We evaluate the performance changes of 634 state-owned enterprises (SOEs) listed on China's two exchanges upon share issuing privatisation (SIP) in the period 1994-1998. We find that SIP is effective in improving SOEs' earnings ability, real sales, and workers' productivity but is not successful in improving profit returns and leverage after privatisation. We also find state ownership having negative impacts on firm performance and legal-person ownership having positive impacts on firm performance after SIP, which suggests that legal persons behave differently from the state government. Surprisingly, foreign ownership does not show uniformly strong, positive impacts on firm performance. r

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The effect of government ownership on firm performance remains a controversial issue, especially in a transitional economy like China. Government ownership is typically viewed as adversely affecting firm performance. This study of that of Mainland China's privatization experience indicates the opposite. No matter whether it is in the form of state ownership or legal person ownership, government ownership has a positive impact on partially privatized state-owned enterprises. However, this relationship is nonlinear and shows an inverted U-shape. Given the situation of highly indebted, non-performing state-owned enterprises, we argue that too much government control is indeed bad for enterprises. But too little government ownership may not be good either. It might mean a lack of the government's political support and business connections, which are valuable and necessary to vitalize performance. Copyright Blackwell Publishers Ltd 2002.

Figure 1: Given an input Horse model (a), our method generates a skin-frame structure (b), which is approximate to the model, to minimize the cost of material used in printing it. The frame structure is designed to meet various constraints by an optimization scheme. In (b) we remove the front part of the skin in order to show the internal structure of frame. (c) is the photo of an printed model by removing part of its skin to see the internal struts. (d) is the photo of the printed model generated by our method. A small red drawing pin is put under the object as a size reference in (c) and (d) respectively. The material usage in (d) is only 15.0% of that of a solid object. Abstract3D printers have become popular in recent years and enable fabrication of custom objects for home users. However, the cost of the material used in printing remains high. In this paper, we present an automatic solution to design a skin-frame structure for the purpose of reducing the material cost in printing a given 3D object. The frame structure is designed by an optimization scheme which significantly reduces material volume and is guaranteed to be physically stable, geometrically approximate, and printable. Furthermore, the number of struts is minimized by solving an 0 sparsity optimization. We formulate it as a multi-objective programming problem and an iterative extension of the preemptive algorithm is developed to find a compromise solution. We demonstrate the applicability and practicability of our solution by printing various objects using both powder-type and extrusion-type 3D printers. Our method is shown to be more cost-effective than previous works.