Abstract: The value of data element can bring about both great value and risks to the development of digital economy. The use of data has some invisibility, and the specific behavior in the process of developing and using data is not easy to be clearly identified in the short term, which gives rise to the motivation of digital economy enterprises to abuse data in order to seek higher returns. At this time, the use of data in more large-scale will damage data security and even reduce social welfare. By building the regulatory mechanism of regulators on the scope and scale of data used by digital economy enterprises in the data environment with incomplete information, this paper tries to find the balance point and corresponding equilibrium conditions of data value and data security. The incentive compatibility mechanism of regulators in the asymmetric information environment can stimulate the proper use of data and achieve data security by adjusting the weakening scale of data used by digital economy enterprises and eliminating the moral hazard motivation of the latter to abuse data. However, the implementation of the mechanism to prevent data abuse will reduce the scale of data used by enterprises at the same time, which is not conducive to the value spillover of data elements. Therefore, in order to coordinate the coexistence of data security and data value, and promote the effective operation of the co- governance mechanism of data use and data security, regulators should improve the information structure by adjusting the identification of abuse, and achieve the regulatory preposition by adjusting the punishment of abuse, so as to help data governance out of the dilemma of “once you manage, you will die; once you let go, you will be in disorder”.

Key words: data value, data security, government regulation, mechanism design