Resource allocation is one of the main functions of capital market. The adjustment of monetary policy will surely influence the resource allocation. China's capital market is an emerging and transforming market. Since China's stock shares are of different types, the way by which the monetary policy is passing down, the effect and characteristics of the similar policy must be different from those of developed market economy countries. This article analyzes the effect of Chinese government's macro regulating and controlling policy (monetary tightening) on the resource allocation of capital market and puts forward corresponding policy suggestions.