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混合所有制改革是我国经济体制改革的重要组成部分，在十八届三中全会之前，关于国企混合所有制改革的研究，主要侧重于民营企业等社会资本如何参与国企的混改过程。然而，随着十八届三中全会的召开，我国经济结构的调整与改革步伐加快，开始积极倡导各类资本间的相互融合与交叉持股。特别是2020年国企改革三年行动方案的出台，标志着混合所有制经济深化改革进入新阶段，表现出双向特征。与此同时，金融领域“去杠杆”、PPP项目“急刹车”以及党中央近年来关于生态文明建设的战略部署，对环保行业提出了更高的要求。环保民企因融资难、融资贵等问题，面临严重的流动性危机。为纾因求生，实现自身的高质量发展，环保民企掀起了逆向混改的浪潮，但逆向混改所带来的效果却不尽相同，因而引发了众多学者的热议。

文章首先对现有文献进行梳理与总结，并介绍相关理论，为后文分析提供理论支撑。其次，文章介绍了环保行业发展现状、混改双方基本概况，并在此基础上探究清新环境引入国资的动因及过程。再次，文章采用熵权-功效系数法和传统财务指标分析法，对企业引入国资前后的财务绩效进行横纵向对比分析，并通过研发投入产出、员工结构、股权集中度、社会责任得分等指标分析其引入国资前后的非财务绩效变化，同时，采用事件研究法分析清新环境引入四川生态环保集团的市场绩效。最后，对清新环境引入国资进行逆向混改的效果进行针对性总结，并提出相关建议。

研究发现清新环境主要是受国家政策影响，融资渠道受阻，为实现企业的可持续发展引入国资以缓解困境。另外，研究发现国资的引入能够拓宽企业的融资通道，解决资金困境；混改后，其创新产出增强，员工结构优化，治理结构改善，对社会责任的关注也在增加；投资者对清新环境逆向混改总体上持积极态度，但同时也保持谨慎。

The mixed ownership reform is an important part of China's economic system reform. Before the Third Plenary Session of the 18th Central Committee of the Communist Party of China, the research on the mixed ownership reform of state-owned enterprises mainly focuses on how private enterprises and other social capital participate in the mixed reform process of state-owned enterprises. However, with the convening of the Third Plenary Session of the 18th Central Committee of the Communist Party of China, the pace of adjustment and reform of China 's economic structure has accelerated, and it has begun to actively advocate the mutual integration and cross-shareholding of various types of capital. In particular, the introduction of the three-year action plan for the reform of state-owned enterprises in 2020 marks a new stage of deepening the reform of the mixed ownership economy and shows two-way characteristics. At the same time, the 'deleveraging' of the financial sector, the 'emergency brake' of PPP projects and the strategic deployment of the CPC's on the construction of ecological civilization in recent years have put forward higher requirements for the environmental protection industry. Environmental private enterprises are facing a serious liquidity crisis due to financing difficulties and expensive financing. In order to survive and achieve their own high-quality development, environmental protection private enterprises have set off a wave of reverse mixed reform, but the effects of reverse mixed reform are not the same, which has aroused heated discussion among many scholars.

The article first sorts out and summarizes the existing literature, and introduces relevant theories to provide theoretical support for the later analysis. Secondly, the article introduces the development status of the environmental protection industry and the basic situation of both sides of the mixed reform, and on this basis, explores the motivation and process of introducing state-owned capital into the SPC. Thirdly, the article uses the entropy weight-efficacy coefficient method and the traditional financial index analysis method to conduct a horizontal and vertical comparative analysis of the financial performance of the company before and after the introduction of state-owned capital, and analyzes the non-financial performance changes before and after the introduction of state-owned capital through indicators such as R&D input and output, employee structure, equity concentration, and social responsibility scores. At the same time, the event research method is used to analyze the market performance of the introduction of the SPC into the SEEI. Finally, the effect of introducing state-owned capital into the SPC for reverse mixed reform is summarized, and relevant suggestions are put forward.

The study found that the SPC is mainly affected by national policies, and the financing channels are blocked. In order to achieve the sustainable development of enterprises, state-owned capital are introduced to alleviate the dilemma. In addition, the study found that the introduction of state-owned capital can broaden the financing channels of enterprises and solve the financial difficulties; after the mixed reform, its innovation output is enhanced, the employee structure is optimized, the governance structure is improved, and the attention to social responsibility is also increasing; Investors generally have a positive attitude towards the reverse mixed reform of the SPC, but at the same time remain cautious.