Based on the ten classifications of assets, we use different hyperbolic efficiency decreasing parameters and average service life, respectively simulate the age-efficiency function, age-price function and age-depreciation rate function of the ten major asset groups to estimate the net capital stock of China, and then recalculate the total factor productivity. This study finds that since 1978, China's net capital stock has increased significantly, it has increased from 497.7 billion yuan in 1978 to 15,847.6 billion yuan in 2016, with an average annual growth rate of 9.5%. And the growth rate of TFP has been declining in general since 1992, then it has gradually stabilized at more than two percentage points around 2012, and the average contribution rate has remained above 30%.Compared with other studies using the gross capital stock to overestimate the TFP, the results of this paper can help to understand the real situation of TFP in China. This study promotes the capital accounting from the gross accounting to the net accounting, and is of great significance for the preparation of national and local balance sheets.