Abstract: The use of technology innovation to drive economic development and serve the transformation and upgrading of the real economy has become one of the core strategies of China's economic development. Most of the GEM listed companies are technology-oriented enterprises, in need of technological innovation to constantly upgrade the enterprise's products and services. Therefore, this paper uses the business data of the GEM listed companies in China, and applies Cobb-douglas production function and stochastic frontier analysis (SFA) to study the relationship of business performance and two factors-technology innovation input and efficiency respectively. Moreover, this paper analyzes the change trend of the innovation efficiency and the innovation efficiency of each industry. The study has shown that the technology innovation input of the GEM listed companies has positive correlation with technology innovation input and efficiency. Furthermore, technology innovation efficiency increases constantly. Energy conservation & environment protection and electrical equipment rank the top in innovation efficiency among industries.