| Jin Cheng,Chen Rongda.Data Valuations and Its Derived Financial Attributes:Formation Logic and Future Challenges[J].The Journal of quantitative and technical economics,2022,(7):69-89 |
| 数据要素价值化及其衍生的金融属性：形成逻辑与未来挑战 |
| Data Valuations and Its Derived Financial Attributes:Formation Logic and Future Challenges |
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| DOI： |
| 中文关键词: 数据要素 价值化 金融属性 形成逻辑 未来挑战 |
| 英文关键词: Data Elements Valuing Financial Attribute Forming Logic Future Challenges |
| 基金项目:本文获得国家自然科学基金青年项目“考虑期限特征的股票收益率高阶协矩建模与资产定价研究”（72101229）和国家自然科学基金重点项目“基于互联网金融模式的结构性理财产品风险度量及应用研究”（71631005）的资助。 |
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| 中文摘要: |
| 研究目标：解析数据要素价值化进程以及数据要素金融属性的形成逻辑。研究方法：在数据“资源化-资产化-资本化”三化框架下，重点梳理数据价值化的实践发展与研究图谱，结合金融富集作用与商品金融化理论提出数据要素的金融属性及其衍生路径。研究发现：传统的资产资本定价模型无法适用于探究数据要素的“价值-价格”关系；数据要素金融化具有必然性，可分别建立数据商品交易市场和数据金融交易市场来兼顾数据要素的商品属性和金融属性；在未来研究和实践中，需根据数据要素特点建立独特的风险管理及其监管体系、注意市场主体的异质性行为因素、防范过度金融投机行为和数据要素价格扭曲现象。研究创新：首次考虑金融属性对数据要素价值化的实践发展与理论研究进行融合梳理，并提出基于数据要素的二分属性的多层次数据交易市场体系。研究价值：本文对促进我国数字经济高质量发展、实现数据价值乘数效应具有借鉴意义。 |
| 英文摘要: |
| Research Objectives: This paper aims to analyze the valuation process of data and the formation logic of its related financial attribute Research Methods: Under the framework of “Resource-Asset-Capital”, this paper focuses on combing the practical development and research map of data valuation, and puts forward the financial attributes in combination with the theory of financial enrichment and commodity financialization Research Findings: The traditional asset capital pricing model is not suitable to explore the “value-price” relationship of data elements, and the financial attributes derived from data elements are inevitable A multi-level data trading market based on the binary attributes of data elements is found. We should establish a unique risk management and supervision system based on the characteristics of data elements, pay attention to the heterogeneous behavior factors of market subjects, and prevent excessive financial speculation and data element price distortion Research Innovations: This paper combs the practical development and theoretical research of the data valuation from the perspective of financial attributes for the first time, and puts forward a multi-level data trading market based on the binary attributes of data elements Research Value: This paper has reference significance for promoting the high-quality development of China's digital economy and realizing the multiplier effect of data value |
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