Abstract: As a novel factor of production, the value generation of data fundamentally relies on the coupling mechanism between information systems and the physical world. Resolving the contradiction between the exclusivity of data property rights and the sociality of data utilization is a key issue in the construction of the data property rights system. While the Coase Theorem provides a methodological foundation for rights determination as a fundamental property theory, it does not prescribe the institutional framework itself. Distinguishing between the initial definition of rights and the reconfiguration of rights is a specific way of allocating resources for property rights. Compared to the traditional one-sided market data trading model, the value production of data has“informational”rather than“material”characteristics, and data exchange in two-sided markets is the dominant mode of data circulation and value realization. The data property rights system should aim to build a fair and healthy data circulation ecosystem, achieve a theoretical paradigm shift from“data ownership”to “data usage rights”, and provide solid theoretical support for the recognition of behavioral legitimacy and the reconfiguration of rights. According to the theory of reciprocity of data property rights, a utilization rights system should be constructed for data property rights, which should take full consideration of the multidimensional factors, such as the essential characteristics of data, market demand evolution, industry competition pattern, social public interests, and application scenario value orientation, and should scientifically allocate the rights and obligations between data processors, data sources, and the state.

Key words: data property rights, the theory of rights reciprocity, the Coase theorem, data elements, two-sided market