混合所有制改革的不断深化和新一代数字信息技术的发展，推动民营企业革新治理观念，国有大股东参与治理已成为现代民营企业培育核心竞争力的关键。目前，传统同质大股东治理模式已难以适宜日渐多变的发展环境，越来越多的民营企业通过“逆向混改”引入国有资本，实现异质大股东优势互补，藉以实现绿色可持续发展。在此背景下，研究数字化转型、国有大股东治理对民营企业ESG表现具有重要的理论和实践价值。

尽管当前已有研究基于股权结构的角度考察了异质股东治理对企业ESG表现的影响，但鲜有文献基于“逆向混改”这一制度背景，研究国有大股东治理与民营企业ESG表现的关系。因此，本文以A股上市民营企业2010年至2022年的面板数据为样本进行实证分析，探究数字化转型背景下国有大股东治理对民营企业ESG表现的影响及作用机制。研究结果表明：（1）国有大股东治理对民营企业ESG表现具有显著的促进作用。（2）数字化转型对民营企业ESG表现具有显著的促进作用。（3）数字化转型在国有大股东治理与民营企业ESG表现中具有正向调节作用。（4）混合所有制改革在国有大股东治理与民营企业ESG表现中具有正向调节作用。机制分析发现，国有大股东治理通过提升民营企业监督水平、提高民营企业内部控制质量、缓解民营企业融资约束以及提高民营企业社会声誉等多渠道地提高了其ESG表现。进一步研究表明，国有大股东治理和数字化转型均促进了民营企业高质量发展；数字化转型正向调节国有大股东治理与民营企业高质量发展之间的关系。与大规模民营企业相比，国有大股东治理对小规模民营企业ESG表现的影响更显著；与高治理组相比，国有大股东治理对低治理组民营企业ESG表现的促进作用更显著；与服务业企业相比，国有大股东治理对制造业民营企业ESG表现的促进作用更显著。最后，结合研究结论提出相关政策建议。

本文系统研究了国有大股东治理和数字化转型对民营企业ESG表现的影响和内在作用机制，丰富了国有大股东治理的经济后果研究，并从企业股权治理的角度深入探究了影响民营企业ESG表现的因素，为政府进一步推进混合所有制改革和数字化转型，科学高效地提高民营企业ESG表现提供经验证据。

The continuous deepening of mixed ownership reform and the development of a new generation of digital information technology have promoted the reform of private enterprises' governance concepts, and the participation of state-owned major shareholders in governance has become the key to the cultivation of core competitiveness of modern private enterprises. At present, the traditional homogeneous major shareholder governance model is no longer suitable for the increasingly changeable development environment. More and more private enterprises introduce state-owned capital through "reverse mixed reform" to realize the complementary advantages of heterogeneous major shareholders, so as to achieve green and sustainable development. In this context, it is of great theoretical and practical value to study the digital transformation and the governance of state-owned major shareholders for the ESG performance of private enterprises.

Although existing studies have examined the impact of heterogeneous shareholder governance on ESG performance of enterprises from the perspective of ownership structure, few literatures have studied the relationship between state-owned major shareholder governance and ESG performance of private enterprises based on the institutional background of "reverse mixed reform". Therefore, this paper takes the panel data of A-share listed private enterprises from 2010 to 2022 as A sample for empirical analysis to explore the impact of state-owned major shareholder governance on the ESG performance of private enterprises under the background of digital transformation and its mechanism. The results show that: (1) the governance of state-owned major shareholders has a significant promoting effect on the ESG performance of private enterprises. (2) Digital transformation has a significant role in promoting the ESG performance of private enterprises. (3) Digital transformation has a positive moderating effect on the governance of state-owned major shareholders and the ESG performance of private enterprises. (4) Mixed ownership reform has a positive moderating effect on the governance of state-owned major shareholders and the ESG performance of private enterprises. Mechanism analysis shows that the governance of state-owned major shareholders can improve the ESG performance of private enterprises through various channels, such as improving the supervision level of private enterprises, improving the quality of internal control of private enterprises, easing the financing constraints of private enterprises, and improving the social reputation of private enterprises. Further research shows that the governance of state-owned major shareholders and digital transformation both promote the high-quality development of private enterprises; Digital transformation positively regulates the relationship between the governance of state-owned major shareholders and the high-quality development of private enterprises. Compared with large-scale private enterprises, the governance of state-owned major shareholders has a more significant impact on the ESG performance of small-scale private enterprises. Compared with the high governance group, the governance of state-owned major shareholders has a more significant promoting effect on the ESG performance of private enterprises in the low governance group. Compared with service enterprises, the governance of state-owned major shareholders has a more significant promoting effect on the ESG performance of private manufacturing enterprises. Finally, relevant policy suggestions are put forward based on the research conclusions.

This paper systematically studied the impact and internal mechanism of the governance of state-owned major shareholders and digital transformation on the ESG performance of private enterprises, enriched the research on the economic consequences of the governance of state-owned major shareholders, and deeply explored the factors affecting the ESG performance of private enterprises from the perspective of corporate equity governance, so as to further promote the mixed ownership reform and digital transformation for the government. Scientific and efficient improvement of private enterprise ESG performance to provide empirical evidence.