Abstract: Chinese agricultural enterprises face practical constraints of insufficient research and development volume and high research and development risks, and the intervention of external funds is an important guarantee for the smooth development of their innovation activities. The external funds obtained by agricultural enterprise innovation activities mainly include funds from the government (fiscal funds) and funds from financial institutions (technology finance), and fiscal funds are more used as a bridge to leverage financial funds to participate in enterprise innovation activities. Based on this, this article takes 6404 agricultural enterprises from 2014 to 2017 as a sample, uses the SSBM network DEA model to measure the innovation efficiency of agricultural enterprises, empirically tests the impact effect and mechanism of technology finance on innovation efficiency, and explores the direct impact and regulatory role of fiscal funds. Research has found that (1) technology finance can alleviate the financing constraints of agricultural enterprises and strengthen external cooperation among agricultural enterprises, but it can also generate crowding out effects and disconnection issues in the innovation chain, leading to an inverted "U" shaped impact of technology finance on the innovation efficiency of agricultural enterprises. (2) Financial funds cannot directly improve the innovation efficiency of agricultural enterprises, but have a certain supervisory and corrective effect. Therefore, financial funds can help alleviate the negative impact of technology finance exceeding the threshold on the innovation efficiency of agricultural enterprises. However, fiscal funds have not played a corresponding guiding role, that is, when technology finance does not exceed the threshold, fiscal funds have no significant moderating effect on the impact of technology finance on the innovation efficiency of agricultural enterprises. The research conclusions of this article provide theoretical support and policy recommendations for agricultural enterprises to effectively leverage the effectiveness of technology finance.