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/