Abstract:Based on the “Smile Curve” theory, the enterprise innovation is divided into four stages: R D, production, marketing and service. Using the innovation input and output data of 20 manufacturing enterprises embedded in the Internet of Things for 2013-2017 years, we evaluates the innovation efficiency of their whole process and each stage, and draws the following conclusions:①On the whole, the level of innovation efficiency in each stage no longer presents a "smile curve" distribution, and the level of innovation efficiency in service stage is the best and stable; ②on the other hand, from the time point of view, the overall change of the enterprise"s whole comprehensive innovation efficiency is not obvious, but the overall level of innovation efficiency in R D, marketing and service stages shows an upward trend;③ The embedding of Internet of Things (IOT) will improve the pure technological efficiency of enterprises to a certain extent, but the influence of scale efficiency will cause fluctuations in the enterprises" comprehensive innovation efficiency;④According to the results of projection analysis, there are differences in resource utilization levels among different enterprises and within the same enterprise at different stages.