Financial leasing as financial and credit support for investment activities of enterprises
DOI:
https://doi.org/10.35774/visnyk2018.04.059Keywords:
financial leasing, bank loan, financial and credit support, investment activity, enterprises.Abstract
The purpose of the article is to provide scientific rationale of the place and role of financial leasing in financial and credit support for investment activities of enterprises. The subject matter of the research includes various aspects of the current state of financial leasing and ways of its advancement in Ukraine. The article provides an analysis of investment activities based on the volume of investments in Ukraine and determines the role of financial leasing as a funding for investment resources of enterprises. The paper also examines the legal and regulatory framework for financial leasing operations and highlights different interpretations of this form of financing as well as its formal indicators. An analysis of statistical data on the financial and credit market provides important insights into trends of financial leasing contracts and the volume of loans issued to corporate borrowers, and thus makes it possible to conclude that there is a lack of leasing operations in business activities of entities. The point is mainly supported by the fact that financial leasing contracts which have been made lately are not widespread enough after the crisis in 2014. The dynamics of changes in the volume of leasing contracts by dates of signing is considered, and it is found that there is a tendency to shortening the duration of financial leasing services. An industry factor of providing financial leasing services is taken into consideration and the main industries where these services are widespread are described. The existing approaches to evaluating the effectiveness of leasing contracts are systematized. The key challenges that hinder the growth of leasing in Ukraine are identified.
The research methods used in the article include: analysis, synthesis and abstraction (for forming the rationale and developing the terminological and conceptual framework of the study); comparison, systematization and logical generalization (for examining the concept of financial leasing, its legal regulation and specific features of using in Ukraine); statistical, structural and comparative analysis (for exploring ways of advancement of financial leasing in Ukraine).
financialleasing;bankloan;financialandcreditsupport;investmentactivity; enterprises.References
Ofitsiinyi sait Derzhavnoi sluzhby statystyky Ukrainy [Official site of the State Statistics Service of Ukraine], from http://www.ukrstat.gov.ua/ [in Ukrainian].
Hroshovo-kredytna ta finansova statystyka NBU [Monetary and financial statistics of NBU], from http://bank.gov.uacontrolukpublisharticle?art_id=27843415&cat_id=44578#1/ [in Ukrainian].
Avanesova I. A., Pavlenko K. M. Analiz suchasnykh aspektiv nadannia lizynhovykh posluh [Analysis of current aspects of leasing]. Molodyi vchenyi – Young Scientist, 2016, No. 12 (39), p. 630-633 [in Ukrainian].
Vnukova N. M., Prystinska M. V. Udoskonalennia upravlinnia vyborom dzherel onovlennia neoborotnykh aktyviv pidpryiemstva [Improving the management of choosing sources to replace the enterprise’s non-current assets]. Upravlinnia rozvytkom – Development management, 2016, No. 2, p. 49-54 [in Ukrainian].
Zavora T. M. Problemy ta perspektyvy rozvytku rynku lizynhovykh posluh v Ukraini [Challenges and prospects of leasing services market development in Ukraine]. Naukovyi visnyk Poltavskoho natsionalnoho tekhnichnoho universytetu imeni Yuriia Kondratiuka «Ekonomika i rehion» – Economics and Region. Academic Bulletin of Poltava National Technical Yuri Kondratyuk University, 2015, No. 3 (52), p. 8-14 [in Ukrainian].
Karintseva O.I, Kharchenko M. O., Kalchenko S. O. Efektyvnist vykorystannia lizynhu v suchasnykh umovakh [The effectiveness of using leasing under current conditions]. Mekhanizm rehuliuvannia ekonomiky – Mechanism of Economic Regulation, 2016, No. 3, p. 97-104 [in Ukrainian].
Sybirianska Yu. V., Vasylyshen Yu. V. Finansovyi lizynh yak alternatyva bankivskomu kredytuvanniu [Financial leasing as an alternative to bank lending]. Maibutnie bankinhu: suchasni vyklyky ta perspektyvy rozvytku: zb. materialiv II Mizhnar. nauk.-prakt. internet-konf., 15.06. 2017 r., m. Kyiv – The International Scientific and Practical Conference «Future of Banking: Modern Challenges and Development Prospects», p. 71-72, from http://ir.kneu.edu.ua/bitstream/2010/23090/1/71-72.pdf [in Ukrainian].
Mentukh N., Shevchuk O. Teoretychni aspekty klasyfikatsii lizynhu [Theoretical aspects of leasing classification]. Aktualni problemy pravoznavstva – Papers of the Faculty of Law Ternopil National Economic University, 2017, No. 1 (9), p. 75-80 [in Ukrainian].
Tsyvilnyi kodeks Ukrainy №435-IV vid 16.01.2003 r. [Civil Code of Ukraine No. 435-IV of 16 January 2003], from: https://zakon.rada.gov.ua/laws/show/435-15 [in Ukrainian].
Zakon Ukrainy «Pro finansovyi lizynh» №1381-IV vid 11.12. 2003 r. [Law of Ukraine «On Financial easing» No. 1381-IV of 11 December 2003.], from: https://zakon.rada.gov.ua/laws/show/723/97-%D0%B2%D1%80 [in Ukrainian].
Podatkovyi kodeks Ukrainy. № 2755-VI vid 2.12. 2010 r. [Tax Code of Ukraine. No. 2755-VI of 2 December 2010], from: https://zakon.rada.gov.ua/laws/show/2755-17 [in Ukrainian].
Bartashuk K. A. Finansovyi lizynh yak dzherelo finansuvannia rozvytku pidpryiemstv Ukrainy [Financial leasing as a financing source for the development of Ukraine’s enterprises]. Ekonomika ta derzhava – Economy and state, 2015, No. 3, p. 142-147. [in Ukrainian].
The National Commission for State Regulation of Financial Services Markets, «Results of the financial companies, pawnshops and entities (lessors) for 2014 activity», from: https://www.nfp.gov.ua/files/sektor/FK%202014.pdf [in Ukrainian].
The National Commission for State Regulation of Financial Services Markets, «Results of the financial companies, pawnshops and entities (lessors) for 2017 activity» from:https://www.nfp.gov.ua/files/OgliadRinkiv/FK/OsnPokazn/FK_4%20%D0%BA%D0%B2_2017.pdf [in Ukrainian].
Mykhalchuk L. V., Kryvoruchko Ye.O. Mizhnarodnyi dosvid vykorystannia lizynhovykh vidnosyn v Ukraini [International practice of leasing relations in Ukraine]. Visnyk Zhytomyrskoho derzhavnoho tekhnolohichnoho universytetu. Seriia : Ekonomichni nauky – The Journal of Zhytomyr State Technological University. Series: Economics, 2015, No. 3, p. 78-84, from: http://eztuir.ztu.edu.ua/jspui/handle/123456789/2105 [in Ukrainian].
Levchenko O. A. Modeliuvannia otsinky finansovoi stiikosti mekhanizmu finansuvannia lizynhovykh operatsii [Assessment modeling of financial sustainability of financial leasing operations]. Visnyk Universytetu bankivskoi spravy – The Banking University Bulletin, 2018, No. 1(31), p. 105-113 [in Ukrainian].
