Abstract: Using 163 Chinese manufacturing industries data during 19992010 across 30 provinces，the paper examines the effects of economic openness and financial crisis on Chinas capital allocation efficiency. Using Wurglers （2000） methodology，the paper investigates the different effects of economic openness on Chinas capital allocation efficiency since the financial crisis. The empirical results suggest the foreign openness decreases its negative effects on the regional capital allocation efficiency significantly since the crisis though it damages the improvement of the regional capital allocation efficiency on average，while the export openness deteriorates its effects on the regional capital allocation efficiency since the crisis though it boosts the regional capital allocation efficiency on average. The paper also gives some polices suggestions according to the findings.

Key words: economic openness  , financial crisis , capital allocation efficiency

摘要： 本文利用中国30个省、自治区和直辖市1999—2010年间163个工业行业的面板数据，按照沃格勒的方法测算各地区资本配置效率，然后考察各地区对外经济开放、金融危机对资本配置效率的影响，并特别考察了金融危机发生后对外经济开放变量对资本配置效率影响的差异。实证结果表明：外资开放度的提高会降低各地区资本配置效率，但在金融危机之后外资开放度不利于各地区资本配置效率的状况有所改善；出口贸易开放度的增加会提高各地区资本配置效率，但在金融危机之后出口贸易开放度对促进各地区资本配置效率的作用趋于恶化状态。

关键词: 对外经济开放 , 金融危机 , 资本配置效率