Digital modernization of enterprises as an object of investment activity in the context of global competition

Abstract

The article investigates digital modernization of enterprises as a specific class of investment projects that acquires strategic importance amid intensifying global competition. It is substantiated that investments in digital modernization fundamentally differ from traditional capital expenditures in their cost structure, payback time profile, and risk profile, since the predominant share of investment resources is directed towards intangible assets (software, data, organizational capital, and personnel competencies). The phenomenon of the productivity paradox and the J-shaped curve of digital investment efficiency is revealed, explaining the non-linear relationship between the volume of digital technology investments and enterprise productivity growth. The methodological limitations of classical approaches to investment project evaluation (NPV, IRR, ROI) as applied to digital initiatives are analyzed, and the feasibility of using real options theory as a more adequate instrument for accounting managerial flexibility and technological uncertainty is substantiated. The role of global competition as a driver of digital investment through platform disruption mechanisms, reconfiguration of global value chains, and geopolitical rivalry for technological sovereignty is examined. Special attention is given to the Ukrainian context: the gap between the globally competitive IT sector and the critically low level of digital maturity of industrial enterprises is diagnosed, and the dual effect of war as both a destructive and catalytic factor of digitalization is identified. The author proposes a model of investment strategy for digital modernization of Ukrainian enterprises integrating a differentiated sectoral approach, blended financing, and mandatory investment in complementary assets.