数据资产证券化(ABS)

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规模5.1亿元,首单数据资产赋能ABS上市
Sou Hu Cai Jing· 2025-07-21 04:38
Core Insights - The issuance of the first data asset-backed securities (ABS) in Shanghai marks a significant shift towards the large-scale practice of data asset securitization, attracting market attention [1][2] - The popularity of data asset ABS is driven by a combination of policy support, corporate demand, and capital market dynamics [2] Policy Support - The recognition of data as the fifth production factor in 2020 led to a series of policies that established a comprehensive policy framework for data asset ABS [3] - The "Data Twenty Articles" in 2022 established a property rights framework, and the Ministry of Finance is promoting the inclusion of data resources in financial statements, providing essential policy backing for data asset ABS [3] - Regulatory guidelines from exchanges have standardized the asset admission process for data assets, facilitating market participation [3] Corporate Demand - Data asset ABS significantly alleviates financing challenges for internet companies that lack real estate collateral, allowing them to leverage operational data for assetization [3] - Companies utilizing data asset pledges have reported a substantial decrease in financing costs and an increase in financing scale, with some able to secure financing up to 30% of their revenue [3] Market Dynamics - The development of data asset ABS has led to a reevaluation of the value of data elements, shifting focus from credit reliance to asset value [5] - High-quality data asset ABS products have even experienced oversubscription, indicating strong market interest [5] Regional Variations - Different regions are exploring data asset ABS with unique characteristics based on local resources and development strategies [6] - Shenzhen has focused on public data, successfully launching the first data asset ABS product with a scale of 130 million yuan [6][7] - Shanghai has integrated data assets with supply chain finance, enhancing risk assessment accuracy and attracting participation from small and medium enterprises [7][9] Valuation and Standardization - The exploration of data asset ABS is advancing the development of a data asset valuation system, with various models being applied to enhance precision and standardization [10] - Mainstream data exchanges are establishing service platforms for cross-regional asset recognition, promoting efficiency in data asset transactions [10] Future Prospects - The market for data asset ABS is expected to expand, transitioning from innovative trials to regular business operations, with potential for cross-border data asset ABS exploration [11] - The ongoing development of data asset ABS is anticipated to play a significant role in advancing the data factor market and promoting digital economic growth [12]