Based on the data of Chinese industrial enterprises from 1998 to 2013, this paper constructs a spatial dynamic panel model and uses the spatial correction Sys-GMM method to empirically study and find that both export and foreign capital and human capital efficiency of Chinese industrial enterprises have spatial auto-correlation, and there is spatial spillover effect on human capital efficiency of enterprises. China’s industrial enterprises export and import foreign capital help to improve the human capital efficiency, but the effect is not great. This result has changed because of the difference of the region, industry attribute and ownership nature of the enterprise. Further, it is found that the export and foreign capital of enterprises in the eastern region have significantly improved the human capital efficiency of enterprise, while the export and foreign capital of enterprises in central and western regions have not significantly promoted the human capital efficiency. The export and foreign capital of labor-intensive enterprises have not significantly improved the human capital efficiency, while the export and foreign capital of capital-technology-intensive enterprises have significantly improved the human capital efficiency. The export and foreign capital of state-owned enterprises have significantly promoted the human capital efficiency, while the export and foreign capital of private enterprises have not significantly improved the human capital efficiency.