Abstract：
With the dynamic panel data of China’s 24 industrial sectors from 2003 to 2010,this paper uses Wurgler model to estimate the efficiency of capital allocation of industrial sectors.And then the paper analyzes the impact of financial development and capital allocation efficiency on industrial export performance using System GMM method.The results show that:(1) Financial development and capital allocation efficiency have significant effect on current export performance.(2)The industries with higher level of financial development have a larger external financing scale.The rising of capital allocation efficiency makes abundant external funds quickly flowing to the export enterprises and projects with competitive advantage and currently supporting the improvement of industrial export performance.(3) Capital allocation efficiency can deepen the positive impact on export performance of financial development.Financial development has positive effects on industrial export performance through capital allocation efficiency.
2015 
