Based on Chinese Census Data of Industrial Companies in 2004，this paper calculates the average return rate of education in Chinese industrial fields，and the return rates of education in different sectors，different regions and companies of different ownerships. The results show that the return rate of education in Chinese industrial fields is lower than average level of the world. Moreover，owing to the effects of institutional market segmentation，the return rates of education are not balanced between different fields. Although the return rates of education in some fields with more developed economy or higher degree of internationalization have caught up with the average level of the world，the return rates of education in most fields are lower or much lower than this level. Therefore，only through eliminating or reducing the institutional segmentation in labor market，and realizing the free flow of labor forces，the reasonable and equal return rates of education could be achieved and then the united labor market could be established.