近些年来，全球产能过剩，同时我国经济面临着重大挑战。因此，我国在2016年提出供给侧结构性改革，改革的重心就是帮助企业去产能，使企业可以成功转型升级。钢铁行业作为产能过剩的重灾区，也是本次改革的重难点。在国家高速发展阶段，钢铁行业作为国民经济的主导力量和支柱，有着举足轻重的作用。而在目前的经济形势下，很多企业因经营不善陷入了财务危机，对于这类仍有发展潜力的企业实施破产重整，可以使企业摆脱财务危机，保护相关利益方和破产企业。 论文首先回顾了国内外学者对于破产重整和财务绩效的相关文献，随后通过分析自2007年以来53家经历过破产重整的企业，发现多数企业进行破产重整是剥离了原经营业务，部分企业的财务绩效较重整前都得到提升，其次介绍了重庆钢铁的大致情况以及其选择破产重整的原因，对其重整过程进行了梳理。文章采用财务指标分析法和层次分析法结合的方法研究企业破产重整后的财务绩效，研究发现重庆钢铁在经过破产重整后，其各项财务指标均有提升，偿债能力和盈利能力尤为突出，但企业的发展能力明显不足。随后选取19家上市钢铁企业与重庆钢铁目前的财务绩效做对比，发现企业可持续发展方面的确实有缺陷，同时在重整后对企业价值提升具有一定作用。最后分析合理有效的破产重整对各利益方均有益。文章结尾也对重庆钢铁的未来发展和我国破产重整制度提出建议，为其他面临相似困境的国有企业提供借鉴意义。 本文对重庆钢铁的案例分析丰富了国有上市企业破产重整财务绩效方面的研究，重庆钢铁是国内首例“A+H”股进行破产重整，从其成功案例中总结经验对企业去产能、摆脱财务危机和提升企业效益具有一定现实意义。

China's corporate debt burden has become more serious, the company's operations are also difficult. In particular, state-owned traditional enterprises play a pivotal role as the leading force and pillar of the national economy during the rapid development of the country. In the current economic situation, due to the nature of its industry, many enterprises have fallen into a debt crisis due to poor management. For state-owned enterprises that have serious development potential but still have development potential, bankruptcy and reorganization can protect relevant stakeholders. At the same time, it can also give the enterprise a chance to regroup. The paper first reviews the literatures of domestic and foreign scholars on bankruptcy reorganization and financial performance, and then summarizes the general situation of 54 companies that have experienced bankruptcy and reorganization since 2007, as well as the financial performance before and after reorganization, and found that Only a small number of enterprises will choose to retain the original main business, and secondly introduce the general situation of Chongqing Iron and Steel and the reasons for its bankruptcy reorganization, and sort out the reorganization process. The article uses the combination of financial index analysis and analytic hierarchy process to study the financial performance of bankruptcy after bankruptcy reorganization. Then, the 19 listed steel companies are compared with the current financial performance of Chongqing Iron and Steel, and finally the bankruptcy reorganization is evaluated for various stakeholders. The research results show that after the bankruptcy and reorganization of Chongqing Iron and Steel, its financial indicators have been improved, and its solvency and profitability are particularly prominent. However, the development capability of the company is obviously insufficient. It is more clear by comparison with 19 steel companies. There are indeed defects in the sustainable development of enterprises; enterprises have a certain effect on the value of enterprises after reorganization; reasonable and effective reorganization plans are beneficial to all stakeholders. This paper's case study of Chongqing Iron and Steel has enriched the research on the financial performance of bankruptcy and restructuring of state-owned listed companies. Chongqing Iron and Steel is the first “A+H” stock in China to undergo bankruptcy reorganization, summing up experience from its success stories to the destructive capacity of intrinsic enterprises. It is of practical significance to get rid of the debt crisis and improve the efficiency of enterprises.