998	58	9	on	on	ADP
fbem-8998	58	10	the	the	DET
fbem-8998	58	11	one	one	NUM
fbem-8998	58	12	hand	hand	NOUN
fbem-8998	58	13	,	,	PUNCT
fbem-8998	58	14	maturing	mature	VERB
fbem-8998	58	15	firms	firm	NOUN
fbem-8998	58	16	have	have	AUX
fbem-8998	58	17	basically	basically	ADV
fbem-8998	58	18	completed	complete	VERB
fbem-8998	58	19	the	the	DET
fbem-8998	58	20	capital	capital	NOUN
fbem-8998	58	21	accumulation	accumulation	NOUN
fbem-8998	58	22	in	in	ADP
fbem-8998	58	23	the	the	DET
fbem-8998	58	24	early	early	ADJ
fbem-8998	58	25	stage	stage	NOUN
fbem-8998	58	26	,	,	PUNCT
fbem-8998	58	27	the	the	DET
fbem-8998	58	28	investment	investment	NOUN
fbem-8998	58	29	in	in	ADP
fbem-8998	58	30	large	large	ADJ
fbem-8998	58	31	fixed	fix	VERB
fbem-8998	58	32	assets	asset	NOUN
fbem-8998	58	33	has	have	AUX
fbem-8998	58	34	declined	decline	VERB
fbem-8998	58	35	,	,	PUNCT
fbem-8998	58	36	and	and	CCONJ
fbem-8998	58	37	firms	firm	NOUN
fbem-8998	58	38	'	'	PART
fbem-8998	58	39	capital	capital	NOUN
fbem-8998	58	40	expenditure	expenditure	NOUN
fbem-8998	58	41	has	have	AUX
fbem-8998	58	42	significantly	significantly	ADV
fbem-8998	58	43	reduced	reduce	VERB
fbem-8998	58	44	.	.	PUNCT
fbem-8998	59	1	on	on	ADP
fbem-8998	59	2	the	the	DET
fbem-8998	59	3	other	other	ADJ
fbem-8998	59	4	hand	hand	NOUN
fbem-8998	59	5	,	,	PUNCT
fbem-8998	59	6	as	as	SCONJ
fbem-8998	59	7	the	the	DET
fbem-8998	59	8	corresponding	corresponding	ADJ
fbem-8998	59	9	sales	sale	NOUN
fbem-8998	59	10	network	network	NOUN
fbem-8998	59	11	has	have	AUX
fbem-8998	59	12	basically	basically	ADV
fbem-8998	59	13	been	be	AUX
fbem-8998	59	14	established	establish	VERB
fbem-8998	59	15	,	,	PUNCT
fbem-8998	59	16	enterprises	enterprise	NOUN
fbem-8998	59	17	'	'	PART
fbem-8998	59	18	nonproductive	nonproductive	ADJ
fbem-8998	59	19	costs	cost	NOUN
fbem-8998	59	20	such	such	ADJ
fbem-8998	59	21	as	as	ADP
fbem-8998	59	22	business	business	NOUN
fbem-8998	59	23	hospitality	hospitality	NOUN
fbem-8998	59	24	,	,	PUNCT
fbem-8998	59	25	business	business	NOUN
fbem-8998	59	26	promotion	promotion	NOUN
fbem-8998	59	27	expenses	expense	NOUN
fbem-8998	59	28	and	and	CCONJ
fbem-8998	59	29	start	start	VERB
fbem-8998	59	30	-	-	PUNCT
fbem-8998	59	31	up	up	ADP
fbem-8998	59	32	costs	cost	NOUN
fbem-8998	59	33	incurred	incur	VERB
fbem-8998	59	34	during	during	ADP
fbem-8998	59	35	the	the	DET
fbem-8998	59	36	preparatory	preparatory	ADJ
fbem-8998	59	37	period	period	NOUN
fbem-8998	59	38	are	be	AUX
fbem-8998	59	39	also	also	ADV
fbem-8998	59	40	significantly	significantly	ADV
fbem-8998	59	41	lower	low	ADJ
fbem-8998	59	42	.	.	PUNCT
fbem-8998	60	1	more	more	ADV
fbem-8998	60	2	importantly	importantly	ADV
fbem-8998	60	3	,	,	PUNCT
fbem-8998	60	4	after	after	ADP
fbem-8998	60	5	the	the	DET
fbem-8998	60	6	accumulation	accumulation	NOUN
fbem-8998	60	7	of	of	ADP
fbem-8998	60	8	r&d	r&d	NOUN
fbem-8998	60	9	experience	experience	NOUN
fbem-8998	60	10	in	in	ADP
fbem-8998	60	11	the	the	DET
fbem-8998	60	12	formative	formative	ADJ
fbem-8998	60	13	years	year	NOUN
fbem-8998	60	14	and	and	CCONJ
fbem-8998	60	15	the	the	DET
fbem-8998	60	16	increasing	increase	VERB
fbem-8998	60	17	familiarity	familiarity	NOUN
fbem-8998	60	18	with	with	ADP
fbem-8998	60	19	the	the	DET
fbem-8998	60	20	product	product	NOUN
fbem-8998	60	21	market	market	NOUN
fbem-8998	60	22	,	,	PUNCT
fbem-8998	60	23	the	the	DET
fbem-8998	60	24	r&d	r&d	NOUN
fbem-8998	60	25	risks	risk	NOUN
fbem-8998	60	26	of	of	ADP
fbem-8998	60	27	enterprises	enterprise	NOUN
fbem-8998	60	28	in	in	ADP
fbem-8998	60	29	the	the	DET
fbem-8998	60	30	maturity	maturity	NOUN
fbem-8998	60	31	period	period	NOUN
fbem-8998	60	32	are	be	AUX
fbem-8998	60	33	greatly	greatly	ADV
fbem-8998	60	34	reduced	reduce	VERB
fbem-8998	60	35	;	;	PUNCT
fbem-8998	60	36	in	in	ADP
fbem-8998	60	37	order	order	NOUN
fbem-8998	60	38	to	to	PART
fbem-8998	60	39	further	far	ADV
fbem-8998	60	40	strengthen	strengthen	VERB
fbem-8998	60	41	their	their	PRON
fbem-8998	60	42	market	market	NOUN
fbem-8998	60	43	position	position	NOUN
fbem-8998	60	44	and	and	CCONJ
fbem-8998	60	45	capture	capture	VERB
fbem-8998	60	46	a	a	DET
fbem-8998	60	47	larger	large	ADJ
fbem-8998	60	48	market	market	NOUN
fbem-8998	60	49	share	share	NOUN
fbem-8998	60	50	,	,	PUNCT
fbem-8998	60	51	the	the	DET
fbem-8998	60	52	willingness	willingness	NOUN
fbem-8998	60	53	of	of	ADP
fbem-8998	60	54	enterprises	enterprise	NOUN
fbem-8998	60	55	in	in	ADP
fbem-8998	60	56	the	the	DET
fbem-8998	60	57	maturity	maturity	NOUN
fbem-8998	60	58	period	period	NOUN
fbem-8998	60	59	to	to	PART
fbem-8998	60	60	innovate	innovate	VERB
fbem-8998	60	61	reaches	reach	VERB
fbem-8998	60	62	a	a	DET
fbem-8998	60	63	peak	peak	NOUN
fbem-8998	60	64	.	.	PUNCT
fbem-8998	61	1	the	the	DET
fbem-8998	61	2	government	government	NOUN
fbem-8998	61	3	's	's	PART
fbem-8998	61	4	intention	intention	NOUN
fbem-8998	61	5	in	in	ADP
fbem-8998	61	6	subsidising	subsidise	VERB
fbem-8998	61	7	innovation	innovation	NOUN
fbem-8998	61	8	is	be	AUX
fbem-8998	61	9	to	to	PART
fbem-8998	61	10	act	act	VERB
fbem-8998	61	11	as	as	ADP
fbem-8998	61	12	a	a	DET
fbem-8998	61	13	"	"	PUNCT
fbem-8998	61	14	guide	guide	NOUN
fbem-8998	61	15	and	and	CCONJ
fbem-8998	61	16	facilitator	facilitator	NOUN
fbem-8998	61	17	"	"	PUNCT
fbem-8998	61	18	,	,	PUNCT
fbem-8998	61	19	i.e.	i.e.	X
fbem-8998	61	20	to	to	PART
fbem-8998	61	21	stimulate	stimulate	VERB
fbem-8998	61	22	more	more	ADJ
fbem-8998	61	23	enterprises	enterprise	NOUN
fbem-8998	61	24	to	to	PART
fbem-8998	61	25	innovate	innovate	VERB
fbem-8998	61	26	and	and	CCONJ
fbem-8998	61	27	to	to	PART
fbem-8998	61	28	encourage	encourage	VERB
fbem-8998	61	29	more	more	ADJ
fbem-8998	61	30	enterprises	enterprise	NOUN
fbem-8998	61	31	to	to	PART
fbem-8998	61	32	increase	increase	VERB
fbem-8998	61	33	their	their	PRON
fbem-8998	61	34	r&d	r&d	NOUN
fbem-8998	61	35	investment	investment	NOUN
fbem-8998	61	36	.	.	PUNCT
fbem-8998	62	1	in	in	ADP
fbem-8998	62	2	other	other	ADJ
fbem-8998	62	3	words	word	NOUN
fbem-8998	62	4	,	,	PUNCT
fbem-8998	62	5	the	the	DET
fbem-8998	62	6	government	government	NOUN
fbem-8998	62	7	's	's	PART
fbem-8998	62	8	innovation	innovation	NOUN
fbem-8998	62	9	subsidy	subsidy	NOUN
fbem-8998	62	10	policy	policy	NOUN
fbem-8998	62	11	is	be	AUX
fbem-8998	62	12	not	not	PART
fbem-8998	62	13	primarily	primarily	ADV
fbem-8998	62	14	intended	intend	VERB
fbem-8998	62	15	to	to	PART
fbem-8998	62	16	make	make	VERB
fbem-8998	62	17	enterprises	enterprise	NOUN
fbem-8998	62	18	rely	rely	VERB
fbem-8998	62	19	on	on	ADP
fbem-8998	62	20	government	government	NOUN
fbem-8998	62	21	funds	fund	NOUN
fbem-8998	62	22	to	to	PART
fbem-8998	62	23	innovate	innovate	VERB
fbem-8998	62	24	,	,	PUNCT
fbem-8998	62	25	but	but	CCONJ
fbem-8998	62	26	rather	rather	ADV
fbem-8998	62	27	to	to	AUX
fbem-8998	62	28	leverage	leverage	VERB
fbem-8998	62	29	enterprises	enterprise	NOUN
fbem-8998	62	30	to	to	PART
fbem-8998	62	31	increase	increase	VERB
fbem-8998	62	32	their	their	PRON
fbem-8998	62	33	r&d	r&d	NOUN
fbem-8998	62	34	investment	investment	NOUN
fbem-8998	62	35	(	(	PUNCT
fbem-8998	62	36	li	li	PROPN
fbem-8998	62	37	yongyou	yongyou	PROPN
fbem-8998	62	38	and	and	CCONJ
fbem-8998	62	39	ye	ye	NUM
fbem-8998	62	40	qianwen	qianwen	NOUN
fbem-8998	62	41	,	,	PUNCT
fbem-8998	62	42	2017	2017	NUM
fbem-8998	62	43	)	)	PUNCT
fbem-8998	62	44	.	.	PUNCT
fbem-8998	63	1	enterprises	enterprise	NOUN
fbem-8998	63	2	in	in	ADP
fbem-8998	63	3	the	the	DET
fbem-8998	63	4	mature	mature	ADJ
fbem-8998	63	5	stage	stage	NOUN
fbem-8998	63	6	,	,	PUNCT
fbem-8998	63	7	which	which	PRON
fbem-8998	63	8	are	be	AUX
fbem-8998	63	9	well	well	ADV
fbem-8998	63	10	-	-	PUNCT
fbem-8998	63	11	funded	fund	VERB
fbem-8998	63	12	and	and	CCONJ
fbem-8998	63	13	under	under	ADP
fbem-8998	63	14	less	less	ADJ
fbem-8998	63	15	financial	financial	ADJ
fbem-8998	63	16	pressure	pressure	NOUN
fbem-8998	63	17	,	,	PUNCT
fbem-8998	63	18	are	be	AUX
fbem-8998	63	19	relatively	relatively	ADV
fbem-8998	63	20	less	less	ADV
fbem-8998	63	21	influenced	influence	VERB
fbem-8998	63	22	by	by	ADP
fbem-8998	63	23	the	the	DET
fbem-8998	63	24	amount	amount	NOUN
fbem-8998	63	25	of	of	ADP
fbem-8998	63	26	government	government	NOUN
fbem-8998	63	27	subsidies	subsidy	NOUN
fbem-8998	63	28	they	they	PRON
fbem-8998	63	29	receive	receive	VERB
fbem-8998	63	30	and	and	CCONJ
fbem-8998	63	31	are	be	AUX
fbem-8998	63	32	more	more	ADV
fbem-8998	63	33	influenced	influence	VERB
fbem-8998	63	34	by	by	ADP
fbem-8998	63	35	their	their	PRON
fbem-8998	63	36	own	own	ADJ
fbem-8998	63	37	development	development	NOUN
fbem-8998	63	38	strategies	strategy	NOUN
fbem-8998	63	39	for	for	ADP
fbem-8998	63	40	their	their	PRON
fbem-8998	63	41	independent	independent	ADJ
fbem-8998	63	42	innovation	innovation	NOUN
fbem-8998	63	43	behaviour	behaviour	NOUN
fbem-8998	63	44	.	.	PUNCT
fbem-8998	64	1	based	base	VERB
fbem-8998	64	2	on	on	ADP
fbem-8998	64	3	the	the	DET
fbem-8998	64	4	above	above	ADJ
fbem-8998	64	5	analysis	analysis	NOUN
fbem-8998	64	6	,	,	PUNCT
fbem-8998	64	7	hypothesis	hypothesis	NOUN
fbem-8998	64	8	2	2	NUM
fbem-8998	64	9	is	be	AUX
fbem-8998	64	10	proposed	propose	VERB
fbem-8998	64	11	in	in	ADP
fbem-8998	64	12	this	this	DET
fbem-8998	64	13	paper	paper	NOUN
fbem-8998	64	14	.	.	PUNCT
fbem-8998	65	1	hypothesis	hypothesis	NOUN
fbem-8998	65	2	2	2	NUM
fbem-8998	65	3	:	:	PUNCT
fbem-8998	65	4	fiscal	fiscal	ADJ
fbem-8998	65	5	subsidies	subsidy	NOUN
fbem-8998	65	6	and	and	CCONJ
fbem-8998	65	7	tax	tax	NOUN
fbem-8998	65	8	incentives	incentive	NOUN
fbem-8998	65	9	have	have	VERB
fbem-8998	65	10	a	a	DET
fbem-8998	65	11	weaker	weak	ADJ
fbem-8998	65	12	incentive	incentive	NOUN
fbem-8998	65	13	effect	effect	NOUN
fbem-8998	65	14	on	on	ADP
fbem-8998	65	15	the	the	DET
fbem-8998	65	16	innovation	innovation	NOUN
fbem-8998	65	17	activities	activity	NOUN
fbem-8998	65	18	of	of	ADP
fbem-8998	65	19	strategic	strategic	ADJ
fbem-8998	65	20	emerging	emerge	VERB
fbem-8998	65	21	firms	firm	NOUN
fbem-8998	65	22	during	during	ADP
fbem-8998	65	23	the	the	DET
fbem-8998	65	24	maturity	maturity	NOUN
fbem-8998	65	25	stage	stage	NOUN
fbem-8998	65	26	of	of	ADP
fbem-8998	65	27	the	the	DET
fbem-8998	65	28	firm	firm	NOUN
fbem-8998	65	29	.	.	PUNCT
fbem-8998	66	1	when	when	SCONJ
fbem-8998	66	2	a	a	DET
fbem-8998	66	3	company	company	NOUN
fbem-8998	66	4	enters	enter	VERB
fbem-8998	66	5	a	a	DET
fbem-8998	66	6	recession	recession	NOUN
fbem-8998	66	7	,	,	PUNCT
fbem-8998	66	8	its	its	PRON
fbem-8998	66	9	sales	sale	NOUN
fbem-8998	66	10	tend	tend	VERB
fbem-8998	66	11	to	to	PART
fbem-8998	66	12	decline	decline	VERB
fbem-8998	66	13	and	and	CCONJ
fbem-8998	66	14	its	its	PRON
fbem-8998	66	15	profits	profit	NOUN
fbem-8998	66	16	fall	fall	VERB
fbem-8998	66	17	or	or	CCONJ
fbem-8998	66	18	even	even	ADV
fbem-8998	66	19	lose	lose	VERB
fbem-8998	66	20	money	money	NOUN
fbem-8998	66	21	.	.	PUNCT
fbem-8998	67	1	business	business	NOUN
fbem-8998	67	2	risks	risk	NOUN
fbem-8998	67	3	rise	rise	VERB
fbem-8998	67	4	,	,	PUNCT
fbem-8998	67	5	internal	internal	ADJ
fbem-8998	67	6	and	and	CCONJ
fbem-8998	67	7	external	external	ADJ
fbem-8998	67	8	financing	financing	NOUN
fbem-8998	67	9	channels	channel	NOUN
fbem-8998	67	10	are	be	AUX
fbem-8998	67	11	blocked	block	VERB
fbem-8998	67	12	,	,	PUNCT
fbem-8998	67	13	financing	financing	NOUN
fbem-8998	67	14	is	be	AUX
fbem-8998	67	15	relatively	relatively	ADV
fbem-8998	67	16	difficult	difficult	ADJ
fbem-8998	67	17	,	,	PUNCT
fbem-8998	67	18	and	and	CCONJ
fbem-8998	67	19	the	the	DET
fbem-8998	67	20	funds	fund	NOUN
fbem-8998	67	21	available	available	ADJ
fbem-8998	67	22	for	for	ADP
fbem-8998	67	23	r&d	r&d	NOUN
fbem-8998	67	24	investment	investment	NOUN
fbem-8998	67	25	are	be	AUX
fbem-8998	67	26	even	even	ADV
fbem-8998	67	27	tighter	tight	ADJ
fbem-8998	67	28	;	;	PUNCT
fbem-8998	67	29	in	in	ADP
fbem-8998	67	30	terms	term	NOUN
fbem-8998	67	31	of	of	ADP
fbem-8998	67	32	the	the	DET
fbem-8998	67	33	ability	ability	NOUN
fbem-8998	67	34	to	to	PART
fbem-8998	67	35	innovate	innovate	VERB
fbem-8998	67	36	,	,	PUNCT
fbem-8998	67	37	the	the	DET
fbem-8998	67	38	technological	technological	ADJ
fbem-8998	67	39	equipment	equipment	NOUN
fbem-8998	67	40	of	of	ADP
fbem-8998	67	41	enterprises	enterprise	NOUN
fbem-8998	67	42	in	in	ADP
fbem-8998	67	43	recession	recession	NOUN
fbem-8998	67	44	is	be	AUX
fbem-8998	67	45	more	more	ADV
fbem-8998	67	46	outdated	outdated	ADJ
fbem-8998	67	47	,	,	PUNCT
fbem-8998	67	48	and	and	CCONJ
fbem-8998	67	49	the	the	DET
fbem-8998	67	50	efficiency	efficiency	NOUN
fbem-8998	67	51	of	of	ADP
fbem-8998	67	52	innovation	innovation	NOUN
fbem-8998	67	53	and	and	CCONJ
fbem-8998	67	54	the	the	DET
fbem-8998	67	55	ability	ability	NOUN
fbem-8998	67	56	to	to	PART
fbem-8998	67	57	transform	transform	VERB
fbem-8998	67	58	innovative	innovative	ADJ
fbem-8998	67	59	output	output	NOUN
fbem-8998	67	60	into	into	ADP
fbem-8998	67	61	new	new	ADJ
fbem-8998	67	62	products	product	NOUN
fbem-8998	67	63	are	be	AUX
fbem-8998	67	64	poor	poor	ADJ
fbem-8998	67	65	.	.	PUNCT
fbem-8998	68	1	on	on	ADP
fbem-8998	68	2	the	the	DET
fbem-8998	68	3	other	other	ADJ
fbem-8998	68	4	hand	hand	NOUN
fbem-8998	68	5	,	,	PUNCT
fbem-8998	68	6	enterprises	enterprise	NOUN
fbem-8998	68	7	in	in	ADP
fbem-8998	68	8	decline	decline	NOUN
fbem-8998	68	9	are	be	AUX
fbem-8998	68	10	often	often	ADV
fbem-8998	68	11	at	at	ADP
fbem-8998	68	12	risk	risk	NOUN
fbem-8998	68	13	of	of	ADP
fbem-8998	68	14	being	be	AUX
fbem-8998	68	15	delisted	delist	VERB
fbem-8998	68	16	due	due	ADP
fbem-8998	68	17	to	to	ADP
fbem-8998	68	18	loss	loss	NOUN
fbem-8998	68	19	of	of	ADP
fbem-8998	68	20	profits	profit	NOUN
fbem-8998	68	21	.	.	PUNCT
fbem-8998	69	1	when	when	SCONJ
fbem-8998	69	2	enterprises	enterprise	NOUN
fbem-8998	69	3	receive	receive	VERB
fbem-8998	69	4	fiscal	fiscal	ADJ
fbem-8998	69	5	subsidies	subsidy	NOUN
fbem-8998	69	6	,	,	PUNCT
fbem-8998	69	7	due	due	ADP
fbem-8998	69	8	to	to	ADP
fbem-8998	69	9	the	the	DET
fbem-8998	69	10	lack	lack	NOUN
fbem-8998	69	11	of	of	ADP
fbem-8998	69	12	government	government	NOUN
fbem-8998	69	13	supervision	supervision	NOUN
fbem-8998	69	14	,	,	PUNCT
fbem-8998	69	15	complete	complete	ADJ
fbem-8998	69	16	supporting	support	VERB
fbem-8998	69	17	regulatory	regulatory	ADJ
fbem-8998	69	18	measures	measure	NOUN
fbem-8998	69	19	and	and	CCONJ
fbem-8998	69	20	performance	performance	NOUN
fbem-8998	69	21	evaluation	evaluation	NOUN
fbem-8998	69	22	,	,	PUNCT
fbem-8998	69	23	enterprises	enterprise	NOUN
fbem-8998	69	24	use	use	VERB
fbem-8998	69	25	the	the	DET
fbem-8998	69	26	fiscal	fiscal	ADJ
fbem-8998	69	27	subsidies	subsidy	NOUN
fbem-8998	69	28	received	receive	VERB
fbem-8998	69	29	for	for	ADP
fbem-8998	69	30	other	other	ADJ
fbem-8998	69	31	purposes	purpose	NOUN
fbem-8998	69	32	,	,	PUNCT
fbem-8998	69	33	thus	thus	ADV
fbem-8998	69	34	squeezing	squeeze	VERB
fbem-8998	69	35	out	out	ADP
fbem-8998	69	36	their	their	PRON
fbem-8998	69	37	r&d	r&d	NOUN
fbem-8998	69	38	funds	fund	NOUN
fbem-8998	69	39	.	.	PUNCT
fbem-8998	70	1	on	on	ADP
fbem-8998	70	2	the	the	DET
fbem-8998	70	3	contrary	contrary	NOUN
fbem-8998	70	4	,	,	PUNCT
fbem-8998	70	5	tax	tax	NOUN
fbem-8998	70	6	incentives	incentive	NOUN
fbem-8998	70	7	,	,	PUNCT
fbem-8998	70	8	as	as	ADP
fbem-8998	70	9	an	an	DET
fbem-8998	70	10	ex	ex	NOUN
fbem-8998	70	11	-	-	ADJ
fbem-8998	70	12	post	post	ADJ
fbem-8998	70	13	support	support	NOUN
fbem-8998	70	14	policy	policy	NOUN
fbem-8998	70	15	,	,	PUNCT
fbem-8998	70	16	are	be	AUX
fbem-8998	70	17	paid	pay	VERB
fbem-8998	70	18	to	to	ADP
fbem-8998	70	19	enterprises	enterprise	NOUN
fbem-8998	70	20	to	to	PART
fbem-8998	70	21	benefit	benefit	VERB
fbem-8998	70	22	from	from	ADP
fbem-8998	70	23	the	the	DET
fbem-8998	70	24	funds	fund	NOUN
fbem-8998	70	25	mainly	mainly	ADV
fbem-8998	70	26	through	through	ADP
fbem-8998	70	27	preferential	preferential	ADJ
fbem-8998	70	28	tax	tax	NOUN
fbem-8998	70	29	rates	rate	NOUN
fbem-8998	70	30	and	and	CCONJ
fbem-8998	70	31	tax	tax	NOUN
fbem-8998	70	32	credits	credit	NOUN
fbem-8998	70	33	after	after	SCONJ
fbem-8998	70	34	r&d	r&d	NOUN
fbem-8998	70	35	activities	activity	NOUN
fbem-8998	70	36	have	have	AUX
fbem-8998	70	37	taken	take	VERB
fbem-8998	70	38	place	place	NOUN
fbem-8998	70	39	.	.	PUNCT
fbem-8998	71	1	because	because	SCONJ
fbem-8998	71	2	tax	tax	NOUN
fbem-8998	71	3	incentives	incentive	NOUN
fbem-8998	71	4	work	work	VERB
fbem-8998	71	5	ex	ex	NOUN
fbem-8998	71	6	-	-	NOUN
fbem-8998	71	7	post	post	NOUN
fbem-8998	71	8	for	for	ADP
fbem-8998	71	9	r&d	r&d	NOUN
fbem-8998	71	10	,	,	PUNCT
fbem-8998	71	11	enterprises	enterprise	NOUN
fbem-8998	71	12	may	may	AUX
fbem-8998	71	13	need	need	VERB
fbem-8998	71	14	to	to	PART
fbem-8998	71	15	obtain	obtain	VERB
fbem-8998	71	16	sufficient	sufficient	ADJ
fbem-8998	71	17	r&d	r&d	NOUN
fbem-8998	71	18	results	result	NOUN
fbem-8998	71	19	to	to	PART
fbem-8998	71	20	enjoy	enjoy	VERB
fbem-8998	71	21	its	its	PRON
fbem-8998	71	22	benefits	benefit	NOUN
fbem-8998	71	23	,	,	PUNCT
fbem-8998	71	24	and	and	CCONJ
fbem-8998	71	25	thus	thus	ADV
fbem-8998	71	26	for	for	SCONJ
fbem-8998	71	27	the	the	DET
fbem-8998	71	28	r&d	r&d	NOUN
fbem-8998	71	29	expenses	expense	NOUN
fbem-8998	71	30	already	already	ADV
fbem-8998	71	31	incurred	incur	VERB
fbem-8998	71	32	and	and	CCONJ
fbem-8998	71	33	r&d	r&d	NOUN
fbem-8998	71	34	results	result	NOUN
fbem-8998	71	35	already	already	ADV
fbem-8998	71	36	obtained	obtain	VERB
fbem-8998	71	37	,	,	PUNCT
fbem-8998	71	38	unlike	unlike	ADP
fbem-8998	71	39	the	the	DET
fbem-8998	71	40	ex	ex	NOUN
fbem-8998	71	41	-	-	NOUN
fbem-8998	71	42	ante	ante	ADJ
fbem-8998	71	43	fiscal	fiscal	ADJ
fbem-8998	71	44	subsidies	subsidy	NOUN
fbem-8998	71	45	which	which	PRON
fbem-8998	71	46	may	may	AUX
fbem-8998	71	47	generate	generate	VERB
fbem-8998	71	48	certain	certain	ADJ
fbem-8998	71	49	crowding	crowd	VERB
fbem-8998	71	50	out	out	ADP
fbem-8998	71	51	effect	effect	NOUN
fbem-8998	71	52	and	and	CCONJ
fbem-8998	71	53	moral	moral	ADJ
fbem-8998	71	54	hazard	hazard	NOUN
fbem-8998	71	55	,	,	PUNCT
fbem-8998	71	56	thus	thus	ADV
fbem-8998	71	57	providing	provide	VERB
fbem-8998	71	58	better	well	ADJ
fbem-8998	71	59	incentives	incentive	NOUN
fbem-8998	71	60	for	for	SCONJ
fbem-8998	71	61	enterprises	enterprise	NOUN
fbem-8998	71	62	to	to	PART
fbem-8998	71	63	conduct	conduct	VERB
fbem-8998	71	64	r&d	r&d	NOUN
fbem-8998	71	65	.	.	PUNCT
fbem-8998	72	1	based	base	VERB
fbem-8998	72	2	on	on	ADP
fbem-8998	72	3	the	the	DET
fbem-8998	72	4	above	above	ADJ
fbem-8998	72	5	analysis	analysis	NOUN
fbem-8998	72	6	,	,	PUNCT
fbem-8998	72	7	we	we	PRON
fbem-8998	72	8	propose	propose	VERB
fbem-8998	72	9	hypothesis	hypothesis	NOUN
fbem-8998	72	10	3	3	NUM
fbem-8998	72	11	.	.	PUNCT
fbem-8998	72	12	hypothesis	hypothesis	NOUN
fbem-8998	72	13	3	3	NUM
fbem-8998	72	14	:	:	PUNCT
fbem-8998	72	15	tax	tax	NOUN
fbem-8998	72	16	incentives	incentive	NOUN
fbem-8998	72	17	are	be	AUX
fbem-8998	72	18	a	a	DET
fbem-8998	72	19	better	well	ADJ
fbem-8998	72	20	incentive	incentive	NOUN
fbem-8998	72	21	for	for	ADP
fbem-8998	72	22	strategic	strategic	ADJ
fbem-8998	72	23	emerging	emerge	VERB
fbem-8998	72	24	firms	firm	NOUN
fbem-8998	72	25	to	to	PART
fbem-8998	72	26	innovate	innovate	VERB
fbem-8998	72	27	than	than	ADP
fbem-8998	72	28	fiscal	fiscal	ADJ
fbem-8998	72	29	subsidies	subsidy	NOUN
fbem-8998	72	30	during	during	ADP
fbem-8998	72	31	the	the	DET
fbem-8998	72	32	recession	recession	NOUN
fbem-8998	72	33	phase	phase	NOUN
fbem-8998	72	34	of	of	ADP
fbem-8998	72	35	a	a	DET
fbem-8998	72	36	firm	firm	NOUN
fbem-8998	72	37	.	.	PUNCT
fbem-8998	73	1	3	3	X
fbem-8998	73	2	.	.	X
fbem-8998	73	3	model	model	NOUN
fbem-8998	73	4	construction	construction	NOUN
fbem-8998	73	5	and	and	CCONJ
fbem-8998	73	6	description	description	NOUN
fbem-8998	73	7	of	of	ADP
fbem-8998	73	8	variables	variable	NOUN
fbem-8998	73	9	3.1	3.1	NUM
fbem-8998	73	10	.	.	PUNCT
fbem-8998	73	11	model	model	NOUN
fbem-8998	73	12	construction	construction	NOUN
fbem-8998	73	13	in	in	ADP
fbem-8998	73	14	order	order	NOUN
fbem-8998	73	15	to	to	PART
fbem-8998	73	16	comprehensively	comprehensively	ADV
fbem-8998	73	17	examine	examine	VERB
fbem-8998	73	18	the	the	DET
fbem-8998	73	19	impact	impact	NOUN
fbem-8998	73	20	of	of	ADP
fbem-8998	73	21	fiscal	fiscal	ADJ
fbem-8998	73	22	subsidies	subsidy	NOUN
fbem-8998	73	23	and	and	CCONJ
fbem-8998	73	24	tax	tax	NOUN
fbem-8998	73	25	incentives	incentive	NOUN
fbem-8998	73	26	on	on	ADP
fbem-8998	73	27	innovation	innovation	NOUN
fbem-8998	73	28	activities	activity	NOUN
fbem-8998	73	29	in	in	ADP
fbem-8998	73	30	strategic	strategic	ADJ
fbem-8998	73	31	emerging	emerge	VERB
fbem-8998	73	32	industries	industry	NOUN
fbem-8998	74	1	,	,	PUNCT
fbem-8998	74	2	this	this	DET
fbem-8998	74	3	paper	paper	NOUN
fbem-8998	74	4	proposes	propose	VERB
fbem-8998	74	5	to	to	PART
fbem-8998	74	6	develop	develop	VERB
fbem-8998	74	7	a	a	DET
fbem-8998	74	8	two	two	NUM
fbem-8998	74	9	-	-	PUNCT
fbem-8998	74	10	way	way	NOUN
fbem-8998	74	11	fixed	fix	VERB
fbem-8998	74	12	effects	effect	NOUN
fbem-8998	74	13	model	model	NOUN
fbem-8998	74	14	with	with	ADP
fbem-8998	74	15	total	total	ADJ
fbem-8998	74	16	factor	factor	NOUN
fbem-8998	74	17	productivity	productivity	NOUN
fbem-8998	74	18	as	as	ADP
fbem-8998	74	19	the	the	DET
fbem-8998	74	20	explanatory	explanatory	ADJ
fbem-8998	74	21	variable	variable	ADJ
fbem-8998	74	22	and	and	CCONJ
fbem-8998	74	23	fiscal	fiscal	ADJ
fbem-8998	74	24	subsidies	subsidy	NOUN
fbem-8998	74	25	and	and	CCONJ
fbem-8998	74	26	tax	tax	NOUN
fbem-8998	74	27	incentives	incentive	NOUN
fbem-8998	74	28	received	receive	VERB
fbem-8998	74	29	by	by	ADP
fbem-8998	74	30	enterprises	enterprise	NOUN
fbem-8998	74	31	as	as	ADP
fbem-8998	74	32	the	the	DET
fbem-8998	74	33	core	core	NOUN
fbem-8998	74	34	explanatory	explanatory	ADJ
fbem-8998	74	35	variables	variable	NOUN
fbem-8998	74	36	.	.	PUNCT
fbem-8998	75	1	tfp	tfp	PROPN
fbem-8998	75	2	α	α	PROPN
fbem-8998	75	3	β	β	NOUN
fbem-8998	75	4	∗	∗	NOUN
fbem-8998	75	5	subsidy	subsidy	NOUN
fbem-8998	75	6	β	β	PROPN
fbem-8998	75	7	∗	∗	NOUN
fbem-8998	75	8	taxp	taxp	NOUN
fbem-8998	75	9	∑	∑	PART
fbem-8998	75	10	γx	γx	VERB
fbem-8998	75	11	μ	μ	NUM
fbem-8998	75	12	ω	ω	PROPN
fbem-8998	75	13	ε	ε	PROPN
fbem-8998	75	14	.	.	PUNCT
fbem-8998	76	1	(	(	PUNCT
fbem-8998	76	2	1	1	NUM
fbem-8998	76	3	)	)	PUNCT
fbem-8998	76	4	65	65	NUM
fbem-8998	76	5	where	where	SCONJ
fbem-8998	76	6	the	the	DET
fbem-8998	76	7	subscript	subscript	NOUN
fbem-8998	76	8	i	i	PRON
fbem-8998	76	9	represents	represent	VERB
fbem-8998	76	10	the	the	DET
fbem-8998	76	11	firm	firm	NOUN
fbem-8998	76	12	and	and	CCONJ
fbem-8998	76	13	t	t	NOUN
fbem-8998	76	14	denotes	denote	VERB
fbem-8998	76	15	the	the	DET
fbem-8998	76	16	year	year	NOUN
fbem-8998	76	17	.	.	PUNCT
fbem-8998	77	1	tfp	tfp	PROPN
fbem-8998	77	2	is	be	AUX
fbem-8998	77	3	the	the	DET
fbem-8998	77	4	firm	firm	NOUN
fbem-8998	77	5	's	's	PART
fbem-8998	77	6	total	total	ADJ
fbem-8998	77	7	factor	factor	NOUN
fbem-8998	77	8	productivity	productivity	NOUN
fbem-8998	77	9	,	,	PUNCT
fbem-8998	77	10	subsidy	subsidy	NOUN
fbem-8998	77	11	denotes	denote	VERB
fbem-8998	77	12	the	the	DET
fbem-8998	77	13	fiscal	fiscal	ADJ
fbem-8998	77	14	subsidy	subsidy	NOUN
fbem-8998	77	15	received	receive	VERB
fbem-8998	77	16	by	by	ADP
fbem-8998	77	17	the	the	DET
fbem-8998	77	18	firm	firm	NOUN
fbem-8998	77	19	,	,	PUNCT
fbem-8998	77	20	taxp	taxp	NOUN
fbem-8998	77	21	is	be	AUX
fbem-8998	77	22	the	the	DET
fbem-8998	77	23	tax	tax	NOUN
fbem-8998	77	24	incentive	incentive	NOUN
fbem-8998	77	25	received	receive	VERB
fbem-8998	77	26	by	by	ADP
fbem-8998	77	27	the	the	DET
fbem-8998	77	28	firm	firm	NOUN
fbem-8998	77	29	and	and	CCONJ
fbem-8998	77	30	x	x	NOUN
fbem-8998	77	31	is	be	AUX
fbem-8998	77	32	a	a	DET
fbem-8998	77	33	set	set	NOUN
fbem-8998	77	34	of	of	ADP
fbem-8998	77	35	control	control	NOUN
fbem-8998	77	36	variables	variable	NOUN
fbem-8998	77	37	.	.	PUNCT
fbem-8998	78	1	μ	μ	PROPN
fbem-8998	78	2	denotes	denote	NOUN
fbem-8998	78	3	firm	firm	VERB
fbem-8998	78	4	fixed	fix	VERB
fbem-8998	78	5	effects	effect	NOUN
fbem-8998	78	6	,	,	PUNCT
fbem-8998	78	7	used	use	VERB
fbem-8998	78	8	to	to	PART
fbem-8998	78	9	control	control	VERB
fbem-8998	78	10	for	for	ADP
fbem-8998	78	11	unobservable	unobservable	ADJ
fbem-8998	78	12	firm	firm	ADJ
fbem-8998	78	13	-	-	PUNCT
fbem-8998	78	14	level	level	NOUN
fbem-8998	78	15	specific	specific	ADJ
fbem-8998	78	16	effects	effect	NOUN
fbem-8998	78	17	that	that	PRON
fbem-8998	78	18	do	do	AUX
fbem-8998	78	19	not	not	PART
fbem-8998	78	20	vary	vary	VERB
fbem-8998	78	21	over	over	ADP
fbem-8998	78	22	time	time	NOUN
fbem-8998	78	23	.	.	PUNCT
fbem-8998	79	1	ω	ω	PROPN
fbem-8998	79	2	denotes	denote	NOUN
fbem-8998	79	3	year	year	VERB
fbem-8998	79	4	fixed	fix	VERB
fbem-8998	79	5	effects	effect	NOUN
fbem-8998	79	6	,	,	PUNCT
fbem-8998	79	7	which	which	PRON
fbem-8998	79	8	are	be	AUX
fbem-8998	79	9	used	use	VERB
fbem-8998	79	10	to	to	PART
fbem-8998	79	11	control	control	VERB
fbem-8998	79	12	for	for	ADP
fbem-8998	79	13	shocks	shock	NOUN
fbem-8998	79	14	common	common	ADJ
fbem-8998	79	15	to	to	ADP
fbem-8998	79	16	all	all	DET
fbem-8998	79	17	firms	firm	NOUN
fbem-8998	79	18	at	at	ADP
fbem-8998	79	19	the	the	DET
fbem-8998	79	20	year	year	NOUN
fbem-8998	79	21	level	level	NOUN
fbem-8998	79	22	.	.	PUNCT
fbem-8998	80	1	ε	ε	PROPN
fbem-8998	80	2	is	be	AUX
fbem-8998	80	3	a	a	DET
fbem-8998	80	4	random	random	ADJ
fbem-8998	80	5	error	error	NOUN
fbem-8998	80	6	term	term	NOUN
fbem-8998	80	7	.	.	PUNCT
fbem-8998	81	1	in	in	ADP
fbem-8998	81	2	addition	addition	NOUN
fbem-8998	81	3	,	,	PUNCT
fbem-8998	81	4	to	to	PART
fbem-8998	81	5	eliminate	eliminate	VERB
fbem-8998	81	6	the	the	DET
fbem-8998	81	7	impact	impact	NOUN
fbem-8998	81	8	of	of	ADP
fbem-8998	81	9	potential	potential	ADJ
fbem-8998	81	10	intra	intra	ADJ
fbem-8998	81	11	-	-	ADJ
fbem-8998	81	12	residual	residual	ADJ
fbem-8998	81	13	group	group	NOUN
fbem-8998	81	14	correlations	correlation	NOUN
fbem-8998	81	15	and	and	CCONJ
fbem-8998	81	16	heteroskedasticity	heteroskedasticity	NOUN
fbem-8998	81	17	on	on	ADP
fbem-8998	81	18	inferences	inference	NOUN
fbem-8998	81	19	about	about	ADP
fbem-8998	81	20	the	the	DET
fbem-8998	81	21	significance	significance	NOUN
fbem-8998	81	22	of	of	ADP
fbem-8998	81	23	the	the	DET
fbem-8998	81	24	estimated	estimate	VERB
fbem-8998	81	25	coefficients	coefficient	NOUN
fbem-8998	81	26	,	,	PUNCT
fbem-8998	81	27	we	we	PRON
fbem-8998	81	28	cluster	cluster	VERB
fbem-8998	81	29	the	the	DET
fbem-8998	81	30	regression	regression	NOUN
fbem-8998	81	31	standard	standard	ADJ
fbem-8998	81	32	errors	error	NOUN
fbem-8998	81	33	to	to	ADP
fbem-8998	81	34	the	the	DET
fbem-8998	81	35	firm	firm	ADJ
fbem-8998	81	36	level	level	NOUN
fbem-8998	81	37	.	.	PUNCT
fbem-8998	82	1	3.2	3.2	NUM
fbem-8998	82	2	.	.	PUNCT
fbem-8998	82	3	description	description	NOUN
fbem-8998	82	4	of	of	ADP
fbem-8998	82	5	variables	variable	NOUN
fbem-8998	82	6	3.2.1	3.2.1	NUM
fbem-8998	82	7	.	.	PUNCT
fbem-8998	82	8	total	total	ADJ
fbem-8998	82	9	factor	factor	NOUN
fbem-8998	82	10	productivity	productivity	NOUN
fbem-8998	82	11	(	(	PUNCT
fbem-8998	82	12	tfp	tfp	PROPN
fbem-8998	82	13	)	)	PUNCT
fbem-8998	82	14	existing	exist	VERB
fbem-8998	82	15	measures	measure	NOUN
fbem-8998	82	16	of	of	ADP
fbem-8998	82	17	innovation	innovation	NOUN
fbem-8998	82	18	performance	performance	NOUN
fbem-8998	82	19	focus	focus	NOUN
fbem-8998	82	20	on	on	ADP
fbem-8998	82	21	the	the	DET
fbem-8998	82	22	quantity	quantity	NOUN
fbem-8998	82	23	of	of	ADP
fbem-8998	82	24	innovation	innovation	NOUN
fbem-8998	82	25	(	(	PUNCT
fbem-8998	82	26	r&d	r&d	NOUN
fbem-8998	82	27	inputs	input	NOUN
fbem-8998	82	28	,	,	PUNCT
fbem-8998	82	29	patent	patent	NOUN
fbem-8998	82	30	production	production	NOUN
fbem-8998	82	31	,	,	PUNCT
fbem-8998	82	32	output	output	NOUN
fbem-8998	82	33	efficiency	efficiency	NOUN
fbem-8998	82	34	,	,	PUNCT
fbem-8998	82	35	etc	etc	X
fbem-8998	82	36	.	.	X
fbem-8998	82	37	)	)	PUNCT
fbem-8998	82	38	,	,	PUNCT
fbem-8998	82	39	while	while	SCONJ
fbem-8998	82	40	ignoring	ignore	VERB
fbem-8998	82	41	the	the	DET
fbem-8998	82	42	quality	quality	NOUN
fbem-8998	82	43	of	of	ADP
fbem-8998	82	44	innovation	innovation	NOUN
fbem-8998	82	45	.	.	PUNCT
fbem-8998	83	1	r&d	r&d	NOUN
fbem-8998	83	2	input	input	NOUN
fbem-8998	83	3	is	be	AUX
fbem-8998	83	4	an	an	DET
fbem-8998	83	5	initial	initial	ADJ
fbem-8998	83	6	input	input	NOUN
fbem-8998	83	7	,	,	PUNCT
fbem-8998	83	8	which	which	PRON
fbem-8998	83	9	is	be	AUX
fbem-8998	83	10	not	not	PART
fbem-8998	83	11	necessarily	necessarily	ADV
fbem-8998	83	12	related	relate	VERB
fbem-8998	83	13	to	to	ADP
fbem-8998	83	14	the	the	DET
fbem-8998	83	15	quality	quality	NOUN
fbem-8998	83	16	of	of	ADP
fbem-8998	83	17	innovation	innovation	NOUN
fbem-8998	83	18	.	.	PUNCT
fbem-8998	84	1	considering	consider	VERB
fbem-8998	84	2	that	that	SCONJ
fbem-8998	84	3	enterprises	enterprise	NOUN
fbem-8998	84	4	may	may	AUX
fbem-8998	84	5	"	"	PUNCT
fbem-8998	84	6	whitewash	whitewash	VERB
fbem-8998	84	7	"	"	PUNCT
fbem-8998	84	8	their	their	PRON
fbem-8998	84	9	r&d	r&d	NOUN
fbem-8998	84	10	investment	investment	NOUN
fbem-8998	84	11	in	in	ADP
fbem-8998	84	12	order	order	NOUN
fbem-8998	84	13	to	to	PART
fbem-8998	84	14	obtain	obtain	VERB
fbem-8998	84	15	financial	financial	ADJ
fbem-8998	84	16	and	and	CCONJ
fbem-8998	84	17	tax	tax	NOUN
fbem-8998	84	18	policy	policy	NOUN
fbem-8998	84	19	subsidies	subsidy	NOUN
fbem-8998	84	20	,	,	PUNCT
fbem-8998	84	21	it	it	PRON
fbem-8998	84	22	is	be	AUX
fbem-8998	84	23	biased	bias	VERB
fbem-8998	84	24	to	to	PART
fbem-8998	84	25	use	use	VERB
fbem-8998	84	26	r&d	r&d	NOUN
fbem-8998	84	27	input	input	NOUN
fbem-8998	84	28	as	as	ADP
fbem-8998	84	29	a	a	DET
fbem-8998	84	30	measure	measure	NOUN
fbem-8998	84	31	of	of	ADP
fbem-8998	84	32	innovation	innovation	NOUN
fbem-8998	84	33	performance	performance	NOUN
fbem-8998	84	34	.	.	PUNCT
fbem-8998	85	1	patent	patent	NOUN
fbem-8998	85	2	output	output	NOUN
fbem-8998	85	3	is	be	AUX
fbem-8998	85	4	only	only	ADV
fbem-8998	85	5	a	a	DET
fbem-8998	85	6	kind	kind	NOUN
fbem-8998	85	7	of	of	ADP
fbem-8998	85	8	knowledge	knowledge	NOUN
fbem-8998	85	9	output	output	NOUN
fbem-8998	85	10	,	,	PUNCT
fbem-8998	85	11	and	and	CCONJ
fbem-8998	85	12	there	there	PRON
fbem-8998	85	13	is	be	VERB
fbem-8998	85	14	still	still	ADV
fbem-8998	85	15	a	a	DET
fbem-8998	85	16	big	big	ADJ
fbem-8998	85	17	gap	gap	NOUN
fbem-8998	85	18	between	between	ADP
fbem-8998	85	19	it	it	PRON
fbem-8998	85	20	and	and	CCONJ
fbem-8998	85	21	the	the	DET
fbem-8998	85	22	connotation	connotation	NOUN
fbem-8998	85	23	of	of	ADP
fbem-8998	85	24	quality	quality	NOUN
fbem-8998	85	25	development	development	NOUN
fbem-8998	85	26	.	.	PUNCT
fbem-8998	86	1	in	in	ADP
fbem-8998	86	2	general	general	ADJ
fbem-8998	86	3	,	,	PUNCT
fbem-8998	86	4	the	the	DET
fbem-8998	86	5	current	current	ADJ
fbem-8998	86	6	innovation	innovation	NOUN
fbem-8998	86	7	performance	performance	NOUN
fbem-8998	86	8	indicators	indicator	NOUN
fbem-8998	86	9	focus	focus	VERB
fbem-8998	86	10	on	on	ADP
fbem-8998	86	11	the	the	DET
fbem-8998	86	12	quantity	quantity	NOUN
fbem-8998	86	13	of	of	ADP
fbem-8998	86	14	innovation	innovation	NOUN
fbem-8998	86	15	but	but	CCONJ
fbem-8998	86	16	neglect	neglect	VERB
fbem-8998	86	17	the	the	DET
fbem-8998	86	18	quality	quality	NOUN
fbem-8998	86	19	of	of	ADP
fbem-8998	86	20	innovation	innovation	NOUN
fbem-8998	86	21	;	;	PUNCT
fbem-8998	86	22	at	at	ADP
fbem-8998	86	23	the	the	DET
fbem-8998	86	24	same	same	ADJ
fbem-8998	86	25	time	time	NOUN
fbem-8998	86	26	,	,	PUNCT
fbem-8998	86	27	there	there	PRON
fbem-8998	86	28	is	be	VERB
fbem-8998	86	29	also	also	ADV
fbem-8998	86	30	the	the	DET
fbem-8998	86	31	problem	problem	NOUN
fbem-8998	86	32	of	of	ADP
fbem-8998	86	33	focusing	focus	VERB
fbem-8998	86	34	on	on	ADP
fbem-8998	86	35	the	the	DET
fbem-8998	86	36	front	front	ADJ
fbem-8998	86	37	-	-	PUNCT
fbem-8998	86	38	end	end	NOUN
fbem-8998	86	39	input	input	NOUN
fbem-8998	86	40	(	(	PUNCT
fbem-8998	86	41	r&d	r&d	NOUN
fbem-8998	86	42	input	input	NOUN
fbem-8998	86	43	)	)	PUNCT
fbem-8998	86	44	and	and	CCONJ
fbem-8998	86	45	the	the	DET
fbem-8998	86	46	middle	middle	ADJ
fbem-8998	86	47	-	-	PUNCT
fbem-8998	86	48	end	end	NOUN
fbem-8998	86	49	output	output	NOUN
fbem-8998	86	50	(	(	PUNCT
fbem-8998	86	51	patent	patent	NOUN
fbem-8998	86	52	)	)	PUNCT
fbem-8998	86	53	,	,	PUNCT
fbem-8998	86	54	while	while	SCONJ
fbem-8998	86	55	neglecting	neglect	VERB
fbem-8998	86	56	the	the	DET
fbem-8998	86	57	end	end	NOUN
fbem-8998	86	58	-	-	PUNCT
fbem-8998	86	59	end	end	NOUN
fbem-8998	86	60	economic	economic	ADJ
fbem-8998	86	61	performance	performance	NOUN
fbem-8998	86	62	.	.	PUNCT
fbem-8998	87	1	based	base	VERB
fbem-8998	87	2	on	on	ADP
fbem-8998	87	3	this	this	PRON
fbem-8998	87	4	,	,	PUNCT
fbem-8998	87	5	this	this	DET
fbem-8998	87	6	paper	paper	NOUN
fbem-8998	87	7	adopts	adopt	VERB
fbem-8998	87	8	total	total	ADJ
fbem-8998	87	9	factor	factor	NOUN
fbem-8998	87	10	productivity	productivity	NOUN
fbem-8998	87	11	to	to	PART
fbem-8998	87	12	measure	measure	VERB
fbem-8998	87	13	the	the	DET
fbem-8998	87	14	innovation	innovation	NOUN
fbem-8998	87	15	activities	activity	NOUN
fbem-8998	87	16	of	of	ADP
fbem-8998	87	17	enterprises	enterprise	NOUN
fbem-8998	87	18	,	,	PUNCT
fbem-8998	87	19	in	in	ADP
fbem-8998	87	20	order	order	NOUN
fbem-8998	87	21	to	to	PART
fbem-8998	87	22	reflect	reflect	VERB
fbem-8998	87	23	the	the	DET
fbem-8998	87	24	results	result	NOUN
fbem-8998	87	25	of	of	ADP
fbem-8998	87	26	their	their	PRON
fbem-8998	87	27	innovation	innovation	NOUN
fbem-8998	87	28	activities	activity	NOUN
fbem-8998	87	29	more	more	ADV
fbem-8998	87	30	comprehensively	comprehensively	ADV
fbem-8998	87	31	.	.	PUNCT
fbem-8998	88	1	there	there	PRON
fbem-8998	88	2	are	be	VERB
fbem-8998	88	3	various	various	ADJ
fbem-8998	88	4	methods	method	NOUN
fbem-8998	88	5	for	for	ADP
fbem-8998	88	6	estimating	estimate	VERB
fbem-8998	88	7	the	the	DET
fbem-8998	88	8	total	total	ADJ
fbem-8998	88	9	factor	factor	NOUN
fbem-8998	88	10	productivity	productivity	NOUN
fbem-8998	88	11	of	of	ADP
fbem-8998	88	12	enterprises	enterprise	NOUN
fbem-8998	88	13	(	(	PUNCT
fbem-8998	88	14	e.g.	e.g.	ADV
fbem-8998	88	15	least	least	ADJ
fbem-8998	88	16	squares	square	NOUN
fbem-8998	88	17	,	,	PUNCT
fbem-8998	88	18	fixed	fix	VERB
fbem-8998	88	19	effects	effect	NOUN
fbem-8998	88	20	,	,	PUNCT
fbem-8998	88	21	semi	semi	ADJ
fbem-8998	88	22	-	-	ADJ
fbem-8998	88	23	parametric	parametric	ADJ
fbem-8998	88	24	and	and	CCONJ
fbem-8998	88	25	generalised	generalised	ADJ
fbem-8998	88	26	method	method	NOUN
fbem-8998	88	27	of	of	ADP
fbem-8998	88	28	moments	moment	NOUN
fbem-8998	88	29	estimation	estimation	NOUN
fbem-8998	88	30	)	)	PUNCT
fbem-8998	88	31	.	.	PUNCT
fbem-8998	89	1	given	give	VERB
fbem-8998	89	2	that	that	SCONJ
fbem-8998	89	3	the	the	DET
fbem-8998	89	4	semi	semi	ADJ
fbem-8998	89	5	-	-	ADJ
fbem-8998	89	6	parametric	parametric	ADJ
fbem-8998	89	7	op	op	NOUN
fbem-8998	89	8	method	method	NOUN
fbem-8998	89	9	and	and	CCONJ
fbem-8998	89	10	the	the	DET
fbem-8998	89	11	lp	lp	ADJ
fbem-8998	89	12	method	method	NOUN
fbem-8998	89	13	are	be	AUX
fbem-8998	89	14	effective	effective	ADJ
fbem-8998	89	15	in	in	ADP
fbem-8998	89	16	avoiding	avoid	VERB
fbem-8998	89	17	simultaneous	simultaneous	ADJ
fbem-8998	89	18	bias	bias	NOUN
fbem-8998	89	19	and	and	CCONJ
fbem-8998	89	20	sample	sample	NOUN
fbem-8998	89	21	selectivity	selectivity	NOUN
fbem-8998	89	22	bias	bias	NOUN
fbem-8998	89	23	,	,	PUNCT
fbem-8998	89	24	this	this	DET
fbem-8998	89	25	study	study	NOUN
fbem-8998	89	26	uses	use	VERB
fbem-8998	89	27	the	the	DET
fbem-8998	89	28	total	total	ADJ
fbem-8998	89	29	factor	factor	NOUN
fbem-8998	89	30	productivity	productivity	NOUN
fbem-8998	89	31	level	level	NOUN
fbem-8998	89	32	of	of	ADP
fbem-8998	89	33	enterprises	enterprise	NOUN
fbem-8998	89	34	estimated	estimate	VERB
fbem-8998	89	35	by	by	ADP
fbem-8998	89	36	the	the	DET
fbem-8998	89	37	lp	lp	ADJ
fbem-8998	89	38	method	method	NOUN
fbem-8998	89	39	for	for	ADP
fbem-8998	89	40	benchmarking	benchmarke	VERB
fbem-8998	89	41	analysis	analysis	NOUN
fbem-8998	89	42	and	and	CCONJ
fbem-8998	89	43	the	the	DET
fbem-8998	89	44	op	op	NOUN
fbem-8998	89	45	method	method	NOUN
fbem-8998	89	46	for	for	ADP
fbem-8998	89	47	robustness	robustness	NOUN
fbem-8998	89	48	testing	testing	NOUN
fbem-8998	89	49	.	.	PUNCT
fbem-8998	90	1	specifically	specifically	ADV
fbem-8998	90	2	,	,	PUNCT
fbem-8998	90	3	referring	refer	VERB
fbem-8998	90	4	to	to	ADP
fbem-8998	90	5	hu	hu	PROPN
fbem-8998	90	6	haifeng	haifeng	PROPN
fbem-8998	90	7	et	et	PROPN
fbem-8998	90	8	al.(2020	al.(2020	PROPN
fbem-8998	90	9	)	)	PUNCT
fbem-8998	90	10	estimation	estimation	NOUN
fbem-8998	90	11	method	method	NOUN
fbem-8998	90	12	,	,	PUNCT
fbem-8998	90	13	total	total	ADJ
fbem-8998	90	14	output	output	NOUN
fbem-8998	90	15	(	(	PUNCT
fbem-8998	90	16	y	y	NOUN
fbem-8998	90	17	)	)	PUNCT
fbem-8998	90	18	is	be	AUX
fbem-8998	90	19	measured	measure	VERB
fbem-8998	90	20	using	use	VERB
fbem-8998	90	21	revenue	revenue	NOUN
fbem-8998	90	22	from	from	ADP
fbem-8998	90	23	main	main	ADJ
fbem-8998	90	24	business	business	NOUN
fbem-8998	90	25	,	,	PUNCT
fbem-8998	90	26	labour	labour	NOUN
fbem-8998	90	27	factor	factor	NOUN
fbem-8998	90	28	input	input	NOUN
fbem-8998	90	29	(	(	PUNCT
fbem-8998	90	30	l	l	NOUN
fbem-8998	90	31	)	)	PUNCT
fbem-8998	90	32	is	be	AUX
fbem-8998	90	33	measured	measure	VERB
fbem-8998	90	34	using	use	VERB
fbem-8998	90	35	total	total	ADJ
fbem-8998	90	36	number	number	NOUN
fbem-8998	90	37	of	of	ADP
fbem-8998	90	38	employees	employee	NOUN
fbem-8998	90	39	,	,	PUNCT
fbem-8998	90	40	capital	capital	NOUN
fbem-8998	90	41	factor	factor	NOUN
fbem-8998	90	42	input	input	NOUN
fbem-8998	90	43	(	(	PUNCT
fbem-8998	90	44	k	k	NOUN
fbem-8998	90	45	)	)	PUNCT
fbem-8998	90	46	is	be	AUX
fbem-8998	90	47	measured	measure	VERB
fbem-8998	90	48	using	use	VERB
fbem-8998	90	49	net	net	ADJ
fbem-8998	90	50	fixed	fix	VERB
fbem-8998	90	51	assets	asset	NOUN
fbem-8998	90	52	,	,	PUNCT
fbem-8998	90	53	current	current	ADJ
fbem-8998	90	54	investment	investment	NOUN
fbem-8998	90	55	(	(	PUNCT
fbem-8998	90	56	i	i	NOUN
fbem-8998	90	57	)	)	PUNCT
fbem-8998	90	58	is	be	AUX
fbem-8998	90	59	measured	measure	VERB
fbem-8998	90	60	using	use	VERB
fbem-8998	90	61	cash	cash	NOUN
fbem-8998	90	62	paid	pay	VERB
fbem-8998	90	63	for	for	ADP
fbem-8998	90	64	the	the	DET
fbem-8998	90	65	purchase	purchase	NOUN
fbem-8998	90	66	of	of	ADP
fbem-8998	90	67	fixed	fix	VERB
fbem-8998	90	68	assets	asset	NOUN
fbem-8998	90	69	,	,	PUNCT
fbem-8998	90	70	intangible	intangible	ADJ
fbem-8998	90	71	assets	asset	NOUN
fbem-8998	90	72	and	and	CCONJ
fbem-8998	90	73	other	other	ADJ
fbem-8998	90	74	long	long	ADJ
fbem-8998	90	75	-	-	PUNCT
fbem-8998	90	76	term	term	NOUN
fbem-8998	90	77	assets	asset	NOUN
fbem-8998	90	78	,	,	PUNCT
fbem-8998	90	79	and	and	CCONJ
fbem-8998	90	80	intermediate	intermediate	ADJ
fbem-8998	90	81	input	input	NOUN
fbem-8998	90	82	(	(	PUNCT
fbem-8998	90	83	mat	mat	NOUN
fbem-8998	90	84	)	)	PUNCT
fbem-8998	90	85	is	be	AUX
fbem-8998	90	86	measured	measure	VERB
fbem-8998	90	87	using	use	VERB
fbem-8998	90	88	cash	cash	NOUN
fbem-8998	90	89	paid	pay	VERB
fbem-8998	90	90	for	for	ADP
fbem-8998	90	91	the	the	DET
fbem-8998	90	92	purchase	purchase	NOUN
fbem-8998	90	93	of	of	ADP
fbem-8998	90	94	goods	good	NOUN
fbem-8998	90	95	and	and	CCONJ
fbem-8998	90	96	services	service	NOUN
fbem-8998	90	97	.	.	PUNCT
fbem-8998	91	1	the	the	DET
fbem-8998	91	2	specific	specific	ADJ
fbem-8998	91	3	measurement	measurement	NOUN
fbem-8998	91	4	models	model	NOUN
fbem-8998	91	5	are	be	AUX
fbem-8998	91	6	as	as	SCONJ
fbem-8998	91	7	follows	follow	VERB
fbem-8998	91	8	:	:	PUNCT
fbem-8998	91	9	lny	lny	PROPN
fbem-8998	91	10	θ	θ	PROPN
fbem-8998	91	11	θ	θ	NOUN
fbem-8998	91	12	∗	∗	NOUN
fbem-8998	91	13	lnk	lnk	X
fbem-8998	91	14	θ	θ	PROPN
fbem-8998	91	15	∗	∗	NOUN
fbem-8998	91	16	lnl	lnl	PROPN
fbem-8998	91	17	θ	θ	PROPN
fbem-8998	91	18	∗	∗	PROPN
fbem-8998	91	19	lnmat	lnmat	PROPN
fbem-8998	91	20	ind	ind	PROPN
fbem-8998	91	21	year	year	PROPN
fbem-8998	91	22	φ	φ	PROPN
fbem-8998	91	23	(	(	PUNCT
fbem-8998	91	24	2	2	NUM
fbem-8998	91	25	)	)	PUNCT
fbem-8998	91	26	where	where	SCONJ
fbem-8998	91	27	i	i	PRON
fbem-8998	91	28	represents	represent	VERB
fbem-8998	91	29	the	the	DET
fbem-8998	91	30	firm	firm	NOUN
fbem-8998	91	31	,	,	PUNCT
fbem-8998	91	32	t	t	PROPN
fbem-8998	91	33	represents	represent	VERB
fbem-8998	91	34	the	the	DET
fbem-8998	91	35	year	year	NOUN
fbem-8998	91	36	,	,	PUNCT
fbem-8998	91	37	ind	ind	NOUN
fbem-8998	91	38	and	and	CCONJ
fbem-8998	91	39	year	year	NOUN
fbem-8998	91	40	are	be	AUX
fbem-8998	91	41	controlled	control	VERB
fbem-8998	91	42	firm	firm	ADJ
fbem-8998	91	43	and	and	CCONJ
fbem-8998	91	44	year	year	NOUN
fbem-8998	91	45	fixed	fix	VERB
fbem-8998	91	46	effects	effect	NOUN
fbem-8998	91	47	,	,	PUNCT
fbem-8998	91	48	and	and	CCONJ
fbem-8998	91	49	φ	φ	PROPN
fbem-8998	91	50	is	be	AUX
fbem-8998	91	51	the	the	DET
fbem-8998	91	52	random	random	ADJ
fbem-8998	91	53	error	error	NOUN
fbem-8998	91	54	term	term	NOUN
fbem-8998	91	55	.	.	PUNCT
fbem-8998	92	1	a	a	DET
fbem-8998	92	2	regression	regression	NOUN
fbem-8998	92	3	of	of	ADP
fbem-8998	92	4	equation	equation	NOUN
fbem-8998	92	5	(	(	PUNCT
fbem-8998	92	6	2	2	X
fbem-8998	92	7	)	)	PUNCT
fbem-8998	92	8	is	be	AUX
fbem-8998	92	9	performed	perform	VERB
fbem-8998	92	10	and	and	CCONJ
fbem-8998	92	11	the	the	DET
fbem-8998	92	12	final	final	ADJ
fbem-8998	92	13	model	model	NOUN
fbem-8998	92	14	residuals	residual	NOUN
fbem-8998	92	15	obtained	obtain	VERB
fbem-8998	92	16	are	be	AUX
fbem-8998	92	17	the	the	DET
fbem-8998	92	18	total	total	ADJ
fbem-8998	92	19	factor	factor	NOUN
fbem-8998	92	20	productivity	productivity	NOUN
fbem-8998	92	21	.	.	PUNCT
fbem-8998	93	1	3.2.2	3.2.2	NUM
fbem-8998	93	2	.	.	PUNCT
fbem-8998	93	3	fiscal	fiscal	ADJ
fbem-8998	93	4	subsidies	subsidy	NOUN
fbem-8998	93	5	(	(	PUNCT
fbem-8998	93	6	subsidy	subsidy	NOUN
fbem-8998	93	7	)	)	PUNCT
fbem-8998	93	8	and	and	CCONJ
fbem-8998	93	9	tax	tax	NOUN
fbem-8998	93	10	incentives	incentive	NOUN
fbem-8998	93	11	(	(	PUNCT
fbem-8998	93	12	taxp	taxp	NOUN
fbem-8998	93	13	)	)	PUNCT
fbem-8998	93	14	considering	consider	VERB
fbem-8998	93	15	that	that	SCONJ
fbem-8998	93	16	the	the	DET
fbem-8998	93	17	government	government	NOUN
fbem-8998	93	18	subsidies	subsidy	NOUN
fbem-8998	93	19	in	in	ADP
fbem-8998	93	20	the	the	DET
fbem-8998	93	21	company	company	NOUN
fbem-8998	93	22	's	's	PART
fbem-8998	93	23	financial	financial	ADJ
fbem-8998	93	24	statements	statement	NOUN
fbem-8998	93	25	include	include	VERB
fbem-8998	93	26	part	part	NOUN
fbem-8998	93	27	of	of	ADP
fbem-8998	93	28	the	the	DET
fbem-8998	93	29	tax	tax	NOUN
fbem-8998	93	30	incentives	incentive	NOUN
fbem-8998	93	31	received	receive	VERB
fbem-8998	93	32	,	,	PUNCT
fbem-8998	93	33	drawing	draw	VERB
fbem-8998	93	34	on	on	ADP
fbem-8998	93	35	the	the	DET
fbem-8998	93	36	empirical	empirical	ADJ
fbem-8998	93	37	approach	approach	NOUN
fbem-8998	93	38	of	of	ADP
fbem-8998	93	39	liu	liu	PROPN
fbem-8998	93	40	guangqiang	guangqiang	PROPN
fbem-8998	93	41	(	(	PUNCT
fbem-8998	93	42	2016	2016	NUM
fbem-8998	93	43	)	)	PUNCT
fbem-8998	93	44	,	,	PUNCT
fbem-8998	93	45	the	the	DET
fbem-8998	93	46	logarithm	logarithm	NOUN
fbem-8998	93	47	of	of	ADP
fbem-8998	93	48	the	the	DET
fbem-8998	93	49	value	value	NOUN
fbem-8998	93	50	of	of	ADP
fbem-8998	93	51	government	government	NOUN
fbem-8998	93	52	subsidies	subsidy	NOUN
fbem-8998	93	53	received	receive	VERB
fbem-8998	93	54	by	by	ADP
fbem-8998	93	55	enterprises	enterprise	NOUN
fbem-8998	93	56	excluding	exclude	VERB
fbem-8998	93	57	the	the	DET
fbem-8998	93	58	tax	tax	NOUN
fbem-8998	93	59	incentives	incentive	NOUN
fbem-8998	93	60	received	receive	VERB
fbem-8998	93	61	in	in	ADP
fbem-8998	93	62	the	the	DET
fbem-8998	93	63	year	year	NOUN
fbem-8998	93	64	is	be	AUX
fbem-8998	93	65	used	use	VERB
fbem-8998	93	66	to	to	PART
fbem-8998	93	67	measure	measure	VERB
fbem-8998	93	68	fiscal	fiscal	ADJ
fbem-8998	93	69	subsidies	subsidy	NOUN
fbem-8998	93	70	;	;	PUNCT
fbem-8998	93	71	the	the	DET
fbem-8998	93	72	logarithm	logarithm	NOUN
fbem-8998	93	73	of	of	ADP
fbem-8998	93	74	"	"	PUNCT
fbem-8998	93	75	tax	tax	NOUN
fbem-8998	93	76	refunds	refund	NOUN
fbem-8998	93	77	received	receive	VERB
fbem-8998	93	78	"	"	PUNCT
fbem-8998	93	79	in	in	ADP
fbem-8998	93	80	the	the	DET
fbem-8998	93	81	enterprise	enterprise	NOUN
fbem-8998	93	82	cash	cash	NOUN
fbem-8998	93	83	flow	flow	NOUN
fbem-8998	93	84	statement	statement	NOUN
fbem-8998	93	85	is	be	AUX
fbem-8998	93	86	used	use	VERB
fbem-8998	93	87	to	to	PART
fbem-8998	93	88	measure	measure	VERB
fbem-8998	93	89	tax	tax	NOUN
fbem-8998	93	90	incentives	incentive	NOUN
fbem-8998	93	91	.	.	PUNCT
fbem-8998	94	1	further	far	ADV
fbem-8998	94	2	,	,	PUNCT
fbem-8998	94	3	in	in	ADP
fbem-8998	94	4	the	the	DET
fbem-8998	94	5	robust	robust	ADJ
fbem-8998	94	6	regression	regression	NOUN
fbem-8998	94	7	analysis	analysis	NOUN
fbem-8998	94	8	,	,	PUNCT
fbem-8998	94	9	the	the	DET
fbem-8998	94	10	natural	natural	ADJ
fbem-8998	94	11	logarithm	logarithm	NOUN
fbem-8998	94	12	of	of	ADP
fbem-8998	94	13	government	government	NOUN
fbem-8998	94	14	subsidies	subsidy	NOUN
fbem-8998	94	15	under	under	ADP
fbem-8998	94	16	non	non	ADJ
fbem-8998	94	17	-	-	ADJ
fbem-8998	94	18	operating	operating	ADJ
fbem-8998	94	19	income	income	NOUN
fbem-8998	94	20	of	of	ADP
fbem-8998	94	21	enterprises	enterprise	NOUN
fbem-8998	94	22	'	'	PART
fbem-8998	94	23	annual	annual	ADJ
fbem-8998	94	24	reports	report	NOUN
fbem-8998	94	25	is	be	AUX
fbem-8998	94	26	used	use	VERB
fbem-8998	94	27	to	to	PART
fbem-8998	94	28	measure	measure	VERB
fbem-8998	94	29	the	the	DET
fbem-8998	94	30	fiscal	fiscal	ADJ
fbem-8998	94	31	subsidies	subsidy	NOUN
fbem-8998	94	32	received	receive	VERB
fbem-8998	94	33	by	by	ADP
fbem-8998	94	34	enterprises	enterprise	NOUN
fbem-8998	94	35	,	,	PUNCT
fbem-8998	94	36	and	and	CCONJ
fbem-8998	94	37	the	the	DET
fbem-8998	94	38	natural	natural	ADJ
fbem-8998	94	39	logarithm	logarithm	NOUN
fbem-8998	94	40	of	of	ADP
fbem-8998	94	41	corporate	corporate	ADJ
fbem-8998	94	42	income	income	NOUN
fbem-8998	94	43	tax	tax	NOUN
fbem-8998	94	44	incentives	incentive	NOUN
fbem-8998	94	45	(	(	PUNCT
fbem-8998	94	46	(	(	PUNCT
fbem-8998	94	47	statutory	statutory	ADJ
fbem-8998	94	48	tax	tax	NOUN
fbem-8998	94	49	rate	rate	NOUN
fbem-8998	94	50	effective	effective	ADJ
fbem-8998	94	51	tax	tax	NOUN
fbem-8998	94	52	rate)*total	rate)*total	NUM
fbem-8998	94	53	profit	profit	NOUN
fbem-8998	94	54	)	)	PUNCT
fbem-8998	94	55	is	be	AUX
fbem-8998	94	56	used	use	VERB
fbem-8998	94	57	to	to	PART
fbem-8998	94	58	measure	measure	VERB
fbem-8998	94	59	the	the	DET
fbem-8998	94	60	tax	tax	NOUN
fbem-8998	94	61	incentives	incentive	NOUN
fbem-8998	94	62	received	receive	VERB
fbem-8998	94	63	by	by	ADP
fbem-8998	94	64	enterprises	enterprise	NOUN
fbem-8998	94	65	.	.	PUNCT
fbem-8998	95	1	3.2.3	3.2.3	X
fbem-8998	95	2	.	.	PUNCT
fbem-8998	96	1	the	the	DET
fbem-8998	96	2	enterprise	enterprise	NOUN
fbem-8998	96	3	life	life	NOUN
fbem-8998	96	4	cycle	cycle	NOUN
fbem-8998	96	5	stage	stage	NOUN
fbem-8998	96	6	there	there	PRON
fbem-8998	96	7	are	be	VERB
fbem-8998	96	8	numerous	numerous	ADJ
fbem-8998	96	9	criteria	criterion	NOUN
fbem-8998	96	10	for	for	ADP
fbem-8998	96	11	measuring	measure	VERB
fbem-8998	96	12	the	the	DET
fbem-8998	96	13	life	life	NOUN
fbem-8998	96	14	cycle	cycle	NOUN
fbem-8998	96	15	stage	stage	NOUN
fbem-8998	96	16	of	of	ADP
fbem-8998	96	17	a	a	DET
fbem-8998	96	18	firm	firm	NOUN
fbem-8998	96	19	,	,	PUNCT
fbem-8998	96	20	which	which	PRON
fbem-8998	96	21	can	can	AUX
fbem-8998	96	22	be	be	AUX
fbem-8998	96	23	summarised	summarise	VERB
fbem-8998	96	24	into	into	ADP
fbem-8998	96	25	three	three	NUM
fbem-8998	96	26	categories	category	NOUN
fbem-8998	96	27	:	:	PUNCT
fbem-8998	96	28	univariate	univariate	ADJ
fbem-8998	96	29	analysis	analysis	NOUN
fbem-8998	96	30	(	(	PUNCT
fbem-8998	96	31	e.g.	e.g.	ADV
fbem-8998	96	32	firm	firm	ADJ
fbem-8998	96	33	size	size	NOUN
fbem-8998	96	34	and	and	CCONJ
fbem-8998	96	35	age	age	NOUN
fbem-8998	96	36	,	,	PUNCT
fbem-8998	96	37	etc	etc	X
fbem-8998	96	38	.	.	X
fbem-8998	96	39	)	)	PUNCT
fbem-8998	96	40	,	,	PUNCT
fbem-8998	96	41	financial	financial	ADJ
fbem-8998	96	42	composite	composite	ADJ
fbem-8998	96	43	indicator	indicator	NOUN
fbem-8998	96	44	approach	approach	NOUN
fbem-8998	96	45	(	(	PUNCT
fbem-8998	96	46	anthony	anthony	PROPN
fbem-8998	96	47	and	and	CCONJ
fbem-8998	96	48	ramesh	ramesh	PROPN
fbem-8998	96	49	,	,	PUNCT
fbem-8998	96	50	1992	1992	NUM
fbem-8998	96	51	)	)	PUNCT
fbem-8998	96	52	and	and	CCONJ
fbem-8998	96	53	cash	cash	NOUN
fbem-8998	96	54	flow	flow	NOUN
fbem-8998	96	55	model	model	NOUN
fbem-8998	96	56	approach	approach	NOUN
fbem-8998	96	57	(	(	PUNCT
fbem-8998	96	58	dickinson	dickinson	NOUN
fbem-8998	96	59	,	,	PUNCT
fbem-8998	96	60	2011	2011	NUM
fbem-8998	96	61	)	)	PUNCT
fbem-8998	96	62	.	.	PUNCT
fbem-8998	97	1	compared	compare	VERB
fbem-8998	97	2	with	with	ADP
fbem-8998	97	3	the	the	DET
fbem-8998	97	4	former	former	ADJ
fbem-8998	97	5	two	two	NUM
fbem-8998	97	6	,	,	PUNCT
fbem-8998	97	7	the	the	DET
fbem-8998	97	8	cash	cash	NOUN
fbem-8998	97	9	flow	flow	NOUN
fbem-8998	97	10	model	model	NOUN
fbem-8998	97	11	method	method	NOUN
fbem-8998	97	12	uses	use	VERB
fbem-8998	97	13	a	a	DET
fbem-8998	97	14	combination	combination	NOUN
fbem-8998	97	15	of	of	ADP
fbem-8998	97	16	positive	positive	ADJ
fbem-8998	97	17	and	and	CCONJ
fbem-8998	97	18	negative	negative	ADJ
fbem-8998	97	19	net	net	ADJ
fbem-8998	97	20	cash	cash	NOUN
fbem-8998	97	21	flows	flow	NOUN
fbem-8998	97	22	from	from	ADP
fbem-8998	97	23	operations	operation	NOUN
fbem-8998	97	24	,	,	PUNCT
fbem-8998	97	25	investments	investment	NOUN
fbem-8998	97	26	and	and	CCONJ
fbem-8998	97	27	financing	financing	NOUN
fbem-8998	97	28	to	to	PART
fbem-8998	97	29	reflect	reflect	VERB
fbem-8998	97	30	the	the	DET
fbem-8998	97	31	growth	growth	NOUN
fbem-8998	97	32	rate	rate	NOUN
fbem-8998	97	33	,	,	PUNCT
fbem-8998	97	34	profitability	profitability	NOUN
fbem-8998	97	35	and	and	CCONJ
fbem-8998	97	36	business	business	NOUN
fbem-8998	97	37	risks	risk	NOUN
fbem-8998	97	38	of	of	ADP
fbem-8998	97	39	firms	firm	NOUN
fbem-8998	97	40	at	at	ADP
fbem-8998	97	41	different	different	ADJ
fbem-8998	97	42	life	life	NOUN
fbem-8998	97	43	cycle	cycle	NOUN
fbem-8998	97	44	stages	stage	NOUN
fbem-8998	97	45	,	,	PUNCT
fbem-8998	97	46	avoiding	avoid	VERB
fbem-8998	97	47	assumptions	assumption	NOUN
fbem-8998	97	48	about	about	ADP
fbem-8998	97	49	the	the	DET
fbem-8998	97	50	distribution	distribution	NOUN
fbem-8998	97	51	of	of	ADP
fbem-8998	97	52	life	life	NOUN
fbem-8998	97	53	cycles	cycle	NOUN
fbem-8998	97	54	across	across	ADP
fbem-8998	97	55	different	different	ADJ
fbem-8998	97	56	firms	firm	NOUN
fbem-8998	97	57	,	,	PUNCT
fbem-8998	97	58	which	which	PRON
fbem-8998	97	59	is	be	AUX
fbem-8998	97	60	less	less	ADV
fbem-8998	97	61	subjective	subjective	ADJ
fbem-8998	97	62	and	and	CCONJ
fbem-8998	97	63	more	more	ADV
fbem-8998	97	64	practicable	practicable	ADJ
fbem-8998	97	65	(	(	PUNCT
fbem-8998	97	66	huang	huang	PROPN
fbem-8998	97	67	hongbin	hongbin	PROPN
fbem-8998	97	68	et	et	PROPN
fbem-8998	97	69	al	al	PROPN
fbem-8998	97	70	.	.	PROPN
fbem-8998	97	71	,	,	PUNCT
fbem-8998	97	72	2016	2016	NUM
fbem-8998	97	73	;	;	PUNCT
fbem-8998	97	74	tong	tong	PROPN
fbem-8998	97	75	jinzhi	jinzhi	PROPN
fbem-8998	97	76	et	et	PROPN
fbem-8998	97	77	al	al	PROPN
fbem-8998	97	78	.	.	PROPN
fbem-8998	97	79	,	,	PUNCT
fbem-8998	97	80	2018	2018	NUM
fbem-8998	97	81	)	)	PUNCT
fbem-8998	97	82	.	.	PUNCT
fbem-8998	98	1	therefore	therefore	ADV
fbem-8998	98	2	,	,	PUNCT
fbem-8998	98	3	this	this	DET
fbem-8998	98	4	paper	paper	NOUN
fbem-8998	98	5	chooses	choose	VERB
fbem-8998	98	6	the	the	DET
fbem-8998	98	7	cash	cash	NOUN
fbem-8998	98	8	flow	flow	NOUN
fbem-8998	98	9	model	model	NOUN
fbem-8998	98	10	method	method	NOUN
fbem-8998	98	11	to	to	PART
fbem-8998	98	12	measure	measure	VERB
fbem-8998	98	13	the	the	DET
fbem-8998	98	14	life	life	NOUN
fbem-8998	98	15	cycle	cycle	NOUN
fbem-8998	98	16	of	of	ADP
fbem-8998	98	17	enterprises	enterprise	NOUN
fbem-8998	98	18	(	(	PUNCT
fbem-8998	98	19	see	see	VERB
fbem-8998	98	20	table	table	NOUN
fbem-8998	98	21	1	1	NUM
fbem-8998	98	22	for	for	ADP
fbem-8998	98	23	details	detail	NOUN
fbem-8998	98	24	)	)	PUNCT
fbem-8998	98	25	,	,	PUNCT
fbem-8998	98	26	which	which	PRON
fbem-8998	98	27	divides	divide	VERB
fbem-8998	98	28	listed	list	VERB
fbem-8998	98	29	companies	company	NOUN
fbem-8998	98	30	into	into	ADP
fbem-8998	98	31	three	three	NUM
fbem-8998	98	32	stages	stage	NOUN
fbem-8998	98	33	:	:	PUNCT
fbem-8998	98	34	growth	growth	NOUN
fbem-8998	98	35	,	,	PUNCT
fbem-8998	98	36	maturity	maturity	NOUN
fbem-8998	98	37	and	and	CCONJ
fbem-8998	98	38	recession	recession	NOUN
fbem-8998	98	39	.	.	PUNCT
fbem-8998	99	1	table	table	NOUN
fbem-8998	99	2	1	1	NUM
fbem-8998	99	3	.	.	PUNCT
fbem-8998	99	4	combination	combination	NOUN
fbem-8998	99	5	of	of	ADP
fbem-8998	99	6	cash	cash	NOUN
fbem-8998	99	7	flow	flow	NOUN
fbem-8998	99	8	characteristics	characteristic	NOUN
fbem-8998	99	9	of	of	ADP
fbem-8998	99	10	enterprises	enterprise	NOUN
fbem-8998	99	11	at	at	ADP
fbem-8998	99	12	different	different	ADJ
fbem-8998	99	13	life	life	NOUN
fbem-8998	99	14	cycle	cycle	NOUN
fbem-8998	99	15	stages	stage	VERB
fbem-8998	99	16	cash	cash	NOUN
fbem-8998	99	17	flow	flow	NOUN
fbem-8998	99	18	growth	growth	NOUN
fbem-8998	99	19	stages	stage	VERB
fbem-8998	99	20	maturity	maturity	NOUN
fbem-8998	99	21	stages	stage	NOUN
fbem-8998	99	22	recession	recession	NOUN
fbem-8998	99	23	stages	stage	NOUN
fbem-8998	99	24	start	start	VERB
fbem-8998	99	25	-	-	PUNCT
fbem-8998	99	26	up	up	ADP
fbem-8998	99	27	period	period	NOUN
fbem-8998	99	28	growth	growth	NOUN
fbem-8998	99	29	period	period	NOUN
fbem-8998	99	30	maturity	maturity	NOUN
fbem-8998	99	31	period	period	NOUN
fbem-8998	99	32	recession	recession	NOUN
fbem-8998	99	33	period	period	NOUN
fbem-8998	99	34	recession	recession	NOUN
fbem-8998	99	35	period	period	NOUN
fbem-8998	99	36	recession	recession	NOUN
fbem-8998	99	37	period	period	NOUN
fbem-8998	99	38	elimination	elimination	NOUN
fbem-8998	99	39	period	period	NOUN
fbem-8998	99	40	elimination	elimination	NOUN
fbem-8998	99	41	period	period	NOUN
fbem-8998	99	42	net	net	ADJ
fbem-8998	99	43	cash	cash	NOUN
fbem-8998	99	44	flow	flow	NOUN
fbem-8998	99	45	from	from	ADP
fbem-8998	99	46	operations	operation	NOUN
fbem-8998	99	47	+	+	CCONJ
fbem-8998	100	1	+	+	PUNCT
fbem-8998	100	2	+	+	CCONJ
fbem-8998	100	3	+	+	CCONJ
fbem-8998	100	4	net	net	ADJ
fbem-8998	100	5	cash	cash	NOUN
fbem-8998	100	6	flow	flow	NOUN
fbem-8998	100	7	from	from	ADP
fbem-8998	100	8	investments	investment	NOUN
fbem-8998	100	9	+	+	CCONJ
fbem-8998	101	1	+	+	PUNCT
fbem-8998	101	2	+	+	CCONJ
fbem-8998	101	3	+	+	CCONJ
fbem-8998	101	4	net	net	ADJ
fbem-8998	101	5	financing	financing	NOUN
fbem-8998	101	6	cash	cash	NOUN
fbem-8998	101	7	flows	flow	VERB
fbem-8998	101	8	+	+	X
fbem-8998	102	1	+	+	PUNCT
fbem-8998	103	1	+	+	CCONJ
fbem-8998	103	2	+	+	NUM
fbem-8998	103	3	3.2.4	3.2.4	NUM
fbem-8998	103	4	.	.	PUNCT
fbem-8998	104	1	control	control	NOUN
fbem-8998	104	2	variables	variable	NOUN
fbem-8998	104	3	in	in	ADP
fbem-8998	104	4	order	order	NOUN
fbem-8998	104	5	to	to	PART
fbem-8998	104	6	mitigate	mitigate	VERB
fbem-8998	104	7	the	the	DET
fbem-8998	104	8	impact	impact	NOUN
fbem-8998	104	9	of	of	ADP
fbem-8998	104	10	omitted	omit	VERB
fbem-8998	104	11	variable	variable	ADJ
fbem-8998	104	12	bias	bias	NOUN
fbem-8998	104	13	and	and	CCONJ
fbem-8998	104	14	improve	improve	VERB
fbem-8998	104	15	the	the	DET
fbem-8998	104	16	efficiency	efficiency	NOUN
fbem-8998	104	17	of	of	ADP
fbem-8998	104	18	regression	regression	NOUN
fbem-8998	104	19	estimation	estimation	NOUN
fbem-8998	104	20	,	,	PUNCT
fbem-8998	104	21	the	the	DET
fbem-8998	104	22	following	follow	VERB
fbem-8998	104	23	variables	variable	NOUN
fbem-8998	104	24	were	be	AUX
fbem-8998	104	25	introduced	introduce	VERB
fbem-8998	104	26	into	into	ADP
fbem-8998	104	27	the	the	DET
fbem-8998	104	28	model	model	NOUN
fbem-8998	104	29	with	with	ADP
fbem-8998	104	30	reference	reference	NOUN
fbem-8998	104	31	to	to	ADP
fbem-8998	104	32	66	66	NUM
fbem-8998	104	33	relevant	relevant	ADJ
fbem-8998	104	34	studies	study	NOUN
fbem-8998	104	35	such	such	ADJ
fbem-8998	104	36	as	as	ADP
fbem-8998	104	37	chu	chu	PROPN
fbem-8998	104	38	deyin	deyin	PROPN
fbem-8998	104	39	et	et	PROPN
fbem-8998	104	40	al	al	PROPN
fbem-8998	104	41	.	.	PROPN
fbem-8998	105	1	(	(	PUNCT
fbem-8998	105	2	2016	2016	NUM
fbem-8998	105	3	)	)	PUNCT
fbem-8998	105	4	and	and	CCONJ
fbem-8998	105	5	tong	tong	PROPN
fbem-8998	105	6	jinzhi	jinzhi	PROPN
fbem-8998	105	7	et	et	PROPN
fbem-8998	105	8	al	al	PROPN
fbem-8998	105	9	.	.	PROPN
fbem-8998	106	1	(	(	PUNCT
fbem-8998	106	2	2018	2018	NUM
fbem-8998	106	3	):	):	PUNCT
fbem-8998	106	4	(	(	PUNCT
fbem-8998	106	5	1	1	X
fbem-8998	106	6	)	)	PUNCT
fbem-8998	106	7	firm	firm	ADJ
fbem-8998	106	8	age	age	NOUN
fbem-8998	106	9	(	(	PUNCT
fbem-8998	106	10	firmage	firmage	NOUN
fbem-8998	106	11	):	):	PUNCT
fbem-8998	106	12	expressed	express	VERB
fbem-8998	106	13	as	as	ADP
fbem-8998	106	14	the	the	DET
fbem-8998	106	15	logarithm	logarithm	NOUN
fbem-8998	106	16	of	of	ADP
fbem-8998	106	17	"	"	PUNCT
fbem-8998	106	18	year	year	NOUN
fbem-8998	106	19	of	of	ADP
fbem-8998	106	20	observation	observation	NOUN
fbem-8998	106	21	year	year	NOUN
fbem-8998	106	22	of	of	ADP
fbem-8998	106	23	firm	firm	ADJ
fbem-8998	106	24	establishment	establishment	NOUN
fbem-8998	106	25	+	+	CCONJ
fbem-8998	106	26	1	1	NUM
fbem-8998	106	27	"	"	PUNCT
fbem-8998	106	28	;	;	PUNCT
fbem-8998	106	29	(	(	PUNCT
fbem-8998	106	30	2	2	X
fbem-8998	106	31	)	)	PUNCT
fbem-8998	106	32	firm	firm	ADJ
fbem-8998	106	33	size	size	NOUN
fbem-8998	106	34	(	(	PUNCT
fbem-8998	106	35	firmsize	firmsize	NOUN
fbem-8998	106	36	):	):	PUNCT
fbem-8998	106	37	expressed	express	VERB
fbem-8998	106	38	as	as	ADP
fbem-8998	106	39	the	the	DET
fbem-8998	106	40	logarithm	logarithm	NOUN
fbem-8998	106	41	of	of	ADP
fbem-8998	106	42	the	the	DET
fbem-8998	106	43	number	number	NOUN
fbem-8998	106	44	of	of	ADP
fbem-8998	106	45	employees	employee	NOUN
fbem-8998	106	46	;	;	PUNCT
fbem-8998	106	47	(	(	PUNCT
fbem-8998	106	48	3	3	X
fbem-8998	106	49	)	)	PUNCT
fbem-8998	106	50	return	return	NOUN
fbem-8998	106	51	on	on	ADP
fbem-8998	106	52	net	net	ADJ
fbem-8998	106	53	assets	asset	NOUN
fbem-8998	106	54	(	(	PUNCT
fbem-8998	106	55	roa	roa	NOUN
fbem-8998	106	56	):	):	PUNCT
fbem-8998	106	57	net	net	ADJ
fbem-8998	106	58	profit	profit	NOUN
fbem-8998	106	59	/	/	SYM
fbem-8998	106	60	net	net	ADJ
fbem-8998	106	61	assets	asset	NOUN
fbem-8998	106	62	;	;	PUNCT
fbem-8998	106	63	(	(	PUNCT
fbem-8998	106	64	4	4	X
fbem-8998	106	65	)	)	PUNCT
fbem-8998	106	66	gearing	gear	VERB
fbem-8998	106	67	ratio	ratio	NOUN
fbem-8998	106	68	(	(	PUNCT
fbem-8998	106	69	leverage	leverage	NOUN
fbem-8998	106	70	):	):	PUNCT
fbem-8998	106	71	total	total	ADJ
fbem-8998	106	72	liabilities	liability	NOUN
fbem-8998	106	73	/	/	SYM
fbem-8998	106	74	total	total	ADJ
fbem-8998	106	75	assets	asset	NOUN
fbem-8998	106	76	;	;	PUNCT
fbem-8998	106	77	(	(	PUNCT
fbem-8998	106	78	5	5	X
fbem-8998	106	79	)	)	PUNCT
fbem-8998	106	80	liquidity	liquidity	NOUN
fbem-8998	106	81	ratio	ratio	NOUN
fbem-8998	106	82	(	(	PUNCT
fbem-8998	106	83	liquidity	liquidity	NOUN
fbem-8998	106	84	):	):	PUNCT
fbem-8998	106	85	current	current	ADJ
fbem-8998	106	86	assets	asset	NOUN
fbem-8998	106	87	/	/	SYM
fbem-8998	106	88	current	current	ADJ
fbem-8998	106	89	liabilities	liability	NOUN
fbem-8998	106	90	.	.	PUNCT
fbem-8998	107	1	3.3	3.3	NUM
fbem-8998	107	2	.	.	PUNCT
fbem-8998	108	1	data	datum	NOUN
fbem-8998	108	2	sources	source	NOUN
fbem-8998	108	3	this	this	DET
fbem-8998	108	4	article	article	NOUN
fbem-8998	108	5	takes	take	VERB
fbem-8998	108	6	a	a	DET
fbem-8998	108	7	-	-	PUNCT
fbem-8998	108	8	shares	share	NOUN
fbem-8998	108	9	listed	list	VERB
fbem-8998	108	10	in	in	ADP
fbem-8998	108	11	shanghai	shanghai	PROPN
fbem-8998	108	12	and	and	CCONJ
fbem-8998	108	13	shenzhen	shenzhen	PROPN
fbem-8998	108	14	as	as	ADP
fbem-8998	108	15	the	the	DET
fbem-8998	108	16	target	target	NOUN
fbem-8998	108	17	of	of	ADP
fbem-8998	108	18	analysis	analysis	NOUN
fbem-8998	108	19	.	.	PUNCT
fbem-8998	109	1	as	as	SCONJ
fbem-8998	109	2	the	the	DET
fbem-8998	109	3	china	china	PROPN
fbem-8998	109	4	securities	securities	PROPN
fbem-8998	109	5	regulatory	regulatory	PROPN
fbem-8998	109	6	commission	commission	NOUN
fbem-8998	109	7	has	have	AUX
fbem-8998	109	8	not	not	PART
fbem-8998	109	9	yet	yet	ADV
fbem-8998	109	10	classified	classify	VERB
fbem-8998	109	11	the	the	DET
fbem-8998	109	12	strategic	strategic	ADJ
fbem-8998	109	13	emerging	emerge	VERB
fbem-8998	109	14	industry	industry	NOUN
fbem-8998	109	15	sectors	sector	NOUN
fbem-8998	109	16	,	,	PUNCT
fbem-8998	109	17	this	this	DET
fbem-8998	109	18	paper	paper	NOUN
fbem-8998	109	19	uses	use	VERB
fbem-8998	109	20	the	the	DET
fbem-8998	109	21	1,117	1,117	NUM
fbem-8998	109	22	original	original	ADJ
fbem-8998	109	23	sample	sample	NOUN
fbem-8998	109	24	stocks	stock	NOUN
fbem-8998	109	25	selected	select	VERB
fbem-8998	109	26	from	from	ADP
fbem-8998	109	27	the	the	DET
fbem-8998	109	28	china	china	PROPN
fbem-8998	109	29	strategic	strategic	ADJ
fbem-8998	109	30	emerging	emerge	VERB
fbem-8998	109	31	industry	industry	NOUN
fbem-8998	109	32	composite	composite	ADJ
fbem-8998	109	33	index	index	NOUN
fbem-8998	109	34	(	(	PUNCT
fbem-8998	109	35	referred	refer	VERB
fbem-8998	109	36	to	to	ADP
fbem-8998	109	37	as	as	SCONJ
fbem-8998	109	38	the	the	DET
fbem-8998	109	39	emerging	emerge	VERB
fbem-8998	109	40	composite	composite	ADJ
fbem-8998	109	41	index	index	NOUN
fbem-8998	109	42	)	)	PUNCT
fbem-8998	109	43	released	release	VERB
fbem-8998	109	44	by	by	ADP
fbem-8998	109	45	china	china	PROPN
fbem-8998	109	46	securities	securities	PROPN
fbem-8998	109	47	index	index	PROPN
fbem-8998	109	48	company	company	NOUN
fbem-8998	109	49	limited	limit	VERB
fbem-8998	109	50	and	and	CCONJ
fbem-8998	109	51	the	the	DET
fbem-8998	109	52	shanghai	shanghai	PROPN
fbem-8998	109	53	stock	stock	PROPN
fbem-8998	109	54	exchange	exchange	PROPN
fbem-8998	109	55	on	on	ADP
fbem-8998	109	56	25	25	NUM
fbem-8998	109	57	january	january	PROPN
fbem-8998	109	58	2017	2017	NUM
fbem-8998	109	59	as	as	ADP
fbem-8998	109	60	the	the	DET
fbem-8998	109	61	reference	reference	NOUN
fbem-8998	109	62	framework	framework	NOUN
fbem-8998	109	63	,	,	PUNCT
fbem-8998	109	64	excluding	exclude	VERB
fbem-8998	109	65	the	the	DET
fbem-8998	109	66	new	new	ADJ
fbem-8998	109	67	third	third	ADJ
fbem-8998	109	68	board	board	NOUN
fbem-8998	109	69	listed	list	VERB
fbem-8998	109	70	companies	company	NOUN
fbem-8998	109	71	and	and	CCONJ
fbem-8998	109	72	st	st	PROPN
fbem-8998	109	73	abnormal	abnormal	ADJ
fbem-8998	109	74	stocks	stock	NOUN
fbem-8998	109	75	,	,	PUNCT
fbem-8998	109	76	deleting	delete	VERB
fbem-8998	109	77	companies	company	NOUN
fbem-8998	109	78	with	with	ADP
fbem-8998	109	79	missing	miss	VERB
fbem-8998	109	80	data	datum	NOUN
fbem-8998	109	81	on	on	ADP
fbem-8998	109	82	major	major	ADJ
fbem-8998	109	83	indicators	indicator	NOUN
fbem-8998	109	84	and	and	CCONJ
fbem-8998	109	85	those	those	PRON
fbem-8998	109	86	with	with	ADP
fbem-8998	109	87	the	the	DET
fbem-8998	109	88	final	final	ADJ
fbem-8998	109	89	list	list	NOUN
fbem-8998	109	90	of	of	ADP
fbem-8998	109	91	companies	company	NOUN
fbem-8998	109	92	is	be	AUX
fbem-8998	109	93	430	430	NUM
fbem-8998	109	94	.	.	PUNCT
fbem-8998	110	1	because	because	SCONJ
fbem-8998	110	2	the	the	DET
fbem-8998	110	3	state	state	PROPN
fbem-8998	110	4	council	council	PROPN
fbem-8998	110	5	issued	issue	VERB
fbem-8998	110	6	"	"	PUNCT
fbem-8998	110	7	the	the	DET
fbem-8998	110	8	decision	decision	NOUN
fbem-8998	110	9	on	on	ADP
fbem-8998	110	10	accelerating	accelerate	VERB
fbem-8998	110	11	the	the	DET
fbem-8998	110	12	cultivation	cultivation	NOUN
fbem-8998	110	13	and	and	CCONJ
fbem-8998	110	14	development	development	NOUN
fbem-8998	110	15	of	of	ADP
fbem-8998	110	16	strategic	strategic	ADJ
fbem-8998	110	17	emerging	emerge	VERB
fbem-8998	110	18	industries	industry	NOUN
fbem-8998	110	19	"	"	PUNCT
fbem-8998	110	20	in	in	ADP
fbem-8998	110	21	2010	2010	NUM
fbem-8998	110	22	,	,	PUNCT
fbem-8998	110	23	and	and	CCONJ
fbem-8998	110	24	considering	consider	VERB
fbem-8998	110	25	the	the	DET
fbem-8998	110	26	exclusion	exclusion	NOUN
fbem-8998	110	27	of	of	ADP
fbem-8998	110	28	the	the	DET
fbem-8998	110	29	impact	impact	NOUN
fbem-8998	110	30	of	of	ADP
fbem-8998	110	31	major	major	ADJ
fbem-8998	110	32	health	health	NOUN
fbem-8998	110	33	emergencies	emergency	NOUN
fbem-8998	110	34	,	,	PUNCT
fbem-8998	110	35	the	the	DET
fbem-8998	110	36	sample	sample	NOUN
fbem-8998	110	37	interval	interval	NOUN
fbem-8998	110	38	of	of	ADP
fbem-8998	110	39	this	this	DET
fbem-8998	110	40	paper	paper	NOUN
fbem-8998	110	41	is	be	AUX
fbem-8998	110	42	from	from	ADP
fbem-8998	110	43	2010	2010	NUM
fbem-8998	110	44	to	to	ADP
fbem-8998	110	45	2019	2019	NUM
fbem-8998	110	46	.	.	PUNCT
fbem-8998	111	1	the	the	DET
fbem-8998	111	2	relevant	relevant	ADJ
fbem-8998	111	3	data	datum	NOUN
fbem-8998	111	4	were	be	AUX
fbem-8998	111	5	obtained	obtain	VERB
fbem-8998	111	6	from	from	ADP
fbem-8998	111	7	the	the	DET
fbem-8998	111	8	guotaian	guotaian	PROPN
fbem-8998	111	9	database	database	NOUN
fbem-8998	111	10	.	.	PUNCT
fbem-8998	112	1	table	table	NOUN
fbem-8998	112	2	2	2	NUM
fbem-8998	112	3	presents	present	VERB
fbem-8998	112	4	descriptive	descriptive	ADJ
fbem-8998	112	5	statistics	statistic	NOUN
fbem-8998	112	6	for	for	ADP
fbem-8998	112	7	primary	primary	ADJ
fbem-8998	112	8	variable	variable	NOUN
fbem-8998	112	9	.	.	PUNCT
fbem-8998	113	1	table	table	NOUN
fbem-8998	113	2	2	2	NUM
fbem-8998	113	3	.	.	PUNCT
fbem-8998	113	4	descriptive	descriptive	ADJ
fbem-8998	113	5	statistical	statistical	ADJ
fbem-8998	113	6	analysis	analysis	NOUN
fbem-8998	113	7	variables	variable	VERB
fbem-8998	113	8	sample	sample	NOUN
fbem-8998	113	9	size	size	NOUN
fbem-8998	113	10	average	average	ADJ
fbem-8998	113	11	standard	standard	ADJ
fbem-8998	113	12	deviation	deviation	NOUN
fbem-8998	113	13	minimum	minimum	NOUN
fbem-8998	113	14	value	value	NOUN
fbem-8998	113	15	maximum	maximum	ADJ
fbem-8998	113	16	value	value	NOUN
fbem-8998	113	17	tfp	tfp	PROPN
fbem-8998	113	18	4300	4300	NUM
fbem-8998	113	19	17.226	17.226	NUM
fbem-8998	113	20	1.028	1.028	NUM
fbem-8998	113	21	14.336	14.336	NUM
fbem-8998	113	22	20.875	20.875	NUM
fbem-8998	113	23	subsidy	subsidy	NOUN
fbem-8998	113	24	3733	3733	NUM
fbem-8998	113	25	16.708	16.708	NUM
fbem-8998	113	26	1.6	1.6	NUM
fbem-8998	113	27	7.824	7.824	NUM
fbem-8998	113	28	21.664	21.664	NUM
fbem-8998	113	29	taxp	taxp	NOUN
fbem-8998	113	30	3274	3274	NUM
fbem-8998	113	31	15.516	15.516	NUM
fbem-8998	113	32	2.237	2.237	NUM
fbem-8998	113	33	-1.139	-1.139	NOUN
fbem-8998	113	34	22.024	22.024	NUM
fbem-8998	113	35	firmage	firmage	NOUN
fbem-8998	113	36	4300	4300	NUM
fbem-8998	113	37	2.776	2.776	NUM
fbem-8998	113	38	0.384	0.384	NUM
fbem-8998	113	39	0.693	0.693	NUM
fbem-8998	113	40	3.584	3.584	NUM
fbem-8998	113	41	firmsize	firmsize	NOUN
fbem-8998	113	42	4300	4300	NUM
fbem-8998	113	43	7.909	7.909	NUM
fbem-8998	113	44	1.175	1.175	NUM
fbem-8998	113	45	3.367	3.367	NUM
fbem-8998	113	46	12.444	12.444	NUM
fbem-8998	113	47	roa	roa	NOUN
fbem-8998	113	48	4300	4300	NUM
fbem-8998	113	49	0.049	0.049	NUM
fbem-8998	113	50	1.148	1.148	NUM
fbem-8998	113	51	-66.535	-66.535	NUM
fbem-8998	113	52	18.081	18.081	NUM
fbem-8998	113	53	leverage	leverage	NOUN
fbem-8998	113	54	4300	4300	NUM
fbem-8998	113	55	0.419	0.419	NUM
fbem-8998	113	56	0.205	0.205	NUM
fbem-8998	113	57	0.015	0.015	NUM
fbem-8998	113	58	2.003	2.003	NUM
fbem-8998	113	59	liquidity	liquidity	NOUN
fbem-8998	113	60	4300	4300	NUM
fbem-8998	113	61	2.833	2.833	NUM
fbem-8998	113	62	3.866	3.866	NUM
fbem-8998	113	63	0.094	0.094	NUM
fbem-8998	113	64	64.801	64.801	NUM
fbem-8998	113	65	4	4	NUM
fbem-8998	113	66	.	.	PUNCT
fbem-8998	113	67	empirical	empirical	ADJ
fbem-8998	113	68	results	result	NOUN
fbem-8998	113	69	4.1	4.1	NUM
fbem-8998	113	70	.	.	PUNCT
fbem-8998	114	1	analysis	analysis	NOUN
fbem-8998	114	2	of	of	ADP
fbem-8998	114	3	baseline	baseline	ADJ
fbem-8998	114	4	regression	regression	NOUN
fbem-8998	114	5	results	result	NOUN
fbem-8998	114	6	in	in	ADP
fbem-8998	114	7	order	order	NOUN
fbem-8998	114	8	to	to	PART
fbem-8998	114	9	comprehensively	comprehensively	ADV
fbem-8998	114	10	examine	examine	VERB
fbem-8998	114	11	the	the	DET
fbem-8998	114	12	effects	effect	NOUN
fbem-8998	114	13	of	of	ADP
fbem-8998	114	14	fiscal	fiscal	ADJ
fbem-8998	114	15	subsidies	subsidy	NOUN
fbem-8998	114	16	and	and	CCONJ
fbem-8998	114	17	tax	tax	NOUN
fbem-8998	114	18	incentives	incentive	NOUN
fbem-8998	114	19	on	on	ADP
fbem-8998	114	20	innovation	innovation	NOUN
fbem-8998	114	21	activities	activity	NOUN
fbem-8998	114	22	in	in	ADP
fbem-8998	114	23	strategic	strategic	ADJ
fbem-8998	114	24	emerging	emerge	VERB
fbem-8998	114	25	industries	industry	NOUN
fbem-8998	114	26	,	,	PUNCT
fbem-8998	114	27	a	a	DET
fbem-8998	114	28	two	two	NUM
fbem-8998	114	29	-	-	PUNCT
fbem-8998	114	30	way	way	NOUN
fbem-8998	114	31	fixed	fix	VERB
fbem-8998	114	32	-	-	PUNCT
fbem-8998	114	33	effects	effect	NOUN
fbem-8998	114	34	model	model	NOUN
fbem-8998	114	35	with	with	ADP
fbem-8998	114	36	total	total	ADJ
fbem-8998	114	37	factor	factor	NOUN
fbem-8998	114	38	productivity	productivity	NOUN
fbem-8998	114	39	of	of	ADP
fbem-8998	114	40	enterprises	enterprise	NOUN
fbem-8998	114	41	as	as	ADP
fbem-8998	114	42	the	the	DET
fbem-8998	114	43	explanatory	explanatory	ADJ
fbem-8998	114	44	variable	variable	ADJ
fbem-8998	114	45	and	and	CCONJ
fbem-8998	114	46	fiscal	fiscal	ADJ
fbem-8998	114	47	subsidies	subsidy	NOUN
fbem-8998	114	48	and	and	CCONJ
fbem-8998	114	49	tax	tax	NOUN
fbem-8998	114	50	incentives	incentive	NOUN
fbem-8998	114	51	received	receive	VERB
fbem-8998	114	52	by	by	ADP
fbem-8998	114	53	enterprises	enterprise	NOUN
fbem-8998	114	54	as	as	SCONJ
fbem-8998	114	55	the	the	DET
fbem-8998	114	56	core	core	NOUN
fbem-8998	114	57	explanatory	explanatory	ADJ
fbem-8998	114	58	variables	variable	NOUN
fbem-8998	114	59	is	be	AUX
fbem-8998	114	60	developed	develop	VERB
fbem-8998	114	61	in	in	ADP
fbem-8998	114	62	this	this	DET
fbem-8998	114	63	paper	paper	NOUN
fbem-8998	114	64	,	,	PUNCT
fbem-8998	114	65	and	and	CCONJ
fbem-8998	114	66	the	the	DET
fbem-8998	114	67	empirical	empirical	ADJ
fbem-8998	114	68	estimation	estimation	NOUN
fbem-8998	114	69	results	result	NOUN
fbem-8998	114	70	are	be	AUX
fbem-8998	114	71	shown	show	VERB
fbem-8998	114	72	in	in	ADP
fbem-8998	114	73	table	table	NOUN
fbem-8998	114	74	3	3	NUM
fbem-8998	114	75	.	.	PUNCT
fbem-8998	114	76	column	column	NOUN
fbem-8998	114	77	(	(	PUNCT
fbem-8998	114	78	1	1	X
fbem-8998	114	79	)	)	PUNCT
fbem-8998	114	80	shows	show	VERB
fbem-8998	114	81	the	the	DET
fbem-8998	114	82	estimated	estimate	VERB
fbem-8998	114	83	effects	effect	NOUN
fbem-8998	114	84	of	of	ADP
fbem-8998	114	85	fiscal	fiscal	ADJ
fbem-8998	114	86	subsidies	subsidy	NOUN
fbem-8998	114	87	and	and	CCONJ
fbem-8998	114	88	tax	tax	NOUN
fbem-8998	114	89	incentives	incentive	NOUN
fbem-8998	114	90	on	on	ADP
fbem-8998	114	91	the	the	DET
fbem-8998	114	92	innovation	innovation	NOUN
fbem-8998	114	93	activities	activity	NOUN
fbem-8998	114	94	of	of	ADP
fbem-8998	114	95	the	the	DET
fbem-8998	114	96	full	full	ADJ
fbem-8998	114	97	sample	sample	NOUN
fbem-8998	114	98	of	of	ADP
fbem-8998	114	99	strategic	strategic	ADJ
fbem-8998	114	100	emerging	emerge	VERB
fbem-8998	114	101	enterprises	enterprise	NOUN
fbem-8998	114	102	.	.	PUNCT
fbem-8998	115	1	the	the	DET
fbem-8998	115	2	results	result	NOUN
fbem-8998	115	3	show	show	VERB
fbem-8998	115	4	that	that	SCONJ
fbem-8998	115	5	the	the	DET
fbem-8998	115	6	regression	regression	NOUN
fbem-8998	115	7	coefficients	coefficient	NOUN
fbem-8998	115	8	of	of	ADP
fbem-8998	115	9	fiscal	fiscal	ADJ
fbem-8998	115	10	subsidies	subsidy	NOUN
fbem-8998	115	11	and	and	CCONJ
fbem-8998	115	12	tax	tax	NOUN
fbem-8998	115	13	incentives	incentive	NOUN
fbem-8998	115	14	on	on	ADP
fbem-8998	115	15	the	the	DET
fbem-8998	115	16	total	total	ADJ
fbem-8998	115	17	factor	factor	NOUN
fbem-8998	115	18	productivity	productivity	NOUN
fbem-8998	115	19	of	of	ADP
fbem-8998	115	20	enterprises	enterprise	NOUN
fbem-8998	115	21	are	be	AUX
fbem-8998	115	22	both	both	ADV
fbem-8998	115	23	positive	positive	ADJ
fbem-8998	115	24	and	and	CCONJ
fbem-8998	115	25	significant	significant	ADJ
fbem-8998	115	26	at	at	ADP
fbem-8998	115	27	the	the	DET
fbem-8998	115	28	1	1	NUM
fbem-8998	115	29	%	%	NOUN
fbem-8998	115	30	significance	significance	NOUN
fbem-8998	115	31	level	level	NOUN
fbem-8998	115	32	.	.	PUNCT
fbem-8998	116	1	this	this	PRON
fbem-8998	116	2	indicates	indicate	VERB
fbem-8998	116	3	that	that	SCONJ
fbem-8998	116	4	,	,	PUNCT
fbem-8998	116	5	in	in	ADP
fbem-8998	116	6	general	general	ADJ
fbem-8998	116	7	,	,	PUNCT
fbem-8998	116	8	both	both	CCONJ
fbem-8998	116	9	fiscal	fiscal	ADJ
fbem-8998	116	10	subsidies	subsidy	NOUN
fbem-8998	116	11	and	and	CCONJ
fbem-8998	116	12	tax	tax	NOUN
fbem-8998	116	13	incentives	incentive	NOUN
fbem-8998	116	14	can	can	AUX
fbem-8998	116	15	stimulate	stimulate	VERB
fbem-8998	116	16	the	the	DET
fbem-8998	116	17	innovation	innovation	NOUN
fbem-8998	116	18	activities	activity	NOUN
fbem-8998	116	19	of	of	ADP
fbem-8998	116	20	strategic	strategic	ADJ
fbem-8998	116	21	emerging	emerge	VERB
fbem-8998	116	22	enterprises	enterprise	NOUN
fbem-8998	116	23	.	.	PUNCT
fbem-8998	117	1	further	far	ADV
fbem-8998	117	2	,	,	PUNCT
fbem-8998	117	3	this	this	DET
fbem-8998	117	4	paper	paper	NOUN
fbem-8998	117	5	examines	examine	VERB
fbem-8998	117	6	the	the	DET
fbem-8998	117	7	incentive	incentive	NOUN
fbem-8998	117	8	effects	effect	NOUN
fbem-8998	117	9	of	of	ADP
fbem-8998	117	10	fiscal	fiscal	ADJ
fbem-8998	117	11	subsidies	subsidy	NOUN
fbem-8998	117	12	and	and	CCONJ
fbem-8998	117	13	tax	tax	NOUN
fbem-8998	117	14	incentives	incentive	NOUN
fbem-8998	117	15	on	on	ADP
fbem-8998	117	16	innovation	innovation	NOUN
fbem-8998	117	17	activities	activity	NOUN
fbem-8998	117	18	of	of	ADP
fbem-8998	117	19	firms	firm	NOUN
fbem-8998	117	20	at	at	ADP
fbem-8998	117	21	different	different	ADJ
fbem-8998	117	22	life	life	NOUN
fbem-8998	117	23	-	-	PUNCT
fbem-8998	117	24	cycle	cycle	NOUN
fbem-8998	117	25	stages	stage	NOUN
fbem-8998	117	26	when	when	SCONJ
fbem-8998	117	27	they	they	PRON
fbem-8998	117	28	receive	receive	VERB
fbem-8998	117	29	two	two	NUM
fbem-8998	117	30	different	different	ADJ
fbem-8998	117	31	incentive	incentive	NOUN
fbem-8998	117	32	policies	policy	NOUN
fbem-8998	117	33	.	.	PUNCT
fbem-8998	118	1	columns	column	NOUN
fbem-8998	118	2	(	(	PUNCT
fbem-8998	118	3	2	2	NUM
fbem-8998	118	4	)	)	PUNCT
fbem-8998	118	5	to	to	ADP
fbem-8998	118	6	(	(	PUNCT
fbem-8998	118	7	4	4	X
fbem-8998	118	8	)	)	PUNCT
fbem-8998	118	9	show	show	VERB
fbem-8998	118	10	the	the	DET
fbem-8998	118	11	results	result	NOUN
fbem-8998	118	12	of	of	ADP
fbem-8998	118	13	the	the	DET
fbem-8998	118	14	regressions	regression	NOUN
fbem-8998	118	15	for	for	ADP
fbem-8998	118	16	different	different	ADJ
fbem-8998	118	17	lifecycle	lifecycle	NOUN
fbem-8998	118	18	stages	stage	NOUN
fbem-8998	118	19	.	.	PUNCT
fbem-8998	119	1	for	for	ADP
fbem-8998	119	2	growth	growth	NOUN
fbem-8998	119	3	stage	stage	NOUN
fbem-8998	119	4	firms	firm	NOUN
fbem-8998	119	5	,	,	PUNCT
fbem-8998	119	6	the	the	DET
fbem-8998	119	7	regression	regression	NOUN
fbem-8998	119	8	coefficients	coefficient	NOUN
fbem-8998	119	9	of	of	ADP
fbem-8998	119	10	both	both	CCONJ
fbem-8998	119	11	fiscal	fiscal	ADJ
fbem-8998	119	12	subsidies	subsidy	NOUN
fbem-8998	119	13	and	and	CCONJ
fbem-8998	119	14	tax	tax	NOUN
fbem-8998	119	15	incentives	incentive	NOUN
fbem-8998	119	16	on	on	ADP
fbem-8998	119	17	firms	firm	NOUN
fbem-8998	119	18	'	'	PART
fbem-8998	119	19	total	total	ADJ
fbem-8998	119	20	factor	factor	NOUN
fbem-8998	119	21	productivity	productivity	NOUN
fbem-8998	119	22	are	be	AUX
fbem-8998	119	23	positive	positive	ADJ
fbem-8998	119	24	and	and	CCONJ
fbem-8998	119	25	significant	significant	ADJ
fbem-8998	119	26	at	at	ADP
fbem-8998	119	27	the	the	DET
fbem-8998	119	28	1	1	NUM
fbem-8998	119	29	%	%	NOUN
fbem-8998	119	30	significance	significance	NOUN
fbem-8998	119	31	level	level	NOUN
fbem-8998	119	32	.	.	PUNCT
fbem-8998	120	1	this	this	PRON
fbem-8998	120	2	indicates	indicate	VERB
fbem-8998	120	3	that	that	SCONJ
fbem-8998	120	4	the	the	DET
fbem-8998	120	5	two	two	NUM
fbem-8998	120	6	fiscal	fiscal	ADJ
fbem-8998	120	7	incentives	incentive	NOUN
fbem-8998	120	8	promote	promote	VERB
fbem-8998	120	9	innovative	innovative	ADJ
fbem-8998	120	10	behaviour	behaviour	NOUN
fbem-8998	120	11	in	in	ADP
fbem-8998	120	12	the	the	DET
fbem-8998	120	13	growth	growth	NOUN
fbem-8998	120	14	stage	stage	NOUN
fbem-8998	120	15	of	of	ADP
fbem-8998	120	16	the	the	DET
fbem-8998	120	17	firm	firm	NOUN
fbem-8998	120	18	.	.	PUNCT
fbem-8998	121	1	hypothesis	hypothesis	NOUN
fbem-8998	121	2	1	1	NUM
fbem-8998	121	3	is	be	AUX
fbem-8998	121	4	tested	test	VERB
fbem-8998	121	5	.	.	PUNCT
fbem-8998	122	1	for	for	ADP
fbem-8998	122	2	firms	firm	NOUN
fbem-8998	122	3	in	in	ADP
fbem-8998	122	4	the	the	DET
fbem-8998	122	5	maturity	maturity	NOUN
fbem-8998	122	6	stage	stage	NOUN
fbem-8998	122	7	,	,	PUNCT
fbem-8998	122	8	the	the	DET
fbem-8998	122	9	coefficient	coefficient	NOUN
fbem-8998	122	10	of	of	ADP
fbem-8998	122	11	fiscal	fiscal	ADJ
fbem-8998	122	12	subsidies	subsidy	NOUN
fbem-8998	122	13	is	be	AUX
fbem-8998	122	14	0.0291	0.0291	NUM
fbem-8998	122	15	,	,	PUNCT
fbem-8998	122	16	but	but	CCONJ
fbem-8998	122	17	only	only	ADV
fbem-8998	122	18	significant	significant	ADJ
fbem-8998	122	19	at	at	ADP
fbem-8998	122	20	the	the	DET
fbem-8998	122	21	10	10	NUM
fbem-8998	122	22	%	%	NOUN
fbem-8998	122	23	significance	significance	NOUN
fbem-8998	122	24	level	level	NOUN
fbem-8998	122	25	,	,	PUNCT
fbem-8998	122	26	and	and	CCONJ
fbem-8998	122	27	the	the	DET
fbem-8998	122	28	coefficient	coefficient	NOUN
fbem-8998	122	29	of	of	ADP
fbem-8998	122	30	tax	tax	NOUN
fbem-8998	122	31	incentives	incentive	NOUN
fbem-8998	122	32	is	be	AUX
fbem-8998	122	33	not	not	PART
fbem-8998	122	34	significant	significant	ADJ
fbem-8998	122	35	.	.	PUNCT
fbem-8998	123	1	this	this	PRON
fbem-8998	123	2	indicates	indicate	VERB
fbem-8998	123	3	that	that	SCONJ
fbem-8998	123	4	in	in	ADP
fbem-8998	123	5	the	the	DET
fbem-8998	123	6	maturity	maturity	NOUN
fbem-8998	123	7	period	period	NOUN
fbem-8998	123	8	,	,	PUNCT
fbem-8998	123	9	firms	firm	NOUN
fbem-8998	123	10	'	'	PART
fbem-8998	123	11	innovation	innovation	NOUN
fbem-8998	123	12	behaviour	behaviour	NOUN
fbem-8998	123	13	is	be	AUX
fbem-8998	123	14	not	not	PART
fbem-8998	123	15	influenced	influence	VERB
fbem-8998	123	16	by	by	ADP
fbem-8998	123	17	government	government	NOUN
fbem-8998	123	18	fiscal	fiscal	ADJ
fbem-8998	123	19	incentives	incentive	NOUN
fbem-8998	123	20	.	.	PUNCT
fbem-8998	124	1	hypothesis	hypothesis	NOUN
fbem-8998	124	2	2	2	NUM
fbem-8998	124	3	was	be	AUX
fbem-8998	124	4	tested	test	VERB
fbem-8998	124	5	.	.	PUNCT
fbem-8998	125	1	for	for	ADP
fbem-8998	125	2	declining	decline	VERB
fbem-8998	125	3	firms	firm	NOUN
fbem-8998	125	4	,	,	PUNCT
fbem-8998	125	5	the	the	DET
fbem-8998	125	6	coefficient	coefficient	NOUN
fbem-8998	125	7	on	on	ADP
fbem-8998	125	8	fiscal	fiscal	ADJ
fbem-8998	125	9	subsidies	subsidy	NOUN
fbem-8998	125	10	is	be	AUX
fbem-8998	125	11	negative	negative	ADJ
fbem-8998	125	12	and	and	CCONJ
fbem-8998	125	13	insignificant	insignificant	ADJ
fbem-8998	125	14	,	,	PUNCT
fbem-8998	125	15	while	while	SCONJ
fbem-8998	125	16	the	the	DET
fbem-8998	125	17	coefficient	coefficient	NOUN
fbem-8998	125	18	on	on	ADP
fbem-8998	125	19	tax	tax	NOUN
fbem-8998	125	20	incentives	incentive	NOUN
fbem-8998	125	21	is	be	AUX
fbem-8998	125	22	positive	positive	ADJ
fbem-8998	125	23	and	and	CCONJ
fbem-8998	125	24	significant	significant	ADJ
fbem-8998	125	25	at	at	ADP
fbem-8998	125	26	the	the	DET
fbem-8998	125	27	1	1	NUM
fbem-8998	125	28	%	%	NOUN
fbem-8998	125	29	level	level	NOUN
fbem-8998	125	30	of	of	ADP
fbem-8998	125	31	significance	significance	NOUN
fbem-8998	125	32	.	.	PUNCT
fbem-8998	126	1	this	this	PRON
fbem-8998	126	2	suggests	suggest	VERB
fbem-8998	126	3	that	that	SCONJ
fbem-8998	126	4	tax	tax	NOUN
fbem-8998	126	5	incentives	incentive	NOUN
fbem-8998	126	6	are	be	AUX
fbem-8998	126	7	more	more	ADV
fbem-8998	126	8	likely	likely	ADJ
fbem-8998	126	9	to	to	PART
fbem-8998	126	10	stimulate	stimulate	VERB
fbem-8998	126	11	innovative	innovative	ADJ
fbem-8998	126	12	behaviour	behaviour	NOUN
fbem-8998	126	13	during	during	ADP
fbem-8998	126	14	the	the	DET
fbem-8998	126	15	recessionary	recessionary	ADJ
fbem-8998	126	16	phase	phase	NOUN
fbem-8998	126	17	of	of	ADP
fbem-8998	126	18	a	a	DET
fbem-8998	126	19	firm	firm	NOUN
fbem-8998	126	20	.	.	PUNCT
fbem-8998	127	1	hypothesis	hypothesis	NOUN
fbem-8998	127	2	3	3	NUM
fbem-8998	127	3	was	be	AUX
fbem-8998	127	4	tested	test	VERB
fbem-8998	127	5	.	.	PUNCT
fbem-8998	128	1	at	at	ADP
fbem-8998	128	2	the	the	DET
fbem-8998	128	3	same	same	ADJ
fbem-8998	128	4	time	time	NOUN
fbem-8998	128	5	,	,	PUNCT
fbem-8998	128	6	from	from	ADP
fbem-8998	128	7	the	the	DET
fbem-8998	128	8	regression	regression	NOUN
fbem-8998	128	9	results	result	NOUN
fbem-8998	128	10	of	of	ADP
fbem-8998	128	11	different	different	ADJ
fbem-8998	128	12	development	development	NOUN
fbem-8998	128	13	stages	stage	NOUN
fbem-8998	128	14	of	of	ADP
fbem-8998	128	15	enterprises	enterprise	NOUN
fbem-8998	128	16	,	,	PUNCT
fbem-8998	128	17	it	it	PRON
fbem-8998	128	18	can	can	AUX
fbem-8998	128	19	also	also	ADV
fbem-8998	128	20	be	be	AUX
fbem-8998	128	21	found	find	VERB
fbem-8998	128	22	that	that	SCONJ
fbem-8998	128	23	compared	compare	VERB
fbem-8998	128	24	with	with	ADP
fbem-8998	128	25	fiscal	fiscal	ADJ
fbem-8998	128	26	subsidies	subsidy	NOUN
fbem-8998	128	27	,	,	PUNCT
fbem-8998	128	28	tax	tax	NOUN
fbem-8998	128	29	incentives	incentive	NOUN
fbem-8998	128	30	may	may	AUX
fbem-8998	128	31	be	be	AUX
fbem-8998	128	32	more	more	ADV
fbem-8998	128	33	conducive	conducive	ADJ
fbem-8998	128	34	to	to	ADP
fbem-8998	128	35	the	the	DET
fbem-8998	128	36	improvement	improvement	NOUN
fbem-8998	128	37	of	of	ADP
fbem-8998	128	38	total	total	ADJ
fbem-8998	128	39	factors	factor	NOUN
fbem-8998	128	40	of	of	ADP
fbem-8998	128	41	strategic	strategic	ADJ
fbem-8998	128	42	emerging	emerge	VERB
fbem-8998	128	43	enterprises	enterprise	NOUN
fbem-8998	128	44	.	.	PUNCT
fbem-8998	129	1	table	table	NOUN
fbem-8998	129	2	3	3	NUM
fbem-8998	129	3	.	.	PUNCT
fbem-8998	129	4	baseline	baseline	PROPN
fbem-8998	129	5	model	model	PROPN
fbem-8998	129	6	regression	regression	NOUN
fbem-8998	129	7	results	result	NOUN
fbem-8998	129	8	(	(	PUNCT
fbem-8998	129	9	1	1	NUM
fbem-8998	129	10	)	)	PUNCT
fbem-8998	129	11	(	(	PUNCT
fbem-8998	129	12	2	2	NUM
fbem-8998	129	13	)	)	PUNCT
fbem-8998	129	14	(	(	PUNCT
fbem-8998	129	15	3	3	X
fbem-8998	129	16	)	)	PUNCT
fbem-8998	129	17	(	(	PUNCT
fbem-8998	129	18	4	4	X
fbem-8998	129	19	)	)	PUNCT
fbem-8998	129	20	full	full	ADJ
fbem-8998	129	21	sample	sample	NOUN
fbem-8998	129	22	growth	growth	NOUN
fbem-8998	129	23	stages	stage	VERB
fbem-8998	129	24	maturity	maturity	NOUN
fbem-8998	129	25	stages	stage	NOUN
fbem-8998	129	26	recession	recession	NOUN
fbem-8998	129	27	stages	stage	NOUN
fbem-8998	129	28	subsidy	subsidy	VERB
fbem-8998	129	29	0.0359	0.0359	NUM
fbem-8998	129	30	*	*	PUNCT
fbem-8998	129	31	*	*	PUNCT
fbem-8998	129	32	*	*	PUNCT
fbem-8998	129	33	(	(	PUNCT
fbem-8998	129	34	0.0128	0.0128	NUM
fbem-8998	129	35	)	)	PUNCT
fbem-8998	129	36	0.0293	0.0293	NUM
fbem-8998	129	37	*	*	PUNCT
fbem-8998	129	38	*	*	PUNCT
fbem-8998	129	39	(	(	PUNCT
fbem-8998	129	40	0.0133	0.0133	NUM
fbem-8998	129	41	)	)	PUNCT
fbem-8998	129	42	0.0291	0.0291	NUM
fbem-8998	129	43	*	*	PUNCT
fbem-8998	129	44	(	(	PUNCT
fbem-8998	129	45	0.0162	0.0162	NUM
fbem-8998	129	46	)	)	PUNCT
fbem-8998	129	47	-0.00894	-0.00894	PROPN
fbem-8998	129	48	(	(	PUNCT
fbem-8998	129	49	0.0279	0.0279	NUM
fbem-8998	129	50	)	)	PUNCT
fbem-8998	129	51	taxp	taxp	NOUN
fbem-8998	129	52	0.0278	0.0278	NUM
fbem-8998	129	53	*	*	PUNCT
fbem-8998	129	54	*	*	PUNCT
fbem-8998	129	55	*	*	PUNCT
fbem-8998	129	56	(	(	PUNCT
fbem-8998	129	57	0.00660	0.00660	NUM
fbem-8998	129	58	)	)	PUNCT
fbem-8998	129	59	0.0334	0.0334	NUM
fbem-8998	130	1	*	*	PUNCT
fbem-8998	130	2	*	*	PUNCT
fbem-8998	130	3	*	*	PUNCT
fbem-8998	130	4	(	(	PUNCT
fbem-8998	130	5	0.00859	0.00859	NUM
fbem-8998	130	6	)	)	PUNCT
fbem-8998	130	7	0.0119	0.0119	NUM
fbem-8998	130	8	(	(	PUNCT
fbem-8998	130	9	0.00834	0.00834	NUM
fbem-8998	130	10	)	)	PUNCT
fbem-8998	130	11	0.0445	0.0445	NUM
fbem-8998	130	12	*	*	PUNCT
fbem-8998	130	13	*	*	PUNCT
fbem-8998	130	14	*	*	PUNCT
fbem-8998	130	15	(	(	PUNCT
fbem-8998	130	16	0.0151	0.0151	NUM
fbem-8998	130	17	)	)	PUNCT
fbem-8998	130	18	control	control	NOUN
fbem-8998	130	19	variables	variable	NOUN
fbem-8998	131	1	yes	yes	INTJ
fbem-8998	132	1	yes	yes	INTJ
fbem-8998	133	1	yes	yes	INTJ
fbem-8998	134	1	yes	yes	INTJ
fbem-8998	134	2	year	year	NOUN
fbem-8998	134	3	fixed	fix	VERB
fbem-8998	134	4	effects	effect	NOUN
fbem-8998	135	1	yes	yes	INTJ
fbem-8998	136	1	yes	yes	INTJ
fbem-8998	136	2	yes	yes	INTJ
fbem-8998	136	3	yes	yes	INTJ
fbem-8998	136	4	corporate	corporate	ADJ
fbem-8998	136	5	fixed	fix	VERB
fbem-8998	136	6	effects	effect	NOUN
fbem-8998	137	1	yes	yes	INTJ
fbem-8998	138	1	yes	yes	INTJ
fbem-8998	139	1	yes	yes	INTJ
fbem-8998	139	2	yes	yes	INTJ
fbem-8998	139	3	constant	constant	ADJ
fbem-8998	139	4	term	term	NOUN
fbem-8998	139	5	13.31	13.31	NUM
fbem-8998	139	6	*	*	PUNCT
fbem-8998	139	7	*	*	PUNCT
fbem-8998	139	8	*	*	PUNCT
fbem-8998	139	9	(	(	PUNCT
fbem-8998	139	10	0.495	0.495	NUM
fbem-8998	139	11	)	)	PUNCT
fbem-8998	139	12	14.77	14.77	NUM
fbem-8998	139	13	*	*	PUNCT
fbem-8998	139	14	*	*	PUNCT
fbem-8998	139	15	*	*	PUNCT
fbem-8998	139	16	(	(	PUNCT
fbem-8998	139	17	0.583	0.583	NUM
fbem-8998	139	18	)	)	PUNCT
fbem-8998	139	19	12.52	12.52	NUM
fbem-8998	139	20	*	*	PUNCT
fbem-8998	139	21	*	*	PUNCT
fbem-8998	139	22	*	*	PUNCT
fbem-8998	139	23	(	(	PUNCT
fbem-8998	139	24	0.635	0.635	NUM
fbem-8998	139	25	)	)	PUNCT
fbem-8998	139	26	14.77	14.77	NUM
fbem-8998	139	27	*	*	PUNCT
fbem-8998	139	28	*	*	PUNCT
fbem-8998	139	29	*	*	PUNCT
fbem-8998	139	30	(	(	PUNCT
fbem-8998	139	31	0.940	0.940	NUM
fbem-8998	139	32	)	)	PUNCT
fbem-8998	139	33	n	n	PRON
fbem-8998	139	34	2707	2707	NUM
fbem-8998	139	35	1351	1351	NUM
fbem-8998	139	36	914	914	NUM
fbem-8998	139	37	442	442	NUM
fbem-8998	139	38	r2	r2	NOUN
fbem-8998	139	39	0.552	0.552	NUM
fbem-8998	139	40	0.594	0.594	NUM
fbem-8998	139	41	0.655	0.655	NUM
fbem-8998	139	42	0.446	0.446	NUM
fbem-8998	139	43	note	note	NOUN
fbem-8998	139	44	:	:	PUNCT
fbem-8998	139	45	city	city	NOUN
fbem-8998	139	46	clustering	cluster	VERB
fbem-8998	139	47	robust	robust	ADJ
fbem-8998	139	48	standard	standard	ADJ
fbem-8998	139	49	errors	error	NOUN
fbem-8998	139	50	are	be	AUX
fbem-8998	139	51	in	in	ADP
fbem-8998	139	52	brackets	bracket	NOUN
fbem-8998	139	53	;	;	PUNCT
fbem-8998	139	54	control	control	NOUN
fbem-8998	139	55	variables	variable	NOUN
fbem-8998	139	56	include	include	VERB
fbem-8998	139	57	firm	firm	ADJ
fbem-8998	139	58	age	age	NOUN
fbem-8998	139	59	(	(	PUNCT
fbem-8998	139	60	firmage	firmage	NOUN
fbem-8998	139	61	)	)	PUNCT
fbem-8998	139	62	,	,	PUNCT
fbem-8998	139	63	firm	firm	ADJ
fbem-8998	139	64	size	size	NOUN
fbem-8998	139	65	(	(	PUNCT
fbem-8998	139	66	firmsize	firmsize	PROPN
fbem-8998	139	67	)	)	PUNCT
fbem-8998	139	68	,	,	PUNCT
fbem-8998	139	69	return	return	VERB
fbem-8998	139	70	on	on	ADP
fbem-8998	139	71	net	net	ADJ
fbem-8998	139	72	assets	asset	NOUN
fbem-8998	139	73	(	(	PUNCT
fbem-8998	139	74	roa	roa	NOUN
fbem-8998	139	75	)	)	PUNCT
fbem-8998	139	76	,	,	PUNCT
fbem-8998	139	77	gearing	gear	VERB
fbem-8998	139	78	ratio	ratio	NOUN
fbem-8998	139	79	(	(	PUNCT
fbem-8998	139	80	leverage	leverage	NOUN
fbem-8998	139	81	)	)	PUNCT
fbem-8998	139	82	and	and	CCONJ
fbem-8998	139	83	liquidity	liquidity	NOUN
fbem-8998	139	84	;	;	PUNCT
fbem-8998	139	85	*	*	PUNCT
fbem-8998	139	86	,	,	PUNCT
fbem-8998	139	87	*	*	PUNCT
fbem-8998	139	88	*	*	PUNCT
fbem-8998	139	89	and	and	CCONJ
fbem-8998	139	90	*	*	PUNCT
fbem-8998	139	91	*	*	PUNCT
fbem-8998	139	92	*	*	PUNCT
fbem-8998	139	93	denote	denote	NOUN
fbem-8998	139	94	passing	pass	VERB
fbem-8998	139	95	the	the	DET
fbem-8998	139	96	10	10	NUM
fbem-8998	139	97	%	%	NOUN
fbem-8998	139	98	,	,	PUNCT
fbem-8998	139	99	5	5	NUM
fbem-8998	139	100	%	%	NOUN
fbem-8998	139	101	and	and	CCONJ
fbem-8998	139	102	1	1	NUM
fbem-8998	139	103	%	%	NOUN
fbem-8998	139	104	statistical	statistical	ADJ
fbem-8998	139	105	tests	test	NOUN
fbem-8998	139	106	of	of	ADP
fbem-8998	139	107	significance	significance	NOUN
fbem-8998	139	108	respectively	respectively	ADV
fbem-8998	139	109	.	.	PUNCT
fbem-8998	140	1	same	same	ADJ
fbem-8998	140	2	table	table	NOUN
fbem-8998	140	3	below	below	ADV
fbem-8998	140	4	.	.	PUNCT
fbem-8998	141	1	67	67	NUM
fbem-8998	141	2	4.2	4.2	NUM
fbem-8998	141	3	.	.	PUNCT
fbem-8998	142	1	robustness	robustness	NOUN
fbem-8998	142	2	tests	test	NOUN
fbem-8998	142	3	4.2.1	4.2.1	NUM
fbem-8998	142	4	.	.	PUNCT
fbem-8998	143	1	replacing	replace	VERB
fbem-8998	143	2	the	the	DET
fbem-8998	143	3	explained	explain	VERB
fbem-8998	143	4	variable	variable	NOUN
fbem-8998	143	5	to	to	PART
fbem-8998	143	6	ensure	ensure	VERB
fbem-8998	143	7	that	that	SCONJ
fbem-8998	143	8	the	the	DET
fbem-8998	143	9	regression	regression	NOUN
fbem-8998	143	10	results	result	NOUN
fbem-8998	143	11	do	do	AUX
fbem-8998	143	12	not	not	PART
fbem-8998	143	13	vary	vary	VERB
fbem-8998	143	14	with	with	ADP
fbem-8998	143	15	the	the	DET
fbem-8998	143	16	different	different	ADJ
fbem-8998	143	17	measures	measure	NOUN
fbem-8998	143	18	of	of	ADP
fbem-8998	143	19	total	total	ADJ
fbem-8998	143	20	factor	factor	NOUN
fbem-8998	143	21	productivity	productivity	NOUN
fbem-8998	143	22	,	,	PUNCT
fbem-8998	143	23	this	this	DET
fbem-8998	143	24	paper	paper	NOUN
fbem-8998	143	25	reruns	rerun	VERB
fbem-8998	143	26	the	the	DET
fbem-8998	143	27	regression	regression	NOUN
fbem-8998	143	28	analysis	analysis	NOUN
fbem-8998	143	29	of	of	ADP
fbem-8998	143	30	model	model	NOUN
fbem-8998	143	31	(	(	PUNCT
fbem-8998	143	32	2	2	X
fbem-8998	143	33	)	)	PUNCT
fbem-8998	143	34	using	use	VERB
fbem-8998	143	35	the	the	DET
fbem-8998	143	36	total	total	ADJ
fbem-8998	143	37	factor	factor	NOUN
fbem-8998	143	38	productivity	productivity	NOUN
fbem-8998	143	39	level	level	NOUN
fbem-8998	143	40	of	of	ADP
fbem-8998	143	41	enterprises	enterprise	NOUN
fbem-8998	143	42	estimated	estimate	VERB
fbem-8998	143	43	by	by	ADP
fbem-8998	143	44	the	the	DET
fbem-8998	143	45	op	op	NOUN
fbem-8998	143	46	method	method	NOUN
fbem-8998	143	47	as	as	ADP
fbem-8998	143	48	the	the	DET
fbem-8998	143	49	explanatory	explanatory	ADJ
fbem-8998	143	50	variable	variable	NOUN
fbem-8998	143	51	,	,	PUNCT
fbem-8998	143	52	and	and	CCONJ
fbem-8998	143	53	the	the	DET
fbem-8998	143	54	estimated	estimate	VERB
fbem-8998	143	55	results	result	NOUN
fbem-8998	143	56	are	be	AUX
fbem-8998	143	57	shown	show	VERB
fbem-8998	143	58	in	in	ADP
fbem-8998	143	59	table	table	NOUN
fbem-8998	143	60	4	4	NUM
fbem-8998	143	61	.	.	PUNCT
fbem-8998	144	1	column	column	NOUN
fbem-8998	144	2	(	(	PUNCT
fbem-8998	144	3	1	1	X
fbem-8998	144	4	)	)	PUNCT
fbem-8998	144	5	shows	show	VERB
fbem-8998	144	6	that	that	SCONJ
fbem-8998	144	7	the	the	DET
fbem-8998	144	8	coefficients	coefficient	NOUN
fbem-8998	144	9	of	of	ADP
fbem-8998	144	10	fiscal	fiscal	ADJ
fbem-8998	144	11	subsidies	subsidy	NOUN
fbem-8998	144	12	and	and	CCONJ
fbem-8998	144	13	tax	tax	NOUN
fbem-8998	144	14	incentives	incentive	NOUN
fbem-8998	144	15	are	be	AUX
fbem-8998	144	16	0.0543	0.0543	NUM
fbem-8998	144	17	and	and	CCONJ
fbem-8998	144	18	0.0327	0.0327	NUM
fbem-8998	144	19	,	,	PUNCT
fbem-8998	144	20	respectively	respectively	ADV
fbem-8998	144	21	,	,	PUNCT
fbem-8998	144	22	and	and	CCONJ
fbem-8998	144	23	are	be	AUX
fbem-8998	144	24	significant	significant	ADJ
fbem-8998	144	25	at	at	ADP
fbem-8998	144	26	the	the	DET
fbem-8998	144	27	1	1	NUM
fbem-8998	144	28	%	%	NOUN
fbem-8998	144	29	significance	significance	NOUN
fbem-8998	144	30	level	level	NOUN
fbem-8998	144	31	.	.	PUNCT
fbem-8998	145	1	columns	column	NOUN
fbem-8998	145	2	(	(	PUNCT
fbem-8998	145	3	2	2	NUM
fbem-8998	145	4	)	)	PUNCT
fbem-8998	145	5	to	to	ADP
fbem-8998	145	6	(	(	PUNCT
fbem-8998	145	7	4	4	X
fbem-8998	145	8	)	)	PUNCT
fbem-8998	145	9	respectively	respectively	ADV
fbem-8998	145	10	report	report	VERB
fbem-8998	145	11	the	the	DET
fbem-8998	145	12	regression	regression	NOUN
fbem-8998	145	13	coefficients	coefficient	NOUN
fbem-8998	145	14	and	and	CCONJ
fbem-8998	145	15	significance	significance	NOUN
fbem-8998	145	16	levels	level	NOUN
fbem-8998	145	17	of	of	ADP
fbem-8998	145	18	fiscal	fiscal	ADJ
fbem-8998	145	19	subsidies	subsidy	NOUN
fbem-8998	145	20	and	and	CCONJ
fbem-8998	145	21	tax	tax	NOUN
fbem-8998	145	22	incentives	incentive	NOUN
fbem-8998	145	23	in	in	ADP
fbem-8998	145	24	different	different	ADJ
fbem-8998	145	25	life	life	NOUN
fbem-8998	145	26	cycle	cycle	NOUN
fbem-8998	145	27	stages	stage	NOUN
fbem-8998	145	28	of	of	ADP
fbem-8998	145	29	enterprises	enterprise	NOUN
fbem-8998	145	30	,	,	PUNCT
fbem-8998	145	31	and	and	CCONJ
fbem-8998	145	32	the	the	DET
fbem-8998	145	33	results	result	NOUN
fbem-8998	145	34	are	be	AUX
fbem-8998	145	35	consistent	consistent	ADJ
fbem-8998	145	36	with	with	ADP
fbem-8998	145	37	table	table	NOUN
fbem-8998	145	38	3	3	NUM
fbem-8998	145	39	.	.	PUNCT
fbem-8998	146	1	the	the	DET
fbem-8998	146	2	regression	regression	NOUN
fbem-8998	146	3	results	result	VERB
fbem-8998	146	4	in	in	ADP
fbem-8998	146	5	table	table	NOUN
fbem-8998	146	6	4	4	NUM
fbem-8998	146	7	show	show	VERB
fbem-8998	146	8	that	that	SCONJ
fbem-8998	146	9	the	the	DET
fbem-8998	146	10	coefficients	coefficient	NOUN
fbem-8998	146	11	and	and	CCONJ
fbem-8998	146	12	significance	significance	NOUN
fbem-8998	146	13	of	of	ADP
fbem-8998	146	14	fiscal	fiscal	ADJ
fbem-8998	146	15	subsidies	subsidy	NOUN
fbem-8998	146	16	and	and	CCONJ
fbem-8998	146	17	tax	tax	NOUN
fbem-8998	146	18	incentives	incentive	NOUN
fbem-8998	146	19	remain	remain	VERB
fbem-8998	146	20	consistent	consistent	ADJ
fbem-8998	146	21	with	with	ADP
fbem-8998	146	22	the	the	DET
fbem-8998	146	23	benchmark	benchmark	NOUN
fbem-8998	146	24	regressions	regression	NOUN
fbem-8998	146	25	,	,	PUNCT
fbem-8998	146	26	both	both	CCONJ
fbem-8998	146	27	in	in	ADP
fbem-8998	146	28	the	the	DET
fbem-8998	146	29	full	full	ADJ
fbem-8998	146	30	-	-	PUNCT
fbem-8998	146	31	sample	sample	NOUN
fbem-8998	146	32	regressions	regression	NOUN
fbem-8998	146	33	and	and	CCONJ
fbem-8998	146	34	in	in	ADP
fbem-8998	146	35	the	the	DET
fbem-8998	146	36	different	different	ADJ
fbem-8998	146	37	life	life	NOUN
fbem-8998	146	38	-	-	PUNCT
fbem-8998	146	39	cycle	cycle	NOUN
fbem-8998	146	40	stages	stage	NOUN
fbem-8998	146	41	regressions	regression	NOUN
fbem-8998	146	42	.	.	PUNCT
fbem-8998	147	1	this	this	PRON
fbem-8998	147	2	indicates	indicate	VERB
fbem-8998	147	3	that	that	SCONJ
fbem-8998	147	4	the	the	DET
fbem-8998	147	5	findings	finding	NOUN
fbem-8998	147	6	of	of	ADP
fbem-8998	147	7	this	this	DET
fbem-8998	147	8	paper	paper	NOUN
fbem-8998	147	9	still	still	ADV
fbem-8998	147	10	hold	hold	VERB
fbem-8998	147	11	true	true	ADJ
fbem-8998	147	12	.	.	PUNCT
fbem-8998	148	1	4.2.2	4.2.2	X
fbem-8998	148	2	.	.	PUNCT
fbem-8998	148	3	replacing	replace	VERB
fbem-8998	148	4	core	core	ADJ
fbem-8998	148	5	explanatory	explanatory	ADJ
fbem-8998	148	6	variables	variable	NOUN
fbem-8998	148	7	to	to	PART
fbem-8998	148	8	ensure	ensure	VERB
fbem-8998	148	9	that	that	SCONJ
fbem-8998	148	10	the	the	DET
fbem-8998	148	11	regression	regression	NOUN
fbem-8998	148	12	results	result	NOUN
fbem-8998	148	13	do	do	AUX
fbem-8998	148	14	not	not	PART
fbem-8998	148	15	change	change	VERB
fbem-8998	148	16	with	with	ADP
fbem-8998	148	17	the	the	DET
fbem-8998	148	18	measures	measure	NOUN
fbem-8998	148	19	of	of	ADP
fbem-8998	148	20	fiscal	fiscal	ADJ
fbem-8998	148	21	subsidies	subsidy	NOUN
fbem-8998	148	22	and	and	CCONJ
fbem-8998	148	23	tax	tax	NOUN
fbem-8998	148	24	incentives	incentive	NOUN
fbem-8998	148	25	,	,	PUNCT
fbem-8998	148	26	this	this	DET
fbem-8998	148	27	paper	paper	NOUN
fbem-8998	148	28	refers	refer	VERB
fbem-8998	148	29	to	to	ADP
fbem-8998	148	30	chu	chu	PROPN
fbem-8998	148	31	deyin	deyin	PROPN
fbem-8998	148	32	et	et	PROPN
fbem-8998	148	33	al	al	PROPN
fbem-8998	148	34	.	.	PUNCT
fbem-8998	149	1	(	(	PUNCT
fbem-8998	149	2	2016	2016	NUM
fbem-8998	149	3	)	)	PUNCT
fbem-8998	149	4	,	,	PUNCT
fbem-8998	149	5	which	which	PRON
fbem-8998	149	6	regresses	regress	VERB
fbem-8998	149	7	model	model	NOUN
fbem-8998	149	8	(	(	PUNCT
fbem-8998	149	9	2	2	NUM
fbem-8998	149	10	)	)	PUNCT
fbem-8998	149	11	on	on	ADP
fbem-8998	149	12	the	the	DET
fbem-8998	149	13	natural	natural	ADJ
fbem-8998	149	14	logarithm	logarithm	NOUN
fbem-8998	149	15	of	of	ADP
fbem-8998	149	16	government	government	NOUN
fbem-8998	149	17	subsidies	subsidy	NOUN
fbem-8998	149	18	under	under	ADP
fbem-8998	149	19	nonoperating	nonoperate	VERB
fbem-8998	149	20	income	income	NOUN
fbem-8998	149	21	of	of	ADP
fbem-8998	149	22	enterprises	enterprise	NOUN
fbem-8998	149	23	'	'	PART
fbem-8998	149	24	annual	annual	ADJ
fbem-8998	149	25	reports	report	NOUN
fbem-8998	149	26	to	to	PART
fbem-8998	149	27	measure	measure	VERB
fbem-8998	149	28	enterprises	enterprise	NOUN
fbem-8998	149	29	'	'	PART
fbem-8998	149	30	access	access	NOUN
fbem-8998	149	31	to	to	ADP
fbem-8998	149	32	fiscal	fiscal	ADJ
fbem-8998	149	33	subsidies	subsidy	NOUN
fbem-8998	149	34	,	,	PUNCT
fbem-8998	149	35	and	and	CCONJ
fbem-8998	149	36	the	the	DET
fbem-8998	149	37	natural	natural	ADJ
fbem-8998	149	38	logarithm	logarithm	NOUN
fbem-8998	149	39	of	of	ADP
fbem-8998	149	40	corporate	corporate	ADJ
fbem-8998	149	41	income	income	NOUN
fbem-8998	149	42	tax	tax	NOUN
fbem-8998	149	43	incentives	incentive	NOUN
fbem-8998	149	44	(	(	PUNCT
fbem-8998	149	45	(	(	PUNCT
fbem-8998	149	46	statutory	statutory	ADJ
fbem-8998	149	47	tax	tax	NOUN
fbem-8998	149	48	rate	rate	NOUN
fbem-8998	149	49	effective	effective	ADJ
fbem-8998	149	50	tax	tax	NOUN
fbem-8998	149	51	rate	rate	NOUN
fbem-8998	149	52	)	)	PUNCT
fbem-8998	149	53	*	*	PUNCT
fbem-8998	149	54	total	total	ADJ
fbem-8998	149	55	profit	profit	NOUN
fbem-8998	149	56	)	)	PUNCT
fbem-8998	149	57	to	to	PART
fbem-8998	149	58	measure	measure	VERB
fbem-8998	149	59	enterprises	enterprise	NOUN
fbem-8998	149	60	'	'	PART
fbem-8998	149	61	access	access	NOUN
fbem-8998	149	62	to	to	ADP
fbem-8998	149	63	tax	tax	NOUN
fbem-8998	149	64	incentives	incentive	NOUN
fbem-8998	149	65	the	the	DET
fbem-8998	149	66	regression	regression	NOUN
fbem-8998	149	67	results	result	NOUN
fbem-8998	149	68	are	be	AUX
fbem-8998	149	69	shown	show	VERB
fbem-8998	149	70	in	in	ADP
fbem-8998	149	71	table	table	NOUN
fbem-8998	149	72	5	5	NUM
fbem-8998	149	73	.	.	PUNCT
fbem-8998	150	1	column	column	NOUN
fbem-8998	150	2	(	(	PUNCT
fbem-8998	150	3	1	1	X
fbem-8998	150	4	)	)	PUNCT
fbem-8998	150	5	shows	show	VERB
fbem-8998	150	6	that	that	SCONJ
fbem-8998	150	7	the	the	DET
fbem-8998	150	8	regression	regression	NOUN
fbem-8998	150	9	coefficients	coefficient	NOUN
fbem-8998	150	10	of	of	ADP
fbem-8998	150	11	fiscal	fiscal	ADJ
fbem-8998	150	12	subsidies	subsidy	NOUN
fbem-8998	150	13	and	and	CCONJ
fbem-8998	150	14	tax	tax	NOUN
fbem-8998	150	15	incentives	incentive	NOUN
fbem-8998	150	16	are	be	AUX
fbem-8998	150	17	positive	positive	ADJ
fbem-8998	150	18	and	and	CCONJ
fbem-8998	150	19	significant	significant	ADJ
fbem-8998	150	20	at	at	ADP
fbem-8998	150	21	the	the	DET
fbem-8998	150	22	1	1	NUM
fbem-8998	150	23	%	%	NOUN
fbem-8998	150	24	significance	significance	NOUN
fbem-8998	150	25	level	level	NOUN
fbem-8998	150	26	.	.	PUNCT
fbem-8998	151	1	the	the	DET
fbem-8998	151	2	regression	regression	NOUN
fbem-8998	151	3	coefficients	coefficient	NOUN
fbem-8998	151	4	and	and	CCONJ
fbem-8998	151	5	significance	significance	NOUN
fbem-8998	151	6	of	of	ADP
fbem-8998	151	7	fiscal	fiscal	ADJ
fbem-8998	151	8	subsidies	subsidy	NOUN
fbem-8998	151	9	and	and	CCONJ
fbem-8998	151	10	tax	tax	NOUN
fbem-8998	151	11	incentives	incentive	NOUN
fbem-8998	151	12	reported	report	VERB
fbem-8998	151	13	in	in	ADP
fbem-8998	151	14	columns	column	NOUN
fbem-8998	151	15	(	(	PUNCT
fbem-8998	151	16	2	2	NUM
fbem-8998	151	17	)	)	PUNCT
fbem-8998	151	18	to	to	AUX
fbem-8998	151	19	(	(	PUNCT
fbem-8998	151	20	4	4	X
fbem-8998	151	21	)	)	PUNCT
fbem-8998	151	22	are	be	AUX
fbem-8998	151	23	consistent	consistent	ADJ
fbem-8998	151	24	with	with	ADP
fbem-8998	151	25	table	table	NOUN
fbem-8998	151	26	3	3	NUM
fbem-8998	151	27	.	.	PUNCT
fbem-8998	151	28	from	from	ADP
fbem-8998	151	29	the	the	DET
fbem-8998	151	30	regression	regression	NOUN
fbem-8998	151	31	results	result	NOUN
fbem-8998	151	32	in	in	ADP
fbem-8998	151	33	table	table	NOUN
fbem-8998	151	34	5	5	NUM
fbem-8998	151	35	,	,	PUNCT
fbem-8998	151	36	it	it	PRON
fbem-8998	151	37	can	can	AUX
fbem-8998	151	38	be	be	AUX
fbem-8998	151	39	found	find	VERB
fbem-8998	151	40	that	that	SCONJ
fbem-8998	151	41	the	the	DET
fbem-8998	151	42	regression	regression	NOUN
fbem-8998	151	43	coefficients	coefficient	NOUN
fbem-8998	151	44	and	and	CCONJ
fbem-8998	151	45	regression	regression	NOUN
fbem-8998	151	46	significance	significance	NOUN
fbem-8998	151	47	of	of	ADP
fbem-8998	151	48	the	the	DET
fbem-8998	151	49	two	two	NUM
fbem-8998	151	50	fiscal	fiscal	ADJ
fbem-8998	151	51	incentives	incentive	NOUN
fbem-8998	151	52	are	be	AUX
fbem-8998	151	53	basically	basically	ADV
fbem-8998	151	54	consistent	consistent	ADJ
fbem-8998	151	55	with	with	ADP
fbem-8998	151	56	the	the	DET
fbem-8998	151	57	baseline	baseline	NOUN
fbem-8998	151	58	regression	regression	NOUN
fbem-8998	151	59	results	result	NOUN
fbem-8998	151	60	,	,	PUNCT
fbem-8998	151	61	indicating	indicate	VERB
fbem-8998	151	62	that	that	SCONJ
fbem-8998	151	63	the	the	DET
fbem-8998	151	64	findings	finding	NOUN
fbem-8998	151	65	of	of	ADP
fbem-8998	151	66	this	this	DET
fbem-8998	151	67	paper	paper	NOUN
fbem-8998	151	68	are	be	AUX
fbem-8998	151	69	robust	robust	ADJ
fbem-8998	151	70	.	.	PUNCT
fbem-8998	152	1	table	table	NOUN
fbem-8998	152	2	4	4	NUM
fbem-8998	152	3	.	.	PUNCT
fbem-8998	152	4	robustness	robustness	NOUN
fbem-8998	152	5	test	test	NOUN
fbem-8998	152	6	1	1	NUM
fbem-8998	152	7	:	:	PUNCT
fbem-8998	152	8	replacement	replacement	NOUN
fbem-8998	152	9	of	of	ADP
fbem-8998	152	10	explained	explain	VERB
fbem-8998	152	11	variables	variable	NOUN
fbem-8998	152	12	(	(	PUNCT
fbem-8998	152	13	1	1	NUM
fbem-8998	152	14	)	)	PUNCT
fbem-8998	152	15	(	(	PUNCT
fbem-8998	152	16	2	2	NUM
fbem-8998	152	17	)	)	PUNCT
fbem-8998	152	18	(	(	PUNCT
fbem-8998	152	19	3	3	X
fbem-8998	152	20	)	)	PUNCT
fbem-8998	152	21	(	(	PUNCT
fbem-8998	152	22	4	4	X
fbem-8998	152	23	)	)	PUNCT
fbem-8998	152	24	full	full	ADJ
fbem-8998	152	25	sample	sample	NOUN
fbem-8998	152	26	growth	growth	NOUN
fbem-8998	152	27	stages	stage	VERB
fbem-8998	152	28	maturity	maturity	NOUN
fbem-8998	152	29	stages	stage	NOUN
fbem-8998	152	30	recession	recession	NOUN
fbem-8998	152	31	stages	stage	NOUN
fbem-8998	152	32	subsidy	subsidy	VERB
fbem-8998	152	33	0.0543	0.0543	NUM
fbem-8998	152	34	*	*	PUNCT
fbem-8998	152	35	*	*	PUNCT
fbem-8998	152	36	*	*	PUNCT
fbem-8998	152	37	(	(	PUNCT
fbem-8998	152	38	0.0145	0.0145	NUM
fbem-8998	152	39	)	)	PUNCT
fbem-8998	152	40	0.0473	0.0473	NUM
fbem-8998	152	41	*	*	PUNCT
fbem-8998	152	42	*	*	PUNCT
fbem-8998	152	43	*	*	PUNCT
fbem-8998	152	44	(	(	PUNCT
fbem-8998	152	45	0.0151	0.0151	NUM
fbem-8998	152	46	)	)	PUNCT
fbem-8998	152	47	0.0465	0.0465	NUM
fbem-8998	153	1	*	*	PUNCT
fbem-8998	153	2	*	*	PUNCT
fbem-8998	153	3	(	(	PUNCT
fbem-8998	153	4	0.0182	0.0182	NUM
fbem-8998	153	5	)	)	PUNCT
fbem-8998	153	6	0.00810	0.00810	NUM
fbem-8998	153	7	(	(	PUNCT
fbem-8998	153	8	0.0280	0.0280	NUM
fbem-8998	153	9	)	)	PUNCT
fbem-8998	153	10	taxp	taxp	NOUN
fbem-8998	153	11	0.0327	0.0327	NUM
fbem-8998	153	12	*	*	PUNCT
fbem-8998	154	1	*	*	PUNCT
fbem-8998	154	2	*	*	PUNCT
fbem-8998	154	3	(	(	PUNCT
fbem-8998	154	4	0.00722	0.00722	NUM
fbem-8998	154	5	)	)	PUNCT
fbem-8998	154	6	0.0400	0.0400	NUM
fbem-8998	154	7	*	*	PUNCT
fbem-8998	154	8	*	*	PUNCT
fbem-8998	154	9	*	*	PUNCT
fbem-8998	154	10	(	(	PUNCT
fbem-8998	154	11	0.00995	0.00995	NUM
fbem-8998	154	12	)	)	PUNCT
fbem-8998	154	13	0.0150	0.0150	NUM
fbem-8998	154	14	(	(	PUNCT
fbem-8998	154	15	0.00934	0.00934	NUM
fbem-8998	154	16	)	)	PUNCT
fbem-8998	154	17	0.0502	0.0502	NUM
fbem-8998	154	18	*	*	PUNCT
fbem-8998	154	19	*	*	PUNCT
fbem-8998	154	20	*	*	PUNCT
fbem-8998	154	21	(	(	PUNCT
fbem-8998	154	22	0.0149	0.0149	NUM
fbem-8998	154	23	)	)	PUNCT
fbem-8998	154	24	control	control	NOUN
fbem-8998	154	25	variables	variable	NOUN
fbem-8998	155	1	yes	yes	INTJ
fbem-8998	156	1	yes	yes	INTJ
fbem-8998	157	1	yes	yes	INTJ
fbem-8998	158	1	yes	yes	INTJ
fbem-8998	158	2	year	year	NOUN
fbem-8998	158	3	fixed	fix	VERB
fbem-8998	158	4	effects	effect	NOUN
fbem-8998	159	1	yes	yes	INTJ
fbem-8998	160	1	yes	yes	INTJ
fbem-8998	160	2	yes	yes	INTJ
fbem-8998	160	3	yes	yes	INTJ
fbem-8998	160	4	corporate	corporate	ADJ
fbem-8998	160	5	fixed	fix	VERB
fbem-8998	160	6	effects	effect	NOUN
fbem-8998	161	1	yes	yes	INTJ
fbem-8998	162	1	yes	yes	INTJ
fbem-8998	163	1	yes	yes	INTJ
fbem-8998	163	2	yes	yes	INTJ
fbem-8998	163	3	constant	constant	ADJ
fbem-8998	163	4	term	term	NOUN
fbem-8998	163	5	15.93	15.93	NUM
fbem-8998	163	6	*	*	PUNCT
fbem-8998	163	7	*	*	PUNCT
fbem-8998	163	8	*	*	PUNCT
fbem-8998	163	9	(	(	PUNCT
fbem-8998	163	10	0.527	0.527	NUM
fbem-8998	163	11	)	)	PUNCT
fbem-8998	163	12	17.64	17.64	NUM
fbem-8998	163	13	*	*	PUNCT
fbem-8998	163	14	*	*	PUNCT
fbem-8998	163	15	*	*	PUNCT
fbem-8998	163	16	(	(	PUNCT
fbem-8998	163	17	0.606	0.606	NUM
fbem-8998	163	18	)	)	PUNCT
fbem-8998	163	19	15.24	15.24	NUM
fbem-8998	163	20	*	*	PUNCT
fbem-8998	163	21	*	*	PUNCT
fbem-8998	163	22	*	*	PUNCT
fbem-8998	163	23	(	(	PUNCT
fbem-8998	163	24	0.687	0.687	NUM
fbem-8998	163	25	)	)	PUNCT
fbem-8998	163	26	17.47	17.47	NUM
fbem-8998	163	27	*	*	PUNCT
fbem-8998	163	28	*	*	PUNCT
fbem-8998	163	29	*	*	PUNCT
fbem-8998	163	30	(	(	PUNCT
fbem-8998	163	31	0.996	0.996	NUM
fbem-8998	163	32	)	)	PUNCT
fbem-8998	163	33	n	n	PRON
fbem-8998	163	34	2707	2707	NUM
fbem-8998	163	35	1351	1351	NUM
fbem-8998	163	36	914	914	NUM
fbem-8998	163	37	442	442	NUM
fbem-8998	163	38	r2	r2	NOUN
fbem-8998	163	39	0.444	0.444	NUM
fbem-8998	163	40	0.502	0.502	NUM
fbem-8998	163	41	0.535	0.535	NUM
fbem-8998	163	42	0.375	0.375	NUM
fbem-8998	163	43	table	table	NOUN
fbem-8998	163	44	5	5	NUM
fbem-8998	163	45	.	.	PUNCT
fbem-8998	163	46	robustness	robustness	NOUN
fbem-8998	163	47	test	test	NOUN
fbem-8998	163	48	2	2	NUM
fbem-8998	163	49	:	:	PUNCT
fbem-8998	163	50	replacement	replacement	NOUN
fbem-8998	163	51	of	of	ADP
fbem-8998	163	52	core	core	ADJ
fbem-8998	163	53	explanatory	explanatory	ADJ
fbem-8998	163	54	variables	variable	NOUN
fbem-8998	163	55	(	(	PUNCT
fbem-8998	163	56	1	1	NUM
fbem-8998	163	57	)	)	PUNCT
fbem-8998	163	58	(	(	PUNCT
fbem-8998	163	59	2	2	NUM
fbem-8998	163	60	)	)	PUNCT
fbem-8998	163	61	(	(	PUNCT
fbem-8998	163	62	3	3	X
fbem-8998	163	63	)	)	PUNCT
fbem-8998	163	64	(	(	PUNCT
fbem-8998	163	65	4	4	X
fbem-8998	163	66	)	)	PUNCT
fbem-8998	163	67	full	full	ADJ
fbem-8998	163	68	sample	sample	NOUN
fbem-8998	163	69	growth	growth	NOUN
fbem-8998	163	70	stages	stage	VERB
fbem-8998	163	71	maturity	maturity	NOUN
fbem-8998	163	72	stages	stage	NOUN
fbem-8998	163	73	recession	recession	NOUN
fbem-8998	163	74	stages	stage	NOUN
fbem-8998	163	75	subsidy	subsidy	VERB
fbem-8998	163	76	0.0438	0.0438	NUM
fbem-8998	163	77	*	*	PUNCT
fbem-8998	163	78	*	*	PUNCT
fbem-8998	163	79	*	*	PUNCT
fbem-8998	163	80	(	(	PUNCT
fbem-8998	163	81	0.00925	0.00925	NUM
fbem-8998	163	82	)	)	PUNCT
fbem-8998	163	83	0.0359	0.0359	NUM
fbem-8998	163	84	*	*	PUNCT
fbem-8998	163	85	*	*	PUNCT
fbem-8998	163	86	*	*	PUNCT
fbem-8998	163	87	(	(	PUNCT
fbem-8998	163	88	0.0137	0.0137	NUM
fbem-8998	163	89	)	)	PUNCT
fbem-8998	163	90	0.0387	0.0387	NUM
fbem-8998	163	91	*	*	PUNCT
fbem-8998	163	92	*	*	PUNCT
fbem-8998	163	93	*	*	PUNCT
fbem-8998	163	94	(	(	PUNCT
fbem-8998	163	95	0.0139	0.0139	NUM
fbem-8998	163	96	)	)	PUNCT
fbem-8998	163	97	0.0252	0.0252	NUM
fbem-8998	163	98	(	(	PUNCT
fbem-8998	163	99	0.0211	0.0211	NUM
fbem-8998	163	100	)	)	PUNCT
fbem-8998	163	101	taxp	taxp	NOUN
fbem-8998	163	102	0.129	0.129	NUM
fbem-8998	163	103	*	*	PUNCT
fbem-8998	163	104	*	*	PUNCT
fbem-8998	163	105	*	*	PUNCT
fbem-8998	163	106	(	(	PUNCT
fbem-8998	163	107	0.0109	0.0109	NUM
fbem-8998	163	108	)	)	PUNCT
fbem-8998	163	109	0.105	0.105	NUM
fbem-8998	163	110	*	*	PUNCT
fbem-8998	163	111	*	*	PUNCT
fbem-8998	163	112	*	*	PUNCT
fbem-8998	163	113	(	(	PUNCT
fbem-8998	163	114	0.0140	0.0140	NUM
fbem-8998	163	115	)	)	PUNCT
fbem-8998	163	116	0.121	0.121	NUM
fbem-8998	163	117	*	*	PUNCT
fbem-8998	163	118	*	*	PUNCT
fbem-8998	163	119	*	*	PUNCT
fbem-8998	163	120	(	(	PUNCT
fbem-8998	163	121	0.0180	0.0180	NUM
fbem-8998	163	122	)	)	PUNCT
fbem-8998	163	123	0.107	0.107	NUM
fbem-8998	163	124	*	*	PUNCT
fbem-8998	163	125	*	*	PUNCT
fbem-8998	163	126	*	*	PUNCT
fbem-8998	163	127	(	(	PUNCT
fbem-8998	163	128	0.0291	0.0291	NUM
fbem-8998	163	129	)	)	PUNCT
fbem-8998	163	130	control	control	NOUN
fbem-8998	163	131	variables	variable	NOUN
fbem-8998	164	1	yes	yes	INTJ
fbem-8998	165	1	yes	yes	INTJ
fbem-8998	166	1	yes	yes	INTJ
fbem-8998	167	1	yes	yes	INTJ
fbem-8998	167	2	year	year	NOUN
fbem-8998	167	3	fixed	fix	VERB
fbem-8998	167	4	effects	effect	NOUN
fbem-8998	168	1	yes	yes	INTJ
fbem-8998	169	1	yes	yes	INTJ
fbem-8998	169	2	yes	yes	INTJ
fbem-8998	169	3	yes	yes	INTJ
fbem-8998	169	4	corporate	corporate	ADJ
fbem-8998	169	5	fixed	fix	VERB
fbem-8998	169	6	effects	effect	NOUN
fbem-8998	170	1	yes	yes	INTJ
fbem-8998	171	1	yes	yes	INTJ
fbem-8998	172	1	yes	yes	INTJ
fbem-8998	172	2	yes	yes	INTJ
fbem-8998	172	3	constant	constant	ADJ
fbem-8998	172	4	term	term	NOUN
fbem-8998	172	5	12.04	12.04	NUM
fbem-8998	172	6	*	*	PUNCT
fbem-8998	172	7	*	*	PUNCT
fbem-8998	172	8	*	*	PUNCT
fbem-8998	172	9	(	(	PUNCT
fbem-8998	172	10	0.358	0.358	NUM
fbem-8998	172	11	)	)	PUNCT
fbem-8998	172	12	13.25	13.25	NUM
fbem-8998	172	13	*	*	PUNCT
fbem-8998	172	14	*	*	PUNCT
fbem-8998	172	15	*	*	PUNCT
fbem-8998	172	16	(	(	PUNCT
fbem-8998	172	17	0.497	0.497	NUM
fbem-8998	172	18	)	)	PUNCT
fbem-8998	172	19	11.56	11.56	NUM
fbem-8998	172	20	*	*	PUNCT
fbem-8998	172	21	*	*	PUNCT
fbem-8998	172	22	*	*	PUNCT
fbem-8998	172	23	(	(	PUNCT
fbem-8998	172	24	0.496	0.496	NUM
fbem-8998	172	25	)	)	PUNCT
fbem-8998	172	26	13.06	13.06	NUM
fbem-8998	172	27	*	*	PUNCT
fbem-8998	172	28	*	*	PUNCT
fbem-8998	172	29	*	*	PUNCT
fbem-8998	172	30	(	(	PUNCT
fbem-8998	172	31	0.807	0.807	NUM
fbem-8998	172	32	)	)	PUNCT
fbem-8998	172	33	n	n	CCONJ
fbem-8998	172	34	3472	3472	NUM
fbem-8998	172	35	1713	1713	NUM
fbem-8998	172	36	1195	1195	NUM
fbem-8998	172	37	564	564	NUM
fbem-8998	172	38	r2	r2	NOUN
fbem-8998	172	39	0.623	0.623	NUM
fbem-8998	172	40	0.664	0.664	NUM
fbem-8998	172	41	0.721	0.721	NUM
fbem-8998	172	42	0.446	0.446	NUM
fbem-8998	172	43	4.2.3	4.2.3	NUM
fbem-8998	172	44	.	.	PUNCT
fbem-8998	173	1	endogeneity	endogeneity	NOUN
fbem-8998	173	2	issues	issue	NOUN
fbem-8998	173	3	in	in	ADP
fbem-8998	173	4	order	order	NOUN
fbem-8998	173	5	to	to	PART
fbem-8998	173	6	overcome	overcome	VERB
fbem-8998	173	7	the	the	DET
fbem-8998	173	8	potential	potential	ADJ
fbem-8998	173	9	two	two	NUM
fbem-8998	173	10	-	-	PUNCT
fbem-8998	173	11	way	way	NOUN
fbem-8998	173	12	causality	causality	NOUN
fbem-8998	173	13	endogeneity	endogeneity	NOUN
fbem-8998	173	14	problem	problem	NOUN
fbem-8998	173	15	,	,	PUNCT
fbem-8998	173	16	and	and	CCONJ
fbem-8998	173	17	considering	consider	VERB
fbem-8998	173	18	that	that	SCONJ
fbem-8998	173	19	there	there	PRON
fbem-8998	173	20	is	be	VERB
fbem-8998	173	21	a	a	DET
fbem-8998	173	22	certain	certain	ADJ
fbem-8998	173	23	time	time	NOUN
fbem-8998	173	24	lag	lag	VERB
fbem-8998	173	25	between	between	ADP
fbem-8998	173	26	the	the	DET
fbem-8998	173	27	receipt	receipt	NOUN
fbem-8998	173	28	of	of	ADP
fbem-8998	173	29	fiscal	fiscal	ADJ
fbem-8998	173	30	subsidies	subsidy	NOUN
fbem-8998	173	31	and	and	CCONJ
fbem-8998	173	32	tax	tax	NOUN
fbem-8998	173	33	incentives	incentive	NOUN
fbem-8998	173	34	and	and	CCONJ
fbem-8998	173	35	the	the	DET
fbem-8998	173	36	investment	investment	NOUN
fbem-8998	173	37	in	in	ADP
fbem-8998	173	38	r&d	r&d	NOUN
fbem-8998	173	39	,	,	PUNCT
fbem-8998	173	40	we	we	PRON
fbem-8998	173	41	treat	treat	VERB
fbem-8998	173	42	the	the	DET
fbem-8998	173	43	fiscal	fiscal	ADJ
fbem-8998	173	44	subsidies	subsidy	NOUN
fbem-8998	173	45	and	and	CCONJ
fbem-8998	173	46	tax	tax	NOUN
fbem-8998	173	47	incentives	incentive	NOUN
fbem-8998	173	48	with	with	ADP
fbem-8998	173	49	a	a	DET
fbem-8998	173	50	one	one	NUM
fbem-8998	173	51	-	-	PUNCT
fbem-8998	173	52	period	period	NOUN
fbem-8998	173	53	lag	lag	NOUN
fbem-8998	173	54	and	and	CCONJ
fbem-8998	173	55	reinstitute	reinstitute	VERB
fbem-8998	173	56	them	they	PRON
fbem-8998	173	57	into	into	ADP
fbem-8998	173	58	model	model	NOUN
fbem-8998	173	59	(	(	PUNCT
fbem-8998	173	60	2	2	NUM
fbem-8998	173	61	)	)	PUNCT
fbem-8998	173	62	,	,	PUNCT
fbem-8998	173	63	and	and	CCONJ
fbem-8998	173	64	the	the	DET
fbem-8998	173	65	estimation	estimation	NOUN
fbem-8998	173	66	results	result	NOUN
fbem-8998	173	67	are	be	AUX
fbem-8998	173	68	shown	show	VERB
fbem-8998	173	69	in	in	ADP
fbem-8998	173	70	table	table	NOUN
fbem-8998	173	71	6	6	NUM
fbem-8998	173	72	.	.	PUNCT
fbem-8998	174	1	from	from	ADP
fbem-8998	174	2	the	the	DET
fbem-8998	174	3	regression	regression	NOUN
fbem-8998	174	4	results	result	NOUN
fbem-8998	174	5	in	in	ADP
fbem-8998	174	6	table	table	NOUN
fbem-8998	174	7	6	6	NUM
fbem-8998	174	8	,	,	PUNCT
fbem-8998	174	9	we	we	PRON
fbem-8998	174	10	can	can	AUX
fbem-8998	174	11	see	see	VERB
fbem-8998	174	12	that	that	SCONJ
fbem-8998	174	13	the	the	DET
fbem-8998	174	14	regression	regression	NOUN
fbem-8998	174	15	coefficients	coefficient	NOUN
fbem-8998	174	16	and	and	CCONJ
fbem-8998	174	17	significance	significance	NOUN
fbem-8998	174	18	of	of	ADP
fbem-8998	174	19	the	the	DET
fbem-8998	174	20	lagged	lag	VERB
fbem-8998	174	21	terms	term	NOUN
fbem-8998	174	22	of	of	ADP
fbem-8998	174	23	fiscal	fiscal	ADJ
fbem-8998	174	24	subsidies	subsidy	NOUN
fbem-8998	174	25	and	and	CCONJ
fbem-8998	174	26	tax	tax	NOUN
fbem-8998	174	27	incentives	incentive	NOUN
fbem-8998	174	28	are	be	AUX
fbem-8998	174	29	basically	basically	ADV
fbem-8998	174	30	consistent	consistent	ADJ
fbem-8998	174	31	with	with	ADP
fbem-8998	174	32	the	the	DET
fbem-8998	174	33	baseline	baseline	NOUN
fbem-8998	174	34	regressions	regression	NOUN
fbem-8998	174	35	for	for	ADP
fbem-8998	174	36	both	both	CCONJ
fbem-8998	174	37	the	the	DET
fbem-8998	174	38	full	full	ADJ
fbem-8998	174	39	sample	sample	NOUN
fbem-8998	174	40	of	of	ADP
fbem-8998	174	41	enterprises	enterprise	NOUN
fbem-8998	174	42	and	and	CCONJ
fbem-8998	174	43	enterprises	enterprise	NOUN
fbem-8998	174	44	at	at	ADP
fbem-8998	174	45	different	different	ADJ
fbem-8998	174	46	life	life	NOUN
fbem-8998	174	47	cycle	cycle	NOUN
fbem-8998	174	48	stages	stage	NOUN
fbem-8998	174	49	,	,	PUNCT
fbem-8998	174	50	indicating	indicate	VERB
fbem-8998	174	51	that	that	SCONJ
fbem-8998	174	52	the	the	DET
fbem-8998	174	53	findings	finding	NOUN
fbem-8998	174	54	of	of	ADP
fbem-8998	174	55	this	this	DET
fbem-8998	174	56	paper	paper	NOUN
fbem-8998	174	57	are	be	AUX
fbem-8998	174	58	credible	credible	ADJ
fbem-8998	174	59	.	.	PUNCT
fbem-8998	175	1	4.3	4.3	NUM
fbem-8998	175	2	.	.	PUNCT
fbem-8998	175	3	heterogeneity	heterogeneity	NOUN
fbem-8998	175	4	analysis	analysis	NOUN
fbem-8998	175	5	4.3.1	4.3.1	NUM
fbem-8998	175	6	.	.	PUNCT
fbem-8998	176	1	state	state	NOUN
fbem-8998	176	2	-	-	PUNCT
fbem-8998	176	3	owned	own	VERB
fbem-8998	176	4	and	and	CCONJ
fbem-8998	176	5	non	non	ADJ
fbem-8998	176	6	-	-	ADJ
fbem-8998	176	7	state	state	NOUN
fbem-8998	176	8	-	-	PUNCT
fbem-8998	176	9	owned	own	VERB
fbem-8998	176	10	enterprises	enterprise	NOUN
fbem-8998	176	11	there	there	PRON
fbem-8998	176	12	are	be	VERB
fbem-8998	176	13	significant	significant	ADJ
fbem-8998	176	14	differences	difference	NOUN
fbem-8998	176	15	in	in	ADP
fbem-8998	176	16	the	the	DET
fbem-8998	176	17	natural	natural	ADJ
fbem-8998	176	18	endowments	endowment	NOUN
fbem-8998	176	19	,	,	PUNCT
fbem-8998	176	20	internal	internal	ADJ
fbem-8998	176	21	operations	operation	NOUN
fbem-8998	176	22	and	and	CCONJ
fbem-8998	176	23	governance	governance	NOUN
fbem-8998	176	24	structures	structure	NOUN
fbem-8998	176	25	of	of	ADP
fbem-8998	176	26	enterprises	enterprise	NOUN
fbem-8998	176	27	under	under	ADP
fbem-8998	176	28	different	different	ADJ
fbem-8998	176	29	ownership	ownership	NOUN
fbem-8998	176	30	,	,	PUNCT
fbem-8998	176	31	leading	lead	VERB
fbem-8998	176	32	to	to	ADP
fbem-8998	176	33	different	different	ADJ
fbem-8998	176	34	strategic	strategic	ADJ
fbem-8998	176	35	behaviours	behaviour	NOUN
fbem-8998	176	36	in	in	ADP
fbem-8998	176	37	terms	term	NOUN
fbem-8998	176	38	of	of	ADP
fbem-8998	176	39	resource	resource	NOUN
fbem-8998	176	40	access	access	NOUN
fbem-8998	176	41	,	,	PUNCT
fbem-8998	176	42	signalling	signalling	ADJ
fbem-8998	176	43	and	and	CCONJ
fbem-8998	176	44	principal	principal	ADJ
fbem-8998	176	45	-	-	PUNCT
fbem-8998	176	46	agent	agent	NOUN
fbem-8998	176	47	relationships	relationship	NOUN
fbem-8998	176	48	.	.	PUNCT
fbem-8998	177	1	state	state	NOUN
fbem-8998	177	2	-	-	PUNCT
fbem-8998	177	3	owned	own	VERB
fbem-8998	177	4	enterprises	enterprise	NOUN
fbem-8998	177	5	not	not	PART
fbem-8998	177	6	only	only	ADV
fbem-8998	177	7	receive	receive	VERB
fbem-8998	177	8	many	many	ADJ
fbem-8998	177	9	fiscal	fiscal	ADJ
fbem-8998	177	10	subsidies	subsidy	NOUN
fbem-8998	177	11	,	,	PUNCT
fbem-8998	177	12	but	but	CCONJ
fbem-8998	177	13	also	also	ADV
fbem-8998	177	14	have	have	VERB
fbem-8998	177	15	a	a	DET
fbem-8998	177	16	wealth	wealth	NOUN
fbem-8998	177	17	of	of	ADP
fbem-8998	177	18	other	other	ADJ
fbem-8998	177	19	sources	source	NOUN
fbem-8998	177	20	of	of	ADP
fbem-8998	177	21	access	access	NOUN
fbem-8998	177	22	to	to	ADP
fbem-8998	177	23	resources	resource	NOUN
fbem-8998	177	24	.	.	PUNCT
fbem-8998	178	1	access	access	NOUN
fbem-8998	178	2	to	to	ADP
fbem-8998	178	3	fiscal	fiscal	ADJ
fbem-8998	178	4	subsidies	subsidy	NOUN
fbem-8998	178	5	by	by	ADP
fbem-8998	178	6	soes	soe	NOUN
fbem-8998	178	7	is	be	AUX
fbem-8998	178	8	perceived	perceive	VERB
fbem-8998	178	9	as	as	ADP
fbem-8998	178	10	double	double	ADJ
fbem-8998	178	11	-	-	PUNCT
fbem-8998	178	12	labelling	labelling	NOUN
fbem-8998	178	13	in	in	ADP
fbem-8998	178	14	the	the	DET
fbem-8998	178	15	investment	investment	NOUN
fbem-8998	178	16	market	market	NOUN
fbem-8998	178	17	,	,	PUNCT
fbem-8998	178	18	and	and	CCONJ
fbem-8998	178	19	the	the	DET
fbem-8998	178	20	marginal	marginal	ADJ
fbem-8998	178	21	investment	investment	NOUN
fbem-8998	178	22	it	it	PRON
fbem-8998	178	23	triggers	trigger	VERB
fbem-8998	178	24	is	be	AUX
fbem-8998	178	25	very	very	ADV
fbem-8998	178	26	limited	limited	ADJ
fbem-8998	178	27	.	.	PUNCT
fbem-8998	179	1	as	as	ADP
fbem-8998	179	2	a	a	DET
fbem-8998	179	3	result	result	NOUN
fbem-8998	179	4	,	,	PUNCT
fbem-8998	179	5	the	the	DET
fbem-8998	179	6	incentive	incentive	NOUN
fbem-8998	179	7	effect	effect	NOUN
fbem-8998	179	8	of	of	ADP
fbem-8998	179	9	fiscal	fiscal	ADJ
fbem-8998	179	10	subsidies	subsidy	NOUN
fbem-8998	179	11	for	for	ADP
fbem-8998	179	12	soes	soe	NOUN
fbem-8998	179	13	68	68	NUM
fbem-8998	179	14	on	on	ADP
fbem-8998	179	15	innovation	innovation	NOUN
fbem-8998	179	16	is	be	AUX
fbem-8998	179	17	limited	limit	VERB
fbem-8998	179	18	.	.	PUNCT
fbem-8998	180	1	in	in	ADP
fbem-8998	180	2	contrast	contrast	NOUN
fbem-8998	180	3	,	,	PUNCT
fbem-8998	180	4	non	non	ADJ
fbem-8998	180	5	-	-	ADJ
fbem-8998	180	6	soes	soe	NOUN
fbem-8998	180	7	receive	receive	VERB
fbem-8998	180	8	larger	large	ADJ
fbem-8998	180	9	marginal	marginal	ADJ
fbem-8998	180	10	investments	investment	NOUN
fbem-8998	180	11	due	due	ADP
fbem-8998	180	12	to	to	ADP
fbem-8998	180	13	the	the	DET
fbem-8998	180	14	information	information	NOUN
fbem-8998	180	15	asymmetry	asymmetry	NOUN
fbem-8998	180	16	between	between	ADP
fbem-8998	180	17	firms	firm	NOUN
fbem-8998	180	18	and	and	CCONJ
fbem-8998	180	19	the	the	DET
fbem-8998	180	20	market	market	NOUN
fbem-8998	180	21	,	,	PUNCT
fbem-8998	180	22	where	where	SCONJ
fbem-8998	180	23	the	the	DET
fbem-8998	180	24	government	government	NOUN
fbem-8998	180	25	is	be	AUX
fbem-8998	180	26	urgently	urgently	ADV
fbem-8998	180	27	needed	need	VERB
fbem-8998	180	28	to	to	PART
fbem-8998	180	29	act	act	VERB
fbem-8998	180	30	as	as	ADP
fbem-8998	180	31	an	an	DET
fbem-8998	180	32	information	information	NOUN
fbem-8998	180	33	intermediary	intermediary	NOUN
fbem-8998	180	34	.	.	PUNCT
fbem-8998	181	1	based	base	VERB
fbem-8998	181	2	on	on	ADP
fbem-8998	181	3	this	this	PRON
fbem-8998	181	4	,	,	PUNCT
fbem-8998	181	5	the	the	DET
fbem-8998	181	6	paper	paper	NOUN
fbem-8998	181	7	examines	examine	VERB
fbem-8998	181	8	the	the	DET
fbem-8998	181	9	incentive	incentive	NOUN
fbem-8998	181	10	effects	effect	NOUN
fbem-8998	181	11	of	of	ADP
fbem-8998	181	12	fiscal	fiscal	ADJ
fbem-8998	181	13	policy	policy	NOUN
fbem-8998	181	14	on	on	ADP
fbem-8998	181	15	innovation	innovation	NOUN
fbem-8998	181	16	activities	activity	NOUN
fbem-8998	181	17	of	of	ADP
fbem-8998	181	18	soes	soe	NOUN
fbem-8998	181	19	and	and	CCONJ
fbem-8998	181	20	non	non	NOUN
fbem-8998	181	21	-	-	NOUN
fbem-8998	181	22	soes	soe	NOUN
fbem-8998	181	23	at	at	ADP
fbem-8998	181	24	different	different	ADJ
fbem-8998	181	25	life	life	NOUN
fbem-8998	181	26	-	-	PUNCT
fbem-8998	181	27	cycle	cycle	NOUN
fbem-8998	181	28	stages	stage	NOUN
fbem-8998	181	29	,	,	PUNCT
fbem-8998	181	30	and	and	CCONJ
fbem-8998	181	31	the	the	DET
fbem-8998	181	32	regression	regression	NOUN
fbem-8998	181	33	results	result	NOUN
fbem-8998	181	34	are	be	AUX
fbem-8998	181	35	shown	show	VERB
fbem-8998	181	36	in	in	ADP
fbem-8998	181	37	table	table	NOUN
fbem-8998	181	38	7	7	NUM
fbem-8998	181	39	.	.	PUNCT
fbem-8998	182	1	in	in	ADP
fbem-8998	182	2	column	column	NOUN
fbem-8998	182	3	(	(	PUNCT
fbem-8998	182	4	1	1	NUM
fbem-8998	182	5	)	)	PUNCT
fbem-8998	182	6	,	,	PUNCT
fbem-8998	182	7	the	the	DET
fbem-8998	182	8	regression	regression	NOUN
fbem-8998	182	9	coefficient	coefficient	NOUN
fbem-8998	182	10	of	of	ADP
fbem-8998	182	11	fiscal	fiscal	ADJ
fbem-8998	182	12	subsidies	subsidy	NOUN
fbem-8998	182	13	of	of	ADP
fbem-8998	182	14	state	state	NOUN
fbem-8998	182	15	-	-	PUNCT
fbem-8998	182	16	owned	own	VERB
fbem-8998	182	17	enterprises	enterprise	NOUN
fbem-8998	182	18	is	be	AUX
fbem-8998	182	19	0.0324	0.0324	NUM
fbem-8998	182	20	and	and	CCONJ
fbem-8998	182	21	significant	significant	ADJ
fbem-8998	182	22	at	at	ADP
fbem-8998	182	23	the	the	DET
fbem-8998	182	24	significance	significance	NOUN
fbem-8998	182	25	level	level	NOUN
fbem-8998	182	26	of	of	ADP
fbem-8998	182	27	10%.the	10%.the	NUM
fbem-8998	182	28	regression	regression	NOUN
fbem-8998	182	29	coefficient	coefficient	NOUN
fbem-8998	182	30	of	of	ADP
fbem-8998	182	31	tax	tax	NOUN
fbem-8998	182	32	incentives	incentive	NOUN
fbem-8998	182	33	is	be	AUX
fbem-8998	182	34	0.0253	0.0253	NUM
fbem-8998	182	35	and	and	CCONJ
fbem-8998	182	36	significant	significant	ADJ
fbem-8998	182	37	at	at	ADP
fbem-8998	182	38	1	1	NUM
fbem-8998	182	39	%	%	NOUN
fbem-8998	182	40	significance	significance	NOUN
fbem-8998	182	41	level	level	NOUN
fbem-8998	182	42	,	,	PUNCT
fbem-8998	182	43	while	while	SCONJ
fbem-8998	182	44	the	the	DET
fbem-8998	182	45	regression	regression	NOUN
fbem-8998	182	46	coefficients	coefficient	NOUN
fbem-8998	182	47	of	of	ADP
fbem-8998	182	48	fiscal	fiscal	ADJ
fbem-8998	182	49	subsidies	subsidy	NOUN
fbem-8998	182	50	and	and	CCONJ
fbem-8998	182	51	tax	tax	NOUN
fbem-8998	182	52	incentives	incentive	NOUN
fbem-8998	182	53	for	for	ADP
fbem-8998	182	54	non	non	ADJ
fbem-8998	182	55	-	-	ADJ
fbem-8998	182	56	state	state	NOUN
fbem-8998	182	57	-	-	PUNCT
fbem-8998	182	58	owned	own	VERB
fbem-8998	182	59	enterprises	enterprise	NOUN
fbem-8998	182	60	are	be	AUX
fbem-8998	182	61	0.041	0.041	NUM
fbem-8998	182	62	and	and	CCONJ
fbem-8998	182	63	0.0316	0.0316	NUM
fbem-8998	182	64	,	,	PUNCT
fbem-8998	182	65	respectively	respectively	ADV
fbem-8998	182	66	,	,	PUNCT
fbem-8998	182	67	and	and	CCONJ
fbem-8998	182	68	are	be	AUX
fbem-8998	182	69	significant	significant	ADJ
fbem-8998	182	70	at	at	ADV
fbem-8998	182	71	least	least	ADJ
fbem-8998	182	72	at	at	ADP
fbem-8998	182	73	the	the	DET
fbem-8998	182	74	5	5	NUM
fbem-8998	182	75	%	%	NOUN
fbem-8998	182	76	significance	significance	NOUN
fbem-8998	182	77	level	level	NOUN
fbem-8998	182	78	.	.	PUNCT
fbem-8998	183	1	it	it	PRON
fbem-8998	183	2	shows	show	VERB
fbem-8998	183	3	that	that	SCONJ
fbem-8998	183	4	fiscal	fiscal	ADJ
fbem-8998	183	5	subsidies	subsidy	NOUN
fbem-8998	183	6	and	and	CCONJ
fbem-8998	183	7	tax	tax	NOUN
fbem-8998	183	8	incentives	incentive	NOUN
fbem-8998	183	9	for	for	ADP
fbem-8998	183	10	strategic	strategic	ADJ
fbem-8998	183	11	emerging	emerge	VERB
fbem-8998	183	12	non	non	ADJ
fbem-8998	183	13	-	-	ADJ
fbem-8998	183	14	state	state	NOUN
fbem-8998	183	15	-	-	PUNCT
fbem-8998	183	16	owned	own	VERB
fbem-8998	183	17	enterprises	enterprise	NOUN
fbem-8998	183	18	are	be	AUX
fbem-8998	183	19	more	more	ADV
fbem-8998	183	20	conducive	conducive	ADJ
fbem-8998	183	21	to	to	ADP
fbem-8998	183	22	enterprise	enterprise	NOUN
fbem-8998	183	23	innovation	innovation	NOUN
fbem-8998	183	24	activities	activity	NOUN
fbem-8998	183	25	.	.	PUNCT
fbem-8998	184	1	in	in	ADP
fbem-8998	184	2	column	column	NOUN
fbem-8998	184	3	(	(	PUNCT
fbem-8998	184	4	2	2	NUM
fbem-8998	184	5	)	)	PUNCT
fbem-8998	184	6	to	to	ADP
fbem-8998	184	7	(	(	PUNCT
fbem-8998	184	8	4	4	NUM
fbem-8998	184	9	)	)	PUNCT
fbem-8998	184	10	,	,	PUNCT
fbem-8998	184	11	the	the	DET
fbem-8998	184	12	regression	regression	NOUN
fbem-8998	184	13	coefficients	coefficient	NOUN
fbem-8998	184	14	and	and	CCONJ
fbem-8998	184	15	significance	significance	NOUN
fbem-8998	184	16	of	of	ADP
fbem-8998	184	17	fiscal	fiscal	ADJ
fbem-8998	184	18	subsidies	subsidy	NOUN
fbem-8998	184	19	and	and	CCONJ
fbem-8998	184	20	tax	tax	NOUN
fbem-8998	184	21	incentives	incentive	NOUN
fbem-8998	184	22	of	of	ADP
fbem-8998	184	23	stateowned	stateowne	VERB
fbem-8998	184	24	enterprises	enterprise	NOUN
fbem-8998	184	25	and	and	CCONJ
fbem-8998	184	26	non	non	ADJ
fbem-8998	184	27	-	-	ADJ
fbem-8998	184	28	state	state	NOUN
fbem-8998	184	29	-	-	PUNCT
fbem-8998	184	30	owned	own	VERB
fbem-8998	184	31	enterprises	enterprise	NOUN
fbem-8998	184	32	in	in	ADP
fbem-8998	184	33	the	the	DET
fbem-8998	184	34	maturity	maturity	NOUN
fbem-8998	184	35	and	and	CCONJ
fbem-8998	184	36	decline	decline	VERB
fbem-8998	184	37	stages	stage	NOUN
fbem-8998	184	38	are	be	AUX
fbem-8998	184	39	basically	basically	ADV
fbem-8998	184	40	the	the	DET
fbem-8998	184	41	same	same	ADJ
fbem-8998	184	42	,	,	PUNCT
fbem-8998	184	43	but	but	CCONJ
fbem-8998	184	44	there	there	PRON
fbem-8998	184	45	is	be	VERB
fbem-8998	184	46	a	a	DET
fbem-8998	184	47	significant	significant	ADJ
fbem-8998	184	48	difference	difference	NOUN
fbem-8998	184	49	in	in	ADP
fbem-8998	184	50	the	the	DET
fbem-8998	184	51	growth	growth	NOUN
fbem-8998	184	52	stage	stage	NOUN
fbem-8998	184	53	.	.	PUNCT
fbem-8998	185	1	in	in	ADP
fbem-8998	185	2	the	the	DET
fbem-8998	185	3	growth	growth	NOUN
fbem-8998	185	4	stage	stage	NOUN
fbem-8998	185	5	,	,	PUNCT
fbem-8998	185	6	the	the	DET
fbem-8998	185	7	coefficient	coefficient	NOUN
fbem-8998	185	8	of	of	ADP
fbem-8998	185	9	fiscal	fiscal	ADJ
fbem-8998	185	10	subsidies	subsidy	NOUN
fbem-8998	185	11	of	of	ADP
fbem-8998	185	12	state	state	NOUN
fbem-8998	185	13	-	-	PUNCT
fbem-8998	185	14	owned	own	VERB
fbem-8998	185	15	enterprises	enterprise	NOUN
fbem-8998	185	16	is	be	AUX
fbem-8998	185	17	0.0195	0.0195	NUM
fbem-8998	185	18	and	and	CCONJ
fbem-8998	185	19	not	not	PART
fbem-8998	185	20	significant	significant	ADJ
fbem-8998	185	21	,	,	PUNCT
fbem-8998	185	22	and	and	CCONJ
fbem-8998	185	23	the	the	DET
fbem-8998	185	24	regression	regression	NOUN
fbem-8998	185	25	coefficient	coefficient	NOUN
fbem-8998	185	26	of	of	ADP
fbem-8998	185	27	tax	tax	NOUN
fbem-8998	185	28	incentives	incentive	NOUN
fbem-8998	185	29	is	be	AUX
fbem-8998	185	30	0.0214	0.0214	NUM
fbem-8998	185	31	and	and	CCONJ
fbem-8998	185	32	only	only	ADV
fbem-8998	185	33	significant	significant	ADJ
fbem-8998	185	34	at	at	ADP
fbem-8998	185	35	the	the	DET
fbem-8998	185	36	10	10	NUM
fbem-8998	185	37	%	%	NOUN
fbem-8998	185	38	significance	significance	NOUN
fbem-8998	185	39	level	level	NOUN
fbem-8998	185	40	,	,	PUNCT
fbem-8998	185	41	while	while	SCONJ
fbem-8998	185	42	the	the	DET
fbem-8998	185	43	regression	regression	NOUN
fbem-8998	185	44	coefficients	coefficient	NOUN
fbem-8998	185	45	of	of	ADP
fbem-8998	185	46	fiscal	fiscal	ADJ
fbem-8998	185	47	subsidies	subsidy	NOUN
fbem-8998	185	48	and	and	CCONJ
fbem-8998	185	49	tax	tax	NOUN
fbem-8998	185	50	incentives	incentive	NOUN
fbem-8998	185	51	of	of	ADP
fbem-8998	185	52	non	non	ADJ
fbem-8998	185	53	-	-	ADJ
fbem-8998	185	54	state	state	NOUN
fbem-8998	185	55	-	-	PUNCT
fbem-8998	185	56	owned	own	VERB
fbem-8998	185	57	enterprises	enterprise	NOUN
fbem-8998	185	58	are	be	AUX
fbem-8998	185	59	0.0399	0.0399	NUM
fbem-8998	185	60	and	and	CCONJ
fbem-8998	185	61	0.0463	0.0463	NUM
fbem-8998	185	62	,	,	PUNCT
fbem-8998	185	63	respectively	respectively	ADV
fbem-8998	185	64	,	,	PUNCT
fbem-8998	185	65	and	and	CCONJ
fbem-8998	185	66	at	at	ADP
fbem-8998	185	67	least	least	ADJ
fbem-8998	185	68	significant	significant	ADJ
fbem-8998	185	69	at	at	ADP
fbem-8998	185	70	the	the	DET
fbem-8998	185	71	5	5	NUM
fbem-8998	185	72	%	%	NOUN
fbem-8998	185	73	significance	significance	NOUN
fbem-8998	185	74	level	level	NOUN
fbem-8998	185	75	.	.	PUNCT
fbem-8998	186	1	it	it	PRON
fbem-8998	186	2	shows	show	VERB
fbem-8998	186	3	that	that	SCONJ
fbem-8998	186	4	fiscal	fiscal	ADJ
fbem-8998	186	5	subsidies	subsidy	NOUN
fbem-8998	186	6	and	and	CCONJ
fbem-8998	186	7	tax	tax	NOUN
fbem-8998	186	8	incentives	incentive	NOUN
fbem-8998	186	9	for	for	ADP
fbem-8998	186	10	strategic	strategic	ADJ
fbem-8998	186	11	emerging	emerge	VERB
fbem-8998	186	12	non	non	ADJ
fbem-8998	186	13	-	-	ADJ
fbem-8998	186	14	stateowned	stateowned	ADJ
fbem-8998	186	15	enterprises	enterprise	NOUN
fbem-8998	186	16	in	in	ADP
fbem-8998	186	17	the	the	DET
fbem-8998	186	18	growth	growth	NOUN
fbem-8998	186	19	stage	stage	NOUN
fbem-8998	186	20	are	be	AUX
fbem-8998	186	21	more	more	ADV
fbem-8998	186	22	conducive	conducive	ADJ
fbem-8998	186	23	to	to	ADP
fbem-8998	186	24	enterprise	enterprise	NOUN
fbem-8998	186	25	innovation	innovation	NOUN
fbem-8998	186	26	activities	activity	NOUN
fbem-8998	186	27	.	.	PUNCT
fbem-8998	187	1	from	from	ADP
fbem-8998	187	2	the	the	DET
fbem-8998	187	3	regression	regression	NOUN
fbem-8998	187	4	results	result	NOUN
fbem-8998	187	5	in	in	ADP
fbem-8998	187	6	table	table	NOUN
fbem-8998	187	7	7	7	NUM
fbem-8998	187	8	,	,	PUNCT
fbem-8998	187	9	it	it	PRON
fbem-8998	187	10	can	can	AUX
fbem-8998	187	11	be	be	AUX
fbem-8998	187	12	found	find	VERB
fbem-8998	187	13	that	that	SCONJ
fbem-8998	187	14	the	the	DET
fbem-8998	187	15	incentive	incentive	NOUN
fbem-8998	187	16	effect	effect	NOUN
fbem-8998	187	17	of	of	ADP
fbem-8998	187	18	fiscal	fiscal	ADJ
fbem-8998	187	19	subsidies	subsidy	NOUN
fbem-8998	187	20	and	and	CCONJ
fbem-8998	187	21	tax	tax	NOUN
fbem-8998	187	22	incentives	incentive	NOUN
fbem-8998	187	23	received	receive	VERB
fbem-8998	187	24	by	by	ADP
fbem-8998	187	25	non	non	ADJ
fbem-8998	187	26	-	-	ADJ
fbem-8998	187	27	state	state	NOUN
fbem-8998	187	28	-	-	PUNCT
fbem-8998	187	29	owned	own	VERB
fbem-8998	187	30	enterprises	enterprise	NOUN
fbem-8998	187	31	is	be	AUX
fbem-8998	187	32	stronger	strong	ADJ
fbem-8998	187	33	than	than	ADP
fbem-8998	187	34	that	that	PRON
fbem-8998	187	35	of	of	ADP
fbem-8998	187	36	state	state	NOUN
fbem-8998	187	37	-	-	PUNCT
fbem-8998	187	38	owned	own	VERB
fbem-8998	187	39	enterprises	enterprise	NOUN
fbem-8998	187	40	on	on	ADP
fbem-8998	187	41	their	their	PRON
fbem-8998	187	42	innovation	innovation	NOUN
fbem-8998	187	43	activities	activity	NOUN
fbem-8998	187	44	.	.	PUNCT
fbem-8998	188	1	in	in	ADP
fbem-8998	188	2	terms	term	NOUN
fbem-8998	188	3	of	of	ADP
fbem-8998	188	4	the	the	DET
fbem-8998	188	5	different	different	ADJ
fbem-8998	188	6	life	life	NOUN
fbem-8998	188	7	cycle	cycle	NOUN
fbem-8998	188	8	stages	stage	NOUN
fbem-8998	188	9	,	,	PUNCT
fbem-8998	188	10	the	the	DET
fbem-8998	188	11	fiscal	fiscal	ADJ
fbem-8998	188	12	policy	policy	NOUN
fbem-8998	188	13	incentives	incentive	NOUN
fbem-8998	188	14	for	for	ADP
fbem-8998	188	15	non	non	ADJ
fbem-8998	188	16	-	-	ADJ
fbem-8998	188	17	state	state	ADJ
fbem-8998	188	18	enterprises	enterprise	NOUN
fbem-8998	188	19	in	in	ADP
fbem-8998	188	20	the	the	DET
fbem-8998	188	21	growth	growth	NOUN
fbem-8998	188	22	stage	stage	NOUN
fbem-8998	188	23	are	be	AUX
fbem-8998	188	24	more	more	ADV
fbem-8998	188	25	conducive	conducive	ADJ
fbem-8998	188	26	to	to	ADP
fbem-8998	188	27	stimulating	stimulate	VERB
fbem-8998	188	28	their	their	PRON
fbem-8998	188	29	innovation	innovation	NOUN
fbem-8998	188	30	activities	activity	NOUN
fbem-8998	188	31	.	.	PUNCT
fbem-8998	189	1	table	table	NOUN
fbem-8998	189	2	6	6	NUM
fbem-8998	189	3	.	.	PUNCT
fbem-8998	190	1	robustness	robustness	NOUN
fbem-8998	190	2	test	test	NOUN
fbem-8998	190	3	3	3	NUM
fbem-8998	190	4	:	:	PUNCT
fbem-8998	190	5	endogeneity	endogeneity	NOUN
fbem-8998	190	6	issues	issue	NOUN
fbem-8998	190	7	(	(	PUNCT
fbem-8998	190	8	1	1	NUM
fbem-8998	190	9	)	)	PUNCT
fbem-8998	190	10	(	(	PUNCT
fbem-8998	190	11	2	2	NUM
fbem-8998	190	12	)	)	PUNCT
fbem-8998	190	13	(	(	PUNCT
fbem-8998	190	14	3	3	X
fbem-8998	190	15	)	)	PUNCT
fbem-8998	190	16	(	(	PUNCT
fbem-8998	190	17	4	4	X
fbem-8998	190	18	)	)	PUNCT
fbem-8998	190	19	full	full	ADJ
fbem-8998	190	20	sample	sample	NOUN
fbem-8998	190	21	growth	growth	NOUN
fbem-8998	190	22	stages	stage	VERB
fbem-8998	190	23	maturity	maturity	NOUN
fbem-8998	190	24	stages	stage	NOUN
fbem-8998	190	25	recession	recession	NOUN
fbem-8998	190	26	stages	stage	NOUN
fbem-8998	190	27	subsidy	subsidy	VERB
fbem-8998	190	28	0.0224	0.0224	NUM
fbem-8998	190	29	*	*	SYM
fbem-8998	190	30	(	(	PUNCT
fbem-8998	190	31	0.0133	0.0133	NUM
fbem-8998	190	32	)	)	PUNCT
fbem-8998	190	33	0.0640	0.0640	NUM
fbem-8998	190	34	*	*	PUNCT
fbem-8998	190	35	*	*	PUNCT
fbem-8998	190	36	*	*	PUNCT
fbem-8998	190	37	(	(	PUNCT
fbem-8998	190	38	0.0207	0.0207	NUM
fbem-8998	190	39	)	)	PUNCT
fbem-8998	190	40	0.00194	0.00194	NUM
fbem-8998	190	41	(	(	PUNCT
fbem-8998	190	42	0.0145	0.0145	NUM
fbem-8998	190	43	)	)	PUNCT
fbem-8998	190	44	-0.00379	-0.00379	NOUN
fbem-8998	190	45	(	(	PUNCT
fbem-8998	190	46	0.0263	0.0263	NUM
fbem-8998	190	47	)	)	PUNCT
fbem-8998	190	48	taxp	taxp	NOUN
fbem-8998	190	49	0.0228	0.0228	NUM
fbem-8998	190	50	*	*	PUNCT
fbem-8998	190	51	*	*	PUNCT
fbem-8998	190	52	*	*	PUNCT
fbem-8998	190	53	(	(	PUNCT
fbem-8998	190	54	0.00597	0.00597	NUM
fbem-8998	190	55	)	)	PUNCT
fbem-8998	190	56	0.0296	0.0296	NUM
fbem-8998	190	57	*	*	PUNCT
fbem-8998	190	58	*	*	PUNCT
fbem-8998	190	59	*	*	PUNCT
fbem-8998	190	60	(	(	PUNCT
fbem-8998	190	61	0.00777	0.00777	NUM
fbem-8998	190	62	)	)	PUNCT
fbem-8998	190	63	0.00537	0.00537	NUM
fbem-8998	190	64	(	(	PUNCT
fbem-8998	190	65	0.00896	0.00896	NUM
fbem-8998	190	66	)	)	PUNCT
fbem-8998	190	67	0.0542	0.0542	NUM
fbem-8998	190	68	*	*	PUNCT
fbem-8998	190	69	*	*	PUNCT
fbem-8998	190	70	*	*	PUNCT
fbem-8998	190	71	(	(	PUNCT
fbem-8998	190	72	0.0193	0.0193	NUM
fbem-8998	190	73	)	)	PUNCT
fbem-8998	190	74	control	control	NOUN
fbem-8998	190	75	variables	variable	NOUN
fbem-8998	191	1	yes	yes	INTJ
fbem-8998	192	1	yes	yes	INTJ
fbem-8998	193	1	yes	yes	INTJ
fbem-8998	194	1	yes	yes	INTJ
fbem-8998	194	2	year	year	NOUN
fbem-8998	194	3	fixed	fix	VERB
fbem-8998	194	4	effects	effect	NOUN
fbem-8998	195	1	yes	yes	INTJ
fbem-8998	196	1	yes	yes	INTJ
fbem-8998	196	2	yes	yes	INTJ
fbem-8998	196	3	yes	yes	INTJ
fbem-8998	196	4	corporate	corporate	ADJ
fbem-8998	196	5	fixed	fix	VERB
fbem-8998	196	6	effects	effect	NOUN
fbem-8998	197	1	yes	yes	INTJ
fbem-8998	198	1	yes	yes	INTJ
fbem-8998	199	1	yes	yes	INTJ
fbem-8998	199	2	yes	yes	INTJ
fbem-8998	199	3	constant	constant	ADJ
fbem-8998	199	4	term	term	NOUN
fbem-8998	199	5	13.43	13.43	NUM
fbem-8998	199	6	*	*	PUNCT
fbem-8998	199	7	*	*	PUNCT
fbem-8998	199	8	*	*	PUNCT
fbem-8998	199	9	(	(	PUNCT
fbem-8998	199	10	0.563	0.563	NUM
fbem-8998	199	11	)	)	PUNCT
fbem-8998	199	12	13.25	13.25	NUM
fbem-8998	199	13	*	*	PUNCT
fbem-8998	199	14	*	*	PUNCT
fbem-8998	199	15	*	*	PUNCT
fbem-8998	199	16	(	(	PUNCT
fbem-8998	199	17	0.793	0.793	NUM
fbem-8998	199	18	)	)	PUNCT
fbem-8998	199	19	13.09	13.09	NUM
fbem-8998	199	20	*	*	PUNCT
fbem-8998	199	21	*	*	PUNCT
fbem-8998	199	22	*	*	PUNCT
fbem-8998	199	23	(	(	PUNCT
fbem-8998	199	24	0.632	0.632	NUM
fbem-8998	199	25	)	)	PUNCT
fbem-8998	199	26	14.69	14.69	NUM
fbem-8998	199	27	*	*	PUNCT
fbem-8998	199	28	*	*	PUNCT
fbem-8998	199	29	*	*	PUNCT
fbem-8998	199	30	(	(	PUNCT
fbem-8998	199	31	0.824	0.824	NUM
fbem-8998	199	32	)	)	PUNCT
fbem-8998	199	33	n	n	PRON
fbem-8998	199	34	2414	2414	NUM
fbem-8998	199	35	1169	1169	NUM
fbem-8998	199	36	830	830	NUM
fbem-8998	199	37	415	415	NUM
fbem-8998	199	38	r2	r2	NOUN
fbem-8998	199	39	0.510	0.510	NUM
fbem-8998	199	40	0.563	0.563	NUM
fbem-8998	199	41	0.638	0.638	NUM
fbem-8998	199	42	0.478	0.478	NUM
fbem-8998	199	43	table	table	NOUN
fbem-8998	199	44	7	7	NUM
fbem-8998	199	45	.	.	PUNCT
fbem-8998	200	1	heterogeneity	heterogeneity	NOUN
fbem-8998	200	2	analysis	analysis	NOUN
fbem-8998	200	3	1	1	NUM
fbem-8998	200	4	:	:	PUNCT
fbem-8998	200	5	state	state	NOUN
fbem-8998	200	6	-	-	PUNCT
fbem-8998	200	7	owned	own	VERB
fbem-8998	200	8	and	and	CCONJ
fbem-8998	200	9	non	non	ADJ
fbem-8998	200	10	-	-	ADJ
fbem-8998	200	11	state	state	NOUN
fbem-8998	200	12	-	-	PUNCT
fbem-8998	200	13	owned	own	VERB
fbem-8998	200	14	enterprises	enterprise	NOUN
fbem-8998	200	15	panel	panel	NOUN
fbem-8998	200	16	a	a	DET
fbem-8998	200	17	:	:	PUNCT
fbem-8998	200	18	state	state	NOUN
fbem-8998	200	19	-	-	PUNCT
fbem-8998	200	20	owned	own	VERB
fbem-8998	200	21	enterprises	enterprise	NOUN
fbem-8998	200	22	(	(	PUNCT
fbem-8998	200	23	1	1	NUM
fbem-8998	200	24	)	)	PUNCT
fbem-8998	200	25	(	(	PUNCT
fbem-8998	200	26	2	2	NUM
fbem-8998	200	27	)	)	PUNCT
fbem-8998	200	28	(	(	PUNCT
fbem-8998	200	29	3	3	X
fbem-8998	200	30	)	)	PUNCT
fbem-8998	200	31	(	(	PUNCT
fbem-8998	200	32	4	4	X
fbem-8998	200	33	)	)	PUNCT
fbem-8998	200	34	full	full	ADJ
fbem-8998	200	35	sample	sample	NOUN
fbem-8998	200	36	growth	growth	NOUN
fbem-8998	200	37	stages	stage	VERB
fbem-8998	200	38	maturity	maturity	NOUN
fbem-8998	200	39	stages	stage	NOUN
fbem-8998	200	40	recession	recession	NOUN
fbem-8998	200	41	stages	stage	NOUN
fbem-8998	200	42	subsidy	subsidy	VERB
fbem-8998	200	43	0.0324	0.0324	NUM
fbem-8998	200	44	*	*	PUNCT
fbem-8998	200	45	(	(	PUNCT
fbem-8998	200	46	0.0173	0.0173	NUM
fbem-8998	200	47	)	)	PUNCT
fbem-8998	200	48	0.0195	0.0195	NUM
fbem-8998	200	49	(	(	PUNCT
fbem-8998	200	50	0.0182	0.0182	NUM
fbem-8998	200	51	)	)	PUNCT
fbem-8998	200	52	0.0571	0.0571	NUM
fbem-8998	200	53	*	*	PUNCT
fbem-8998	200	54	*	*	PUNCT
fbem-8998	200	55	(	(	PUNCT
fbem-8998	200	56	0.0256	0.0256	NUM
fbem-8998	200	57	)	)	PUNCT
fbem-8998	200	58	-0.00161	-0.00161	NOUN
fbem-8998	200	59	(	(	PUNCT
fbem-8998	200	60	0.0459	0.0459	NUM
fbem-8998	200	61	)	)	PUNCT
fbem-8998	200	62	taxp	taxp	NOUN
fbem-8998	201	1	0.0253	0.0253	NUM
fbem-8998	201	2	*	*	PUNCT
fbem-8998	201	3	*	*	PUNCT
fbem-8998	201	4	*	*	PUNCT
fbem-8998	201	5	(	(	PUNCT
fbem-8998	201	6	0.00941	0.00941	NUM
fbem-8998	201	7	)	)	PUNCT
fbem-8998	201	8	0.0214	0.0214	NUM
fbem-8998	201	9	*	*	PUNCT
fbem-8998	201	10	(	(	PUNCT
fbem-8998	201	11	0.0128	0.0128	NUM
fbem-8998	201	12	)	)	PUNCT
fbem-8998	201	13	0.00757	0.00757	NUM
fbem-8998	201	14	(	(	PUNCT
fbem-8998	201	15	0.0127	0.0127	NUM
fbem-8998	201	16	)	)	PUNCT
fbem-8998	201	17	0.0413	0.0413	NUM
fbem-8998	201	18	*	*	PUNCT
fbem-8998	201	19	*	*	PUNCT
fbem-8998	201	20	(	(	PUNCT
fbem-8998	201	21	0.0168	0.0168	NUM
fbem-8998	201	22	)	)	PUNCT
fbem-8998	201	23	control	control	NOUN
fbem-8998	201	24	variables	variable	NOUN
fbem-8998	201	25	yes	yes	INTJ
fbem-8998	202	1	yes	yes	INTJ
fbem-8998	203	1	yes	yes	INTJ
fbem-8998	204	1	yes	yes	INTJ
fbem-8998	204	2	year	year	NOUN
fbem-8998	204	3	fixed	fix	VERB
fbem-8998	204	4	effects	effect	NOUN
fbem-8998	205	1	yes	yes	INTJ
fbem-8998	206	1	yes	yes	INTJ
fbem-8998	206	2	yes	yes	INTJ
fbem-8998	206	3	yes	yes	INTJ
fbem-8998	206	4	corporate	corporate	ADJ
fbem-8998	206	5	fixed	fix	VERB
fbem-8998	206	6	effects	effect	NOUN
fbem-8998	207	1	yes	yes	INTJ
fbem-8998	208	1	yes	yes	INTJ
fbem-8998	209	1	yes	yes	INTJ
fbem-8998	209	2	yes	yes	INTJ
fbem-8998	209	3	constant	constant	ADJ
fbem-8998	209	4	term	term	NOUN
fbem-8998	209	5	14.61	14.61	NUM
fbem-8998	209	6	*	*	PUNCT
fbem-8998	209	7	*	*	PUNCT
fbem-8998	209	8	*	*	PUNCT
fbem-8998	209	9	(	(	PUNCT
fbem-8998	209	10	0.868	0.868	NUM
fbem-8998	209	11	)	)	PUNCT
fbem-8998	209	12	16.40	16.40	NUM
fbem-8998	209	13	*	*	PUNCT
fbem-8998	209	14	*	*	PUNCT
fbem-8998	209	15	*	*	PUNCT
fbem-8998	209	16	(	(	PUNCT
fbem-8998	209	17	0.987	0.987	NUM
fbem-8998	209	18	)	)	PUNCT
fbem-8998	209	19	14.34	14.34	NUM
fbem-8998	209	20	*	*	PUNCT
fbem-8998	209	21	*	*	PUNCT
fbem-8998	209	22	*	*	PUNCT
fbem-8998	209	23	(	(	PUNCT
fbem-8998	209	24	0.939	0.939	NUM
fbem-8998	209	25	)	)	PUNCT
fbem-8998	209	26	15.98	15.98	NUM
fbem-8998	209	27	*	*	PUNCT
fbem-8998	209	28	*	*	PUNCT
fbem-8998	209	29	*	*	PUNCT
fbem-8998	209	30	(	(	PUNCT
fbem-8998	209	31	1.900	1.900	NUM
fbem-8998	209	32	)	)	PUNCT
fbem-8998	209	33	n	n	CCONJ
fbem-8998	209	34	1265	1265	NUM
fbem-8998	209	35	613	613	NUM
fbem-8998	209	36	436	436	NUM
fbem-8998	209	37	216	216	NUM
fbem-8998	209	38	r2	r2	PROPN
fbem-8998	209	39	0.456	0.456	NUM
fbem-8998	209	40	0.559	0.559	NUM
fbem-8998	209	41	0.494	0.494	NUM
fbem-8998	209	42	0.407	0.407	NUM
fbem-8998	209	43	panel	panel	NOUN
fbem-8998	209	44	b	b	NOUN
fbem-8998	209	45	:	:	PUNCT
fbem-8998	209	46	non	non	ADJ
fbem-8998	209	47	-	-	ADJ
fbem-8998	209	48	state	state	ADJ
fbem-8998	209	49	enterprises	enterprise	NOUN
fbem-8998	209	50	(	(	PUNCT
fbem-8998	209	51	1	1	NUM
fbem-8998	209	52	)	)	PUNCT
fbem-8998	209	53	(	(	PUNCT
fbem-8998	209	54	2	2	NUM
fbem-8998	209	55	)	)	PUNCT
fbem-8998	209	56	(	(	PUNCT
fbem-8998	209	57	3	3	X
fbem-8998	209	58	)	)	PUNCT
fbem-8998	209	59	(	(	PUNCT
fbem-8998	209	60	4	4	X
fbem-8998	209	61	)	)	PUNCT
fbem-8998	209	62	full	full	ADJ
fbem-8998	209	63	sample	sample	NOUN
fbem-8998	209	64	growth	growth	NOUN
fbem-8998	209	65	stages	stage	VERB
fbem-8998	209	66	maturity	maturity	NOUN
fbem-8998	209	67	stages	stage	NOUN
fbem-8998	209	68	recession	recession	NOUN
fbem-8998	209	69	stages	stage	NOUN
fbem-8998	209	70	subsidy	subsidy	VERB
fbem-8998	209	71	0.0410	0.0410	NUM
fbem-8998	209	72	*	*	PUNCT
fbem-8998	209	73	*	*	PUNCT
fbem-8998	209	74	(	(	PUNCT
fbem-8998	209	75	0.0180	0.0180	NUM
fbem-8998	209	76	)	)	PUNCT
fbem-8998	209	77	0.0399	0.0399	NUM
fbem-8998	209	78	*	*	PUNCT
fbem-8998	209	79	*	*	PUNCT
fbem-8998	209	80	(	(	PUNCT
fbem-8998	209	81	0.0196	0.0196	NUM
fbem-8998	209	82	)	)	PUNCT
fbem-8998	209	83	0.0173	0.0173	NUM
fbem-8998	209	84	(	(	PUNCT
fbem-8998	209	85	0.0168	0.0168	NUM
fbem-8998	209	86	)	)	PUNCT
fbem-8998	209	87	-0.0202	-0.0202	NOUN
fbem-8998	209	88	(	(	PUNCT
fbem-8998	209	89	0.0378	0.0378	NUM
fbem-8998	209	90	)	)	PUNCT
fbem-8998	209	91	taxp	taxp	NOUN
fbem-8998	209	92	0.0316	0.0316	NUM
fbem-8998	209	93	*	*	PUNCT
fbem-8998	209	94	*	*	PUNCT
fbem-8998	209	95	*	*	PUNCT
fbem-8998	209	96	(	(	PUNCT
fbem-8998	209	97	0.00880	0.00880	NUM
fbem-8998	209	98	)	)	PUNCT
fbem-8998	209	99	0.0463	0.0463	NUM
fbem-8998	209	100	*	*	PUNCT
fbem-8998	209	101	*	*	PUNCT
fbem-8998	209	102	*	*	PUNCT
fbem-8998	209	103	(	(	PUNCT
fbem-8998	209	104	0.0110	0.0110	NUM
fbem-8998	209	105	)	)	PUNCT
fbem-8998	209	106	0.0180	0.0180	NUM
fbem-8998	209	107	*	*	PUNCT
fbem-8998	209	108	(	(	PUNCT
fbem-8998	209	109	0.00958	0.00958	NUM
fbem-8998	209	110	)	)	PUNCT
fbem-8998	209	111	0.0580	0.0580	NUM
fbem-8998	210	1	*	*	PUNCT
fbem-8998	210	2	*	*	PUNCT
fbem-8998	210	3	(	(	PUNCT
fbem-8998	210	4	0.0277	0.0277	NUM
fbem-8998	210	5	)	)	PUNCT
fbem-8998	210	6	control	control	NOUN
fbem-8998	210	7	variables	variable	NOUN
fbem-8998	211	1	yes	yes	INTJ
fbem-8998	212	1	yes	yes	INTJ
fbem-8998	213	1	yes	yes	INTJ
fbem-8998	214	1	yes	yes	INTJ
fbem-8998	214	2	year	year	NOUN
fbem-8998	214	3	fixed	fix	VERB
fbem-8998	214	4	effects	effect	NOUN
fbem-8998	215	1	yes	yes	INTJ
fbem-8998	216	1	yes	yes	INTJ
fbem-8998	216	2	yes	yes	INTJ
fbem-8998	216	3	yes	yes	INTJ
fbem-8998	216	4	corporate	corporate	ADJ
fbem-8998	216	5	fixed	fix	VERB
fbem-8998	216	6	effects	effect	NOUN
fbem-8998	217	1	yes	yes	INTJ
fbem-8998	218	1	yes	yes	INTJ
fbem-8998	219	1	yes	yes	INTJ
fbem-8998	219	2	yes	yes	INTJ
fbem-8998	219	3	constant	constant	ADJ
fbem-8998	219	4	term	term	NOUN
fbem-8998	219	5	12.38	12.38	NUM
fbem-8998	219	6	*	*	PUNCT
fbem-8998	219	7	*	*	PUNCT
fbem-8998	219	8	*	*	PUNCT
fbem-8998	219	9	(	(	PUNCT
fbem-8998	219	10	0.565	0.565	NUM
fbem-8998	219	11	)	)	PUNCT
fbem-8998	219	12	13.29	13.29	NUM
fbem-8998	219	13	*	*	PUNCT
fbem-8998	219	14	*	*	PUNCT
fbem-8998	219	15	*	*	PUNCT
fbem-8998	219	16	(	(	PUNCT
fbem-8998	219	17	0.695	0.695	NUM
fbem-8998	219	18	)	)	PUNCT
fbem-8998	219	19	11.47	11.47	NUM
fbem-8998	219	20	*	*	PUNCT
fbem-8998	219	21	*	*	PUNCT
fbem-8998	219	22	*	*	PUNCT
fbem-8998	219	23	(	(	PUNCT
fbem-8998	219	24	0.679	0.679	NUM
fbem-8998	219	25	)	)	PUNCT
fbem-8998	220	1	13.78	13.78	NUM
fbem-8998	220	2	*	*	PUNCT
fbem-8998	220	3	*	*	PUNCT
fbem-8998	220	4	*	*	PUNCT
fbem-8998	220	5	(	(	PUNCT
fbem-8998	220	6	1.119	1.119	NUM
fbem-8998	220	7	)	)	PUNCT
fbem-8998	220	8	n	n	CCONJ
fbem-8998	220	9	1442	1442	NUM
fbem-8998	220	10	738	738	NUM
fbem-8998	220	11	478	478	NUM
fbem-8998	220	12	226	226	NUM
fbem-8998	220	13	r2	r2	NOUN
fbem-8998	220	14	0.628	0.628	NUM
fbem-8998	220	15	0.640	0.640	NUM
fbem-8998	220	16	0.765	0.765	NUM
fbem-8998	220	17	0.521	0.521	NUM
fbem-8998	220	18	69	69	NUM
fbem-8998	220	19	4.3.2	4.3.2	NOUN
fbem-8998	220	20	.	.	PUNCT
fbem-8998	221	1	manufacturing	manufacturing	NOUN
fbem-8998	221	2	and	and	CCONJ
fbem-8998	221	3	non	non	ADJ
fbem-8998	221	4	-	-	ADJ
fbem-8998	221	5	manufacturing	manufacture	VERB
fbem-8998	221	6	the	the	DET
fbem-8998	221	7	sensitivity	sensitivity	NOUN
fbem-8998	221	8	of	of	ADP
fbem-8998	221	9	r&d	r&d	NOUN
fbem-8998	221	10	capability	capability	NOUN
fbem-8998	221	11	to	to	PART
fbem-8998	221	12	tax	tax	NOUN
fbem-8998	221	13	burden	burden	NOUN
fbem-8998	221	14	varies	vary	VERB
fbem-8998	221	15	from	from	ADP
fbem-8998	221	16	industry	industry	NOUN
fbem-8998	221	17	to	to	ADP
fbem-8998	221	18	industry	industry	NOUN
fbem-8998	221	19	,	,	PUNCT
fbem-8998	221	20	taking	take	VERB
fbem-8998	221	21	into	into	ADP
fbem-8998	221	22	account	account	NOUN
fbem-8998	221	23	industry	industry	NOUN
fbem-8998	221	24	specificities	specificity	NOUN
fbem-8998	221	25	.	.	PUNCT
fbem-8998	222	1	some	some	DET
fbem-8998	222	2	industries	industry	NOUN
fbem-8998	222	3	,	,	PUNCT
fbem-8998	222	4	such	such	ADJ
fbem-8998	222	5	as	as	ADP
fbem-8998	222	6	information	information	NOUN
fbem-8998	222	7	technology	technology	NOUN
fbem-8998	222	8	,	,	PUNCT
fbem-8998	222	9	logistics	logistic	NOUN
fbem-8998	222	10	,	,	PUNCT
fbem-8998	222	11	wholesale	wholesale	ADJ
fbem-8998	222	12	and	and	CCONJ
fbem-8998	222	13	retail	retail	ADJ
fbem-8998	222	14	,	,	PUNCT
fbem-8998	222	15	and	and	CCONJ
fbem-8998	222	16	manufacturing	manufacturing	NOUN
fbem-8998	222	17	,	,	PUNCT
fbem-8998	222	18	have	have	VERB
fbem-8998	222	19	higher	high	ADJ
fbem-8998	222	20	tax	tax	NOUN
fbem-8998	222	21	burdens	burden	NOUN
fbem-8998	222	22	and	and	CCONJ
fbem-8998	222	23	are	be	AUX
fbem-8998	222	24	more	more	ADV
fbem-8998	222	25	sensitive	sensitive	ADJ
fbem-8998	222	26	to	to	ADP
fbem-8998	222	27	changes	change	NOUN
fbem-8998	222	28	in	in	ADP
fbem-8998	222	29	tax	tax	NOUN
fbem-8998	222	30	burdens	burden	NOUN
fbem-8998	222	31	.	.	PUNCT
fbem-8998	223	1	at	at	ADP
fbem-8998	223	2	the	the	DET
fbem-8998	223	3	same	same	ADJ
fbem-8998	223	4	time	time	NOUN
fbem-8998	223	5	,	,	PUNCT
fbem-8998	223	6	these	these	DET
fbem-8998	223	7	industries	industry	NOUN
fbem-8998	223	8	generally	generally	ADV
fbem-8998	223	9	require	require	VERB
fbem-8998	223	10	large	large	ADJ
fbem-8998	223	11	r&d	r&d	NOUN
fbem-8998	223	12	investments	investment	NOUN
fbem-8998	223	13	,	,	PUNCT
fbem-8998	223	14	and	and	CCONJ
fbem-8998	223	15	if	if	SCONJ
fbem-8998	223	16	tax	tax	NOUN
fbem-8998	223	17	incentives	incentive	NOUN
fbem-8998	223	18	or	or	CCONJ
fbem-8998	223	19	corresponding	correspond	VERB
fbem-8998	223	20	fiscal	fiscal	ADJ
fbem-8998	223	21	subsidies	subsidy	NOUN
fbem-8998	223	22	are	be	AUX
fbem-8998	223	23	granted	grant	VERB
fbem-8998	223	24	to	to	ADP
fbem-8998	223	25	these	these	DET
fbem-8998	223	26	industries	industry	NOUN
fbem-8998	223	27	,	,	PUNCT
fbem-8998	223	28	the	the	DET
fbem-8998	223	29	cost	cost	NOUN
fbem-8998	223	30	and	and	CCONJ
fbem-8998	223	31	risk	risk	NOUN
fbem-8998	223	32	of	of	ADP
fbem-8998	223	33	their	their	PRON
fbem-8998	223	34	r&d	r&d	NOUN
fbem-8998	223	35	expenditures	expenditure	NOUN
fbem-8998	223	36	can	can	AUX
fbem-8998	223	37	be	be	AUX
fbem-8998	223	38	reduced	reduce	VERB
fbem-8998	223	39	,	,	PUNCT
fbem-8998	223	40	thus	thus	ADV
fbem-8998	223	41	stimulating	stimulate	VERB
fbem-8998	223	42	r&d	r&d	NOUN
fbem-8998	223	43	innovation	innovation	NOUN
fbem-8998	223	44	in	in	ADP
fbem-8998	223	45	these	these	DET
fbem-8998	223	46	industries	industry	NOUN
fbem-8998	223	47	.	.	PUNCT
fbem-8998	224	1	in	in	ADP
fbem-8998	224	2	other	other	ADJ
fbem-8998	224	3	words	word	NOUN
fbem-8998	224	4	,	,	PUNCT
fbem-8998	224	5	tax	tax	NOUN
fbem-8998	224	6	incentives	incentive	NOUN
fbem-8998	224	7	and	and	CCONJ
fbem-8998	224	8	fiscal	fiscal	ADJ
fbem-8998	224	9	subsidies	subsidy	NOUN
fbem-8998	224	10	are	be	AUX
fbem-8998	224	11	stronger	strong	ADJ
fbem-8998	224	12	for	for	ADP
fbem-8998	224	13	special	special	ADJ
fbem-8998	224	14	industries	industry	NOUN
fbem-8998	224	15	with	with	ADP
fbem-8998	224	16	high	high	ADJ
fbem-8998	224	17	innovation	innovation	NOUN
fbem-8998	224	18	sensitivity	sensitivity	NOUN
fbem-8998	224	19	than	than	ADP
fbem-8998	224	20	for	for	ADP
fbem-8998	224	21	other	other	ADJ
fbem-8998	224	22	industries	industry	NOUN
fbem-8998	224	23	.	.	PUNCT
fbem-8998	225	1	this	this	DET
fbem-8998	225	2	paper	paper	NOUN
fbem-8998	225	3	divides	divide	VERB
fbem-8998	225	4	the	the	DET
fbem-8998	225	5	sample	sample	NOUN
fbem-8998	225	6	into	into	ADP
fbem-8998	225	7	two	two	NUM
fbem-8998	225	8	subsamples	subsample	NOUN
fbem-8998	225	9	,	,	PUNCT
fbem-8998	225	10	manufacturing	manufacturing	NOUN
fbem-8998	225	11	and	and	CCONJ
fbem-8998	225	12	non	non	ADJ
fbem-8998	225	13	-	-	ADJ
fbem-8998	225	14	manufacturing	manufacturing	ADJ
fbem-8998	225	15	,	,	PUNCT
fbem-8998	225	16	based	base	VERB
fbem-8998	225	17	on	on	ADP
fbem-8998	225	18	the	the	DET
fbem-8998	225	19	sfc	sfc	NOUN
fbem-8998	225	20	's	's	PART
fbem-8998	225	21	2012	2012	NUM
fbem-8998	225	22	industry	industry	NOUN
fbem-8998	225	23	classification	classification	NOUN
fbem-8998	225	24	guidelines	guideline	NOUN
fbem-8998	225	25	for	for	ADP
fbem-8998	225	26	listed	list	VERB
fbem-8998	225	27	companies	company	NOUN
fbem-8998	225	28	,	,	PUNCT
fbem-8998	225	29	and	and	CCONJ
fbem-8998	225	30	examines	examine	VERB
fbem-8998	225	31	the	the	DET
fbem-8998	225	32	incentive	incentive	NOUN
fbem-8998	225	33	effects	effect	NOUN
fbem-8998	225	34	of	of	ADP
fbem-8998	225	35	different	different	ADJ
fbem-8998	225	36	types	type	NOUN
fbem-8998	225	37	of	of	ADP
fbem-8998	225	38	industries	industry	NOUN
fbem-8998	225	39	in	in	ADP
fbem-8998	225	40	terms	term	NOUN
fbem-8998	225	41	of	of	ADP
fbem-8998	225	42	access	access	NOUN
fbem-8998	225	43	to	to	ADP
fbem-8998	225	44	different	different	ADJ
fbem-8998	225	45	fiscal	fiscal	ADJ
fbem-8998	225	46	incentives	incentive	NOUN
fbem-8998	225	47	.	.	PUNCT
fbem-8998	226	1	table	table	NOUN
fbem-8998	226	2	8	8	NUM
fbem-8998	226	3	provides	provide	VERB
fbem-8998	226	4	the	the	DET
fbem-8998	226	5	results	result	NOUN
fbem-8998	226	6	of	of	ADP
fbem-8998	226	7	the	the	DET
fbem-8998	226	8	sub	sub	ADJ
fbem-8998	226	9	-	-	ADJ
fbem-8998	226	10	sample	sample	ADJ
fbem-8998	226	11	regressions	regression	NOUN
fbem-8998	226	12	for	for	ADP
fbem-8998	226	13	manufacturing	manufacturing	NOUN
fbem-8998	226	14	and	and	CCONJ
fbem-8998	226	15	non	non	ADJ
fbem-8998	226	16	-	-	ADJ
fbem-8998	226	17	manufacturing	manufacturing	ADJ
fbem-8998	226	18	firms	firm	NOUN
fbem-8998	226	19	.	.	PUNCT
fbem-8998	227	1	in	in	ADP
fbem-8998	227	2	column	column	NOUN
fbem-8998	227	3	(	(	PUNCT
fbem-8998	227	4	1	1	NUM
fbem-8998	227	5	)	)	PUNCT
fbem-8998	227	6	,	,	PUNCT
fbem-8998	227	7	the	the	DET
fbem-8998	227	8	regression	regression	NOUN
fbem-8998	227	9	coefficients	coefficient	NOUN
fbem-8998	227	10	of	of	ADP
fbem-8998	227	11	fiscal	fiscal	ADJ
fbem-8998	227	12	subsidies	subsidy	NOUN
fbem-8998	227	13	and	and	CCONJ
fbem-8998	227	14	tax	tax	NOUN
fbem-8998	227	15	incentives	incentive	NOUN
fbem-8998	227	16	for	for	ADP
fbem-8998	227	17	manufacturing	manufacturing	NOUN
fbem-8998	227	18	enterprises	enterprise	NOUN
fbem-8998	227	19	are	be	AUX
fbem-8998	227	20	0.0305	0.0305	NUM
fbem-8998	227	21	and	and	CCONJ
fbem-8998	227	22	0.0293	0.0293	NUM
fbem-8998	227	23	,	,	PUNCT
fbem-8998	227	24	respectively	respectively	ADV
fbem-8998	227	25	,	,	PUNCT
fbem-8998	227	26	and	and	CCONJ
fbem-8998	227	27	are	be	AUX
fbem-8998	227	28	significant	significant	ADJ
fbem-8998	227	29	at	at	ADP
fbem-8998	227	30	the	the	DET
fbem-8998	227	31	5	5	NUM
fbem-8998	227	32	%	%	NOUN
fbem-8998	227	33	significance	significance	NOUN
fbem-8998	227	34	level	level	NOUN
fbem-8998	227	35	,	,	PUNCT
fbem-8998	227	36	while	while	SCONJ
fbem-8998	227	37	the	the	DET
fbem-8998	227	38	regression	regression	NOUN
fbem-8998	227	39	coefficient	coefficient	NOUN
fbem-8998	227	40	of	of	ADP
fbem-8998	227	41	fiscal	fiscal	ADJ
fbem-8998	227	42	subsidies	subsidy	NOUN
fbem-8998	227	43	for	for	ADP
fbem-8998	227	44	non	non	ADJ
fbem-8998	227	45	-	-	ADJ
fbem-8998	227	46	manufacturing	manufacturing	ADJ
fbem-8998	227	47	enterprises	enterprise	NOUN
fbem-8998	227	48	is	be	AUX
fbem-8998	227	49	0.0396	0.0396	NUM
fbem-8998	227	50	and	and	CCONJ
fbem-8998	227	51	significant	significant	ADJ
fbem-8998	227	52	at	at	ADP
fbem-8998	227	53	the	the	DET
fbem-8998	227	54	10	10	NUM
fbem-8998	227	55	%	%	NOUN
fbem-8998	227	56	significance	significance	NOUN
fbem-8998	227	57	level	level	NOUN
fbem-8998	227	58	,	,	PUNCT
fbem-8998	227	59	and	and	CCONJ
fbem-8998	227	60	the	the	DET
fbem-8998	227	61	regression	regression	NOUN
fbem-8998	227	62	coefficient	coefficient	NOUN
fbem-8998	227	63	of	of	ADP
fbem-8998	227	64	tax	tax	NOUN
fbem-8998	227	65	incentives	incentive	NOUN
fbem-8998	227	66	is	be	AUX
fbem-8998	227	67	0.0189	0.0189	NUM
fbem-8998	227	68	and	and	CCONJ
fbem-8998	227	69	insignificant	insignificant	ADJ
fbem-8998	227	70	.	.	PUNCT
fbem-8998	228	1	it	it	PRON
fbem-8998	228	2	shows	show	VERB
fbem-8998	228	3	that	that	SCONJ
fbem-8998	228	4	fiscal	fiscal	ADJ
fbem-8998	228	5	subsidies	subsidy	NOUN
fbem-8998	228	6	and	and	CCONJ
fbem-8998	228	7	tax	tax	NOUN
fbem-8998	228	8	incentives	incentive	NOUN
fbem-8998	228	9	for	for	ADP
fbem-8998	228	10	strategic	strategic	ADJ
fbem-8998	228	11	emerging	emerge	VERB
fbem-8998	228	12	manufacturing	manufacturing	NOUN
fbem-8998	228	13	enterprises	enterprise	NOUN
fbem-8998	228	14	are	be	AUX
fbem-8998	228	15	more	more	ADV
fbem-8998	228	16	conducive	conducive	ADJ
fbem-8998	228	17	to	to	ADP
fbem-8998	228	18	enterprise	enterprise	NOUN
fbem-8998	228	19	innovation	innovation	NOUN
fbem-8998	228	20	activities	activity	NOUN
fbem-8998	228	21	.	.	PUNCT
fbem-8998	229	1	in	in	ADP
fbem-8998	229	2	column	column	NOUN
fbem-8998	229	3	(	(	PUNCT
fbem-8998	229	4	2	2	NUM
fbem-8998	229	5	)	)	PUNCT
fbem-8998	229	6	to	to	ADP
fbem-8998	229	7	(	(	PUNCT
fbem-8998	229	8	4	4	NUM
fbem-8998	229	9	)	)	PUNCT
fbem-8998	229	10	,	,	PUNCT
fbem-8998	229	11	the	the	DET
fbem-8998	229	12	regression	regression	NOUN
fbem-8998	229	13	coefficients	coefficient	NOUN
fbem-8998	229	14	and	and	CCONJ
fbem-8998	229	15	significance	significance	NOUN
fbem-8998	229	16	of	of	ADP
fbem-8998	229	17	fiscal	fiscal	ADJ
fbem-8998	229	18	subsidies	subsidy	NOUN
fbem-8998	229	19	and	and	CCONJ
fbem-8998	229	20	tax	tax	NOUN
fbem-8998	229	21	incentives	incentive	NOUN
fbem-8998	229	22	for	for	ADP
fbem-8998	229	23	manufacturing	manufacturing	NOUN
fbem-8998	229	24	enterprises	enterprise	NOUN
fbem-8998	229	25	and	and	CCONJ
fbem-8998	229	26	nonmanufacturing	nonmanufacturing	ADJ
fbem-8998	229	27	enterprises	enterprise	NOUN
fbem-8998	229	28	in	in	ADP
fbem-8998	229	29	the	the	DET
fbem-8998	229	30	maturity	maturity	NOUN
fbem-8998	229	31	and	and	CCONJ
fbem-8998	229	32	decline	decline	VERB
fbem-8998	229	33	stages	stage	NOUN
fbem-8998	229	34	are	be	AUX
fbem-8998	229	35	basically	basically	ADV
fbem-8998	229	36	the	the	DET
fbem-8998	229	37	same	same	ADJ
fbem-8998	229	38	,	,	PUNCT
fbem-8998	229	39	but	but	CCONJ
fbem-8998	229	40	there	there	PRON
fbem-8998	229	41	is	be	VERB
fbem-8998	229	42	a	a	DET
fbem-8998	229	43	significant	significant	ADJ
fbem-8998	229	44	difference	difference	NOUN
fbem-8998	229	45	in	in	ADP
fbem-8998	229	46	the	the	DET
fbem-8998	229	47	growth	growth	NOUN
fbem-8998	229	48	stage	stage	NOUN
fbem-8998	229	49	.	.	PUNCT
fbem-8998	230	1	in	in	ADP
fbem-8998	230	2	the	the	DET
fbem-8998	230	3	growth	growth	NOUN
fbem-8998	230	4	stage	stage	NOUN
fbem-8998	230	5	,	,	PUNCT
fbem-8998	230	6	the	the	DET
fbem-8998	230	7	fiscal	fiscal	ADJ
fbem-8998	230	8	subsidies	subsidy	NOUN
fbem-8998	230	9	coefficient	coefficient	NOUN
fbem-8998	230	10	of	of	ADP
fbem-8998	230	11	manufacturing	manufacturing	NOUN
fbem-8998	230	12	enterprises	enterprise	NOUN
fbem-8998	230	13	is	be	AUX
fbem-8998	230	14	0.0252	0.0252	NUM
fbem-8998	230	15	and	and	CCONJ
fbem-8998	230	16	significant	significant	ADJ
fbem-8998	230	17	at	at	ADP
fbem-8998	230	18	the	the	DET
fbem-8998	230	19	significance	significance	NOUN
fbem-8998	230	20	level	level	NOUN
fbem-8998	230	21	of	of	ADP
fbem-8998	230	22	10	10	NUM
fbem-8998	230	23	%	%	NOUN
fbem-8998	230	24	,	,	PUNCT
fbem-8998	230	25	the	the	DET
fbem-8998	230	26	regression	regression	NOUN
fbem-8998	230	27	coefficient	coefficient	NOUN
fbem-8998	230	28	of	of	ADP
fbem-8998	230	29	tax	tax	NOUN
fbem-8998	230	30	incentives	incentive	NOUN
fbem-8998	230	31	is	be	AUX
fbem-8998	230	32	0.0353	0.0353	NUM
fbem-8998	230	33	and	and	CCONJ
fbem-8998	230	34	significant	significant	ADJ
fbem-8998	230	35	at	at	ADP
fbem-8998	230	36	the	the	DET
fbem-8998	230	37	significance	significance	NOUN
fbem-8998	230	38	level	level	NOUN
fbem-8998	230	39	of	of	ADP
fbem-8998	230	40	1	1	NUM
fbem-8998	230	41	%	%	NOUN
fbem-8998	230	42	,	,	PUNCT
fbem-8998	230	43	while	while	SCONJ
fbem-8998	230	44	the	the	DET
fbem-8998	230	45	fiscal	fiscal	ADJ
fbem-8998	230	46	subsidies	subsidy	NOUN
fbem-8998	230	47	regression	regression	NOUN
fbem-8998	230	48	coefficient	coefficient	NOUN
fbem-8998	230	49	of	of	ADP
fbem-8998	230	50	non	non	ADJ
fbem-8998	230	51	-	-	ADJ
fbem-8998	230	52	manufacturing	manufacturing	ADJ
fbem-8998	230	53	enterprises	enterprise	NOUN
fbem-8998	230	54	is	be	AUX
fbem-8998	230	55	0.0434	0.0434	NUM
fbem-8998	230	56	but	but	CCONJ
fbem-8998	230	57	not	not	PART
fbem-8998	230	58	significant	significant	ADJ
fbem-8998	230	59	,	,	PUNCT
fbem-8998	230	60	the	the	DET
fbem-8998	230	61	regression	regression	NOUN
fbem-8998	230	62	coefficient	coefficient	NOUN
fbem-8998	230	63	of	of	ADP
fbem-8998	230	64	tax	tax	NOUN
fbem-8998	230	65	incentives	incentive	NOUN
fbem-8998	230	66	is	be	AUX
fbem-8998	230	67	0.0336	0.0336	NUM
fbem-8998	230	68	and	and	CCONJ
fbem-8998	230	69	significant	significant	ADJ
fbem-8998	230	70	at	at	ADP
fbem-8998	230	71	5	5	NUM
fbem-8998	230	72	%	%	NOUN
fbem-8998	230	73	significance	significance	NOUN
fbem-8998	230	74	level	level	NOUN
fbem-8998	230	75	,	,	PUNCT
fbem-8998	230	76	indicating	indicate	VERB
fbem-8998	230	77	that	that	SCONJ
fbem-8998	230	78	fiscal	fiscal	ADJ
fbem-8998	230	79	and	and	CCONJ
fbem-8998	230	80	tax	tax	NOUN
fbem-8998	230	81	policy	policy	NOUN
fbem-8998	230	82	incentives	incentive	NOUN
fbem-8998	230	83	for	for	ADP
fbem-8998	230	84	manufacturing	manufacturing	NOUN
fbem-8998	230	85	enterprises	enterprise	NOUN
fbem-8998	230	86	in	in	ADP
fbem-8998	230	87	the	the	DET
fbem-8998	230	88	growth	growth	NOUN
fbem-8998	230	89	stage	stage	NOUN
fbem-8998	230	90	may	may	AUX
fbem-8998	230	91	be	be	AUX
fbem-8998	230	92	more	more	ADV
fbem-8998	230	93	conducive	conducive	ADJ
fbem-8998	230	94	to	to	ADP
fbem-8998	230	95	enterprise	enterprise	NOUN
fbem-8998	230	96	innovation	innovation	NOUN
fbem-8998	230	97	activities	activity	NOUN
fbem-8998	230	98	.	.	PUNCT
fbem-8998	231	1	the	the	DET
fbem-8998	231	2	regression	regression	NOUN
fbem-8998	231	3	results	result	VERB
fbem-8998	231	4	in	in	ADP
fbem-8998	231	5	table	table	NOUN
fbem-8998	231	6	8	8	NUM
fbem-8998	231	7	show	show	VERB
fbem-8998	231	8	that	that	SCONJ
fbem-8998	231	9	the	the	DET
fbem-8998	231	10	incentive	incentive	NOUN
fbem-8998	231	11	effect	effect	NOUN
fbem-8998	231	12	of	of	ADP
fbem-8998	231	13	fiscal	fiscal	ADJ
fbem-8998	231	14	subsidies	subsidy	NOUN
fbem-8998	231	15	and	and	CCONJ
fbem-8998	231	16	tax	tax	NOUN
fbem-8998	231	17	incentives	incentive	NOUN
fbem-8998	231	18	on	on	ADP
fbem-8998	231	19	innovation	innovation	NOUN
fbem-8998	231	20	activities	activity	NOUN
fbem-8998	231	21	is	be	AUX
fbem-8998	231	22	stronger	strong	ADJ
fbem-8998	231	23	for	for	ADP
fbem-8998	231	24	manufacturing	manufacturing	NOUN
fbem-8998	231	25	firms	firm	NOUN
fbem-8998	231	26	than	than	ADP
fbem-8998	231	27	for	for	ADP
fbem-8998	231	28	non	non	ADJ
fbem-8998	231	29	-	-	ADJ
fbem-8998	231	30	manufacturing	manufacturing	ADJ
fbem-8998	231	31	firms	firm	NOUN
fbem-8998	231	32	.	.	PUNCT
fbem-8998	232	1	in	in	ADP
fbem-8998	232	2	terms	term	NOUN
fbem-8998	232	3	of	of	ADP
fbem-8998	232	4	different	different	ADJ
fbem-8998	232	5	life	life	NOUN
fbem-8998	232	6	cycle	cycle	NOUN
fbem-8998	232	7	stages	stage	NOUN
fbem-8998	232	8	,	,	PUNCT
fbem-8998	232	9	the	the	DET
fbem-8998	232	10	effect	effect	NOUN
fbem-8998	232	11	of	of	ADP
fbem-8998	232	12	fiscal	fiscal	ADJ
fbem-8998	232	13	policy	policy	NOUN
fbem-8998	232	14	incentives	incentive	NOUN
fbem-8998	232	15	for	for	ADP
fbem-8998	232	16	manufacturing	manufacturing	NOUN
fbem-8998	232	17	enterprises	enterprise	NOUN
fbem-8998	232	18	in	in	ADP
fbem-8998	232	19	the	the	DET
fbem-8998	232	20	growth	growth	NOUN
fbem-8998	232	21	stage	stage	NOUN
fbem-8998	232	22	is	be	AUX
fbem-8998	232	23	more	more	ADV
fbem-8998	232	24	pronounced	pronounced	ADJ
fbem-8998	232	25	.	.	PUNCT
fbem-8998	233	1	table	table	NOUN
fbem-8998	233	2	8	8	NUM
fbem-8998	233	3	.	.	PUNCT
fbem-8998	234	1	heterogeneity	heterogeneity	NOUN
fbem-8998	234	2	analysis	analysis	NOUN
fbem-8998	234	3	2	2	NUM
fbem-8998	234	4	:	:	PUNCT
fbem-8998	234	5	manufacturing	manufacturing	NOUN
fbem-8998	234	6	and	and	CCONJ
fbem-8998	234	7	non	non	ADJ
fbem-8998	234	8	-	-	ADJ
fbem-8998	234	9	manufacturing	manufacturing	ADJ
fbem-8998	234	10	panel	panel	NOUN
fbem-8998	234	11	a	a	PRON
fbem-8998	234	12	:	:	PUNCT
fbem-8998	234	13	manufacturing	manufacturing	NOUN
fbem-8998	234	14	(	(	PUNCT
fbem-8998	234	15	1	1	NUM
fbem-8998	234	16	)	)	PUNCT
fbem-8998	234	17	(	(	PUNCT
fbem-8998	234	18	2	2	NUM
fbem-8998	234	19	)	)	PUNCT
fbem-8998	234	20	(	(	PUNCT
fbem-8998	234	21	3	3	X
fbem-8998	234	22	)	)	PUNCT
fbem-8998	234	23	(	(	PUNCT
fbem-8998	234	24	4	4	X
fbem-8998	234	25	)	)	PUNCT
fbem-8998	234	26	full	full	ADJ
fbem-8998	234	27	sample	sample	NOUN
fbem-8998	234	28	growth	growth	NOUN
fbem-8998	234	29	stages	stage	VERB
fbem-8998	234	30	maturity	maturity	NOUN
fbem-8998	234	31	stages	stage	NOUN
fbem-8998	234	32	recession	recession	NOUN
fbem-8998	234	33	stages	stage	NOUN
fbem-8998	234	34	subsidy	subsidy	VERB
fbem-8998	234	35	0.0305	0.0305	NUM
fbem-8998	234	36	*	*	SYM
fbem-8998	234	37	*	*	PUNCT
fbem-8998	234	38	(	(	PUNCT
fbem-8998	234	39	0.0148	0.0148	NUM
fbem-8998	234	40	)	)	PUNCT
fbem-8998	234	41	0.0252	0.0252	NUM
fbem-8998	234	42	*	*	SYM
fbem-8998	234	43	(	(	PUNCT
fbem-8998	234	44	0.0146	0.0146	NUM
fbem-8998	234	45	)	)	PUNCT
fbem-8998	234	46	0.0275	0.0275	NUM
fbem-8998	234	47	(	(	PUNCT
fbem-8998	234	48	0.0197	0.0197	NUM
fbem-8998	234	49	)	)	PUNCT
fbem-8998	234	50	-0.0217	-0.0217	NOUN
fbem-8998	234	51	(	(	PUNCT
fbem-8998	234	52	0.0399	0.0399	NUM
fbem-8998	234	53	)	)	PUNCT
fbem-8998	234	54	taxp	taxp	NOUN
fbem-8998	234	55	0.0293	0.0293	NUM
fbem-8998	234	56	*	*	PUNCT
fbem-8998	234	57	*	*	PUNCT
fbem-8998	234	58	*	*	PUNCT
fbem-8998	234	59	(	(	PUNCT
fbem-8998	234	60	0.00744	0.00744	NUM
fbem-8998	234	61	)	)	PUNCT
fbem-8998	234	62	0.0353	0.0353	NUM
fbem-8998	234	63	*	*	PUNCT
fbem-8998	234	64	*	*	PUNCT
fbem-8998	234	65	*	*	PUNCT
fbem-8998	234	66	(	(	PUNCT
fbem-8998	234	67	0.0103	0.0103	NUM
fbem-8998	234	68	)	)	PUNCT
fbem-8998	234	69	0.00595	0.00595	NUM
fbem-8998	234	70	(	(	PUNCT
fbem-8998	234	71	0.00857	0.00857	NUM
fbem-8998	234	72	)	)	PUNCT
fbem-8998	234	73	0.0524	0.0524	NUM
fbem-8998	235	1	*	*	PUNCT
fbem-8998	235	2	*	*	PUNCT
fbem-8998	235	3	(	(	PUNCT
fbem-8998	235	4	0.0218	0.0218	NUM
fbem-8998	235	5	)	)	PUNCT
fbem-8998	235	6	control	control	NOUN
fbem-8998	235	7	variables	variable	NOUN
fbem-8998	236	1	yes	yes	INTJ
fbem-8998	237	1	yes	yes	INTJ
fbem-8998	238	1	yes	yes	INTJ
fbem-8998	239	1	yes	yes	INTJ
fbem-8998	239	2	year	year	NOUN
fbem-8998	239	3	fixed	fix	VERB
fbem-8998	239	4	effects	effect	NOUN
fbem-8998	240	1	yes	yes	INTJ
fbem-8998	241	1	yes	yes	INTJ
fbem-8998	241	2	yes	yes	INTJ
fbem-8998	241	3	yes	yes	INTJ
fbem-8998	241	4	corporate	corporate	ADJ
fbem-8998	241	5	fixed	fix	VERB
fbem-8998	241	6	effects	effect	NOUN
fbem-8998	242	1	yes	yes	INTJ
fbem-8998	243	1	yes	yes	INTJ
fbem-8998	244	1	yes	yes	INTJ
fbem-8998	244	2	yes	yes	INTJ
fbem-8998	244	3	constant	constant	ADJ
fbem-8998	244	4	term	term	NOUN
fbem-8998	244	5	12.88	12.88	NUM
fbem-8998	244	6	*	*	PUNCT
fbem-8998	244	7	*	*	PUNCT
fbem-8998	244	8	*	*	PUNCT
fbem-8998	244	9	(	(	PUNCT
fbem-8998	244	10	0.567	0.567	NUM
fbem-8998	244	11	)	)	PUNCT
fbem-8998	244	12	14.68	14.68	NUM
fbem-8998	244	13	*	*	PUNCT
fbem-8998	244	14	*	*	PUNCT
fbem-8998	244	15	*	*	PUNCT
fbem-8998	244	16	(	(	PUNCT
fbem-8998	244	17	0.630	0.630	NUM
fbem-8998	244	18	)	)	PUNCT
fbem-8998	244	19	12.28	12.28	NUM
fbem-8998	244	20	*	*	PUNCT
fbem-8998	244	21	*	*	PUNCT
fbem-8998	244	22	*	*	PUNCT
fbem-8998	244	23	(	(	PUNCT
fbem-8998	244	24	0.728	0.728	NUM
fbem-8998	244	25	)	)	PUNCT
fbem-8998	244	26	14.37	14.37	NUM
fbem-8998	244	27	*	*	PUNCT
fbem-8998	244	28	*	*	PUNCT
fbem-8998	244	29	*	*	PUNCT
fbem-8998	244	30	(	(	PUNCT
fbem-8998	244	31	1.307	1.307	NUM
fbem-8998	244	32	)	)	PUNCT
fbem-8998	244	33	n	n	CCONJ
fbem-8998	244	34	1927	1927	NUM
fbem-8998	244	35	1003	1003	NUM
fbem-8998	244	36	634	634	NUM
fbem-8998	244	37	290	290	NUM
fbem-8998	244	38	r2	r2	NOUN
fbem-8998	244	39	0.559	0.559	NUM
fbem-8998	244	40	0.616	0.616	NUM
fbem-8998	244	41	0.684	0.684	NUM
fbem-8998	244	42	0.351	0.351	NUM
fbem-8998	244	43	panel	panel	NOUN
fbem-8998	244	44	b	b	NOUN
fbem-8998	244	45	:	:	PUNCT
fbem-8998	244	46	non	non	ADJ
fbem-8998	244	47	-	-	ADJ
fbem-8998	244	48	manufacturing	manufacturing	ADJ
fbem-8998	244	49	(	(	PUNCT
fbem-8998	244	50	1	1	NUM
fbem-8998	244	51	)	)	PUNCT
fbem-8998	244	52	(	(	PUNCT
fbem-8998	244	53	2	2	NUM
fbem-8998	244	54	)	)	PUNCT
fbem-8998	244	55	(	(	PUNCT
fbem-8998	244	56	3	3	X
fbem-8998	244	57	)	)	PUNCT
fbem-8998	244	58	(	(	PUNCT
fbem-8998	244	59	4	4	X
fbem-8998	244	60	)	)	PUNCT
fbem-8998	244	61	full	full	ADJ
fbem-8998	244	62	sample	sample	NOUN
fbem-8998	244	63	growth	growth	NOUN
fbem-8998	244	64	stages	stage	VERB
fbem-8998	244	65	maturity	maturity	NOUN
fbem-8998	244	66	stages	stage	NOUN
fbem-8998	244	67	recession	recession	NOUN
fbem-8998	244	68	stages	stage	NOUN
fbem-8998	244	69	subsidy	subsidy	VERB
fbem-8998	244	70	0.0396	0.0396	NUM
fbem-8998	244	71	*	*	SYM
fbem-8998	244	72	(	(	PUNCT
fbem-8998	244	73	0.0222	0.0222	NUM
fbem-8998	244	74	)	)	PUNCT
fbem-8998	244	75	0.0434	0.0434	NUM
fbem-8998	244	76	(	(	PUNCT
fbem-8998	244	77	0.0286	0.0286	NUM
fbem-8998	244	78	)	)	PUNCT
fbem-8998	245	1	0.0226	0.0226	NUM
fbem-8998	245	2	(	(	PUNCT
fbem-8998	245	3	0.0283	0.0283	NUM
fbem-8998	245	4	)	)	PUNCT
fbem-8998	245	5	0.00779	0.00779	NUM
fbem-8998	245	6	(	(	PUNCT
fbem-8998	245	7	0.0352	0.0352	NUM
fbem-8998	245	8	)	)	PUNCT
fbem-8998	245	9	taxp	taxp	NOUN
fbem-8998	245	10	0.0189	0.0189	NUM
fbem-8998	245	11	(	(	PUNCT
fbem-8998	245	12	0.0128	0.0128	NUM
fbem-8998	245	13	)	)	PUNCT
fbem-8998	245	14	0.0336	0.0336	NUM
fbem-8998	245	15	*	*	PUNCT
fbem-8998	245	16	*	*	PUNCT
fbem-8998	245	17	(	(	PUNCT
fbem-8998	245	18	0.0169	0.0169	NUM
fbem-8998	245	19	)	)	PUNCT
fbem-8998	245	20	0.0187	0.0187	NUM
fbem-8998	245	21	(	(	PUNCT
fbem-8998	245	22	0.0216	0.0216	NUM
fbem-8998	245	23	)	)	PUNCT
fbem-8998	245	24	0.0241	0.0241	NUM
fbem-8998	245	25	(	(	PUNCT
fbem-8998	245	26	0.0223	0.0223	NUM
fbem-8998	245	27	)	)	PUNCT
fbem-8998	245	28	control	control	NOUN
fbem-8998	245	29	variables	variable	NOUN
fbem-8998	245	30	yes	yes	INTJ
fbem-8998	246	1	yes	yes	INTJ
fbem-8998	247	1	yes	yes	INTJ
fbem-8998	248	1	yes	yes	INTJ
fbem-8998	248	2	year	year	NOUN
fbem-8998	248	3	fixed	fix	VERB
fbem-8998	248	4	effects	effect	NOUN
fbem-8998	249	1	yes	yes	INTJ
fbem-8998	250	1	yes	yes	INTJ
fbem-8998	250	2	yes	yes	INTJ
fbem-8998	250	3	yes	yes	INTJ
fbem-8998	250	4	corporate	corporate	ADJ
fbem-8998	250	5	fixed	fix	VERB
fbem-8998	250	6	effects	effect	NOUN
fbem-8998	251	1	yes	yes	INTJ
fbem-8998	252	1	yes	yes	INTJ
fbem-8998	253	1	yes	yes	INTJ
fbem-8998	253	2	yes	yes	INTJ
fbem-8998	253	3	constant	constant	ADJ
fbem-8998	253	4	term	term	NOUN
fbem-8998	253	5	13.96	13.96	NUM
fbem-8998	253	6	*	*	PUNCT
fbem-8998	253	7	*	*	PUNCT
fbem-8998	253	8	*	*	PUNCT
fbem-8998	253	9	(	(	PUNCT
fbem-8998	253	10	0.951	0.951	NUM
fbem-8998	253	11	)	)	PUNCT
fbem-8998	253	12	13.85	13.85	NUM
fbem-8998	253	13	*	*	PUNCT
fbem-8998	253	14	*	*	PUNCT
fbem-8998	253	15	*	*	PUNCT
fbem-8998	253	16	(	(	PUNCT
fbem-8998	253	17	1.148	1.148	NUM
fbem-8998	253	18	)	)	PUNCT
fbem-8998	253	19	13.63	13.63	NUM
fbem-8998	253	20	*	*	PUNCT
fbem-8998	253	21	*	*	PUNCT
fbem-8998	253	22	*	*	PUNCT
fbem-8998	253	23	(	(	PUNCT
fbem-8998	253	24	0.887	0.887	NUM
fbem-8998	253	25	)	)	PUNCT
fbem-8998	253	26	14.62	14.62	NUM
fbem-8998	253	27	*	*	PUNCT
fbem-8998	253	28	*	*	PUNCT
fbem-8998	253	29	*	*	PUNCT
fbem-8998	253	30	(	(	PUNCT
fbem-8998	253	31	1.373	1.373	NUM
fbem-8998	253	32	)	)	PUNCT
fbem-8998	253	33	n	n	DET
fbem-8998	253	34	780	780	NUM
fbem-8998	253	35	348	348	NUM
fbem-8998	253	36	280	280	NUM
fbem-8998	253	37	152	152	NUM
fbem-8998	253	38	r2	r2	NOUN
fbem-8998	253	39	0.581	0.581	NUM
fbem-8998	253	40	0.586	0.586	NUM
fbem-8998	253	41	0.651	0.651	NUM
fbem-8998	253	42	0.659	0.659	NUM
fbem-8998	253	43	4.3.3	4.3.3	NOUN
fbem-8998	253	44	.	.	PUNCT
fbem-8998	254	1	eastern	eastern	ADJ
fbem-8998	254	2	and	and	CCONJ
fbem-8998	254	3	mid	mid	ADJ
fbem-8998	254	4	-	-	ADJ
fbem-8998	254	5	western	western	ADJ
fbem-8998	254	6	regions	region	NOUN
fbem-8998	254	7	as	as	SCONJ
fbem-8998	254	8	china	china	PROPN
fbem-8998	254	9	's	's	PART
fbem-8998	254	10	economic	economic	PROPN
fbem-8998	254	11	development	development	NOUN
fbem-8998	254	12	shows	show	VERB
fbem-8998	254	13	regional	regional	ADJ
fbem-8998	254	14	differences	difference	NOUN
fbem-8998	254	15	,	,	PUNCT
fbem-8998	254	16	the	the	DET
fbem-8998	254	17	business	business	NOUN
fbem-8998	254	18	environment	environment	NOUN
fbem-8998	254	19	,	,	PUNCT
fbem-8998	254	20	innovation	innovation	NOUN
fbem-8998	254	21	climate	climate	NOUN
fbem-8998	254	22	,	,	PUNCT
fbem-8998	254	23	financing	financing	NOUN
fbem-8998	254	24	constraints	constraint	NOUN
fbem-8998	254	25	and	and	CCONJ
fbem-8998	254	26	other	other	ADJ
fbem-8998	254	27	influencing	influence	VERB
fbem-8998	254	28	factors	factor	NOUN
fbem-8998	254	29	faced	face	VERB
fbem-8998	254	30	by	by	ADP
fbem-8998	254	31	enterprises	enterprise	NOUN
fbem-8998	254	32	in	in	ADP
fbem-8998	254	33	different	different	ADJ
fbem-8998	254	34	regions	region	NOUN
fbem-8998	254	35	are	be	AUX
fbem-8998	254	36	all	all	ADV
fbem-8998	254	37	different	different	ADJ
fbem-8998	254	38	.	.	PUNCT
fbem-8998	255	1	based	base	VERB
fbem-8998	255	2	on	on	ADP
fbem-8998	255	3	this	this	PRON
fbem-8998	255	4	,	,	PUNCT
fbem-8998	255	5	this	this	DET
fbem-8998	255	6	paper	paper	NOUN
fbem-8998	255	7	examined	examine	VERB
fbem-8998	255	8	the	the	DET
fbem-8998	255	9	incentive	incentive	NOUN
fbem-8998	255	10	effects	effect	NOUN
fbem-8998	255	11	of	of	ADP
fbem-8998	255	12	fiscal	fiscal	ADJ
fbem-8998	255	13	policies	policy	NOUN
fbem-8998	255	14	on	on	ADP
fbem-8998	255	15	the	the	DET
fbem-8998	255	16	innovation	innovation	NOUN
fbem-8998	255	17	activities	activity	NOUN
fbem-8998	255	18	of	of	ADP
fbem-8998	255	19	enterprises	enterprise	NOUN
fbem-8998	255	20	in	in	ADP
fbem-8998	255	21	the	the	DET
fbem-8998	255	22	eastern	eastern	ADJ
fbem-8998	255	23	region	region	NOUN
fbem-8998	255	24	and	and	CCONJ
fbem-8998	255	25	the	the	DET
fbem-8998	255	26	central	central	ADJ
fbem-8998	255	27	and	and	CCONJ
fbem-8998	255	28	western	western	ADJ
fbem-8998	255	29	regions	region	NOUN
fbem-8998	255	30	at	at	ADP
fbem-8998	255	31	different	different	ADJ
fbem-8998	255	32	life	life	NOUN
fbem-8998	255	33	cycle	cycle	NOUN
fbem-8998	255	34	stages	stage	NOUN
fbem-8998	255	35	,	,	PUNCT
fbem-8998	255	36	and	and	CCONJ
fbem-8998	255	37	the	the	DET
fbem-8998	255	38	regression	regression	NOUN
fbem-8998	255	39	results	result	NOUN
fbem-8998	255	40	are	be	AUX
fbem-8998	255	41	shown	show	VERB
fbem-8998	255	42	in	in	ADP
fbem-8998	255	43	table	table	NOUN
fbem-8998	255	44	9	9	NUM
fbem-8998	255	45	.	.	PUNCT
fbem-8998	256	1	in	in	ADP
fbem-8998	256	2	column	column	NOUN
fbem-8998	256	3	(	(	PUNCT
fbem-8998	256	4	1	1	NUM
fbem-8998	256	5	)	)	PUNCT
fbem-8998	256	6	,	,	PUNCT
fbem-8998	256	7	the	the	DET
fbem-8998	256	8	regression	regression	NOUN
fbem-8998	256	9	coefficients	coefficient	NOUN
fbem-8998	256	10	of	of	ADP
fbem-8998	256	11	fiscal	fiscal	ADJ
fbem-8998	256	12	subsidies	subsidy	NOUN
fbem-8998	256	13	and	and	CCONJ
fbem-8998	256	14	tax	tax	NOUN
fbem-8998	256	15	incentives	incentive	NOUN
fbem-8998	256	16	for	for	ADP
fbem-8998	256	17	enterprises	enterprise	NOUN
fbem-8998	256	18	in	in	ADP
fbem-8998	256	19	eastern	eastern	ADJ
fbem-8998	256	20	region	region	NOUN
fbem-8998	256	21	are	be	AUX
fbem-8998	256	22	0.0318	0.0318	NUM
fbem-8998	256	23	and	and	CCONJ
fbem-8998	256	24	0.0259	0.0259	NUM
fbem-8998	256	25	,	,	PUNCT
fbem-8998	256	26	respectively	respectively	ADV
fbem-8998	256	27	,	,	PUNCT
fbem-8998	256	28	and	and	CCONJ
fbem-8998	256	29	at	at	ADP
fbem-8998	256	30	least	least	ADJ
fbem-8998	256	31	at	at	ADP
fbem-8998	256	32	the	the	DET
fbem-8998	256	33	5	5	NUM
fbem-8998	256	34	%	%	NOUN
fbem-8998	256	35	significance	significance	NOUN
fbem-8998	256	36	level	level	NOUN
fbem-8998	256	37	,	,	PUNCT
fbem-8998	256	38	while	while	SCONJ
fbem-8998	256	39	the	the	DET
fbem-8998	256	40	regression	regression	NOUN
fbem-8998	256	41	coefficients	coefficient	NOUN
fbem-8998	256	42	of	of	ADP
fbem-8998	256	43	fiscal	fiscal	ADJ
fbem-8998	256	44	subsidies	subsidy	NOUN
fbem-8998	256	45	for	for	ADP
fbem-8998	256	46	enterprises	enterprise	NOUN
fbem-8998	256	47	in	in	ADP
fbem-8998	256	48	central	central	ADJ
fbem-8998	256	49	and	and	CCONJ
fbem-8998	256	50	western	western	ADJ
fbem-8998	256	51	region	region	NOUN
fbem-8998	256	52	are	be	AUX
fbem-8998	256	53	0.0428	0.0428	NUM
fbem-8998	256	54	and	and	CCONJ
fbem-8998	256	55	at	at	ADP
fbem-8998	256	56	the	the	DET
fbem-8998	256	57	10	10	NUM
fbem-8998	256	58	%	%	NOUN
fbem-8998	256	59	significance	significance	NOUN
fbem-8998	256	60	level	level	NOUN
fbem-8998	256	61	,	,	PUNCT
fbem-8998	256	62	the	the	DET
fbem-8998	256	63	regression	regression	NOUN
fbem-8998	256	64	coefficient	coefficient	NOUN
fbem-8998	256	65	of	of	ADP
fbem-8998	256	66	tax	tax	NOUN
fbem-8998	256	67	incentives	incentive	NOUN
fbem-8998	256	68	was	be	AUX
fbem-8998	256	69	0.0293	0.0293	NUM
fbem-8998	256	70	and	and	CCONJ
fbem-8998	256	71	was	be	AUX
fbem-8998	256	72	significant	significant	ADJ
fbem-8998	256	73	at	at	ADP
fbem-8998	256	74	the	the	DET
fbem-8998	256	75	5	5	NUM
fbem-8998	256	76	%	%	NOUN
fbem-8998	256	77	significance	significance	NOUN
fbem-8998	256	78	level	level	NOUN
fbem-8998	256	79	.	.	PUNCT
fbem-8998	257	1	in	in	ADP
fbem-8998	257	2	column	column	NOUN
fbem-8998	257	3	(	(	PUNCT
fbem-8998	257	4	2	2	NUM
fbem-8998	257	5	)	)	PUNCT
fbem-8998	257	6	to	to	ADP
fbem-8998	257	7	(	(	PUNCT
fbem-8998	257	8	4	4	NUM
fbem-8998	257	9	)	)	PUNCT
fbem-8998	257	10	,	,	PUNCT
fbem-8998	257	11	the	the	DET
fbem-8998	257	12	regression	regression	NOUN
fbem-8998	257	13	coefficients	coefficient	NOUN
fbem-8998	257	14	and	and	CCONJ
fbem-8998	257	15	significance	significance	NOUN
fbem-8998	257	16	of	of	ADP
fbem-8998	257	17	fiscal	fiscal	ADJ
fbem-8998	257	18	subsidies	subsidy	NOUN
fbem-8998	257	19	and	and	CCONJ
fbem-8998	257	20	tax	tax	NOUN
fbem-8998	257	21	incentives	incentive	NOUN
fbem-8998	257	22	for	for	ADP
fbem-8998	257	23	enterprises	enterprise	NOUN
fbem-8998	257	24	in	in	ADP
fbem-8998	257	25	the	the	DET
fbem-8998	257	26	eastern	eastern	ADJ
fbem-8998	257	27	region	region	NOUN
fbem-8998	257	28	and	and	CCONJ
fbem-8998	257	29	the	the	DET
fbem-8998	257	30	central	central	ADJ
fbem-8998	257	31	and	and	CCONJ
fbem-8998	257	32	western	western	ADJ
fbem-8998	257	33	region	region	NOUN
fbem-8998	257	34	in	in	ADP
fbem-8998	257	35	the	the	DET
fbem-8998	257	36	maturity	maturity	NOUN
fbem-8998	257	37	and	and	CCONJ
fbem-8998	257	38	decline	decline	VERB
fbem-8998	257	39	stages	stage	NOUN
fbem-8998	257	40	are	be	AUX
fbem-8998	257	41	basically	basically	ADV
fbem-8998	257	42	the	the	DET
fbem-8998	257	43	same	same	ADJ
fbem-8998	257	44	,	,	PUNCT
fbem-8998	257	45	but	but	CCONJ
fbem-8998	257	46	there	there	PRON
fbem-8998	257	47	is	be	VERB
fbem-8998	257	48	a	a	DET
fbem-8998	257	49	significant	significant	ADJ
fbem-8998	257	50	difference	difference	NOUN
fbem-8998	257	51	in	in	ADP
fbem-8998	257	52	the	the	DET
fbem-8998	257	53	growth	growth	NOUN
fbem-8998	257	54	stage	stage	NOUN
fbem-8998	257	55	.	.	PUNCT
fbem-8998	258	1	in	in	ADP
fbem-8998	258	2	the	the	DET
fbem-8998	258	3	growth	growth	NOUN
fbem-8998	258	4	stage	stage	NOUN
fbem-8998	258	5	,	,	PUNCT
fbem-8998	258	6	the	the	DET
fbem-8998	258	7	financial	financial	ADJ
fbem-8998	258	8	subsidy	subsidy	NOUN
fbem-8998	258	9	coefficient	coefficient	NOUN
fbem-8998	258	10	of	of	ADP
fbem-8998	258	11	enterprises	enterprise	NOUN
fbem-8998	258	12	in	in	ADP
fbem-8998	258	13	eastern	eastern	ADJ
fbem-8998	258	14	region	region	NOUN
fbem-8998	258	15	is	be	AUX
fbem-8998	258	16	0.0313	0.0313	NUM
fbem-8998	258	17	and	and	CCONJ
fbem-8998	258	18	significant	significant	ADJ
fbem-8998	258	19	at	at	ADP
fbem-8998	258	20	5	5	NUM
fbem-8998	258	21	%	%	NOUN
fbem-8998	258	22	significance	significance	NOUN
fbem-8998	258	23	level	level	NOUN
fbem-8998	258	24	,	,	PUNCT
fbem-8998	258	25	the	the	DET
fbem-8998	258	26	regression	regression	NOUN
fbem-8998	258	27	coefficient	coefficient	NOUN
fbem-8998	258	28	70	70	NUM
fbem-8998	258	29	of	of	ADP
fbem-8998	258	30	tax	tax	NOUN
fbem-8998	258	31	incentives	incentive	NOUN
fbem-8998	258	32	is	be	AUX
fbem-8998	258	33	0.0401	0.0401	NUM
fbem-8998	258	34	and	and	CCONJ
fbem-8998	258	35	significant	significant	ADJ
fbem-8998	258	36	at	at	ADP
fbem-8998	258	37	1	1	NUM
fbem-8998	258	38	%	%	NOUN
fbem-8998	258	39	significance	significance	NOUN
fbem-8998	258	40	level	level	NOUN
fbem-8998	258	41	,	,	PUNCT
fbem-8998	258	42	while	while	SCONJ
fbem-8998	258	43	the	the	DET
fbem-8998	258	44	regression	regression	NOUN
fbem-8998	258	45	coefficient	coefficient	NOUN
fbem-8998	258	46	of	of	ADP
fbem-8998	258	47	financial	financial	ADJ
fbem-8998	258	48	subsidy	subsidy	NOUN
fbem-8998	258	49	of	of	ADP
fbem-8998	258	50	enterprises	enterprise	NOUN
fbem-8998	258	51	in	in	ADP
fbem-8998	258	52	central	central	ADJ
fbem-8998	258	53	and	and	CCONJ
fbem-8998	258	54	western	western	ADJ
fbem-8998	258	55	region	region	NOUN
fbem-8998	258	56	is	be	AUX
fbem-8998	258	57	0.0106	0.0106	NUM
fbem-8998	258	58	but	but	CCONJ
fbem-8998	258	59	not	not	PART
fbem-8998	258	60	significant	significant	ADJ
fbem-8998	258	61	,	,	PUNCT
fbem-8998	258	62	the	the	DET
fbem-8998	258	63	regression	regression	NOUN
fbem-8998	258	64	coefficient	coefficient	NOUN
fbem-8998	258	65	of	of	ADP
fbem-8998	258	66	tax	tax	NOUN
fbem-8998	258	67	incentives	incentive	NOUN
fbem-8998	258	68	is	be	AUX
fbem-8998	258	69	0.0278	0.0278	NUM
fbem-8998	258	70	,	,	PUNCT
fbem-8998	258	71	which	which	PRON
fbem-8998	258	72	is	be	AUX
fbem-8998	258	73	significant	significant	ADJ
fbem-8998	258	74	at	at	ADP
fbem-8998	258	75	the	the	DET
fbem-8998	258	76	10	10	NUM
fbem-8998	258	77	%	%	NOUN
fbem-8998	258	78	significance	significance	NOUN
fbem-8998	258	79	level	level	NOUN
fbem-8998	258	80	,	,	PUNCT
fbem-8998	258	81	indicating	indicate	VERB
fbem-8998	258	82	that	that	SCONJ
fbem-8998	258	83	fiscal	fiscal	ADJ
fbem-8998	258	84	and	and	CCONJ
fbem-8998	258	85	tax	tax	NOUN
fbem-8998	258	86	policy	policy	NOUN
fbem-8998	258	87	incentives	incentive	NOUN
fbem-8998	258	88	for	for	ADP
fbem-8998	258	89	enterprises	enterprise	NOUN
fbem-8998	258	90	in	in	ADP
fbem-8998	258	91	the	the	DET
fbem-8998	258	92	growth	growth	NOUN
fbem-8998	258	93	stage	stage	NOUN
fbem-8998	258	94	in	in	ADP
fbem-8998	258	95	the	the	DET
fbem-8998	258	96	eastern	eastern	ADJ
fbem-8998	258	97	region	region	NOUN
fbem-8998	258	98	may	may	AUX
fbem-8998	258	99	be	be	AUX
fbem-8998	258	100	more	more	ADV
fbem-8998	258	101	conducive	conducive	ADJ
fbem-8998	258	102	to	to	ADP
fbem-8998	258	103	enterprise	enterprise	NOUN
fbem-8998	258	104	innovation	innovation	NOUN
fbem-8998	258	105	activities	activity	NOUN
fbem-8998	258	106	.	.	PUNCT
fbem-8998	259	1	from	from	ADP
fbem-8998	259	2	the	the	DET
fbem-8998	259	3	regression	regression	NOUN
fbem-8998	259	4	results	result	NOUN
fbem-8998	259	5	,	,	PUNCT
fbem-8998	259	6	it	it	PRON
fbem-8998	259	7	can	can	AUX
fbem-8998	259	8	be	be	AUX
fbem-8998	259	9	found	find	VERB
fbem-8998	259	10	that	that	SCONJ
fbem-8998	259	11	,	,	PUNCT
fbem-8998	259	12	in	in	ADP
fbem-8998	259	13	terms	term	NOUN
fbem-8998	259	14	of	of	ADP
fbem-8998	259	15	different	different	ADJ
fbem-8998	259	16	life	life	NOUN
fbem-8998	259	17	cycle	cycle	NOUN
fbem-8998	259	18	stages	stage	NOUN
fbem-8998	259	19	,	,	PUNCT
fbem-8998	259	20	it	it	PRON
fbem-8998	259	21	is	be	AUX
fbem-8998	259	22	more	more	ADV
fbem-8998	259	23	beneficial	beneficial	ADJ
fbem-8998	259	24	to	to	PART
fbem-8998	259	25	stimulate	stimulate	VERB
fbem-8998	259	26	the	the	DET
fbem-8998	259	27	innovation	innovation	NOUN
fbem-8998	259	28	activities	activity	NOUN
fbem-8998	259	29	of	of	ADP
fbem-8998	259	30	enterprises	enterprise	NOUN
fbem-8998	259	31	in	in	ADP
fbem-8998	259	32	the	the	DET
fbem-8998	259	33	eastern	eastern	ADJ
fbem-8998	259	34	region	region	NOUN
fbem-8998	259	35	when	when	SCONJ
fbem-8998	259	36	they	they	PRON
fbem-8998	259	37	are	be	AUX
fbem-8998	259	38	in	in	ADP
fbem-8998	259	39	the	the	DET
fbem-8998	259	40	growth	growth	NOUN
fbem-8998	259	41	stage	stage	NOUN
fbem-8998	259	42	.	.	PUNCT
fbem-8998	260	1	table	table	NOUN
fbem-8998	260	2	9	9	NUM
fbem-8998	260	3	.	.	PUNCT
fbem-8998	261	1	heterogeneity	heterogeneity	NOUN
fbem-8998	261	2	analysis	analysis	NOUN
fbem-8998	261	3	3	3	NUM
fbem-8998	261	4	:	:	PUNCT
fbem-8998	261	5	eastern	eastern	ADJ
fbem-8998	261	6	and	and	CCONJ
fbem-8998	261	7	mid	mid	ADJ
fbem-8998	261	8	-	-	ADJ
fbem-8998	261	9	western	western	ADJ
fbem-8998	261	10	regions	region	NOUN
fbem-8998	261	11	panel	panel	NOUN
fbem-8998	261	12	a	a	DET
fbem-8998	261	13	:	:	PUNCT
fbem-8998	261	14	eastern	eastern	ADJ
fbem-8998	261	15	region	region	NOUN
fbem-8998	261	16	(	(	PUNCT
fbem-8998	261	17	1	1	NUM
fbem-8998	261	18	)	)	PUNCT
fbem-8998	261	19	(	(	PUNCT
fbem-8998	261	20	2	2	NUM
fbem-8998	261	21	)	)	PUNCT
fbem-8998	261	22	(	(	PUNCT
fbem-8998	261	23	3	3	X
fbem-8998	261	24	)	)	PUNCT
fbem-8998	261	25	(	(	PUNCT
fbem-8998	261	26	4	4	X
fbem-8998	261	27	)	)	PUNCT
fbem-8998	261	28	full	full	ADJ
fbem-8998	261	29	sample	sample	NOUN
fbem-8998	261	30	growth	growth	NOUN
fbem-8998	261	31	stages	stage	VERB
fbem-8998	261	32	maturity	maturity	NOUN
fbem-8998	261	33	stages	stage	NOUN
fbem-8998	261	34	recession	recession	NOUN
fbem-8998	261	35	stages	stage	NOUN
fbem-8998	261	36	subsidy	subsidy	VERB
fbem-8998	261	37	0.0318	0.0318	NUM
fbem-8998	261	38	*	*	PUNCT
fbem-8998	261	39	*	*	PUNCT
fbem-8998	261	40	(	(	PUNCT
fbem-8998	261	41	0.0151	0.0151	NUM
fbem-8998	261	42	)	)	PUNCT
fbem-8998	261	43	0.0313	0.0313	NUM
fbem-8998	261	44	*	*	PUNCT
fbem-8998	261	45	*	*	PUNCT
fbem-8998	261	46	(	(	PUNCT
fbem-8998	261	47	0.0149	0.0149	NUM
fbem-8998	261	48	)	)	PUNCT
fbem-8998	261	49	0.0194	0.0194	NUM
fbem-8998	261	50	(	(	PUNCT
fbem-8998	261	51	0.0181	0.0181	NUM
fbem-8998	261	52	)	)	PUNCT
fbem-8998	261	53	-0.0130	-0.0130	NOUN
fbem-8998	261	54	(	(	PUNCT
fbem-8998	261	55	0.0292	0.0292	NUM
fbem-8998	261	56	)	)	PUNCT
fbem-8998	261	57	taxp	taxp	NOUN
fbem-8998	261	58	0.0259	0.0259	NUM
fbem-8998	261	59	*	*	PUNCT
fbem-8998	261	60	*	*	PUNCT
fbem-8998	261	61	*	*	PUNCT
fbem-8998	261	62	(	(	PUNCT
fbem-8998	261	63	0.00769	0.00769	NUM
fbem-8998	261	64	)	)	PUNCT
fbem-8998	261	65	0.0401	0.0401	NUM
fbem-8998	261	66	*	*	PUNCT
fbem-8998	261	67	*	*	PUNCT
fbem-8998	261	68	*	*	PUNCT
fbem-8998	261	69	(	(	PUNCT
fbem-8998	261	70	0.0103	0.0103	NUM
fbem-8998	261	71	)	)	PUNCT
fbem-8998	261	72	0.00521	0.00521	NUM
fbem-8998	261	73	(	(	PUNCT
fbem-8998	261	74	0.00775	0.00775	NUM
fbem-8998	261	75	)	)	PUNCT
fbem-8998	261	76	0.0502	0.0502	NUM
fbem-8998	262	1	*	*	PUNCT
fbem-8998	262	2	*	*	PUNCT
fbem-8998	262	3	*	*	PUNCT
fbem-8998	262	4	(	(	PUNCT
fbem-8998	262	5	0.0184	0.0184	NUM
fbem-8998	262	6	)	)	PUNCT
fbem-8998	262	7	control	control	NOUN
fbem-8998	262	8	variables	variable	NOUN
fbem-8998	263	1	yes	yes	INTJ
fbem-8998	264	1	yes	yes	INTJ
fbem-8998	265	1	yes	yes	INTJ
fbem-8998	266	1	yes	yes	INTJ
fbem-8998	266	2	year	year	NOUN
fbem-8998	266	3	fixed	fix	VERB
fbem-8998	266	4	effects	effect	NOUN
fbem-8998	267	1	yes	yes	INTJ
fbem-8998	268	1	yes	yes	INTJ
fbem-8998	268	2	yes	yes	INTJ
fbem-8998	268	3	yes	yes	INTJ
fbem-8998	268	4	corporate	corporate	ADJ
fbem-8998	268	5	fixed	fix	VERB
fbem-8998	268	6	effects	effect	NOUN
fbem-8998	269	1	yes	yes	INTJ
fbem-8998	270	1	yes	yes	INTJ
fbem-8998	271	1	yes	yes	INTJ
fbem-8998	271	2	yes	yes	INTJ
fbem-8998	271	3	constant	constant	ADJ
fbem-8998	271	4	term	term	NOUN
fbem-8998	271	5	12.95	12.95	NUM
fbem-8998	271	6	*	*	PUNCT
fbem-8998	271	7	*	*	PUNCT
fbem-8998	271	8	*	*	PUNCT
fbem-8998	271	9	(	(	PUNCT
fbem-8998	271	10	0.557	0.557	NUM
fbem-8998	271	11	)	)	PUNCT
fbem-8998	271	12	14.15	14.15	NUM
fbem-8998	271	13	*	*	PUNCT
fbem-8998	271	14	*	*	PUNCT
fbem-8998	271	15	*	*	PUNCT
fbem-8998	271	16	(	(	PUNCT
fbem-8998	271	17	0.630	0.630	NUM
fbem-8998	271	18	)	)	PUNCT
fbem-8998	271	19	12.56	12.56	NUM
fbem-8998	271	20	*	*	PUNCT
fbem-8998	271	21	*	*	PUNCT
fbem-8998	271	22	*	*	PUNCT
fbem-8998	271	23	(	(	PUNCT
fbem-8998	271	24	0.705	0.705	NUM
fbem-8998	271	25	)	)	PUNCT
fbem-8998	271	26	14.39	14.39	NUM
fbem-8998	271	27	*	*	PUNCT
fbem-8998	271	28	*	*	PUNCT
fbem-8998	271	29	*	*	PUNCT
fbem-8998	271	30	(	(	PUNCT
fbem-8998	271	31	0.801	0.801	NUM
fbem-8998	271	32	)	)	PUNCT
fbem-8998	271	33	n	n	PRON
fbem-8998	271	34	1916	1916	NUM
fbem-8998	271	35	922	922	NUM
fbem-8998	271	36	666	666	NUM
fbem-8998	271	37	328	328	NUM
fbem-8998	271	38	r2	r2	NOUN
fbem-8998	271	39	0.603	0.603	NUM
fbem-8998	271	40	0.636	0.636	NUM
fbem-8998	271	41	0.711	0.711	NUM
fbem-8998	271	42	0.473	0.473	NUM
fbem-8998	271	43	panel	panel	NOUN
fbem-8998	271	44	b	b	NOUN
fbem-8998	271	45	:	:	PUNCT
fbem-8998	271	46	mid	mid	ADJ
fbem-8998	271	47	-	-	ADJ
fbem-8998	271	48	west	west	ADJ
fbem-8998	271	49	region	region	NOUN
fbem-8998	271	50	(	(	PUNCT
fbem-8998	271	51	1	1	NUM
fbem-8998	271	52	)	)	PUNCT
fbem-8998	271	53	(	(	PUNCT
fbem-8998	271	54	2	2	NUM
fbem-8998	271	55	)	)	PUNCT
fbem-8998	271	56	(	(	PUNCT
fbem-8998	271	57	3	3	X
fbem-8998	271	58	)	)	PUNCT
fbem-8998	271	59	(	(	PUNCT
fbem-8998	271	60	4	4	X
fbem-8998	271	61	)	)	PUNCT
fbem-8998	271	62	full	full	ADJ
fbem-8998	271	63	sample	sample	NOUN
fbem-8998	271	64	growth	growth	NOUN
fbem-8998	271	65	stages	stage	VERB
fbem-8998	271	66	maturity	maturity	NOUN
fbem-8998	271	67	stages	stage	NOUN
fbem-8998	271	68	recession	recession	NOUN
fbem-8998	271	69	stages	stage	NOUN
fbem-8998	271	70	subsidy	subsidy	VERB
fbem-8998	271	71	0.0428	0.0428	NUM
fbem-8998	271	72	*	*	SYM
fbem-8998	271	73	(	(	PUNCT
fbem-8998	271	74	0.0218	0.0218	NUM
fbem-8998	271	75	)	)	PUNCT
fbem-8998	271	76	0.0106	0.0106	NUM
fbem-8998	271	77	(	(	PUNCT
fbem-8998	271	78	0.0234	0.0234	NUM
fbem-8998	271	79	)	)	PUNCT
fbem-8998	271	80	0.0687	0.0687	NUM
fbem-8998	271	81	*	*	PUNCT
fbem-8998	271	82	*	*	PUNCT
fbem-8998	271	83	(	(	PUNCT
fbem-8998	271	84	0.0322	0.0322	NUM
fbem-8998	271	85	)	)	PUNCT
fbem-8998	271	86	-0.0359	-0.0359	NOUN
fbem-8998	271	87	(	(	PUNCT
fbem-8998	271	88	0.0454	0.0454	NUM
fbem-8998	271	89	)	)	PUNCT
fbem-8998	271	90	taxp	taxp	NOUN
fbem-8998	271	91	0.0293	0.0293	NUM
fbem-8998	271	92	*	*	PUNCT
fbem-8998	271	93	*	*	PUNCT
fbem-8998	271	94	(	(	PUNCT
fbem-8998	271	95	0.0121	0.0121	NUM
fbem-8998	271	96	)	)	PUNCT
fbem-8998	271	97	0.0278	0.0278	NUM
fbem-8998	271	98	*	*	PUNCT
fbem-8998	271	99	(	(	PUNCT
fbem-8998	271	100	0.0144	0.0144	NUM
fbem-8998	271	101	)	)	PUNCT
fbem-8998	271	102	0.0338	0.0338	NUM
fbem-8998	271	103	(	(	PUNCT
fbem-8998	271	104	0.0225	0.0225	NUM
fbem-8998	271	105	)	)	PUNCT
fbem-8998	272	1	0.0281	0.0281	NUM
fbem-8998	272	2	(	(	PUNCT
fbem-8998	272	3	0.0351	0.0351	NUM
fbem-8998	272	4	)	)	PUNCT
fbem-8998	272	5	control	control	NOUN
fbem-8998	272	6	variables	variable	NOUN
fbem-8998	273	1	yes	yes	INTJ
fbem-8998	274	1	yes	yes	INTJ
fbem-8998	275	1	yes	yes	INTJ
fbem-8998	276	1	yes	yes	INTJ
fbem-8998	276	2	year	year	NOUN
fbem-8998	276	3	fixed	fix	VERB
fbem-8998	276	4	effects	effect	NOUN
fbem-8998	277	1	yes	yes	INTJ
fbem-8998	278	1	yes	yes	INTJ
fbem-8998	278	2	yes	yes	INTJ
fbem-8998	278	3	yes	yes	INTJ
fbem-8998	278	4	corporate	corporate	ADJ
fbem-8998	278	5	fixed	fix	VERB
fbem-8998	278	6	effects	effect	NOUN
fbem-8998	279	1	yes	yes	INTJ
fbem-8998	280	1	yes	yes	INTJ
fbem-8998	281	1	yes	yes	INTJ
fbem-8998	281	2	yes	yes	INTJ
fbem-8998	281	3	constant	constant	ADJ
fbem-8998	281	4	term	term	NOUN
fbem-8998	281	5	14.15	14.15	NUM
fbem-8998	281	6	*	*	PUNCT
fbem-8998	281	7	*	*	PUNCT
fbem-8998	281	8	*	*	PUNCT
fbem-8998	281	9	(	(	PUNCT
fbem-8998	281	10	0.990	0.990	NUM
fbem-8998	281	11	)	)	PUNCT
fbem-8998	281	12	16.33	16.33	NUM
fbem-8998	281	13	*	*	PUNCT
fbem-8998	281	14	*	*	PUNCT
fbem-8998	281	15	*	*	PUNCT
fbem-8998	281	16	(	(	PUNCT
fbem-8998	281	17	1.210	1.210	NUM
fbem-8998	281	18	)	)	PUNCT
fbem-8998	281	19	11.93	11.93	NUM
fbem-8998	281	20	*	*	PUNCT
fbem-8998	281	21	*	*	PUNCT
fbem-8998	281	22	*	*	PUNCT
fbem-8998	281	23	(	(	PUNCT
fbem-8998	281	24	0.936	0.936	NUM
fbem-8998	281	25	)	)	PUNCT
fbem-8998	281	26	12.58	12.58	NUM
fbem-8998	281	27	*	*	PUNCT
fbem-8998	281	28	*	*	PUNCT
fbem-8998	281	29	*	*	PUNCT
fbem-8998	281	30	(	(	PUNCT
fbem-8998	281	31	4.336	4.336	NUM
fbem-8998	281	32	)	)	PUNCT
fbem-8998	281	33	n	n	CCONJ
fbem-8998	281	34	791	791	NUM
fbem-8998	281	35	429	429	NUM
fbem-8998	281	36	248	248	NUM
fbem-8998	281	37	114	114	NUM
fbem-8998	281	38	r2	r2	NOUN
fbem-8998	281	39	0.454	0.454	NUM
fbem-8998	281	40	0.539	0.539	NUM
fbem-8998	281	41	0.491	0.491	NUM
fbem-8998	281	42	0.591	0.591	NUM
fbem-8998	281	43	5	5	NUM
fbem-8998	281	44	.	.	PUNCT
fbem-8998	281	45	mechanism	mechanism	NOUN
fbem-8998	281	46	testing	testing	NOUN
fbem-8998	281	47	in	in	ADP
fbem-8998	281	48	order	order	NOUN
fbem-8998	281	49	to	to	PART
fbem-8998	281	50	more	more	ADV
fbem-8998	281	51	specifically	specifically	ADV
fbem-8998	281	52	analyse	analyse	VERB
fbem-8998	281	53	the	the	DET
fbem-8998	281	54	impact	impact	NOUN
fbem-8998	281	55	of	of	ADP
fbem-8998	281	56	fiscal	fiscal	ADJ
fbem-8998	281	57	subsidies	subsidy	NOUN
fbem-8998	281	58	and	and	CCONJ
fbem-8998	281	59	tax	tax	NOUN
fbem-8998	281	60	incentives	incentive	NOUN
fbem-8998	281	61	on	on	ADP
fbem-8998	281	62	enterprise	enterprise	NOUN
fbem-8998	281	63	innovation	innovation	NOUN
fbem-8998	281	64	activities	activity	NOUN
fbem-8998	281	65	,	,	PUNCT
fbem-8998	281	66	based	base	VERB
fbem-8998	281	67	on	on	ADP
fbem-8998	281	68	the	the	DET
fbem-8998	281	69	aforementioned	aforementioned	ADJ
fbem-8998	281	70	theoretical	theoretical	ADJ
fbem-8998	281	71	analysis	analysis	NOUN
fbem-8998	281	72	,	,	PUNCT
fbem-8998	281	73	fiscal	fiscal	ADJ
fbem-8998	281	74	and	and	CCONJ
fbem-8998	281	75	tax	tax	NOUN
fbem-8998	281	76	incentives	incentive	NOUN
fbem-8998	281	77	not	not	PART
fbem-8998	281	78	only	only	ADV
fbem-8998	281	79	act	act	VERB
fbem-8998	281	80	directly	directly	ADV
fbem-8998	281	81	on	on	ADP
fbem-8998	281	82	enterprise	enterprise	NOUN
fbem-8998	281	83	innovation	innovation	NOUN
fbem-8998	281	84	,	,	PUNCT
fbem-8998	281	85	but	but	CCONJ
fbem-8998	281	86	also	also	ADV
fbem-8998	281	87	seek	seek	VERB
fbem-8998	281	88	to	to	PART
fbem-8998	281	89	indirectly	indirectly	ADV
fbem-8998	281	90	influence	influence	VERB
fbem-8998	281	91	enterprise	enterprise	NOUN
fbem-8998	281	92	innovation	innovation	NOUN
fbem-8998	281	93	activities	activity	NOUN
fbem-8998	281	94	through	through	ADP
fbem-8998	281	95	the	the	DET
fbem-8998	281	96	leverage	leverage	NOUN
fbem-8998	281	97	effect	effect	NOUN
fbem-8998	281	98	,	,	PUNCT
fbem-8998	281	99	leveraging	leverage	VERB
fbem-8998	281	100	enterprises	enterprise	NOUN
fbem-8998	281	101	to	to	PART
fbem-8998	281	102	increase	increase	VERB
fbem-8998	281	103	their	their	PRON
fbem-8998	281	104	r&d	r&d	NOUN
fbem-8998	281	105	investment	investment	NOUN
fbem-8998	281	106	.	.	PUNCT
fbem-8998	282	1	the	the	DET
fbem-8998	282	2	regression	regression	NOUN
fbem-8998	282	3	results	result	NOUN
fbem-8998	282	4	are	be	AUX
fbem-8998	282	5	shown	show	VERB
fbem-8998	282	6	in	in	ADP
fbem-8998	282	7	table	table	NOUN
fbem-8998	282	8	10	10	NUM
fbem-8998	282	9	.	.	PUNCT
fbem-8998	283	1	column	column	NOUN
fbem-8998	283	2	(	(	PUNCT
fbem-8998	283	3	1	1	X
fbem-8998	283	4	)	)	PUNCT
fbem-8998	283	5	shows	show	VERB
fbem-8998	283	6	the	the	DET
fbem-8998	283	7	incentive	incentive	NOUN
fbem-8998	283	8	effect	effect	NOUN
fbem-8998	283	9	of	of	ADP
fbem-8998	283	10	fiscal	fiscal	ADJ
fbem-8998	283	11	subsidies	subsidy	NOUN
fbem-8998	283	12	and	and	CCONJ
fbem-8998	283	13	tax	tax	NOUN
fbem-8998	283	14	incentives	incentive	NOUN
fbem-8998	283	15	on	on	ADP
fbem-8998	283	16	r&d	r&d	NOUN
fbem-8998	283	17	expenditure	expenditure	NOUN
fbem-8998	283	18	for	for	ADP
fbem-8998	283	19	the	the	DET
fbem-8998	283	20	full	full	ADJ
fbem-8998	283	21	sample	sample	NOUN
fbem-8998	283	22	of	of	ADP
fbem-8998	283	23	enterprises	enterprise	NOUN
fbem-8998	283	24	,	,	PUNCT
fbem-8998	283	25	and	and	CCONJ
fbem-8998	283	26	the	the	DET
fbem-8998	283	27	coefficients	coefficient	NOUN
fbem-8998	283	28	of	of	ADP
fbem-8998	283	29	both	both	CCONJ
fbem-8998	283	30	fiscal	fiscal	ADJ
fbem-8998	283	31	subsidies	subsidy	NOUN
fbem-8998	283	32	and	and	CCONJ
fbem-8998	283	33	tax	tax	NOUN
fbem-8998	283	34	incentives	incentive	NOUN
fbem-8998	283	35	are	be	AUX
fbem-8998	283	36	not	not	PART
fbem-8998	283	37	positive	positive	ADJ
fbem-8998	283	38	and	and	CCONJ
fbem-8998	283	39	significant	significant	ADJ
fbem-8998	283	40	at	at	ADP
fbem-8998	283	41	least	least	ADJ
fbem-8998	283	42	at	at	ADP
fbem-8998	283	43	the	the	DET
fbem-8998	283	44	5	5	NUM
fbem-8998	283	45	%	%	NOUN
fbem-8998	283	46	significance	significance	NOUN
fbem-8998	283	47	level	level	NOUN
fbem-8998	283	48	.	.	PUNCT
fbem-8998	284	1	the	the	DET
fbem-8998	284	2	coefficients	coefficient	NOUN
fbem-8998	284	3	of	of	ADP
fbem-8998	284	4	both	both	CCONJ
fbem-8998	284	5	fiscal	fiscal	ADJ
fbem-8998	284	6	subsidies	subsidy	NOUN
fbem-8998	284	7	and	and	CCONJ
fbem-8998	284	8	tax	tax	NOUN
fbem-8998	284	9	incentives	incentive	NOUN
fbem-8998	284	10	are	be	AUX
fbem-8998	284	11	not	not	PART
fbem-8998	284	12	positive	positive	ADJ
fbem-8998	284	13	and	and	CCONJ
fbem-8998	284	14	significant	significant	ADJ
fbem-8998	284	15	at	at	ADP
fbem-8998	284	16	least	least	ADJ
fbem-8998	284	17	at	at	ADP
fbem-8998	284	18	the	the	DET
fbem-8998	284	19	5	5	NUM
fbem-8998	284	20	%	%	NOUN
fbem-8998	284	21	significance	significance	NOUN
fbem-8998	284	22	level	level	NOUN
fbem-8998	284	23	.	.	PUNCT
fbem-8998	285	1	this	this	PRON
fbem-8998	285	2	indicates	indicate	VERB
fbem-8998	285	3	that	that	SCONJ
fbem-8998	285	4	fiscal	fiscal	ADJ
fbem-8998	285	5	incentives	incentive	NOUN
fbem-8998	285	6	do	do	AUX
fbem-8998	285	7	promote	promote	VERB
fbem-8998	285	8	the	the	DET
fbem-8998	285	9	growth	growth	NOUN
fbem-8998	285	10	of	of	ADP
fbem-8998	285	11	r&d	r&d	NOUN
fbem-8998	285	12	expenditure	expenditure	NOUN
fbem-8998	285	13	of	of	ADP
fbem-8998	285	14	strategic	strategic	ADJ
fbem-8998	285	15	emerging	emerge	VERB
fbem-8998	285	16	enterprises	enterprise	NOUN
fbem-8998	285	17	,	,	PUNCT
fbem-8998	285	18	which	which	PRON
fbem-8998	285	19	in	in	ADP
fbem-8998	285	20	turn	turn	NOUN
fbem-8998	285	21	enhances	enhance	VERB
fbem-8998	285	22	the	the	DET
fbem-8998	285	23	total	total	ADJ
fbem-8998	285	24	factor	factor	NOUN
fbem-8998	285	25	productivity	productivity	NOUN
fbem-8998	285	26	of	of	ADP
fbem-8998	285	27	enterprises	enterprise	NOUN
fbem-8998	285	28	.	.	PUNCT
fbem-8998	286	1	columns	column	NOUN
fbem-8998	286	2	(	(	PUNCT
fbem-8998	286	3	2	2	NUM
fbem-8998	286	4	)	)	PUNCT
fbem-8998	286	5	to	to	ADP
fbem-8998	286	6	(	(	PUNCT
fbem-8998	286	7	4	4	X
fbem-8998	286	8	)	)	PUNCT
fbem-8998	286	9	show	show	VERB
fbem-8998	286	10	the	the	DET
fbem-8998	286	11	incentive	incentive	NOUN
fbem-8998	286	12	effects	effect	NOUN
fbem-8998	286	13	of	of	ADP
fbem-8998	286	14	r&d	r&d	NOUN
fbem-8998	286	15	expenditure	expenditure	NOUN
fbem-8998	286	16	of	of	ADP
fbem-8998	286	17	enterprises	enterprise	NOUN
fbem-8998	286	18	at	at	ADP
fbem-8998	286	19	different	different	ADJ
fbem-8998	286	20	life	life	NOUN
fbem-8998	286	21	cycle	cycle	NOUN
fbem-8998	286	22	stages	stage	NOUN
fbem-8998	286	23	after	after	ADP
fbem-8998	286	24	receiving	receive	VERB
fbem-8998	286	25	fiscal	fiscal	ADJ
fbem-8998	286	26	subsidies	subsidy	NOUN
fbem-8998	286	27	and	and	CCONJ
fbem-8998	286	28	tax	tax	NOUN
fbem-8998	286	29	incentives	incentive	NOUN
fbem-8998	286	30	,	,	PUNCT
fbem-8998	286	31	respectively	respectively	ADV
fbem-8998	286	32	.	.	PUNCT
fbem-8998	287	1	overall	overall	ADV
fbem-8998	287	2	,	,	PUNCT
fbem-8998	287	3	the	the	DET
fbem-8998	287	4	incentive	incentive	NOUN
fbem-8998	287	5	effect	effect	NOUN
fbem-8998	287	6	of	of	ADP
fbem-8998	287	7	r&d	r&d	NOUN
fbem-8998	287	8	expenditure	expenditure	NOUN
fbem-8998	287	9	is	be	AUX
fbem-8998	287	10	more	more	ADV
fbem-8998	287	11	pronounced	pronounced	ADJ
fbem-8998	287	12	for	for	ADP
fbem-8998	287	13	strategic	strategic	ADJ
fbem-8998	287	14	emerging	emerge	VERB
fbem-8998	287	15	enterprises	enterprise	NOUN
fbem-8998	287	16	in	in	ADP
fbem-8998	287	17	the	the	DET
fbem-8998	287	18	growth	growth	NOUN
fbem-8998	287	19	stage	stage	NOUN
fbem-8998	287	20	after	after	ADP
fbem-8998	287	21	receiving	receive	VERB
fbem-8998	287	22	tax	tax	NOUN
fbem-8998	287	23	incentives	incentive	NOUN
fbem-8998	287	24	,	,	PUNCT
fbem-8998	287	25	which	which	PRON
fbem-8998	287	26	also	also	ADV
fbem-8998	287	27	explains	explain	VERB
fbem-8998	287	28	the	the	DET
fbem-8998	287	29	more	more	ADV
fbem-8998	287	30	pronounced	pronounced	ADJ
fbem-8998	287	31	increase	increase	NOUN
fbem-8998	287	32	in	in	ADP
fbem-8998	287	33	total	total	ADJ
fbem-8998	287	34	factor	factor	NOUN
fbem-8998	287	35	productivity	productivity	NOUN
fbem-8998	287	36	for	for	ADP
fbem-8998	287	37	enterprises	enterprise	NOUN
fbem-8998	287	38	in	in	ADP
fbem-8998	287	39	the	the	DET
fbem-8998	287	40	growth	growth	NOUN
fbem-8998	287	41	stage	stage	NOUN
fbem-8998	287	42	after	after	ADP
fbem-8998	287	43	receiving	receive	VERB
fbem-8998	287	44	fiscal	fiscal	ADJ
fbem-8998	287	45	subsidies	subsidy	NOUN
fbem-8998	287	46	and	and	CCONJ
fbem-8998	287	47	tax	tax	NOUN
fbem-8998	287	48	incentives	incentive	NOUN
fbem-8998	287	49	.	.	PUNCT
fbem-8998	288	1	table	table	NOUN
fbem-8998	288	2	10	10	NUM
fbem-8998	288	3	.	.	PUNCT
fbem-8998	289	1	mechanism	mechanism	NOUN
fbem-8998	289	2	test	test	NOUN
fbem-8998	289	3	(	(	PUNCT
fbem-8998	289	4	1	1	NUM
fbem-8998	289	5	)	)	PUNCT
fbem-8998	289	6	(	(	PUNCT
fbem-8998	289	7	2	2	NUM
fbem-8998	289	8	)	)	PUNCT
fbem-8998	289	9	(	(	PUNCT
fbem-8998	289	10	3	3	X
fbem-8998	289	11	)	)	PUNCT
fbem-8998	289	12	(	(	PUNCT
fbem-8998	289	13	4	4	X
fbem-8998	289	14	)	)	PUNCT
fbem-8998	289	15	full	full	ADJ
fbem-8998	289	16	sample	sample	NOUN
fbem-8998	289	17	growth	growth	NOUN
fbem-8998	289	18	stages	stage	VERB
fbem-8998	289	19	maturity	maturity	NOUN
fbem-8998	289	20	stages	stage	NOUN
fbem-8998	289	21	recession	recession	NOUN
fbem-8998	289	22	stages	stage	NOUN
fbem-8998	289	23	subsidy	subsidy	VERB
fbem-8998	289	24	0.0642	0.0642	NUM
fbem-8998	289	25	*	*	PUNCT
fbem-8998	289	26	*	*	PUNCT
fbem-8998	289	27	(	(	PUNCT
fbem-8998	289	28	0.0247	0.0247	NUM
fbem-8998	289	29	)	)	PUNCT
fbem-8998	289	30	0.0601	0.0601	NUM
fbem-8998	289	31	*	*	SYM
fbem-8998	289	32	(	(	PUNCT
fbem-8998	289	33	0.0315	0.0315	NUM
fbem-8998	289	34	)	)	PUNCT
fbem-8998	289	35	0.0615	0.0615	NUM
fbem-8998	289	36	*	*	SYM
fbem-8998	289	37	*	*	PUNCT
fbem-8998	289	38	(	(	PUNCT
fbem-8998	289	39	0.0303	0.0303	NUM
fbem-8998	289	40	)	)	PUNCT
fbem-8998	289	41	-0.0542	-0.0542	NOUN
fbem-8998	289	42	(	(	PUNCT
fbem-8998	289	43	0.119	0.119	NUM
fbem-8998	289	44	)	)	PUNCT
fbem-8998	289	45	taxp	taxp	NOUN
fbem-8998	289	46	0.0488	0.0488	NUM
fbem-8998	289	47	*	*	PUNCT
fbem-8998	289	48	*	*	PUNCT
fbem-8998	289	49	*	*	PUNCT
fbem-8998	289	50	(	(	PUNCT
fbem-8998	289	51	0.0154	0.0154	NUM
fbem-8998	289	52	)	)	PUNCT
fbem-8998	289	53	0.0580	0.0580	NUM
fbem-8998	289	54	*	*	PUNCT
fbem-8998	289	55	*	*	PUNCT
fbem-8998	289	56	(	(	PUNCT
fbem-8998	289	57	0.0227	0.0227	NUM
fbem-8998	289	58	)	)	PUNCT
fbem-8998	289	59	0.0372	0.0372	NUM
fbem-8998	289	60	*	*	PUNCT
fbem-8998	289	61	(	(	PUNCT
fbem-8998	289	62	0.0203	0.0203	NUM
fbem-8998	289	63	)	)	PUNCT
fbem-8998	289	64	0.0495	0.0495	NUM
fbem-8998	289	65	*	*	PUNCT
fbem-8998	289	66	(	(	PUNCT
fbem-8998	289	67	0.0277	0.0277	NUM
fbem-8998	289	68	)	)	PUNCT
fbem-8998	289	69	control	control	NOUN
fbem-8998	289	70	variables	variable	NOUN
fbem-8998	290	1	yes	yes	INTJ
fbem-8998	291	1	yes	yes	INTJ
fbem-8998	292	1	yes	yes	INTJ
fbem-8998	293	1	yes	yes	INTJ
fbem-8998	293	2	year	year	NOUN
fbem-8998	293	3	fixed	fix	VERB
fbem-8998	293	4	effects	effect	NOUN
fbem-8998	294	1	yes	yes	INTJ
fbem-8998	295	1	yes	yes	INTJ
fbem-8998	295	2	yes	yes	INTJ
fbem-8998	295	3	yes	yes	INTJ
fbem-8998	295	4	corporate	corporate	ADJ
fbem-8998	295	5	fixed	fix	VERB
fbem-8998	295	6	effects	effect	NOUN
fbem-8998	296	1	yes	yes	INTJ
fbem-8998	297	1	yes	yes	INTJ
fbem-8998	298	1	yes	yes	INTJ
fbem-8998	298	2	yes	yes	INTJ
fbem-8998	298	3	constant	constant	ADJ
fbem-8998	298	4	term	term	NOUN
fbem-8998	298	5	12.90	12.90	NUM
fbem-8998	298	6	*	*	PUNCT
fbem-8998	298	7	*	*	PUNCT
fbem-8998	298	8	*	*	PUNCT
fbem-8998	298	9	(	(	PUNCT
fbem-8998	298	10	0.691	0.691	NUM
fbem-8998	298	11	)	)	PUNCT
fbem-8998	298	12	13.95	13.95	NUM
fbem-8998	298	13	*	*	PUNCT
fbem-8998	298	14	*	*	PUNCT
fbem-8998	298	15	*	*	PUNCT
fbem-8998	298	16	(	(	PUNCT
fbem-8998	298	17	0.919	0.919	NUM
fbem-8998	298	18	)	)	PUNCT
fbem-8998	298	19	13.09	13.09	NUM
fbem-8998	298	20	*	*	PUNCT
fbem-8998	298	21	*	*	PUNCT
fbem-8998	298	22	*	*	PUNCT
fbem-8998	298	23	(	(	PUNCT
fbem-8998	298	24	0.731	0.731	NUM
fbem-8998	298	25	)	)	PUNCT
fbem-8998	298	26	15.23	15.23	NUM
fbem-8998	298	27	*	*	PUNCT
fbem-8998	298	28	*	*	PUNCT
fbem-8998	298	29	*	*	PUNCT
fbem-8998	298	30	(	(	PUNCT
fbem-8998	298	31	2.301	2.301	NUM
fbem-8998	298	32	)	)	PUNCT
fbem-8998	298	33	n	n	DET
fbem-8998	298	34	1505	1505	NUM
fbem-8998	298	35	741	741	NUM
fbem-8998	298	36	523	523	NUM
fbem-8998	298	37	241	241	NUM
fbem-8998	298	38	r2	r2	NOUN
fbem-8998	298	39	0.683	0.683	NUM
fbem-8998	298	40	0.710	0.710	NUM
fbem-8998	298	41	0.742	0.742	NUM
fbem-8998	298	42	0.583	0.583	NUM
fbem-8998	298	43	71	71	NUM
fbem-8998	298	44	6	6	NUM
fbem-8998	298	45	.	.	PUNCT
fbem-8998	299	1	conclusion	conclusion	NOUN
fbem-8998	299	2	scholars	scholar	NOUN
fbem-8998	299	3	have	have	AUX
fbem-8998	299	4	not	not	PART
fbem-8998	299	5	yet	yet	ADV
fbem-8998	299	6	reached	reach	VERB
fbem-8998	299	7	a	a	DET
fbem-8998	299	8	unanimous	unanimous	ADJ
fbem-8998	299	9	conclusion	conclusion	NOUN
fbem-8998	299	10	on	on	ADP
fbem-8998	299	11	the	the	DET
fbem-8998	299	12	effectiveness	effectiveness	NOUN
fbem-8998	299	13	of	of	ADP
fbem-8998	299	14	fiscal	fiscal	ADJ
fbem-8998	299	15	policies	policy	NOUN
fbem-8998	299	16	on	on	ADP
fbem-8998	299	17	the	the	DET
fbem-8998	299	18	innovation	innovation	NOUN
fbem-8998	299	19	activities	activity	NOUN
fbem-8998	299	20	of	of	ADP
fbem-8998	299	21	strategic	strategic	ADJ
fbem-8998	299	22	emerging	emerge	VERB
fbem-8998	299	23	enterprises	enterprise	NOUN
fbem-8998	299	24	.	.	PUNCT
fbem-8998	300	1	this	this	DET
fbem-8998	300	2	paper	paper	NOUN
fbem-8998	300	3	attempts	attempt	VERB
fbem-8998	300	4	to	to	PART
fbem-8998	300	5	provide	provide	VERB
fbem-8998	300	6	a	a	DET
fbem-8998	300	7	new	new	ADJ
fbem-8998	300	8	note	note	NOUN
fbem-8998	300	9	based	base	VERB
fbem-8998	300	10	on	on	ADP
fbem-8998	300	11	the	the	DET
fbem-8998	300	12	perspective	perspective	NOUN
fbem-8998	300	13	of	of	ADP
fbem-8998	300	14	enterprise	enterprise	NOUN
fbem-8998	300	15	life	life	NOUN
fbem-8998	300	16	cycle	cycle	NOUN
fbem-8998	300	17	theory	theory	NOUN
fbem-8998	300	18	.	.	PUNCT
fbem-8998	301	1	using	use	VERB
fbem-8998	301	2	the	the	DET
fbem-8998	301	3	data	datum	NOUN
fbem-8998	301	4	of	of	ADP
fbem-8998	301	5	strategic	strategic	ADJ
fbem-8998	301	6	emerging	emerge	VERB
fbem-8998	301	7	enterprises	enterprise	NOUN
fbem-8998	301	8	listed	list	VERB
fbem-8998	301	9	in	in	ADP
fbem-8998	301	10	shanghai	shanghai	PROPN
fbem-8998	301	11	and	and	CCONJ
fbem-8998	301	12	shenzhen	shenzhen	PROPN
fbem-8998	301	13	from	from	ADP
fbem-8998	301	14	2010	2010	NUM
fbem-8998	301	15	to	to	ADP
fbem-8998	301	16	2019	2019	NUM
fbem-8998	301	17	as	as	ADP
fbem-8998	301	18	a	a	DET
fbem-8998	301	19	sample	sample	NOUN
fbem-8998	301	20	,	,	PUNCT
fbem-8998	301	21	this	this	DET
fbem-8998	301	22	paper	paper	NOUN
fbem-8998	301	23	empirically	empirically	ADV
fbem-8998	301	24	examines	examine	VERB
fbem-8998	301	25	the	the	DET
fbem-8998	301	26	incentive	incentive	NOUN
fbem-8998	301	27	effects	effect	NOUN
fbem-8998	301	28	of	of	ADP
fbem-8998	301	29	fiscal	fiscal	ADJ
fbem-8998	301	30	subsidies	subsidy	NOUN
fbem-8998	301	31	and	and	CCONJ
fbem-8998	301	32	tax	tax	NOUN
fbem-8998	301	33	incentives	incentive	NOUN
fbem-8998	301	34	on	on	ADP
fbem-8998	301	35	the	the	DET
fbem-8998	301	36	innovation	innovation	NOUN
fbem-8998	301	37	activities	activity	NOUN
fbem-8998	301	38	of	of	ADP
fbem-8998	301	39	strategic	strategic	ADJ
fbem-8998	301	40	emerging	emerge	VERB
fbem-8998	301	41	enterprises	enterprise	NOUN
fbem-8998	301	42	for	for	ADP
fbem-8998	301	43	enterprises	enterprise	NOUN
fbem-8998	301	44	in	in	ADP
fbem-8998	301	45	the	the	DET
fbem-8998	301	46	subsidy	subsidy	NOUN
fbem-8998	301	47	life	life	NOUN
fbem-8998	301	48	cycle	cycle	NOUN
fbem-8998	301	49	stage	stage	NOUN
fbem-8998	301	50	.	.	PUNCT
fbem-8998	302	1	the	the	DET
fbem-8998	302	2	findings	finding	NOUN
fbem-8998	302	3	show	show	VERB
fbem-8998	302	4	that	that	SCONJ
fbem-8998	302	5	:	:	PUNCT
fbem-8998	302	6	firstly	firstly	ADV
fbem-8998	302	7	,	,	PUNCT
fbem-8998	302	8	on	on	ADP
fbem-8998	302	9	the	the	DET
fbem-8998	302	10	whole	whole	NOUN
fbem-8998	302	11	,	,	PUNCT
fbem-8998	302	12	both	both	CCONJ
fbem-8998	302	13	fiscal	fiscal	ADJ
fbem-8998	302	14	subsidies	subsidy	NOUN
fbem-8998	302	15	and	and	CCONJ
fbem-8998	302	16	tax	tax	NOUN
fbem-8998	302	17	incentives	incentive	NOUN
fbem-8998	302	18	promote	promote	VERB
fbem-8998	302	19	the	the	DET
fbem-8998	302	20	increase	increase	NOUN
fbem-8998	302	21	of	of	ADP
fbem-8998	302	22	total	total	ADJ
fbem-8998	302	23	factor	factor	NOUN
fbem-8998	302	24	productivity	productivity	NOUN
fbem-8998	302	25	of	of	ADP
fbem-8998	302	26	strategic	strategic	ADJ
fbem-8998	302	27	emerging	emerge	VERB
fbem-8998	302	28	enterprises	enterprise	NOUN
fbem-8998	302	29	;	;	PUNCT
fbem-8998	302	30	secondly	secondly	ADV
fbem-8998	302	31	,	,	PUNCT
fbem-8998	302	32	from	from	ADP
fbem-8998	302	33	the	the	DET
fbem-8998	302	34	perspective	perspective	NOUN
fbem-8998	302	35	of	of	ADP
fbem-8998	302	36	different	different	ADJ
fbem-8998	302	37	stages	stage	NOUN
fbem-8998	302	38	of	of	ADP
fbem-8998	302	39	enterprise	enterprise	NOUN
fbem-8998	302	40	development	development	NOUN
fbem-8998	302	41	,	,	PUNCT
fbem-8998	302	42	the	the	DET
fbem-8998	302	43	incentive	incentive	NOUN
fbem-8998	302	44	effects	effect	NOUN
fbem-8998	302	45	of	of	ADP
fbem-8998	302	46	fiscal	fiscal	ADJ
fbem-8998	302	47	subsidies	subsidy	NOUN
fbem-8998	302	48	and	and	CCONJ
fbem-8998	302	49	tax	tax	NOUN
fbem-8998	302	50	incentives	incentive	NOUN
fbem-8998	302	51	on	on	ADP
fbem-8998	302	52	the	the	DET
fbem-8998	302	53	innovation	innovation	NOUN
fbem-8998	302	54	activities	activity	NOUN
fbem-8998	302	55	of	of	ADP
fbem-8998	302	56	strategic	strategic	ADJ
fbem-8998	302	57	emerging	emerge	VERB
fbem-8998	302	58	enterprises	enterprise	NOUN
fbem-8998	302	59	in	in	ADP
fbem-8998	302	60	the	the	DET
fbem-8998	302	61	growth	growth	NOUN
fbem-8998	302	62	stage	stage	NOUN
fbem-8998	302	63	are	be	AUX
fbem-8998	302	64	more	more	ADV
fbem-8998	302	65	obvious	obvious	ADJ
fbem-8998	302	66	,	,	PUNCT
fbem-8998	302	67	but	but	CCONJ
fbem-8998	302	68	for	for	ADP
fbem-8998	302	69	enterprises	enterprise	NOUN
fbem-8998	302	70	in	in	ADP
fbem-8998	302	71	the	the	DET
fbem-8998	302	72	maturity	maturity	NOUN
fbem-8998	302	73	and	and	CCONJ
fbem-8998	302	74	decline	decline	VERB
fbem-8998	302	75	stages	stage	NOUN
fbem-8998	302	76	,	,	PUNCT
fbem-8998	302	77	the	the	DET
fbem-8998	302	78	incentive	incentive	NOUN
fbem-8998	302	79	effects	effect	NOUN
fbem-8998	302	80	are	be	AUX
fbem-8998	302	81	not	not	PART
fbem-8998	302	82	obvious	obvious	ADJ
fbem-8998	302	83	.	.	PUNCT
fbem-8998	303	1	from	from	ADP
fbem-8998	303	2	the	the	DET
fbem-8998	303	3	perspective	perspective	NOUN
fbem-8998	303	4	of	of	ADP
fbem-8998	303	5	the	the	DET
fbem-8998	303	6	types	type	NOUN
fbem-8998	303	7	of	of	ADP
fbem-8998	303	8	fiscal	fiscal	ADJ
fbem-8998	303	9	and	and	CCONJ
fbem-8998	303	10	tax	tax	NOUN
fbem-8998	303	11	incentive	incentive	NOUN
fbem-8998	303	12	policies	policy	NOUN
fbem-8998	303	13	,	,	PUNCT
fbem-8998	303	14	tax	tax	NOUN
fbem-8998	303	15	incentive	incentive	NOUN
fbem-8998	303	16	policies	policy	NOUN
fbem-8998	303	17	are	be	AUX
fbem-8998	303	18	more	more	ADV
fbem-8998	303	19	conducive	conducive	ADJ
fbem-8998	303	20	to	to	ADP
fbem-8998	303	21	the	the	DET
fbem-8998	303	22	innovation	innovation	NOUN
fbem-8998	303	23	activities	activity	NOUN
fbem-8998	303	24	of	of	ADP
fbem-8998	303	25	strategic	strategic	ADJ
fbem-8998	303	26	emerging	emerge	VERB
fbem-8998	303	27	enterprises	enterprise	NOUN
fbem-8998	303	28	;	;	PUNCT
fbem-8998	303	29	thirdly	thirdly	ADV
fbem-8998	303	30	,	,	PUNCT
fbem-8998	303	31	fiscal	fiscal	ADJ
fbem-8998	303	32	subsidies	subsidy	NOUN
fbem-8998	303	33	and	and	CCONJ
fbem-8998	303	34	tax	tax	NOUN
fbem-8998	303	35	incentives	incentive	NOUN
fbem-8998	303	36	significantly	significantly	ADV
fbem-8998	303	37	stimulate	stimulate	VERB
fbem-8998	303	38	the	the	DET
fbem-8998	303	39	innovation	innovation	NOUN
fbem-8998	303	40	activities	activity	NOUN
fbem-8998	303	41	of	of	ADP
fbem-8998	303	42	non	non	ADJ
fbem-8998	303	43	-	-	ADJ
fbem-8998	303	44	state	state	ADJ
fbem-8998	303	45	enterprises	enterprise	NOUN
fbem-8998	303	46	,	,	PUNCT
fbem-8998	303	47	manufacturing	manufacturing	NOUN
fbem-8998	303	48	enterprises	enterprise	NOUN
fbem-8998	303	49	and	and	CCONJ
fbem-8998	303	50	enterprises	enterprise	NOUN
fbem-8998	303	51	in	in	ADP
fbem-8998	303	52	the	the	DET
fbem-8998	303	53	eastern	eastern	ADJ
fbem-8998	303	54	region	region	NOUN
fbem-8998	303	55	in	in	ADP
fbem-8998	303	56	the	the	DET
fbem-8998	303	57	growth	growth	NOUN
fbem-8998	303	58	stage	stage	NOUN
fbem-8998	303	59	;	;	PUNCT
fbem-8998	303	60	fourthly	fourthly	ADV
fbem-8998	303	61	,	,	PUNCT
fbem-8998	303	62	from	from	ADP
fbem-8998	303	63	the	the	DET
fbem-8998	303	64	mechanism	mechanism	NOUN
fbem-8998	303	65	test	test	NOUN
fbem-8998	303	66	,	,	PUNCT
fbem-8998	303	67	the	the	DET
fbem-8998	303	68	increase	increase	NOUN
fbem-8998	303	69	in	in	ADP
fbem-8998	303	70	r&d	r&d	NOUN
fbem-8998	303	71	expenditure	expenditure	NOUN
fbem-8998	303	72	of	of	ADP
fbem-8998	303	73	strategic	strategic	ADJ
fbem-8998	303	74	emerging	emerge	VERB
fbem-8998	303	75	enterprises	enterprise	NOUN
fbem-8998	303	76	that	that	PRON
fbem-8998	303	77	receive	receive	VERB
fbem-8998	303	78	fiscal	fiscal	ADJ
fbem-8998	303	79	subsidies	subsidy	NOUN
fbem-8998	303	80	and	and	CCONJ
fbem-8998	303	81	tax	tax	NOUN
fbem-8998	303	82	incentives	incentive	NOUN
fbem-8998	303	83	is	be	AUX
fbem-8998	303	84	more	more	ADV
fbem-8998	303	85	obvious	obvious	ADJ
fbem-8998	303	86	,	,	PUNCT
fbem-8998	303	87	which	which	PRON
fbem-8998	303	88	in	in	ADP
fbem-8998	303	89	turn	turn	NOUN
fbem-8998	303	90	promotes	promote	VERB
fbem-8998	303	91	the	the	DET
fbem-8998	303	92	innovation	innovation	NOUN
fbem-8998	303	93	activities	activity	NOUN
fbem-8998	303	94	of	of	ADP
fbem-8998	303	95	enterprises	enterprise	NOUN
fbem-8998	303	96	.	.	PUNCT
fbem-8998	304	1	after	after	ADP
fbem-8998	304	2	replacing	replace	VERB
fbem-8998	304	3	the	the	DET
fbem-8998	304	4	explained	explain	VERB
fbem-8998	304	5	variable	variable	NOUN
fbem-8998	304	6	,	,	PUNCT
fbem-8998	304	7	replacing	replace	VERB
fbem-8998	304	8	the	the	DET
fbem-8998	304	9	core	core	NOUN
fbem-8998	304	10	explanatory	explanatory	ADJ
fbem-8998	304	11	variables	variable	NOUN
fbem-8998	304	12	and	and	CCONJ
fbem-8998	304	13	considering	consider	VERB
fbem-8998	304	14	the	the	DET
fbem-8998	304	15	endogeneity	endogeneity	NOUN
fbem-8998	304	16	issue	issue	NOUN
fbem-8998	304	17	,	,	PUNCT
fbem-8998	304	18	the	the	DET
fbem-8998	304	19	findings	finding	NOUN
fbem-8998	304	20	of	of	ADP
fbem-8998	304	21	this	this	DET
fbem-8998	304	22	paper	paper	NOUN
fbem-8998	304	23	are	be	AUX
fbem-8998	304	24	still	still	ADV
fbem-8998	304	25	robust	robust	ADJ
fbem-8998	304	26	.	.	PUNCT
fbem-8998	305	1	the	the	DET
fbem-8998	305	2	findings	finding	NOUN
fbem-8998	305	3	of	of	ADP
fbem-8998	305	4	this	this	DET
fbem-8998	305	5	paper	paper	NOUN
fbem-8998	305	6	help	help	NOUN
fbem-8998	305	7	to	to	PART
fbem-8998	305	8	optimise	optimise	VERB
fbem-8998	305	9	the	the	DET
fbem-8998	305	10	allocation	allocation	NOUN
fbem-8998	305	11	of	of	ADP
fbem-8998	305	12	fiscal	fiscal	ADJ
fbem-8998	305	13	subsidy	subsidy	NOUN
fbem-8998	305	14	and	and	CCONJ
fbem-8998	305	15	tax	tax	NOUN
fbem-8998	305	16	incentive	incentive	NOUN
fbem-8998	305	17	funds	fund	NOUN
fbem-8998	305	18	and	and	CCONJ
fbem-8998	305	19	improve	improve	VERB
fbem-8998	305	20	the	the	DET
fbem-8998	305	21	efficiency	efficiency	NOUN
fbem-8998	305	22	of	of	ADP
fbem-8998	305	23	the	the	DET
fbem-8998	305	24	use	use	NOUN
fbem-8998	305	25	of	of	ADP
fbem-8998	305	26	fiscal	fiscal	ADJ
fbem-8998	305	27	subsidy	subsidy	NOUN
fbem-8998	305	28	and	and	CCONJ
fbem-8998	305	29	tax	tax	NOUN
fbem-8998	305	30	incentive	incentive	NOUN
fbem-8998	305	31	funds	fund	NOUN
fbem-8998	305	32	.	.	PUNCT
fbem-8998	306	1	acknowledgment	acknowledgment	NOUN
fbem-8998	306	2	supported	support	VERB
fbem-8998	306	3	by	by	ADP
fbem-8998	306	4	zhejiang	zhejiang	PROPN
fbem-8998	306	5	university	university	PROPN
fbem-8998	306	6	of	of	ADP
fbem-8998	306	7	finance	finance	PROPN
fbem-8998	306	8	and	and	CCONJ
fbem-8998	306	9	economics	economic	NOUN
fbem-8998	306	10	graduate	graduate	PROPN
fbem-8998	306	11	interdisciplinary	interdisciplinary	ADJ
fbem-8998	306	12	research	research	NOUN
fbem-8998	306	13	project	project	NOUN
fbem-8998	306	14	(	(	PUNCT
fbem-8998	306	15	no.22xkjc002	no.22xkjc002	NOUN
fbem-8998	306	16	)	)	PUNCT
fbem-8998	306	17	;	;	PUNCT
fbem-8998	306	18	the	the	DET
fbem-8998	306	19	scientific	scientific	ADJ
fbem-8998	306	20	research	research	NOUN
fbem-8998	306	21	foundation	foundation	PROPN
fbem-8998	306	22	of	of	ADP
fbem-8998	306	23	anhui	anhui	PROPN
fbem-8998	306	24	university	university	PROPN
fbem-8998	306	25	of	of	ADP
fbem-8998	306	26	finance	finance	NOUN
fbem-8998	306	27	and	and	CCONJ
fbem-8998	306	28	economics	economic	NOUN
fbem-8998	306	29	(	(	PUNCT
fbem-8998	306	30	no	no	INTJ
fbem-8998	306	31	.	.	PUNCT
fbem-8998	306	32	ackyc21023	ackyc21023	NUM
fbem-8998	306	33	)	)	PUNCT
fbem-8998	306	34	.	.	PUNCT
fbem-8998	307	1	references	reference	NOUN
fbem-8998	307	2	[	[	X
fbem-8998	307	3	1	1	X
fbem-8998	307	4	]	]	X
fbem-8998	307	5	howell	howell	PROPN
fbem-8998	307	6	s.	s.	PROPN
fbem-8998	307	7	t	t	PROPN
fbem-8998	307	8	..	..	PUNCT
fbem-8998	307	9	financing	finance	VERB
fbem-8998	307	10	innovation	innovation	NOUN
fbem-8998	307	11	:	:	PUNCT
fbem-8998	307	12	evidence	evidence	NOUN
fbem-8998	307	13	from	from	ADP
fbem-8998	307	14	r&d	r&d	NOUN
fbem-8998	307	15	grants[j	grants[j	NOUN
fbem-8998	307	16	]	]	PUNCT
fbem-8998	307	17	.	.	PUNCT
fbem-8998	308	1	american	american	PROPN
fbem-8998	308	2	economic	economic	PROPN
fbem-8998	308	3	review	review	PROPN
fbem-8998	308	4	,	,	PUNCT
fbem-8998	308	5	2017	2017	NUM
fbem-8998	308	6	,	,	PUNCT
fbem-8998	308	7	107(4	107(4	NUM
fbem-8998	308	8	):	):	PUNCT
fbem-8998	308	9	1136	1136	NUM
fbem-8998	308	10	1164	1164	NUM
fbem-8998	308	11	.	.	PUNCT
fbem-8998	309	1	[	[	X
fbem-8998	309	2	2	2	NUM
fbem-8998	309	3	]	]	X
fbem-8998	309	4	chu	chu	PROPN
fbem-8998	309	5	deyin	deyin	PROPN
fbem-8998	309	6	,	,	PUNCT
fbem-8998	309	7	yang	yang	PROPN
fbem-8998	309	8	shan	shan	PROPN
fbem-8998	309	9	,	,	PUNCT
fbem-8998	309	10	song	song	NOUN
fbem-8998	309	11	genmiao	genmiao	NOUN
fbem-8998	309	12	.	.	PUNCT
fbem-8998	309	13	fiscal	fiscal	ADJ
fbem-8998	309	14	subsidies	subsidy	NOUN
fbem-8998	309	15	,	,	PUNCT
fbem-8998	309	16	tax	tax	NOUN
fbem-8998	309	17	incentives	incentive	NOUN
fbem-8998	309	18	and	and	CCONJ
fbem-8998	309	19	innovation	innovation	NOUN
fbem-8998	309	20	investment	investment	NOUN
fbem-8998	309	21	in	in	ADP
fbem-8998	309	22	strategic	strategic	ADJ
fbem-8998	309	23	emerging	emerge	VERB
fbem-8998	309	24	industries[j	industries[j	NOUN
fbem-8998	309	25	]	]	PUNCT
fbem-8998	309	26	.	.	PUNCT
fbem-8998	310	1	finance	finance	NOUN
fbem-8998	310	2	and	and	CCONJ
fbem-8998	310	3	trade	trade	NOUN
fbem-8998	310	4	research	research	NOUN
fbem-8998	310	5	,	,	PUNCT
fbem-8998	310	6	2016(5	2016(5	NUM
fbem-8998	310	7	):	):	PUNCT
fbem-8998	310	8	83	83	NUM
fbem-8998	310	9	-	-	SYM
fbem-8998	310	10	89	89	NUM
fbem-8998	310	11	.	.	PUNCT
fbem-8998	311	1	[	[	X
fbem-8998	311	2	3	3	NUM
fbem-8998	311	3	]	]	X
fbem-8998	311	4	yao	yao	PROPN
fbem-8998	311	5	linxiang	linxiang	PROPN
fbem-8998	311	6	,	,	PUNCT
fbem-8998	311	7	leng	leng	PROPN
fbem-8998	311	8	nemin	nemin	PROPN
fbem-8998	311	9	.	.	PUNCT
fbem-8998	312	1	analysis	analysis	NOUN
fbem-8998	312	2	of	of	ADP
fbem-8998	312	3	the	the	DET
fbem-8998	312	4	incentive	incentive	NOUN
fbem-8998	312	5	effect	effect	NOUN
fbem-8998	312	6	of	of	ADP
fbem-8998	312	7	fiscal	fiscal	ADJ
fbem-8998	312	8	and	and	CCONJ
fbem-8998	312	9	tax	tax	NOUN
fbem-8998	312	10	policies	policy	NOUN
fbem-8998	312	11	on	on	ADP
fbem-8998	312	12	the	the	DET
fbem-8998	312	13	innovation	innovation	NOUN
fbem-8998	312	14	efficiency	efficiency	NOUN
fbem-8998	312	15	of	of	ADP
fbem-8998	312	16	strategic	strategic	ADJ
fbem-8998	312	17	emerging	emerge	VERB
fbem-8998	312	18	industries[j	industries[j	NOUN
fbem-8998	312	19	]	]	PUNCT
fbem-8998	312	20	.	.	PUNCT
fbem-8998	313	1	east	east	PROPN
fbem-8998	313	2	china	china	PROPN
fbem-8998	313	3	economic	economic	ADJ
fbem-8998	313	4	management	management	NOUN
fbem-8998	313	5	,	,	PUNCT
fbem-8998	313	6	2018(12	2018(12	NUM
fbem-8998	313	7	):	):	PUNCT
fbem-8998	313	8	94	94	NUM
fbem-8998	313	9	-	-	SYM
fbem-8998	313	10	100	100	NUM
fbem-8998	313	11	.	.	PUNCT
fbem-8998	314	1	[	[	X
fbem-8998	314	2	4	4	X
fbem-8998	314	3	]	]	PUNCT
fbem-8998	314	4	wang	wang	PROPN
fbem-8998	314	5	yanchao	yanchao	PROPN
fbem-8998	314	6	,	,	PUNCT
fbem-8998	314	7	li	li	PROPN
fbem-8998	314	8	ling	ling	PROPN
fbem-8998	314	9	,	,	PUNCT
fbem-8998	314	10	wang	wang	PROPN
fbem-8998	314	11	biaohua	biaohua	PROPN
fbem-8998	314	12	.	.	PUNCT
fbem-8998	315	1	can	can	AUX
fbem-8998	315	2	tax	tax	VERB
fbem-8998	315	3	incentives	incentive	NOUN
fbem-8998	315	4	and	and	CCONJ
fbem-8998	315	5	fiscal	fiscal	ADJ
fbem-8998	315	6	subsidies	subsidy	NOUN
fbem-8998	315	7	effectively	effectively	ADV
fbem-8998	315	8	promote	promote	VERB
fbem-8998	315	9	corporate	corporate	ADJ
fbem-8998	315	10	innovation	innovation	NOUN
fbem-8998	315	11	?	?	PUNCT
fbem-8998	316	1	-an	-an	ADP
fbem-8998	316	2	empirical	empirical	ADJ
fbem-8998	316	3	study	study	NOUN
fbem-8998	316	4	based	base	VERB
fbem-8998	316	5	on	on	ADP
fbem-8998	316	6	differences	difference	NOUN
fbem-8998	316	7	in	in	ADP
fbem-8998	316	8	ownership	ownership	NOUN
fbem-8998	316	9	and	and	CCONJ
fbem-8998	316	10	industry	industry	NOUN
fbem-8998	316	11	characteristics[j	characteristics[j	PROPN
fbem-8998	316	12	]	]	PUNCT
fbem-8998	316	13	.	.	PUNCT
fbem-8998	317	1	tax	tax	NOUN
fbem-8998	317	2	research	research	NOUN
fbem-8998	317	3	,	,	PUNCT
fbem-8998	317	4	2019(6	2019(6	NUM
fbem-8998	317	5	):	):	PUNCT
fbem-8998	317	6	92	92	NUM
fbem-8998	317	7	-	-	SYM
fbem-8998	317	8	98	98	NUM
fbem-8998	317	9	.	.	PUNCT
fbem-8998	318	1	[	[	X
fbem-8998	318	2	5	5	X
fbem-8998	318	3	]	]	PUNCT
fbem-8998	318	4	boeing	boeing	PROPN
fbem-8998	318	5	p	p	X
fbem-8998	318	6	..	..	PUNCT
fbem-8998	318	7	the	the	DET
fbem-8998	318	8	allocation	allocation	NOUN
fbem-8998	318	9	and	and	CCONJ
fbem-8998	318	10	effectiveness	effectiveness	NOUN
fbem-8998	318	11	of	of	ADP
fbem-8998	318	12	china	china	PROPN
fbem-8998	318	13	's	's	PART
fbem-8998	318	14	r&d	r&d	NOUN
fbem-8998	318	15	subsidies	subsidy	NOUN
fbem-8998	318	16	-	-	PUNCT
fbem-8998	318	17	evidence	evidence	NOUN
fbem-8998	318	18	from	from	ADP
fbem-8998	318	19	listed	list	VERB
fbem-8998	318	20	firms	firm	NOUN
fbem-8998	318	21	[	[	X
fbem-8998	318	22	j	j	X
fbem-8998	318	23	]	]	X
fbem-8998	318	24	.	.	PUNCT
fbem-8998	319	1	research	research	NOUN
fbem-8998	319	2	policy	policy	NOUN
fbem-8998	319	3	,	,	PUNCT
fbem-8998	319	4	2016	2016	NUM
fbem-8998	319	5	,	,	PUNCT
fbem-8998	319	6	45(9	45(9	NUM
fbem-8998	319	7	):	):	PUNCT
fbem-8998	319	8	17741789	17741789	NUM
fbem-8998	319	9	.	.	PUNCT
fbem-8998	320	1	[	[	X
fbem-8998	320	2	6	6	NUM
fbem-8998	320	3	]	]	PUNCT
fbem-8998	320	4	zhao	zhao	PROPN
fbem-8998	320	5	yulin	yulin	PROPN
fbem-8998	320	6	,	,	PUNCT
fbem-8998	320	7	gu	gu	PROPN
fbem-8998	320	8	junjian	junjian	PROPN
fbem-8998	320	9	.	.	PUNCT
fbem-8998	321	1	structural	structural	ADJ
fbem-8998	321	2	bias	bias	NOUN
fbem-8998	321	3	of	of	ADP
fbem-8998	321	4	government	government	NOUN
fbem-8998	321	5	subsidy	subsidy	NOUN
fbem-8998	321	6	allocation	allocation	NOUN
fbem-8998	321	7	propensity	propensity	NOUN
fbem-8998	321	8	and	and	CCONJ
fbem-8998	321	9	innovation	innovation	NOUN
fbem-8998	321	10	incentives	incentive	VERB
fbem-8998	321	11	an	an	DET
fbem-8998	321	12	analysis	analysis	NOUN
fbem-8998	321	13	based	base	VERB
fbem-8998	321	14	on	on	ADP
fbem-8998	321	15	a	a	DET
fbem-8998	321	16	matched	match	VERB
fbem-8998	321	17	sample	sample	NOUN
fbem-8998	321	18	of	of	ADP
fbem-8998	321	19	chinese	chinese	ADJ
fbem-8998	321	20	listed	list	VERB
fbem-8998	321	21	manufacturing	manufacturing	NOUN
fbem-8998	321	22	companies[j	companies[j	NOUN
fbem-8998	321	23	]	]	PUNCT
fbem-8998	321	24	.	.	PUNCT
fbem-8998	322	1	fiscal	fiscal	ADJ
fbem-8998	322	2	research	research	NOUN
fbem-8998	322	3	,	,	PUNCT
fbem-8998	322	4	2018(4	2018(4	NUM
fbem-8998	322	5	):	):	PUNCT
fbem-8998	322	6	61	61	NUM
fbem-8998	322	7	-	-	SYM
fbem-8998	322	8	74	74	NUM
fbem-8998	322	9	.	.	PUNCT
fbem-8998	323	1	[	[	X
fbem-8998	323	2	7	7	X
fbem-8998	323	3	]	]	X
fbem-8998	323	4	yang	yang	PROPN
fbem-8998	323	5	g.	g.	PROPN
fbem-8998	323	6	chao	chao	PROPN
fbem-8998	323	7	,	,	PUNCT
fbem-8998	323	8	liu	liu	PROPN
fbem-8998	323	9	j.	j.	PROPN
fbem-8998	323	10	,	,	PUNCT
fbem-8998	323	11	lian	lian	PROPN
fbem-8998	323	12	p.	p.	PROPN
fbem-8998	323	13	,	,	PUNCT
fbem-8998	323	14	rui	rui	PROPN
fbem-8998	323	15	m.	m.	PROPN
fbem-8998	323	16	tax	tax	PROPN
fbem-8998	323	17	cut	cut	NOUN
fbem-8998	323	18	incentives	incentive	NOUN
fbem-8998	323	19	,	,	PUNCT
fbem-8998	323	20	r&d	r&d	NOUN
fbem-8998	323	21	manipulation	manipulation	NOUN
fbem-8998	323	22	and	and	CCONJ
fbem-8998	323	23	r&d	r&d	NOUN
fbem-8998	323	24	performance[j	performance[j	NOUN
fbem-8998	323	25	]	]	PUNCT
fbem-8998	323	26	.	.	PUNCT
fbem-8998	324	1	economic	economic	ADJ
fbem-8998	324	2	research	research	NOUN
fbem-8998	324	3	,	,	PUNCT
fbem-8998	324	4	2017(8	2017(8	NUM
fbem-8998	324	5	):	):	PUNCT
fbem-8998	324	6	110	110	NUM
fbem-8998	324	7	-	-	SYM
fbem-8998	324	8	124	124	NUM
fbem-8998	324	9	.	.	PUNCT
fbem-8998	325	1	[	[	X
fbem-8998	325	2	8	8	NUM
fbem-8998	325	3	]	]	X
fbem-8998	325	4	gao	gao	PROPN
fbem-8998	325	5	song	song	PROPN
fbem-8998	325	6	,	,	PUNCT
fbem-8998	325	7	zhuang	zhuang	PROPN
fbem-8998	325	8	hui	hui	PROPN
fbem-8998	325	9	,	,	PUNCT
fbem-8998	325	10	niu	niu	PROPN
fbem-8998	325	11	panqiang	panqiang	PROPN
fbem-8998	325	12	.	.	PUNCT
fbem-8998	326	1	a	a	DET
fbem-8998	326	2	study	study	NOUN
fbem-8998	326	3	on	on	ADP
fbem-8998	326	4	the	the	DET
fbem-8998	326	5	enhancement	enhancement	NOUN
fbem-8998	326	6	of	of	ADP
fbem-8998	326	7	government	government	NOUN
fbem-8998	326	8	funding	funding	NOUN
fbem-8998	326	9	effect	effect	NOUN
fbem-8998	326	10	in	in	ADP
fbem-8998	326	11	science	science	NOUN
fbem-8998	326	12	and	and	CCONJ
fbem-8998	326	13	technology	technology	NOUN
fbem-8998	326	14	-	-	PUNCT
fbem-8998	326	15	based	base	VERB
fbem-8998	326	16	smes	sme	NOUN
fbem-8998	326	17	:	:	PUNCT
fbem-8998	326	18	a	a	DET
fbem-8998	326	19	life	life	NOUN
fbem-8998	326	20	-	-	PUNCT
fbem-8998	326	21	cycle	cycle	NOUN
fbem-8998	326	22	perspective	perspective	NOUN
fbem-8998	327	1	[	[	X
fbem-8998	327	2	j	j	X
fbem-8998	327	3	]	]	X
fbem-8998	327	4	.	.	PUNCT
fbem-8998	328	1	china	china	PROPN
fbem-8998	328	2	industrial	industrial	ADJ
fbem-8998	328	3	economics	economic	NOUN
fbem-8998	328	4	,	,	PUNCT
fbem-8998	328	5	2011(7	2011(7	NUM
fbem-8998	328	6	):	):	PUNCT
fbem-8998	328	7	150	150	NUM
fbem-8998	328	8	-	-	SYM
fbem-8998	328	9	158	158	NUM
fbem-8998	328	10	.	.	PUNCT
fbem-8998	329	1	[	[	X
fbem-8998	329	2	9	9	NUM
fbem-8998	329	3	]	]	X
fbem-8998	329	4	huang	huang	PROPN
fbem-8998	329	5	h	h	PROPN
fbem-8998	329	6	-	-	PUNCT
fbem-8998	329	7	b	b	PROPN
fbem-8998	329	8	,	,	PUNCT
fbem-8998	329	9	zhai	zhai	PROPN
fbem-8998	329	10	s	s	PROPN
fbem-8998	329	11	-	-	PUNCT
fbem-8998	329	12	p	p	X
fbem-8998	329	13	,	,	PUNCT
fbem-8998	329	14	chen	chen	PROPN
fbem-8998	329	15	j	j	PROPN
fbem-8998	329	16	-	-	PUNCT
fbem-8998	329	17	n.	n.	ADJ
fbem-8998	329	18	corporate	corporate	ADJ
fbem-8998	329	19	life	life	NOUN
fbem-8998	329	20	cycle	cycle	NOUN
fbem-8998	329	21	,	,	PUNCT
fbem-8998	329	22	financing	financing	NOUN
fbem-8998	329	23	methods	method	NOUN
fbem-8998	329	24	and	and	CCONJ
fbem-8998	329	25	financing	financing	NOUN
fbem-8998	329	26	constraints	constraint	NOUN
fbem-8998	329	27	-	-	PUNCT
fbem-8998	329	28	a	a	DET
fbem-8998	329	29	study	study	NOUN
fbem-8998	329	30	based	base	VERB
fbem-8998	329	31	on	on	ADP
fbem-8998	329	32	the	the	DET
fbem-8998	329	33	moderating	moderate	VERB
fbem-8998	329	34	effect	effect	NOUN
fbem-8998	329	35	of	of	ADP
fbem-8998	329	36	investor	investor	NOUN
fbem-8998	329	37	sentiment	sentiment	NOUN
fbem-8998	330	1	[	[	X
fbem-8998	330	2	j	j	X
fbem-8998	330	3	]	]	X
fbem-8998	330	4	.	.	PUNCT
fbem-8998	331	1	financial	financial	ADJ
fbem-8998	331	2	research	research	NOUN
fbem-8998	331	3	,	,	PUNCT
fbem-8998	331	4	2016	2016	NUM
fbem-8998	331	5	(	(	PUNCT
fbem-8998	331	6	7	7	NUM
fbem-8998	331	7	):	):	PUNCT
fbem-8998	331	8	96	96	NUM
fbem-8998	331	9	-	-	SYM
fbem-8998	331	10	112	112	NUM
fbem-8998	331	11	.	.	PUNCT
fbem-8998	332	1	[	[	X
fbem-8998	332	2	10	10	NUM
fbem-8998	332	3	]	]	X
fbem-8998	332	4	li	li	PROPN
fbem-8998	332	5	yongyou	yongyou	PROPN
fbem-8998	332	6	,	,	PUNCT
fbem-8998	332	7	ye	ye	PROPN
fbem-8998	332	8	qianwen	qianwen	NOUN
fbem-8998	332	9	.	.	PUNCT
fbem-8998	333	1	the	the	DET
fbem-8998	333	2	incentive	incentive	NOUN
fbem-8998	333	3	effect	effect	NOUN
fbem-8998	333	4	of	of	ADP
fbem-8998	333	5	government	government	NOUN
fbem-8998	333	6	science	science	NOUN
fbem-8998	333	7	and	and	CCONJ
fbem-8998	333	8	technology	technology	NOUN
fbem-8998	333	9	innovation	innovation	NOUN
fbem-8998	333	10	subsidies	subsidy	NOUN
fbem-8998	333	11	and	and	CCONJ
fbem-8998	333	12	its	its	PRON
fbem-8998	333	13	mechanism	mechanism	NOUN
fbem-8998	333	14	identification	identification	NOUN
fbem-8998	333	15	--	--	PUNCT
fbem-8998	333	16	an	an	DET
fbem-8998	333	17	empirical	empirical	ADJ
fbem-8998	333	18	study	study	NOUN
fbem-8998	333	19	based	base	VERB
fbem-8998	333	20	on	on	ADP
fbem-8998	333	21	enterprise	enterprise	NOUN
fbem-8998	333	22	micro	micro	NOUN
fbem-8998	333	23	data	datum	NOUN
fbem-8998	334	1	[	[	X
fbem-8998	334	2	j	j	X
fbem-8998	334	3	]	]	X
fbem-8998	334	4	.	.	PUNCT
fbem-8998	335	1	finance	finance	NOUN
fbem-8998	335	2	and	and	CCONJ
fbem-8998	335	3	economics	economic	NOUN
fbem-8998	335	4	series	series	NOUN
fbem-8998	335	5	,	,	PUNCT
fbem-8998	335	6	2017	2017	NUM
fbem-8998	335	7	(	(	PUNCT
fbem-8998	335	8	12	12	NUM
fbem-8998	335	9	):	):	PUNCT
fbem-8998	335	10	22	22	NUM
fbem-8998	335	11	-	-	SYM
fbem-8998	335	12	32	32	NUM
fbem-8998	335	13	.	.	PUNCT
fbem-8998	336	1	[	[	X
fbem-8998	336	2	11	11	NUM
fbem-8998	336	3	]	]	SYM
fbem-8998	336	4	hu	hu	PROPN
fbem-8998	336	5	,	,	PUNCT
fbem-8998	336	6	h.	h.	PROPN
fbem-8998	336	7	f.	f.	PROPN
fbem-8998	336	8	,	,	PUNCT
fbem-8998	336	9	dou	dou	PROPN
fbem-8998	336	10	,	,	PUNCT
fbem-8998	336	11	b.	b.	PROPN
fbem-8998	336	12	,	,	PUNCT
fbem-8998	336	13	wang	wang	PROPN
fbem-8998	336	14	,	,	PUNCT
fbem-8998	336	15	a.	a.	NOUN
fbem-8998	336	16	p	p	X
fbem-8998	336	17	..	..	PUNCT
fbem-8998	336	18	corporate	corporate	ADJ
fbem-8998	336	19	financialization	financialization	NOUN
fbem-8998	336	20	and	and	CCONJ
fbem-8998	336	21	productive	productive	ADJ
fbem-8998	336	22	efficiency	efficiency	NOUN
fbem-8998	336	23	[	[	X
fbem-8998	336	24	j	j	X
fbem-8998	336	25	]	]	X
fbem-8998	336	26	.	.	PUNCT
fbem-8998	337	1	world	world	NOUN
fbem-8998	337	2	economy	economy	NOUN
fbem-8998	337	3	,	,	PUNCT
fbem-8998	337	4	2020	2020	NUM
fbem-8998	337	5	,	,	PUNCT
fbem-8998	337	6	43(01	43(01	NUM
fbem-8998	337	7	):	):	PUNCT
fbem-8998	337	8	7096	7096	NUM
fbem-8998	337	9	.	.	PUNCT
fbem-8998	338	1	[	[	X
fbem-8998	338	2	12	12	NUM
fbem-8998	338	3	]	]	X
fbem-8998	338	4	liu	liu	PROPN
fbem-8998	338	5	guangqiang	guangqiang	PROPN
fbem-8998	338	6	.	.	PUNCT
fbem-8998	339	1	analysis	analysis	NOUN
fbem-8998	339	2	of	of	ADP
fbem-8998	339	3	incentive	incentive	NOUN
fbem-8998	339	4	effects	effect	NOUN
fbem-8998	339	5	of	of	ADP
fbem-8998	339	6	tax	tax	NOUN
fbem-8998	339	7	incentives	incentive	NOUN
fbem-8998	339	8	and	and	CCONJ
fbem-8998	339	9	fiscal	fiscal	ADJ
fbem-8998	339	10	subsidies	subsidy	NOUN
fbem-8998	339	11	policies	policy	NOUN
fbem-8998	339	12	an	an	DET
fbem-8998	339	13	empirical	empirical	ADJ
fbem-8998	339	14	study	study	NOUN
fbem-8998	339	15	based	base	VERB
fbem-8998	339	16	on	on	ADP
fbem-8998	339	17	the	the	DET
fbem-8998	339	18	perspective	perspective	NOUN
fbem-8998	339	19	of	of	ADP
fbem-8998	339	20	information	information	NOUN
fbem-8998	339	21	asymmetry	asymmetry	NOUN
fbem-8998	339	22	theory[j	theory[j	NOUN
fbem-8998	339	23	]	]	PUNCT
fbem-8998	339	24	.	.	PUNCT
fbem-8998	340	1	management	management	NOUN
fbem-8998	340	2	world	world	NOUN
fbem-8998	340	3	,	,	PUNCT
fbem-8998	340	4	2016(10	2016(10	NUM
fbem-8998	340	5	):	):	PUNCT
fbem-8998	340	6	62	62	NUM
fbem-8998	340	7	-	-	SYM
fbem-8998	340	8	71	71	NUM
fbem-8998	340	9	.	.	PUNCT
fbem-8998	341	1	[	[	X
fbem-8998	341	2	13	13	NUM
fbem-8998	341	3	]	]	X
fbem-8998	341	4	anthony	anthony	PROPN
fbem-8998	341	5	j	j	PROPN
fbem-8998	341	6	h	h	PROPN
fbem-8998	341	7	,	,	PUNCT
fbem-8998	341	8	ramesh	ramesh	PROPN
fbem-8998	341	9	k.	k.	PROPN
fbem-8998	341	10	association	association	PROPN
fbem-8998	341	11	between	between	ADP
fbem-8998	341	12	accounting	accounting	NOUN
fbem-8998	341	13	performance	performance	NOUN
fbem-8998	341	14	measures	measure	NOUN
fbem-8998	341	15	and	and	CCONJ
fbem-8998	341	16	stock	stock	NOUN
fbem-8998	341	17	prices	price	NOUN
fbem-8998	341	18	:	:	PUNCT
fbem-8998	341	19	a	a	DET
fbem-8998	341	20	test	test	NOUN
fbem-8998	341	21	of	of	ADP
fbem-8998	341	22	the	the	DET
fbem-8998	341	23	life	life	NOUN
fbem-8998	341	24	cycle	cycle	NOUN
fbem-8998	341	25	hypothesis	hypothesis	NOUN
fbem-8998	341	26	[	[	X
fbem-8998	341	27	j	j	X
fbem-8998	341	28	]	]	X
fbem-8998	341	29	.	.	PUNCT
fbem-8998	342	1	journal	journal	PROPN
fbem-8998	342	2	of	of	ADP
fbem-8998	342	3	accounting	accounting	NOUN
fbem-8998	342	4	and	and	CCONJ
fbem-8998	342	5	economics	economic	NOUN
fbem-8998	342	6	,	,	PUNCT
fbem-8998	342	7	1992	1992	NUM
fbem-8998	342	8	,	,	PUNCT
fbem-8998	342	9	15(2):203	15(2):203	PROPN
fbem-8998	342	10	-	-	SYM
fbem-8998	342	11	227	227	NUM
fbem-8998	342	12	.	.	PUNCT
fbem-8998	343	1	[	[	X
fbem-8998	343	2	14	14	NUM
fbem-8998	343	3	]	]	X
fbem-8998	343	4	dickinson	dickinson	PROPN
fbem-8998	343	5	v.	v.	ADP
fbem-8998	343	6	cash	cash	NOUN
fbem-8998	343	7	flow	flow	NOUN
fbem-8998	343	8	patterns	pattern	NOUN
fbem-8998	343	9	as	as	ADP
fbem-8998	343	10	a	a	DET
fbem-8998	343	11	proxy	proxy	NOUN
fbem-8998	343	12	for	for	ADP
fbem-8998	343	13	firm	firm	ADJ
fbem-8998	343	14	life	life	NOUN
fbem-8998	343	15	cycle	cycle	NOUN
fbem-8998	344	1	[	[	X
fbem-8998	344	2	j	j	X
fbem-8998	344	3	]	]	X
fbem-8998	344	4	.	.	PUNCT
fbem-8998	345	1	the	the	DET
fbem-8998	345	2	accounting	accounting	PROPN
fbem-8998	345	3	review	review	NOUN
fbem-8998	345	4	,	,	PUNCT
fbem-8998	345	5	2011	2011	NUM
fbem-8998	345	6	,	,	PUNCT
fbem-8998	345	7	86(6	86(6	NUM
fbem-8998	345	8	):	):	PUNCT
fbem-8998	345	9	1969	1969	NUM
fbem-8998	345	10	-	-	SYM
fbem-8998	345	11	1994	1994	NUM
fbem-8998	345	12	.	.	PUNCT
fbem-8998	346	1	[	[	X
fbem-8998	346	2	15	15	NUM
fbem-8998	346	3	]	]	X
fbem-8998	346	4	tong	tong	PROPN
fbem-8998	346	5	jinzhi	jinzhi	PROPN
fbem-8998	346	6	,	,	PUNCT
fbem-8998	346	7	liu	liu	PROPN
fbem-8998	346	8	shiyuan	shiyuan	PROPN
fbem-8998	346	9	,	,	PUNCT
fbem-8998	346	10	lin	lin	PROPN
fbem-8998	346	11	zhifan	zhifan	PROPN
fbem-8998	346	12	.	.	PUNCT
fbem-8998	347	1	fiscal	fiscal	ADJ
fbem-8998	347	2	subsidies	subsidy	NOUN
fbem-8998	347	3	,	,	PUNCT
fbem-8998	347	4	life	life	NOUN
fbem-8998	347	5	cycle	cycle	NOUN
fbem-8998	347	6	and	and	CCONJ
fbem-8998	347	7	corporate	corporate	ADJ
fbem-8998	347	8	r&d	r&d	NOUN
fbem-8998	347	9	innovation	innovation	NOUN
fbem-8998	348	1	[	[	X
fbem-8998	348	2	j	j	X
fbem-8998	348	3	]	]	X
fbem-8998	348	4	.	.	PUNCT
fbem-8998	349	1	fiscal	fiscal	ADJ
fbem-8998	349	2	research	research	NOUN
fbem-8998	349	3	,	,	PUNCT
fbem-8998	349	4	2018(4	2018(4	NUM
fbem-8998	349	5	):	):	PUNCT
fbem-8998	349	6	33	33	NUM
fbem-8998	349	7	-	-	SYM
fbem-8998	349	8	47	47	NUM
fbem-8998	349	9	.	.	PUNCT