Moderating effects test.

Against the backdrop of environmental challenges and resource constraints, deepening mixed ownership reform and promoting green development of enterprises have become a significant trend, and the resource and governance effects arising from the state-owned (SOE) equity participation in private enterprises (PEs) have become a prominent research topic. The article empirically examines the influence of state-owned equity involvement on the green transformation of private firms using a two-way fixed effects model, utilizing a sample of Shanghai and Shenzhen A-share listed private enterprises from 2013 to 2022. The results indicate that SOE equity participation considerably speeds up the green transformation process of PEs, and the conclusion remains consistent following several robustness tests. Through the two channels of financing efficiency and environmental information disclosure, SOE equity participation encourages the green transformation of PEs; management compensation incentives have a positive moderating effect on SOE equity participation and the green transformation of PEs. According to heterogeneity analyses, SOE ownership has a stronger motivating effect on PEs’ green transformation for large-scale, high-tech, and eastern area firms. The findings enrich the inquiry into the economic effects of reverse mixed reform and establish practical methods and theoretical foundations for private enterprises to promote green transformation.在环境挑战与资源约束的时代背景下，深化混合所有制改革、推动企业绿色发展已成为重要发展趋势，国有资本（State-Owned Enterprise, SOE）参股民营企业（Private Enterprise, PE）所产生的资源效应与治理效应，也成为学界备受关注的研究议题。本文以2013-2022年沪深A股上市民营企业为研究样本，采用双向固定效应模型，实证检验了国有股权参与对民营企业绿色转型的影响效应。研究结果表明，国有资本参股可显著加快民营企业绿色转型进程，且经过多组稳健性检验后，该结论依然成立。机制分析显示，国有资本参股可通过融资效率与环境信息披露两条路径推动民营企业绿色转型；管理层薪酬激励对国有资本参股与民营企业绿色转型的关系具有正向调节作用。异质性分析结果表明，国有资本参股对大规模企业、高新技术企业以及东部地区民营企业的绿色转型激励效应更为显著。本研究丰富了反向混合改革经济效应的相关研究，也为民营企业推进绿色转型提供了实践路径与理论依据。