Using the efficiency of capital allocation function to characterize the stock market system efficiency.Using panel data analysis method,from a regional perspective empirical analysisto implement the stock market during the capital allocation function efficiency issue approval system for China.The results show: the efficiency of resource allocation of China stock market is lower,and stock market system is inefficient.Point:Chinese stock market institutional change should transform from"government-led" to "market-oriented"and increase penalties for violations to cultivate rational and mature investors in order to achieve the stock market system function better,enhance system efficiency.