Impact Of Governance Structure Under Mixed Reform On The Performance Of State-owned Enterprises In The Steel Industry

Since the reform and opening up,China's state-owned enterprises have been continuously exploring for reform and development.When the Third Plenary Session of the 18 th Central Committee of the People's Republic of China in 2013 deployed the comprehensive deepening of state-owned enterprise reform in the new era,it mentioned that it is necessary to vigorously develop a mixed-ownership economy.After undergoing mixed reforms,state-owned enterprises still occupy the absolute controlling position of the enterprise.China's mixed reform has experienced the era of 1.0 and 2.0 in which stateowned enterprises have always occupied the absolute controlling position of the enterprise and the state-owned equity has dropped to less than 50% after the introduction of foreign capital.Gree said in the evening of April 8,2020 that the controlling shareholder Gree Group intends to publicly solicit transferees and agree to transfer 15% of its equity in Gree Electric.This will change both the controlling shareholder and the actual controller,which also indicates that the 3.0 era of mixed reform of state-owned enterprises is about to begin.In addition,under the background of problems such as overcapacity and the sluggish steel market,the development of the steel industry has been continuously affected.Many state-owned enterprises and governance structures plague many enterprises.At the same time,state-owned enterprises in the steel industry,such as Shandong Iron and Steel,Xinyu Iron and Steel,and Bohai Iron and Steel,are also planning mixed ownership reforms in order to enable their further development.Chongqing Iron and Steel is a typical case of resurrection from bankruptcy and reorganization.The optimization of corporate governance structure during the process of reorganization has contributed to the rebirth of enterprises.This paper intends to indicate the importance of governance structure to corporate performance for other state-owned enterprises in the steel industry that have similar problems or are about to undergo mixed changes through the study of this case.From domestic and foreign research,it can be concluded that mixed reform has a certain impact on the improvement of the management model and governance mechanism of state-owned enterprises,and subsequently improves the operating efficiency of stateowned enterprises.However,in the process of mixed reform,there are not many cases of the success of mixed reforms,especially in the steel industry.Due to the huge impact of supply-side reforms,the huge impact of mixed reforms on state-owned enterprises in the steel industry is generally ignored,and there is also a lack of successful experience references in the steel industry.The main research questions in this article are: How does the governance structure under the mixed reforms affect the company's performance? Will it improve the company's operating performance? Are there special performance impact paths in the steel industry?This article adopt a combination of the literature research method and case study method.Taking Chongqing Iron & Steel Co.,Ltd.as a successful case of mixed reforms in the steel industry,the study analyzes the corporate governance structure before and after the mixed reforms,and anticipates changes in corporate performance according to the implementation of specific measures that follow.It then evaluates the impact of governance structure on the performance of state-owned enterprises in the steel industry by integrating basic financial indicators,and based on DEA The performance analysis under the method conducts a comprehensive analysis of enterprise performance to verify.Finally,based on the foregoing research,suggestions for strengthening management are proposed,which has certain theoretical and practical significance for the state-owned enterprises in the iron and steel industry to cope with the incoming 3.0 wave of mixed reform.