Abstract: As the world transitions into the era of the digital economy, data has emerged as a crucial factor of production, attaining increasing significance as a pivotal new asset due to its substantial economic value.For multinational enterprises, the utilization and crossborder transportation of data are integral aspects that must be involved in maximizing the value generated by data. In this context, the target of indirect expropriation by the host country is not limited to traditional rights such as physical property and intellectual property rights, but its indirect expropriation behaviour has gradually expanded to the new type of property such as data. The relevant restrictive measures of the host country should avoid constituting indirect expropriation, thereby fostering create a stable investment environment for foreign investors.

Key words: data, international investment, indirect expropriation, data localization, cross border data flow

摘要： 当下全球进入数字经济时代，数据已然成为重要的生产要素，数据由于其重大的经济价值而日益成为举足轻重的新型资产.对于跨国企业而言，数据的使用、跨境传输都是其在最大化数据产生的价值时必然涉及的环节.在此背景之下，东道国间接征收的对象也已经不仅仅局限在实体财产、知识产权等传统权利，其间接征收行为逐渐扩张至数据这一新型的财产.东道国的相关限制措施应当避免构成间接征收，为外国投资者营造稳定的投资环境.

关键词: 数据, 国际投资, 间接征收, 数据本地化, 跨境数据流动