Abstract: Three hundred listed companies were selected to evaluate and analyze their technological innovation ability and influencing factors with the help of DEA-BCC model and Malmquist index. The results indicated that the overall level of technological innovation efficiency of agricultural listed companies was relatively low, and the comprehensive efficiency （35.2%）, pure technical efficiency （55.2%）, and annual decline of foreign-funded enterprises were slightly higher than those of private enterprises and state-owned enterprises. From 2018 to 2020, the Malmquist index of listed agricultural companies decreased by 28.37%, most of them were in the middle and low end of the value chain, and the level of technical efficiency had decreased. Moreover, the equity institutions, profitability and government subsidies of the companies passed the significance test of 10%, 5% and 1%, respectively, which were positively correlated with the efficiency of technological innovation. Agricultural listed companies should make reasonable use of innovation resources under their actual operation conditions, strive to improve their own business level and technological transformation ability, increase investment in technological innovation, and enhance their competitiveness.

Key words: agriculture listed company, technological innovation efficiency, DEA-BCC model, Malmquist index, empirical analysis