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Building a Model for Financial Management of Digital Technologies in the Areas of Combinatorial Effects

Andrey A. Zaytsev, Roman S. Blizkyi, Irina I. Rakhmeeva and Nikolay D. Dmitriev
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Andrey A. Zaytsev: Higher School of Engineering and Economics, Peter the Great Saint-Petersburg Polytechnic University, Politekhnicheskaya Ulitsa, 29, 195251 St. Petersburg, Russia
Roman S. Blizkyi: Departments of Accounting Audit and Taxation, State University of Management, Ryazanskiy Prospekt, 99, 109542 Moscow, Russia
Irina I. Rakhmeeva: Departments of Regional Municipal Economy and Management, Ural State University of Economics, Ulitsa 8 Marta, 62/45, 620144 Yekaterinburg, Russia
Nikolay D. Dmitriev: Higher School of Engineering and Economics, Peter the Great Saint-Petersburg Polytechnic University, Politekhnicheskaya Ulitsa, 29, 195251 St. Petersburg, Russia

Economies, 2021, vol. 9, issue 2, 1-15

Abstract: The race of states for digital leadership faces the challenges of digital transformation foresight, providing combinatorial effects and acceleration of digitalization processes, contributing to a more efficient allocation of limited financial resources. This situation determines the relevance of the authors’ study, which aims to develop an appropriate model for the allocation of funds for digital technologies. The methodology of the study is based on the concepts of technological modes and cyclical development of the economy. The paper presents the authors’ definition of the concept “digital space,” which is new to Russian scientific literature. The key research method is mathematical modeling. The scientific novelty of the paper is chronological architectonics of digital transformations, built by the authors, and the model of distribution of financing under the investment constraints due to the trust limit of the society institutions, the time of fluctuations of the system of technological adaptation, and the response of the institutional environment to the digital limits of the transformations. The practical significance of the proposed models is the identified tandem interconnected digital technologies of the areas of combinatorial effects that accelerate the dynamics of Industry 4.0, as well as the resulting tools for the effective management of digital technology financing. The obtained theoretical and empirical results are desirable for the heads of government agencies, foundations, corporations, and development agencies, as well as enterprises interested in accelerating digital transformation and increasing strategic competitiveness in the digital space.

Keywords: digital space; technological mode; digital transformation; trends; digital economy; financial management; modeling (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2021
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