| Manufacturing industry is the pillar industry of national economy in our country, by the “manufacturing power” to “manufacturing strong country” is the future development goal, so research is crucial for manufacturing capital allocation efficiency.In the current work, according to the comparison of numerous domestic and overseas scholars’ research methods, the capital allocation efficiency of30manufacturing industries was investigated by extended Wurgler model, which is added two variables of fixed assets lag variable and the financial support. The multiple dimensions of capital allocation efficiency, between different industries, regions and ownerships, were measured using the panel data model. The capital allocation efficiency of manufacturing industries is only0.11in our nation, and is lower than the average in developed countries. From2004to2011, the curve of dynamic efficiency is zigzag, which is mainly related to the viscosity of investors’ expectation. Due to the effects of industrial technology and structure, policy guidance and intervention of foreign capital, the capital allocation efficiency is different between the different industries; furthermore, the efficiency of oil processing and non‐metallic processing industries is extremely low. The disequilibrium phenomenon of regional capital allocation efficiency is also explored. The regional capital allocation efficiency is high in Jiangsu, Fujian and Sichuan, while is low in Beijing, Tianjin and Guangdong.Investment mechanism between enterprises of different ownership in China is different, this also indirectly led to the capital allocation efficiency difference between enterprises of different ownership, the efficiency of foreign capital enterprise is higher than the state‐owned enterprise. |
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