基于多期超额收益法的数据资产价值评估

——以伊利集团为例的实证分析

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中图分类号：F275 文献标志码：A 文章编号：007-8576（2025）03-0072-09

DOI：0.676/j.cnki.65-030/f.2025.03.007

DataAsset Valuation Based on Multi-period ExcessReturn Method： An Empirical Analysisof Yili Group，China

ZHANG Yalian1²，LI Sheng1，CHENGTianji'，HUXiaoxin1

（1.Central South University of Forestry and Technology， Changsha 41OoO4， China; 2.Ecological Civilization Construction Research Base of Hunan Province，Changsha 41OoO4， China）

Abstract：Withtherapiddevelopmentofthedigitaleconomy，datahas gradualytransformedfromaninformationresourceinto adataaetcapableofgeneratingeconomicbenefits.However，inalitymostenterpriseshavenotyetincludeddataaetsin theirbalancesheets，leaving thmasoffbalnce-shetasets.This makes itdiicultforstakeholders toomprehensivelyassess thespecific impactofdataasets ontheoperational performance ofenterprises.This paperfocuses onthevaluationof data assets upontheirinclusion inthe balance sheet.Itconstructs adataaset valuation model basedon themulti-period exce return methodandconductsanempiricalanalysis using Yili Group in China asacase study.Theresearch results showthat the value of Yili Group's data assets isapproximately1O.193billion yuan，accounting for 10.16% of the overall value contribution rate.Thisindicates thatdataasets playacrucialroleinYiliGroup'svaluecreation.YiliGroup'sdeepdataaccumulationand digitaltransformationpracticeshavebroughtsignificantbenefistotenterprise;italsoconfirsthestrategicvalueofdataassets，asdata resource advantagesanddigital tansformationcan helpenterprisesenhance their marketcompetitiveness.

Keywords：data asset;value assessment;multi-period excessreturn method

一、问题的提出

近年来，我国高度重视数字经济发展、数据要素及其市场化配置改革，发布了一系列重要政策文件，推动数据要素市场快速发展和数据资源畅通流动。（剩余8955字）