The 19 th National Congress of the Communist Party of China(CPC)clearly pointed out that to deepen the reform of soes,the State-owned Assets Supervision and Administration Commission(SASAC)formulated a "three-year action plan" for the period from 2020 to 2022.By March 2022,a total of 454 enterprises were listed in the latest "Two Hundred Enterprises" list.Mixed correction in full swing.In the process of mixed reform of state-owned enterprises,zombie enterprises have always been a stumbling block on the way forward.In September 2020,the so E reform mobilization and deployment meeting clearly pointed out that we should further promote the disposal of "zombie enterprises".By the end of 2020,THE State-owned Assets Supervision and Administration Commission(SASAC)has cleared 700 enterprises from the market and settled more than 800,000 people in total.Based on this background,this paper takes Chongqing Iron and Steel as an example to study the motivation of the mixed ownership reform of state-owned zombie enterprises and analyze the economic consequences,in order to enrich relevant achievements and provide reference for the mixed ownership reform of stateowned enterprises.This paper is divided into five chapters.The first chapter is the introduction,which mainly explains the research background and significance.Research contents and methods;Research ideas,innovations and deficiencies.The second chapter is related theories and literature review,on the basis of defining the relevant concepts of this paper;The theory related to the research and the relationship between mixed reform are introduced.The paper summarizes the concept of mixed reform,the scope and function of the implementation of mixed reform,the definition and identification of zombie enterprises,and the relationship and function between mixed reform and zombie enterprises.The third chapter is case introduction,introduced the basic situation of Chongqing Iron and Steel;Fn-chk model and blood transfusion rate method were used to identify the zombie enterprise.The content of mixed-ownership reform is also explained from the course of mixed-ownership reform,changes of shareholders and specific plans.Then,it is analyzed that the motive of mixed-ownership reform is to retain listing qualification and protect state-owned assets.Find sources of blood transfusion and generate cash flow;Maintain production and operation and retain production capacity;Stabilize local employment and assume social responsibilities.Finally,the specific path to get rid of zombified is studied.Improve management and employee incentive system;Develop new business plan and strategy.The fourth chapter is the study of the economic consequences of mixed-ownership reform,analyzing the changes of four financial capabilities,cash flow,EVA and non-financial performance before and after the mixed-ownership reform to analyze the economic consequences.The fifth chapter is the conclusion and suggestion,the research conclusion shows that: The overall goal of Chongqing Iron and Steel reform is to get rid of zombie;The key to the success of mixed-ownership reform lies in the deep participation of private enterprises in corporate governance.Mixed reform will help zombie soes improve their performance.Four suggestions are put forward: accelerate institutional construction and expand the scope of mixed-use reform;Grasp the characteristics of enterprises and accurately promote mixed reform;Explore governance mechanisms to avoid mismanagement;We will foster a mixedownership reform culture and protect all types of property rights.Studies on the reform of mixed ownership are common,but there are few studies on the reform of state-owned zombie enterprises.The contribution of this paper is as follows: First,it innovates the perspective and focuses on the reform of mixed ownership and zombie enterprises.Zombie enterprises are selected as the starting point to study the motivation of the reform of mixed ownership and the improvement of governance mechanism,incentive system and strategy formulation.Secondly,the selection of model enterprises,Chongqing Iron and Steel is a few zombie enterprises through the mixed reform to revitalize the model enterprises,give full play to the effects of the mixed reform model enterprises,representative;Third,from the case to the theoretical level,summarize the reasons and keys for the success of the zombie so E mixed reform,and put forward common suggestions. |