Provincial-level industrial data from 1999 to 2012 in China is used to study the influential factors of industrial capital allocation efficiency and regional differences. The results show that the allocation of industrial capital efficiency in the east and west are higher than that in the central. The regional differences in influential factors of industrial capital allocation efficiency are apparent. The government financial support and higher marketization process in the east promote the efficiency of industrial capital allocation. Because of the government financial investment in the west, industrial capital allocation efficiency is overvalued; marketization can amend artificially high capital allocation efficiency. The financial development in bank and market value of stock in the east promote the efficiency of industrial capital allocation, turnover of stock trading has a negative effect on efficiency of industrial capital allocation, while the influence of insurance density and market value of stock in the west and central to industrial capital allocation are insignificant.