The efficiency of outward direct investment (ODI) and its financial impacting factors are examined in the context of China’s rapid and controversial growth of ODI. In theory, it proposes the principal to measure ODI efficiency from the input-output perspective, and reveals the mechanism of financial market’s scale and structure impacting ODI efficiency. In empirical research, it uses China’s provincial date during 2003—-2015 to calculate the efficiency and tests the impacting factors. The empirical results show that: first, China’s ODI efficiency is increasing, and the difference among areas is big but narrowing; second, the expansion and development of financial market positive impact ODI efficiency, while the structure of financial market characterized by excessive savings and indirect financing negative impact ODI efficiency; third, the significant impact of financial factors on ODI efficiency is robust.