Abstract: Combined with Principal Component Analysis and Data Envelopment Analysis model, this paper conducts an empirical analysis of the financial data of 66 Military Industrial Listed enterprises in China in 2016 to explore the impact of capital scale and operating investment on the operating efficiency of enterprises.The results show that the operating efficiency of most enterprises does not reach the average level of the industry, and there is a big gap between them and those with relatively DEA-effective.In the process of production and operation, the continuous expansion of the capital scale does not realize the vision of improving enterprise performance.The excessive scale and unreasonable asset structure have a negative impact on the enterprise's production and operation.Therefore, Military Industrial Listed enterprises should control capital scale and operation investment on a reasonable level, and achieve the effect of "Small broad" by improving the use efficiency of elements and optimizing the allocation of resources, so as to promote the improvement of business efficiency.