Data assetization and firms’ investment efficiency: evidence from China

The relevance of the study of the topic is that the development of the digital economy in the context of globalization and the digital society has received great development. Globalization is the free movement of markets, capitals, people, finances, capitals, technologies, goods, services, information that develops across national borders and is the result of a multi-scale need in many industries, including automotive and aviation, mobile operating systems, retail, web servers.
 The purpose of the study is to analyze the development of the digital economy in the context of globalization and the digital society (on the example of China).
 Research objectives: 1) to reveal the directions of development of the digital economy in the context of globalization and digital society; 2) justify the development of the global economy of China as the most powerful world leader; 3) show the expansion of China's regional influence through the development of digital technologies that contribute to the improvement of the digital society and its image.
 Methodology. The study of the digital society in China is based on Agile methodology and Agile philosophy as a new methodology of the digital economy, representing the methodology of complexity, as well as systemic, informational, institutional methods and approaches, which made it possible to fully represent a country like China and its development prospects . Methods of analysis and synthesis, generalization and systematization, historical and logical and comparative and axiological methods were used. The scientific novelty of the study is that the development of China's digital economy in the context of globalization and digital society is associated with advanced innovative technologies that are just entering the forefront of historical development and show how one can become a competitive state on the world stage. China today is a large digital and industrial state, which is on the path of a market and digital economy, developing digital strategies at all levels. The mania for new economies in anticipation of a new "economic miracle" began with China, which has been growing very fast for two decades, and since 1998 at 8% annually. The lucky number 8 has become the iron law of the Chinese economy. Digital market mechanisms are a powerful microeconomic tool in China. The digital economy is based on learning, gaining the skills needed for greater deregulation, free markets, and a clear focus on short-term income generation. China's economic development was only one part of the "economic miracle", but it is not felt by the entire population of China, most of whom feel insecure. The People's Republic of China has a mixed economy with a three-tier enterprise system, consisting of large government companies, local hybrid and foreign firms, and small businesses. The development of the digital economy in the context of globalization and China's digital society in the face of exponential reality and stochastic uncertainty has shown that technology is making us increasingly interconnected, dependent and vulnerable.
 The value of the study lies in the development of practical recommendations for improving the digital economy based on knowledge and digital technologies, within which new opportunities for society, business and the state are realized.
 Key words: digital economy, globalization, digital society.

Major industrialized countries, including China, are gradually aging, and resource constraints are increasingly tense. The traditional production system can no longer meet the requirements of sustainable economic development. However, with the rapid development of digital economy, it is becoming the main trend to promote the high-quality development of economy through the development of digital economy. At the same time, people are generally concerned about not only whether big data and AI can increase productivity but also whether Digital Gap will be deepened.The Chinese government also attaches importance to the development of digital economy and started the construction of National Big Data Comprehensive Pilot Zone in 2015. Through undertaking seven tasks, the Pilot Zone has promoted the development of regional digital economy. Based on this rare quasi-natural experiment, this paper evaluates the effect of digital economy development on regional total factor productivity. We use the balanced panel data of China’s prefecture-level cities from 2013 to 2017 to estimate the Generalized DID model, and find that the Pilot Zone significantly improves the regional total factor productivity, which is dominated by pure technological progress. At the same time, the Pilot Zone helps to increase the innovation related to regional and digital industries, and enhance the intellectualization and R&D level of manufacturing enterprises in the zone.In addition to the average effect of the Pilot Zone on productivity, we also test whether the development of digital economy can help relatively backward areas achieve leapfrog development. We find that the Pilot Zone has a stronger promotion effect on total factor productivity in less developed areas, less innovative areas and areas with higher industrial structure. In addition, the Pilot Zone has a greater role in promoting the total factor productivity of areas with net labor loss. Therefore, we suggest that regions with insufficient economic growth momentum, especially those with aging and serious labor outflow, can develop big data and artificial intelligence industry to alleviate the pressure of development.The possible marginal contribution of this paper lies in the following aspects: First, in the environment of benign interaction between government and effective market, the government has issued regional industrial policies to promote the development of big data industry, but no literature has investigated whether these policies will promote regional productivity. Second, there is a lack of empirical research on whether big data industry can promote productivity at the meso level which is directly related to the local economy. From the perspective of National Big Data Comprehensive Pilot Zone, this paper analyzes it as a policy variable to fill the gap in this aspect. Finally, although the existing literature generally agrees that the Internet and intellectualization play a positive role in economic growth, it does not reach a consensus on whether the digital divide will continue to deepen. Through the heterogeneity analysis, this paper examines whether the relatively backward regions can achieve leapfrog development through the development of digital industry under the background of unbalanced regional development in China.

The article compares the levels of development of the digital economy of the Republic of Korea, China and Russia. The subject of the study is the strategies and mechanisms for the development of CE in each of the countries under consideration. The Republic of Korea and the People's Republic of China are leading in the digital economy thanks to the development of high technologies and can become an example for activating the construction of the digital economy in Russia, which means implementing the goals of the state Program "Digital Economy of the Russian Federation". The conclusions about the role of the digital economy in improving the international competitiveness and well-being of the population of the studied countries are substantiated. Based on the results presented in the article of the study of the dynamics, trends and directions of the development of the digital economy in each of the countries under consideration, the authors formulated recommendations for the development of the digital economy and digital infrastructure in Russia. In the context of knowledge interpreted as aproduction factor of the digital economy, Russia has competitive advantages in the field of education and training, but in the context of market factors of the digital economy, Russia is significantly inferior to the Republic of Korea and China. The authors believe that for the development of the Russian digital economy, it is necessary to modernize the traditional Russian infrastructure and form a digital infrastructure. Federal projects have been developed in the areas of the National Program "Digital Economy of the Russian Federation", including a project in the field of information infrastructure. The authors of this article recommend adapting the positive experience of Korea and China in order to accelerate the development of the Russian digital economy and develop digital cooperation with the countries of Northeast Asia. According to the authors of the article, this will have a positive impact on the development of the digital economy and digital infrastructure of Russia in order to increase the international competitiveness of our country and the welfare of the Russian people.

With the rapid development of information technology and the deepening of globalization, big data technology and digital economy, as the most important form of technological and economic change, are having a far-reaching impact on China's economic and social development. In view of the problems faced by the development of digital economy in China under the current background of big data, such as lagging institutional construction, lack of human resources, inadequate core technology and unbalanced development of related industries caused by the digital divide, this paper puts forward measures to strengthen the relevant institutional construction, attach importance to the training and introduction of talents, and promote technological innovation. In the past, it provided strategic suggestions for the healthy and stable development of China's digital economy, and also provided some reference for the development of China's digital economy.

Object: The aim of the study is to analyze the state of digital transformation of the national economy, identify existing contradictions and risks. Conducting a study of digital economy indices of the Republic of Kazakhstan, building a forecast for the development of digital economy.Methods: In the course of the study, the following methods were used: observation, generalization, comparison, analysis, systematic approach, systematization of materials, processing.Results: As a result of the study, a comparative analysis of the theoretical prerequisites for the definition of the term “digital economy” was carried out, differences to the definition based on a study of the opinions, opinions of scientists, experts were generalized, patterns of evolutionary development of the digital economy were revealed. The article substantiates and proposes the author’s definition of the concept of “digital economy”. The analysis of the state of the digital economy of Kazakhstan is carried out, the main trends, contradictions in the development of the digital economy, other “bottlenecks” that inhibit the development of the digital trend are identified. The forecast assessment of the development of digital literacy of the population for the near future is presented.Conclusions: Based on the study of digitalization experience of other countries, the main indicators of the development of the country's digital economy are considered, their forecast estimates of development are calculated. On this basis, the author proposed a forecast of the future development of the digital economy. Finally, main conclusions and recommendations for development of the digital economy of Kazakhstan for the medium term are made.

In the context of accelerating the construction of the digital economy, it is of great practical significance to study the degree of intellectual property protection to improve the development of the digital economy to help the high-quality development of China's digital economy. The data of 273 cities in China from 2012 to 2021 were selected as samples, and the level of intellectual property protection was measured by the number of intellectual property cases, and the development of the digital economy was measured by the Internet infrastructure, Internet-related output, and digital financial inclusion. It is found that 1) The protection of intellectual property rights has significantly improved the level of development of the digital economy. 2) Intellectual property protection can promote the development of the digital economy by increasing the activity of innovation. 3) The impact of intellectual property protection on the digital economy is verified from the levels of different regions, city sizes and local financial resources, and it is found that the positive effect of intellectual property protection on the digital economy in the eastern region, Type II large cities and cities with high local financial resources is greater.

This study analyzes the influence of urban digital economy development on enterprise ESG performance in China and its enterprise innovation channels. Based on matching micro-level data of enterprises and macro-level data of prefecture-level cities from 2012 to 2020, this study uses OLS to conduct empirical estimation and uses a multiple mediation effect model to test the influencing mechanism. Our findings demonstrate that the development of an urban digital economy significantly improves enterprise ESG performance in China. Additionally, the development of the digital economy can boost enterprise ESG performance by enhancing innovation input intensity, improving innovation output capacity, and enhancing innovation input intensity to improve innovation output capacity. Furthermore, we find that the development of the digital economy in eastern and northeastern China significantly improves enterprise ESG performance, urban agglomerations play a central role in the process of digital economy development improving enterprise ESG performance, and the development of the digital economy significantly enhances enterprise ESG performance in younger enterprises. Overall, our findings improve and enrich the research on the digital economy and enterprise development from the perspective of micro-enterprises and macro development. Moreover, they provide theoretical support and empirical evidence for the development of the digital economy and the realization of enterprises’ sustainable development.

Bridging the “digital divide” to benefit from the “digital dividend” reflects the inclusive development of the digital economy, which affects the sustainable development of the overall economy and society. Based on the different spatial perspectives of certain regions, city clusters, and cities, this study presents the “digital divide” and “digital dividend” for the development of China's digital economy. A combined entropy method was used to measure the development of the digital economy in cities of China from 2011 to 2019. The Dagum Gini coefficient and its decomposition were used to explore the spatial differences of the digital economy and their sources, while the coefficient of variation and the spatial panel model were used to examine the convergence of the digital economy. Our findings suggest that the development level of the digital economy in Chinese cities has continuously improved. Second, the spatial differences of the digital economy in the four regions and nine city clusters of China that were investigated are decreasing, indicating that the “digital divide” is narrowing and presenting a significant “digital dividend.” The total differences were mainly owing to those between the regions (among the city clusters). Third, the development of the digital economy in the four regions and nine city clusters demonstrated characteristics of σ, β, and club convergences. Finally, the evolution path of the spatial differentiation of the digital economy in cities of China is presented, and the “digital dividend” also demonstrates different stage characteristics. This study analyzed the spatial differences in the digital economy of cities in China and clarified the convergence and influence mechanisms of its development at different spatial scales. The findings provide a basis for the evolution of spatial and temporal patterns of the digital economy of cities in China and presents policy implications for promoting the regionally coordinated and sustainable development of the digital economy. Suggestions from the national and regional levels are more necessary to further narrow the “digital divide,” create a “digital dividend,” and digital drives sustainable economic development.

The rapid development of digital economy has had a tremendous impact on China's economic structure and residents' lives. Based on the macro vision of accelerating the construction of a new development pattern, expanding domestic demand and boosting consumption upgrading are the current and future policy orientations for a long time. Therefore, on the basis of theoretical analysis, based on the data of China Digital Economy Index and China Family Panel Studies (CFPS) from 2012 to 2018, this paper constructs a Two-way FE model to investigate the relationship between the development of digital economy and consumer consumption upgrading. The empirical research results reflect that promoting the development of digital economy can effectively promote the upgrading of residents' consumption. The upgrading of residents' consumption is mainly reflected in the improvement of consumption level, optimization of consumption structure and improvement of consumption quality. In this paper, the instrumental variable method is used to solve the potential endogenous risk, and the robustness analysis proves that the empirical results are robust for different indicators. Based on the research conclusion, this paper suggests that the relevant government departments can consider appropriate tilt of resources to promote the development of the local digital economy, accelerate infrastructure construction, strengthen the training of scientific and technological talents, increase market supervision and guidance, and then play the role of digital economy in promoting consumption upgrading.

The article is devoted to the main directions of regulation of the digital economy in the Republic of Azerbaijan. In recent years, growth rates in the field of digital economy have been observed in all countries of the world. Analysis shows that in international rating reports the Republic of Azerbaijan has been annually increasing its economic position in terms of economic development indicators. All these processes are positively influenced by factors such as the implementation of an effective economic policy in the country, the development of a modern digital economy, and the stimulation of attracting foreign investment. The development of the digital economy in globalizing world is considered one of the main priorities of developed countries. However, as in other regional countries, there are certain problems in the development of the digital economy, the introduction of ICT in all economic spheres, and the export of modern digital technologies in the Republic of Azerbaijan.That is why it is important to regulate the digital economy in Azerbaijan, taking into account international experience. The continuous reforms carried out in the Azerbaijan on the basis of international experience in the field of digital economy are considered effective. The level of development of the sphere of digitalization in the Republic of Azerbaijan, the output of products (services) in the ICT sector and the volume of investments in fixed assets is not high compared to previous years. That is why Azerbaijan’s position in international reports on the digital economy is lower than of other countries in the region. The article analyzed the measures taken in the field of digital economy in the Republic of Azerbaijan, as well as the existing problems in this area. The analysis shows that economic measures towards the development of the digital economy should be continued.

With the rapid development of information technology, Internet technology based on big data promotes the formation of digital economy. As a key factor of production in the information age, digital economy has attracted the attention of all countries in the world. In 2017, the CPC Central Committee clearly proposed to build a digital economy with data as the key element. Digital economy is increasingly becoming the mainstream of global economic development. China is in a critical period of economic transformation, and the world is also facing the unprecedented changes in a hundred years. Whether we can seize this mainstream development and push China’s economy to a new level is very important to the national economy. Firstly, this paper expounds the development history and significance of big data technology and digital economy, investigates the development status of digital economy in China, classifies digital economy based on big data ecology, and gives the evaluation principles and theoretical basis of digital economy. Finally, this paper explores the influence model of industrial structure on digital economy, combs the empirical analysis ideas of the influence model, and puts forward some relevant suggestions on the development status of digital economy in China. Based on the background of big data statistics, this paper uses structural equation to study the factors that affect the development of digital economy and gives the model empirical ideas, aiming at promoting the development of national digital economy.

INTRODUCTION: The development of the digital economy and intellectual property management represented by cloud computing has promoted the progress of China's modernization road. Cloud computing plays a vital role in various industries, and the control of intellectual property rights in the digital economy represented by cloud computing is closely connected with the high-quality development of China's digital economy, the construction of a robust intellectual property country, and the modernization of the national government. China's intellectual property management capability and digital economy management system are advanced, but practical difficulties still exist at home and abroad.
 OBJECTIVES: To improve the development level of computer information technology such as cloud computing; to promote the integrated development of digital economy and intellectual property rights; to solve the protection problems in the practical application of intellectual property rights with information technology; and to promote the coordinated development of digital economy and intellectual property rights represented by cloud computing.
 METHODS: Analyzes the role of intranet in protecting business information from the technical perspective of cloud computing; puts forward the hypothesis of the relationship between the digital economy and intellectual property rights by using literature research; and applies the empirical method to verify the use of patent data of state-owned enterprises and the total index of the regional digital economy.
 RESULTS: The results of the study show that there is a significant positive correlation between the level of development of cloud computing, the Digital Economy, and the internal cloud computing network of the company, which meets the external conditions of the lack of capacity of the Digital Economy and strengthens the globalization of the cloud computing cooperation network.
 CONCLUSION: Companies can manage the risk of data loss in the digital economy by adapting their internal cloud computing capabilities. After in-house processing and multiple reliability tests, the impact of the digital economy, represented by cloud computing, on supply chain innovation remains significant. In the post-financial crisis era, the effect of the digital economy on chain innovation is important because it is a cloud computing technology-intensive production chain with low dependence on external technologies. The digital economy has a threshold effect on innovation in the production chain. With the strengthening of intellectual property protection, the marginal impact of cloud computing and the digital economy on chain innovation increases significantly.

With the rapid development of information technology and the popularity of the Internet, the digital economy has become one of the important driving forces for China's economic development. The development of the digital economy promotes the transformation and upgrading of traditional industries and driving the high-quality development of China's economy. At the same time, the opportunities and challenges brought by the digital economy are increasingly prominent. The rapid development of the digital economy has exacerbated the digital divide and economic inequality to a certain extent, and also brought issues such as data security and privacy protection. Therefore, in-depth research on the development status and trends of China's digital economy, and proposing policy recommendations and innovative models to promote the development of the digital economy are important. This paper will study the current development status, characteristics, and trends of the digital economy in China, analyze the promotion and impact of the digital economy on the digitalization and innovation of traditional industries in China, and propose policy recommendations to promote the development of the digital economy.

The digital economy plays an important role in the high-quality development of cities, and low-carbon urban development is an integral part of this evolution. Therefore, it is important to explore the impact of the development of the digital economy on urban carbon emissions. By considering 21 cities in Guangdong Province as the object of the research, this study measured the levels of the digital economy from 2011 to 2019 by using an entropy weight-based TOPSIS model, analyzed the spatiotemporal changes, and used geographically and temporally weighted regression to examine the spatiotemporal heterogeneity of the impact of the digital economy on urban carbon emissions. The results showed the following: (1) The development of the digital economy in Guangdong Province in general exhibited a stable trend of growth, and the average level of its development in the 21 cities considered increased by 3.4 times during the study period. (2) The level of development of the digital economy in the Pearl River Delta was significantly higher than that in northern, western, and eastern Guangdong, with Shenzhen being the most developed city in this regard (0.8473), and Shanwei being the least developed (0.0633). (3) The impact of the development of the digital economy on carbon emissions had significant spatiotemporal heterogeneity. The benefits of the development of the digital economy in terms of a reduction in carbon emissions was the most significant in the Pearl River Delta, and regional differences were prominent. (4) The reductions in carbon emissions in cities with a highly developed digital economy were more significant than has been reported in past studies in the area. However, it had a negative effect on the urban carbon emissions in cities with a poorly developed digital economy. The results of this study can be used to guide policies related to the high-quality development of the urban digital economy.

In the wave of digital transformation, digital economy, as one of the core growth poles of the national economy, which is becoming a new driving force to promote economic development. In view of the problem of the unbalanced development of China's digital economy, and to construct an indicator system for the level of digital economic development. The study is based on the panel data of 30 provinces (Tibet is not included in the study due to missing data) from 2013 to 2021, and comprehensively utilizes the entropy method, the Tyrell index and the Moran index method, the regional level of China's digital economic development is measured. And based on this, it further reveals the regional differences in China's digital economic development and the dynamic evolution characteristics of source and distribution. The purpose of this study is to provide practical experience and effective measures for promoting the coordinated development of digital economy in various regions and narrowing the regional digital divide. The study shows that the level of China's digital economy development has been increasing, and the digital economy has become the main engine of national economic development. The development of China's digital economy shows significant positive spatial dependence, spatial agglomeration and regional imbalance, and the development of the digital economy faces the problem of digital divide. The regional differences in the level of China's digital economy development are mainly due to inter-regional differences, and there is a trend of gradual reduction. There is also a certain degree of ups and downs in the process of regional digital economy development, and its spatial heterogeneity and convergence characteristics need to be further studied.