Leasing management system. Development of a management system for a leasing company. Methods for effective management of leasing activities in leasing companies through the implementation of integrated management accounting systems

Building a system of methods for managing investment risks of a leasing company ( summary)

The specifics of leasing activities highlight the risk of inadequate investment decision making, therefore, the management of this risk is an important tool within the framework of strategic development companies. Currently, there is no generally accepted, holistic methodology for investment risk management for LC. This work is devoted to the consideration of the existing and applied in practice methods and the development of an algorithm and criteria for the choice of tools for the rational management of each of the stages of assessment and analysis of investment risks.

Consideration of the strengths and weaknesses established methods of assessment and management of investment risk formed the following risk management scheme:

As a result of the analysis of existing risk management methods, the following investment risk management system for a leasing company was formed:

1. Determination of the goal.

Board brainstorming to validate risk strategy with CEOs and senior management

As a result of the definition of goals by the senior management of the firm and the development of a risk management system by experts, it will create checklists of potential sources investment risks required to standardize the classification process, identify and assess the risks of leasing projects

2. Clarification and assessment of risk.

3. The choice of the method of influencing the risk.

the significance of the project risk is overestimated taking into account the placement of investment risk in the LC portfolio to assess the ability of this project to diversify (and possibly hedge) the risk of the entire portfolio;
when managing risks, it should be borne in mind that there are three participants in the leasing transaction and, accordingly, the LC can prepare mutually beneficial solutions with the equipment supplier to minimize investment risk;
in the contract, it is also possible to use the following tools aimed at reducing the amount of possible losses, such as insurance and surety, however, each of these methods reduces the amount potential clients, due to the increase in the cost and complexity of the leasing project;
according to unacceptable parameters of the project, it is necessary either to develop proposals for their elimination or to make a proposal to abandon this contract;
the least manageable risk factors should be taken into account in the contract with the lessee in order to shift all the risk (or part of it) to the joint coverage with the client;
refusal to manage risk is possible only with the approval of a manager who has the necessary authority to take on a risk in a given amount.

In order to formalize the requirements of the leasing company to the risk management process, the application and control over the measures and activities of investment risk management, on the basis of the analysis, Methodological Guidelines were developed (see Appendix).

Akhmetzyanov I.R.

Building a system of investment risk management methods for a leasing company.

Introduction

In world practice, leasing is one of the essential factors in changing the technological structure and reorganizing enterprises, since leasing operations allow large-scale investments in any production.

Due to the problem of renovation existing in Russia production assets, the development of the institution of leasing can be considered as one of the ways to provide the necessary capital investments the needs of the Russian economy.

V Russian Federation legal aspects of leasing activities are regulated Federal Law"On financial lease (leasing)" No. 64-FZ dated October 29, 1998

The current version of the Law gives the following definitions leasing and financial lease (leasing) agreements:

Leasing is a set of economic and legal relationship arising in connection with the implementation of the lease agreement, including the acquisition of the leased asset.
Lease agreement - an agreement under which the lessor (hereinafter the lessor) undertakes to acquire the property specified by the lessee (hereinafter the lessee) from the seller specified by him and provide the lessee with this property for a fee for temporary possession and use. The leasing agreement may stipulate that the choice of the seller and the acquired property is made by the lessor.

Thus, leasing activities provide for the presence of at least three participants: the equipment supplier, the lessee and the lessor.

A typical lease transaction looks like this.

The user (after entering into a leasing relationship, the lessee) informs the leasing company what equipment he needs.
The leasing company, having made sure of the liquidity of the project, buys this equipment from the manufacturer, or another legal entity or individual selling the property being leased.
The leasing company (lessor), having become the owner of the equipment, transfers it for temporary use with the right of further redemption (determined by the agreement) to the lessee, receiving lease payments in return.

The lessor can be a legal entity or an individual registered as an individual entrepreneur carrying out leasing activities.

Since the sphere of activity of the lessor is the transfer of the right to use the property to its clients under lease agreements, the lessor forms its own investment portfolio of leasing contracts.

Each component of this portfolio has unique characteristics of investment risk associated with the specific characteristics of each lessee.

However, in general, for the lessor, a number of features can be distinguished that distinguish it in terms of the risk of adequacy of making an investment decision from other credit institutions (for example, from a bank).

Until the final payment, the lessor remains the legal owner of the equipment, so that in the event of a breakdown in settlements, he can claim this equipment and sell it to cover losses.
In the event of bankruptcy of the lessee, the equipment is also in mandatory returned to the leasing company.
The lessor transfers to the lessee not monetary resources, control over the use of which is not always possible, but directly the means of production.
Exemption from the payment of income tax, which is received from the implementation of finance lease agreements with a period of at least three years.
The lessor is partially exempt from payment customs duties and taxes in relation to products temporarily imported into the territory of the Russian Federation, which are the object of international leasing.

Thus, for LCs (acting as investors) leasing makes it possible to ensure a certain rate of return on invested capital at a lower level of financial risk compared to a bank. In this case, the most significant risk is the investment risk, which consists in the non-optimal decision on the leasing project.

Objective

The purpose of this work is, as a result of the analysis of existing risk management methods, to propose a system for managing investment risks for a leasing company and to prepare a specific methodology that formalizes the process of managing investment risks in the LC.

One of the main problems of a leasing company is the resolution of the dialectical contradiction - the choice between high profitability and the absence of risk - since, as a rule, it is impossible to ensure the simultaneous fulfillment of these conditions. Accordingly, the main task of the leasing company is to create a portfolio of contracts balanced in terms of profitability, liquidity and risk.

This task is complicated by the weak formalizability (measurability) of investment risk indicators for leasing projects due to the objective lack of methods for quantitatively assessing the qualitative components of risk (for example, political).

It should also be noted that the risks associated with any particular lease contract cannot be considered in isolation. Any new acquisition under leasing contracts should be analyzed from the standpoint of its impact on changes in profitability and investment risk of the entire set (portfolio) of LC, since possible combinations of these decisions can significantly change the characteristics of the entire portfolio as a whole.

The portfolio approach presupposes the perception of the system of leasing projects as elements of a single whole - the LC portfolio, informing it of the characteristics of risk and profitability, which makes it possible to effectively analyze the possibilities and optimize the parameters of investment risks.

A portfolio is a set of leasing projects, which is an aggregate with parameters of risk and profitability (cost) that change under the influence of a combination of two factors:

changes in the composition of the portfolio;
changes in the risk and profitability (value) of the leasing agreements constituting the portfolio due to changes in the business environment.

From the point of view of the portfolio approach, the result is economic activity LC can be considered the change in the net worth of the portfolio, reflecting the current or reduced in time value of leasing projects.

The economic essence of the LC portfolio risk lies in the possibility of deviation of the value of the present value of the firm's portfolio from its expected value. The consequences of investment risk are the possible suboptimality of the decisions made regarding the terms of leasing contracts.

Thus, the selected risk management methods should provide the following properties of the investment risk management system:

Consistency of the risk management system and the company's strategy in terms of profitability, liquidity and risk.
Formalizability of initial information, methods of analysis and results.
Risk management from the point of view of finding the optimal ratio of "profitability-risk" for the entire Company as a whole.

Study structure.

The risk management process can be objectively broken down into six stages:

target definition
ascertaining the risk
risk assessment
choice of risk management methods
application of methods
evaluation of results

Each stage uses its own risk management methods. The results of each stage become the initial data for subsequent stages, forming a decision-making system with feedback... Such a system ensures the most effective achievement of goals, since the knowledge gained at each of the stages allows you to adjust not only the methods of influencing the risk, but also the goals of risk management themselves.

Taking into account the project focus of leasing activities, in general, the investment risk management system will look like this:

Figure 2. Diagram of the relationship between the stages of risk management

Determination of the goal is fundamental (starting point) for the formation of the risk management system, which necessitates the consideration of the features of the creation and implementation of a risk management system in a leasing company.

Thus, in order to build a system of risk management methods, it is necessary to consider the following aspects of the problem:

essence, creation and implementation of a risk management system
the specifics of the application and features of the main methods used at each stage of the implementation of the risk management system
development of a methodology for managing investment risks of a leasing company

Investment Risk Management System (RMS)

The main function of risk management is to develop measures to reduce the adverse consequences of risk and manage the latter in order to extract strategic advantages.

Leasing as a financial lease, in contrast to the banking sector, is less susceptible to financial risk, however, due to its investment nature, the risk of the adequacy of the decision made regarding projects is the most significant both in terms of size and likelihood of completion.

Experience in investment risk management shows that effective risk management requires a consistent and disciplined approach. In other words, the leasing company should have a focus on portfolio investment risk management, timely linking the principles and methods of risk management with the company's strategy.

An effective investment risk management system allows you to ensure control over investment risk through organic integration into the structure of LC business processes. To get the most out of it, the RMS must be tailored for each individual company.

Building an RMS allows a leasing company to make the transition from fragmented and spontaneous investment risk management to systemic and permanent. The effectiveness of the acquisition of these qualities is determined by the characteristics of the modern business environment. The following objective market trends determine the need for a transition to an investment risk management system:

globalization
increased competition
consolidation of companies
product standardization
reduction life cycle products
technological innovations
increased attention to risks on the part of society, the state, shareholders and the board of directors

All of the above leads to a permanent shift in assessing the significance of various aspects of investment risk, which makes it necessary to implement a risk management system.

Building an RMS at an enterprise is a process that is carried out in stages in order to create an effective institution of risk management. With the aim of a reasonable organization of the risk management service and the delineation of powers for the assessment, management and control of investment risks between the divisions and outsourcing enterprises of the leasing company. Risk management should be carried out by a special department or employee (risk manager). This unit (or employee) should be structurally independent from the financial or operational departments, due to the possible emergence of a conflict of interest that will affect the degree of adequacy of the investment decisions made.

The internal audit committee should review the performance of the risk manager and at the same time follow his instructions on audits to identify risks.

The CEO and the board of directors must view the risk management system as an important communication channel on which the entire company depends. The latter is due to the fact that, although the RMS will not allow avoiding all possible risks of leasing projects, it will help LK to survive in critical conditions and prepare for a critical situation before it occurs.

The responsibilities of the risk management division include:

provide overall governance, vision and define the development paths of the RMS;
make suggestions on how to take risks into account in the strategic planning procedure;
link the risk management process with the creation of company value;
apply risk management procedures, including the determination of risk limits for individual risks;
introduce a system for assessing and measuring risks, determine what is most critical to the risk, as well as what can serve as an early indicator of risk;
create and implement analytical, system and information tools for risk control and management;
monitor the emergence of new methods and tools for risk management and implement them in production.

The investment risk management system should not turn into another bureaucratic system aimed at maintaining the existing system of priorities and the structure of the leasing company's portfolio.

Thus, the essence of the RMS implementation is the need to maintain the sustainable development of the company in accordance with the adopted strategy.

Due to the complexity and non-triviality of the risk management system for investment projects, its implementation should be carried out in several stages (possibly with the involvement of consulting companies).

Implementation of an investment risk management system at a leasing company, for example, can be carried out in four stages:

Stage 1. Aggregation of risks and strategies
Stage 2. Linking investment risk with key indicators activities
Stage 3. Development of an integrated risk management strategy
Stage 4. Gaining competitive advantage

Each of the proposed stages allows you to consistently and organically implement the investment risk management system in the leasing company.

The first stage is carried out in order to take into account when preparing the company's strategic plan, taking into account the risk of inadequacy of the investment decisions taken. Upon its implementation, as a result of the approval of the firm's strategy, the necessary changes are made in the methodology for the formation and application of types of risk management.

The implementation of the second stage is aimed at accounting for investment risks in the current activities of the leasing company. After linking the investment risk with the key performance indicators of the LC, it becomes possible to efficiently manage the investment risk of the portfolio of leasing projects, making the choice of risk management methods for each specific leasing contract, taking into account overall strategy companies.

The next stage is designed to further strengthen the relationship between the leasing company's strategy and the investment risk management system by developing an integrated risk management system at the enterprise, which allows assessing and managing the risk of each component of the leasing portfolio, taking into account the current state of the entire portfolio as a whole and the expected changes in the latter.

And finally, after the successful implementation of all three stages, the LC has the opportunity to use the acquired competitive advantages thanks to the development and implementation of the RMS. Having an effective and rationally arranged system in place, a leasing company can accept relatively more risky projects in its portfolio, which expands the scope of the company's strategic interests and has a positive effect on the company's value.

Building a risk management system for investment projects is a complex task, the solution of which is in a consistent and gradual movement towards effective risk management. At the same time, the RMS is necessary for the leasing company for the most effective assessment and management of investment risks arising in the company's activities.

The development of a system of investment risk management methods is impossible without considering the main established risk management methods at each stage of investment risk assessment and management. The analysis of the main methods is carried out to take into account their strengths and weaknesses when shaping a risk management strategy.

Defining the goal

Depending on the business environment, development strategy and other factors, a leasing company may face various manifestations of investment risk. Nevertheless, there are some general goals, the achievement of which should be facilitated by an efficiently organized investment risk management process.

As a rule, the main goal that companies pursue when creating a risk management system is to increase operational efficiency, reduce losses and maximize income. Thus, the main goal of risk management is the most efficient use of capital and maximum income while increasing the sustainability of the company's development.

Methods for determining the objectives of investment risk management are fundamental for the formation of the entire structure of the classification and analysis of risks. When forming the goals of risk management, one should take into account the strategic goals of the enterprise as a whole, that is, the use of risk management principles to control the events of the business environment and more efficient use of the firm's resources.

Based on this, it follows that the choice of a particular risk management method should be ensured by the risk management system created at the enterprise, in which the employees of the company act as subjects, determining and properly influencing the LC strategy.

Thanks to the implementation of a risk management system, maximum efficiency is achieved, from the point of view of the LC, methods for determining the goal of risk management, such as:

risk assessment by independent experts
"brainstorm"
risk source checklists

Risk assessment by independent experts consists in interviewing and / or questioning experienced risk management specialists who act as experts and are not subjects of risk management in the leasing company under study.

The brainstorming method uses discussions in which the subjects of the risk management system using teaching aids all aspects of this mechanism are discussed, and planning, identification, risk assessment, risk treatment, control and documentation are carried out.

Risk source checklists should also be highlighted, which are structured lists of potential sources of risk based on historical information about incidents that have occurred in the past.

An illustrative example is the "core" of the "Risk Universe" model developed and offered for client companies by Ernst & Young.

Figure 1. The "core" of the risk classification and analysis model Risk-Universe

As you can see from the above figure, this system describes possible sources of risk and is a hierarchically structured list designed for sequential consideration and analysis of each source of risk separately.

One of the main disadvantages of all the above methods is the weak formalizability of the process and the measurability of the result. The process itself and the achieved result are visible only in the long term, reflecting on the line of the company's strategic development. The latter means that the formation of risk management goals is inseparable from the creation of a strategic direction for the entire economic activity of the company.

The weaknesses of goal setting methods are associated with the lack of complete certainty in the real business environment about the future state of the market. Fatal information uncertainty entails an equally fatal risk of adequacy of investment decisions by the leasing company. There is always the possibility that a project recognized as sustainable will end up unprofitable, since the values of the parameters achieved during the investment process deviated from the planned ones, or some factors were not taken into account at all. The lessor will never have a comprehensive risk assessment, since the number of varieties of the external environment always exceeds the managerial capabilities of the decision-maker, and there will certainly be a poorly expected scenario for the development of events (one of the catastrophes, for example), which, being unaccounted for in the project, nevertheless, may take place and disrupt the investment process. At the same time, the leasing company must make efforts to raise its level of awareness and try to measure the riskiness of its investment decisions (leasing agreements) both at the stage of project development and during the investment process.

Due to the lack of the most effective and accessible method in practice, in order to prepare a balanced decision regarding the goal of risk management of investments in leasing projects, it is necessary to use a complex of the above methods, complementing them with each other.

In this work, the following scheme for determining the goal is proposed:

Brainstorming the board of directors to validate the leasing company's risk strategy with executive directors and senior management
Involvement of independent experts interviewing specialists and responsible for the development of an integrated system of goals and methods of investment risk management
As a result of the definition of goals by the top management of the company and the development of a risk management system by experts, it will create checklists of potential sources of investment risks necessary to standardize the classification process, identify and assess the risks of leasing projects

Such a scheme, due to the involvement of not only top management, but also the ranks of the company's employees and independent consultants specializing in the development and implementation of risk management systems, leads to a fairly complete description of the scope of risk management of leasing projects.

The redefinition of the goal of risk management should be carried out regularly at intervals that coincide with the periods of adjustment of the line of strategic development of the leasing company.

Thus, the creation of a risk management system and the definition of risk management goals is a defining stage in the further existence and development of the risk management institution at an enterprise.

Elucidation (identification) and risk assessment

The basic stage that allows you to form a further action plan for managing investment risks is the stages of identifying and assessing the risk.

The task qualitative analysis risk is the identification of sources and causes of risk, stages and works of the considered leasing project, during the implementation of which there is a risk, that is:

identification of potential risk areas;

identification of risks associated with a leasing contract;

forecasting the practical benefits and possible negative consequences of the revealed risks.

Qualitative analysis methods can be divided into four groups:

Methods based on the analysis of available information;
Methods for collecting new information;
Methods for modeling the activities of the organization;
Heuristic methods of qualitative analysis;

A qualitative analysis of investment risk allows you to create a risk structure for a specific leasing project. The results of the qualitative analysis, in turn, serve as the initial information for conducting quantitative analysis.

At the stage of quantitative risk analysis, numerical values of the probability of the occurrence of risk events and the amount of damage or benefit caused by them are calculated.

In business practice, various methods of analyzing investment risks are used. The most common of them are:

discount rate adjustment method;
method of reliable equivalents (reliability coefficients);
sensitivity analysis of the criteria for efficiency and solvency of the lessee;
scripting method;
analysis of probabilistic distributions of payment flows;
decision trees;
Monte Carlo method (simulation), etc.

Discount rate adjustment method. The advantages of this method are the simplicity of calculations, which can be performed using even an ordinary calculator, as well as clarity and accessibility. However, the method has significant drawbacks.

The discount rate adjustment method brings the future payment flows of the leasing project to the present moment in time (i.e., ordinary discounting at a higher rate), but does not provide any information about the degree of risk (possible deviations in results). Moreover, the results obtained essentially depend only on the value of the risk premium.

It also assumes an increase in investment risk over time with a constant coefficient, which can hardly be considered correct, since many projects are characterized by the presence of risks in the initial periods with their gradual decrease towards the end of implementation. In this way, profitable projects that do not imply a significant increase in risk over time may be incorrectly assessed and rejected.

This method does not carry any information about the probability distributions of future payment flows and does not allow them to be estimated.

Finally, the reverse side of the simplicity of the method consists in significant limitations of the possibilities for modeling various options, which boils down to analyzing the dependence of the solvency criteria and liquidity indicators on changes in only one indicator - the discount rate.

Despite the noted shortcomings, the method of adjusting the discount rate, due to its simplicity, is widely used in practice.

The method of reliable equivalents. The essence of the method is to adjust the cash flows, by calculating the reliable equivalents of uncertain cash flows for the leasing project. The fair equivalent of the uncertain cash flows are those defined cash flows that have the same utility to the leasing company as the uncertain cash flows. As a rule, the mathematical expectation is used as a reliable equivalent.

The disadvantages of this method should be recognized:

the complexity of calculating the reliability coefficients adequate to the risk at each stage of the leasing project;
impossibility to analyze the probability distributions of key parameters.

Sensitivity analysis. This method is a good illustration of the influence of certain initial factors of the project on the degree of execution of the lease agreement. Due to its clarity, it is widely used to highlight and select the most significant factors in terms of the degree of impact.

This method allows you to conduct a "what-if" analysis and get answers to a question like: how will the project's performance indicators change when the input parameters change. The method makes it possible to estimate the boundaries of changes in the input parameters of the project, at which its effectiveness and the risks of investing in the project are preserved, taking into account uncertainty factors.

The main disadvantage of this method is the premise that the change in one factor is considered in isolation, while in practice all economic factors are correlated to one degree or another.

For this reason, the application of this method in practice as an independent tool for risk analysis is very limited.

Scripting method. Many specialists apply this method in practice, which is based on imitating several options for the development of a leasing project (as a rule, three - optimistic, most probable, pessimistic). Investment risks are assessed for each of the selected options.

This method allows you to get a fairly clear picture for various options for implementing projects, and also provides information on the sensitivity and possible deviations, and the use of software tools can significantly increase the efficiency of such an analysis by practically unlimited increase in the number of scenarios and the introduction of additional variables.

Analysis of probabilistic distributions of payment flows. In general, the application of this method of analysis of investment risks allows one to obtain useful information on the expected values of the indicators of the client's solvency and net receipts, as well as to analyze their probability distributions.

However, the use of this method assumes that the probabilities for all variants of cash flows are known or can be accurately determined. In fact, in some cases, the probability distribution can be specified with a high degree of confidence based on the analysis of past experience in the presence of large amounts of evidence. However, more often than not, such data are not available, therefore the distributions are set based on the assumptions of experts, and carry a large share of subjectivity.

Decision trees. Decision trees are usually used to analyze the investment risks of projects that have a foreseeable or reasonable number of development options. They are especially useful in situations where decisions made at the next moments in time strongly depend on decisions made earlier, and in turn determine scenarios for further development of events.

A decision tree has the form of a loaded graph, its vertices represent key states in which a choice arises, and arcs (tree branches) represent various events (decisions, consequences, operations) that can occur in a situation determined by a vertex. Each arc (branch) of the tree can be assigned numerical characteristics (loads), for example, the amount of payment and the probability of its implementation

Limitation practical use This method is the initial premise that the project should have a foreseeable or reasonable number of development options.

Simulation modeling. When analyzing investment risk, models are often used that contain random variables, the behavior of which is not determined by management or decision-makers. Stochastic simulation is known as the Monte Carlo method.

Simulation modeling is a series of numerical experiments designed to obtain empirical estimates of the degree of influence various factors(initial values) on the indicators of the likelihood of the implementation of the investment risk of the leasing project.

The practical application of this method has demonstrated the broad possibilities of its use in investment planning, especially in conditions of uncertainty and risk. This method is especially convenient for practical application those that are successfully combined with other economic and statistical methods, as well as with game theory and other methods of operations research.

Considering the entire set of methods for the quantitative analysis of investment risks, we can say that the application of a particular method depends on many factors:

each type of analyzed risk has its own methods of analysis and specific features of their implementation. For example, in the analysis of technical and production risks associated with the failure of leased equipment, the most common methods of building trees;
for risk analysis, the volume and quality of the initial data plays a significant role. So, if there is a significant database on dynamics, it is possible to use simulation methods. Otherwise, the most likely application of expert methods;
when analyzing risks, it is fundamentally important to take into account the dynamics of indicators that affect the level of investment risk. In the case of risk analysis in markets in shock, a number of methods are simply not applicable;
when choosing analysis methods, one should take into account not only the depth of the calculated data, but also the forecast horizon of the leasing project indicators that affect the level of investment risk;
the urgency and technical capabilities of the analysis are of great importance. If the analyst has substantial computational power and time at his disposal, perhaps Monte Carlo simulations, etc.
the effectiveness of the application of risk analysis methods increases with the formalization of risk for the purpose of mathematical modeling of its impact on the results of the leasing company. At present, not only economic systems, but also industrial complexes that are included in the LC portfolio, have reached such complexity that often the calculation of their stability is impossible without elements of the theory of probability;
you should take into account the requirements of state regulatory bodies for the formation of risk reporting. In the event that the use of simulation methods is required at the regulatory level, their use is mandatory.

All of the above allows us to conclude that for an effective analysis of the entire variety of risks in the activities of an enterprise, it is necessary to apply a whole range of methods, which, in turn, confirms the relevance of developing a comprehensive risk management mechanism.

Most leasing companies use fairly simple models to identify and assess their own investment risk for a portfolio of leasing projects. It is important to remember, however, that the usefulness of all models is highly dependent on the quality of the input data and the assumptions on which the model is built. These assumptions can manifest themselves differently in extreme situations, change over time, and can be influenced by policy responses to a given situation. For this reason, the parameters and assumptions on which these models are based must be regularly revised and it is important to take into account the constraints and underlying assumptions of the model. It is necessary to describe in detail and take them into account when using the results obtained in the process of making decisions on the terms of leasing agreements.

Based on the above analysis of methods for identifying and assessing risks, the following algorithm of actions for the investment risk management department can be proposed.

Identification and quantitative measurement of investment risk should be carried out by employees specializing in risk assessment at the stage of consideration by the LC of the next investment project.

First of all, the company needs to identify potential risk areas that may affect the achievement of the company's goals. The peculiarity of LC, which consists in the analysis of both repetitive or similar projects (for example, the acquisition of homogeneous equipment to perform the same tasks), and innovative, previously not considered projects, the following rule should be used to select a method that highlights potential risk areas:

if the company has experience with similar projects, the main attention should be paid to regression analysis, analyzing the available information;
otherwise, it is necessary to apply heuristic methods to select possible areas for the implementation of investment risk;
application of other methods is possible only in case of their special justification.

Having identified potential risk areas, the risk manager proceeds to the next stage - identifying specific types of risk associated with a leasing contract. Taking into account the specifics of the LC, the most effective should be the use of modeling the activities of the lessee associated with the leased asset, in terms of the client's solvency. Also, for the most significant factors, it is necessary to conduct a sensitivity analysis in order to be able to reflect in the leasing contract the conditions of early termination of the contract (which are critical for the client's solvency values of factors external to the leasing contract environment).

The final stage of the risk identification and assessment process is to predict the practical benefits and possible negative consequences of the identified risks. The investment risk management department is recommended to use the scenario method (or a decision tree with an economically justified number of branches of the latter).

Structuring the risks of a specific leasing project and obtaining their assessment serves as the basis for further risk management in order to use the latter for the best achievement of the leasing company's strategic goals.

Risk management methods

Investment risk assessment is necessary condition to make rational decisions on the management of leasing projects.

In business, many mechanisms for influencing risk have been developed and applied, which boil down to four main ones:

insurance or reservations;
hedging;
diversification;
avoidance (abandonment of a risk-related project) or minimization (conservative management of the lease portfolio).

By its nature, insurance is a form of preliminary reservation of resources intended to compensate for damage from the expected manifestation of various risks of a leasing project. The economic essence of insurance is to create a reserve (insurance) fund, deductions to which for an individual insured are set at a level significantly less than the amount of expected loss and, as a result, insurance compensation. Thus, most of the risk is transferred from the policyholder to the insurer.

To reduce the consequences of the manifestation of risk, redundancy is applied financial resources in case of unfavorable changes in the company's activities. The creation of a reserve to cover unforeseen expenses is one of the methods of risk management, providing for the establishment of a balance between the potential risks affecting the preservation of the lessee's solvency and the amount of funds required to eliminate the consequences of risks.

Insurance or provisioning, as such, does not aim to reduce the likelihood of risk occurrence, but is aimed primarily at reimbursement material damage from the manifestation of risks. Thus, insurance is based on a deterministic approach to possible risks, which are considered ex post as a given, which is very difficult, if not impossible, to manage.

This approach is at the heart of risk management by the state. At the same time, risk insurance necessarily involves the implementation of certain measures to reduce the likelihood of insured events, which, however, do not always achieve the desired goal. For insurance, mass types of risks are suitable to which many organizations or individuals are exposed, the manifestations of which are not strongly correlated with each other, but the probabilities, the manifestations of which are known with a high degree of accuracy.

Of the investment risks, the risk of maintaining solvency meets these requirements to the greatest extent, therefore, insurance by the lessee of their obligations in favor of the leasing company is the most common form of securing leasing agreements.

Hedging is designed to reduce the potential losses of the lessor due to market risk and, less commonly, to credit risk. Hedging is a form of insurance against potential losses by entering into a balancing transaction. As with insurance, hedging requires the diversion of additional resources. Perfect hedging implies the complete exclusion of the possibility of obtaining any profit or loss on a given position by opening an opposite or offsetting position. This "double guarantee", both on gains and losses, distinguishes perfect hedging from classic insurance.

Market risks are hedged by conducting off-balance sheet transactions with derivative financial instruments - forwards, futures, options and swaps. V last years instruments for hedging credit risks appeared, which include, for example, credit swaps.

Diversification is a way to reduce the aggregate exposure to risk by creating a portfolio of leasing contracts between different lessees, the price or profitability of which is weakly correlated with each other. The essence of diversification is to reduce the maximum possible losses in one event, however, at the same time, the number of types of risk that must be controlled increases.

Diversification is one of the most popular mechanisms for reducing investment risks in the formation of a portfolio by a leasing company. However, diversification is only effective in reducing non-systematic risk (i.e. the risk associated with a specific lease), while systematic risks common to the entire portfolio (e.g. the risk of a cyclical economic downturn) cannot be mitigated by restructuring. portfolio.

Minimizing (or limiting) risk aims to carefully balance cash, investments and liabilities in order to minimize changes in net worth. Theoretically, in this case, there is no need to divert resources to form a reserve, make an insurance payment or open a compensating position.

The most applicable form of conservative investment risk management in practice is limiting. Limiting is setting a limit, i.e. maximum amounts of expenses, sales, credit for a leasing project, etc. Limiting is an important technique for reducing investment risk.

Conservative management of the leasing portfolio is aimed at avoiding excessive risk by dynamically adjusting the main parameters of the portfolio. In other words, this method aims to manage risk exposure in the leasing process, as opposed to ex ante hedging.

When choosing a specific method of influencing risk, it is necessary to analyze the negative and positive aspects of risk realization and take into account the results of the analysis when deciding on the significance of investment risk in this leasing agreement.

The prior identification and assessment of the investment risk structure provides the risk manager with the necessary information to take rational solution on measures of influence on the risk of a leasing project. LC has the ability to use one or more of the following tools:

the significance of the project risk is overestimated taking into account the placement of investment risk in the LC portfolio to assess the ability of this project to diversify (and, possibly, hedge) the risk of the entire portfolio
when managing risks, it should be borne in mind that there are three participants in the leasing transaction and, accordingly, the LC can prepare mutually beneficial solutions with the equipment supplier to minimize investment risk
in the contract, it is also possible to use the following tools aimed at reducing the amount of possible losses, such as insurance and surety, however, each of these methods reduces the number of potential customers due to the increase in the cost and complexity of the leasing project
for unacceptable parameters of the project, it is necessary either to develop proposals for their elimination or to make a proposal to abandon this contract
the least manageable risk factors should be taken into account in the contract with the lessee in order to shift all the risk (or part of it) to the joint coverage with the client
refusal of risk management is possible only with the approval of a manager who has the necessary authority to take on a risk in a given amount

conclusions

Leasing is one of the most promising tools for solving the problem of attracting large-scale investments in the Russian economy.

The main specific qualities of leasing are:

leasing activities provide for the presence of at least three participants: the equipment supplier, the lessee and the lessor;
the transfer to the lessee of the right to use property under leasing agreements is the sphere of activity of the leasing company;
the risk of inadequate investment decision making is the most significant in the implementation of leasing activities.

These differences between leasing companies in comparison with other financial institutions determine the need to develop a methodology for managing investment risks for a leasing company.

Investment risk management is objectively divided into six stages: goal setting, risk clarification, risk assessment, selection of methods for influencing risk, application of methods and evaluation of results. The stages form themselves interconnected system, the main purpose of which is the development of measures to reduce the adverse consequences of risk and the extraction of strategic advantages.

At each stage, various methods have been developed and applied in practice.

The stages of goal setting are characterized by the use of methods of analysis and forecasting of the economic situation, identifying the capabilities and needs of the enterprise within the framework of the strategy and current plans for its development.

At the stages of risk identification and assessment, methods of qualitative and quantitative analysis are used: methods of collecting existing and new information, modeling the activities of an enterprise, statistical and probabilistic methods, etc.

At the third stage, a comparison of the effectiveness of various methods of influencing risk is made: risk avoidance, risk reduction, taking the risk on oneself, transferring part or all of the risk to third parties, which ends with the development of a decision on the choice of their optimal set.

At the final stage of risk management of the selected methods of influencing the risk. The result of this stage should be new knowledge about the risk, allowing, if necessary, to adjust the previously set goals of risk management.

Thus, at each of the stages, different methods of risk management are used. The results of each stage become the initial data for subsequent stages, forming a decision-making system with feedback. Such a system ensures the most effective achievement of goals, since the knowledge gained at each of the stages allows you to adjust not only the methods of influencing the risk, but also the goals of risk management themselves.

In the future, the risk management process is built into the business processes of the enterprise and is part of the operational activities of the leasing company. At the same time, it is especially important to maintain the timely exchange of information, restructure the system, taking into account the accumulated experience of risk management.

Based on the results of the analysis, an investment risk management system for a leasing company was proposed, which defines the basic principles:

resolution of contradictions between the main indicators of the leasing company, namely, in terms of profitability, liquidity and risk;
identification and accounting of investment risk, significant from the point of view of the Company's strategy;
classification of possible project risks in terms of the likelihood of their implementation and the significance of their consequences for a specific leasing contract and the Company as a whole;
formation of a model for assessing and measuring the degree of influence of uncertainty of various factors on the lessee's solvency;
determining the procedure for choosing methods of influencing investment risk.

To formalize the risk management process, it is necessary to develop and approve at the level of the Company as a whole the Investment Risk Management Standard.

This standard should be a Methodological Guidelines defining the degree and structure of interaction between divisions of a leasing company in terms of investment risk management.

The standard defines the requirements of the Company on the following issues:

allocation of investment risks in the activities of the Company;
clarification and analysis of the risks of leasing projects;
organization of accounting for the implementation of project risks;
preparation of reports on the results of risk management of the leasing project.

Thus, the proposed investment risk management system in conjunction with Methodical guidelines(see an example in the Appendix) formalize the risk management process in a leasing company, conceptually providing:

the required ratio of profitability, liquidity and risk, both within the project and throughout the portfolio as a whole;
measurability of initial data, methods of analysis and management results.

Appendix: "GUIDELINES for investment risk management" MS Word format, zipped

In the future, it is possible to use the term "leasing company" (abbreviated: LC) due to the fact that the overwhelming majority of lessors are legal entities.
Insurance. Edited by Professor V.V. Shakhov - M .: "Ankil", 2002 - p. 158
Management of risks. Collection of slides. - Centre vocational training at Ernst & Young, 2004
Lobanov A., Chugunov A. Trends in the development of risk management: world experience [Electronic resource] / Publishing House "RTSB". Business Relations Agency. Access mode:

Determine the essence of the created enterprise, subject area his activities; determine the mission of the enterprise and the main goals of its activities; to develop the organizational structure and management structure of the enterprise; establish coordination flows in the organization;

Share your work on social media

If this work did not suit you at the bottom of the page there is a list of similar works. You can also use the search button

Other similar works that may interest you. Wshm>
13969.		Study of the quality management system of the company "Kama - Trade"	367.97 KB
	1 8 principles of the quality management system as a basis for improving the quality management system at the company OOO Kamatrade. Making the right decisions is always challenging for an organization and only using evidence-based information, experience and intuition can help. To do this, it is necessary to organize a search for facts characterizing inconsistencies, in the overwhelming majority of which are statistical data, to develop methods for analyzing and processing data to identify fundamental ...
19751.		Leasing services in the financial market of Kazakhstan (on the example of the leasing company "KazAgroFinance")	164.27 KB
	Theoretical substantiation of leasing and the process of leasing operations. The concept of the history of the origin and development of leasing. Subjects classification and functions of leasing. The place of the leasing business in entrepreneurship is determined primarily by the objects of leasing themselves, which are the most important elements of the active part of fixed assets - machinery, equipment, vehicles and other means.
11141.		Features of a business reorganization project on the example of a leasing company reorganization	113.68 KB
	In the conditions of the formation and development of a market economy in Russia, giving rise to the volatility of the market situation, the manager is faced with a situation of uncertainty that increases the risk entrepreneurial activity, and, consequently, there is an urgent need to reorganize the enterprise in accordance with the requirements of the market and legislation to improve the management structure of the enterprise and its resources.
1465.		Development of recommendations for improving the system of business appraisal of personnel of the company "SK Region" LLC	151.36 KB
	Essence, types of goals and stages of business assessment of personnel. Place of business assessment of personnel in the organization's personnel management system. The main problems of the business appraisal of personnel.
20835.		Development of a dynamic call routing subsystem for a billing and management system in an IP-telephony network	1.61 MB
	Used to establish two-way communication, IP telephony is a special case of the more general VoIP Voice over IP technology, which implies any transmission of voice traffic over the IP protocol. To be able to carry out their activities, operators in most countries of the world, including Russia, are required to obtain state licenses for the provision of communication services of the appropriate profile. On the other hand, the simultaneous existence of a significant number of telecom operators allows them to interact themselves ...
1266.		Diagnostics of the management system at KiProfit LLC	12.22 MB
	Diagnostics of the management system Management management is an independent type of professional activity of people aimed at achieving an organization operating in market conditions certain management objectives through the rational use of economic resources. The organization of the management management system is the most important business of a leader at all stages of the organization's life cycle: creating growth and stability of decline. Many managers understand this, however, they do not always refrain from operational dispatching ...
18673.		DEVELOPMENT OF THE ADVERTISING COMPANY OJSC TRANSAERO	424.7 KB
	Fo ܰ p ܰ m ܰ and ܰ py ܰ I ܰ n ܰ grew and Article ܰ and ܰ mu ܰ l ܰ and ܰ py ܰ I sat ܰ um s ܰ ast ܰ and ܰ in ܰ l ܰ I ܰ I sweat ܰ Reb ܰ ite ܰ le ܰ th in ܰ ku ܰ n ܰ amb n ܰ ro ܰ do ܰ CT and mustache ܰ to ܰ p ܰ I ܰ I n ܰ ro ܰ process of ܰ ku ܰ n ܰ l ܰ and- ܰ n ܰ ro ܰ d ܰ and ܰ Well ܰ and a UTS ܰ th ܰ d ܰ and about ܰ p ܰ Ah ܰ and ܰ in ܰ ae ܰ bridge to ܰ and ܰ n ܰ IT ܰ and ܰ l ܰ and re ܰ to ܰ l ܰ and ܰ m ܰ and ܰ s ܰ on ܰ l ܰ n ܰ yaet n ܰ and p ܰ s ܰ n ܰ ke e ܰ to ܰ but ܰ m ܰ iches ܰ ku ܰ Yu Fu ܰ n ܰ to ܰ c ܰ and ܰ th. In this ܰ th ro ܰ l ܰ and re ܰ to ܰ l ܰ and ܰ m ܰ and OJEC ܰ printed ܰ and ܰ in ܰ flushes sweat ܰ Reb ܰ ite ܰ le ܰ th n ܰ and ܰ n ܰ p ܰ and ܰ in ܰ le ܰ n ܰ n ܰ s ܰ m homo ܰ to ܰ m and ܰ n ܰ pho ܰ p ܰ m ܰ and ܰ c ܰ and ܰ and f ܰ and ܰ p ܰ IU and n ܰ re ܰ d ܰ l ܰ and ܰ g ܰ ae ܰ m ܰ s ܰ xe ܰ th mustache ܰ lu ܰ g ܰ and ܰ h h ܰ ast ܰ Nost ܰ and and ܰ x sweat ܰ Reb ܰ ite ܰ ls ܰ to ܰ th ...
1816.		Modernization of the quality management system at Avto-Stil LLC	120.45 KB
	Improving quality is impossible without changing the attitude towards quality at all levels. Calls for quality improvement cannot be realized if leaders at various levels do not embrace quality as a way of life.
1666.		Recommendations for improving the quality management system of LLC "PolyPlast"	265.33 KB
	Theoretical and methodological aspects quality management systems and the organization's competitiveness. Essence and content international standards quality management systems. The role of the quality management system in increasing competitiveness.
18320.		Development of financial policy in the management system of LLP "Karatomar"	137.81 KB
	Scientific and theoretical foundations financial condition enterprises. Analysis of liquidity, solvency and profitability of the enterprise. The objectives of the financial policy of the enterprise. The main directions of the company's financial policy and management decisions.

1. The main forms of regulation of leasing relations

The emergence and rapid spread of the leasing business all over the world is based on two groups of factors:

objective- associated with the patterns and characteristics of development scientific and technological progress and the growth of investment in knowledge-intensive industries;
subjective- socio-economic policy of the state and overcoming by public consciousness psychological barrier, awareness by a wide range of entrepreneurs of the simple fact that efficient business can be built not on their own, but on someone else's borrowed (rented) means of production.

Among objective factors leasing development, the following are essential:

acceleration of the rate of renewal of equipment and technology and, consequently, a reduction in the obsolescence of equipment and an increase in their separation from the period of complete physical wear and tear;
complication and rise in the cost of servicing new equipment, limiting its implementation by the users themselves;
strengthening the differentiation of products and expanding the need for not permanent, but temporary use of expensive specialized equipment;
increasing complexity optimal choice the most effective models (brands) of machines in the increasing range of them on the market for means of production;
the progressive lack of capital in the financial market and the widespread inaccessibility of traditional sources of investment for small and medium-sized businesses.

At the same time, the transformation of leasing into effective tool revival and development of the Russian zing process by the state and within the framework of specialized organizations involved in the leasing business. The general pattern is that an increase and expansion of benefits leads to an increase in the scale of leasing, while the retention or introduction of restrictions reduces leasing activity.

By 2001, the Russian economy was faced with the need for extensive renewal and replacement of fixed capital - practically the entire national production park of machinery and equipment. Important role it is financial and other types of leasing that will play in the modernization of plants and factories, normative base which in Russia, one might say, has basically already been formed (schemes 1, 2, 3, 4, 5, 6).

Scheme 1. Forms state regulation leasing activities in Russia

Scheme 2. Basic guarantees of leasing activities in Russia

Scheme 3. System of leasing incentives in Russia

Scheme 4. State support for leasing activities

Scheme 5. Features of regulation and support of international leasing

Scheme 6. The right to use the mechanism of accelerated depreciation of the leased object

Method of accrual	The procedure for determining the annual amount of depreciation deductions	Calculation example
1. Linear	Based on the initial cost of the object and the depreciation rate calculated on the basis of its useful life in equal shares throughout the entire life of the object - in equal shares	The cost of the object is 100 thousand rubles, the term of use is 5 years, the annual depreciation rate is 20%. The annual amount of depreciation deductions is 20 thousand rubles. (100 20: 100)
2. Reduced balance	Based on the residual value of the object at the beginning of the year and the depreciation rate calculated on the basis of its useful life and the acceleration factor established by the law of the Russian Federation (The depreciation amount decreases in accordance with the decrease in the residual value)	The cost of the object is 100 thousand rubles, the period of use is 5 years, the annual depreciation is 20%, the acceleration factor is 2. The annual amount of depreciation charges: in 1 year 40 thousand rubles. (100 40%: 100); in 2 year 240 thousand rubles. (100 40 - 40%: 100); in 3 years 14.4 thousand rubles. (60 - 24 40%): 100; in 4 year 8.64 thousand rubles. (36 - 14 4 40%): 100.
3. Write-off of value by the sum of the number of years of useful life	Based on the initial cost of the object and the annual ratio, where in the numerator is the number of years remaining until the end of the object's service life, and in the denominators - the sum of the number of years of the object's service life (the depreciation period of the object may increase during its repair, modernization or conservation)	The same object. The sum of the years of the object's service life = 15 years (1 + 2 + 3 + 4 + 5). Annual depreciation amount: in 1 year 33.3 thousand rubles. (100 5/15: 100); in 2 years 26.6 thousand rubles. (100 4/15: 100); in 3 years 20 thousand rubles. (100 3/15: 100); in 4 year 13.3 thousand rubles. (100 2/5: 100).
4.Description of the cost in proportion to the volume of products (works)	On the basis of natural - the indicator of the volume of production (work) in the reporting. period and the ratio of the initial cost of the object and the estimated volume of production (work) for the entire useful life of it (physical wear and tear and the mode of operation of the equipment are taken into account - the intensity of its use)	A car with a carrying capacity of more than 2 tons, a standard mileage of 500 thousand km, worth 100 thousand rubles. During the reporting period, the mileage was 5 thousand km. The annual depreciation amount will be 1,000 rubles. (5 100: 500).

Scheme 7. Features of methods for calculating depreciation charges on fixed assets

Tax incentives for subjects of leasing relations are provided for:

tax cut at a profit by including lease payments and interest on borrowed funds used in financial leasing transactions;
full exemption from VAT for payments of small businesses under leasing transactions (RF Law of 01.04.96, No. 29);
reduction of the amount of tax payable to the budget by the amount of VAT paid on the acquisition of fixed assets at the time of their registration;
exemption of imported technological equipment and spare parts to it from value added tax (list of equipment approved by the State Customs Committee of the Russian Federation of 13.04.95, No. 248);
partial exemption from customs duties on international financial leasing goods temporarily imported into the customs territory of the Russian Federation: for each full and incomplete calendar month, 3% of the amount of customs duties and taxes that would be payable if the goods were released for free circulation is paid (indication State Customs Committee of the Russian Federation dated 04.24.94, No. 01-12 / 328);
full exemption from customs duties and taxes for aircraft imported in accordance with the leasing agreement (order of the Government of the Russian Federation of May 24, 1995, No. 737-r);
to import imported property into the territory of Russia under financial leasing without issuing a passport for an import transaction (letter from the Central Bank of the Russian Federation and the State Customs Committee of the Russian Federation dated May 28, 1996, No. 285).

2. Organizational forms of leasing management

Depending on the level of division of labor in society and at enterprises, the size and type of commercial organizations, the stage of development of leasing and the prevailing practice, three main concepts of leasing management can be distinguished: production, marketing and specialized (sectoral).

In small enterprises, where there is no deep division of management functions, all work on the preparation and implementation of leasing operations is concentrated in production units equipment manufacturers, which makes it possible to improve the sale of new equipment, to arrange its repair and maintenance directly at the place of use by the tenants. After all, it is in the production units that qualified personnel with experience in production and service manufactured equipment. But as the leasing share of products develops and increases, such an organizational form ceases to correspond to the economic interests of both parties, and at a certain stage it becomes necessary to move to a new higher level of management.

Allocation of management of leasing operations in independent divisions or as part of the marketing service of the enterprise(bank, industrial company) allows already with a high degree of professionalism to promote the products on the leasing market.

And finally, by virtue of the operation of the law social division labor, the third stage begins, when leasing activities go beyond manufacturing enterprises and are concentrated in a special specialized industry, represented by various kinds leasing companies.

In accordance with specific conditions, the considered forms of management of leasing activities exist in time and space simultaneously, in parallel, forming various combinations applicable to any type of leasing. Of course, the management of direct and indirect leasing has significant features (schemes 8.9).

Scheme 8. Organizational forms of direct leasing management

Scheme 9. Organizational structure of indirect leasing management

Further development of organizational forms of leasing management is conditioned by trends caused by the laws of cooperation and concentration of production.

Cooperation of large financial holders represented by banks and insurance companies with enterprises - manufacturers of machinery and equipment, as well as repair enterprises with direct consumers will help overcome the inevitable difficulties in the development of the system of leasing of technical means in the current difficult conditions. Perhaps, for example, the equity participation of interested parties in the formation of specialized leasing firms with the involvement of the material and technical base of each of the participants and their receipt of profit in proportion to the invested capital.

The increased demand for technical means in the conditions of market formation leads to an increase in the volume of transactions carried out by leasing firms. All new technical means are being drawn into the orbit of the leasing business. Hence, it becomes necessary to consolidate firms, to specialize them, to create legally independent firms, in the contributions of which this joint-stock company will have a controlling stake. That is it comes on the transition to holding-type companies. The use of the holding model of building a company is considered a promising organizational form by the management of the BALTLEES Association.

The functional structure of leasing associations and companies based on holding-type firms will significantly reduce the cost of leasing operations. For example, advertising and publishing issues may well be the responsibility of the controlling company. The holding company may have a general customer study service. Insurance of leasing transactions can also be resolved at the holding level, subject to a contract with an insurance company.

New areas of activity of leasing firms will undoubtedly entail complications organizational structure... Here the general principle is manifested - the organizational structure should be rebuilt taking into account the needs of the market, ensuring progress in the leasing business (Scheme 10).

Scheme 10. Development of organizational forms of leasing management

3. Organization of leasing companies

Depending on the specific conditions in practice, leasing companies of several types are created:

universal, created by commercial banks;
specialized, created by large manufacturers of machinery and equipment and leasing part of their products;
combined, created by large firms specializing in the supply and maintenance of equipment.

Any leasing company needs stable sources financial resources for the purchase of leased equipment. Therefore, out of all the variety of operating leasing companies, the overwhelming majority was created with the participation of commercial banks. A similar path was chosen when creating BALTLIZ: its main founders were one of the largest banks in Russia - St. Petersburg Industrial and Construction Bank and one of the leaders of the insurance market - Rosgosstrakh. Thus, two tasks were solved at once: the formation of a reliable source of financing for leasing operations and, at the same time, their insurance. The use of relatively cheap long-term loans helped BALTLIZ to survive in difficult economic conditions. The main result of BALTLIZ's five-year work is proof that leasing in Russia can and should be done.

In accordance with the current legislation, commercial banks of Russia, along with other operations, can carry out leasing transactions. There are two main forms of banks' participation in the leasing business:

direct method when the bank itself acts as a lessor, creating a special department or a group of specialists in its structure;
indirect method when the bank establishes an independent leasing company or acts as a lender to the lessor.

The advantages of banks' leasing activities are expressed in the following areas:

availability of real material support for leasing operations;
expanding its range of operations and spheres of influence in the region;
relatively high profitability leasing transactions due to commission payments;
increasing reliability by investing in the sphere of material production.

A positive moment in the development of leasing is the participation in the relevant relations of institutions of leasing companies of large industrial complexes and interaction with regional authorities.

Thus, the Moscow Leasing Company (MLK) was established by the Moscow Fund for the Support of Small Business and operates under the organizational and financial support Moscow government. In the agro-industrial complex, the functions of the lessor are performed by JSC Rosagrosnab by the decision of the Government of the Russian Federation, as well as by Akkor-Leasing, the general contractor of the Russian Farmer Fund, and others.

The activities of most of the currently functioning leasing companies are of a universal nature. For example, the Moscow Leasing Company carries out:

financial leasing of equipment for small businesses;
search and promotion of progressive technological processes and equipment, and also analyzes the possibilities of their effective use in the conditions of Russia;
examination of projects and technologies, development of recommendations for their rational use at small enterprises;
consultations on the choice of equipment and supplier;
selection of optimal leasing conditions;
security teaching materials newly created leasing companies specializing in small business.

This company leases the following types equipment:

production and construction equipment;
mini-bakeries;
equipment for processing meat, milk, agricultural products;
woodworking equipment;
lines for the production of cookies, pasta, breakfast cereals;
medical and dental equipment;
photographic laboratories and mini-printing houses;
gas station complexes;
production lines plastic bottles;
filling lines for various drinks;
packing equipment.

The largest leasing company, the Baltlyz Association, registered in the middle of 1890 in St. Petersburg, is distinguished by an even more complex composition of the leased property. The founders of the association were Lenpromstroybank, Gosstrakh of the USSR, Baltic Shipping Company, NIIMS represented by its St. Petersburg branch. The first leasing operations were associated with the leasing of dry cargo vessels to the Baltic Shipping Company. But by the beginning of 1992. The range of equipment leased has expanded significantly. Now it includes not only ships, but also aircraft, industrial equipment, construction equipment, office equipment, other technical means. The greatest specific gravity in the structure of the leasing fleet of the association currently accounts for sea transport... The consumers of services are both state and private-cooperative organizations in need of certain types of equipment. The Association builds its work on the basis of using not only its own, but also attracted sources of financing for leasing operations. Now "Baltlyz" is exploring the possibilities of leasing for consumers of agricultural machinery, oil production and oil refining enterprises, as well as gold mining. A representative office of the association was opened in Moscow.

Most of the leasing firms that exist today were created as small enterprises - limited liability partnerships through the pooling of funds of the founders, each of which made a certain contribution. Feasibility of this legal form was determined on the basis of tax incentives introduced for small businesses, as well as the lack of a developed leasing market, which predetermined at the first stage a relatively small scale of activity in this area. But now the transfer of leasing enterprises to a joint-stock form of functioning is nearing completion, the advantages of which are well known.

The RF Law on Leasing defines leasing companies as commercial organizations (residents and non-residents of the RF), created in the form of a joint-stock company or other organizational and legal forms, performing the functions of lessors in accordance with the constituent documents and licenses.

The founders of leasing companies (firms) can be legal entities and (or) citizens (residents or non-residents of the Russian Federation), including individual entrepreneurs.

Consequently, leasing companies, in accordance with the Civil Code of the Russian Federation and the Leasing Law, may have various organizational and legal forms.

Choosing the most appropriate organizational and legal form leasing company (see diagram 11) in each case is made taking into account a certain set of factors, including:

Scheme 11. Model for choosing the organizational and legal form (OPF) of a leasing company

Scheme 12. The procedure for creating a leasing company in the form of an open joint stock company

When creating a leasing company, it is necessary to take into account the peculiarities of the construction and functioning of economic societies, cooperatives, partnerships and the most common - joint-stock - form of organizing leasing (Schemes 12, 13, 15).

Scheme 13. Appointment of managers of the leasing company and opening a bank accountv

The RF Law on Joint Stock Companies establishes the maximum permissible list of governing bodies, including:

General Meeting of Shareholders;
board of directors (supervisory board);
sole executive body (general director, board);
collegial executive body (executive directorate, Executive Director);
liquidation and audit commission;
the counting commission is a permanent body of the general meeting.

At the same time, the Law provides for the possibility of choosing various options for the formation of governing bodies and their combination (Scheme 14).

Option 1

Option 2

Option 3

The first two options, shown in Scheme 14, are characterized by the creation of a strong sole executive body ( general director), elected by the general meeting of shareholders in paragraphs. 8 p. 1 of Art. 48 and clause 3 of Art. 49 of the Law).

Scheme 15.
General characteristics of a leasing company in the form of a joint stock company

Specifications	JSC - commercial organizations, the authorized capital of which is divided into a certain number of shares
open (JSC)	closed (JSC)
1. Founders	One or more individuals and (or) legal entities on the basis of an agreement cannot have one participant - another company, consisting of 1 person the number of participants is not limited, but there cannot be more than the number of shares	One or more individuals and (or) legal entities the number of participants should not exceed 50, otherwise the transformation into a JSC or liquidation through the court must be carried out
	Is an legal entity	Is a legal entity
3. Sources of funds	Free sale of shares potential buyers income received authorized capital of at least 1000 minimum wages (minimum wages)	From the sale of shares to founders or to a predetermined circle of persons. Cannot open subscription to shares. Authorized capital of at least 100 minimum wages
4. Ownership	The property belongs to OJSC shareholders can freely alienate their shares to any person without the consent of other shareholders a shareholder has no right to return the contribution (property, money, etc.) made by paying for shares	The property belongs to CJSC shareholders have a preemptive right to purchase shares sold by other shareholders of this CJSC shareholders cannot claim a refund for the payment of shares
5. Special conditions liquidation	Can be transformed into a limited liability company or a production cooperative	With an increase in participants above the norm, it is transformed into JSC
6. Use of property	To carry out any business activity not prohibited by law or licensed	For any business activity not prohibited by law or licensed
7. Number of participants	Can be created by one person	May consist of one person

The maximum term of office of the CEO (duration of the urgent labor contract) can be in this case up to 5 years (Art. 17 of the Labor Code). The decision on the early termination of the powers of the General Director can be taken, respectively, only by the general meeting of shareholders. At the annual elections of the board of directors, the issue is not decided about the powers of the general director, but about the entry of the current general director into the next composition of the board of directors. The law allows for the possibility of a sole executive body joining the board of directors, but does not mandatorily require it.

It is advisable to elect the chairman of the board of directors at a meeting of this body, from among its members, as provided for in paragraph 1 of Art. 67 of the Law. He performs coordinating functions in the work of the council. The charter should provide that the general director presides over the general meetings and meetings of the board of directors, which is permitted by paragraph 2 of Art. 67 of the Law. It should be remembered that the Law prohibits combining the functions of the sole executive body and the chairman of the board of directors (clause 2 of article 66 of the Law).

The difference between the considered options is as follows.

Option 1 provides for the presence of two executive bodies. Along with the sole executive body, a collegial body (executive directorate, management board) is formed, which is appointed by the board of directors at the suggestion of the general director.

The main functions of the day-to-day management of the company's affairs are assumed by the executive bodies, while the role of the general director is strengthened. The executive body may transfer that part of the powers of the general meeting, the delegation of which is allowed by the Law. The person performing the functions of the sole executive body is, ex officio, the chairman of the collegial executive body (clause 1 of article 63 of the Law). It should be remembered that members of a collegial executive body cannot constitute a majority in the board of directors (clause 2 of article 66 of the Law). In the variant under consideration, there are accordingly restrictions on the possibility of a large number of officials from the executive directorate entering this body. In this situation, the board of directors becomes rather a supervisory board.

This option corresponds to large-scale commercial organizations with the presence of large "external" investors. Such shareholders can be represented on the supervisory board and participate in the development of strategic decisions, while the day-to-day management of affairs is carried out by executive bodies, consisting of professionals - officials who work in the company on a permanent basis. This option allows you to maintain the traditional status of a “strong” CEO.

Option 2. Having a sole executive body, this option is more in line with joint stock companies, created in the course of privatization, in which the controlling stake is in the hands of the administration officials, that is, the executive directors are the largest shareholders.

The option retains the status of a “strong” general director, but presupposes the abandonment of the collegial executive body, which makes it possible to bypass the limitation contained in paragraph 2 of Art. 66 of the Law regarding the fact that the members of this body cannot constitute a majority in the board of directors. In the proposed scheme, any number of company officials (who, as a rule, are large shareholders) can join the board of directors.

The board of directors takes on the functions not only of making strategic decisions, but also of day-to-day operational management. He is delegated those powers of the general meeting, the delegation of which is allowed by the Law to the board of directors and the executive body. In the variant under consideration, we are not talking about a supervisory board, but about a board of actually acting executive directors.

In this case, there is no need to form a special collegial executive body. The general director can use such a traditional form of developing collective operational decisions as a production meeting of the heads of functional services, divisions, workshops, branches.

In this case, the charter of the company should distinguish between two procedures. The first is the election and early termination of the powers of the members of the board of directors. This is the exclusive competence of the general meeting. The second is the appointment and dismissal of members of the board of directors from specific positions in the functional services of the company. The law does not regulate the latter procedure - accordingly, it can be transferred to the competence of the general director. When choosing option 2, one should avoid the common temptation to limit the possibility of only the company's shareholders joining the board of directors.

Option 3. The leasing company can be managed by a hired manager. The general meeting of shareholders elects the board of directors and its chairman. The Board of Directors appoints a sole and, if necessary, a collegial executive body.

This option is more consistent with newly established joint-stock companies, where one of the founders owns a controlling stake. It is relevant when establishing subsidiaries. The founder does not have the opportunity to deal with the operational issues of management of the commercial organization created by him, but at the same time wants to ensure sufficiently tight control over its executive bodies.

The place of the “strong” CEO, elected by the general meeting, in this scheme is occupied by the chairman of the board of directors (who, as a rule, is the largest shareholder).

An executive director is essentially a hired manager appointed by the board of directors with an annual renewal of his term. The need to create a collegial executive body is determined in each case individually.

In accordance with the charter, the chairman of the board of directors presides at general meetings and meetings of the board of directors.

The current legislation (clause 2 of article 103 of the Civil Code of the Russian Federation and clause 1 of article 64 of the Law) establishes the compulsory creation of a board of directors in companies with more than fifty shareholders. In companies with fewer shareholders, it is possible to do without this governing body, the functions of which are performed by the general meeting of shareholders.

The successful operation of a leasing company is largely determined by the rational construction of its internal organizational structure and the formation of an adequate system of governing bodies (schemes 16, 17, 18).

V management structure the leasing company, in addition to the general director, provides for the positions of financial director, commercial director and general director.

In competence commercial director includes questions marketing research leasing market, commercial and intermediary operations, registration of agreements for the leasing of technical equipment, study of foreign trade and leasing practice.

An integral part of the commercial service of a leasing company is a staff of experts who are able to analyze and prepare conclusions on the technical level, development prospects, consumer properties and market opportunities of the company. The neglect of these analytical services was, in most cases, the reason for the inefficiency of many established leasing firms. It is advisable to include in the competence of the CFO the issues related to financial support of leasing operations, research of the market for borrowed funds, financial examination of contracts, as well as the determination of the economic indicators of the leasing company and the study of the clientele.

The organizational structure of a leasing company depends on the type of shareholders (banks, insurance companies, private organizations, etc.), the economic sphere of activity (industry, agro-industrial complex, trade, etc.), the type of contracts and goods (equipment, transport, mini-factories , real estate, etc.), areas of activity. Therefore, building a company must meet the goals and objectives of it and its founders.

Scheme 16. Organizational structure of the leasing company (Option 1)

As business expands, leasing companies usually create subsidiaries and affiliates with legal entity rights (Schemes 19 and 20).

Scheme 17. Organizational structure of the leasing company (Option 2)

Scheme 18. General meeting of shareholders in the management system of a leasing company

Scheme 19. Subsidiary leasing companies

Scheme 20.
Options for participation of the parent company in a subsidiary

	Limits of participation in authorized capital	The nature of the influence on the decisions made by "DO"
		Little influence without the ability to influence transactions
	5% to 25%	Minority membership, limited influence
	25% to 50%	The blocking minority (25% + 1 share) obstructs decisions of “DO” when 3/4 of votes are required
		Parity participation
	50% to 75%	Simple majority, the ability to influence many decisions "DO"
	75% to 100%	Qualified majority, determination of decisions on all issues of the activities of "DO"
	100% of the authorized capital of "DO"	Full ownership of the organization

Scheme 21.
The main parameters of a leasing company in the form of a business entity

Specifications	Companies - commercial organizations with the authorized capital divided into shares (pooling of capitals)
with limited liability (HOOO) - Art. 87-94 of the Civil Code of the Russian Federation	with additional liability (HODO) - Art. 95 of the Civil Code of the Russian Federation
I. Founders	The number of participants should not exceed the norm, otherwise the society will be transformed into OJSC or liquidated Cannot have one participant - another company from one person Government agencies cannot participate in HOOO	One or more persons under the contract and charter If one person, then the constituent document is the charter
	Is a legal entity Has a company name indicating OPF	Is a legal entity Brand name with the indication "with additional liability"
3. Sources of funds	Cost of participants' contributions Income received	Participants' contributions Income received
4. Ownership	When leaving a HOOO, a part of the value of the property is issued, corresponding to its share in the authorized capital The transfer of a share or part of it to third parties is allowed under the charter. Participants' pre-emptive right to purchase a share of the outgoing	The property belongs to the community Deposits are possible of any size, divisible It is not allowed to exempt a participant from making a contribution, including by offsetting claims against the company
5. Management	The supreme body is the general meeting of participants Executive agency- collegial and (or) sole, who can be elected from non-participants Control body - Audit Commission No public reporting required	Similar to ХООО At the request of any participant, an audit can be carried out Reduction of the authorized capital after notification of creditors
6. Responsibility	Participants are not liable for the obligations of HOOO and risk their contributions Joint and Several Liability for the Unpaid Part of the Deposits	Solidary subsidiary in the same multiple for all to the value of their contribution In case of bankruptcy of one of the participants, his liability is distributed in proportion to the contributions of the remaining
7. Creditworthiness	In the amount of the property of HOOO not less than the statutory size of the authorized capital	In the amount of property of HODO and participants in multiples of the value of the contribution of each
8. Distribution of profits	In proportion to contributions	In proportion to contributions
9. Relationship of participants	The right to participate in the management of the HOOO, to part of the property after the liquidation of the company, to transfer a share or part of it to other participants	Similar to ХООО
10. Special conditions for reorganization	By unanimous decision of the participants, it is liquidated or transformed into JSC or PT	Similar to ХООО
11. Number of participants	One participant possible	One participant possible

Scheme 22.
Features of a leasing company in the form of a business partnership (Art. 66-85 of the Civil Code of the Russian Federation)

Specifications

Partnership - a contractual association of persons for entrepreneurial activity

full (PT)

on faith (limited) (CT)

1. Founders (participants)

Individual entrepreneurs and (or) commercial organizations on the basis of an agreement
A person can be a member of only one PT
A PT participant cannot be a full companion in a CT
Participation may be prohibited or restricted by law selected categories citizens

General partners - individual entrepreneurs and (or) commercial organizations
Also includes one or more contributors (command dealers) - citizens and legal entities
Government agencies and bodies of the MS are not entitled to be contributors
A PT participant cannot be a full companion in a CT, and a full CT partner cannot be a PT participant
A person can be a complete companion in only one CT scan

Is a legal entity
Has a company name indicating the OPF and the name of all, several or one participant

Is a legal entity
Has a company name indicating the OPF and the name of at least one full partner and the words "and company"
The depositor included in the firm name becomes a full partner

3. Sources of funds

Participants' contributions to the authorized (pooled) capital without the right to issue shares
Income received

Contributions of general partners and contributors to the pooled capital
Income received

4. Ownership

The property belongs to the partnership
The retiring person can receive part of the value of the PT property in accordance with his share in the contributed capital
Common share ownership is not formed

The property belongs to KT
The depositor can receive his contribution at the end of the year when leaving the CT
Investors have a preemptive right over general partners to receive deposits in the event of liquidation of KT

5. Management

Carried out by each participant by common agreement, either on behalf of the PT or on behalf of individual participants

Carried out by general comrades
Investors - by proxy and cannot dispute the actions of general partners

6. Responsibility for obligations

Full subsidiary solidary with all its property within 2 years from the date of retirement
Elimination or limitation of liability is void

Companions are fully responsible for all their property
Depositors - within the deposit amount
KT is not responsible for the property obligations of depositors

7. Creditworthiness

In the amount of the property of the PT and each (all) participant (s)

In the amount of the property of KT, and in case of insufficiency - and the property of general partners

8. Distribution of profit and loss

Proportional to the shares in the contributed capital
Removal of a participant from participation in profit (loss) is not allowed

In the manner prescribed by the memorandum of association for a share in the contributed capital

9. The nature of the relationship of the participants

Contractual trust (one for all, all for one)

The right of each participant to exit, to a share of profits, information, PT management

Trust relationships under the memorandum of association between general partners
Investors do not participate in the conduct of KT affairs, have the right to a part of the profit, information and exit from KT with receiving their contribution

10. Special conditions for liquidation

When the only participant remained in the PT, if he did not transform the PT into a business entity within 6 months
If one of the participants left the PT, the rest did not decide to continue their activities

Upon retirement of all contributors, if the general comrades did not convert the CT to PT
If the only remaining participant has not transformed KT into a business entity within 6 months

11. Use of property

In accordance with the goals and purpose of the property

12. Disposal of property

With the consent of all participants

With the consent of general comrades

13. Number of participants

At least two

Introduction
Analysis of world experience shows that in recent years leasing operations have become an integral part of the economy in many countries. Currently, 20-25% of investments in developed countries are in leasing operations. The undisputed leader in the global leasing market is the United States. The USA accounts for about 52% of the total volume of leasing in the world, 25-30% of investments in equipment are carried out in the form of leasing, and the annual turnover of the leasing market in 2003. amounted to USD 208 billion. One of the reasons for the rapid development of leasing in the United States was tax incentives: accelerated depreciation and investment tax incentives. However, the US Internal Revenue Service carefully monitors that tax incentives are not used as a disguised sale and purchase of property, for which the rules governing legal relations arising in the field of leasing are periodically published.
The very form of leasing seems to be a kind of compromise between the enterprise, which, as a rule, does not have the funds to modernize and renew the equipment park, and the bank, which is reluctant to provide loans to this enterprise, since in most cases it does not have sufficient guarantees of the return of the invested funds. Indeed, in its classical form, leasing is convenient for everyone: both organizations - leasing recipients, and banks that are in constant contact with one or more trustworthy leasing firms, and, naturally, the leasing company itself, which receives its income (margin) for performing de facto intermediary transactions between the buyer. equipment, the lending bank and the supplier of this property. According to experts, the cost savings of an organization when obtaining property on lease, in comparison with a conventional loan for the purchase of fixed assets, reaches 10 percent of the cost of equipment for the entire lease term.
Leasing is lending to the relationship between lessors and lessees in connection with the operation of technological equipment.
Leasing is a lease agreement providing for the provision by the lessor (lessor) of equipment, machines, computers, office equipment, vehicles, industrial, commercial and warehouse facilities to the lessee (lessee) for exclusive use for a specified period for a specified fee - rent, which includes an interest rate covering the cost of raising funds by the lessor in the money market, taking into account the necessary profit of the bank and depreciation of property.
The lessor and the lessee operate with capital not in monetary terms, but in production form, which brings leasing closer to investment.
Leasing operations are equated to credit operations with all the ensuing rights and government regulations. However, leasing differs from a loan in that after the end of its term and the payment of the entire stipulated amount of the contract, the leased object remains the property of the lessor (unless the contract provides for the redemption of the leased object at the residual value or transfer to the ownership of the lessee). In case of a loan, the bank retains the ownership of the object as collateral for the loan.
The problem of new investments in the real sector of the economy is very acute in Russia. Purchasing equipment by enterprises is difficult or simply impossible. Due to their lack of financial resources, obtaining a loan is also problematic, since it requires start-up capital(as a rule, at least 20 percent of the cost of the equipment will have to be paid from own funds), and loan terms are short - they do not exceed 1-2 years.
The way out of this situation is in the widespread use of new financial instruments for productive investment, one of which is leasing.
Objectives of this work:
... Expand the theoretical and legislative framework leasing operations
... Analyze leasing operations at Progress M CJSC
... Determine the main ways to improve the management of leasing operations
The object of research in this work was the study of leasing projects at the enterprise.
This thesis consists of an introduction. Conclusions and 2 chapters.

Conclusion

According to Article 2 of the Law "On Financial Lease (Leasing)", leasing is understood as "the totality of economic and legal relations arising in connection with the implementation of a lease agreement, including the acquisition of a leased asset." Under a leasing agreement, the lessor undertakes to acquire the property specified by the lessee from the seller specified by him and provide the lessee with this property for a fee for temporary possession and use.
When concluding an agreement, the parties establish the total amount of lease payments, the form, method of accrual, frequency and procedure for paying contributions. Payments can be made in cash, compensation form (products or services of the lessee), as well as in a mixed form. In this case, the price of the products or services of the lessee is set in accordance with the current legislation.
In this paper, the schemes for the implementation of leasing operations are considered and the analysis of the effectiveness of the implementation of leasing transactions for the lessor and the lessee is made.
We have calculated economic efficiency and proved that leasing transactions are beneficial for both parties.
After the implementation of the leasing system and the purchase of a new production line the following changes took place at the enterprise.
The above methodology for determining lease payments can be considered as the basis for calculating lease payments, regardless of its type. At the same time, in each specific case, the calculation of lease payments depends on the specifics of the lease agreement and the selected type of lease payments. In any case, the rent not only covers the costs of the lessor associated with the acquisition of leased objects, but also includes profits.
Replaceable equipment has a high wear rate. The TT45 machine has served 7 years out of 12 years according to the standard, and the TP50 machine has served 8 years out of 12 years. Consequently, the residual value (Fost) is Fost.st = 33.7 thousand rubles.
The enterprise expects to sell them for 40 thousand rubles. Let's take Lstar = 40 thousand rubles. Consequently, for the introduction of new technology, we will need investments in the amount of 151.462 thousand rubles.
Thus, the lease payments will pay off in K / ∆П = 165 / 172.912 = 1.08 years.
The economic effect is equal to 151.462 thousand rubles, which is more than zero, therefore, the proposed measure is cost-effective, in addition, it will pay off in 1 year.
In this case, in accordance with the provisions of the lease agreement, the lessee is obliged to pay the lessor the amount of the closing of the transaction.
For leasing activities in Russia foreign company is not obliged to establish a representative office or branch, to have a foreign or Russian leasing license (this requirement has been canceled in Russia since February 2005). It concludes a lease agreement with a Russian company, at the expense of borrowed or its own funds, on behalf of the lessee, purchases the leased item and delivers it to the Russian partner. She can buy it both abroad and in Russia, including from the lessee himself.
For the lessor, the economic benefit is determined by the formula:
(Ka + Kp + K% + NPk + NI + PZk ± D N-Apk + Nipk)> (LP + PZl + Zv-Appl + Npl).

Introduction

Chapter 1. Methodological foundations leasing business

1.1. The essence of leasing

1.2. Leasing business in Russia

1.3. Foreign experience in leasing activities

Chapter 2. Study of the management of a leasing company on the example of KhZ LLC

2.1. The structure of company management and organizational and economic characteristics

2.2. Leasing operations plan

2.3. Concept and calculation of lease payments in KhZ LLC

2.4. Leasing efficiency

2.5. Analysis of risks in leasing activities

Chapter 3. Improving the management of leasing activities of the company "KhZ"

3.1. Improving sales policy financial services company

3.2. Motivation of the employees of KhZ LLC

Conclusion

List of used literature

Appendix

Introduction.

Each entrepreneur, starting his activity, must clearly understand the need for the future in financial, material, labor and intellectual resources, sources of their receipt, and also be able to clearly calculate the efficiency of using resources in the process of the firm's work. This is due to the fact that in the modern economy it is the firm that produces the bulk of goods and services that satisfy human needs.

In a market economy, entrepreneurs will not be able to achieve sustainable success if they do not clearly and effectively plan their activities, constantly collect and accumulate information both on the state of target markets, the position of competitors in them, and on their own prospects and opportunities.

With all the variety of forms of entrepreneurship, there are key provisions that apply in almost all areas commercial activities and for different firms. Let's consider some of them - inherent in creating a leasing company.

Leasing as a special form of entrepreneurial activity, widespread abroad, is currently developing in Russia. In the countries of the European Union, leasing accounts for up to 40% of total investment, in economies South-East Asia- up to 80%. In Russia, this share does not exceed 8.2%. Obviously, taking into account the merits of leasing in comparison with other sources of investment, its participation in the reproduction process must be increased. This is the goal of the Program of Socio-Economic Development of the Russian Federation for the Medium Term (2006-2008), which provides for “the use of the leasing mechanism as an effective tool for interaction between the state and business ...”. The priority of using leasing is confirmed by its inclusion in the sale national projects as a guarantor of investment provision and control over the targeted use of budget funds. Leasing activities are characterized by high growth rates of the industry, which have outstripped the dynamics of development of the main sectors in recent years. financial system and the country's economy as a whole; increased competition between leasing companies, diversification and expansion of the scope of their activities. These and other trends objectively require the improvement of the organizational structure of management of leasing companies as subjects of the service market, bringing it in line with the new opportunities and realities of the leasing business.

With active implementation, leasing, due to its inherent capabilities, can be a powerful impetus for technical re-equipment of production, restructuring of the Russian economy, saturation of the market with high-quality goods. Today the leasing business is one of the most difficult types of entrepreneurial activity. It involves lease relations, elements of secured credit financing, debt settlement and other financial mechanisms. The leasing company is distinguished by a large number of analytical services, strong marketing and legal support. Constant interaction with banking institutions, insurance companies and regional authorities.

Although back in the early 60s, leasing in foreign countries mainly concerned retail companies who often rented their premises. But over the past three decades, the popularity of leasing has skyrocketed; instead of borrowing money to buy a computer, car, boat or satellite, the company can lease it.

The relevance of the development of leasing in Russia, including the formation of the leasing market, is primarily due to the unfavorable state of the equipment park: a significant proportion of obsolete equipment, low efficiency of its use, lack of provision of spare parts, etc. One of the options for solving these problems may be leasing, which unites all elements of foreign trade, credit and investment operations.

The transition to a market economy has put before industrial enterprises a number of problems, the main one of which is the following: how to establish oneself in the conditions of increasing competition, shrinking sales market due to low product prices and insolvency, difficulties in finding suppliers of raw materials, materials and limited financial resources.

Currently, the majority of Russian enterprises are experiencing a shortage of working capital. They cannot renew their fixed assets, implement the achievements of scientific and technological progress and are forced to take out loans. There are various types of lending: mortgage, secured by securities, secured by consignments of goods, real estate. However, it is more profitable for an enterprise to lease equipment when it needs to renew its fixed assets. At the same time, the savings of the enterprise in comparison with a conventional loan for the purchase of fixed assets reaches 10% of the cost of equipment for the entire lease term, which usually ranges from one to five years. The current economic situation in Russia, according to experts, favors leasing. The form of leasing reconciles the contradictions between the company, which does not have funds for modernization, and the bank, which is reluctant to provide this company with a loan, since it does not have sufficient guarantees of the return of the invested funds. The leasing operation is beneficial to all involved: one party receives a loan, which is paid in stages, and the necessary equipment; the other side is a guarantee of the loan repayment, since the leased object is the property of the lessor or the bank financing leasing operation, until the last payment is received.

Theme of my choice term paper very relevant. The problem of new investments in the real sector of the economy today is very acute. One of the ways out of this situation - in the widespread use of new financial instruments for industrial investment, is leasing.