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In the modern world, cryptocurrencies are widely used in various economic sectors. One of the advantages of applying this type of currency is the ability to conduct fast and secure financial transactions without the involvement of intermediaries. Cryptocurrency can become an incentive for the development of new business models and creation of new opportunities for small and medium entrepreneurs. The purpose of the study is to determine the potential of applying cryptocurrencies in creative industries as well as possibility of using their advantages. Almost everyone in society is a user and potential creator of intellectual activity. Its protection through a system of national and international rules called intellectual property rights is necessary to ensure financing of innovations and creativity, which, in turn, leads to economic, cultural and social progress. Intellectual property protection also contributes to the production and dissemination of knowledge and a wide range of high-quality goods and services. Copyright is the main method of prevention of piracy and theft of intellectual property. Studying the prospects of using cryptocurrency in production in creative industries is necessary to make its formation as an important tool in this area possible.

Digitalization affects business processes in service organizations and manifests itself through the introduction of digital technologies to improve their efficiency. This leads to changes in business processes and, in some cases, to a complete transformation of the company's business model. Economists and experts predict that such changes will affect all companies in the future. The purpose of this study is to improve and implement methods of digitalization of business processes in educational centers to optimize their work, increase productivity and improve interaction with customers. The article analyzes the nature of digitalization in education and considers the application of digitalization in the business processes of educational institutions. The study identified key modern tools for effective modeling of business processes that help improve the efficiency and competitiveness of business processes, as well as the overall performance of the company against the background of digitalization. As part of the work, a methodology for assessing the effectiveness of business process modeling in the context of digitalization was also developed. [ABSTRACT FROM AUTHOR]

Background. The relevance of the study is due to the fact that today one of the most serious fundamental challenges for technology companies is that the needs for computing power are constantly growing. The business environment is increasingly moving towards a new computing paradigm. Quantum technologies may be one of the answers to this challenge. The purpose of the study is to assess the current state of quantum computing and determine the direction of development of this area, as well as obstacles and limitations in the use of quantum technologies. Materials and methods. The empirical basis of the study was research from the AIRI Institute of Artificial Intelligence, as well as research from CaixaBank, TotalEnergies, Quantinuum, authors B.G. Ibrahimov, A.O. Orujov, A.H. Hasanov, K.M. Tahirova in the article "Research and analysis efficiency fiber optical communication lines using quantum technology". Results. The author of this study presents the main advantage of quantum computing, noting that they are based on completely different principles than traditional ones, and will use their own hardware and mathematical base. The study presents the results of research and experiments in the field of quantum computing achieved by oil companies. The work done and the experience gained made it possible to formulate the key challenges for the development of quantum computing in industrial companies. Conclusions. The practical significance of this research lies in the fact that it will allow the business community, as well as government authorities, to develop a development strategy in the new computing paradigm. Will allow companies to develop effective strategies when solving optimization problems and advanced computing architectures.

Relevance. Long-term sustainable development of oil and gas companies forms the vector for building an effective business model in order to ensure high sustainability of the enterprise in a changing macroenvironment, the key factor in the transformation of which is the ESG agenda. Aim. Socio-economic assessment of projects for processing bioresources by oil and gas companies as one of the programs for creating a closed-cycle production in the context of the imperatives of the ESG agenda. Object. Business processes of an oil and gas company. Subject. Closed-cycle biotechnology as a business segment of an oil and gas company. Methods. Empirical and economic-statistical. Results. The work shows the search for management solutions by oil and gas companies to maintain investment attractiveness and competitiveness in conditions of macroeconomic instability. Areas of business diversification include the introduction of a biotechnology segment into the business model of oil and gas companies, which is not considered promising. The implementation of an economically ineffective project of PJSC Tatneft with a high payback period for the production of biofuels is determined mainly by socio-economic factors that influence both the development of the region where the business is located and the expansion of its social responsibility. This project, taking into account its scientific and technological functional load, is part of PJSC Tatneft program for transition to a circular economy based on ESG principles.

Introduction. New cyclical business models can develop at all stages of the product lifecycle. Digitalization can lead to breakthrough innovations, new business models and new ways of cooperation and, thus, accelerate the economic transition to more resource-saving and closed production systems.Goal. The study of the features of digitalization as a driving force of business models of the closed-cycle economy.Materials and methods. There is little empirical research on the stimulating role of digitalization in a closed-loop economy. To eliminate this gap, the article explores the role of digitalization in simplifying cyclical business models based on an empirical analysis of a data set of 599 Russian manufacturing firms and 296 industrial service providers.Results and discussion. While relatively few Russian firms rely on new business models to implement their resource efficiency strategy, we believe that this share is higher for companies with a strong focus on digital technologies in the manufacturing sector. This suggests that digitalization can indeed become the driving force behind the introduction of cyclical business models.Conclusion. The integration of cyclicity into business models is a key lever for the transition to a closed-loop economy. Despite the fact that it is widely recognized that digitalization causes disruptions in a wide range of areas, there is not enough literature linking this concept with the closed-loop economy and confidence-building measures as a means of contributing to disruptions in the closed-loop operation. This article examines this gap by conceptualizing cyclical disruption, which can become a key factor in accelerating the transition to a closed-loop economy. There is a wide range of DTS that can contribute to the breach of mutual responsibility and innovative ways of doing circular business discussed in this article.

In the contemporary world, creativity has emerged as a pivotal factor in the development of international economic relations. This article explores the development of the global creative industry 4.0, shaped by the fourth industrial revolution (Industry 4.0). The study aims to examine the trends influencing the creative industries, molded by the intensification of digitization, fostering fundamental changes and transforming them into the creative industry 4.0. The research employs a combination of general scientific and specialized methods, including a systemic approach to justify the main trends in the transformation of creative industries, analysis and synthesis to identify the impact of digital technologies on their evolution, and expert assessment methods to develop approaches for enhancing the development of creative industries 4.0. Results indicate that the digitization of the creative economy has expanded its scale and societal impact. Creative industries are becoming digital not only in terms of services but also in the realm of products. Artificial intelligence, virtual reality, big data, and other digital technologies facilitate the production, scaling, and consumption of creative services and products. The application of digital technologies enhances production efficiency, unlocks unlimited creative potential, improves design, personalization, interactivity, and consumer properties of creative goods and services. The trend of merging entertainment with e-commerce is expected to intensify. The development of the creative economy is crucial for achieving sustainable development goals, stimulating small business growth, and creating new employment opportunities, especially for women, youth, and other vulnerable population groups. The article identifies how Industry 4.0 technologies transform creative industries and proposes ways to leverage these new technological trends for the economic recovery of Ukraine.

Digital transformation is a process of mass introduction and use of digital technologies and innovations in business processes of enterprises resulting in increased production effiency and reduced costs. The article reveals main issues of digital transformation process in conditions of technological sovereignty strengthening. The purpose of the study is to identify main challenges and problems of digital transformation in conditions of technological sovereignty on the basis of statistical analysis techniques. Inthe process of research, such scientifi and practical methods as comparison, method of analysis and synthesis, and statistical data for monitoring main costs of enterprises for digital environment development have been used. Main challenges of digital transformation have been analyzed, and a number of problems and barriers to digital transformation identifid, such as the lack of necessary digital competencies, lack of digital strategy and appropriate personnel, and others that prevent digital processes from being fully realized within enterprises. Statistical data on gross domestic expenditures and expenditures of enterprises and households on digital economy development has also been analyzed. Statistical compilations and reports of the Higher School of Economics have been used in order to monitor and analyze relevant statistical data.

The purpose of this article is to reveal the theoretical and methodological foundations of the development of business models of the entrepreneurial Internet environment using applied recommendations aimed at effective development under conditions of uncertainty. The paper considers the feasibility of using fuzzy logic and an approach to effective modeling of the development of business models of digital entrepreneurship. A typical structure of the system of fuzzy inference, as well as a hierarchical system of fuzzy inference for modeling a fuzzy system of development of business models of the Internet entrepreneurship is provided. Two categories of future uncertain events are identified separately, the occurrence of which will be either favorable for the business model (high profits, achievement of goals, obtaining planned results, and events), or will be unfavorable (risks of losses, lost profits, bankruptcy, etc.). It is specified that quantitative methods for assessing the efficiency of business models of digital entrepreneurship, for example, determining the costs of finding a client, calculating the lifetime value of a client, as well as methods for evaluating efficiency using a sales funnel (an indicator of the number of customers who have moved from the category of potential buyers to the category of real ones), can only predict, control and analyze the main stages of digital entrepreneurship. However, in the situation of uncertainty of the market environment, which can develop into an economic crisis, one of the problems of e-business management is the uncertainty of the initial data and the results obtained, on the basis of which management decisions are made in the future regarding the effectiveness of the development of business models on the Internet. This somewhat complicates the creation of economic and mathematical models allowing to formalize business processes in the company. That is why a new approach – FIB (fuzziness in business) is substantiated, allowing to operate with both precisely specified parameters and characteristics, information about which is vague and based on indistinct, subjective assessments of experts.

Digital technologies became the primary source of innovation in the private and public sectors. The Internet profoundly changed the way businesses are run catapulting “most digital” industries and companies to the top of the S&P500. Two innovations that drive digital transformation changing the nature of competition are cloud computing and artificial intelligence (AI) technologies. Cloud-native business models and strategies proved successful in various industries, while AI is being tested in vivo by management mainstream. The publication provides an analysis of a multidimensional impact cloud computing makes on strategies and business models of companies. We show that what made cloud computing special in the management context was the way it morphed into strategies and business models best suited for the uncertain future. We also noted that as the focus of digital transformation shifts towards cloud-based AI powered decision-making solutions, managing the human aspect of “more digital” business models and related risks, recently referred to as an existential threat, becomes a priority of management research.

The subject of research is the theoretical and methodological foundations of business ecosystems of companies. The purpose of the article is a study of features of process of forming and development of ecosystems, and also parameters that influence on her development status in a medium-term and long-term period. The methodological basis of the article is the theoretical provisions of the innovation economy, a set of general scientific and special research methods, namely: induction and deduction, system-structural analysis and synthesis, analogy and modeling, economic and statistical method, abstract and logical method and monographic method. Results of the article. It is established that in today's rapidly changing market conditions, the formation of ecosystems by companies is a progressive direction of economic development. However, these business models should be fully connected with business, or rather, small and medium-sized businesses should form the fundamental basis of the ecosystem, the main resource of which should be human capital and information. The concentration of these components will allow a business entity to develop new and modernize existing products, thereby better meeting consumer needs and, as a result, introducing the next stages of innovative development of humanity. Field of application of results. The results can be used in the activities of agricultural, processing, and trading enterprises, as well as in the research and educational process of agricultural universities. Conclusions. The development of IT technologies is provoking changes in the nature of competition: in the near future, it will not be individual market participants who will compete in the market, but new business models, such as ecosystems, which are able to fully meet the needs and expectations of consumers. Given the current trends in the international business environment, it is easy to predict that in the future, individual economic actors will not be able to maintain a leading position in any market segment and that they will be replaced by business models that are able to focus their efforts not only on the production of competitive products. Given recent events, the level of corruption, the share of the shadow economy, and the dynamics of macro-financial indicators, it is safe to assume that the country will continue to experience a decline in economic activity. In such circumstances, it is appropriate to look for new approaches to stimulate business.

Depending on the chosen business model, banks can act as both shock absorbers and crisis catalysts. In this regard, the analysis of the relationship between banks’ business models and financial cycles becomes a useful tool for diagnosing and predicting crisis phenomena. The purpose of the research is to identify the relationship between the volume of debt of the banking and the debt burden of the economy. The research uses econometric methods. The key result of the research is two new econometric models, which were calibrated for the Russian economy. The models differ from each other by the types of bank liabilities used in the calculation of independent variables. The models also differ from the existing models by the calculation algorithm of independent variables. The source of information is the official statistics of the Bank of Russia for the period 2008–2019. The tests of the models confirmed the presence of a statistically significant cointegration relationship between the debt burden of the banking sector and the debt burden of the economy. Coupling coefficients in the models are identified as debt multipliers of the banking sector and characterize the multiplier effect of changes in the debt burden of banks. For the model containing banks’ balance sheet liabilities, the debt multiplier for the Russian economy was 6.7; and for the model using banks’ total liabilities was 3.1. The developed models are easy-to-use for forecasting financial cycles.

The article discusses a new direction of strategic development of companies – the ecosystem. The definition of an ecosystem digital platform and its key characteristics are given. A digital ecosystem is a set of proprietary or partner services combined on the platform of one company and focused on providing value to customers throughout their life path. Its key principles as a new model of company development are: modularity, coordination, adaptation, multilateral relations. In Russia, the ecosystems of the companies Beber, Yandex, Mail.ru Group, Tinkoff, MTS, VTB, RSHB, Rostelecom are known. The bank's ecosystems are expanding their activities in terms of partnership, providing non-financial services to their clients, among other things. The analysis of the tools for choosing a digital transformation strategy of the business model is given. Such visualization tools of strategy sections as digital piano, digital compass are presented. The rationale for the use of a new methodological approach - Platform Innovation Kit - in the formation of an ecosystem strategy is given. It is a set of canvases that help to create new platform features, identify links between ecosystem participants, and highlight the motives for its use for consumers. Ecosystem objects are described in terms of platform design. An example of the use of some tools is given on the example of the development of a banking ecosystem strategy, including the Environment Scan Canvas, platform links (The Ecosystem Canvas), The ecosystem Entity-Role Portrait, the Motivation matrix, basic transactions (Identification of the underlying transaction). This approach has proven itself well as a decision-making tool in the disciplines of "Internet Entrepreneurship", "Digital Business Models" and in the development of student projects.

The socio-economic effects from the introduction of smart manufacturing technologies are of significant interest in terms of their generalisation and systematisation at the current stage of the digital transformation on industrial enterprises, as well as the objectives in the context of industrial modernization and new business model development. The proposed systematisation is based on the allocation of three groups of socio-economic effects according to the main direction of their action. The first group of effects primarily leads to reduction in the costs of industrial enterprises. The second group of effects leads mainly to an increase in revenues: some effects to a greater extent in the short and medium term, others in the long term, including through the creation of long-term distinctive capabilities, unique competencies, and sustainable competitive advantages for industrial companies. The third group of effects includes social and economic effects that are broader in focus and have a multiplicative effect, as well as the character of positive externalities (external effects).As a result of systematisation, the author identified in three groups, respectively, 12, 8 and 13 effects from the implementation of the complex of smart manufacturing technologies. The author stresses the particular importance of studying the socio-economic effects from the implementation of smart manufacturing technologies, since many improvements at the intersection of production and social transformation are currently insufficiently studied. It contrasts to the core production effects, many of which have been studied in sufficient detail by the scientific and expert communities. Systematisation, classification, differentiation and quantitative assessment of various socio-economic effects of the complex of smart manufacturing technologies can and even in a certain sense should (in the context of the tasks to modernise the economy and industries of the Russian Federation) become a separate subject area at the intersection of performance management and smart production.

The article argues the need to use business models to ensure the sustainable and efficient functioning of modern enterprises. The business model is defined as a simplified representation of the mechanism for carrying out activities. Since the digitalization of business processes occurs through the active introduction of information and communication technologies, Big Data, cloud technologies, usually with the use of artificial intelligence, digitalization of business processes is taking place, there is a need to optimize, transform existing and develop new business models. In this regard, companies with digital business models are entering the market. The authors propose an approach to defining an e-business model as a conceptual and architectural implementation of an enterprise’s business strategy and the basis for implementing business processes. The exclusive interest in the study of e-business models is associated with the benefits that they provide to companies, namely: help to identify and better understand the relevant elements in a particular area and the relationship between them; improve communication between managers and their ability to share their understanding of e-business with stakeholders; help to model e-business and study it. Based on the results of the study, the structure of the e-business model is given. It includes values for end users (customers), infrastructure and network of partners, customer relationships. The necessary finances take place in each of the named parts of the structure. There are traditional kinds of business models and business models in e-business. In general, the traditional business model is primarily called the holistic structure of reflecting the mechanism of doing business, actively used to test business proposals on the market. Therefore, the classification of these types of business models takes into account the types of customers in the market and the way something is converted into legal tender (i.e., monetized). A wide range of business models in e-business has also been formed. Among them, the leading place is occupied by the affiliate marketing model, the business model using blockchain technologies, and the freemium. This classification allows us to understand the overall impact of digitalization on business processes and the use of the concept of business modeling for the purpose of sustainable development and improving the efficiency of a modern enterprise.

Large pharmaceutical companies (commonly referred to as Big Pharma) determine transformation trends in the global and national pharmaceutical market, make the largest investments in RD to create new original medicines, act as leaders in the processes of creating cross-border pharmaceutical value chains. In recent years, more and more Big Pharma companies penetrated the Russian pharmaceutical market. The purpose of this work is to identify the business models of Big Pharma companies in Russia from the point of view of their participation in a particular link of the pharmaceutical value chain, as well as to assess future trends. Based on the analysis of the collected information, we identify the following business models for Big Pharma companies: export model of supplying market; model of transferring RD links; production localization model at owned enterprises; model of contract manufacturing; model of participation in the links of wholesale distribution and retail. Foreign companies in Russian pharmaceutical market can use several models, and the more models are used, the deeper the company is integrated into the pharmaceutical chain. Such companies as Sanofi, Abbott, AstraZeneca, and Takeda are engaged in their own localized production and contract manufacturing, and they also exporting produced medicine abroad. So, they are the ones that are mostly involved in the pharmaceutical value chain in the Russian market. The transformation of business models of foreign pharmaceutical companies will be influenced by two interrelated factors: foreign strategy and geographic priorities of Big Pharma and the role of Russia in this strategy, which in turn is determined by the specifics of the Russian pharmaceutical market (compared to other countries).

The article discusses the competitive strategies of enterprises of the fuel and energy complex. Their relevance in the context of modern global reality is substantiated. The specifics of determining the competitive advantages of enterprises in the energy sector are described. The factors determining the choice of a specific competitive strategy or its variant are determined. Opportunities and prospects for the use of various combinations of competitive strategies and strategic business models for the functioning of enterprises of the fuel and energy complex are established.

The article discusses the features and principles of the concept ofjoint consumption, the conditions for assessing the level of confidence in the implementation of the concept of joint consumption. It is established that one of the ways to search for more efficient and resource-saving ways of implementing economic relations is the sharing economy, which allows you to abandon the dominant concept of ownership of goods and move to the concept of mutually beneficial exchange. The advantages and disadvantages of the sharing economy and its services are described. The characteristics of the development models of the sherring economy are given. It is noted that the sharing economy is part of the circular economy. The features of groups of business models of the sharing economy are generalized. The models of increasing the competitiveness of organizations in the conditions of the sharing economy, which are determined by the existing business models of the sharing economy, are determined.

The tourism industry, including the hospitality industry, which were the first to suffer from the new coronavirus pandemic, found themselves in an unprecedented situation: complete cessation of some businesses due to border closures and self-isolation. For some countries tourism makes up one of the largest shares of GDP and is a key industry, for others, tourism and activities associated with international travel significantly accelerate the pace of economic development. Industry actors need to understand what incentive tools are available now and in the aftermath of the pandemic in order to develop a systematic approach to managing the effects of the pandemic. The purpose of the article is to study and structure incentive measures for the tourism industry in the context of the COVID-19 pandemic. The following methods of scientific knowledge has been used: abstraction, analysis, induction, synthesis. The article substantiates the relevance of the study. Some indicators of the functioning of domestic tourism during a pandemic are considered in comparison with previous periods, in particular, price indices for various types of paid services to the population, the development of collective accommodation facilities in Russia. At the same time, there is a decline in all indicators during the pandemic, which is due to forced quarantine restrictions and the closure of borders in most countries of the world. The most popular measures of state support proposed by the government for the tourism sector are the following: support in obtaining financing, tax incentives, subsidizing operating expenses, subsidies for SMEs (minimum wages), deferral of non-tax payments, consulting and educational support, deferrals and incentives for rent payments, provision of grants and subsidies on a competition, etc. The proposed measures to support tourism in the current environment are new personnel training, assistance in developing a strategy, business development, attracting tourists, assistance in the transition to online, facilitation of activities (tax, financial, regulatory exemptions).

The subject of the research is trends in the implementation of digital technologies in the banking sector. The relevance of the paper is due to the objective processes of global digital intervention of technologies in all spheres of human life and society. The research aims to identify, systematize and generalize key trends and regulations in the development of digital business models of banking services in Industry 4.0. For the first time, the authors identified and systematized modern trends and regulations in the development of digital business models of banking services in Industry 4.0, offered their own conceptual vision of the concept of “digital business model of banking services”. The authors apply general scientific, philosophical, analytical, statistical, problem chronological and historical-genetic methods, as well as methods of expert assessments. The article summarizes the main stages of the evolution of business models of the banking sector, reveals substantive and methodological differences between traditional remote banking services and digital banking, highlights the main business models for organizing digital banking; provides up-to-date data on the level of development of digital banking in the main geographic zones of the world; shows the dynamics and key areas of investment in the fintech industry in 2014–2019 and provides a critical analysis of their conditions; identifies problematic aspects of the development of digital business models of banking; describes the functionality of the main digital business models of Russian banks with the author’s assessment of their capabilities and examples of their use in Russian practice. The authors conclude that the main drivers of digitalization of the banking sector are stable growth of non-cash payments in the world and in Russia; stable growth of the global digital banking market; the impact of the COVID-19 pandemic on the active demand of consumers of remote financial services; increased competition in the retail banking market; and a significant decrease in margins for traditional banking products. Identification and systematization of trends and regulations in the implementation of digital business models of banking services can form the basis for further analysis of the specifics of digitalization and personalization of digital banking in Industry 4.0 for the sustainable socio-economic development of the country in terms of possible advantages and threats to the security of financial resources and personal data of customers.

Recent developments show that an increasing number of organisations, regardless of type and size, understand that there is a need for them to make an active contribution to society, both socially and environmentally, while maintaining their financial profitability. It is no longer possible to waste resources and ignore the expectations of both internal and external stakeholders. To address these developments, all organisations are required to adapt their business models. Against this background, this paper provides a systematic review of the extant research on sustainable business models (SBMs) in smalland medium-sized enterprises (SMEs) to establish the current body of knowledge and, on this basis, to suggest some promising avenues for future research. Given the impact of SMEs on the majority of economies and their consequent role in addressing present and future societal challenges, there is a clear justification for this study. The review of 85 refereed articles shows that, although a good body of knowledge about the topic has been developed during the period covered in this study, there is still a need for further rigorous research. It appears that certain shortcomings, stressed by some researchers in the past, still prevail. The study’s findings advance the current understanding of SBMs in SMEs and highlight several promising research avenues that scholars who are interested in the study of SBMs, in general, and SBMs in SMEs, in particular, might address.

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A changing world and global trends are both challenges that need to be answered and chances that can be taken by creating and introducing innovations. The results of the survey among the leaders of large companies have shown that more than 80 % of them believe that innovation is the most important factor for success, but less than 10 % are satisfied with the level of innovation development in their company or even deal with this issue [1]. This underlines the relevance of the topic of innovation.The purpose of the article is to assess success factors in the development of innovations, identify obstacles to the realization of the potential of innovations, and suggest tools for developing innovations in terms of speed and scale of transformations by evaluating the effectiveness of companies in innovation. At the same time, modern methods of scientific knowledge are used: analysis, synthesis, induction, abstraction.The article identifies success factors in the development of innovations: innovative strategy and ambitious goal-setting; the broadest search for opportunities; the availability of an appropriate organizational structure and resources – finances, personnel and skills; optimization of the system and management processes; corporate culture and motivation.The redistribution of the budget for research and development costs and the effectiveness of companies in the field of innovation have been considered. In addition, the distribution of portfolio resources by type of innovative activity, the results of which substantiate the choice of innovation tools have been studied.The study of a set of tools, the applicability of which depends on the speed and specifics of the changes has made it possible to identify typical obstacles to the realization of the innovation potential.

The author investigates the impact of COVID‑19 and macro-policy adjustment on China’s economic development. The aim is to describe the situation and trend of China’s economic development before and after COVID‑19. The research method is the comparative data analysis. The study shows that in response to COVID‑19, the Chinese government, on the one hand, has accelerated its opening-up, taken the opportunity of fighting against the pandemic to provide medical assistance to and cooperate with other countries, and actively promoted the building of a community with a shared future for mankind and the process of globalization. On the basis of the Belt and Road Initiative and multilateral, regional, and subregional cooperation mechanisms such as the United Nations, Shanghai Cooperation Organization, BRICS (Brazil, Russia, India, China, South Africa), G20 (Group of 20), and APEC (Asia-Pacific Economic Cooperation), China and the Eurasian Economic Union began to cooperate more frequently and the trade relations between Japan, South Korea, and European developed countries became closer. Meanwhile, committed to building a global interconnection partnership, China actively participates in global economic governance and provides various public products. The Chinese government has proposed “Six Guarantees” on the basis of “Six Stability”. In order to achieve the purpose of stabilizing foreign trade and expanding imports, China has imposed various measures to accelerate the liberalization and facilitation of international trade and investment, such as implementing the new version of the “Foreign Investment Law”, establishing free trade zones, and promoting its experience and organizing international import expositions. Additionally, the Chinese government also implemented targeted fiscal and monetary policies, increased support for enterprises, especially small and medium-sized enterprises, and promoted the construction of “new infrastructure” and innovation of business model, which have formed the driving forces for the transformation of the economic development model in China from traditional business to cloud business, from traditional marketing to live streaming marketing, from traditional sales to online sales. The author concluded thatChina’s adjustment of macro policies in response to COVID‑19 was effective and played an important role in the resumption of production and life, stabilizing foreign trade activities, releasing domestic demand and promoting stable and sustained growth of the economy

In Russia, increasing amounts of municipal solid waste (MSW) accompanied by environmental degradation have recently led to changes in legislation. Their main goal is to reduce landfilling, to increase utilisation, to introduce the principle of extended producer responsibility (EPR). These are first steps towards a circular economy. The main purpose of the paper is to study how to improve the efficiency of Russian MSW management using circular economy criteria. The study relies on methods such as systemic analysis and synthesis, comparison and generalisation, stakeholder analysis. The detailed analysis of current MSW management system in Russia showed contradictions between its participants regarding the distribution of material waste streams and financing, which leads to difficulties in EPR principle implementation and to possible problems in achieving the goals of the entire MSW management system. According to its current design, recycling receives maximum government support, opposite to reuse and prevention of waste: companies involved in these activities are still outside the scope of MSW management system, and the authors recommend considering their legislative inclusion in it. The critical analysis of Russia’s EPR design compared with EU experience showed problems such as low environmental fees, low utilisation standards and the lack of households’ involvement, which makes EPR design inefficient. The current regulations may help divert some waste from landfills to utilisation and recycling, but beyond that the incentives do not yet correspond to those required for implementing the EPR principle and a circular economy. Consequently, the paper provides recommendations for amending this, which can be used by decision makers at the federal level to improve MSW management system and increase its efficiency.

The article critically analyses the phenomenon of global digital platforms, which have become key actors in the international movement of factors of production and studies the approaches to their management. The methodological basis of the research includes the main provisions of the emerging theory of ecosystems and digital platforms, questioning the postulates of theories of international business and strategic management. The article uses the methods of comparative, structural and system-based analysis in the context of their application for assessing digital transformation and managing global digital platforms. The study shows that universal determinants and competitive advantages of global digital platforms are the following: the ability to overcome trade barriers; providing liquidity through transactions; low marginal cost; more efficient use of assets and attraction of investments; and the ability to significantly enhance international specialization. The authors propose an approach for differentiating traditional business models and platform business models based on avoiding linear optimization of internal processes and centralized exchange of value. We establish the conceptual aspects of the expansion of global digital platforms’ business activities. This is due to the emergence of new components of the digital infrastructure that modifies the principles of international business and the administration methods of transnational corporations, which are no longer focused on location. The paper identifies the management problems and risks experienced by traditional companies when creating platforms: dependence on key platforms, increasing costs incurred in market entry, and difficulties when functioning within the lightweight asset model. The formation and development of global platforms not only affect the system of economic relations, but also stimulate changes in corporate governance models and technologies.

A study of the problematic issues of strategic management in Russian industry which arise during the digitalization of high-tech industries has been conducted. The research methodology was analytical in nature, with the author`s emphasis on the analysis of business process management of industrial enterprises in Russia at the current stage of transition to the digital economy. In practical terms, this will serve as the basis for creating effective tools for modernizing production processes and optimizing business processes in high-tech industries, based on the use of strategic analysis methods on management issues in the context of complex industrial digitalization. The novelty and scientific value of the work lies in the fact that the result of the study was a reasonable author’s approach to studying the specifics of the digital economy in Russian industry, as well as the development of an algorithm for identifying and solving existing problems of digitalization, taking into account the peculiarities of high-tech industries.

Some aspects of digital transformation as a component of industry 4.0. have been analysed. The distinctive features of past industrial revolutions have been shown through historical retrospect. The characteristics of current changes in the development of the economy, related to the global industrial Internet infrastructure, Big Data, cloud technologies, machine learning (Machine Learning), artificial intelligence, acting as drivers of changes have been noticed. Special attention has been paid to the consideration of the sharing economy (sharing economy). The sharing economy in Russia and abroad has been analysed, and also most popular types of solutions for the sharing economy have been given, presented by structure: solution / description / examples of foreign sites / examples of Russian sites. It has been concluded about the stability of the trend for the development of the shared economy.

The article outlines the key directions for the development and dissemination of digital technologies, gives an assessment of the state of the Russian transport and communications market, which characterizes the fourth wave of digital changes. The characteristic of new business models of the enterprises arising because of the fourth technological wave of development of digital economy is given. The ratio of new business models of the digital economy is determined. The structure of digital solutions of service enterprises is described in the article. In the conclusion, the main factors influencing the growth of digital needs of service enterprises are determined.

The article outlines the key directions for usage of the blockchain technology in digital marketing, describes the new business models of digital enterprises. The article characterizes the dynamics of changes in IT budgets of new business models of digital enterprises. Authors define the relationship of new business models in the digital economy. Authors suggest classification of enterprises based on approaches to the use of operational efficiency and customer experience. The directions ofdevelopment ofdigital enterprises are determined. Conclusions made on the structural changes ofdigital marketing.

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Copyright of Economy & Forecasting / Ekonomìka ì Prognozuvannâ is the property of Ukrainian National Academy of Sciences, Institute for Economic Forecasting and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article researches innovations in the marketing channels. Collaboration of enterprises in the channels, based on the marketing relations, allowed to consider innovations in the marketing channels in terms of their development in prospects: technological, structural, of interaction. The proposed innovations allowed to research the influence of factors of external environment and of consumer tendencies on the innovative development of enterprises, based on expectations of consumers, problems of industrial development and legal problems, and also identify the innovative challenges and potential solutions. The business models in the channel are considered from the point of view of an integrated presentation of: innovations in the business model; relationship between the customer and the entire business model; resources to carry out activities; customer’s specific context to create client value; relationships and channels between the partners and the customer.

Subject. This article focuses on managerial thinking as the basis of management paradigm change. This problem is analyzed in the field of corporate governance.Purpose. To discuss several problems of changes in managerial thinking in the process of corporate governance development in Russia to find the balance between the ideal model based on the worldwide recommendations and standards in corporate governance and the real needs and goals of the concrete companies.Methodology. The authors analyze several most important specifics of corporate governance and the need for system, strategic, outstripping, non-linear, adaptable, independent, and leadership thinking. The topics discussed are based on the ideas and opinions of famous foreign and Russian authors as well as on the long practical work in the Boards of Directors of several companies and organizations.Results. The critical look at contemporary managerial thinking especially in the corporate governance is suggested to continue the analysis and discussions on the new management paradigm of the XXI century.Conclusions. Each transformation starts with the basic meaningful questions on the necessity and the expediency of some actions. As Russian corporate governance develops these kinds of questions become more actual. A number of Russian companies trying to follow the best practices do not have enough system thinking and synergetic vision of recommendations suggested and transformations in the management system. Now the accumulated experience induces much to rethink about creating more effective control systems. Accordingly, the practice of business education should change.

The article investigates present day trends of joint consumption economy or economy of reciprocity from the point of view of institutional and economic theory. It analyzes modern approaches to understanding of this economic category, puts forward the authors’ definition of economy of reciprocity, shows key types of joint use of resources, studies the idea of reciprocity within the frames of the given economic approach and demonstrates prospects of economy of reciprocity development. Investigation of information technologies’ impact on the economy of reciprocity development is especially acute. In particular, the authors pay attention to the fact that today many functions of regulating interrelations between participants are transferred to information platforms through which interaction of economic agents takes place.

Digital platforms, as well as the platform ecosystems that they form, are currently able to upgrade entire industries and various types of socio-economic activity. These platforms drive of innovations, economic growth and competition in modern economy. Business structures that are using digital platform solutions are gaining significant competitive advantages in the global market, which is especially important in the context of globalization. The aim of the research is to investigate the essence, principles and conditions of the platform economy, which allows us to create open, digital ecosystems with many users. Theoretically and methodologically the research is based on the scientific works of Russian and foreign scientists, that concern the use of platform technologies in the management of economic systems. The scientific novelty of the research is to specify the concepts of digital platform functioning, its technological content in the transition to a knowledgebased economy, carried out as a continuous accumulation of innovations (digital technologies), leading to the formation of new competitive advantages and ensuring the implementation of selected strategies of behavior, taking into account the balance of interests of participants. The content of platform economy has been revealed in terms of the study. The article describes the problems that may be solved implementing digital platforms as integrated digital systems that provide multilateral user interaction to exchange information in order to optimize business processes, reduce transaction costs, to improve the efficiency of supply chains of goods and services. The main features, opportunities and threats associated with the activities of digital platforms and their use to improve the competitiveness of economic entities in the world markets have been considered. The digital economy has been characterized as a system that unites several digital platforms of different industries or market segments with common customers and provides conditions for innovative development and distribution of digital devices, digital products, digital services and applications. We have developed digital platform functioning models considering the platform key conceptual features and technological peculiarities of implementation of efficient business models of management in complicated economic systems. The practical significance of the results obtained is determined by the possibility of their application in the practice of management of economic entities in the conditions of digital transformation, scientific and analytical studies of the development of digital platforms in Russia. Further studies in the field will be devoted to the development of the ways that will improve the efficiency of economic systems by identifying mechanisms and the ways that will reduce transaction costs of digital platforms. [ABSTRACT FROM AUTHOR]

The goal of the article is a comparative analysis of modern methods of business analysis in the process of assessment of solvency of borrowers of Ukrainian commercial banks, study of prospects and problems of the use of methods in the credit process. In the result of the study the article systemises and considers the conduct of the credit process of Ukrainian commercial banks. It becomes clear from result of the study that it is impossible to obtain a single assessment of solvency of a borrower with generalisation of numerical and non-numerical data. Assessment of qualified analysts is required for a justified assessment of solvency apart from information represented in numbers. Improvement of approaches to assessment of solvency of borrowers and adaptation of the existing foreign experience in this field to specific features of formation of solvency of Ukrainian borrowers are important tasks for the Ukrainian banking system. Prospects of further studies in this direction are establishment of importance of the conduct of business analysis and its key role in assessment of solvency of borrowers as a main instrument of minimisation of the credit risk. Improvement of this sphere of analytical work in Ukrainian banks should be carried out in the following main directions: study and analysis of qualitative indicators of business activity; analysis of main sections of the business plan; expansion of the composition of indicators of the financial analysis for obtaining information; conduct of analysis of possible sources of repayment of loan liabilities; and active use of analysis of cash flows of an enterprise. [ABSTRACT FROM AUTHOR]