With the booming development of the digital economy, data asset pledge has gradually emerged as an emerging financial tool. This article compares the differences between traditional collateral and data asset pledge in terms of physical and virtual, exclusivity and replicability, divisibility and indivisibility, value certainty and uncertainty, regulatory clarity and lag, technological dependence, regulatory maturity, liquidity, and timeliness. It deeply analyzes the challenges faced by data asset pledge and proposes corresponding countermeasures and suggestions to promote the healthy development of data asset pledge and provide strong support for financial innovation.

1、 Introduction

In the era of digital economy, data has become a key factor of production, and its value and role in enterprises are increasingly prominent. The "Twenty Measures for Data" issued by the State Council and the "Interim Provisions on Accounting Treatment of Enterprise Data Resources" issued by the Ministry of Finance provide policy basis and operational norms for data asset entry into the financial statements. Data companies have opened up new financing channels for investors by pledging data assets as an emerging financial tool to enhance their financing capabilities and broaden their financing channels. However, compared to traditional asset pledge, data asset pledge carries many risks and uncertainties in legal terms. Exploring the legal risks of data asset pledge is of great significance for improving the relevant legal framework, protecting investor rights, and providing legal protection for financial innovation.

2、 The difference between traditional collateral and data asset collateral

（1） Physical and virtual traditional pledges usually have physical forms, such as real estate, vehicles, machinery and equipment, which can be intuitively perceived and touched.

These physical pledges have clear physical properties and spatial locations, and their value assessment is relatively easy, mainly determined based on factors such as market price, service life, and depreciation level. And data asset pledge has virtuality. Data assets are information resources that exist in digital form and do not have a specific physical form. It is stored in computer systems, databases, or cloud servers and can only be accessed and processed through electronic devices and networks. The value of data assets depends on factors such as the quality, timeliness, scarcity, and application scenarios of their content, making evaluation difficult.

（2） Exclusivity and replicability of traditional collateral have a certain degree of exclusivity.

For example, during the mortgage period, the ownership and use rights of a property are restricted and cannot be pledged by multiple creditors at the same time. Meanwhile, the transfer and possession of traditional pledged assets usually require legal procedures and formalities to ensure the effectiveness of the pledge and the high degree of replicability of exclusive data assets. Data can be easily replicated and disseminated, and the cost of replication is extremely low. This makes it difficult to ensure the exclusivity of data assets during the pledge process, and there may be multiple creditors claiming rights to the same data asset. In addition, the replication of data assets may also lead to intellectual property disputes and data security issues.

（3） Indivisibility and divisibility: Traditional collateral usually has indivisibility.

For example, a car as collateral cannot be divided into multiple parts and pledged separately to different creditors. Even divisible pledged goods, such as a batch of goods, are usually treated as a whole when pledged. Data assets have divisibility. Data can be segmented and combined according to different needs and purposes. For example, data in a database can be divided into different fields, records, or datasets and pledged to different creditors. This divisibility provides more flexibility for data asset pledging, but also increases the difficulty of management and risk control.

（4） The value of traditional collateral usually has a high degree of certainty in terms of value certainty and uncertainty.

Its value mainly depends on factors such as market supply and demand, physical properties, and service life, which are relatively stable and easy to evaluate. For example, the value of a property can be evaluated using methods such as market comparison, cost method, or income method, and the evaluation results have high reliability. The value of data assets has significant uncertainty. The value of data assets is influenced by various factors, such as data quality, timeliness, scarcity, application scenarios, and market demand. These factors change rapidly and are difficult to accurately predict. In addition, there is a huge difference in value between different data assets, and there is a lack of unified evaluation standards, making the value assessment of data assets a difficult problem.

（5） The relevant laws and regulations on traditional pledged assets are relatively clear and complete in terms of regulatory clarity and lag.

For common pledged assets such as real estate and vehicles, there are specialized laws and regulations to regulate their pledge registration, rights and obligations, disposal procedures, etc. These laws and regulations provide clear legal basis and protection for the trading and financing of traditional pledged assets. The pledge of data assets faces the problem of regulatory lag. Due to the fact that data assets are an emerging form of asset, the relevant laws and regulations are not yet fully developed. The regulations on ownership, usage rights, transaction rules, and pledge registration of data assets are not yet clear, resulting in many risks and uncertainties in the legal aspects of data asset pledge. For example, unclear definition of ownership of data assets may lead to property disputes; The lack of a unified platform and standard for the pledge registration of data assets affects the effectiveness and enforceability of the pledge.

（6） The management and disposal of traditional collateral rely relatively less on technological means, with less reliance on technology and stronger reliance on technology.

Although some technical tools such as property appraisal software and vehicle detection equipment may be used in the evaluation and registration process, overall, the management and disposal of traditional collateral mainly rely on manual operations and legal procedures. The pledge of data assets highly relies on technical means. The storage, transmission, processing, and protection of data assets require advanced information technology support. For example, data assets need to be stored in secure and reliable databases or cloud servers to prevent data leakage and loss; During the pledge process, encryption technology, digital signatures, and other means need to be used to ensure the authenticity and integrity of the data; When disposing of data assets, it is necessary to rely on technological means to achieve data transfer and monetization. In addition, the rapid development of technology has also brought challenges to data asset pledging, such as rapid technological updates and high security risks.

（7） The regulation of traditional collateral is relatively mature due to the maturity and significant differences in regulation.

Financial regulatory agencies and relevant departments have strictly supervised the transactions and financing activities of traditional collateral such as real estate and vehicles, and established a sound regulatory system and system. These regulatory measures include pledge registration, risk assessment, information disclosure, etc., effectively ensuring the safety and fairness of transactions. There are significant differences in the regulation of data asset pledge. Due to the particularity and complexity of data assets, regulatory policies and measures for data asset pledge vary in different countries and regions. Some countries and regions have begun to explore the establishment of regulatory frameworks for data asset pledge, but it is still in its infancy; However, some countries and regions are cautious about data asset pledge and have not yet introduced clear regulatory policies. This regulatory difference has brought difficulties to cross-border transactions and financing of data asset pledging, and has also increased market uncertainty.

（8） Traditional collateral with low and high liquidity has relatively low liquidity.

The transaction and disposal of traditional collateral usually require certain procedures and time, and are limited by factors such as market supply and demand, geographical location, etc. For example, property transactions require transfer procedures, and the disposal of vehicles requires finding suitable buyers, both of which are cumbersome and time-consuming. The liquidity of data assets is relatively high. Data assets can be quickly transmitted and traded over the network, without being limited by geographical location. At the same time, the transaction cost of data assets is low, the transaction time is short, and the transfer and realization of assets can be achieved in a short period of time. This high liquidity provides convenience for pledging data assets, but also increases the difficulty of risk control.

（9） The timeliness of traditional collateral with low and high timeliness is relatively low.

The value of traditional collateral usually does not change rapidly over time, unless it is affected by significant market fluctuations or physical damage. For example, the value of a property remains relatively stable over a certain period of time, while the value of a vehicle may gradually decrease with increasing service life, but the rate of change is relatively slow. The timeliness of data assets is relatively high. The value of data assets may rapidly change over time, especially in the context of rapid development of information technology. The timeliness, accuracy, and completeness of data are crucial for its value. For example, some market data, user behavior data, etc. may lose their value in a short period of time; And some technical data, patent data, etc. may depreciate rapidly with the upgrading of technology. In addition, the timeliness of data assets is also affected by factors such as data security and privacy protection.

3、 Suggestions for Dealing with Data Asset Pledge

（1） Effective control of data

Data resources must be legally owned or controlled by accounting entities and managed through information security technology with access control as the core. Specific measures include unified user identity authentication management, ensuring the identification and verification of objects by the subject, and managing the lifecycle of user identity authentication information. A comprehensive access control framework should be established, control rules should be set reasonably, and the principle of minimizing permissions should be followed to prevent illegal users from stealing and abusing data resources. Zero trust and dynamic authorization technologies can be used to provide guarantees for remote access.

（2） Accurate audit of data value

Historical cost method, fair value method, data factor method, and valuation measurement method should be selected for price measurement, and multidimensional classification and description should be carried out according to asset management needs to determine the accurate value of data assets. For data assets from different sources, cost measurement rules should be clearly defined to ensure the fairness and reasonableness of asset valuation.

（3） Data value amortization and impairment tracking

For data assets with limited useful life, their useful life should be reasonably estimated and systematically amortized within their useful life, reflecting the way in which economic benefits are realized. In terms of asset impairment, regular impairment tests should be conducted on data assets. If there are signs of impairment, the book value should be promptly reduced and asset impairment losses recognized.

4、 Conclusion

There are significant differences between traditional collateral and data asset collateral in terms of physical and virtual, exclusivity and replicability, divisibility and indivisibility, value certainty and uncertainty, regulatory clarity and lag, technological dependence, regulatory maturity, liquidity and timeliness. As an emerging financial tool, data asset pledge provides new channels for corporate financing and investors, but also faces challenges such as value assessment, legal risks, technological risks, and regulatory challenges. To promote the healthy development of data asset pledge, it is necessary to establish a scientific value evaluation system, improve laws and regulations, strengthen technical support, and establish a unified regulatory framework, so as to fully leverage the advantages of data asset pledge and provide strong support for the development of the digital economy.