这意味着国有股的比例越高，公司业绩报告越不会引发市场的反应，市场容易出现反应不足的情况，业绩报告的信息效率越低；

This means that the higher of the proportion of state-owned shares, the lower vulnerable to the lack of market response and informational efficiency.

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然而这些反应仅仅是在单个国家的框架内，经常对别国反应的效果考虑不足。

But responses are framed at the national level, and often take insufficient account of the effect on others.

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虽然，崇拜作为一种值得赞赏的反应，相比于更实在的良性嫉妒，却并不足以激励我们。

Admiration, though, while a laudable reaction, is less likely to spur us on than a solid dose of benign envy.

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