Research On The Efficiency Impact Of Mixed Reform On Stateowned Enterprises' Bankruptcy Reorganization

Under the background of the country's vigorous promotion of mixed ownership reform,the steel industry is one of the key industries to implement mixed ownership reform.As a stateowned enterprise,Chongqing Iron and Steel has successfully implemented bankruptcy reorganization by introducing mixed measures such as strategic investors,debt-for-equity swaps and employee stock ownership to reduce its financial risks and improve its corporate governance mechanism.Chongqing Iron and Steel has been rated as one of the top ten typical bankruptcy cases in the national courts.Therefore,this paper chooses Chongqing iron bankruptcy to analyze the impact of mixing reform on restructuring efficiency.Based on the existing theoretical basis,this paper analyzes that under the pressure of widespread overcapacity in the steel industry,rising raw material prices,falling product demand,and poor management,Chongqing Iron and Steel fell into operational,financing and technical difficulties,leading to continuous losses and insolvency of Chongqing Steel.Therefore,the bankruptcy reorganization of Chongqing Iron and Steel aims to solve the huge debt,capital turnover problem,sustainable business problems.The analysis shows that the reform of mixed ownership improves the capital structure of enterprises,reduces the financing capital cost and reduces the financial risk of enterprises,thus improving the efficiency of reorganization.The study concluded that Chongqing Iron and Steel successfully implemented the mixed ownership reform in the restructuring,through solving its own financial difficulties and improving corporate governance,to successfully complete the bankruptcy restructuring.Finally,in view of this bankruptcy reorganization in the shortcomings of several Suggestions: should ensure the market to divest non-performing assets,improve the creditors exit mechanism.This paper,for the first time,conducts a detailed efficiency study on the whole process of bankruptcy reorganization of listed companies,and analyzes the influence of mixed ownership reform on the efficiency of bankruptcy reorganization,enriching the research on the influence of restructuring means selection on the efficiency of reorganization,so as to provide experience for enterprises facing the same predicament in the steel industry.