文章基于改进的Wurgler资本配置效率测度模型，选取江苏省战略性新兴产业上市公司2011-2014年每半年度的面板数据，以产业总体和行业细分为参考集，对其资本配置效率进行静态和动态面板数据分析。结果表明：江苏省战略性新兴产业总体资本配置效率为正，但水平还不高，且各时期波动性大；子行业间资本配置效率差异明显，多数行业高于全国平均水平，但仅有节能环保产业达到了较高水平。这主要是处于发展初期的战略性新兴产业技术和市场风险的不确定性、金融支持体系约束、政府引导干预等因素共同作用的结果。%Based on the revised Wurgler capital allocation efficiency measuring model,this paper selects the panel data of stra⁃tegic emerging listed companies of Jiangsu province from 2011 to 2014,and takes the whole industry and industry segmenta⁃tion as the reference set,to conduct static and dynamic panel data analyses on the capital allocation efficiency. The results show that the capital allocation efficiency of the whole strategic emerging industries of Jiangsu province is positive ,but the lev⁃el is not high,and it volatiles on different periods;Capital allocation efficiency is obviously different between subsectors,in which most subsectors are above the national average level,but only the energy conservation and environmental protection in⁃dustry has reached a higher level. These mainly result from the interactions among factors including the uncertainty of technol⁃ogy and market risk of strategic emerging industries at the early stage of development,financial support system constraints,gov⁃ernment intervention,etc.
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