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PROBLEMS AND PERSPECTIVES OF LEASING DEVELOPMENT IN UKRAINE

02.07.2018 15:06

[Cекция 6. Банковское дело. Деньги, финансы и кредит]

Автор: Galushko O.I., senior Lecturer at the Department of Finance and Marketing, Prydneprovs’ka State Academy of Civil Engineering and Architecture; Legka К.V., student, Prydneprovs’ka State Academy of Civil Engineering and Architecture


A high depreciation ratio of the fixed assets of Ukrainian enterprises adversely affects their economic parameters. This makes the problem of leasing development in Ukraine highly relevant. As the experience of foreign countries shows, the use of leasing helps to raise the technological level and to modernize the economy. Therefore, it is important to investigate leasing procedures and processes in Ukraine, the problems of its development and future trends.

According to the Law of Ukraine "About leasing", leasing is an entrepreneurial activity aimed by investing of own or attracted financial resources. It consists of providing the lessee with exclusive use the property of the lessor for certain period, or property which is acquired by lessor on behalf of and by agreement with the lessee from the relevant seller of the property, and periodic leasing payments have to be paid by lessee. Leasing can be described as an investment of resources in fixed assets on a refundable basis, or as investment financing, since the lessor and lessee operate with capital not in monetary units, but in productive ones [1].

Infrastructure of leasing services in Ukraine is developing slowly. Only little number of leasing companies can offer proper maintenance of leasing facilities. Banks also can not cope with this task, although they are the main participants of the leasing business. The lack of the opportunities to provide leasing services is one of the weaknesses of domestic leasing. Therefore, at the stage of its formation in Ukraine lessees are offered basically “pure leasing”. 

Leasing through borrowed funds is the most common form of financing. This suggests that leasing companies are forced to use borrowed funds in order to be able to finance large and expensive leasing projects.

The simple stimulation of leasing by the state is not a panacea and requires detailed analysis of each branch of the national economy, since leasing, on the one hand, increases the flexibility and adaptation of enterprises to the global market, and on the other hand, allows to increase the fixed assets of those companies , which do not correspond to the norms of creditworthiness, increasing also the costs of  production and costs of goods sold.

For Ukraine, which is acutely aware of the need to modernize the fixed assets in all sectors of the economy, the need to develop the leasing services market is especially important.

Compare to the dynamics of leasing development in EU countries, Ukraine is experiencing low tempo of formation of the leasing services market, and the leasing form of funding is still not used widely. One of the main reasons is the high demand for credit resources accomplished with a sufficiently high level of inflation, which makes short term credits with high interests rates more preferable for banks as it allows to gain high profit quickly.

However, despite the fact that leasing is developing slowly in Ukraine, the dynamics of last years is rather positive. According to the Association of Ukrainian Lessors, the amount of new business of its participants in January-September 2017 was almost 6.9 billion UAH (total value of the leased items), which is 103% higher than same period of 2016 [2].

On 1. December 2017, the National Commission for the Regulation of Financial Services Markets issued 364 licenses for the provision of financial leasing services (86 lessors - legal entities (financial institutions) and 278 financial companies). According to the Commission data, the total value of the existing financial leasing contracts for 9 months of 2017 was 23.2 billion UAH, which is by 0.3 billion UAH more than at the beginning of 2017 [3].

In Ukraine, most of the leasing companies work with enterprises of the agrarian sector. The annual increase the fleet of agricultural machinery reached by  leasing companies was 11-16% for 2017. And the amount of new business grew approximately two times during 2017. We have to admit that doubling of business occurs, mainly due to the car vehicles leasing [3, 4].

Turning to the economic aspect of the problems and prospects for the development of leasing in Ukraine, we can underline next advantages that should prompt economic entities (enterprises, banks, leasing companies) to expand the volume of leasing operations:

- opportunity to avoid loans for the acquisition of equipment from other sources of financing (including own funds), which will make it possible to use these sources for other needs;

-  flexibility of leasing payments;

- simplification of access to the use of various equipment, including import, and maintenance of its service;

-  reduction in the timing of the organization the production of new goods; 

- possibility to return equipment under a leasing agreement, which means a reduction of risk in the case of  start the new goods production according to market needs. 

Literature:

1. Povazhny O.S. Principles of state regulation of leasing activity / O.S. Povazhny, O.O. Fomina // Manager. - 2008. - No. 1 (43). - p.4-7.

2. Fomina O.O. Development of leasing: foreign experience / O.O. Fomina // Development of financial methods of public administration by the national economy: volume of scientific works of Donetsk State University of Management. - Donetsk, 2007. - Vol. VIIII, ed. 85, series "Economics". - p.185-195.

3. National Industrial Portal: [Electronic resource]. - Access mode: http://uprom.info

4. Fomina E.A. Development of  leasing operations in the activities of commercial banks / E.A. Fomina, S.S. Nastjuk // Theory and practice of economics management in the period of socio-economic transformations: volume of scientific works of Donetsk State University of Management. - Donetsk, 2007. - Vol. 8, Issue. 89, series "Economics". - P.146-154.

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