Abstract:In this paper, based on Wurglers corrected estimation model of capital allocation efficiency, we did an empirical test of the impact of financial development and financial marketization level on capital allocation efficiency of the real economy. The results show that the financial marketization significantly optimizes the capital allocation of the real economy, meanwhile, bank credit as the main financing system has promoted the improvement of the capital allocation efficiency of the real economy, but the effect is not obvious. In addition, we also found that in the control variables introduced, the impact of the level of economic development capital allocation efficiency is significantly larger; and by further sub regional regression results show that the more economically developed areas, the higher the degree of financial marketization, the more significant its optimization. But with the regional economic development, the level of economic development itself on the optimization of capital allocation is weakened.