本文以上市公司为样本，采用考虑环境因素的三阶段DEA-Malmquist指数模型，实证分析了中国生物农业全要素生产率的真实增长特征及行业差异。研究发现，宏观经济的快速扩张、政府补贴的增加及过于集中的股权结构，不利于全要素生产率的提升；剔除环境变量和随机误差的影响后，全要素生产率增长更为显著且主要由技术效率推动，技术水平呈现退步趋势；全要素生产率增长的样本差异分化明显，各子行业发展相对均衡，而子行业内部良莠不齐。为此，政府应优化外部环境、促进技术创新、强化分类指导，以便更为有效地提升生物农业全要素生产率。

Taking listed companies as sample and using three stage DEA-Malmquist index model which considers environmental factors, this paper makes empirical analysis on the real growth features and industry differences of total factor productivity in China’s bio-agriculture. The results show that rapid expansion of macro economy, increase of government subsidies and excessive concentration of ownership structure, are not conducive to improve total factor productivity; growth of total factor productivity is more significant which driven mainly by technical efficiency and technical level is backward after eliminating influence of environmental variables and random errors; sample differences of total factor productivity growth is obvious, development of various sub-sectors is relatively balanced, but development of internal sub-sector is uneven. Therefore, government should optimize external environment, promote technological innovation, and strengthen classification guidance in order to improve total factor productivity of bio-agriculture more effectively.