文章利用1997—2012年辽宁省工业企业数据,对实体经济资本配置效率进行了测算,并实证分析了不同类型投资对资本配置效率的影响。研究结果显示,辽宁省实体经济资本配置效率整体上处于中等水平,且不同工业部门资本配置效率差异明显;中央与地方投资、港澳台以及外资均未对实体经济资本配置效率改善产生积极影响,而个人投资则能够有效提升资本配置效率。上述研究结论为通过放宽民间资本的市场准入,进而提升资本配置效率提供了理论依据。 Based on the data of industrial enterprises in Liaoning Province from 1997 to 2012, the article estimates the efficiency of capital allocation in real economy and analyzes the impact of different types of investment on capital allocation efficiency. The results show that the efficiency of capital allocation in real economy in Liaoning Province is moderate at all, and the efficiency of capital allocation in different industrial sectors is quite different. Neither the central government nor local governments, Hong Kong, Maucao, Taiwan and foreign investment have a positive impact on the efficiency of capital allocation Personal investment can effectively improve the efficiency of capital allocation. The conclusion of the above research provides a theoretical basis for relaxing the market access of private capital and further enhancing the efficiency of capital allocation.