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LEASING AS A METHOD OF FINANCING CAPITAL INVESTMENTS IN RUSSIA
A.M. Fomina, student
Saint-Petersburg state university of economics (Russia, Saint-Petersburg)
DOI: 10.24411/2411-0450-2019-10741
Abstract. An unusual form of financing investment is leasing - long -term lease of movable and immovable property. In this article the main points of leasing transaction and obligations of each side were described. Besides that, the detailed analysis was made and in result the optimal formulas for counting a leasing payments was gathered. And also the main advantages in leasing development in Russia were highlighted.
Keywords: leasing, subleasing, leasing transaction, investing, capital.
Leasing as an alternative form of financing long-term investments is becoming increasingly common in the national economy of Russia. It expresses the set of economic and legal relations that arise between the parties in connection with the implementation of the lease agreement.
A leasing contract is a contract in accordance with which the lessor (lessor) undertakes to acquire the property specified by the lessee (lessee) from the seller designated by him and to provide the lessee with the property for temporary possession and use. Under a financial lease (leasing) agreement, the lessor undertakes to purchase the property specified by the tenant from a particular seller and provide the tenant with this property (leased asset) for temporary possession and use for entrepreneurial activity. In this case, the lessor is not responsible for the choice of the leased asset and the seller. He independently acquires property for the tenant and notifies the seller that it is intended for transfer to a specific person. After that, the seller directly transfers the property to the tenant at his location. The lessee has the right to make claims to the seller of the property regarding its quality and completeness, delivery time and in other cases of improper performance of the contract by the seller. The Civil Code of the Russian Federation provides, in this case, unilateral advantages to the lessor, since the tenant cannot terminate the contract of sale with the seller without the consent of the lessor [1].
Leasing activity is a type of investment activity on the acquisition of property with its subsequent leasing.
A leasing transaction is a set of contracts necessary for the implementation of a lease agreement between the lessor, the lessee and the seller (supplier) of the leased asset. Binding contracts include a contract of sale of a property. To accompanying agreements -fundraising agreements, contracts of pledge, surety, insurance of a leased asset, etc [2].
The subject of leasing can be movable and immovable property. Enterprises and other property complexes may be the subject of leasing. The leased asset transferred to the temporary possession and use of the lessee remains the property of the lessor. The right of ownership and use of the leased asset shall be transferred to the lessee in full unless otherwise specified by the leasing agreement.
The relationship between the lessor and the lessee is governed by a written contract. It should contain the following essential provisions:
- the subject of the contract (a detailed description of the leased asset);
- obligations of the parties under the contract;
- lease term;
- transfer of property and its balance sheet;
- ownership and the right to use the property;
- insurance of a leased asset;
- leasing payments;
- undoubted write-off of funds;
- responsibility of the parties;
- termination of the contract;
- completion of the transaction;
- legal addresses and bank details.
In the lease agreement, it is necessary to foresee the facts that the parties consider indisputable and an obvious violation of obligations, leading to the termination of the contract and the return of the leased asset to the owner. The lease agreement may provide for the right of the lessee to extend the lease term with preservation or amendment of the terms of the agreement.
Leasing is classified into domestic and international. In the implementation of domestic leasing, all of its members are residents of the Russian Federation. With international leasing, its members are not residents of the Russian Federation.
Subleasing is a special type of economic relations arising in connection with the assignment of rights to use the subject to a third party, which is drawn up by a subleasing agreement. In case of subleasing, the person who carries out subleasing takes the item from the lessor under a leasing agreement and transfers it for temporary use to the lessee under a subleasing agreement. The assignment by the lessee to a third party of its obligations to pay leasing payments is not allowed. When transferring the subject of leasing to subleasing, the written consent of the lessor is mandatory [2].
The services provided by leasing companies to lessees are paid; therefore, they are obliged to pay lease payments provided for by the lease agreement in a timely manner. The calculation of the total amount of leasing payments (LP) is carried out according to the formula:
LP = DC + PC + CR + PS + VAT,
where DC - depreciation charges due to the lessor in the billing period; PC - the payment for the use of credit resources of the lessor for the acquisition of the leased asset; CR - commission reward to the lessor for the property provided under the lease agreement; PS - payment to the lessor for additional services under a leasing agreement; VAT - the value-added tax paid by the lessor for the services provided [3].
Depreciation charges are made by the party to the agreement on whose balance sheets the leased asset is located. The parties to a
leasing agreement are entitled by mutual agreement to apply accelerated depreciation of the leased asset. In this case, for depreciate fixed assets that are subject to leasing, a special coefficient may be applied to the basic depreciation rate of a taxpayer, but not more than three times. This provision does not apply to depreciate property belonging to the first - third depreciation groups, in case depreciation is calculated in a non-linear way. The size, method, form, and frequency of payments are determined in the contract by agreement of the parties. Lease payments are charged to the cost of production of the taxpayer (lessor) as part of other expenses.
If the property received under the lease agreement is taken into account from the lessee, lease payments are recognized as expenses less accumulated depreciation. Lease payments by agreement of the parties can be made:
1)in cash;
2) in kind (compensation) form;
3) in the mixed (combined) form.
If the parties, in accordance with the contract, make payments for leasing payments on products (in-kind) produced using the leased asset, then the price for such products is set by agreement between the parties. The size of the lease payments can be changed by agreement of the parties within the terms stipulated by the lease agreement, but not more often than once every three months. The obligations of the lessee to pay the lease payments come from the time of use of the leased asset unless otherwise provided by the contract, but not more often than once every three months. When concluding a lease agreement, the parties are entitled to choose the payment option that is most appropriate in specific terms and conditions that will suit all participants in the leasing transaction.
The lessor has the right to exercise control over the lessee's compliance with the terms of the lease agreement and other related agreements. The lessee is obliged to provide the lessor with unhindered access to financial documents and the leased asset. The purpose and procedure for such inspections are established in the lease agreement and other related agreements.
Leasing has significant advantages over other forms of investment in fixed assets of enterprises:
- partially eliminates the risk of losses associated with the obsolescence of equipment;
- reduces the taxable income of the lessee, as the cost of leasing is attributed to production costs (production costs);
- saves the company from the overhead of maintaining equipment that is temporarily idle due to seasonal and cyclical production;
- prevents other formalities that are imminent in obtaining a loan from a bank, which is very important for small and neighboring enterprises that do not have sufficient creditwor-
- give opportunity to draw up a flexible schedule of leasing payments in accordance with the operating cycle and cash flow of the lessee. This means that when calculating lease payments, the leasing company must take into account the financial condition of the partner [3].
In conclusion, in Russia, leasing operations are not yet widespread, since the equity capital of leasing firms is small and the level of interest in long-term bank loans is too high. Nevertheless, the prospect of leasing in Russia is obvious and, under favorable economic conditions, it will play a significant role in financing capital investments.
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References
1. Федеральный закон от 29 октября 1998 г. № 164-ФЗ "О финансовой аренде (лизинге)" (в редакции от 29.01.2002 г. № 10-ФЗ)
2. UFC Management. Лизинг: общая характеристика как метода финансирования капитальных вложений [Электронный ресурс], - http://www.bbest.ru/invest/istfinkapvlog/lising
3. Бочаров, В. В. Корпоративные финансы: Учебное пособие [Текст] / В.В. Бочаров -М.: СПб - Питер,2008 - 272с.
ЛИЗИНГ КАК МЕТОД ФИНАНСИРОВАНИЯ КАПИТАЛЬНЫХ
ВЛОЖЕНИЙ В РОССИИ
А.М. Фомина, студент
Санкт-Петербургский государственный экономический университет (Россия, г. Санкт-Петербург)
Аннотация. Своеобразной формой финансирования инвестиционной деятельности является лизинг - долгосрочная аренда движимого и недвижимого имущества. В данной статье рассмотрены основные положения лизинговой сделки и обязательства каждой стороны. Помимо этого проведен подробный анализ, в результате которого выведена оптимальная формула для подсчета лизинговых платежей. А так же выделены основные преимущества развития лизинга в России.
Ключевые слова: лизинг, сублизинг, лизинговая сделка, инвестирования, капитальные вложения.
