Using data from 2015-2018 of the listed private enterprises, this paper empirically tested the effect of entrepreneurship on innovation efficiency through entropy weight method and stochastic frontier model. It also examined the moderating effect of the external innovation environment. The results show that: Entrepreneurship significantly promoted the efficiency of corporate innovation. Among them, the entrepreneur's sense of innovation, management and responsibility are more important. The marketization process has a significant positive regulatory effect. The higher the degree of marketization, the more positive role entrepreneurship can play. However, the degree of financial development has no significant regulatory effect.