Through stochastic frontier analysis，this study estimated the financial expenditure efficiency of Beijing from 2010 to 2019，and examined the main influencing factors. The results show that：the overall efficiency of Beijing’s financial expenditure has shown a downward trend. The central area having the highest financial expenditure efficiency. The sub-centers of city and new district are second. The ecological conservation areas are the lowest. The financial self-sufficiency rate and population structure are the main factors limiting the financial expenditure efficiency，and the promotion effect of financial pressure is relatively limited. To further improve the efficiency of financial expenditure，should pay attention to the following points. Firstly，increase the proportion of expenditures in key public service supply areas，such as education，health care and social security. Secondly，promote industry development of sub-centers of city and new district. Thirdly，enhance the public service supply. of sub-centers of city and new district.