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To enrich the research on the economic consequences of enterprise digital development from the perspective of capacity utilization.

Using a sample of listed firms from 2010 to 2020, this paper exploits text analysis of annual reports to construct a proxy for enterprise digital development.

Results show that enterprise digital development not only improves their own capacity utilization but also generates a positive spillover effect on the capacity utilization of peer firms and firms in the supply chain. Next, based on the incomplete information about market demand and potential competitors when making capacity-building decisions, the mechanism tests show that improving the accuracy of market forecasts and reducing investment surges are potential channels behind the baseline results. Cross-sectional tests show the baseline result is more pronounced when industries are highly homogeneous and when firms have access to less information.

This paper contributes to the research related to the economic consequences of digital development. With the development of the digital economy, the real effects of enterprise digital development have also triggered extensive interest and exploration. Existing studies mainly examine the impact on physical operations, such as specialization division of labor, innovation activities, business performance or total factor productivity (Huang, Yu, & Zhang, 2019; Yuan, Xiao, Geng, & Sheng, 2021; Wang, Kuang, & Shao, 2017; Li, Liu, & Shao, 2021; Zhao, Wang, & Li, 2021). These studies measure the economic benefits from the perspective of the supply (output) side but neglect the importance of the supply system to adapt to the actual market demand. In contrast, this paper focuses on capacity utilization, aimed at estimating the net economic effect of digital development by considering the supply-demand fit scenario. Thus, our findings enrich the relevant studies on the potential consequences of digital development.

China's marine economy occupies an important position within the national economy, and its contribution thereto is constantly improving. The overall operation of the marine economy shows positive developmental trends with potential for further growth. The purpose of this research is to analyse the prosperity of China's marine economy, reveal trends therein and forecast the likely turning point in its operation.

Based on the periodicity and fluctuation of China's marine economy development, China's marine economic prosperity indicator system is established from five perspectives. On this basis, China's marine economic operation prosperity index can be synthesised and calculated, then a dynamic factor model is constructed. Using the filtering method to calculate China's marine economic operational Stock–Watson index, Markov switching has been used to determine the trend to transition. Furthermore, China's current marine economic prosperity is evaluated through analysis of influencing factors and correlation analysis.

The analysis shows that, from 2017 to 2019, the operation of the marine economy is relatively stable, and the prosperity index supports this finding; meanwhile it also exposes problems in China's marine economy, such as an unbalanced industrial structure, low marine economic benefits and insufficient capacity for sustainable development.

Through the analysis of the prosperity of China's marine economy, the authors reveal the trends in China's marine economy and forecast its likely future turning point.