Analysis Of Capital Allocation Efficiency Of State-owned Capital In Different Industries

China is a socialist country which the public sector of the economy is in the dominant position.The efficiency of state-owned enterprises and state-owned enterprise reform are the hot spot of the theory research.With the deepening of the reform,the proportion of state-owned enterprises in the economy as a whole is on the decline since the last round of soe reform,and the number of state-owned enterprises is substantial decline.In response to the call for the Party's 18,consolidating and developing the public sector of the economy unswervingly,carrying out various forms for realizing public ownership to promote state-owned capital more into the relationship between national security and national economic lifelines of important industries and key areas,enhancing the vitality,influence and control of state-owned economy constantly,the article focuses on the capital allocation efficiency of state-owned capital based on the macro industry,investgating capital allocation efficiency of industries which related to national economy,people's livelihood and large equipment manufacturing,providing certain reference for state-owned capital better playing,leading role in a market economy without loss of control and influence to the overall economy.By drawing lessens from Jeffrey Wurgler(2000)model,we use the data of 37 industry of state-owned and state holding industrial enterprises in 2003-2011 to estimates allocation efficiency of state-owned capital,movements,capital allocation efficiency and the spontaneous investment level in different industries,and differences.Using comparative analysis to analyze capital allocation efficiency and the spontaneous investment level between two different types of industries as well as the differences of capital allocation efficiency of the state-owned and state holding enterprises in different industries with horizontal comparative analysis.The results showed that capital allocation efficiency of the state-owned is 0.404,which is higher than before,but there is stilla big gap compared to developed countries.There is a huge difference in capital allocation efficiency of State-owned and state holding enterprises in different industries:capital allocation efficiency is low in monopoly industries,and it is higher in competitive industries.Capital allocation efficiency of some monopoly industries of State-owned and state holding enterprises is higher than capital allocation efficiency of foreign capital enterprise,which is different with previous research results.The industries which have the low capital allocation efficiency of state-owned and state holding have higher spontaneous investment.The Foreign capital enterprises have higher spontaneous investment in monopoly industries than competitive industries.The last part of this article summarizes the conclusion and puts the suggestions,points out the shortage of the research and the direction of future research.