Based on the resource and governance effects of “reverse mixed ownership reform”, this paper examines the impact of state-owned equity on private enterprises and its mechanism, and forms the following conclusion: state-owned equity can promote private enterprises to shift the investment structure from virtual to real; The mechanism test shows that the governance effect, that is, reducing the cost of the second type of agency and increasing the analysts focus, is the path of state-owned equity to promote private enterprises to shift the investment structure from virtual to real rather than the resource effect, indicating that state-owned equity mainly plays the function of “detaching the investment structure from virtual to real” by weakening the profit-seeking motivation; Heterogeneity analysis shows that among the samples with lower internal control quality and higher marketization degree environment, the promotion effect of state-owned equity is more significant. This paper not only enriches the research on the driving factors of enterprises shifting the investment structure from virtual to real and the economic consequences of “reverse mixed ownership reform”, but also has significant reference for guiding private enterprises to use state-owned capital to develop the real economy.