摘 要
本文以国有资本运营效率与资产评估之间的关联性为研究对象，旨在探讨资产评估在提升国有资本运营效率中的作用机制与实际效果。随着国有企业改革的深入推进，国有资本的优化配置和高效运营成为政策关注的重点，而资产评估作为资源配置的重要环节，其科学性与规范性直接影响资本运营的质量与效益。本研究基于2010—2022年中国省级面板数据，采用多元回归模型与中介效应检验方法，实证分析资产评估规模、评估质量与资本运营效率之间的动态关系。研究发现，资产评估不仅通过提高信息透明度间接促进资本配置效率，还在一定程度上对国有资本的保值增值具有直接推动作用。创新点在于首次系统构建资产评估影响资本效率的理论框架，并从区域异质性角度揭示其作用差异。研究成果为完善国有资产监管体系、优化评估机制提供了理论依据与政策建议，拓展了国有资本治理领域的研究视角。
关键词：国有资本运营效率；资产评估；资源配置；信息透明度；区域异质性
An Analysis of the Relationship Between State Capital Operational Efficiency and Asset Valuation
Abstract: This paper investigates the relationship between state capital operational efficiency and asset valuation, aiming to explore the mechanisms and practical effects of asset valuation in enhancing the efficiency of state capital operations. With the deepening of state-owned enterprise reforms, optimizing resource allocation and achieving efficient capital operations have become focal points of policy attention; as a critical component of resource allocation, the scientific rigor and standardization of asset valuation directly influence the quality and effectiveness of capital operations. Based on China's provincial panel data from 2010 to 2022, this study employs a multiple regression model and mediation effect testing methods to empirically analyze the dynamic relationships among the scale of asset valuation, valuation quality, and capital operational efficiency. The findings reveal that asset valuation not only indirectly enhances capital allocation efficiency by improving information transparency but also directly contributes to the preservation and appreciation of state capital. The innovation lies in constructing, for the first time, a systematic theoretical fr amework of how asset valuation affects capital efficiency and uncovering regional heterogeneity in its impact. The research outcomes provide a theoretical basis and policy recommendations for improving the supervision system of state assets and optimizing valuation mechanisms, thereby expanding the research perspectives in the field of state capital governance.
Keywords: State Capital Operation Efficiency; Asset Evaluation; Resource Allocation; Information Transparency; Regional Heterogeneity
目 录
一、绪论 1
（一）研究背景和意义 1
（二）研究现状 1
（三）研究方法 1
二、国有资本运营效率的理论基础与评估体系构建 2
（一）国有资本运营效率的基本内涵与衡量维度 2
（二）资产评估在国有资本管理中的功能定位 2
（三）国有资本运营效率评估指标体系的设计逻辑 3
（四）评估体系对提升运营效率的支撑机制 3
三、资产评估对国有资本配置效率的影响分析 3
（一）资产评估信息对资源配置决策的支持作用 3
（二）不同评估方法对资本配置效率的差异化影响 4
（三）资产评估结果偏差对国有资本运营的风险传导 4
（四）案例分析：典型行业中国有资本配置与评估实践 5
四、国有资本运营绩效与资产评估质量的实证研究 5
（一）运营绩效与资产评估质量的变量设定与数据来源 5
（二）相关性模型构建与回归分析 6
（三）实证结果 7
（四）研究局限与改进方向 7
结论 7
参考文献 9
致 谢 10
