Objective/Meaning Improving the performance of agricultural enterprises is an important driving force for achieving the high-quality agricultural development and rural revitalization. The technological innovation and business model innovation were the effective ways for the enterprises to improve their performance.

Methods/Procedures Based on the cross-sectional data of 52 agricultural listed companies in 2021, the fsQCA method was used to explore the linkage mechanism of factor matching between technological innovation and business model innovation on the performance of enterprises.

Results/Conclusions The study found that the three combinations of high innovation input-strong value acquisition, strong value creation-strong value acquisition, and low technology innovation-strong value creation could lead to the high performance. Moreover, there were certain substitutability among different configuration paths, among which the path selection of the combination of technology innovation and business model innovation was the most. The conclusion of this study could provide beneficial enlightenment for the agricultural enterprises to improve the performance, get out of the business difficulties and achieve the high-quality development.