Based on the theoretical analysis of the mechanism of action of capital market promoting industrial structure escalation，This paper is mainly on the pushing power of the capital market of China to industrial structure escalation through the analysis of regression and error correction-model on the basis of the data of the ratio of financing and upgrading of our country’s industrial structure from 1991 to 2011. Through the gross and structure analysis，we discovered that the development of our capital market can promote the upgrading of industrial structure in the long run. In addition，the securities market have the biggest boosting power among different segments of capital market，while the stock market the second，the medium-term and long-term credit market the least. Combined the theoretical analysis and empirical test results，we propose some specific suggestions，for example，putting forwards industry adjustment and development policy conforming to our own endowment，developing the multi-level capital market and improving the capital market system.