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Constructing a regulatory framework for data asset pledge financing: Lessons from China's practice

Y Wang

International Review of Economics & Finance2026https://doi.org/10.1016/j.iref.2026.104961article
AJG 2ABDC A
Weight
0.37

Abstract

With the deepening of the marketization process of data elements, the financial value of data assets as a new type of collateral is increasingly prominent. However, their pledge financing practices still face multiple regulatory challenges under the legal positioning of "right pledge". This article takes the practice of data asset pledg financing in China as a mirror to systematically analyze the institutional barriers and operational risks that exist in the registration, value assessment, risk control, and disposal and realization of financial institutions. It reveals the structural failures of the existing regulatory system in terms of rule adaptability, regulatory boundary coordination, and regulatory technology. Based on this, this article proposes to construct a four in one hierarchical regulatory governance framework: at the legislative level, it is necessary to improve the data ownership registration system and evaluation standard system, clarify the legal attributes and registration publicity effectiveness of data assets as pledged property, and consolidate the foundation of rights; At the process supervision level, it is necessary to clarify that financial regulatory agencies are the main regulatory agencies, agree on data value adjustment and quality assurance clauses in financing contracts, establish core responsibilities for due diligence and continuous monitoring, and promote full process supervision of data pledge using regulatory sandbox technology; Default relief layer, establish mandatory management procedures for third-party data asset custody institutions; At the ecological level, establish a collaborative mechanism of "risk compensation+insurance protection" guided by the government and market participation, and improve the data asset trading market and disposal channels. Through legal improvement, institutional innovation, technological empowerment, and ecological co construction, we aim to promote the dynamic balance between the financialization of data elements and risk prevention and control, and assist in the high-quality development of the digital economy.

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https://doi.org/https://doi.org/10.1016/j.iref.2026.104961

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@article{y2026,
  title        = {{Constructing a regulatory framework for data asset pledge financing: Lessons from China's practice}},
  author       = {Y Wang},
  journal      = {International Review of Economics & Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.iref.2026.104961},
}

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Constructing a regulatory framework for data asset pledge financing: Lessons from China's practice

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Evidence weight

0.37

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.16 × 0.4 = 0.06
M · momentum0.53 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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