In this study, we classified the change of management model in some industries by the type, and illustrated the changing process. Among the industries, we tried a case study on oil refining industry which had a long history and experienced various change of management model, to see how the change of management model had an effect on competition mechanism. Competitive pressure seems to be in effect among the firstly established public company and lately entered private companies. Refinery companies showed homogeneous action, thus revealed the yardstick competition under the government control. Meanwhile, they showed the big variability in their management performance. After the privatization and deregulation, oil refining industry showed both increasing performance in market competition and harmful consequence due to price collusion. This means that market discipline is not necessarily formed. If the companies get accustomed to government control in the long time, discipline mechanism cannot be established autonomously.