The efficiency of new soybean producers is of great importance to the agricultural development of China. Based on the survey data of some counties (cities) in Heilongjiang, Jilin, Liaoning, and Inner Mongolia Autonomous Region, the efficiency of new soybean producers in these regions is calculated by means of the data envelopment analysis (DEA) model. Then, the Tobit model is used to select relevant explanatory variables to study the factors affecting the production efficiency, and relevant conclusions and suggestions are put forward. The results show that (1) in 2017, the new soybean producers’ average technical efficiency of soybean production in the research samples was 0.618, of which the average pure technical efficiency was 0.680 and the average scale efficiency was 0.872; (2) factors such as the degree of education, the soybean planting area, the degree of mechanization, and the soybean sales channel have positive impacts on the efficiency of new soybean producers, while the ones such as the stability of the soybean price, the difficulty in obtaining soybean market information, and the implementation of the soybean subsidy policy have negative impacts.
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