Author: Mazepa
Yuriy Yuriyovuch
National Technical
University of Ukraine “Kyiv Polytechnic Institute”
INTERNATIONAL LEASING
AS A MEANS OF INCREASING THE COMPETITIVENESS OF INDUSTRIAL
To implement the
structural adjustment of agriculture in Ukraine badly needs investment.
According to the calculations of the Ministry of Economy, the investments
should be tripled, but investment activity is restrained by high interest
commercial banks and an unfavorable investment climate in Ukraine.
Moreover, the crisis led to severe problems of investment companies as a result
of the termination issue loans by commercial banks of Ukraine. Today,
approximately 57% of industry machinery and equipment, operating more than ten
years, which is very much to support the competitiveness of the economy and
requires decisive action. [1]
An efficient way
out of this situation are well proven in the West - is leasing -
form of industrial investment, which allows to provide additional guarantees
for investors compared to traditional lending. Leasing advantages compared with
other investments consist in the fact that businesses are given no money,
control of the reasonable costs which are not always possible, but direct means
of production necessary to restore and expand production. Therefore, the chosen
theme is very topical and caused the development of leasing operations
in Ukraine and integration of the domestic asset in the global financial
system.
At the present stage of
development, leasing and management problems of lease attract the attention of
many professionals, as evidenced by a significant number of scientific
publications on the topic. However, some aspects of the said issues remain are
low researched, particular problem of international leasing. For Ukraine,
international leasing as one of the important investment channels, product
acquisition and marketing, which Ukraine could start producing high-quality
competitive not only in the domestic market for goods. Due to this, our country
could take its rightful place in the international division of labor, to
establish partner relations with other countries.
Using
international leasing as a method of attracting investment in Ukraine is
particularly useful in the current scarcity of capital investments from own
funds of enterprises, lack the necessary public support, insufficient foreign
direct investment, limited access to long-term credit. Thus, leasing can be a
powerful factor in stimulating the flow of investment in fixed capital and
economic growth in Ukraine.
The level of
development of leasing relations, is usually a sort of indicator of development
of the whole economy. In Ukraine, the share of leasing in total
investment in production is less than 1,5%, while in countries that have
successfully developed, this figure reaches 25 - 30% or more.
Despite the fact that leasing
in Ukraine is at an early stage of development, the experience of Western
countries, especially Central European countries, shows good potential for this
activity in our country. This same experience shows that economic interests are
not limited to large international companies, and apply to many small and
medium enterprises.
World's leasing market can be
defined as being dynamic. Over the past nearly twenty years seen steady growth
dynamics of leasing operations in all regions of the world. During the period
1990 - 2009 years annual volume of leasing agreements in the world as a whole
grew by more than three times - with 173.4 billion dollars. U.S. 579.1 billion.
In 2006 - 2009 years the highest growth rates appear Leasing in Poland - 30% in
Russia - 77% Hungary - 54%. The ratio of annual volumes of leasing operations
and gross domestic product in developed economies are 2 to 5%. In recent years,
particularly high rate of development leasing demonstrate the Eastern European
countries. [2]
At the same time,
growth and development of leasing in Ukraine is far behind countries. And
despite the fact that the whole situation starts to improve, the potential to
use this form of investment is significant. Especially given the decline in
lending transactions and general problems in the monetary area, arising out of
the crisis in Ukraine and abroad. This lease can be a form of investment which
will replace the need for credit to businesses and open up great prospects for
their development in Ukraine.
Study
international practice of leasing and its global development trends shows that
leasing is an effective investment mechanism and an important component of the
economic and investment and innovation policy.
Literature
1.
Mozgovy OM International Finance / OM Brain, TE
Obolenskaya, T. Musiyets: Teach. Manual. - K.: MBK, 2005. - P. 557.
2.
Annual Report LEASEUROPE // www.leaseurope.org
– 2009