Abstract: Based on data from A-share listed private enterprises in China from 2008 to 2022, this paper studies how “reverse mixed-ownership reform” affects the digital transformation and reveals the potential transformation pathways, and analyzes the economic implications of this reform for private enterprises. The empirical results show a U-shaped relationship between “reverse mixed-ownership reform” and the digital transformation in private enterprises. As the reform progresses, the level of digital transformation initially declines and then rises. Moreover, green innovation capability plays an intermediary role in this relationship. Specifically, green innovation capability exhibits an inverted U-shaped pattern, which leads to the observed U-shaped transformation in digitalization. Heterogeneity analysis reveals that the U-shaped relationship is more pronounced in contexts with weaker digital economy policies and higher market competition intensity. From the perspective of economic consequences, “reverse mixed-ownership reform” contributes to the long-term growth and sustainable development of private enterprises.

Key words: reverse mixed-ownership reform, digital transformation, green innovation, sustainable development

摘要： 本研究基于2008~2022年中国A股民营上市公司的数据，探讨“逆向混改”如何影响其数字化的转变过程，揭示潜在的作用路径，并分析此类变革对民营公司产生的经济效应。实证结果表明：“逆向混改”与民营企业数字化转型呈现显著的U型关系，即随着逆向混改程度的深化，数字化转型水平呈现先下降后上升的趋势；绿色创新能力在“逆向混改”与民营企业数字化转型之间发挥中介作用，其自身呈现倒U型变化，进而引致民营企业数字化转型呈现先降后升的U型变化。异质性分析发现，在数字经济政策强度较低、市场竞争强度较高的情境下，“逆向混改”与民营企业数字化转型同样呈现先降后升的U型变化。从经济后果来看，“逆向混改”有助于民营企业实现基业长青与可持续发展。

关键词: 逆向混改, 数字化转型, 绿色创新, 可持续发展