Abstract
World experience shows that improving the equipment and machinery supply efficiency in all economic sectors and, thus, contributing to the country’s economic growth can be achieved through the effective functioning of the financial and credit mechanism for performing leasing operations. Given that Ukrainian leasing market is at the formation stage and the economy is in the crisis, the issues of improving the leasing industry activity are extremely important for Ukraine. Thus, the purpose of the article is to study the worldwide experience of the functioning of the financial and credit mechanism for performing leasing operations and to substantiate the need to implement new leasing tools and forms in Ukraine and the use of new financing sources for leasing operations. It is determined that in order to improve functioning of the financial and credit mechanism for performing leasing operations in Ukraine, it is necessary to diversify financing sources of leasing operations by using institutional investors’ or venture capital investors’ funds and certificates, pools of securities provided with assets, which is a lease agreement. At the same time, as experience of the developed countries shows, new instruments and forms of leasing operations should be applied in Ukraine, in particular securitization, venture leasing, complex and operational leasing, which should improve the leasing industry activity. It was revealed that the secondary leasing market development in Ukraine should help to reduce the leasing companies’ vulnerability to the risk of equipment price change. During scientific research, the methods of logical generalization and scientific abstraction, the statistical method (to analyze the leasing market development in the world and in Ukraine), the graphical method (for the changing dynamics of the main indicators of Ukrainian leasing market development), the comparative analysis method (while comparing the features of the functioning of the financial and credit mechanism for performing leasing operations in developed countries and in Ukraine) have been used. Research results provide grounds for arguing that in order to improve the leasing industry activity in Ukraine, it is necessary to improve the financial and credit mechanism for performing leasing operations directly through the tools, forms and leasing operations financing sources diversification
Highlights
World practice shows that in recent years, the volume of leasing operations is increasing, and their share in GDP is increasing as well
The developed countries, in particular the USA, Canada, Great Britain, Germany, Japan, Australia, have been using leasing as a source of economic growth. They have a well-developed financial and credit mechanism for performing leasing operations characterized by diverse tools and forms, including securitization, venture leasing, complex leasing, leasing financing methods, in particular, financing guarantees by the European Fund for Strategic Investments (EFSI), which is a part of the financing program for lessors who lend money to small and medium-sized businesses
It is necessary to study the features of financial and credit mechanism for performing leasing operations in developed countries in order to improve the functioning of this mechanism in Ukraine, which is an actual task in the modern conditions of economic reformation
Summary
World practice shows that in recent years, the volume of leasing operations is increasing, and their share in GDP is increasing as well. The experience of developed countries has shown that with the help of leasing, it is possible to update the enterprises’ fixed capital in short terms, to increase the innovative production volume and in such a way to promote economic growth of the country. In this regard, it is necessary to study the features of financial and credit mechanism for performing leasing operations in developed countries in order to improve the functioning of this mechanism in Ukraine, which is an actual task in the modern conditions of economic reformation
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