"Reverse Mixed Reform" and ESG Performance of Private Enterprises

• 1、Evergrande School of Management, Wuhan University of Science and Technology, Wuhan 430065

Abstract：Based on the panel data of private listed companies from 2018 to 2021, construct a panel model and an intermediary effect model to verify the impact and mechanism of the introduction of state-owned capital by private enterprises (hereinafter referred to as "reverse mixed reform") on ESG performance. The results show that: (1) "Reverse mixed reform" can significantly promote the ESG performance of enterprises; (2) The proportion of state-owned capital introduced in "Reverse mixed reform" has a threshold effect on the impact of corporate ESG performance; (3) The mechanism test results show that equity pledge Play a mediating effect in the process of "reverse mixed reform" on ESG performance, that is, "reverse mixed reform" improves ESG performance by reducing equity pledges; financing constraints play a positive regulatory role in the process of "reverse mixed reform" on ESG performance , that is, for enterprises with greater financing constraints, the promotion effect of "reverse mixed reform" on ESG performance is strengthened. Finally, some suggestions are put forward: private enterprises should actively introduce state-owned capital to improve the level of sustainable development. At the same time, they should also pay attention to the proportion of state-owned capital introduced should not be too high, and should pay more attention to the impact of equity pledge and financing constraints on enterprises.

Keywords： "Reverse Mixed Reform" ESG Performance Equity Pledge Financing Constraints