The Construction Logic of Data Finance from the Perspective of New Quality Factors of Production: An Empirical Study on the Resolution of Implicit Debt in the Yangtze River Delta

Abstract

As data resources become a new factor of production, public data is becoming a key driving force to promote innovation and development. Its similarity with land resources and the comparability between digital industry chain and real estate industry chain make data finance a new model to replace land finance, help local governments to broaden fiscal revenue and mitigate hidden debt risks. This project aims to explore the role of public data capitalization mechanism in promoting the construction of data finance, and help local governments obtain stable and long-term income channels by building a sustainable government data asset operation mode, so as to effectively alleviate the pressure of hidden debt risk. Research and analysis show that data finance can play a direct and indirect role in dissolving the implicit debt of local governments by providing a sustainable path of capitalization income, and can play a substitution and complementary effect in coordination with other fiscal variables under the background of the "package" debt scheme. This study provides theoretical support and practical guidance for local governments to alleviate the debt crisis by building a fiscal revenue increase framework of public data capitalization and digital industry chain.