Theorizing Data Assets as a New Production Factor in Accounting and Finance: A Systematic Analytical Framework
综合现有文献，将数据理论化为新生产要素，构建了从数据资产化到资产负债表确认及企业融资的统一分析框架，并以中国为例梳理政策演进与实务案例，对会计和金融研究者及政策制定者有参考价值。
ABSTRACT This study synthesizes the growing literature on data assets and data assetization and theorizes data as a new factor of production with direct implications for accounting and corporate finance. We clarify the conceptual distinctions among data, data resources, and data assets and integrate multiple theoretical perspectives into a unified analytical framework that links data assetization, balance sheet recognition, and corporate financing outcomes. Using China as the primary observation window, this research reviews the evolution of national policies on data as a production factor and recent accounting guidance that allows eligible data resources to be recognized as intangible assets or inventories. We then trace the full process of data assetization, from compliance assessment and valuation to financial statement presentation and subsequent financial use, including pledge‐backed lending, equity contributions valued with data, and securitization. Illustrative cases reveal a rapid adoption among data‐intensive service firms and more gradual progress in traditional industries. The study concludes by identifying the key constraints, including measurement standardization, cost allocation, data quality, and security compliance, and proposes a research agenda that supports more rigorous measurement frameworks and policy designs.