Research On The Performance Of CQS Iron & Steel Introducing Strategic Investors In The Context Of Mixed Reform

State-owned economy is an important part of China ’s economy,enhance its competitiveness and innovation ability is an important path to promote the development of the national economy,promote the reform of state-owned enterprises,is conducive to enhance the role of state-owned enterprises in China’ s economy and influence,the development of mixed ownership economy has become an important way of reform of state-owned enterprises.Since the 18th National Congress of the Communist Party of China(CPC),China has encouraged the development of a mixed ownership economy to actively launched mixed ownership reform,and more and more state-owned enterprises have carried out mixed ownership reform and achieved good results.The introduction of strategic investors to realize mixed ownership reform is an effective path for state-owned enterprises to carry out reform.This measure can bring new development vitality to state-owned enterprises and revitalize some old state-owned enterprises.Therefore,the study of the case of state-owned enterprises ’enterprise reform has become an important topic to realize China’ s comprehensively deepening reform strategy.This paper selects the case of the listed enterprise CQS Iron & Steel Co.,Ltd.(to avoid inconvenience to the company,using CQS Iron & Steel as its representative)as the research object,focusing on analyzing the changes of enterprise performance before and after the introduction of strategic investors.The paper first summarizes the relevant literature of mixed ownership reform and strategic investors,and expounds the basic concepts,basic theories and the enterprise performance analysis methods used in the paper research.Then it comprehensively introduces the specific situation of CQS Iron & Steel and the introduced strategic investors,and the background,motivation,course and specific plan faced by CQS Iron & Steel and the introduced strategic investors.Next,the calculation of excess returns and cumulative excess returns to analyze the impact of introducing strategic investors on market performance.The financial index method is adopted to vertically analyze the financial performance of the enterprise from four aspects of solvency,profitability,operation ability and development ability.In order to reduce the dimension of the variables,to obtain the horizontal analysis of the financial performance of the enterprise by factor analysis method.Introducing three non-financial indicators: development strategic objectives,production and marketing status,and innovation ability,and analyzing the impact of CQS Iron & Steel introducing strategic investors on non-financial performance,so as to evaluate the sustainable development ability of CQS Iron & Steel.Finally,the performance analysis results of strategic investment,propose the success and existing problems,rebuild the market confidence,optimize the debt structure,improve the risk management system,reduce efficiency and seek new profit growth points,and improve the innovation and incentive mechanism to provide useful experience and reference for CQS Iron & Steel and other enterprises.