Based on the economic comprehensive investigation census data of 2004 and 2008 in Guizhou Province, the C-D function quantitative research demonstrated that the under-development & -exploitation were highly ascribed to the deficiency of industrial investment of Guizhou, Before 2004, the commonality fixed assets investment of Guizhou was comparatively inadequate, resulting to higher industry returns efficiency. After that, the industrial return efficiency went down due to the inadequate investments of the industrial fixed assets. Therefore, the pathway of industrialization in Guizhou lies in the investment increase of industrial capital asserts.%以2004、2008年贵州经济普查数据进行C-D函数模型的计量研究发现,贵州经济社会两欠原因是工业固定资产欠投资:2004年前,是公共性投资相对不足,工业投入要素回报高；2004年后,开始转变为工业固定资产投资相对不足,工业投入要素回报低.因此,贵州工业化发展道路就是要想方设法增加工业固定资产投资.
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