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Assessing the Efficiency of Use of Leasing as a Means of Fixed Assets Renovation at the Enterprise
Blahun I. S., Nastoshyn S. Y.

Blahun, Ivan S., and Nastoshyn, Stepan Ye. (2022) “Assessing the Efficiency of Use of Leasing as a Means of Fixed Assets Renovation at the Enterprise.” Business Inform 9:108–113.
https://doi.org/10.32983/2222-4459-2022-9-108-113

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 339.187.62

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.

Keywords: leasing, efficiency assessment, leasing efficiency, fixed assets, credit, investment project.

Fig.: 1. Tabl.: 1. Formulae: 3. Bibl.: 8.

Blahun Ivan S. – Doctor of Sciences (Economics), Professor, Dean, Faculty of Economics, Vasyl Stefanyk Precarpathian National University (57 Shevchenka Str., Ivano-Frankіvsk, 76018, Ukraine)
Email: [email protected]
Nastoshyn Stepan Ye. – Postgraduate Student, Department of Mathematics and Economics, Drohobych Ivan Franko State Pedagogical University (24 Ivana Franka Str., Drohobych, 82100, Ukraine)
Email: [email protected]

List of references in article

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Gransberg, D. D., and Rueda-Benavides, J. A. “The Buy, Lease, or Rent Decision“. In Construction Equipment Management for Engineers, Estimators, and Owners, 195-205. 2020. DOI: 10.1201/9780429186356-8
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Havryliuk, V. M. “Analiz metodyk otsinky efektyvnosti lizynhovykh operatsii“ [Analysis of Leasing Operations Efficiency Evaluation Methodologies]. Efektyvna ekonomika. 2015. http://www.economy.nayka.com.ua/?op=1&z=4145
Safronov, S. O., and Karavan, N. A. “Porivnialnyi analiz kryteriiv otsinky efektyvnosti investytsiinykh proektiv“ [Comparative Analysis of Evaluation Criteria of Investment Projects Efficiency]. Investytsii: praktyka ta dosvid. 2013. http://www.investplan.com.ua/pdf/13_2013/10.pdf
Kyshakevych, B. Yu., and Mihulka, O. O. “Metody otsiniuvannia efektyvnosti lizynhovykh operatsii“ [Methods of Leasing Operations Efficiency Evaluation]. Visnyk Khmelnytskoho natsionalnoho universytetu. Seriia «Ekonomichni nauky», no. 1 (2022): 220-227. DOI: 10.31891/2307-5740-2022-302-1-37

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