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17freedom develops creative human consciousness, allows you to transfer intelligence society and is the true purpose of political and market and socio-economic change aimed at the welfare of people.
State and public investments in the energy, finance and other resources in the individual's development are the competitive advantage of capital. Creativity of the individual is the measure of social progress, and the progress of the intellect is a measure of universal development of the productive forces.
Today the world public opinion there is a transition from the ideology of physical labor and property ownership to the ideology of intellectual-creative labor and intellectual property, a radical shift of social development strategy as a movement from things industry society to society of knowledge and intellect-capital industry.
When science becomes a direct productive force, the social division of labor and private property are replaced by the universal work and universal property, based on the power of social intelligence, to subdue and control the entire production process (tab. 3).
They believe that the level of wealth of the modern information society is determined not by the stocks of raw materials. It is determinedby intellectual potential. The main property of the society and a person becomes intellectual property, and intellectual worker is the central figure of material production.
Modern society of intellect-capital is a social institute of relations based on the effect of mind and will
self-discipline, consciousness and activity self-organization. It can be considered as an association of people who know how to transform the awareness and understanding of life in a reasonable work of socio-economic life.
REFERENCES:
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2. Arsenyev Y.N., Davydova T.Y., Sychugov A.A. Discrete mathematics: Tutorial. In 2 parts. Part II. Fundamentals of complex logic and its practical applications. - Tula: Publishing center Tula State University (TSU), 2016. - 263 p.
3. ArsenyevY.N., Shelobaev S.I. Models and methods of resource optimization market entities. - M.: Highschool, 1998. - 304 p.
4. Arsenyev Y.N., ShelobaevS.I. Analysis, synthesis and optimization of socio-techno-economic systems: reliability, safety, efficiency, quality. - M.: High school, 1998. - 444 p.
5. Arsenyev Y.N., Davydova T.Y Innovation, investment, intelligence: capacity, capital, model. - M.Tula: Publishing center Tula State University (TSU), 2013. - 447 p.
MODERN GOVERNMENTAL INSTRUMENT LEASING ACTIVITIES
Kholodilova A.
Postgraduate student of the Department of Banking Kyiv National Trade and Economic University
Abstract
The article analyzes modern state regulation instrument of leasing activity. The main approaches to regulation of leasing activity in the developed countries are investigated. The directions of use of certain innovative instruments of regulation of leasing in Ukraine are defined.
Keywords: leasing, state regulation, Legal regulation, main instruments, method of the analysis of hierarchies.
At the present stage of the development of market relations of Ukraine, the need to upgrade the equipment and facilitate the availability of progressive, usually high-cost technologies, especially in the leading sectors of the economy, to a large extent depend on the intensification of leasing relations. Considering that in the conditions of the financial crisis, the possibility of access of domestic enterprises to traditional channels of replenishing financial resources at the expense of budget funds and obtaining bank loans is aggravated, attention to a financial instrument such as leasing is intensified.
In recent years, the development of leasing relations is not very active, which is due to certain factors, in particular the ineffectiveness of state regulation, because it is from state participation that a real recovery of entrepreneurial activity and ensuring the processes of economic growth depend on the active development
of leasing activity. In such conditions, the state should create conditions for the development of leasing institutions, including for the formation of a market mechanism for regulating leasing relations. At the same time, the degree and forms of state participation in these processes depend on the model and instruments of state regulation of the country's economy.
The research of the toolkit for regulation of leasing relations was carried out both by foreign and domestic scientists. The most thoroughly the issue of international experience in regulating leasing relations is disclosed in the works of such scholars: O. Badzym [3], N. Vnukova [4], K.Rudakova [7], V.Ivanishina [5] and many others.
However, in the works of foreign and domestic authors, there is no in-depth analysis of the relationship between regulatory mechanisms, its instruments and the development of the leasing market. In addition, the
need for further development of this topic is conditioned by the constant expansion of methods and tools for regulating the leasing market both abroad and in Ukraine.
An analysis of the definitions proposed by domestic scientists [3, 4, 5, 7] allows us to determine that state regulation of leasing activity is a form of state-imposed influence on the state through leasing and related relations, carried out with the help of legal, organizational, economic and other means (tools), which consists in the establishment and application of legal rules and a system of rules aimed at the regulation, protection, development, adjustment, control and supervision of leasing activities and prevention abuse and violation in this area.
Under the methods of state regulation of leasing activities should be understood as a set of methods and techniques of influence of the state through the legislative, executive and judicial authorities on the participants in the leasing relationship in order to create and provide conditions for the implementation of leasing activities in accordance with the basic principles of economic policy of the state [6, p. 86] . In other words, these are methods of using tools, a set of techniques or operations, the introduction of which provides for the development of leasing activities.
State regulation of leasing activities, in terms of its grounds, can be divided into a general one, when the state, in the person of the authorized bodies, in resolving the tasks entrusted to them, speaks on behalf of the people and in the public interest, and especially when the state acts as the owner, managing its proper property.
Analysis of the experience of various countries in the regulation of leasing suggests that, since financial leasing integrates rental, lending, investment relations and features signs of sales operations, there are two main approaches to the formation of institutions of state regulation of leasing.
The first is the development of customary contract law applicable to leases, loans, sales. In this case, the development of leasing will depend on the conjuncture of the relevant markets. State regulation will relate to leasing indirectly, due to the consequences of the implementation of state policy in one or another field. Such an approach is appropriate in countries where constant and regular refinancing of fixed capital is taking place, and the use of high technology is not a priority for development.
The second approach is the targeted state's influence on the leasing business, as a special industry, through the development of special legislation and the establishment of privileges. Such an approach is characteristic of countries that seek to provide innovative development of the economy, create conditions for the development of science and technology, using the investment potential of leasing.
Legal regulation of the mechanism of leasing relations is a definition of clear conditions, order and restrictions on the implementation of leasing activities.
The state should actively react and create the appropriate legislative framework for innovative mechanisms for financing leasing activity, which is especially important for our state. In the field of leasing relations, as in all other spheres, legal regulation is used to establish clear rules and mechanisms for regulating relations as agents of leasing relations between themselves and their relations with other subjects of economic relations and the state. Ukraine, along with other countries, entered the list of countries with special leasing legislation [1]. Its special feature is that the legal base of leasing is dispersed in normative acts of state authorities and management of different levels, which at the same time have unequal legal force. This circumstance allows us to divide the instruments of state regulation of leasing into direct and indirect, based on the availability of means of direct and not direct action.
The leasing activity in Ukraine is governed by the norms of the Commercial, Civil and Tax Codes, the Laws of Ukraine "On Financial Leasing", "On Financial Services and State Regulation of Financial Services Markets", as well as by regulatory acts of the National Bank of Ukraine and the National Commission for State Regulation in the Field financial services markets. The given legislative acts define the general legal features of leasing activity, the mechanism of state regulation of financial leasing as a financial service, the procedure for taxation of leasing operations and the rules for carrying out this activity by banks.
The development of the leasing market in Ukraine requires a transparent, consistent legislation. Unfortunately, the legal regulation of leasing activity in Ukraine is far from perfect. Norms of legal acts often deny each other. There are different approaches to the interpretation of the lease, its types and functions, the legal status of the lessor and the methodological imperfection of the definition of the object and object of leasing in the tax and civil law. Many contradictions arise because of the lack of a clear definition of the term "leasing" in the current legislation. This is influenced by the ambiguous interpretation of the economic and legal nature of the lease. As a rule, in the domestic legislative acts (the Civil and Commercial Codes of Ukraine, the Law of Ukraine "On Banks and Banking Activity") the leasing is identified with a lease, a loan.
State regulation is divided into direct and indirect. Direct regulation includes legislative regulation and all forms of financial support that the state provides to leasing entities (grants, leasing companies' equity, guarantees, etc.), as well as a number of administrative instruments.
Indirect (indirect) regulation affects the leasing market through the results of certain investment, monetary, tax, depreciation, foreign economic, including customs and tariff policy, indirect action laws and laws governing other types of economic activity [2].
Among the main tools of state regulation of leasing activities, it is expedient to allocate the following, which are actively and successfully used in countries with more developed, in comparison with Ukraine, the market of leasing (Fig. 1).
Tools regulation of leasing relationships
T
Direct
Legisla-
T
-Legal regulation of the mechanism of leasing relations and / or state registration of licensing - Supporting the activities of associations of subjects of leasing relations
Economic
-Creation of state leasing companies and leasing funds -Development and implementation of programs for support of small business entities through leasing financing
-Share participation of the state in the implementation of leasing projects and financing of innovative projects from the budget -Creation of state orders for leasing services
Indirect
Economic
i
-Fiscal policy -Instrument for adjusting the exchange rate on the currency market -Politics of attracting foreign leasing investments -Guest lending and provision of state guarantees and subsidies to economic entities -The impact on financing leasing projects at the expense of bank loans
1
Organiza-
I
-Support of equal conditions of competition in the market - Amortization
policy -Mittle regulation -Development of mortgage funds with the use of state property
Fig. 1. Classification of main instruments of state regulation of leasing activities ** Note: compiled by the author based on the date [3, 4, 5, 6, 7]
Let's consider the main types of the main instruments of state regulation of leasing activities, which are of the highest relevance for implementation in Ukraine.
Among the measures of direct influence to date, the most effective are the legal regulation of the mechanism of leasing relations and / or state registration of licensing, support activities of associations of entities of leasing relations, the creation of state leasing companies and leasing funds, development and implementation of support programs for small business through leasing financing, share participation of the state in the implementation of leasing projects and financing of innovative projects from the budget, the creation of government orders and leasing services.
The procedure for licensing leasing companies is quite common in the West. Moreover, in countries such as Italy, Belgium, South Korea, China, Brazil, Mexico, Turkey, it is necessary to create a certain minimum amount of authorized capital for obtaining a license. In particular, in Russia for the financial leasing it is necessary to obtain a license. Although the procedure for obtaining such a license often (in particular, in Russia)
is of a purely declarative nature, since it is very simplistic (it is enough to submit only copies of registration documents), but allows market regulators to have the necessary statistical information on the state of the industry [8, p. 87]. Licensing advocates proceed from the necessity of creating conditions for the development of leasing, protecting the interests and rights of the subjects of leasing relations, limiting the possibilities of abuse of market operators by their status.
In developed countries, the activity of associations of participants in the leasing market, formed in the form of non-profit organizations, becomes of increasing importance. Their activity is of great importance for the formation and regulation of the leasing market. World experience proves that it is very important to have an organizational and support center for lobbying industry interests. Defending the interests of the operators of the leasing market, such associations are in fact market regulators. In countries with a developed financial leasing market, the association of lessors also acts as a broker in the organization of leasing transactions.
Since the state in reality has a large volume of
fixed assets at the same time, and most needs updating. That leasing financing mechanism should be used to meet the investment needs in updating the fixed assets of state-owned enterprises.
International experience undoubtedly proves that with the appropriate legislative framework, leasing becomes an effective form of financing for small business. Formally, small business entities have several channels of financing: bank lending, financial leasing, venture financing, micro financing, help from business support funds, as well as resources of mutual funds. However, in practice, most small businesses do not have access to bank and state credit resources. Therefore, in modern conditions, leasing is becoming widespread as a mechanism for the development of small business. For example, in developed market economies, small and medium-sized enterprises are the main clients of leasing companies [6, p. 86].
One of the priorities of the state's activity is to increase the competitiveness of the country's economy. By conducting a policy of directing funds to participate in the implementation of investment processes using leasing schemes, it will contribute to the development of strategic sectors of the country's economy.
The active policy of attracting foreign leasing investments should include ensuring minimization of risks and legislative support of investment activity.
It should be noted that in order to integrate the actions of the state authorities in order to develop the leasing market; it is expedient to develop special programs for the development of the industry. In particular, at the regional level, implementation of financial leasing programs in priority areas is possible.
Indirect impacts include: fiscal policy, instruments for regulating the exchange rate on the foreign exchange market, policies for attracting foreign leasing investments, preferential lending and granting of state guarantees and subsidies to economic entities, and the impact on financing of leasing projects at the expense of bank loans (regulation of the cost of bank resources , support for liquidity of the banking sector), support of equal conditions of competition in the market, amortization policy, customs regulation, mortgage creation ondiv using state property.
Some researchers argue that the basis of leasing lies in the fact that its meaning is the tax benefits and privileges provided, which the state yields to current budgetary interests, relying on the expansion of the tax base, and, consequently, to increase future budget revenues by increasing production . The state has to legislate to ensure equal opportunities for the existence of various financial and credit instruments. We emphasize that the development of leasing in most countries was not so much due to special regulations or mechanisms of operation, but due to the impact of tax breaks.
In most countries, the favorable economic climate for leasing was shaped by a flexible depreciation policy. It was through the mechanism of depreciation that tax privileges were provided to participants in leasing activities, which favorably affects macroeconomic proportions in these countries [4, p. 9]. After all, the size of depreciation charges, as well as tax rates affect the price of leasing.
The value of preferential lending and the provision of state guarantees, subsidies especially increases during the crisis in the economy. After all, the state will stimulate investment processes in the country through the introduction of an effective financing mechanism for the industry, in particular by providing government guarantees.
Another instrument of state regulation and a form of state support for leasing activities may be subsidization (partial compensation) of the interest rate on bank loans. Today, for many leasing companies, loans are too expensive. The compensation system for interest rates on loans will provide the opportunity to reimburse part of the interest rate set by the bank. However, the use of this instrument of state regulation should not run counter to the principle of equality of rights of economic entities.
In today's conditions, the equal importance of competition in the leasing market is gaining special significance among the instruments of state influence. This is especially true of the state's policy of equal access to resources and markets. It should also be noted that in addition to the factors of economic competition, the state can and should apply civilized regulatory and administrative mechanisms to promote the development of healthy competition in the leasing market [7, p. 47].
Modern scholars and practitioners argue that a more effective form of support for the development of certain sectors of the economy could be the compensation of part of lease payments to certain categories of lessees [9].
In the conditions of the crisis phenomena of the economy, which are being observed in recent times, the issue of solvency of enterprises is of particular importance. Taking into account the fact that experts estimate that the dollarization of the country's economy reaches 35-40% [3, p. 261] the exchange rate has a significant impact on the level of solvency of economic entities. In such conditions, the state should clearly regulate and establish the main parameters of the country's monetary market.
Insurance instruments are becoming more widespread in modern business conditions. After all, they allow lessors and their clients to minimize their own risks and compensate for losses caused by certain circumstances. Therefore, the state should pay special attention to the functioning of the insurance market.
The special indirect instrument of state regulation of leasing is the customs regulation of leasing operations. In its economic sense, customs duties differ from taxes in that their purpose is the regulation of foreign trade, and not only the formation of budget revenues. Customs duties and taxes are instruments of trade policy and state regulation of the domestic market.
To date, the question of the ratio of direct and indirect regulation in different countries, using those or other instruments of influence remains. However, in our opinion, the significance of indirect state regulation will increase with the development and establishment of market mechanisms, the transformation of institutional relations.
For state regulation of leasing activity at the present stage is characterized by a combination of various tools and instruments of state regulation with the advantage of economic methods.
It is evident that stimulation and support of leasing activities should be carried out primarily through a set of measures to create a favorable economic climate for the development of investment activity in general and the attraction of private and corporate investments in the field of leasing operations in particular.
The current state of the development of leasing requires the legal and organizational and economic basis for the provision of state support for leasing activities at the legislative level. When designing tools and implementing state regulation tools and supporting leasing activities, it is important to determine not only the size but also the direction of using these tools. International experience and tools for regulating leasing activities should also be of use.
REFERENCES:
1. About financial leasing: Law of Ukraine dated 16.12.1997 № 723/97 [Electronic resource]. - Mode of access: http://zakon4.rada.gov.ua/laws/show/ 723/97-BP
2. Analytical report of the Coordinating Council on financial sector policy under the Cabinet of
Ministers of Ukraine "Status and priority tasks of financial leasing development in Ukraine" [Electronic resource]. - Mode of access: http ://www. dfp. gov.ua/rada/lizing. htm.
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4. Vnukova N. Modern state of economic-legal regulation of financial leasing in Ukraine / N. Vnukova // Leasing in Ukraine. - 2011. - No. 3. - P.8-10.
5. Leasing and its development in Ukraine V.V. Ivanishin - K .: Knowledge of Ukraine, 2002. - p.57.
6. Zollnerchik G. The reasons hindering the development of leasing activity in Ukraine / G. Zollnerchik // Market of securities of Ukraine. - 2012. - No. 10. - P.85-88.
7. Rudakova K.V. Problems of legal regulation of leasing operations in Ukraine and ways of their solution / K.V. Rudakova // Management of development. - 2014. - No. 6. - P.45-47.
8. Mischenko VI Leasing basics: Teaching. manual / VI Mischenko, O.G. Lubyants'kyi, N.G. Slavic -K .: Knowledge, 1997. - 136 p.
9. Naumenkova SV Financial Services Market: Teach. manual / SV Naumenkova, SV Mishchenko - K .: Knowledge, 2010. - 532 p.
