Abstract: Under the background of global value chain reconstruction, changing the current situation of China′s equipment manufacturing industry “big but not strong”, strengthening the independent innovation R&D capability to upgrade the technological innovation efficiency of equipment manufacturing industry has become a major problem to be solved urgently for the country to implement the strategy of “great power”. The paper uses DEA-Malmquist method to measure the technological innovation efficiency of equipment manufacturing industry in different stages, and builds Tobit model with panel data to analyze the factors that influence the technological innovation efficiency of China′s equipment manufacturing industry, aiming at providing a potentially valuable perspective for the description and study of the problem. Results show the overall technological innovation efficiency of China′s equipment manufacturing industry is low, there being obvious phenomenon of redundant input and insufficient output, and the technological innovation efficiency of various industries in the equipment manufacturing industry is seriously unbalanced; the R&D phase is not matched with the achievement transformation stage in input and output of technological innovation efficiency, and the short board with low efficiency of achievement transformation is obvious; the effect of technological innovation efficiency on the promotion of total factor productivity is obviously less than the contribution of technical efficiency and scale efficiency; among the external factors, the degree of dependence on foreign trade has an inhibitory effect on the improvement of technological innovation efficiency.

Key words: equipment manufacturing industry, technological innovation efficiency, technological innovation process, influence factors