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.

摘要： 中国的农业企业面临研发体量不足、研发风险性高的现实约束，外部资金的介入是其创新活动顺利开展的重要保障。农业企业创新活动获得的外部资金主要包括来自政府的资金（财政资金）以及来自金融机构的资金（科技金融），而财政资金更多的是作为翘板，撬动金融资金参与到企业的创新活动中。基于此，本文以2014-2017年6404家农业企业为样本，在使用SSBM－网络DEA模型测算农业企业创新效率的基础上，实证检验科技金融对创新效率的影响效果与影响机制，并探究财政资金的直接影响与调节作用。研究发现：（1）科技金融能够缓解农业企业融资约束、强化农业企业外部合作，但也会产生挤出效应与创新链脱节问题，从而导致科技金融对农业企业创新效率的影响呈倒“U”型。（2）财政资金并不能直接提升农业企业创新效率，但具有一定的监督和纠正作用，因此财政资金有助于缓和科技金融超过阈值后对农业企业创新效率的负向影响。然而，财政资金并没有起到相应的引导作用，即当科技金融未超过阈值时，财政资金在科技金融对农业企业创新效率影响中无显著的调节效应。本文的研究结论为农业企业如何有效发挥科技金融的效力提供了理论支持和政策建议。