Corporate Performance of Mixed Enterprises
研究香港上市公司的三种私有化程度（蓝筹股、红筹股、H股），发现混合所有制企业盈利和估值低于完全私有化企业，但红筹股在市场信心有利时效率更高；政府持股和薪酬激励在危机时期对盈利有反作用。
We delineate Hong Kong listed corporations into three levels of privatization: the fully privatized blue chips, semi‐privatized red chips and the least privatized H shares. Both H shares and red chips are mixed enterprises that mimic private ownership with joint government and private stock ownership. We find that mixed enterprises are less profitable and lower valued than the fully privatized blue chips, but red chips are more efficient and perform better than blue chips when market confidence swings to their favor. Regression analysis suggests that increased stock ownership by the government and increased emolument incentives are counterproductive to profitability, especially in bad economic times of the 1997–98 Asian financial crisis.