In recent years, more and more state-owned enterprises have been embedded in the restructuring and governance of private enterprises through equity participation, which has enabled private enterprises have more effective governance measures and financing methods, but it is still controversial whether this promotion effect is obvious in the study of the impact of hybrid reform on the innovation performance of private enterprises. Using the data of all listed non-ST companies from 2010 to 2020 as a sample, a managerial sentiment index is constructed by using the frequency of the same words in the sentiment dictionary and the annual reports of companies to determine the impact of managerial sentiment on the innovation performance of listed companies, and explore the interactive moderating effect of state capital intervention between the two. The interactive moderating effect of state capital involvement between the two is explored. The empirical findings show that managerial sentiment is negatively correlated with innovation performance, while state capital intervention is positively correlated with innovation performance and can moderate the negative effect of managerial sentiment on innovation performance.