"逆向混改"与民营企业ESG表现

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.