In the process of deepening the reform of the economic system, the state owned enterprise (SOE) is one of the key points. The former literatures focus on the investment or withdraw of the state capital and its influence on the efficiency. This paper analyzes the effect of assetheavy strategy of SOEs on the perspective of the heterogenic resource. Through the mixed oligopoly model and several empirical strategy, this paper highlight that the SOE is more likely to perform the assetheavy strategy and if such strategy is a burden on efficiency the SOE will decrease the negative effect. This effect is more significant and prominent in the state owned absolute holding enterprise than in the state owned relative holding enterprise. The policy implications include that the SOEs should not turn to the light-asset operation arbitrarily but should carefully decide from the perspective of heterogeneous resources. The SOEs can take advantage of heterogeneous resources to gradually improve efficiency. This paper also suggests that in the reform of mixed ownership, the state capital and nonstate capital can take advantage of the heavy asset and light asset respectively to achieve the complementation and efficiency of the both. And if the SOE strengthen its profit chasing motivation the assetlight strategy will appeal to it.