In 2017，under the background of strong supervision and promotion of supply-side structural reform，the degree of market concentration is increased，blue-chip stocks’ earnings and return grew fastly，while the growth of small and medium-sized enterprises has slowed down. However，due to concerns about domestic and foreign economic operation risk factors，the downward trend of A-shares is obvious，and the risk preference of the market is difficult to be significantly improved. Future growth must rely on deepening the reform to promote innovation mechanism，improve the quality of the listed company. Based on the value evaluation model in 2017，we add or update the multi-dimensional innovation measures，and primarily use public data in annual report of China’s A-share and Chinese stock in Hong Kong，the United States market，we evaluated the all listed companies and obtail the comprehensive ranking，then selected the high degree listed companies. From the ranking results，we find that supply-side structural reform，consumption upgrading，new science and technology，new business model and other important factors are important for structural transformation and value growth of listed companies.