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.