立足混合所有制改革“双向混合”的政策背景，考察国有资本参股对民营企业人力资本结构影响的内在机理、作用路径与边界条件。研究发现，国有资本参股对民营企业人力资本结构的影响呈倒U形关系。机制检验表明，国有资本参股影响民营企业人力资本结构的内在机理，在于其带来的员工管理“公平”与“效率”的交互与动态平衡，组织管理效能和雇员关系质量是两条关键作用路径。进一步分析发现，国有股东参股前双方发展战略协同、参股后委派董事和监事均能发挥积极的调节效应。

Based on the policy background of “two-way mixing”in China’s mixed-ownership reform, this paper examines the internal mechanisms, action paths, and boundary conditions of the impact of state-owned capital participation on the human capital structure of private enterprises. The study finds that the impact of state-owned capital participation on the human capital structure of private enterprises presents an inverted U-shaped relationship. The internal mechanism of this impact lies in the interaction and dynamic balance between “fairness” and “efficiency” in employee management brought about by the participation of state-owned capital, and organizational management effectiveness and employee relationship quality as two critical action paths. Further analysis suggests that the coordination of development strategies prior to state-owned capital participation and the appointment of directors and supervisors afterward can both have positive moderating effects.