Abstract: All listed companies from 1998 to 2016 are selected as samples and statistics of capital allocation efficiency are classified according to different characteristics of the year, industry and region, and makes an empirical test. The research shows that the capital allocation efficiency of stateowned enterprises has improved significantly in recent years. In addition to the capital allocation efficiency of stateowned enterprises in construction industry, agriculture and cultural sports entertainment industry, the other industries are still significantly lower than other nonstateowned enterprises. Although there is no significant difference in the efficiency between east, middle and western regions, there is a significant difference between different provinces. The research also shows that, with the increase in the ratio of stateowned shares, the efficiency of the capital allocation is down first, reaching the lowest, and then rising rapidly. Finally, the guidance of optimizing the layout of the stateowned economy and improving the efficiency of the allocation of stateowned capital is put forward.

Key words: stateowned enterprises, capital allocation, efficiency

摘要： 利用1998—2016年上市公司样本，按年度、行业、地区等分类统计企业资本配置效率，并实证检验。研究表明，国有企业资本配置效率近期改善明显，除建筑业、农业和文化体育娱乐业较非国有企业高外，其他行业较非国有企业显著偏低；东、中、西部地区之间无显著差异，但省域之间差异明显；随着国有股比率上升，资本配置效率先下降，达最低后快速上升。据此，提出优化国有经济布局、提升国有资本配置效率的建议。

关键词: 国有企业, 资本配置, 效率