数据要素证券化路径研究——基于DAITs模式的探讨

Study on the Path of Data Factor Securitization:a Discussion Based on DAITs

数据要素证券产品的设计、发行、交易、监管、服务等是数据要素市场建设的重要内容。数据兼具无形资产和有形资产的特征,所有权归属情况复杂,要素证券化的实现方式尚缺乏深入讨论。本文借鉴知识产权、基础设施等领域证券化模式的相关经验,提出了"数据资产投资信托基金(DAITs)"的创新模式,为数据要素证券化提供可行路径参考。基于"数据信托"理论指导的运营管理结构以及投资信托基金模式,DAITs可以更好地平衡数据要素市场各参与方的权益,扩大投资者群体,促进二级市场交易流动性提升,激发数据要素活力。

The design,issuance,trading,supervision and service of securities products of the data factor are important when constructing the data factor market.As data has characteristics of both intangible and tangible assets and different ownership attributions,its securitization lacks in-depth discussion.This paper proposes a“Data Asset Investment Trusts”(DAITs)model based on relevant experience in the fields of intellectual property and infrastructure,providing relevant reference for the feasible realization of data factor securitization.Based on the operational management structure guided by the“data trust”theory and the pattern of investment trusts,DAITs can better balance the rights and interests of participants in the data factor market,expand investor groups,and increase the liquidity of secondary market,which stimulates the vitality of the data factor.