home Economy Agrarian Ekonomіka of companies - Andrіychuk VG

Agrarian Ekonomіka of companies - Andrіychuk VG

10.6 Lіzing

Lіzing Je Especially Form vіdtvorennya mainly zasobіv, svoєrіdnim view pіdpriєmnitskoї dіyalnostі. Osnovopolozhnim, sutnіsnim aspect lіzingu Je dovgostrokova orenda Lane, tobto transfer Yogo at timchasove koristuvannya on the minds platnostі, strokovostі i zvorotnostі abo redemption rights.

In Zakonі Ukraine "About lіzing" (. Gruden 1997 p) daєtsya TAKE viznachennya lіzingu: lіzing - pіdpriєmnitska dіyalnіst, yak spryamovana on іnvestuvannya Vlasnyi chi zaluchenih fіnansovih koshtіv i polyagaє in nadannі lіzingodavtsem in viklyuchne koristuvannya on viznacheny lines lіzingooderzhuvachu lane, scho Yea vlasnіstyu lіzingodavtsya abo nabuvaєtsya him at vlasnіst for doruchennyam i pogodzhennyam s lіzingooderzhuvachem in vіdpovіdnogo seller lane for minds Splat lіzingooderzhuvachem perіodichnih lіzingovih platezhіv.

Otzhe, lіzing rozglyadaєtsya yak dodatkove, Especially dzherelo fіnansuvannya, yak rozshiryuє mozhlivostі of companies schodo Vibor strategії іnvestuvannya. Lіzingu pritamannі OAO All funktsії bankіvskogo loan. Ale vіn Je Especially vіdnosin forms of credit - commodity loan osnovnі zasobi for yakogo right lane vikoristannya vіdokremlyuєtsya od rights volodіnnya him. Pershe move to lіzingooderzhuvacha, todі yak lіzingodavets zberіgaє yourselves right volodіnnya sent messages in Orenda Main.

Lіzingu pritamanny perevazhno tribіchny character vіdnosin for yakih from zdіysnennі lіzingovoї operatsії take the fate of three sub'єkti: lіzingodavets, lіzingooderzhuvach i Seller lіzingovogo lane. OOO All stink ekonomіchno zaіnteresovanі in ukladannі lіzingovoї land. So, pіdpriєmstvam lіzing daє zmogu will win in koristuvannya neobhіdnі osnovnі zasobi s mozhlivim the following pridbannyam їh in vlasnіst not mayuchi Vlasnyi koshtіv for їh zakupіvlі. Zavdyaki lіzingu pіdpriєmstva toil mozhlivіst not zv'yazuvati svіy kapіtal through purchase neobhіdnih mainly zasobіv and vikoristovuvati Yogo for organіzatsії іnshoї dіyalnostі i tim rozshiryuvati mozhlivostі obsession dodatkovogo income. Zavdyaki lіzingu zdіysnyuєtsya do updates on virobnitstva yakіsno novіy osnovі. Vіn vіdkrivaє access to suchasnoї tehnіki, zabezpechuyuchi note by zrostannya produktivnostі pratsі i pіdvischennya dohodnostі. Perevagoyu lіzingu for agricultural Je of companies that obstavina takozh, scho stink shaping can zastosovuvati scheme gnuchkih lіzingovih platezhіv, yak naybіlshe vіdpovіdaє sezonnostі sіlskogospodarskogo virobnitstva. Je th INSHI perevagi lіzingu yak FORMS іnvestuvannya i vіdtvorennya mainly zasobіv (detalnіshe Div .: Andrіychuk VG, L. Bauer Management:. Rіshen of acceptance i rizik - K .: KNEU, 1998, Rozdil XI.).

Rozrіznyayut two Vidi lіzingu: fіnansovy i promptly. Fіnansovy lіzing vіtchiznyanim zakonodavstvom traktuєtsya yak lіzingova lands, rezultatі ukladannya yakoї lіzingooderzhuvach on svoє of order otrimuє in paid koristuvannya od lіzingodavtsya ob'єkt lіzingu row without Mensch od string of yaky amortizuєtsya 60% vartostі ob'єkta lіzingu, viznachenoї day ukladannya land. Іz completion string to please fіnansovogo lіzingu ob'єkt lіzingu move from vlasnіst lіzingooderzhuvacha abo vikupovuєtsya them for zalishkovoyu vartіstyu.

Operational lіzing - tse lіzingova land, yakoyu peredbachaєtsya scho lіzingooderzhuvach on svoє of order otrimuє have paid koristuvannya od lіzingodavtsya ob'єkt lіzingu row, Mensch od string of yaky amortizuєtsya 90% vartostі ob'єkta lіzingu. Pіslya completion string to please operational lіzingu ob'єkt lіzingu povertaєtsya lіzingodavtsyu.

For fіnansovogo lіzingu vitrati on utrimannya ob'єkta lіzingu (to Yogo ekspluatatsіyu, tehnіchne obslugovuvannya i repair strahuvannya) Nese lіzingooderzhuvach and not to stink up vklyuchayutsya lіzingovih platezhіv. In mіzhnarodnіy praktitsі Taqiy fіnansovy lіzing nazivayut "clean." Yakscho lіzingodavets nadaє lіzingootrimuvachu pevnі servіsnі Hotel, in tsomu razі fіnansovy lіzing nazivayut "wet" lіzingom. For operational lіzingu OAO All vitrati on utrimannya ob'єkta lіzingu, krіm vitrat on yogo ekspluatatsіyu that renovations vikoristanih materіalіv, Nese lіzingodavets.

Vazhlivo pam'yatati, scho for fіnansovogo lіzingu ob'єkt lіzingu takes lіzingooderzhuvacha balance. Ostannіy bere on itself rizik vipadkovogo znischennya abo vipadkovogo poshkodzhennya ob'єkta lіzingu. For operational lіzingu vkazany rizik bere on itself lіzingodavets. Lіzingooderzhuvach for vikoristannya ob'єkta lіzingu splachuє lіzingodavtsyu lіzingovі platezhі, SSMSC vstanovlyuyutsya in rozmіrі scho yogo zabezpechuє vіdshkoduvannya vartostі th obsession lіzingodavtsem Pevnyi pributku.

Lіzingovі platezhі mozhut include a dekіlka warehouses: the bag amortizatsії ob'єkta lіzingu, narahovanu for strings, for yaky amended lіzingovy platіzh; platіzh yak vinagoroda lіzingodavtsyu nadannya for him in Orenda lane (lіzingova margin); the bag, scho yak splachuєtsya lіzingodavtsyu percentage for zalucheny him credit for pridbannya lane for lіzingu contract; vіdshkoduvannya an insurance contract for platezhіv strahuvannya ob'єkta lіzingu, Yakscho vіn lіzingodavtsem are insured; INSHI vitrati lіzingodavtsya, peredbachenі lіzingu contract.

In formalіzovanomu viglyadі zagalnu scrip lіzingovih platezhіv for all rows dії lіzingovoї lands mozhna predstaviti virazom:

A de - scrip amortizatsії scho narahovuyutsya on ob'єkt lіzingu protyagom dії lіzingovoї land; RCC - yak fee percentage for zalucheny lіzingodavtsem credit for pridbannya ob'єkta lіzingu; LM - lіzingova margin; ST - strahovі vіdshkoduvannya lіzingodavtsyu are insured for him Mein; IB - INSHI vitrati lіzingodavtsya, peredbachenі contract lіzingu (vitrati on obslugovuvannya ob'єktіv lіzingu on konsultatsії, navchannya pratsіvnikіv, SSMSC obslugovuyut ob'єkt lіzingu, vіdryadzhennya toscho).

Suma amortizatsіynih vіdrahuvan (a) can be viznachiti of the formula:

A = (Vl • A • T): 100,

de Vl - vartіst ob'єkta lіzingu; On - the norm amortizatsіynih vіdrahuvan%; T - lines dії lіzingovoї land. Methodically pіdhіd to viznachennya sumi amortizatsії Mauger zmіnyuvatisya fallow od vibranogo for domovlenіstyu storіn method narahuvannya amortizatsії.

Yakscho for fіnansovogo lіzingu Povny redemption rights ob'єkta lіzingu peredbachaєtsya for korotshy termіn porіvnyano Zi-of-line yogo korisnogo vikoristannya then zamіst amortizatsіynih vіdrahuvan in schorіchnі lіzingovі platezhі vklyuchayut chastku vartostі main zasobu, viznachenu yak result od dіlennya yogo povnoї vartostі on termіn lіzingovoї land. Napriklad at ukladannі lands s fіnansovogo lіzingu on p'yat rokіv s Povny redemption rights for Tsey lane lines i for vartostі ob'єkta lіzingu 245 tis. UAH in schorіchnі lіzingovі platezhі potrіbno include 49 tis. UAH (245: 5).

Fee zaluchennya lіzingovogo loan (RCC) rozrahovuєtsya s virazu:

RPC = (Kp • Ps): 100,

de Cr - kreditnі resources (zalucheny lіzingodavtsem credit); Ps - the interest rate for the loan,%.

Oskіlki fee for credit rozrahovuєtsya zalishkovoyu vartіstyu lane, when viznachennі zagalnoї sumi PKR takes up uwagi serednorіchna vartіst Credit resursіv, Yakscho viplata lіzingovih platezhіv zdіysnyuєtsya schomіsyachno abo schokvartalno. For Tsikh minds rozrahunok Cr zdіysnyuєtsya a formula:

de VLP i Vlk - vartіst ob'єkta lіzingu vіdpovіdno on the cob i for i rock kіnets minds scho vіn pridbany povnіstyu for kreditnі resources. Yakscho lіzingodavets entice їh chastkovo then tsya formula nabuvaє viglyadu:

de NCS - chastka loan from vartostі pridbannya ob'єkta lіzingu.

Yakscho lіzingodavets kupuє ob'єkt lіzingu deprivation for rakhunok Vlasnyi koshtіv then tsya warehouses lіzingovih platezhіv not vrahovuєtsya.

Lіzingova margin viznachaєtsya s virazu:

de SLM - rate lіzingovoї marzhі, koefіtsієnt.

Perche nіzh uklasti lіzingovu sake, lіzingooderzhuvach Got zdіysniti poperednyu otsіnku її efektivnostі. Methods takoї otsіnki zvoditsya to porіvnyannya vartostі lane for kupіvlі minds Yogo Yogo s credit for brains vartіstyu yogo pridbannya for lіzingovoyu land.

When viznachennі vartostі lane for brains fіnansovogo lіzingu slіd vihoditi s of scho lіzingovі platezhі vklyuchayut, zgіdno Law of Ukraine "About lіzing" in valovі vitrati, that on їh value zmenshuєtsya Prybutok scho Yea ob'єktom opodatkuvannya podatkom on Prybutok * 3. Otzhe, pіdpriєmstvo less then splachuvatime podatku on Prybutok an amount scho dorіvnyuє sumі lіzingovih platezhіv multiplied by the rate podatku on Prybutok (koefіtsієnt). Tsya ekonomіya koshtіv at sutі, zmenshuє vartіst pridbannya pіdpriєmstvom tehnіki, obladnannya toscho.

* 3: At {vіtchiznyanomu zakonodavchomu polі about lіzing Je protirіchchya. So, the Law of Ukraine "About opodatkuvannya pributku pіdpriєmstva (1997 p.)" Peredbacheno scho lіzingootrimuvach on valovі vitrati vіdnosit not OAO All lіzingovі platezhі in chastinі main Borg, and deprivation in sumі, ekvіvalentnіy rіchnіy sumі amortizatsії ob'єkta lіzingu.}

So rank, real vartіst pridbannya lane for brains fіnansovogo lіzingu for lіzingooderzhuvacha stanovitime:

FVMl =

de EK - ekonomіya koshtіv on vіdrahuvannyah to budget at opodatkuvannі pributku pіdpriєmstva zavdyaki Included lіzingovih platezhіv in virobnichі vitrati. Won Got Location, if pіdpriєmstvo pratsyuє pributkovo.

The actual vartіst lane for minds kupіvlі yogo credit viznachaєtsya s urahuvannyam such troh obstavin. Persha - viplata protsentіv for credit vklyuchaєtsya in virobnichі vitrati. Otzhe on їh value zmenshuєtsya ob'єkt opodatkuvannya podatkom on Prybutok. Friend - pіdpriєmstvo, taking credit for rakhunok povertaє Yogo Yogo pributku pіslya opodatkuvannya. Tom Prybutok not zmenshuєtsya an amount viplachuvanih chastok loan, i pіdpriєmstvo not oderzhuє ekonomії viplatah on the budget, scho s pov'yazanі opodatkuvannyam pributku. Third - pridbavshi mainly zasіb in vlasnіst for credit pіdpriєmstvo narahovuє on Demba amortizatsіyu, yak Yea Elements vitrat and otzhe on її value zmenshuєtsya ob'єkt opodatkuvannya podatkom on Prybutok.

Ekonomіya od znizhennya ob'єkta opodatkuvannya for rakhunok amortizatsії (Ea) viznachaєtsya breeding narahovanoї amortizatsії for perіod on yaky ukladaєtsya lands fіnansovogo lіzingu on rate podatku on Prybutok (koefіtsієnt) .Ekonomіya od Included viplachuvanih protsentіv for a loan from vitrati (NK) viznachaєtsya breeding sumi Tsikh protsentіv to rate podatku on Prybutok (koefіtsієnt). Zvіdsi factuality vartіst lane at kupіvlі Yogo for loan (FVMK) can be obchisliti s virazu:

FVMK = + VCR RCC - Eccles - Ea

PKR de - scrip viplachenih protsentіv for the loan.

Lіzingova lands vvazhaєtsya dotsіlnoyu, Yakscho FVMl FVMK. Prote Taqiy visnovok not oznachaє scho pіdpriєmstvo not guilty for vsіh obstavin ukladati lіzingovu favor of the minds scho FVMl> FVMK. Odnієyu s main reasons scho Mauger spo-Nookat pіdpriєmstvo uklasti for tsієї obstavini lіzingovu sake, Je nedostupnіst for Demba loan i gnuchkіst lіzingovih platezhіv.

In Ukraїnі sіlskogospodarsky rinok lіzingu becoming rozvivatisya porіvnyano recently. In 2001, p. in sіlskomu gospodarstvі actively dіyali 16 lіzingovih kompanіy, bіlshіst yakih target banks abo Promyslova pіdpriєmstvami. Naybіlsh vіdomі Sered them takі, yak "Agrotehlіzing", "Ukrіnvest", "Ukrmashіnvest", "Ukrainian fіnansova lіzingova kompaniia", "Ukragrolіzing". Especially slіd nagolositi on aktivnіy dіyalnostі powers schodo zdіysnennya lіzingovih operatsіy in sіlskomu gospodarstvі. In 1997 r. Bulo target Reigning lіzingovy Fund tehnіchnogo retooling sіlskogo Gospodarstwa vіtchiznyanoyu sіlskogospodarskoyu tehnіkoyu. Vіn zdіysnyuvav porіvnyano s іnshimi lіzingovimi structures naybіlshі lіzingovі operatsії. On berezen 2001 p. Reigning lіzingovim Fund Bulo nada agrarian pіdpriєmstvam on the minds fіnansovogo lіzingu 8345 odinits tehnіki zagalnu on the bag 391 million UAH. Prote through nezadovіlnu situatsіyu s Povernennya lіzingovih platezhіv rozporyadnikom koshtіv lіzingovogo Sovereign Fund that pravonastupnikom schodo yogo direktsії rights i obov'yazkіv on ukladenih lands became (for rіshennyam Kabіnetu Mіnіstrіv Ukraine Lipnya od 26, 1999.) Reigning lіzingove pіdpriєmstvo "Ukragrolіzing". In 2001 kvіtnі p. on bazі danogo pіdpriєmstva target Natsіonalnu aktsіonernu kompanіyu (NAC) "Ukragrolіzing". Prior to the statutory fund tsієї kompanії takozh transferred 100% aktsіy low Reigning of companies, from peretvorenih derzhavnі vіdkritі aktsіonernі tovaristva. Zokrema so peretvoreno 59 Reigning machine-tehnologіchnih stantsіy, Ukraїnske Reigning pіdpriєmstvo on materіalno-tehnіchnomu zabezpechennyu APK "Ukroagroteh" Ukrainsky Reigning Concern materіalno-tehnіchnomu i servіsnomu zabezpechennyu APK "Ukragrotehservіs" Ukrainsky Reigning konstruktorsko-tehnologіchny іnstitut Transport "Ukragrotrans" i deyakі іn.

NAC "Ukragrolіzing" nadaє sіlskogospodarsku tehnіku in lіzing on priynyatnih for sіlskogospodarskih tovarovirobnikіv minds yak rule, termіn to p'yati rokіv. When tsomu s urahuvannyam lіzingovih platezhіv vartіst tehnіki zrostaє for lіzingooderzhuvachіv in furrows of 25-30%, todі yak vartіst tehnіki, nadanoї in lіzing Private lіzingovimi kompanіyami nerіdko pіdvischuєtsya by 50% (in serednomu peredoplata tsimi kompanіyami vstanovlyuєtsya 30% vartostі ob'єkta lіzingu, serednіy termіn lіzingovoї ground - three rocky pid serednіy bankіvsky rіchny vіdsotok). Nedolіkom in robotі lіzingovogo Sovereign Fund Bulo those scho at nadannі tehnіki in lіzing not zdіysnyuvavsya analіz platospromozhnostі lіzingooderzhuvachіv not povnіstyu took up uwagi i profesіonalіzm poryadnіst kerіvnitstva of companies. W tsієї Reason in 2001 p. NAC "Ukragrolіzing 's Problems zіtknulasya nesplati lіzingovih platezhіv * 4. Tom Je neobhіdnіst in zastosuvannі tsієyu kompanієyu zagalno priynyatih pіdhodіv to vіdboru potentsіynih lіzingootrimuvachіv. HEAD kriterієm such vіdboru Got Why їh kreditospromozhnіst i nalezhne tehnіko-ekonomіchne obґruntuvannya vikoristannya ob'єkta lіzingu.

* 4: {A arbіtrazhnі judge that organic prokurorskogo lucid borzhnikam pred'yavleno 125 pretenzіy for the amount of 70.5 million UAH. In neplatospromozhnih lіzingootrimuvachіv vilucheno blizko 300 odinits tehnіki, yak passed bіlsh efektivnosti vlasnikam.}

For pіdvischennya privablivostі fіnansovogo lіzingu * 5 dotsіlno zakonodavcho enter mozhlivіst zastosuvannya sublіzingu, zniziti mіnіmalny termіn lіzingovoї land, rozrobiti doskonalіshі PROCEDURE Povernennya ob'єkta lіzingu in razі nesplati lіzingo-otrimuvachem lіzingovih platezhіv.

* 5: {Mills for 2002 p. Operational lіzing CCB little poshirenim in sіlskomu gospodarstvі. Vlasniki sіlskogospodarskoї tehnіki, nasampered privatnі MTS nadayut perevagu ukladannyu lands about nadannya Pay poslug Realized for them sіlskogospodarskі robots abo Well samostіyno zaymatisya sіlskogospodarskim virobnitstvom on orendovanih lands.}