Abstract: In the era of digital economy, the role of data assets has become increasingly prominent and has become a core element influencing the competitiveness of enterprises, governments, and even countries. This article selects the data of A-share listed companies in China from 2011 to 2023 to empirically study the impact of data assets on the total factor productivity of enterprises. The research finds that enterprise data assets have a significant positive impact on total factor productivity, and the conclusion remains valid after robustness tests and endogeneity treatments. Further research reveals that enterprise data assets mainly enhance total factor productivity by improving the transparency of enterprise information. Heterogeneity analysis shows that the impact of data assets on total factor productivity varies depending on the nature of enterprise property rights and product market position. The enhancing effect of enterprise data assets on total factor productivity is more obvious in non-state-owned enterprises and enterprises with high market position. This paper clarifies the important role of data assets in improving total factor productivity, and the research conclusion provides a useful reference for the practical development of data assets.