Research On The Performance Of COSCO Under The Background Of State-owned Enterprise Reform

State-owned enterprises are an important force for China’s liberation and development of social productivity and an important pillar for realizing a harmonious society and common prosperity.At the same time,it is also the main cornerstone of state power and party governance.At a time when the international economic situation is getting more and more severe,China’s state-owned enterprises as an important part of China’s comprehensive deepening reform,it is necessary for China’s state-owned enterprises to carry out reforms to optimize industrial layout,achieve strategic restructuring,promote the preservation and appreciation of state-owned capital,and promote the expansion of state-owned capital.Finally,achieve the goal of improving the competitiveness of China’s state-owned enterprises in the international market.As a cyclical industry,the shipping industry is generally faced with a severe market test of excess capacity and shrinking demand due to the financial crisis.This paper selects Cosco Shipping Holdings,a state-owned large-scale shipping enterprise,as the research object studies the business performance of Cosco Shipping Holdings restructuring behavior based on principal-agent theory,scale efficiency and synergy effect hypothesis.Firstly,this article introduces the basic situation of the case company,and then analyzes the motives of Cosco ShippingHoldings restructuring based on the motivation of China’s state-owned enterprises to implement the reform;describes the process of the company restructuring and the results of the restructuring.Then through the financial indicators,it mainly analyzes the changing trend of business performance before and after the restructuring of the case company,the economic value added and the trend of the operating efficiency of state-owned capital.Then,the changes in business performance of Cosco Shipping Holdings restructuring behavior were summarized.Finally,it made recommendations for Cosco Shipping Holdings to further improve its development capabilities,and made corresponding suggestions for the reform of China’s state-owned enterprises.Through research,the motivations for the implementation of reforms in China’s state-owned enterprises mainly include optimizing the industrial layout and structure,improving the status of state-owned enterprises and market competitiveness,and better fulfilling social responsibilities and achieving public social goals.The main reasons for the reorganization of the case company are as follows: First,as China’s shipping giant,responding to China’s state-owned enterprise reform and the “One Belt,One Road” policy call;second,optimizing business modules and building industrial clusters;third,strengthening professional service capabilities and striving to become the world’s leading shipping industry enterprise.Through the performance study of Cosco ShippingHoldings,it is found that since the reorganization in 2016,the company’s profitability,operational capability and growth ability have been improved,but its solvency change is not obvious,economic value added and state-owned capital preservation and appreciation The rate increase is more obvious,so Cosco Shipping Holdings restructuring is more successful.However,there are still some problems in Cosco Shipping Holdings.The short-term solvency decline may have financial risks,and the net profit growth rate is lower than the industry average.Finally,the following suggestions in this paper: Cosco Shipping Holdings should develop market extension,improve resource allocation capability,innovate business model and bring into play the synergy effect of business and industrial clusters;China’s state-owned enterprise reform should continue to improve corporate governance system,comply with laws and regulations,assist major industries,and achieve Innovation-driven to improve the efficiency of state-owned capital operations.