Abstract: In the era of the digital economy, data assets have increasingly become a critical factor influencing enterprise growth. By constructing a text dictionary of data assetization from four dimensions—facility layer, personnel layer, technology layer and application layer, and selecting China's A-share listed companies from 2011 to 2023 as the research sample, this paper empirically examines the impact of data assetization on enterprise growth. The research results indicate that data assetization significantly promotes enterprise growth, and this promoting effect tends to be icing on the cake rather than help in need. Further analysis reveals significant differences in the effects of the four dimensions on enterprise growth. Specifically, facility layer, technology layer and application layer all show a significant positive impact, with the technology layer having the most pronounced effect. In contrast, the personnel layer does not demonstrate a significant impact at the current stage. In addition, mechanism testing suggests that data assetization facilitates enterprise growth by alleviating information frictions and reducing supply-demand coordination costs. Therefore, enterprises should enhance investment and optimization across multiple dimensions—such as infrastructure, technology, and talent—while promoting the deep integration of data assets with real-world application scenarios to fully unlock the value of data assets and drive growth. Governments, in turn, should foster a safe, efficient, and transparent data environment, encourage data openness and sharing, and provide strong support for enterprise development.

Key words: data assetization, enterprise growth, information frictions, supply-demand coordination costs