The transformation of state-owned scientific and technological achievements has long been constrained by an institutional conflict: while the inherent uncertainty of technological assets demands flexibility in market-oriented pricing

the rigid assessment criteria for "preservation and appreciation" of state-owned assets in traditional management systems have placed universities and research institutions in a dilemma where "transformation risks asset loss allegations." In China

the "state-owned equity assessment exemption" mechanism

pioneered by Zhejiang's "Anxinwu" system

has broken down such institutional barriers in the transformation of work-related scientific and technological achievements. However

it has also given rise to new financial management challenges

including expanded equity valuation biases and non-standardized revenue accounting.Using 126 cases of state-owned scientific and technological achievements being valued and invested as shares from Zhejiang's "Anxinwu" database (2021–2023)

this study constructs a measurement system for equity valuation bias by employing a two-way fixed effects model and a dynamic adjustment framework. It empirically examines the impact mechanism of the assessment exemption policy on valuation bias and proposes an adaptive revenue recognition framework.The findings show that the assessment exemption policy increases the average equity valuation bias by 18.3 percentage points

with the income approach inducing an additional 23.6% bias compared to the cost approach (t=3.271

p<0.01). Achievement maturity and enterprise' technological absorptive capacity exert a significant negative moderating effect on such bias (interaction term coefficient = -0.127

p<0.01): when maturity reaches ≥4 and absorptive capacity ≥0.09

the bias can be controlled within 10%. The current revenue recognition model exhibits an average lag of 2.3 accounting cycles

whereas the proposed "three-stage dynamic adjustment" mechanism (initial measurement

interim revaluation

and terminal liquidation) reduces revenue accounting errors by 40%.This study is the first to quantify the boundaries of the financial impacts of the assessment exemption policy. The proposed "dual-method valuation verification" and "dynamic revenue recognition" systems provide an innovative financial regulatory solution to address the "valuation dilemma" in transforming state-owned scientific and technological achievements

offering important implications for improving accounting standards governing the market-oriented allocation of technological factors.