在中国改革开放40多年的发展过程中，国有企业已经成长为具有一定规模和巨大影响力的经济核心组成部分。期间不断进行的国企改革是一个不断探索的“试错”过程，也是国家战略与具体实践的上下结合，而“混合所有制”则是这个过程中的重要产物。十八届三中全会对“混合所有制经济”有过相关的界定，即国有资本、集体资本等公有制资本，与民营资本、外国资本等非公有资本在同一经济主体中彼此持股融合而形成的的财产所有权制度，也明确了“混合所有制”是社会主义基本经济制度的重要实现形式。党中央高度重视国有企业改革工作，并多次做出重要批示。《国有企业改革三年行动方案（2020-2022年）》也将“积极稳妥推进混合所有制改革”作为改革重点之一。一方面，国有经济在中国社会经济中占有主体地位，涉及领域广、规模大、影响深，国有企业的改革和发展一直是中国经济工作发展的重点；另一方面，混合所有制改革是鼓励、支持和引导非公有制经济发展的重要措施。《国务院关于国有企业发展混合所有制经济的意见》（国发〔2015〕54号）明确指出鼓励国有资本以多种方式入股非国有企业，这种混合所有制改革的形式即被称为“反向混改”。业界对国有企业引入非国有资本这一“正向混改”普遍持正面态度为主，而对于国资入股非国有企业的“反向混改”，则有疑虑和争论。本文通过回顾国内外国企改革的历程，首先论证了不同的主体需要根据面临的内部矛盾和外部因素，决定或选择合适的国企改革形式或路径。其次，通过分析目前中国国企改革面临的具体环境，从民企、国企和国家三个角度分析，得出“反向混改”是实现我国现阶段发展目标的路径之一的结论。最后，基于CGN（中广核集团）参与“反向混改”的具体案例，研究其参与“反向混改”动因、过程、混改后绩效影响等要素，对“反向混改”这一国有企业改革的重要路径，提出一定的实践总结和发展思考。

After over four decades of reform and opening up, state-owned enterprises have become a crucial component of China‘s economy, wielding considerable size and influence. These enterprises have undergone continuous reforms, which have involved a process of trial and error to explore and implement different strategies. One significant achievement of this process has been the introduction of mixed ownership, which is a system of cross-shareholding and mutually integrated property ownership among state-owned, collective, and private capital. In the 18th CPC Central Committee’s 3rd Plenary Session, it acknowledged this system as an important aspect of the socialist basic economic structure.To promote the development of a socialist market economy, non-state-owned enterprises are encouraged to receive investments from state-owned capital through a form of mixed ownership reform referred to as "reverse mixed reform," an orientation emphasized by the Guofa (2015) No.54. Despite concerns over a potential conflict of interest arising from the phenomenon of “state capital advancing and private capital retreating,” the reform of state-owned enterprises remains a significant focus of China‘s economic development. The three-year Action Plan for the Reform of State-owned Enterprises (2020-2022) recognizes "actively entrusting and deepening mixed-ownership reform" as a priority for reform.This paper reviews the process of state-owned enterprise reform in China and abroad, highlighting the importance of selecting appropriate forms and methods based on internal contradictions and external factors. This study also examines factors driving participation in reverse mixed reform from the private enterprise, state-owned enterprise, and national perspectives, analyzes the reasons, processes, and outcomes of such reform. Through cases studies of CGN’s participation in reverse mixed reform, concluding that reverse mixed reform should be more broadly implemented as an important means to achieve current development goals in China.