传统私权框架下，用户数据常被平台企业视为单一资产，导致用户作为数据贡献者的权益缺失、企业数据支配权能失控以及治理机制失衡。对此，以“用户数据股权”的方式，通过类别股实现权能分化的弹性结构，能够回应用户数据的贡献属性与治理需求。在制度构造上，对“用户数据股权”应采取整体评估方式，通过信托或设立特定组织体的形式进行统一登记和行使股东权利。但基于用户数量众多、治理意愿有限以及避免干扰公司治理结构的考量，不应对“用户数据股权”设置表决权，并建立与数据贡献差异化动态关联的劣后分配机制，用户数据股权的转让也应受到严格限制。为保护用户数据权益，应在平台可能危及个人信息安全等特定情况下允许用户退出；完善信息披露机制，要求公司定期披露数据处理情况；用户可通过类别股制度内置的组织进行内部监督，或提起股东代表诉讼。

Under the traditional private rights framework， user data is often regarded as a single asset by platform enterprises， resulting in the lack of rights and interests of users as data contributors， the uncontrolled data dominance of enterprises， and the imbalance of governance mechanisms. In response， adopting the concept of “user data equity” and realizing an elastic structure of divided rights and interests through classified shares can accommodate the contributory nature of user data and the corresponding governance demands. In terms of institutional design， user data equity should be evaluated on a holistic basis， and unified registration and exercise of shareholder rights should be conducted through trust arrangements or the establishment of a specialized entity. However， considering the large number of users， their limited willingness to participate in governance， and the need to avoid disrupting corporate governance， voting rights should not be attached to user data equity. Instead， a subordinate distribution mechanism dynamically linked to differentiated data contributions should be established， and the transfer of user data equity should be strictly regulated. To protect users’ data rights and interests， users should be allowed to exit under specific circumstances where platforms may endanger the security of personal information. The information disclosure mechanism should be improved to require companies to regularly disclose data processing practices. Users may exercise internal supervision through the entity embedded in the classified share system， or file a shareholder derivative action.