Modern Economics & Management Forum

With the rapid development of the digital economy, data has become a core factor driving economic growth. The formal implementation of the Ministry of Finance's 2024 Interim Provisions on Accounting Treatment for Enterprise Data Resources signifies that data assets can be recognized as either "intangible assets" or "inventories." However, as policies for data asset recognition take effect , enterprises face challenges in valuation.This paper focuses on corporate data assets, constructing a dynamic valuation model based on the multi-period excess return method to overcome limitations of traditional income approaches. Case validation using Hebei Iron & Steel reveals that in capital-intensive industries, the implicit value of data assets is difficult to fully capture through conventional methods, with assessment results showing negative excess returns. This highlights the applicability of current methods in asset-heavy sectors.The study further proposes improvements regarding factors for data asset valuation, providing theoretical foundations and practical pathways for the standardized transformation of data assets from "resources" to "assets."