◇ 作者：钟言

◇ 本文原载《债券》2025年12月刊

当前，全球正加速迈入以数据为核心驱动力的数字经济时代。数据不再仅是技术附属或业务副产品，而是日益成为可确权、可计量、可交易、可增值的新型生产要素——数据资产。作为数字经济与金融行业深度融合的关键载体，数据资产正重构金融资源的配置逻辑，重塑金融服务形态，成为推动金融高质量发展、培育新质生产力的核心力量。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，要深入推进数字中国建设，深化数据资源开发利用。在“十五五”战略机遇期，深刻把握数据资产的属性、特征，破解价值释放中的痛点、难点，让数据资产在规范治理中焕发生机，是金融行业必须答好的时代考题。

一方面，金融行业作为数据密集型领域，面临前所未有的转型机遇。数据资产具备非消耗性、复用性强、边际成本趋零等独特属性，能够持续赋能风控、定价、投研、运营等核心金融环节。金融机构和金融基础设施在长期运营中积累了海量数据，需主动更新观念，挖掘数据价值，将数据资产纳入战略资产组合，推动从“业务产生数据”向“数据驱动业务”的范式升级。通过数据资产入表，金融数据的价值得以显性化，进一步激励金融机构提升数据治理和应用能力，驱动商业模式转型升级。

另一方面，金融行业肩负着探索数据资产化路径，实现数据从资源化、资产化到资本化的价值进阶，服务新质生产力发展的时代使命。债券市场在数据资本化方向积极探索，2025年数据资产支持证券（ABS）从首发“破冰”到接连落地，成为数据要素与资本市场融合的重要实践。这一创新模式为缺乏传统担保品的科技创新企业等轻资产主体提供了打破融资桎梏的新选择，缓解轻资产企业融资门槛高、成本高的现实难题，助力数字经济与实体经济深度融合。

然而，要真正实现“数尽其用”，仍需破解若干关键问题，比如：数据权属不清导致数据资源确权难、流通难，估值体系缺失令数据资产难以纳入资产负债表，以及安全与合规边界模糊制约创新应用等。在此背景下，构建系统化的数据资产管理框架迫在眉睫。同时，金融行业应协同推进标准制定、技术攻关与制度创新，培育涵盖数据服务商、评估机构、交易平台在内的完整生态，让数据资产真正成为服务实体经济、提升金融效率、防范系统性风险的核心引擎。

夯实数据资产之基，方能行稳数字金融之路。我国数字产业应以制度创新释放数据潜能，以技术赋能激活资产价值，在全球数字经济竞争中锻造中国金融的硬实力，书写高质量发展的新篇章。

Tapping the Potential of Data Assets and Serving the Development of New Quality Productive Forces

Zhong Yan

At present， the world is rapidly advancing into an era of digital economy driven by data as the core engine． Data is no longer merely a technological add-on or a business byproduct； instead， it is becoming a new type of productive factor - data assets - that can be registered， measured， traded and appreciated． As a key carrier of the deep integration between the digital economy and the financial industry， data assets are reshaping the rationale underlying the allocation of financial resources， and rebuilding the forms of financial services， becoming a core force driving the high-quality development of finance and cultivating new-quality productive forces． According to the Recommendations of the Central Committee of the CPC for Formulating the 15th Five-Year Plan for National Economic and Social Development， efforts will be made to advance the Digital China Initiative， and advance the development and utilization of data resources． During the strategic period of the 15th Five-Year Plan， it is an essential task for the financial sector to understand the attributes and characteristics of data assets， address the challenges and difficulties in unlocking their value， and utilize data assets through well-established governance．  

On one hand， the financial industry， as a data-intensive sector， faces unprecedented opportunities for transformation． As they are non-consumable， reusable and incur little marginal costs， data assets can continuously enhance core financial functions such as risk control， pricing， investment research and operation． Financial institutions and infrastructures have accumulated vast amounts of data in long-term operation， and thus need to update their perspectives， tap into the value of data， integrate data assets into strategic asset portfolios， and drive a paradigm shift from “business generating data” to “data driving business”． By incorporating data assets into balance sheets， the value of financial data becomes explicit， motivating financial institutions to improve data governance and application capabilities， and driving transformation and upgrading of business models．

On the other hand， the financial industry， in pursuit of new-quality productive forces， bears the responsibility of exploring data assetization， advancing the use of data from using data as resources to as assets and capital． The bond market has made active explorations to turn data into capital． In 2025， data asset-backed securities （ABS） were launched， becoming a significant practice in integrating data elements with the capital market． This innovative model provides new funding options for asset-light enterprises， such as technology innovation enterprises lacking traditional collateral， alleviating the practical challenges of high financing thresholds and costs for such enterprises， and fostering deep integration of the digital economy and the real economy．  

However， to make full use of data， there are still some key challenges． For example， unclear ownership makes it difficult for data to be registered and circulated， the lack of valuation makes it hard to include data assets into balance sheets， and the ambiguity between security and compliance impedes innovative application of data． In this context， it is imperative to construct a systematic framework for data asset management． At the same time， coordinated efforts are needed across the financial industry to promote standard-making， technological breakthroughs， and institutional innovation， thus formulating a comprehensive ecosystem covering data service providers， assessment agencies， and trading platforms． This will enable data assets to truly become a core engine for serving the real economy， enhancing financial efficiency， and preventing systemic risks．  

A solidified foundation of data assets will facilitate the development of digital finance． The digital industry is suggested to unleash the potential of data through institutional innovation， activate the value of assets through technological empowerment， stand out in the global digital economy competition， and write a new chapter of high-quality development．

责任编辑：赵思远

◇ 作者：钟言

◇ 本文原载《债券》2025年12月刊

当前，全球正加速迈入以数据为核心驱动力的数字经济时代。数据不再仅是技术附属或业务副产品，而是日益成为可确权、可计量、可交易、可增值的新型生产要素——数据资产。作为数字经济与金融行业深度融合的关键载体，数据资产正重构金融资源的配置逻辑，重塑金融服务形态，成为推动金融高质量发展、培育新质生产力的核心力量。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，要深入推进数字中国建设，深化数据资源开发利用。在“十五五”战略机遇期，深刻把握数据资产的属性、特征，破解价值释放中的痛点、难点，让数据资产在规范治理中焕发生机，是金融行业必须答好的时代考题。

一方面，金融行业作为数据密集型领域，面临前所未有的转型机遇。数据资产具备非消耗性、复用性强、边际成本趋零等独特属性，能够持续赋能风控、定价、投研、运营等核心金融环节。金融机构和金融基础设施在长期运营中积累了海量数据，需主动更新观念，挖掘数据价值，将数据资产纳入战略资产组合，推动从“业务产生数据”向“数据驱动业务”的范式升级。通过数据资产入表，金融数据的价值得以显性化，进一步激励金融机构提升数据治理和应用能力，驱动商业模式转型升级。

另一方面，金融行业肩负着探索数据资产化路径，实现数据从资源化、资产化到资本化的价值进阶，服务新质生产力发展的时代使命。债券市场在数据资本化方向积极探索，2025年数据资产支持证券（ABS）从首发“破冰”到接连落地，成为数据要素与资本市场融合的重要实践。这一创新模式为缺乏传统担保品的科技创新企业等轻资产主体提供了打破融资桎梏的新选择，缓解轻资产企业融资门槛高、成本高的现实难题，助力数字经济与实体经济深度融合。

然而，要真正实现“数尽其用”，仍需破解若干关键问题，比如：数据权属不清导致数据资源确权难、流通难，估值体系缺失令数据资产难以纳入资产负债表，以及安全与合规边界模糊制约创新应用等。在此背景下，构建系统化的数据资产管理框架迫在眉睫。同时，金融行业应协同推进标准制定、技术攻关与制度创新，培育涵盖数据服务商、评估机构、交易平台在内的完整生态，让数据资产真正成为服务实体经济、提升金融效率、防范系统性风险的核心引擎。

夯实数据资产之基，方能行稳数字金融之路。我国数字产业应以制度创新释放数据潜能，以技术赋能激活资产价值，在全球数字经济竞争中锻造中国金融的硬实力，书写高质量发展的新篇章。

Tapping the Potential of Data Assets and Serving the Development of New Quality Productive Forces

Zhong Yan

At present， the world is rapidly advancing into an era of digital economy driven by data as the core engine． Data is no longer merely a technological add-on or a business byproduct； instead， it is becoming a new type of productive factor - data assets - that can be registered， measured， traded and appreciated． As a key carrier of the deep integration between the digital economy and the financial industry， data assets are reshaping the rationale underlying the allocation of financial resources， and rebuilding the forms of financial services， becoming a core force driving the high-quality development of finance and cultivating new-quality productive forces． According to the Recommendations of the Central Committee of the CPC for Formulating the 15th Five-Year Plan for National Economic and Social Development， efforts will be made to advance the Digital China Initiative， and advance the development and utilization of data resources． During the strategic period of the 15th Five-Year Plan， it is an essential task for the financial sector to understand the attributes and characteristics of data assets， address the challenges and difficulties in unlocking their value， and utilize data assets through well-established governance．  

On one hand， the financial industry， as a data-intensive sector， faces unprecedented opportunities for transformation． As they are non-consumable， reusable and incur little marginal costs， data assets can continuously enhance core financial functions such as risk control， pricing， investment research and operation． Financial institutions and infrastructures have accumulated vast amounts of data in long-term operation， and thus need to update their perspectives， tap into the value of data， integrate data assets into strategic asset portfolios， and drive a paradigm shift from “business generating data” to “data driving business”． By incorporating data assets into balance sheets， the value of financial data becomes explicit， motivating financial institutions to improve data governance and application capabilities， and driving transformation and upgrading of business models．

On the other hand， the financial industry， in pursuit of new-quality productive forces， bears the responsibility of exploring data assetization， advancing the use of data from using data as resources to as assets and capital． The bond market has made active explorations to turn data into capital． In 2025， data asset-backed securities （ABS） were launched， becoming a significant practice in integrating data elements with the capital market． This innovative model provides new funding options for asset-light enterprises， such as technology innovation enterprises lacking traditional collateral， alleviating the practical challenges of high financing thresholds and costs for such enterprises， and fostering deep integration of the digital economy and the real economy．  

However， to make full use of data， there are still some key challenges． For example， unclear ownership makes it difficult for data to be registered and circulated， the lack of valuation makes it hard to include data assets into balance sheets， and the ambiguity between security and compliance impedes innovative application of data． In this context， it is imperative to construct a systematic framework for data asset management． At the same time， coordinated efforts are needed across the financial industry to promote standard-making， technological breakthroughs， and institutional innovation， thus formulating a comprehensive ecosystem covering data service providers， assessment agencies， and trading platforms． This will enable data assets to truly become a core engine for serving the real economy， enhancing financial efficiency， and preventing systemic risks．  

A solidified foundation of data assets will facilitate the development of digital finance． The digital industry is suggested to unleash the potential of data through institutional innovation， activate the value of assets through technological empowerment， stand out in the global digital economy competition， and write a new chapter of high-quality development．

责任编辑：赵思远