In wireless networks, frequent reference signal transmission for accurate channel reconstruction may reduce spectral efficiency. To address this issue, we consider to use a data-carrying reference signal (DC-RS) that can simultaneously estimate channel coefficients and transmit data symbols. Here, symbols on the Grassmann manifold are exploited to carry additional data and to assist in channel estimation. Unlike conventional studies, we analyze the channel estimation errors induced by DC-RS and propose an optimization method that improves the channel estimation accuracy without performance penalty. Then, we derive the achievable rate of noncoherent Grassmann constellation assuming discrete inputs in multi-antenna scenarios, as well as that of coherent signaling assuming channel estimation errors modeled by the Gauss-Markov uncertainty. These derivations enable performance evaluation when introducing DC-RS, and suggest excellent potential for boosting spectral efficiency, where interesting crossings with the non-data carrying RS occurred at intermediate signal-to-noise ratios.