Differing with the extant literature on mature economies, the two forms of reorganization (restructurings and reconfigurations) may have different effects on firm performance in emerging economy due to its distinctive features such as the highly dynamic environment and government involvement. The study empirically investigated the different roles of restructurings and reconfigurations in firm performance and the moderating role of state ownership in emerging economies. It was conducted using dynamic panel analysis of the top 50 listed Chinese firms in IT industry including both state-owned and private firms from 2009 to 2018. The results show that the positive impact of restructuring on performance is larger than the role of reconfiguration in emerging economies. The state ownership weakens the role of restructuring in firm economic performance but strengthens the role of reconfiguration. We contribute to the dynamic capabilities literature by comparing for the first time the performance implications of organizational restructurings and reconfigurations.