["Journal of Economic Surveys, EarlyView. ", "\nABSTRACT\nThis study synthesizes the growing literature on data assets and data assetization and theorizes data as a new factor of production with direct implications for accounting and corporate finance. We clarify the conceptual distinctions among data, data resources, and data assets and integrate multiple theoretical perspectives into a unified analytical framework that links data assetization, balance sheet recognition, and corporate financing outcomes. Using China as the primary observation window, this research reviews the evolution of national policies on data as a production factor and recent accounting guidance that allows eligible data resources to be recognized as intangible assets or inventories. We then trace the full process of data assetization, from compliance assessment and valuation to financial statement presentation and subsequent financial use, including pledge‐backed lending, equity contributions valued with data, and securitization. Illustrative cases reveal a rapid adoption among data‐intensive service firms and more gradual progress in traditional industries. The study concludes by identifying the key constraints, including measurement standardization, cost allocation, data quality, and security compliance, and proposes a research agenda that supports more rigorous measurement frameworks and policy designs.\n"]