Study On Governance Path And Performance Of State-owned Enterprise Mixed Reform On Zombie Enterprises

Since the reform and opening up,the reform of my country’s state-owned enterprises has always been advancing in exploration,and constantly looking for new kinetic energy to promote the development of state-owned enterprises in the reform.The Third Plenary Session of the 18 th CPC Central Committee made a major strategic plan for the new round of reform of state-owned enterprises,and proposed that mixed ownership should be the main starting point for the reform of state-owned enterprises,thus unveiling the curtain of a new round of reform of state-owned enterprises in China.In the deepening of the reform of state-owned enterprises,the important role of iron and steel enterprises in the national economy and the reality of the continuous downturn have aroused special attention from academic circles and government management authorities.Judging from the current development status of iron and steel enterprises and the industry,the outstanding performance is that the production capacity of the iron and steel market is seriously excessive,the competition is in a vicious circle,the profit margins of some state-owned iron and steel enterprises have declined,and there are even serious losses.Governments at all levels have to maintain the daily operations of state-owned steel enterprises through loans or financial subsidies.Even so,the situation of insolvency will still occur,the entire industry has entered a development dilemma,and even individual large state-owned steel enterprises have become "zombie enterprises".".In order to solve the development dilemma of iron and steel enterprises,governments at all levels have adopted the policy tool of mixed ownership reform based on the principle of "more mergers and reorganizations,less bankruptcy and liquidation" proposed in the report of the 19 th National Congress of the Communist Party of China,hoping to push China’s steel industry out of the predicament.In the current reform practice of the steel industry,there are relatively few cases of getting out of trouble by improving the governance structure through mixed ownership reform.The vivid case of Chongqing Iron and Steel’s transformation from a "zombie enterprise" facing bankruptcy to the use of mixed ownership reform to reorganize and then achieve Nirvana rebirth provides important scenario materials for the study.For this reason,this paper takes Chongqing Iron and Steel as the research object,and through systematic analysis,expects to bring practical experience to the state-owned iron and steel enterprises that need to get out of the zombie state.Based on the existing theory,this paper adopts the method of literature research and case study,taking Chongqing Iron and Steel as a typical case,firstly analyzes the cause of its zombification,and analyzes the process of its rebirth through mixed reform.Secondly,combined with basic financial index analysis,event research method,EVA,etc.,to compare the changes in corporate performance before and after the mixed ownership reform from multiple perspectives.Finally,by summarizing the reform paths and methods of Chongqing Iron and Steel’s successful implementation of mixed ownership reform and getting out of the predicament,some suggestions and inspirations are put forward,and it is expected to provide practical reference for other state-owned zombie enterprises to use mixed ownership reform to get out of the predicament.