Research On Motivation And Performance Of Mixed Ownership Reform In Chongqing Iron And Steel

In recent years,with the continuous improvement of national policies,the reform of mixed ownership has steadily advanced throughout the country.As the pillar of socialist economic development with Chinese characteristics,state-owned enterprises play an important role in the national economy and people’s livelihood.However,many state-owned enterprises have problems such as disordered management,weak profitability,and low market competitiveness,and some even become "zombie enterprises" in the industry.Through the reform of mixed ownership,state-owned capital and non-state capital can complement each other in resources and enhance the market competitiveness of state-owned enterprises.Based on the above background,Chongqing Iron and Steel Co.,Ltd.,as the first steel company to introduce a structural adjustment fund for the steel industry as a strategic investor to carry out mixed reform,is also a typical case of relying on bankruptcy reorganization to carry out mixed reform from the brink of bankruptcy and bring back the dead.This article selects Chongqing Iron and Steel Co.,Ltd.as the analysis case.The article first discusses the reasons for the mixed reform of Chongqing Iron and Steel from both macro and micro perspectives,explains the necessity of carrying out the mixed reform,and then deeply analyzes the mixed reform plan and its specific implementation process.Then,it analyzes the market reaction,financial performance,and non-financial performance of Chongqing Iron and Steel.Through data comparison before and after the mixed reform,it analyzes the impact of the mixed reform on enterprise performance,and from the perspective of corporate governance,corporate strategy The incentive mechanism and other aspects of its impact mechanism are described.Finally,the paper proposes a summary and inspiration from three aspects: optimizing the ownership structure,reasonably selecting strategic investors,and establishing market-oriented management policies.By studying the motivation and performance of the mixed reform of Chongqing Iron and Steel,this article can provide experience for the reform of other iron and steel enterprises,and can also contribute to promoting the iron and steel industry to eliminate backward production capacity,improve industrial concentration,and optimize product structure.Through the above research,this article draws the following conclusion:Chongqing Iron and Steel relied on bankruptcy reorganization for mixed ownership reform,introduced strategic investors,asset disposal and debt repayment,adjusted business strategies,and implemented employee stock ownership plans.This has restored the normal and sustainable operation of the enterprise,improved its corporate governance structure,optimized its strategy,and enhanced its competitiveness,ultimately having a positive impact on enterprise performance,The positive impact is manifested on the one hand in market response,financial indicators,EVA and other financial performance,and on the other hand in non-financial performance such as enterprise innovation ability and ESG rating.