Abstract:As China accelerates the construction of an innovative country, how to improve the efficiency of scientific and technological innovation of construction enterprises has become an urgent problem to be solved. Based on the innovation value chain theory, this paper constructs a Two-stage DEA model of shared investment to study the scientific and technological innovation efficiency of 52 listed construction enterprises in China. The research shows that the overall scientific and technological innovation efficiency and achievement transformation efficiency of listed construction enterprises have been improved year by year during the review period, and the gap between the two has gradually narrowed, while the efficiency of scientific and technological research and development has decreased year by year; From the perspective of overall innovation efficiency, China's housing construction industry has the highest level of efficiency, while the civil engineering construction industry has the lowest level of efficiency; From the perspective of two-stage efficiency, only the average of scientific and technological R&D efficiency of professional engineering construction industry is greater than the average of achievement transformation efficiency; The proportion of enterprises with different types of scientific and technological innovation efficiency varies greatly, among which the proportion of enterprises with low R&D and high transformation is the highest, up to 51.9%, while the proportion of enterprises with high R&D and high transformation is the lowest, only 9.7%.