ВПЛИВ ЦИФРОВИХ БІЗНЕС-АКТИВІВ ТА ФІНАНСОВИХ ТЕХНОЛОГІЙ НА ЕКОНОМІЧНЕ ЗРОСТАННЯ КРАЇНИ

Abstract

General-purpose information technology, including the use of artificial intelligence in business and other digital business assets and their redistribution through financial technology, requires significant additional investment, including co-investment, attracting additional financial resources to invent new digital business assets, digital business -products, business models and human capital. These additional investments are usually intangible and poorly valued in national accounts, even if they create valuable assets for the firm. This paper develops a model that shows how insufficiently reflected in the registers and national accounts of digitalized business assets leads to underestimation of productivity growth in the first years of a new such digital business asset, and how later, when the benefits of intangible investments will be received and identified, productivity growth will be overestimated by the impact of these previously unrecorded digital assets. Our model generates a J-performance curve, which may explain the decline in productivity that often accompanies the emergence of new information technologies used in business, as well as productivity gains later after the application of such digital assets. The developed model can be used for empirical analysis of the historical roles of intangible assets related to research and development, software and computer hardware and other digital business assets and financial technologies. During the testing of the developed model, significant and permanent effects of the J-curve of performance are observed for software and financial technologies, and to a lesser extent for computer equipment. The intangible asset adjusted for the estimated value of digital business assets and financial technologies, which are not accounted for, is 11.3% higher than the official figures for the end of 2020 and 15.9% higher than the official figures for the end of 2021. year. The developed model also assesses the impact of the use of such a digitalized business asset as artificial intelligence, and how artificial intelligence is related to the assessment of intangible capital and how it can now affect the measured productivity. As a result of testing the model developed in this article, the result is that the assets associated with the use of artificial intelligence in business are insignificant, but those that are constantly growing.