Management improvement and technological innovation are two important paths for high-quality emission reduction of industrial enterprises. This paper uses the Shapley value method to empirically measure the contribution of technological innovation and management improvement to the efficiency of carbon reduction in industrial enterprises. The results show that the contribution rates of technological innovation and management improvement to the efficiency of carbon emission are 28.45% and 71.55% respectively. The contributions vary from enterprises with different characteristics. With the increase of technological progress level, employment scale and energy consumption level of enterprises, the contribution rate of technological innovation gradually decreases, while the contribution rate of management innovation shows an increasing trend. This article measures the contribution of management improvement and technological innovation to the carbon emission efficiency for the first time, which will provide useful references for further optimizing the “dual carbon” target policies and guiding enterprise emission reduction actions.