Abstract: 【Objective】 This study aimed to reveal the influence mechanism of new agricultural business entities on agricultural product circulation efficiency， thereby providing theoretical support and practical pathways for stabilizing the supply of grain as well as other important agricultural products， and advancing agricultural modernization.【Method】 Based on the panel data of 31 provincial administrative regions across China （excluding Hong Kong， Macao， and Taiwan due to data unavailability） from 2011 to 2022， the global undesired super-efficiency SBM-GML model was used to detect the agricultural products circulation efficiency， bidirectional fixed effect model and mediating effect model were employed to systematically investigate mechanism of action of new agricultural business entities on agricultural product circulation efficiency.【Result】 The agricultural product circulation efficiency in China exhibited a fluctuating upward trend with an average annual compound growth rate of 1.57%， yet obvious regional disparities persisted in agricultural product circulation efficiency； the eastern region remained at the forefront， attaining an average efficiency of 1.086 and an annual growth rate of 3.72%. The number of newly established new agricultural business entities （Newty） had significant （P<0.05， the same below） or extremely significant （P<0.01， the same below） positive effect on agricultural product circulation efficiency， that was， the entry of new agricultural business entities could effectively enhance the agricultural product circulation efficiency， and this conclusion remained robust after a series of robust and internal checks including variable substitution， outlier removal and endogeneity control. New agricultural business entities indirectly promote agricultural product circulation efficiency mainly through by fostering agricultural productive services and raising rural informatization levels. Agricultural-related financial services and rural e-commerce development could effectively enhance the promotion effect of new agricultural business entities on agricultural product circulation efficiency. In regions where the brand effect was not yet prominent， or in the eastern regions with a higher level of economic development， the marginal enhancing effect of the new agricultural business entities was more obvious. 【Suggestion】To better leverage the positive role of new agricultural business entities in improving agricultural product circulation efficiency， efforts should be concentrated on the following five aspects： （1） precisely cultivating new agricultural business entities and strengthening their organizational and leading roles； （2） building a comprehensive agricultural socialized service system to break through the “first mile” of agricultural products circulation； （3） systematically advancing rural digitalization to empower coordinated development along the entire circulation chain； （4） strengthening the synergistic empowerment of agriculture-related financial services and rural e-commerce to optimize the external environment for the development of new agricultural business entities； （5） implementing a dual-wheel drive of brand building and logistics infrastructure to shore up regional weaknesses.