中文摘要：

本文用Jeffrey Wurgler思想和面板数据模型计量了我国制造业28个产业销售收入、增加值和利润的资本配置效率，并对影响上述资本配置效率的产业结构因素进行分析得到：我国产业资本配置对规模扩张（销售收入和增加值）行业增长潜力的反应比对自主创新、技术进步决定的行业增长潜力（利润）的反应更敏感，利润计算的资本配置效率过低。其根本原因是国内要素市场发育迟缓，自主创新能力缺失。引进外资虽然能够改善增加值、销售收入计算的资本配置效率，但不能够从根本上改变利润计算的资本配置效率，说明“市场换技术”的有限性。因此：第一，应健全内部要素市场，矫正扭曲的生产要素价格，强化企业自主创新的内在激励；第二，政府应该通过产权制度改革和交易方式改进来培育更具效率的微观市场主体，提高企业的自主创新能力。

英文摘要：

This paper computes the capital allocation efficiency of China＇ s 28 manufacturing industries＇ sales, gains and profits with Jeffrey Wurgle＇ s panel data model, and analyzes the property configuration factors which affect on the above capital allocation efficiency. Then, we have the following conclusions： our national property capital allocation responses more sensitivity to dimension expand （vendition income and gain） industry increasing potential than to industry increasing potential decided by independent innovation and technique advancement, and capital allocation efficiency of profit computation is too low. The fundamental cause is that independent innovation capacity lacks while domestic elements market stunts. Though bringing in foreign capital can improve the capital allocation efficiency of vendition income and gain＇ s computation, it can not change that of profit computation radically. Therefore, first, it should insure the equilibrium of commodity market and element market and the symmetry of internal opening and external opening. Establish internal element market, rectify contorted manufacturing element price, and strengthen the internal bestir of enterprise independent innovation ; second, government should form more efficient micro - market main body through property right system reform and exchange mode improvement, and it should buildup element market＇ s energy foster and enhance enterprise independ- ent innovation capacity through the loosen of administrative guarantee and the elimination of administrative monopolization.