Data Capitalization and Valuation Paradigm Shift: A Dynamics Model of Valuation Regime Transition

Data capitalization redefines industrial asset boundaries and triggers cross-market valuation regime shift, as non-rival, scalable data assets create unique data control premium (DCP) unrecognized by traditional DCF valuation. Existing literature overlooks systemic market-wide valuation restructuring, ignores omitted variable bias from industrial competition and macro interest cycles, and lacks standardized cross-industry valuation shift indicators. This paper constructs a Valuation Paradigm Transition Dynamics (VPD) model to unpack the formation of DCP and dynamic valuation transition, integrating core economic theories including RBV, surveillance capitalism and Schumpeterian industrial organization theory.We employ a 2018–2025 global panel dataset covering 34,296 firm-year observations across 4,287 firms from 36 countries. Industrial fundamental value is measured via purified DCF with explicit data-driven cash flow exclusion rules; Regime Change Index (RCI) is z-score standardized after industry-specific PCA for cross-sector comparison. We adopt 2SLS to fix endogeneity, add HHI (industry concentration) and real interest rate as omitted controls, insert quadratic DAI to test inverted-U DCP relation, and run mediation analysis for data governance investment (DGI).Regression confirms DCP explains 37.8% of valuation divergence , while privacy risk negatively moderates DCP effects . Significant positive DAI and negative DAI² verify an inverted-U curve, extending Farboodi’s static diminishing data return theory. Higher industry HHI lifts DCP whereas rising interest rates suppress valuation deviation; standardized RCI consistently pinpoints mid-2022 as the cross-industry transition inflection point, with DGI serving as a valid mediating transmission channel.Data capitalization fundamentally restructures global valuation benchmarks via DCP formation. The validated VPD framework resolves prior empirical defects and clarifies the dual efficiency and anti-competitive influences of data monopoly, delivering targeted references for investors, accounting standard-setters and cross-border data regulators.