Foreign capital flowing is critical to economic security of a country. The experiences and lessons of many developing countries show that the foreign capital impact on the domestic economy often is the most important cause of the financial crisis. So it is important to analyze the foreign capital economic growth effects. Based on the endogenous economic growth model, this paper firstly distinguishes three kinds of foreign capital impacts and concludes three factors of foreign capital affecting on the economic path. By using Chinese sample data, we analyze the above mentioned three factors. The results show that all the three factors' effects are positive, which means that the foreign capital utility in China is efficient.