数据财产说基于传统物权思维，强调绝对排他性，但易导致数据垄断、阻碍流通。而知识产权化路径的有限排他权设计，平衡创新激励与社会利用，更适合于数据作为生产要素的本质。知识产权化可以很好地激励数据投资和创新，防止滥用，并以分层保护应对独创性不足的质疑。实施路径上短期以司法扩大适用《反不正当竞争法》等既有法律作为过渡保护，长期立法创设专门制度，明确保护对象和权利内容，与《数据安全法》、《反垄断法》协同保护，最终形成“有限排他权+分层保护+权能拆分” 的平衡框架，实现数据安全高效的流通与公共利益最大化。

Data, as a key production factor in the digital economy, raises complex questions regarding rights allocation. Traditional property-based approaches emphasize absolute exclusivity, which can easily lead to data monopolies and hinder data circulation. In contrast, the intellectual property (IP)-oriented model, characterized by limited exclusivity and layered protection, better aligns with the non-rival, replicable, and dynamic nature of data. This paper argues that the IP approach strikes a more appropriate balance between innovation incentives and public interest. In the short term, judicial expansion through the Anti-Unfair Competition Law and Copyright Law provides transitional protection; in the long term, legislation should establish a specialized data IP system featuring clear protection objects, limited exclusive rights, and functional splitting of data-related entitlements. Ultimately, a framework of “limited exclusivity + layered protection + disaggregated powers” can promote secure and efficient data flows and maximize social benefits.