Performance Study Of Chongqing Iron And Steel’s Two-stage Mixed Ownership Reform

Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China in 2013,China’s state-owned enterprises have embarked on mixed ownership reform,integrating private capital into state-owned enterprises,and reforming state-owned enterprises into market competitors with independent operations.In 2016,the reform continued to advance,and the government work report pointed out "deepening the mixed ownership reform",and the National Development and Reform Commission proposed that enterprises implement pilot reforms.As a large enterprise in the steel industry,Chongqing Iron and Steel’s reform has a great impact on all walks of life,so this paper selects Chongqing Iron and Steel as the research object,the difference is that the implementation of two-stage mixed ownership reform,this paper studies the performance of Chongqing Iron and Steel’s two-stage mixed ownership reform.This paper first sorts out and studies the relevant literature of mixed ownership reform,finds that resources play an important role.Combined with the theory of resource orchestration,the theoretical framework of "resource construction-resource utilization-performance improvement" was constructed,and the market,financial and non-financial performance of Chongqing Iron and Steel Mixed Ownership Reform was calculated and analyzed by combining the principal-agent theory,synergy effect theory and incentive theory.The research results show that Chongqing Iron and Steel carried out the first stage of mixed ownership reform when facing the risk of delisting,introduced strategic investors,implemented employee stock ownership plans,stimulated employee motivation,and exerted synergies between various departments to successfully help enterprises get rid of delisting risks.After the operation situation stabilized,the second stage of mixed ownership reform was carried out,and Chongqing Iron and Steel optimized the governance structure,increased R&D investment,and enhanced the profitability and development capacity of the enterprise.Chongqing Iron and Steel carried out efficient resource allocation in the process of two-stage mixed ownership reform,improved financial performance,market performance and non-financial performance.This paper concludes through case studies that mixed ownership reform can help enterprises to arrange resources scientifically and rationally and improve their performance.The two-stage mixed ownership reform not only helped Chongqing Iron and Steel achieve the goal of resolving the debt crisis and improving profitability,but also improved the corporate governance structure and governance mechanism,improved financial and non-financial performance,and laid the foundation for the long-term development of the enterprise.This provides experience for other SOEs,especially those planning to implement mixed ownership reform,and also enriches research methods and performance analysis related research on mixed ownership reform.