Evaluation of Capital Utilization Efficiency in Agricultural Listed Firms Based on a Three-Stage Data Envelopment Analysis

Rural revitalization is intricately tied to national prosperity, with listed companies in agriculture, forestry, animal husbandry, and fisheries playing pivotal roles in driving this transformative agenda. However, these sectors face critical challenges, notably resource constraints and environmental pressures, which underscore the necessity of evaluating capital utilization efficiency. This study employs a combined three-stage DEA model and Malmquist index to analyze capital utilization efficiency across 85 listed companies within China's agriculture, forestry, animal husbandry, and fishery industries over the period 2018–2022. The primary objectives are to quantify capital utilization efficiency, identify pathways for industry optimization, advance ecological agricultural sustainability, and offer valuable insights to investors and policymakers. Key findings include: (1) When grouped by sub-sector and adjusted to account for external environmental factors and random disturbances, the initial comprehensive capital utilization efficiency in agricultural companies was found to be significantly overestimated. Subsequent third-stage adjustments revealed decreases in average comprehensive efficiency, technical efficiency, and scale efficiency by 29.79%, 3.03%, and 27.37%, respectively, largely driven by a marked decline in scale efficiency, ultimately diminishing overall efficiency. (2) The capital utilization efficiency in agricultural trading firms remains suboptimal, with scale efficiency posing a critical limitation. High dependency on government subsidies and excess specialized personnel further constrain efficiency improvements. (3) Dynamic analysis using the DEA-Malmquist model indicates low total factor productivity in the agricultural sub-sector, primarily due to inefficiencies in capital management and suboptimal scale allocation. These findings underscore the need for targeted strategies to enhance resource allocation and management, bolster talent development and financial management frameworks, and drive technological research and development, innovation, and efficient capital allocation across the agriculture, forestry, animal husbandry, and fishery sectors.