Abstract: Strategic emerging industries are the key areas for China to cultivate and develop new momentum and gain new competitive advantages in the future under new normal. They are also important breakthroughs for China to implement innovation-driven strategy and promote supply-side reform. In the process of supply-side reform and innovation of China's strategic emerging industries, the key is the integration of supply-side innovation factor resources, and the core goal is to improve innovation efficiency. Therefore, how to scientifically evaluate the innovation efficiency of strategic emerging industries is highly concerned by academics and government departments. Especially in the context of China's supply-side reform, what is the supply-side innovation efficiency and changing trend of China's strategic emerging industries? Does the innovation input bring about the corresponding output? How to further improve innovation inputs and outputs? The answers to the above questions are of great theoretical value and practical significance for insisting on the problem-oriented in the new era, improving the quality and efficiency of China's strategic emerging industries supply-side innovation, and promoting high-quality economic development.Based on the data of 296 listed companies of strategic emerging industries in China's Shanghai and Shenzhen A-shares from 2013 to 2015, this paper selects government subsidies, the number of full-time R&D personnel, the intensity of R&D investment, the number of patents available in the current year, the number of patents applied in the current year as indicators of innovation input, and selects market demand growth rate, the number of patents granted in the current year, accounting performance, and market performance as indicators of innovation output. This paper evaluates and analyzes the supply-side innovation efficiency of China's strategic emerging industries using BCC model and super-efficiency model of the DEA method. And this paper makes the input-output improvement analysis of the supply-side innovation efficiency of China's strategic emerging industries using the regression model.The results show that: (1)The average of supply-side innovation total efficiency of China's strategic emerging industries is 0.638 in the sample period, and its overall level is not high but it shows an increasing trend. The average of pure technical efficiency of China's strategic emerging industries is 0.665 in the sample period, and its overall level is lower but trend of slow growth is maintained. The average of the scale efficiency of China's strategic emerging industries is 0.961 in the sample period, and its overall level is higher and its fluctuation range is smaller. It can be seen that the total efficiency of supply-side innovation in China's strategic emerging industries is mainly constrained by the low pure technical efficiency; (2) According to industry classification, in terms of the total efficiency and pure technical efficiency on the China's strategic emerging industries supply-side innovation, the new generations of information technology, new materials, new energy, energy conservation and environmental protection, and digital creativity are on the rise, the bioindustry and new-energy automotive industry are inverted V-shaped structures, the high-end equipment manufacturing industry is V-shaped. Scale efficiency of each industry is relatively high, but the supply-side innovation total efficiency among different industries is quite different; (3) The government subsidies and the number of full-time R&D personnel have a higher input redundancy rate. The number of patents granted in the current year and market demand growth rate has a higher output deficiency rate. Government subsidies are significantly positively correlated with market demand growth rate, the number of patents granted in the current year, and accounting performance. The number of full-time R&D personnel is significantly positively correlated with each of the innovation output indicators. The intensity of R&D investment is significantly positively correlated with market demand growth rate and the number of patents granted in the current year, but it is significantly negatively correlated with accounting performance and market performance. The number of patents applied in the current year is significantly negatively correlated with market demand growth rate, accounting performance and market performance. In general, government subsidies, the intensity of R&D investment and the number of full-time R&D personnel have a significant positive impact on the supply-side innovation output of China's strategic emerging industries.According to the above analysis, the policy implications of this paper are as follows: (1) China's strategic emerging industries should focus on the improvement of pure technology efficiency and supply-side innovation total efficiency, and review improving total factor productivity as the core, strengthen enterprise innovation investment guarantee mechanism, establish enterprise R&D risk compensation mechanism, improve inter-enterprise cooperation and innovation mechanism, build industrial innovation system, enhance innovation capability, and achieve high-quality development of China's strategic emerging industries; (2) Implement separate support policies, and make special support policies formulate for different strategic emerging industries to improve their innovation efficiency by classification optimization; (3) The government should strengthen the innovation management of government subsidies, moderately control the amount of subsidies and introduce a benigncompetition mechanism. Enterprises should improve the using quality and efficiency of government subsidies, strengthen incentives and management of R&D personnel, and enhance innovation efficiency. (4) Improve China's strategic emerging industries innovation policies, increase government subsidies and policy support, allocate innovation resources reviewing enterprise as a core, highlight the main position of enterprise technology innovation, guide and encourage enterprises to increase R&D funds and personnel input, strengthen supply-side innovation management, and improve the quality and efficiency of China's strategic emerging industries supply-side innovation.

Key words: strategic emerging industries, supply-side innovation, innovation efficiency, input-output improvement