School of Finance, Henan University of Economics and Law, Zhengzhou, China.
School of Finance, Zhongnan University of Economics and Law, Wuhan, China.
PLoS One. 2023 Nov 15;18(11):e0291350. doi: 10.1371/journal.pone.0291350. eCollection 2023.
China's stimulus policies have caused overleveraging and overcapacity for the sustainable development of most industries (particularly high-pollution and energy-intensive industries). Thus, deleveraging and decapacity have become the two best options for the above industries to achieve long-term sustainable development. Based on China's A-share listed companies from 2009 to 2019, this study investigated the effect of deleveraging and decapacity on corporate capital allocation using fixed effects, propensity score matching (PSM) and difference-in-differences (DID). A homogeneity analysis of geographical and firm characteristics was also conducted. The results show that: (1) Deleveraging and decapacity can significantly increase financial capital allocation by 3.67%, and decapacity can increase investment-related capital allocation by 0.63%. This indicates asset allocation optimization for sustainable development. (2) High asset reversibility can weaken the effect of deleveraging on financial capital allocation while strengthening the effect of decapacity on capital investment. (3) The impact of deleveraging and decapacity may vary among companies due to heterogeneous asset reversibility resulting from geographical locations and technological intensities. Given the current global energy crisis, optimizing capital allocation has become essential in addressing resource shortages and achieving long-term sustainable development. This study may provide a reference for alleviating corporate capital misallocation.
中国的刺激政策导致了大多数行业（特别是高污染和高能耗行业）的过度举债和产能过剩，因此去杠杆化和去产能化成为这些行业实现长期可持续发展的两个最佳选择。基于 2009 年至 2019 年中国 A 股上市公司的数据，本研究使用固定效应、倾向得分匹配（PSM）和双重差分（DID）方法，考察了去杠杆化和去产能化对企业资本配置的影响。还进行了地理和企业特征的同质性分析。结果表明：（1）去杠杆化和去产能化可以显著增加财务资本配置 3.67%，去产能化可以增加与投资相关的资本配置 0.63%，这表明为了可持续发展进行了资产配置优化。（2）高资产可还原性会削弱去杠杆化对财务资本配置的影响，同时加强去产能化对资本投资的影响。（3）由于地理位置和技术强度导致的资产可还原性的异质性，去杠杆化和去产能化的影响可能因公司而异。考虑到当前的全球能源危机，优化资本配置对于解决资源短缺和实现长期可持续发展至关重要。本研究可能为缓解企业资本错配提供参考。
