Analysis On The Innovation Efficiency And Influencing Factors Of China’s Manufacturing Listing Corporation

China’s manufacturing industry in China has a solid foundation and a sound industrial system, has been the concern of the government, but in terms of technological innovation, there is little breakthrough. According to the government’s latest strategic development framework, innovation and development of manufacturing industry has become the most important issue, and innovation as a source of growth will also promote the development of the manufacturing industry. The existing research has confirmed the positive correlation between innovation investment and enterprise performance, but the allocation and use efficiency of the input factors are few, and the efficiency is affected by various factors. With the open and transparent information disclosure of listing Corporation, it is becoming more and more convenient to carry out further research on it. Therefore, the evaluation and analysis of the innovation efficiency of the manufacturing industry has become a very important issue.In this paper, we take the DEA and SFA analysis of 215 manufacturing listing Corporation in Shanghai and Shenzhen in 2014 as the research object, draws the conclusions and achievements of the research at home and abroad, combining the analysis of the actual situation, put forward the influencing factors of innovation efficiency, using Stata12.0 to establish regression model, the results are analyzed:215 manufacturing listing Corporation innovation efficiency is low, the average efficiency of DEA1 and DEA2 were 0.169 and 0.283 respectively, and the average efficiency of SFA1 and SFA2 was 0.236 and 0.402 respectively; there were significant differences between the two groups in the high and low end groups, only DEA2; after further pairing test, the efficiency value of DEA and SFA method is highly correlated, and the mean difference is significant; the efficiency of DEA1 and SFA1 was significantly lower than that of DEA2 and SFA2; financial status were positively correlated with DEA2 and SFA2; the state owned property rights were positively correlated with SFA2 and SFA1, and negatively correlated with DEA2 and DEA1; the internationalization dummy variable is positively correlated with DEA1 and SFA1. Accordingly, this paper suggests the listed companies should allocate resources investment, promoting the commercialization of scientific and technological achievements; perfect enterprise management system, enhancing the power of independent innovation; moderate expansion of enterprise scale, enhancing competitiveness in the international market.The innovation of this paper lies in:We find a suitable evaluation index of the listing Corporation’s innovation efficiency, and put forward the two kinds of innovation efficiency, which is the output of the patent application, the revenue and the ROA; the conclusion of the study partly denies the low efficiency of the state-owned property right innovation, and affirms the contribution of the state-owned property right to the patent output efficiency; put forward the innovation and development of high-end manufacturing should be high efficiency not to high investment; the situation of the low efficiency of the manufacturing industry can be improved through financing and internationalization.