Based on combined methods of factor analysis (DRF) and Super-efficiency DEA model (SE-DEA),this paper evaluates the operating efficiency of China’s 20 major listed software companies in 2010.The result shows that,except that Yuanguang software and other seven software companies have integrated efficiency,pure technical efficiency and scale efficiency at the same time,the rest sofeware companies have invalid scale efficiency.In addition,most invalid software companies are in the stage of increasing returns to scale and have a good potential for returns to scale.Further study by using SEA shows that most invalid software companies have varying degrees of input redundancy and output deficiency and there is also a big room of adjustments of all kinds of factor redundancy．Finally,in accordance with the above analysis,this paper puts forward several policy recommendations on how to improve the operating efficiency of list software companies:moderate scale enlargement,emphasis on economic benefits brought by scales and strengthening of technological use so as to increase the efficiency of resource transformation.