This research reconsidered the value of state-owned enterprises and its significance for economic development from the perspective of comparative advantage and disadvantage balance. Based on the theoretical model，compared to the private enterprises，state-owned enterprises have advantages among the industries with low innovation intensity but high capital intensity. Due to the support of state credit，state-owned enterprises can reduce the financing costs，and benefit more from the high-capital-intensity industries. Therefore，state-owned enterprises can increase the investment in the industries that private enterprises wouldn’t invest due to the low profits，which finally enlarges the scale of social investment，increase product supply，and improve social welfare. The paper gives empirical analysis by the methods of multiple regression by using China Industry Business Performance Data，and inspect the conclusions. It is believed that this research can explain the importance of state-owned enterprises during economic take-off and development. In addition，it could also give reasonable explanations on some crucial social theoretical issues.