The resolution of the Fifth Plenary Session of the Nineteenth Central Committee of the Communist Party of China proposed that the leading and supporting role of large enterprises should be used to enhance the technological innovation capabilities of enterprises. Agriculture-related listed companies are the leading geese of agricultural enterprises, and their technological innovation capabilities are of great significance to the high-quality development of the entire agricultural enterprise. Firstly, the paper analyzes the dynamic mechanism of technological innovation and the mechanism of influencing factors. Then it uses the BCC model and Malmquist index to evaluate the technological innovation capabilities of 200 agricultural-related listed companies from the overall and industry perspectives. Finally, it uses the Tobit panel regression model to analyze the influencing factors. The study found that the overall efficiency of agricultural-related listed companies is in a non-DEA effective state, and the overall technical level is still low. The technical level of the food manufacturing and agricultural and sideline food processing industries is relatively high, and the seed industry has the lowest level. The allocation of innovation resources of enterprises is unreasonable. At the same time, the study also found that the scale of agricultural-related listed companies has a significant inverted U-shaped correlation with technological innovation efficiency, the equity structure, educational background of entrepreneur, profitability and government subsidies play an important role in promoting technological innovation of enterprises. There is no significant correlation with entrepreneur gender, entrepreneur age, technical background of entrepreneur, operational ability, debt solvency and international management.