To further optimize the existing innovative investment model of private enterprises and improve output efficiency. The BCC model of data envelopment analysis is used to evaluate the efficiency of input and output of 26 private listed companies in Liaoning Province. The followings are main conclusions.Firstly, The innovation input and output of Liaoning private listed companies is not high in the overall, which did not make the investment resources maximize the benefits. Secondly, the main factor, which results a lower output efficiency, is that corporations put in too much funds in projects and a diminishing scale returns.Thirdly, Innovation efficiency to achieve the best DEA is the middle of the scale of non-manufacturing enterprises, these enterprises have not much investment in innovation, but its output benefits are more significant.