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Improving the ecological governance capacity is necessary in order to achieve high-quality economic development. As the main part of the promotion of social and economic development, enterprises' inefficient investment (overinvestment and underinvestment) has impeded the development of the economy chronically and steadily. Therefore, improving the efficiency of enterprises' capital allocation has become a problem that needs to be studied and solved urgently. This article mainly studies the influence of ecological governance capability on the enterprise capital configuration efficiency and mechanism of action by using Shanghai and Shenzhen A-share listed companies data from 2011 to 2017. The study found that ecological governance capability can remarkably strengthen the corporate capital allocation efficiency, and it can do so by improving corporate social responsibility (CSR). This conclusion is supported after the replacement of robustness tests, for example, the enterprise capital configuration efficiency and the measurement indicators of CSR. The heterogeneity test indicates that the ecological governance can obviously forward the enterprise capital configuration efficiency in state-owned enterprises and less-polluting enterprises. These findings can provide some theoretical support to the mechanism of ecological governance capacity effect on corporate capital allocation efficiency from the aspect of corporate social responsibility. [ABSTRACT FROM AUTHOR]

As for whether the customer risk leads to the inefficient investment of suppliers, 776 suppliers and customers of Shanghai and Shenzhen A-shares from 2007 to 2017 are chosen as the supply chain data of listed companies, the relationship between customer risk and supplier enterprise investment efficiency is studied by manual sorting, and the moderating effect of the nature of supply chain relationship on customer risk and enterprise investment efficiency is taken into account. According to the research, the customer risk will reduce the investment efficiency of supplier enterprises, which is manifested as underinvestment. Based on further research, the relationship is more significant in supplier enterprises with a higher customer concentration and state-owned enterprises that are customers and suppliers. The research of this paper enriches the relevant literature on investment efficiency and the relationship between customer and supplier, provides a new perspective for studying investment efficiency and the empirical evidence for risk prevention behavior among enterprises, and has important practical significance for supplier enterprises to choose core customers and manage customer relations. [ABSTRACT FROM AUTHOR]