Рыжкова Ю.А., ПГУ, Пенза, Россия

Ryzhkova Yulia, PenzGU,Penza, Russia

Ефимов А.М., Московский университет им. С.Ю. Витте, Пенза, Россия

Efimov Artur, Penza, Russia

 

Leasing: main problems and opportunities in Russia

Проблемы и перспективы развития лизинга в России

 

In the modern world a level of depreciation of the equipment is one of main position.

In Russia economy this rate is 47.1% in the end of 2010 year. For update of equipments Russian business must spend more 9 years. It is obvious that level of depreciation of equipments in Russia is huge. It's mean what Russia can't to compete with other developed countries and has a big chance to get out from list of "modern countries". Actually the high level of depreciation of the equipments means big opportunities for one of kind of finance, for example leasing.

In fact, leasing is one of kind of rent equipment on a long time for business purpose.  There are 2 main kinds of leasing:

1)                Finance leasing - the term of the lease agreement is comparable to the useful life of the leased object. As a rule, at the end of the leasing contract leasing object can change ownership of the lessee at no additional cost;

2)                Operation leasing - the contract of the lease agreement is less to the useful life of the leased object.

The share of leasing in Russia's GDP in 2009 was only 0.81%, or about 2% of the total share of investment, and 6.54% of the total shares in 2010. (picture 1)

 

2009 year

2010 year

Picture 1 - The share of leasing in Russia's GDP

 

Fact, what share of leasing is less than share of bank loan. So what's the difference between leasing and bank loans for industrial company? (Table 1)

 

Table 1 - difference between leasing and bank loans for industrial company

 

Leasing

Bank loan

Coefficient of accelerated depreciation of equipment is 3

Coefficient of accelerated depreciation of equipment is 2

A firm not paying tax on equipments

A firm paying tax on equipments

Full depreciation of equipment is term of the lease agreement

Full depreciation of equipment is least 5 or 7 years

Free schedule of payments

Schedule of payments is predetermined

VAT is refundable from the budget

VAT is paid when purchasing equipment

 

Leasing like a one of kind of rent has some advantage over bank loans. The share of lease in GDP of European countries: (picture 2)

 

Picture 2 – The share of lease in GDP of European countries in 2011 year

 

Obviously, the leasing market in Russia has a great potential for development. But on this moment in Russia has TOP 5 segments on the market of lease (picture 3):

Picture 3 – The leading segments of the leasing market in Russia in 2010 - 2011

 

Specificity lease in Russia are:

1) big territory for make contracts

2) Airplanes, trucks and other objects of lease all the time to move on big territory of Russia and beyond, but are recorded at the place of registration lessees, head offices which are often located in Moscow.

To summarize, it may be noted that high levels of wear and tear of equipment in Russia poses a threat to the plans for Russia's transition to innovative development of economy. Leasing as a tool to attract additional funding for the purchase and renovation of worn-out capital assets, it may be an opportune moment. In the leasing market in Russia there are a number of barriers that prevent businesses to take advantage of this type of investment, namely:

1) Low level of awareness among entrepreneurs about this form of financing, due to lack of promotion of this type of service

2) A fairly high level of interest rates than conventional bank credit (inflation)

3) The instability of the state policy in respect of leasing

4) Lack of development of all types of leasing

 

 

List of literature:

1)     http://www.gks.ru/wps/wcm/connect/rosstat/rosstatsite/main/

2)     http://www.raexpert.ru/researches/leasing/leasing2010-9/itogi/