The market-oriented circulation of data element involves diverse interactions among the governments, enterprises and individuals, requiring governance aimed at creating public value to orderly coordinate interests among stakeholders. From the perspective of data space, the market-oriented circulation of data element is defined as the linkage and interaction among enterprise data space, government data space and data trading space. Based on public value management theory, this paper constructs the public value creation logic of the market-oriented circulation of data element, and differentiated contextual generation paths are followed in the technological implementation process. The market-oriented circulation of data element creates two types of public value: digital economic growth and enhancement of public welfare. In the practical promotion process, the market-oriented circulation of data element faces conflicts between departmental interests, commercial interests, individual rights and public value. Meanwhile, the particularity of data element intensifies the conflict of multiple values, which will lead to the failure of public value. Effectively addressing public value failures in the market-oriented circulation of data element requires the establishment of collaborative governance models for data communities to promote the reshaping of value relationships.

数据要素市场流通涉及政府、企业、个人之间的多元互动,其治理需要以公共价值创造为目标有序协调主体之间的利益关系。从数据空间角度出发,将数据要素市场流通界定为企业数据空间、政府数据空间和数据交易空间的联动与交互。基于公共价值管理理论,构建数据要素市场流通的公共价值创造逻辑,在技术实现路径上遵循差异化的情境生成路径,数据要素市场流通创造出数字经济增长、增进民生福祉两类公共价值。数据要素市场流通在实践推进过程中面临部门利益、商业利益、个体权益与公共价值之间的冲突,同时数据要素的特殊性又加剧多元价值冲突,会导致公共价值失灵。有效应对数据要素市场流通的公共价值失灵,需要构建数据共同体的协同治理模式,推动价值关系重塑。