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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.

中国的刺激政策已导致多数行业（尤其是高污染、高耗能行业）出现过度杠杆化与产能过剩，不利于行业可持续发展。因此，去杠杆与去产能已成为上述行业实现长期可持续发展的两大最优路径。本研究以2009-2019年中国A股上市公司为研究样本，采用固定效应模型、倾向得分匹配（propensity score matching, PSM）与双重差分（difference-in-differences, DID）方法，考察去杠杆与去产能对企业资本配置的影响，并开展了地理特征与企业特征的同质性分析。研究结果显示：（1）去杠杆与去产能可显著提升企业金融资本配置水平3.67个百分点，而去产能可使投资型资本配置提升0.63个百分点，这表明二者可优化资产配置以助力可持续发展；（2）资产可逆性会削弱去杠杆对金融资本配置的正向影响，但强化去产能对企业投资型资本配置的正向作用；（3）由于地理位置与技术密集度差异带来的资产可逆性异质性，去杠杆与去产能的影响会因企业而异。在当前全球能源危机背景下，优化资本配置已成为缓解资源短缺、实现长期可持续发展的核心举措。本研究可为缓解企业资本错配问题提供参考借鉴。