Types Of Assets Research Articles

Methodology for the Characterisation of Linear Rail Transport\xa0Infrastructures with the Machine Learning Technique and Their Application in a Hyperloop Network

The layout solution for linear rail transport infrastructure will always alternate ‘surface’ sections with ‘tunnel’ and ‘viaduct’ sections. The capital expenditure (CapEx) linked at the planning stage to this type of public asset is strongly connected to the quantity of tunnels and viaducts planned. In this context, for similar lengths, a railway line using 15% tunnels and 7% viaducts to link two cities should not have the same financial viability as one using 8% tunnels and 3% viaducts to link the same cities. The process of planning, design and construction of linear works is heavily scrutinised by public administrations in all countries, and in many cases similar standards of work are shared. Firstly, this research paper highlights the existence of hidden geometric patterns in all linear transport infrastructures worldwide. Secondly, it proposes to exploit the existence of such patterns for the benefit of planners through the computational power available today in machine learning-as-a-service (MLaaS) platforms. This article demonstrates how geometric features extracted from any succession of rectangular trapeziums in linear infrastructures can predict the quantity of kilometres in ‘surface’, ‘tunnel’ and ‘viaduct’ sections in future linear rail transport infrastructures that have not yet been built. The practical application of the proposed working methodology has made it possible to intuit the characteristics of a future Hyperloop transport network in Europe of more than 12,000 km in length.

Innovation in breakthrough drugs and vaccines: Development risk, patient impact, and value

Innovation has a crucial role in developing breakthrough drugs and vaccines that can change patients’ lives. To better understand this role, we evaluated recent outcomes for assets developed using different types of innovation. Although all approaches have delivered breakthroughs, assets that modulate established biological targets with innovative scientific or technological designs provide a unique combination of reduced development risk, high patient impact, and high commercial value. This type of asset currently represents a relatively small proportion of approved drugs and vaccines, but we anticipate that an increasing body of scientific knowledge and ongoing technological advancements could offer opportunities to grow this category in the future.

The Sovereign-Bank Nexus in the Face of the COVID-19 Pandemic Outbreak—Evidence from EU Member States

The major focus of this paper is on the sovereign–banks relationship following the COVID-19 pandemic crisis outbreak, with a view to gaining an insight into banks’ exposure to the sovereign. We rely on a series of complementary research approaches, such as desk research, comparative statistical analysis, exploratory learning algorithm, and a deterministic panel regression framework. The analysis reveals that most EU countries were not prepared for the pandemic crisis as they lacked a financial security buffer. The growing fiscal pressure and lockdown restrictions additionally resulted in an increase in banks’ exposure to the government debt market and higher government debt securities exposure on their balance sheets. One of the novelties of the research is the adoption of the gap method in order to measure the changes between banking assets major items (government securities vs. loans) and uncovering the preference for holding a specific type of asset. Additional insight is brought by the clustering solution, which shows increased cross-country heterogeneity in terms of the sovereign–banks relationship. Empirical research shows that banks’ involvement in the sovereign debt market is sensitive mainly to negative information related to pandemic occurrence and, to a lower extent, to positive information reflected by government’s reactions and economic stimulus measures. In addition, our results reveal there is no crowding-out effect triggered by the pandemic, in terms of lending to the sovereign against lending to the real economy. In the pandemic onset banks did not proceed to a sharp portfolio rebalancing in favor of the sovereign.

Keun Lee Comments on Financial Spillover in Emerging Asia: A Tale of Three Crises

Keun Lee, Seoul National University: This paper analyzes the propagation of shocks originating in the United States and Japan into countries of emerging Asia (EA) in terms of five asset classes. It compares the scale and nature of spillovers during the 2008–09 global financial crisis (GFC), the 2013 “taper tantrum” (TT), and the ongoing COVID-19 pandemic. All three events have important and interesting implications for future economic management in Asia.Although the paper applies a conventional statistical technique to analyze the three episodes of economic disruption, it would have been better if the paper had started with a priori hypotheses derived from some theoretical reasoning instead of neglecting it. The starting point for such hypothesizing could have been either of the following two considerations. First, this paper could have started by considering the possibility that different shocks would generate different patterns of spillover across these five types of assets. Second, given that EA includes a diverse range of countries (e.g., Korea and India), with each at a different level of development or macro-financial openness and integration, this paper could have hypothesized about different impacts of the crises on the same asset in each country.Having said this, one methodological issue is how to define and operationalize a crisis. Certainly, the GFC and TT are different in nature—the former was an unplanned break-out of a crisis while the latter was a policy action by the Fed. Such a fundamental difference should have led to different patterns in spillover, but this key aspect not only was not analyzed but also not discussed in the interpretation of the results.Further, the GFC was immediately followed by extraordinarily strong macro-stabilization measures across the world, rendering economic outcomes to reflect both GFC and dramatic policy reactions like the quantitative easing (QE) in 2009. QE is rather similar to TT, whereas GFC is different. So, unless an analyst could separate these two intertwined events, they cannot interpret correctly the results of the analysis, namely, what is the pure effect of the GFC separated from QE.In addition, informed readers would wonder what kinds of shock had originated from Japan, when the paper had identified only non-Japan shocks as its focus. Two shocks (GFC and TT) originated in the United States, and COVID-19 first broke out contagiously in China. As this paper claims to analyze different shocks from the United States and from Japan, it should also be able to hypothesize about the differences in possible impacts, and in the nature of the spillovers.Now, in terms of analysis, the paper discusses two types of spillover, namely, shock versus volatility spillover. The differences and meaning of these two spillovers are not explained well for the reader, however. Further, the paper importantly uses the term “spillback” from EA to the United States. That requires some theorizing about the possible different nature and degree of these two, spillover versus spillback, which could open up room for a bigger contribution of the paper. I am raising this point because the paper mentions that “it is often problematic to distinguish contagion and spillover from interdependence.” Thus, I wonder what the answer to this issue is (spillover versus interdependence), which is not easy to find in the current version of the paper. Maybe the answer lies in distinguishing and more clearly explaining the differences among the direct, indirect, and dynamic spillovers, which are terms mentioned in the paper.Last, the paper makes an important statement at the end that “decades of financial liberalization that led to increased integration must have played a role; when crisis struck, contagion more easily ensued. In good times, everyone gained from integration, in bad times collective losses are difficult to avoid.” Such a statement is interesting and should have led the authors to discuss more of the policy implications from the results and findings of the paper. An important policy statement could have been derived if one had focused on the possible difference among the three crises, which is not explored much in the ending part of the paper, to come up with suggestions for macro-stabilization management for future pandemics.In sum, I find that the paper deals with important and timely issues but that it leaves more questions than it answers. At the same time, I definitely see more room for a potentially bigger contribution if some hypotheses are derived from a priori reasoning (e.g., expected differences in response patterns between GFC and COVID-19 shocks), and if these interpretations are then associated with such theoretical reasoning.

Yanrui Wu Comments on Financial Spillover in Emerging Asia: A Tale of Three Crises

Yanrui Wu, University of Western Australia Business School: This paper examines and compares three major crises, namely, the 2008–09 global financial crisis (GFC), the 2013 “taper tantrum” (TT), and the ongoing COVID-19 pandemic (C-19) and their potential spillover effects. The topic is interesting and timely given the current outbreak of COVID-19 in the world. The paper thus potentially adds to the literature and contributes to the understanding of the economic impacts of a major crisis or pandemic in the world.The paper is essentially an empirical exercise involving standard time-series econometric methods, that is, the GARCH BEKK process and the multivariate vector autoregression (M-VAR). The authors would most probably be aware that there are competing, more advanced techniques available. It would thus be helpful if these new developments are at least acknowledged in the paper. Otherwise, the chosen research methods in the paper are appropriate and acceptable.In the paper, the authors considered five asset types in ten countries (United States, Japan, and eight emerging Asian economies). They concluded that among the three crises, the COVID-19 pandemic has generated the largest spillover effect and the United States is a net transmitter of spillovers, particularly in bonds and equity markets. The detailed results are presented in Figures 1–3 of the paper. However, interpretation of these figures is largely based on virtual observation. It would be more convincing if the authors can conduct some statistical tests of statements like being “the largest transmitter” or “the largest receiver.” The three charts are based on 1 percent level of significance. Are the conclusions the same if a 5 percent level of significance is considered for instance?The authors also showed that TT was a main trigger of financial volatility in emerging Asian economies, particularly the bond markets. Although COVID-19 and its effects are still being assessed by economists, there must already be a large body of studies on the impacts of the GFC and TT. It would be instrumental if the findings in this paper could be compared with those in the existing literature, which I feel is underdocumented in this paper.The last part of the empirical exercise is the examination of impulse response functions (IRF). The authors concluded that “IRF shows that in general, the average period of transmission of spillover was around three to five days.” This is a key finding that is highlighted in several places (the abstract, conclusion, and so on). But it is difficult for readers to digest this, as relevant evidence is not presented in the paper perhaps due to space limitations. This is unfortunate.Finally, in the paper, the authors commented on policy implications, which I like. The message to emerging Asian economies and policymakers is noticeably clear that these economies should establish a concrete system of financial cooperation or ensure that the existing system truly functions during a crisis.

DEVELOPING A MODEL FOR PROMOTING ASSET BASED COMMUNITY DEVELOPMENT (ABCD) IN NIGERIA

Asset based community development (ABCD) is a shift and direct contrast to the conversional need-based community development (NBD). It focuses on community asset as useful tool to stir up the development of a community. It is concerned with what is available in the community that could be used to development as against dependence on outsiders or expert for development. The different types of asset in communities were enumerated. The benefits and criticisms against the approach were also highlighted. A model to guide the application of the approach was designed. The paper is of the view that every development intervention in the nation should have its root on asset-based development approach.

Optimize your Investment Portfolio in Bearish Markets

Since the 2008-2009 global financial crisis, VaR (Value-at-Risk) techniques have become critical tools for monitoring and predicting the market risk and liquidity of financial assets. These financial risk modeling techniques, which have been recognized by the Bank for International Settlements (BIS) or the Basel Committee on capital adequacy and bank regulations, measure and prevent any potential losses that arise, not only from securities’ price changes and the interdependence between the different types of assets (stocks, currencies, interest rates or commodities), but also from their negative tail co-movements in bearish market conditions. In the event of a financial crisis or market downturn, adequate liquidity risk modeling is advisable. In fact, the main advantage of VaR models is their focus on downside risk (i.e., the impact of the results of negative tails) and their direct interpretation in monetary terms. Nevertheless, particularly in times of financial turbulence, traditional VaR models do not properly consider nonlinear dependence between portfolio assets and become inefficient in illiquid market scenarios. Despite the advances in measurement models, obtaining precise market liquidity risk estimations and applying them to optimize portfolios continues to be a challenge for financial institutions.

Pruning Pareto optimal solutions for multi-objective portfolio asset management

Budget allocation problems in portfolio management are inherently multi-objective as they entail different types of assets of which performance metrics are not directly comparable. Existing asset management methods that either consolidate multiple goals to form a single objective (a priori) or populate a Pareto optimal set (a posteriori) may not be sufficient because a decision maker (DM) may not possess comprehensive knowledge of the problem domain. Moreover, current techniques often present a Pareto optimal set with too many options, making it counter-productive. In order to provide the DM with a diverse yet compact solution set, this paper proposes a three-step approach. In the first step, we employ different approximation functions to capture investment-performance relationships at the asset-type level. These simplified relationships are then used as inputs for the multi-objective optimisation model in the second step. In the final step, Pareto optimal solutions generated by a selected evolutionary algorithm are pruned by a clustering method. To measure the spread of representative solutions over the Pareto front, we present two novel indicators based on average Euclidean distance and cosine similarity between original Pareto solutions and representative solutions. Through numerical examples, we demonstrate that this approach can provide a set of representative solutions that maintain high integrity of the original Pareto front. We also put forward suggestions on choosing appropriate approximation functions, pruning methods, and indicators.

Assessment of the investment attractiveness of the region

The concept of investment attractiveness of enterprises and the factors influencing it are considered. The factors of decision–making of investors from the point of view of the expediency of financing enterprises have been determined. The state of enterprises has been investigated in the context of capital investments by types of assets and sources of financing. The international experience of improving investment attractiveness is presented. The catalysts for the development of the level of investment potential have been identified. The ways of increasing the investment attractiveness of enterprises are proposed.

중국 빈곤층에서 자산이 우울에 미치는 영향에 관한 분석: 자산 규모와 자산 유형들의 영향을 중심으로

본 연구는 중국 빈곤층에서 가계 자산의 규모 및 자산 유형이 우울에 미치는 영향들을 실증 분석하고, 중국의 빈곤문제 대응과 관련한 정책적 함의를 도출하고자 하였다. 이를 위해 중국가족패널조사(CFPS) 2018년도 데이터를 활용하였고, 2,410명 빈곤층을 대상으로 분석하였다. 주요 분석결과는 다음과 같았다. 첫째, 중국 빈곤층의 총자산, 순자산, 금융자산액은 비빈곤층에 비해 현저히 낮은 것으로 나타나, 빈곤층은 소득뿐 아니라 자산 보유에서도 매우 취약한 것으로 확인되었다. 빈곤층이 보유한 자산 대부분은 주거 관련 부동산 자산이었고, 유동 자산인 금융 자산의 보유는 매우 소규모로 확인되었다. 둘째, 빈곤층에서 자산의 우울 영향을 분석한 결과, 총자산 및 순자산 규모는 우울에 부적(-) 영향을 미치는 것으로 확인되었다. 자산 유형의 영향에서는 부동산은 유의미한 영향을 미치지 않았고, 금융자산은 우울에 부적(-) 영향을, 부채는 우울에 정적(+) 영향을 미치는 것으로 확인되었다. 본 연구는 자산이 빈곤층의 우울 등의 정신건강에 중요한 영향이 있음을 확인하는 바로, 중국사회의 심각한 현안인 빈곤문제 개선을 위해서는 자산형성정책의 적극적 활용이 필요한 것으로 평가되었다.

Digitalization of the Financial Activities of Platform Companies: Competitive Potential and social Impact

The aim of the article is to define the characteristics of platform companies and their digital platforms as new mechanisms of competition and social transformation in the global economy. The relevance of the article is due to the demand for theexperience of foreign platform companies as the main business models for the competitive development of the economy. The authors apply methods such as theoretical analysis of scientific publications (analysis, synthesis, generalization); deduction as a procedure for the transition from the general to the particular; analysis of the structure of the influence of platform companies on the strategies of competition, highlighting the differences between the platform and linear business models; determining the influence of platform companies on competition among offline partners; identification of competition between platform companies and within them; highlighting aspects of the social impact of the functioning of platforms and platform companies. The study is based on the works of domestic and foreign authors devoted to the analysis of the development of platform companies and the assessment of the social impact of these processes, as well as the interaction between the authors and developers of digital platforms. The scientific novelty of the article is provided by the analysis of a wide range of competition tools, which favorably distinguish the platform approach to modern business from the linear one. The results of the analysis make it possible to form a model of the competition ecosystem in the platform economy. The authors conclude that the basis of the competitive success of platform companies is their ability to expand the scale of activities (as a result of optimizing various types of assets), to minimize costs by involving external users in the process of creating added value, and cross-platform cooperation. The authors recommend that Russian business entities use the experience of foreign platform companies to gain competitive advantages not only in the Russian IT sector but also outside of it. Particularly important are: decentralization of quality control procedures, creation of new sales markets, collection, and processing of large amounts of data, development of strategies for entering markets as suppliers and contractors, diversification of activities at the stage of attracting investments, a social construction.

Assessing the condition of the financial system of the Russian Federation on the basis of key financial parameters of the national economy

Subject. We consider financial parameters of the Russian Federation economy. Objectives. The purpose is to assess the condition of the financial system of the Russian Federation based on the analysis of financial parameters of the national economy. Methods. The study employs analytical and expert methods on the basis of the analysis of data of the Bank of Russia and the Federal State Statistics Service. Results. The paper analyzes certain financial parameters of the Russian national economy, i.e. investments in fixed assets by fixed asset type, the country's external debt, the national currency rate of exchange, in comparison with indicators, characterizing the condition of the financial system, i.e. capitalization of commercial banks, monetary aggregates, the volume of reserves of the Bank of Russia. The analysis shows a better dynamics against that predicted at the beginning of the crisis period. Conclusions. To justify the assessment of the condition of the financial system, it is necessary to rely on a deeper analysis of a wider range of indicators, both economic and financial.

Integrating Impact Funds into Mainstream Portfolios

Interest in impact investing is growing, but investors typically allocate to impact funds and traditional assets independently from one another. We develop an optimizer that brings both types of assets together. Doing so allows investors to maximize impact for a certain level of risk-adjusted returns. For example, we find that investors can allocate 18% more to impact funds on average while keeping risk-adjusted returns constant. Intuitively, analyzing how impact funds and traditional assets interact should allow for better portfolio diversification. As interest in impact investing broadens, tools integrating impact funds into mainstream finance should become more widespread. <b>TOPICS:</b>ESG investing, portfolio construction, performance measurement, wealth management <b>Key Findings</b> ▪ We design a portfolio optimizer that brings together impact investments and traditional assets. Our optimizer has three dimensions: risk, return, and impact. Intuitively, returns from impact funds correlate with traditional asset returns. Taking such correlations into account allows for better portfolio diversification. That is, investors can achieve higher impact without hurting risk-adjusted returns. ▪ Diversification benefits can be large. Our optimizer allows an investor to increase impact by 18% without financial sacrifice. ▪ Demand for impact investing is rising. Tools that help to integrate impact funds into traditional portfolios are therefore useful and likely will become more widespread.

STRATEGIC DIRECTIONS OF IMPROVING LAND RELATIONS IN UKRAINE

The article is dedicated to development features of the state policy on land relations in Ukraine. Promising directions for the development of the concept of formulating and implementing the state policy on land relations in Ukraine have been presented. It has been ascertained that the land reform implementation in Ukraine should not inhibit the economic development of the country but help build a new competitive model of business-government relations. Increasing investment attractiveness in this dimension should be provided not through increasing the market value of land as a type of enterprise asset, but through radical innovation and structural changes in the use of natural resources; not through the land market denationalization, but through the motivation of domestic entrepreneurs to thrive on socially responsible business. It is necessary not to sell the land resource base formed over millennia, but to move reasonably and gradually from the analysis of quantitative characteristics of enterprises to intensive changes in management, to measure the social responsibility of agraricultural business, to maintain land use ethics and the formation of environmental values, mechanisms and instruments of the state environmental policy. Four stages of development and implementation in public administration of the author’s concept of complementary type have been suggested: 1) determining the dominants of the concept; 2) developing the mechanism of state regulation of the land relations development adequate to real processes with objectification of its elementary components; 3) developing a methodological scheme for implementing the mechanism of state regulation of land relations; 4) identification of the most important factors influencing the effectiveness of the state policy on the land relations development.. Keywords: land relations, decentralization, mechanism, regulation, regulatory framework, investment attractiveness, land reform, land market, resources.

Развитие бухгалтерского учета в условиях цифровизации экономики

Цель: выявление проблем и перспектив развития учетной информации для управления социально-экономическими процессами в условиях неопределённости, риска и турбулентности внешней среды. В частности, в ситуации пандемии COVID-19 и локдауна возник целый ряд вопросов, связанных с проблемами отражения объектов и событий в бухгалтерском учете, качеством и достоверностью тех отчетных данных, которые базируются на стандартных учетных принципах, допущениях и процедурах. Кроме того, сложившаяся ситуация высветила новые требования к учетной информации, как основе для формирования полноценной и прозрачной среды управления – в силу сложности принимаемых стейкхолдерами решений и нестандартности задач по предотвращению и лечению кризиса. Обсуждение: в условиях цифровой экономики развитие инструментария и методов учета выступает отдельной масштабной темой для изучения. В рамках данного развития увеличивается спектр решаемых задач, поскольку, помимо выбора модели денежной оценки объектов учета, следует определенным образом представить объекты, для которых приоритетным является неденежное измерение, а также интересным трендом является появление новых виртуальных единиц стоимости. Результаты: события 2020 года показывают, что происходит разрыв цепочек создания добавленной стоимости и снижение возможностей глобальной кооперации, самоизоляция экономик, столь тщательно выстраиваемая мировая финансово-экономическая архитектура демонстрирует свою неустойчивость, глобализация сменяется протекционизмом, блоковым противостоянием, региональной автаркией и национальной изоляцией, нарастает конфликтность экономико-политического ландшафта, усиливаются ограничения и системы государственного контроля. Цифровая трансформация, кризисный характер экономики и нестабильность внешней среды, новые требования к системе управления финансово-хозяйственной деятельностью, изменение бизнес-моделей, появление новых видов активов, связанных транзакций и форм взаимодействия, принципиально новые технологические возможности в области формирования и использования информации – все это существенным образом влияет на бухгалтерский учет и возможности его развития.

On the Synergy between Virtual Reality and Multi-Agent Systems

Multi-agent systems integrate a great variety of artificial intelligence techniques from different fields, these systems have made it possible to create intelligent systems more efficiently. On the other hand, virtual reality applications are accepted as viable techniques in different areas such as visualization, simulation, design, and research. The combined use of these two technologies has led to the development of realistic and interactive applications. This work aims to do a Systematic Mapping Study (SMS) relying on the guidelines of Kitchenham and Petersen to analyze the state of the art of VR applications using multi-agent systems. Inclusion and exclusion criteria have been applied to identify relevant papers, 82 articles were selected and categorized according to the publication type, the research type, the asset type, and the purpose of the work. A complete review of the 82 selected articles was performed, based on the research questions that were established. This review made it possible to clarify the open lines of research that exist and to know where research in this field can be directed.

Financialization and Corporate Performance in China: Promotion or Inhibition?

Using a sample of Chinese listed firms for the period 2009 to 2018, we analyze the relationship between the financialization of non‐financial corporations (NFCs) and corporate performance from both long‐term and short‐term perspectives. Our results show that the impact of financialization on firm performance is not simply a crowding‐out or pulling effect but rather depends on the type of financial assets held by the firms. The holdings of investment financial assets generally have a pulling effect on both the short‐term performance and market expectations of a firm's future profits as proxied by Tobin's Q, but they crowd out the innovation activities that are critical to long‐term performance. Although monetary financial assets positively affect corporate profitability, they inhibit the increase of return on invested capital and long‐term performance. Additionally, compared with monetary financial assets, investment financial assets play a more important role in promoting short‐term performance, although the crowding‐out effect on innovation activities is more prominent for investment financial assets. Furthermore, this paper also concludes that compared with manufacturing and non‐state‐owned enterprises (NSOEs), the role of financialization in promoting the performance of non‐manufacturing and state‐owned enterprises (SOEs) is more significant.

Construction 4.0: immaterial assets types in the development of design estimates for effective digitalization of building projects

The world building sector is experiencing the global transformation stage. In this process, traditional methods of building and engineering are being refused. Innovative ways to manage investment projects are chosen. They refer to the intangible assets of the enterprise. In the Russian Federation, building digitalization is in its first phase. Nevertheless, the need for the integration of digital technologies is recognized by many brunch subjects and is approved on the state level. Many national projects and development strategies also endorse the course. The following problems caused massive engineering digitalization: the lack of needed information or its distortion that helps to decide on building investment realization, the growth of pressure due to reduced time, and price of projects’ realization. The trend of digitalization of the construction industry determines the need to develop the scientific and methodological basis of the management theory of the introduction of advanced technologies. The article represents characteristics and the main aspects of the Construction 4.0 concept in three directions: intellectual factory, modeling engineering, digitalization, and visualization. It also describes and highlights the main provisions in the implementation of such intangible assets as digital document management and the Internet of Things. It is proved that implementation of control and audit procedures based on intangible assets are parts of the information model of the project and digital platforms. This way, effective systematic investment initiatives’ realization can be provided on every building project control level.

A taxonomy of asset management companies

This study proposes a taxonomy for asset management companies to facilitate conceptualization, classification, and measurement. Accordingly, the study qualitatively analyzes variations in the types of assets transferred to asset management companies, the transfer pricing mechanism, and the extent of risk conveyance. The study uses a cross-country setting to analyze differences in corporate structure, resolution mandate, capital structure, and legal status of asset management companies. Through country-specific case illustrations, the study discusses the merits and demerits of different classification features. The study develops a list of feasible design feature combinations for an asset management company.

Comprehensive сlassification of virtual assets

Background: One of the problems of the modern lawmakers in different countries is that they try to regulate an object before they study the nature of its origin, which, logically, entails many errors regarding its definition in the legal framework. The absence of unified definitions and clear classification of virtual assets as tools for implementing the methods of financial and management accounting of property according to their fundamental and unique features makes it nearly impossible to determine the features of virtual assets important for legal regulation and, therefore, to enshrine them in laws and establish a proper legal framework. The paper is dedicated to solving a relevant and cross-discipline scientific and applied task of developing a comprehensive multilevel classification of virtual assets. Unlike the few existing classifications that focus on parts of the virtual asset phenomenon and selective methods of its implementation, the paper proposes an all-encompassing comparison of all known types of virtual assets, which confirms the comprehensiveness of the classification proposed in this paper. Purpose: To develop and substantiate a comprehensive and multilevel classification of known types of virtual assets, which allows solving the cross-discipline scientific and applied task of systematizing virtual assets for future development of a single approach to regulating relations, the objects of which are different types of virtual assets. Materials and Methods: In order to study the nature of virtual assets and develop a comprehensive classification, a set of scientific research methods has been used: analysis, including cause and effect analysis, synthesis, comparison, generalization, systematization and interpretation of results and induction. Results: The author describes a triune nature of virtual assets: technological, economic and legal, information and applied. This classification of virtual assets will allow determining promising tools for accounting of property and rights. Unlike other known approaches to differentiating virtual assets, where crypto-assets (or cryptocurrencies) were unjustified “leaders”, the author has distinguished the group of tokenized assets for the first time. This particular group, due to its direct relation to property, allows performing accounting as well as reaccounting of property and rights in modern digital accounting systems – decentralized information platforms based on the distributed ledger technology (blockchain), whereas this accounting cannot be performed using crypto-assets due to absence of direct relation to property. Out of virtual assets, the author distinguishes a digital asset and analyzes the semantic features of the term “digital asset”. The digital asset is based on a unique information resource as the original asset and on the property of derivativeness from the real asset, which greatly differentiates it from other types of virtual assets. All of that allows considering it as an effective tool for implementing the methods of financial and management accounting of property. Thus, owners of digital assets can use the new way of accounting of their property and personal non-property rights. Based on the properties of a digital asset, the author distinguishes other types of virtual assets: polyasset and monoasset, with the relevant examples. The author provides the characteristics of their features and structural components while comparing them to the features of digital assets and giving clear and well-known financial and legal analogies regarding the implementation of mutual obligations between parties to a traditional deal. The paper also contains the first systematization of seven properties and parameters of a tokenized asset and, therefore, description of properties of three variations of a tokenized asset: monoasset, polyasset and digital asset. This allowed presenting the varieties of virtual assets as a three-level classification based on the complexity of the nature of virtual assets. The author’s classification distinguishes seven types of virtual assets and contains their description. Conclusions: Overall, the proposed approach to classification allows giving a scientific answer to the question of how to compare the multitude of known virtual assets and how to relate them to the legal framework of a state. These developments will be useful for legislators in basically every country, financial, tax and banking state bodies, as well as private companies when keeping books and performing accounting of virtual assets in their business activity.