数据资本资产定价模型:基于两部收费的方法  

Data Capital Asset Pricing Model:A Two⁃Part Tariff Based Approach

作　　者：于小丽 姜奇平[2] YU Xiao-li;JIANG Qi-ping(Post-doctorate Workstation,China Center for International Economic Exchanges,Beijing 100050,China;Institute of Quantitative and Technical Economics,Chinese Academy of Social Sciences,Beijing 100732,China)

机构地区：[1]中国国际经济交流中心博士后科研工作站,北京100050 [2]中国社会科学院数量经济与技术经济研究所,北京100732

出　　处：《财经问题研究》2024年第4期16-32,共17页Research On Financial and Economic Issues

基　　金：国家出版基金资助项目“数字经济学(宏观经济卷、微观经济卷)”(2022F-072)。

摘　　要：本文针对当前数据资本资产定价理论中成本法、收益法存在短板的问题,以及市场法不成熟的问题,基于梯若尔双边市场理论拓展了资本资产定价理论,首次引入双边市场作为市场法定价的基础,从数字生态系统现有两部收费的实践出发,构建成本法与收益法相结合、单边市场与双边市场相结合、时间贴现与空间贴现相结合的数据资本资产定价模型(DCAPM),用于标准化数据资本资产定价。这一模型创新性地将现有资本资产定价理论从时间特例发展为时空通则。本文基于均衡分析建模,建立了按照实际销售收入、符合现有会计准则的数据资本资产定价方法。研究的一般意义在于,发现反科斯型市场的作用,尤其是明晰了将外部性加以内部化这一双边市场机制在数据资本资产定价中的作用。This article is to expand the modeling of capital asset pricing models in the field of data,and to synthesize a universal model of capital asset pricing models that is applicable to both entities and data by combining the original part of the entity(classical model)with the extended model for data.The current two⁃sided market and data exchange are the most important market mechanisms in the digital economy ecosystem,but they are still blank in research of data element marketization and require improvement in principles.This article introduces the principle of spatial discounting and extends the time discounting principle of classical models to represent the particularity of two⁃sided markets and data exchange in the marketization of data elements.This article introduces the cost benefit two⁃part tariff and two⁃sided market method to solve the problem of entry of data capital assets into the balance sheet through the cost and benefit approaches.In the research process,the following bottlenecks in existing research methods were overcome:Firstly,the cost approach and the benefit approach each have their own shortcomings.Due to the significant difference between reset costs and benefits,the effective cost method for pricing physical capital assets can only determine a small portion of their value;However,the income approach has significant uncertainty due to different application scenarios,making it difficult to model random discount factors.In practical research,the study of marketization of data elements is often narrowed down to the study of data trading markets,but due to insufficient on⁃exchange trading on data exchanges,it loses practical support.This article will incorporate data exchange and over⁃the⁃counter trading,which account for 95%of the trading volume,into the study to address the issue of subject bias.Secondly,the market law is not mature.The existing market approach to capital asset pricing mainly relies on unilateral market pricing.The unilateral market used for trading data capital as

关 键 词：数据资本资产定价模型(DCAPM) 资本资产定价模型(CAPM) 消费资本资产定价模型(CCAPM) 空间贴现 双边市场 两部收费 

分 类 号：F49[经济管理—产业经济]