A Comparative Study Of Capital Allocation Efficiency Of Chinese Listed Companies Industry

our securities market Play an important role during the development in twenty years. As the capital market, it promotes to broaden the financing channels of the listing Corporation, and further optimize the allocation of resources, but also scattered multiple risks in the market, for the promotion of China’s real economy stable and rapid development has great impetus. To further clarify the capital allocation efficiency difference of different industries, different industries and enhance the listing Corporation in the capital allocation efficiency, this paper selected according to distinguish industry point of view, to study the efficiency of capital allocation of China’s listing Corporation.The thesis focuses on the different sectors of the Chinese listing Corporation’s capital allocation efficiency, the main content of the study includes the following parts:one is the research on the theory and results about the efficiency of capital allocation of collection, analysis the domestic and foreign, to further deepen the understanding of the efficiency of capital allocation, lay the theoretical foundation of this paper; the two is reference classic Jeffery Wurgler capital allocation efficiency model the three is to36different industry panel data in China as the foundation, conducts a comparative study of capital allocation efficiency of the industry, The empirical results show that the scale and efficiency of capital allocation in different industries have obvious differences, to allocate capital in these companies in different industries, its goals and the effect is clearly different.at the same time, the use of capital allocation efficiency model and the DEA model to analyze the typical industry; four through the empirical results of different industry in our country the capital allocation efficiency difference analysis of the causes, and accordingly propose some solutions from speeding up the process of marketization, adjusting the industrial structure, optimize investment structure and promoting technological innovation.