Оцінка ефективності використання лізингу як засобу оновлення основних фондів підприємства

Abstract

The article analyzes modern methods for assessing the efficiency of use of leasingas a means of updating the fixed assets of an enterprise. It is noted that the use of a loan is generally more appropriate if the collateral that the borrower wants to own at the end of the term retains its value after the term of the transaction. Leasing should be used for property that depreciates rapidly, such as high-tech products, and does not retain its value at expiration. It is shown that in order to make economically sound decisions, it is advisable to analyze a leasing agreement as an investment project. It is argued that the most effective method for assessing the efficiency of a leasing agreement is an approach based on assessing the efficiency of leasing compared with an alternative tool for raising funds for the acquisition of property, for example, with a loan. It is shown that the efficiency of a leasing agreement can be determined by comparing the total amount that will be paid to the lessor with the price of the leased asset itself, which could be bought for cash or on credit. The necessity of taking into account tax and other benefits provided for leasing operations is noted. It is argued that the analysis of the efficiency of leasing operations should be carried out taking into account both NPV and IRR by using an integral indicator of the efficiency of investing funds in the acquisition of fixed assets. The key differences between leasing and credit are analyzed. It was shown, that the main methods for assessing the effectiveness of a leasing transaction, which are compared with the acquisition of property through a bank loan, include: comparison of the internal rate of return of a leasing and credit transaction, comparison of discounted cash flows for leasing and lending, comparison of the lease rate with bank interest, comparison of payback periods of both investments, comparison of profitability of leasing and credit agreements.