数据资产证券化探索的法律困境与解决路径

数据已成为推动经济发展的核心驱动力，盘活数据资产价值、促进数据资产运用是当前推进数据要素市场化配置、全面建设数字中国的主要目标。由于数据价值实现进程中受到资金与技术投入的制约，数据潜能释放面临瓶颈。在此背景下，数据资产证券化作为数据资产与证券融资结合的创新业态，能够为企业激活数据资产价值拓展融资渠道、降低融资成本，所以，一经提出便备受关注并持续传递新动向。目前，这一证券新模式正处于初步探索阶段，有必要基于数据资源化到数据资产化再至数据资本化的三重价值演进形态，释明其价值实现的内在理路，即是历经初始生成数据资源到加工获取数据资产再到实现数据资产证券化的动态实践，体现了数据要素价值增值的“变现”之路。在此动态进程中，数据要素的独特属性使得数据资产证券化区别于传统资产证券化，呈现出与新兴科技尤其是区块链技术的深度联系，其技术原生特性有助于促进证券全流程的数字化重塑。通过检视当前“数据+资本”双要素耦合的证券新模式发展现状，发现数据资产证券化探索存在产权规范不明、交易机制缺失、监督管理失配等诸多问题，成为激活数据资产价值的掣肘因素。鉴于此，立足兼顾金融创新与风险防控的二元目标，应从法律与技术协...

Legal dilemmas and solution paths in the exploration of data asset securitization

Data has become a core driving force for economic development, and revitalizing the value and promoting the use of data assets is the main goal of the current efforts to promote the market-oriented allocation of data elements and comprehensively build a digital China. As the process of realizing the value of data is constrained by financial and technological inputs, the release of data potential faces bottlenecks. Against this background, data asset securitization, as an innovative mode of combining data assets and securities financing, can expand financing channels and reduce financing costs for enterprises to activate the value of data assets, which has attracted much attention and continues to transmit new trends. At present, this new model of securities is in the preliminary stage of exploration, it is necessary to explain the intrinsic rationale for the realization of its value based on the triple value evolution from data resources to data assets to data capitalization, that is, it is the dynamic practice of initially generating data resources to processing and acquiring data assets and then realizing the securitization of data assets, which embodies the value-added value of data elements. In this dynamic process, the unique attributes of data elements distinguish data asset securitization from traditional asset securitization, presenting a deep connection with emerging technologies, especially blockchain technology, and its technologically native characteristics help to facilitate the digital reshaping of the entire process of securities. By reviewing the current development status of the new model of securities coupled with "data+capital", it is found that there are many problems in the exploration of data asset securitization, such as unclear property rights specification, missing transaction mechanism, mismatch of supervision and management, etc., which have become constraints to activate the value of data assets. In view of this, based on the dual objectives of financial innovation and risk prevention and control, the path design should be carried out from the two-dimensional perspective of the synergistic effect of law and technology to crack the realistic dilemma of the current practice of data asset securitization. Specifically, in order to release the value potential of data assets and promote the securitization of data assets, it is necessary to strengthen the supply of the legal system by improving the property rights system, transaction norms and regulatory rules; enhance the technical support of blockchain by promoting the use of technology and perfecting the technical norms; and promote the overall effect of the supply of law and technological empowerment through the synergy of the objectives, the articulation of rules and the coordination of interests.