Forming methodologies to improving the efficiency of innovative companies based on leasing tools

Figures & data

Figure 1. Positions of foreign countries in the leasing market (mln EUR) (Leading financial technologies 2018).

Figure 2. Factors that negatively affect the activities of organizations in financial leasing (RAEX rating agency 2020).

Table 1. Comparison of leasing practices in the Russian Federation and abroad.

Application practices abroad	Russian specifics nature of leasing application
Tax implications
Tax benefits in leasing may be greater than similar benefits for capital expenditures at the expense of own funds.	Possible delay in VAT refund by the lessor
Relative flexibility as a medium – and long-term financing tool
Leasing involves one hundred percent financing and does not require immediate lease payments. Payments are done after the property is delivered to the lessee	A condition of leasing companies is to make an advance payment on the purchase price of the leasing property (5-50%) or other additional security
There is no additional collateral or restrictions on further loan	Leasing companies require guarantees, such as additional insurance, asset collateral, or third-party guarantee
By fixing the interest rates on leasing there is the possibility of reducing currency risk
The risk of equipment deterioration is entirely borne by the lessor. The lessee has the ability to constantly update their equipment;
A relatively cheaper form of capital expenditure financing
Regarding the scale or market position, the leasing companies can provide financing at lower rates or offer favorable financial terms	Basically, leasing companies are created by financial and industrial groups or banks to update the group's companies or optimize taxation. As a result, their credit rating may be inferior to the ratings of potential lessees
Economic effect of using tax benefits	Reducing the taxable profit and property tax
The relative inflexibility of lease conditions
Usually, there are fixed lease rates that occur when market rates are reduced	In practice, sometimes they use floating rates and . are used.
Restrictions that the lessor may impose on the use of the property	The lessor imposes additional limiting conditions, such as the lease term or usage standards
If the lease object becomes obsolete before the end of the lease agreement, the lessee continues to pay rent payments until the end of the contract

Table 2. Leasing problems and ways to resolve them.

Leasing problems	Solution
Secondary use of exempt assets for leasing	Allow secondary use of exempt assets for leasing
Missing system of commercial risks insurance in leasing transactions	It is necessary to introduce foreign practices of financial risk insurance to Russian enterprises
Underdevelopment of secondary markets for equipment	Development of secondary markets for equipment
Missing off the shelf solutions for integral automation of a leasing company	Intended development of software for leasing automation

Leading financial technologies. “Global Leasing Report 2018”. Accessed February 9, 2020. https://www.whiteclarkegroup.com/videos/global-leasing-report-video-2018.

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RAEX. Analytics (rating agency). Accessed February 9, 2020. https://raex-a.ru.

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