Based on Jeffrey Wurgler（2000）capital allocation efficiency model, this paper uses sectional and panel data model, empirically analyzes the capital allocation efficiency of the 17 high-tech industries of China from 1996-2007The result shows: the capital allocation efficiency of the high-tech industries of China is generally low with comparatively great fluctuation; the capital allocation efficiency of the high-tech industries of China exists comparatively great difference in industries; the capital allocation efficiency is comparatively high in industries of great market demand, and low in industries of high degree of international trade dependence; the capital allocation efficiency of the high-tech industries of China exists comparatively great regional difference Due to differences in degree of marketization, and financial deepening, the capital allocation efficiency of the east region is the highest, the middle region takes the second place and the west region takes the least